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The policy","page_number":28,"box":{"x":494,"y":390,"width":209,"height":13}},{"id":"2d15099a-fdaf-4fc9-b1e1-5b0a359d107e","block_type":"box","text":"also will be interpreted to","page_number":28,"box":{"x":703,"y":390,"width":182,"height":13}},{"id":"25d88e2a-a26d-4c8a-9fa2-e05123714940","block_type":"box","text":"permit investment without limit in th","page_number":28,"box":{"x":116,"y":406,"width":257,"height":13}},{"id":"f51c233d-cdf7-47a2-8b06-c6c469ddec4a","block_type":"box","text":"e following: securities of the U.S. government and its agencies or","page_number":28,"box":{"x":374,"y":406,"width":450,"height":13}},{"id":"07ee31ff-a36d-41bd-83ca-191c2f6c70af","block_type":"box","text":"instrumentalities; securities of state, territory, possessi","page_number":28,"box":{"x":116,"y":421,"width":372,"height":13}},{"id":"5dc16ee8-4036-44bb-b0f0-ffddfa91b4bf","block_type":"box","text":"on or municipal governments and their authorities,","page_number":28,"box":{"x":489,"y":421,"width":358,"height":13}},{"id":"cc633f06-4909-4b4f-aa4c-10a68102b351","block_type":"box","text":"agencies, instrumentalities or political subdivisions; a","page_number":28,"box":{"x":116,"y":437,"width":367,"height":13}},{"id":"5b0b222a-a018-4bd7-b701-d04a6a32e2a0","block_type":"box","text":"nd repurchase agreements collateralized by any such","page_number":28,"box":{"x":483,"y":437,"width":368,"height":13}},{"id":"c9389421-bd9d-4b3c-bc8b-7650aed9f63b","block_type":"box","text":"obligations. Accordingly, issuers of the foregoing","page_number":28,"box":{"x":116,"y":452,"width":344,"height":13}},{"id":"51a0c4c0-5f24-45ef-a41d-6ce540950976","block_type":"box","text":"securities will not be considered to be members of any","page_number":28,"box":{"x":460,"y":452,"width":379,"height":13}},{"id":"cf5cea83-f5ab-49f9-8728-0c33a7039ffc","block_type":"box","text":"industry. There also will be no limit on investment in issuers domiciled in a single jurisdiction or country.","page_number":28,"box":{"x":116,"y":468,"width":734,"height":13}},{"id":"c8d90520-90d2-4ad6-897a-9939fe833f1e","block_type":"box","text":"Finance companies will be considered to be in the indus","page_number":28,"box":{"x":116,"y":483,"width":386,"height":13}},{"id":"44edaa5f-fb73-477c-8d60-f345628ee397","block_type":"box","text":"tries of their parents if their activities are primarily","page_number":28,"box":{"x":502,"y":483,"width":354,"height":13}},{"id":"4703af5d-9a11-44f8-8c21-84bd17a0075e","block_type":"box","text":"related to financing the activities of the parents. Each","page_number":28,"box":{"x":116,"y":499,"width":368,"height":13}},{"id":"dc2ca960-2482-4b36-a01a-5f31f8ce7903","block_type":"box","text":"h foreign government will be considered to be a member","page_number":28,"box":{"x":484,"y":499,"width":388,"height":13}},{"id":"c9f4fe1e-63a9-4978-a392-0292537b184f","block_type":"box","text":"of a separate industry. With respect to the Fund’s i","page_number":28,"box":{"x":116,"y":514,"width":350,"height":13}},{"id":"76ee730f-2a95-4314-bef7-f3ccded2989a","block_type":"box","text":"ndustry classifications, the Fund currently utilizes any one","page_number":28,"box":{"x":467,"y":514,"width":406,"height":13}},{"id":"f8832e10-b73d-46c7-bf5a-37713659c5e5","block_type":"box","text":"or more of the industry sub-classifications used by","page_number":28,"box":{"x":116,"y":530,"width":353,"height":13}},{"id":"f2c0ea8f-193c-4c3f-82f2-a0086d676cc3","block_type":"box","text":"one or more widely recognized market indexes or rating","page_number":28,"box":{"x":469,"y":530,"width":393,"height":13}},{"id":"dfb122d2-6c3e-4e13-ab35-44a51d5d9f93","block_type":"box","text":"group indexes, and/or as defined by Fund management. The policy also will be interpreted to give broad","page_number":28,"box":{"x":116,"y":545,"width":728,"height":13}},{"id":"567f41ec-1bd5-44ca-9a6f-e4f9645e3f82","block_type":"box","text":"authority to the Fund as to how to cla","page_number":28,"box":{"x":116,"y":561,"width":264,"height":13}},{"id":"fe314792-a3ce-4a46-bd1c-ece04de53d9a","block_type":"box","text":"ssify issuers within or among industries.","page_number":28,"box":{"x":381,"y":561,"width":281,"height":13}},{"id":"af7eaff3-36c3-4dc9-807b-9a6060ce8c33","block_type":"box","text":"With respect to the fundamental policy relating to borro","page_number":28,"box":{"x":116,"y":583,"width":381,"height":13}},{"id":"fc12b52e-8b52-4585-96ae-ab85e1850686","block_type":"box","text":"wing money set forth in (2) above, the Investment","page_number":28,"box":{"x":497,"y":583,"width":342,"height":13}},{"id":"40ec2570-4127-473d-bfc3-40c0e9a366c8","block_type":"box","text":"Company Act permits the Fund to borrow money in amount","page_number":28,"box":{"x":117,"y":599,"width":412,"height":13}},{"id":"a446c982-0114-4cc4-ab23-dbee508c8ac3","block_type":"box","text":"s of up to one-third of the Fund’s total assets from","page_number":28,"box":{"x":530,"y":599,"width":344,"height":13}},{"id":"da6be4d0-c717-4e92-8a79-c13810415ff1","block_type":"box","text":"banks for any purpose, and to borrow up to 5% of th","page_number":28,"box":{"x":116,"y":614,"width":366,"height":13}},{"id":"9e80b604-c5dd-40a5-9871-15f03dbb00a9","block_type":"box","text":"e Fund’s total assets from banks or other lenders for","page_number":28,"box":{"x":482,"y":614,"width":357,"height":10}},{"id":"fd4baa78-3dfa-4a3e-be5a-04494b83d1f9","block_type":"box","text":"temporary purposes. (The Fund’s total assets include th","page_number":28,"box":{"x":116,"y":630,"width":375,"height":13}},{"id":"ca2af3aa-9f41-4adf-8e2a-21b427818520","block_type":"box","text":"e amounts being borrowed.) To limit the risks attendant","page_number":28,"box":{"x":491,"y":630,"width":385,"height":13}},{"id":"af5084b3-8595-4896-886b-b67f96215859","block_type":"box","text":"to borrowing, the Investment Company Act requires the Fund t","page_number":28,"box":{"x":116,"y":645,"width":425,"height":13}},{"id":"783e7401-d085-46c1-9319-35326449cc13","block_type":"box","text":"to maintain at all times an “asset coverage” of at","page_number":28,"box":{"x":541,"y":645,"width":335,"height":13}},{"id":"ba45bd74-8281-480e-837e-0c7ff44d94ab","block_type":"box","text":"least 300% of the amount of its borrowings. Asset coverage","page_number":28,"box":{"x":116,"y":661,"width":406,"height":13}},{"id":"8cba091b-4dc6-4fd3-b818-3ddac3c7a4d7","block_type":"box","text":"means the ratio that the value of the Fund’s total","page_number":28,"box":{"x":527,"y":661,"width":329,"height":10}},{"id":"93343da4-e100-46c7-8ccc-a8f0796b793e","block_type":"box","text":"assets (including amounts borrowed), minus liabilities oth","page_number":28,"box":{"x":116,"y":676,"width":391,"height":13}},{"id":"d478da90-3ee0-460c-aff2-ffb36a92e4d2","block_type":"box","text":"er than borrowings, bears to the aggregate amount of","page_number":28,"box":{"x":508,"y":676,"width":363,"height":13}},{"id":"89527061-e857-486b-8bbb-78e46f16c11e","block_type":"box","text":"all borrowings. Borrowing money to increase portfolio hol","page_number":28,"box":{"x":116,"y":692,"width":397,"height":13}},{"id":"40f7039d-c590-4d64-8c72-539246eb40ab","block_type":"box","text":"dings is known as “leveraging.” Certain trading","page_number":28,"box":{"x":514,"y":692,"width":323,"height":13}},{"id":"13218202-e6bb-4c55-a5ce-f231d6ca5d5a","block_type":"box","text":"practices and investments, such as reverse repurchase","page_number":28,"box":{"x":116,"y":707,"width":359,"height":13}},{"id":"8b0d1f4d-6cde-4400-9e8b-006100e51978","block_type":"box","text":"agreements, may be considered to be borrowings or","page_number":28,"box":{"x":480,"y":707,"width":350,"height":13}},{"id":"dd1d78de-e349-4b56-984d-60533020f630","block_type":"box","text":"involve leverage and thus are subject to the Investment","page_number":28,"box":{"x":116,"y":723,"width":369,"height":13}},{"id":"305a7aad-2767-4e88-a41d-20c7c7b8378c","block_type":"box","text":"Company Act restrictions. In accordance with Rule 18f-4","page_number":28,"box":{"x":490,"y":723,"width":388,"height":13}},{"id":"086f6b02-e6e6-4608-bf13-5178b4aa9a88","block_type":"box","text":"under the Investment Company Act, when the Fund","page_number":28,"box":{"x":116,"y":738,"width":353,"height":13}},{"id":"97efe138-4a51-4ceb-aebb-b00341cbd805","block_type":"box","text":"engages in reverse repurchase agreements and similar","page_number":28,"box":{"x":474,"y":738,"width":359,"height":13}},{"id":"febbdbd0-a88f-422d-835e-d90dea20eaa8","block_type":"box","text":"financing transactions, the Fund may either (i) maintain","page_number":28,"box":{"x":116,"y":754,"width":377,"height":13}},{"id":"fe5c1444-fd86-4312-81b4-2b540ca2b639","block_type":"box","text":"asset coverage of at least 300% with respect to such","page_number":28,"box":{"x":498,"y":754,"width":352,"height":13}},{"id":"00d7f463-b80c-41ba-bad3-a0b5c0a9d672","block_type":"box","text":"transactions and any other borrowings in the aggregat","page_number":28,"box":{"x":116,"y":769,"width":367,"height":13}},{"id":"6259ec32-a41d-41b0-aef9-cb5b04bafbb3","block_type":"box","text":"e, or (ii) treat such transactions as “derivatives","page_number":28,"box":{"x":484,"y":769,"width":312,"height":13}},{"id":"3fd9a256-d6da-400f-aff1-84a04706404f","block_type":"box","text":"transactions” and comply with Rule 18f-4 with respect to","page_number":28,"box":{"x":116,"y":785,"width":391,"height":13}},{"id":"76c5ada2-ca60-4d34-b1ee-d8deb67d8702","block_type":"box","text":"such transactions. Short-term credits necessary for the","page_number":28,"box":{"x":512,"y":785,"width":364,"height":13}},{"id":"a7d15583-52a7-46cb-8f7b-b5bb9d6abf99","block_type":"box","text":"settlement of securities transactions and arrangements","page_number":28,"box":{"x":116,"y":800,"width":365,"height":13}},{"id":"a5cb5b77-78e2-4e80-baa3-d3ab0eac2503","block_type":"box","text":"with respect to securities lending will not be considered to","page_number":28,"box":{"x":485,"y":800,"width":392,"height":13}},{"id":"1efed7d5-0ec9-40bd-898b-79bee0f44247","block_type":"box","text":"be borrowings under the policy. Practices and investments th","page_number":28,"box":{"x":116,"y":816,"width":412,"height":13}},{"id":"96314e3e-abcd-418e-a0d0-84524901839f","block_type":"box","text":"at may involve leverage but are not considered to be","page_number":28,"box":{"x":528,"y":816,"width":353,"height":13}},{"id":"5d4769e9-fc14-47f1-b951-7ef4a26c1600","block_type":"box","text":"borrowings are not subject to the policy.","page_number":28,"box":{"x":116,"y":831,"width":279,"height":13}},{"id":"9e33aec5-b96b-42fe-b818-dd7e0ed4571a","block_type":"box","text":"With respect to the fundamental policy relating to underwriting set forth in (5) above, the Investment Company","page_number":28,"box":{"x":116,"y":854,"width":770,"height":12}},{"id":"0b24df74-7dc5-471c-9ace-9fced6a621d1","block_type":"box","text":"Act does not prohibit the Fund from engaging in the underwriting business or from underwriting the securities","page_number":28,"box":{"x":116,"y":869,"width":761,"height":13}},{"id":"3f85abcc-b744-4ce2-8049-6ab8db72a350","block_type":"box","text":"I-6","page_number":28,"box":{"x":490,"y":917,"width":19,"height":9}},{"id":"37a1f0e5-bdcb-4982-9d26-f8914c784e57","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":28,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"9b375d53-4d0e-4dcb-82bd-a8e9732577d9","block_type":"box","text":"of other issuers; in fact, in the case of diversified funds, the Investment Company Act permits the Fund to have","page_number":29,"box":{"x":116,"y":79,"width":761,"height":13}},{"id":"206824d5-1c1f-4bf0-a6c9-3ae82730879b","block_type":"box","text":"underwriting commitments of up to 25% of its assets under certain circumstances. Those circumstances","page_number":29,"box":{"x":116,"y":94,"width":716,"height":13}},{"id":"3b029518-1aac-4972-a296-c7a2ab367549","block_type":"box","text":"currently are that the amount of the Fund’s underwriting commitments, when added to the value of the Fund’s","page_number":29,"box":{"x":116,"y":110,"width":764,"height":13}},{"id":"76644513-c9e4-48fb-bfbd-c40d31aa6134","block_type":"box","text":"investments in issuers where the Fund owns more than 10% of the outstanding voting securities of those","page_number":29,"box":{"x":116,"y":125,"width":721,"height":13}},{"id":"73973978-402b-48b4-9853-a101ff08f52a","block_type":"box","text":"issuers, cannot exceed the 25% cap. A fund engaging in transactions involving the acquisition or disposition of","page_number":29,"box":{"x":116,"y":141,"width":764,"height":13}},{"id":"a2a334c7-2a18-4409-b303-22caf75005d0","block_type":"box","text":"portfolio securities may be considered to be an underwriter under the Securities Act of 1933, as amended (the","page_number":29,"box":{"x":116,"y":156,"width":755,"height":13}},{"id":"81a65d63-f493-4d20-a22a-2690700dd4b1","block_type":"box","text":"“Securities Act”). Although it is not believed that the application of the Securities Act provisions described","page_number":29,"box":{"x":117,"y":172,"width":731,"height":13}},{"id":"d66bbb50-9b3f-48d3-b27f-33d0e52b84ad","block_type":"box","text":"above would cause the Fund to be engaged in the business of underwriting, the policy in (5) above will be","page_number":29,"box":{"x":116,"y":187,"width":727,"height":13}},{"id":"c30420a7-e713-4015-8bf9-7462a6233123","block_type":"box","text":"interpreted not to prevent the Fund from engaging in transactions involving the acquisition or disposition of","page_number":29,"box":{"x":116,"y":203,"width":744,"height":13}},{"id":"2d5a6cc0-bcb4-4d83-98cc-b36eb1921e97","block_type":"box","text":"portfolio securities, regardless of whether the Fund may be considered to be an underwriter under the Securities","page_number":29,"box":{"x":116,"y":218,"width":768,"height":13}},{"id":"565cc06b-98ca-4d34-bf3a-c8ce72a59d53","block_type":"box","text":"Act or is otherwise engaged in the underwriting business to the extent permitted by applicable law.","page_number":29,"box":{"x":116,"y":234,"width":681,"height":13}},{"id":"7721edce-d956-46b6-b7e7-db301a8373ec","block_type":"box","text":"With respect to the fundamental policy relating to lending","page_number":29,"box":{"x":116,"y":257,"width":402,"height":13}},{"id":"e5e35157-d8d6-4818-9936-8d2c09b680cb","block_type":"box","text":"g set forth in (7) above, the Investment Company Act","page_number":29,"box":{"x":518,"y":257,"width":367,"height":13}},{"id":"b5d34fca-3cd1-4f36-83e1-23c25f7bddee","block_type":"box","text":"does not prohibit the fund from making loans (includi","page_number":29,"box":{"x":116,"y":273,"width":375,"height":12}},{"id":"05d0d385-e00e-4662-accb-5637840c5b15","block_type":"box","text":"ng lending its securities); however, Commission staff","page_number":29,"box":{"x":492,"y":273,"width":368,"height":12}},{"id":"922084ed-781f-4f35-b266-3265ffd37e74","block_type":"box","text":"interpretations currently prohibit funds from lending m","page_number":29,"box":{"x":116,"y":288,"width":371,"height":13}},{"id":"1ed75e32-3ff2-44e7-9d86-71b7aba17830","block_type":"box","text":"more than one-third of their total assets (including","page_number":29,"box":{"x":487,"y":288,"width":354,"height":13}},{"id":"aa7641c7-64e4-4855-96a3-97f42f06f9ae","block_type":"box","text":"lending its securities), except through the purchase of debt","page_number":29,"box":{"x":116,"y":304,"width":403,"height":12}},{"id":"bb87bbc5-562f-4459-8375-dac4d3918fa7","block_type":"box","text":"t obligations or the use of repurchase agreements. In","page_number":29,"box":{"x":519,"y":304,"width":362,"height":12}},{"id":"6f017348-c6ee-4f94-a03e-3445ff869cb0","block_type":"box","text":"addition, collateral arrangements with respect to options","page_number":29,"box":{"x":116,"y":319,"width":392,"height":13}},{"id":"36cffaf4-dc79-4d11-908d-b314aab62e74","block_type":"box","text":", forward currency and futures transactions and other","page_number":29,"box":{"x":510,"y":319,"width":376,"height":13}},{"id":"67e97841-af89-4a80-b503-d6d704f60375","block_type":"box","text":"derivative instruments (as applicable), as well as delays","page_number":29,"box":{"x":116,"y":335,"width":379,"height":12}},{"id":"b359106d-14ab-4c32-a7b7-047326882e72","block_type":"box","text":"in the settlement of securities transactions, will not be","page_number":29,"box":{"x":496,"y":335,"width":381,"height":12}},{"id":"6a157246-e8db-4b1d-9b25-982d64d04392","block_type":"box","text":"considered loans.","page_number":29,"box":{"x":116,"y":350,"width":124,"height":10}},{"id":"0fbb222d-2ed1-4c57-a599-94b87d549897","block_type":"box","text":"Under its non-fundamental investment restrictions, whic","page_number":29,"box":{"x":116,"y":373,"width":391,"height":13}},{"id":"66fa855f-944d-4527-92d4-c47fc0c0a4b4","block_type":"box","text":"h may be changed by the board without shareholder","page_number":29,"box":{"x":507,"y":373,"width":368,"height":13}},{"id":"27e278ec-f9f3-4e24-8b66-5a977c99b6d5","block_type":"box","text":"approval, the Fund may not:","page_number":29,"box":{"x":116,"y":389,"width":203,"height":13}},{"id":"e1d6a2f3-17f4-4d00-89d2-fa27865778b2","block_type":"box","text":"a. Purchase securities of other investment companies, ex","page_number":29,"box":{"x":116,"y":412,"width":379,"height":13}},{"id":"5e79601b-d443-4155-89b5-2f78cfa9e66c","block_type":"box","text":"cept to the extent permitted by the Investment Company","page_number":29,"box":{"x":495,"y":412,"width":388,"height":13}},{"id":"a0082c0c-563f-479d-b4e1-04761b34d11e","block_type":"box","text":"Act. 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The Board has six","page_number":29,"box":{"x":486,"y":800,"width":337,"height":13}},{"id":"2b115367-a1a3-4304-bec3-67ee12093b3b","block_type":"box","text":"standing Committees: an Audit Committee, a Gov","page_number":29,"box":{"x":116,"y":815,"width":342,"height":13}},{"id":"5a37b08b-0c80-4db4-98e9-510cbecac45c","block_type":"box","text":"ernance and Nominating Committee, a Compliance","page_number":29,"box":{"x":458,"y":815,"width":351,"height":13}},{"id":"30708418-2980-4ca1-a61e-a6e3d3ed1c76","block_type":"box","text":"Committee, a Performance Oversight Committee, a Secu","page_number":29,"box":{"x":117,"y":831,"width":383,"height":13}},{"id":"a20fb4d9-b09e-471d-aab9-64e1a2c852db","block_type":"box","text":"rities Lending Committee and an Executive Committee.","page_number":29,"box":{"x":501,"y":831,"width":381,"height":13}},{"id":"0c7df321-070f-4e94-8d3e-37ed02d77705","block_type":"box","text":"The role of the Chair of the Board is to preside over a","page_number":29,"box":{"x":116,"y":846,"width":363,"height":13}},{"id":"b6059ad2-8f9b-45c1-952b-6d35b5a27358","block_type":"box","text":"ll meetings of the Board and to act as a liaison with service","page_number":29,"box":{"x":479,"y":846,"width":401,"height":13}},{"id":"931b656a-6943-456c-a09d-9b178d4572b9","block_type":"box","text":"providers, officers, attorneys, and other Trustees between","page_number":29,"box":{"x":116,"y":862,"width":388,"height":13}},{"id":"e042c119-ebb8-4566-8081-312683369327","block_type":"box","text":"n meetings. The Chair of each Committee performs a","page_number":29,"box":{"x":504,"y":862,"width":358,"height":13}},{"id":"39d7af0d-8603-4b49-8816-b01580a433fa","block_type":"box","text":"I-7","page_number":29,"box":{"x":490,"y":917,"width":20,"height":9}},{"id":"9b82ae5f-801d-462d-92eb-7e34cd20996c","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":29,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"1e9d9dcc-2c27-4277-a6bf-8e3bae565b89","block_type":"box","text":"similar role with respect to the Committee. The Chair of t","page_number":30,"box":{"x":116,"y":79,"width":387,"height":13}},{"id":"3ce9f30c-009b-4909-b0a4-3585ebe37769","block_type":"box","text":"the Board or a Committee may also perform such other","page_number":30,"box":{"x":502,"y":79,"width":382,"height":13}},{"id":"f3a14c97-e779-4c77-a428-c1147a180b84","block_type":"box","text":"functions as may be delegated by the Board or the Co","page_number":30,"box":{"x":116,"y":94,"width":363,"height":13}},{"id":"af18b2e4-6fd3-4022-a37d-8be33c6c7fbf","block_type":"box","text":"mmittee from time to time. The Independent Trustees meet","page_number":30,"box":{"x":479,"y":94,"width":405,"height":13}},{"id":"b1cee3e5-0bda-4ed8-8004-bf836f325ede","block_type":"box","text":"regularly outside the presence of the Fund’s managemen","page_number":30,"box":{"x":116,"y":110,"width":380,"height":13}},{"id":"f93141a0-d77b-4284-b348-6ce90e3edabb","block_type":"box","text":"t, in executive sessions or with other service providers to","page_number":30,"box":{"x":496,"y":110,"width":385,"height":13}},{"id":"8c10d09b-c2eb-4cb1-bf21-d5f543934a81","block_type":"box","text":"the Fund. The Board has regular meetings five times a year","page_number":30,"box":{"x":116,"y":125,"width":398,"height":13}},{"id":"b116ad79-1984-432b-b966-2b40cef08cae","block_type":"box","text":", including a meeting to consider the approval of the","page_number":30,"box":{"x":514,"y":125,"width":358,"height":13}},{"id":"62b4ba9d-be8d-44fe-9296-74387c0a3242","block_type":"box","text":"Fund’s investment management agreement, and, if necessary","page_number":30,"box":{"x":116,"y":141,"width":409,"height":13}},{"id":"55cf9656-a590-40ff-99b4-c32f50e76f5b","block_type":"box","text":", may hold special meetings before its next regular","page_number":30,"box":{"x":526,"y":141,"width":342,"height":13}},{"id":"514f80dd-a7b6-4e83-a47b-5a1c57b1bc89","block_type":"box","text":"meeting. The Audit Committee, the Governance and No","page_number":30,"box":{"x":116,"y":156,"width":383,"height":13}},{"id":"1c1e9b02-b54d-491f-b623-39fc03867b7b","block_type":"box","text":"minating Committee, the Compliance Committee, the","page_number":30,"box":{"x":499,"y":156,"width":370,"height":13}},{"id":"ee0e8d83-dfa2-4ed5-b17d-ac7e56741e69","block_type":"box","text":"Performance Oversight Committee and the Securities Lendi","page_number":30,"box":{"x":116,"y":172,"width":402,"height":13}},{"id":"3a9807ed-b614-4583-9b7f-88ad889824d0","block_type":"box","text":"ng Committee each meets regularly and the Executive","page_number":30,"box":{"x":519,"y":172,"width":368,"height":13}},{"id":"f8a19b5f-b9f9-4396-b5cd-bc23d2505749","block_type":"box","text":"Committee meets on an ad hoc basis to conduct the oversi","page_number":30,"box":{"x":117,"y":187,"width":394,"height":10}},{"id":"ac8ed709-2d0f-47f9-8418-0b5ba4c30b1c","block_type":"box","text":"ght functions delegated to that Committee by the","page_number":30,"box":{"x":511,"y":187,"width":337,"height":13}},{"id":"9d710aa8-9b27-48e0-95c0-7bed0087c280","block_type":"box","text":"Board and reports its findings to the Board. The Board and each standing Committee conduct annual","page_number":30,"box":{"x":116,"y":203,"width":692,"height":13}},{"id":"c6e5ee83-afd6-43c5-8676-65c4aac14fe0","block_type":"box","text":"assessments of their oversight function and structure. The","page_number":30,"box":{"x":116,"y":218,"width":389,"height":13}},{"id":"352e103b-4fed-4276-90ec-fb0f8e17a9b6","block_type":"box","text":"Board has determined that the Board’s leadership","page_number":30,"box":{"x":505,"y":218,"width":344,"height":13}},{"id":"822a4318-01ee-4930-9e3f-8bb94a8e75b0","block_type":"box","text":"structure is appropriate because it allows the Board to","page_number":30,"box":{"x":116,"y":234,"width":365,"height":13}},{"id":"0404298d-3c8b-4ffa-a9f9-25cc061a8b1a","block_type":"box","text":"exercise independent judgment over management and to","page_number":30,"box":{"x":481,"y":234,"width":392,"height":13}},{"id":"4b7f0157-35a4-41c4-ab8d-fe81bdc15678","block_type":"box","text":"allocate areas of responsibility among Comm","page_number":30,"box":{"x":116,"y":249,"width":307,"height":13}},{"id":"f5822d1a-3a47-4b09-adce-f924ebcf0ad0","block_type":"box","text":"ittees and the Board to enhance oversight.","page_number":30,"box":{"x":423,"y":249,"width":288,"height":13}},{"id":"9ebd4877-a6e0-4a58-b45e-4a7b88491517","block_type":"box","text":"The Board decided to separate the roles of Chief Ex","page_number":30,"box":{"x":116,"y":272,"width":358,"height":13}},{"id":"ab18a488-5a65-432e-a73f-cbcf71ea72cb","block_type":"box","text":"ecutive Officer from the Chair because it believes that","page_number":30,"box":{"x":475,"y":272,"width":376,"height":10}},{"id":"f24127e0-3f87-4624-9464-705e068d6c48","block_type":"box","text":"having an independent Chair:","page_number":30,"box":{"x":116,"y":287,"width":210,"height":13}},{"id":"a5c4ac7c-4b1c-460e-aebc-fac742b775ce","block_type":"box","text":"• increases the independent oversight of the Fund and enhances the Board’s objective evaluation of","page_number":30,"box":{"x":151,"y":309,"width":734,"height":13}},{"id":"62c0aae5-d2e0-4375-b271-51d81ed3c8eb","block_type":"box","text":"the Chief Executive Officer;","page_number":30,"box":{"x":177,"y":325,"width":206,"height":12}},{"id":"c276469b-2235-4399-9e88-074a46ee09a4","block_type":"box","text":"• allows the Chief Executive Officer to focus on the Fund’s operations instead of Board","page_number":30,"box":{"x":151,"y":347,"width":652,"height":13}},{"id":"83e9deac-3893-465b-a32e-59d393247974","block_type":"box","text":"administration;","page_number":30,"box":{"x":177,"y":362,"width":115,"height":13}},{"id":"8df5faee-70c1-4de1-b8ac-9f73c780977b","block_type":"box","text":"• provides greater opportunities for direct and independent communication between shareholders","page_number":30,"box":{"x":151,"y":385,"width":726,"height":13}},{"id":"a9bfd14e-b9d2-40f4-95a2-41edab8069a1","block_type":"box","text":"and the Board; and","page_number":30,"box":{"x":177,"y":400,"width":143,"height":12}},{"id":"8d1e8d0a-97a2-4616-bc69-cf56f9a75541","block_type":"box","text":"• provides an independent spokesman for the Fund.","page_number":30,"box":{"x":151,"y":422,"width":393,"height":13}},{"id":"ccd992a5-2baf-418a-8f09-aa04ae003ffc","block_type":"box","text":"The Board has engaged the Manager to manage the Fund","page_number":30,"box":{"x":116,"y":445,"width":403,"height":13}},{"id":"3e5a3e28-70dd-4591-8d20-bb207cf805a3","block_type":"box","text":"on a day-to-day basis. The Board is responsible for","page_number":30,"box":{"x":520,"y":445,"width":357,"height":13}},{"id":"98b8f9b4-529e-42df-9ce1-e15ebcf8f280","block_type":"box","text":"overseeing the Manager, other service providers, the operati","page_number":30,"box":{"x":116,"y":460,"width":415,"height":13}},{"id":"45475e69-65b6-41d0-a3a0-bb9ee3802950","block_type":"box","text":"ons of the Fund and associated risks in accordance","page_number":30,"box":{"x":532,"y":460,"width":355,"height":10}},{"id":"0aba1f5c-bb0c-40a5-83f0-56d5f7cc3ad0","block_type":"box","text":"with the provisions of the 1940 Act, state law, other a","page_number":30,"box":{"x":116,"y":475,"width":375,"height":13}},{"id":"c65bb9af-1db6-46d5-adc6-61abdb271083","block_type":"box","text":"pplicable laws, the Fund’s charter, and the Fund’s","page_number":30,"box":{"x":491,"y":475,"width":349,"height":13}},{"id":"e79fb4c8-35bd-46b2-b622-a6d59930bd93","block_type":"box","text":"investment objectives and strategies. The Board revie","page_number":30,"box":{"x":116,"y":490,"width":366,"height":13}},{"id":"601e5019-9fb6-4be7-bff2-df380240cbd1","block_type":"box","text":"ws, on an ongoing basis, the Fund’s performance,","page_number":30,"box":{"x":482,"y":490,"width":349,"height":13}},{"id":"b85134c8-cd11-444d-a9dc-e461de2c37cd","block_type":"box","text":"operations, and investment strategies and techniques. The","page_number":30,"box":{"x":116,"y":506,"width":400,"height":12}},{"id":"4ad6620d-8a1e-4169-a289-953c606b6f16","block_type":"box","text":"Board also conducts reviews of the Manager and its","page_number":30,"box":{"x":516,"y":506,"width":369,"height":12}},{"id":"8fe8d327-b8f1-4350-8c9e-d710b8411313","block_type":"box","text":"role in running the operations of the Fund.","page_number":30,"box":{"x":116,"y":521,"width":301,"height":13}},{"id":"92251e1c-a86a-4896-b352-fbb45798972d","block_type":"box","text":"Day-to-day risk management with respect to the Fund","page_number":30,"box":{"x":116,"y":543,"width":381,"height":13}},{"id":"23679a13-1718-41f6-8731-cee929fff130","block_type":"box","text":"is the responsibility of the Manager, sub-advisers or","page_number":30,"box":{"x":497,"y":543,"width":363,"height":13}},{"id":"1684b8e9-20e2-4b00-94b0-f3146bf96530","block_type":"box","text":"other service providers (depending on the nature of the ri","page_number":30,"box":{"x":116,"y":558,"width":395,"height":13}},{"id":"b60ad58f-2a89-45d6-83b3-65c9056ba59c","block_type":"box","text":"sk), subject to the supervision of the Manager. The","page_number":30,"box":{"x":512,"y":558,"width":357,"height":13}},{"id":"55ad5b94-421a-4ab5-9742-597913685fb0","block_type":"box","text":"Fund is subject to a number of risks, including in","page_number":30,"box":{"x":116,"y":574,"width":339,"height":12}},{"id":"5ed63584-f79b-4e56-ac21-1ad27696e106","block_type":"box","text":"vestment, compliance, operational and valuation risks,","page_number":30,"box":{"x":455,"y":574,"width":384,"height":12}},{"id":"66bef15d-6866-4335-9815-8847ba8e76a6","block_type":"box","text":"among others. 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During the fiscal year ended","page_number":31,"box":{"x":493,"y":469,"width":387,"height":13}},{"id":"09999f3c-a44a-4225-8808-acf7b8e6e404","block_type":"box","text":"September 30, 2025, the Governance and Nominating Committee met four times.","page_number":31,"box":{"x":116,"y":485,"width":561,"height":13}},{"id":"d4e24ff4-56cd-4efb-b18d-3fc0c1ad7ef7","block_type":"box","text":"The Governance and Nominating Committee of the Board","page_number":31,"box":{"x":116,"y":507,"width":412,"height":13}},{"id":"ee7e71eb-7f5a-488b-9604-709cf02d89f2","block_type":"box","text":"seeks to identify individuals to serve on the Board","page_number":31,"box":{"x":528,"y":507,"width":349,"height":13}},{"id":"2d5dfcdd-3b4f-42e7-bc86-00c545607ef7","block_type":"box","text":"who have a diverse range of viewpoints, qualifications","page_number":31,"box":{"x":116,"y":523,"width":376,"height":13}},{"id":"cbc1dfcb-7c3f-43cb-b31a-d8d4d7d7633d","block_type":"box","text":", experiences, backgrounds and skill sets so that the","page_number":31,"box":{"x":493,"y":523,"width":361,"height":13}},{"id":"bb55df1f-3182-4f7c-adc7-c1eef05db957","block_type":"box","text":"Board will be better suited to fulfill its responsibility of","page_number":31,"box":{"x":116,"y":538,"width":380,"height":13}},{"id":"5ec61568-53d5-4dc7-88eb-d3c67320e9bd","block_type":"box","text":"f overseeing the Fund’s activities. 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The Board has a Securities Lending Committee composed of Catherine A.","page_number":32,"box":{"x":326,"y":497,"width":524,"height":13}},{"id":"b850f5a9-835a-452e-8754-31541bc2a051","block_type":"box","text":"Lynch (Chair), Cynthia L. Egan and W. Carl Kester,","page_number":32,"box":{"x":116,"y":513,"width":368,"height":13}},{"id":"e60f542a-b2df-4743-858d-6040d055a154","block_type":"box","text":"all of whom are Independent Trustees. The principal","page_number":32,"box":{"x":484,"y":513,"width":369,"height":13}},{"id":"5d7d0422-cd80-47fc-bf07-18b0d3d94aef","block_type":"box","text":"responsibilities of the Securities Lending Committee include, without limitation: (i) supporting, overseeing and","page_number":32,"box":{"x":116,"y":528,"width":769,"height":13}},{"id":"7124dab5-eb44-46b6-9d81-719ed2c80307","block_type":"box","text":"organizing on behalf of the Board the process for oversigh","page_number":32,"box":{"x":116,"y":544,"width":403,"height":13}},{"id":"a045e745-0fed-44d0-8e65-727e30ca30f5","block_type":"box","text":"t of the Trust’s securities lending activities; and (ii)","page_number":32,"box":{"x":519,"y":544,"width":353,"height":13}},{"id":"aa2d7036-884f-4f2f-817e-bb4646f3d84d","block_type":"box","text":"providing a recommendation to the Board regarding the annual approval of the Trust’s Securities Lending","page_number":32,"box":{"x":116,"y":559,"width":740,"height":13}},{"id":"044a5161-65ed-491d-8466-f9d067dcd105","block_type":"box","text":"Guidelines and the Trust’s agreement with the lending age","page_number":32,"box":{"x":117,"y":575,"width":402,"height":13}},{"id":"af7ed52b-e960-4c68-834a-0384a933c254","block_type":"box","text":"nt. The Board has adopted a written charter for the","page_number":32,"box":{"x":519,"y":575,"width":362,"height":13}},{"id":"f929778c-39da-4d94-a198-efce4604de6e","block_type":"box","text":"Board’s Securities Lending Committee. 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Glenn Hubbard (Chair) and","page_number":32,"box":{"x":585,"y":629,"width":284,"height":13}},{"id":"aecdba7b-a2eb-43ce-9b36-a530dec1e77f","block_type":"box","text":"W. Carl Kester, both of whom are Independent Trust","page_number":32,"box":{"x":116,"y":645,"width":371,"height":12}},{"id":"d3211dab-5866-41a6-a927-4b58807eedcd","block_type":"box","text":"ees, and John M. Perlowski, who serves as an interested","page_number":32,"box":{"x":487,"y":645,"width":391,"height":12}},{"id":"338c2cb2-be85-4b9d-b066-38171efabe47","block_type":"box","text":"Trustee. The principal responsibilities of the Execu","page_number":32,"box":{"x":116,"y":660,"width":351,"height":13}},{"id":"0fda4ba8-e18d-46da-9d44-284edb3b3ec6","block_type":"box","text":"tive Committee include, without limitation: (i) acting on","page_number":32,"box":{"x":468,"y":660,"width":389,"height":13}},{"id":"c43ffca5-362c-45f5-befd-bc541e23dc1a","block_type":"box","text":"routine matters between meetings of the Board; (ii)","page_number":32,"box":{"x":116,"y":676,"width":352,"height":12}},{"id":"4266030f-7011-43ef-8f0c-f9e0f808e237","block_type":"box","text":"acting on such matters as may require urgent action","page_number":32,"box":{"x":474,"y":676,"width":358,"height":12}},{"id":"290e31b7-0d0c-40e2-bda7-abda782784cc","block_type":"box","text":"between meetings of the Board; and (iii) exercising such ot","page_number":32,"box":{"x":116,"y":691,"width":404,"height":13}},{"id":"bb3a6a32-0d28-4cb2-9259-17b94448d29d","block_type":"box","text":"her authority as may from time to time be delegated","page_number":32,"box":{"x":521,"y":691,"width":361,"height":13}},{"id":"c156b308-c083-4a9a-b223-7534c8e64a9e","block_type":"box","text":"to the Executive Committee by the Board. The Board ha","page_number":32,"box":{"x":116,"y":707,"width":391,"height":12}},{"id":"c775a72a-59ff-4c90-a661-cd2340708c50","block_type":"box","text":"s adopted a written charter for the Board’s Executive","page_number":32,"box":{"x":508,"y":707,"width":366,"height":12}},{"id":"ba76996e-edb0-482e-a5b1-9bfc1df27fbc","block_type":"box","text":"Committee. During the fiscal year ended Septem","page_number":32,"box":{"x":117,"y":722,"width":334,"height":13}},{"id":"8cf5d706-b91f-4ebf-bde1-5b6acee334de","block_type":"box","text":"ber 30, 2025, the Executive Committee did not meet.","page_number":32,"box":{"x":452,"y":722,"width":368,"height":13}},{"id":"3056795c-8660-4f85-bd32-4fff753639e8","block_type":"box","text":"The Independent Trustees have adopted a statement of","page_number":32,"box":{"x":116,"y":745,"width":381,"height":13}},{"id":"8ee3407e-7a9f-484b-ba57-c3735531c84e","block_type":"box","text":"policy that describes the experiences, qualifications,","page_number":32,"box":{"x":501,"y":745,"width":357,"height":13}},{"id":"1b9b1706-ea04-4c21-8bdc-2298b314a44b","block_type":"box","text":"skills and attributes that are necessary and desirable for potential Independent Trustee candidates (the","page_number":32,"box":{"x":116,"y":761,"width":706,"height":13}},{"id":"ac6efe52-a29a-4590-9d53-ebf0c57d065f","block_type":"box","text":"“Statement of Policy”). The Board believes that each I","page_number":32,"box":{"x":117,"y":776,"width":374,"height":13}},{"id":"7af543d9-8b53-4bcd-b95e-55835d85d545","block_type":"box","text":"ndependent Trustee satisfied, at the time he or she was","page_number":32,"box":{"x":491,"y":776,"width":378,"height":13}},{"id":"063e6404-a5d1-4474-8b0f-fef41ec2c6c8","block_type":"box","text":"initially elected or appointed a Trustee, and continues to","page_number":32,"box":{"x":116,"y":792,"width":390,"height":13}},{"id":"7cdee54d-a00f-4a4f-ace4-25a1718884fd","block_type":"box","text":"satisfy, the standards contemplated by the Statement","page_number":32,"box":{"x":512,"y":792,"width":364,"height":13}},{"id":"720174bc-1d07-4e6b-be4c-250ef8ed9119","block_type":"box","text":"of Policy as well as the standards set forth in the Trust’s","page_number":32,"box":{"x":116,"y":807,"width":386,"height":13}},{"id":"f8d81ced-9878-4a40-b734-d7f9d45cb295","block_type":"box","text":"Bylaws. Furthermore, in determining that a particular","page_number":32,"box":{"x":508,"y":807,"width":372,"height":13}},{"id":"f420a7dc-e393-4522-900a-60ee61be25bf","block_type":"box","text":"Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria,","page_number":32,"box":{"x":116,"y":823,"width":757,"height":13}},{"id":"15fb8247-a82c-470d-8685-51595da0ba19","block_type":"box","text":"none of which, in isolation, was controlling. The Board","page_number":32,"box":{"x":116,"y":838,"width":389,"height":13}},{"id":"c98acf07-29fc-47a2-bf3b-f3971e0bb31b","block_type":"box","text":"believes that, collectively, the Trustees have balanced","page_number":32,"box":{"x":505,"y":838,"width":371,"height":13}},{"id":"ea85e200-9f71-431d-bd14-0035ee7bc317","block_type":"box","text":"and diverse experiences, skills, attributes and qualifications","page_number":32,"box":{"x":116,"y":854,"width":409,"height":13}},{"id":"6ee903ad-bae5-4716-9af7-d1d81ac84136","block_type":"box","text":", which allow the Board to operate effectively in","page_number":32,"box":{"x":526,"y":854,"width":337,"height":13}},{"id":"903a9ca1-8665-4bfc-88ea-3f8df25a93e7","block_type":"box","text":"governing the Fund and protecting the interests of sha","page_number":32,"box":{"x":116,"y":869,"width":374,"height":13}},{"id":"988b44f1-c5dd-4108-85bb-efcb208e8f72","block_type":"box","text":"reholders. Among the attributes common to all Trustees","page_number":32,"box":{"x":490,"y":869,"width":394,"height":13}},{"id":"f05736fe-40e2-4d9a-8b07-6c6b16e922be","block_type":"box","text":"I-10","page_number":32,"box":{"x":485,"y":917,"width":29,"height":9}},{"id":"514e014d-2368-4413-999e-5cc8587d4fba","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":32,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"eaf8fcd8-0832-49da-83e1-5488b1768273","block_type":"box","text":"is their ability to review critically, evaluate, question a","page_number":33,"box":{"x":116,"y":79,"width":374,"height":13}},{"id":"5d8fc09f-44ff-41ad-ac08-89e9cc944dae","block_type":"box","text":"nd discuss information provided to them, to interact","page_number":33,"box":{"x":490,"y":79,"width":367,"height":13}},{"id":"017bd703-b05b-40d2-b9b4-884587d6961a","block_type":"box","text":"effectively with the Manager, sub-advisers, other service p","page_number":33,"box":{"x":116,"y":94,"width":393,"height":13}},{"id":"96a8b7c3-2264-4d6f-b981-8aa05463bb58","block_type":"box","text":"providers, counsel and independent auditors, and to","page_number":33,"box":{"x":509,"y":94,"width":366,"height":13}},{"id":"e64c0b80-cc93-4e78-9231-33fc251a1485","block_type":"box","text":"exercise effective business judgment in the performance of","page_number":33,"box":{"x":116,"y":110,"width":402,"height":13}},{"id":"ee0db562-0ca5-4656-8529-39d9c843b2f1","block_type":"box","text":"f their duties as Trustees. Each Trustee’s ability to","page_number":33,"box":{"x":518,"y":110,"width":344,"height":13}},{"id":"b74a3d39-7126-407d-a045-9c6740eef49b","block_type":"box","text":"perform his or her duties effectively is evidenced by his or her educational background or professional","page_number":33,"box":{"x":116,"y":125,"width":711,"height":13}},{"id":"5f16f455-68ee-4fb1-bfc6-20192d1da52b","block_type":"box","text":"training; business, consulting, public service or acad","page_number":33,"box":{"x":116,"y":141,"width":359,"height":13}},{"id":"647e908b-5dc1-48da-baab-f7edd2dd678a","block_type":"box","text":"emic positions; experience from service as a board","page_number":33,"box":{"x":476,"y":141,"width":352,"height":13}},{"id":"71eb13f1-d02c-43b2-8d86-fd616b572966","block_type":"box","text":"member of the Trust or the other funds in the Bl","page_number":33,"box":{"x":116,"y":156,"width":335,"height":10}},{"id":"b8b0233a-618e-4c0a-ad6f-a4703799a49f","block_type":"box","text":"ackRock Fund Complexes (and any predecessor funds), other","page_number":33,"box":{"x":451,"y":156,"width":432,"height":13}},{"id":"64dc11e7-dc1e-4e84-bbf1-14ddc46978ca","block_type":"box","text":"investment funds, public companies, or not-for-pro","page_number":33,"box":{"x":116,"y":172,"width":354,"height":13}},{"id":"e67268e7-417c-4933-a3e1-30a9651a718d","block_type":"box","text":"fit entities or other organizations; ongoing commitment","page_number":33,"box":{"x":471,"y":172,"width":390,"height":13}},{"id":"72f55969-f325-4933-93ca-d2aaba3cf916","block_type":"box","text":"and participation in Board and Committee meetings, as w","page_number":33,"box":{"x":116,"y":187,"width":389,"height":13}},{"id":"c4e401f8-96dc-4aac-94c9-59b989460190","block_type":"box","text":"well as his or her leadership of standing and other","page_number":33,"box":{"x":505,"y":187,"width":351,"height":13}},{"id":"e4b8fd90-edfe-4a04-9096-490cd88d1db4","block_type":"box","text":"committees throughout the years; or other relevant life experiences.","page_number":33,"box":{"x":116,"y":203,"width":471,"height":13}},{"id":"3ae1614f-e334-4d03-a02b-3a82f1f7977a","block_type":"box","text":"The table below discusses some of the experiences, qualific","page_number":33,"box":{"x":116,"y":234,"width":407,"height":13}},{"id":"1278b8c9-7221-4fa5-9361-c1bb7aa9b038","block_type":"box","text":"ations and skills of each Trustee that support the","page_number":33,"box":{"x":524,"y":234,"width":342,"height":13}},{"id":"ed5ad614-ce9e-4e56-83c2-e4c24441241d","block_type":"box","text":"conclusion that he or she should serve on the Board.","page_number":33,"box":{"x":116,"y":249,"width":367,"height":10}},{"id":"b9064625-edcb-4f71-a9c0-eaaaf92d66ba","block_type":"box","text":"Trustees","page_number":33,"box":{"x":116,"y":277,"width":48,"height":8}},{"id":"284844ee-63f3-4cfc-bc8b-5ce2bc2532a3","block_type":"box","text":"Experience, Qualifications and Skills","page_number":33,"box":{"x":266,"y":277,"width":212,"height":10}},{"id":"4e17e51d-facd-44bc-866a-cbae7e7b87ac","block_type":"box","text":"Independent Trustees","page_number":33,"box":{"x":116,"y":299,"width":124,"height":10}},{"id":"f8ed9619-ce8b-495e-b2d3-0c51a72cae3c","block_type":"box","text":"R. Glenn Hubbard R. Glenn Hubbard has served in numerous roles in the field of economics, including as the Chairman of","page_number":33,"box":{"x":116,"y":315,"width":752,"height":10}},{"id":"1a8b2927-fd9f-4331-9a0c-12c47bcc9d3b","block_type":"box","text":"the U.S. Council of Economic Advisers of the President of the United States. Dr. Hubbard has served as","page_number":33,"box":{"x":266,"y":325,"width":598,"height":8}},{"id":"fa78d094-20ab-48ba-80be-c173bb639bcc","block_type":"box","text":"the Dean of Columbia Business School, as a member of the Columbia Faculty and as a Visiting Professor","page_number":33,"box":{"x":266,"y":335,"width":606,"height":11}},{"id":"5903531f-8d91-4591-94b8-3c84ee3a003f","block_type":"box","text":"at the John F. Kennedy School of Government at Harvard University, the Harvard Business School and","page_number":33,"box":{"x":266,"y":346,"width":597,"height":10}},{"id":"22929561-4917-47cd-a13f-b61add124856","block_type":"box","text":"the University of Chicago. Dr. Hubbard’s experience as an adviser to the President of the United States","page_number":33,"box":{"x":266,"y":356,"width":594,"height":10}},{"id":"1e21a94c-7cad-4016-8d76-23912b93eebd","block_type":"box","text":"adds a dimension of balance to the Fund’s governance and provides perspective on economic issues.","page_number":33,"box":{"x":266,"y":366,"width":577,"height":11}},{"id":"ea9e3b4a-25f9-4ff3-b13e-a6007b2d8ba9","block_type":"box","text":"Dr. Hubbard’s service on the boards of ADP and Metropolitan Life Insurance Company provides the","page_number":33,"box":{"x":266,"y":377,"width":585,"height":10}},{"id":"0e409294-256c-4c6d-9f52-8fd51518bd03","block_type":"box","text":"Board with the benefit of his experience with the management practices of other financial companies.","page_number":33,"box":{"x":266,"y":387,"width":585,"height":10}},{"id":"7e59d653-6151-4308-98c3-d8523f8a1f3d","block_type":"box","text":"Dr. Hubbard’s long-standing service on the boards of directors/trustees of the closed-end funds in the","page_number":33,"box":{"x":266,"y":397,"width":586,"height":11}},{"id":"6397ded4-58a3-41cb-b09b-cea49e6cf6e4","block_type":"box","text":"BlackRock Fixed-Income Complex also provides him with a specific understanding of the Fund, its","page_number":33,"box":{"x":266,"y":408,"width":573,"height":10}},{"id":"619f1482-88b8-4cf4-bba5-dd852568d121","block_type":"box","text":"operations, and the business and regulatory issues facing the Fund. Dr. Hubbard’s independence from the","page_number":33,"box":{"x":266,"y":418,"width":611,"height":10}},{"id":"25545f92-9927-40be-8d33-8208d1afd2b4","block_type":"box","text":"Fund and the Manager enhances his service as Chair of the Board, Chair of the Executive Committee and","page_number":33,"box":{"x":266,"y":428,"width":610,"height":11}},{"id":"fb252d76-95f8-4bbc-884e-a435e4390452","block_type":"box","text":"a member of the Governance and Nominating Committee, the Compliance Committee and the","page_number":33,"box":{"x":266,"y":439,"width":548,"height":10}},{"id":"f722ea4f-43a4-4ccf-bb49-68673dd1df0f","block_type":"box","text":"Performance Oversight Committee.","page_number":33,"box":{"x":266,"y":449,"width":204,"height":10}},{"id":"301793fe-607d-47e3-a8a9-378fce2a4854","block_type":"box","text":"W. Carl Kester The Board benefits from W. Carl Kester’s experiences as a professor and author in finance, and his","page_number":33,"box":{"x":116,"y":464,"width":722,"height":11}},{"id":"1a670c33-10fc-42a0-b6f6-5a886c0c8330","block_type":"box","text":"experience as the George Fisher Baker Jr. Professor of Business Administration at Harvard Business","page_number":33,"box":{"x":266,"y":475,"width":575,"height":10}},{"id":"7ed7832b-40f4-43a8-9a42-d15f8d92679f","block_type":"box","text":"School and as Deputy Dean of Academic Affairs at Harvard Business School from 2006 through 2010","page_number":33,"box":{"x":266,"y":485,"width":591,"height":10}},{"id":"37e8889b-c43f-4d0e-b756-420fbd735f55","block_type":"box","text":"adds to the Board a wealth of expertise in corporate finance and corporate governance. Dr. Kester has","page_number":33,"box":{"x":266,"y":495,"width":591,"height":11}},{"id":"b3361ca2-f333-4b87-b35c-cff27ccb24ed","block_type":"box","text":"authored and edited numerous books and research papers on both subject matters, including co-editing a","page_number":33,"box":{"x":266,"y":506,"width":608,"height":10}},{"id":"598fb1f8-ccc3-40d5-ba43-af313cea73f3","block_type":"box","text":"leading volume of finance case studies used worldwide. Dr. Kester’s long-standing service on the boards of","page_number":33,"box":{"x":266,"y":516,"width":616,"height":10}},{"id":"bbb79c26-dd15-40cb-9bd8-06f44710ac0f","block_type":"box","text":"directors/trustees of the closed-end funds in the BlackRock Fixed-Income Complex also provides him with","page_number":33,"box":{"x":266,"y":526,"width":614,"height":11}},{"id":"6162554f-6813-4fa3-bc08-d8432ebf60d9","block_type":"box","text":"a specific understanding of the Fund, its operations, and the business and regulatory issues facing the","page_number":33,"box":{"x":266,"y":537,"width":584,"height":10}},{"id":"e380a3ef-87e9-4b55-b877-17e300f047ef","block_type":"box","text":"Fund. Dr. Kester’s independence from the Fund and the Manager enhances his service as a Vice Chair of","page_number":33,"box":{"x":266,"y":547,"width":605,"height":10}},{"id":"91f61d64-084f-41cb-8b45-898a1fc62a58","block_type":"box","text":"the Board, Chair of the Governance and Nominating Committee and a member of the Executive","page_number":33,"box":{"x":266,"y":557,"width":558,"height":11}},{"id":"6fde8adc-b9ff-47e7-9ba1-e072ba64a759","block_type":"box","text":"Committee, the Compliance Committee, the Performance Oversight Committee and the Securities Lending","page_number":33,"box":{"x":266,"y":568,"width":617,"height":10}},{"id":"a89cb9d3-f510-4048-89d8-28c65c1cd31d","block_type":"box","text":"Committee.","page_number":33,"box":{"x":266,"y":579,"width":67,"height":7}},{"id":"0072da1c-8978-43ed-bf31-c681a0b612cf","block_type":"box","text":"Cynthia L. Egan Cynthia L. Egan brings to the Board a broad and diverse knowledge of investment companies and the","page_number":33,"box":{"x":116,"y":594,"width":738,"height":10}},{"id":"1db830b8-72f1-49bb-817d-62d993816c70","block_type":"box","text":"retirement industry as a result of her many years of experience as President, Retirement Plan Services, for","page_number":33,"box":{"x":266,"y":604,"width":607,"height":10}},{"id":"c46df2f6-3f30-43fd-b4d8-a5190a762748","block_type":"box","text":"T. Rowe Price Group, Inc. and her various senior operating officer positions at Fidelity Investments,","page_number":33,"box":{"x":266,"y":614,"width":579,"height":11}},{"id":"07203884-7dc2-4993-88dc-aca052db3292","block_type":"box","text":"including her service as Executive Vice President of FMR Co., President of Fidelity Institutional Services","page_number":33,"box":{"x":266,"y":625,"width":601,"height":10}},{"id":"e2d4d7ee-20fa-40d6-bc38-efe94928d533","block_type":"box","text":"Company and President of the Fidelity Charitable Gift Fund. Ms. Egan has also served as an advisor to","page_number":33,"box":{"x":266,"y":635,"width":596,"height":10}},{"id":"ddab57bd-03d5-4ed2-bfff-0b76e22bc458","block_type":"box","text":"the U.S. Department of Treasury as an expert in domestic retirement security. Ms. Egan began her","page_number":33,"box":{"x":266,"y":645,"width":568,"height":11}},{"id":"7ab6d3ce-4e30-4bef-86f1-01476dead474","block_type":"box","text":"professional career at the Board of Governors of the Federal Reserve and the Federal Reserve Bank of","page_number":33,"box":{"x":266,"y":656,"width":588,"height":10}},{"id":"ab85f467-70cc-4c38-9dff-c3352d7221e8","block_type":"box","text":"New York. Ms. Egan is also a director of UNUM Corporation, a publicly traded insurance company","page_number":33,"box":{"x":266,"y":666,"width":583,"height":10}},{"id":"6feae498-676a-4b8c-83a1-1a5b8e396a14","block_type":"box","text":"providing personal risk reinsurance, and a director and Chair of the Board of The Hanover Group, a","page_number":33,"box":{"x":266,"y":676,"width":583,"height":11}},{"id":"4e19243e-8b37-4ad0-a902-c7a1976f685b","block_type":"box","text":"public property casualty insurance company. Ms. Egan is also the lead independent director and","page_number":33,"box":{"x":266,"y":687,"width":556,"height":10}},{"id":"ebe2a861-1ecd-4691-b73a-5f00a05c7caf","block_type":"box","text":"non-executive Vice Chair of the Board of Huntsman Corporation, a publicly traded manufacturer and","page_number":33,"box":{"x":266,"y":697,"width":591,"height":10}},{"id":"bc769737-a22d-4e1e-8e69-464f213f3d01","block_type":"box","text":"marketer of chemical products. Ms. Egan’s independence from the Fund and the Manager enhances her","page_number":33,"box":{"x":266,"y":707,"width":599,"height":11}},{"id":"70534328-4e0f-4a1d-b01b-ef1872e86055","block_type":"box","text":"service as Chair of the Compliance Committee and a member of the Governance and Nominating","page_number":33,"box":{"x":266,"y":718,"width":565,"height":10}},{"id":"a189d22f-5648-4241-9fb9-9ec56684e5f6","block_type":"box","text":"Committee, the Performance Oversight Committee and the Securities Lending Committee.","page_number":33,"box":{"x":266,"y":728,"width":521,"height":10}},{"id":"b1f940ba-9c71-48ee-a2fe-562ddb303e78","block_type":"box","text":"Lorenzo A. Flores The Board benefits from Lorenzo A. Flores’s many years of business, leadership and financial experience","page_number":33,"box":{"x":116,"y":744,"width":755,"height":10}},{"id":"bf909b35-e873-44ce-9554-961b942ff5ea","block_type":"box","text":"in his roles at various public and private companies. In particular, Mr. Flores’s service as Chief Financial","page_number":33,"box":{"x":266,"y":754,"width":604,"height":10}},{"id":"e1848889-d673-43ad-ab31-06553f1f91a9","block_type":"box","text":"Officer of Lattice Semiconductor Corporation, a semiconductor company that designs, develops, and","page_number":33,"box":{"x":266,"y":764,"width":585,"height":10}},{"id":"3607bd29-2a6a-462f-ba76-ecaec34e9bdd","block_type":"box","text":"markets programmable logic products and related software, Chief Financial Officer of Intel Foundry, a","page_number":33,"box":{"x":266,"y":775,"width":595,"height":10}},{"id":"846f2789-1798-40ea-9ce9-d769bea606c5","block_type":"box","text":"semiconductor manufacturing unit of Intel Corporation, Chief Financial Officer and Corporate Controller","page_number":33,"box":{"x":266,"y":785,"width":615,"height":10}},{"id":"6eda2859-1d3e-48f0-922b-c1cd4ac2dc22","block_type":"box","text":"of Xilinx, Inc., a technology and semiconductor company that supplies programmable logic devices, and","page_number":33,"box":{"x":266,"y":795,"width":604,"height":10}},{"id":"10e83375-bb90-4593-aea1-7bcbfae079c4","block_type":"box","text":"Vice Chairman of Kioxia, Inc., a manufacturer and supplier of flash memory and solid state drives, and","page_number":33,"box":{"x":266,"y":806,"width":599,"height":10}},{"id":"ac91da5c-911a-4c42-8e1c-b672768d6e4d","block_type":"box","text":"his long experience in the technology industry allow him to provide insight to into financial, business and","page_number":33,"box":{"x":266,"y":816,"width":610,"height":10}},{"id":"d285be4b-ef05-4b3e-888c-a3ae684cbec4","block_type":"box","text":"technology trends. Mr. Flores’s knowledge of financial and accounting matters qualifies him to serve as a","page_number":33,"box":{"x":266,"y":826,"width":608,"height":10}},{"id":"1324c59d-4097-49f9-a83c-dafcdad80a2b","block_type":"box","text":"member of the Audit Committee. Mr. Flores’s independence from the Fund and the Manager enhances his","page_number":33,"box":{"x":266,"y":837,"width":614,"height":10}},{"id":"86434761-9bb6-4c85-9e68-98c3295df6d8","block_type":"box","text":"service as a member of the Performance Oversight Committee.","page_number":33,"box":{"x":266,"y":847,"width":361,"height":10}},{"id":"449dccc5-cc3b-45ec-8398-f1d068b1ee80","block_type":"box","text":"I-11","page_number":33,"box":{"x":485,"y":917,"width":28,"height":9}},{"id":"91fcd57f-c53a-4750-84c7-69693460ca74","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":33,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"4dc74f14-cec3-421b-9fbe-4a611e16a4ba","block_type":"box","text":"Trustees","page_number":34,"box":{"x":116,"y":76,"width":48,"height":8}},{"id":"0a4f66fd-533b-4f4c-b3f4-69c3a0180e0f","block_type":"box","text":"Experience, Qualifications and Skills","page_number":34,"box":{"x":266,"y":76,"width":212,"height":10}},{"id":"a188bac6-e73a-45d9-9b26-acdeacfaafed","block_type":"box","text":"Stayce D. Harris The Board benefits from Stayce D. Harris’s leadership and governance experience gained during her","page_number":34,"box":{"x":116,"y":95,"width":728,"height":10}},{"id":"f6dfa85d-342e-465b-ad8d-b6fb56c76b0b","block_type":"box","text":"extensive military career, including as a three-star Lieutenant General of the United States Air Force. In","page_number":34,"box":{"x":266,"y":105,"width":596,"height":11}},{"id":"cfdbdd00-2e87-4272-8b26-92fb2abfb5a2","block_type":"box","text":"her most recent role, Ms. Harris reported to the Secretary and Chief of Staff of the Air Force on matters","page_number":34,"box":{"x":266,"y":116,"width":600,"height":10}},{"id":"2b530afe-8590-43ef-a2a8-18be4558df1f","block_type":"box","text":"concerning Air Force effectiveness, efficiency and the military discipline of active duty, Air Force Reserve","page_number":34,"box":{"x":266,"y":126,"width":606,"height":10}},{"id":"14417f0d-79e8-4a53-8b1d-044fddd8f216","block_type":"box","text":"and Air National Guard forces. 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Perlowski","page_number":38,"box":{"x":129,"y":835,"width":109,"height":10}},{"id":"33975c12-6c75-448d-bca1-6259a21270a6","block_type":"box","text":"..........................","page_number":38,"box":{"x":247,"y":842,"width":179,"height":1}},{"id":"e54ff86a-48b3-45db-bf6f-44432289bc5d","block_type":"box","text":"None None None","page_number":38,"box":{"x":504,"y":836,"width":337,"height":7}},{"id":"5a8e9ee8-0763-4d23-8a44-1319c28e91ed","block_type":"box","text":"1","page_number":38,"box":{"x":128,"y":861,"width":4,"height":5}},{"id":"55d9153b-bb58-40b3-bc63-a161a3456729","block_type":"box","text":"For the number of BlackRock-advised Funds from which each Trustee receives compensation see the Biographical Information","page_number":38,"box":{"x":146,"y":861,"width":733,"height":10}},{"id":"e0004eab-bf91-47ad-98e7-9c597690e285","block_type":"box","text":"Chart beginning on page I-13.","page_number":38,"box":{"x":147,"y":871,"width":173,"height":10}},{"id":"f622547b-d4a7-4901-829d-efa8b79a19a6","block_type":"box","text":"I-16","page_number":38,"box":{"x":485,"y":917,"width":29,"height":9}},{"id":"3ac4c748-5139-4dca-9fd3-25a32c833d4c","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":38,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"c20391f1-b3c8-4e98-87e0-889f896b7022","block_type":"box","text":"2","page_number":39,"box":{"x":128,"y":76,"width":4,"height":5}},{"id":"828cd8c4-1313-427a-aa75-f26ed2ba77de","block_type":"box","text":"For the Independent Trustees, this amount represents the aggregate compensation earned from the funds in the BlackRock","page_number":39,"box":{"x":146,"y":76,"width":708,"height":10}},{"id":"82b84e8b-87b0-433f-b8e2-f4bba25f1e0f","block_type":"box","text":"Fixed-Income Complex during the calendar year ended December 31, 2025. Of this amount, Ms. Egan, Mr. Flores, \r\n$$","page_number":39,"box":{"x":146,"y":86,"width":668,"height":10}},{"id":"ed8b6a00-3643-40f9-9259-f0aca1f95c9a","block_type":"box","text":"pg yg\r\nMs. Harris, Mr. Holloman, Dr. Hubbard, Dr. Kester, Ms. Lynch and Mr. Steinmetz deferred $580,000, $200,000, $197,500, \r\n$$$$$","page_number":39,"box":{"x":146,"y":96,"width":729,"height":10}},{"id":"e5693f5f-7362-457c-b1d5-ecfb5ee49aa4","block_type":"box","text":"y\r\n$212,500, $280,000, $546,859, $603,900, and $268,750, respectively, pursuant to the BlackRock Fixed-Income Complex’s","page_number":39,"box":{"x":147,"y":106,"width":720,"height":11}},{"id":"164e35f3-26d5-429c-92d3-17b3fc3bcc7e","block_type":"box","text":"deferred compensation plan.","page_number":39,"box":{"x":147,"y":117,"width":163,"height":10}},{"id":"e5146313-a194-4e77-9114-1047066abfa0","block_type":"box","text":"3","page_number":39,"box":{"x":128,"y":128,"width":4,"height":5}},{"id":"063b7171-7b3f-4138-9f46-057aa1eda3c4","block_type":"box","text":"Total amount of deferred compensation payable by the BlackRock Fixed-Income Complex to Mr. Flores, Ms. Harris, \r\n$$$$","page_number":39,"box":{"x":146,"y":127,"width":681,"height":11}},{"id":"f05c0709-d805-4103-9d3d-256a1d88513b","block_type":"box","text":"ppyy p\r\nMr. Holloman, Dr. Hubbard, Dr. Kester, Ms. Lynch and Mr. Steinmetz is $1,055,218, $1,032,387, $1,101,752, $5,907,215, \r\n$$$","page_number":39,"box":{"x":146,"y":137,"width":727,"height":11}},{"id":"2ec9d574-0dcc-4b52-94dd-5832bd67912a","block_type":"box","text":"y\r\n$2,544,830, $720,927 and $603,379, respectively, as of December 31, 2025. Ms. Egan did not participate in the deferred","page_number":39,"box":{"x":147,"y":148,"width":704,"height":10}},{"id":"7b8b4c0f-9d01-46a3-9947-653f360d44dc","block_type":"box","text":"compensation plan as of December 31, 2025.","page_number":39,"box":{"x":146,"y":158,"width":262,"height":11}},{"id":"11b0d48a-0a44-48af-9ba0-bdb770a012c4","block_type":"box","text":"IV. Management, Advisory and Other Service Arrangements","page_number":39,"box":{"x":116,"y":182,"width":484,"height":13}},{"id":"11cb95ab-9fea-4c8c-a27c-c266f66617cd","block_type":"box","text":"Management Contract","page_number":39,"box":{"x":116,"y":206,"width":169,"height":12}},{"id":"e03bdd77-d9e5-4785-b751-6e8387f699b9","block_type":"box","text":"The management services provided by the Manager, an","page_number":39,"box":{"x":116,"y":229,"width":389,"height":13}},{"id":"4caac97c-25a9-4b03-b3d7-4508a66b094f","block_type":"box","text":"indirect majority-owned subsidiary of BlackRock,","page_number":39,"box":{"x":505,"y":229,"width":350,"height":13}},{"id":"8aa40dac-415c-46af-970f-2082d33513b0","block_type":"box","text":"Inc., pursuant to the Management Contract (the “Manage","page_number":39,"box":{"x":116,"y":245,"width":405,"height":13}},{"id":"66d2d026-e88d-4a7d-aabb-e7754792d75d","block_type":"box","text":"ment Contract”) is described in the Prospectus.","page_number":39,"box":{"x":521,"y":245,"width":331,"height":13}},{"id":"7c848f6c-a14b-41a3-aa97-72ced7c98809","block_type":"box","text":"The Manager does not charge the Fund a management fe","page_number":39,"box":{"x":116,"y":266,"width":391,"height":13}},{"id":"f5aae6f3-3bf0-4ab5-8988-7dba1d94e4bf","block_type":"box","text":"fee, although investors in the Fund will pay a fee to","page_number":39,"box":{"x":506,"y":266,"width":354,"height":13}},{"id":"acc46785-bcf9-4c7a-af23-2b69a0f6d6eb","block_type":"box","text":"BlackRock Investment Management, LLC (“BIM LLC”)","page_number":39,"box":{"x":116,"y":282,"width":392,"height":13}},{"id":"08780075-ec10-4ce1-8f79-86bff014ce0f","block_type":"box","text":"or their managed account program sponsor.","page_number":39,"box":{"x":509,"y":282,"width":316,"height":13}},{"id":"5923bedf-7297-4434-b903-c2b1d5518020","block_type":"box","text":"BIM LLC and its affiliates receive compensation from managed account clients or program sponsors in","page_number":39,"box":{"x":116,"y":304,"width":719,"height":12}},{"id":"3f41bb14-7a3f-43bf-bb69-9a44db8e3dd6","block_type":"box","text":"connection with their management of client accounts and p","page_number":39,"box":{"x":116,"y":319,"width":403,"height":13}},{"id":"37a265d7-e316-49d3-8ec7-a8e40fcb4ca9","block_type":"box","text":"participation in investment programs through which","page_number":39,"box":{"x":519,"y":319,"width":368,"height":13}},{"id":"3071c8a2-6d05-4fb5-a254-e076d92d6cc6","block_type":"box","text":"shares of the Fund are made available.","page_number":39,"box":{"x":116,"y":335,"width":271,"height":10}},{"id":"761443a2-e8b2-4ea0-b65e-e428aabb2706","block_type":"box","text":"Pursuant to the Management Contract, the Manager has c","page_number":39,"box":{"x":116,"y":356,"width":399,"height":13}},{"id":"190dba68-db1d-452a-9994-cc4324c79c6d","block_type":"box","text":"contractually agreed to waive all fees and pay or","page_number":39,"box":{"x":515,"y":356,"width":340,"height":13}},{"id":"f0168d72-9ddb-49f0-8c01-03ca92d93769","block_type":"box","text":"reimburse all fees and expenses of the Fund, except ex","page_number":39,"box":{"x":116,"y":372,"width":375,"height":13}},{"id":"454f02e3-e547-4dbe-9698-1ed88fc941ac","block_type":"box","text":"traordinary expenses, indefinitely. Extraordinary","page_number":39,"box":{"x":491,"y":372,"width":343,"height":13}},{"id":"f2c597af-2c6b-4835-89bd-bfef790a7076","block_type":"box","text":"expenses may include (i) interest, taxes, dividends tied to","page_number":39,"box":{"x":116,"y":387,"width":397,"height":13}},{"id":"25dab81c-eef3-49a0-8a3d-8dac73116b95","block_type":"box","text":"short sales; (ii) the Fund’s pro rata share of the fees","page_number":39,"box":{"x":513,"y":387,"width":358,"height":13}},{"id":"5bb2aa8f-5677-4ceb-b171-28db9ce5200e","block_type":"box","text":"and expenses incurred indirectly by the Fund as a resu","page_number":39,"box":{"x":116,"y":403,"width":375,"height":13}},{"id":"e4476c9b-5023-460b-948e-a8e352cfc447","block_type":"box","text":"lt of investing in other investment companies;","page_number":39,"box":{"x":491,"y":403,"width":320,"height":13}},{"id":"582ffa02-c64f-4951-bab4-2a213a0d73cc","block_type":"box","text":"(iii) expenses attributable to, and incurred as a result of,","page_number":39,"box":{"x":117,"y":418,"width":391,"height":13}},{"id":"89eceb15-7402-421f-9d8c-da7d7b3c0629","block_type":"box","text":"the Fund’s investments; and (iv) other extraordinary","page_number":39,"box":{"x":508,"y":418,"width":366,"height":13}},{"id":"d6209cd6-e28f-483b-af7f-9be870e766a8","block_type":"box","text":"expenses (including litigation expenses) not incurred in","page_number":39,"box":{"x":116,"y":434,"width":385,"height":13}},{"id":"e60a0e87-0e65-402c-a5f5-fb2dac94332c","block_type":"box","text":"the ordinary course of the Fund’s business, if any).","page_number":39,"box":{"x":501,"y":434,"width":354,"height":13}},{"id":"daf8cf6b-1ce1-4db1-9c2c-87a74ba5cc04","block_type":"box","text":"Items (i), (ii), (iii) and (iv) in the preceding sentence are refe","page_number":39,"box":{"x":116,"y":449,"width":402,"height":13}},{"id":"0531e0d5-7240-4b21-a3ba-ed25f37e65b6","block_type":"box","text":"ferred to in the Prospectus as “Dividend Expense,","page_number":39,"box":{"x":518,"y":449,"width":343,"height":13}},{"id":"ceb45a1e-0add-406f-be86-27bce2c6411c","block_type":"box","text":"Interest Expense, Acquired Fund Fees and Expenses a","page_number":39,"box":{"x":116,"y":465,"width":371,"height":13}},{"id":"a9e6d27e-0b27-46b6-ac74-19bcf5a1cc49","block_type":"box","text":"nd certain other Fund expenses,” respectively. The","page_number":39,"box":{"x":487,"y":465,"width":355,"height":13}},{"id":"f79064ae-2e87-4702-9eac-036dcdacc4fc","block_type":"box","text":"Management Contract may be terminated by the Trus","page_number":39,"box":{"x":116,"y":480,"width":376,"height":13}},{"id":"4203a1db-8ee6-4731-8c36-70f4ba7f5871","block_type":"box","text":"t upon 60 days’ notice to the Manager by a majority of","page_number":39,"box":{"x":493,"y":480,"width":387,"height":13}},{"id":"d3afb935-fd4f-41e0-a9a6-623443187114","block_type":"box","text":"the Trustees of the Trust or by a vote of a majority of","page_number":39,"box":{"x":116,"y":496,"width":372,"height":13}},{"id":"a5df5bb4-1880-4d24-bb91-d503e14272e3","block_type":"box","text":"f the outstanding voting securities of the Fund, or by the","page_number":39,"box":{"x":487,"y":496,"width":389,"height":13}},{"id":"4891036d-2d7c-43a7-a9c0-2be59e04726a","block_type":"box","text":"Manager upon 60 days’ notice to the Trust. The Management Contract can be continued annually for","page_number":39,"box":{"x":116,"y":511,"width":714,"height":13}},{"id":"1b2ae203-ab8b-4ba4-9496-9fc9459fa368","block_type":"box","text":"successive one-year periods if such continuance is specific","page_number":39,"box":{"x":116,"y":527,"width":397,"height":13}},{"id":"1f3955da-69c1-4534-afcf-84a354e2b21b","block_type":"box","text":"ally approved by a majority of the Independent","page_number":39,"box":{"x":514,"y":527,"width":331,"height":13}},{"id":"42c79c0a-857c-4abd-b7be-898eb29ccac1","block_type":"box","text":"Trustees of the Trust or by a vote of a majority of the outstanding voting securities of the Fund.","page_number":39,"box":{"x":116,"y":542,"width":668,"height":13}},{"id":"0468843d-9733-4107-9f13-8f9970de3f2d","block_type":"box","text":"BlackRock has contractually agreed to waive its administration fee through June 30, 2036. On July 1 of each","page_number":39,"box":{"x":116,"y":564,"width":762,"height":13}},{"id":"1b2c8e66-60dd-44d5-83a1-c074085c78a3","block_type":"box","text":"year, the waiver agreement will renew automatically for","page_number":39,"box":{"x":116,"y":579,"width":393,"height":13}},{"id":"36dcf421-3736-4a36-9b67-af3ea8f35594","block_type":"box","text":"an additional one year so that the agreement will","page_number":39,"box":{"x":509,"y":579,"width":344,"height":13}},{"id":"5acc7b47-0967-4972-84a5-33451f039ef0","block_type":"box","text":"have a perpetual ten-year term. The contractual","page_number":39,"box":{"x":116,"y":595,"width":335,"height":13}},{"id":"03bf824c-8b35-4db0-a8c1-e60d74b69cb8","block_type":"box","text":"agreement may be terminated upon 90 days’ notice by a","page_number":39,"box":{"x":451,"y":595,"width":394,"height":13}},{"id":"8f698773-d9e5-40ea-a741-a7620c012c0f","block_type":"box","text":"majority of the Independent Trustees or by a vote of","page_number":39,"box":{"x":116,"y":610,"width":363,"height":13}},{"id":"5ffc4ba0-0f06-4e6b-b9d9-f5adcdb3a6ee","block_type":"box","text":"f a majority of the outstanding voting securities of the","page_number":39,"box":{"x":478,"y":610,"width":373,"height":13}},{"id":"43bc250d-ea07-46d3-b1d5-aa22abf368f8","block_type":"box","text":"Fund.","page_number":39,"box":{"x":116,"y":626,"width":45,"height":10}},{"id":"148b1efd-8b7b-4d7b-9bb4-5489cb11e8ef","block_type":"box","text":"The fees and expenses of the Trustees who are not “affiliated persons” (as defined in the Investment Company","page_number":39,"box":{"x":116,"y":648,"width":771,"height":12}},{"id":"c9336611-a790-4b9a-9a21-d46ab82aada5","block_type":"box","text":"Act) of BlackRock, counsel to the Independent Trust","page_number":39,"box":{"x":116,"y":663,"width":366,"height":13}},{"id":"70850f4b-d1ae-446e-b64b-a464b9897510","block_type":"box","text":"ees and the independent registered public accounting firm","page_number":39,"box":{"x":482,"y":663,"width":399,"height":13}},{"id":"c9177f74-d7e3-4d0c-9535-ec41b33e6705","block_type":"box","text":"that provides audit services in connection with the","page_number":39,"box":{"x":116,"y":679,"width":348,"height":12}},{"id":"63f46ace-041f-4c9e-a80c-eed5a0e3a796","block_type":"box","text":"Fund (collectively referred to as the “Independent","page_number":39,"box":{"x":469,"y":679,"width":343,"height":12}},{"id":"8a970d8c-5d93-475f-8379-fe2bd2a9c3ce","block_type":"box","text":"Expenses”) are paid directly by the Fund. BlackRock has contractually undertaken, through June 30, 2036, to","page_number":39,"box":{"x":116,"y":694,"width":763,"height":13}},{"id":"e9f36e1c-b592-4528-b946-7a3498d74fe1","block_type":"box","text":"reimburse or provide an offsetting credit to each Fund for","page_number":39,"box":{"x":116,"y":710,"width":400,"height":12}},{"id":"43e2cac8-a35d-408f-80ef-9bd93b2280ff","block_type":"box","text":"such Independent Expenses. On July 1 of each year,","page_number":39,"box":{"x":521,"y":710,"width":358,"height":12}},{"id":"dc4f99f0-8303-4901-8548-9b3b0735f556","block_type":"box","text":"the reimbursement agreement will renew au","page_number":39,"box":{"x":116,"y":725,"width":304,"height":13}},{"id":"32912e9e-d01d-4d1d-bbc5-cb695b3088e3","block_type":"box","text":"tomatically for an additional one","page_number":39,"box":{"x":421,"y":725,"width":228,"height":13}},{"id":"809518f5-8375-4a73-b39a-d4d34fb3ff3c","block_type":"box","text":"year so that the agreement will","page_number":39,"box":{"x":654,"y":725,"width":213,"height":13}},{"id":"11f3b00b-e85d-42ef-8bbf-5aab50960d19","block_type":"box","text":"have a perpetual ten-year term. Such contractual","page_number":39,"box":{"x":116,"y":741,"width":337,"height":12}},{"id":"2f6a59a1-016b-40c6-8e63-bb1201f9531c","block_type":"box","text":"agreement may be terminated upon 90 days’ notice by a","page_number":39,"box":{"x":458,"y":741,"width":388,"height":12}},{"id":"540eeaef-618d-4f30-9f5e-adaefec82ffd","block_type":"box","text":"majority of the Independent Trustees or by a vote of","page_number":39,"box":{"x":116,"y":756,"width":363,"height":13}},{"id":"3cbe9b1c-6afc-4306-9383-782bc2cf4287","block_type":"box","text":"a majority of the outstanding voting securities of the","page_number":39,"box":{"x":483,"y":756,"width":363,"height":13}},{"id":"9e9a8979-80c3-40fa-bbb2-3333a732f3ec","block_type":"box","text":"Fund.","page_number":39,"box":{"x":116,"y":772,"width":39,"height":10}},{"id":"1843379f-909f-4fa6-baf7-879fbadbc8a3","block_type":"box","text":"Pursuant to the Management Contract, the Manager may from","page_number":39,"box":{"x":116,"y":793,"width":439,"height":13}},{"id":"15def0d4-1d00-41fa-9ff1-f9a2c453b2bc","block_type":"box","text":"time to time, in its sole discretion to the extent","page_number":39,"box":{"x":560,"y":793,"width":321,"height":12}},{"id":"2d3436ac-5bc0-482a-b265-7869a8aef5cd","block_type":"box","text":"permitted by applicable law, appoint one or more sub-","page_number":39,"box":{"x":116,"y":808,"width":379,"height":13}},{"id":"6b0c6e92-f167-4f60-aa7b-d012e5a5a4c6","block_type":"box","text":"advisers, including, without limitation, affiliates of the","page_number":39,"box":{"x":496,"y":808,"width":375,"height":13}},{"id":"fb5f05fa-4dc1-4264-8857-cbd2fe3f3ce5","block_type":"box","text":"Manager, to perform management services with respect to","page_number":39,"box":{"x":116,"y":823,"width":404,"height":13}},{"id":"46018374-fb3a-46ae-9f17-b6f77c07ffcb","block_type":"box","text":"the Fund. In addition, the Manager may delegate","page_number":39,"box":{"x":525,"y":823,"width":340,"height":13}},{"id":"9a80b5e4-3209-4aed-902d-ba35d044bd99","block_type":"box","text":"certain of its management functions under the Management Contract to one or more of its affiliates to the","page_number":39,"box":{"x":116,"y":839,"width":741,"height":13}},{"id":"1c54172f-6e79-49b5-a2cb-88eeb0f04003","block_type":"box","text":"extent permitted by applicable law. The Manager may t","page_number":39,"box":{"x":116,"y":854,"width":388,"height":13}},{"id":"8124deb5-ad2a-44dc-bdfd-7ae4ccecd152","block_type":"box","text":"erminate any or all sub-advisers or such delegation","page_number":39,"box":{"x":504,"y":854,"width":356,"height":13}},{"id":"a304bf03-ed32-458e-baee-f5632c8e8544","block_type":"box","text":"arrangements in its sole discretion at any tim","page_number":39,"box":{"x":116,"y":869,"width":310,"height":13}},{"id":"7ca12e6b-c69a-4ffd-b9ec-7902322bbcb8","block_type":"box","text":"e to the extent permitted by applicable 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The Fund is responsible for expenses in","page_number":45,"box":{"x":116,"y":566,"width":400,"height":13}},{"id":"e3c3c4e4-8e9a-495b-a2d4-3e70246c34c3","block_type":"box","text":"n connection with the investment of cash collateral","page_number":45,"box":{"x":516,"y":566,"width":348,"height":10}},{"id":"a598a2a6-e095-4e79-a911-abe97e7fb5f9","block_type":"box","text":"received for securities on loan in a money market fund managed by BlackRock (the “collateral investment","page_number":45,"box":{"x":116,"y":581,"width":739,"height":13}},{"id":"7bf01f36-f6b0-48d4-bd86-e831854b6d18","block_type":"box","text":"fees”); however, the securities lending agent has agreed t","page_number":45,"box":{"x":116,"y":597,"width":386,"height":13}},{"id":"7d39e28d-63aa-49f8-9de0-e672c93debe7","block_type":"box","text":"to reduce the amount of securities lending income it","page_number":45,"box":{"x":502,"y":597,"width":363,"height":13}},{"id":"9b8da236-2b88-4be0-b9cb-1fdfe0a8b734","block_type":"box","text":"receives in order to effectively limit the collateral inv","page_number":45,"box":{"x":116,"y":612,"width":362,"height":13}},{"id":"3e56d146-c631-41fc-b18d-ec719005528b","block_type":"box","text":"estment fees a Fund bears to an annual rate of 0.04%.","page_number":45,"box":{"x":479,"y":612,"width":380,"height":11}},{"id":"21b179c3-d0c4-494b-b01c-246af39e95d8","block_type":"box","text":"Such money market fund shares will not be subject to","page_number":45,"box":{"x":116,"y":628,"width":372,"height":13}},{"id":"43b3d786-1a85-4f03-8177-679fac6c553c","block_type":"box","text":"a sales load, distribution fee or service fee.","page_number":45,"box":{"x":488,"y":628,"width":301,"height":12}},{"id":"425f0aee-a378-4eea-acb8-742cc38054da","block_type":"box","text":"To the extent that the Fund invests cash collateral in","page_number":45,"box":{"x":116,"y":651,"width":363,"height":10}},{"id":"25f9eba6-bbd0-46ce-b7d2-84b0909bb1a8","block_type":"box","text":"a non-government money market fund, the Fund may be","page_number":45,"box":{"x":479,"y":651,"width":404,"height":13}},{"id":"5957888d-34d8-4ee7-97ed-caa29603c093","block_type":"box","text":"subject to a discretionary liquidity fee of up to 2%","page_number":45,"box":{"x":116,"y":667,"width":348,"height":12}},{"id":"e0b29723-a2ca-4839-9946-5cdae4655e4b","block_type":"box","text":"on all redemptions. Discretionary liquidity fees may be","page_number":45,"box":{"x":471,"y":667,"width":379,"height":12}},{"id":"5a0e8b56-a608-4d96-83c1-469820357596","block_type":"box","text":"imposed or terminated at any time at the discretion of th","page_number":45,"box":{"x":116,"y":682,"width":393,"height":13}},{"id":"ebaf8b53-2a37-434f-ad80-79979bba7628","block_type":"box","text":"e board of directors of the money market fund, or its","page_number":45,"box":{"x":509,"y":682,"width":367,"height":13}},{"id":"fb095e72-cd9e-4b79-9d78-2a8c175a7d87","block_type":"box","text":"delegate, if it is determined that such fee would be, or","page_number":45,"box":{"x":116,"y":698,"width":371,"height":12}},{"id":"b5a68073-b5df-4311-addb-125e9957d716","block_type":"box","text":"would not be, respectively, in the best interest of the","page_number":45,"box":{"x":491,"y":698,"width":361,"height":12}},{"id":"e948d742-ab20-419e-8f4d-f719b612e4af","block_type":"box","text":"money market fund. Additionally, the Fund will be subject","page_number":45,"box":{"x":116,"y":713,"width":407,"height":13}},{"id":"0fecc0e2-8b09-4339-9711-0ca18d5e65bd","block_type":"box","text":"to a mandatory liquidity fee if the money market","page_number":45,"box":{"x":527,"y":713,"width":339,"height":13}},{"id":"3a0681a6-d69e-469d-a7e7-0753e07d3362","block_type":"box","text":"fund’s total net redemptions on a single day exceed 5%","page_number":45,"box":{"x":116,"y":729,"width":383,"height":12}},{"id":"c0575fa4-e57d-453f-8b8d-06e3f3a1fd92","block_type":"box","text":"of the money market fund’s net assets, unless the","page_number":45,"box":{"x":505,"y":729,"width":338,"height":12}},{"id":"e068c84c-4dc1-4eb4-a132-1244e125957d","block_type":"box","text":"liquidity costs are de minimis (i.e., less than one ba","page_number":45,"box":{"x":116,"y":744,"width":352,"height":13}},{"id":"f2a4e2e5-8d23-443b-aa8c-6aa1259ad838","block_type":"box","text":"sis point (0.01%)). The money market fund will determine","page_number":45,"box":{"x":468,"y":744,"width":407,"height":13}},{"id":"f8b0c857-b79e-4cb5-a752-9591a7c503ae","block_type":"box","text":"the size of the mandatory liquidity fee by making a g","page_number":45,"box":{"x":116,"y":760,"width":365,"height":12}},{"id":"0f17cb94-99c1-486d-b969-20abb67a2e8e","block_type":"box","text":"ood faith estimate of certain costs the money market fund","page_number":45,"box":{"x":482,"y":760,"width":400,"height":12}},{"id":"a65004db-9249-411e-9784-cb2b2574f7a1","block_type":"box","text":"would incur if it were to sell a pro rata amount of each","page_number":45,"box":{"x":116,"y":775,"width":381,"height":13}},{"id":"6458bae2-f4e7-4fab-8492-3392dc9c311f","block_type":"box","text":"security in the portfolio to satisfy the amount of net","page_number":45,"box":{"x":502,"y":775,"width":358,"height":13}},{"id":"64d48568-4ce5-449c-b575-f52c19aa301c","block_type":"box","text":"redemptions on that day. There is no limit to the size of","page_number":45,"box":{"x":116,"y":791,"width":386,"height":12}},{"id":"2fd2e0f6-4a60-43fd-b39b-3b56ede18fb1","block_type":"box","text":"a mandatory liquidity fee. If the money market fund","page_number":45,"box":{"x":506,"y":791,"width":362,"height":12}},{"id":"b797661f-6357-44db-943b-d0494150145c","block_type":"box","text":"cannot estimate the costs of selling a pro rata amount","page_number":45,"box":{"x":116,"y":806,"width":371,"height":13}},{"id":"0d22eb25-2dec-49b1-8697-a38a7e9fc8b4","block_type":"box","text":"of each portfolio security in good faith and supported","page_number":45,"box":{"x":492,"y":806,"width":372,"height":13}},{"id":"e0ab8516-0067-45ee-84d6-0edb86a43221","block_type":"box","text":"by data, it is required to apply a default liquidity fee","page_number":45,"box":{"x":116,"y":822,"width":360,"height":12}},{"id":"dac503e4-7ec9-4084-84f3-ab482b12999b","block_type":"box","text":"of 1% on the value of shares redeemed on that day. The","page_number":45,"box":{"x":482,"y":822,"width":389,"height":12}},{"id":"c410cbf4-91d8-4804-ab49-31312cdfb943","block_type":"box","text":"imposition of any such discretionary or mandatory liqui","page_number":45,"box":{"x":116,"y":837,"width":388,"height":13}},{"id":"8290dde7-dc68-4933-a1da-530395146022","block_type":"box","text":"dity fee would reduce the Fund’s returns on securities","page_number":45,"box":{"x":505,"y":837,"width":374,"height":13}},{"id":"f433402e-255c-4d2e-93be-bf3744169d91","block_type":"box","text":"lending.","page_number":45,"box":{"x":116,"y":853,"width":60,"height":12}},{"id":"b3345ce5-6152-4103-918f-aaad88ea0322","block_type":"box","text":"I-23","page_number":45,"box":{"x":485,"y":917,"width":28,"height":9}},{"id":"d2db47ca-62c4-4e08-9ae9-098eb1aa959e","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":45,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"ec80af15-85c2-491f-8f5c-2ad9e1032379","block_type":"box","text":"Under the securities lending program, the Fund is catego","page_number":46,"box":{"x":116,"y":79,"width":391,"height":13}},{"id":"7a295dcd-c4db-41d8-b670-58ace5b1ec3c","block_type":"box","text":"rized into one of several specific asset class. The","page_number":46,"box":{"x":507,"y":79,"width":336,"height":13}},{"id":"ed0bb969-b525-4a86-9019-620d5171ac19","block_type":"box","text":"determination of the Fund’s asset classes category (fixed","page_number":46,"box":{"x":116,"y":94,"width":393,"height":13}},{"id":"b9ec58a1-c98d-4080-b051-404f8d5b947e","block_type":"box","text":"income, domestic equity, international equity, or fund","page_number":46,"box":{"x":509,"y":94,"width":379,"height":13}},{"id":"24f9075f-2180-435c-97a7-952abdddd2c1","block_type":"box","text":"of funds), each of which may be subject to a differen","page_number":46,"box":{"x":116,"y":110,"width":364,"height":13}},{"id":"7325b033-d091-47a0-8528-ebc76d406ee1","block_type":"box","text":"t fee arrangement, is based on a methodology agreed to","page_number":46,"box":{"x":480,"y":110,"width":389,"height":13}},{"id":"9c0972de-e20d-409c-991d-3f0303e0546e","block_type":"box","text":"by the Trust and BIM LLC.","page_number":46,"box":{"x":116,"y":125,"width":196,"height":13}},{"id":"12976a7a-8b1d-4ed8-a03a-998456914a5f","block_type":"box","text":"Pursuant to the current securities le","page_number":46,"box":{"x":116,"y":149,"width":244,"height":10}},{"id":"3d8c38f5-dff1-4684-8ab7-a05c354319df","block_type":"box","text":"nding agreement: (i) if the Fund were to engage in securities lending, the","page_number":46,"box":{"x":360,"y":149,"width":504,"height":12}},{"id":"3ee69149-e06c-4484-9317-996de26b283e","block_type":"box","text":"Fund would retain 82% of securities lending income (wh","page_number":46,"box":{"x":116,"y":164,"width":396,"height":13}},{"id":"a46ca53c-90d2-4c12-aed6-fe4b07a8bd8e","block_type":"box","text":"ich excludes collateral investment expenses), and","page_number":46,"box":{"x":512,"y":164,"width":342,"height":13}},{"id":"b7b0e3ad-e43a-4578-9920-a9d9e670707a","block_type":"box","text":"(ii) this amount could never be less than 70% of the sum of securities lending income plus collateral","page_number":46,"box":{"x":117,"y":180,"width":695,"height":12}},{"id":"8fccd233-7e6e-4ff2-9c2d-627531ae0825","block_type":"box","text":"investment expenses.","page_number":46,"box":{"x":116,"y":196,"width":149,"height":12}},{"id":"20c43297-554c-4689-9ee8-b34f9888759c","block_type":"box","text":"In addition, commencing the business day following the","page_number":46,"box":{"x":116,"y":218,"width":392,"height":13}},{"id":"6baa15ce-41c3-4fd1-9beb-01ad687b3393","block_type":"box","text":"date that the aggregate securities lending income","page_number":46,"box":{"x":508,"y":218,"width":340,"height":13}},{"id":"82f546ab-bf1f-49c3-9ec1-477795ed13cb","block_type":"box","text":"earned across the BlackRock Fixed-Income Complex in","page_number":46,"box":{"x":116,"y":234,"width":385,"height":13}},{"id":"d743e84b-3df6-4333-9fa9-a40cde013ec2","block_type":"box","text":"a calendar year exceeds specified thresholds, the Fund,","page_number":46,"box":{"x":501,"y":234,"width":387,"height":13}},{"id":"cdc531e2-37fb-4937-9f26-4af038e28ab5","block_type":"box","text":"pursuant to the current securities le","page_number":46,"box":{"x":116,"y":249,"width":244,"height":13}},{"id":"cf47981a-5fce-45ef-a3f2-fb66a9a5b652","block_type":"box","text":"nding agreement, will receive for the remainder of that calendar year","page_number":46,"box":{"x":360,"y":249,"width":481,"height":13}},{"id":"a8f10e30-7ed1-4f25-b748-9629f79fce64","block_type":"box","text":"securities lending income as follows: (i) If the Fund w","page_number":46,"box":{"x":116,"y":265,"width":357,"height":13}},{"id":"426af9c7-5ed8-42e0-9192-d653406ed78e","block_type":"box","text":"were to engage in securities lending, 85% of securities","page_number":46,"box":{"x":473,"y":265,"width":378,"height":13}},{"id":"3accd3ac-c076-4b9d-8740-efd245fa4c72","block_type":"box","text":"lending income (which excludes collateral investment","page_number":46,"box":{"x":116,"y":280,"width":374,"height":13}},{"id":"c1dd1458-009e-44d0-9f2d-5abe07295d76","block_type":"box","text":"expenses); and (ii) this amount can never be less than","page_number":46,"box":{"x":490,"y":280,"width":372,"height":13}},{"id":"eea315ca-fd2b-4270-b4e4-086de4f5fee9","block_type":"box","text":"70% of the sum of securities lending income plus collateral investment expenses.","page_number":46,"box":{"x":117,"y":296,"width":563,"height":13}},{"id":"128466dd-c34b-421b-a2a2-867086820947","block_type":"box","text":"The Fund had no income and fees/compensation related to its securities lending activities during its most","page_number":46,"box":{"x":116,"y":319,"width":729,"height":13}},{"id":"e75597f4-11f2-482f-ad37-5d4bdc6213b9","block_type":"box","text":"recent fiscal year ended September 30, 2025.","page_number":46,"box":{"x":116,"y":335,"width":315,"height":12}},{"id":"6d078f80-0a04-45ce-9460-bc9ebc7e0773","block_type":"box","text":"VIII. Additional Information","page_number":46,"box":{"x":116,"y":363,"width":242,"height":10}},{"id":"6c590f42-bc27-41f2-a74c-35af2293f7bf","block_type":"box","text":"Each share of the Fund has a par value of $.001, represents","page_number":46,"box":{"x":116,"y":389,"width":410,"height":13}},{"id":"89a68b88-3351-45e2-ae75-9700b25e7408","block_type":"box","text":"an interest only in the assets of the Fund, and is","page_number":46,"box":{"x":527,"y":389,"width":338,"height":13}},{"id":"7540d75e-e5ae-4774-bcd1-bd10b7077bc0","block_type":"box","text":"entitled solely to the dividends and distributions earned","page_number":46,"box":{"x":116,"y":404,"width":383,"height":13}},{"id":"100e2180-4955-4e76-a977-e4f513f1db5d","block_type":"box","text":"on the Fund’s assets that are declared in the discretion","page_number":46,"box":{"x":499,"y":404,"width":384,"height":10}},{"id":"9887d3b6-0faf-4744-b05a-ef3585f776e7","block_type":"box","text":"of the Board. The Trust’s shareholders are entitled to","page_number":46,"box":{"x":116,"y":420,"width":372,"height":10}},{"id":"0778f5d9-221e-4dd0-a972-a51486695f57","block_type":"box","text":"one vote for each full share held and proportionate","page_number":46,"box":{"x":489,"y":420,"width":358,"height":13}},{"id":"cdf5d7db-f266-4b15-8c9e-a5136670595b","block_type":"box","text":"fractional votes for fractional shares held, and will vo","page_number":46,"box":{"x":116,"y":435,"width":371,"height":13}},{"id":"f6300613-a660-4e41-85d1-addb4aceb8c2","block_type":"box","text":"te in the aggregate and not by Fund, except where","page_number":46,"box":{"x":487,"y":435,"width":352,"height":13}},{"id":"6e3299d8-3f46-4684-8819-8274d776a28c","block_type":"box","text":"otherwise required by law or as determined by the Board.","page_number":46,"box":{"x":116,"y":451,"width":404,"height":13}},{"id":"e9ac8454-f341-496c-be04-5bb51ddb0e75","block_type":"box","text":"Shares of the Trust have noncumulative voting rights a","page_number":46,"box":{"x":116,"y":474,"width":379,"height":13}},{"id":"a201aa79-3442-43b9-9e41-d23423776b28","block_type":"box","text":"nd, accordingly, the holders of more than 50% of the","page_number":46,"box":{"x":496,"y":474,"width":376,"height":13}},{"id":"d0eba869-7ccf-44b1-8bac-8d08c642c40e","block_type":"box","text":"Trust’s outstanding shares may elect all of the Trus","page_number":46,"box":{"x":116,"y":490,"width":354,"height":12}},{"id":"aa85a361-52ad-4160-9d18-bdd072a1a5e5","block_type":"box","text":"tees. Shares have no preemptive rights and only such","page_number":46,"box":{"x":470,"y":490,"width":370,"height":12}},{"id":"213245de-8d09-4873-8262-15b142918671","block_type":"box","text":"conversion and exchange rights as the Board may grant","page_number":46,"box":{"x":116,"y":505,"width":389,"height":13}},{"id":"d27c4164-129a-4b5f-b04d-51692bab3843","block_type":"box","text":"in its discretion. When issued for payment, shares will","page_number":46,"box":{"x":505,"y":505,"width":379,"height":13}},{"id":"6238fd77-45fc-4cb7-b8a2-f9cd3aaf4eeb","block_type":"box","text":"be fully paid and non-assessable by the Trust.","page_number":46,"box":{"x":116,"y":521,"width":321,"height":12}},{"id":"4dca758b-77a2-4eae-b3f4-6b90458ddb0c","block_type":"box","text":"There will normally be no meetings of shareholders for t","page_number":46,"box":{"x":116,"y":544,"width":386,"height":13}},{"id":"642e3822-5806-4f0b-985e-617fa986ee77","block_type":"box","text":"the purpose of electing Trustees or for any other","page_number":46,"box":{"x":502,"y":544,"width":339,"height":13}},{"id":"4c0bd74d-df9f-41ec-845e-39b79558d727","block_type":"box","text":"purpose unless and until such time as required by law or ca","page_number":46,"box":{"x":116,"y":559,"width":411,"height":13}},{"id":"0d02e723-7144-4c7c-9a6b-001e149175be","block_type":"box","text":"lled by the Board. 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The Trust’s Declaration of Trust provides that","page_number":46,"box":{"x":507,"y":590,"width":355,"height":13}},{"id":"7941fe6f-6033-441f-88d8-be2ace8b015c","block_type":"box","text":"meetings of the shareholders of the Trust shall be called by the Trustees upon the written request of","page_number":46,"box":{"x":116,"y":606,"width":694,"height":13}},{"id":"a3bef13d-296e-46c5-9eba-d31f7c2b2991","block_type":"box","text":"shareholders owning at least 51% of the outstanding shares entitled to vote.","page_number":46,"box":{"x":116,"y":621,"width":533,"height":13}},{"id":"e9774b9e-bd44-4e4c-9978-33f11c78f9c2","block_type":"box","text":"Shares normally will be redeemed for cash upon receipt of","page_number":46,"box":{"x":116,"y":645,"width":408,"height":12}},{"id":"874ac9ce-518c-433a-b33b-15bd666679a1","block_type":"box","text":"a request in proper form, although the Fund retains","page_number":46,"box":{"x":524,"y":645,"width":362,"height":12}},{"id":"85fb415b-1ae1-4862-84d8-7aad934574fc","block_type":"box","text":"the right to redeem some or all of its shares in-ki","page_number":46,"box":{"x":116,"y":660,"width":336,"height":13}},{"id":"8b6f8429-0304-43f1-bb51-fafec0bdd9b3","block_type":"box","text":"nd under unusual circumstances, in order to protect the","page_number":46,"box":{"x":452,"y":660,"width":385,"height":13}},{"id":"636e5241-c58f-4271-8035-3f42fb7660e2","block_type":"box","text":"interests of remaining shareholders, or to accommodate","page_number":46,"box":{"x":116,"y":676,"width":386,"height":12}},{"id":"3bfff8a7-c3fd-4b45-8269-17d595922a95","block_type":"box","text":"a request by a particular shareholder that does not","page_number":46,"box":{"x":507,"y":676,"width":350,"height":12}},{"id":"c35d01a0-4359-4143-bd50-aebcd8011d99","block_type":"box","text":"adversely affect the interest of the remaining sharehol","page_number":46,"box":{"x":116,"y":691,"width":370,"height":13}},{"id":"1d7df7fb-f2fb-4ca2-a01d-4b4c7dd33c29","block_type":"box","text":"ders, by delivery of securities selected from the Fund’s","page_number":46,"box":{"x":487,"y":691,"width":372,"height":13}},{"id":"b7d2620b-511e-4120-abeb-8db98b9df4e5","block_type":"box","text":"assets at its discretion. 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Such 2025 Annual Financial Statements h","page_number":49,"box":{"x":116,"y":182,"width":412,"height":13}},{"id":"7b541218-ef0d-4f20-a084-301a6c9ba6e4","block_type":"box","text":"have been incorporated herein in reliance upon the","page_number":49,"box":{"x":527,"y":182,"width":348,"height":13}},{"id":"d2acc877-d119-4c03-9f1b-40b68e0ae56d","block_type":"box","text":"report of such firm given their authority as experts in","page_number":49,"box":{"x":116,"y":198,"width":359,"height":12}},{"id":"e46fefc3-4494-4eac-ab97-26dda1158ff0","block_type":"box","text":"n accounting and auditing. Additional copies of the Fund’s","page_number":49,"box":{"x":475,"y":198,"width":394,"height":12}},{"id":"a8b9a003-98b6-479b-aaee-991674b5d075","block_type":"box","text":"annual and semi-annual reports to shareholders and the Fund’s Annual and Semi-Annual Financial Statements","page_number":49,"box":{"x":116,"y":213,"width":753,"height":13}},{"id":"c07d143e-38d9-45d6-8b86-762a91bfc185","block_type":"box","text":"and Additional Information may be obtained at no char","page_number":49,"box":{"x":116,"y":229,"width":379,"height":12}},{"id":"70e9f0de-e7cb-40a9-9aea-8b2cd737c24a","block_type":"box","text":"ge by telephoning the Distributor at the telephone","page_number":49,"box":{"x":496,"y":229,"width":341,"height":12}},{"id":"1d3dae63-e8c6-46f8-a180-d37ee04c7f96","block_type":"box","text":"number appearing on the front page of this SAI.","page_number":49,"box":{"x":116,"y":244,"width":330,"height":13}},{"id":"848f8609-0786-44c2-92f5-532109d182fa","block_type":"box","text":"I-27","page_number":49,"box":{"x":485,"y":917,"width":29,"height":9}},{"id":"33f6452e-50cf-4b5e-bafb-4677550e96f5","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":49,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"18398849-8986-49fa-b9d1-9bc98c662d48","block_type":"box","text":"PART II","page_number":50,"box":{"x":432,"y":92,"width":149,"height":22}},{"id":"b4b49d8a-49b9-41ae-b1ad-8016d0d48d61","block_type":"box","text":"Throughout this Statement of Additional Information (“SAI”), each BlackRock-advised fund may be","page_number":50,"box":{"x":116,"y":136,"width":734,"height":12}},{"id":"d0109ac0-88a5-4535-b59f-d1aca4f82e69","block_type":"box","text":"referred to as a “Fund” or collectively with others as the “Funds.” Certain Funds may also be referred to","page_number":50,"box":{"x":117,"y":152,"width":770,"height":12}},{"id":"08e5ad6c-99ee-4818-89ba-fa259a535659","block_type":"box","text":"as “Municipal Funds” if they invest certain of their assets in municipal investments described below.","page_number":50,"box":{"x":116,"y":167,"width":743,"height":12}},{"id":"4fbe3add-483e-4544-bb88-d5b12cad1303","block_type":"box","text":"Each Fund is organized either as a Maryland corporati","page_number":50,"box":{"x":117,"y":193,"width":393,"height":12}},{"id":"f68b733c-b92f-4765-858d-247f8030e8ec","block_type":"box","text":"on, a Massachusetts business trust or a Delaware","page_number":50,"box":{"x":511,"y":193,"width":369,"height":11}},{"id":"0601e24f-5ff0-423f-b0a0-df2d38aea7fd","block_type":"box","text":"statutory trust. In each jurisdiction, nomenclature vari","page_number":50,"box":{"x":116,"y":208,"width":384,"height":12}},{"id":"19ee96d9-54e8-4b92-9604-820f9f2cf4ff","block_type":"box","text":"es. For ease and clarity of presentation, shares of","page_number":50,"box":{"x":501,"y":208,"width":365,"height":12}},{"id":"8246d5c5-8ca4-472f-ad12-7d1895ef735f","block_type":"box","text":"common stock and shares of beneficial interest are re","page_number":50,"box":{"x":116,"y":224,"width":390,"height":9}},{"id":"d185c767-4b4c-4cd5-8d4c-d67bc241cc32","block_type":"box","text":"ferred to herein as “shares” or “Common Stock,”","page_number":50,"box":{"x":507,"y":224,"width":355,"height":11}},{"id":"dd0297c3-6121-4e67-a3a0-dfba05b91fa9","block_type":"box","text":"holders of shares of Common Stock are referred to","page_number":50,"box":{"x":117,"y":239,"width":374,"height":10}},{"id":"47406ee1-a691-437a-86b7-1d1917584dc9","block_type":"box","text":"as “shareholders,” the trustees or directors of each","page_number":50,"box":{"x":492,"y":239,"width":372,"height":12}},{"id":"51bccfdd-b3a9-4874-a4c9-29df5ee2de01","block_type":"box","text":"Fund are referred to as “Directors,” the boards of tru","page_number":50,"box":{"x":117,"y":255,"width":376,"height":11}},{"id":"e9f26a02-128c-4ea4-b920-10653d3f7be4","block_type":"box","text":"stees/directors of each Fund are referred to as the","page_number":50,"box":{"x":495,"y":255,"width":370,"height":10}},{"id":"24bd25de-2107-498e-9c6f-27a17ab2c6a7","block_type":"box","text":"“Board of Directors” or the “Board,” BlackRock A","page_number":50,"box":{"x":116,"y":270,"width":341,"height":12}},{"id":"1eecf808-520f-4704-be8f-e199937f3b16","block_type":"box","text":"Advisors, LLC, BlackRock Fund Advisors or their","page_number":50,"box":{"x":457,"y":270,"width":360,"height":12}},{"id":"cf663d75-af91-4156-bb05-73aae2c92b5b","block_type":"box","text":"respective affiliates is the investment adviser or","page_number":50,"box":{"x":117,"y":286,"width":343,"height":12}},{"id":"944689f6-4e72-44a5-acf9-95fca00ad4a0","block_type":"box","text":"r manager of each Fund and is referred to herein as the","page_number":50,"box":{"x":460,"y":286,"width":404,"height":12}},{"id":"7fcee1ae-2640-4cb0-ac54-897b1d06eae3","block_type":"box","text":"“Manager” or “BlackRock,” and the investment","page_number":50,"box":{"x":116,"y":301,"width":337,"height":12}},{"id":"94d1e8b5-5d3f-49aa-919c-a828fcf19c28","block_type":"box","text":"advisory agreement or","page_number":50,"box":{"x":453,"y":301,"width":169,"height":12}},{"id":"3ff9f779-cc92-4698-a872-b58c906e253b","block_type":"box","text":"r management agreement","page_number":50,"box":{"x":621,"y":302,"width":190,"height":11}},{"id":"a89691cd-12e3-4047-bd0b-281c00ec3ec9","block_type":"box","text":"applicable to each Fund is referred to as the “Management Agreement.” Each Fund’s Articles of","page_number":50,"box":{"x":116,"y":317,"width":700,"height":12}},{"id":"d736fe43-f8be-407d-aebe-52c850cfb3ad","block_type":"box","text":"Incorporation or Declaration of Tr","page_number":50,"box":{"x":117,"y":332,"width":240,"height":12}},{"id":"fb19cb88-91bc-438f-a4d2-fad0fe5580a5","block_type":"box","text":"ust, together with all amendments thereto,","page_number":50,"box":{"x":358,"y":332,"width":304,"height":12}},{"id":"326d01bf-d4cc-4762-906e-5ae64ddb1acd","block_type":"box","text":"is referred to as its “charter.”","page_number":50,"box":{"x":664,"y":332,"width":215,"height":10}},{"id":"74e3ee1c-69c0-4e4b-aa5a-8b512cb1b13d","block_type":"box","text":"The Investment Company Act of 1940, as amended, is","page_number":50,"box":{"x":116,"y":348,"width":402,"height":12}},{"id":"2043f5d1-20ec-40fc-a9c2-49bd7c2d4c55","block_type":"box","text":"referred to herein as the “Investment Company","page_number":50,"box":{"x":519,"y":348,"width":345,"height":12}},{"id":"023a616c-dc05-4ce3-aa15-efc8facc2867","block_type":"box","text":"Act.” The Securities Act of 1933, as amended, is referred to herein as the “Securities Act.” The Securities","page_number":50,"box":{"x":116,"y":363,"width":767,"height":12}},{"id":"30cb553a-080b-498a-a04e-ecc7d427389c","block_type":"box","text":"and Exchange Commission is referred to herein as the “Commission” or the “SEC.”","page_number":50,"box":{"x":116,"y":379,"width":609,"height":12}},{"id":"969cf52a-2743-4938-bc43-d423d539edab","block_type":"box","text":"Certain Funds are “feeder” funds (each, a “Feeder Fund”) that invest all or a portion of their assets in a","page_number":50,"box":{"x":117,"y":405,"width":765,"height":12}},{"id":"9e3de6e9-c7f2-4d85-9927-81c297ef58b3","block_type":"box","text":"corresponding “master” portfolio (each, a “Master Portfolio”) of a master limited liability company (each,","page_number":50,"box":{"x":116,"y":420,"width":770,"height":12}},{"id":"fd2ac77e-ba0d-4bf6-a134-40b4df68a117","block_type":"box","text":"a “Master LLC”), a mutual fund that has the same objective and strategies as the Feeder Fund. All","page_number":50,"box":{"x":116,"y":436,"width":734,"height":12}},{"id":"032758c7-35c3-4603-b6d1-b41abf1991e0","block_type":"box","text":"investments are generally made at the level of the Master Portfolio. This structure is sometimes called","page_number":50,"box":{"x":117,"y":451,"width":761,"height":12}},{"id":"c62f4fa8-cd01-4fb3-9657-fffb9f340de9","block_type":"box","text":"a “master/feeder” structure. A Feeder Fund’s investment results will correspond directly to the","page_number":50,"box":{"x":116,"y":467,"width":700,"height":12}},{"id":"2705a7d2-293b-4276-a19e-a3ed5b59f278","block_type":"box","text":"investment results of the underlying Master Portfolio in which it invests. For simplicity, this SAI uses the","page_number":50,"box":{"x":117,"y":482,"width":770,"height":12}},{"id":"28f7bda5-1f16-4ff0-8fe8-bec7374ee66d","block_type":"box","text":"term “Fund” to include both a Feeder Fund and its Master Portfolio.","page_number":50,"box":{"x":116,"y":498,"width":503,"height":9}},{"id":"64b844bd-589f-4e2b-b4ef-e906869340ff","block_type":"box","text":"In addition to containing information about the Funds, Part II of this SAI contains general information","page_number":50,"box":{"x":117,"y":523,"width":747,"height":13}},{"id":"3bfa81b2-d6c7-4074-9f21-af1eab97434a","block_type":"box","text":"about all funds in the BlackRock-advised fund complex. Certain information contained herein may not","page_number":50,"box":{"x":116,"y":539,"width":757,"height":12}},{"id":"ce096274-9e2a-41ae-91c6-c419b2ad844f","block_type":"box","text":"be relevant to a particular Fund.","page_number":50,"box":{"x":117,"y":555,"width":241,"height":11}},{"id":"322bbffb-70a2-4c78-bbe4-5f42c25e0f50","block_type":"box","text":"Investment Risks and Considerations","page_number":50,"box":{"x":119,"y":595,"width":675,"height":23}},{"id":"d2455e70-3f0f-4a67-b43b-aeaa5a80066b","block_type":"box","text":"Set forth below are descriptions of some of the types of investments and investment strategies that one","page_number":50,"box":{"x":116,"y":634,"width":772,"height":13}},{"id":"ab6f9f7d-833f-4a38-b85d-8a3246575955","block_type":"box","text":"or more of the Funds may use, and the risks and considerations associated with those investments","page_number":50,"box":{"x":116,"y":650,"width":740,"height":12}},{"id":"948a34ec-e05c-4341-ae7d-7141c210ebd9","block_type":"box","text":"and investment strategies. Please see each Fund’s prospectuses (the “Prospectus”) and the","page_number":50,"box":{"x":116,"y":665,"width":685,"height":13}},{"id":"a9675af5-503a-4c37-9913-3cfe39e3e3d8","block_type":"box","text":"“Investment Objective and Policies,” “Investment Objectives and Policies” or “Investment Strategies","page_number":50,"box":{"x":116,"y":681,"width":737,"height":12}},{"id":"37d2e1e5-2d2d-447d-ae66-ddc1e35e5d12","block_type":"box","text":"and Risks of the Fund” section, as applicable, of Part I of this SAI for further information on each","page_number":50,"box":{"x":116,"y":696,"width":714,"height":12}},{"id":"df9996f2-dfc9-4dae-b2ea-809dc7eaa8ae","block_type":"box","text":"Fund’s investment policies and risks. Information contained in this section about the risks and","page_number":50,"box":{"x":117,"y":712,"width":692,"height":12}},{"id":"c6916796-6e62-4ba9-8cf9-38624a494474","block_type":"box","text":"considerations associated with a Fund’s investments and/or investment strategies applies only to those","page_number":50,"box":{"x":116,"y":728,"width":765,"height":12}},{"id":"c923d459-8d91-47f1-bb9d-b7a4e104440a","block_type":"box","text":"Funds specifically identified in Part I of this SAI as making each type of investment or using each","page_number":50,"box":{"x":117,"y":743,"width":716,"height":12}},{"id":"6b54afb0-d5a1-4cba-b781-4eebe24a10d5","block_type":"box","text":"investment strategy (each, a “Covered Fund”). Information that does not apply to a Covered Fund does","page_number":50,"box":{"x":117,"y":758,"width":764,"height":13}},{"id":"227f49d6-32aa-47c4-b846-c537e4a843b5","block_type":"box","text":"not form a part of that Covered Fund’s SAI and should not be relied on by investors in that Covered","page_number":50,"box":{"x":117,"y":774,"width":735,"height":12}},{"id":"bb0e8f2c-6f1b-4fdb-9302-f201382cae2f","block_type":"box","text":"Fund. Only information that is clearly identified as applicable to a Covered Fund is considered to form a","page_number":50,"box":{"x":117,"y":789,"width":765,"height":13}},{"id":"aca2f6f3-cfcf-4bb6-9709-add2bb2c361f","block_type":"box","text":"part of that Covered Fund’s SAI.","page_number":50,"box":{"x":117,"y":805,"width":238,"height":12}},{"id":"d96fd803-e41d-4ad7-a886-398e9b83ef5f","block_type":"box","text":"Asset-Backed Securities.","page_number":50,"box":{"x":116,"y":831,"width":200,"height":9}},{"id":"b3934e1b-641e-47ce-bac2-93908d594bb0","block_type":"box","text":"Asset-backed securities are securities backed by home equity loans,","page_number":50,"box":{"x":317,"y":831,"width":519,"height":12}},{"id":"0fb8aacd-9164-4857-a7e6-517218295154","block_type":"box","text":"installment sale contracts, credit card receivables or other assets. Asset-backed securities are “pass","page_number":50,"box":{"x":117,"y":846,"width":749,"height":12}},{"id":"9124bb72-2d03-4329-b877-7bb9c24aca33","block_type":"box","text":"through” securities, meaning that principal and interest payments — net of expenses — made by the","page_number":50,"box":{"x":116,"y":862,"width":751,"height":12}},{"id":"fc574c34-2654-43f6-918f-8831da84ac4f","block_type":"box","text":"borrower on the underlying assets (such as credit card receivables) are passed through to a Fund. The","page_number":50,"box":{"x":117,"y":877,"width":768,"height":12}},{"id":"2b52da06-bfac-438f-8126-36ea90c2bf05","block_type":"box","text":"II-1","page_number":50,"box":{"x":489,"y":909,"width":20,"height":9}},{"id":"faa1c3fa-eb18-4937-b6d7-41097c172396","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":50,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"f9e7e513-57ae-4d0c-8572-9e261fb4e519","block_type":"box","text":"value of asset-backed securities, like that of traditional fixed-income securities, typically increases","page_number":51,"box":{"x":116,"y":87,"width":729,"height":12}},{"id":"28fb7c89-8837-43fd-9881-6e330e0eca69","block_type":"box","text":"when interest rates fall and decreases when interest rates rise. However, asset-backed securities differ","page_number":51,"box":{"x":116,"y":102,"width":770,"height":12}},{"id":"2547defb-778f-434e-ad9a-52ba1830dba9","block_type":"box","text":"from traditional fixed-income securities because of their potential for prepayment. The price paid by a","page_number":51,"box":{"x":116,"y":118,"width":755,"height":12}},{"id":"945b97df-bcf7-4a0b-b904-cc9dc7878d5a","block_type":"box","text":"Fund for its asset-backed securities, the yield the Fund expects to receive from such securities and the","page_number":51,"box":{"x":117,"y":134,"width":767,"height":12}},{"id":"3fb820d2-bd5d-4e0f-b77b-613ac9d0fba5","block_type":"box","text":"average life of the securities are based on a number of factors, including the anticipated rate of","page_number":51,"box":{"x":116,"y":149,"width":709,"height":12}},{"id":"2072a016-40ac-4ac1-a3e8-9e950c7d900f","block_type":"box","text":"prepayment of the underlying assets. In a period of declining interest rates, borrowers may prepay the","page_number":51,"box":{"x":117,"y":165,"width":761,"height":12}},{"id":"afedfda8-f368-492e-bfa8-125593ad9ca2","block_type":"box","text":"underlying assets more quickly than anticipated, thereby reducing the yield to maturity and the average","page_number":51,"box":{"x":117,"y":180,"width":769,"height":12}},{"id":"633b4e85-c3b2-4544-a8d6-56f59899bdec","block_type":"box","text":"life of the asset-backed securities. Moreover, when a Fund reinvests the proceeds of a prepayment in","page_number":51,"box":{"x":117,"y":196,"width":758,"height":12}},{"id":"dbe3cbf6-4a34-46ed-b0d7-136ab4faf386","block_type":"box","text":"these circumstances, it will likely receive a rate of interest that is lower than the rate on the security that","page_number":51,"box":{"x":116,"y":211,"width":772,"height":12}},{"id":"8cfd5ee1-94b6-4e62-8605-6d8a8b64cb16","block_type":"box","text":"was prepaid. To the extent that a Fund purchases asset-backed securities at a premium, prepayments","page_number":51,"box":{"x":116,"y":227,"width":765,"height":12}},{"id":"16fce926-03c6-460a-b2b1-c3b95b5dac48","block_type":"box","text":"may result in a loss to the extent of the premium paid. If a Fund buys such securities at a discount,","page_number":51,"box":{"x":117,"y":242,"width":736,"height":12}},{"id":"e5cea1c3-8a09-4bd3-b587-419ba1291fa8","block_type":"box","text":"both scheduled payments and unscheduled prepayments will increase current and total returns and","page_number":51,"box":{"x":117,"y":258,"width":742,"height":12}},{"id":"b5c694c5-3834-42df-990d-2dffd57f477e","block_type":"box","text":"unscheduled prepayments will also accelerate the recognition of income which, when distributed to","page_number":51,"box":{"x":117,"y":273,"width":738,"height":12}},{"id":"c33fc36b-9ed8-4cef-b072-c24d18ea1b71","block_type":"box","text":"shareholders, will be taxable as ordinary income. In a period of rising interest rates, prepayments of the","page_number":51,"box":{"x":116,"y":289,"width":772,"height":12}},{"id":"8ced9ac7-7d07-4837-beb5-6db77550798a","block_type":"box","text":"underlying assets may occur at a slower than expected rate, creating maturity extension risk. This","page_number":51,"box":{"x":117,"y":304,"width":730,"height":12}},{"id":"d7c925f1-63fd-42cd-8359-418266e692f8","block_type":"box","text":"particular risk may effectively change a security that was considered short- or intermediate-term at the","page_number":51,"box":{"x":117,"y":320,"width":762,"height":12}},{"id":"83385134-b357-440d-a9c1-86332478d50c","block_type":"box","text":"time of purchase into a longer term security. Since the value of longer-term securities generally","page_number":51,"box":{"x":116,"y":335,"width":710,"height":12}},{"id":"679aab6b-cab0-4029-939d-3f80be35d3c8","block_type":"box","text":"fluctuates more widely in response to changes in interest rates than does the value of shorter-term","page_number":51,"box":{"x":116,"y":351,"width":736,"height":12}},{"id":"f7ec1876-ff52-4a10-8e43-ba6e2cefbc9e","block_type":"box","text":"securities, maturity extension risk could increase the volatility of the Fund. When interest rates decline,","page_number":51,"box":{"x":116,"y":366,"width":766,"height":12}},{"id":"f3864182-a3d0-458f-aefa-7037b6663333","block_type":"box","text":"the value of an asset-backed security with prepayment features may not increase as much as that of","page_number":51,"box":{"x":116,"y":382,"width":751,"height":12}},{"id":"f77386b0-e67d-4f04-add4-a4ca906793b9","block_type":"box","text":"other fixed-income securities, and, as noted above, changes in market rates of interest may accelerate","page_number":51,"box":{"x":116,"y":397,"width":767,"height":12}},{"id":"dd6cf256-31c5-4afa-855e-85330693954b","block_type":"box","text":"or retard prepayments and thus affect maturities.","page_number":51,"box":{"x":116,"y":413,"width":368,"height":12}},{"id":"bcbab93d-1772-4a35-86bf-a23d7adfb960","block_type":"box","text":"Asset-Based Securities.","page_number":51,"box":{"x":116,"y":444,"width":190,"height":9}},{"id":"b88a333e-b530-4cc7-9bfb-7a33fb7ea963","block_type":"box","text":"Certain Funds may invest in debt, preferred or convertible securities, the","page_number":51,"box":{"x":307,"y":444,"width":548,"height":12}},{"id":"c519e193-28a9-43a5-b3a4-111e3dcb9483","block_type":"box","text":"principal amount, redemption terms or conversion terms of which are related to the market price of","page_number":51,"box":{"x":117,"y":459,"width":734,"height":12}},{"id":"b6c5ead2-85c3-461b-bca5-8d78fbf256b3","block_type":"box","text":"some natural resource asset such as gold bullion. These securities are referred to as “asset-based","page_number":51,"box":{"x":116,"y":475,"width":737,"height":12}},{"id":"9d09d3bc-88fd-4987-bee4-8b800f9e040d","block_type":"box","text":"securities.” A Fund will purchase only asset-based securities that are rated, or are issued by issuers","page_number":51,"box":{"x":116,"y":490,"width":746,"height":12}},{"id":"1371c78d-0eb7-46ba-aac2-d20909bee733","block_type":"box","text":"that have outstanding debt obligations rated, investment grade (for example, AAA, AA, A or BBB by","page_number":51,"box":{"x":116,"y":506,"width":744,"height":12}},{"id":"c132494b-d2b4-410c-9bf0-0f8cb6e6fd2e","block_type":"box","text":"S&P Global Ratings (“S&P”) or Fitch Ratings (“Fitch”), or Baa by Moody’s Investors Service, Inc.","page_number":51,"box":{"x":116,"y":521,"width":719,"height":12}},{"id":"5a4cd20d-1f10-4540-aa05-04c694478871","block_type":"box","text":"(“Moody’s”) or commercial paper rated A-1 by S&P or Prime-1 by Moody’s) or by issuers that the","page_number":51,"box":{"x":117,"y":537,"width":721,"height":12}},{"id":"68232d27-be70-47cd-ba9e-c362da0961f8","block_type":"box","text":"Manager has determined to be of similar creditworthiness. Obligations ranked in the fourth highest","page_number":51,"box":{"x":117,"y":552,"width":733,"height":12}},{"id":"134d7681-d22a-4378-9714-d157115013c8","block_type":"box","text":"rating category, while considered “investment grade,” may have certain speculative characteristics and","page_number":51,"box":{"x":117,"y":568,"width":766,"height":12}},{"id":"29c6bd3a-2d7c-48bf-899f-31dd4ea246fb","block_type":"box","text":"may be more likely to be downgraded than securities rated in the three highest rating categories. If an","page_number":51,"box":{"x":117,"y":583,"width":759,"height":12}},{"id":"ce483f4c-4311-49f9-9d2e-96a160f8ca21","block_type":"box","text":"asset-based security is backed by a bank letter of credit or other similar facility, the Manager may take","page_number":51,"box":{"x":116,"y":599,"width":764,"height":12}},{"id":"20e131b3-cc2e-4be4-b024-d6b44d1db4b1","block_type":"box","text":"such backing into account in determining the creditworthiness of the issuer. While the market prices for","page_number":51,"box":{"x":116,"y":614,"width":769,"height":12}},{"id":"f0d903c5-cfd1-4ef4-a647-d96516257acc","block_type":"box","text":"an asset-based security and the related natural resource asset generally are expected to move in the","page_number":51,"box":{"x":116,"y":630,"width":756,"height":12}},{"id":"95aa2561-0d82-4bb2-9b95-e28dcd4552c4","block_type":"box","text":"same direction, there may not be perfect correlation in the two price movements. Asset-based","page_number":51,"box":{"x":116,"y":645,"width":702,"height":12}},{"id":"d7f85b4d-4292-463d-85dd-b9612b20f7c9","block_type":"box","text":"securities may not be secured by a security interest in or claim on the underlying natural resource","page_number":51,"box":{"x":116,"y":661,"width":723,"height":12}},{"id":"1eebc0f3-cfac-4790-a0f9-7ce419e18f75","block_type":"box","text":"asset. The asset-based securities in which a Fund may invest may bear interest or pay preferred","page_number":51,"box":{"x":116,"y":676,"width":716,"height":12}},{"id":"cdebcfbd-df59-4f1b-8582-d5f95686434e","block_type":"box","text":"dividends at below market (or even relatively nominal) rates. Certain asset-based securities may be","page_number":51,"box":{"x":116,"y":692,"width":738,"height":12}},{"id":"5573bd2e-89e2-48b0-be06-e0a66418eb77","block_type":"box","text":"payable at maturity in cash at the stated principal amount or, at the option of the holder, directly in a","page_number":51,"box":{"x":117,"y":707,"width":738,"height":12}},{"id":"de5efb84-acbd-47e2-801f-ef7ad554581b","block_type":"box","text":"stated amount of the asset to which it is related. In such instance, because no Fund presently intends","page_number":51,"box":{"x":116,"y":723,"width":753,"height":12}},{"id":"c8c27e6d-358e-48c8-8a62-3142b3482b54","block_type":"box","text":"to invest directly in natural resource assets, a Fund would sell the asset-based security in the","page_number":51,"box":{"x":116,"y":738,"width":691,"height":12}},{"id":"75ef441a-2d2d-4e97-902e-13b783384292","block_type":"box","text":"secondary market, to the extent one exists, prior to maturity if the value of the stated amount of the","page_number":51,"box":{"x":116,"y":754,"width":733,"height":12}},{"id":"2b181248-627e-4f4c-b3a5-e574d254dc6e","block_type":"box","text":"asset exceeds the stated principal amount and thereby realize the appreciation in the underlying asset.","page_number":51,"box":{"x":116,"y":769,"width":763,"height":12}},{"id":"5fc5656d-037a-4e8a-aceb-c1eac48ffc20","block_type":"box","text":"Precious Metal-Related Securities.","page_number":51,"box":{"x":116,"y":800,"width":256,"height":10}},{"id":"87340342-77b9-4ef4-af93-2c9a72be681c","block_type":"box","text":"A Fund may invest in the equity and other securities of companies","page_number":51,"box":{"x":378,"y":800,"width":491,"height":12}},{"id":"d6e2ccac-e3df-482e-a1dd-89fbe1b71ba4","block_type":"box","text":"that explore for, extract, process or deal in precious metals (","page_number":51,"box":{"x":116,"y":816,"width":447,"height":12}},{"id":"329c8c88-02d6-46bf-b952-af4743f3726a","block_type":"box","text":"e.g.","page_number":51,"box":{"x":564,"y":818,"width":26,"height":10}},{"id":"9b9c3e6c-e1b9-4bc2-ab87-7ca21a555c7e","block_type":"box","text":", gold, silver and platinum), and in","page_number":51,"box":{"x":593,"y":816,"width":249,"height":12}},{"id":"20dd96ba-85cf-486f-8f92-3dc07aa13a4a","block_type":"box","text":"asset-based securities indexed to the value of such metals. Such securities may be purchased when","page_number":51,"box":{"x":116,"y":831,"width":752,"height":12}},{"id":"ed70f49e-1651-4166-8f51-a08b8f06b886","block_type":"box","text":"they are believed to be attractively priced in relation to the value of a company’s precious metal-related","page_number":51,"box":{"x":116,"y":847,"width":769,"height":12}},{"id":"08b4ad10-d066-43c3-9236-023b2c56c210","block_type":"box","text":"assets or when the values of precious metals are expected to benefit from inflationary pressure or","page_number":51,"box":{"x":116,"y":862,"width":731,"height":12}},{"id":"cb9ad24c-49e0-4c99-b164-937bca725d24","block_type":"box","text":"other economic, political or financial uncertainty or instability. Based on historical experience, during","page_number":51,"box":{"x":116,"y":878,"width":746,"height":12}},{"id":"99282ae1-1926-48f6-a1db-1d8ee52d3f29","block_type":"box","text":"II-2","page_number":51,"box":{"x":489,"y":909,"width":22,"height":9}},{"id":"df2f8154-334f-4810-9900-3df39a85bfc8","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":51,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"aec868ed-e0a9-481e-8476-3ab403c98468","block_type":"box","text":"periods of economic or financial instability the securities of companies involved in precious metals may","page_number":52,"box":{"x":117,"y":87,"width":766,"height":12}},{"id":"f809d6e0-e7b9-4087-902e-3b4ae5361d0f","block_type":"box","text":"be subject to extreme price fluctuations, reflecting the high volatility of precious metal prices during","page_number":52,"box":{"x":117,"y":102,"width":736,"height":13}},{"id":"365e1b15-0335-43e4-88ea-60815ed9f441","block_type":"box","text":"such periods. In addition, the instability of precious metal prices may result in volatile earnings of","page_number":52,"box":{"x":116,"y":118,"width":721,"height":12}},{"id":"f3ceb343-1cad-4add-851b-8a768750c68a","block_type":"box","text":"precious metal-related companies, which may, in turn, adversely affect the financial condition of such","page_number":52,"box":{"x":117,"y":134,"width":754,"height":12}},{"id":"410ac09e-d3a7-447c-94dd-19cf58eb07d6","block_type":"box","text":"companies. The major producers of gold include the Republic of South Africa, Russia, Canada, the","page_number":52,"box":{"x":116,"y":149,"width":739,"height":12}},{"id":"100bfaed-a911-4839-a4f7-735ab5512bed","block_type":"box","text":"United States, Brazil and Australia. Sales of gold by Russia are largely unpredictable and often relate","page_number":52,"box":{"x":117,"y":165,"width":754,"height":12}},{"id":"a55eb03f-c588-4042-9fc7-ab0e2e9ec957","block_type":"box","text":"to political and economic considerations rather than to market forces. Economic, financial, social and","page_number":52,"box":{"x":116,"y":180,"width":753,"height":12}},{"id":"3136cc11-41f4-42d7-a1ef-50968c614054","block_type":"box","text":"political factors within South Africa may significantly affect South African gold production.","page_number":52,"box":{"x":117,"y":196,"width":663,"height":12}},{"id":"2e45c6a8-8d63-4a7f-9be2-fefed7041024","block_type":"box","text":"Borrowing and Leverage.","page_number":52,"box":{"x":116,"y":227,"width":201,"height":12}},{"id":"2c4671a8-b761-4e5c-923a-7d46cd595c64","block_type":"box","text":"Each Fund may borrow as a temporary measure for extraordinary or","page_number":52,"box":{"x":318,"y":227,"width":517,"height":12}},{"id":"142318ce-d6b1-4993-ad8e-f8d706f15693","block_type":"box","text":"emergency purposes, including to meet redemptions or to settle securities transactions. Certain Funds","page_number":52,"box":{"x":116,"y":242,"width":765,"height":12}},{"id":"a00aa157-2cf9-4144-84ed-56b37d94fa4d","block_type":"box","text":"will not purchase securities at any time when borrowings exceed 5% of their total assets, except (a) to","page_number":52,"box":{"x":116,"y":258,"width":761,"height":12}},{"id":"e597d97e-3589-411f-93a3-e63ee25cd59b","block_type":"box","text":"honor prior commitments or (b) to exercise subscription rights when outstanding borrowings have been","page_number":52,"box":{"x":117,"y":273,"width":768,"height":12}},{"id":"b1a8c043-dda8-4783-94d9-cdf139371d0d","block_type":"box","text":"obtained exclusively for settlements of other securities transactions.","page_number":52,"box":{"x":116,"y":289,"width":508,"height":12}},{"id":"aa4f3060-4d41-4ea5-83b4-66560551ea15","block_type":"box","text":"Certain Funds may also borrow in order to make investments, to the extent disclosed in such Fund’s","page_number":52,"box":{"x":117,"y":320,"width":740,"height":12}},{"id":"0a8dbedb-ee18-4230-9787-e1d314f841ee","block_type":"box","text":"Prospectus. The purchase of securities while borrowings are outstanding will have the effect of","page_number":52,"box":{"x":117,"y":335,"width":700,"height":12}},{"id":"e63f45a1-e06d-41d1-b00a-427d6353bb82","block_type":"box","text":"leveraging the Fund. Such leveraging increases the Fund’s exposure to capital risk, and borrowed funds","page_number":52,"box":{"x":117,"y":351,"width":769,"height":12}},{"id":"54834e04-f59e-41e6-a21a-b32ffd253d72","block_type":"box","text":"are subject to interest costs that will reduce net income. The use of leverage by a Fund creates an","page_number":52,"box":{"x":116,"y":366,"width":727,"height":12}},{"id":"f9b31eb1-5fed-4f22-b543-c16bc7bcabc3","block_type":"box","text":"opportunity for greater total return, but, at the same time, creates special risks. For example, leveraging","page_number":52,"box":{"x":116,"y":382,"width":765,"height":12}},{"id":"b3bf42e5-df0e-4439-9841-e2607d0263d6","block_type":"box","text":"may exaggerate changes in the net asset value (“NAV”) of Fund shares and in the yield on the Fund’s","page_number":52,"box":{"x":117,"y":397,"width":751,"height":12}},{"id":"d6c7e22b-7ed6-499b-913b-601ee6786abc","block_type":"box","text":"portfolio. Although the principal of such borrowings will be fixed, the Fund’s assets may change in value","page_number":52,"box":{"x":117,"y":413,"width":764,"height":12}},{"id":"93148415-b86d-4b9d-8772-57b3fb0ae836","block_type":"box","text":"during the time the borrowings are outstanding. Borrowings will create interest expenses for the Fund","page_number":52,"box":{"x":116,"y":428,"width":749,"height":12}},{"id":"4e222cf5-be18-4a66-b8ee-b993e2ebec83","block_type":"box","text":"that can exceed the income from the assets purchased with the borrowings. To the extent the income or","page_number":52,"box":{"x":116,"y":444,"width":769,"height":12}},{"id":"29a58d6e-c00b-4776-9ec5-bb481529995c","block_type":"box","text":"capital appreciation derived from securities purchased with borrowed funds exceeds the interest the","page_number":52,"box":{"x":116,"y":459,"width":738,"height":12}},{"id":"9f53fcdf-6fb5-4964-be83-3a4634ed84b3","block_type":"box","text":"Fund will have to pay on the borrowings, the Fund’s return will be greater than if leverage had not been","page_number":52,"box":{"x":117,"y":475,"width":761,"height":12}},{"id":"dca1eef5-68ee-4a00-941f-3df1d372d300","block_type":"box","text":"used. Conversely, if the income or capital appreciation from the securities purchased with such","page_number":52,"box":{"x":117,"y":490,"width":701,"height":12}},{"id":"7a41e210-713d-4bc0-82d1-539affa86b28","block_type":"box","text":"borrowed funds is not sufficient to cover the cost of borrowing, the return to the Fund will be less than if","page_number":52,"box":{"x":117,"y":506,"width":761,"height":12}},{"id":"5bd6ef21-355c-44a9-b9b4-675357850acf","block_type":"box","text":"leverage had not been used and, therefore, the amount available for distribution to shareholders as","page_number":52,"box":{"x":117,"y":521,"width":732,"height":12}},{"id":"0814a0b5-fc18-417f-93d3-bf2a976de8a7","block_type":"box","text":"dividends will be reduced. In the latter case, the Manager in its best judgment nevertheless may","page_number":52,"box":{"x":116,"y":537,"width":709,"height":12}},{"id":"3e7d0c38-75cf-4634-90cc-f0167339efc6","block_type":"box","text":"determine to maintain the Fund’s leveraged position if it expects that the benefits to the Fund’s","page_number":52,"box":{"x":116,"y":552,"width":699,"height":12}},{"id":"48c95edd-18d2-41a3-b39a-edc929fd835c","block_type":"box","text":"shareholders of maintaining the leveraged position will outweigh the current reduced return.","page_number":52,"box":{"x":116,"y":568,"width":677,"height":12}},{"id":"e94a8193-5a69-4d8b-a8a6-586c9fb5a6c1","block_type":"box","text":"Certain types of borrowings by a Fund may result in the Fund being subject to covenants in credit","page_number":52,"box":{"x":117,"y":599,"width":727,"height":12}},{"id":"e4ad377a-ea1c-4106-af4e-9d31b1e13fe7","block_type":"box","text":"agreements relating to asset coverage, portfolio composition requirements and other matters. It is not","page_number":52,"box":{"x":116,"y":614,"width":758,"height":12}},{"id":"92922ee3-5804-4874-bf5b-b4d191b8af35","block_type":"box","text":"anticipated that observance of such covenants would impede the Manager from managing a Fund’s","page_number":52,"box":{"x":116,"y":630,"width":745,"height":12}},{"id":"dbe89370-3b47-414f-9b76-c388d21c226f","block_type":"box","text":"portfolio in accordance with the Fund’s investment objectives and policies. However, a breach of any","page_number":52,"box":{"x":117,"y":645,"width":751,"height":12}},{"id":"e1bbeb17-5fdc-49c5-951a-7fbfd54619f0","block_type":"box","text":"such covenants not cured within the specified cure period may result in acceleration of outstanding","page_number":52,"box":{"x":116,"y":661,"width":732,"height":12}},{"id":"ab568b24-00f2-4f74-bfae-0182528cf303","block_type":"box","text":"indebtedness and require the Fund to dispose of portfolio investments at a time when it may be","page_number":52,"box":{"x":117,"y":676,"width":706,"height":12}},{"id":"12dca129-be93-4cef-acc8-afcd3fd11117","block_type":"box","text":"disadvantageous to do so.","page_number":52,"box":{"x":116,"y":692,"width":195,"height":12}},{"id":"814dbe6a-743e-4cd8-a8d0-e961beafd983","block_type":"box","text":"Each Fund may at times borrow from affiliates of the Manager, provided that the terms of such","page_number":52,"box":{"x":117,"y":723,"width":699,"height":12}},{"id":"35bf5358-7a30-4722-8913-e13b23af5422","block_type":"box","text":"borrowings are no less favorable than those available from comparable sources of funds in the","page_number":52,"box":{"x":117,"y":738,"width":701,"height":12}},{"id":"3ea3840d-2fe8-4ed9-8eb6-8a7953d8ef4d","block_type":"box","text":"marketplace.","page_number":52,"box":{"x":117,"y":754,"width":94,"height":12}},{"id":"76fe4746-df61-4aa6-92dc-e2c18745f34f","block_type":"box","text":"Cash Management.","page_number":52,"box":{"x":117,"y":785,"width":151,"height":12}},{"id":"2a0b97b7-44d9-46a3-b19c-a7fd9738fc69","block_type":"box","text":"Generally, the Manager will employ futures and options on futures to provide","page_number":52,"box":{"x":275,"y":785,"width":567,"height":12}},{"id":"b334b429-e25d-461e-9966-cce186bc6350","block_type":"box","text":"liquidity necessary to meet anticipated redemptions or for day-to-day operating purposes. However, if","page_number":52,"box":{"x":117,"y":800,"width":752,"height":12}},{"id":"69a987c3-8ff4-481d-bfce-b749c00ad807","block_type":"box","text":"considered appropriate in the opinion of the Manager, a portion of a Fund’s assets may be invested in","page_number":52,"box":{"x":116,"y":816,"width":755,"height":12}},{"id":"5604db61-6c1d-4769-85c5-b491307fb354","block_type":"box","text":"certain types of instruments with remaining maturities of 397 days or less for liquidity purposes. Such","page_number":52,"box":{"x":116,"y":831,"width":754,"height":12}},{"id":"5a99cd1b-7d94-49aa-baa1-734d33b32825","block_type":"box","text":"instruments would consist of: (i) obligations of the U.S. Government, its agencies, instrumentalities,","page_number":52,"box":{"x":117,"y":847,"width":740,"height":12}},{"id":"8e35de7e-1f99-497f-8a60-c725af8e2d39","block_type":"box","text":"authorities or political subdivisions (“U.S. Government Securities”); (ii) other fixed-income securities","page_number":52,"box":{"x":116,"y":862,"width":742,"height":12}},{"id":"7a44e4b2-a051-4d3e-95b2-3a9a365e9d13","block_type":"box","text":"rated Aa or higher by Moody’s or AA or higher by S&P or, if unrated, of comparable quality in the","page_number":52,"box":{"x":117,"y":878,"width":721,"height":12}},{"id":"0a2ce527-342d-41a5-9eeb-a650096d5a13","block_type":"box","text":"II-3","page_number":52,"box":{"x":489,"y":909,"width":22,"height":9}},{"id":"b744c37d-4aca-4fef-9f70-54baa008b402","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":52,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"cc193e8c-cc6a-41e6-827d-bdf4a6ae1f5a","block_type":"box","text":"opinion of the Manager; (iii) commercial paper; (iv) bank obligations, including negotiable certificates of","page_number":53,"box":{"x":116,"y":87,"width":768,"height":12}},{"id":"444797a9-537d-4aec-b8d4-43c437cc9552","block_type":"box","text":"deposit, time deposits and bankers’ acceptances; and (v) repurchase agreements. At the time the","page_number":53,"box":{"x":116,"y":102,"width":730,"height":13}},{"id":"c9571042-dc5f-4c6c-b3b1-d514e3368836","block_type":"box","text":"Fund invests in commercial paper, bank obligations or repurchase agreements, the issuer or the","page_number":53,"box":{"x":117,"y":118,"width":718,"height":12}},{"id":"a9a94605-d2dd-47a8-b3bb-d88afd9f82e0","block_type":"box","text":"issuer’s parent must have outstanding debt rated Aa or higher by Moody’s or AA or higher by S&P or","page_number":53,"box":{"x":117,"y":134,"width":752,"height":12}},{"id":"47304a62-1db8-4239-a8f9-3adc26057bd9","block_type":"box","text":"outstanding commercial paper, bank obligations or other short-term obligations rated Prime-1 by","page_number":53,"box":{"x":116,"y":149,"width":719,"height":12}},{"id":"01bbad8e-3f01-416d-a945-6cace2da0f51","block_type":"box","text":"Moody’s or A-1 by S&P; or, if no such ratings are available, the instrument must be of comparable","page_number":53,"box":{"x":117,"y":165,"width":731,"height":12}},{"id":"cdaee97d-036a-4136-85ee-bc567affc7c0","block_type":"box","text":"quality in the opinion of the Manager. For more information on money market instruments, see “Money","page_number":53,"box":{"x":116,"y":180,"width":765,"height":12}},{"id":"cd8d0657-3c45-4cd7-91b2-c4f4101df805","block_type":"box","text":"Market Securities” below.","page_number":53,"box":{"x":117,"y":196,"width":192,"height":9}},{"id":"da930f0a-1b96-4c18-9b8d-d409897f3071","block_type":"box","text":"Collateralized Debt Obligations.","page_number":53,"box":{"x":117,"y":227,"width":251,"height":12}},{"id":"ec512acb-635c-4874-817d-e489f7d0162e","block_type":"box","text":"Certain Funds may invest in collateralized debt obligations","page_number":53,"box":{"x":369,"y":227,"width":444,"height":12}},{"id":"716045f4-f920-41cc-af27-483733cf5e09","block_type":"box","text":"(“CDOs”), which include collateralized bond obligations (“CBOs”), collateralized loan obligations","page_number":53,"box":{"x":117,"y":242,"width":713,"height":12}},{"id":"018f2659-ed70-479d-848d-14fedfa6c4da","block_type":"box","text":"(“CLOs”) and other similarly structured securities. CDOs are types of asset-backed securities. A CBO","page_number":53,"box":{"x":117,"y":258,"width":756,"height":12}},{"id":"34ddab44-5f67-47e7-a5b8-74e8927d0f09","block_type":"box","text":"is ordinarily issued by a trust or other special purpose entity (“SPE”) and is typically backed by a","page_number":53,"box":{"x":117,"y":273,"width":716,"height":12}},{"id":"2147cf18-e1ed-4aef-9d41-cee785f1f11b","block_type":"box","text":"diversified pool of fixed-income securities (which may include high risk, below investment grade","page_number":53,"box":{"x":116,"y":289,"width":713,"height":12}},{"id":"993c5316-3b3c-4bc3-aed9-fa83aad96e8f","block_type":"box","text":"securities) held by such issuer. A CLO is ordinarily issued by a trust or other SPE and is typically","page_number":53,"box":{"x":116,"y":304,"width":722,"height":12}},{"id":"9107c97e-e4ae-43d1-8db8-ebf757ef2d79","block_type":"box","text":"collateralized by a pool of loans, which may include, among others, domestic and non-U.S. senior","page_number":53,"box":{"x":116,"y":320,"width":729,"height":12}},{"id":"5059d661-4355-42d9-ab91-116ca84ecc3b","block_type":"box","text":"secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be","page_number":53,"box":{"x":116,"y":335,"width":756,"height":12}},{"id":"f533a204-e704-4178-9825-1545cc99317d","block_type":"box","text":"rated below investment grade or equivalent unrated loans, held by such issuer. Investments in a CLO","page_number":53,"box":{"x":117,"y":351,"width":757,"height":12}},{"id":"ba980b71-144b-4f1e-92b4-c3c2ffe572a0","block_type":"box","text":"organized outside of the United States may not be deemed to be foreign securities if the CLO is","page_number":53,"box":{"x":116,"y":366,"width":715,"height":12}},{"id":"dbc08d45-5dd7-4cc3-9a2d-db7d647a9cac","block_type":"box","text":"collateralized by a pool of loans, a substantial portion of which are U.S. loans. Although certain CDOs","page_number":53,"box":{"x":116,"y":382,"width":758,"height":12}},{"id":"b80a49d3-7142-4154-af4c-93bd067b3e2b","block_type":"box","text":"may benefit from credit enhancement in the form of a senior-subordinate structure, over","page_number":53,"box":{"x":117,"y":397,"width":655,"height":12}},{"id":"29e77a35-364e-43e9-a266-98f0564689b4","block_type":"box","text":"collateralization or bond insurance, such enhancement may not always be present, and may fail to","page_number":53,"box":{"x":116,"y":413,"width":735,"height":12}},{"id":"f456f98b-fe63-4fae-a393-b341e07915b3","block_type":"box","text":"protect a Fund against the risk of loss on default of the collateral. Certain CDO issuers may use","page_number":53,"box":{"x":117,"y":428,"width":713,"height":12}},{"id":"0a7650f6-2f3a-4105-ac52-f35e14b44a2a","block_type":"box","text":"derivatives contracts to create “synthetic” exposure to assets rather than holding such assets directly,","page_number":53,"box":{"x":116,"y":444,"width":758,"height":12}},{"id":"30e22a84-f2ab-46d3-b76b-275556ea94a8","block_type":"box","text":"which entails the risks of derivative instruments described elsewhere in this SAI. CDOs may charge","page_number":53,"box":{"x":116,"y":459,"width":742,"height":12}},{"id":"5d600b4e-feae-4956-ac77-3515067ac353","block_type":"box","text":"management fees and administrative expenses, which are in addition to those of a Fund.","page_number":53,"box":{"x":117,"y":475,"width":664,"height":12}},{"id":"1ab224ca-76d0-487e-9a37-9cb2ec128985","block_type":"box","text":"For both CBOs and CLOs, the cash flows from the SPE are split into two or more portions, called","page_number":53,"box":{"x":117,"y":506,"width":724,"height":12}},{"id":"3e80cf8a-71c1-456c-9102-bcd621584274","block_type":"box","text":"tranches, varying in risk and yield. The riskiest portion is the “equity” tranche, which bears the first loss","page_number":53,"box":{"x":116,"y":521,"width":765,"height":12}},{"id":"365b9487-cad0-40cb-bf17-f3738b07e179","block_type":"box","text":"from defaults from the bonds or loans in the SPE and serves to protect the other, more senior tranches","page_number":53,"box":{"x":116,"y":537,"width":768,"height":12}},{"id":"e5de2888-db93-4fb6-b11e-ec23a19cc9e0","block_type":"box","text":"from default (though such protection is not complete). Since it is partially protected from defaults, a","page_number":53,"box":{"x":116,"y":552,"width":737,"height":12}},{"id":"510a9b5c-372f-4024-b082-656b80268a86","block_type":"box","text":"senior tranche from a CBO or CLO typically has higher ratings and lower yields than its underlying","page_number":53,"box":{"x":116,"y":568,"width":733,"height":12}},{"id":"2f94c711-0531-448d-be75-b74092b9d454","block_type":"box","text":"securities, and may be rated investment grade. Despite the protection from the equity tranche, CBO or","page_number":53,"box":{"x":116,"y":583,"width":765,"height":12}},{"id":"4028e00a-7d4c-4cca-bdd9-04e5d61da279","block_type":"box","text":"CLO tranches can experience substantial losses due to actual defaults, downgrades of the underlying","page_number":53,"box":{"x":117,"y":599,"width":758,"height":12}},{"id":"7e5b2194-86df-4211-96ac-18b11ef7b61e","block_type":"box","text":"collateral by rating agencies, forced liquidation of the collateral pool due to a failure of coverage tests,","page_number":53,"box":{"x":116,"y":614,"width":758,"height":12}},{"id":"4f29aaa9-368d-4454-a67f-6c653d1abe49","block_type":"box","text":"increased sensitivity to defaults due to collateral default and disappearance of protecting tranches,","page_number":53,"box":{"x":117,"y":630,"width":734,"height":12}},{"id":"6f198771-a6e3-4290-90f0-52d6f37c6070","block_type":"box","text":"market anticipation of defaults as well as investor aversion to CBO or CLO securities as a class.","page_number":53,"box":{"x":117,"y":645,"width":716,"height":12}},{"id":"4cf1ee3f-b6ef-41ac-b027-5850e6a797fa","block_type":"box","text":"Interest on certain tranches of a CDO may be paid in kind or deferred and capitalized (paid in the form","page_number":53,"box":{"x":117,"y":661,"width":757,"height":12}},{"id":"716bb45f-f9c2-4867-b8d5-94687505ad45","block_type":"box","text":"of obligations of the same type rather than cash), which involves continued exposure to default risk","page_number":53,"box":{"x":116,"y":676,"width":734,"height":12}},{"id":"7412bf56-673e-4a68-b225-44c680138e95","block_type":"box","text":"with respect to such payments.","page_number":53,"box":{"x":116,"y":692,"width":229,"height":12}},{"id":"5f3b398d-9bdc-4269-8ffd-7cbe0411dbed","block_type":"box","text":"The risks of an investment in a CDO depend largely on the type of the collateral securities and the","page_number":53,"box":{"x":116,"y":723,"width":728,"height":12}},{"id":"ef1e33fd-1fe6-4bf0-88ad-a5e6c46fde43","block_type":"box","text":"class of the CDO in which a Fund invests. Normally, CBOs, CLOs and other CDOs are privately","page_number":53,"box":{"x":116,"y":738,"width":712,"height":12}},{"id":"7eb71e73-6371-4cc4-aa43-e02b97f93bdd","block_type":"box","text":"offered and sold, and thus are not registered under the securities laws. However, an active dealer","page_number":53,"box":{"x":116,"y":754,"width":725,"height":12}},{"id":"ab9c20bc-7251-4927-94c6-742125630784","block_type":"box","text":"market may exist for CDOs, allowing a CDO to qualify for Rule 144A transactions. In addition to the","page_number":53,"box":{"x":117,"y":769,"width":736,"height":12}},{"id":"ae15e531-86c8-45f7-991f-b29beb1eda3d","block_type":"box","text":"normal risks associated with fixed-income securities and asset-backed securities generally discussed","page_number":53,"box":{"x":117,"y":785,"width":750,"height":12}},{"id":"00619f42-9044-4e38-a989-4ecb121284a7","block_type":"box","text":"elsewhere in this SAI, CDOs carry additional risks including, but not limited to: (i) the possibility that","page_number":53,"box":{"x":116,"y":800,"width":737,"height":12}},{"id":"8710b6f3-0c6f-4447-b90f-de231e539efe","block_type":"box","text":"distributions from collateral securities will not be adequate to make interest or other payments; (ii) the","page_number":53,"box":{"x":116,"y":816,"width":751,"height":12}},{"id":"3ebd9f8b-de07-40ca-b04c-1baf26337199","block_type":"box","text":"risk that the collateral may default or decline in value or be downgraded, if rated by a nationally","page_number":53,"box":{"x":117,"y":831,"width":708,"height":12}},{"id":"7aa17387-fac0-4edd-a272-883773c2f074","block_type":"box","text":"recognized statistical rating organization (“NRSRO”); (iii) a Fund may invest in tranches of CDOs that","page_number":53,"box":{"x":117,"y":847,"width":754,"height":12}},{"id":"7cd7a36c-83d0-40bc-be74-766c6eb121a7","block_type":"box","text":"are subordinate to other tranches; (iv) the structure and complexity of the transaction and the legal","page_number":53,"box":{"x":116,"y":862,"width":736,"height":12}},{"id":"e4650d8e-95ed-46a9-b5ba-93cfa7562f4d","block_type":"box","text":"documents could lead to disputes among investors regarding the characterization of proceeds; (v) the","page_number":53,"box":{"x":116,"y":878,"width":760,"height":12}},{"id":"37cd2993-917c-430a-ad7b-9c8c36340116","block_type":"box","text":"II-4","page_number":53,"box":{"x":489,"y":909,"width":22,"height":9}},{"id":"5c122fd5-64f5-4a8b-b1d7-5d5f9a0ac803","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":53,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"a5fd865d-2a5d-4381-bc42-502cc51205f8","block_type":"box","text":"investment return achieved by the Fund could be significantly different than those predicted by financial","page_number":54,"box":{"x":117,"y":87,"width":771,"height":12}},{"id":"5367553b-bcc7-4b06-8a91-b031abd9406d","block_type":"box","text":"models; (vi) the lack of a readily available secondary market for CDOs; (vii) the risk of forced “fire sale”","page_number":54,"box":{"x":117,"y":102,"width":765,"height":13}},{"id":"9a55ca22-408e-483d-ae58-4153d7c7ce6d","block_type":"box","text":"liquidation due to technical defaults such as coverage test failures; and (viii) the CDO’s manager may","page_number":54,"box":{"x":117,"y":118,"width":756,"height":12}},{"id":"427a9071-c7dd-44c4-995e-e539b035fd85","block_type":"box","text":"perform poorly.","page_number":54,"box":{"x":117,"y":134,"width":117,"height":12}},{"id":"458933de-848e-47c6-8daa-b872e14aa45b","block_type":"box","text":"Commercial Paper.","page_number":54,"box":{"x":117,"y":165,"width":150,"height":11}},{"id":"630c916f-2a2b-443f-bc70-4c7bb957a032","block_type":"box","text":"Certain Funds may purchase commercial paper. Commercial paper purchasable","page_number":54,"box":{"x":268,"y":165,"width":607,"height":12}},{"id":"dac62ef3-1c09-45fd-bf0a-76cf66196c0e","block_type":"box","text":"by each Fund includes “Section 4(a)(2) paper,” a term that includes debt obligations issued in reliance","page_number":54,"box":{"x":117,"y":180,"width":760,"height":12}},{"id":"7b6a99e6-a7c4-4013-8b15-a4b6e68526ac","block_type":"box","text":"on the “private placement” exemption from registration afforded by Section 4(a)(2) of the Securities","page_number":54,"box":{"x":116,"y":196,"width":739,"height":12}},{"id":"00f1572f-4385-4d19-9634-b664c8b2d7f9","block_type":"box","text":"Act. Section 4(a)(2) paper is restricted as to disposition under the Federal securities laws, and is","page_number":54,"box":{"x":116,"y":211,"width":719,"height":12}},{"id":"16d08df9-3847-40b8-9e35-3472e04381a8","block_type":"box","text":"frequently sold (and resold) to institutional investors such as the Fund through or with the assistance of","page_number":54,"box":{"x":116,"y":227,"width":769,"height":12}},{"id":"171fc564-ad69-46ed-af87-10a5b097dc10","block_type":"box","text":"investment dealers who make a market in the Section 4(a)(2) paper, thereby providing liquidity. Certain","page_number":54,"box":{"x":117,"y":242,"width":769,"height":12}},{"id":"ad5a1e59-e188-4077-9128-cd0dd5106297","block_type":"box","text":"transactions in Section 4(a)(2) paper may qualify for the registration exemption provided in Rule 144A","page_number":54,"box":{"x":116,"y":258,"width":759,"height":12}},{"id":"3de7d8f7-d759-4472-a74b-5c84b9cfa84f","block_type":"box","text":"under the Securities Act. Most Funds can purchase commercial paper rated (at the time of purchase)","page_number":54,"box":{"x":117,"y":273,"width":754,"height":12}},{"id":"03065140-8674-4fdd-95dc-1ad3eff8d9f4","block_type":"box","text":"“A-1” by S&P or “Prime-1” by Moody’s or when deemed advisable by a Fund’s Manager or sub-adviser,","page_number":54,"box":{"x":116,"y":289,"width":772,"height":12}},{"id":"48c2851e-b951-4cae-bbaf-4e0084ac2692","block_type":"box","text":"“high quality” issues rated “A-2”, “Prime-2” or “F-2” by S&P, Moody’s or Fitch, respectively.","page_number":54,"box":{"x":116,"y":304,"width":675,"height":12}},{"id":"4dca9abb-c594-4dcd-9b12-e53752a70898","block_type":"box","text":"Commercial paper is generally considered to be short-term unsecured debt of corporations. Like all","page_number":54,"box":{"x":117,"y":335,"width":740,"height":12}},{"id":"7a4ec067-40a8-4623-82f2-88f825bfbc4a","block_type":"box","text":"fixed income securities, commercial paper prices are susceptible to fluctuations in interest rates. If","page_number":54,"box":{"x":116,"y":351,"width":732,"height":12}},{"id":"9e18fe3b-8615-4e7f-b590-12f1ce146a8d","block_type":"box","text":"interest rates rise, commercial paper prices will decline and vice versa. However, the short-term nature","page_number":54,"box":{"x":117,"y":366,"width":767,"height":12}},{"id":"7af39637-8d06-4b1b-ae12-745d308ad72d","block_type":"box","text":"of a commercial paper investment generally makes it less susceptible to volatility than many other fixed","page_number":54,"box":{"x":116,"y":382,"width":771,"height":12}},{"id":"dbeb5ff8-313d-4a9c-8aae-f6daf9b9fda5","block_type":"box","text":"income securities because interest rate risk typically increases as maturity lengths increase.","page_number":54,"box":{"x":117,"y":397,"width":686,"height":12}},{"id":"a97285f6-3b04-478a-8c60-6e6300b86cd7","block_type":"box","text":"Commercial paper tends to yield smaller returns than longer-term corporate debt because securities","page_number":54,"box":{"x":117,"y":413,"width":746,"height":12}},{"id":"a435cf7d-1295-4edf-ba19-a3e60ceb0d52","block_type":"box","text":"with shorter maturities typically have lower effective yields than those with longer maturities.","page_number":54,"box":{"x":116,"y":428,"width":686,"height":12}},{"id":"d4cf9379-34d6-4dec-a9cb-e184a54fa4e7","block_type":"box","text":"Commodity-Linked Derivative Instruments and Hybrid Instruments.","page_number":54,"box":{"x":117,"y":459,"width":535,"height":12}},{"id":"efb3d06a-16d6-4ad1-a047-ebb202bce81c","block_type":"box","text":"Certain Funds seek to gain","page_number":54,"box":{"x":653,"y":459,"width":210,"height":12}},{"id":"24271373-5488-42cc-a4c5-f265ff04fccd","block_type":"box","text":"exposure to the commodities markets primarily through investments in hybrid instruments. Hybrid","page_number":54,"box":{"x":116,"y":475,"width":727,"height":12}},{"id":"03cdb1f4-39c9-4497-8e60-3838ba166fb7","block_type":"box","text":"instruments are either equity or debt derivative securities with one or more commodity-dependent","page_number":54,"box":{"x":117,"y":490,"width":727,"height":12}},{"id":"29b6ff9a-bbc6-48f0-bade-1bf3c0c75269","block_type":"box","text":"components that have payment features similar to a commodity futures contract, a commodity option","page_number":54,"box":{"x":116,"y":506,"width":753,"height":12}},{"id":"23f99d53-8ac9-46b8-b2fe-b299fe386ae9","block_type":"box","text":"contract, or a combination of both. Therefore, these instruments are “commodity-linked.” They are","page_number":54,"box":{"x":116,"y":521,"width":731,"height":12}},{"id":"02c91c2c-258f-4744-8eb3-1673a10942dd","block_type":"box","text":"considered “hybrid” instruments because they have both commodity-like and security-like","page_number":54,"box":{"x":116,"y":537,"width":667,"height":12}},{"id":"19fc5e36-0292-4574-bb4a-28443762b77b","block_type":"box","text":"characteristics. Hybrid instruments are derivative instruments because at least part of their value is","page_number":54,"box":{"x":116,"y":552,"width":738,"height":12}},{"id":"49c2b3a4-b970-4c61-a8f9-28e73a4a5b11","block_type":"box","text":"derived from the value of an underlying commodity, futures contract, index or other readily measurable","page_number":54,"box":{"x":116,"y":568,"width":766,"height":12}},{"id":"d0c46eda-79b8-4ed9-ae17-b5616e4bab7c","block_type":"box","text":"economic variable.","page_number":54,"box":{"x":116,"y":583,"width":145,"height":10}},{"id":"f1de5094-4827-4e88-a288-ebfafdff0b6a","block_type":"box","text":"The prices of commodity-linked derivative instruments may move in different directions than","page_number":54,"box":{"x":116,"y":614,"width":686,"height":12}},{"id":"8a5c2b1a-5abd-4690-bfa7-c300e93527b2","block_type":"box","text":"investments in traditional equity and debt securities when the value of those traditional securities is","page_number":54,"box":{"x":117,"y":630,"width":737,"height":12}},{"id":"95b5a99b-ad4c-432a-b45d-cdc8122e6d89","block_type":"box","text":"declining due to adverse economic conditions. As an example, during periods of rising inflation, debt","page_number":54,"box":{"x":116,"y":645,"width":749,"height":12}},{"id":"9580cbff-d7bd-4fd6-8295-f970225854ef","block_type":"box","text":"securities have historically tended to decline in value due to the general increase in prevailing interest","page_number":54,"box":{"x":116,"y":661,"width":753,"height":12}},{"id":"19f012b3-5fde-4aed-923f-85358759d1ee","block_type":"box","text":"rates. Conversely, during those same periods of rising inflation, the prices of certain commodities, such","page_number":54,"box":{"x":117,"y":676,"width":763,"height":12}},{"id":"978d3c8c-b37b-4c8b-8435-2845b950a522","block_type":"box","text":"as oil and metals, have historically tended to increase. Of course, there cannot be any guarantee that","page_number":54,"box":{"x":116,"y":692,"width":752,"height":12}},{"id":"bf65f642-c250-452c-a6e3-c32762089a26","block_type":"box","text":"these investments will perform in that manner in the future, and at certain times the price movements","page_number":54,"box":{"x":116,"y":707,"width":749,"height":12}},{"id":"5b4b69da-c707-4918-849e-b65dc9bcf943","block_type":"box","text":"of commodity-linked instruments have been parallel to those of debt and equity securities.","page_number":54,"box":{"x":116,"y":723,"width":665,"height":12}},{"id":"aa8c3db9-b57a-417b-ab3c-839e0396d8ed","block_type":"box","text":"Commodities have historically tended to increase and decrease in value during different parts of the","page_number":54,"box":{"x":117,"y":738,"width":739,"height":12}},{"id":"68f64d8e-d223-43e7-824b-dec17a6d5cab","block_type":"box","text":"business cycle than financial assets. Nevertheless, at various times, commodities prices may move in","page_number":54,"box":{"x":117,"y":754,"width":753,"height":12}},{"id":"bcae7ec7-c52c-4d61-9430-54676d6e1d15","block_type":"box","text":"tandem with the prices of financial assets and thus may not provide overall portfolio diversification","page_number":54,"box":{"x":116,"y":769,"width":725,"height":12}},{"id":"fb283000-82ae-4d2f-9407-a5e58d2f759a","block_type":"box","text":"benefits. Under favorable economic conditions, the Fund’s investments may be expected to under","page_number":54,"box":{"x":117,"y":785,"width":731,"height":12}},{"id":"0748c02c-6b5e-45a2-be6c-424d188af67d","block_type":"box","text":"perform an investment in traditional securities. Over the long term, the returns on the Fund’s","page_number":54,"box":{"x":117,"y":800,"width":682,"height":12}},{"id":"e9aad353-eff4-46e7-845b-6d818df03749","block_type":"box","text":"investments are expected to exhibit low or negative correlation with stocks and bonds.","page_number":54,"box":{"x":117,"y":816,"width":637,"height":12}},{"id":"16ef2952-a164-4e83-bec3-c3df4adfd5d1","block_type":"box","text":"Qualifying Hybrid Instruments.","page_number":54,"box":{"x":117,"y":847,"width":222,"height":12}},{"id":"15a7fbcb-8c7f-4514-8a70-444a418089b3","block_type":"box","text":"Certain Funds may invest in hybrid instruments that qualify for exclusion","page_number":54,"box":{"x":341,"y":847,"width":546,"height":12}},{"id":"33222592-9e0f-44de-bf43-1a21c1505e95","block_type":"box","text":"from regulation under the Commodity Exchange Act and the regulations adopted thereunder. A hybrid","page_number":54,"box":{"x":116,"y":862,"width":761,"height":12}},{"id":"c09d3fbb-e590-4e6d-842a-d1c749cefc99","block_type":"box","text":"instrument that qualifies for this exclusion from regulation must be “predominantly a security.” A hybrid","page_number":54,"box":{"x":117,"y":878,"width":762,"height":12}},{"id":"27deeadf-1a9b-4310-ab4b-a9f14a8363b1","block_type":"box","text":"II-5","page_number":54,"box":{"x":489,"y":909,"width":22,"height":9}},{"id":"f55e3b5e-0e66-4baf-be09-8ba2dcb6b97c","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":54,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"17af1b23-95b7-4123-93e4-b1c2254c28eb","block_type":"box","text":"instrument is considered to be predominantly a security if (a) the issuer of the hybrid instrument","page_number":55,"box":{"x":117,"y":87,"width":712,"height":12}},{"id":"d1c133a9-f3f1-4ef5-b15b-2d538e39392d","block_type":"box","text":"receives payment in full of the purchase price of the hybrid instrument, substantially","page_number":55,"box":{"x":117,"y":102,"width":624,"height":13}},{"id":"ef7c28c1-1709-4251-870c-727f98753f55","block_type":"box","text":"contemporaneously with delivery of the hybrid instrument; (b) the purchaser or holder of the hybrid","page_number":55,"box":{"x":116,"y":118,"width":735,"height":12}},{"id":"45112dba-2952-4fd5-afca-add02f0ac95d","block_type":"box","text":"instrument is not required to make any payment to the issuer in addition to the purchase price paid","page_number":55,"box":{"x":117,"y":134,"width":735,"height":12}},{"id":"327a5d6a-93c1-47bb-8d6f-bed3e46b1411","block_type":"box","text":"under subparagraph (a), whether as margin, settlement payment, or otherwise, during the life of the","page_number":55,"box":{"x":117,"y":149,"width":743,"height":12}},{"id":"4dc29751-83e6-4029-9651-d299a368ab66","block_type":"box","text":"hybrid instrument or at maturity; (c) the issuer of the hybrid instrument is not subject by the terms of the","page_number":55,"box":{"x":117,"y":165,"width":770,"height":12}},{"id":"309caa08-440a-4c5c-aac3-e00d3b5f0bdd","block_type":"box","text":"instrument to mark-to-market margining requirements; and (d) the hybrid instrument is not marketed as","page_number":55,"box":{"x":117,"y":180,"width":768,"height":12}},{"id":"81ed09c8-3076-4a2a-ac13-e47df1692cf4","block_type":"box","text":"a contract of sale of a commodity for future delivery (or option on such a contract) subject to applicable","page_number":55,"box":{"x":116,"y":196,"width":768,"height":12}},{"id":"537d0d59-a386-4a08-8fb2-056d1fd29271","block_type":"box","text":"provisions of the Commodity Exchange Act. Hybrid instruments may be principal protected, partially","page_number":55,"box":{"x":117,"y":211,"width":743,"height":12}},{"id":"0d496bed-ada4-4c73-9011-fa934432866c","block_type":"box","text":"protected, or offer no principal protection. A principal protected hybrid instrument means that the issuer","page_number":55,"box":{"x":117,"y":227,"width":768,"height":12}},{"id":"9348e74a-6076-46f5-ac71-fae37b21b8a7","block_type":"box","text":"will pay, at a minimum, the par value of the note at maturity. Therefore, if the commodity value to which","page_number":55,"box":{"x":116,"y":242,"width":770,"height":12}},{"id":"19903aef-4dae-4155-a2e8-0516e91397b1","block_type":"box","text":"the hybrid instrument is linked declines over the life of the note, the Fund will receive at maturity the","page_number":55,"box":{"x":116,"y":258,"width":744,"height":12}},{"id":"59d39953-1050-4f2b-a9c9-2edb9ca0c2f8","block_type":"box","text":"face or stated value of the note. With a principal protected hybrid instrument, the Fund will receive at","page_number":55,"box":{"x":116,"y":273,"width":750,"height":12}},{"id":"91118057-5eb5-43c3-8c35-23a68b5b13e5","block_type":"box","text":"maturity the greater of the par value of the note or the increase in its value based on the underlying","page_number":55,"box":{"x":117,"y":289,"width":739,"height":12}},{"id":"4e2bdcf3-f6d0-4402-be6d-dd10fd40ffb1","block_type":"box","text":"commodity or index. This protection is, in effect, an option whose value is subject to the volatility and","page_number":55,"box":{"x":116,"y":304,"width":751,"height":12}},{"id":"e5b0198f-e5bd-448b-ae0a-6a337633deea","block_type":"box","text":"price level of the underlying commodity. The Manager’s decision whether to use principal protection","page_number":55,"box":{"x":117,"y":320,"width":743,"height":12}},{"id":"0803d1ce-52fe-410a-835b-3f6543ad56f8","block_type":"box","text":"depends in part on the cost of the protection. In addition, the protection feature depends upon the","page_number":55,"box":{"x":116,"y":335,"width":728,"height":12}},{"id":"b33cc3c9-4482-4c7b-bf70-afe203a905ef","block_type":"box","text":"ability of the issuer to meet its obligation to buy back the security, and, therefore, depends on the","page_number":55,"box":{"x":116,"y":351,"width":724,"height":12}},{"id":"3aca2055-6d7b-4a1e-b24c-6397e4c3fa53","block_type":"box","text":"creditworthiness of the issuer. With full principal protection, the Fund will receive at maturity of the","page_number":55,"box":{"x":116,"y":366,"width":731,"height":12}},{"id":"b8d3d77b-5a47-4846-9eb3-7d7cc15a2e22","block_type":"box","text":"hybrid instrument either the stated par value of the hybrid instrument, or potentially, an amount greater","page_number":55,"box":{"x":117,"y":382,"width":764,"height":12}},{"id":"892c3645-f0d9-4de5-8454-e377f40183c2","block_type":"box","text":"than the stated par value if the underlying commodity, index, futures contract or economic variable to","page_number":55,"box":{"x":116,"y":397,"width":753,"height":12}},{"id":"17b48eaf-375f-44a8-b047-d2dffd3b76d4","block_type":"box","text":"which the hybrid instrument is linked has increased in value. Partially protected hybrid instruments may","page_number":55,"box":{"x":116,"y":413,"width":770,"height":12}},{"id":"b0a73a1b-2966-4cdd-ab5a-bad64fc231ff","block_type":"box","text":"suffer some loss of principal if the underlying commodity, index, futures contract or economic variable","page_number":55,"box":{"x":116,"y":428,"width":758,"height":12}},{"id":"6bea2fa4-c1c4-4507-a753-054907edf0c8","block_type":"box","text":"to which the hybrid instrument is linked declines in value during the term of the hybrid instrument.","page_number":55,"box":{"x":116,"y":444,"width":726,"height":12}},{"id":"bd431d61-3808-4809-be34-1bdcb621051e","block_type":"box","text":"However, partially protected hybrid instruments have a specified limit as to the amount of principal that","page_number":55,"box":{"x":117,"y":459,"width":764,"height":12}},{"id":"d3a2cfe2-6355-4467-a2d2-f6d9df91d146","block_type":"box","text":"they may lose.","page_number":55,"box":{"x":116,"y":475,"width":113,"height":12}},{"id":"ed6c75eb-63d6-4666-b84f-8139f0fbee4c","block_type":"box","text":"Hybrid Instruments Without Principal Protection.","page_number":55,"box":{"x":116,"y":506,"width":355,"height":12}},{"id":"1df4a4c2-175d-4792-b07f-a11cd3c09594","block_type":"box","text":"Certain Funds may invest in hybrid instruments that","page_number":55,"box":{"x":473,"y":506,"width":393,"height":12}},{"id":"ecb6fa80-0df3-41c4-93d8-0e1dd1245b9e","block_type":"box","text":"offer no principal protection. At maturity, there is a risk that the underlying commodity price, futures","page_number":55,"box":{"x":116,"y":521,"width":738,"height":12}},{"id":"90aa1ecf-4683-44b9-8239-147fb0b351c9","block_type":"box","text":"contract, index or other economic variable may have declined sufficiently in value such that some or all","page_number":55,"box":{"x":116,"y":537,"width":768,"height":12}},{"id":"16c24191-4406-44bc-80ec-7e6b7c7c0662","block_type":"box","text":"of the face value of the hybrid instrument might not be returned. The Manager, at its discretion, may","page_number":55,"box":{"x":116,"y":552,"width":746,"height":12}},{"id":"b17005f3-3052-41c8-a98c-ee1ae1e86439","block_type":"box","text":"invest in a partially protected principal structured note or a note without principal protection. In deciding","page_number":55,"box":{"x":117,"y":568,"width":767,"height":12}},{"id":"155af839-3cf5-4165-ad2e-4463af7ee93a","block_type":"box","text":"to purchase a note without principal protection, the Manager may consider, among other things, the","page_number":55,"box":{"x":116,"y":583,"width":743,"height":12}},{"id":"4eb33979-8b9b-49ba-999e-b386c4e3ebf4","block_type":"box","text":"expected performance of the underlying commodity futures contract, index or other economic variable","page_number":55,"box":{"x":116,"y":599,"width":761,"height":12}},{"id":"c7af903b-3d30-43ec-951f-a62aefab9750","block_type":"box","text":"over the term of the note, the cost of the note, and any other economic factors that the Manager","page_number":55,"box":{"x":116,"y":614,"width":717,"height":12}},{"id":"5a0f7864-093e-4d82-a6fe-2ca9f74c7290","block_type":"box","text":"believes are relevant.","page_number":55,"box":{"x":117,"y":630,"width":163,"height":9}},{"id":"773ae7be-63f0-4b97-85d5-5f4b6b236ad4","block_type":"box","text":"Limitations on Leverage.","page_number":55,"box":{"x":116,"y":661,"width":181,"height":12}},{"id":"6aec94a8-dd47-43ea-9a05-e796e757c77f","block_type":"box","text":"Some of the hybrid instruments in which a Fund may invest may involve","page_number":55,"box":{"x":304,"y":661,"width":534,"height":12}},{"id":"e8c939f1-7fd0-4516-882e-7a85f5a5d433","block_type":"box","text":"leverage. To avoid being subject to undue leverage risk, a Fund will seek to limit the amount of","page_number":55,"box":{"x":117,"y":676,"width":703,"height":12}},{"id":"758cd06e-d94e-4721-a891-e2518a282277","block_type":"box","text":"economic leverage it has under any one hybrid instrument that it buys and the leverage of the Fund’s","page_number":55,"box":{"x":116,"y":692,"width":750,"height":12}},{"id":"cf48b05b-9606-4083-899e-4747b04707ca","block_type":"box","text":"overall portfolio. A Fund will not invest in a hybrid instrument if, at the time of purchase: (i) that","page_number":55,"box":{"x":116,"y":707,"width":699,"height":12}},{"id":"3ef11ccf-5311-4f18-9f4f-9d672602036f","block_type":"box","text":"instrument’s “leverage ratio” exceeds 300% of the price increase in the underlying commodity, futures","page_number":55,"box":{"x":117,"y":723,"width":753,"height":12}},{"id":"4733a814-d0f6-4e53-bf8e-f664df539e9e","block_type":"box","text":"contract, index or other economic variable or (ii) the Fund’s “portfolio leverage ratio” exceeds 150%,","page_number":55,"box":{"x":116,"y":738,"width":739,"height":12}},{"id":"f9847924-d35b-49f2-8448-9eb5ef750793","block_type":"box","text":"measured at the time of purchase. “Leverage ratio” is the expected increase in the value of a hybrid","page_number":55,"box":{"x":117,"y":754,"width":737,"height":12}},{"id":"6b5efc49-bb0f-408e-a482-c22d8bdb25e3","block_type":"box","text":"instrument, assuming a one percent price increase in the underlying commodity, futures contract, index","page_number":55,"box":{"x":117,"y":769,"width":765,"height":12}},{"id":"a86da425-8f57-4d83-95db-60ae19c84666","block_type":"box","text":"or other economic factor. In other words, for a hybrid instrument with a leverage factor of 150%, a 1%","page_number":55,"box":{"x":116,"y":785,"width":752,"height":12}},{"id":"f0a46236-bd2d-48e8-bcb0-e1196fd40a47","block_type":"box","text":"gain in the underlying economic variable would be expected to result in a 1.5% gain in value for the","page_number":55,"box":{"x":116,"y":800,"width":735,"height":12}},{"id":"36d584b7-65af-42f8-a255-8de246b8f168","block_type":"box","text":"hybrid instrument. Conversely, a hybrid instrument with a leverage factor of 150% would suffer a 1.5%","page_number":55,"box":{"x":117,"y":816,"width":757,"height":12}},{"id":"2673939f-e32f-4b29-93a5-6c2031915f98","block_type":"box","text":"loss if the underlying economic variable lost 1% of its value. “Portfolio leverage ratio” is defined as the","page_number":55,"box":{"x":117,"y":831,"width":758,"height":12}},{"id":"81943d88-b3e5-4cab-af4a-68fd0c1ee40d","block_type":"box","text":"average (mean) leverage ratio of all instruments in a Fund’s portfolio, weighted by the market values of","page_number":55,"box":{"x":116,"y":847,"width":769,"height":12}},{"id":"36086bcf-074c-4101-8e49-e37be48c145a","block_type":"box","text":"such instruments or, in the case of futures contracts, their notional values. A Fund may at times or from","page_number":55,"box":{"x":116,"y":862,"width":771,"height":12}},{"id":"fd0b8bc6-589e-4e73-bcb9-fd2b3f1969a7","block_type":"box","text":"II-6","page_number":55,"box":{"x":489,"y":909,"width":22,"height":9}},{"id":"1575b754-d1e8-40bc-8f9b-f8cb7d72e9db","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":55,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"863071e1-2aa3-44cc-863b-32cee759e649","block_type":"box","text":"time to time decide not to use leverage in its investments or use less leverage than may otherwise be","page_number":56,"box":{"x":116,"y":87,"width":757,"height":12}},{"id":"d790efe2-b9f7-4ebd-a589-11099ef5b518","block_type":"box","text":"allowable.","page_number":56,"box":{"x":116,"y":103,"width":79,"height":9}},{"id":"dd32b7e2-fd55-4eb1-a203-edb21397ba13","block_type":"box","text":"Counterparty Risk.","page_number":56,"box":{"x":117,"y":134,"width":136,"height":12}},{"id":"9059ade9-988b-41e6-83c8-5d542e995582","block_type":"box","text":"A significant risk of hybrid instruments is counterparty risk. Unlike exchange-traded","page_number":56,"box":{"x":255,"y":134,"width":625,"height":12}},{"id":"935267d4-dbd8-42d6-8cf7-2930cc71409e","block_type":"box","text":"futures and options, which are standard contracts, hybrid instruments are customized securities, tailor","page_number":56,"box":{"x":116,"y":149,"width":760,"height":12}},{"id":"906f6bb7-7bd9-4e0c-a201-40bf665cfb0f","block_type":"box","text":"made by a specific issuer. With a listed futures or options contract, an investor’s counterparty is the","page_number":56,"box":{"x":117,"y":165,"width":740,"height":12}},{"id":"8b3b1cd8-81aa-499c-bc79-e596dd1b98fc","block_type":"box","text":"exchange clearinghouse. Exchange clearinghouses are capitalized by the exchange members and","page_number":56,"box":{"x":116,"y":180,"width":738,"height":12}},{"id":"de2ea32b-942b-4596-8627-706ec84c3c69","block_type":"box","text":"typically have high investment grade ratings (","page_number":56,"box":{"x":116,"y":196,"width":336,"height":12}},{"id":"f464ff0f-fb89-40ce-bfbd-3315ad18666c","block_type":"box","text":"e.g.","page_number":56,"box":{"x":453,"y":198,"width":26,"height":10}},{"id":"b65873ad-d179-40ef-a096-9ae67a6c3032","block_type":"box","text":", ratings of AAA or AA by S&P). Therefore, the risk is","page_number":56,"box":{"x":482,"y":196,"width":396,"height":12}},{"id":"92f87ee4-810a-485c-9bee-77e9ee109412","block_type":"box","text":"small that an exchange clearinghouse might be unable to meet its obligations at maturity. However,","page_number":56,"box":{"x":116,"y":211,"width":743,"height":12}},{"id":"7eddb76e-00b2-463b-8588-82c3967e116b","block_type":"box","text":"with a hybrid instrument, a Fund will take on the counterparty credit risk of the issuer. That is, at","page_number":56,"box":{"x":116,"y":227,"width":715,"height":12}},{"id":"b3172c5e-20ee-41a4-b89f-e89b1cc3a955","block_type":"box","text":"maturity of the hybrid instrument, there is a risk that the issuer may be unable to perform its obligations","page_number":56,"box":{"x":117,"y":242,"width":767,"height":12}},{"id":"0d015b7c-6479-4522-8114-948e18a06c20","block_type":"box","text":"under the structured note.","page_number":56,"box":{"x":117,"y":258,"width":196,"height":9}},{"id":"d88c5356-3d4f-4e8f-b336-11599332df8c","block_type":"box","text":"Convertible Securities.","page_number":56,"box":{"x":117,"y":289,"width":180,"height":9}},{"id":"7540e0c8-042c-4c5a-a920-a273b8694985","block_type":"box","text":"A convertible security is a bond, debenture, note, preferred stock or other","page_number":56,"box":{"x":298,"y":289,"width":554,"height":12}},{"id":"258f89bd-89bb-448f-b5f1-3d1cae4b553e","block_type":"box","text":"security that may be converted into or exchanged for a prescribed amount of common stock or other","page_number":56,"box":{"x":116,"y":304,"width":750,"height":12}},{"id":"8bbd6e27-6733-4726-b69b-ba1e3719761c","block_type":"box","text":"equity security of the same or a different issuer within a particular period of time at a specified price or","page_number":56,"box":{"x":116,"y":320,"width":761,"height":12}},{"id":"80942b1c-8f44-43b8-8b18-144c88e1b67b","block_type":"box","text":"formula. A convertible security entitles the holder to receive interest paid or accrued on debt or the","page_number":56,"box":{"x":116,"y":335,"width":734,"height":12}},{"id":"5752fa9f-eb7a-4500-890d-8aeafc7b5285","block_type":"box","text":"dividend paid on preferred stock until the convertible security matures or is redeemed, converted or","page_number":56,"box":{"x":116,"y":351,"width":742,"height":12}},{"id":"16fe13ef-2979-4c15-9da8-f8cda4254cc7","block_type":"box","text":"exchanged. Before conversion, convertible securities have characteristics similar to nonconvertible","page_number":56,"box":{"x":116,"y":366,"width":738,"height":12}},{"id":"97182feb-4542-4c3a-8fdb-1e19107cbb91","block_type":"box","text":"income securities in that they ordinarily provide a stable stream of income with generally higher yields","page_number":56,"box":{"x":117,"y":382,"width":757,"height":12}},{"id":"5e91239d-b5f6-469f-a5fc-e40887ff74fe","block_type":"box","text":"than those of common stocks of the same or similar issuers, but lower yields than comparable","page_number":56,"box":{"x":116,"y":397,"width":703,"height":12}},{"id":"142818aa-9670-4c05-82c5-0b08a3184734","block_type":"box","text":"nonconvertible securities. The value of a convertible security is influenced by changes in interest rates,","page_number":56,"box":{"x":117,"y":413,"width":767,"height":12}},{"id":"9ed2f7f1-6555-4a81-9d79-58b92c4426db","block_type":"box","text":"with investment value declining as interest rates increase and increasing as interest rates decline. The","page_number":56,"box":{"x":116,"y":428,"width":764,"height":12}},{"id":"c2060182-3f26-45aa-be5a-30e845235847","block_type":"box","text":"credit standing of the issuer and other factors also may have an effect on the convertible security’s","page_number":56,"box":{"x":116,"y":444,"width":736,"height":12}},{"id":"e9630870-a378-4c45-b0b5-fcb86a87d838","block_type":"box","text":"investment value. Convertible securities rank senior to common stock in a corporation’s capital","page_number":56,"box":{"x":117,"y":459,"width":706,"height":12}},{"id":"09dacf14-0bc8-4873-8d77-0559352e38b5","block_type":"box","text":"structure but are usually subordinated to comparable nonconvertible securities. Convertible securities","page_number":56,"box":{"x":116,"y":475,"width":757,"height":12}},{"id":"e2ffe802-e6de-4c3f-af64-26a8695f20e6","block_type":"box","text":"may be subject to redemption at the option of the issuer at a price established in the convertible","page_number":56,"box":{"x":117,"y":490,"width":714,"height":12}},{"id":"09dc0cdc-3191-4ee4-8e59-a48eb7898c75","block_type":"box","text":"security’s governing instrument.","page_number":56,"box":{"x":116,"y":506,"width":241,"height":12}},{"id":"13c44e3c-b220-4f8e-93ff-20bcaaddf68f","block_type":"box","text":"The characteristics of convertible securities make them potentially attractive investments for an","page_number":56,"box":{"x":116,"y":537,"width":710,"height":12}},{"id":"0a19c0f9-073a-4c8c-90cf-4a9a46f95e4c","block_type":"box","text":"investment company seeking a high total return from capital appreciation and investment income.","page_number":56,"box":{"x":117,"y":552,"width":727,"height":12}},{"id":"22cf7bc0-db8f-4186-b2b4-68f6283b971a","block_type":"box","text":"These characteristics include the potential for capital appreciation as the value of the underlying","page_number":56,"box":{"x":116,"y":568,"width":716,"height":12}},{"id":"b059fab5-474d-40d1-b15c-75d6a3e6dd92","block_type":"box","text":"common stock increases, the relatively high yield received from dividend or interest payments as","page_number":56,"box":{"x":116,"y":583,"width":723,"height":12}},{"id":"4fda4030-4405-480c-865e-09e76d508039","block_type":"box","text":"compared to common stock dividends and decreased risks of decline in value relative to the underlying","page_number":56,"box":{"x":116,"y":599,"width":770,"height":12}},{"id":"b16753d9-8180-4409-b97b-6c61b47f09f8","block_type":"box","text":"common stock due to their fixed-income nature. As a result of the conversion feature, however, the","page_number":56,"box":{"x":116,"y":614,"width":739,"height":11}},{"id":"088d0352-d1e8-42d7-9e77-0062fc47be4c","block_type":"box","text":"interest rate or dividend preference on a convertible security is generally less than would be the case if","page_number":56,"box":{"x":117,"y":630,"width":766,"height":12}},{"id":"2298148b-2cee-486c-91f9-b21120bc7f66","block_type":"box","text":"the securities were issued in nonconvertible form.","page_number":56,"box":{"x":116,"y":645,"width":373,"height":10}},{"id":"51a0d6d3-e485-4b35-b05b-d0a765443f70","block_type":"box","text":"In analyzing convertible securities, the Manager will consider both the yield on the convertible security","page_number":56,"box":{"x":117,"y":676,"width":755,"height":12}},{"id":"9cbbdfd9-d83f-44c6-baa5-154256c95450","block_type":"box","text":"relative to its credit quality and the potential capital appreciation that is offered by the underlying","page_number":56,"box":{"x":117,"y":692,"width":710,"height":12}},{"id":"cf8662d0-72ce-46ee-af1e-6ef1e5635721","block_type":"box","text":"common stock, among other things.","page_number":56,"box":{"x":116,"y":707,"width":265,"height":12}},{"id":"7d7219b7-13b2-4085-94b8-277948cd9b2b","block_type":"box","text":"Convertible securities are issued and traded in a number of securities markets. Even in cases where a","page_number":56,"box":{"x":117,"y":738,"width":758,"height":10}},{"id":"039a5c62-15ac-42ca-8ac4-9f87bf717465","block_type":"box","text":"substantial portion of the convertible securities held by a Fund are denominated in U.S. dollars, the","page_number":56,"box":{"x":116,"y":754,"width":734,"height":12}},{"id":"970aeeaa-4fd8-4f3b-abba-8bcfa69a0a19","block_type":"box","text":"underlying equity securities may be quoted in the currency of the country where the issuer is domiciled.","page_number":56,"box":{"x":117,"y":769,"width":764,"height":12}},{"id":"5a1db25a-4e2a-4718-8676-56c9bb2650c5","block_type":"box","text":"As a result, fluctuations in the exchange rate between the currency in which the debt security is","page_number":56,"box":{"x":116,"y":785,"width":707,"height":12}},{"id":"43ca1133-dda4-4de0-9834-e4339090920b","block_type":"box","text":"denominated and the currency in which the share price is quoted will affect the value of the convertible","page_number":56,"box":{"x":116,"y":800,"width":761,"height":12}},{"id":"f8beda79-91a3-44f2-b4ff-b2468828ca6b","block_type":"box","text":"security. With respect to convertible securities denominated in a currency different from that of the","page_number":56,"box":{"x":116,"y":816,"width":728,"height":12}},{"id":"f1a6ec37-fc5e-422b-abed-d9de3d294964","block_type":"box","text":"underlying equity securities, the conversion price may be based on a fixed exchange rate established","page_number":56,"box":{"x":117,"y":831,"width":756,"height":12}},{"id":"d9532031-6e77-4bd8-b33e-64cd0abf729b","block_type":"box","text":"at the time the security is issued, which may increase the effects of currency risk. As described below,","page_number":56,"box":{"x":116,"y":847,"width":763,"height":12}},{"id":"8b54cada-e323-4688-a07a-10bc6c906bd1","block_type":"box","text":"a Fund is authorized to enter into foreign currency hedging transactions in which it may seek to reduce","page_number":56,"box":{"x":116,"y":862,"width":766,"height":12}},{"id":"8afe830d-bbf2-46bb-8fc9-fd5c8cedf481","block_type":"box","text":"the effect of exchange rate fluctuations.","page_number":56,"box":{"x":116,"y":878,"width":298,"height":12}},{"id":"a4aa6eb2-5023-4c0d-969f-eade81d15f9f","block_type":"box","text":"II-7","page_number":56,"box":{"x":489,"y":909,"width":22,"height":9}},{"id":"beafd1af-92a1-4618-b74e-3499eadd1dc5","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":56,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"1b514b55-5d19-44e0-86c5-303d11bcb5fe","block_type":"box","text":"Apart from currency considerations, the value of convertible securities is influenced by both the yield","page_number":57,"box":{"x":116,"y":87,"width":749,"height":12}},{"id":"179a5e10-00d2-45f9-9707-20dbffa92055","block_type":"box","text":"on nonconvertible securities of comparable issuers and by the value of the underlying common stock.","page_number":57,"box":{"x":116,"y":102,"width":757,"height":13}},{"id":"04c07d48-c0d5-4289-958d-738895326878","block_type":"box","text":"The value of a convertible security viewed without regard to its conversion feature (","page_number":57,"box":{"x":116,"y":118,"width":617,"height":12}},{"id":"bc553677-614c-4940-9987-72b55464a65f","block_type":"box","text":"i.e.","page_number":57,"box":{"x":734,"y":118,"width":20,"height":10}},{"id":"aa5c95b5-dc70-49c6-9fb3-b782bf8bc5e2","block_type":"box","text":", strictly on the","page_number":57,"box":{"x":757,"y":118,"width":112,"height":12}},{"id":"d86dbee9-6caf-4db9-9ad9-339d6f92e602","block_type":"box","text":"basis of its yield) is sometimes referred to as its “investment value.” To the extent interest rates","page_number":57,"box":{"x":117,"y":134,"width":709,"height":12}},{"id":"47925b9e-cddf-4785-8407-3fc9f7e24088","block_type":"box","text":"change, the investment value of the convertible security typically will fluctuate. At the same time,","page_number":57,"box":{"x":116,"y":149,"width":720,"height":12}},{"id":"b2e74d13-08c5-4754-ad79-3eac61ee35fa","block_type":"box","text":"however, the value of the convertible security will be influenced by its “conversion value,” which is the","page_number":57,"box":{"x":117,"y":165,"width":756,"height":12}},{"id":"3031fb75-9e7b-43f4-80c4-8b0fa11e0a59","block_type":"box","text":"market value of the underlying common stock that would be obtained if the convertible security were","page_number":57,"box":{"x":117,"y":180,"width":747,"height":12}},{"id":"54a62762-7635-4669-88e3-6ddf5d3997e2","block_type":"box","text":"converted. Conversion value fluctuates directly with the price of the underlying common stock. If the","page_number":57,"box":{"x":116,"y":196,"width":746,"height":12}},{"id":"0d84ce3c-0a74-4e6d-9ec5-2a465965be9a","block_type":"box","text":"conversion value of a convertible security is substantially below its investment value, the price of the","page_number":57,"box":{"x":116,"y":211,"width":748,"height":12}},{"id":"938ac842-a811-4e2d-828c-75d9f5092463","block_type":"box","text":"convertible security is governed principally by its investment value. To the extent the conversion value","page_number":57,"box":{"x":116,"y":227,"width":761,"height":12}},{"id":"c5904c32-fded-4caf-87e3-5086452b0746","block_type":"box","text":"of a convertible security increases to a point that approximates or exceeds its investment value, the","page_number":57,"box":{"x":116,"y":242,"width":743,"height":12}},{"id":"78dc7f06-7453-4ecc-94a5-d9128ea5c1c0","block_type":"box","text":"price of the convertible security will be influenced principally by its conversion value. A convertible","page_number":57,"box":{"x":117,"y":258,"width":729,"height":12}},{"id":"1d4a25c8-b834-4063-8973-f074533dd5ea","block_type":"box","text":"security will sell at a premium over the conversion value to the extent investors place value on the right","page_number":57,"box":{"x":116,"y":273,"width":768,"height":12}},{"id":"6db92979-cdd8-43f5-bb20-baf61d86eb4f","block_type":"box","text":"to acquire the underlying common stock while holding a fixed-income security. The yield and","page_number":57,"box":{"x":116,"y":289,"width":691,"height":12}},{"id":"6892d640-913a-4f84-807d-d0d3cb608b7c","block_type":"box","text":"conversion premium of convertible securities issued in Japan and the Euromarket are frequently","page_number":57,"box":{"x":116,"y":304,"width":718,"height":12}},{"id":"60bc1ecc-c57b-4da6-8653-edc153146363","block_type":"box","text":"determined at levels that cause the conversion value to affect their market value more than the","page_number":57,"box":{"x":116,"y":320,"width":708,"height":9}},{"id":"ab396368-2468-490c-84ee-5092637d0323","block_type":"box","text":"securities’ investment value.","page_number":57,"box":{"x":116,"y":335,"width":215,"height":10}},{"id":"44e852eb-1156-4a32-a53d-0193d5a15d45","block_type":"box","text":"Holders of convertible securities generally have a claim on the assets of the issuer prior to the common","page_number":57,"box":{"x":117,"y":362,"width":770,"height":12}},{"id":"aeb41c83-40b8-48dd-bb0e-f27df7d7ce50","block_type":"box","text":"stockholders but may be subordinated to other debt securities of the same issuer. A convertible","page_number":57,"box":{"x":116,"y":378,"width":713,"height":12}},{"id":"31e1eac6-fc75-43d7-8b43-ab6f6caea426","block_type":"box","text":"security may be subject to redemption at the option of the issuer at a price established in a charter","page_number":57,"box":{"x":116,"y":393,"width":734,"height":12}},{"id":"d622f188-2f1c-4f65-9f54-f3c128f3a76b","block_type":"box","text":"provision, indenture or other governing instrument pursuant to which the convertible security was","page_number":57,"box":{"x":117,"y":409,"width":723,"height":12}},{"id":"e64158cf-508f-4004-a218-639ad9e1b9ff","block_type":"box","text":"issued. If a convertible security held by a Fund is called for redemption, the Fund will be required to","page_number":57,"box":{"x":117,"y":424,"width":741,"height":12}},{"id":"683a6d4b-a338-4769-b044-45ff5838a5f8","block_type":"box","text":"redeem the security, convert it into the underlying common stock or sell it to a third party. Certain","page_number":57,"box":{"x":117,"y":440,"width":723,"height":12}},{"id":"3208a9da-a8e1-4598-a61c-a3123ec0ed83","block_type":"box","text":"convertible debt securities may provide a put option to the holder, which entitles the holder to cause","page_number":57,"box":{"x":116,"y":455,"width":745,"height":12}},{"id":"5d7df7c7-21ef-4033-ae72-484f2e6ca928","block_type":"box","text":"the security to be redeemed by the issuer at a premium over the stated principal amount of the debt","page_number":57,"box":{"x":116,"y":471,"width":745,"height":12}},{"id":"91c9eaec-b635-4e30-9978-567873370197","block_type":"box","text":"security under certain circumstances.","page_number":57,"box":{"x":116,"y":486,"width":282,"height":12}},{"id":"7933c795-2412-4ce8-8171-3f941bb419f4","block_type":"box","text":"A Fund may also invest in synthetic convertible securities. Synthetic convertible securities may include","page_number":57,"box":{"x":116,"y":513,"width":765,"height":12}},{"id":"d5d8eae9-c308-46a7-a625-31440d11891b","block_type":"box","text":"either Cash-Settled Convertibles or Manufactured Convertibles. “Cash-Settled Convertibles” are","page_number":57,"box":{"x":116,"y":529,"width":717,"height":9}},{"id":"9575a736-ff32-4466-9b8d-84bec390cc27","block_type":"box","text":"instruments that are created by the issuer and have the economic characteristics of traditional","page_number":57,"box":{"x":117,"y":544,"width":701,"height":12}},{"id":"2ecb96a9-e274-431b-b9b6-8de260900193","block_type":"box","text":"convertible securities but may not actually permit conversion into the underlying equity securities in all","page_number":57,"box":{"x":116,"y":560,"width":760,"height":12}},{"id":"b8e4015b-98fd-47b6-94d6-aa42614c4ce0","block_type":"box","text":"circumstances. As an example, a private company may issue a Cash-Settled Convertible that is","page_number":57,"box":{"x":116,"y":575,"width":715,"height":12}},{"id":"8e910fd9-89a0-428a-8b2a-f1e2d801b93e","block_type":"box","text":"convertible into common stock only if the company successfully completes a public offering of its","page_number":57,"box":{"x":116,"y":591,"width":721,"height":12}},{"id":"6ed4fb94-d398-4645-a81f-16d5ca7b6e77","block_type":"box","text":"common stock prior to maturity and otherwise pays a cash amount to reflect any equity appreciation.","page_number":57,"box":{"x":116,"y":606,"width":751,"height":12}},{"id":"eb888cd3-9037-4bc0-bfe6-e1e6ce22f0f4","block_type":"box","text":"“Manufactured Convertibles” are created by the Manager or another party by combining separate","page_number":57,"box":{"x":116,"y":622,"width":726,"height":12}},{"id":"d7dc9ae5-cd9c-4093-b40b-db5aed428b5c","block_type":"box","text":"securities that possess one of the two principal characteristics of a convertible security,","page_number":57,"box":{"x":116,"y":637,"width":651,"height":12}},{"id":"49232b0b-3b2a-4811-a268-bca4995bc63d","block_type":"box","text":"i.e.","page_number":57,"box":{"x":767,"y":638,"width":21,"height":9}},{"id":"370192cf-19e1-46c3-8f3f-053359648227","block_type":"box","text":", fixed","page_number":57,"box":{"x":791,"y":637,"width":49,"height":12}},{"id":"ac6146e2-7982-429f-8a82-0f63954e6bd7","block_type":"box","text":"income (“fixed-income component”) or a right to acquire equity securities (“convertibility component”).","page_number":57,"box":{"x":117,"y":653,"width":756,"height":12}},{"id":"a37347c4-0488-4935-8555-b26421d6bd8f","block_type":"box","text":"The fixed-income component is achieved by investing in nonconvertible fixed-income securities, such","page_number":57,"box":{"x":116,"y":668,"width":751,"height":12}},{"id":"6493636f-8c49-4422-8493-7ada3f6fc06e","block_type":"box","text":"as nonconvertible bonds, preferred stocks and money market instruments. The convertibility","page_number":57,"box":{"x":116,"y":684,"width":684,"height":12}},{"id":"f0da07db-6c4c-4d23-bb61-9fc8579d2e8d","block_type":"box","text":"component is achieved by investing in call options, warrants, or other securities with equity conversion","page_number":57,"box":{"x":116,"y":700,"width":758,"height":12}},{"id":"1bb6d648-9437-4b4f-aa66-ffc0f8d0df33","block_type":"box","text":"features (“equity features”) granting the holder the right to purchase a specified quantity of the","page_number":57,"box":{"x":116,"y":715,"width":697,"height":12}},{"id":"aedc18fc-acad-4a8f-8255-9d7c0ebb28ef","block_type":"box","text":"underlying stocks within a specified period of time at a specified price or, in the case of a stock index","page_number":57,"box":{"x":117,"y":730,"width":745,"height":13}},{"id":"dfa3f974-eff4-4fe8-95b1-c6c6d05b8e08","block_type":"box","text":"option, the right to receive a cash payment based on the value of the underlying stock index.","page_number":57,"box":{"x":116,"y":746,"width":685,"height":12}},{"id":"d531c4b2-d070-4f5f-9bb6-492637bc0d32","block_type":"box","text":"A Manufactured Convertible differs from traditional convertible securities in several respects. Unlike a","page_number":57,"box":{"x":116,"y":773,"width":751,"height":12}},{"id":"83e7c281-c542-4e87-a9df-2015a54b7a58","block_type":"box","text":"traditional convertible security, which is a single security that has a unitary market value, a","page_number":57,"box":{"x":116,"y":789,"width":669,"height":12}},{"id":"fdd4a6b9-ced7-45b2-ba51-17454bc7a299","block_type":"box","text":"Manufactured Convertible is comprised of two or more separate securities, each with its own market","page_number":57,"box":{"x":117,"y":804,"width":742,"height":12}},{"id":"07c39069-9234-44b1-82bb-c406753aece2","block_type":"box","text":"value. Therefore, the total “market value” of such a Manufactured Convertible is the sum of the values","page_number":57,"box":{"x":116,"y":820,"width":755,"height":11}},{"id":"c496f340-f957-42b2-98cb-c0e3b83969e3","block_type":"box","text":"of its fixed-income component and its convertibility component.","page_number":57,"box":{"x":116,"y":835,"width":472,"height":12}},{"id":"d9603fc7-7f34-4156-ac01-c260d59b4768","block_type":"box","text":"More flexibility is possible in the creation of a Manufactured Convertible than in the purchase of a","page_number":57,"box":{"x":117,"y":862,"width":724,"height":12}},{"id":"8cff5238-acf8-4fd4-a486-76b20d0bd46e","block_type":"box","text":"traditional convertible security. Because many corporations have not issued convertible securities, the","page_number":57,"box":{"x":116,"y":878,"width":761,"height":12}},{"id":"bc903e53-ebdb-4000-a340-4a6c6976b92c","block_type":"box","text":"II-8","page_number":57,"box":{"x":489,"y":909,"width":22,"height":9}},{"id":"1ac6ea50-4a82-416a-8208-5f4ac0752f24","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":57,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"2bd37f09-9534-46b4-99d2-95023bb0df1a","block_type":"box","text":"Manager may combine a fixed-income instrument and an equity feature with respect to the stock of the","page_number":58,"box":{"x":117,"y":87,"width":767,"height":12}},{"id":"2d65dfd2-bf2b-47be-8d27-3c0c01cbe34d","block_type":"box","text":"issuer of the fixed-income instrument to create a synthetic convertible security otherwise unavailable in","page_number":58,"box":{"x":117,"y":102,"width":767,"height":13}},{"id":"23c63dcb-1e78-43bc-b386-91fc8c0cbb7c","block_type":"box","text":"the market. The Manager may also combine a fixed-income instrument of an issuer with an equity","page_number":58,"box":{"x":116,"y":118,"width":731,"height":12}},{"id":"40d77c07-916a-4bdc-940a-c15400a4eb03","block_type":"box","text":"feature with respect to the stock of a different issuer when the Manager believes such a Manufactured","page_number":58,"box":{"x":116,"y":134,"width":763,"height":12}},{"id":"145e1019-48c2-4f00-bd50-1b9ac5479f3f","block_type":"box","text":"Convertible would better promote a Fund’s objective than alternative investments. For example, the","page_number":58,"box":{"x":117,"y":149,"width":742,"height":12}},{"id":"a8f7482c-3fa9-41f1-a0f6-3e72f2e97e52","block_type":"box","text":"Manager may combine an equity feature with respect to an issuer’s stock with a fixed-income security","page_number":58,"box":{"x":117,"y":165,"width":759,"height":12}},{"id":"241ddf37-3e27-4fb8-8c27-0a28d18347fd","block_type":"box","text":"of a different issuer in the same industry to diversify the Fund’s credit exposure, or with a U.S.","page_number":58,"box":{"x":116,"y":180,"width":702,"height":12}},{"id":"8b534777-c21f-4fbb-8477-3c388f8e59d1","block_type":"box","text":"Treasury instrument to create a Manufactured Convertible with a higher credit profile than a traditional","page_number":58,"box":{"x":116,"y":196,"width":762,"height":12}},{"id":"4917adaa-f846-4164-97a4-b2c01e9790da","block_type":"box","text":"convertible security issued by that issuer. A Manufactured Convertible also is a more flexible","page_number":58,"box":{"x":116,"y":211,"width":691,"height":12}},{"id":"9b372a63-3b94-4b2f-b9a0-c3abb793ed1e","block_type":"box","text":"investment in that its two components may be purchased separately and, upon purchasing the","page_number":58,"box":{"x":117,"y":227,"width":704,"height":12}},{"id":"592c1b4a-5a74-4671-8d9c-988e909df12a","block_type":"box","text":"separate securities, “combined” to create a Manufactured Convertible. For example, the Fund may","page_number":58,"box":{"x":116,"y":242,"width":736,"height":12}},{"id":"c195a72a-4959-40fe-bbe9-d15c71567ebe","block_type":"box","text":"purchase a warrant for eventual inclusion in a Manufactured Convertible while postponing the","page_number":58,"box":{"x":117,"y":258,"width":697,"height":12}},{"id":"5bf498f4-35c0-41d5-8436-195fd5bb6474","block_type":"box","text":"purchase of a suitable bond to pair with the warrant pending development of more favorable market","page_number":58,"box":{"x":117,"y":273,"width":743,"height":12}},{"id":"4c961c01-2f01-4314-8386-ff5b53abf159","block_type":"box","text":"conditions.","page_number":58,"box":{"x":116,"y":289,"width":85,"height":9}},{"id":"a1f9a8b1-7c04-4c2d-9e59-f5e79e16ffd6","block_type":"box","text":"The value of a Manufactured Convertible may respond to certain market fluctuations differently from a","page_number":58,"box":{"x":116,"y":320,"width":761,"height":12}},{"id":"0652f730-52dc-4c54-b701-0544743be411","block_type":"box","text":"traditional convertible security with similar characteristics. For example, in the event a Fund created a","page_number":58,"box":{"x":116,"y":335,"width":758,"height":12}},{"id":"c57ffb29-ac09-48e0-a2d0-82a7e821218a","block_type":"box","text":"Manufactured Convertible by combining a short-term U.S. Treasury instrument and a call option on a","page_number":58,"box":{"x":117,"y":351,"width":752,"height":12}},{"id":"95631ea7-2729-4fb5-afd1-44214c2145b3","block_type":"box","text":"stock, the Manufactured Convertible would be expected to outperform a traditional convertible of","page_number":58,"box":{"x":116,"y":366,"width":720,"height":12}},{"id":"a0e32c5e-3192-49b8-b8dd-e2d4904532c0","block_type":"box","text":"similar maturity that is convertible into that stock during periods when Treasury instruments outperform","page_number":58,"box":{"x":116,"y":382,"width":767,"height":12}},{"id":"47133a9f-18ec-4a31-bef2-1211952ecb05","block_type":"box","text":"corporate fixed-income securities and underperform during periods when corporate fixed-income","page_number":58,"box":{"x":116,"y":397,"width":722,"height":12}},{"id":"0a802191-3afd-453a-892c-d338bc3a8ab1","block_type":"box","text":"securities outperform Treasury instruments.","page_number":58,"box":{"x":116,"y":413,"width":329,"height":12}},{"id":"01c4566a-22c5-4f3c-b869-6b4139937df8","block_type":"box","text":"Corporate Loans.","page_number":58,"box":{"x":117,"y":444,"width":137,"height":12}},{"id":"29971f0c-a552-4866-aa8a-4a63b35635cc","block_type":"box","text":"Certain Funds may invest in corporate loans. Corporate loans are generally","page_number":58,"box":{"x":255,"y":444,"width":570,"height":12}},{"id":"9ac3b53b-3c73-4e09-ae96-420516dfee7f","block_type":"box","text":"non-investment grade floating rate instruments. Usually, they are freely callable at the issuer’s option.","page_number":58,"box":{"x":117,"y":459,"width":757,"height":12}},{"id":"974556a3-f379-498e-9292-e665cebf49e1","block_type":"box","text":"Certain Funds may invest in fixed and floating rate loans (“Loans”) arranged through private","page_number":58,"box":{"x":117,"y":475,"width":685,"height":12}},{"id":"430ba5b1-035d-406e-ae0d-f868b28bd410","block_type":"box","text":"negotiations between a corporate borrower or a foreign sovereign entity and one or more financial","page_number":58,"box":{"x":117,"y":490,"width":730,"height":12}},{"id":"43b00eb5-9b58-4697-82e8-6916ee4d10c8","block_type":"box","text":"institutions or institutional investors (“Lenders”). A Fund may invest in such Loans in the form of","page_number":58,"box":{"x":117,"y":506,"width":712,"height":12}},{"id":"837cad3d-c7d7-4422-85af-3762399f9173","block_type":"box","text":"participations in Loans (“Participations”) and assignments of all or a portion of Loans from third parties","page_number":58,"box":{"x":117,"y":521,"width":761,"height":12}},{"id":"7461acb3-ac86-46c6-aa8d-7c4f23237169","block_type":"box","text":"(“Assignments”). A Fund considers these investments to be investments in debt securities for purposes","page_number":58,"box":{"x":117,"y":537,"width":769,"height":12}},{"id":"01d9aec9-b7b8-4d00-b49a-1919d5732299","block_type":"box","text":"of its investment policies. Participations typically will result in the Fund having a contractual relationship","page_number":58,"box":{"x":116,"y":552,"width":770,"height":12}},{"id":"2a277799-8f07-40b6-9f89-a646ac90f6e9","block_type":"box","text":"only with the Lender, not with the borrower. The Fund will have the right to receive payments of","page_number":58,"box":{"x":116,"y":568,"width":712,"height":12}},{"id":"fa75ebdd-23b2-4005-a0e0-0f5f1d84a181","block_type":"box","text":"principal, interest and any fees to which it is entitled only from the Lender selling the Participation and","page_number":58,"box":{"x":117,"y":583,"width":756,"height":12}},{"id":"38383c30-a6fd-49bb-ab5c-838a1bba5920","block_type":"box","text":"only upon receipt by the Lender of the payments from the borrower. In connection with purchasing","page_number":58,"box":{"x":116,"y":599,"width":734,"height":12}},{"id":"c31a53ad-2451-4e81-831d-5ff260cf9996","block_type":"box","text":"Participations, the Fund generally will have no right to enforce compliance by the borrower with the","page_number":58,"box":{"x":117,"y":614,"width":737,"height":12}},{"id":"e27d6c70-5626-46b0-b899-62c650d12e0e","block_type":"box","text":"terms of the loan agreement relating to the Loans, nor any rights of set-off against the borrower, and","page_number":58,"box":{"x":116,"y":630,"width":750,"height":12}},{"id":"7217537e-a65b-4f71-9b36-c77a86c128d3","block_type":"box","text":"the Fund may not benefit directly from any collateral supporting the Loan in which it has purchased the","page_number":58,"box":{"x":116,"y":645,"width":766,"height":12}},{"id":"1ab55e20-fe14-4b73-bbf9-5bf3cfc30441","block_type":"box","text":"Participation. As a result, the Fund will assume the credit risk of both the borrower and the Lender that","page_number":58,"box":{"x":117,"y":661,"width":758,"height":12}},{"id":"929f5dfd-657e-40af-ada2-4ee4b5df0a78","block_type":"box","text":"is selling the Participation. In the event of the insolvency of the Lender selling the Participation, the","page_number":58,"box":{"x":117,"y":676,"width":730,"height":12}},{"id":"8debf22b-53f1-4a12-a670-a84ac3fee217","block_type":"box","text":"Fund may be treated as a general creditor of the Lender and may not benefit from any set-off between","page_number":58,"box":{"x":117,"y":692,"width":758,"height":12}},{"id":"6f54c4ee-b89a-4f99-b082-b517c9b6fcac","block_type":"box","text":"the Lender and the borrower. The Fund will acquire Participations only if the Lender interpositioned","page_number":58,"box":{"x":116,"y":707,"width":734,"height":12}},{"id":"c99cc883-8b3d-44f5-ae93-2a73950ab335","block_type":"box","text":"between the Fund and the borrower is determined by the Fund’s manager to be creditworthy. When","page_number":58,"box":{"x":117,"y":723,"width":738,"height":12}},{"id":"bd0d3c16-a110-4c6c-835e-913a3fc065cc","block_type":"box","text":"the Fund purchases Assignments from Lenders, the Fund will acquire direct rights against the borrower","page_number":58,"box":{"x":116,"y":738,"width":767,"height":12}},{"id":"4459b95e-a3e2-4704-b574-733ddcc9c571","block_type":"box","text":"on the Loan, and will not have exposure to a counterparty’s credit risk. The Funds may enter into","page_number":58,"box":{"x":116,"y":754,"width":718,"height":12}},{"id":"57f41b72-c555-44dc-956b-2d1b55343ea9","block_type":"box","text":"Participations and Assignments on a forward commitment or “when-issued” basis, whereby a Fund","page_number":58,"box":{"x":117,"y":769,"width":731,"height":12}},{"id":"620daf20-251a-40f4-80da-a81147a1c63e","block_type":"box","text":"would agree to purchase a Participation or Assignment at set terms in the future. For more information","page_number":58,"box":{"x":116,"y":785,"width":759,"height":12}},{"id":"f4d10727-8df7-4294-8e91-fc6190aa1d77","block_type":"box","text":"on forward commitments and when-issued securities, see “When-Issued Securities, Delayed Delivery","page_number":58,"box":{"x":116,"y":800,"width":753,"height":12}},{"id":"10aa4bb1-b7aa-4450-8791-8e8b77a35691","block_type":"box","text":"Securities and Forward Commitments” below. A Fund may have difficulty disposing of Assignments","page_number":58,"box":{"x":116,"y":816,"width":737,"height":12}},{"id":"48324453-ace4-42b8-b132-edf636159319","block_type":"box","text":"and Participations. In certain cases, the market for such instruments may lack sufficient liquidity, and","page_number":58,"box":{"x":116,"y":831,"width":751,"height":12}},{"id":"112d6866-9d73-4500-adf4-0373c5721fc7","block_type":"box","text":"therefore the Fund anticipates that in such cases such instruments could be sold only to a limited","page_number":58,"box":{"x":116,"y":847,"width":725,"height":12}},{"id":"d98b89e4-d02a-40f6-8ddd-077ae54426b8","block_type":"box","text":"number of institutional investors. The lack of a sufficiently liquid secondary market may have an","page_number":58,"box":{"x":117,"y":862,"width":713,"height":12}},{"id":"30da4f52-9a96-405d-b528-4cff8ff66e74","block_type":"box","text":"adverse impact on the value of such instruments and on the Fund’s ability to dispose of particular","page_number":58,"box":{"x":116,"y":878,"width":727,"height":12}},{"id":"227cb482-aefc-40b3-b89d-770f0beb2af4","block_type":"box","text":"II-9","page_number":58,"box":{"x":489,"y":909,"width":22,"height":9}},{"id":"63927e78-8e44-42d8-aec4-ce757758c846","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":58,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"512b7610-ea74-422d-8e60-f6648f381de4","block_type":"box","text":"Assignments or Participations in response to a specific economic event, such as deterioration in the","page_number":59,"box":{"x":116,"y":87,"width":745,"height":12}},{"id":"bf7cb8bb-4c38-4f3d-8512-a0c128a2bd53","block_type":"box","text":"creditworthiness of the borrower. Leading financial institutions often act as agent for a broader group of","page_number":59,"box":{"x":116,"y":102,"width":770,"height":13}},{"id":"e644ee83-95bc-4518-863a-ace986606c50","block_type":"box","text":"Lenders, generally referred to as a syndicate. The syndicate’s agent arranges the loans, holds","page_number":59,"box":{"x":117,"y":118,"width":703,"height":12}},{"id":"ad41db07-53b8-4b00-b25b-45dd3db30087","block_type":"box","text":"collateral and accepts payments of principal and interest. Failure by the syndicate agent to fulfill its","page_number":59,"box":{"x":116,"y":134,"width":736,"height":12}},{"id":"df32e96b-937a-4adb-ab00-bd79b9c88215","block_type":"box","text":"obligations may delay or adversely affect receipt of payment by the Fund.","page_number":59,"box":{"x":116,"y":149,"width":550,"height":12}},{"id":"823df065-8ae1-47d9-a811-691201041336","block_type":"box","text":"The Loans in which the Fund may invest are subject to the risk of loss of principal and income.","page_number":59,"box":{"x":116,"y":180,"width":706,"height":12}},{"id":"64a46e5b-775f-4d72-bcfe-4fce72816ce8","block_type":"box","text":"Although borrowers frequently provide collateral to secure repayment of these obligations they do not","page_number":59,"box":{"x":116,"y":196,"width":757,"height":12}},{"id":"71d5f368-61a6-4b9e-9059-43cfe6405664","block_type":"box","text":"always do so. If they do provide collateral, the value of the collateral may not completely cover the","page_number":59,"box":{"x":116,"y":211,"width":732,"height":12}},{"id":"54b6fdbd-ab43-4221-b389-92a48b75daf7","block_type":"box","text":"borrower’s obligations at the time of a default. If a borrower files for protection from its creditors under","page_number":59,"box":{"x":117,"y":227,"width":757,"height":12}},{"id":"02649c39-24b7-40be-894f-d44a3a871c92","block_type":"box","text":"the U.S. bankruptcy laws, these laws may limit a Fund’s rights to its collateral. In addition, the value of","page_number":59,"box":{"x":116,"y":242,"width":761,"height":12}},{"id":"c75f95e0-ec51-470c-b840-8ba55be85c1c","block_type":"box","text":"collateral may erode during a bankruptcy case. In the event of a bankruptcy, the holder of a Loan may","page_number":59,"box":{"x":116,"y":258,"width":762,"height":12}},{"id":"2c273ad3-a685-4d2f-ab41-1f6334d060bc","block_type":"box","text":"not recover its principal, may experience a long delay in recovering its investment and may not receive","page_number":59,"box":{"x":117,"y":273,"width":765,"height":12}},{"id":"e5179d1d-460d-4333-a8d9-6d70a62bf665","block_type":"box","text":"interest during the delay.","page_number":59,"box":{"x":117,"y":289,"width":188,"height":12}},{"id":"c5946943-a405-4781-853c-0c6186de7f69","block_type":"box","text":"Transactions in corporate loans may settle on a delayed basis. As a result, the proceeds from the sale","page_number":59,"box":{"x":116,"y":320,"width":763,"height":12}},{"id":"de60744e-2cd2-4b24-8aa4-6c2f1fb0ce58","block_type":"box","text":"of corporate loans may not be readily available to make additional investments or to meet a Fund’s","page_number":59,"box":{"x":116,"y":335,"width":738,"height":12}},{"id":"c73288c3-fa55-4fbe-a5ca-5dc87d929127","block_type":"box","text":"redemption obligations. To the extent the extended settlement process gives rise to short-term liquidity","page_number":59,"box":{"x":117,"y":351,"width":765,"height":12}},{"id":"5401974a-ab27-4639-92db-916f9081c403","block_type":"box","text":"needs, a Fund may hold additional cash, sell investments or temporarily borrow from banks and other","page_number":59,"box":{"x":117,"y":366,"width":758,"height":12}},{"id":"7d452f2f-377f-4a08-84cc-08df8e07bb6f","block_type":"box","text":"lenders.","page_number":59,"box":{"x":117,"y":382,"width":63,"height":9}},{"id":"3bd1b2e6-f03f-4999-844d-a894b9a49ca6","block_type":"box","text":"In certain circumstances, Loans may not be deemed to be securities under certain federal securities","page_number":59,"box":{"x":117,"y":413,"width":746,"height":12}},{"id":"92bb9a2d-7183-4acb-aec4-b371b31c7143","block_type":"box","text":"laws. Therefore, in the event of fraud or misrepresentation by a borrower or an arranger, Lenders and","page_number":59,"box":{"x":117,"y":428,"width":758,"height":12}},{"id":"8a26ff03-6cc5-41d9-9c41-21a384878d58","block_type":"box","text":"purchasers of interests in Loans, such as the Funds, may not have the protection of the anti-fraud","page_number":59,"box":{"x":117,"y":444,"width":729,"height":12}},{"id":"67087444-18f2-4fb8-a4a2-3887318ce410","block_type":"box","text":"provisions of the federal securities laws as would otherwise be available for bonds or stocks. Instead,","page_number":59,"box":{"x":117,"y":459,"width":755,"height":12}},{"id":"2101c762-f0f3-462f-9b53-0d8cff68a009","block_type":"box","text":"in such cases, parties generally would rely on the contractual provisions in the Loan agreement itself","page_number":59,"box":{"x":117,"y":475,"width":750,"height":12}},{"id":"811288b6-4031-4ddd-990d-877abd9fe5df","block_type":"box","text":"and common-law fraud protections under applicable state law.","page_number":59,"box":{"x":116,"y":490,"width":467,"height":12}},{"id":"2691e27c-9d9f-4930-8437-e1a7cf2d4bb7","block_type":"box","text":"Direct Lending","page_number":59,"box":{"x":116,"y":521,"width":108,"height":12}},{"id":"dac2e40a-e2cb-4462-aba6-d175cc82e9a2","block_type":"box","text":". The Fund may act as the originator for direct loans and engage in direct lending. Direct","page_number":59,"box":{"x":226,"y":521,"width":658,"height":12}},{"id":"87236774-3fd4-4ff7-95ff-00a7a3cbbbe8","block_type":"box","text":"loans between the Fund and a borrower may not be administered by an underwriter or agent bank. The","page_number":59,"box":{"x":117,"y":537,"width":771,"height":12}},{"id":"2722aaae-4c6e-4b5a-8443-bdb6eb6ced8b","block_type":"box","text":"Fund may provide financing to commercial borrowers directly or through companies acquired (or","page_number":59,"box":{"x":117,"y":552,"width":719,"height":12}},{"id":"82dbbf83-5a5a-4efe-bb3e-a26322325a2b","block_type":"box","text":"created) and owned by or otherwise affiliated with the Fund. The terms of the direct loans are","page_number":59,"box":{"x":116,"y":568,"width":697,"height":12}},{"id":"1245a5e4-5392-4fa5-916c-6b798cb5e68f","block_type":"box","text":"negotiated with borrowers in private transactions. Furthermore, a direct loan may be secured or","page_number":59,"box":{"x":117,"y":583,"width":712,"height":12}},{"id":"aece19b6-f327-4c06-8831-f0b189423262","block_type":"box","text":"unsecured.","page_number":59,"box":{"x":117,"y":599,"width":87,"height":9}},{"id":"09cbfedf-e16a-4db7-adab-bbaf506b479e","block_type":"box","text":"In determining whether to make a direct loan, the Fund will rely primarily upon the creditworthiness of","page_number":59,"box":{"x":117,"y":630,"width":755,"height":12}},{"id":"ec9bbe8d-b7a4-4fe1-8f47-645bf9bc794c","block_type":"box","text":"the borrower and/or any collateral for payment of interest and repayment of principal. The risks","page_number":59,"box":{"x":116,"y":645,"width":708,"height":12}},{"id":"734c8dbf-b1b7-43b8-8c1c-a25f9824abce","block_type":"box","text":"associated with direct loans are substantially similar to those associated with investing in corporate","page_number":59,"box":{"x":116,"y":661,"width":733,"height":12}},{"id":"3b87abd4-6866-4255-a98a-7ab24980eb67","block_type":"box","text":"loans. In making a direct loan, the Fund is exposed to the risk that the borrower may default or become","page_number":59,"box":{"x":117,"y":676,"width":764,"height":12}},{"id":"755964a0-963c-41ed-a823-0ad2489c2f52","block_type":"box","text":"insolvent and, consequently, that the Fund will lose money on the loan. Furthermore, direct loans may","page_number":59,"box":{"x":117,"y":692,"width":755,"height":12}},{"id":"0a09ca03-0f43-49d7-81ed-bcc107fb3e23","block_type":"box","text":"subject the Fund to liquidity and interest rate risk and certain direct loans may be deemed illiquid.","page_number":59,"box":{"x":116,"y":707,"width":720,"height":12}},{"id":"4fad1065-f1a6-459e-a67a-47d6d6afeaf7","block_type":"box","text":"Direct loans are not publicly traded and may not have a secondary market. The lack of a secondary","page_number":59,"box":{"x":117,"y":723,"width":737,"height":12}},{"id":"1f43c02e-f5ad-4084-92f9-6b7eb20ffd40","block_type":"box","text":"market for direct loans may have an adverse impact on the ability of the Fund to dispose of a direct","page_number":59,"box":{"x":117,"y":738,"width":734,"height":12}},{"id":"5c6ca3d7-8a97-4736-9cfe-a30992dc85bf","block_type":"box","text":"loan and/or to value the direct loan.","page_number":59,"box":{"x":117,"y":754,"width":260,"height":9}},{"id":"33aa2bb8-3c3f-4849-8583-44983221df40","block_type":"box","text":"When engaging in direct lending, the Fund’s performance may depend, in part, on the ability of the","page_number":59,"box":{"x":116,"y":785,"width":731,"height":12}},{"id":"294c5d4a-f5ec-4caa-839e-c55fcefacaa8","block_type":"box","text":"Fund to originate loans on advantageous terms. In originating loans, the Fund will compete with a","page_number":59,"box":{"x":117,"y":800,"width":722,"height":12}},{"id":"2d6f9216-e519-4878-9844-2d109ea69aaf","block_type":"box","text":"broad spectrum of lenders. Increased competition for, or a diminishment in the available supply of,","page_number":59,"box":{"x":117,"y":816,"width":727,"height":12}},{"id":"72aeb7e3-cc6e-444e-8cca-296f14662dea","block_type":"box","text":"qualifying loans could result in lower yields on such loans, which could reduce Fund performance.","page_number":59,"box":{"x":116,"y":831,"width":730,"height":12}},{"id":"67ae7bf4-7874-4b58-837e-b753e4bda27f","block_type":"box","text":"As part of its lending activities, the Fund may originate loans to companies that are experiencing","page_number":59,"box":{"x":116,"y":862,"width":719,"height":12}},{"id":"a42e6a7b-aed0-470a-8211-7a94564bcc49","block_type":"box","text":"significant financial or business difficulties, including companies involved in bankruptcy or other","page_number":59,"box":{"x":116,"y":878,"width":710,"height":12}},{"id":"726c73cd-8e72-4b9f-8eb6-10903b6bfa33","block_type":"box","text":"II-10","page_number":59,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"94817c44-8154-4ae6-a0bf-3df857dba3d8","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":59,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"526eb9df-b031-4a74-8559-1ab467de7501","block_type":"box","text":"reorganization and liquidation proceedings. Although the terms of such financing may result in","page_number":60,"box":{"x":117,"y":87,"width":701,"height":12}},{"id":"cd726faf-268e-4bb1-941d-7f1c74735426","block_type":"box","text":"significant financial returns to the Fund, they involve a substantial degree of risk. The level of analytical","page_number":60,"box":{"x":116,"y":102,"width":768,"height":13}},{"id":"8c61a00d-1c5d-4b9d-9eaa-9e20f7e8307d","block_type":"box","text":"sophistication, both financial and legal, necessary for successful financing to companies experiencing","page_number":60,"box":{"x":116,"y":118,"width":758,"height":12}},{"id":"36d49ca7-c9c3-466d-badc-0ebd858a5135","block_type":"box","text":"significant business and financial difficulties is unusually high.","page_number":60,"box":{"x":116,"y":134,"width":461,"height":12}},{"id":"73829746-0269-44fd-9afe-5efc3303c264","block_type":"box","text":"Credit Linked Securities.","page_number":60,"box":{"x":117,"y":162,"width":195,"height":10}},{"id":"23617582-578e-4960-a8b1-3836c40707a9","block_type":"box","text":"Among the income producing securities in which a Fund may invest are","page_number":60,"box":{"x":313,"y":162,"width":541,"height":12}},{"id":"9359f9ed-c0a0-4cea-ae2e-d974356a1f7b","block_type":"box","text":"credit linked securities, which are issued by a limited purpose trust or other vehicle that, in turn, invests","page_number":60,"box":{"x":116,"y":178,"width":768,"height":12}},{"id":"b3a9d6be-9564-48f1-9a32-c63618301632","block_type":"box","text":"in a derivative instrument or basket of derivative instruments, such as credit default swaps, interest rate","page_number":60,"box":{"x":117,"y":193,"width":771,"height":12}},{"id":"013c2adb-6ddf-456d-a0b9-37e8a883f5c7","block_type":"box","text":"swaps and other securities, in order to provide exposure to certain fixed-income markets. For instance,","page_number":60,"box":{"x":116,"y":209,"width":768,"height":12}},{"id":"16e7f16e-87c5-499c-ae53-b45308dbd05a","block_type":"box","text":"a Fund may invest in credit linked securities as a cash management tool in order to gain exposure to a","page_number":60,"box":{"x":116,"y":224,"width":765,"height":12}},{"id":"418f8cf8-98ce-42cf-8cdb-9a8b55aca91f","block_type":"box","text":"certain market and/or to remain fully invested when more traditional income producing securities are","page_number":60,"box":{"x":116,"y":240,"width":748,"height":12}},{"id":"459679fb-858f-4d0d-933a-26f06c21faf6","block_type":"box","text":"not available.","page_number":60,"box":{"x":117,"y":255,"width":103,"height":10}},{"id":"2653830d-45d5-436c-9cfe-61ed70444c68","block_type":"box","text":"Like an investment in a bond, investments in these credit linked securities represent the right to receive","page_number":60,"box":{"x":117,"y":284,"width":770,"height":12}},{"id":"fd0bf3ad-034a-4356-81b9-2ccb01d4b4a4","block_type":"box","text":"periodic income payments (in the form of distributions) and payment of principal at the end of the term","page_number":60,"box":{"x":117,"y":300,"width":761,"height":12}},{"id":"f814e04e-690f-4515-a9a7-36d3a7167a25","block_type":"box","text":"of the security.","page_number":60,"box":{"x":116,"y":315,"width":114,"height":12}},{"id":"5c62a4b3-9e17-4928-a742-2ff0a117b817","block_type":"box","text":"However, these payments are conditioned on the issuer’s receipt of payments from, and the issuer’s","page_number":60,"box":{"x":117,"y":344,"width":748,"height":12}},{"id":"6b4867b7-e042-4fa6-99d3-fe7311af8bdf","block_type":"box","text":"potential obligations to, the counterparties to the derivative instruments and other securities in which","page_number":60,"box":{"x":117,"y":359,"width":747,"height":12}},{"id":"51ca44ec-cbc4-4109-9216-cfe8c5a722aa","block_type":"box","text":"the issuer invests. For instance, the issuer may sell one or more credit default swaps, under which the","page_number":60,"box":{"x":116,"y":375,"width":762,"height":12}},{"id":"d1e2818e-8d05-46e4-91cf-18dcc63e04f8","block_type":"box","text":"issuer would receive a stream of payments over the term of the swap agreements provided that no","page_number":60,"box":{"x":117,"y":390,"width":736,"height":12}},{"id":"d7fb4007-8cfb-44c4-9e61-0a7b1988f060","block_type":"box","text":"event of default has occurred with respect to the referenced debt obligation upon which the swap is","page_number":60,"box":{"x":116,"y":406,"width":741,"height":12}},{"id":"c7f2e0c4-5d9d-4bfd-a9bd-a2774c5b62b1","block_type":"box","text":"based. If a default occurs, the stream of payments may stop and the issuer would be obligated to pay","page_number":60,"box":{"x":117,"y":421,"width":756,"height":12}},{"id":"915e44f0-e961-4af3-80f0-82bedcb49592","block_type":"box","text":"the counterparty the par (or other agreed upon value) of the referenced debt obligation. This, in turn,","page_number":60,"box":{"x":116,"y":437,"width":749,"height":12}},{"id":"cd29a3bb-6291-4e5f-857a-7249765d912d","block_type":"box","text":"would reduce the amount of income and principal that","page_number":60,"box":{"x":116,"y":452,"width":404,"height":12}},{"id":"13772de0-843d-47c4-ab25-cf72d9cbfc7c","block_type":"box","text":"a Fund would receive. A Fund’s investments in","page_number":60,"box":{"x":521,"y":452,"width":351,"height":10}},{"id":"2f8c789a-7ddf-4545-ae31-02c28862d6de","block_type":"box","text":"these instruments are indirectly subject to the risks associated with derivative instruments, including,","page_number":60,"box":{"x":116,"y":468,"width":750,"height":12}},{"id":"ed4802d0-5253-4ebb-beb2-b9e4d592534b","block_type":"box","text":"among others, credit risk, default or similar event risk, counterparty risk, interest rate risk, leverage risk","page_number":60,"box":{"x":116,"y":483,"width":766,"height":12}},{"id":"44344c4a-9e5e-40ab-9d7b-d5a4aed5e4ad","block_type":"box","text":"and management risk. It is also expected that the securities will be exempt from registration under the","page_number":60,"box":{"x":116,"y":499,"width":761,"height":12}},{"id":"657ac6f3-d22c-4117-a41f-616c3f001c3e","block_type":"box","text":"Securities Act. Accordingly, there may be no established trading market for the securities and they may","page_number":60,"box":{"x":116,"y":514,"width":771,"height":12}},{"id":"c01d07c5-a4a0-4b91-978c-fc90249c07a3","block_type":"box","text":"constitute illiquid investments.","page_number":60,"box":{"x":116,"y":530,"width":227,"height":12}},{"id":"68736853-23ca-4233-b175-b0a0fb82ccf1","block_type":"box","text":"Debt Securities.","page_number":60,"box":{"x":116,"y":559,"width":126,"height":9}},{"id":"3863a471-0370-4051-8910-1dde335ff1f8","block_type":"box","text":"Debt securities, such as bonds, involve credit risk. This is the risk that the issuer will","page_number":60,"box":{"x":243,"y":559,"width":633,"height":11}},{"id":"b3e17601-4c9e-43e4-9254-a7d7515f0508","block_type":"box","text":"not make timely payments of principal and interest. The degree of credit risk depends on the issuer’s","page_number":60,"box":{"x":117,"y":574,"width":751,"height":12}},{"id":"24011986-a4b3-4c23-a2cc-9123b535b618","block_type":"box","text":"financial condition and on the terms of the debt securities. Changes in an issuer’s credit rating or the","page_number":60,"box":{"x":116,"y":590,"width":749,"height":12}},{"id":"0c1878c8-bda0-4488-87c5-32a7fd8412fc","block_type":"box","text":"market’s perception of an issuer’s creditworthiness may also affect the value of a Fund’s investment in","page_number":60,"box":{"x":117,"y":605,"width":763,"height":12}},{"id":"06a21875-eaf7-4fc4-afa8-1c9499403953","block_type":"box","text":"that issuer. Credit risk is reduced to the extent a Fund limits its debt investments to U.S. Government","page_number":60,"box":{"x":116,"y":621,"width":754,"height":9}},{"id":"b7baa1ba-ed5e-433e-8ff5-935e608ae5f6","block_type":"box","text":"Securities.","page_number":60,"box":{"x":116,"y":636,"width":83,"height":10}},{"id":"8ba1eed8-7a9a-4a01-a566-5190bdc3e935","block_type":"box","text":"All debt securities, however, are subject to interest rate risk. This is the risk that the value of the","page_number":60,"box":{"x":116,"y":665,"width":709,"height":12}},{"id":"eafb7728-bb17-4eba-8306-4e63cfc2447c","block_type":"box","text":"security may fall when interest rates rise. If interest rates move sharply in a manner not anticipated by","page_number":60,"box":{"x":116,"y":680,"width":755,"height":12}},{"id":"b8dd5270-58ea-414e-bd60-c89f59e490f7","block_type":"box","text":"Fund management, a Fund’s investments in debt securities could be adversely affected and the Fund","page_number":60,"box":{"x":117,"y":696,"width":752,"height":12}},{"id":"f11ca5d9-6da3-49a0-af52-bef3e582825f","block_type":"box","text":"could lose money. In general, the market price of debt securities with longer maturities will go up or","page_number":60,"box":{"x":116,"y":711,"width":735,"height":12}},{"id":"0d386161-af19-4815-a14f-83565cc50c0d","block_type":"box","text":"down more in response to changes in interest rates than will the market price of shorter-term debt","page_number":60,"box":{"x":116,"y":727,"width":725,"height":12}},{"id":"efcb6c88-7c13-4324-9ad2-672b62fe5d46","block_type":"box","text":"securities.","page_number":60,"box":{"x":116,"y":743,"width":74,"height":9}},{"id":"272732bd-f15f-4e93-b37d-1f4eff671a66","block_type":"box","text":"During periods of rising interest rates, the average life of certain fixed-income securities is extended","page_number":60,"box":{"x":117,"y":771,"width":738,"height":12}},{"id":"9dc1a1c5-958d-4306-a94a-25594de139ec","block_type":"box","text":"because of slower than expected principal payments. This may lock in a below-market interest rate and","page_number":60,"box":{"x":117,"y":787,"width":765,"height":12}},{"id":"0c69d9e4-e117-413e-b056-9e752ee8e248","block_type":"box","text":"extend the duration of these fixed-income securities, especially mortgage-related securities, making","page_number":60,"box":{"x":116,"y":802,"width":739,"height":12}},{"id":"20649c9e-887d-4073-9087-cd55af37773a","block_type":"box","text":"them more sensitive to changes in interest rates. As a result, in a period of rising interest rates, these","page_number":60,"box":{"x":116,"y":818,"width":750,"height":12}},{"id":"7281c9d3-d90e-4eba-b21f-1743a958bb91","block_type":"box","text":"securities may exhibit additional volatility and lose value. This is known as extension risk.","page_number":60,"box":{"x":116,"y":833,"width":665,"height":12}},{"id":"39d9e59e-aa75-4e40-a67e-894176bb6492","block_type":"box","text":"The value of fixed-income securities in the Funds can be expected to vary inversely with changes in","page_number":60,"box":{"x":116,"y":862,"width":745,"height":12}},{"id":"bf913ab0-86f0-49cc-a0aa-aa7d200fdf56","block_type":"box","text":"prevailing interest rates. Fixed-income securities with longer maturities, which tend to produce higher","page_number":60,"box":{"x":117,"y":878,"width":753,"height":11}},{"id":"1dc56c15-1369-4e3f-a3cb-d755323e2b8f","block_type":"box","text":"II-11","page_number":60,"box":{"x":484,"y":909,"width":29,"height":9}},{"id":"a35c8034-232d-4310-a167-b1658224d9d3","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":60,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"611b406e-3947-42bd-92c1-b16080766c67","block_type":"box","text":"yields, are subject to potentially greater capital appreciation and depreciation than securities with","page_number":61,"box":{"x":116,"y":87,"width":723,"height":12}},{"id":"05451942-2085-4bcb-ab72-131b936998c8","block_type":"box","text":"shorter maturities. The Funds are not restricted to any maximum or minimum time to maturity in","page_number":61,"box":{"x":116,"y":103,"width":714,"height":12}},{"id":"3db9c977-970a-4f7c-bfbd-3eb3cd9d7872","block_type":"box","text":"purchasing individual portfolio securities, and the average maturity of a Fund’s assets will vary.","page_number":61,"box":{"x":117,"y":118,"width":707,"height":12}},{"id":"7470bae0-531a-4dc9-8340-d95d1f4c766a","block_type":"box","text":"Floating and Variable Rate Securities.","page_number":61,"box":{"x":116,"y":149,"width":280,"height":12}},{"id":"1cc15831-4a82-4750-abf2-f2e973621c7b","block_type":"box","text":"Certain Funds may invest in debt instruments that pay a variable","page_number":61,"box":{"x":398,"y":149,"width":490,"height":12}},{"id":"0c3e0780-cd9c-47ee-91ef-78cadd1a9f18","block_type":"box","text":"coupon rate. Securities with floating or variable interest rates can be less sensitive to interest rate","page_number":61,"box":{"x":116,"y":165,"width":728,"height":12}},{"id":"d28bb3c8-6a00-46e9-8d06-f49664f9d1bb","block_type":"box","text":"changes than securities with fixed interest rates, but may decline in value if their interest rates do not","page_number":61,"box":{"x":116,"y":180,"width":752,"height":12}},{"id":"13e913b0-532f-410c-9f92-5e77af0c45e7","block_type":"box","text":"rise as much, or as quickly, as interest rates in general. Conversely, floating rate securities will not","page_number":61,"box":{"x":117,"y":196,"width":732,"height":12}},{"id":"363ef78c-da9d-446a-a2aa-b53ccf325271","block_type":"box","text":"generally increase in value if interest rates decline. The","page_number":61,"box":{"x":116,"y":211,"width":415,"height":12}},{"id":"5d1a2555-2535-4eff-b5c1-ce0c10c28d27","block_type":"box","text":"impact of interest rate changes on floating rate","page_number":61,"box":{"x":532,"y":211,"width":350,"height":12}},{"id":"fe6a63c8-cd33-4e0e-89e6-f1d36143a7ef","block_type":"box","text":"investments is typically mitigated by the periodic interest rate reset of the investments. Benchmark","page_number":61,"box":{"x":117,"y":227,"width":733,"height":12}},{"id":"d16f2748-2d31-4dc1-97a3-1c155d6f74fd","block_type":"box","text":"interest rates used for floating and variable rate securities may not accurately track market interest","page_number":61,"box":{"x":117,"y":242,"width":734,"height":12}},{"id":"bb27e74d-3f97-4211-9fde-6cbe86abdccc","block_type":"box","text":"rates.","page_number":61,"box":{"x":117,"y":258,"width":45,"height":9}},{"id":"a60162ce-97e7-4796-9b62-a2cf26f52f6c","block_type":"box","text":"Inflation-Indexed Bonds.","page_number":61,"box":{"x":117,"y":289,"width":179,"height":9}},{"id":"65537e68-fbf3-408a-9185-4bed8669b999","block_type":"box","text":"Certain Funds may invest in inflation-indexed bonds, which are fixed-income","page_number":61,"box":{"x":297,"y":289,"width":577,"height":12}},{"id":"6eb92e9e-d68c-4e4c-91f8-6958f43e2e46","block_type":"box","text":"securities or other instruments whose principal value is periodically adjusted according to the rate of","page_number":61,"box":{"x":116,"y":304,"width":746,"height":12}},{"id":"ff5daa69-6da2-4f1c-a0f2-3885a101dfb3","block_type":"box","text":"inflation. Two structures are common. The U.S. Treasury and some other issuers use a structure that","page_number":61,"box":{"x":117,"y":320,"width":755,"height":12}},{"id":"43289651-f46c-46ad-bcb9-108a2d151ac2","block_type":"box","text":"accrues inflation into the principal value of the bond. Most other issuers pay out the Consumer Price","page_number":61,"box":{"x":116,"y":335,"width":747,"height":12}},{"id":"a43a1bf1-5551-49b1-a8ce-3540e81c10db","block_type":"box","text":"Index (“CPI”) accruals as part of a semi-annual coupon.","page_number":61,"box":{"x":117,"y":351,"width":417,"height":12}},{"id":"b238667b-b65e-409f-b1a3-24f41f84d350","block_type":"box","text":"Inflation-indexed securities issued by the U.S. Treasury have maturities of five, ten or thirty years,","page_number":61,"box":{"x":117,"y":382,"width":728,"height":12}},{"id":"66899d5e-0edf-4acd-b538-71c0b4089f74","block_type":"box","text":"although it is possible that securities with other maturities will be issued in the future. The U.S.","page_number":61,"box":{"x":116,"y":397,"width":703,"height":12}},{"id":"d4c2d370-f9d4-445b-96be-a9d07c515f0f","block_type":"box","text":"Treasury securities pay interest on a semi-annual basis, equal to a fixed percentage of the inflation","page_number":61,"box":{"x":116,"y":413,"width":738,"height":12}},{"id":"0f77ec90-fa51-4781-903b-b3cc1cb69bfd","block_type":"box","text":"adjusted principal amount. For example, if a Fund purchased an inflation-indexed bond with a par","page_number":61,"box":{"x":116,"y":428,"width":727,"height":12}},{"id":"6be542e1-8cb6-47a4-b3c5-dc4a5178546e","block_type":"box","text":"value of $1,000 and a 3% real rate of return coupon (payable 1.5% semi-annually), and inflation over","page_number":61,"box":{"x":116,"y":443,"width":753,"height":13}},{"id":"bed23164-693b-4027-aba5-e2fc04e183b9","block_type":"box","text":"the first six months was 1%, the mid-year par value of the bond would be $1,010 and the first semi","page_number":61,"box":{"x":116,"y":458,"width":736,"height":13}},{"id":"79b8f69c-f7ef-49be-bdaf-e7a17111200a","block_type":"box","text":"annual interest payment would be $15.15 ($1,010 times 1.5%). If inflation during the second half of the","page_number":61,"box":{"x":116,"y":474,"width":766,"height":13}},{"id":"690aa794-2108-476b-8f00-08b9072b37ba","block_type":"box","text":"year resulted in the whole year’s inflation equaling 3%, the end-of-year par value of the bond would be","page_number":61,"box":{"x":116,"y":490,"width":764,"height":12}},{"id":"bc2f414a-b484-451d-913c-fdf864a75e37","block_type":"box","text":"$1,030 and the second semi-annual interest payment would be $15.45 ($1,030 times 1.5%).","page_number":61,"box":{"x":116,"y":505,"width":689,"height":13}},{"id":"00e14f3c-c536-482c-98b9-e87e99337f87","block_type":"box","text":"If the periodic adjustment rate measuring inflation falls, the principal value of inflation-indexed bonds","page_number":61,"box":{"x":117,"y":537,"width":747,"height":12}},{"id":"cad950f8-4a96-40ad-8547-5d4e1700f94e","block_type":"box","text":"will be adjusted downward, and, consequently, the interest payable on these securities (calculated with","page_number":61,"box":{"x":116,"y":552,"width":769,"height":12}},{"id":"ec7d31a8-12d2-432d-9cae-e683e0a8c119","block_type":"box","text":"respect to a smaller principal amount) will be reduced. Repayment of the original bond principal upon","page_number":61,"box":{"x":117,"y":568,"width":754,"height":12}},{"id":"d9786d8d-a05c-4db3-a793-b2542d479271","block_type":"box","text":"maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-indexed bonds,","page_number":61,"box":{"x":117,"y":583,"width":755,"height":12}},{"id":"575146d0-5266-48be-bec0-ac17eeda2bbe","block_type":"box","text":"even during a period of deflation. However, the current market value of the bonds is not guaranteed,","page_number":61,"box":{"x":116,"y":599,"width":748,"height":12}},{"id":"0874374a-fc6a-4188-9ef0-ebcd79b59d99","block_type":"box","text":"and will fluctuate. Certain Funds may also invest in other inflation related bonds which may or may not","page_number":61,"box":{"x":116,"y":614,"width":763,"height":12}},{"id":"80a89c92-62fe-4548-bea0-1be7c1ec882c","block_type":"box","text":"provide a similar guarantee. If a guarantee of principal is not provided, the adjusted principal value of","page_number":61,"box":{"x":117,"y":630,"width":752,"height":12}},{"id":"d46e8134-8d4f-4493-acdd-64a00f59b8c0","block_type":"box","text":"the bond repaid at maturity may be less than the original principal. In addition, if the Fund purchases","page_number":61,"box":{"x":116,"y":645,"width":749,"height":12}},{"id":"5492cf9b-9cbd-4bcd-8b18-1cdd817de368","block_type":"box","text":"inflation-indexed bonds offered by foreign issuers, the rate of inflation measured by the foreign inflation","page_number":61,"box":{"x":117,"y":661,"width":761,"height":12}},{"id":"41c10238-1bd9-41db-9a4c-f74d298d0491","block_type":"box","text":"index may not be correlated to the rate of inflation in the United States.","page_number":61,"box":{"x":117,"y":676,"width":523,"height":12}},{"id":"fb4b8e65-7898-4293-be24-7dbfac4889dc","block_type":"box","text":"The value of inflation-indexed bonds is expected to change in response to changes in real interest","page_number":61,"box":{"x":116,"y":707,"width":727,"height":12}},{"id":"b773fe55-da43-4ba9-971e-3a67bbf4c167","block_type":"box","text":"rates. Real interest rates, in turn, are tied to the relationship between nominal interest rates and the","page_number":61,"box":{"x":117,"y":723,"width":736,"height":12}},{"id":"e120da54-48a9-4e00-9564-2e1fce82ec26","block_type":"box","text":"rate of inflation. Therefore, if inflation were to rise at a faster rate than nominal interest rates, real","page_number":61,"box":{"x":117,"y":738,"width":717,"height":11}},{"id":"10e92705-7d50-4ca3-9885-fc3e2440ea03","block_type":"box","text":"interest rates might decline, leading to an increase in value of inflation-indexed bonds. In contrast, if","page_number":61,"box":{"x":117,"y":754,"width":739,"height":12}},{"id":"59035b4a-39a3-41c3-b11f-61c086a68350","block_type":"box","text":"nominal interest rates increased at a faster rate than inflation, real interest rates might rise, leading to a","page_number":61,"box":{"x":117,"y":769,"width":764,"height":12}},{"id":"2734981a-503b-4077-a437-a05e6c02c538","block_type":"box","text":"decrease in value of inflation-indexed bonds. There can be no assurance, however, that the value of","page_number":61,"box":{"x":116,"y":785,"width":745,"height":11}},{"id":"b521fc6b-134b-49c3-891f-b68480960b23","block_type":"box","text":"inflation-indexed bonds will be directly correlated to changes in interest rates.","page_number":61,"box":{"x":117,"y":800,"width":570,"height":12}},{"id":"29368ed6-3702-4aa4-b5af-8e987e80f565","block_type":"box","text":"While these securities are expected to be protected from long-term inflationary trends, short-term","page_number":61,"box":{"x":116,"y":831,"width":725,"height":12}},{"id":"ae6951aa-6694-4d68-8497-54a59137b5b5","block_type":"box","text":"increases in inflation may lead to a decline in value. If interest rates rise due to reasons other than","page_number":61,"box":{"x":117,"y":847,"width":731,"height":12}},{"id":"561ba4b7-fb01-45e1-88e1-b0b1eea90129","block_type":"box","text":"inflation (for example, due to changes in currency exchange rates), investors in these securities may","page_number":61,"box":{"x":117,"y":862,"width":749,"height":12}},{"id":"37fd880c-3ae0-4c00-8d7d-5349a09ce2c6","block_type":"box","text":"not be protected to the extent that the increase is not reflected in the bond’s inflation measure.","page_number":61,"box":{"x":117,"y":878,"width":704,"height":12}},{"id":"34204193-90d6-44c0-99f9-3f56747ea5b3","block_type":"box","text":"II-12","page_number":61,"box":{"x":484,"y":909,"width":31,"height":9}},{"id":"0add58e2-541c-4f5b-a85b-5f0dc55ba565","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":61,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"e0f18770-34cf-429d-8881-f61f02706bdd","block_type":"box","text":"In general, the measure used to determine the periodic adjustment of U.S. inflation-indexed bonds is","page_number":62,"box":{"x":117,"y":87,"width":750,"height":12}},{"id":"7cce25c1-fc82-4f68-9487-4d565c255b83","block_type":"box","text":"the Consumer Price Index for Urban Consumers (“CPI-U”), which is calculated monthly by the U.S.","page_number":62,"box":{"x":116,"y":102,"width":739,"height":13}},{"id":"faa36ebb-db59-48b8-85f7-3b26878ed814","block_type":"box","text":"Bureau of Labor Statistics. The CPI-U is a measurement of changes in the cost of living, made up of","page_number":62,"box":{"x":117,"y":118,"width":747,"height":12}},{"id":"ea9e74d6-8a97-4e28-8c43-babed67f971f","block_type":"box","text":"components such as housing, food, transportation and energy. Inflation-indexed bonds issued by a","page_number":62,"box":{"x":116,"y":134,"width":739,"height":12}},{"id":"ba71bf97-403f-4575-95c9-53b1f72f3860","block_type":"box","text":"foreign government are generally adjusted to reflect a comparable inflation index, calculated by that","page_number":62,"box":{"x":116,"y":149,"width":743,"height":12}},{"id":"c54e12c1-9444-496e-9423-517189891cdf","block_type":"box","text":"government. There can be no assurance that the CPI-U or any foreign inflation index will accurately","page_number":62,"box":{"x":116,"y":165,"width":744,"height":12}},{"id":"92b6b9a9-21a9-4e1e-9295-309b41ace800","block_type":"box","text":"measure the real rate of inflation in the prices of goods and services. Moreover, there can be no","page_number":62,"box":{"x":117,"y":180,"width":716,"height":12}},{"id":"e3f618b1-a44a-4b0c-9ff5-d6158e25d229","block_type":"box","text":"assurance that the rate of inflation in a foreign country will be correlated to the rate of inflation in the","page_number":62,"box":{"x":116,"y":196,"width":745,"height":12}},{"id":"53021bb9-0c6d-436d-a698-c6468d9270e9","block_type":"box","text":"United States.","page_number":62,"box":{"x":117,"y":211,"width":109,"height":10}},{"id":"d18ceff0-374a-438e-b4f5-60bfea6cff80","block_type":"box","text":"Any increase in the principal amount of an inflation-indexed bond will be considered taxable ordinary","page_number":62,"box":{"x":116,"y":241,"width":750,"height":12}},{"id":"1516a62b-20af-4483-86eb-7a2dfd791011","block_type":"box","text":"income, even though investors do not receive their principal until maturity.","page_number":62,"box":{"x":117,"y":257,"width":552,"height":12}},{"id":"b18a2445-6348-4923-8726-c4faf1d5f396","block_type":"box","text":"Investment Grade Debt Obligations.","page_number":62,"box":{"x":117,"y":286,"width":265,"height":12}},{"id":"05871021-6e60-469a-80a3-b34ce2df5700","block_type":"box","text":"Certain Funds may invest in “investment grade securities,” which","page_number":62,"box":{"x":383,"y":286,"width":492,"height":12}},{"id":"dcb199dc-8e5a-427b-b47d-a90e14497e0e","block_type":"box","text":"are securities rated in the four highest rating categories of an NRSRO or deemed to be of equivalent","page_number":62,"box":{"x":116,"y":302,"width":750,"height":12}},{"id":"e7d2e424-35cb-4ebb-b89e-3fa6242d71b5","block_type":"box","text":"quality by a Fund’s Manager. Certain Funds may invest in debt securities rated Aaa by Moody’s or","page_number":62,"box":{"x":116,"y":317,"width":734,"height":12}},{"id":"bc8c0b2d-b171-498c-bcfd-6bcaaa88b42d","block_type":"box","text":"AAA by S&P. It should be noted that debt obligations rated in the lowest of the top four ratings (","page_number":62,"box":{"x":116,"y":333,"width":708,"height":12}},{"id":"4ec874f6-5b4b-4c83-b14e-ee90514ca0fc","block_type":"box","text":"i.e.","page_number":62,"box":{"x":825,"y":333,"width":20,"height":9}},{"id":"226c7538-7dc5-4bc7-a468-8e175c675fa4","block_type":"box","text":",","page_number":62,"box":{"x":848,"y":341,"width":8,"height":3}},{"id":"896de11e-18d4-4e6c-bc4e-98550ae320f0","block_type":"box","text":"“Baa” by Moody’s or “BBB” by S&P) are considered to have some speculative characteristics and are","page_number":62,"box":{"x":116,"y":348,"width":756,"height":12}},{"id":"515c3492-9551-4a7b-ae14-4441cfea2b96","block_type":"box","text":"more sensitive to economic change than higher rated securities. If an investment grade security of a","page_number":62,"box":{"x":117,"y":364,"width":747,"height":12}},{"id":"5be0697e-3c90-452d-941c-cdad8fc8eea8","block_type":"box","text":"Fund is subsequently downgraded below investment grade, the Fund’s Manager will consider such an","page_number":62,"box":{"x":117,"y":380,"width":761,"height":11}},{"id":"06596368-40ba-454f-b3ce-048732f43d1d","block_type":"box","text":"event in determining whether the Fund should continue to hold the security. Subject to its investment","page_number":62,"box":{"x":116,"y":395,"width":752,"height":12}},{"id":"d09087bb-1a7d-42bd-9824-d9816a5142a4","block_type":"box","text":"strategies, there is no limit on the amount of such downgraded securities a Fund may hold.","page_number":62,"box":{"x":116,"y":410,"width":679,"height":12}},{"id":"860650a5-cfd2-4dd0-85a1-beeb7649b668","block_type":"box","text":"See Appendix A to this SAI for a description of applicable securities ratings.","page_number":62,"box":{"x":116,"y":440,"width":566,"height":12}},{"id":"bd66c6c8-c7a3-4ae5-b635-9cd8d5e6a83d","block_type":"box","text":"High Yield Investments (“Junk Bonds”).","page_number":62,"box":{"x":116,"y":477,"width":296,"height":13}},{"id":"3e499059-fcdf-4d68-ba92-b57f28712b43","block_type":"box","text":"Non-investment grade or “high yield” fixed-income or convertible securities commonly known to","page_number":62,"box":{"x":117,"y":507,"width":711,"height":12}},{"id":"0288ddc3-8993-4100-95ca-4b7c82e49c85","block_type":"box","text":"investors as “junk bonds” are debt securities that are rated below investment grade by the major rating","page_number":62,"box":{"x":117,"y":523,"width":764,"height":12}},{"id":"b2a4c56f-f2b2-4f12-a270-e0623ab2b0fc","block_type":"box","text":"agencies or are securities that Fund management believes are of comparable quality. While generally","page_number":62,"box":{"x":116,"y":538,"width":759,"height":12}},{"id":"47c3ee68-3e67-44e6-9a4e-5a3ea9b627b9","block_type":"box","text":"providing greater income and opportunity for gain, non-investment grade debt securities may be","page_number":62,"box":{"x":117,"y":554,"width":715,"height":12}},{"id":"1d02b9f5-f7c3-464d-b794-0bd1fe9f059c","block_type":"box","text":"subject to greater risks than securities which have higher credit ratings, including a high risk of default,","page_number":62,"box":{"x":116,"y":569,"width":764,"height":12}},{"id":"394225e0-92fd-47c9-9dce-a42188c19860","block_type":"box","text":"and their yields will fluctuate over time. High yield securities will generally be in the lower rating","page_number":62,"box":{"x":116,"y":585,"width":709,"height":12}},{"id":"719609ee-41c9-4e6c-b1b8-23044525ab61","block_type":"box","text":"categories of recognized rating agencies (rated “Ba” or lower by Moody’s or “BB” or lower by S&P) or","page_number":62,"box":{"x":116,"y":600,"width":755,"height":12}},{"id":"4601aaec-0905-4197-bcd0-7b694a4b1e18","block_type":"box","text":"will be non-rated. The credit rating of a high yield security does not necessarily address its market","page_number":62,"box":{"x":116,"y":616,"width":730,"height":12}},{"id":"c7edbffa-1b61-4d63-b967-aa8b985f1b2e","block_type":"box","text":"value risk, and ratings may from time to time change, positively or negatively, to reflect developments","page_number":62,"box":{"x":116,"y":631,"width":757,"height":12}},{"id":"2459b39b-67c4-49aa-97d7-35780920f021","block_type":"box","text":"regarding the issuer’s financial condition. High yield securities are considered to be speculative with","page_number":62,"box":{"x":117,"y":647,"width":743,"height":12}},{"id":"52c7212a-e339-4823-a9cc-d8faf34d16c7","block_type":"box","text":"respect to the capacity of the issuer to timely repay principal and pay interest or dividends in","page_number":62,"box":{"x":117,"y":662,"width":682,"height":12}},{"id":"2c46fc78-5c58-40c2-826e-f93e78859575","block_type":"box","text":"accordance with the terms of the obligation and may have more credit risk than higher rated securities.","page_number":62,"box":{"x":116,"y":678,"width":761,"height":12}},{"id":"0445889c-cdf8-4448-a051-13a6150caca7","block_type":"box","text":"The major risks in junk bond investments include the following:","page_number":62,"box":{"x":116,"y":708,"width":464,"height":12}},{"id":"27e4f73b-5d68-4878-a15f-896405fb3481","block_type":"box","text":"• Junk bonds may be issued by less creditworthy companies. These securities are vulnerable to","page_number":62,"box":{"x":117,"y":731,"width":731,"height":12}},{"id":"dcdc43c1-3a12-4067-a926-80c78cbd1b79","block_type":"box","text":"adverse changes in the issuer’s industry and to general economic conditions. Issuers of junk","page_number":62,"box":{"x":150,"y":746,"width":686,"height":12}},{"id":"2969b1ea-0a7d-4ce7-8f9b-ffd10d08a699","block_type":"box","text":"bonds may be unable to meet their interest or principal payment obligations because of an","page_number":62,"box":{"x":150,"y":761,"width":669,"height":13}},{"id":"494828c9-cb33-4c04-95fb-c0d9d43681fa","block_type":"box","text":"economic downturn, specific issuer developments or the unavailability of additional financing.","page_number":62,"box":{"x":150,"y":777,"width":689,"height":12}},{"id":"acec4645-e97a-4547-be26-2f964b624f74","block_type":"box","text":"• The issuers of junk bonds may have a larger amount of outstanding debt relative to their assets","page_number":62,"box":{"x":117,"y":800,"width":740,"height":12}},{"id":"a4391b4e-3255-4af6-9065-cc956d0ba59e","block_type":"box","text":"than issuers of investment grade bonds. If the issuer experiences financial stress, it may be","page_number":62,"box":{"x":150,"y":815,"width":678,"height":12}},{"id":"87cea51d-9f3f-4a90-9510-2d875db0880b","block_type":"box","text":"unable to meet its debt obligations. The issuer’s ability to pay its debt obligations also may be","page_number":62,"box":{"x":150,"y":831,"width":697,"height":12}},{"id":"3654c3a2-6ea1-476a-b46e-a3641684d5d3","block_type":"box","text":"lessened by specific issuer developments, or the unavailability of additional financing. Issuers of","page_number":62,"box":{"x":150,"y":846,"width":717,"height":12}},{"id":"eeb56d40-fe6b-4581-9c86-10cd79ca12f9","block_type":"box","text":"high yield securities are often in the growth stage of their development and/or involved in a","page_number":62,"box":{"x":150,"y":862,"width":677,"height":12}},{"id":"553a170b-209a-4f64-a546-0542e4e3ebf7","block_type":"box","text":"reorganization or takeover.","page_number":62,"box":{"x":150,"y":877,"width":204,"height":12}},{"id":"c56db8c5-6093-43af-8f9d-d792a2916cf1","block_type":"box","text":"II-13","page_number":62,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"03508d66-dc8d-4fa6-b8c0-7078d669f5e2","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":62,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"886a6210-1d5c-423f-8480-7ffa28e3f024","block_type":"box","text":"• Junk bonds are frequently ranked junior to claims by other creditors. If the issuer cannot meet its","page_number":63,"box":{"x":117,"y":87,"width":754,"height":12}},{"id":"9e72e61a-6123-4b35-aaa5-aa78e1caa80d","block_type":"box","text":"obligations, the senior obligations are generally paid off before the junior obligations, which will","page_number":63,"box":{"x":150,"y":102,"width":706,"height":13}},{"id":"38209cfe-2ef3-42f4-a052-139b490c1e89","block_type":"box","text":"potentially limit a Fund’s ability to fully recover principal or to receive interest payments when","page_number":63,"box":{"x":150,"y":118,"width":693,"height":12}},{"id":"0cc6f900-c7d6-4897-8933-bd9e512aa18b","block_type":"box","text":"senior securities are in default. Thus, investors in high yield securities have a lower degree of","page_number":63,"box":{"x":150,"y":134,"width":696,"height":12}},{"id":"47613704-da69-4524-a638-e5311caec79d","block_type":"box","text":"protection with respect to principal and interest payments than do investors in higher rated","page_number":63,"box":{"x":150,"y":149,"width":674,"height":12}},{"id":"e3ebac48-0341-4247-a719-9fc95b180f5d","block_type":"box","text":"securities.","page_number":63,"box":{"x":150,"y":165,"width":80,"height":9}},{"id":"4989ac53-9cd0-4de0-875b-6f9ec2289d73","block_type":"box","text":"• Junk bonds frequently have redemption features that permit an issuer to repurchase the security","page_number":63,"box":{"x":117,"y":188,"width":753,"height":12}},{"id":"5c8a9b7a-2994-405f-b80f-f702301dfa0c","block_type":"box","text":"from a Fund before it matures. If an issuer redeems the junk bonds, a Fund may have to invest the","page_number":63,"box":{"x":149,"y":203,"width":738,"height":12}},{"id":"211e573b-05a3-455a-9d3b-7909b630d3be","block_type":"box","text":"proceeds in bonds with lower yields and may lose income.","page_number":63,"box":{"x":150,"y":219,"width":437,"height":12}},{"id":"1343243c-7072-4e07-bfc9-05d6390f240a","block_type":"box","text":"• Prices of junk bonds are subject to extreme price fluctuations. Negative economic developments","page_number":63,"box":{"x":117,"y":242,"width":753,"height":12}},{"id":"c079a1d1-4b67-4cec-83e4-9c6109bdaeef","block_type":"box","text":"may have a greater impact on the prices of junk bonds than on those of other higher rated fixed","page_number":63,"box":{"x":150,"y":258,"width":713,"height":12}},{"id":"e161a2d9-4354-4aed-b497-9c3cffad64da","block_type":"box","text":"income securities.","page_number":63,"box":{"x":150,"y":273,"width":139,"height":10}},{"id":"28d9f193-f430-4c99-b3e3-639e9432a9e0","block_type":"box","text":"• Junk bonds may be less liquid than higher rated fixed-income securities even under normal","page_number":63,"box":{"x":117,"y":296,"width":714,"height":12}},{"id":"b4d9faea-70c2-4482-b51c-17db480095be","block_type":"box","text":"economic conditions. Under certain economic and/or market conditions, a Fund may have difficulty","page_number":63,"box":{"x":150,"y":312,"width":738,"height":12}},{"id":"ba4f117e-13db-4387-bf20-f50530330d5a","block_type":"box","text":"disposing of certain high yield securities due to the limited number of investors in that sector of the","page_number":63,"box":{"x":150,"y":327,"width":734,"height":12}},{"id":"cab548a9-5640-491e-9565-3b812fb5c689","block_type":"box","text":"market. There are fewer dealers in the junk bond market, and there may be significant differences","page_number":63,"box":{"x":150,"y":343,"width":730,"height":12}},{"id":"8cfeca95-7fa4-4917-b9c8-c491d60d33d3","block_type":"box","text":"in the prices quoted for junk bonds by the dealers, and such quotations may not be the actual","page_number":63,"box":{"x":150,"y":358,"width":698,"height":12}},{"id":"36136bf4-d097-4639-957a-e71b52ff21dd","block_type":"box","text":"prices available for a purchase or sale. Because junk bonds are less liquid than higher rated","page_number":63,"box":{"x":150,"y":374,"width":688,"height":12}},{"id":"6ed83df1-085d-42cd-973e-50956a62cfa4","block_type":"box","text":"bonds, judgment may play a greater role in valuing certain of a Fund’s portfolio securities than in","page_number":63,"box":{"x":150,"y":389,"width":720,"height":12}},{"id":"ed52bd1e-34a8-4a81-8c92-7ba97d676dd6","block_type":"box","text":"the case of securities trading in a more liquid market.","page_number":63,"box":{"x":150,"y":405,"width":398,"height":12}},{"id":"f292a1b9-e658-4084-a5fc-cabe5aca5192","block_type":"box","text":"• The secondary markets for high yield securities are not as liquid as the secondary markets for","page_number":63,"box":{"x":117,"y":428,"width":734,"height":12}},{"id":"667634e5-8d15-4141-8b95-bbd4bf1eaf31","block_type":"box","text":"higher rated securities. The secondary markets for high yield securities are concentrated in","page_number":63,"box":{"x":150,"y":444,"width":680,"height":12}},{"id":"a077ca33-a72e-48af-aa99-5e7cfaf3122b","block_type":"box","text":"relatively few market makers and participants in the markets are mostly institutional investors,","page_number":63,"box":{"x":150,"y":459,"width":699,"height":12}},{"id":"01d11b95-dd67-4f35-bb84-ec1c1dc0680f","block_type":"box","text":"including insurance companies, banks, other financial institutions and mutual funds. In addition,","page_number":63,"box":{"x":150,"y":475,"width":712,"height":12}},{"id":"9cf471f3-7851-49e8-b950-497b8187794f","block_type":"box","text":"the trading volume for high yield securities is generally lower than that for higher rated securities","page_number":63,"box":{"x":150,"y":490,"width":718,"height":12}},{"id":"5593b230-8c33-47a0-b8c7-a6d27831fa7a","block_type":"box","text":"and the secondary markets could contract under adverse market or economic conditions","page_number":63,"box":{"x":150,"y":506,"width":662,"height":12}},{"id":"99fd747c-c082-438c-935e-1ac44ae4c11f","block_type":"box","text":"independent of any specific adverse changes in the condition of a particular issuer. Under certain","page_number":63,"box":{"x":150,"y":521,"width":725,"height":12}},{"id":"939afaa5-b8a2-42c6-93f6-2e38a59ff672","block_type":"box","text":"economic and/or market conditions, a Fund may have difficulty disposing of certain high yield","page_number":63,"box":{"x":150,"y":537,"width":695,"height":12}},{"id":"aba86f92-7ea6-4e14-b68b-3e89fe4b25bd","block_type":"box","text":"securities due to the limited number of investors in that sector of the market. An illiquid secondary","page_number":63,"box":{"x":150,"y":552,"width":728,"height":12}},{"id":"b2eaeb00-ebfd-478f-8ea7-a46997113ada","block_type":"box","text":"market may adversely affect the market price of the high yield security, which may result in","page_number":63,"box":{"x":150,"y":568,"width":678,"height":12}},{"id":"1a002a57-36a5-41bb-a848-050e86178433","block_type":"box","text":"increased difficulty selling the particular issue and obtaining accurate market quotations on the","page_number":63,"box":{"x":150,"y":583,"width":706,"height":12}},{"id":"94ee092f-6b8a-41a2-b6a2-cc72e278bc11","block_type":"box","text":"issue when valuing a Fund’s assets. Market quotations on high yield securities are available only","page_number":63,"box":{"x":150,"y":599,"width":722,"height":12}},{"id":"3c1b7880-70b0-4577-bcc0-5a6bc7e951ca","block_type":"box","text":"from a limited number of dealers, and such quotations may not be the actual prices available for a","page_number":63,"box":{"x":149,"y":614,"width":731,"height":12}},{"id":"39953662-d479-4e27-8160-048ebbb1ad25","block_type":"box","text":"purchase or sale. When the secondary market for high yield securities becomes more illiquid, or in","page_number":63,"box":{"x":150,"y":630,"width":734,"height":12}},{"id":"4754952c-43d7-47fd-83a5-5207fdf71d79","block_type":"box","text":"the absence of readily available market quotations for such securities, the relative lack of reliable","page_number":63,"box":{"x":150,"y":645,"width":723,"height":12}},{"id":"f7be509c-de8b-477a-a66d-9abca3c29b88","block_type":"box","text":"objective data makes it more difficult to value a Fund’s securities, and judgment plays a more","page_number":63,"box":{"x":150,"y":661,"width":691,"height":12}},{"id":"f5403c13-f18b-4d33-a89d-99b0b95ebf53","block_type":"box","text":"important role in determining such valuations.","page_number":63,"box":{"x":150,"y":676,"width":337,"height":12}},{"id":"e4902d83-ccd8-402d-83c9-9437ab55a457","block_type":"box","text":"• A Fund may incur expenses to the extent necessary to seek recovery upon default or to negotiate","page_number":63,"box":{"x":117,"y":699,"width":757,"height":13}},{"id":"cef797d2-d9d4-4da1-ae1e-bdaa068b0bd3","block_type":"box","text":"new terms with a defaulting issuer.","page_number":63,"box":{"x":150,"y":715,"width":256,"height":12}},{"id":"015a2d92-8233-4464-b93d-10a4edb6c6e6","block_type":"box","text":"• The junk bond markets may react strongly to adverse news about an issuer or the economy, or to","page_number":63,"box":{"x":117,"y":738,"width":756,"height":12}},{"id":"26bf593a-98da-427f-837f-92887be78220","block_type":"box","text":"the perception or expectation of adverse news, whether or not it is based on fundamental analysis.","page_number":63,"box":{"x":150,"y":754,"width":731,"height":12}},{"id":"2d11b3a3-9757-45e3-8863-a192015fdc36","block_type":"box","text":"Additionally, prices for high yield securities may be affected by legislative and regulatory","page_number":63,"box":{"x":149,"y":769,"width":654,"height":12}},{"id":"587fbca6-9c78-47cc-96be-f0fe707a6b15","block_type":"box","text":"developments. These developments could adversely affect a Fund’s NAV and investment","page_number":63,"box":{"x":150,"y":785,"width":664,"height":12}},{"id":"05933762-da40-47cd-8349-767df0c3e5e9","block_type":"box","text":"practices, the secondary market for high yield securities, the financial condition of issuers of these","page_number":63,"box":{"x":150,"y":800,"width":726,"height":12}},{"id":"b9784855-ca84-4ca8-919c-0a7acf883e4a","block_type":"box","text":"securities and the value and liquidity of outstanding high yield securities, especially in a thinly","page_number":63,"box":{"x":150,"y":816,"width":690,"height":12}},{"id":"14489e98-d5f2-4c5a-96eb-dcea38a8cc23","block_type":"box","text":"traded market. For example, federal legislation requiring the divestiture by federally insured","page_number":63,"box":{"x":150,"y":831,"width":681,"height":12}},{"id":"6f86e8f4-e99e-475d-8851-20d14bfff62c","block_type":"box","text":"savings and loan associations of their investments in high yield bonds and limiting the deductibility","page_number":63,"box":{"x":150,"y":847,"width":733,"height":12}},{"id":"ca672704-13dc-4369-b963-a7a4b3cd3dd7","block_type":"box","text":"of interest by certain corporate issuers of high yield bonds adversely affected the market in the","page_number":63,"box":{"x":150,"y":862,"width":706,"height":12}},{"id":"bb033f3e-8a41-4183-b1fc-2bb919b051d4","block_type":"box","text":"past.","page_number":63,"box":{"x":150,"y":878,"width":41,"height":12}},{"id":"f068ba13-f74c-4e99-b2ee-55493d10fbc9","block_type":"box","text":"II-14","page_number":63,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"b9b4d7d9-e64a-40d4-b6a1-f4255d29d03e","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":63,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"20f08c52-53f1-427e-8bc0-1c5b819194bd","block_type":"box","text":"• The rating assigned by a rating agency evaluates the issuing agency’s assessment of the safety of","page_number":64,"box":{"x":117,"y":87,"width":770,"height":12}},{"id":"9c4ea855-204a-48db-ae7c-39ee15c8c7de","block_type":"box","text":"a non-investment grade security’s principal and interest payments, but does not address market","page_number":64,"box":{"x":150,"y":103,"width":716,"height":12}},{"id":"d7e5c4fd-9265-4fca-9652-5fb59c00aae0","block_type":"box","text":"value risk. Because such ratings of the ratings agencies may not always reflect current conditions","page_number":64,"box":{"x":150,"y":118,"width":728,"height":12}},{"id":"4bb00094-7ef2-43a0-9735-875d40f788b2","block_type":"box","text":"and events, in addition to using recognized rating agencies and other sources, the Manager or","page_number":64,"box":{"x":150,"y":134,"width":705,"height":12}},{"id":"85764b01-8bf4-46dc-9d85-f606aaca1dd5","block_type":"box","text":"sub-adviser performs its own analysis of the issuers whose non-investment grade securities a","page_number":64,"box":{"x":150,"y":149,"width":700,"height":12}},{"id":"42bcda6e-0600-4a10-a0d4-734dd1e5b004","block_type":"box","text":"Fund holds. Because of this, the Fund’s performance may depend more on the Manager’s or","page_number":64,"box":{"x":151,"y":165,"width":693,"height":12}},{"id":"8a8bb788-ae96-48db-b4fb-209cc88fa940","block_type":"box","text":"sub-adviser’s own credit analysis than in the case of mutual funds investing in higher-rated","page_number":64,"box":{"x":150,"y":180,"width":678,"height":12}},{"id":"4d1e59a4-f7a9-4aec-8da6-253c70499d23","block_type":"box","text":"securities.","page_number":64,"box":{"x":150,"y":196,"width":80,"height":9}},{"id":"4b758828-9248-4f8c-b774-6e9ffe758637","block_type":"box","text":"In selecting non-investment grade securities, the Manager or sub-adviser considers factors such as","page_number":64,"box":{"x":117,"y":227,"width":742,"height":12}},{"id":"09777d25-8f4e-43cd-9a44-48d6fbd1b4a1","block_type":"box","text":"those relating to the creditworthiness of issuers, the ratings and performance of the securities, the","page_number":64,"box":{"x":116,"y":242,"width":731,"height":12}},{"id":"f424030b-cf88-4688-890a-43c54c8149fe","block_type":"box","text":"protections afforded the securities and the diversity of the Fund. The Manager or sub-adviser","page_number":64,"box":{"x":117,"y":258,"width":694,"height":12}},{"id":"140e0921-3eef-4733-8e19-92319939f6a5","block_type":"box","text":"continuously monitors the issuers of non-investment grade securities held by the Fund for their ability","page_number":64,"box":{"x":116,"y":273,"width":755,"height":12}},{"id":"8f5e8a38-b6c5-4104-8a2f-1e4a75d87cf9","block_type":"box","text":"to make required principal and interest payments, as well as in an effort to control the liquidity of the","page_number":64,"box":{"x":116,"y":289,"width":746,"height":12}},{"id":"07165ac9-70ca-4eb9-bc9f-5c761e5d7eba","block_type":"box","text":"Fund so that it can meet redemption requests. If a security’s rating is reduced below the minimum","page_number":64,"box":{"x":117,"y":304,"width":729,"height":12}},{"id":"0b652dde-a2ea-4d5b-9c59-bb73a7c9a8b6","block_type":"box","text":"credit rating that is permitted for a Fund, the Fund’s adviser or sub-adviser will consider whether the","page_number":64,"box":{"x":116,"y":320,"width":745,"height":12}},{"id":"8d3ccaa1-d303-4c4a-bd66-bd6ffe939f6c","block_type":"box","text":"Fund should continue to hold the security.","page_number":64,"box":{"x":117,"y":335,"width":315,"height":12}},{"id":"712d6b81-da19-453a-980e-db9b96c63f88","block_type":"box","text":"In the event that a Fund investing in high yield securities experiences an unexpected level of net","page_number":64,"box":{"x":117,"y":366,"width":718,"height":12}},{"id":"62c9dd96-b8c0-4da8-bd52-33fe5308ecfa","block_type":"box","text":"redemptions, the Fund could be forced to sell its holdings without regard to the investment merits,","page_number":64,"box":{"x":117,"y":382,"width":729,"height":12}},{"id":"d302f138-4ca1-4843-bec1-0ceb6335e22c","block_type":"box","text":"thereby decreasing the assets upon which the Fund’s rate of return is based.","page_number":64,"box":{"x":116,"y":397,"width":575,"height":12}},{"id":"1f87326d-e625-4bdb-a6e2-e2e77cd6fa6a","block_type":"box","text":"The costs attributable to investing in the junk bond markets are usually higher for several reasons,","page_number":64,"box":{"x":116,"y":428,"width":733,"height":12}},{"id":"4bb53db4-391b-4674-938c-f1fc64135ec6","block_type":"box","text":"such as higher investment research costs and higher commission costs.","page_number":64,"box":{"x":116,"y":444,"width":540,"height":12}},{"id":"09d037df-69b2-416f-b73d-4395f819f062","block_type":"box","text":"Mezzanine Investments.","page_number":64,"box":{"x":116,"y":475,"width":179,"height":9}},{"id":"b6425553-e903-4942-b154-fd5734eae169","block_type":"box","text":"Certain Funds, consistent with their restrictions on investing in securities of a","page_number":64,"box":{"x":297,"y":475,"width":579,"height":12}},{"id":"245f1052-7504-450f-a810-849b1f3bba27","block_type":"box","text":"specific credit quality, may invest in certain high yield securities known as mezzanine investments,","page_number":64,"box":{"x":116,"y":490,"width":735,"height":12}},{"id":"1ffced8b-e2ef-460d-88fe-2b7617a92973","block_type":"box","text":"which are subordinated debt securities which are generally issued in private placements in connection","page_number":64,"box":{"x":116,"y":506,"width":762,"height":12}},{"id":"b235d4cf-58f1-48d0-a1f2-9b3041c9abfb","block_type":"box","text":"with an equity security (","page_number":64,"box":{"x":116,"y":521,"width":175,"height":12}},{"id":"f59c21c4-848d-41f6-9e42-24afa93fa76c","block_type":"box","text":"e.g.","page_number":64,"box":{"x":292,"y":524,"width":26,"height":9}},{"id":"85d24f04-a1c6-4106-9174-9438a30795f6","block_type":"box","text":", with attached warrants). Such mezzanine investments may be issued with","page_number":64,"box":{"x":321,"y":521,"width":563,"height":12}},{"id":"42c4513b-8665-4d94-8309-6e9ab6ef00ce","block_type":"box","text":"or without registration rights. Similar to other high yield securities, maturities of mezzanine investments","page_number":64,"box":{"x":116,"y":537,"width":767,"height":12}},{"id":"7ee1577b-e972-4e92-b550-50d4460620e4","block_type":"box","text":"are typically seven to ten years, but the expected average life is significantly shorter at three to five","page_number":64,"box":{"x":116,"y":552,"width":738,"height":12}},{"id":"373db61e-495e-4d28-a42e-1fab4b06ef05","block_type":"box","text":"years. Mezzanine investments are usually unsecured and subordinate to other obligations of the","page_number":64,"box":{"x":116,"y":568,"width":719,"height":12}},{"id":"9551797b-f2e6-4db9-9465-3d88535f8d0f","block_type":"box","text":"issuer.","page_number":64,"box":{"x":117,"y":583,"width":53,"height":10}},{"id":"abdd6a43-5dbe-48ac-a84f-d4c48b9fcc10","block_type":"box","text":"Pay-in-kind Bonds.","page_number":64,"box":{"x":116,"y":614,"width":139,"height":12}},{"id":"ff4aee80-e811-4fca-bc8e-c66890581313","block_type":"box","text":"Certain Funds may invest in pay-in-kind, or PIK, bonds. PIK bonds are bonds which","page_number":64,"box":{"x":257,"y":614,"width":631,"height":12}},{"id":"942c1fdc-943f-4ab9-91b3-9ded33eabc5e","block_type":"box","text":"pay interest through the issuance of additional debt or equity securities. Similar to zero coupon","page_number":64,"box":{"x":117,"y":630,"width":706,"height":12}},{"id":"19d6f11a-f485-4266-8b9a-1cae57463879","block_type":"box","text":"obligations, pay-in-kind bonds also carry additional risk as holders of these types of securities realize","page_number":64,"box":{"x":116,"y":645,"width":753,"height":12}},{"id":"7877c5e2-2a62-47e8-8b04-489933857925","block_type":"box","text":"no cash until the cash payment date unless a portion of such securities is sold and, if the issuer","page_number":64,"box":{"x":117,"y":661,"width":707,"height":12}},{"id":"7dd4f859-6c7b-4644-a2d7-f9aa1b0d8af0","block_type":"box","text":"defaults, a Fund may obtain no return at all on its investment. The market price of pay-in-kind bonds is","page_number":64,"box":{"x":116,"y":676,"width":759,"height":12}},{"id":"9e1f916f-9310-43fc-900f-22096cf0d407","block_type":"box","text":"affected by interest rate changes to a greater extent, and therefore tends to be more volatile, than that","page_number":64,"box":{"x":116,"y":692,"width":758,"height":12}},{"id":"1dc0a582-7a0c-4020-8563-d1eb5f6e06b8","block_type":"box","text":"of securities which pay interest in cash. Additionally, current U.S. federal tax law requires the holder of","page_number":64,"box":{"x":116,"y":707,"width":759,"height":12}},{"id":"28b279a7-5235-45bb-8e3c-28545f729cc7","block_type":"box","text":"pay-in-kind bonds to accrue income with respect to these securities prior to the receipt of cash","page_number":64,"box":{"x":117,"y":723,"width":698,"height":12}},{"id":"d2d27f13-f97e-4835-98ae-90e76889b02e","block_type":"box","text":"payments. To maintain its qualification as a regulated investment company and avoid liability for U.S.","page_number":64,"box":{"x":117,"y":738,"width":747,"height":12}},{"id":"5454032f-0e0a-4b8d-b449-14eab48c9b16","block_type":"box","text":"federal income and excise taxes, each Fund may be required to distribute income accrued with respect","page_number":64,"box":{"x":116,"y":754,"width":765,"height":12}},{"id":"6bcf815d-308a-4868-827f-01c988b1c9cd","block_type":"box","text":"to these securities and may have to dispose of portfolio securities under disadvantageous","page_number":64,"box":{"x":116,"y":769,"width":665,"height":12}},{"id":"cfe63f0c-b874-40ea-983d-7b070a8e9b75","block_type":"box","text":"circumstances in order to generate cash to satisfy these distribution requirements.","page_number":64,"box":{"x":116,"y":785,"width":608,"height":12}},{"id":"e448ffb0-7032-40bd-9dd8-c91c05385a9b","block_type":"box","text":"Supranational Entities.","page_number":64,"box":{"x":117,"y":816,"width":165,"height":12}},{"id":"6d5acf4b-0ca9-473e-8229-3a470454ea94","block_type":"box","text":"A Fund may invest in debt securities of supranational entities. Examples of","page_number":64,"box":{"x":289,"y":816,"width":555,"height":12}},{"id":"7c715cde-4d3f-40bd-89f2-039ff5f116cf","block_type":"box","text":"such entities include the International Bank for Reconstruction and Development (the World Bank), the","page_number":64,"box":{"x":116,"y":831,"width":766,"height":12}},{"id":"c2f2e882-6580-4953-bcdb-0e8e1a739c13","block_type":"box","text":"European Steel and Coal Community, the Asian Development Bank and the Inter-American","page_number":64,"box":{"x":117,"y":847,"width":683,"height":12}},{"id":"407c55cd-2d33-469e-8f2d-e7fb91710d51","block_type":"box","text":"Development Bank. The government members, or “stockholders,” usually make initial capital","page_number":64,"box":{"x":117,"y":862,"width":691,"height":12}},{"id":"17d423dc-c9a2-479e-acfc-67c4d191bbea","block_type":"box","text":"contributions to the supranational entity and in many cases are committed to make additional capital","page_number":64,"box":{"x":116,"y":878,"width":748,"height":12}},{"id":"a9d2dd7f-19bf-4829-931d-32b46a79c5ab","block_type":"box","text":"II-15","page_number":64,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"230e7073-aed6-43ad-8a02-f2ead27710d2","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":64,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"057ed929-5393-49bc-b8c4-fbcec960aa71","block_type":"box","text":"contributions if the supranational entity is unable to repay its borrowings. There is no guarantee that","page_number":65,"box":{"x":116,"y":87,"width":744,"height":12}},{"id":"d26952c8-d2e5-48c8-8ae5-d95c1d1f260b","block_type":"box","text":"one or more stockholders of a supranational entity will continue to make any necessary additional","page_number":65,"box":{"x":116,"y":102,"width":729,"height":13}},{"id":"db4a194d-fd24-4595-bc57-4ba0b91498f4","block_type":"box","text":"capital contributions. If such contributions are not made, the entity may be unable to pay interest or","page_number":65,"box":{"x":116,"y":118,"width":739,"height":12}},{"id":"6282765d-8360-448b-a8d3-d2511adf2278","block_type":"box","text":"repay principal on its debt securities, and a Fund may lose money on such investments.","page_number":65,"box":{"x":117,"y":134,"width":655,"height":12}},{"id":"506158c4-2bf4-4468-835f-838d475331c8","block_type":"box","text":"Depositary Receipts (ADRs, EDRs and GDRs).","page_number":65,"box":{"x":116,"y":165,"width":367,"height":12}},{"id":"3f3c4e07-d046-4606-880c-f0ea9e89de8a","block_type":"box","text":"Certain Funds may invest in the securities of foreign","page_number":65,"box":{"x":484,"y":165,"width":397,"height":12}},{"id":"e9fda104-34da-461d-a9cb-608f5764ddec","block_type":"box","text":"issuers in the form of Depositary Receipts or other securities convertible into securities of foreign","page_number":65,"box":{"x":117,"y":180,"width":722,"height":12}},{"id":"f9b4b117-6621-47c1-bd46-bbb030550ff2","block_type":"box","text":"issuers. Depositary Receipts may not necessarily be denominated in the same currency as the","page_number":65,"box":{"x":117,"y":196,"width":707,"height":12}},{"id":"89130277-766c-4851-8adb-e1d2fd9c16b5","block_type":"box","text":"underlying securities into which they may be converted. The Fund may invest in both sponsored and","page_number":65,"box":{"x":117,"y":211,"width":749,"height":12}},{"id":"8a3f5ae9-133a-4ef0-a8f7-b089e32edd40","block_type":"box","text":"unsponsored American Depositary Receipts (“ADRs”), European Depositary Receipts (“EDRs”), Global","page_number":65,"box":{"x":117,"y":227,"width":769,"height":12}},{"id":"8b42e50c-69e2-49dc-bf30-bcc56347961f","block_type":"box","text":"Depositary Receipts (“GDRs”) and other similar global instruments. ADRs typically are issued by an","page_number":65,"box":{"x":117,"y":242,"width":743,"height":12}},{"id":"abe7499c-fca7-4476-822c-5779728ce151","block_type":"box","text":"American bank or trust company and evidence ownership of underlying securities issued by a foreign","page_number":65,"box":{"x":116,"y":258,"width":756,"height":12}},{"id":"57c7a7f8-d933-4945-b4da-7db72cc95eb0","block_type":"box","text":"corporation. EDRs, which are sometimes referred to as Continental Depositary Receipts, are receipts","page_number":65,"box":{"x":116,"y":273,"width":757,"height":12}},{"id":"3c21da3d-ba36-476f-868a-a27260ad8311","block_type":"box","text":"issued in Europe, typically by foreign banks and trust companies, that evidence ownership of either","page_number":65,"box":{"x":117,"y":289,"width":739,"height":12}},{"id":"6e640f2e-71e0-4807-9105-2be708303bf0","block_type":"box","text":"foreign or domestic underlying securities. GDRs are depositary receipts structured like global debt","page_number":65,"box":{"x":116,"y":304,"width":732,"height":12}},{"id":"63e8b325-b0cc-45b3-aef9-41b2174d824f","block_type":"box","text":"issues to facilitate trading on an international basis. In addition to investment risks associated with the","page_number":65,"box":{"x":117,"y":320,"width":758,"height":12}},{"id":"6e25eeb2-874b-4099-ac28-53bcb025cbdd","block_type":"box","text":"underlying issuer, Depositary Receipts expose a Fund to additional risks associated with the","page_number":65,"box":{"x":117,"y":335,"width":689,"height":12}},{"id":"6c6ee1ac-11d2-4740-974d-b4f835c851a6","block_type":"box","text":"non-uniform terms that apply to Depositary Receipt programs, credit exposure to the depository bank","page_number":65,"box":{"x":117,"y":351,"width":754,"height":12}},{"id":"c8753ccc-4c51-4b8c-9c49-a80db025c1c8","block_type":"box","text":"and to the sponsors and other parties with whom the depository bank establishes the programs,","page_number":65,"box":{"x":116,"y":366,"width":716,"height":12}},{"id":"ad8d300d-8c42-4e25-9f72-47457a06d034","block_type":"box","text":"currency risk and the risk of an illiquid market for Depositary Receipts. Unsponsored ADR, EDR and","page_number":65,"box":{"x":116,"y":382,"width":748,"height":12}},{"id":"cd9cf1ae-004c-4364-8c57-1df45d3ee955","block_type":"box","text":"GDR programs are organized independently and without the cooperation of the issuer of the underlying","page_number":65,"box":{"x":117,"y":397,"width":771,"height":12}},{"id":"d764a6ba-a024-460e-9ef3-8cea9fe55494","block_type":"box","text":"securities. Unsponsored programs generally expose investors to greater risks than sponsored","page_number":65,"box":{"x":116,"y":413,"width":701,"height":12}},{"id":"a9c38729-3400-438e-b24c-baff1c73590e","block_type":"box","text":"programs and do not provide holders with many of the shareholder benefits that come from investing in","page_number":65,"box":{"x":117,"y":428,"width":769,"height":12}},{"id":"92e0dfd8-8118-4d8a-97b4-805efe4ab6c3","block_type":"box","text":"a sponsored Depositary Receipt. Available information concerning the issuer may not be as current as","page_number":65,"box":{"x":116,"y":444,"width":764,"height":12}},{"id":"e5ecc93e-6f0c-48b8-8868-ea7c694cf929","block_type":"box","text":"for sponsored ADRs, EDRs and GDRs, and the prices of unsponsored ADRs, EDRs and GDRs may","page_number":65,"box":{"x":116,"y":459,"width":750,"height":12}},{"id":"3939419c-8f62-4ce2-8e6f-a7bb3a6341c5","block_type":"box","text":"be more volatile than if such instruments were sponsored by the issuer. Depositary Receipts are","page_number":65,"box":{"x":117,"y":475,"width":718,"height":12}},{"id":"9d4dbf62-89b8-409c-8df1-081e0156eecf","block_type":"box","text":"generally subject to the same risks as the foreign securities that they evidence or into which they may","page_number":65,"box":{"x":116,"y":490,"width":759,"height":12}},{"id":"38d36141-b0ac-4d39-afa1-4df266d28632","block_type":"box","text":"be converted. Investments in ADRs, EDRs and GDRs present additional investment considerations as","page_number":65,"box":{"x":117,"y":506,"width":763,"height":12}},{"id":"71eb60c1-17b1-42aa-9d39-fc99cb14d9bb","block_type":"box","text":"described under “Foreign Investment Risks.”","page_number":65,"box":{"x":116,"y":521,"width":336,"height":12}},{"id":"780e8120-395c-48a5-af92-67a53c76a571","block_type":"box","text":"Derivatives.","page_number":65,"box":{"x":116,"y":560,"width":99,"height":9}},{"id":"1a15fc0a-a54f-41f6-9c4f-f1ea4c79425d","block_type":"box","text":"General.","page_number":65,"box":{"x":117,"y":583,"width":68,"height":10}},{"id":"3a5fde77-c9f7-497c-968d-ff3676b17224","block_type":"box","text":"Each Fund may use instruments referred to as derivatives, which are financial instruments","page_number":65,"box":{"x":186,"y":583,"width":675,"height":12}},{"id":"e1f1885c-3ec3-4707-868d-33d91776dcff","block_type":"box","text":"that derive their value from one or more securities, commodities (such as gold or oil), currencies,","page_number":65,"box":{"x":116,"y":599,"width":722,"height":12}},{"id":"93e41613-b9bc-429d-a17d-1a7687432af7","block_type":"box","text":"interest rates, credit events or indices (a measure of value or rates, such as the S&P 500 Index or the","page_number":65,"box":{"x":117,"y":614,"width":758,"height":12}},{"id":"bd240665-6a87-4d13-8b02-3a1442a2e3a9","block_type":"box","text":"prime lending rate) or other reference asset. Derivatives may allow a Fund to increase or decrease the","page_number":65,"box":{"x":117,"y":630,"width":765,"height":12}},{"id":"724d1b48-9f20-48e5-aa13-71a725ce0fb5","block_type":"box","text":"level of risk to which the Fund is exposed more quickly and efficiently than with other transactions.","page_number":65,"box":{"x":117,"y":645,"width":732,"height":12}},{"id":"c2c047b4-835b-490f-b261-add9fe1a001d","block_type":"box","text":"Certain Funds may use derivatives to maintain a portion of their long and short positions. Unless","page_number":65,"box":{"x":117,"y":661,"width":714,"height":12}},{"id":"9ea082fe-4a9b-48b1-8b0d-b74315456b62","block_type":"box","text":"otherwise permitted, no Fund may use derivatives to gain exposure to an asset or asset class it is","page_number":65,"box":{"x":116,"y":676,"width":724,"height":12}},{"id":"73068e1b-aecc-4ae9-b989-5b243c4b49da","block_type":"box","text":"prohibited by its investment restrictions from purchasing directly. As described below, derivatives can","page_number":65,"box":{"x":117,"y":692,"width":748,"height":12}},{"id":"30503350-92bd-401d-8841-1b5b0e65b62a","block_type":"box","text":"be used for hedging or speculative purposes. Funds will engage in transaction-level payment netting,","page_number":65,"box":{"x":117,"y":707,"width":747,"height":12}},{"id":"e9c2bd4e-6d83-4ff0-954e-1f0605aedd66","block_type":"box","text":"i.e.","page_number":65,"box":{"x":116,"y":723,"width":20,"height":9}},{"id":"337ccc7e-5940-4231-99f6-dd55f473c22e","block_type":"box","text":", the payment obligations of derivatives contracts are netted against one another with the Fund","page_number":65,"box":{"x":140,"y":723,"width":701,"height":12}},{"id":"0861e052-78e8-4bff-902e-31c9c291d262","block_type":"box","text":"receiving or paying, as the case may be, only the net amount of the two payment streams.","page_number":65,"box":{"x":117,"y":738,"width":667,"height":12}},{"id":"babb3eba-f522-46f9-885e-6d345bd4d607","block_type":"box","text":"Hedging.","page_number":65,"box":{"x":116,"y":769,"width":65,"height":12}},{"id":"57486835-035c-498e-8405-adfb9e08ecf0","block_type":"box","text":"Each Fund may use derivatives for hedging purposes, in which a derivative is used to offset","page_number":65,"box":{"x":189,"y":769,"width":680,"height":12}},{"id":"71a53451-c509-42b3-a1af-4925d755f624","block_type":"box","text":"the risks associated with other Fund holdings. Losses on other investments may be substantially","page_number":65,"box":{"x":116,"y":785,"width":716,"height":12}},{"id":"4c42248b-d5e4-45b4-908b-a06a0508878c","block_type":"box","text":"reduced by gains on a derivative that reacts in an opposite manner to market movements. Although","page_number":65,"box":{"x":117,"y":800,"width":737,"height":12}},{"id":"187a7174-291b-421a-b43c-f310d3afd30f","block_type":"box","text":"hedging may reduce losses, it may also reduce or eliminate gains. In addition, hedging may cause","page_number":65,"box":{"x":117,"y":816,"width":728,"height":12}},{"id":"13ff6860-4a47-4072-ac13-1d243b40c141","block_type":"box","text":"losses if the market moves in an unanticipated manner, or if the cost of the derivative outweighs the","page_number":65,"box":{"x":117,"y":831,"width":744,"height":12}},{"id":"ecef39bb-87df-44c3-aee2-f0e4e172e8fe","block_type":"box","text":"benefit of the hedge. The effectiveness of hedging may be reduced by correlation risk,","page_number":65,"box":{"x":117,"y":847,"width":643,"height":12}},{"id":"bbf9e815-9633-4031-88fd-7362da032837","block_type":"box","text":"i.e.","page_number":65,"box":{"x":761,"y":847,"width":20,"height":9}},{"id":"dfa5c9ec-c93c-479e-a0de-0f4e915b87f8","block_type":"box","text":",","page_number":65,"box":{"x":784,"y":855,"width":2,"height":3}},{"id":"9675cad8-4113-4369-8634-0fc7ae0d97dd","block_type":"box","text":"the risk that","page_number":65,"box":{"x":793,"y":847,"width":91,"height":9}},{"id":"ab50dcb9-2ee2-4dc1-ae2f-6e48633864ae","block_type":"box","text":"changes in the value of the derivative will not match those of the holdings being hedged as expected","page_number":65,"box":{"x":116,"y":862,"width":751,"height":12}},{"id":"d14e5d9e-4a03-433b-84bd-34404ba90512","block_type":"box","text":"by a Fund, which may result in additional losses to the Fund. The inability to close or offset derivatives","page_number":65,"box":{"x":117,"y":878,"width":762,"height":12}},{"id":"508e1067-9364-474e-8802-8a3822bcf8af","block_type":"box","text":"II-16","page_number":65,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"0bb3a06a-c490-4fcc-b345-af3cee254987","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":65,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"226215bb-4ddd-4871-b353-9b20f2924e92","block_type":"box","text":"could also reduce the effectiveness of a Fund’s hedging. There is no assurance that a Fund’s hedging","page_number":66,"box":{"x":116,"y":87,"width":762,"height":12}},{"id":"1ed902b2-0631-4e49-af58-5fd7db43c398","block_type":"box","text":"will be effective. No Fund is required to use derivatives to hedge.","page_number":66,"box":{"x":116,"y":102,"width":486,"height":13}},{"id":"98f054ba-715e-41ec-8c9c-dc400b866135","block_type":"box","text":"Speculation.","page_number":66,"box":{"x":117,"y":131,"width":90,"height":12}},{"id":"352a6597-e919-47bd-92e5-6d148b3c87f2","block_type":"box","text":"Certain Funds may also use derivatives for speculative purposes to seek to enhance","page_number":66,"box":{"x":208,"y":131,"width":638,"height":12}},{"id":"29d68cc6-a5c7-41ed-b716-739bd5c64e89","block_type":"box","text":"returns. The use of a derivative is speculative if the Fund is primarily seeking to achieve gains, rather","page_number":66,"box":{"x":117,"y":146,"width":753,"height":12}},{"id":"f14ecd8b-c451-4ca8-ba89-9a64ac1650d6","block_type":"box","text":"than offset the risk of other positions. To the extent a Fund invests in a derivative for speculative","page_number":66,"box":{"x":116,"y":162,"width":719,"height":12}},{"id":"e27a2a29-0b25-45b9-a26f-c6f2d4c82538","block_type":"box","text":"purposes, the Fund will be fully exposed to the risks of loss of that derivative, which may sometimes be","page_number":66,"box":{"x":117,"y":177,"width":769,"height":12}},{"id":"0840bd99-d845-401d-b1b2-34ab5163ccc1","block_type":"box","text":"greater than the derivative’s cost, and the potential for loss in certain cases may be unlimited.","page_number":66,"box":{"x":116,"y":193,"width":699,"height":12}},{"id":"f9d5953e-20e8-4720-8012-955eef422d99","block_type":"box","text":"Regulation of Derivatives.","page_number":66,"box":{"x":116,"y":227,"width":196,"height":12}},{"id":"6f7bf9fa-7d85-4a6b-be9c-a16499691a5d","block_type":"box","text":"Rule 18f-4 Under the Investment Company Act.","page_number":66,"box":{"x":116,"y":249,"width":352,"height":12}},{"id":"66106a1b-e42c-44ee-9346-ee8f8abcd095","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits","page_number":66,"box":{"x":469,"y":249,"width":416,"height":12}},{"id":"0d5b60fd-7433-4f03-a117-fcdc38c5d688","block_type":"box","text":"a Fund to enter into Derivatives Transactions (as defined below) and certain other transactions","page_number":66,"box":{"x":116,"y":265,"width":708,"height":12}},{"id":"366bec1c-30cf-44a3-a8c1-08bb7ea5f8d7","block_type":"box","text":"notwithstanding the restrictions on the issuance of “senior securities” under Section 18 of the","page_number":66,"box":{"x":117,"y":280,"width":692,"height":12}},{"id":"79398e0b-06ca-4376-9514-9c8b07880c19","block_type":"box","text":"Investment Company Act. Section 18 of the Investment Company Act, among other things, prohibits","page_number":66,"box":{"x":117,"y":296,"width":747,"height":12}},{"id":"c3ce7939-a311-4c1d-b177-0b95f50cbce4","block_type":"box","text":"open-end funds, including the Funds, from issuing or selling any “senior security,” other than borrowing","page_number":66,"box":{"x":116,"y":311,"width":769,"height":12}},{"id":"60379dcb-9c9f-4e8b-a646-6b22b8e5bec0","block_type":"box","text":"from a bank (subject to a requirement to maintain 300% “asset coverage”).","page_number":66,"box":{"x":116,"y":327,"width":560,"height":12}},{"id":"4c297b6d-a3eb-44fd-98c4-a80d46c3156f","block_type":"box","text":"Under Rule 18f-4, “Derivatives Transactions” include the following: (1) any swap, security-based swap","page_number":66,"box":{"x":117,"y":355,"width":761,"height":12}},{"id":"657a6713-10e5-424b-a863-9104d6c8dfc1","block_type":"box","text":"(including a contract for differences), futures contract, forward contract, option (excluding purchased","page_number":66,"box":{"x":117,"y":370,"width":747,"height":13}},{"id":"3de859a7-7809-4fc0-959f-c8657bea70fe","block_type":"box","text":"options), any combination of the foregoing, or any similar instrument, under which a Fund is or may be","page_number":66,"box":{"x":116,"y":386,"width":764,"height":12}},{"id":"6066aadf-2623-4a47-a6ee-bc0228f1ba46","block_type":"box","text":"required to make any payment or delivery of cash or other assets during the life of the instrument or at","page_number":66,"box":{"x":117,"y":401,"width":763,"height":13}},{"id":"68bf846e-f920-4a36-8b74-e6a4da7fb7cd","block_type":"box","text":"maturity or early termination, whether as margin or settlement payment or otherwise; (2) any short sale","page_number":66,"box":{"x":117,"y":417,"width":767,"height":12}},{"id":"ece71cb0-f353-47ac-a6d8-33968d5a586c","block_type":"box","text":"borrowing; (3) reverse repurchase agreements and similar financing transactions (e.g., recourse and","page_number":66,"box":{"x":117,"y":432,"width":750,"height":13}},{"id":"a60db019-7a36-417a-9d39-a1e681e0c5c0","block_type":"box","text":"non-recourse tender option bonds, and borrowed bonds), if a Fund elects to treat all of these","page_number":66,"box":{"x":117,"y":448,"width":691,"height":12}},{"id":"4a9bc6bd-f16a-44a5-bccf-1719ec9843a1","block_type":"box","text":"transactions as Derivatives Transactions under Rule 18f-4; and (4) when-issued or forward-settling","page_number":66,"box":{"x":116,"y":463,"width":738,"height":13}},{"id":"d56d90f3-3e24-4954-a4df-d1618f2525b4","block_type":"box","text":"securities (e.g., firm and standby commitments, including to-be-announced (“TBA”) commitments, and","page_number":66,"box":{"x":116,"y":479,"width":763,"height":12}},{"id":"482ebe74-8e71-4831-b6f4-456761029e88","block_type":"box","text":"dollar rolls) and non-standard settlement cycle securities, unless such transactions meet the Delayed","page_number":66,"box":{"x":116,"y":494,"width":755,"height":13}},{"id":"95d82749-d762-4118-8c09-1eb8df58af1f","block_type":"box","text":"Settlement Securities Provision (as defined below under “—When-Issued Securities, Delayed Delivery","page_number":66,"box":{"x":116,"y":510,"width":763,"height":12}},{"id":"19ae8786-d96e-493d-902b-59a926ad44d7","block_type":"box","text":"Securities and Forward Commitments”).","page_number":66,"box":{"x":116,"y":525,"width":302,"height":13}},{"id":"18eb7445-da88-434e-bb00-44e67dfad42e","block_type":"box","text":"Unless a Fund is relying on the Limited Derivatives User Exception (as defined below), the Fund must","page_number":66,"box":{"x":117,"y":554,"width":759,"height":12}},{"id":"5bd49f0c-4712-4296-ab3a-c85879142e31","block_type":"box","text":"comply with Rule 18f-4 with respect to its Derivatives Transactions. Rule 18f-4, among other things,","page_number":66,"box":{"x":116,"y":569,"width":744,"height":12}},{"id":"e67bf69d-ed01-4277-bdb2-169b9b16fc14","block_type":"box","text":"requires a Fund to adopt and implement a comprehensive written derivatives risk management","page_number":66,"box":{"x":117,"y":585,"width":708,"height":12}},{"id":"cf435a5f-ab6d-4e6e-96ed-da87c19e23e2","block_type":"box","text":"program (“DRMP”) and comply with a relative or absolute limit on Fund leverage risk calculated based","page_number":66,"box":{"x":117,"y":600,"width":761,"height":12}},{"id":"7564b41c-57e8-42f8-9104-5b0228524e67","block_type":"box","text":"on value-at-risk (“VaR”). The DRMP is administered by a “derivatives risk manager,” who is appointed","page_number":66,"box":{"x":116,"y":616,"width":760,"height":12}},{"id":"b84ec5f7-3376-4039-a46c-cc2640f9a333","block_type":"box","text":"by the Fund’s Board, including a majority of the independent Directors, and periodically reviews the","page_number":66,"box":{"x":117,"y":631,"width":739,"height":12}},{"id":"df4ed62c-5b18-469d-ad55-c5ff0685b62b","block_type":"box","text":"DRMP and reports to the Fund’s Board.","page_number":66,"box":{"x":117,"y":647,"width":299,"height":12}},{"id":"8611a8b9-d4b0-455c-aada-1d7471d85566","block_type":"box","text":"Rule 18f-4 provides an exception from the DRMP, VaR limit and certain other requirements if a Fund’s","page_number":66,"box":{"x":117,"y":675,"width":758,"height":12}},{"id":"e2db0529-c1d5-44b6-b5a8-40bfd61d3a33","block_type":"box","text":"“derivatives exposure” is limited to 10% of its net assets (as calculated in accordance with Rule 18f-4)","page_number":66,"box":{"x":116,"y":690,"width":754,"height":13}},{"id":"e1669f02-d700-43a9-8168-85a8afdf9cca","block_type":"box","text":"and the Fund adopts and implements written policies and procedures reasonably designed to manage","page_number":66,"box":{"x":116,"y":706,"width":758,"height":12}},{"id":"3626fc00-9ea7-40f6-82ae-822853e4296c","block_type":"box","text":"its derivatives risks (the “Limited Derivatives User Exception”).","page_number":66,"box":{"x":117,"y":721,"width":459,"height":13}},{"id":"550bbf3e-02ea-485d-9b6e-8d7d82332243","block_type":"box","text":"Dodd-Frank Regulations","page_number":66,"box":{"x":116,"y":756,"width":182,"height":12}},{"id":"e6158c1a-c3a2-4d71-8813-89cc4ed14f1f","block_type":"box","text":". The Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd","page_number":66,"box":{"x":299,"y":756,"width":564,"height":12}},{"id":"477370d6-565b-4262-869c-c2834f0fad24","block_type":"box","text":"Frank”), enacted in July 2010, includes provisions that comprehensively regulate the over-the-counter","page_number":66,"box":{"x":117,"y":772,"width":754,"height":12}},{"id":"d74c57b5-d46f-4db2-bf90-0f45aa14b21f","block_type":"box","text":"(“OTC”) derivatives markets for the first time. While the Commodity Futures Trading Commission","page_number":66,"box":{"x":117,"y":787,"width":716,"height":12}},{"id":"14e37f24-4075-4dd1-b2c7-2f136e12a25e","block_type":"box","text":"(“CFTC”) and other U.S. regulators have adopted many of the required Dodd-Frank regulations, certain","page_number":66,"box":{"x":117,"y":803,"width":764,"height":12}},{"id":"78dd81f5-2751-46a8-ac5a-d1577ecae6ff","block_type":"box","text":"regulations have only recently become effective and other regulations remain to be adopted. The full","page_number":66,"box":{"x":117,"y":818,"width":743,"height":12}},{"id":"826f8859-888a-4c2d-8c26-21b8202d2d69","block_type":"box","text":"impact of Dodd-Frank on the Funds remains uncertain.","page_number":66,"box":{"x":117,"y":834,"width":411,"height":12}},{"id":"9c953293-678d-48e5-ab42-99ed2a9e0251","block_type":"box","text":"Many OTC derivatives dealers are required to register with the CFTC as “swap dealers” and/or with the","page_number":66,"box":{"x":117,"y":862,"width":770,"height":12}},{"id":"5246dc9b-2a8d-4083-9a59-adc51f8cb001","block_type":"box","text":"SEC as “security-based swap dealers”. Registered swap dealers and security-based swap dealers are","page_number":66,"box":{"x":116,"y":877,"width":765,"height":12}},{"id":"81711ba9-931f-4733-81a0-a458903b1ba1","block_type":"box","text":"II-17","page_number":66,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"fdcb97a8-5766-4619-86e8-686d4b253daf","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":66,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"c335ac43-2f64-425d-8a6a-637edd320da0","block_type":"box","text":"subject to various regulatory requirements, including, but not limited to, margin, recordkeeping,","page_number":67,"box":{"x":116,"y":87,"width":708,"height":12}},{"id":"f8b95bb1-215f-42c0-95d5-c63074b6e75e","block_type":"box","text":"reporting, transparency, position limits, limitations on conflicts of interest, business conduct standards,","page_number":67,"box":{"x":117,"y":102,"width":761,"height":13}},{"id":"0a9103e4-056d-40a1-9487-48ac1ef93725","block_type":"box","text":"minimum capital requirements and other regulatory requirements, which indirectly impact the Funds","page_number":67,"box":{"x":117,"y":118,"width":743,"height":12}},{"id":"b614c54a-1bb8-4ed8-ac89-4b1ea65ee19b","block_type":"box","text":"that enter into transactions with them.","page_number":67,"box":{"x":116,"y":134,"width":284,"height":9}},{"id":"fe280197-e602-4c17-819c-9c4ba2b180de","block_type":"box","text":"The CFTC requires that certain interest rate swaps and certain credit default swaps must be executed","page_number":67,"box":{"x":116,"y":165,"width":761,"height":11}},{"id":"c11612dd-0b45-4c10-91ce-9bda40003e8d","block_type":"box","text":"in regulated markets and be submitted for clearing to regulated clearinghouses. The SEC is also","page_number":67,"box":{"x":117,"y":180,"width":719,"height":12}},{"id":"efdaf571-26c9-47d0-a9d0-7615ce884a1a","block_type":"box","text":"expected to impose similar requirements on certain security-based derivatives in the future. OTC","page_number":67,"box":{"x":116,"y":196,"width":723,"height":12}},{"id":"81358979-3525-4adf-bcca-9c244b2684a5","block_type":"box","text":"derivatives trades submitted for clearing are subject to minimum initial and variation margin","page_number":67,"box":{"x":116,"y":211,"width":681,"height":12}},{"id":"5a5fb5b4-7412-4f01-85f3-1f4d9460a21f","block_type":"box","text":"requirements set by the relevant clearinghouse, as well as margin requirements mandated by the","page_number":67,"box":{"x":117,"y":227,"width":726,"height":12}},{"id":"913f5581-34e5-4fc1-839b-5f7b651a9fe0","block_type":"box","text":"CFTC, SEC and/or federal prudential regulators. In addition, futures commission merchants (“FCMs”),","page_number":67,"box":{"x":117,"y":242,"width":760,"height":12}},{"id":"e7b44bc0-3c04-465e-af4c-c8f551989697","block_type":"box","text":"who act as clearing members on behalf of customers for cleared OTC derivatives and futures","page_number":67,"box":{"x":116,"y":258,"width":697,"height":12}},{"id":"5fc3b0fc-0941-439d-b6f1-c9c2dcb09b0c","block_type":"box","text":"contracts, also have discretion to increase a Fund’s margin requirements for these transactions beyond","page_number":67,"box":{"x":116,"y":273,"width":772,"height":12}},{"id":"caacbb3e-7df2-4967-aebb-c3479249c908","block_type":"box","text":"any regulatory and clearinghouse minimums subject to any restrictions on such discretion in the","page_number":67,"box":{"x":116,"y":289,"width":715,"height":12}},{"id":"df2e30c4-1457-4b28-abec-f3804d2c93c7","block_type":"box","text":"documentation between the FCM and the customer. These regulatory requirements may make it more","page_number":67,"box":{"x":116,"y":304,"width":764,"height":12}},{"id":"3a9cd35c-70ef-46b9-8c9f-606dd834ced8","block_type":"box","text":"difficult and costly for the Funds to enter into highly tailored or customized transactions, potentially","page_number":67,"box":{"x":116,"y":320,"width":733,"height":12}},{"id":"ce255f3c-5d0c-4e09-bc57-0ec9806d5933","block_type":"box","text":"rendering certain investment strategies impossible or not economically feasible. If a Fund decides to","page_number":67,"box":{"x":117,"y":335,"width":747,"height":12}},{"id":"eda0415a-c811-4f73-ad57-b1bf6980b631","block_type":"box","text":"execute and clear cleared OTC derivatives and/or futures contracts through execution facilities,","page_number":67,"box":{"x":116,"y":351,"width":712,"height":12}},{"id":"4c69c662-b352-40cc-a825-9b2779c0a663","block_type":"box","text":"exchanges or clearinghouses, either indirectly through an executing broker, clearing member FCM or","page_number":67,"box":{"x":116,"y":366,"width":756,"height":12}},{"id":"f08275f2-296f-49c3-9f35-418324b33058","block_type":"box","text":"as a direct member, a Fund would be required to comply with the rules of the execution facility,","page_number":67,"box":{"x":116,"y":382,"width":709,"height":12}},{"id":"c02cc632-f9fe-48b9-9d42-dc4dd6a3b6ce","block_type":"box","text":"exchange or clearinghouse and other applicable law.","page_number":67,"box":{"x":116,"y":397,"width":397,"height":12}},{"id":"c4694731-d834-44c6-8fff-db2d9d86965c","block_type":"box","text":"With respect to cleared OTC derivatives and futures contracts and options on futures, a Fund will not","page_number":67,"box":{"x":116,"y":428,"width":753,"height":12}},{"id":"5212ab8a-2a8e-468b-acfd-3093f2728dbd","block_type":"box","text":"face a clearinghouse directly but rather will do so through a FCM that is registered with the CFTC and/","page_number":67,"box":{"x":116,"y":444,"width":759,"height":12}},{"id":"60dad4ff-d52e-4c12-8dcb-7b646bcea729","block_type":"box","text":"or SEC and that acts as a clearing member. A Fund may face the indirect risk of the failure of another","page_number":67,"box":{"x":116,"y":459,"width":759,"height":12}},{"id":"44ea6b72-0ba7-4885-9c5a-85aa80b40531","block_type":"box","text":"clearing member customer to meet its obligations to its clearing member. Such scenario could arise","page_number":67,"box":{"x":116,"y":475,"width":744,"height":12}},{"id":"47466d34-21b3-4e2c-b4c5-371900035e3b","block_type":"box","text":"due to a default by the clearing member on its obligations to the clearinghouse simultaneously with a","page_number":67,"box":{"x":116,"y":490,"width":752,"height":12}},{"id":"0c0bf874-01bc-462f-bd95-1a95380aea79","block_type":"box","text":"customer’s failure to meet its obligations to the clearing member.","page_number":67,"box":{"x":116,"y":506,"width":485,"height":12}},{"id":"1fdbb701-f84f-4627-8a75-7f07f4275a40","block_type":"box","text":"Clearing member FCMs are required to post initial margin to the clearinghouses through which they","page_number":67,"box":{"x":117,"y":537,"width":742,"height":12}},{"id":"784d5f26-166f-490f-809d-bb513611a033","block_type":"box","text":"clear their customers’ cleared OTC derivatives and futures contracts, instead of using such initial","page_number":67,"box":{"x":116,"y":552,"width":722,"height":12}},{"id":"f47abb40-81f0-4d4f-b12c-27accfe00567","block_type":"box","text":"margin in their businesses, as was widely permitted for OTC derivatives before Dodd-Frank. While an","page_number":67,"box":{"x":117,"y":568,"width":757,"height":12}},{"id":"1caaffb1-85c1-4311-a229-f6b18924fcf0","block_type":"box","text":"FCM may require its customer to post initial margin in excess of clearinghouse requirements, and","page_number":67,"box":{"x":117,"y":583,"width":727,"height":12}},{"id":"b6090e22-7308-43e3-9a31-1a3eebcfcf04","block_type":"box","text":"certain clearinghouses may share a portion of their earnings on initial margin with their clearing","page_number":67,"box":{"x":116,"y":599,"width":710,"height":12}},{"id":"4e9fc170-1d7f-4e16-934f-bd95b71f81c8","block_type":"box","text":"members, some portion of the initial margin that is passed through to the clearinghouse does not","page_number":67,"box":{"x":117,"y":614,"width":722,"height":12}},{"id":"fe2d6730-6ed2-462b-aeb4-af4f8e962a5a","block_type":"box","text":"generate earnings for the FCM. The inability of FCMs to earn the same levels of returns on initial","page_number":67,"box":{"x":116,"y":630,"width":722,"height":12}},{"id":"b7ee9ea4-e4f3-4226-ab82-25fa962102b0","block_type":"box","text":"margin for cleared OTC derivatives as they could earn with respect to non-cleared OTC derivatives","page_number":67,"box":{"x":117,"y":645,"width":739,"height":12}},{"id":"236f93a2-3479-49f4-8e93-88693295419a","block_type":"box","text":"may cause FCMs to charge higher fees, or provide less favorable pricing on cleared OTC derivatives","page_number":67,"box":{"x":117,"y":661,"width":747,"height":12}},{"id":"d623ab7a-c5e2-41bb-8230-d3680ee45741","block_type":"box","text":"than swap dealers will provide for non-cleared OTC derivatives. Furthermore, customers, including the","page_number":67,"box":{"x":116,"y":676,"width":760,"height":12}},{"id":"b8c8963c-bc07-4284-82c7-018a1bdee18a","block_type":"box","text":"Funds, are subject to additional fees payable to FCMs with respect to cleared OTC derivatives, which","page_number":67,"box":{"x":117,"y":692,"width":751,"height":12}},{"id":"72b717c0-f4fc-4e64-87af-d8fb1383da37","block_type":"box","text":"may raise the cost to Funds of clearing as compared to trading non-cleared OTC derivatives bilaterally.","page_number":67,"box":{"x":117,"y":707,"width":763,"height":12}},{"id":"4fcc8379-96c7-4494-bd18-142e61eb65f7","block_type":"box","text":"With respect to uncleared swaps, registered swap dealers and security-based swap dealers are","page_number":67,"box":{"x":116,"y":738,"width":710,"height":12}},{"id":"f4eadde0-1504-4f09-b39e-1a194fe134e7","block_type":"box","text":"required to exchange variation margin with a Fund and may be required by applicable regulations to","page_number":67,"box":{"x":117,"y":754,"width":740,"height":12}},{"id":"32222287-0a2b-4353-9f1a-40f88212c1a2","block_type":"box","text":"collect (and in some cases exchange) initial margin with a Fund. Both initial and variation margin may","page_number":67,"box":{"x":116,"y":769,"width":752,"height":12}},{"id":"4dd21610-7a0a-4c93-a755-0375fe21c7f8","block_type":"box","text":"be comprised of cash and/or securities, subject to applicable regulatory haircuts and other restrictions.","page_number":67,"box":{"x":117,"y":785,"width":757,"height":12}},{"id":"f98df1b2-f4b9-489f-9320-76c342b26e79","block_type":"box","text":"Shares of investment companies (other than certain money market funds) may not be posted as","page_number":67,"box":{"x":116,"y":800,"width":713,"height":12}},{"id":"83ff2473-e29b-4edb-8611-a2f64ce08886","block_type":"box","text":"collateral under applicable regulations.","page_number":67,"box":{"x":116,"y":816,"width":285,"height":12}},{"id":"35292e56-1742-4f4a-973f-4b2c337f4410","block_type":"box","text":"The CFTC, certain foreign regulators, and many futures exchanges have established (and continue to","page_number":67,"box":{"x":116,"y":847,"width":760,"height":12}},{"id":"6ab9b24b-4972-47c0-a8fa-633a75db6764","block_type":"box","text":"evaluate and monitor) speculative position limits (“position limits”) on the maximum speculative position","page_number":67,"box":{"x":116,"y":862,"width":771,"height":12}},{"id":"d3f95650-6c00-40d9-9b8a-98ed4245f392","block_type":"box","text":"which any person, or group of persons acting in concert, may hold or control in particular contracts. In","page_number":67,"box":{"x":116,"y":878,"width":759,"height":12}},{"id":"1c12bd7a-fd8b-421f-8a6e-493bed245f3e","block_type":"box","text":"II-18","page_number":67,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"4097f4d3-142f-4d22-b22d-cb38612834b1","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":67,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"9312be97-76eb-46eb-ba87-29a3f63b15df","block_type":"box","text":"addition, U.S. federal position limits apply to swaps that are economically equivalent to futures","page_number":68,"box":{"x":116,"y":87,"width":703,"height":12}},{"id":"81797477-85a7-4303-8b98-43133d460fb8","block_type":"box","text":"contracts on certain agricultural, metals and energy commodities. All positions owned or controlled by","page_number":68,"box":{"x":116,"y":103,"width":758,"height":12}},{"id":"a81015bf-e49f-479a-b2e4-2bf1de9bcbad","block_type":"box","text":"the same person or entity, even if in different accounts, must be aggregated for purposes of complying","page_number":68,"box":{"x":116,"y":118,"width":766,"height":12}},{"id":"b51c7aca-1e8e-4596-b20f-1d66e85bdadc","block_type":"box","text":"with the speculative limits. Thus, even if a Fund does not intend to exceed applicable position limits, it","page_number":68,"box":{"x":116,"y":134,"width":758,"height":11}},{"id":"9e25c43b-41ed-485b-b2fe-286181177a73","block_type":"box","text":"is possible that different clients managed by the Manager and its affiliates may be aggregated for this","page_number":68,"box":{"x":117,"y":149,"width":755,"height":12}},{"id":"f3e97981-7c3f-4394-a280-5e5122ebd033","block_type":"box","text":"purpose. Therefore, the trading decisions of the Manager may have to be modified and positions held","page_number":68,"box":{"x":117,"y":165,"width":757,"height":12}},{"id":"7d1c38f9-880b-4e2f-a117-a627c85bd2f2","block_type":"box","text":"by a Fund liquidated in order to avoid exceeding such limits. The modification of investment decisions","page_number":68,"box":{"x":117,"y":180,"width":757,"height":12}},{"id":"fabb2e5f-6d7e-438b-abbd-08f25878f512","block_type":"box","text":"or the elimination of open positions, if it occurs, may adversely affect the profitability of a Fund. A","page_number":68,"box":{"x":116,"y":196,"width":723,"height":12}},{"id":"40043683-ed31-4749-8f3a-2fa5a7c8b037","block_type":"box","text":"violation of position limits could also lead to regulatory action materially adverse to a Fund’s investment","page_number":68,"box":{"x":116,"y":211,"width":770,"height":12}},{"id":"ccef00b1-5e8d-4c56-95a3-155288675209","block_type":"box","text":"strategy. A Fund may also be affected by other regimes, including those of the European Union and","page_number":68,"box":{"x":116,"y":227,"width":746,"height":12}},{"id":"04804a8b-e410-488a-bd59-74d9ce39c8b6","block_type":"box","text":"United Kingdom, and trading venues that impose position limits on commodity derivative contracts.","page_number":68,"box":{"x":117,"y":242,"width":737,"height":12}},{"id":"c45afe06-e022-4f93-a288-acd8db2556e1","block_type":"box","text":"Additional Regulation of Derivatives.","page_number":68,"box":{"x":115,"y":273,"width":269,"height":12}},{"id":"8adea6b0-4fb7-4e37-9a82-c14af40a8e84","block_type":"box","text":"Regulatory bodies outside the U.S. have also passed, proposed,","page_number":68,"box":{"x":386,"y":273,"width":489,"height":12}},{"id":"ec07c79d-33a5-4e30-8e52-0eac8e67b2e4","block_type":"box","text":"or may propose in the future, legislation similar to Dodd-Frank or other legislation that could increase","page_number":68,"box":{"x":116,"y":289,"width":753,"height":12}},{"id":"47746d86-4817-4d38-b467-66b075b09573","block_type":"box","text":"the costs of participating in, or otherwise adversely impact the liquidity of, participating in the","page_number":68,"box":{"x":116,"y":304,"width":689,"height":12}},{"id":"414d1cd8-ea4d-4c37-b29d-7e55d06b7e03","block_type":"box","text":"commodities markets. For example, the European Market Infrastructure Regulation (Regulation (EU)","page_number":68,"box":{"x":116,"y":320,"width":752,"height":12}},{"id":"dc3cd06b-99f4-45ae-bced-97b376a0dba6","block_type":"box","text":"No 648/2012) (“EMIR”) introduced certain requirements in respect of OTC derivatives including:(i) the","page_number":68,"box":{"x":117,"y":335,"width":757,"height":12}},{"id":"7cda782a-9a69-4352-a4ce-e45825330537","block_type":"box","text":"mandatory clearing of OTC derivative contracts declared subject to the clearing obligation; (ii) risk","page_number":68,"box":{"x":117,"y":351,"width":728,"height":12}},{"id":"b97217a6-fb2d-450b-b132-56a7ee3334a8","block_type":"box","text":"mitigation techniques in respect of uncleared OTC derivative contracts, including the mandatory","page_number":68,"box":{"x":117,"y":366,"width":714,"height":12}},{"id":"82d63832-aa54-424d-ba3c-06acfa0d8ab2","block_type":"box","text":"margining of uncleared OTC derivative contracts; and (iii) reporting and recordkeeping requirements in","page_number":68,"box":{"x":117,"y":382,"width":765,"height":12}},{"id":"7f7dd37d-a087-4b8d-a8fc-9f66b86c03f0","block_type":"box","text":"respect of all derivatives contracts. By way of further example, the European Union Markets in","page_number":68,"box":{"x":117,"y":397,"width":703,"height":12}},{"id":"cf1e0206-8964-446f-84a5-2f1c34b1cb3c","block_type":"box","text":"Financial Instruments Directive (Directive 2014/65/EU) and Markets in Financial Instruments","page_number":68,"box":{"x":117,"y":413,"width":688,"height":12}},{"id":"e5a7ce22-7c3c-4ab7-a821-1820f7ddebfe","block_type":"box","text":"Regulation (Regulation (EU) No 600/2014) (together “MiFID II”), which have applied since January 3,","page_number":68,"box":{"x":117,"y":428,"width":753,"height":12}},{"id":"c0e8d504-42e5-4776-a8cb-c4ab4ad0325c","block_type":"box","text":"2018, govern the provision of investment services and activities in relation to, as well as the organized","page_number":68,"box":{"x":116,"y":444,"width":762,"height":12}},{"id":"7a8faa73-aa1c-4974-9d31-f41fb796be44","block_type":"box","text":"trading of, financial instruments such as shares, bonds, units in collective investment schemes and","page_number":68,"box":{"x":116,"y":459,"width":738,"height":12}},{"id":"18465efe-82c3-449e-992e-330a97b1a297","block_type":"box","text":"derivatives. In particular, MiFID II requires European Union Member States to apply position limits to","page_number":68,"box":{"x":116,"y":475,"width":749,"height":12}},{"id":"5a16d1e5-630a-41a2-8cb4-b7bcd7ffa1de","block_type":"box","text":"the size of a net position a person can hold at any time in commodity derivatives traded on European","page_number":68,"box":{"x":116,"y":490,"width":754,"height":12}},{"id":"85f655d5-1b7e-4282-bc73-e5619739bf84","block_type":"box","text":"Union trading venues and in “economically equivalent” OTC contracts. If the requirements of EMIR and","page_number":68,"box":{"x":117,"y":506,"width":769,"height":12}},{"id":"baf8a037-b6d6-48ed-b0c7-3603c335f41e","block_type":"box","text":"MiFID II apply, the cost of derivatives transactions is expected to increase.","page_number":68,"box":{"x":117,"y":521,"width":557,"height":12}},{"id":"a61f7c71-a12f-4e52-a197-b603f6246997","block_type":"box","text":"In addition, regulations adopted by global prudential regulators that are now in effect require certain","page_number":68,"box":{"x":117,"y":552,"width":742,"height":12}},{"id":"10eb1e18-d64d-459c-b525-3babcc3417ea","block_type":"box","text":"prudentially regulated entities and certain of their affiliates and subsidiaries (including swap dealers) to","page_number":68,"box":{"x":117,"y":568,"width":764,"height":12}},{"id":"4777a544-0c99-4435-9470-4726b7e6929e","block_type":"box","text":"include in their derivatives contracts and certain other financial contracts, terms that delay or restrict","page_number":68,"box":{"x":117,"y":583,"width":745,"height":12}},{"id":"fcffe175-3488-47ca-b48a-ee10e72aab68","block_type":"box","text":"the rights of counterparties (such as the Funds) to terminate such contracts, foreclose upon collateral,","page_number":68,"box":{"x":116,"y":599,"width":761,"height":12}},{"id":"582c47be-b6ea-4577-a762-8aabd11bf2e5","block_type":"box","text":"exercise other default rights or restrict transfers of credit support in the event that the prudentially","page_number":68,"box":{"x":116,"y":614,"width":725,"height":12}},{"id":"d42c37f2-b7b0-452c-9e4b-a41f75d676b6","block_type":"box","text":"regulated entity and/or its affiliates are subject to certain types of resolution or insolvency proceedings.","page_number":68,"box":{"x":117,"y":630,"width":765,"height":12}},{"id":"eab07249-e502-428c-acfd-7e0c6f861375","block_type":"box","text":"Similar regulations and laws have been adopted in non-U.S. jurisdictions that may apply to a Fund’s","page_number":68,"box":{"x":116,"y":645,"width":746,"height":12}},{"id":"07d3c5d2-d9aa-44af-9b9f-8dc216728d7a","block_type":"box","text":"counterparties located in those jurisdictions. In particular, in the United Kingdom and the European","page_number":68,"box":{"x":116,"y":661,"width":731,"height":12}},{"id":"c1924aaa-ed1a-4f11-89a9-a41f9da186aa","block_type":"box","text":"Union, governmental authorities could reduce, eliminate or convert to equity the liabilities to a Fund of","page_number":68,"box":{"x":117,"y":676,"width":753,"height":12}},{"id":"a531dba4-fad1-44e5-8751-c95cde1747c9","block_type":"box","text":"a counterparty experiencing financial difficulties (sometimes referred to as a “bail in”). It is possible that","page_number":68,"box":{"x":116,"y":692,"width":763,"height":12}},{"id":"a71f58d0-0891-4380-8c56-a38b2ea7d143","block_type":"box","text":"these requirements, as well as potential additional related government regulation, could adversely","page_number":68,"box":{"x":116,"y":707,"width":726,"height":12}},{"id":"844a0652-e92d-4433-b355-0525865b1e69","block_type":"box","text":"affect a Fund’s ability to terminate existing derivatives contracts, exercise default rights or satisfy","page_number":68,"box":{"x":116,"y":723,"width":716,"height":12}},{"id":"615581e8-550e-4d74-ae5f-80414d4d4c67","block_type":"box","text":"obligations owed to it with collateral received under such contracts.","page_number":68,"box":{"x":116,"y":738,"width":496,"height":12}},{"id":"fb2a2d09-8cb6-4409-a394-2b46e6363310","block_type":"box","text":"Risk Factors in Derivatives.","page_number":68,"box":{"x":116,"y":777,"width":202,"height":9}},{"id":"04fe30fc-fd04-4f32-b704-2d000f764744","block_type":"box","text":"There are significant risks that apply generally to derivatives transactions, including:","page_number":68,"box":{"x":116,"y":808,"width":620,"height":12}},{"id":"053ed641-33a3-4827-b529-9b45f71ce619","block_type":"box","text":"Correlation Risk —","page_number":68,"box":{"x":117,"y":831,"width":123,"height":10}},{"id":"b2744fc5-cef5-4c9e-b915-dc95e25dbe44","block_type":"box","text":"— the risk that changes in the value of a derivative will not match the changes in the","page_number":68,"box":{"x":240,"y":831,"width":631,"height":12}},{"id":"6175a008-1958-4161-b799-198793f814a6","block_type":"box","text":"value of the portfolio holdings that are being hedged or of the particular market or security to which the","page_number":68,"box":{"x":116,"y":847,"width":765,"height":12}},{"id":"3b189512-bf0e-4270-952d-5b6fea1eb0a9","block_type":"box","text":"Fund seeks exposure. There are a number of factors which may prevent a derivative instrument from","page_number":68,"box":{"x":117,"y":862,"width":754,"height":12}},{"id":"fe9c2992-bd18-4d8a-8118-dea68cde824c","block_type":"box","text":"achieving the desired correlation (or inverse correlation) with an underlying asset, rate or index, such","page_number":68,"box":{"x":116,"y":878,"width":753,"height":12}},{"id":"0dc4c7cb-cdf9-41d3-88c8-e53ba7aaae80","block_type":"box","text":"II-19","page_number":68,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"a08e7ef9-58af-480c-8645-26d845999d8c","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":68,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"859e8d03-da41-4402-bd84-80c573fa43c4","block_type":"box","text":"as the impact of fees, expenses and transaction costs, the timing of pricing, and disruptions or illiquidity","page_number":69,"box":{"x":116,"y":87,"width":772,"height":12}},{"id":"2e049e00-c63c-47f9-86bc-4667d871c675","block_type":"box","text":"in the markets for such derivative instrument.","page_number":69,"box":{"x":117,"y":102,"width":338,"height":10}},{"id":"2cabc4e0-b5b0-4848-a3bb-15059c72b5fd","block_type":"box","text":"Counterparty Risk —","page_number":69,"box":{"x":117,"y":134,"width":138,"height":12}},{"id":"5c8631b5-4b73-4259-9b5c-6351c981c908","block_type":"box","text":"—","page_number":69,"box":{"x":255,"y":139,"width":22,"height":4}},{"id":"e14a139d-f226-403c-a4a3-5b14b1220d62","block_type":"box","text":"the risk that a derivatives transaction counterparty will be unable or unwilling to","page_number":69,"box":{"x":277,"y":134,"width":590,"height":12}},{"id":"25ca67d3-f612-4aef-9011-c277f163d064","block_type":"box","text":"make payments or otherwise honor its obligations to a Fund and the related risks of having","page_number":69,"box":{"x":117,"y":149,"width":678,"height":12}},{"id":"ee2a694e-ec01-4dae-97c5-46036c7e40f8","block_type":"box","text":"concentrated exposure to such a counterparty. In particular, derivatives traded in OTC markets often","page_number":69,"box":{"x":116,"y":165,"width":751,"height":12}},{"id":"1e38f880-b489-4e9e-aee0-ac7d0207f8c3","block_type":"box","text":"are not guaranteed by an exchange or clearing corporation and often do not require payment of","page_number":69,"box":{"x":116,"y":180,"width":714,"height":12}},{"id":"a665af75-92e9-443e-9374-ed2d1d39a5d8","block_type":"box","text":"margin, and to the extent that the Fund has unrealized gains in such instruments or has deposited","page_number":69,"box":{"x":117,"y":196,"width":732,"height":12}},{"id":"a9bb6f9a-87d7-484b-8507-5a431e3c0d6e","block_type":"box","text":"collateral with its counterparties the Fund is at risk that its counterparties will become bankrupt or","page_number":69,"box":{"x":116,"y":211,"width":725,"height":12}},{"id":"437805b8-4255-4151-b40b-8374375a3c04","block_type":"box","text":"otherwise fail to honor their obligations. A Fund will typically attempt to minimize counterparty risk by","page_number":69,"box":{"x":116,"y":227,"width":750,"height":12}},{"id":"5d8d54fe-bd3b-4fc8-a702-2a257fed0e48","block_type":"box","text":"engaging in OTC derivatives transactions only with creditworthy entities that have substantial capital or","page_number":69,"box":{"x":116,"y":242,"width":768,"height":12}},{"id":"6930706c-c4a4-44ef-b690-579f4eaff048","block_type":"box","text":"that have provided the Fund with a third-party guaranty or other credit support. When a Fund enters","page_number":69,"box":{"x":116,"y":258,"width":745,"height":12}},{"id":"ee6ee908-e2cb-4038-8bf3-b54a75142d14","block_type":"box","text":"into a derivatives transaction that is centrally cleared (whether mandatorily or voluntarily), the Fund is","page_number":69,"box":{"x":117,"y":273,"width":754,"height":12}},{"id":"25133311-7e94-4725-b81d-929fa53a6bd7","block_type":"box","text":"subject to the credit risk of the clearing house and the clearing member through which it holds its","page_number":69,"box":{"x":116,"y":289,"width":722,"height":12}},{"id":"7c343c8a-c252-442c-982c-9b40ce6b4993","block_type":"box","text":"cleared position. Credit risk of market participants with respect to derivatives that are centrally cleared","page_number":69,"box":{"x":116,"y":304,"width":761,"height":12}},{"id":"c9d08a46-f27e-4711-ae7a-c65304bcf822","block_type":"box","text":"is concentrated in a few clearing houses and increasingly fewer clearing members. It is not clear how","page_number":69,"box":{"x":117,"y":320,"width":754,"height":12}},{"id":"0259037f-56a1-48a9-991f-3488b122b96a","block_type":"box","text":"an insolvency proceeding of a clearing house would be conducted and what impact an insolvency of a","page_number":69,"box":{"x":116,"y":335,"width":762,"height":12}},{"id":"775a0cd8-95ab-4b88-92ba-70eb3f89e361","block_type":"box","text":"clearing house would have on the financial system. Also, a Fund will not be fully protected in the event","page_number":69,"box":{"x":116,"y":351,"width":764,"height":12}},{"id":"63fc6785-8e28-4db0-9687-8bddab2787f8","block_type":"box","text":"of the bankruptcy of a Fund’s clearing member because the Fund would be limited to recovering only a","page_number":69,"box":{"x":116,"y":366,"width":768,"height":12}},{"id":"5cd66656-74e9-4875-93df-eb98d99dc035","block_type":"box","text":"pro rata share of the funds held by the clearing member on behalf of customers by account class for","page_number":69,"box":{"x":117,"y":382,"width":747,"height":12}},{"id":"b5da1461-0063-441c-8241-e47d3b8f1645","block_type":"box","text":"cleared derivatives. Although a clearing member is required to segregate assets from customers with","page_number":69,"box":{"x":116,"y":397,"width":755,"height":12}},{"id":"be71d289-b28d-4324-9e5d-126fffd55feb","block_type":"box","text":"respect to cleared derivatives positions from the clearing member’s proprietary assets, if a clearing","page_number":69,"box":{"x":117,"y":413,"width":736,"height":12}},{"id":"db26e40a-914b-4d3a-a5ee-c7e7b3d05e33","block_type":"box","text":"member does not comply with the applicable regulations, or in the event of fraud or misappropriation of","page_number":69,"box":{"x":117,"y":428,"width":768,"height":12}},{"id":"786e250a-6914-43cd-9559-1fd5a8843205","block_type":"box","text":"customer assets by a clearing member, a Fund could have only an unsecured creditor claim in an","page_number":69,"box":{"x":116,"y":444,"width":730,"height":12}},{"id":"5da64014-d4b2-476e-bd6f-f7134d4fbf3f","block_type":"box","text":"insolvency of the clearing member with respect to the assets held by the clearing member.","page_number":69,"box":{"x":117,"y":459,"width":675,"height":12}},{"id":"66bb73e4-c793-4a7c-b8fe-af6bce37cba9","block_type":"box","text":"Credit Risk —","page_number":69,"box":{"x":117,"y":490,"width":86,"height":10}},{"id":"33e9d61f-775a-40ad-a9d2-84e13d0ad519","block_type":"box","text":"— the risk that the reference entity in a credit default swap or similar derivative will not be","page_number":69,"box":{"x":203,"y":490,"width":668,"height":12}},{"id":"2f7f8921-a018-404c-92ee-8b6929766309","block_type":"box","text":"able to honor its financial obligations.","page_number":69,"box":{"x":116,"y":506,"width":280,"height":12}},{"id":"af7d0df4-491e-454b-8c67-2e3d8a2171d8","block_type":"box","text":"Currency Risk —","page_number":69,"box":{"x":117,"y":537,"width":109,"height":12}},{"id":"d5ef472e-2f8a-4f9f-94a2-2aae3ddbf698","block_type":"box","text":"— the risk that changes in the exchange rate between two currencies will adversely","page_number":69,"box":{"x":226,"y":537,"width":625,"height":12}},{"id":"f45845aa-a342-40d8-bac2-06d52b1e8245","block_type":"box","text":"affect the value (in U.S. dollar terms) of a derivative.","page_number":69,"box":{"x":116,"y":552,"width":392,"height":12}},{"id":"5e08bb11-424b-46d0-9449-fe18ec262ef5","block_type":"box","text":"Illiquidity Risk —","page_number":69,"box":{"x":117,"y":583,"width":105,"height":12}},{"id":"d1796556-d316-4958-b422-941eeccb611a","block_type":"box","text":"— the risk that certain securities or instruments may be difficult or impossible to sell at","page_number":69,"box":{"x":222,"y":583,"width":644,"height":12}},{"id":"101cdf5f-401a-47d5-b539-82ac5efa5cc8","block_type":"box","text":"the time or at the price desired by a Fund in connection with payments of margin, collateral, or","page_number":69,"box":{"x":116,"y":599,"width":703,"height":12}},{"id":"92bf13f1-b620-4887-b1ef-1309f490e0f5","block_type":"box","text":"settlement payments. There can be no assurance that a Fund will be able to unwind or offset a","page_number":69,"box":{"x":116,"y":614,"width":708,"height":12}},{"id":"42902639-00dc-4419-be4e-0b920b0c9229","block_type":"box","text":"derivative at its desired price, in a secondary market or otherwise. It may, therefore, not be possible for","page_number":69,"box":{"x":116,"y":630,"width":768,"height":12}},{"id":"6d0ddcf7-53eb-4571-a31e-351f9953673d","block_type":"box","text":"the Fund to unwind its position in a derivative without incurring substantial losses (if at all). Certain","page_number":69,"box":{"x":116,"y":645,"width":733,"height":12}},{"id":"7f6c63b0-45b0-404a-bb63-5de58196e0b7","block_type":"box","text":"OTC derivatives, including swaps and OTC options, involve substantial illiquidity risk. Illiquidity may","page_number":69,"box":{"x":116,"y":661,"width":736,"height":12}},{"id":"1bd362f5-6924-48e2-925d-c91146613cbc","block_type":"box","text":"also make it more difficult for a Fund to ascertain a market value for such derivatives. A Fund will,","page_number":69,"box":{"x":116,"y":676,"width":723,"height":11}},{"id":"5b1807bf-df81-4c2a-a04a-0a6a81191fd0","block_type":"box","text":"therefore, acquire illiquid OTC derivatives (i) if the agreement pursuant to which the instrument is","page_number":69,"box":{"x":116,"y":692,"width":719,"height":12}},{"id":"7a0b34ef-a1b0-4453-ba05-c8bb88ae6ebb","block_type":"box","text":"purchased contains a formula price at which the instrument may be terminated or sold, or (ii) for which","page_number":69,"box":{"x":117,"y":707,"width":757,"height":12}},{"id":"f726cf37-808a-4d7f-a4c5-4f279be34d27","block_type":"box","text":"the Manager anticipates the Fund can receive on each business day at least two independent bids or","page_number":69,"box":{"x":116,"y":723,"width":751,"height":12}},{"id":"d7bbcd18-dd94-48bd-b925-fb6a519f391e","block_type":"box","text":"offers, unless a quotation from only one dealer is available, in which case that dealer’s quotation may","page_number":69,"box":{"x":116,"y":738,"width":751,"height":12}},{"id":"97c6901e-38f4-46c6-b676-0e0543d0d432","block_type":"box","text":"be used. The illiquidity of the derivatives markets may be due to various factors, including congestion,","page_number":69,"box":{"x":117,"y":754,"width":752,"height":12}},{"id":"d0c7f643-337f-435d-9c99-f6fd69245714","block_type":"box","text":"disorderly markets, limitations on deliverable supplies, the participation of speculators, government","page_number":69,"box":{"x":116,"y":769,"width":733,"height":12}},{"id":"e30fa34c-df7a-42bd-bb6b-35d6627ae7aa","block_type":"box","text":"regulation and intervention, and technical and operational or system failures. In addition, the liquidity of","page_number":69,"box":{"x":117,"y":785,"width":763,"height":12}},{"id":"19a90257-2fee-426c-a8bf-2be8939bc885","block_type":"box","text":"a market in an exchange-traded derivative contract may be adversely affected by “daily price","page_number":69,"box":{"x":116,"y":800,"width":688,"height":12}},{"id":"fb86be1d-b070-4a93-bd68-4a1835e4e39a","block_type":"box","text":"fluctuation limits” established by the exchanges which limit the amount of fluctuation in an exchange","page_number":69,"box":{"x":116,"y":816,"width":747,"height":12}},{"id":"f75815d8-9729-43cb-a2a5-552738316776","block_type":"box","text":"traded contract price during a single trading day. Once the daily limit has been reached in the contract,","page_number":69,"box":{"x":116,"y":831,"width":766,"height":12}},{"id":"073f7584-c87c-40aa-903a-cd6e66f1b047","block_type":"box","text":"no trades may be entered into at a price beyond the limit, thus preventing the liquidation of open","page_number":69,"box":{"x":117,"y":847,"width":717,"height":12}},{"id":"16ede5f7-f1e6-45bc-8ce9-a868ea9a496b","block_type":"box","text":"positions. Prices have in the past moved to the daily limit on a number of consecutive trading days with","page_number":69,"box":{"x":117,"y":862,"width":768,"height":12}},{"id":"2ac3edc9-a024-4d98-b91e-72488dfc38ef","block_type":"box","text":"little to no trading. If it is not possible to close an open derivative position entered into by the Fund, the","page_number":69,"box":{"x":117,"y":878,"width":762,"height":12}},{"id":"d1af4a57-ed42-4309-a34f-b5eaf0d6d38d","block_type":"box","text":"II-20","page_number":69,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"d848eb0c-26e5-45f2-9c59-941a034905a0","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":69,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"0185fcfd-67f4-4d51-8198-c6d82d93ccf6","block_type":"box","text":"Fund would continue to be required to make daily cash payments of variation margin in the event of","page_number":70,"box":{"x":117,"y":87,"width":743,"height":12}},{"id":"f7cd5018-76d8-4439-a6c8-7c58d6591bb6","block_type":"box","text":"adverse price movements. In such a situation, if the Fund has insufficient cash, it may have to sell","page_number":70,"box":{"x":116,"y":102,"width":732,"height":13}},{"id":"b1d89857-382a-4891-9c23-0006e88a61a0","block_type":"box","text":"portfolio securities to meet daily variation margin requirements at a time when it may be","page_number":70,"box":{"x":117,"y":118,"width":654,"height":12}},{"id":"d6725dc7-8338-4ebe-9d60-f6e3f2bfb5e2","block_type":"box","text":"disadvantageous to do so.","page_number":70,"box":{"x":116,"y":134,"width":201,"height":12}},{"id":"d07ab0f1-31d5-4183-9687-246e95958e4f","block_type":"box","text":"Index Risk —","page_number":70,"box":{"x":117,"y":163,"width":82,"height":10}},{"id":"4612cf1a-3ef2-4141-88ed-c3d2031990da","block_type":"box","text":"— if the derivative is linked to the performance of an index, it will be subject to the risks","page_number":70,"box":{"x":199,"y":163,"width":651,"height":12}},{"id":"db2e4657-5e1f-43b9-914b-5dd5326e1823","block_type":"box","text":"associated with changes in that index. If the index changes, the Fund could receive lower interest","page_number":70,"box":{"x":116,"y":179,"width":728,"height":12}},{"id":"c376dd9e-9800-430b-bf85-18820da1d730","block_type":"box","text":"payments or experience a reduction in the value of the derivative to below the price that the Fund paid","page_number":70,"box":{"x":117,"y":194,"width":762,"height":12}},{"id":"c03e0e38-6c07-47dc-a16a-afd04017f8a0","block_type":"box","text":"for such derivative.","page_number":70,"box":{"x":116,"y":210,"width":146,"height":9}},{"id":"32049c68-90b3-4924-a8be-89a5b60115df","block_type":"box","text":"Legal Risk","page_number":70,"box":{"x":116,"y":240,"width":79,"height":12}},{"id":"7a5c2af1-ea16-4dbd-beb0-4a75247aebf4","block_type":"box","text":"k — the risk of insufficient documentation, insufficient capacity or authority of counterparty, or","page_number":70,"box":{"x":194,"y":240,"width":689,"height":12}},{"id":"53b5e6f3-6978-4ef8-bf20-feaff0a33307","block_type":"box","text":"legality or enforceability of a contract.","page_number":70,"box":{"x":117,"y":255,"width":281,"height":12}},{"id":"085a7c36-3fd3-46af-9bbc-0c51cee74ea7","block_type":"box","text":"Leverage Risk —","page_number":70,"box":{"x":116,"y":285,"width":112,"height":12}},{"id":"6f11991f-6e10-4447-b6eb-e0cda4165ffb","block_type":"box","text":"— the risk that a Fund’s derivatives transactions can magnify the Fund’s gains and","page_number":70,"box":{"x":228,"y":285,"width":619,"height":12}},{"id":"341c6fbb-1fc3-4896-a059-5f4d2065e826","block_type":"box","text":"losses. Relatively small market movements may result in large changes in the value of a derivatives","page_number":70,"box":{"x":117,"y":300,"width":744,"height":12}},{"id":"82926f22-b2ac-4677-bce2-3f5f08418690","block_type":"box","text":"position and can result in losses that greatly exceed the amount originally invested.","page_number":70,"box":{"x":117,"y":316,"width":621,"height":12}},{"id":"24085908-989a-4535-a4e9-8a69c11b0fa5","block_type":"box","text":"Market Risk —","page_number":70,"box":{"x":116,"y":346,"width":93,"height":9}},{"id":"c9dd3f2c-e856-45a2-8ea1-6f98a36a0582","block_type":"box","text":"— the risk that changes in the value of one or more markets or changes with respect to","page_number":70,"box":{"x":209,"y":346,"width":653,"height":12}},{"id":"30e9a717-a5c6-4e5b-ae5e-2177b7cd9146","block_type":"box","text":"the value of the underlying asset will adversely affect the value of a derivative. In the event of an","page_number":70,"box":{"x":116,"y":361,"width":719,"height":12}},{"id":"cbb57479-8e5d-47bc-a389-f3ad7086120c","block_type":"box","text":"adverse movement, a Fund may be required to pay substantial additional margin to maintain its","page_number":70,"box":{"x":116,"y":377,"width":713,"height":12}},{"id":"c4262447-6e24-4887-bf6a-1c9fe3692068","block_type":"box","text":"position or the Fund’s returns may be adversely affected.","page_number":70,"box":{"x":117,"y":392,"width":427,"height":12}},{"id":"b05929d8-2ee7-4ede-8da8-182dc67c1aaf","block_type":"box","text":"Operational Risk","page_number":70,"box":{"x":117,"y":422,"width":124,"height":12}},{"id":"20285220-8c82-46b1-93c9-aa4173a8e6c1","block_type":"box","text":"k — the risk related to potential operational issues, including documentation issues,","page_number":70,"box":{"x":240,"y":422,"width":616,"height":12}},{"id":"64215759-c9c3-498d-9dad-59f89f4cd212","block_type":"box","text":"settlement issues, systems failures, inadequate controls and human error.","page_number":70,"box":{"x":116,"y":437,"width":555,"height":13}},{"id":"e2183f74-1ac3-40a9-9078-54fdb2ce5ed7","block_type":"box","text":"Valuation Risk —","page_number":70,"box":{"x":118,"y":467,"width":110,"height":10}},{"id":"a834d888-7691-4004-846d-9d45e550f6e3","block_type":"box","text":"— the risk that valuation sources for a derivative will not be readily available in the","page_number":70,"box":{"x":228,"y":467,"width":614,"height":12}},{"id":"887b84da-dcad-4c50-b946-d3cda2e481b5","block_type":"box","text":"market. This is possible especially in times of market distress, since many market participants may be","page_number":70,"box":{"x":117,"y":483,"width":760,"height":12}},{"id":"f4df62c1-36e7-4c5b-a1ed-e04f31afb73e","block_type":"box","text":"reluctant to purchase complex instruments or quote prices for them.","page_number":70,"box":{"x":117,"y":498,"width":507,"height":12}},{"id":"9d139c01-b3e7-4bf9-95e1-193499611e75","block_type":"box","text":"Volatility Risk —","page_number":70,"box":{"x":118,"y":528,"width":102,"height":12}},{"id":"8df16fae-f750-432b-9e48-a1ef87279a12","block_type":"box","text":"— the risk that the value of derivatives will fluctuate significantly within a short time","page_number":70,"box":{"x":220,"y":528,"width":619,"height":12}},{"id":"8692e135-2e13-473e-be72-200eae8e09af","block_type":"box","text":"period.","page_number":70,"box":{"x":117,"y":544,"width":55,"height":11}},{"id":"cba7c584-84aa-4a2a-98e9-c8ae7076f0b7","block_type":"box","text":"Types of Derivatives Transactions.","page_number":70,"box":{"x":118,"y":580,"width":261,"height":13}},{"id":"b703dc1d-8344-40f9-9863-1df182a7ce43","block_type":"box","text":"A Fund may enter into derivatives transactions in accordance with its investment guidelines and","page_number":70,"box":{"x":116,"y":610,"width":715,"height":12}},{"id":"2ff31fce-c3ee-4925-a88b-791db6c223c4","block_type":"box","text":"restrictions, including the following:","page_number":70,"box":{"x":117,"y":626,"width":263,"height":12}},{"id":"78025322-94ca-44d9-8c93-7c7e79131f99","block_type":"box","text":"Futures.","page_number":70,"box":{"x":116,"y":663,"width":60,"height":9}},{"id":"802346d0-b5bb-4dd3-b3a2-1bff1802e551","block_type":"box","text":"A Fund may enter into futures contracts (“futures”) and options on futures contracts. Futures are","page_number":70,"box":{"x":116,"y":692,"width":713,"height":13}},{"id":"5c4920ec-d138-4780-91d3-a1f496fa8c62","block_type":"box","text":"standardized, exchange-traded contracts that require a purchaser to take delivery, and a seller to make","page_number":70,"box":{"x":116,"y":708,"width":767,"height":12}},{"id":"b013b160-ee95-49c9-8609-39f781d32cfb","block_type":"box","text":"delivery, of a specified amount of an asset at a specified future date and price. Upon purchasing or","page_number":70,"box":{"x":116,"y":723,"width":734,"height":13}},{"id":"fdf80a63-c169-4180-9c0f-63d4bb7f5019","block_type":"box","text":"selling a futures contract, a Fund is required to deposit initial margin equal to a percentage of the","page_number":70,"box":{"x":116,"y":739,"width":718,"height":12}},{"id":"b0051952-b15d-481b-972d-b397971cd72f","block_type":"box","text":"contract value. Futures contracts are marked to market daily for the duration of the contract, and the","page_number":70,"box":{"x":116,"y":754,"width":743,"height":13}},{"id":"b723a2c4-fce1-4983-96d2-7878774400fc","block_type":"box","text":"Fund will either post additional margin or be entitled to a payment, as applicable, based on the","page_number":70,"box":{"x":117,"y":770,"width":699,"height":12}},{"id":"811a8c38-f73c-4526-8459-de9623247463","block_type":"box","text":"mark-to-market movement of the contract.","page_number":70,"box":{"x":117,"y":786,"width":311,"height":9}},{"id":"49a5d20d-37a2-4abc-8a7f-f8c6bc93c490","block_type":"box","text":"A Fund may sell a futures contract prior to the completion","page_number":70,"box":{"x":116,"y":815,"width":425,"height":12}},{"id":"f5087c53-c659-4a2d-9bab-a74f2bfddbac","block_type":"box","text":"of its term to limit its risk of loss from a","page_number":70,"box":{"x":548,"y":815,"width":284,"height":10}},{"id":"b7818009-76b2-4e38-8c00-3b4e1dac1905","block_type":"box","text":"decline in the market value of portfolio holdings correlated with the futures contract. However, in the","page_number":70,"box":{"x":116,"y":831,"width":745,"height":12}},{"id":"6c16a6d7-6332-480c-9038-66c8bfc73e73","block_type":"box","text":"event the market value of the portfolio holdings correlated with the futures contract increases rather","page_number":70,"box":{"x":116,"y":846,"width":742,"height":12}},{"id":"29ae1ffc-b082-40bc-bfd6-471e555a21fc","block_type":"box","text":"than decreases, a Fund will realize a loss on the futures position and a lower return on the portfolio","page_number":70,"box":{"x":116,"y":862,"width":739,"height":12}},{"id":"ec379e0b-d5ba-4a94-aaa7-08ce8965acc6","block_type":"box","text":"holdings than would have been realized without the purchase of the futures contract.","page_number":70,"box":{"x":117,"y":877,"width":631,"height":12}},{"id":"08384694-cec0-441e-bcf0-40610aea2d10","block_type":"box","text":"II-21","page_number":70,"box":{"x":484,"y":909,"width":29,"height":9}},{"id":"e2c45bf1-94ca-4ad1-b416-315ef198d8f4","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":70,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"bb56ee32-f387-4eb2-8894-50531491a034","block_type":"box","text":"The purchase of a futures contract may provide a Fund a lower cost alternative to purchasing","page_number":71,"box":{"x":116,"y":87,"width":697,"height":12}},{"id":"d0821d74-596f-43a5-9959-a18d224a8491","block_type":"box","text":"securities or commodities directly. In the event that such securities or commodities decline in value or a","page_number":71,"box":{"x":116,"y":103,"width":772,"height":12}},{"id":"4f350706-3664-4b04-ae81-645d005dab33","block_type":"box","text":"Fund determines not to complete an anticipatory hedge transaction relating to a futures contract,","page_number":71,"box":{"x":117,"y":118,"width":720,"height":12}},{"id":"65f1265a-304f-4a1a-97d1-57ec017d52cf","block_type":"box","text":"however, the Fund may realize a loss relating to the futures position.","page_number":71,"box":{"x":117,"y":134,"width":512,"height":12}},{"id":"2fd6b0ca-e5a4-4709-a22f-f5ad18797779","block_type":"box","text":"Futures contracts are also subject to position limits. In order to comply with position limits, a Fund may","page_number":71,"box":{"x":117,"y":166,"width":763,"height":12}},{"id":"14dd4379-7f45-4ceb-ace7-858fca438399","block_type":"box","text":"be required to liquidate positions or may not be able to fully implement trading instructions. Any such","page_number":71,"box":{"x":117,"y":181,"width":750,"height":12}},{"id":"27be2b33-6f25-4fa8-a3cf-b8b8e9e052f7","block_type":"box","text":"liquidation or limited implementation could result in substantial costs to a Fund. See “—Regulation of","page_number":71,"box":{"x":117,"y":196,"width":750,"height":13}},{"id":"7379905e-b9e3-4e2c-bc10-eeb2a2a3358c","block_type":"box","text":"Derivatives—Dodd-Frank Regulations” above.","page_number":71,"box":{"x":117,"y":212,"width":346,"height":12}},{"id":"fd14303e-ba26-4d64-b399-ac015390128c","block_type":"box","text":"A Fund is also permitted to purchase or sell call and put options on futures contracts, including","page_number":71,"box":{"x":116,"y":244,"width":706,"height":12}},{"id":"1747518a-091a-400b-8ce4-198746250679","block_type":"box","text":"financial futures and stock indices. Generally, these strategies would be used under the same market","page_number":71,"box":{"x":116,"y":259,"width":757,"height":12}},{"id":"f3b6a3a8-cd3a-4e41-b113-5264782de025","block_type":"box","text":"and market sector conditions (","page_number":71,"box":{"x":116,"y":275,"width":225,"height":12}},{"id":"268a7b22-d64e-4df2-81f9-a2c0ad7c143c","block_type":"box","text":"i.e.","page_number":71,"box":{"x":342,"y":275,"width":20,"height":9}},{"id":"81bd7741-ebe3-4e30-9fb0-9c345d83433c","block_type":"box","text":", conditions relating to specific types of investments) in which the","page_number":71,"box":{"x":365,"y":275,"width":485,"height":12}},{"id":"f548ced5-d325-48a4-8151-e6bb7ab867cf","block_type":"box","text":"Fund entered into futures transactions. A Fund may purchase put options or write call options on","page_number":71,"box":{"x":117,"y":290,"width":720,"height":12}},{"id":"05cbbcf4-df44-4eb5-aa79-603deac8a690","block_type":"box","text":"futures contracts and stock indices in lieu of selling the underlying futures contract in anticipation of a","page_number":71,"box":{"x":116,"y":306,"width":754,"height":12}},{"id":"d49b00b5-7517-49fb-a06c-d0fa1e47661e","block_type":"box","text":"decrease in the market value of its securities. Similarly, a Fund can purchase call options, or write put","page_number":71,"box":{"x":116,"y":321,"width":759,"height":12}},{"id":"f9a32787-6efb-4d1f-8871-0f97f4abd4dd","block_type":"box","text":"options on futures contracts and stock indices, as a substitute for the purchase of such futures","page_number":71,"box":{"x":116,"y":337,"width":705,"height":12}},{"id":"58d96112-93e3-4cb4-9910-85985e0e0028","block_type":"box","text":"contracts to hedge against the increased cost resulting from an increase in the market value of","page_number":71,"box":{"x":116,"y":352,"width":707,"height":12}},{"id":"6ce88e44-e280-4739-9cf2-4b3ef27cd7e2","block_type":"box","text":"securities which the Fund intends to purchase.","page_number":71,"box":{"x":116,"y":368,"width":350,"height":12}},{"id":"fb94219f-0b36-431c-b220-e941cfffdf4b","block_type":"box","text":"To maintain greater flexibility, a Fund may invest in instruments which have characteristics similar to","page_number":71,"box":{"x":116,"y":400,"width":748,"height":12}},{"id":"c29a58a7-6ce4-46f3-9bff-0463d97662f4","block_type":"box","text":"futures contracts. These instruments may take a variety of forms, such as debt securities with interest","page_number":71,"box":{"x":116,"y":415,"width":759,"height":12}},{"id":"aac36ce1-7fa6-42c0-a5f0-14579d766cdc","block_type":"box","text":"or principal payments determined by reference to the value of a security, an index of securities or a","page_number":71,"box":{"x":116,"y":431,"width":740,"height":12}},{"id":"374b5849-7552-47ab-a6d0-e0817c8f0aaf","block_type":"box","text":"commodity at a future point in time. The risks of such investments could reflect the risks of investing in","page_number":71,"box":{"x":116,"y":446,"width":764,"height":12}},{"id":"8f1e5a9f-9d44-48c1-987f-b2d158ff9ae8","block_type":"box","text":"futures and securities, including volatility and illiquidity.","page_number":71,"box":{"x":116,"y":462,"width":410,"height":12}},{"id":"4c87b68b-0c74-4d98-8afb-d2151132658c","block_type":"box","text":"Futures contracts and options on futures contracts are subject to significant correlation risk, leverage","page_number":71,"box":{"x":117,"y":494,"width":751,"height":12}},{"id":"a42b6cf0-30a1-4384-baaa-0f82599d40df","block_type":"box","text":"risk, illiquidity risk, market risk and counterparty risk with respect to a Fund’s futures broker or the","page_number":71,"box":{"x":117,"y":509,"width":726,"height":12}},{"id":"2ab21078-e095-4c7f-a773-f6d659d73df1","block_type":"box","text":"clearinghouse. See “—Risk Factors in Derivatives” above.","page_number":71,"box":{"x":116,"y":525,"width":436,"height":12}},{"id":"ec5bb121-99cf-4a7e-a7f8-c4f31085a53c","block_type":"box","text":"Certain Funds may invest in futures based on carbon “allowances.” Under certain regulatory regimes, a","page_number":71,"box":{"x":117,"y":557,"width":771,"height":12}},{"id":"4ec415be-f64a-4c73-833c-bbb020aad1a2","block_type":"box","text":"limit is set by a regulator, such as a government entity, on the total amount of specific greenhouse","page_number":71,"box":{"x":117,"y":572,"width":732,"height":12}},{"id":"6a6e56ac-d243-4c63-84e5-a763cc696874","block_type":"box","text":"gases, such as CO2, that can be emitted by regulated entities, such as manufacturers or energy","page_number":71,"box":{"x":116,"y":588,"width":720,"height":12}},{"id":"ec2c109b-c7bc-4365-8884-19785f84b4d8","block_type":"box","text":"producers. The regulator then may issue or sell individual “emission allowances” to regulated entities,","page_number":71,"box":{"x":117,"y":603,"width":756,"height":12}},{"id":"7be0b648-64e6-49cb-ab4d-d0f0efcc557d","block_type":"box","text":"which can then be traded on the open market. Commodity futures contracts linked to the value of","page_number":71,"box":{"x":116,"y":619,"width":725,"height":12}},{"id":"4c89c82c-6780-49f9-a44f-899ed8474773","block_type":"box","text":"emission allowances are known as “carbon futures.”","page_number":71,"box":{"x":116,"y":634,"width":392,"height":10}},{"id":"d614282a-dff9-4b48-9d0d-f84b6a8ac986","block_type":"box","text":"The price for carbon futures contracts is based on a number of factors, including the supply of and the","page_number":71,"box":{"x":116,"y":666,"width":756,"height":12}},{"id":"4d825476-b6b8-49d1-a4d8-9d5d0c1d551e","block_type":"box","text":"demand for carbon futures contracts. Market conditions and expectations, position limits, collateral","page_number":71,"box":{"x":116,"y":682,"width":730,"height":12}},{"id":"abd72f7f-17af-419d-906f-449c85029408","block_type":"box","text":"requirements, and other factors each can impact the supply of and demand for carbon futures","page_number":71,"box":{"x":117,"y":697,"width":694,"height":12}},{"id":"f756db15-df00-4987-800d-3981c3b49e76","block_type":"box","text":"contracts. The market for carbon futures contracts is still developing and may be subject to periods of","page_number":71,"box":{"x":116,"y":713,"width":753,"height":12}},{"id":"83e2c821-95f5-4d24-a8ce-d828330bc469","block_type":"box","text":"illiquidity. During such times it may be difficult or impossible to buy or sell a position at the desired","page_number":71,"box":{"x":117,"y":728,"width":723,"height":12}},{"id":"e9bd0c08-2467-48e4-8458-69b80666e92b","block_type":"box","text":"price. Market disruptions or volatility can also make it difficult to find a counterparty willing to transact at","page_number":71,"box":{"x":117,"y":744,"width":765,"height":12}},{"id":"d1574e12-eaac-462a-b181-9337bbc0b7c1","block_type":"box","text":"a reasonable price and sufficient size.","page_number":71,"box":{"x":116,"y":759,"width":280,"height":12}},{"id":"0eb29ea5-2e59-44c0-b46f-9cd49b5085c8","block_type":"box","text":"Swap Agreements.","page_number":71,"box":{"x":117,"y":799,"width":139,"height":12}},{"id":"91bed556-c9af-4f02-906a-969d01167e23","block_type":"box","text":"A Fund may enter into swap agreements for hedging purposes or speculative purposes. Swap","page_number":71,"box":{"x":116,"y":831,"width":704,"height":12}},{"id":"85660877-20e1-40b4-b422-a1fdbe7a63b7","block_type":"box","text":"agreements are OTC contracts entered into primarily by financial institutions and institutional investors","page_number":71,"box":{"x":116,"y":847,"width":764,"height":12}},{"id":"900a2edb-0ba1-4aaa-b98a-57aaf6caf5a3","block_type":"box","text":"which may or may not be cleared by a central clearinghouse. In a standard “swap” transaction, two","page_number":71,"box":{"x":116,"y":862,"width":738,"height":12}},{"id":"4dcb4136-7723-4b47-b187-3d05ddfde650","block_type":"box","text":"parties agree to exchange the returns earned or realized from one or more underlying assets or rates","page_number":71,"box":{"x":117,"y":878,"width":755,"height":12}},{"id":"4b7bc72b-7388-4fa6-a07b-63031e0e92b0","block_type":"box","text":"II-22","page_number":71,"box":{"x":484,"y":909,"width":31,"height":9}},{"id":"7b560ff8-7c5d-453b-809e-112e4a78dd3b","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":71,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"a372fb27-f796-44d2-957c-e41aff7c4c44","block_type":"box","text":"of return, which may be adjusted for an interest factor. The gross returns to be exchanged or","page_number":72,"box":{"x":116,"y":87,"width":693,"height":12}},{"id":"fed9c0ad-7580-4d6a-b2a3-af08f0256973","block_type":"box","text":"“swapped” between the parties are generally calculated with respect to a “notional amount,”","page_number":72,"box":{"x":116,"y":102,"width":684,"height":13}},{"id":"11151830-ae62-4381-b302-972a559fd00a","block_type":"box","text":"e.g.","page_number":72,"box":{"x":801,"y":105,"width":26,"height":10}},{"id":"b23989b2-ad85-413d-9765-286b5641a924","block_type":"box","text":", the","page_number":72,"box":{"x":830,"y":103,"width":36,"height":11}},{"id":"5107577b-5f65-49ce-9a32-417564a198b0","block_type":"box","text":"return or increase in value of a particular dollar amount invested at a particular interest rate, in a","page_number":72,"box":{"x":117,"y":118,"width":716,"height":12}},{"id":"14ba1d32-f4a9-45eb-9806-cda5a51fe3ad","block_type":"box","text":"particular foreign currency, or in a “basket” of securities representing a particular index. The notional","page_number":72,"box":{"x":117,"y":134,"width":747,"height":12}},{"id":"41182d6d-989f-4167-8f72-745c34bbe9e9","block_type":"box","text":"amount of the swap agreement is only used to calculate the obligations that the parties to a swap","page_number":72,"box":{"x":116,"y":149,"width":726,"height":12}},{"id":"2d5aa059-8e33-4cbe-94de-464e5f03d8bc","block_type":"box","text":"agreement have agreed to exchange. A Fund’s obligations (or rights) under a swap agreement will","page_number":72,"box":{"x":116,"y":165,"width":736,"height":12}},{"id":"a6b1edc1-75d1-4d15-8e18-eb265fb8797f","block_type":"box","text":"generally be equal only to the net amount to be paid or received under the agreement based on the","page_number":72,"box":{"x":116,"y":180,"width":743,"height":12}},{"id":"6be66dac-b87a-4b87-a1cc-ca913aef8d1d","block_type":"box","text":"relative values of the positions held by each party to the agreement. Swaps that are not cleared involve","page_number":72,"box":{"x":117,"y":196,"width":770,"height":12}},{"id":"35d983ae-f10d-4550-81f7-f5e6ed14356f","block_type":"box","text":"substantial counterparty risk. A Fund will typically attempt to mitigate this counterparty risk by entering","page_number":72,"box":{"x":116,"y":211,"width":761,"height":12}},{"id":"65553469-9595-4ea9-b74c-6a9ebb27fd44","block_type":"box","text":"into swap agreements only with creditworthy entities that have substantial capital or that have provided","page_number":72,"box":{"x":117,"y":227,"width":767,"height":12}},{"id":"b97ddd3a-9c1e-4806-a9d1-02408ef8b0dd","block_type":"box","text":"the Fund with a third-party guaranty or other credit support. A Fund’s ability to use swap agreements","page_number":72,"box":{"x":116,"y":242,"width":751,"height":12}},{"id":"5dde2c4e-f3c9-4912-b44f-c5ba24998bf8","block_type":"box","text":"may be restricted by the tax rules applicable to registered investment companies.","page_number":72,"box":{"x":117,"y":258,"width":607,"height":12}},{"id":"a86b2d77-9f32-4558-8445-8496f8e7a554","block_type":"box","text":"Credit Default Swaps and Similar Instruments.","page_number":72,"box":{"x":117,"y":289,"width":348,"height":12}},{"id":"92aae522-dd24-4450-b624-722dba3e5731","block_type":"box","text":"Certain Funds may enter into credit default swaps and","page_number":72,"box":{"x":466,"y":289,"width":407,"height":12}},{"id":"34b49182-bc89-49e9-8557-1da3017a87a6","block_type":"box","text":"similar instruments. Credit default swaps are standardized agreements in which the protection “buyer”","page_number":72,"box":{"x":116,"y":304,"width":760,"height":12}},{"id":"7dbdc6a9-5e2d-4ac1-9cae-b50c4494e24e","block_type":"box","text":"pays the protection “seller” an up-front payment, or a periodic stream of payments, over the term of the","page_number":72,"box":{"x":117,"y":320,"width":768,"height":12}},{"id":"4893980d-395d-41af-b493-df04c1ba6ad3","block_type":"box","text":"contract, provided generally that no credit event on a reference obligation has occurred. If a credit","page_number":72,"box":{"x":116,"y":335,"width":730,"height":12}},{"id":"1cc447fa-9671-43d2-b839-296749a8f682","block_type":"box","text":"event occurs, the seller generally must pay the buyer the difference between the notional amount of","page_number":72,"box":{"x":116,"y":351,"width":745,"height":12}},{"id":"9fd3d473-9f38-4056-8df6-1a8c0555ad7f","block_type":"box","text":"the contract and the value of a portfolio of securities issued by the reference entity. A Fund may be","page_number":72,"box":{"x":116,"y":366,"width":738,"height":12}},{"id":"e82a1473-b10f-4367-877f-857aa542df44","block_type":"box","text":"either the buyer or seller in the transaction. The Funds may enter into credit default swaps that","page_number":72,"box":{"x":116,"y":382,"width":706,"height":12}},{"id":"7901f8dc-09bd-4a5d-8f53-7336e834ab27","block_type":"box","text":"reference the obligations of a single entity (“single-name CDS”) or the obligations of entities that make","page_number":72,"box":{"x":117,"y":397,"width":761,"height":12}},{"id":"efefaad5-9a2b-43ff-8ed6-34168443672d","block_type":"box","text":"up an index (“index CDS”). References to “credit default swaps” shall collectively refer to single-name","page_number":72,"box":{"x":117,"y":413,"width":757,"height":12}},{"id":"becb2ff8-9844-4686-9669-4ced792361da","block_type":"box","text":"CDS and index CDS.","page_number":72,"box":{"x":117,"y":428,"width":161,"height":10}},{"id":"3c0e7a04-0b28-4e9c-b21d-de9b2548d99e","block_type":"box","text":"Credit default swaps have as reference obligations one or more securities or loans that are not","page_number":72,"box":{"x":117,"y":459,"width":706,"height":12}},{"id":"b44535d6-0422-4489-a32d-730ffcdce41a","block_type":"box","text":"currently held by a Fund. In circumstances in which a Fund does not own the securities or loans that","page_number":72,"box":{"x":116,"y":475,"width":749,"height":12}},{"id":"e8d17e76-265f-4953-be4a-a7b62fe37853","block_type":"box","text":"are deliverable under a credit default swap, the Fund is exposed to the risk that deliverable securities","page_number":72,"box":{"x":116,"y":490,"width":755,"height":12}},{"id":"13b588ba-a3af-412d-8dfc-8e7c53aa8beb","block_type":"box","text":"will not be available in the market, or will be available only at unfavorable prices, as would be the case","page_number":72,"box":{"x":116,"y":506,"width":763,"height":12}},{"id":"ea5d296b-43a3-4007-a4d0-25355f71de54","block_type":"box","text":"in a so-called “short squeeze.” In certain instances of issuer defaults or restructurings, it has been","page_number":72,"box":{"x":117,"y":521,"width":729,"height":12}},{"id":"9747c284-f20e-4d4a-87a1-3ad95cd14d00","block_type":"box","text":"unclear under the standard industry documentation for credit default swaps whether or not a “credit","page_number":72,"box":{"x":117,"y":537,"width":739,"height":12}},{"id":"0a017f6b-c4c8-4b01-a365-b40ecf6855c2","block_type":"box","text":"event” triggering the seller’s payment obligation had occurred. Certain initiatives adopted by derivatives","page_number":72,"box":{"x":116,"y":552,"width":771,"height":12}},{"id":"83b0096a-5835-4dad-8937-ca36fe211abb","block_type":"box","text":"market participants, including the International Swaps and Derivatives Association (“ISDA”), are","page_number":72,"box":{"x":117,"y":568,"width":713,"height":12}},{"id":"00c9b758-5400-42b6-825d-9e439fd944b3","block_type":"box","text":"designed to implement uniform settlement terms into standard credit default swap documentation, as","page_number":72,"box":{"x":116,"y":583,"width":753,"height":12}},{"id":"a2b4d222-6cf1-4a06-8b6f-d117a1bcd77b","block_type":"box","text":"well as refine the practices for the transparent conduct of the credit default swap market generally.","page_number":72,"box":{"x":116,"y":599,"width":735,"height":12}},{"id":"b7dff6ce-7c44-4de3-bcb0-52dc61ca56d9","block_type":"box","text":"Among these initiatives are the ISDA Credit Derivatives Determination Committee and the","page_number":72,"box":{"x":116,"y":614,"width":672,"height":12}},{"id":"6e5ed7af-cc8b-4783-9793-11b8145a52fd","block_type":"box","text":"implementation of market-wide cash settlement protocols applicable to all market-standard credit","page_number":72,"box":{"x":117,"y":630,"width":722,"height":12}},{"id":"b50b5908-ddba-4946-bb3f-b0f502a8f276","block_type":"box","text":"default swaps. These initiatives are intended to reduce both the uncertainty as to the occurrence of","page_number":72,"box":{"x":116,"y":645,"width":739,"height":12}},{"id":"cc28e014-15e8-4d35-8ab2-84956482a6d7","block_type":"box","text":"credit events and the risk of a “short squeeze” by providing that the ISDA Credit Derivatives","page_number":72,"box":{"x":116,"y":661,"width":679,"height":12}},{"id":"f8936f3c-cbaa-45e4-96c7-55b3f0d5f27f","block_type":"box","text":"Determinations Committee will make determinations as to whether a credit event has occurred,","page_number":72,"box":{"x":117,"y":676,"width":704,"height":11}},{"id":"e9dbc753-e1a4-4fc0-adcc-983958117e40","block_type":"box","text":"establish an auction to determine a settlement price and identify the deliverable securities for purposes","page_number":72,"box":{"x":116,"y":692,"width":763,"height":12}},{"id":"d9545039-39e3-4c88-8545-3045abdb2d3e","block_type":"box","text":"of the auction, although the ISDA Credit Derivatives Determinations Committee may in certain limited","page_number":72,"box":{"x":116,"y":707,"width":750,"height":12}},{"id":"85f864e8-ce29-4fc9-bb80-0555af263a1a","block_type":"box","text":"circumstances refrain from doing so. In the event the ISDA Credit Derivatives Determinations","page_number":72,"box":{"x":116,"y":723,"width":691,"height":12}},{"id":"64884b2a-631b-4818-ad89-82f1c3f96b91","block_type":"box","text":"Committee cannot reach a timely resolution with respect to a “credit event” or otherwise does not","page_number":72,"box":{"x":117,"y":738,"width":718,"height":12}},{"id":"598c6a73-8bcd-447f-a949-846d2037d005","block_type":"box","text":"establish a cash settlement auction, a Fund may not be able to realize the full value of the credit","page_number":72,"box":{"x":116,"y":754,"width":713,"height":12}},{"id":"a82cbcd8-73a5-4e40-8843-cc905c32edb0","block_type":"box","text":"default swap upon a default by the reference entity. Furthermore, a Fund may enter into certain credit","page_number":72,"box":{"x":116,"y":769,"width":753,"height":12}},{"id":"a03a76cc-e6a5-4187-aff9-ebdbf812e438","block_type":"box","text":"default swaps or similar instruments that may not be covered by these initiatives.","page_number":72,"box":{"x":116,"y":785,"width":598,"height":12}},{"id":"f9d392b1-dc1f-4353-9fc3-47dd2948606c","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","page_number":72,"box":{"x":117,"y":816,"width":723,"height":12}},{"id":"72fdabfe-ecc4-472b-8155-807e1c9f935b","block_type":"box","text":"recover nothing should no credit event occur. If a Fund is a seller and a credit event occurs, the value","page_number":72,"box":{"x":117,"y":831,"width":757,"height":12}},{"id":"976059d2-1128-4b91-bf70-a6fccfc20379","block_type":"box","text":"of any deliverable obligation received by the Fund or the amount of cash settlement received by the","page_number":72,"box":{"x":116,"y":847,"width":744,"height":12}},{"id":"b11a222e-fadb-436e-9523-f4783939cf1c","block_type":"box","text":"Fund pursuant to the relevant cash settlement auction, together with the up-front or periodic payments","page_number":72,"box":{"x":117,"y":862,"width":763,"height":12}},{"id":"6629f0aa-6fa2-486c-8282-5130a3ff93d3","block_type":"box","text":"previously received, may be less than the amount it pays to the buyer, resulting in a loss of value to the","page_number":72,"box":{"x":117,"y":878,"width":770,"height":12}},{"id":"26de6532-7267-4598-be7d-7be7b32f4e07","block_type":"box","text":"II-23","page_number":72,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"b5b0e9a3-e2d2-44d4-971c-93c5bec8c0a6","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":72,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"cc38cc42-ed35-4e85-9cc0-ba9ac37d6bd7","block_type":"box","text":"Fund. A Fund that sells credit default swaps incurs leveraged exposure to the credit of one or more","page_number":73,"box":{"x":117,"y":87,"width":739,"height":12}},{"id":"dc391ef3-c1a6-4af7-bce5-624cffe476a2","block_type":"box","text":"reference entities and is subject to many of the same risks it would incur if it were holding debt","page_number":73,"box":{"x":117,"y":102,"width":703,"height":13}},{"id":"cba62d46-4070-4992-a54a-4c7be34cd68f","block_type":"box","text":"securities issued by the relevant reference entity. However, a Fund will not have any legal recourse","page_number":73,"box":{"x":116,"y":118,"width":742,"height":12}},{"id":"9f94bdbc-8ca8-4fc4-8ede-cfa1f250b316","block_type":"box","text":"against any reference entity and will not benefit from any collateral securing the reference entity’s debt","page_number":73,"box":{"x":116,"y":134,"width":764,"height":12}},{"id":"759edcae-d53d-4e6b-98f3-a203570a0af0","block_type":"box","text":"obligations. In the event the ISDA Credit Derivatives Determinations Committee does not establish a","page_number":73,"box":{"x":116,"y":149,"width":750,"height":12}},{"id":"a06bc200-746a-4968-b01f-c3c8d8211527","block_type":"box","text":"cash settlement auction and identify the relevant deliverable securities or loans, the credit default swap","page_number":73,"box":{"x":116,"y":165,"width":769,"height":12}},{"id":"21aa0553-20f9-496a-84d5-ae2c56966e7a","block_type":"box","text":"buyer will have broad discretion to select which of the reference entity’s debt obligations to deliver to","page_number":73,"box":{"x":117,"y":180,"width":748,"height":12}},{"id":"9a9319b0-c3fc-4bcf-999c-9f467a93dac0","block_type":"box","text":"the Fund following a credit event and will likely choose the obligations with the lowest market value in","page_number":73,"box":{"x":116,"y":196,"width":755,"height":12}},{"id":"2f85c01a-1a49-431f-bdc4-8bea50f222ee","block_type":"box","text":"order to maximize the payment obligations of the Fund. In addition, credit default swaps generally trade","page_number":73,"box":{"x":116,"y":211,"width":772,"height":12}},{"id":"dbd61cfe-5026-4279-af61-520bb2dec17b","block_type":"box","text":"on the basis of theoretical pricing and valuation models, which may not accurately value such swap","page_number":73,"box":{"x":116,"y":227,"width":742,"height":12}},{"id":"1312c8c3-d036-46cd-b5f1-d753a1319e8a","block_type":"box","text":"positions when established or when subsequently traded or unwound under actual market conditions.","page_number":73,"box":{"x":117,"y":242,"width":756,"height":12}},{"id":"8215d628-334f-417c-946d-4b427d8fdf3f","block_type":"box","text":"Dodd-Frank requires that certain index CDS be executed in regulated markets and submitted for","page_number":73,"box":{"x":117,"y":274,"width":719,"height":13}},{"id":"f55e2a28-7bca-4056-96d8-9752e6c177c7","block_type":"box","text":"clearing to regulated clearinghouses. See “—Derivatives—Regulation of Derivatives—Dodd-Frank","page_number":73,"box":{"x":116,"y":290,"width":734,"height":12}},{"id":"27f88a8d-57db-4ada-94a7-40a05bd6fc8d","block_type":"box","text":"Regulations” above. Other single-name CDS and index CDS are permitted, although not required, to","page_number":73,"box":{"x":117,"y":305,"width":750,"height":13}},{"id":"ea71fce5-9cd2-45ed-b251-b6984eb81cf8","block_type":"box","text":"be cleared through regulated clearinghouses. The Funds clear all credit default swaps that are subject","page_number":73,"box":{"x":117,"y":321,"width":762,"height":12}},{"id":"ae164128-9486-47b4-93bd-a3c11ecfd34f","block_type":"box","text":"to mandatory clearing and may voluntarily clear some, but not all, of the other credit default swaps not","page_number":73,"box":{"x":116,"y":336,"width":762,"height":13}},{"id":"013202a9-964b-4752-be14-ccd66f657c86","block_type":"box","text":"subject to mandatory clearing. The Funds face counterparty risk with respect to the clearinghouse","page_number":73,"box":{"x":116,"y":352,"width":731,"height":12}},{"id":"5fd0ca0c-b900-4ab0-94af-07ebd0214094","block_type":"box","text":"when entering into cleared single-name CDS and cleared index CDS. The Funds face significant","page_number":73,"box":{"x":116,"y":367,"width":722,"height":13}},{"id":"ff008c62-e195-4b0c-8f8c-598ffde53be0","block_type":"box","text":"counterparty risk with respect to their counterparties to non-cleared credit default swaps and similar","page_number":73,"box":{"x":116,"y":383,"width":743,"height":12}},{"id":"023bc4f5-b7c8-4db3-ae75-ebdd71aac23d","block_type":"box","text":"instruments. A Fund typically will enter into non-cleared credit default swaps and similar instruments","page_number":73,"box":{"x":117,"y":398,"width":746,"height":13}},{"id":"61f230e9-cf7f-4148-9aa6-a1cbc343f7d0","block_type":"box","text":"with swap dealers and creditworthy entities that have substantial capital or that have provided the Fund","page_number":73,"box":{"x":116,"y":414,"width":771,"height":12}},{"id":"309364b0-2303-4276-9878-0e1398775d7e","block_type":"box","text":"with a third-party guaranty or other credit support.","page_number":73,"box":{"x":116,"y":430,"width":373,"height":12}},{"id":"2432f0ce-4830-4a5b-abb2-12a0be21a1e9","block_type":"box","text":"In certain instances, a Fund may enter into bespoke credit default swaps or similar instruments either","page_number":73,"box":{"x":117,"y":462,"width":755,"height":12}},{"id":"d334b525-5b07-452e-8c70-16fd97e41613","block_type":"box","text":"as protection buyer or protection seller. While these contracts are similar in their operation to the","page_number":73,"box":{"x":116,"y":477,"width":720,"height":12}},{"id":"f832b591-1090-4ba9-84c7-f9ffd22af702","block_type":"box","text":"market-standard credit default swaps described above, they are less standardized and instead have","page_number":73,"box":{"x":117,"y":493,"width":746,"height":12}},{"id":"f7619007-5bb1-41f1-a0b8-a96a42b15750","block_type":"box","text":"bespoke or tailored features. For example, as compared to market-standard credit defaults, the range","page_number":73,"box":{"x":117,"y":508,"width":758,"height":12}},{"id":"80fdbfae-0320-4be7-9d9b-28f528f2b229","block_type":"box","text":"of “credit events” triggering settlement of such bespoke contracts may be narrower or broader, any","page_number":73,"box":{"x":116,"y":524,"width":737,"height":12}},{"id":"ab838bc2-4e2a-4cd9-a277-30bfd91b7bc8","block_type":"box","text":"such triggered contracts are settled by physical delivery of the underlying security or loan to or by the","page_number":73,"box":{"x":116,"y":539,"width":755,"height":12}},{"id":"e0dbeb3f-3a8a-408d-ad78-ba2cb585650b","block_type":"box","text":"Fund rather than by way of cash settlement, and there may be a wider range of securities as the","page_number":73,"box":{"x":117,"y":555,"width":719,"height":12}},{"id":"4541bda2-168d-4892-899f-f1526fd519fe","block_type":"box","text":"reference obligations and/or deliverable obligations.","page_number":73,"box":{"x":117,"y":570,"width":388,"height":12}},{"id":"7cd7e8a0-4086-45e8-8c13-f5d92ba5b50c","block_type":"box","text":"In addition, credit default swaps and similar instruments generally involve greater risks than if a Fund","page_number":73,"box":{"x":117,"y":603,"width":752,"height":12}},{"id":"379b7a56-fff0-4d70-98c9-e50c53d10df7","block_type":"box","text":"had invested in the reference obligation directly and are subject to significant credit risk, correlation","page_number":73,"box":{"x":117,"y":618,"width":738,"height":12}},{"id":"9715b234-e626-4338-912c-b33b42d0327f","block_type":"box","text":"risk, leverage risk, illiquidity risk and market risk. See “—Risk Factors in Derivatives” above.","page_number":73,"box":{"x":117,"y":634,"width":684,"height":12}},{"id":"b04c1857-3958-46b5-8c4c-ae4b38d6c67d","block_type":"box","text":"Interest Rate Swaps, Floors and Caps.","page_number":73,"box":{"x":117,"y":658,"width":292,"height":12}},{"id":"ee0623c8-06e8-457b-8389-490ec352dbee","block_type":"box","text":"Certain Funds may enter into OTC derivatives in the form of","page_number":73,"box":{"x":410,"y":658,"width":450,"height":12}},{"id":"666135e0-f375-4c41-a653-87173bdc3f92","block_type":"box","text":"interest rate swaps and interest rate caps and floors. As described in further detail below, a Fund may","page_number":73,"box":{"x":117,"y":673,"width":755,"height":12}},{"id":"162e842c-9bda-4b90-8352-fdd68f87c9c8","block_type":"box","text":"enter into these transactions primarily to preserve a return or spread on a particular investment or","page_number":73,"box":{"x":116,"y":689,"width":724,"height":12}},{"id":"4ad15a1a-8e88-4bc6-8b00-bee262785cac","block_type":"box","text":"portion of its holdings, as a duration management technique, to protect against an increase in the price","page_number":73,"box":{"x":117,"y":704,"width":762,"height":12}},{"id":"7c946498-3e78-4aa1-9d08-c99646acb130","block_type":"box","text":"of securities a Fund anticipates purchasing at a later date, or for speculation to increase returns.","page_number":73,"box":{"x":116,"y":720,"width":712,"height":12}},{"id":"ea4aaebf-50be-48fa-a4cf-085f6b550e5c","block_type":"box","text":"Dodd-Frank requires that certain interest rate swaps be executed in regulated markets and submitted","page_number":73,"box":{"x":117,"y":752,"width":750,"height":12}},{"id":"b3ce250a-5af8-4595-8e4a-c07b1405a785","block_type":"box","text":"for clearing to regulated clearinghouses. See “—Regulation of Derivatives—Dodd-Frank Regulations”","page_number":73,"box":{"x":116,"y":767,"width":752,"height":13}},{"id":"74757d45-4a90-4dc1-9fc0-da7308ca43bc","block_type":"box","text":"above. Other interest rate swaps are permitted, although not required, to be cleared. Most of the","page_number":73,"box":{"x":116,"y":783,"width":715,"height":12}},{"id":"dc38380c-f778-4a40-b42e-7bee1d97a381","block_type":"box","text":"interest rate swaps entered into by the Funds are cleared. The Funds face counterparty risk with","page_number":73,"box":{"x":117,"y":798,"width":714,"height":13}},{"id":"4b2af1ed-df7e-4223-bd0d-9917fde3848c","block_type":"box","text":"respect to the clearinghouse when entering into cleared interest rate swaps.","page_number":73,"box":{"x":117,"y":814,"width":561,"height":12}},{"id":"ad361d75-8640-40b7-a2ff-c2d32a127d4a","block_type":"box","text":"The Funds face significant counterparty risk with respect to their counterparties to non-cleared interest","page_number":73,"box":{"x":116,"y":846,"width":764,"height":12}},{"id":"fd6afd11-3d97-4fb2-b9a8-eba455f5b793","block_type":"box","text":"rate swaps and interest rate caps and floors. The typical counterparties for a Fund’s non-cleared","page_number":73,"box":{"x":117,"y":862,"width":719,"height":12}},{"id":"11bbe833-4b74-4f5c-a34b-e190e3dd01e4","block_type":"box","text":"interest rate derivatives transactions are swap dealers and other creditworthy entities that have","page_number":73,"box":{"x":117,"y":878,"width":709,"height":11}},{"id":"7af7d649-4b6b-4321-8e3b-aaea78a9a0d3","block_type":"box","text":"II-24","page_number":73,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"2ef0f6f0-c7e3-41a5-8ea8-3ee73072afac","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":73,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"aa3b7555-23c1-4065-b6b8-4b97311cf121","block_type":"box","text":"substantial capital or that have provided the Fund with a third-party guaranty or other credit support.","page_number":74,"box":{"x":116,"y":87,"width":746,"height":12}},{"id":"6bb382ba-d6ba-43f8-9912-975ba70a1cbf","block_type":"box","text":"If the Fund’s counterparty defaults on such a transaction, a Fund will have contractual remedies with","page_number":74,"box":{"x":117,"y":102,"width":749,"height":13}},{"id":"6ea80511-2e2b-43e0-9f0f-62271976b2b6","block_type":"box","text":"respect to the transaction, but there can be no guarantee that the Fund will be successful in enforcing","page_number":74,"box":{"x":117,"y":118,"width":758,"height":12}},{"id":"5c0be090-2f9d-449f-ab3b-b79c5337bc84","block_type":"box","text":"such remedies. The market for interest rate swaps is relatively liquid in comparison with other similar","page_number":74,"box":{"x":116,"y":134,"width":751,"height":12}},{"id":"aaa89b8c-039c-4776-8730-581e00bfc4d0","block_type":"box","text":"instruments traded in the interbank market. A Fund may be limited in its ability to enter into certain","page_number":74,"box":{"x":117,"y":149,"width":732,"height":12}},{"id":"5ad1a86d-2a0a-45fe-8353-905cca6a15ce","block_type":"box","text":"interest rate derivatives due to applicable income tax requirements.","page_number":74,"box":{"x":117,"y":165,"width":503,"height":11}},{"id":"51da3b40-d3cd-4f58-9e12-36aa6be9ac5d","block_type":"box","text":"Interest rate swaps are transactions in which each party makes periodic interest payments based on a","page_number":74,"box":{"x":117,"y":196,"width":762,"height":12}},{"id":"d5e630f5-8573-4aee-bd63-6b7fd1ad6a62","block_type":"box","text":"fixed or variable interest rate, index or asset in return for periodic payments from its counterparty based","page_number":74,"box":{"x":116,"y":211,"width":772,"height":12}},{"id":"19b0492c-f4de-47bf-b150-a8e70c7bfb86","block_type":"box","text":"on a different fixed or variable interest rate, index or asset.","page_number":74,"box":{"x":116,"y":227,"width":439,"height":11}},{"id":"ed4d63eb-0f88-4dc8-8374-b8dd49ca7558","block_type":"box","text":"The purchase of an interest rate floor entitles the purchaser, to the extent that a specified index falls","page_number":74,"box":{"x":116,"y":258,"width":746,"height":11}},{"id":"73653775-3f4e-401d-b05c-44cc4c77ed3a","block_type":"box","text":"below a predetermined interest rate, to receive payments of interest on a notional principal amount","page_number":74,"box":{"x":117,"y":273,"width":736,"height":12}},{"id":"00614a28-c715-432e-9c85-0c89ca9bbe7b","block_type":"box","text":"from the party selling such interest rate floor.","page_number":74,"box":{"x":116,"y":289,"width":337,"height":12}},{"id":"bc491a18-4f7c-4b46-b9af-18baf349ee9b","block_type":"box","text":"The purchase of an interest rate cap entitles the purchaser, to the extent that a specified index rises","page_number":74,"box":{"x":116,"y":320,"width":746,"height":12}},{"id":"791e7c64-1af9-48c6-b55f-5976abc4107d","block_type":"box","text":"above a predetermined interest rate, to receive payments of interest on a notional principal amount","page_number":74,"box":{"x":116,"y":335,"width":739,"height":12}},{"id":"cdeb8074-532b-4456-8cd1-d964c282acc7","block_type":"box","text":"from the party selling such interest rate cap.","page_number":74,"box":{"x":116,"y":351,"width":331,"height":12}},{"id":"9276f249-2a15-42a2-8886-bbe7caee19bc","block_type":"box","text":"A Fund may enter into an interest rate swap to effectively exchange with another party their respective","page_number":74,"box":{"x":116,"y":382,"width":764,"height":12}},{"id":"a7cefc46-702f-4dd5-8111-9c46898f9015","block_type":"box","text":"commitments to pay or receive interest,","page_number":74,"box":{"x":116,"y":397,"width":298,"height":12}},{"id":"6c7c15cc-0398-4748-b3c6-221ab82f98ce","block_type":"box","text":"e.g.","page_number":74,"box":{"x":415,"y":400,"width":26,"height":9}},{"id":"cf493782-7af6-41d6-b550-50a584b7f883","block_type":"box","text":", an exchange of fixed rate payments for floating rate","page_number":74,"box":{"x":444,"y":397,"width":396,"height":12}},{"id":"db27b3c4-00c2-4e1e-b166-80cf41af9aa3","block_type":"box","text":"payments. For example, if a Fund holds a mortgage-backed security with an interest rate that is reset","page_number":74,"box":{"x":117,"y":413,"width":755,"height":12}},{"id":"72419338-108a-43cb-a303-efd015d767b4","block_type":"box","text":"only once each year, it may swap the right to receive interest at this fixed rate for the right to receive","page_number":74,"box":{"x":116,"y":428,"width":748,"height":12}},{"id":"cc95d870-c425-4d4a-b025-af73fc2ff2d8","block_type":"box","text":"interest at a rate that is reset every week. This would enable a Fund to offset a decline in the value of","page_number":74,"box":{"x":117,"y":444,"width":755,"height":12}},{"id":"4666a5a1-7059-420f-93ec-738fd155c190","block_type":"box","text":"the mortgage-backed security due to rising interest rates but would also limit its ability to benefit from","page_number":74,"box":{"x":116,"y":459,"width":753,"height":12}},{"id":"f4431f39-c832-4588-87ec-f3e635e8696c","block_type":"box","text":"falling interest rates. Conversely, if a Fund holds a mortgage-backed security with an interest rate that","page_number":74,"box":{"x":116,"y":475,"width":761,"height":12}},{"id":"71af585a-a2aa-467b-a788-55a2eae4a4cf","block_type":"box","text":"is reset every week and it would like to lock in what","page_number":74,"box":{"x":117,"y":490,"width":383,"height":12}},{"id":"a718fd84-5b51-42f3-a6f2-25bf946ba7fe","block_type":"box","text":"it believes to be a high interest rate for one year, it","page_number":74,"box":{"x":501,"y":490,"width":377,"height":12}},{"id":"fb0c5f9d-6862-4b68-91e8-095efad0f1ce","block_type":"box","text":"may swap the right to receive interest at this variable weekly rate for the right to receive interest at a","page_number":74,"box":{"x":117,"y":506,"width":746,"height":12}},{"id":"dc70c352-78c0-4ac2-be47-03977e0b002b","block_type":"box","text":"rate that is fixed for one year. Such a swap would protect the Fund from a reduction in yield due to","page_number":74,"box":{"x":117,"y":521,"width":733,"height":12}},{"id":"267858c6-38a7-462c-8a15-433928910eb5","block_type":"box","text":"falling interest rates and may permit the Fund to enhance its income through the positive differential","page_number":74,"box":{"x":116,"y":537,"width":745,"height":12}},{"id":"9e7a61ba-7476-40c9-b4ec-557af8934bdc","block_type":"box","text":"between one week and one year interest rates, but would preclude it from taking full advantage of","page_number":74,"box":{"x":117,"y":552,"width":729,"height":12}},{"id":"227495d2-547c-4b92-bf36-b1beb98ea8c0","block_type":"box","text":"rising interest rates.","page_number":74,"box":{"x":117,"y":568,"width":150,"height":12}},{"id":"c97a2e28-c1dc-4032-b528-23f1792fadca","block_type":"box","text":"Gains from transactions in interest rate swaps distributed to shareholders will be taxable as ordinary","page_number":74,"box":{"x":117,"y":599,"width":746,"height":12}},{"id":"86c95baf-e61a-430f-bef6-db7ac4f078d7","block_type":"box","text":"income or, in certain circumstances, as long term capital gains to shareholders.","page_number":74,"box":{"x":117,"y":614,"width":593,"height":12}},{"id":"c6901048-816e-4adf-841c-2e631a5289fe","block_type":"box","text":"Interest rate swaps and interest rate caps and floors may be subject to correlation risk, leverage risk,","page_number":74,"box":{"x":117,"y":645,"width":751,"height":12}},{"id":"0014b560-15ba-4ff7-aab7-0929d24e11c2","block_type":"box","text":"illiquidity risk and market risk. See “—Risk Factors in Derivatives” above.","page_number":74,"box":{"x":117,"y":661,"width":538,"height":12}},{"id":"299c705e-b694-4b48-912d-29063ec9c2ff","block_type":"box","text":"Total Return Swaps.","page_number":74,"box":{"x":118,"y":692,"width":148,"height":12}},{"id":"8ded2a82-c956-4800-88e4-7761ca021558","block_type":"box","text":"Total return swaps are contracts in which one party agrees to make periodic","page_number":74,"box":{"x":273,"y":692,"width":565,"height":12}},{"id":"309d1bb9-6f5d-4e51-a15b-2278601db868","block_type":"box","text":"payments to the other party based on the return of the assets underlying the contract in exchange for","page_number":74,"box":{"x":117,"y":707,"width":750,"height":12}},{"id":"1f77df75-0f0e-4957-94fc-8208ce48c2f0","block_type":"box","text":"periodic payments based on a fixed or variable interest rate or the total return from different underlying","page_number":74,"box":{"x":117,"y":723,"width":759,"height":12}},{"id":"ec6125c9-55c5-4a6b-b6e3-c9153f23eff7","block_type":"box","text":"assets. The return of the assets underlying the contract includes both the income generated by the","page_number":74,"box":{"x":116,"y":738,"width":732,"height":12}},{"id":"6ecf4804-8297-4c66-92ff-f58ea9faea5e","block_type":"box","text":"asset and the change in market value of the asset. The asset underlying the contract may include a","page_number":74,"box":{"x":116,"y":754,"width":737,"height":12}},{"id":"38e346a7-1fa1-4d4b-bc1a-2569c2da377e","block_type":"box","text":"specified security, basket of securities or securities indices. Total return swaps on a specified security,","page_number":74,"box":{"x":116,"y":769,"width":757,"height":12}},{"id":"601c7fae-8c41-44a8-933e-bb8d2e1ffccf","block_type":"box","text":"basket of securities or securities indices may sometimes be referred to as “contracts for difference.”","page_number":74,"box":{"x":117,"y":785,"width":738,"height":12}},{"id":"05da6cf9-809a-4aaa-b027-511b3c277519","block_type":"box","text":"Total return swaps may be used to obtain exposure to a security or market without owning or taking","page_number":74,"box":{"x":116,"y":816,"width":738,"height":12}},{"id":"6c70b6ce-8359-4974-a655-84c6903aaa5b","block_type":"box","text":"physical custody of such security or investing directly in such market. Upon entering into a total return","page_number":74,"box":{"x":117,"y":831,"width":758,"height":12}},{"id":"b8a3dd6c-0eb1-4371-b8fc-1befdc9e2b93","block_type":"box","text":"swap, a Fund is required to deposit initial margin but the parties do not exchange the notional amount.","page_number":74,"box":{"x":116,"y":847,"width":763,"height":12}},{"id":"fa3ca77d-70ce-409f-b373-2b0a6cfa890b","block_type":"box","text":"As a result, total return swaps may effectively add leverage to the Fund’s portfolio because the Fund","page_number":74,"box":{"x":116,"y":862,"width":750,"height":12}},{"id":"0eb1c924-e74a-42be-a727-3cb3d47c9809","block_type":"box","text":"would be subject to investment exposure on the notional amount of the swap.","page_number":74,"box":{"x":116,"y":878,"width":580,"height":12}},{"id":"ccc1f0e9-338e-47c6-a4d9-db277ea16b87","block_type":"box","text":"II-25","page_number":74,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"c551dce0-5ffd-4e64-bf7a-21611fd26249","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":74,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"fc5e9c8d-a12a-4f35-a67b-8a382070d5a1","block_type":"box","text":"Total return swaps are subject to significant correlation risk, leverage risk, illiquidity risk, market risk","page_number":75,"box":{"x":116,"y":87,"width":743,"height":12}},{"id":"aa757308-4b1a-471b-b03c-c6103005814e","block_type":"box","text":"and counterparty risk. See “—Risk Factors in Derivatives” above.","page_number":75,"box":{"x":116,"y":102,"width":488,"height":13}},{"id":"d7a4d5c2-3157-4e59-82ba-a6d82aa2560c","block_type":"box","text":"Options","page_number":75,"box":{"x":117,"y":143,"width":57,"height":12}},{"id":"b6343965-22c1-4562-b96c-7d57c8b2997f","block_type":"box","text":".","page_number":75,"box":{"x":175,"y":151,"width":8,"height":1}},{"id":"85ca16c0-cde7-4e10-ab11-49eedb23b00c","block_type":"box","text":"Options on Securities and Securities Indices.","page_number":75,"box":{"x":117,"y":175,"width":337,"height":12}},{"id":"5ec88413-4318-45b2-bac9-6d3a47db6ac2","block_type":"box","text":"A Fund may engage in transactions in options on","page_number":75,"box":{"x":454,"y":175,"width":370,"height":12}},{"id":"7daa8feb-1a5a-42ba-b6dd-cb4165b9242d","block_type":"box","text":"individual securities, baskets of securities or securities indices, or particular measurements of value or","page_number":75,"box":{"x":117,"y":191,"width":761,"height":12}},{"id":"e90c29a5-e62b-4c5c-86ec-6d63b6920a7a","block_type":"box","text":"rates, such as an index of the price of treasury securities or an index representative of short-term","page_number":75,"box":{"x":117,"y":206,"width":724,"height":12}},{"id":"ab2e13fa-7c77-41ff-9cb7-085484e7f04f","block_type":"box","text":"interest rates. Such investments may be made on exchanges and in the OTC markets. In general,","page_number":75,"box":{"x":117,"y":222,"width":732,"height":12}},{"id":"f4627cc1-78ea-4bf1-94bf-f70162dfbd6a","block_type":"box","text":"exchange-traded options have standardized exercise prices and expiration dates and require the","page_number":75,"box":{"x":116,"y":237,"width":723,"height":12}},{"id":"d6a2fe93-38c6-407c-ba62-2e303bd3fa80","block_type":"box","text":"parties to post margin against their obligations, and the performance of the parties’ obligations in","page_number":75,"box":{"x":117,"y":253,"width":720,"height":12}},{"id":"b2d6bd67-8d8e-4bc1-b226-d49884c31944","block_type":"box","text":"connection with such options is guaranteed by the exchange or a related clearing corporation. OTC","page_number":75,"box":{"x":116,"y":268,"width":742,"height":12}},{"id":"737bcdd9-879d-4a1b-ac44-d0398da7a02e","block_type":"box","text":"options have more flexible terms negotiated between the buyer and the seller, but are subject to","page_number":75,"box":{"x":116,"y":284,"width":717,"height":12}},{"id":"4e2416f8-0309-4476-96ad-192c1f942801","block_type":"box","text":"greater credit risk. OTC options also involve greater illiquidity risk.","page_number":75,"box":{"x":116,"y":299,"width":493,"height":12}},{"id":"610f037e-4339-40f5-9b30-35d45ee7dac2","block_type":"box","text":"A Fund may also engage in transactions in options which have additional features that result in","page_number":75,"box":{"x":116,"y":331,"width":709,"height":12}},{"id":"1d2e3678-a0f8-42aa-b1b4-7c15f9462580","block_type":"box","text":"different payment structures and/or expirations (commonly referred to as exotic options). For example,","page_number":75,"box":{"x":116,"y":347,"width":765,"height":12}},{"id":"65ae72a8-e352-4c72-99e4-f3dc2e2c70c7","block_type":"box","text":"barrier options are exotic options that can only be exercised (or automatically expire) if the price of the","page_number":75,"box":{"x":117,"y":362,"width":761,"height":12}},{"id":"edd36be5-653c-4f36-a772-2b5edae639a6","block_type":"box","text":"underlying asset reaches one or more predetermined levels on or before expiration. Binary options are","page_number":75,"box":{"x":117,"y":378,"width":765,"height":12}},{"id":"0eb954b3-bd7c-4032-99f5-68cdc04f93a3","block_type":"box","text":"another example of exotic options which have a fixed all-or-nothing payout if one or more","page_number":75,"box":{"x":116,"y":393,"width":666,"height":12}},{"id":"441e88aa-141a-4b3b-9db1-82e5488c6882","block_type":"box","text":"predetermined conditions are met. Exotic options are typically traded in OTC markets.","page_number":75,"box":{"x":117,"y":409,"width":641,"height":12}},{"id":"c9d68a43-5d8f-4bd3-a781-f520c8922e75","block_type":"box","text":"There are several risks associated with transactions in options on securities and indexes. For example,","page_number":75,"box":{"x":116,"y":441,"width":770,"height":12}},{"id":"4fb7534d-649f-45ee-80f8-fdcfa24390fb","block_type":"box","text":"there are significant differences between the securities and options markets that could result in an","page_number":75,"box":{"x":116,"y":457,"width":731,"height":12}},{"id":"6bfeb759-0f47-4ef8-a557-dd0d6381b674","block_type":"box","text":"imperfect correlation between these markets, causing a given transaction not to achieve its objectives.","page_number":75,"box":{"x":117,"y":472,"width":763,"height":12}},{"id":"ce937085-1519-4271-9c2a-e7dd735b94c9","block_type":"box","text":"In addition, a liquid market for particular options, whether traded OTC or on a national securities","page_number":75,"box":{"x":117,"y":488,"width":716,"height":12}},{"id":"5e14237c-832a-417c-8d87-b5b6b4e78416","block_type":"box","text":"exchange (“Exchange”) may be absent for reasons which include the following: there may be","page_number":75,"box":{"x":116,"y":503,"width":695,"height":12}},{"id":"fdb03f39-ddeb-4045-9fc4-4e370d469ea2","block_type":"box","text":"insufficient trading interest in certain options; restrictions may be imposed by an Exchange on opening","page_number":75,"box":{"x":117,"y":519,"width":763,"height":12}},{"id":"c5523fac-f008-4fbb-86a3-be542785a981","block_type":"box","text":"transactions or closing transactions or both; trading halts, suspensions or other restrictions may be","page_number":75,"box":{"x":116,"y":534,"width":737,"height":12}},{"id":"de742126-2d88-40bf-81dc-b5d7af62fc24","block_type":"box","text":"imposed with respect to particular classes or series of options or underlying securities; unusual or","page_number":75,"box":{"x":117,"y":550,"width":727,"height":12}},{"id":"3f8b20d6-e0ec-40da-83a2-7ae8d4ffe642","block_type":"box","text":"unforeseen circumstances may interrupt normal operations on an Exchange; the facilities of an","page_number":75,"box":{"x":117,"y":565,"width":708,"height":12}},{"id":"7df7d88e-37ed-45c1-97e1-403c1f9f0c3e","block_type":"box","text":"Exchange or the Options Clearing Corporation may not at all times be adequate to handle current","page_number":75,"box":{"x":117,"y":581,"width":728,"height":12}},{"id":"24ccd3d8-752d-499b-9dfa-1b59b9d1e78a","block_type":"box","text":"trading volume; or one or more Exchanges could, for economic or other reasons, decide or be","page_number":75,"box":{"x":116,"y":596,"width":703,"height":12}},{"id":"f3798450-0249-481e-8184-c1d5a078b5c9","block_type":"box","text":"compelled at some future date to discontinue the trading of options (or a particular class or series of","page_number":75,"box":{"x":116,"y":612,"width":746,"height":12}},{"id":"4a141ba2-7ef1-41e4-8454-6611c5cab474","block_type":"box","text":"options), in which event the market on that Exchange (or in that class or series of options) would cease","page_number":75,"box":{"x":116,"y":627,"width":770,"height":12}},{"id":"183a1411-6509-4a8a-819c-c24d0de93bf3","block_type":"box","text":"to exist, although outstanding options that had been issued by the Options Clearing Corporation as a","page_number":75,"box":{"x":116,"y":643,"width":753,"height":12}},{"id":"c89c4e76-5ca6-4cc5-b61e-2f985d8196e9","block_type":"box","text":"result of trades on that Exchange would continue to be exercisable in accordance with their terms.","page_number":75,"box":{"x":117,"y":658,"width":732,"height":12}},{"id":"699afbad-9081-4f29-90ca-011cbfb4e655","block_type":"box","text":"Each of the options exchanges has established limitations governing the maximum number of call or","page_number":75,"box":{"x":117,"y":690,"width":745,"height":12}},{"id":"1aed0eb1-4017-47ba-94d6-78672735f170","block_type":"box","text":"put options on the same asset that may be bought or written by a single investor, whether acting alone","page_number":75,"box":{"x":117,"y":706,"width":759,"height":12}},{"id":"bda9aad5-570a-4ad8-92d4-f1adab1310af","block_type":"box","text":"or in concert with others (regardless of whether such options are written on the same or different","page_number":75,"box":{"x":116,"y":721,"width":716,"height":12}},{"id":"9f38f8fd-9314-410b-ab78-0726d8fd177a","block_type":"box","text":"exchanges or are held or written on one or more accounts or through one or more brokers). Under","page_number":75,"box":{"x":116,"y":737,"width":730,"height":12}},{"id":"b99eb618-78bd-484c-a343-c00d5374da4f","block_type":"box","text":"these limitations, option positions of all investment companies advised by the Manager are combined","page_number":75,"box":{"x":116,"y":752,"width":749,"height":12}},{"id":"7531dcc4-ad95-43ab-bbc9-6f4ad446b1d9","block_type":"box","text":"for purposes of these limits. Pursuant to these limitations, an exchange may order the liquidation of","page_number":75,"box":{"x":116,"y":768,"width":736,"height":12}},{"id":"6fe16b64-a7a1-4234-b89e-b3ca9d935f3f","block_type":"box","text":"positions and may impose other sanctions or restrictions. These position limits may restrict the number","page_number":75,"box":{"x":117,"y":783,"width":762,"height":12}},{"id":"013b0361-8233-4337-8832-6ba6e10238ae","block_type":"box","text":"of listed options that a Fund may buy or sell.","page_number":75,"box":{"x":116,"y":799,"width":328,"height":12}},{"id":"63703486-d9b1-4452-8936-ddbaaea60f12","block_type":"box","text":"Call Options.","page_number":75,"box":{"x":117,"y":831,"width":100,"height":12}},{"id":"5b80a4e1-0244-4c67-b1a7-f117ea308249","block_type":"box","text":"A Fund may purchase call options on any of the types of securities or instruments in","page_number":75,"box":{"x":217,"y":831,"width":629,"height":12}},{"id":"21a151ee-fd27-463f-86e3-0f7ec8565d56","block_type":"box","text":"which it may invest. A purchased call option gives a Fund the right to buy, and obligates the seller to","page_number":75,"box":{"x":116,"y":847,"width":748,"height":12}},{"id":"8a72206e-457f-4275-beb6-f17728b33491","block_type":"box","text":"sell, the underlying security at the exercise price at any time during the option period. A Fund also may","page_number":75,"box":{"x":116,"y":862,"width":767,"height":12}},{"id":"57ec18e8-e858-44a4-b029-28f533dcf5f2","block_type":"box","text":"purchase and sell call options on indices. Index options are similar to options on securities except that,","page_number":75,"box":{"x":117,"y":878,"width":765,"height":11}},{"id":"c26f0c88-1d40-4c45-b24f-5920270402a6","block_type":"box","text":"II-26","page_number":75,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"9052ba48-e282-4bb2-99e7-a355571e642c","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":75,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"e9411fbb-b050-4f42-9d2d-27dc93c99e83","block_type":"box","text":"rather than taking or making delivery of securities underlying the option at a specified price upon","page_number":76,"box":{"x":117,"y":87,"width":718,"height":12}},{"id":"0f3d8461-1c26-4c09-b4cb-b47860e8c364","block_type":"box","text":"exercise, an index option gives the holder the right to receive cash upon exercise of the option if the","page_number":76,"box":{"x":116,"y":102,"width":745,"height":13}},{"id":"3999d568-b90c-4e77-9429-d72f6b3d2a69","block_type":"box","text":"level of the index upon which the option is based is greater than the exercise price of the option.","page_number":76,"box":{"x":117,"y":118,"width":716,"height":12}},{"id":"ec6f3171-7a10-455c-9598-16a6f3c4e35a","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","page_number":76,"box":{"x":116,"y":146,"width":750,"height":12}},{"id":"79409c90-6d39-4b7b-91f6-89540eca5fd7","block_type":"box","text":"where the exercise price of the call held is (i) equal to or less than the exercise price of the call written,","page_number":76,"box":{"x":116,"y":161,"width":765,"height":13}},{"id":"b7398e6f-0cd6-4a2f-89fd-26d35fff18ec","block_type":"box","text":"or (ii) greater than the exercise price of the call written provided the difference is maintained by the","page_number":76,"box":{"x":116,"y":177,"width":736,"height":12}},{"id":"56c42bc6-d49b-4c65-8e10-0a216c32c81f","block_type":"box","text":"Fund in assets which are not considered illiquid investments under the Funds’ Liquidity Program (as","page_number":76,"box":{"x":117,"y":192,"width":745,"height":13}},{"id":"43450628-e1ea-406b-82d0-7363fae845f5","block_type":"box","text":"defined below) (“liquid assets”) designated on the Manager’s or the sub-adviser’s books and records to","page_number":76,"box":{"x":116,"y":208,"width":769,"height":12}},{"id":"a939d866-e098-42af-b434-081d5bad954a","block_type":"box","text":"the extent required by Commission guidelines.","page_number":76,"box":{"x":116,"y":223,"width":350,"height":13}},{"id":"343127ac-8f4b-4864-ae9e-7b91bf60d4a1","block_type":"box","text":"A Fund may write (","page_number":76,"box":{"x":116,"y":251,"width":140,"height":12}},{"id":"76af237a-c8d5-42c7-8707-f4cba6845da8","block_type":"box","text":"i.e.","page_number":76,"box":{"x":257,"y":251,"width":21,"height":10}},{"id":"552f9d2c-fb39-4599-bc75-f54253323f22","block_type":"box","text":", sell) covered call options on the securities or instruments in which it may invest","page_number":76,"box":{"x":281,"y":251,"width":599,"height":12}},{"id":"f67f7038-11dd-44c4-bbdc-7948e401bb27","block_type":"box","text":"and to enter into closing purchase transactions with respect to certain of such options. A covered call","page_number":76,"box":{"x":116,"y":267,"width":754,"height":12}},{"id":"87e471be-bb46-4f87-a62b-96a09dee00e0","block_type":"box","text":"option is an option in which a Fund, in return for a premium, gives another party a right to buy specified","page_number":76,"box":{"x":116,"y":282,"width":769,"height":12}},{"id":"61c67ec4-c52c-4652-9910-b93dedbcaf61","block_type":"box","text":"securities owned by the Fund at a specified future date and price set at the time of the contract. The","page_number":76,"box":{"x":116,"y":298,"width":747,"height":12}},{"id":"3704ad73-3841-4fc9-befc-45df37f085ce","block_type":"box","text":"principal reason for writing call options is the attempt to realize, through the receipt of premiums, a","page_number":76,"box":{"x":117,"y":313,"width":733,"height":12}},{"id":"33e2c70b-27cd-4099-bba7-5751ada846da","block_type":"box","text":"greater return than would be realized on the securities alone. By writing covered call options, a Fund","page_number":76,"box":{"x":116,"y":329,"width":750,"height":12}},{"id":"e7e172d3-d323-4302-8c04-bd97407cb235","block_type":"box","text":"gives up the opportunity, while the option is in effect, to profit from any price increase in the underlying","page_number":76,"box":{"x":116,"y":344,"width":763,"height":12}},{"id":"05bd8064-5dbc-4b4e-b406-9001821110dd","block_type":"box","text":"security above the option exercise price. In addition, a Fund’s ability to sell the underlying security will","page_number":76,"box":{"x":116,"y":360,"width":758,"height":12}},{"id":"75f2767e-145c-4158-a4fc-6c5af810ffb6","block_type":"box","text":"be limited while the option is in effect unless the Fund enters into a closing purchase transaction. A","page_number":76,"box":{"x":117,"y":375,"width":738,"height":12}},{"id":"876791e9-0da7-4271-b234-92a8f2875e73","block_type":"box","text":"closing purchase transaction cancels out a Fund’s position as the writer of an option by means of an","page_number":76,"box":{"x":116,"y":391,"width":748,"height":12}},{"id":"a9ea66cb-6b9a-4efa-a77e-c753cb589279","block_type":"box","text":"offsetting purchase of an identical option prior to the expiration of the option it has written. Covered call","page_number":76,"box":{"x":116,"y":406,"width":768,"height":12}},{"id":"59734f88-eb23-4f5c-b0cd-0a886739068b","block_type":"box","text":"options also serve as a partial hedge to the extent of the premium received against the price of the","page_number":76,"box":{"x":116,"y":422,"width":736,"height":12}},{"id":"2e401d5a-81ec-43f0-a1ae-86373bc08c3b","block_type":"box","text":"underlying security declining.","page_number":76,"box":{"x":117,"y":438,"width":219,"height":11}},{"id":"0633d694-e5e7-4edd-8ee9-e8336fc9c537","block_type":"box","text":"A Fund may write (","page_number":76,"box":{"x":116,"y":465,"width":140,"height":12}},{"id":"ca4957e9-cec8-49f3-b203-424fc960367c","block_type":"box","text":"i.e.","page_number":76,"box":{"x":257,"y":465,"width":21,"height":10}},{"id":"69ac776d-2ef9-4c5c-acd7-8b16bfaff41f","block_type":"box","text":", sell) uncovered call options on securities or instruments in which it may invest","page_number":76,"box":{"x":281,"y":465,"width":590,"height":12}},{"id":"d40f9b33-f926-4999-9540-2af4df4fefaa","block_type":"box","text":"but that are not currently held by the Fund. The principal reason for writing uncovered call options is to","page_number":76,"box":{"x":117,"y":481,"width":763,"height":12}},{"id":"1b82a36b-b4d1-47fd-973e-044cc35736de","block_type":"box","text":"realize income without committing capital to the ownership of the underlying securities or instruments.","page_number":76,"box":{"x":117,"y":496,"width":758,"height":12}},{"id":"0967a493-e545-4943-bc96-5cc1de778230","block_type":"box","text":"When writing uncovered call options, a Fund must deposit and maintain sufficient margin with the","page_number":76,"box":{"x":116,"y":512,"width":727,"height":12}},{"id":"440460de-8da8-417e-b9a9-f4a378a4609c","block_type":"box","text":"broker-dealer through which it made the uncovered call option as collateral to ensure that the securities","page_number":76,"box":{"x":117,"y":527,"width":771,"height":12}},{"id":"e9ddbd93-90e4-4cbd-b57c-2e15042fbb86","block_type":"box","text":"can be purchased for delivery if and when the option is exercised. During periods of declining","page_number":76,"box":{"x":116,"y":543,"width":697,"height":12}},{"id":"a2145c7f-cf48-46ad-a0dc-ebdb4f4bab83","block_type":"box","text":"securities prices or when prices are stable, writing uncovered calls can be a profitable strategy to","page_number":76,"box":{"x":116,"y":558,"width":724,"height":12}},{"id":"fff8e365-6452-40df-a7b0-fec9dfc53531","block_type":"box","text":"increase a Fund’s income with minimal capital risk. Uncovered calls are riskier than covered calls","page_number":76,"box":{"x":117,"y":574,"width":724,"height":12}},{"id":"c8cd592a-ffd0-4842-a08f-c2869e87ae5f","block_type":"box","text":"because there is no underlying security held by a Fund that can act as a partial hedge. Uncovered calls","page_number":76,"box":{"x":117,"y":589,"width":771,"height":12}},{"id":"ff44b5dc-7fb1-496d-8382-bd0d265276df","block_type":"box","text":"have speculative characteristics and the potential for loss is unlimited. When an uncovered call is","page_number":76,"box":{"x":117,"y":605,"width":725,"height":12}},{"id":"8240c967-e019-4d53-ad85-73e9047cde43","block_type":"box","text":"exercised, a Fund must purchase the underlying security to meet its call obligation. There is also a risk,","page_number":76,"box":{"x":116,"y":620,"width":771,"height":12}},{"id":"f2240593-99ba-4f96-a30b-2ff04faeb255","block_type":"box","text":"especially with preferred and debt securities that lack sufficient liquidity, that the securities may not be","page_number":76,"box":{"x":116,"y":636,"width":760,"height":12}},{"id":"1c675658-89c0-44df-b0fc-e0595e7c8e74","block_type":"box","text":"available for purchase. If the purchase price exceeds the exercise price, a Fund will lose the difference.","page_number":76,"box":{"x":116,"y":651,"width":772,"height":12}},{"id":"4c4688e9-a1b3-4eb8-b341-24e802d42e38","block_type":"box","text":"Put Options.","page_number":76,"box":{"x":116,"y":679,"width":91,"height":12}},{"id":"0db497e4-f149-4f47-9072-d1ef3dbb4c8f","block_type":"box","text":"A Fund may purchase put options to seek to hedge against a decline in the value of its","page_number":76,"box":{"x":213,"y":679,"width":642,"height":12}},{"id":"77eca44a-aeb1-48bb-a20c-92bf596124ae","block_type":"box","text":"securities or to enhance its return. By buying a put option, a Fund acquires a right to sell the underlying","page_number":76,"box":{"x":116,"y":695,"width":764,"height":12}},{"id":"b1372ec4-1111-4690-a917-b887bd0d625b","block_type":"box","text":"securities or instruments at the exercise price, thus limiting the Fund’s risk of loss through a decline in","page_number":76,"box":{"x":116,"y":710,"width":754,"height":12}},{"id":"08557dd7-7466-45ef-a74f-52f55585b497","block_type":"box","text":"the market value of the securities or instruments until the put option expires. The amount of any","page_number":76,"box":{"x":116,"y":726,"width":709,"height":12}},{"id":"450c6900-3625-4026-82cf-68297adb7b7d","block_type":"box","text":"appreciation in the value of the underlying securities or instruments will be partially offset by the","page_number":76,"box":{"x":116,"y":741,"width":708,"height":12}},{"id":"696c68f5-8d8d-439a-bdaf-11844dc5e2bd","block_type":"box","text":"amount of the premium paid for the put option and any related transaction costs. Prior to its expiration,","page_number":76,"box":{"x":116,"y":757,"width":758,"height":12}},{"id":"0abf0c84-8307-4a71-835a-e92e57c1a1b9","block_type":"box","text":"a put option may be sold in a closing sale transaction and profit or loss from the sale will depend on","page_number":76,"box":{"x":116,"y":772,"width":737,"height":12}},{"id":"f9fd202f-d505-4c20-8246-8b2f3f322915","block_type":"box","text":"whether the amount received is more or less than the premium paid for the put option plus the related","page_number":76,"box":{"x":116,"y":788,"width":753,"height":12}},{"id":"96ef54be-3cfb-4a2a-92b6-2ba6d4146fc5","block_type":"box","text":"transaction costs. A closing sale transaction cancels out a Fund’s position as the purchaser of an","page_number":76,"box":{"x":116,"y":803,"width":719,"height":12}},{"id":"988582a2-12f5-4300-938f-619d6104b738","block_type":"box","text":"option by means of an offsetting sale of an identical option prior to the expiration of the option it has","page_number":76,"box":{"x":116,"y":819,"width":737,"height":12}},{"id":"d59b62f6-b199-4e62-a47a-56ef2a69affd","block_type":"box","text":"purchased. A Fund also may purchase uncovered put options.","page_number":76,"box":{"x":117,"y":834,"width":467,"height":12}},{"id":"2a18eaa6-efa7-4fef-aef0-b8360a5c9899","block_type":"box","text":"A Fund also may write (","page_number":76,"box":{"x":116,"y":862,"width":176,"height":12}},{"id":"e624d0ba-b4e1-4894-b4d6-b2692bddb9ef","block_type":"box","text":"i.e.","page_number":76,"box":{"x":293,"y":862,"width":20,"height":10}},{"id":"f7f8ab6d-c87f-4f06-8405-dc1631d8040e","block_type":"box","text":", sell) put options on the types of securities or instruments that may be held","page_number":76,"box":{"x":316,"y":862,"width":563,"height":12}},{"id":"d5d45f56-6650-4d09-b4a2-c96f4cb0f889","block_type":"box","text":"by the Fund. A Fund will receive a premium for writing a put option, which increases the Fund’s return.","page_number":76,"box":{"x":117,"y":878,"width":763,"height":12}},{"id":"4d3e68e8-79c5-4a1b-83bd-9477ff2ea9aa","block_type":"box","text":"II-27","page_number":76,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"554f6c98-3d15-4212-b0e7-b01e864ef30b","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":76,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"04f627af-8f1e-416d-87d4-4fe900465b58","block_type":"box","text":"A Fund also may write (","page_number":77,"box":{"x":116,"y":87,"width":176,"height":12}},{"id":"17e12f6e-9568-447d-bac3-7153227dd5e1","block_type":"box","text":"i.e.","page_number":77,"box":{"x":293,"y":87,"width":20,"height":10}},{"id":"4c556d01-9940-4a85-bd46-53b3c7d42db0","block_type":"box","text":", sell) uncovered put options on securities or instruments in which it may","page_number":77,"box":{"x":316,"y":87,"width":540,"height":12}},{"id":"7ac12cd6-2532-497c-9c9b-b56dea9cdff4","block_type":"box","text":"invest but with respect to which the Fund does not currently have a corresponding short position or has","page_number":77,"box":{"x":117,"y":103,"width":769,"height":12}},{"id":"19b4c9b2-6707-4cb7-ab83-9271e1909f58","block_type":"box","text":"not deposited as collateral cash equal to the exercise value of the put option with the broker-dealer","page_number":77,"box":{"x":117,"y":118,"width":737,"height":12}},{"id":"f913287b-5894-4c45-91aa-704a0c6e084f","block_type":"box","text":"through which it made the uncovered put option. The principal reason for writing uncovered put options","page_number":77,"box":{"x":116,"y":134,"width":769,"height":12}},{"id":"565a3a20-8541-4801-bf18-2b925f66a441","block_type":"box","text":"is to receive premium income and to acquire such securities or instruments at a net cost below the","page_number":77,"box":{"x":117,"y":149,"width":734,"height":12}},{"id":"6463e63c-4ee5-4f6d-b166-00ca2e3c2146","block_type":"box","text":"current market value. A Fund has the obligation to buy the securities or instruments at an agreed upon","page_number":77,"box":{"x":116,"y":165,"width":765,"height":12}},{"id":"7dedf1fc-cd81-40ed-8502-8ef48018b2cc","block_type":"box","text":"price if the price of the securities or instruments decreases below the exercise price. If the price of the","page_number":77,"box":{"x":117,"y":180,"width":759,"height":12}},{"id":"67d56bc2-51dc-44bf-93d1-1dee87637d4b","block_type":"box","text":"securities or instruments increases during the option period, the option will expire worthless and a","page_number":77,"box":{"x":116,"y":196,"width":729,"height":12}},{"id":"2aec2adc-a4ba-46d0-ba03-0dfd9315db81","block_type":"box","text":"Fund will retain the premium and will not have to purchase the securities or instruments at the exercise","page_number":77,"box":{"x":117,"y":211,"width":767,"height":12}},{"id":"59c0c291-e6a3-4ca2-9c4c-0e1724fb13ef","block_type":"box","text":"price.","page_number":77,"box":{"x":117,"y":227,"width":45,"height":11}},{"id":"955e184e-4977-4c71-8cbb-c7acb43b1cbf","block_type":"box","text":"Options on Government National Mortgage Association (“GNMA”) Certificates.","page_number":77,"box":{"x":117,"y":258,"width":586,"height":12}},{"id":"053fd0e2-9135-42e4-a31c-36f233edb384","block_type":"box","text":"The following","page_number":77,"box":{"x":704,"y":258,"width":103,"height":12}},{"id":"bd9c1035-3f84-458a-ae1f-8275c14d1d38","block_type":"box","text":"information relates to the unique characteristics of options on GNMA Certificates. Since the remaining","page_number":77,"box":{"x":117,"y":273,"width":759,"height":12}},{"id":"6e1253fe-2ade-4c9e-a696-dd4587eae62d","block_type":"box","text":"principal balance of GNMA Certificates declines each month as a result of mortgage payments, a","page_number":77,"box":{"x":117,"y":289,"width":725,"height":12}},{"id":"1ff67bf3-3c2f-460f-b20a-7419921cc3cb","block_type":"box","text":"Fund, as a writer of a GNMA call holding GNMA Certificates as “cover” to satisfy its delivery obligation","page_number":77,"box":{"x":117,"y":304,"width":761,"height":12}},{"id":"040d43ab-7105-4638-a53f-5c92aad9fc0b","block_type":"box","text":"in the event of exercise, may find that the GNMA Certificates it holds no longer have a sufficient","page_number":77,"box":{"x":117,"y":320,"width":714,"height":12}},{"id":"dafeb027-ea83-4c3b-b59b-6e20fcc1182f","block_type":"box","text":"remaining principal balance for this purpose. Should this occur, a Fund will purchase additional GNMA","page_number":77,"box":{"x":117,"y":335,"width":763,"height":12}},{"id":"7bfbbca7-6282-40c9-8093-3955ee3e26af","block_type":"box","text":"Certificates from the same pool (if obtainable) or other GNMA Certificates in the cash market in order","page_number":77,"box":{"x":117,"y":351,"width":754,"height":12}},{"id":"c11ce626-6779-4d6f-8248-1a02ec0e4a9d","block_type":"box","text":"to maintain its “cover.”","page_number":77,"box":{"x":116,"y":366,"width":170,"height":10}},{"id":"04413b7e-992f-47fa-bc19-3501c18c2482","block_type":"box","text":"A GNMA Certificate held by a Fund to cover an option position in any but the nearest expiration month","page_number":77,"box":{"x":116,"y":397,"width":764,"height":12}},{"id":"e6cc88ad-fb19-4a90-b6e6-3bb270f34e42","block_type":"box","text":"may cease to represent cover for the option in the event of a decline in the GNMA coupon rate at","page_number":77,"box":{"x":117,"y":413,"width":724,"height":12}},{"id":"8a0ff2e7-dda0-4534-a9a0-c9151b182f9a","block_type":"box","text":"which new pools are originated under the FHA/VA loan ceiling in effect at any given time. If this should","page_number":77,"box":{"x":116,"y":428,"width":765,"height":12}},{"id":"ef14a797-8d79-4e13-8ff9-27613eb78a8a","block_type":"box","text":"occur, a Fund will no longer be covered, and the Fund will either enter into a closing purchase","page_number":77,"box":{"x":116,"y":444,"width":701,"height":12}},{"id":"027d52d0-185c-46a7-b999-b5b090944f52","block_type":"box","text":"transaction or replace such Certificate with a certificate that represents cover. When a Fund closes its","page_number":77,"box":{"x":116,"y":459,"width":760,"height":12}},{"id":"f211e076-f793-406d-b68e-59cbb1e146e8","block_type":"box","text":"position or replaces such Certificate, it may realize an unanticipated loss and incur transaction costs.","page_number":77,"box":{"x":117,"y":475,"width":751,"height":12}},{"id":"0314c0e2-fc26-4315-9bd4-cb80b826acc9","block_type":"box","text":"Options on Swaps (“Swaptions”).","page_number":77,"box":{"x":117,"y":506,"width":243,"height":12}},{"id":"f30b5f74-8367-4e1c-b3b7-52b207e0613c","block_type":"box","text":"A swaption gives a counterparty the option (but not the obligation) to","page_number":77,"box":{"x":362,"y":506,"width":517,"height":12}},{"id":"3c93d0f1-67c6-4cbe-a25b-e7b80717e70f","block_type":"box","text":"enter into a new swap agreement or to shorten, extend, cancel or otherwise modify an existing swap","page_number":77,"box":{"x":116,"y":521,"width":750,"height":12}},{"id":"a8b4f555-1ceb-48ec-af9e-4efeda744443","block_type":"box","text":"agreement, at a designated future time on specified terms. A Fund may write (","page_number":77,"box":{"x":116,"y":537,"width":580,"height":12}},{"id":"30d3b317-17c4-42e7-be84-271f67d4bac8","block_type":"box","text":"i.e.","page_number":77,"box":{"x":698,"y":537,"width":20,"height":9}},{"id":"8c5a51dd-b7b0-4b9a-94cc-535508568842","block_type":"box","text":", sell) and purchase","page_number":77,"box":{"x":721,"y":537,"width":150,"height":12}},{"id":"aceb9a13-4145-4cc9-9c45-d209823c9737","block_type":"box","text":"put and call swaptions. Depending on the terms of the particular option agreement, a Fund will","page_number":77,"box":{"x":117,"y":552,"width":704,"height":12}},{"id":"2e8c79a4-ebaf-451d-9d49-2c257cd3665d","block_type":"box","text":"generally incur a greater degree of risk when it writes a swaption than it will incur when it purchases a","page_number":77,"box":{"x":116,"y":568,"width":758,"height":12}},{"id":"402d716e-617e-4127-9a69-9cde104d9afc","block_type":"box","text":"swaption. When a Fund purchases a swaption, it risks losing only the amount of the premium it has","page_number":77,"box":{"x":116,"y":583,"width":741,"height":12}},{"id":"34650cd6-6ba5-4afa-aa83-7f040645b717","block_type":"box","text":"paid should it decide to let the option expire unexercised. However, when a Fund writes a swaption,","page_number":77,"box":{"x":117,"y":599,"width":743,"height":12}},{"id":"3c787926-ebc0-4df7-9543-830d24d3160c","block_type":"box","text":"upon exercise of the option the Fund will become obligated according to the terms of the underlying","page_number":77,"box":{"x":117,"y":614,"width":743,"height":12}},{"id":"254bc6ab-7f53-41c1-8575-6f9347be9178","block_type":"box","text":"agreement and the potential for loss may be unlimited. Certain swaptions are permitted, although not","page_number":77,"box":{"x":116,"y":630,"width":754,"height":12}},{"id":"a6a1e282-7c79-4d12-8994-c99baa7adcfa","block_type":"box","text":"required, to be cleared.","page_number":77,"box":{"x":117,"y":645,"width":177,"height":12}},{"id":"3a056453-b55d-4544-b668-f3435dbde335","block_type":"box","text":"A Fund will likely enter into these transactions to preserve a return or spread on a particular investment","page_number":77,"box":{"x":116,"y":676,"width":765,"height":12}},{"id":"e47616c2-6ce6-429c-b08e-13c09e4681be","block_type":"box","text":"or portion of its portfolio or to protect against any increase in the price of securities the Fund anticipates","page_number":77,"box":{"x":116,"y":692,"width":767,"height":12}},{"id":"64053595-12ae-4f6c-b690-5de90215840c","block_type":"box","text":"purchasing at a later date. A Fund generally will use these transactions for hedging purposes, not for","page_number":77,"box":{"x":117,"y":707,"width":746,"height":12}},{"id":"ff04c4bc-6219-4ace-b3ec-41be9789789f","block_type":"box","text":"speculation.","page_number":77,"box":{"x":116,"y":723,"width":88,"height":12}},{"id":"2b98a19c-a9cf-4713-b0ac-47b03f79eb4f","block_type":"box","text":"Swaptions may be subject to correlation risk, leverage risk, illiquidity risk and market risk. See “— Risk","page_number":77,"box":{"x":116,"y":754,"width":760,"height":12}},{"id":"27d848ba-a5ae-4f65-93d4-97ee1b49f36e","block_type":"box","text":"Factors in Derivatives” above.","page_number":77,"box":{"x":117,"y":769,"width":220,"height":10}},{"id":"14006eb5-6536-4966-9de8-637cbf584b0d","block_type":"box","text":"FLEX Options.","page_number":77,"box":{"x":116,"y":800,"width":107,"height":12}},{"id":"163c4dcb-4788-4d9a-bae3-6b840901fd02","block_type":"box","text":"FLEX Options are customized option contracts available through national securities","page_number":77,"box":{"x":231,"y":800,"width":617,"height":12}},{"id":"c893c223-7eaf-463f-a3f7-795c264be9c0","block_type":"box","text":"exchanges that are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX","page_number":77,"box":{"x":116,"y":816,"width":729,"height":12}},{"id":"3de68263-93ae-48cf-bf83-9bdfd27b10ee","block_type":"box","text":"Options are listed on a U.S. national securities exchange. FLEX Options provide investors with the","page_number":77,"box":{"x":116,"y":831,"width":736,"height":12}},{"id":"1eeacbc4-013f-4e86-96db-f4c9b79e3d0a","block_type":"box","text":"ability to customize assets referenced by the options, exercise prices, exercise styles (i.e., American","page_number":77,"box":{"x":116,"y":847,"width":750,"height":12}},{"id":"5bbab5ce-da83-4a99-9405-c354855dea4f","block_type":"box","text":"style, exercisable any time prior to the expiration date, or European-style, exercisable only on the","page_number":77,"box":{"x":116,"y":862,"width":726,"height":12}},{"id":"8bb5adb8-722d-4c58-b4fc-d941fe723b94","block_type":"box","text":"option expiration date) and expiration dates, while achieving price discovery in competitive, transparent","page_number":77,"box":{"x":116,"y":878,"width":769,"height":12}},{"id":"6c976335-fd0a-415a-b243-347eab817fee","block_type":"box","text":"II-28","page_number":77,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"fb405e58-ac36-4155-9c75-6f9550c04ea7","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":77,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"5e4d85ef-52a7-4813-8df8-3d1de099d908","block_type":"box","text":"auctions markets and avoiding the counterparty exposure of OTC options positions. Each option","page_number":78,"box":{"x":116,"y":87,"width":719,"height":12}},{"id":"25eef47f-5268-4824-a1bf-bdc27946403d","block_type":"box","text":"contract entitles the holder thereof to purchase (for the","page_number":78,"box":{"x":116,"y":102,"width":410,"height":13}},{"id":"b8885009-25da-4c32-a08b-12cf2f2b9e2a","block_type":"box","text":"call options) or sell (for the put options) shares","page_number":78,"box":{"x":527,"y":102,"width":349,"height":13}},{"id":"91a5ff8f-af83-403a-bf22-fdcda01ef252","block_type":"box","text":"of the reference asset at the strike price. A Fund’s portfolio may include several types of FLEX Options,","page_number":78,"box":{"x":116,"y":118,"width":772,"height":12}},{"id":"dc6ef131-370b-41ee-95ed-98e8b50cf87c","block_type":"box","text":"including both purchased and written put and call options (as further described below). The FLEX","page_number":78,"box":{"x":117,"y":134,"width":726,"height":12}},{"id":"8ff397b2-c165-4a94-9b1c-54af47ae2b93","block_type":"box","text":"Options are all European style options, which means that they are exercisable at a predetermined","page_number":78,"box":{"x":116,"y":149,"width":730,"height":12}},{"id":"53319bd1-58bb-46f6-b523-e2e4c511d427","block_type":"box","text":"specified price (the “strike price”) only on the FLEX Option’s expiration date.","page_number":78,"box":{"x":116,"y":165,"width":569,"height":12}},{"id":"da08287c-6f05-4456-adeb-4925fcce7197","block_type":"box","text":"The OCC guarantees performance by each of the counterparties to the FLEX Options, becoming the","page_number":78,"box":{"x":116,"y":198,"width":752,"height":12}},{"id":"555d1d48-4a44-4bbb-a5fd-4c14bf8afe98","block_type":"box","text":"“buyer for every seller and the seller for every buyer”, reducing counterparty risk for clearing members","page_number":78,"box":{"x":116,"y":213,"width":762,"height":12}},{"id":"5f5a45f1-beb9-4422-a878-84273c6d0af1","block_type":"box","text":"and options traders. Although guaranteed for settlement by the OCC, FLEX Options are still subject to","page_number":78,"box":{"x":116,"y":229,"width":762,"height":12}},{"id":"44410b24-a3fa-4c57-a9cc-0978475bafe4","block_type":"box","text":"counterparty risk with the OCC and subject to the risk that the OCC may fail to perform the settlement","page_number":78,"box":{"x":116,"y":244,"width":760,"height":12}},{"id":"4dd2c227-6951-40c6-8cde-8a34d0948740","block_type":"box","text":"of the FLEX Options due to bankruptcy or other adverse reasons. A Fund bears the risk that the OCC","page_number":78,"box":{"x":116,"y":260,"width":759,"height":12}},{"id":"97165c0b-d576-428d-9111-c321db88f585","block_type":"box","text":"will be unable or unwilling to perform its obligations under the FLEX Options contracts.","page_number":78,"box":{"x":116,"y":275,"width":646,"height":12}},{"id":"142358e2-11c5-4043-b62c-356f106aa4eb","block_type":"box","text":"Subject to determination by the Securities Committee of the OCC, adjustments may be made to the","page_number":78,"box":{"x":116,"y":308,"width":744,"height":13}},{"id":"1376451a-75fc-481a-bbe1-9a9e17ea6fbd","block_type":"box","text":"FLEX Options for certain events (collectively, “Corporate Actions”) specified in the OCC’s by-laws and","page_number":78,"box":{"x":117,"y":324,"width":760,"height":12}},{"id":"018b3a97-0233-4c92-aac5-5295b4508f35","block_type":"box","text":"rules: certain stock dividends or distributions, stock splits, reverse stock splits, rights offerings,","page_number":78,"box":{"x":117,"y":339,"width":702,"height":13}},{"id":"a9a9edac-b233-4fbb-ab2d-7eba68e9db6b","block_type":"box","text":"distributions, reorganizations, recapitalizations, or reclassifications with respect to an underlying","page_number":78,"box":{"x":116,"y":355,"width":715,"height":12}},{"id":"4ce608d3-fe8b-4031-9033-e2470b54a793","block_type":"box","text":"security, or a merger, consolidation, dissolution or liquidation of the issuer of the underlying security.","page_number":78,"box":{"x":116,"y":370,"width":748,"height":13}},{"id":"4e71de37-b275-4578-b54f-b987b7db7382","block_type":"box","text":"According to the OCC’s by-laws, the nature and extent of any such adjustment is to be determined by","page_number":78,"box":{"x":116,"y":386,"width":759,"height":12}},{"id":"e4054015-1297-492c-9bc2-7d5b2fee8972","block_type":"box","text":"the OCC’s Securities Committee, in light of the circumstances known to it at the time such","page_number":78,"box":{"x":116,"y":401,"width":673,"height":13}},{"id":"ba53b703-80aa-426a-9007-32a756e76fca","block_type":"box","text":"determination is made, based on its judgment as to what is appropriate for the protection of investors","page_number":78,"box":{"x":116,"y":417,"width":754,"height":12}},{"id":"7c67cb6f-8421-4a0d-b72d-69f80fde9728","block_type":"box","text":"and the public interest, taking into account such factors as fairness to holders and writers (or","page_number":78,"box":{"x":116,"y":432,"width":691,"height":13}},{"id":"4fece7a9-0818-4868-8ed6-1c6e2d060417","block_type":"box","text":"purchasers and sellers) of the affected options, the maintenance of a fair and orderly market in the","page_number":78,"box":{"x":117,"y":448,"width":734,"height":12}},{"id":"5398e4df-a842-4563-802e-f0c3cc25f57b","block_type":"box","text":"affected options, consistency of interpretation and practice, efficiency of exercise settlement","page_number":78,"box":{"x":116,"y":463,"width":687,"height":13}},{"id":"8b96b66c-b134-41ab-b95b-62ac68dfe20f","block_type":"box","text":"procedures, and the coordination with other clearing agencies of the clearance and settlement of","page_number":78,"box":{"x":117,"y":479,"width":721,"height":12}},{"id":"1a2e5f7d-3920-41df-be62-a7b133779139","block_type":"box","text":"transactions in the underlying interest.","page_number":78,"box":{"x":116,"y":495,"width":288,"height":12}},{"id":"a9da3a01-29cd-4801-9046-d9e1d0e5aae4","block_type":"box","text":"Certain Considerations Regarding Options","page_number":78,"box":{"x":151,"y":519,"width":314,"height":12}},{"id":"eda084fd-a81e-436e-b0c7-81483ae9f433","block_type":"box","text":". The FLEX Options in which each Fund may invest will","page_number":78,"box":{"x":467,"y":519,"width":414,"height":12}},{"id":"6ae99e40-37dd-4b84-bf4f-b3e898321c1a","block_type":"box","text":"be options on an exchange-traded fund (“ETF”) or the S&P 500 Index (together with such ETF, a","page_number":78,"box":{"x":150,"y":534,"width":723,"height":12}},{"id":"7d099ea9-c6f1-42a0-b958-77225574f76b","block_type":"box","text":"“Reference Asset”). As such, the value of a Fund’s FLEX Options will fluctuate with changes in the","page_number":78,"box":{"x":150,"y":550,"width":735,"height":12}},{"id":"2e73d0c9-3c20-4b70-ba7d-c1c243fca5b1","block_type":"box","text":"value of the securities held by the ETF, and thus the ETF’s share price. In addition to the value of","page_number":78,"box":{"x":150,"y":565,"width":726,"height":12}},{"id":"44dc9f5b-a67f-4f8d-8e25-a40256ec8258","block_type":"box","text":"the ETF, the value of an option, in general, will reflect, among other things, the time remaining until","page_number":78,"box":{"x":150,"y":581,"width":738,"height":12}},{"id":"8b9f72fb-cb53-4d97-81a9-f444c1495b73","block_type":"box","text":"expiration (the end of the Outcome Period), the relationship of the exercise price to the market","page_number":78,"box":{"x":150,"y":596,"width":704,"height":12}},{"id":"0d4d119e-78cf-461b-979b-807830ef2ec2","block_type":"box","text":"price of the Reference Asset, and general market conditions. Options that expire unexercised","page_number":78,"box":{"x":150,"y":612,"width":698,"height":12}},{"id":"2e043cd1-857b-4b4b-8bfe-37fd043d27ef","block_type":"box","text":"have no value.","page_number":78,"box":{"x":150,"y":628,"width":113,"height":9}},{"id":"443595c9-fcc7-4ee1-a80c-188423136f39","block_type":"box","text":"The puts and calls on the Reference Asset entitle the purchaser of the option the right to purchase","page_number":78,"box":{"x":150,"y":652,"width":734,"height":12}},{"id":"46f9d208-9543-42b0-a616-25068eadf653","block_type":"box","text":"(for a call option) or sell (for a put option) the Reference Asset at a predetermined specified price","page_number":78,"box":{"x":150,"y":667,"width":718,"height":12}},{"id":"eec72d11-fcd2-4c20-ba23-8a2a23809766","block_type":"box","text":"(the “strike price”). When a Fund writes a call on the Reference Asset, it receives a premium and","page_number":78,"box":{"x":150,"y":683,"width":716,"height":12}},{"id":"55b3ec8c-cf1d-4bb7-82ff-f8bb941cbad5","block_type":"box","text":"agrees that the purchaser of the call, upon exercise of the call, will receive from the Fund the","page_number":78,"box":{"x":150,"y":698,"width":688,"height":12}},{"id":"b6d9e404-5690-4e55-bf91-9b9825195119","block_type":"box","text":"delivery of a specified number of shares of the ETF in exchange for the strike price. When a Fund","page_number":78,"box":{"x":150,"y":714,"width":724,"height":12}},{"id":"512ee5ed-10f2-42f2-ab2d-f4deca669933","block_type":"box","text":"buys a call on the Reference Asset, it pays a premium and has the same rights to such call as","page_number":78,"box":{"x":150,"y":729,"width":697,"height":12}},{"id":"d769dd3e-cb59-412f-9a3d-d6fe4ef04dcb","block_type":"box","text":"indicated above. When a Fund buys a put on the Reference Asset, it pays a premium and has the","page_number":78,"box":{"x":150,"y":745,"width":725,"height":12}},{"id":"98abf35c-be36-4d07-9aca-49ee4f1f2097","block_type":"box","text":"right to require the seller of the put, upon the Fund’s exercise of the put, to deliver the specified","page_number":78,"box":{"x":150,"y":760,"width":704,"height":12}},{"id":"740feaa0-e1b5-48f4-abbb-d0a90f964e03","block_type":"box","text":"number of shares of the ETF in exchange for the strike price. When a Fund writes a put on the","page_number":78,"box":{"x":150,"y":776,"width":700,"height":12}},{"id":"aa28d075-6b58-4a13-bd1b-8c934c04a959","block_type":"box","text":"Reference Asset, it receives a premium and the purchaser of the put has the right to require the","page_number":78,"box":{"x":151,"y":791,"width":708,"height":12}},{"id":"9c83d2a4-deac-4d5c-8263-48219f5c3834","block_type":"box","text":"Fund to deliver the specified number of shares of the ETF in exchange for the strike price.","page_number":78,"box":{"x":151,"y":807,"width":665,"height":12}},{"id":"cd02dda1-5f0c-4ab5-8849-97c1abd98c32","block_type":"box","text":"Although each Fund will generally utilize FLEX Options that are physically settled, a Fund may","page_number":78,"box":{"x":149,"y":831,"width":705,"height":12}},{"id":"50d21116-6988-43fc-acea-51ce3fcecd01","block_type":"box","text":"also utilize FLEX Options that are cash-settled. Cash-settled options give the holder the right to","page_number":78,"box":{"x":150,"y":847,"width":711,"height":12}},{"id":"5824ed1c-8101-4737-bbf3-91861456148a","block_type":"box","text":"receive an amount (or owe an amount) of cash upon the exercise of the option. Gain or loss","page_number":78,"box":{"x":150,"y":862,"width":686,"height":12}},{"id":"d5ca6994-0b05-4f36-b794-92e170148144","block_type":"box","text":"depends on changes in the value of the ETF’s share price relative to the strike price for a given","page_number":78,"box":{"x":150,"y":878,"width":710,"height":12}},{"id":"988eb950-67de-440e-9ec7-13283b11412f","block_type":"box","text":"II-29","page_number":78,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"7ffb5467-1eef-4ec0-adab-6cba69ea2ca1","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":78,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"66727d47-bcc0-484b-bc26-b76dc3654596","block_type":"box","text":"option contract. The amount of cash is equal to the difference between the closing price of the","page_number":79,"box":{"x":150,"y":87,"width":702,"height":12}},{"id":"b47a2384-f3d1-4c4c-a102-ea1f97166827","block_type":"box","text":"ETF’s share price and the exercise price of the option contract times a specified multiple","page_number":79,"box":{"x":151,"y":102,"width":659,"height":12}},{"id":"3bd4aed9-7a0a-4728-8a97-5d59a33d9adf","block_type":"box","text":"(“multiplier”), which determines the total value for each point of such difference.","page_number":79,"box":{"x":150,"y":118,"width":593,"height":12}},{"id":"a73598c5-35f4-44bf-8ef7-63ad9a72d231","block_type":"box","text":"Risks of Options on the Reference Assets","page_number":79,"box":{"x":150,"y":141,"width":306,"height":12}},{"id":"443b3e2a-c13d-416b-9d37-ff2175242f4c","block_type":"box","text":". If a Fund has purchased an option and exercises it","page_number":79,"box":{"x":458,"y":141,"width":382,"height":12}},{"id":"1ff4f4c9-2622-4ebb-a8a3-a72635ece9c7","block_type":"box","text":"before the closing value for that day is available, it runs the risk that the level of the Reference Asset","page_number":79,"box":{"x":150,"y":157,"width":735,"height":12}},{"id":"ea843965-ea4f-4000-a2fb-3aca8c24c011","block_type":"box","text":"may subsequently change. If such a change causes the exercised option to fall out of the money,","page_number":79,"box":{"x":150,"y":172,"width":714,"height":12}},{"id":"f4506d6d-e101-4e9e-81c8-bd643c9b87b3","block_type":"box","text":"the applicable Fund will be required to pay the difference between the closing Reference Asset","page_number":79,"box":{"x":150,"y":188,"width":698,"height":12}},{"id":"6c262111-2565-4b6e-a986-b57e81e94694","block_type":"box","text":"value and the exercise price of the option (times the applicable multiplier) to the assigned writer.","page_number":79,"box":{"x":150,"y":203,"width":706,"height":12}},{"id":"93465cb3-e7a3-497e-9c23-fda645c324a9","block_type":"box","text":"Foreign Exchange Transactions.","page_number":79,"box":{"x":116,"y":242,"width":247,"height":12}},{"id":"14cca7c6-470e-4fb7-a9bd-db2fe939379d","block_type":"box","text":"A Fund may enter into spot foreign exchange transactions, forward foreign exchange transactions","page_number":79,"box":{"x":116,"y":273,"width":731,"height":12}},{"id":"9f91abb9-4194-41a8-b0f0-f142d0c5edd1","block_type":"box","text":"(“FX forwards”) and currency swaps, purchase and sell currency options, currency futures and related","page_number":79,"box":{"x":117,"y":289,"width":760,"height":12}},{"id":"2c9492b8-d3e7-4ab9-af00-2cb3ce014702","block_type":"box","text":"options thereon (collectively, “Currency Instruments”) for purposes of hedging against the decline in the","page_number":79,"box":{"x":116,"y":304,"width":772,"height":12}},{"id":"ed529a7a-869f-44fb-a914-0ef7cfb4ace7","block_type":"box","text":"value of currencies in which its portfolio holdings are denominated against the U.S. dollar or, with","page_number":79,"box":{"x":116,"y":320,"width":725,"height":12}},{"id":"bc7893a6-d11f-41f4-84d1-6d7d5582516a","block_type":"box","text":"respect to certain Funds, to seek to enhance returns.","page_number":79,"box":{"x":117,"y":335,"width":397,"height":12}},{"id":"3ab15f06-57af-48a4-b043-4054d19dec0e","block_type":"box","text":"Such transactions could be effected to hedge with respect to foreign dollar denominated securities","page_number":79,"box":{"x":116,"y":366,"width":734,"height":12}},{"id":"8fb8e155-0400-47eb-9f04-e2dca3443486","block_type":"box","text":"owned by a Fund, sold by a Fund but not","page_number":79,"box":{"x":116,"y":382,"width":309,"height":12}},{"id":"6125fdbe-5f1e-4e38-95e8-33e0d8c647db","block_type":"box","text":"yet delivered, or committed or anticipated to be purchased by","page_number":79,"box":{"x":426,"y":382,"width":460,"height":12}},{"id":"566ee4b2-203a-4868-bf40-746775aeda4e","block_type":"box","text":"a Fund. As an illustration, a Fund may use such techniques to hedge the stated value in U.S. dollars of","page_number":79,"box":{"x":116,"y":397,"width":768,"height":12}},{"id":"2663ee80-d67e-4c84-bfed-1bf99763a58d","block_type":"box","text":"an investment in a yen-denominated security. For example, the Fund may purchase a foreign currency","page_number":79,"box":{"x":116,"y":413,"width":767,"height":12}},{"id":"d076d39e-3706-4e60-ab17-a956cbdf2bc6","block_type":"box","text":"put option enabling it to sell a specified amount of yen","page_number":79,"box":{"x":117,"y":428,"width":404,"height":12}},{"id":"7866d8a4-8a5e-497b-b837-ddb46049e77c","block_type":"box","text":"for dollars at a specified price by a future date.","page_number":79,"box":{"x":521,"y":428,"width":350,"height":12}},{"id":"ced2718e-206b-4354-893d-35b3ce036f3a","block_type":"box","text":"To the extent the hedge is successful, a loss in the value of the yen relative to the dollar will tend to be","page_number":79,"box":{"x":116,"y":444,"width":764,"height":12}},{"id":"05f524b3-b85e-496b-8b25-c4ea5aadd6ac","block_type":"box","text":"offset by an increase in the value of the put option. To offset, in whole or in part, the cost of acquiring","page_number":79,"box":{"x":116,"y":459,"width":753,"height":12}},{"id":"d252c1c2-67e8-44f3-b824-53ce941c742e","block_type":"box","text":"such a put option, the Fund may also sell a call option which, if exercised, requires it to sell a specified","page_number":79,"box":{"x":116,"y":475,"width":764,"height":12}},{"id":"325d1c85-7e58-4e6a-984c-76211536b9e8","block_type":"box","text":"amount of yen for dollars at a specified price by a future date (a technique called a “straddle”). By","page_number":79,"box":{"x":116,"y":490,"width":727,"height":12}},{"id":"363aba43-4274-45b4-987f-2767cff92d62","block_type":"box","text":"selling such a call option in this illustration, the Fund gives up the opportunity to profit without limit from","page_number":79,"box":{"x":116,"y":506,"width":767,"height":12}},{"id":"6d51a629-d17f-4d5b-b93a-b682e3e28dfc","block_type":"box","text":"increases in the relative value of the yen to the dollar. “Straddles” of the type that may be used by a","page_number":79,"box":{"x":117,"y":521,"width":742,"height":12}},{"id":"8508a810-35c6-4628-9df1-3603f703b4a3","block_type":"box","text":"Fund are considered hedging transactions. Certain Funds have a fundamental investment restriction","page_number":79,"box":{"x":117,"y":537,"width":749,"height":12}},{"id":"ee481c0c-5055-48c1-a654-dede3360e3c1","block_type":"box","text":"that restricts currency option strategies.","page_number":79,"box":{"x":116,"y":552,"width":298,"height":12}},{"id":"39577cbe-a902-4bea-bda2-67186a4f58a8","block_type":"box","text":"Hedging transactions involving Currency Instruments involve substantial risks, including correlation","page_number":79,"box":{"x":117,"y":583,"width":737,"height":12}},{"id":"67ace7d4-b17f-4313-bb44-298f781861cb","block_type":"box","text":"risk. A Fund’s use of Currency Instruments to effect hedging strategies is intended to reduce the","page_number":79,"box":{"x":117,"y":599,"width":718,"height":12}},{"id":"0a22c2f8-dd8e-477e-9c06-72c4521aa3d8","block_type":"box","text":"volatility of the NAV of the Fund’s shares; however, the use of such hedging strategies will not prevent","page_number":79,"box":{"x":116,"y":614,"width":763,"height":12}},{"id":"aa22b3a6-3d3f-4798-a15e-920e8b391f83","block_type":"box","text":"the NAV of the Fund’s shares from fluctuating. Moreover, although Currency Instruments will be used","page_number":79,"box":{"x":116,"y":630,"width":757,"height":12}},{"id":"5c6c0424-9d32-4aab-b050-ff36a615038b","block_type":"box","text":"with the intention of hedging against adverse currency movements, transactions in Currency","page_number":79,"box":{"x":116,"y":645,"width":689,"height":12}},{"id":"3b154c33-02df-4ca6-bf8f-68c63f7a691d","block_type":"box","text":"Instruments involve the risk that anticipated currency movements will not be accurately predicted and","page_number":79,"box":{"x":117,"y":661,"width":749,"height":12}},{"id":"520b01d4-8240-41b0-921c-7b29392b668c","block_type":"box","text":"that the Fund’s hedging strategies will be ineffective. To the extent that a Fund hedges against","page_number":79,"box":{"x":116,"y":676,"width":701,"height":12}},{"id":"b0571de6-8cca-4b13-9a1c-66ffb7f82ec3","block_type":"box","text":"anticipated currency movements that do not occur, the Fund may realize losses and decrease its total","page_number":79,"box":{"x":116,"y":692,"width":755,"height":12}},{"id":"a0532b0d-f093-4490-90e8-dadea1952d76","block_type":"box","text":"return. Furthermore, a Fund will only engage in hedging activities from time to time and may not be","page_number":79,"box":{"x":117,"y":707,"width":733,"height":12}},{"id":"f12a1687-7d2a-42ff-a08d-8bd0556f248d","block_type":"box","text":"engaging in hedging activities when movements in currency exchange rates actually occur.","page_number":79,"box":{"x":116,"y":723,"width":674,"height":12}},{"id":"005d48c6-7917-4157-bc19-259d2e836602","block_type":"box","text":"In connection with its trading in forward foreign currency contracts, a Fund will contract with a foreign","page_number":79,"box":{"x":117,"y":754,"width":746,"height":12}},{"id":"219a0dc2-5e38-4acb-b3a1-9e6ceef28cd0","block_type":"box","text":"or domestic bank, or foreign or domestic securities dealer, to make or take future delivery of a specified","page_number":79,"box":{"x":116,"y":769,"width":766,"height":12}},{"id":"48efd889-1c9c-4a80-8fd1-f8d9b2082cbb","block_type":"box","text":"amount of a particular currency. There are no limitations on daily price moves in such forward","page_number":79,"box":{"x":116,"y":785,"width":693,"height":12}},{"id":"b6adedba-9f2e-4a91-8ded-139ae0f6334b","block_type":"box","text":"contracts, and banks and dealers are not required to continue to make markets in such contracts.","page_number":79,"box":{"x":116,"y":800,"width":722,"height":12}},{"id":"78a4214f-010e-4a38-a5dc-e44e17fb3197","block_type":"box","text":"There have been periods during which certain banks or dealers have refused to quote prices for such","page_number":79,"box":{"x":116,"y":816,"width":751,"height":12}},{"id":"8d2616d6-6fdd-4e4d-bbf4-ccdfda2c6465","block_type":"box","text":"forward contracts or have quoted prices with an unusually wide spread between the price at which the","page_number":79,"box":{"x":116,"y":831,"width":761,"height":12}},{"id":"2c49753d-d982-4f94-82a2-03930a6b78c9","block_type":"box","text":"bank or dealer is prepared to buy and that at which it is prepared to sell. Governmental imposition of","page_number":79,"box":{"x":117,"y":847,"width":747,"height":12}},{"id":"d910aee8-f87e-4f7d-b532-ceb853bc0108","block_type":"box","text":"currency controls might limit any such forward contract trading. With respect to its trading of forward","page_number":79,"box":{"x":116,"y":862,"width":746,"height":12}},{"id":"34d20896-2f7e-448e-9e5f-91cdb8a78471","block_type":"box","text":"contracts, if any, a Fund will be subject to counterparty risk. Any such failure to perform by a","page_number":79,"box":{"x":116,"y":878,"width":689,"height":12}},{"id":"970d78e9-fdf1-4f06-8eec-167846ac14cf","block_type":"box","text":"II-30","page_number":79,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"6e0790b3-4db7-40fc-9412-d2ab2753992f","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":79,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"aac95d14-6594-4c7a-b65c-493d878a50aa","block_type":"box","text":"counterparty would deprive the Fund of any profit potential or force the Fund to cover its commitments","page_number":80,"box":{"x":116,"y":87,"width":762,"height":12}},{"id":"579c994f-fc71-4075-96ec-b05e53ba2b2d","block_type":"box","text":"for resale, if any, at the then market price and could result in a loss to the Fund.","page_number":80,"box":{"x":116,"y":102,"width":595,"height":13}},{"id":"3d188e56-031b-4116-93e5-120518261553","block_type":"box","text":"It may not be possible for a Fund to hedge against currency exchange rate movements, even if","page_number":80,"box":{"x":117,"y":134,"width":709,"height":12}},{"id":"eb784b80-70f1-459f-8f25-1a3febc7a400","block_type":"box","text":"correctly anticipated, in the event that (i) the currency exchange rate movement is so generally","page_number":80,"box":{"x":116,"y":149,"width":707,"height":12}},{"id":"000bf7ff-f72c-44e8-a038-a595c4254ad2","block_type":"box","text":"anticipated that the Fund is not able to enter into a hedging transaction at an effective price, or (ii) the","page_number":80,"box":{"x":116,"y":165,"width":757,"height":12}},{"id":"86aae201-a896-49f9-afcb-128c8a392cbc","block_type":"box","text":"currency exchange rate movement relates to a market with respect to which Currency Instruments are","page_number":80,"box":{"x":116,"y":180,"width":764,"height":12}},{"id":"d4f41924-4c00-4a44-b1d5-c98926c8a362","block_type":"box","text":"not available and it is not possible to engage in effective foreign currency hedging. The cost to a Fund","page_number":80,"box":{"x":117,"y":196,"width":759,"height":12}},{"id":"a5a94c88-cadb-4807-9ade-9479d049e1a7","block_type":"box","text":"of engaging in foreign currency transactions varies with such factors as the currencies involved, the","page_number":80,"box":{"x":116,"y":211,"width":743,"height":12}},{"id":"37caa720-f485-4198-9f5d-9aa08a43a421","block_type":"box","text":"length of the contract period and the market conditions then prevailing. Since transactions in foreign","page_number":80,"box":{"x":117,"y":227,"width":744,"height":12}},{"id":"f7dbd94b-8184-4150-ba68-67debc7ad469","block_type":"box","text":"currency exchange usually are conducted on a principal basis, no fees or commissions are involved.","page_number":80,"box":{"x":116,"y":242,"width":750,"height":12}},{"id":"699d767b-a6ff-4a34-8c13-f6d4d5becd67","block_type":"box","text":"A Fund will not hedge a currency in excess of the aggregate market value of the securities that it owns","page_number":80,"box":{"x":116,"y":273,"width":765,"height":12}},{"id":"009a847b-134d-41a5-8c19-704680ee09a9","block_type":"box","text":"(including receivables for unsettled securities sales), or has committed to purchase or anticipates","page_number":80,"box":{"x":117,"y":289,"width":724,"height":12}},{"id":"af7f28d7-65c4-4ece-be64-f6b79412ddd6","block_type":"box","text":"purchasing, which are denominated in such currency.","page_number":80,"box":{"x":117,"y":304,"width":401,"height":12}},{"id":"3c55676b-ea4e-4062-ab8c-57af9ed543c6","block_type":"box","text":"Spot Transactions and FX Forwards.","page_number":80,"box":{"x":117,"y":335,"width":271,"height":12}},{"id":"efe936b8-fa2e-4f96-9402-dc5755d6adb5","block_type":"box","text":"FX forwards are OTC contracts to purchase or sell a specified","page_number":80,"box":{"x":390,"y":335,"width":470,"height":12}},{"id":"35f4e0c3-d274-429f-ae5b-9ede63a70109","block_type":"box","text":"amount of a specified currency or multinational currency unit at a specified price and specified future","page_number":80,"box":{"x":116,"y":351,"width":750,"height":12}},{"id":"d4eef9c8-47c5-44a4-8132-44e5a2b2d1e8","block_type":"box","text":"date. Spot foreign exchange transactions are similar but are settled in the current, or “spot”, market. A","page_number":80,"box":{"x":116,"y":366,"width":761,"height":12}},{"id":"00af57a4-8aed-4aa6-a802-02236560d320","block_type":"box","text":"Fund will enter into foreign exchange transactions for purposes of hedging either a specific transaction","page_number":80,"box":{"x":117,"y":382,"width":764,"height":12}},{"id":"bce7062f-baf2-4f9f-a0c4-b21c2bfd78ed","block_type":"box","text":"or a portfolio position, or, with respect to certain Funds, to seek to enhance returns. FX forwards","page_number":80,"box":{"x":116,"y":397,"width":719,"height":12}},{"id":"189b231a-b196-403d-b7ae-fb7a1e4f4e9b","block_type":"box","text":"involve substantial currency risk, credit risk and liquidity risk. A Fund may enter into a foreign exchange","page_number":80,"box":{"x":117,"y":413,"width":770,"height":12}},{"id":"65ecced2-bef6-478a-87da-e849c6c6f5d1","block_type":"box","text":"transaction for purposes of hedging a specific transaction by, for example, purchasing a currency","page_number":80,"box":{"x":116,"y":428,"width":725,"height":12}},{"id":"120478cb-6035-4bfa-9f43-3a90fadd0b78","block_type":"box","text":"needed to settle a security transaction or selling a currency in which the Fund has received or","page_number":80,"box":{"x":117,"y":444,"width":699,"height":12}},{"id":"235aa0b9-54ba-49a3-9d5f-aa80d1d1fd76","block_type":"box","text":"anticipates receiving a dividend or distribution. A Fund may enter into a foreign exchange transaction","page_number":80,"box":{"x":116,"y":459,"width":754,"height":12}},{"id":"841dc3f7-1ed5-4adf-8538-e4b20d5c3286","block_type":"box","text":"for purposes of hedging a portfolio position by selling forward a currency in which a portfolio position of","page_number":80,"box":{"x":116,"y":475,"width":767,"height":12}},{"id":"ae719efc-3d63-4b75-aa42-03facb541ea6","block_type":"box","text":"the Fund is denominated or by purchasing a currency in which the Fund anticipates acquiring a","page_number":80,"box":{"x":116,"y":490,"width":711,"height":12}},{"id":"bb694c36-8eea-4be1-a045-bd443623539e","block_type":"box","text":"portfolio position in the near future. A Fund may also hedge a currency by entering into a transaction in","page_number":80,"box":{"x":117,"y":506,"width":767,"height":12}},{"id":"fba40846-b6fb-444c-b0e1-d6819f40bc75","block_type":"box","text":"a Currency Instrument denominated in a currency other than the currency being hedged (a “cross","page_number":80,"box":{"x":116,"y":521,"width":729,"height":12}},{"id":"ea0c883a-f21d-40ff-91c5-cbf5c6487fdf","block_type":"box","text":"hedge”). A Fund will only enter into a cross-hedge if the Manager believes that (i) there is a","page_number":80,"box":{"x":117,"y":537,"width":680,"height":12}},{"id":"5f1a663c-38e1-495a-a810-4a0949f6fd6f","block_type":"box","text":"demonstrably high correlation between the currency in which the cross-hedge is denominated and the","page_number":80,"box":{"x":116,"y":552,"width":761,"height":12}},{"id":"9001db39-7c16-4817-bbdd-71d1d5308c80","block_type":"box","text":"currency being hedged, and (ii) executing a cross-hedge through the currency in which the cross","page_number":80,"box":{"x":116,"y":568,"width":722,"height":12}},{"id":"1a2526e7-c3b0-43f8-85fe-186004ca043f","block_type":"box","text":"hedge is denominated will be significantly more cost-effective or provide substantially greater liquidity","page_number":80,"box":{"x":117,"y":583,"width":755,"height":12}},{"id":"8e89e704-57e6-42c0-baff-15681b2acb83","block_type":"box","text":"than executing a similar hedging transaction by means of the currency being hedged.","page_number":80,"box":{"x":116,"y":599,"width":638,"height":12}},{"id":"60228950-f2d6-4b8e-a0db-c9e771cbebf0","block_type":"box","text":"A Fund may also engage in proxy hedging transactions to reduce the effect of currency fluctuations on","page_number":80,"box":{"x":116,"y":630,"width":765,"height":12}},{"id":"4bf04ba4-ca73-4c39-aab7-383969b5335b","block_type":"box","text":"the value of existing or anticipated holdings of portfolio securities. Proxy hedging is often used when","page_number":80,"box":{"x":116,"y":645,"width":747,"height":12}},{"id":"b4dc051d-151a-4724-a3fe-c61caa77d796","block_type":"box","text":"the currency to which the Fund is exposed is difficult to hedge, or to hedge against the U.S. dollar.","page_number":80,"box":{"x":116,"y":661,"width":727,"height":12}},{"id":"e28d1c41-ce76-4258-9622-426c019c4bdd","block_type":"box","text":"Proxy hedging entails entering into a forward contract to sell a currency whose changes in value are","page_number":80,"box":{"x":117,"y":676,"width":741,"height":12}},{"id":"867317bd-8fcb-4c26-bf73-4d9610507f45","block_type":"box","text":"generally considered to be linked to a currency or currencies in which some or all of the Fund’s","page_number":80,"box":{"x":116,"y":692,"width":704,"height":12}},{"id":"873c1b8b-0057-4b48-a5d8-3efe2e14f402","block_type":"box","text":"securities are, or are expected to be, denominated, and to buy U.S. dollars. Proxy hedging involves","page_number":80,"box":{"x":116,"y":707,"width":736,"height":12}},{"id":"5a8a827e-bf53-4248-a72d-5d779d98ea8e","block_type":"box","text":"some of the same risks and considerations as other transactions with similar instruments. Currency","page_number":80,"box":{"x":116,"y":723,"width":737,"height":12}},{"id":"85bb967f-2b8b-49f9-aeff-1eef19ad462e","block_type":"box","text":"transactions can result in losses to the Fund if the currency being hedged fluctuates in value to a","page_number":80,"box":{"x":116,"y":738,"width":717,"height":12}},{"id":"628e0e0f-bedf-4eb8-a85e-dcf057400c77","block_type":"box","text":"degree or in a direction that is not anticipated. In addition, there is the risk that the perceived linkage","page_number":80,"box":{"x":116,"y":754,"width":742,"height":12}},{"id":"3d80f4ab-41c4-4411-ba70-a62aa5afad6b","block_type":"box","text":"between various currencies may not be present, including during the particular time that a Fund is","page_number":80,"box":{"x":117,"y":769,"width":724,"height":12}},{"id":"56938d7a-405c-48ff-ad4e-f8a8b56d08c9","block_type":"box","text":"engaging in proxy hedging.","page_number":80,"box":{"x":116,"y":785,"width":200,"height":12}},{"id":"ff1080dc-1445-45dd-86bd-23e7c8044097","block_type":"box","text":"A Fund may also cross-hedge currencies by entering into forward contracts to sell one or more","page_number":80,"box":{"x":116,"y":816,"width":703,"height":12}},{"id":"6469dcf4-61b8-4200-9a29-9eb0ad65dbc5","block_type":"box","text":"currencies that are expected to decline in value relative to other currencies to which the Fund has or in","page_number":80,"box":{"x":116,"y":831,"width":766,"height":12}},{"id":"c62eaa53-e7a1-48cb-9d6d-46ae59762499","block_type":"box","text":"which the Fund expects to have portfolio exposure. For example, a Fund may hold both Canadian","page_number":80,"box":{"x":116,"y":847,"width":731,"height":12}},{"id":"b2248bb5-b2f4-415e-b18c-b2740b2f8d21","block_type":"box","text":"government bonds and Japanese government bonds, and the Manager or sub-adviser may believe","page_number":80,"box":{"x":116,"y":862,"width":741,"height":12}},{"id":"1ce3c912-c99b-49b7-80f6-642673cf4b96","block_type":"box","text":"that Canadian dollars will deteriorate against Japanese yen. The Fund would sell Canadian dollars to","page_number":80,"box":{"x":116,"y":878,"width":754,"height":12}},{"id":"2b6980c6-ac0d-45f5-98a3-e6ebfaadb4ff","block_type":"box","text":"II-31","page_number":80,"box":{"x":484,"y":909,"width":29,"height":9}},{"id":"1fca3456-ddf1-44ee-9e02-55b4ee7d4c6a","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":80,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"d82f62d4-d0da-425e-84a0-b8eefa9aaf09","block_type":"box","text":"reduce its exposure to that currency and buy Japanese yen. This strategy would be a hedge against a","page_number":81,"box":{"x":117,"y":87,"width":761,"height":12}},{"id":"df922ee8-92e2-41d5-845d-a953b4e2306e","block_type":"box","text":"decline in the value of Canadian dollars, although it would expose the Fund to declines in the value of","page_number":81,"box":{"x":116,"y":102,"width":758,"height":13}},{"id":"5cf8216d-f3c8-44f2-bbcb-083f093e4c47","block_type":"box","text":"the Japanese yen relative to the U.S. dollar.","page_number":81,"box":{"x":116,"y":118,"width":331,"height":12}},{"id":"6a5bf167-182e-45b4-95b4-b5580c13765f","block_type":"box","text":"Some of the forward non-U.S. currency contracts entered into by the Funds are classified as","page_number":81,"box":{"x":116,"y":152,"width":690,"height":12}},{"id":"6776fad1-f751-4781-8f3f-944e5a19c38f","block_type":"box","text":"non-deliverable forwards (“NDFs”). NDFs are cash-settled, short-term forward contracts that may be","page_number":81,"box":{"x":117,"y":168,"width":748,"height":12}},{"id":"1eabdeb1-1399-4a78-b9d5-c15450f1e401","block_type":"box","text":"thinly traded or are denominated in non-convertible foreign currency, where the profit or loss at the","page_number":81,"box":{"x":116,"y":183,"width":736,"height":12}},{"id":"b9e0126a-2fce-43f6-9f57-9e1e3459efc4","block_type":"box","text":"time at the settlement date is calculated by taking the difference between the agreed upon exchange","page_number":81,"box":{"x":116,"y":199,"width":752,"height":12}},{"id":"a250be25-c840-4354-aed9-0d5ad4c3eb9b","block_type":"box","text":"rate and the spot rate at the time of settlement, for an agreed upon notional amount of funds. All NDFs","page_number":81,"box":{"x":117,"y":214,"width":765,"height":12}},{"id":"19b45591-3cee-4a45-a2c6-327e28768a0f","block_type":"box","text":"have a fixing date and a settlement date. The fixing date is the date at which the difference between","page_number":81,"box":{"x":117,"y":230,"width":746,"height":12}},{"id":"84f59784-f30a-448c-ad49-76a162eadabe","block_type":"box","text":"the prevailing market exchange rate and the agreed upon exchange rate is calculated. The settlement","page_number":81,"box":{"x":116,"y":245,"width":761,"height":12}},{"id":"459c1d38-0a03-4319-ada7-20dfb1607db1","block_type":"box","text":"date is the date by which the payment of the difference is due to the party receiving payment. NDFs","page_number":81,"box":{"x":116,"y":261,"width":745,"height":12}},{"id":"e40673c4-a406-4a5c-a549-95d2c126c861","block_type":"box","text":"are commonly quoted for time periods of one month up to two years, and are normally quoted and","page_number":81,"box":{"x":116,"y":276,"width":733,"height":12}},{"id":"11eee6e2-67b0-4a8e-a875-833fe95fb25c","block_type":"box","text":"settled in U.S. dollars. They are often used to gain exposure to and/or hedge exposure to foreign","page_number":81,"box":{"x":116,"y":292,"width":723,"height":12}},{"id":"c9cfb15e-c0ea-4d69-ba2a-e477dd0ff478","block_type":"box","text":"currencies that are not internationally traded.","page_number":81,"box":{"x":116,"y":307,"width":337,"height":12}},{"id":"26f9485c-675a-45f2-8c33-b5b7242dd4aa","block_type":"box","text":"Currency Futures.","page_number":81,"box":{"x":117,"y":341,"width":132,"height":12}},{"id":"7b549892-4604-4803-9971-e9c6a41d35f2","block_type":"box","text":"A Fund may seek to enhance returns or hedge against the decline in the value of a","page_number":81,"box":{"x":250,"y":341,"width":626,"height":12}},{"id":"cd7c8aaa-477d-4325-8d7d-ef7b3d6873f0","block_type":"box","text":"currency through use of currency futures or options on currency futures. Currency futures are similar to","page_number":81,"box":{"x":116,"y":357,"width":769,"height":12}},{"id":"f13d4c59-382d-4534-a2e9-1cd1d63be278","block_type":"box","text":"forward foreign exchange transactions except that futures are standardized, exchange-traded contracts","page_number":81,"box":{"x":116,"y":372,"width":772,"height":12}},{"id":"b08eaeb2-06a6-41fc-9797-074e7c11e552","block_type":"box","text":"while forward foreign exchange transactions are traded in the OTC market. Currency futures involve","page_number":81,"box":{"x":116,"y":388,"width":747,"height":12}},{"id":"024412e8-6784-413c-a605-5db9822e36ab","block_type":"box","text":"substantial currency risk as well as the risks discussed above in “—Futures.”","page_number":81,"box":{"x":116,"y":403,"width":573,"height":12}},{"id":"696e2f90-325b-4d96-81d9-d0fb7bf62928","block_type":"box","text":"Currency Options.","page_number":81,"box":{"x":117,"y":437,"width":133,"height":12}},{"id":"2f76ef69-1189-4c18-a184-01323623333b","block_type":"box","text":"A Fund may seek to enhance returns or hedge against the decline in the value of a","page_number":81,"box":{"x":251,"y":437,"width":626,"height":12}},{"id":"b7420598-ac37-4e73-bfd2-f73dd8aa9845","block_type":"box","text":"currency through the use of currency options. Certain Funds have fundamental investment restrictions","page_number":81,"box":{"x":116,"y":453,"width":763,"height":12}},{"id":"06b51e42-80e7-4bc1-87a2-1c1417499c7b","block_type":"box","text":"that permit the purchase of currency options, but prohibit the writing of currency options. Currency","page_number":81,"box":{"x":116,"y":468,"width":732,"height":12}},{"id":"57d28bbd-ba04-4d4d-98e1-85718f5e511f","block_type":"box","text":"options are similar to options on securities. For example, in consideration for an option premium the","page_number":81,"box":{"x":116,"y":484,"width":745,"height":12}},{"id":"5a660f78-ab04-449d-9bbb-ac42563170d9","block_type":"box","text":"writer of a currency option is obligated to sell (in the case of a call option) or purchase (in the case of a","page_number":81,"box":{"x":116,"y":499,"width":765,"height":13}},{"id":"4faa7e7d-7959-4cdc-8827-2ea21ccffe7f","block_type":"box","text":"put option) a specified amount of a specified currency on or before the expiration date for a specified","page_number":81,"box":{"x":117,"y":515,"width":750,"height":12}},{"id":"d25e5e9f-4e76-4ac4-af15-803e6601ce9b","block_type":"box","text":"amount of another currency. A Fund may engage in transactions in options on currencies either on","page_number":81,"box":{"x":116,"y":530,"width":737,"height":13}},{"id":"649d1c17-f059-4cfa-9d1b-b8143f1733bc","block_type":"box","text":"exchanges or OTC markets. Such transactions in options may include exotic options on currencies,","page_number":81,"box":{"x":116,"y":546,"width":743,"height":12}},{"id":"d01744da-42cb-4200-9bb8-9211e6b57a6d","block_type":"box","text":"which are typically traded in OTC markets and have additional features that result in different payment","page_number":81,"box":{"x":116,"y":561,"width":763,"height":13}},{"id":"ed67f7a8-5b72-47f1-9964-ef04c875a0eb","block_type":"box","text":"structures and/or expirations. Where a Fund is permitted to write currency options, it may write covered","page_number":81,"box":{"x":116,"y":577,"width":771,"height":12}},{"id":"8b694c17-d1f7-43d2-a9c0-b17074afcbcd","block_type":"box","text":"call options on up to 100% of the currencies in its portfolio. See “—Options” above. Currency options","page_number":81,"box":{"x":116,"y":592,"width":752,"height":13}},{"id":"cfc1c2fd-71df-4aa9-aac1-3d4c20d039ff","block_type":"box","text":"involve substantial currency risk, and may also involve credit, leverage or illiquidity risk.","page_number":81,"box":{"x":117,"y":608,"width":651,"height":12}},{"id":"1b9ef4f9-7754-44c4-ab2a-ac57ae15a590","block_type":"box","text":"Currency Swaps.","page_number":81,"box":{"x":117,"y":642,"width":131,"height":12}},{"id":"75cfd209-a22a-48f7-bddc-ca05baea2136","block_type":"box","text":"A Fund may enter into currency swaps in order to protect against currency","page_number":81,"box":{"x":248,"y":642,"width":557,"height":12}},{"id":"818b7bec-4a0b-4386-ba6c-6816eebb5781","block_type":"box","text":"fluctuations or to hedge portfolio positions. Currency swaps are transactions in which one currency is","page_number":81,"box":{"x":116,"y":658,"width":754,"height":12}},{"id":"cdbe26b1-8e73-4ea2-8a3c-7586661a2863","block_type":"box","text":"simultaneously bought for a second currency on a spot basis and sold for the second currency on a","page_number":81,"box":{"x":116,"y":673,"width":737,"height":12}},{"id":"44e92249-932f-4a34-ba5a-f4cd67fa8ad7","block_type":"box","text":"forward basis. Currency swaps involve the exchange of the rights of a Fund and another party to make","page_number":81,"box":{"x":116,"y":689,"width":762,"height":12}},{"id":"e0334770-0c2e-4841-9295-d7a043b5e147","block_type":"box","text":"or receive payments in specified currencies, and typically require the delivery of the entire principal","page_number":81,"box":{"x":116,"y":704,"width":732,"height":12}},{"id":"d8633f4e-14ea-4fc9-a32c-9afb2b567178","block_type":"box","text":"value of one designated currency in exchange for the other designated currency. As a result, the entire","page_number":81,"box":{"x":116,"y":720,"width":763,"height":12}},{"id":"c8a68eb5-4cad-4ff7-b5f3-87c92eb329c7","block_type":"box","text":"principal value of a currency swap is subject to the risk that the other party to the swap will default on","page_number":81,"box":{"x":117,"y":735,"width":747,"height":12}},{"id":"f0fd9adf-4d6b-4fb7-b653-d3e0f119aaf5","block_type":"box","text":"its contractual delivery obligations.","page_number":81,"box":{"x":117,"y":751,"width":254,"height":12}},{"id":"36afdb93-8437-43ab-91e6-23ff7731491d","block_type":"box","text":"Distressed Securities.","page_number":81,"box":{"x":116,"y":785,"width":174,"height":9}},{"id":"bdac1ebf-4afd-42fc-a78d-c36c15be993b","block_type":"box","text":"A Fund may invest in securities, including loans purchased in the secondary","page_number":81,"box":{"x":296,"y":785,"width":565,"height":12}},{"id":"cd1db41f-d3c3-488e-a38e-28321ff404e5","block_type":"box","text":"market, that are the subject of bankruptcy proceedings or otherwise in default or in risk of being in","page_number":81,"box":{"x":117,"y":800,"width":724,"height":12}},{"id":"ed6ced3e-966d-4745-a9a0-b3209d490c4a","block_type":"box","text":"default as to the repayment of principal and/or interest at the time of acquisition by the Fund or that are","page_number":81,"box":{"x":116,"y":816,"width":763,"height":12}},{"id":"cfdf7772-af9a-4f63-b12a-01b3e1d27f37","block_type":"box","text":"rated in the lower rating categories by one or more nationally recognized statistical rating organizations","page_number":81,"box":{"x":117,"y":831,"width":768,"height":12}},{"id":"58c8470d-622a-4340-8579-3d97eb12776b","block_type":"box","text":"(for example, Ca or lower by Moody’s and CC or lower by S&P or Fitch) or, if unrated, are in the","page_number":81,"box":{"x":117,"y":847,"width":715,"height":12}},{"id":"745410f2-2b32-4185-a661-5011b7dd3e56","block_type":"box","text":"judgment of the Manager of equivalent quality (“Distressed Securities”). Investment in Distressed","page_number":81,"box":{"x":115,"y":862,"width":725,"height":12}},{"id":"4b692dad-ae57-47d4-a84d-4e3559caacb3","block_type":"box","text":"Securities is speculative and involves significant risks.","page_number":81,"box":{"x":116,"y":878,"width":405,"height":12}},{"id":"a788b4ca-0957-43d6-b887-3761fe21e7c5","block_type":"box","text":"II-32","page_number":81,"box":{"x":484,"y":909,"width":31,"height":9}},{"id":"f5bb4c68-0d5e-43cb-9eb3-d929b93ca368","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":81,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"b9887de4-e950-411e-b12c-54aae481b879","block_type":"box","text":"A Fund will generally make such investments only when the Manager believes it is reasonably likely","page_number":82,"box":{"x":116,"y":87,"width":745,"height":12}},{"id":"233530ae-f37b-4e48-b044-da1fedba021c","block_type":"box","text":"that the issuer of the Distressed Securities will make an exchange offer or will be the subject of a plan","page_number":82,"box":{"x":116,"y":102,"width":760,"height":13}},{"id":"84a6a72d-8233-4bd5-9e0e-a79216a36c68","block_type":"box","text":"of reorganization pursuant to which the Fund will receive new securities in return for the Distressed","page_number":82,"box":{"x":116,"y":118,"width":739,"height":12}},{"id":"3d8ca56e-09b1-4c71-859f-fe38ae8bc3ad","block_type":"box","text":"Securities. However, there can be no assurance that such an exchange offer will be made or that such","page_number":82,"box":{"x":116,"y":134,"width":766,"height":12}},{"id":"3716324c-ad95-4721-9a3d-023367224a3f","block_type":"box","text":"a plan of reorganization will be adopted. In addition, a significant period of time may pass between the","page_number":82,"box":{"x":116,"y":149,"width":762,"height":12}},{"id":"189ab6d8-1062-4bfd-b6bb-e5a4f8943f16","block_type":"box","text":"time at which a Fund makes its investment in Distressed Securities and the time that any such","page_number":82,"box":{"x":116,"y":165,"width":704,"height":12}},{"id":"33e81a23-ef8a-408d-8f16-62af065bc8e6","block_type":"box","text":"exchange offer or plan of reorganization is completed. During this period, it is unlikely that a Fund will","page_number":82,"box":{"x":116,"y":180,"width":756,"height":12}},{"id":"a69cbeb8-00ad-4677-b010-5afa0b0f0623","block_type":"box","text":"receive any interest payments on the Distressed Securities, the Fund will be subject to significant","page_number":82,"box":{"x":117,"y":196,"width":725,"height":12}},{"id":"09f5945e-d63a-458a-aea9-28ce9b619900","block_type":"box","text":"uncertainty as to whether or not the exchange offer or plan of reorganization will be completed and the","page_number":82,"box":{"x":117,"y":211,"width":764,"height":12}},{"id":"21ea4f5c-14b5-4b56-9622-04e05df68ac2","block_type":"box","text":"Fund may be required to bear certain extraordinary expenses to protect and recover its investment.","page_number":82,"box":{"x":117,"y":227,"width":741,"height":12}},{"id":"a588d0d2-ba97-4dfb-91d8-1ba2f772bcc1","block_type":"box","text":"Therefore, to the extent the Fund seeks capital appreciation through investment in distressed","page_number":82,"box":{"x":116,"y":242,"width":696,"height":12}},{"id":"d519b005-fc71-4386-a86b-00142e5aab2c","block_type":"box","text":"securities, the Fund’s ability to achieve current income for its shareholders may be diminished. The","page_number":82,"box":{"x":116,"y":258,"width":740,"height":12}},{"id":"8ba81eb8-56e1-4995-b513-418351290d5b","block_type":"box","text":"Fund also will be subject to significant uncertainty as to when and in what manner and for what value","page_number":82,"box":{"x":117,"y":273,"width":753,"height":12}},{"id":"743d1e94-6a5e-4ff6-82af-babb9d62a3b4","block_type":"box","text":"the obligations evidenced by the distressed securities will eventually be satisfied (","page_number":82,"box":{"x":116,"y":289,"width":605,"height":12}},{"id":"4402ea5d-8bbe-400b-a18f-63aa0a49c1fb","block_type":"box","text":"e.g.","page_number":82,"box":{"x":723,"y":291,"width":25,"height":10}},{"id":"3ae36a2f-7147-4f0f-b8be-e20124c41e91","block_type":"box","text":", through a","page_number":82,"box":{"x":751,"y":289,"width":84,"height":12}},{"id":"ae08d6e7-a4a7-4ef3-8414-4ab86f44a08e","block_type":"box","text":"liquidation of the obligor’s assets, an exchange offer or plan of reorganization involving the distressed","page_number":82,"box":{"x":117,"y":304,"width":756,"height":12}},{"id":"85ed653d-8934-4f5f-8ed8-33dacdee9d7f","block_type":"box","text":"securities or a payment of some amount in satisfaction of the obligation). Even if an exchange offer is","page_number":82,"box":{"x":116,"y":320,"width":757,"height":12}},{"id":"08416520-55a4-4a8c-9c3e-12b307b6ca4a","block_type":"box","text":"made or plan of reorganization is adopted with respect to Distressed Securities held by a Fund, there","page_number":82,"box":{"x":117,"y":335,"width":754,"height":12}},{"id":"80465d0d-bee5-4f76-90bd-b470a0efd714","block_type":"box","text":"can be no assurance that the securities or other assets received by a Fund in connection with such","page_number":82,"box":{"x":116,"y":351,"width":740,"height":12}},{"id":"30e1be20-ccd0-4d9d-80d3-1130bd1abbbe","block_type":"box","text":"exchange offer or plan of reorganization will not have a lower value or income potential than may have","page_number":82,"box":{"x":116,"y":366,"width":765,"height":12}},{"id":"d2252474-355f-45fc-bb40-2bf559838e6a","block_type":"box","text":"been anticipated when the investment was made or no value. Moreover, any securities received by a","page_number":82,"box":{"x":117,"y":382,"width":753,"height":12}},{"id":"38d20a3a-1052-4ff0-808a-5123685d9a7f","block_type":"box","text":"Fund upon completion of an exchange offer or plan of reorganization may be restricted as to resale.","page_number":82,"box":{"x":117,"y":397,"width":745,"height":12}},{"id":"b66463da-ad74-485b-96e8-7de2530ed3c4","block_type":"box","text":"Similarly, if a Fund participates in negotiations with respect to any exchange offer or plan of","page_number":82,"box":{"x":116,"y":413,"width":683,"height":12}},{"id":"6c2b7f65-4c1a-4952-8a52-39d2171fc4a0","block_type":"box","text":"reorganization with respect to an issuer of Distressed Securities, the Fund may be restricted from","page_number":82,"box":{"x":117,"y":428,"width":726,"height":12}},{"id":"ae1b9c86-ff04-4bcb-b5b6-3b3be4273f34","block_type":"box","text":"disposing of such securities. To the extent that a Fund becomes involved in such proceedings, the","page_number":82,"box":{"x":116,"y":444,"width":734,"height":12}},{"id":"ee128c80-4b51-4a88-b842-0e8cb8cf624d","block_type":"box","text":"Fund may have a more active participation in the affairs of the issuer than that assumed generally by","page_number":82,"box":{"x":117,"y":459,"width":752,"height":12}},{"id":"275c50ea-42ad-45fb-98cd-a273662ecbe3","block_type":"box","text":"an investor. The Fund, however, will not make investments for the purpose of exercising day-to-day","page_number":82,"box":{"x":116,"y":475,"width":744,"height":12}},{"id":"1e8d0843-c924-418e-ad9b-4af998cb991f","block_type":"box","text":"management of any issuer’s affairs.","page_number":82,"box":{"x":117,"y":490,"width":269,"height":12}},{"id":"8f1ea2d4-c1db-4406-86ff-be7bdf79c406","block_type":"box","text":"Environmental, Social and Governance (“ESG”) Integration","page_number":82,"box":{"x":116,"y":521,"width":472,"height":12}},{"id":"ca674a4e-e2c7-47b2-833c-b0ee6f558f7f","block_type":"box","text":". Although a Fund does not seek to","page_number":82,"box":{"x":590,"y":521,"width":264,"height":12}},{"id":"cc4fc131-aabe-4468-a5aa-22bf95702b39","block_type":"box","text":"implement a specific sustainability objective, strategy or process unless disclosed in its Prospectus,","page_number":82,"box":{"x":117,"y":537,"width":741,"height":12}},{"id":"893f8694-b4f3-407a-b0ea-58f7a91cff63","block_type":"box","text":"Fund management will consider ESG factors as part of the investment process for the Fund. Fund","page_number":82,"box":{"x":117,"y":552,"width":733,"height":12}},{"id":"ad0b3ad3-c68b-40a1-8e07-59743e2d72e3","block_type":"box","text":"management views ESG integration as the practice of incorporating financially material ESG data or","page_number":82,"box":{"x":117,"y":568,"width":747,"height":12}},{"id":"63a3bb57-80e4-43d8-8ede-9c7eed48f3cb","block_type":"box","text":"information into investment processes with the objective of enhancing risk-adjusted returns. These","page_number":82,"box":{"x":117,"y":583,"width":734,"height":12}},{"id":"6b33e8e4-142a-459b-b2d0-c9e121fd31e9","block_type":"box","text":"ESG considerations will vary depending on a Fund’s particular investment strategies and may include","page_number":82,"box":{"x":117,"y":599,"width":757,"height":12}},{"id":"cb60757f-4b10-476f-b4b0-e2665be33ffe","block_type":"box","text":"consideration of third-party research as well as consideration of proprietary BlackRock research across","page_number":82,"box":{"x":116,"y":614,"width":770,"height":12}},{"id":"49acbf07-1622-4244-991b-d211b1dd5de8","block_type":"box","text":"the ESG risks and opportunities regarding an issuer. The ESG characteristics utilized in a Fund’s","page_number":82,"box":{"x":116,"y":630,"width":725,"height":12}},{"id":"94e87803-bbd0-4bd1-94e4-9b1ea5abbf55","block_type":"box","text":"investment process are anticipated to evolve over time and one or more characteristics may not be","page_number":82,"box":{"x":117,"y":645,"width":738,"height":12}},{"id":"3b411592-63f7-42d5-ad8c-ddb88fae0cb3","block_type":"box","text":"relevant with respect to all issuers that are eligible for investment.","page_number":82,"box":{"x":117,"y":661,"width":484,"height":12}},{"id":"13ca3ff9-23f9-4382-8e31-369705078211","block_type":"box","text":"Certain of these considerations may affect a Fund’s exposure to certain companies or industries. While","page_number":82,"box":{"x":117,"y":692,"width":764,"height":12}},{"id":"01a4d938-5df7-4f96-ad3a-42ca95357a2f","block_type":"box","text":"Fund management views ESG considerations as having the potential to contribute to a Fund’s long","page_number":82,"box":{"x":117,"y":707,"width":740,"height":12}},{"id":"0cce88d7-a5e8-4768-954d-29f10e3fce3e","block_type":"box","text":"term performance, there is no guarantee that such results will be achieved.","page_number":82,"box":{"x":116,"y":723,"width":555,"height":12}},{"id":"9c05a099-9a75-4215-8d71-0020cb79865e","block_type":"box","text":"Equity Securities.","page_number":82,"box":{"x":116,"y":754,"width":140,"height":12}},{"id":"6668f471-8dfd-46b1-a659-0a907fa77352","block_type":"box","text":"Certain Funds may invest in equity securities, which include common stock and, for","page_number":82,"box":{"x":263,"y":754,"width":618,"height":12}},{"id":"317f2cbd-09c7-4a36-89b1-ca3644aab3ba","block_type":"box","text":"certain Funds, preferred stock (including convertible preferred stock); bonds, stock purchase warrants","page_number":82,"box":{"x":116,"y":769,"width":755,"height":12}},{"id":"f553ce1d-145f-44e8-9f4e-da50a1adfdee","block_type":"box","text":"and rights; equity interests in trusts; general and limited partnerships and limited liability companies;","page_number":82,"box":{"x":116,"y":785,"width":739,"height":12}},{"id":"cc78494d-d3b7-4e51-8f38-a6561a8573c2","block_type":"box","text":"and depositary receipts. Stock markets are volatile. The price of equity securities will fluctuate and can","page_number":82,"box":{"x":116,"y":800,"width":759,"height":12}},{"id":"ee582de1-1754-4597-a3d2-6d1e8b539fe5","block_type":"box","text":"decline and reduce the value of a portfolio investing in equities. The price of equity securities fluctuates","page_number":82,"box":{"x":116,"y":816,"width":763,"height":12}},{"id":"ea2985a9-1808-405a-85f0-9774592572c0","block_type":"box","text":"based on changes in a company’s financial condition and overall market and economic conditions. The","page_number":82,"box":{"x":117,"y":831,"width":767,"height":12}},{"id":"1fdb98b0-9fed-4857-89a0-9628916f13ca","block_type":"box","text":"value of equity securities purchased by the Fund could decline if the financial condition of the","page_number":82,"box":{"x":116,"y":847,"width":695,"height":12}},{"id":"c4ad89c9-ff5d-4fd7-9eda-7eccb3bc593f","block_type":"box","text":"companies the Fund invests in decline or if overall market and economic conditions deteriorate. They","page_number":82,"box":{"x":116,"y":862,"width":755,"height":12}},{"id":"6d38aadb-388a-4d24-96e8-5807d881ecf2","block_type":"box","text":"may also decline due to factors that affect a particular industry or industries, such as labor shortages or","page_number":82,"box":{"x":117,"y":878,"width":770,"height":12}},{"id":"a29e1605-d5bd-43a6-8a16-17febc48a83f","block_type":"box","text":"II-33","page_number":82,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"0a43b98e-7ad1-4f48-8868-1b1a1ac8587d","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":82,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"14115f8a-300b-4f88-94a6-24b012b95f1a","block_type":"box","text":"increase in production costs and competitive conditions within an industry. In addition, they may","page_number":83,"box":{"x":117,"y":87,"width":714,"height":12}},{"id":"3d2d2b93-9cb1-47dc-973d-2dd1603f95a4","block_type":"box","text":"decline due to general market conditions that are not specifically related to a company or industry,","page_number":83,"box":{"x":116,"y":102,"width":732,"height":13}},{"id":"4003968c-d569-41aa-b464-29034e7cf5c0","block_type":"box","text":"such as real or perceived adverse economic conditions, changes in the general outlook for corporate","page_number":83,"box":{"x":116,"y":118,"width":753,"height":12}},{"id":"f2727c3b-900d-4610-8b52-fc2a49396a33","block_type":"box","text":"earnings, changes in interest or currency rates or generally adverse investor sentiment.","page_number":83,"box":{"x":116,"y":134,"width":654,"height":12}},{"id":"cea394cf-aa97-451f-84ac-c2ed6b79ced0","block_type":"box","text":"From time to time certain of the Funds may invest in shares of companies through initial public","page_number":83,"box":{"x":117,"y":165,"width":704,"height":12}},{"id":"e52c7340-35a0-4a4c-b737-05b80ce5b9db","block_type":"box","text":"offerings (“IPOs”). IPOs have the potential to produce, and have in fact produced, substantial gains for","page_number":83,"box":{"x":116,"y":180,"width":764,"height":12}},{"id":"eb647ac4-03b9-47c4-b0e2-d066a4b4e432","block_type":"box","text":"certain Funds. There is no assurance that any Fund will have continued access to profitable IPOs and","page_number":83,"box":{"x":116,"y":196,"width":761,"height":12}},{"id":"ddcbe37d-ae61-4b0b-b1a8-754b41d81896","block_type":"box","text":"therefore investors should not rely on these past gains as an indication of future performance. The","page_number":83,"box":{"x":116,"y":211,"width":734,"height":12}},{"id":"7e9daf26-a5a0-479a-bf38-e0d3bf14e999","block_type":"box","text":"investment performance of a Fund during periods when it is unable to invest significantly or at all in","page_number":83,"box":{"x":117,"y":227,"width":738,"height":12}},{"id":"6c97c073-3af6-4cdc-9ae2-dd9c8f1b2d36","block_type":"box","text":"IPOs may be lower than during periods when it is able to do so. In addition, as a Fund increases in","page_number":83,"box":{"x":117,"y":242,"width":736,"height":12}},{"id":"7cb6974a-3683-4af4-9016-faad8559cf66","block_type":"box","text":"size, the impact of IPOs on its performance will generally decrease. Securities issued in IPOs are","page_number":83,"box":{"x":116,"y":258,"width":727,"height":12}},{"id":"f39df829-4c3e-455f-9d23-4c3864483b0c","block_type":"box","text":"subject to many of the same risks as investing in companies with smaller market capitalizations.","page_number":83,"box":{"x":116,"y":273,"width":717,"height":12}},{"id":"3ceb5cd0-bfbd-4919-8e20-45f0cd74057f","block_type":"box","text":"Securities issued in IPOs have no trading history, and information about the companies may be","page_number":83,"box":{"x":116,"y":289,"width":713,"height":12}},{"id":"962f990c-22e2-4e56-8c10-cfdbaeb68532","block_type":"box","text":"available for very limited periods. In addition, the prices of securities sold in IPOs may be highly volatile","page_number":83,"box":{"x":116,"y":304,"width":770,"height":12}},{"id":"41f909be-604b-499b-954a-0cba888ddd65","block_type":"box","text":"or may decline shortly after the initial public offering.","page_number":83,"box":{"x":116,"y":320,"width":392,"height":12}},{"id":"b9c3ce9b-a164-4e31-8f4a-fdd45d37fa95","block_type":"box","text":"The Funds may invest in companies that have relatively small market capitalizations. These","page_number":83,"box":{"x":116,"y":351,"width":685,"height":12}},{"id":"c0ac9096-1264-4fbd-b3e0-e3bc0a6dd2a2","block_type":"box","text":"organizations will normally have more limited product lines, markets and financial resources and will be","page_number":83,"box":{"x":116,"y":366,"width":769,"height":12}},{"id":"8d331c14-c519-4480-864e-3d8b89fc655d","block_type":"box","text":"dependent upon a more limited management group than larger capitalized companies. In addition, it is","page_number":83,"box":{"x":116,"y":382,"width":764,"height":12}},{"id":"9febce4a-cbe1-4be0-9e12-3b19ddb9f29f","block_type":"box","text":"more difficult to get information on smaller companies, which tend to be less well known, have shorter","page_number":83,"box":{"x":117,"y":397,"width":758,"height":12}},{"id":"66ab5a50-f46d-45e8-bbad-b6f488542158","block_type":"box","text":"operating histories, do not have significant ownership by large investors and are followed by relatively","page_number":83,"box":{"x":116,"y":413,"width":758,"height":12}},{"id":"68d598c6-1412-4284-8eab-afd4b51634da","block_type":"box","text":"few securities analysts. The securities of smaller capitalized companies are often traded in the OTC","page_number":83,"box":{"x":116,"y":428,"width":744,"height":12}},{"id":"b0ee697b-e32a-431c-a306-d7da6ef92d24","block_type":"box","text":"markets and may have fewer market makers and wider price spreads. This may result in greater price","page_number":83,"box":{"x":117,"y":444,"width":760,"height":12}},{"id":"430c9827-6360-4167-ae7d-5d05a7095315","block_type":"box","text":"movements and less ability to sell a Fund’s investment than if the Fund held the securities of larger,","page_number":83,"box":{"x":117,"y":459,"width":743,"height":12}},{"id":"fd453e3f-0b2f-4ff4-bf5f-525ef149d92f","block_type":"box","text":"more established companies.","page_number":83,"box":{"x":117,"y":475,"width":222,"height":12}},{"id":"b8ee4f3a-717f-4a35-a427-eba2bb69a569","block_type":"box","text":"For a discussion of the types of equity securities in which your Fund may invest and the risks","page_number":83,"box":{"x":117,"y":506,"width":693,"height":12}},{"id":"51447e92-bfd8-499d-b3ea-c443e317de64","block_type":"box","text":"associated with investing in such equity securities, see your Fund’s Prospectus. 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Such","page_number":83,"box":{"x":117,"y":599,"width":719,"height":12}},{"id":"704b63b1-6c36-42e6-9536-8e0509938a19","block_type":"box","text":"investments are subject to certain risks associated with the ownership of real estate and with the real","page_number":83,"box":{"x":117,"y":614,"width":753,"height":12}},{"id":"85c62441-5f1f-45aa-9cda-9b9ed7bf3b89","block_type":"box","text":"estate industry in general. 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To the extent that assets","page_number":83,"box":{"x":116,"y":769,"width":710,"height":12}},{"id":"2f77b452-c46d-4cd6-89e8-64b5c64ce44d","block_type":"box","text":"underlying a Fund’s investments are concentrated geographically, by property type or in certain other","page_number":83,"box":{"x":117,"y":785,"width":750,"height":12}},{"id":"619addf4-cfea-4f9f-a47f-f35fa89ab92f","block_type":"box","text":"respects, the Fund may be subject to certain of the foregoing risks to a greater extent. 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The securities of smaller or emerging growth companies may be subject to more abrupt or","page_number":84,"box":{"x":116,"y":182,"width":765,"height":12}},{"id":"c60fe7f6-bb2f-4d31-a60c-94656f09498f","block_type":"box","text":"erratic market movements than larger, more established companies or the market average in general.","page_number":84,"box":{"x":116,"y":198,"width":761,"height":12}},{"id":"cc44498c-8601-409c-b89a-d764b1fef721","block_type":"box","text":"These companies may have limited product lines, markets or financial resources, or they may be","page_number":84,"box":{"x":116,"y":213,"width":723,"height":12}},{"id":"eb9785c2-acf4-4aff-b0eb-12b38ad5c719","block_type":"box","text":"dependent on a limited management group.","page_number":84,"box":{"x":116,"y":229,"width":330,"height":12}},{"id":"ae173464-f677-4a1d-9ebe-aa445c8c1301","block_type":"box","text":"Investments in smaller or emerging growth companies may involve greater risks and thus may be","page_number":84,"box":{"x":117,"y":262,"width":727,"height":12}},{"id":"974df5f3-436b-42a7-bc55-74db5ff62da4","block_type":"box","text":"considered speculative. Full development of these companies and trends frequently takes time.","page_number":84,"box":{"x":116,"y":277,"width":713,"height":12}},{"id":"bbf358e1-f858-476c-88f9-9693ca9008a9","block_type":"box","text":"Small cap and emerging growth securities will often be traded only in the OTC market or on a regional","page_number":84,"box":{"x":116,"y":310,"width":762,"height":12}},{"id":"1d380fe4-22ab-45fe-9aed-3a39cb782d0d","block_type":"box","text":"securities exchange and may not be traded every day or in the volume typical of trading on a national","page_number":84,"box":{"x":116,"y":325,"width":757,"height":12}},{"id":"81df2286-9e2d-4538-9d23-865e8eb538f3","block_type":"box","text":"securities exchange. As a result, the disposition by a Fund of portfolio securities to meet redemptions","page_number":84,"box":{"x":116,"y":341,"width":756,"height":12}},{"id":"b2562c84-8123-4b4a-b4e8-dea84ea262be","block_type":"box","text":"or otherwise may require the Fund to make many small sales over a lengthy period of time, or to sell","page_number":84,"box":{"x":116,"y":356,"width":749,"height":12}},{"id":"009b70ed-03a8-497c-bd77-60850aa05625","block_type":"box","text":"these securities at a discount from market prices or during periods when, in Fund management’s","page_number":84,"box":{"x":116,"y":372,"width":722,"height":12}},{"id":"4b100e99-fca5-4fe7-99ed-46b65fd2c589","block_type":"box","text":"judgment, such disposition is not desirable.","page_number":84,"box":{"x":115,"y":388,"width":326,"height":11}},{"id":"eb98eb4b-b447-477f-af18-90f90c1dbadd","block_type":"box","text":"The process of selection and continuous supervision by Fund management does not guarantee","page_number":84,"box":{"x":116,"y":420,"width":714,"height":12}},{"id":"7ea38f1a-01b7-4ad6-819d-55615a3286be","block_type":"box","text":"successful investment results. Careful initial selection is particularly important in this area as many new","page_number":84,"box":{"x":116,"y":436,"width":770,"height":12}},{"id":"db5c7c4d-76f1-4de6-8c2a-3748b686d1bb","block_type":"box","text":"enterprises have promise but lack certain of the fundamental factors necessary to prosper. Investing in","page_number":84,"box":{"x":116,"y":451,"width":767,"height":12}},{"id":"ece0a552-46fe-46a3-9e90-d861278766a3","block_type":"box","text":"small cap and emerging growth companies requires specialized research and analysis.","page_number":84,"box":{"x":116,"y":467,"width":651,"height":12}},{"id":"9c7e3a34-a5eb-438f-a425-e34e2cb77f0d","block_type":"box","text":"Fund management believes that relatively small companies may have the opportunity to develop into","page_number":84,"box":{"x":117,"y":500,"width":753,"height":12}},{"id":"856eaf60-84c3-4744-a15c-c373289cfb61","block_type":"box","text":"significant business enterprises. A Fund may invest in securities of small issuers in the relatively early","page_number":84,"box":{"x":116,"y":515,"width":759,"height":12}},{"id":"6572cefc-d401-415d-b161-b485713d9391","block_type":"box","text":"stages of business development that have a new technology, a unique or proprietary product or","page_number":84,"box":{"x":116,"y":531,"width":714,"height":12}},{"id":"fee697d7-c8fe-445f-a3bd-4b17c2f321a8","block_type":"box","text":"service, or a favorable market position.","page_number":84,"box":{"x":116,"y":546,"width":294,"height":12}},{"id":"27088133-155d-4a63-8735-52cd298a113e","block_type":"box","text":"Equity securities of specific small cap issuers may present different opportunities for long-term capital","page_number":84,"box":{"x":117,"y":579,"width":757,"height":12}},{"id":"142d6615-0cae-4420-8bee-d65c52f4d9c3","block_type":"box","text":"appreciation during varying portions of economic or securities market cycles, as well as during varying","page_number":84,"box":{"x":116,"y":595,"width":763,"height":12}},{"id":"dec37358-87c0-46ff-b58e-53594155f067","block_type":"box","text":"stages of their business development. The market valuation of small cap issuers tends to fluctuate","page_number":84,"box":{"x":116,"y":610,"width":734,"height":12}},{"id":"309d8fbe-0d02-4951-ab8c-c93d0783fad6","block_type":"box","text":"during economic or market cycles.","page_number":84,"box":{"x":116,"y":626,"width":260,"height":12}},{"id":"836bb41b-d510-44ee-8a1e-5153ad7a8388","block_type":"box","text":"Tracking Stocks.","page_number":84,"box":{"x":118,"y":659,"width":120,"height":12}},{"id":"322f9440-715d-4be0-b508-9972d173c77a","block_type":"box","text":"A tracking stock is a separate class of common stock whose value is linked to a","page_number":84,"box":{"x":240,"y":659,"width":601,"height":12}},{"id":"3302510f-a19d-4c6b-9d58-092058c0ceea","block_type":"box","text":"specific business unit or operating division within a larger company and is designed to “track” the","page_number":84,"box":{"x":116,"y":674,"width":718,"height":12}},{"id":"c4f9f4ae-e00f-44d1-b2e6-89b0bbf5dca3","block_type":"box","text":"performance of such business unit or division. The tracking stock may pay dividends to shareholders","page_number":84,"box":{"x":117,"y":690,"width":746,"height":12}},{"id":"5e237491-4eb9-40f3-a4d0-9f9a3c83e2e5","block_type":"box","text":"independent of the parent company. The parent company, rather than the business unit or division,","page_number":84,"box":{"x":117,"y":705,"width":733,"height":12}},{"id":"efaa41e2-a82d-401c-9d01-87b9cd3cb6cb","block_type":"box","text":"generally is the issuer of tracking stock. However, holders of the tracking stock may not have the same","page_number":84,"box":{"x":116,"y":721,"width":763,"height":12}},{"id":"22f45b92-f9f1-4673-8390-bd5257043170","block_type":"box","text":"rights as holders of the company’s common stock.","page_number":84,"box":{"x":117,"y":736,"width":371,"height":12}},{"id":"ae0462c3-c236-4a5b-b248-1c476c736a6b","block_type":"box","text":"Exchange-Traded Notes (“ETNs”).","page_number":84,"box":{"x":116,"y":769,"width":271,"height":12}},{"id":"e8ab8e16-ffe3-4d31-868c-2de87657c08c","block_type":"box","text":"Certain Funds may invest in ETNs. ETNs are generally notes","page_number":84,"box":{"x":394,"y":769,"width":453,"height":12}},{"id":"fb4fb896-08b7-4a0e-9d9c-956874e87bf0","block_type":"box","text":"representing debt of the issuer, usually a financial institution. ETNs combine aspects of both bonds and","page_number":84,"box":{"x":117,"y":785,"width":765,"height":12}},{"id":"3d642f3f-b3d5-437d-b146-2c6e2e57d56e","block_type":"box","text":"ETFs. An ETN’s returns are based on the performance of one or more underlying assets, reference","page_number":84,"box":{"x":117,"y":800,"width":737,"height":12}},{"id":"39eda554-3e04-4c22-9efd-ffe6b40fbe65","block_type":"box","text":"rates or indexes, minus fees and expenses. Similar to ETFs, ETNs are listed on an exchange and","page_number":84,"box":{"x":117,"y":816,"width":724,"height":12}},{"id":"e9a98b0d-fa6f-43cf-bddd-95c03181a208","block_type":"box","text":"traded in the secondary market. However, unlike an ETF, an ETN can be held until the ETN’s maturity,","page_number":84,"box":{"x":116,"y":831,"width":767,"height":12}},{"id":"2230c220-442d-4a90-8b53-3f41f7626a66","block_type":"box","text":"at which time the issuer will pay a return linked to the performance of the specific asset, index or rate","page_number":84,"box":{"x":116,"y":847,"width":753,"height":12}},{"id":"2c7b3555-d65c-4a60-8602-84be322d7031","block_type":"box","text":"(“reference instrument”) to which the ETN is linked minus certain fees. Unlike regular bonds, ETNs do","page_number":84,"box":{"x":117,"y":862,"width":758,"height":12}},{"id":"8ff6069c-2c83-4760-bfef-f151d099284f","block_type":"box","text":"not make periodic interest payments, and principal is not protected.","page_number":84,"box":{"x":117,"y":878,"width":503,"height":12}},{"id":"e4e86bbb-1608-4e7c-8769-262a38f3ee38","block_type":"box","text":"II-35","page_number":84,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"7ed3ae8f-6acc-4ed2-810e-795ceea52e75","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":84,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"f3d8b7f5-2301-4659-922b-391c3c220f86","block_type":"box","text":"The value of an ETN may be influenced by, among other things, time to maturity, level of supply and","page_number":85,"box":{"x":116,"y":87,"width":749,"height":12}},{"id":"02d44c68-f756-4820-a438-acebc1846ad2","block_type":"box","text":"demand for the ETN, volatility and lack of liquidity in underlying markets, changes in the applicable","page_number":85,"box":{"x":116,"y":102,"width":736,"height":13}},{"id":"1bbddf90-8178-4e0d-858a-54c9426052b9","block_type":"box","text":"interest rates, the performance of the reference instrument, changes in the issuer’s credit rating and","page_number":85,"box":{"x":117,"y":118,"width":745,"height":12}},{"id":"de7a85fc-c4da-4c77-954e-96b7e4e6b971","block_type":"box","text":"economic, legal, political or geographic events that affect the reference instrument. ETNs are subject to","page_number":85,"box":{"x":116,"y":134,"width":772,"height":12}},{"id":"a9625f4a-be3e-4c14-ab95-ed82add82a93","block_type":"box","text":"credit risk and the value of the ETN may drop due to a downgrade in an issuer’s credit rating, despite","page_number":85,"box":{"x":116,"y":149,"width":755,"height":12}},{"id":"83ec75f4-bfee-4f18-8f54-bfc836a0df51","block_type":"box","text":"the underlying reference instrument remaining unchanged. When a Fund invests in ETNs, it will bear","page_number":85,"box":{"x":116,"y":165,"width":752,"height":12}},{"id":"e3754c9f-8f94-459e-89c4-55290f8de927","block_type":"box","text":"its proportionate share of any fees and expenses borne by the ETN.","page_number":85,"box":{"x":117,"y":180,"width":509,"height":12}},{"id":"e942e52c-b33c-4f40-920f-4caa77b0a2da","block_type":"box","text":"An ETN that is tied to a reference instrument may not replicate the performance of the reference","page_number":85,"box":{"x":116,"y":212,"width":720,"height":12}},{"id":"65c6652f-242d-445c-a72f-b17dd05f45f4","block_type":"box","text":"instrument. ETNs also incur certain expenses not incurred by their applicable reference instrument.","page_number":85,"box":{"x":117,"y":227,"width":740,"height":13}},{"id":"527544a5-0298-417e-923a-c5ffbc0ceaaf","block_type":"box","text":"Some ETNs that use leverage may, at times, be illiquid and","page_number":85,"box":{"x":116,"y":243,"width":446,"height":12}},{"id":"eae25ae3-74c4-410f-a8e1-5f0946d92e82","block_type":"box","text":"may be difficult to purchase or sell at a fair","page_number":85,"box":{"x":563,"y":243,"width":319,"height":12}},{"id":"a9a4a4ec-d46a-4446-adff-ba6e0e91a989","block_type":"box","text":"price. Levered ETNs are subject to the same risk as other instruments that use leverage in any form.","page_number":85,"box":{"x":117,"y":259,"width":751,"height":12}},{"id":"594f5b07-56a0-4e18-a590-37ea51c87ac5","block_type":"box","text":"While leverage allows for greater potential return, the potential for loss is also greater. Finally,","page_number":85,"box":{"x":116,"y":274,"width":700,"height":12}},{"id":"0bfcbc01-bcb7-42aa-8834-b6ada2add56e","block_type":"box","text":"additional losses may be incurred if the investment loses value because, in addition to the money lost","page_number":85,"box":{"x":116,"y":290,"width":757,"height":12}},{"id":"1d7292f8-16ed-4ec6-beae-03acd2f26799","block_type":"box","text":"on the investment, the loan still needs to be repaid.","page_number":85,"box":{"x":116,"y":305,"width":384,"height":12}},{"id":"73d13be6-7464-4333-a6f1-802e0b1320dc","block_type":"box","text":"Because the return on the ETN is dependent on the issuer’s ability or willingness to meet its","page_number":85,"box":{"x":117,"y":337,"width":685,"height":12}},{"id":"893f0533-e32c-4c37-a1eb-c8166265c61c","block_type":"box","text":"obligations, the value of the ETN may change due to a change in the issuer’s credit rating, despite no","page_number":85,"box":{"x":116,"y":352,"width":757,"height":13}},{"id":"d8c98522-23a5-4b3c-8f6e-d02c39b55e4c","block_type":"box","text":"change in the underlying reference instrument. The market value of ETN shares may differ from the","page_number":85,"box":{"x":116,"y":368,"width":744,"height":12}},{"id":"34138e86-b15a-49f0-bcff-f1610b5746ff","block_type":"box","text":"value of the reference instrument. This difference in price may be due to the fact that the supply and","page_number":85,"box":{"x":116,"y":384,"width":748,"height":12}},{"id":"fb88483e-29ca-41ac-9947-52c92a019729","block_type":"box","text":"demand in the market for ETN shares at any point in time is not always identical to the supply and","page_number":85,"box":{"x":116,"y":399,"width":732,"height":12}},{"id":"19b5b260-ca46-4612-8a97-5664e876ad50","block_type":"box","text":"demand in the market for the assets underlying the reference instrument that the ETN seeks to track.","page_number":85,"box":{"x":116,"y":415,"width":755,"height":12}},{"id":"d1614b38-0302-4c11-af12-75135f4c0abb","block_type":"box","text":"There may be restrictions on the Fund’s right to redeem its investment in an ETN, which are generally","page_number":85,"box":{"x":116,"y":447,"width":761,"height":12}},{"id":"2ef59836-d60d-4a8d-85fe-d1b308fbb0ee","block_type":"box","text":"meant to be held until maturity. The Fund’s decision to sell its ETN holdings may be limited by the","page_number":85,"box":{"x":117,"y":462,"width":728,"height":12}},{"id":"971f7e82-90de-4a38-9758-f0cc5314189d","block_type":"box","text":"availability of a secondary market. An investor in an ETN could lose some or all of the amount","page_number":85,"box":{"x":116,"y":477,"width":701,"height":13}},{"id":"7ecc030c-966a-4e1e-9efd-26c99d9efa68","block_type":"box","text":"invested.","page_number":85,"box":{"x":117,"y":493,"width":71,"height":10}},{"id":"851c1174-9436-41aa-abf2-bfe969c3446f","block_type":"box","text":"ETNs are also subject to tax risks. The Internal Revenue Service (the “IRS”) may not accept, and a","page_number":85,"box":{"x":117,"y":525,"width":739,"height":12}},{"id":"a23a5115-0085-4b7c-8f96-821f2fd417f0","block_type":"box","text":"court may not uphold, how the Funds characterize and treat ETNs for tax purposes. The timing and","page_number":85,"box":{"x":116,"y":540,"width":742,"height":13}},{"id":"14f8612f-7679-40db-954c-d4f240cf74d7","block_type":"box","text":"character of income and gains derived by a Fund from investments in ETNs may be affected by future","page_number":85,"box":{"x":116,"y":556,"width":762,"height":12}},{"id":"cc5eaa46-d086-4216-a21e-9b63188e2637","block_type":"box","text":"legislation.","page_number":85,"box":{"x":117,"y":572,"width":83,"height":12}},{"id":"96ff223f-60ee-495e-b92e-99a04fd4656e","block_type":"box","text":"Foreign Investments.","page_number":85,"box":{"x":116,"y":604,"width":174,"height":12}},{"id":"cc2ea37e-f967-45fb-935c-18fc6f743fa7","block_type":"box","text":"Foreign Investment Risks.","page_number":85,"box":{"x":116,"y":627,"width":193,"height":12}},{"id":"ec56ff84-19a3-4b40-82ca-f1258c90e732","block_type":"box","text":"Certain Funds may invest in foreign securities, including securities from","page_number":85,"box":{"x":310,"y":627,"width":540,"height":12}},{"id":"e66e51c5-d5fd-49eb-ac30-9e44752b4bce","block_type":"box","text":"issuers located in emerging market countries. These securities may be denominated in U.S. dollars or","page_number":85,"box":{"x":117,"y":643,"width":760,"height":12}},{"id":"590b3bde-0da0-46cf-81c4-ba4a23c97c5c","block_type":"box","text":"in a foreign currency. Investing in foreign securities involves risks not typically associated with investing","page_number":85,"box":{"x":117,"y":658,"width":770,"height":12}},{"id":"a550e191-6a3e-470e-8516-246c23c4621f","block_type":"box","text":"in securities of companies organized and operated in the United States that can increase the chances","page_number":85,"box":{"x":117,"y":674,"width":754,"height":12}},{"id":"753fba50-1081-45a4-9198-ca3512fc34c9","block_type":"box","text":"that a Fund will lose money.","page_number":85,"box":{"x":116,"y":689,"width":207,"height":12}},{"id":"ef108e4f-ab8a-4a42-b441-7274fe80af88","block_type":"box","text":"Securities issued by certain companies organized outside the United States may not be deemed to be","page_number":85,"box":{"x":116,"y":721,"width":757,"height":12}},{"id":"10e939ca-6835-499e-881a-7502cf57f398","block_type":"box","text":"foreign securities (but rather deemed to be U.S. securities) if (i) the company’s principal operations are","page_number":85,"box":{"x":116,"y":737,"width":761,"height":12}},{"id":"ee8a6aa9-4c32-4901-9b9d-06fb6559bb4a","block_type":"box","text":"conducted from the U.S., (ii) the company’s equity securities trade principally on a U.S. stock","page_number":85,"box":{"x":116,"y":752,"width":689,"height":12}},{"id":"6278dbdb-f8b2-41ff-8eb8-a2b51404b669","block_type":"box","text":"exchange, (iii) the company does a substantial amount of business in the U.S. or (iv) the issuer of","page_number":85,"box":{"x":116,"y":768,"width":725,"height":12}},{"id":"c88d1a61-0fae-414c-a92e-3e136745025f","block_type":"box","text":"securities is included in the Fund’s primary U.S. benchmark index.","page_number":85,"box":{"x":116,"y":783,"width":490,"height":12}},{"id":"4e60e34e-ecc0-4347-810f-107e08a77169","block_type":"box","text":"In addition to equity securities, foreign investments of the Funds may include: (a) debt obligations","page_number":85,"box":{"x":117,"y":815,"width":721,"height":12}},{"id":"44a72c26-079c-47db-98b4-1428aa9b442d","block_type":"box","text":"issued or guaranteed by foreign sovereign governments or their agencies, authorities, instrumentalities","page_number":85,"box":{"x":117,"y":831,"width":767,"height":12}},{"id":"6b20d72f-938c-4068-8711-2e03d1c7bf18","block_type":"box","text":"or political subdivisions, including a foreign state, province or municipality; (b) debt obligations of","page_number":85,"box":{"x":116,"y":846,"width":720,"height":12}},{"id":"48b38cc2-37a4-46ab-a34f-621963ec2f30","block_type":"box","text":"supranational organizations; (c) debt obligations of foreign banks and bank holding companies;","page_number":85,"box":{"x":116,"y":862,"width":710,"height":12}},{"id":"7f8df431-ba20-464c-9352-a932a6e2b62c","block_type":"box","text":"(d) debt obligations of domestic banks and corporations issued in foreign currencies; (e) debt","page_number":85,"box":{"x":117,"y":877,"width":694,"height":12}},{"id":"d699c52b-7117-4b59-9404-82f75e77f9a9","block_type":"box","text":"II-36","page_number":85,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"509346ad-cb6e-4446-be97-0bd17e952108","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":85,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"bff24b39-b5df-4def-8611-3520df1177b2","block_type":"box","text":"obligations denominated in the Euro; and (f) foreign corporate debt securities and commercial paper.","page_number":86,"box":{"x":116,"y":87,"width":752,"height":12}},{"id":"490cf1a7-df1b-4d3a-ae1f-ea49416ef2ad","block_type":"box","text":"Such securities may include loan participations and assignments, convertible securities and","page_number":86,"box":{"x":116,"y":102,"width":684,"height":13}},{"id":"17177f06-2cbe-4348-9e65-e0b291f42147","block_type":"box","text":"zero-coupon securities.","page_number":86,"box":{"x":116,"y":118,"width":178,"height":12}},{"id":"0da68c14-b811-4c14-b39e-2a696b1c1fff","block_type":"box","text":"Dividends or interest on, or proceeds from the sale of, foreign securities may be subject to foreign","page_number":86,"box":{"x":117,"y":149,"width":729,"height":12}},{"id":"cf85f3d8-ded7-4f89-988f-4bcb39e53441","block_type":"box","text":"withholding taxes.","page_number":86,"box":{"x":116,"y":165,"width":138,"height":12}},{"id":"68f6eaaa-d67f-427f-bbff-872f0f1e229d","block_type":"box","text":"To the extent that the underlying securities or other instruments held by a Fund trade on foreign","page_number":86,"box":{"x":116,"y":196,"width":715,"height":12}},{"id":"1ff4c4fe-4576-4a5a-84de-81044258ca51","block_type":"box","text":"exchanges or in foreign markets that are closed when the securities exchange on which the Fund’s","page_number":86,"box":{"x":116,"y":211,"width":740,"height":12}},{"id":"7c93381a-0d60-4a62-9fcf-b802ef81adc7","block_type":"box","text":"shares trade is open, there are likely to be deviations between the current price of such an underlying","page_number":86,"box":{"x":116,"y":227,"width":758,"height":12}},{"id":"57b54c11-463d-4958-8167-005bb9de253c","block_type":"box","text":"security and the last quoted price for the underlying security (i.e., the Fund’s quote from the closed","page_number":86,"box":{"x":116,"y":242,"width":736,"height":12}},{"id":"2f287a0f-b590-4a99-8987-ad146a664284","block_type":"box","text":"foreign market). The impact of a closed foreign market on a Fund is likely to be greater where a large","page_number":86,"box":{"x":116,"y":258,"width":755,"height":12}},{"id":"a3d2493e-facf-46b8-a2fb-8d6d44ce5322","block_type":"box","text":"portion of the Fund’s underlying securities or other instruments trade on that closed foreign market or","page_number":86,"box":{"x":117,"y":273,"width":754,"height":12}},{"id":"1644a905-0b76-4cf8-bed8-6e3bd4f447f2","block_type":"box","text":"when the foreign market is closed for unscheduled reasons. These deviations may result in premiums","page_number":86,"box":{"x":116,"y":289,"width":759,"height":12}},{"id":"85d20063-dfc3-4c21-84f8-4921b52ac0a1","block_type":"box","text":"or discounts to certain Funds’ NAVs that may be greater than those experienced by other ETFs.","page_number":86,"box":{"x":116,"y":304,"width":718,"height":12}},{"id":"5fae9df2-9813-4667-a8df-73c9b5817c22","block_type":"box","text":"Foreign Market Risk.","page_number":86,"box":{"x":116,"y":335,"width":152,"height":12}},{"id":"e74026d3-3743-4a6c-b23d-39f558f927a1","block_type":"box","text":"Funds that may invest in foreign securities offer the potential for more","page_number":86,"box":{"x":269,"y":335,"width":521,"height":12}},{"id":"c755ff34-7f72-4389-b015-e334e7bb73eb","block_type":"box","text":"diversification than a Fund that invests only in the United States because securities traded on foreign","page_number":86,"box":{"x":116,"y":351,"width":746,"height":12}},{"id":"a271b139-992f-4b52-9607-97a3f477ecc1","block_type":"box","text":"markets have often (though not always) performed differently from securities traded in the United","page_number":86,"box":{"x":117,"y":366,"width":715,"height":12}},{"id":"bfe4fd57-2f5b-4acc-b105-31708a09ccb5","block_type":"box","text":"States. However, such investments often involve risks not present in U.S. investments that can increase","page_number":86,"box":{"x":116,"y":382,"width":769,"height":12}},{"id":"35c1629e-3723-497f-b68e-c24f27fcc355","block_type":"box","text":"the chances that a Fund will lose money. In particular, a Fund is subject to the risk that, because there","page_number":86,"box":{"x":116,"y":397,"width":756,"height":12}},{"id":"0cb47666-b0fd-4d02-b308-0e32f2bdfa4f","block_type":"box","text":"are generally fewer investors on foreign exchanges and a smaller number of shares traded each day, it","page_number":86,"box":{"x":116,"y":413,"width":762,"height":12}},{"id":"39b6b22f-dd14-4b3e-9b03-7e4b5554b8ab","block_type":"box","text":"may be difficult for the Fund to buy and sell securities on those exchanges. In addition, prices of foreign","page_number":86,"box":{"x":117,"y":428,"width":763,"height":12}},{"id":"c0a64329-ae2c-4d22-a630-b6eef7793a8f","block_type":"box","text":"securities may fluctuate more than prices of securities traded in the United States. Investments in","page_number":86,"box":{"x":116,"y":444,"width":719,"height":12}},{"id":"144f94f1-a56a-4507-a8cf-b27079a5268b","block_type":"box","text":"foreign markets may also be adversely affected by governmental actions such as the imposition of","page_number":86,"box":{"x":116,"y":459,"width":727,"height":12}},{"id":"f34e73eb-5d1b-4712-876d-d7cc6b5737fe","block_type":"box","text":"punitive taxes or tariffs. In addition, economic conditions, such as volatile currency exchange rates and","page_number":86,"box":{"x":117,"y":475,"width":759,"height":12}},{"id":"a5b92854-4b25-4e46-8d59-b3c2bd3dad13","block_type":"box","text":"interest rates, political events, military action and other conditions may, without prior warning, lead to the","page_number":86,"box":{"x":117,"y":490,"width":770,"height":12}},{"id":"9b1675d2-f55f-4c65-a6cd-7e05e485a963","block_type":"box","text":"governments of certain countries, or the U.S. Government with respect to certain countries, prohibiting","page_number":86,"box":{"x":116,"y":506,"width":756,"height":12}},{"id":"1ed4b21b-d5d5-473c-b723-c9463dd58d4d","block_type":"box","text":"or imposing substantial restrictions through capital controls and/or sanctions on foreign investing in the","page_number":86,"box":{"x":116,"y":521,"width":758,"height":12}},{"id":"77653333-b22e-42cf-80fe-61979f83ff1a","block_type":"box","text":"capital markets or certain industries in those countries. Capital controls and/or sanctions may include","page_number":86,"box":{"x":116,"y":537,"width":746,"height":12}},{"id":"21ac2235-604b-4645-8446-6bae23cfbf91","block_type":"box","text":"the prohibition of, or restrictions on, the ability to own or transfer currency, securities, derivatives or","page_number":86,"box":{"x":116,"y":552,"width":730,"height":12}},{"id":"f1f2ac4d-5293-415a-a0e7-ccb0f21a25cc","block_type":"box","text":"other assets and may also include retaliatory actions of one government against another government,","page_number":86,"box":{"x":116,"y":568,"width":752,"height":12}},{"id":"ea2317e6-623a-4b8f-9b3c-2ac7f659f7ed","block_type":"box","text":"such as seizure of assets. Any of these actions could severely impair a Fund’s ability to purchase, sell,","page_number":86,"box":{"x":116,"y":583,"width":758,"height":12}},{"id":"7b11e376-58e9-4b61-9f34-b847f8d58443","block_type":"box","text":"transfer, receive, deliver or otherwise obtain exposure to foreign securities and assets, including the","page_number":86,"box":{"x":116,"y":599,"width":738,"height":12}},{"id":"a620a36d-edfa-4f89-87cd-e7d487bcf283","block_type":"box","text":"ability to transfer the Fund’s assets or income back into the United States, and could negatively impact","page_number":86,"box":{"x":116,"y":614,"width":758,"height":12}},{"id":"3145c23f-2f51-48c7-a360-0d46f4c870f8","block_type":"box","text":"the value and/or liquidity of such assets or otherwise adversely affect a Fund’s operations, causing the","page_number":86,"box":{"x":116,"y":630,"width":757,"height":12}},{"id":"2f5debf1-c700-439d-8e9f-a4fa2a35d013","block_type":"box","text":"Fund to decline in value. Other potential foreign market risks include exchange controls, difficulties in","page_number":86,"box":{"x":117,"y":645,"width":745,"height":12}},{"id":"e2b23f83-fd38-4a92-980f-8b5753f42ea9","block_type":"box","text":"pricing securities, defaults on foreign government securities, difficulties in enforcing favorable legal","page_number":86,"box":{"x":117,"y":661,"width":722,"height":12}},{"id":"f2d1980d-b868-49b1-91b8-fb86dc1bf865","block_type":"box","text":"judgments in foreign courts, and political and social conditions, such as diplomatic relations,","page_number":86,"box":{"x":115,"y":676,"width":674,"height":12}},{"id":"8e0b157d-0e1e-4069-a926-1b62f9b4043c","block_type":"box","text":"confiscatory taxation, expropriation, limitation on the removal of funds or assets, or imposition of (or","page_number":86,"box":{"x":116,"y":692,"width":730,"height":12}},{"id":"5d526c6a-9ce0-40ff-81d0-eba4f04d3101","block_type":"box","text":"change in) exchange control regulations. Legal remedies available to investors in certain foreign","page_number":86,"box":{"x":116,"y":707,"width":705,"height":12}},{"id":"aba4baa1-bb86-4674-a27b-a40986b1b94c","block_type":"box","text":"countries may be less extensive than those available to investors in the United States or other foreign","page_number":86,"box":{"x":116,"y":723,"width":745,"height":12}},{"id":"cf82c402-9780-475d-b287-a29842cae101","block_type":"box","text":"countries. In addition, changes in government administrations or economic or monetary policies in the","page_number":86,"box":{"x":116,"y":738,"width":746,"height":12}},{"id":"37f3fd89-ae15-45be-93d1-7fac754958b4","block_type":"box","text":"United States or abroad could result in appreciation or depreciation of portfolio securities and could","page_number":86,"box":{"x":117,"y":754,"width":725,"height":12}},{"id":"7daf9bf6-4317-476a-bbba-70ae2652eb42","block_type":"box","text":"favorably or adversely affect a Fund’s operations.","page_number":86,"box":{"x":116,"y":769,"width":362,"height":12}},{"id":"971758ed-1ba3-459a-9da2-dbc52ba83667","block_type":"box","text":"Foreign Economy Risk.","page_number":86,"box":{"x":116,"y":800,"width":172,"height":12}},{"id":"bc90c639-b410-45ce-ba1a-88b07bd3c111","block_type":"box","text":"The economies of certain foreign markets often do not compare favorably with","page_number":86,"box":{"x":295,"y":800,"width":579,"height":12}},{"id":"a3b8b820-63ea-4c36-b2e2-e372a6bdc62e","block_type":"box","text":"that of the United States with respect to such issues as growth of gross national product, reinvestment","page_number":86,"box":{"x":116,"y":816,"width":759,"height":12}},{"id":"4ba47fac-50f7-4f0f-b2c3-910ab99f5524","block_type":"box","text":"of capital, resources, and balance of payments position. Certain such economies may rely heavily on","page_number":86,"box":{"x":116,"y":831,"width":754,"height":12}},{"id":"998ae4ee-4c01-4c6f-babd-852d49409668","block_type":"box","text":"particular industries or foreign capital and are more vulnerable to diplomatic developments, the","page_number":86,"box":{"x":117,"y":847,"width":707,"height":12}},{"id":"36f68f3a-5cbd-46bd-819c-6b623b7e3627","block_type":"box","text":"imposition of economic sanctions against a particular country or countries, changes in international","page_number":86,"box":{"x":117,"y":862,"width":737,"height":12}},{"id":"392904af-c1ef-431a-b250-813096a20e09","block_type":"box","text":"trading patterns, trade barriers, and other protectionist or retaliatory measures.","page_number":86,"box":{"x":116,"y":878,"width":589,"height":12}},{"id":"f9486826-f368-4150-82d3-35baaea4cc08","block_type":"box","text":"II-37","page_number":86,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"8b162441-73ff-44b4-b946-a0b9cfa94805","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":86,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"604005ee-2941-406d-ba75-d2ae0601ede7","block_type":"box","text":"Currency Risk and Exchange Risk.","page_number":87,"box":{"x":117,"y":87,"width":257,"height":12}},{"id":"40a16d0b-d5f5-4035-b854-72dac4a77fea","block_type":"box","text":"Because foreign securities generally are denominated and pay","page_number":87,"box":{"x":376,"y":87,"width":475,"height":12}},{"id":"5d99acbd-6c63-4449-8745-ab8e9b71a77d","block_type":"box","text":"dividends or interest in foreign currencies, the value of a Fund that invests in foreign securities as","page_number":87,"box":{"x":116,"y":102,"width":727,"height":13}},{"id":"1265e32e-bd6b-440c-984f-15199b1adcfb","block_type":"box","text":"measured in U.S. dollars will be affected favorably or unfavorably by changes in exchange rates.","page_number":87,"box":{"x":117,"y":118,"width":721,"height":12}},{"id":"91c53133-2930-4fa8-8bd6-a8922469c8ba","block_type":"box","text":"Generally, when the U.S. dollar rises in value against a foreign currency, a security denominated in","page_number":87,"box":{"x":117,"y":134,"width":739,"height":12}},{"id":"4ee24ba4-8c5d-419c-b283-7e9b5cfaa033","block_type":"box","text":"that currency loses value because the currency is worth fewer U.S. dollars. Conversely, when the U.S.","page_number":87,"box":{"x":116,"y":149,"width":765,"height":12}},{"id":"20a2aeee-ada2-4444-b497-dbbcec7f909c","block_type":"box","text":"dollar decreases in value against a foreign currency, a security denominated in that currency gains","page_number":87,"box":{"x":116,"y":165,"width":737,"height":12}},{"id":"d68fb5b9-8bf1-4703-b06d-f87adcc5f7ce","block_type":"box","text":"value because the currency is worth more U.S. dollars. This risk, generally known as “currency risk,”","page_number":87,"box":{"x":116,"y":180,"width":749,"height":12}},{"id":"19d011e6-9fea-4b02-b1af-a5ff4d8bf192","block_type":"box","text":"means that a stronger U.S. dollar will reduce returns for U.S. investors while a weak U.S. dollar will","page_number":87,"box":{"x":117,"y":196,"width":738,"height":12}},{"id":"7230c271-8691-4580-a1cf-517cde9a0e06","block_type":"box","text":"increase those returns. Currency exchange rates can also be affected unpredictably by intervention by","page_number":87,"box":{"x":117,"y":211,"width":764,"height":12}},{"id":"14e7051b-da1a-4a7a-8540-e3e0122b237a","block_type":"box","text":"U.S. or foreign governments or central banks, or the failure to intervene, or buy currency controls or","page_number":87,"box":{"x":117,"y":227,"width":743,"height":12}},{"id":"263dca20-92cd-4f8c-abba-6d6826176420","block_type":"box","text":"political developments in the United States or abroad.","page_number":87,"box":{"x":117,"y":242,"width":402,"height":12}},{"id":"8bb5c0d2-cdde-46b0-b3f0-086c721de881","block_type":"box","text":"Governmental Supervision and Regulation/Accounting Standards.","page_number":87,"box":{"x":117,"y":269,"width":487,"height":12}},{"id":"5508ff7d-eb20-44d7-b80d-3772328f8d44","block_type":"box","text":"Many foreign governments","page_number":87,"box":{"x":606,"y":269,"width":208,"height":12}},{"id":"8fe9a02e-6e60-4b9e-ac42-62eae5098f75","block_type":"box","text":"supervise and regulate stock exchanges, brokers and the sale of securities less than does the United","page_number":87,"box":{"x":116,"y":285,"width":756,"height":12}},{"id":"4999ad95-438d-4381-aa18-87826785fbd5","block_type":"box","text":"States. Some countries may not have laws to protect investors comparable to the U.S. securities laws.","page_number":87,"box":{"x":116,"y":300,"width":765,"height":12}},{"id":"45bea6b9-4165-4aea-9cd3-da03412a6c49","block_type":"box","text":"For example, some foreign countries may have no laws or rules against insider trading. Insider trading","page_number":87,"box":{"x":117,"y":316,"width":762,"height":12}},{"id":"0e52301e-be1b-41d3-995d-1bd5f817ea9f","block_type":"box","text":"occurs when a person buys or sells a company’s securities based on nonpublic information about that","page_number":87,"box":{"x":116,"y":331,"width":760,"height":12}},{"id":"40e2db2f-5f94-48c0-b9b2-2fdb3fd9c4ba","block_type":"box","text":"company. Accounting standards in other countries are not necessarily the same as in the United","page_number":87,"box":{"x":116,"y":347,"width":719,"height":12}},{"id":"8d142061-4413-43b3-b223-951fa053aa06","block_type":"box","text":"States. If the accounting standards in another country do not require as much detail as U.S. accounting","page_number":87,"box":{"x":116,"y":362,"width":771,"height":12}},{"id":"5cd159a9-1b5e-40c1-94f6-3385723e32f0","block_type":"box","text":"standards, it may be harder for Fund management to completely and accurately determine a","page_number":87,"box":{"x":116,"y":378,"width":691,"height":12}},{"id":"e762764d-197f-4535-a1c6-1ffc45291dc0","block_type":"box","text":"company’s financial condition. In addition, the U.S. Government has from time to time in the past","page_number":87,"box":{"x":116,"y":393,"width":722,"height":12}},{"id":"f5cf35bc-b9eb-4af4-8d97-93ef4204b80f","block_type":"box","text":"imposed restrictions, through penalties and otherwise, on foreign investments by U.S. investors such","page_number":87,"box":{"x":117,"y":409,"width":752,"height":12}},{"id":"09c50ec5-d53d-4adb-9932-39a8e90480fa","block_type":"box","text":"as the Fund. If such restrictions should be reinstituted, it might become necessary for the Fund to","page_number":87,"box":{"x":116,"y":424,"width":727,"height":12}},{"id":"dd65149d-01c6-45f6-a94c-242a79e0e732","block_type":"box","text":"invest all or substantially all of its assets in U.S. securities. Also, brokerage commissions and other","page_number":87,"box":{"x":117,"y":440,"width":737,"height":12}},{"id":"a33d5620-b198-4773-a127-d0b570f7f3ad","block_type":"box","text":"costs of buying or selling securities often are higher in foreign countries than they are in the United","page_number":87,"box":{"x":116,"y":455,"width":736,"height":12}},{"id":"1750d1a6-a543-4205-ace3-42848c86f9d9","block_type":"box","text":"States. This reduces the amount the Fund can earn on its investments.","page_number":87,"box":{"x":116,"y":471,"width":532,"height":9}},{"id":"dd9ea77f-10c4-4824-a685-bfdeb21933d4","block_type":"box","text":"Certain Risks of Holding Fund Assets Outside the United States.","page_number":87,"box":{"x":117,"y":498,"width":477,"height":12}},{"id":"0f1f7a4f-43e8-4c8a-a243-d84c0fdaa172","block_type":"box","text":"A Fund generally holds its foreign","page_number":87,"box":{"x":596,"y":498,"width":259,"height":12}},{"id":"f79c7105-f6f2-496f-ad73-4a21d5f0defe","block_type":"box","text":"securities and cash in foreign banks and securities depositories. Some foreign banks and securities","page_number":87,"box":{"x":116,"y":513,"width":743,"height":12}},{"id":"afd2bc7b-63df-4320-a0fb-cbf542f67ce7","block_type":"box","text":"depositories may be recently organized or new to the foreign custody business. In addition, there may","page_number":87,"box":{"x":116,"y":529,"width":760,"height":12}},{"id":"d782591d-b073-4dbd-b67f-1018ba1e3d25","block_type":"box","text":"be limited or no regulatory oversight over their operations. Also, the laws of certain countries may put","page_number":87,"box":{"x":117,"y":544,"width":754,"height":12}},{"id":"f75d4ce9-5d16-43a7-a941-b5505e2d4ace","block_type":"box","text":"limits on a Fund’s ability to recover its assets if a foreign bank or depository or issuer of a security or","page_number":87,"box":{"x":117,"y":560,"width":747,"height":12}},{"id":"ca06ed46-58c5-4f4b-a2a8-5138d41fe5f8","block_type":"box","text":"any of their agents goes bankrupt. In addition, it is often more expensive for a Fund to buy, sell and","page_number":87,"box":{"x":116,"y":575,"width":741,"height":12}},{"id":"d19c42e1-bd4d-4349-ad6c-8a5654d944a5","block_type":"box","text":"hold securities in certain foreign markets than in the United States. The increased expense of investing","page_number":87,"box":{"x":117,"y":591,"width":768,"height":12}},{"id":"6996fcb6-2ace-468e-9869-35709c1061ae","block_type":"box","text":"in foreign markets reduces the amount a Fund can earn on its investments and typically results in a","page_number":87,"box":{"x":117,"y":606,"width":741,"height":12}},{"id":"c90e0a01-7a3a-45b5-b1b1-1993a90fc6ed","block_type":"box","text":"higher operating expense ratio for the Fund as compared to investment companies that invest only in","page_number":87,"box":{"x":117,"y":622,"width":754,"height":12}},{"id":"0f8fa664-c0fc-4f13-bcd9-5e4841d0e0ef","block_type":"box","text":"the United States.","page_number":87,"box":{"x":116,"y":637,"width":138,"height":10}},{"id":"2930b8dd-730d-43b3-9c0c-5331724135b7","block_type":"box","text":"Publicly Available Information.","page_number":87,"box":{"x":116,"y":665,"width":222,"height":12}},{"id":"81b2f6d2-714f-4ddc-9f9b-3532b0159307","block_type":"box","text":"In general, less information is publicly available with respect to foreign","page_number":87,"box":{"x":346,"y":665,"width":518,"height":12}},{"id":"3d07708d-5f3c-4278-950a-06f848437cad","block_type":"box","text":"issuers than is available with respect to U.S. companies. Most foreign companies are also not subject","page_number":87,"box":{"x":117,"y":680,"width":753,"height":12}},{"id":"e9cd2739-564b-412d-8e5b-34d912f9410f","block_type":"box","text":"to the uniform accounting and financial reporting requirements applicable to issuers in the United","page_number":87,"box":{"x":116,"y":696,"width":717,"height":12}},{"id":"5d63e798-d081-471a-a59c-1f967053d632","block_type":"box","text":"States. While the volume of transactions effected on foreign stock exchanges has increased in recent","page_number":87,"box":{"x":116,"y":711,"width":753,"height":12}},{"id":"92ffbcea-5f44-414c-be36-4cb3e50824ae","block_type":"box","text":"years, it remains appreciably below that of the New York Stock Exchange. Accordingly, a Fund’s","page_number":87,"box":{"x":116,"y":727,"width":716,"height":12}},{"id":"2a9b5da1-ac5a-4fee-95f0-fe1089d3a293","block_type":"box","text":"foreign investments may be less liquid than, and their prices may be more volatile than, comparable","page_number":87,"box":{"x":116,"y":742,"width":740,"height":12}},{"id":"733b43ca-9201-4fcd-a0b1-43417ff378a0","block_type":"box","text":"investments in securities in U.S. companies. In addition, there is generally less government supervision","page_number":87,"box":{"x":117,"y":758,"width":765,"height":12}},{"id":"1722ef9a-a769-4b7b-a579-fb148c0ea22b","block_type":"box","text":"and regulation of securities exchanges, brokers and issuers in foreign countries than in the United","page_number":87,"box":{"x":116,"y":773,"width":726,"height":12}},{"id":"9e595716-8227-4afc-9eb7-a90378571e1e","block_type":"box","text":"States.","page_number":87,"box":{"x":116,"y":789,"width":51,"height":9}},{"id":"9efc8801-2154-4cc0-a6c1-0a5b408ca536","block_type":"box","text":"Settlement Risk.","page_number":87,"box":{"x":117,"y":816,"width":120,"height":9}},{"id":"dd5537a2-f354-4d8e-969e-bbcdf986e8a3","block_type":"box","text":"Settlement and clearance procedures in certain foreign markets differ significantly","page_number":87,"box":{"x":244,"y":816,"width":606,"height":12}},{"id":"b3d44528-459f-4e6d-a484-c2a1a766a686","block_type":"box","text":"from those in the United States. Supervisory authorities may also be unable to apply standards which","page_number":87,"box":{"x":116,"y":831,"width":757,"height":12}},{"id":"c622e3e6-4a8d-4c35-b067-8f27e2fc67bb","block_type":"box","text":"are comparable with those in the United States. Foreign settlement procedures and trade regulations","page_number":87,"box":{"x":116,"y":847,"width":754,"height":12}},{"id":"a9ced7d3-a887-4d0e-bc70-6f5b52ec1c38","block_type":"box","text":"also may involve certain risks (such as delays in payment for or delivery of securities) not typically","page_number":87,"box":{"x":116,"y":862,"width":731,"height":12}},{"id":"d5e49284-a3fd-4b0b-98e0-8fed44dcada1","block_type":"box","text":"generated by the settlement of U.S. investments.","page_number":87,"box":{"x":116,"y":878,"width":369,"height":12}},{"id":"f1c9cbe6-0c78-4cfe-82f6-b0cd310efe8c","block_type":"box","text":"II-38","page_number":87,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"09ca7f8b-44ed-4239-9bf1-57de79d04518","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":87,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"8a1993cc-6bf1-4992-a95b-28a4aa6a2403","block_type":"box","text":"Communications between the United States and emerging market countries may be unreliable,","page_number":88,"box":{"x":117,"y":87,"width":710,"height":12}},{"id":"bda24b1d-b7a4-4add-aed4-6c4901b78273","block_type":"box","text":"increasing the risk of delayed settlements or losses of security certificates in markets that still rely on","page_number":88,"box":{"x":117,"y":102,"width":750,"height":13}},{"id":"b6872fbc-9dfa-487a-bf2e-284c3fc60cd7","block_type":"box","text":"physical settlement. Settlements in certain foreign countries at times have not kept pace with the","page_number":88,"box":{"x":117,"y":118,"width":720,"height":12}},{"id":"accd340c-7120-4f8f-8ff3-f83eb5c8c874","block_type":"box","text":"number of securities transactions; these problems may make it difficult for a Fund to carry out","page_number":88,"box":{"x":117,"y":134,"width":698,"height":12}},{"id":"caf54d4f-1279-4f42-808b-0659b0b29e2b","block_type":"box","text":"transactions. If a Fund cannot settle or is delayed in settling a purchase of securities, it may miss","page_number":88,"box":{"x":116,"y":149,"width":723,"height":12}},{"id":"e777d12e-4462-4641-9f7d-1648ee41c244","block_type":"box","text":"attractive investment opportunities and certain of its assets may be uninvested with no return earned","page_number":88,"box":{"x":116,"y":165,"width":751,"height":12}},{"id":"a5a94ceb-3b1a-4dec-8486-959653793e00","block_type":"box","text":"thereon for some period. If a Fund cannot settle or is delayed in settling a sale of securities, it may lose","page_number":88,"box":{"x":116,"y":180,"width":769,"height":12}},{"id":"ffd5a7fa-593f-4c03-94e9-af6e9164599f","block_type":"box","text":"money if the value of the security then declines or, if it has contracted to sell the security to another","page_number":88,"box":{"x":117,"y":196,"width":739,"height":12}},{"id":"d14f5f16-8094-49da-b511-0c82c77a6b86","block_type":"box","text":"party, the Fund could be liable to that party for any losses incurred.","page_number":88,"box":{"x":117,"y":211,"width":501,"height":12}},{"id":"a68622fb-f751-437d-a85b-f1913d151b5e","block_type":"box","text":"Because of uncertainties in the operation of settlement systems in individual markets, competing","page_number":88,"box":{"x":117,"y":242,"width":720,"height":12}},{"id":"fc275243-eb9d-4534-a356-45c233300ba0","block_type":"box","text":"claims may arise in respect of securities held by or to be transferred to a Fund. Compensation","page_number":88,"box":{"x":116,"y":258,"width":703,"height":12}},{"id":"2abc53bd-b61a-4da5-b373-8af454903d51","block_type":"box","text":"schemes may not exist or may otherwise be limited or inadequate to meet the Fund’s claims in case of","page_number":88,"box":{"x":116,"y":273,"width":766,"height":12}},{"id":"14ddcde9-42b7-423d-81c0-15661f6fe55d","block_type":"box","text":"such event.","page_number":88,"box":{"x":116,"y":289,"width":90,"height":9}},{"id":"c563bd53-fc08-455d-88c3-fb7e7be419cf","block_type":"box","text":"Sovereign Debt.","page_number":88,"box":{"x":117,"y":320,"width":118,"height":12}},{"id":"43bf7aa5-4a6a-4cdd-833e-3737757b0eca","block_type":"box","text":"Investment in sovereign debt can involve a high degree of risk. The governmental","page_number":88,"box":{"x":236,"y":320,"width":616,"height":12}},{"id":"490e2b14-78a9-4677-8ffe-3437bf629fcf","block_type":"box","text":"entity that controls the repayment of sovereign debt may not be able or willing to repay the principal","page_number":88,"box":{"x":116,"y":335,"width":743,"height":12}},{"id":"ecc94635-7a6d-4b24-b5eb-8476e1acc96a","block_type":"box","text":"and/or interest when due in accordance with the terms of such debt. A governmental entity’s","page_number":88,"box":{"x":116,"y":351,"width":689,"height":12}},{"id":"11a41c27-4ce4-49aa-b517-66ded92a88b8","block_type":"box","text":"willingness or ability to repay principal and interest due in a timely manner may be affected by, among","page_number":88,"box":{"x":116,"y":366,"width":761,"height":12}},{"id":"0ba579bf-bd95-4e8d-a287-6ae66c400958","block_type":"box","text":"other factors, its cash flow situation, the extent of its foreign reserves, the availability of sufficient","page_number":88,"box":{"x":116,"y":382,"width":721,"height":12}},{"id":"cb38ef39-bf9e-4c1a-bcff-383b6a750ee3","block_type":"box","text":"foreign exchange on the date a payment is due, the relative size of the debt service burden to the","page_number":88,"box":{"x":116,"y":397,"width":728,"height":12}},{"id":"96d64f8d-7f47-4271-b00b-27ef8861abc5","block_type":"box","text":"economy as a whole, the governmental entity’s policy towards the International Monetary Fund and the","page_number":88,"box":{"x":116,"y":413,"width":770,"height":12}},{"id":"03d9ff36-277d-4305-ab47-e2c39a4f027f","block_type":"box","text":"political constraints to which a governmental entity may be subject. Governmental entities may also be","page_number":88,"box":{"x":117,"y":428,"width":764,"height":12}},{"id":"44a7f816-6ec7-456c-8824-7d9913a7c6bc","block_type":"box","text":"dependent on expected disbursements from foreign governments, multilateral agencies and others","page_number":88,"box":{"x":116,"y":444,"width":738,"height":12}},{"id":"97acb579-06bb-4a6b-a425-7642001d4d28","block_type":"box","text":"abroad to reduce principal and interest arrearages on their debt. The commitment on the part of these","page_number":88,"box":{"x":116,"y":459,"width":761,"height":12}},{"id":"62166ca7-b92c-4498-b2cb-4d1b5cd3e256","block_type":"box","text":"governments, agencies and others to make such disbursements may be conditioned on the","page_number":88,"box":{"x":116,"y":475,"width":684,"height":12}},{"id":"60d099a1-9039-4d2d-9d94-b29eafb7c5d4","block_type":"box","text":"implementation of economic reforms and/or economic performance and the timely service of such","page_number":88,"box":{"x":117,"y":490,"width":730,"height":12}},{"id":"cc25e5e4-062b-4321-9da2-cb4cb1ab28fd","block_type":"box","text":"debtor’s obligations. Failure to implement such reforms, achieve such levels of economic performance","page_number":88,"box":{"x":116,"y":506,"width":763,"height":12}},{"id":"dd9594c6-7ae5-483f-b24e-775b88e7fb33","block_type":"box","text":"or repay principal or interest when due may result in the cancellation of such third parties’","page_number":88,"box":{"x":116,"y":521,"width":668,"height":12}},{"id":"664fcca3-f2d1-46b0-bf6e-bea8fb56956f","block_type":"box","text":"commitments to lend funds to the governmental entity, which may further impair such debtor’s ability or","page_number":88,"box":{"x":116,"y":537,"width":769,"height":12}},{"id":"a309c04b-2e8c-4471-be42-36c129ccc37d","block_type":"box","text":"willingness to timely service its debts. Consequently, governmental entities may default on their","page_number":88,"box":{"x":116,"y":552,"width":713,"height":12}},{"id":"a48527ad-0561-4438-b115-345c8219c402","block_type":"box","text":"sovereign debt.","page_number":88,"box":{"x":116,"y":568,"width":119,"height":12}},{"id":"36f098f5-543c-4a19-abe0-5a16481a3cb0","block_type":"box","text":"Holders of sovereign debt may be requested to participate in the rescheduling of such debt and to","page_number":88,"box":{"x":117,"y":599,"width":730,"height":12}},{"id":"41127ab6-06f2-4ca0-ac78-4bb518358ee0","block_type":"box","text":"extend further loans to governmental entities. In the event of a default by a governmental entity, there","page_number":88,"box":{"x":116,"y":614,"width":758,"height":12}},{"id":"78796d3b-a308-4456-833d-fbccd41b9993","block_type":"box","text":"may be few or no effective legal remedies for collecting on such debt.","page_number":88,"box":{"x":117,"y":630,"width":519,"height":12}},{"id":"437d997a-7a5b-4555-b45e-c9396d2818f3","block_type":"box","text":"Withholding Tax Reclaims Risk","page_number":88,"box":{"x":118,"y":661,"width":230,"height":12}},{"id":"2302cfb7-de57-4bc7-a176-2eef3c4d292e","block_type":"box","text":". A Fund may file claims to recover foreign withholding taxes on","page_number":88,"box":{"x":349,"y":661,"width":469,"height":12}},{"id":"481aa569-b72d-459e-bbd5-187ff5c8e4d7","block_type":"box","text":"dividend and interest income (if any) received from issuers in certain countries and capital gains on the","page_number":88,"box":{"x":116,"y":676,"width":763,"height":12}},{"id":"b9ea9f64-ec31-45e6-bb0b-f30fed12e23c","block_type":"box","text":"disposition of stocks or securities where such withholding tax reclaim is possible. Whether or when a","page_number":88,"box":{"x":116,"y":692,"width":745,"height":12}},{"id":"13ff23f0-d620-4a6b-9b77-7f46f56952f4","block_type":"box","text":"Fund will receive a withholding tax refund is within the control of the tax authorities in such countries.","page_number":88,"box":{"x":117,"y":707,"width":745,"height":12}},{"id":"4e3d661e-83d0-411b-ad07-34d0c4db217f","block_type":"box","text":"Where a Fund expects to recover withholding taxes, the net asset value of the Fund generally includes","page_number":88,"box":{"x":116,"y":723,"width":762,"height":12}},{"id":"3b128755-d7c3-4fc1-a666-3d944c31dc70","block_type":"box","text":"accruals for such tax refunds. Each Fund regularly evaluates the probability of recovery. If the","page_number":88,"box":{"x":116,"y":738,"width":696,"height":12}},{"id":"f293e069-d85d-422a-955b-0bbcbfcc2c5c","block_type":"box","text":"likelihood of recovery materially decreases, due to, for example, a change in tax regulation or approach","page_number":88,"box":{"x":117,"y":754,"width":765,"height":12}},{"id":"7c318752-54b9-4028-a6c2-39aa62ff001f","block_type":"box","text":"in the foreign country, accruals in a Fund’s net asset value for such refunds may be written down","page_number":88,"box":{"x":117,"y":769,"width":716,"height":12}},{"id":"78a90999-34b8-495d-9149-c4c7036ea3fc","block_type":"box","text":"partially or in full, which will adversely affect the Fund’s net asset value. Shareholders in a Fund at the","page_number":88,"box":{"x":117,"y":785,"width":755,"height":12}},{"id":"afd22e32-b6eb-4687-bf24-75c009aba420","block_type":"box","text":"time an accrual is written down will bear the impact of the resulting reduction in net asset value","page_number":88,"box":{"x":116,"y":800,"width":703,"height":12}},{"id":"2e979af0-23f4-47db-9e0d-aef6463e5a5e","block_type":"box","text":"regardless of whether they were shareholders during the accrual period. Conversely, if a Fund receives","page_number":88,"box":{"x":117,"y":816,"width":765,"height":12}},{"id":"996f66e2-333e-45f6-a8c5-a057b3e14719","block_type":"box","text":"a tax refund that has not been previously accrued, shareholders in the Fund at the time of the","page_number":88,"box":{"x":116,"y":831,"width":699,"height":12}},{"id":"63ccce14-4e01-483b-ae6c-ee8323557bf2","block_type":"box","text":"successful recovery will benefit from the resulting increase in the Fund’s net asset value. Shareholders","page_number":88,"box":{"x":116,"y":847,"width":767,"height":12}},{"id":"6aa6ace6-cabe-4887-b050-92072b94247e","block_type":"box","text":"who sold their shares prior to such time will not benefit from such increase in the Fund’s net asset","page_number":88,"box":{"x":116,"y":862,"width":730,"height":12}},{"id":"928fe550-3144-4e26-8932-d94a45c6122c","block_type":"box","text":"value.","page_number":88,"box":{"x":116,"y":878,"width":49,"height":9}},{"id":"35b7de05-2863-48e0-b2a7-c7b976a08436","block_type":"box","text":"II-39","page_number":88,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"63b74fca-8410-4e15-9a33-2265248e7abd","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":88,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"2aacb0fe-98df-4b40-9ca6-2960a8cc0d67","block_type":"box","text":"U.S. Economic Trading Partners Risk.","page_number":89,"box":{"x":117,"y":87,"width":287,"height":12}},{"id":"5ab6fe29-79ce-475d-91ea-c2794677b080","block_type":"box","text":"The United States is a significant, and in some cases the most","page_number":89,"box":{"x":404,"y":87,"width":469,"height":12}},{"id":"5f5d4875-e149-4e06-830b-df71a0ccd9c9","block_type":"box","text":"significant, trading partner of, or foreign investor in, certain countries in which a Fund may invest. As a","page_number":89,"box":{"x":116,"y":102,"width":762,"height":13}},{"id":"540491cb-b172-4828-8b6d-54d8863e8a89","block_type":"box","text":"result, economic conditions of such countries may be particularly affected by changes in the U.S.","page_number":89,"box":{"x":117,"y":118,"width":723,"height":12}},{"id":"f47057bf-61ca-4efa-9eb5-321905546de4","block_type":"box","text":"economy. A decrease in U.S. imports or exports, new trade and financial regulations or tariffs, changes","page_number":89,"box":{"x":116,"y":134,"width":770,"height":12}},{"id":"f6386d14-66cd-4111-b48c-2cca256aac6d","block_type":"box","text":"in the U.S. dollar exchange rate or an economic slowdown in the United States may have a material","page_number":89,"box":{"x":117,"y":149,"width":745,"height":12}},{"id":"b86b4c25-0c1a-4fc1-8a38-ad9cf15e5b66","block_type":"box","text":"adverse effect on a country’s economic conditions and, as a result, securities to which the Fund has","page_number":89,"box":{"x":116,"y":165,"width":746,"height":12}},{"id":"28ceacbe-7e70-4dd6-9ada-6e6119f12717","block_type":"box","text":"exposure. Circumstances could arise that could prevent the timely payment of interest or principal on","page_number":89,"box":{"x":116,"y":180,"width":754,"height":12}},{"id":"d994ea5e-6e8d-44ee-9486-cccb6b2c05fe","block_type":"box","text":"U.S. Government debt, such as reaching the legislative “debt ceiling.” Such non-payment would result","page_number":89,"box":{"x":117,"y":196,"width":760,"height":12}},{"id":"1f831128-039f-4546-bcf2-a1082db444d7","block_type":"box","text":"in substantial negative consequences for the U.S. economy and the global financial system.","page_number":89,"box":{"x":117,"y":211,"width":685,"height":12}},{"id":"6b24d27c-7c75-40b7-970a-4fab766b077e","block_type":"box","text":"There are strained relations between the United States and a number of foreign countries, including","page_number":89,"box":{"x":116,"y":238,"width":745,"height":12}},{"id":"044ad757-8018-4a03-a627-b3c0930ddd2c","block_type":"box","text":"traditional allies, such as certain European countries, and historical adversaries, such as North Korea,","page_number":89,"box":{"x":116,"y":254,"width":761,"height":12}},{"id":"47ccf7cd-70a3-4f09-958c-2bbefef75614","block_type":"box","text":"Iran, China and Russia. If these relations were to worsen, it could adversely affect U.S. issuers as well","page_number":89,"box":{"x":117,"y":269,"width":763,"height":12}},{"id":"457ae609-0bcc-4249-a27c-2232d95936ad","block_type":"box","text":"as non-U.S. issuers that rely on the United States for trade. The United States has also experienced","page_number":89,"box":{"x":116,"y":285,"width":748,"height":12}},{"id":"4a721084-386f-43f4-960a-7fd74798018f","block_type":"box","text":"increased internal unrest and discord. If these trends were to continue, it may have an adverse impact","page_number":89,"box":{"x":117,"y":300,"width":761,"height":12}},{"id":"65ae719c-7b6a-412f-bbc4-477c8d144c53","block_type":"box","text":"on the U.S. economy and many of the issuers in which a Fund may invest.","page_number":89,"box":{"x":116,"y":316,"width":557,"height":12}},{"id":"0c5aa043-be6e-4f17-82ac-0f4fd148732a","block_type":"box","text":"Funding Agreements.","page_number":89,"box":{"x":116,"y":343,"width":171,"height":12}},{"id":"d3c3df67-7b14-4d5f-a545-55b2d0f5a69e","block_type":"box","text":"Certain Funds may invest in Guaranteed Investment Contracts and similar","page_number":89,"box":{"x":289,"y":343,"width":561,"height":12}},{"id":"87039894-c33d-4dbe-aa5e-2a378e845c67","block_type":"box","text":"funding agreements. In connection with these investments, a Fund makes cash contributions to a","page_number":89,"box":{"x":116,"y":358,"width":727,"height":12}},{"id":"e6a8dded-28b2-4257-b49c-08f7e5117df6","block_type":"box","text":"deposit fund of an insurance company’s general account. The insurance company then credits to the","page_number":89,"box":{"x":116,"y":374,"width":753,"height":12}},{"id":"4ae452e6-d2c2-4ffa-a19d-ec57b424cabd","block_type":"box","text":"Fund on a monthly basis guaranteed interest, which is based on an index. The funding agreements","page_number":89,"box":{"x":117,"y":389,"width":740,"height":12}},{"id":"705cacbc-b962-46d4-91bb-cac6a8969438","block_type":"box","text":"provide that this guaranteed interest will not be less than a certain minimum rate. The purchase price","page_number":89,"box":{"x":117,"y":405,"width":753,"height":12}},{"id":"822d431a-234d-41f4-ae84-0db007d7476b","block_type":"box","text":"paid for a funding agreement becomes part of the general assets of the insurance company, and the","page_number":89,"box":{"x":117,"y":420,"width":749,"height":12}},{"id":"9fc94c28-a61c-48b5-9d46-c9af2acac756","block_type":"box","text":"contract is paid from the general assets of the insurance company. Generally, funding agreements are","page_number":89,"box":{"x":116,"y":436,"width":764,"height":12}},{"id":"1b7a68b0-72af-4e60-a676-14aa1d742544","block_type":"box","text":"not assignable or transferable without the permission of the issuing insurance companies, and an","page_number":89,"box":{"x":117,"y":451,"width":726,"height":12}},{"id":"7e2f23b6-c26f-4746-8fff-62df87c3b9d0","block_type":"box","text":"active secondary market in some funding agreements does not currently exist.","page_number":89,"box":{"x":116,"y":467,"width":586,"height":12}},{"id":"38daaade-1326-49e4-a164-d2409eb8a742","block_type":"box","text":"Guarantees","page_number":89,"box":{"x":117,"y":494,"width":91,"height":10}},{"id":"fef183cb-6d31-4fc7-ba7c-cd17c652dde5","block_type":"box","text":".","page_number":89,"box":{"x":209,"y":502,"width":3,"height":1}},{"id":"627ded2a-3ec6-4bd5-9313-f7b45ce5adae","block_type":"box","text":"A Fund may purchase securities which contain guarantees issued by an entity separate","page_number":89,"box":{"x":213,"y":494,"width":660,"height":12}},{"id":"23d4b7d5-86cd-44e2-8e18-9932960cc0a9","block_type":"box","text":"from the issuer of the security. Generally, the guarantor of a security (often an affiliate of the issuer) will","page_number":89,"box":{"x":116,"y":509,"width":771,"height":13}},{"id":"4d413506-ce7e-4388-977c-85477a404db6","block_type":"box","text":"fulfill an issuer’s payment obligations under a security if the issuer is unable to do so.","page_number":89,"box":{"x":116,"y":525,"width":634,"height":12}},{"id":"586d9704-eff9-4800-a3f1-3bc49a2eea2c","block_type":"box","text":"Illiquid Investments.","page_number":89,"box":{"x":116,"y":552,"width":166,"height":12}},{"id":"13484afa-9044-4b5f-b561-3a1fd2f3f4bf","block_type":"box","text":"Each Fund may not acquire any illiquid investment if, immediately after the","page_number":89,"box":{"x":284,"y":552,"width":557,"height":12}},{"id":"965d9502-77dd-4299-9cda-c2b0eea0b0f2","block_type":"box","text":"acquisition, a Fund would have invested more than 15% of its net assets in illiquid investments. An","page_number":89,"box":{"x":116,"y":568,"width":737,"height":12}},{"id":"60d0d775-09de-4e88-b90c-209919d6561d","block_type":"box","text":"illiquid investment is any investment that a Fund reasonably expects cannot be sold or disposed of in","page_number":89,"box":{"x":117,"y":583,"width":753,"height":12}},{"id":"26ed18d7-c334-4fc4-88cf-4916740afa49","block_type":"box","text":"current market conditions in seven calendar days or less without the sale or disposition significantly","page_number":89,"box":{"x":116,"y":599,"width":742,"height":12}},{"id":"86615a23-4e0f-4a88-b45b-4abed8707efe","block_type":"box","text":"changing the market value of the investment. Liquid investments may become illiquid after purchase by","page_number":89,"box":{"x":116,"y":614,"width":771,"height":12}},{"id":"74f954cd-b2c0-4660-86b8-845408b69128","block_type":"box","text":"a Fund, particularly during periods of market turmoil. There can be no assurance that a security or","page_number":89,"box":{"x":116,"y":630,"width":733,"height":12}},{"id":"7d8dcbe1-9f71-4f0f-912e-d71f3571c8dd","block_type":"box","text":"instrument that is deemed to be liquid when purchased will continue to be liquid for as long as it is held","page_number":89,"box":{"x":117,"y":645,"width":766,"height":12}},{"id":"149b4309-8a6a-4b82-b0d5-9c2b3ab345b7","block_type":"box","text":"by a Fund, and any security or instrument held by the Fund may be deemed an illiquid investment","page_number":89,"box":{"x":117,"y":661,"width":725,"height":12}},{"id":"e2a312ea-b760-4fe3-ac51-5542773d3976","block_type":"box","text":"pursuant to the Fund’s liquidity risk management program. A Fund’s illiquid investments may reduce","page_number":89,"box":{"x":117,"y":676,"width":742,"height":12}},{"id":"600e7e8a-9d03-4c56-b522-b603ea3e3b4a","block_type":"box","text":"the returns of the Fund because it may be difficult to sell the illiquid investments at an advantageous","page_number":89,"box":{"x":116,"y":692,"width":743,"height":12}},{"id":"634f4741-341a-4060-8838-16d9be9271df","block_type":"box","text":"time or price. In addition, if a Fund is limited in its ability to dispose of illiquid investments during","page_number":89,"box":{"x":116,"y":707,"width":708,"height":12}},{"id":"acb67ddf-7780-41cd-9987-d0568bff0757","block_type":"box","text":"periods when shareholders are redeeming or selling their shares or the Fund’s net assets otherwise","page_number":89,"box":{"x":117,"y":723,"width":739,"height":12}},{"id":"542ed0e6-c696-40c3-8a39-5558b9427940","block_type":"box","text":"shrink, the Fund will need to dispose of liquid securities to meet redemption requests and illiquid","page_number":89,"box":{"x":116,"y":738,"width":712,"height":12}},{"id":"a6cc4436-d3c0-4894-ba84-cbaaa35c4850","block_type":"box","text":"securities will become a larger portion of the Fund’s holdings. If illiquid investments exceed 15% of a","page_number":89,"box":{"x":116,"y":754,"width":745,"height":12}},{"id":"38850e66-9836-48e5-8216-fc8b706d0887","block_type":"box","text":"Fund’s net assets, the Liquidity Rule (as defined below) and the Liquidity Program (as defined below)","page_number":89,"box":{"x":117,"y":769,"width":749,"height":12}},{"id":"023b8e64-b4b4-43db-a740-c83edb8a2d2a","block_type":"box","text":"will require that certain remedial actions be taken.","page_number":89,"box":{"x":116,"y":785,"width":368,"height":12}},{"id":"1851ca1d-4d6d-4b99-bb05-c967de52e183","block_type":"box","text":"Illiquid investments may trade at a discount from","page_number":89,"box":{"x":491,"y":785,"width":358,"height":12}},{"id":"5dad4b8f-0b3a-4ec8-9229-4ad47549df7f","block_type":"box","text":"comparable liquid investments. Investment of a Fund’s assets in illiquid investments may restrict the","page_number":89,"box":{"x":116,"y":800,"width":742,"height":12}},{"id":"57511ea0-7f9f-4c47-a4ec-77681e89092c","block_type":"box","text":"ability of the Fund to dispose of its investments in a timely fashion and for a fair price as well as its","page_number":89,"box":{"x":116,"y":816,"width":728,"height":12}},{"id":"fa8f0bbc-36c4-4fda-a720-f6f49876354e","block_type":"box","text":"ability to take advantage of market opportunities. The risks associated with illiquidity will be particularly","page_number":89,"box":{"x":116,"y":831,"width":765,"height":12}},{"id":"7f3b68ed-18f7-4490-9243-2d6aec1aa5f9","block_type":"box","text":"acute where a Fund’s operations require cash, such as when the Fund redeems shares or pays","page_number":89,"box":{"x":116,"y":847,"width":715,"height":12}},{"id":"806bd6ad-1949-4880-9159-788cf82301ef","block_type":"box","text":"dividends, and could result in the Fund borrowing to meet short-term cash requirements or incurring","page_number":89,"box":{"x":116,"y":862,"width":746,"height":12}},{"id":"0335de6f-227c-412a-a16f-97158391bb9b","block_type":"box","text":"capital losses on the sale of illiquid investments.","page_number":89,"box":{"x":116,"y":878,"width":362,"height":12}},{"id":"1614e510-a43d-4c38-bb7c-e7b5b863dc05","block_type":"box","text":"II-40","page_number":89,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"79b784d9-5e3d-45ba-b901-a2d1cdeba834","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":89,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"6c66ea66-561f-49cb-9d08-37a444df4def","block_type":"box","text":"Index Funds","page_number":90,"box":{"x":116,"y":87,"width":99,"height":10}},{"id":"045fe3b1-985a-4623-a08b-4f06df9a42cc","block_type":"box","text":".","page_number":90,"box":{"x":216,"y":95,"width":2,"height":1}},{"id":"e023d375-08c5-4c14-be1c-fa27d2dfb811","block_type":"box","text":"Cash Flows; Expenses.","page_number":90,"box":{"x":117,"y":111,"width":173,"height":12}},{"id":"6b9dbccd-0c55-4b25-a334-8f85a9dde52f","block_type":"box","text":"The ability of each Fund to satisfy its investment objective depends to some","page_number":90,"box":{"x":291,"y":111,"width":573,"height":12}},{"id":"57205bf1-4ea2-496c-9e8d-8666abc0a913","block_type":"box","text":"extent on the Manager’s ability to manage cash flow (primarily from purchases and redemptions and","page_number":90,"box":{"x":116,"y":127,"width":749,"height":12}},{"id":"fa713ec5-1e27-4a84-9018-1bba47df0c58","block_type":"box","text":"distributions from the Fund’s investments). The Manager will make investment changes to a Fund’s","page_number":90,"box":{"x":116,"y":142,"width":742,"height":12}},{"id":"8ed7f242-c864-48a6-b5da-6da6f4be211c","block_type":"box","text":"portfolio to accommodate cash flow while continuing to seek to replicate the total return of the Fund’s","page_number":90,"box":{"x":117,"y":158,"width":753,"height":12}},{"id":"661b5e0a-097d-47e5-a3f0-b76edfa1d494","block_type":"box","text":"target index. Investors should also be aware that the investment performance of each index is a","page_number":90,"box":{"x":116,"y":173,"width":716,"height":12}},{"id":"6a3cc77c-76d7-43dd-a407-254452d5b863","block_type":"box","text":"hypothetical number which does not take into account brokerage commissions and other transaction","page_number":90,"box":{"x":117,"y":189,"width":749,"height":12}},{"id":"27db40f5-f3f5-41e6-ae9c-2bfc7ba3a786","block_type":"box","text":"costs, custody and other costs of investing, and any incremental operating costs (","page_number":90,"box":{"x":116,"y":204,"width":606,"height":12}},{"id":"c081e1bf-4920-475d-bd73-d176137c03b2","block_type":"box","text":"e.g.","page_number":90,"box":{"x":723,"y":207,"width":26,"height":9}},{"id":"7dcb5f41-f20b-4665-9527-17331be68294","block_type":"box","text":", transfer agency","page_number":90,"box":{"x":752,"y":204,"width":129,"height":12}},{"id":"b4668ee6-f0c9-4f0b-a5c6-1ae99c1f2da5","block_type":"box","text":"and accounting costs) that will be borne by the Funds. Finally, since each Fund seeks to replicate the","page_number":90,"box":{"x":116,"y":220,"width":757,"height":12}},{"id":"dd0dacd6-db16-4bf7-90c3-a7093f9b8602","block_type":"box","text":"total return of its target index, the Manager generally will not attempt to judge the merits of any","page_number":90,"box":{"x":116,"y":235,"width":706,"height":12}},{"id":"0d90cd89-849e-4190-b580-66989b39ab9b","block_type":"box","text":"particular security as an investment.","page_number":90,"box":{"x":117,"y":251,"width":272,"height":12}},{"id":"e2119ce9-97d8-4162-bc4b-945532db4403","block_type":"box","text":"Tracking Error Risk","page_number":90,"box":{"x":118,"y":284,"width":142,"height":12}},{"id":"d2c1e2c9-e9ac-4980-8d83-1beaa82b731b","block_type":"box","text":". A Fund may be subject to tracking error, which is the divergence of the Fund’s","page_number":90,"box":{"x":260,"y":284,"width":586,"height":12}},{"id":"1c8acedb-6453-42a4-8b1b-d518e41aacee","block_type":"box","text":"performance from that of the Underlying Index. Tracking error may occur because of differences","page_number":90,"box":{"x":117,"y":300,"width":711,"height":12}},{"id":"c78d8d15-9ea9-4367-a9f1-e5fbc127593b","block_type":"box","text":"between the securities and other instruments held in the Fund’s portfolio and those included in the","page_number":90,"box":{"x":117,"y":315,"width":725,"height":12}},{"id":"abbd2dc2-34d9-4502-827f-a56a75575597","block_type":"box","text":"Underlying Index, pricing differences (including, as applicable, differences between a security’s price at","page_number":90,"box":{"x":117,"y":331,"width":762,"height":12}},{"id":"e4d50769-3c03-4110-a671-b74380596c7b","block_type":"box","text":"the local market close and the Fund’s valuation of a security at the time of calculation of the Fund’s net","page_number":90,"box":{"x":116,"y":346,"width":757,"height":12}},{"id":"50997125-2cb3-4804-90f9-8bf6ef24da40","block_type":"box","text":"asset value), differences in transaction costs incurred by the Fund, the Fund’s holding of uninvested","page_number":90,"box":{"x":116,"y":362,"width":739,"height":12}},{"id":"ec418f0f-fda8-4ee2-a121-2c879da99413","block_type":"box","text":"cash, differences in timing of the accrual of or the valuation of dividends or other distributions, interest,","page_number":90,"box":{"x":116,"y":377,"width":756,"height":12}},{"id":"c70a9743-1e2d-4aac-8dca-6f4730034acb","block_type":"box","text":"the requirements to maintain pass-through tax treatment, portfolio transactions carried out to minimize","page_number":90,"box":{"x":116,"y":393,"width":757,"height":12}},{"id":"b0be3e76-ada9-458b-9ec6-393422610a34","block_type":"box","text":"the distribution of capital gains to shareholders, changes to the Underlying Index or the costs to the","page_number":90,"box":{"x":116,"y":408,"width":733,"height":12}},{"id":"204b1b2c-2180-449d-b760-03432c658145","block_type":"box","text":"Fund of complying with various new or existing regulatory requirements. These risks may be heightened","page_number":90,"box":{"x":117,"y":424,"width":770,"height":12}},{"id":"adc26c5a-f314-4cbd-aeb6-9332a1666af4","block_type":"box","text":"during times of increased market volatility or other unusual market conditions. In addition, tracking error","page_number":90,"box":{"x":116,"y":439,"width":765,"height":12}},{"id":"5500badc-1147-48a0-a16a-34ec1e86fb87","block_type":"box","text":"may result because the Fund incurs fees and expenses, while the Underlying Index does not.","page_number":90,"box":{"x":117,"y":455,"width":690,"height":12}},{"id":"fdbaec4b-b9fd-40ba-b00d-b977a590375f","block_type":"box","text":"When an issuer is introduced by an index provider into an index tracked by a Fund, the Manager may","page_number":90,"box":{"x":116,"y":488,"width":758,"height":12}},{"id":"ac4f7a91-3c3a-409f-b106-a2f29fbd9a24","block_type":"box","text":"conduct an analysis on such issuer’s securities to identify and screen for outlier high risk behavior","page_number":90,"box":{"x":116,"y":503,"width":729,"height":12}},{"id":"864e3a1d-6982-470c-a28d-b7a6b67890f8","block_type":"box","text":"(such as rapid or unusual price growth that does not appear to be supported by publicly available","page_number":90,"box":{"x":117,"y":519,"width":724,"height":12}},{"id":"7de9bf6f-62a7-42fd-bc0c-f976ba40dbde","block_type":"box","text":"information on the business and assets of the issuer, unusual or significant short interest or lending","page_number":90,"box":{"x":117,"y":534,"width":740,"height":12}},{"id":"78af026f-a1fe-4a5e-9368-35dc4a672e98","block_type":"box","text":"activity, negative sentiment, suspended trading or incorrect free-float calculations, which could be","page_number":90,"box":{"x":116,"y":550,"width":728,"height":12}},{"id":"71b92ced-6072-459d-9b18-efa8e0dc5475","block_type":"box","text":"indicators of possible irregularities, miscalculations or even fraud). 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Bloomberg is not responsible for","page_number":92,"box":{"x":117,"y":506,"width":754,"height":12}},{"id":"fd747147-5138-456f-ad30-e65b2a54a841","block_type":"box","text":"nor has it reviewed any Fund nor any associated literature or publications, and Bloomberg makes no","page_number":92,"box":{"x":117,"y":521,"width":750,"height":12}},{"id":"cab4bfdd-66d4-4f4c-abe2-7f8fb65d6d76","block_type":"box","text":"representation or warranty, express or implied, as to their accuracy, or completeness, or otherwise.","page_number":92,"box":{"x":117,"y":537,"width":740,"height":12}},{"id":"38180ce0-44fd-4c34-a368-189a7a8424f4","block_type":"box","text":"Bloomberg reserves the right, at any time and without notice, to alter, amend, terminate or in any way","page_number":92,"box":{"x":117,"y":568,"width":757,"height":12}},{"id":"abfa263e-35ef-4538-ab7e-15894b64e186","block_type":"box","text":"change a Bloomberg Index. 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Inverse floaters are securities the potential of which is inversely related","page_number":93,"box":{"x":117,"y":475,"width":768,"height":12}},{"id":"eee12881-1840-475b-b864-1396d1f10b02","block_type":"box","text":"to changes in interest rates. In general, the return on inverse floaters will decrease when short-term","page_number":93,"box":{"x":116,"y":490,"width":743,"height":12}},{"id":"64e9dd9e-68c6-466e-b018-fbae02da84ff","block_type":"box","text":"interest rates increase and increase when short-term rates decrease. Municipal tender option bonds,","page_number":93,"box":{"x":117,"y":506,"width":751,"height":12}},{"id":"f647cd37-c7ad-4be2-882b-8a43d33f1950","block_type":"box","text":"both taxable and tax-exempt, which may include inverse floating rate debt instruments, (including","page_number":93,"box":{"x":117,"y":521,"width":725,"height":12}},{"id":"3f959466-c30a-4bbb-b58d-50467ab11798","block_type":"box","text":"residual interests thereon) are excluded from this 10% limitation.","page_number":93,"box":{"x":117,"y":537,"width":483,"height":12}},{"id":"1097f570-9d06-46c7-aeaa-73a870027e86","block_type":"box","text":"Inflation Risk.","page_number":93,"box":{"x":116,"y":568,"width":109,"height":9}},{"id":"0e411be8-deaf-4871-b48d-49dd06d33201","block_type":"box","text":"Like all funds, the Funds are subject to inflation risk. Inflation risk is the risk that the","page_number":93,"box":{"x":226,"y":568,"width":627,"height":12}},{"id":"9ff2e444-b237-4830-a5df-82462f4c438a","block_type":"box","text":"present value of assets or income from investments will be less in the future as inflation decreases the","page_number":93,"box":{"x":117,"y":583,"width":763,"height":12}},{"id":"87c40b54-9da6-48f0-bc2a-fe7d5b963a0e","block_type":"box","text":"value of money. As inflation increases, the present value of a Fund’s assets can decline as can the","page_number":93,"box":{"x":116,"y":599,"width":739,"height":12}},{"id":"71033702-8ea3-410e-911b-faee7f8fd701","block_type":"box","text":"value of a Fund’s distributions. Inflation rates may change frequently and significantly due to a number","page_number":93,"box":{"x":116,"y":614,"width":764,"height":12}},{"id":"0bdcb7ca-a26d-4ae8-bae2-c1fb34320586","block_type":"box","text":"of potential factors, including, among others, unexpected economic shifts or changes in fiscal or","page_number":93,"box":{"x":116,"y":630,"width":716,"height":12}},{"id":"43ff9426-f818-49db-af49-e59b8c8f4e88","block_type":"box","text":"monetary policies.","page_number":93,"box":{"x":117,"y":645,"width":139,"height":12}},{"id":"95a0bec1-e636-48a7-b44a-5ce39cda406e","block_type":"box","text":"Initial Public Offering (“IPO”) Risk.","page_number":93,"box":{"x":116,"y":676,"width":275,"height":12}},{"id":"fcd1d3ef-e318-4d52-ae9f-8f18739d4340","block_type":"box","text":"The volume of IPOs and the levels at which the newly issued","page_number":93,"box":{"x":397,"y":676,"width":451,"height":12}},{"id":"b87f0841-0dc7-4099-8b3d-486ec859375c","block_type":"box","text":"stocks trade in the secondary market are affected by the performance of the stock market overall. If","page_number":93,"box":{"x":116,"y":692,"width":739,"height":12}},{"id":"f47188f9-fd16-422d-891d-b030abae87a2","block_type":"box","text":"IPOs are brought to the market, availability may be limited and a Fund may not be able to buy any","page_number":93,"box":{"x":117,"y":707,"width":727,"height":12}},{"id":"3a3ff8aa-631d-49c5-b6b1-06e86a489b1e","block_type":"box","text":"shares at the offering price, or if it is able to buy shares, it may not be able to buy as many shares at","page_number":93,"box":{"x":116,"y":723,"width":744,"height":12}},{"id":"e75e053c-c160-4591-8c3a-e9a100e93efb","block_type":"box","text":"the offering price as it would like. In addition, the prices of securities involved in IPOs are often subject","page_number":93,"box":{"x":116,"y":738,"width":758,"height":12}},{"id":"8026a778-0009-408a-ad5d-d2b15a191fde","block_type":"box","text":"to greater and more unpredictable price changes than more established stocks. IPOs have the","page_number":93,"box":{"x":116,"y":754,"width":701,"height":12}},{"id":"3872b219-f53f-4c5a-bb5c-67cf7e5f0b47","block_type":"box","text":"potential to produce substantial gains. A Fund may hold shares from an IPO for only a short period of","page_number":93,"box":{"x":117,"y":769,"width":751,"height":12}},{"id":"21ce4e5d-aa9c-407f-a265-272fe725b30e","block_type":"box","text":"time given possible price volatility. This may result in increased portfolio turnover and expenses, such","page_number":93,"box":{"x":116,"y":785,"width":752,"height":12}},{"id":"0ee68ca7-185b-4099-9d3a-d66d165c16d8","block_type":"box","text":"as commissions and transaction costs, and potentially result in taxable gains that the Fund will","page_number":93,"box":{"x":116,"y":800,"width":699,"height":12}},{"id":"d9d98b98-7be6-42ba-b48d-f6bb70c1d2b5","block_type":"box","text":"subsequently distribute to shareholders. There is no assurance that any Fund will have access to","page_number":93,"box":{"x":116,"y":816,"width":720,"height":12}},{"id":"a29673e1-439f-4f5b-aa4e-f6c713bcbe5f","block_type":"box","text":"profitable IPOs and therefore investors should not rely on any past gains from IPOs as an indication of","page_number":93,"box":{"x":117,"y":831,"width":763,"height":12}},{"id":"77df2a3f-1125-4d60-8668-7ef3d9305f90","block_type":"box","text":"future performance. The investment performance of a Fund during periods when it is unable to invest","page_number":93,"box":{"x":116,"y":847,"width":755,"height":12}},{"id":"6ec06dde-df37-43de-a410-a5d281e0d6c5","block_type":"box","text":"significantly or at all in IPOs may be lower than during periods when it is able to do so. In addition, as a","page_number":93,"box":{"x":116,"y":862,"width":769,"height":12}},{"id":"3096e47e-55c0-4521-8bbb-aad565399225","block_type":"box","text":"Fund increases in size, the impact of IPOs on its performance will generally decrease. Securities","page_number":93,"box":{"x":117,"y":878,"width":721,"height":12}},{"id":"88856771-d4bc-4969-b073-5c349c6d1836","block_type":"box","text":"II-44","page_number":93,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"f33eb486-9265-47be-a93e-b0a71dc094d0","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":93,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"bbeca28b-192b-4d6a-bd28-102096918c62","block_type":"box","text":"issued in IPOs are subject to many of the same risks as investing in companies with smaller market","page_number":94,"box":{"x":117,"y":87,"width":743,"height":12}},{"id":"b3b784dc-1cda-4e5d-be7b-a66f6f45c78a","block_type":"box","text":"capitalizations. Securities issued in IPOs have no trading history, and information about the companies","page_number":94,"box":{"x":116,"y":102,"width":768,"height":13}},{"id":"3a30e3fe-98df-4807-b63c-a1999b04cd41","block_type":"box","text":"may be available for very limited periods.","page_number":94,"box":{"x":117,"y":118,"width":308,"height":12}},{"id":"1c5aaa92-228d-476e-8dd1-d1107811806e","block_type":"box","text":"Investment in Emerging Markets.","page_number":94,"box":{"x":116,"y":157,"width":268,"height":12}},{"id":"f5eb3ce4-f979-4699-a5c2-985be5553c1f","block_type":"box","text":"General","page_number":94,"box":{"x":117,"y":180,"width":59,"height":10}},{"id":"7b52a6b3-8782-48b9-ad2e-0bf4f844b777","block_type":"box","text":".","page_number":94,"box":{"x":177,"y":188,"width":8,"height":1}},{"id":"4b557864-0296-405d-b81f-82ed3e483cce","block_type":"box","text":"Certain Funds may invest in the securities of issuers domiciled in various countries with emerging","page_number":94,"box":{"x":117,"y":211,"width":727,"height":12}},{"id":"b22adfe5-0d93-4683-b7f5-06849d0162a6","block_type":"box","text":"capital markets. Unless otherwise provided in a Fund’s Prospectus, a country with an emerging capital","page_number":94,"box":{"x":116,"y":227,"width":765,"height":12}},{"id":"49545bee-dae1-4487-b37e-e7fe14b8b0ed","block_type":"box","text":"market is any country that is (i) generally recognized to be an emerging market country by the","page_number":94,"box":{"x":117,"y":242,"width":700,"height":12}},{"id":"a9eb06fa-3b7b-4b8e-953d-c59e2a0c0394","block_type":"box","text":"international financial community, such as the International Finance Corporation, or","page_number":94,"box":{"x":117,"y":258,"width":617,"height":12}},{"id":"4d36313b-19b3-4b17-91f0-b8b5cf366007","block_type":"box","text":"determined by the","page_number":94,"box":{"x":739,"y":258,"width":139,"height":12}},{"id":"ec9a51f8-f03e-4769-b36d-b36aecedda36","block_type":"box","text":"World Bank to have a low, middle or middle upper income economy; (ii) classified by the United","page_number":94,"box":{"x":116,"y":273,"width":714,"height":12}},{"id":"4145b435-e18e-43de-b897-ec09312d0930","block_type":"box","text":"Nations or its authorities to be developing; and/or (iii) included in a broad-based index that is generally","page_number":94,"box":{"x":117,"y":289,"width":762,"height":12}},{"id":"7466b6e5-0456-4e01-bdc0-69147420e339","block_type":"box","text":"representative of emerging markets. Countries with emerging markets can be found in regions such as","page_number":94,"box":{"x":117,"y":304,"width":766,"height":12}},{"id":"8328d02c-c8ac-4a72-91c7-ce3ca5d4c3cb","block_type":"box","text":"Asia, Latin America, Eastern Europe and Africa.","page_number":94,"box":{"x":116,"y":320,"width":361,"height":12}},{"id":"1d6745c6-b4cf-4809-846d-db5cfa665b73","block_type":"box","text":"Investments in the securities of issuers domiciled in countries with emerging capital markets involve","page_number":94,"box":{"x":117,"y":351,"width":743,"height":12}},{"id":"316c8c2a-7e69-46dd-ac74-bc36b13541eb","block_type":"box","text":"certain additional risks that do not generally apply to investments in securities of issuers in more","page_number":94,"box":{"x":116,"y":366,"width":717,"height":12}},{"id":"8611f5ea-22af-44da-b5cc-03e69ce604d3","block_type":"box","text":"developed capital markets, such as (i) low or non-existent trading volume, resulting in market illiquidity","page_number":94,"box":{"x":116,"y":382,"width":763,"height":12}},{"id":"88fbc617-f814-42d9-995e-855d916c405f","block_type":"box","text":"and increased volatility in prices for such securities, as compared to securities of comparable issuers in","page_number":94,"box":{"x":116,"y":397,"width":771,"height":12}},{"id":"15bbd0e7-3569-41f9-b8d4-71117bf8ea4a","block_type":"box","text":"more developed capital markets; (ii) uncertain national policies and social, political and economic","page_number":94,"box":{"x":117,"y":413,"width":723,"height":12}},{"id":"ab3d65b4-d333-4efc-9a90-e71fe81e9e1d","block_type":"box","text":"instability, increasing the potential for expropriation of assets, confiscatory taxation, high rates of","page_number":94,"box":{"x":117,"y":428,"width":718,"height":12}},{"id":"29d04029-ef7b-46fb-b2e1-6fb958702272","block_type":"box","text":"inflation or unfavorable diplomatic developments; (iii) possible fluctuations in exchange rates, differing","page_number":94,"box":{"x":117,"y":444,"width":758,"height":12}},{"id":"edff73a4-7e72-4ad6-a1eb-54e966dfe5c5","block_type":"box","text":"legal systems and the existence or possible imposition of exchange controls, custodial restrictions or","page_number":94,"box":{"x":117,"y":459,"width":750,"height":12}},{"id":"5c129d69-4f07-49d0-b8e2-29c312e0eb4a","block_type":"box","text":"other foreign or U.S. Governmental laws or restrictions applicable to such investments; (iv) national","page_number":94,"box":{"x":116,"y":475,"width":741,"height":12}},{"id":"e155baec-7a7c-4e6c-9868-857f67be078f","block_type":"box","text":"policies that may limit a Fund’s investment opportunities such as restrictions on investment in issuers","page_number":94,"box":{"x":117,"y":490,"width":754,"height":12}},{"id":"e2baf95c-3f3f-45fb-bd64-2754f66b14a9","block_type":"box","text":"or industries deemed sensitive to national interests; and (v) the lack or relatively early development of","page_number":94,"box":{"x":116,"y":506,"width":759,"height":12}},{"id":"8ef3940c-5123-4946-ab16-6ff211c8dfd7","block_type":"box","text":"legal structures governing private and foreign investments and private property. In addition to","page_number":94,"box":{"x":117,"y":521,"width":695,"height":12}},{"id":"936225c2-0108-4a4a-b19c-20b142538fcf","block_type":"box","text":"withholding taxes on investment income, some countries with emerging markets may impose","page_number":94,"box":{"x":116,"y":537,"width":695,"height":12}},{"id":"01ee1c5a-f537-4847-a67a-a5019f4d3ab7","block_type":"box","text":"differential capital gains taxes on foreign investors.","page_number":94,"box":{"x":116,"y":552,"width":381,"height":12}},{"id":"38d292c7-3e90-4dd8-98ac-19c3d1a88811","block_type":"box","text":"Political and economic structures in emerging market countries may be undergoing significant","page_number":94,"box":{"x":117,"y":583,"width":699,"height":12}},{"id":"223c7e47-f1ad-45ad-87f8-e5d86a011bca","block_type":"box","text":"evolution and rapid development, and these countries may lack the social, political and economic","page_number":94,"box":{"x":116,"y":599,"width":726,"height":12}},{"id":"f8fa9513-03f6-4b1d-aefc-1f39ddde5e7f","block_type":"box","text":"stability characteristic of more developed countries. In such a dynamic environment, there can be no","page_number":94,"box":{"x":116,"y":614,"width":750,"height":12}},{"id":"03808599-02ca-4045-b90b-be8ffdde473c","block_type":"box","text":"assurance that any or all of these capital markets will continue to present viable investment","page_number":94,"box":{"x":116,"y":630,"width":681,"height":12}},{"id":"3bdd2f7d-d6c9-45cb-a639-101be6ecd0f9","block_type":"box","text":"opportunities for a Fund. In the past, governments of such nations have expropriated substantial","page_number":94,"box":{"x":116,"y":645,"width":719,"height":12}},{"id":"1b27df2a-0666-485a-aff4-008050bec524","block_type":"box","text":"amounts of private property, and most claims of the property owners have never been fully settled.","page_number":94,"box":{"x":116,"y":661,"width":730,"height":12}},{"id":"776d2260-3800-41ae-a76f-152cc176d8bd","block_type":"box","text":"There is no assurance that such expropriations will not reoccur. In such an event, it is possible that a","page_number":94,"box":{"x":116,"y":676,"width":747,"height":12}},{"id":"c15ce73f-ad3d-4b03-8bae-e253f87d9765","block_type":"box","text":"Fund could lose the entire value of its investments in the affected market. As a result the risks","page_number":94,"box":{"x":117,"y":692,"width":694,"height":9}},{"id":"60889180-cb57-40c8-98b6-edad23100ff1","block_type":"box","text":"described above, including the risks of nationalization or expropriation of assets, may be heightened. In","page_number":94,"box":{"x":116,"y":707,"width":766,"height":12}},{"id":"a56aeee1-8965-4ae4-94f6-e5b14799c5a1","block_type":"box","text":"addition, unanticipated political or social developments may affect the value of investments in these","page_number":94,"box":{"x":116,"y":723,"width":737,"height":12}},{"id":"5e426bd1-f8e6-4c20-8626-eba556e8a111","block_type":"box","text":"countries and the availability to a Fund of additional investments. The small size and inexperience of","page_number":94,"box":{"x":116,"y":738,"width":746,"height":12}},{"id":"d9dd6294-f6ac-4e7a-b850-117c14329eaa","block_type":"box","text":"the securities markets in certain of these countries and the limited volume of trading in securities in","page_number":94,"box":{"x":116,"y":754,"width":732,"height":12}},{"id":"43dcc1f3-d7c6-4c69-9d3e-f7ceed1f2809","block_type":"box","text":"these countries may make investments in the countries illiquid and more volatile than investments in","page_number":94,"box":{"x":116,"y":769,"width":742,"height":12}},{"id":"e562c012-b920-4f55-be37-9548ca72fb21","block_type":"box","text":"more established markets.","page_number":94,"box":{"x":117,"y":785,"width":195,"height":9}},{"id":"6d155a8e-015e-4f4b-baf3-2228ad217998","block_type":"box","text":"Also, there may be less publicly available information about issuers in emerging markets than would be","page_number":94,"box":{"x":116,"y":816,"width":765,"height":12}},{"id":"85666f6c-8035-403f-89ae-7928ed27549c","block_type":"box","text":"available about issuers in more developed capital markets, and such issuers may not be subject to","page_number":94,"box":{"x":116,"y":831,"width":737,"height":12}},{"id":"a1a8d344-7b71-4f4b-b362-d57b84c4b2d5","block_type":"box","text":"accounting, auditing and financial reporting standards and requirements comparable to those to which","page_number":94,"box":{"x":116,"y":847,"width":762,"height":12}},{"id":"79c61516-b406-401f-b010-cd29a0f60570","block_type":"box","text":"U.S. companies are subject. In certain countries with emerging capital markets, reporting standards","page_number":94,"box":{"x":117,"y":862,"width":743,"height":12}},{"id":"2877847d-4439-4c3c-ab13-fc4b232fcfaa","block_type":"box","text":"vary widely. As a result, traditional investment measurements used in the United States, such as price/","page_number":94,"box":{"x":116,"y":878,"width":762,"height":12}},{"id":"969ea882-65bb-4b79-a182-0346e79b71b0","block_type":"box","text":"II-45","page_number":94,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"1de37ed1-b689-4289-8b3d-68d46f78d16a","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":94,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"83217c01-c925-4b43-9dc9-a1ffaa980ce1","block_type":"box","text":"earnings ratios, may not be applicable. Emerging market securities may be substantially less liquid","page_number":95,"box":{"x":116,"y":87,"width":737,"height":12}},{"id":"1c66f0c4-424f-4691-86b9-59b7f3ad0ac8","block_type":"box","text":"than, and more volatile than, those of mature markets, and company shares may be held by a limited","page_number":95,"box":{"x":116,"y":102,"width":755,"height":13}},{"id":"8b7ba3a9-55f5-47a4-a742-f04286e1775a","block_type":"box","text":"number of persons. This may adversely affect the timing and pricing of the Fund’s acquisition or","page_number":95,"box":{"x":117,"y":118,"width":715,"height":12}},{"id":"58727084-4a72-4247-b2e5-871ed14b34dd","block_type":"box","text":"disposal of securities.","page_number":95,"box":{"x":116,"y":134,"width":165,"height":11}},{"id":"bd0a6db2-e19d-400c-bf0e-23004afc6a1e","block_type":"box","text":"Practices in relation to settlement of securities transactions in emerging markets involve higher risks","page_number":95,"box":{"x":117,"y":165,"width":746,"height":12}},{"id":"278acbb6-1e3a-4f2c-9b67-db66c075079a","block_type":"box","text":"than those in developed markets, in part because a Fund will need to use brokers and counterparties","page_number":95,"box":{"x":116,"y":180,"width":755,"height":12}},{"id":"1026d6f7-e09b-46bf-bed9-2bacbd5da058","block_type":"box","text":"that are less well capitalized, and custody and registration of assets in some countries may be","page_number":95,"box":{"x":116,"y":196,"width":703,"height":12}},{"id":"bcaf445a-d378-4430-a29f-bc90a2c9d4fb","block_type":"box","text":"unreliable. The possibility of fraud, negligence, undue influence being exerted by the issuer or refusal","page_number":95,"box":{"x":117,"y":211,"width":754,"height":12}},{"id":"317a40bd-9e8e-4436-a843-c7bd68d5656b","block_type":"box","text":"to recognize ownership exists in some emerging markets, and, along with other factors, could result in","page_number":95,"box":{"x":116,"y":227,"width":762,"height":12}},{"id":"07c340a1-49d2-4cf1-ad87-328b5c13a52b","block_type":"box","text":"ownership registration being completely lost. A Fund would absorb any loss resulting from such","page_number":95,"box":{"x":116,"y":242,"width":712,"height":12}},{"id":"cc787f88-8ef5-4a05-a6f3-2e6f5543448e","block_type":"box","text":"registration problems and may have no successful claim for compensation.","page_number":95,"box":{"x":117,"y":258,"width":560,"height":12}},{"id":"c5440f78-de5c-4a41-ae4f-38b4c973e9ab","block_type":"box","text":"There could be additional impacts on the value of a Fund as a result of sustainability risks, in particular","page_number":95,"box":{"x":116,"y":289,"width":766,"height":12}},{"id":"52c0f0c1-cabb-48d7-a273-a83ddca7d25b","block_type":"box","text":"those caused by environmental changes related to climate change, social issues (including relating to","page_number":95,"box":{"x":116,"y":304,"width":758,"height":12}},{"id":"792c2bb1-c3b2-4b81-ba2a-b3781d542b78","block_type":"box","text":"labor rights) and governance risk (including but not limited to risks around board independence,","page_number":95,"box":{"x":117,"y":320,"width":713,"height":12}},{"id":"12f78bdd-6ead-4764-889c-dcb0948b47fc","block_type":"box","text":"ownership and control, or audit and tax management). Additionally, disclosures or third-party data","page_number":95,"box":{"x":116,"y":335,"width":730,"height":12}},{"id":"0ea73f21-65b9-4ed5-adb3-3e0cd98da9a0","block_type":"box","text":"coverage associated with sustainability risks is generally less available or transparent in these markets.","page_number":95,"box":{"x":116,"y":351,"width":771,"height":12}},{"id":"ee9ef226-2e47-4a3e-b417-392628edd18e","block_type":"box","text":"Investment in non-dollar denominated securities including securities from issuers located in emerging","page_number":95,"box":{"x":117,"y":382,"width":755,"height":12}},{"id":"82d6492a-d185-4be8-8531-e49d3437813b","block_type":"box","text":"market countries may be on either a currency hedged or unhedged basis, and the Funds may hold","page_number":95,"box":{"x":117,"y":397,"width":735,"height":12}},{"id":"1322eb31-8b76-44a1-bfa8-e0d9b1abecf9","block_type":"box","text":"from time to time various foreign currencies pending investment or conversion into U.S. dollars. Some","page_number":95,"box":{"x":116,"y":413,"width":761,"height":12}},{"id":"62e4e091-9fd2-4304-9f94-f14204448182","block_type":"box","text":"of these instruments may have the characteristics of futures contracts. In addition, certain Funds may","page_number":95,"box":{"x":116,"y":428,"width":757,"height":12}},{"id":"892a7ce9-4035-4e11-9bc1-19a833c17f69","block_type":"box","text":"engage in foreign currency exchange transactions to seek to protect against changes in the level of","page_number":95,"box":{"x":116,"y":444,"width":742,"height":12}},{"id":"9d282934-4042-4321-b8b6-d2824d62cfb7","block_type":"box","text":"future exchange rates which would adversely affect the Fund’s performance. These investments and","page_number":95,"box":{"x":116,"y":459,"width":752,"height":12}},{"id":"649c05df-b66c-41a9-ab05-d41ca9609570","block_type":"box","text":"transactions involving foreign securities, currencies, options (including options that relate to foreign","page_number":95,"box":{"x":116,"y":475,"width":738,"height":12}},{"id":"0cda59a7-aa2a-47f5-a03f-6e67cd86b7a4","block_type":"box","text":"currencies), futures, hedging and cross-hedging are described under “Derivatives.”","page_number":95,"box":{"x":116,"y":490,"width":619,"height":12}},{"id":"c4d4e576-903f-487d-84ff-4c02817f0af4","block_type":"box","text":"Risks of Investing in Asia-Pacific Countries.","page_number":95,"box":{"x":116,"y":521,"width":328,"height":12}},{"id":"867b5068-d820-43b2-8dc5-45f206e57ddb","block_type":"box","text":"In addition to the risks of foreign investing and the risks of","page_number":95,"box":{"x":445,"y":521,"width":432,"height":12}},{"id":"ecd20b17-bf4e-4f66-813b-ad803dd1d8b5","block_type":"box","text":"investing in developing markets, the developing market Asia-Pacific countries in which a Fund may","page_number":95,"box":{"x":117,"y":537,"width":738,"height":12}},{"id":"a5d9326e-f839-4601-b5be-4ad697c671ff","block_type":"box","text":"invest are subject to certain additional or specific risks. Certain Funds may make substantial","page_number":95,"box":{"x":117,"y":552,"width":687,"height":12}},{"id":"97333241-f361-4e9d-8b77-5bf3c4a160a0","block_type":"box","text":"investments in Asia-Pacific countries. In many of these markets, there is a high concentration of market","page_number":95,"box":{"x":117,"y":568,"width":771,"height":12}},{"id":"80c80cf7-5836-4a13-8325-a184b7a0ff4f","block_type":"box","text":"capitalization and trading volume in a small number of issuers representing a limited number of","page_number":95,"box":{"x":116,"y":583,"width":710,"height":12}},{"id":"3fa9ff2d-1a81-4f66-b549-df2d386018eb","block_type":"box","text":"industries, as well as a high concentration of investors and financial intermediaries. Many of these","page_number":95,"box":{"x":117,"y":599,"width":730,"height":12}},{"id":"7220a319-997e-4579-8b36-41ce77771089","block_type":"box","text":"markets also may be affected by developments with respect to more established markets in the region","page_number":95,"box":{"x":117,"y":614,"width":763,"height":12}},{"id":"8fd75494-9b20-43a9-a2d1-c51b3261852b","block_type":"box","text":"such as in Japan and Hong Kong. Brokers in developing market Asia-Pacific countries typically are","page_number":95,"box":{"x":116,"y":630,"width":739,"height":12}},{"id":"c36d59fc-8621-48f3-ba63-b681004d0500","block_type":"box","text":"fewer in number and less well capitalized than brokers in the United States. These factors, combined","page_number":95,"box":{"x":116,"y":645,"width":754,"height":12}},{"id":"0cab27fc-cd9c-4202-9344-a9677585b162","block_type":"box","text":"with the U.S. regulatory requirements for open-end investment companies and the restrictions on","page_number":95,"box":{"x":116,"y":661,"width":719,"height":12}},{"id":"66bb85a5-fcfe-43de-baf7-f48a287089c2","block_type":"box","text":"foreign investment discussed below, result in potentially fewer investment opportunities for a Fund and","page_number":95,"box":{"x":116,"y":676,"width":760,"height":12}},{"id":"601c5a5a-13ca-4121-a6f3-4b1e72751e50","block_type":"box","text":"may have an adverse impact on the investment performance of the Fund.","page_number":95,"box":{"x":117,"y":692,"width":544,"height":12}},{"id":"56ab039d-47cc-43eb-a9d9-b894aa87706d","block_type":"box","text":"Many of the developing market Asia-Pacific countries may be subject to a greater degree of economic,","page_number":95,"box":{"x":117,"y":723,"width":759,"height":12}},{"id":"dbfc39e3-a4cc-493b-8ac8-292ccae019f9","block_type":"box","text":"political and social instability than is the case in the United States and Western European countries.","page_number":95,"box":{"x":117,"y":738,"width":737,"height":12}},{"id":"aafd6fc9-13d6-49fb-b016-a95ebfb3a8e8","block_type":"box","text":"Such instability may result from, among other things: (i) authoritarian governments or military","page_number":95,"box":{"x":116,"y":754,"width":688,"height":12}},{"id":"3b43ac1b-e12f-40b5-8977-75ce8f8a0970","block_type":"box","text":"involvement in political and economic decision-making, including changes in government through","page_number":95,"box":{"x":117,"y":769,"width":718,"height":12}},{"id":"f056dc41-5fd1-4188-9859-bba7bc3e8d5e","block_type":"box","text":"extra-constitutional means; (ii) popular unrest associated with demands for improved political,","page_number":95,"box":{"x":116,"y":785,"width":692,"height":12}},{"id":"5a083178-54e1-4f76-84d3-6ce8c7232200","block_type":"box","text":"economic and social conditions; (iii) internal insurgencies; (iv) hostile relations with neighboring","page_number":95,"box":{"x":116,"y":800,"width":704,"height":12}},{"id":"39e731f3-58f1-4a3d-beb4-ee1482c29d80","block_type":"box","text":"countries; and (v) ethnic, religious and racial disaffection. In addition, the governments of many of such","page_number":95,"box":{"x":116,"y":816,"width":763,"height":12}},{"id":"dbb1c35e-9d24-49c9-acaa-fa9addfc2d03","block_type":"box","text":"countries, such as Indonesia, have a substantial role in regulating and supervising the economy.","page_number":95,"box":{"x":116,"y":831,"width":720,"height":12}},{"id":"c1c30b19-5884-4ae6-85bc-e8c7a6caa34e","block_type":"box","text":"Another risk common to most such countries is that the economy is heavily export oriented and,","page_number":95,"box":{"x":116,"y":847,"width":716,"height":12}},{"id":"fa1fd977-91b3-40e6-8a3b-acd1e8fcd6e3","block_type":"box","text":"accordingly, is dependent upon international trade. The existence of overburdened infrastructure and","page_number":95,"box":{"x":116,"y":862,"width":754,"height":12}},{"id":"677bc2ef-6f69-4828-a143-06596177833e","block_type":"box","text":"obsolete financial systems also presents risks in certain countries, as do environmental problems.","page_number":95,"box":{"x":116,"y":878,"width":730,"height":12}},{"id":"21e97f2e-8991-4878-b113-b7e0e5a3cbf5","block_type":"box","text":"II-46","page_number":95,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"a5f64864-853a-461b-8103-acbbb689f7cb","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":95,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"0f11cb09-6fab-4d2d-8645-f3d92ed50dd5","block_type":"box","text":"Certain economies also depend to a significant degree upon exports of primary commodities and,","page_number":96,"box":{"x":117,"y":87,"width":728,"height":12}},{"id":"77e96376-698f-48d3-8bfb-6670d878763b","block_type":"box","text":"therefore, are vulnerable to changes in commodity prices that, in turn, may be affected by a variety of","page_number":96,"box":{"x":116,"y":102,"width":756,"height":13}},{"id":"04c60702-df20-4e36-9169-174005e302fe","block_type":"box","text":"factors.","page_number":96,"box":{"x":116,"y":118,"width":60,"height":10}},{"id":"f460a3af-4b93-48a0-8e71-d5e39510e4eb","block_type":"box","text":"The legal systems in certain developing market Asia-Pacific countries also may have an adverse","page_number":96,"box":{"x":116,"y":149,"width":722,"height":12}},{"id":"cc70212a-d523-45a2-be65-92fb4a904e82","block_type":"box","text":"impact on the Fund. For example, while the potential liability of a shareholder in a U.S. corporation with","page_number":96,"box":{"x":117,"y":165,"width":769,"height":12}},{"id":"71b5f9af-9cf4-452d-97c7-f3f054766604","block_type":"box","text":"respect to acts of the corporation is generally limited to the amount of the shareholder’s investment, the","page_number":96,"box":{"x":117,"y":180,"width":771,"height":12}},{"id":"b3b8af7e-3876-49bc-90ed-f6c759aff477","block_type":"box","text":"notion of limited liability is less clear in certain emerging market Asia-Pacific countries. Similarly, the","page_number":96,"box":{"x":117,"y":196,"width":744,"height":12}},{"id":"d319df12-d929-43ac-b8b4-e6cee2b51b24","block_type":"box","text":"rights of investors in developing market Asia-Pacific companies may be more limited than those of","page_number":96,"box":{"x":117,"y":211,"width":732,"height":12}},{"id":"69af63d9-3b1b-4eac-a577-7bb849dfdbc9","block_type":"box","text":"shareholders of U.S. corporations. It may be difficult or impossible to obtain and/or enforce a judgment","page_number":96,"box":{"x":116,"y":227,"width":765,"height":12}},{"id":"d7544de1-3d4a-4a47-8dff-909d80f4582e","block_type":"box","text":"in a developing market Asia-Pacific country.","page_number":96,"box":{"x":117,"y":242,"width":330,"height":12}},{"id":"d927b3b1-9acf-4059-9d93-451a06141168","block_type":"box","text":"Governments of many developing market Asia-Pacific countries have exercised and continue to","page_number":96,"box":{"x":117,"y":273,"width":714,"height":12}},{"id":"ae6eb9f1-9a3b-4d88-b109-5395d3374568","block_type":"box","text":"exercise substantial influence over many aspects of the private sector. In certain cases, the","page_number":96,"box":{"x":116,"y":289,"width":683,"height":12}},{"id":"d682cfcc-cce6-4e73-b95e-af5e9fdcae97","block_type":"box","text":"government owns or controls many companies, including the largest in the country. Accordingly,","page_number":96,"box":{"x":116,"y":304,"width":718,"height":12}},{"id":"e80d13c3-9b69-4e24-aea7-f9a8cdc2bd2b","block_type":"box","text":"government actions in the future could have a significant effect on economic conditions in developing","page_number":96,"box":{"x":116,"y":320,"width":755,"height":12}},{"id":"a6026180-dad3-48c1-8413-e09fd8412250","block_type":"box","text":"market Asia-Pacific countries, which could affect private sector companies and a Fund itself, as well as","page_number":96,"box":{"x":117,"y":335,"width":768,"height":12}},{"id":"c99f4b68-96a5-4cad-afeb-b2ec26026e34","block_type":"box","text":"the value of securities in the Fund’s portfolio. In addition, economic statistics of developing market","page_number":96,"box":{"x":116,"y":351,"width":731,"height":12}},{"id":"a2282ca2-e0e4-49b9-ae33-6d14c8ce1532","block_type":"box","text":"Asia-Pacific countries may be less reliable than economic statistics of more developed nations.","page_number":96,"box":{"x":116,"y":366,"width":710,"height":12}},{"id":"2e5faea4-a0ed-4cfe-a6c1-a399fa8dd9e6","block_type":"box","text":"In addition to the relative lack of publicly available information about developing market Asia-Pacific","page_number":96,"box":{"x":117,"y":397,"width":741,"height":12}},{"id":"ede2743d-d66a-4ba3-af34-3e53dc936ca9","block_type":"box","text":"issuers and the possibility that such issuers may not be subject to the same accounting, auditing and","page_number":96,"box":{"x":117,"y":413,"width":752,"height":12}},{"id":"6ec572a6-3738-4600-ac11-16a663f747c4","block_type":"box","text":"financial reporting standards as U.S. companies, inflation accounting rules in some developing market","page_number":96,"box":{"x":116,"y":428,"width":762,"height":12}},{"id":"7427620e-ca18-4413-a3ae-b4d2ded9057e","block_type":"box","text":"Asia-Pacific countries require companies that keep accounting records in the local currency, for both","page_number":96,"box":{"x":116,"y":444,"width":750,"height":12}},{"id":"834d3670-5eaf-46c3-aba5-c5619dc102ec","block_type":"box","text":"tax and accounting purposes, to restate certain assets and liabilities on the company’s balance sheet","page_number":96,"box":{"x":116,"y":459,"width":755,"height":12}},{"id":"ff998c30-009e-4533-8286-93ecba6564d7","block_type":"box","text":"in order to express items in terms of currency of constant purchasing power. Inflation accounting may","page_number":96,"box":{"x":117,"y":475,"width":756,"height":12}},{"id":"131bf918-26f9-41aa-b0af-f4c0b0f49743","block_type":"box","text":"indirectly generate losses or profits for certain developing market Asia-Pacific companies.","page_number":96,"box":{"x":117,"y":490,"width":669,"height":12}},{"id":"c8c1883e-e15e-4fcc-98b0-73cd89d4e3cd","block_type":"box","text":"Satisfactory custodial services for investment securities may not be available in some developing Asia","page_number":96,"box":{"x":116,"y":521,"width":762,"height":12}},{"id":"a360312d-da91-4b58-a545-33ad4af47870","block_type":"box","text":"Pacific countries, which may result in the Fund incurring additional costs and delays in providing","page_number":96,"box":{"x":117,"y":537,"width":716,"height":12}},{"id":"a5f831be-99e9-4104-9e04-88f174fe55b9","block_type":"box","text":"transportation and custody services for such securities outside such countries.","page_number":96,"box":{"x":116,"y":552,"width":586,"height":12}},{"id":"30a684c3-a36e-45e3-900c-d7b8cbc07dbe","block_type":"box","text":"Certain developing Asia-Pacific countries, such as the Philippines, India and Turkey, are especially","page_number":96,"box":{"x":117,"y":583,"width":738,"height":12}},{"id":"a47801bb-d87d-4e76-b9b4-4946bdcfce60","block_type":"box","text":"large debtors to commercial banks and foreign governments.","page_number":96,"box":{"x":117,"y":599,"width":456,"height":12}},{"id":"70cc28b0-c298-409d-adab-0202df403648","block_type":"box","text":"Natural disasters in Asia-Pacific countries, and the resulting damage, could have a severe and","page_number":96,"box":{"x":117,"y":630,"width":705,"height":12}},{"id":"36523b84-6b5e-42e1-b76a-a72447539616","block_type":"box","text":"negative impact on a Fund’s investment portfolio and, in the longer term, could impair the ability of","page_number":96,"box":{"x":117,"y":645,"width":732,"height":12}},{"id":"bb83be65-c687-42c9-bbfe-d4fdd9124552","block_type":"box","text":"issuers in which the Fund invests to conduct their businesses in the manner normally conducted.","page_number":96,"box":{"x":117,"y":661,"width":716,"height":12}},{"id":"232a753c-6822-4f36-84ca-085a9289a7b5","block_type":"box","text":"Fund management may determine that, notwithstanding otherwise favorable investment criteria, it may","page_number":96,"box":{"x":117,"y":692,"width":761,"height":12}},{"id":"69e85c39-5846-4431-800e-d9a781f759b5","block_type":"box","text":"not be practicable or appropriate to invest in a particular developing Asia-Pacific country. A Fund may","page_number":96,"box":{"x":117,"y":707,"width":753,"height":12}},{"id":"10abf261-8a25-4d1d-931a-1e156bda5e04","block_type":"box","text":"invest in countries in which foreign investors, including management of the Fund, have had no or","page_number":96,"box":{"x":117,"y":723,"width":717,"height":12}},{"id":"9fce7cbe-adaa-45e8-8f34-30de5f3b2e48","block_type":"box","text":"limited prior experience.","page_number":96,"box":{"x":117,"y":738,"width":176,"height":12}},{"id":"1990a28c-806c-44b7-90d3-d62508e9dec3","block_type":"box","text":"Restrictions on Foreign Investments in Asia-Pacific Countries.","page_number":96,"box":{"x":116,"y":769,"width":458,"height":12}},{"id":"edb05f39-fb46-41dc-b927-3b79f802d4cd","block_type":"box","text":"Some developing Asia-Pacific countries","page_number":96,"box":{"x":581,"y":769,"width":294,"height":12}},{"id":"dac91f27-931a-4f0c-80e3-463292d790bb","block_type":"box","text":"prohibit or impose substantial restrictions on investments in their capital markets, particularly their","page_number":96,"box":{"x":117,"y":785,"width":723,"height":12}},{"id":"28efb846-8151-42ca-8147-c20db8382160","block_type":"box","text":"equity markets, by foreign entities such as a Fund. As illustrations, certain countries may require","page_number":96,"box":{"x":116,"y":800,"width":714,"height":12}},{"id":"886200af-216f-435a-89fc-59353ab0c611","block_type":"box","text":"governmental approval prior to investments by foreign persons or limit the amount of investment by","page_number":96,"box":{"x":116,"y":816,"width":736,"height":12}},{"id":"358bcf9a-3c03-4163-9a6f-9c127e93daae","block_type":"box","text":"foreign persons in a particular company or limit the investment by foreign persons to only a specific","page_number":96,"box":{"x":116,"y":831,"width":740,"height":12}},{"id":"57521651-5efa-40be-986e-ee0cca6542b1","block_type":"box","text":"class of securities of a company which may have less advantageous terms (including price and","page_number":96,"box":{"x":116,"y":847,"width":711,"height":12}},{"id":"b7f777b2-fc87-44c8-86f0-0aa12d813b18","block_type":"box","text":"shareholder rights) than securities of the company available for purchase by nationals. There can be","page_number":96,"box":{"x":116,"y":862,"width":750,"height":12}},{"id":"ab489fd1-9f8c-44c8-b70e-ed434f7401d3","block_type":"box","text":"no assurance that a Fund will be able to obtain required governmental approvals in a timely manner. In","page_number":96,"box":{"x":117,"y":878,"width":768,"height":12}},{"id":"4d0a5c2e-65b5-4d7b-bc34-f2b114efafae","block_type":"box","text":"II-47","page_number":96,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"40944174-c6a1-4761-873f-8d19fc262929","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":96,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"81822598-81d1-4724-8de5-1e08a52fd640","block_type":"box","text":"addition, changes to restrictions on foreign ownership of securities subsequent to a Fund’s purchase of","page_number":97,"box":{"x":116,"y":87,"width":769,"height":12}},{"id":"01f10205-de54-45da-8f38-20ce72d37653","block_type":"box","text":"such securities may have an adverse effect on the value of such shares. Certain countries may restrict","page_number":97,"box":{"x":116,"y":102,"width":766,"height":13}},{"id":"66114647-c6d6-4af7-aa7e-56079bdd55e4","block_type":"box","text":"investment opportunities in issuers or industries deemed important to national interests.","page_number":97,"box":{"x":117,"y":118,"width":654,"height":12}},{"id":"c8502492-3cad-4dc5-8d0f-57693e14ae35","block_type":"box","text":"The manner in which foreign investors may invest in companies in certain developing Asia-Pacific","page_number":97,"box":{"x":116,"y":149,"width":729,"height":12}},{"id":"3da0f6a7-42ec-4090-851f-898ce9f7cb9e","block_type":"box","text":"countries, as well as limitations on such investments, also may have an adverse impact on the","page_number":97,"box":{"x":116,"y":165,"width":705,"height":12}},{"id":"5b686819-096c-4819-9cbd-c3c419515554","block_type":"box","text":"operations of a Fund. For example, a Fund may be required in certain of such countries to invest","page_number":97,"box":{"x":116,"y":180,"width":722,"height":12}},{"id":"6f492164-ab84-4839-943c-3f6460effa4e","block_type":"box","text":"initially through a local broker or other entity and then have the shares purchased re-registered in the","page_number":97,"box":{"x":117,"y":196,"width":753,"height":12}},{"id":"83493053-a755-443f-ab14-06f464e647ab","block_type":"box","text":"name of the Fund. Re-registration may in some instances not be able to occur on a timely basis,","page_number":97,"box":{"x":117,"y":211,"width":718,"height":12}},{"id":"5705b0fb-8439-4da4-9ad6-8333e1bb2058","block_type":"box","text":"resulting in a delay during which a Fund may be denied certain of its rights as an investor, including","page_number":97,"box":{"x":117,"y":227,"width":742,"height":12}},{"id":"abc72a0a-36a9-469e-8219-cc46d0d5d407","block_type":"box","text":"rights as to dividends or to be made aware of certain corporate actions. There also may be instances","page_number":97,"box":{"x":117,"y":242,"width":753,"height":12}},{"id":"81dd20fa-15c3-4b0d-af2c-fde781a5a562","block_type":"box","text":"where a Fund places a purchase order but is subsequently informed, at the time of re-registration, that","page_number":97,"box":{"x":116,"y":258,"width":764,"height":12}},{"id":"687d284f-138e-4cd1-a0ad-fa0c3ee8a855","block_type":"box","text":"the permissible allocation of the investment to foreign investors has been filled, depriving the Fund of","page_number":97,"box":{"x":116,"y":273,"width":754,"height":12}},{"id":"8a3b3271-acf3-470f-bbfd-60dcad305d4f","block_type":"box","text":"the ability to make its desired investment at that time.","page_number":97,"box":{"x":116,"y":289,"width":400,"height":12}},{"id":"524e0315-b2bf-46ff-a61f-036888ba038f","block_type":"box","text":"Substantial limitations may exist in certain countries with respect to a Fund’s ability to repatriate","page_number":97,"box":{"x":116,"y":320,"width":714,"height":12}},{"id":"682df33c-5aea-4d97-83bb-51a11e29633a","block_type":"box","text":"investment income, capital or the proceeds of sales of securities by foreign investors. A Fund could be","page_number":97,"box":{"x":117,"y":335,"width":763,"height":12}},{"id":"f3815f70-8726-4da3-9032-9c1355d36b46","block_type":"box","text":"adversely affected by delays in, or a refusal to grant, any required governmental approval for","page_number":97,"box":{"x":116,"y":351,"width":693,"height":12}},{"id":"68a1c154-07bd-43de-a1cc-20cf20332715","block_type":"box","text":"repatriation of capital, as well as by the application to the Fund of any restrictions on investments. It is","page_number":97,"box":{"x":117,"y":366,"width":759,"height":12}},{"id":"6d0c589f-9e4e-44f7-acd6-68742567a535","block_type":"box","text":"possible that certain countries may impose currency controls or other restrictions relating to their","page_number":97,"box":{"x":117,"y":382,"width":719,"height":12}},{"id":"964041db-a9d0-46ec-94e1-9ffd851e927f","block_type":"box","text":"currencies or to securities of issuers in those countries. To the extent that such restrictions have the","page_number":97,"box":{"x":116,"y":397,"width":746,"height":10}},{"id":"d5f01868-47d0-40d2-acd6-f767001224f7","block_type":"box","text":"effect of making certain investments illiquid, securities may not be available for sale to meet","page_number":97,"box":{"x":116,"y":413,"width":685,"height":12}},{"id":"a5d129a7-f6a1-456c-a938-4a17e8b2e68b","block_type":"box","text":"redemptions. Depending on a variety of financial factors, the percentage of a Fund’s portfolio subject to","page_number":97,"box":{"x":117,"y":428,"width":770,"height":12}},{"id":"9e08a013-1785-4965-a23e-e28e955c43ba","block_type":"box","text":"currency controls may increase. In the event other countries impose similar controls, the portion of the","page_number":97,"box":{"x":116,"y":444,"width":763,"height":12}},{"id":"6e8e6918-699a-4a55-842f-49a2eb5e1d1f","block_type":"box","text":"Fund’s assets that may be used to meet redemptions may be further decreased. Even where there is","page_number":97,"box":{"x":117,"y":459,"width":754,"height":12}},{"id":"2f76daaf-de36-4f95-9634-f94f11e40ef8","block_type":"box","text":"no outright restriction on repatriation of capital, the mechanics of repatriation may affect certain aspects","page_number":97,"box":{"x":117,"y":475,"width":771,"height":12}},{"id":"0b35d1e5-2acc-4844-9d15-02237183b841","block_type":"box","text":"of the operations of a Fund (for example, if funds may be withdrawn only in certain currencies and/or","page_number":97,"box":{"x":116,"y":490,"width":751,"height":12}},{"id":"18b81be9-f1af-4df7-a14a-0c6ace8126df","block_type":"box","text":"only at an exchange rate established by the government).","page_number":97,"box":{"x":116,"y":506,"width":433,"height":12}},{"id":"30ca0419-d7c4-4f86-b6e8-6eb7166dbec6","block_type":"box","text":"In certain countries, banks or other financial institutions may be among the leading companies or have","page_number":97,"box":{"x":117,"y":537,"width":763,"height":12}},{"id":"32b3678e-942b-46a3-854f-9be656dca031","block_type":"box","text":"actively traded securities available for investment. The Investment Company Act restricts a Fund’s","page_number":97,"box":{"x":116,"y":552,"width":734,"height":12}},{"id":"a035d3df-ea6b-4e06-b07a-19bccbc46e53","block_type":"box","text":"investments in any equity securities of an issuer that, in its most recent fiscal year, derived more than","page_number":97,"box":{"x":117,"y":568,"width":755,"height":12}},{"id":"bde4c912-6aeb-4ed0-9636-e01887016218","block_type":"box","text":"15% of its revenues from “securities related activities,” as defined by the rules thereunder. These","page_number":97,"box":{"x":118,"y":583,"width":722,"height":12}},{"id":"ab43f2a8-f3d5-4e60-bee6-fe21b20d978c","block_type":"box","text":"provisions may restrict a Fund’s investments in certain foreign banks and other financial institutions.","page_number":97,"box":{"x":117,"y":599,"width":744,"height":12}},{"id":"3c46c9d1-9c21-4853-bb2c-6f9bb6f07d75","block_type":"box","text":"Political and economic structures in emerging market countries may be undergoing significant","page_number":97,"box":{"x":117,"y":630,"width":699,"height":12}},{"id":"e5825363-c91a-402b-b52c-a3679b128597","block_type":"box","text":"evolution and rapid development, and these countries may lack the social, political and economic","page_number":97,"box":{"x":116,"y":645,"width":726,"height":12}},{"id":"4307a71b-094f-4e8a-ae1d-fa7c7d833d27","block_type":"box","text":"stability characteristic of more developed countries. Some of these countries may have in the past","page_number":97,"box":{"x":116,"y":661,"width":728,"height":12}},{"id":"94a429cc-4697-4d8a-ae20-2c2430f19e16","block_type":"box","text":"failed to recognize private property rights and have at times nationalized or expropriated the assets of","page_number":97,"box":{"x":116,"y":676,"width":754,"height":12}},{"id":"76879e65-5b98-453b-84bc-8d68b58713eb","block_type":"box","text":"private companies. As a result the risks described above, including the risks of nationalization or","page_number":97,"box":{"x":117,"y":692,"width":714,"height":12}},{"id":"00c1db37-5d08-4155-b2c6-0fd0c729cba5","block_type":"box","text":"expropriation of assets, may be heightened. In addition, unanticipated political or social developments","page_number":97,"box":{"x":116,"y":707,"width":755,"height":12}},{"id":"a4802337-37df-4c38-b501-166ec5b7aea2","block_type":"box","text":"may affect the value of investments in these countries and the availability to a Fund of additional","page_number":97,"box":{"x":117,"y":723,"width":713,"height":12}},{"id":"4dbeaead-a34e-4282-be87-90171a0cb8f0","block_type":"box","text":"investments in emerging market countries. The small size and inexperience of the securities markets in","page_number":97,"box":{"x":117,"y":738,"width":764,"height":12}},{"id":"5bf91bda-f845-4754-ac3e-af85ee7e9009","block_type":"box","text":"certain of these countries and the limited volume of trading in securities in these countries may make","page_number":97,"box":{"x":116,"y":754,"width":748,"height":12}},{"id":"51b9c6ee-c362-4bb8-8118-5cfa7b882b01","block_type":"box","text":"investments in the countries illiquid and more volatile than investments in Japan or most Western","page_number":97,"box":{"x":117,"y":769,"width":719,"height":12}},{"id":"ae985447-6eeb-4bfe-a04c-8b5811b2e68f","block_type":"box","text":"European countries. There may be little financial or accounting information available with respect to","page_number":97,"box":{"x":117,"y":785,"width":736,"height":12}},{"id":"a49d8a5e-6666-48a4-a04f-68abc41bc990","block_type":"box","text":"issuers located in certain emerging market countries, and it may be difficult to assess the value or","page_number":97,"box":{"x":117,"y":800,"width":724,"height":12}},{"id":"b0d44b35-0f12-4936-9f16-0629222868c6","block_type":"box","text":"prospects of an investment in such issuers.","page_number":97,"box":{"x":117,"y":816,"width":319,"height":12}},{"id":"2eb06d95-3876-43b6-9d42-51c7a8a92925","block_type":"box","text":"The expense ratios of the Funds investing significantly in foreign securities can be expected to be","page_number":97,"box":{"x":116,"y":847,"width":728,"height":12}},{"id":"7b3516f6-609b-4a6b-ae11-c3c8891acc08","block_type":"box","text":"higher than those of Funds investing primarily in domestic securities. The costs attributable to investing","page_number":97,"box":{"x":117,"y":862,"width":769,"height":12}},{"id":"b829d8de-c6a5-41f6-8844-d6cae669fe2b","block_type":"box","text":"abroad are usually higher for several reasons, such as the higher cost of custody of foreign securities,","page_number":97,"box":{"x":116,"y":878,"width":761,"height":12}},{"id":"23bcc8c1-7e85-4677-82d5-0d039e922480","block_type":"box","text":"II-48","page_number":97,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"fe285a51-a1dc-453c-becf-111a4701a048","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":97,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"d7dc71b3-13a4-4c36-86c8-f43e24ee7438","block_type":"box","text":"higher commissions paid on comparable transactions on foreign markets and additional costs arising","page_number":98,"box":{"x":117,"y":87,"width":752,"height":12}},{"id":"5f2594db-8654-4734-9de6-8118113dbc44","block_type":"box","text":"from delays in settlements of transactions involving foreign securities.","page_number":98,"box":{"x":116,"y":102,"width":521,"height":13}},{"id":"c2976688-7f0f-4125-9962-1f8ad9e706af","block_type":"box","text":"Risks of Investments in Russia.","page_number":98,"box":{"x":116,"y":134,"width":232,"height":9}},{"id":"cf7bf8c2-41b6-41b1-96a5-0f5e39955af8","block_type":"box","text":"A Fund may invest a portion of its assets in securities issued by","page_number":98,"box":{"x":350,"y":134,"width":482,"height":12}},{"id":"5e8f5401-d9f5-4108-b1fe-e17ae75ba0b5","block_type":"box","text":"companies located in Russia. The Russian securities market suffers from a variety of problems","page_number":98,"box":{"x":116,"y":149,"width":709,"height":12}},{"id":"30274331-542a-486e-b1ee-890930385579","block_type":"box","text":"described above in “Investment in Emerging Markets” not encountered in more developed markets.","page_number":98,"box":{"x":116,"y":165,"width":742,"height":12}},{"id":"dd0a7723-3de6-486a-8f1f-dc666386f36d","block_type":"box","text":"The Russian securities market is relatively new, and a substantial portion of securities transactions in","page_number":98,"box":{"x":116,"y":180,"width":755,"height":12}},{"id":"36b4e4f0-4534-41e6-b667-d88baae5dcde","block_type":"box","text":"Russia are privately negotiated outside of stock exchanges. The inexperience of the Russian securities","page_number":98,"box":{"x":117,"y":196,"width":769,"height":12}},{"id":"a149ed62-7806-4ffb-8b2d-69db30e3a4db","block_type":"box","text":"market and the limited volume of trading in securities in the market may make obtaining accurate","page_number":98,"box":{"x":117,"y":211,"width":723,"height":12}},{"id":"7a850079-c3cd-4cb2-ace0-a25b03b63893","block_type":"box","text":"prices on portfolio securities from independent sources more difficult than in more developed markets.","page_number":98,"box":{"x":117,"y":227,"width":761,"height":11}},{"id":"9d6560c7-e3b3-4f59-b99a-f2e79b5aae25","block_type":"box","text":"Because of the underdeveloped state of Russia’s securities markets and banking and","page_number":98,"box":{"x":117,"y":258,"width":639,"height":12}},{"id":"ab784f78-448d-4a34-a0d9-f428049a1944","block_type":"box","text":"telecommunication systems, settlement, clearing and registration of securities transactions are subject","page_number":98,"box":{"x":116,"y":273,"width":764,"height":12}},{"id":"08d4bb8b-cd3a-44a4-bc6b-e03dbb6eb4c3","block_type":"box","text":"to additional risks. Prior to 2013, there was no central registration system for equity share registration","page_number":98,"box":{"x":116,"y":289,"width":756,"height":12}},{"id":"dae7ac05-22e8-4ce3-9e1f-9ff1725790c1","block_type":"box","text":"in Russia and registration was carried out either by the issuers themselves or by registrars located","page_number":98,"box":{"x":117,"y":304,"width":733,"height":12}},{"id":"841b6d4c-2e1a-456e-9961-ae3833d4b045","block_type":"box","text":"throughout Russia. These registrars may not have been subject to effective state supervision or","page_number":98,"box":{"x":116,"y":320,"width":715,"height":12}},{"id":"6313a828-3fd4-4cb9-a88e-bfd71c2d8bec","block_type":"box","text":"licensed with any governmental entity. In 2013, Russia established the National Settlement Depository","page_number":98,"box":{"x":117,"y":335,"width":764,"height":12}},{"id":"5da28328-d59c-4bfb-b4ff-4dc7b244eb62","block_type":"box","text":"(“NSD”) as a recognized central securities depository, and title to Russian equities held through the","page_number":98,"box":{"x":117,"y":351,"width":740,"height":12}},{"id":"69856f93-891d-4501-bd42-f943fe3d93c3","block_type":"box","text":"NSD is now based on the records of the NSD and not on the records of the local registrars. Although","page_number":98,"box":{"x":117,"y":366,"width":751,"height":12}},{"id":"980d78c8-6fd0-4a11-b20b-3dbc67df69d6","block_type":"box","text":"the implementation of the NSD has enhanced the efficiency and transparency of the Russian securities","page_number":98,"box":{"x":116,"y":382,"width":770,"height":12}},{"id":"237f4096-94db-46a6-a6b3-06462149e6f7","block_type":"box","text":"market, loss still can occur. Additionally, issuers and registrars remain prominent in the validation and","page_number":98,"box":{"x":117,"y":397,"width":757,"height":12}},{"id":"6f82a4e3-db78-4eb9-af78-f3e94315b7c9","block_type":"box","text":"approval of documentation requirements for corporate action processing in Russia, and, because the","page_number":98,"box":{"x":116,"y":413,"width":754,"height":12}},{"id":"c45421a8-fce9-48b3-9896-ec6a1b4fb847","block_type":"box","text":"documentation requirements and approval criteria vary between registrars and issuers, there remain","page_number":98,"box":{"x":116,"y":428,"width":749,"height":12}},{"id":"d083f88a-3f0c-4c43-8174-15135b70f3ab","block_type":"box","text":"inconsistent market standards in the Russian market with respect to the completion and submission of","page_number":98,"box":{"x":117,"y":444,"width":762,"height":12}},{"id":"63c7824a-82e3-446d-b6be-9d6eb6df2692","block_type":"box","text":"corporate action elections. To the extent that a Fund suffers a loss relating to title or corporate actions","page_number":98,"box":{"x":116,"y":459,"width":761,"height":12}},{"id":"579dfec5-0b77-45c5-96b2-07ed1a8eb3cb","block_type":"box","text":"relating to its portfolio securities, it may be difficult for the Fund to enforce its rights or otherwise","page_number":98,"box":{"x":117,"y":475,"width":713,"height":12}},{"id":"2621420d-7f78-414e-87d2-f07b22df95f5","block_type":"box","text":"remedy the loss. Russian securities laws may not recognize foreign nominee accounts held with a","page_number":98,"box":{"x":117,"y":490,"width":731,"height":12}},{"id":"e668abd4-23fd-4b9d-867c-e71d09f7389b","block_type":"box","text":"custodian bank, and as a result the custodian may be considered the ultimate owner of securities held","page_number":98,"box":{"x":116,"y":506,"width":762,"height":12}},{"id":"dd80f384-31fc-4610-a009-fa5abc87e4ed","block_type":"box","text":"on behalf of their clients. A Fund also may experience difficulty in obtaining and/or enforcing judgments","page_number":98,"box":{"x":116,"y":521,"width":770,"height":12}},{"id":"4af940a4-d196-4a2b-96d0-bd68cb5700f8","block_type":"box","text":"in Russia.","page_number":98,"box":{"x":117,"y":537,"width":77,"height":9}},{"id":"71864107-1b00-4efb-9b8b-81a4d0829265","block_type":"box","text":"In addition, Russia continues to assert its influence in the region through economic and military","page_number":98,"box":{"x":117,"y":568,"width":708,"height":12}},{"id":"a1c873ee-d736-4164-ab06-d27f6abfc3c3","block_type":"box","text":"measures, as it did with Georgia in the summer of 2008 and the Ukraine in 2014 and 2022. Russia","page_number":98,"box":{"x":117,"y":583,"width":735,"height":12}},{"id":"188d14c4-dbf2-4da1-bf13-133c736670e3","block_type":"box","text":"launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the","page_number":98,"box":{"x":117,"y":599,"width":720,"height":12}},{"id":"3e20b884-cedc-4983-8d72-ad21673625f0","block_type":"box","text":"military action, resulting sanctions and resulting future market disruptions, including declines in its","page_number":98,"box":{"x":117,"y":614,"width":727,"height":12}},{"id":"763552eb-2c90-4a6f-8418-c46a27fa9a06","block_type":"box","text":"stock markets and the value of the ruble against the U.S. dollar, are impossible to predict. Any such","page_number":98,"box":{"x":116,"y":630,"width":744,"height":12}},{"id":"2ac01556-922a-4989-9795-a2c2586d98e9","block_type":"box","text":"disruptions caused by Russian military action or other actions (including cyberattacks and espionage)","page_number":98,"box":{"x":116,"y":645,"width":757,"height":12}},{"id":"494bff58-93a4-427c-9e91-f803eaaf298b","block_type":"box","text":"or resulting actual and threatened responses to such activity, including purchasing and financing","page_number":98,"box":{"x":116,"y":661,"width":714,"height":12}},{"id":"36181043-cee5-465e-93e0-7153ffc24684","block_type":"box","text":"restrictions, boycotts or changes in consumer or purchaser preferences, sanctions, tariffs or","page_number":98,"box":{"x":117,"y":676,"width":680,"height":12}},{"id":"85e2a66b-29df-4f91-9dc9-dc44d1d5cac3","block_type":"box","text":"cyberattacks on the Russian government, Russian companies or Russian individuals, including","page_number":98,"box":{"x":116,"y":692,"width":704,"height":12}},{"id":"87ca3547-4ec9-4b55-828c-5e7d2daa18a1","block_type":"box","text":"politicians, may impact Russia’s economy and Russian issuers of securities in which the Fund invests.","page_number":98,"box":{"x":117,"y":707,"width":757,"height":12}},{"id":"0700dc69-aa72-4e7b-9b9d-f303715bf68b","block_type":"box","text":"Actual and threatened responses to such activity, including purchasing restrictions, sanctions, tariffs or","page_number":98,"box":{"x":116,"y":723,"width":762,"height":12}},{"id":"79c329df-9f7b-4b68-9bc4-94d6f3b103eb","block_type":"box","text":"cyberattacks on the Russian government or Russian companies, may impact Russia’s economy and","page_number":98,"box":{"x":116,"y":738,"width":744,"height":12}},{"id":"b4d2e160-2ba3-4054-9c6e-3a5bd2020164","block_type":"box","text":"Russian issuers of securities in which the Fund invests. Actual and threatened responses to such","page_number":98,"box":{"x":117,"y":754,"width":720,"height":12}},{"id":"ae82426e-764f-4e54-9063-c43d8fb61b09","block_type":"box","text":"military action may also impact the markets for certain Russian commodities, such as oil and natural","page_number":98,"box":{"x":117,"y":769,"width":741,"height":12}},{"id":"879261cf-292b-4884-b9a5-99d1053121fc","block_type":"box","text":"gas, as well as other sectors of the Russian economy, and may likely have collateral impacts on such","page_number":98,"box":{"x":116,"y":785,"width":752,"height":12}},{"id":"cc55865e-ac4d-4862-aacd-cf1220672657","block_type":"box","text":"sectors globally.","page_number":98,"box":{"x":116,"y":800,"width":119,"height":12}},{"id":"92b7c486-5a97-4bea-920b-5b7f1c24d27a","block_type":"box","text":"Governments in the United States and many other countries (collectively, the “Sanctioning Bodies”)","page_number":98,"box":{"x":117,"y":831,"width":741,"height":12}},{"id":"2e0ef910-d444-4398-9486-f0ce3d3aa00d","block_type":"box","text":"have imposed economic sanctions, which can consist of prohibiting certain securities trades, certain","page_number":98,"box":{"x":117,"y":847,"width":745,"height":12}},{"id":"88a5e1c3-2454-43fc-b7c8-5d2e970ab919","block_type":"box","text":"private transactions in the energy sector, asset freezes and prohibition of all business, against certain","page_number":98,"box":{"x":117,"y":862,"width":757,"height":12}},{"id":"cf74c636-0e31-4e46-955a-154f38c93993","block_type":"box","text":"Russian individuals, including politicians, and Russian corporate and banking entities. The Sanctioning","page_number":98,"box":{"x":117,"y":878,"width":765,"height":12}},{"id":"4edfec1a-d6c2-46e6-9c04-909fb00e6e65","block_type":"box","text":"II-49","page_number":98,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"ccedc096-e656-4a02-bdc9-bda2c4b34af4","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":98,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"9ff06d99-2ef0-474d-8753-54cf1e963398","block_type":"box","text":"Bodies, or others, could also institute broader sanctions on Russia, including banning Russia from","page_number":99,"box":{"x":117,"y":87,"width":731,"height":12}},{"id":"e35c0cf3-1eeb-400b-a411-5fb51a7c4e8f","block_type":"box","text":"global payments systems that facilitate cross-border payments. These sanctions, or even the threat of","page_number":99,"box":{"x":116,"y":102,"width":762,"height":13}},{"id":"bd5fdd0b-1c63-42d7-9b0b-6220b06567f7","block_type":"box","text":"further sanctions, may result in the decline of the value and liquidity of Russian securities, a weakening","page_number":99,"box":{"x":116,"y":118,"width":769,"height":12}},{"id":"c7f132da-55cd-4fae-b692-6ed6dc9e8fc0","block_type":"box","text":"of the ruble or other adverse consequences to the Russian economy. These sanctions have resulted","page_number":99,"box":{"x":116,"y":134,"width":752,"height":12}},{"id":"483de03d-bd56-4a62-bc71-0a046562abd4","block_type":"box","text":"and may continue to result in the immediate freeze of Russian securities and/or funds invested in","page_number":99,"box":{"x":116,"y":149,"width":725,"height":12}},{"id":"60facb31-d42f-42e0-baa1-1bd590765de8","block_type":"box","text":"prohibited assets, impairing the ability of a Fund to buy, sell, receive or deliver those securities and/or","page_number":99,"box":{"x":117,"y":165,"width":757,"height":12}},{"id":"28fe5407-3fd2-4f65-af8e-868066777c3a","block_type":"box","text":"assets. Sanctions could also result in Russia taking counter measures or retaliatory actions which may","page_number":99,"box":{"x":116,"y":180,"width":766,"height":12}},{"id":"c6e7e717-b513-4432-ba26-c1f4b02853cd","block_type":"box","text":"further impair the value and liquidity of Russian securities.","page_number":99,"box":{"x":116,"y":196,"width":435,"height":12}},{"id":"4a3628fb-80a7-40ac-8922-2ede300874dc","block_type":"box","text":"Risks of Investing in Saudi Arabia.","page_number":99,"box":{"x":116,"y":227,"width":253,"height":12}},{"id":"1c562e70-50ee-4ec1-8f78-6c52c4650b05","block_type":"box","text":"The ability of foreign investors (such as a Fund) to invest in Saudi","page_number":99,"box":{"x":371,"y":227,"width":497,"height":12}},{"id":"6fe6f833-63e3-4136-95fc-d4bef9750249","block_type":"box","text":"Arabian issuers is new and untested. Such ability could be restricted or revoked by the Saudi Arabian","page_number":99,"box":{"x":116,"y":242,"width":757,"height":12}},{"id":"2ec61776-edae-48ef-ba18-b111f7a8cfb2","block_type":"box","text":"government at any time, and unforeseen risks could materialize due to foreign ownership in such","page_number":99,"box":{"x":116,"y":258,"width":724,"height":12}},{"id":"c083ece1-c34f-4f1a-9ee2-092f2fb05bda","block_type":"box","text":"securities. In addition, the Capital Market Authority (“CMA”) places investment limitations on the","page_number":99,"box":{"x":116,"y":273,"width":715,"height":12}},{"id":"c2bd1fe9-ba44-4499-9935-1e1bbbe9a1b9","block_type":"box","text":"ownership of Saudi Arabian issuers by foreign investors, including a limitation on a Fund’s ownership","page_number":99,"box":{"x":116,"y":289,"width":753,"height":12}},{"id":"57e06816-990b-4905-9cb6-30c3c3b6c351","block_type":"box","text":"of any single issuer listed on the Saudi Arabian Stock Exchange, which may prevent a Fund from","page_number":99,"box":{"x":116,"y":304,"width":726,"height":12}},{"id":"5dde663d-4cbc-49ea-a904-e94d5d80748a","block_type":"box","text":"investing in accordance with its strategy and contribute to tracking error against the Underlying Index.","page_number":99,"box":{"x":117,"y":320,"width":757,"height":12}},{"id":"bbc2dd93-502b-4f7d-9113-d21f4b5e39ff","block_type":"box","text":"These restrictions may be changed or new restrictions, such as licensing requirements, special","page_number":99,"box":{"x":116,"y":335,"width":710,"height":12}},{"id":"513daa01-0e80-4801-a07c-5ee297968678","block_type":"box","text":"approvals or additional foreign taxes, may be instituted at any time. A Fund may not be able to obtain","page_number":99,"box":{"x":116,"y":351,"width":756,"height":12}},{"id":"9e3419b1-f736-408e-9a3c-50fe0a6587a8","block_type":"box","text":"or maintain any such licenses or approvals and may not be able to buy and sell securities at full value.","page_number":99,"box":{"x":116,"y":366,"width":763,"height":12}},{"id":"7c73b876-3ee9-4480-804f-901b62706f56","block_type":"box","text":"Major disruptions or regulatory changes could occur in the Saudi Arabian market, any of which could","page_number":99,"box":{"x":117,"y":382,"width":750,"height":12}},{"id":"67a84d72-54a0-46f0-ba59-120dba3d44f3","block_type":"box","text":"negatively impact a Fund. These risks may be exacerbated, compared to more developed markets,","page_number":99,"box":{"x":117,"y":397,"width":741,"height":12}},{"id":"2eb6fe42-a6b4-4ad7-8cb5-0ac161cd2355","block_type":"box","text":"given the limited history of foreign investment in the Saudi Arabian market. Investments in","page_number":99,"box":{"x":116,"y":413,"width":672,"height":12}},{"id":"00496ba2-1365-4631-a905-d0a4b8ad2fce","block_type":"box","text":"Saudi Arabia may also be subject to loss due to expropriation or nationalization of assets and property","page_number":99,"box":{"x":116,"y":428,"width":764,"height":12}},{"id":"ab0d904c-23b7-4939-ae77-d40e6911f121","block_type":"box","text":"or the imposition of restrictions on additional foreign investments and repatriation of capital. Such","page_number":99,"box":{"x":116,"y":444,"width":725,"height":12}},{"id":"4dcd42e0-d196-41f0-a835-a5565dd530ef","block_type":"box","text":"heightened risks may include, among others, restrictions on and government intervention in","page_number":99,"box":{"x":117,"y":459,"width":683,"height":12}},{"id":"fd657027-4649-41a6-86d3-eb9f9c8fb361","block_type":"box","text":"international trade, confiscatory taxation, political instability, including authoritarian and/or military","page_number":99,"box":{"x":117,"y":475,"width":724,"height":12}},{"id":"d417a799-e22b-499e-afd6-bcb1a03b8db4","block_type":"box","text":"involvement in governmental decision making, armed conflict, crime and instability as a result of","page_number":99,"box":{"x":117,"y":490,"width":715,"height":12}},{"id":"cac96f45-b245-43c8-9ed7-fd7293c18919","block_type":"box","text":"religious, ethnic and/or socioeconomic unrest. Saudi Arabia has privatized, or has begun the process","page_number":99,"box":{"x":117,"y":506,"width":754,"height":12}},{"id":"ef03ae4f-f6a0-4340-8e37-9307bdf3db3b","block_type":"box","text":"of privatizing, certain entities and industries. Newly privatized companies may face strong competition","page_number":99,"box":{"x":116,"y":521,"width":759,"height":12}},{"id":"05fff6c9-e8ff-4ea5-8dd9-68090eb71015","block_type":"box","text":"from government-sponsored competitors that have not been privatized. In some instances, investors in","page_number":99,"box":{"x":116,"y":537,"width":768,"height":12}},{"id":"afaa310d-cd96-488a-accb-06b33d5f824b","block_type":"box","text":"newly privatized entities have suffered losses due to the inability of the newly privatized entities to","page_number":99,"box":{"x":117,"y":552,"width":728,"height":12}},{"id":"875d0a2a-846f-47bc-86ab-46809810167c","block_type":"box","text":"adjust quickly to a competitive environment or changing regulatory and legal standards or, in some","page_number":99,"box":{"x":116,"y":568,"width":737,"height":12}},{"id":"d75cdd87-0ba1-4409-b6f7-31d3c71bcc6b","block_type":"box","text":"cases, due to re-nationalization of such privatized entities. There is no assurance that similar losses","page_number":99,"box":{"x":116,"y":583,"width":745,"height":12}},{"id":"bba72a06-b764-4774-b86c-94c4c2568de3","block_type":"box","text":"will not recur. Further, under income tax laws imposed by the Department of Zakat and Income Tax,","page_number":99,"box":{"x":116,"y":599,"width":747,"height":12}},{"id":"1a815b79-ca48-46a6-8649-32d2be45dfdd","block_type":"box","text":"dividends paid by a Saudi Arabian company to foreign stockholders are generally subject to a 5%","page_number":99,"box":{"x":116,"y":614,"width":727,"height":12}},{"id":"12fb27ae-2352-4b07-9a28-48bbf437b82a","block_type":"box","text":"withholding tax (different tax rates may apply pursuant to an applicable treaty). Saudi Arabia is highly","page_number":99,"box":{"x":116,"y":630,"width":754,"height":12}},{"id":"8e93af15-7bed-4df1-af00-675decb7aadf","block_type":"box","text":"reliant on income from the sale of petroleum and trade with other countries involved in the sale of","page_number":99,"box":{"x":117,"y":645,"width":725,"height":12}},{"id":"b3f1901d-319e-4e8c-8cf1-9386ab14488b","block_type":"box","text":"petroleum, and its economy is therefore vulnerable to changes in foreign currency values and the","page_number":99,"box":{"x":117,"y":661,"width":721,"height":12}},{"id":"c7a62ea2-e5d4-4f96-8bae-5180a254be8e","block_type":"box","text":"market for petroleum. As global demand for petroleum fluctuates, Saudi Arabia may be significantly","page_number":99,"box":{"x":117,"y":676,"width":736,"height":12}},{"id":"8c609658-28db-495b-bee4-51efcfae748d","block_type":"box","text":"impacted.","page_number":99,"box":{"x":117,"y":692,"width":70,"height":12}},{"id":"3d3b6f75-78af-46b5-b00a-d8748aea7491","block_type":"box","text":"Like most Middle Eastern governments, the government of Saudi Arabia exercises substantial","page_number":99,"box":{"x":117,"y":723,"width":696,"height":12}},{"id":"8e9a63e0-e70d-4432-83b6-4e26a672e722","block_type":"box","text":"influence over many aspects of the private sector. Although liberalization in the wider economy is","page_number":99,"box":{"x":117,"y":738,"width":718,"height":12}},{"id":"f39cf425-5768-4cdf-8f46-4c0e3e8cbbcb","block_type":"box","text":"underway, in many areas it has lagged significantly: restrictions on foreign ownership persist, and the","page_number":99,"box":{"x":117,"y":754,"width":749,"height":12}},{"id":"c1b6f72d-80d8-49c2-b81c-84d2b8165ab4","block_type":"box","text":"government has an ownership stake in many key industries. The situation is exacerbated by the fact","page_number":99,"box":{"x":116,"y":769,"width":743,"height":12}},{"id":"ea468981-a6ec-4752-b2c2-b3f5283f26bd","block_type":"box","text":"that Saudi Arabia is governed by an absolute monarchy. Saudi Arabia has historically experienced","page_number":99,"box":{"x":116,"y":785,"width":729,"height":12}},{"id":"31cb19f3-4e77-46dc-ba86-e9089444be46","block_type":"box","text":"strained relations with economic partners worldwide, including other countries in the Middle East due to","page_number":99,"box":{"x":116,"y":800,"width":766,"height":12}},{"id":"700dad20-c28c-4f3b-b47e-8c844da1adb9","block_type":"box","text":"geopolitical events. Incidents involving a Middle Eastern country’s or the region’s security, including","page_number":99,"box":{"x":116,"y":816,"width":737,"height":12}},{"id":"1c02a3a1-126f-43ac-a50d-f6e3539ea221","block_type":"box","text":"terrorism, may cause uncertainty in their markets and may adversely affect its economy and a Fund’s","page_number":99,"box":{"x":116,"y":831,"width":757,"height":12}},{"id":"06b41548-85a2-4cb0-a2d5-355697337ad2","block_type":"box","text":"investments. Governmental actions in the future could have a significant effect on economic conditions","page_number":99,"box":{"x":117,"y":847,"width":766,"height":12}},{"id":"12f5bc75-afbf-4113-b038-602bbc6e6c73","block_type":"box","text":"in Saudi Arabia, which could affect private sector companies and a Fund, as well as the value of","page_number":99,"box":{"x":117,"y":862,"width":717,"height":12}},{"id":"6e4bbdcd-109c-4cb0-a8dc-fc840d1c2a4b","block_type":"box","text":"securities in a Fund’s portfolio. Any economic sanctions on Saudi Arabian individuals or Saudi Arabian","page_number":99,"box":{"x":116,"y":878,"width":765,"height":12}},{"id":"d70a6b3e-7c22-4cad-870b-a33a0cc8f4d0","block_type":"box","text":"II-50","page_number":99,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"6cf8f141-1078-43d6-bd1c-36114fafae29","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":99,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"b0712b00-dd66-4ee6-9c6b-6d45ac989f79","block_type":"box","text":"corporate entities, or even the threat of sanctions, may result in the decline of the value and liquidity of","page_number":100,"box":{"x":116,"y":87,"width":764,"height":12}},{"id":"69ee105a-b715-410e-a3af-b9dce1e022b9","block_type":"box","text":"Saudi Arabian securities, a weakening of the Saudi riyal or other adverse consequences to the Saudi","page_number":100,"box":{"x":116,"y":102,"width":755,"height":13}},{"id":"a1c64670-aab7-4042-ad1c-13cea7e6bbdc","block_type":"box","text":"Arabian economy. In addition, Saudi Arabia’s economy relies heavily on cheap, foreign labor, and","page_number":100,"box":{"x":116,"y":118,"width":729,"height":12}},{"id":"18055aa5-894e-4e05-895b-5640c4caa11f","block_type":"box","text":"changes in the availability of this labor supply could have an adverse effect on the economy.","page_number":100,"box":{"x":116,"y":134,"width":690,"height":12}},{"id":"12107154-0c3f-43e2-88f7-0b4521a1bb43","block_type":"box","text":"The securities markets in Saudi Arabia may not be as developed as those in other countries. As a","page_number":100,"box":{"x":116,"y":165,"width":730,"height":12}},{"id":"270eab4f-a01d-47cd-90d3-f8d09e975aeb","block_type":"box","text":"result, securities markets in Saudi Arabia are subject to greater risks associated with market volatility,","page_number":100,"box":{"x":117,"y":180,"width":757,"height":12}},{"id":"87f6f9bb-240b-4161-87e8-c7904c86065e","block_type":"box","text":"lower market capitalization, lower trading volume, illiquidity, inflation, greater price fluctuations,","page_number":100,"box":{"x":117,"y":196,"width":705,"height":12}},{"id":"dcbba945-2d05-42c4-b688-e94a214cf62b","block_type":"box","text":"uncertainty regarding the existence of trading markets, governmental control and heavy regulation of","page_number":100,"box":{"x":117,"y":211,"width":751,"height":12}},{"id":"1a813417-72f3-4b31-afb8-5634d4b6054f","block_type":"box","text":"labor and industry. Shares of certain Saudi Arabian companies tend to trade less frequently than those","page_number":100,"box":{"x":117,"y":227,"width":766,"height":12}},{"id":"c1a7018a-3d8c-40c0-a29d-483ad3a67a03","block_type":"box","text":"of companies on exchanges in more developed markets. Such infrequent trading may adversely affect","page_number":100,"box":{"x":116,"y":242,"width":764,"height":12}},{"id":"df85b95d-1b0b-4ffc-8524-9317666d91b0","block_type":"box","text":"the pricing of these securities and a Fund’s ability to sell these securities in the future. Current","page_number":100,"box":{"x":116,"y":258,"width":701,"height":12}},{"id":"5affab6c-429d-4b2f-ab99-bfce10c02dd2","block_type":"box","text":"regulations in Saudi Arabian markets may require a Fund to execute trades of securities through a","page_number":100,"box":{"x":117,"y":273,"width":733,"height":12}},{"id":"74d8359a-6730-46a4-abdb-3ea80dd44c8d","block_type":"box","text":"single broker. As a result, the Manager will have less flexibility to choose among brokers on behalf of a","page_number":100,"box":{"x":116,"y":289,"width":767,"height":12}},{"id":"bc2c53dc-2aa4-40d4-8714-e7dee50ffd75","block_type":"box","text":"Fund than is typically the case for investment managers.","page_number":100,"box":{"x":117,"y":304,"width":424,"height":12}},{"id":"74431356-0d33-48d5-a992-133c62da1146","block_type":"box","text":"Although the political situation in Saudi Arabia is largely stable, Saudi Arabia has historically","page_number":100,"box":{"x":116,"y":335,"width":687,"height":12}},{"id":"4d9ba75a-55f5-4003-9949-4a6752fdcd80","block_type":"box","text":"experienced political instability, and there remains the possibility that the stability will not hold in the","page_number":100,"box":{"x":116,"y":351,"width":741,"height":12}},{"id":"dbbe06b8-8a9c-4aed-8c36-fff82a226864","block_type":"box","text":"future or that instability in the larger Middle East region could adversely impact the economy of Saudi","page_number":100,"box":{"x":116,"y":366,"width":755,"height":12}},{"id":"4b532297-83f5-4038-9cc9-c5c88ca667a6","block_type":"box","text":"Arabia. Instability may be caused by military developments, government interventions in the","page_number":100,"box":{"x":116,"y":382,"width":686,"height":12}},{"id":"6408eb80-5950-4a7e-879d-bb963dc74cb5","block_type":"box","text":"marketplace, terrorism, extremist attitudes, attempted social or political reforms, religious differences,","page_number":100,"box":{"x":117,"y":397,"width":755,"height":12}},{"id":"a17be0c9-6f89-4fc3-8bf8-024a8ce59611","block_type":"box","text":"or other factors. Additionally, anti-Western views held by certain groups in the Middle East may","page_number":100,"box":{"x":116,"y":413,"width":710,"height":12}},{"id":"ed3aaaca-2586-4bed-944b-0f7b384d7d75","block_type":"box","text":"influence government policies regarding foreign investment. Further developments in U.S. relations","page_number":100,"box":{"x":117,"y":428,"width":740,"height":12}},{"id":"b7e97838-03fd-465f-ab3a-73e66a6c053a","block_type":"box","text":"with Saudi Arabia and other Middle-Eastern countries may affect these attitudes and policies. The U.S.","page_number":100,"box":{"x":116,"y":444,"width":768,"height":12}},{"id":"94a366b3-07c0-4ae6-a5d0-1defeb0dc961","block_type":"box","text":"is a significant, and in some cases the most significant, trading partner of, or foreign investor in, Saudi","page_number":100,"box":{"x":117,"y":459,"width":760,"height":12}},{"id":"3fa26f23-e9a4-4636-86c7-23c6ba3de29d","block_type":"box","text":"Arabia. As a result, economic conditions of Saudi Arabia may be particularly affected by changes in the","page_number":100,"box":{"x":116,"y":475,"width":771,"height":12}},{"id":"458fd27f-13fd-4097-8a9e-a2027392bcf1","block_type":"box","text":"U.S. economy. A decrease in U.S. imports or exports, new trade and financial regulations or tariffs,","page_number":100,"box":{"x":117,"y":490,"width":738,"height":12}},{"id":"5a3f928c-dbe6-4a3b-bbd5-22387a32eacb","block_type":"box","text":"changes in the U.S. dollar exchange rate or an economic slowdown in the U.S. may have a material","page_number":100,"box":{"x":116,"y":506,"width":746,"height":12}},{"id":"e9847c90-933e-4364-8929-1c508cd74e01","block_type":"box","text":"adverse effect on the economic conditions of Saudi Arabia and, as a result, securities to which the","page_number":100,"box":{"x":116,"y":521,"width":733,"height":11}},{"id":"e79da0a5-6fed-4136-bee0-2aac79289a7b","block_type":"box","text":"Fund has exposure. Political instability in North Africa and the larger Middle East region has caused","page_number":100,"box":{"x":117,"y":537,"width":743,"height":12}},{"id":"ddcdd62d-ad1a-46ed-9c6d-5b6ab28f08aa","block_type":"box","text":"significant disruptions to many industries. Continued political and social unrest in these areas may","page_number":100,"box":{"x":116,"y":552,"width":732,"height":12}},{"id":"ef0d890f-3af6-4907-98c9-5ecfe6e901c0","block_type":"box","text":"negatively affect the value of securities in a Fund’s portfolio.","page_number":100,"box":{"x":117,"y":568,"width":449,"height":12}},{"id":"258459ce-6f3e-4efe-be8a-1daf17988ab6","block_type":"box","text":"Certain issuers located in Saudi Arabia may operate in, or have dealings with, countries subject to","page_number":100,"box":{"x":117,"y":599,"width":731,"height":12}},{"id":"2700d4d8-09c4-4647-b585-a8296b8ab15e","block_type":"box","text":"sanctions and/or embargoes imposed by the U.S. Government and the United Nations and/or countries","page_number":100,"box":{"x":116,"y":614,"width":772,"height":12}},{"id":"6cef97bf-a606-41a6-8938-02539fc3b03c","block_type":"box","text":"identified by the U.S. Government as state sponsors of terrorism. As a result, an issuer may sustain","page_number":100,"box":{"x":117,"y":630,"width":744,"height":12}},{"id":"03160544-b21c-4643-92f8-796a852205cb","block_type":"box","text":"damage to its reputation if it is identified as an issuer which operates in, or has dealings with, such","page_number":100,"box":{"x":116,"y":645,"width":734,"height":12}},{"id":"fb8284be-4ebf-4b6b-9e5c-595ba7796de5","block_type":"box","text":"countries. A Fund, as an investor in such issuers will be indirectly subject to those risks.","page_number":100,"box":{"x":116,"y":661,"width":649,"height":12}},{"id":"5012776c-e70c-4b16-a218-0fee52268f2e","block_type":"box","text":"Risks of Investing in Venezuela.","page_number":100,"box":{"x":116,"y":692,"width":237,"height":12}},{"id":"65f97aef-8dde-4923-9d9a-1e7f4fd57e07","block_type":"box","text":"Investment in Venezuela may subject a Fund to legal, regulatory,","page_number":100,"box":{"x":360,"y":692,"width":481,"height":12}},{"id":"0df17e2a-aa98-41a1-936d-4c99ffda74de","block_type":"box","text":"political, currency, security, expropriation and/or nationalization of assets and economic risk specific to","page_number":100,"box":{"x":117,"y":707,"width":759,"height":12}},{"id":"f82e35cf-2da0-40e9-b4cd-b259b2e14823","block_type":"box","text":"Venezuela. Venezuela is extremely well endowed with natural resources, including oil and natural gas,","page_number":100,"box":{"x":116,"y":723,"width":759,"height":12}},{"id":"d7089e5c-43ba-4a12-8e38-3f13c8c39e68","block_type":"box","text":"and its economy is heavily dependent on export of natural resources to key trading partners. Any act of","page_number":100,"box":{"x":116,"y":738,"width":766,"height":12}},{"id":"b6cb805a-a98e-446a-b4d1-de99978c0b9a","block_type":"box","text":"terrorism, an armed conflict or a breakdown of a key trading relationship that disrupts the production or","page_number":100,"box":{"x":116,"y":754,"width":763,"height":12}},{"id":"0f68c5e2-cac9-4bb3-be39-dfcbdcc2c577","block_type":"box","text":"export of natural resources will likely negatively affect the Venezuelan economy. The government","page_number":100,"box":{"x":116,"y":769,"width":723,"height":12}},{"id":"cab5a134-d0ab-44c5-97af-f586a6551777","block_type":"box","text":"continues to control key sectors of the economy, including upstream oil and gas production, and has","page_number":100,"box":{"x":116,"y":785,"width":744,"height":12}},{"id":"8247629a-e729-442e-9c5a-6a04dbc4eb24","block_type":"box","text":"sought to increase its role in key sectors, such as telecommunications and steel. Meanwhile,","page_number":100,"box":{"x":116,"y":800,"width":686,"height":12}},{"id":"43497e15-d940-4681-8529-f76a28a65787","block_type":"box","text":"ambiguities in the investment environment remain, such as continued high levels of bureaucracy and","page_number":100,"box":{"x":116,"y":816,"width":747,"height":12}},{"id":"a34749dc-c665-45ba-9652-0487088d802c","block_type":"box","text":"corruption, large macroeconomic imbalances, and political and policy uncertainty. Friction continues","page_number":100,"box":{"x":116,"y":831,"width":746,"height":12}},{"id":"07bb78fc-dad6-4449-a561-5908cee2417d","block_type":"box","text":"between the governments of the U.S. and Venezuela. The U.S. has imposed economic sanctions,","page_number":100,"box":{"x":117,"y":847,"width":731,"height":12}},{"id":"bb063796-90d4-4b35-8bff-8f23a6369656","block_type":"box","text":"which consist of asset freezes and sectoral sanctions, on certain Venezuelan individuals and","page_number":100,"box":{"x":116,"y":862,"width":693,"height":11}},{"id":"10445242-268a-4cf4-b108-2b363a259c8f","block_type":"box","text":"Venezuelan corporate entities, and on the Venezuelan government. The U.S. could also institute","page_number":100,"box":{"x":116,"y":878,"width":722,"height":12}},{"id":"44a31526-8c56-4813-91d1-d0125cd28ce9","block_type":"box","text":"II-51","page_number":100,"box":{"x":484,"y":909,"width":29,"height":9}},{"id":"cb601387-039f-481c-97b7-9e28db0e9f0a","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":100,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"44c8eb33-2869-4de0-835a-f3138b63068e","block_type":"box","text":"broader sanctions on Venezuela. The U.S. has also taken military action against Venezuela in an effort","page_number":101,"box":{"x":117,"y":87,"width":769,"height":12}},{"id":"8e83bc74-b30c-4cb6-9697-a7dd07a716bc","block_type":"box","text":"to effect regime change. Military action, sanctions, or even the threat of further military action and","page_number":101,"box":{"x":116,"y":102,"width":727,"height":13}},{"id":"9557090d-10f2-4279-9050-324ad318a4ea","block_type":"box","text":"sanctions, may result in the decline of the value and liquidity of Venezuelan securities, a weakening of","page_number":101,"box":{"x":116,"y":118,"width":762,"height":12}},{"id":"d2e34366-5313-4dfe-9392-1ad209dd0232","block_type":"box","text":"the bolivar or other adverse consequences to the Venezuelan economy. These sanctions impair the","page_number":101,"box":{"x":116,"y":134,"width":746,"height":12}},{"id":"0461f711-011f-42f4-a699-ffa4159b62e2","block_type":"box","text":"ability of a Fund to buy, sell, receive or deliver those securities and/or assets. Additional sanctions","page_number":101,"box":{"x":116,"y":149,"width":732,"height":12}},{"id":"448dcf76-942f-4c5c-9a9a-00a58f036c53","block_type":"box","text":"against Venezuela may in the future be imposed by the U.S. or other countries. These factors, among","page_number":101,"box":{"x":116,"y":165,"width":761,"height":12}},{"id":"6442e5b8-0089-4aa0-8ba4-e752bf49f105","block_type":"box","text":"others, can have a negative impact on a Fund’s investments.","page_number":101,"box":{"x":116,"y":180,"width":457,"height":12}},{"id":"a213f2d0-2548-4f40-96a3-b0eb757f7261","block_type":"box","text":"Brady Bonds.","page_number":101,"box":{"x":116,"y":211,"width":97,"height":12}},{"id":"c52752f6-f845-4d6d-8d59-42873f9e165b","block_type":"box","text":"Certain Funds may invest in Brady Bonds. A Fund’s emerging market debt securities may","page_number":101,"box":{"x":215,"y":211,"width":661,"height":12}},{"id":"a3c0a62e-169b-45fe-97a7-691171d95af0","block_type":"box","text":"include emerging market governmental debt obligati","page_number":101,"box":{"x":117,"y":227,"width":376,"height":12}},{"id":"af3ede8f-76b9-4189-99ca-e1250d1bd265","block_type":"box","text":"ons commonly referred to as Brady Bonds. Brady","page_number":101,"box":{"x":494,"y":227,"width":364,"height":12}},{"id":"f9201b45-4e19-48c3-b4b9-a0dae4fa22f1","block_type":"box","text":"Bonds are securities created through the exchange of existing commercial bank loans to sovereign","page_number":101,"box":{"x":117,"y":242,"width":722,"height":12}},{"id":"030e6186-328f-4a55-914d-8c9a30e0f3b0","block_type":"box","text":"entities for new obligations in connection with debt","page_number":101,"box":{"x":116,"y":258,"width":365,"height":12}},{"id":"c122d9be-515b-422a-b6f4-06b171ada36c","block_type":"box","text":"t restructurings under a debt restructuring plan","page_number":101,"box":{"x":481,"y":258,"width":338,"height":12}},{"id":"13ddd8c7-69e9-4cac-8011-b9af35cf5d5d","block_type":"box","text":"introduced by former U.S. Secretary of the Treasury,","page_number":101,"box":{"x":117,"y":273,"width":380,"height":12}},{"id":"0a9bcf0d-f83b-4fbf-b09d-8f438e82b574","block_type":"box","text":"Nicholas F. Brady (the “Brady Plan”). Brady Plan","page_number":101,"box":{"x":498,"y":273,"width":364,"height":12}},{"id":"94c9ac36-67e5-42cc-93a6-ff34bf834347","block_type":"box","text":"debt restructurings have been implemented in a number of","page_number":101,"box":{"x":116,"y":289,"width":427,"height":12}},{"id":"a2780ff8-d16a-44f9-8a6b-7cbf8c5a5586","block_type":"box","text":"f countries, including: Argentina, Bolivia, Brazil,","page_number":101,"box":{"x":542,"y":289,"width":342,"height":12}},{"id":"c15b115d-58f3-4152-bbeb-c9248f4ddc2b","block_type":"box","text":"Bulgaria, Costa Rica, the Dominican Republic, Ecuado","page_number":101,"box":{"x":117,"y":304,"width":396,"height":12}},{"id":"6d00e662-85f8-4fa2-a6d9-8edfe44d0148","block_type":"box","text":"r, Jordan, Mexico, Niger, Nigeria, Panama, Peru,","page_number":101,"box":{"x":515,"y":304,"width":359,"height":12}},{"id":"32d3e3a5-eb08-4e5f-abf8-1088a2619775","block_type":"box","text":"the Philippines, Poland, Uruguay, Venezuela, and Vietnam. Beginning in the early 2000s, certain","page_number":101,"box":{"x":116,"y":320,"width":707,"height":12}},{"id":"e525daa2-b2da-4eb6-a135-81a585fc8e76","block_type":"box","text":"countries began retiring their Brady Bonds, includi","page_number":101,"box":{"x":116,"y":335,"width":361,"height":12}},{"id":"e7e61fbb-d219-4130-b080-5702af2dc255","block_type":"box","text":"ng Brazil, Colombia, Mexico, the Philippines, and","page_number":101,"box":{"x":480,"y":335,"width":360,"height":12}},{"id":"70b64fc9-9fac-4b9a-9978-3cb44b76e753","block_type":"box","text":"Venezuela.","page_number":101,"box":{"x":116,"y":351,"width":87,"height":9}},{"id":"c45e5342-68ad-4857-bcb6-7a58103fceb5","block_type":"box","text":"Brady Bonds may be collateralized or uncollateralized, are issued in various currencies (primarily the","page_number":101,"box":{"x":117,"y":382,"width":758,"height":12}},{"id":"2206f25c-8c53-4612-81b4-794a8caba654","block_type":"box","text":"U.S. dollar) and are actively traded in the OTC secondary market. Brady Bonds are not considered to","page_number":101,"box":{"x":117,"y":397,"width":762,"height":12}},{"id":"42508e64-7e5d-4ab9-8374-9400907ab4a8","block_type":"box","text":"be U.S. Government Securities. U.S. dollar-denominated, collateralized Brady Bonds, which may be","page_number":101,"box":{"x":117,"y":413,"width":754,"height":12}},{"id":"b13e87ec-bfa2-4adb-b7f9-779336f8a0a3","block_type":"box","text":"fixed rate par bonds or floating rate discount bonds, are generally collateralized in full as to principal","page_number":101,"box":{"x":116,"y":428,"width":751,"height":12}},{"id":"106c80cf-7a30-499b-a1e7-75882148c1d4","block_type":"box","text":"by U.S. Treasury zero-coupon bonds having the same maturity as the Brady Bonds. Interest","page_number":101,"box":{"x":117,"y":444,"width":694,"height":12}},{"id":"68102744-1355-4230-b7d8-d19c834c3c7a","block_type":"box","text":"payments on these Brady Bonds generally are collateralized on a one-year or longer rolling-forward","page_number":101,"box":{"x":117,"y":459,"width":749,"height":12}},{"id":"976eb1bd-4b4e-4fa5-b22d-1afc32423181","block_type":"box","text":"basis by cash or securities in an amount that, in the case of fixed rate bonds, is equal to at least one","page_number":101,"box":{"x":117,"y":475,"width":753,"height":12}},{"id":"527dd102-da7b-432a-8d3e-fbb3741ffb1d","block_type":"box","text":"year of interest payments or, in the case of floating rate bonds, initially is equal to at least one year’s","page_number":101,"box":{"x":116,"y":490,"width":754,"height":12}},{"id":"f6e7ff84-d7cd-4ca6-86e4-9cf83cbfa898","block_type":"box","text":"interest payments based on the applicable interest rate at that time and is adjusted at regular intervals","page_number":101,"box":{"x":117,"y":506,"width":767,"height":12}},{"id":"f511cb4a-9128-45cb-a1a0-a6366e8ad884","block_type":"box","text":"thereafter. Certain Brady Bonds are entitled to “value recovery payments” in certain circumstances,","page_number":101,"box":{"x":116,"y":521,"width":747,"height":12}},{"id":"2ed8d1ea-53d7-4a10-8c7a-6a638ed0f316","block_type":"box","text":"which in effect constitute supplemental interest payments but generally are not collateralized. Brady","page_number":101,"box":{"x":116,"y":537,"width":751,"height":12}},{"id":"41f35fd0-b76d-4517-b1bf-66742188ad23","block_type":"box","text":"Bonds are often viewed as having three or four valuation components: (i) the collateralized repayment","page_number":101,"box":{"x":117,"y":552,"width":767,"height":12}},{"id":"41fa7e0d-93a3-402b-b172-56568b0fa197","block_type":"box","text":"of principal at final maturity; (ii) the collateralized interest payments; (iii) the uncollateralized interest","page_number":101,"box":{"x":116,"y":568,"width":749,"height":12}},{"id":"e9759916-a903-4880-ba04-ee5533039ef8","block_type":"box","text":"payments; and (iv) any uncollateralized repayment of principal at maturity (the uncollateralized","page_number":101,"box":{"x":117,"y":583,"width":710,"height":12}},{"id":"6ae3dfe8-2245-43cb-943b-1201d34928ca","block_type":"box","text":"amounts constitute the “residual risk”).","page_number":101,"box":{"x":116,"y":599,"width":292,"height":12}},{"id":"d3ba2d56-44a4-48d7-8f2f-db8c673bfea0","block_type":"box","text":"Brady Bonds involve various risk factors described above associated with investing in foreign","page_number":101,"box":{"x":117,"y":630,"width":695,"height":12}},{"id":"77a9843c-e5b2-4f5e-84c7-6895edac42cd","block_type":"box","text":"securities, including the history of defaults with respect to commercial bank loans by public and private","page_number":101,"box":{"x":116,"y":645,"width":765,"height":12}},{"id":"408da92e-4df5-4cbd-9127-0a949d3eefb7","block_type":"box","text":"entities of countries issuing Brady Bonds. In light of the residual risk of Brady Bonds and, among other","page_number":101,"box":{"x":116,"y":661,"width":760,"height":12}},{"id":"a40a2ba5-5bf9-40f3-87be-54d0b7f1226b","block_type":"box","text":"factors, the history of defaults, investments in Brady Bonds are considered speculative. There can be","page_number":101,"box":{"x":116,"y":676,"width":751,"height":12}},{"id":"7cf2f6c4-367a-46d4-ab2e-c33ed017b9a9","block_type":"box","text":"no assurance that Brady Bonds in which the Funds may invest will not be subject to restructuring","page_number":101,"box":{"x":117,"y":692,"width":717,"height":12}},{"id":"6764134f-4028-4ee0-a0c6-6c95343cbcfe","block_type":"box","text":"arrangements or to requests for new credit, which may cause the Funds to suffer a loss of interest or","page_number":101,"box":{"x":116,"y":707,"width":748,"height":12}},{"id":"e873b39a-208d-4a33-8c93-2533e35b7d9f","block_type":"box","text":"principal on any of its holdings.","page_number":101,"box":{"x":117,"y":723,"width":227,"height":12}},{"id":"e79179c9-b238-4916-b66d-a5ff0b3e3fdf","block_type":"box","text":"China Investments Risk.","page_number":101,"box":{"x":117,"y":754,"width":178,"height":9}},{"id":"919d820a-b63b-472d-8254-38ae2f885749","block_type":"box","text":"Investments in securities of companies domiciled in the People’s Republic of China (“China” or the","page_number":101,"box":{"x":117,"y":777,"width":729,"height":12}},{"id":"e5a6dc33-8e62-47a3-b2e3-30adef65396e","block_type":"box","text":"“PRC”), including certain Hong Kong-listed and U.S.-listed securities, involve a high degree of risk and","page_number":101,"box":{"x":116,"y":792,"width":758,"height":13}},{"id":"fccedfcb-2677-4ae7-bf3a-54e78ea45027","block_type":"box","text":"special considerations not typically associated with investing in the U.S. securities markets. Such","page_number":101,"box":{"x":116,"y":808,"width":719,"height":12}},{"id":"c614c962-9b36-4474-a7c4-2cb0d86ebcd0","block_type":"box","text":"heightened risks include, among others, an authoritarian government, popular unrest associated with","page_number":101,"box":{"x":117,"y":824,"width":747,"height":12}},{"id":"e99513db-4d9e-4969-9af8-30a51e103ad1","block_type":"box","text":"demands for improved political, economic and social conditions, the impact of regional conflict on the","page_number":101,"box":{"x":116,"y":839,"width":754,"height":12}},{"id":"1067e9f4-3047-4f4e-a7ef-5336226d3b85","block_type":"box","text":"economy and hostile relations with other countries.","page_number":101,"box":{"x":116,"y":855,"width":382,"height":12}},{"id":"44720768-5a6b-49d6-8b1a-b6bd4841667b","block_type":"box","text":"II-52","page_number":101,"box":{"x":484,"y":909,"width":31,"height":9}},{"id":"cf07aa7e-8149-4ed9-b2e8-8fcae6d8a10e","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":101,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"7fa0d6b3-8261-4c77-b8df-c68a524774bc","block_type":"box","text":"Military conflicts, either in response to internal social unrest or conflicts with other countries, could","page_number":102,"box":{"x":117,"y":87,"width":729,"height":12}},{"id":"e87477b9-86da-4f1c-a50f-8009af603d41","block_type":"box","text":"disrupt economic development. The Chinese economy is vulnerable to the long-running disagreements","page_number":102,"box":{"x":116,"y":102,"width":769,"height":13}},{"id":"812a3fcf-5928-46e4-94e8-d0f7d443a005","block_type":"box","text":"and religious and nationalist disputes with Tibet and the Xinjiang region. Since 1997, there have been","page_number":102,"box":{"x":116,"y":118,"width":758,"height":12}},{"id":"bfb933d8-618d-47e5-b186-3eda90b87255","block_type":"box","text":"tensions between the Chinese government and many people in Hong Kong who perceive China as","page_number":102,"box":{"x":116,"y":134,"width":738,"height":12}},{"id":"8f48fe5a-a09a-4228-adb9-2a4f6ed795bc","block_type":"box","text":"tightening control over Hong Kong’s semi-autonomous liberal political, economic, legal, and social","page_number":102,"box":{"x":116,"y":149,"width":731,"height":12}},{"id":"052aad1f-a9e9-4497-8a61-5f6477b1c4be","block_type":"box","text":"framework. Protests and unrest have increased tensions even further. Due to the interconnected","page_number":102,"box":{"x":116,"y":165,"width":721,"height":9}},{"id":"69f19c86-ab11-4242-97ef-767401dd2967","block_type":"box","text":"nature of the Hong Kong and Chinese economies, this instability in Hong Kong may cause uncertainty","page_number":102,"box":{"x":117,"y":180,"width":761,"height":12}},{"id":"c8e34730-7292-4770-b033-c9b99e286697","block_type":"box","text":"in the Hong Kong and Chinese markets. China has a complex territorial dispute regarding the","page_number":102,"box":{"x":117,"y":196,"width":697,"height":12}},{"id":"4d99169c-4516-4cb4-8339-d7c425df72b7","block_type":"box","text":"sovereignty of Taiwan and has made threats of invasion. Taiwan-based companies and individuals are","page_number":102,"box":{"x":116,"y":211,"width":767,"height":12}},{"id":"8a97cc3d-0970-4089-8b3f-f2df3bfe0e2b","block_type":"box","text":"significant investors in China. The continuing hostility between China and Taiwan may have an adverse","page_number":102,"box":{"x":116,"y":227,"width":772,"height":12}},{"id":"0a6f0f5d-c83d-4ef1-b224-15c532c1349f","block_type":"box","text":"impact on the value of the Fund’s investments in China or Taiwan, may cause a suspension in a","page_number":102,"box":{"x":117,"y":242,"width":717,"height":12}},{"id":"e216439a-8ed3-4dcc-a8f8-121e94d79d56","block_type":"box","text":"Fund’s ability to trade in certain securities or other assets or may otherwise make such investments","page_number":102,"box":{"x":117,"y":258,"width":742,"height":12}},{"id":"eb95f82b-3078-4547-a9f2-8bfea3d295cd","block_type":"box","text":"impracticable or impossible. Any escalation of hostility between China and Taiwan would likely have a","page_number":102,"box":{"x":117,"y":273,"width":759,"height":12}},{"id":"cb050fe9-7a3a-401c-bc31-549ee955df2b","block_type":"box","text":"significant adverse impact on the value of the Fund’s investments in both countries and the region. In","page_number":102,"box":{"x":116,"y":289,"width":755,"height":12}},{"id":"1fa728b8-c190-4b87-b586-0401fbb69882","block_type":"box","text":"addition, China has strained international relations with Japan, India, the Philippines and other","page_number":102,"box":{"x":116,"y":304,"width":703,"height":12}},{"id":"13ebb75a-f030-4fac-9304-e8dce76e53b4","block_type":"box","text":"neighbors due to territorial disputes, historical animosities and other defense concerns. Frictions","page_number":102,"box":{"x":117,"y":320,"width":717,"height":12}},{"id":"23e3efd9-4896-4131-b872-56b3d4d8559c","block_type":"box","text":"between China and the Philippines in the South China Sea pose a risk of escalation potentially leading","page_number":102,"box":{"x":117,"y":335,"width":765,"height":12}},{"id":"f525a4c5-c979-4b0f-b296-ebfd3dd60f2e","block_type":"box","text":"to military conflict. Additionally, China is alleged to have participated in state-sponsored cyberattacks","page_number":102,"box":{"x":116,"y":351,"width":752,"height":12}},{"id":"9e25c530-610e-4562-a33c-c7748cd8cf70","block_type":"box","text":"against foreign companies and foreign governments. Actual and threatened responses to such activity","page_number":102,"box":{"x":116,"y":366,"width":763,"height":12}},{"id":"fd0af327-3e2c-4afc-baf8-97aff8563390","block_type":"box","text":"and strained international relations, including purchasing restrictions, sanctions, tariffs or cyberattacks","page_number":102,"box":{"x":116,"y":382,"width":760,"height":12}},{"id":"bdae47ae-2740-4b97-a979-527a94e11723","block_type":"box","text":"on the Chinese government or Chinese companies, may impact China’s economy and Chinese issuers","page_number":102,"box":{"x":116,"y":397,"width":769,"height":12}},{"id":"830896b6-deb3-458a-a86c-d15ac983407c","block_type":"box","text":"of securities in which a Fund invests. China could be affected by military events on the Korean","page_number":102,"box":{"x":116,"y":413,"width":705,"height":12}},{"id":"731ba804-e3a3-450a-b52b-88ab4fbed60e","block_type":"box","text":"peninsula or internal instability within North Korea. These situations may cause uncertainty in the","page_number":102,"box":{"x":117,"y":428,"width":723,"height":12}},{"id":"eef3adbc-4afc-4180-a25c-ee7014194fb3","block_type":"box","text":"Chinese market and may adversely affect the performance of the Chinese economy.","page_number":102,"box":{"x":117,"y":444,"width":631,"height":12}},{"id":"fbd51197-4a72-4c5f-83b6-5eaf9a026fc1","block_type":"box","text":"The Chinese government has implemented economic reforms in order to liberalize trade policy,","page_number":102,"box":{"x":116,"y":475,"width":712,"height":12}},{"id":"69eba97c-5e24-461f-9ef0-082c44120e67","block_type":"box","text":"promote foreign investment in the economy, reduce government control of the economy and develop","page_number":102,"box":{"x":117,"y":490,"width":752,"height":12}},{"id":"568b8eea-8707-4937-9e60-3ee9ef317354","block_type":"box","text":"market mechanisms. However, the Chinese government still exercises substantial influence over many","page_number":102,"box":{"x":117,"y":506,"width":768,"height":12}},{"id":"40906673-d1d4-43d4-9631-67c7be18503c","block_type":"box","text":"aspects of the private sector and may own or control many companies. Chinese companies, such as","page_number":102,"box":{"x":116,"y":521,"width":751,"height":12}},{"id":"1eaf25c9-43db-40a4-b4e3-9cfedd4135bd","block_type":"box","text":"those in the financial services or technology sectors, and potentially other sectors in the future, are","page_number":102,"box":{"x":116,"y":537,"width":736,"height":12}},{"id":"82b4a8fb-d2a7-4835-aedb-b87786620ea6","block_type":"box","text":"subject to the risk that Chinese authorities can intervene in their operations and structure. The Chinese","page_number":102,"box":{"x":116,"y":552,"width":769,"height":12}},{"id":"b345da0d-16cf-421d-a31f-551cab35471d","block_type":"box","text":"government continues to maintain a major role in economic policymaking and investing in China","page_number":102,"box":{"x":116,"y":568,"width":717,"height":12}},{"id":"904d42ac-4125-4fab-be00-4ed26f31a62e","block_type":"box","text":"involves risk of loss due to expropriation, nationalization, confiscation of assets and property or the","page_number":102,"box":{"x":117,"y":583,"width":736,"height":12}},{"id":"11500d79-83f1-4aeb-84dd-22024694591b","block_type":"box","text":"imposition of restrictions on foreign investments and on repatriation of capital invested.","page_number":102,"box":{"x":117,"y":599,"width":647,"height":12}},{"id":"af742ade-25f1-4d03-a3e4-0b72eac2ac89","block_type":"box","text":"The Chinese government may intervene in the Chinese financial markets, such as by the imposition of","page_number":102,"box":{"x":116,"y":630,"width":764,"height":12}},{"id":"8cc3e2ee-fdc3-4b9b-8c7c-b43c1b0d6a32","block_type":"box","text":"trading restrictions, a ban on “naked” short selling or the suspension of short selling for certain stocks.","page_number":102,"box":{"x":116,"y":645,"width":761,"height":12}},{"id":"a1705bc6-8eec-4a03-b945-83579955ec81","block_type":"box","text":"This may affect market price and liquidity of these stocks, and may have an unpredictable impact on","page_number":102,"box":{"x":116,"y":661,"width":743,"height":12}},{"id":"077b4134-e2c0-43e6-8abb-2a1c98a2603d","block_type":"box","text":"the investment activities of the Funds. Furthermore, such market interventions may have a negative","page_number":102,"box":{"x":116,"y":676,"width":740,"height":12}},{"id":"31209fda-1b9b-417f-b7c0-8a5d7d4a49c4","block_type":"box","text":"impact on market sentiment which may in turn affect the performance of the securities markets and as","page_number":102,"box":{"x":117,"y":692,"width":756,"height":12}},{"id":"b34e4563-3283-4730-bf37-6e7ea254331c","block_type":"box","text":"a result the performance of the Funds.","page_number":102,"box":{"x":116,"y":707,"width":284,"height":12}},{"id":"d1314d7d-76a0-493c-bb8a-2f60765c7e8c","block_type":"box","text":"In addition, there is less regulation and monitoring of Chinese securities markets and the activities of","page_number":102,"box":{"x":117,"y":738,"width":745,"height":12}},{"id":"d0e21f2d-3c94-44fe-9490-8c337de3352a","block_type":"box","text":"investors, brokers and other participants than in the United States. Accordingly, issuers of securities in","page_number":102,"box":{"x":117,"y":754,"width":757,"height":12}},{"id":"c76c7f66-3651-4260-8098-74688b1cf50b","block_type":"box","text":"China, including Chinese companies that are listed on U.S. exchanges, are not subject to the same","page_number":102,"box":{"x":117,"y":769,"width":735,"height":12}},{"id":"4de4920b-956b-44dc-95f6-80429b7b5a5f","block_type":"box","text":"degree of regulation as are U.S. issuers with respect to such matters as insider trading rules, tender","page_number":102,"box":{"x":116,"y":785,"width":742,"height":12}},{"id":"a148769f-09ab-4297-a281-eabb28b91dbb","block_type":"box","text":"offer regulation, accounting standards or auditor oversight, stockholder proxy requirements and the","page_number":102,"box":{"x":116,"y":800,"width":735,"height":12}},{"id":"9caddaca-419f-497e-83e6-6b1a8d6eb652","block_type":"box","text":"requirements mandating timely and accurate disclosure of information. Securities markets in China are","page_number":102,"box":{"x":117,"y":816,"width":761,"height":12}},{"id":"9f9407e6-696a-4276-a61c-7ced0136d341","block_type":"box","text":"in the process of change and further development. This may lead to trading volatility, difficulty in the","page_number":102,"box":{"x":117,"y":831,"width":744,"height":12}},{"id":"d14f740d-43a8-46f1-b1d0-9f2f7a3a446e","block_type":"box","text":"settlement and recording of transactions and difficulty in interpreting and applying the relevant","page_number":102,"box":{"x":116,"y":847,"width":701,"height":12}},{"id":"2a4e2c9e-1a9a-4ebe-a112-2b00c5f5ca08","block_type":"box","text":"regulation. Custodians may not be able to offer the level of service and safe-keeping in relation to the","page_number":102,"box":{"x":117,"y":862,"width":755,"height":12}},{"id":"932d7a01-8999-4b1b-9ed4-2711b269fec5","block_type":"box","text":"settlement and administration of securities in China that is customary in more developed markets. In","page_number":102,"box":{"x":116,"y":878,"width":748,"height":12}},{"id":"e457f5b1-02cb-4141-8e1e-da30f54fc2fb","block_type":"box","text":"II-53","page_number":102,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"acf986cb-e16d-4a58-b190-4f291bf49f1e","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":102,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"a05a5731-ca58-4fe7-ba8f-225fd8f204b4","block_type":"box","text":"particular, there is a risk that a Fund may not be recognized as the owner of securities that are held on","page_number":103,"box":{"x":117,"y":87,"width":764,"height":12}},{"id":"2f52910d-8737-4819-9c0e-281640c4ec73","block_type":"box","text":"behalf of the Fund by a sub-custodian.","page_number":103,"box":{"x":117,"y":102,"width":290,"height":13}},{"id":"9cf01b92-4602-41d8-9717-a43362499b38","block_type":"box","text":"There may be significant obstacles to obtaining information necessary for investigations into or","page_number":103,"box":{"x":116,"y":134,"width":707,"height":12}},{"id":"761bd4c0-174b-48bc-99e2-123146cbc855","block_type":"box","text":"litigation against Chinese companies, and shareholders may have limited legal remedies. The Funds","page_number":103,"box":{"x":117,"y":149,"width":751,"height":12}},{"id":"8c759c17-c762-4e98-8e2a-99e9916d901d","block_type":"box","text":"do not select investments based on investor protection considerations.","page_number":103,"box":{"x":116,"y":165,"width":528,"height":11}},{"id":"23a68f16-48eb-42af-b206-ee0c58108496","block_type":"box","text":"The Chinese government historically took positions that prevented the U.S. Public Company","page_number":103,"box":{"x":116,"y":196,"width":689,"height":12}},{"id":"af37a1fa-db15-427a-a6bd-a514fd928244","block_type":"box","text":"Accounting Oversight Board (“PCAOB”) from inspecting the audit work and practices of accounting","page_number":103,"box":{"x":116,"y":211,"width":738,"height":12}},{"id":"24fc1c33-e2ab-4613-9087-408a71e7675f","block_type":"box","text":"firms in mainland China and Hong Kong for compliance with U.S. law and professional standards. On","page_number":103,"box":{"x":116,"y":227,"width":756,"height":12}},{"id":"4228c7dd-c6e5-4d87-acf7-23d4d6a8ff5f","block_type":"box","text":"August 26, 2022, the PCAOB signed a Statement of Protocol with the China Securities Regulatory","page_number":103,"box":{"x":116,"y":242,"width":734,"height":12}},{"id":"e6d7dbed-82d5-4a6a-9b9c-c32ff0503204","block_type":"box","text":"Commission and the Ministry of Finance of the PRC, which marked the first step toward opening","page_number":103,"box":{"x":117,"y":258,"width":719,"height":12}},{"id":"0dfb2418-f0c9-4f49-ad23-baa801b5fd30","block_type":"box","text":"access for the PCAOB to inspect and investigate registered public accounting firms headquartered in","page_number":103,"box":{"x":116,"y":273,"width":755,"height":12}},{"id":"6b7c7f77-527a-4e0a-aec0-e7bfc165f530","block_type":"box","text":"mainland China and Hong Kong completely in accordance with U.S. law. However, as this","page_number":103,"box":{"x":117,"y":289,"width":672,"height":12}},{"id":"63e1249c-2df6-47a0-9ecb-f1116257f7a3","block_type":"box","text":"development is relatively recent, the implementation of the Statement of Protocol remains to be tested.","page_number":103,"box":{"x":116,"y":304,"width":767,"height":12}},{"id":"7e28e2f7-7c60-4fe5-b7fd-252236ae8023","block_type":"box","text":"Audits performed by PCAOB-registered accounting firms in mainland China and Hong Kong may be","page_number":103,"box":{"x":116,"y":320,"width":747,"height":12}},{"id":"8adfa6a8-c369-4eec-9106-960e887d1adc","block_type":"box","text":"less reliable than those performed by firms subject to PCAOB inspection. Accordingly, information","page_number":103,"box":{"x":117,"y":335,"width":730,"height":12}},{"id":"6246845b-7c50-4082-91a1-d83da10267b2","block_type":"box","text":"about the Chinese securities in which the Funds invest may be less reliable or complete. Under","page_number":103,"box":{"x":116,"y":351,"width":712,"height":12}},{"id":"97e26d9d-85d0-4cb9-bfe2-86614f362eb2","block_type":"box","text":"amendments to the Sarbanes-Oxley Act enacted in December 2020, which requires that the PCAOB","page_number":103,"box":{"x":116,"y":366,"width":752,"height":12}},{"id":"b9b9903f-dcca-44e0-984f-cdad6a8595f8","block_type":"box","text":"be permitted to inspect the accounting firm of a U.S.-listed Chinese issuer, Chinese companies with","page_number":103,"box":{"x":117,"y":382,"width":743,"height":12}},{"id":"209e6fa6-7e10-4b40-9ae2-65fd4ab6eb8f","block_type":"box","text":"securities listed on U.S. exchanges may be delisted if the PCAOB is unable to inspect the accounting","page_number":103,"box":{"x":116,"y":397,"width":757,"height":12}},{"id":"61965092-0a77-4717-b6e1-3141ca36db51","block_type":"box","text":"firm.","page_number":103,"box":{"x":116,"y":413,"width":37,"height":9}},{"id":"50cbe096-318e-4bf6-89c4-969395cc2278","block_type":"box","text":"The Renminbi (“RMB”) is currently not a freely convertible currency and is subject to foreign exchange","page_number":103,"box":{"x":116,"y":444,"width":763,"height":12}},{"id":"079d0ea0-7454-4557-a0f8-45fef975f973","block_type":"box","text":"control policies and repatriation restrictions imposed by the Chinese government. The imposition of","page_number":103,"box":{"x":116,"y":459,"width":740,"height":12}},{"id":"1d7d2bd4-43d2-4e4b-a0d4-8568ac312810","block_type":"box","text":"currency controls may negatively impact performance and liquidity of the Funds as capital may become","page_number":103,"box":{"x":116,"y":475,"width":772,"height":12}},{"id":"45159a47-dade-4423-a2f0-e7f5de384997","block_type":"box","text":"trapped in the PRC. The Funds could be adversely affected by delays in, or a refusal to grant, any","page_number":103,"box":{"x":116,"y":490,"width":732,"height":12}},{"id":"c149d3ac-0713-4642-9120-119df2470b1e","block_type":"box","text":"required governmental approval for repatriation of capital, as well as by the application to the Funds of","page_number":103,"box":{"x":117,"y":506,"width":762,"height":12}},{"id":"dbd79269-d613-4488-ab2e-e8e235e85b88","block_type":"box","text":"any restrictions on investments. Investing in entities either in, or which have a substantial portion of","page_number":103,"box":{"x":116,"y":521,"width":740,"height":12}},{"id":"80c21cfe-43e2-4837-94f2-c7a873640f06","block_type":"box","text":"their operations in, the PRC may require the Funds to adopt special procedures, seek local","page_number":103,"box":{"x":116,"y":537,"width":680,"height":12}},{"id":"e82cb743-e4ee-4802-ae57-5495cb46838c","block_type":"box","text":"government approvals or take other actions, each of which may involve additional costs and delays to","page_number":103,"box":{"x":116,"y":552,"width":759,"height":12}},{"id":"98a5bb75-cf81-4be8-8087-e6be5d95e59c","block_type":"box","text":"the Funds. The Fund may also incur costs in connection with conversions between U.S. dollars and","page_number":103,"box":{"x":116,"y":568,"width":743,"height":12}},{"id":"7abf6857-37e9-4221-83b4-c91eb6b1e12c","block_type":"box","text":"RMB, as well as in connection with conversions between the two separate types of RMB, the onshore","page_number":103,"box":{"x":117,"y":583,"width":758,"height":12}},{"id":"fab1f36f-ecbd-4b4d-91fb-c30d493495d6","block_type":"box","text":"RMB (“CNY”) and the offshore RMB (“CNH”).","page_number":103,"box":{"x":117,"y":599,"width":340,"height":12}},{"id":"aaa214ca-2293-4a6f-9621-6e75a9c415dd","block_type":"box","text":"Many Chinese companies listed on U.S. exchanges use variable interest entities or “VIEs” in their","page_number":103,"box":{"x":117,"y":630,"width":727,"height":12}},{"id":"dcc2b8cc-b4d0-49ce-be7b-8a3dbdc0a6ff","block_type":"box","text":"structure as a result of foreign ownership restrictions. In a VIE structure, a Chinese operating company","page_number":103,"box":{"x":116,"y":645,"width":767,"height":12}},{"id":"e2697000-b8a9-4f2f-9472-8ab95584b06a","block_type":"box","text":"establishes a shell company in another jurisdiction to issue stock to public shareholders. When a VIE","page_number":103,"box":{"x":116,"y":661,"width":748,"height":12}},{"id":"14885677-5fee-4f11-a05d-7d1c4c102ba3","block_type":"box","text":"structure is used by a Chinese company to list its stock in the U.S., instead of owning the equity","page_number":103,"box":{"x":116,"y":676,"width":710,"height":12}},{"id":"581e00f4-c32d-44e2-bff6-188dd84e4234","block_type":"box","text":"securities of the Chinese company, the U.S.-listed shell company directly or indirectly enters into","page_number":103,"box":{"x":116,"y":692,"width":716,"height":12}},{"id":"24a09cdc-d4d6-4e00-8e01-2c29bf6811ff","block_type":"box","text":"contracts with the Chinese operating company under Chinese law. These contracts provide the U.S.-","page_number":103,"box":{"x":116,"y":707,"width":749,"height":12}},{"id":"2a91e9c7-7302-4e0a-8535-87b2153a658f","block_type":"box","text":"listed shell company with only economic exposure to the Chinese company and do not represent","page_number":103,"box":{"x":117,"y":723,"width":717,"height":12}},{"id":"83eccd91-3fc5-48d0-8c53-ec6be7c2a904","block_type":"box","text":"equity ownership in the operating company.","page_number":103,"box":{"x":116,"y":738,"width":323,"height":12}},{"id":"07685a31-f232-4b8b-b971-e14c38513851","block_type":"box","text":"While VIEs are a longstanding practice that is well known to Chinese officials and regulators, they have","page_number":103,"box":{"x":116,"y":769,"width":765,"height":12}},{"id":"72cdde94-c396-4912-a2be-9a984be3d8a4","block_type":"box","text":"not been formally recognized under Chinese law. The Chinese government has provided guidance to","page_number":103,"box":{"x":117,"y":785,"width":749,"height":12}},{"id":"14dc25cb-d944-48ff-958c-175c10867e9d","block_type":"box","text":"and placed restrictions on Chinese-based companies raising capital offshore, including through VIEs.","page_number":103,"box":{"x":116,"y":800,"width":749,"height":12}},{"id":"dc34ab59-8251-454d-8415-4077447134c2","block_type":"box","text":"In 2023, the China Securities Regulatory Commission (“CSRC”) released new rules that permit the use","page_number":103,"box":{"x":117,"y":816,"width":762,"height":12}},{"id":"966cf3dd-7e9a-456a-b4ab-86170f7e1910","block_type":"box","text":"of VIE structures, provided they abide by Chinese laws and register with the CSRC. The rules,","page_number":103,"box":{"x":116,"y":831,"width":705,"height":12}},{"id":"394ce66d-096a-44f1-a0bd-f3249e07a2c1","block_type":"box","text":"however, may cause Chinese companies to undergo greater scrutiny and add costs to VIE structures.","page_number":103,"box":{"x":117,"y":847,"width":759,"height":12}},{"id":"c34bcc47-a459-4e57-966d-8a8c7d280f0d","block_type":"box","text":"Intervention, rulemaking or guidance by the Chinese government with respect to VIE structures or the","page_number":103,"box":{"x":117,"y":862,"width":758,"height":12}},{"id":"06a46aa8-e622-44eb-b9cd-c464d9fca939","block_type":"box","text":"non-enforcement of VIE-related contractual rights could significantly affect the operating company’s","page_number":103,"box":{"x":117,"y":878,"width":742,"height":12}},{"id":"3d553c0f-eda1-4ee6-bf84-88b05b36f1e9","block_type":"box","text":"II-54","page_number":103,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"b36112b5-814f-4289-9668-1a6eb48ddfbf","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":103,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"5b33e2ac-18e9-46c3-9c63-6bf56b8d2c3b","block_type":"box","text":"business in China, the enforceability of the U.S.-listed shell company’s contractual arrangements with","page_number":104,"box":{"x":117,"y":87,"width":756,"height":12}},{"id":"52feed3e-1f2d-4fc5-9249-fe3d7e1bf608","block_type":"box","text":"the Chinese company and the value of the U.S.-listed stock. Further, the VIE contractual arrangement","page_number":104,"box":{"x":116,"y":102,"width":762,"height":13}},{"id":"011a933c-b3bf-46ae-8d68-b1c4ce744b75","block_type":"box","text":"would likely be subject to Chinese law and jurisdiction, and remedies available to the U.S.-listed shell","page_number":104,"box":{"x":116,"y":118,"width":754,"height":12}},{"id":"78f700c7-2c46-4b6e-86f6-1497b924e408","block_type":"box","text":"company are uncertain and could be ineffective. In addition to the risk of government intervention,","page_number":104,"box":{"x":116,"y":134,"width":731,"height":12}},{"id":"5931fb7c-5de5-459f-8558-c157553e757d","block_type":"box","text":"investments through a VIE structure are subject to the risk that the China-based company (or its","page_number":104,"box":{"x":117,"y":149,"width":717,"height":12}},{"id":"3c515531-30bf-42e6-ac37-dfeb5b9d5059","block_type":"box","text":"officers, directors, or Chinese equity owners) may breach those contractual arrangements, or Chinese","page_number":104,"box":{"x":116,"y":165,"width":763,"height":12}},{"id":"43df23b8-8637-4cc6-9680-a9cba47db272","block_type":"box","text":"law changes in a way that adversely affects the enforceability of these arrangements, or those","page_number":104,"box":{"x":117,"y":180,"width":703,"height":12}},{"id":"06ae8d3b-b2b2-4eac-9232-72bb2b27e775","block_type":"box","text":"contracts are otherwise not enforceable under Chinese law, in which case the Fund may suffer","page_number":104,"box":{"x":116,"y":196,"width":708,"height":12}},{"id":"904bce4a-e4b0-43c8-98fc-c87c77a557e8","block_type":"box","text":"significant losses on its investments through a VIE structure with little or no recourse available. Any","page_number":104,"box":{"x":116,"y":211,"width":741,"height":12}},{"id":"2e48b93c-39f9-48aa-b34d-b17b2c469f90","block_type":"box","text":"change in the operations of entities in a VIE structure, the status of VIE contractual arrangements or","page_number":104,"box":{"x":116,"y":227,"width":748,"height":12}},{"id":"c1ec5f79-a79f-44df-ada5-973424535fb4","block_type":"box","text":"the legal or regulatory environment in China, generally or with respect to specific industries, could","page_number":104,"box":{"x":116,"y":242,"width":729,"height":12}},{"id":"671a9dfd-16b4-4610-8b81-06ca3969baae","block_type":"box","text":"result in significant, and possibly permanent and/or total, losses to a Fund.","page_number":104,"box":{"x":117,"y":258,"width":556,"height":12}},{"id":"226f65e0-bc69-4311-84f9-935f00a04d52","block_type":"box","text":"While the Chinese economy has experienced past periods of rapid growth, there is no assurance that","page_number":104,"box":{"x":116,"y":289,"width":758,"height":12}},{"id":"b0db7e2e-89f3-4def-acef-002ecfa3290d","block_type":"box","text":"such growth rates will recur. Other economic challenges for China include indebtedness, weak","page_number":104,"box":{"x":116,"y":304,"width":706,"height":12}},{"id":"467f6bab-5246-42ca-9052-e5c7a7c24101","block_type":"box","text":"consumer demand, trade tensions, and an aging population. China continues to face pressure from its","page_number":104,"box":{"x":116,"y":320,"width":763,"height":12}},{"id":"de4b3e03-32e9-4fe4-831b-6ba0b2568271","block_type":"box","text":"trading partners over its exporting of its excess industrial capacity and overall approach to economic","page_number":104,"box":{"x":116,"y":335,"width":748,"height":12}},{"id":"9fafe130-5cdf-45a7-8b84-c4f4951eda8e","block_type":"box","text":"management. China’s economy is heavily dependent on export growth. Reduction in spending on","page_number":104,"box":{"x":117,"y":351,"width":727,"height":12}},{"id":"78677f87-0886-4066-80d3-3779cca27ea5","block_type":"box","text":"Chinese products and services, supply chain diversification, institution of additional tariffs, sanctions or","page_number":104,"box":{"x":117,"y":366,"width":765,"height":12}},{"id":"b84f9b62-710c-4934-8e28-637edd179ff2","block_type":"box","text":"other trade barriers (including as a result of heightened trade tensions between China and the United","page_number":104,"box":{"x":116,"y":382,"width":755,"height":12}},{"id":"b2321c31-5905-4ca6-9571-dcbcddefdb15","block_type":"box","text":"States or in response to actual or alleged Chinese cyber activity) or a downturn in any of the","page_number":104,"box":{"x":116,"y":397,"width":688,"height":12}},{"id":"8e872fa3-2ef9-4afc-9f37-da46eb22baac","block_type":"box","text":"economies of China’s key trading partners may have an adverse impact on the Chinese economy and","page_number":104,"box":{"x":116,"y":413,"width":762,"height":12}},{"id":"8b8d8c2e-1922-4bae-aa48-07ba4c642897","block_type":"box","text":"the companies in which a Fund invests. Certain Chinese companies (which may change from time to","page_number":104,"box":{"x":116,"y":428,"width":753,"height":12}},{"id":"5c027ebf-31de-4765-bac5-c7765cd6042e","block_type":"box","text":"time) are directly or indirectly subject to economic or trade restrictions imposed by the U.S. or other","page_number":104,"box":{"x":116,"y":444,"width":741,"height":12}},{"id":"f105d26d-4595-47f0-b369-063922b8b2a8","block_type":"box","text":"governments due to national security, human rights or other concerns of such government. For","page_number":104,"box":{"x":116,"y":459,"width":709,"height":12}},{"id":"f876db87-0c70-43ce-99f1-3c8cad7fa5ee","block_type":"box","text":"example, certain foreign technology companies are subject to U.S. export controls as those companies","page_number":104,"box":{"x":116,"y":475,"width":769,"height":12}},{"id":"b414948d-e5d9-4dc3-8d49-e41bbde40b0c","block_type":"box","text":"are believed to pose a risk to U.S. interests. The U.S. also bans imports of goods produced in certain","page_number":104,"box":{"x":116,"y":490,"width":755,"height":12}},{"id":"981f9261-b296-44e9-b5c5-b335da5e4d9d","block_type":"box","text":"regions of China or by certain Chinese companies due to concerns about forced labor. Such","page_number":104,"box":{"x":117,"y":506,"width":688,"height":12}},{"id":"22c578da-1c30-406c-9064-ffdaed394df3","block_type":"box","text":"restrictions may have unanticipated and adverse effects on the Chinese economy and companies. Any","page_number":104,"box":{"x":117,"y":521,"width":767,"height":12}},{"id":"8d603359-8213-4579-9930-1f632ca2db2c","block_type":"box","text":"action that targets Chinese financial markets or securities exchanges could interfere with orderly","page_number":104,"box":{"x":116,"y":537,"width":719,"height":12}},{"id":"a5045a8a-5bb5-4a54-8aa9-19ab0993f307","block_type":"box","text":"trading, delay settlement or cause market disruptions. Certain companies may be subject to economic","page_number":104,"box":{"x":116,"y":552,"width":762,"height":12}},{"id":"6fc19020-e4ab-437d-8bcb-11f97c3c5bc6","block_type":"box","text":"or trade restrictions (but not investment restrictions) imposed by the U.S. or other governments due to","page_number":104,"box":{"x":116,"y":568,"width":761,"height":12}},{"id":"d4381be6-9d74-447f-8245-e903bfd150ec","block_type":"box","text":"national security, human rights or other concerns of such government. So long as these restrictions do","page_number":104,"box":{"x":117,"y":583,"width":764,"height":12}},{"id":"cde5a714-5b56-4dab-889c-cfe45b01da3b","block_type":"box","text":"not include restrictions on investments, the Fund may invest in such companies.","page_number":104,"box":{"x":117,"y":599,"width":599,"height":12}},{"id":"55135b86-05e0-4c8a-b720-1441e3dca673","block_type":"box","text":"The tax laws and regulations in the PRC are subject t","page_number":104,"box":{"x":116,"y":630,"width":374,"height":12}},{"id":"b1a1abe6-c78d-415d-95d6-9f20cc2f0061","block_type":"box","text":"to change, including the issuance of authoritative","page_number":104,"box":{"x":490,"y":630,"width":352,"height":12}},{"id":"c3ba7d86-67e9-46a5-b804-cbcfb5d3aaf7","block_type":"box","text":"guidance or enforcement, possibly with retroactive e","page_number":104,"box":{"x":116,"y":645,"width":370,"height":12}},{"id":"c850a8f4-771c-4486-801a-44190da1a044","block_type":"box","text":"ffect. The interpretation, applicability and enforcement","page_number":104,"box":{"x":487,"y":645,"width":386,"height":12}},{"id":"a08992a6-3271-48ee-ae62-3ad1f9941c42","block_type":"box","text":"of such laws by PRC tax authorities are not as c","page_number":104,"box":{"x":116,"y":661,"width":341,"height":12}},{"id":"c75aabf7-fe38-46ff-91cd-6c43a426ffa2","block_type":"box","text":"onsistent and transparent as those of more developed","page_number":104,"box":{"x":458,"y":661,"width":383,"height":12}},{"id":"c509b193-d75f-4695-824d-fecfe5804122","block_type":"box","text":"nations, and may vary over time and from region to","page_number":104,"box":{"x":117,"y":676,"width":362,"height":12}},{"id":"67288280-9f43-49bf-8cd6-524bb8fe58e6","block_type":"box","text":"region. The application and enforcement of PRC tax","page_number":104,"box":{"x":484,"y":676,"width":370,"height":12}},{"id":"e9f846a0-7e0b-4cfc-9873-5c5fa4559eed","block_type":"box","text":"rules could have a significant adverse effect on a Fund and","page_number":104,"box":{"x":117,"y":692,"width":418,"height":12}},{"id":"38387cae-aea1-46d4-b6f3-883b3782cfdf","block_type":"box","text":"its investors, particularly in relation to capital","page_number":104,"box":{"x":541,"y":692,"width":311,"height":12}},{"id":"71ccc52a-593f-4ede-84b7-fd88d3dc555b","block_type":"box","text":"gains withholding tax imposed upon non-residents. In","page_number":104,"box":{"x":116,"y":707,"width":378,"height":12}},{"id":"8589f2d8-3d08-4d2c-a1df-e7595035604b","block_type":"box","text":"addition, the accounting, auditing and financial","page_number":104,"box":{"x":500,"y":707,"width":327,"height":12}},{"id":"4b82d1b1-6bdb-4615-a1f0-ce0f61bde87e","block_type":"box","text":"reporting standards and practices applicable to Chinese companies may be less rigorous, and may result in","page_number":104,"box":{"x":117,"y":723,"width":762,"height":12}},{"id":"a4fde95a-d370-4c42-b3d8-73c54e02b24e","block_type":"box","text":"significant differences between financial stat","page_number":104,"box":{"x":116,"y":738,"width":313,"height":12}},{"id":"214f6993-8c37-40ca-ac26-80e23b1f4319","block_type":"box","text":"ements prepared in accordance with PRC accounting","page_number":104,"box":{"x":429,"y":738,"width":380,"height":12}},{"id":"2d59751d-bf91-4005-b531-699a28de019c","block_type":"box","text":"standards and practice and those prepared in acco","page_number":104,"box":{"x":116,"y":754,"width":362,"height":12}},{"id":"8286b604-faad-4c06-aa5e-095d9cd1ae73","block_type":"box","text":"rdance with international accounting standards.","page_number":104,"box":{"x":479,"y":754,"width":334,"height":12}},{"id":"491587ae-2e2c-4f16-9c8a-4e426f7ef3b0","block_type":"box","text":"From time to time and in recent years, China has experienced outbreaks of infectious illnesses and the","page_number":104,"box":{"x":117,"y":785,"width":762,"height":12}},{"id":"f6186b0b-1943-4d2a-909b-665b70570538","block_type":"box","text":"country may be subject to other public health threats, infectious illnesses, diseases or similar issues in","page_number":104,"box":{"x":116,"y":800,"width":757,"height":12}},{"id":"e1070dbb-69d2-4be8-a518-1cd57d2892de","block_type":"box","text":"the future. Any spread of an infectious illness, public health threat or similar issue could reduce","page_number":104,"box":{"x":116,"y":816,"width":704,"height":12}},{"id":"8ddc8be0-7a51-44fe-9342-fda8278c5a47","block_type":"box","text":"consumer demand or economic output, result in market closures, travel restrictions or quarantines, and","page_number":104,"box":{"x":116,"y":831,"width":770,"height":12}},{"id":"c2a1a67f-7c44-42f8-a444-b483bb9a2e12","block_type":"box","text":"generally have a significant impact on the Chinese economy, which in turn could adversely affect a","page_number":104,"box":{"x":116,"y":847,"width":738,"height":12}},{"id":"98941be2-d7dc-4ede-96b3-ad4f18002611","block_type":"box","text":"Fund’s investments.","page_number":104,"box":{"x":117,"y":862,"width":153,"height":10}},{"id":"74964e01-65a6-4798-9981-b7403ca8e8b8","block_type":"box","text":"II-55","page_number":104,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"5469ee8a-366d-4b1b-8af8-70c7205e3a8c","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":104,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"ccc13970-b318-4668-bc7e-cbed30cd9acb","block_type":"box","text":"Risk of Investing through Stock Connect","page_number":105,"box":{"x":116,"y":87,"width":300,"height":12}},{"id":"8033c244-fbf1-4995-a7ef-848dd41709c2","block_type":"box","text":".","page_number":105,"box":{"x":417,"y":95,"width":7,"height":1}},{"id":"62529aca-a3a2-4b68-945f-1e1ed63a8840","block_type":"box","text":"General.","page_number":105,"box":{"x":117,"y":112,"width":68,"height":9}},{"id":"91bd58d0-a6b0-4541-b3e0-9af4618a8dcf","block_type":"box","text":"China A-shares are equity securities of companies domiciled in China that trade on Chinese","page_number":105,"box":{"x":186,"y":112,"width":687,"height":12}},{"id":"b94d21f1-a404-440d-93fa-3ec0eafcbcee","block_type":"box","text":"stock exchanges such as the Shanghai Stock Exchange (“SSE”), the Shenzhen Stock Exchange","page_number":105,"box":{"x":116,"y":127,"width":723,"height":12}},{"id":"40852706-dc5c-4b11-a3b4-428391ec3887","block_type":"box","text":"(“SZSE”) and the Beijing Stock Exchange (“BSE”) (“A-shares”). Foreign investment in A-shares on the","page_number":105,"box":{"x":117,"y":143,"width":761,"height":12}},{"id":"6d08dfa0-62d1-43bb-a459-39dd42c835c8","block_type":"box","text":"SSE and SZSE is not permitted, other than pursuant to available exceptions, such as through a","page_number":105,"box":{"x":116,"y":158,"width":713,"height":12}},{"id":"97176e2c-ba28-42ee-9600-7f95d25f0659","block_type":"box","text":"qualified foreign investor approved pursuant to the relevant mainland China laws and regulations as","page_number":105,"box":{"x":116,"y":174,"width":745,"height":12}},{"id":"97fdd950-c8ef-47f6-9e4a-27782c1aaf9c","block_type":"box","text":"may be promulgated and/or amended from time to time (“QFI”).","page_number":105,"box":{"x":117,"y":189,"width":474,"height":12}},{"id":"e83b8cb2-34c9-48b3-b2f9-f4077235a283","block_type":"box","text":"Investment in eligible exchange traded funds and A-shares listed and traded on the SSE or SZSE","page_number":105,"box":{"x":117,"y":223,"width":728,"height":13}},{"id":"4365239d-8239-443e-a5f7-d0ea50f3ef61","block_type":"box","text":"(“Stock Connect Securities”) is also permitted through the Shanghai-Hong Kong Stock Connect","page_number":105,"box":{"x":117,"y":239,"width":711,"height":12}},{"id":"6fe30de6-2fba-4bc2-bfdc-f156c6baabee","block_type":"box","text":"program or the Shenzhen-Hong Kong Stock Connect program, as applicable (each, a “Stock Connect”","page_number":105,"box":{"x":117,"y":254,"width":764,"height":13}},{"id":"27f2fef8-6ded-4aaf-baad-aea1f8d1f753","block_type":"box","text":"and collectively, “Stock Connects”). Each Stock Connect is a securities trading and clearing links","page_number":105,"box":{"x":116,"y":270,"width":722,"height":12}},{"id":"a3b3e7cd-c82a-41ab-b2c8-a201ad1c1538","block_type":"box","text":"program established by The Stock Exchange of Hong Kong Limited (“SEHK”), the Hong Kong","page_number":105,"box":{"x":117,"y":285,"width":699,"height":13}},{"id":"c61aa206-fccc-44a9-9b5a-23c98e40643d","block_type":"box","text":"Securities Clearing Company Limited (“HKSCC”), the SSE or SZSE, as applicable, and China","page_number":105,"box":{"x":116,"y":301,"width":700,"height":12}},{"id":"cc640493-1ee8-4a84-ae16-d091926ea826","block_type":"box","text":"Securities Depository and Clearing Corporation Limited (“CSDCC”) that aims to provide mutual stock","page_number":105,"box":{"x":116,"y":316,"width":753,"height":13}},{"id":"afbe73b9-bf08-4064-b2b8-eb5e3c6b1b40","block_type":"box","text":"market access between the PRC and Hong Kong by permitting investors to trade and settle shares on","page_number":105,"box":{"x":117,"y":332,"width":761,"height":12}},{"id":"f428dc91-40c0-4c00-8cc4-76dc535056fb","block_type":"box","text":"each market through their local securities brokers. Under Stock Connects, a Fund’s trading of Stock","page_number":105,"box":{"x":116,"y":347,"width":746,"height":13}},{"id":"95cfcd35-c046-4215-80dc-6eb2b82fc4e9","block_type":"box","text":"Connect Securities listed on the SSE or SZSE, as applicable, would be effectuated through its Hong","page_number":105,"box":{"x":117,"y":363,"width":747,"height":12}},{"id":"ebf853b0-f162-499b-8d5f-200ca843bd4e","block_type":"box","text":"Kong broker and a securities trading service company established by SEHK.","page_number":105,"box":{"x":117,"y":378,"width":572,"height":13}},{"id":"b6123151-5a2c-4953-867f-162c58a9c016","block_type":"box","text":"Although no individual investment quotas or licensing requirements apply to investors in Stock","page_number":105,"box":{"x":116,"y":413,"width":703,"height":12}},{"id":"29a1ee69-324e-48a2-b873-1e0d1140746c","block_type":"box","text":"Connect, trading through a Stock Connect’s Northbound Trading Link is subject to daily investment","page_number":105,"box":{"x":117,"y":428,"width":738,"height":12}},{"id":"cb425dda-e400-4fb6-8022-3d48307b4e9d","block_type":"box","text":"quota limitations which require that buy orders for Stock Connect Securities be rejected once the daily","page_number":105,"box":{"x":116,"y":444,"width":761,"height":12}},{"id":"b92f17f1-24b2-4ba0-9496-acc3ba5a6633","block_type":"box","text":"quota is exceeded (although a Fund will be permitted to sell their Stock Connect Securities regardless","page_number":105,"box":{"x":116,"y":459,"width":761,"height":12}},{"id":"7940fc59-11b2-4bbd-9547-9f3d542a2dd5","block_type":"box","text":"of the quota). These limitations may restrict a Fund from investing in Stock Connect Securities on a","page_number":105,"box":{"x":116,"y":475,"width":741,"height":12}},{"id":"94954eb6-9ebc-449a-9a4c-a613a7f89dc2","block_type":"box","text":"timely basis, which could affect the Fund’s ability to effectively pursue its investment strategy.","page_number":105,"box":{"x":116,"y":490,"width":698,"height":12}},{"id":"730b4bc7-67b0-4867-9147-6fe3531fe39f","block_type":"box","text":"Investment quotas are also subject to change. Investment in Stock Connect Securities through a Stock","page_number":105,"box":{"x":117,"y":506,"width":767,"height":12}},{"id":"796babbd-75da-4867-b649-022af7b19c1b","block_type":"box","text":"Connect is subject to trading, clearance and settlement procedures that could pose risks to a Fund.","page_number":105,"box":{"x":117,"y":521,"width":741,"height":12}},{"id":"2a57a050-f9f7-4991-a14f-850a8b1c235a","block_type":"box","text":"Stock Connect Securities purchased through Stock Connects generally may not be sold or otherwise","page_number":105,"box":{"x":116,"y":537,"width":753,"height":12}},{"id":"a2601290-dd8a-4eed-8e9a-e62d3a9cf25a","block_type":"box","text":"transferred other than through Stock Connects in accordance with applicable rules. For example, the","page_number":105,"box":{"x":116,"y":552,"width":752,"height":12}},{"id":"667632bf-e636-460e-bfdf-456149bc9a28","block_type":"box","text":"PRC regulations require that in order for an investor to sell any Stock Connect Securities on a certain","page_number":105,"box":{"x":117,"y":568,"width":755,"height":12}},{"id":"a3738fb6-2488-4d54-baa3-89fcee20dd59","block_type":"box","text":"trading day, there must be sufficient Stock Connect Securities in the investor’s account before the","page_number":105,"box":{"x":116,"y":583,"width":730,"height":12}},{"id":"212cd106-c25d-48ce-b1eb-8245b73bfaaa","block_type":"box","text":"market opens on that day. If there are insufficient Stock Connect Securities in the investor’s account,","page_number":105,"box":{"x":117,"y":599,"width":751,"height":12}},{"id":"4f4852a7-749b-4cb4-8336-18c801a2eb5b","block_type":"box","text":"the sell order will be rejected by the SSE or SZSE, as applicable. SEHK carries out pre-trade checking","page_number":105,"box":{"x":116,"y":614,"width":765,"height":12}},{"id":"d4579373-6aed-4c6b-9702-5161e2c5e520","block_type":"box","text":"on sell orders of certain stocks listed on the SSE market (“SSE Securities”) or SZSE market (“SZSE","page_number":105,"box":{"x":116,"y":630,"width":746,"height":12}},{"id":"324fe718-9341-4a16-aa32-a845d40d21b8","block_type":"box","text":"Securities”) of its participants (i.e., stock brokers) to ensure that this requirement is satisfied. While","page_number":105,"box":{"x":116,"y":645,"width":736,"height":12}},{"id":"27790386-96ef-48d8-8ead-694aeb867e7f","block_type":"box","text":"shares must be designated as eligible to be traded under a Stock Connect, those shares may also lose","page_number":105,"box":{"x":116,"y":661,"width":765,"height":12}},{"id":"dd7d1b2f-030f-4cda-acbc-17b10ef76646","block_type":"box","text":"such designation, and if this occurs, such shares may be sold but cannot be purchased through a","page_number":105,"box":{"x":116,"y":676,"width":722,"height":12}},{"id":"dfdc00ae-71aa-481f-9b81-4098997e2812","block_type":"box","text":"Stock Connect. In addition, Stock Connects will only operate on days when both the Chinese and Hong","page_number":105,"box":{"x":116,"y":692,"width":766,"height":12}},{"id":"ea1fa1be-19c8-4d7a-8fb6-65d4dbb2a249","block_type":"box","text":"Kong markets are open for trading, and banking services are available in both markets on the","page_number":105,"box":{"x":117,"y":707,"width":693,"height":12}},{"id":"fce71bb3-a10c-48ad-a5be-7262a1f61693","block_type":"box","text":"corresponding settlement days. Therefore, an investment in Stock Connect Securities through a Stock","page_number":105,"box":{"x":116,"y":723,"width":759,"height":12}},{"id":"629f84ba-af7d-4e7d-a688-416e045d27df","block_type":"box","text":"Connect may subject a Fund to a risk of price fluctuations on days when the Chinese market is open,","page_number":105,"box":{"x":117,"y":738,"width":748,"height":12}},{"id":"7a1b20eb-6acf-400e-b0b3-734d6d7608b1","block_type":"box","text":"but a Stock Connect is not trading. Moreover, day (turnaround) trading is not permitted on the Stock","page_number":105,"box":{"x":117,"y":754,"width":740,"height":12}},{"id":"52e03f1d-795f-4721-8fae-2bb1925abfda","block_type":"box","text":"Connect Securities market. If an investor buys Stock Connect Securities on day “T,” the investor will","page_number":105,"box":{"x":117,"y":769,"width":740,"height":12}},{"id":"5156dea1-e043-451a-9ccb-9d7a533d32b1","block_type":"box","text":"only be able to sell the Stock Connect Securities on or after day T+1. Further, since all trades of Stock","page_number":105,"box":{"x":116,"y":785,"width":758,"height":12}},{"id":"3c39d372-6530-4e40-9329-b059d8ef1921","block_type":"box","text":"Connect Securities must be settled in RMB, investors must have timely access to a reliable supply of","page_number":105,"box":{"x":117,"y":800,"width":748,"height":12}},{"id":"951074e3-de73-4da9-ba83-7c1348f125b5","block_type":"box","text":"offshore RMB, which cannot be guaranteed. There is also no assurance that RMB will not be subject to","page_number":105,"box":{"x":116,"y":816,"width":765,"height":12}},{"id":"0b99ae4c-1e08-489c-b728-9695074c96a6","block_type":"box","text":"devaluation. Any devaluation of RMB could adversely affect a Fund’s investments. If a Fund holds a","page_number":105,"box":{"x":116,"y":831,"width":746,"height":12}},{"id":"100fea6c-b1c0-492b-bbc7-3a792661814e","block_type":"box","text":"class of shares denominated in a local currency other than RMB, the Fund will be exposed to currency","page_number":105,"box":{"x":116,"y":847,"width":765,"height":12}},{"id":"cdb62969-0331-4e79-a7a5-38785805bce6","block_type":"box","text":"exchange risk if the Fund converts the local currency into RMB for investments in Stock Connect","page_number":105,"box":{"x":116,"y":862,"width":722,"height":12}},{"id":"2d824928-fc40-4fe9-afd9-c743c03b4917","block_type":"box","text":"Securities. A Fund may also incur conversion costs.","page_number":105,"box":{"x":116,"y":878,"width":390,"height":12}},{"id":"e4000c29-a6ce-40a6-8da7-b6e30cbbbe09","block_type":"box","text":"II-56","page_number":105,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"41d243e9-3c29-43c1-a797-3eca78bcde13","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":105,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"20ad7996-e8cd-4bd4-ae8a-de6e1bcc4285","block_type":"box","text":"Stock Connect Securities held through the nominee structure under a Stock Connect will be held","page_number":106,"box":{"x":116,"y":87,"width":722,"height":12}},{"id":"3f68eb01-1ded-4de0-8a9e-4180f35f0aa9","block_type":"box","text":"through HKSCC as nominee on behalf of investors. The precise nature and rights of a Fund as the","page_number":106,"box":{"x":116,"y":102,"width":736,"height":13}},{"id":"360edb0f-8807-4dc3-ad54-4399b6433ad2","block_type":"box","text":"beneficial owner of the SSE Securities or SZSE Securities through HKSCC as nominee is not well","page_number":106,"box":{"x":117,"y":118,"width":731,"height":12}},{"id":"a00275d4-60d3-45de-81da-6a331194986d","block_type":"box","text":"defined under the PRC laws. There is a lack of a clear definition of, and distinction between, legal","page_number":106,"box":{"x":116,"y":134,"width":728,"height":12}},{"id":"70c62528-8d18-4b20-a256-bb33731f38b7","block_type":"box","text":"ownership and beneficial ownership under the PRC laws and there have been few cases involving a","page_number":106,"box":{"x":116,"y":149,"width":748,"height":12}},{"id":"67be51a0-1f95-4686-a2f8-ac044067a1e3","block_type":"box","text":"nominee account structure in the PRC courts. The exact nature and methods of enforcement of the","page_number":106,"box":{"x":117,"y":165,"width":740,"height":9}},{"id":"c05da0a4-c11a-4785-ba63-d14b841ae86b","block_type":"box","text":"rights and interests of a Fund under the PRC laws is also uncertain. In the unlikely event that HKSCC","page_number":106,"box":{"x":117,"y":180,"width":757,"height":12}},{"id":"bcb78563-c80d-4436-ba66-243c0161fc3c","block_type":"box","text":"becomes subject to winding up proceedings in Hong Kong, there is a risk that the SSE Securities or","page_number":106,"box":{"x":117,"y":196,"width":743,"height":12}},{"id":"6b99b77d-41a6-4dd1-ab6e-aedb1dbb4da4","block_type":"box","text":"SZSE Securities may not be regarded as held for the beneficial ownership of a Fund or as part of the","page_number":106,"box":{"x":116,"y":211,"width":754,"height":12}},{"id":"878d03a9-12e2-42e3-baab-e51a8e14453b","block_type":"box","text":"general assets of HKSCC available for general distribution to its creditors. Notwithstanding the fact that","page_number":106,"box":{"x":116,"y":227,"width":770,"height":12}},{"id":"e7ef4f8f-c7fb-4d9b-9ac6-93bc73005415","block_type":"box","text":"HKSCC does not claim proprietary interests in the SSE Securities or SZSE Securities held in its","page_number":106,"box":{"x":117,"y":242,"width":714,"height":12}},{"id":"6e1d33bf-924a-4a70-ad03-11108bf32bd9","block_type":"box","text":"omnibus stock account in the CSDCC, the CSDCC as the share registrar for SSE- or SZSE-listed","page_number":106,"box":{"x":116,"y":258,"width":729,"height":12}},{"id":"cfd6ce4b-72e2-4001-955f-ae36b59b7ec4","block_type":"box","text":"companies will still treat HKSCC as one of the shareholders when it handles corporate actions in","page_number":106,"box":{"x":116,"y":273,"width":722,"height":12}},{"id":"243aaa16-bfd5-4e9c-8905-6d9c39c5fd11","block_type":"box","text":"respect of such SSE Securities or SZSE Securities. HKSCC monitors the corporate actions affecting","page_number":106,"box":{"x":117,"y":289,"width":749,"height":12}},{"id":"f6e0501d-08c2-448a-b26a-aa175f61df4f","block_type":"box","text":"SSE Securities and SZSE Securities and keeps participants of Central Clearing and Settlement","page_number":106,"box":{"x":116,"y":304,"width":712,"height":12}},{"id":"83cfab91-e0d7-4e95-ab74-ff183386ba35","block_type":"box","text":"System (“CCASS”) informed of all such corporate actions that require CCASS participants to take","page_number":106,"box":{"x":116,"y":320,"width":729,"height":12}},{"id":"e2189de2-5976-4a96-9005-bbee4036da8c","block_type":"box","text":"steps in order to participate in them. Investors may only exercise their voting rights by providing their","page_number":106,"box":{"x":116,"y":335,"width":750,"height":12}},{"id":"ef3ab002-4f1a-475d-b1ea-6aa27adc2c41","block_type":"box","text":"voting instructions to HKSCC through participants of CCASS. All voting instructions from CCASS","page_number":106,"box":{"x":116,"y":351,"width":724,"height":12}},{"id":"9b313f6b-fac7-44c9-b697-68fd3cfb9c6d","block_type":"box","text":"participants will be consolidated by HKSCC, who will then submit a combined single voting instruction","page_number":106,"box":{"x":117,"y":366,"width":757,"height":12}},{"id":"90824dac-1204-4362-9e34-cd5904b03a81","block_type":"box","text":"to the relevant SSE- or SZSE-listed company. As a result, a Fund may suffer difficulties or delays in","page_number":106,"box":{"x":116,"y":382,"width":745,"height":12}},{"id":"b87997da-f184-4c5f-8f41-4e8e12c0e711","block_type":"box","text":"enforcing its rights in SSE Securities or SZSE Securities.","page_number":106,"box":{"x":116,"y":397,"width":427,"height":12}},{"id":"18228065-28a3-4e22-b94b-a9e64f9b56a0","block_type":"box","text":"Hong Kong’s Investor Compensation Fund is established to pay compensation to investors of any","page_number":106,"box":{"x":117,"y":428,"width":728,"height":12}},{"id":"e53590d0-5575-46b8-bff7-f1e67cfb004c","block_type":"box","text":"nationality who suffer pecuniary losses as a result of default of a licensed intermediary or authorized","page_number":106,"box":{"x":117,"y":444,"width":747,"height":12}},{"id":"273a0357-3b62-4498-b7ec-abfd4cd68f1f","block_type":"box","text":"financial institution in relation to exchange-traded products in Hong Kong. For defaults occurring on or","page_number":106,"box":{"x":116,"y":459,"width":760,"height":12}},{"id":"e37314f3-bd7c-4de5-8874-453cfe772a2f","block_type":"box","text":"after January 1, 2020, Hong Kong’s Investor Compensation Fund covers investors’ losses in relation to","page_number":106,"box":{"x":116,"y":475,"width":769,"height":12}},{"id":"0ec182e7-475e-42b2-bedc-b73796aedd96","block_type":"box","text":"securities (i) that are traded on the SSE or the SZSE and (ii) in respect of which an order for sale or","page_number":106,"box":{"x":116,"y":490,"width":743,"height":12}},{"id":"74a5bd57-96e6-406c-9cf5-ada9c6a0aa5b","block_type":"box","text":"purchase is permitted to be routed through the Northbound Trading Link of a Stock Connect. On the","page_number":106,"box":{"x":117,"y":506,"width":746,"height":12}},{"id":"1910d92e-188c-4337-a14f-1a167aa8ffaf","block_type":"box","text":"other hand, since a Fund carries out Northbound trading through securities brokers in Hong Kong but","page_number":106,"box":{"x":116,"y":521,"width":756,"height":12}},{"id":"152e09ec-6a6c-4a40-8c71-17279d8b5ba0","block_type":"box","text":"not PRC brokers, it is not protected by the China Securities Investor Protection Fund in the PRC.","page_number":106,"box":{"x":117,"y":537,"width":722,"height":12}},{"id":"e0cf19bf-b368-4234-bef5-4683289b9897","block_type":"box","text":"Market participants are able to participate in Stock Connects subject to meeting certain information","page_number":106,"box":{"x":117,"y":568,"width":737,"height":12}},{"id":"66c9d998-ac06-450e-83cb-0aed8f4dd6b0","block_type":"box","text":"technology capability, risk management and other requirements as may be specified by the relevant","page_number":106,"box":{"x":116,"y":583,"width":746,"height":12}},{"id":"53be44b0-db1d-4b96-aa78-f8a959e6a9fc","block_type":"box","text":"exchange and/or clearing house. Further, the “connectivity” in Stock Connects requires routing of","page_number":106,"box":{"x":116,"y":599,"width":725,"height":12}},{"id":"97f33701-cdcf-4faa-93f5-6e89a6c0cf14","block_type":"box","text":"orders across the border of Hong Kong and the PRC. This requires the development of new","page_number":106,"box":{"x":116,"y":614,"width":687,"height":12}},{"id":"78e534de-6056-4640-bd05-345c407d2c65","block_type":"box","text":"information technology systems on the part of SEHK and exchange participants. There is no assurance","page_number":106,"box":{"x":117,"y":630,"width":771,"height":12}},{"id":"c8a5c310-6bd8-4506-ad92-fad022480e1f","block_type":"box","text":"that the systems of SEHK and market participants will function properly or will continue to be adapted","page_number":106,"box":{"x":116,"y":645,"width":757,"height":12}},{"id":"302a8917-9650-4118-8c81-1fe6c7693fbf","block_type":"box","text":"to changes and developments in both markets. In the event that the relevant systems fail to function","page_number":106,"box":{"x":116,"y":661,"width":741,"height":12}},{"id":"f48c2477-4ff1-4caa-bfc5-731e6f928b15","block_type":"box","text":"properly, trading in Stock Connect Securities through Stock Connects could be disrupted.","page_number":106,"box":{"x":117,"y":676,"width":660,"height":12}},{"id":"b51489fe-f3d3-4bdf-ae9e-a13233f22660","block_type":"box","text":"The Shanghai-Hong Kong Stock Connect program launched in November 2014 and the","page_number":106,"box":{"x":116,"y":707,"width":651,"height":12}},{"id":"d0e76380-6346-48e8-97c4-356da0380301","block_type":"box","text":"Shenzhen-Hong Kong Stock Connect program launched in December 2016. Each program does not","page_number":106,"box":{"x":116,"y":723,"width":746,"height":12}},{"id":"08a19106-551e-4523-a17e-f9fbff40f5c7","block_type":"box","text":"have an extensive operating history. New or revised regulations may be issued from time to time by the","page_number":106,"box":{"x":117,"y":738,"width":766,"height":12}},{"id":"d8971979-2f13-41b5-ae69-89d85fafc4ed","block_type":"box","text":"regulators and stock exchanges in China and Hong Kong in connection with operations, legal","page_number":106,"box":{"x":117,"y":754,"width":690,"height":12}},{"id":"40a63110-4868-489b-b2f6-2ea76b9b59d1","block_type":"box","text":"enforcement and cross-border trades under Stock Connects. In addition, there can be no assurance","page_number":106,"box":{"x":116,"y":769,"width":742,"height":11}},{"id":"6cba02c8-b21c-4672-bb0c-11cb5f432b46","block_type":"box","text":"that Stock Connect will not be discontinued. A Fund may be adversely affected as a result of such","page_number":106,"box":{"x":116,"y":785,"width":726,"height":12}},{"id":"47a178a4-981c-4e12-9dec-e2ceb77c5554","block_type":"box","text":"changes. Furthermore, the securities regimes and legal systems of China and Hong Kong differ","page_number":106,"box":{"x":116,"y":800,"width":709,"height":12}},{"id":"8b6d6344-63c7-48ca-8d0b-5a4ef6c7c760","block_type":"box","text":"significantly and issues may arise from the differences on an on-going basis. In the event that the","page_number":106,"box":{"x":116,"y":816,"width":722,"height":12}},{"id":"064fcb83-5907-45fd-8f2b-f081c0ce6fd9","block_type":"box","text":"relevant systems fail to function properly, trading in both markets through Stock Connects could be","page_number":106,"box":{"x":117,"y":831,"width":737,"height":12}},{"id":"60bdcd1a-5fa3-4d60-9413-75c04900c078","block_type":"box","text":"disrupted and a Fund’s ability to achieve its investment objective may be adversely affected. In","page_number":106,"box":{"x":116,"y":847,"width":708,"height":12}},{"id":"278fc4f9-736c-4ec5-8edd-affa2dfc7dfe","block_type":"box","text":"addition, a Fund’s investments in Stock Connect Securities through Stock Connects are generally","page_number":106,"box":{"x":116,"y":862,"width":728,"height":12}},{"id":"379320e2-4975-4f47-9104-d31b84fcc1f2","block_type":"box","text":"subject to Chinese securities regulations and listing rules, among other restrictions. Further, different","page_number":106,"box":{"x":116,"y":878,"width":751,"height":12}},{"id":"daa0177c-d403-4a36-821f-7348f19f55e8","block_type":"box","text":"II-57","page_number":106,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"328595ee-d18a-41c0-a168-dc9353e30c29","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":106,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"664cbefc-f7ff-489e-abc9-d7fa5861833f","block_type":"box","text":"fees, costs and taxes are imposed on foreign investors acquiring Stock Connect Securities through","page_number":107,"box":{"x":116,"y":87,"width":739,"height":12}},{"id":"fc28fd89-2e65-49ed-8849-7ad61672068a","block_type":"box","text":"Stock Connects, and these fees, costs and taxes may be higher than comparable fees, costs and","page_number":107,"box":{"x":116,"y":102,"width":728,"height":13}},{"id":"3e9dbb40-7d68-454b-a2f6-45b81686b4e5","block_type":"box","text":"taxes imposed on owners of other securities providing similar investment exposure.","page_number":107,"box":{"x":116,"y":118,"width":624,"height":12}},{"id":"385ef527-6da3-4a42-a772-63715ffd7246","block_type":"box","text":"Suspension Risk","page_number":107,"box":{"x":117,"y":149,"width":125,"height":12}},{"id":"c15eef90-8336-45f9-9fa7-38dbfc411927","block_type":"box","text":". SSE Securities and SZSE Securities may only be bought from, or sold to, a Fund at","page_number":107,"box":{"x":242,"y":149,"width":634,"height":12}},{"id":"8851eb09-5c77-4868-8f21-66e14dde64dc","block_type":"box","text":"times when the relevant SSE Securities and SZSE Securities may be sold or purchased on the","page_number":107,"box":{"x":116,"y":165,"width":709,"height":12}},{"id":"1adecc20-4e1b-4cc8-9c2f-0d45ed47675f","block_type":"box","text":"relevant Chinese stock exchange. The SSE Securities and SZSE Securities markets have a higher","page_number":107,"box":{"x":117,"y":180,"width":738,"height":12}},{"id":"2cb898ed-9cd6-41ad-ac08-dc3311e79b5b","block_type":"box","text":"propensity for trading suspensions than many other global equity markets. Each of the SEHK, SSE and","page_number":107,"box":{"x":117,"y":196,"width":771,"height":12}},{"id":"a997b370-533e-499f-8868-139fad6c9c89","block_type":"box","text":"SZSE reserves the right to suspend trading of SSE Securities and SZSE Securities purchased on the","page_number":107,"box":{"x":116,"y":211,"width":756,"height":12}},{"id":"fab58ae3-c4fc-46e3-bdcd-2367259bd33d","block_type":"box","text":"Stock Connects if necessary for ensuring an orderly and fair market and ensuring that risks are","page_number":107,"box":{"x":116,"y":227,"width":710,"height":12}},{"id":"90e28845-b55b-4563-8a0b-ad656ccdbd48","block_type":"box","text":"managed prudently. Consent from the relevant regulator would be sought before a suspension of","page_number":107,"box":{"x":117,"y":242,"width":724,"height":12}},{"id":"60a15eff-7408-4418-af75-e0b0e715b11b","block_type":"box","text":"Northbound trading is triggered. The relevant PRC government authority may also impose “circuit","page_number":107,"box":{"x":117,"y":258,"width":727,"height":12}},{"id":"d6d92ffd-d9fc-497d-8cec-809afa1f9d3a","block_type":"box","text":"breakers” and other measures to halt or suspend Northbound trading. Where a suspension in the","page_number":107,"box":{"x":117,"y":273,"width":725,"height":12}},{"id":"99059e20-895b-4cf5-965b-bffe56a8922e","block_type":"box","text":"Northbound trading through Stock Connect is effected, the Fund’s ability to access the PRC market will","page_number":107,"box":{"x":117,"y":289,"width":769,"height":12}},{"id":"68224d7e-0e1d-4821-a320-0005a0afee2d","block_type":"box","text":"be adversely affected. Trading suspensions in certain stocks could lead to greater market execution","page_number":107,"box":{"x":117,"y":304,"width":745,"height":12}},{"id":"985a1006-c100-4f98-a611-9a6e29994388","block_type":"box","text":"risk and costs for a Fund. The SSE and SZSE currently","page_number":107,"box":{"x":117,"y":320,"width":415,"height":12}},{"id":"f9f1bccc-d189-453d-b3c7-61177c86262d","block_type":"box","text":"apply a daily price limit, generally set at 10%,","page_number":107,"box":{"x":533,"y":320,"width":340,"height":12}},{"id":"99e5ecca-c989-4113-ae42-0be2fd2397fe","block_type":"box","text":"of the amount of fluctuation permitted in the prices of the relevant SSE Securities and SZSE Securities","page_number":107,"box":{"x":116,"y":335,"width":766,"height":12}},{"id":"be50fa09-218b-43d7-a3a9-3c93f3312ca0","block_type":"box","text":"during a single trading day. The daily price limit refers to price movements only and does not restrict","page_number":107,"box":{"x":116,"y":351,"width":747,"height":12}},{"id":"0720e422-231a-4508-9bb5-f2068f7b401e","block_type":"box","text":"trading within the relevant limit. There can be no assurance that a liquid market on an exchange will","page_number":107,"box":{"x":116,"y":366,"width":744,"height":12}},{"id":"f7784de6-75b9-4334-9800-4aad4275d263","block_type":"box","text":"exist for any particular SSE Security or SZSE Security or for any particular time.","page_number":107,"box":{"x":116,"y":382,"width":598,"height":12}},{"id":"017e451a-0aac-4fa7-a215-91d9e503d6c2","block_type":"box","text":"Risk of Investing in the China Interbank Bond Market through Bond Connect","page_number":107,"box":{"x":116,"y":413,"width":567,"height":12}},{"id":"d2c11882-e80c-4f4a-81e4-a8afe563a47d","block_type":"box","text":". A Fund may invest","page_number":107,"box":{"x":683,"y":413,"width":152,"height":12}},{"id":"c5a17578-d8ee-4c57-bb53-8ea0ac81d389","block_type":"box","text":"directly in the domestic bond market in the PRC (the “China Interbank Bond Market”) through the","page_number":107,"box":{"x":116,"y":428,"width":724,"height":12}},{"id":"6c4f826d-8fa9-4341-a7b8-81179eed86c3","block_type":"box","text":"northbound trading of Bond Connect (“Bond Connect”). Bond Connect is an initiative launched in July","page_number":107,"box":{"x":117,"y":444,"width":755,"height":12}},{"id":"e94a3fe0-0b44-4531-8808-d5df309131b0","block_type":"box","text":"2017 for mutual bond market access between the PRC and Hong Kong, established by the China","page_number":107,"box":{"x":116,"y":459,"width":729,"height":12}},{"id":"dcdf8d96-3b3d-4189-985d-25275d27d607","block_type":"box","text":"Foreign Exchange Trade System & National Interbank Funding Centre (“CFETS”), China Central","page_number":107,"box":{"x":117,"y":475,"width":722,"height":12}},{"id":"136bdcaa-1fdb-44c4-9c19-c77936d0741f","block_type":"box","text":"Depository & Clearing Co., Ltd (“CDCC”), Shanghai Clearing House (“SCH”), Hong Kong Exchanges","page_number":107,"box":{"x":117,"y":490,"width":752,"height":12}},{"id":"b8effca8-6e3c-4f5b-83a3-1b7eaa64fe60","block_type":"box","text":"and Clearing Limited (“HKEX”) and Central Moneymarkets Unit (“CMU”). Under the prevailing","page_number":107,"box":{"x":116,"y":506,"width":699,"height":12}},{"id":"36aa67d3-f600-40e6-a109-bde5d940c785","block_type":"box","text":"regulations in the PRC, eligible foreign investors are allowed to invest in the bonds circulated in the","page_number":107,"box":{"x":117,"y":521,"width":738,"height":12}},{"id":"b8b3c37e-eeeb-47d1-bfbe-86d1fa3ac44a","block_type":"box","text":"China Interbank Bond Market through Bond Connect. Eligible foreign investors may submit trade","page_number":107,"box":{"x":117,"y":537,"width":721,"height":12}},{"id":"10e223d2-fca4-422c-a073-1b32c7043f32","block_type":"box","text":"requests for bonds circulated in the China Interbank Bond Market through offshore electronic bond","page_number":107,"box":{"x":117,"y":552,"width":735,"height":12}},{"id":"586dcac0-3f83-4170-b28c-da59e7c386be","block_type":"box","text":"trading platforms (such as Tradeweb), which will in turn transmit their requests for quotation to CFETS.","page_number":107,"box":{"x":116,"y":568,"width":768,"height":12}},{"id":"1f3f6485-c4d2-4d37-ab65-ee4b93a8ffac","block_type":"box","text":"CFETS will send the requests for quotation to a number of approved onshore dealers (including market","page_number":107,"box":{"x":117,"y":583,"width":770,"height":12}},{"id":"e6db13c6-9ea5-48f1-b0b3-da4c10721ca7","block_type":"box","text":"makers and others engaged in the market making business) in the PRC. The approved onshore","page_number":107,"box":{"x":117,"y":599,"width":715,"height":12}},{"id":"544966cc-85f5-47fd-97b5-2b4619413462","block_type":"box","text":"dealer(s) will respond to the requests for quotation via CFETS and CFETS will send their responses to","page_number":107,"box":{"x":116,"y":614,"width":765,"height":12}},{"id":"ff0e8cd7-994b-44b6-9e4e-4534d16069df","block_type":"box","text":"those eligible foreign investors through the same offshore electronic bond trading platforms. Once the","page_number":107,"box":{"x":116,"y":630,"width":759,"height":12}},{"id":"2757e635-9117-4e07-8391-732b18a2b0e7","block_type":"box","text":"eligible foreign investor accepts the quotation, the trade is concluded on CFETS.","page_number":107,"box":{"x":116,"y":645,"width":603,"height":12}},{"id":"3a0c85f1-fc79-464b-9e33-e263cafafe9a","block_type":"box","text":"The settlement and custody of bonds traded in the China Interbank Bond Market under Bond Connect","page_number":107,"box":{"x":116,"y":676,"width":757,"height":12}},{"id":"ddb7ba7d-9018-45c4-99d7-a443a412e714","block_type":"box","text":"will be effected through the settlement and custody link between CMU, as an offshore custody agent,","page_number":107,"box":{"x":116,"y":692,"width":749,"height":12}},{"id":"e650dc45-78b7-4558-98b0-d06ca327a48f","block_type":"box","text":"and CDCC and SCH, as onshore custodians and clearing institutions in the PRC. Under the settlement","page_number":107,"box":{"x":116,"y":707,"width":764,"height":12}},{"id":"791f44d8-1758-4c54-992f-735ce43080a9","block_type":"box","text":"link, CDCC or SCH will effect gross settlement of confirmed trades onshore and CMU will process","page_number":107,"box":{"x":117,"y":723,"width":725,"height":12}},{"id":"f50c5fe8-3645-4c18-ab5b-63fef18877ef","block_type":"box","text":"bond settlement instructions from CMU members on behalf of eligible foreign investors in accordance","page_number":107,"box":{"x":117,"y":738,"width":751,"height":12}},{"id":"ef341239-c5d0-4510-87ed-f61d059f8f6d","block_type":"box","text":"with its relevant rules. Since the introduction in August 2018 of delivery versus payment (DVP)","page_number":107,"box":{"x":116,"y":754,"width":699,"height":12}},{"id":"ba31a466-2463-4562-a77b-432271333d9c","block_type":"box","text":"settlement in respect of Bond Connect, the movement of cash and securities is carried out","page_number":107,"box":{"x":116,"y":769,"width":670,"height":12}},{"id":"48e6e061-be21-4db0-b41e-2efb5e1bdc58","block_type":"box","text":"simultaneously on a real-time basis. Pursuant to the prevailing regulations in the PRC, CMU, as the","page_number":107,"box":{"x":116,"y":785,"width":738,"height":12}},{"id":"0dd3810d-27e8-4f3a-a79b-a1c6d4f6ad6e","block_type":"box","text":"offshore custody agent recognized by the Hong Kong Monetary Authority, will open omnibus nominee","page_number":107,"box":{"x":116,"y":800,"width":754,"height":12}},{"id":"dcb41274-e5ac-4c7f-9543-8d106c42bd6f","block_type":"box","text":"accounts with the onshore custody agent recognized by the People’s Bank of China (i.e., CDCC and","page_number":107,"box":{"x":116,"y":816,"width":744,"height":12}},{"id":"599bbddb-1d29-4dc1-8aa0-c1a913c4adf1","block_type":"box","text":"SCH). All bonds traded by eligible foreign investors through Bond Connect will be registered in the","page_number":107,"box":{"x":116,"y":831,"width":734,"height":12}},{"id":"4c4f36aa-9d66-4799-832b-01bf8e70db1e","block_type":"box","text":"name of CMU, which will hold such bonds as a nominee owner. Therefore, a Fund will be exposed to","page_number":107,"box":{"x":117,"y":847,"width":754,"height":12}},{"id":"5e346d14-ce51-46e1-92d6-80390b1be4c8","block_type":"box","text":"custody risks with respect to CMU. In the remote event of a CDCC or SCH default, CMU’s liabilities in","page_number":107,"box":{"x":116,"y":862,"width":759,"height":12}},{"id":"e25789b2-72a1-4d47-9ffd-4da5ff036f03","block_type":"box","text":"Bond Connect bonds under its market contracts with clearing participants will be limited to assisting","page_number":107,"box":{"x":117,"y":878,"width":741,"height":12}},{"id":"6cc24f9c-d417-4e1d-b1a0-c31ec26d946a","block_type":"box","text":"II-58","page_number":107,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"f1490b3c-7ce7-4774-b43a-0968a2b2ad09","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":107,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"3b5c1e0b-b8d0-4c61-bfb1-4ea930dd18e5","block_type":"box","text":"clearing participants in pursuing their claims against CDCC or SCH. The Fund may suffer delay in the","page_number":108,"box":{"x":116,"y":87,"width":758,"height":12}},{"id":"e4681252-d7e3-44e8-b9f8-d403a1e630ce","block_type":"box","text":"recovery process or may not fully recover its losses from CDCC or SCH. In addition, as the relevant","page_number":108,"box":{"x":117,"y":102,"width":744,"height":13}},{"id":"98d14e35-3a3b-44f4-9ee6-967ff796987f","block_type":"box","text":"filings, registration with the People’s Bank of China, and account opening have to be carried out by","page_number":108,"box":{"x":116,"y":118,"width":738,"height":12}},{"id":"759c4d79-5028-4412-b9f0-977ad2d5bf4e","block_type":"box","text":"third parties, including CMU, CDCC, SCH, and CFETS, a Fund is subject to the risks of default or","page_number":108,"box":{"x":116,"y":134,"width":727,"height":12}},{"id":"88f26377-0b31-4638-ab27-a4df40beba96","block_type":"box","text":"errors on the part of such third parties.","page_number":108,"box":{"x":116,"y":149,"width":290,"height":12}},{"id":"ce97943e-bea6-4d1b-a24f-6e5074fbb5a9","block_type":"box","text":"The precise nature and rights of a Fund as the beneficial owner of the bonds traded in the China","page_number":108,"box":{"x":116,"y":181,"width":720,"height":12}},{"id":"f70979e5-798f-439d-8f5b-6b910e996461","block_type":"box","text":"Interbank Bond Market through CMU as nominee is not well-defined under PRC law. There is a lack of","page_number":108,"box":{"x":117,"y":197,"width":765,"height":12}},{"id":"5b72e2d4-7455-4eeb-b695-16058b9f0ef5","block_type":"box","text":"a clear definition of, and distinction between, legal ownership and beneficial ownership under PRC law","page_number":108,"box":{"x":116,"y":212,"width":765,"height":12}},{"id":"688040eb-3164-4942-be84-186bce028b94","block_type":"box","text":"and there have been few cases involving a nominee account structure in the PRC courts. The exact","page_number":108,"box":{"x":116,"y":228,"width":745,"height":12}},{"id":"f6594bb6-c459-4439-8441-c145cc477d6e","block_type":"box","text":"nature and methods of enforcement of the rights and interests of a Fund under PRC law are also","page_number":108,"box":{"x":117,"y":243,"width":722,"height":12}},{"id":"a536ef56-8985-4d6b-89e8-3ad3894dd73a","block_type":"box","text":"uncertain.","page_number":108,"box":{"x":117,"y":259,"width":77,"height":9}},{"id":"837107f6-1fba-451a-b8d6-1c2ecd980282","block_type":"box","text":"Market volatility and potential lack of liquidity due to low trading volume of certain bonds in the China","page_number":108,"box":{"x":117,"y":290,"width":750,"height":13}},{"id":"564f028e-b083-43e8-b544-a21985ff9975","block_type":"box","text":"Interbank Bond Market may result in prices of certain bonds traded on such market fluctuating","page_number":108,"box":{"x":117,"y":305,"width":702,"height":13}},{"id":"2bc68aa8-71f4-4fc7-b81b-2a6004181eb0","block_type":"box","text":"significantly. A Fund investing in such market is therefore subject to liquidity and volatility risks. The","page_number":108,"box":{"x":116,"y":320,"width":742,"height":13}},{"id":"1f79ecfc-2e47-4159-83de-611332eedb3d","block_type":"box","text":"bid-ask spreads of the prices of such securities may be large, and a Fund may therefore incur","page_number":108,"box":{"x":117,"y":335,"width":700,"height":13}},{"id":"65032b8b-5e10-4cae-9d43-70f8fcc5d828","block_type":"box","text":"significant costs and may suffer losses when selling such investments. The bonds traded in the China","page_number":108,"box":{"x":116,"y":350,"width":759,"height":13}},{"id":"b10139f6-46b0-4fe4-8e75-6e0ce1823787","block_type":"box","text":"Interbank Bond Market may be difficult or impossible to sell, which may impact a Fund’s ability to","page_number":108,"box":{"x":117,"y":365,"width":722,"height":13}},{"id":"47c39b5d-c6a9-4143-a450-168f07130644","block_type":"box","text":"acquire or dispose of such securities at their expected prices.","page_number":108,"box":{"x":116,"y":380,"width":460,"height":12}},{"id":"0718b5b1-caf7-4242-ba31-bb6f93610383","block_type":"box","text":"Investing in the China Interbank Bond Market through Bond Connect is also subject to regulatory risks.","page_number":108,"box":{"x":117,"y":412,"width":766,"height":12}},{"id":"f6c87143-411b-4095-bfba-6a9075fad1fa","block_type":"box","text":"The relevant rules and regulations are subject to change, which may have potential retrospective","page_number":108,"box":{"x":116,"y":427,"width":724,"height":12}},{"id":"948e0ee5-a3f9-4198-be2b-6aa5a952c9d9","block_type":"box","text":"effect, and there can be no assurance that Bond Connect will not be discontinued or abolished.","page_number":108,"box":{"x":116,"y":442,"width":711,"height":11}},{"id":"7e72d276-a45a-4163-8e8f-e5d426fb6881","block_type":"box","text":"Furthermore, the securities regimes and legal systems of China and Hong Kong differ significantly and","page_number":108,"box":{"x":117,"y":457,"width":764,"height":12}},{"id":"f0b7d64e-9cd1-4403-812b-f1e3bbdc83d7","block_type":"box","text":"issues may arise based on these differences. In the event that the relevant authorities suspend","page_number":108,"box":{"x":117,"y":472,"width":709,"height":12}},{"id":"87b18ced-24ff-4e7f-8f7e-4867fa80a287","block_type":"box","text":"account opening or trading on the China Interbank Bond Market, a Fund’s ability to invest in the China","page_number":108,"box":{"x":116,"y":487,"width":762,"height":12}},{"id":"0446918a-e044-44b3-bd72-9cb859f2e9f6","block_type":"box","text":"Interbank Bond Market will be adversely affected and limited. In such event, the Fund’s ability to","page_number":108,"box":{"x":117,"y":502,"width":716,"height":12}},{"id":"85cecdbd-ef66-46d2-bdda-45fcf9695e57","block_type":"box","text":"achieve its investment objective will be negatively affected and, after exhausting other trading","page_number":108,"box":{"x":116,"y":517,"width":699,"height":12}},{"id":"6e08df65-ba0b-475a-8792-946f2b712537","block_type":"box","text":"alternatives, the Fund may suffer substantial losses as a result. Further, if Bond Connect is not","page_number":108,"box":{"x":116,"y":532,"width":707,"height":12}},{"id":"2384a5c2-8298-475a-9dc1-27da9a6bc33e","block_type":"box","text":"operating, a Fund may not be able to acquire or dispose of bonds through Bond Connect in a timely","page_number":108,"box":{"x":116,"y":547,"width":745,"height":12}},{"id":"628111bf-9e33-48a9-bce0-c3db7fce40bd","block_type":"box","text":"manner, which could adversely affect the Fund’s performance.","page_number":108,"box":{"x":117,"y":562,"width":467,"height":12}},{"id":"0c7d6de6-87c8-485a-b4cb-492061806d7e","block_type":"box","text":"Trading through Bond Connect is performed through newly developed trading platforms and","page_number":108,"box":{"x":116,"y":594,"width":687,"height":12}},{"id":"67814906-db1b-4f5f-8e3a-5f915a5777ce","block_type":"box","text":"operational systems. There is no assurance that such systems will function properly or will continue to","page_number":108,"box":{"x":116,"y":609,"width":761,"height":12}},{"id":"7a1af30a-25d3-4e30-bcaa-d945d0176e25","block_type":"box","text":"be adapted to changes and developments in the market. In the event that the relevant systems fail to","page_number":108,"box":{"x":117,"y":624,"width":753,"height":12}},{"id":"1053a124-fc75-4032-b10c-faefe18106f5","block_type":"box","text":"function properly, trading through Bond Connect may be disrupted. A Fund’s ability to trade through","page_number":108,"box":{"x":116,"y":639,"width":744,"height":12}},{"id":"8fe50552-f606-454a-9193-edd1a09c3c57","block_type":"box","text":"Bond Connect (and hence to pursue its investment strategy) may therefore be adversely affected. In","page_number":108,"box":{"x":117,"y":654,"width":749,"height":12}},{"id":"ba47e3c7-90fe-4d98-b9fa-d37f16101789","block_type":"box","text":"addition, where a Fund invests in the China Interbank Bond Market through Bond Connect, it may be","page_number":108,"box":{"x":116,"y":669,"width":748,"height":12}},{"id":"4f8af5d8-e77f-4604-926f-df0f7f5d994c","block_type":"box","text":"subject to risks of delays inherent in the order placing and/or settlement systems.","page_number":108,"box":{"x":116,"y":684,"width":601,"height":12}},{"id":"d2f56156-297f-4f98-9c46-291048a45ed7","block_type":"box","text":"Bond Connect trades are settled in Chinese currency, the RMB, which is currently restricted and not","page_number":108,"box":{"x":117,"y":715,"width":742,"height":12}},{"id":"9b7b5043-655c-4d0a-a7ed-1741ea8e1ce1","block_type":"box","text":"freely convertible. As a result, a Fund will be exposed to currency risk, and it cannot be guaranteed","page_number":108,"box":{"x":116,"y":730,"width":734,"height":12}},{"id":"4939d630-b778-4cae-8038-bc68fb30c73c","block_type":"box","text":"that investors will have timely access to a reliable supply of RMB.","page_number":108,"box":{"x":116,"y":745,"width":484,"height":12}},{"id":"cf9edd20-45d2-4017-b02f-4cd45b547e94","block_type":"box","text":"Tax Risk – Withholding Income Tax Risk.","page_number":108,"box":{"x":118,"y":778,"width":303,"height":12}},{"id":"3a6bf10a-0ce6-49ac-84d7-e6033a5123af","block_type":"box","text":"According to PRC tax regulations, a 10% withholding income tax is imposed on PRC sourced dividends","page_number":108,"box":{"x":116,"y":801,"width":760,"height":12}},{"id":"f0f815bc-d89d-42a1-b278-5984f7834a0a","block_type":"box","text":"and interests from non-government bonds paid to a non-PRC tax resident enterprise, unless the rate is","page_number":108,"box":{"x":116,"y":816,"width":755,"height":12}},{"id":"c13a9132-f6df-4415-bb0e-d5be3231e7a2","block_type":"box","text":"reduced under an applicable tax treaty. From a technical perspective, withholding income tax is also","page_number":108,"box":{"x":117,"y":831,"width":738,"height":12}},{"id":"ee3cf698-88fb-4da1-823f-e97fbd276ba5","block_type":"box","text":"applicable to capital gains realized by foreign investors on the disposal of PRC equity interests.","page_number":108,"box":{"x":116,"y":846,"width":703,"height":12}},{"id":"9a153b02-fe0b-43a1-a40a-1393163a484c","block_type":"box","text":"There are however certain tax exemptions available, some temporary in nature, highlighted below.","page_number":108,"box":{"x":116,"y":878,"width":735,"height":12}},{"id":"75ffccd5-ac36-42ba-8873-4335dd0586cd","block_type":"box","text":"II-59","page_number":108,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"f8e4f9b9-3bb7-49a8-b5d2-878b81a29058","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":108,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"48675992-19f9-4848-b85a-d34aac1c5214","block_type":"box","text":"On November 14, 2014, the Ministry of Finance (“Mo","page_number":109,"box":{"x":116,"y":86,"width":375,"height":13}},{"id":"d0c49a44-719c-42c0-ac7b-794f206185ae","block_type":"box","text":"F”), China Securities Regulatory Commission and the","page_number":109,"box":{"x":493,"y":86,"width":384,"height":13}},{"id":"9352e94d-a886-481c-94c6-e5981f715450","block_type":"box","text":"State Taxation Administration (“STA”), acting with St","page_number":109,"box":{"x":116,"y":101,"width":372,"height":13}},{"id":"6f858be9-57b1-4956-9b26-cd75561758a7","block_type":"box","text":"ate Council’s approval, jointly released Circular 79,","page_number":109,"box":{"x":489,"y":101,"width":365,"height":13}},{"id":"df952630-828e-4588-8f33-1c7e65cb1e34","block_type":"box","text":"which temporarily exempts Qualified Foreign Instit","page_number":109,"box":{"x":116,"y":116,"width":356,"height":13}},{"id":"71fcfd69-61b7-4e7a-8150-b2d01c52e2e3","block_type":"box","text":"utional Investors (“QFIIs”) and Renminbi Qualified","page_number":109,"box":{"x":473,"y":116,"width":358,"height":13}},{"id":"95567bbb-f329-4672-9250-9c73a52cec4b","block_type":"box","text":"Foreign Institutional Investors (“RQFIIs”) from tax on","page_number":109,"box":{"x":117,"y":131,"width":375,"height":13}},{"id":"cb9c33f0-2fda-425b-90af-61d36179c58f","block_type":"box","text":"capital gains derived from the trading of shares and","page_number":109,"box":{"x":492,"y":131,"width":370,"height":13}},{"id":"bd4d9d16-66d3-4bbe-94de-68877bb5e25b","block_type":"box","text":"other equity interest investments on or after No","page_number":109,"box":{"x":116,"y":146,"width":334,"height":13}},{"id":"39a19a95-7e2f-4108-b3cc-04a8026f2ee8","block_type":"box","text":"vember 17, 2014. Subsequently, Circulars 81 and 127 were","page_number":109,"box":{"x":450,"y":146,"width":429,"height":13}},{"id":"f3d504ad-3df2-44e3-8b6f-f39e6907121d","block_type":"box","text":"issued to temporarily exempt tax on capital gains der","page_number":109,"box":{"x":117,"y":162,"width":375,"height":12}},{"id":"e6f4acbe-d999-45ac-8c16-dd7589517c57","block_type":"box","text":"ived from trading of equity securities of companies","page_number":109,"box":{"x":493,"y":161,"width":361,"height":13}},{"id":"e89a1ec3-257b-4bf2-ab5f-e8bc376b684b","block_type":"box","text":"domiciled in the PRC that trade on Chinese stock exchanges (“A-Shares”) through the Shanghai-Hong","page_number":109,"box":{"x":116,"y":176,"width":734,"height":13}},{"id":"b337b181-c86d-4b9d-99b4-05dab8c68e08","block_type":"box","text":"Kong Stock Connect program or the Shenzhen-Hong Kong Stock Connect program, as applicable (each, a","page_number":109,"box":{"x":117,"y":191,"width":764,"height":12}},{"id":"74ab7740-b3b3-418c-838d-ddb7da6b8d5f","block_type":"box","text":"“Stock Connect” and collectively, “Stock Connects”). The dur","page_number":109,"box":{"x":116,"y":206,"width":431,"height":12}},{"id":"984965fc-7c88-437d-bf7a-1e73e4901b81","block_type":"box","text":"ation of the temporary exemptions is not stated","page_number":109,"box":{"x":548,"y":206,"width":338,"height":12}},{"id":"a432bc88-66e7-483e-b6e1-cfbfae5b8e28","block_type":"box","text":"in the circulars and is subject to termination by","page_number":109,"box":{"x":117,"y":222,"width":328,"height":11}},{"id":"5a60684f-2e78-4321-92fa-fae3676b392b","block_type":"box","text":"the PRC tax authorities w","page_number":109,"box":{"x":445,"y":221,"width":175,"height":10}},{"id":"65ee1b8b-6f59-4cee-a3d6-a0454fdb6c21","block_type":"box","text":"with or without notice.","page_number":109,"box":{"x":620,"y":222,"width":159,"height":9}},{"id":"5d414582-c461-4738-b146-da75a17efb65","block_type":"box","text":"On November 22, 2018, the MoF and STA jointly issued Circular 108 which states that foreign institutional","page_number":109,"box":{"x":116,"y":251,"width":766,"height":12}},{"id":"a77c1eb0-2090-4138-b276-d7664da315f3","block_type":"box","text":"investors are temporarily exempt from withholding income tax with respect to interest income on bonds","page_number":109,"box":{"x":117,"y":266,"width":742,"height":12}},{"id":"23abe554-57b7-4008-9465-776e749bcba6","block_type":"box","text":"derived from the PRC bond market from November 7, 2018 to November 6, 2021. On November 22,","page_number":109,"box":{"x":116,"y":281,"width":727,"height":11}},{"id":"33e8e2dd-285a-4272-b2e5-22f6bedf1884","block_type":"box","text":"2021, the MoF and STA issued Public Notice 34 to extend the temporary exemption from November 7,","page_number":109,"box":{"x":116,"y":296,"width":743,"height":12}},{"id":"d6a151c1-5593-442b-8816-06cc2301fa90","block_type":"box","text":"2021 to December 31, 2025. It is unclear whether the temporary exemption will be further extended.","page_number":109,"box":{"x":116,"y":311,"width":723,"height":12}},{"id":"5c52705f-e212-4046-9f5e-01ebf36339b8","block_type":"box","text":"Value Added Tax (“VAT”) Risk","page_number":109,"box":{"x":118,"y":341,"width":225,"height":12}},{"id":"0f1e9fe7-697a-4561-bdeb-0d1af5858bf7","block_type":"box","text":"k — From May 1, 2016, VAT applies to certain income derived by the","page_number":109,"box":{"x":342,"y":341,"width":511,"height":12}},{"id":"b623ac63-d5fb-4c32-b5ed-aee15632d373","block_type":"box","text":"Fund, including PRC sourced interest income on non-government bonds and trading gains.","page_number":109,"box":{"x":117,"y":356,"width":681,"height":12}},{"id":"0c959d26-2f9e-42e3-bb7e-4ccf0c79881e","block_type":"box","text":"There are however certain tax exemptions available, some temporary in nature, highlighted below.","page_number":109,"box":{"x":116,"y":386,"width":735,"height":12}},{"id":"bbe2f165-1f0b-48d9-aa9f-bf115808c34f","block_type":"box","text":"VAT exemptions currently apply to capital gains from trading of QFII and RQFII products, A-Shares","page_number":109,"box":{"x":116,"y":415,"width":741,"height":12}},{"id":"23658506-aaa8-46dd-81eb-50e20a41f9e5","block_type":"box","text":"traded on the Stock Connects and debt securities traded in the China Interbank Bond Market.","page_number":109,"box":{"x":116,"y":430,"width":699,"height":9}},{"id":"b7235931-a5a1-4f73-b396-b4083b93a42f","block_type":"box","text":"On November 7, 2018, the MoF and STA jointly issued Circular 108 which states that foreign","page_number":109,"box":{"x":116,"y":459,"width":694,"height":12}},{"id":"014f8437-c15b-4dd9-bd10-e7fce4817398","block_type":"box","text":"institutional investors are temporarily exempt from VAT with respect to interest income on bonds","page_number":109,"box":{"x":117,"y":474,"width":718,"height":12}},{"id":"a5b5554f-60ec-46b6-b080-81ede7f7dcfe","block_type":"box","text":"derived from the PRC bond market from November 7, 2018 to November 6, 2021. On November 22,","page_number":109,"box":{"x":116,"y":489,"width":750,"height":11}},{"id":"a81d5e8e-7fa9-48f8-944a-42a6c18e12f8","block_type":"box","text":"2021, the MoF and STA jointly issued Public Notice 34 to extend the temporary exemption from","page_number":109,"box":{"x":116,"y":504,"width":714,"height":12}},{"id":"18780750-cb08-43de-8477-1ae9671c7ec8","block_type":"box","text":"November 7, 2021 to December 31, 2025. However, on July 31, 2025, the MoF and STA jointly issued","page_number":109,"box":{"x":117,"y":519,"width":764,"height":12}},{"id":"343916b9-d0c4-48b9-88b8-9594b823c0b7","block_type":"box","text":"Public Notice No 4 of 2025, stating that VAT will apply with respect to interest income derived from","page_number":109,"box":{"x":117,"y":534,"width":735,"height":12}},{"id":"8dd944b9-5106-4963-a1e7-a371ad2ecbcf","block_type":"box","text":"treasury bonds, local government bonds and financial bonds issued on or after August 8, 2025. It is","page_number":109,"box":{"x":116,"y":549,"width":742,"height":12}},{"id":"609ebbd9-9360-4235-b800-c3814dca29d1","block_type":"box","text":"understood that Public Notice No 4 of 2025 does not supersede the afore-mentioned exemption for","page_number":109,"box":{"x":117,"y":564,"width":739,"height":12}},{"id":"23830dc0-4506-4ce3-81a7-d79272d549e2","block_type":"box","text":"foreign institutional investors. Moreover, it is unclear whether the temporary exemption from VAT","page_number":109,"box":{"x":116,"y":579,"width":723,"height":12}},{"id":"019fd21e-2f8f-4aea-8df8-576ee9071480","block_type":"box","text":"issued in Public Notice 34 will be further extended with respect to interest income on bonds derived","page_number":109,"box":{"x":117,"y":594,"width":741,"height":12}},{"id":"21987e06-1f61-4cac-9dfc-d615645cd2b2","block_type":"box","text":"from the PRC bond market and issued before August 8, 2025.","page_number":109,"box":{"x":116,"y":609,"width":466,"height":12}},{"id":"15e12f37-e1dd-47ab-b792-0e8b98ff38a9","block_type":"box","text":"Any changes in PRC tax law, future clarifications thereof, and/or subsequent retroactive enforcement","page_number":109,"box":{"x":116,"y":639,"width":754,"height":12}},{"id":"ca1d6673-8cea-4991-b2f7-b00dc07e3783","block_type":"box","text":"by the PRC tax authorities may result in a loss which could be material to the Fund. There is a risk the","page_number":109,"box":{"x":117,"y":654,"width":761,"height":12}},{"id":"efd2f6c1-f394-416b-bca5-4cebebf37345","block_type":"box","text":"PRC tax authorities may withdraw the temporary tax exemptions in the future and seek to collect taxes","page_number":109,"box":{"x":117,"y":669,"width":760,"height":12}},{"id":"16361c6c-2ac6-42a5-b3d8-021b05cc3645","block_type":"box","text":"realized on the sale of A-Shares or PCR sourced interest income on non-government bonds received","page_number":109,"box":{"x":117,"y":684,"width":750,"height":12}},{"id":"74c83dea-bf68-4525-bb74-42363f6c90e1","block_type":"box","text":"by the Fund without giving any prior notice. If the temporary tax exemptions are withdrawn, any taxes","page_number":109,"box":{"x":117,"y":698,"width":750,"height":13}},{"id":"bbabbe92-3ec9-43e5-ac4e-c2673d5839d0","block_type":"box","text":"may be directly borne by or indirectly passed on to the Fund and may result in a substantial impact to","page_number":109,"box":{"x":117,"y":714,"width":750,"height":12}},{"id":"ee7fcbbb-a1b9-4aee-a785-54bc23ab25ab","block_type":"box","text":"its net asset value. As with any net asset value adjustment, investors may be advantaged or","page_number":109,"box":{"x":117,"y":729,"width":683,"height":12}},{"id":"9fb67a87-6d24-47d4-926a-84e8cb924247","block_type":"box","text":"disadvantaged depending on when the investors purchased and/or sold the shares of the Fund. There","page_number":109,"box":{"x":116,"y":743,"width":758,"height":13}},{"id":"46293293-686f-4094-a52e-1fda32a560f3","block_type":"box","text":"will be no retrospective restatement of the Fund’s net asset value.","page_number":109,"box":{"x":116,"y":758,"width":488,"height":12}},{"id":"86c61e31-6287-4449-8999-dfac276c6274","block_type":"box","text":"BlackRock will keep the provisioning policy for tax liability under review and may, in its discretion from","page_number":109,"box":{"x":117,"y":788,"width":752,"height":12}},{"id":"aa042479-7d4a-4c08-a2b5-77660a935026","block_type":"box","text":"time to time, make a provision for potential tax liabilities if in its opinion such provision is warranted or","page_number":109,"box":{"x":116,"y":803,"width":751,"height":12}},{"id":"13784d0f-6579-4288-829e-4022f877a8c9","block_type":"box","text":"as further clarified by the PRC in notifications.","page_number":109,"box":{"x":116,"y":818,"width":339,"height":12}},{"id":"c46a8093-0859-46da-937e-dd7a23321ce0","block_type":"box","text":"Investment in Other Investment Companies.","page_number":109,"box":{"x":116,"y":847,"width":350,"height":12}},{"id":"2cc00a99-47f8-4a44-a100-2782afa30b4e","block_type":"box","text":"Each Fund may, subject to applicable law, invest in","page_number":109,"box":{"x":468,"y":847,"width":390,"height":12}},{"id":"c2c577d0-dbfe-4678-acb8-989874fbef49","block_type":"box","text":"other investment companies (including investment companies managed by BlackRock and its","page_number":109,"box":{"x":116,"y":862,"width":699,"height":12}},{"id":"b58d1496-e584-4f3c-a067-2f858da6a6d5","block_type":"box","text":"affiliates), including money market funds and ETFs, which are typically open-end funds or unit","page_number":109,"box":{"x":116,"y":877,"width":701,"height":12}},{"id":"d0fef161-408b-403a-a38b-ae52e9c5b2d2","block_type":"box","text":"II-60","page_number":109,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"923d0c81-5528-40c3-8538-fbf6b129c298","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":109,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"689f79e1-451c-442a-9f44-2fbf3e6daf9b","block_type":"box","text":"investment trusts listed on a stock exchange. Under Section 12(d)(1)(A) of the Investment Company","page_number":110,"box":{"x":117,"y":86,"width":748,"height":13}},{"id":"574109d0-c862-4428-aa69-3115e1a8798b","block_type":"box","text":"Act, however, a Fund may invest up to 10% of its total assets in securities of other investment","page_number":110,"box":{"x":116,"y":101,"width":701,"height":13}},{"id":"1d3b53b4-5bb8-4bab-802d-1c4ec62a1967","block_type":"box","text":"companies (measured at the time of such investment). In addition, under Section 12(d)(1)(A) of the","page_number":110,"box":{"x":116,"y":116,"width":739,"height":13}},{"id":"5bdd86a0-ff5d-4d61-baa3-96b604b5a2d9","block_type":"box","text":"Investment Company Act a Fund may not acquire securities of an investment company if such","page_number":110,"box":{"x":117,"y":131,"width":703,"height":13}},{"id":"2e292f0b-e3eb-452f-8e87-167400b0e748","block_type":"box","text":"acquisition would cause the Fund to own more than 3% of the total outstanding voting stock of such","page_number":110,"box":{"x":116,"y":146,"width":745,"height":13}},{"id":"f5611fa0-ecdc-4436-85b7-f106f131a1bb","block_type":"box","text":"investment company and a Fund may not invest in another investment company if such investment","page_number":110,"box":{"x":117,"y":161,"width":739,"height":13}},{"id":"ed056814-7d4c-48fc-9aaa-29516f599e16","block_type":"box","text":"would cause more than 5% of the value of the Fund’s total assets to be invested in securities of such","page_number":110,"box":{"x":116,"y":176,"width":753,"height":10}},{"id":"ff51fe7a-8793-4a5f-93d2-2c95409de0bd","block_type":"box","text":"investment company. (These limits do not restrict a Feeder Fund from investing all of its assets in","page_number":110,"box":{"x":117,"y":191,"width":727,"height":12}},{"id":"ab5168ca-504a-4eae-b855-d2513ba14b3e","block_type":"box","text":"shares of its Master Portfolio.) In addition to the restrictions on investing in other investment companies","page_number":110,"box":{"x":116,"y":206,"width":771,"height":12}},{"id":"4b87adb8-06b6-4b68-bdf4-ca388b603a7a","block_type":"box","text":"discussed above, under Section 12(d)(1)(C) of the Investment Company Act a Fund may not invest in","page_number":110,"box":{"x":116,"y":221,"width":759,"height":12}},{"id":"358d5e2e-0f1a-481a-a0b2-b82ea526aaad","block_type":"box","text":"a registered closed-end investment company if such investment would cause the Fund and other","page_number":110,"box":{"x":116,"y":236,"width":724,"height":12}},{"id":"f8590deb-09b8-412e-9aea-1461bd32b605","block_type":"box","text":"BlackRock-advised investment companies to own more than 10% of the total outstanding voting stock","page_number":110,"box":{"x":117,"y":251,"width":760,"height":12}},{"id":"c5eea62a-be7c-464e-902d-65a8a90ab054","block_type":"box","text":"of such closed-end investment company. Pursuant to Section 12(d)(1)(G) of the Investment Company","page_number":110,"box":{"x":116,"y":266,"width":761,"height":12}},{"id":"14ba6e2d-baea-4daa-9669-e6792c129d16","block_type":"box","text":"Act, these percentage limitations do not apply to investments in affiliated investment companies,","page_number":110,"box":{"x":116,"y":281,"width":719,"height":12}},{"id":"7960830a-7328-4073-b809-269708f40ada","block_type":"box","text":"including ETFs, subject to certain conditions. In addition, a Fund may be able to rely on certain rules","page_number":110,"box":{"x":117,"y":296,"width":747,"height":12}},{"id":"ad152d3c-8393-4b50-9732-9b2d72f497f9","block_type":"box","text":"under the Investment Company Act to invest in shares of money market funds or other investment","page_number":110,"box":{"x":117,"y":311,"width":733,"height":12}},{"id":"5476490e-488e-4379-9fa6-958468f71af5","block_type":"box","text":"companies beyond the statutory limits noted above, but subject to certain conditions.","page_number":110,"box":{"x":116,"y":326,"width":633,"height":12}},{"id":"f3e8f534-f276-4e22-905c-017f970e5bd9","block_type":"box","text":"As with other investments, investments in other investment companies are subject to market and","page_number":110,"box":{"x":116,"y":356,"width":723,"height":12}},{"id":"65a6a9a8-7550-49c2-aef7-e7fcca97d5cf","block_type":"box","text":"selection risk.","page_number":110,"box":{"x":116,"y":372,"width":106,"height":9}},{"id":"47d3cc10-273f-4f80-abda-d044d71b5dc8","block_type":"box","text":"Shares of investment companies, such as closed-end fund investment companies, that trade on an","page_number":110,"box":{"x":116,"y":401,"width":740,"height":12}},{"id":"b8488bfe-fd6f-4ef6-8c18-886e56ec59d8","block_type":"box","text":"exchange may at times be acquired at market prices representing premiums to their NAVs. In addition,","page_number":110,"box":{"x":116,"y":417,"width":767,"height":12}},{"id":"b484a986-8db5-4607-b125-522030bbf1ab","block_type":"box","text":"investment companies held by a Fund that trade on an exchange could trade at a discount from NAV,","page_number":110,"box":{"x":117,"y":432,"width":758,"height":12}},{"id":"d63d32dd-2a04-40c4-83e0-e55261c96339","block_type":"box","text":"and such discount could increase while the Fund holds the shares. If the market price of shares of an","page_number":110,"box":{"x":116,"y":448,"width":756,"height":12}},{"id":"878592cd-d202-4920-8189-f223ace158af","block_type":"box","text":"exchange-traded investment company decreases below the price that the Fund paid for the shares and","page_number":110,"box":{"x":116,"y":463,"width":771,"height":12}},{"id":"05035326-f962-45ce-a9c6-215676326dae","block_type":"box","text":"the Fund were to sell its shares of such investment company at a time when the market price is lower","page_number":110,"box":{"x":116,"y":479,"width":757,"height":12}},{"id":"4c8b848a-a5f3-4a66-87f5-ccb3af079f69","block_type":"box","text":"than the price at which it purchased the shares, the Fund would experience a loss.","page_number":110,"box":{"x":116,"y":494,"width":617,"height":12}},{"id":"d0969be0-e235-4b4c-8871-99b6636ba633","block_type":"box","text":"In addition, if a Fund acquires shares in investment companies, including affiliated investment","page_number":110,"box":{"x":117,"y":524,"width":698,"height":12}},{"id":"eca3531d-7db1-4f52-b5d6-724106757d6c","block_type":"box","text":"companies, shareholders would bear both their proportionate share of expenses in the Fund and,","page_number":110,"box":{"x":116,"y":539,"width":727,"height":12}},{"id":"9a20e475-0052-4a5a-b11a-6b41edfbfa22","block_type":"box","text":"indirectly, the expenses of such investment companies. Such expenses, both at the Fund level and","page_number":110,"box":{"x":117,"y":555,"width":739,"height":12}},{"id":"8fb9f4af-cc40-47d6-99f9-c894df61952e","block_type":"box","text":"acquired investment company level, would include management and advisory fees, unless such fees","page_number":110,"box":{"x":116,"y":570,"width":753,"height":12}},{"id":"44e7b4a8-3d42-4024-8a78-dbcf1a9c5d59","block_type":"box","text":"have been waived by BlackRock. Please see the relevant Fund’s Prospectus to determine whether any","page_number":110,"box":{"x":117,"y":586,"width":769,"height":12}},{"id":"dd8d0a61-f1bd-49e0-9342-c385657d6c47","block_type":"box","text":"such management and advisory fees have been waived by BlackRock. Investments by a Fund in","page_number":110,"box":{"x":116,"y":601,"width":724,"height":12}},{"id":"2cee9933-1e48-4649-88c5-a74fe31b0f29","block_type":"box","text":"wholly owned investment entities created under the laws of certain countries will not be deemed an","page_number":110,"box":{"x":116,"y":617,"width":740,"height":12}},{"id":"3112a486-091b-419b-baa1-4583bb4bf0a0","block_type":"box","text":"investment in other investment companies. Pursuant to guidance issued by the staff of the","page_number":110,"box":{"x":117,"y":632,"width":674,"height":12}},{"id":"27c8c25a-204f-443c-86c2-aa09b584b21c","block_type":"box","text":"Commission, fees and expenses of money market funds used for the investment of cash collateral","page_number":110,"box":{"x":117,"y":648,"width":733,"height":12}},{"id":"27b4de8b-0e35-428d-ac9e-4c2803747cf4","block_type":"box","text":"received in connection with loans of Fund securities are not treated as “acquired fund fees and","page_number":110,"box":{"x":117,"y":663,"width":700,"height":12}},{"id":"979e873f-1b40-49c6-aedd-61dd822d059b","block_type":"box","text":"expenses,” which are fees and expenses charged by other investment companies and pooled","page_number":110,"box":{"x":116,"y":679,"width":695,"height":12}},{"id":"0538c877-814f-4350-9ac1-9cbca51081c2","block_type":"box","text":"investment vehicles in which a Fund invests a portion of its assets.","page_number":110,"box":{"x":117,"y":694,"width":492,"height":12}},{"id":"8fcd98c5-b403-4101-96d1-e009389601f1","block_type":"box","text":"To the extent shares of a Fund are held by another f","page_number":110,"box":{"x":116,"y":724,"width":380,"height":12}},{"id":"34f481ea-f417-4c9c-8144-87cc786ddb29","block_type":"box","text":"und, the ability of the Fund it","page_number":110,"box":{"x":497,"y":724,"width":205,"height":12}},{"id":"edb0dbc1-9dec-4706-aadb-18e4cc1d2abb","block_type":"box","text":"self to purchase other","page_number":110,"box":{"x":702,"y":724,"width":158,"height":12}},{"id":"61ea6a5f-e0e7-48f6-832e-238722aced1b","block_type":"box","text":"funds may be limited. In addition, a fund-of-funds (","page_number":110,"box":{"x":116,"y":739,"width":365,"height":13}},{"id":"e50b9259-7c3c-43de-af95-24b9a01b776e","block_type":"box","text":"e.g.","page_number":110,"box":{"x":482,"y":742,"width":25,"height":10}},{"id":"dbc974a2-56a3-462a-b6a7-933781ad41c7","block_type":"box","text":", an investment company that seeks to meet its","page_number":110,"box":{"x":510,"y":740,"width":342,"height":12}},{"id":"8f681579-8d4e-4f12-be22-144079c9bfa2","block_type":"box","text":"investment objective by investing significantly in","page_number":110,"box":{"x":117,"y":755,"width":345,"height":12}},{"id":"8e17a08e-52d9-4db0-84c1-51c519aaf5ea","block_type":"box","text":"other investment companies)","page_number":110,"box":{"x":468,"y":755,"width":210,"height":12}},{"id":"b0c081d8-4d9e-4fd1-8b90-b3c43e68ba32","block_type":"box","text":"may be limited in its ability","page_number":110,"box":{"x":684,"y":755,"width":190,"height":12}},{"id":"9702852c-7af5-40d1-8582-0d9c8a032173","block_type":"box","text":"to purchase underlying funds if such underlying f","page_number":110,"box":{"x":116,"y":770,"width":353,"height":13}},{"id":"0dfd7f9b-6736-4bf6-92f6-7954a073cb20","block_type":"box","text":"unds themselves own shares of underlying funds.","page_number":110,"box":{"x":470,"y":770,"width":358,"height":13}},{"id":"c7e71f61-efed-44ea-9d7e-de08844e9742","block_type":"box","text":"A number of publicly traded closed-end investment companies have been organized to facilitate","page_number":110,"box":{"x":116,"y":800,"width":710,"height":12}},{"id":"41a2649b-ab38-468b-bfe6-9602079a314e","block_type":"box","text":"indirect foreign investment in developing countries, and certain of such countries, such as Thailand,","page_number":110,"box":{"x":117,"y":816,"width":736,"height":12}},{"id":"d5c0bba1-9b4e-4dcf-85d8-7394ddb4b3f4","block_type":"box","text":"South Korea, Chile and Brazil, have specifically authorized such funds. There also are investment","page_number":110,"box":{"x":116,"y":831,"width":730,"height":12}},{"id":"8ba2f4d0-a52a-4f04-9d20-4d9b26fa4973","block_type":"box","text":"opportunities in certain of such countries in pooled vehicles that resemble open-end investment","page_number":110,"box":{"x":116,"y":847,"width":713,"height":12}},{"id":"02244204-5294-4720-aad9-7c1e8e2688d8","block_type":"box","text":"companies. The restrictions on investments in securities of investment companies set forth above may","page_number":110,"box":{"x":116,"y":862,"width":765,"height":12}},{"id":"72175e54-30b5-425e-8667-2998b5e80608","block_type":"box","text":"limit opportunities for a Fund to invest indirectly in certain developing countries.","page_number":110,"box":{"x":117,"y":878,"width":591,"height":12}},{"id":"60767802-21e0-4bee-aec1-e6f89b8f4210","block_type":"box","text":"II-61","page_number":110,"box":{"x":484,"y":909,"width":29,"height":9}},{"id":"606beb3c-277a-4fdf-b072-854c0ffb62e5","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":110,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"e8c67d92-c725-4929-8b68-d2cccae0f88a","block_type":"box","text":"Issuer Insolvency Risk.","page_number":111,"box":{"x":116,"y":87,"width":185,"height":12}},{"id":"680964cd-8f97-44e2-8ecd-25edde1e2378","block_type":"box","text":"Certain Funds’ potential exposure to financially or operationally troubled","page_number":111,"box":{"x":302,"y":87,"width":543,"height":12}},{"id":"de728aaf-ddbb-4d74-bd31-40ed91b767c8","block_type":"box","text":"issuers involves a high degree of credit and market risk, which may be heightened during an economic","page_number":111,"box":{"x":117,"y":102,"width":766,"height":13}},{"id":"9f96526c-b908-44dd-a900-8f3b525eadad","block_type":"box","text":"downturn or recession. Should an issuer of securities held by a Fund become involved in a bankruptcy","page_number":111,"box":{"x":116,"y":118,"width":765,"height":12}},{"id":"b3053c33-4ac2-4cec-ba45-a7ca8b6d6fab","block_type":"box","text":"proceeding, reorganization or financial restructuring, a wide variety of considerations make an","page_number":111,"box":{"x":117,"y":134,"width":700,"height":12}},{"id":"1636de76-409c-4ce5-9132-9a5fc11ec783","block_type":"box","text":"evaluation of the outcome of the Fund’s exposure to the issuer uncertain.","page_number":111,"box":{"x":116,"y":149,"width":548,"height":12}},{"id":"594f6d99-6e4b-4f37-846c-61e6bf9a839d","block_type":"box","text":"During the period of a bankruptcy proceeding, reorganization or financial restructuring, it is unlikely that","page_number":111,"box":{"x":117,"y":180,"width":769,"height":12}},{"id":"648121f2-a755-4912-b328-f2af36041c30","block_type":"box","text":"a Fund will receive any interest payments on the securities of the issuer. A Fund will be subject to","page_number":111,"box":{"x":116,"y":196,"width":728,"height":12}},{"id":"706ac002-161e-44c7-91de-50479254f0d8","block_type":"box","text":"significant uncertainty as to whether the reorganization or restructuring will be completed, and the Fund","page_number":111,"box":{"x":116,"y":211,"width":772,"height":12}},{"id":"4f1668b5-4b6a-426c-9129-97cd299b5417","block_type":"box","text":"may bear certain extraordinary expenses to protect and recover its investment. A Fund will also be","page_number":111,"box":{"x":117,"y":227,"width":735,"height":12}},{"id":"b577d61a-67d1-4f28-b0f4-e0c459b22e3a","block_type":"box","text":"subject to significant uncertainty as to when and in what manner and for what value the obligations","page_number":111,"box":{"x":116,"y":242,"width":737,"height":12}},{"id":"7dbcc70d-bb4b-47b7-ad9e-30740d7e28a2","block_type":"box","text":"evidenced by the securities of the issuer held by the Fund will eventually be satisfied.","page_number":111,"box":{"x":116,"y":258,"width":637,"height":12}},{"id":"156915df-7034-4c05-aba9-4e1b3da3d16a","block_type":"box","text":"Even if a plan of reorganization or restructuring is adopted with respect to the securities of the issuer","page_number":111,"box":{"x":117,"y":289,"width":741,"height":12}},{"id":"2f318652-8cc3-4ab0-b501-d2c07b27b5be","block_type":"box","text":"held by the Fund, there can be no assurance that the securities or other assets received by a Fund in","page_number":111,"box":{"x":117,"y":304,"width":748,"height":12}},{"id":"67c16da7-51dc-4365-a142-e33a232d9440","block_type":"box","text":"connection with such plan of reorganization or restructuring will not have a lower value or income","page_number":111,"box":{"x":116,"y":320,"width":717,"height":12}},{"id":"63556944-e18f-4f5d-9e83-7491958021ab","block_type":"box","text":"potential than may have been anticipated or no value. A Fund may be unable to enforce its claims or","page_number":111,"box":{"x":117,"y":335,"width":742,"height":12}},{"id":"f559011a-b8b7-4bce-9cdd-e71d2517058c","block_type":"box","text":"rights in any collateral or may have its claims or security interest in any collateral challenged, disallowed","page_number":111,"box":{"x":117,"y":351,"width":767,"height":12}},{"id":"3dad6cef-d50f-4e02-abd5-b54dfc00e106","block_type":"box","text":"or subordinated to the claims or security interests of other creditors. In addition, amendments to the U.S.","page_number":111,"box":{"x":116,"y":366,"width":772,"height":12}},{"id":"d4142b7c-09c7-4ede-80e1-68c7c4304490","block_type":"box","text":"Bankruptcy Code or other relevant laws could alter the expected outcome or introduce greater","page_number":111,"box":{"x":117,"y":382,"width":695,"height":12}},{"id":"553d0bfb-1a7a-4533-8ca1-f1464763c9f7","block_type":"box","text":"uncertainty regarding the outcome of the Fund’s securities holdings in the issuer. In a bankruptcy","page_number":111,"box":{"x":117,"y":397,"width":716,"height":12}},{"id":"8fe015e1-6a3f-4017-a9a2-7d3a6007d78c","block_type":"box","text":"proceeding, a reorganization or restructuring, the securities of the issuer held by a Fund could be","page_number":111,"box":{"x":117,"y":413,"width":716,"height":12}},{"id":"9ed17832-bf89-4e68-8ae7-c48ad4fff76a","block_type":"box","text":"re-characterized or a Fund may receive different securities or other assets, including equity securities.","page_number":111,"box":{"x":117,"y":428,"width":752,"height":12}},{"id":"e0d86f49-8726-4bd6-b841-93c13a2a86b2","block_type":"box","text":"These types of equity securities include, but are not limited to: common stock; preferred stock (including","page_number":111,"box":{"x":116,"y":444,"width":768,"height":12}},{"id":"da1008ff-e265-4228-9eb4-84021d128964","block_type":"box","text":"convertible preferred stock); bonds, notes and debentures convertible into common or preferred stock;","page_number":111,"box":{"x":116,"y":459,"width":756,"height":12}},{"id":"3116cb80-805a-4b24-9fba-ff610d16c4b0","block_type":"box","text":"stock purchase warrants and rights; equity interests in trusts; and depositary receipts. Equity securities","page_number":111,"box":{"x":116,"y":475,"width":759,"height":12}},{"id":"142e82a8-980d-47e8-9001-060fbc8eebd5","block_type":"box","text":"are subject to changes in value, and their value may be more volatile than those of other asset classes.","page_number":111,"box":{"x":116,"y":490,"width":764,"height":12}},{"id":"08297247-b3ea-49eb-934d-4fef17cac40b","block_type":"box","text":"Holders of equity securities are subject to more risk than holders of debt securities because the status of","page_number":111,"box":{"x":117,"y":506,"width":771,"height":12}},{"id":"e3141300-7653-4196-92aa-374fc8556f01","block_type":"box","text":"equity holders is subordinate to debtholders in an issuer’s capital structure. The value of equity","page_number":111,"box":{"x":116,"y":521,"width":701,"height":12}},{"id":"01a1e6dd-1ff9-41f0-a69a-009ca9ab75d6","block_type":"box","text":"securities received by a Fund could decline if the financial condition of the issuer deteriorates or if","page_number":111,"box":{"x":116,"y":537,"width":721,"height":12}},{"id":"1b826add-208c-479d-bc66-739dc8705527","block_type":"box","text":"overall market and economic conditions, or conditions within the issuer’s region or industry, deteriorate.","page_number":111,"box":{"x":116,"y":552,"width":764,"height":12}},{"id":"a2f184b9-ad89-4a10-bac5-dc6ae6d4d52e","block_type":"box","text":"To the extent that a Fund receives other assets in connection with a bankruptcy proceeding,","page_number":111,"box":{"x":116,"y":583,"width":681,"height":12}},{"id":"d0a0033c-55a2-4542-89c7-5a709fb2a8f8","block_type":"box","text":"reorganization or financial restructuring, the Fund may also be subject to additional risks associated with","page_number":111,"box":{"x":117,"y":599,"width":770,"height":12}},{"id":"5f65e4be-2584-4ce2-8fd6-2433c8087bae","block_type":"box","text":"the assets received. One example of assets that a Fund could receive is an interest in one or more","page_number":111,"box":{"x":116,"y":614,"width":730,"height":12}},{"id":"e9729a7c-a85b-4ccf-817f-e486d7b00e58","block_type":"box","text":"loans made to the issuer as part of a workout agreed to by a consortium of lienholders and creditors of","page_number":111,"box":{"x":117,"y":630,"width":756,"height":12}},{"id":"8f6cce94-7301-4688-85d6-47bdbbb83709","block_type":"box","text":"the issuer. A Fund may receive such interests in loans to the extent permitted by the Investment","page_number":111,"box":{"x":116,"y":645,"width":710,"height":12}},{"id":"bb65eb49-284d-4ac9-bc50-c01095f38c61","block_type":"box","text":"Company Act.","page_number":111,"box":{"x":117,"y":661,"width":102,"height":12}},{"id":"8717e2e0-e387-4fdf-9f85-58db5a8f54ac","block_type":"box","text":"Securities or other assets received in a reorganization","page_number":111,"box":{"x":116,"y":692,"width":382,"height":12}},{"id":"0c7cc987-6443-48f9-a9b7-a83ffea223b8","block_type":"box","text":"or restructuring typically entail a higher degree of risk","page_number":111,"box":{"x":503,"y":692,"width":376,"height":12}},{"id":"70765449-8fed-4c8a-a7c8-d945301f51a5","block_type":"box","text":"than investments in securities of issuers that","page_number":111,"box":{"x":116,"y":707,"width":315,"height":10}},{"id":"08026cc2-dbcb-4e49-a818-67b861ae8441","block_type":"box","text":"have not undergone a reorganization or restructuring and may","page_number":111,"box":{"x":436,"y":707,"width":441,"height":12}},{"id":"9daf2a24-e8a7-4dc9-b6f1-762b48542f8b","block_type":"box","text":"be subject to heavy selling or downward pricing pre","page_number":111,"box":{"x":117,"y":723,"width":363,"height":12}},{"id":"ffc5d3e3-9550-4311-9966-36b004bd9061","block_type":"box","text":"ssure after completion of the reorganization or","page_number":111,"box":{"x":481,"y":723,"width":327,"height":12}},{"id":"1ea8425d-78d1-4e63-9eb9-4c41ce600cbf","block_type":"box","text":"restructuring. The post-reorganization/restructuring assets","page_number":111,"box":{"x":117,"y":738,"width":411,"height":12}},{"id":"6e513957-2548-41e3-8d40-4943ebff397b","block_type":"box","text":"and securities may also be illiquid and difficult to","page_number":111,"box":{"x":533,"y":738,"width":341,"height":12}},{"id":"a2789ab5-d7dc-4cae-93cb-dc03045068d0","block_type":"box","text":"sell or value. If a Fund participates in negotiations with","page_number":111,"box":{"x":116,"y":754,"width":384,"height":12}},{"id":"e90269fc-2387-4d90-bd0d-bed035feab66","block_type":"box","text":"respect to a plan of reorganization or restructuring","page_number":111,"box":{"x":506,"y":754,"width":353,"height":12}},{"id":"1f357ba6-762e-4d05-ba60-895c8a267369","block_type":"box","text":"with respect to securities of the issuer held by a","page_number":111,"box":{"x":116,"y":769,"width":336,"height":12}},{"id":"4eeb3918-ac2d-4aff-a024-a8fb66f17200","block_type":"box","text":"Fund, the Fund also may be restricted from disposing such","page_number":111,"box":{"x":458,"y":769,"width":417,"height":12}},{"id":"21af27a1-dbcc-45a3-89f2-f7cd20d8e15e","block_type":"box","text":"securities for a period of time. If a Fund becomes involved in such proceedings, the Fund may have more","page_number":111,"box":{"x":116,"y":785,"width":747,"height":12}},{"id":"1d0a8941-fb9c-479d-9a02-17f121a2720b","block_type":"box","text":"active participation in the affairs of the iss","page_number":111,"box":{"x":116,"y":800,"width":292,"height":12}},{"id":"70f1a28a-eeda-44c2-8a89-a33474fb813c","block_type":"box","text":"uer than that assumed generally by an investor.","page_number":111,"box":{"x":409,"y":800,"width":337,"height":12}},{"id":"42c6add9-1193-4ed6-a5e4-61e2b0db757d","block_type":"box","text":"Lease Obligations.","page_number":111,"box":{"x":116,"y":831,"width":148,"height":12}},{"id":"b86b6dcf-3d21-4894-bfa7-9e1ab6afcca0","block_type":"box","text":"A Fund may hold participation certificates in a lease, an installment purchase","page_number":111,"box":{"x":265,"y":831,"width":581,"height":12}},{"id":"58644f41-8be1-45ee-898a-48d1fa90e792","block_type":"box","text":"contract, or a conditional sales contract (“lease obligations”). The Manager will monitor the credit","page_number":111,"box":{"x":116,"y":847,"width":721,"height":12}},{"id":"9be15218-c3b1-4b44-b60f-b6896f03bb47","block_type":"box","text":"standing of each borrower and each entity providing credit support and/or a put option relating to lease","page_number":111,"box":{"x":116,"y":862,"width":766,"height":12}},{"id":"bc8baf3c-2c81-436b-99ce-f3400678bed9","block_type":"box","text":"obligations.","page_number":111,"box":{"x":116,"y":878,"width":89,"height":12}},{"id":"2cdc98d2-f2d3-4a78-9057-55500e92c04f","block_type":"box","text":"II-62","page_number":111,"box":{"x":484,"y":909,"width":31,"height":9}},{"id":"a788c247-0dfb-4d67-979e-17521ad9bde1","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":111,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"c39189f9-b2f7-4930-accb-4e6ca02d70e2","block_type":"box","text":"Life Settlement Investments.","page_number":112,"box":{"x":116,"y":87,"width":227,"height":10}},{"id":"112a5977-1936-4616-9da4-dd5784fa2c10","block_type":"box","text":"A Fund may invest in life settlements, which are sales to third parties,","page_number":112,"box":{"x":344,"y":87,"width":525,"height":12}},{"id":"22d24506-f619-4049-8d38-d0b192d8967b","block_type":"box","text":"such as the Fund, of existing life insurance contracts for more than their cash surrender value but less","page_number":112,"box":{"x":116,"y":102,"width":763,"height":13}},{"id":"52b767ed-9ce2-456a-9c76-6883dfb0e200","block_type":"box","text":"than the net benefits to be paid under the policies. When a Fund acquires such a contract, it pays the","page_number":112,"box":{"x":116,"y":118,"width":756,"height":12}},{"id":"d0147507-1d75-4fad-a21c-e02ea4fcc04e","block_type":"box","text":"policy premiums in return for the expected receipt of the net benefit as the beneficiary under the policy.","page_number":112,"box":{"x":117,"y":134,"width":767,"height":12}},{"id":"9ca96c21-cd53-4e74-87eb-9d7023b88a88","block_type":"box","text":"Investments in these contracts involve certain risks, including liquidity risk, credit risk of the insurance","page_number":112,"box":{"x":117,"y":149,"width":756,"height":12}},{"id":"8aa4b9b8-755b-48cd-986f-6628a2c6ca3b","block_type":"box","text":"company, and inaccurate estimations of life expectancy of the insured individuals (viators). These","page_number":112,"box":{"x":116,"y":165,"width":729,"height":12}},{"id":"a692a96d-2a0d-4d7a-9381-340afe4876ab","block_type":"box","text":"policies may be considered illiquid because they are bought and sold in a secondary market through","page_number":112,"box":{"x":117,"y":180,"width":748,"height":12}},{"id":"a64f11cd-ed54-4507-a67a-0a80076a1bb7","block_type":"box","text":"life settlement agents. Also, in the event of a bankruptcy of the insurance carrier for a policy, the Fund","page_number":112,"box":{"x":117,"y":196,"width":760,"height":12}},{"id":"fd2562a8-d46f-406c-8eb9-828a7d48b998","block_type":"box","text":"may receive reduced or no benefits under the contract. A Fund seeks to minimize credit risk by","page_number":112,"box":{"x":117,"y":211,"width":708,"height":12}},{"id":"4400db86-4f2d-4c2f-9cd1-fd3959695fc2","block_type":"box","text":"investing in policies issued by a diverse range of highly-rated insurance carriers. Furthermore, a Fund","page_number":112,"box":{"x":117,"y":227,"width":758,"height":12}},{"id":"208a52fb-22fb-4880-ab2e-10b1a8ff3d61","block_type":"box","text":"may encounter losses on its investments if there is an inaccurate estimation of the life expectancies of","page_number":112,"box":{"x":117,"y":242,"width":761,"height":12}},{"id":"9853844d-9d0e-4e43-9eb0-d7d9ea7171fe","block_type":"box","text":"viators. A Fund intends to reduce this life expectancy risk by investing only in contracts where the life","page_number":112,"box":{"x":116,"y":258,"width":754,"height":12}},{"id":"cd8ecfe8-5f51-402b-a8fd-f80c97f89129","block_type":"box","text":"expectancy was reviewed by an experienced actuary, as well as by diversifying its investments across","page_number":112,"box":{"x":116,"y":273,"width":763,"height":12}},{"id":"46afaafe-e603-493b-a9b0-529e0d7b909d","block_type":"box","text":"viators of varying ages and medical profiles. In addition, it is unclear whether the income from life","page_number":112,"box":{"x":116,"y":289,"width":725,"height":12}},{"id":"a328ac75-7312-48a6-b65d-6e5b93231915","block_type":"box","text":"settlements is qualifying income for purposes of the IRS 90% gross income test a Fund must satisfy","page_number":112,"box":{"x":116,"y":304,"width":746,"height":12}},{"id":"d12aab38-63ac-4df3-99cd-de83d6411838","block_type":"box","text":"each year to qualify as a regulated investment company. A Fund intends to monitor its investments to","page_number":112,"box":{"x":116,"y":320,"width":758,"height":12}},{"id":"28f24346-9a52-4a7b-a7ca-fe94dcd30766","block_type":"box","text":"ensure that the Fund remains qualified as a regulated investment company.","page_number":112,"box":{"x":116,"y":335,"width":567,"height":12}},{"id":"0b41dfb8-b18b-4040-9c6c-a2e1dfd97d97","block_type":"box","text":"Liquidity Risk Management.","page_number":112,"box":{"x":116,"y":366,"width":221,"height":12}},{"id":"efbfb354-acde-437b-80f1-baafb024273d","block_type":"box","text":"Rule 22e-4 under the Investment Company Act (the “Liquidity Rule”)","page_number":112,"box":{"x":338,"y":366,"width":517,"height":12}},{"id":"b35f80dc-27d5-48c4-a5a3-337f662d1f3d","block_type":"box","text":"requires open-end funds, such as the Funds, to adopt a liquidity risk management program and","page_number":112,"box":{"x":117,"y":382,"width":712,"height":12}},{"id":"294e9576-d073-44fb-af7a-6a0248a2c8f5","block_type":"box","text":"enhance disclosures regarding fund liquidity. As required by the Liquidity Rule, the Funds have","page_number":112,"box":{"x":116,"y":397,"width":709,"height":12}},{"id":"7277c138-d053-4bab-b7db-722cf5038355","block_type":"box","text":"implemented a liquidity risk management program (the “Liquidity Program”), and the Boards of","page_number":112,"box":{"x":117,"y":413,"width":704,"height":12}},{"id":"b349894d-994e-4a00-b014-f86c0f9badfa","block_type":"box","text":"Directors of the Funds, including a majority of the independent Directors, have appointed the Manager","page_number":112,"box":{"x":117,"y":428,"width":762,"height":12}},{"id":"37731aa9-91ce-4028-a579-b6ad235404e3","block_type":"box","text":"as the liquidity risk program administrator of the Liquidity Program. Under the Liquidity Program, the","page_number":112,"box":{"x":116,"y":444,"width":745,"height":12}},{"id":"06fa03dc-7d4b-435a-bb53-e1ea3666f381","block_type":"box","text":"Manager assesses, manages, and periodically reviews each Fund’s liquidity risk and classifies each","page_number":112,"box":{"x":117,"y":459,"width":746,"height":12}},{"id":"14b311f6-3379-4c8f-9f66-06c26451071d","block_type":"box","text":"investment held by a Fund as a “highly liquid investment,” “moderately liquid investment,” “less liquid","page_number":112,"box":{"x":117,"y":475,"width":750,"height":12}},{"id":"3050fa25-105e-4dd1-9552-e6c06a87e8aa","block_type":"box","text":"investment” or “illiquid investment.” The Liquidity Rule defines “liquidity risk” as the risk that a Fund","page_number":112,"box":{"x":117,"y":490,"width":736,"height":12}},{"id":"a9be7a6d-e827-453b-8ed4-e1748e681415","block_type":"box","text":"could not meet requests to redeem shares issued by the Fund without significant dilution of the","page_number":112,"box":{"x":116,"y":506,"width":709,"height":12}},{"id":"b1fc3346-0c25-4641-8a87-9ae78301b7da","block_type":"box","text":"remaining investors’ interests in the Fund. The liquidity of a Fund’s portfolio investments is determined","page_number":112,"box":{"x":117,"y":521,"width":762,"height":12}},{"id":"394b94d7-e2dd-41ab-b2cd-186a34b1681b","block_type":"box","text":"based on relevant market, trading and investment-specific considerations under the Liquidity Program.","page_number":112,"box":{"x":117,"y":537,"width":764,"height":12}},{"id":"0d83590e-908b-44a3-9d4c-992e6cfb930c","block_type":"box","text":"To the extent that an investment is deemed to be an illiquid investment or a less liquid investment, a","page_number":112,"box":{"x":116,"y":552,"width":747,"height":12}},{"id":"45a05608-36d7-4f7e-95fd-e190c446de96","block_type":"box","text":"Fund can expect to be exposed to greater liquidity risk.","page_number":112,"box":{"x":117,"y":568,"width":411,"height":12}},{"id":"4795a9c8-39d1-4167-a094-5297bc5c33b4","block_type":"box","text":"Master Limited Partnerships.","page_number":112,"box":{"x":116,"y":599,"width":230,"height":12}},{"id":"d8e908f9-d202-4b90-a0bd-c8a79b798514","block_type":"box","text":"Certain Funds may invest in publicly traded master limited partnerships","page_number":112,"box":{"x":347,"y":599,"width":538,"height":12}},{"id":"cf794d58-e7f7-4dba-9b65-ab7754d1a8ee","block_type":"box","text":"(“MLPs”) which are limited partnerships or limited liability companies taxable as partnerships. MLPs","page_number":112,"box":{"x":117,"y":614,"width":741,"height":12}},{"id":"74f85f71-69e3-47e9-b806-d1981419b66f","block_type":"box","text":"may derive income and gains from the exploration, development, mining or production, processing,","page_number":112,"box":{"x":117,"y":630,"width":739,"height":12}},{"id":"7322702d-cde1-40d5-a474-df03b92e8bca","block_type":"box","text":"refining, transportation (including pipelines transporting gas, oil, or products thereof), or the marketing","page_number":112,"box":{"x":117,"y":645,"width":758,"height":12}},{"id":"ac1b0d0a-e4bd-4df5-b66e-d2dff1cb842e","block_type":"box","text":"of any mineral or natural resources. MLPs generally have two classes of owners, the general partner","page_number":112,"box":{"x":116,"y":661,"width":748,"height":12}},{"id":"e503f888-078c-4603-8d29-beb13e3ec761","block_type":"box","text":"and limited partners. When investing in an MLP, a Fund intends to purchase publicly traded common","page_number":112,"box":{"x":116,"y":676,"width":747,"height":12}},{"id":"9b25ebca-7347-4cdc-878e-155b5b3176ee","block_type":"box","text":"units issued to limited partners of the MLP. The general partner is typically owned by a major energy","page_number":112,"box":{"x":117,"y":692,"width":744,"height":12}},{"id":"9b0c1cd3-15bd-4965-abc7-ea7de6089669","block_type":"box","text":"company, an investment fund, the direct management of the MLP or is an entity owned by one or more","page_number":112,"box":{"x":116,"y":707,"width":764,"height":12}},{"id":"6979abe3-270f-40f3-a807-77d38f3f2b76","block_type":"box","text":"of such parties. The general partner may be structured as a private or publicly traded corporation or","page_number":112,"box":{"x":116,"y":723,"width":739,"height":12}},{"id":"66f20163-330f-4e65-908a-3cbbd630aac7","block_type":"box","text":"other entity. The general partner typically controls the operations and management of the MLP through","page_number":112,"box":{"x":116,"y":738,"width":762,"height":12}},{"id":"7ed3dad6-7539-465a-ab84-b2faed855f3c","block_type":"box","text":"an up to 2% equity interest in the MLP plus, in many cases, ownership of common units and","page_number":112,"box":{"x":116,"y":754,"width":683,"height":12}},{"id":"5bd77ce4-3c3f-4805-afb1-4d853b1618c0","block_type":"box","text":"subordinated units. Limited partners own the remainder of the partnership, through ownership of","page_number":112,"box":{"x":116,"y":769,"width":714,"height":12}},{"id":"64303b1c-7e7f-4750-8d76-9afaabe6d483","block_type":"box","text":"common units, and have a limited role in the partnership’s operations and management.","page_number":112,"box":{"x":116,"y":785,"width":652,"height":12}},{"id":"6c45b99a-3bf3-44c0-b0cb-24a6f32a0b8d","block_type":"box","text":"MLPs are typically structured such that common units and general partner interests have first priority to","page_number":112,"box":{"x":117,"y":816,"width":764,"height":12}},{"id":"a9b1222d-fafa-4d8f-8311-4f4a30f162ad","block_type":"box","text":"receive quarterly cash distributions up to an established minimum amount (“minimum quarterly","page_number":112,"box":{"x":117,"y":831,"width":706,"height":12}},{"id":"a8a89cc6-48bb-430a-b15e-6f926d39afef","block_type":"box","text":"distributions” or “MQD”). Common and general partner interests also accrue arrearages in distributions","page_number":112,"box":{"x":116,"y":847,"width":767,"height":12}},{"id":"a9b12bac-40b7-4076-b54f-94e2c8193b37","block_type":"box","text":"to the extent the MQD is not paid. Once common and general partner interests have been paid,","page_number":112,"box":{"x":116,"y":862,"width":714,"height":12}},{"id":"0107f123-f30a-4768-a03a-2346f151afe0","block_type":"box","text":"subordinated units receive distributions of up to the MQD; however, subordinated units do not accrue","page_number":112,"box":{"x":116,"y":878,"width":755,"height":12}},{"id":"8a16b349-1215-44ed-b720-7e4fc606e80f","block_type":"box","text":"II-63","page_number":112,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"0e409abf-f72e-4576-bbde-ef164b4902cd","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":112,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"f05e42ae-4e11-4d12-b3c8-4e383cf7ef36","block_type":"box","text":"arrearages. Distributable cash in excess of the MQD paid to both common and subordinated units is","page_number":113,"box":{"x":116,"y":87,"width":748,"height":12}},{"id":"4df51c80-0d1e-4a48-b15b-20e527fd307d","block_type":"box","text":"distributed to both common and subordinated units generally on a pro rata basis. The general partner","page_number":113,"box":{"x":116,"y":103,"width":757,"height":12}},{"id":"5a5e006d-2960-4ed4-9176-309c1d30be1b","block_type":"box","text":"is also eligible to receive incentive distributions if the general partner operates the business in a","page_number":113,"box":{"x":117,"y":118,"width":712,"height":12}},{"id":"e3ac7de7-6c3c-48fb-a3df-26daf0841686","block_type":"box","text":"manner which results in distributions paid per common unit surpassing specified target levels. As the","page_number":113,"box":{"x":117,"y":134,"width":751,"height":12}},{"id":"5d10d6ef-cd54-4f80-8ab8-9fc55278b26e","block_type":"box","text":"general partner increases cash distributions to the limited partners, the general partner receives an","page_number":113,"box":{"x":116,"y":149,"width":739,"height":12}},{"id":"57d1d8d0-190e-4b81-8abe-4fde7970f32b","block_type":"box","text":"increasingly higher percentage of the incremental cash distributions. A common arrangement provides","page_number":113,"box":{"x":117,"y":165,"width":764,"height":12}},{"id":"e0a94c65-188d-4aca-bbae-c46974592cef","block_type":"box","text":"that the general partner can reach a tier where it receives 50% of every incremental dollar paid to","page_number":113,"box":{"x":116,"y":180,"width":727,"height":12}},{"id":"1329bc93-b554-455f-ae17-5154867da3d8","block_type":"box","text":"common and subordinated unit holders. These incentive distributions encourage the general partner to","page_number":113,"box":{"x":116,"y":196,"width":767,"height":12}},{"id":"3583aee2-3831-4290-8371-808a8588efcb","block_type":"box","text":"streamline costs, increase capital expenditures and acquire assets in order to increase the","page_number":113,"box":{"x":116,"y":211,"width":676,"height":12}},{"id":"894934a6-e052-4d5d-88b8-a2feee485037","block_type":"box","text":"partnership’s cash flow and raise the quarterly cash distribution in order to reach higher tiers. Such","page_number":113,"box":{"x":117,"y":227,"width":736,"height":12}},{"id":"112c4f28-f9b0-47fc-9532-ed8d5cbd00e5","block_type":"box","text":"results benefit all security holders of the MLP.","page_number":113,"box":{"x":117,"y":242,"width":343,"height":12}},{"id":"d295ffdf-d228-4448-8b4a-37c53da7364a","block_type":"box","text":"MLP common units represent a limited partnership interest in the MLP. Common units are listed and","page_number":113,"box":{"x":117,"y":273,"width":748,"height":12}},{"id":"331ab5ae-1cbd-4655-b965-6a8c3fe2ff68","block_type":"box","text":"traded on U.S. securities exchanges, with their value fluctuating predominantly based on prevailing","page_number":113,"box":{"x":116,"y":289,"width":739,"height":12}},{"id":"0083531a-dd82-460e-8b98-d580aaaf20b4","block_type":"box","text":"market conditions and the success of the MLP. Certain Funds intend to purchase common units in","page_number":113,"box":{"x":117,"y":304,"width":733,"height":12}},{"id":"3b77e1c0-8e7e-45b6-8093-08c454f77a0b","block_type":"box","text":"market transactions. Unlike owners of common stock of a corporation, owners of common units have","page_number":113,"box":{"x":117,"y":320,"width":752,"height":12}},{"id":"36de7218-34e5-47e8-9936-ec985e4fa2a2","block_type":"box","text":"limited voting rights and have no ability to annually elect directors. In the event of liquidation, common","page_number":113,"box":{"x":117,"y":335,"width":758,"height":12}},{"id":"1fcea9fa-fceb-4d4e-8855-557ea050dadb","block_type":"box","text":"units have preference over subordinated units, but not over debt or preferred units, to the remaining","page_number":113,"box":{"x":117,"y":351,"width":744,"height":12}},{"id":"83b8c386-a064-469d-bb4e-419f76311e7c","block_type":"box","text":"assets of the MLP.","page_number":113,"box":{"x":116,"y":366,"width":144,"height":10}},{"id":"08076d0a-d204-47fe-8443-33a4d16b292f","block_type":"box","text":"Merger Transaction Risk.","page_number":113,"box":{"x":116,"y":397,"width":200,"height":12}},{"id":"b989810e-2fba-4025-b2db-f0d0b0fcdb5d","block_type":"box","text":"A Fund may buy stock of the target company in an announced merger","page_number":113,"box":{"x":317,"y":397,"width":531,"height":12}},{"id":"3ae8671a-74f1-4a5a-8a83-025a775b6222","block_type":"box","text":"transaction prior to the consummation of such transaction. In that circumstance, a Fund would expect","page_number":113,"box":{"x":116,"y":413,"width":757,"height":12}},{"id":"5f03843c-83d7-476b-8727-24f4fc15386f","block_type":"box","text":"to receive an amount (whether in cash, stock of the acquiring company or a combination of both) in","page_number":113,"box":{"x":116,"y":428,"width":740,"height":12}},{"id":"30076585-7174-47df-8973-dd1b2acde7da","block_type":"box","text":"excess of the purchase price paid by the Fund for the target company’s stock. However, a Fund is","page_number":113,"box":{"x":116,"y":444,"width":733,"height":12}},{"id":"2d5cca42-19b2-4938-ba01-de6fc55da73f","block_type":"box","text":"subject to the risk that the merger transaction may be canceled, delayed or restructured, in which case","page_number":113,"box":{"x":116,"y":459,"width":766,"height":12}},{"id":"d4956333-0235-4bf1-b9ad-bf8aeb1a453b","block_type":"box","text":"a Fund’s holding of the target company’s stock may not result in any profit for the Fund and may lose","page_number":113,"box":{"x":116,"y":475,"width":754,"height":12}},{"id":"55ce4f44-15d5-4487-a316-5bb4f516c21f","block_type":"box","text":"significant value.","page_number":113,"box":{"x":116,"y":490,"width":129,"height":12}},{"id":"45af123c-716b-402a-8b5c-e75cb89975dc","block_type":"box","text":"Money Market Obligations of Domestic Banks,","page_number":113,"box":{"x":116,"y":521,"width":355,"height":12}},{"id":"888e4f64-67ff-4ab2-b24d-4830e45c41e2","block_type":"box","text":"Foreign Banks and Foreign Branches of U.S. Banks.","page_number":113,"box":{"x":472,"y":521,"width":404,"height":12}},{"id":"44cbddd9-f6ed-4d9a-9ccb-0ecb70dce106","block_type":"box","text":"Certain Funds may purchase bank obligations, such as","page_number":113,"box":{"x":117,"y":537,"width":396,"height":12}},{"id":"35102d42-f8bc-46b2-88a5-3c70b12becb9","block_type":"box","text":"certificates of deposit, notes, bankers’ acceptances","page_number":113,"box":{"x":513,"y":537,"width":367,"height":12}},{"id":"30b4261a-74b0-4b84-9b5d-0715d8285d21","block_type":"box","text":"and time deposits, including instruments issued or suppo","page_number":113,"box":{"x":116,"y":552,"width":403,"height":12}},{"id":"947b838b-25ee-4aef-90ea-027842a27326","block_type":"box","text":"rted by the credit of U.S. or foreign banks or","page_number":113,"box":{"x":521,"y":552,"width":315,"height":12}},{"id":"996c1abd-6da5-40cc-8867-975141585116","block_type":"box","text":"savings institutions having total assets at the time","page_number":113,"box":{"x":116,"y":568,"width":356,"height":12}},{"id":"2e746487-1077-4ab4-8716-e03fe362a05c","block_type":"box","text":"of purchase in excess of $1 billion. These obligations may","page_number":113,"box":{"x":472,"y":567,"width":415,"height":13}},{"id":"d4c9c798-c340-47e9-86d1-b61ba04dc759","block_type":"box","text":"be general obligations of the parent bank","page_number":113,"box":{"x":117,"y":583,"width":290,"height":12}},{"id":"3b191177-60a9-4c52-885a-ecf2727d10c9","block_type":"box","text":"k or may be limited to the issuing branch or subsidiary by the terms","page_number":113,"box":{"x":407,"y":583,"width":473,"height":12}},{"id":"64c7f062-a78b-445d-8e87-acc6fa7778fb","block_type":"box","text":"of a specific obligation or by gov","page_number":113,"box":{"x":116,"y":599,"width":228,"height":12}},{"id":"e8a931da-c592-49a7-8d77-eb33c35854ae","block_type":"box","text":"ernment regulation. The assets of","page_number":113,"box":{"x":344,"y":599,"width":244,"height":12}},{"id":"462854ab-6ed0-4757-a7c9-da3ab1f5c58e","block_type":"box","text":"a bank or savings institution will be","page_number":113,"box":{"x":588,"y":599,"width":251,"height":12}},{"id":"91eca0d1-59e0-42fe-ad54-127fca644f43","block_type":"box","text":"deemed to include the assets of its domestic and fore","page_number":113,"box":{"x":116,"y":614,"width":380,"height":10}},{"id":"73cc863d-3d7e-4d6e-ba34-22a011351cb3","block_type":"box","text":"ign branches for purposes of a Fund’s investment","page_number":113,"box":{"x":497,"y":614,"width":356,"height":12}},{"id":"ca768b24-88c3-4eef-928e-6ef867723ee7","block_type":"box","text":"policies. Investments in short-term bank obligations","page_number":113,"box":{"x":117,"y":630,"width":368,"height":12}},{"id":"bcf5dc3c-c2be-41a8-9e10-875c472e2c47","block_type":"box","text":"may include obligations of foreign banks and domestic","page_number":113,"box":{"x":485,"y":630,"width":390,"height":12}},{"id":"05c8692c-48f6-46b7-858c-9b0d2512cf9f","block_type":"box","text":"branches of foreign banks, and also foreign branches of domestic banks.","page_number":113,"box":{"x":117,"y":645,"width":521,"height":12}},{"id":"b319f042-6abc-4c41-b444-17456c81c5fe","block_type":"box","text":"To the extent consistent with their investment objectives, a Fund may invest in debt obligations of","page_number":113,"box":{"x":116,"y":676,"width":723,"height":12}},{"id":"1bd623ab-401e-4e05-bb71-15425f52f4bc","block_type":"box","text":"domestic or foreign corporations and banks, and may acquire commercial obligations issued by","page_number":113,"box":{"x":116,"y":692,"width":708,"height":12}},{"id":"bc409d4d-bb06-473e-9f09-4860f0d7d642","block_type":"box","text":"Canadian corporations and Canadian counterparts of U.S. corporations, as well as Europaper, which is","page_number":113,"box":{"x":117,"y":707,"width":764,"height":12}},{"id":"7f9a86ed-1b56-4f2a-8283-704878e6b7ec","block_type":"box","text":"U.S. dollar-denominated commercial paper of a foreign issuer.","page_number":113,"box":{"x":117,"y":723,"width":460,"height":12}},{"id":"72fde78a-7b8d-452b-8db6-e1aaa2c3703d","block_type":"box","text":"Money Market Securities.","page_number":113,"box":{"x":116,"y":754,"width":201,"height":12}},{"id":"c78d98b4-f1a5-45a4-87d4-92d9500607d7","block_type":"box","text":"Certain Funds may invest in a broad range of short-term, high quality, U.S.","page_number":113,"box":{"x":323,"y":754,"width":553,"height":12}},{"id":"a57f5c79-4e01-4b14-8c5c-150692ad51b8","block_type":"box","text":"dollar-denominated instruments, such as government, bank, commercial and other obligations that are","page_number":113,"box":{"x":116,"y":769,"width":760,"height":12}},{"id":"e7fc3b6b-2b9b-4ead-8e63-8ba442fd70db","block_type":"box","text":"available in the money markets. In particular, the Funds may invest in:","page_number":113,"box":{"x":116,"y":785,"width":519,"height":12}},{"id":"7d4ad76e-ace3-47d7-a25e-0c78da3d396c","block_type":"box","text":"(a) U.S. dollar-denominated obligations issued or supported by the credit of U.S. or foreign banks","page_number":113,"box":{"x":150,"y":816,"width":729,"height":12}},{"id":"afe09078-edd0-47c4-8290-3ba5c7f5352a","block_type":"box","text":"or savings institutions with total assets in excess of $1 billion (including obligations of foreign","page_number":113,"box":{"x":184,"y":830,"width":690,"height":13}},{"id":"8a7fb799-06c5-4c98-ad56-f53432a4b2be","block_type":"box","text":"branches of such banks);","page_number":113,"box":{"x":184,"y":847,"width":192,"height":12}},{"id":"9b280ebd-6e8f-47e9-94cd-575158eba154","block_type":"box","text":"II-64","page_number":113,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"e21958d6-b123-4f71-892e-c678119e7e81","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":113,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"ed888150-f628-4562-9246-0bd27f5f9e73","block_type":"box","text":"(b) high quality commercial paper and other obligations issued or guaranteed by U.S. and foreign","page_number":114,"box":{"x":150,"y":87,"width":734,"height":12}},{"id":"58d82937-4128-4898-a899-122d635b11a6","block_type":"box","text":"corporations and other issuers rated (at the time of purchase) A-2 or higher by S&P, Prime-2","page_number":114,"box":{"x":184,"y":102,"width":692,"height":13}},{"id":"4e466cbb-d4d5-4aac-8cdb-8901ebcabe98","block_type":"box","text":"or higher by Moody’s or F-2 or higher by Fitch, as well as high quality corporate bonds rated","page_number":114,"box":{"x":184,"y":118,"width":687,"height":12}},{"id":"9b162f7b-ab77-46bf-9324-52efb07035ff","block_type":"box","text":"(at the time of purchase) A or higher by those rating agencies;","page_number":114,"box":{"x":184,"y":134,"width":465,"height":12}},{"id":"9ffdf62f-d54a-47cd-90f5-17107a473ff0","block_type":"box","text":"(c) unrated notes, paper and other instruments that are of comparable quality to the instruments","page_number":114,"box":{"x":150,"y":157,"width":726,"height":12}},{"id":"7bbf6814-bacd-4526-85ef-1d51e1416b2c","block_type":"box","text":"described in (b) above as determined by the Fund’s Manager;","page_number":114,"box":{"x":184,"y":172,"width":463,"height":12}},{"id":"bea6d38b-3b6f-4290-8593-3337a9f149f0","block_type":"box","text":"(d) asset-backed securities (including interests in pools of assets such as mortgages, installment","page_number":114,"box":{"x":150,"y":196,"width":730,"height":12}},{"id":"9ff4c4a3-eb71-45f6-b452-e5f474fef219","block_type":"box","text":"purchase obligations and credit card receivables);","page_number":114,"box":{"x":184,"y":211,"width":374,"height":12}},{"id":"413553ed-e25d-4d97-998e-0a2781578251","block_type":"box","text":"(e) securities issued or guaranteed as to principal and interest by the U.S. Government or by its","page_number":114,"box":{"x":150,"y":234,"width":722,"height":12}},{"id":"45dc7a46-3670-4c0e-bd46-1d693c3948a1","block_type":"box","text":"agencies or authorities and related custodial receipts;","page_number":114,"box":{"x":184,"y":250,"width":401,"height":12}},{"id":"e671e6ef-c40b-47a4-ba50-d9ce7d89a8d0","block_type":"box","text":"(f) dollar-denominated securities issued or guaranteed by foreign governments or their political","page_number":114,"box":{"x":150,"y":273,"width":719,"height":12}},{"id":"919be301-02e7-4739-8690-2f4c274e6a68","block_type":"box","text":"subdivisions, agencies or authorities;","page_number":114,"box":{"x":184,"y":289,"width":279,"height":12}},{"id":"33c889f3-58c8-4f91-80b5-5f00744fda0d","block_type":"box","text":"(g) funding agreements issued by highly-rated U.S. insurance companies;","page_number":114,"box":{"x":150,"y":312,"width":561,"height":12}},{"id":"119d96a0-0780-459c-84a0-452cd644d3df","block_type":"box","text":"(h) securities issued or guaranteed by state or local governmental bodies;","page_number":114,"box":{"x":150,"y":335,"width":560,"height":12}},{"id":"0aee6d73-7293-4f98-80fa-9c7febc23db0","block_type":"box","text":"(i) repurchase agreements relating to the above instruments;","page_number":114,"box":{"x":150,"y":358,"width":469,"height":12}},{"id":"51b5af45-8f1e-4358-b9bf-46ef277f304a","block_type":"box","text":"(j) municipal bonds and notes whose principal and interest payments are guaranteed by the U.S.","page_number":114,"box":{"x":150,"y":382,"width":736,"height":12}},{"id":"2607a38c-049b-473f-abb0-735e327c23da","block_type":"box","text":"Government or one of its agencies or authorities or which otherwise depend directly or","page_number":114,"box":{"x":184,"y":397,"width":646,"height":12}},{"id":"be12a0df-b947-4d44-b234-f565150b70a6","block_type":"box","text":"indirectly on the credit of the United States;","page_number":114,"box":{"x":184,"y":413,"width":325,"height":12}},{"id":"01f9f901-b508-4ad0-a6c4-bd35e6ea94d7","block_type":"box","text":"(k) fixed and variable rate notes and similar debt instruments rated MIG-2, VMIG-2 or Prime-2 or","page_number":114,"box":{"x":150,"y":436,"width":730,"height":12}},{"id":"40bd57ba-e319-48b8-8add-a5e1da5fb9ab","block_type":"box","text":"higher by Moody’s, SP-2 or A-2 or higher by S&P, or F-2 or higher by Fitch;","page_number":114,"box":{"x":184,"y":451,"width":563,"height":12}},{"id":"ffad368d-27d0-405a-beb4-700031ef4f14","block_type":"box","text":"(l) tax-exempt commercial paper and similar debt instruments rated Prime-2 or higher by","page_number":114,"box":{"x":150,"y":475,"width":675,"height":12}},{"id":"033cc7ef-1a48-4f3b-b2d2-f486c6622398","block_type":"box","text":"Moody’s, A-2 or higher by S&P, or F-2 or higher by Fitch;","page_number":114,"box":{"x":184,"y":490,"width":428,"height":12}},{"id":"fa30ddfe-8537-4eae-831c-4b3f3fe376c0","block_type":"box","text":"(m) municipal bonds rated A or higher by Moody’s, S&P or Fitch;","page_number":114,"box":{"x":150,"y":513,"width":488,"height":12}},{"id":"8e2aef43-4a1e-49b7-acf9-e1ebeb1d857b","block_type":"box","text":"(n) unrated notes, paper or other instruments that are of comparable quality to the instruments","page_number":114,"box":{"x":150,"y":537,"width":713,"height":12}},{"id":"18174dc7-f7e4-4a75-8f78-aeddd6d11cf5","block_type":"box","text":"described above, as determined by the Fund’s Manager under guidelines established by the","page_number":114,"box":{"x":184,"y":552,"width":688,"height":12}},{"id":"ab50a17b-d378-4bf4-af80-a3a6dc173316","block_type":"box","text":"Board; and","page_number":114,"box":{"x":184,"y":568,"width":86,"height":11}},{"id":"2110cbf0-d363-4cc4-aa04-c002424938cd","block_type":"box","text":"(o) municipal bonds and notes which are guaranteed as to principal and interest by the U.S.","page_number":114,"box":{"x":150,"y":591,"width":693,"height":12}},{"id":"0ea4c6b3-5eab-4f01-8c38-58850939c13a","block_type":"box","text":"Government or an agency or instrumentality thereof or which otherwise depend directly or","page_number":114,"box":{"x":184,"y":606,"width":671,"height":12}},{"id":"0c07436f-ba04-4e1d-a077-445b243052a6","block_type":"box","text":"indirectly on the credit of the United States.","page_number":114,"box":{"x":184,"y":622,"width":325,"height":12}},{"id":"c75099ac-fcce-4865-af68-e540c520fa52","block_type":"box","text":"Mortgage-Related Securities.","page_number":114,"box":{"x":116,"y":653,"width":236,"height":12}},{"id":"ee7881e7-6f7b-4f72-a3f9-638a2d2ce963","block_type":"box","text":"Mortgage-Backed Securities.","page_number":114,"box":{"x":116,"y":676,"width":214,"height":12}},{"id":"74949e97-e977-4803-9fe7-9c15096cad1e","block_type":"box","text":"Mortgage-backed securities represent interests in pools of mortgages in","page_number":114,"box":{"x":338,"y":676,"width":532,"height":12}},{"id":"01d544b7-460b-43d2-9cbb-9cfd940ec56e","block_type":"box","text":"which payments of both principal and interest on the securities are generally made monthly, in effect","page_number":114,"box":{"x":116,"y":692,"width":744,"height":12}},{"id":"11e651fd-243b-47b1-98f5-9873cf937973","block_type":"box","text":"“passing through” monthly payments made by borrowers on the residential or commercial mortgage","page_number":114,"box":{"x":116,"y":707,"width":739,"height":12}},{"id":"aa1b42ec-f20e-43fe-ad73-466a9bbdaedc","block_type":"box","text":"loans that underlie the securities (net of any fees paid to the issuer or guarantor of the securities).","page_number":114,"box":{"x":117,"y":723,"width":722,"height":12}},{"id":"11874239-375f-45c5-9d12-c73f7073bf43","block_type":"box","text":"Mortgage-backed securities differ from other forms of debt securities, which normally provide for","page_number":114,"box":{"x":117,"y":738,"width":713,"height":12}},{"id":"75b856b8-548a-4c7d-b41c-1b835cfb2da2","block_type":"box","text":"periodic payment of interest in fixed amounts with principal payments at maturity or specified call","page_number":114,"box":{"x":117,"y":754,"width":715,"height":12}},{"id":"cea1c51f-2145-456c-ae69-4138c7ea1fc8","block_type":"box","text":"dates.","page_number":114,"box":{"x":116,"y":769,"width":44,"height":10}},{"id":"b95c3a7c-2744-462c-9190-9b8edaaa0d7f","block_type":"box","text":"Mortgage-backed securities are subject to the general risks associated with investing in real estate","page_number":114,"box":{"x":117,"y":800,"width":731,"height":12}},{"id":"a4a8dccd-b4e1-4043-bc96-7dd957bb1d2f","block_type":"box","text":"securities; that is, they may lose value if the value of the underlying real estate to which a pool of","page_number":114,"box":{"x":116,"y":816,"width":718,"height":12}},{"id":"2ad0adb8-1462-45da-8b9a-4224f62259e6","block_type":"box","text":"mortgages relates declines. In addition, investments in mortgage-backed securities involve certain","page_number":114,"box":{"x":117,"y":831,"width":732,"height":12}},{"id":"bdc6bfee-e59f-4758-aa10-e00339713f0b","block_type":"box","text":"specific risks. These risks include the failure of a party to meet its commitments under the related","page_number":114,"box":{"x":116,"y":847,"width":726,"height":12}},{"id":"9e7e0709-b8c7-46c1-81cd-5723cd7ac305","block_type":"box","text":"operative documents, adverse interest rate changes and the effects of prepayments on mortgage cash","page_number":114,"box":{"x":116,"y":862,"width":767,"height":12}},{"id":"43d9ea32-c0d0-486b-a796-02c30cc7fbde","block_type":"box","text":"flows. Mortgage-backed securities are “pass-through” securities, meaning that principal and interest","page_number":114,"box":{"x":116,"y":878,"width":744,"height":12}},{"id":"40e40c20-b2f3-4d56-9832-d386332e2364","block_type":"box","text":"II-65","page_number":114,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"cea70102-a66c-4c46-909a-2a341fa17261","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":114,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"2c15f6be-e2e9-48b8-ade6-0f63feb6b2e1","block_type":"box","text":"payments made by the borrower on the underlying mortgages are passed through to a Fund.","page_number":115,"box":{"x":117,"y":87,"width":693,"height":12}},{"id":"8aba2b10-941d-4203-9d8b-02e9d16ffa09","block_type":"box","text":"Accordingly, the value of mortgage-backed securities in which a Fund invests may be particularly","page_number":115,"box":{"x":116,"y":102,"width":725,"height":13}},{"id":"413b6cbe-d082-4904-890b-b59a3c2f4295","block_type":"box","text":"sensitive to changes in prevailing interest rates, and, like other fixed income investments, the ability of","page_number":115,"box":{"x":116,"y":118,"width":761,"height":12}},{"id":"601afec3-a3ff-4513-ad4d-9c4b187e386a","block_type":"box","text":"a Fund to utilize these instruments successfully may depend in part upon the ability of the Manager to","page_number":115,"box":{"x":116,"y":134,"width":760,"height":12}},{"id":"df065d92-2792-46fa-baea-aa4d584ebb78","block_type":"box","text":"forecast interest rates and other economic factors correctly. The value of mortgage-backed securities,","page_number":115,"box":{"x":116,"y":149,"width":761,"height":12}},{"id":"b0239d0e-f266-4533-8d82-396b84283bea","block_type":"box","text":"like that of traditional fixed-income securities, typically increases when interest rates fall and decreases","page_number":115,"box":{"x":117,"y":165,"width":768,"height":12}},{"id":"d4ccf0e6-2458-4dd1-82ef-070b3f6d2981","block_type":"box","text":"when interest rates rise. However, mortgage-backed securities differ from traditional fixed-income","page_number":115,"box":{"x":116,"y":180,"width":729,"height":12}},{"id":"b7bdaa0c-7b70-4a81-bdd5-b14b47dbc769","block_type":"box","text":"securities because of their potential for prepayment without penalty. The price paid by a Fund for its","page_number":115,"box":{"x":116,"y":196,"width":745,"height":12}},{"id":"6c6950fc-f578-4f0d-a2ff-f15d23a21529","block_type":"box","text":"mortgage-backed securities, the yield the Fund expects to receive from such securities and the","page_number":115,"box":{"x":117,"y":211,"width":709,"height":12}},{"id":"b52aa489-842f-4ff5-9a29-486ba3061e46","block_type":"box","text":"weighted average life of the securities are based on a number of factors, including the anticipated rate","page_number":115,"box":{"x":116,"y":227,"width":762,"height":12}},{"id":"079ca35c-4994-4a93-b9d8-593c2569082b","block_type":"box","text":"of prepayment of the underlying mortgages. In a period of declining interest rates, borrowers may","page_number":115,"box":{"x":116,"y":242,"width":727,"height":12}},{"id":"e3538e64-5f00-4075-a0a1-e6121c696174","block_type":"box","text":"prepay the underlying mortgages more quickly than anticipated, thereby reducing the yield to maturity","page_number":115,"box":{"x":117,"y":258,"width":757,"height":12}},{"id":"b8f67a1d-40b0-4d0b-b8e3-aa65e688f05e","block_type":"box","text":"and the average life of the mortgage-backed securities. Moreover, when a Fund reinvests the proceeds","page_number":115,"box":{"x":116,"y":273,"width":772,"height":12}},{"id":"a7865a96-0b89-4d6a-bcfc-8bd9dd81db0b","block_type":"box","text":"of a prepayment in these circumstances, it will likely receive a rate of interest that is lower than the rate","page_number":115,"box":{"x":116,"y":289,"width":769,"height":12}},{"id":"d5fc4995-f550-40cf-8cab-835ec233f835","block_type":"box","text":"on the security that was prepaid.","page_number":115,"box":{"x":116,"y":304,"width":247,"height":12}},{"id":"18c197ab-1da6-4051-af7b-69068288f216","block_type":"box","text":"To the extent that a Fund purchases mortgage-backed securities at a premium, mortgage foreclosures","page_number":115,"box":{"x":116,"y":335,"width":766,"height":12}},{"id":"e79acad4-0a12-4f8c-8a35-4f31301e382e","block_type":"box","text":"and principal prepayments may result in a loss to the extent of the premium paid. If a Fund buys such","page_number":115,"box":{"x":116,"y":351,"width":758,"height":12}},{"id":"70a1ca1a-0a75-46ca-8e59-ec60d8e7551f","block_type":"box","text":"securities at a discount, both scheduled payments of principal and unscheduled prepayments will","page_number":115,"box":{"x":116,"y":366,"width":726,"height":12}},{"id":"12a38505-5861-4cea-8120-b58a351c233d","block_type":"box","text":"increase current and total returns and will accelerate the recognition of income, which, when distributed","page_number":115,"box":{"x":117,"y":382,"width":771,"height":12}},{"id":"6a30a360-4bc7-4c49-ab3e-b09d2f2994f1","block_type":"box","text":"to shareholders, will be taxable as ordinary income. In a period of rising interest rates, prepayments of","page_number":115,"box":{"x":116,"y":397,"width":762,"height":12}},{"id":"6a0e5960-ed16-4f3b-ad00-21f238800705","block_type":"box","text":"the underlying mortgages may occur at a slower than expected rate, creating maturity extension risk.","page_number":115,"box":{"x":116,"y":413,"width":753,"height":12}},{"id":"d01790e4-af39-4a15-9876-c6c43c161e5f","block_type":"box","text":"This particular risk may effectively change a security that was considered short- or intermediate-term at","page_number":115,"box":{"x":116,"y":428,"width":771,"height":12}},{"id":"e33fa6be-a939-4a2c-9c5d-58a5a36cfb8e","block_type":"box","text":"the time of purchase into a long-term security. Since the value of long-term securities generally","page_number":115,"box":{"x":116,"y":444,"width":709,"height":12}},{"id":"3a957b82-567f-45ff-bf15-695b0ed70da1","block_type":"box","text":"fluctuates more widely in response to changes in interest rates than that of shorter-term securities,","page_number":115,"box":{"x":116,"y":459,"width":736,"height":12}},{"id":"4b630cea-fa43-4d55-a224-d2bbe4d15aee","block_type":"box","text":"maturity extension risk could increase the inherent volatility of the Fund. Under certain interest rate and","page_number":115,"box":{"x":117,"y":475,"width":769,"height":12}},{"id":"aba9d79e-5907-4df3-a2ae-a30859a9f667","block_type":"box","text":"prepayment scenarios, a Fund may fail to recoup fully its investment in mortgage-backed securities","page_number":115,"box":{"x":117,"y":490,"width":740,"height":12}},{"id":"9a342710-9266-4365-a5e0-791d45fbb775","block_type":"box","text":"notwithstanding any direct or indirect governmental or agency guarantee.","page_number":115,"box":{"x":117,"y":506,"width":547,"height":12}},{"id":"1bcaf2ca-97ae-4a9c-928c-3d86151aad21","block_type":"box","text":"There are currently three types of mortgage pass-through securities: (1) those issued by the U.S.","page_number":115,"box":{"x":116,"y":537,"width":725,"height":12}},{"id":"297361c2-df76-46bb-92c1-ac81b3968ab7","block_type":"box","text":"Government or one of its agencies or instrumentalities, such as the Government National Mortgage","page_number":115,"box":{"x":117,"y":552,"width":742,"height":12}},{"id":"87927faa-85f3-4639-9115-7b473db34c03","block_type":"box","text":"Association (“Ginnie Mae”), the Federal National Mortgage Association (“Fannie Mae”) and the Federal","page_number":115,"box":{"x":116,"y":568,"width":770,"height":12}},{"id":"aa0b742d-d0a4-46b1-8c03-86a8c6d7a2d9","block_type":"box","text":"Home Loan Mortgage Corporation (“Freddie Mac”); (2) those issued by private issuers that represent","page_number":115,"box":{"x":117,"y":583,"width":753,"height":12}},{"id":"1e34f95e-bd43-40f9-af5a-d913abd6b8b3","block_type":"box","text":"an interest in or are collateralized by pass-through securities issued or guaranteed by the U.S.","page_number":115,"box":{"x":116,"y":599,"width":704,"height":12}},{"id":"1de736f0-d387-4b23-b826-fa8b5fec2448","block_type":"box","text":"Government or one of its agencies or instrumentalities; and (3) those issued by private issuers that","page_number":115,"box":{"x":117,"y":614,"width":737,"height":12}},{"id":"59e97e47-c2ab-4754-97ec-6d96fd2a2e9c","block_type":"box","text":"represent an interest in or are collateralized by whole mortgage loans or pass-through securities","page_number":115,"box":{"x":117,"y":630,"width":717,"height":12}},{"id":"f3091f33-da80-449a-8597-47814953b9ce","block_type":"box","text":"without a government guarantee but that usually have some form of private credit enhancement.","page_number":115,"box":{"x":116,"y":645,"width":720,"height":12}},{"id":"1516d3cf-7c28-4ee1-9c68-3050dcdc5cca","block_type":"box","text":"Ginnie Mae is a wholly owned U.S. Government corporation within the Department of Housing and","page_number":115,"box":{"x":117,"y":676,"width":730,"height":12}},{"id":"32f18e19-0e7a-4644-b7dd-87dfd023a744","block_type":"box","text":"Urban Development. Ginnie Mae is authorized to guarantee, with the full faith and credit of the U.S.","page_number":115,"box":{"x":117,"y":692,"width":735,"height":12}},{"id":"c52ca4cb-22a8-4d25-886a-387e8c17959b","block_type":"box","text":"Government, the timely payment of principal and interest on securities issued by the institutions","page_number":115,"box":{"x":117,"y":707,"width":707,"height":12}},{"id":"70255741-2986-4392-944b-87626f094ec0","block_type":"box","text":"approved by Ginnie Mae (such as savings and loan institutions, commercial banks and mortgage","page_number":115,"box":{"x":116,"y":723,"width":720,"height":12}},{"id":"b4fe87f3-0026-49bb-81b5-f7474deaf1de","block_type":"box","text":"banks), and backed by pools of Federal Housing Administration (“FHA”)-insured or Veterans’","page_number":115,"box":{"x":117,"y":738,"width":687,"height":12}},{"id":"06bce7ca-f59f-4d8b-a4a1-345a16d183fa","block_type":"box","text":"Administration (“VA”)-guaranteed mortgages. Pass-through certificates guaranteed by Ginnie Mae","page_number":115,"box":{"x":116,"y":754,"width":728,"height":12}},{"id":"e88c4782-dc6c-487a-a7d8-dd3d9e34292b","block_type":"box","text":"(such certificates are also known as “Ginnie Maes”) are guaranteed as to the timely payment of","page_number":115,"box":{"x":117,"y":769,"width":707,"height":12}},{"id":"ce01515a-0ade-4ccd-855a-78d52fa1dc5e","block_type":"box","text":"principal and interest by Ginnie Mae, whose guarantee is backed by the full faith and credit of the","page_number":115,"box":{"x":117,"y":785,"width":720,"height":12}},{"id":"d394ebb8-ec12-467c-86b8-03a9ba425b76","block_type":"box","text":"United States. Ginnie Mae certificates also are supported by the authority of Ginnie Mae to borrow","page_number":115,"box":{"x":117,"y":800,"width":729,"height":12}},{"id":"271b1a1a-7813-49f7-a830-e4d576644625","block_type":"box","text":"funds from the U.S. Treasury Department to make payments under its guarantee. Mortgage-related","page_number":115,"box":{"x":116,"y":816,"width":737,"height":12}},{"id":"5ec19b9d-77bd-483e-b62c-c789a524cf5b","block_type":"box","text":"securities issued by Fannie Mae include Fannie Mae guaranteed Mortgage Pass-Through Certificates","page_number":115,"box":{"x":116,"y":831,"width":761,"height":12}},{"id":"3a5f293d-ff81-4d78-bb6c-8881110704cc","block_type":"box","text":"(also known as “Fannie Maes”), which are guaranteed as to timely payment of principal and interest by","page_number":115,"box":{"x":117,"y":847,"width":766,"height":12}},{"id":"f9cc379a-d7d1-4aac-a8c9-962ae34f086c","block_type":"box","text":"Fannie Mae. They are not backed by or entitled to the full faith and credit of the United States, but are","page_number":115,"box":{"x":117,"y":862,"width":759,"height":12}},{"id":"5f015e69-a0c1-4dbf-8bea-ef7421ba06cc","block_type":"box","text":"supported by the right of Fannie Mae to borrow from the U.S. Treasury Department. Fannie Mae was","page_number":115,"box":{"x":116,"y":878,"width":755,"height":12}},{"id":"17db8b57-233b-4da3-ac38-078a455e67d5","block_type":"box","text":"II-66","page_number":115,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"d0095f5b-3231-46b3-8dd2-6ff44c92a4c7","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":115,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"0904a4bd-ecbc-472e-9bed-a9769896b7f1","block_type":"box","text":"established as a federal agency in 1938 and in 1968 was chartered by Congress as a private","page_number":116,"box":{"x":116,"y":87,"width":695,"height":12}},{"id":"8e86179e-e1ca-4476-abbf-55e0dc161f95","block_type":"box","text":"shareholder-owned company. Mortgage-related securities issued by Freddie Mac include Freddie Mac","page_number":116,"box":{"x":116,"y":103,"width":765,"height":12}},{"id":"a05324c3-09b9-4d53-a497-4b623e4e01a7","block_type":"box","text":"Mortgage Participation Certificates (also known as “Freddie Macs” or “PCs”). Freddie Mac is a","page_number":116,"box":{"x":117,"y":118,"width":702,"height":12}},{"id":"d36f7019-3c51-43a2-9aef-d42a4d15b483","block_type":"box","text":"stockholder-owned corporation chartered by Congress in 1970. Freddie Macs are not guaranteed by","page_number":116,"box":{"x":116,"y":134,"width":750,"height":12}},{"id":"0701cdde-ce35-4b8a-bb1f-37bb0f174f12","block_type":"box","text":"the United States or by any Federal Home Loan Banks and do not constitute a debt or obligation of the","page_number":116,"box":{"x":116,"y":149,"width":768,"height":12}},{"id":"be9590f8-ea2c-4445-9992-86fb9c9d1b5d","block_type":"box","text":"United States or of any Federal Home Loan Bank. Freddie Macs entitle the holder to timely payment of","page_number":116,"box":{"x":117,"y":165,"width":767,"height":12}},{"id":"58429d73-0e1f-417d-a33c-ef08fd5f4a33","block_type":"box","text":"interest, which is guaranteed by Freddie Mac. Freddie Mac guarantees either ultimate collection or","page_number":116,"box":{"x":117,"y":180,"width":735,"height":12}},{"id":"9b261508-c313-41e8-a4bd-bd76923a5cdb","block_type":"box","text":"timely payment of all principal payments on the underlying mortgage loans. While Freddie Mac","page_number":116,"box":{"x":116,"y":196,"width":707,"height":12}},{"id":"587d88b4-a8db-4c5f-bda7-f5fc71a608a5","block_type":"box","text":"generally does not guarantee timely payment of principal, Freddie Mac may remit the amount due on","page_number":116,"box":{"x":116,"y":211,"width":753,"height":12}},{"id":"9358103d-6701-4957-a272-e4edbe4eba9f","block_type":"box","text":"account of its guarantee of ultimate payment of principal at any time after default on an underlying","page_number":116,"box":{"x":116,"y":227,"width":732,"height":12}},{"id":"dde441ec-9574-4eb3-9f14-fe96d18f44f6","block_type":"box","text":"mortgage, but in no event later than one year after it becomes payable.","page_number":116,"box":{"x":117,"y":242,"width":532,"height":12}},{"id":"e1955af8-b509-4b01-9ead-236473cbda3a","block_type":"box","text":"Private mortgage pass-through securities are structured similarly to Ginnie Mae, Fannie Mae, and","page_number":116,"box":{"x":117,"y":273,"width":730,"height":12}},{"id":"fd2f6618-7237-4312-bd15-5025e850d8a0","block_type":"box","text":"Freddie Mac mortgage pass-through securities and are issued by originators of and investors in","page_number":116,"box":{"x":117,"y":289,"width":714,"height":12}},{"id":"e722f761-768b-4eb7-985c-5ca367f3ca3a","block_type":"box","text":"mortgage loans, including depository institutions, mortgage banks, investment banks and special","page_number":116,"box":{"x":117,"y":304,"width":722,"height":12}},{"id":"44baef5c-0968-4e50-b1ad-fcfbb770bd02","block_type":"box","text":"purpose subsidiaries of the foregoing.","page_number":116,"box":{"x":117,"y":320,"width":284,"height":12}},{"id":"d957e792-02c1-411a-ba78-4a56d216988e","block_type":"box","text":"Pools created by private mortgage pass-through issuers generally offer a higher rate of interest than","page_number":116,"box":{"x":117,"y":351,"width":747,"height":12}},{"id":"e99ef147-0598-43e5-ab20-e078291fb8f9","block_type":"box","text":"government and government-related pools because there are no direct or indirect government or","page_number":116,"box":{"x":116,"y":366,"width":723,"height":12}},{"id":"a476c1cd-25c5-4dab-9697-42d364df54f0","block_type":"box","text":"agency guarantees of payments in the private pools. However, timely payment of interest and principal","page_number":116,"box":{"x":116,"y":382,"width":767,"height":12}},{"id":"68294fc9-c5c6-4403-b7bb-07efd16dde2c","block_type":"box","text":"of these pools may be supported by various forms of insurance or guarantees, including individual","page_number":116,"box":{"x":116,"y":397,"width":732,"height":12}},{"id":"ff1c6d94-0847-4aaf-b2c2-1a59d5dbcebf","block_type":"box","text":"loan, title, pool and hazard insurance and letters of credit. The insurance and guarantees are issued by","page_number":116,"box":{"x":117,"y":413,"width":769,"height":12}},{"id":"285d641f-0728-43d0-a54e-97afe99e1934","block_type":"box","text":"governmental entities, private insurers and the mortgage poolers. The insurance and guarantees and","page_number":116,"box":{"x":116,"y":428,"width":756,"height":12}},{"id":"f339760c-ac2a-45e2-b87b-e6dd2214b1e8","block_type":"box","text":"the creditworthiness of the issuers thereof will be considered in determining whether a mortgage","page_number":116,"box":{"x":116,"y":444,"width":720,"height":12}},{"id":"bc10f050-3fdf-4375-9673-6f5e7febc722","block_type":"box","text":"related security meets a Fund’s investment quality standards. There can be no assurance that the","page_number":116,"box":{"x":117,"y":459,"width":731,"height":12}},{"id":"22a5d27d-b6e8-4b8c-a5db-3f7d68938987","block_type":"box","text":"private insurers or guarantors can meet their obligations under the insurance policies or guarantee","page_number":116,"box":{"x":117,"y":475,"width":734,"height":12}},{"id":"03510ca4-7108-4f08-8280-5b5ba0d1c57e","block_type":"box","text":"arrangements. Private mortgage pass-through securities may be bought without insurance or","page_number":116,"box":{"x":116,"y":490,"width":696,"height":12}},{"id":"c6cc0a53-04ea-48ed-8f6a-2eab681f234e","block_type":"box","text":"guarantees if, through an examination of the loan experience and practices of the originator/servicers","page_number":116,"box":{"x":116,"y":506,"width":756,"height":12}},{"id":"234a6f1a-6762-4eb6-910b-c148a0b5700b","block_type":"box","text":"and poolers, the Manager determines that the securities meet a Fund’s quality standards. Any","page_number":116,"box":{"x":116,"y":521,"width":703,"height":12}},{"id":"6b9f8fe5-3e69-49a1-af1b-9d6171fd4dbb","block_type":"box","text":"mortgage-related securities that are issued by private issuers have some exposure to subprime loans","page_number":116,"box":{"x":117,"y":537,"width":757,"height":12}},{"id":"60335e8b-447b-4429-bff9-3bc007cfee87","block_type":"box","text":"as well as to the mortgage and credit markets generally.","page_number":116,"box":{"x":116,"y":552,"width":422,"height":12}},{"id":"6fe3ae8a-f0d2-43eb-8640-ab0e4bd7cd86","block_type":"box","text":"In addition, mortgage-related securities that are issued by private issuers are not subject to the","page_number":116,"box":{"x":117,"y":583,"width":707,"height":12}},{"id":"4517bab2-989f-4c7c-b4b5-41806d4ae2dd","block_type":"box","text":"underwriting requirements for the underlying mortgages that are applicable to those mortgage-related","page_number":116,"box":{"x":117,"y":599,"width":757,"height":12}},{"id":"63281265-2305-4890-a2de-81de8ccd1b6c","block_type":"box","text":"securities that have a government or government-sponsored entity guarantee. As a result, the","page_number":116,"box":{"x":116,"y":614,"width":702,"height":12}},{"id":"a0cafabf-ef94-4531-ab79-1d3ba86d52af","block_type":"box","text":"mortgage loans underlying private mortgage-related securities may, and frequently do, have less","page_number":116,"box":{"x":117,"y":630,"width":722,"height":12}},{"id":"d116da7d-6d07-4abc-8602-87dcbc5182b2","block_type":"box","text":"favorable collateral, credit risk or other underwriting characteristics than government or government","page_number":116,"box":{"x":116,"y":645,"width":743,"height":12}},{"id":"d7249e53-9ff8-4202-aabb-dc0d2166b19e","block_type":"box","text":"sponsored mortgage-related securities and have wider variances in a number of terms including","page_number":116,"box":{"x":116,"y":661,"width":712,"height":12}},{"id":"0a8cf325-2cf3-4653-a9db-274dc5e2f697","block_type":"box","text":"interest rate, term, size, purpose and borrower characteristics. Privately issued pools more frequently","page_number":116,"box":{"x":117,"y":676,"width":750,"height":12}},{"id":"ab623fbc-7e39-4f5b-8124-fa8ccb67752b","block_type":"box","text":"include second mortgages, high loan-to-value mortgages and manufactured housing loans. The","page_number":116,"box":{"x":117,"y":692,"width":709,"height":12}},{"id":"65319fec-5086-452d-a0bd-8611bd82f362","block_type":"box","text":"coupon rates and maturities of the underlying mortgage loans in a private-label mortgage-related","page_number":116,"box":{"x":116,"y":707,"width":717,"height":12}},{"id":"eda16ce9-a1e5-470b-a547-5494354311e2","block_type":"box","text":"securities pool may vary to a greater extent than those included in a government guaranteed pool, and","page_number":116,"box":{"x":116,"y":723,"width":760,"height":12}},{"id":"3dcdad14-a18c-47e6-9fb4-8b27e2e7a3b8","block_type":"box","text":"the pool may include subprime mortgage loans. Subprime loans refer to loans made to borrowers with","page_number":116,"box":{"x":116,"y":738,"width":757,"height":12}},{"id":"401155e3-ca1f-40c7-94c0-e7ca03f45434","block_type":"box","text":"weakened credit histories or with a lower capacity to make timely payments on their loans. For these","page_number":116,"box":{"x":116,"y":754,"width":746,"height":12}},{"id":"6c5dbc82-a9ea-4803-aa91-61b96a1f7f53","block_type":"box","text":"reasons, the loans underlying these securities have had in many cases higher default rates than those","page_number":116,"box":{"x":117,"y":769,"width":758,"height":12}},{"id":"fc3486c7-a50d-492c-9290-30bacdea9a71","block_type":"box","text":"loans that meet government underwriting requirements.","page_number":116,"box":{"x":117,"y":785,"width":410,"height":12}},{"id":"595ef64d-9056-4288-95b2-81711cf4d812","block_type":"box","text":"The risk of non-payment is greater for mortgage-related securities that are backed by mortgage pools","page_number":116,"box":{"x":116,"y":816,"width":753,"height":12}},{"id":"80d4a547-4fff-4f4b-b9e7-a6cfc85c3c40","block_type":"box","text":"that contain subprime loans, but a level of risk exists for all loans. Market factors adversely affecting","page_number":116,"box":{"x":116,"y":831,"width":746,"height":12}},{"id":"e98746d3-89bf-4940-9b1e-a6d3a92461c2","block_type":"box","text":"mortgage loan repayments may include a general economic turndown, high unemployment, a general","page_number":116,"box":{"x":117,"y":847,"width":759,"height":12}},{"id":"8664fc4d-bb66-4f21-8467-f59942c6b04f","block_type":"box","text":"slowdown in the real estate market, a drop in the market prices of real estate, or an increase in interest","page_number":116,"box":{"x":116,"y":862,"width":768,"height":12}},{"id":"a2c03ae7-e1d6-4e0c-849e-546a8aec7170","block_type":"box","text":"rates resulting in higher mortgage payments by holders of adjustable rate mortgages.","page_number":116,"box":{"x":117,"y":878,"width":637,"height":12}},{"id":"884c1a73-5461-4701-8962-36d59ef3c931","block_type":"box","text":"II-67","page_number":116,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"e52f6dd8-600e-4486-bc5e-e7056f3c8298","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":116,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"ec0a25df-fd3e-450d-8551-ed6f7edca155","block_type":"box","text":"Privately issued mortgage-related securities are not traded on an exchange and there may be a limited","page_number":117,"box":{"x":117,"y":87,"width":767,"height":12}},{"id":"df81272e-b6e0-454e-87e8-0aa774698750","block_type":"box","text":"market for the securities, especially when there is a perceived weakness in the mortgage and real","page_number":117,"box":{"x":117,"y":102,"width":729,"height":13}},{"id":"1913d1ee-eb10-401b-a6c1-5ba96e043502","block_type":"box","text":"estate market sectors. Without an active trading market, mortgage-related securities held in a Fund’s","page_number":117,"box":{"x":116,"y":118,"width":753,"height":12}},{"id":"37e2c06a-12d9-4b39-8654-b0b63beecb14","block_type":"box","text":"portfolio may be particularly difficult to value because of the complexities involved in assessing the","page_number":117,"box":{"x":117,"y":134,"width":734,"height":12}},{"id":"e1b6d4c2-f6e7-4a5b-8506-305ce91bdcea","block_type":"box","text":"value of the underlying mortgage loans.","page_number":117,"box":{"x":116,"y":149,"width":299,"height":12}},{"id":"25c026dd-9e4e-48ee-9f99-9869e7c042cc","block_type":"box","text":"Collateralized Mortgage Obligations (“CMOs”).","page_number":117,"box":{"x":117,"y":180,"width":343,"height":12}},{"id":"87d90cb8-ecf7-46a5-9dd1-8f358414322e","block_type":"box","text":"CMOs are debt obligations collateralized by residential","page_number":117,"box":{"x":462,"y":180,"width":415,"height":12}},{"id":"8061ea8f-0227-48dc-89b3-643d0e47faca","block_type":"box","text":"or commercial mortgage loans or residential or commercial mortgage pass-through securities. Interest","page_number":117,"box":{"x":116,"y":196,"width":762,"height":12}},{"id":"4e89cdab-e15b-4346-a395-22155bb93c73","block_type":"box","text":"and prepaid principal are generally paid monthly. CMOs may be collateralized by whole mortgage","page_number":117,"box":{"x":116,"y":211,"width":729,"height":12}},{"id":"2182d9aa-6adb-459a-9f5f-cb2cdb204ca9","block_type":"box","text":"loans or private mortgage pass-through securities but are more typically collateralized by portfolios of","page_number":117,"box":{"x":117,"y":227,"width":755,"height":12}},{"id":"ad36595b-a8fd-4d2a-8569-2390ff338f10","block_type":"box","text":"mortgage pass-through securities guaranteed by Ginnie Mae, Freddie Mac, or Fannie Mae. The issuer","page_number":117,"box":{"x":117,"y":242,"width":765,"height":12}},{"id":"eb194f3e-2f5a-4e6d-8485-f0093eaa821b","block_type":"box","text":"of a series of CMOs may elect to be treated as a Real Estate Mortgage Investment Conduit (“REMIC”).","page_number":117,"box":{"x":116,"y":258,"width":769,"height":12}},{"id":"ceecac13-1542-47c3-8d41-355e4f7585a6","block_type":"box","text":"All future references to CMOs also include REMICs.","page_number":117,"box":{"x":116,"y":273,"width":392,"height":10}},{"id":"8f69dbda-a775-46e1-9829-da5ce45fc289","block_type":"box","text":"CMOs are structured into multiple classes, often referred to as a “tranche,” each issued at a specific","page_number":117,"box":{"x":117,"y":304,"width":746,"height":12}},{"id":"6a655d10-8a3f-47b4-b737-229f1a47ac21","block_type":"box","text":"adjustable or fixed interest rate, and bearing a different stated maturity date and each must be fully","page_number":117,"box":{"x":116,"y":320,"width":738,"height":12}},{"id":"d836f704-4c27-472c-94e7-5ab85698b575","block_type":"box","text":"retired no later than its final distribution date. Actual maturity and average life will depend upon the","page_number":117,"box":{"x":117,"y":335,"width":734,"height":12}},{"id":"b096923b-1bdc-4084-9ebf-7c1293936336","block_type":"box","text":"prepayment experience of the collateral, which is ordinarily unrelated to the stated maturity date.","page_number":117,"box":{"x":117,"y":351,"width":719,"height":12}},{"id":"4ab65077-2a7c-4ba5-bfd2-53e8699f1b89","block_type":"box","text":"CMOs often provide for a modified form of call protection through a de facto breakdown of the","page_number":117,"box":{"x":117,"y":366,"width":700,"height":12}},{"id":"194a42fd-b4e9-4de7-9580-bfd30f1b6943","block_type":"box","text":"underlying pool of mortgages according to how quickly the loans are repaid. Monthly payment of","page_number":117,"box":{"x":117,"y":382,"width":718,"height":12}},{"id":"563883da-caf7-429e-ab95-36a014d177d1","block_type":"box","text":"principal received from the pool of underlying mortgages, including prepayments, is first returned to","page_number":117,"box":{"x":117,"y":397,"width":740,"height":12}},{"id":"766a3544-4b8d-44f8-b8c1-d99ae9d8d010","block_type":"box","text":"investors holding the shortest maturity class. Investors holding the longer maturity classes usually","page_number":117,"box":{"x":117,"y":413,"width":729,"height":12}},{"id":"3680de5a-8a3a-46a8-8e96-34d417ee5a89","block_type":"box","text":"receive principal only after the first class has been retired. An investor may be partially protected","page_number":117,"box":{"x":117,"y":428,"width":719,"height":12}},{"id":"47e41d29-78ab-40b9-bdf1-ecc121f109d3","block_type":"box","text":"against a sooner than desired return of principal because of the sequential payments.","page_number":117,"box":{"x":116,"y":444,"width":640,"height":12}},{"id":"dcde53d4-5512-4861-b35c-08421b096b3e","block_type":"box","text":"Certain issuers of CMOs are not considered investment companies pursuant to a rule adopted by the","page_number":117,"box":{"x":117,"y":475,"width":755,"height":12}},{"id":"03deeca5-4490-4fb3-b1da-6efe7e491441","block_type":"box","text":"Commission, and a Fund may invest in the securities of such issuers without the limitations imposed by","page_number":117,"box":{"x":117,"y":490,"width":771,"height":12}},{"id":"df41a021-6db9-430f-a1ad-2313a93f7db5","block_type":"box","text":"the Investment Company Act on investments by a Fund in other investment companies. In addition, in","page_number":117,"box":{"x":116,"y":506,"width":761,"height":12}},{"id":"1c0b8ae7-de92-4b1e-9520-b6dc7d564e7c","block_type":"box","text":"reliance on an earlier Commission interpretation, a Fund’s investments in certain other qualifying","page_number":117,"box":{"x":117,"y":521,"width":721,"height":12}},{"id":"7400eecc-5da0-4843-aafc-a7e89098129c","block_type":"box","text":"CMOs, which cannot or do not rely on the rule, are also not subject to the limitation of the Investment","page_number":117,"box":{"x":117,"y":537,"width":753,"height":12}},{"id":"0215225e-fa45-46f0-b5f1-641aae741cb5","block_type":"box","text":"Company Act on acquiring interests in other investment companies. In order to be able to rely on the","page_number":117,"box":{"x":117,"y":552,"width":750,"height":12}},{"id":"5c6e90fb-9a93-4f4a-9e0a-92bbf91d4586","block_type":"box","text":"Commission’s interpretation, these CMOs must be unmanaged, fixed asset issuers, that: (1) invest","page_number":117,"box":{"x":117,"y":568,"width":736,"height":12}},{"id":"edef8782-6b49-4a1e-99ac-5566463cb2ab","block_type":"box","text":"primarily in mortgage-backed securities; (2) do not issue redeemable securities; (3) operate under","page_number":117,"box":{"x":117,"y":583,"width":730,"height":12}},{"id":"963a8642-1588-468d-aba9-1bffbe10bf08","block_type":"box","text":"general exemptive orders exempting them from all provisions of the Investment Company Act; and","page_number":117,"box":{"x":116,"y":599,"width":736,"height":12}},{"id":"c451db23-092b-4a67-92a0-15ba24235405","block_type":"box","text":"(4) are not registered or regulated under the Investment Company Act as investment companies. To","page_number":117,"box":{"x":117,"y":614,"width":748,"height":12}},{"id":"e9e7104b-737a-4782-9324-50ef509b564d","block_type":"box","text":"the extent that a Fund selects CMOs that cannot rely on the rule or do not meet the above","page_number":117,"box":{"x":116,"y":630,"width":674,"height":12}},{"id":"69d1a815-0a85-487a-90c3-86de60ed33c6","block_type":"box","text":"requirements, the Fund may not invest more than 10% of its assets in all such entities and may not","page_number":117,"box":{"x":117,"y":645,"width":738,"height":12}},{"id":"674eca2c-c674-40ee-87f3-d4f9c6ca2976","block_type":"box","text":"acquire more than 3% of the voting securities of any single such entity.","page_number":117,"box":{"x":116,"y":661,"width":524,"height":12}},{"id":"8597a111-50db-44dc-98cb-4a42799b75f3","block_type":"box","text":"A Fund may also invest in, among other things, parallel pay CMOs, sequential pay CMOs, and floating","page_number":117,"box":{"x":116,"y":692,"width":759,"height":12}},{"id":"391a8f56-3f6e-44a6-bbe6-12e5acab93f0","block_type":"box","text":"rate CMOs. Parallel pay CMOs are structured to provide payments of principal on each payment date","page_number":117,"box":{"x":117,"y":707,"width":752,"height":12}},{"id":"fd23e2b5-a926-42cb-b0ef-debb895ec644","block_type":"box","text":"to more than one class, concurrently on a proportionate or disproportionate basis. These simultaneous","page_number":117,"box":{"x":116,"y":723,"width":761,"height":12}},{"id":"5654b6b3-723c-43b3-a411-0bf3711ee306","block_type":"box","text":"payments are taken into account in calculating the final distribution date of each class. Sequential pay","page_number":117,"box":{"x":117,"y":738,"width":754,"height":12}},{"id":"59005e18-8510-4fe0-ae0a-eba7edb0b15a","block_type":"box","text":"CMOs generally pay principal to only one class at a time while paying interest to several classes. A","page_number":117,"box":{"x":117,"y":754,"width":734,"height":12}},{"id":"bb860df7-8fa3-48d2-bc35-01768977db07","block_type":"box","text":"wide variety of REMIC Certificates may be issued in the parallel pay or sequential pay structures.","page_number":117,"box":{"x":116,"y":769,"width":719,"height":12}},{"id":"b4f91f0a-fb70-43a4-b3d2-97100a406ce9","block_type":"box","text":"These securities include accrual certificates (also known as “Z-Bonds”), which only accrue interest at a","page_number":117,"box":{"x":116,"y":785,"width":761,"height":12}},{"id":"2c993f3b-1b4c-4af2-b1dd-06bfd6132557","block_type":"box","text":"specified rate until all other certificates having an earlier final distribution date have been retired and","page_number":117,"box":{"x":116,"y":800,"width":740,"height":12}},{"id":"2b24c1c3-ebd7-49c9-832e-e1997e949026","block_type":"box","text":"are converted thereafter to an interest-paying security. Floating rate CMOs are securities whose","page_number":117,"box":{"x":116,"y":816,"width":712,"height":12}},{"id":"1cc79e52-fb1f-4068-b3b2-ad786bceee3d","block_type":"box","text":"coupon rate fluctuates according to some formula related to an existing market index or rate. Typical","page_number":117,"box":{"x":116,"y":831,"width":750,"height":12}},{"id":"537aa888-7929-4a96-b7cd-9687340af5d1","block_type":"box","text":"indices would include the eleventh district cost-of-funds index (“COFI”), one-year Treasury yields, and","page_number":117,"box":{"x":117,"y":847,"width":758,"height":12}},{"id":"a5e5bda2-1848-4d33-8946-5973ebee490d","block_type":"box","text":"ten-year Treasury yields.","page_number":117,"box":{"x":116,"y":862,"width":190,"height":12}},{"id":"1d0edb8f-5550-4700-8724-465c76711e7b","block_type":"box","text":"II-68","page_number":117,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"c6e843e6-105f-4399-a941-bea0c3ad7a26","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":117,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"8f082043-40ff-40ad-a80a-e0d5c5cfedce","block_type":"box","text":"Classes of CMOs also include planned amortization","page_number":118,"box":{"x":117,"y":87,"width":380,"height":12}},{"id":"1a460e9b-88b3-40ef-ac85-4b8995d0a1b5","block_type":"box","text":"classes (“PACs”) and targeted amortization classes","page_number":118,"box":{"x":498,"y":87,"width":378,"height":12}},{"id":"64293861-6823-4a37-9791-d7a441aeb1e2","block_type":"box","text":"(“TACs”). PAC bonds generally require payments of a s","page_number":118,"box":{"x":117,"y":102,"width":402,"height":13}},{"id":"78048ffa-2a56-4c24-999d-fc6a3d0f4c3e","block_type":"box","text":"pecified amount of principal on each payment","page_number":118,"box":{"x":521,"y":102,"width":334,"height":13}},{"id":"fa73ac09-1c12-49e9-b317-2a75c2ca6630","block_type":"box","text":"date. The scheduled principal payments for PAC Certifi","page_number":118,"box":{"x":116,"y":118,"width":399,"height":12}},{"id":"861d1784-c182-47e6-9fb9-fd0bd5242c60","block_type":"box","text":"cates generally have the highest priority on each","page_number":118,"box":{"x":517,"y":118,"width":357,"height":12}},{"id":"35e64ea4-9783-475d-ae1c-871111de6aba","block_type":"box","text":"payment date after interest due has been paid to all","page_number":118,"box":{"x":117,"y":134,"width":378,"height":12}},{"id":"7b72c1cf-70f4-48aa-844b-f5d9328f12b6","block_type":"box","text":"classes entitled to receive interest currently.","page_number":118,"box":{"x":496,"y":134,"width":323,"height":12}},{"id":"1d84afa9-89c0-40e2-87c3-8eb27a71505e","block_type":"box","text":"Shortfalls, if any, are added to the amount payabl","page_number":118,"box":{"x":116,"y":149,"width":357,"height":12}},{"id":"98462f28-401d-4096-8073-9d9767cbf4e5","block_type":"box","text":"e on the next payment date. The PAC Certificate","page_number":118,"box":{"x":475,"y":149,"width":358,"height":12}},{"id":"af6b85b6-d211-4de3-97a8-1e53b9ffced1","block_type":"box","text":"payment schedule is taken into account in calculating t","page_number":118,"box":{"x":117,"y":165,"width":391,"height":12}},{"id":"1b9075da-936d-4131-ac7c-064278d95603","block_type":"box","text":"the final distribution date of each class of PAC. In","page_number":118,"box":{"x":508,"y":165,"width":363,"height":9}},{"id":"1bbb38ca-a9f1-4fe8-bc58-1f8f1be3fb4d","block_type":"box","text":"order to create PAC tranches, one or more tranches gener","page_number":118,"box":{"x":116,"y":180,"width":426,"height":12}},{"id":"0c700a2d-1d1e-47c2-9e77-c34c9b8dd708","block_type":"box","text":"ally must be created that absorb most of the","page_number":118,"box":{"x":542,"y":180,"width":325,"height":12}},{"id":"13f8bae7-a5be-47ac-8ac2-dcc870680327","block_type":"box","text":"volatility in the underlying mortgage assets. These","page_number":118,"box":{"x":116,"y":196,"width":369,"height":12}},{"id":"1c9aa665-623a-4756-a625-1984999a320b","block_type":"box","text":"tranches (often called “supports” or “companion”","page_number":118,"box":{"x":485,"y":196,"width":356,"height":12}},{"id":"f5793b1b-17d7-435f-a764-960751d64792","block_type":"box","text":"tranches) tend to have market prices and yields t","page_number":118,"box":{"x":116,"y":211,"width":350,"height":12}},{"id":"ca33d148-6da4-4cf4-9b05-80893b89b8cd","block_type":"box","text":"that are more volatile than the PAC classes.","page_number":118,"box":{"x":466,"y":211,"width":325,"height":10}},{"id":"01ef7bab-c105-4901-be17-327dc9bab267","block_type":"box","text":"TACs are similar to PACs in that they require that specified amounts of principal be applied on each","page_number":118,"box":{"x":116,"y":242,"width":745,"height":12}},{"id":"06b67dff-ad02-43b5-ba57-82be58eaf038","block_type":"box","text":"payment date to one or more classes of REMIC Certificates. A PAC’s payment schedule, however,","page_number":118,"box":{"x":117,"y":258,"width":738,"height":12}},{"id":"9be46053-8e52-467c-b7cf-74732bc40b09","block_type":"box","text":"remains in effect as long as prepayment rates on the underlying mortgages do not exceed certain","page_number":118,"box":{"x":117,"y":273,"width":728,"height":12}},{"id":"560fb96a-5bac-4b21-b85c-bc740b7dd557","block_type":"box","text":"ranges. In contrast, a TAC provides investors with protection, to a certain level, against either faster","page_number":118,"box":{"x":117,"y":289,"width":743,"height":12}},{"id":"077128da-07cd-45cb-a177-0c8a0215b175","block_type":"box","text":"than expected or slower than expected prepayment rates, but not both. TACs thus provide more cash","page_number":118,"box":{"x":116,"y":304,"width":759,"height":12}},{"id":"e40bc53f-9b10-4321-940b-6e407dec799d","block_type":"box","text":"flow stability than a regular sequential paying class, but less than a PAC. TACs also tend to have","page_number":118,"box":{"x":116,"y":320,"width":725,"height":12}},{"id":"4f6bca30-57da-4ec1-8e3f-fb61deefd914","block_type":"box","text":"market prices and yields that are more volatile than PACs.","page_number":118,"box":{"x":117,"y":335,"width":437,"height":12}},{"id":"47bc4aa1-81a5-4950-a873-21c7fdb0f4c8","block_type":"box","text":"Adjustable Rate Mortgage Securities.","page_number":118,"box":{"x":115,"y":366,"width":277,"height":12}},{"id":"04b36b1b-536a-4833-a52d-656ca3315d1a","block_type":"box","text":"Adjustable rate mortgage securities (“ARMs”) are pass-through","page_number":118,"box":{"x":393,"y":366,"width":479,"height":12}},{"id":"25c3416f-72f1-4d1e-b9bb-e4ced24d4519","block_type":"box","text":"securities collateralized by mortgages with adjustable rather than fixed rates. ARMs eligible for","page_number":118,"box":{"x":116,"y":382,"width":706,"height":12}},{"id":"26971afb-8214-46ae-9aac-954f17a264e2","block_type":"box","text":"inclusion in a mortgage pool generally provide for a fixed initial mortgage interest rate for a set number","page_number":118,"box":{"x":117,"y":397,"width":764,"height":12}},{"id":"568245c0-b578-47e7-b83d-827293b056d8","block_type":"box","text":"of scheduled monthly payments. After that schedule of payments has been completed, the interest","page_number":118,"box":{"x":116,"y":413,"width":736,"height":12}},{"id":"47204d89-8402-4830-8b3a-23b58b460e4a","block_type":"box","text":"rates are subject to periodic adjustment based on changes to a designated benchmark index.","page_number":118,"box":{"x":117,"y":428,"width":697,"height":12}},{"id":"5e4a4d06-b48a-4c80-b614-e73b3d660e0c","block_type":"box","text":"ARMs contain maximum and minimum rates beyond which the mortgage interest rate may not vary","page_number":118,"box":{"x":116,"y":459,"width":741,"height":12}},{"id":"a8418626-0e3a-4023-9bb0-c25c029c7f44","block_type":"box","text":"over the lifetime of the security. In addition, certain ARMs provide for additional limitations on the","page_number":118,"box":{"x":116,"y":475,"width":722,"height":12}},{"id":"a23c2ee0-8d5a-4f1f-8863-d72ff11fdbd5","block_type":"box","text":"maximum amount by which the mortgage interest rate may adjust for any single adjustment period. In","page_number":118,"box":{"x":117,"y":490,"width":758,"height":12}},{"id":"c22c8b94-07a8-4def-9a79-2a82a442536b","block_type":"box","text":"the event that market rates of interest rise more rapidly to levels above that of the ARM’s maximum","page_number":118,"box":{"x":116,"y":506,"width":741,"height":12}},{"id":"8428fc16-a2ef-47ea-ad9f-70d7714d032e","block_type":"box","text":"rate, the ARM’s coupon may represent a below market rate of interest. In these circumstances, the","page_number":118,"box":{"x":117,"y":521,"width":737,"height":12}},{"id":"ce509e7c-62ca-46fd-9b38-c8ecfdebff04","block_type":"box","text":"market value of the ARM security will likely have fallen.","page_number":118,"box":{"x":117,"y":537,"width":412,"height":12}},{"id":"819f5424-c205-4421-bbce-6762f84e180a","block_type":"box","text":"Certain ARMs contain limitations on changes in the required monthly payment. In the event that a","page_number":118,"box":{"x":117,"y":568,"width":728,"height":12}},{"id":"d1ba2518-6928-4433-84a7-10bc0f7ac659","block_type":"box","text":"monthly payment is not sufficient to pay the interest accruing on an ARM, any such excess interest is","page_number":118,"box":{"x":117,"y":583,"width":754,"height":12}},{"id":"0846b666-a5e9-43a0-9f5f-4d49972123b8","block_type":"box","text":"added to the principal balance of the mortgage loan, which is repaid through future monthly payments.","page_number":118,"box":{"x":116,"y":599,"width":764,"height":12}},{"id":"295427b0-30c7-43c7-9d91-fd2f9be9ab42","block_type":"box","text":"If the monthly payment for such an instrument exceeds the sum of the interest accrued at the","page_number":118,"box":{"x":117,"y":614,"width":695,"height":12}},{"id":"3c398707-e839-4a1f-ae9c-69a458ae50ce","block_type":"box","text":"applicable mortgage interest rate and the principal payment required at such point to amortize the","page_number":118,"box":{"x":116,"y":630,"width":730,"height":12}},{"id":"6825d624-5761-4045-ba2a-92dac877571e","block_type":"box","text":"outstanding principal balance over the remaining term of the loan, the excess is then used to reduce","page_number":118,"box":{"x":116,"y":645,"width":748,"height":12}},{"id":"d71d3387-1a79-4718-afef-a44b729666c4","block_type":"box","text":"the outstanding principal balance of the ARM.","page_number":118,"box":{"x":116,"y":661,"width":338,"height":12}},{"id":"72094280-6507-45ff-ac1b-a4f8d614fea4","block_type":"box","text":"CMO Residuals.","page_number":118,"box":{"x":117,"y":692,"width":120,"height":9}},{"id":"cdff375b-152f-448f-addd-a1b566b09da4","block_type":"box","text":"CMO residuals are derivative mortgage securities issued by agencies or","page_number":118,"box":{"x":244,"y":692,"width":535,"height":12}},{"id":"6dbaa06e-939d-44f2-9183-bb6b8e9cac14","block_type":"box","text":"instrumentalities of the U.S. Government or by private originators of, or investors in, mortgage loans,","page_number":118,"box":{"x":117,"y":707,"width":744,"height":12}},{"id":"ab274516-c75d-45e8-8b0a-43dd4e3109d8","block_type":"box","text":"including savings and loan associations, homebuilders, mortgage banks, commercial banks,","page_number":118,"box":{"x":117,"y":723,"width":682,"height":12}},{"id":"9392056c-20b4-4d9c-8411-798f95de2a29","block_type":"box","text":"investment banks, and special purpose entities of the foregoing. The cash flow generated by the","page_number":118,"box":{"x":117,"y":738,"width":713,"height":12}},{"id":"794cfe21-2a6e-483a-bdd4-378fe93a471f","block_type":"box","text":"mortgage assets underlying a series of CMOs is applied first to make required payments of principal","page_number":118,"box":{"x":117,"y":754,"width":742,"height":12}},{"id":"93da6ece-14b1-4fe4-819b-2bcfeb9f5464","block_type":"box","text":"and interest on the CMOs and second to pay the related administrative expenses and any","page_number":118,"box":{"x":116,"y":769,"width":668,"height":12}},{"id":"ba0f88b7-4a92-4a22-b755-6a0e5ff7f309","block_type":"box","text":"management fees of the issuer. The residual in a CMO structure generally represents the interest in","page_number":118,"box":{"x":117,"y":785,"width":740,"height":12}},{"id":"49d92d45-2a8c-4869-9332-c162aa96dad0","block_type":"box","text":"any excess cash flow remaining after making the foregoing payments. Each payment of such excess","page_number":118,"box":{"x":116,"y":800,"width":748,"height":12}},{"id":"92f10f5f-8ca7-459f-a345-9a4d19ef326f","block_type":"box","text":"cash flow to a holder of the related CMO residual represents income and/or a return of capital. The","page_number":118,"box":{"x":116,"y":816,"width":733,"height":12}},{"id":"df7a97b3-ca02-4f92-bf75-4c3e319c4da8","block_type":"box","text":"amount of residual cash flow resulting from a CMO will depend on, among other things, the","page_number":118,"box":{"x":116,"y":831,"width":681,"height":12}},{"id":"8ae7608e-8857-453e-89af-b82e0c444003","block_type":"box","text":"characteristics of the mortgage assets, the coupon rate of each class of CMO, prevailing interest rates,","page_number":118,"box":{"x":116,"y":847,"width":768,"height":12}},{"id":"ec2c7e62-8259-4c0a-93c9-df141c18cefe","block_type":"box","text":"the amount of administrative expenses and the prepayment experience on the mortgage assets. In","page_number":118,"box":{"x":116,"y":862,"width":738,"height":12}},{"id":"26337af6-7add-4932-bff1-d8856ab0c098","block_type":"box","text":"part, the yield to maturity on the CMO residuals is extremely sensitive to prepayments on the related","page_number":118,"box":{"x":117,"y":878,"width":748,"height":12}},{"id":"80f4525f-309c-4c84-809d-2ff768ac92da","block_type":"box","text":"II-69","page_number":118,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"e0084ed3-9f9b-4b07-8cdb-05305df47176","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":118,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"1b24ef35-fa70-4baa-b7d2-f9f44f804e55","block_type":"box","text":"underlying mortgage assets, in the same manner as an interest-only class of stripped mortgage-related","page_number":119,"box":{"x":117,"y":87,"width":770,"height":12}},{"id":"b75c3aff-1cd2-4272-aad0-e8432cc6f019","block_type":"box","text":"securities. In addition, if a series of a CMO includes a class that bears interest at an adjustable rate,","page_number":119,"box":{"x":116,"y":102,"width":746,"height":13}},{"id":"70e385fd-9c40-4e1b-b624-ed4dfe77b564","block_type":"box","text":"the yield to maturity on the related CMO residual will also be extremely sensitive to changes in the","page_number":119,"box":{"x":116,"y":118,"width":733,"height":12}},{"id":"10b5de91-da11-4d69-a257-f301f01dcb58","block_type":"box","text":"level of the index upon which interest rate adjustments are based. In certain circumstances, a Fund","page_number":119,"box":{"x":117,"y":134,"width":741,"height":12}},{"id":"0c465b8f-a369-4908-8b64-1c1300893ee5","block_type":"box","text":"may fail to recoup fully its initial investment in a CMO residual.","page_number":119,"box":{"x":117,"y":149,"width":466,"height":12}},{"id":"bd6248fa-2e44-4e4c-9a4c-7025964a94fd","block_type":"box","text":"CMO residuals are generally purchased and sold by institutional investors through one or more","page_number":119,"box":{"x":117,"y":180,"width":709,"height":12}},{"id":"60f536c9-01d0-4e16-893a-ef9a846bc9b9","block_type":"box","text":"investment banking firms acting as brokers or dealers. Transactions in CMO residuals are generally","page_number":119,"box":{"x":117,"y":196,"width":744,"height":12}},{"id":"b7a236cb-d685-42b9-a5c0-ebc2df41a6e2","block_type":"box","text":"completed only after careful review of the characteristics of the securities in question. In addition, CMO","page_number":119,"box":{"x":116,"y":211,"width":768,"height":12}},{"id":"1ec6bfe1-be77-439f-9315-d49ff1d13ceb","block_type":"box","text":"residuals may or, pursuant to an exemption therefrom, may not have been registered under the","page_number":119,"box":{"x":117,"y":227,"width":711,"height":12}},{"id":"39a20e8a-cbd0-4c55-b77c-a52614abb658","block_type":"box","text":"Securities Act. Residual interests generally are junior to, and may be significantly more volatile than,","page_number":119,"box":{"x":116,"y":242,"width":748,"height":12}},{"id":"58fd6415-ede6-4110-a974-fe7ab548e83b","block_type":"box","text":"“regular” CMO and REMIC interests. CMO residuals, whether or not registered under the Securities","page_number":119,"box":{"x":116,"y":258,"width":744,"height":12}},{"id":"a5233b4d-3d9c-447c-a260-a74e4f84ba0c","block_type":"box","text":"Act, may be subject to certain restrictions on transferability.","page_number":119,"box":{"x":116,"y":273,"width":444,"height":12}},{"id":"f0e7571a-9724-4098-ad4e-b1ec9f1e3b9f","block_type":"box","text":"Stripped Mortgage-Backed Securities.","page_number":119,"box":{"x":117,"y":304,"width":280,"height":12}},{"id":"cf1f009b-a84e-440c-8a6a-30e4bc5a9102","block_type":"box","text":"A Fund may invest in stripped mortgage-backed securities","page_number":119,"box":{"x":399,"y":304,"width":443,"height":12}},{"id":"2cb84faa-3bae-4b03-9b83-c7234a8dc9b2","block_type":"box","text":"(“SMBSs”) issued by agencies or instrumentalities of the United States. SMBSs are derivative multi","page_number":119,"box":{"x":117,"y":320,"width":740,"height":12}},{"id":"9174516f-5c76-4e0e-95cf-5212e8c84a45","block_type":"box","text":"class mortgage-backed securities. SMBS arrangements commonly involve two classes of securities","page_number":119,"box":{"x":116,"y":335,"width":744,"height":12}},{"id":"b89b072d-35a1-4ae1-85a6-8de5248f509b","block_type":"box","text":"that receive different proportions of the interest and principal distributions on a pool of mortgage","page_number":119,"box":{"x":116,"y":351,"width":716,"height":12}},{"id":"0da7d6e7-0d62-4783-86c7-b5c1e0da2ccd","block_type":"box","text":"assets. A common variety of SMBS is where one class (the principal only or PO class) receives some","page_number":119,"box":{"x":116,"y":366,"width":759,"height":12}},{"id":"aaa97302-dd37-4857-b6ff-834033729968","block_type":"box","text":"of the interest and most of the principal from the underlying assets, while the other class (the interest","page_number":119,"box":{"x":116,"y":382,"width":752,"height":12}},{"id":"59e52da4-0c05-4e2e-90bf-a7d76271f33b","block_type":"box","text":"only or IO class) receives most of the interest and the remainder of the principal. In the most extreme","page_number":119,"box":{"x":116,"y":397,"width":755,"height":12}},{"id":"7e97b530-581c-43d9-8568-c1d8294b2aaa","block_type":"box","text":"case, the IO class receives all of the interest, while","page_number":119,"box":{"x":116,"y":413,"width":382,"height":11}},{"id":"241d83ee-6669-4d25-988e-36dba4a79082","block_type":"box","text":"the PO class receives all of the principal. While a","page_number":119,"box":{"x":498,"y":413,"width":368,"height":12}},{"id":"28393bba-0f84-4218-a568-0e53dd2b5ba0","block_type":"box","text":"Fund may purchase securities of a PO class, a Fund is more likely to purchase the securities of an IO","page_number":119,"box":{"x":117,"y":428,"width":758,"height":12}},{"id":"df0978f9-9989-4064-a989-7392981ebea3","block_type":"box","text":"class. The yield to maturity of an IO class is extremely sensitive to the rate of principal payments","page_number":119,"box":{"x":116,"y":444,"width":720,"height":12}},{"id":"7a885e1c-641e-4db5-904a-92476f50297d","block_type":"box","text":"(including prepayments) on the related underlying assets, and a rapid rate of principal prepayments in","page_number":119,"box":{"x":117,"y":459,"width":759,"height":12}},{"id":"24b590c9-dbbd-44d3-93bf-1df9ac0d0325","block_type":"box","text":"excess of that considered in pricing the securities will have a material adverse effect on an IO","page_number":119,"box":{"x":116,"y":475,"width":699,"height":12}},{"id":"c761c2a9-d3da-4e87-8d53-764499e6f588","block_type":"box","text":"security’s yield to maturity. If the underlying mortgage assets experience greater than anticipated","page_number":119,"box":{"x":116,"y":490,"width":724,"height":12}},{"id":"0fb4e2e8-cc51-4d4b-be4e-dbab209e1734","block_type":"box","text":"payments of principal, a Fund may fail to recoup fully its initial investment in IOs. In addition, there are","page_number":119,"box":{"x":117,"y":506,"width":760,"height":12}},{"id":"06a2a4d6-0399-46b3-a97f-ac2de03a26da","block_type":"box","text":"certain types of IOs that represent the interest portion of a particular class as opposed to the interest","page_number":119,"box":{"x":116,"y":521,"width":751,"height":12}},{"id":"dd7b7205-c0e3-41aa-8a92-ec853fda1efd","block_type":"box","text":"portion of the entire pool. The sensitivity of this type of IO to interest rate fluctuations may be increased","page_number":119,"box":{"x":117,"y":537,"width":768,"height":12}},{"id":"b01f808b-8349-4acd-9d85-418db6d71827","block_type":"box","text":"because of the characteristics of the principal portion to which they relate. As a result of the above","page_number":119,"box":{"x":117,"y":552,"width":733,"height":12}},{"id":"f4726f7c-c707-488e-90f6-ed12822cac91","block_type":"box","text":"factors, a Fund generally will purchase IOs only as a component of so called “synthetic” securities. This","page_number":119,"box":{"x":116,"y":568,"width":772,"height":12}},{"id":"5246ea83-fb8c-4aee-8940-6dc087e7beb7","block_type":"box","text":"means that purchases of IOs will be matched with certain purchases of other securities, such as POs,","page_number":119,"box":{"x":117,"y":583,"width":759,"height":12}},{"id":"345ee346-bcd6-4def-89ce-17c10231977c","block_type":"box","text":"inverse floating rate CMOs or fixed rate securities; as interest rates fall, presenting a greater risk of","page_number":119,"box":{"x":117,"y":599,"width":737,"height":12}},{"id":"0da2ea5a-803f-4451-9165-4a4a468a1263","block_type":"box","text":"unanticipated prepayments of principal, the negative effect on a Fund because of its holdings of IOs","page_number":119,"box":{"x":117,"y":614,"width":744,"height":12}},{"id":"c9c7e1ea-270a-493f-ac86-e90fd320b8b3","block_type":"box","text":"should be diminished somewhat because of the increased yield on the inverse floating rate CMOs or","page_number":119,"box":{"x":116,"y":630,"width":751,"height":12}},{"id":"f637bdc7-f272-4aa6-b585-f025b342d3e7","block_type":"box","text":"the increased appreciation on the POs or fixed rate securities.","page_number":119,"box":{"x":116,"y":645,"width":465,"height":12}},{"id":"0cce01ac-95c4-47ac-bfbe-e04ad9860adb","block_type":"box","text":"Tiered Index Bonds.","page_number":119,"box":{"x":118,"y":676,"width":147,"height":10}},{"id":"46097f2e-06e3-4b99-8313-e22b087bbb70","block_type":"box","text":"Tiered index bonds are forms of mortgage-related securities. The interest rate on","page_number":119,"box":{"x":271,"y":676,"width":601,"height":12}},{"id":"dae4b1f8-0c7f-4ae4-a1eb-5a0cb87c48bf","block_type":"box","text":"a tiered index bond is tied to a specified index or","page_number":119,"box":{"x":116,"y":692,"width":360,"height":12}},{"id":"15f26fdc-700e-4f1e-80ef-4b12aa052848","block_type":"box","text":"market rate. So long as this index or market rate is","page_number":119,"box":{"x":482,"y":692,"width":374,"height":12}},{"id":"a8240709-57a6-4352-9607-6c222cb1421f","block_type":"box","text":"below a predetermined “strike” rate, the interest rate on the tiered index bond remains fixed. If,","page_number":119,"box":{"x":117,"y":707,"width":698,"height":12}},{"id":"aa5dc576-8226-4c5c-a301-313c36406553","block_type":"box","text":"however, the specified index or market rate rises above the “strike” rate, the interest rate of the tiered","page_number":119,"box":{"x":117,"y":723,"width":749,"height":12}},{"id":"12499dca-273b-47f2-a140-0f7624d67466","block_type":"box","text":"index bond will decrease. Thus, under these circumstances, the interest rate on a tiered index bond,","page_number":119,"box":{"x":117,"y":738,"width":741,"height":11}},{"id":"ea7fb83f-05f0-47d9-8560-234d0183b28d","block_type":"box","text":"like an inverse floater, will move in the opposite direction of prevailing interest rates, with the result that","page_number":119,"box":{"x":117,"y":754,"width":762,"height":12}},{"id":"b91dc6ed-b84b-4da7-9d72-427dbdbd7b89","block_type":"box","text":"the price of the tiered index bond may be considerably more volatile than that of a fixed-rate bond.","page_number":119,"box":{"x":116,"y":769,"width":727,"height":12}},{"id":"d2c72a59-807b-4cf1-b3b0-74026acaef86","block_type":"box","text":"TBA Commitments.","page_number":119,"box":{"x":118,"y":800,"width":142,"height":10}},{"id":"e8af3721-c8d3-40df-bd6e-ad5b02bac30c","block_type":"box","text":"Certain Funds may enter into “to be announced” or “TBA” commitments. TBA","page_number":119,"box":{"x":267,"y":800,"width":573,"height":12}},{"id":"0a0f92ab-eaaf-4908-8d33-f58e808ea4e3","block_type":"box","text":"commitments are forward agreements for the purchase or sale of securities, including mortgage","page_number":119,"box":{"x":116,"y":816,"width":716,"height":12}},{"id":"b5dab024-f03b-4bce-ab11-3e4c511e7993","block_type":"box","text":"backed securities for a fixed price, with payment and delivery on an agreed upon future settlement","page_number":119,"box":{"x":117,"y":831,"width":733,"height":12}},{"id":"3903ceae-a898-4650-8fcf-cfbba1dc7d9c","block_type":"box","text":"date. The specific securities to be delivered are not identified at the trade date. However, delivered","page_number":119,"box":{"x":116,"y":847,"width":737,"height":12}},{"id":"c0f83bcd-6126-4b2d-8899-ba35dc1781ee","block_type":"box","text":"securities must meet specified terms, including issuer, rate and mortgage terms. When the Fund enters","page_number":119,"box":{"x":116,"y":862,"width":772,"height":12}},{"id":"b0cb607d-a4dd-4a6d-9660-a80bd23e2387","block_type":"box","text":"into a TBA commitment for the sale of mortgage-backed securities for a fixed price, with payment and","page_number":119,"box":{"x":117,"y":878,"width":758,"height":12}},{"id":"4f5a423a-5ae6-4b12-b27d-e9ed899040b9","block_type":"box","text":"II-70","page_number":119,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"819d368b-8015-46d5-b815-aa8738d3fc7e","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":119,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"8f9f08f3-b7b0-4e39-8622-b91bbe3a6e9f","block_type":"box","text":"delivery on an agreed upon future settlement date (which may be referred to as having a short position","page_number":120,"box":{"x":116,"y":87,"width":767,"height":12}},{"id":"d47b2fd2-2468-450e-a875-cb2eaaa4d36d","block_type":"box","text":"in such TBA securities), the Fund may or may not hold the types of mortgage-backed securities","page_number":120,"box":{"x":117,"y":102,"width":712,"height":13}},{"id":"ea9b2fa4-558a-4b40-a107-50a63ec60b2c","block_type":"box","text":"required to be delivered. See “—When-Issued Securities, Delayed Delivery Securities and Forward","page_number":120,"box":{"x":117,"y":118,"width":738,"height":12}},{"id":"7fcfc5b6-7327-4c4c-a956-c7581a9f088e","block_type":"box","text":"Commitments” below.","page_number":120,"box":{"x":117,"y":134,"width":166,"height":9}},{"id":"948a02c5-9958-45a4-a695-688b9d4033fe","block_type":"box","text":"Mortgage Dollar Rolls.","page_number":120,"box":{"x":116,"y":162,"width":164,"height":12}},{"id":"5c5bcb54-3f68-4c22-8790-8d40c8cad0a7","block_type":"box","text":"Certain Funds may invest in mortgage dollar rolls. In a mortgage dollar roll","page_number":120,"box":{"x":282,"y":162,"width":562,"height":12}},{"id":"e1ff57b5-d1b9-4d16-b5d5-04e36fd37f28","block_type":"box","text":"transaction, a Fund sells mortgage-backed securities for delivery in the current month and","page_number":120,"box":{"x":116,"y":177,"width":673,"height":12}},{"id":"d304ac33-d888-47e2-bba1-2c220f76bce3","block_type":"box","text":"simultaneously contracts to repurchase substantially similar securities on a specified future date. The","page_number":120,"box":{"x":116,"y":193,"width":755,"height":12}},{"id":"d0173645-4884-48fa-9605-aae44f2ea129","block_type":"box","text":"securities that are repurchased will bear the same interest rate and a similar maturity as those sold, but","page_number":120,"box":{"x":116,"y":209,"width":771,"height":11}},{"id":"ddb61ce6-97bd-4ac8-ba69-cc4b585d13b6","block_type":"box","text":"pools of mortgages collateralizing those securities may have different prepayment histories than those","page_number":120,"box":{"x":117,"y":224,"width":762,"height":12}},{"id":"a3169f13-1cb9-44e5-9d22-356ddac0b391","block_type":"box","text":"sold. During the period between the sale and repurchase, a Fund will not be entitled to receive interest","page_number":120,"box":{"x":116,"y":240,"width":765,"height":11}},{"id":"65384d61-5116-4df3-9ddc-d5b8709270ec","block_type":"box","text":"and principal payments on the securities sold. Proceeds of the sale will be invested in additional","page_number":120,"box":{"x":116,"y":255,"width":716,"height":12}},{"id":"99f1aba8-e5fe-417c-9fa1-c73ac4aad4b5","block_type":"box","text":"instruments for the Fund, and the income from these investments will generate income for the Fund. If","page_number":120,"box":{"x":117,"y":270,"width":762,"height":12}},{"id":"cf5c3797-40a3-42d4-ba63-6c9a02d602b8","block_type":"box","text":"such income does not exceed the income, capital appreciation and gain or loss that would have been","page_number":120,"box":{"x":116,"y":286,"width":757,"height":12}},{"id":"7a233970-8a15-4dae-ad4c-ab5970c03716","block_type":"box","text":"realized on the securities sold as part of the dollar roll, the use of this technique will diminish the","page_number":120,"box":{"x":117,"y":301,"width":715,"height":12}},{"id":"e093e9a9-2895-40b0-906b-d27e931b43e3","block_type":"box","text":"investment performance of a Fund compared with what the performance would have been without the","page_number":120,"box":{"x":117,"y":317,"width":759,"height":12}},{"id":"c0b44e20-75af-48a2-84c4-8bbc777beefe","block_type":"box","text":"use of dollar rolls.","page_number":120,"box":{"x":117,"y":332,"width":135,"height":10}},{"id":"55625d4a-21ae-4824-accd-9d4d9e9777cf","block_type":"box","text":"Each mortgage dollar roll transaction is accounted for as a sale or purchase of a portfolio security and","page_number":120,"box":{"x":117,"y":361,"width":760,"height":12}},{"id":"10d44f40-d04f-4277-b7c5-cc7b259100f2","block_type":"box","text":"a subsequent purchase or sale of a substantially similar security in the forward market. Transactions in","page_number":120,"box":{"x":116,"y":376,"width":767,"height":12}},{"id":"be256987-645e-4175-a947-fac32e7f740e","block_type":"box","text":"mortgage dollar rolls may increase trading costs and portfolio turnover.","page_number":120,"box":{"x":117,"y":392,"width":529,"height":12}},{"id":"94e59aad-740c-4f6a-b2e4-f6a01afff5f4","block_type":"box","text":"In the event the buyer of the securities under a mortgage dollar roll files for bankruptcy or becomes","page_number":120,"box":{"x":117,"y":420,"width":738,"height":12}},{"id":"75ef392a-bdae-4e4e-adab-cab758bf012c","block_type":"box","text":"insolvent, a Fund’s use of the proceeds of the current sale portion of the transaction may be restricted","page_number":120,"box":{"x":117,"y":436,"width":760,"height":12}},{"id":"c83fb835-3127-46f7-ab48-80745b8e57bf","block_type":"box","text":"pending a determination by the other party, or its trustee or receiver, whether to enforce the Fund’s","page_number":120,"box":{"x":117,"y":451,"width":738,"height":12}},{"id":"514600f9-5b80-4ac0-a067-26a0149e7574","block_type":"box","text":"obligation to purchase the similar securities in the forward transaction.","page_number":120,"box":{"x":116,"y":467,"width":525,"height":12}},{"id":"51661b56-2226-44fd-aeb1-dc6cd5c6a91d","block_type":"box","text":"A Fund may engage in dollar roll transactions to enhance returns. Successful use of mortgage dollar","page_number":120,"box":{"x":116,"y":495,"width":750,"height":12}},{"id":"229b433b-cf03-4ebc-9c5f-a70d09b8fec1","block_type":"box","text":"rolls may depend upon the Manager’s ability to correctly predict interest rates and prepayments. Dollar","page_number":120,"box":{"x":117,"y":511,"width":765,"height":12}},{"id":"6e83ba59-ead6-4f39-bd90-cfe3fd0f11fb","block_type":"box","text":"rolls involve the risk that the market value of the securities subject to a Fund’s forward purchase","page_number":120,"box":{"x":117,"y":526,"width":716,"height":12}},{"id":"d79297ff-7d8f-4d44-9da7-9bde96fd69b6","block_type":"box","text":"commitment may decline below, or the market value of the securities subject to a Fund’s forward sale","page_number":120,"box":{"x":116,"y":542,"width":758,"height":12}},{"id":"29aa662a-beb5-4cc5-9913-ce6640f9306c","block_type":"box","text":"commitment may increase above, the exercise price of the forward commitment. Dollar rolls are","page_number":120,"box":{"x":116,"y":557,"width":715,"height":12}},{"id":"e6a21db5-76d6-42e8-a006-fd89007553e5","block_type":"box","text":"speculative techniques that can be deemed to involve leverage. There is no assurance that dollar rolls","page_number":120,"box":{"x":116,"y":573,"width":763,"height":12}},{"id":"7042b4da-e923-4f1d-9f60-7e93c308cc49","block_type":"box","text":"can be successfully employed.","page_number":120,"box":{"x":116,"y":588,"width":233,"height":12}},{"id":"db465883-e44b-4f38-8228-25ef78f618ef","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to enter into when-issued or forward","page_number":120,"box":{"x":117,"y":616,"width":740,"height":12}},{"id":"72ff1fef-9504-419c-afa2-7f7cf11cd9cf","block_type":"box","text":"settling securities (e.g., dollar rolls and firm and standby commitments, including TBA commitments)","page_number":120,"box":{"x":116,"y":632,"width":748,"height":12}},{"id":"be39d6f5-1d70-4d8c-821c-b605d269e996","block_type":"box","text":"and non-standard settlement cycle securities notwithstanding the limitation on the issuance of senior","page_number":120,"box":{"x":116,"y":647,"width":750,"height":13}},{"id":"a887655c-28f7-48b4-90ae-03e5a10c6e68","block_type":"box","text":"securities in Section 18 of the Investment Company Act, provided that the transaction meets the","page_number":120,"box":{"x":116,"y":663,"width":712,"height":12}},{"id":"217d8ed5-6411-4da7-9319-07a8eb88997c","block_type":"box","text":"Delayed-Settlement Securities Provision (as defined below under “—When-Issued Securities, Delayed","page_number":120,"box":{"x":117,"y":678,"width":758,"height":13}},{"id":"c4872470-9df2-4de5-a62d-05fb41dcd67d","block_type":"box","text":"Delivery Securities and Forward Commitments”). If a when-issued, forward-settling or non-standard","page_number":120,"box":{"x":117,"y":694,"width":736,"height":12}},{"id":"02581855-ca91-4e51-bae0-bb8da02ab207","block_type":"box","text":"settlement cycle security does not satisfy the Delayed-Settlement Securities Provision, then it is","page_number":120,"box":{"x":116,"y":709,"width":709,"height":13}},{"id":"2ecb100d-0945-4f18-bf7b-dc97df81e571","block_type":"box","text":"treated as a Derivatives Transaction under Rule 18f-4. See “—Derivatives—Regulation of","page_number":120,"box":{"x":116,"y":725,"width":665,"height":12}},{"id":"5b486a53-e60e-47d0-b234-717e9e854176","block_type":"box","text":"Derivatives—Rule 18f-4 under the Investment Company Act” above.","page_number":120,"box":{"x":117,"y":740,"width":504,"height":13}},{"id":"8f21dc8c-e54f-4a7b-938d-46863f2471c1","block_type":"box","text":"Net Interest Margin (NIM) Securities.","page_number":120,"box":{"x":117,"y":769,"width":270,"height":12}},{"id":"6ecad349-28c1-42fe-9f10-937bc608b941","block_type":"box","text":"A Fund may invest in net interest margin (“NIM”) securities.","page_number":120,"box":{"x":394,"y":769,"width":438,"height":12}},{"id":"b5b35db1-7e14-42f6-85bf-96dadc9fe066","block_type":"box","text":"These securities are derivative interest-only mortgage securities structured off home equity loan","page_number":120,"box":{"x":116,"y":784,"width":711,"height":12}},{"id":"329bb436-43f8-4172-97e5-18f0ed1185ee","block_type":"box","text":"transactions. NIM securities receive any “excess” interest computed after paying coupon costs,","page_number":120,"box":{"x":116,"y":800,"width":704,"height":12}},{"id":"88309c27-0fa2-494a-81b7-be21ca0ddbf5","block_type":"box","text":"servicing costs and fees and any credit losses associated with the underlying pool of home equity","page_number":120,"box":{"x":116,"y":815,"width":724,"height":12}},{"id":"9954df24-06aa-4935-b7e0-4c829259fc47","block_type":"box","text":"loans. Like traditional stripped mortgage-backed securities, the yield to maturity on a NIM security is","page_number":120,"box":{"x":117,"y":831,"width":745,"height":12}},{"id":"961eeeda-b1d8-4fac-8849-208de314d6e8","block_type":"box","text":"sensitive not only to changes in prevailing interest rates but also to the rate of principal payments","page_number":120,"box":{"x":116,"y":846,"width":725,"height":12}},{"id":"8c579363-4028-4666-b690-5a2f475e16fb","block_type":"box","text":"(including prepayments) on the underlying home equity loans. NIM securities are highly sensitive to","page_number":120,"box":{"x":117,"y":862,"width":740,"height":12}},{"id":"03c1cd55-9ed4-4bc4-bbd7-39a3a827d940","block_type":"box","text":"credit losses on the underlying collateral and the timing in which those losses are taken.","page_number":120,"box":{"x":116,"y":877,"width":657,"height":12}},{"id":"d54db80d-663d-4548-b6a7-e8d8ed418063","block_type":"box","text":"II-71","page_number":120,"box":{"x":484,"y":909,"width":29,"height":9}},{"id":"785fe876-43d2-4deb-8e49-77945647f9ed","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":120,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"07fdf1ed-715d-4353-a437-c3375d54731c","block_type":"box","text":"Municipal Investments.","page_number":121,"box":{"x":116,"y":87,"width":184,"height":12}},{"id":"d5a64782-7879-4d09-bc78-e5da27305115","block_type":"box","text":"Certain Funds may invest in obligations issued by or on behalf of states,","page_number":121,"box":{"x":301,"y":87,"width":545,"height":12}},{"id":"30e1866f-e349-4a41-8e3b-9e517cfd6604","block_type":"box","text":"territories and possessions of the United States and the District of Columbia and their political","page_number":121,"box":{"x":116,"y":102,"width":700,"height":12}},{"id":"0841b53b-133e-4f18-a18c-7709c9356e0d","block_type":"box","text":"subdivisions, agencies and instrumentalities, the payments from which, in the opinion of bond counsel","page_number":121,"box":{"x":116,"y":118,"width":761,"height":12}},{"id":"1b57fb25-cbe1-48a1-84da-8b941be717db","block_type":"box","text":"to the issuer, are excludable from gross income for U.S. federal income tax purposes (“Municipal","page_number":121,"box":{"x":116,"y":134,"width":723,"height":12}},{"id":"9f730ab2-eecb-41ef-9fc4-9cb18194b1b5","block_type":"box","text":"Bonds”). Certain of the Municipal Funds may also invest in Municipal Bonds that pay interest","page_number":121,"box":{"x":117,"y":149,"width":691,"height":12}},{"id":"e3d17892-47e4-411e-8a97-f399776c45e2","block_type":"box","text":"excludable from gross income for purposes of state and local income taxes of the designated state","page_number":121,"box":{"x":116,"y":165,"width":737,"height":12}},{"id":"e44422b5-e9cf-46c9-86a6-15086ef5415c","block_type":"box","text":"and/or allow the value of a Fund’s shares to be exempt from state and local taxes of the designated","page_number":121,"box":{"x":116,"y":180,"width":744,"height":12}},{"id":"6ca5705a-7ff6-450c-933d-764fb1f68ae8","block_type":"box","text":"state (“State Municipal Bonds”). The Municipal Funds may also invest in securities not issued by or on","page_number":121,"box":{"x":116,"y":196,"width":762,"height":12}},{"id":"61867bfc-f806-4f63-ab45-6467e3166db0","block_type":"box","text":"behalf of a state or territory or by an agency or instrumentality thereof, if the Manager believes such","page_number":121,"box":{"x":117,"y":211,"width":743,"height":12}},{"id":"c6610573-3a1a-4549-adec-79b39a7bd22d","block_type":"box","text":"securities to pay interest excludable from gross income for purposes of U.S. federal income tax and","page_number":121,"box":{"x":116,"y":227,"width":744,"height":12}},{"id":"cd8cb135-2f42-4ad2-a065-2653997a5b61","block_type":"box","text":"state and local income taxes of the designated state and/or state and local personal property taxes of","page_number":121,"box":{"x":116,"y":242,"width":757,"height":12}},{"id":"a0f20ced-d59f-4ecd-98fe-c6505be99d4a","block_type":"box","text":"the designated state (“Non-Municipal Tax-Exempt Securities”). Non-Municipal Tax-Exempt Securities","page_number":121,"box":{"x":116,"y":258,"width":756,"height":12}},{"id":"cbb0ecee-861c-4872-8ee7-d219fd2ad4c2","block_type":"box","text":"could include trust certificates or other instruments evidencing interest in one or more long-term","page_number":121,"box":{"x":116,"y":273,"width":714,"height":12}},{"id":"eb07e15e-4ef7-4f0d-bb36-5b3fbc908ac5","block_type":"box","text":"municipal securities. Non-Municipal Tax-Exempt Securities also may include securities issued by other","page_number":121,"box":{"x":117,"y":289,"width":765,"height":12}},{"id":"cf55f9ac-a07d-495a-93c3-5c82463d8c2a","block_type":"box","text":"investment companies that invest in municipal bonds, to the extent such investments are permitted by","page_number":121,"box":{"x":117,"y":304,"width":760,"height":12}},{"id":"5d14f107-97c7-4a91-ad5a-a29ede9a6ae6","block_type":"box","text":"applicable law. Non-Municipal Tax-Exempt Securities that pay interest excludable from gross income","page_number":121,"box":{"x":116,"y":320,"width":754,"height":12}},{"id":"6f05d648-26d0-46e3-b62e-243f3b798141","block_type":"box","text":"for U.S. federal income tax purposes will be considered “Municipal Bonds” for purposes of a Municipal","page_number":121,"box":{"x":116,"y":335,"width":762,"height":12}},{"id":"4b97530f-829d-4f94-b5ab-018cc697d671","block_type":"box","text":"Fund’s investment objective and policies. Non-Municipal Tax-Exempt Securities that pay interest","page_number":121,"box":{"x":117,"y":351,"width":720,"height":12}},{"id":"46337265-3bfc-4036-8d8f-41a4379faa0d","block_type":"box","text":"excludable from gross income for purposes of U.S. federal income tax and state and local income","page_number":121,"box":{"x":116,"y":366,"width":730,"height":12}},{"id":"5cad3a7e-f759-41f3-b05d-21e17fe4743b","block_type":"box","text":"taxes of a designated state and/or allow the value of a Fund’s shares to be exempt from state and local","page_number":121,"box":{"x":116,"y":382,"width":771,"height":12}},{"id":"957be4ae-38f5-487b-8b74-38c8157feb8c","block_type":"box","text":"personal property taxes of that state will be considered “State Municipal Bonds” for purposes of the","page_number":121,"box":{"x":117,"y":397,"width":739,"height":12}},{"id":"1f8f3815-4074-4379-8d1c-ca110b630d71","block_type":"box","text":"investment objective and policies of each of California Municipal Opportunities Fund, New Jersey","page_number":121,"box":{"x":117,"y":413,"width":724,"height":12}},{"id":"6da582d7-4131-40cd-a1d4-5808ba58dc57","block_type":"box","text":"Municipal Bond Fund, New York Municipal Opportunities Fund and Pennsylvania Municipal Bond","page_number":121,"box":{"x":117,"y":428,"width":724,"height":12}},{"id":"9c3e08c5-d318-4c51-919d-8a4ddac0fdb1","block_type":"box","text":"Fund.","page_number":121,"box":{"x":117,"y":444,"width":46,"height":9}},{"id":"3119c396-c226-4ca9-a539-acb926599ddf","block_type":"box","text":"Risk Factors and Special Considerations Relating to Municipal Bonds.","page_number":121,"box":{"x":116,"y":477,"width":519,"height":12}},{"id":"da33aeb6-fea6-4ee0-90dd-c9865bf1a83f","block_type":"box","text":"The risks and special","page_number":121,"box":{"x":636,"y":477,"width":168,"height":12}},{"id":"4a5580c5-0593-4bbc-b2f8-0470024b28b2","block_type":"box","text":"considerations involved in investment in Municipal Bonds vary with the types of instruments being","page_number":121,"box":{"x":116,"y":492,"width":729,"height":12}},{"id":"f7b4ced2-3782-4077-8110-dc702831e5c0","block_type":"box","text":"acquired. Investments in Non-Municipal Tax-Exempt Securities may present similar risks, depending","page_number":121,"box":{"x":116,"y":508,"width":751,"height":12}},{"id":"c5756efc-5ef0-47a9-ad54-7e5ccccd4784","block_type":"box","text":"on the particular product. Certain municipal instruments in which a Fund may invest may be","page_number":121,"box":{"x":116,"y":523,"width":685,"height":12}},{"id":"f6539877-bb3d-4dd8-8883-49d6493b307f","block_type":"box","text":"characterized as derivatives.","page_number":121,"box":{"x":116,"y":539,"width":218,"height":9}},{"id":"d44a72e5-5d0c-4f39-b7f2-24eaa84393da","block_type":"box","text":"The value of Municipal Bonds generally may be affected by uncertainties in the municipal markets as a","page_number":121,"box":{"x":116,"y":572,"width":768,"height":12}},{"id":"19531095-1517-44a9-b2d2-3404d773d503","block_type":"box","text":"result of legislation or litigation, including legislation or litigation that changes the taxation of Municipal","page_number":121,"box":{"x":117,"y":588,"width":757,"height":12}},{"id":"61f7460c-55d9-446c-b99a-76a4d987259d","block_type":"box","text":"Bonds or the rights of Municipal Bond holders in the event of a bankruptcy. Municipal bankruptcies are","page_number":121,"box":{"x":117,"y":603,"width":764,"height":12}},{"id":"91a9325d-99ff-4107-a610-3b2824f2875c","block_type":"box","text":"rare and certain provisions of the U.S. Bankruptcy Code governing such bankruptcies are unclear.","page_number":121,"box":{"x":117,"y":619,"width":732,"height":12}},{"id":"9dbc0859-6ef9-4c9f-b243-794a1ef2b6ab","block_type":"box","text":"Further, the application of state law to Municipal Bond issuers could produce varying results among the","page_number":121,"box":{"x":117,"y":634,"width":770,"height":12}},{"id":"4298fd66-fad8-45f4-a8ad-d37051ff7557","block_type":"box","text":"states or among Municipal Bond issuers within a state. These uncertainties could have a significant","page_number":121,"box":{"x":116,"y":650,"width":742,"height":12}},{"id":"e1a0e4bf-f660-438f-95d9-d6e96f3f7bfe","block_type":"box","text":"impact on the prices of the Municipal Bonds in which a Fund invests.","page_number":121,"box":{"x":117,"y":665,"width":507,"height":12}},{"id":"c8c87cd2-51e1-4989-a02f-8b0cc93d9331","block_type":"box","text":"Description of Municipal Bonds.","page_number":121,"box":{"x":116,"y":698,"width":234,"height":12}},{"id":"67cdb2b5-bd20-418e-9be8-fd5c61b15302","block_type":"box","text":"Municipal Bonds include debt obligations issued to obtain funds for various public purposes, including","page_number":121,"box":{"x":117,"y":723,"width":751,"height":12}},{"id":"493ab19c-4b2f-4bcc-a6ec-933d7260a421","block_type":"box","text":"the construction of a wide range of public facilities, refunding of outstanding obligations and obtaining","page_number":121,"box":{"x":116,"y":738,"width":750,"height":12}},{"id":"186c6421-a2af-4004-9051-4b7abf8b2fa0","block_type":"box","text":"funds for general operating expenses and loans to other public institutions and facilities. In addition,","page_number":121,"box":{"x":116,"y":754,"width":737,"height":12}},{"id":"ae4ef52d-4bdf-4fa8-9c13-a47345a3c0bb","block_type":"box","text":"certain types of bonds are issued by or on behalf of public authorities to finance various privately","page_number":121,"box":{"x":116,"y":769,"width":716,"height":12}},{"id":"2900fb88-b96e-41fc-8615-eb81c1e623c8","block_type":"box","text":"owned or operated facilities, including certain facilities for the local furnishing of electric energy or gas,","page_number":121,"box":{"x":116,"y":785,"width":757,"height":12}},{"id":"c78de2b3-e8cd-4704-affd-ca6c8b4c529e","block_type":"box","text":"sewage facilities, solid waste disposal facilities and other specialized facilities. Such obligations are","page_number":121,"box":{"x":116,"y":800,"width":735,"height":12}},{"id":"825eedd7-9053-465e-8b90-53a4b5494874","block_type":"box","text":"included within the term Municipal Bonds if the interest paid thereon is excluded from gross income for","page_number":121,"box":{"x":117,"y":816,"width":760,"height":12}},{"id":"65c9a2b1-9e50-4453-b9b6-3f947157582a","block_type":"box","text":"U.S. federal income tax purposes and any applicable state and local taxes. Other types of private","page_number":121,"box":{"x":117,"y":831,"width":726,"height":12}},{"id":"17021ccc-368c-497e-a54b-3d135593efbc","block_type":"box","text":"activity bonds, the proceeds of which are used for the construction, equipment or improvement of","page_number":121,"box":{"x":116,"y":847,"width":726,"height":12}},{"id":"f94457b8-a68e-4f92-b27d-fdc4fb69fce7","block_type":"box","text":"privately operated industrial or commercial facilities, may constitute Municipal Bonds, although the","page_number":121,"box":{"x":117,"y":862,"width":732,"height":12}},{"id":"0fad4058-fe96-41ce-9aa9-7e7d056e8a43","block_type":"box","text":"current U.S. federal tax laws place substantial limitations on the size of such issues. The interest on","page_number":121,"box":{"x":116,"y":878,"width":745,"height":12}},{"id":"200977e1-d574-479b-a394-5c854e49ebcc","block_type":"box","text":"II-72","page_number":121,"box":{"x":484,"y":909,"width":31,"height":9}},{"id":"e0eac8f3-b8d4-4d1a-99a0-e1516c280766","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":121,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"d5d9d007-c0c5-494b-befe-a00f7ebe7c1d","block_type":"box","text":"Municipal Bonds may bear a fixed rate or be payable at a variable or floating rate. The two principal","page_number":122,"box":{"x":117,"y":87,"width":742,"height":12}},{"id":"1df9362e-8581-4613-8ee1-fb455401fa4b","block_type":"box","text":"classifications of Municipal Bonds are “general obligation” and “revenue” or “special obligation” bonds,","page_number":122,"box":{"x":116,"y":102,"width":762,"height":13}},{"id":"3d93813b-b339-4041-8116-a6bc9d48422f","block_type":"box","text":"which latter category includes private activity bonds (“PABs”) (or “industrial development bonds” under","page_number":122,"box":{"x":116,"y":118,"width":764,"height":12}},{"id":"b640b0d9-898d-4495-a19a-75db0556dbf0","block_type":"box","text":"pre-1986 law).","page_number":122,"box":{"x":117,"y":134,"width":111,"height":12}},{"id":"768e356a-7301-4ca4-81d3-5954b17be703","block_type":"box","text":"General Obligation Bonds.","page_number":122,"box":{"x":117,"y":165,"width":194,"height":12}},{"id":"01326a7e-30eb-4b46-b3d5-4e283b6f6062","block_type":"box","text":"General obligation bonds are secured by the issuer’s pledge of its full faith,","page_number":122,"box":{"x":313,"y":165,"width":565,"height":12}},{"id":"19d67a80-9e13-4b38-a36f-5b0d5a87ce06","block_type":"box","text":"credit and taxing power for the payment of principal and interest. The taxing power of any","page_number":122,"box":{"x":116,"y":180,"width":668,"height":12}},{"id":"30e58bb0-e7bc-4850-b9a2-602e785dd187","block_type":"box","text":"governmental entity may be limited, however, by provisions of its state constitution or laws, and an","page_number":122,"box":{"x":116,"y":196,"width":735,"height":12}},{"id":"95b85913-623d-4a1f-a882-b03a83e013ff","block_type":"box","text":"entity’s creditworthiness will depend on many factors, including potential erosion of its tax base due to","page_number":122,"box":{"x":116,"y":211,"width":760,"height":12}},{"id":"933f34d1-09e9-4971-9529-4f2ce8908550","block_type":"box","text":"population declines, natural disasters, declines in the state’s industrial base or inability to attract new","page_number":122,"box":{"x":117,"y":227,"width":750,"height":12}},{"id":"8d03c166-a31f-49a8-9199-9b120d0df5ca","block_type":"box","text":"industries, economic limits on the ability to tax without eroding the tax base, state legislative proposals","page_number":122,"box":{"x":117,"y":242,"width":762,"height":12}},{"id":"9cd33943-c768-4a37-a8fc-d11f76cbc5d5","block_type":"box","text":"or voter initiatives to limit ad valorem real property taxes and the extent to which the entity relies on","page_number":122,"box":{"x":116,"y":258,"width":740,"height":12}},{"id":"22201fe4-9e67-4832-9b70-774ca4d7033c","block_type":"box","text":"federal or state aid, access to capital markets or other factors beyond the state’s or entity’s control.","page_number":122,"box":{"x":116,"y":273,"width":738,"height":12}},{"id":"6f5bbd28-9d98-4dba-af0b-4c7991eb0c9a","block_type":"box","text":"Accordingly, the capacity of the issuer of a general obligation bond as to the timely payment of interest","page_number":122,"box":{"x":116,"y":289,"width":765,"height":12}},{"id":"5c136a1f-ed09-415d-97a9-ba6a8c6210f2","block_type":"box","text":"and the repayment of principal when due is affected by the issuer’s maintenance of its tax base.","page_number":122,"box":{"x":116,"y":304,"width":717,"height":12}},{"id":"904503fd-37ff-445c-99f9-d41dff2a47e1","block_type":"box","text":"Revenue Bonds.","page_number":122,"box":{"x":116,"y":335,"width":122,"height":10}},{"id":"b72ece21-88da-4159-87bf-f39ccf9a03fd","block_type":"box","text":"Revenue bonds are payable only from the revenues derived from a particular facility","page_number":122,"box":{"x":240,"y":335,"width":634,"height":12}},{"id":"cdba05e2-9d49-4fa3-859b-81b4e366f4cf","block_type":"box","text":"or class of facilities or, in some cases, from the proceeds of a special excise tax or other specific","page_number":122,"box":{"x":116,"y":351,"width":720,"height":12}},{"id":"c2fb0469-c954-468a-849b-fb209c88048c","block_type":"box","text":"revenue source such as payments from the user of the facility being financed; accordingly, the timely","page_number":122,"box":{"x":117,"y":366,"width":752,"height":12}},{"id":"f856d0b4-bd9e-464f-92bd-ce66041df953","block_type":"box","text":"payment of interest and the repayment of principal in accordance with the terms of the revenue or","page_number":122,"box":{"x":117,"y":382,"width":729,"height":12}},{"id":"c5d73fbc-e6c8-4b92-a3d1-477921fcb8dc","block_type":"box","text":"special obligation bond is a function of the economic viability of such facility or such revenue source.","page_number":122,"box":{"x":116,"y":397,"width":749,"height":12}},{"id":"dd01b616-d3a1-4757-b6d3-490f64cb75e1","block_type":"box","text":"Revenue bonds issued by state or local agencies to finance the development of low-income, multi","page_number":122,"box":{"x":117,"y":428,"width":730,"height":12}},{"id":"c1803c79-17b1-44f3-b6a6-e9908275ade6","block_type":"box","text":"family housing involve special risks in addition to those associated with municipal bonds generally,","page_number":122,"box":{"x":116,"y":444,"width":735,"height":12}},{"id":"038426da-e067-4cd4-8151-0b8b75e6b402","block_type":"box","text":"including that the underlying properties may not generate sufficient income to pay expenses and","page_number":122,"box":{"x":117,"y":459,"width":718,"height":12}},{"id":"d984ce20-5f58-47e4-ac22-2d99231d6003","block_type":"box","text":"interest costs. Such bonds are generally non-recourse against the property owner, may be junior to the","page_number":122,"box":{"x":117,"y":475,"width":768,"height":12}},{"id":"db55c74c-ecec-46e3-a4d6-df7ae9079a29","block_type":"box","text":"rights of others with an interest in the properties, may pay interest that changes based in part on the","page_number":122,"box":{"x":117,"y":490,"width":746,"height":12}},{"id":"235c8de0-6231-4862-8625-c8d667d732ab","block_type":"box","text":"financial performance of the property, may be prepayable without penalty and may be used to finance","page_number":122,"box":{"x":116,"y":506,"width":760,"height":12}},{"id":"21160ada-199d-40d4-8250-9ff25327254f","block_type":"box","text":"the construction of housing developments which, until completed and rented, do not generate income","page_number":122,"box":{"x":116,"y":521,"width":757,"height":12}},{"id":"f5b493ec-848f-4513-b9ec-78c8c7049cfa","block_type":"box","text":"to pay interest. Increases in interest rates payable on senior obligations may make it more difficult for","page_number":122,"box":{"x":116,"y":537,"width":755,"height":12}},{"id":"55aa0ed1-4c3b-4d5d-82ca-a013130dd796","block_type":"box","text":"issuers to meet payment obligations on subordinated bonds.","page_number":122,"box":{"x":117,"y":552,"width":452,"height":12}},{"id":"a5026607-6914-4102-96da-e0396f4449ab","block_type":"box","text":"PABs.","page_number":122,"box":{"x":116,"y":583,"width":45,"height":10}},{"id":"cb3e25da-aab6-4166-9e52-05d1aaef5d7b","block_type":"box","text":"PABs are, in most cases, tax-exempt securities issued by states, municipalities or public","page_number":122,"box":{"x":162,"y":583,"width":666,"height":12}},{"id":"fcec54fc-b728-4338-8e4e-ed2a608c655e","block_type":"box","text":"authorities to provide funds, usually through a loan or lease arrangement, to a private entity for the","page_number":122,"box":{"x":116,"y":599,"width":735,"height":12}},{"id":"783a9bee-9306-41e1-b2be-2a00c7d594f2","block_type":"box","text":"purpose of financing construction or improvement of a facility to be used by the entity. Such bonds are","page_number":122,"box":{"x":117,"y":614,"width":762,"height":12}},{"id":"cb1ef586-4731-4ce1-99e6-b82dad84a5df","block_type":"box","text":"secured primarily by revenues derived from loan repayments or lease payments due from the entity,","page_number":122,"box":{"x":116,"y":630,"width":747,"height":12}},{"id":"300ee7fd-36ff-4df3-a933-ec81e8b1dd3b","block_type":"box","text":"which may or may not be guaranteed by a parent company or otherwise secured. PABs generally are","page_number":122,"box":{"x":116,"y":645,"width":758,"height":12}},{"id":"755f7d0c-52a6-489a-8918-321e729d1e2f","block_type":"box","text":"not secured by a pledge of the taxing power of the issuer of such bonds. Therefore, an investor should","page_number":122,"box":{"x":117,"y":661,"width":759,"height":12}},{"id":"5afce74b-b9e6-45ab-b4bc-a48f2c3de6c6","block_type":"box","text":"understand that repayment of such bonds generally depends on the revenues of a private entity and be","page_number":122,"box":{"x":117,"y":676,"width":766,"height":12}},{"id":"03ff8ed0-dde6-4301-a80a-2a93c155d5c2","block_type":"box","text":"aware of the risks that such an investment may entail. The continued ability of an entity to generate","page_number":122,"box":{"x":116,"y":692,"width":736,"height":12}},{"id":"b064f91c-5cc7-478b-bab8-ba63c94a215d","block_type":"box","text":"sufficient revenues for the payment of principal and interest on such bonds will be affected by many","page_number":122,"box":{"x":116,"y":707,"width":739,"height":12}},{"id":"d9ec63d0-f299-4526-8dad-38e3a1d92384","block_type":"box","text":"factors including the size of the entity, its capital structure, demand for its products or services,","page_number":122,"box":{"x":116,"y":723,"width":700,"height":12}},{"id":"5a0d654f-dbd7-42c6-93b5-b7ccefa85b1a","block_type":"box","text":"competition, general economic conditions, government regulation and the entity’s dependence on","page_number":122,"box":{"x":116,"y":738,"width":723,"height":12}},{"id":"bb4031cf-ba59-4f20-94b8-02e98a7fd768","block_type":"box","text":"revenues for the operation of the particular facility being financed.","page_number":122,"box":{"x":117,"y":754,"width":485,"height":12}},{"id":"bf14d2dc-5518-4f9a-b1a7-291e1dbc519c","block_type":"box","text":"Moral Obligation Bonds.","page_number":122,"box":{"x":116,"y":785,"width":178,"height":12}},{"id":"b1fde6e7-ca78-4bd0-9cd1-59637dd3059f","block_type":"box","text":"“Moral obligation” bonds are normally issued by special purpose public","page_number":122,"box":{"x":301,"y":785,"width":523,"height":12}},{"id":"8ce7b716-a6cf-4a10-b1e0-291f6ead3ad9","block_type":"box","text":"authorities. If an issuer of moral obligation bonds is unable to meet its obligations, the repayment of","page_number":122,"box":{"x":116,"y":800,"width":738,"height":12}},{"id":"de79d34d-0a77-47c0-afc2-873e49b53490","block_type":"box","text":"such bonds becomes a moral commitment but not a legal obligation of the state or municipality that","page_number":122,"box":{"x":116,"y":816,"width":736,"height":12}},{"id":"9a7cf325-df44-4c9d-8908-8a96d42569a8","block_type":"box","text":"created the special purpose public authority that issued the bonds.","page_number":122,"box":{"x":116,"y":831,"width":498,"height":12}},{"id":"4038465e-0e24-47ac-9784-3fa669c3be33","block_type":"box","text":"Municipal Notes.","page_number":122,"box":{"x":116,"y":862,"width":122,"height":12}},{"id":"c25191ab-27e6-4b7e-bf2f-4652bf896491","block_type":"box","text":"Municipal notes are shorter term municipal debt obligations. They may provide interim","page_number":122,"box":{"x":240,"y":862,"width":647,"height":12}},{"id":"056df631-1932-42b1-9c59-3d137f966dcd","block_type":"box","text":"financing in anticipation of tax collection, bond sales or revenue receipts. If there is a shortfall in the","page_number":122,"box":{"x":116,"y":878,"width":742,"height":12}},{"id":"acf08f64-b1ba-4ef9-b178-ef7f46463ee7","block_type":"box","text":"II-73","page_number":122,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"dc3cafa4-5ee7-4985-86db-bb4a3965d966","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":122,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"98f01693-e0c9-450c-9b00-cbc49b022f5f","block_type":"box","text":"anticipated proceeds, repayment on the note may be delayed or the note may not be fully repaid, and a","page_number":123,"box":{"x":116,"y":87,"width":772,"height":12}},{"id":"f15c8366-b988-4def-9671-b5f223be8733","block_type":"box","text":"Fund may lose money.","page_number":123,"box":{"x":117,"y":103,"width":174,"height":12}},{"id":"eeee9502-f346-4919-a8f8-b9f8efb6cac4","block_type":"box","text":"Municipal Commercial Paper.","page_number":123,"box":{"x":116,"y":130,"width":218,"height":12}},{"id":"6043b43a-ae33-4ff6-acde-7116e1704138","block_type":"box","text":"Municipal commercial paper is generally unsecured and issued to meet","page_number":123,"box":{"x":335,"y":131,"width":539,"height":12}},{"id":"23c6bf94-1ca4-4506-a117-c05a5ccb13d8","block_type":"box","text":"short-term financing needs. The lack of security presents some risk of loss to a Fund since, in the","page_number":123,"box":{"x":116,"y":146,"width":728,"height":12}},{"id":"6aa70990-492c-4378-a1a9-b6bb5f7dae1e","block_type":"box","text":"event of an issuer’s bankruptcy, unsecured creditors are repaid only after the secured creditors out of","page_number":123,"box":{"x":116,"y":161,"width":757,"height":13}},{"id":"e0078848-54e8-42d7-a1a2-60c7650a7583","block_type":"box","text":"the assets, if any, that remain.","page_number":123,"box":{"x":116,"y":177,"width":229,"height":12}},{"id":"c468f22e-a5b8-44de-9935-b64e43ad7f37","block_type":"box","text":"Municipal Lease Obligations.","page_number":123,"box":{"x":116,"y":205,"width":213,"height":12}},{"id":"6b587716-81d1-495f-8c60-47e1c0c0a751","block_type":"box","text":"Also included within the general category of Municipal Bonds are","page_number":123,"box":{"x":331,"y":205,"width":491,"height":12}},{"id":"a9420b91-13d6-4291-8ab6-7961f164eeaa","block_type":"box","text":"certificates of participation (“COPs”) issued by government authorities or entities to finance the","page_number":123,"box":{"x":116,"y":220,"width":706,"height":12}},{"id":"1c733c4b-41b6-46f0-888f-fd3b651e7bad","block_type":"box","text":"acquisition or construction of equipment, land and/or facilities. The COPs represent participations in a","page_number":123,"box":{"x":116,"y":236,"width":758,"height":12}},{"id":"d7909b93-a8e6-41c8-95d8-b2c9f36bf7cc","block_type":"box","text":"lease, an installment purchase contract or a conditional sales contract (hereinafter collectively called","page_number":123,"box":{"x":117,"y":251,"width":748,"height":12}},{"id":"55e30708-cc3c-4b21-90aa-b0b4a8d112ba","block_type":"box","text":"“lease obligations”) relating to such equipment, land or facilities. Municipal leases, like other municipal","page_number":123,"box":{"x":116,"y":267,"width":761,"height":12}},{"id":"5774f2ad-6aef-41fb-a84f-1e2ee6b79e71","block_type":"box","text":"debt obligations, are subject to the risk of non-payment. Although lease obligations do not constitute","page_number":123,"box":{"x":116,"y":282,"width":747,"height":12}},{"id":"0adf0fc1-20f5-4643-8fa4-237321cf8f58","block_type":"box","text":"general obligations of the issuer for which the issuer’s unlimited taxing power is pledged, a lease","page_number":123,"box":{"x":116,"y":298,"width":721,"height":12}},{"id":"37e8cd1f-cc36-42bf-a447-7c5a78d4b292","block_type":"box","text":"obligation is frequently backed by the issuer’s covenant to budget for, appropriate and make the","page_number":123,"box":{"x":116,"y":313,"width":716,"height":12}},{"id":"fb51fd46-c589-4924-ba2c-918fb874abea","block_type":"box","text":"payments due under the lease obligation. However, certain lease obligations contain","page_number":123,"box":{"x":117,"y":329,"width":631,"height":12}},{"id":"0af1afd9-18a5-4be4-9628-7d3e6fd0e79f","block_type":"box","text":"“non-appropriation” clauses, which provide that the issuer has no obligation to make lease or","page_number":123,"box":{"x":116,"y":344,"width":693,"height":12}},{"id":"975689b6-e1bf-4474-99d6-54bc0938d0ef","block_type":"box","text":"installment purchase payments in future years unless money is appropriated for such purpose on a","page_number":123,"box":{"x":117,"y":360,"width":739,"height":12}},{"id":"0a536037-5299-4c4c-856f-99f7c0690d30","block_type":"box","text":"yearly basis. Although “non-appropriation” lease obligations are secured by the leased property,","page_number":123,"box":{"x":116,"y":375,"width":716,"height":12}},{"id":"80321d96-956b-4bb2-bd9b-c95946f0bcf2","block_type":"box","text":"disposition of the property in the event of foreclosure might prove difficult. These securities represent a","page_number":123,"box":{"x":116,"y":391,"width":767,"height":12}},{"id":"6934ad7a-a206-4e6e-ad79-544c9a73826d","block_type":"box","text":"type of financing that has not yet developed the depth of marketability associated with more","page_number":123,"box":{"x":116,"y":406,"width":685,"height":12}},{"id":"c99f8353-daf3-4fb3-ad67-0db0f758adc4","block_type":"box","text":"conventional securities. Certain investments in lease obligations may be illiquid.","page_number":123,"box":{"x":116,"y":422,"width":596,"height":12}},{"id":"10b36725-1f96-42e7-8637-a3940679dcc8","block_type":"box","text":"The ability of issuers of municipal leases to make timely lease payments may be adversely impacted in","page_number":123,"box":{"x":116,"y":450,"width":769,"height":12}},{"id":"faa927aa-828e-4532-8129-29023e7acf23","block_type":"box","text":"general economic downturns and as relative governmental cost burdens are allocated and reallocated","page_number":123,"box":{"x":116,"y":465,"width":762,"height":12}},{"id":"06257221-6443-4ae4-8f72-04752c1156e3","block_type":"box","text":"among federal, state and local governmental units. Such non-payment would result in a reduction of","page_number":123,"box":{"x":116,"y":481,"width":746,"height":12}},{"id":"81eead35-67d1-428e-9dc4-b5d7d1243d38","block_type":"box","text":"income to a Fund and could result in a","page_number":123,"box":{"x":117,"y":496,"width":289,"height":10}},{"id":"5e4e0acf-a884-4490-a76e-d86a685ca96e","block_type":"box","text":"reduction in the value of the municipal lease experiencing","page_number":123,"box":{"x":407,"y":496,"width":431,"height":12}},{"id":"fb8c6e9d-7aed-4904-bc0c-b9ebac190a91","block_type":"box","text":"non-payment and a potential decrease in the NAV of a Fund. Issuers of municipal securities might","page_number":123,"box":{"x":117,"y":512,"width":731,"height":12}},{"id":"661aa265-e748-48a4-9af2-fdcf08dbcac2","block_type":"box","text":"seek protection under the bankruptcy laws. In the event of bankruptcy of such an issuer, a Fund could","page_number":123,"box":{"x":116,"y":527,"width":762,"height":12}},{"id":"c2108f66-bb59-4984-855b-8b39b73d326f","block_type":"box","text":"experience delays and limitations with respect to the collection of principal and interest on such","page_number":123,"box":{"x":116,"y":543,"width":711,"height":12}},{"id":"57503e8a-59fb-4761-aeea-911e4aa831cd","block_type":"box","text":"municipal leases and a Fund may not, in all circumstances, be able to collect all principal and interest","page_number":123,"box":{"x":117,"y":558,"width":755,"height":12}},{"id":"a93f7a0e-b209-4956-8b33-8c255a423bd1","block_type":"box","text":"to which it is entitled. To enforce its rights in the event of a default in lease payments, a Fund might","page_number":123,"box":{"x":116,"y":574,"width":740,"height":12}},{"id":"61052f43-e449-4654-9e31-6dd260ba7b57","block_type":"box","text":"take possession of and manage the assets securing the issuer’s obligations on such securities, which","page_number":123,"box":{"x":116,"y":589,"width":758,"height":12}},{"id":"6ec47ac5-ec8d-4fd4-9e40-ea85bf494696","block_type":"box","text":"may increase a Fund’s operating expenses and adversely affect the NAV of a Fund. When the lease","page_number":123,"box":{"x":117,"y":605,"width":749,"height":12}},{"id":"05b26e6e-4e16-4b46-b830-5acca9537933","block_type":"box","text":"contains a non-appropriation clause, however, the failure to pay would not be a default and a Fund","page_number":123,"box":{"x":116,"y":620,"width":737,"height":12}},{"id":"1c2bbff0-8cdb-44ce-bc82-8ceec9abbf65","block_type":"box","text":"would not have the right to take possession of the assets. Any income derived from a Fund’s","page_number":123,"box":{"x":116,"y":636,"width":692,"height":12}},{"id":"9dc5c14e-45bf-4928-a9e3-3c5c26e2c927","block_type":"box","text":"ownership or operation of such assets may not be tax-exempt. In addition, a Fund’s intention to qualify","page_number":123,"box":{"x":116,"y":651,"width":765,"height":12}},{"id":"9ae7d5be-a6c1-4ae5-9c5d-aebf1232f789","block_type":"box","text":"as a “regulated investment company” under the Code, may limit the extent to which a Fund may","page_number":123,"box":{"x":116,"y":667,"width":712,"height":12}},{"id":"5b90582e-aa4d-4c81-bb7f-070f8ab80ab2","block_type":"box","text":"exercise its rights by taking possession of such assets, because as a regulated investment company a","page_number":123,"box":{"x":116,"y":682,"width":760,"height":12}},{"id":"d2c7b448-99aa-4e17-bcbd-0aeac28d5aff","block_type":"box","text":"Fund is subject to certain limitations on its investments and on the nature of its income.","page_number":123,"box":{"x":117,"y":698,"width":644,"height":12}},{"id":"b86986e1-8ea6-49c0-ad72-5f34d4792c23","block_type":"box","text":"Tender Option Bonds.","page_number":123,"box":{"x":118,"y":726,"width":161,"height":12}},{"id":"f6d9c180-de25-4b93-b87a-dc783e0eadc3","block_type":"box","text":"Certain Funds may invest in residual inverse floating rate interest tender option","page_number":123,"box":{"x":286,"y":726,"width":585,"height":12}},{"id":"1abddc9e-608a-4b2b-b9a8-33cc02ae359f","block_type":"box","text":"bonds (“TOB Residuals”), which are derivative interests in Municipal Bonds. The TOB Residuals in","page_number":123,"box":{"x":117,"y":741,"width":730,"height":12}},{"id":"cc5f32f7-b3a0-44ee-854a-ca56542fe8a6","block_type":"box","text":"which the Funds will invest pay interest or income that, in the opinion of counsel to the issuer, is","page_number":123,"box":{"x":116,"y":757,"width":710,"height":12}},{"id":"15e0ebab-e671-4a6d-9bd7-9647940154ec","block_type":"box","text":"exempt from regular U.S. federal income tax. BlackRock will not conduct its own analysis of the tax","page_number":123,"box":{"x":116,"y":772,"width":735,"height":12}},{"id":"a819302b-ebd6-4c04-a689-2ebfdd539295","block_type":"box","text":"status of the interest or income paid by TOB Residuals held by the Funds, but will rely on the opinion of","page_number":123,"box":{"x":116,"y":788,"width":767,"height":12}},{"id":"c9d30015-8a69-4c8d-b298-596812e9150a","block_type":"box","text":"counsel to the issuer. Although volatile, TOB Residuals typically offer the potential for yields exceeding","page_number":123,"box":{"x":116,"y":803,"width":761,"height":12}},{"id":"a6f1807c-6e7a-4809-82ac-105bf0835ca2","block_type":"box","text":"the yields available on fixed rate Municipal Bonds with comparable credit quality. The Funds may","page_number":123,"box":{"x":116,"y":819,"width":720,"height":12}},{"id":"df8212a8-c7d7-42e3-b93e-916a228ccfc9","block_type":"box","text":"invest in TOB Residuals for the purpose of using economic leverage.","page_number":123,"box":{"x":117,"y":834,"width":515,"height":12}},{"id":"e266231c-25c0-42cc-a7a4-fa42657b0137","block_type":"box","text":"TOB Residuals represent beneficial interests in a special purpose trust formed for the purpose of","page_number":123,"box":{"x":116,"y":862,"width":723,"height":12}},{"id":"8e22ec27-2778-4fc8-bf37-c884185523fb","block_type":"box","text":"holding Municipal Bonds contributed by one or more funds (a “TOB Trust”). A TOB Trust typically","page_number":123,"box":{"x":117,"y":878,"width":724,"height":12}},{"id":"805caa17-3c39-464f-b125-3edc3e1613cf","block_type":"box","text":"II-74","page_number":123,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"7c9a9281-1c6b-4629-a61d-c67805039994","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":123,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"179b3734-1a77-4b5a-a605-f58df24f8457","block_type":"box","text":"issues two classes of beneficial interests: short-term floating rate interests (“TOB Floaters”), which are","page_number":124,"box":{"x":117,"y":87,"width":762,"height":12}},{"id":"40d7a47b-948d-4055-bcc8-3e9e7894f9ab","block_type":"box","text":"sold to third-party investors, and TOB Residuals, which are generally issued to the fund(s) that","page_number":124,"box":{"x":116,"y":102,"width":706,"height":13}},{"id":"4b273fcd-ea78-45eb-8a6f-47a42e4f48b3","block_type":"box","text":"transferred Municipal Bonds to the TOB Trust. The Funds may invest in both TOB Floaters and TOB","page_number":124,"box":{"x":116,"y":118,"width":750,"height":12}},{"id":"3353a1e2-c384-4fe6-bd67-64e20f451bbb","block_type":"box","text":"Residuals. TOB Floaters may have first priority on the cash flow from the Municipal Bonds held by the","page_number":124,"box":{"x":117,"y":134,"width":759,"height":12}},{"id":"97006cc1-236c-41f8-b9f5-3cc2a95c5f6c","block_type":"box","text":"TOB Trust and are enhanced with a liquidity support arrangement from a third-party Liquidity Provider","page_number":124,"box":{"x":116,"y":149,"width":760,"height":12}},{"id":"e3bbab95-d4c8-4517-b8eb-e47f523d2986","block_type":"box","text":"(defined below) which allows holders to tender their position at par (plus accrued interest). A Fund, as","page_number":124,"box":{"x":117,"y":165,"width":758,"height":12}},{"id":"1965720c-cda0-46a8-a277-fe891cc3d985","block_type":"box","text":"a holder of TOB Residuals, is paid the residual cash flow from the TOB Trust. A Fund that contributes","page_number":124,"box":{"x":116,"y":180,"width":759,"height":12}},{"id":"45fca995-ae03-4353-b786-66bd8d4471ce","block_type":"box","text":"the Municipal Bonds to the TOB Trust is paid the cash received by the TOB Trust from the sale of the","page_number":124,"box":{"x":116,"y":196,"width":757,"height":12}},{"id":"77e142dd-494a-4e06-98ee-3fc394b2bfbc","block_type":"box","text":"TOB Floaters, less certain transaction costs, and typically will invest the cash to purchase additional","page_number":124,"box":{"x":116,"y":211,"width":746,"height":12}},{"id":"999f4b24-da20-4f2b-b4e9-dc65ba6b856f","block_type":"box","text":"Municipal Bonds or other investments permitted by its investment policies. If a Fund ever purchases all","page_number":124,"box":{"x":117,"y":227,"width":767,"height":12}},{"id":"910a742d-7635-40e5-bf37-dcc1c5084b02","block_type":"box","text":"or a portion of the TOB Floaters sold by the TOB Trust, it may surrender those TOB Floaters together","page_number":124,"box":{"x":116,"y":242,"width":758,"height":12}},{"id":"65b5d1ab-7820-40db-9535-ee6bed6cc2b2","block_type":"box","text":"with a proportionate amount of TOB Residuals to the TOB Trust in exchange for a proportionate","page_number":124,"box":{"x":116,"y":258,"width":717,"height":12}},{"id":"0af08fe3-efc4-4ac9-9dcd-903e9bc7c5df","block_type":"box","text":"amount of the Municipal Bonds owned by the TOB Trust.","page_number":124,"box":{"x":116,"y":273,"width":427,"height":12}},{"id":"76b0051f-899c-4c06-afda-e55301e7e710","block_type":"box","text":"Other BlackRock-advised funds may contribute Municipal Bonds to a TOB Trust into which a Fund has","page_number":124,"box":{"x":116,"y":304,"width":767,"height":12}},{"id":"36dca246-2e75-4db1-a57f-ec45c42fa7ba","block_type":"box","text":"contributed Municipal Bonds. If multiple BlackRock-advised funds participate in the same TOB Trust,","page_number":124,"box":{"x":116,"y":320,"width":752,"height":12}},{"id":"3063d2fe-aaf8-4f34-b557-20c50ba7fb28","block_type":"box","text":"the economic rights and obligations under the TOB Residual will generally be shared among the funds","page_number":124,"box":{"x":116,"y":335,"width":764,"height":12}},{"id":"e4d7481a-28cf-42d1-85f3-cd1bafbe7f63","block_type":"box","text":"ratably in proportion to their participation in the TOB Trust.","page_number":124,"box":{"x":117,"y":351,"width":437,"height":12}},{"id":"507607ba-2492-48b3-9ed4-35dee1699915","block_type":"box","text":"The Municipal Bonds transferred to a TOB Trust typi","page_number":124,"box":{"x":116,"y":382,"width":380,"height":12}},{"id":"613fd8e8-56d5-4200-a071-93381ad0e1c2","block_type":"box","text":"cally are high grade Municipal Bonds. In certain","page_number":124,"box":{"x":497,"y":382,"width":350,"height":12}},{"id":"101a0012-3587-44bb-a935-242d6a9cedb5","block_type":"box","text":"cases, when Municipal Bonds transferred are lowe","page_number":124,"box":{"x":116,"y":397,"width":367,"height":12}},{"id":"816f94ab-1453-408e-b76d-77da49872084","block_type":"box","text":"r grade Municipal Bonds, the TOB Trust transaction","page_number":124,"box":{"x":485,"y":397,"width":379,"height":12}},{"id":"234d35c9-a71c-485a-bcc4-7249e29e47cc","block_type":"box","text":"includes a credit enhancement feature that provides fo","page_number":124,"box":{"x":117,"y":413,"width":395,"height":12}},{"id":"5f7518a2-da08-4a74-b61b-24cda7a90cab","block_type":"box","text":"r the timely payment of principal and interest on","page_number":124,"box":{"x":513,"y":413,"width":349,"height":12}},{"id":"f10b4c73-5e44-4059-b4cf-1ccbd190d22e","block_type":"box","text":"the bonds to the TOB Trust by a credit enhancement","page_number":124,"box":{"x":116,"y":428,"width":388,"height":12}},{"id":"da7c5501-39a9-43c0-b1a6-b3b1c6aa170b","block_type":"box","text":"provider. The TOB Trust would be responsible for","page_number":124,"box":{"x":505,"y":428,"width":364,"height":12}},{"id":"baf67cff-e689-488e-919f-8c31732c17f8","block_type":"box","text":"the payment of the credit enhancem","page_number":124,"box":{"x":116,"y":444,"width":262,"height":12}},{"id":"14516fc7-e067-4564-b422-fe02d76e50f9","block_type":"box","text":"ent fee and a Fund, as a TOB Residual holder, would be responsible","page_number":124,"box":{"x":379,"y":444,"width":504,"height":12}},{"id":"845dab45-b677-4155-8761-acac864dbafe","block_type":"box","text":"for reimbursement of any payments of principal","page_number":124,"box":{"x":116,"y":459,"width":348,"height":12}},{"id":"e95281f4-a7cd-4c11-9320-89d9976a2057","block_type":"box","text":"and interest made by the credit enhancement provider.","page_number":124,"box":{"x":464,"y":459,"width":403,"height":12}},{"id":"05b25614-92af-4d70-9f31-d03ae1207e7c","block_type":"box","text":"The TOB Residuals held by a Fund generally provide t","page_number":124,"box":{"x":116,"y":490,"width":396,"height":12}},{"id":"d2b45694-431d-4404-808b-5b609aa52bde","block_type":"box","text":"he Fund with the right to cause the holders of a","page_number":124,"box":{"x":513,"y":490,"width":346,"height":12}},{"id":"d3c91463-2d24-464c-ad33-cb2ce9c5d234","block_type":"box","text":"proportional share of the TOB Floaters","page_number":124,"box":{"x":117,"y":506,"width":284,"height":12}},{"id":"c7e43278-b3b0-4abe-9d9b-7ae4ade57867","block_type":"box","text":"to tender their notes to the TOB Trust at par plus accrued interest.","page_number":124,"box":{"x":401,"y":506,"width":485,"height":12}},{"id":"413fae3a-d7a4-41cb-923e-e79f106f54d7","block_type":"box","text":"Thereafter, the Fund may withdraw a corresponding share","page_number":124,"box":{"x":116,"y":521,"width":428,"height":12}},{"id":"6f87712e-6ae8-45d5-800e-67814f800205","block_type":"box","text":"of the Municipal Bonds from the TOB Trust.","page_number":124,"box":{"x":545,"y":521,"width":321,"height":12}},{"id":"db4a17f3-5878-4387-986e-ee1c6e2ef46b","block_type":"box","text":"This transaction, in effect, creates exposure for the Fund","page_number":124,"box":{"x":116,"y":537,"width":416,"height":12}},{"id":"8be7c1e7-10bf-48c5-867e-e6de704aaf5a","block_type":"box","text":"to the entire return of the Municipal Bonds in the","page_number":124,"box":{"x":532,"y":537,"width":355,"height":12}},{"id":"41137a82-4640-4ed8-8ce2-a1424668aea4","block_type":"box","text":"TOB Trust, with a net cash investment by the Fund that","page_number":124,"box":{"x":116,"y":552,"width":403,"height":12}},{"id":"b42a54f9-83fb-4520-bd6d-71814dd49be3","block_type":"box","text":"t is less than the value of the Municipal Bonds in","page_number":124,"box":{"x":519,"y":552,"width":351,"height":12}},{"id":"a2b6dc7c-6991-40b3-abd8-0d68245b44fe","block_type":"box","text":"the TOB Trust. This multiplies the positive or negative","page_number":124,"box":{"x":116,"y":568,"width":395,"height":12}},{"id":"5d90e4f9-c4a9-42d0-9c75-a1f98f04d10b","block_type":"box","text":"impact of the Municipal Bonds’ return within the","page_number":124,"box":{"x":512,"y":568,"width":348,"height":12}},{"id":"df93731f-7c1f-4773-9471-5b046584199b","block_type":"box","text":"Fund (thereby creating leverage). The leverage within a","page_number":124,"box":{"x":117,"y":583,"width":408,"height":12}},{"id":"c9a952a1-0832-4c29-babb-ee520513cced","block_type":"box","text":"TOB Trust depends on the value of the Municipal","page_number":124,"box":{"x":525,"y":583,"width":362,"height":12}},{"id":"429b73f4-9f03-4d37-a9ad-2efc251f4e73","block_type":"box","text":"Bonds deposited in the TOB Trust relative to","page_number":124,"box":{"x":117,"y":599,"width":327,"height":12}},{"id":"1f1c735c-a2a7-4cdf-9ebd-ab1a512dee17","block_type":"box","text":"the value of the TOB Floaters it issues.","page_number":124,"box":{"x":444,"y":599,"width":288,"height":9}},{"id":"9c1beec5-911f-4ebd-b5d6-59f47f274920","block_type":"box","text":"A Fund may invest in highly leveraged TOB Residuals. A TOB Residual generally is considered highly","page_number":124,"box":{"x":116,"y":630,"width":762,"height":12}},{"id":"41acac74-d333-4430-8f32-c700f1be0c0b","block_type":"box","text":"leveraged if the principal amount of the TOB Floaters issued by the related TOB Trust exceeds 75% of","page_number":124,"box":{"x":117,"y":645,"width":765,"height":12}},{"id":"535862be-c2cf-4ecb-a3dd-ced3fa36b9ad","block_type":"box","text":"the principal amount of the Municipal Bonds owned by the TOB Trust.","page_number":124,"box":{"x":116,"y":661,"width":516,"height":12}},{"id":"6e1899f2-24d4-41ef-88a0-178fe4c2e703","block_type":"box","text":"The TOB Trust may be collapsed without the consent of a Fund upon the occurrence of tender option","page_number":124,"box":{"x":116,"y":692,"width":751,"height":12}},{"id":"b0c45c5c-2b9b-4d33-9f7b-a34362a788ad","block_type":"box","text":"termination events (“TOTEs”) and mandatory termination events (“MTEs”), as defined in the TOB Trust","page_number":124,"box":{"x":116,"y":707,"width":763,"height":12}},{"id":"908f20c8-350a-429f-87cf-a38c765568d8","block_type":"box","text":"agreements. TOTEs include the bankruptcy or default of the issuer of the Municipal Bonds held in the","page_number":124,"box":{"x":116,"y":723,"width":752,"height":12}},{"id":"489420a8-0a4e-40d2-8fc2-7228ec23d7da","block_type":"box","text":"TOB Trust, a substantial downgrade in the credit quality of the issuer of the Municipal Bonds held in","page_number":124,"box":{"x":116,"y":738,"width":739,"height":12}},{"id":"1281ae74-eccd-4ad6-aa9b-8120ce90b354","block_type":"box","text":"the TOB Trust, failure of any scheduled payment of principal or interest on the Municipal Bonds, and a","page_number":124,"box":{"x":116,"y":754,"width":758,"height":12}},{"id":"adffaf6e-1089-4649-a223-b27268bd676f","block_type":"box","text":"judgment or ruling that interest on the Municipal Bonds is subject to U.S. federal income taxation.","page_number":124,"box":{"x":115,"y":769,"width":721,"height":12}},{"id":"b80e6d7c-47a1-4f81-ae68-402ad7bb457a","block_type":"box","text":"MTEs may include, among other things, a failed remarketing of the TOB Floaters, the inability of the","page_number":124,"box":{"x":117,"y":785,"width":739,"height":12}},{"id":"e114e762-634d-4304-a20b-c9e1c9ef92d8","block_type":"box","text":"TOB Trust to obtain renewal of the liquidity support agreement, and a substantial decline in the market","page_number":124,"box":{"x":116,"y":800,"width":760,"height":12}},{"id":"c35d7b37-9944-4ccd-9a03-0d0259a7548d","block_type":"box","text":"value of the Municipal Bonds held in the TOB Trust. Upon the occurrence of a TOTE or an MTE, a","page_number":124,"box":{"x":116,"y":816,"width":729,"height":12}},{"id":"15a0b90c-7124-449b-8a54-2fb6688245b7","block_type":"box","text":"TOB Trust would be liquidated with the proceeds applied first to any accrued fees owed to the trustee","page_number":124,"box":{"x":116,"y":831,"width":758,"height":12}},{"id":"9cef342e-fb8a-4a62-989b-17392e5e28ca","block_type":"box","text":"of the TOB Trust, the remarketing agent of the TOB Floaters and the Liquidity Provider (defined","page_number":124,"box":{"x":116,"y":847,"width":714,"height":12}},{"id":"160e8325-f3f2-42b6-b846-192f9d44d9db","block_type":"box","text":"below). In the case of an MTE, after the payment of fees, the holders of the TOB Floaters would be","page_number":124,"box":{"x":117,"y":862,"width":739,"height":12}},{"id":"05cd3c5a-e551-42d4-8ce2-e0d3e5bc1415","block_type":"box","text":"paid senior to the TOB Residual holders (","page_number":124,"box":{"x":117,"y":878,"width":307,"height":12}},{"id":"48a3b4c8-18cd-487c-9ee6-144c2512ce2b","block_type":"box","text":"i.e.","page_number":124,"box":{"x":425,"y":878,"width":20,"height":9}},{"id":"cd11e594-5cb5-4049-9570-2d42ea2f39c0","block_type":"box","text":", the Fund). In contrast, in the case of a TOTE, after","page_number":124,"box":{"x":448,"y":878,"width":389,"height":12}},{"id":"ba9136b3-1663-4bb1-aafa-95a490b61a45","block_type":"box","text":"II-75","page_number":124,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"02589ced-3265-4259-8c21-3d7847a72da7","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":124,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"0d7eb334-62f3-45bb-bb1f-cdfac66bcd1a","block_type":"box","text":"payment of fees, the holders of TOB Floaters and the TOB Residual holders would be paid pro rata in","page_number":125,"box":{"x":117,"y":87,"width":759,"height":12}},{"id":"a493e59a-396e-4281-a94e-06ae2f29c069","block_type":"box","text":"proportion to the respective face values of their certificates.","page_number":125,"box":{"x":117,"y":102,"width":443,"height":12}},{"id":"4f94ba54-4e97-476e-a960-d9c9c824b0e6","block_type":"box","text":"A Fund may invest in a TOB Trust on either a non-recourse or recourse basis. TOB Trusts are typically","page_number":125,"box":{"x":116,"y":131,"width":769,"height":12}},{"id":"89b61916-1aa8-4bc7-a492-7d9c449353e4","block_type":"box","text":"supported by a liquidity facility provided by a third-party bank or other financial institution (the “Liquidity","page_number":125,"box":{"x":116,"y":146,"width":766,"height":12}},{"id":"d5e57547-0a60-4590-a3b1-bb13b3a39d86","block_type":"box","text":"Provider”) that allows the holders of the TOB Floaters to tender their TOB Floaters in exchange for","page_number":125,"box":{"x":117,"y":162,"width":734,"height":12}},{"id":"18f7a6a2-fa52-4130-88d4-9f25f62a80c7","block_type":"box","text":"payment of par plus accrued interest on any business day (subject to the non-occurrence of a TOTE","page_number":125,"box":{"x":117,"y":177,"width":748,"height":12}},{"id":"ce17b9b9-ddc5-4370-89e1-16a367bb1928","block_type":"box","text":"described above). Depending on the structure of the TOB Trust, the Liquidity Provider may purchase","page_number":125,"box":{"x":116,"y":193,"width":752,"height":12}},{"id":"7d7e9db0-3673-4fa4-b38d-e57cb6ecab62","block_type":"box","text":"the tendered TOB Floaters, or the TOB Trust may draw upon a loan from the Liquidity Provider to","page_number":125,"box":{"x":116,"y":208,"width":728,"height":12}},{"id":"936f5778-2770-4a6c-971e-d64e9f79f8d6","block_type":"box","text":"purchase the tendered TOB Floaters.","page_number":125,"box":{"x":117,"y":224,"width":281,"height":12}},{"id":"424ded9e-5ce2-4be4-9205-c10951ccdd1b","block_type":"box","text":"When a Fund invests in TOB Trusts on a non-recourse basis, and the Liquidity Provider is required to","page_number":125,"box":{"x":116,"y":252,"width":758,"height":12}},{"id":"ce7657b2-ea2b-471b-ae0e-024901074c7d","block_type":"box","text":"make a payment under the liquidity facility, the Liquidity Provider will typically liquidate all or a portion","page_number":125,"box":{"x":117,"y":268,"width":753,"height":12}},{"id":"e61bce3e-b356-40e0-8e6f-ca5cdd0db1e8","block_type":"box","text":"of the Municipal Bonds held in the TOB Trust and then fund the balance, if any, of the amount owed","page_number":125,"box":{"x":116,"y":283,"width":746,"height":12}},{"id":"ad50b988-6e3a-461e-9551-aa53660b4d1a","block_type":"box","text":"under the liquidity facility over the liquidation proceeds (the “Liquidation Shortfall”). If a Fund invests in","page_number":125,"box":{"x":117,"y":299,"width":760,"height":12}},{"id":"9bbf817f-6325-417d-b5fc-99d3da311150","block_type":"box","text":"a TOB Trust on a recourse basis, it will typically enter into a reimbursement agreement with the","page_number":125,"box":{"x":116,"y":314,"width":712,"height":12}},{"id":"be18d4bc-96e7-4a0d-a7fa-71c3157c364c","block_type":"box","text":"Liquidity Provider pursuant to which the Fund is required to reimburse the Liquidity Provider the","page_number":125,"box":{"x":117,"y":330,"width":712,"height":12}},{"id":"c61ed0dd-f985-410b-b788-1089c4c73483","block_type":"box","text":"amount of any Liquidation Shortfall. As a result, if the Fund invests in a recourse TOB Trust, the Fund","page_number":125,"box":{"x":116,"y":345,"width":759,"height":12}},{"id":"bb489660-3dc8-45f7-b2b6-a0e6ae7fdf67","block_type":"box","text":"will bear the risk of loss with respect to any Liquidation Shortfall. If multiple BlackRock-advised funds","page_number":125,"box":{"x":116,"y":361,"width":751,"height":12}},{"id":"e2718b99-0d1e-4855-90a6-24ba058b5915","block_type":"box","text":"participate in any such TOB Trust, these losses will be shared ratably, in proportion to their","page_number":125,"box":{"x":117,"y":376,"width":678,"height":12}},{"id":"54d5ad65-0850-48a2-9fcd-543708541115","block_type":"box","text":"participation in the TOB Trust.","page_number":125,"box":{"x":117,"y":392,"width":227,"height":12}},{"id":"2306658a-da06-4c60-b3e9-35d8541c5225","block_type":"box","text":"Under accounting rules, Municipal Bonds of a Fund that are deposited into a TOB Trust are","page_number":125,"box":{"x":117,"y":420,"width":682,"height":12}},{"id":"2923a218-6cce-4067-bf80-0e3960f53603","block_type":"box","text":"investments of the Fund and are presented on the Fund’s Schedule of Investments and outstanding","page_number":125,"box":{"x":117,"y":436,"width":745,"height":12}},{"id":"564b277c-ad86-4644-a320-b6ea708c364d","block_type":"box","text":"TOB Floaters issued by a TOB Trust are presented as liabilities in the Fund’s Statement of Assets and","page_number":125,"box":{"x":116,"y":451,"width":765,"height":12}},{"id":"29c25b4c-0e1e-45ce-8bbc-2ea6f4c7c4cf","block_type":"box","text":"Liabilities. Interest income from the underlying Municipal Bonds is recorded by a Fund on an accrual","page_number":125,"box":{"x":117,"y":467,"width":747,"height":12}},{"id":"d67a6833-28d4-495a-b4cc-6c1f41d34660","block_type":"box","text":"basis. Interest expense incurred on the","page_number":125,"box":{"x":117,"y":482,"width":288,"height":12}},{"id":"74e3e81f-234a-409a-940f-3071c145035a","block_type":"box","text":"TOB Floaters and other expenses related to remarketing,","page_number":125,"box":{"x":409,"y":482,"width":430,"height":12}},{"id":"cec6eb3e-db4f-4873-a26a-49b41695d16a","block_type":"box","text":"administration, trustee and other services to a TOB Trust are reported as expenses of a Fund. In","page_number":125,"box":{"x":116,"y":498,"width":722,"height":12}},{"id":"dffc96b1-fa06-4778-abd8-d03f3e3b2a05","block_type":"box","text":"addition, under accounting rules, loans made to a TOB Trust sponsored by a Fund may be presented","page_number":125,"box":{"x":116,"y":513,"width":757,"height":12}},{"id":"27a7e91d-1b36-4d4e-ac0d-ea129f5a496f","block_type":"box","text":"as loans of the Fund in the Fund’s financial statements even if there is no recourse to the Fund’s","page_number":125,"box":{"x":116,"y":529,"width":721,"height":9}},{"id":"4c5eeed9-eb2d-4048-978a-5afe4fb86322","block_type":"box","text":"assets.","page_number":125,"box":{"x":116,"y":545,"width":58,"height":9}},{"id":"18d65274-f899-45b8-865f-67560075f253","block_type":"box","text":"For TOB Floaters, generally, the interest rate earned will be based upon the market rates for Municipal","page_number":125,"box":{"x":117,"y":573,"width":765,"height":12}},{"id":"67c65692-09b9-478e-b5d8-8c068d7bfbd1","block_type":"box","text":"Bonds with maturities or remarketing provisions that are comparable in duration to the periodic interval","page_number":125,"box":{"x":117,"y":588,"width":764,"height":12}},{"id":"35292e1a-3497-42c9-ba30-66cad531eedb","block_type":"box","text":"of the tender option. Since the tender option feature has a shorter term than the final maturity or first","page_number":125,"box":{"x":116,"y":604,"width":748,"height":12}},{"id":"49ecd8c6-2791-4472-9c70-748a6ba747ed","block_type":"box","text":"call date of the underlying Municipal Bonds deposited in the TOB Trust, the holder of the TOB Floaters","page_number":125,"box":{"x":116,"y":619,"width":766,"height":12}},{"id":"f39fee0b-9734-456e-969d-3c5f1ac79010","block_type":"box","text":"relies upon the terms of the agreement with the financial institution furnishing the liquidity facility as","page_number":125,"box":{"x":117,"y":635,"width":738,"height":12}},{"id":"c40b9517-6fb6-424b-8366-262f09a44e80","block_type":"box","text":"well as the credit strength of that institution. The risk associated with TOB Floaters, however, may be","page_number":125,"box":{"x":116,"y":650,"width":754,"height":12}},{"id":"0badf191-1cb0-4136-a731-cce63eed9896","block_type":"box","text":"increased in the current market environment as a result of recent downgrades to the credit ratings, and","page_number":125,"box":{"x":117,"y":666,"width":761,"height":12}},{"id":"8e2f812e-0692-4be1-a7f7-789d60c92c92","block_type":"box","text":"thus the perceived reliability and creditworthiness, of many major financial institutions, some of which","page_number":125,"box":{"x":116,"y":681,"width":749,"height":12}},{"id":"38821ca2-2550-45ea-b88b-7abafa3d6e5d","block_type":"box","text":"sponsor and/or provide liquidity support to TOB Trusts. This in turn may reduce the desirability of TOB","page_number":125,"box":{"x":116,"y":697,"width":758,"height":12}},{"id":"9e5a3582-16e3-40ce-b92f-639d68838a73","block_type":"box","text":"Floaters as investments, which could impair the viability or availability of TOB Trusts.","page_number":125,"box":{"x":117,"y":712,"width":627,"height":12}},{"id":"60647dd5-a7be-401b-9611-ea70296ecce4","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to enter into TOB Trust transactions,","page_number":125,"box":{"x":117,"y":740,"width":721,"height":13}},{"id":"e13ae0a9-273b-4ed3-9cc2-73f48495c492","block_type":"box","text":"reverse repurchase agreements and similar financing transactions (e.g., borrowed bonds)","page_number":125,"box":{"x":117,"y":756,"width":650,"height":12}},{"id":"966cc83e-a64c-426f-a6cc-03e76ec6871d","block_type":"box","text":"notwithstanding the limitation","page_number":125,"box":{"x":117,"y":772,"width":209,"height":12}},{"id":"d00045af-fb12-410c-8661-7b392c5243d3","block_type":"box","text":"on the issuance of senior securities in Section 18 of the Investment","page_number":125,"box":{"x":332,"y":771,"width":487,"height":10}},{"id":"337b9b40-e3ec-42e7-8f37-32a69822efd2","block_type":"box","text":"Company Act, provided that the Fund either (i) comp","page_number":125,"box":{"x":117,"y":787,"width":381,"height":12}},{"id":"a706a8d1-b3c8-4c2b-b5a9-11fd8be0b28a","block_type":"box","text":"lies with the 300% asset coverage ratio with respect","page_number":125,"box":{"x":499,"y":787,"width":377,"height":12}},{"id":"480557de-3690-4c22-8289-63d1822c4238","block_type":"box","text":"to such transactions and any other borrowings in t","page_number":125,"box":{"x":116,"y":803,"width":363,"height":12}},{"id":"f4e0a5f9-e26e-41b5-bf6e-06525c521451","block_type":"box","text":"he aggregate, or (ii) treats such transactions as","page_number":125,"box":{"x":480,"y":802,"width":342,"height":13}},{"id":"048f357c-78af-4698-b3b5-d5323f6524ea","block_type":"box","text":"Derivatives Transactions under Rule 18f-4. See “—","page_number":125,"box":{"x":117,"y":818,"width":372,"height":9}},{"id":"44f8beed-cb4a-4754-98d0-e51fe72bd26b","block_type":"box","text":"Derivatives—Regulation of Derivatives—Rule 18f-4","page_number":125,"box":{"x":489,"y":818,"width":372,"height":12}},{"id":"92eed9d7-d8c5-47ce-9973-05551f86f685","block_type":"box","text":"under the Investment Company Act” above.","page_number":125,"box":{"x":117,"y":833,"width":322,"height":13}},{"id":"3a867116-3b15-4e84-a88f-8d64aa1a3bb3","block_type":"box","text":"Developments in the TOB Trust Market","page_number":125,"box":{"x":116,"y":862,"width":292,"height":12}},{"id":"754958a0-d6cd-439e-97a6-2335e31ea7f4","block_type":"box","text":". In response to the restrictions imposed by section 619 of the","page_number":125,"box":{"x":409,"y":862,"width":462,"height":12}},{"id":"750f644c-e72f-4433-87e0-6eff7f6c99c8","block_type":"box","text":"Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Volcker Rule”), market participants","page_number":125,"box":{"x":117,"y":877,"width":766,"height":12}},{"id":"9ee7e983-e9bd-4166-a7b6-5362ca23c8b8","block_type":"box","text":"II-76","page_number":125,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"403b9d77-fc86-4ef9-bd69-0ffef84f79f5","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":125,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"2dda8f5d-ab28-40a6-83ee-880379031ba8","block_type":"box","text":"have developed a structure for TOB Trusts designed to ensure that no banking entity is sponsoring the","page_number":126,"box":{"x":117,"y":87,"width":766,"height":12}},{"id":"a936d17b-0509-41ef-984e-0e65df9be295","block_type":"box","text":"TOB Trust for purposes of the Volcker Rule. Specifically, a Fund will establish, structure and “sponsor”","page_number":126,"box":{"x":116,"y":102,"width":765,"height":13}},{"id":"8c1df50b-f8e2-46cd-b0ca-a6a08710179e","block_type":"box","text":"the TOB Trusts in which it holds TOB Residuals. In such a structure, certain responsibilities that","page_number":126,"box":{"x":116,"y":118,"width":715,"height":12}},{"id":"afec85c8-35ac-4a10-93d2-92b2a3f86b40","block_type":"box","text":"previously belonged to the sponsor bank will be performed by, or on behalf of, a Fund. A Fund may","page_number":126,"box":{"x":117,"y":134,"width":740,"height":12}},{"id":"7c602999-85a9-4560-b9b0-fff3d846a6f4","block_type":"box","text":"utilize service providers in meeting these responsibilities. It is possible that regulators could take","page_number":126,"box":{"x":117,"y":149,"width":717,"height":12}},{"id":"a65504a7-680b-4387-9fa1-bd40130bf4e7","block_type":"box","text":"positions that could limit the market for such structured TOB Trust transactions or a Fund’s ability to","page_number":126,"box":{"x":117,"y":165,"width":744,"height":12}},{"id":"c497cbf8-0f80-470d-8123-67155bb2b834","block_type":"box","text":"hold TOB Residuals. Under this TOB Trust structure, a Fund has certain additional duties and","page_number":126,"box":{"x":117,"y":180,"width":699,"height":11}},{"id":"4445bd02-a6e0-4509-83a4-04661c01827b","block_type":"box","text":"responsibilities, which may give rise to certain additional risks including","page_number":126,"box":{"x":117,"y":196,"width":525,"height":12}},{"id":"e106b6c2-0e43-4984-8d40-3e6190317676","block_type":"box","text":",","page_number":126,"box":{"x":643,"y":204,"width":3,"height":3}},{"id":"5005fe2c-b4cd-40d4-99a0-69a9d4cc62c6","block_type":"box","text":"but not limited to, compliance,","page_number":126,"box":{"x":648,"y":196,"width":232,"height":11}},{"id":"4b5133b4-107d-4209-841a-61edd0bc5764","block_type":"box","text":"securities law and operational risks.","page_number":126,"box":{"x":116,"y":211,"width":270,"height":12}},{"id":"c16a21fd-20f5-4b6a-ae3b-c1d0d828c4b4","block_type":"box","text":"Under this structure, service providers to a TOB Trust, such as administrators, liquidity providers,","page_number":126,"box":{"x":117,"y":242,"width":724,"height":12}},{"id":"600af288-b048-4640-8671-a7f66c14aef9","block_type":"box","text":"trustees, and remarketing agents, act at the direction of, and as agent of, a Fund as the TOB Residual","page_number":126,"box":{"x":116,"y":258,"width":764,"height":12}},{"id":"c5a2a7eb-3079-4359-97d9-4c1f38bbbcd9","block_type":"box","text":"holder. Similar to the traditional tender option bond structure, a Fund deposits Municipal Bonds into the","page_number":126,"box":{"x":117,"y":273,"width":768,"height":12}},{"id":"0777975d-0bff-4e8d-9e33-da899e0384f3","block_type":"box","text":"TOB Trust in exchange for TOB Residuals, the TOB Trust then issues and sells TOB Floaters to third","page_number":126,"box":{"x":116,"y":289,"width":757,"height":12}},{"id":"2d2d5925-deb3-4460-acb7-5e29fcba7485","block_type":"box","text":"party investors, and the proceeds of the sale of the TOB Floaters is distributed to such TOB Residual","page_number":126,"box":{"x":117,"y":304,"width":754,"height":12}},{"id":"8a2cc4c8-12d7-4c3d-be57-a05cb694622a","block_type":"box","text":"holders (","page_number":126,"box":{"x":117,"y":320,"width":64,"height":12}},{"id":"17e50299-c834-4470-be07-d12baaa3d4e8","block_type":"box","text":"i.e.","page_number":126,"box":{"x":182,"y":320,"width":20,"height":9}},{"id":"8e42031c-f7c2-4699-9434-cac5cac3f794","block_type":"box","text":", the Fund). Tendered TOB Floaters continue to be supported by a remarketing agent and","page_number":126,"box":{"x":205,"y":320,"width":671,"height":12}},{"id":"34b04f4e-9d78-42b0-b097-ddfaa185a645","block_type":"box","text":"a liquidity facility. However, the remarketing agent does not purchase tendered TOB Floaters for its","page_number":126,"box":{"x":116,"y":335,"width":740,"height":12}},{"id":"621cca27-5198-4133-9fac-8a46b03d53c2","block_type":"box","text":"own account in the event of a failed remarketing, which may increase the likelihood that a TOB Trust","page_number":126,"box":{"x":116,"y":351,"width":751,"height":12}},{"id":"7602f42d-fd6b-43fa-974e-e01638101b51","block_type":"box","text":"will need to be collapsed and liquidated in order to purchase the tendered TOB Floaters. In the event of","page_number":126,"box":{"x":116,"y":366,"width":772,"height":12}},{"id":"66e7b2c2-1ef6-41d0-837b-daae830b03a1","block_type":"box","text":"a failed remarketing of TOB Floaters, the Liquidity Provider, at its option, may advance a loan to the","page_number":126,"box":{"x":116,"y":382,"width":745,"height":12}},{"id":"55af5fa1-9680-498f-934f-a4c9f922b73d","block_type":"box","text":"TOB Trust the proceeds of which would be used by the TOB Trust to purchase the tendered TOB","page_number":126,"box":{"x":116,"y":397,"width":728,"height":12}},{"id":"976305bb-e595-4766-b460-44bcf392e089","block_type":"box","text":"Floaters. The Liquidity Provider is not obligated to advance such a loan. The TOB Trust would be the","page_number":126,"box":{"x":117,"y":413,"width":753,"height":12}},{"id":"a44b5bb2-f47b-4c8c-9bbb-bebeb03f1a21","block_type":"box","text":"borrower with respect to any such loan. Any loans made by a Liquidity Provider will be secured by the","page_number":126,"box":{"x":117,"y":428,"width":758,"height":12}},{"id":"9ed17750-fb5b-4cf4-9e0c-5589ec1cae92","block_type":"box","text":"purchased TOB Floaters held by the TOB Trust.","page_number":126,"box":{"x":117,"y":444,"width":361,"height":12}},{"id":"e335be0a-3d41-40f0-a5a3-f59b13832d01","block_type":"box","text":"Similar to the traditional structure for TOB Trusts, a Fund may hold either non-recourse TOB Residuals","page_number":126,"box":{"x":116,"y":475,"width":769,"height":12}},{"id":"b003d23a-eeed-467c-84e4-224db93b3f5a","block_type":"box","text":"or recourse TOB Residuals under this structure. In the event of a Liquidation Shortfall, there would","page_number":126,"box":{"x":116,"y":490,"width":735,"height":12}},{"id":"88e4487f-23e5-43ac-af59-9d7464eb6caf","block_type":"box","text":"generally be no contractual recourse to the Fund’s assets if the Fund holds a non-recourse TOB","page_number":126,"box":{"x":116,"y":506,"width":718,"height":12}},{"id":"5ecf80b1-3845-48a5-9fc2-0c3a1c401adc","block_type":"box","text":"Residual. However, as described above, a Fund would bear the risk of loss with respect to any","page_number":126,"box":{"x":117,"y":521,"width":706,"height":12}},{"id":"6565bc78-4161-4fb1-9f5f-f9510db1f515","block_type":"box","text":"Liquidation Shortfall if it holds a recourse TOB Residual.","page_number":126,"box":{"x":117,"y":537,"width":421,"height":12}},{"id":"371c8d81-ae86-42a3-9d10-223d4877acf6","block_type":"box","text":"The SEC and various federal banking and housing agencies adopted credit risk retention rules for","page_number":126,"box":{"x":116,"y":568,"width":730,"height":12}},{"id":"061cc11d-0c9b-4432-b3bf-36ef9cbd1d9d","block_type":"box","text":"securitizations (the “Risk Retention Rules”), which took effect in December 2016. The Risk Retention","page_number":126,"box":{"x":116,"y":583,"width":753,"height":12}},{"id":"fe48534e-c0f8-43f0-9cff-c8510c809fd7","block_type":"box","text":"Rules require the sponsor of a TOB Trust to retain at least 5% of the credit risk of the underlying assets","page_number":126,"box":{"x":117,"y":599,"width":771,"height":12}},{"id":"f6c63ac1-50bb-4cbf-bb96-f1d0f5e4dc79","block_type":"box","text":"supporting the TOB Trust’s Municipal Bonds. The Risk Retention Rules may adversely affect the","page_number":126,"box":{"x":116,"y":614,"width":721,"height":12}},{"id":"dc1ea6a8-2fe8-4ebe-a911-f2aff4282020","block_type":"box","text":"Fund’s ability to engage in TOB Trust transactions or increase the costs of such transactions in certain","page_number":126,"box":{"x":117,"y":630,"width":764,"height":12}},{"id":"7659e6fc-68d0-4702-9f14-d4e0e23b6d45","block_type":"box","text":"circumstances.","page_number":126,"box":{"x":116,"y":645,"width":117,"height":10}},{"id":"2e7a41f1-258c-45e4-845c-910462646543","block_type":"box","text":"TOB Trust transactions constitute an important component of the municipal bond market. Accordingly,","page_number":126,"box":{"x":116,"y":676,"width":756,"height":12}},{"id":"186ee7fe-de46-4072-ad9d-bcc13983c840","block_type":"box","text":"implementation of the Volcker Rule may adversely impact the municipal market, including through","page_number":126,"box":{"x":117,"y":692,"width":723,"height":12}},{"id":"5ff9a97a-aa24-47ba-9af0-116ca4085f44","block_type":"box","text":"reduced demand for and liquidity of municipal bonds and increased financing costs for municipal","page_number":126,"box":{"x":117,"y":707,"width":713,"height":12}},{"id":"63732011-64e4-42ef-871a-125d9c6b842d","block_type":"box","text":"issuers. Any such developments could adversely affect the Funds. The ultimate impact of these rules","page_number":126,"box":{"x":117,"y":723,"width":749,"height":12}},{"id":"2b910847-64e6-4bc8-92f4-e806766e869a","block_type":"box","text":"on the TOB market and the overall municipal market is not yet certain.","page_number":126,"box":{"x":116,"y":738,"width":520,"height":12}},{"id":"8657aa95-4a06-449e-9876-b63b213d2046","block_type":"box","text":"Yields.","page_number":126,"box":{"x":118,"y":769,"width":47,"height":10}},{"id":"18862f7e-beca-4081-84b8-ff7120a5ba6c","block_type":"box","text":"Yields on Municipal Bonds are dependent on a variety of factors, including the general","page_number":126,"box":{"x":171,"y":769,"width":639,"height":12}},{"id":"023a8d0e-ee4b-4802-90e8-500953c15cd6","block_type":"box","text":"condition of the money market and of the municipal bond market, the size of a particular offering, the","page_number":126,"box":{"x":116,"y":785,"width":746,"height":12}},{"id":"4e808120-74c7-4cb1-aded-55d61eb9ec53","block_type":"box","text":"financial condition of the issuer, the maturity of the obligation and the rating of the issue. The ability of","page_number":126,"box":{"x":116,"y":800,"width":754,"height":12}},{"id":"ad867d15-dc2a-4cfb-a2e6-d3d09ff7bc95","block_type":"box","text":"a Fund to achieve its investment objective is also dependent on the continuing ability of the issuers of","page_number":126,"box":{"x":116,"y":816,"width":753,"height":12}},{"id":"8a4ebbfd-3c44-4926-a6b5-9fcdfcbd003f","block_type":"box","text":"the securities in which the Fund invests to meet their obligations for the payment of interest and","page_number":126,"box":{"x":116,"y":831,"width":714,"height":12}},{"id":"18b84af2-8dee-4438-a10c-d8fcf882e4af","block_type":"box","text":"principal when due. There are variations in the risks involved in holding Municipal Bonds, both within a","page_number":126,"box":{"x":117,"y":847,"width":763,"height":12}},{"id":"c1a0ac1a-0177-47ba-aa0a-600f4f9023c4","block_type":"box","text":"particular classification and between classifications, depending on numerous factors. Furthermore, the","page_number":126,"box":{"x":117,"y":862,"width":763,"height":12}},{"id":"7d3e0f42-45f8-48c9-8782-9ba0e861124e","block_type":"box","text":"rights of owners of Municipal Bonds and the obligations of the issuer of such Municipal Bonds may be","page_number":126,"box":{"x":117,"y":878,"width":758,"height":12}},{"id":"7c2ae45b-0744-4e0b-9469-854c42eb6e35","block_type":"box","text":"II-77","page_number":126,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"534dce4a-35be-4684-a434-b47c5c13d43c","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":126,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"7015342d-acba-4e0b-bfcf-a4e78f7ac991","block_type":"box","text":"subject to applicable bankruptcy, insolvency and similar laws and court decisions affecting the rights of","page_number":127,"box":{"x":116,"y":87,"width":767,"height":12}},{"id":"edc1af9e-beec-4768-8e65-5efe90224478","block_type":"box","text":"creditors generally and to general equitable principles, which may limit the enforcement of certain","page_number":127,"box":{"x":116,"y":102,"width":727,"height":13}},{"id":"42008ebd-dc4c-4a62-a0a2-3223cabd7419","block_type":"box","text":"remedies.","page_number":127,"box":{"x":117,"y":118,"width":77,"height":10}},{"id":"a360c200-83d1-4ccc-86e0-90864fdd07b8","block_type":"box","text":"Variable Rate Demand Obligations (“VRDOs”).","page_number":127,"box":{"x":118,"y":149,"width":344,"height":12}},{"id":"8a36e06f-2c44-49b6-ad32-a7c8f7c67ca4","block_type":"box","text":"VRDOs are tax-exempt obligations that contain a","page_number":127,"box":{"x":464,"y":149,"width":374,"height":12}},{"id":"7794eb84-42df-4664-98e0-08e6f0a407a0","block_type":"box","text":"floating or variable interest rate adjustment formula and a right of demand on the part of the holder","page_number":127,"box":{"x":116,"y":165,"width":736,"height":12}},{"id":"8bbfd0ac-c5ac-41fa-a1ae-49dbd47a3b51","block_type":"box","text":"thereof to receive payment of the unpaid principal balance plus accrued interest upon a short notice","page_number":127,"box":{"x":116,"y":180,"width":745,"height":12}},{"id":"95e91721-64ef-441f-bb01-4daf729c712e","block_type":"box","text":"period not to exceed seven days.","page_number":127,"box":{"x":117,"y":196,"width":250,"height":12}},{"id":"57625d55-e024-4d3e-9872-b666a003eb15","block_type":"box","text":"There is the possibility that because of default or insolvency the demand feature of VRDOs may not be","page_number":127,"box":{"x":116,"y":227,"width":768,"height":12}},{"id":"d9154251-de4b-4458-ba77-dd2d1cf274e2","block_type":"box","text":"honored. The interest rates are adjustable at periodic intervals to some prevailing market rate for","page_number":127,"box":{"x":117,"y":242,"width":721,"height":12}},{"id":"9fea0326-8f4d-459f-8078-725c70f79849","block_type":"box","text":"similar investments, such adjustment formula being calculated to maintain the market rate of the","page_number":127,"box":{"x":116,"y":258,"width":718,"height":12}},{"id":"c0f6a872-424e-425b-a828-c9d9e65f43fa","block_type":"box","text":"VRDOs at approximately the par value of the VRDOs on the adjustment date. The adjustments","page_number":127,"box":{"x":116,"y":273,"width":710,"height":12}},{"id":"2377be98-bbf4-44d3-a8ec-4e7569504957","block_type":"box","text":"typically are based upon the Securities Industry and Financial Markets Association (“SIFMA”) Index.","page_number":127,"box":{"x":116,"y":289,"width":746,"height":12}},{"id":"1c5af6d4-c33c-4aea-a11d-41f4c06f76ef","block_type":"box","text":"Because of the interest rate adjustment formula on VRDOs, VRDOs are not comparable to fixed rate","page_number":127,"box":{"x":117,"y":320,"width":751,"height":12}},{"id":"4eb6463e-ff49-4985-a86e-64e4039f930c","block_type":"box","text":"securities. During periods of declining interest rates, a Fund’s yield on a VRDO will decrease and its","page_number":127,"box":{"x":116,"y":335,"width":746,"height":12}},{"id":"ffa21d82-2d77-4b00-9ab7-46a92c232909","block_type":"box","text":"shareholders will forego the opportunity for capital appreciation. During periods of rising interest rates,","page_number":127,"box":{"x":116,"y":351,"width":761,"height":12}},{"id":"5fd01fbd-7046-42fd-9171-2019d867b259","block_type":"box","text":"however, a Fund’s yield on a VRDO will increase and the Fund’s shareholders will have a reduced risk","page_number":127,"box":{"x":117,"y":366,"width":764,"height":12}},{"id":"0e05056c-2921-4a10-a78f-14d35bc9c774","block_type":"box","text":"of capital depreciation.","page_number":127,"box":{"x":116,"y":382,"width":173,"height":12}},{"id":"82a0cb39-294d-4431-ab76-53c64519d444","block_type":"box","text":"Transactions in Financial Futures Contracts on Municipal Indexes.","page_number":127,"box":{"x":118,"y":413,"width":488,"height":12}},{"id":"723aa1c4-dee8-4fa6-9a7f-3e6dd7a173ab","block_type":"box","text":"The Municipal Funds and certain","page_number":127,"box":{"x":608,"y":413,"width":253,"height":12}},{"id":"215b6c95-7f34-489f-86f9-86f59c927536","block_type":"box","text":"other funds deal in financial futures contracts based on a long-term municipal bond index developed by","page_number":127,"box":{"x":116,"y":428,"width":770,"height":12}},{"id":"5ad7d59c-4aec-4f8c-a864-e974092f27c0","block_type":"box","text":"the Chicago Board of Trade (“CBT”) and The Bond Buyer (the “Municipal Bond Index”). The Municipal","page_number":127,"box":{"x":116,"y":444,"width":761,"height":12}},{"id":"cefc799f-53b9-4292-8b23-a988fd2d9852","block_type":"box","text":"Bond Index is comprised of 40 long-term, actively traded tax-exempt municipal revenue and general","page_number":127,"box":{"x":117,"y":459,"width":746,"height":12}},{"id":"5577087a-7041-4d7b-9a91-d1bd4036fdbb","block_type":"box","text":"obligation bonds. Each bond included in the Municipal Bond Index must be rated A or higher by","page_number":127,"box":{"x":116,"y":475,"width":712,"height":12}},{"id":"7e95f873-b06b-4b0f-8601-063fe625b85e","block_type":"box","text":"Moody’s or S&P and must have a remaining maturity of 19 years or more. Twice a month new issues","page_number":127,"box":{"x":117,"y":490,"width":754,"height":12}},{"id":"7a4859fe-d071-40a0-8592-775ef4b6cbe7","block_type":"box","text":"satisfying the eligibility requirements are added to, and an equal number of old issues are deleted from,","page_number":127,"box":{"x":116,"y":506,"width":771,"height":12}},{"id":"77eea4f0-32ef-4a70-9f2f-750ad8c53126","block_type":"box","text":"the Municipal Bond Index. The value of the Municipal Bond Index is computed daily according to a","page_number":127,"box":{"x":116,"y":521,"width":734,"height":12}},{"id":"0d9e8fe9-53d3-4c54-9f45-add21efd72cc","block_type":"box","text":"formula based on the price of each bond in the Municipal Bond Index, as evaluated by six","page_number":127,"box":{"x":116,"y":537,"width":670,"height":12}},{"id":"fb5117b4-61e0-41c5-a69a-828e5912a361","block_type":"box","text":"dealer-to-dealer brokers.","page_number":127,"box":{"x":116,"y":552,"width":189,"height":10}},{"id":"9bb96675-fb3d-4891-a6f3-4a329a2b6503","block_type":"box","text":"The Municipal Bond Index futures contract is traded only on the CBT. Like other contract markets, the","page_number":127,"box":{"x":116,"y":583,"width":760,"height":12}},{"id":"c87925b3-5e81-472c-a42e-b92605baeadb","block_type":"box","text":"CBT assures performance under futures contracts through a clearing corporation, a nonprofit","page_number":127,"box":{"x":117,"y":599,"width":694,"height":12}},{"id":"735f5561-bcd1-43b4-8100-20bdddab96ef","block_type":"box","text":"organization managed by the exchange membership that is also responsible for handling daily","page_number":127,"box":{"x":116,"y":614,"width":704,"height":12}},{"id":"9f0cb84f-3a43-4058-95b3-a9d1b8587125","block_type":"box","text":"accounting of deposits or withdrawals of margin.","page_number":127,"box":{"x":116,"y":630,"width":364,"height":12}},{"id":"b59c88b5-7cf7-4da7-bc90-be17b34e429c","block_type":"box","text":"The particular municipal bonds comprising the index underlying the Municipal Bond Index financial","page_number":127,"box":{"x":116,"y":661,"width":729,"height":12}},{"id":"f423e221-e6ce-4d33-8b29-0fa5e2243c0e","block_type":"box","text":"futures contract may vary from the bonds held by a Municipal Fund. As a result, a Municipal Fund’s","page_number":127,"box":{"x":116,"y":676,"width":736,"height":12}},{"id":"c5fee99c-8a28-4a6f-81a5-8f074ac9ab8f","block_type":"box","text":"ability to hedge effectively all or a portion of the value of its Municipal Bonds through the use of such","page_number":127,"box":{"x":116,"y":692,"width":743,"height":12}},{"id":"cd9fd12d-6a0d-407e-99da-4328696c1b51","block_type":"box","text":"financial futures contracts will depend in part on the degree to which price movements in the index","page_number":127,"box":{"x":116,"y":707,"width":729,"height":12}},{"id":"c20d7674-747b-4629-905a-bcd492ac3902","block_type":"box","text":"underlying the financial futures contract correlate with the price movements of the Municipal Bonds","page_number":127,"box":{"x":117,"y":723,"width":732,"height":12}},{"id":"96ca667e-1fc3-4039-91e2-1cd5635426b1","block_type":"box","text":"held by the Fund. The correlation may be affected by disparities in the average maturity, ratings,","page_number":127,"box":{"x":117,"y":738,"width":712,"height":12}},{"id":"c9ff8a23-1c67-49a9-a8fb-d2bfdad5b68b","block_type":"box","text":"geographical mix or structure of a Municipal Fund’s investments as compared to those comprising the","page_number":127,"box":{"x":116,"y":754,"width":755,"height":12}},{"id":"3f86fd62-a9bf-49d3-898f-ef6008b4998a","block_type":"box","text":"Municipal Bond Index and general economic or political factors. In addition, the correlation between","page_number":127,"box":{"x":117,"y":769,"width":736,"height":12}},{"id":"472827e2-6290-43d0-8a94-3d051848ff8b","block_type":"box","text":"movements in the value of the Municipal Bond Index may be subject to change over time as additions","page_number":127,"box":{"x":117,"y":785,"width":753,"height":12}},{"id":"9bb0c336-54fa-4ee8-a078-ea01f9be1865","block_type":"box","text":"to and deletions from the Municipal Bond Index alter its structure. The correlation between futures","page_number":127,"box":{"x":116,"y":800,"width":725,"height":12}},{"id":"84ff231f-0f78-4498-98ca-142d0febc8fa","block_type":"box","text":"contracts on U.S. Government Securities and the Municipal Bonds held by a Municipal Fund may be","page_number":127,"box":{"x":116,"y":816,"width":745,"height":12}},{"id":"6063136d-5398-48c6-8e2d-07515c76015e","block_type":"box","text":"adversely affected by similar factors and the risk of imperfect correlation between movements in the","page_number":127,"box":{"x":116,"y":831,"width":746,"height":12}},{"id":"cfa2a953-9761-49ea-b1bf-88e88258cd30","block_type":"box","text":"prices of such futures contracts and the prices of Municipal Bonds held by a Municipal Fund may be","page_number":127,"box":{"x":117,"y":847,"width":745,"height":12}},{"id":"80653419-f1a8-4807-b73f-fc79c45eed2d","block_type":"box","text":"greater. Municipal Bond Index futures contracts were approved for trading in 1985. Trading in such","page_number":127,"box":{"x":116,"y":862,"width":738,"height":12}},{"id":"9f69ff3c-8e2e-45ed-8079-531e88b3eb97","block_type":"box","text":"futures contracts may tend to be less liquid than trading in other futures contracts. The trading of","page_number":127,"box":{"x":116,"y":878,"width":721,"height":12}},{"id":"16feaad3-5088-460e-9e0c-d276a2554ecb","block_type":"box","text":"II-78","page_number":127,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"50b4e8cd-98dd-4634-b914-0dee6f730693","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":127,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"915a7097-531a-4242-aff7-b3f1eb98fff2","block_type":"box","text":"futures contracts also is subject to certain market risks, such as inadequate trading activity, which","page_number":128,"box":{"x":116,"y":87,"width":729,"height":12}},{"id":"de21b9e9-0485-4eed-baa3-19b3814c3b98","block_type":"box","text":"could at times make it difficult or impossible to liquidate existing positions.","page_number":128,"box":{"x":116,"y":102,"width":552,"height":13}},{"id":"6e91bec0-bc06-4542-8e2c-9c195d3ba4b3","block_type":"box","text":"Call Rights.","page_number":128,"box":{"x":117,"y":137,"width":83,"height":12}},{"id":"7d7b506b-a7ea-43f1-a3b2-4df1d84aef52","block_type":"box","text":"A Fund may purchase a Municipal Bond issuer’s right to call all or a portion of such","page_number":128,"box":{"x":202,"y":137,"width":626,"height":12}},{"id":"a515e604-a8b0-48ca-b828-bb85e6af79ff","block_type":"box","text":"Municipal Bond for mandatory tender for purchase (a “Call Right”). A holder of a Call Right may","page_number":128,"box":{"x":117,"y":152,"width":711,"height":12}},{"id":"a981f243-6236-4eff-9a86-7264d2dcd045","block_type":"box","text":"exercise such right to require a mandatory tender for the purchase of related Municipal Bonds, subject","page_number":128,"box":{"x":116,"y":168,"width":763,"height":12}},{"id":"5ebb8a9c-e645-4336-a587-d4f50f7c40e2","block_type":"box","text":"to certain conditions. A Call Right that is not exercised prior to maturity of the related Municipal Bond","page_number":128,"box":{"x":116,"y":183,"width":751,"height":12}},{"id":"0920034c-acb1-4bd5-ae8c-8ea108142c5f","block_type":"box","text":"will expire without value. The economic effect of holding both the Call Right and the related Municipal","page_number":128,"box":{"x":116,"y":199,"width":756,"height":12}},{"id":"a1b8e8de-7c0f-4cd7-b312-91ce01b4e6b5","block_type":"box","text":"Bond is identical to holding a Municipal Bond as a non-callable security. Certain investments in such","page_number":128,"box":{"x":117,"y":214,"width":748,"height":12}},{"id":"e90de9c9-a68a-4674-9b85-f7427cd8bbb6","block_type":"box","text":"obligations may be illiquid.","page_number":128,"box":{"x":116,"y":230,"width":201,"height":12}},{"id":"d181158e-17b2-441a-ab1a-0333a4e5fb76","block_type":"box","text":"Municipal Interest Rate Swap Transactions.","page_number":128,"box":{"x":116,"y":264,"width":323,"height":12}},{"id":"56eaecca-102e-4a37-97d7-017222e53b37","block_type":"box","text":"In order to hedge the value of a Fund against interest rate","page_number":128,"box":{"x":440,"y":264,"width":439,"height":12}},{"id":"ceb82fdc-d300-49fd-9a12-207c1bd5cd84","block_type":"box","text":"fluctuations or to enhance a Fund’s income, a Fund may enter into interest rate swap transactions such","page_number":128,"box":{"x":116,"y":279,"width":772,"height":12}},{"id":"c3333b76-cf9d-4a8a-a3c6-8470afecef26","block_type":"box","text":"as Municipal Market Data AAA Cash Curve swaps (“MMD Swaps”) or Securities Industry and Financial","page_number":128,"box":{"x":116,"y":295,"width":769,"height":12}},{"id":"beee867f-a57b-4543-9afd-0d81839c7a55","block_type":"box","text":"Markets Association Municipal Swap Index swaps (“SIFMA Swaps”). To the extent that a Fund enters","page_number":128,"box":{"x":117,"y":310,"width":758,"height":12}},{"id":"40f79f68-480d-4fc1-8a02-064ba621fe34","block_type":"box","text":"into these transactions, the Fund expects to do so primarily to preserve a return or spread on a","page_number":128,"box":{"x":117,"y":326,"width":708,"height":12}},{"id":"f0a69c3a-6478-4c8d-ad78-963ec1f85c70","block_type":"box","text":"particular investment or portion of its portfolio or to protect against any increase in the price of","page_number":128,"box":{"x":117,"y":341,"width":699,"height":12}},{"id":"2b72c762-7dbe-4b6d-9945-999b75e4a9bd","block_type":"box","text":"securities the Fund anticipates purchasing at a later date. A Fund intends to use these transactions","page_number":128,"box":{"x":116,"y":357,"width":741,"height":12}},{"id":"71c45240-059f-4eac-9a04-5e9d85419a36","block_type":"box","text":"primarily as a hedge rather than as a speculative investment. However, a Fund also may invest in","page_number":128,"box":{"x":117,"y":372,"width":729,"height":12}},{"id":"8fc12c21-97f8-417b-862c-d011368381f6","block_type":"box","text":"MMD Swaps and SIFMA Swaps to enhance income or gain or to increase the Fund’s yield, for","page_number":128,"box":{"x":117,"y":388,"width":704,"height":12}},{"id":"5d43913f-2b1e-445e-81c0-9b5386a9bc25","block_type":"box","text":"example, during periods of steep interest rate yield curves (","page_number":128,"box":{"x":116,"y":403,"width":441,"height":12}},{"id":"0616184d-31f7-403e-9d41-0706aa791c0b","block_type":"box","text":"i.e.","page_number":128,"box":{"x":558,"y":403,"width":20,"height":10}},{"id":"f9449e96-ecaf-42dc-bfb3-6e2d2b3c013e","block_type":"box","text":", wide differences between short-term","page_number":128,"box":{"x":581,"y":403,"width":284,"height":11}},{"id":"cb281163-1ef5-4378-a1e7-956d9f9fba04","block_type":"box","text":"and long-term interest rates).","page_number":128,"box":{"x":116,"y":419,"width":221,"height":12}},{"id":"86873e3a-1293-4c40-9956-16aaed07bdce","block_type":"box","text":"A Fund may purchase and sell SIFMA Swaps in the SIFMA swap market. In a SIFMA Swap, a Fund","page_number":128,"box":{"x":116,"y":453,"width":747,"height":12}},{"id":"2cce7ae2-a3d5-4458-907a-74ff0842c3fd","block_type":"box","text":"exchanges with another party their respective commitments to pay or receive interest (","page_number":128,"box":{"x":116,"y":468,"width":642,"height":12}},{"id":"7811a9a5-a5ae-4add-8e4d-c3f79d54e3f8","block_type":"box","text":"e.g.","page_number":128,"box":{"x":760,"y":471,"width":25,"height":9}},{"id":"3973c228-659c-4f13-9b26-6e1e636ea736","block_type":"box","text":", an","page_number":128,"box":{"x":788,"y":471,"width":32,"height":9}},{"id":"ccae0ed0-ee17-4753-83d9-f8e6f18b896c","block_type":"box","text":"exchange of fixed rate payments for floating rate payments linked to the SIFMA Municipal Swap","page_number":128,"box":{"x":116,"y":484,"width":717,"height":12}},{"id":"129c016a-874b-46c4-a917-4653627c8d03","block_type":"box","text":"Index). Because the underlying index is a tax-exempt index, SIFMA Swaps may reduce cross-market","page_number":128,"box":{"x":117,"y":499,"width":755,"height":13}},{"id":"a785f9c5-6534-403f-90a1-185b63f7c29b","block_type":"box","text":"risks incurred by a Fund and increase a Fund’s ability to hedge effectively. SIFMA Swaps are typically","page_number":128,"box":{"x":117,"y":515,"width":760,"height":12}},{"id":"0f4e375e-c3d2-441d-a546-1f11ebddcf43","block_type":"box","text":"quoted for the entire yield curve, beginning with a seven day floating rate index out to 30 years. The","page_number":128,"box":{"x":116,"y":530,"width":745,"height":13}},{"id":"9e1a53ff-e2a3-42e7-a80f-9e2efd1542ba","block_type":"box","text":"duration of a SIFMA Swap is approximately equal to the duration of a fixed-rate Municipal Bond with","page_number":128,"box":{"x":116,"y":546,"width":747,"height":12}},{"id":"711e70ba-32d0-4a1f-8053-6b5f6941718f","block_type":"box","text":"the same attributes as the swap (","page_number":128,"box":{"x":116,"y":561,"width":247,"height":13}},{"id":"1e5c8776-a9cd-4fee-87d2-3f7f09e9932d","block_type":"box","text":"e.g.","page_number":128,"box":{"x":365,"y":564,"width":25,"height":9}},{"id":"73ce84bd-2e0f-473a-b358-69f902803167","block_type":"box","text":", coupon, maturity, call feature).","page_number":128,"box":{"x":393,"y":561,"width":240,"height":13}},{"id":"868f86b0-96b7-4d5e-a8e1-f5ff3f989fe9","block_type":"box","text":"A Fund may also purchase and sell MMD Swaps, also known as MMD rate locks. An MMD Swap","page_number":128,"box":{"x":116,"y":596,"width":727,"height":12}},{"id":"af93c65c-2695-45f9-9e86-28dc87c07d16","block_type":"box","text":"permits a Fund to lock in a specified municipal interest rate for a portion of its portfolio to preserve a","page_number":128,"box":{"x":117,"y":611,"width":744,"height":12}},{"id":"04d69b09-e1b8-41ab-8b12-83af4ee8c3ba","block_type":"box","text":"return on a particular investment or a portion of its portfolio as a duration management technique or to","page_number":128,"box":{"x":117,"y":627,"width":761,"height":12}},{"id":"7c27cf10-d7a2-46f6-be3c-4beb2fdbbb41","block_type":"box","text":"protect against any increase in the price of securities to be purchased at a later date. By using an MMD","page_number":128,"box":{"x":117,"y":642,"width":771,"height":12}},{"id":"d49fb43f-90a0-45f3-9803-ae590df0fb2d","block_type":"box","text":"Swap, a Fund can create a synthetic long or short position, allowing the Fund to select the most","page_number":128,"box":{"x":116,"y":658,"width":715,"height":12}},{"id":"93fdd6cd-be4c-46b9-97ea-edb8cbe49a5f","block_type":"box","text":"attractive part of the yield curve. An MMD Swap is a contract between a Fund and an MMD Swap","page_number":128,"box":{"x":116,"y":673,"width":724,"height":12}},{"id":"186fecb1-0126-4f19-9aab-743aca7020eb","block_type":"box","text":"provider pursuant to which the parties agree to make payments to each other on a notional amount,","page_number":128,"box":{"x":117,"y":689,"width":738,"height":12}},{"id":"5f153be9-adfd-451d-9158-226cd4e2aa6f","block_type":"box","text":"contingent upon whether the Municipal Market Data AAA General Obligation Scale is above or below a","page_number":128,"box":{"x":116,"y":704,"width":763,"height":12}},{"id":"ca073338-c847-4f1f-96e5-7d00ad1685d7","block_type":"box","text":"specified level on the expiration date of the contract. For example, if a Fund buys an MMD Swap and","page_number":128,"box":{"x":116,"y":720,"width":748,"height":12}},{"id":"287e59fd-25d3-4243-af5c-6aa77861c26f","block_type":"box","text":"the Municipal Market Data AAA General Obligation Scale is below the specified level on the expiration","page_number":128,"box":{"x":116,"y":735,"width":757,"height":12}},{"id":"a98b331e-79f2-45e4-8ce2-efd54613b591","block_type":"box","text":"date, the counterparty to the contract will make a payment to the Fund equal to the specified level","page_number":128,"box":{"x":116,"y":751,"width":724,"height":12}},{"id":"b4defb7c-c83a-45af-b5ed-ca2da2320ce2","block_type":"box","text":"minus the actual level, multiplied by the notional amount of the contract. If the Municipal Market Data","page_number":128,"box":{"x":117,"y":766,"width":746,"height":12}},{"id":"4b5fc1df-471d-4f60-afcf-807c56d9f970","block_type":"box","text":"AAA General Obligation Scale is above the specified level on the expiration date, a Fund will make a","page_number":128,"box":{"x":116,"y":782,"width":746,"height":12}},{"id":"6180ecd4-81a0-4bd7-8387-9ec2a8f890e3","block_type":"box","text":"payment to the counterparty equal to the actual level minus the specified level, multiplied by the","page_number":128,"box":{"x":117,"y":797,"width":708,"height":12}},{"id":"561a9465-ead4-42f9-92be-5e30eb66323d","block_type":"box","text":"notional amount of the contract.","page_number":128,"box":{"x":117,"y":813,"width":233,"height":9}},{"id":"81e2ef4c-cd42-42bb-b6fd-051262955585","block_type":"box","text":"In connection with investments in SIFMA and MMD Swaps,","page_number":128,"box":{"x":117,"y":847,"width":444,"height":12}},{"id":"6a1853b4-a076-4c0a-a1d4-fb1c55b20a77","block_type":"box","text":"there is a risk that municipal yields will","page_number":128,"box":{"x":561,"y":847,"width":289,"height":12}},{"id":"84e1c3fd-7e52-4d63-aa9a-ca2ced413646","block_type":"box","text":"move in the opposite direction than anticipated by a Fund, which would cause the Fund to make","page_number":128,"box":{"x":117,"y":862,"width":716,"height":12}},{"id":"34ab4650-88dc-43c2-97c4-d6e5aaf4f4eb","block_type":"box","text":"payments to its counterparty in the transaction that could adversely affect the Fund’s performance.","page_number":128,"box":{"x":117,"y":878,"width":735,"height":12}},{"id":"e1b48df4-a261-4bde-90a9-8d11f81c2e5f","block_type":"box","text":"II-79","page_number":128,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"4918dfc2-945a-4cca-81e0-3d2227d1ad00","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":128,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"a1ab0646-d89c-439f-ab5b-a784331d8924","block_type":"box","text":"Insured Municipal Bonds.","page_number":129,"box":{"x":117,"y":87,"width":186,"height":12}},{"id":"4b275bcd-10c2-406b-9269-48118cdbaf96","block_type":"box","text":"Bonds purchased by a Fund may be covered by insurance that guarantees","page_number":129,"box":{"x":305,"y":87,"width":566,"height":12}},{"id":"eea45a91-0a6f-478f-a6a5-6da1cd6d99df","block_type":"box","text":"that interest payments on the bond will be made on time and the principal will be repaid when the bond","page_number":129,"box":{"x":116,"y":103,"width":768,"height":12}},{"id":"1c0bfe83-ecd4-43ce-8025-4e97ef94a97a","block_type":"box","text":"matures. Either the issuer of the bond or the Fund purchases the insurance. Insurance is expected to","page_number":129,"box":{"x":117,"y":118,"width":755,"height":12}},{"id":"97ebc8b6-ad17-491f-82fb-07bdb7006438","block_type":"box","text":"protect the Fund against losses caused by a bond issuer’s failure to make interest or principal","page_number":129,"box":{"x":117,"y":134,"width":699,"height":12}},{"id":"bd26f233-aee3-4692-81d5-807feeb80c65","block_type":"box","text":"payments. However, insurance does not protect the Fund or its shareholders against losses caused by","page_number":129,"box":{"x":117,"y":149,"width":767,"height":12}},{"id":"f165578c-bd2e-4bac-98e8-4aec7a04ad9f","block_type":"box","text":"declines in a bond’s market value. Also, the Fund cannot be certain that any insurance company does","page_number":129,"box":{"x":116,"y":165,"width":761,"height":12}},{"id":"84ed66c6-dc39-460d-8fbe-d464f2df3f38","block_type":"box","text":"not make these payments. In addition, if the Fund purchases the insurance, it may pay the premiums,","page_number":129,"box":{"x":117,"y":180,"width":758,"height":12}},{"id":"697b3be4-3c62-4d47-90fe-b49494d650f2","block_type":"box","text":"which will reduce the Fund’s yield. The Fund seeks to use only insurance companies with claims","page_number":129,"box":{"x":116,"y":196,"width":721,"height":12}},{"id":"17c6a40b-1366-4903-a3f5-7c99585feb13","block_type":"box","text":"paying ability, financial strength, or equivalent ratings of at least investment grade. However, if","page_number":129,"box":{"x":117,"y":211,"width":703,"height":12}},{"id":"8d3f2666-2a05-47df-b3fc-46e005a40564","block_type":"box","text":"insurance from insurers with these ratings is not available, the Fund may use insurance companies","page_number":129,"box":{"x":117,"y":227,"width":739,"height":12}},{"id":"7ef08374-11ed-4cee-9447-449847278cde","block_type":"box","text":"with lower ratings or stop purchasing insurance or insured bonds. If a bond’s insurer fails to fulfill its","page_number":129,"box":{"x":116,"y":242,"width":742,"height":12}},{"id":"01f73848-303a-4adc-a864-75986311d7cf","block_type":"box","text":"obligations or loses its credit rating, the value of the bond could drop.","page_number":129,"box":{"x":116,"y":258,"width":517,"height":12}},{"id":"30169083-b225-4a5b-b243-b0e8bcbeccc7","block_type":"box","text":"Build America Bonds.","page_number":129,"box":{"x":116,"y":289,"width":159,"height":9}},{"id":"2cdd9064-f6e2-446b-9c9f-1e8a26d2584c","block_type":"box","text":"If a Fund holds Build America Bonds, the Fund may be eligible to receive a U.S.","page_number":129,"box":{"x":276,"y":289,"width":604,"height":12}},{"id":"4e2dfff1-9133-41df-8198-bc7058cae81e","block_type":"box","text":"federal income tax credit; however, the issuer of a Build America Bond may instead elect to receive a","page_number":129,"box":{"x":116,"y":304,"width":756,"height":12}},{"id":"485d4cc5-1e52-43da-80fc-869bb2759331","block_type":"box","text":"cash payment directly from the federal government in lieu of holders such as the fund receiving a tax","page_number":129,"box":{"x":116,"y":320,"width":752,"height":12}},{"id":"f771dde2-48b6-4356-8c50-b7d433185e38","block_type":"box","text":"credit. The interest on Build America Bonds is taxable for U.S. federal income tax purposes. If the Fund","page_number":129,"box":{"x":116,"y":335,"width":772,"height":12}},{"id":"08862378-e538-4014-a510-5a90b461aef8","block_type":"box","text":"does receive tax credits from Build America Bonds or other tax credit bonds on one or more specified","page_number":129,"box":{"x":116,"y":351,"width":757,"height":12}},{"id":"9123f9cf-c643-4795-a77b-454adc551e1b","block_type":"box","text":"dates during the fund’s taxable year, and the Fund satisfies the minimum distribution requirement, the","page_number":129,"box":{"x":116,"y":366,"width":760,"height":12}},{"id":"706d1434-1e4d-477f-8687-5f705d0fa679","block_type":"box","text":"Fund may elect for U.S. federal income tax purposes to pass through to shareholders tax credits","page_number":129,"box":{"x":117,"y":382,"width":719,"height":12}},{"id":"9cead3cb-8076-4fb5-90b3-0bd2cd3f4830","block_type":"box","text":"otherwise allowable to the Fund for that year with respect to such bonds. A tax credit bond is defined in","page_number":129,"box":{"x":116,"y":397,"width":770,"height":12}},{"id":"4cced50e-9597-44a5-92ba-0ea0b8d1938e","block_type":"box","text":"the Code as a “qualified tax credit bond” (which includes a qualified forestry conservation bond, a new","page_number":129,"box":{"x":116,"y":413,"width":761,"height":12}},{"id":"6aaea6cd-6e71-4003-95e7-a789404be6ff","block_type":"box","text":"clean renewable energy bond, a qualified energy conservation bond, or a qualified zone academy","page_number":129,"box":{"x":116,"y":428,"width":729,"height":12}},{"id":"953435be-5f06-41c2-beb7-7ed3554fcbb1","block_type":"box","text":"bond, each of which must meet certain requirements specified in the Code), a “Build America Bond”","page_number":129,"box":{"x":117,"y":444,"width":744,"height":12}},{"id":"70620506-ed7f-4c7e-9eae-8e4450f58adb","block_type":"box","text":"(which includes certain qualified bonds issued before January 1, 2011) or certain other specified","page_number":129,"box":{"x":117,"y":459,"width":717,"height":12}},{"id":"893b7758-7d44-4e04-b2c6-71301d80e2c2","block_type":"box","text":"bonds. If the Fund were to so elect, a shareholder would be required to include in income and would be","page_number":129,"box":{"x":117,"y":475,"width":771,"height":12}},{"id":"ccd85d30-8e04-4e4d-898b-af07c1276961","block_type":"box","text":"entitled to claim as a tax credit an amount equal to a proportionate share of such credits, and such","page_number":129,"box":{"x":116,"y":490,"width":735,"height":12}},{"id":"5d6d2953-0056-4939-932f-a060828ecf7a","block_type":"box","text":"amount would be subject to withholding provisions of the Code. Certain limitations may apply on the","page_number":129,"box":{"x":116,"y":506,"width":746,"height":12}},{"id":"0c7381dd-1dad-4805-8a53-82b6bcd71df3","block_type":"box","text":"extent to which the credit may be claimed.","page_number":129,"box":{"x":116,"y":521,"width":318,"height":12}},{"id":"188d08d7-5399-4bb2-8ae4-504aed73eeda","block_type":"box","text":"Tax-Exempt Municipal Investments.","page_number":129,"box":{"x":118,"y":552,"width":263,"height":12}},{"id":"49491df5-4d2c-47e8-9d37-ee753d360824","block_type":"box","text":"Certain Funds may hold tax-exempt municipal investments which","page_number":129,"box":{"x":382,"y":552,"width":494,"height":12}},{"id":"a133b119-c072-4408-9334-a0355345c785","block_type":"box","text":"may be in the form of tender option bonds, variable rate demand obligations, participations, beneficial","page_number":129,"box":{"x":117,"y":568,"width":757,"height":12}},{"id":"fee38066-c91c-471e-925d-94625d9e1d34","block_type":"box","text":"interests in a trust, partnership interests or other forms. These investments are described in greater","page_number":129,"box":{"x":117,"y":583,"width":741,"height":12}},{"id":"e21a3992-e446-4ab1-9b56-d5badcc92f92","block_type":"box","text":"detail above in this section. Some of the structures used by certain Funds include interests in long-term","page_number":129,"box":{"x":116,"y":599,"width":771,"height":12}},{"id":"c999c283-d0a6-41d5-aa44-53d6b0cc823c","block_type":"box","text":"fixed-rate municipal debt obligations, held by a trustee or custodian, that are coupled with tender","page_number":129,"box":{"x":116,"y":614,"width":720,"height":12}},{"id":"200e566b-35d3-4851-8b9a-2793bf691b17","block_type":"box","text":"option, demand and other features when the tax-exempt municipal investments are created. Together,","page_number":129,"box":{"x":116,"y":630,"width":764,"height":12}},{"id":"eaeb9e88-02bb-46a4-a027-91af49e6f5ba","block_type":"box","text":"these features entitle the holder of the interest to tender (or put) the underlying municipal debt","page_number":129,"box":{"x":116,"y":645,"width":701,"height":12}},{"id":"f9022769-af54-4c53-b13a-29937df384a3","block_type":"box","text":"obligation to a third party at periodic intervals and to receive the principal amount thereof.","page_number":129,"box":{"x":116,"y":661,"width":661,"height":12}},{"id":"b99ad613-1548-4c4b-9608-381f17365eab","block_type":"box","text":"In some cases, municipal debt obligations are represented by custodial receipts evidencing rights to","page_number":129,"box":{"x":117,"y":692,"width":740,"height":12}},{"id":"59d69adf-95bf-4392-b644-9e6d63cfeafe","block_type":"box","text":"receive specific future interest payments, principal payments, or both, on the underlying securities held","page_number":129,"box":{"x":117,"y":707,"width":760,"height":12}},{"id":"9a0cb107-97dc-4505-88bc-bfc8c49a87ca","block_type":"box","text":"by the custodian. Under such arrangements, the holder of the custodial receipt has the option to tender","page_number":129,"box":{"x":117,"y":723,"width":765,"height":12}},{"id":"e716bfb8-e47b-4506-8994-67830ece3b28","block_type":"box","text":"the underlying securities at their face value to the sponsor (","page_number":129,"box":{"x":116,"y":738,"width":440,"height":12}},{"id":"1ea03d42-6d6d-4b4a-8896-251f0db2e4fd","block_type":"box","text":"e.g.","page_number":129,"box":{"x":557,"y":741,"width":26,"height":9}},{"id":"75de100a-db9b-4cb9-b303-f8029fa1a99b","block_type":"box","text":", a Fund, or a bank or broker-dealer or","page_number":129,"box":{"x":586,"y":738,"width":284,"height":11}},{"id":"ee4be92d-5de0-4c8c-abf5-a0415d91aaf2","block_type":"box","text":"other financial institution), which is paid periodic fees equal to the difference between the securities’","page_number":129,"box":{"x":116,"y":754,"width":738,"height":12}},{"id":"ed8602ac-44cf-4aef-84b4-c69b75b90a59","block_type":"box","text":"fixed coupon rate and the rate that would cause the securities, coupled with the tender option, to trade","page_number":129,"box":{"x":116,"y":769,"width":758,"height":12}},{"id":"71133e80-f544-4165-9cce-9c298a2fac99","block_type":"box","text":"at par on the date of a rate adjustment.","page_number":129,"box":{"x":116,"y":785,"width":289,"height":12}},{"id":"30b95b73-74b0-4aee-a370-cd3f0e7bb4d0","block_type":"box","text":"A participation interest gives the Fund an undivided interest in a Municipal Bond in the proportion the","page_number":129,"box":{"x":116,"y":816,"width":747,"height":12}},{"id":"3628ea0a-7d05-4221-9942-ef2eb7994881","block_type":"box","text":"Fund’s participation bears to the total principal amount of the Municipal Bond, and typically provides for","page_number":129,"box":{"x":117,"y":831,"width":769,"height":12}},{"id":"2a4034cf-b0bb-4eea-a0b2-0db903e0666d","block_type":"box","text":"a repurchase feature for all or any part of the full principal amount of the participation interest, plus","page_number":129,"box":{"x":116,"y":847,"width":735,"height":12}},{"id":"bb3e4841-0d02-4ed7-a9a8-d702948aa9ce","block_type":"box","text":"accrued interest. Trusts and partnerships are typically used to convert long-term fixed rate high quality","page_number":129,"box":{"x":116,"y":862,"width":763,"height":12}},{"id":"3d4fd0ff-6363-4187-bfba-04478cfc3e63","block_type":"box","text":"bonds of a single state or municipal issuer into variable or floating rate demand instruments.","page_number":129,"box":{"x":117,"y":878,"width":686,"height":12}},{"id":"82496d1e-b13d-4111-98b0-72d4213cc227","block_type":"box","text":"II-80","page_number":129,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"f5e72598-44b8-4e57-b4a5-a87ae738dc9c","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":129,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"ad35456c-1189-4435-b77a-218565abba31","block_type":"box","text":"The Municipal Bond Funds may hold participation interests and custodial receipts for municipal debt","page_number":130,"box":{"x":116,"y":87,"width":746,"height":12}},{"id":"501dec35-780e-41f5-a1b2-9fd65021151c","block_type":"box","text":"obligations which give the holder the right to receive payment of principal subject to the conditions","page_number":130,"box":{"x":116,"y":102,"width":731,"height":13}},{"id":"49b68fb1-908a-4831-9cb0-98eef327cd3a","block_type":"box","text":"described above. The IRS has not ruled on whether the interest received on tax-exempt municipal","page_number":130,"box":{"x":116,"y":118,"width":732,"height":12}},{"id":"82b8eac5-8c7a-40e0-9258-0662d85f5a64","block_type":"box","text":"investments in the form of participation interests or custodial receipts is tax-exempt, and accordingly,","page_number":130,"box":{"x":117,"y":134,"width":751,"height":12}},{"id":"c05b7105-b8c2-4222-93df-c70e4e1f1c8f","block_type":"box","text":"purchases of any such interests or receipts are based on the opinions of counsel to the sponsors of","page_number":130,"box":{"x":117,"y":149,"width":742,"height":12}},{"id":"a53f7906-3f26-4a0c-939b-26e5c678fb32","block_type":"box","text":"such derivative securities. Neither a Fund nor its investment adviser or sub-advisers will review the","page_number":130,"box":{"x":116,"y":165,"width":738,"height":9}},{"id":"857b44f2-1393-4525-80da-a44905a2d1e2","block_type":"box","text":"proceedings related to the creation of any tax-exempt municipal investments or the basis for such","page_number":130,"box":{"x":117,"y":180,"width":728,"height":12}},{"id":"9cb6f227-f66c-43ad-93c4-83857f9e3ce5","block_type":"box","text":"opinions.","page_number":130,"box":{"x":116,"y":196,"width":72,"height":11}},{"id":"25f8baac-4df9-4c5d-9378-1dbd2cee5397","block_type":"box","text":"Operational and Technology Risks.","page_number":130,"box":{"x":117,"y":227,"width":279,"height":12}},{"id":"bd72c10a-01ff-483e-8ac2-440693e86743","block_type":"box","text":"The Fund and the entities with which it interacts directly or","page_number":130,"box":{"x":397,"y":227,"width":442,"height":12}},{"id":"85a216eb-c55b-4987-bcb8-941b1b04a122","block_type":"box","text":"indirectly are susceptible to operational and technology risks, including those related to human errors,","page_number":130,"box":{"x":117,"y":242,"width":758,"height":12}},{"id":"191e6cdc-2ead-4cd0-8a8b-10e131168d18","block_type":"box","text":"processing errors, communication errors, systems failures, cybersecurity incidents, and the use of","page_number":130,"box":{"x":117,"y":258,"width":731,"height":12}},{"id":"a75256e2-8134-43b4-b5a9-226737064479","block_type":"box","text":"artificial intelligence and machine learning (“AI”), which may result in losses for the Fund and its","page_number":130,"box":{"x":116,"y":273,"width":713,"height":12}},{"id":"da7ade2d-3fe0-4663-b095-6580e5dc2a39","block_type":"box","text":"shareholders or impair the Fund’s operations. These entities include, but are not limited to, the Fund’s","page_number":130,"box":{"x":116,"y":289,"width":760,"height":12}},{"id":"8eb54b2d-6f39-4cfe-9ae5-2baac2a44b46","block_type":"box","text":"adviser, administrator, distributor, other service providers (e.g., index and benchmark providers,","page_number":130,"box":{"x":116,"y":304,"width":716,"height":12}},{"id":"d1c2a6ac-4429-463d-aa53-83dc9f14fed6","block_type":"box","text":"accountants, custodians, and transfer agents), financial intermediaries, counterparties, market makers,","page_number":130,"box":{"x":116,"y":320,"width":768,"height":12}},{"id":"674ee4bb-49d1-4f2a-ae34-91e65d0bc935","block_type":"box","text":"Authorized Participants, listing exchanges, other financial market operators, and governmental","page_number":130,"box":{"x":116,"y":335,"width":706,"height":12}},{"id":"15592e73-f6a6-446a-a55e-86b7bece6e82","block_type":"box","text":"authorities. Operational and technology risks for the issuers in which the Fund invests could also result","page_number":130,"box":{"x":116,"y":351,"width":767,"height":12}},{"id":"16310f31-4a10-455c-958f-502ef7bf2f38","block_type":"box","text":"in material adverse consequences for such issuers and may cause the Fund’s investments in such","page_number":130,"box":{"x":117,"y":366,"width":736,"height":12}},{"id":"11e498d4-69f4-439d-9bf3-4abe003d8d49","block_type":"box","text":"issuers to lose value. The Fund may incur substantial costs in order to mitigate operational and","page_number":130,"box":{"x":117,"y":382,"width":709,"height":12}},{"id":"b8e6a27a-cb2f-46d2-b98e-50cedaf5f6de","block_type":"box","text":"technology risks.","page_number":130,"box":{"x":116,"y":397,"width":130,"height":12}},{"id":"90828ace-7b4b-49a2-b363-22c02dd1511d","block_type":"box","text":"Cybersecurity incidents can result from deliberate attacks or unintentional events against an issuer in","page_number":130,"box":{"x":117,"y":428,"width":754,"height":12}},{"id":"88ffeb09-635c-4bb0-83ed-966d641f5b23","block_type":"box","text":"which the Fund invests, the Fund or any of its service providers. They include, but are not limited to,","page_number":130,"box":{"x":116,"y":444,"width":746,"height":12}},{"id":"59985f76-207e-412d-9873-eb39dfe110d5","block_type":"box","text":"gaining unauthorized access to systems, misappropriating assets or sensitive information, corrupting or","page_number":130,"box":{"x":116,"y":459,"width":772,"height":12}},{"id":"3f9dff68-50be-41c7-9290-0b5b409abddc","block_type":"box","text":"destroying data, and causing operational disruption. Geopolitical tension may increase the scale and","page_number":130,"box":{"x":116,"y":475,"width":751,"height":12}},{"id":"bd26bbf7-2775-487b-b33a-4d159a5d6cee","block_type":"box","text":"sophistication of deliberate attacks, particularly those from nation states or from entities with nation","page_number":130,"box":{"x":116,"y":490,"width":738,"height":12}},{"id":"e467b108-acdc-421d-a2d9-04eb6b427c17","block_type":"box","text":"state backing. Cybersecurity incidents may result in any of the following: financial losses; interference","page_number":130,"box":{"x":116,"y":506,"width":757,"height":12}},{"id":"3a69ede9-d626-4755-a3eb-ab9bee3fefaf","block_type":"box","text":"with the Fund’s ability to calculate its NAV; disclosure of confidential information; impediments to","page_number":130,"box":{"x":116,"y":521,"width":721,"height":12}},{"id":"9355711c-7dab-4681-a6b0-058994ce5bf5","block_type":"box","text":"trading; submission of erroneous trades by the Fund or erroneous subscription or redemption orders;","page_number":130,"box":{"x":116,"y":537,"width":754,"height":12}},{"id":"d49474f4-7812-439b-ae79-839a5aa11349","block_type":"box","text":"the inability of the Fund or its service providers to transact business; violations of applicable privacy","page_number":130,"box":{"x":116,"y":552,"width":743,"height":12}},{"id":"3ac14e86-4d25-4ed4-923c-9626b2ae73ce","block_type":"box","text":"and other laws; regulatory fines; penalties; reputational damage; reimbursement or other compensation","page_number":130,"box":{"x":116,"y":568,"width":772,"height":12}},{"id":"bcf637bf-220e-4960-8a15-3b8f909b7116","block_type":"box","text":"costs; and other legal and compliance expenses. Furthermore, cybersecurity incidents may render","page_number":130,"box":{"x":116,"y":583,"width":735,"height":12}},{"id":"594a51b8-4851-4a2f-baa0-338ba93f3fdc","block_type":"box","text":"records of the Fund, including records relating to its assets and transactions, shareholder ownership of","page_number":130,"box":{"x":117,"y":599,"width":766,"height":12}},{"id":"5a16b49a-fae9-4bc6-b59a-4839ab677bcc","block_type":"box","text":"Fund shares, and other data integral to the Fund’s functioning, inaccessible, inaccurate or incomplete.","page_number":130,"box":{"x":117,"y":614,"width":761,"height":12}},{"id":"f802e45e-21a2-410c-9053-d235b516f8ca","block_type":"box","text":"Power outages, natural disasters, equipment malfunctions and processing errors that threaten","page_number":130,"box":{"x":117,"y":630,"width":702,"height":12}},{"id":"2ba2073c-db6a-41a2-bcc2-94d0f4f18a60","block_type":"box","text":"information and technology systems relied upon by the Fund or its service providers, as well as market","page_number":130,"box":{"x":117,"y":645,"width":766,"height":12}},{"id":"c8a9dcda-39f3-4d34-a03d-5d6a35d6016c","block_type":"box","text":"events that occur at a pace that overloads these systems, may also disrupt business operations or","page_number":130,"box":{"x":116,"y":661,"width":731,"height":12}},{"id":"343e43b8-f284-475a-8f39-0e3396361214","block_type":"box","text":"impact critical data.","page_number":130,"box":{"x":117,"y":676,"width":141,"height":12}},{"id":"54fd8f11-224c-4272-958d-4a1f53d135af","block_type":"box","text":"AI refers to computer systems that can perform tasks that would otherwise require human intelligence","page_number":130,"box":{"x":116,"y":707,"width":755,"height":12}},{"id":"bed800e3-09bc-440b-8909-b25b413be310","block_type":"box","text":"and encompasses various different forms of artificial intelligence, including machine learning models.","page_number":130,"box":{"x":116,"y":723,"width":747,"height":12}},{"id":"362f8fd2-b79a-4fab-8dca-e48f1c062f33","block_type":"box","text":"AI is typically designed to analyze data, learn from patterns and experiences, make decisions, and","page_number":130,"box":{"x":116,"y":738,"width":729,"height":12}},{"id":"eb82b410-8876-4b46-b66a-93822c2aacf6","block_type":"box","text":"solve problems. The risks of increased use of AI technologies, such as machine learning, include data","page_number":130,"box":{"x":116,"y":754,"width":757,"height":12}},{"id":"cc5a2a07-7756-4dbb-a5bd-47c5ee03966a","block_type":"box","text":"risk, transparency risk, and operational risk. These AI technologies, which are generally highly reliant","page_number":130,"box":{"x":117,"y":769,"width":748,"height":12}},{"id":"0cd6a273-50b9-4a9b-bce4-1b43836b0f83","block_type":"box","text":"on the collection and analysis of large amounts of data, may incorporate biased or inaccurate data, and","page_number":130,"box":{"x":116,"y":785,"width":766,"height":12}},{"id":"8b712279-b213-4c88-b459-be54b441c4af","block_type":"box","text":"it is not possible or practicable to incorporate all relevant data into such technologies. The output or","page_number":130,"box":{"x":117,"y":800,"width":736,"height":12}},{"id":"215e5c89-018e-41eb-9878-f6b849016763","block_type":"box","text":"results of any such AI technologies may therefore be incomplete, erroneous, distorted or misleading.","page_number":130,"box":{"x":117,"y":816,"width":744,"height":12}},{"id":"73b3cc8c-c82d-4f78-b57b-01c994b84b0e","block_type":"box","text":"Further, AI tools may lack transparency as to how data is utilized and how outputs are generated. AI","page_number":130,"box":{"x":117,"y":831,"width":747,"height":12}},{"id":"2a97e807-bcd8-40ac-9be3-c6163e195966","block_type":"box","text":"technologies may also allow the unintended introduction of vulnerabilities into infrastructures and","page_number":130,"box":{"x":116,"y":847,"width":723,"height":12}},{"id":"6cf39f4d-e067-495f-be59-565c0f2983d6","block_type":"box","text":"applications. The Fund and its shareholders could be negatively impacted as a result of these risks","page_number":130,"box":{"x":116,"y":862,"width":739,"height":12}},{"id":"f44c3868-12dc-4387-868c-4a920d8b0202","block_type":"box","text":"associated with AI technologies. AI technologies and their current and potential future applications, and","page_number":130,"box":{"x":116,"y":878,"width":771,"height":12}},{"id":"7745efce-b5b9-46d2-82a8-44b4a94c0fb3","block_type":"box","text":"II-81","page_number":130,"box":{"x":484,"y":909,"width":29,"height":9}},{"id":"69bf8d6d-26a0-4f4d-a1e2-80476892dca6","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":130,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"47defa7a-8f44-44b9-9275-f012d6cdc60d","block_type":"box","text":"the regulatory frameworks within which they operate, continue to quickly evolve, and it is impossible to","page_number":131,"box":{"x":116,"y":87,"width":764,"height":12}},{"id":"3f616e3b-76d1-4102-8e78-e65ace9a5f91","block_type":"box","text":"anticipate the full scope of future AI capabilities or rules and the associated risks to the Fund.","page_number":131,"box":{"x":116,"y":102,"width":696,"height":12}},{"id":"a61f2e19-0f5b-4c14-8f38-01312bde78f5","block_type":"box","text":"While the Fund’s service providers are required to have appropriate operational, information security","page_number":131,"box":{"x":116,"y":130,"width":750,"height":13}},{"id":"2452e101-3b42-4c7d-9f00-9efe849aa617","block_type":"box","text":"and cybersecurity risk management policies and procedures, their methods of risk management may","page_number":131,"box":{"x":116,"y":146,"width":753,"height":12}},{"id":"183eebd1-9e78-4f4c-897b-a42a9254547a","block_type":"box","text":"differ from those of the Fund in the setting of priorities, the personnel and resources available or the","page_number":131,"box":{"x":116,"y":161,"width":745,"height":13}},{"id":"ceda678e-ac92-4f55-aa38-e5336bb1575a","block_type":"box","text":"effectiveness of relevant controls. The Fund and its adviser seek to reduce these risks through","page_number":131,"box":{"x":116,"y":177,"width":706,"height":12}},{"id":"f188b41f-85c1-44d9-bd8f-44eba7af8a74","block_type":"box","text":"controls, procedures and oversight, including establishing business continuity plans and risk","page_number":131,"box":{"x":116,"y":193,"width":687,"height":12}},{"id":"8f99971d-1185-489c-a7ae-22e3d420380c","block_type":"box","text":"management systems. However, there are inherent limitations in such plans and systems, including","page_number":131,"box":{"x":117,"y":208,"width":744,"height":12}},{"id":"68433f18-d20b-4347-ba35-d17fc07e6378","block_type":"box","text":"the possibility that certain risks that may affect the Fund have not been identified or may emerge in the","page_number":131,"box":{"x":116,"y":223,"width":766,"height":13}},{"id":"f649f501-2506-47ac-88a7-78f340902f7e","block_type":"box","text":"future; that such plans and systems may not completely eliminate the occurrence or mitigate the","page_number":131,"box":{"x":116,"y":239,"width":719,"height":12}},{"id":"09a18b78-4a42-4c2a-b536-df179fc507b6","block_type":"box","text":"effects of operational or information security disruptions or failures or of cybersecurity incidents; or that","page_number":131,"box":{"x":116,"y":254,"width":766,"height":13}},{"id":"15c4af92-db60-4d1f-887f-734cd1b80c2f","block_type":"box","text":"prevention and remediation efforts will not be successful or that incidents will go undetected. The Fund","page_number":131,"box":{"x":117,"y":270,"width":766,"height":12}},{"id":"5da21645-4db1-44fc-ba0c-1f8daf422c7c","block_type":"box","text":"cannot control the systems, information security or other cybersecurity of the issuers in which it invests","page_number":131,"box":{"x":116,"y":285,"width":767,"height":13}},{"id":"2a95816b-8a73-4a37-83d3-f0bf5589494d","block_type":"box","text":"or its service providers, counterparties, and other third parties whose activities affect the Fund.","page_number":131,"box":{"x":116,"y":301,"width":706,"height":12}},{"id":"34117f62-8801-4e60-846d-e483293981a4","block_type":"box","text":"AI and its current and potential future applications, including in the investment and financial sectors, as","page_number":131,"box":{"x":116,"y":329,"width":767,"height":12}},{"id":"6bc5e0c4-948a-4292-9ab3-0f40aea76c41","block_type":"box","text":"well as the regulatory frameworks within which they operate, continue to rapidly evolve, and it is","page_number":131,"box":{"x":116,"y":344,"width":715,"height":12}},{"id":"b1a45d83-32ec-4f38-b2f6-1138fb96506d","block_type":"box","text":"impossible to predict the full extent of future applications or regulations. Regulators continue to develop","page_number":131,"box":{"x":117,"y":360,"width":770,"height":12}},{"id":"1ee9ea8f-1236-4308-8644-578ccf32380d","block_type":"box","text":"new rules and standards related to cybersecurity and data protection. Compliance with evolving","page_number":131,"box":{"x":117,"y":375,"width":713,"height":12}},{"id":"e6ba5466-0ea5-497c-a445-cdbbc9f1bd13","block_type":"box","text":"regulations can be demanding and costly, requiring substantial resources to monitor and implement","page_number":131,"box":{"x":117,"y":391,"width":742,"height":12}},{"id":"ce38c7f3-13dc-48d1-99fd-f0e76de710e2","block_type":"box","text":"required changes. Ongoing and future regulatory actions with respect to AI generally or artificial","page_number":131,"box":{"x":117,"y":406,"width":713,"height":12}},{"id":"9c5ae42c-6c69-4c76-8c30-8a370a6ac3fa","block_type":"box","text":"intelligence’s use in any industry in particular may alter, perhaps to a materially adverse extent, the","page_number":131,"box":{"x":117,"y":422,"width":738,"height":12}},{"id":"fb90e766-8f38-4f5d-be9f-a3a774a0eccd","block_type":"box","text":"ability of the Fund’s adviser and other service providers or other market participants to utilize AI in the","page_number":131,"box":{"x":116,"y":437,"width":759,"height":12}},{"id":"ee4ca404-cea6-4d8c-8f01-20c5a565d663","block_type":"box","text":"manner used to-date, and may have an adverse impact on the ability of a Fund’s adviser and other","page_number":131,"box":{"x":117,"y":453,"width":738,"height":12}},{"id":"1f8d1385-468b-492c-a2c1-4ba290b748b3","block_type":"box","text":"service providers, as well as the Fund or the issuers in which it invests, service providers, or other","page_number":131,"box":{"x":116,"y":469,"width":731,"height":11}},{"id":"e9a6d945-7c95-4b35-9c86-8aee489efd0a","block_type":"box","text":"market participants to continue to operate as intended.","page_number":131,"box":{"x":117,"y":484,"width":410,"height":12}},{"id":"bc20e5fb-68f0-403c-a952-66b035e9ae4f","block_type":"box","text":"Participation Notes.","page_number":131,"box":{"x":116,"y":512,"width":157,"height":12}},{"id":"976be2ec-2f3c-45a6-9856-4ffa7c4d3442","block_type":"box","text":"A Fund may buy participation notes from a bank or broker-dealer (“issuer”) that","page_number":131,"box":{"x":274,"y":512,"width":596,"height":12}},{"id":"f2e3c1d0-d10b-49b2-85fd-cbb3bab09b09","block_type":"box","text":"entitle the Fund to a return measured by the change in value of an identified underlying security or","page_number":131,"box":{"x":116,"y":527,"width":733,"height":12}},{"id":"ff4b00cb-2f36-4759-8938-76e62418f977","block_type":"box","text":"basket of securities (collectively, the “underlying security”). Participation notes are typically used when","page_number":131,"box":{"x":117,"y":543,"width":761,"height":12}},{"id":"ec6d2ae7-1379-45dc-b298-f9ce744867fa","block_type":"box","text":"a direct investment in the underlying security is restricted due to country-specific regulations.","page_number":131,"box":{"x":116,"y":558,"width":692,"height":12}},{"id":"df805068-9cf0-4b54-8241-79052dd5413c","block_type":"box","text":"The Fund is subject to counterparty risk associated with each issuer. Investment in a participation note","page_number":131,"box":{"x":116,"y":586,"width":766,"height":12}},{"id":"08ddb398-d4aa-411b-b9c3-6e1a735eb334","block_type":"box","text":"is not the same as investment in the constituent shares of the company. A participation note represents","page_number":131,"box":{"x":117,"y":602,"width":771,"height":12}},{"id":"5f26711e-b7e0-4369-b087-b1683405b715","block_type":"box","text":"only an obligation of the issuer to provide the Fund the economic performance equivalent to holding","page_number":131,"box":{"x":116,"y":617,"width":744,"height":12}},{"id":"12b26ff6-1e67-4cdd-b757-758cc5f59198","block_type":"box","text":"shares of an underlying security. A participation note does not provide any beneficial or equitable","page_number":131,"box":{"x":116,"y":633,"width":725,"height":12}},{"id":"787b07ad-b131-490d-82d4-e8a480eb88a3","block_type":"box","text":"entitlement or interest in the relevant underlying security. In other words, shares of the underlying","page_number":131,"box":{"x":116,"y":648,"width":727,"height":12}},{"id":"9ad2e9e9-e9b3-4fab-a67f-0d0fcf81ede7","block_type":"box","text":"security are not in any way owned by the Fund. However, each participation note synthetically","page_number":131,"box":{"x":116,"y":664,"width":698,"height":12}},{"id":"0f4e7266-e580-4ee0-a61e-43042f744481","block_type":"box","text":"replicates the economic benefit of holding shares in the underlying security. Because a participation","page_number":131,"box":{"x":117,"y":679,"width":738,"height":12}},{"id":"d54e9972-3658-4e4d-bd11-7bf9133de4bc","block_type":"box","text":"note is an obligation of the issuer, rather than a direct investment in shares of the underlying security, a","page_number":131,"box":{"x":117,"y":695,"width":765,"height":12}},{"id":"b2343979-754d-4f73-9d8a-612db9cf30dc","block_type":"box","text":"Fund may suffer losses potentially equal to the full value of the participation note if the issuer fails to","page_number":131,"box":{"x":117,"y":710,"width":740,"height":12}},{"id":"7665bc65-fc41-4313-8e35-42444cecd3db","block_type":"box","text":"perform its obligations. A Fund attempts to mitigate that risk by purchasing only from issuers","page_number":131,"box":{"x":117,"y":726,"width":683,"height":12}},{"id":"68abfcda-eb85-422d-9975-84345f927b2a","block_type":"box","text":"determined to be creditworthy.","page_number":131,"box":{"x":116,"y":741,"width":225,"height":12}},{"id":"7b7e2648-fb04-4c13-add3-5095c6ef356f","block_type":"box","text":"The counterparty may, but is not required to, purchase the shares of the underlying security to hedge","page_number":131,"box":{"x":116,"y":769,"width":750,"height":12}},{"id":"e09fd2cc-1366-4c89-827b-3d824061ec93","block_type":"box","text":"its obligation. A Fund may, but is not required to, purchase credit protection against the default of the","page_number":131,"box":{"x":117,"y":785,"width":747,"height":12}},{"id":"4d61813b-de74-4a32-bfbd-02c18c3d78fb","block_type":"box","text":"issuer. When the participation note expires or a Fund exercises the participation note and closes its","page_number":131,"box":{"x":117,"y":800,"width":736,"height":12}},{"id":"cbd6ab09-2b35-4669-aee3-d5fdad3face6","block_type":"box","text":"position, the Fund receives a payment that is based upon the then-current value of the underlying","page_number":131,"box":{"x":117,"y":816,"width":722,"height":12}},{"id":"6cbb1b34-4988-47d2-99c1-dfc9e696cfcb","block_type":"box","text":"security converted into U.S. dollars (less transaction costs). The price, performance and liquidity of a","page_number":131,"box":{"x":116,"y":831,"width":751,"height":12}},{"id":"7f2672a1-cd1a-4ac1-8ca7-bed722d6bf7e","block_type":"box","text":"participation note are all linked directly to the underlying security. A Fund’s ability to redeem or","page_number":131,"box":{"x":117,"y":847,"width":704,"height":12}},{"id":"5f2d70e0-64c1-4f5d-987d-bace7533ac92","block_type":"box","text":"exercise a participation note generally is dependent on the liquidity in the local trading market for the","page_number":131,"box":{"x":116,"y":862,"width":750,"height":12}},{"id":"d113a813-dd27-4322-8f6c-abbaa7bb0f6d","block_type":"box","text":"security underlying the participation note.","page_number":131,"box":{"x":116,"y":878,"width":310,"height":12}},{"id":"2b21c3fa-3430-4830-b30c-c4ccd5dea0e5","block_type":"box","text":"II-82","page_number":131,"box":{"x":484,"y":909,"width":31,"height":9}},{"id":"d5c320fb-91cd-4caa-849d-48c37ec3b38b","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":131,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"7b08359b-561d-4c2e-bcba-cd56b13e12a0","block_type":"box","text":"Portfolio Turnover Rates.","page_number":132,"box":{"x":116,"y":87,"width":201,"height":10}},{"id":"f9343569-2242-459e-8fb5-4d4bb3aa08a6","block_type":"box","text":"A Fund’s annual portfolio turnover rate will not be a factor preventing a sale","page_number":132,"box":{"x":318,"y":87,"width":569,"height":12}},{"id":"a1fe68e6-dd19-4b78-9a26-12cf279c9d04","block_type":"box","text":"or purchase when the Manager believes investment considerations warrant such sale or purchase.","page_number":132,"box":{"x":116,"y":103,"width":738,"height":12}},{"id":"0c9d7105-6ce6-4123-b445-802eec986df9","block_type":"box","text":"Although certain Funds will use an approach to investing that is largely a passive, indexing approach,","page_number":132,"box":{"x":116,"y":118,"width":756,"height":12}},{"id":"c2b3f1ff-03a0-4f7c-a358-cd5ac1ed92e0","block_type":"box","text":"such Funds may engage in a substantial number of portfolio transactions. With respect to these Funds,","page_number":132,"box":{"x":116,"y":134,"width":770,"height":12}},{"id":"0cb231a8-1958-467b-bf2a-bba9a1298abe","block_type":"box","text":"the rate of portfolio turnover will be a limiting factor when the Manager considers whether to purchase","page_number":132,"box":{"x":116,"y":149,"width":759,"height":12}},{"id":"9c60c3b2-cc83-4c68-a001-b9f09cb0f0c0","block_type":"box","text":"or sell securities for a Fund only to the extent that the Manager will consider the impact of transaction","page_number":132,"box":{"x":116,"y":165,"width":756,"height":12}},{"id":"23307517-f5ed-4b41-bb8b-0f6a1345cd9c","block_type":"box","text":"costs on a Fund’s tracking error. Portfolio turnover may vary greatly from year to year as well as within","page_number":132,"box":{"x":116,"y":180,"width":765,"height":12}},{"id":"307f73a5-58a0-48d4-840e-c06bc9aab0c8","block_type":"box","text":"a particular year. High portfolio turnover (","page_number":132,"box":{"x":116,"y":196,"width":305,"height":12}},{"id":"97c87530-0feb-4688-a71e-875e7b3b7cf4","block_type":"box","text":"i.e.","page_number":132,"box":{"x":422,"y":196,"width":21,"height":9}},{"id":"b63e5381-291e-4951-9808-13641445f6cd","block_type":"box","text":", 100% or more) may result in increased transaction costs","page_number":132,"box":{"x":446,"y":196,"width":433,"height":12}},{"id":"245d0e96-de2a-4e83-9b3f-36e0132afb1d","block_type":"box","text":"to a Fund, including brokerage commissions, dealer mark-ups and other transaction costs on the sale","page_number":132,"box":{"x":116,"y":211,"width":759,"height":12}},{"id":"36ae5133-e9d9-41b0-9792-b2a94febfac6","block_type":"box","text":"of the securities and reinvestment in other securities. The sale of a Fund’s securities may result in the","page_number":132,"box":{"x":116,"y":227,"width":759,"height":12}},{"id":"3ca08133-67ba-4130-a320-55edd214b218","block_type":"box","text":"recognition of capital gain or loss. Given the frequency of sales, such gain or loss will likely be short","page_number":132,"box":{"x":117,"y":242,"width":743,"height":12}},{"id":"92d80ee1-058f-4103-a2e5-bbd42def204c","block_type":"box","text":"term capital gain or loss. These effects of higher than normal portfolio turnover may adversely affect a","page_number":132,"box":{"x":116,"y":258,"width":761,"height":12}},{"id":"02159dd5-bf9a-48f7-a53f-1786bd4b24e1","block_type":"box","text":"Fund’s performance.","page_number":132,"box":{"x":117,"y":273,"width":158,"height":12}},{"id":"8264727f-1b77-4886-b6da-4129ed35338a","block_type":"box","text":"Preferred Stock.","page_number":132,"box":{"x":116,"y":304,"width":126,"height":10}},{"id":"85870a47-73ca-4e49-992f-0405122f378a","block_type":"box","text":"Certain Funds may invest in preferred sto","page_number":132,"box":{"x":243,"y":304,"width":306,"height":12}},{"id":"dd43c355-159c-4517-a319-1ca83a7abdf1","block_type":"box","text":"cks. Preferred stock has a preference over","page_number":132,"box":{"x":550,"y":304,"width":314,"height":12}},{"id":"bfe01565-6162-4431-a296-0e00a755bb33","block_type":"box","text":"common stock in liquidation (and generally dividends","page_number":132,"box":{"x":116,"y":320,"width":384,"height":12}},{"id":"38a8bb62-618d-441a-bcff-1823007c08ab","block_type":"box","text":"as well) but is subordinated to bond holders and","page_number":132,"box":{"x":501,"y":320,"width":358,"height":12}},{"id":"63ddfd4f-14c0-44b1-a83a-289af3c21e85","block_type":"box","text":"other creditors in all respects. As a general rule, t","page_number":132,"box":{"x":116,"y":335,"width":357,"height":12}},{"id":"1d9cfe98-e8af-46c6-bafb-705d522cb51d","block_type":"box","text":"he market value of preferred stock with a fixed dividend","page_number":132,"box":{"x":474,"y":335,"width":406,"height":12}},{"id":"730a5c1e-6747-4eb9-a617-bd53629772fe","block_type":"box","text":"rate and no conversion element varies inversely with","page_number":132,"box":{"x":117,"y":351,"width":386,"height":12}},{"id":"86153704-f810-498e-bf44-df24753f2a71","block_type":"box","text":"interest rates and perceived credit risk, while the","page_number":132,"box":{"x":504,"y":351,"width":355,"height":12}},{"id":"68782fc4-1078-4e20-9721-ffa1c2d7636e","block_type":"box","text":"market price of convertible preferred stock generally","page_number":132,"box":{"x":117,"y":366,"width":382,"height":12}},{"id":"775b82a8-70a8-4ee4-aa54-bc1eb559da24","block_type":"box","text":"also reflects some element of conversion value.","page_number":132,"box":{"x":499,"y":366,"width":351,"height":10}},{"id":"9ccd867f-09b2-4ff6-9400-03b8769283e2","block_type":"box","text":"Because preferred stock is junior to debt securities","page_number":132,"box":{"x":117,"y":382,"width":372,"height":12}},{"id":"9eab8b45-d63e-43a6-8d4b-09ea8825eb9e","block_type":"box","text":"and other obligations of the issuer, deterioration in the","page_number":132,"box":{"x":489,"y":382,"width":396,"height":12}},{"id":"c29214eb-ce3c-413d-ba5e-9235891d519c","block_type":"box","text":"credit quality of the issuer will cause greater changes in","page_number":132,"box":{"x":116,"y":397,"width":402,"height":12}},{"id":"fbfb7470-bbd3-4876-b552-1259561257eb","block_type":"box","text":"the value of a preferred stock than in a more","page_number":132,"box":{"x":518,"y":397,"width":333,"height":12}},{"id":"fc45e873-d1b6-44bd-b336-9041de4545c2","block_type":"box","text":"senior debt security with similar stated yield characte","page_number":132,"box":{"x":116,"y":413,"width":383,"height":12}},{"id":"35a88622-9acd-4236-8b74-41837a6911e0","block_type":"box","text":"ristics. Unlike interest payments on debt securities,","page_number":132,"box":{"x":500,"y":413,"width":373,"height":12}},{"id":"0bc4a429-1b0f-4329-8762-f9d92476fd04","block_type":"box","text":"preferred stock dividends are payable only if declared by","page_number":132,"box":{"x":117,"y":428,"width":410,"height":12}},{"id":"4d1a1331-7538-42c7-aac0-ce5584445227","block_type":"box","text":"y the issuer’s board of di","page_number":132,"box":{"x":527,"y":428,"width":169,"height":10}},{"id":"3ed921fc-707d-46de-8a11-eb3a7f2e6892","block_type":"box","text":"rectors. Preferred stock","page_number":132,"box":{"x":698,"y":428,"width":175,"height":10}},{"id":"662d0818-5b1b-4f5b-85c2-7d43fd57220f","block_type":"box","text":"also may be subject to optional or mandatory redemption provisions.","page_number":132,"box":{"x":116,"y":444,"width":502,"height":12}},{"id":"731f26b3-11d7-441d-8f01-2248d8acf66b","block_type":"box","text":"Tax-Exempt Preferred Shares.","page_number":132,"box":{"x":118,"y":475,"width":224,"height":12}},{"id":"356b8546-9381-4a74-9106-0e7199e64489","block_type":"box","text":"Certain Funds may invest in preferred interests of other investment","page_number":132,"box":{"x":344,"y":475,"width":507,"height":12}},{"id":"508a7c34-4f89-401a-9aa9-4ad6ac0c5d2a","block_type":"box","text":"funds that pay dividends that are exempt from regular U.S. federal income tax. Such funds in turn","page_number":132,"box":{"x":116,"y":490,"width":728,"height":12}},{"id":"2a39c7d4-ad6a-42ea-aaa5-74e275720ef3","block_type":"box","text":"invest in municipal bonds and other assets that pay interest or make distributions that are exempt from","page_number":132,"box":{"x":117,"y":506,"width":765,"height":12}},{"id":"ef4d2db4-dc7c-4dba-9ad6-0cc1887124b1","block_type":"box","text":"regular U.S. federal income tax, such as revenue bonds issued by state or local agencies to fund the","page_number":132,"box":{"x":117,"y":521,"width":751,"height":12}},{"id":"daf92eca-fc8b-4c11-8f84-34d5fd9c1745","block_type":"box","text":"development of low-income, multi-family housing. Investment in such tax-exempt preferred shares","page_number":132,"box":{"x":116,"y":537,"width":733,"height":12}},{"id":"cc9a95d0-2cd6-4e04-8f11-8c60a509eae3","block_type":"box","text":"involves many of the same issues as investing in other investment companies. These investments also","page_number":132,"box":{"x":117,"y":552,"width":768,"height":12}},{"id":"52c56824-2be5-451a-a75c-728171f3711d","block_type":"box","text":"have additional risks, including illiquid investments risk, the absence of regulation governing","page_number":132,"box":{"x":117,"y":568,"width":685,"height":12}},{"id":"895f6447-36b7-418b-b41e-6a23ea9fc527","block_type":"box","text":"investment practices, capital structure and leverage, affiliated transactions and other matters, and","page_number":132,"box":{"x":117,"y":583,"width":729,"height":12}},{"id":"156c2c54-cde2-4a6e-b72c-87f12dd57b1c","block_type":"box","text":"concentration of investments in particular issuers or industries. The Municipal Bond Funds will treat","page_number":132,"box":{"x":116,"y":599,"width":740,"height":12}},{"id":"e190a75b-c067-491a-949c-32e010238675","block_type":"box","text":"investments in tax-exempt preferred shares as investments in municipal bonds.","page_number":132,"box":{"x":117,"y":614,"width":593,"height":12}},{"id":"8f506731-6811-4840-87de-38559076d948","block_type":"box","text":"Trust Preferred Securities.","page_number":132,"box":{"x":118,"y":645,"width":193,"height":10}},{"id":"292b9cbc-cdfa-4ac7-a737-a9dfe24e644a","block_type":"box","text":"Certain Funds may invest in trust preferred securities. Trust preferred","page_number":132,"box":{"x":312,"y":645,"width":525,"height":12}},{"id":"842d4634-9838-41d1-a03a-c2a72e90160f","block_type":"box","text":"securities are typically issued by corporations, generally in the form of interest bearing notes with","page_number":132,"box":{"x":116,"y":661,"width":718,"height":12}},{"id":"517a6230-ebf6-4219-85f8-83338ca7ac95","block_type":"box","text":"preferred securities characteristics, or by an affiliated business trust of a corporation, generally in the","page_number":132,"box":{"x":117,"y":676,"width":746,"height":12}},{"id":"84699d94-fb87-4bcb-9825-84b16ce41d7e","block_type":"box","text":"form of beneficial interests in subordinated debentures or similarly structured securities. The trust","page_number":132,"box":{"x":116,"y":692,"width":721,"height":12}},{"id":"9caf18c2-bcad-4a79-ab4d-e677c29c0d01","block_type":"box","text":"preferred securities market consists of both fixed and adjustable coupon rate securities that are either","page_number":132,"box":{"x":117,"y":707,"width":753,"height":12}},{"id":"c55c46f7-db21-44c0-a71e-15834119c3c4","block_type":"box","text":"perpetual in nature or have stated maturity dates.","page_number":132,"box":{"x":117,"y":723,"width":364,"height":12}},{"id":"eccf2865-8ddb-45c3-8037-9d415a305960","block_type":"box","text":"Trust preferred securities are typically junior and fully subordinated liabilities of an issuer and benefit","page_number":132,"box":{"x":116,"y":754,"width":743,"height":12}},{"id":"83570c6b-8921-404f-9391-fd609876de80","block_type":"box","text":"from a guarantee that is junior and fully subordinated to the other liabilities of the guarantor. In addition,","page_number":132,"box":{"x":116,"y":769,"width":765,"height":12}},{"id":"2cc9eadf-81d7-4e5f-8c6b-abac7795e88a","block_type":"box","text":"trust preferred securities typically permit an issuer to defer the payment of income for five years or","page_number":132,"box":{"x":116,"y":785,"width":728,"height":12}},{"id":"e3da7d42-ad11-4ef3-937c-82ba47696479","block_type":"box","text":"more without triggering an event of default. Because of their subordinated position in the capital","page_number":132,"box":{"x":117,"y":800,"width":707,"height":12}},{"id":"effff49a-9b2e-437c-bb14-71978686147c","block_type":"box","text":"structure of an issuer, the ability to defer payments for extended periods of time without default","page_number":132,"box":{"x":116,"y":816,"width":704,"height":12}},{"id":"f97c3f34-632e-4794-8904-006ddd03b74a","block_type":"box","text":"consequences to the issuer, and certain other features (such as restrictions on common dividend","page_number":132,"box":{"x":116,"y":831,"width":725,"height":12}},{"id":"3bf285e2-d6e6-4468-97c1-82ab6e48fe8b","block_type":"box","text":"payments by the issuer or ultimate guarantor when full cumulative payments on the trust preferred","page_number":132,"box":{"x":117,"y":847,"width":733,"height":12}},{"id":"7faab655-9ee9-40de-8567-bb24c2b4fc6a","block_type":"box","text":"securities have not been made), these trust preferred securities are often treated as close substitutes","page_number":132,"box":{"x":116,"y":862,"width":756,"height":12}},{"id":"ccb53024-7006-4bcf-97ba-96f4fca3d7a8","block_type":"box","text":"for traditional preferred securities, both by issuers and investors.","page_number":132,"box":{"x":116,"y":878,"width":483,"height":12}},{"id":"d53948e2-ee4b-4523-a856-7faee4cc683e","block_type":"box","text":"II-83","page_number":132,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"d3b6501c-3d3f-4581-99c3-f4ee758c8ceb","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":132,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"6c2eb7f7-7f8b-4d58-8919-42dd87b5d93d","block_type":"box","text":"Trust preferred securities include but are not limited to trust originated preferred securities (“TOPRS","page_number":133,"box":{"x":116,"y":87,"width":740,"height":12}},{"id":"f3b8b394-e4ce-4fa2-87c9-54b68f7be668","block_type":"box","text":"®","page_number":133,"box":{"x":857,"y":86,"width":9,"height":7}},{"id":"8e7c8d20-fe29-45d6-984d-b34c272617b0","block_type":"box","text":"”);","page_number":133,"box":{"x":867,"y":87,"width":20,"height":12}},{"id":"b537e847-ccd5-4fe2-9f3d-a7c49c36ccec","block_type":"box","text":"monthly income preferred securities (“MIPS","page_number":133,"box":{"x":117,"y":102,"width":322,"height":13}},{"id":"b6e1194f-4d9e-49e4-b873-3e07f34227a3","block_type":"box","text":"®","page_number":133,"box":{"x":439,"y":102,"width":10,"height":7}},{"id":"4b09aac4-4157-448a-b078-6c254fd6b9a5","block_type":"box","text":"”); quarterly income bond securities (“QUIBS","page_number":133,"box":{"x":449,"y":102,"width":330,"height":13}},{"id":"c961fa62-1e07-4c75-9149-281fca07a041","block_type":"box","text":"®","page_number":133,"box":{"x":780,"y":102,"width":9,"height":7}},{"id":"e87d5d1b-b27e-46fb-a434-fc566c263b32","block_type":"box","text":"” ); quarterly","page_number":133,"box":{"x":790,"y":102,"width":95,"height":13}},{"id":"4edffe68-a35b-4289-a0dc-1cf5b6776a80","block_type":"box","text":"income debt securities (“QUIDS","page_number":133,"box":{"x":117,"y":118,"width":234,"height":12}},{"id":"0a04f154-a274-40f8-a309-0fb717e344a4","block_type":"box","text":"®","page_number":133,"box":{"x":352,"y":117,"width":10,"height":7}},{"id":"33d29a60-1a4e-4fd7-b0ed-54f5e1d65913","block_type":"box","text":"”); quarterly income preferred securities (“QUIPS","page_number":133,"box":{"x":362,"y":118,"width":361,"height":12}},{"id":"62ec8db3-f3ac-4b35-988f-0449a84460e0","block_type":"box","text":"SM","page_number":133,"box":{"x":724,"y":118,"width":16,"height":6}},{"id":"3bb94818-3a5f-4680-a962-31738dce95d8","block_type":"box","text":"”); corporate trust","page_number":133,"box":{"x":741,"y":118,"width":133,"height":12}},{"id":"d60e708c-e746-40c8-8ea3-23c95e8ff2c3","block_type":"box","text":"securities (“CORTS","page_number":133,"box":{"x":116,"y":134,"width":145,"height":12}},{"id":"094aa4de-0604-4098-9635-121b53e93142","block_type":"box","text":"®","page_number":133,"box":{"x":262,"y":133,"width":9,"height":7}},{"id":"fc1e9918-a2d5-40ef-97c5-35ca5b7c4d99","block_type":"box","text":"”); public income notes (“PINES","page_number":133,"box":{"x":271,"y":134,"width":235,"height":12}},{"id":"bf81313f-2862-49d9-86ba-3a7d20f28ea0","block_type":"box","text":"®","page_number":133,"box":{"x":507,"y":133,"width":9,"height":7}},{"id":"f1fb0b84-236a-4bfd-a92b-8e0249eeba55","block_type":"box","text":"”); and other trust preferred securities.","page_number":133,"box":{"x":517,"y":134,"width":287,"height":12}},{"id":"6a9878a4-66f2-476a-9b0d-8bae0a756376","block_type":"box","text":"Trust preferred securities are typically issued with a final maturity date, although some are perpetual in","page_number":133,"box":{"x":116,"y":161,"width":766,"height":13}},{"id":"98cca16e-9d31-4d0b-9b80-3a320e22a80c","block_type":"box","text":"nature. In certain instances, a final maturity date may be extended and/or the final payment of principal","page_number":133,"box":{"x":117,"y":177,"width":767,"height":12}},{"id":"c8b0e450-8336-4d7a-bb44-dc138d22db5f","block_type":"box","text":"may be deferred at the issuer’s option for a specified time without default. No redemption can typically","page_number":133,"box":{"x":117,"y":192,"width":760,"height":13}},{"id":"da4d3042-c552-4036-8ba8-74a35e22863a","block_type":"box","text":"take place unless all cumulative payment obligations have been met, although issuers may be able to","page_number":133,"box":{"x":116,"y":208,"width":758,"height":12}},{"id":"7f42b8a3-797a-4dcc-876b-846cc15cdc72","block_type":"box","text":"engage in open-market repurchases without regard to whether all payments have been paid.","page_number":133,"box":{"x":116,"y":224,"width":693,"height":12}},{"id":"8c93353b-3fc6-41db-9525-1c7e16c6233d","block_type":"box","text":"Many trust preferred securities are issued by trusts or other special purpose entities established by","page_number":133,"box":{"x":117,"y":251,"width":737,"height":12}},{"id":"6f6893af-3372-47c1-9373-cbc88ca8bc41","block_type":"box","text":"operating companies and are not a direct obligation of an operating company. At the time the trust or","page_number":133,"box":{"x":116,"y":267,"width":752,"height":12}},{"id":"90c54845-ba9e-4858-8f16-9a38bd355f5c","block_type":"box","text":"special purpose entity sells such preferred securities to investors, it purchases debt of the operating","page_number":133,"box":{"x":116,"y":282,"width":745,"height":12}},{"id":"baee8d8a-9261-4d61-b704-33011c1c63fc","block_type":"box","text":"company (with terms comparable to those of the trust or special purpose entity securities), which","page_number":133,"box":{"x":116,"y":298,"width":722,"height":12}},{"id":"564e1cfd-b1cc-4eba-b57a-469108ebaf9d","block_type":"box","text":"enables the operating company to deduct for tax purposes the interest paid on the debt held by the","page_number":133,"box":{"x":116,"y":313,"width":739,"height":12}},{"id":"8899807d-113f-4899-9094-977cd5540ccb","block_type":"box","text":"trust or special purpose entity. The trust or special purpose entity is generally required to be treated as","page_number":133,"box":{"x":116,"y":329,"width":765,"height":12}},{"id":"535d8954-86b2-4919-92a4-7b0469a9258e","block_type":"box","text":"transparent for U.S. federal income tax purposes such that the holders of the trust preferred securities","page_number":133,"box":{"x":116,"y":344,"width":762,"height":12}},{"id":"4a2871bf-f506-446a-899e-cb7291b05a5f","block_type":"box","text":"are treated as owning beneficial interests in the underlying debt of the operating company. Accordingly,","page_number":133,"box":{"x":116,"y":360,"width":772,"height":12}},{"id":"b21e972a-a30c-4960-a953-2231d7e5cd38","block_type":"box","text":"payments on the trust preferred securities are treated as interest rather than dividends for U.S. federal","page_number":133,"box":{"x":117,"y":375,"width":763,"height":12}},{"id":"603f421d-f35f-4cba-95e5-6133491b067e","block_type":"box","text":"income tax purposes. The trust or special purpose entity in turn would be a holder of the operating","page_number":133,"box":{"x":117,"y":391,"width":732,"height":12}},{"id":"f7db82ed-a8a4-4232-9dbe-26283c854490","block_type":"box","text":"company’s debt and would have priority with respect to the operating company’s earnings and profits","page_number":133,"box":{"x":116,"y":406,"width":754,"height":12}},{"id":"6ff31847-ea04-428d-bf0a-1d0bdc8e38d1","block_type":"box","text":"over the operating company’s common shareholders but would typically be subordinated to other","page_number":133,"box":{"x":116,"y":422,"width":725,"height":12}},{"id":"cd8807cd-59be-4095-9388-af52c0b0fa4c","block_type":"box","text":"classes of the operating company’s debt. Typically, a preferred share has a rating that is slightly below","page_number":133,"box":{"x":116,"y":437,"width":765,"height":12}},{"id":"10d0c9d1-f4ed-4041-9f3d-00045e42614e","block_type":"box","text":"that of its corresponding operating company’s senior debt securities.","page_number":133,"box":{"x":116,"y":453,"width":512,"height":12}},{"id":"556c27d8-560f-4013-8908-130ffc5bb570","block_type":"box","text":"Real Estate Investment Trusts (“REITs”).","page_number":133,"box":{"x":116,"y":481,"width":324,"height":12}},{"id":"d4e35535-54e8-4358-b13d-0f30e7f14a39","block_type":"box","text":"In pursuing its investment strategy, a Fund may invest in","page_number":133,"box":{"x":441,"y":481,"width":430,"height":12}},{"id":"c654f74d-e7da-4fa5-8f9e-fb77fc0a47ff","block_type":"box","text":"shares of REITs. REITs possess certain risks which differ from an investment in common stocks.","page_number":133,"box":{"x":116,"y":496,"width":724,"height":12}},{"id":"9f70b5a4-6750-4c93-8078-8b8e72ac4781","block_type":"box","text":"REITs are financial vehicles that pool investor’s capital to purchase or finance real estate. REITs may","page_number":133,"box":{"x":117,"y":512,"width":756,"height":12}},{"id":"5da3dc70-cf72-447d-95d7-7f4bf3f9a37c","block_type":"box","text":"concentrate their investments in specific geographic areas or in specific property types,","page_number":133,"box":{"x":116,"y":527,"width":652,"height":12}},{"id":"317bafe0-2f45-42b8-9689-f4e26c6865ae","block_type":"box","text":"i.e.","page_number":133,"box":{"x":768,"y":527,"width":21,"height":10}},{"id":"2ff8ca5e-0aeb-431d-9d95-03db2ac244d0","block_type":"box","text":", hotels,","page_number":133,"box":{"x":792,"y":527,"width":62,"height":12}},{"id":"871ea30e-c195-4071-b858-982ed29f0d83","block_type":"box","text":"shopping malls, residential complexes and office buildings.","page_number":133,"box":{"x":116,"y":543,"width":441,"height":12}},{"id":"1292e8d9-b45c-45b9-b488-eff8b5a44b58","block_type":"box","text":"REITs are subject to management fees and other expenses, and so a Fund that invests in REITs will","page_number":133,"box":{"x":117,"y":571,"width":752,"height":12}},{"id":"641d90f2-d3ed-4592-aa23-fd97084392ed","block_type":"box","text":"bear its proportionate share of the costs of the REITs’ operations. There are three general categories","page_number":133,"box":{"x":117,"y":586,"width":754,"height":12}},{"id":"7b22d43c-b4d6-47b9-8820-991d1422b1a3","block_type":"box","text":"of REITs: Equity REITs, Mortgage REITs and Hybrid REITs. Equity REITs invest primarily in direct fee","page_number":133,"box":{"x":116,"y":602,"width":763,"height":12}},{"id":"003094a5-5a0d-4b21-a1c6-63acd6cb67da","block_type":"box","text":"ownership or leasehold ownership of real property, which derive most of their income from rents.","page_number":133,"box":{"x":116,"y":617,"width":721,"height":12}},{"id":"04d9d030-93c9-43d6-bfaf-427cf7d3effb","block_type":"box","text":"Mortgage REITs invest mostly in mortgages on real estate, which may secure construction,","page_number":133,"box":{"x":117,"y":633,"width":681,"height":12}},{"id":"1a291a42-ca29-489a-aa51-ae061a4fa863","block_type":"box","text":"development or long-term loans; the main source of their income is mortgage interest payments.","page_number":133,"box":{"x":116,"y":648,"width":720,"height":12}},{"id":"f0b5c48b-a933-40bd-8e2c-685f0f5e016a","block_type":"box","text":"Hybrid REITs hold both ownership and mortgage interests in real estate.","page_number":133,"box":{"x":117,"y":664,"width":535,"height":12}},{"id":"f4b85cff-6224-464b-a7ff-ffcc9dfe1aa5","block_type":"box","text":"Investing in REITs involves certain unique risks in addition to those risks associated with investing in","page_number":133,"box":{"x":117,"y":692,"width":743,"height":12}},{"id":"77f9e4df-8cb7-4c2e-a608-b1598eb70601","block_type":"box","text":"the real estate industry in general. The market value of REIT shares and the ability of the REITs to","page_number":133,"box":{"x":116,"y":707,"width":730,"height":12}},{"id":"2b7b6f64-07d2-4359-aafb-6013dcd291fe","block_type":"box","text":"distribute income may be adversely affected by several factors, including rising interest rates, changes","page_number":133,"box":{"x":116,"y":723,"width":760,"height":12}},{"id":"2d2581cf-7235-4f62-bd2f-f4e62563bdd8","block_type":"box","text":"in the national, state and local economic climate and real estate conditions, occupancy and rental","page_number":133,"box":{"x":117,"y":738,"width":721,"height":12}},{"id":"26888fc2-0787-4787-b366-70eae74371ab","block_type":"box","text":"rates, perceptions of prospective tenants of the safety, convenience and attractiveness of the","page_number":133,"box":{"x":117,"y":754,"width":690,"height":12}},{"id":"d99a4832-7fc4-4bac-8633-a743969abc32","block_type":"box","text":"properties, the ability of the owners to provide adequate management, maintenance and insurance, the","page_number":133,"box":{"x":117,"y":769,"width":765,"height":12}},{"id":"50643953-6147-4032-97e1-c4875749c8a1","block_type":"box","text":"cost of complying with the Americans with Disabilities Act, increased competition from new properties,","page_number":133,"box":{"x":116,"y":785,"width":755,"height":12}},{"id":"2aab70e3-4128-44ca-a9b6-bdfc27b90c7c","block_type":"box","text":"the impact of present or future environmental legislation and compliance with environmental laws,","page_number":133,"box":{"x":116,"y":800,"width":723,"height":12}},{"id":"9f7851a8-50a4-4810-ae9c-8ce4e047716a","block_type":"box","text":"failing to maintain their exemptions from registration under the Investment Company Act, changes in","page_number":133,"box":{"x":116,"y":816,"width":744,"height":12}},{"id":"c2c7f8a5-1b6a-4550-8998-4fc20f3b8470","block_type":"box","text":"real estate taxes and other operating expenses, adverse changes in governmental rules and fiscal","page_number":133,"box":{"x":117,"y":831,"width":733,"height":12}},{"id":"7e61f83d-6772-45d2-a80b-546b09d94136","block_type":"box","text":"policies, adverse changes in zoning laws and other factors beyond the control of the issuers of the","page_number":133,"box":{"x":117,"y":847,"width":733,"height":12}},{"id":"90874428-f763-4b05-b225-ea58ea83f050","block_type":"box","text":"REITs. To the extent that assets underlying a REIT are concentrated geographically, by property type,","page_number":133,"box":{"x":117,"y":862,"width":762,"height":12}},{"id":"0234483a-d2c9-449d-864a-f8e7035a8fe0","block_type":"box","text":"or in certain other respects, these risks may be heightened.","page_number":133,"box":{"x":116,"y":878,"width":446,"height":12}},{"id":"5ec9ad09-e6cd-410f-8acd-193f81d20047","block_type":"box","text":"II-84","page_number":133,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"cb86eba3-250b-4732-9624-08d78953bea3","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":133,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"2d3ab7b8-2e8b-4cf9-b539-b944e1e735dc","block_type":"box","text":"In addition, distributions received by a Fund from REITs may consist of dividends, capital gains and/or","page_number":134,"box":{"x":117,"y":87,"width":761,"height":12}},{"id":"dabe13d9-0585-4d80-868d-40bbe6099493","block_type":"box","text":"return of capital. As REITs generally pay a higher rate of dividends (on a pre-tax basis) than operating","page_number":134,"box":{"x":117,"y":102,"width":760,"height":13}},{"id":"9d432dd8-0234-479b-8126-1924711f0e34","block_type":"box","text":"companies, to the extent application of the Fund’s investment strategy results in the Fund investing in","page_number":134,"box":{"x":116,"y":118,"width":758,"height":12}},{"id":"6216ca5e-e110-4def-88e2-2435a928fba1","block_type":"box","text":"REIT shares, the percentage of the Fund’s dividend income received from REIT shares will likely","page_number":134,"box":{"x":117,"y":134,"width":722,"height":12}},{"id":"0dad851a-b6dd-409d-b30c-610baf523d9b","block_type":"box","text":"exceed the percentage of the Fund’s portfolio which is comprised of REIT shares. Ordinary REIT","page_number":134,"box":{"x":116,"y":149,"width":723,"height":12}},{"id":"8763d6a1-9093-4933-b42b-ea4e472058b4","block_type":"box","text":"dividends received by the Fund and distributed to the Fund’s shareholders will generally be taxable as","page_number":134,"box":{"x":116,"y":165,"width":762,"height":12}},{"id":"266e7a39-8654-49d6-a895-063eb138b195","block_type":"box","text":"ordinary income and will not constitute “qualified dividend income.” However, a non-corporate taxpayer","page_number":134,"box":{"x":116,"y":180,"width":768,"height":12}},{"id":"0d922343-7700-4b93-8a3a-af303d337ec7","block_type":"box","text":"who is a direct REIT shareholder may claim a 20% “qualified business income” deduction for ordinary","page_number":134,"box":{"x":116,"y":196,"width":757,"height":12}},{"id":"f7196055-a7c4-4f36-99b3-14cbc8577f52","block_type":"box","text":"REIT dividends, and a regulated investment company may report dividends as eligible for this","page_number":134,"box":{"x":117,"y":211,"width":698,"height":12}},{"id":"e17f0a81-e809-4866-b07d-f9b51f6ed93f","block_type":"box","text":"deduction to the extent the regulated investment company’s income is derived from ordinary REIT","page_number":134,"box":{"x":116,"y":227,"width":731,"height":12}},{"id":"ba65d0e3-daa2-4f95-a656-549feac1556e","block_type":"box","text":"dividends (reduced by allocable regulated investment company expenses). A shareholder may treat","page_number":134,"box":{"x":116,"y":242,"width":745,"height":12}},{"id":"8483d8c4-9e42-41df-b6b2-f0f5ab7e5b59","block_type":"box","text":"the dividends as such provided the regulated investment company and the shareholder satisfy","page_number":134,"box":{"x":116,"y":258,"width":704,"height":12}},{"id":"c5b171dc-b050-4884-9795-60058e734e50","block_type":"box","text":"applicable holding period requirements.","page_number":134,"box":{"x":116,"y":273,"width":298,"height":12}},{"id":"cc07d4d5-fb2a-4389-94af-f2d3a3695b52","block_type":"box","text":"REITs (especially mortgage REITs) are also subject to interest rate risk. Rising interest rates may","page_number":134,"box":{"x":117,"y":304,"width":728,"height":12}},{"id":"a1f6e763-ece7-4b80-b999-ff219883536c","block_type":"box","text":"cause REIT investors to demand a higher annual yield, which may, in turn, cause a decline in the","page_number":134,"box":{"x":116,"y":320,"width":726,"height":12}},{"id":"0fd80222-d8bb-4e97-81f5-09ffc48b7812","block_type":"box","text":"market price of the equity securities issued by a REIT. Rising interest rates also generally increase the","page_number":134,"box":{"x":117,"y":335,"width":764,"height":12}},{"id":"e48a64a1-1758-4617-922d-e2b6cab09a9f","block_type":"box","text":"costs of obtaining financing, which could cause the value of a Fund’s REIT investments to decline.","page_number":134,"box":{"x":116,"y":351,"width":734,"height":12}},{"id":"6dda6cfb-24ee-47db-93cf-83563fe7da70","block_type":"box","text":"During periods when interest rates are declining, mortgages are often refinanced. Refinancing may","page_number":134,"box":{"x":117,"y":366,"width":738,"height":12}},{"id":"f99c8908-4253-4b50-97a6-6fdc978a1877","block_type":"box","text":"reduce the yield on investments in mortgage REITs. In addition, since REITs depend on payment","page_number":134,"box":{"x":117,"y":382,"width":726,"height":12}},{"id":"cdbeff12-6410-4194-8257-2b5eaa21168b","block_type":"box","text":"under their mortgage loans and leases to generate cash to make distributions to their shareholders,","page_number":134,"box":{"x":117,"y":397,"width":743,"height":12}},{"id":"e18a3848-5cb9-45ad-9d5f-15e575d1753a","block_type":"box","text":"investments in REITs may be adversely affected by defaults on such mortgage loans or leases.","page_number":134,"box":{"x":117,"y":413,"width":712,"height":12}},{"id":"4410624c-8368-4aa3-8821-2ab5ce376124","block_type":"box","text":"Investing in certain REITs, which often have small mark","page_number":134,"box":{"x":117,"y":444,"width":403,"height":12}},{"id":"d4ab5ec2-e564-4165-815a-cc552e88f3b6","block_type":"box","text":"et capitalizations, may also involve the same risks","page_number":134,"box":{"x":521,"y":444,"width":367,"height":12}},{"id":"fb0299bb-56a1-4724-bccf-5c6a9d3db9f5","block_type":"box","text":"as investing in other small capitalization compani","page_number":134,"box":{"x":116,"y":459,"width":354,"height":12}},{"id":"1c28286c-21fe-44dc-80c8-cb9904b0c430","block_type":"box","text":"es. REITs may have limited financial resources and their","page_number":134,"box":{"x":472,"y":459,"width":414,"height":12}},{"id":"21e99e49-c3b9-4c4f-8eab-c46cd609de5a","block_type":"box","text":"securities may trade less frequently and in limited volu","page_number":134,"box":{"x":116,"y":475,"width":393,"height":12}},{"id":"6a599739-75e4-42b5-8f3e-a74a732f8066","block_type":"box","text":"me and may be subject to more abrupt or erratic","page_number":134,"box":{"x":511,"y":475,"width":355,"height":12}},{"id":"baf705d2-dab4-4c41-bb67-28a758cc7bd4","block_type":"box","text":"price movements than larger company securities. Histo","page_number":134,"box":{"x":117,"y":490,"width":399,"height":12}},{"id":"694fa920-651c-4c8a-9132-5d3b1f4477e7","block_type":"box","text":"rically, small capitalization stocks, such as REITs,","page_number":134,"box":{"x":518,"y":490,"width":364,"height":12}},{"id":"0621fa22-f380-4838-a374-781603bbb693","block_type":"box","text":"have been more volatile in price than the larger c","page_number":134,"box":{"x":117,"y":506,"width":354,"height":12}},{"id":"77e5d9d7-6ac1-4622-85f1-e6b58fe152ed","block_type":"box","text":"apitalization stocks such as those included in the S&P","page_number":134,"box":{"x":472,"y":506,"width":396,"height":12}},{"id":"f4474372-b454-4b4a-824f-501fe645ed42","block_type":"box","text":"500 Index. The management of a REIT may be subject to","page_number":134,"box":{"x":116,"y":521,"width":423,"height":12}},{"id":"62d9df4b-3dc7-41ca-8747-347f9f151845","block_type":"box","text":"conflicts of interest with respect to the","page_number":134,"box":{"x":540,"y":521,"width":278,"height":12}},{"id":"1f44e39c-725a-4e0d-9c2e-1de6e215e204","block_type":"box","text":"operation of the business of the REIT and may be involved","page_number":134,"box":{"x":116,"y":537,"width":432,"height":12}},{"id":"94888768-9cf9-4f8b-8957-2c316c60b4be","block_type":"box","text":"in real estate activities competitive with the","page_number":134,"box":{"x":549,"y":537,"width":314,"height":12}},{"id":"0cbb1ec5-941e-495b-84c4-07d7bbada596","block_type":"box","text":"REIT. REITs may own properties through joint ventures","page_number":134,"box":{"x":117,"y":552,"width":407,"height":12}},{"id":"69f040c0-e8bf-47f4-ba3a-49ed6ef2eeb9","block_type":"box","text":"or in other circumstances in which the REIT may","page_number":134,"box":{"x":525,"y":552,"width":357,"height":12}},{"id":"c4f6f3f5-41e9-4d61-91ac-9ec4dcf8dac8","block_type":"box","text":"not have control over its investments. REITs","page_number":134,"box":{"x":117,"y":568,"width":320,"height":9}},{"id":"47a16be6-dcb7-4f06-86a9-0fddcf97414e","block_type":"box","text":"may incur significant amounts of leverage.","page_number":134,"box":{"x":438,"y":568,"width":316,"height":12}},{"id":"4b0c4756-2ab8-4b51-b0fe-7edd46a580ac","block_type":"box","text":"Market Risks/Recent Market Events","page_number":134,"box":{"x":116,"y":599,"width":283,"height":9}},{"id":"cc1f2409-16bb-4a87-a336-353eca7ba02b","block_type":"box","text":". Securities may decline in value due to factors affecting","page_number":134,"box":{"x":401,"y":599,"width":418,"height":12}},{"id":"69235344-f364-4491-908c-db2db2d95dc7","block_type":"box","text":"securities markets generally or particular industries represented in the markets. The value of a security","page_number":134,"box":{"x":116,"y":614,"width":767,"height":12}},{"id":"0da2f055-ef93-414f-8f9f-e7225a09ac90","block_type":"box","text":"may decline due to general market conditions, economic trends or events that are not specifically","page_number":134,"box":{"x":117,"y":630,"width":725,"height":12}},{"id":"4fea3602-8be4-4f07-8ed9-9fd0559fda86","block_type":"box","text":"related to a company or to factors that affect a particular industry or industries, or factors that affect a","page_number":134,"box":{"x":117,"y":645,"width":754,"height":12}},{"id":"d26111ee-7261-4103-a47c-b724d0c458fd","block_type":"box","text":"particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of","page_number":134,"box":{"x":117,"y":661,"width":743,"height":12}},{"id":"35bed3c8-95c1-42c6-bdb4-9bcbcb544794","block_type":"box","text":"industries, sector or asset class. The success of a Fund’s activities could be affected by interest rates,","page_number":134,"box":{"x":117,"y":676,"width":755,"height":12}},{"id":"cc32721d-02bd-4f8b-8d15-e999c880427f","block_type":"box","text":"availability of credit, inflation rates, economic uncertainty, changes in laws, trade barriers, economic","page_number":134,"box":{"x":116,"y":692,"width":740,"height":12}},{"id":"bd0c0116-db17-447c-ba14-28c9ea05bea7","block_type":"box","text":"sanctions, currency exchange controls, and local, regional or global events such as war, acts of","page_number":134,"box":{"x":116,"y":707,"width":709,"height":12}},{"id":"b96a7315-9d5c-4f2b-b799-f05112cd035b","block_type":"box","text":"terrorism, natural and environmental disasters, the spread of infectious illness or other public health","page_number":134,"box":{"x":116,"y":723,"width":738,"height":12}},{"id":"8bae9505-a1fe-4e5e-a8d0-2a0b6de305d5","block_type":"box","text":"issues, recessions, or other events could have a significant impact on a Fund and its investments.","page_number":134,"box":{"x":117,"y":738,"width":724,"height":12}},{"id":"c7e34d4e-8866-4817-bc83-d151aa442604","block_type":"box","text":"During a general economic downturn in the securities markets, multiple asset classes may be","page_number":134,"box":{"x":117,"y":754,"width":692,"height":12}},{"id":"d76ac4c0-5df4-4062-b112-4ef4bfe3233a","block_type":"box","text":"negatively affected. These factors may affect the level and volatility of securities prices and the liquidity","page_number":134,"box":{"x":117,"y":769,"width":763,"height":12}},{"id":"72931a4d-9c36-4d5d-96a7-618161f84db8","block_type":"box","text":"of a Fund’s investments, which could impair the Fund’s profitability or result in losses. A Fund may","page_number":134,"box":{"x":116,"y":785,"width":729,"height":12}},{"id":"dbdde694-ded3-4d77-a2c0-d9b80c0cf6a4","block_type":"box","text":"maintain substantial trading positions that can be adversely affected by the level of volatility in the","page_number":134,"box":{"x":117,"y":800,"width":722,"height":12}},{"id":"7d232a3a-1b53-4277-9160-8a5e7361af65","block_type":"box","text":"financial markets; the larger the positions, the greater the potential for loss. Unpredictable or unstable","page_number":134,"box":{"x":116,"y":816,"width":753,"height":12}},{"id":"491f9ab0-a77b-4306-a4af-0cb39ab73ba7","block_type":"box","text":"market conditions may result in reduced opportunities to find suitable investments to deploy capital or","page_number":134,"box":{"x":117,"y":831,"width":756,"height":12}},{"id":"fec7fe37-2e3e-4ab1-b126-5ed8243c72f5","block_type":"box","text":"make it more difficult to exit and realize value","page_number":134,"box":{"x":117,"y":847,"width":339,"height":9}},{"id":"b1db494b-c7bb-4b6c-bf39-cf8a0b964e68","block_type":"box","text":"from a Fund’s existing investments. It is important to","page_number":134,"box":{"x":456,"y":847,"width":394,"height":12}},{"id":"91b01348-412d-4f8e-8464-a01996f5cb24","block_type":"box","text":"understand that a Fund can incur material losses even if it reacts quickly to difficult market conditions","page_number":134,"box":{"x":117,"y":862,"width":754,"height":12}},{"id":"f63d8534-4cb6-49aa-9ead-dba9a5308a09","block_type":"box","text":"II-85","page_number":134,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"ef45da42-0543-4647-955c-df413fb0375d","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":134,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"afffc82e-8154-43bf-ae79-c971cebb8cf6","block_type":"box","text":"and there can be no assurance that a Fund will not suffer material adverse effects from broad and","page_number":135,"box":{"x":116,"y":87,"width":732,"height":10}},{"id":"81ac4811-8973-4394-9399-fd6a5a4ba0ac","block_type":"box","text":"rapid changes in market conditions.","page_number":135,"box":{"x":117,"y":103,"width":268,"height":12}},{"id":"c4064f3b-dea0-4b77-bbb3-7267ee172f42","block_type":"box","text":"Periods of unusually high volatility in the financial","page_number":135,"box":{"x":117,"y":134,"width":359,"height":12}},{"id":"ff0aec6a-2974-4238-bbfa-6452edccd3b4","block_type":"box","text":"markets and restrictive credit conditions, sometimes","page_number":135,"box":{"x":477,"y":134,"width":381,"height":11}},{"id":"4b27afe3-f967-47ac-a0da-483b2436d935","block_type":"box","text":"limited to a particular sector or a geography, can o","page_number":135,"box":{"x":117,"y":149,"width":364,"height":12}},{"id":"d40a8e2a-b2d7-4e1f-b02f-a1dd360d1693","block_type":"box","text":"ccur. Some countries, including the United States,","page_number":135,"box":{"x":482,"y":149,"width":368,"height":12}},{"id":"4fc6ffe2-920f-47e4-9d9f-90ccd37e5440","block_type":"box","text":"have adopted and/or are considering the adoption of more","page_number":135,"box":{"x":117,"y":165,"width":422,"height":12}},{"id":"3fdd0c37-490d-4195-bcf8-63a0ea3ed57a","block_type":"box","text":"protectionist trade policies, a move away from","page_number":135,"box":{"x":539,"y":165,"width":344,"height":12}},{"id":"13e0b42a-eb0d-4662-a84d-6da4e5d688f7","block_type":"box","text":"the tighter financial industry regulations that follow","page_number":135,"box":{"x":116,"y":180,"width":363,"height":12}},{"id":"23e8f13f-a0bc-4fd6-8d15-167960680fc2","block_type":"box","text":"ed the financial crisis of","page_number":135,"box":{"x":480,"y":180,"width":174,"height":10}},{"id":"9c5db016-3365-416f-8f87-fcf002e828b9","block_type":"box","text":"2008, and/or substantially","page_number":135,"box":{"x":654,"y":180,"width":192,"height":12}},{"id":"8d257123-0382-436f-a3cd-bb80323be366","block_type":"box","text":"reducing corporate taxes. The exact shape of these","page_number":135,"box":{"x":117,"y":196,"width":379,"height":12}},{"id":"602b829d-bbf1-4da8-ac42-a9bbfdef0d8e","block_type":"box","text":"policies is still being considered, but the equity and","page_number":135,"box":{"x":497,"y":196,"width":372,"height":12}},{"id":"6e81a9c1-d368-45be-9d2b-9bafd416e3de","block_type":"box","text":"debt markets may react strongly to expectations of c","page_number":135,"box":{"x":116,"y":211,"width":381,"height":12}},{"id":"a87c2fc5-e35d-41b5-80ae-cfb15c2750f9","block_type":"box","text":"hange, which could increase volatility, especially if","page_number":135,"box":{"x":498,"y":211,"width":367,"height":12}},{"id":"9fc0e6e1-4910-4862-9a5f-9ce52c8eef58","block_type":"box","text":"the market’s expectations are not borne out. 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In addition, geopolitical and other risks, including","page_number":135,"box":{"x":486,"y":258,"width":398,"height":12}},{"id":"c0fc43d4-5a19-4a5b-ab5e-416d396597bf","block_type":"box","text":"environmental and public health, may add to instability in world economies and markets generally.","page_number":135,"box":{"x":116,"y":273,"width":716,"height":12}},{"id":"f5f3e198-4301-49e0-bdcf-53c899641700","block_type":"box","text":"Economies and financial markets throughout the world","page_number":135,"box":{"x":117,"y":289,"width":400,"height":12}},{"id":"b78fd29f-c296-4e41-ab9a-564e0d54f4c3","block_type":"box","text":"are increasingly interconnected. 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Future","page_number":135,"box":{"x":117,"y":382,"width":750,"height":12}},{"id":"85af0aac-acd9-4156-b7ce-96e9fb992248","block_type":"box","text":"legislation or regulation or other governmental actions could limit or preclude the Fund’s abilities to","page_number":135,"box":{"x":117,"y":397,"width":735,"height":12}},{"id":"f03239ff-0ab5-482c-9a71-c8910d8e6e75","block_type":"box","text":"achieve its investment objectives or otherwise adversely impact an investment in the Fund. Recent","page_number":135,"box":{"x":116,"y":413,"width":738,"height":12}},{"id":"632d5767-e0df-4b8d-8860-5fa706b0da3b","block_type":"box","text":"policy initiatives undertaken by the U.S. government have the potential to impact international relations,","page_number":135,"box":{"x":117,"y":428,"width":771,"height":12}},{"id":"fabd636b-e001-43a3-9172-ff1b26f57f85","block_type":"box","text":"trade agreements and the overall regulatory environment in ways that could create uncertainty and","page_number":135,"box":{"x":116,"y":444,"width":738,"height":12}},{"id":"2854b3dc-381b-4eb6-9be1-e41aa0b9a602","block_type":"box","text":"instability in domestic and global markets, and could adversely affect the investment performance of","page_number":135,"box":{"x":117,"y":459,"width":746,"height":12}},{"id":"5b8f5220-5ed9-4dc1-9488-24fa821f05d0","block_type":"box","text":"the Fund. In particular, actions taken by the U.S. government in respect of international trade relations","page_number":135,"box":{"x":116,"y":475,"width":763,"height":12}},{"id":"0a9da555-a0c1-42b7-8b86-5ad982696952","block_type":"box","text":"could lead to trade wars, increased costs for imported goods, disruptions in supply chains, reduced","page_number":135,"box":{"x":116,"y":490,"width":740,"height":12}},{"id":"0349fb3b-d89c-4385-a953-3964729f35be","block_type":"box","text":"foreign investment, and instability in regions where the Fund invests. Political and diplomatic events","page_number":135,"box":{"x":116,"y":506,"width":744,"height":12}},{"id":"f56d006f-9633-4edf-8fab-25d604792432","block_type":"box","text":"within the United States, including a contentious domestic political environment, changes in political","page_number":135,"box":{"x":116,"y":521,"width":743,"height":12}},{"id":"1690f967-7553-4445-a3cb-4bf6b7a79b2f","block_type":"box","text":"party control of one or more branches of the U.S. Government, the U.S. Government’s inability at times","page_number":135,"box":{"x":117,"y":537,"width":770,"height":12}},{"id":"2fd41d86-ce3d-4148-a990-78dd9b7986b4","block_type":"box","text":"to agree on a long-term budget and deficit reduction plan, the threat of a U.S. Government shutdown,","page_number":135,"box":{"x":116,"y":552,"width":757,"height":12}},{"id":"35334df7-f962-4663-b5ec-7e19135d2886","block_type":"box","text":"and disagreements over, or threats not to increase, the U.S. Government’s borrowing limit (or “debt","page_number":135,"box":{"x":116,"y":568,"width":742,"height":12}},{"id":"6c395957-709e-408c-a9f3-d671f1274c9e","block_type":"box","text":"ceiling”), as well as political and diplomatic events abroad, may affect investor and consumer","page_number":135,"box":{"x":116,"y":583,"width":694,"height":12}},{"id":"90278fae-f06b-4963-9457-58f84c22c19f","block_type":"box","text":"confidence and may adversely impact financial markets and the broader economy, perhaps suddenly","page_number":135,"box":{"x":116,"y":599,"width":756,"height":12}},{"id":"8ec21cfc-27d4-48ac-b5e4-88b441a06fa4","block_type":"box","text":"and to a significant degree. A downgrade of the ratings of U.S. Government debt obligations, or","page_number":135,"box":{"x":116,"y":614,"width":713,"height":12}},{"id":"5f291b83-5789-4e2a-be27-35e2811c5352","block_type":"box","text":"concerns about the U.S. Government’s credit quality in general, could have a substantial negative","page_number":135,"box":{"x":116,"y":630,"width":730,"height":12}},{"id":"87a0c70a-7f0b-4ad7-af04-3c87e5ef4250","block_type":"box","text":"effect on the U.S. and global economies. For example, concerns about the U.S. Government’s credit","page_number":135,"box":{"x":116,"y":645,"width":751,"height":12}},{"id":"77659cbd-dc4f-455d-aa57-62e2487930ef","block_type":"box","text":"quality may cause increased volatility in the stock and bond markets, higher interest rates, reduced","page_number":135,"box":{"x":116,"y":661,"width":733,"height":12}},{"id":"9ff75cf3-5ad1-43fb-9724-25a58e3fc1ba","block_type":"box","text":"prices and liquidity of U.S. Treasury securities, and/or increased costs of various kinds of debt.","page_number":135,"box":{"x":117,"y":676,"width":700,"height":12}},{"id":"0d5e0e6f-fb31-4efe-bd54-0b3f97112f07","block_type":"box","text":"Moreover, although the U.S. Government has honored its credit obligations, there remains a possibility","page_number":135,"box":{"x":117,"y":692,"width":761,"height":12}},{"id":"1fa48cd5-5733-4a45-9bc8-718896bf44de","block_type":"box","text":"that the United States could default on its obligations. The consequences of such an unprecedented","page_number":135,"box":{"x":116,"y":707,"width":741,"height":12}},{"id":"51ec2417-5ebc-4f49-b6af-b0c3e6cd224b","block_type":"box","text":"event are impossible to predict, but it is likely that a default by the United States would be highly","page_number":135,"box":{"x":116,"y":723,"width":712,"height":12}},{"id":"fb549aa9-1df5-4652-ae62-660c0d45e082","block_type":"box","text":"disruptive to the U.S. and global securities markets and could significantly impair the value of the","page_number":135,"box":{"x":116,"y":738,"width":718,"height":12}},{"id":"7fb968eb-e696-4084-a282-3428f9aa5830","block_type":"box","text":"Fund’s investments.","page_number":135,"box":{"x":117,"y":754,"width":147,"height":9}},{"id":"58cf9b8a-52aa-462d-93be-602447643c79","block_type":"box","text":"The COVID-19 pandemic resulted in significant market volatility, exchange suspensions and closures,","page_number":135,"box":{"x":116,"y":785,"width":755,"height":12}},{"id":"1ef6b3f8-a924-4eb0-9fe6-4705a55862c0","block_type":"box","text":"declines in global financial markets, higher default rates, supply chain disruptions, and a substantial","page_number":135,"box":{"x":116,"y":800,"width":738,"height":12}},{"id":"de62c5a1-37ba-4fb8-8e75-e3913e1833dd","block_type":"box","text":"economic downturn in economies throughout the world. The impact of this coronavirus, and other","page_number":135,"box":{"x":116,"y":816,"width":722,"height":12}},{"id":"030e3e65-94e4-42e7-b848-fdd04c57ccc3","block_type":"box","text":"epidemics and pandemics that may arise in the future, could affect the economies of many nations,","page_number":135,"box":{"x":116,"y":831,"width":741,"height":12}},{"id":"e39bf984-a239-48be-bad6-a3e02226bf05","block_type":"box","text":"individual companies and the market in general in ways that cannot necessarily be foreseen at the","page_number":135,"box":{"x":117,"y":847,"width":733,"height":12}},{"id":"17ea3da6-45f1-4b84-a688-9aed3116daec","block_type":"box","text":"present time. These health crises may be short term or long term, and may exacerbate other pre","page_number":135,"box":{"x":117,"y":862,"width":721,"height":12}},{"id":"46858ccb-24cd-40e8-b470-43b4eb77dfb7","block_type":"box","text":"existing political, social and economic risks, disrupt normal market conditions and operations, and","page_number":135,"box":{"x":116,"y":878,"width":729,"height":12}},{"id":"1306f8e8-4550-49bc-939b-7dce90109930","block_type":"box","text":"II-86","page_number":135,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"64cc29e1-bfc8-45ec-b52f-cc921b6419c2","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":135,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"e2a8b6a0-2597-4363-8ccf-f58ac1bc8733","block_type":"box","text":"negatively impact performance. In addition, the impact of infectious diseases in emerging developing or","page_number":136,"box":{"x":117,"y":87,"width":771,"height":12}},{"id":"8062fc09-59c2-4a58-b0b0-0129d8aad973","block_type":"box","text":"emerging market countries may be greater due to less established health care systems.","page_number":136,"box":{"x":116,"y":103,"width":657,"height":12}},{"id":"93869124-df1b-4f5a-a20b-dbb4a404112e","block_type":"box","text":"Legal and Regulatory Risks","page_number":136,"box":{"x":116,"y":134,"width":205,"height":12}},{"id":"a74735f2-c3ed-4ef0-9e65-949657ccefe1","block_type":"box","text":". The Manager is part of a larger firm with multiple business lines active in","page_number":136,"box":{"x":323,"y":134,"width":550,"height":12}},{"id":"bab54b2f-1062-4cfb-91dc-e9aaeb918405","block_type":"box","text":"multiple jurisdictions that are governed by a multitude of legal systems and regulatory regimes, some","page_number":136,"box":{"x":117,"y":149,"width":753,"height":12}},{"id":"4c01b5a7-f00b-4568-81ec-7afe440a880f","block_type":"box","text":"of which are new and evolving. As a result, the Funds and the Manager and its affiliates are subject to","page_number":136,"box":{"x":116,"y":165,"width":761,"height":12}},{"id":"ebdeb71d-d7d1-4c2d-a2b0-45153a81f394","block_type":"box","text":"extensive and sophisticated legal, tax and regulatory risks, including changing laws and regulations,","page_number":136,"box":{"x":116,"y":180,"width":746,"height":12}},{"id":"cdf9d7ce-5aec-4096-b75d-10b00428a8a6","block_type":"box","text":"developing interpretations of such laws and regulations, as well as existing laws, and increased","page_number":136,"box":{"x":116,"y":196,"width":712,"height":12}},{"id":"947f4fae-09fb-4c31-bb30-07846b8d902c","block_type":"box","text":"scrutiny by regulators and law enforcement authorities. Unexpected economic, political, regulatory and","page_number":136,"box":{"x":116,"y":211,"width":766,"height":12}},{"id":"e35d3312-cc50-4220-80e2-1995b0e27fb7","block_type":"box","text":"diplomatic events within the United States and abroad can trigger new and complex regulations that","page_number":136,"box":{"x":116,"y":227,"width":745,"height":12}},{"id":"4db2f046-c789-485c-8503-7b8c40e96c74","block_type":"box","text":"the Manager and/or the Funds may need to comply with. The implementation of changes to comply","page_number":136,"box":{"x":116,"y":242,"width":742,"height":12}},{"id":"1f9f5ed2-0840-454e-9a03-9b11500fa23c","block_type":"box","text":"with current and/or new regulations applicable to the Funds and/or the Manager could have a material","page_number":136,"box":{"x":116,"y":258,"width":761,"height":12}},{"id":"606ace36-9249-4b5c-8381-8f7e04b7653b","block_type":"box","text":"adverse effect on the Funds (including by imposing material costs on the Funds, reducing profit","page_number":136,"box":{"x":116,"y":273,"width":712,"height":12}},{"id":"12c469f9-a0d8-4125-b31b-0a318307d7f5","block_type":"box","text":"margins, reducing investment opportunities or by otherwise restricting the Funds and/or the Manager).","page_number":136,"box":{"x":117,"y":289,"width":762,"height":12}},{"id":"b53a8afe-0f28-46c2-8e30-e3cf6a668193","block_type":"box","text":"Tariff and Trade Policy Risks","page_number":136,"box":{"x":118,"y":320,"width":213,"height":12}},{"id":"9ea58fa9-aad0-4240-aa27-d85f2fcc058d","block_type":"box","text":". Some countries, including the U.S., have adopted more protectionist","page_number":136,"box":{"x":332,"y":320,"width":521,"height":12}},{"id":"57012e49-7c9e-47f0-91b2-c13b33a6fd33","block_type":"box","text":"trade policies. The U.S. government recently altered its approach to international trade policy, resulting","page_number":136,"box":{"x":116,"y":335,"width":768,"height":12}},{"id":"b4250090-38b1-4442-be18-3cf712a7837a","block_type":"box","text":"in significant impacts on international trade relations, certain tax and immigration policies, and other","page_number":136,"box":{"x":117,"y":351,"width":742,"height":12}},{"id":"b8b0ef4c-723c-4c47-84ce-9575f6340c90","block_type":"box","text":"aspects of the national and international political and financial landscape. The rise in protectionist trade","page_number":136,"box":{"x":116,"y":366,"width":769,"height":12}},{"id":"632cdded-a1fb-48e6-bdda-0854e3f502dd","block_type":"box","text":"policies, slowing economic growth, changes to some major international trade agreements, risks","page_number":136,"box":{"x":117,"y":382,"width":718,"height":12}},{"id":"8edfdfee-2b41-4dea-8096-7f83faa6c74e","block_type":"box","text":"associated with trade agreements between the U.S. and the European Union, and the risks associated","page_number":136,"box":{"x":116,"y":397,"width":767,"height":12}},{"id":"530174fb-d576-4f4a-8fdc-e4041964909e","block_type":"box","text":"with trade negotiations between the U.S. and China, could affect the economies of many nations in","page_number":136,"box":{"x":116,"y":413,"width":739,"height":12}},{"id":"30d8dfb8-07d2-4af4-9b57-e827c1575892","block_type":"box","text":"ways that cannot necessarily be foreseen at the present time.","page_number":136,"box":{"x":116,"y":428,"width":462,"height":12}},{"id":"36545853-a90f-49b3-9f80-512a08d44564","block_type":"box","text":"Global trade disruption, significant introductions of trade barriers, and bilateral trade frictions, together","page_number":136,"box":{"x":117,"y":459,"width":759,"height":12}},{"id":"5a46d355-d391-499a-a592-7a9797c131f8","block_type":"box","text":"with any future downturns in the global economy resulting therefrom, could adversely affect the","page_number":136,"box":{"x":116,"y":475,"width":710,"height":12}},{"id":"780a6ba8-003c-4ba1-8ff7-30737184d87c","block_type":"box","text":"financial performance of a Fund and its investments. Trade policy may be an ongoing source of","page_number":136,"box":{"x":116,"y":490,"width":713,"height":12}},{"id":"cc61bf77-e633-4b8a-b99e-44612382ee80","block_type":"box","text":"instability, potentially resulting in significant currency fluctuations and/or having other adverse effects","page_number":136,"box":{"x":117,"y":506,"width":751,"height":12}},{"id":"097529d6-facd-4a9e-a65c-ebe6070b178f","block_type":"box","text":"on international markets, international trade agreements, and/or other existing cross-border","page_number":136,"box":{"x":116,"y":521,"width":683,"height":12}},{"id":"ad4bf852-9b0f-4119-84f0-e02ae228ee8f","block_type":"box","text":"cooperation arrangements (whether economic, tax, fiscal, legal, regulatory, or otherwise). 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Some of the companies in which the Fund invests may be located in, or otherwise","page_number":136,"box":{"x":250,"y":599,"width":621,"height":12}},{"id":"97b2bd9b-ce01-4daa-b13a-0a4acc3a04e7","block_type":"box","text":"connected to, parts of the world affected by natural disasters such as severe heat, earthquakes,","page_number":136,"box":{"x":116,"y":614,"width":717,"height":12}},{"id":"e9f227a4-21f8-4940-a170-167320da8a4a","block_type":"box","text":"tornadoes, volcanic eruptions, wildfires, droughts, floods, hurricanes or tsunamis, and are economically","page_number":136,"box":{"x":116,"y":630,"width":771,"height":12}},{"id":"b879af6c-b79b-467d-a0f8-b4c218ce573b","block_type":"box","text":"sensitive to environmental events. In addition, issuers may be impacted by security concerns with","page_number":136,"box":{"x":116,"y":645,"width":729,"height":12}},{"id":"5a431236-2379-4573-8c61-dde233729e74","block_type":"box","text":"respect to a country or region, such as war and other types of conflict, terrorism, strained international","page_number":136,"box":{"x":117,"y":661,"width":754,"height":12}},{"id":"2315b603-8898-42d1-91d8-9f66acff7ce1","block_type":"box","text":"relations and territorial disputes. Any of these events may adversely affect the issuers, markets and","page_number":136,"box":{"x":117,"y":676,"width":736,"height":12}},{"id":"3960b51d-3d16-4ed3-96e1-69161aa9a25b","block_type":"box","text":"economies to which a Fund is exposed, which may adversely affect the value of the Fund.","page_number":136,"box":{"x":116,"y":692,"width":667,"height":12}},{"id":"8d5aa43d-703f-4c38-a3b9-c6a42ee4eb17","block_type":"box","text":"Reference Rate Replacement Risk.","page_number":136,"box":{"x":116,"y":723,"width":275,"height":12}},{"id":"b66b5956-3da3-4b80-9f00-2054390b192a","block_type":"box","text":"The London Interbank Offered Rate (“LIBOR”) had historically","page_number":136,"box":{"x":398,"y":723,"width":459,"height":12}},{"id":"f9fc4ef6-2b57-4ceb-8800-6cc773ced0f4","block_type":"box","text":"been used extensively in the U.S. and globally as a “benchmark” or “reference rate” for various","page_number":136,"box":{"x":117,"y":738,"width":702,"height":12}},{"id":"42db22f6-7876-4d75-b2c0-89c43e7bd45c","block_type":"box","text":"commercial and financial contracts, including corporate and municipal bonds, bank loans, asset","page_number":136,"box":{"x":116,"y":754,"width":714,"height":12}},{"id":"a9f714e8-1d09-4422-94ba-29acd892dbda","block_type":"box","text":"backed and mortgage-related securities, interest rate swaps and other derivatives. Instruments in","page_number":136,"box":{"x":117,"y":769,"width":720,"height":12}},{"id":"b5c91989-ad7e-4746-a29b-8c569fbf3ced","block_type":"box","text":"which a Fund may have historically paid interest at floating rates based on LIBOR or may have been","page_number":136,"box":{"x":116,"y":785,"width":744,"height":12}},{"id":"9cc61d49-3e20-4953-bd3a-4276e47423be","block_type":"box","text":"subject to interest caps or floors based on LIBOR. The Funds and issuers of instruments in which a","page_number":136,"box":{"x":116,"y":800,"width":736,"height":12}},{"id":"23d9493f-4cc4-49d2-a906-72ed36b623b9","block_type":"box","text":"Fund invests may have also historically obtained financing at floating rates based on LIBOR. In","page_number":136,"box":{"x":117,"y":816,"width":703,"height":12}},{"id":"69b2d51d-dd2e-4c72-8c2c-61136f889a2f","block_type":"box","text":"connection with the global transition away from LIBOR led by regulators and market participants as a","page_number":136,"box":{"x":116,"y":831,"width":754,"height":12}},{"id":"62e55b57-a625-4fbc-aa23-c2908346aced","block_type":"box","text":"result of benchmark reforms, LIBOR was last published on a representative basis at the end of June","page_number":136,"box":{"x":117,"y":847,"width":748,"height":12}},{"id":"58a3c435-7209-41e1-a97c-8d1e285cc420","block_type":"box","text":"2023. Alternative reference rates to LIBOR have been established in most major currencies and","page_number":136,"box":{"x":116,"y":862,"width":717,"height":12}},{"id":"8943660b-0efc-4bc3-a784-71092b8b98ac","block_type":"box","text":"markets in these alternative rates are continuing to develop (","page_number":136,"box":{"x":117,"y":878,"width":449,"height":12}},{"id":"280ed8c7-2537-4c23-86e9-dc6f6e6324c3","block_type":"box","text":"e.g.","page_number":136,"box":{"x":568,"y":880,"width":25,"height":10}},{"id":"d35911b7-455a-4f48-9371-989da96b3d1d","block_type":"box","text":", the Secured Overnight Financing","page_number":136,"box":{"x":596,"y":878,"width":259,"height":12}},{"id":"6762edfc-ffdf-4ecc-8f8f-f69bebbcb4db","block_type":"box","text":"II-87","page_number":136,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"1695c517-722e-4153-acb0-dc7a4b3854da","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":136,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"4052ded3-056f-4323-8550-39060eb8de21","block_type":"box","text":"Rate (“SOFR”) for USD-LIBOR). While the transition from LIBOR has gone relatively smoothly, residual","page_number":137,"box":{"x":117,"y":87,"width":771,"height":12}},{"id":"2a20e1bb-e005-444b-9b6d-ea2d4dd4fe91","block_type":"box","text":"risks associated with the transition may remain that may impact markets or particular investments and,","page_number":137,"box":{"x":117,"y":103,"width":765,"height":12}},{"id":"c0d2309e-fd22-4639-a521-a66302212a99","block_type":"box","text":"as such, the full impact of the transition on the Funds or the financial instruments in which the Funds","page_number":137,"box":{"x":116,"y":118,"width":749,"height":12}},{"id":"61b79df7-ab48-46cc-a33c-06520ec69406","block_type":"box","text":"invest cannot yet be fully determined.","page_number":137,"box":{"x":117,"y":134,"width":281,"height":12}},{"id":"f74b3a2d-96bd-456a-9d69-ed7e14d4685f","block_type":"box","text":"SOFR is intended to be a broad measure of the cost of borrowing funds overnight in transactions that","page_number":137,"box":{"x":116,"y":163,"width":757,"height":12}},{"id":"421f55a1-e547-48ec-82bd-75171ae545d4","block_type":"box","text":"are collateralized by U.S. Treasury securities . SOFR is calculated based on transaction-level repo","page_number":137,"box":{"x":116,"y":178,"width":736,"height":12}},{"id":"2eb0f3fa-32fe-453a-a8e7-d3be3151231e","block_type":"box","text":"data collected from various sources. For each trading day, SOFR is calculated as a volume-weighted","page_number":137,"box":{"x":116,"y":194,"width":755,"height":12}},{"id":"cbd4c113-d6dd-4f8c-8e50-126bc4d47dbf","block_type":"box","text":"median rate derived from such data. Because SOFR is a financing rate based on overnight secured","page_number":137,"box":{"x":117,"y":209,"width":744,"height":12}},{"id":"51c62d2a-3222-4bf7-aec2-d8827e5eb495","block_type":"box","text":"funding transactions, it differs fundamentally from LIBOR. LIBOR is intended to be an unsecured rate","page_number":137,"box":{"x":116,"y":225,"width":755,"height":12}},{"id":"79cdbd21-efdf-4a6c-80ea-cb5cf5c56b71","block_type":"box","text":"that represents interbank funding costs for different short-term maturities or tenors. It is a forward","page_number":137,"box":{"x":116,"y":240,"width":726,"height":12}},{"id":"c10e349e-5123-4bfd-ba96-aa3f71ae6315","block_type":"box","text":"looking rate reflecting expectations regarding interest rates for the applicable tenor. Thus, LIBOR is","page_number":137,"box":{"x":117,"y":256,"width":740,"height":12}},{"id":"c1d080ef-3908-479e-b1f7-bd72ca8fc3fa","block_type":"box","text":"intended to be sensitive, in certain respects, to bank credit risk and to term interest rate risk. In","page_number":137,"box":{"x":117,"y":271,"width":706,"height":12}},{"id":"f430cd99-5f2a-4b2b-85ba-50a530917f8d","block_type":"box","text":"contrast, SOFR is a secured overnight rate reflecting the credit of U.S. Treasury securities as","page_number":137,"box":{"x":116,"y":287,"width":696,"height":12}},{"id":"b0e6010b-7544-4c5c-ac39-844c0fe59dc1","block_type":"box","text":"collateral. Thus, it is largely insensitive to credit-risk considerations and to short-term interest rate risks.","page_number":137,"box":{"x":116,"y":302,"width":771,"height":12}},{"id":"bb0dd2a2-f76a-454a-a6cf-688b4a7a1533","block_type":"box","text":"SOFR is a transaction-based rate, and it has been more volatile than other benchmark or market rates,","page_number":137,"box":{"x":116,"y":318,"width":770,"height":11}},{"id":"5a84ccc4-eaca-4bdb-9071-e7d6873be3cb","block_type":"box","text":"such as three-month LIBOR, during certain periods. For these reasons, among others, there is no","page_number":137,"box":{"x":116,"y":333,"width":730,"height":12}},{"id":"0f9f7a9a-b66f-4275-b0aa-ee1eea151589","block_type":"box","text":"assurance that SOFR, or rates derived from SOFR, will perform in the same or similar way as LIBOR","page_number":137,"box":{"x":116,"y":349,"width":755,"height":12}},{"id":"54788a03-b82f-4663-a9bb-fb1dd41ee4e7","block_type":"box","text":"would have performed at any time, and there is no assurance that SOFR-based rates will be a suitable","page_number":137,"box":{"x":116,"y":364,"width":767,"height":12}},{"id":"004c71d2-3585-4426-be0b-14a796948f51","block_type":"box","text":"substitute for LIBOR. SOFR has a relatively limited history, having been first published in April 2018.","page_number":137,"box":{"x":116,"y":380,"width":749,"height":12}},{"id":"cf8716b3-cd60-4b78-bb3e-79dae8b6f7a7","block_type":"box","text":"The future performance of SOFR, and SOFR-based reference rates, cannot be predicted based on","page_number":137,"box":{"x":116,"y":395,"width":740,"height":12}},{"id":"a0985336-a7ca-40d8-ac33-1cd6955afdfa","block_type":"box","text":"SOFR’s history or otherwise. Levels of SOFR in the future may bear little or no relation to historical","page_number":137,"box":{"x":116,"y":411,"width":738,"height":12}},{"id":"bfc7f9ab-418f-4c4a-a711-5fb1d4e1ea84","block_type":"box","text":"levels of SOFR, LIBOR or other rates. There can also be no assurance that SOFR will not be","page_number":137,"box":{"x":117,"y":426,"width":695,"height":11}},{"id":"a2ee5443-55ee-43e5-8b8a-21af6f8bcfd0","block_type":"box","text":"discontinued or fundamentally altered in a manner that is materially adverse to the interests of the","page_number":137,"box":{"x":116,"y":442,"width":731,"height":12}},{"id":"c11862d7-f9af-46ca-a6bf-09440399a859","block_type":"box","text":"Fund.","page_number":137,"box":{"x":117,"y":457,"width":46,"height":10}},{"id":"3be5332a-ba20-47dc-993f-5b6e156d457d","block_type":"box","text":"In addition, interest rates or other types of rates and indices which are classified as “benchmarks” have","page_number":137,"box":{"x":117,"y":486,"width":768,"height":12}},{"id":"6e653539-1232-48f0-a006-15d4fd93f591","block_type":"box","text":"been the subject of ongoing national and international regulatory reform, including under the European","page_number":137,"box":{"x":117,"y":502,"width":765,"height":12}},{"id":"a2177a5e-344a-4bf1-ac7f-9908fb03da57","block_type":"box","text":"Union (“EU”) regulation on indices used as benchmarks in financial instruments and financial contracts","page_number":137,"box":{"x":117,"y":517,"width":765,"height":12}},{"id":"6cebd5bd-03e9-41c0-90c6-859b39315bd9","block_type":"box","text":"(known as the “Benchmarks Regulation”). The Benchmarks Regulation has been enacted into United","page_number":137,"box":{"x":117,"y":533,"width":754,"height":12}},{"id":"3d5d0148-eff7-410c-b2f1-acd6e218ec40","block_type":"box","text":"Kingdom (“UK”) law by virtue of the EU (Withdrawal) Act 2018 (as amended), subject to amendments","page_number":137,"box":{"x":117,"y":548,"width":756,"height":12}},{"id":"10cb3071-bea4-40a8-944c-e4e54ce6b100","block_type":"box","text":"made by the Benchmarks (Amendment and Transitional Provision) (EU Exit) Regulations 2019 (SI","page_number":137,"box":{"x":117,"y":564,"width":733,"height":12}},{"id":"283f2242-b857-436c-96f1-2b1ef97dcdc4","block_type":"box","text":"2019/657) and other statutory instruments. Following the implementation of these reforms, the manner","page_number":137,"box":{"x":116,"y":579,"width":765,"height":12}},{"id":"af1dc927-1c3e-435d-afe9-7966bbef4939","block_type":"box","text":"of administration of benchmarks has changed and may further change in the future, with the result that","page_number":137,"box":{"x":116,"y":595,"width":766,"height":12}},{"id":"c00092dc-a5dd-49fc-81a1-2f84f2a84d92","block_type":"box","text":"relevant benchmarks may perform differently than in the past, the use of benchmarks that are not","page_number":137,"box":{"x":117,"y":610,"width":726,"height":12}},{"id":"d025cd34-d581-4f07-a1b0-552cf94bee81","block_type":"box","text":"compliant with the new standards by certain supervised entities may be restricted, and certain","page_number":137,"box":{"x":116,"y":626,"width":702,"height":12}},{"id":"014063d1-e9b1-4be8-822b-4975e24c035f","block_type":"box","text":"benchmarks may be eliminated entirely. Such changes could cause increased market volatility and","page_number":137,"box":{"x":117,"y":641,"width":737,"height":12}},{"id":"ebdd7252-b1b3-4f81-b303-7148889724fe","block_type":"box","text":"disruptions in liquidity for instruments that rely on or are impacted by such benchmarks. Additionally,","page_number":137,"box":{"x":116,"y":657,"width":749,"height":12}},{"id":"c4d3f865-cea6-475f-b031-9d2ce00cc8b0","block_type":"box","text":"there could be other consequences which cannot be predicted.","page_number":137,"box":{"x":116,"y":672,"width":466,"height":12}},{"id":"90157eec-c96d-40a9-8590-ae5e2e9174d7","block_type":"box","text":"Repurchase Agreements and Purchase and Sale Contracts.","page_number":137,"box":{"x":116,"y":701,"width":473,"height":12}},{"id":"5fd89845-f624-4649-b267-7a35e84c2ef8","block_type":"box","text":"Under repurchase agreements and","page_number":137,"box":{"x":597,"y":701,"width":258,"height":12}},{"id":"8cc4039b-f2d5-442f-8bff-27740e081243","block_type":"box","text":"purchase and sale contracts, the other party agrees, upon entering into the contract with a Fund, to","page_number":137,"box":{"x":117,"y":716,"width":735,"height":12}},{"id":"d44fc789-187e-4ea2-a9a6-31c49603b47a","block_type":"box","text":"repurchase a security sold to the Fund at a mutually agreed-upon time and price in a specified","page_number":137,"box":{"x":117,"y":730,"width":698,"height":13}},{"id":"5656c422-af14-441b-9668-9ba62520f3ae","block_type":"box","text":"currency, thereby determining the yield during the term of the agreement.","page_number":137,"box":{"x":116,"y":745,"width":543,"height":12}},{"id":"e1ced338-2f77-4a8a-85bf-4b7e35b947a0","block_type":"box","text":"A purchase and sale contract differs from a repurchase agreement in that the contract arrangements","page_number":137,"box":{"x":116,"y":774,"width":746,"height":12}},{"id":"7b7bff9f-3763-4f31-a2c3-42ab5dd80bae","block_type":"box","text":"stipulate that securities are owned by the Fund and the purchaser receives any interest on the security","page_number":137,"box":{"x":116,"y":789,"width":761,"height":12}},{"id":"4fce4786-517a-46c2-b507-f2ba13ee45f3","block_type":"box","text":"paid during the period. In the case of repurchase agreements, the prices at which the trades are","page_number":137,"box":{"x":117,"y":803,"width":711,"height":13}},{"id":"e195cfd5-de6d-453d-b8f6-22704d7d162c","block_type":"box","text":"conducted do not reflect accrued interest on the underlying obligation; whereas, in the case of","page_number":137,"box":{"x":116,"y":818,"width":697,"height":12}},{"id":"31a422fe-8379-4dc9-9bcc-b3abd479ca51","block_type":"box","text":"purchase and sale contracts, the prices take into account accrued interest. A Fund may enter into","page_number":137,"box":{"x":117,"y":833,"width":728,"height":12}},{"id":"94dd5176-20cc-4f48-b884-78792fca0483","block_type":"box","text":"“tri-party” repurchase agreements. In “tri-party” repurchase agreements, an unaffiliated third-party","page_number":137,"box":{"x":116,"y":848,"width":729,"height":12}},{"id":"6d4d84d6-1dc9-4209-86cd-e7f638a3f8db","block_type":"box","text":"custodian maintains accounts to hold collateral for the Fund and its counterparties and, therefore, the","page_number":137,"box":{"x":116,"y":863,"width":756,"height":12}},{"id":"443b212f-34ba-495e-b2a9-a4610a6dd2cd","block_type":"box","text":"Fund may be subject to the credit risk of those custodians.","page_number":137,"box":{"x":117,"y":878,"width":438,"height":12}},{"id":"eb1b6ef5-5eef-4410-ac49-13a85c290fdb","block_type":"box","text":"II-88","page_number":137,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"dd3254fc-77ff-4154-b112-d7bfb28df1ac","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":137,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"2749c1cf-c3f0-489a-8148-5abbf1119c39","block_type":"box","text":"Some repurchase agreements and purchase and sale contracts are structured to result in a fixed rate","page_number":138,"box":{"x":116,"y":87,"width":758,"height":12}},{"id":"71e94b9c-60b3-4bc0-a794-5f666fa4255f","block_type":"box","text":"of return insulated from market fluctuations during the term of the agreement, although such return","page_number":138,"box":{"x":116,"y":102,"width":737,"height":13}},{"id":"6688e3da-5fa6-4411-be02-05682519119f","block_type":"box","text":"may be affected by currency fluctuations. However, in the event of a default under a repurchase","page_number":138,"box":{"x":117,"y":118,"width":716,"height":12}},{"id":"56c20ce6-dcaf-458f-a0b2-ade1c66a025f","block_type":"box","text":"agreement or under a purchase and sale contract, instead of the contractual fixed rate, the rate of","page_number":138,"box":{"x":116,"y":134,"width":730,"height":12}},{"id":"a6ca0be0-d906-4c47-b8e0-5dacbe8dc202","block_type":"box","text":"return to the Fund would be dependent upon intervening fluctuations of the market values of the","page_number":138,"box":{"x":117,"y":149,"width":716,"height":12}},{"id":"c9cf1e40-90c1-4b0a-bc2b-1108459c1f23","block_type":"box","text":"securities underlying the contract and the accrued interest on those securities. In such event, the Fund","page_number":138,"box":{"x":116,"y":165,"width":766,"height":12}},{"id":"565237ce-4d34-4432-9033-e8c042c589c9","block_type":"box","text":"would have rights against the seller for breach of contract with respect to any losses arising from","page_number":138,"box":{"x":116,"y":180,"width":721,"height":12}},{"id":"09fcec6a-c4a9-48db-9957-567d63703357","block_type":"box","text":"market fluctuations following the default.","page_number":138,"box":{"x":117,"y":196,"width":303,"height":12}},{"id":"9046ac01-edd3-4b60-b8da-04ed761db68a","block_type":"box","text":"Both types of agreement usually cover short periods, such as less than one week, although they may","page_number":138,"box":{"x":117,"y":227,"width":755,"height":12}},{"id":"4cf943bd-13ad-44e0-8c7c-dffa3200926c","block_type":"box","text":"have longer terms, and may be construed to be collateralized loans by the purchaser to the seller","page_number":138,"box":{"x":117,"y":242,"width":726,"height":12}},{"id":"b0f0f0a8-bb6d-4f3a-9b9a-a628bc5e8250","block_type":"box","text":"secured by the securities transferred to the purchaser. In the case of a repurchase agreement, as a","page_number":138,"box":{"x":116,"y":258,"width":743,"height":12}},{"id":"194cc623-dfd7-425f-94c2-666a9b5d6ab0","block_type":"box","text":"purchaser, a Fund’s Manager or sub-adviser will monitor the creditworthiness of the seller, and a Fund","page_number":138,"box":{"x":117,"y":273,"width":764,"height":12}},{"id":"573624aa-62c8-479f-94f2-b6c814a7f2b8","block_type":"box","text":"will require the seller to provide additional collateral if the market value of the securities falls below the","page_number":138,"box":{"x":116,"y":289,"width":761,"height":12}},{"id":"87be77ef-4748-476e-a025-cd9a1dac6718","block_type":"box","text":"repurchase price at any time during the term of the repurchase agreement. The Fund does not have","page_number":138,"box":{"x":117,"y":304,"width":747,"height":12}},{"id":"067db121-26e3-423d-8769-a6c9306f9d0e","block_type":"box","text":"this right to seek additional collateral as a purchaser in the case of purchase and sale contracts. The","page_number":138,"box":{"x":116,"y":320,"width":750,"height":12}},{"id":"965523e9-9f55-4013-ab55-30bf4586ab83","block_type":"box","text":"Fund’s Manager or sub-adviser will mark-to-market daily the value of the securities. Securities subject","page_number":138,"box":{"x":117,"y":335,"width":759,"height":12}},{"id":"769453b6-c317-4b2d-a25b-02aa0c99e996","block_type":"box","text":"to repurchase agreements (other than tri-party repurchase agreements) and purchase and sale","page_number":138,"box":{"x":116,"y":351,"width":712,"height":12}},{"id":"082ea943-37df-4b07-8570-ebd09d88a415","block_type":"box","text":"contracts will be held by the Fund’s custodian (or sub-custodian) in the Federal Reserve/Treasury","page_number":138,"box":{"x":116,"y":366,"width":729,"height":12}},{"id":"02cb44ca-d8a8-46fe-91f3-90702370f0fe","block_type":"box","text":"book-entry system or by another authorized securities depository.","page_number":138,"box":{"x":117,"y":382,"width":491,"height":12}},{"id":"cc38c20f-24d7-40e3-9842-c4075a1e97af","block_type":"box","text":"In the event of default by the seller under a repurchase agreement construed to be a collateralized","page_number":138,"box":{"x":117,"y":413,"width":734,"height":12}},{"id":"7765debf-d39b-4287-ba36-31be80d01c07","block_type":"box","text":"loan, the underlying securities are not owned by the Fund but only constitute collateral for the seller’s","page_number":138,"box":{"x":117,"y":428,"width":753,"height":12}},{"id":"360410db-969d-40a0-994c-33514011b6d1","block_type":"box","text":"obligation to pay the repurchase price. Therefore, the Fund may suffer time delays and incur costs or","page_number":138,"box":{"x":116,"y":444,"width":754,"height":12}},{"id":"24a54ff4-c05c-4a50-955c-f85ecf701816","block_type":"box","text":"possible losses in connection with disposition of the collateral. If the seller becomes insolvent and","page_number":138,"box":{"x":117,"y":459,"width":727,"height":12}},{"id":"c065d756-da44-4e5c-b235-c48e9af9259b","block_type":"box","text":"subject to liquidation or reorganization under applicable bankruptcy or other laws, a Fund’s ability to","page_number":138,"box":{"x":116,"y":475,"width":744,"height":12}},{"id":"044551fb-950d-436c-844e-283c07ee4928","block_type":"box","text":"dispose of the underlying securities may be restricted. Finally, it is possible that a Fund may not be","page_number":138,"box":{"x":116,"y":490,"width":738,"height":12}},{"id":"361381fe-0bd5-4278-b36c-dc2e464beacd","block_type":"box","text":"able to substantiate its interest in the underlying securities. To minimize this risk, the securities","page_number":138,"box":{"x":116,"y":506,"width":706,"height":12}},{"id":"a9968dbf-84b8-43fb-a752-2733084f8921","block_type":"box","text":"underlying the repurchase agreement will be held by the applicable custodian at all times in an amount","page_number":138,"box":{"x":117,"y":521,"width":766,"height":12}},{"id":"6204d21a-085f-4881-a6c4-af53d50bef42","block_type":"box","text":"at least equal to the repurchase price, including accrued interest. If the seller fails to repurchase the","page_number":138,"box":{"x":116,"y":537,"width":744,"height":12}},{"id":"c06033ac-902c-4278-bf55-e4eee5f9c5d4","block_type":"box","text":"securities, a Fund may suffer a loss to the extent proceeds from the sale of the underlying securities","page_number":138,"box":{"x":116,"y":552,"width":748,"height":12}},{"id":"9809ac32-7653-4c93-994b-35ac66f4472c","block_type":"box","text":"are less than the repurchase price.","page_number":138,"box":{"x":116,"y":568,"width":264,"height":12}},{"id":"fa8ffc4b-533a-4b04-9eba-e1e9d9af0ce1","block_type":"box","text":"In any repurchase transaction to which a Fund is a party, collateral for a repurchase agreement may","page_number":138,"box":{"x":117,"y":599,"width":747,"height":12}},{"id":"a98de783-9be7-4d74-8b4d-f77c2d19140f","block_type":"box","text":"include cash items and obligations issued by the U.S. Government or its agencies or instrumentalities.","page_number":138,"box":{"x":117,"y":614,"width":762,"height":12}},{"id":"89feed01-4c07-4fbf-b2ac-76d874a2736f","block_type":"box","text":"For certain Funds, however, collateral may include instruments other than cash items and obligations","page_number":138,"box":{"x":117,"y":630,"width":755,"height":12}},{"id":"cdcda23c-47d8-42f6-ba31-74c817f1b11a","block_type":"box","text":"issued by the U.S. Government or its agencies or instrumentalities, including securities that the Fund","page_number":138,"box":{"x":117,"y":645,"width":752,"height":12}},{"id":"803e61b0-a785-41ff-9995-eb014b056450","block_type":"box","text":"could not hold directly under its investment strategies without the repurchase obligation.","page_number":138,"box":{"x":116,"y":661,"width":650,"height":12}},{"id":"808b3df0-6631-4cee-9ccd-ff549c33c699","block_type":"box","text":"The type of collateral underlying repurchase agreements may also pose certain risks for a Fund. Lower","page_number":138,"box":{"x":116,"y":692,"width":765,"height":12}},{"id":"34daa34b-0346-433c-bccb-20b33c396d14","block_type":"box","text":"quality collateral and collateral with longer maturities may be subject to greater price fluctuations than","page_number":138,"box":{"x":116,"y":707,"width":751,"height":12}},{"id":"e505f15f-9241-40a7-90de-1b8afe7822f0","block_type":"box","text":"higher quality collateral and collateral with shorter maturities. If the repurchase agreement counterparty","page_number":138,"box":{"x":117,"y":723,"width":764,"height":12}},{"id":"27be06d7-6594-4c46-af16-d6352c91f194","block_type":"box","text":"were to default, lower quality collateral may be more difficult to liquidate than higher quality collateral.","page_number":138,"box":{"x":116,"y":738,"width":748,"height":12}},{"id":"6fdc35d4-0db5-40d2-9c2a-a365585e4cfc","block_type":"box","text":"Should the counterparty default and the amount of collateral not be sufficient to cover the","page_number":138,"box":{"x":116,"y":754,"width":661,"height":12}},{"id":"26acfe8e-d058-40b9-80bd-77a40acc3fcc","block_type":"box","text":"counterparty’s repurchase obligation, a Fund would retain the status of an unsecured creditor of the","page_number":138,"box":{"x":116,"y":769,"width":738,"height":12}},{"id":"7854044b-5bcf-4721-83eb-2c3c332e6d3c","block_type":"box","text":"counterparty (","page_number":138,"box":{"x":116,"y":785,"width":103,"height":12}},{"id":"839a0764-a369-4d61-bd52-0b39747d6348","block_type":"box","text":"i.e.","page_number":138,"box":{"x":220,"y":785,"width":20,"height":9}},{"id":"bb094580-74a7-4ea8-bdfc-5c9a6bc559e9","block_type":"box","text":", the position the Fund would normally be in if it were to hold, pursuant to its","page_number":138,"box":{"x":244,"y":785,"width":560,"height":12}},{"id":"56cecd28-f10e-4339-9e17-038a0355794b","block_type":"box","text":"investment policies, other unsecured debt securities of the defaulting counterparty) with respect to the","page_number":138,"box":{"x":117,"y":800,"width":754,"height":12}},{"id":"02b48e1f-5d90-4bcb-92ec-6c82a39f798d","block_type":"box","text":"amount of the shortfall. As an unsecured creditor, a Fund would be at risk of losing some or all of the","page_number":138,"box":{"x":116,"y":816,"width":747,"height":12}},{"id":"36d9bd55-53fb-45ac-ac9f-80e16a5ab7fa","block_type":"box","text":"principal and income involved in the transaction.","page_number":138,"box":{"x":117,"y":831,"width":361,"height":12}},{"id":"eabd6127-28da-4764-82ba-122b151526d7","block_type":"box","text":"Regulations adopted by global prudential regulators require certain bank-regulated counterparties and","page_number":138,"box":{"x":117,"y":862,"width":761,"height":12}},{"id":"75db7388-c477-4672-8a12-46de8d43f623","block_type":"box","text":"certain of their affiliates to include in certain financial contracts, including many repurchase agreements","page_number":138,"box":{"x":116,"y":878,"width":771,"height":12}},{"id":"c75c7b51-d293-4608-8394-c3587a49b6a4","block_type":"box","text":"II-89","page_number":138,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"d8d18d22-283c-47d1-8f77-f41025707d3f","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":138,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"82a8512d-4aaa-4766-a243-835ce0abb5d9","block_type":"box","text":"and purchase and sale contracts, terms that delay or restrict the rights of counterparties, such as a","page_number":139,"box":{"x":116,"y":87,"width":738,"height":12}},{"id":"9af1b765-ed80-45c8-8715-5dc98799ca3f","block_type":"box","text":"Fund, to terminate such agreements, take foreclosure action, exercise other default rights or restrict","page_number":139,"box":{"x":117,"y":102,"width":744,"height":13}},{"id":"dec2813f-a6c9-4ed9-ac63-f5a54b40d7b3","block_type":"box","text":"transfers of credit support in the event that the counterparty and/or its affiliates are subject to certain","page_number":139,"box":{"x":116,"y":118,"width":748,"height":12}},{"id":"56e5d2c5-ce8f-47f5-8e04-4558bd851940","block_type":"box","text":"types of resolution or insolvency proceedings. It is possible that these new requirements, as well as","page_number":139,"box":{"x":116,"y":134,"width":743,"height":12}},{"id":"92a32e3e-b5e7-4868-879d-7af7497e70ca","block_type":"box","text":"potential additional government regulation and other developments in the market, could adversely","page_number":139,"box":{"x":117,"y":149,"width":729,"height":12}},{"id":"a9cf841a-c642-46b0-9cc1-921b69ce1412","block_type":"box","text":"affect a Fund’s ability to terminate existing repurchase agreements and purchase and sale contracts or","page_number":139,"box":{"x":116,"y":165,"width":768,"height":12}},{"id":"afc3b058-c5cc-4a5c-a92c-0c45ac5b53f5","block_type":"box","text":"to realize amounts to be received under such agreements. The SEC has also finalized rules that will","page_number":139,"box":{"x":116,"y":180,"width":747,"height":12}},{"id":"12273682-9b99-45e7-9ba3-6ba063f952c4","block_type":"box","text":"require certain transactions involving U.S. Treasuries, including repurchase agreements, to be centrally","page_number":139,"box":{"x":117,"y":196,"width":770,"height":12}},{"id":"caf114e1-163d-43c0-8ea0-934b4482f521","block_type":"box","text":"cleared. Compliance with these rules is expected to be required by the middle of 2027. Although the","page_number":139,"box":{"x":116,"y":211,"width":747,"height":12}},{"id":"86356015-6888-486d-8b10-4a0818d5c46b","block_type":"box","text":"impact of these rules on the Funds is difficult to predict, they may reduce the availability or increase the","page_number":139,"box":{"x":117,"y":227,"width":770,"height":12}},{"id":"521518ec-ccd1-4f04-b21e-5faf9eaf91bd","block_type":"box","text":"costs of such transactions and may adversely affect a Fund’s performance.","page_number":139,"box":{"x":116,"y":242,"width":563,"height":12}},{"id":"949561de-428c-490f-9982-0537037130c1","block_type":"box","text":"Restricted Securities.","page_number":139,"box":{"x":116,"y":273,"width":177,"height":10}},{"id":"4582e31c-b2df-40f7-8cba-1bc263acb9b0","block_type":"box","text":"A Fund may invest in or hold securities that are not registered under the","page_number":139,"box":{"x":293,"y":273,"width":539,"height":12}},{"id":"6dc4abb8-1212-4dd1-9c5f-632aeed6c5b5","block_type":"box","text":"Securities Act (“restricted securities”), which may include securities in private companies and","page_number":139,"box":{"x":116,"y":289,"width":694,"height":12}},{"id":"229f4963-d201-49e4-85d2-50adb26d1012","block_type":"box","text":"Rule 144A Securities. Restricted securities may be sold in private placement transactions between","page_number":139,"box":{"x":117,"y":304,"width":736,"height":12}},{"id":"df075b91-9658-4c95-b7dd-ba755356b8f7","block_type":"box","text":"issuers and their purchasers, including through private negotiated transactions between the issuer and","page_number":139,"box":{"x":117,"y":320,"width":765,"height":12}},{"id":"5c3f3608-a69b-4f01-a464-452552a54522","block_type":"box","text":"their purchasers, such as the Funds, and may be neither listed on an exchange nor traded in other","page_number":139,"box":{"x":116,"y":335,"width":736,"height":12}},{"id":"d9dd0ddc-9e24-4d96-87e2-33fbd89733cf","block_type":"box","text":"established markets. In many cases, privately placed securities may not be freely transferable under","page_number":139,"box":{"x":116,"y":351,"width":749,"height":12}},{"id":"abeda4f9-e3e0-4ff2-9696-c9c17b1e5d61","block_type":"box","text":"the laws of the applicable jurisdiction or due to contractual restrictions on resale. Some of these","page_number":139,"box":{"x":116,"y":366,"width":714,"height":12}},{"id":"2ac7c704-0407-4578-bce8-7cffa66710d4","block_type":"box","text":"securities are new and complex, and trade only among institutions; the markets for these securities are","page_number":139,"box":{"x":116,"y":382,"width":769,"height":12}},{"id":"73f5ceea-dcb7-417f-8a7d-09e7583f4d4d","block_type":"box","text":"still developing and may not function as efficiently as established markets. Typically, investments in","page_number":139,"box":{"x":116,"y":397,"width":742,"height":12}},{"id":"b7c1dd00-2c06-4201-9986-8287c676e25a","block_type":"box","text":"private companies are in restricted securities that are not traded in public markets and subject to","page_number":139,"box":{"x":117,"y":413,"width":719,"height":12}},{"id":"0da0c07d-4d99-464e-ac08-f4aaa0c9efa6","block_type":"box","text":"substantial holding periods, so that a Fund may not be able to resell some of its holdings for extended","page_number":139,"box":{"x":116,"y":428,"width":760,"height":12}},{"id":"ac428e6d-1301-4132-8708-d1ce53c13bda","block_type":"box","text":"periods, which may be several years. There can be no assurance that a Fund will be able to realize the","page_number":139,"box":{"x":117,"y":444,"width":769,"height":12}},{"id":"cfb0a9f9-773d-4f45-89b8-21febc2cced9","block_type":"box","text":"value of such restricted securities in a timely manner or at all. As a result of the absence of a public","page_number":139,"box":{"x":116,"y":459,"width":741,"height":12}},{"id":"30d9af2f-8124-49d4-965a-68127b2f7a99","block_type":"box","text":"trading market and the potential bespoke nature on certain transactions, restricted securities may be","page_number":139,"box":{"x":116,"y":475,"width":750,"height":12}},{"id":"d65b8b46-9b50-41bb-888c-a03803719e34","block_type":"box","text":"deemed to be illiquid investments or less liquid investments and may be more difficult to value than","page_number":139,"box":{"x":116,"y":490,"width":740,"height":12}},{"id":"dcb6b54e-bc0d-4a38-ba28-0dededf96623","block_type":"box","text":"publicly traded securities. To the extent that restricted securities may be resold in privately negotiated","page_number":139,"box":{"x":117,"y":506,"width":757,"height":12}},{"id":"679f3417-048b-4a7a-8ad2-d4c7e811b178","block_type":"box","text":"transactions, the prices realized from the sales, due to lack of liquidity, could be less than those","page_number":139,"box":{"x":116,"y":521,"width":713,"height":12}},{"id":"6b915d5a-f9f6-43d8-9595-7950eb8526d2","block_type":"box","text":"originally paid by the Fund or less than their fair market value. The amount of any discount may vary","page_number":139,"box":{"x":116,"y":537,"width":749,"height":12}},{"id":"6dc64e3b-59a6-4f66-8b6c-bf3922e00a60","block_type":"box","text":"depending on the security type, the character of the issuer, which party (if any) will bear the expenses","page_number":139,"box":{"x":116,"y":552,"width":760,"height":12}},{"id":"34e4fd83-9d78-40ca-a452-a0acf88a619f","block_type":"box","text":"of registering the restricted security, and prevailing market conditions. In addition, issuers whose","page_number":139,"box":{"x":116,"y":568,"width":720,"height":12}},{"id":"00b96592-1d02-4cd3-845a-53b2d6c69c83","block_type":"box","text":"securities are not publicly traded or who are not otherwise publicly listed may not be subject to the","page_number":139,"box":{"x":116,"y":583,"width":732,"height":12}},{"id":"21a71733-e7a9-4f23-89db-befac158f3eb","block_type":"box","text":"disclosure and other investor protection requirements that may be applicable if their securities were","page_number":139,"box":{"x":116,"y":599,"width":742,"height":12}},{"id":"9bc8ef08-6801-4c64-a074-35928a6e62fb","block_type":"box","text":"publicly traded. If any privately placed securities held by a Fund are required to be registered under the","page_number":139,"box":{"x":117,"y":614,"width":769,"height":12}},{"id":"955a5fe3-f57e-4166-a900-2e4f1f8f37e2","block_type":"box","text":"securities laws of one or more jurisdictions before being resold, the Fund may be required to bear the","page_number":139,"box":{"x":116,"y":630,"width":757,"height":12}},{"id":"c2339a7e-6171-4c13-9560-74723857bc3f","block_type":"box","text":"expenses of registration. Where registration is required for restricted securities, a considerable time","page_number":139,"box":{"x":116,"y":645,"width":743,"height":12}},{"id":"f5ec33fc-af30-4bf8-bbb0-b1ba27c1dd79","block_type":"box","text":"period may elapse between the time the Fund decides to sell the security and the time it is actually","page_number":139,"box":{"x":117,"y":661,"width":731,"height":12}},{"id":"c0b66d70-3d2e-4b29-8f73-da388311ca07","block_type":"box","text":"permitted to sell the security under an effective registration statement. If during such period, adverse","page_number":139,"box":{"x":117,"y":676,"width":744,"height":12}},{"id":"482c6bee-c9bd-431a-99d4-a1d6392490c4","block_type":"box","text":"market conditions were to develop, the Fund might obtain less favorable pricing terms than when it","page_number":139,"box":{"x":117,"y":692,"width":731,"height":12}},{"id":"44e3f435-321d-4832-bd75-291b9c8a19a9","block_type":"box","text":"decided to sell the security. In addition, the Fund may be deemed to be an “underwriter” for purposes","page_number":139,"box":{"x":116,"y":707,"width":750,"height":12}},{"id":"596850ce-3212-453b-9a37-9e080c774e99","block_type":"box","text":"of the Securities Act when selling restricted securities. If so, the Fund may be liable to purchasers of","page_number":139,"box":{"x":116,"y":723,"width":743,"height":12}},{"id":"3384c1ec-bf10-414f-aa65-fb16ec73192c","block_type":"box","text":"the restricted securities if the registration statement prepared by the issuer, or the corresponding","page_number":139,"box":{"x":116,"y":738,"width":716,"height":12}},{"id":"2b6c4214-8c6c-43ca-ae7e-5b18bcd259c9","block_type":"box","text":"prospectus, is materially inaccurate or misleading. Transactions in restricted securities may entail other","page_number":139,"box":{"x":117,"y":754,"width":764,"height":12}},{"id":"c2d53f4d-e23d-4313-bd89-f450de601bcf","block_type":"box","text":"transaction costs that are higher than those for transactions in unrestricted securities. Certain of the","page_number":139,"box":{"x":116,"y":769,"width":739,"height":12}},{"id":"9cd9dea2-62c8-478b-98c4-22282b5f90bc","block_type":"box","text":"Fund’s investments in private placements may consist of direct investments and may include","page_number":139,"box":{"x":117,"y":785,"width":687,"height":12}},{"id":"e792f225-166d-4441-b57f-a150b5f42a8e","block_type":"box","text":"investments in smaller, less seasoned issuers, which may involve greater risks. Issuers of restricted","page_number":139,"box":{"x":117,"y":800,"width":739,"height":12}},{"id":"db6e3a58-8751-481e-b448-18f0de019566","block_type":"box","text":"securities may not be subject to SEC reporting requirements, may not be required to maintain their","page_number":139,"box":{"x":116,"y":816,"width":733,"height":12}},{"id":"a102ecb4-a1f4-4eb1-b7a0-75b8b631b2ba","block_type":"box","text":"accounting records in accordance with generally accepted accounting principles, and may not be","page_number":139,"box":{"x":116,"y":831,"width":724,"height":12}},{"id":"800a976d-590d-41e0-a3a4-2b53c9e847b1","block_type":"box","text":"required to maintain effective internal controls over financial reporting. As a result, BlackRock may not","page_number":139,"box":{"x":117,"y":847,"width":760,"height":12}},{"id":"35f457bb-5db4-45e4-9fc3-a486eb59f362","block_type":"box","text":"have timely or accurate information about the business, financial condition and results of operations of","page_number":139,"box":{"x":117,"y":862,"width":762,"height":12}},{"id":"147347dd-684e-420d-baed-c2ac9a81f0ec","block_type":"box","text":"such issuers, and investments in securities of such issuers may involve a high degree of business and","page_number":139,"box":{"x":116,"y":878,"width":764,"height":12}},{"id":"482e7af3-3b9d-43be-95e5-1e465605fe63","block_type":"box","text":"II-90","page_number":139,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"ac1d92d0-3b2a-4938-83ae-68530e340ad6","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":139,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"0692af85-68cb-4cd1-9f46-be57cadf3fe7","block_type":"box","text":"financial risk and may result in substantial losses to the Fund. Such issuers may also have limited","page_number":140,"box":{"x":116,"y":87,"width":729,"height":12}},{"id":"dca07be8-5d01-43ed-920f-9ee7062cb42e","block_type":"box","text":"product lines, markets or financial resources, or they may be dependent on a limited management","page_number":140,"box":{"x":117,"y":102,"width":731,"height":13}},{"id":"18bc63d4-cae1-4b9e-ba7d-ee0ac4300555","block_type":"box","text":"group.","page_number":140,"box":{"x":116,"y":121,"width":52,"height":9}},{"id":"cc479866-de5b-4c1f-aeff-a5f755048409","block_type":"box","text":"Certain restricted securities may represent limited investment opportunities and each shareholder’s","page_number":140,"box":{"x":117,"y":149,"width":740,"height":12}},{"id":"9466cc06-407c-4398-af5e-80c130a2f95b","block_type":"box","text":"proportionate investment exposure to such limited investment opportunities may be reduced","page_number":140,"box":{"x":117,"y":165,"width":687,"height":12}},{"id":"7ac6bb14-f54f-409a-b6b4-fb8985c678c2","block_type":"box","text":"proportionately as the Fund’s net assets grow from new or additional investments made in the Fund by","page_number":140,"box":{"x":117,"y":180,"width":766,"height":12}},{"id":"ffe04cf2-6171-4da2-a45b-51f94da602bd","block_type":"box","text":"other shareholders. The issuer of a private placement may later register those shares for public sale in","page_number":140,"box":{"x":116,"y":196,"width":765,"height":12}},{"id":"c893c1b4-d4a7-4b84-94b7-aac1a78276b1","block_type":"box","text":"an IPO, but there is no guarantee that an IPO will ever be completed. Even after an IPO, there may be","page_number":140,"box":{"x":116,"y":211,"width":766,"height":12}},{"id":"2be42e72-0bac-4043-92c8-673e1ee3a40a","block_type":"box","text":"a limited trading market for securities of that issuer, including any direct investment by a Fund, or the","page_number":140,"box":{"x":116,"y":227,"width":752,"height":12}},{"id":"5e21990f-b9da-4987-84ec-819a138ee8ba","block_type":"box","text":"Fund may be subject to contractual limitations on its ability to resell its existing securities following an","page_number":140,"box":{"x":117,"y":242,"width":754,"height":12}},{"id":"24156eec-bf7b-402d-b059-a37c901c6871","block_type":"box","text":"IPO. The inability of an applicable issuer of a restricted security to complete an IPO or offer other","page_number":140,"box":{"x":117,"y":258,"width":723,"height":12}},{"id":"8005d0a8-80c6-44a2-812e-45394c008f9b","block_type":"box","text":"liquidity opportunities to the Fund and other investors will extend the holding period of a Fund’s","page_number":140,"box":{"x":117,"y":273,"width":708,"height":12}},{"id":"641bda2c-b1e6-4f2d-a2e2-4a3949c28caa","block_type":"box","text":"investments, potentially indefinitely, and may adversely affect the value of the investments. In making","page_number":140,"box":{"x":117,"y":289,"width":756,"height":12}},{"id":"b8deb229-925a-4036-9d93-2deaf6da2b58","block_type":"box","text":"investments in such securities, a Fund may obtain access to material nonpublic information, which may","page_number":140,"box":{"x":117,"y":304,"width":770,"height":12}},{"id":"60416c50-ba2f-4196-95c6-89ca489e2652","block_type":"box","text":"restrict the Fund’s ability to conduct portfolio transactions in such securities. The activity of identifying,","page_number":140,"box":{"x":117,"y":320,"width":759,"height":12}},{"id":"1483e439-d9d7-4885-a3f3-f64832ccc4c7","block_type":"box","text":"completing, and realizing upon attractive investments in restricted securities is highly competitive and","page_number":140,"box":{"x":116,"y":335,"width":756,"height":12}},{"id":"83135286-e678-44bb-942b-09efe93d44e4","block_type":"box","text":"involves a high degree of uncertainty. A Fund will be competing for investments against other similarly","page_number":140,"box":{"x":117,"y":351,"width":761,"height":12}},{"id":"86a7f54b-a48e-48a3-991e-fb50ba2b5826","block_type":"box","text":"situated investors. It is possible that competition for appropriate investment opportunities may increase,","page_number":140,"box":{"x":116,"y":366,"width":772,"height":12}},{"id":"184d394a-e0d9-4f81-a0b7-2c4d75e55d88","block_type":"box","text":"thus potentially reducing the number of investment opportunities available to a Fund and adversely","page_number":140,"box":{"x":116,"y":382,"width":738,"height":12}},{"id":"dc9d73a5-deca-450c-aab7-d4b6bab20ec3","block_type":"box","text":"affecting the terms upon which investments can be made. There is no assurance that investment","page_number":140,"box":{"x":116,"y":397,"width":724,"height":12}},{"id":"23f81798-08aa-4ea6-a881-9f1c92da42c3","block_type":"box","text":"opportunities for restricted securities will be available at any given time or at a level desired by a Fund,","page_number":140,"box":{"x":116,"y":413,"width":765,"height":12}},{"id":"4442544e-d2e2-4d1a-9894-d029db0c5358","block_type":"box","text":"especially as that Fund grows in size.","page_number":140,"box":{"x":116,"y":428,"width":283,"height":12}},{"id":"58beb16d-adb4-430a-9141-0b32af421370","block_type":"box","text":"There may not be a readily available market value for a Fund’s restricted securities (in particular,","page_number":140,"box":{"x":116,"y":459,"width":722,"height":12}},{"id":"242d3ec4-db57-4a89-9a55-dcbca78200a0","block_type":"box","text":"restricted securities issued by private companies) and thus they may be considered “illiquid”. Each","page_number":140,"box":{"x":117,"y":475,"width":734,"height":12}},{"id":"f74b6589-5867-491b-bab0-98193438bdd3","block_type":"box","text":"Fund values restricted securities in accordance with BlackRock’s valuation policies and procedures,","page_number":140,"box":{"x":117,"y":490,"width":744,"height":12}},{"id":"39054ba6-f142-4efa-9fea-b69e17dcaec1","block_type":"box","text":"which are designed to value investments such that they accurately reflect fair value. Due to the","page_number":140,"box":{"x":116,"y":506,"width":709,"height":12}},{"id":"b8503200-ffc7-4851-aa95-f1769120a909","block_type":"box","text":"inherent uncertainty and subjectivity of determining the fair value of investments that do not have a","page_number":140,"box":{"x":117,"y":521,"width":736,"height":12}},{"id":"8d37c0a7-514e-4242-af4f-40ca408d4cf8","block_type":"box","text":"readily available market value, the fair value of a Fund’s private investments may differ significantly","page_number":140,"box":{"x":117,"y":537,"width":739,"height":12}},{"id":"63603473-fef2-41f0-8f3a-2986f3761f8b","block_type":"box","text":"from the values that would have been used had a readily available market value existed for such","page_number":140,"box":{"x":116,"y":552,"width":721,"height":12}},{"id":"c0d815fe-a906-49ec-9148-2b16086cdee4","block_type":"box","text":"investments and may differ materially from the amounts the Fund may realize on any dispositions of","page_number":140,"box":{"x":117,"y":568,"width":745,"height":12}},{"id":"0347d161-8eeb-43bb-845c-6ef8dd3f7b21","block_type":"box","text":"such investments. Differences in the value of the Fund’s private investments could result in the Fund’s","page_number":140,"box":{"x":116,"y":583,"width":763,"height":12}},{"id":"439b3573-1934-4f95-bba9-c5bf8337dcc6","block_type":"box","text":"shareholder transactions being effected at a NAV that does not accurately reflect the underlying value","page_number":140,"box":{"x":116,"y":599,"width":761,"height":12}},{"id":"b42c123e-d219-4217-a4e2-ff0b531a90a8","block_type":"box","text":"of the Fund’s portfolio, potentially resulting in the dilution of shareholder interests and increasing","page_number":140,"box":{"x":116,"y":614,"width":718,"height":12}},{"id":"cc2e8edf-49ef-4b11-b2ac-7c4fea0330e1","block_type":"box","text":"opportunities for shareholder arbitrage. The values used by the Fund to price its restricted securities","page_number":140,"box":{"x":116,"y":630,"width":747,"height":12}},{"id":"a651b774-37f1-4abf-98e4-28eb474934d9","block_type":"box","text":"may also differ from those used by other investment companies and investors to price the same","page_number":140,"box":{"x":117,"y":645,"width":715,"height":12}},{"id":"6ce45277-9a53-4fad-bce9-3f779614892c","block_type":"box","text":"restricted securities. In addition, the impact of changes in the market environment and other events on","page_number":140,"box":{"x":117,"y":661,"width":757,"height":12}},{"id":"b0b1fff8-2853-40fc-9300-8fbace8acd8a","block_type":"box","text":"the fair values of a Fund’s investments that have no readily available market values may differ from the","page_number":140,"box":{"x":116,"y":676,"width":764,"height":12}},{"id":"5235dd83-db6b-494c-ba4f-fe40b18ee6c6","block_type":"box","text":"impact of such changes on the readily available market values for the Fund’s other investments. A","page_number":140,"box":{"x":117,"y":692,"width":728,"height":12}},{"id":"613409af-790c-4ed2-9faa-2b61c54b5a55","block_type":"box","text":"Fund’s NAV could be adversely affected if the Fund’s determinations regarding the fair value of the","page_number":140,"box":{"x":117,"y":707,"width":733,"height":12}},{"id":"2a689143-70e5-4d00-8724-478a8707b318","block_type":"box","text":"Fund’s investments were materially higher than the investment’s actual market or fair value or the","page_number":140,"box":{"x":117,"y":723,"width":722,"height":12}},{"id":"33c5ca94-4480-4461-9ab5-0afa00a41c8b","block_type":"box","text":"values that the Fund ultimately realizes upon the disposal of such investments.","page_number":140,"box":{"x":116,"y":738,"width":584,"height":12}},{"id":"4901c951-a848-415d-b8b6-cf82c0804d48","block_type":"box","text":"See also risks discussed under “Illiquid Investments.”","page_number":140,"box":{"x":116,"y":769,"width":395,"height":12}},{"id":"fe0c8563-6570-455b-9af7-fa6a4b9c2906","block_type":"box","text":"Reverse Repurchase Agreements.","page_number":140,"box":{"x":116,"y":800,"width":271,"height":12}},{"id":"96e60a92-5369-46dc-ad44-b9d82c356d83","block_type":"box","text":"A Fund may enter into reverse repurchase agreements with the","page_number":140,"box":{"x":393,"y":800,"width":472,"height":12}},{"id":"e8c24d93-fb8d-4e2f-a2ec-c82bb60f07d8","block_type":"box","text":"same parties with whom it may enter into repurchase agreements. Under a reverse repurchase","page_number":140,"box":{"x":116,"y":816,"width":706,"height":12}},{"id":"5ba0a5c4-b97e-42eb-87a0-182295830eea","block_type":"box","text":"agreement, a Fund sells securities to another party and agrees to repurchase them at a particular date","page_number":140,"box":{"x":116,"y":831,"width":766,"height":12}},{"id":"845b14e8-b1df-4ef7-8e5a-007e3de55614","block_type":"box","text":"and price. A Fund may enter into a reverse repurchase agreement when it is anticipated that the","page_number":140,"box":{"x":116,"y":847,"width":719,"height":12}},{"id":"2641ac0d-645d-4a4e-9494-684a22599cfc","block_type":"box","text":"interest income to be earned from the investment of the proceeds of the transaction is greater than the","page_number":140,"box":{"x":117,"y":862,"width":765,"height":12}},{"id":"642e008b-ee29-4c30-b575-f4df0b751204","block_type":"box","text":"interest expense of the transaction.","page_number":140,"box":{"x":117,"y":878,"width":265,"height":12}},{"id":"de2cb26d-f191-46b5-acd6-21be0892efb9","block_type":"box","text":"II-91","page_number":140,"box":{"x":484,"y":909,"width":29,"height":9}},{"id":"2cc63617-cd21-4ca2-8482-e41baf11284f","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":140,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"da04c58d-daf1-4d23-9292-01c5a8b61417","block_type":"box","text":"The use of reverse repurchase agreements may be regarded as leveraging and, therefore, speculative.","page_number":141,"box":{"x":116,"y":87,"width":772,"height":12}},{"id":"8ce45176-4182-48ec-a1b9-e97d0abb115c","block_type":"box","text":"Furthermore, reverse repurchase agreements involve the risks that (i) the interest income earned in the","page_number":141,"box":{"x":117,"y":102,"width":771,"height":13}},{"id":"69077b24-46ac-42f1-bb2a-64dbf32b5155","block_type":"box","text":"investment of the proceeds will be less than the interest expense, (ii) the market value of the securities","page_number":141,"box":{"x":117,"y":118,"width":765,"height":12}},{"id":"9b64e763-6a80-438a-a030-e98af91be8e3","block_type":"box","text":"retained in lieu of sale by a Fund may decline below","page_number":141,"box":{"x":117,"y":134,"width":390,"height":12}},{"id":"df54ec8f-66cf-400d-a7e2-9fb0ba56fb9a","block_type":"box","text":"the price of the securities the Fund has sold but is","page_number":141,"box":{"x":507,"y":134,"width":375,"height":11}},{"id":"a527f5fb-789d-4947-941d-862cbbbf2d13","block_type":"box","text":"obligated to repurchase, (iii) the market value of the securities sold will decline below the price at which","page_number":141,"box":{"x":116,"y":149,"width":770,"height":12}},{"id":"8211520e-5ce6-40b0-be00-8a7700223ff3","block_type":"box","text":"the Fund is required to repurchase them and (iv) the securities will not be returned to the Fund.","page_number":141,"box":{"x":116,"y":165,"width":710,"height":12}},{"id":"5488cdef-3820-4cac-9a87-b0332900d109","block_type":"box","text":"In addition, if the buyer of securities under a reverse repurchase agreement files for bankruptcy or","page_number":141,"box":{"x":117,"y":199,"width":731,"height":12}},{"id":"9ac87733-a5f4-4f17-bd18-db10718809af","block_type":"box","text":"becomes insolvent, such buyer or its trustee or receiver may receive an extension of time to determine","page_number":141,"box":{"x":117,"y":214,"width":765,"height":12}},{"id":"ab2a2c0b-feb6-4783-a227-132403d4817e","block_type":"box","text":"whether to enforce a Fund’s obligations to repurchase the securities and the Fund’s use of the","page_number":141,"box":{"x":116,"y":230,"width":704,"height":12}},{"id":"6f410ae0-85a0-4753-bd4e-7e11dae450e2","block_type":"box","text":"proceeds of the reverse repurchase agreement may effectively be restricted pending such decision.","page_number":141,"box":{"x":117,"y":245,"width":744,"height":12}},{"id":"6fdea669-85f1-4d71-bc0d-fd2af59a86a0","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to enter into reverse repurchase","page_number":141,"box":{"x":117,"y":279,"width":710,"height":12}},{"id":"3744163d-15d7-4ba2-a532-d8cdde4a59d9","block_type":"box","text":"agreements and similar financing transactions (e.g., recourse and non-recourse tender option bonds,","page_number":141,"box":{"x":116,"y":295,"width":755,"height":12}},{"id":"54e5eb75-9a6f-4c73-8f0b-e6b1c426b449","block_type":"box","text":"borrowed bonds) notwithstanding the limitation on the issuance of senior securities in Section 18 of the","page_number":141,"box":{"x":117,"y":310,"width":767,"height":12}},{"id":"3ead638a-eb60-418e-af91-3054b5081807","block_type":"box","text":"Investment Company Act, provided that the Fund either (i) complies with the 300% asset coverage","page_number":141,"box":{"x":117,"y":326,"width":736,"height":12}},{"id":"d4b3aebd-0265-4ccf-8158-852b84117405","block_type":"box","text":"ratio with respect to all such transactions and any other borrowings in the aggregate, or (ii) treats all","page_number":141,"box":{"x":117,"y":341,"width":744,"height":12}},{"id":"e532ab1f-f389-4e02-a3bf-ef516c617074","block_type":"box","text":"such transactions as Derivatives Transactions under Rule 18f-4. See “—Derivatives—Regulation of","page_number":141,"box":{"x":116,"y":357,"width":742,"height":12}},{"id":"13bac6c0-d327-4ee7-accf-d4bff86d0e76","block_type":"box","text":"Derivatives—Rule 18f-4 under the Investment Company Act” above. The SEC has also finalized rules","page_number":141,"box":{"x":117,"y":372,"width":758,"height":12}},{"id":"b056d8a3-8a13-4242-8afb-cf63b61ec571","block_type":"box","text":"that will require certain transactions involving U.S. Treasuries, including reverse repurchase","page_number":141,"box":{"x":116,"y":388,"width":685,"height":12}},{"id":"9852af38-c010-4abb-bafc-ae372b6e52c1","block_type":"box","text":"agreements, to be centrally cleared. Compliance with these rules is expected to be required by the","page_number":141,"box":{"x":116,"y":403,"width":736,"height":12}},{"id":"6f3e3863-a7dc-492a-88cb-0f639061931d","block_type":"box","text":"middle of 2027. Although the impact of these rules on the Funds is difficult to predict, they may reduce","page_number":141,"box":{"x":117,"y":419,"width":762,"height":12}},{"id":"e2fcb88f-593d-4c05-ada9-2f6c30d5390f","block_type":"box","text":"the availability or increase the costs of such transactions and may adversely affect a Fund’s","page_number":141,"box":{"x":116,"y":434,"width":686,"height":12}},{"id":"61908496-8ca9-423d-bf84-fad3ef8228e3","block_type":"box","text":"performance.","page_number":141,"box":{"x":117,"y":450,"width":103,"height":12}},{"id":"c434a702-0e7c-4ec4-b5f6-b4f01638b78e","block_type":"box","text":"Additionally, regulations adopted by global prudential regulators require certain bank-regulated","page_number":141,"box":{"x":116,"y":484,"width":707,"height":12}},{"id":"1115b8d2-ca49-4f42-98a3-13412d9c5007","block_type":"box","text":"counterparties and certain of their affiliates to include in certain financial contracts, including many","page_number":141,"box":{"x":116,"y":499,"width":732,"height":13}},{"id":"c92f1c6d-a22a-491d-aa35-dfd431f4b9ff","block_type":"box","text":"reverse repurchase agreements, terms that delay or restrict the rights of counterparties, such as a","page_number":141,"box":{"x":117,"y":515,"width":732,"height":12}},{"id":"263d43d7-9015-477c-9322-97889b72db6c","block_type":"box","text":"Fund, to terminate such agreements, take foreclosure action, exercise other default rights or restrict","page_number":141,"box":{"x":117,"y":530,"width":744,"height":13}},{"id":"5b782b5d-1179-4d2d-a50e-97a5e7b0a616","block_type":"box","text":"transfers of credit support in the event that the counterparty and/or its affiliates are subject to certain","page_number":141,"box":{"x":116,"y":546,"width":748,"height":12}},{"id":"b1190ce3-71c0-4cef-9526-cf00ae22c5a1","block_type":"box","text":"types of resolution or insolvency proceedings. It is possible that these requirements, as well as","page_number":141,"box":{"x":116,"y":561,"width":707,"height":13}},{"id":"f57c19e0-7f41-4953-a98a-0fce9b1a44dc","block_type":"box","text":"potential additional government regulation and other developments in the market, could adversely","page_number":141,"box":{"x":117,"y":577,"width":729,"height":12}},{"id":"e5216933-46d2-4cb1-9ea1-fb74de3a7386","block_type":"box","text":"affect a Fund’s ability to terminate existing reverse repurchase agreements or to realize amounts to be","page_number":141,"box":{"x":116,"y":592,"width":765,"height":13}},{"id":"e7c2960b-7272-4473-b5f2-6a7b7235addf","block_type":"box","text":"received under such agreements.","page_number":141,"box":{"x":117,"y":608,"width":253,"height":12}},{"id":"249df87f-ba2c-4760-8a56-b052d1a540ea","block_type":"box","text":"Rights Offerings and Warrants to Purchase.","page_number":141,"box":{"x":116,"y":642,"width":349,"height":12}},{"id":"8b3de8cb-02d9-43eb-b444-181cdce638ac","block_type":"box","text":"Certain Funds may participate in rights offerings and","page_number":141,"box":{"x":466,"y":642,"width":399,"height":12}},{"id":"68fe6dab-de90-49ef-b57f-f3b4950c735a","block_type":"box","text":"may purchase warrants, which are privileges issued by corporations enabling the owners to subscribe","page_number":141,"box":{"x":117,"y":658,"width":759,"height":12}},{"id":"f570ec14-e614-4dd0-813c-a8b4e167b242","block_type":"box","text":"to and purchase a specified number of shares of the corporation at a specified price during a specified","page_number":141,"box":{"x":116,"y":673,"width":758,"height":12}},{"id":"36234fb0-a9c8-4220-9fd1-595e443880ef","block_type":"box","text":"period of time. Subscription rights normally have a short life span to expiration. The purchase of rights","page_number":141,"box":{"x":117,"y":689,"width":754,"height":12}},{"id":"55d23684-88c3-4f4d-9e72-890f03816a06","block_type":"box","text":"or warrants involves the risk that a Fund could lose the purchase value of a right or warrant if the right","page_number":141,"box":{"x":116,"y":704,"width":755,"height":12}},{"id":"07978220-4acf-434b-81a1-e5c3bf4250ed","block_type":"box","text":"to subscribe to additional shares is not exercised prior to the rights’ and warrants’ expiration. Also, the","page_number":141,"box":{"x":116,"y":720,"width":755,"height":12}},{"id":"d2289788-782d-47f1-9317-51a95b2a0ce6","block_type":"box","text":"purchase of rights and/or warrants involves the risk that the effective price paid for the right and/or","page_number":141,"box":{"x":117,"y":735,"width":727,"height":12}},{"id":"6c86f55d-b451-42d2-86c1-d2f9a9541c7b","block_type":"box","text":"warrant added to the subscription price of the related security may exceed the value of the subscribed","page_number":141,"box":{"x":116,"y":751,"width":756,"height":12}},{"id":"542f284e-525e-4b29-8365-0e4ad60b0e33","block_type":"box","text":"security’s market price such as when there is no movement in the level of the underlying security.","page_number":141,"box":{"x":116,"y":766,"width":722,"height":12}},{"id":"3de530d6-d10b-4a69-b840-c8a5d1194de5","block_type":"box","text":"Buying a warrant does not make the Fund a shareholder of the underlying stock. The warrant holder","page_number":141,"box":{"x":117,"y":782,"width":743,"height":12}},{"id":"e5dde79b-993a-4bc7-abe0-d4a60a197acf","block_type":"box","text":"has no voting or dividend rights with respect to the underlying stock. A warrant does not carry any right","page_number":141,"box":{"x":117,"y":797,"width":761,"height":12}},{"id":"0404bf78-e18b-4f04-80ec-0a1420d02a21","block_type":"box","text":"to assets of the issuer, and for this reason investments in warrants may be more speculative than other","page_number":141,"box":{"x":116,"y":813,"width":767,"height":12}},{"id":"525ad468-088e-42b3-ace9-b07342512419","block_type":"box","text":"equity-based investments.","page_number":141,"box":{"x":116,"y":828,"width":200,"height":12}},{"id":"9fbc5ceb-fdc1-473a-8bda-5c79e9e063fb","block_type":"box","text":"Rule 144A Securities.","page_number":141,"box":{"x":116,"y":862,"width":170,"height":10}},{"id":"91d45cc1-ce39-496f-8e34-3460187ef57b","block_type":"box","text":"A Fund may purchase securities that can be offered and sold only to “qualified","page_number":141,"box":{"x":287,"y":862,"width":590,"height":12}},{"id":"d53ce9aa-d5a8-4e50-813f-13b234feef7b","block_type":"box","text":"institutional buyers” pursuant to Rule 144A under the Securities Act. See “Restricted Securities” above.","page_number":141,"box":{"x":117,"y":878,"width":769,"height":12}},{"id":"11614eec-3527-4a9e-b5dc-794036615911","block_type":"box","text":"II-92","page_number":141,"box":{"x":484,"y":909,"width":31,"height":9}},{"id":"419716f6-f21c-406c-96ca-e877da584b2e","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":141,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"9d5de2b4-74ed-4b22-a0e0-d8e1617ae0b2","block_type":"box","text":"Securities Lending.","page_number":142,"box":{"x":117,"y":87,"width":153,"height":12}},{"id":"e96a7d1f-83f1-4bdb-9567-285053928909","block_type":"box","text":"Each Fund may lend portfolio securities to certain borrowers that BlackRock","page_number":142,"box":{"x":271,"y":87,"width":575,"height":12}},{"id":"af7b3845-8f0a-4152-9a2c-33c18a44dfe9","block_type":"box","text":"determines to be creditworthy, including borrowers affiliated with BlackRock. The borrowers provide","page_number":142,"box":{"x":116,"y":102,"width":744,"height":13}},{"id":"721f7012-f384-44dd-8e7c-417fb421fee5","block_type":"box","text":"collateral that is maintained in an amount at least","page_number":142,"box":{"x":116,"y":118,"width":369,"height":10}},{"id":"88b8ff36-2ae9-4501-bd25-3119da517902","block_type":"box","text":"equal to the current market value of the securities","page_number":142,"box":{"x":486,"y":118,"width":373,"height":12}},{"id":"d424eccb-8f27-4bca-8c41-2b3297f4d033","block_type":"box","text":"loaned. No securities loan shall be made on behalf of a Fund if, as a result, the aggregate value of all","page_number":142,"box":{"x":117,"y":134,"width":755,"height":12}},{"id":"97802718-0835-4a02-a4e7-74e03974ef69","block_type":"box","text":"securities loans of the particular Fund exceeds one-third of the value of such Fund’s total assets","page_number":142,"box":{"x":116,"y":149,"width":718,"height":12}},{"id":"0f1d0d41-5d4a-4e5c-a2c8-21f809687988","block_type":"box","text":"(including the value of the collateral received). A Fund may terminate a loan at any time and obtain the","page_number":142,"box":{"x":117,"y":165,"width":765,"height":12}},{"id":"a6e0fecb-4ed2-436e-94dc-733ff1d38f10","block_type":"box","text":"return of the securities loaned. Each Fund receives, by way of substitute payment, the value of any","page_number":142,"box":{"x":117,"y":180,"width":738,"height":12}},{"id":"a369105a-54fc-4142-a85f-53e8d43c4fef","block_type":"box","text":"interest or cash or non-cash distributions paid on the loaned securities that it would have otherwise","page_number":142,"box":{"x":117,"y":196,"width":738,"height":11}},{"id":"63de6987-4267-487f-8e68-100b1327e97c","block_type":"box","text":"received if the securities were not on loan.","page_number":142,"box":{"x":117,"y":211,"width":318,"height":10}},{"id":"f5da2f23-f092-4b58-b4fe-66dceafb6648","block_type":"box","text":"With respect to loans that are collateralized by cash, the borrower may be entitled to receive a fee","page_number":142,"box":{"x":116,"y":242,"width":732,"height":12}},{"id":"d09bb875-3ae3-4f61-b475-604f98f5197d","block_type":"box","text":"based on the amount of cash collateral. The Funds are compensated by any positive difference","page_number":142,"box":{"x":117,"y":258,"width":712,"height":12}},{"id":"10378ae5-233a-486e-82f8-9f596c099ee4","block_type":"box","text":"between the amount earned on the reinvestment of cash collateral and the fee paid to the borrower. In","page_number":142,"box":{"x":117,"y":273,"width":763,"height":12}},{"id":"50467613-cd30-4f24-af0f-68f2a346d140","block_type":"box","text":"the case of collateral other than cash, a Fund is compensated by a fee paid by the borrower equal to a","page_number":142,"box":{"x":116,"y":289,"width":765,"height":12}},{"id":"48d6e491-18c3-416b-8ec1-bf67448d5587","block_type":"box","text":"percentage of the market value of the loaned securities. Any cash collateral received by the Fund for","page_number":142,"box":{"x":117,"y":304,"width":750,"height":12}},{"id":"49ec3644-9ad3-4ab2-8633-54931814b0a4","block_type":"box","text":"such loans, and uninvested cash, may be reinvested in certain short-term instruments either directly on","page_number":142,"box":{"x":116,"y":320,"width":770,"height":12}},{"id":"9af2c962-9d7b-49da-9289-d645caf34ed5","block_type":"box","text":"behalf of the Fund or through one or more joint accounts or money market funds, including those","page_number":142,"box":{"x":117,"y":335,"width":722,"height":12}},{"id":"950f68da-3516-4421-88f2-8b4810e653f9","block_type":"box","text":"affiliated with BlackRock; such investments are subject to investment risk.","page_number":142,"box":{"x":116,"y":351,"width":553,"height":12}},{"id":"924a9b3c-5078-4c50-9e78-1ba342633c7b","block_type":"box","text":"Securities lending involves exposure to certain risks, including operational risk (","page_number":142,"box":{"x":116,"y":382,"width":589,"height":12}},{"id":"ae38e404-d0e2-481c-aa21-0ef88347a1c7","block_type":"box","text":"i.e.","page_number":142,"box":{"x":706,"y":382,"width":21,"height":9}},{"id":"ed71545c-c6bf-4852-8c34-ed4f5164bc0b","block_type":"box","text":", the risk of losses","page_number":142,"box":{"x":730,"y":382,"width":138,"height":11}},{"id":"981ab1e6-5da9-4be2-b5f5-1cbe4f05ce02","block_type":"box","text":"resulting from problems in the settlement and accounting process), “gap” risk (","page_number":142,"box":{"x":117,"y":397,"width":580,"height":12}},{"id":"1ccd33cd-e3e5-4957-996a-0ae8f353296c","block_type":"box","text":"i.e.","page_number":142,"box":{"x":698,"y":397,"width":21,"height":10}},{"id":"597314d3-c313-4364-83cb-7780ab80c5ae","block_type":"box","text":", the risk of a","page_number":142,"box":{"x":722,"y":397,"width":100,"height":11}},{"id":"242f4aea-d138-4c07-b309-228cc3e474a5","block_type":"box","text":"mismatch between the return on cash collateral reinvestments and the fees each Fund has agreed to","page_number":142,"box":{"x":117,"y":413,"width":755,"height":12}},{"id":"8c81aecf-a19d-4571-82d3-71cb584ffce5","block_type":"box","text":"pay a borrower), foreign exchange risk (","page_number":142,"box":{"x":117,"y":428,"width":296,"height":12}},{"id":"3096d052-762d-4895-9fc8-34316886f865","block_type":"box","text":"i.e.","page_number":142,"box":{"x":414,"y":428,"width":20,"height":10}},{"id":"58e25573-4839-4d03-918b-2960a773409d","block_type":"box","text":", the risk of a shortfall at default when a cash collateral","page_number":142,"box":{"x":437,"y":428,"width":409,"height":11}},{"id":"ad1a4015-bdd6-42cd-84fb-0fd56f181683","block_type":"box","text":"investment is denominated in a currency other than the currency of the assets being loaned due to","page_number":142,"box":{"x":117,"y":444,"width":735,"height":12}},{"id":"3e4bcf1b-386b-4886-a8f0-73ed369e57a6","block_type":"box","text":"movements in foreign exchange rates), and credit, legal, counterparty and market risks (including the","page_number":142,"box":{"x":117,"y":459,"width":754,"height":12}},{"id":"3e9553d1-68a6-4aa0-b02d-e9929dad231b","block_type":"box","text":"risk that market events, including but not limited to corporate actions, could lead a Fund to lend","page_number":142,"box":{"x":117,"y":475,"width":709,"height":12}},{"id":"4f237130-9e73-4d7d-9e8b-54221e2ebae1","block_type":"box","text":"securities that are trading at a premium due to increased demand, or to recall loaned securities or to","page_number":142,"box":{"x":116,"y":490,"width":748,"height":12}},{"id":"c2b8656e-ee27-443a-8129-7a545199d7a6","block_type":"box","text":"lend less or not at all, which could lead to reduced securities lending revenue). If a Fund were to lend","page_number":142,"box":{"x":117,"y":506,"width":754,"height":12}},{"id":"840e4b2e-45f7-4314-adee-c092e2bf039b","block_type":"box","text":"out securities that are subject to a corporate action and commit to the borrower a particular election as","page_number":142,"box":{"x":116,"y":521,"width":764,"height":12}},{"id":"a4317059-3e62-4b43-9982-18103df20f42","block_type":"box","text":"determined by the Fund’s investment adviser, the benefit the Fund would receive in respect of","page_number":142,"box":{"x":116,"y":537,"width":702,"height":12}},{"id":"5879099a-4e01-4aca-b57f-d41577242187","block_type":"box","text":"committing to such election may or may not be less than the benefit the Fund would have received","page_number":142,"box":{"x":116,"y":552,"width":736,"height":12}},{"id":"76e12f35-92a7-4ffe-ac8d-659de0d24687","block_type":"box","text":"from making a different election in such corporate action. If a securities lending counterparty were to","page_number":142,"box":{"x":116,"y":568,"width":748,"height":12}},{"id":"16622d57-e041-4f39-b020-9368d3ecc5e6","block_type":"box","text":"default, a Fund would be subject to the risk of a possible delay in receiving collateral or in recovering","page_number":142,"box":{"x":116,"y":583,"width":751,"height":12}},{"id":"02adad56-8b3e-49a7-b6b4-57f53f21c0fb","block_type":"box","text":"the loaned securities, or to a possible loss of rights in the collateral. In the event a borrower does not","page_number":142,"box":{"x":116,"y":599,"width":751,"height":12}},{"id":"d0971883-f6da-410c-85f9-b60dec4d1cff","block_type":"box","text":"return a Fund’s securities as agreed, the Fund’s ability to participate in a corporate action event may","page_number":142,"box":{"x":117,"y":614,"width":748,"height":12}},{"id":"8a6c9020-ceda-4ff4-9a32-3b14599f8125","block_type":"box","text":"be impacted, or the Fund may experience losses if the proceeds received from liquidating the collateral","page_number":142,"box":{"x":117,"y":630,"width":769,"height":12}},{"id":"4f312658-7276-4486-8b8d-0452aaf7dc30","block_type":"box","text":"do not at least equal the value of the loaned security at the time the collateral is liquidated, plus the","page_number":142,"box":{"x":116,"y":645,"width":739,"height":12}},{"id":"711e4abf-d488-41b5-a916-778e1d8b8933","block_type":"box","text":"transaction costs incurred in purchasing replacement securities. This latter event could trigger adverse","page_number":142,"box":{"x":116,"y":661,"width":760,"height":12}},{"id":"eaee8648-5df4-4708-8c7b-606b4fb58699","block_type":"box","text":"tax consequences for a Fund. A Fund could lose money if its short-term investment of the collateral","page_number":142,"box":{"x":116,"y":676,"width":736,"height":12}},{"id":"83d20968-3716-4b48-a448-179766bb3a92","block_type":"box","text":"declines in value over the period of the loan. Substitute payments received by a Fund representing","page_number":142,"box":{"x":116,"y":692,"width":731,"height":12}},{"id":"2b129657-bdf3-4272-919c-fc76000b8523","block_type":"box","text":"dividends paid on securities loaned out by the Fund will not be considered qualified dividend income,","page_number":142,"box":{"x":116,"y":707,"width":746,"height":12}},{"id":"375ef936-b252-4f1d-9b7b-b93ceba21f4d","block_type":"box","text":"and distributions by the Fund of such substitute payments will not constitute qualified dividend income.","page_number":142,"box":{"x":116,"y":723,"width":759,"height":12}},{"id":"6e6ce525-d4b1-4ad6-9129-f2b81e2464fa","block_type":"box","text":"Additionally, substitute payments received by a Fund representing qualified REIT dividends paid on","page_number":142,"box":{"x":116,"y":738,"width":735,"height":12}},{"id":"4151a72f-ee77-4e32-929b-94fd9fe26caf","block_type":"box","text":"REIT securities loaned out by the Fund will not be considered qualified REIT dividends, and","page_number":142,"box":{"x":117,"y":754,"width":678,"height":12}},{"id":"02040be1-f099-4013-96a7-41bc457a3858","block_type":"box","text":"distributions by the Fund of such substitute payments will not be eligible for a 20% deduction currently","page_number":142,"box":{"x":116,"y":769,"width":756,"height":12}},{"id":"a11267d8-29ac-4362-8278-1182ba23aa94","block_type":"box","text":"available for ordinary REIT dividends paid to non-corporate shareholders provided certain other","page_number":142,"box":{"x":116,"y":785,"width":709,"height":12}},{"id":"4a392730-8d5f-4734-bdf2-350d4e9143c6","block_type":"box","text":"requirements are satisfied. The securities lending agent will take into account the tax effects on","page_number":142,"box":{"x":117,"y":800,"width":704,"height":12}},{"id":"8196199d-c3a0-4c3e-ad24-a33cad16c646","block_type":"box","text":"shareholders caused by these differences in connection with a Fund’s securities lending program.","page_number":142,"box":{"x":116,"y":816,"width":724,"height":12}},{"id":"dd2aff15-1703-45e5-8ae2-23bab0a1cf38","block_type":"box","text":"Substitute payments received on tax-exempt securities loaned out will not be tax-exempt income.","page_number":142,"box":{"x":116,"y":831,"width":727,"height":12}},{"id":"16ebfd32-4876-4a74-8862-eec127d3be88","block_type":"box","text":"There could also be changes in the status of issuers under applicable laws and regulations, including","page_number":142,"box":{"x":116,"y":847,"width":755,"height":12}},{"id":"b5a7b81c-c486-4a73-9177-3d75a495a338","block_type":"box","text":"tax regulations, that may impact the regulatory or tax treatment of loaned securities and could, for","page_number":142,"box":{"x":116,"y":862,"width":729,"height":12}},{"id":"b415a1c0-d659-4a8b-90fd-9a0994476b7f","block_type":"box","text":"II-93","page_number":142,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"be5b343d-9b77-4f3c-8937-104ceccf7b6d","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":142,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"926c3952-8be7-4781-a93f-ba629907fd0d","block_type":"box","text":"example, result in a delay in the payment of dividend equivalent payments owed to a Fund (as","page_number":143,"box":{"x":116,"y":87,"width":704,"height":12}},{"id":"21e9a6ae-c762-4f61-ac66-df230f89c05b","block_type":"box","text":"permitted by applicable law).","page_number":143,"box":{"x":117,"y":102,"width":217,"height":13}},{"id":"610c63a4-7f02-4e54-85c1-98f1fe064be6","block_type":"box","text":"Regulations adopted by global prudential regulators require certain bank-regulated counterparties and","page_number":143,"box":{"x":117,"y":134,"width":761,"height":12}},{"id":"0a882922-7baf-4857-9296-c407715e047d","block_type":"box","text":"certain of their affiliates to include in certain financial contracts, including many securities lending","page_number":143,"box":{"x":116,"y":149,"width":723,"height":12}},{"id":"4083b315-f463-40d9-b739-363cceaf4268","block_type":"box","text":"agreements, terms that delay or restrict the rights of counterparties, such as the Fund, to terminate","page_number":143,"box":{"x":116,"y":165,"width":739,"height":12}},{"id":"a86c3ef6-f72e-4222-9773-8ab6e5bc261a","block_type":"box","text":"such agreements, foreclose upon collateral, exercise other default rights or restrict transfers of credit","page_number":143,"box":{"x":116,"y":180,"width":751,"height":12}},{"id":"d6f9e366-4b02-4c7e-878b-fe5ab8736adb","block_type":"box","text":"support in the event that the counterparty and/or its affiliates are subject to certain types of resolution","page_number":143,"box":{"x":116,"y":196,"width":754,"height":12}},{"id":"1cdcdd67-82d7-42a9-a991-39fd526e6250","block_type":"box","text":"or insolvency proceedings. It is possible that these requirements, as well as potential additional","page_number":143,"box":{"x":116,"y":211,"width":711,"height":12}},{"id":"a7417044-3da2-45da-b01f-2eb43a5b6c9c","block_type":"box","text":"government regulation and other developments in the market, could adversely affect the Fund’s ability","page_number":143,"box":{"x":116,"y":227,"width":762,"height":12}},{"id":"10f7ce88-38ca-4971-8798-8bd3ed516057","block_type":"box","text":"to terminate existing securities lending agreements or to realize amounts to be received under such","page_number":143,"box":{"x":116,"y":242,"width":744,"height":12}},{"id":"bdd73ead-c2bc-4418-9e96-1b5151cdb682","block_type":"box","text":"agreements. Prudential regulation may also favor lenders that can provide additional protections, such","page_number":143,"box":{"x":116,"y":258,"width":764,"height":12}},{"id":"e4c6d505-4ad5-4550-9281-50c5530d94a7","block_type":"box","text":"as liens that are exercisable in connection with a lender default, to borrowers. Certain Funds expect to","page_number":143,"box":{"x":116,"y":273,"width":763,"height":12}},{"id":"7f9f5d18-79cc-43d2-9de2-82dac5a5d20a","block_type":"box","text":"provide additional protections to borrowers, where permitted pursuant to a Fund’s investment policies","page_number":143,"box":{"x":117,"y":289,"width":756,"height":12}},{"id":"a277fed7-c372-4840-bc25-6e8247fdc681","block_type":"box","text":"and if BlackRock believes doing so is in the best interest of the Fund.","page_number":143,"box":{"x":116,"y":304,"width":518,"height":12}},{"id":"ae37dd6c-55c5-4680-a0c6-96f5aa44ac01","block_type":"box","text":"The SEC has adopted a rule that will require reporting and public disclosure of securities loan","page_number":143,"box":{"x":116,"y":335,"width":698,"height":12}},{"id":"6c88c74a-5bfa-4137-92e0-b9f8638ba7b6","block_type":"box","text":"transaction information (not including party names); this may include, but is not limited to, information","page_number":143,"box":{"x":116,"y":351,"width":755,"height":12}},{"id":"6419d606-261b-42cd-918f-925c0a684176","block_type":"box","text":"about securities loans entered into in connection with short sales. Compliance with this rule is expected","page_number":143,"box":{"x":116,"y":366,"width":771,"height":12}},{"id":"9696cb67-3c49-4112-8ed2-531170aac7fb","block_type":"box","text":"to be required in early 2026, although a legal challenge against the rules is currently pending.","page_number":143,"box":{"x":116,"y":382,"width":697,"height":12}},{"id":"48f586cb-c4cd-4d1f-8cfb-b024f018381a","block_type":"box","text":"Short Sales.","page_number":143,"box":{"x":117,"y":413,"width":95,"height":9}},{"id":"0b0e9e48-2aa3-4020-a22e-04b749e05494","block_type":"box","text":"Certain Funds may make short sales of securities, either as a hedge against potential","page_number":143,"box":{"x":213,"y":413,"width":645,"height":12}},{"id":"3d61147b-7807-4e87-b195-d0dba213ff6e","block_type":"box","text":"declines in value of a portfolio security or to realize appreciation when a security that the Fund does","page_number":143,"box":{"x":116,"y":428,"width":744,"height":12}},{"id":"8ad54b8e-dea2-4a38-a17c-9762641ef245","block_type":"box","text":"not own declines in value. Certain Funds have a fundamental investment restriction prohibiting short","page_number":143,"box":{"x":117,"y":444,"width":747,"height":12}},{"id":"8796ac85-7d74-40bc-8580-bac41d40c165","block_type":"box","text":"sales of securities unless they are “against-the-box.” In a short sale “against-the-box,” at the time of the","page_number":143,"box":{"x":116,"y":459,"width":771,"height":12}},{"id":"31d85330-a6d4-4d0d-8423-9e5162c6b608","block_type":"box","text":"sale, the Fund owns or has the immediate and unconditional right to acquire the identical security at no","page_number":143,"box":{"x":116,"y":475,"width":769,"height":12}},{"id":"f38222d5-0b2c-412e-bbed-515f87f29368","block_type":"box","text":"additional cost. When a Fund makes a short sale, it borrows the security sold short and delivers it to","page_number":143,"box":{"x":116,"y":490,"width":746,"height":12}},{"id":"af1e4277-95d8-4c70-8c56-20f85743edf5","block_type":"box","text":"the broker-dealer through which it made the short sale. A Fund may have to pay a fee to borrow","page_number":143,"box":{"x":116,"y":506,"width":717,"height":12}},{"id":"6cc68e7f-57f7-4c8c-b6f6-d8198bfbba1a","block_type":"box","text":"particular securities and is often obligated to turn over any payments received on such borrowed","page_number":143,"box":{"x":117,"y":521,"width":719,"height":12}},{"id":"e000ca08-d5df-4371-831f-161ea3f432d2","block_type":"box","text":"securities to the lender of the securities.","page_number":143,"box":{"x":116,"y":537,"width":301,"height":9}},{"id":"4056d628-2aff-4c3d-b037-003fb5cdfb10","block_type":"box","text":"A Fund secures its obligation to replace the borrowed security by depositing collateral with the broker","page_number":143,"box":{"x":116,"y":568,"width":756,"height":12}},{"id":"8d405162-f396-4b9d-98b0-7697841aa855","block_type":"box","text":"dealer, usually in cash, U.S. Government Securities or other liquid securities similar to those borrowed.","page_number":143,"box":{"x":116,"y":583,"width":769,"height":12}},{"id":"c3829e3c-55fd-4d11-98e0-bc1dd9bf9554","block_type":"box","text":"With respect to uncovered short positions, a Fund is required to deposit similar collateral with its","page_number":143,"box":{"x":116,"y":599,"width":717,"height":12}},{"id":"943a9bac-544e-4d73-af06-f7a1505e662c","block_type":"box","text":"custodian, if necessary, to the extent that the value of both collateral deposits in the aggregate is at all","page_number":143,"box":{"x":116,"y":614,"width":763,"height":12}},{"id":"35531d18-75ac-4444-adbb-c981d1d2e48b","block_type":"box","text":"times equal to at least 100% of the current market value of the security sold short. Depending on","page_number":143,"box":{"x":116,"y":630,"width":722,"height":12}},{"id":"44431f84-5708-4143-a16b-47a07fa25e6c","block_type":"box","text":"arrangements made with the broker-dealer from which the Fund borrowed the security, regarding","page_number":143,"box":{"x":116,"y":645,"width":726,"height":12}},{"id":"16d26e98-30f2-4e73-af12-4eb75369fe8a","block_type":"box","text":"payment received by the Fund on such security, a Fund may not receive any payments (including","page_number":143,"box":{"x":117,"y":661,"width":722,"height":12}},{"id":"c91ad867-18f0-4b72-9939-0688e972122e","block_type":"box","text":"interest) on its collateral deposited with such broker-dealer.","page_number":143,"box":{"x":117,"y":676,"width":437,"height":12}},{"id":"37138c28-0437-4358-9f13-89738c2b3cdc","block_type":"box","text":"Because making short sales in securities that it does not own exposes a Fund to the risks associated","page_number":143,"box":{"x":117,"y":707,"width":748,"height":12}},{"id":"4b4c3316-f030-454f-a232-a8860db86dd5","block_type":"box","text":"with those securities, such short sales involve speculative exposure risk. A Fund will incur a loss as a","page_number":143,"box":{"x":116,"y":723,"width":750,"height":12}},{"id":"9c2c9fdd-59b2-4000-ba0e-d3295314e992","block_type":"box","text":"result of a short sale if the price of the security increases between the date of the short sale and the","page_number":143,"box":{"x":117,"y":738,"width":738,"height":12}},{"id":"6ce796a2-5bf9-42ba-a4cd-5761858333c2","block_type":"box","text":"date on which the Fund replaces the borrowed security. As a result, if a Fund makes short sales in","page_number":143,"box":{"x":116,"y":754,"width":729,"height":12}},{"id":"c0f842da-9a58-4e20-af15-0c080586dc9f","block_type":"box","text":"securities that increase in value, it will likely underperform similar mutual funds that do not make short","page_number":143,"box":{"x":116,"y":769,"width":755,"height":12}},{"id":"200aa5b5-b0da-46a9-b311-71a445cc032c","block_type":"box","text":"sales in securities. A Fund will realize a gain on a short sale if the security declines in price between","page_number":143,"box":{"x":116,"y":785,"width":740,"height":12}},{"id":"119767f1-c32f-46c9-bd42-05876c496d8f","block_type":"box","text":"those dates. There can be no assurance that a Fund will be able to close out a short sale position at","page_number":143,"box":{"x":116,"y":800,"width":742,"height":12}},{"id":"ece87a89-744c-4ace-9f5d-a2bdb7cd55ba","block_type":"box","text":"any particular time or at an acceptable price. Although a Fund’s gain is limited to the price at which it","page_number":143,"box":{"x":116,"y":816,"width":745,"height":12}},{"id":"6d1f6740-6f27-4ee9-8931-7327c56398b5","block_type":"box","text":"sold the security short, its potential loss is limited only by the maximum attainable price of the security,","page_number":143,"box":{"x":116,"y":831,"width":764,"height":12}},{"id":"48c31acd-5e35-4cde-b54d-dd56e99c9416","block_type":"box","text":"less the price at which the security was sold and may, theoretically, be unlimited.","page_number":143,"box":{"x":117,"y":847,"width":603,"height":12}},{"id":"554ca9dc-143f-40ca-918a-64bb29452da5","block_type":"box","text":"A Fund may also make short sales “against the box” without being subject to such limitations.","page_number":143,"box":{"x":116,"y":878,"width":698,"height":12}},{"id":"5977d647-3c15-475b-ae64-996c4c1d3e65","block_type":"box","text":"II-94","page_number":143,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"4a6bb393-8f68-4370-a369-cdb98f2c8ce6","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":143,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"b2defa36-c38b-4bc1-a9de-ceadd08713bb","block_type":"box","text":"A Fund must comply with Rule 18f-4 under the Investment Company Act with respect to its short","page_number":144,"box":{"x":116,"y":87,"width":720,"height":12}},{"id":"8dfa4967-b97a-4042-8b7a-8dfee6ba05a0","block_type":"box","text":"sale borrowings, which are considered Derivatives Transactions under the Rule. See","page_number":144,"box":{"x":116,"y":102,"width":634,"height":13}},{"id":"5f6dbdcc-5e92-4669-a674-473a86ca0d1a","block_type":"box","text":"“—Derivatives—Regulation of Derivatives—Rule 18f-4 under the Investment Company Act” above.","page_number":144,"box":{"x":116,"y":118,"width":738,"height":12}},{"id":"54426a49-3813-4089-b7aa-0160b0dfeccd","block_type":"box","text":"Short sales are also subject to certain SEC regulations and certain European Union and United","page_number":144,"box":{"x":116,"y":146,"width":712,"height":12}},{"id":"d009c243-2738-48b6-901d-48be338df274","block_type":"box","text":"Kingdom regulations (under which there are restrictions on net short sales in certain securities). If the","page_number":144,"box":{"x":117,"y":161,"width":755,"height":13}},{"id":"48c382d0-6e04-45b8-94a7-d0bec3892a9c","block_type":"box","text":"SEC or regulatory authorities in other jurisdictions were to adopt additional restrictions regarding short","page_number":144,"box":{"x":116,"y":177,"width":761,"height":12}},{"id":"56cab68b-9601-4579-ba33-c11a2593a0ee","block_type":"box","text":"sales, they could restrict a Fund’s ability to engage in short sales in certain circumstances, and the","page_number":144,"box":{"x":116,"y":193,"width":736,"height":12}},{"id":"84e9464d-bb6f-4176-a47d-3ebee3f64fc9","block_type":"box","text":"Fund may be unable to execute its investment strategy as a result. In response to market events, the","page_number":144,"box":{"x":117,"y":208,"width":753,"height":12}},{"id":"5ee8ba44-1d2a-48db-b3a0-19e25e2d2008","block_type":"box","text":"SEC and regulatory authorities in other jurisdictions may adopt (and in certain cases, have adopted)","page_number":144,"box":{"x":116,"y":223,"width":747,"height":13}},{"id":"ec7f659b-101b-4f5f-97de-c7bcc3209c34","block_type":"box","text":"bans or other restrictions on short sales of certain securities or on derivatives and other hedging","page_number":144,"box":{"x":117,"y":239,"width":717,"height":12}},{"id":"dbaf5e7d-9632-4b43-a2ea-242f74bbfe6c","block_type":"box","text":"instruments used to achieve a similar economic effect. Such bans or other restrictions may make it","page_number":144,"box":{"x":117,"y":254,"width":736,"height":13}},{"id":"8fe0905e-e72a-49b4-b66f-2e344f8d26a8","block_type":"box","text":"impossible for a Fund to execute certain investment strategies and may have a material adverse effect","page_number":144,"box":{"x":117,"y":270,"width":765,"height":12}},{"id":"cbea6a20-48a2-4cec-9eb9-3198fece218e","block_type":"box","text":"on the Fund’s ability to generate returns.","page_number":144,"box":{"x":116,"y":286,"width":306,"height":12}},{"id":"6c79da14-c73a-4375-9d1d-a93f67009273","block_type":"box","text":"Special Purpose Acquisition Companies.","page_number":144,"box":{"x":117,"y":313,"width":325,"height":12}},{"id":"cf2113e9-aca0-4b85-b177-7bef7d6367b7","block_type":"box","text":"A Fund may invest in stock, warrants, rights and other","page_number":144,"box":{"x":443,"y":314,"width":411,"height":11}},{"id":"bd0571a0-6780-4137-b0a1-aad3d135bbc7","block_type":"box","text":"interests issued by special purpose acquisition companies (“SPACs”) or similar special purpose entities","page_number":144,"box":{"x":117,"y":329,"width":770,"height":12}},{"id":"55df9bd5-78bb-4e14-a0f6-b98ca5c28dde","block_type":"box","text":"that pool funds to seek potential acquisition opportunities, including the “founder’s” shares and","page_number":144,"box":{"x":116,"y":344,"width":704,"height":12}},{"id":"6207288e-ff5b-4927-969c-c2b6072c77ed","block_type":"box","text":"warrants described below. A SPAC is a publicly traded company that raises investment capital via an","page_number":144,"box":{"x":116,"y":360,"width":755,"height":12}},{"id":"114b609a-9ffd-4879-9cd8-1fbb8deb7199","block_type":"box","text":"IPO for the purpose of identifying and acquiring one or more operating businesses or assets. In","page_number":144,"box":{"x":117,"y":375,"width":711,"height":12}},{"id":"635c4c44-7fed-4b17-a013-5b0d2f926800","block_type":"box","text":"connection with forming a SPAC, the SPAC’s sponsors acquire “founder’s” shares, generally for","page_number":144,"box":{"x":116,"y":391,"width":716,"height":12}},{"id":"d96d98a0-07c0-42d9-80d3-3961f5d5d020","block_type":"box","text":"nominal consideration, and warrants that will result in the sponsors owning a specified percentage","page_number":144,"box":{"x":117,"y":406,"width":731,"height":12}},{"id":"3512ef2c-a6cd-40b0-9c1c-0871d4302bb7","block_type":"box","text":"(typically 20%) of the SPAC’s outstanding common stock upon completion of the IPO. At the time a","page_number":144,"box":{"x":117,"y":422,"width":740,"height":12}},{"id":"73f7eb81-f096-42ff-af1c-1a678de1a82f","block_type":"box","text":"SPAC conducts an IPO, it has selected a management team but has not yet identified a specific","page_number":144,"box":{"x":116,"y":437,"width":718,"height":12}},{"id":"faa6c1b9-5553-4a7c-8f72-df03cf43705d","block_type":"box","text":"acquisition opportunity. Unless and until an acquisition is completed, a SPAC generally invests its","page_number":144,"box":{"x":116,"y":453,"width":728,"height":12}},{"id":"495848f3-7674-4a7e-b077-1b092a37f7ae","block_type":"box","text":"assets in U.S. Government securities, money market securities and cash. If an acquisition that meets","page_number":144,"box":{"x":116,"y":468,"width":756,"height":12}},{"id":"d983bedf-10cf-491b-8979-d27f28a0b1bc","block_type":"box","text":"the requirements for the SPAC is not completed within a pre-established period of time, the invested","page_number":144,"box":{"x":116,"y":484,"width":749,"height":12}},{"id":"837643fc-212b-4ae5-b9f3-a9a535a49aed","block_type":"box","text":"funds are returned to the SPAC’s public shareholders, the warrants expire, and the “founder’s” shares","page_number":144,"box":{"x":116,"y":499,"width":761,"height":12}},{"id":"7abbeee9-8027-42a5-92d6-186a9fd9b659","block_type":"box","text":"and such warrants become worthless. Because SPACs and similar entities are in essence “blank","page_number":144,"box":{"x":116,"y":515,"width":725,"height":9}},{"id":"a8488017-a332-42c6-aeee-a1370d8ed593","block_type":"box","text":"check” companies without operating histories or ongoing business operations (other than identifying","page_number":144,"box":{"x":116,"y":530,"width":745,"height":13}},{"id":"42a1abda-0b27-450e-ad95-367e46a98f8b","block_type":"box","text":"and pursuing acquisitions), the potential for the long-term capital appreciation of their securities is","page_number":144,"box":{"x":116,"y":546,"width":728,"height":12}},{"id":"7f491a69-fd57-4e93-a79a-702b975ea338","block_type":"box","text":"particularly dependent on the ability of the SPAC’s management to identify and complete a profitable","page_number":144,"box":{"x":117,"y":561,"width":751,"height":13}},{"id":"6c22fae2-bf68-4b8c-9337-1939656b32b3","block_type":"box","text":"acquisition. There is no guarantee that the SPACs in which a Fund invests will complete an acquisition","page_number":144,"box":{"x":116,"y":577,"width":766,"height":12}},{"id":"b9763655-0b12-4834-a6a9-714b59392514","block_type":"box","text":"or that any acquisitions completed by the SPACs in which the Fund invests will be profitable. Some","page_number":144,"box":{"x":116,"y":592,"width":740,"height":13}},{"id":"6af1ceea-8136-46a1-9d59-b19dffd37700","block_type":"box","text":"SPACs may pursue acquisitions only within certain industries or regions, which may ultimately lead to","page_number":144,"box":{"x":116,"y":608,"width":758,"height":12}},{"id":"0b483866-d1e4-4728-860e-d456c8309422","block_type":"box","text":"an increase in the volatility of their prices following the acquisition. In addition, some of these securities","page_number":144,"box":{"x":116,"y":623,"width":768,"height":13}},{"id":"372479a1-7770-4f61-b600-63de4a2c013e","block_type":"box","text":"may be considered illiquid and/or subject to restrictions on resale.","page_number":144,"box":{"x":117,"y":639,"width":491,"height":12}},{"id":"bdb63ce4-4d47-4012-b5c7-568cac292303","block_type":"box","text":"Standby Commitment Agreements.","page_number":144,"box":{"x":117,"y":667,"width":278,"height":12}},{"id":"1cd49966-57a5-4499-9152-f86881c25a9b","block_type":"box","text":"Standby commitment agreements commit a Fund, for a stated","page_number":144,"box":{"x":402,"y":667,"width":459,"height":12}},{"id":"84684cec-9ec3-4f71-a64b-9562b86b125a","block_type":"box","text":"period of time, to purchase a stated amount of securities that may be issued and sold to that Fund at","page_number":144,"box":{"x":117,"y":682,"width":746,"height":12}},{"id":"ade0176c-f6b2-47c1-a8a4-69127cf977d3","block_type":"box","text":"the option of the issuer. The price of the security is fixed at the time of the commitment. At the time of","page_number":144,"box":{"x":116,"y":698,"width":752,"height":12}},{"id":"6a55ba95-3383-4055-9c29-b9a73139fff5","block_type":"box","text":"entering into the agreement, a Fund is paid a commitment fee, regardless of whether or not the","page_number":144,"box":{"x":116,"y":713,"width":706,"height":12}},{"id":"1d1105ad-6cd6-4820-9d44-d5b066067c8e","block_type":"box","text":"security is ultimately issued. A Fund will enter into such agreements for the purpose of investing in the","page_number":144,"box":{"x":116,"y":729,"width":757,"height":12}},{"id":"b260245f-e785-4eee-baf4-82b411c98634","block_type":"box","text":"security underlying the commitment at a price that is considered advantageous to the Fund.","page_number":144,"box":{"x":116,"y":745,"width":679,"height":11}},{"id":"bc360754-0dad-421f-8656-4d1aac62ee03","block_type":"box","text":"There can be no assurance that the securities subject to a standby commitment will be issued, and the","page_number":144,"box":{"x":116,"y":772,"width":762,"height":12}},{"id":"f112c87e-0bab-48f2-b04a-8a0ff4b410f0","block_type":"box","text":"value of the security, if issued, on the delivery date may be more or less than its purchase price. Since","page_number":144,"box":{"x":116,"y":788,"width":759,"height":12}},{"id":"ff6db472-69c9-4157-841e-f6d008acab78","block_type":"box","text":"the issuance of the security underlying the commitment is at the option of the issuer, the Fund may","page_number":144,"box":{"x":116,"y":803,"width":733,"height":12}},{"id":"671db8c6-77b3-463e-88b6-33943e90998a","block_type":"box","text":"bear the risk of a decline in the value of such security and may not benefit from an appreciation in the","page_number":144,"box":{"x":117,"y":819,"width":751,"height":12}},{"id":"9f6c558d-c6b4-48c7-81f9-885b669d2d6d","block_type":"box","text":"value of the security during the commitment period.","page_number":144,"box":{"x":116,"y":834,"width":386,"height":12}},{"id":"e7376a29-87eb-4ac1-97f1-8ed451ba7d6b","block_type":"box","text":"The purchase of a security pursuant to a standby commitment agreement and the related commitment","page_number":144,"box":{"x":116,"y":862,"width":764,"height":12}},{"id":"9c3dc6d1-f590-4442-90a0-0974942c2e99","block_type":"box","text":"fee will be recorded on the date on which the security can reasonably be expected to be issued, and","page_number":144,"box":{"x":116,"y":878,"width":749,"height":12}},{"id":"ec6cbe59-c429-4f9f-956a-b29081e52f70","block_type":"box","text":"II-95","page_number":144,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"1789b3ad-2680-4079-acf5-0e9c8d2c5de5","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":144,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"4e9adc32-f68e-469f-a60c-c14adb2f0b06","block_type":"box","text":"the value of the security thereafter will be reflected in the calculation of a Fund’s NAV. The cost basis","page_number":145,"box":{"x":116,"y":87,"width":755,"height":12}},{"id":"fdc56f91-b1d6-48f0-8012-98bb1707ca9c","block_type":"box","text":"of the security will be adjusted by the amount of the commitment fee. In the event the security is not","page_number":145,"box":{"x":116,"y":102,"width":745,"height":13}},{"id":"cb6bd875-ea23-418f-b16a-41ae62b087cc","block_type":"box","text":"issued, the commitment fee will be recorded as income on the expiration date of the standby","page_number":145,"box":{"x":117,"y":118,"width":690,"height":12}},{"id":"aced1048-c504-42c0-a473-a3c3a0019bb7","block_type":"box","text":"commitment.","page_number":145,"box":{"x":116,"y":134,"width":101,"height":9}},{"id":"0767185c-79c6-4f39-941b-98be000f23e3","block_type":"box","text":"Standby commitments will only be entered into with dealers, banks and broker-dealers which, in the","page_number":145,"box":{"x":116,"y":165,"width":744,"height":12}},{"id":"44999001-cf26-41e2-bc90-92b035447f8c","block_type":"box","text":"Manager’s or sub-adviser’s opinion, present minimal credit risks. A Fund will acquire standby","page_number":145,"box":{"x":117,"y":180,"width":693,"height":12}},{"id":"6b809c7e-baf5-4ed7-bf8b-e193dda61b9e","block_type":"box","text":"commitments solely to facilitate portfolio liquidity and not to exercise its rights thereunder for trading","page_number":145,"box":{"x":116,"y":196,"width":744,"height":12}},{"id":"87f9c10c-ba66-436e-b20d-aa0258b8f1fa","block_type":"box","text":"purposes. Standby commitments will be valued at zero in determining NAV. Accordingly, where a Fund","page_number":145,"box":{"x":117,"y":211,"width":769,"height":12}},{"id":"d9e78e46-db78-4fff-b2f3-9c017df6881e","block_type":"box","text":"pays directly or indirectly for a standby commitment, its cost will be reflected as an unrealized loss for","page_number":145,"box":{"x":117,"y":227,"width":756,"height":12}},{"id":"273f93db-05cd-4273-8f60-766838ccdff0","block_type":"box","text":"the period during which the commitment is held by such Fund and will be reflected as a realized gain or","page_number":145,"box":{"x":116,"y":242,"width":771,"height":12}},{"id":"14fd8494-1a5f-4216-9f0b-ff01076fb992","block_type":"box","text":"loss when the commitment is exercised or expires.","page_number":145,"box":{"x":117,"y":258,"width":380,"height":11}},{"id":"d8741932-e0e9-48f1-b03f-7b5d735f22de","block_type":"box","text":"Stripped Securities.","page_number":145,"box":{"x":117,"y":289,"width":156,"height":11}},{"id":"97d7fa6e-b0f2-4e10-b9d5-fed379b3a23b","block_type":"box","text":"Stripped securities are created when the issuer separates the interest and","page_number":145,"box":{"x":274,"y":289,"width":560,"height":12}},{"id":"d8417582-d1c6-441c-a685-b76d18cc394a","block_type":"box","text":"principal components of an instrument and sells them as separate securities. In general, one security is","page_number":145,"box":{"x":117,"y":304,"width":771,"height":12}},{"id":"a455c7b4-1539-4cd8-b8eb-353d1eb07ff3","block_type":"box","text":"entitled to receive the interest payments on the underlying assets (the interest only or “IO” security)","page_number":145,"box":{"x":116,"y":320,"width":740,"height":12}},{"id":"c56c33c2-5385-457e-8cd2-665e6b75a88b","block_type":"box","text":"and the other to receive the principal payments (the principal only or “PO” security). Some stripped","page_number":145,"box":{"x":116,"y":335,"width":737,"height":12}},{"id":"a1a0b11b-cfcd-4f72-a160-89f562c9a7f7","block_type":"box","text":"securities may receive a combination of interest and principal payments. The yields to maturity on IOs","page_number":145,"box":{"x":116,"y":351,"width":760,"height":12}},{"id":"1dc5abc2-38a4-41a0-85fc-b4f05005eb42","block_type":"box","text":"and POs are sensitive to the expected or anticipated rate of principal payments (including","page_number":145,"box":{"x":116,"y":366,"width":669,"height":12}},{"id":"60637b46-c550-465e-9aa3-b81dd7ce8831","block_type":"box","text":"prepayments) on the related underlying assets, and principal payments may have a material effect on","page_number":145,"box":{"x":117,"y":382,"width":758,"height":12}},{"id":"7d82a12c-98c4-47d1-9ad0-7cb41a898ae2","block_type":"box","text":"yield to maturity. If the underlying assets experience greater than anticipated prepayments of principal,","page_number":145,"box":{"x":116,"y":397,"width":766,"height":12}},{"id":"44660d3f-cd72-4714-b1a9-62ea0cfb387d","block_type":"box","text":"a Fund may not fully recoup its initial investment in IOs. Conversely, if the underlying assets","page_number":145,"box":{"x":116,"y":413,"width":686,"height":12}},{"id":"6be07c0f-f102-46e6-a575-e24d9066cddd","block_type":"box","text":"experience less than anticipated prepayments of principal, the yield on POs could be adversely","page_number":145,"box":{"x":116,"y":428,"width":711,"height":12}},{"id":"b3f0d90f-617a-43e4-bf3a-98eee0e714ac","block_type":"box","text":"affected. Stripped securities may be highly sensitive to changes in interest rates and rates of","page_number":145,"box":{"x":116,"y":444,"width":691,"height":12}},{"id":"b7a83382-65f7-4b32-8df6-a2fd320d2c9a","block_type":"box","text":"prepayment.","page_number":145,"box":{"x":117,"y":459,"width":97,"height":12}},{"id":"dfa9bf87-f08e-4895-aa11-40c00b75cef9","block_type":"box","text":"Structured Notes.","page_number":145,"box":{"x":117,"y":490,"width":139,"height":10}},{"id":"b60d3816-9a6a-48ee-9390-53e48e20115e","block_type":"box","text":"Structured notes and other related instruments purchased by a Fund are generally","page_number":145,"box":{"x":257,"y":490,"width":621,"height":12}},{"id":"41ae3796-ff80-4a85-83e6-a93f639dde31","block_type":"box","text":"privately negotiated debt obligations where the principal and/or interest is determined by reference to","page_number":145,"box":{"x":117,"y":506,"width":753,"height":12}},{"id":"035077c5-875a-46dd-a950-47643610dab7","block_type":"box","text":"the performance of a specific asset, benchmark asset, market or interest rate (“reference measure”).","page_number":145,"box":{"x":116,"y":521,"width":751,"height":12}},{"id":"6fe525c9-7eef-4886-bc2a-fc6682e09c5e","block_type":"box","text":"Issuers of structured notes generally include corporations and banks. The interest rate or the principal","page_number":145,"box":{"x":117,"y":537,"width":760,"height":12}},{"id":"45ad137b-90f9-456b-a81c-da0069ec338a","block_type":"box","text":"amount payable upon maturity or redemption may increase or decrease, depending upon changes in","page_number":145,"box":{"x":116,"y":552,"width":754,"height":12}},{"id":"536531e9-fb3d-49b3-abe2-e4fa910c2250","block_type":"box","text":"the value of the reference measure. The terms of a structured note may provide that, in certain","page_number":145,"box":{"x":116,"y":568,"width":708,"height":12}},{"id":"adc90eca-cda9-4414-aa85-9dcd90a3f72e","block_type":"box","text":"circumstances, no principal is due at maturity and, therefore, may result in a loss of invested capital by","page_number":145,"box":{"x":116,"y":583,"width":765,"height":12}},{"id":"89ef94dc-0761-4d3a-96c7-aea2bbc2faa8","block_type":"box","text":"a Fund. The interest and/or principal payments that may be made on a structured product may vary","page_number":145,"box":{"x":116,"y":599,"width":743,"height":12}},{"id":"0f208323-6830-4324-a318-a020fda8ce37","block_type":"box","text":"widely, depending on a variety of factors, including the volatility of the reference measure.","page_number":145,"box":{"x":116,"y":614,"width":671,"height":12}},{"id":"19e57260-7d80-464f-bdf9-cdf4b96875e6","block_type":"box","text":"Structured notes may be positively or negatively indexed, so the appreciation of the reference measure","page_number":145,"box":{"x":116,"y":645,"width":770,"height":12}},{"id":"a73d2f8f-3ac8-41cb-9d26-52f77e6e8dba","block_type":"box","text":"may produce an increase or a decrease in the interest rate or the value of the principal at maturity. The","page_number":145,"box":{"x":117,"y":661,"width":763,"height":12}},{"id":"585995a1-63da-4399-8745-f9096924579b","block_type":"box","text":"rate of return on structured notes may be determined by applying a multiplier to the performance or","page_number":145,"box":{"x":117,"y":676,"width":735,"height":12}},{"id":"5fbd87de-1156-464a-9858-33ffca79b390","block_type":"box","text":"differential performance of reference measures. Application of a multiplier involves leverage that will","page_number":145,"box":{"x":116,"y":692,"width":741,"height":12}},{"id":"23e1d696-5e34-4882-a1fa-e2705d07c947","block_type":"box","text":"serve to magnify the potential for gain and the risk of loss.","page_number":145,"box":{"x":116,"y":707,"width":429,"height":12}},{"id":"0977b274-4741-4f01-9319-b79ae1c7be88","block_type":"box","text":"The purchase of structured notes exposes a Fund to the credit risk of the issuer of the structured","page_number":145,"box":{"x":116,"y":738,"width":717,"height":12}},{"id":"a1a48768-0fc2-4d24-8295-f800d3784b14","block_type":"box","text":"product. Structured notes may also be more volatile, less liquid, and more difficult to price accurately","page_number":145,"box":{"x":117,"y":754,"width":745,"height":12}},{"id":"859a892a-072f-4867-932c-28dee990339f","block_type":"box","text":"than less complex securities and instruments or more traditional debt securities. The secondary market","page_number":145,"box":{"x":116,"y":769,"width":765,"height":12}},{"id":"fad1f931-8fd0-4573-ab5c-c3b41b30092e","block_type":"box","text":"for structured notes could be illiquid making them difficult to sell when the Fund determines to sell","page_number":145,"box":{"x":116,"y":785,"width":723,"height":12}},{"id":"4b132267-740d-4515-a01d-71b975b46ec6","block_type":"box","text":"them. The possible lack of a liquid secondary market for structured notes and the resulting inability of","page_number":145,"box":{"x":116,"y":800,"width":751,"height":12}},{"id":"ddcb7e87-5cf2-4cc8-8725-c40a0bff21b1","block_type":"box","text":"the Fund to sell a structured note could expose the Fund to losses and could make structured notes","page_number":145,"box":{"x":116,"y":816,"width":740,"height":12}},{"id":"a940702e-f620-45b3-9d1a-4277728856ab","block_type":"box","text":"more difficult for the Fund to value accurately.","page_number":145,"box":{"x":117,"y":831,"width":344,"height":12}},{"id":"ace61703-b657-4b8e-b86a-ce9d6f61462c","block_type":"box","text":"Taxability Risk.","page_number":145,"box":{"x":118,"y":862,"width":119,"height":12}},{"id":"69f4a377-46c1-4db0-8a48-c40ea55bffa6","block_type":"box","text":"Certain of the Funds intend to minimize the payment of taxable income to","page_number":145,"box":{"x":238,"y":862,"width":555,"height":12}},{"id":"0eb8c64c-caf5-412d-bfd1-93a2114a9b7e","block_type":"box","text":"shareholders by investing in tax-exempt or municipal securities in reliance at the time of purchase on","page_number":145,"box":{"x":116,"y":878,"width":753,"height":12}},{"id":"aee981e7-def7-4310-a0b2-a36ba93b80a1","block_type":"box","text":"II-96","page_number":145,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"1e860913-cc64-4107-b2db-15bc464e71d9","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":145,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"7dcc6c84-7e8c-4e7e-ba50-a08d14b56003","block_type":"box","text":"an opinion of bond counsel to the issuer and, in the case of derivative securities, sponsors’ counsel,","page_number":146,"box":{"x":116,"y":87,"width":745,"height":12}},{"id":"0de49c31-5957-42dd-8d3a-48b4fff6fa4d","block_type":"box","text":"that the interest paid on those securities will be excludable from gross income for U.S. federal income","page_number":146,"box":{"x":116,"y":102,"width":759,"height":13}},{"id":"f3cbe1b4-3e11-481c-b77e-1b54772e1763","block_type":"box","text":"tax purposes. Such securities, however, may be determined to pay, or have paid, taxable income","page_number":146,"box":{"x":116,"y":118,"width":726,"height":12}},{"id":"915cd932-f018-42b8-9d07-caf9f56939ec","block_type":"box","text":"subsequent to the Fund’s acquisition of the securities. In that event, the IRS may demand that the","page_number":146,"box":{"x":116,"y":134,"width":731,"height":12}},{"id":"09e6f307-2934-49e5-8ba8-624af5e934be","block_type":"box","text":"Fund pay U.S. federal income taxes on the affected interest income, and, if the Fund agrees to do so,","page_number":146,"box":{"x":117,"y":149,"width":758,"height":12}},{"id":"7f6e06cb-0ed5-427a-ae45-d822989916a4","block_type":"box","text":"the Fund’s yield could be adversely affected. In addition, the treatment of dividends previously paid or","page_number":146,"box":{"x":116,"y":165,"width":758,"height":12}},{"id":"d042435b-7dd8-432a-a14c-998736b84301","block_type":"box","text":"to be paid by the Fund as “exempt interest dividends” could be adversely affected, subjecting the","page_number":146,"box":{"x":116,"y":180,"width":724,"height":12}},{"id":"fee4e487-f04a-4c4c-9797-e44a8703c605","block_type":"box","text":"Fund’s shareholders to increased U.S. federal income tax liabilities. If the interest paid on any","page_number":146,"box":{"x":117,"y":196,"width":699,"height":12}},{"id":"9efdf0fe-b104-4f31-a599-04240057592a","block_type":"box","text":"tax-exempt or municipal security held by the Fund is subsequently determined to be taxable, the Fund","page_number":146,"box":{"x":116,"y":211,"width":762,"height":12}},{"id":"5f300ace-77e9-41e1-b7f4-a06a1a4b7237","block_type":"box","text":"will dispose of that security as soon as reasonably practicable. In addition, future laws, regulations,","page_number":146,"box":{"x":116,"y":227,"width":738,"height":12}},{"id":"f110361a-f0e4-48bd-bdda-2a32442c7762","block_type":"box","text":"rulings or court decisions may cause interest on municipal securities to be subject, directly or indirectly,","page_number":146,"box":{"x":117,"y":242,"width":769,"height":12}},{"id":"98b3a508-2c47-436e-a350-abc6b136515e","block_type":"box","text":"to U.S. federal income taxation or interest on state municipal securities to be subject to state or local","page_number":146,"box":{"x":116,"y":258,"width":749,"height":12}},{"id":"045014c2-e0ec-45f2-bac1-e8c108dd9b56","block_type":"box","text":"income taxation, or the value of state municipal securities to be subject to state or local intangible","page_number":146,"box":{"x":117,"y":273,"width":726,"height":12}},{"id":"857c6010-3d12-40e2-bfca-0c260d173fa3","block_type":"box","text":"personal property tax, or may otherwise prevent the Fund from realizing the full current benefit of the","page_number":146,"box":{"x":117,"y":289,"width":750,"height":12}},{"id":"0bcf2ea5-b2b3-4425-8c2e-30b35f5da3f9","block_type":"box","text":"tax-exempt status of such securities. Any such change could also affect the market price of such","page_number":146,"box":{"x":116,"y":304,"width":721,"height":12}},{"id":"c91c3575-37ff-4f00-90a0-c0fa6ed8f82b","block_type":"box","text":"securities, and thus the value of an investment in the Fund.","page_number":146,"box":{"x":116,"y":320,"width":444,"height":11}},{"id":"3ba2b0fb-a146-450f-a521-95e13b39083f","block_type":"box","text":"Temporary Defensive Measures.","page_number":146,"box":{"x":118,"y":351,"width":252,"height":12}},{"id":"5e01dd3f-1497-47bc-b3d8-fc3dda7e835a","block_type":"box","text":"As a temporary defensive measure, including to respond to adverse","page_number":146,"box":{"x":371,"y":351,"width":509,"height":12}},{"id":"7cf09a79-ef78-4b7f-8c02-8897cab2e3ae","block_type":"box","text":"market, economic, political or other conditions, a Fund may depart from its principal investment","page_number":146,"box":{"x":117,"y":366,"width":702,"height":12}},{"id":"1a915f86-7bd5-4e9d-b3cc-02393d329f1c","block_type":"box","text":"strategies and may invest without limitation in cash, high quality money market instruments, or other","page_number":146,"box":{"x":116,"y":382,"width":740,"height":12}},{"id":"70e6f14d-76d2-406e-84fa-7e6d16c4c5ed","block_type":"box","text":"short term investments. Certain Funds may also invest in cash and other such instruments pending","page_number":146,"box":{"x":116,"y":397,"width":733,"height":12}},{"id":"28ab09f7-c00b-42ff-8ed7-48097a2e37dd","block_type":"box","text":"investment or to meet anticipated redemption requests. High quality money market instruments include","page_number":146,"box":{"x":117,"y":413,"width":760,"height":12}},{"id":"dc661102-e41c-4481-893d-a93d872da03f","block_type":"box","text":"U.S. Government obligations, U.S. Government agency obligations, dollar denominated obligations of","page_number":146,"box":{"x":117,"y":428,"width":751,"height":12}},{"id":"92f66eff-056f-4c10-888a-fda47e15684c","block_type":"box","text":"foreign issuers, bank obligations, including U.S. subsidiaries and branches of foreign banks, corporate","page_number":146,"box":{"x":116,"y":444,"width":755,"height":12}},{"id":"92f9f212-8fa9-46c7-b033-2cef14ac339a","block_type":"box","text":"obligations, commercial paper, repurchase agreements and obligations of supranational organizations.","page_number":146,"box":{"x":116,"y":459,"width":759,"height":12}},{"id":"d9763794-fd96-445d-9bb7-bf18135f1102","block_type":"box","text":"Generally, such obligations will mature within one year from the date of settlement, but may mature","page_number":146,"box":{"x":117,"y":475,"width":732,"height":12}},{"id":"c072ae8e-e55f-4d86-89f9-a6c156a22772","block_type":"box","text":"within two years from the date of settlement. Temporary defensive measures may affect a Fund’s ability","page_number":146,"box":{"x":116,"y":490,"width":766,"height":12}},{"id":"8c97f6bd-6f3c-4371-b713-ccb82493d197","block_type":"box","text":"to achieve its investment objective.","page_number":146,"box":{"x":116,"y":506,"width":262,"height":12}},{"id":"541d695e-9609-4fe2-8e09-f654d47456a3","block_type":"box","text":"U.S. Government Obligations.","page_number":146,"box":{"x":117,"y":537,"width":236,"height":12}},{"id":"0731a98c-89b2-465c-a98e-295efa412625","block_type":"box","text":"A Fund may purchase obligations issued or guaranteed by the U.S.","page_number":146,"box":{"x":354,"y":537,"width":510,"height":12}},{"id":"4c39b0d4-1ee6-418b-91a9-5bbfbbd1629d","block_type":"box","text":"Government and U.S. Government agencies and instrumentalities. Obligations of certain agencies and","page_number":146,"box":{"x":117,"y":552,"width":767,"height":12}},{"id":"6486b1fc-ffbc-4e2e-931e-d41ea15ee093","block_type":"box","text":"instrumentalities of the U.S. Government are supported by the full faith and credit of the U.S. Treasury.","page_number":146,"box":{"x":117,"y":568,"width":767,"height":12}},{"id":"73235bb8-6b75-49bb-8513-3abd0916f69d","block_type":"box","text":"Others are supported by the right of the issuer to borrow from the U.S. Treasury; and still others are","page_number":146,"box":{"x":116,"y":583,"width":745,"height":12}},{"id":"c198f951-c284-4764-9b99-fe9c56c33629","block_type":"box","text":"supported only by the credit of the agency or instrumentality issuing the obligation. No assurance can","page_number":146,"box":{"x":116,"y":599,"width":757,"height":12}},{"id":"2fa4cbeb-3e71-45b2-a52d-fbb3672257bd","block_type":"box","text":"be given that the U.S. Government will provide financial support to U.S. Government-sponsored","page_number":146,"box":{"x":117,"y":614,"width":715,"height":12}},{"id":"23807b48-1352-4bcd-9abf-eeb0d0eeba1b","block_type":"box","text":"instrumentalities if it is not obligated to do so by law. Certain U.S. Treasury and agency securities may","page_number":146,"box":{"x":117,"y":630,"width":762,"height":12}},{"id":"8a2ab021-781a-4740-88c0-d6334d1c08d5","block_type":"box","text":"be held by trusts that issue participation certificates (such as Treasury income growth receipts and","page_number":146,"box":{"x":117,"y":645,"width":734,"height":12}},{"id":"fafd384f-6ed4-44d6-ba37-e20ac5aaa98b","block_type":"box","text":"certificates of accrual on Treasury certificates). These certificates, as well as Treasury receipts and","page_number":146,"box":{"x":116,"y":661,"width":734,"height":12}},{"id":"63c7181a-0abb-4258-92c8-58e992a9f941","block_type":"box","text":"other stripped securities, represent beneficial ownership interests in either future interest payments or","page_number":146,"box":{"x":116,"y":676,"width":754,"height":12}},{"id":"98139baf-7ac2-41f3-a749-79793ff4c45a","block_type":"box","text":"the future principal payments on U.S. Government obligations. These instruments are issued at a","page_number":146,"box":{"x":116,"y":692,"width":721,"height":12}},{"id":"1fe499d3-05fb-4aec-8064-d82d593d5cf5","block_type":"box","text":"discount to their “face value” and may (particularly in the case of stripped mortgage-backed securities)","page_number":146,"box":{"x":116,"y":707,"width":758,"height":12}},{"id":"f2c4fd0c-733b-4ce7-b241-d97e75ef845b","block_type":"box","text":"exhibit greater price volatility than ordinary debt securities because of the manner in which their","page_number":146,"box":{"x":116,"y":723,"width":708,"height":12}},{"id":"bda6d108-a4b2-4fdc-99d5-b0ba6e2afa25","block_type":"box","text":"principal and interest are returned to investors.","page_number":146,"box":{"x":117,"y":738,"width":344,"height":12}},{"id":"8f7483cf-f518-4792-8a1f-684ecafc284c","block_type":"box","text":"Examples of the types of U.S. Government obligations that may be held by the Funds include U.S.","page_number":146,"box":{"x":117,"y":769,"width":728,"height":12}},{"id":"9d195d63-97fc-4605-bc0c-9972384a3be6","block_type":"box","text":"Treasury Bills, Treasury Notes and Treasury Bonds and the obligations of the Federal Housing","page_number":146,"box":{"x":116,"y":785,"width":702,"height":12}},{"id":"ce5ce1a5-76e4-4aee-93a2-33c5078a425d","block_type":"box","text":"Administration, Farmers Home Administration, Export-Import Bank of the United States, Small","page_number":146,"box":{"x":116,"y":800,"width":697,"height":12}},{"id":"262656dd-a135-4b8c-9234-a8ad0c11a4b1","block_type":"box","text":"Business Administration, Ginnie Mae, Fannie Mae, Federal Financing Bank, General Services","page_number":146,"box":{"x":117,"y":816,"width":697,"height":12}},{"id":"8098117d-9503-422c-a709-90da69e016ff","block_type":"box","text":"Administration, Student Loan Marketing Association, Central Bank for Cooperatives, Federal Home","page_number":146,"box":{"x":116,"y":831,"width":741,"height":12}},{"id":"9f9ff72b-0869-4f0b-874d-ccc736fdbf09","block_type":"box","text":"Loan Banks, Freddie Mac, Federal Intermediate Credit Banks, Federal Land Banks, Farm Credit Banks","page_number":146,"box":{"x":117,"y":847,"width":771,"height":11}},{"id":"b013321f-2d50-4b40-bb01-b9e39dcaeeaa","block_type":"box","text":"System, Maritime Administration, Tennessee Valley Authority and Washington D.C. Armory Board. The","page_number":146,"box":{"x":116,"y":862,"width":772,"height":12}},{"id":"63a8676d-682a-4d91-84eb-14d2fe0ea20f","block_type":"box","text":"Funds may also invest in mortgage-related securities issued or guaranteed by U.S. Government","page_number":146,"box":{"x":117,"y":878,"width":717,"height":12}},{"id":"cd0ab542-409d-44b2-86a5-464d7e0eb7a5","block_type":"box","text":"II-97","page_number":146,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"a7a7da1e-31df-4ba1-9aad-869b449a39b7","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":146,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"e66ef1aa-d8dc-4bd0-ae35-3f9090bebeb5","block_type":"box","text":"agencies and instrumentalities, including such instruments as obligations of Ginnie Mae, Fannie Mae","page_number":147,"box":{"x":116,"y":87,"width":754,"height":12}},{"id":"a3ec253e-429c-49e2-873e-ce083d1cdfb4","block_type":"box","text":"and Freddie Mac.","page_number":147,"box":{"x":116,"y":103,"width":135,"height":9}},{"id":"d9ace931-1c9c-4624-8a7a-a733c5033f68","block_type":"box","text":"U.S. Treasury Obligations.","page_number":147,"box":{"x":117,"y":137,"width":194,"height":12}},{"id":"edbf1100-a480-4ffc-8eb0-ba7bfc39c1f1","block_type":"box","text":"Treasury obligations may differ in their interest rates, maturities, times of","page_number":147,"box":{"x":313,"y":137,"width":548,"height":12}},{"id":"90a723be-6f78-4daa-afca-84e766db6dc5","block_type":"box","text":"issuance and other characteristics. Obligations of U.S. Government agencies and authorities are","page_number":147,"box":{"x":117,"y":152,"width":721,"height":12}},{"id":"20707fdb-3b9c-47fa-85bf-477792da2b6e","block_type":"box","text":"supported by varying degrees of credit but generally are not backed by the full faith and credit of the","page_number":147,"box":{"x":116,"y":168,"width":747,"height":12}},{"id":"02572049-ce31-4144-bbcd-5a8312b43d0c","block_type":"box","text":"U.S. Government. No assurance can be given that the U.S. Government will provide financial support","page_number":147,"box":{"x":117,"y":183,"width":758,"height":12}},{"id":"4f19ca69-d377-4dad-b117-ba821a6e21a4","block_type":"box","text":"to its agencies and authorities if it is not obligated by law to do so.","page_number":147,"box":{"x":116,"y":199,"width":493,"height":12}},{"id":"ebb262b5-a238-47bd-ad7c-cf557a1c4c68","block_type":"box","text":"U.S. Treasury Rolls.","page_number":147,"box":{"x":117,"y":233,"width":153,"height":12}},{"id":"7584ea23-fe9c-4e4b-bcad-c626fb71a220","block_type":"box","text":"Certain Funds may invest in U.S. Treasury","page_number":147,"box":{"x":271,"y":233,"width":320,"height":12}},{"id":"adc218aa-4e78-45ad-b0d1-4357ddfc5110","block_type":"box","text":"rolls. In a U.S. Treasury roll transaction,","page_number":147,"box":{"x":592,"y":233,"width":292,"height":12}},{"id":"f7648b75-c5aa-4292-8195-deae8e02f3d6","block_type":"box","text":"the Fund sells a treasury security to a counterpa","page_number":147,"box":{"x":116,"y":248,"width":350,"height":12}},{"id":"956249d2-36a7-4018-bdd8-c3a1ef2821fc","block_type":"box","text":"rty with a simultaneous agreement to repurchase the","page_number":147,"box":{"x":468,"y":248,"width":387,"height":12}},{"id":"e499e4cc-0d87-4101-9580-2806ede2272e","block_type":"box","text":"same security at an agreed upon price and future settl","page_number":147,"box":{"x":116,"y":264,"width":392,"height":12}},{"id":"f9bc2a22-24de-484a-8aee-e6a94134ccdc","block_type":"box","text":"ement date. U.S. Treasury roll transactions may","page_number":147,"box":{"x":510,"y":264,"width":353,"height":12}},{"id":"98223cdb-c8ff-4fe3-a2c2-be7ee628c458","block_type":"box","text":"incrementally adjust the average maturity of a Fund’","page_number":147,"box":{"x":117,"y":279,"width":376,"height":12}},{"id":"b873eafd-2516-4590-98f2-1303924e6272","block_type":"box","text":"s portfolio and increase the interest yield on the","page_number":147,"box":{"x":494,"y":279,"width":348,"height":12}},{"id":"b1fc4076-cf83-4af7-8519-86ac6e8a6e68","block_type":"box","text":"Fund’s portfolio by extending the average maturity of the portfolio in a normal yield curve environment.","page_number":147,"box":{"x":117,"y":295,"width":746,"height":12}},{"id":"299fdd0f-0a26-47a7-bb3c-9558f6d04de1","block_type":"box","text":"During the period before the settlement","page_number":147,"box":{"x":117,"y":310,"width":284,"height":12}},{"id":"7a703ef8-2bbf-4dc4-bcc2-312b6d905ae2","block_type":"box","text":"date of a U.S. Treasury roll, a","page_number":147,"box":{"x":401,"y":310,"width":224,"height":12}},{"id":"422705c9-db01-4125-8e38-1aa9b97adde2","block_type":"box","text":"Fund continues to earn interest on","page_number":147,"box":{"x":626,"y":310,"width":254,"height":10}},{"id":"b2fca0f3-65f3-4363-86be-0d0b8441efa4","block_type":"box","text":"the securities it is selling; however, it does not earn in","page_number":147,"box":{"x":116,"y":326,"width":387,"height":12}},{"id":"62ebbc99-0aa0-438b-932c-855799bd9c04","block_type":"box","text":"terest on the securities it is purchasing until after the","page_number":147,"box":{"x":504,"y":326,"width":383,"height":12}},{"id":"7ee776f8-4637-4bf7-b4a5-3e457e64553a","block_type":"box","text":"settlement date. A Fund could suffer an opportunity loss","page_number":147,"box":{"x":116,"y":341,"width":412,"height":12}},{"id":"fe31dc18-d241-4c00-a79e-24f2b444121b","block_type":"box","text":"if the counterparty to the U.S. Treasury roll","page_number":147,"box":{"x":528,"y":341,"width":314,"height":12}},{"id":"7377e50f-9f34-4b20-a8d1-bae9bd6e6266","block_type":"box","text":"transaction failed to perform its obligations on the settlement date.","page_number":147,"box":{"x":116,"y":357,"width":484,"height":12}},{"id":"85e8c01f-b5d5-473f-b0f8-39001346c36d","block_type":"box","text":"The market value of the securities that a Fund is required to purchase may decline below the agreed","page_number":147,"box":{"x":116,"y":391,"width":751,"height":12}},{"id":"4fae8d86-a1f8-4cfd-923d-d9c1a36f08a7","block_type":"box","text":"upon purchase price of those securities. U.S. Treasury rolls are speculative techniques that can be","page_number":147,"box":{"x":117,"y":406,"width":737,"height":12}},{"id":"2e61ac7c-cdce-4b31-84a3-bc1e58d65388","block_type":"box","text":"deemed to involve leverage. There is no assurance that U.S. Treasury rolls can be successfully","page_number":147,"box":{"x":116,"y":422,"width":714,"height":12}},{"id":"9cec5d2d-2974-4165-ac32-543a5280b935","block_type":"box","text":"employed.","page_number":147,"box":{"x":116,"y":438,"width":82,"height":11}},{"id":"83241d3d-c6bd-46f2-9757-96cc912e82ec","block_type":"box","text":"Utility Industries.","page_number":147,"box":{"x":117,"y":472,"width":140,"height":12}},{"id":"13b9fed1-1257-42c5-9116-23f431765f12","block_type":"box","text":"Risks that are intrinsic to the utility industries include difficulty in obtaining an","page_number":147,"box":{"x":259,"y":471,"width":572,"height":13}},{"id":"8caa1022-1b41-4a44-8d11-e3d470fa74b9","block_type":"box","text":"adequate return on invested capital, difficulty in financing large construction programs during an","page_number":147,"box":{"x":116,"y":487,"width":715,"height":12}},{"id":"a16abdae-ebbc-4881-9d49-c2dba9eb2118","block_type":"box","text":"inflationary period, restrictions on operations and increased cost and delays attributable to","page_number":147,"box":{"x":117,"y":502,"width":672,"height":13}},{"id":"1422f1fd-951f-462d-a9b0-c913e067ac6e","block_type":"box","text":"environmental considerations and regulation, difficulty in raising capital in adequate amounts on","page_number":147,"box":{"x":116,"y":518,"width":715,"height":12}},{"id":"ceb00d0f-4ef5-46d7-b872-275b55ef2b5e","block_type":"box","text":"reasonable terms in periods of high inflation and unsettled capital markets, technological innovations","page_number":147,"box":{"x":117,"y":534,"width":750,"height":12}},{"id":"8045d08c-ccb6-4edb-ad92-9f3f0a2e3fb6","block_type":"box","text":"that may render existing plants, equipment or products obsolete, the potential impact of natural or","page_number":147,"box":{"x":116,"y":549,"width":729,"height":12}},{"id":"95ec3929-c31c-47c5-93ee-1930be96bf8b","block_type":"box","text":"man-made disasters, increased costs and reduced availability of certain types of fuel, occasional","page_number":147,"box":{"x":117,"y":565,"width":721,"height":12}},{"id":"a8825b1e-43a6-49ca-9dff-8d989cf9ef8c","block_type":"box","text":"reduced availability and high costs of natural gas for resale, the effects of energy conservation, the","page_number":147,"box":{"x":117,"y":580,"width":736,"height":12}},{"id":"380b2c1e-db2c-4ab6-a2d8-4862dbacdfc4","block_type":"box","text":"effects of a national energy policy and lengthy delays and greatly increased costs and other problems","page_number":147,"box":{"x":116,"y":596,"width":759,"height":12}},{"id":"8285e9c4-f930-4933-9e75-57680fe99f1f","block_type":"box","text":"associated with the design, construction, licensing, regulation and operation of nuclear facilities for","page_number":147,"box":{"x":116,"y":611,"width":735,"height":12}},{"id":"21a8af6e-fbd0-448b-9618-a72167a46116","block_type":"box","text":"electric generation, including, among other considerations, the problems associated with the use of","page_number":147,"box":{"x":116,"y":627,"width":740,"height":12}},{"id":"04024690-caec-4efd-9fb5-7567dec39fa8","block_type":"box","text":"radioactive materials and the disposal of radioactive wastes. There are substantial differences among","page_number":147,"box":{"x":117,"y":642,"width":757,"height":12}},{"id":"5d46e603-56f4-4d3b-8a11-a67a6124e09b","block_type":"box","text":"the regulatory practices and policies of various jurisdictions, and any given regulatory agency may","page_number":147,"box":{"x":116,"y":658,"width":732,"height":12}},{"id":"857b4920-830b-4e52-9338-f41e1bd9b87a","block_type":"box","text":"make major shifts in policy from time to time. There is no assurance that regulatory authorities will, in","page_number":147,"box":{"x":117,"y":673,"width":746,"height":12}},{"id":"de795b89-0df9-41fc-b258-e50bae0b91d8","block_type":"box","text":"the future, grant rate increases or that such increases will be adequate to permit the payment of","page_number":147,"box":{"x":116,"y":689,"width":712,"height":12}},{"id":"41338475-3016-4be3-a6c9-bf972f34f55a","block_type":"box","text":"dividends on common stocks issued by a utility company. Additionally, existing and possible future","page_number":147,"box":{"x":116,"y":704,"width":730,"height":12}},{"id":"e8a5b2b0-0ef1-4e27-9639-13f6b3344bdc","block_type":"box","text":"regulatory legislation may make it even more difficult for utilities to obtain adequate relief. Certain of the","page_number":147,"box":{"x":117,"y":720,"width":765,"height":12}},{"id":"3489d705-c4d5-41be-a68a-8fe6a0f2fd90","block_type":"box","text":"issuers of securities held in the Fund’s portfolio may own or operate nuclear generating facilities.","page_number":147,"box":{"x":117,"y":735,"width":714,"height":12}},{"id":"3f06d0e6-d3fc-45d0-a9d3-24a3674facca","block_type":"box","text":"Governmental authorities may from time to time review existing policies and impose additional","page_number":147,"box":{"x":117,"y":751,"width":697,"height":12}},{"id":"6f888f8a-478f-4bcb-bd85-4f720eeda9b9","block_type":"box","text":"requirements governing the licensing, construction and operation of nuclear power plants. Prolonged","page_number":147,"box":{"x":117,"y":766,"width":745,"height":12}},{"id":"ff7c7c8a-5b72-4127-9e3c-6f52e98839b5","block_type":"box","text":"changes in climatic conditions can also have a significant impact on both the revenues of an electric","page_number":147,"box":{"x":116,"y":782,"width":741,"height":12}},{"id":"9a6080ed-092d-451b-96d1-079bb5dbc7e1","block_type":"box","text":"and gas utility as well as the expenses of a utility, particularly a hydro-based electric utility.","page_number":147,"box":{"x":116,"y":797,"width":669,"height":12}},{"id":"ed8d2642-00a5-4616-b8a1-4d56401b7495","block_type":"box","text":"Companies in the utilities sector may be adversely affected by changes in exchange rates, domestic","page_number":147,"box":{"x":117,"y":831,"width":747,"height":12}},{"id":"2d82d363-dcc8-495d-922c-d5048750b64c","block_type":"box","text":"and international competition, and governmental limitations on rates charged to customers. The value","page_number":147,"box":{"x":116,"y":847,"width":759,"height":12}},{"id":"e49ba1d8-aa4a-4018-9ec4-e118e3c9ed40","block_type":"box","text":"of regulated utility debt securities and, to a lesser extent, equity securities, tends to have an inverse","page_number":147,"box":{"x":116,"y":862,"width":743,"height":12}},{"id":"2dd15f9a-b00e-468e-818c-42ec44ea36bf","block_type":"box","text":"relationship to the movement of interest rates and therefore may lead to volatility in performance.","page_number":147,"box":{"x":117,"y":878,"width":723,"height":12}},{"id":"191dc850-b239-4c80-a782-a8fbdaa3da5b","block_type":"box","text":"II-98","page_number":147,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"0aad49c4-0f08-4072-86c9-19a64bced6bd","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":147,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"ed53be90-93a6-4e19-a5a3-fb008d72cb47","block_type":"box","text":"Utility companies in the United States and in foreign countries are generally subject to regulation. In the","page_number":148,"box":{"x":117,"y":87,"width":771,"height":12}},{"id":"5b6a719a-986c-4b56-a7df-8ef56807233c","block_type":"box","text":"United States, most utility companies are regulated by state and/or federal authorities. Such regulation","page_number":148,"box":{"x":117,"y":102,"width":764,"height":13}},{"id":"b7cee2f7-6959-42cf-a6d4-811e0df02487","block_type":"box","text":"is intended to ensure appropriate standards of service and adequate capacity to meet public demand.","page_number":148,"box":{"x":117,"y":118,"width":759,"height":12}},{"id":"77dcc9f2-4eb2-4858-b443-5911170c6b2a","block_type":"box","text":"Generally, prices are also regulated in the United States and in foreign countries with the intention of","page_number":148,"box":{"x":117,"y":134,"width":750,"height":12}},{"id":"ec951391-9eef-4225-909b-cc5d41368425","block_type":"box","text":"protecting the public while ensuring that the rate of return earned by utility companies is sufficient to","page_number":148,"box":{"x":117,"y":149,"width":744,"height":12}},{"id":"9c31aec5-d97d-4138-91fd-fbfd3eb4bd8a","block_type":"box","text":"allow them to attract capital in order to grow and continue to provide appropriate services. There can","page_number":148,"box":{"x":116,"y":165,"width":751,"height":12}},{"id":"8d494a7d-0324-4906-ba4e-e5c88a21b3fd","block_type":"box","text":"be no assurance that such pricing policies or rates of return will continue in the future.","page_number":148,"box":{"x":117,"y":180,"width":640,"height":12}},{"id":"4f96b362-c2f0-4224-80b2-8de3352109e2","block_type":"box","text":"The nature of regulation of the utility industries continues to evolve both in the United States and in","page_number":148,"box":{"x":116,"y":208,"width":738,"height":12}},{"id":"75933cc1-cb13-4148-945d-03f88da298c7","block_type":"box","text":"foreign countries. In recent years, changes in regulation in the United States increasingly have allowed","page_number":148,"box":{"x":116,"y":223,"width":767,"height":13}},{"id":"a7e4e446-3b27-42e7-9572-83d00d5b9f12","block_type":"box","text":"utility companies to provide services and products outside their traditional geographic areas and lines","page_number":148,"box":{"x":117,"y":239,"width":755,"height":12}},{"id":"b916240a-ca64-4660-b2ae-56cc04d98f26","block_type":"box","text":"of business, creating new areas of competition within the industries. In some instances, utility","page_number":148,"box":{"x":116,"y":254,"width":696,"height":13}},{"id":"77dc8248-24f5-48fe-803e-a169c798e28a","block_type":"box","text":"companies are operating on an unregulated basis. Because of trends toward deregulation and the","page_number":148,"box":{"x":116,"y":270,"width":732,"height":12}},{"id":"f6b38727-3c4f-43f9-96c8-e72aaf140e64","block_type":"box","text":"evolution of independent power producers as well as new entrants to the field of telecommunications,","page_number":148,"box":{"x":116,"y":285,"width":757,"height":12}},{"id":"77327781-4713-44e3-9867-b3684151fcc1","block_type":"box","text":"non-regulated providers of utility services have become a significant part of their respective industries.","page_number":148,"box":{"x":117,"y":301,"width":761,"height":12}},{"id":"08fa4ed2-2423-4c51-8eff-e42060e80d63","block_type":"box","text":"The Manager believes that the emergence of competition and deregulation will result in certain utility","page_number":148,"box":{"x":116,"y":316,"width":750,"height":13}},{"id":"ee94d105-aeab-485c-a35e-dedce8a816bb","block_type":"box","text":"companies being able to earn more than their traditional regulated rates of return, while others may be","page_number":148,"box":{"x":116,"y":332,"width":764,"height":12}},{"id":"3625b5d6-9d3f-41b8-9417-1cad6dfea585","block_type":"box","text":"forced to defend their core business from increased competition and may be less profitable. Reduced","page_number":148,"box":{"x":116,"y":347,"width":757,"height":13}},{"id":"5a52f034-0ea9-485e-9003-fada33a08e58","block_type":"box","text":"profitability, as well as new uses of funds (such as for expansion, operations or stock buybacks) could","page_number":148,"box":{"x":117,"y":363,"width":759,"height":12}},{"id":"41c20a0a-fda6-40d0-abcf-b2536f4b8da2","block_type":"box","text":"result in cuts in dividend payout rates. As deregulation allows utility companies to diversify outside of","page_number":148,"box":{"x":117,"y":378,"width":750,"height":13}},{"id":"deca7660-a59f-412f-a34b-f6dee3ed51e3","block_type":"box","text":"their original geographic regions and their traditional lines of business, utility companies may engage in","page_number":148,"box":{"x":116,"y":394,"width":769,"height":12}},{"id":"4429ded6-9580-48c4-9789-56b87c4b08ff","block_type":"box","text":"riskier ventures. Therefore, deregulation may eliminate restrictions on the maximum level of profits of","page_number":148,"box":{"x":117,"y":409,"width":753,"height":13}},{"id":"a87344cc-d11f-4572-b591-dc6811087e92","block_type":"box","text":"certain utility companies, but may also subject these companies to greater risk of loss. The Manager","page_number":148,"box":{"x":116,"y":425,"width":749,"height":12}},{"id":"61a8e907-197d-433c-80e3-e278fc51d16b","block_type":"box","text":"seeks to take advantage of favorable investment opportunities that may arise from these structural","page_number":148,"box":{"x":116,"y":440,"width":735,"height":13}},{"id":"2cf57961-7ea1-4f96-8bbe-c1cc96546f62","block_type":"box","text":"changes. Of course, there can be no assurance that favorable developments will occur in the future.","page_number":148,"box":{"x":116,"y":456,"width":747,"height":12}},{"id":"7465e737-7659-40b4-9ebf-e8269c00118d","block_type":"box","text":"Foreign utility companies are also subject to regulation, although such regulations may or may not be","page_number":148,"box":{"x":117,"y":484,"width":755,"height":12}},{"id":"a3bff4c7-c43f-442b-adf5-1980a5eea570","block_type":"box","text":"comparable to those in the United States. Foreign utility companies may be more heavily regulated by","page_number":148,"box":{"x":116,"y":499,"width":761,"height":13}},{"id":"695dca62-349c-49e8-a11e-4a494a30a8e2","block_type":"box","text":"their respective governments than utilities in the United States and, as in the United States, generally","page_number":148,"box":{"x":116,"y":515,"width":755,"height":12}},{"id":"303f99b2-836b-4830-958b-d2d8613a805a","block_type":"box","text":"are required to seek government approval for rate increases. In addition, many foreign utilities use","page_number":148,"box":{"x":116,"y":530,"width":733,"height":13}},{"id":"f5f4def9-ec81-49fe-aa92-ef823b00fcb5","block_type":"box","text":"fuels that may cause more pollution than those used in the United States, which may require such","page_number":148,"box":{"x":116,"y":546,"width":731,"height":12}},{"id":"f6f5fedf-0ae6-4fd7-93d3-745b1b369eff","block_type":"box","text":"utilities to invest in pollution control equipment to meet any proposed pollution restrictions. Foreign","page_number":148,"box":{"x":117,"y":562,"width":733,"height":12}},{"id":"72a4e3d8-ad71-4df3-a8c8-e957d7fd51e6","block_type":"box","text":"regulatory systems vary from country to country and may evolve in ways different from regulation in the","page_number":148,"box":{"x":117,"y":577,"width":770,"height":12}},{"id":"5480d146-ee5f-4462-9c64-7faf7a524fdd","block_type":"box","text":"United States.","page_number":148,"box":{"x":117,"y":592,"width":109,"height":10}},{"id":"45754ddf-b84d-4cac-9da7-52ecd3716fd2","block_type":"box","text":"A Fund’s investment policies are designed to enable it to capitalize on evolving investment","page_number":148,"box":{"x":116,"y":620,"width":676,"height":12}},{"id":"4d21df65-a987-4f44-adf2-f7e836f305b7","block_type":"box","text":"opportunities throughout the world. For example, the rapid growth of certain foreign economies will","page_number":148,"box":{"x":116,"y":636,"width":736,"height":12}},{"id":"d89621c9-4aff-47a7-947f-3bd0d292ffc0","block_type":"box","text":"necessitate expansion of capacity in the utility industries in those countries. Although many foreign","page_number":148,"box":{"x":117,"y":651,"width":735,"height":12}},{"id":"7196eae9-20e0-47af-a0a9-1e8857daa1de","block_type":"box","text":"utility companies currently are government-owned, thereby limiting current investment opportunities for","page_number":148,"box":{"x":117,"y":667,"width":761,"height":12}},{"id":"fb443c94-c38e-46b1-b901-b38a8a30c94c","block_type":"box","text":"a Fund, the Manager believes that, in order to attract significant capital for growth, foreign governments","page_number":148,"box":{"x":116,"y":682,"width":767,"height":12}},{"id":"8b564672-7bfb-46b8-9e68-0891a0c228e5","block_type":"box","text":"are likely to seek global investors through the privatization of their utility industries. Privatization, which","page_number":148,"box":{"x":116,"y":698,"width":759,"height":12}},{"id":"8e248c13-6cac-4056-af4b-8971bdcd7c22","block_type":"box","text":"refers to the trend toward investor ownership of assets rather than government ownership, is expected","page_number":148,"box":{"x":117,"y":713,"width":759,"height":12}},{"id":"491a5321-1528-42bc-b774-5e18da66a4e0","block_type":"box","text":"to occur in newer, faster-growing economies and in mature economies. Of course, there is no","page_number":148,"box":{"x":116,"y":729,"width":694,"height":12}},{"id":"acedaba6-37cb-4901-b1e6-4f40070bd5b0","block_type":"box","text":"assurance that such favorable developments will occur or that investment opportunities in foreign","page_number":148,"box":{"x":116,"y":744,"width":720,"height":12}},{"id":"c05522d8-7be4-428a-ac43-72837d002006","block_type":"box","text":"markets will increase.","page_number":148,"box":{"x":117,"y":760,"width":158,"height":9}},{"id":"b98d66a3-f8e7-45c3-8e24-34290bed3fb3","block_type":"box","text":"The revenues of domestic and foreign utility companies generally reflect the economic growth and","page_number":148,"box":{"x":116,"y":788,"width":726,"height":12}},{"id":"a61e5170-9eeb-44c1-b956-1c1280f33095","block_type":"box","text":"development in the geographic areas in which they do business. The Manager will take into account","page_number":148,"box":{"x":116,"y":803,"width":742,"height":12}},{"id":"06c9dd28-3452-4dd3-aebb-dac57dd7074e","block_type":"box","text":"anticipated economic growth rates and other economic developments when selecting securities of","page_number":148,"box":{"x":116,"y":819,"width":728,"height":12}},{"id":"51acf096-4ecc-4766-95f8-ad2f8a688d18","block_type":"box","text":"utility companies.","page_number":148,"box":{"x":117,"y":834,"width":132,"height":12}},{"id":"1dc6ab77-f7c4-4e99-8990-3fa082ee28eb","block_type":"box","text":"Electric.","page_number":148,"box":{"x":116,"y":862,"width":58,"height":10}},{"id":"2e32850c-8fb3-4c1d-9d34-a3d383eeae38","block_type":"box","text":"The electric utility industry consists of companies that are engaged principally in the","page_number":148,"box":{"x":176,"y":862,"width":630,"height":12}},{"id":"275004fd-c536-463b-af4b-3642079c6f9f","block_type":"box","text":"generation, transmission and sale of electric energy, although many also provide other energy-related","page_number":148,"box":{"x":116,"y":878,"width":760,"height":12}},{"id":"2a283171-c16d-4ed1-97b8-5e748109a136","block_type":"box","text":"II-99","page_number":148,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"d0760200-1dd7-4c8a-b967-4853aaa17876","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":148,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"376b68d3-3616-4d0e-9d28-06078380605b","block_type":"box","text":"services. In the past, electric utility companies, in general, have been favorably affected by lower fuel","page_number":149,"box":{"x":116,"y":87,"width":754,"height":12}},{"id":"01902a6a-4998-42a6-a8c3-eea9ba8bf51b","block_type":"box","text":"and financing costs and the full or near completion of major construction programs. In addition, many","page_number":149,"box":{"x":116,"y":102,"width":754,"height":13}},{"id":"f760f423-fd78-4212-92ac-2da0c9dade46","block_type":"box","text":"of these companies have generated cash flows in excess of current operating expenses and","page_number":149,"box":{"x":116,"y":118,"width":690,"height":12}},{"id":"29fa7026-6a0d-4f01-90ca-03eeb53a3fcf","block_type":"box","text":"construction expenditures, permitting some degree of diversification into unregulated businesses.","page_number":149,"box":{"x":116,"y":134,"width":727,"height":12}},{"id":"0a84b2b4-482a-46be-b277-ffe7a8ffa17b","block_type":"box","text":"Some electric utilities have also taken advantage of the right to sell power outside of their traditional","page_number":149,"box":{"x":116,"y":149,"width":744,"height":12}},{"id":"407995aa-231d-44ad-8165-508e276c6054","block_type":"box","text":"geographic areas. Electric utility companies have historically been subject to the risks associated with","page_number":149,"box":{"x":116,"y":165,"width":758,"height":12}},{"id":"b164be97-bac7-47d8-9a86-c7520b28bbb4","block_type":"box","text":"increases in fuel and other operating costs, high interest costs on borrowings needed for capital","page_number":149,"box":{"x":117,"y":180,"width":714,"height":12}},{"id":"fb86f747-a5c4-4107-aede-3742068083a8","block_type":"box","text":"construction programs, costs associated with compliance with environmental and safety regulations","page_number":149,"box":{"x":116,"y":196,"width":744,"height":12}},{"id":"e885cff6-4545-433b-beea-30b96a98d9cd","block_type":"box","text":"and changes in the regulatory climate. As interest rates declined, many utilities refinanced high cost","page_number":149,"box":{"x":116,"y":211,"width":744,"height":12}},{"id":"79cfcae3-2210-4fa9-983a-fd1e0de8025b","block_type":"box","text":"debt and in doing so improved their fixed charges coverage. Regulators, however, lowered allowed","page_number":149,"box":{"x":116,"y":227,"width":740,"height":12}},{"id":"174c4416-f8e5-48b3-b5f4-905b3b2c43da","block_type":"box","text":"rates of return as interest rates declined and thereby caused the benefits of the rate declines to be","page_number":149,"box":{"x":117,"y":242,"width":734,"height":12}},{"id":"ac058f2d-de78-4fc3-a18d-223a9c38a97b","block_type":"box","text":"shared wholly or in part with customers. In a period of rising interest rates, the allowed rates of return","page_number":149,"box":{"x":116,"y":258,"width":754,"height":12}},{"id":"39268e52-5462-4de0-8165-ab5b761ed567","block_type":"box","text":"may not keep pace with the utilities’ increased costs. The construction and operation of nuclear power","page_number":149,"box":{"x":117,"y":273,"width":760,"height":12}},{"id":"4174f8b7-e90b-4f5e-8415-652e0f59aef5","block_type":"box","text":"facilities are subject to strict scrutiny by, and evolving regulations of, the Nuclear Regulatory","page_number":149,"box":{"x":116,"y":289,"width":686,"height":12}},{"id":"2861bf2b-76b0-4329-9f32-6e12c3e3f372","block_type":"box","text":"Commission and state agencies which have comparable jurisdiction. Strict scrutiny might result in","page_number":149,"box":{"x":117,"y":304,"width":727,"height":12}},{"id":"dc5045a0-297a-41ba-920c-ffa3a2a1d665","block_type":"box","text":"higher operating costs and higher capital expenditures, with the risk that the regulators may disallow","page_number":149,"box":{"x":117,"y":320,"width":747,"height":12}},{"id":"1e0eedbb-5b8a-4d4e-b94a-9f7f23d0fa64","block_type":"box","text":"inclusion of these costs in rate authorizations or the risk that a company may not be permitted to","page_number":149,"box":{"x":117,"y":335,"width":719,"height":12}},{"id":"bba88d03-2b2d-4b2b-b74b-0b0e72c915b2","block_type":"box","text":"operate or complete construction of a facility. In addition, operators of nuclear power plants may be","page_number":149,"box":{"x":116,"y":351,"width":740,"height":12}},{"id":"d1589150-2c57-4403-95b2-218e079423a3","block_type":"box","text":"subject to significant costs for disposal of nuclear fuel and for decommissioning such plants.","page_number":149,"box":{"x":116,"y":366,"width":687,"height":12}},{"id":"2d67f8db-7053-420d-be5a-5a4d021a230e","block_type":"box","text":"The rating agencies look closely at the business profile of utilities. Ratings for companies are expected","page_number":149,"box":{"x":116,"y":397,"width":766,"height":12}},{"id":"187a3052-bf93-46f0-a894-6dea03dfcf05","block_type":"box","text":"to be impacted to a greater extent in the future by the division of their asset base. Electric utility","page_number":149,"box":{"x":116,"y":413,"width":711,"height":12}},{"id":"ee6fd1ff-04bf-4ff4-a32f-ad0875765e10","block_type":"box","text":"companies that focus more on the generation of electricity may be assigned less favorable ratings as","page_number":149,"box":{"x":116,"y":428,"width":754,"height":12}},{"id":"5615d6c3-aab0-47e8-917c-a2e8f70efe3c","block_type":"box","text":"this business is expected to be competitive and the least regulated. On the other hand, companies that","page_number":149,"box":{"x":116,"y":444,"width":768,"height":12}},{"id":"cb050531-95b8-44fc-993c-7e65ddd83bfc","block_type":"box","text":"focus on transmission and distribution, which is expected to be the least competitive and the more","page_number":149,"box":{"x":116,"y":459,"width":732,"height":12}},{"id":"055fec48-dbb8-4eb2-b0fe-eadebaee1ef4","block_type":"box","text":"regulated part of the business, may see higher ratings given the greater predictability of cash flow.","page_number":149,"box":{"x":117,"y":475,"width":732,"height":12}},{"id":"4b391102-f50c-423b-b2b1-302b3ddcbc67","block_type":"box","text":"A number of states are considering or have enacted deregulation proposals. The introduction of","page_number":149,"box":{"x":116,"y":506,"width":715,"height":12}},{"id":"b4d2783c-73ad-4d8e-97ce-a29dc08b64e6","block_type":"box","text":"competition into the industry as a result of such deregulation has at times resulted in lower revenue,","page_number":149,"box":{"x":116,"y":521,"width":746,"height":12}},{"id":"4ab29406-0f64-4647-aec6-68f8d4ec3d2d","block_type":"box","text":"lower credit ratings, increased default risk, and lower electric utility security prices. Such increased","page_number":149,"box":{"x":117,"y":537,"width":734,"height":12}},{"id":"10d9236a-3510-4361-b599-0416ee170e48","block_type":"box","text":"competition may also cause long-term contracts, which electric utilities previously entered into to buy","page_number":149,"box":{"x":116,"y":552,"width":752,"height":12}},{"id":"c627a944-31af-48a5-9399-ee178d125526","block_type":"box","text":"power, to become “stranded assets” which have no economic value. Any loss associated with such","page_number":149,"box":{"x":117,"y":568,"width":739,"height":12}},{"id":"2b91ffae-fede-48fc-9206-3e3732ff219d","block_type":"box","text":"contracts must be absorbed by ratepayers and investors. In addition, some electric utilities have","page_number":149,"box":{"x":116,"y":583,"width":717,"height":12}},{"id":"cceb9455-5f1b-4a17-b01c-a7e1f59002b5","block_type":"box","text":"acquired electric utilities overseas to diversify, enhance earnings and gain experience in operating in a","page_number":149,"box":{"x":116,"y":599,"width":765,"height":12}},{"id":"9a6a3984-ebd6-4bb2-a6e9-9f24d9a802ea","block_type":"box","text":"deregulated environment. In some instances, such acquisitions have involved significant borrowings,","page_number":149,"box":{"x":116,"y":614,"width":752,"height":12}},{"id":"808e9ba7-f2d6-484f-8801-78fec355e42f","block_type":"box","text":"which have burdened the acquirer’s balance sheet. There is no assurance that current deregulation","page_number":149,"box":{"x":116,"y":630,"width":743,"height":12}},{"id":"fc2de0eb-6060-4180-94fe-74df3a67d5e0","block_type":"box","text":"proposals will be adopted. However, deregulation in any form could significantly impact the electric","page_number":149,"box":{"x":117,"y":645,"width":736,"height":12}},{"id":"71f74e4e-7409-442f-a5a0-de68ea5d5532","block_type":"box","text":"utilities industry.","page_number":149,"box":{"x":117,"y":661,"width":117,"height":12}},{"id":"0b355833-827a-4207-b018-9b4bff5310ed","block_type":"box","text":"Telecommunications.","page_number":149,"box":{"x":118,"y":692,"width":155,"height":9}},{"id":"89cad252-1b74-4ab3-a87e-1f7fd260977e","block_type":"box","text":"The telecommunications industry today includes both traditional telephone","page_number":149,"box":{"x":280,"y":692,"width":551,"height":12}},{"id":"34eb5a82-0709-4cf3-babf-6c14146620a9","block_type":"box","text":"companies, with a history of broad market coverage and highly regulated businesses, and cable","page_number":149,"box":{"x":116,"y":707,"width":712,"height":12}},{"id":"4bcb3d46-41c6-4edc-9a46-3a3d1798f90e","block_type":"box","text":"companies, which began as small, lightly regulated businesses focused on limited markets. Today","page_number":149,"box":{"x":116,"y":723,"width":728,"height":12}},{"id":"5d2ece6b-2764-4dde-b540-dbea8f9f8227","block_type":"box","text":"these two historically different businesses are converging in an industry that is trending toward larger,","page_number":149,"box":{"x":116,"y":738,"width":751,"height":12}},{"id":"312640b3-7ad6-47ab-b0fb-596ec27961e0","block_type":"box","text":"competitive national and international markets with an emphasis on deregulation. Companies that","page_number":149,"box":{"x":116,"y":754,"width":724,"height":12}},{"id":"370438eb-056e-488a-b605-2e5a44c61b2f","block_type":"box","text":"distribute telephone services and provide access to the telephone networks still comprise the greatest","page_number":149,"box":{"x":116,"y":769,"width":755,"height":12}},{"id":"428a3118-3d2d-49c3-b319-912e6d2ecfe1","block_type":"box","text":"portion of this segment, but non-regulated activities such as wireless telephone services, paging, data","page_number":149,"box":{"x":117,"y":785,"width":754,"height":12}},{"id":"7fe747c7-b63d-4b01-8f61-ff8292eceb7e","block_type":"box","text":"transmission and processing, equipment retailing, computer software and hardware and internet","page_number":149,"box":{"x":116,"y":800,"width":713,"height":12}},{"id":"6bb7287b-bcbc-4945-9516-097296485a44","block_type":"box","text":"services are becoming increasingly significant components as well. In particular, wireless and internet","page_number":149,"box":{"x":116,"y":816,"width":754,"height":12}},{"id":"05f249cc-9d09-459f-b200-95a6b828b4ce","block_type":"box","text":"telephone services continue to gain market share at the expense of traditional telephone companies.","page_number":149,"box":{"x":116,"y":831,"width":752,"height":12}},{"id":"8332a2b9-6598-4f85-b62f-6ca59bacc823","block_type":"box","text":"The presence of unregulated companies in this industry and the entry of traditional telephone","page_number":149,"box":{"x":116,"y":847,"width":696,"height":12}},{"id":"a46b74fd-cd85-45d5-961a-a2f78bb49e85","block_type":"box","text":"companies into unregulated or less regulated businesses provide significant investment opportunities","page_number":149,"box":{"x":116,"y":862,"width":755,"height":12}},{"id":"bd2bbae6-fa18-4f21-b7e3-be0513974786","block_type":"box","text":"with companies that may increase their earnings at faster rates than had been allowed in traditional","page_number":149,"box":{"x":116,"y":878,"width":742,"height":12}},{"id":"0ec99a06-e8e6-41de-bb37-4bf3595043df","block_type":"box","text":"II-100","page_number":149,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"c90f8ae2-4658-4381-b1af-f3cc90d1a833","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":149,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"c96cf3e2-5e88-4442-8803-f4fcf5bd501b","block_type":"box","text":"regulated businesses. Still, increasing competition, technological innovations and other structural","page_number":150,"box":{"x":117,"y":87,"width":722,"height":12}},{"id":"036fb734-66d5-4c28-aeb2-9c096be1aeee","block_type":"box","text":"changes could adversely affect the profitability of such utilities and the growth rate of their dividends.","page_number":150,"box":{"x":116,"y":102,"width":750,"height":13}},{"id":"f27cbaf2-d747-44ca-883a-cdf0b650a6a0","block_type":"box","text":"Given mergers and proposed legislation and enforcement changes, it is likely that both traditional","page_number":150,"box":{"x":117,"y":118,"width":725,"height":12}},{"id":"928119bf-109b-4746-b89b-ea281f108cbf","block_type":"box","text":"telephone companies and cable companies will continue to provide an expanding range of utility","page_number":150,"box":{"x":116,"y":134,"width":718,"height":12}},{"id":"f27848ab-9002-418c-b92e-5132664df6ee","block_type":"box","text":"services to both residential, corporate and governmental customers.","page_number":150,"box":{"x":116,"y":149,"width":511,"height":12}},{"id":"3858ddb9-db87-4da3-9121-28453782adff","block_type":"box","text":"Gas.","page_number":150,"box":{"x":117,"y":177,"width":33,"height":10}},{"id":"9f5b8184-ae24-41e6-b4a4-04a19c63c667","block_type":"box","text":"Gas transmission companies and gas distribution companies are undergoing significant changes.","page_number":150,"box":{"x":151,"y":177,"width":733,"height":12}},{"id":"814acb72-1bdd-418e-8339-04adc10d8dfa","block_type":"box","text":"In the United States, interstate transmission companies are regulated by the Federal Energy","page_number":150,"box":{"x":117,"y":193,"width":689,"height":12}},{"id":"b846e319-d75c-4f8e-9432-1595ba370ff7","block_type":"box","text":"Regulatory Commission, which is reducing its regulation of the industry. Many companies have","page_number":150,"box":{"x":117,"y":208,"width":709,"height":12}},{"id":"fe2381a5-eb49-45d0-abf5-55885585c898","block_type":"box","text":"diversified into oil and gas exploration and development, making returns more sensitive to energy","page_number":150,"box":{"x":116,"y":224,"width":728,"height":12}},{"id":"4ac5e664-830d-49e7-a12b-84e8a7661881","block_type":"box","text":"prices. In the recent decade, gas utility companies have been adversely affected by disruptions in the","page_number":150,"box":{"x":117,"y":239,"width":756,"height":12}},{"id":"50a6a5fd-b9ff-406b-9f2d-19fc73182224","block_type":"box","text":"oil industry and have also been affected by increased concentration and competition. In the opinion of","page_number":150,"box":{"x":116,"y":255,"width":759,"height":12}},{"id":"8c091607-1f6b-4bed-9253-e5a81c3d5d3b","block_type":"box","text":"the Manager, however, environmental considerations could improve the gas industry outlook in the","page_number":150,"box":{"x":116,"y":271,"width":738,"height":11}},{"id":"4c2799e1-856b-485c-a49d-f483b4b48a77","block_type":"box","text":"future. For example, natural gas is the cleanest of the hydrocarbon fuels, and this may result in","page_number":150,"box":{"x":116,"y":286,"width":709,"height":12}},{"id":"c874e8a8-0985-425f-9d3c-13df114571c3","block_type":"box","text":"incremental shifts in fuel consumption toward natural gas and away from oil and coal, even for","page_number":150,"box":{"x":117,"y":301,"width":702,"height":13}},{"id":"3a83c010-875a-4e6d-9c68-7537fa182d33","block_type":"box","text":"electricity generation. However, technological or regulatory changes within the industry may delay or","page_number":150,"box":{"x":116,"y":317,"width":750,"height":12}},{"id":"ec579b1c-93bf-46a8-b27f-8f3e583a685c","block_type":"box","text":"prevent this result.","page_number":150,"box":{"x":117,"y":333,"width":141,"height":11}},{"id":"3fe19379-5a39-46e3-97cd-1f539d23404b","block_type":"box","text":"Water.","page_number":150,"box":{"x":118,"y":361,"width":46,"height":9}},{"id":"4486f45c-f2c7-4aa2-9ab9-e5a778f6b20d","block_type":"box","text":"Water supply utilities are companies that collect, purify, distribute and sell water. In the United","page_number":150,"box":{"x":165,"y":361,"width":706,"height":12}},{"id":"080a020b-65ed-4be9-9090-73e8214fba9f","block_type":"box","text":"States and around the world the industry is highly fragmented because most of the supplies are owned","page_number":150,"box":{"x":116,"y":376,"width":768,"height":12}},{"id":"573fb018-3df1-4187-a031-b89cd299a1df","block_type":"box","text":"by local authorities. Companies in this industry are generally mature and are experiencing little or no","page_number":150,"box":{"x":117,"y":392,"width":748,"height":12}},{"id":"5407a353-2374-43b0-9577-f197d82a150b","block_type":"box","text":"per capita volume growth. In the opinion of the Manager, there may be opportunities for certain","page_number":150,"box":{"x":117,"y":407,"width":708,"height":12}},{"id":"db50ee74-3cda-47b0-97cd-bc343fbf757e","block_type":"box","text":"companies to acquire other water utility companies and for foreign acquisition of domestic companies.","page_number":150,"box":{"x":116,"y":423,"width":761,"height":12}},{"id":"883afdf2-81dc-4155-b592-5a31f5899dca","block_type":"box","text":"The Manager believes that favorable investment opportunities may result from consolidation of this","page_number":150,"box":{"x":116,"y":438,"width":738,"height":12}},{"id":"d4a952c2-19b4-4526-9e16-251b0aba94dd","block_type":"box","text":"segment. As with other utilities, however, increased regulation, increased costs and potential","page_number":150,"box":{"x":116,"y":454,"width":693,"height":12}},{"id":"920b5829-d3c8-438f-a76e-089bc65d75cb","block_type":"box","text":"disruptions in supply may adversely affect investments in water supply utilities.","page_number":150,"box":{"x":116,"y":469,"width":588,"height":12}},{"id":"beb2f7cb-343b-49d9-9723-9d03016ec332","block_type":"box","text":"Utility Industries Generally.","page_number":150,"box":{"x":117,"y":498,"width":197,"height":12}},{"id":"23fe44dc-65ad-45ce-9630-acb128f328d2","block_type":"box","text":"There can be no assurance that the positive developments noted above,","page_number":150,"box":{"x":316,"y":498,"width":548,"height":12}},{"id":"daccf53a-972d-4bad-a9c4-077cd76f960d","block_type":"box","text":"including those relating to privatization and changing regulation, will occur or that risk factors other than","page_number":150,"box":{"x":117,"y":513,"width":771,"height":12}},{"id":"db2225eb-10b0-424e-90e6-8fdff782aee6","block_type":"box","text":"those noted above will not develop in the future.","page_number":150,"box":{"x":116,"y":529,"width":361,"height":12}},{"id":"49e01e05-beed-44fa-876e-99285a32b594","block_type":"box","text":"When-Issued Securities, Delayed Delivery Securities and Forward Commitments.","page_number":150,"box":{"x":118,"y":557,"width":643,"height":12}},{"id":"1c771d04-b227-4520-8242-f3b6f0ca1a6d","block_type":"box","text":"A Fund may","page_number":150,"box":{"x":762,"y":557,"width":100,"height":12}},{"id":"c7ee9a26-6bf0-43cd-b1ec-9d2264c9e607","block_type":"box","text":"purchase or sell securities that it is entitled to receive on a when-issued basis. A Fund may also","page_number":150,"box":{"x":117,"y":573,"width":713,"height":12}},{"id":"05740616-7f86-4bac-abca-815253c4c461","block_type":"box","text":"purchase or sell securities on a delayed delivery basis or through a forward commitment (including on","page_number":150,"box":{"x":117,"y":588,"width":758,"height":12}},{"id":"345fb9a0-ecef-4116-abd3-2cb151e862e5","block_type":"box","text":"a TBA (to be announced) basis). These transactions involve the purchase or sale of securities by a","page_number":150,"box":{"x":116,"y":604,"width":739,"height":12}},{"id":"bedfddd0-e3ec-4568-be62-1471014a8842","block_type":"box","text":"Fund at an established price with payment and delivery taking place in the future. The Fund enters into","page_number":150,"box":{"x":117,"y":619,"width":767,"height":12}},{"id":"4d2f0eab-513e-41d2-8fdd-cf4466a3b4ab","block_type":"box","text":"these transactions to obtain what is considered an advantageous price to the Fund at the time of","page_number":150,"box":{"x":116,"y":635,"width":721,"height":12}},{"id":"a2b82eed-0339-4384-8a79-9252ee0bb392","block_type":"box","text":"entering into the transaction.","page_number":150,"box":{"x":116,"y":650,"width":217,"height":12}},{"id":"0b46bdfa-2c39-4b9c-b2b3-e670c4a61998","block_type":"box","text":"Pursuant to recommendations of the Treasury Market Practices Group, which is sponsored by the","page_number":150,"box":{"x":117,"y":678,"width":725,"height":13}},{"id":"e2c34f3d-4174-495d-b2f8-5abbfcd69d36","block_type":"box","text":"Federal Reserve Bank of New York, a Fund or its counterparty generally will be required to post","page_number":150,"box":{"x":117,"y":694,"width":710,"height":12}},{"id":"2257b616-a611-4abe-91a0-274bccf1b1af","block_type":"box","text":"collateral when entering into certain forward-settling transactions, including without limitation TBA","page_number":150,"box":{"x":116,"y":709,"width":722,"height":13}},{"id":"599a38b7-623d-4a07-abab-34cfbbdadda5","block_type":"box","text":"transactions. FINRA rules have also been implemented that include mandatory margin requirements","page_number":150,"box":{"x":116,"y":725,"width":745,"height":12}},{"id":"3774ed52-b7d0-49d3-9ded-0d867da74e9f","block_type":"box","text":"for the TBA market with limited exceptions. The collateralization of TBA trades is intended to mitigate","page_number":150,"box":{"x":116,"y":740,"width":749,"height":13}},{"id":"6cc631fc-7d4f-43cf-a1ba-d7e580211238","block_type":"box","text":"counterparty credit risk between trade and settlement, but could increase the cost of TBA transactions","page_number":150,"box":{"x":116,"y":756,"width":757,"height":12}},{"id":"cd59b2b0-e096-4b09-9831-d65dc5c3b882","block_type":"box","text":"and impose added operational complexity.","page_number":150,"box":{"x":116,"y":772,"width":313,"height":12}},{"id":"9c625030-63f1-49bf-b97f-dda9cc5336e1","block_type":"box","text":"There can be no assurance that a security purchased on a when-issued basis will be issued or that a","page_number":150,"box":{"x":116,"y":800,"width":748,"height":12}},{"id":"9e0a5256-2f2e-4141-b988-7637b91c5fc8","block_type":"box","text":"security purchased or sold on a delayed delivery basis or through a forward commitment will be","page_number":150,"box":{"x":116,"y":815,"width":707,"height":12}},{"id":"dc57fe89-9cb4-4498-b2ba-394fe29465fc","block_type":"box","text":"delivered. Also, the value of securities in these transactions on the delivery date may be more or less","page_number":150,"box":{"x":116,"y":831,"width":755,"height":12}},{"id":"a13c4633-17f5-49a2-9016-b7b633116471","block_type":"box","text":"than the price paid by the Fund to purchase the securities. The Fund will lose money if the value of the","page_number":150,"box":{"x":116,"y":846,"width":766,"height":12}},{"id":"3324ad94-ce29-4cf9-aa83-bbdfa5b73063","block_type":"box","text":"security in such a transaction declines below the purchase price and will not benefit if the value of the","page_number":150,"box":{"x":116,"y":862,"width":757,"height":12}},{"id":"e7c43174-3be4-4c24-a4a3-968e9275abb9","block_type":"box","text":"security appreciates above the sale price during the commitment period.","page_number":150,"box":{"x":116,"y":877,"width":542,"height":12}},{"id":"e98c4427-8ed1-46ea-8a14-3d5015b26ea9","block_type":"box","text":"II-101","page_number":150,"box":{"x":480,"y":909,"width":38,"height":9}},{"id":"e525228d-43a4-41be-9fae-d5a506b6226c","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":150,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"1d06d8ea-68f3-4cae-aa72-0ce28d50f81a","block_type":"box","text":"If deemed advisable as a matter of investment strategy, a Fund may dispose of or renegotiate a","page_number":151,"box":{"x":117,"y":87,"width":715,"height":12}},{"id":"e7ba54ab-bfd8-4bbf-9074-1016cb500c8c","block_type":"box","text":"commitment after it has been entered into, and may sell securities it has committed to purchase before","page_number":151,"box":{"x":116,"y":102,"width":767,"height":13}},{"id":"75732eed-ad71-465f-be20-6a21d7364b64","block_type":"box","text":"those securities are delivered to the Fund on the settlement date. In these cases the Fund may realize","page_number":151,"box":{"x":116,"y":118,"width":764,"height":12}},{"id":"41c6927d-d1f4-415b-86f4-7ff94269d7e9","block_type":"box","text":"a taxable capital gain or loss.","page_number":151,"box":{"x":116,"y":134,"width":221,"height":12}},{"id":"6079c87a-d00b-4b0a-abaf-a9b9acc7592b","block_type":"box","text":"When a Fund engages in when-issued, TBA or forward commitment transactions, it relies on the other","page_number":151,"box":{"x":116,"y":162,"width":763,"height":12}},{"id":"47ec9434-68f2-4ccf-a35d-34ba8f969362","block_type":"box","text":"party to consummate the trade. Failure of such party to do so may result in the Fund’s incurring a loss","page_number":151,"box":{"x":117,"y":178,"width":760,"height":12}},{"id":"8e72eacc-b9e3-437f-a120-d8404d03931f","block_type":"box","text":"or missing an opportunity to obtain a price considered to be advantageous.","page_number":151,"box":{"x":116,"y":193,"width":561,"height":12}},{"id":"2eda4a0c-0661-427a-ad2d-bdca6f13facd","block_type":"box","text":"The market value of the securities underlying a commitment to purchase securities, and any","page_number":151,"box":{"x":116,"y":222,"width":688,"height":12}},{"id":"99148613-1d19-4a01-984e-a0fae658787f","block_type":"box","text":"subsequent fluctuations in their market value, is taken into account when determining the market value","page_number":151,"box":{"x":116,"y":238,"width":767,"height":12}},{"id":"d0e09013-d0ae-451b-88ab-2452efc24aa5","block_type":"box","text":"of a Fund starting on the day the Fund agrees to purchase the securities. The Fund does not earn","page_number":151,"box":{"x":116,"y":253,"width":732,"height":12}},{"id":"9183da35-b016-4536-ae0e-62887799436c","block_type":"box","text":"interest on the securities it has committed to purchase until they are paid for and delivered on the","page_number":151,"box":{"x":117,"y":269,"width":725,"height":12}},{"id":"1ae4279d-b458-4dea-8366-32a9868ec2c1","block_type":"box","text":"settlement date.","page_number":151,"box":{"x":116,"y":284,"width":124,"height":10}},{"id":"6f2d5b14-39a6-44b9-b9d3-6955db011b11","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to enter into when-issued or forward","page_number":151,"box":{"x":117,"y":313,"width":740,"height":12}},{"id":"afe44176-80aa-40a5-a64f-b5991a122718","block_type":"box","text":"settling securities (e.g., firm and standby commitments, including TBA commitments, and dollar rolls)","page_number":151,"box":{"x":116,"y":328,"width":753,"height":12}},{"id":"8cd806e0-baa0-41eb-a65b-abbc57c4fcdb","block_type":"box","text":"and non-standard settlement cycle securities notwithstanding the limitation on the issuance of senior","page_number":151,"box":{"x":116,"y":344,"width":750,"height":12}},{"id":"334cb6cd-9895-4a0c-ae91-a48bc8c9d9ff","block_type":"box","text":"securities in Section 18 of the Investment Company Act, provided that the Fund intends to physically","page_number":151,"box":{"x":116,"y":359,"width":750,"height":12}},{"id":"6188b334-b52c-4952-9089-1ced37cdae7f","block_type":"box","text":"settle the transaction and the transaction will settle within 35 days of its trade date (the “Delayed","page_number":151,"box":{"x":116,"y":375,"width":719,"height":12}},{"id":"103c74a8-9317-43ff-ab03-ba825fc1efd8","block_type":"box","text":"Settlement Securities Provision”). If a when-issued, forward-settling or non-standard settlement cycle","page_number":151,"box":{"x":116,"y":390,"width":754,"height":12}},{"id":"2c99890f-8659-4e8f-8c07-3937a0135adb","block_type":"box","text":"security does not satisfy the Delayed-Settlement Securities Provision, then it is treated as a Derivatives","page_number":151,"box":{"x":116,"y":406,"width":771,"height":12}},{"id":"581672b4-771a-48e7-8129-7f8e566c6a2a","block_type":"box","text":"Transaction under Rule 18f-4. See “—Derivatives—Regulation of Derivatives—Rule 18f-4 under the","page_number":151,"box":{"x":116,"y":421,"width":746,"height":12}},{"id":"acc05b5b-d2b3-48c0-ad03-a29376734761","block_type":"box","text":"Investment Company Act” above.","page_number":151,"box":{"x":117,"y":437,"width":252,"height":12}},{"id":"5dc00050-de35-46d8-bb59-69bd7772c09b","block_type":"box","text":"Regulations adopted by global prudential regulators require certain bank-regulated counterparties and","page_number":151,"box":{"x":117,"y":466,"width":761,"height":12}},{"id":"01509aa9-6183-49bb-a711-30b046cf2879","block_type":"box","text":"certain of their affiliates to include in certain financial contracts, including many agreements with","page_number":151,"box":{"x":116,"y":481,"width":716,"height":12}},{"id":"9baacdef-5e69-43e6-ab87-b1cddd4eca1c","block_type":"box","text":"respect to when-issued, TBA and forward commitment transactions, terms that delay or restrict the","page_number":151,"box":{"x":117,"y":497,"width":736,"height":12}},{"id":"7a7db102-21af-4fa2-8f62-ebd46b4cbbf7","block_type":"box","text":"rights of counterparties, such as a Fund, to terminate such agreements, foreclose upon collateral,","page_number":151,"box":{"x":117,"y":512,"width":728,"height":12}},{"id":"46b9b0bc-90f3-4d7d-b2f8-5272b211164e","block_type":"box","text":"exercise other default rights or restrict transfers of credit support in the event that the counterparty and/","page_number":151,"box":{"x":116,"y":528,"width":766,"height":12}},{"id":"1b675b38-7fbe-47bf-b838-5d324da83e29","block_type":"box","text":"or its affiliates are subject to certain types of resolution or insolvency proceedings. It is possible that","page_number":151,"box":{"x":116,"y":543,"width":744,"height":12}},{"id":"fb5cee02-17d5-4daa-ba7b-348ea5a2503b","block_type":"box","text":"these requirements, as well as potential additional government regulation and other developments in","page_number":151,"box":{"x":116,"y":559,"width":752,"height":12}},{"id":"7d44b19a-fbf9-4c55-9a65-dcc5923e3ff1","block_type":"box","text":"the market, could adversely affect a Fund’s ability to terminate existing agreements with respect to","page_number":151,"box":{"x":116,"y":574,"width":735,"height":12}},{"id":"0f79a230-7aff-4202-800a-d24b7f101500","block_type":"box","text":"these transactions or to realize amounts to be received under such agreements.","page_number":151,"box":{"x":116,"y":590,"width":600,"height":12}},{"id":"8f556055-439d-44f2-9ca2-9c41e28ff2fc","block_type":"box","text":"Yields and Ratings.","page_number":151,"box":{"x":118,"y":618,"width":152,"height":12}},{"id":"65b3a15b-51b8-4a3a-8852-fedabaacc495","block_type":"box","text":"The yields on certain obligations are dependent on a variety of factors, including","page_number":151,"box":{"x":271,"y":618,"width":604,"height":12}},{"id":"474be6f0-af5e-4c1b-8f88-bf5f41687bd9","block_type":"box","text":"general market conditions, conditions in the particular market for the obligation, the financial condition","page_number":151,"box":{"x":116,"y":634,"width":759,"height":12}},{"id":"ccc2b17b-36f1-4d15-a5a7-25d783dd3865","block_type":"box","text":"of the issuer, the size of the offering, the maturity of the obligation and the ratings of the issue. The","page_number":151,"box":{"x":116,"y":649,"width":738,"height":12}},{"id":"7c8b9472-5885-418f-a42e-5dd035dd1111","block_type":"box","text":"ratings of Moody’s, Fitch and S&P represent their respective opinions as to the quality of the","page_number":151,"box":{"x":117,"y":665,"width":683,"height":12}},{"id":"24a0bcb8-f1d5-41ff-ac13-badbe8770f77","block_type":"box","text":"obligations they undertake to rate. Ratings, however, are general and are not absolute standards of","page_number":151,"box":{"x":116,"y":680,"width":739,"height":12}},{"id":"f79ad450-3af4-4c29-891b-a99aa3f078e2","block_type":"box","text":"quality. Consequently, obligations with the same rating, maturity and interest rate may have different","page_number":151,"box":{"x":116,"y":696,"width":744,"height":12}},{"id":"ce8c0cbf-3875-4fa1-ab2f-4f733ed13054","block_type":"box","text":"market prices. Subsequent to its purchase by a Fund, a rated security may cease to be rated. A Fund’s","page_number":151,"box":{"x":117,"y":711,"width":764,"height":12}},{"id":"bd86a39a-b8eb-466e-828d-eacbf95f838c","block_type":"box","text":"Manager or sub-adviser will consider such an event in determining whether the Fund should continue","page_number":151,"box":{"x":117,"y":727,"width":750,"height":12}},{"id":"8e1eb06f-67f8-4fc9-9e50-3ae59827fb1c","block_type":"box","text":"to hold the security.","page_number":151,"box":{"x":116,"y":743,"width":144,"height":11}},{"id":"2fa509fb-f587-40c7-8d66-7539a62b3009","block_type":"box","text":"Zero Coupon Securities.","page_number":151,"box":{"x":116,"y":771,"width":193,"height":12}},{"id":"cc767ac7-c0b0-4190-be07-ccc2d4231924","block_type":"box","text":"Zero coupon securities are securities that are sold at a discount to par value","page_number":151,"box":{"x":315,"y":771,"width":565,"height":12}},{"id":"bd04dffc-59fd-405e-93ea-817b9ed38b92","block_type":"box","text":"and do not pay interest during the life of the security. The discount approximates the total amount of","page_number":151,"box":{"x":116,"y":787,"width":743,"height":12}},{"id":"72ef9128-121e-45a8-b1f2-07dbfa33d78a","block_type":"box","text":"interest the security will accrue and compound over the period until maturity at a rate of interest","page_number":151,"box":{"x":117,"y":802,"width":706,"height":12}},{"id":"4d7cb900-8649-4b18-859c-bf73d4d22f81","block_type":"box","text":"reflecting the market rate of the security at the time of issuance. Upon maturity, the holder of a zero","page_number":151,"box":{"x":117,"y":818,"width":736,"height":12}},{"id":"a20bf760-2768-48dc-be8c-537b3f2cb27a","block_type":"box","text":"coupon security is entitled to receive the par value of the security.","page_number":151,"box":{"x":116,"y":833,"width":492,"height":12}},{"id":"d37bf091-7338-4ce7-b00c-1ad321dd5a4e","block_type":"box","text":"While interest payments are not made on such securities, holders of such securities are deemed to","page_number":151,"box":{"x":116,"y":862,"width":740,"height":12}},{"id":"36912064-0a3f-4eb5-a665-8583a66d287b","block_type":"box","text":"have received income (“phantom income”) annually, notwithstanding that cash may not be received","page_number":151,"box":{"x":117,"y":877,"width":742,"height":12}},{"id":"db2cbf48-e2af-4042-b4ed-9964cc659237","block_type":"box","text":"II-102","page_number":151,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"26c9bfa1-1cbd-4d96-adf1-824cc5d51197","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":151,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"b48d97b4-036f-4c60-b2a8-1a9e1f175e71","block_type":"box","text":"currently. The effect of owning instruments that do not make current interest payments is that a fixed","page_number":152,"box":{"x":116,"y":87,"width":751,"height":12}},{"id":"80de6f17-55bd-43b9-bc1e-4220962c57d8","block_type":"box","text":"yield is earned not only on the original investment but also, in effect, on all discount accretion during","page_number":152,"box":{"x":116,"y":102,"width":746,"height":13}},{"id":"a522e309-1dfa-4cbc-8dbc-7f99ac00c67e","block_type":"box","text":"the life of the obligations. This implicit reinvestment of earnings at a fixed rate eliminates the risk of","page_number":152,"box":{"x":116,"y":118,"width":737,"height":12}},{"id":"f9b7d119-bbe1-475c-b29c-4cf9152b92ba","block_type":"box","text":"being unable to invest distributions at a rate as high as the implicit yield on the zero coupon bond, but","page_number":152,"box":{"x":117,"y":134,"width":757,"height":12}},{"id":"1c9e3c76-15b9-44fa-bd1d-889a1e7f3f14","block_type":"box","text":"at the same time eliminates the holder’s ability to reinvest at higher rates in the future. For this reason,","page_number":152,"box":{"x":116,"y":149,"width":764,"height":12}},{"id":"697e51c4-046e-4e5c-a9d6-1beeaadcd3a3","block_type":"box","text":"some of these securities may be subject to substantially greater price fluctuations during periods of","page_number":152,"box":{"x":116,"y":165,"width":739,"height":12}},{"id":"80d85e2d-2731-4542-9a0e-9824ae20c4b4","block_type":"box","text":"changing market interest rates than are comparable securities that pay interest currently. Longer term","page_number":152,"box":{"x":116,"y":180,"width":760,"height":12}},{"id":"c602fbbd-fbc5-4520-a8af-38a1c7934949","block_type":"box","text":"zero coupon bonds are more exposed to interest rate risk than shorter term zero coupon bonds. These","page_number":152,"box":{"x":116,"y":196,"width":768,"height":11}},{"id":"ffe9f947-8399-4d51-a919-8c3a66b21c00","block_type":"box","text":"investments benefit the issuer by mitigating its need for cash to meet debt service, but also require a","page_number":152,"box":{"x":117,"y":211,"width":749,"height":12}},{"id":"50cec131-40b6-4fa0-ac4e-6d480b00e690","block_type":"box","text":"higher rate of return to attract investors who are willing to defer receipt of cash.","page_number":152,"box":{"x":117,"y":227,"width":589,"height":12}},{"id":"32a47387-8e12-43ad-bca1-146e6cbbe751","block_type":"box","text":"A Fund accrues income with respect to these securities for U.S. federal income tax and accounting","page_number":152,"box":{"x":116,"y":258,"width":739,"height":12}},{"id":"2fd4bb15-88dd-433b-bb80-414c82e14190","block_type":"box","text":"purposes prior to the receipt of cash payments. Zero coupon securities may be subject to greater","page_number":152,"box":{"x":117,"y":273,"width":724,"height":12}},{"id":"d2677d0a-c178-473c-aa28-833734426f39","block_type":"box","text":"fluctuation in value and less liquidity in the event of adverse market conditions than comparably rated","page_number":152,"box":{"x":116,"y":289,"width":756,"height":12}},{"id":"01a49886-2836-4160-8624-7da55883e482","block_type":"box","text":"securities that pay cash interest at regular intervals.","page_number":152,"box":{"x":116,"y":304,"width":388,"height":12}},{"id":"70844e89-3abf-4ba6-bea5-58e0d5da2d2d","block_type":"box","text":"Further, to maintain its qualification for pass-through treatment under the U.S. federal tax laws, a Fund","page_number":152,"box":{"x":117,"y":335,"width":764,"height":12}},{"id":"64e44a8e-f422-4eb6-936d-99f904ea7425","block_type":"box","text":"is required to distribute income to its shareholders and, consequently, may have to dispose of other,","page_number":152,"box":{"x":117,"y":351,"width":746,"height":12}},{"id":"8443e99b-0e5e-497f-801d-c3266752bb5c","block_type":"box","text":"more liquid portfolio securities under disadvantageous circumstances or may have to leverage itself by","page_number":152,"box":{"x":117,"y":366,"width":765,"height":12}},{"id":"7f4dd263-15e1-4050-b416-6e32d0c84555","block_type":"box","text":"borrowing in order to generate the cash to satisfy these distributions. The required distributions may","page_number":152,"box":{"x":117,"y":382,"width":744,"height":12}},{"id":"9a438104-79a4-4491-99fc-27514f43a632","block_type":"box","text":"result in an increase in a Fund’s exposure to zero coupon securities.","page_number":152,"box":{"x":117,"y":397,"width":511,"height":12}},{"id":"a865db19-9882-40c6-8b0a-9bc3694bf393","block_type":"box","text":"In addition to the above-described risks, there are certain other risks related to investing in zero","page_number":152,"box":{"x":117,"y":428,"width":712,"height":12}},{"id":"310ea376-44f7-4623-8557-5b23aeae5654","block_type":"box","text":"coupon securities. During a period of severe market conditions, the market for such securities may","page_number":152,"box":{"x":116,"y":444,"width":736,"height":12}},{"id":"e4af6e8b-6df6-46b0-9683-63d48e2aecf9","block_type":"box","text":"become even less liquid. In addition, as these securities do not pay cash interest, a Fund’s investment","page_number":152,"box":{"x":117,"y":459,"width":762,"height":12}},{"id":"e8f521ac-9f35-4711-a3ce-34c1896a9072","block_type":"box","text":"exposure to these securities and their risks, including credit risk, will increase during the time these","page_number":152,"box":{"x":116,"y":475,"width":739,"height":12}},{"id":"e08fc4e5-86d0-419e-93e9-f92c4d185996","block_type":"box","text":"securities are held in the Fund’s portfolio.","page_number":152,"box":{"x":116,"y":490,"width":311,"height":12}},{"id":"5e591d4c-5e0f-42d1-9644-87078e80b033","block_type":"box","text":"Suitability. (All Funds)","page_number":152,"box":{"x":117,"y":521,"width":181,"height":12}},{"id":"b805f5be-a06a-4c44-9dae-5553c182bcee","block_type":"box","text":"The economic benefit of an investment in any Fund depends upon many factors beyond the control of","page_number":152,"box":{"x":116,"y":544,"width":760,"height":12}},{"id":"a9969be7-77ca-40aa-b751-5514314f76b2","block_type":"box","text":"the Fund, the Manager and its affiliates. Each Fund should be considered a vehicle for diversification","page_number":152,"box":{"x":116,"y":560,"width":753,"height":12}},{"id":"81304a84-1951-4a8c-85dc-482792e7140a","block_type":"box","text":"and not as a balanced investment program. The suitability for any particular investor of a purchase of","page_number":152,"box":{"x":116,"y":575,"width":755,"height":12}},{"id":"be146113-3d8b-4dce-80da-3b3f87be516e","block_type":"box","text":"shares in a Fund will depend upon, among other things, such investor’s investment objectives and","page_number":152,"box":{"x":116,"y":591,"width":733,"height":12}},{"id":"323dce20-e9c3-4138-bce1-50a8c5db9d98","block_type":"box","text":"such investor’s ability to accept the risks associated with investing in securities, including the risk of","page_number":152,"box":{"x":116,"y":606,"width":741,"height":12}},{"id":"e055fa38-9482-4b07-80b6-1879886dbc83","block_type":"box","text":"loss of principal.","page_number":152,"box":{"x":117,"y":622,"width":124,"height":12}},{"id":"b16eadb2-7e36-4175-aa1e-6b4606423515","block_type":"box","text":"Investment Restrictions. (All Funds)","page_number":152,"box":{"x":116,"y":653,"width":293,"height":12}},{"id":"3207b38f-24b3-4ecd-bda1-ab1d9e9afc7f","block_type":"box","text":"See “Investment Restrictions” or “Investment Policies,” as applicable in each Fund’s SAI for the","page_number":152,"box":{"x":116,"y":676,"width":707,"height":12}},{"id":"d397535d-1d21-43f8-9c26-9823772d8359","block_type":"box","text":"specific fundamental and non-fundamental investment restrictions adopted by each Fund. In addition to","page_number":152,"box":{"x":116,"y":692,"width":766,"height":12}},{"id":"115b8b3c-6dd5-41d1-9351-bd3da2a9fcbb","block_type":"box","text":"those investment restrictions, each Fund is also subject to the restrictions discussed below.","page_number":152,"box":{"x":116,"y":707,"width":677,"height":12}},{"id":"6bbe465c-98b8-4ea3-9ab2-190b2f580fb2","block_type":"box","text":"Each Fund’s investments will be limited in order to","page_number":152,"box":{"x":117,"y":738,"width":371,"height":10}},{"id":"b16d2de6-5d02-4c07-ba1e-1bdd436511de","block_type":"box","text":"allow the Fund to qualify as a “regulated investment","page_number":152,"box":{"x":494,"y":738,"width":384,"height":12}},{"id":"3c59736f-8336-4265-b34b-9140879c5474","block_type":"box","text":"company” for purposes of the Code. See “Dividends and Taxes — Taxes” or “Taxes.” To qualify,","page_number":152,"box":{"x":116,"y":754,"width":715,"height":12}},{"id":"0492b81d-0032-44de-9c12-01b026969d4a","block_type":"box","text":"among other requirements, each Fund will limit its investments so that, at the close of each quarter of","page_number":152,"box":{"x":116,"y":769,"width":753,"height":12}},{"id":"b0eaf2b8-6eb2-4e76-a4de-c3e126ecacf8","block_type":"box","text":"the taxable year, (i) at least 50% of the market value of each Fund’s assets is represented by cash,","page_number":152,"box":{"x":116,"y":785,"width":735,"height":12}},{"id":"6240223e-9609-4428-a08e-eb0b0b0639f2","block_type":"box","text":"securities of other regulated investment companies, U.S. Government Securities and other securities,","page_number":152,"box":{"x":116,"y":800,"width":752,"height":12}},{"id":"d7daba2b-28b2-4c34-a519-26dc41d9999d","block_type":"box","text":"with such other securities limited, in respect of any one issuer, to an amount not greater in value than","page_number":152,"box":{"x":116,"y":816,"width":750,"height":12}},{"id":"6ace0c92-5aa3-4e18-8937-0059ff41ff7f","block_type":"box","text":"5% of the Fund’s assets and not greater than 10% of the outstanding voting securities of such issuer","page_number":152,"box":{"x":116,"y":831,"width":751,"height":12}},{"id":"403972e9-3298-410b-ae83-1c62386e11b1","block_type":"box","text":"and (ii) not more than 25% of the value of its assets is invested in the securities (other than U.S.","page_number":152,"box":{"x":116,"y":847,"width":718,"height":12}},{"id":"24c8e898-e906-441b-a422-57dc260b5cfc","block_type":"box","text":"Government Securities or securities of other regulated investment companies) of any one issuer, any","page_number":152,"box":{"x":117,"y":862,"width":754,"height":12}},{"id":"8dfc6e49-8f1b-400b-8fcd-485c966d855a","block_type":"box","text":"two or more issuers that the Fund controls and that are determined to be engaged in the same or","page_number":152,"box":{"x":116,"y":878,"width":726,"height":12}},{"id":"ec359fab-9c5b-4997-97e6-30efb1a62323","block_type":"box","text":"II-103","page_number":152,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"7623c9bd-15b7-4a35-a0bd-933396f31880","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":152,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"c8bc6481-fe5f-4b38-ae16-664be0e69622","block_type":"box","text":"similar trades or businesses or related trades or businesses or in the securities of one or more qualified","page_number":153,"box":{"x":116,"y":87,"width":772,"height":12}},{"id":"3b1b3993-6bd5-40b1-b728-a537ce85ae11","block_type":"box","text":"publicly traded partnerships (","page_number":153,"box":{"x":117,"y":102,"width":214,"height":13}},{"id":"0259ec42-cb65-413f-b6dd-c823b3477511","block_type":"box","text":"i.e.","page_number":153,"box":{"x":332,"y":103,"width":21,"height":9}},{"id":"151cb3c9-ef90-492a-8a6d-97344c9fafca","block_type":"box","text":", partnerships that are traded on an established securities market or","page_number":153,"box":{"x":356,"y":103,"width":507,"height":11}},{"id":"94db16be-26d3-4527-8679-349c24a6016d","block_type":"box","text":"tradable on a secondary market, other than partnerships that derive 90% of their income from interest,","page_number":153,"box":{"x":116,"y":118,"width":764,"height":12}},{"id":"d19102a7-19ca-4752-b215-98642e68b5e9","block_type":"box","text":"dividends, capital gains and other traditionally permitted mutual fund income). For purposes of this","page_number":153,"box":{"x":116,"y":134,"width":734,"height":12}},{"id":"1767c8e2-e155-4807-adcd-1d68298b5222","block_type":"box","text":"restriction, the Municipal Funds generally will regard each state and each of its political subdivisions,","page_number":153,"box":{"x":117,"y":149,"width":749,"height":12}},{"id":"16fe21a2-2594-4890-bb67-739e9a2c7b4d","block_type":"box","text":"agencies or instrumentalities and each multi-state agency of which the state is a member as a","page_number":153,"box":{"x":116,"y":165,"width":703,"height":12}},{"id":"03184b63-1596-431f-9588-3b5db2ba43a0","block_type":"box","text":"separate issuer. Each public authority that issues securities on behalf of a private entity generally will","page_number":153,"box":{"x":116,"y":180,"width":754,"height":12}},{"id":"c8744a15-cb3f-4334-b37e-5e80d7a6c667","block_type":"box","text":"also be regarded as a separate issuer, except that if the security is backed only by the assets and","page_number":153,"box":{"x":116,"y":196,"width":731,"height":12}},{"id":"7e8a1bb9-1689-455f-827f-d42dea2f8e31","block_type":"box","text":"revenues of a non-government entity, then the entity with the ultimate responsibility for the payment of","page_number":153,"box":{"x":117,"y":211,"width":762,"height":12}},{"id":"89e504a5-66f5-47c7-96c7-1681661c27fb","block_type":"box","text":"interest and principal may be regarded as the sole issuer.","page_number":153,"box":{"x":117,"y":227,"width":431,"height":12}},{"id":"e2b667ff-954e-4dba-95d9-b01b919d97e2","block_type":"box","text":"Foreign government securities (unlike U.S. Government Securities) are not exempt from the 5%, 10%","page_number":153,"box":{"x":117,"y":258,"width":759,"height":12}},{"id":"dfb570e0-56fc-4306-86f5-2a1c0140be80","block_type":"box","text":"and 25% diversification requirements of the Code discussed above and the securities of each foreign","page_number":153,"box":{"x":116,"y":273,"width":755,"height":12}},{"id":"d370dd99-8510-42ba-8868-03ab6fbca5c9","block_type":"box","text":"government issuer are considered to be obligations of a single issuer. These tax-related limitations","page_number":153,"box":{"x":116,"y":289,"width":737,"height":12}},{"id":"6f7fe725-2af6-44de-9123-50d5e25af842","block_type":"box","text":"may be changed by the Directors of a Fund to the extent necessary to comply with changes to the U.S.","page_number":153,"box":{"x":117,"y":304,"width":769,"height":12}},{"id":"9f258f5d-81a8-44b6-9169-9075c18e7ad6","block_type":"box","text":"federal tax requirements. A Fund that is “diversified” under the Investment Company Act must satisfy","page_number":153,"box":{"x":116,"y":320,"width":753,"height":12}},{"id":"97150d13-a09d-41cc-8fc4-de3b80c87d96","block_type":"box","text":"the foregoing 5% and 10% requirements with respect to 75% of its total assets.","page_number":153,"box":{"x":116,"y":335,"width":592,"height":12}},{"id":"01b398f2-1128-4c20-892b-93580f404601","block_type":"box","text":"M","page_number":153,"box":{"x":310,"y":382,"width":12,"height":9}},{"id":"f663f91e-215d-44c2-ab6c-55c39b4adb79","block_type":"box","text":"ANAGEMENT","page_number":153,"box":{"x":323,"y":384,"width":87,"height":7}},{"id":"b492b8b7-9bb1-4fc7-bf3a-20b6dc92c3ab","block_type":"box","text":"AND","page_number":153,"box":{"x":415,"y":384,"width":29,"height":7}},{"id":"87518643-6284-4816-b27a-b8fb5b5844f1","block_type":"box","text":"O","page_number":153,"box":{"x":445,"y":382,"width":17,"height":9}},{"id":"0722fd00-5dd0-4666-a890-119a2b7f330e","block_type":"box","text":"THER","page_number":153,"box":{"x":463,"y":384,"width":37,"height":7}},{"id":"b9c8d853-5cb9-48ec-9c9b-15e1000f6470","block_type":"box","text":"S","page_number":153,"box":{"x":500,"y":382,"width":15,"height":9}},{"id":"a32dc9c6-b1df-4973-a442-8817213a7b7d","block_type":"box","text":"ERVICE","page_number":153,"box":{"x":517,"y":384,"width":49,"height":7}},{"id":"62c63859-30db-4934-a1df-c6b3e7cfb222","block_type":"box","text":"A","page_number":153,"box":{"x":567,"y":382,"width":16,"height":9}},{"id":"aae772ac-110d-4037-ab1a-0d39868d3a6e","block_type":"box","text":"RRANGEMENTS","page_number":153,"box":{"x":584,"y":384,"width":106,"height":7}},{"id":"118d6708-bde6-4ae5-88c6-7ccd30f3c6ba","block_type":"box","text":"Directors and Officers","page_number":153,"box":{"x":117,"y":413,"width":180,"height":9}},{"id":"e330680d-b255-4e9b-b8ec-60916b28992d","block_type":"box","text":"See “Information on Directors and Officers, ‘—Biographical Information,’ ‘— Share Ownership’ and","page_number":153,"box":{"x":116,"y":436,"width":736,"height":12}},{"id":"327e8941-ac6c-4897-bee1-a43c97a151fe","block_type":"box","text":"‘— Compensation of Directors’” or “Information on Trustees and Officers, ‘—Biographical Information,’","page_number":153,"box":{"x":117,"y":451,"width":760,"height":12}},{"id":"b19584ce-8274-4991-8c75-21d2d6146422","block_type":"box","text":"‘— Share Ownership’ and ‘— Compensation of Trustees’,” as applicable, in Part I of each Fund’s SAI","page_number":153,"box":{"x":117,"y":467,"width":754,"height":12}},{"id":"e79bd8bf-49cb-430d-bd37-2daf4f544a7e","block_type":"box","text":"for biographical and certain other information relating to the Directors and officers of your Fund,","page_number":153,"box":{"x":116,"y":482,"width":713,"height":12}},{"id":"23f05792-ef1b-43cc-b8f8-ef6b0d91f81c","block_type":"box","text":"including Directors’ compensation.","page_number":153,"box":{"x":117,"y":498,"width":260,"height":12}},{"id":"9671072d-7f73-4bc0-8a2a-b4ba83b86279","block_type":"box","text":"Management Arrangements","page_number":153,"box":{"x":117,"y":529,"width":225,"height":12}},{"id":"a8388d3a-13de-44bd-b6be-925c639abbfc","block_type":"box","text":"Management Services.","page_number":153,"box":{"x":116,"y":552,"width":170,"height":12}},{"id":"4c0d58a7-97ae-4b2e-a835-780dcb6a6d9b","block_type":"box","text":"The Manager provides each Fund with investment advisory and management","page_number":153,"box":{"x":288,"y":552,"width":585,"height":12}},{"id":"8afe33e0-d5ce-4e26-a02e-b9fd0e158e89","block_type":"box","text":"services. Subject to the oversight of the Board of Directors, the Manager is responsible for the actual","page_number":153,"box":{"x":116,"y":568,"width":752,"height":12}},{"id":"564b665a-e98e-4aac-a28d-6a7db6624b5c","block_type":"box","text":"management of a Fund’s portfolio and reviews the Fund’s holdings in light of its own research analysis","page_number":153,"box":{"x":117,"y":583,"width":764,"height":12}},{"id":"1a2a8195-52ed-4946-9812-92bc3edbb70b","block_type":"box","text":"and that from other relevant sources. The responsibility for making decisions to buy, sell or hold a","page_number":153,"box":{"x":116,"y":599,"width":729,"height":12}},{"id":"a26e1f8d-9661-4c28-919d-54fbd7de12e9","block_type":"box","text":"particular security rests with the Manager. The Manager performs certain of the other administrative","page_number":153,"box":{"x":117,"y":614,"width":745,"height":12}},{"id":"d84d1c2b-5c96-4abd-89ad-ba46c2d2eafd","block_type":"box","text":"services and provides all the office space, facilities, equipment and necessary personnel for","page_number":153,"box":{"x":116,"y":630,"width":685,"height":12}},{"id":"b56f4b69-6acf-4fc1-933f-f12cbf25dc43","block_type":"box","text":"management of each Fund.","page_number":153,"box":{"x":117,"y":645,"width":209,"height":12}},{"id":"93b8564f-1bfb-4461-bc15-f322926be280","block_type":"box","text":"Each Feeder Fund invests all or a portion of its assets in shares of a Master Portfolio. To the extent a","page_number":153,"box":{"x":117,"y":676,"width":750,"height":12}},{"id":"828bafa5-1d0a-4380-8602-10102d05b7b0","block_type":"box","text":"Feeder Fund invests all of its assets in a Master Portfolio, it does not invest directly in portfolio","page_number":153,"box":{"x":117,"y":692,"width":697,"height":12}},{"id":"9981c9e6-de6a-4884-ba7b-4d180dcfbaa4","block_type":"box","text":"securities and does not require management services. For such Feeder Funds, portfolio management","page_number":153,"box":{"x":116,"y":707,"width":756,"height":12}},{"id":"2bce852f-4127-4af4-8bed-4ea3a513d9c8","block_type":"box","text":"occurs at the Master Portfolio level.","page_number":153,"box":{"x":116,"y":723,"width":261,"height":9}},{"id":"bcd2a6ae-2cce-42f0-bfac-8c9a53e6d018","block_type":"box","text":"Management Fee.","page_number":153,"box":{"x":116,"y":754,"width":132,"height":12}},{"id":"c8a8e9ce-38c8-4c9f-8ff6-60d6fc76ad12","block_type":"box","text":"Each Fund has entered into a Management","page_number":153,"box":{"x":256,"y":754,"width":316,"height":12}},{"id":"7a868325-f38e-479a-985d-d875ed0a1b5f","block_type":"box","text":"Agreement with the Manager pursuant to","page_number":153,"box":{"x":576,"y":754,"width":298,"height":12}},{"id":"e29b843d-f1f5-4da4-9f16-c5e367cbcae3","block_type":"box","text":"which the Manager receives for its services to","page_number":153,"box":{"x":116,"y":769,"width":332,"height":12}},{"id":"8169cb23-5c99-4576-b940-296d2abc65c0","block_type":"box","text":"the Fund monthly compensation at an annual rate based","page_number":153,"box":{"x":453,"y":769,"width":411,"height":12}},{"id":"57d5b43f-7045-437d-b60a-abbe70cc3f8b","block_type":"box","text":"on the average daily net assets of the Fund. For info","page_number":153,"box":{"x":116,"y":785,"width":380,"height":12}},{"id":"ca80cc24-1d64-4683-b8bd-60487688b368","block_type":"box","text":"rmation regarding the fees paid by your Fund to the","page_number":153,"box":{"x":497,"y":785,"width":373,"height":12}},{"id":"8998c332-53c9-4753-8bdd-5924e3f89f58","block_type":"box","text":"Manager for the Fund’s last three fiscal years or","page_number":153,"box":{"x":117,"y":800,"width":348,"height":12}},{"id":"29efee71-7026-457a-a4c3-ee4ec038b7ee","block_type":"box","text":"other applicable periods, see “Management, Advisory","page_number":153,"box":{"x":469,"y":800,"width":389,"height":12}},{"id":"7d464923-3a72-4874-b6cf-7ae2e2d9b1a9","block_type":"box","text":"and Other Service Arrangements — Management","page_number":153,"box":{"x":116,"y":816,"width":363,"height":12}},{"id":"6123b14d-8b2d-4452-b2cc-cb807f0a6ced","block_type":"box","text":"Agreement” or “Management and Advisory","page_number":153,"box":{"x":484,"y":816,"width":311,"height":12}},{"id":"4afdfe94-a0ef-4854-9f05-dbfd419aab88","block_type":"box","text":"Arrangements,” as applicable, in Part I of each Fund’s SAI.","page_number":153,"box":{"x":116,"y":831,"width":433,"height":12}},{"id":"925b8034-a350-4f4f-b2e9-61b161f3a606","block_type":"box","text":"For Funds that do not have an administrator, each Management Agreement obligates the Manager to","page_number":153,"box":{"x":117,"y":862,"width":757,"height":12}},{"id":"12ff6538-8f29-4d0c-886b-7b9783657509","block_type":"box","text":"provide management services and to pay all compensation of and furnish office space for officers and","page_number":153,"box":{"x":117,"y":878,"width":760,"height":12}},{"id":"82dd54f0-4b5b-40e6-8019-06d7a4389f15","block_type":"box","text":"II-104","page_number":153,"box":{"x":479,"y":909,"width":41,"height":9}},{"id":"337dc495-aa7c-4be1-8976-da35b6faea8b","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":153,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"ca28ea83-4fab-4e66-bb65-200e15d802c9","block_type":"box","text":"employees of a Fund in connection with investment and economic research, trading and investment","page_number":154,"box":{"x":116,"y":87,"width":745,"height":12}},{"id":"e9825a09-3b81-43d9-849a-0e6421346cfd","block_type":"box","text":"management of the Fund, as well as the fees of all Directors of the Fund who are interested persons of","page_number":154,"box":{"x":117,"y":102,"width":768,"height":13}},{"id":"530242e6-9d27-44fc-94e4-e83c4127e732","block_type":"box","text":"the Fund. Each Fund pays all other expenses incurred in the operation of that Fund, including among","page_number":154,"box":{"x":116,"y":118,"width":756,"height":12}},{"id":"0b020e42-90b1-461a-bd22-5816865d5a34","block_type":"box","text":"other things: taxes; expenses for legal and auditing services; costs of preparing, printing and mailing","page_number":154,"box":{"x":116,"y":134,"width":749,"height":12}},{"id":"30b2d81f-43e6-473b-ae7e-0742a6ac12d7","block_type":"box","text":"proxies, shareholder reports, prospectuses and statements of additional information, except to the","page_number":154,"box":{"x":117,"y":149,"width":732,"height":12}},{"id":"052249e4-af34-4212-86d5-dc82bb49a5d0","block_type":"box","text":"extent paid by BlackRock Investments, LLC (“BRIL” or the “Distributor”); charges of the custodian and","page_number":154,"box":{"x":116,"y":165,"width":760,"height":12}},{"id":"5c2a54b8-ab8f-4faf-a5fb-5a8515397245","block_type":"box","text":"sub-custodian, and the transfer agent; expenses of redemption of shares; Commission fees; expenses","page_number":154,"box":{"x":116,"y":180,"width":766,"height":12}},{"id":"3054ef86-a0b0-4d3f-aae1-541a98da1dad","block_type":"box","text":"of registering the shares under Federal, state or foreign laws; fees and expenses of Directors who are","page_number":154,"box":{"x":116,"y":196,"width":761,"height":12}},{"id":"9f6284cc-d75a-4a32-bd4e-77507fb64c98","block_type":"box","text":"not interested persons of a Fund as defined in the Investment Company Act; accounting and pricing","page_number":154,"box":{"x":117,"y":211,"width":745,"height":12}},{"id":"1d358321-3e8d-4b53-bd89-56a5b59c7f1a","block_type":"box","text":"costs (including the daily calculations of NAV); insurance; interest; brokerage costs; litigation and other","page_number":154,"box":{"x":116,"y":227,"width":767,"height":12}},{"id":"e103a05f-9862-4250-ad5c-e44ca03a08f9","block_type":"box","text":"extraordinary or non-recurring expenses; and other expenses properly payable by the Fund. Certain","page_number":154,"box":{"x":116,"y":242,"width":747,"height":12}},{"id":"740c1957-15b7-441a-83fd-02395e4f1ede","block_type":"box","text":"accounting services are provided to each Fund by State Street Bank and Trust Company (“State","page_number":154,"box":{"x":116,"y":258,"width":720,"height":12}},{"id":"59dacdd2-6bc1-41fd-bf6d-845220f57e82","block_type":"box","text":"Street”), BNY Mellon Investment Servicing (US) Inc. (“BNY Mellon”) or JPMorgan Chase Bank, N.A.","page_number":154,"box":{"x":116,"y":273,"width":746,"height":12}},{"id":"f604af03-50fc-40b0-a080-e61ae4623eef","block_type":"box","text":"(“JPM”) pursuant to an agreement between State Street, BNY Mellon or JPM, as applicable, and each","page_number":154,"box":{"x":117,"y":289,"width":761,"height":12}},{"id":"9445abc4-7efa-444d-a083-fa00ee424597","block_type":"box","text":"Fund. Each Fund pays a fee for these services. In addition, the Manager provides certain accounting","page_number":154,"box":{"x":117,"y":304,"width":752,"height":12}},{"id":"f337aaeb-9224-4594-a59b-f34e69372b35","block_type":"box","text":"services to each Fund and the Fund pays the Manager a fee for such services. The Distributor pays","page_number":154,"box":{"x":116,"y":320,"width":746,"height":12}},{"id":"44476bbb-fa83-4156-a212-fbf0ba7c89d1","block_type":"box","text":"certain promotional expenses of the Funds incurred in connection with the offering of shares of the","page_number":154,"box":{"x":116,"y":335,"width":736,"height":12}},{"id":"3110059a-c79d-4be9-b222-af5cf077baec","block_type":"box","text":"Funds. Certain expenses are financed by each Fund pursuant to distribution plans in compliance with","page_number":154,"box":{"x":117,"y":351,"width":756,"height":12}},{"id":"eee94bdf-0842-4320-a1ae-c3651132bb59","block_type":"box","text":"Rule 12b-1 under the Investment Company Act. See “Purchase of Shares — Distribution and/or","page_number":154,"box":{"x":117,"y":366,"width":715,"height":12}},{"id":"74c63b8f-f66f-4a81-9288-c828b7ce7ee4","block_type":"box","text":"Shareholder Servicing Plans.”","page_number":154,"box":{"x":116,"y":382,"width":227,"height":12}},{"id":"9266c0c0-bdb6-4084-a747-fd2e012fb1b7","block_type":"box","text":"Sub-Advisory Fee.","page_number":154,"box":{"x":117,"y":414,"width":135,"height":12}},{"id":"e72cd1c9-f2d5-4bb4-b1e6-7a2152b83403","block_type":"box","text":"The Manager of certain Funds has entered into one or more sub-advisory","page_number":154,"box":{"x":254,"y":414,"width":556,"height":12}},{"id":"9339af4b-7d22-4b4a-ad04-beec1f5502d9","block_type":"box","text":"agreements (the “Sub-Advisory Agreements”) with the sub-adviser or sub-advisers identified in each","page_number":154,"box":{"x":116,"y":430,"width":749,"height":12}},{"id":"853d2a08-ff52-4c8e-9b06-b6ada87ff97d","block_type":"box","text":"such Fund’s Prospectus (the “Sub-Adviser”) pursuant to which the Sub-Adviser provides sub-advisory","page_number":154,"box":{"x":116,"y":445,"width":760,"height":12}},{"id":"ffd4cec1-a565-4024-be25-aed006533c30","block_type":"box","text":"services to the Manager with respect to the Fund.","page_number":154,"box":{"x":116,"y":461,"width":373,"height":12}},{"id":"04417c3e-cc24-42d9-8e17-74fe60ee3c45","block_type":"box","text":"Organization of the Manager.","page_number":154,"box":{"x":117,"y":493,"width":215,"height":13}},{"id":"d531314a-9d30-439e-85d4-9272ba39d02f","block_type":"box","text":"BlackRock Advisors, LLC is a Delaware limited liability company and","page_number":154,"box":{"x":334,"y":493,"width":519,"height":13}},{"id":"50674ee7-e812-455f-9e3a-bf8c9d62cdfa","block_type":"box","text":"BlackRock Fund Advisors is a California corporation. 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BlackRock, Inc., through its subsidiaries and divisions, provides","page_number":154,"box":{"x":116,"y":524,"width":697,"height":13}},{"id":"19f5cf08-511f-49d2-be9a-d646cd6b96fa","block_type":"box","text":"(i) investment management services to individuals and institutional investors through separate account","page_number":154,"box":{"x":117,"y":540,"width":765,"height":12}},{"id":"09518506-f2f2-4f39-9408-a24dea287604","block_type":"box","text":"management, non-discretionary advisory programs and commingled investment vehicles; (ii) risk","page_number":154,"box":{"x":117,"y":555,"width":722,"height":13}},{"id":"7a5fc908-8872-4aa7-a87c-127cb3c6b722","block_type":"box","text":"management services, investment accounting and trade processing tools; (iii) transition management","page_number":154,"box":{"x":117,"y":571,"width":755,"height":12}},{"id":"a5112806-f328-4576-b81b-2a9565d141a2","block_type":"box","text":"services, and (iv) securities lending services.","page_number":154,"box":{"x":116,"y":586,"width":337,"height":13}},{"id":"6b9f3db8-6fa8-4b0a-934a-255bbb67923f","block_type":"box","text":"Duration and Termination.","page_number":154,"box":{"x":116,"y":619,"width":193,"height":10}},{"id":"6e32d288-f659-48ed-805e-abd1102ccda3","block_type":"box","text":"Unless earlier terminated as described below, each Management","page_number":154,"box":{"x":310,"y":619,"width":494,"height":12}},{"id":"98975ad4-fbe0-4c5f-b75d-fb5bfc0a465e","block_type":"box","text":"Agreement and each Sub-Advisory Agreement will remain in effect for an initial two year period and","page_number":154,"box":{"x":116,"y":635,"width":743,"height":12}},{"id":"42bc3732-15e1-4ec8-90a5-760535c54a30","block_type":"box","text":"from year to year thereafter if approved annually (a) by the Board of Directors or by a vote of a majority","page_number":154,"box":{"x":116,"y":650,"width":769,"height":12}},{"id":"28218ad9-db50-4c80-adfb-0be4104b0b86","block_type":"box","text":"of the outstanding voting securities of a Fund and (b) by a majority of the Directors of the Fund who are","page_number":154,"box":{"x":116,"y":666,"width":766,"height":12}},{"id":"3d10c374-518f-46de-918b-711facdcc9c5","block_type":"box","text":"not parties to such agreement or interested persons (as defined in the Investment Company Act) of","page_number":154,"box":{"x":117,"y":681,"width":736,"height":12}},{"id":"2c748a48-7a46-40af-988f-d759d6e28259","block_type":"box","text":"any such party. Each Management Agreement automatically terminates on assignment and may be","page_number":154,"box":{"x":116,"y":697,"width":739,"height":12}},{"id":"ff82db15-dd1b-4b87-87af-547485d9f3ac","block_type":"box","text":"terminated without penalty on 60 days’ written notice at the option of either party thereto or by the vote","page_number":154,"box":{"x":116,"y":712,"width":759,"height":12}},{"id":"f25d7f9e-db5b-4b35-a26a-ddd54220f1bf","block_type":"box","text":"of the shareholders of the applicable Fund.","page_number":154,"box":{"x":116,"y":728,"width":317,"height":12}},{"id":"eb6c7c66-3028-4e82-a830-42c237683b04","block_type":"box","text":"Other Service Arrangements","page_number":154,"box":{"x":116,"y":760,"width":227,"height":12}},{"id":"6383d96a-8213-4e2f-9ebe-6f78a6df5294","block_type":"box","text":"Administrative Services and Administrative Fee.","page_number":154,"box":{"x":115,"y":784,"width":355,"height":10}},{"id":"7f653b64-2c6c-480c-8f62-8f516e6ba2b5","block_type":"box","text":"Certain Funds have entered into an administration","page_number":154,"box":{"x":478,"y":784,"width":371,"height":10}},{"id":"c9ec7b52-370e-4f40-9d9b-d8955ecf4903","block_type":"box","text":"agreement (the “Administration Agreement”) with an administrator identified in the Fund’s Prospectus","page_number":154,"box":{"x":116,"y":800,"width":750,"height":12}},{"id":"6244c28d-c882-43a7-a29d-1b681b52cc9a","block_type":"box","text":"and Part I of the Fund’s SAI (each an “Administrator”). 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Each Administrator is also obligated to pay, or cause its affiliates to pay, the fees of those","page_number":155,"box":{"x":116,"y":134,"width":745,"height":12}},{"id":"43b307a9-76d4-43e3-965b-82e577e1c19c","block_type":"box","text":"officers and Directors of the Fund who are affiliated persons of the Administrator or any of its affiliates.","page_number":155,"box":{"x":116,"y":149,"width":764,"height":12}},{"id":"60a03b97-89b8-48bc-9b63-db7f96324dda","block_type":"box","text":"Duration and Termination of Administration Agreement.","page_number":155,"box":{"x":116,"y":177,"width":410,"height":12}},{"id":"427602b9-4bfe-4065-adab-55d6a1a8e0e8","block_type":"box","text":"Unless earlier terminated as described below,","page_number":155,"box":{"x":527,"y":178,"width":350,"height":11}},{"id":"b894d242-cd00-497a-9537-81dc17b58bf0","block_type":"box","text":"each Administration Agreement with BlackRock will continue for an initial two year period and from","page_number":155,"box":{"x":116,"y":193,"width":736,"height":12}},{"id":"e2402322-757a-4f6a-b7c9-298419398115","block_type":"box","text":"year to year if approved annually (a) by the Board of Directors of each applicable Fund or by a vote of","page_number":155,"box":{"x":116,"y":208,"width":760,"height":12}},{"id":"8bafb773-f322-455c-92d1-331867444bbd","block_type":"box","text":"a majority of the outstanding voting securities of such Fund and (b) by a majority of the Directors of the","page_number":155,"box":{"x":116,"y":224,"width":767,"height":12}},{"id":"7dd9c0ac-3cec-492b-b722-c17b4924bc52","block_type":"box","text":"Fund who are not parties to such contract or interested persons (as defined in the Investment","page_number":155,"box":{"x":117,"y":239,"width":697,"height":12}},{"id":"b1112462-7e5a-487f-8c43-891319842607","block_type":"box","text":"Company Act) of any such party. Such contract is not assignable and may be terminated without","page_number":155,"box":{"x":117,"y":255,"width":720,"height":12}},{"id":"4d0f1084-44cf-46bc-bb4e-54fed16b6d9e","block_type":"box","text":"penalty on written notice at the option of either party thereto or by the vote of the shareholders of the","page_number":155,"box":{"x":117,"y":270,"width":750,"height":12}},{"id":"e27b2028-616c-4333-92d3-da33cb907f8e","block_type":"box","text":"Fund.","page_number":155,"box":{"x":117,"y":286,"width":46,"height":9}},{"id":"ec2316db-8aab-436a-a715-68893b37f53e","block_type":"box","text":"Transfer Agency Services.","page_number":155,"box":{"x":118,"y":314,"width":193,"height":12}},{"id":"390afaef-2a2c-437d-ae91-22566734cfdf","block_type":"box","text":"BNY Mellon Investment Servicing (US) Inc. (in this capacity, the “Transfer","page_number":155,"box":{"x":313,"y":314,"width":557,"height":12}},{"id":"d30ceaab-0dfc-411e-812c-ca80d68234c2","block_type":"box","text":"Agent”), a subsidiary of The Bank of New York Mellon Corporation, acts as each Fund’s Transfer","page_number":155,"box":{"x":116,"y":330,"width":724,"height":12}},{"id":"7c23acb6-fbe9-436d-b8fe-b45868fdaf3c","block_type":"box","text":"Agent pursuant to a Transfer Agency, Dividend Disbursing Agency and Shareholder Servicing Agency","page_number":155,"box":{"x":116,"y":345,"width":763,"height":12}},{"id":"77ba1191-ade1-482a-b083-9c28a45f436d","block_type":"box","text":"Agreement (the “Transfer Agency Agreement”) with the Funds. 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Each Fund","page_number":155,"box":{"x":116,"y":407,"width":738,"height":12}},{"id":"4a71a525-2dcd-4fb9-bdc4-136dc7750a0f","block_type":"box","text":"reimburses the Transfer Agent’s reasonable out-of-pocket expenses and pays a fee of 0.10% of","page_number":155,"box":{"x":117,"y":423,"width":716,"height":12}},{"id":"6cdaac35-fd5d-47f8-b3a1-eab37728ba6b","block_type":"box","text":"account assets for certain accounts that participate in certain fee-based programs sponsored by the","page_number":155,"box":{"x":116,"y":438,"width":746,"height":12}},{"id":"da70bdf9-e63d-4477-baf7-b31158a2a633","block_type":"box","text":"Manager or its affiliates. For purposes of each Transfer Agency Agreement, the term “account”","page_number":155,"box":{"x":117,"y":454,"width":707,"height":12}},{"id":"fed8eada-5ff6-4bc2-a6d4-6549ee53b279","block_type":"box","text":"includes a shareholder account maintained directly by the Transfer Agent and any other account","page_number":155,"box":{"x":117,"y":469,"width":719,"height":12}},{"id":"c905ab18-593f-44ff-a0ae-2dd194cbd844","block_type":"box","text":"representing the beneficial interest of a person in the relevant share class on a recordkeeping system.","page_number":155,"box":{"x":117,"y":485,"width":761,"height":12}},{"id":"138a22d2-1403-4b4b-b27b-960fadac9c6c","block_type":"box","text":"Independent Registered Public Accounting Firm.","page_number":155,"box":{"x":117,"y":513,"width":358,"height":12}},{"id":"8cfb81e4-61f6-49dd-9bfb-7f6e8d7cdb3a","block_type":"box","text":"The Audit Committee of each Fund, the members of","page_number":155,"box":{"x":477,"y":513,"width":397,"height":11}},{"id":"342e4c92-a0d7-4898-9407-26c7a2cbd068","block_type":"box","text":"which are non-interested Directors of the Fund, has selected an independent registered public","page_number":155,"box":{"x":116,"y":529,"width":703,"height":12}},{"id":"54a39f69-142c-4dc6-9aa7-cd1f84636980","block_type":"box","text":"accounting firm for that Fund that audits the Fund’s financial statements. 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The Custodian is responsible for","page_number":155,"box":{"x":117,"y":619,"width":738,"height":12}},{"id":"ea5e9a39-6559-4139-a677-364f743b3f89","block_type":"box","text":"safeguarding and controlling the Fund’s cash and securities, handling the receipt and delivery of","page_number":155,"box":{"x":116,"y":635,"width":718,"height":12}},{"id":"0383e1a5-ba98-4c7b-812d-30e7bb29c21f","block_type":"box","text":"securities and collecting interest and dividends on the Fund’s investments. The Custodian is authorized","page_number":155,"box":{"x":116,"y":650,"width":771,"height":12}},{"id":"13c23ebd-69c9-4af9-ba2a-b5acc3ae147b","block_type":"box","text":"to establish separate accounts in foreign currencies and to cause foreign securities owned by the Fund","page_number":155,"box":{"x":116,"y":666,"width":763,"height":12}},{"id":"3da69734-7fea-4af8-942c-3547180c0c6e","block_type":"box","text":"to be held in its offices outside the United States and with certain foreign banks and securities","page_number":155,"box":{"x":116,"y":681,"width":695,"height":12}},{"id":"9a208248-bc37-4f3a-8774-d67c81ac783d","block_type":"box","text":"depositories. A Fund also may use special purpose custodian banks from time to time for certain","page_number":155,"box":{"x":116,"y":697,"width":715,"height":12}},{"id":"8fb656c9-3fd2-43d6-bf6f-5ba9a04cda71","block_type":"box","text":"assets.","page_number":155,"box":{"x":116,"y":712,"width":51,"height":10}},{"id":"38b5995e-b1c4-4900-ad80-23ee30f60b36","block_type":"box","text":"For certain Feeder Funds, the Custodian also acts as the custodian of the Master Portfolio’s assets.","page_number":155,"box":{"x":117,"y":740,"width":738,"height":12}},{"id":"4aa14c3c-3b60-45a3-a8ee-d72e32848846","block_type":"box","text":"Generally, overdraft charges, if any, are treated as interest expense. 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With respect to such","page_number":155,"box":{"x":116,"y":800,"width":712,"height":12}},{"id":"f6921791-50a3-4902-b52a-8f6074d1bf6f","block_type":"box","text":"Funds, the custodian fees, including the amount of any overdraft charges, may be reduced by the","page_number":155,"box":{"x":117,"y":815,"width":723,"height":12}},{"id":"fe093731-4101-45cd-8fd1-3192c684e0bb","block_type":"box","text":"amount of such custody credits, and any unused credits at the end of a given month may be carried","page_number":155,"box":{"x":116,"y":831,"width":745,"height":12}},{"id":"33b8b1f2-9686-4604-bf7f-52a2f0ec9f70","block_type":"box","text":"forward to a subsequent month. Any such credits unused by the end of a Fund’s fiscal year will not","page_number":155,"box":{"x":116,"y":846,"width":737,"height":12}},{"id":"e06e115d-3921-42b2-89ed-320ad6331cd0","block_type":"box","text":"expire. Net debits at the end of a given month are added to the Fund’s custody bill and paid by the","page_number":155,"box":{"x":116,"y":862,"width":734,"height":12}},{"id":"2fcac708-621a-455a-b133-73ec12ccac7b","block_type":"box","text":"Fund.","page_number":155,"box":{"x":117,"y":877,"width":46,"height":10}},{"id":"e4c78aa0-0b4b-4097-b9be-ac34aec8a9e6","block_type":"box","text":"II-106","page_number":155,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"a3130ddd-7b41-440f-a01d-2e6664ad8853","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":155,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"89380e0b-f94c-4d4c-b841-f63ce23879e6","block_type":"box","text":"Accounting Services.","page_number":156,"box":{"x":115,"y":87,"width":156,"height":12}},{"id":"a33fdc3f-6ac5-450e-9bec-962d75f8194f","block_type":"box","text":"Each Fund has entered into an agreement with State Street, BNY Mellon or JPM,","page_number":156,"box":{"x":273,"y":87,"width":614,"height":12}},{"id":"4b80f02e-0674-465f-8b1b-16a76f36580b","block_type":"box","text":"pursuant to which State Street, BNY Mellon or JPM provides certain accounting and administrative","page_number":156,"box":{"x":117,"y":102,"width":736,"height":13}},{"id":"741826f6-2bbe-4628-9e4f-fa40ad96d439","block_type":"box","text":"services to the Fund. 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The Funds, BlackRock","page_number":162,"box":{"x":116,"y":802,"width":752,"height":12}},{"id":"3b289a63-0d79-45bd-af01-90e56a248cec","block_type":"box","text":"and their affiliates do not receive any compensation or other consideration in connection with such","page_number":162,"box":{"x":116,"y":817,"width":728,"height":12}},{"id":"2513787c-deba-4db0-ade4-a0dbd2cb6799","block_type":"box","text":"arrangements.","page_number":162,"box":{"x":116,"y":833,"width":113,"height":12}},{"id":"b0799765-f589-4f90-ac90-fd24dfe90d1c","block_type":"box","text":"The Funds and the Manager monitor, to the extent possible, the use of Confidential Information by the","page_number":162,"box":{"x":116,"y":862,"width":762,"height":12}},{"id":"be2ec8d5-eae8-43d1-9dec-4f21929b5a92","block_type":"box","text":"individuals or firms to which it has been disclosed. 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In addition, the Manager maintains","page_number":163,"box":{"x":117,"y":165,"width":762,"height":12}},{"id":"e2bfc45a-ca7a-4509-bec4-30d6e326f503","block_type":"box","text":"an internal restricted list to prevent trading by the personnel of the Manager or its affiliates in","page_number":163,"box":{"x":116,"y":180,"width":691,"height":12}},{"id":"d739d72d-c5dd-4449-8ca3-1ffeeb069823","block_type":"box","text":"securities — including securities held by a Fund — about which the Manager has Confidential","page_number":163,"box":{"x":116,"y":196,"width":700,"height":12}},{"id":"fdf3a3e9-1bc6-4624-8922-d56e1aa0ddf1","block_type":"box","text":"Information. 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(collectively referred to in this section as “BlackRock”) and their","page_number":163,"box":{"x":116,"y":314,"width":707,"height":12}},{"id":"248dfd65-7e82-4804-9512-2ec380145fd0","block_type":"box","text":"respective directors, officers or employees, with respect to the Funds and/or other accounts managed","page_number":163,"box":{"x":116,"y":329,"width":760,"height":12}},{"id":"1ad7cebd-c8c0-4564-b53b-f89c3a8ab411","block_type":"box","text":"by BlackRock, may give rise to actual or perceived conflicts of interest such as those described below.","page_number":163,"box":{"x":116,"y":345,"width":764,"height":12}},{"id":"0a299f57-99aa-48ad-9b83-4bfb9e13661e","block_type":"box","text":"BlackRock is one of the world’s largest asset management firms. BlackRock, its subsidiaries and their","page_number":163,"box":{"x":117,"y":377,"width":759,"height":12}},{"id":"4316d589-b73a-47f8-ac00-64d3adb0b072","block_type":"box","text":"respective directors, officers and employees, including the business units or entities and personnel","page_number":163,"box":{"x":117,"y":392,"width":736,"height":12}},{"id":"88aef684-cc3b-4bab-8cc0-50da2d6e8952","block_type":"box","text":"who may be involved in the investment activities and business operations of a Fund, are engaged","page_number":163,"box":{"x":116,"y":408,"width":729,"height":12}},{"id":"1295183a-bb1a-42df-82ae-0c2725408a33","block_type":"box","text":"worldwide in businesses, including managing equities, fixed income securities, cash and alternative","page_number":163,"box":{"x":116,"y":423,"width":742,"height":12}},{"id":"d0663137-92f5-494e-8594-762b93f6e7c6","block_type":"box","text":"investments, and other financial services, and have interests other than that of managing the Funds.","page_number":163,"box":{"x":117,"y":439,"width":748,"height":12}},{"id":"11fe8499-312f-4183-8d4b-9322bc974fb6","block_type":"box","text":"These are considerations of which investors in a Fund should be aware, and which may cause conflicts","page_number":163,"box":{"x":116,"y":454,"width":771,"height":12}},{"id":"561581c0-433b-4888-bd08-3f229d058b2d","block_type":"box","text":"of interest that could disadvantage a Fund and its shareholders.","page_number":163,"box":{"x":116,"y":470,"width":479,"height":12}},{"id":"2e3c5cea-ceac-4430-bf49-f104e7a8f101","block_type":"box","text":"These businesses and interests include potential multiple advisory, transactional, financial and other","page_number":163,"box":{"x":116,"y":502,"width":749,"height":12}},{"id":"d401bca2-5853-41a6-b0a5-ab52ab8a1404","block_type":"box","text":"relationships with, or interests in companies and interests in securities or other instruments that may be","page_number":163,"box":{"x":117,"y":518,"width":771,"height":12}},{"id":"178d47d0-2a55-4fc9-a5b7-6b9a3a1b2547","block_type":"box","text":"purchased or sold by a Fund.","page_number":163,"box":{"x":117,"y":533,"width":221,"height":12}},{"id":"9f350e4d-18b4-43c3-a78d-e838f72f7d9f","block_type":"box","text":"BlackRock may have proprietary interests in, and may manage or advise with respect to, accounts or","page_number":163,"box":{"x":117,"y":565,"width":754,"height":12}},{"id":"1fefe220-a2e0-46f7-b55a-c49e85f4b7b7","block_type":"box","text":"funds (including separate accounts and other funds and collective investment vehicles) that have","page_number":163,"box":{"x":116,"y":581,"width":724,"height":12}},{"id":"6dcd839d-f7b2-46e9-8b4b-4f0912fb5f74","block_type":"box","text":"investment objectives identical or similar to those of a Fund and/or that engage in transactions in the","page_number":163,"box":{"x":117,"y":596,"width":749,"height":12}},{"id":"a76dc011-1b03-4206-8489-3c73a070b8b7","block_type":"box","text":"same types of securities, currencies and instruments as the Fund. Such other funds or accounts may","page_number":163,"box":{"x":116,"y":612,"width":755,"height":12}},{"id":"77d40ff3-97dc-41ce-a574-0e7d8a0f2814","block_type":"box","text":"offer exposure to strategies that are identical or substantially similar to those of a Fund but with","page_number":163,"box":{"x":116,"y":627,"width":710,"height":12}},{"id":"cbbd4204-d74b-4a2a-9382-3d96b9c49045","block_type":"box","text":"different fees and expenses, governance and structures, and/or services provided by BlackRock.","page_number":163,"box":{"x":116,"y":643,"width":724,"height":12}},{"id":"aa240434-5006-460a-b53c-e7c6c686bd22","block_type":"box","text":"BlackRock is also a major participant in the global currency, equities, swap and fixed income markets,","page_number":163,"box":{"x":117,"y":658,"width":760,"height":12}},{"id":"e1ca69ac-06d0-410c-b024-21bc209d46f1","block_type":"box","text":"in each case, for the accounts of clients and, in some cases, on a proprietary basis. As such,","page_number":163,"box":{"x":117,"y":674,"width":687,"height":12}},{"id":"67e3b3bd-ed1f-46b7-8fae-be1337d43d22","block_type":"box","text":"BlackRock is or may be actively engaged in transactions in the same securities, currencies, and","page_number":163,"box":{"x":117,"y":689,"width":709,"height":12}},{"id":"7ba1af67-4976-4a75-a68b-5322618d2547","block_type":"box","text":"instruments in which a Fund invests.","page_number":163,"box":{"x":117,"y":705,"width":268,"height":9}},{"id":"3c5cbf7e-e74e-4655-9c73-c5605e465403","block_type":"box","text":"Such activities could affect the prices and availability of the securities, currencies, and instruments in","page_number":163,"box":{"x":116,"y":737,"width":746,"height":12}},{"id":"554eb1d1-4ed9-479b-a0ac-925e5e9948a6","block_type":"box","text":"which a Fund invests, which could have an adverse impact on a Fund’s performance. Such","page_number":163,"box":{"x":116,"y":752,"width":676,"height":12}},{"id":"8fceca00-7ca9-4a46-938f-85a0e70dfdea","block_type":"box","text":"transactions, particularly in respect of most proprietary accounts or client accounts, will be executed","page_number":163,"box":{"x":116,"y":768,"width":740,"height":12}},{"id":"a82819e1-60c2-48d1-aa61-2ddf76290351","block_type":"box","text":"independently of a Fund’s transactions and thus at prices or rates that may be more or less favorable","page_number":163,"box":{"x":117,"y":783,"width":750,"height":12}},{"id":"db028869-9782-48c0-acac-8bc3f87e9d2b","block_type":"box","text":"than those obtained by the Fund.","page_number":163,"box":{"x":116,"y":799,"width":244,"height":12}},{"id":"82bb9473-7239-4ed8-8aec-408868e89fcf","block_type":"box","text":"In addition, the portfolio holdings of certain BlackRock-advised investment vehicles managed in an","page_number":163,"box":{"x":117,"y":831,"width":735,"height":12}},{"id":"b75602c4-c4d5-409a-97e0-b15526f28af8","block_type":"box","text":"identical or substantially similar manner as certain Funds are made publicly available on a more timely","page_number":163,"box":{"x":117,"y":847,"width":763,"height":12}},{"id":"5498a575-115f-4265-9129-30f693788b14","block_type":"box","text":"basis than the applicable Fund. 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While not expected, it is possible that a recipient of portfolio holdings information for such","page_number":163,"box":{"x":116,"y":877,"width":769,"height":13}},{"id":"3ced5eeb-7b61-475e-8cb5-9fdfcfba60d8","block_type":"box","text":"II-114","page_number":163,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"1fb8e903-ad81-4026-b218-85eea1066492","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":163,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"cd9e5db1-fdbf-4c32-a657-20d6a2eee7fd","block_type":"box","text":"an investment vehicle could cause harm to a Fund that is managed in an identical or substantially","page_number":164,"box":{"x":116,"y":87,"width":729,"height":12}},{"id":"64c3d7c1-1be0-4b7e-abfe-bceed10b642e","block_type":"box","text":"similar manner, including by trading ahead of or against such Fund based on the information received.","page_number":164,"box":{"x":116,"y":102,"width":764,"height":13}},{"id":"5bc0a7cd-ad73-4a0a-b43a-62dd06d8b4b7","block_type":"box","text":"When BlackRock seeks to purchase or sell the same assets for client accounts, including a Fund, the","page_number":164,"box":{"x":116,"y":134,"width":757,"height":12}},{"id":"d3f9a2f7-3f08-4e85-9a09-622fbe559c96","block_type":"box","text":"assets actually purchased or sold may be allocated among the accounts on a basis determined in its","page_number":164,"box":{"x":116,"y":149,"width":751,"height":12}},{"id":"e3b511ca-6190-4d6f-b94f-7a66441803a0","block_type":"box","text":"good faith discretion to be equitable. In some cases, this system may adversely affect the size or price","page_number":164,"box":{"x":116,"y":165,"width":764,"height":12}},{"id":"466d9efb-4221-4f88-9465-c110aae7e5db","block_type":"box","text":"of the assets purchased or sold for a Fund. In addition, transactions in investments by one or more","page_number":164,"box":{"x":116,"y":180,"width":737,"height":12}},{"id":"04e2a536-3b5b-4299-bbe0-1c5f08c8c47d","block_type":"box","text":"other accounts managed by BlackRock may have the effect of diluting or otherwise disadvantaging the","page_number":164,"box":{"x":116,"y":196,"width":767,"height":12}},{"id":"b65b012a-a2e2-4775-9574-656a1b21bd97","block_type":"box","text":"values, prices or investment strategies of a Fund, particularly, but not limited to, with respect to small","page_number":164,"box":{"x":116,"y":211,"width":752,"height":12}},{"id":"cf9ad789-8204-4551-8621-9932734a253d","block_type":"box","text":"capitalization, emerging market or less liquid strategies. This may occur with respect to BlackRock","page_number":164,"box":{"x":116,"y":227,"width":735,"height":12}},{"id":"9ce9a97a-5ef6-4caf-ad81-136e717ede07","block_type":"box","text":"advised accounts when investment decisions regarding a Fund are based on research or other","page_number":164,"box":{"x":116,"y":242,"width":709,"height":12}},{"id":"ab35687f-79c3-41b6-9468-4a365325dc0e","block_type":"box","text":"information that is also used to support decisions for other accounts. When BlackRock implements a","page_number":164,"box":{"x":117,"y":258,"width":749,"height":11}},{"id":"d0b0f0c6-c05b-45fb-8dd3-6a8f85aac819","block_type":"box","text":"portfolio decision or strategy on behalf of another account ahead of, or contemporaneously with, similar","page_number":164,"box":{"x":117,"y":273,"width":771,"height":12}},{"id":"17042bbb-45e1-405d-86ee-e6a717c38195","block_type":"box","text":"decisions or strategies for a Fund, market impact, liquidity constraints, or other factors could result in","page_number":164,"box":{"x":116,"y":289,"width":751,"height":12}},{"id":"c8c67778-8639-40a9-b005-952c45d86b29","block_type":"box","text":"the Fund receiving less favorable trading results and the costs of implementing such decisions or","page_number":164,"box":{"x":116,"y":304,"width":725,"height":12}},{"id":"69cd97ed-3127-47f5-9252-a3dc7dd409ba","block_type":"box","text":"strategies could be increased or the Fund could otherwise be disadvantaged. BlackRock may, in","page_number":164,"box":{"x":116,"y":320,"width":721,"height":12}},{"id":"d9cabf9c-d37d-4a72-a12c-527ab82f52d4","block_type":"box","text":"certain cases, elect to implement internal policies and procedures designed to limit such","page_number":164,"box":{"x":116,"y":335,"width":658,"height":12}},{"id":"8545c293-f364-4216-970f-d13e6e0887cb","block_type":"box","text":"consequences, which may cause a Fund to be unable to engage in certain activities, including","page_number":164,"box":{"x":116,"y":351,"width":703,"height":12}},{"id":"f5757e0e-e773-48a3-80ff-a1285e08bb54","block_type":"box","text":"purchasing or disposing of securities, when it might otherwise be desirable for it to do so. Conflicts may","page_number":164,"box":{"x":117,"y":366,"width":770,"height":12}},{"id":"19833e6b-6f2e-4661-b221-581a20b6fbed","block_type":"box","text":"also arise because portfolio decisions regarding a Fund may benefit other accounts managed by","page_number":164,"box":{"x":116,"y":382,"width":721,"height":12}},{"id":"73e5ce43-5707-4afa-a0ee-b8059638b695","block_type":"box","text":"BlackRock. For example, the sale of a long position or","page_number":164,"box":{"x":117,"y":397,"width":406,"height":12}},{"id":"1f90a487-fb2d-43ae-ad9e-0ab18aa09ff0","block_type":"box","text":"establishment of a short position by a Fund may","page_number":164,"box":{"x":523,"y":397,"width":362,"height":12}},{"id":"baef26a2-f944-4720-a265-bc6657242070","block_type":"box","text":"impair the price of the same security sold short by (and therefore benefit) BlackRock or its other","page_number":164,"box":{"x":117,"y":413,"width":714,"height":12}},{"id":"f9623168-efb8-4a02-9167-b8ca9a3ccd75","block_type":"box","text":"accounts or funds, and the purchase of a security or covering of a short position in a security by a Fund","page_number":164,"box":{"x":116,"y":428,"width":772,"height":12}},{"id":"6679ea0c-98c4-46d5-a854-b14a81881442","block_type":"box","text":"may increase the price of the same security held by (and therefore benefit) BlackRock or its other","page_number":164,"box":{"x":117,"y":444,"width":727,"height":12}},{"id":"1f9854f8-4b79-4296-a532-00e979d13b6a","block_type":"box","text":"accounts or funds.","page_number":164,"box":{"x":116,"y":459,"width":142,"height":10}},{"id":"de36d9e4-3713-460c-ab0f-c4956f79cc3c","block_type":"box","text":"BlackRock, on behalf of other client accounts, on the one hand, and a Fund, on the other hand, may","page_number":164,"box":{"x":117,"y":490,"width":747,"height":12}},{"id":"83049426-5367-46da-9209-50ee08105f36","block_type":"box","text":"invest in or extend credit to different parts of the capital structure of a single issuer. BlackRock may","page_number":164,"box":{"x":117,"y":506,"width":739,"height":12}},{"id":"46d9fe04-bd93-4647-b06a-eba64d410a09","block_type":"box","text":"pursue rights, provide advice or engage in other activities, or refrain from pursuing rights, providing","page_number":164,"box":{"x":117,"y":521,"width":737,"height":12}},{"id":"58282ad1-228b-4e90-b5d7-b9110627e550","block_type":"box","text":"advice or engaging in other activities, on behalf of other clients with respect to an issuer in which a","page_number":164,"box":{"x":116,"y":537,"width":735,"height":12}},{"id":"f2a8f0c9-89ef-4f1e-b2e3-220a66d9d39d","block_type":"box","text":"Fund has invested, and such actions (or refraining from action) may have a material adverse effect on","page_number":164,"box":{"x":117,"y":552,"width":761,"height":12}},{"id":"a96dd095-a325-41ba-9ff1-065ed1af35f5","block_type":"box","text":"the Fund. In situations in which clients of BlackRock (including the Funds) hold positions in multiple","page_number":164,"box":{"x":116,"y":568,"width":740,"height":12}},{"id":"cbbbd2d6-c064-4e39-8d27-602f15f02241","block_type":"box","text":"parts of the capital structure of an issuer, BlackRock may not pursue certain actions or remedies that","page_number":164,"box":{"x":117,"y":583,"width":752,"height":12}},{"id":"84afcfa3-cd74-483d-9951-fd04ad9fb48b","block_type":"box","text":"may be available to a Fund, as a result of legal and regulatory requirements or otherwise. BlackRock","page_number":164,"box":{"x":117,"y":599,"width":752,"height":12}},{"id":"cfec33e4-b0ce-4bee-aad7-340861c282c8","block_type":"box","text":"addresses these and other potential conflicts of interest based on the facts and circumstances of","page_number":164,"box":{"x":116,"y":614,"width":722,"height":12}},{"id":"3cb42bc3-58ac-4e88-b4cf-421f50448a59","block_type":"box","text":"particular situations. For example, BlackRock may determine to rely on information barriers between","page_number":164,"box":{"x":117,"y":630,"width":748,"height":12}},{"id":"417c9749-6440-4314-88b8-aa56ef14ca21","block_type":"box","text":"different business units or portfolio management teams. BlackRock may also determine to rely on the","page_number":164,"box":{"x":116,"y":645,"width":757,"height":12}},{"id":"7225d3a0-672c-4bf4-93c4-c420cbfc217b","block_type":"box","text":"actions of similarly situated holders of loans or securities rather than, or in connection with, taking such","page_number":164,"box":{"x":116,"y":661,"width":762,"height":12}},{"id":"c1b79551-4e6c-474e-9cf2-b723924b473b","block_type":"box","text":"actions itself on behalf of the Funds.","page_number":164,"box":{"x":116,"y":676,"width":268,"height":10}},{"id":"33e3f897-c9ba-4b2a-b61d-a0834496e073","block_type":"box","text":"In addition, to the extent permitted by applicable law, certain Funds may invest their assets in other","page_number":164,"box":{"x":117,"y":707,"width":734,"height":12}},{"id":"54b7f3fb-a198-4bbb-a992-3d38dbb71cd1","block_type":"box","text":"funds advised by BlackRock, including funds that are managed by one or more of the same portfolio","page_number":164,"box":{"x":116,"y":723,"width":743,"height":12}},{"id":"57860810-db9b-4d71-be83-258aa06ddda4","block_type":"box","text":"managers, which could result in conflicts of interest relating to asset allocation, timing of Fund","page_number":164,"box":{"x":117,"y":738,"width":693,"height":12}},{"id":"9b4fdc4c-c866-46f8-9900-bfff74680504","block_type":"box","text":"purchases and redemptions, and increased remuneration and profitability for BlackRock and/or its","page_number":164,"box":{"x":117,"y":754,"width":725,"height":12}},{"id":"0ed1af8d-0f0f-4417-8622-1efc1e6833fc","block_type":"box","text":"personnel, including portfolio managers.","page_number":164,"box":{"x":117,"y":769,"width":295,"height":12}},{"id":"01776674-cf41-48f7-9ac7-9d107bd2c3a6","block_type":"box","text":"Third parties, including service providers to BlackRock or the Fund, may sponsor events (including, but","page_number":164,"box":{"x":116,"y":800,"width":764,"height":12}},{"id":"4d499b35-b6cf-4c30-b59e-bb02bf0ed5e4","block_type":"box","text":"not limited to, marketing and promotional activities and presentations, educational training programs","page_number":164,"box":{"x":117,"y":816,"width":741,"height":12}},{"id":"04185c0a-7428-4d9b-96a7-b2e0eb13c1de","block_type":"box","text":"and conferences) for registered representatives, other professionals and individual investors. There is","page_number":164,"box":{"x":116,"y":831,"width":759,"height":12}},{"id":"74790799-56ba-4169-b887-f644e86f8715","block_type":"box","text":"a potential conflict of interest as such sponsorships may defray the costs of such activities to","page_number":164,"box":{"x":116,"y":847,"width":691,"height":12}},{"id":"3c4c4749-d5dd-459f-8c2c-a6627e0ccae0","block_type":"box","text":"BlackRock, and may provide an incentive to BlackRock to retain such third parties to provide services","page_number":164,"box":{"x":117,"y":862,"width":757,"height":12}},{"id":"87324b67-39a2-4b30-848f-f979399f09e5","block_type":"box","text":"to the Fund.","page_number":164,"box":{"x":116,"y":878,"width":94,"height":9}},{"id":"15dec0e0-042e-445e-b600-52190d26a526","block_type":"box","text":"II-115","page_number":164,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"7a920393-f788-484a-af39-ea6340fef00b","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":164,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"ab08e78b-cda8-40ba-9698-9acc663ea50f","block_type":"box","text":"In certain circumstances, BlackRock, on behalf of the Funds, may seek to buy from or sell securities to","page_number":165,"box":{"x":117,"y":87,"width":765,"height":12}},{"id":"ca54861d-c725-4348-b355-cc4972977753","block_type":"box","text":"another fund or account advised by BlackRock. BlackRock may (but is not required to) effect","page_number":165,"box":{"x":116,"y":102,"width":692,"height":13}},{"id":"15166a6c-538d-4420-af99-9850d1f4e9bd","block_type":"box","text":"purchases and sales between BlackRock clients (“cross trades”), including the Funds, if BlackRock","page_number":165,"box":{"x":117,"y":118,"width":739,"height":12}},{"id":"67be74a9-9b8a-490a-a166-8fc9999998ab","block_type":"box","text":"believes such transactions are appropriate based on each party’s investment objectives and","page_number":165,"box":{"x":117,"y":134,"width":687,"height":12}},{"id":"c6865c2a-4243-42ca-bf11-37a341258cfd","block_type":"box","text":"guidelines, subject to applicable law and regulation. There may be potential conflicts of interest or","page_number":165,"box":{"x":116,"y":149,"width":728,"height":12}},{"id":"050fa83f-7464-434e-a47a-0c1194606890","block_type":"box","text":"regulatory issues relating to these transactions which could limit BlackRock’s decision to engage in","page_number":165,"box":{"x":117,"y":165,"width":738,"height":12}},{"id":"e977ae94-52e6-47b8-a106-a61630c973e4","block_type":"box","text":"these transactions for the Funds. BlackRock may have a potentially conflicting division of loyalties and","page_number":165,"box":{"x":116,"y":180,"width":763,"height":12}},{"id":"89673843-a9e4-4520-ab73-c4f01c092438","block_type":"box","text":"responsibilities to the parties in such transactions.","page_number":165,"box":{"x":117,"y":196,"width":374,"height":11}},{"id":"ab24b7bc-3627-4b64-80a3-35bc89f53754","block_type":"box","text":"BlackRock and its clients may pursue or enforce rights with respect to an issuer in which a Fund has","page_number":165,"box":{"x":117,"y":227,"width":749,"height":12}},{"id":"224c6964-72ff-4edf-bae6-85ee0eecc929","block_type":"box","text":"invested, and those activities may have an adverse effect on the Fund. As a result, prices, availability,","page_number":165,"box":{"x":117,"y":242,"width":760,"height":12}},{"id":"dc69211b-3aee-45c8-ad30-f4741ebce286","block_type":"box","text":"liquidity and terms of the Fund’s investments may be negatively impacted by the activities of","page_number":165,"box":{"x":117,"y":258,"width":687,"height":12}},{"id":"b5f49060-7b39-4c90-b1bf-9eab4804f9f8","block_type":"box","text":"BlackRock or its clients, and transactions for the Fund may be impaired or effected at prices or terms","page_number":165,"box":{"x":117,"y":273,"width":753,"height":12}},{"id":"b16ffa63-c657-45c8-ba50-26d27bb4f19d","block_type":"box","text":"that may be less favorable than would otherwise have been the case.","page_number":165,"box":{"x":116,"y":289,"width":520,"height":12}},{"id":"b929475b-b5f8-41fd-84be-0697c919777b","block_type":"box","text":"The results of a Fund’s investment activities may differ significantly from the results achieved by","page_number":165,"box":{"x":116,"y":320,"width":716,"height":12}},{"id":"7334d44b-7855-4611-9438-da0c9a0c1070","block_type":"box","text":"BlackRock for its proprietary accounts or other accounts (including investment companies or collective","page_number":165,"box":{"x":117,"y":335,"width":763,"height":12}},{"id":"ec9bc7ae-0046-4a1f-8685-9944af400525","block_type":"box","text":"investment vehicles) that it manages or advises. It is possible that one or more accounts managed or","page_number":165,"box":{"x":117,"y":351,"width":754,"height":12}},{"id":"8819ee57-301f-459f-bbcb-c3149549cb52","block_type":"box","text":"advised by BlackRock and such other accounts will achieve investment results that are substantially","page_number":165,"box":{"x":116,"y":366,"width":747,"height":12}},{"id":"99c2726f-9b2a-46cd-89d2-a62fcf52d51c","block_type":"box","text":"more or less favorable than the results achieved by a Fund. Moreover, it is possible that a Fund will","page_number":165,"box":{"x":117,"y":382,"width":741,"height":12}},{"id":"db553648-acd5-481c-b143-5b48cd7df9d6","block_type":"box","text":"sustain losses during periods in which one or more proprietary or other accounts managed or advised","page_number":165,"box":{"x":116,"y":397,"width":759,"height":12}},{"id":"a7925eea-5d64-46cc-82b6-5934e75248a9","block_type":"box","text":"by BlackRock achieve significant profits. The opposite result is also possible.","page_number":165,"box":{"x":117,"y":413,"width":574,"height":12}},{"id":"85ce23d2-edd2-45d2-896b-03213872f266","block_type":"box","text":"From time to time, a Fund may be restricted from purchasing or selling securities, or from engaging in","page_number":165,"box":{"x":117,"y":444,"width":758,"height":12}},{"id":"758b95b5-884a-4455-853b-730ff0d7f3c7","block_type":"box","text":"other investment activities because of regulatory, legal or contractual requirements applicable to","page_number":165,"box":{"x":116,"y":459,"width":718,"height":12}},{"id":"5c4003e5-e95b-4336-8b66-707c0ce3fe22","block_type":"box","text":"BlackRock or other accounts managed or advised by BlackRock, and/or the internal policies of","page_number":165,"box":{"x":117,"y":475,"width":706,"height":12}},{"id":"e8521a5c-1a04-466a-be8c-85bed4253c48","block_type":"box","text":"BlackRock designed to comply with such requirements. As a result, there may be periods, for example,","page_number":165,"box":{"x":117,"y":490,"width":769,"height":12}},{"id":"64d1a9da-bc93-4243-8271-c4856d671f02","block_type":"box","text":"when BlackRock will not initiate or recommend certain types of transactions in certain securities or","page_number":165,"box":{"x":116,"y":506,"width":734,"height":12}},{"id":"d960259b-69b9-494d-bcd2-889f8d7ef918","block_type":"box","text":"instruments with respect to which BlackRock is performing services or when position limits have been","page_number":165,"box":{"x":117,"y":521,"width":757,"height":12}},{"id":"2f25a6f8-fc36-4463-b7e0-21faace31572","block_type":"box","text":"reached. For example, the investment activities of BlackRock for its proprietary accounts and accounts","page_number":165,"box":{"x":117,"y":537,"width":766,"height":12}},{"id":"a2e63d37-6b46-4348-8eaa-6137684c7c6b","block_type":"box","text":"under its management may limit the investment opportunities for a Fund in certain emerging and other","page_number":165,"box":{"x":117,"y":552,"width":762,"height":12}},{"id":"943af4b4-6e88-45be-a4fa-0f174a9e32ff","block_type":"box","text":"markets in which limitations are imposed upon the amount of investment, in the aggregate or in","page_number":165,"box":{"x":117,"y":568,"width":710,"height":12}},{"id":"9bbaf90a-4134-4c16-9509-d7aaf145310a","block_type":"box","text":"individual issuers, by affiliated foreign investors.","page_number":165,"box":{"x":117,"y":583,"width":359,"height":12}},{"id":"63b9418a-04cc-4399-8707-87f6c8572739","block_type":"box","text":"In connection with its management of a Fund, BlackRock may have access to certain fundamental","page_number":165,"box":{"x":117,"y":614,"width":733,"height":12}},{"id":"03e5a35d-151f-4560-994c-6a926156ea12","block_type":"box","text":"analysis and proprietary technical models developed by BlackRock. BlackRock will not be under any","page_number":165,"box":{"x":116,"y":630,"width":750,"height":12}},{"id":"06a76f0c-cb02-4793-9cea-0e2d9cb40688","block_type":"box","text":"obligation, however, to effect transactions on behalf of a Fund in accordance with such analysis and","page_number":165,"box":{"x":116,"y":645,"width":746,"height":12}},{"id":"05effe6d-69a7-4f53-b712-73586a9c4872","block_type":"box","text":"models. In addition, BlackRock will not have any obligation to make available any information regarding","page_number":165,"box":{"x":117,"y":661,"width":764,"height":12}},{"id":"fcb98781-2e3a-4722-b8b0-eff7733e50df","block_type":"box","text":"its proprietary activities or strategies, or the activities or strategies used for other accounts managed by","page_number":165,"box":{"x":117,"y":676,"width":764,"height":12}},{"id":"8b7eac93-2185-48c0-aba5-b48a9cea815d","block_type":"box","text":"them, for the benefit of the management of a Fund and it is not anticipated that BlackRock will have","page_number":165,"box":{"x":116,"y":692,"width":738,"height":12}},{"id":"d83b66d9-1c03-4f35-a2f0-622d9845c07f","block_type":"box","text":"access to such information for the purpose of managing the Fund. The proprietary activities or portfolio","page_number":165,"box":{"x":116,"y":707,"width":762,"height":12}},{"id":"9e29ef7f-0943-4654-a7cc-ec5335a59df0","block_type":"box","text":"strategies of BlackRock, or the activities or strategies used for accounts managed by BlackRock or","page_number":165,"box":{"x":116,"y":723,"width":734,"height":12}},{"id":"df0b05d7-1767-48e9-bf17-ed393ef4a676","block_type":"box","text":"other client accounts could conflict with the transactions and strategies employed by BlackRock in","page_number":165,"box":{"x":116,"y":738,"width":725,"height":12}},{"id":"25328c70-3589-47e7-9cfa-b720ed8bb845","block_type":"box","text":"managing a Fund.","page_number":165,"box":{"x":117,"y":754,"width":133,"height":12}},{"id":"7303fb66-447a-41d1-a699-de2cf6f64ff4","block_type":"box","text":"The Funds may be included in investment models developed by BlackRock for use by clients and","page_number":165,"box":{"x":116,"y":785,"width":722,"height":12}},{"id":"f95847aa-d4f6-4426-a8fa-3586a5c6c153","block_type":"box","text":"financial advisors. To the extent clients invest in these investment models and increase the assets","page_number":165,"box":{"x":116,"y":800,"width":728,"height":10}},{"id":"19a91de1-5449-4743-b2ba-5554600009ee","block_type":"box","text":"under management of the Funds, the investment management fee amounts paid by the Funds to","page_number":165,"box":{"x":117,"y":816,"width":719,"height":12}},{"id":"81f88c5c-8ce5-4998-967a-8d368ae8ecb0","block_type":"box","text":"BlackRock may also increase. The net asset value and liquidity of a Fund may be impacted by","page_number":165,"box":{"x":117,"y":831,"width":704,"height":12}},{"id":"90220b43-f79c-4e40-834e-2bd1afbbf9bd","block_type":"box","text":"purchases and sales of the Fund by model-driven investment portfolios, as well as by BlackRock itself","page_number":165,"box":{"x":117,"y":847,"width":760,"height":12}},{"id":"c9c07a98-218a-4de1-ba7f-361afbb4f654","block_type":"box","text":"and by its advisory clients.","page_number":165,"box":{"x":116,"y":862,"width":201,"height":12}},{"id":"d0c40d2b-c7d0-40c6-966c-d350c526e0d8","block_type":"box","text":"II-116","page_number":165,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"0322f4d3-d720-45b3-b085-cab6aed75b68","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":165,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"39ece500-bff0-4b43-bc6e-89f3891c320a","block_type":"box","text":"In addition, certain principals and certain employees of a Fund’s investment adviser are also principals","page_number":166,"box":{"x":117,"y":87,"width":764,"height":12}},{"id":"c0964b68-2229-4c1f-8287-d4ad14499db7","block_type":"box","text":"or employees of other business units or entities within BlackRock. As a result, these principals and","page_number":166,"box":{"x":116,"y":102,"width":736,"height":13}},{"id":"271425b7-eb92-4d64-b88c-d4d4e7145796","block_type":"box","text":"employees may have obligations to such other business units or entities or their clients and such","page_number":166,"box":{"x":116,"y":118,"width":722,"height":12}},{"id":"66f391b0-deea-4a14-aeed-1a318a910fc7","block_type":"box","text":"obligations to other business units or entities or their clients may be a consideration of which investors","page_number":166,"box":{"x":116,"y":134,"width":762,"height":12}},{"id":"9e4313e2-b500-4359-9130-ce81fd93483c","block_type":"box","text":"in a Fund should be aware.","page_number":166,"box":{"x":117,"y":149,"width":206,"height":10}},{"id":"63d3b0b7-0c20-4552-99bd-653e61b0917b","block_type":"box","text":"BlackRock may enter into transactions and invest in securities, instruments and currencies on behalf of","page_number":166,"box":{"x":117,"y":180,"width":769,"height":12}},{"id":"9035259c-1932-41e8-b8a9-2da6a4739d54","block_type":"box","text":"a Fund in which clients of BlackRock, or, to the extent permitted by the Commission and applicable","page_number":166,"box":{"x":116,"y":196,"width":740,"height":12}},{"id":"6c3cb407-986c-4fd8-9f7a-95059270c08e","block_type":"box","text":"law, BlackRock, serves as the counterparty, principal or issuer. In such cases, such party’s interests in","page_number":166,"box":{"x":117,"y":211,"width":764,"height":12}},{"id":"04a67c25-eab9-458e-a6cc-900725f67588","block_type":"box","text":"the transaction will be adverse to the interests of the Fund, and such party may have no incentive to","page_number":166,"box":{"x":116,"y":227,"width":747,"height":12}},{"id":"d238aa41-569e-4f89-b965-4eede21bc714","block_type":"box","text":"assure that the Fund obtains the best possible prices or terms in connection with the transactions. In","page_number":166,"box":{"x":116,"y":242,"width":750,"height":12}},{"id":"7ee252e2-b359-4e32-b9d5-b313e4b990b0","block_type":"box","text":"addition, the purchase, holding and sale of such investments by a Fund may enhance the profitability","page_number":166,"box":{"x":116,"y":258,"width":754,"height":12}},{"id":"31096107-a21b-48bb-82c9-15da42897c57","block_type":"box","text":"of BlackRock.","page_number":166,"box":{"x":116,"y":273,"width":107,"height":10}},{"id":"af77043d-c0fa-4fd2-91fe-03162c07dde7","block_type":"box","text":"BlackRock may also create, write or issue derivatives for clients, the underlying securities, currencies","page_number":166,"box":{"x":117,"y":304,"width":755,"height":12}},{"id":"a977ff4c-6b75-4aa3-98d2-46964d23c27d","block_type":"box","text":"or instruments of which may be those in which a Fund invests or which may be based on the","page_number":166,"box":{"x":116,"y":320,"width":692,"height":12}},{"id":"6c60a307-5387-470e-ae09-0538b2b9ed2f","block_type":"box","text":"performance of the Fund. Additionally, an affiliate of BlackRock will create, write or issue options,","page_number":166,"box":{"x":117,"y":335,"width":724,"height":12}},{"id":"c802887e-9336-48da-a501-fb3949592534","block_type":"box","text":"which may be based on the performance of certain Funds. BlackRock has entered into an arrangement","page_number":166,"box":{"x":116,"y":351,"width":772,"height":12}},{"id":"60e5da27-fc3f-4012-8b73-15fdc4020e3b","block_type":"box","text":"with Markit Indices Limited, the index provider for underlying fixed-income indexes used by certain","page_number":166,"box":{"x":116,"y":366,"width":733,"height":12}},{"id":"4cb5719e-e8d0-4fc5-a233-71393e1e83ce","block_type":"box","text":"iShares ETFs, related to derivative fixed-income products that are based on such iShares ETFs.","page_number":166,"box":{"x":117,"y":382,"width":718,"height":12}},{"id":"e35c3407-2a80-4890-b350-e1e07521ff80","block_type":"box","text":"Trading activity in these derivative products could also potentially lead to greater liquidity for such","page_number":166,"box":{"x":116,"y":397,"width":727,"height":12}},{"id":"6faf15c0-833a-47a2-8994-ce8d2f9e51ef","block_type":"box","text":"products, increased purchase activity with respect to these iShares ETFs and increased assets under","page_number":166,"box":{"x":117,"y":413,"width":758,"height":12}},{"id":"b7ffbcf7-85f8-448e-a1a2-14a077b87385","block_type":"box","text":"management for BlackRock.","page_number":166,"box":{"x":117,"y":428,"width":215,"height":12}},{"id":"21cab779-1dc3-4952-a8e3-caf8086071a7","block_type":"box","text":"A Fund may, subject to applicable law, purchase investments that are the subject of an underwriting or","page_number":166,"box":{"x":116,"y":459,"width":766,"height":12}},{"id":"1d3b19c9-89b4-4498-aea6-5e42f170fbbd","block_type":"box","text":"other distribution by BlackRock and may also enter into transactions with other clients of BlackRock","page_number":166,"box":{"x":116,"y":475,"width":744,"height":12}},{"id":"8d9fc6f3-8347-4b38-bdf2-539a06192391","block_type":"box","text":"where such other clients have interests adverse to those of the Fund. At times, these activities may","page_number":166,"box":{"x":116,"y":490,"width":741,"height":12}},{"id":"ca72556e-af29-413b-9cae-00f2bcd5e1a1","block_type":"box","text":"cause business units or entities within BlackRock to give advice to clients that may cause these clients","page_number":166,"box":{"x":116,"y":506,"width":766,"height":12}},{"id":"501df2fd-ade2-444f-967c-995bb8fba8c3","block_type":"box","text":"to take actions adverse to the interests of the Fund. To the extent such transactions are permitted, a","page_number":166,"box":{"x":116,"y":521,"width":749,"height":12}},{"id":"23fb075f-6374-4fd9-9eee-65d955eaddf5","block_type":"box","text":"Fund will deal with BlackRock on an arms-length basis.","page_number":166,"box":{"x":117,"y":537,"width":414,"height":12}},{"id":"6ef63f50-a649-4f55-94de-6b1770695af9","block_type":"box","text":"To the extent authorized by applicable law, BlackRock may act as broker, dealer, agent, lender or","page_number":166,"box":{"x":116,"y":568,"width":729,"height":12}},{"id":"1cd4ace6-31b5-4a31-9eed-02246be25df2","block_type":"box","text":"adviser or in other commercial capacities for a Fund. It is anticipated that the commissions, mark-ups,","page_number":166,"box":{"x":116,"y":583,"width":760,"height":12}},{"id":"08247e9c-7796-4e54-8721-cdf8722b0f20","block_type":"box","text":"mark-downs, financial advisory fees, underwriting and placement fees, sales fees, financing and","page_number":166,"box":{"x":117,"y":599,"width":717,"height":12}},{"id":"4bc42525-1fce-4a9e-879a-f7127aecfa93","block_type":"box","text":"commitment fees, brokerage fees, other fees, compensation or profits, rates, terms and conditions","page_number":166,"box":{"x":116,"y":614,"width":735,"height":12}},{"id":"b5ebcbfe-c7dc-4d67-abc8-ef7b79b2652b","block_type":"box","text":"charged by BlackRock will be in its view commercially reasonable, although BlackRock, including its","page_number":166,"box":{"x":116,"y":630,"width":747,"height":12}},{"id":"abb31418-67cc-48c4-98ab-e2ec2fb9cf74","block_type":"box","text":"sales personnel, will have an interest in obtaining fees and other amounts that are favorable to","page_number":166,"box":{"x":116,"y":645,"width":706,"height":12}},{"id":"31cd8f05-93b5-4a55-82ba-309c43cc65ae","block_type":"box","text":"BlackRock and such sales personnel, which may have an adverse effect on the Funds. Index based","page_number":166,"box":{"x":117,"y":661,"width":740,"height":12}},{"id":"86b1be02-08b4-417a-83ac-43a12090d3d0","block_type":"box","text":"funds may use an index provider that is affiliated with another service provider of the Fund or","page_number":166,"box":{"x":116,"y":676,"width":690,"height":12}},{"id":"13c58901-1dad-4bbb-9f7d-5fd97d1919f5","block_type":"box","text":"BlackRock that acts as a broker, dealer, agent, lender or in other commercial capacities for a Fund or","page_number":166,"box":{"x":117,"y":692,"width":751,"height":12}},{"id":"db647188-aadb-4446-9439-12336858531f","block_type":"box","text":"BlackRock.","page_number":166,"box":{"x":117,"y":707,"width":81,"height":10}},{"id":"176de2a8-e999-4864-8fe4-dd7ed75ab943","block_type":"box","text":"Subject to applicable law, BlackRock (and its personnel and other distributors) will be entitled to retain","page_number":166,"box":{"x":116,"y":738,"width":755,"height":12}},{"id":"15895517-69e7-4b69-9198-0888d49f6607","block_type":"box","text":"fees and other amounts that they receive in connection with their service to the Funds as broker,","page_number":166,"box":{"x":116,"y":754,"width":715,"height":12}},{"id":"9d661f26-2f30-4ab6-9ddf-cd31c17ac566","block_type":"box","text":"dealer, agent, lender, adviser or in other commercial capacities. No accounting to the Funds or their","page_number":166,"box":{"x":116,"y":769,"width":741,"height":12}},{"id":"efee4733-8acf-4d9a-8601-18f7b3056fec","block_type":"box","text":"shareholders will be required, and no fees or other compensation payable by the Funds or their","page_number":166,"box":{"x":116,"y":785,"width":707,"height":12}},{"id":"9fce42f9-8a91-4728-8d95-65d74a8de617","block_type":"box","text":"shareholders will be reduced by reason of receipt by BlackRock of any such fees or other amounts.","page_number":166,"box":{"x":116,"y":800,"width":735,"height":12}},{"id":"0196b251-9648-457e-a5e0-808159d204d8","block_type":"box","text":"When BlackRock acts as broker, dealer, agent, adviser or in other commercial capacities in relation to","page_number":166,"box":{"x":116,"y":831,"width":761,"height":12}},{"id":"a9e659c3-7eb8-4bfd-b375-28ce2fd4544b","block_type":"box","text":"the Funds, BlackRock may take commercial steps in its own interests, which may have an adverse","page_number":166,"box":{"x":116,"y":847,"width":738,"height":12}},{"id":"9435b602-3c8d-4b74-a842-7b3514c7e261","block_type":"box","text":"effect on the Funds.","page_number":166,"box":{"x":116,"y":862,"width":153,"height":10}},{"id":"21448dcc-2d78-49cb-8d83-239f9663b9b4","block_type":"box","text":"II-117","page_number":166,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"67803c85-0787-4f02-845c-772f6786d8a9","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":166,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"d13192c9-006c-4661-8e7b-60ad7cbf6672","block_type":"box","text":"A Fund will be required to establish business relationships with its counterparties based on the Fund’s","page_number":167,"box":{"x":116,"y":87,"width":761,"height":12}},{"id":"bab2fefe-ab46-4e05-8f40-90700dcacd0e","block_type":"box","text":"own credit standing. BlackRock will not have any obligation to allow its credit to be used in connection","page_number":167,"box":{"x":116,"y":103,"width":760,"height":12}},{"id":"aca96b88-4d97-4d06-9c27-1a01134ed3dd","block_type":"box","text":"with a Fund’s establishment of its business relationships, nor is it expected that the Fund’s","page_number":167,"box":{"x":116,"y":118,"width":675,"height":12}},{"id":"1aff73e6-bcb4-427a-937b-84e091a995a0","block_type":"box","text":"counterparties will rely on the credit of BlackRock in evaluating the Fund’s creditworthiness.","page_number":167,"box":{"x":116,"y":134,"width":684,"height":12}},{"id":"0e3982f9-8474-4fa5-81fb-d2916d2ef29f","block_type":"box","text":"BlackRock Investment Management, LLC (“BIM”) or BlackRock Institutional Trust Company, N.A.","page_number":167,"box":{"x":117,"y":165,"width":726,"height":12}},{"id":"e8c09aaf-d8c2-4238-a07a-019437cb9d33","block_type":"box","text":"(“BTC”), as applicable, each an affiliate of BlackRock, pursuant to SEC exemptive relief, acts as","page_number":167,"box":{"x":117,"y":180,"width":715,"height":12}},{"id":"f3295036-60c8-4fa4-bb57-7c82139a132a","block_type":"box","text":"securities lending agent to, and receives a share of securities lending revenues from, the Funds.","page_number":167,"box":{"x":116,"y":196,"width":720,"height":12}},{"id":"f0734b39-c56d-4b8b-9836-4f40713e7b28","block_type":"box","text":"BlackRock will also receive compensation for managing the reinvestment of the cash collateral from","page_number":167,"box":{"x":117,"y":211,"width":744,"height":12}},{"id":"635e8ea5-88b8-46e7-a8c0-d0eb4c03806b","block_type":"box","text":"securities lending. There are potential conflicts of interests in managing a securities lending program,","page_number":167,"box":{"x":116,"y":227,"width":755,"height":12}},{"id":"9d490319-d7ba-461f-adc7-776cf5f61998","block_type":"box","text":"including but not limited to: (i) BlackRock as securities lending agent may have an incentive to, among","page_number":167,"box":{"x":117,"y":242,"width":762,"height":12}},{"id":"af90b35b-a1e8-479d-b99a-177691dc4e55","block_type":"box","text":"other things, increase or decrease the amount of securities on loan or to lend particular securities in","page_number":167,"box":{"x":116,"y":258,"width":745,"height":12}},{"id":"4826f36e-2a71-45ad-b125-64a86b1c2576","block_type":"box","text":"order to generate additional risk-adjusted revenue for BlackRock and its affiliates; and (ii) BlackRock","page_number":167,"box":{"x":116,"y":273,"width":750,"height":12}},{"id":"d82ae4c6-6372-40e1-879a-a5b7e2983340","block_type":"box","text":"as securities lending agent may have an incentive to allocate loans to clients that would provide more","page_number":167,"box":{"x":116,"y":289,"width":757,"height":12}},{"id":"24472e7f-449c-45f6-8897-d0f7aa54116d","block_type":"box","text":"revenue to BlackRock. As described further below, BlackRock seeks to mitigate this conflict by","page_number":167,"box":{"x":117,"y":304,"width":706,"height":12}},{"id":"608dc43e-ed9a-4dfd-adb4-b849799e1344","block_type":"box","text":"providing its securities lending clients with equal lending opportunities over time in order to","page_number":167,"box":{"x":117,"y":320,"width":675,"height":12}},{"id":"5d5a4aa1-f358-46a7-b22c-6b32e98057bb","block_type":"box","text":"approximate pro rata allocation.","page_number":167,"box":{"x":116,"y":335,"width":240,"height":12}},{"id":"a9268566-67a3-4e6c-b5db-8751d45d34f9","block_type":"box","text":"As part of its securities lending program, BlackRock indemnifies the Funds and certain other clients","page_number":167,"box":{"x":116,"y":366,"width":742,"height":12}},{"id":"42d00f34-02d9-433d-8bfc-8033ff007abe","block_type":"box","text":"and/or funds against a shortfall in collateral in the event of borrower default. On a regular basis,","page_number":167,"box":{"x":116,"y":382,"width":713,"height":12}},{"id":"5b7721df-1a53-4ea8-85dd-7160f888efb6","block_type":"box","text":"BlackRock calculates the potential dollar exposure of collateral shortfall resulting from a borrower","page_number":167,"box":{"x":117,"y":397,"width":725,"height":12}},{"id":"d373387b-297a-423f-a907-42c742f323a8","block_type":"box","text":"default (“shortfall risk”) in the securities lending program. BlackRock establishes program-wide","page_number":167,"box":{"x":116,"y":413,"width":705,"height":12}},{"id":"56c97aa0-3219-4a62-8a55-5b56c0069781","block_type":"box","text":"borrower limits (“credit limits”) to actively manage borrower-specific credit exposure. BlackRock","page_number":167,"box":{"x":117,"y":428,"width":711,"height":12}},{"id":"f7cd5bba-0e8a-4012-8e67-a6cd42feba9b","block_type":"box","text":"oversees the risk model that calculates projected collateral shortfall values using loan-level factors","page_number":167,"box":{"x":116,"y":444,"width":734,"height":12}},{"id":"487364cc-2ca1-47f9-b32c-f8dce1af9f01","block_type":"box","text":"such as loan and collateral type and market value as well as specific borrower credit characteristics.","page_number":167,"box":{"x":116,"y":459,"width":747,"height":12}},{"id":"4e63adcd-5ce5-486d-8e3f-dd4e4dd9e9c3","block_type":"box","text":"When necessary, BlackRock may adjust securities lending program attributes by restricting eligible","page_number":167,"box":{"x":116,"y":475,"width":738,"height":12}},{"id":"2cea3a6b-cf50-4549-aa1e-475686a85384","block_type":"box","text":"collateral or reducing borrower credit limits. As a result, the management of program-wide exposure as","page_number":167,"box":{"x":116,"y":490,"width":768,"height":12}},{"id":"22b2d1a5-5aac-429b-8e5d-53b02e14a8e5","block_type":"box","text":"well as BlackRock-specific indemnification exposure may affect the amount of securities lending","page_number":167,"box":{"x":116,"y":506,"width":717,"height":12}},{"id":"bd304749-54ed-43fd-b74d-1b89375375ff","block_type":"box","text":"activity BlackRock may conduct at any given point in time by reducing the volume of lending","page_number":167,"box":{"x":116,"y":521,"width":687,"height":12}},{"id":"dabba369-5528-4595-a15c-672c2d3951b3","block_type":"box","text":"opportunities for certain loans (including by asset type, collateral type and/or revenue profile).","page_number":167,"box":{"x":116,"y":537,"width":698,"height":12}},{"id":"9c13d1e0-1223-4f1d-9b21-07bddee3ffd7","block_type":"box","text":"BlackRock may decline to make a securities loan on behalf of a Fund, discontinue lending on behalf of","page_number":167,"box":{"x":117,"y":568,"width":764,"height":12}},{"id":"00172ddb-f8dd-4662-ad51-d9ed5f9a6c63","block_type":"box","text":"a Fund or terminate a securities loan on behalf of a Fund for any reason, including but not limited to","page_number":167,"box":{"x":116,"y":583,"width":744,"height":12}},{"id":"9c33bb3b-0ea6-419b-b3df-2ee281ba8be7","block_type":"box","text":"regulatory requirements and/or market rules, liquidity considerations, or credit considerations, which","page_number":167,"box":{"x":117,"y":599,"width":745,"height":12}},{"id":"55a59448-fe65-430a-b9e7-3cf60942882c","block_type":"box","text":"may impact Funds by reducing or eliminating the volume of lending opportunities for certain types of","page_number":167,"box":{"x":117,"y":614,"width":746,"height":12}},{"id":"cd9f745f-f17a-4593-ae43-dcd34009e6cf","block_type":"box","text":"loans, loans in particular markets, loans of particular securities or types of securities, or for loans","page_number":167,"box":{"x":117,"y":630,"width":720,"height":12}},{"id":"240efa18-4964-4f82-96a3-4ccc13ef0943","block_type":"box","text":"overall. In addition, some borrowers may prefer certain BlackRock lenders that provide additional","page_number":167,"box":{"x":116,"y":645,"width":725,"height":12}},{"id":"13f2e81a-e058-4f9f-b658-6eecaaa41a26","block_type":"box","text":"protections against lender default that are favored by their prudential regulation.","page_number":167,"box":{"x":117,"y":661,"width":590,"height":12}},{"id":"642e4325-f257-4bdd-96a0-4a1ec14fac0a","block_type":"box","text":"BlackRock uses a predetermined systematic process in order to approximate pro rata allocation over","page_number":167,"box":{"x":117,"y":692,"width":747,"height":12}},{"id":"264a15fa-6276-41cf-919e-a9d399179741","block_type":"box","text":"time. In order to allocate a loan to a portfolio: (i) BlackRock as a whole must have sufficient lending","page_number":167,"box":{"x":116,"y":707,"width":733,"height":12}},{"id":"59f670fe-1eff-4a79-8b56-81a6bd4dbdca","block_type":"box","text":"capacity pursuant to the various program limits (i.e. indemnification exposure limit and borrower credit","page_number":167,"box":{"x":116,"y":723,"width":756,"height":12}},{"id":"990fcfb8-3d62-476d-83b2-a8b365363c71","block_type":"box","text":"limits); (ii) the lending portfolio must hold the asset at the time a loan opportunity arrives; and (iii) the","page_number":167,"box":{"x":117,"y":738,"width":742,"height":12}},{"id":"30801848-d885-4104-9051-b5995263150c","block_type":"box","text":"lending portfolio must also have enough inventory, either on its own or when aggregated with other","page_number":167,"box":{"x":117,"y":754,"width":733,"height":12}},{"id":"5ad0f27c-8b04-40be-8c68-33fee768fd77","block_type":"box","text":"portfolios into one single market delivery, to satisfy the loan request. In doing so, BlackRock seeks to","page_number":167,"box":{"x":117,"y":769,"width":748,"height":12}},{"id":"d5a592a2-2f01-4ca6-8291-5930e467d42d","block_type":"box","text":"provide equal lending opportunities for all portfolios, independent of whether BlackRock indemnifies the","page_number":167,"box":{"x":117,"y":785,"width":765,"height":12}},{"id":"f0fb6642-1c1b-4774-806e-56085e14ec9e","block_type":"box","text":"portfolio. Equal opportunities for lending portfolios does not guarantee equal outcomes. Specifically,","page_number":167,"box":{"x":117,"y":800,"width":738,"height":12}},{"id":"0ec0f4eb-8456-45cd-8999-23941b901006","block_type":"box","text":"short and long-term outcomes for individual clients may vary due to asset mix, asset/liability spreads","page_number":167,"box":{"x":116,"y":816,"width":744,"height":12}},{"id":"ade4b6f6-700b-4e7f-93c8-e9960636ff96","block_type":"box","text":"on different securities, and the overall limits imposed by the firm.","page_number":167,"box":{"x":116,"y":831,"width":483,"height":12}},{"id":"3a28f3e7-c72f-4feb-836b-703adb412cbc","block_type":"box","text":"Purchases and sales of securities and other assets for a Fund may be aggregated with orders for other","page_number":167,"box":{"x":117,"y":862,"width":769,"height":12}},{"id":"ec71abc8-172c-436b-9ad0-c8a668a09886","block_type":"box","text":"BlackRock client accounts, including with accounts that pay different transaction costs solely due to the","page_number":167,"box":{"x":117,"y":878,"width":770,"height":12}},{"id":"06b73f2c-0147-43e0-b928-97e488b7c84e","block_type":"box","text":"II-118","page_number":167,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"f0c3682a-e6e4-4c6b-822c-5f6138676e5c","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":167,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"4cb98484-0577-4a53-978c-2435a1861fa3","block_type":"box","text":"fact that they have different research payment arrangements. BlackRock, however, is not required to","page_number":168,"box":{"x":116,"y":87,"width":752,"height":12}},{"id":"96646e6a-454c-48d3-9fcd-03981d09baa0","block_type":"box","text":"aggregate orders if portfolio management decisions for different accounts are made separately, or if","page_number":168,"box":{"x":116,"y":102,"width":746,"height":13}},{"id":"2782ed30-c5bc-4514-99ab-2201eee5459e","block_type":"box","text":"they determine that aggregating is not practicable or required, or in cases involving client direction.","page_number":168,"box":{"x":116,"y":118,"width":737,"height":12}},{"id":"3fe00873-e828-41e8-80d8-4575412dd730","block_type":"box","text":"Prevailing trading activity frequently may make impossible the receipt of the same price or execution","page_number":168,"box":{"x":117,"y":146,"width":748,"height":12}},{"id":"5bee0567-f5a4-455d-b1e3-cb6e050c91a2","block_type":"box","text":"on the entire volume of securities purchased or sold. When this occurs, the various prices may be","page_number":168,"box":{"x":116,"y":162,"width":730,"height":12}},{"id":"b57a136d-a9e2-460d-839e-7395c0ae4ecf","block_type":"box","text":"averaged, and the Funds will be charged or credited with the average price. Thus, the effect of the","page_number":168,"box":{"x":116,"y":177,"width":734,"height":12}},{"id":"8b4dbe0b-21ab-4bfe-bd54-8231a04d8c01","block_type":"box","text":"aggregation may operate on some occasions to the disadvantage of the Funds. In addition, under","page_number":168,"box":{"x":116,"y":193,"width":730,"height":12}},{"id":"57430a34-7e4f-4578-8004-18f593d984a7","block_type":"box","text":"certain circumstances, the Funds will not be charged the same commission or commission equivalent","page_number":168,"box":{"x":116,"y":209,"width":759,"height":11}},{"id":"d21fc1f7-ed24-4fc9-8980-d9f095066ec1","block_type":"box","text":"rates in connection with an aggregated order.","page_number":168,"box":{"x":117,"y":224,"width":341,"height":12}},{"id":"54186bf1-929d-4272-a3c7-36e2720bebf9","block_type":"box","text":"As discussed in the section below entitled “Portfolio Transactions and Brokerage — Transactions in","page_number":168,"box":{"x":116,"y":252,"width":743,"height":12}},{"id":"24d3de84-640f-4f2b-8967-b971a903e16e","block_type":"box","text":"Portfolio Securities,” BlackRock, unless prohibited by applicable law, may cause a Fund or account to","page_number":168,"box":{"x":117,"y":268,"width":757,"height":12}},{"id":"7947d879-7a5a-4f7c-8d77-077b177b7679","block_type":"box","text":"pay a broker or dealer a commission for effecting a transaction that exceeds the amount another","page_number":168,"box":{"x":117,"y":283,"width":720,"height":12}},{"id":"73d99776-c358-4b31-bbb2-3579e520c9ac","block_type":"box","text":"broker or dealer would have charged for effecting the same transaction in recognition of the value of","page_number":168,"box":{"x":117,"y":299,"width":746,"height":12}},{"id":"304fb2ba-b976-45c3-ae2a-5c4dfaed6e90","block_type":"box","text":"brokerage and research services provided by that broker or dealer. Under MiFID II, EU investment","page_number":168,"box":{"x":117,"y":314,"width":734,"height":12}},{"id":"d4cb3e08-12f7-4611-afca-9b70e75761bf","block_type":"box","text":"managers, including BlackRock International Limited (“BIL”) which acts as a sub-adviser to certain","page_number":168,"box":{"x":117,"y":330,"width":732,"height":12}},{"id":"95eb02c2-151e-4cea-8784-dac9ab38179f","block_type":"box","text":"Funds, pay for research from brokers and dealers directly out of their own resources, rather than","page_number":168,"box":{"x":117,"y":345,"width":721,"height":12}},{"id":"8fb893eb-a059-4165-bd50-db919cafbbc4","block_type":"box","text":"through client commissions.","page_number":168,"box":{"x":116,"y":361,"width":212,"height":12}},{"id":"3d6171a3-9445-4900-b103-35f124dd1c8d","block_type":"box","text":"Subject to applicable law, BlackRock may select brokers that furnish BlackRock, the Funds, other","page_number":168,"box":{"x":116,"y":389,"width":728,"height":12}},{"id":"0c102ac2-0106-4c71-a5d3-40a1f67dab78","block_type":"box","text":"BlackRock client accounts or personnel, directly or through correspondent relationships, with research","page_number":168,"box":{"x":117,"y":405,"width":762,"height":12}},{"id":"bfe7dec1-9d48-4eb2-9661-f159f6bb21e2","block_type":"box","text":"or other appropriate services which provide, in BlackRock’s view, appropriate assistance to BlackRock","page_number":168,"box":{"x":116,"y":420,"width":765,"height":12}},{"id":"56b761f7-81e2-42b0-8aaf-df1ae8e7d9e9","block_type":"box","text":"in the investment decision-making process (including with respect to futures, fixed-price offerings and","page_number":168,"box":{"x":117,"y":436,"width":756,"height":12}},{"id":"55e97242-7545-4824-84ca-311bbf0eddea","block_type":"box","text":"OTC transactions). Such research or other services may include, to the extent permitted by law,","page_number":168,"box":{"x":116,"y":451,"width":717,"height":12}},{"id":"e2a5d3e6-f482-4c45-a77f-07f8de713e6d","block_type":"box","text":"research reports on companies, industries and securities; economic and financial data; financial","page_number":168,"box":{"x":117,"y":467,"width":714,"height":12}},{"id":"50485ad9-6fb6-49d0-a5c5-91a58c627211","block_type":"box","text":"publications; proxy analysis; trade industry seminars; computer data bases; research-oriented software","page_number":168,"box":{"x":117,"y":482,"width":769,"height":12}},{"id":"8dabea36-5ace-4483-b37e-c36a55f20adf","block_type":"box","text":"and other services and products.","page_number":168,"box":{"x":116,"y":498,"width":249,"height":12}},{"id":"89a1c454-f5a6-4c19-bde8-8ace9179c5be","block_type":"box","text":"Research or other services obtained in this manner may be used in servicing any or all of the Funds","page_number":168,"box":{"x":117,"y":526,"width":745,"height":12}},{"id":"bede0849-c7c7-4054-aa0b-60e70540eeaa","block_type":"box","text":"and other BlackRock client accounts, including in connection with BlackRock client accounts other than","page_number":168,"box":{"x":116,"y":542,"width":770,"height":12}},{"id":"82c654e1-cb9e-4c45-82b7-bc497023b7ab","block_type":"box","text":"those that pay commissions to the broker relating to the research or other service arrangements. Such","page_number":168,"box":{"x":116,"y":557,"width":766,"height":12}},{"id":"eef79c7c-0f12-479d-a168-1bf37d36c2f9","block_type":"box","text":"products and services may disproportionately benefit other BlackRock client accounts relative to the","page_number":168,"box":{"x":117,"y":573,"width":745,"height":12}},{"id":"543e6a9b-8a2e-40fb-991c-80615080ff03","block_type":"box","text":"Funds based on the amount of brokerage commissions paid by the Funds and such other BlackRock","page_number":168,"box":{"x":117,"y":588,"width":753,"height":12}},{"id":"a596c163-8587-4aed-a430-22960785676b","block_type":"box","text":"client accounts. For example, research or other services that are paid for through one client’s","page_number":168,"box":{"x":116,"y":604,"width":696,"height":12}},{"id":"1a407ea1-8045-48e5-8759-0a2b358bdddf","block_type":"box","text":"commissions may not be used in managing that client’s account. In addition, other BlackRock client","page_number":168,"box":{"x":116,"y":619,"width":743,"height":12}},{"id":"b295073f-c546-43be-9a09-819f17495fe4","block_type":"box","text":"accounts may receive the benefit, including disproportionate benefits, of economies of scale or price","page_number":168,"box":{"x":116,"y":635,"width":748,"height":12}},{"id":"74d0e348-5332-4347-9526-17d647c4eb9e","block_type":"box","text":"discounts in connection with products and services that may be provided to the Funds and to such","page_number":168,"box":{"x":116,"y":650,"width":734,"height":12}},{"id":"8cdea6ee-39ce-48fa-ad59-2609f203bdb9","block_type":"box","text":"other BlackRock client accounts. To the extent that BlackRock uses soft dollars, it will not have to pay","page_number":168,"box":{"x":116,"y":666,"width":755,"height":12}},{"id":"6068e9f0-a1ad-4813-a130-d5e9b68115ae","block_type":"box","text":"for those products and services itself.","page_number":168,"box":{"x":116,"y":681,"width":276,"height":12}},{"id":"1128f800-20b0-4a18-b9fb-d65b5fb0cf51","block_type":"box","text":"BlackRock, unless prohibited by applicable law, may endeavor to execute trades through brokers who,","page_number":168,"box":{"x":117,"y":710,"width":759,"height":12}},{"id":"9d90c699-6fb0-4e0e-b894-016a73705548","block_type":"box","text":"pursuant to such arrangements, provide research or other services in order to ensure the continued","page_number":168,"box":{"x":117,"y":725,"width":737,"height":12}},{"id":"ca051546-8a8a-41d0-84f8-b82b0ae54bab","block_type":"box","text":"receipt of research or other services BlackRock believes are useful in its investment decision-making","page_number":168,"box":{"x":117,"y":740,"width":747,"height":13}},{"id":"34151751-42d4-4b2e-a5df-a872d32f2129","block_type":"box","text":"process. BlackRock may from time to time choose not to engage in the above described arrangements","page_number":168,"box":{"x":117,"y":756,"width":762,"height":12}},{"id":"89637467-5387-49b6-b115-0569e54387d1","block_type":"box","text":"to varying degrees. BlackRock, unless prohibited by applicable law, may also enter into commission","page_number":168,"box":{"x":116,"y":772,"width":740,"height":12}},{"id":"b2fe4a7d-db3d-4b13-b818-cae97dfab683","block_type":"box","text":"sharing arrangements under which BlackRock may execute transactions through a broker-dealer and","page_number":168,"box":{"x":116,"y":787,"width":751,"height":12}},{"id":"bda3df4c-4f22-4760-b0cd-59c59305ba23","block_type":"box","text":"request that the broker-dealer allocate a portion of the commissions or commission credits to another","page_number":168,"box":{"x":117,"y":802,"width":750,"height":12}},{"id":"cbd27fe0-8231-439f-b45b-b0f0043cebbe","block_type":"box","text":"firm that provides research to BlackRock. To the extent that BlackRock engages in commission sharing","page_number":168,"box":{"x":116,"y":818,"width":766,"height":12}},{"id":"4d71abee-1a57-4c5b-9fd9-cf791a197442","block_type":"box","text":"arrangements, many of the same conflicts related to traditional soft dollars may exist.","page_number":168,"box":{"x":116,"y":833,"width":636,"height":13}},{"id":"8033579e-0c7c-4942-b5c9-927e3bc573d1","block_type":"box","text":"BlackRock may utilize certain electronic crossing networks (“ECNs”) (including, without limitation,","page_number":168,"box":{"x":117,"y":862,"width":724,"height":12}},{"id":"6499ac88-4c04-4b12-823a-9903eae055a3","block_type":"box","text":"ECNs in which BlackRock has an investment or other interest, to the extent permitted by applicable","page_number":168,"box":{"x":117,"y":877,"width":741,"height":12}},{"id":"13a5fc7a-c4e9-4f31-99c2-448e7742ade2","block_type":"box","text":"II-119","page_number":168,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"1a1e25ee-5166-4e2c-8d8b-b59d85284e28","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":168,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"f1941082-1c16-4f47-a685-14b7f2ad6a5c","block_type":"box","text":"law) in executing client securities transactions for certain types of securities. These ECNs may charge","page_number":169,"box":{"x":117,"y":87,"width":760,"height":12}},{"id":"7c7fc006-5e49-4e31-bafa-60436f3bac2f","block_type":"box","text":"fees for their services, including access fees and transaction fees. The transaction fees, which are","page_number":169,"box":{"x":116,"y":102,"width":733,"height":13}},{"id":"7bc87941-9e82-45ac-8185-cf22e4f1150b","block_type":"box","text":"similar to commissions or markups/markdowns, will generally be charged to clients and, like","page_number":169,"box":{"x":116,"y":118,"width":686,"height":12}},{"id":"6ac4e5b2-366d-4fbb-80f3-5dcae943bfac","block_type":"box","text":"commissions and markups/markdowns, would generally be included in the cost of the securities","page_number":169,"box":{"x":116,"y":134,"width":715,"height":12}},{"id":"ee9e9141-d2a9-4c98-8777-074c5c71ef71","block_type":"box","text":"purchased. Access fees may be paid by BlackRock even though incurred in connection with executing","page_number":169,"box":{"x":117,"y":149,"width":763,"height":12}},{"id":"97c94edc-6899-4d08-90f4-723969e524f1","block_type":"box","text":"transactions on behalf of clients, including the Funds. In certain circumstances, ECNs may offer","page_number":169,"box":{"x":116,"y":165,"width":715,"height":12}},{"id":"deb238ac-0b5a-4b1c-bb47-e8cd94aba28c","block_type":"box","text":"volume discounts that will reduce the access fees typically paid by BlackRock. BlackRock will only","page_number":169,"box":{"x":116,"y":180,"width":733,"height":12}},{"id":"72bea1d8-8c5b-4272-a495-086f3a39661b","block_type":"box","text":"utilize ECNs consistent with its obligation to seek to obtain best execution in client transactions.","page_number":169,"box":{"x":117,"y":196,"width":711,"height":12}},{"id":"9127c91a-5b62-4bad-8b27-e6fc1836bf8e","block_type":"box","text":"BlackRock owns a minority interest in, and is a member of, Members Exchange (“MEMX”), a newly","page_number":169,"box":{"x":117,"y":227,"width":739,"height":12}},{"id":"ab6cbbb2-9302-42d2-aebf-ea63140c0fad","block_type":"box","text":"created U.S. stock exchange. Transactions for a Fund may be executed on MEMX if third party brokers","page_number":169,"box":{"x":116,"y":242,"width":772,"height":12}},{"id":"6d27f4f0-9d5d-4539-86c5-78404d2b4c52","block_type":"box","text":"select MEMX as the appropriate venue for execution of orders placed by BlackRock traders on behalf","page_number":169,"box":{"x":116,"y":258,"width":759,"height":12}},{"id":"353450f6-0ae7-4bab-8c0e-52b34773dcb1","block_type":"box","text":"of client portfolios.","page_number":169,"box":{"x":116,"y":273,"width":140,"height":12}},{"id":"5d1ec3bc-01ee-4d02-aada-9c2de81d40b1","block_type":"box","text":"BlackRock has adopted policies and procedures designed to prevent conflicts of interest from","page_number":169,"box":{"x":117,"y":304,"width":697,"height":12}},{"id":"9798ecd4-7f30-42f7-ad16-43a5c9687fbb","block_type":"box","text":"influencing proxy voting decisions that it makes on behalf of advisory clients, including the Funds, and","page_number":169,"box":{"x":117,"y":320,"width":759,"height":12}},{"id":"d2243cb5-42c4-40e5-8177-d949885af407","block_type":"box","text":"to help ensure that such decisions are made in accordance with BlackRock’s fiduciary obligations to its","page_number":169,"box":{"x":116,"y":335,"width":768,"height":12}},{"id":"a03cc6d9-5bbf-4f81-999a-33c5aa2adab0","block_type":"box","text":"clients. Nevertheless, notwithstanding such proxy voting policies and procedures, actual proxy voting","page_number":169,"box":{"x":116,"y":351,"width":754,"height":12}},{"id":"8303242b-f9c1-4cb2-a8d9-f553ece122fa","block_type":"box","text":"decisions of BlackRock may have the effect of favoring the interests of other clients or businesses of","page_number":169,"box":{"x":116,"y":366,"width":750,"height":12}},{"id":"9764b9d7-1920-484d-aca0-33c746490311","block_type":"box","text":"other divisions or units of BlackRock, provided that BlackRock believes such voting decisions to be in","page_number":169,"box":{"x":116,"y":382,"width":756,"height":12}},{"id":"a74bb2f0-950a-4cd5-959c-8ded4e220f69","block_type":"box","text":"accordance with its fiduciary obligations. For a more detailed discussion of these policies and","page_number":169,"box":{"x":116,"y":397,"width":696,"height":12}},{"id":"d0f85a16-58c5-481c-bfe0-49a1eac89b25","block_type":"box","text":"procedures, see “Proxy Voting Policies and Procedures.”","page_number":169,"box":{"x":117,"y":413,"width":426,"height":12}},{"id":"c8ac426b-50f2-4c25-acfc-1261ecce061d","block_type":"box","text":"It is also possible that, from time to time, BlackRock and/or its advisory clients (including other funds","page_number":169,"box":{"x":117,"y":444,"width":747,"height":12}},{"id":"48ee0961-4be3-4128-8a44-05eef32b220a","block_type":"box","text":"and separately managed accounts) may, subject to compliance with applicable law, purchase and hold","page_number":169,"box":{"x":116,"y":459,"width":768,"height":12}},{"id":"bd8a3039-dbf2-4fca-847d-7869e3185713","block_type":"box","text":"shares of a Fund. Increasing a Fund’s assets may enhance investment flexibility and diversification","page_number":169,"box":{"x":116,"y":475,"width":740,"height":12}},{"id":"b1c99db5-d201-47a4-982e-8b3dc65509c3","block_type":"box","text":"and may contribute to economies of scale that tend to reduce the Fund’s expense ratio. BlackRock","page_number":169,"box":{"x":116,"y":490,"width":738,"height":12}},{"id":"b3569475-4831-41ac-b553-bb7ceca15b25","block_type":"box","text":"reserves the right, subject to compliance with applicable law, to redeem at any time some or all of the","page_number":169,"box":{"x":117,"y":506,"width":756,"height":12}},{"id":"76ef9395-c032-46fc-b135-b70a390e20a0","block_type":"box","text":"shares of a Fund acquired for its own accounts. A large redemption of shares of a Fund by BlackRock","page_number":169,"box":{"x":116,"y":521,"width":762,"height":12}},{"id":"43b1958f-11ad-49c4-967a-281b7722d088","block_type":"box","text":"could significantly reduce the asset size of the Fund, which might have an adverse effect on the Fund’s","page_number":169,"box":{"x":116,"y":537,"width":770,"height":12}},{"id":"579d4668-fb00-43b2-94d4-2b2db439c98d","block_type":"box","text":"investment flexibility, portfolio diversification and expense ratio. BlackRock seeks to consider the effect","page_number":169,"box":{"x":117,"y":552,"width":766,"height":12}},{"id":"da6f1109-a1dc-4336-aafe-a3ddbd160421","block_type":"box","text":"of redemptions on a Fund and other shareholders in deciding whether to redeem its shares but is not","page_number":169,"box":{"x":116,"y":568,"width":754,"height":12}},{"id":"a8e2b415-c725-432b-89d1-9d1fbb316c66","block_type":"box","text":"obligated to do so and may elect not to do so.","page_number":169,"box":{"x":116,"y":583,"width":344,"height":12}},{"id":"08ed8037-9abd-4f19-986c-f26a7338d2be","block_type":"box","text":"It is possible that a Fund may invest in securities of, or engage in transactions with, companies in","page_number":169,"box":{"x":117,"y":614,"width":725,"height":12}},{"id":"d6620efd-53cb-4f78-ba4d-670415bc0213","block_type":"box","text":"which BlackRock has significant debt or equity investments or other interests. A Fund may also invest","page_number":169,"box":{"x":116,"y":630,"width":759,"height":12}},{"id":"2dda6997-5ecb-4c45-9513-c7e20cf791c6","block_type":"box","text":"in issuances (such as structured notes) by entities for which BlackRock provides and is compensated","page_number":169,"box":{"x":117,"y":645,"width":756,"height":12}},{"id":"4dcd5275-ff9c-4ad2-a9aa-d8f48b19c2a1","block_type":"box","text":"for cash management services relating to the proceeds from the sale of such issuances. In making","page_number":169,"box":{"x":116,"y":661,"width":732,"height":12}},{"id":"5d46c944-04b7-4a94-bab4-d55df7948a2b","block_type":"box","text":"investment decisions for a Fund, BlackRock is not permitted to obtain or use material non-public","page_number":169,"box":{"x":117,"y":676,"width":713,"height":12}},{"id":"40e819d4-482f-4e2e-870e-421749f35b82","block_type":"box","text":"information acquired by any unit of BlackRock, in the course of these activities. In addition, from time to","page_number":169,"box":{"x":117,"y":692,"width":765,"height":12}},{"id":"c490aad4-709b-43ae-9b46-99d46d1e0d58","block_type":"box","text":"time, the activities of BlackRock may limit a Fund’s flexibility in purchases and sales of securities. As","page_number":169,"box":{"x":116,"y":707,"width":745,"height":12}},{"id":"309e3d99-1483-4509-b845-6edf02b121d8","block_type":"box","text":"indicated below, BlackRock may engage in transactions with companies in which BlackRock-advised","page_number":169,"box":{"x":117,"y":723,"width":747,"height":12}},{"id":"9d502047-1b18-4a44-b30d-4a6074e431fe","block_type":"box","text":"funds or other clients of BlackRock have an investment.","page_number":169,"box":{"x":116,"y":738,"width":413,"height":10}},{"id":"6f868305-fa79-495d-a2a0-94848130c26f","block_type":"box","text":"BlackRock and its personnel and other financial service providers may have interests in promoting","page_number":169,"box":{"x":117,"y":769,"width":727,"height":12}},{"id":"c6455e43-0904-4ce0-9d0f-9bacde97682d","block_type":"box","text":"sales of the Funds. With respect to BlackRock and its personnel, the remuneration and profitability","page_number":169,"box":{"x":116,"y":785,"width":730,"height":12}},{"id":"a29c18f2-718a-45da-a5ad-4199597362b4","block_type":"box","text":"relating to services to and sales of the Funds or other products may be greater than remuneration and","page_number":169,"box":{"x":117,"y":800,"width":756,"height":12}},{"id":"79980759-bc6d-41c1-bead-e9a1f01b5fe2","block_type":"box","text":"profitability relating to services to and sales of certain funds or other products that might be provided or","page_number":169,"box":{"x":117,"y":816,"width":763,"height":12}},{"id":"263ebc65-9007-47f7-8340-d8f6ec8d136f","block_type":"box","text":"offered. BlackRock and its sales personnel may directly or indirectly receive a portion of the fees and","page_number":169,"box":{"x":116,"y":831,"width":753,"height":12}},{"id":"991580e6-56ea-4398-bc1e-8e70e876d384","block_type":"box","text":"commissions charged to the Funds or their shareholders. BlackRock and its advisory or other","page_number":169,"box":{"x":116,"y":847,"width":698,"height":12}},{"id":"b35bea6d-2fb8-4512-82a3-0bb328758e7f","block_type":"box","text":"personnel may also benefit from increased amounts of assets under management. Fees and","page_number":169,"box":{"x":117,"y":862,"width":692,"height":12}},{"id":"4ccfe9d7-09a5-42e4-8d54-91f4682284ad","block_type":"box","text":"commissions may also be higher than for other products or services, and the remuneration and","page_number":169,"box":{"x":116,"y":878,"width":711,"height":12}},{"id":"e15f719a-e6de-436f-b9c9-4ffcb4faa1c2","block_type":"box","text":"II-120","page_number":169,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"470a7ed5-c5d5-47ab-af64-0f4c503378c6","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":169,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"3de83417-b036-43b9-8721-60d9bdeaa553","block_type":"box","text":"profitability to BlackRock and such personnel resulting from transactions on behalf of or management","page_number":170,"box":{"x":117,"y":87,"width":756,"height":12}},{"id":"ffa368b0-de7a-4435-9480-5203fbc6ddd0","block_type":"box","text":"of the Funds may be greater than the remuneration and profitability resulting from other funds or","page_number":170,"box":{"x":116,"y":102,"width":719,"height":13}},{"id":"6b20255d-71df-40e1-8a53-05b40d663633","block_type":"box","text":"products.","page_number":170,"box":{"x":117,"y":118,"width":73,"height":12}},{"id":"e3dd2218-0ad0-43e0-8e39-88b384d9fea3","block_type":"box","text":"BlackRock may provide valuation assistance to certain clients with respect to certain securities or other","page_number":170,"box":{"x":117,"y":149,"width":769,"height":12}},{"id":"b627d5fa-e2b0-489c-9a3d-6d10fca3eeda","block_type":"box","text":"investments and the valuation recommendations made for such clients’ accounts may differ from the","page_number":170,"box":{"x":117,"y":165,"width":749,"height":12}},{"id":"2602d73c-ec62-4038-8a7e-c7105a62066a","block_type":"box","text":"valuations for the same securities or investments assigned by a Fund’s pricing vendors, especially if","page_number":170,"box":{"x":116,"y":180,"width":747,"height":12}},{"id":"e4846145-4e1e-4685-9283-2c46713ec7d5","block_type":"box","text":"such valuations are based on broker-dealer quotes or other data sources unavailable to the Fund’s","page_number":170,"box":{"x":116,"y":196,"width":739,"height":11}},{"id":"54c754e7-245a-40c4-97a6-74921fbe9fbc","block_type":"box","text":"pricing vendors. While BlackRock will generally communicate its valuation information or","page_number":170,"box":{"x":117,"y":211,"width":660,"height":12}},{"id":"b7083195-3d50-4f76-8c1e-f4a492f7eb9d","block_type":"box","text":"determinations to a Fund’s pricing vendors and/or fund accountants, there may be instances where the","page_number":170,"box":{"x":116,"y":227,"width":769,"height":12}},{"id":"10186b3b-688d-4770-b1df-99e819af2c7a","block_type":"box","text":"Fund’s pricing vendors or fund accountants assign a different valuation to a security or other","page_number":170,"box":{"x":117,"y":242,"width":688,"height":12}},{"id":"177705c5-d52c-46cc-963c-7bd7790c6597","block_type":"box","text":"investment than the valuation for such security or investment determined or recommended by","page_number":170,"box":{"x":117,"y":258,"width":699,"height":12}},{"id":"83b53b82-d406-4bfd-948a-8739a5e69205","block_type":"box","text":"BlackRock.","page_number":170,"box":{"x":117,"y":273,"width":88,"height":10}},{"id":"e92915c6-2b85-4260-94cb-9d0708a7f598","block_type":"box","text":"As disclosed in more detail in “Pricing of Shares—Determination of Net Asset Value” in this SAI, when","page_number":170,"box":{"x":116,"y":304,"width":762,"height":12}},{"id":"7768f3b9-8b76-4b1a-af9c-c6e5570fa092","block_type":"box","text":"market quotations are not readily available or are believed by BlackRock to be unreliable, a Fund’s","page_number":170,"box":{"x":117,"y":320,"width":736,"height":12}},{"id":"3f9cef08-a879-4dc1-9179-aee653793f9f","block_type":"box","text":"investments are valued at fair value by BlackRock. BlackRock has been designated as the Fund’s","page_number":170,"box":{"x":117,"y":335,"width":730,"height":12}},{"id":"80d48760-d2b6-4d90-ad7d-ca1e68dc8014","block_type":"box","text":"valuation designee pursuant to Rule 2a-5 under the Investment Company Act and acts through","page_number":170,"box":{"x":116,"y":351,"width":710,"height":12}},{"id":"f5a52d86-a0ff-45f3-929e-0e80092c9f43","block_type":"box","text":"BlackRock’s Rule 2a-5 Committee (the “2a-5 Committee”), with assistance from other BlackRock","page_number":170,"box":{"x":117,"y":366,"width":723,"height":12}},{"id":"a7598d89-7fa8-470a-9568-45cc5529e0f0","block_type":"box","text":"pricing committees and in accordance with BlackRock’s policies and procedures (the “Valuation","page_number":170,"box":{"x":117,"y":382,"width":713,"height":12}},{"id":"4d2de76d-ab1b-4972-96cf-ed7838b95c96","block_type":"box","text":"Procedures”). When determining a “fair value price,” the 2a-5 Committee seeks to determine the price","page_number":170,"box":{"x":117,"y":397,"width":760,"height":12}},{"id":"7977d9a0-f429-4ee9-888c-8b3927743a87","block_type":"box","text":"that a Fund might reasonably expect to receive from the current sale of that asset or liability in an","page_number":170,"box":{"x":116,"y":413,"width":726,"height":12}},{"id":"315c96d7-85a5-456d-87d5-a7b7467cd365","block_type":"box","text":"arm’s-length transaction. The price generally may not be determined based on what a Fund might","page_number":170,"box":{"x":116,"y":428,"width":730,"height":12}},{"id":"3c1bd1bd-c12d-428e-99c9-d2fa17222ecb","block_type":"box","text":"reasonably expect to receive for selling an asset or liability at a later time or if it holds the asset or","page_number":170,"box":{"x":117,"y":444,"width":728,"height":12}},{"id":"53573298-00a1-4954-8154-c0ef92e225b9","block_type":"box","text":"liability to maturity. While fair value determinations will be based upon all available factors that","page_number":170,"box":{"x":117,"y":459,"width":701,"height":12}},{"id":"712cc74f-ca60-4fd8-ba1d-a7c4c35acea5","block_type":"box","text":"BlackRock deems relevant at the time of the determination, and may be based on analytical values","page_number":170,"box":{"x":117,"y":475,"width":739,"height":12}},{"id":"be6191d2-cfe0-413f-b51b-a0c858ef4019","block_type":"box","text":"determined by BlackRock using proprietary or third party valuation models, fair value represents only a","page_number":170,"box":{"x":116,"y":490,"width":767,"height":12}},{"id":"74774767-b21b-49ac-8520-be20f7ce8af3","block_type":"box","text":"good faith approximation of the value of an asset or liability. 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In connection with any such investments, a Fund, to the extent permitted by the Investment","page_number":170,"box":{"x":117,"y":661,"width":765,"height":12}},{"id":"64984b7d-9cbe-41d1-a230-8730bfef21ba","block_type":"box","text":"Company Act, may pay its share of expenses of a money market fund or other similarly-managed","page_number":170,"box":{"x":117,"y":676,"width":721,"height":12}},{"id":"5b7e8813-e4a5-4315-b8f5-ddc95e92575e","block_type":"box","text":"private fund in which it invests, which may result in a Fund bearing some additional expenses.","page_number":170,"box":{"x":117,"y":692,"width":695,"height":12}},{"id":"99f36fdc-af6a-4109-b078-0258e86ed46f","block_type":"box","text":"BlackRock and its directors, officers and employees, may buy and sell securities or other investments","page_number":170,"box":{"x":117,"y":723,"width":752,"height":12}},{"id":"574d306c-9728-4d4e-983b-fa60d57471cf","block_type":"box","text":"for their own accounts and may have conflicts of interest with respect to investments made on behalf of","page_number":170,"box":{"x":116,"y":738,"width":767,"height":12}},{"id":"21eece66-2196-4ddb-a9ee-f0193e1bb34e","block_type":"box","text":"a Fund. As a result of differing trading and investment strategies or constraints, positions may be taken","page_number":170,"box":{"x":116,"y":754,"width":763,"height":12}},{"id":"1573cc24-11bb-430d-9d31-b81066deb60d","block_type":"box","text":"by directors, officers and employees of BlackRock that are the same, different from or made at","page_number":170,"box":{"x":117,"y":769,"width":701,"height":12}},{"id":"9c1d30b5-d67c-4d4f-a798-5265fae87fd0","block_type":"box","text":"different times than positions taken for the Fund. 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Each Code of Ethics is also available on the","page_number":170,"box":{"x":117,"y":847,"width":742,"height":12}},{"id":"3547b01a-be87-4314-9c38-51f39202b54d","block_type":"box","text":"EDGAR Database on the Commission’s Internet site at http://www.sec.gov, and copies may be","page_number":170,"box":{"x":117,"y":862,"width":709,"height":12}},{"id":"755c2225-c840-4ead-accb-7f39bf023de9","block_type":"box","text":"obtained, after paying a duplicating fee, by e-mail at publicinfo@sec.gov.","page_number":170,"box":{"x":116,"y":878,"width":545,"height":12}},{"id":"c10c3923-c7c5-4066-8620-bf25ac610b59","block_type":"box","text":"II-121","page_number":170,"box":{"x":480,"y":909,"width":38,"height":9}},{"id":"6d8aa9cd-5c61-4b8a-8061-ee17757b8158","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":170,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"0423a5e8-8d6d-44cb-a6f3-84057e6b7559","block_type":"box","text":"BlackRock will not purchase securities or other property from, or sell securities or other property to, a","page_number":171,"box":{"x":117,"y":87,"width":753,"height":12}},{"id":"b5c60fcf-2158-4470-a4a7-6b3bc27cd7ea","block_type":"box","text":"Fund, except that the Fund may in accordance with rules or guidance adopted under the Investment","page_number":171,"box":{"x":117,"y":103,"width":747,"height":12}},{"id":"4bde0f73-2318-4657-a9de-a34e992748c5","block_type":"box","text":"Company Act engage in transactions with another Fund or accounts that are affiliated with the Fund as","page_number":171,"box":{"x":117,"y":118,"width":767,"height":12}},{"id":"ebccee4f-eb53-4afb-9703-6f117b830fe4","block_type":"box","text":"a result of common officers, directors, or investment advisers or pursuant to exemptive orders granted","page_number":171,"box":{"x":116,"y":134,"width":763,"height":12}},{"id":"fea3d2a5-d7cd-4657-b1e3-5ebf72392b83","block_type":"box","text":"to the Funds and/or BlackRock by the Commission. These transactions would be effected in","page_number":171,"box":{"x":116,"y":149,"width":688,"height":12}},{"id":"bc4aa1b9-2907-4506-897e-14ee085b303f","block_type":"box","text":"circumstances in which BlackRock determined that it would be appropriate for the Fund to purchase","page_number":171,"box":{"x":116,"y":165,"width":746,"height":11}},{"id":"867d0719-baa3-4561-93df-fd830c2efdec","block_type":"box","text":"and another client of BlackRock to sell, or the Fund to sell and another client of BlackRock to","page_number":171,"box":{"x":116,"y":180,"width":694,"height":11}},{"id":"adb7278a-dbc1-4d0f-b70e-f1bf5dc0399d","block_type":"box","text":"purchase, the same security or instrument on the same day. From time to time, the activities of a Fund","page_number":171,"box":{"x":117,"y":196,"width":765,"height":12}},{"id":"dc7ef1a2-009d-47e3-961c-aba187ada2f1","block_type":"box","text":"may be restricted because of regulatory requirements applicable to BlackRock and/or BlackRock’s","page_number":171,"box":{"x":117,"y":211,"width":734,"height":12}},{"id":"c0e98748-11c3-4ff2-b5e8-dc147af48327","block_type":"box","text":"internal policies designed to comply with, limit the applicability of, or otherwise relate to such","page_number":171,"box":{"x":117,"y":227,"width":688,"height":12}},{"id":"92677f59-ff7c-4393-9d49-d19f3777fc76","block_type":"box","text":"requirements. A client not advised by BlackRock would not be subject to some of those considerations.","page_number":171,"box":{"x":117,"y":242,"width":769,"height":12}},{"id":"72c5cfd2-f15e-464e-801c-81b22a00a9e7","block_type":"box","text":"There may be periods when BlackRock may not initiate or recommend certain types of transactions, or","page_number":171,"box":{"x":116,"y":258,"width":767,"height":12}},{"id":"35bc324a-8646-4374-afcd-69bee9e33934","block_type":"box","text":"may otherwise restrict or limit its advice in certain securities or instruments issued by or related to","page_number":171,"box":{"x":117,"y":273,"width":727,"height":12}},{"id":"31256b70-ac00-4db8-9ec9-53211c89f2ad","block_type":"box","text":"companies for which BlackRock is performing advisory or other services or has proprietary positions.","page_number":171,"box":{"x":116,"y":289,"width":753,"height":12}},{"id":"3a6d59c7-a700-49c5-9681-1c63e68a095f","block_type":"box","text":"For example, when BlackRock is engaged to provide advisory or risk management services for a","page_number":171,"box":{"x":117,"y":304,"width":722,"height":12}},{"id":"778035a6-8136-440e-b213-0095ea987347","block_type":"box","text":"company, BlackRock may be prohibited from or limited in purchasing or selling securities of that","page_number":171,"box":{"x":116,"y":320,"width":715,"height":12}},{"id":"122578ea-8438-4396-b65d-991c0b776f45","block_type":"box","text":"company on behalf of a Fund, particularly where such services result in BlackRock obtaining material","page_number":171,"box":{"x":116,"y":335,"width":755,"height":12}},{"id":"a37558b1-a264-416a-8727-68f762ab7841","block_type":"box","text":"non-public information about the company (e.g., in connection with participation in a creditors’","page_number":171,"box":{"x":117,"y":351,"width":698,"height":12}},{"id":"ab4706ff-7de5-4edb-a42c-9afd577fc232","block_type":"box","text":"committee). Similar situations could arise if personnel of BlackRock serve as directors of companies","page_number":171,"box":{"x":116,"y":366,"width":747,"height":12}},{"id":"764cc48b-1acf-452e-9785-9b6029921a35","block_type":"box","text":"the securities of which the Funds wish to purchase or sell. 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Certain BlackRock advisory personnel may take views, and make decisions or","page_number":171,"box":{"x":116,"y":506,"width":686,"height":12}},{"id":"16682b0a-70fe-4e24-8a2d-7cabc5cd9de2","block_type":"box","text":"recommendations, that are different than or opposite those of other BlackRock advisory personnel.","page_number":171,"box":{"x":117,"y":521,"width":737,"height":12}},{"id":"f3b6a4f3-1845-4638-a287-60af4e28d69b","block_type":"box","text":"Certain portfolio management teams within BlackRock may make decisions or take (or refrain from","page_number":171,"box":{"x":117,"y":537,"width":737,"height":12}},{"id":"ef3828f4-9522-4188-a54e-857bef3da20e","block_type":"box","text":"taking) actions with respect to clients they advise in a manner different than or adverse to the decisions","page_number":171,"box":{"x":116,"y":552,"width":771,"height":12}},{"id":"dd4b451c-3dc3-4ecb-97b9-1bce1dd00d8f","block_type":"box","text":"made or the actions taken (or not taken) by the Funds’ portfolio management teams. The various","page_number":171,"box":{"x":117,"y":568,"width":723,"height":12}},{"id":"4517c4d8-b763-4d9a-b7ed-3960e4a959d6","block_type":"box","text":"portfolio management teams may not share information with each other, including as a result of certain","page_number":171,"box":{"x":117,"y":583,"width":767,"height":12}},{"id":"94ed08dc-0d97-4596-b62f-8130374b41d1","block_type":"box","text":"information barriers and other policies, and will not have any obligation or other duty to do so.","page_number":171,"box":{"x":117,"y":599,"width":697,"height":12}},{"id":"69a50685-e736-4c30-b7d7-e880b54dcff4","block_type":"box","text":"BlackRock has established certain information barriers and other policies to address the sharing of","page_number":171,"box":{"x":117,"y":630,"width":736,"height":12}},{"id":"32f257c8-0f3c-4cf7-ba53-89ab53a7803b","block_type":"box","text":"information between different businesses within BlackRock, including with respect to personnel","page_number":171,"box":{"x":117,"y":645,"width":709,"height":12}},{"id":"eaaaa655-a94c-4618-b195-5f78cdfcc62b","block_type":"box","text":"responsible with managing portfolios and voting proxies with respect to certain index equity portfolios","page_number":171,"box":{"x":117,"y":661,"width":747,"height":12}},{"id":"93b711f4-e389-49e9-a1a5-72a16da20445","block_type":"box","text":"versus those responsible for managing portfolios and voting proxies with respect to all other portfolios.","page_number":171,"box":{"x":116,"y":676,"width":757,"height":12}},{"id":"6f7a4331-e959-4fa3-a1f4-3961fb06e49d","block_type":"box","text":"As a result of information barriers, certain units of BlackRock generally will not have access, or will","page_number":171,"box":{"x":116,"y":692,"width":729,"height":12}},{"id":"47cbe29e-950c-4aef-86e4-cad44a259219","block_type":"box","text":"have limited access, to certain information and personnel, including senior personnel, in other units of","page_number":171,"box":{"x":117,"y":707,"width":753,"height":12}},{"id":"3804d060-1b7a-4e0e-97f9-87b004fce82d","block_type":"box","text":"BlackRock, and generally will not manage the Funds with the benefit of information possessed by such","page_number":171,"box":{"x":117,"y":723,"width":761,"height":12}},{"id":"e00b80f8-088c-4bf6-8264-51d3e3ee650b","block_type":"box","text":"other units. Therefore, BlackRock may not be able to review potential investments for the Funds with","page_number":171,"box":{"x":116,"y":738,"width":746,"height":12}},{"id":"cd2e689d-6c77-465a-b6a8-ce0cd1afc692","block_type":"box","text":"the benefit of information held by certain areas of BlackRock.","page_number":171,"box":{"x":116,"y":754,"width":452,"height":12}},{"id":"f2d98289-c1d7-40b4-871e-5b37f11570e1","block_type":"box","text":"BlackRock may determine to move certain personnel, businesses, or business units from one side of","page_number":171,"box":{"x":117,"y":785,"width":748,"height":12}},{"id":"fb94f06a-13fa-40f3-b621-4c1b365271ca","block_type":"box","text":"an information barrier to the other side of the information barrier. In connection therewith, BlackRock","page_number":171,"box":{"x":116,"y":800,"width":745,"height":11}},{"id":"6231d36e-5df7-4929-acb8-4e239d0ee54f","block_type":"box","text":"personnel, businesses, and business units that were moved will no longer have access to the","page_number":171,"box":{"x":117,"y":816,"width":691,"height":12}},{"id":"2005b57f-dc60-4edd-9f96-fe4958ebd5e1","block_type":"box","text":"information and personnel from the side of the information barrier from which they were moved.","page_number":171,"box":{"x":117,"y":831,"width":712,"height":12}},{"id":"302e99ca-74cb-4a57-841d-c03355b6664f","block_type":"box","text":"Information obtained in connection with such changes to information barriers may limit or restrict the","page_number":171,"box":{"x":117,"y":847,"width":746,"height":12}},{"id":"95f27036-6b52-4368-bd4d-1c04a2700861","block_type":"box","text":"ability of BlackRock to engage in or otherwise effect transactions on behalf of the Funds (including","page_number":171,"box":{"x":116,"y":862,"width":734,"height":12}},{"id":"f0575ccf-eb2c-4686-a7a7-d98d78a160ec","block_type":"box","text":"purchasing or selling securities that BlackRock may otherwise have purchased or sold for a client in","page_number":171,"box":{"x":117,"y":878,"width":743,"height":12}},{"id":"bc055b7d-1d1b-4760-97f4-c80d82717901","block_type":"box","text":"II-122","page_number":171,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"ceb524d8-c898-4819-8080-79773d6fb7c8","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":171,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"8dbb9218-f9a1-4699-bdb9-2921affc7e70","block_type":"box","text":"the absence of a change to an information barrier). Information barriers may not have their intended","page_number":172,"box":{"x":116,"y":87,"width":746,"height":12}},{"id":"9d43377b-967f-4776-a844-8c37e9674f90","block_type":"box","text":"impact due to, for example, changes in applicable law or inadvertent crossings of the barriers, and","page_number":172,"box":{"x":117,"y":102,"width":732,"height":13}},{"id":"421c72d5-42f7-460f-9c56-85f9d0e3fbd4","block_type":"box","text":"actions by personnel on one side of a barrier may impact the potential actions of personnel on the","page_number":172,"box":{"x":116,"y":118,"width":731,"height":12}},{"id":"9015f0d6-5772-480b-a7b8-94df82ceb99d","block_type":"box","text":"other side of a barrier.","page_number":172,"box":{"x":116,"y":134,"width":169,"height":9}},{"id":"e045f253-debd-46c1-b441-7ea79f99186f","block_type":"box","text":"Although the information barriers are intended to allow for independent portfolio management decision","page_number":172,"box":{"x":116,"y":165,"width":764,"height":12}},{"id":"ca6bb64f-faa4-4888-86da-4794963569d0","block_type":"box","text":"making and proxy voting among certain BlackRock businesses, the investment activities of BlackRock","page_number":172,"box":{"x":117,"y":180,"width":761,"height":12}},{"id":"29fe5eac-2cca-4ab4-9ee5-2d26e3362991","block_type":"box","text":"for BlackRock clients, as well as BlackRock’s proprietary accounts, may nonetheless limit the","page_number":172,"box":{"x":116,"y":196,"width":697,"height":12}},{"id":"fcffa213-e13a-4a6d-8004-50b4f59220d2","block_type":"box","text":"investment strategies and rights of other clients (including the Fund). 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In light of certain restrictions, BlackRock may also seek to","page_number":172,"box":{"x":116,"y":397,"width":729,"height":12}},{"id":"0a3d4af0-563d-4b8f-9a71-a99fc96c446d","block_type":"box","text":"make indirect investments (e.g., using derivatives) on behalf of its clients to receive exposure to certain","page_number":172,"box":{"x":117,"y":413,"width":769,"height":12}},{"id":"81b715df-9687-4882-83c5-ed670c8b3720","block_type":"box","text":"securities in excess of the applicable ownership restrictions and limitations when legally permitted that","page_number":172,"box":{"x":116,"y":428,"width":762,"height":12}},{"id":"16e2b6fd-6f75-40d2-9fc6-54c84557f8cc","block_type":"box","text":"will expose such clients to additional costs and additional risks, including any risks associated with","page_number":172,"box":{"x":116,"y":444,"width":734,"height":12}},{"id":"6d2ff0f6-d635-47d8-843c-c6c51a8750b0","block_type":"box","text":"investing in derivatives. There may be limited availability of derivatives that provide indirect exposure to","page_number":172,"box":{"x":117,"y":459,"width":769,"height":12}},{"id":"03c97e65-b3cb-4b1e-bcbb-7509cf8c9ca1","block_type":"box","text":"an impacted security. BlackRock clients can be subject to more than one ownership limitation","page_number":172,"box":{"x":116,"y":475,"width":698,"height":12}},{"id":"98179c9a-2582-4e4f-bda8-d26963767218","block_type":"box","text":"depending on each client’s holdings, and each ownership limitation can impact multiple securities held","page_number":172,"box":{"x":116,"y":490,"width":763,"height":12}},{"id":"344d9c0b-650b-4976-ba4b-1b7a03d5e8f9","block_type":"box","text":"by the client. Certain clients or shareholders may have their own overlapping obligations to monitor","page_number":172,"box":{"x":117,"y":506,"width":738,"height":12}},{"id":"83526543-9e14-480a-a434-0a5a60fb019a","block_type":"box","text":"their compliance with ownership limitations across their investments.","page_number":172,"box":{"x":116,"y":521,"width":513,"height":12}},{"id":"e0483982-866f-4cf1-8480-77dc4e3e6aa2","block_type":"box","text":"If certain aggregate ownership thresholds are reached either through the actions of BlackRock or a","page_number":172,"box":{"x":117,"y":552,"width":738,"height":12}},{"id":"df160bdf-4287-41c7-b237-ae4fade0e694","block_type":"box","text":"BlackRock client or as a result of corporate actions by the issuer, the ability of BlackRock on behalf of","page_number":172,"box":{"x":117,"y":568,"width":758,"height":12}},{"id":"824b940d-71aa-4850-a4d5-a9c89054a03d","block_type":"box","text":"clients to purchase or dispose of investments, or exercise rights (including voting) or undertake","page_number":172,"box":{"x":116,"y":583,"width":709,"height":12}},{"id":"2c48ce35-730a-4ce6-b9b3-e4c31c5ca4a6","block_type":"box","text":"business transactions, may be restricted by law, regulation, rule, or organizational documents or","page_number":172,"box":{"x":117,"y":599,"width":717,"height":12}},{"id":"da93f327-5b44-48e3-aa48-85a29b696893","block_type":"box","text":"otherwise impaired. For example, to meet the requirements of an ownership limitation or restriction, a","page_number":172,"box":{"x":116,"y":614,"width":756,"height":12}},{"id":"78c6185c-9184-458c-865d-ae60490fde36","block_type":"box","text":"client may be unable to purchase or directly hold a security the client would otherwise purchase or","page_number":172,"box":{"x":116,"y":630,"width":733,"height":12}},{"id":"40476b1f-5d8f-4e47-b660-ad1eac969245","block_type":"box","text":"hold. The limitation or restriction may be based on the holdings of other BlackRock clients instead of","page_number":172,"box":{"x":117,"y":645,"width":747,"height":12}},{"id":"25cb52c2-d35e-40c9-8df4-be7bda98f44c","block_type":"box","text":"the specific client being restricted. For index funds, this means a fund may not be able to track its index","page_number":172,"box":{"x":116,"y":661,"width":766,"height":12}},{"id":"32a7b362-86cb-4553-a1c4-ad0aa5e9b268","block_type":"box","text":"as closely as it would if it was not subject to an ownership limitation or restriction because the fund","page_number":172,"box":{"x":116,"y":676,"width":729,"height":12}},{"id":"42fd8e2f-ab63-40f9-8445-0e88c5914ead","block_type":"box","text":"cannot acquire the amount of the impacted security included in its index. BlackRock on behalf of its","page_number":172,"box":{"x":116,"y":692,"width":735,"height":12}},{"id":"a70bd2d4-cb08-4d1f-b4b2-6400f6683c23","block_type":"box","text":"clients may limit purchases, sell existing investments, utilize indirect investments, utilize information","page_number":172,"box":{"x":116,"y":707,"width":737,"height":12}},{"id":"dfcf8a3b-c94a-4df5-8b43-880fe4dbc788","block_type":"box","text":"barriers, or otherwise restrict, forgo, or limit the exercise of rights (including transferring, outsourcing, or","page_number":172,"box":{"x":117,"y":723,"width":767,"height":12}},{"id":"9bfe3ba9-7a60-4624-8c60-41e433f1d889","block_type":"box","text":"limiting voting rights or forgoing the right to receive dividends) when BlackRock, in its sole discretion,","page_number":172,"box":{"x":117,"y":738,"width":745,"height":12}},{"id":"de7f1776-7289-4df2-a054-aabb0e25fe74","block_type":"box","text":"deems it appropriate in light of potential regulatory or other restrictions on ownership or other","page_number":172,"box":{"x":116,"y":754,"width":690,"height":12}},{"id":"6300275e-982a-432f-9434-48e837a3828b","block_type":"box","text":"consequences resulting from reaching investment thresholds. These types of restrictions could","page_number":172,"box":{"x":116,"y":769,"width":702,"height":12}},{"id":"9aa01900-7a41-4d78-876a-368d491ff240","block_type":"box","text":"negatively impact a client’s performance or ability to meet its investment objective.","page_number":172,"box":{"x":117,"y":785,"width":608,"height":12}},{"id":"610ba736-c8db-4513-955e-bbc558ac2fc7","block_type":"box","text":"When BlackRock or a BlackRock client is subject to an ownership limitation, BlackRock may in its","page_number":172,"box":{"x":116,"y":816,"width":723,"height":12}},{"id":"af90c165-84b9-444a-8139-fc72dd96b444","block_type":"box","text":"discretion seek permission from the applicable issuers or regulators to exceed the limitation. However,","page_number":172,"box":{"x":116,"y":831,"width":764,"height":12}},{"id":"e022fdb4-2ef0-48f9-97ce-077519c7e824","block_type":"box","text":"there is no guarantee that permission will be granted, or that, once granted, it will not be modified or","page_number":172,"box":{"x":116,"y":847,"width":746,"height":12}},{"id":"f06cfb21-8dca-405c-b3b2-2c22d0f90ed0","block_type":"box","text":"revoked at a later date with minimal or no notice. The issuer and/or regulator may also require that","page_number":172,"box":{"x":117,"y":862,"width":734,"height":12}},{"id":"d07988ab-a8e1-4e84-a9e6-e3855a10e46e","block_type":"box","text":"BlackRock on behalf of itself and its clients take or refrain from taking certain actions in connection with","page_number":172,"box":{"x":117,"y":878,"width":770,"height":12}},{"id":"cd947344-834a-4884-99dc-0227e69d5438","block_type":"box","text":"II-123","page_number":172,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"af21efb5-a061-43d1-b7ec-016150358d01","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":172,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"2b16287b-6238-4fc3-b675-37654f495306","block_type":"box","text":"the approval, order, consent, relief or non-disapproval, which BlackRock may accept if it believes the","page_number":173,"box":{"x":116,"y":87,"width":752,"height":12}},{"id":"79229702-cd08-42e5-8c6b-0dc0df1f3d52","block_type":"box","text":"benefits outweigh the costs and may limit BlackRock from taking actions that it otherwise would take.","page_number":173,"box":{"x":117,"y":102,"width":753,"height":13}},{"id":"09a6df59-b339-44cc-921b-dc63f1bbe498","block_type":"box","text":"In those circumstances where ownership thresholds or limitations must be observed, BlackRock seeks","page_number":173,"box":{"x":117,"y":118,"width":765,"height":12}},{"id":"d17da08b-80af-49be-a306-2222d55dfd93","block_type":"box","text":"to allocate limited investment opportunities equitably among clients, taking into consideration","page_number":173,"box":{"x":116,"y":134,"width":693,"height":12}},{"id":"be4872b7-01a9-4db7-b9b9-3091b8ea29b7","block_type":"box","text":"benchmark weight and investment strategy. BlackRock may adopt certain controls designed to prevent","page_number":173,"box":{"x":117,"y":149,"width":767,"height":12}},{"id":"5ce01159-2f8f-4509-baff-f814ab762827","block_type":"box","text":"the occurrence of a breach of any applicable ownership threshold or limits, including, for example,","page_number":173,"box":{"x":116,"y":165,"width":731,"height":12}},{"id":"4ad8a1a3-1556-49a4-adb1-9af351f1712f","block_type":"box","text":"when ownership in certain securities nears an applicable threshold, BlackRock may limit additional","page_number":173,"box":{"x":116,"y":180,"width":736,"height":12}},{"id":"97a27fb3-4048-4446-ad02-487c2779fbbc","block_type":"box","text":"purchases in such securities or, with respect to ETFs, remove such securities from the list of Deposit","page_number":173,"box":{"x":117,"y":196,"width":751,"height":11}},{"id":"83038d9f-5e3c-42ec-a9b2-6f6a1e8827a2","block_type":"box","text":"Securities to be delivered to the Fund in connection with purchases of Creation Units of such Fund. If","page_number":173,"box":{"x":116,"y":211,"width":755,"height":12}},{"id":"241be47c-a9ab-4ea9-a3fa-5e1e94b63842","block_type":"box","text":"client holdings of an issuer exceed an applicable threshold and BlackRock is unable to obtain relief to","page_number":173,"box":{"x":116,"y":227,"width":757,"height":12}},{"id":"0565148d-e35e-4080-bec6-ced43fcb4bbe","block_type":"box","text":"enable the continued holding of such investments, it may be necessary to reduce these positions to","page_number":173,"box":{"x":116,"y":242,"width":743,"height":12}},{"id":"0fb9624e-af0f-4054-aa87-794b03431375","block_type":"box","text":"meet the applicable limitations and BlackRock or such client may be subject to regulatory actions. In","page_number":173,"box":{"x":117,"y":258,"width":747,"height":12}},{"id":"b4fa921f-29db-44a2-b52d-d61677b556e9","block_type":"box","text":"these cases, the investments will be sold in a manner that BlackRock deems fair and equitable over","page_number":173,"box":{"x":116,"y":273,"width":745,"height":12}},{"id":"ab9885dc-47ea-471c-b39b-92b8dbe50e7d","block_type":"box","text":"time.","page_number":173,"box":{"x":116,"y":289,"width":41,"height":9}},{"id":"e3140dd6-f507-48e3-8de2-773364f8180e","block_type":"box","text":"Ownership limitations are highly complex. It is possible that, despite BlackRock’s intent to either","page_number":173,"box":{"x":116,"y":316,"width":715,"height":13}},{"id":"f173f435-b8c2-482c-b35e-21108555b1eb","block_type":"box","text":"comply with or be granted permission to exceed ownership limitations, it may inadvertently breach a","page_number":173,"box":{"x":116,"y":332,"width":746,"height":12}},{"id":"0a34564f-3292-4167-a6cf-363ed9367d57","block_type":"box","text":"limit or violate the corporate or regulatory approval, order, consent, relief or non-disapproval that was","page_number":173,"box":{"x":117,"y":347,"width":753,"height":13}},{"id":"8420804e-29a0-490a-b8b3-612b66f08ac0","block_type":"box","text":"obtained.","page_number":173,"box":{"x":116,"y":363,"width":74,"height":10}},{"id":"08953de7-21a7-4ab2-b2c2-1f0c176460bc","block_type":"box","text":"In addition to the foregoing, other ownership thresholds may trigger reporting requirements to","page_number":173,"box":{"x":117,"y":391,"width":696,"height":12}},{"id":"26abfc6a-fbef-4f57-8fe7-f0ddea50f97e","block_type":"box","text":"governmental and regulatory authorities, and such reports may entail the disclosure of the identity of a","page_number":173,"box":{"x":116,"y":406,"width":763,"height":12}},{"id":"959efc1a-5ca1-4f44-8e45-cdde135511e3","block_type":"box","text":"client or BlackRock’s intended strategy with respect to such security or asset.","page_number":173,"box":{"x":116,"y":422,"width":579,"height":12}},{"id":"4904b26c-7ac2-4999-a57c-e7d415ba1412","block_type":"box","text":"BlackRock may maintain securities indices. To the extent permitted by applicable laws, the Funds may","page_number":173,"box":{"x":117,"y":450,"width":765,"height":12}},{"id":"a5bd9a27-0e3c-4880-9ce2-74f79cc05751","block_type":"box","text":"seek to license and use such indices as part of their investment strategy. Index based funds that seek","page_number":173,"box":{"x":116,"y":465,"width":761,"height":12}},{"id":"f7486549-5950-44d7-ac6b-9fc772215e7a","block_type":"box","text":"to track the performance of securities indices also may use the name of the index or index provider in","page_number":173,"box":{"x":116,"y":481,"width":757,"height":12}},{"id":"64d16618-6bdf-451d-9f5d-a50d740ba68f","block_type":"box","text":"the fund name. Index providers, including BlackRock (to the extent permitted by applicable law), may","page_number":173,"box":{"x":116,"y":496,"width":754,"height":12}},{"id":"8100e16e-4fd5-4368-8a05-ac94bf53a9df","block_type":"box","text":"be paid licensing fees for use of their index or index name. In instances where BlackRock charges a","page_number":173,"box":{"x":117,"y":512,"width":746,"height":12}},{"id":"159066fe-9c37-4047-8e2e-0c7ce92d5d29","block_type":"box","text":"unitary management fee, BlackRock may have a financial incentive to use a BlackRock index that is","page_number":173,"box":{"x":117,"y":527,"width":746,"height":12}},{"id":"edc39862-7694-4a01-89c9-026c65d632e9","block_type":"box","text":"less costly to BlackRock than a third party index. BlackRock may benefit from the Funds using","page_number":173,"box":{"x":117,"y":543,"width":703,"height":12}},{"id":"0c7b7382-3cf5-4328-ac7f-c8c7e3a294b3","block_type":"box","text":"BlackRock indices by creating increasing acceptance in the marketplace for such indices. BlackRock is","page_number":173,"box":{"x":117,"y":558,"width":768,"height":12}},{"id":"93b1aec2-d6b8-4d17-973f-d1de2e5b6bb3","block_type":"box","text":"not obligated to license its indices to a Fund and the Funds are under no obligation to use BlackRock","page_number":173,"box":{"x":117,"y":574,"width":754,"height":12}},{"id":"55c6d45c-2e62-4ddb-92b3-497e92812e2f","block_type":"box","text":"indices. Any Fund that enters into a license for a BlackRock index cannot be assured that the terms of","page_number":173,"box":{"x":117,"y":589,"width":761,"height":12}},{"id":"985b31b8-fb7a-43cb-9596-458519618dbb","block_type":"box","text":"any index licensing agreement with BlackRock will be as favorable as those terms offered to other","page_number":173,"box":{"x":116,"y":605,"width":732,"height":12}},{"id":"441544ba-a2dd-43f0-a7c1-99c0f5de2ff1","block_type":"box","text":"licensees.","page_number":173,"box":{"x":117,"y":620,"width":78,"height":10}},{"id":"ddb4e2e8-5b28-4c1d-8e1a-ae618478e3b3","block_type":"box","text":"BlackRock may enter into contractual arrangements with third-party service providers to a Fund (e.g.,","page_number":173,"box":{"x":117,"y":648,"width":756,"height":12}},{"id":"59fcb7d5-b2b1-4a94-8a5a-ae356eb25126","block_type":"box","text":"custodians, administrators and index providers) pursuant to which BlackRock receives fee discounts or","page_number":173,"box":{"x":116,"y":664,"width":764,"height":12}},{"id":"6aaa70ca-a5f9-4009-b064-416caaf28a8f","block_type":"box","text":"concessions in recognition of BlackRock’s overall relationship with such service providers. BlackRock","page_number":173,"box":{"x":116,"y":679,"width":752,"height":12}},{"id":"a4fb415e-765a-4121-b5e3-fdaa18df3a03","block_type":"box","text":"may also enter into contractual arrangements with such service providers pursuant to which BlackRock","page_number":173,"box":{"x":117,"y":695,"width":764,"height":12}},{"id":"2831bf1b-ad7b-4745-8157-b79a16dca744","block_type":"box","text":"incurs additional costs if the service provider’s services are terminated with respect to a Fund. To the","page_number":173,"box":{"x":117,"y":710,"width":748,"height":12}},{"id":"a2e35ad0-7fb6-42f6-9027-8dc042f13284","block_type":"box","text":"extent that BlackRock is responsible for paying service providers out of its fees that it receives from the","page_number":173,"box":{"x":116,"y":726,"width":765,"height":12}},{"id":"a7934a0f-a96e-4e34-af8c-3446598be11c","block_type":"box","text":"Funds, the benefits of lower fees, including any fee discounts or concessions, or any additional","page_number":173,"box":{"x":117,"y":741,"width":702,"height":12}},{"id":"d2c8e690-2806-4770-a4a0-414eff614652","block_type":"box","text":"savings, may accrue, in whole or in part, to BlackRock, which could result in conflicts of interest","page_number":173,"box":{"x":116,"y":757,"width":708,"height":12}},{"id":"0a09c458-d8f7-42f9-a57c-8807dbe15a35","block_type":"box","text":"relating to the use or termination of service providers to a Fund. In addition, conflicts of interest may","page_number":173,"box":{"x":117,"y":772,"width":739,"height":12}},{"id":"494bd656-1a89-4b56-9db9-5569648e3d60","block_type":"box","text":"arise with respect to contractual arrangements with third-party service providers to a Fund, or the","page_number":173,"box":{"x":116,"y":788,"width":720,"height":12}},{"id":"aea9a905-85aa-483e-8692-44c3c63d5f69","block_type":"box","text":"selection of such providers, particularly in circumstances where BlackRock is negotiating on behalf of","page_number":173,"box":{"x":116,"y":803,"width":751,"height":12}},{"id":"8c0cb655-40fa-4e90-9b1f-2d02cab7a783","block_type":"box","text":"both funds that have a unitary management fee and those that do not or different service providers","page_number":173,"box":{"x":117,"y":819,"width":731,"height":12}},{"id":"d1e71dd2-4556-48d5-b862-b6088aa25844","block_type":"box","text":"have different fee structures.","page_number":173,"box":{"x":117,"y":834,"width":217,"height":10}},{"id":"1e549250-a6ca-49c6-ac8c-5eeb7f1a52e1","block_type":"box","text":"Conflicts of interest may arise as a result of simultaneous investment management of multiple client","page_number":173,"box":{"x":117,"y":862,"width":744,"height":12}},{"id":"c7de2f7f-0d8f-4bec-9c60-23ed6c9724a8","block_type":"box","text":"accounts by BlackRock’s investment professionals. For example, differences in the advisory fee","page_number":173,"box":{"x":116,"y":878,"width":716,"height":12}},{"id":"75558c36-c3fb-43c1-ae9e-464f3659ba81","block_type":"box","text":"II-124","page_number":173,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"2f5de049-1142-479c-908e-61f2b40c1a0c","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":173,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"09933718-5218-45b5-be79-6f62c5bb3d44","block_type":"box","text":"structure may create the appearance of actual or potential conflicts of interest because such","page_number":174,"box":{"x":116,"y":87,"width":689,"height":12}},{"id":"926e5cba-b146-42fe-a462-575c8f985690","block_type":"box","text":"differences could create pecuniary incentives for BlackRock to favor one client account over another.","page_number":174,"box":{"x":116,"y":102,"width":754,"height":13}},{"id":"b64629d3-7c17-4630-ac29-b7e12df5ec5b","block_type":"box","text":"BlackRock owns or has an ownership interest in certain trading, portfolio management, operations and/","page_number":174,"box":{"x":117,"y":134,"width":765,"height":12}},{"id":"9d742e9e-698c-422c-b7b5-8885d8ecb1c9","block_type":"box","text":"or information systems used by Fund service providers. These systems are, or will be, used by a Fund","page_number":174,"box":{"x":116,"y":149,"width":765,"height":12}},{"id":"9a4c99c0-3e24-43d4-971f-ebb15a86138f","block_type":"box","text":"service provider in connection with the provision of services to accounts managed by BlackRock and","page_number":174,"box":{"x":116,"y":165,"width":752,"height":12}},{"id":"80d7cdb5-5f17-48b9-8a3c-8e6c7e78bd39","block_type":"box","text":"funds managed and sponsored by BlackRock, including the Funds, that engage the service provider","page_number":174,"box":{"x":116,"y":180,"width":748,"height":12}},{"id":"815e73d0-383a-43df-8cd8-c3f21caa34fa","block_type":"box","text":"(typically the custodian). A Fund’s service provider remunerates BlackRock for the use of the systems.","page_number":174,"box":{"x":117,"y":196,"width":764,"height":12}},{"id":"d543a0f8-b7ad-48ac-a2ab-145e25e1e072","block_type":"box","text":"A Fund service provider’s payments to BlackRock for the use of these systems may enhance the","page_number":174,"box":{"x":116,"y":211,"width":724,"height":12}},{"id":"6a961792-02df-485a-a4a3-e7ba94c1c037","block_type":"box","text":"profitability of BlackRock.","page_number":174,"box":{"x":117,"y":227,"width":191,"height":12}},{"id":"c52f7a51-ae0d-45d4-ac32-9c55a123669b","block_type":"box","text":"BlackRock’s receipt of fees from a service provider in connection with the use of systems provided by","page_number":174,"box":{"x":117,"y":258,"width":757,"height":12}},{"id":"0c52531b-94b7-4474-b589-82a37a91a0bd","block_type":"box","text":"BlackRock may create an incentive for BlackRock to recommend that a Fund enter into or renew an","page_number":174,"box":{"x":117,"y":273,"width":745,"height":12}},{"id":"d0141f1d-5045-49f4-9fe0-bf5f79bd5e3a","block_type":"box","text":"arrangement with the service provider.","page_number":174,"box":{"x":116,"y":289,"width":291,"height":12}},{"id":"f4b5b5b4-2c80-48f7-9c74-939b56183d18","block_type":"box","text":"In recognition of a BlackRock client’s overall relationship with BlackRock, BlackRock may offer special","page_number":174,"box":{"x":117,"y":320,"width":762,"height":12}},{"id":"ed3b9aec-ea7e-4bc6-b75c-bf9326c45bc3","block_type":"box","text":"pricing arrangements for certain services provided by BlackRock. Any such special pricing","page_number":174,"box":{"x":117,"y":335,"width":673,"height":12}},{"id":"c9f2dc42-1238-4b6f-9a4a-d6884cd73ce5","block_type":"box","text":"arrangements will not affect Fund fees and expenses applicable to such client’s investment in a Fund.","page_number":174,"box":{"x":116,"y":351,"width":760,"height":12}},{"id":"ee761ed1-269e-478d-9c3c-675de0520c95","block_type":"box","text":"Present and future activities of BlackRock and its directors, officers and employees, in addition to those","page_number":174,"box":{"x":117,"y":382,"width":771,"height":12}},{"id":"d12f2be2-e263-44da-be66-1a61fd65a26f","block_type":"box","text":"described in this section, may give rise to additional conflicts of interest.","page_number":174,"box":{"x":116,"y":397,"width":537,"height":12}},{"id":"8cf33103-8141-4a3c-9ee1-32c650c6e76b","block_type":"box","text":"P","page_number":174,"box":{"x":418,"y":444,"width":9,"height":9}},{"id":"4a15b46d-e46d-4981-8ed1-cd8440726dc1","block_type":"box","text":"URCHASE","page_number":174,"box":{"x":429,"y":446,"width":65,"height":7}},{"id":"fd4e8e4f-5179-480c-8955-cacda53c8b3c","block_type":"box","text":"OF","page_number":174,"box":{"x":500,"y":446,"width":18,"height":7}},{"id":"89e27602-18f7-408a-95e0-7a429fb75ff8","block_type":"box","text":"S","page_number":174,"box":{"x":519,"y":444,"width":15,"height":9}},{"id":"0025dfad-b358-43e5-a325-57453d557b49","block_type":"box","text":"HARES","page_number":174,"box":{"x":536,"y":446,"width":46,"height":7}},{"id":"6798d9e1-e4a2-451f-b91a-30175600c7a0","block_type":"box","text":"Most BlackRock-advised open-end funds offer multiple classes of shares under a plan adopted under","page_number":174,"box":{"x":117,"y":475,"width":756,"height":12}},{"id":"4c7e9edb-7b95-41f2-8eef-83153a66a47c","block_type":"box","text":"Rule 18f-3 under the Investment Company Act. Investor A Shares are sold to investors choosing the","page_number":174,"box":{"x":117,"y":490,"width":748,"height":12}},{"id":"46c66fc4-7270-4755-a3d1-7ed327389e98","block_type":"box","text":"initial sales charge alternative, except that Investor A Shares of Index Funds (defined below) and","page_number":174,"box":{"x":117,"y":506,"width":723,"height":12}},{"id":"7efa9e47-4833-4a86-842e-b3fb911ac236","block_type":"box","text":"BlackRock Short Obligations Fund are generally not subject to an initial sales charge, and Investor C","page_number":174,"box":{"x":117,"y":521,"width":752,"height":12}},{"id":"70e84ae9-6dda-453c-b2c5-adcbe3b36ce0","block_type":"box","text":"Shares are sold to investors choosing the deferred sales charge alternative. Investor P Shares are","page_number":174,"box":{"x":116,"y":537,"width":735,"height":12}},{"id":"e338c852-ee79-4f4b-9ecd-d58ad7ca06f2","block_type":"box","text":"available only to certain investors purchasing shares of Funds through registered representatives of an","page_number":174,"box":{"x":116,"y":552,"width":768,"height":12}},{"id":"64db0512-c19f-48d7-9d88-c00ce1051ce4","block_type":"box","text":"insurance company’s broker-dealer that has entered into an agreement with the Distributor to offer","page_number":174,"box":{"x":117,"y":568,"width":734,"height":12}},{"id":"33b7d9a7-4b21-4965-a97f-df5c897b5acf","block_type":"box","text":"such shares. Institutional Shares are sold to certain eligible investors without a sales charge.","page_number":174,"box":{"x":116,"y":583,"width":692,"height":12}},{"id":"466533fc-8ddc-4349-ac10-bdda57a48407","block_type":"box","text":"Certain Funds offer Class R Shares, which are avail","page_number":174,"box":{"x":117,"y":614,"width":367,"height":11}},{"id":"2e137552-2a6d-41af-b1e7-eadf0579cf7a","block_type":"box","text":"able only to certain employer-sponsored retirement","page_number":174,"box":{"x":485,"y":614,"width":368,"height":12}},{"id":"c51d23bb-23c0-45c2-82d2-39410db74a13","block_type":"box","text":"plans and are sold without a sales charge. Certain Funds offer Class G Shares, which are available only to","page_number":174,"box":{"x":117,"y":630,"width":760,"height":12}},{"id":"bc4d04b0-8111-47b4-916c-0688f7243de5","block_type":"box","text":"investors on eligible platforms, which are platforms","page_number":174,"box":{"x":117,"y":645,"width":358,"height":12}},{"id":"bc565bc7-98ed-4f35-a9ae-0ac9e1b898e0","block_type":"box","text":"where clients invest in the Fund through a single","page_number":174,"box":{"x":475,"y":645,"width":353,"height":12}},{"id":"f1fd6a0b-c8e1-4b73-9488-b3689d1de965","block_type":"box","text":"omnibus account in the name of a financial intermedi","page_number":174,"box":{"x":116,"y":661,"width":374,"height":9}},{"id":"9bb6b157-621f-4983-bbd4-e6de7ff69215","block_type":"box","text":"ary that meets an initial investment minimum of","page_number":174,"box":{"x":492,"y":661,"width":335,"height":12}},{"id":"80f1326a-96d9-4bb1-9fda-16cca7ff866f","block_type":"box","text":"$2 billion. In addition, certain Funds offer Service Share","page_number":174,"box":{"x":116,"y":675,"width":385,"height":12}},{"id":"50b592c6-1610-455a-9313-ee248f541be2","block_type":"box","text":"res, BlackRock Shares and/or Class K Shares that are","page_number":174,"box":{"x":501,"y":676,"width":382,"height":11}},{"id":"0757c73b-9b6e-491a-a2db-d7ed63dfee45","block_type":"box","text":"available only to certain eligible investors. Pl","page_number":174,"box":{"x":116,"y":692,"width":312,"height":12}},{"id":"1ba03f24-a803-4348-b29d-5aa54941705b","block_type":"box","text":"ease see the appropriate Prospectus for your Fund to","page_number":174,"box":{"x":429,"y":692,"width":381,"height":12}},{"id":"6ea973b0-a33b-4790-8cf3-9cf0aea2cf80","block_type":"box","text":"determine which classes are offered by your Fund and under","page_number":174,"box":{"x":116,"y":707,"width":434,"height":12}},{"id":"f76e0456-4e32-4f3c-8e21-f7183b11c297","block_type":"box","text":"what circumstances. Each class has different","page_number":174,"box":{"x":553,"y":707,"width":322,"height":10}},{"id":"2037e5ea-8b40-4d5a-ba33-2d9f8ba5b7c4","block_type":"box","text":"exchange privileges. See “Shareholder Services — Exchange Privilege.”","page_number":174,"box":{"x":116,"y":723,"width":516,"height":12}},{"id":"0804d7f3-f235-4b44-9729-3994f9bbc3f9","block_type":"box","text":"The applicable offering price for purchase orders is based on the NAV of a Fund next determined after","page_number":174,"box":{"x":116,"y":754,"width":760,"height":12}},{"id":"b3726df8-e271-4f32-bdf5-e421c8441d2a","block_type":"box","text":"receipt of the purchase order by a dealer or other financial intermediary (“Selling Dealer”) that has","page_number":174,"box":{"x":117,"y":769,"width":724,"height":12}},{"id":"51ce00b1-c612-4d5a-977e-f6b9b20896b8","block_type":"box","text":"been authorized by the Distributor by contract to accept such orders. In addition, with respect to the","page_number":174,"box":{"x":117,"y":785,"width":737,"height":12}},{"id":"f5f5320a-9bc7-4fad-8874-08b821a83202","block_type":"box","text":"affiliated underlying funds in which target date funds advised by BlackRock or its affiliates (“BlackRock","page_number":174,"box":{"x":116,"y":800,"width":759,"height":12}},{"id":"70d1dbb9-993e-4029-8a20-eaffc742e459","block_type":"box","text":"Target Date Funds”) invest, the applicable offering price of each affiliated underlying fund is based on","page_number":174,"box":{"x":116,"y":816,"width":752,"height":12}},{"id":"7f170b6d-2711-43dc-a1d1-af3e84798f6b","block_type":"box","text":"the NAV of such affiliated underlying fund next determined after a purchase order is received, or","page_number":174,"box":{"x":116,"y":831,"width":718,"height":12}},{"id":"902fe120-0196-407c-8e18-cab9c2cc73d8","block_type":"box","text":"deemed to be received upon receipt by a Selling Dealer, by the BlackRock Target Date Funds that","page_number":174,"box":{"x":116,"y":847,"width":736,"height":12}},{"id":"0ff3537a-2ab8-4164-8009-9d2ddc84b166","block_type":"box","text":"allocate a portion of such purchase order to such affiliated underlying fund. As to purchase orders","page_number":174,"box":{"x":116,"y":862,"width":730,"height":12}},{"id":"110191b8-6782-4589-9250-8fa48b4c9dd7","block_type":"box","text":"received by Selling Dealers or BlackRock Target Date Funds prior to the close of business on the New","page_number":174,"box":{"x":117,"y":878,"width":765,"height":12}},{"id":"db0cc773-949a-4891-97bd-53b2fb9485c1","block_type":"box","text":"II-125","page_number":174,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"c107e246-4bab-4f75-a3f6-fc1d5f41f3c6","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":174,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"c8fc098d-fb30-4cda-af0b-d7de2d93d712","block_type":"box","text":"York Stock Exchange (“NYSE”) (generally, the NYSE closes at 4:00 p.m. Eastern time), on the day the","page_number":175,"box":{"x":116,"y":87,"width":767,"height":12}},{"id":"a712e038-e0bd-4002-a337-d405bb70e747","block_type":"box","text":"order is placed, including orders received after the close of business on the previous day, the","page_number":175,"box":{"x":116,"y":102,"width":696,"height":13}},{"id":"580c9692-7b2a-4c56-9230-e3aa72351701","block_type":"box","text":"applicable offering price is based on the NAV determined as of the close of business on the NYSE on","page_number":175,"box":{"x":116,"y":118,"width":757,"height":12}},{"id":"08d2d150-b85f-46a2-af34-0f66e40807f7","block_type":"box","text":"that day. If the purchase orders are not received by the Selling Dealer or a BlackRock Target Date","page_number":175,"box":{"x":116,"y":134,"width":734,"height":12}},{"id":"541beefa-c490-43e4-85f8-ee1d0099cd19","block_type":"box","text":"Fund before the close of business on the NYSE, such orders are deemed received on the next","page_number":175,"box":{"x":117,"y":149,"width":706,"height":11}},{"id":"a4255559-288a-491b-a6cf-3f1d2fb87607","block_type":"box","text":"business day. It is the responsibility of brokers to transmit purchase orders and payment on a timely","page_number":175,"box":{"x":117,"y":165,"width":745,"height":12}},{"id":"beb6e9ba-55b5-4bac-9bff-4f2fcbd96299","block_type":"box","text":"basis. Generally, if payment is not received within the period described in the Prospectuses, the order","page_number":175,"box":{"x":117,"y":180,"width":758,"height":12}},{"id":"46c88a28-9e8c-4a78-9cd1-4a5fc7ba4545","block_type":"box","text":"will be canceled, notice thereof will be given, and","page_number":175,"box":{"x":116,"y":196,"width":368,"height":12}},{"id":"289f1502-c8fe-419d-9495-4ce3a85ebfae","block_type":"box","text":"the broker and its customers will be responsible for","page_number":175,"box":{"x":484,"y":196,"width":384,"height":11}},{"id":"96237515-fadc-41f7-9ca3-81f9e682b8bd","block_type":"box","text":"any loss to the Fund or its shareholders. Orders of less than $500 may be mailed by a broker to the","page_number":175,"box":{"x":116,"y":210,"width":743,"height":13}},{"id":"18c0997c-051e-43f0-93b1-f498881846eb","block_type":"box","text":"Transfer Agent.","page_number":175,"box":{"x":116,"y":227,"width":120,"height":12}},{"id":"4d4fcf94-a20d-4df4-8184-978875fcc5b7","block_type":"box","text":"The minimum investment for the initial purchase of shares is set forth in the Prospectus for each Fund.","page_number":175,"box":{"x":116,"y":258,"width":766,"height":11}},{"id":"eea29e09-506c-464a-9b21-05bc2aff0202","block_type":"box","text":"The minimum initial investment for employees of a Fund, a Fund’s Manager, Sub-Advisers or BRIL or","page_number":175,"box":{"x":116,"y":273,"width":758,"height":12}},{"id":"e71923e5-87ad-4b0c-9e45-c85c3bb581f0","block_type":"box","text":"employees of their affiliates is $100, unless payment is made through a payroll deduction program in","page_number":175,"box":{"x":116,"y":288,"width":751,"height":13}},{"id":"b50de428-d7af-429a-8b05-be08a55e6278","block_type":"box","text":"which case the minimum investment is $25.","page_number":175,"box":{"x":116,"y":303,"width":329,"height":12}},{"id":"00a43379-8b00-48bf-a9a3-dac98102d71f","block_type":"box","text":"Each Fund has lower investment minimums for other categories of shareholders eligible to purchase","page_number":175,"box":{"x":117,"y":335,"width":749,"height":12}},{"id":"5ec83244-5c02-4a9a-b360-e474fb6aef3d","block_type":"box","text":"Institutional Shares, including selected fee-based programs. Each Fund may permit a lower initial","page_number":175,"box":{"x":117,"y":351,"width":726,"height":12}},{"id":"1242139d-7558-4e80-a9db-1dd4bc22acce","block_type":"box","text":"investment for certain investors if their purchase, combined with purchases by other investors received","page_number":175,"box":{"x":117,"y":366,"width":766,"height":12}},{"id":"917719a8-b153-475e-899d-7ff813e06e87","block_type":"box","text":"together by the Fund, meets the minimum investment requirement. Each Fund may reject any","page_number":175,"box":{"x":116,"y":382,"width":702,"height":12}},{"id":"3fedaeae-0e51-4e17-915a-c2498a0a79ea","block_type":"box","text":"purchase order, modify or waive the minimum initial or subsequent investment requirements and","page_number":175,"box":{"x":117,"y":397,"width":720,"height":12}},{"id":"935f1d02-985d-4fa5-af50-5263f5fc4fb6","block_type":"box","text":"suspend and resume the sale of any share class of any Fund at any time.","page_number":175,"box":{"x":116,"y":413,"width":551,"height":12}},{"id":"885aa281-b5d9-459e-86a6-e0b303c00c92","block_type":"box","text":"Financial intermediaries may, in connection with a change in account type or otherwise in accordance","page_number":175,"box":{"x":117,"y":444,"width":758,"height":12}},{"id":"3c4c39ec-14ce-4640-aaf3-d59e29480491","block_type":"box","text":"with a financial intermediary’s policies and procedures, exchange shares of a Fund from one class of","page_number":175,"box":{"x":116,"y":459,"width":753,"height":12}},{"id":"0e64401b-a536-4ef1-a06d-edd13986a8e2","block_type":"box","text":"shares to another class of shares of the same Fund, provided that the exchanged shares are not","page_number":175,"box":{"x":116,"y":475,"width":722,"height":12}},{"id":"c6bf1c65-da4b-41dc-b114-efc7c5d76422","block_type":"box","text":"subject to a contingent deferred sales charge (“CDSC”) and that shareholders meet eligibility","page_number":175,"box":{"x":116,"y":490,"width":693,"height":12}},{"id":"cd806435-13ba-4ab2-9570-ec007f209ba5","block_type":"box","text":"requirements of the new share class. Please speak to your financial intermediary for information about","page_number":175,"box":{"x":117,"y":506,"width":763,"height":12}},{"id":"4c3c6837-2652-498a-940d-297d058e858a","block_type":"box","text":"specific policies and procedures applicable to your account.","page_number":175,"box":{"x":116,"y":521,"width":448,"height":12}},{"id":"b87b9cd6-b998-4840-ba6b-2a9463de6970","block_type":"box","text":"Each Fund or the Distributor may suspend the continuous offering of the Fund’s shares of any class at","page_number":175,"box":{"x":117,"y":552,"width":763,"height":12}},{"id":"733a6b12-ed6b-4fb0-8a07-cc8fff1c0899","block_type":"box","text":"any time in response to conditions in the securities markets or otherwise and may resume offering the","page_number":175,"box":{"x":116,"y":568,"width":761,"height":12}},{"id":"2ff19d72-d96b-4eb2-ab23-a64a794c876e","block_type":"box","text":"shares from time to time. Any order may be rejected by a Fund or the Distributor. Neither the","page_number":175,"box":{"x":116,"y":583,"width":693,"height":12}},{"id":"763fea45-1c90-472d-9b3c-02b2207f64e8","block_type":"box","text":"Distributor, the securities dealers nor other financial intermediaries are permitted to withhold placing","page_number":175,"box":{"x":117,"y":599,"width":744,"height":12}},{"id":"239cf114-8e5b-48c2-8c1e-012bd63f1e7c","block_type":"box","text":"orders to benefit themselves by a price change.","page_number":175,"box":{"x":116,"y":614,"width":358,"height":12}},{"id":"eb868baf-b0e2-45f8-9a7d-99cd70729dc6","block_type":"box","text":"The term “purchase,” as used in the Prospectus and this SAI, refers to (i) a single purchase by an","page_number":175,"box":{"x":116,"y":645,"width":729,"height":12}},{"id":"2a6494af-0f27-47df-92a0-df0f0b7b6dad","block_type":"box","text":"individual, (ii) concurrent purchases by an individual, his or her spouse and their children purchasing","page_number":175,"box":{"x":117,"y":661,"width":742,"height":12}},{"id":"e18d92c4-16b0-407a-884e-e7db2a8b0964","block_type":"box","text":"shares for his, her or their own account, and (iii) single purchases by a trustee or other fiduciary","page_number":175,"box":{"x":116,"y":676,"width":709,"height":12}},{"id":"61168ea1-82a2-452c-a438-839e065455bc","block_type":"box","text":"purchasing shares for a single trust estate or single fiduciary account although more than one","page_number":175,"box":{"x":117,"y":692,"width":693,"height":12}},{"id":"480f5bd2-894c-4b91-933c-64f41c60f1d3","block_type":"box","text":"beneficiary may be involved. The term “purchase” also includes purchases by any “company,” as that","page_number":175,"box":{"x":117,"y":707,"width":751,"height":12}},{"id":"898e096d-647f-4dbc-9122-97fad93df680","block_type":"box","text":"term is defined in the Investment Company Act, but does not include purchases by (i) any company","page_number":175,"box":{"x":116,"y":723,"width":738,"height":12}},{"id":"472be9bf-33fe-44ea-806c-84dec9eb82ad","block_type":"box","text":"that has not been in existence for at least six months, (ii) a company that has no purpose other than","page_number":175,"box":{"x":116,"y":738,"width":740,"height":12}},{"id":"1bad6aaf-b5bf-432e-8b40-3b06dd1422dc","block_type":"box","text":"the purchase of shares of a Fund or shares of other registered investment companies at a discount, or","page_number":175,"box":{"x":116,"y":754,"width":760,"height":12}},{"id":"8df6fdd1-4fad-4073-925c-494a0fc77ef7","block_type":"box","text":"(iii) any group of individuals whose sole organizational nexus is that its participants are credit","page_number":175,"box":{"x":117,"y":769,"width":687,"height":12}},{"id":"04c6bcef-d79e-4938-89d3-347d02bc495a","block_type":"box","text":"cardholders of a company, policyholders of an insurance company, customers of either a bank or","page_number":175,"box":{"x":116,"y":785,"width":721,"height":12}},{"id":"dbd075a0-dc33-4237-b3fb-79d7a0912535","block_type":"box","text":"broker-dealer or clients of an investment adviser.","page_number":175,"box":{"x":117,"y":800,"width":361,"height":10}},{"id":"d4eb29ca-38f7-411b-9df4-95c325215866","block_type":"box","text":"With certain limited exceptions, the Funds are generally available only to investors residing in the","page_number":175,"box":{"x":116,"y":831,"width":725,"height":12}},{"id":"2a069c7f-db10-4452-bdd7-5e583cc3c697","block_type":"box","text":"United States and may not be distributed by a foreign financial intermediary. Under this policy, in order","page_number":175,"box":{"x":117,"y":847,"width":764,"height":12}},{"id":"cf9409dc-9af5-4113-97c6-37fbf506b2b5","block_type":"box","text":"to accept new accounts or additional investments (including by way of exchange from another Fund)","page_number":175,"box":{"x":116,"y":862,"width":750,"height":12}},{"id":"87d5295f-d6df-4131-b108-4a826cdeeb70","block_type":"box","text":"into existing accounts, a Fund generally requires that (i) a shareholder that is a natural person be a","page_number":175,"box":{"x":117,"y":878,"width":738,"height":12}},{"id":"1f0e2277-0814-4168-acf6-974d383c65b8","block_type":"box","text":"II-126","page_number":175,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"742b81ec-41f6-482b-8da4-a5ce00c968b6","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":175,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"9625862e-0e25-4b2a-bc53-12b438ec26df","block_type":"box","text":"U.S. citizen or resident alien, in each case residing within the United States or a U.S. territory","page_number":176,"box":{"x":117,"y":87,"width":695,"height":12}},{"id":"34e3581e-3b31-4b1a-bfdb-a044107a2812","block_type":"box","text":"(including APO/FPO/DPO addresses), and have a valid U.S. taxpayer identification number, and (ii) a","page_number":176,"box":{"x":117,"y":102,"width":757,"height":13}},{"id":"d805d632-2fe8-4698-8a09-108136a3064f","block_type":"box","text":"financial intermediary or a shareholder that is an entity be domiciled in the United States and have a","page_number":176,"box":{"x":116,"y":118,"width":747,"height":12}},{"id":"91ef750c-abb6-4704-b0c7-76d1d5c63bff","block_type":"box","text":"valid U.S. taxpayer identification number or be domiciled in a U.S. territory and have a valid U.S.","page_number":176,"box":{"x":116,"y":134,"width":720,"height":12}},{"id":"c8f8b8b5-6adc-42a7-8b96-5c0577e6df37","block_type":"box","text":"taxpayer identification number or IRS Form W-8. Any existing account that is updated to reflect a","page_number":176,"box":{"x":116,"y":149,"width":723,"height":12}},{"id":"f04ff6db-64fd-4cb4-bf8b-30b9484f0527","block_type":"box","text":"non-U.S. address will also be restricted from making additional investments.","page_number":176,"box":{"x":117,"y":165,"width":568,"height":12}},{"id":"170021b5-e957-4a23-a5e3-d49707cefcde","block_type":"box","text":"In-Kind Purchases.","page_number":176,"box":{"x":117,"y":197,"width":139,"height":9}},{"id":"f17d9a08-7c38-41bd-a4de-ad7eef7baa7a","block_type":"box","text":"Payment for shares of a Fund may, at the discretion of BlackRock, be made in the","page_number":176,"box":{"x":258,"y":197,"width":620,"height":12}},{"id":"f96f49d7-5f03-404a-a05c-56ed79fad650","block_type":"box","text":"form of securities that are permissible investments for the Fund and that meet the investment objective,","page_number":176,"box":{"x":116,"y":212,"width":772,"height":12}},{"id":"46205f99-d6a6-4bed-8516-fc99d38dd02f","block_type":"box","text":"policies and limitations of the Fund as described herein. 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All dividends, interest, subscription or other rights pertaining to such securities shall become","page_number":176,"box":{"x":116,"y":321,"width":769,"height":12}},{"id":"46c50c1f-335b-4750-b528-07a8d198d15a","block_type":"box","text":"the property of the Fund engaged in the in-kind purchase transaction and must be delivered to the","page_number":176,"box":{"x":116,"y":336,"width":732,"height":13}},{"id":"d23ddb32-0e83-4fbe-ae76-aa2014e70fcd","block_type":"box","text":"Fund by the investor upon receipt from the issuer. Shares purchased in exchange for securities","page_number":176,"box":{"x":117,"y":352,"width":711,"height":12}},{"id":"410a9838-c9ac-412f-8fae-316ce8d7c204","block_type":"box","text":"generally cannot be redeemed until the transfer has settled.","page_number":176,"box":{"x":116,"y":367,"width":448,"height":13}},{"id":"5de83c2f-8297-4763-89e8-a03c7d0e2f93","block_type":"box","text":"Institutional Shares","page_number":176,"box":{"x":117,"y":400,"width":160,"height":9}},{"id":"a0d6de14-dbe1-4742-9a0c-f1ce2a62d6e7","block_type":"box","text":"Institutional Shares may be purchased at NAV without a sales charge. Only certain investors are","page_number":176,"box":{"x":117,"y":424,"width":720,"height":12}},{"id":"dc06f5b4-5344-4820-8039-2d9ca838dd8b","block_type":"box","text":"eligible to purchase Institutional Shares. Investors who are eligible to purchase Institutional Shares","page_number":176,"box":{"x":116,"y":439,"width":737,"height":12}},{"id":"3bf52cbd-a8ec-49c9-8078-fb10c001b0b1","block_type":"box","text":"should purchase Institutional Shares because they are not subject to any sales charge and have lower","page_number":176,"box":{"x":116,"y":455,"width":765,"height":12}},{"id":"e9e05c04-fe52-425e-9015-924a665e8b52","block_type":"box","text":"ongoing expenses than Investor A, Investor A1, Investor C, Investor P, Class R or Service Shares. A","page_number":176,"box":{"x":116,"y":470,"width":752,"height":12}},{"id":"964b344f-789b-4f73-969e-631da1441ddd","block_type":"box","text":"Fund may in its discretion waive or modify any minimum investment amount, may reject any order for","page_number":176,"box":{"x":117,"y":486,"width":755,"height":12}},{"id":"2fd60218-461e-40f6-a4c7-56634c096bf3","block_type":"box","text":"any class of shares and may suspend and resume the sale of shares of any Fund at any time.","page_number":176,"box":{"x":116,"y":501,"width":703,"height":12}},{"id":"bfa83052-c2cc-44a4-8667-1df336710056","block_type":"box","text":"Eligible Institutional Share Investors.","page_number":176,"box":{"x":116,"y":534,"width":269,"height":12}},{"id":"09e4d08d-fba8-47c4-be1e-e9f8865cc9c4","block_type":"box","text":"Institutional Shares of the Funds may be purchased by customers","page_number":176,"box":{"x":387,"y":534,"width":499,"height":12}},{"id":"79dd2d5e-9d14-409f-929d-8d727e5e6e63","block_type":"box","text":"of broker-dealers and agents that have established a servicing relationship with the Fund on behalf of","page_number":176,"box":{"x":116,"y":549,"width":757,"height":12}},{"id":"963aa513-c1bd-4b08-9d17-1505810f67d8","block_type":"box","text":"their customers. 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Each broker-dealer","page_number":176,"box":{"x":116,"y":596,"width":771,"height":12}},{"id":"d9a4e839-5501-4573-acf2-7f3dfcf3bae1","block_type":"box","text":"or agent is responsible for transmitting to its customers a schedule of any such fees and information","page_number":176,"box":{"x":116,"y":611,"width":747,"height":12}},{"id":"61aea2c0-27e2-4b80-abde-90d5b7cce95e","block_type":"box","text":"regarding any additional or different conditions regarding purchases and redemptions. Shareholders","page_number":176,"box":{"x":117,"y":627,"width":746,"height":12}},{"id":"1c4bcfd4-8ca6-419b-b62b-93b19b744c4b","block_type":"box","text":"who are customers of such broker-dealers or agents should consult them for information regarding","page_number":176,"box":{"x":116,"y":642,"width":736,"height":12}},{"id":"5e17175a-56b4-4048-b9ce-dfd2c09d41a0","block_type":"box","text":"these fees and conditions.","page_number":176,"box":{"x":116,"y":658,"width":200,"height":9}},{"id":"26ba536a-ebcf-4e01-b475-5099f6ad0037","block_type":"box","text":"Payment for Institutional Shares must normally be made in Federal funds or other funds immediately","page_number":176,"box":{"x":117,"y":690,"width":745,"height":12}},{"id":"009da3d9-09d8-48ca-92bd-9cd61e527ce3","block_type":"box","text":"available by 4 p.m. (Eastern time) on the first business day following receipt of the order. Payment may","page_number":176,"box":{"x":116,"y":705,"width":765,"height":13}},{"id":"63b467cd-cb7a-4083-acf6-a22f3a58a1a9","block_type":"box","text":"also, in the discretion of certain Funds, be made in the form of securities that are permissible","page_number":176,"box":{"x":116,"y":721,"width":688,"height":12}},{"id":"4e0d9ee3-0552-440b-9cd2-f8a889d724a7","block_type":"box","text":"investments for such Funds. If payment for a purchase order is not received by the prescribed time, an","page_number":176,"box":{"x":117,"y":736,"width":760,"height":13}},{"id":"7ba3a1e1-b33d-45a4-91e3-31be00fd2e13","block_type":"box","text":"investor may be liable for any resulting losses or expenses incurred by the Fund.","page_number":176,"box":{"x":117,"y":752,"width":597,"height":12}},{"id":"9ac7b910-b199-42c4-80e1-8d06b6f18e5b","block_type":"box","text":"Certain of the Funds offer Institutional Shares","page_number":176,"box":{"x":117,"y":784,"width":345,"height":10}},{"id":"5f199787-75db-46d5-a67a-fb00d3250f6b","block_type":"box","text":"as described in each such Fund’s Prospectus. In","page_number":176,"box":{"x":468,"y":785,"width":368,"height":11}},{"id":"404b0e65-ff1c-4081-9f9f-0d7004d7225e","block_type":"box","text":"addition, the following investors may purchase In","page_number":176,"box":{"x":116,"y":800,"width":370,"height":12}},{"id":"f59beda9-1c27-4cb8-b6c0-b23153671250","block_type":"box","text":"stitutional Shares: employees, officers and","page_number":176,"box":{"x":487,"y":800,"width":322,"height":12}},{"id":"0810c17f-f266-4494-a0ff-78b56509286b","block_type":"box","text":"directors/trustees of BlackRock, Inc., BlackRock","page_number":176,"box":{"x":116,"y":815,"width":365,"height":12}},{"id":"47668b5b-9ae4-4af8-9d7e-7d804a0e225f","block_type":"box","text":"Funds, Bank of America Corporation (“BofA Corp.”),","page_number":176,"box":{"x":487,"y":815,"width":392,"height":12}},{"id":"71344a12-7d1d-42d8-bfe2-b424eafd4921","block_type":"box","text":"Barclays PLC or their respective affiliates and","page_number":176,"box":{"x":117,"y":831,"width":351,"height":12}},{"id":"288325d8-b602-4d50-a194-13b2fb26b254","block_type":"box","text":"immediate family members of such persons;","page_number":176,"box":{"x":469,"y":831,"width":340,"height":12}},{"id":"88ca5486-a3ef-4c1c-acfa-983e9d239ee9","block_type":"box","text":"individuals and “Institutional Investors” with a mi","page_number":176,"box":{"x":117,"y":846,"width":362,"height":10}},{"id":"11d9ee65-73be-4711-82cc-59bc16bc0d6e","block_type":"box","text":"nimum initial investment of $2 million who may","page_number":176,"box":{"x":482,"y":846,"width":357,"height":12}},{"id":"17234317-66cb-4529-aa19-7ce10c24e76b","block_type":"box","text":"purchase shares of a Fund through a financial inte","page_number":176,"box":{"x":117,"y":862,"width":381,"height":12}},{"id":"36033f95-08eb-43c3-b714-cc3afa8e94a0","block_type":"box","text":"rmediary that has entered into an agreement with","page_number":176,"box":{"x":499,"y":862,"width":379,"height":12}},{"id":"e1107781-f009-45c3-8b9e-a09b4483b2db","block_type":"box","text":"the Distributor to purchase such shares (“Institut","page_number":176,"box":{"x":116,"y":877,"width":366,"height":12}},{"id":"4219e965-c8d0-49af-9676-7be1226095b5","block_type":"box","text":"ional Investors” include, but are not limited to,","page_number":176,"box":{"x":484,"y":878,"width":351,"height":11}},{"id":"bff26c26-3123-4b86-b2d8-5968d3197969","block_type":"box","text":"II-127","page_number":176,"box":{"x":479,"y":909,"width":41,"height":9}},{"id":"50bd529d-9913-4bf4-9be0-053e049d68a1","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":176,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"c4a2e6c2-0fc6-4034-a24d-f68f6b0b1a58","block_type":"box","text":"endowments, foundations, family offices, local,","page_number":177,"box":{"x":116,"y":87,"width":353,"height":12}},{"id":"4d4ec10d-9f84-43e6-90ed-bab9e90ef1ed","block_type":"box","text":"city, and state governmental institutions,","page_number":177,"box":{"x":471,"y":87,"width":316,"height":12}},{"id":"6f8dd824-3b53-4fe4-b5f1-eb704c8f5dcd","block_type":"box","text":"corporations, and insurance company separate a","page_number":177,"box":{"x":116,"y":103,"width":372,"height":12}},{"id":"6bf9ae81-32d2-40cb-a458-5ec0a9b35e98","block_type":"box","text":"ccounts); 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clients inve","page_number":177,"box":{"x":117,"y":180,"width":364,"height":12}},{"id":"e0c3f6ca-b591-4b2e-b7dd-388d1baa5220","block_type":"box","text":"sting through a self-direc","page_number":177,"box":{"x":482,"y":180,"width":188,"height":12}},{"id":"bc8f1e6b-b573-40d8-81c5-1d32daa090dd","block_type":"box","text":"ted IRA brokerage account","page_number":177,"box":{"x":670,"y":180,"width":209,"height":12}},{"id":"f6063b28-8185-4daf-acaf-89d79611250a","block_type":"box","text":"program sponsored by a retirement plan record-k","page_number":177,"box":{"x":117,"y":196,"width":372,"height":12}},{"id":"dd29f936-c0f7-4f13-bc41-f65988cf03f7","block_type":"box","text":"eeper, provided that such program offers only","page_number":177,"box":{"x":490,"y":196,"width":352,"height":12}},{"id":"eda95744-5f43-46be-95d9-84ba31d7046a","block_type":"box","text":"mutual fund options and that the program main","page_number":177,"box":{"x":117,"y":211,"width":354,"height":12}},{"id":"07f6a67f-782a-4f15-808f-4a24f5daa628","block_type":"box","text":"tains an account with the Fund on an omnibus basis;","page_number":177,"box":{"x":473,"y":211,"width":405,"height":11}},{"id":"74f264f7-3a55-416e-a8b0-e24429057752","block_type":"box","text":"clients of financial intermediaries that: (i) char","page_number":177,"box":{"x":116,"y":227,"width":346,"height":12}},{"id":"3ad701a5-4fa1-4347-a80c-ce556878e0d0","block_type":"box","text":"ge such clients a fee for advisory, investment","page_number":177,"box":{"x":462,"y":227,"width":348,"height":12}},{"id":"0fe3444d-d4dd-461d-ad5d-533fb30a39fd","block_type":"box","text":"consulting, or similar services or (ii) have ent","page_number":177,"box":{"x":116,"y":242,"width":340,"height":12}},{"id":"939145b2-ae74-4883-876a-b18fdc0b4469","block_type":"box","text":"ered into an agreement with the Distributor to offer","page_number":177,"box":{"x":457,"y":242,"width":388,"height":12}},{"id":"566dfe7a-3d0b-43a9-af30-256c3880ff37","block_type":"box","text":"Institutional Shares through a no-load program","page_number":177,"box":{"x":117,"y":258,"width":358,"height":12}},{"id":"f66835d7-c0de-4c55-9108-5571dfd7fb27","block_type":"box","text":"or investment platform, in each case, with no","page_number":177,"box":{"x":476,"y":258,"width":345,"height":11}},{"id":"1a145994-246f-4442-9357-0348f4cd0ee1","block_type":"box","text":"minimum initial investment; clients investing th","page_number":177,"box":{"x":117,"y":273,"width":350,"height":12}},{"id":"9c58e519-fa56-4c96-a789-1023c3831a0f","block_type":"box","text":"rough financial intermediaries that have entered into","page_number":177,"box":{"x":469,"y":273,"width":400,"height":12}},{"id":"c9b36b8f-5066-4e08-91bc-2f5edea9d8ae","block_type":"box","text":"an agreement with the Distributor to offer such s","page_number":177,"box":{"x":116,"y":289,"width":366,"height":12}},{"id":"c9904d6d-05a3-40dd-a60d-00541e8bdde2","block_type":"box","text":"hares on a platform that charges a transaction","page_number":177,"box":{"x":484,"y":289,"width":355,"height":12}},{"id":"de47f6e7-76d3-4297-9e24-5eee39057e05","block_type":"box","text":"based sales commission outside of the Fund, with","page_number":177,"box":{"x":117,"y":304,"width":383,"height":11}},{"id":"da84a160-364d-414b-b9ae-0a348a467eac","block_type":"box","text":"a minimum initial investment of $1,000;","page_number":177,"box":{"x":501,"y":303,"width":301,"height":12}},{"id":"e584df7a-8bf0-4e1a-9ee5-6d39e18c47f2","block_type":"box","text":"tax-qualified accounts for insurance agents that ar","page_number":177,"box":{"x":116,"y":320,"width":381,"height":12}},{"id":"18858214-94d9-4b7a-80b1-a5377bf7cc53","block_type":"box","text":"e registered representat","page_number":177,"box":{"x":497,"y":320,"width":182,"height":12}},{"id":"6e6c604b-56b1-4d25-b5ff-0c148562c7a6","block_type":"box","text":"ives of an insurance","page_number":177,"box":{"x":681,"y":320,"width":156,"height":9}},{"id":"3746141e-eeb0-4373-a4b8-639ac223cc76","block_type":"box","text":"company’s broker-dealer that has entered into an agr","page_number":177,"box":{"x":116,"y":335,"width":404,"height":12}},{"id":"a6d7fa61-da7c-4933-8e11-65357f136be6","block_type":"box","text":"eement with the Distributor to offer Institutional","page_number":177,"box":{"x":521,"y":335,"width":360,"height":10}},{"id":"1d40b500-84b6-44b9-9a10-2f65438594c0","block_type":"box","text":"Shares, and the family members of such persons, wit","page_number":177,"box":{"x":116,"y":351,"width":404,"height":12}},{"id":"3e43e4a7-5d68-4eba-8cca-71f46ded049e","block_type":"box","text":"h a minimum initial investment of $1,000; trust","page_number":177,"box":{"x":521,"y":350,"width":355,"height":12}},{"id":"ce402906-19b0-437c-807f-d12697346e4f","block_type":"box","text":"department clients of Bank of Amer","page_number":177,"box":{"x":116,"y":366,"width":269,"height":12}},{"id":"f7bb4f62-f4c4-4184-a15c-655b29fe44e4","block_type":"box","text":"ica, N.A. and its affiliates for whom they (i) act in a fiduciary","page_number":177,"box":{"x":386,"y":366,"width":455,"height":12}},{"id":"c8dcad76-958f-440d-a8d4-59dfe216c9e3","block_type":"box","text":"capacity (excluding participant directed employee","page_number":177,"box":{"x":116,"y":382,"width":380,"height":12}},{"id":"3a22814d-c29d-4d56-ad30-c4da727c49fa","block_type":"box","text":"benefit plans), (ii) otherwise have investment","page_number":177,"box":{"x":497,"y":382,"width":345,"height":12}},{"id":"cc51e799-9e64-484b-9395-593c5e594c5f","block_type":"box","text":"discretion, or (iii) act as custodian for at least","page_number":177,"box":{"x":116,"y":397,"width":346,"height":12}},{"id":"3734d813-6b80-45f4-bcfa-2e433ddd17eb","block_type":"box","text":"$2 million in assets; and holders of certain BofA Corp.","page_number":177,"box":{"x":463,"y":396,"width":414,"height":13}},{"id":"a433084e-e1ef-444a-9d06-aed2a8f22bda","block_type":"box","text":"sponsored unit investment trusts (UITs) who reinvest","page_number":177,"box":{"x":116,"y":413,"width":401,"height":12}},{"id":"fcaaf36f-166a-47d9-9885-d16e80d23aa9","block_type":"box","text":"dividends received from such UITs in shares of","page_number":177,"box":{"x":518,"y":413,"width":367,"height":9}},{"id":"b3b60d0a-b0bb-4381-911c-090a27d1e0e1","block_type":"box","text":"a Fund.","page_number":177,"box":{"x":116,"y":428,"width":63,"height":10}},{"id":"abedfa82-a8e4-47aa-8baa-125058938d22","block_type":"box","text":"Purchase Privileges of Certain Persons.","page_number":177,"box":{"x":116,"y":457,"width":295,"height":12}},{"id":"d2f5129b-ed75-4c87-8733-83b4649f2c3f","block_type":"box","text":"Employees, officers, directors/trustees of BlackRock, Inc.,","page_number":177,"box":{"x":413,"y":457,"width":439,"height":12}},{"id":"e6bcdc76-c6ef-403d-95f3-6c1f5d0b5a68","block_type":"box","text":"BlackRock Funds, BofA Corp. or their respective affiliates; and any trust, pension, profit-sharing or","page_number":177,"box":{"x":117,"y":472,"width":733,"height":12}},{"id":"8d517780-9c1c-42df-8f65-c98d9caf29de","block_type":"box","text":"other benefit plan for such persons may purchase Institutional Shares at lower investment minimums","page_number":177,"box":{"x":116,"y":488,"width":753,"height":12}},{"id":"cb9c7f6d-2804-4ffb-9c59-fd2eb50bb267","block_type":"box","text":"than stated in each Fund’s Prospectus. A Fund realizes economies of scale and reduction of sales","page_number":177,"box":{"x":116,"y":503,"width":735,"height":12}},{"id":"200ca5fd-af02-42f1-a9ce-41fcaca8e821","block_type":"box","text":"related expenses by virtue of the familiarity of these persons with the Fund. Employees, directors, and","page_number":177,"box":{"x":117,"y":519,"width":761,"height":12}},{"id":"548facf8-428f-4027-a84f-96ad733f8e7d","block_type":"box","text":"board members of other funds wishing to purchase shares of a Fund must satisfy the Fund’s suitability","page_number":177,"box":{"x":117,"y":534,"width":764,"height":12}},{"id":"440cdca6-97d2-47c4-b649-86d08d278546","block_type":"box","text":"standards.","page_number":177,"box":{"x":116,"y":550,"width":83,"height":9}},{"id":"f7186886-517f-45bb-a50e-1c0dba98b79b","block_type":"box","text":"Initial Sales Charge Alternative — Investor A Shares","page_number":177,"box":{"x":117,"y":579,"width":420,"height":12}},{"id":"ecfd2655-2530-4cb6-9132-9fed899d1cf5","block_type":"box","text":"Investors who prefer an initial sales charge alternative may elect to purchase Investor A Shares.","page_number":177,"box":{"x":117,"y":601,"width":717,"height":12}},{"id":"aa19374b-2ed4-4d73-9014-c35f6a458aa5","block_type":"box","text":"Investor A1 Shares are offered only (i) for purchase by certain employer-sponsored retirement plans","page_number":177,"box":{"x":117,"y":616,"width":748,"height":12}},{"id":"db2ca18e-70ec-4c8a-98fe-40f01ec760e6","block_type":"box","text":"and fee-based programs that have been previously approved by certain Funds, and (ii) to certain","page_number":177,"box":{"x":116,"y":632,"width":723,"height":12}},{"id":"5739153d-db3f-4218-82ff-5f5928ca582f","block_type":"box","text":"investors who currently hold Investor A1 Shares for dividend and capital gain reinvestment only. The","page_number":177,"box":{"x":117,"y":647,"width":749,"height":12}},{"id":"d9a8f2ac-41ef-4319-bb25-adba75b931f5","block_type":"box","text":"Investor A1 initial sales charge does not apply to the transactions described in (i) and (ii). For ease of","page_number":177,"box":{"x":117,"y":663,"width":750,"height":12}},{"id":"a3314766-bc5f-4d31-8ccf-e93128ff79e5","block_type":"box","text":"reference, Investor A, Investor A1 and Investor P (discussed below) Shares are sometimes referred to","page_number":177,"box":{"x":117,"y":678,"width":757,"height":12}},{"id":"4b6e5aef-f4a0-4d99-8df7-0c312b0492a0","block_type":"box","text":"herein as “front-end load shares.” Investor A Shares of Index Funds (defined below) and BlackRock","page_number":177,"box":{"x":117,"y":694,"width":739,"height":12}},{"id":"b648a81f-9292-4908-bcec-163463073fe5","block_type":"box","text":"Short Obligations Fund generally are not subject to an initial sales charge or front-end load.","page_number":177,"box":{"x":116,"y":709,"width":677,"height":12}},{"id":"d28cc759-6308-4270-98d7-ff28dc77c909","block_type":"box","text":"Investors qualifying for significantly reduced initial sales charges may find the initial sales charge","page_number":177,"box":{"x":117,"y":738,"width":715,"height":12}},{"id":"e0b92039-5414-462e-93fd-8c914f33c850","block_type":"box","text":"alternative particularly attractive because similar sales charge reductions are not available with respect","page_number":177,"box":{"x":116,"y":754,"width":763,"height":12}},{"id":"563d4103-108a-4a2a-b5cd-46ebc921a354","block_type":"box","text":"to the deferred sales charges imposed in connection with investments in Investor C Shares","page_number":177,"box":{"x":116,"y":769,"width":676,"height":12}},{"id":"53d0d462-b6e4-4a2c-a354-f880c291a1e7","block_type":"box","text":"(sometimes referred to herein as “CDSC shares”). Investors who do not qualify for reduced initial sales","page_number":177,"box":{"x":117,"y":784,"width":761,"height":13}},{"id":"3f2f5bd9-eb15-4600-944e-412fbe2a20b9","block_type":"box","text":"charges and who expect to maintain their investment for an extended period of time also may elect to","page_number":177,"box":{"x":116,"y":800,"width":752,"height":12}},{"id":"b1a41ad8-1d08-4135-bb56-4cc8e3292606","block_type":"box","text":"purchase Investor A Shares, because over time the accumulated ongoing service and distribution fees","page_number":177,"box":{"x":117,"y":815,"width":759,"height":13}},{"id":"85bec43c-0d10-448e-97b4-10de25dd066b","block_type":"box","text":"on CDSC shares may exceed the front-end load shares’ initial sales charge and service fee. Although","page_number":177,"box":{"x":116,"y":831,"width":759,"height":12}},{"id":"a1d291c4-464a-49e4-a85c-7d6dd8399b5e","block_type":"box","text":"some investors who previously purchased Institutional Shares may no longer be eligible to purchase","page_number":177,"box":{"x":116,"y":846,"width":749,"height":13}},{"id":"2c0ec281-a802-480f-84df-8a5ca4fd5dab","block_type":"box","text":"Institutional Shares of other Funds, those previously purchased Institutional Shares, together with all","page_number":177,"box":{"x":117,"y":862,"width":749,"height":12}},{"id":"4dc3edd5-8e94-4266-9d30-3d7731cae3e6","block_type":"box","text":"BlackRock front-end load and CDSC share holdings, will count toward a right of accumulation that may","page_number":177,"box":{"x":117,"y":877,"width":768,"height":13}},{"id":"a96b7312-867f-4574-9a53-c2c5780e4ca3","block_type":"box","text":"II-128","page_number":177,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"372a2b95-1d93-4f3d-93ad-4fee3f7932b4","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":177,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"08a70a96-8242-4546-8903-36213be10d06","block_type":"box","text":"qualify the investor for a reduced initial sales charge on new initial sales charge purchases. In addition,","page_number":178,"box":{"x":116,"y":87,"width":768,"height":12}},{"id":"610e2d1f-fe7d-4517-9a3d-8eaa7e6d9ffa","block_type":"box","text":"the ongoing CDSC shares service and distribution fees will cause CDSC shares to have higher","page_number":178,"box":{"x":116,"y":102,"width":709,"height":13}},{"id":"1560c561-ff70-46e7-b24b-85ce94679884","block_type":"box","text":"expense ratios, pay lower dividends and have lower total returns than the initial sales charge shares.","page_number":178,"box":{"x":116,"y":118,"width":752,"height":12}},{"id":"5aa8e408-f89f-4c75-a0b8-f50be82a235e","block_type":"box","text":"The ongoing front-end load shares’ service fees will cause Investor A, Investor A1, Investor P and","page_number":178,"box":{"x":116,"y":134,"width":731,"height":12}},{"id":"ccad398b-076e-495e-869b-1a0aa3e128d5","block_type":"box","text":"Service Shares to have a higher expense ratio, pay lower dividends and have a lower total return than","page_number":178,"box":{"x":116,"y":149,"width":762,"height":12}},{"id":"3dba8839-16a6-46f2-9f56-1eb1de4323ce","block_type":"box","text":"Institutional Shares.","page_number":178,"box":{"x":117,"y":165,"width":151,"height":9}},{"id":"2d91e80d-78d9-476c-92f4-36c98967c93e","block_type":"box","text":"See “Information on Sales Charges and Distribution Related Expenses” in Part I of each Fund’s SAI for","page_number":178,"box":{"x":116,"y":196,"width":770,"height":12}},{"id":"cad63a21-1bf3-4dbd-9377-8efa858ed9f6","block_type":"box","text":"information about amounts paid to the Distributor in connection with Investor A and Investor A1 Shares","page_number":178,"box":{"x":117,"y":211,"width":767,"height":12}},{"id":"8dab48a4-e3cb-47e1-b8c7-c7fe0f94dcdb","block_type":"box","text":"for the periods indicated.","page_number":178,"box":{"x":116,"y":227,"width":189,"height":11}},{"id":"b93f21a6-50fa-42fc-b76c-c08d29960ae4","block_type":"box","text":"The Distributor may reallow discounts to selected securities dealers and other financial intermediaries","page_number":178,"box":{"x":116,"y":258,"width":759,"height":12}},{"id":"78941ea3-293e-4dfb-adba-1f4cb318aad2","block_type":"box","text":"and retain the balance over such discounts. At times the Distributor may reallow the entire sales","page_number":178,"box":{"x":116,"y":273,"width":717,"height":12}},{"id":"15a43832-f7a1-4c5e-9eca-8a78dc0a1fbf","block_type":"box","text":"charge to such dealers. Since securities dealers and other financial intermediaries selling front-end","page_number":178,"box":{"x":116,"y":289,"width":739,"height":12}},{"id":"c2e9fbe2-197b-4764-bfd5-1b82c4895964","block_type":"box","text":"load shares of a Fund will receive a concession equal to most of the sales charge, they may be","page_number":178,"box":{"x":117,"y":304,"width":710,"height":12}},{"id":"9510b5a0-0d45-4668-9373-21307cec3d37","block_type":"box","text":"deemed to be underwriters under the Securities Act.","page_number":178,"box":{"x":116,"y":320,"width":393,"height":9}},{"id":"a58aefa9-3135-4ef1-9f4c-f56a7dfc4b11","block_type":"box","text":"Initial Sales Charge — Investor P Shares","page_number":178,"box":{"x":117,"y":351,"width":327,"height":12}},{"id":"869e25c7-266a-431c-ac8a-154c6af86b9b","block_type":"box","text":"Certain Funds offer Investor P Shares as described in each such Fund’s Prospectus, Investor P","page_number":178,"box":{"x":117,"y":374,"width":715,"height":12}},{"id":"8adf6df2-3bb1-465a-974e-32f773fae8a6","block_type":"box","text":"Shares are available for purchase only through registered representatives of an insurance company’s","page_number":178,"box":{"x":116,"y":389,"width":758,"height":12}},{"id":"c8a28b7b-36a7-4880-8436-517bdabe962e","block_type":"box","text":"broker-dealer that has entered into an agreement with the Distributor to offer such shares and are","page_number":178,"box":{"x":117,"y":405,"width":729,"height":12}},{"id":"01032c22-dffe-4988-bfa9-285b529035a1","block_type":"box","text":"subject to an initial sales charge. The ongoing front-end load shares’ service fees will cause Investor P","page_number":178,"box":{"x":116,"y":420,"width":766,"height":12}},{"id":"14d47747-de37-44a7-ba18-5b5ffb651dea","block_type":"box","text":"Shares to have a higher expense ratio, pay lower dividends and have a lower total return than Investor","page_number":178,"box":{"x":116,"y":436,"width":766,"height":12}},{"id":"b709a14a-f6d7-49c5-9410-0a20c2f51799","block_type":"box","text":"A Shares of the same Fund.","page_number":178,"box":{"x":116,"y":451,"width":214,"height":10}},{"id":"b13afba5-7bfd-463a-a2c5-e10b7b64e498","block_type":"box","text":"See “Information on Sales Charges and Distribution Related Expenses” in Part I of each Fund’s SAI for","page_number":178,"box":{"x":116,"y":482,"width":770,"height":12}},{"id":"6e5625d6-2e83-418f-b910-e2f157228c49","block_type":"box","text":"information about amounts paid to the Distributor in connection with Investor P Shares for the periods","page_number":178,"box":{"x":117,"y":498,"width":757,"height":12}},{"id":"0e559ff3-16c4-4197-aec7-08bf7470fa8c","block_type":"box","text":"indicated.","page_number":178,"box":{"x":117,"y":514,"width":75,"height":9}},{"id":"2c361902-12c9-48ff-bcf6-d5cff1d125a5","block_type":"box","text":"The Distributor may reallow discounts to selected securities dealers and other financial intermediaries","page_number":178,"box":{"x":116,"y":544,"width":759,"height":12}},{"id":"b7024fe9-d6a8-416a-9610-7f979049e940","block_type":"box","text":"and retain the balance over such discounts. At times the Distributor may reallow the entire sales","page_number":178,"box":{"x":116,"y":560,"width":717,"height":12}},{"id":"57967a03-1920-4763-b8a0-862ee8e98f6b","block_type":"box","text":"charge to such dealers. Since securities dealers and other financial intermediaries selling front-end","page_number":178,"box":{"x":116,"y":575,"width":739,"height":12}},{"id":"f3eadcd4-fe63-4483-9e5e-0b1d75f83fb9","block_type":"box","text":"load shares of a Fund will receive a concession equal to most of the sales charge, they may be","page_number":178,"box":{"x":117,"y":591,"width":710,"height":12}},{"id":"521b526f-28b9-466e-9e43-e02c9f39fd6f","block_type":"box","text":"deemed to be underwriters under the Securities Act.","page_number":178,"box":{"x":116,"y":606,"width":393,"height":10}},{"id":"77028166-b5ee-4d04-bcd3-2c77c363824f","block_type":"box","text":"Reduced Initial Sales Charges","page_number":178,"box":{"x":117,"y":637,"width":244,"height":12}},{"id":"c82e5a1e-907e-4609-b813-8be4300587ad","block_type":"box","text":"Certain investors may be eligible for a reduction in or waiver of a sales load due to the nature of the","page_number":178,"box":{"x":117,"y":661,"width":737,"height":12}},{"id":"2bff5e58-09ce-48dd-8db9-e09e6abdd4a2","block_type":"box","text":"investors and/or the reduced sales efforts necessary to obtain their investments. Financial","page_number":178,"box":{"x":117,"y":676,"width":666,"height":12}},{"id":"c622b74f-0318-4c6e-a116-1986e5d259f9","block_type":"box","text":"intermediaries may, in connection with a change in account type or otherwise in accordance with a","page_number":178,"box":{"x":117,"y":692,"width":730,"height":12}},{"id":"ca6b0136-7563-4be6-abe7-07f2a26d2e90","block_type":"box","text":"financial intermediary’s policies and procedures, exchange shares of a Fund from one class of shares","page_number":178,"box":{"x":116,"y":707,"width":754,"height":12}},{"id":"b5a2f3f2-432d-42d6-acf6-cc450ac53e43","block_type":"box","text":"to another class of shares of the same Fund provided that the exchanged shares are not subject to a","page_number":178,"box":{"x":116,"y":723,"width":748,"height":12}},{"id":"c18ade7b-0506-4061-aed4-78446c0de160","block_type":"box","text":"contingent deferred sales charge and that shareholders meet the eligibility requirements of the new","page_number":178,"box":{"x":116,"y":738,"width":736,"height":12}},{"id":"c29d35a2-e990-4048-ba1b-384ac8929f8f","block_type":"box","text":"share class. Certain sales load reductions and waivers may be available to customers of certain","page_number":178,"box":{"x":116,"y":754,"width":711,"height":12}},{"id":"e0e4d4db-39d2-42e8-98ab-a2f55252c800","block_type":"box","text":"financial intermediaries, as described under “Intermediary-Defined Sales Charge Waiver Policies” in","page_number":178,"box":{"x":116,"y":769,"width":740,"height":12}},{"id":"36ab5550-0de1-4bff-bc7f-9e513d690225","block_type":"box","text":"the Fund’s Prospectus. Please speak to your financial intermediary for more information.","page_number":178,"box":{"x":116,"y":785,"width":656,"height":12}},{"id":"bbe51787-edfa-436e-9f24-0d51c917b9ae","block_type":"box","text":"Reinvested Dividends.","page_number":178,"box":{"x":116,"y":816,"width":165,"height":9}},{"id":"3b5409ef-3aad-45fd-87db-6c5bdb4a7251","block_type":"box","text":"No sales charges are imposed upon shares issued as a result of the automatic","page_number":178,"box":{"x":289,"y":816,"width":583,"height":12}},{"id":"85cb6116-73de-4bd1-8cdf-e18d2d68cbb9","block_type":"box","text":"reinvestment of dividends.","page_number":178,"box":{"x":117,"y":831,"width":199,"height":10}},{"id":"a78f6f35-77b5-445a-b6d9-7f5f0d80de3b","block_type":"box","text":"Right of Accumulation.","page_number":178,"box":{"x":116,"y":862,"width":166,"height":12}},{"id":"1c928487-0f47-4273-9ff9-32afaf99e881","block_type":"box","text":"Investors have a “right of accumulation” under which any of the following may","page_number":178,"box":{"x":284,"y":862,"width":585,"height":12}},{"id":"a8f99190-1128-4db0-a120-ee3120bfdd03","block_type":"box","text":"be combined with the amount of the current purchase in determining whether an investor qualifies for a","page_number":178,"box":{"x":117,"y":878,"width":768,"height":12}},{"id":"7746a98e-c223-49d7-b8cb-b7cb664ffdbb","block_type":"box","text":"II-129","page_number":178,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"86bb051f-8f2f-4d03-a535-43f30d312416","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":178,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"e8fe2b18-705e-4f75-8296-f22beb14d833","block_type":"box","text":"breakpoint and a reduced front-end sales charge: (i) the current value of an investor’s existing Investor","page_number":179,"box":{"x":117,"y":87,"width":765,"height":12}},{"id":"45909c6d-5ee6-4e95-a0f8-52483979c57f","block_type":"box","text":"A, Investor A1, Investor C, Investor P, Institutional, Class K and Premier Shares in most BlackRock","page_number":179,"box":{"x":116,"y":102,"width":741,"height":12}},{"id":"523e2391-cf70-4c42-bd4c-18a78c388fc9","block_type":"box","text":"Funds, (ii) the current value of an investor’s existing shares of certain unlisted closed-end management","page_number":179,"box":{"x":117,"y":118,"width":770,"height":12}},{"id":"55ac2a3b-f8e3-496d-ae92-cf23bff86a37","block_type":"box","text":"investment companies sponsored and advised by BlackRock or its affiliates (“Eligible Unlisted","page_number":179,"box":{"x":117,"y":134,"width":699,"height":12}},{"id":"ada1bc41-196b-4f3d-b208-761e83a67452","block_type":"box","text":"BlackRock Closed-End Funds”) and (iii) the investment in the BlackRock CollegeAdvantage 529","page_number":179,"box":{"x":117,"y":149,"width":717,"height":12}},{"id":"d80e61ef-0240-471f-bd8b-ed1a0e77631a","block_type":"box","text":"Program by the investor or by or on behalf of the investor’s spouse and children. Financial","page_number":179,"box":{"x":117,"y":165,"width":673,"height":12}},{"id":"18671566-c477-44d2-a116-bc121a55ff9e","block_type":"box","text":"intermediaries may value current holdings of their customers differently for purposes of determining","page_number":179,"box":{"x":117,"y":180,"width":741,"height":12}},{"id":"961e8ede-5500-496b-bc77-bdf3aaec5022","block_type":"box","text":"whether an investor qualifies for a breakpoint and a reduced front-end sales charge, although","page_number":179,"box":{"x":116,"y":196,"width":698,"height":12}},{"id":"b992defb-ad3f-4726-83ea-157707a83fde","block_type":"box","text":"customers of the same financial intermediary will be treated similarly. In order to use this right, the","page_number":179,"box":{"x":116,"y":211,"width":732,"height":12}},{"id":"ef816734-7f10-49b9-b493-d49d70056c38","block_type":"box","text":"investor must alert BlackRock to the existence of any previously purchased shares. Certain funds","page_number":179,"box":{"x":117,"y":227,"width":727,"height":12}},{"id":"3a0695bc-45d5-4443-aad4-f9c554293f64","block_type":"box","text":"employ a “passive” management approach and attempt to match the performance of a target index as","page_number":179,"box":{"x":116,"y":242,"width":762,"height":12}},{"id":"6503df1b-68fc-4153-a0cb-e9ac4216aca3","block_type":"box","text":"closely as possible before the deduction of Fund expenses (“Index Funds”). Although Investor A","page_number":179,"box":{"x":116,"y":258,"width":717,"height":12}},{"id":"2b08ffd3-b502-454e-8c05-b6a7b388d3e7","block_type":"box","text":"Shares of Index Funds and BlackRock Short Obligations Fund generally are not subject to a sales","page_number":179,"box":{"x":116,"y":273,"width":732,"height":12}},{"id":"62fc8a8c-d595-46e8-b5e2-ab0603b580a9","block_type":"box","text":"charge, an investor’s existing Investor A, Investor A1, Investor C, Investor P, Institutional, Class K and","page_number":179,"box":{"x":116,"y":289,"width":763,"height":12}},{"id":"ed107c2f-fa84-41ff-90fe-2c6dc5404b4c","block_type":"box","text":"Premier Shares in the Index Funds and BlackRock Short Obligations Fund may be combined with the","page_number":179,"box":{"x":117,"y":304,"width":757,"height":12}},{"id":"254d1cc2-b161-4af4-99bc-c3b050f06058","block_type":"box","text":"amount of an investor’s current purchase in determining whether an investor qualifies for a breakpoint","page_number":179,"box":{"x":116,"y":320,"width":760,"height":12}},{"id":"b965606c-b287-41a9-8618-848b0b6b62eb","block_type":"box","text":"and a reduced front-end sales charge.","page_number":179,"box":{"x":116,"y":335,"width":289,"height":12}},{"id":"7520fcb1-0e7a-446a-b77d-85721bf22baa","block_type":"box","text":"Letter of Intent.","page_number":179,"box":{"x":116,"y":364,"width":111,"height":10}},{"id":"2fc1b1df-b93f-44d6-bb25-a4c0a3a1d94d","block_type":"box","text":"An investor may qualify for a reduced front-end sales charge immediately by signing a","page_number":179,"box":{"x":229,"y":364,"width":649,"height":12}},{"id":"2059bfe8-4225-4615-9b76-d6fe5badf82c","block_type":"box","text":"“Letter of Intent” stating the investor’s intention to make one or more of the following investments within","page_number":179,"box":{"x":116,"y":380,"width":770,"height":12}},{"id":"8ccb6263-f84e-402e-ac66-aaeee8c86d99","block_type":"box","text":"the next 13 months which would, if bought all at once, qualify the investor for a reduced sales charge:","page_number":179,"box":{"x":116,"y":395,"width":758,"height":12}},{"id":"0f45e472-c516-4c41-b2aa-1d4320e34a12","block_type":"box","text":"(i) buy a specified amount of Investor A, Investor C, Investor P, Institutional, Class K and/or Premier","page_number":179,"box":{"x":117,"y":411,"width":745,"height":12}},{"id":"e2eb55fa-7a41-414b-ad96-ea7fdc2a58ad","block_type":"box","text":"Shares, (ii) make an investment in one or more Eligible Unlisted BlackRock Closed-End Funds and/or","page_number":179,"box":{"x":116,"y":426,"width":759,"height":12}},{"id":"cff1556d-db44-4570-826b-43642c5b57df","block_type":"box","text":"(iii) make an investment through the BlackRock CollegeAdvantage 529 Program in one or more","page_number":179,"box":{"x":117,"y":442,"width":712,"height":12}},{"id":"aac617b9-0638-4cfb-8605-93cac1a11851","block_type":"box","text":"BlackRock Funds. The initial investment must meet the minimum initial purchase requirement. The","page_number":179,"box":{"x":117,"y":457,"width":736,"height":12}},{"id":"fabdf35c-ebfa-4d54-a69b-6061078a5d0f","block_type":"box","text":"13-month Letter of Intent period commences on the day that the Letter of Intent is received by the","page_number":179,"box":{"x":118,"y":473,"width":727,"height":12}},{"id":"c58714f8-da2e-40dd-943d-6ea5922acf4e","block_type":"box","text":"Fund. The market value of current holdings in the BlackRock Funds (including Investor A, Investor C,","page_number":179,"box":{"x":117,"y":488,"width":754,"height":12}},{"id":"97f1da1f-12a9-4d63-ba91-b61820043338","block_type":"box","text":"Investor P, Institutional, Class K and Premier Shares, Eligible Unlisted BlackRock Closed-End Funds","page_number":179,"box":{"x":117,"y":504,"width":752,"height":12}},{"id":"9d8ac3de-7f04-43ae-9acf-774a19aeb702","block_type":"box","text":"and the BlackRock CollegeAdvantage 529 Program Class A and Class C Units) as of the date of","page_number":179,"box":{"x":116,"y":519,"width":722,"height":12}},{"id":"27d945d4-009a-45c9-880c-8b4858d36e22","block_type":"box","text":"commencement that are eligible under the Right of Accumulation may be counted towards the sales","page_number":179,"box":{"x":116,"y":535,"width":747,"height":12}},{"id":"e3dce45b-a2cf-4250-b385-d12ee0cf2cd1","block_type":"box","text":"charge reduction. The investor must notify the Fund of (i) any current holdings in the BlackRock Funds,","page_number":179,"box":{"x":116,"y":550,"width":770,"height":12}},{"id":"ec71c74d-3e3e-4d45-a75f-46cf587510a0","block_type":"box","text":"Eligible Unlisted BlackRock Closed-End Funds and/or the BlackRock CollegeAdvantage 529 Program","page_number":179,"box":{"x":117,"y":566,"width":759,"height":12}},{"id":"a21368de-9888-4e17-86ac-e915aff0ed41","block_type":"box","text":"that should be counted towards the sales charge reduction and (ii) any subsequent purchases that","page_number":179,"box":{"x":116,"y":581,"width":735,"height":12}},{"id":"1b01cce1-20af-4140-b437-fa2e153a49cf","block_type":"box","text":"should be counted towards the Letter of Intent. During the term of the Letter of Intent, the Fund will","page_number":179,"box":{"x":116,"y":597,"width":737,"height":12}},{"id":"67a2dc7e-8bd6-4b48-8f2a-d88a53c0ef95","block_type":"box","text":"hold Investor A Shares and/or Investor P Shares, as applicable, representing up to 5% of the indicated","page_number":179,"box":{"x":117,"y":612,"width":765,"height":12}},{"id":"2152c225-054c-42e3-b7b3-8aa19024be66","block_type":"box","text":"amount in an escrow account for payment of a higher sales load if the full amount indicated in the","page_number":179,"box":{"x":116,"y":628,"width":728,"height":12}},{"id":"ab8363e3-d1cf-4db7-807e-3c5b5dbc4d2c","block_type":"box","text":"Letter of Intent is not purchased. If the full amount indicated is not purchased within the 13-month","page_number":179,"box":{"x":117,"y":643,"width":726,"height":12}},{"id":"2a540c34-2144-4cbe-92bf-eeef2dda205c","block_type":"box","text":"period, and the investor does not pay the higher sales load within 20 days, the Fund will redeem","page_number":179,"box":{"x":117,"y":659,"width":717,"height":12}},{"id":"5c11be69-07e9-4d43-818d-9cdee72d61d7","block_type":"box","text":"enough of the Investor A Shares and/or Investor P Shares, as applicable, held in escrow to pay the","page_number":179,"box":{"x":116,"y":674,"width":735,"height":13}},{"id":"7f264a29-397d-4759-8e90-3fbf70464a19","block_type":"box","text":"difference.","page_number":179,"box":{"x":116,"y":690,"width":77,"height":9}},{"id":"1203868f-37b2-4030-8a48-30a2946ab34f","block_type":"box","text":"Placement Fees.","page_number":179,"box":{"x":116,"y":719,"width":124,"height":10}},{"id":"53b68c78-73dc-4df5-82c3-227a4322f168","block_type":"box","text":"BlackRock may pay placement fees to dealers on purchases of Investor A and Investor P Shares of all","page_number":179,"box":{"x":117,"y":742,"width":759,"height":12}},{"id":"4047f8e4-fab2-42d1-b321-0aa008dacd0d","block_type":"box","text":"Funds, which may depend on the policies, procedures and trading platforms of your financial","page_number":179,"box":{"x":117,"y":757,"width":685,"height":12}},{"id":"5e502341-5ebf-45a3-8503-193b923fd65e","block_type":"box","text":"intermediary.","page_number":179,"box":{"x":117,"y":773,"width":94,"height":12}},{"id":"aa78747d-2a67-4800-b3a8-cd8a690e60b8","block_type":"box","text":"Except as noted below, these placement fees may be up to the following amounts for Investor A","page_number":179,"box":{"x":117,"y":802,"width":712,"height":12}},{"id":"a6be65fb-5619-451c-9f46-ab7b344657eb","block_type":"box","text":"Shares:","page_number":179,"box":{"x":116,"y":817,"width":56,"height":10}},{"id":"425a8240-c3cb-46c0-a8bf-d01df47c3974","block_type":"box","text":"$1 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million","page_number":180,"box":{"x":150,"y":195,"width":260,"height":11}},{"id":"46977970-ad16-4441-a8c1-ece643f84374","block_type":"box","text":"........","page_number":180,"box":{"x":417,"y":204,"width":65,"height":1}},{"id":"d5950fa4-acdc-4a09-b47e-5be70ba141ca","block_type":"box","text":"0.50%","page_number":180,"box":{"x":484,"y":196,"width":51,"height":9}},{"id":"0d3c41b2-38e7-4409-a0cd-d4dcedce5ffd","block_type":"box","text":"$15 million and above","page_number":180,"box":{"x":150,"y":210,"width":168,"height":12}},{"id":"ef3606bc-e52a-475d-a3f3-0cd2c3fdc130","block_type":"box","text":"...................","page_number":180,"box":{"x":319,"y":219,"width":163,"height":1}},{"id":"44b2835c-5ace-4bc9-8089-baa07d370dd6","block_type":"box","text":"0.25%","page_number":180,"box":{"x":484,"y":211,"width":51,"height":10}},{"id":"b931d8f2-ca53-407b-8457-49c21ca45541","block_type":"box","text":"With respect to Investor A Shares of BlackRock Systematic Multi-Strategy Fund of BlackRock 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the","page_number":182,"box":{"x":116,"y":490,"width":733,"height":12}},{"id":"9aa8ca62-dbf3-46f8-a3ab-00617aa2ea4d","block_type":"box","text":"account; and (i) persons involuntarily liquidated from a Fund, who within 60 days of liquidation buy new","page_number":182,"box":{"x":116,"y":506,"width":769,"height":12}},{"id":"7227e7f9-231c-4fd4-a406-27a816ecfe69","block_type":"box","text":"shares of another BlackRock Fund (but only up to the amount that was liquidated). 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The availability of Investor A or Investor P","page_number":182,"box":{"x":117,"y":738,"width":753,"height":12}},{"id":"bcd78166-fb72-4b7c-9178-f91358ed69b8","block_type":"box","text":"Shares sales charge waivers may depend upon the policies, procedures and trading platforms of your","page_number":182,"box":{"x":116,"y":754,"width":756,"height":12}},{"id":"5e21cd5c-d2d1-456a-b423-86d9019a7e0f","block_type":"box","text":"financial intermediary; consult your financial adviser.","page_number":182,"box":{"x":116,"y":769,"width":387,"height":12}},{"id":"89976303-1439-45cd-a142-f747be89032f","block_type":"box","text":"If you invest $1,000,000 ($250,000 for BlackRock Dynamic High Income Portfolio, BlackRock Multi","page_number":182,"box":{"x":117,"y":799,"width":736,"height":13}},{"id":"1591cd15-b88e-428c-9cb2-097f90287c91","block_type":"box","text":"Asset Income Portfolio and BlackRock Managed Income Fund of BlackRock Funds II, BlackRock","page_number":182,"box":{"x":116,"y":816,"width":720,"height":12}},{"id":"28288ee5-f833-48de-82a5-a24b8bb8babe","block_type":"box","text":"Credit Relative Value Fund of BlackRock Funds IV, BlackRock Total Return Fund of BlackRock Bond","page_number":182,"box":{"x":117,"y":831,"width":755,"height":11}},{"id":"617e0677-b47a-433b-938f-9ff27b9ac39f","block_type":"box","text":"Fund, Inc., BlackRock Global Allocation Fund, Inc., BlackRock National Municipal Fund of BlackRock","page_number":182,"box":{"x":117,"y":847,"width":754,"height":12}},{"id":"e8bcb7f1-c260-48c8-bab2-7010996c2ddd","block_type":"box","text":"Municipal Bond Fund, Inc., BlackRock Short Duration Muni Fund of BlackRock Municipal Bond Fund,","page_number":182,"box":{"x":117,"y":862,"width":754,"height":12}},{"id":"306c1ab4-149a-4741-9e61-849589ca85ba","block_type":"box","text":"Inc., BlackRock Strategic Municipal Opportunities Fund of BlackRock Municipal Series Trust,","page_number":182,"box":{"x":117,"y":878,"width":693,"height":12}},{"id":"111db8e9-f952-45bb-81a8-76cb55ac6a43","block_type":"box","text":"II-133","page_number":182,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"a14bcf0e-cc9b-4dc7-8104-013d5731fc0b","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":182,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"d4444e90-558f-4557-98af-d8fb0ca043b7","block_type":"box","text":"BlackRock California Municipal Opportunities Fund of BlackRock California Municipal Series Trust,","page_number":183,"box":{"x":117,"y":87,"width":736,"height":12}},{"id":"3dc16113-1f53-47b0-b7da-d9f36038cf35","block_type":"box","text":"BlackRock New York Municipal Opportunities Fund, BlackRock New Jersey Municipal Bond Fund and","page_number":183,"box":{"x":117,"y":102,"width":761,"height":13}},{"id":"40d1505a-4e97-4a5f-a3ab-502f06d10c3b","block_type":"box","text":"BlackRock Pennsylvania Municipal Bond Fund of BlackRock Multi-State Municipal Series Trust,","page_number":183,"box":{"x":117,"y":118,"width":714,"height":12}},{"id":"79cb9529-30cd-4aa8-87c6-8a31302c5eb4","block_type":"box","text":"BlackRock Event Driven Equity Fund and BlackRock Balanced Fund, Inc., and $500,000 for BlackRock","page_number":183,"box":{"x":117,"y":133,"width":770,"height":13}},{"id":"4f9c9901-c602-43c4-964f-40d5d97f8648","block_type":"box","text":"Low Duration Bond Portfolio, BlackRock Floating Rate Income Portfolio, BlackRock Income Fund and","page_number":183,"box":{"x":117,"y":149,"width":757,"height":12}},{"id":"04a1c963-ad81-4f89-becc-eb3bc0fd34c8","block_type":"box","text":"BlackRock Strategic Income Opportunities Portfolio of BlackRock Funds V) or more in Investor A or","page_number":183,"box":{"x":117,"y":165,"width":742,"height":12}},{"id":"f7b8604d-f410-4d1e-8b51-08233a20b80a","block_type":"box","text":"Investor P Shares, as applicable, you may not pay an initial sales charge. However, if you redeem your","page_number":183,"box":{"x":117,"y":180,"width":769,"height":12}},{"id":"dac66944-9edf-4ebc-abfd-9fbb55bc4465","block_type":"box","text":"Investor A or Investor P Shares, as applicable, within 18 months after purchase (a shorter holding","page_number":183,"box":{"x":117,"y":196,"width":729,"height":12}},{"id":"00a6a7af-69ad-4ee1-9542-be1388751242","block_type":"box","text":"period may apply depending on the Fund), you may be charged a deferred sales charge.","page_number":183,"box":{"x":117,"y":211,"width":663,"height":12}},{"id":"a28694bc-ff25-4012-af7e-c7298b818760","block_type":"box","text":"A deferred sales charge of up to 1.00% may apply to certain redemptions of Investor A Shares of the","page_number":183,"box":{"x":116,"y":242,"width":753,"height":12}},{"id":"ca8f5d5a-f093-46a0-a969-59a4e60bba49","block_type":"box","text":"Index Funds and BlackRock Short Obligations Fund purchased in an exchange transaction for","page_number":183,"box":{"x":117,"y":258,"width":703,"height":12}},{"id":"b91f5337-5d65-4063-85ee-e947593fe69a","block_type":"box","text":"Investor A Shares of a portfolio advised by BlackRock or its affiliates where no initial sales charge was","page_number":183,"box":{"x":117,"y":273,"width":763,"height":12}},{"id":"d11630a7-abdf-4b86-9ac1-99814b11ed31","block_type":"box","text":"paid at the time of purchase of such fund (an “Investor A Load-Waived BlackRock Portfolio”) as part of","page_number":183,"box":{"x":117,"y":289,"width":763,"height":12}},{"id":"90b1196e-ba06-4a4b-a9d2-9c6bc6325cf6","block_type":"box","text":"an investment of $1,000,000 (lesser amounts may apply depending on the Investor A Load-Waived","page_number":183,"box":{"x":116,"y":303,"width":742,"height":13}},{"id":"84f2105d-3bca-4900-8b96-33ecb3b27160","block_type":"box","text":"BlackRock Portfolio) or more. The Investor A Shares deferred sales charge is only charged upon","page_number":183,"box":{"x":117,"y":320,"width":722,"height":12}},{"id":"0553a653-eef6-4604-be76-862f63c350ec","block_type":"box","text":"redemptions of Investor A Shares within 18 months after you originally acquired such Investor A","page_number":183,"box":{"x":117,"y":335,"width":716,"height":12}},{"id":"cdf94b51-240b-4926-8bac-ffe3838b3790","block_type":"box","text":"Shares of the Investor A Load-Waived BlackRock Portfolio (a shorter holding period may apply","page_number":183,"box":{"x":116,"y":351,"width":708,"height":12}},{"id":"d15bff36-9644-459e-808a-9773937da1be","block_type":"box","text":"depending on the Investor A Load-Waived BlackRock Portfolio), unless you qualify for a waiver. There","page_number":183,"box":{"x":116,"y":366,"width":763,"height":12}},{"id":"cac87eef-f08c-47d6-8ad1-691a50a43cbc","block_type":"box","text":"is no deferred sales charge charged on redemptions if you have owned your Investor A Shares for","page_number":183,"box":{"x":117,"y":382,"width":733,"height":12}},{"id":"f101d872-73f4-4d82-8ea6-4605d462c98f","block_type":"box","text":"more than 18 months (or for a shorter holding period, as applicable) (as measured from your original","page_number":183,"box":{"x":117,"y":397,"width":749,"height":12}},{"id":"7993af9b-a93b-4a8d-a9fb-026fbb91daad","block_type":"box","text":"purchase of Investor A Shares that you exchanged into Investor A Shares of the Index Fund or","page_number":183,"box":{"x":117,"y":413,"width":707,"height":12}},{"id":"fe2d76b0-6fc2-4eeb-873d-7566d8af90e6","block_type":"box","text":"BlackRock Short Obligations Fund).","page_number":183,"box":{"x":117,"y":428,"width":270,"height":12}},{"id":"eecd4e62-c0a7-497c-b796-2109fbee6d38","block_type":"box","text":"The deferred sales charge on Investor A or Investor P Shares, as applicable, is not charged in","page_number":183,"box":{"x":116,"y":459,"width":703,"height":12}},{"id":"d530bcb0-eaaa-4e2e-8bda-28d6428d41cd","block_type":"box","text":"connection with: (a) redemptions of Investor A or Investor P Shares purchased through certain","page_number":183,"box":{"x":116,"y":475,"width":705,"height":12}},{"id":"358f6d88-f420-4471-aa65-676373df15a7","block_type":"box","text":"employer-sponsored retirement plans and rollovers of current investments in a Fund through such","page_number":183,"box":{"x":116,"y":490,"width":731,"height":12}},{"id":"7adef2a2-52c3-4ad4-b070-e690912be3cf","block_type":"box","text":"plans; (b) exchanges described in “Exchange Privilege” below; (c) redemptions made in connection","page_number":183,"box":{"x":117,"y":506,"width":740,"height":12}},{"id":"977c8cc5-c71c-45ba-8445-dc5ea200b280","block_type":"box","text":"with minimum required distributions due to the shareholder reaching age 72 from IRA and 403(b)(7)","page_number":183,"box":{"x":116,"y":521,"width":744,"height":12}},{"id":"93ba4242-d5d8-4bdd-ac97-d8473ba54cee","block_type":"box","text":"accounts; (d) redemptions made with respect to certain retirement plans sponsored by a Fund,","page_number":183,"box":{"x":116,"y":537,"width":707,"height":12}},{"id":"71a77045-732f-40fc-befc-5720d6828f64","block_type":"box","text":"BlackRock or its affiliates; (e) redemptions (i) within one year of a shareholder’s death or, if later, the","page_number":183,"box":{"x":117,"y":552,"width":748,"height":12}},{"id":"2ba22fcf-bafe-4dc0-8598-36ede60397f9","block_type":"box","text":"receipt of a certified probate settlement (including in connection with the distribution of account assets","page_number":183,"box":{"x":117,"y":568,"width":759,"height":12}},{"id":"35ac9ab1-760b-431a-a15e-54dcc5d48656","block_type":"box","text":"to a beneficiary of the decedent) or (ii) in connection with a shareholder’s disability (as defined in the","page_number":183,"box":{"x":116,"y":583,"width":749,"height":12}},{"id":"ffda2a17-ea11-4508-b88e-04123651d5be","block_type":"box","text":"Code) subsequent to the purchase of Investor A or Investor P Shares; (f) involuntary redemptions of","page_number":183,"box":{"x":117,"y":599,"width":747,"height":12}},{"id":"530e9192-bb8f-4c2e-83c2-cf879221c5fc","block_type":"box","text":"Investor A or Investor P Shares in accounts with low balances; (g) certain redemptions made pursuant","page_number":183,"box":{"x":117,"y":614,"width":763,"height":12}},{"id":"a13a7682-2017-4a07-8d6a-90cff44bc28b","block_type":"box","text":"to the Systematic Withdrawal Plan (described below); (h) redemptions related to the payment of BNY","page_number":183,"box":{"x":116,"y":630,"width":755,"height":12}},{"id":"385f0021-086a-4e9e-82c2-5f5401e2ae3d","block_type":"box","text":"Mellon Investment Servicing Trust Company custodial IRA fees; and (i) redemptions when a","page_number":183,"box":{"x":117,"y":645,"width":687,"height":12}},{"id":"c516c878-f863-4a71-b680-bb6ddae9b109","block_type":"box","text":"shareholder can demonstrate hardship, in the absolute discretion of a Fund.","page_number":183,"box":{"x":116,"y":661,"width":562,"height":12}},{"id":"2e26cb02-5249-479c-a866-417ba5cb77a7","block_type":"box","text":"With respect to certain employer-sponsored retirement plans, if a dealer waives its right to receive a","page_number":183,"box":{"x":116,"y":692,"width":740,"height":12}},{"id":"d37386af-d8af-4b92-918a-5db48f380509","block_type":"box","text":"placement fee, the Fund may, at its own discretion, waive the CDSC related to purchases of","page_number":183,"box":{"x":117,"y":707,"width":683,"height":12}},{"id":"871f5f2f-c071-4af4-9dd9-282105f8b94d","block_type":"box","text":"$1,000,000 ($250,000 for BlackRock Dynamic High Income Portfolio, BlackRock Multi-Asset Income","page_number":183,"box":{"x":116,"y":722,"width":745,"height":13}},{"id":"9f8b308d-2cae-4aad-bd99-187abf22b651","block_type":"box","text":"Portfolio and BlackRock Managed Income Fund of BlackRock Funds II, BlackRock Credit Relative","page_number":183,"box":{"x":117,"y":738,"width":727,"height":12}},{"id":"71fb0229-7b44-4687-b578-d234ea86e983","block_type":"box","text":"Value Fund of BlackRock Funds IV, BlackRock Total Return Fund of BlackRock Bond Fund, Inc.,","page_number":183,"box":{"x":116,"y":754,"width":719,"height":11}},{"id":"3e6496c5-d65c-48f8-b2e0-c7f97b4cd7d1","block_type":"box","text":"BlackRock Global Allocation Fund, Inc., BlackRock National Municipal Fund of BlackRock Municipal","page_number":183,"box":{"x":117,"y":769,"width":740,"height":12}},{"id":"3c2d759f-20cc-4012-900f-e4a53ed44c09","block_type":"box","text":"Bond Fund, Inc., BlackRock Short Duration Muni Fund of BlackRock Municipal Bond Fund, Inc.,","page_number":183,"box":{"x":117,"y":785,"width":709,"height":12}},{"id":"57379f43-c3f6-4e0d-9a8a-ddda5e29c8c0","block_type":"box","text":"BlackRock Strategic Municipal Opportunities Fund of BlackRock Municipal Series Trust, BlackRock","page_number":183,"box":{"x":117,"y":800,"width":736,"height":12}},{"id":"b9ae83d4-2795-46bb-be3a-c9676eec3895","block_type":"box","text":"California Municipal Opportunities Fund of BlackRock California Municipal Series Trust, BlackRock","page_number":183,"box":{"x":117,"y":816,"width":732,"height":12}},{"id":"ebd8b944-5752-4d41-ae56-b36bd21b27cc","block_type":"box","text":"New York Municipal Opportunities Fund, BlackRock New Jersey Municipal Bond Fund and BlackRock","page_number":183,"box":{"x":117,"y":831,"width":761,"height":12}},{"id":"353a17aa-a3d7-4bb5-87ec-5e6fac058e01","block_type":"box","text":"Pennsylvania Municipal Bond Fund of BlackRock Multi-State Municipal Series Trust, BlackRock Event","page_number":183,"box":{"x":117,"y":847,"width":762,"height":12}},{"id":"605bc574-a344-41d1-be24-aeadb294d6e3","block_type":"box","text":"Driven Equity Fund and BlackRock Balanced Fund, Inc., and $500,000 for BlackRock Low Duration","page_number":183,"box":{"x":117,"y":861,"width":742,"height":13}},{"id":"6dbbf610-8625-444b-8ad0-906c8f140e11","block_type":"box","text":"Bond Portfolio, BlackRock Floating Rate Income Portfolio, BlackRock Income Fund and BlackRock","page_number":183,"box":{"x":117,"y":878,"width":738,"height":12}},{"id":"c66414fd-af05-407c-87d3-188eb486eda3","block_type":"box","text":"II-134","page_number":183,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"6d095b2d-2cd0-48d1-a74d-043085204e95","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":183,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"3beaac2a-b573-4794-920b-9246d1bbf73b","block_type":"box","text":"Strategic Income Opportunities Portfolio of BlackRock Funds V) or more of Investor A or Investor P","page_number":184,"box":{"x":116,"y":87,"width":740,"height":12}},{"id":"4703a1a7-5c68-4a27-a191-f841042359a0","block_type":"box","text":"Shares. This may depend upon the policies, procedures and trading platforms of your financial","page_number":184,"box":{"x":116,"y":102,"width":706,"height":13}},{"id":"7426ced1-9b0f-4aff-a540-88675e474738","block_type":"box","text":"intermediary; consult your financial adviser.","page_number":184,"box":{"x":117,"y":118,"width":326,"height":12}},{"id":"d14f94e4-32be-4c42-bf86-a3a3962beb54","block_type":"box","text":"Investor A and Investor P Shares are also available at NAV to investors that, for regulatory reasons,","page_number":184,"box":{"x":117,"y":149,"width":746,"height":12}},{"id":"4bf53a6e-4f32-42cb-9503-8f939313ade2","block_type":"box","text":"are required to transfer investment positions from a foreign registered investment company advised by","page_number":184,"box":{"x":116,"y":165,"width":765,"height":12}},{"id":"3c0d6739-a75d-4a5e-885c-fba5c2b9118e","block_type":"box","text":"BlackRock or its affiliates to a U.S. registered BlackRock-advised fund.","page_number":184,"box":{"x":117,"y":180,"width":530,"height":12}},{"id":"b1be770d-2077-455e-8b48-f6438ff67b5d","block_type":"box","text":"Acquisition of Certain Investment Companies.","page_number":184,"box":{"x":115,"y":211,"width":340,"height":12}},{"id":"c98b1d23-014e-4874-8e03-f663cbdd453c","block_type":"box","text":"Investor A and Investor P Shares may be offered at NAV","page_number":184,"box":{"x":456,"y":211,"width":432,"height":12}},{"id":"567b6a55-cd68-4584-a572-eacb91aca82f","block_type":"box","text":"in connection with the acquisition of the assets of, or merger or consolidation with, a personal holding","page_number":184,"box":{"x":117,"y":227,"width":755,"height":12}},{"id":"6bbaf0ca-2ad2-4a26-95aa-04eb8a68dabb","block_type":"box","text":"company or a public or private investment company.","page_number":184,"box":{"x":116,"y":242,"width":394,"height":12}},{"id":"bbc26d6a-97c1-49f7-a893-60d2192cf2d1","block_type":"box","text":"Purchases Through Certain Financial Intermediaries.","page_number":184,"box":{"x":116,"y":273,"width":392,"height":12}},{"id":"394625d4-63fc-4728-89b7-7fb597493418","block_type":"box","text":"Reduced sales charges may be applicable for","page_number":184,"box":{"x":509,"y":273,"width":350,"height":12}},{"id":"fb142ea8-9f37-4614-9f78-5496028f2035","block_type":"box","text":"purchases of Investor A, Investor A1 or Investor P Shares of a Fund through certain financial advisers,","page_number":184,"box":{"x":117,"y":289,"width":764,"height":12}},{"id":"2125cc14-c9ba-4cba-9e6c-087f1da94684","block_type":"box","text":"selected securities dealers and other financial intermediaries that meet and adhere to standards","page_number":184,"box":{"x":116,"y":304,"width":717,"height":10}},{"id":"b2d61d50-761f-44c6-a976-4102874b06ba","block_type":"box","text":"established by the Manager from time to time.","page_number":184,"box":{"x":116,"y":320,"width":346,"height":12}},{"id":"80548dfc-15fb-4715-b987-abfc5a5e637f","block_type":"box","text":"Deferred Sales Charge Alternative — Investor C Shares","page_number":184,"box":{"x":117,"y":351,"width":445,"height":12}},{"id":"ae497c63-5272-4560-b00e-60721551c14f","block_type":"box","text":"Investors choosing the deferred sales charge alternative should consider Investor C Shares if they are","page_number":184,"box":{"x":117,"y":374,"width":762,"height":12}},{"id":"a668c395-9fbd-4b82-9e8b-12e97cfee3ba","block_type":"box","text":"uncertain as to the length of time they intend to hold their assets in a Fund. If you select Investor C","page_number":184,"box":{"x":117,"y":389,"width":736,"height":12}},{"id":"8dcda051-8b2a-430f-8910-a8b4a4685cd0","block_type":"box","text":"Shares, you do not pay an initial sales charge at the time of purchase. A Fund will not accept a","page_number":184,"box":{"x":116,"y":405,"width":708,"height":12}},{"id":"0d080166-c0c1-4068-a472-49cc399ee3c7","block_type":"box","text":"purchase order of $500,000 or more for Investor C Shares (may be lower on funds that have set a","page_number":184,"box":{"x":117,"y":420,"width":732,"height":12}},{"id":"22ae7f28-6c42-4926-afe1-9d4f5a119424","block_type":"box","text":"lower breakpoint for NAV). Your financial intermediary may set a lower maximum for Investor C","page_number":184,"box":{"x":117,"y":436,"width":711,"height":12}},{"id":"fa645749-a1e9-4b7a-bb52-cd1d49b35bef","block_type":"box","text":"Shares.","page_number":184,"box":{"x":116,"y":451,"width":62,"height":10}},{"id":"f5cb5c65-2d20-4cb1-a6ec-012091a248ab","block_type":"box","text":"Investor C Shares are not available in accounts opened or held directly with a Fund that do not have a","page_number":184,"box":{"x":117,"y":482,"width":762,"height":12}},{"id":"f68e95ed-29d1-4569-81ff-1f1be6089354","block_type":"box","text":"financial intermediary associated with the account.","page_number":184,"box":{"x":116,"y":498,"width":379,"height":12}},{"id":"29135de1-8d54-4f88-b794-07116a06856e","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":184,"box":{"x":117,"y":529,"width":700,"height":12}},{"id":"99e10527-fa14-4072-938f-389dc8613fbf","block_type":"box","text":"The deferred sales charge alternatives may be particularly appealing to investors who do not qualify for","page_number":184,"box":{"x":116,"y":560,"width":771,"height":12}},{"id":"1960fd85-5d2f-4e7c-84e8-4bc25796bd0f","block_type":"box","text":"the reduction in initial sales charges. CDSC shares are subject to ongoing service fees and distribution","page_number":184,"box":{"x":116,"y":575,"width":767,"height":12}},{"id":"6bf6e496-e252-4bed-9332-90bbcf6f425e","block_type":"box","text":"fees; however, these fees potentially may be offset to the extent any return is realized on the additional","page_number":184,"box":{"x":116,"y":591,"width":769,"height":12}},{"id":"1bbaf8ed-0d02-4042-92ab-3d99767fb94a","block_type":"box","text":"funds initially invested in CDSC shares.","page_number":184,"box":{"x":116,"y":606,"width":298,"height":12}},{"id":"8214f6a9-287b-452e-9faa-3ab310ac315f","block_type":"box","text":"BlackRock compensates financial advisers and other financial intermediaries for selling CDSC shares","page_number":184,"box":{"x":117,"y":637,"width":758,"height":12}},{"id":"d2dc7653-737c-44e6-80b3-9f1e9ec41581","block_type":"box","text":"at the time of purchase from its own funds. Proceeds from the CDSC and the distribution fee are paid","page_number":184,"box":{"x":116,"y":653,"width":757,"height":12}},{"id":"96d05a07-7e88-4aee-9b14-10a5b97a4055","block_type":"box","text":"to the Distributor and are used by the Distributor to defray the expenses of securities dealers or other","page_number":184,"box":{"x":116,"y":668,"width":751,"height":12}},{"id":"f2dfff11-173b-4c1d-ae2a-bcdb4a98303a","block_type":"box","text":"financial intermediaries related to providing distribution-related services to each Fund in connection","page_number":184,"box":{"x":116,"y":684,"width":735,"height":12}},{"id":"22da4e19-4e4d-40ff-adef-f6fb859b4708","block_type":"box","text":"with the sale of the CDSC shares. The combination of the CDSC and the ongoing distribution fee","page_number":184,"box":{"x":116,"y":699,"width":719,"height":13}},{"id":"04451173-4605-4e91-8ab6-c9f992817d43","block_type":"box","text":"facilitates the ability of each Fund to sell the CDSC shares without a sales charge being deducted at","page_number":184,"box":{"x":116,"y":715,"width":743,"height":12}},{"id":"876faa79-4820-4a48-8be2-a3b4f99209d4","block_type":"box","text":"the time of purchase. See “Distribution and/or Shareholder Servicing Plans” below. Imposition of the","page_number":184,"box":{"x":116,"y":730,"width":742,"height":13}},{"id":"cdae03cd-3403-4420-9b3d-8e06723d24ba","block_type":"box","text":"CDSC and the distribution fee on CDSC shares is limited by FINRA (as defined below) asset-based","page_number":184,"box":{"x":117,"y":746,"width":737,"height":12}},{"id":"17a202b3-90ff-4f37-a13b-f873257066b7","block_type":"box","text":"sales charge rule. See “Limitations on the Payment of Deferred Sales Charges” below.","page_number":184,"box":{"x":116,"y":761,"width":642,"height":13}},{"id":"8ea95105-1895-42ab-8055-f85972718418","block_type":"box","text":"Dealers will generally immediately receive commissions equal to 1.00% of the Investor C Shares sold","page_number":184,"box":{"x":117,"y":792,"width":750,"height":13}},{"id":"e0bc21fc-b7af-4690-b00d-a651e33a90c2","block_type":"box","text":"by them plus ongoing fees under the Fund’s Distribution and Service Plan. Dealers may not receive a","page_number":184,"box":{"x":117,"y":808,"width":751,"height":12}},{"id":"de0a9aa4-ad6c-4cd3-be81-57e24dc30372","block_type":"box","text":"commission in connection with sales of Investor C Shares to certain employer-sponsored retirement","page_number":184,"box":{"x":116,"y":823,"width":741,"height":13}},{"id":"0bb0c39e-aec2-4861-8549-cba5342a307d","block_type":"box","text":"plans sponsored by the Fund, BlackRock or its affiliates, but may receive fees under the Distribution","page_number":184,"box":{"x":117,"y":839,"width":746,"height":12}},{"id":"bdccf474-1233-42aa-8801-9521e39f2096","block_type":"box","text":"and Service Plan. These commissions and payments may be different than the reallowances,","page_number":184,"box":{"x":116,"y":854,"width":699,"height":13}},{"id":"34e88b28-bc20-4759-b12a-4fb1bf318f42","block_type":"box","text":"placement fees and commissions paid to dealers in connection with sales of Investor A, Investor A1","page_number":184,"box":{"x":117,"y":870,"width":744,"height":12}},{"id":"bcb2fab1-3d48-49d8-ac88-5fcd743c517a","block_type":"box","text":"II-135","page_number":184,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"bd459bac-ef94-4a82-ae6a-bd5310dd7aba","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":184,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"597a63ec-9e9d-4a3f-8efa-5de006e52c0c","block_type":"box","text":"and Investor P Shares. These may depend upon the policies, procedures and trading platforms of your","page_number":185,"box":{"x":116,"y":87,"width":768,"height":12}},{"id":"6d6a8534-1cff-499f-a912-c6123918fa70","block_type":"box","text":"financial intermediary; consult your financial adviser.","page_number":185,"box":{"x":116,"y":102,"width":393,"height":13}},{"id":"4fbedaad-9756-46b3-a08f-fcba724490d7","block_type":"box","text":"Each Fund has adopted an automatic conversion feature for Investor C Shares. Effective","page_number":185,"box":{"x":117,"y":131,"width":664,"height":12}},{"id":"523d378a-2ec1-4b23-989d-d51e9d01e402","block_type":"box","text":"November 23, 2020, Investor C Shares held for approximately eight years will be converted into","page_number":185,"box":{"x":117,"y":146,"width":714,"height":12}},{"id":"444badbc-0ecb-4635-961e-3df0f13c6343","block_type":"box","text":"Investor A Shares, as set forth in each Fund’s Prospectus. In addition, accounts that do not have a","page_number":185,"box":{"x":117,"y":162,"width":736,"height":12}},{"id":"64201887-80ac-4025-af24-5092b2042a06","block_type":"box","text":"financial intermediary associated with them are not eligible to hold Investor C Shares, and any Investor","page_number":185,"box":{"x":116,"y":177,"width":768,"height":12}},{"id":"80f01845-9fad-431e-be08-d672e834cd9b","block_type":"box","text":"C Shares held in such accounts will be automatically converted to Investor A Shares.","page_number":185,"box":{"x":117,"y":193,"width":635,"height":12}},{"id":"9987a696-1cc5-46ba-8d75-503412794ef7","block_type":"box","text":"Conversion of Investor C Shares to Investor A Shares","page_number":185,"box":{"x":117,"y":221,"width":404,"height":10}},{"id":"e5d2fb12-1f3c-41e8-9944-6f91f8eab531","block_type":"box","text":"Effective November 23, 2020 (the “Effective Date”), approximately eight years after purchase, Investor","page_number":185,"box":{"x":117,"y":243,"width":763,"height":12}},{"id":"ed2b7020-cec0-4669-a586-f8c4b3b23c11","block_type":"box","text":"C Shares of each Fund will convert automatically into Investor A Shares of that Fund (the “Investor","page_number":185,"box":{"x":117,"y":259,"width":736,"height":12}},{"id":"aa079b5c-6429-4d9c-a17a-04b40bf74ed2","block_type":"box","text":"C 8-Year Conversion”). Certain funds (the “Predecessor Funds”) were reorganized into new Funds (the","page_number":185,"box":{"x":117,"y":274,"width":770,"height":12}},{"id":"71ebbc1c-9772-42d6-90e1-330265a0bafa","block_type":"box","text":"“Successor Funds”) pursuant to reorganizations which occurred in September 2018. The holding","page_number":185,"box":{"x":116,"y":290,"width":722,"height":12}},{"id":"beca752d-3ce9-4585-9532-b9f5067804c9","block_type":"box","text":"period for Investor C Shares of Successor Funds includes the period such shares were held in the","page_number":185,"box":{"x":117,"y":305,"width":732,"height":12}},{"id":"f8dac0d2-551e-46cf-bd0d-931458979204","block_type":"box","text":"respective Predecessor Fund. It is the financial intermediary’s responsibility to ensure that the","page_number":185,"box":{"x":117,"y":321,"width":699,"height":12}},{"id":"25184ac7-3736-4c48-8c5e-ed5f025b3b24","block_type":"box","text":"shareholder is credited with the proper holding period. As of the Effective Date, certain financial","page_number":185,"box":{"x":116,"y":336,"width":713,"height":12}},{"id":"dc48b937-71df-47a7-a00b-864e78753be0","block_type":"box","text":"intermediaries, including group retirement recordkeeping platforms, may not have been tracking such","page_number":185,"box":{"x":117,"y":352,"width":755,"height":12}},{"id":"b03a5831-e36f-4970-ba6e-1e2b106e189e","block_type":"box","text":"holding periods and therefore may not be able to process such conversions. In such instances,","page_number":185,"box":{"x":117,"y":367,"width":708,"height":12}},{"id":"aaa1d607-96d1-4bef-ba99-e49c2cfd21ba","block_type":"box","text":"Investor C Shares held as of the Effective Date will automatically convert to Investor A Shares","page_number":185,"box":{"x":117,"y":383,"width":702,"height":12}},{"id":"99797559-b485-435e-bb7e-00c4d1eded98","block_type":"box","text":"approximately eight years after the Effective Date. If, as of November 23, 2028 (eight years after the","page_number":185,"box":{"x":116,"y":398,"width":749,"height":12}},{"id":"95f097ba-9067-442b-81af-262a869bb3b0","block_type":"box","text":"Effective Date), a financial intermediary has not implemented systems or procedures to track holding","page_number":185,"box":{"x":117,"y":414,"width":751,"height":12}},{"id":"f8d60043-0c2d-4542-87fe-2a686aff46a6","block_type":"box","text":"periods commencing from the Effective Date, shareholders holding Investor C Shares through such","page_number":185,"box":{"x":117,"y":429,"width":742,"height":12}},{"id":"b1ac3c45-de4b-4908-bd98-6ef3f93d9c3d","block_type":"box","text":"financial intermediary will no longer be eligible to hold Investor C Shares and any such shares will","page_number":185,"box":{"x":116,"y":445,"width":729,"height":12}},{"id":"cd467c55-4061-4250-aca2-4c5c0389a763","block_type":"box","text":"convert to Investor A Shares as soon as reasonably practicable after such date.","page_number":185,"box":{"x":116,"y":460,"width":597,"height":12}},{"id":"bbb6ddb8-2cc9-4457-90d4-0e770220adb9","block_type":"box","text":"In addition, accounts that do not have a financial intermediary associated with them are not eligible to","page_number":185,"box":{"x":117,"y":489,"width":756,"height":12}},{"id":"cdf2297c-ef7d-4fa2-b199-3241ea9e8ddf","block_type":"box","text":"hold Investor C Shares, and any Investor C Shares held in such accounts will be automatically","page_number":185,"box":{"x":117,"y":504,"width":704,"height":12}},{"id":"3f4d105f-6432-4530-bbb8-e082b199ed2e","block_type":"box","text":"converted into Investor A Shares (the “Investor C Direct Accounts Conversion” and together with the","page_number":185,"box":{"x":116,"y":520,"width":749,"height":12}},{"id":"77896bda-d4cf-4edd-a337-19f4601a56ff","block_type":"box","text":"Investor C 8-Year Conversion, the “Investor C Conversions”).","page_number":185,"box":{"x":117,"y":535,"width":459,"height":12}},{"id":"2c51ec04-6953-46af-b44f-b614b453d538","block_type":"box","text":"The Investor C Conversions will occur at least once each month (on the “Investor C Conversion Date”)","page_number":185,"box":{"x":116,"y":563,"width":765,"height":13}},{"id":"6e533a37-3dc4-4287-a942-0c5916b4611f","block_type":"box","text":"on the basis of the relative NAV of the shares of the two applicable classes on the Investor C","page_number":185,"box":{"x":116,"y":579,"width":694,"height":12}},{"id":"a4fb5c77-d838-45fc-a993-37ed79add3b3","block_type":"box","text":"Conversion Date, without the imposition of any sales load, fee or other charge. The Investor C","page_number":185,"box":{"x":117,"y":594,"width":702,"height":13}},{"id":"a27cc585-2634-4220-aa03-899c86148a18","block_type":"box","text":"Conversions will not be deemed a purchase or sale of the shares for U.S. federal income tax purposes.","page_number":185,"box":{"x":117,"y":610,"width":770,"height":12}},{"id":"3181dcb7-9621-4606-ae37-885b0946d7e3","block_type":"box","text":"Shares acquired through reinvestment of dividends on Investor C Shares will also convert","page_number":185,"box":{"x":116,"y":625,"width":670,"height":13}},{"id":"8c4446eb-6d36-4a42-94a6-816d20325209","block_type":"box","text":"automatically to Investor A Shares, as set forth in each Fund’s Prospectus. The Investor C Conversion","page_number":185,"box":{"x":116,"y":641,"width":765,"height":12}},{"id":"ab385d73-4eba-45db-946b-3d9c904ce8ac","block_type":"box","text":"Date for dividend reinvestment shares will be calculated taking into account the length of time the","page_number":185,"box":{"x":117,"y":656,"width":726,"height":13}},{"id":"28df1425-6287-4e67-9eb4-d009aa96b4ee","block_type":"box","text":"shares underlying the dividend reinvestment shares were outstanding.","page_number":185,"box":{"x":116,"y":672,"width":520,"height":12}},{"id":"e3d1ff05-3dd1-4ebf-9c85-bddb839bfacd","block_type":"box","text":"Contingent Deferred Sales Charge — Investor C Shares","page_number":185,"box":{"x":117,"y":700,"width":418,"height":12}},{"id":"6bb141cd-4f87-4e79-8319-b618518e9569","block_type":"box","text":"Investor C Shares that are redeemed within one year of purchase may be subject to a 1.00% CDSC","page_number":185,"box":{"x":117,"y":722,"width":741,"height":12}},{"id":"33346500-d827-44f6-94a0-badc4a4dbf15","block_type":"box","text":"charged as a percentage of the dollar amount subject thereto. In determining whether an Investor C","page_number":185,"box":{"x":116,"y":738,"width":739,"height":12}},{"id":"306b613f-6f3b-4969-b4e8-63f51d3953e6","block_type":"box","text":"Shares CDSC is applicable to a redemption, the calculation will be determined in the manner that","page_number":185,"box":{"x":116,"y":753,"width":722,"height":12}},{"id":"31847db4-ee81-47c8-a891-a12f97b44e42","block_type":"box","text":"results in the lowest possible rate being charged. The charge will be assessed on an amount equal to","page_number":185,"box":{"x":117,"y":769,"width":751,"height":12}},{"id":"7ff4e399-11f5-4c4d-955c-8d27108eaf72","block_type":"box","text":"the lesser of the proceeds of redemption or the cost of the shares being redeemed. Accordingly, no","page_number":185,"box":{"x":116,"y":784,"width":737,"height":12}},{"id":"2b1109cf-0208-4550-b448-1bd33bd58776","block_type":"box","text":"CDSC will be imposed on increases in NAV above the initial purchase price of Investor C Shares. In","page_number":185,"box":{"x":117,"y":800,"width":740,"height":12}},{"id":"3a220d39-731f-4bfc-8ee9-b72ccd53de1a","block_type":"box","text":"addition, no CDSC will be assessed on Investor C Shares acquired through reinvestment of dividends.","page_number":185,"box":{"x":116,"y":815,"width":759,"height":12}},{"id":"6019c5f9-3c94-4124-a785-4a1df44c2117","block_type":"box","text":"It will be assumed that the redemption is first of shares held for over one year or shares acquired","page_number":185,"box":{"x":117,"y":831,"width":722,"height":12}},{"id":"a1f87695-9460-44b4-a0f6-9b1e78f1b86b","block_type":"box","text":"pursuant to reinvestment of dividends and then of shares held longest during the one-year period. A","page_number":185,"box":{"x":117,"y":846,"width":745,"height":12}},{"id":"71178aa8-188f-4695-a5a5-170630be16d0","block_type":"box","text":"transfer of shares from a shareholder’s account to another account will be assumed to be made in the","page_number":185,"box":{"x":116,"y":862,"width":761,"height":9}},{"id":"a1664a8e-d91d-40d6-a54a-55e506d33236","block_type":"box","text":"same order as a redemption.","page_number":185,"box":{"x":116,"y":877,"width":220,"height":12}},{"id":"6aa4f16c-57c3-4d7d-93d3-748ffbf13f33","block_type":"box","text":"II-136","page_number":185,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"440495d9-f943-439b-bb44-f9a0d0744f55","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":185,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"31fcb7d5-a00a-4476-84ca-5797ff442be4","block_type":"box","text":"See “Information on Sales Charges and Distribution Related Expenses” in Part I of each Fund’s SAI for","page_number":186,"box":{"x":116,"y":87,"width":770,"height":12}},{"id":"d44b5c32-5927-4fb9-b862-3dfa0bc6c728","block_type":"box","text":"information about amounts paid to the Distributor in connection with CDSC shares for the periods","page_number":186,"box":{"x":117,"y":102,"width":726,"height":12}},{"id":"a0ed638b-a3e7-4faa-8a53-d7ed6aa82c82","block_type":"box","text":"indicated.","page_number":186,"box":{"x":117,"y":118,"width":75,"height":10}},{"id":"cb7eaff9-7b4d-4f22-9ad3-585d12f909b4","block_type":"box","text":"Investor C Shares — Contingent Deferred Sales Charge Waivers and Reductions","page_number":186,"box":{"x":117,"y":149,"width":610,"height":12}},{"id":"4ab444b5-af83-4cbd-afcf-a853f17a3f5c","block_type":"box","text":"The CDSC on Investor C Shares is not charged in connection with: (1) redemptions of Investor C","page_number":186,"box":{"x":116,"y":172,"width":725,"height":12}},{"id":"1dc83476-d74b-4045-9585-f6779e3c2fe0","block_type":"box","text":"Shares purchased through certain employer-sponsored retirement plans and fee-based programs","page_number":186,"box":{"x":116,"y":188,"width":729,"height":12}},{"id":"992a215c-d787-43d1-bbc7-756e53823c00","block_type":"box","text":"previously approved by certain Funds and rollovers of current investments in the Fund through such","page_number":186,"box":{"x":117,"y":203,"width":745,"height":12}},{"id":"47b67c12-98a9-48b7-840f-709db611ec52","block_type":"box","text":"plans; (2) exchanges described in “Exchange Privilege” below; (3) redemptions made in connection","page_number":186,"box":{"x":117,"y":219,"width":741,"height":12}},{"id":"8df3c896-772b-4d3b-bebd-16b04fcc00a0","block_type":"box","text":"with minimum required distributions due to the shareholder reaching age 72 from IRA and 403(b)(7)","page_number":186,"box":{"x":116,"y":234,"width":744,"height":12}},{"id":"8a216149-b740-430c-9a02-1afdc4b54469","block_type":"box","text":"accounts; (4) redemptions made with respect to certain retirement plans sponsored by the Fund,","page_number":186,"box":{"x":116,"y":250,"width":721,"height":12}},{"id":"061b68eb-ef9e-4775-b73a-82077388229e","block_type":"box","text":"BlackRock or its affiliates; (5) redemptions in connection with a shareholder’s death as long as the","page_number":186,"box":{"x":117,"y":265,"width":732,"height":12}},{"id":"90824794-ecea-4ce0-922c-9099b7625110","block_type":"box","text":"waiver request is made within one year of death or, if later, reasonably promptly following completion of","page_number":186,"box":{"x":116,"y":281,"width":772,"height":12}},{"id":"ab6ccf1c-8f6d-416a-9206-b8c64eecbe6e","block_type":"box","text":"probate (including in connection with the distribution of account assets to a beneficiary of the decedent)","page_number":186,"box":{"x":117,"y":296,"width":771,"height":12}},{"id":"bfd42cd4-0760-4edb-b01b-6d0ca2a70bf5","block_type":"box","text":"or disability (as defined in the Code) subsequent to the purchase of Investor C Shares; (6) withdrawals","page_number":186,"box":{"x":116,"y":312,"width":766,"height":12}},{"id":"84a8392c-1147-444c-afed-71a30e3f1b4a","block_type":"box","text":"resulting from shareholder disability (as defined in the Code) as long as the disability arose subsequent","page_number":186,"box":{"x":117,"y":327,"width":770,"height":12}},{"id":"24bc0b58-294a-410d-a930-7b79969ef005","block_type":"box","text":"to the purchase of the shares; (7) involuntary redemptions of Investor C Shares in accounts with low","page_number":186,"box":{"x":116,"y":343,"width":749,"height":12}},{"id":"4456f9bf-2a14-4583-87ee-25c69079db76","block_type":"box","text":"balances as described in “Redemption of Shares” below; (8) redemptions made pursuant to a","page_number":186,"box":{"x":117,"y":358,"width":698,"height":12}},{"id":"2211409d-3861-4430-81db-073c15f606b1","block_type":"box","text":"systematic withdrawal plan, subject to the limitations set forth under “Systematic Withdrawal Plan”","page_number":186,"box":{"x":116,"y":374,"width":731,"height":12}},{"id":"e826cc43-6973-4620-a414-850141e870f6","block_type":"box","text":"below; (9) redemptions related to the payment of BNY Mellon Investment Servicing Trust Company","page_number":186,"box":{"x":117,"y":389,"width":740,"height":12}},{"id":"695c3b9e-3816-4e03-b9eb-ace8926f778d","block_type":"box","text":"custodial IRA fees; and (10) redemptions when a shareholder can demonstrate hardship, in the","page_number":186,"box":{"x":116,"y":405,"width":712,"height":12}},{"id":"98b52a7b-bf38-4c1c-aa9b-2abd97a9618a","block_type":"box","text":"absolute discretion of the Fund. In addition, no CDSC is charged on Investor C Shares acquired","page_number":186,"box":{"x":116,"y":420,"width":716,"height":12}},{"id":"4f2d2876-f48a-462f-ad31-e5b24d7d8920","block_type":"box","text":"through the reinvestment of dividends or distributions.","page_number":186,"box":{"x":116,"y":436,"width":404,"height":12}},{"id":"ace36928-e4a3-4ffc-b03a-f248e2a2edee","block_type":"box","text":"Certain CDSC waivers and reductions on Investor C Shares may be available to customers of certain","page_number":186,"box":{"x":117,"y":467,"width":756,"height":12}},{"id":"a43844fd-f756-4449-b207-9fc12d9b8355","block_type":"box","text":"financial intermediaries, as described under “Intermediary-Defined Sales Charge Waiver Policies” in","page_number":186,"box":{"x":116,"y":482,"width":746,"height":12}},{"id":"66937eec-c8d5-441a-a07c-27fb2bcd511a","block_type":"box","text":"the Fund’s Prospectus. Please speak to your financial intermediary for more information.","page_number":186,"box":{"x":116,"y":498,"width":662,"height":12}},{"id":"9ea8902f-8b88-4438-a6f7-a96a2cef4dec","block_type":"box","text":"Class R Shares","page_number":186,"box":{"x":116,"y":529,"width":127,"height":9}},{"id":"c3c3360e-193f-4014-bf40-a03c92df9d85","block_type":"box","text":"Certain of the Funds offer Class R Shares as described in each such Fund’s Prospectus. Class R","page_number":186,"box":{"x":117,"y":552,"width":727,"height":12}},{"id":"564aaf38-71d0-43a1-be21-e22ec4bd9b46","block_type":"box","text":"Shares are available only to certain employer-sponsored retirement plans. Class R Shares are not","page_number":186,"box":{"x":116,"y":568,"width":734,"height":12}},{"id":"59225fa5-cf93-4550-a979-3193c968ee4b","block_type":"box","text":"subject to an initial sales charge or a CDSC but are subject to an ongoing distribution fee of 0.25% per","page_number":186,"box":{"x":116,"y":583,"width":765,"height":12}},{"id":"8184d834-55b3-44af-a2f9-0c33f76aa0fd","block_type":"box","text":"year and an ongoing service fee of 0.25% per year. Distribution fees are used to support the Fund’s","page_number":186,"box":{"x":116,"y":599,"width":745,"height":12}},{"id":"99d22efa-2d32-4e99-adb9-d080cf50ac1b","block_type":"box","text":"marketing and distribution efforts, such as compensating financial advisers and other financial","page_number":186,"box":{"x":117,"y":614,"width":700,"height":12}},{"id":"c323f2ec-1372-4374-906e-2e452e4a5436","block_type":"box","text":"intermediaries, advertising and promotion. Service fees are used to compensate securities dealers and","page_number":186,"box":{"x":117,"y":630,"width":768,"height":12}},{"id":"3fe32677-e7da-4f70-a43e-4eed3596a1d0","block_type":"box","text":"other financial intermediaries for service activities.","page_number":186,"box":{"x":116,"y":645,"width":376,"height":10}},{"id":"fa91a2d7-87db-4f49-8940-d79da1ef880c","block_type":"box","text":"If Class R Shares are held over time, these","page_number":186,"box":{"x":117,"y":676,"width":319,"height":11}},{"id":"2bb5a7e7-6ff9-4c3d-946a-ed609b6b8ebb","block_type":"box","text":"fees may exceed the maximum sales charge that an","page_number":186,"box":{"x":442,"y":676,"width":388,"height":12}},{"id":"2a97418f-932c-4637-92cc-08c7d6cce650","block_type":"box","text":"investor would have paid as a shareholder of one of the other share classes.","page_number":186,"box":{"x":117,"y":692,"width":566,"height":12}},{"id":"98bfab54-3993-45cb-a09f-04568f03a18a","block_type":"box","text":"Class K Shares","page_number":186,"box":{"x":116,"y":723,"width":122,"height":9}},{"id":"c43a553d-1db2-45e5-bdee-0789d00951ca","block_type":"box","text":"Certain Funds offer Class K Shares as described in each such Fund’s Prospectus. Class K Shares are","page_number":186,"box":{"x":117,"y":746,"width":761,"height":12}},{"id":"11bc114e-b69f-46c7-a9cc-be9c6c8f99c2","block_type":"box","text":"available only to (i) certain employee benefit plans, such as health savings accounts, and certain","page_number":186,"box":{"x":116,"y":761,"width":716,"height":13}},{"id":"ac23e262-9861-4027-a9dd-d4426ceb0348","block_type":"box","text":"employer-sponsored retirement plans (not including SEP IRAs, SIMPLE IRAs and SARSEPs)","page_number":186,"box":{"x":116,"y":777,"width":694,"height":12}},{"id":"97eef4ae-0f67-4e03-9aa0-74a586216360","block_type":"box","text":"(collectively, “Employer-Sponsored Retirement Plans”), (ii) collective trust funds, investment companies","page_number":186,"box":{"x":117,"y":792,"width":765,"height":13}},{"id":"0106e9f5-3bc9-4e8c-9a23-e2cfeb9dc967","block_type":"box","text":"and other pooled investment vehicles, each of which may purchase shares of the Fund through a","page_number":186,"box":{"x":116,"y":808,"width":720,"height":12}},{"id":"b7df24ce-72fa-4aea-a055-0274fb012644","block_type":"box","text":"financial intermediary that has entered into an agreement with the Distributor to purchase such shares,","page_number":186,"box":{"x":116,"y":823,"width":761,"height":13}},{"id":"af5d1e3d-7b82-420a-9c82-e46a3230dcbd","block_type":"box","text":"(iii) “Institutional Investors,” which include but are not limited to, endowments, foundations, family","page_number":186,"box":{"x":117,"y":839,"width":722,"height":12}},{"id":"63e59031-e243-4d40-a4f7-8c5a808e60e1","block_type":"box","text":"offices, banks and bank trusts, local, city, and state governmental institutions, corporations and","page_number":186,"box":{"x":116,"y":854,"width":710,"height":13}},{"id":"7b24abe7-bc90-4428-a2c2-c336c0990228","block_type":"box","text":"insurance company separate accounts, each of which may purchase shares of the Fund through a","page_number":186,"box":{"x":117,"y":870,"width":735,"height":12}},{"id":"5ef28319-d6ea-4ef9-b650-511042235d4e","block_type":"box","text":"II-137","page_number":186,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"622f35b2-381e-41bc-ba96-26467dbefac2","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":186,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"102d2c86-1a30-4fe5-8c43-d3d5d8960186","block_type":"box","text":"financial intermediary that has entered into an agreement with the Distributor to purchase such shares,","page_number":187,"box":{"x":116,"y":87,"width":767,"height":12}},{"id":"ce1ce581-4201-47af-8610-cf3d14a74d8a","block_type":"box","text":"(iv) clients of private banks that purchase shares of the Fund through a financial intermediary that has","page_number":187,"box":{"x":117,"y":102,"width":759,"height":13}},{"id":"bac2dde6-4372-4fa9-8bb3-06c4e905116b","block_type":"box","text":"entered into an agreement with the Distributor to sell such shares; (v) fee-based advisory platforms of","page_number":187,"box":{"x":116,"y":118,"width":759,"height":12}},{"id":"f6141d13-47b3-420a-a86e-d59a594bbf5a","block_type":"box","text":"a financial intermediary that (a) has specifically acknowledged in a written agreement with the","page_number":187,"box":{"x":116,"y":134,"width":699,"height":12}},{"id":"fe875dc8-09fc-4f85-af5d-ed906ba08844","block_type":"box","text":"Distributor and/or its affiliate(s) that the financial intermediary shall offer such shares to fee-based","page_number":187,"box":{"x":117,"y":149,"width":728,"height":12}},{"id":"38ba3a6e-2677-412b-9cae-17f4fad3533b","block_type":"box","text":"advisory clients through an omnibus account held at the Fund or (b) transacts in the Fund’s shares","page_number":187,"box":{"x":116,"y":165,"width":737,"height":12}},{"id":"1cb31f2b-95e9-4215-84c8-3c71ddab93dc","block_type":"box","text":"through another intermediary that has executed such an agreement and (vi) any other investors who","page_number":187,"box":{"x":116,"y":180,"width":750,"height":12}},{"id":"f4ce9e14-1f21-4ddb-b506-668b18a298eb","block_type":"box","text":"met the eligibility criteria for BlackRock Shares or Class K Shares prior to August 15, 2016 and have","page_number":187,"box":{"x":117,"y":196,"width":748,"height":12}},{"id":"5a315837-5821-4275-9423-925d0c54d563","block_type":"box","text":"continually held Class K Shares of the Fund or the respective Predecessor Fund in the same account","page_number":187,"box":{"x":116,"y":211,"width":757,"height":12}},{"id":"34faf7f6-89d9-4492-bdb2-5167a76bad55","block_type":"box","text":"since August 15, 2016. The agreement referenced in (iv) above shall appear in a supplemental","page_number":187,"box":{"x":116,"y":227,"width":709,"height":12}},{"id":"c336e6f8-4f9a-425e-923c-09efda9ef11b","block_type":"box","text":"agreement to any selling, sub-transfer agent, or distribution and marketing agreement.","page_number":187,"box":{"x":116,"y":242,"width":645,"height":12}},{"id":"43cb4f6a-0018-463c-af73-39545737c4ac","block_type":"box","text":"Class K Shares are also available to employees, officers and directors/trustees of BlackRock, Inc. and","page_number":187,"box":{"x":117,"y":271,"width":762,"height":12}},{"id":"9893d966-d10a-469f-aae3-deaeefb610b8","block_type":"box","text":"BlackRock Funds and immediate family members of such persons, if they open an account directly","page_number":187,"box":{"x":117,"y":287,"width":738,"height":12}},{"id":"f46754ad-1c5b-462b-ba04-8047f12ea4d2","block_type":"box","text":"with BlackRock. Eligible individuals who would like to convert existing holdings to Class K Shares must","page_number":187,"box":{"x":116,"y":302,"width":767,"height":12}},{"id":"30d55421-fd64-4aa0-881f-818a54e244cd","block_type":"box","text":"contact BlackRock.","page_number":187,"box":{"x":116,"y":318,"width":148,"height":9}},{"id":"8a3d89c4-2575-4010-9c2c-29d4072e2b9e","block_type":"box","text":"Class G Shares","page_number":187,"box":{"x":116,"y":347,"width":128,"height":10}},{"id":"3c20289e-f078-45fe-b6f0-8a0e6e8530bb","block_type":"box","text":"Certain Funds offer Class G Shares, which are available only to investors on eligible platforms. Eligible","page_number":187,"box":{"x":117,"y":369,"width":767,"height":13}},{"id":"32d333d2-4d21-40a7-85aa-b2d95749f441","block_type":"box","text":"platforms are those where clients invest in the Fund through a single omnibus account in the name of a","page_number":187,"box":{"x":117,"y":385,"width":770,"height":12}},{"id":"6af6a974-252d-49c6-91ab-87365ba72127","block_type":"box","text":"financial intermediary that meets an initial investment minimum of $2 billion. For clients investing","page_number":187,"box":{"x":116,"y":400,"width":720,"height":13}},{"id":"17ef41a2-3726-4da2-8eec-b9b2f32bf08c","block_type":"box","text":"through such eligible platforms, the Fund does not impose investment minimums on any individual","page_number":187,"box":{"x":116,"y":416,"width":734,"height":12}},{"id":"4aad1616-732e-483d-847d-3e45d523c9d1","block_type":"box","text":"investor. Financial intermediaries may impose separate eligibility requirements.","page_number":187,"box":{"x":117,"y":432,"width":591,"height":12}},{"id":"6a96f32d-b4d8-46cd-b735-c909f4c47c4d","block_type":"box","text":"Service Shares","page_number":187,"box":{"x":116,"y":461,"width":125,"height":9}},{"id":"5c8a5112-82d1-4946-aa16-d0116d69883f","block_type":"box","text":"Certain Funds offer Service Shares, which are available only to certain investors, including: (i) certain","page_number":187,"box":{"x":117,"y":483,"width":755,"height":12}},{"id":"c45d5ff8-bf62-4fa3-8afa-bf3b98857fa1","block_type":"box","text":"financial institutions, such as banks and brokerage firms, acting on behalf of their customers; (ii) certain","page_number":187,"box":{"x":116,"y":499,"width":772,"height":12}},{"id":"32fd5f65-d793-40b6-a1a2-28001ef00cd3","block_type":"box","text":"persons who were shareholders of the Compass Capital Group of Funds at the time of its combination","page_number":187,"box":{"x":117,"y":514,"width":762,"height":12}},{"id":"73547586-8392-45b2-b1d6-afb76afbc2e4","block_type":"box","text":"with The PNC","page_number":187,"box":{"x":116,"y":530,"width":103,"height":9}},{"id":"f6e2f2da-c09f-42b2-b043-cb71112fbac0","block_type":"box","text":"®","page_number":187,"box":{"x":219,"y":529,"width":10,"height":7}},{"id":"2bd40ca9-cc59-4a99-88fb-4db30a69eb36","block_type":"box","text":"Fund in 1996; and (iii) participants in the Capital Directions","page_number":187,"box":{"x":229,"y":530,"width":440,"height":12}},{"id":"c6dac8b0-013b-473e-be90-79c18b0c0fe3","block_type":"box","text":"SM","page_number":187,"box":{"x":670,"y":530,"width":15,"height":6}},{"id":"af5b9294-e12f-4d9b-823d-da65eda51bbb","block_type":"box","text":"asset allocation program.","page_number":187,"box":{"x":686,"y":530,"width":197,"height":12}},{"id":"12672234-8173-410f-a8bd-0a930f7b95f5","block_type":"box","text":"Service Shares are not subject to an initial sales charge or a CDSC but are subject to an ongoing","page_number":187,"box":{"x":116,"y":545,"width":727,"height":12}},{"id":"c2db0040-de05-42f5-b541-cc17b6e11d19","block_type":"box","text":"service fee as set forth in the applicable Fund’s Prospectus.","page_number":187,"box":{"x":116,"y":561,"width":449,"height":12}},{"id":"f365a41a-b467-4779-982c-b20a0249071a","block_type":"box","text":"BlackRock Shares","page_number":187,"box":{"x":117,"y":590,"width":150,"height":9}},{"id":"465e2922-1421-4ddb-a6ea-3abb1bb1f6dc","block_type":"box","text":"Certain Funds offer BlackRock Shares, which are available only to certain investors. BlackRock Shares","page_number":187,"box":{"x":117,"y":612,"width":770,"height":12}},{"id":"eeb08102-b565-4d1c-a382-49389c89c495","block_type":"box","text":"are offered without a sales charge to institutional and individual investors, registered investment","page_number":187,"box":{"x":116,"y":628,"width":715,"height":12}},{"id":"4007a534-a837-4447-aa39-59d5c9a99344","block_type":"box","text":"advisers and certain fee-based programs.","page_number":187,"box":{"x":116,"y":643,"width":315,"height":12}},{"id":"19ea9bf0-f020-408a-a1c9-9a84fbf8099f","block_type":"box","text":"Distribution and/or Shareholder Servicing Plans","page_number":187,"box":{"x":117,"y":672,"width":382,"height":13}},{"id":"38a6c49e-2502-434b-98c5-32d76a6bdebf","block_type":"box","text":"Each Fund has adopted a plan (each, a “Plan”) pursuant to Rule 12b-1 under the Investment Company","page_number":187,"box":{"x":117,"y":695,"width":764,"height":12}},{"id":"412001e0-61e0-4b54-97f2-434f7050069a","block_type":"box","text":"Act with respect to certain share classes that allows the Fund to pay distribution fees for the sale of its","page_number":187,"box":{"x":116,"y":710,"width":756,"height":12}},{"id":"bef74695-766c-4d39-b37f-e6b7689ef4e1","block_type":"box","text":"shares and shareholder servicing fees for certain services provided to its shareholders.","page_number":187,"box":{"x":116,"y":726,"width":645,"height":12}},{"id":"fa337457-5c05-4c87-b63e-4b3c08d1bbe8","block_type":"box","text":"Pursuant to the Plans, a Fund may pay BRIL and/or BlackRock, or any other affiliate or significant","page_number":187,"box":{"x":117,"y":755,"width":725,"height":12}},{"id":"1cdb3a05-e8fc-44af-ab8a-0a45178bb257","block_type":"box","text":"shareholder of BlackRock, fees for distribution and sales support services with respect to Investor A,","page_number":187,"box":{"x":116,"y":771,"width":744,"height":12}},{"id":"7aa4bd83-3700-4ea5-9613-c630dae28860","block_type":"box","text":"Investor A1, Investor C, Investor P, Service and Class R Shares. Currently, as described further below,","page_number":187,"box":{"x":117,"y":786,"width":763,"height":12}},{"id":"4e8cfa71-f4e8-4fdc-ab77-6fad2249b63f","block_type":"box","text":"only Investor C and Class R Shares bear the expense of distribution fees under a Plan.","page_number":187,"box":{"x":116,"y":802,"width":646,"height":12}},{"id":"14d1fb2a-b313-4aa3-a6fc-cd56b3899dc1","block_type":"box","text":"Each Fund has entered into a distribution agreement with BRIL under which BRIL, as agent, offers","page_number":187,"box":{"x":117,"y":831,"width":735,"height":12}},{"id":"d8cbb394-2788-4554-aab2-236ec1b0ec44","block_type":"box","text":"shares of each Fund on a continuous basis. BRIL has agreed to use appropriate efforts to effect sales","page_number":187,"box":{"x":116,"y":846,"width":762,"height":12}},{"id":"0d67bf93-7f5c-48eb-9eb2-5607e50af769","block_type":"box","text":"of the shares, but it is not obligated to sell any particular amount of shares. BRIL’s principal business","page_number":187,"box":{"x":116,"y":862,"width":752,"height":12}},{"id":"10f2d644-a8b8-46eb-b32d-4654d0d94f1e","block_type":"box","text":"address is 50 Hudson Yards, New York, NY 10001. BRIL is an affiliate of BlackRock.","page_number":187,"box":{"x":116,"y":877,"width":635,"height":12}},{"id":"3be240db-9687-4564-ae00-c320a0273acb","block_type":"box","text":"II-138","page_number":187,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"36fab570-660f-453d-b35d-03b916ef3518","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":187,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"7cb20612-da5e-4eac-ba97-ed17f70523f3","block_type":"box","text":"Pursuant to the Plans, each Fund may also pay shareholder servicing fees (also referred to as general","page_number":188,"box":{"x":117,"y":87,"width":765,"height":12}},{"id":"0aaa09db-90c3-4073-920e-29b682226f3b","block_type":"box","text":"shareholder liaison services fees) to affiliated and unaffiliated brokers, dealers, financial institutions,","page_number":188,"box":{"x":116,"y":102,"width":744,"height":13}},{"id":"6bdc220b-d846-4e84-a7a6-b7a0c215770c","block_type":"box","text":"insurance companies, retirement plan record-keepers and other financial intermediaries (including","page_number":188,"box":{"x":117,"y":118,"width":731,"height":12}},{"id":"e62e94c0-d6af-483a-bfa9-acc819b73a05","block_type":"box","text":"BlackRock, BRIL and their affiliates) (collectively, “Service Organizations”) for certain support services","page_number":188,"box":{"x":117,"y":134,"width":761,"height":12}},{"id":"d3469bda-d77d-4ed7-a0f8-e45e6663ea91","block_type":"box","text":"rendered by Service Organizations to their customers (“Customers”) who are the beneficial owners of","page_number":188,"box":{"x":117,"y":149,"width":756,"height":12}},{"id":"1e145bb6-9dd7-4922-9ef2-4f88fae5e1bd","block_type":"box","text":"Investor A, Investor A1, Investor C, Investor P, Service and Class R Shares of a Fund. Such services","page_number":188,"box":{"x":117,"y":165,"width":755,"height":11}},{"id":"4cacbc0c-fda7-4fbc-a38d-33ea8630eacb","block_type":"box","text":"are intended to supplement the services provided by the Fund’s Administrators and Transfer Agent to","page_number":188,"box":{"x":116,"y":180,"width":758,"height":12}},{"id":"118ad673-1355-4649-a4e2-ca9f275a59fe","block_type":"box","text":"the Fund’s shareholders of record.","page_number":188,"box":{"x":116,"y":196,"width":261,"height":9}},{"id":"e2116da3-f864-48af-a0cb-084a6704a6a3","block_type":"box","text":"The support services provided by Service Organizations are general shareholder liaison services,","page_number":188,"box":{"x":116,"y":227,"width":728,"height":12}},{"id":"ae358f47-0f4d-49b6-a553-19af73582725","block_type":"box","text":"which include, but are not limited to: (i) answering Customer inquiries regarding account status and","page_number":188,"box":{"x":116,"y":242,"width":740,"height":12}},{"id":"8e942886-e68b-404c-ac73-d5e403266357","block_type":"box","text":"history, the manner in which purchases, exchanges and redemptions or repurchases of shares may be","page_number":188,"box":{"x":117,"y":258,"width":767,"height":12}},{"id":"f7d66351-ec01-464b-ad3b-779068e1247b","block_type":"box","text":"effected and certain other matters pertaining to the Customers’ investments; and (ii) assisting","page_number":188,"box":{"x":116,"y":273,"width":697,"height":12}},{"id":"c2a38246-3794-4f49-ad21-1eccbf80e0ab","block_type":"box","text":"Customers in designating and changing dividend options, account designations and addresses. The","page_number":188,"box":{"x":117,"y":289,"width":746,"height":12}},{"id":"e43496b3-32ab-461a-8219-42f18ca08c1e","block_type":"box","text":"shareholder servicing fees payable pursuant to the Plans are paid to compensate Service","page_number":188,"box":{"x":116,"y":304,"width":670,"height":12}},{"id":"ba2d3c93-553c-4700-86a9-b875631021df","block_type":"box","text":"Organizations for the administration and servicing of shareholder accounts and are not costs which are","page_number":188,"box":{"x":116,"y":320,"width":769,"height":12}},{"id":"e26536ed-2a2a-45d5-9575-02ed2446d0aa","block_type":"box","text":"primarily intended to result in the sale of the Fund’s shares.","page_number":188,"box":{"x":117,"y":335,"width":444,"height":12}},{"id":"afd0636b-5c34-4909-b829-b989b31eb0ba","block_type":"box","text":"Payments under the Plans are based on a percentage of average daily net assets attributable to the","page_number":188,"box":{"x":117,"y":366,"width":746,"height":12}},{"id":"5faa8dec-0221-4671-b89c-38e407cb3fb2","block_type":"box","text":"shares in the applicable share class regardless of the amount of expenses incurred. As a result,","page_number":188,"box":{"x":116,"y":382,"width":716,"height":12}},{"id":"8872e4e6-81c6-42fd-bd54-ff3755cc82f7","block_type":"box","text":"payments under the Plans may be more or less than expenses incurred in connection with providing","page_number":188,"box":{"x":117,"y":397,"width":747,"height":12}},{"id":"5b6a05d1-a1c1-4ddb-9124-2c4ee4499728","block_type":"box","text":"distribution and/or shareholder services with respect to the related class. Information with respect to","page_number":188,"box":{"x":116,"y":413,"width":746,"height":12}},{"id":"9bf206d0-2bb4-45bb-a4eb-22026903f3e7","block_type":"box","text":"the payments under the Plans and expenses incurred in providing services with respect to the related","page_number":188,"box":{"x":116,"y":428,"width":758,"height":12}},{"id":"8c9b3f5a-a593-4db2-9f8a-66973d2643f1","block_type":"box","text":"class is presented to the Directors for their consideration quarterly. Payments under the Plans consist","page_number":188,"box":{"x":116,"y":444,"width":759,"height":12}},{"id":"cd6c17d3-d330-4c5a-97df-b6537c75f078","block_type":"box","text":"of the shareholder servicing fees and the distribution fees. Expenses with respect to providing","page_number":188,"box":{"x":116,"y":459,"width":701,"height":12}},{"id":"f6828330-68a8-4407-a607-2b42b3745bf2","block_type":"box","text":"distribution and/or shareholder services with respect to a class may consist of Service Organization","page_number":188,"box":{"x":116,"y":475,"width":742,"height":12}},{"id":"8168f5e6-ea68-4729-97d5-ce3b4df82d9c","block_type":"box","text":"financial adviser compensation, branch office and regional operation center selling and transaction","page_number":188,"box":{"x":116,"y":490,"width":736,"height":12}},{"id":"e6052a62-37a5-4dad-a984-7c34da4b3069","block_type":"box","text":"processing expenses, advertising, sales promotion and marketing expenses. Payments under the","page_number":188,"box":{"x":117,"y":506,"width":728,"height":12}},{"id":"72b1c429-f3b5-45d3-b6a0-d5966d5e3d5c","block_type":"box","text":"Plans with respect to one class will not be used to finance the expenditures of another class. Sales","page_number":188,"box":{"x":117,"y":521,"width":737,"height":12}},{"id":"6e9b6b9f-e0df-4103-a796-acbe11db175c","block_type":"box","text":"personnel may receive different compensation for selling different classes of shares.","page_number":188,"box":{"x":117,"y":537,"width":629,"height":12}},{"id":"b5473230-fda3-41ec-8ac2-51715f87afa7","block_type":"box","text":"Each Plan is subject to the provisions of Rule 12b-1 under the Investment Company Act. In their","page_number":188,"box":{"x":117,"y":568,"width":717,"height":12}},{"id":"94cf4d82-6b7c-446f-9d87-7b390cf87991","block_type":"box","text":"consideration of a Plan, the Directors must consider all factors they deem relevant, including","page_number":188,"box":{"x":116,"y":583,"width":690,"height":12}},{"id":"b985db95-488d-4743-8937-aeb28f9006ec","block_type":"box","text":"information as to the benefits of the Plan to the Fund and the related class of shareholders. In","page_number":188,"box":{"x":117,"y":599,"width":699,"height":9}},{"id":"6d123b7d-1329-4bfc-99c8-5817f4145f18","block_type":"box","text":"approving a Plan in accordance with Rule 12b-1, the non-interested Directors concluded that there is","page_number":188,"box":{"x":116,"y":614,"width":753,"height":12}},{"id":"84aa15ea-7829-4a7d-adb0-a9afdca36569","block_type":"box","text":"reasonable likelihood that the Plan will benefit the Fund and its related class of shareholders. The Plan","page_number":188,"box":{"x":117,"y":630,"width":766,"height":9}},{"id":"ec2b092f-612e-4ab2-bf15-e2c2b8ca3ac6","block_type":"box","text":"provides, among other things, that: (i) the Board of Directors shall receive quarterly reports regarding","page_number":188,"box":{"x":117,"y":645,"width":752,"height":12}},{"id":"5d43eb0a-944f-4570-9643-41f56d626ef1","block_type":"box","text":"the amounts expended under the Plan and the purposes for which such expenditures were made; (ii)","page_number":188,"box":{"x":116,"y":661,"width":748,"height":12}},{"id":"b8dd6d82-ab32-451f-ad9b-123f428f7ca9","block_type":"box","text":"the Plan will continue in effect for so long as its continuance is approved at least annually by the Board","page_number":188,"box":{"x":116,"y":676,"width":761,"height":12}},{"id":"bb8abf12-0133-451d-86f0-c693ef0d8cfd","block_type":"box","text":"of Directors, including the directors who are not “interested persons” of the Fund (as defined in the","page_number":188,"box":{"x":116,"y":692,"width":729,"height":12}},{"id":"d715dda1-7cd7-438d-86b9-6e1f48015ae8","block_type":"box","text":"Investment Company Act) and who have no direct or indirect financial interest in the operation of the","page_number":188,"box":{"x":117,"y":707,"width":743,"height":12}},{"id":"3d72ca5c-b01e-4364-bee7-9c91fe4c69ad","block_type":"box","text":"Plan or any agreement entered into in connection with the Plan (the “12b-1 Directors”), acting in person","page_number":188,"box":{"x":117,"y":723,"width":765,"height":12}},{"id":"63055a34-20df-4281-be36-b1afd2696c66","block_type":"box","text":"at a meeting called for said purpose in accordance with Rule 12b-1 under the Investment Company","page_number":188,"box":{"x":116,"y":738,"width":737,"height":12}},{"id":"1ff65af3-25c4-45a6-bc14-87f5eb49c44b","block_type":"box","text":"Act; (iii) any material amendment thereto must be approved by the Board of Directors, including the","page_number":188,"box":{"x":116,"y":754,"width":737,"height":12}},{"id":"3af41aca-9ce0-4058-aef3-9d0945ca7f38","block_type":"box","text":"12b-1 Directors, acting in person at a meeting called for said purpose; (iv) any amendment to increase","page_number":188,"box":{"x":118,"y":769,"width":757,"height":12}},{"id":"87efc23a-6978-4f2f-a06d-fb0f9a73e449","block_type":"box","text":"materially the costs which any class of shares may bear for distribution services pursuant to the Plan","page_number":188,"box":{"x":117,"y":785,"width":745,"height":12}},{"id":"d6373cd6-268f-4435-8005-7c7715923eb2","block_type":"box","text":"shall be effective only upon approval by a vote of a majority of the outstanding shares of such class","page_number":188,"box":{"x":116,"y":800,"width":736,"height":12}},{"id":"670f291b-6778-401d-b058-a1d0c6e5066f","block_type":"box","text":"and by a majority of the Board of Directors, including the 12b-1 Directors, acting in person at a meeting","page_number":188,"box":{"x":116,"y":816,"width":763,"height":12}},{"id":"0085fdf9-34a6-40bf-bff7-7218214a891a","block_type":"box","text":"called for said purpose; and (v) while the Plan remains in effect, the selection and nomination of the","page_number":188,"box":{"x":116,"y":831,"width":744,"height":12}},{"id":"0f03e30f-8318-4920-9753-ba446e719f8c","block_type":"box","text":"Fund’s Directors who are not “interested persons” of the Fund shall be committed to the discretion of","page_number":188,"box":{"x":117,"y":847,"width":750,"height":12}},{"id":"2a103b93-9c3d-45d3-9f49-7384b3ed4774","block_type":"box","text":"the Fund’s non-interested Directors. Rule 12b-1 further requires that each Fund preserve copies of","page_number":188,"box":{"x":116,"y":862,"width":737,"height":12}},{"id":"8e1d3291-1540-4e24-9ddf-469ba1399add","block_type":"box","text":"II-139","page_number":188,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"ebfc8ef0-ad6e-4525-84d4-c56e914ecc41","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":188,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"3a5a6cab-2d5a-4ab5-9b83-486e27b07518","block_type":"box","text":"each Plan and any report made pursuant to such Plan for a period of not less than six years from the","page_number":189,"box":{"x":116,"y":87,"width":753,"height":12}},{"id":"23ed88d9-a857-487d-bb91-811bda6502f9","block_type":"box","text":"date of the Plan or such report, the first two years in an easily accessible place.","page_number":189,"box":{"x":116,"y":102,"width":594,"height":13}},{"id":"40bd1b23-fa48-4d1c-a1d2-3a66fdd43f3d","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","page_number":189,"box":{"x":117,"y":132,"width":762,"height":13}},{"id":"ec76bc68-12a5-4f21-8e8a-c863e1ecbf93","block_type":"box","text":"the 12b-1 Directors, or by vote of the holders of a majority of the shares of such class.","page_number":189,"box":{"x":116,"y":148,"width":643,"height":12}},{"id":"40560dd2-60a7-4d72-a971-1a037c385d07","block_type":"box","text":"See “Information on Sales Charges and Distribution Related Expenses” in Part I of each Fund’s SAI for","page_number":189,"box":{"x":116,"y":178,"width":770,"height":12}},{"id":"52cb8c4d-d259-4bf7-bd58-448d2599300f","block_type":"box","text":"information relating to the fees paid by your Fund to the Distributor under each Plan during the Fund’s","page_number":189,"box":{"x":117,"y":193,"width":759,"height":12}},{"id":"c2eca512-0491-4b0e-945c-382010178cbe","block_type":"box","text":"most recent fiscal year.","page_number":189,"box":{"x":117,"y":209,"width":177,"height":12}},{"id":"4f43de76-8e0d-4b63-87ce-4988410b7634","block_type":"box","text":"Limitations on the Payment of Deferred Sales Charges","page_number":189,"box":{"x":117,"y":239,"width":439,"height":12}},{"id":"f7e2fff9-f5dd-4eb1-b3c9-40897690aa9d","block_type":"box","text":"The maximum sales charge rule in the Conduct Rules of the Financial Industry Regulatory Authority","page_number":189,"box":{"x":116,"y":261,"width":745,"height":13}},{"id":"b2102f88-b5bd-4e02-8971-fae9c5810cfc","block_type":"box","text":"(“FINRA”) imposes a limitation on certain asset-based sales charges such as the distribution fee borne","page_number":189,"box":{"x":117,"y":277,"width":765,"height":12}},{"id":"5b355134-cafe-461b-9ce1-78efc0bfc9e6","block_type":"box","text":"by Class R Shares, and the distribution fee and the CDSC borne by the Investor C Shares. This","page_number":189,"box":{"x":117,"y":292,"width":715,"height":13}},{"id":"12c99ec4-bf2a-4f3c-af42-501c367d7ee1","block_type":"box","text":"limitation does not apply to the shareholder servicing fee. The maximum sales charge rule is applied","page_number":189,"box":{"x":117,"y":308,"width":748,"height":12}},{"id":"16271638-ba50-4ba5-af0f-a11e24f24e01","block_type":"box","text":"separately to each class and limits the aggregate of distribution fee payments and CDSCs payable by","page_number":189,"box":{"x":116,"y":323,"width":759,"height":13}},{"id":"07ab3abe-fdd7-4af4-8a8f-beb1f3279d6b","block_type":"box","text":"a Fund to (1) 6.25% of eligible gross sales of Investor C and Class R Shares, computed separately","page_number":189,"box":{"x":116,"y":339,"width":739,"height":12}},{"id":"f3b2bfd8-4f50-42f2-9cd7-a257e44d21a3","block_type":"box","text":"(excluding shares issued pursuant to dividend reinvestments and exchanges), plus (2) interest on the","page_number":189,"box":{"x":117,"y":354,"width":756,"height":13}},{"id":"f4c12bbd-4200-4958-9cfc-e8c3c7a2a0d7","block_type":"box","text":"unpaid balance for the respective class, computed separately, at the prime rate plus 1% (the unpaid","page_number":189,"box":{"x":117,"y":370,"width":746,"height":12}},{"id":"c5472989-fc81-4269-9daa-3361e69bf7ec","block_type":"box","text":"balance being the maximum amount payable minus amounts received from the payment of the","page_number":189,"box":{"x":117,"y":385,"width":708,"height":13}},{"id":"39f3d9c3-85e1-4b57-8398-09d22f6ce090","block_type":"box","text":"distribution fee and the CDSC). See “Information on Sales Charges and Distribution Related","page_number":189,"box":{"x":116,"y":401,"width":689,"height":12}},{"id":"6d7cca56-d4bd-413f-85a0-9b6ec2b9d3b1","block_type":"box","text":"Expenses” in Part I of each Fund’s SAI for comparative information as of your Fund’s most recent fiscal","page_number":189,"box":{"x":117,"y":416,"width":771,"height":13}},{"id":"fa597039-99e6-468d-94ba-4a1ecff697ac","block_type":"box","text":"year end with respect to, if applicable, the Investor C and Class R Shares of your Fund.","page_number":189,"box":{"x":116,"y":432,"width":654,"height":12}},{"id":"fa093774-3611-4893-a68d-32bce9abe5ca","block_type":"box","text":"Other Payments by the Fund","page_number":189,"box":{"x":116,"y":462,"width":234,"height":12}},{"id":"a6e764de-33de-48c0-a183-dffabf41d910","block_type":"box","text":"In addition to shareholder servicing fees that a Fund may pay to a Service Organization pursuant to the","page_number":189,"box":{"x":117,"y":485,"width":770,"height":12}},{"id":"40c30603-00fb-4482-8880-c1376a0367db","block_type":"box","text":"Plan and fees the Fund pays to its Transfer Agent, BlackRock, on behalf of a Fund, may enter into","page_number":189,"box":{"x":117,"y":500,"width":733,"height":12}},{"id":"500aabfb-5914-4db3-9336-aa0945d4f44a","block_type":"box","text":"non-Plan agreements with Service Organizations pursuant to which the Fund will pay a Service","page_number":189,"box":{"x":117,"y":516,"width":711,"height":12}},{"id":"af8269f6-9d4e-4802-8b9f-6fca54758322","block_type":"box","text":"Organization for administrative, networking, recordkeeping, sub-transfer agency, sub-accounting and/","page_number":189,"box":{"x":116,"y":531,"width":754,"height":12}},{"id":"6518e7df-5e50-451b-968d-e0be05cdd4e9","block_type":"box","text":"or shareholder services. These non-Plan payments are generally based on either (1) a percentage of","page_number":189,"box":{"x":116,"y":547,"width":755,"height":12}},{"id":"bc3db30e-5cf8-4f3b-8cd2-2c08d5714416","block_type":"box","text":"the average daily net assets of Fund shareholders serviced by a Service Organization or (2) a fixed","page_number":189,"box":{"x":116,"y":562,"width":742,"height":12}},{"id":"2735b11f-d90a-400e-9f54-811a15f42d61","block_type":"box","text":"dollar amount for each account serviced by a Service Organization. The aggregate amount of these","page_number":189,"box":{"x":116,"y":578,"width":745,"height":12}},{"id":"9291e4bb-e6db-45d0-a2ef-d69c71613575","block_type":"box","text":"payments may be substantial.","page_number":189,"box":{"x":117,"y":593,"width":226,"height":12}},{"id":"000f3d7c-04bf-47dd-8dc8-24f43ea7931b","block_type":"box","text":"Additional Payments by BlackRock","page_number":189,"box":{"x":116,"y":623,"width":286,"height":12}},{"id":"c78e459e-8df6-44fe-ab7e-2f96ce23a1f5","block_type":"box","text":"From time to time, BlackRock, BRIL and/or their affiliates (referred to in this section collectively","page_number":189,"box":{"x":117,"y":646,"width":707,"height":12}},{"id":"4a181f5c-4846-42d3-bbfe-ddda98149e0b","block_type":"box","text":"as “BlackRock”) may compensate Service Organizations for the sale and distribution of shares of a","page_number":189,"box":{"x":116,"y":661,"width":734,"height":12}},{"id":"c7a20e1e-6a82-459d-9805-d0d87c9d5c22","block_type":"box","text":"Fund, for services to a Fund and its shareholders and/or for data provision or technology support. A","page_number":189,"box":{"x":117,"y":677,"width":738,"height":12}},{"id":"66195639-3d0b-4f24-9b91-bb4a5ee5e376","block_type":"box","text":"Service Organization may perform these obligations itself or may arrange for a third party to perform","page_number":189,"box":{"x":116,"y":692,"width":743,"height":12}},{"id":"347ca850-5add-4953-a301-8304209925e1","block_type":"box","text":"them. These payments, which are not made pursuant to a Plan or otherwise paid by a Fund, are","page_number":189,"box":{"x":116,"y":708,"width":714,"height":12}},{"id":"1406b1f9-0109-462c-ab81-8574532df1f9","block_type":"box","text":"referred to as “Additional Payments” herein.","page_number":189,"box":{"x":117,"y":723,"width":323,"height":12}},{"id":"31a068d8-1387-43c5-8b8e-7e08202df04f","block_type":"box","text":"Additional Payments are made from BlackRock’s own assets (which may come directly or indirectly","page_number":189,"box":{"x":116,"y":753,"width":737,"height":12}},{"id":"b74f9d68-13ff-480c-9fb2-bec4ba5a0da8","block_type":"box","text":"from fees paid by a Fund to BlackRock for various services, such as investment advisory services).","page_number":189,"box":{"x":116,"y":769,"width":735,"height":12}},{"id":"a89c24d1-7e47-41d6-b29a-25ff1a18fdef","block_type":"box","text":"These payments are not an additional charge to a Fund or its shareholders and do not change the","page_number":189,"box":{"x":116,"y":784,"width":728,"height":12}},{"id":"57576056-269c-4e7e-bbbc-3e40e273d2d4","block_type":"box","text":"price paid by shareholders for the purchase of a Fund’s shares or the amount a Fund receives as","page_number":189,"box":{"x":117,"y":800,"width":720,"height":12}},{"id":"ac9d6153-1acf-4c4f-bafc-e7bdfd558267","block_type":"box","text":"proceeds from such purchases. Additional Payments made to Service Organizations are in addition to","page_number":189,"box":{"x":117,"y":815,"width":755,"height":12}},{"id":"fff34a39-4e8b-409d-ab24-f88cd46339a0","block_type":"box","text":"any distribution or shareholder servicing fees paid under any Plan of any Fund, any sales charges,","page_number":189,"box":{"x":116,"y":831,"width":736,"height":12}},{"id":"61f80b5c-34aa-4943-be29-c696173045b0","block_type":"box","text":"commissions or other concessions described in the Prospectuses or this SAI, and any administrative,","page_number":189,"box":{"x":116,"y":846,"width":757,"height":12}},{"id":"474a2770-0282-4ab7-b04b-5ed579a70dbf","block_type":"box","text":"networking, recordkeeping, sub-transfer agency or sub-accounting fees payable by a Fund. Pursuant","page_number":189,"box":{"x":117,"y":862,"width":754,"height":12}},{"id":"d45e3a71-e7cb-4b98-bc3b-a2da3f274e57","block_type":"box","text":"to applicable FINRA regulations, the details of certain of these payments, including the Service","page_number":189,"box":{"x":116,"y":877,"width":708,"height":12}},{"id":"c8f21cfa-f5e4-401d-a7be-ab745f1b4606","block_type":"box","text":"II-140","page_number":189,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"2df125ac-7b35-4601-a801-a06b5cd1e015","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":189,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"98099a48-27a2-4e9a-9799-7749ffbaba72","block_type":"box","text":"Organizations receiving such payments in connection with the sale and distribution of Fund shares, are","page_number":190,"box":{"x":116,"y":87,"width":770,"height":12}},{"id":"ff1d621e-294b-4920-b524-f7b8e8825c74","block_type":"box","text":"required to be disclosed. While FINRA regulations limit the sales charges that shareholders may bear,","page_number":190,"box":{"x":117,"y":103,"width":761,"height":12}},{"id":"183f0bc4-b46b-488c-959f-6167871f3179","block_type":"box","text":"there are no limits with regard to the amounts that BlackRock may pay out of its own assets.","page_number":190,"box":{"x":116,"y":118,"width":690,"height":12}},{"id":"5ea8f1b3-9018-4262-9c0d-cad4d62d4787","block_type":"box","text":"Additional Payments may be made as a fixed dollar amount, may be based on the number of","page_number":190,"box":{"x":116,"y":146,"width":695,"height":12}},{"id":"34750d53-d3af-4af4-a408-2cd4a9c53a61","block_type":"box","text":"Customer accounts maintained by a Service Organization, may be based on a percentage of the value","page_number":190,"box":{"x":117,"y":162,"width":766,"height":12}},{"id":"dc3a39ab-e9f4-45b8-9e0b-7ec2b292fc49","block_type":"box","text":"of shares sold to, or held by, Customers of the Service Organization involved, or may be calculated on","page_number":190,"box":{"x":116,"y":177,"width":764,"height":12}},{"id":"fb77d36f-7b06-4d6e-9f98-b195ab324fc2","block_type":"box","text":"another basis.","page_number":190,"box":{"x":116,"y":193,"width":110,"height":9}},{"id":"33049547-0fe8-48f9-8e9d-2f37367ed208","block_type":"box","text":"BlackRock negotiates Additional Payments with each Service Organization on an individual basis.","page_number":190,"box":{"x":117,"y":221,"width":730,"height":12}},{"id":"4906b2e7-d153-48af-b447-a8e75581947e","block_type":"box","text":"Additional Payments may be different for different Service Organizations, and some Service","page_number":190,"box":{"x":116,"y":237,"width":687,"height":12}},{"id":"42cfecd1-bfba-4a7c-b8a9-21e2791f0ea4","block_type":"box","text":"Organizations may be paid pursuant to more than one of the calculations described above. Not all","page_number":190,"box":{"x":116,"y":252,"width":731,"height":12}},{"id":"cb45f2b9-1438-4a2a-a960-2a1e3743318a","block_type":"box","text":"Service Organizations receive Additional Payments. Sales-based payments primarily create incentives","page_number":190,"box":{"x":116,"y":268,"width":766,"height":12}},{"id":"f40f20d9-0955-4524-a56e-52db82b54883","block_type":"box","text":"to make new sales of shares of the Fund, and asset-based payments primarily create incentives to","page_number":190,"box":{"x":116,"y":283,"width":737,"height":12}},{"id":"6f7b8d93-3436-454f-8862-c4a74dafcc72","block_type":"box","text":"retain previously sold shares of the Fund. The level of payments made to these Service Organizations","page_number":190,"box":{"x":117,"y":299,"width":761,"height":12}},{"id":"5bd2914c-3f1e-4d57-857b-90ed43c75b68","block_type":"box","text":"in any year will vary and may be limited to specific Funds or share classes. In certain cases, these","page_number":190,"box":{"x":117,"y":314,"width":732,"height":12}},{"id":"43c73ac4-29c0-403f-9157-073fdbbd1e62","block_type":"box","text":"payments may be subject to certain minimum payment levels.","page_number":190,"box":{"x":117,"y":330,"width":463,"height":12}},{"id":"0e790600-3c9f-415c-9d47-ec7825e03e5c","block_type":"box","text":"The aggregate amount of Additional Payments made by BlackRock may be substantial and may be","page_number":190,"box":{"x":116,"y":358,"width":743,"height":12}},{"id":"93ce23e6-05e9-43e3-8ecc-66ae33eaf4d1","block_type":"box","text":"significant to certain Service Organizations. The categories of Additional Payments listed below are not","page_number":190,"box":{"x":116,"y":374,"width":769,"height":12}},{"id":"429f5c70-fee0-4043-bb2a-f8c95a27bce8","block_type":"box","text":"mutually exclusive. The same Service Organization, or one or more of its affiliates, may receive","page_number":190,"box":{"x":117,"y":389,"width":712,"height":12}},{"id":"7cba9642-bffd-495e-9085-93780b6474f9","block_type":"box","text":"payments under more than one category of Additional Payments. Such payments may be different for","page_number":190,"box":{"x":117,"y":405,"width":759,"height":12}},{"id":"23905d87-ba3e-4b6b-8ebf-8283ac1e9b53","block_type":"box","text":"different Service Organizations and for different types of Funds.","page_number":190,"box":{"x":116,"y":420,"width":477,"height":12}},{"id":"a9c83e4b-bf7b-440f-a6b9-6af37d5641db","block_type":"box","text":"A. 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These payments normally will not exceed the sum of (a) 0.25% of such year’s Fund sales by","page_number":190,"box":{"x":116,"y":656,"width":757,"height":13}},{"id":"fc28cc88-52de-402c-808c-22c5ebd32610","block_type":"box","text":"that Service Organization, and (b) 0.21% of the assets attributable to that Service Organization","page_number":190,"box":{"x":116,"y":672,"width":703,"height":12}},{"id":"ea9677ac-bd5e-4ee1-84ea-1943fd7caf0c","block_type":"box","text":"invested in a Fund.","page_number":190,"box":{"x":117,"y":688,"width":139,"height":9}},{"id":"1ea2a1e2-564d-401c-b42e-d199d009c100","block_type":"box","text":"B. Shareholder Services","page_number":190,"box":{"x":150,"y":716,"width":181,"height":9}},{"id":"30065994-31a4-4380-93d6-ded24f614583","block_type":"box","text":"Many Fund shares are owned or held by Service Organizations for the benefit of their Customers. In","page_number":190,"box":{"x":117,"y":738,"width":742,"height":12}},{"id":"24fa5499-83fb-48fb-9379-0ff3f5048fe8","block_type":"box","text":"these situations, a Fund may not maintain accounts in the name of the Customers and Service","page_number":190,"box":{"x":116,"y":753,"width":702,"height":12}},{"id":"b003b8b5-7ba2-4878-8248-fc88c65c845a","block_type":"box","text":"Organizations may perform some of the functions for these Customers’ accounts that the Transfer","page_number":190,"box":{"x":116,"y":769,"width":728,"height":12}},{"id":"464bcc32-e443-43a2-b2e1-d969a9dcc8c4","block_type":"box","text":"Agent would have performed if the accounts had been in the Customers’ names on the Fund’s books.","page_number":190,"box":{"x":116,"y":784,"width":753,"height":12}},{"id":"ed889bc7-78ed-4fdf-92ec-a9a37068836b","block_type":"box","text":"Such services include sub-accounting services, shareholder servicing and transaction processing","page_number":190,"box":{"x":116,"y":800,"width":722,"height":12}},{"id":"71be338f-2622-4eca-85d8-3e77154bdb6e","block_type":"box","text":"services and are sometimes referred to as “recordkeeping,” “sub-transfer agency,” “sub-accounting,”","page_number":190,"box":{"x":116,"y":815,"width":745,"height":12}},{"id":"a2ac022d-5e81-4862-ab04-1901e82093bf","block_type":"box","text":"“networking” and/or “administrative” services. Additional Payments may exceed amounts that would be","page_number":190,"box":{"x":116,"y":831,"width":768,"height":12}},{"id":"105f0b23-2a41-4d84-8d45-f5363bdec020","block_type":"box","text":"earned on these assets by the Transfer Agent for the performance of these or similar services. These","page_number":190,"box":{"x":116,"y":846,"width":758,"height":12}},{"id":"1ae49d18-872b-41e3-856c-acd9e78ea516","block_type":"box","text":"Additional Payments made by BlackRock are in addition to any transfer agent, shareholder servicing","page_number":190,"box":{"x":116,"y":862,"width":750,"height":12}},{"id":"a7badc5d-4c47-44a6-8f04-cfc92b1e2d4e","block_type":"box","text":"and transaction processing fees paid by a Fund, as applicable.","page_number":190,"box":{"x":116,"y":877,"width":470,"height":12}},{"id":"c43e6e62-87ab-497e-a6c4-bff37fe4f687","block_type":"box","text":"II-141","page_number":190,"box":{"x":480,"y":909,"width":38,"height":9}},{"id":"1b6cf088-39ed-463b-8ec9-28b18d2e361a","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":190,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"760a1915-413e-44e1-957b-4146e1471f93","block_type":"box","text":"C. 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Such Additional Payments are generally made as a fixed dollar","page_number":191,"box":{"x":116,"y":141,"width":728,"height":12}},{"id":"8a57ba0f-924d-4de0-9c58-334216c8fbfc","block_type":"box","text":"amount, and not based on assets or sales.","page_number":191,"box":{"x":116,"y":157,"width":322,"height":11}},{"id":"c466aaac-e080-415e-9c4a-27cfaba82a99","block_type":"box","text":"D. Service Organizations Receiving Additional Payments","page_number":191,"box":{"x":150,"y":188,"width":427,"height":12}},{"id":"8fa36651-b455-4ed7-b09d-1dbd9e87c66a","block_type":"box","text":"As of the date of this SAI, the Service Organizations listed below, and, in some cases, certain of the","page_number":191,"box":{"x":116,"y":211,"width":746,"height":12}},{"id":"885bd169-78b6-4021-9b18-9b671173ba59","block_type":"box","text":"Service Organization’s affiliates, may be receiving one or more types of Additional Payments. This list","page_number":191,"box":{"x":116,"y":227,"width":759,"height":12}},{"id":"b5a77094-ea77-4380-84e7-97c642f8fd5a","block_type":"box","text":"may change over time, and BlackRock may pay Service Organizations or their affiliates additional","page_number":191,"box":{"x":117,"y":242,"width":729,"height":12}},{"id":"f690731f-c1b1-4d35-8b86-dbc318aad611","block_type":"box","text":"types of Additional Payments in the future. Please contact your Service Organization to determine","page_number":191,"box":{"x":116,"y":258,"width":731,"height":12}},{"id":"da13b46a-c46c-4b7f-bc13-07f3227f6b3e","block_type":"box","text":"whether it or its affiliate currently may be receiving such payments and to obtain further information","page_number":191,"box":{"x":116,"y":273,"width":739,"height":12}},{"id":"e0dcac6d-d6a9-445e-b980-9c160abf2ca5","block_type":"box","text":"regarding any such payments.","page_number":191,"box":{"x":117,"y":289,"width":229,"height":12}},{"id":"b320c107-8bee-46db-a35c-d9828ecdad44","block_type":"box","text":"&Partners","page_number":191,"box":{"x":116,"y":312,"width":79,"height":9}},{"id":"29115311-b0c0-4bdc-8657-b1909224e882","block_type":"box","text":"AccuTech Systems Corporation","page_number":191,"box":{"x":116,"y":327,"width":241,"height":12}},{"id":"18c00c19-5962-4da1-8ab5-9e686610e8ea","block_type":"box","text":"ADP Broker-Dealer, 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(A Fund may also suspend or postpone the recordation of the transfer of its","page_number":195,"box":{"x":116,"y":490,"width":761,"height":12}},{"id":"dcff89db-7f46-4ffc-8512-705b8c99d7b5","block_type":"box","text":"shares upon the occurrence of any of the foregoing conditions.)","page_number":195,"box":{"x":116,"y":506,"width":476,"height":12}},{"id":"fbf7b684-96e9-4c27-bdba-8bfe1d70c59b","block_type":"box","text":"Each Fund, with other investment companies advised by the Manager, has entered into a joint","page_number":195,"box":{"x":117,"y":537,"width":703,"height":12}},{"id":"c18ec92c-c8af-4e00-9db3-29c6daebdc4c","block_type":"box","text":"committed line of credit with a syndicate of banks that is intended to provide the Fund with a temporary","page_number":195,"box":{"x":116,"y":552,"width":768,"height":12}},{"id":"494bd2ff-9982-4dea-a659-2215b9e032f7","block_type":"box","text":"source of cash to be used to meet redemption requests from shareholders in extraordinary or","page_number":195,"box":{"x":116,"y":568,"width":697,"height":12}},{"id":"03544ac5-867e-44c3-91f4-d261f5e0ae5a","block_type":"box","text":"emergency circumstances.","page_number":195,"box":{"x":116,"y":583,"width":205,"height":12}},{"id":"8959d43e-fd9e-45cc-957a-30585c830873","block_type":"box","text":"Each Fund may redeem shares involuntarily to reimburse the Fund for any loss sustained by reason of","page_number":195,"box":{"x":117,"y":614,"width":766,"height":12}},{"id":"b9b6afe0-7524-4051-a00a-e7c1d992a530","block_type":"box","text":"the failure of a shareholder to make full payment for shares purchased by the shareholder or to collect","page_number":195,"box":{"x":116,"y":630,"width":763,"height":12}},{"id":"f9078d85-9eb6-4493-a8de-0847ab6b07d7","block_type":"box","text":"any charge relating to a transaction effected for the benefit of a shareholder. Each Fund reserves the","page_number":195,"box":{"x":116,"y":645,"width":754,"height":12}},{"id":"d04e6d0d-5e34-43ba-802f-21f871af08eb","block_type":"box","text":"express right to redeem shares of the Fund involuntarily at any time if the Fund’s Board of Directors","page_number":195,"box":{"x":116,"y":661,"width":738,"height":12}},{"id":"4b06ee4b-8f78-4835-b8ae-b58ea48226ae","block_type":"box","text":"determines, in its sole discretion, that failure to do so may have adverse consequences to the holders","page_number":195,"box":{"x":116,"y":676,"width":753,"height":12}},{"id":"47f49df3-c17d-4034-a312-b7a27befca49","block_type":"box","text":"of shares in the Fund. Upon such redemption the holders of shares so redeemed shall have no further","page_number":195,"box":{"x":116,"y":692,"width":759,"height":12}},{"id":"ae158a25-b293-453a-a07e-1ba359d0bd74","block_type":"box","text":"right with respect thereto other than to receive payment of the redemption price.","page_number":195,"box":{"x":117,"y":707,"width":591,"height":12}},{"id":"a7ce0656-aa0f-427c-a637-012c32ce4469","block_type":"box","text":"Redemption","page_number":195,"box":{"x":117,"y":738,"width":95,"height":12}},{"id":"5a8cc475-c607-4029-9160-d48890821854","block_type":"box","text":"Investor A, Investor A1, Investor C, Institutional and Class R Shares","page_number":195,"box":{"x":117,"y":761,"width":504,"height":12}},{"id":"addd532a-b7e0-4ae6-a9ed-3235bb3408be","block_type":"box","text":"Redeem by Telephone","page_number":195,"box":{"x":117,"y":785,"width":177,"height":12}},{"id":"749c5d7c-3e6d-4217-8ed4-e77a8ad657e7","block_type":"box","text":": You may sell Investor Shares, excluding Investor P Shares, held at","page_number":195,"box":{"x":296,"y":785,"width":505,"height":12}},{"id":"2b509ad4-20b4-44a4-8dd3-60620dda0a2c","block_type":"box","text":"BlackRock by telephone request if certain conditions are met and if the amount being sold is less than","page_number":195,"box":{"x":117,"y":800,"width":754,"height":12}},{"id":"c9271d21-bfcf-432d-b314-5ec331c0ff8e","block_type":"box","text":"(i) $100,000 for payments by check or (ii) $250,000 for payments through the Automated Clearing","page_number":195,"box":{"x":117,"y":815,"width":724,"height":13}},{"id":"cc9bc417-d18e-4aba-92dc-b47b5d433a18","block_type":"box","text":"House Network (“ACH”) or wire transfer. Certain redemption requests, such as those in excess of","page_number":195,"box":{"x":117,"y":831,"width":727,"height":12}},{"id":"4465477b-1214-46e1-a253-dda069f6998c","block_type":"box","text":"these amounts, and those where (i) the Fund does not have verified banking information on file; or","page_number":195,"box":{"x":116,"y":847,"width":734,"height":12}},{"id":"e43e3cde-1b59-4079-bc6f-df6f144a43f0","block_type":"box","text":"(ii) the proceeds are not paid to the record owner at the record address, must be in writing with a","page_number":195,"box":{"x":117,"y":862,"width":720,"height":12}},{"id":"4d158577-fe9d-4ab2-acaf-a112b66df456","block_type":"box","text":"medallion signature guarantee provided by any “eligible guarantor institution” as defined in","page_number":195,"box":{"x":117,"y":878,"width":674,"height":12}},{"id":"7fadcf95-fc4b-494b-849f-7e7d426e7bcc","block_type":"box","text":"II-146","page_number":195,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"11cae616-df5a-42f3-be3d-3f9a21560e13","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":195,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"2d18f4b7-042b-4401-8032-41e4e7eb9914","block_type":"box","text":"Rule 17Ad-15 under the Securities Exchange Act of 1934 (the “Exchange Act”), whose existence and","page_number":196,"box":{"x":117,"y":87,"width":756,"height":12}},{"id":"b1079e0b-a3a3-4fcf-b745-ab5295914cc3","block_type":"box","text":"validity may be verified by the Transfer Agent through the use of industry publications. For Institutional","page_number":196,"box":{"x":116,"y":102,"width":763,"height":13}},{"id":"a9e83e83-d6ee-44d4-ad34-b64f29433143","block_type":"box","text":"Shares, certain redemption requests may require written instructions with a medallion signature","page_number":196,"box":{"x":116,"y":118,"width":713,"height":12}},{"id":"e713b559-d8e5-4458-a049-f2c4a5788f0e","block_type":"box","text":"guarantee. Call (800) 441-7762 for details. You can obtain a medallion signature guarantee stamp from","page_number":196,"box":{"x":116,"y":134,"width":772,"height":12}},{"id":"6e8399a6-1f7c-4854-bf7a-93389419b5de","block_type":"box","text":"a bank, securities dealer, securities broker, credit union, savings and loan association, national","page_number":196,"box":{"x":116,"y":149,"width":709,"height":12}},{"id":"2e552ba4-9449-414b-a266-417e9cdd575e","block_type":"box","text":"securities exchange or registered securities association. The three recognized medallion programs are","page_number":196,"box":{"x":116,"y":165,"width":767,"height":12}},{"id":"0be4cb9b-46fe-4583-a1ac-30ae4fc81e96","block_type":"box","text":"Securities Transfer Agent Medallion Program, Stock Exchanges Medallion Program and New York","page_number":196,"box":{"x":116,"y":180,"width":736,"height":12}},{"id":"242f478d-c620-46c9-9b4b-063a6e4bbd80","block_type":"box","text":"Stock Exchange, Inc. Medallion Signature Program. Signature guarantees which are not a part of","page_number":196,"box":{"x":116,"y":196,"width":727,"height":12}},{"id":"6758df21-ddc2-4532-b1dc-13106bf6cac9","block_type":"box","text":"these programs will not be accepted. A notary public seal will not be acceptable. Generally, a properly","page_number":196,"box":{"x":116,"y":211,"width":761,"height":12}},{"id":"fd405dd3-ac7d-4d38-a676-b6fdb7ea12b1","block_type":"box","text":"signed written request with any required signature guarantee is all that is required for a redemption. In","page_number":196,"box":{"x":116,"y":227,"width":761,"height":12}},{"id":"ae8e98a9-729e-4579-bdb9-7b7df2a7846e","block_type":"box","text":"some cases, however, other documents may be necessary. Additional documentary evidence of","page_number":196,"box":{"x":116,"y":242,"width":719,"height":12}},{"id":"aedb4de9-92a8-42f2-b082-e64d2a98fb63","block_type":"box","text":"authority is required by the Transfer Agent in the event redemption is requested by a corporation,","page_number":196,"box":{"x":116,"y":258,"width":726,"height":12}},{"id":"6e21d16c-a091-413a-985e-7bfde856f022","block_type":"box","text":"partnership, trust, fiduciary, executor or administrator.","page_number":196,"box":{"x":117,"y":273,"width":402,"height":12}},{"id":"e004e460-83b7-4ef3-aed6-1d6481f911db","block_type":"box","text":"If you make a redemption request before a Fund has collected payment for the purchase of shares, the","page_number":196,"box":{"x":117,"y":304,"width":769,"height":12}},{"id":"28a40b21-3e47-46ca-b61d-1979ddda9114","block_type":"box","text":"Fund may delay mailing your proceeds. This delay will usually not exceed ten days. A Fund, its","page_number":196,"box":{"x":117,"y":320,"width":709,"height":12}},{"id":"53d72bc9-ee4c-4dca-b745-9c1355dcfd42","block_type":"box","text":"Administrators and the Distributor will employ reasonable procedures to confirm that instructions","page_number":196,"box":{"x":116,"y":335,"width":719,"height":12}},{"id":"062109a6-d94d-4ca2-bad2-d7c99ce48d6b","block_type":"box","text":"communicated by telephone are genuine. Telephone redemption requests will not be honored if: (i) the","page_number":196,"box":{"x":116,"y":351,"width":767,"height":12}},{"id":"25a4d69c-b4d2-44fd-b27e-c43db90cb2f4","block_type":"box","text":"accountholder is deceased, (ii) the proceeds are to be sent to someone other than the shareholder of","page_number":196,"box":{"x":116,"y":366,"width":756,"height":12}},{"id":"19cc4cc2-bef1-4251-b3cf-e884c5a7d50f","block_type":"box","text":"record, (iii) a Fund does not have verified information on file, (iv) the request is by an individual other","page_number":196,"box":{"x":117,"y":382,"width":749,"height":12}},{"id":"ed3c9cdc-3896-48c2-bc7b-5e12d54fb672","block_type":"box","text":"than the accountholder of record, (v) the account is held by joint tenants who are divorced, (vi) the","page_number":196,"box":{"x":116,"y":397,"width":733,"height":12}},{"id":"76319bc1-36f8-4b28-ba4e-0c5cbaad58b7","block_type":"box","text":"address on the account has changed within the last 30 days or share certificates have been issued on","page_number":196,"box":{"x":116,"y":413,"width":762,"height":12}},{"id":"65172a89-9b7c-4c4d-9c3a-fba3acc7f493","block_type":"box","text":"the account, or (vii) to protect against fraud, if the caller is unable to provide the account number, the","page_number":196,"box":{"x":116,"y":428,"width":752,"height":12}},{"id":"e7d0104a-8839-426d-89ee-09ca79206a75","block_type":"box","text":"name and address registered on the account and the social security number registered on the account.","page_number":196,"box":{"x":117,"y":444,"width":770,"height":12}},{"id":"f3b5c093-31d7-4ef0-a91f-37c7118489fe","block_type":"box","text":"The Fund and its service providers will not be liable for any loss, liability, cost or expense for acting","page_number":196,"box":{"x":116,"y":459,"width":739,"height":12}},{"id":"5445edba-b80f-4197-9b31-125bd98abeba","block_type":"box","text":"upon telephone instructions that are reasonably believed to be genuine in accordance with such","page_number":196,"box":{"x":117,"y":475,"width":716,"height":12}},{"id":"7caf87d6-4bbe-4788-bb1d-101025a1d7b9","block_type":"box","text":"procedures. Before telephone requests will be honored, signature approval from all shareholders of","page_number":196,"box":{"x":117,"y":490,"width":741,"height":12}},{"id":"56af6d07-0fe2-4134-acec-b41dca8a5e6d","block_type":"box","text":"record on the account must be obtained. The Fund may refuse a telephone redemption request if it","page_number":196,"box":{"x":117,"y":506,"width":738,"height":12}},{"id":"6b519f89-ee45-45e3-8f54-0bb204416283","block_type":"box","text":"believes it is advisable to do so. During periods of substantial economic or market change, telephone","page_number":196,"box":{"x":117,"y":521,"width":754,"height":12}},{"id":"eebcdf46-8f41-4ef8-b1d6-8210e76a01f2","block_type":"box","text":"redemptions may be difficult to complete. Please find below alternative redemption methods.","page_number":196,"box":{"x":117,"y":537,"width":691,"height":12}},{"id":"c9774a14-a06d-485c-aa8f-e580f443bd73","block_type":"box","text":"Redemption orders for Institutional Shares placed prior to 4:00 p.m. (Eastern time) on a business day","page_number":196,"box":{"x":117,"y":568,"width":756,"height":12}},{"id":"bfc41bed-f8e9-43a0-b10a-b52a0efd5fa4","block_type":"box","text":"will be priced at the NAV determined that day. If redemption orders are received by 4:00 p.m. (Eastern","page_number":196,"box":{"x":116,"y":583,"width":764,"height":12}},{"id":"0ad48f90-c043-4f5f-9fe5-6ae787ae627d","block_type":"box","text":"time) on a business day, payment for redeemed Institutional Shares will normally be wired in Federal","page_number":196,"box":{"x":116,"y":599,"width":753,"height":12}},{"id":"19b1dfb8-1a9b-471b-8386-db557b02d64b","block_type":"box","text":"Funds on the next business day. If the Federal Reserve Bank of Philadelphia is not open on the","page_number":196,"box":{"x":117,"y":614,"width":713,"height":12}},{"id":"3e90b374-1c99-493e-b685-86ee41f9fb75","block_type":"box","text":"business day following receipt of the redemption order, the redemption order will be accepted and","page_number":196,"box":{"x":117,"y":630,"width":729,"height":12}},{"id":"b21f7d09-2ced-41e4-96a5-196cdc37f33e","block_type":"box","text":"processed the next succeeding business day when the Federal Reserve Bank of Philadelphia is open,","page_number":196,"box":{"x":117,"y":645,"width":762,"height":12}},{"id":"6b4280eb-4f1a-4e4b-9337-0fdfd57c1631","block_type":"box","text":"provided that the Fund’s custodian is also open for business.","page_number":196,"box":{"x":117,"y":661,"width":449,"height":12}},{"id":"03a311ff-36b3-44d8-bc04-60da213ec6a5","block_type":"box","text":"Redeem by VRU","page_number":196,"box":{"x":117,"y":692,"width":127,"height":12}},{"id":"bef28a5c-5df2-45bc-993c-a3a3bc2f22c2","block_type":"box","text":": Investor class shares, excluding Investor P Shares, may also be redeemed by use","page_number":196,"box":{"x":247,"y":692,"width":620,"height":12}},{"id":"2d77ae6e-2a90-473f-9fa2-3d5c1dd11fe6","block_type":"box","text":"of a Fund’s automated voice response unit service (“VRU”). Payment for Investor class shares","page_number":196,"box":{"x":116,"y":707,"width":700,"height":12}},{"id":"922360f1-c8a2-4fca-b0d4-a4b8dc398dd2","block_type":"box","text":"redeemed by VRU may be made for non-retirement accounts in amounts up to $25,000, either through","page_number":196,"box":{"x":117,"y":722,"width":761,"height":13}},{"id":"299433ed-ccb6-4d25-8589-f94383d41a91","block_type":"box","text":"check, ACH or wire.","page_number":196,"box":{"x":116,"y":738,"width":147,"height":11}},{"id":"0ec0479d-a045-4a7c-9dc0-f4155c19cf60","block_type":"box","text":"Redeem by Internet:","page_number":196,"box":{"x":117,"y":769,"width":159,"height":12}},{"id":"602b2a24-9a03-4dfb-acec-cd59b6881120","block_type":"box","text":"Certain Investor and Institutional class shares may also be redeemed by logging","page_number":196,"box":{"x":283,"y":769,"width":595,"height":12}},{"id":"0e8e72ea-3cec-4dbc-a1c7-93b9d138280d","block_type":"box","text":"onto the BlackRock website at www.blackrock.com. Proceeds from Internet redemptions may be sent","page_number":196,"box":{"x":116,"y":785,"width":753,"height":12}},{"id":"f436b7c3-2461-4a32-b597-a7f28b6b7fbf","block_type":"box","text":"via check, ACH or wire to the bank account of record. Payment for shares redeemed by Internet may","page_number":196,"box":{"x":116,"y":800,"width":749,"height":12}},{"id":"fb16946e-a3dd-4c43-a65c-42c1022b75eb","block_type":"box","text":"be made for non-retirement accounts up to $100,000 per account per day, either through check, ACH","page_number":196,"box":{"x":117,"y":815,"width":751,"height":13}},{"id":"640d02e3-bb26-4728-8b66-dd824960d2b6","block_type":"box","text":"or wire. Different maximums may apply to certain institutional investors.","page_number":196,"box":{"x":116,"y":831,"width":535,"height":12}},{"id":"345b8ba8-f115-40ec-89c2-8090cadb970b","block_type":"box","text":"Redeem in Writing:","page_number":196,"box":{"x":117,"y":862,"width":157,"height":12}},{"id":"d73ed3b1-0585-436a-9c1a-2426f6eb0b9a","block_type":"box","text":"If you hold shares with the Transfer Agent you may redeem such shares without","page_number":196,"box":{"x":275,"y":862,"width":599,"height":12}},{"id":"335027ba-f3dc-4b3d-9512-cfdce16ae856","block_type":"box","text":"charge by writing to BlackRock, P.O. Box 534429, Pittsburgh, Pennsylvania 15253-4429. Redemption","page_number":196,"box":{"x":116,"y":878,"width":761,"height":12}},{"id":"444c4762-f2d1-406c-bce1-bf516789e263","block_type":"box","text":"II-147","page_number":196,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"4b2df036-ed66-498a-93de-18892e6ca134","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":196,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"65c5fadc-11e2-47ed-bd4c-b14f792fa96f","block_type":"box","text":"requests delivered other than by mail should be sent to BlackRock, Attention: 534429, 500 Ross Street","page_number":197,"box":{"x":117,"y":87,"width":768,"height":12}},{"id":"d577ed2a-248e-4b58-b0b2-9dc6d7ee58c8","block_type":"box","text":"154-0520, Pittsburgh, Pennsylvania 15262. If you hold share certificates issued by your Fund, the letter","page_number":197,"box":{"x":118,"y":102,"width":770,"height":13}},{"id":"3efe7905-5538-4752-8d6a-c325466b19f2","block_type":"box","text":"must be accompanied by certificates for the shares. All shareholders on the account must sign the","page_number":197,"box":{"x":117,"y":118,"width":733,"height":12}},{"id":"4b2c45cd-4261-4b0e-a6ad-4c2f3cd77e89","block_type":"box","text":"letter. A medallion signature guarantee will generally be required but may be waived in certain limited","page_number":197,"box":{"x":117,"y":134,"width":754,"height":12}},{"id":"f0b9011c-9b14-4b95-94aa-ba9542091f17","block_type":"box","text":"circumstances. You can obtain a medallion signature guarantee stamp from a bank, securities dealer,","page_number":197,"box":{"x":116,"y":149,"width":760,"height":12}},{"id":"365c9d88-a567-4bd5-8599-21182af22b35","block_type":"box","text":"securities broker, credit union, savings and loan association, national securities exchange or registered","page_number":197,"box":{"x":116,"y":165,"width":770,"height":12}},{"id":"4c7cff44-c2f6-4f63-bdcd-b05e7cd6a925","block_type":"box","text":"securities association. A notary public seal will not be acceptable. If you hold stock certificates, return","page_number":197,"box":{"x":116,"y":180,"width":756,"height":12}},{"id":"0340cb61-2243-4045-8228-b381297b573f","block_type":"box","text":"the certificates with the letter. Proceeds from redemptions may be sent via check, ACH or wire to the","page_number":197,"box":{"x":116,"y":196,"width":752,"height":12}},{"id":"84168d15-c2c9-40eb-ae59-bfa1835e9893","block_type":"box","text":"bank account of record.","page_number":197,"box":{"x":117,"y":211,"width":179,"height":10}},{"id":"d6fcb1ad-fc5b-44b1-861d-c7d8619445ec","block_type":"box","text":"Redemptions of Investor P Shares, Service Shares, Class G Shares, Class K Shares and BlackRock","page_number":197,"box":{"x":116,"y":239,"width":754,"height":12}},{"id":"40872d9d-026f-4743-8cf6-48a8b18c8803","block_type":"box","text":"Shares may be made in the manner and amounts described in the Prospectuses.","page_number":197,"box":{"x":117,"y":254,"width":608,"height":13}},{"id":"6e08f156-1fdf-44a6-95de-775aafc78d2a","block_type":"box","text":"The Funds or the Transfer Agent may temporarily suspend telephone transactions at any time.","page_number":197,"box":{"x":116,"y":282,"width":707,"height":12}},{"id":"470bd5dc-ffdc-452d-91f4-a98926bf8a06","block_type":"box","text":"If you redeem shares directly with the Transfer Agent, payments will generally be mailed within one","page_number":197,"box":{"x":117,"y":310,"width":740,"height":12}},{"id":"d81edf1c-2115-49c1-8017-5b8c085e7118","block_type":"box","text":"business day of receipt of the proper notice of redemption. A Fund may delay the mailing of a","page_number":197,"box":{"x":117,"y":326,"width":697,"height":12}},{"id":"cbadfc8d-5d8e-4ed6-82c6-1148ba6c4b30","block_type":"box","text":"redemption check until good payment (that is, cash, Federal funds or certified check drawn on a U.S.","page_number":197,"box":{"x":117,"y":341,"width":753,"height":12}},{"id":"b5c8ef4d-f25b-449b-ac4c-a76abbf87a8d","block_type":"box","text":"bank) has been collected for the purchase of Fund shares, which delay will usually not exceed 10","page_number":197,"box":{"x":117,"y":357,"width":726,"height":12}},{"id":"185fc629-6b2f-4da6-bbb4-c97f60042b6b","block_type":"box","text":"days. If your account is held directly with the Transfer Agent and contains a fractional share balance","page_number":197,"box":{"x":116,"y":372,"width":747,"height":12}},{"id":"4aca223d-254f-4bba-b20a-8ccc612dfdcd","block_type":"box","text":"following a redemption, the fractional share balance will be automatically redeemed by the Fund.","page_number":197,"box":{"x":116,"y":388,"width":722,"height":12}},{"id":"362112f0-4f19-4fff-af25-2886a7eb8820","block_type":"box","text":"Note on Low Balance Accounts.","page_number":197,"box":{"x":117,"y":416,"width":242,"height":9}},{"id":"4f4d0a06-6ce2-43bb-9025-263972d52f3e","block_type":"box","text":"Because of the high cost of maintaining smaller shareholder accounts,","page_number":197,"box":{"x":360,"y":416,"width":527,"height":12}},{"id":"9a21479a-5b17-4786-88d0-936deca1daf6","block_type":"box","text":"BlackRock has set a minimum balance of $500 in each Fund position you hold within your account","page_number":197,"box":{"x":117,"y":430,"width":735,"height":13}},{"id":"9a26327d-b2e8-45fe-b622-a1e9d05448cb","block_type":"box","text":"(“Fund Minimum”), and may redeem the shares in your account if the NAV of those shares in your","page_number":197,"box":{"x":117,"y":447,"width":731,"height":12}},{"id":"579ae8ba-1f98-449f-8ffb-cab1aac30a57","block_type":"box","text":"account falls below $500 for any reason, including market fluctuation.","page_number":197,"box":{"x":116,"y":461,"width":519,"height":13}},{"id":"24f7682b-8274-4507-906c-9069e706d2e6","block_type":"box","text":"You will be notified that the value of your account is less than the Fund Minimum before the Fund","page_number":197,"box":{"x":116,"y":490,"width":727,"height":12}},{"id":"93da9c84-9dbc-4b38-aaf1-cc9135dab813","block_type":"box","text":"makes any involuntary redemption. This notification will provide you with a 90 calendar day period to","page_number":197,"box":{"x":117,"y":506,"width":749,"height":12}},{"id":"553d9a9f-9aea-49e6-993b-ffbd16ef602b","block_type":"box","text":"make an additional investment in order to bring the value of your account to at least $500 before the","page_number":197,"box":{"x":117,"y":520,"width":747,"height":13}},{"id":"6753dd39-b6a2-4d9a-bb7b-a45a32ea4565","block_type":"box","text":"Fund makes an involuntary redemption. This involuntary redemption will not charge any deferred sales","page_number":197,"box":{"x":117,"y":537,"width":766,"height":12}},{"id":"d9d1ccde-1a8e-4cdd-9c2e-8dbf2de69b42","block_type":"box","text":"charge, and may not apply to accounts of certain employer-sponsored retirement plans (not including","page_number":197,"box":{"x":116,"y":552,"width":756,"height":12}},{"id":"b257b2de-db27-43b8-a962-4937974c6e53","block_type":"box","text":"IRAs), qualified state tuition plan (529 Plan) accounts, and select fee-based programs at your financial","page_number":197,"box":{"x":117,"y":568,"width":763,"height":12}},{"id":"e26e96c8-c876-4588-bb45-87859413e69a","block_type":"box","text":"intermediary.","page_number":197,"box":{"x":117,"y":583,"width":101,"height":12}},{"id":"2838d355-ac1d-4ff0-802d-80643a6840b0","block_type":"box","text":"Repurchase","page_number":197,"box":{"x":117,"y":611,"width":100,"height":12}},{"id":"0aa4bb8b-6fb7-41b0-bfd4-770e896784a8","block_type":"box","text":"A Fund normally will accept orders to repurchase shares from Selling Dealers for their customers.","page_number":197,"box":{"x":116,"y":633,"width":729,"height":12}},{"id":"e788dff4-6805-4a6e-9ced-b09815014e8a","block_type":"box","text":"Shares will be priced at the NAV of the Fund next determined after receipt of the repurchase order by a","page_number":197,"box":{"x":116,"y":648,"width":771,"height":12}},{"id":"efcb3baf-701c-47c7-bc82-9ca3ad587512","block_type":"box","text":"Selling Dealer that has been authorized by the Distributor by contract to accept such orders. As to","page_number":197,"box":{"x":116,"y":664,"width":726,"height":12}},{"id":"14eba19b-c359-41fc-a50b-da434b7b4b7f","block_type":"box","text":"repurchase orders received by Selling Dealers prior to the close of business on the NYSE (generally,","page_number":197,"box":{"x":117,"y":679,"width":746,"height":12}},{"id":"5fb77337-6160-464c-a613-cb3495f7219f","block_type":"box","text":"the NYSE closes at 4:00 p.m. Eastern time), on the day the order is placed, which includes orders","page_number":197,"box":{"x":116,"y":695,"width":726,"height":12}},{"id":"de352ec8-2c94-4d78-9c4f-c1975b2783f8","block_type":"box","text":"received after the close of business on the previous day, the repurchase price is the NAV determined","page_number":197,"box":{"x":117,"y":710,"width":749,"height":12}},{"id":"2fe91604-490b-42b4-ab91-66de9915c8aa","block_type":"box","text":"as of the close of business on the NYSE on that day. If the orders for repurchase are not received by","page_number":197,"box":{"x":116,"y":726,"width":749,"height":12}},{"id":"a8c22c82-3841-48d1-a395-67afbf0985a1","block_type":"box","text":"the Selling Dealer before the close of business on the NYSE, such orders are deemed received on the","page_number":197,"box":{"x":116,"y":741,"width":760,"height":12}},{"id":"54b18dd8-1818-4527-9037-71a4ee01e58a","block_type":"box","text":"next business day.","page_number":197,"box":{"x":117,"y":757,"width":137,"height":12}},{"id":"1efd6820-2336-4734-8508-875b69375a99","block_type":"box","text":"These repurchase arrangements are for your convenience and do not involve a charge by the Fund","page_number":197,"box":{"x":116,"y":785,"width":738,"height":12}},{"id":"431fb2af-8803-442e-a974-9621a623bd9f","block_type":"box","text":"(other than any applicable CDSC or redemption fee). However, Selling Dealers may charge a","page_number":197,"box":{"x":117,"y":800,"width":691,"height":12}},{"id":"95c0082b-483c-4192-bbb6-f8a09708110e","block_type":"box","text":"processing fee in connection with such transactions. In addition, securities firms that do not have","page_number":197,"box":{"x":117,"y":816,"width":716,"height":12}},{"id":"7f9aa291-06ef-434a-9a72-748b949a8d46","block_type":"box","text":"selected dealer agreements with the Distributor may impose a transaction charge for transmitting the","page_number":197,"box":{"x":116,"y":831,"width":753,"height":12}},{"id":"c65a8199-5795-4298-a1c2-d1da7b278a90","block_type":"box","text":"notice of repurchase to the Fund. Each Fund reserves the right to reject any order for repurchase. A","page_number":197,"box":{"x":117,"y":847,"width":746,"height":12}},{"id":"dbf3857f-c165-4cb4-9edc-299bb7c3afa2","block_type":"box","text":"shareholder whose order for repurchase is rejected by a Fund, however, may redeem shares as set","page_number":197,"box":{"x":116,"y":862,"width":746,"height":12}},{"id":"ca2ac4b1-6be8-4a96-9315-f57cc8a29b3b","block_type":"box","text":"out above.","page_number":197,"box":{"x":116,"y":878,"width":83,"height":9}},{"id":"e50753b1-05ef-4bc9-9cee-8d51c1ec0463","block_type":"box","text":"II-148","page_number":197,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"0b813cb7-3186-4101-91e8-645703db57f7","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":197,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"474ca8ac-c18d-4aec-85f2-b6894305c2cb","block_type":"box","text":"Reinstatement Privilege — Investor A and Investor P Shares","page_number":198,"box":{"x":117,"y":87,"width":484,"height":12}},{"id":"89f46500-edb3-4b20-84d3-840e0906d297","block_type":"box","text":"Upon redemption of Investor A, Investor A1, Investor P or Institutional Shares, as applicable,","page_number":198,"box":{"x":117,"y":110,"width":691,"height":12}},{"id":"404014b0-6869-487f-949a-7bfc8ce8de8b","block_type":"box","text":"shareholders may reinvest all or a portion of their redemption proceeds (after paying any applicable","page_number":198,"box":{"x":116,"y":126,"width":743,"height":12}},{"id":"5fc80083-0ed1-4925-8ab8-6d6e72b2f03e","block_type":"box","text":"CDSC) in Investor A or Investor P Shares of the same or another BlackRock fund without paying a","page_number":198,"box":{"x":117,"y":141,"width":735,"height":12}},{"id":"9a43b496-16d8-4d5e-86a4-91857bc08838","block_type":"box","text":"front-end sales charge. This right may be exercised within 90 days of the redemption, provided that the","page_number":198,"box":{"x":116,"y":157,"width":769,"height":12}},{"id":"9b819c79-15d3-4cb7-b82c-f8935ca047df","block_type":"box","text":"Investor A or Investor P Shares, as applicable, of that fund is currently open to new investors or the","page_number":198,"box":{"x":117,"y":172,"width":741,"height":12}},{"id":"36941216-e8a1-4e68-a8e0-c11b73e8be92","block_type":"box","text":"shareholder has a current account in that closed fund. Shares will be purchased at the NAV calculated","page_number":198,"box":{"x":116,"y":188,"width":765,"height":12}},{"id":"41b29c6c-e2a9-4077-b90a-b4076db1e9d6","block_type":"box","text":"at the close of trading on the day the request is received in good order. To exercise this privilege, the","page_number":198,"box":{"x":116,"y":203,"width":754,"height":12}},{"id":"1a14f575-c818-4a73-b82f-735b4c85b60c","block_type":"box","text":"Transfer Agent must receive written notification from the shareholder of record or the registered","page_number":198,"box":{"x":116,"y":219,"width":714,"height":12}},{"id":"1de09f54-8f59-4739-aadc-71da38cecdf3","block_type":"box","text":"representative of record, at the time of purchase. Investors should consult a tax advisor concerning the","page_number":198,"box":{"x":117,"y":234,"width":767,"height":12}},{"id":"0473c3a8-1415-46df-bd17-061d38c2ffd2","block_type":"box","text":"tax consequences of exercising this reinstatement privilege.","page_number":198,"box":{"x":116,"y":250,"width":449,"height":12}},{"id":"b60f59a4-1f35-4c28-a740-4e7232703582","block_type":"box","text":"S","page_number":198,"box":{"x":409,"y":296,"width":9,"height":10}},{"id":"684932c8-1a21-4963-8313-1cc42cccba05","block_type":"box","text":"HAREHOLDER","page_number":198,"box":{"x":420,"y":299,"width":95,"height":7}},{"id":"c46d3cc2-4693-4f4d-b8e6-84cd6fe5c526","block_type":"box","text":"S","page_number":198,"box":{"x":515,"y":296,"width":16,"height":10}},{"id":"53c57991-aa53-4aff-994a-311ba5eac39d","block_type":"box","text":"ERVICES","page_number":198,"box":{"x":532,"y":299,"width":59,"height":7}},{"id":"0d25c4c6-07b9-4262-a331-4cf2d478cfee","block_type":"box","text":"Each Fund offers one or more of the shareholder services described below that are designed to","page_number":198,"box":{"x":117,"y":327,"width":714,"height":12}},{"id":"a8adefac-af12-4efe-9e6c-12733d51b5ca","block_type":"box","text":"facilitate investment in its shares. You can obtain more information about these services from each","page_number":198,"box":{"x":116,"y":343,"width":738,"height":9}},{"id":"1bcbce08-087b-4494-b9c3-e116ed23c3e6","block_type":"box","text":"Fund by calling the telephone number on the cover page, or from the Distributor, your financial adviser,","page_number":198,"box":{"x":117,"y":358,"width":769,"height":12}},{"id":"72bb6114-ff92-4384-a740-9b7a24485321","block_type":"box","text":"your selected securities dealer or other financial intermediary. Certain of these services are available","page_number":198,"box":{"x":116,"y":374,"width":753,"height":12}},{"id":"1dcd2b8f-68ae-44f6-9540-b6ee0faac3ae","block_type":"box","text":"only to U.S. investors.","page_number":198,"box":{"x":116,"y":389,"width":168,"height":12}},{"id":"7cca81fe-48fe-4e8a-99fa-d9257b9e9781","block_type":"box","text":"Investment Account","page_number":198,"box":{"x":117,"y":420,"width":164,"height":10}},{"id":"294ccf82-bf0a-433e-8906-0567654c7120","block_type":"box","text":"If your account is maintained at the Transfer Agent (an “Investment Account”) you will receive","page_number":198,"box":{"x":117,"y":444,"width":698,"height":12}},{"id":"647f0346-cd32-4340-b5d7-68de92063c7a","block_type":"box","text":"statements, at least quarterly, from the Transfer Agent. These statements will serve as confirmations","page_number":198,"box":{"x":116,"y":459,"width":752,"height":12}},{"id":"910f194b-e537-4e18-89c4-04708278d852","block_type":"box","text":"for automatic investment purchases and the reinvestment of dividends. The statements also will show","page_number":198,"box":{"x":116,"y":475,"width":760,"height":12}},{"id":"f4bc479a-868c-4aa9-bfbb-f6b2a90651f1","block_type":"box","text":"any other activity in your Investment Account since the last statement. You also will receive separate","page_number":198,"box":{"x":116,"y":490,"width":752,"height":12}},{"id":"676ff9be-6527-465e-a563-99ab9e2527fa","block_type":"box","text":"confirmations for each purchase or sale transaction other than automatic investment purchases and","page_number":198,"box":{"x":116,"y":506,"width":746,"height":12}},{"id":"384301e3-6029-4116-b27b-dc5e9cd1beec","block_type":"box","text":"the reinvestment of dividends. If your Investment Account is held at the Transfer Agent you may make","page_number":198,"box":{"x":116,"y":521,"width":763,"height":12}},{"id":"99d16f1f-44e4-42d4-a76d-6cb3b920a45e","block_type":"box","text":"additions to it at any time by mailing a check directly to the Transfer Agent. Each Fund limits purchases","page_number":198,"box":{"x":116,"y":537,"width":771,"height":12}},{"id":"5f470e98-5514-4eaf-9be4-88e4e93f719e","block_type":"box","text":"by personal check to $500,000 per trade. You may also maintain an account through a selected","page_number":198,"box":{"x":117,"y":551,"width":715,"height":13}},{"id":"95797dca-048d-46f2-9a10-fea2f6988ce5","block_type":"box","text":"securities dealer or other financial intermediary. If you transfer shares out of an account maintained","page_number":198,"box":{"x":116,"y":568,"width":742,"height":12}},{"id":"41127c91-3c54-4eb6-bd32-58807604fb08","block_type":"box","text":"with a selected securities dealer or other financial intermediary, an Investment Account in your name","page_number":198,"box":{"x":116,"y":583,"width":752,"height":12}},{"id":"b75a6187-9bf7-48c3-8f49-602affc730c0","block_type":"box","text":"may be opened automatically at the Transfer Agent.","page_number":198,"box":{"x":117,"y":599,"width":390,"height":12}},{"id":"8852a579-ab16-4dc7-8b1f-7df8c68475d2","block_type":"box","text":"You may transfer Fund shares from a selected securities dealer or other financial intermediary to","page_number":198,"box":{"x":116,"y":630,"width":723,"height":12}},{"id":"e6c93b86-6aa4-4c92-bc4f-f91ca930041c","block_type":"box","text":"another securities dealer or other financial intermediary that has entered into an agreement with the","page_number":198,"box":{"x":116,"y":645,"width":745,"height":12}},{"id":"0c5cff0f-0a64-4599-be0a-f8a3a2b6c89c","block_type":"box","text":"Distributor. Certain shareholder services may not be available for the transferred shares. All future","page_number":198,"box":{"x":117,"y":661,"width":727,"height":12}},{"id":"33cfd2cd-90ea-4378-aabd-967f30fa4ccc","block_type":"box","text":"trading of these assets must be coordinated by the new firm. If you wish to transfer your shares to a","page_number":198,"box":{"x":116,"y":676,"width":740,"height":12}},{"id":"8eb565be-0314-407f-b08a-0ca06bb2090b","block_type":"box","text":"securities dealer or other financial intermediary that has not entered into an agreement with the","page_number":198,"box":{"x":116,"y":692,"width":706,"height":12}},{"id":"33a4970d-e7e4-4b11-9449-357eced42d96","block_type":"box","text":"Distributor, you must either (i) redeem your shares, paying any applicable CDSC or (ii) continue to","page_number":198,"box":{"x":117,"y":707,"width":727,"height":12}},{"id":"6fae9cf5-e1da-4c74-b6ae-50fd2938fd44","block_type":"box","text":"maintain an Investment Account at the Transfer Agent for those shares. You also may request that the","page_number":198,"box":{"x":117,"y":723,"width":759,"height":12}},{"id":"b54a2424-b64c-4c83-bdea-dd1a45944c7c","block_type":"box","text":"new securities dealer or other financial intermediary maintain the shares in an account at the Transfer","page_number":198,"box":{"x":117,"y":738,"width":754,"height":12}},{"id":"76ca5565-74b8-488f-aeba-e80532f2e30f","block_type":"box","text":"Agent registered in the name of the securities dealer or other financial intermediary for your benefit","page_number":198,"box":{"x":116,"y":754,"width":733,"height":12}},{"id":"0f8e6577-a178-45d7-b8aa-0ff9b5c73541","block_type":"box","text":"whether the securities dealer or other financial intermediary has entered into a selected dealer","page_number":198,"box":{"x":116,"y":769,"width":700,"height":12}},{"id":"8a0474ff-af65-4bc4-9ac6-f48fd01e6171","block_type":"box","text":"agreement or not. In the interest of economy and convenience and because of the operating","page_number":198,"box":{"x":116,"y":785,"width":685,"height":12}},{"id":"5062f207-f2b6-4da1-8b9d-e3a0a41e84c5","block_type":"box","text":"procedures of each Fund, share certificates will not be issued physically. Shares are maintained by","page_number":198,"box":{"x":117,"y":800,"width":734,"height":12}},{"id":"c47cf026-1a36-45e8-9c55-d0f3e241388d","block_type":"box","text":"each Fund on its register maintained by the Transfer Agent and the holders thereof will have the same","page_number":198,"box":{"x":116,"y":816,"width":759,"height":12}},{"id":"3b2d6ccf-b10d-4364-bef2-22af08a28729","block_type":"box","text":"rights and ownership with respect to such shares as if certificates had been issued.","page_number":198,"box":{"x":117,"y":831,"width":621,"height":12}},{"id":"5c9b42c0-2859-4e1b-b7a4-cbdbcba271aa","block_type":"box","text":"If you are considering transferring a tax-deferred retirement account, such as an individual retirement","page_number":198,"box":{"x":117,"y":862,"width":754,"height":12}},{"id":"27a0e6a9-11c7-4183-af11-6731f972e050","block_type":"box","text":"account, from one selected securities dealer to another securities dealer or other financial","page_number":198,"box":{"x":116,"y":878,"width":671,"height":11}},{"id":"6c4851d0-a1af-4723-a424-1c1286be2206","block_type":"box","text":"II-149","page_number":198,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"6160ca91-94b7-4b98-8d52-3836d781643f","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":198,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"2ceeb992-2564-4316-a380-9f3ecabeaae6","block_type":"box","text":"intermediary, you should be aware that if the new firm will not take delivery of shares of the Fund, you","page_number":199,"box":{"x":117,"y":87,"width":759,"height":12}},{"id":"712ef5f0-33da-4204-a3f0-7cdc267a0019","block_type":"box","text":"must either redeem the shares (paying any applicable CDSC) so that the cash proceeds can be","page_number":199,"box":{"x":117,"y":102,"width":714,"height":13}},{"id":"4fbaf83c-05f2-4638-ac5a-172a6a2e49f6","block_type":"box","text":"transferred to the account at the new firm, or you must continue to maintain a retirement account at the","page_number":199,"box":{"x":116,"y":118,"width":770,"height":12}},{"id":"5b22e05a-be8e-4168-bf6a-d540f6809fa0","block_type":"box","text":"original selected securities dealer for those shares.","page_number":199,"box":{"x":116,"y":134,"width":383,"height":12}},{"id":"a2e40e48-49f4-4543-b933-a73d3f21d796","block_type":"box","text":"Exchange Privilege","page_number":199,"box":{"x":117,"y":165,"width":158,"height":12}},{"id":"46001d57-1936-4f1d-98c6-47a31289299d","block_type":"box","text":"U.S. shareholders of Investor A, Investor A1, Investor C, Investor P, Class K, Institutional and Class G","page_number":199,"box":{"x":117,"y":192,"width":763,"height":11}},{"id":"a9dd3e19-da34-48af-a8ba-aa8d536ef0c5","block_type":"box","text":"Shares of each Fund have an exchange privilege with certain other Funds. However, Investor A1","page_number":199,"box":{"x":116,"y":207,"width":725,"height":12}},{"id":"30ce25f3-0db6-49f7-8e3a-032e274f2ec0","block_type":"box","text":"Shares may only exchange out. The minimum amount for exchanges of Investor class shares is","page_number":199,"box":{"x":116,"y":223,"width":717,"height":12}},{"id":"8ca464a6-437d-489a-9deb-43d35441121f","block_type":"box","text":"$1,000, although you may exchange less than $1,000 if you already have an account in the Fund into","page_number":199,"box":{"x":116,"y":237,"width":758,"height":13}},{"id":"9b21a79e-21e3-4d1f-bd15-af1b99667de5","block_type":"box","text":"which you are exchanging. You may only exchange into a share class and a Fund that are open to new","page_number":199,"box":{"x":116,"y":254,"width":772,"height":12}},{"id":"a8b16b27-74e5-4b7a-b6e2-7468bb0b228a","block_type":"box","text":"investors or in which you have a current account if the class or fund is closed to new investors. Before","page_number":199,"box":{"x":117,"y":269,"width":761,"height":12}},{"id":"a284988f-96e7-4cbb-b79e-7c57ec674fbd","block_type":"box","text":"effecting an exchange, you should obtain a currently effective prospectus of the fund into which you","page_number":199,"box":{"x":116,"y":285,"width":744,"height":12}},{"id":"c7d13ea2-a21b-435f-87e6-accd587747e0","block_type":"box","text":"wish to make the exchange. Exercise of the exchange privilege is treated as a sale of the exchanged","page_number":199,"box":{"x":116,"y":300,"width":754,"height":12}},{"id":"6b1cc598-25ab-4297-8aa7-7a25548c87c0","block_type":"box","text":"shares and a purchase of the acquired shares for U.S. federal income tax purposes.","page_number":199,"box":{"x":116,"y":316,"width":630,"height":12}},{"id":"edf36b83-2795-4156-81bb-7e165b5a587e","block_type":"box","text":"Exchanges of Investor A, Investor A1, Investor P, Class K, Institutional and Class G Shares.","page_number":199,"box":{"x":116,"y":347,"width":689,"height":13}},{"id":"d4988003-17e6-4793-ac5a-ba12a9de6fa7","block_type":"box","text":"Institutional Shares are exchangeable with Institutional Shares of other Funds. Investor A and Investor","page_number":199,"box":{"x":117,"y":363,"width":763,"height":12}},{"id":"f9cf6f9a-4e75-4f17-88a2-5075a7033421","block_type":"box","text":"A1 Shares are exchangeable for Investor A Shares of other Funds to the extent such shares are","page_number":199,"box":{"x":116,"y":378,"width":719,"height":13}},{"id":"356b567d-b0ce-4f0b-b6e6-5a899cec1a8f","block_type":"box","text":"offered by your financial intermediary. Investor P Shares are exchangeable for Investor P Shares of","page_number":199,"box":{"x":116,"y":394,"width":744,"height":12}},{"id":"9c65c10f-9e5b-481b-994b-af6cd740d2ec","block_type":"box","text":"other Funds, to the extent such shares are offered by your financial intermediary. Class K Shares are","page_number":199,"box":{"x":116,"y":409,"width":756,"height":13}},{"id":"2164d0bd-ee77-4624-832e-643ce0e278b0","block_type":"box","text":"exchangeable for Class K Shares of other Funds. Class G Shares are exchangeable for Class G","page_number":199,"box":{"x":116,"y":425,"width":722,"height":12}},{"id":"02a12226-4fa1-424c-baa0-95c831185044","block_type":"box","text":"Shares of other Funds.","page_number":199,"box":{"x":116,"y":440,"width":176,"height":10}},{"id":"2e0c5814-1d5e-4f10-b676-b2c60d2163d4","block_type":"box","text":"Exchanges of Institutional Shares outstanding for Institutional Shares of a second fund or for shares of","page_number":199,"box":{"x":117,"y":472,"width":764,"height":12}},{"id":"4cc61a3d-dc50-49ec-8d4e-0162a9852f87","block_type":"box","text":"a money market fund are effected on the basis of relative NAV per Institutional Share. Exchanges of","page_number":199,"box":{"x":116,"y":488,"width":748,"height":12}},{"id":"41f4612f-3410-496d-815d-587c42c1f0d0","block_type":"box","text":"Investor A or Investor A1 Shares outstanding (“outstanding Investor A Shares”) for Investor A Shares","page_number":199,"box":{"x":117,"y":503,"width":754,"height":12}},{"id":"04b079d7-7946-4483-bc94-0609f2330c83","block_type":"box","text":"of a second fund, or for shares of a money market fund (“new Investor A Shares”) are effected on the","page_number":199,"box":{"x":116,"y":519,"width":756,"height":12}},{"id":"55cecda9-0767-4c55-8f5f-74f8df5cf8cc","block_type":"box","text":"basis of relative NAV per share. Exchanges of Investor P Shares outstanding for Investor P Shares of","page_number":199,"box":{"x":117,"y":534,"width":759,"height":12}},{"id":"91d986af-60fe-4132-9c86-6ece09daf553","block_type":"box","text":"a second fund are effected on the basis of relative NAV per share. Exchanges of Class K Shares","page_number":199,"box":{"x":116,"y":550,"width":724,"height":12}},{"id":"9eddaac5-a2e7-4f44-bb19-8e9186d0f5f6","block_type":"box","text":"outstanding for Class K Shares of a second fund, or","page_number":199,"box":{"x":116,"y":565,"width":390,"height":12}},{"id":"c6db618e-71eb-49c5-b957-5f0f3a4452e6","block_type":"box","text":"for shares of a money market fund are effected on","page_number":199,"box":{"x":506,"y":565,"width":378,"height":12}},{"id":"6243e910-6d79-471a-94d8-c56766b305d1","block_type":"box","text":"the basis of relative NAV per share. Exchanges of Class G Shares outstanding for Class G Shares of a","page_number":199,"box":{"x":116,"y":581,"width":770,"height":12}},{"id":"b536cc52-cb51-4fcc-be7a-733e7058cf78","block_type":"box","text":"second fund are effected on the basis of relative NAV per share.","page_number":199,"box":{"x":116,"y":596,"width":483,"height":12}},{"id":"11d2294b-1314-489c-bd0a-6a4a0cda5fff","block_type":"box","text":"Exchanges of Investor C Shares.","page_number":199,"box":{"x":116,"y":628,"width":250,"height":12}},{"id":"8336ed66-f85b-4b33-99a4-5f5c6e7be708","block_type":"box","text":"Shareholders of certain Funds with Investor C Shares outstanding","page_number":199,"box":{"x":367,"y":628,"width":495,"height":12}},{"id":"de8f51c4-c680-44c2-9f03-e237133e0471","block_type":"box","text":"(“outstanding Investor C Shares”) may exchange their shares for Investor C Shares of a second Fund","page_number":199,"box":{"x":117,"y":644,"width":758,"height":12}},{"id":"1fe25c9c-92ea-44c6-a88d-565dc20a6468","block_type":"box","text":"(“new Investor C Shares”) or for shares of a money market fund (“new money market fund Shares”) on","page_number":199,"box":{"x":117,"y":659,"width":766,"height":12}},{"id":"cd36ad02-0015-4853-9122-0255c9dbf494","block_type":"box","text":"the basis of relative NAV per share, without the payment of any CDSC. Certain Funds impose different","page_number":199,"box":{"x":116,"y":675,"width":762,"height":12}},{"id":"52f07d52-e9d9-4522-a091-c07558d4bd3c","block_type":"box","text":"CDSC schedules. For purposes of computing the CDSC upon redemption of new Investor C Shares or","page_number":199,"box":{"x":117,"y":690,"width":761,"height":12}},{"id":"d06cd99b-3755-48bf-b2a1-1784476f768f","block_type":"box","text":"new money market fund Shares, as applicable, the time you held both the exchanged Investor C","page_number":199,"box":{"x":117,"y":706,"width":715,"height":12}},{"id":"77a1f1fe-429a-4647-930b-e8e3f64bdbeb","block_type":"box","text":"Shares and the new Investor C Shares or new money market fund Shares will count towards the","page_number":199,"box":{"x":116,"y":721,"width":716,"height":12}},{"id":"b0f723e3-a0fa-4955-a796-042e6105d20b","block_type":"box","text":"holding period of the new Investor C Shares or new money market fund Shares.","page_number":199,"box":{"x":117,"y":737,"width":591,"height":12}},{"id":"bc029df2-8a98-4e5f-a77d-59c0ad213b5f","block_type":"box","text":"Exchanges of Service Shares.","page_number":199,"box":{"x":116,"y":768,"width":223,"height":12}},{"id":"eadf642a-487b-4342-b30b-5511473841e9","block_type":"box","text":"Service Shares can be exchanged for Service Shares of Funds that are","page_number":199,"box":{"x":347,"y":768,"width":530,"height":12}},{"id":"ef6fcb95-a64f-45c3-969e-608a9aee26e6","block_type":"box","text":"covered by selected dealer agreements with the Distributor.","page_number":199,"box":{"x":116,"y":784,"width":442,"height":12}},{"id":"a756db4b-25a4-4f9c-8209-3adad41473a3","block_type":"box","text":"Exchanges for Shares of a Money Market Fund.","page_number":199,"box":{"x":116,"y":816,"width":356,"height":12}},{"id":"82553ba1-a7f4-45d3-a572-4dcd6e387a5f","block_type":"box","text":"You may exchange any class of Investor class shares,","page_number":199,"box":{"x":478,"y":816,"width":404,"height":12}},{"id":"defcda61-5ab6-43b6-bd60-f4378cc4e418","block_type":"box","text":"excluding Investor P Shares, for shares of an affiliated money market fund. If you exchange into","page_number":199,"box":{"x":116,"y":831,"width":717,"height":12}},{"id":"9ecc412d-7268-442b-a400-19cc5216b51c","block_type":"box","text":"BlackRock Summit Cash Reserves Fund (“Summit”), a series of BlackRock Financial Institutions","page_number":199,"box":{"x":117,"y":847,"width":720,"height":12}},{"id":"8fa64d2d-efcf-4806-919c-d9b317166e3a","block_type":"box","text":"Series Trust, you will receive one of two classes of shares: exchanges of Investor A, Investor A1 and","page_number":199,"box":{"x":116,"y":862,"width":753,"height":12}},{"id":"fe9cadcc-63e1-4d30-ab1f-3a0c33677287","block_type":"box","text":"Institutional Shares of a Fund will receive Investor A Shares of Summit and exchanges of Investor C","page_number":199,"box":{"x":117,"y":878,"width":747,"height":12}},{"id":"309718a9-2740-4b83-996f-be7d633337f4","block_type":"box","text":"II-150","page_number":199,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"fc4d8f32-f388-4ae7-ba0f-03376694e668","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":199,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"5b1dc362-0128-4a7a-9e4e-5810b37fec7d","block_type":"box","text":"Shares of a Fund will receive Investor C Shares of Summit. You may exchange Investor A Shares of","page_number":200,"box":{"x":116,"y":87,"width":751,"height":12}},{"id":"d07c1c74-5e11-436c-b224-3d73d3851cac","block_type":"box","text":"Summit back into Investor A or Institutional Shares of a Fund, if you are eligible to hold such shares.","page_number":200,"box":{"x":116,"y":102,"width":748,"height":13}},{"id":"5ebe4a65-7c68-4078-b077-0be7aa684344","block_type":"box","text":"You may exchange Investor C Shares of Summit back into Investor C Shares of a Fund and, in the","page_number":200,"box":{"x":116,"y":118,"width":739,"height":12}},{"id":"6dca02c4-b59d-434d-b344-033dd4ae5ba7","block_type":"box","text":"event of such an exchange, the period of time that you held Investor C Shares of Summit will count","page_number":200,"box":{"x":116,"y":134,"width":740,"height":12}},{"id":"8c8e7c12-00b4-4659-b26d-6e9f8401239a","block_type":"box","text":"toward satisfaction of the holding period requirement for purposes of reducing any CDSC. Investor C","page_number":200,"box":{"x":116,"y":149,"width":752,"height":12}},{"id":"0fe60167-1eeb-4c78-bad9-c1cbbe9be7bf","block_type":"box","text":"Shares of Summit are subject to a distribution fee at an annual rate of 0.75% of average daily net","page_number":200,"box":{"x":116,"y":165,"width":726,"height":12}},{"id":"05eb9a34-c39d-473e-99e2-757454926c7b","block_type":"box","text":"assets of such Investor C Shares. Exchanges of Investor C Shares of a money market fund other than","page_number":200,"box":{"x":116,"y":180,"width":765,"height":12}},{"id":"9fdb925e-f0d9-49c4-80d5-de4149bbe341","block_type":"box","text":"Summit for Investor C Shares of a Fund will be exercised at NAV. However, a CDSC may be charged","page_number":200,"box":{"x":116,"y":196,"width":759,"height":12}},{"id":"dc2d6427-d872-4c8e-b87e-e4dfafa952ad","block_type":"box","text":"in connection with any subsequent redemption of the Investor C Shares of the Fund received in the","page_number":200,"box":{"x":117,"y":211,"width":740,"height":12}},{"id":"a27c87e1-9afc-415f-86ad-9bfd2e81d411","block_type":"box","text":"exchange. In determining the holding period for calculating the CDSC payable on redemption of","page_number":200,"box":{"x":116,"y":227,"width":715,"height":12}},{"id":"c3dba1b7-779e-4577-a59e-acf955a4d328","block_type":"box","text":"Investor C Shares of the Fund received in the exchange, the holding period of the money market fund","page_number":200,"box":{"x":117,"y":242,"width":759,"height":12}},{"id":"926fa07f-d1b4-4e06-b816-5d71656daef8","block_type":"box","text":"Investor C Shares originally held will be added to the holding period of the Investor C Shares acquired","page_number":200,"box":{"x":117,"y":258,"width":761,"height":12}},{"id":"99501429-872c-4bda-be59-8eca1601e942","block_type":"box","text":"through exchange.","page_number":200,"box":{"x":116,"y":273,"width":144,"height":12}},{"id":"6350e755-8c15-460a-9c96-9f7f17db9c21","block_type":"box","text":"Exchanges by Participants in Certain Programs.","page_number":200,"box":{"x":116,"y":304,"width":362,"height":12}},{"id":"8f2bd77a-1a8e-4c6f-80f1-ee4bfc02d929","block_type":"box","text":"The exchange privilege may be modified with respect","page_number":200,"box":{"x":478,"y":304,"width":401,"height":12}},{"id":"2c3a46c7-abeb-461e-b237-0615ba690d8b","block_type":"box","text":"to certain participants in mutual fund advisory programs and other fee-based programs sponsored by","page_number":200,"box":{"x":116,"y":320,"width":755,"height":12}},{"id":"03a8fb78-af80-48a4-91cd-65f7acf3458b","block_type":"box","text":"the Manager, an affiliate of the Manager, or selected securities dealers or other financial intermediaries","page_number":200,"box":{"x":116,"y":335,"width":770,"height":12}},{"id":"4ec5b0f5-6910-4a6e-96b2-db4ebaf989ad","block_type":"box","text":"that have an agreement with the Distributor. See “Fee-Based Programs” below.","page_number":200,"box":{"x":116,"y":351,"width":595,"height":12}},{"id":"9310d881-1a04-4e2c-8e1e-9c52449830c3","block_type":"box","text":"Exercise of the Exchange Privilege.","page_number":200,"box":{"x":116,"y":382,"width":269,"height":12}},{"id":"42110968-f00a-4a80-8a53-b0375b292586","block_type":"box","text":"To exercise the exchange privilege, you should contact your","page_number":200,"box":{"x":385,"y":382,"width":452,"height":12}},{"id":"6a668e05-d3d7-4c11-9887-58e623e7ca27","block_type":"box","text":"financial adviser or the Transfer Agent, who will advise each Fund of the exchange. If you do not hold","page_number":200,"box":{"x":116,"y":397,"width":758,"height":12}},{"id":"b4ccd4b5-cfe7-450e-923b-71819bd31197","block_type":"box","text":"share certificates, you may exercise the exchange privilege by wire through your securities dealer or","page_number":200,"box":{"x":116,"y":413,"width":749,"height":12}},{"id":"12ce8e71-a666-470a-8cba-f6c3587d08b7","block_type":"box","text":"other financial intermediary. Each Fund reserves the right to require a properly completed exchange","page_number":200,"box":{"x":116,"y":428,"width":747,"height":12}},{"id":"6f1251b4-0c12-439a-9adc-047750a6d11f","block_type":"box","text":"application.","page_number":200,"box":{"x":116,"y":444,"width":89,"height":12}},{"id":"9007f641-01ac-4aa8-85b5-5b8e293a7e5e","block_type":"box","text":"A shareholder who wishes to make an exchange may do so by sending a written request to the Fund c/","page_number":200,"box":{"x":116,"y":475,"width":767,"height":12}},{"id":"dc789f42-7614-4396-b79c-425ef849655f","block_type":"box","text":"o the Transfer Agent at the following address: P.O. Box 534429, Pittsburgh, Pennsylvania 15253-4429.","page_number":200,"box":{"x":116,"y":490,"width":771,"height":12}},{"id":"a20ab418-1003-4c01-8353-2ee872c112f6","block_type":"box","text":"Shareholders are automatically provided with telephone exchange privileges when opening an","page_number":200,"box":{"x":116,"y":506,"width":705,"height":12}},{"id":"c35753f9-bd26-471f-af70-f439335c8387","block_type":"box","text":"account, unless they indicate on the Application that they do not wish to use this privilege. To add this","page_number":200,"box":{"x":116,"y":521,"width":759,"height":12}},{"id":"118f44c5-dee2-42f9-b0aa-c3bdc7d41303","block_type":"box","text":"feature to an existing account that previously did not provide this option, a Telephone Exchange","page_number":200,"box":{"x":116,"y":537,"width":716,"height":12}},{"id":"d8c5fc9d-6438-4d66-8a0c-c272bec01bbf","block_type":"box","text":"Authorization Form must be filed with the Transfer Agent. This form is available from the Transfer","page_number":200,"box":{"x":116,"y":552,"width":727,"height":12}},{"id":"7aea5e9c-3b6b-4d30-b617-bbafd692a157","block_type":"box","text":"Agent. Once this election has been made, the shareholder may simply contact the Fund by telephone","page_number":200,"box":{"x":116,"y":568,"width":759,"height":12}},{"id":"d99bed93-defa-403f-9c4d-82ac3a2440dd","block_type":"box","text":"at (800) 441-7762 to request the exchange. During periods of substantial economic or market change,","page_number":200,"box":{"x":116,"y":583,"width":763,"height":12}},{"id":"deb2474d-9560-465d-b909-eeb0c3dcdd25","block_type":"box","text":"telephone exchanges may be difficult to complete and shareholders may have to submit exchange","page_number":200,"box":{"x":116,"y":599,"width":736,"height":12}},{"id":"aa4c6825-8489-4497-9db3-b5e4d88e18ad","block_type":"box","text":"requests to the Transfer Agent in writing.","page_number":200,"box":{"x":117,"y":614,"width":307,"height":12}},{"id":"d2a7dd44-3e21-481e-baa3-e279b2d2e730","block_type":"box","text":"If the exchanging shareholder does not currently own shares of the investment portfolio whose shares","page_number":200,"box":{"x":117,"y":645,"width":760,"height":12}},{"id":"9d67e6ad-9380-41cf-a932-27f028f46ffe","block_type":"box","text":"are being acquired, a new account will be established with the same registration, dividend and capital","page_number":200,"box":{"x":116,"y":661,"width":751,"height":12}},{"id":"301af15e-9f54-434e-81d5-68bda86d5557","block_type":"box","text":"gain options and broker of record as the account from which shares are exchanged, unless otherwise","page_number":200,"box":{"x":116,"y":676,"width":752,"height":12}},{"id":"7a1028c3-eb6b-4acf-b5fb-9e917b4e6661","block_type":"box","text":"specified in writing by the shareholder with all signatures guaranteed by an eligible guarantor institution","page_number":200,"box":{"x":116,"y":692,"width":764,"height":12}},{"id":"0bde0beb-3fbd-49e3-b791-9cd23e0ebd3f","block_type":"box","text":"as defined below. In order to participate in the Automatic Investment Program or establish a","page_number":200,"box":{"x":116,"y":707,"width":680,"height":12}},{"id":"cdb8fb7c-461f-4fcb-8e20-e6fb9bb41e5f","block_type":"box","text":"Systematic Withdrawal Plan for the new account, however, an exchanging shareholder must file a","page_number":200,"box":{"x":116,"y":723,"width":726,"height":12}},{"id":"68b8c5d7-6ee5-49af-9457-38d04df3d330","block_type":"box","text":"specific written request.","page_number":200,"box":{"x":116,"y":738,"width":174,"height":12}},{"id":"22efb679-dd40-4127-b8af-d6ae56a69687","block_type":"box","text":"Any share exchange must satisfy the requirements relating to the minimum initial investment","page_number":200,"box":{"x":116,"y":769,"width":686,"height":12}},{"id":"bb5937d4-fd96-4ea4-a550-9b174b41980d","block_type":"box","text":"requirement, and must be legally available for sale in the state of the investor’s residence. For U.S.","page_number":200,"box":{"x":117,"y":785,"width":732,"height":12}},{"id":"6b583e1b-b552-47dc-99e7-668a5b0fe81e","block_type":"box","text":"federal income tax purposes, a share exchange is a taxable event and, accordingly, a capital gain or","page_number":200,"box":{"x":116,"y":800,"width":746,"height":12}},{"id":"b587566d-740b-4a03-aab4-edbbf699a791","block_type":"box","text":"loss may be realized. Before making an exchange request, shareholders should consult a tax or other","page_number":200,"box":{"x":117,"y":816,"width":755,"height":12}},{"id":"09792e6c-f54b-4baf-9792-c56896f0e8f1","block_type":"box","text":"financial adviser and should consider the investment objective, policies and restrictions of the","page_number":200,"box":{"x":116,"y":831,"width":697,"height":12}},{"id":"c8e3b7ae-2af7-41f2-8baf-bf6d394f0c31","block_type":"box","text":"investment portfolio into which the shareholder is making an exchange. Brokers may charge a fee for","page_number":200,"box":{"x":117,"y":847,"width":754,"height":12}},{"id":"74f35716-2785-4055-b4df-5dd709455db7","block_type":"box","text":"handling exchanges.","page_number":200,"box":{"x":117,"y":862,"width":158,"height":12}},{"id":"f3bccc39-39d8-4e26-b6db-a832eb0309b2","block_type":"box","text":"II-151","page_number":200,"box":{"x":480,"y":909,"width":38,"height":9}},{"id":"c7671753-93c5-4c76-a2ff-ccda898ff29f","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":200,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"e530559c-2131-4667-88b1-d0b13aac298c","block_type":"box","text":"The Funds reserve the right to suspend, modify or terminate the exchange privilege at any time. Notice","page_number":201,"box":{"x":116,"y":87,"width":769,"height":12}},{"id":"2f25d63b-9492-462a-89bc-d87b5c2dbc3c","block_type":"box","text":"will be given to shareholders of any material modification or termination except where notice is not","page_number":201,"box":{"x":116,"y":102,"width":733,"height":13}},{"id":"6ea67251-8e6d-462c-b5a7-cda0a2b19444","block_type":"box","text":"required. The Funds reserve the right to reject any telephone exchange request. Telephone exchanges","page_number":201,"box":{"x":117,"y":118,"width":770,"height":12}},{"id":"09b49bfe-0368-48ed-a0dd-e320831f34d2","block_type":"box","text":"may be subject to limitations as to amount or frequency, and to other restrictions that may be","page_number":201,"box":{"x":117,"y":134,"width":693,"height":12}},{"id":"706a0d11-1336-4b4d-8d8c-fa08844a38c3","block_type":"box","text":"established from time to time to ensure that exchanges do not operate to the disadvantage of any","page_number":201,"box":{"x":116,"y":149,"width":729,"height":12}},{"id":"f438f141-eb56-4f9d-a079-1cfb9369817a","block_type":"box","text":"portfolio or its shareholders.","page_number":201,"box":{"x":117,"y":165,"width":211,"height":11}},{"id":"4b49400a-f6b6-40cf-b4b4-4600c96dca5a","block_type":"box","text":"The Funds, the Administrators and BRIL will employ reasonable procedures to confirm that instructions","page_number":201,"box":{"x":116,"y":194,"width":770,"height":12}},{"id":"b2bdf181-9690-437a-bdee-d62ff0e18b5d","block_type":"box","text":"communicated by telephone are genuine. The Funds, the Administrators and BRIL will not be liable for","page_number":201,"box":{"x":116,"y":210,"width":766,"height":12}},{"id":"72ef01a0-2473-43a1-97b9-c681640eec33","block_type":"box","text":"any loss, liability, cost or expense for acting upon telephone instructions reasonably believed to be","page_number":201,"box":{"x":116,"y":225,"width":735,"height":12}},{"id":"e18b98ba-f7b8-4b4b-afda-c160cb9b5dd6","block_type":"box","text":"genuine in accordance with such procedures. By use of the exchange privilege, the investor authorizes","page_number":201,"box":{"x":116,"y":241,"width":769,"height":12}},{"id":"17ce8071-801e-4d28-8c24-d67ebdddb8a5","block_type":"box","text":"the Fund’s Transfer Agent to act on telephonic or written exchange instructions from any person","page_number":201,"box":{"x":116,"y":256,"width":718,"height":12}},{"id":"4c31f4fb-4b34-4eee-bb24-68500944b118","block_type":"box","text":"representing himself to be the investor and believed by the Fund’s Transfer Agent to be genuine. The","page_number":201,"box":{"x":117,"y":272,"width":756,"height":12}},{"id":"837227ac-18ac-44c2-bd77-15421a5b6573","block_type":"box","text":"records of the Fund’s Transfer Agent pertaining to such instructions are binding. The exchange","page_number":201,"box":{"x":117,"y":287,"width":709,"height":12}},{"id":"e8c1a868-bcae-4d7c-bbb9-1382592987bc","block_type":"box","text":"privilege may be modified or terminated at any time upon 60 days’ notice to affected shareholders. The","page_number":201,"box":{"x":117,"y":303,"width":768,"height":12}},{"id":"db9f4471-2625-4e7a-bf0f-742c90602522","block_type":"box","text":"exchange privilege is only available in states where the exchange may legally be made.","page_number":201,"box":{"x":116,"y":318,"width":655,"height":12}},{"id":"943c535d-9899-4c66-a4a2-46998a7204c8","block_type":"box","text":"Each Fund reserves the right to limit the number of times an investor may exercise the exchange","page_number":201,"box":{"x":117,"y":348,"width":723,"height":12}},{"id":"c7600576-7dbf-48fd-ba55-b06a0d3803d9","block_type":"box","text":"privilege. Certain Funds may suspend the continuous offering of their shares to the general public at","page_number":201,"box":{"x":117,"y":363,"width":747,"height":12}},{"id":"6ba5d3f1-bb44-4535-b1ae-117686c9ad9c","block_type":"box","text":"any time and may resume such offering from time to time. The exchange privilege is available only to","page_number":201,"box":{"x":116,"y":379,"width":755,"height":12}},{"id":"f9931c25-f14d-4480-84b6-a7e2ca7fb218","block_type":"box","text":"U.S. shareholders in states where the exchange legally may be made. The exchange privilege may be","page_number":201,"box":{"x":117,"y":394,"width":764,"height":12}},{"id":"85f53fc0-9d5b-4439-b0fc-669757e559e3","block_type":"box","text":"applicable to other new mutual funds whose shares may be distributed by the Distributor.","page_number":201,"box":{"x":116,"y":410,"width":666,"height":12}},{"id":"53d55bd2-6028-4774-92fa-631ef10c2741","block_type":"box","text":"Participation in Fee-Based Programs","page_number":201,"box":{"x":117,"y":439,"width":298,"height":12}},{"id":"8780d623-762a-4824-a9ff-fdd9c6f03bd6","block_type":"box","text":"If you participate in certain fee-based programs offered by BlackRock or an affiliate of BlackRock, or","page_number":201,"box":{"x":117,"y":462,"width":747,"height":12}},{"id":"efcf3d39-7cba-4665-9898-9e1f5b66331f","block_type":"box","text":"selected securities dealers or other financial intermediaries that have agreements with the Distributor","page_number":201,"box":{"x":116,"y":477,"width":754,"height":12}},{"id":"82a20aab-2416-44f4-935f-8d720d4813c7","block_type":"box","text":"or in certain fee-based programs in which BlackRock participates, you may be able to buy Institutional","page_number":201,"box":{"x":116,"y":493,"width":761,"height":12}},{"id":"37ed7603-7a23-48b1-89bb-f09630d2988d","block_type":"box","text":"Shares, including by exchanges from other share classes. Sales charges on the shares being","page_number":201,"box":{"x":116,"y":508,"width":700,"height":12}},{"id":"b4bf6053-4065-44fd-926d-373437b003fb","block_type":"box","text":"exchanged may be reduced or waived under certain circumstances. You generally cannot transfer","page_number":201,"box":{"x":116,"y":524,"width":733,"height":12}},{"id":"79754bd9-64a7-4ec2-8ede-bd89b7536eb6","block_type":"box","text":"shares held through a fee-based program into another account. Instead, if you choose to leave the","page_number":201,"box":{"x":116,"y":539,"width":736,"height":12}},{"id":"22cc1118-fb59-4972-b0a3-d910c9add383","block_type":"box","text":"fee-based program, you may have to redeem your shares held through the program and purchase","page_number":201,"box":{"x":116,"y":555,"width":735,"height":12}},{"id":"7ef35a0a-61f1-488e-9767-460d532eec6d","block_type":"box","text":"shares of another class, which may be subject to distribution and service fees. This may be a taxable","page_number":201,"box":{"x":116,"y":570,"width":755,"height":12}},{"id":"a8be6f29-c06e-4de8-9a95-dd9e87323d62","block_type":"box","text":"event and you may pay any applicable sales charges or redemption fee. Please speak to your financial","page_number":201,"box":{"x":116,"y":586,"width":769,"height":12}},{"id":"22c54e7a-e663-4178-944a-d594d0a00990","block_type":"box","text":"intermediary for information about specific policies and procedures applicable to your account.","page_number":201,"box":{"x":117,"y":601,"width":703,"height":13}},{"id":"2d4f6766-a62d-4d41-a9d7-bf52a158daf7","block_type":"box","text":"Generally, upon termination of a fee-based program, the shares may be liquidated or the shares can","page_number":201,"box":{"x":117,"y":631,"width":749,"height":12}},{"id":"458b7f13-76dc-4e13-b164-46c9a3a7b2ee","block_type":"box","text":"be held in an account. In certain circumstances, when a shareholder chooses to continue to hold the","page_number":201,"box":{"x":117,"y":647,"width":749,"height":11}},{"id":"1022e846-4e37-4060-b814-3122a9e7a54e","block_type":"box","text":"shares, whatever share class was held in the program can be held after termination. Shares that have","page_number":201,"box":{"x":116,"y":662,"width":756,"height":12}},{"id":"5cc2b5bf-c718-485f-b6c2-8abcc5ad79f1","block_type":"box","text":"been held for less than specified periods within the program may be subject to a fee upon redemption.","page_number":201,"box":{"x":117,"y":677,"width":756,"height":13}},{"id":"0436b406-36c0-4020-a6cd-f85c346d4d2d","block_type":"box","text":"Shareholders that held Investor A or Institutional Shares in the program may be eligible to purchase","page_number":201,"box":{"x":116,"y":693,"width":739,"height":12}},{"id":"95cd5b28-306b-4789-bf60-20a98999c9f4","block_type":"box","text":"additional shares of the respective share class of a Fund, but may be subject to upfront sales charges","page_number":201,"box":{"x":116,"y":709,"width":755,"height":12}},{"id":"c28024c8-9bcc-40b1-a6ed-4680540eb595","block_type":"box","text":"with respect to Investor A Shares. Additional purchases of Institutional Shares are permitted only if you","page_number":201,"box":{"x":116,"y":724,"width":762,"height":12}},{"id":"7ca3878a-916e-45cb-9c6f-34a62323103c","block_type":"box","text":"have an existing position at the time of purchase or are otherwise eligible to purchase Institutional","page_number":201,"box":{"x":117,"y":740,"width":723,"height":12}},{"id":"431f31db-08ae-4de1-9d0c-baefcc06f155","block_type":"box","text":"Shares. Please speak to your financial intermediary for more information.","page_number":201,"box":{"x":116,"y":755,"width":542,"height":12}},{"id":"9a52baeb-2979-4217-b73d-3a2dcb860983","block_type":"box","text":"Certain financial intermediaries may, in connection with a change in account type (for example, due to","page_number":201,"box":{"x":117,"y":785,"width":755,"height":12}},{"id":"d885cf50-7fca-484b-b159-7ef541534763","block_type":"box","text":"leaving a fee-based program or upon termination of the fee-based program) or otherwise in","page_number":201,"box":{"x":117,"y":800,"width":675,"height":12}},{"id":"5ed0c859-a909-4e05-898f-37667b9c056d","block_type":"box","text":"accordance with the financial intermediary’s policies and procedures, exchange the share class held in","page_number":201,"box":{"x":116,"y":816,"width":761,"height":12}},{"id":"ecb02674-6c2e-43d6-bdfb-863c8034893b","block_type":"box","text":"the program for another share class of the same fund, provided that the exchanged shares are not","page_number":201,"box":{"x":116,"y":831,"width":736,"height":12}},{"id":"e81f4843-ea14-4e94-97a0-1fd8beaacf13","block_type":"box","text":"subject to a sales charge and the shareholder meets the eligibility requirements of the new share class.","page_number":201,"box":{"x":116,"y":847,"width":772,"height":12}},{"id":"7777ee45-6174-47df-8e95-c1dfba90025a","block_type":"box","text":"Please speak to your financial intermediary for information about specific policies and procedures","page_number":201,"box":{"x":117,"y":862,"width":726,"height":12}},{"id":"5795e323-dc78-4ef5-b1bd-13a0004f37c3","block_type":"box","text":"applicable to your account.","page_number":201,"box":{"x":116,"y":878,"width":205,"height":12}},{"id":"b0b525ad-a3f8-41ad-99f5-845ba963206e","block_type":"box","text":"II-152","page_number":201,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"211a4bbe-4554-46ac-8653-385435b1eb61","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":201,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"31841c91-7af4-4dbf-805e-b7b6499af617","block_type":"box","text":"Details about the features of each fee-based program and the relevant charges, terms and conditions","page_number":202,"box":{"x":117,"y":87,"width":757,"height":12}},{"id":"b3293df5-a49f-4d76-8fda-12c88140a8c1","block_type":"box","text":"are included in the client agreement for each fee-based program and are available from your financial","page_number":202,"box":{"x":116,"y":102,"width":759,"height":13}},{"id":"54cd3bf8-c4e1-4475-a677-a13092454e0c","block_type":"box","text":"professional, selected securities dealer or other financial intermediary. Please speak to your financial","page_number":202,"box":{"x":117,"y":118,"width":753,"height":12}},{"id":"80d9b94b-6be9-43b4-ba8d-1916d402a1ca","block_type":"box","text":"intermediary for more information.","page_number":202,"box":{"x":117,"y":134,"width":256,"height":12}},{"id":"b2f81d08-e872-486c-a736-17863a9dce86","block_type":"box","text":"Retirement and Education Savings Plans","page_number":202,"box":{"x":117,"y":165,"width":331,"height":12}},{"id":"56499b7e-2a28-4178-9297-5149ba5c3713","block_type":"box","text":"Individual retirement accounts and other retirement and education savings plans are available from","page_number":202,"box":{"x":117,"y":188,"width":739,"height":12}},{"id":"7ffc78ff-0716-42a2-a16d-e405e1988218","block_type":"box","text":"your financial intermediary. Under these plans, investments may be made in a Fund (other than a","page_number":202,"box":{"x":116,"y":203,"width":728,"height":12}},{"id":"2672dd46-d9b4-4e0d-be0f-e3dac3e7de5e","block_type":"box","text":"Municipal Fund) and certain of the other mutual funds sponsored by the Manager or its affiliates as well","page_number":202,"box":{"x":117,"y":219,"width":771,"height":12}},{"id":"0cfacd6f-c0ef-40c4-8153-e62c45353893","block_type":"box","text":"as in other securities. There may be fees associated with investing through these plans. Information","page_number":202,"box":{"x":116,"y":234,"width":745,"height":12}},{"id":"9acbf507-e34f-40fe-a7f0-c94216c88df0","block_type":"box","text":"with respect to these plans is available on request from your financial intermediary.","page_number":202,"box":{"x":116,"y":250,"width":620,"height":12}},{"id":"d88ee650-a602-4b79-abc3-4617dc806639","block_type":"box","text":"Dividends received in each of the plans referred to above are exempt from U.S. federal taxation until","page_number":202,"box":{"x":117,"y":281,"width":749,"height":12}},{"id":"916b134e-0bef-402a-a0d1-91881d2a1216","block_type":"box","text":"distributed from the plans and, in the case of Roth IRAs and education savings plans, may be exempt","page_number":202,"box":{"x":116,"y":296,"width":759,"height":12}},{"id":"e588f57c-2e17-426d-8dbf-e7285f423687","block_type":"box","text":"from taxation when distributed as well. Investors considering participation in any retirement or","page_number":202,"box":{"x":116,"y":312,"width":699,"height":12}},{"id":"48dcf746-361e-4fb8-95fb-5bd6f2fbadb1","block_type":"box","text":"education savings plan should review specific tax laws relating to the plan and should consult their","page_number":202,"box":{"x":116,"y":327,"width":735,"height":12}},{"id":"96cfe6dd-e6c6-4b86-a224-4fe2e1535a38","block_type":"box","text":"attorneys or tax advisors with respect to the establishment and maintenance of any such plan.","page_number":202,"box":{"x":116,"y":343,"width":704,"height":12}},{"id":"be5c94c3-763f-431d-95e4-994d09b7dbd5","block_type":"box","text":"Automatic Investment Plans","page_number":202,"box":{"x":116,"y":374,"width":230,"height":9}},{"id":"f3d8a827-af7b-46b2-9a97-372e73875e81","block_type":"box","text":"Investor class shareholders and certain Service Share shareholders who were shareholders of the","page_number":202,"box":{"x":117,"y":397,"width":734,"height":10}},{"id":"5265b954-4eda-47ce-9ea2-7e4e8712b050","block_type":"box","text":"Compass Capital Group of Funds at the time of its combination with The PNC","page_number":202,"box":{"x":117,"y":413,"width":575,"height":12}},{"id":"ed7b38d6-09f7-4d06-968b-d7180e9b6631","block_type":"box","text":"®","page_number":202,"box":{"x":693,"y":412,"width":9,"height":7}},{"id":"934bdd37-9882-453e-9814-c717374be96d","block_type":"box","text":"Fund in 1996 may","page_number":202,"box":{"x":702,"y":413,"width":144,"height":12}},{"id":"b3739fca-4799-4ed2-b672-f2ff62af6305","block_type":"box","text":"arrange for periodic investments in that Fund through automatic deductions from a checking or savings","page_number":202,"box":{"x":116,"y":428,"width":769,"height":12}},{"id":"d12db1ab-4156-4121-af66-df80a69c6f71","block_type":"box","text":"account. The minimum pre-authorized investment amount is $50. If you buy shares of a Fund through","page_number":202,"box":{"x":116,"y":443,"width":760,"height":13}},{"id":"06f39693-9931-4bac-9280-55f5c36d54c8","block_type":"box","text":"certain accounts, no minimum charge to your bank account is required. Contact your financial adviser","page_number":202,"box":{"x":116,"y":459,"width":759,"height":12}},{"id":"51c0dd53-8378-40da-bd2f-48e9b8f37051","block_type":"box","text":"or other financial intermediary for more information.","page_number":202,"box":{"x":116,"y":475,"width":386,"height":12}},{"id":"fbc59e70-03ce-4e75-817b-103dd9189d22","block_type":"box","text":"Automatic Dividend Reinvestment Plan","page_number":202,"box":{"x":116,"y":506,"width":318,"height":9}},{"id":"be2897a3-3133-49d1-b92c-5aa28a68827e","block_type":"box","text":"Each Fund will distribute substantially all of its net investment income and net realized capital gains, if","page_number":202,"box":{"x":117,"y":529,"width":758,"height":12}},{"id":"bca504e8-f5d6-4e86-8297-ccb2426f5d3c","block_type":"box","text":"any, to shareholders. All distributions are automatically reinvested at NAV in the form of additional full","page_number":202,"box":{"x":116,"y":544,"width":758,"height":12}},{"id":"62badecc-001a-4b66-ac5a-ad70060d79bd","block_type":"box","text":"and fractional shares of the same class of shares of the relevant Fund unless a shareholder elects","page_number":202,"box":{"x":116,"y":560,"width":734,"height":9}},{"id":"331e9cbc-542f-46a6-8c3c-c8bd7651c3ad","block_type":"box","text":"otherwise or as otherwise set forth in a Fund’s prospectus. Such election, or any revocation thereof,","page_number":202,"box":{"x":116,"y":575,"width":746,"height":12}},{"id":"548decc2-1d13-4b8b-832d-4e09a9a88e8d","block_type":"box","text":"must be made in writing to the Transfer Agent, and will become effective with respect to dividends paid","page_number":202,"box":{"x":117,"y":591,"width":767,"height":12}},{"id":"d9510c9e-6321-483d-8bc0-e9f5453368d9","block_type":"box","text":"after its receipt by the Transfer Agent.","page_number":202,"box":{"x":116,"y":606,"width":286,"height":12}},{"id":"32f25f59-39d8-4d0a-a954-9d727f9f0cc8","block_type":"box","text":"Systematic Withdrawal Plans","page_number":202,"box":{"x":116,"y":637,"width":237,"height":12}},{"id":"17db722b-913f-4825-ad35-b14ae546c19f","block_type":"box","text":"Shareholders may receive regular distributions from their accounts via a Systematic Withdrawal Plan","page_number":202,"box":{"x":116,"y":661,"width":747,"height":12}},{"id":"a021ca24-f2ee-4832-9762-85f068544217","block_type":"box","text":"(“SWP”). Upon commencement of the SWP, the account must have a current value of $10,000 or more","page_number":202,"box":{"x":117,"y":675,"width":765,"height":13}},{"id":"87d03b0b-fe9a-4a9a-84b5-3b8b52bd72da","block_type":"box","text":"in a Fund. Shareholders may elect to receive automatic cash payments of $50 or more at any interval.","page_number":202,"box":{"x":117,"y":691,"width":755,"height":13}},{"id":"981af502-41c9-4da2-a179-a30119ed86e8","block_type":"box","text":"You may choose any day for the withdrawal. If no day is specified, the withdrawals will be processed","page_number":202,"box":{"x":116,"y":707,"width":745,"height":12}},{"id":"7f5e97ac-7af2-4dcd-a522-d2a1b644ad71","block_type":"box","text":"on the 25th day of the month or, if such day is not a business day, on the prior business day and are","page_number":202,"box":{"x":116,"y":723,"width":744,"height":12}},{"id":"99dd8dee-684a-4551-bd61-399e42e53ae2","block_type":"box","text":"paid promptly thereafter. An investor may utilize the SWP by completing the Systematic Withdrawal","page_number":202,"box":{"x":117,"y":738,"width":736,"height":12}},{"id":"dc026573-1e9c-4016-baf4-9dc6cbae3133","block_type":"box","text":"Plan Application Form which may be obtained by visiting our website at www.blackrock.com.","page_number":202,"box":{"x":117,"y":754,"width":685,"height":12}},{"id":"542ca7f8-bddf-4447-bb39-3af93a07d248","block_type":"box","text":"Shareholders should realize that if withdrawals exceed income dividends their invested principal in the","page_number":202,"box":{"x":116,"y":785,"width":757,"height":12}},{"id":"4f02fdbb-d6c7-4647-9a69-09af7f40ef54","block_type":"box","text":"account will be depleted. To participate in the SWP, shareholders must have their dividends","page_number":202,"box":{"x":116,"y":800,"width":681,"height":12}},{"id":"90b46fe0-eb05-4d5f-92c6-39e5d90e4602","block_type":"box","text":"automatically reinvested. Shareholders may change or cancel the SWP at any time, upon written","page_number":202,"box":{"x":116,"y":816,"width":717,"height":12}},{"id":"e5e80928-013d-42de-902e-64296bcc8709","block_type":"box","text":"notice to the Fund, or by calling the Fund at (800) 441-7762. Purchases of additional Investor A or","page_number":202,"box":{"x":117,"y":831,"width":731,"height":12}},{"id":"3d8979ab-1f48-4592-8719-3d6ed76dafdf","block_type":"box","text":"Investor P Shares of the Fund concurrently with withdrawals may be disadvantageous to investors","page_number":202,"box":{"x":117,"y":847,"width":733,"height":12}},{"id":"d6a6b540-eaa1-486a-a1e4-3fef160d0d36","block_type":"box","text":"because of the sales charges involved and, therefore, are discouraged. No CDSC will be assessed on","page_number":202,"box":{"x":117,"y":862,"width":762,"height":12}},{"id":"c98152fe-8f64-4caf-b38a-033dac95b0c4","block_type":"box","text":"redemptions of Investor C Shares made through the SWP that do not exceed 12% of the original","page_number":202,"box":{"x":117,"y":878,"width":721,"height":12}},{"id":"19cc79e7-15ac-4584-97db-2a7fa3612587","block_type":"box","text":"II-153","page_number":202,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"8234176c-610b-4a1e-aee7-93429bfc5017","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":202,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"5420c861-01d0-4c40-ba22-13465fe9bf07","block_type":"box","text":"investment on an annualized basis. For example, monthly, quarterly and semi-annual SWP","page_number":203,"box":{"x":117,"y":87,"width":680,"height":12}},{"id":"5a2f8112-1ab4-479d-a0f0-bfbc3db594c4","block_type":"box","text":"redemptions of Investor C Shares will not be subject to the CDSC if they do not exceed 1% (monthly),","page_number":203,"box":{"x":117,"y":102,"width":759,"height":13}},{"id":"bd3935ec-6c95-458b-8d9e-5ad8de2aa580","block_type":"box","text":"3% (quarterly) and 6% (semi-annually), respectively, of an account’s NAV on the redemption date.","page_number":203,"box":{"x":116,"y":118,"width":734,"height":12}},{"id":"a396d63e-826f-4d38-9976-b65bdc97b4d3","block_type":"box","text":"SWP redemptions of Investor C Shares in excess of this limit are still subject to the applicable CDSC.","page_number":203,"box":{"x":116,"y":134,"width":758,"height":12}},{"id":"321abecf-8b73-457e-a0a5-7a43c4104a9b","block_type":"box","text":"For this reason, a shareholder may not participate in the Automatic Investment Plan described above","page_number":203,"box":{"x":117,"y":164,"width":754,"height":12}},{"id":"4af3f71b-fd2d-4983-aa98-770e94f2916a","block_type":"box","text":"(see “How to Buy, Sell, Exchange and Transfer Shares” or “How to Buy, Sell and Exchange Shares,”","page_number":203,"box":{"x":117,"y":180,"width":752,"height":12}},{"id":"4aaa6121-bc18-4fbd-9dec-fc798dc5b173","block_type":"box","text":"as applicable, in the Fund’s Prospectus) and the SWP at the same time.","page_number":203,"box":{"x":116,"y":195,"width":540,"height":12}},{"id":"fce2e024-0529-4a2a-bf99-8530d10d9f96","block_type":"box","text":"Dividend Allocation Plan","page_number":203,"box":{"x":117,"y":226,"width":201,"height":9}},{"id":"b11f2cae-eae3-4179-bc92-3d9ed4325592","block_type":"box","text":"The Dividend Allocation Plan, as applicable, allows shareholders to elect to have all their dividends and","page_number":203,"box":{"x":116,"y":252,"width":771,"height":11}},{"id":"cd34b1f5-94e5-40cd-a612-e26cd730488d","block_type":"box","text":"any other distributions from any Eligible Fund (which means funds so designated by the Distributor","page_number":203,"box":{"x":116,"y":267,"width":737,"height":12}},{"id":"c7601f39-95e7-4949-8766-f202e492eb29","block_type":"box","text":"from time to time) automatically invested at NAV in one other such Eligible Fund designated by the","page_number":203,"box":{"x":116,"y":282,"width":737,"height":13}},{"id":"4cbfe54a-6cc6-4eab-a132-736a7c49a002","block_type":"box","text":"shareholder, provided the account into which the dividends and distributions are directed is initially","page_number":203,"box":{"x":116,"y":298,"width":735,"height":12}},{"id":"b60b7a04-5201-48bb-a8cb-27f3624d3c37","block_type":"box","text":"funded with the requisite minimum amount.","page_number":203,"box":{"x":116,"y":313,"width":325,"height":12}},{"id":"f7ce20dc-a77a-4697-aa89-a5312440d33f","block_type":"box","text":"P","page_number":203,"box":{"x":428,"y":359,"width":9,"height":10}},{"id":"83e53793-23c0-4670-a4a7-45a178321683","block_type":"box","text":"RICING","page_number":203,"box":{"x":439,"y":362,"width":45,"height":7}},{"id":"a3624388-dae2-447d-a79b-03be07ff204f","block_type":"box","text":"OF","page_number":203,"box":{"x":491,"y":362,"width":17,"height":7}},{"id":"1b8c86c0-d34f-4e26-88a7-d6f6ac15c152","block_type":"box","text":"S","page_number":203,"box":{"x":509,"y":359,"width":15,"height":10}},{"id":"478276fe-d2d9-4a90-890f-dc206713d475","block_type":"box","text":"HARES","page_number":203,"box":{"x":526,"y":362,"width":46,"height":7}},{"id":"3528a2dd-567e-4d3c-b80e-1cc90f620eb2","block_type":"box","text":"Determination of Net Asset Value","page_number":203,"box":{"x":117,"y":390,"width":269,"height":10}},{"id":"2a8f3d02-1fe5-4675-a0db-0117a992a6ce","block_type":"box","text":"Valuation of Shares.","page_number":203,"box":{"x":116,"y":413,"width":160,"height":10}},{"id":"85fe22af-91a2-4a77-9fa2-3c879a827112","block_type":"box","text":"The NAV for each class of shares of each Fund is generally calculated as of the","page_number":203,"box":{"x":278,"y":413,"width":602,"height":12}},{"id":"59da19df-0315-42f5-bb45-f2ec6dd00a4e","block_type":"box","text":"close of regular trading hours on the NYSE (currently 4:00 p.m. Eastern Time) on each business day","page_number":203,"box":{"x":116,"y":429,"width":752,"height":12}},{"id":"1ba5e1e9-2be3-4dc7-b300-31cbbbbbbf1d","block_type":"box","text":"the NYSE is open. Valuation of assets held by a Fund is as follows:","page_number":203,"box":{"x":116,"y":444,"width":505,"height":12}},{"id":"14038f13-fb37-45b6-b463-1408e8df197a","block_type":"box","text":"Equity Investments.","page_number":203,"box":{"x":117,"y":475,"width":157,"height":12}},{"id":"332d9f25-55a9-44c2-8a29-8b8d695e22af","block_type":"box","text":"Equity securities traded on a recognized securities exchange (e.g., NYSE), on","page_number":203,"box":{"x":275,"y":475,"width":589,"height":12}},{"id":"eb740130-558f-4db8-88da-776a39269765","block_type":"box","text":"separate trading boards of a securities exchange or through a market system that provides","page_number":203,"box":{"x":116,"y":490,"width":679,"height":12}},{"id":"41a2572c-52f2-4e1e-aa2a-eaeb1c61c944","block_type":"box","text":"contemporaneous transaction pricing information (each, an “Exchange”) are valued using information","page_number":203,"box":{"x":116,"y":506,"width":756,"height":12}},{"id":"7eaf3dcb-0534-4c0d-84d7-0c8061f08dd1","block_type":"box","text":"obtained via independent pricing services, generally at the Exchange closing price or if an Exchange","page_number":203,"box":{"x":116,"y":521,"width":751,"height":12}},{"id":"05d02622-95b5-4438-a230-5319995b04b8","block_type":"box","text":"closing price is not available, the last traded price on that Exchange prior to the time as of which the","page_number":203,"box":{"x":116,"y":537,"width":745,"height":12}},{"id":"4d55cd1f-ae85-47d0-ba07-52647f397d50","block_type":"box","text":"assets or liabilities are valued. However, under certain circumstances, other means of determining","page_number":203,"box":{"x":116,"y":552,"width":734,"height":12}},{"id":"a0144bb3-e181-4827-bb5d-f644c4863659","block_type":"box","text":"current market value may be used. If an equity security is traded on more than one Exchange, the","page_number":203,"box":{"x":116,"y":568,"width":732,"height":12}},{"id":"0bce6201-41dd-4f54-87f9-e5efb036db87","block_type":"box","text":"current market value of the security where it is primarily traded generally will be used. In the event that","page_number":203,"box":{"x":116,"y":583,"width":764,"height":12}},{"id":"ca681079-58d4-4246-a9e3-7d531a7fe1b7","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","page_number":203,"box":{"x":116,"y":599,"width":766,"height":12}},{"id":"3a7b2412-3353-415e-a8bd-70f728a6a814","block_type":"box","text":"security, the last bid (long positions) or ask (short positions) price, if available, will be used as the value","page_number":203,"box":{"x":116,"y":614,"width":770,"height":12}},{"id":"99adfb72-65ee-41d4-b004-77e86a2d66b8","block_type":"box","text":"of such security. If a Fund holds both long and short positions in the same security, the last bid price","page_number":203,"box":{"x":116,"y":630,"width":748,"height":12}},{"id":"f56a7310-27ac-4f17-9c4c-fc17dc9e4997","block_type":"box","text":"will be applied to securities held long and the last ask price will be applied to securities sold short. If no","page_number":203,"box":{"x":116,"y":645,"width":766,"height":12}},{"id":"ffeb4bf2-ac60-474f-ba9b-cba9d88c68c2","block_type":"box","text":"bid or ask price is available on a day on which a Fund values such security, the prior day’s price will be","page_number":203,"box":{"x":117,"y":661,"width":761,"height":12}},{"id":"6ceb2b00-bfb3-4117-a0d5-e1b8e8802183","block_type":"box","text":"used, unless BlackRock determines that such prior day’s price no longer reflects the fair value of the","page_number":203,"box":{"x":117,"y":676,"width":743,"height":12}},{"id":"37c0e8a5-7d44-48ac-956b-3670aa797761","block_type":"box","text":"security, in which case such asset would be treated as a Fair Value Asset (as defined below).","page_number":203,"box":{"x":116,"y":692,"width":692,"height":12}},{"id":"659be687-a996-4d4c-abb3-0153fc5545d4","block_type":"box","text":"Fixed-Income Investments.","page_number":203,"box":{"x":117,"y":723,"width":214,"height":9}},{"id":"54c31b98-8511-4807-a570-44dcf4e49cdc","block_type":"box","text":"Fixed-income securities are generally valued using bid prices provided by","page_number":203,"box":{"x":338,"y":723,"width":544,"height":12}},{"id":"d398b7fa-0a43-402f-8e26-46073ed5887a","block_type":"box","text":"dealers or prices (including evaluated prices) supplied by the Fund’s approved independent third-party","page_number":203,"box":{"x":116,"y":738,"width":759,"height":12}},{"id":"b132644c-c969-401f-a35d-2f3b38574eee","block_type":"box","text":"pricing services, each in accordance with the Valuation Procedures. The pricing services may use","page_number":203,"box":{"x":117,"y":754,"width":725,"height":12}},{"id":"e9dbcd5d-c363-4014-b4d9-f85ab3e5e275","block_type":"box","text":"valuation models that utilize certain inputs and assumptions to derive values, including transaction data","page_number":203,"box":{"x":116,"y":769,"width":765,"height":12}},{"id":"4677a05a-415f-4c03-8937-c42e864ec2f8","block_type":"box","text":"(e.g., recent representative bids and offers), credit quality information, perceived market movements,","page_number":203,"box":{"x":117,"y":785,"width":746,"height":12}},{"id":"6bd30959-b2dd-4a9e-886a-30df17f2777b","block_type":"box","text":"news, and other relevant information and by other methods, which may include consideration of: yields","page_number":203,"box":{"x":117,"y":800,"width":761,"height":12}},{"id":"b5393ca8-601b-40bc-9c39-27946b0e3465","block_type":"box","text":"or prices of securities of comparable quality, coupon, maturity and type; indications as to values from","page_number":203,"box":{"x":116,"y":816,"width":747,"height":12}},{"id":"9895ed43-2be3-4dae-9319-7f621f4e878c","block_type":"box","text":"dealers; general market conditions; and/or other factors and assumptions. Pricing services generally","page_number":203,"box":{"x":116,"y":831,"width":749,"height":12}},{"id":"b1815a45-a90d-43c8-bb07-51eabc6b237e","block_type":"box","text":"value fixed-income securities assuming orderly transactions of an institutional round lot size, but the","page_number":203,"box":{"x":116,"y":847,"width":745,"height":12}},{"id":"f28a70c0-8965-4f26-a58a-96d9624f0278","block_type":"box","text":"Fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots of securities in certain","page_number":203,"box":{"x":117,"y":862,"width":752,"height":12}},{"id":"b2714c34-36c5-470a-a3d8-f1fffb006c56","block_type":"box","text":"asset classes may trade at lower prices than institutional round lots, and the value ultimately realized","page_number":203,"box":{"x":116,"y":878,"width":753,"height":12}},{"id":"8d238921-01ae-4b1e-9d1c-4bd24b38c09b","block_type":"box","text":"II-154","page_number":203,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"f2fdc98e-f467-47dc-b2b6-8a4d1e4cb84d","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":203,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"3111074b-0579-4bf6-9615-c0542b776fe5","block_type":"box","text":"when the securities are sold could differ from the prices used by a Fund. The amortized cost method of","page_number":204,"box":{"x":116,"y":87,"width":769,"height":12}},{"id":"f81ac318-9ba0-457c-ac51-5976732e0ea5","block_type":"box","text":"valuation may be used with respect to debt obligations with 60 days or less remaining to maturity","page_number":204,"box":{"x":116,"y":103,"width":723,"height":12}},{"id":"d8c61c50-8d37-4504-a46d-da5317d13f51","block_type":"box","text":"unless such method does not represent fair value. Certain fixed-income investments, including asset","page_number":204,"box":{"x":117,"y":118,"width":750,"height":12}},{"id":"e4a98ab7-5859-4647-93de-c0437b3cd705","block_type":"box","text":"backed and mortgage related securities, may be valued based on valuation models that consider the","page_number":204,"box":{"x":117,"y":134,"width":751,"height":12}},{"id":"e3df4e85-8630-499b-a18c-fe7675ebe5f0","block_type":"box","text":"estimated cash flows of each tranche of the issuer, establish a benchmark yield and develop an","page_number":204,"box":{"x":116,"y":149,"width":715,"height":12}},{"id":"8ca60d8f-d8d8-453d-af25-2e908ef1fc90","block_type":"box","text":"estimated tranche specific spread to the benchmark yield based on the unique attributes of the","page_number":204,"box":{"x":116,"y":165,"width":707,"height":12}},{"id":"fe57db11-f109-4b89-83ed-e32456734405","block_type":"box","text":"tranche.","page_number":204,"box":{"x":116,"y":180,"width":65,"height":10}},{"id":"83dfc078-36e0-48db-8418-07cafa591c19","block_type":"box","text":"Options, Futures, Swaps and Other Derivatives.","page_number":204,"box":{"x":116,"y":211,"width":379,"height":12}},{"id":"3468c9a2-9665-4c67-918a-8283f5c0bf49","block_type":"box","text":"Exchange-traded equity options (except ETF","page_number":204,"box":{"x":497,"y":211,"width":342,"height":12}},{"id":"87a32a78-1296-49e0-ab92-54a6e36cd841","block_type":"box","text":"options, equity index options or those that are customized) for which market quotations are readily","page_number":204,"box":{"x":116,"y":227,"width":733,"height":12}},{"id":"da208b30-3797-4e6d-9b5d-01952091a7e2","block_type":"box","text":"available are valued at the mean of the last bid and ask prices as quoted on the Exchange or the board","page_number":204,"box":{"x":116,"y":242,"width":771,"height":12}},{"id":"2ad15df4-552b-450b-90be-f0342507685a","block_type":"box","text":"of trade on which such options are traded. In the event that there is no mean price available for an","page_number":204,"box":{"x":116,"y":258,"width":734,"height":11}},{"id":"bcb77395-8106-4132-9fc3-88d82e0ec43d","block_type":"box","text":"exchange-traded equity option held by a Fund on a day on which the Fund values such option, the last","page_number":204,"box":{"x":116,"y":273,"width":766,"height":12}},{"id":"b841e3a4-7e2d-4bc8-aa4c-99e24d8f6fc9","block_type":"box","text":"bid (long positions) or ask (short positions) price, if available, will be used as the value of such option. If","page_number":204,"box":{"x":117,"y":289,"width":771,"height":12}},{"id":"06529834-c494-426a-bc72-acbb4dfefb8e","block_type":"box","text":"no bid or ask price is available on a day on which a Fund values such option, the prior day’s price will","page_number":204,"box":{"x":117,"y":304,"width":755,"height":12}},{"id":"9ae609e0-fd1d-4974-9833-ef18cb5da645","block_type":"box","text":"be used, unless BlackRock determines that such prior day’s price no longer reflects the fair value of","page_number":204,"box":{"x":117,"y":320,"width":743,"height":12}},{"id":"49f26dd8-2fc8-4781-8a6b-3381698c08c5","block_type":"box","text":"the option, in which case such option will be treated as a Fair Value Asset. Customized exchange","page_number":204,"box":{"x":116,"y":335,"width":729,"height":12}},{"id":"b970579f-c66d-4fae-af50-faaaaf2a90f7","block_type":"box","text":"traded equity options, ETF options, equity index options and OTC derivatives, may be valued using a","page_number":204,"box":{"x":116,"y":351,"width":755,"height":12}},{"id":"ab20b998-3fa8-47a3-b054-16910f24355f","block_type":"box","text":"mathematical model which may incorporate a number of market data factors. Financial futures","page_number":204,"box":{"x":117,"y":366,"width":703,"height":12}},{"id":"2d1b536e-b4f2-438b-92c8-89cfb2356dbf","block_type":"box","text":"contracts and options thereon, which are traded on exchanges, are valued at their last sale price or","page_number":204,"box":{"x":116,"y":382,"width":741,"height":12}},{"id":"eb35d08b-1e2f-4fa2-b916-adbdff0da5a6","block_type":"box","text":"settle price as of the close of such exchanges. Swap agreements and other derivatives are generally","page_number":204,"box":{"x":116,"y":397,"width":752,"height":12}},{"id":"08768d79-59b5-4e6d-aa52-82a26a080b32","block_type":"box","text":"valued daily based upon quotations from market makers or by a pricing service in accordance with the","page_number":204,"box":{"x":116,"y":413,"width":763,"height":12}},{"id":"786d9d28-6bab-4d84-a054-62ccd10ac15b","block_type":"box","text":"Valuation Procedures.","page_number":204,"box":{"x":116,"y":428,"width":170,"height":10}},{"id":"bf1dc372-d569-4d6a-b876-0b2a981f5261","block_type":"box","text":"Underlying Funds.","page_number":204,"box":{"x":117,"y":459,"width":145,"height":12}},{"id":"e970005a-824a-446f-a560-5f72dcea444f","block_type":"box","text":"Shares of underlying open-end funds (including money market funds) are valued","page_number":204,"box":{"x":263,"y":459,"width":609,"height":12}},{"id":"cb74c538-575c-43f7-8922-70cb48c93601","block_type":"box","text":"at NAV. Shares of underlying exchange-traded closed-end funds or other ETFs will be valued at their","page_number":204,"box":{"x":116,"y":475,"width":755,"height":12}},{"id":"2d94d71e-e877-44f6-af48-695631f04b3f","block_type":"box","text":"most recent closing price.","page_number":204,"box":{"x":117,"y":490,"width":194,"height":12}},{"id":"7118b9c6-7f87-47a8-a765-06e0879f5ff4","block_type":"box","text":"General Valuation Information.","page_number":204,"box":{"x":116,"y":521,"width":244,"height":10}},{"id":"08375a80-163c-469d-b531-bd33cd9cf86e","block_type":"box","text":"Prices obtained from independent third-party pricing services, broker","page_number":204,"box":{"x":361,"y":521,"width":520,"height":12}},{"id":"fb113387-0bdf-4ab5-9019-d3f645f02b04","block_type":"box","text":"dealers or market makers to value each Fund’s securities and other assets and liabilities are based on","page_number":204,"box":{"x":116,"y":537,"width":764,"height":9}},{"id":"6ac3265a-02ac-41e8-9c31-c191ef329d68","block_type":"box","text":"information available at the time the Fund values its assets and liabilities. In the event that a pricing","page_number":204,"box":{"x":117,"y":552,"width":740,"height":12}},{"id":"4be8cdf0-dbb3-429b-a2d4-573868388675","block_type":"box","text":"service quotation is revised or updated subsequent to the day on which the Fund valued such security,","page_number":204,"box":{"x":116,"y":568,"width":767,"height":12}},{"id":"b94d30d7-7f98-437a-a4a6-fe4878634c21","block_type":"box","text":"the revised pricing service quotation generally will be applied prospectively. Such determination will be","page_number":204,"box":{"x":116,"y":583,"width":764,"height":12}},{"id":"0d1ba745-d181-4aa9-be93-cdf6d0590408","block_type":"box","text":"made considering pertinent facts and circumstances surrounding the revision.","page_number":204,"box":{"x":117,"y":599,"width":581,"height":12}},{"id":"7608274d-4c07-46d6-8c9b-a36bdeb139d1","block_type":"box","text":"In determining the market value of portfolio investments, the Fund may employ independent third","page_number":204,"box":{"x":117,"y":622,"width":723,"height":12}},{"id":"028b92f0-2c5e-4c66-a9c0-b467d3c88755","block_type":"box","text":"party pricing services, which may use, without limitation, evaluated pricing methods that take into","page_number":204,"box":{"x":117,"y":638,"width":723,"height":11}},{"id":"4ec167f9-478d-489b-ba22-37ac373b7428","block_type":"box","text":"consideration market indexes, matrices, yield curves and other specified inputs and assumptions. This","page_number":204,"box":{"x":116,"y":653,"width":764,"height":12}},{"id":"5bcd2eb1-2492-4df2-8609-c1647ccfdc1a","block_type":"box","text":"may result in the assets being valued at a price different from the price that would have been","page_number":204,"box":{"x":117,"y":668,"width":687,"height":12}},{"id":"962e7123-e267-478d-8991-464922d65d1f","block_type":"box","text":"determined had the evaluated pricing method not been used. The price the Fund could receive upon","page_number":204,"box":{"x":116,"y":684,"width":744,"height":12}},{"id":"0f5df88c-13b7-4054-9c14-efcd57566641","block_type":"box","text":"the sale of any particular portfolio investment may differ from the Fund’s valuation of the investment,","page_number":204,"box":{"x":116,"y":699,"width":742,"height":13}},{"id":"fefe23df-1211-4bd0-a25d-36f8c8f9b851","block_type":"box","text":"particularly for assets that trade in thin or volatile markets or that are valued using a fair valuation","page_number":204,"box":{"x":117,"y":715,"width":718,"height":12}},{"id":"821eab0c-d112-425f-a7b3-868d8f462cc9","block_type":"box","text":"methodology or a price provided by an independent pricing service. As a result, the price received","page_number":204,"box":{"x":117,"y":731,"width":724,"height":12}},{"id":"1468a0e8-e548-45cc-9860-0305608f766f","block_type":"box","text":"upon the sale of an investment may be less than the value ascribed by the Fund, and the Fund could","page_number":204,"box":{"x":117,"y":746,"width":747,"height":12}},{"id":"db70eff4-8504-4c3d-9267-ca63a0347453","block_type":"box","text":"realize a greater than expected loss or lesser than expected gain upon the sale of the investment. The","page_number":204,"box":{"x":117,"y":761,"width":758,"height":13}},{"id":"72ff5311-fa79-4af3-b855-48e628df3586","block_type":"box","text":"Fund’s ability to value its investment may also be impacted by technological issues and/or errors by","page_number":204,"box":{"x":117,"y":777,"width":738,"height":12}},{"id":"61038463-bfc2-49da-a1c1-8226beef2d54","block_type":"box","text":"pricing services or other third-party service providers.","page_number":204,"box":{"x":117,"y":793,"width":393,"height":12}},{"id":"7ba8e3e1-5920-4bc9-96a6-570ad868d5a7","block_type":"box","text":"In the event that application of the methods of valuation discussed above result in a price for a security","page_number":204,"box":{"x":117,"y":823,"width":761,"height":13}},{"id":"f8c378fe-b89b-486d-90a6-bdcef879248e","block_type":"box","text":"which is deemed not to be representative of the fair market value of such security, the security will be","page_number":204,"box":{"x":116,"y":839,"width":756,"height":12}},{"id":"c71e505e-6f9b-42cc-a448-ef1f8af43313","block_type":"box","text":"valued by, under the direction of or in accordance with a method approved by BlackRock, the Fund’s","page_number":204,"box":{"x":116,"y":854,"width":752,"height":13}},{"id":"a295dfc9-5287-4528-b0eb-3154e3331f95","block_type":"box","text":"valuation designee, as reflecting fair value. All other assets and liabilities (including securities for which","page_number":204,"box":{"x":116,"y":870,"width":767,"height":12}},{"id":"0ff5e647-f646-426f-ac27-0da722e00745","block_type":"box","text":"II-155","page_number":204,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"85e816f8-33be-4809-a22a-2a03fb9d9b08","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":204,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"08008e4c-3f28-4ef1-aa84-56a657c63ec1","block_type":"box","text":"market quotations are not readily available) held by a Fund (including restricted securities and private","page_number":205,"box":{"x":117,"y":87,"width":756,"height":12}},{"id":"582ac763-1d39-4685-a008-6a229d1dcea6","block_type":"box","text":"market investments, as applicable) are valued at fair value as determined in good faith by BlackRock","page_number":205,"box":{"x":117,"y":102,"width":752,"height":13}},{"id":"f617f6a7-2c36-4a24-a96f-a8bb99934d82","block_type":"box","text":"pursuant to the Valuation Procedures. 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BlackRock may reasonably","page_number":205,"box":{"x":116,"y":289,"width":704,"height":12}},{"id":"812bcd11-a3f4-4f1a-a347-c7196610972f","block_type":"box","text":"conclude that a market quotation is not readily available or is unreliable if, among other things, a","page_number":205,"box":{"x":116,"y":304,"width":718,"height":12}},{"id":"7cab337d-0a54-4389-b27f-2b794847f615","block_type":"box","text":"security or other asset or liability does not have a price source due to its complete lack of trading, if","page_number":205,"box":{"x":116,"y":320,"width":739,"height":12}},{"id":"c1c5dbdf-bbf9-4230-9014-6135510a642d","block_type":"box","text":"BlackRock believes a market quotation from a broker-dealer or other source is unreliable (e.g., where it","page_number":205,"box":{"x":117,"y":335,"width":770,"height":12}},{"id":"85789e7c-8a12-44e5-acdc-560fbbe49d29","block_type":"box","text":"varies significantly from a recent trade, or no longer reflects the fair value of the security or other asset","page_number":205,"box":{"x":116,"y":351,"width":765,"height":12}},{"id":"9f0a6d1e-4e67-43e8-b7f3-f1bc1cbc1a86","block_type":"box","text":"or liability subsequent to the most recent market quotation), or where the security or other asset or","page_number":205,"box":{"x":116,"y":366,"width":735,"height":12}},{"id":"18471835-2edb-49a0-ab56-8f68306957f2","block_type":"box","text":"liability is only thinly traded or due to the occurrence of a significant event subsequent to the most","page_number":205,"box":{"x":117,"y":382,"width":728,"height":12}},{"id":"1c38324d-aad1-4895-b5b6-5138a5bbc567","block_type":"box","text":"recent market quotation. For this purpose, a “significant event” is deemed to occur if BlackRock","page_number":205,"box":{"x":117,"y":397,"width":711,"height":12}},{"id":"485b2bf4-e4a4-4776-8e2a-73ce1871ab28","block_type":"box","text":"determines, in its reasonable business judgment, that an event has occurred after the close of trading","page_number":205,"box":{"x":116,"y":413,"width":759,"height":12}},{"id":"e003801d-f2b4-4bd6-9f4d-cb5138067cf6","block_type":"box","text":"for an asset or liability but prior to or at the time of pricing a Fund’s assets or liabilities, is likely to cause","page_number":205,"box":{"x":116,"y":428,"width":771,"height":12}},{"id":"e33b640c-5e09-4c29-8d11-e5c7a29dcff3","block_type":"box","text":"a material change to the last exchange closing price or closing market price of one or more assets held","page_number":205,"box":{"x":116,"y":444,"width":770,"height":12}},{"id":"05c90e7c-4689-4a94-a024-c0455c8d8e16","block_type":"box","text":"by, or liabilities of, the Fund. 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In addition,","page_number":205,"box":{"x":117,"y":645,"width":765,"height":12}},{"id":"a07f1532-1566-4732-9f08-ae251a06a3b2","block_type":"box","text":"the Funds’ accounting agent assists BlackRock by periodically endeavoring to confirm the prices it","page_number":205,"box":{"x":116,"y":661,"width":729,"height":12}},{"id":"079df2cb-68d4-43c6-a1cc-85649a3c14d1","block_type":"box","text":"receives from all third-party pricing services, index providers and broker-dealers. BlackRock regularly","page_number":205,"box":{"x":117,"y":676,"width":750,"height":12}},{"id":"ea2c752d-5c5a-4a52-ade3-159c38abfcfd","block_type":"box","text":"evaluates the values assigned to the securities and other assets and liabilities of the Funds.","page_number":205,"box":{"x":116,"y":692,"width":679,"height":12}},{"id":"d16c0b43-e9ca-4b01-81f3-60644861f4b5","block_type":"box","text":"When determining the price for a Fair Value Asset, BlackRock will seek to determine the price that a","page_number":205,"box":{"x":116,"y":723,"width":743,"height":12}},{"id":"c7dba2f4-7fcf-4fa5-a51f-b57e90e2e046","block_type":"box","text":"Fund might reasonably expect to receive from the current sale of that asset or liability in an","page_number":205,"box":{"x":117,"y":738,"width":672,"height":12}},{"id":"c8701da8-eb84-4168-a5ae-05c794e5987d","block_type":"box","text":"arm’s-length transaction on the date on which the asset or liability is being valued, and does not seek","page_number":205,"box":{"x":116,"y":754,"width":751,"height":12}},{"id":"23b84e93-c487-4829-96e4-c22d0d63d7a4","block_type":"box","text":"to determine the price a Fund might reasonably expect to receive for selling an asset or liability at a","page_number":205,"box":{"x":116,"y":769,"width":736,"height":12}},{"id":"ca9089b6-d8f6-4837-b603-5a23bb5d9e56","block_type":"box","text":"later time or if it holds the asset or liability to maturity. Fair value determinations will be based upon all","page_number":205,"box":{"x":117,"y":785,"width":753,"height":12}},{"id":"fed70e01-0567-4de6-8eb2-db5dd2084190","block_type":"box","text":"available factors that BlackRock deems relevant at the time of the determination, and may be based on","page_number":205,"box":{"x":116,"y":800,"width":765,"height":12}},{"id":"29704984-1af6-407c-a0fa-b7c018ae27ac","block_type":"box","text":"analytical values determined by BlackRock using proprietary or third-party valuation models.","page_number":205,"box":{"x":116,"y":816,"width":683,"height":12}},{"id":"ec94ff0c-6dc4-4d76-afd7-5caa823ac7db","block_type":"box","text":"Fair value represents a good faith approximation of the value of an asset or liability. When determining","page_number":205,"box":{"x":117,"y":847,"width":764,"height":12}},{"id":"1cd1fac0-1ff4-4377-9e8e-6c354462d5a3","block_type":"box","text":"the fair value of an investment, one or more fair value methodologies may be used (depending on","page_number":205,"box":{"x":116,"y":862,"width":730,"height":12}},{"id":"da0aaf8e-00cb-4c9a-8bd1-41136c08cb2e","block_type":"box","text":"certain factors, including the asset type). For example, the investment may be initially priced based on","page_number":205,"box":{"x":116,"y":878,"width":762,"height":12}},{"id":"4cb758e0-8e3b-44fe-bb01-b7bb7fe3d1f5","block_type":"box","text":"II-156","page_number":205,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"c396ffc5-efd0-4bcb-9438-033c499bb7e6","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":205,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"38c34b5e-a9ae-4e8c-ae88-5c116414bdcd","block_type":"box","text":"the original cost of the investment or, alternatively, using proprietary or third-party models that may rely","page_number":206,"box":{"x":116,"y":87,"width":769,"height":12}},{"id":"e8a1d9fa-6835-4c4e-b68e-62aba989ae86","block_type":"box","text":"upon one or more unobservable inputs. Prices of actual, executed or historical transactions in the","page_number":206,"box":{"x":117,"y":102,"width":726,"height":12}},{"id":"586bb19a-668a-42a9-b317-f831344a0eac","block_type":"box","text":"relevant investment (or comparable instruments) or, where appropriate, an appraisal by a third-party","page_number":206,"box":{"x":117,"y":118,"width":747,"height":12}},{"id":"38bf2196-3ddb-498f-aca8-0ab77fa6d0ec","block_type":"box","text":"experienced in the valuation of similar instruments, may also be used as a basis for establishing the","page_number":206,"box":{"x":116,"y":134,"width":745,"height":12}},{"id":"e815ff93-09fc-4c45-951d-42e7c586f21f","block_type":"box","text":"fair value of an investment.","page_number":206,"box":{"x":116,"y":149,"width":206,"height":10}},{"id":"d4e7c239-ad1f-4eb9-bde6-56c82ea1ee66","block_type":"box","text":"The fair value of one or more assets or liabilities may not, in retrospect, be the price at which those","page_number":206,"box":{"x":116,"y":178,"width":738,"height":13}},{"id":"38716e0e-7a40-4259-a607-ff5152cbe0c5","block_type":"box","text":"assets or liabilities could have been sold during the period in which the particular fair values were used","page_number":206,"box":{"x":116,"y":194,"width":767,"height":12}},{"id":"419a4b8a-ffa1-4779-9339-6b71120884f8","block_type":"box","text":"in determining a Fund’s NAV. As a result, a Fund’s sale or redemption of its shares at NAV, at a time","page_number":206,"box":{"x":117,"y":209,"width":752,"height":13}},{"id":"9195c6a4-8b44-47cb-820d-1ef06e34569f","block_type":"box","text":"when a holding or holdings are valued at fair value, may have the effect of diluting or increasing the","page_number":206,"box":{"x":116,"y":225,"width":742,"height":12}},{"id":"3ae29700-2f2c-4ca4-baeb-46074cbf5458","block_type":"box","text":"economic interest of existing shareholders.","page_number":206,"box":{"x":116,"y":240,"width":323,"height":13}},{"id":"9a0097e8-4780-4483-80b3-82a55b405285","block_type":"box","text":"Each Fund’s annual audited financial statements, which are prepared in accordance with accounting","page_number":206,"box":{"x":117,"y":270,"width":749,"height":12}},{"id":"00c52835-76db-4e81-a20d-003de0ac62db","block_type":"box","text":"principles generally accepted in the United States of America (“US GAAP”), follow the requirements for","page_number":206,"box":{"x":117,"y":285,"width":767,"height":13}},{"id":"6dc7007c-b79c-472d-8d8e-2809c1e7b056","block_type":"box","text":"valuation set forth in Financial Accounting Standards Board Accounting Standards Codification Topic","page_number":206,"box":{"x":116,"y":301,"width":753,"height":12}},{"id":"a564549e-75ea-4fb2-8098-f794f8da931c","block_type":"box","text":"820, “Fair Value Measurements and Disclosures” (“ASC 820”), which defines and establishes a","page_number":206,"box":{"x":116,"y":316,"width":712,"height":13}},{"id":"3c17af25-33f9-4b13-aae0-9bf8b29307f2","block_type":"box","text":"framework for measuring fair value under US GAAP and expands financial statement disclosure","page_number":206,"box":{"x":116,"y":332,"width":717,"height":12}},{"id":"00d5c4b8-2f8c-4354-95ba-098d91e6f7cc","block_type":"box","text":"requirements relating to fair value measurements.","page_number":206,"box":{"x":117,"y":347,"width":374,"height":13}},{"id":"8c0c959f-02c6-4280-9c93-8b0c43b051c8","block_type":"box","text":"Generally, ASC 820 and other accounting rules applicable to funds and various assets in which they","page_number":206,"box":{"x":117,"y":377,"width":747,"height":12}},{"id":"a58f91ab-7139-4c9d-9d34-9c64dec3deb4","block_type":"box","text":"invest are evolving. Such changes may adversely affect a Fund. For example, the evolution of rules","page_number":206,"box":{"x":117,"y":392,"width":743,"height":13}},{"id":"0b1a604f-4022-4d9c-be5b-ecec93565f39","block_type":"box","text":"governing the determination of the fair market value of assets or liabilities, to the extent such rules","page_number":206,"box":{"x":116,"y":408,"width":733,"height":12}},{"id":"05dbc044-22f4-47f3-aa6d-6106589405ea","block_type":"box","text":"become more stringent, would tend to increase the cost and/or reduce the availability of third-party","page_number":206,"box":{"x":117,"y":423,"width":735,"height":13}},{"id":"41989a63-2f96-4adc-b80c-c524df58b02e","block_type":"box","text":"determinations of fair market value. This may in turn increase the costs associated with selling assets","page_number":206,"box":{"x":116,"y":439,"width":758,"height":12}},{"id":"0dbbef56-dbec-49f3-ae51-c8c2cd8d4e8b","block_type":"box","text":"or affect their liquidity due to a Fund’s inability to obtain a third-party determination of fair market value.","page_number":206,"box":{"x":116,"y":454,"width":768,"height":13}},{"id":"40fe702c-39ef-420c-9d22-b531e10561e7","block_type":"box","text":"Computation of Offering Price Per Share","page_number":206,"box":{"x":116,"y":484,"width":328,"height":12}},{"id":"48e02c13-8635-45d8-ab4f-fe106692d1dc","block_type":"box","text":"See “Computation of Offering Price Per Share” in Part I of a Fund’s SAI for an illustration of the","page_number":206,"box":{"x":116,"y":506,"width":710,"height":12}},{"id":"cb80bf21-cb6a-4254-908c-9b5238c94a6c","block_type":"box","text":"computation of the offering price for shares of your Fund.","page_number":206,"box":{"x":116,"y":522,"width":429,"height":12}},{"id":"3417eb5c-5cc5-42fe-b8dc-f8bd89efcc68","block_type":"box","text":"P","page_number":206,"box":{"x":337,"y":565,"width":10,"height":10}},{"id":"f365d6f1-8732-442e-9a9d-6d811d465166","block_type":"box","text":"ORTFOLIO","page_number":206,"box":{"x":348,"y":568,"width":69,"height":7}},{"id":"955eec6d-1c2d-4559-86ad-fd83061aaaa8","block_type":"box","text":"T","page_number":206,"box":{"x":418,"y":565,"width":14,"height":10}},{"id":"661cbb7d-82a7-41b9-8691-062ede468d8d","block_type":"box","text":"RANSACTIONS","page_number":206,"box":{"x":434,"y":568,"width":98,"height":7}},{"id":"31c9a647-6583-43ca-8d46-1de3ebd876df","block_type":"box","text":"AND","page_number":206,"box":{"x":538,"y":568,"width":28,"height":7}},{"id":"4af078a3-2e05-4da5-8d4a-cbea5307a3ab","block_type":"box","text":"B","page_number":206,"box":{"x":567,"y":565,"width":16,"height":10}},{"id":"d46858ae-c16b-4224-ac36-a01e36b7de63","block_type":"box","text":"ROKERAGE","page_number":206,"box":{"x":585,"y":568,"width":77,"height":7}},{"id":"bd710be3-0aa8-4b80-a2f7-a9086c03ba61","block_type":"box","text":"Transactions in Portfolio Securities","page_number":206,"box":{"x":116,"y":595,"width":288,"height":9}},{"id":"2f8381ac-4bc8-4c50-9b6f-71bcdfb73bb1","block_type":"box","text":"Subject to policies established by the Board of Directors, BlackRock is primarily responsible for the","page_number":206,"box":{"x":116,"y":617,"width":738,"height":12}},{"id":"08120b81-4890-457a-9cfc-ba0795a1f865","block_type":"box","text":"execution of a Fund’s portfolio transactions and the allocation of brokerage. BlackRock does not","page_number":206,"box":{"x":116,"y":633,"width":718,"height":12}},{"id":"b051816d-1b6f-48be-92d6-4f92b384f644","block_type":"box","text":"execute transactions through any particular broker or dealer, but seeks to obtain the best net results for","page_number":206,"box":{"x":116,"y":648,"width":772,"height":12}},{"id":"bfb28055-2b96-4713-ae0c-abc261ba0694","block_type":"box","text":"the Fund, taking into account certain factors set out below. While BlackRock generally seeks","page_number":206,"box":{"x":116,"y":664,"width":687,"height":12}},{"id":"be69362a-bf8f-4a33-ba1a-ed9ef1febd58","block_type":"box","text":"reasonable trade execution costs, a Fund does not necessarily pay the lowest spread or commission","page_number":206,"box":{"x":117,"y":679,"width":746,"height":12}},{"id":"13654b8e-60a6-4808-a3ae-f0e91b32520e","block_type":"box","text":"available, and payment of the lowest commission or spread is not necessarily consistent with obtaining","page_number":206,"box":{"x":116,"y":695,"width":762,"height":12}},{"id":"a680ded4-bc2c-4596-b32a-55637e6c527f","block_type":"box","text":"the best price and execution in particular transactions. Subject to applicable legal requirements,","page_number":206,"box":{"x":116,"y":710,"width":708,"height":12}},{"id":"bdd64043-57da-459a-803e-c84f0cc01d4f","block_type":"box","text":"BlackRock may select a broker based partly upon brokerage or research services provided to","page_number":206,"box":{"x":117,"y":726,"width":692,"height":12}},{"id":"7de142c9-d8f6-42ad-9f08-52aa047cc5e4","block_type":"box","text":"BlackRock and its clients, including a Fund. In return for such services, BlackRock may cause a Fund","page_number":206,"box":{"x":117,"y":741,"width":752,"height":12}},{"id":"8a23aca7-26f8-468a-8dd5-d0bd5197d24b","block_type":"box","text":"to pay a higher commission than other brokers would charge if BlackRock determines in good faith that","page_number":206,"box":{"x":116,"y":757,"width":765,"height":12}},{"id":"d7c3dc09-ce70-44e1-80d7-58550a5424df","block_type":"box","text":"the commission is reasonable in relation to the services provided.","page_number":206,"box":{"x":116,"y":772,"width":485,"height":12}},{"id":"3f59b3cf-3030-4b21-8b3b-bf153e9cb29a","block_type":"box","text":"In the case of Feeder Funds, because each Feeder Fund generally invests exclusively in beneficial","page_number":206,"box":{"x":117,"y":802,"width":733,"height":12}},{"id":"f2cd40f3-f2be-4e15-b049-901a0d9b4181","block_type":"box","text":"interests of a Master Portfolio, it is expected that all transactions in portfolio securities will be entered","page_number":206,"box":{"x":117,"y":817,"width":745,"height":12}},{"id":"150ba903-03d8-45a4-b03e-cdd1d0d386c5","block_type":"box","text":"into by the Master Portfolio.","page_number":206,"box":{"x":117,"y":833,"width":208,"height":12}},{"id":"cea24cb7-ed68-473e-a4b0-e9b95d447e82","block_type":"box","text":"In selecting brokers or dealers to execute portfolio transactions, the Manager and sub-advisers seek to","page_number":206,"box":{"x":117,"y":862,"width":767,"height":12}},{"id":"afe4700b-30f5-49a9-86b6-d786efa361b0","block_type":"box","text":"obtain the best price and most favorable execution for a Fund, taking into account a variety of factors","page_number":206,"box":{"x":116,"y":878,"width":754,"height":12}},{"id":"eccb9825-7492-4fe6-bcbc-4d6181d6f8b7","block_type":"box","text":"II-157","page_number":206,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"5095ab5d-5a42-49ca-8c31-ae044894782e","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":206,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"c8881469-c18e-4fc7-8c0a-ceb0804300a4","block_type":"box","text":"including: (i) the size, nature and character of the security or instrument being traded and the markets","page_number":207,"box":{"x":117,"y":87,"width":758,"height":12}},{"id":"6421418a-5335-4aa4-81fb-6923387afdcc","block_type":"box","text":"in which it is purchased or sold; (ii) the desired timing of the transaction; (iii) BlackRock’s knowledge of","page_number":207,"box":{"x":117,"y":102,"width":764,"height":13}},{"id":"93702304-89a7-4aee-b10c-dfa162847b2e","block_type":"box","text":"the expected commission rates and spreads currently available; (iv) the activity existing and expected","page_number":207,"box":{"x":116,"y":118,"width":759,"height":12}},{"id":"c1777a95-e06d-4cd0-b883-c1e862bb1906","block_type":"box","text":"in the market for the particular security or instrument, including any anticipated execution difficulties;","page_number":207,"box":{"x":117,"y":134,"width":746,"height":12}},{"id":"acffd004-fd03-4d6a-8753-641d48609cf6","block_type":"box","text":"(v) the full range of brokerage services provided; (vi) the broker’s or dealer’s capital; (vii) the quality of","page_number":207,"box":{"x":117,"y":149,"width":759,"height":12}},{"id":"68be4a4e-6117-4804-a477-9edea73f5dec","block_type":"box","text":"research and research services provided; (viii) the reasonableness of the commission, dealer spread","page_number":207,"box":{"x":117,"y":165,"width":752,"height":12}},{"id":"e162f91d-02d7-442d-901b-f6a848491982","block_type":"box","text":"or its equivalent for the specific transaction; and (ix) BlackRock’s knowledge of any actual or apparent","page_number":207,"box":{"x":116,"y":180,"width":760,"height":12}},{"id":"afb530f2-6974-468e-ad4c-32b0b1c7f2f2","block_type":"box","text":"operational problems of a broker or dealer.","page_number":207,"box":{"x":116,"y":196,"width":323,"height":11}},{"id":"92bafbca-ed2d-430c-b600-b2b3712a31c7","block_type":"box","text":"Section 28(e) of the Exchange Act (“Section 28(e)”) permits an investment adviser, under certain","page_number":207,"box":{"x":116,"y":227,"width":723,"height":12}},{"id":"c203e423-1942-43e3-bf59-8c6138cc4a83","block_type":"box","text":"circumstances to cause an account to pay a broker or dealer a commission for effecting a transaction","page_number":207,"box":{"x":116,"y":242,"width":757,"height":12}},{"id":"6b96d1a3-c858-4714-8499-f4f2d060b38d","block_type":"box","text":"that exceeds the amount another broker or dealer would have charged for effecting the same","page_number":207,"box":{"x":116,"y":258,"width":696,"height":12}},{"id":"97bcd0e8-3211-4a8f-97ae-12269f9b6f7b","block_type":"box","text":"transaction in recognition of the value of brokerage and research services provided by that broker or","page_number":207,"box":{"x":116,"y":273,"width":748,"height":12}},{"id":"0092c9b4-a511-460d-93bc-ec0fd941f008","block_type":"box","text":"dealer. This includes commissions paid on riskless principal transactions under certain conditions.","page_number":207,"box":{"x":116,"y":289,"width":732,"height":12}},{"id":"91738776-a81b-4e86-8bb0-fbae0b3c3552","block_type":"box","text":"Brokerage and research services include: (1) furnishing advice as to the value of securities, including","page_number":207,"box":{"x":117,"y":304,"width":754,"height":12}},{"id":"575646ce-a136-4a19-a66f-e779fdf4bcf8","block_type":"box","text":"pricing and appraisal advice, credit analysis, risk measurement analysis, performance and other","page_number":207,"box":{"x":117,"y":320,"width":716,"height":12}},{"id":"a7e74be4-5d77-441c-86c1-2a1c7c5d4ef6","block_type":"box","text":"analysis, as well as the advisability of investing in, purchasing or selling securities, and the availability","page_number":207,"box":{"x":116,"y":335,"width":758,"height":12}},{"id":"2470446d-1d23-4b76-be0f-de5d8454c9a7","block_type":"box","text":"of securities or purchasers or sellers of securities; (2) furnishing analyses and reports concerning","page_number":207,"box":{"x":116,"y":351,"width":725,"height":12}},{"id":"92a24d39-d8c2-439a-b41e-f9e77ceaea5f","block_type":"box","text":"issuers, industries, securities, economic factors and trends, portfolio strategy, and the performance of","page_number":207,"box":{"x":117,"y":366,"width":757,"height":12}},{"id":"0189a68c-db00-45eb-9795-3b52409f5aed","block_type":"box","text":"accounts; and (3) effecting securities transactions and performing functions incidental to securities","page_number":207,"box":{"x":116,"y":382,"width":734,"height":12}},{"id":"21a71321-6675-4e43-9858-f656184ce63f","block_type":"box","text":"transactions (such as clearance, settlement, and custody). BlackRock believes that access to","page_number":207,"box":{"x":116,"y":397,"width":698,"height":12}},{"id":"7e667bb9-c2c3-44f0-bd6c-a245ebff90f1","block_type":"box","text":"independent investment research is beneficial to its investment decision-making processes and,","page_number":207,"box":{"x":117,"y":413,"width":716,"height":12}},{"id":"390d5800-5d35-49ee-844a-9db1d3fe1df9","block_type":"box","text":"therefore, to the Funds.","page_number":207,"box":{"x":116,"y":428,"width":180,"height":11}},{"id":"bf9f7238-972b-4d84-b894-20893a2f3031","block_type":"box","text":"BlackRock, unless prohibited by applicable law, may participate in client commission arrangements","page_number":207,"box":{"x":117,"y":459,"width":739,"height":12}},{"id":"c8d4d4c2-29b1-479d-b860-254f8bc1dae7","block_type":"box","text":"under which BlackRock may execute transactions through a broker-dealer and request that the broker","page_number":207,"box":{"x":117,"y":475,"width":762,"height":12}},{"id":"585747aa-9276-4959-a254-6b1864438d4e","block_type":"box","text":"dealer allocate a portion of the commissions or commission credits to another firm that provides","page_number":207,"box":{"x":116,"y":490,"width":715,"height":12}},{"id":"d494ae1d-2796-4786-ac7f-9573c48699a1","block_type":"box","text":"research to BlackRock. BlackRock believes that research services obtained through soft dollar or","page_number":207,"box":{"x":117,"y":506,"width":725,"height":12}},{"id":"8b30ba00-42bf-416d-97cb-f8e9ca4ad904","block_type":"box","text":"commission sharing arrangements enhance its investment decision-making capabilities, thereby","page_number":207,"box":{"x":116,"y":521,"width":718,"height":12}},{"id":"e0fcfcae-3782-43f9-ab77-fea8eb44d663","block_type":"box","text":"increasing the prospects for higher investment returns. BlackRock will engage only in soft dollar or","page_number":207,"box":{"x":117,"y":537,"width":733,"height":12}},{"id":"903c69f8-f682-4c62-9741-8246c30d6551","block_type":"box","text":"commission sharing transactions that comply with the requirements of Section 28(e). Certain Funds","page_number":207,"box":{"x":116,"y":552,"width":744,"height":12}},{"id":"544b403d-c572-4942-b1b1-4c8b0f1e791b","block_type":"box","text":"may be subject to additional regulations, including MiFID II. Under MiFID II, EU investment managers,","page_number":207,"box":{"x":117,"y":568,"width":760,"height":12}},{"id":"1023ac90-3952-4b5d-a16b-52e81f9a9ce6","block_type":"box","text":"including BIL, pay for any research out of their own resources and not through soft dollars or","page_number":207,"box":{"x":117,"y":583,"width":689,"height":12}},{"id":"44effd89-4760-4803-92aa-43523b4f367b","block_type":"box","text":"commission sharing arrangements. BlackRock regularly evaluates the soft dollar products and services","page_number":207,"box":{"x":116,"y":599,"width":771,"height":12}},{"id":"cec2fc69-8586-4359-bdde-9f1cd63000f1","block_type":"box","text":"utilized, as well as the overall soft dollar and commission sharing arrangements to ensure that trades","page_number":207,"box":{"x":117,"y":614,"width":753,"height":12}},{"id":"1cbb70e7-1e59-4f41-8c63-737a7140d323","block_type":"box","text":"are executed by firms that are regarded as best able to execute trades for client accounts, while at the","page_number":207,"box":{"x":116,"y":630,"width":764,"height":12}},{"id":"7eeadd6a-b752-4205-b256-f3a646010416","block_type":"box","text":"same time providing access to the research and other services BlackRock views as impactful to its","page_number":207,"box":{"x":116,"y":645,"width":737,"height":12}},{"id":"199cae40-4b9d-4aef-9bf7-b49b9c26246c","block_type":"box","text":"trading results.","page_number":207,"box":{"x":116,"y":661,"width":109,"height":12}},{"id":"fae5dc6e-838b-466e-b7b9-a84e07855b01","block_type":"box","text":"BlackRock, unless prohibited by applicable law, may utilize soft dollars and related services, including","page_number":207,"box":{"x":117,"y":692,"width":752,"height":12}},{"id":"f86aa65c-4630-403a-a8e1-5b35d5956f58","block_type":"box","text":"research (whether prepared by the broker-dealer or prepared by a third-party and provided to","page_number":207,"box":{"x":117,"y":707,"width":691,"height":12}},{"id":"a2763c36-d1ac-4b4f-b672-c5782e686a32","block_type":"box","text":"BlackRock by the broker-dealer) and execution or brokerage services within applicable rules and","page_number":207,"box":{"x":117,"y":723,"width":716,"height":12}},{"id":"4679611f-3ce1-4ac6-bdd5-cf416527d565","block_type":"box","text":"BlackRock’s policies to the extent that such permitted services do not compromise BlackRock’s ability","page_number":207,"box":{"x":117,"y":738,"width":754,"height":12}},{"id":"9537a181-3cb7-472b-97c3-84ddb931c8cd","block_type":"box","text":"to seek to obtain best execution. In this regard, the portfolio management investment and/or trading","page_number":207,"box":{"x":116,"y":754,"width":738,"height":12}},{"id":"515c4e5d-dcd3-4737-9e11-0935654162c9","block_type":"box","text":"teams may consider a variety of factors, including the degree to which the broker-dealer: (a) provides","page_number":207,"box":{"x":116,"y":769,"width":751,"height":12}},{"id":"be809d2d-1cbe-43e1-aa06-fa9851a70be1","block_type":"box","text":"access to company management; (b) provides access to their analysts; (c) provides meaningful/","page_number":207,"box":{"x":116,"y":785,"width":714,"height":12}},{"id":"f5fe8e6c-f656-455d-b965-efe4182ff5b1","block_type":"box","text":"insightful research notes on companies or other potential investments; (d) facilitates calls on which","page_number":207,"box":{"x":117,"y":800,"width":729,"height":12}},{"id":"7fa8404d-5ea2-442a-a163-482ff73eb4a7","block_type":"box","text":"meaningful or insightful ideas about companies or potential investments are discussed; (e) facilitates","page_number":207,"box":{"x":117,"y":816,"width":745,"height":12}},{"id":"0437f74f-c7ab-4361-9ba2-877abc6b3e10","block_type":"box","text":"conferences at which meaningful or insightful ideas about companies or potential investments are","page_number":207,"box":{"x":116,"y":831,"width":729,"height":12}},{"id":"06e967b8-c00e-4284-9d7b-b7d6f982fdce","block_type":"box","text":"discussed; or (f) provides research tools such as market data, financial analysis, and other third-party","page_number":207,"box":{"x":116,"y":847,"width":757,"height":12}},{"id":"647a1b94-debf-49d8-be1a-aca2e861a9e4","block_type":"box","text":"related research and brokerage tools that aid in the investment process.","page_number":207,"box":{"x":117,"y":862,"width":539,"height":12}},{"id":"f4514262-d699-4c09-9e41-c2eed888c05a","block_type":"box","text":"II-158","page_number":207,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"a8c51b99-dc4a-45a9-9e21-43db403faf12","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":207,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"e5d85a5e-6a7e-479d-ba00-cbb8ddc6eb8f","block_type":"box","text":"Research-oriented services for which BlackRock, unless prohibited by applicable law, might pay with","page_number":208,"box":{"x":117,"y":87,"width":751,"height":12}},{"id":"0f7ff182-37e7-4d90-96f5-cb199cb32b22","block_type":"box","text":"Fund commissions may be in written form or through direct contact with individuals and may include","page_number":208,"box":{"x":117,"y":102,"width":745,"height":13}},{"id":"2a98e951-67cf-4702-bdf2-4a9a5137e15f","block_type":"box","text":"information as to particular companies or industries and securities or groups of securities, as well as","page_number":208,"box":{"x":117,"y":118,"width":746,"height":12}},{"id":"0ec60678-81fa-466e-a3dd-def617ddbd60","block_type":"box","text":"market, economic, or institutional advice and statistical information, political developments and","page_number":208,"box":{"x":117,"y":134,"width":705,"height":11}},{"id":"24f1054d-16ac-4dd6-9d47-b47b35f498f5","block_type":"box","text":"technical market information that assists in the valuation of investments. Except as noted immediately","page_number":208,"box":{"x":116,"y":149,"width":760,"height":12}},{"id":"295ff65a-15e6-4f3e-bfc5-1fbdb053da48","block_type":"box","text":"below, research services furnished by brokers may be used in servicing some or all client accounts","page_number":208,"box":{"x":117,"y":165,"width":739,"height":12}},{"id":"6deebfa9-b572-4998-8cf0-acb856c2eb3f","block_type":"box","text":"and not all services may be used in connection with the Fund or account that paid commissions to the","page_number":208,"box":{"x":116,"y":180,"width":760,"height":12}},{"id":"c7e4ea94-a0cf-4be0-815a-dfa569b6b11f","block_type":"box","text":"broker providing such services. In some cases, research information received from brokers by mutual","page_number":208,"box":{"x":117,"y":196,"width":757,"height":12}},{"id":"f1c8ee95-ceb2-44ff-9a5e-5c3563134e93","block_type":"box","text":"fund management personnel, or personnel principally responsible for BlackRock’s individually","page_number":208,"box":{"x":116,"y":211,"width":699,"height":12}},{"id":"823c6eec-e57f-4b6c-9bcd-6e8865b7c02c","block_type":"box","text":"managed portfolios, is not necessarily shared by and between such personnel. Any investment","page_number":208,"box":{"x":117,"y":227,"width":708,"height":12}},{"id":"ef058fd0-5f22-40f3-a8e9-6684782c9696","block_type":"box","text":"advisory or other fees paid by a Fund to BlackRock are not reduced as a result of BlackRock’s receipt","page_number":208,"box":{"x":116,"y":242,"width":760,"height":12}},{"id":"cbce0166-6939-412a-a0bc-9c498d9e43cd","block_type":"box","text":"of research services. In some cases, BlackRock may receive a service from a broker that has both a","page_number":208,"box":{"x":116,"y":258,"width":750,"height":12}},{"id":"baa27897-81af-4420-b18a-2f0f468dbdd2","block_type":"box","text":"“research” and a “non-research” use. When this occurs BlackRock makes a good faith allocation,","page_number":208,"box":{"x":116,"y":273,"width":725,"height":12}},{"id":"9a42d7a3-b8de-4205-9e25-e837972f5a90","block_type":"box","text":"under all the circumstances, between the research and non-research uses of the service. The","page_number":208,"box":{"x":117,"y":289,"width":700,"height":11}},{"id":"508f40e8-5170-45eb-ba8d-efa8a57f545d","block_type":"box","text":"percentage of the service that is used for research purposes may be paid for with client commissions,","page_number":208,"box":{"x":117,"y":304,"width":758,"height":12}},{"id":"fa50b67e-f697-41d0-8960-c4d88f85e167","block_type":"box","text":"while BlackRock will use its own funds to pay for the percentage of the service that is used for","page_number":208,"box":{"x":116,"y":320,"width":701,"height":12}},{"id":"9c475026-9c0e-4d88-b3af-5f8b5b440552","block_type":"box","text":"non-research purposes. In making this good faith allocation, BlackRock faces a potential conflict of","page_number":208,"box":{"x":117,"y":335,"width":736,"height":12}},{"id":"a9bf9114-ce2a-49ae-bee7-e5100fa3de5a","block_type":"box","text":"interest, but BlackRock believes that its allocation procedures are reasonably designed to ensure that it","page_number":208,"box":{"x":117,"y":351,"width":771,"height":12}},{"id":"c2a4539e-5abd-4156-af60-a6fe5bcf3205","block_type":"box","text":"appropriately allocates the anticipated use of such services to their research and non-research uses.","page_number":208,"box":{"x":116,"y":366,"width":752,"height":12}},{"id":"99fca36a-f416-4cb4-a798-d4ff0727df6d","block_type":"box","text":"Under MiFID II, investment managers in the EU, including BIL, are not able to use soft dollars to pay","page_number":208,"box":{"x":117,"y":397,"width":748,"height":12}},{"id":"0a679e82-42aa-4ad2-889c-6927c650bdf8","block_type":"box","text":"for research from brokers. Investment managers in the EU are required to either pay for research out","page_number":208,"box":{"x":116,"y":413,"width":754,"height":12}},{"id":"09d385cb-a7b4-40f5-9334-32d9e2534318","block_type":"box","text":"of their own profit and loss or agree with clients to have research costs paid by clients through","page_number":208,"box":{"x":116,"y":428,"width":702,"height":12}},{"id":"0cb01f69-ae39-4b8c-b451-2593be747020","block_type":"box","text":"research payment accounts that are directly funded or funded by a specific client research charge","page_number":208,"box":{"x":117,"y":444,"width":730,"height":12}},{"id":"25b85306-3487-4b4c-ad88-c4d04c2e77d9","block_type":"box","text":"collected alongside execution commissions, provided that the payments for research are unbundled","page_number":208,"box":{"x":116,"y":459,"width":745,"height":12}},{"id":"cff2055c-4c5e-47bc-9ca6-d85df260366d","block_type":"box","text":"from the payments for execution. BIL will pay for any research out of its own resources and not through","page_number":208,"box":{"x":116,"y":475,"width":771,"height":12}},{"id":"75c5ed84-6a58-46a2-9e88-9cd9ac9157b3","block_type":"box","text":"soft dollars or commission sharing arrangements.","page_number":208,"box":{"x":116,"y":490,"width":372,"height":12}},{"id":"5795491d-07de-41a5-bee0-d4dcfb0b6e68","block_type":"box","text":"Payments of commissions to brokers who are affiliated persons of the Fund, or the Master Portfolio","page_number":208,"box":{"x":117,"y":521,"width":740,"height":12}},{"id":"367fdaf5-c7f4-4041-aadc-102bb9b2cd48","block_type":"box","text":"with respect to the Feeder Fund (or affiliated persons of such persons), will be made in accordance","page_number":208,"box":{"x":116,"y":537,"width":741,"height":12}},{"id":"80258482-ef91-440c-a7c9-9ed52342bf18","block_type":"box","text":"with Rule 17e-1 under the Investment Company Act. Subject to policies established by the Board of","page_number":208,"box":{"x":116,"y":552,"width":743,"height":12}},{"id":"460f87a0-1a99-4f80-9c0b-75d97c6547d3","block_type":"box","text":"Directors of the Master Portfolio, BlackRock is primarily responsible for the execution of the Master","page_number":208,"box":{"x":117,"y":568,"width":737,"height":12}},{"id":"487d5de6-afbc-4d7d-bb0e-4222f51bf1d8","block_type":"box","text":"Portfolio’s portfolio transactions and the allocation of brokerage.","page_number":208,"box":{"x":117,"y":583,"width":478,"height":12}},{"id":"bb191f63-3044-4014-9f7e-39a5a291d4ec","block_type":"box","text":"From time to time, a Fund may purchase new issues of securities in a fixed price offering. In these","page_number":208,"box":{"x":117,"y":614,"width":733,"height":12}},{"id":"68d70149-eed2-4da5-9a59-cc673e19b1ad","block_type":"box","text":"situations, the broker may be a member of the selling group that will, in addition to selling securities,","page_number":208,"box":{"x":116,"y":630,"width":746,"height":12}},{"id":"c2c08e16-0036-4b67-93de-f5c68d5daabe","block_type":"box","text":"provide BlackRock with research services. FINRA has adopted rules expressly permitting these types","page_number":208,"box":{"x":117,"y":645,"width":757,"height":12}},{"id":"6a20e4ba-b57d-435a-b6a3-051ac99f3450","block_type":"box","text":"of arrangements under certain circumstances. Generally, the broker will provide research “credits” in","page_number":208,"box":{"x":116,"y":661,"width":744,"height":12}},{"id":"59737c47-cf92-40d5-b677-2a03fb42dc1c","block_type":"box","text":"these situations at a rate that is higher than that available for typical secondary market transactions.","page_number":208,"box":{"x":116,"y":676,"width":739,"height":12}},{"id":"ae614507-e4d4-49cc-841e-6e99b9716c0c","block_type":"box","text":"These arrangements may not fall within the safe harbor of Section 28(e).","page_number":208,"box":{"x":116,"y":692,"width":538,"height":12}},{"id":"4c488985-2c35-4dee-9886-ca89e5d0cf6a","block_type":"box","text":"BlackRock does not consider sales of shares of the mutual funds it advises as a factor in the selection","page_number":208,"box":{"x":117,"y":723,"width":756,"height":9}},{"id":"e51f7a9a-1f55-414e-856c-44c8a9de583f","block_type":"box","text":"of brokers or dealers to execute portfolio transactions for a Fund; however, whether or not a particular","page_number":208,"box":{"x":116,"y":738,"width":756,"height":12}},{"id":"4482865e-6f7f-47db-a93b-1ad141ab3203","block_type":"box","text":"broker or dealer sells shares of the mutual funds advised by BlackRock neither qualifies nor","page_number":208,"box":{"x":117,"y":754,"width":680,"height":12}},{"id":"461bd6ec-8549-4e2c-b665-053c879c4ef2","block_type":"box","text":"disqualifies such broker or dealer to execute transactions for those mutual funds.","page_number":208,"box":{"x":116,"y":769,"width":599,"height":12}},{"id":"7e3e8e9f-2f52-439d-8c92-da81e75a6448","block_type":"box","text":"Each Fund anticipates that its brokerage transactions involving foreign securities generally will be","page_number":208,"box":{"x":117,"y":800,"width":721,"height":12}},{"id":"15423292-6354-4547-be6f-a87fd666d9fc","block_type":"box","text":"conducted primarily on the principal stock exchanges of the applicable country. Foreign equity","page_number":208,"box":{"x":116,"y":816,"width":697,"height":12}},{"id":"ba7e3a04-acf4-43c1-875f-5027384ece20","block_type":"box","text":"securities may be held by a Fund in the form of depositary receipts, or other securities convertible into","page_number":208,"box":{"x":116,"y":831,"width":762,"height":12}},{"id":"812708fb-2b4a-4cfc-83f6-46af79ed080a","block_type":"box","text":"foreign equity securities. Depositary receipts may be listed on stock exchanges, or traded in OTC","page_number":208,"box":{"x":116,"y":847,"width":727,"height":12}},{"id":"90f75e30-f939-4275-97e9-a9fb06f39be2","block_type":"box","text":"markets in the United States or Europe, as the case may be. American Depositary Receipts, like other","page_number":208,"box":{"x":117,"y":862,"width":762,"height":12}},{"id":"02c08f82-930c-44ef-b13f-5586fc8b6fdb","block_type":"box","text":"securities traded in the United States, will be subject to negotiated commission rates. Because the","page_number":208,"box":{"x":116,"y":878,"width":734,"height":12}},{"id":"ae06d4ae-6fcf-47f5-b7b3-71c8aba3580c","block_type":"box","text":"II-159","page_number":208,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"2968f814-02d0-494e-a798-712e08c679f4","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":208,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"6b7786f6-0354-4954-af77-a6d753ad7bdb","block_type":"box","text":"shares of each Fund are redeemable on a daily basis in U.S. dollars, each Fund intends to manage its","page_number":209,"box":{"x":116,"y":87,"width":764,"height":12}},{"id":"ceba5360-f927-4254-b577-a6fbb29f68aa","block_type":"box","text":"portfolio so as to give reasonable assurance that it will be able to obtain U.S. dollars to the extent","page_number":209,"box":{"x":117,"y":102,"width":725,"height":13}},{"id":"8ab04482-3b02-4574-89b7-74630470b8d9","block_type":"box","text":"necessary to meet anticipated redemptions. Under present conditions, it is not believed that these","page_number":209,"box":{"x":117,"y":118,"width":730,"height":12}},{"id":"7800185c-3ca1-4a7e-821d-df0665e116dd","block_type":"box","text":"considerations will have a significant effect on a Fund’s portfolio strategies.","page_number":209,"box":{"x":116,"y":134,"width":561,"height":12}},{"id":"eebaab3b-cdc2-4850-a9c8-2a5225d8f222","block_type":"box","text":"See “Portfolio Transactions and Brokerage” in the","page_number":209,"box":{"x":116,"y":165,"width":366,"height":12}},{"id":"a63c0d31-6886-421c-8176-2cf5ce218161","block_type":"box","text":"SAI for information about the brokerage commissions","page_number":209,"box":{"x":482,"y":165,"width":392,"height":12}},{"id":"e33751a3-f6e3-4f55-9121-74ca9a96795a","block_type":"box","text":"paid by your Fund, including commissions paid to a","page_number":209,"box":{"x":117,"y":180,"width":371,"height":12}},{"id":"2ad91be7-64a4-46f1-b5ce-8003e8399c03","block_type":"box","text":"ffiliates, if any, for the periods indicated.","page_number":209,"box":{"x":489,"y":180,"width":293,"height":12}},{"id":"7411ba72-e3d4-40d5-99ac-ed5dba3f5f62","block_type":"box","text":"Each Fund may invest in certain securities traded in the OTC market and intends to deal directly with","page_number":209,"box":{"x":117,"y":211,"width":753,"height":12}},{"id":"764b51ab-a847-44fe-b67b-5a036c457e7c","block_type":"box","text":"the dealers who make a market in the particular securities, except in those circumstances in which","page_number":209,"box":{"x":116,"y":227,"width":735,"height":11}},{"id":"2db73fba-df26-45c6-a124-4843199eb8e2","block_type":"box","text":"better prices and execution are available elsewhere. Under the Investment Company Act, persons","page_number":209,"box":{"x":117,"y":242,"width":732,"height":12}},{"id":"59166524-b0c7-44f7-ae66-549ba8ee43d0","block_type":"box","text":"affiliated with a Fund and persons who are affiliated with such affiliated persons are prohibited from","page_number":209,"box":{"x":116,"y":258,"width":741,"height":11}},{"id":"3aef3a2f-d7ab-4508-8431-326b680af044","block_type":"box","text":"dealing with the Fund as principal in the purchase and sale of securities unless a permissive order","page_number":209,"box":{"x":116,"y":273,"width":733,"height":12}},{"id":"38e88e19-0fb8-4c16-9902-9a136f7a5b44","block_type":"box","text":"allowing such transactions is obtained from the Commission. Since transactions in the OTC market","page_number":209,"box":{"x":116,"y":289,"width":740,"height":12}},{"id":"9380e5eb-71b6-4883-bdc8-bd065d947f45","block_type":"box","text":"usually involve transactions with the dealers acting as principal for their own accounts, the Funds will","page_number":209,"box":{"x":117,"y":304,"width":752,"height":12}},{"id":"cffbfdb3-7fb2-4bd5-acff-c7682b3d5dfe","block_type":"box","text":"not deal with affiliated persons in connection with such transactions. However, an affiliated person of a","page_number":209,"box":{"x":117,"y":320,"width":764,"height":12}},{"id":"27d7e0ed-cc04-423d-91f5-889d13092770","block_type":"box","text":"Fund may serve as its broker in OTC transactions conducted on an agency basis provided that, among","page_number":209,"box":{"x":117,"y":335,"width":769,"height":12}},{"id":"20f54d4c-1d43-45b9-9b3d-3ac949776f41","block_type":"box","text":"other things, the fee or commission received by such affiliated broker is reasonable and fair compared","page_number":209,"box":{"x":116,"y":351,"width":762,"height":12}},{"id":"1c9e5291-d6c3-4857-a81e-0aaadcae1cbe","block_type":"box","text":"to the fee or commission received by non-affiliated brokers in connection with comparable transactions.","page_number":209,"box":{"x":116,"y":366,"width":772,"height":12}},{"id":"11e37c53-e964-414e-a2bc-5de8dbc75558","block_type":"box","text":"OTC issues, including most fixed-income securities such as corporate debt and U.S. Government","page_number":209,"box":{"x":116,"y":397,"width":729,"height":12}},{"id":"0af12e1f-4cd4-4ac8-92e5-27e2d9f9379b","block_type":"box","text":"Securities, are normally traded on a “net” basis without a stated commission, through dealers acting for","page_number":209,"box":{"x":116,"y":413,"width":770,"height":12}},{"id":"76187cf2-6744-4d11-bac7-285036fe1306","block_type":"box","text":"their own account and not as brokers. The Funds will primarily engage in transactions with these","page_number":209,"box":{"x":116,"y":428,"width":721,"height":12}},{"id":"d846de36-ddc9-4245-9297-04ae209c2286","block_type":"box","text":"dealers or deal directly with the issuer unless a better price or execution could be obtained by using a","page_number":209,"box":{"x":116,"y":444,"width":757,"height":12}},{"id":"7ffa59b5-c540-40e7-8769-5e0e00bba7e4","block_type":"box","text":"broker. Prices paid to a dealer with respect to both foreign and domestic securities will generally","page_number":209,"box":{"x":117,"y":459,"width":716,"height":12}},{"id":"ba99ce4f-cd50-4459-b1c7-de61d1201ad9","block_type":"box","text":"include a “spread,” which is the difference between the prices at which the dealer is willing to purchase","page_number":209,"box":{"x":117,"y":475,"width":766,"height":12}},{"id":"b1e0a48b-9d67-4689-b4a0-12c2f8c9b337","block_type":"box","text":"and sell the specific security at the time, and includes the dealer’s normal profit.","page_number":209,"box":{"x":116,"y":490,"width":596,"height":12}},{"id":"705ac114-9566-4878-bacb-306193178a03","block_type":"box","text":"Purchases of money market instruments by a Fund are made from dealers, underwriters and issuers.","page_number":209,"box":{"x":117,"y":521,"width":756,"height":12}},{"id":"a527459c-2617-422b-9a24-e1ac61521438","block_type":"box","text":"The Funds do not currently expect to incur any brokerage commission expense on such transactions","page_number":209,"box":{"x":116,"y":537,"width":753,"height":12}},{"id":"695a56d8-d56f-470d-80ea-5179444b50af","block_type":"box","text":"because money market instruments are generally traded on a “net” basis with dealers acting as","page_number":209,"box":{"x":117,"y":552,"width":712,"height":12}},{"id":"b6f18d9e-c1cc-4041-8ff2-245d7ba5629e","block_type":"box","text":"principal for their own accounts without a stated commission. The price of the security, however,","page_number":209,"box":{"x":117,"y":568,"width":718,"height":12}},{"id":"bb12dbfd-9183-48ff-a13c-08a1a1a7eb62","block_type":"box","text":"usually includes a profit to the dealer. Each money market fund intends to purchase only securities with","page_number":209,"box":{"x":117,"y":583,"width":771,"height":12}},{"id":"ce5bbb6d-e719-4cd5-8c93-42295ddb6765","block_type":"box","text":"remaining maturities of 397 days or less as determined in accordance with the rules of the","page_number":209,"box":{"x":117,"y":599,"width":672,"height":12}},{"id":"527cd5d3-4ac8-4d78-aa59-76b45539c068","block_type":"box","text":"Commission. As a result, the portfolio turnover rates of a money market fund will be relatively high.","page_number":209,"box":{"x":117,"y":614,"width":736,"height":12}},{"id":"cf8c5e18-327f-4338-a0cf-d519ecf5a3b9","block_type":"box","text":"However, because brokerage commissions will not normally be paid with respect to investments made","page_number":209,"box":{"x":117,"y":630,"width":764,"height":12}},{"id":"08cf4561-dfc8-4e6f-9cfa-18985a2bda90","block_type":"box","text":"by a money market fund, the turnover rates should","page_number":209,"box":{"x":117,"y":645,"width":380,"height":12}},{"id":"8e75e88f-a772-4d50-aa22-cfadae02f37a","block_type":"box","text":"not adversely affect the Fund’s NAVs or net","page_number":209,"box":{"x":498,"y":645,"width":328,"height":12}},{"id":"b6ca593f-579d-4f4d-9762-91c2faa40fa3","block_type":"box","text":"income.","page_number":209,"box":{"x":117,"y":661,"width":56,"height":9}},{"id":"a22157bf-9e91-49e4-b8da-174c68257729","block_type":"box","text":"Securities purchased in underwritten offerings include a fixed amount of compensation to the","page_number":209,"box":{"x":116,"y":692,"width":689,"height":12}},{"id":"cda74c26-8c5a-4a9f-a90a-9b9ebd19cde4","block_type":"box","text":"underwriter, generally referred to as the underwriter’s concession or discount. When offered securities","page_number":209,"box":{"x":117,"y":707,"width":756,"height":12}},{"id":"13831f80-7c85-47b7-9c32-488a6e4eccf6","block_type":"box","text":"are purchased or sold directly from or to an issuer, no commissions or discounts are paid except where","page_number":209,"box":{"x":116,"y":723,"width":766,"height":12}},{"id":"8b29a85f-9e2d-44fd-88b8-9112bf9e083d","block_type":"box","text":"required by local markets.","page_number":209,"box":{"x":117,"y":738,"width":190,"height":12}},{"id":"9af5ba72-a8ef-44e2-a181-af90afa7c40c","block_type":"box","text":"The Manager or sub-advisers may seek to obtain an undertaking from issuers of commercial paper or","page_number":209,"box":{"x":116,"y":769,"width":755,"height":12}},{"id":"aff1c3cf-e32e-4c2b-8b6f-eca42f9a8718","block_type":"box","text":"dealers selling commercial paper to consider the repurchase of such securities from a Fund prior to","page_number":209,"box":{"x":116,"y":785,"width":736,"height":12}},{"id":"b513b038-6973-4f7a-beaa-e3acd26d9388","block_type":"box","text":"maturity at their original cost plus interest (sometimes adjusted to reflect the actual maturity of the","page_number":209,"box":{"x":117,"y":800,"width":723,"height":12}},{"id":"413106fb-4f7f-47af-abbe-5a12288fd196","block_type":"box","text":"securities), if it believes that a Fund’s anticipated need for liquidity makes such action desirable. Any","page_number":209,"box":{"x":116,"y":816,"width":744,"height":12}},{"id":"210751bf-75bd-47a1-8311-66a494da00d0","block_type":"box","text":"such repurchase prior to maturity reduces the possibility that a Fund would incur a capital loss in","page_number":209,"box":{"x":116,"y":831,"width":720,"height":12}},{"id":"268b91cf-2ccb-4558-8075-75fa9ba63f07","block_type":"box","text":"liquidating commercial paper, especially if interest rates have risen since acquisition of such","page_number":209,"box":{"x":117,"y":847,"width":685,"height":12}},{"id":"692e6fd6-a24f-49b9-8180-1b50675b0d6f","block_type":"box","text":"commercial paper.","page_number":209,"box":{"x":116,"y":862,"width":143,"height":12}},{"id":"ede4f792-5181-421f-ba05-3dfb8ed444a3","block_type":"box","text":"II-160","page_number":209,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"01c8c9bc-a544-4ef9-ad09-c518b9534576","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":209,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"86d74da2-6912-4b5e-b089-02b18e888bde","block_type":"box","text":"Investment decisions for each Fund and for other investment accounts managed by the Manager or","page_number":210,"box":{"x":117,"y":87,"width":744,"height":12}},{"id":"e8a255c3-6474-4634-9ad1-b190d808393a","block_type":"box","text":"sub-advisers are made independently of each other in light of differing conditions. BlackRock allocates","page_number":210,"box":{"x":116,"y":102,"width":765,"height":13}},{"id":"29cb66ee-055f-41f4-8c04-f98e9056761e","block_type":"box","text":"investments among client accounts in a fair and equitable manner over time. A variety of factors will be","page_number":210,"box":{"x":117,"y":118,"width":767,"height":12}},{"id":"85ef2c83-040d-4454-84ca-0cbf8bd4d3e3","block_type":"box","text":"considered in making such allocations. These factors include: (i) investment objectives or strategies for","page_number":210,"box":{"x":116,"y":134,"width":769,"height":12}},{"id":"3a92e059-545b-4f88-80cb-3a4e4f730da6","block_type":"box","text":"particular accounts, including sector, industry, country or region and capitalization weightings, (ii) tax","page_number":210,"box":{"x":117,"y":149,"width":749,"height":12}},{"id":"18c3d71e-c421-497f-a914-94bf7c68240d","block_type":"box","text":"considerations of an account, (iii) risk or investment concentration parameters for an account,","page_number":210,"box":{"x":116,"y":165,"width":699,"height":12}},{"id":"18ef8fbd-575a-4a5e-a489-b9538d5ca244","block_type":"box","text":"(iv) supply or demand for a security at a given price level, (v) size of available investment, (vi) cash","page_number":210,"box":{"x":117,"y":180,"width":737,"height":12}},{"id":"020a97bb-20fe-434d-87c7-c41985bd3ea9","block_type":"box","text":"availability and liquidity requirements for accounts, (vii) regulatory restrictions, (viii) minimum","page_number":210,"box":{"x":116,"y":196,"width":690,"height":12}},{"id":"7adb2a1f-0315-4843-ac32-f8ea18790ccc","block_type":"box","text":"investment size of an account, (ix) relative size of account, and (x) such other factors as may be","page_number":210,"box":{"x":117,"y":211,"width":717,"height":12}},{"id":"edf1e0be-9b7e-4651-8ec0-46642cd98822","block_type":"box","text":"approved by BlackRock’s general counsel. Moreover, investments may not be allocated to one client","page_number":210,"box":{"x":116,"y":227,"width":752,"height":12}},{"id":"44403127-b880-4cb5-88fd-bc2f3484602c","block_type":"box","text":"account over another based on any of the following considerations: (i) to favor one client account at the","page_number":210,"box":{"x":116,"y":242,"width":771,"height":12}},{"id":"b155101c-b037-4f2f-bab8-1f6e38f69eee","block_type":"box","text":"expense of another, (ii) to generate higher fees paid by one client account over another or to produce","page_number":210,"box":{"x":116,"y":258,"width":757,"height":12}},{"id":"e03a60b5-7a76-4f23-9f52-654e1be569d2","block_type":"box","text":"greater performance compensation to BlackRock, (iii) to develop or enhance a relationship with a client","page_number":210,"box":{"x":116,"y":273,"width":770,"height":12}},{"id":"747d0899-8840-4e7b-addd-5c246b5215d9","block_type":"box","text":"or prospective client, (iv) to compensate a client for past services or benefits rendered to BlackRock or","page_number":210,"box":{"x":116,"y":289,"width":765,"height":12}},{"id":"a37fea01-6173-41e2-aa1f-63d4e198db4b","block_type":"box","text":"to induce future services or benefits to be rendered to BlackRock, or (v) to manage or equalize","page_number":210,"box":{"x":116,"y":304,"width":707,"height":12}},{"id":"65ca9aca-9f22-486f-82f0-6f08f270f521","block_type":"box","text":"investment performance among different client accounts.","page_number":210,"box":{"x":117,"y":320,"width":426,"height":12}},{"id":"7e0e702c-ec6f-46f8-bbe0-c3528e2b3c76","block_type":"box","text":"Equity securities will generally be allocated among client accounts within the same investment","page_number":210,"box":{"x":117,"y":351,"width":702,"height":12}},{"id":"42a646d2-0d07-4afc-bba7-d288097aab70","block_type":"box","text":"mandate on a pro rata basis. All allocations of equity securities will be subject, where relevant, to share","page_number":210,"box":{"x":117,"y":366,"width":769,"height":12}},{"id":"8d59477a-cb86-49e4-94c7-e5b729f1fcf9","block_type":"box","text":"minimums established for accounts and compliance constraints.","page_number":210,"box":{"x":117,"y":382,"width":479,"height":12}},{"id":"327dc178-9d15-48eb-8e57-d699902daa03","block_type":"box","text":"Initial public offerings of securities may be over-subscribed and subsequently trade at a premium in the","page_number":210,"box":{"x":117,"y":413,"width":768,"height":12}},{"id":"ca0d8404-f9c8-46d0-88f5-1b6bb921311d","block_type":"box","text":"secondary market. In these situations, the supply of securities available for client accounts is often less","page_number":210,"box":{"x":116,"y":428,"width":769,"height":12}},{"id":"79286122-c930-4c71-be6c-50d638691f7a","block_type":"box","text":"than the amount of securities the accounts would otherwise take. In order to allocate these investments","page_number":210,"box":{"x":116,"y":444,"width":772,"height":9}},{"id":"d7939429-d28c-4c0a-8552-03abd3f14947","block_type":"box","text":"fairly and equitably among client accounts over time, each portfolio manager or a member of his or her","page_number":210,"box":{"x":116,"y":459,"width":766,"height":12}},{"id":"28c827b3-e04a-405a-a0c4-20a2dc54eef3","block_type":"box","text":"respective investment team will indicate to BlackRock’s trading desk their level of interest in a","page_number":210,"box":{"x":117,"y":475,"width":697,"height":12}},{"id":"9e0378ca-33ce-4af4-b210-999956a56a9d","block_type":"box","text":"particular offering with respect to eligible client accounts for which that team is responsible. Initial","page_number":210,"box":{"x":117,"y":490,"width":723,"height":12}},{"id":"7a5b2836-9947-4198-b2b5-6ca9d73b2aac","block_type":"box","text":"public offerings of U.S. equity securities will be identified as eligible for particular client accounts that","page_number":210,"box":{"x":117,"y":506,"width":748,"height":12}},{"id":"893a12d8-05e3-40fa-9f37-19935ddd40fb","block_type":"box","text":"are managed by portfolio teams who have indicated interest in the offering based on market","page_number":210,"box":{"x":116,"y":521,"width":687,"height":12}},{"id":"53b8a100-2978-4163-88d7-e5c9c3783c29","block_type":"box","text":"capitalization of the issuer of the security and the investment mandate of the client account and in the","page_number":210,"box":{"x":116,"y":537,"width":758,"height":12}},{"id":"592f9f26-b701-46ce-9225-438b0d2a73f2","block_type":"box","text":"case of international equity securities, the country where the offering is taking place and the investment","page_number":210,"box":{"x":116,"y":552,"width":771,"height":12}},{"id":"1590c125-8591-4f66-9ce9-67e52bc76f75","block_type":"box","text":"mandate of the client account. Generally, shares received during the initial public offering will be","page_number":210,"box":{"x":117,"y":568,"width":716,"height":12}},{"id":"2c79482a-b035-45f4-8ac5-9b2f88797dd7","block_type":"box","text":"allocated among participating client accounts within each investment mandate on a pro rata basis. In","page_number":210,"box":{"x":116,"y":583,"width":752,"height":12}},{"id":"c2019de2-7852-410f-a302-634f38249ba6","block_type":"box","text":"situations where supply is too limited to be allocated among all accounts for which the investment is","page_number":210,"box":{"x":116,"y":599,"width":744,"height":12}},{"id":"01c83b74-8e86-43a3-baa1-868ee91c5646","block_type":"box","text":"eligible, portfolio managers may rotate such investment opportunities among one or more accounts so","page_number":210,"box":{"x":116,"y":614,"width":763,"height":12}},{"id":"9b525ce3-ab10-4322-862f-38ff6ca6a0a1","block_type":"box","text":"long as the rotation system provides for fair access for all client accounts over time. Other allocation","page_number":210,"box":{"x":117,"y":630,"width":746,"height":12}},{"id":"8691a7e8-56fa-489d-be24-62819d91bf7f","block_type":"box","text":"methodologies that are considered by BlackRock to be fair and equitable to clients may be used as","page_number":210,"box":{"x":117,"y":645,"width":739,"height":12}},{"id":"56c06a09-47ad-4f18-83a2-3cdcbdd96af7","block_type":"box","text":"well.","page_number":210,"box":{"x":116,"y":661,"width":32,"height":9}},{"id":"33de6afe-0771-4480-8aa1-a8694abe26c7","block_type":"box","text":"Because different accounts may have differing investment objectives and policies, BlackRock may buy","page_number":210,"box":{"x":117,"y":692,"width":760,"height":12}},{"id":"2d92afb0-0f8f-4d32-aac5-c93d56b108af","block_type":"box","text":"and sell the same securities at the same time for different clients based on the particular investment","page_number":210,"box":{"x":116,"y":707,"width":741,"height":12}},{"id":"fe3e4804-d068-449f-9997-c4560a799f8e","block_type":"box","text":"objective, guidelines and strategies of those accounts. For example, BlackRock may decide that it may","page_number":210,"box":{"x":116,"y":723,"width":763,"height":12}},{"id":"7834028a-83c3-4863-906c-478313330764","block_type":"box","text":"be entirely appropriate for a growth fund to sell a security at the same time a value fund is buying that","page_number":210,"box":{"x":117,"y":738,"width":752,"height":12}},{"id":"4c261453-c821-484e-aafa-463c885b038d","block_type":"box","text":"security. To the extent that transactions on behalf of more than one client of BlackRock or its affiliates","page_number":210,"box":{"x":116,"y":754,"width":754,"height":12}},{"id":"7c54446c-85c2-4556-ba14-868b4b8e27de","block_type":"box","text":"during the same period may increase the demand for securities being purchased or the supply of","page_number":210,"box":{"x":116,"y":769,"width":720,"height":12}},{"id":"fb5f2138-1052-4814-9798-051aaaddbb6a","block_type":"box","text":"securities being sold, there may be an adverse effect on price. For example, sales of a security by","page_number":210,"box":{"x":116,"y":785,"width":728,"height":12}},{"id":"0b749c0f-fa91-4766-a42d-920693bc2662","block_type":"box","text":"BlackRock on behalf of one or more of its clients may decrease the market price of such security,","page_number":210,"box":{"x":117,"y":800,"width":720,"height":12}},{"id":"f0c20dbe-feaf-4f19-be3a-dc49feb374b8","block_type":"box","text":"adversely impacting other BlackRock clients that still hold the security. If purchases or sales of","page_number":210,"box":{"x":116,"y":816,"width":701,"height":12}},{"id":"82aa4c03-168e-4105-ba91-d3a1ca10408a","block_type":"box","text":"securities arise for consideration at or about the same time that would involve a Fund or other clients or","page_number":210,"box":{"x":116,"y":831,"width":772,"height":10}},{"id":"476268f5-575c-4efb-b22f-c3c6b3a63005","block_type":"box","text":"funds for which BlackRock or an affiliate act as investment manager, transactions in such securities will","page_number":210,"box":{"x":116,"y":847,"width":772,"height":12}},{"id":"bc6aa913-bd60-4f70-9120-fa2a9bf2d193","block_type":"box","text":"be made, insofar as feasible, for the respective funds and clients in a manner deemed equitable to all.","page_number":210,"box":{"x":117,"y":862,"width":760,"height":12}},{"id":"12c82cad-50f8-4466-8fcf-2338c938031b","block_type":"box","text":"II-161","page_number":210,"box":{"x":480,"y":909,"width":38,"height":9}},{"id":"6022a09b-8be2-4cb8-8d44-04c9821c706e","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":210,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"28070d2f-919e-4aa6-a932-7f4cdce68d32","block_type":"box","text":"In certain instances, BlackRock may find it efficient for purposes of seeking to obtain best execution, to","page_number":211,"box":{"x":117,"y":87,"width":767,"height":12}},{"id":"a90c85f2-c6fa-4e2f-9f24-1afde2483d75","block_type":"box","text":"aggregate certain contemporaneous purchases or sale orders of its advisory accounts. In general, all","page_number":211,"box":{"x":116,"y":102,"width":755,"height":13}},{"id":"075fbb33-e3c9-4342-97af-c091cea20e5c","block_type":"box","text":"contemporaneous trades for client accounts under management by the same portfolio manager or","page_number":211,"box":{"x":116,"y":118,"width":733,"height":12}},{"id":"4e252296-81f2-4a2c-be59-3fd0eb643f27","block_type":"box","text":"investment team will be aggregated in a single order if the trader believes the aggregated trade would","page_number":211,"box":{"x":117,"y":134,"width":758,"height":12}},{"id":"d3a03882-602e-4016-9364-eb76a3724a54","block_type":"box","text":"provide each client with an opportunity to achieve a more favorable execution at a potentially lower","page_number":211,"box":{"x":117,"y":149,"width":737,"height":12}},{"id":"d157bc84-7629-412b-a800-cdaaf0a9a6a0","block_type":"box","text":"execution cost. The costs associated with an aggregated order will be shared pro rata among the","page_number":211,"box":{"x":116,"y":165,"width":726,"height":12}},{"id":"9ea5ba98-7030-4f5f-8c27-966d6f6ec1df","block_type":"box","text":"clients in the aggregated order. Generally, if an order for a particular portfolio manager or management","page_number":211,"box":{"x":116,"y":180,"width":769,"height":12}},{"id":"baad7f33-962a-460f-a874-af5e3738ebf3","block_type":"box","text":"team is filled at several different prices through multiple trades, all accounts participating in the order","page_number":211,"box":{"x":116,"y":196,"width":750,"height":12}},{"id":"67bc1250-da67-4dc0-9ebf-01b6be037da4","block_type":"box","text":"will receive the average price except in the case of certain international markets where average pricing","page_number":211,"box":{"x":116,"y":211,"width":767,"height":12}},{"id":"9f6ac92c-4494-4cd5-93d6-10d99eea54b8","block_type":"box","text":"is not permitted. While in some cases this practice could have a detrimental effect upon the price or","page_number":211,"box":{"x":117,"y":227,"width":742,"height":11}},{"id":"3d4412ba-3242-4e99-aab6-1cb2c0b728bf","block_type":"box","text":"value of the security as far as a Fund is concerned, in other cases it could be beneficial to the Fund.","page_number":211,"box":{"x":116,"y":242,"width":747,"height":12}},{"id":"7ca8770e-de4f-44b9-819d-deb20c8a0328","block_type":"box","text":"Transactions effected by BlackRock on behalf of more than one of its clients during the same period","page_number":211,"box":{"x":116,"y":258,"width":747,"height":12}},{"id":"3e9837b7-fb17-482b-b7bd-46026d218303","block_type":"box","text":"may increase the demand for securities being purchased or the supply of securities being sold, causing","page_number":211,"box":{"x":117,"y":273,"width":771,"height":12}},{"id":"84568146-fc1d-43ad-9144-9727d23c5f58","block_type":"box","text":"an adverse effect on price. The trader will give the aggregated order to the broker-dealer that the trader","page_number":211,"box":{"x":116,"y":289,"width":772,"height":12}},{"id":"88ab381b-16ee-4c8b-b5a1-e7fed50f886e","block_type":"box","text":"has identified as being able to provide the best execution of the order. 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If purchases or sales of portfolio","page_number":211,"box":{"x":116,"y":490,"width":755,"height":12}},{"id":"8f80e23d-c7c6-4ace-bfc0-0a4a61d48f09","block_type":"box","text":"securities of a Fund and one or more other accounts managed or advised by BlackRock are","page_number":211,"box":{"x":116,"y":506,"width":687,"height":12}},{"id":"826eb26a-e695-4cae-811b-c676c8fe3de6","block_type":"box","text":"considered at or about the same time, transactions in such securities are allocated among the Fund","page_number":211,"box":{"x":116,"y":521,"width":745,"height":12}},{"id":"f2d2698e-6495-4653-83b0-e22f4d0cfaf4","block_type":"box","text":"and the other accounts in a manner deemed equitable to all by BlackRock. 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BlackRock may, from","page_number":211,"box":{"x":117,"y":599,"width":754,"height":12}},{"id":"7b07047d-80f9-4624-9132-4ce8c878ff72","block_type":"box","text":"time to time, effect trades on behalf of and for the","page_number":211,"box":{"x":116,"y":614,"width":372,"height":11}},{"id":"fb8af1ca-5728-44a5-bbc2-409f0c66bce8","block_type":"box","text":"account of a Fund with brokers or dealers that are","page_number":211,"box":{"x":488,"y":614,"width":376,"height":10}},{"id":"dede4a43-4759-46d2-aff8-57cb2721d104","block_type":"box","text":"affiliated with BFA, in conformity with the Investment Company Act and Commission rules and","page_number":211,"box":{"x":116,"y":630,"width":703,"height":12}},{"id":"e7260fcc-5cb7-4e8c-a029-f5f27266a24c","block_type":"box","text":"regulations. Under these provisions, any commissions paid to affiliated brokers or dealers must be","page_number":211,"box":{"x":117,"y":645,"width":733,"height":12}},{"id":"71ff9639-1567-40c5-b21f-3d6391a82465","block_type":"box","text":"reasonable and fair compared to the commissions charged by other brokers or dealers in comparable","page_number":211,"box":{"x":117,"y":661,"width":752,"height":12}},{"id":"cab90998-71e7-458a-8956-658a50bc0f91","block_type":"box","text":"transactions. A Fund will not deal with affiliates in principal transactions unless permitted by applicable","page_number":211,"box":{"x":116,"y":676,"width":759,"height":12}},{"id":"25c3c083-124a-4c2f-a66d-048f80e5454e","block_type":"box","text":"Commission rules or regulations, or by Commission exemptive order.","page_number":211,"box":{"x":117,"y":692,"width":512,"height":12}},{"id":"fc5bcc0c-beff-456e-8384-3267b31e0456","block_type":"box","text":"Portfolio Turnover","page_number":211,"box":{"x":117,"y":723,"width":146,"height":9}},{"id":"7dd9ad47-2f17-48e3-b822-8aee3b86e427","block_type":"box","text":"The portfolio turnover rate is calculated by dividing the lesser of a Fund’s annual sales or purchases of","page_number":211,"box":{"x":116,"y":746,"width":761,"height":12}},{"id":"1bc72a64-a6b4-49f1-9689-8e19a7023969","block_type":"box","text":"portfolio securities (exclusive of purchases or sales of U.S. Government Securities and all other","page_number":211,"box":{"x":117,"y":761,"width":708,"height":13}},{"id":"bf826c81-ef22-4c58-b8cb-885e4b7eccd4","block_type":"box","text":"securities whose maturities at the time of acquisition were one year or less) by the monthly average","page_number":211,"box":{"x":116,"y":777,"width":738,"height":12}},{"id":"27896c3a-34bf-4fbd-8a3b-11e97b101b82","block_type":"box","text":"value of the securities in the portfolio during the year. A high rate of portfolio turnover results in certain","page_number":211,"box":{"x":116,"y":792,"width":757,"height":13}},{"id":"084f2015-5376-437d-a7a2-6e9ae03f8bf2","block_type":"box","text":"tax consequences, such as increased capital gain dividends and/or ordinary income dividends, and in","page_number":211,"box":{"x":116,"y":808,"width":752,"height":12}},{"id":"8233c0e1-ccf8-4b99-b3ce-f3f1a264f905","block_type":"box","text":"correspondingly greater transaction costs in the form of dealer spreads and brokerage commissions,","page_number":211,"box":{"x":116,"y":823,"width":745,"height":13}},{"id":"a1049883-cf5b-4c92-8306-e8c32f7f5e7c","block_type":"box","text":"which are borne directly by a Fund.","page_number":211,"box":{"x":116,"y":839,"width":266,"height":12}},{"id":"cb0b886f-f6b9-45e6-9225-2e31845f5aa1","block_type":"box","text":"II-162","page_number":211,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"63a39d3f-1dd0-4e87-8ce5-ab2fd30af165","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":211,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"ad552431-b286-4a46-a539-428958c921ff","block_type":"box","text":"D","page_number":212,"box":{"x":419,"y":87,"width":10,"height":9}},{"id":"7f73fc65-d7ac-4286-908a-42e4988b372a","block_type":"box","text":"IVIDENDS","page_number":212,"box":{"x":431,"y":89,"width":63,"height":8}},{"id":"5d7966ee-c3bb-4a75-b38d-bdeffec76931","block_type":"box","text":"AND","page_number":212,"box":{"x":499,"y":89,"width":29,"height":7}},{"id":"a63a75b1-fab6-4905-8676-ba446f2a30f5","block_type":"box","text":"T","page_number":212,"box":{"x":529,"y":87,"width":14,"height":9}},{"id":"fe065307-7bd4-4673-ad2c-f78fda060e62","block_type":"box","text":"AXES","page_number":212,"box":{"x":544,"y":89,"width":36,"height":8}},{"id":"fda12251-b865-4bc7-9a0e-a5c2cd73957c","block_type":"box","text":"Dividends","page_number":212,"box":{"x":117,"y":118,"width":84,"height":10}},{"id":"88e00cf9-73fb-4a93-8e66-6b5914d0fe2c","block_type":"box","text":"Each Fund intends to distribute substantially all of its net investment income, if any. Dividends from","page_number":212,"box":{"x":117,"y":141,"width":739,"height":12}},{"id":"f637f47f-6cc1-48c5-89f8-b349969741c4","block_type":"box","text":"such net investment income are paid as set forth in each Fund’s Prospectus. Each Fund also intends","page_number":212,"box":{"x":116,"y":157,"width":755,"height":12}},{"id":"34f08f01-cb13-41a5-bbd8-0d6e8b46e902","block_type":"box","text":"to distribute all net realized capital gains, if any, as set forth in such Fund’s Prospectus. From time to","page_number":212,"box":{"x":116,"y":172,"width":751,"height":12}},{"id":"4ac0924c-4e82-4e9c-be91-6a7944358785","block_type":"box","text":"time, a Fund may declare a special distribution at or about the end of the calendar year in order to","page_number":212,"box":{"x":116,"y":188,"width":732,"height":12}},{"id":"f5e2c951-899a-4022-b654-87e4f6ef1a54","block_type":"box","text":"comply with U.S. federal tax requirements that certain percentages of its ordinary income and capital","page_number":212,"box":{"x":116,"y":203,"width":752,"height":12}},{"id":"4bc37deb-3efd-4271-a1e2-4b475ee99545","block_type":"box","text":"gains be distributed during the year. If, in any fiscal year, a Fund has net income from certain foreign","page_number":212,"box":{"x":116,"y":219,"width":751,"height":12}},{"id":"39e6ef99-dda5-470d-b5df-de8e3ea856d7","block_type":"box","text":"currency transactions, such income will be distributed at least annually.","page_number":212,"box":{"x":116,"y":234,"width":533,"height":12}},{"id":"5ec1edad-45b7-458a-9833-35ce3e4ddc01","block_type":"box","text":"For information concerning the manner in which dividends may be reinvested automatically in shares","page_number":212,"box":{"x":117,"y":265,"width":753,"height":12}},{"id":"4b7acd80-5a06-4853-85a8-04a3d95418f7","block_type":"box","text":"of each Fund, as applicable, see “Shareholder Services — Automatic Dividend Reinvestment Plan.”","page_number":212,"box":{"x":116,"y":281,"width":745,"height":12}},{"id":"e9cd9968-8e0c-4455-8ba5-590ff6377082","block_type":"box","text":"Shareholders may also elect in writing to receive any such dividends in cash. Dividends are taxable to","page_number":212,"box":{"x":116,"y":296,"width":761,"height":12}},{"id":"951b80d3-97a8-4a84-9682-c3f49de93fbc","block_type":"box","text":"shareholders, as discussed below, whether they are reinvested in shares of the Fund or received in","page_number":212,"box":{"x":116,"y":312,"width":743,"height":12}},{"id":"9da1ecf5-c107-426a-924e-d18180fae214","block_type":"box","text":"cash. The per share dividends on front-end load shares, CDSC shares and Service Shares will be","page_number":212,"box":{"x":116,"y":327,"width":732,"height":12}},{"id":"0f0272bd-ce3a-4b54-bf49-68e6867c9b15","block_type":"box","text":"lower than the per share dividends on Institutional Shares as a result of the service, distribution and","page_number":212,"box":{"x":117,"y":343,"width":743,"height":12}},{"id":"88a36778-27ac-462c-877e-7e46be1ae305","block_type":"box","text":"higher transfer agency fees applicable to CDSC shares, the service fees applicable to front-end load","page_number":212,"box":{"x":117,"y":358,"width":749,"height":12}},{"id":"33f4f7b1-70b9-4020-9b9c-62d3661704f3","block_type":"box","text":"shares and Service Shares, and the service and distribution fees applicable to Class R Shares.","page_number":212,"box":{"x":116,"y":374,"width":711,"height":12}},{"id":"5c07bf99-73cb-421a-bfc2-9d9851ee191c","block_type":"box","text":"Similarly, the per share dividends on CDSC shares and Class R Shares will be lower than the per","page_number":212,"box":{"x":116,"y":389,"width":728,"height":12}},{"id":"2b4a2bbc-8107-4773-a8f1-58ebbc2049c3","block_type":"box","text":"share dividends on front-end load shares and Service Shares as a result of the distribution fees and","page_number":212,"box":{"x":116,"y":405,"width":745,"height":9}},{"id":"d4c53378-3241-4447-b873-134dfd4ef618","block_type":"box","text":"higher transfer agency fees applicable to CDSC shares and the distribution fees applicable to Class R","page_number":212,"box":{"x":117,"y":420,"width":760,"height":12}},{"id":"7723913e-a698-4b9f-b455-69cc2e58c96c","block_type":"box","text":"Shares, and the per share dividends on CDSC shares will be lower than the per share dividends on","page_number":212,"box":{"x":116,"y":436,"width":742,"height":12}},{"id":"c29c3bfe-ed2f-41ff-beea-0e3b902e1e17","block_type":"box","text":"Class R Shares as a result of the higher distribution fees and higher transfer agency fees applicable to","page_number":212,"box":{"x":117,"y":451,"width":764,"height":12}},{"id":"7d0e4456-192f-453f-b20c-349ad5e70c87","block_type":"box","text":"CDSC shares.","page_number":212,"box":{"x":117,"y":467,"width":111,"height":9}},{"id":"68676903-b85a-4826-bd3c-58008ebdb913","block_type":"box","text":"Taxes","page_number":212,"box":{"x":116,"y":498,"width":52,"height":9}},{"id":"615f9587-4956-4347-811d-9d6e0a715a04","block_type":"box","text":"Each Fund intends to continue to qualify for the special tax treatment afforded to regulated investment","page_number":212,"box":{"x":117,"y":521,"width":761,"height":12}},{"id":"d4a7f1a6-f760-4fe4-9932-9b21fbffb765","block_type":"box","text":"companies under the Code. As long as a Fund so qualifies, the Fund (but not its shareholders) will not","page_number":212,"box":{"x":116,"y":537,"width":763,"height":12}},{"id":"47540e53-dc15-406e-a03c-238d3b184fc8","block_type":"box","text":"be subject to U.S. federal income tax on the part of its investment company taxable income and net","page_number":212,"box":{"x":117,"y":552,"width":742,"height":12}},{"id":"8e421dd3-68d3-4683-a3d3-649ba4d34de7","block_type":"box","text":"realized capital gains that it distributes to its shareholders in years in which it distributes at least 90% of","page_number":212,"box":{"x":117,"y":568,"width":770,"height":12}},{"id":"e6ada519-596f-439b-9d4d-5b8003cec05b","block_type":"box","text":"its investment company taxable income and at least 90% of its net tax-exempt interest income, if any,","page_number":212,"box":{"x":117,"y":583,"width":757,"height":12}},{"id":"aca31784-63a9-40a3-b798-08b711e678e4","block_type":"box","text":"for the year. To qualify as a regulated investment company, a Fund must meet certain requirements","page_number":212,"box":{"x":116,"y":599,"width":746,"height":12}},{"id":"161e06ee-6b1d-43db-a309-7549aeebc366","block_type":"box","text":"regarding the source of its income and the composition and diversification of its assets. See Part II,","page_number":212,"box":{"x":117,"y":614,"width":739,"height":12}},{"id":"457d5d3a-9d8b-4660-8b89-683a0ae7bc43","block_type":"box","text":"“Investment Risks and Considerations — Investment Restrictions (All Funds)” for a discussion of the","page_number":212,"box":{"x":116,"y":630,"width":749,"height":12}},{"id":"f1a7e757-6ea2-427c-9646-1972c6defe02","block_type":"box","text":"asset diversification requirements. In the case of a Feeder Fund, such Fund may look to the underlying","page_number":212,"box":{"x":116,"y":645,"width":769,"height":12}},{"id":"3070e9b6-8dc0-48ee-8987-a48531be2bc4","block_type":"box","text":"assets of the Master Portfolio in which it has invested for purposes of satisfying the asset diversification","page_number":212,"box":{"x":116,"y":661,"width":766,"height":12}},{"id":"2891825c-cc04-428e-8849-e2f8effdcbb1","block_type":"box","text":"requirement and various other requirements of the Code applicable to regulated investment","page_number":212,"box":{"x":117,"y":676,"width":678,"height":12}},{"id":"2eebf611-654b-4a7d-bf68-d014f17e6e11","block_type":"box","text":"companies.","page_number":212,"box":{"x":116,"y":692,"width":84,"height":12}},{"id":"ebf939c3-c483-4e89-a301-53309535af69","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","page_number":212,"box":{"x":116,"y":723,"width":737,"height":12}},{"id":"58daad7c-6c01-49c9-b3a8-c06962e0fbab","block_type":"box","text":"above or a failure to diversify its holdings in the manner described above by paying a tax, by disposing","page_number":212,"box":{"x":116,"y":738,"width":759,"height":12}},{"id":"1518a240-acc6-490e-b93c-7e220d799ebd","block_type":"box","text":"of certain assets, or by paying a tax and disposing of","page_number":212,"box":{"x":116,"y":754,"width":392,"height":12}},{"id":"6dc690b3-3c51-4418-9996-aee7c2f8105e","block_type":"box","text":"assets. If, in any taxable year, a Fund fails one of","page_number":212,"box":{"x":513,"y":754,"width":366,"height":12}},{"id":"929f5549-b771-46e4-840e-ed947d98c58d","block_type":"box","text":"these tests and does not timely cure the failure, the Fund will be taxed in the same manner as an","page_number":212,"box":{"x":116,"y":769,"width":719,"height":12}},{"id":"520a16e3-3a1c-4fdb-b835-ec79650226ae","block_type":"box","text":"ordinary corporation and distributions to its shareholders will not be deductible by the Fund in","page_number":212,"box":{"x":116,"y":785,"width":690,"height":12}},{"id":"710b2d4d-bb78-4a33-ad02-f691d8eef294","block_type":"box","text":"computing its taxable income. Although in general the passive loss rules of the Code do not apply to","page_number":212,"box":{"x":116,"y":800,"width":743,"height":12}},{"id":"ba1efa2c-5301-408a-bde1-c50e93c87073","block_type":"box","text":"regulated investment companies, such rules do apply to a regulated investment company with respect","page_number":212,"box":{"x":117,"y":816,"width":756,"height":12}},{"id":"ba3544db-da8c-4322-a2e1-1837e4d97f68","block_type":"box","text":"to items attributable to an interest in a qualified publicly-traded partnership. A Fund’s investments in","page_number":212,"box":{"x":116,"y":831,"width":744,"height":12}},{"id":"0d7a040c-f77b-47ab-afe4-d51333115777","block_type":"box","text":"partnerships, including in qualified publicly-traded partnerships, may result in the Fund being subject to","page_number":212,"box":{"x":117,"y":847,"width":767,"height":12}},{"id":"c3416919-52cc-440f-8acd-3d216b861904","block_type":"box","text":"state, local, or non-U.S. income, franchise or withholding tax liabilities.","page_number":212,"box":{"x":116,"y":862,"width":526,"height":12}},{"id":"f1075eed-9a07-4ed9-bd15-5779c1199610","block_type":"box","text":"II-163","page_number":212,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"eb517fe4-6a03-439b-ad50-9e0abfefc86d","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":212,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"92beb205-d197-4ad8-ac96-c9c90c7c7179","block_type":"box","text":"Each Fund intends to distribute substantially all of such income and gains. If, in any taxable year, a","page_number":213,"box":{"x":117,"y":87,"width":738,"height":12}},{"id":"7b304947-fec7-449c-aa20-bd5ec4f1696e","block_type":"box","text":"Fund fails to qualify as a regulated investment company under the Code, notwithstanding the","page_number":213,"box":{"x":117,"y":102,"width":694,"height":13}},{"id":"4ad9c2d2-3bcd-4b67-9360-9638d27df70c","block_type":"box","text":"availability of certain relief provisions, such Fund would be taxed in the same manner as an ordinary","page_number":213,"box":{"x":116,"y":118,"width":748,"height":12}},{"id":"9be5a755-a9d9-4e6f-b4a9-3a94014d987a","block_type":"box","text":"corporation and all distributions from earnings and profits (as determined under U.S. federal income","page_number":213,"box":{"x":116,"y":134,"width":745,"height":12}},{"id":"e10150a3-cdb7-44bf-bdf3-9c4cebc766cf","block_type":"box","text":"tax principles) to its shareholders would be taxable as ordinary dividend income eligible for taxation at","page_number":213,"box":{"x":116,"y":149,"width":759,"height":12}},{"id":"7e18c98a-7dfb-4331-ae53-6f0090ae0fe3","block_type":"box","text":"a reduced tax rate for non-corporate shareholders and the dividends-received deduction for corporate","page_number":213,"box":{"x":116,"y":165,"width":760,"height":11}},{"id":"3f57c88d-a955-42ea-a15e-b1b6992b5ce9","block_type":"box","text":"shareholders. However, a Municipal Fund’s distributions derived from income on tax-exempt","page_number":213,"box":{"x":116,"y":180,"width":690,"height":12}},{"id":"6415f844-6bf5-40d2-a2e2-619f059d5357","block_type":"box","text":"obligations, as defined herein, would no longer qualify for treatment as exempt interest. Each Fund that","page_number":213,"box":{"x":116,"y":196,"width":771,"height":12}},{"id":"f9adba6c-e153-410b-bd56-d9978e4989e3","block_type":"box","text":"is a series of a regulated investment company that consists of multiple series is treated as a separate","page_number":213,"box":{"x":117,"y":211,"width":756,"height":12}},{"id":"a3f0a618-51c4-4b94-b9ec-a0f850887129","block_type":"box","text":"corporation for U.S. federal income tax purposes, and therefore is considered to be a separate entity in","page_number":213,"box":{"x":116,"y":227,"width":769,"height":12}},{"id":"d695a72a-986f-4bba-9604-d12edd47303c","block_type":"box","text":"determining its treatment under the rules for regulated investment companies. Losses in one series of","page_number":213,"box":{"x":116,"y":242,"width":760,"height":12}},{"id":"d3d15ebf-66ef-41f1-8626-b58e6b485a10","block_type":"box","text":"a regulated investment company do not offset gains in another, and the requirements (other than","page_number":213,"box":{"x":116,"y":258,"width":724,"height":12}},{"id":"197bdfa6-cc2a-43d5-966c-453cc4a22afa","block_type":"box","text":"certain organizational requirements) for qualifying for regulated investment company status will be","page_number":213,"box":{"x":116,"y":273,"width":732,"height":12}},{"id":"214cf263-d845-4ed6-aa08-959c91afe2a9","block_type":"box","text":"determined at the level of the individual series. In the following discussion, the term “Fund” means","page_number":213,"box":{"x":116,"y":289,"width":731,"height":12}},{"id":"7108ff15-ad49-4e6f-a7c2-0eb3898e74d9","block_type":"box","text":"each individual series, if applicable.","page_number":213,"box":{"x":116,"y":304,"width":268,"height":12}},{"id":"c5f11892-830d-48a1-a0a8-bb5cd52eb751","block_type":"box","text":"The Code requires a regulated investment company to pay a nondeductible 4% excise tax to the extent","page_number":213,"box":{"x":116,"y":335,"width":772,"height":12}},{"id":"c91ecb36-10df-406a-a3f1-005f8a75cb20","block_type":"box","text":"the regulated investment company does not distribute, during each calendar year, at least 98% of its","page_number":213,"box":{"x":116,"y":351,"width":750,"height":12}},{"id":"69988a40-5e6d-417f-b9bf-f8bfaf1a33f6","block_type":"box","text":"ordinary income, determined on a calendar year basis, and at least 98.2% of its capital gain net","page_number":213,"box":{"x":116,"y":366,"width":713,"height":12}},{"id":"70a791a3-f6df-4eb1-8683-8dd05a16507a","block_type":"box","text":"income, determined, in general, as if the regulated investment company’s taxable year ended on","page_number":213,"box":{"x":117,"y":382,"width":720,"height":12}},{"id":"677a0b1c-1f98-4816-b89c-7413af990980","block_type":"box","text":"October 31, plus certain undistributed amounts from the previous years. While each Fund intends to","page_number":213,"box":{"x":116,"y":397,"width":747,"height":12}},{"id":"4cefd728-00d5-45ef-93cd-c514ea0e83e1","block_type":"box","text":"distribute its income and capital gains in the manner necessary to avoid imposition of the 4% excise","page_number":213,"box":{"x":116,"y":413,"width":745,"height":12}},{"id":"0dd99d05-b856-46ff-a486-5318bf6d7130","block_type":"box","text":"tax, there can be no assurance that a sufficient amount of the Fund’s taxable income and capital gains","page_number":213,"box":{"x":116,"y":428,"width":765,"height":12}},{"id":"a88fa73f-2633-4851-a1b0-e7e08cbc6c33","block_type":"box","text":"will be distributed to avoid entirely the imposition of the tax. In such event, a Fund will be liable for the","page_number":213,"box":{"x":116,"y":444,"width":758,"height":12}},{"id":"d843fd58-fe9a-45e5-a910-3b702fd7c750","block_type":"box","text":"tax only on the amount by which it does not meet the foregoing distribution requirements.","page_number":213,"box":{"x":116,"y":459,"width":666,"height":12}},{"id":"9516d3ec-43e2-4369-bf11-e4f7aa481802","block_type":"box","text":"Net capital loss carryforwards may be applied against realized capital gains in each succeeding year,","page_number":213,"box":{"x":117,"y":490,"width":754,"height":12}},{"id":"6c252029-43c9-485f-a9c7-2c4a6f611f3d","block_type":"box","text":"until they have been reduced to zero. In the event that the Fund were to experience an ownership","page_number":213,"box":{"x":117,"y":506,"width":729,"height":12}},{"id":"f233dca1-c0bd-411f-b09b-561c58ab91d3","block_type":"box","text":"change as defined under the Code, the Fund’s loss carryforwards and other favorable tax attributes of","page_number":213,"box":{"x":116,"y":521,"width":761,"height":12}},{"id":"222cda22-5a6f-4c43-8fbf-3886aeb797cd","block_type":"box","text":"the Fund, if any, may be subject to limitation.","page_number":213,"box":{"x":116,"y":537,"width":338,"height":12}},{"id":"721c4680-449e-4057-a491-537203f7bbf8","block_type":"box","text":"Dividends paid by a Fund from its ordinary income or from an excess of net short-term capital gain","page_number":213,"box":{"x":117,"y":568,"width":734,"height":12}},{"id":"0d341440-a8d6-4c9e-86d2-fdeec897cf89","block_type":"box","text":"over net long-term capital loss (together referred to as “ordinary income dividends”) are taxable to","page_number":213,"box":{"x":116,"y":583,"width":730,"height":12}},{"id":"16cd003b-6b43-4b88-a591-9fdd34eaf5df","block_type":"box","text":"shareholders as ordinary income. Distributions made from an excess of net long-term capital gain over","page_number":213,"box":{"x":116,"y":599,"width":766,"height":12}},{"id":"7d6f27aa-631a-4801-a887-a91a4aa396a4","block_type":"box","text":"net short-term capital loss (including gains or losses from certain transactions in futures and options)","page_number":213,"box":{"x":117,"y":614,"width":750,"height":12}},{"id":"a0b4a3cb-5525-4ced-9757-0b072050af57","block_type":"box","text":"(“capital gain dividends”) are taxable to shareholders as long-term capital gains, regardless of the","page_number":213,"box":{"x":117,"y":630,"width":727,"height":12}},{"id":"4feca0fe-a250-412d-a5c1-8454331a0f3b","block_type":"box","text":"length of time the shareholder has owned Fund shares. Distributions paid by a Fund that are reported","page_number":213,"box":{"x":117,"y":645,"width":758,"height":12}},{"id":"0dfc2656-8410-440f-9b9c-7490973ea2fc","block_type":"box","text":"as exempt-interest dividends will not be subject to regular U.S. federal income tax. Certain dividend","page_number":213,"box":{"x":116,"y":661,"width":737,"height":12}},{"id":"55e32ca9-86b7-422d-8eca-5d088cddda97","block_type":"box","text":"income and long-term capital gains are eligible for taxation at a reduced rate that applies to","page_number":213,"box":{"x":117,"y":676,"width":675,"height":12}},{"id":"6f33359b-76a3-44ef-88e1-6a06924f4cbe","block_type":"box","text":"non-corporate shareholders. Under these rules, the portion of ordinary income dividends constituting","page_number":213,"box":{"x":117,"y":692,"width":744,"height":12}},{"id":"c9af40f1-a633-4d95-bc8a-2216d472b5dc","block_type":"box","text":"“qualified dividend income” when paid by a regulated investment company to a non-corporate","page_number":213,"box":{"x":116,"y":707,"width":693,"height":12}},{"id":"97f1bf60-2d19-423d-9c0e-733f5532ccc0","block_type":"box","text":"shareholder may be taxable to such shareholder at long-term capital gain rates provided the","page_number":213,"box":{"x":116,"y":723,"width":683,"height":12}},{"id":"c26ec2dc-af7f-44d2-9c84-a6ab61d978ba","block_type":"box","text":"shareholder has held the shares on which the dividend was paid for at least 61 days during the","page_number":213,"box":{"x":116,"y":738,"width":704,"height":12}},{"id":"ce9c204a-bf13-4a14-9302-7a62fc137755","block_type":"box","text":"121-day period that begins on the date that is 60 days before the date on which the shares become","page_number":213,"box":{"x":118,"y":754,"width":736,"height":12}},{"id":"4ebcddd5-1090-471b-be50-f21a39e02e9c","block_type":"box","text":"ex-dividend with respect to such dividend (or, in the case of certain accumulated dividends with respect","page_number":213,"box":{"x":116,"y":769,"width":767,"height":12}},{"id":"c883088f-0da3-4212-a5aa-e3adbfbbe121","block_type":"box","text":"to preferred stocks, the shareholder has held the shares on which the dividend was paid for at least","page_number":213,"box":{"x":116,"y":785,"width":738,"height":12}},{"id":"8a112551-54c7-4177-8788-fde0f1cf4f9a","block_type":"box","text":"91 days during the 181-day period that begins on the date that is 90 days before the date on which the","page_number":213,"box":{"x":116,"y":800,"width":761,"height":12}},{"id":"6acb64d3-a0ba-4475-a7de-61b851bdee01","block_type":"box","text":"shares become ex-dividend with respect to such dividend). However, to the extent a Fund’s","page_number":213,"box":{"x":116,"y":816,"width":678,"height":12}},{"id":"b43e4fa9-4d94-4900-9668-1e1d6207660e","block_type":"box","text":"distributions are derived from income on debt securities, certain types of preferred stock treated as","page_number":213,"box":{"x":116,"y":831,"width":737,"height":12}},{"id":"4f85b137-66c5-4cba-8f7d-78e781f4fc23","block_type":"box","text":"debt for U.S. federal income tax purposes and short-term capital gains, such distributions will not","page_number":213,"box":{"x":116,"y":847,"width":723,"height":12}},{"id":"5188c115-9c95-4b5f-b36c-d029f8a82105","block_type":"box","text":"constitute “qualified dividend income.” In addition, distributions that are derived from securities lending","page_number":213,"box":{"x":116,"y":862,"width":762,"height":12}},{"id":"d37b3d89-aa1a-458b-8b18-0027a409469d","block_type":"box","text":"income, such as substitute dividend payments, will not constitute “qualified dividend income.”","page_number":213,"box":{"x":117,"y":878,"width":694,"height":12}},{"id":"29e60aea-8d08-4f86-ba5b-c92994bab4a4","block_type":"box","text":"II-164","page_number":213,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"26b1f12d-e34d-400c-8003-f3372e44b12c","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":213,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"b4a66f2d-c52c-4129-a01c-cd2d47045093","block_type":"box","text":"A 3.8% Medicare tax is imposed on the net investment income (which includes taxable dividends and","page_number":214,"box":{"x":116,"y":87,"width":757,"height":12}},{"id":"8f1ef4ab-3b4a-4e87-9c1e-a42394664e76","block_type":"box","text":"redemption proceeds) of certain individuals, trusts and estates.","page_number":214,"box":{"x":117,"y":102,"width":471,"height":13}},{"id":"8a66707d-beb1-4c8c-9812-b687c1c51e79","block_type":"box","text":"A Fund’s net capital gain (the excess of net long-term capital gains over net short-term capital losses)","page_number":214,"box":{"x":116,"y":130,"width":759,"height":13}},{"id":"05c88406-b7be-492e-a78f-d3c96efc0b76","block_type":"box","text":"is not subject to the 90% distribution requirement for taxation as a regulated investment company,","page_number":214,"box":{"x":117,"y":146,"width":731,"height":12}},{"id":"0b9b9a45-aca4-440f-bce5-2b33f5380a8c","block_type":"box","text":"described above. If a Fund retains net capital gain, it is subject to tax on that gain, and may designate","page_number":214,"box":{"x":116,"y":161,"width":760,"height":13}},{"id":"12260dbb-9246-4d77-a93f-af1a091637c8","block_type":"box","text":"the retained amount as undistributed capital gain in a written statement furnished to its shareholders,","page_number":214,"box":{"x":116,"y":177,"width":753,"height":12}},{"id":"4ad47c8c-e008-413c-af9d-3c591acd3e6d","block_type":"box","text":"who will be required to include in income, as long-term capital gain, their proportionate shares of such","page_number":214,"box":{"x":116,"y":192,"width":759,"height":13}},{"id":"888cb608-e6dd-475a-bfe4-054234301f06","block_type":"box","text":"undistributed net capital gain, will be deemed to have paid and may claim as a credit against their U.S.","page_number":214,"box":{"x":117,"y":208,"width":765,"height":12}},{"id":"f0edd36b-14a9-47f2-b018-643d9e43f8e2","block_type":"box","text":"federal income tax liability (and as a refund to the extent it exceeds that liability) their proportionate","page_number":214,"box":{"x":116,"y":223,"width":737,"height":13}},{"id":"6641313e-cb84-47c6-96e5-bb0e1d0a3b12","block_type":"box","text":"shares of the tax paid by the Fund on that gain, and shall increase the tax basis of their shares in the","page_number":214,"box":{"x":116,"y":239,"width":753,"height":12}},{"id":"86dba908-5d54-4e09-a2b2-3fb1f551f8d3","block_type":"box","text":"Fund by the excess of the amount included in income over the amount allowed as a credit against their","page_number":214,"box":{"x":117,"y":254,"width":768,"height":13}},{"id":"66f706ad-8257-4647-b41b-e0566ec1c683","block_type":"box","text":"taxes.","page_number":214,"box":{"x":116,"y":270,"width":49,"height":9}},{"id":"220aef8e-7f81-46af-98ed-2b8f9d396369","block_type":"box","text":"Distributions in excess of a Fund’s current and accumulated earnings and profits will first reduce the","page_number":214,"box":{"x":117,"y":298,"width":745,"height":12}},{"id":"a0c444d9-a13d-488a-ad3e-67ba4e0051ad","block_type":"box","text":"adjusted tax basis of a holder’s shares and after such adjusted tax basis is reduced to zero, will","page_number":214,"box":{"x":116,"y":313,"width":713,"height":12}},{"id":"f82fe5ae-e2fd-4589-92e2-469fdfe03a64","block_type":"box","text":"constitute capital gains to such holder (assuming the shares are held as a capital asset). Distributions","page_number":214,"box":{"x":116,"y":329,"width":759,"height":12}},{"id":"6b923705-70a0-4ee0-90d2-206b7b062ec6","block_type":"box","text":"in excess of a Fund’s minimum distribution requirements (or taxable income) but not in excess of a","page_number":214,"box":{"x":117,"y":344,"width":736,"height":12}},{"id":"c66afc5e-a203-4dd5-a825-3cd8b827d4d2","block_type":"box","text":"Fund’s earnings and profits will be taxable to shareholders and will not constitute nontaxable returns of","page_number":214,"box":{"x":117,"y":360,"width":766,"height":12}},{"id":"ad1f3015-e51f-4a42-888a-1b4a1851a4b3","block_type":"box","text":"capital. A Fund’s capital loss carryovers, if any, carried from taxable years beginning before 2011 do","page_number":214,"box":{"x":116,"y":375,"width":749,"height":12}},{"id":"c257f288-67b2-4163-ad2b-17145d251cc6","block_type":"box","text":"not reduce current earnings and profits even if such carryforwards reduce current year realized gains.","page_number":214,"box":{"x":117,"y":391,"width":758,"height":12}},{"id":"4667abe3-6b9f-4e26-8871-ed3a19d3ae53","block_type":"box","text":"In the case of a Fund with a non-calendar taxable year, a Fund’s earnings and profits are allocated first","page_number":214,"box":{"x":117,"y":406,"width":769,"height":12}},{"id":"a3d838e9-5d45-412a-811f-5a5ddcb12369","block_type":"box","text":"to distributions made on or before December 31 of the taxable year, and then to distributions made","page_number":214,"box":{"x":116,"y":422,"width":739,"height":12}},{"id":"1d2408b1-b120-441a-8a88-2222f8ba76e9","block_type":"box","text":"after December 31 of the taxable year. Any loss upon the sale or exchange of Fund shares held for six","page_number":214,"box":{"x":116,"y":437,"width":766,"height":12}},{"id":"9d5141f5-ad72-4e01-ae95-eea1fa6160d6","block_type":"box","text":"months or less will be treated as long-term capital loss to the extent of any capital gain dividends","page_number":214,"box":{"x":117,"y":453,"width":721,"height":12}},{"id":"2c28f691-3832-4b66-ac65-905770a23bc9","block_type":"box","text":"received by the shareholder.","page_number":214,"box":{"x":117,"y":469,"width":216,"height":11}},{"id":"92a71fc4-29cd-46ff-ac39-3150dcfe3071","block_type":"box","text":"Ordinary income and capital gain dividends are taxable to shareholders even if they are reinvested in","page_number":214,"box":{"x":116,"y":496,"width":755,"height":12}},{"id":"da66f5de-04f4-4d7e-ac02-4c870567f6a2","block_type":"box","text":"additional shares of a Fund. Distributions by a Fund, whether from ordinary income or capital gains,","page_number":214,"box":{"x":116,"y":512,"width":744,"height":12}},{"id":"373f2b70-ed10-48c9-bb3a-a8051f94ec5d","block_type":"box","text":"generally will not be eligible for the dividends received deduction allowed to corporations under the","page_number":214,"box":{"x":116,"y":527,"width":736,"height":12}},{"id":"89010d2f-3ec8-4430-adc5-1a09ceada8d5","block_type":"box","text":"Code. If a Fund pays a dividend in January that was declared in the previous October, November or","page_number":214,"box":{"x":117,"y":543,"width":745,"height":12}},{"id":"504a8099-beb0-4bfb-b41c-1449574d5972","block_type":"box","text":"December to shareholders of record on a specified date in one of such months, then such dividend","page_number":214,"box":{"x":117,"y":558,"width":738,"height":12}},{"id":"cc5aca7a-b2c7-416d-acb4-fa803ca553ef","block_type":"box","text":"will be treated for tax purposes as being paid by the Fund and received by its shareholders on","page_number":214,"box":{"x":116,"y":574,"width":702,"height":12}},{"id":"29c4428a-614b-414d-8d9c-ca9929b32404","block_type":"box","text":"December 31 of the year in which the dividend was declared. In the case of a Fund with a","page_number":214,"box":{"x":117,"y":589,"width":670,"height":12}},{"id":"fc1ee6b0-477c-4dbe-b7ac-f85a8950ff8f","block_type":"box","text":"non-calendar taxable year, if the Fund reports more capital gain dividends than it earns in such taxable","page_number":214,"box":{"x":117,"y":605,"width":767,"height":12}},{"id":"d3209119-5a85-49a4-8816-0b2c7f6c459c","block_type":"box","text":"year, then the Fund will reduce the amounts reported as capital gains. Where possible, such reduction","page_number":214,"box":{"x":116,"y":620,"width":764,"height":12}},{"id":"933780d4-8066-418b-a26b-ea209a25aa5f","block_type":"box","text":"will first be allocated to dividends made after December 31 of such taxable year. A Fund may elect to","page_number":214,"box":{"x":116,"y":636,"width":755,"height":12}},{"id":"f4d440be-9ce2-4fea-a5ce-48b788d01e05","block_type":"box","text":"defer recognizing, until the following taxable year, certain net capital losses arising after October 31 of","page_number":214,"box":{"x":116,"y":651,"width":761,"height":12}},{"id":"725e1fe1-7054-468e-a80a-3182a7257167","block_type":"box","text":"the current taxable year, and certain net ordinary losses arising after October 31 and/or December 31","page_number":214,"box":{"x":116,"y":667,"width":751,"height":12}},{"id":"ff10adb0-29e9-4247-ab90-dd8ccf83a886","block_type":"box","text":"of the current taxable year. This may have the effect of increasing the amount of dividends otherwise","page_number":214,"box":{"x":116,"y":682,"width":748,"height":12}},{"id":"4db1b97b-ea0e-485a-b988-3d00b5721086","block_type":"box","text":"includible in the shareholder’s income with respect to the current taxable year.","page_number":214,"box":{"x":117,"y":698,"width":577,"height":12}},{"id":"5c3bd764-e0f7-4d9a-9559-e1fd088218ba","block_type":"box","text":"No gain or loss will be recognized by Investor C shareholders on the conversion to Investor A Shares.","page_number":214,"box":{"x":117,"y":726,"width":753,"height":12}},{"id":"f3ebf9d9-c91d-4c69-9594-ac00753574de","block_type":"box","text":"A shareholder’s tax basis in the Investor A Shares acquired upon conversion will be the same as the","page_number":214,"box":{"x":116,"y":741,"width":745,"height":12}},{"id":"ce170d9b-8d53-4896-9551-3f160522a995","block_type":"box","text":"shareholder’s tax basis in the converted Investor C Shares and the holding period of the acquired","page_number":214,"box":{"x":116,"y":757,"width":722,"height":12}},{"id":"f5c2ee8d-1c1d-4ab0-9cf2-99c544f8656c","block_type":"box","text":"Investor A Shares will include the holding period for the converted Investor C Shares.","page_number":214,"box":{"x":117,"y":772,"width":631,"height":12}},{"id":"3bdd3484-06c7-4347-8446-e07a9655ec8a","block_type":"box","text":"If a shareholder of a Fund exercises an exchange privilege within 90 days of acquiring the shares of a","page_number":214,"box":{"x":117,"y":800,"width":754,"height":12}},{"id":"73adc416-413a-4863-b71f-dd69e9175084","block_type":"box","text":"Fund, but on or before January 31 of the following year, then the loss that the shareholder recognizes","page_number":214,"box":{"x":117,"y":816,"width":752,"height":12}},{"id":"dab6b539-2d30-4453-af59-b133f6015f00","block_type":"box","text":"on the exchange will be reduced (or the gain increased) to the extent any sales charge paid on the","page_number":214,"box":{"x":116,"y":831,"width":736,"height":12}},{"id":"6d419131-83ea-4e24-85d1-1f7c436d28eb","block_type":"box","text":"exchanged shares reduces any sales charge the shareholder would have owed upon the purchase of","page_number":214,"box":{"x":116,"y":847,"width":757,"height":12}},{"id":"ab1b39d2-f7a7-490c-9cc8-38608ccff668","block_type":"box","text":"the new shares in the absence of the exchange privilege. Instead, such sales charge will be treated as","page_number":214,"box":{"x":116,"y":862,"width":765,"height":12}},{"id":"7a53f8ef-b955-4cea-8268-ed98c0489d8a","block_type":"box","text":"an amount paid for the new shares.","page_number":214,"box":{"x":116,"y":878,"width":268,"height":12}},{"id":"09f2bf61-7390-4631-b456-0a9ba319906e","block_type":"box","text":"II-165","page_number":214,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"9c650937-1f57-4cba-9817-aa8f6d1b462b","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":214,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"13c58381-6ec7-4154-b639-a81579346a74","block_type":"box","text":"A loss realized on a sale or exchange of shares of a Fund will be disallowed if other substantially","page_number":215,"box":{"x":116,"y":87,"width":722,"height":12}},{"id":"b827e614-6395-4cff-8385-87484ed01ff0","block_type":"box","text":"identical shares are acquired (whether through the automatic reinvestment of dividends or otherwise)","page_number":215,"box":{"x":117,"y":102,"width":754,"height":13}},{"id":"b56d9d74-4af8-4f00-bde0-9dbecffe2420","block_type":"box","text":"within a 61-day period beginning 30 days before and ending 30 days after the date on which the","page_number":215,"box":{"x":116,"y":118,"width":717,"height":12}},{"id":"6f718063-afce-495f-8919-68b5a4820207","block_type":"box","text":"shares are sold or exchanged. In such case, the basis of the shares acquired will be adjusted to reflect","page_number":215,"box":{"x":116,"y":134,"width":767,"height":12}},{"id":"15a7ea9b-2375-4756-af80-56882073d53d","block_type":"box","text":"the disallowed loss.","page_number":215,"box":{"x":116,"y":149,"width":150,"height":10}},{"id":"a3e89ace-fd31-4b1f-9543-b9d9703a5719","block_type":"box","text":"A Fund is also generally required by law to report to each shareholder and to the IRS cost basis","page_number":215,"box":{"x":116,"y":180,"width":716,"height":12}},{"id":"a3da88e8-4899-4898-8201-aff3309ec3fa","block_type":"box","text":"information for shares of the Fund acquired on or after January 1, 2012, and sold or redeemed after","page_number":215,"box":{"x":117,"y":196,"width":744,"height":12}},{"id":"0e735868-f3ce-4cff-b617-87332305e5bd","block_type":"box","text":"that date. This information includes the adjusted cost basis of the shares, the gross proceeds from","page_number":215,"box":{"x":116,"y":211,"width":734,"height":12}},{"id":"cdfd5e0c-77c5-4af4-a932-b89ac7f768de","block_type":"box","text":"disposition, and whether the gain or loss is long-term or short-term. The adjusted cost basis of shares","page_number":215,"box":{"x":116,"y":227,"width":759,"height":12}},{"id":"fcb7627f-13ee-464c-b43a-e443f245c474","block_type":"box","text":"will be based on the default cost basis reporting method selected by the Fund, unless a shareholder,","page_number":215,"box":{"x":116,"y":242,"width":751,"height":12}},{"id":"76d9c2f7-c469-49b8-a6f6-805e65b3b7dc","block_type":"box","text":"before the sale or redemption, informs the Fund that it has selected a different IRS-accepted method","page_number":215,"box":{"x":117,"y":258,"width":751,"height":11}},{"id":"e0d34c37-86c4-4fa5-9965-085c9b50c85c","block_type":"box","text":"offered by the Fund. These requirements, however, will not apply for investments through an IRA or","page_number":215,"box":{"x":116,"y":273,"width":745,"height":12}},{"id":"e017ec73-ce00-4e1b-a040-e6f5f3b09877","block_type":"box","text":"other tax-advantaged account. Shareholders should consult their tax advisors to determine the best","page_number":215,"box":{"x":116,"y":289,"width":744,"height":12}},{"id":"a088521a-f131-477f-b697-e702c2949f81","block_type":"box","text":"cost basis method for their tax situation, and to obtain more information about how these new cost","page_number":215,"box":{"x":116,"y":304,"width":734,"height":11}},{"id":"2fe96875-2a0b-4ef9-a590-1427adb04c62","block_type":"box","text":"basis reporting requirements apply to them. For shares of a Fund acquired before January 1, 2012,","page_number":215,"box":{"x":117,"y":320,"width":740,"height":12}},{"id":"3c76f863-b329-4715-9c63-e89498dc2be4","block_type":"box","text":"these new requirements will not apply, but the Fund will continue to report to the IRS the gross","page_number":215,"box":{"x":116,"y":335,"width":706,"height":12}},{"id":"1dea7d92-0fd6-49a0-a9c5-60143dc2a13e","block_type":"box","text":"proceeds received by a shareholder from the sale or redemption of such shares.","page_number":215,"box":{"x":117,"y":351,"width":600,"height":12}},{"id":"06b210fd-e683-4bd0-84d4-9dfce03a7d16","block_type":"box","text":"Certain Funds may invest in derivative contracts such as options, futures contracts, forward contracts","page_number":215,"box":{"x":117,"y":382,"width":756,"height":12}},{"id":"1612d491-b2e3-415e-bf78-f8c11225b3bb","block_type":"box","text":"and swap agreements. The U.S. federal income tax treatment of a derivative contract may not be as","page_number":215,"box":{"x":116,"y":397,"width":749,"height":12}},{"id":"f93ce1d3-798e-4d70-a093-c7f4bb4dca00","block_type":"box","text":"favorable as a direct investment in the underlying security and may adversely affect the timing,","page_number":215,"box":{"x":116,"y":413,"width":707,"height":12}},{"id":"ee33591f-f564-4783-a5b3-d4881ec06ad2","block_type":"box","text":"character and amount of income the Fund realizes from its investments. As a result, a larger portion of","page_number":215,"box":{"x":116,"y":428,"width":764,"height":12}},{"id":"82ba2367-1f74-4c61-bf51-39d4dbdd59a4","block_type":"box","text":"the Fund’s distributions may be treated as ordinary income rather than capital gains. In addition,","page_number":215,"box":{"x":116,"y":444,"width":717,"height":12}},{"id":"ee3cd429-32de-402e-a650-fad1178f8784","block_type":"box","text":"section 1256 contracts held by a Fund at the end of each taxable year (and, for purposes of the 4%","page_number":215,"box":{"x":116,"y":459,"width":742,"height":12}},{"id":"7e20b28d-85e6-4a0b-b59f-e5ebc1a13f79","block_type":"box","text":"excise tax, certain other dates as prescribed under the Code) are generally “marked-to-market,” and","page_number":215,"box":{"x":116,"y":475,"width":749,"height":12}},{"id":"11935143-db07-4562-9a5f-2dcbe2aa1410","block_type":"box","text":"unrealized gains or losses are treated as though they were realized, which may increase the amount","page_number":215,"box":{"x":117,"y":490,"width":750,"height":12}},{"id":"ed5c7128-8912-4845-94d9-ae5dfa8a3e7b","block_type":"box","text":"that must be distributed to meet distribution requirements and avoid the excise tax. In addition, the tax","page_number":215,"box":{"x":116,"y":506,"width":762,"height":12}},{"id":"8a8bab38-1627-4be4-88cd-45a5efc43228","block_type":"box","text":"treatment of certain derivative contracts, such as swap agreements, is unsettled and may be subject to","page_number":215,"box":{"x":116,"y":521,"width":768,"height":12}},{"id":"2cb81b04-de6a-4ef1-8531-7dbcced42eb5","block_type":"box","text":"future legislation, regulation or administrative pronouncements issued by the IRS. If such future","page_number":215,"box":{"x":116,"y":537,"width":712,"height":12}},{"id":"86fb42ce-0ac9-47a7-b4b5-822cd104653d","block_type":"box","text":"guidance limits the Fund’s ability to use derivatives, the Fund may have to find other ways of achieving","page_number":215,"box":{"x":116,"y":552,"width":767,"height":12}},{"id":"db544bf7-1dbb-48ee-927a-bf53fdaaca19","block_type":"box","text":"its investment objectives.","page_number":215,"box":{"x":117,"y":568,"width":191,"height":12}},{"id":"c6665218-276f-4a35-8b67-d88ee18e6a16","block_type":"box","text":"Certain swap agreements, including exchange-traded swap agreements, are treated as notional","page_number":215,"box":{"x":117,"y":599,"width":716,"height":12}},{"id":"f39a3096-c343-4ae5-a1f1-1db8f8c9c369","block_type":"box","text":"principal contracts rather than as section 1256 contracts. This can affect the type of income earned by","page_number":215,"box":{"x":117,"y":614,"width":762,"height":12}},{"id":"ef64db05-dd21-4f79-9c25-43dc29cc971f","block_type":"box","text":"such swap agreements. Although all of the income on a notional principal contract is ordinary income,","page_number":215,"box":{"x":116,"y":630,"width":759,"height":12}},{"id":"cf96d077-fec6-46c1-93f2-f0d08dce5826","block_type":"box","text":"only some of the income on a section 1256 contract is short-term capital gain, which is generally","page_number":215,"box":{"x":116,"y":645,"width":719,"height":12}},{"id":"c6f57867-c7a1-45fc-89e5-3d0598ca9b14","block_type":"box","text":"taxable at ordinary income rates. The rest is long-term capital gain, which may be taxable at more","page_number":215,"box":{"x":116,"y":661,"width":725,"height":12}},{"id":"bcedf93e-6329-4bbd-89f3-d59fb65fe27c","block_type":"box","text":"favorable rates than ordinary income. Proposed regulations interpret what types of swap agreements","page_number":215,"box":{"x":116,"y":676,"width":749,"height":12}},{"id":"3bfef505-0531-44be-949b-2291e2a1023a","block_type":"box","text":"are to be treated as notional principal contracts rather than as section 1256 contracts. When finalized,","page_number":215,"box":{"x":116,"y":692,"width":755,"height":12}},{"id":"42954e5a-380e-4bc3-9e13-f7a1f04558c0","block_type":"box","text":"these regulations could result in the Fund having to treat more of its income on swap agreements and","page_number":215,"box":{"x":116,"y":707,"width":754,"height":12}},{"id":"6a14c952-1cb4-44bb-92f1-de72bd326ba6","block_type":"box","text":"more of the distributions made to shareholders as ordinary income and less as long-term capital gains.","page_number":215,"box":{"x":117,"y":723,"width":760,"height":12}},{"id":"8ed65173-d531-430f-b423-a18c66c366b8","block_type":"box","text":"Certain Funds may invest in zero coupon U.S. Treasury bonds and other debt securities that are","page_number":215,"box":{"x":117,"y":754,"width":714,"height":12}},{"id":"7c1a4761-737e-4333-9c2d-1a58ae4eafd0","block_type":"box","text":"issued at a discount or provide for deferred interest. Even though a Fund receives no actual interest","page_number":215,"box":{"x":117,"y":769,"width":740,"height":12}},{"id":"a1dba592-6548-4484-9330-9387ebd043d2","block_type":"box","text":"payments on these securities, it will be deemed to receive income equal, generally, to a portion of the","page_number":215,"box":{"x":117,"y":785,"width":751,"height":12}},{"id":"110d1328-2e1d-40cd-accc-6d0f2454f1aa","block_type":"box","text":"excess of the stated redemption price of the securities over their issue price (“original issue discount”)","page_number":215,"box":{"x":116,"y":800,"width":754,"height":12}},{"id":"50a399d6-2fa6-4eda-a190-b0e85a94c786","block_type":"box","text":"each year that the securities are held. Since the original issue discount income earned by a Fund in a","page_number":215,"box":{"x":116,"y":816,"width":752,"height":12}},{"id":"a39460d1-19e4-4302-bcd9-6ac2ce216f43","block_type":"box","text":"taxable year may not be represented by cash income, the Fund may have to dispose of securities,","page_number":215,"box":{"x":116,"y":831,"width":734,"height":12}},{"id":"5c18042d-9ecd-4d59-a0dd-d16655f3e4bf","block_type":"box","text":"which it might otherwise have continued to hold, or borrow to generate cash in order to satisfy its","page_number":215,"box":{"x":116,"y":847,"width":722,"height":12}},{"id":"0aacf464-5088-4cb2-8a8a-38192fde29dd","block_type":"box","text":"distribution requirements. In addition, a Fund’s investment in foreign currencies or foreign currency","page_number":215,"box":{"x":116,"y":862,"width":737,"height":12}},{"id":"0bfbefad-159a-4efc-b2cd-e57fc1ede6d3","block_type":"box","text":"denominated or referenced debt securities, certain asset-backed securities and contingent payment","page_number":215,"box":{"x":116,"y":878,"width":744,"height":12}},{"id":"df38e42c-2d1d-4026-9c0a-e7bcf36c2fd8","block_type":"box","text":"II-166","page_number":215,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"738dd601-c8de-4757-a487-d9cd1f09b27d","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":215,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"8187ee40-16d9-4493-8731-2fafa4639042","block_type":"box","text":"and inflation-indexed debt instruments also may increase or accelerate the Fund’s recognition of","page_number":216,"box":{"x":116,"y":87,"width":720,"height":12}},{"id":"99e3a02c-14a7-4f4a-84b6-be333b731a6d","block_type":"box","text":"income, including the recognition of taxable income in excess of cash generated by such investments.","page_number":216,"box":{"x":117,"y":102,"width":761,"height":13}},{"id":"89bc05bf-332b-41bb-96e4-4952176f495b","block_type":"box","text":"Ordinary income dividends paid to shareholders who are nonresident aliens or foreign entities (other","page_number":216,"box":{"x":116,"y":134,"width":749,"height":12}},{"id":"281d9f00-cbcc-4a9a-87bf-8f0d2b564789","block_type":"box","text":"than pass-through entities to the extent owned by U.S. persons) generally will be subject to a 30% U.S.","page_number":216,"box":{"x":116,"y":149,"width":771,"height":12}},{"id":"aebdd995-7ebb-4d48-8ba4-63b3bd4eb605","block_type":"box","text":"withholding tax under existing provisions of the Code applicable to foreign individuals and entities","page_number":216,"box":{"x":116,"y":165,"width":726,"height":12}},{"id":"cb72fa2f-2dbf-47e2-8641-766d4c0d0338","block_type":"box","text":"unless a reduced rate of withholding or a withholding exemption is provided under applicable treaty","page_number":216,"box":{"x":117,"y":180,"width":738,"height":12}},{"id":"f63b1c0a-11ff-443f-b949-322d4a7435b0","block_type":"box","text":"law. Capital gain dividends paid to shareholders that are nonresident aliens or foreign entities, if and to","page_number":216,"box":{"x":117,"y":196,"width":766,"height":12}},{"id":"310b2d96-529c-4568-95f8-74257f4700af","block_type":"box","text":"the extent properly reported as capital gain dividends, generally will not be subject to a 30%","page_number":216,"box":{"x":116,"y":211,"width":685,"height":12}},{"id":"477ebd45-a197-4fef-9677-7af82acbcb81","block_type":"box","text":"withholding tax, unless certain exceptions apply. Dividends derived by a regulated investment","page_number":216,"box":{"x":116,"y":227,"width":699,"height":12}},{"id":"a4b2c3f1-71c7-416d-9fd3-18c3eb9b58f1","block_type":"box","text":"company from short-term capital gains and qualified net interest income (including income from original","page_number":216,"box":{"x":116,"y":242,"width":771,"height":12}},{"id":"1eaf0776-f68c-4105-a9e6-bfab224f4ed7","block_type":"box","text":"issue discount and market discount) and paid to shareholders who are nonresident aliens or foreign","page_number":216,"box":{"x":117,"y":258,"width":743,"height":12}},{"id":"e1e4b2d9-35ae-4bad-a8a3-ff9e095ca1a3","block_type":"box","text":"entities, if and to the extent properly reported as “short-term capital gain dividends” or “interest-related","page_number":216,"box":{"x":116,"y":273,"width":762,"height":12}},{"id":"f774335d-e769-4ac0-b889-e19555e46938","block_type":"box","text":"dividends”, respectively, generally will not be subject to U.S. withholding tax. Where possible, the","page_number":216,"box":{"x":116,"y":289,"width":725,"height":12}},{"id":"8c0e2ab0-8f0f-481c-948c-368464d97def","block_type":"box","text":"Funds intend to report such dividends as interest-related dividends or short-term capital gain dividends.","page_number":216,"box":{"x":117,"y":304,"width":771,"height":12}},{"id":"9864a365-db56-4c50-bf59-7bb5ceeb95d3","block_type":"box","text":"However, depending on its circumstances, a Fund may report all, some or none of its potentially","page_number":216,"box":{"x":117,"y":320,"width":716,"height":12}},{"id":"fd75a2bd-4300-4e9f-88ca-2999a573c4f1","block_type":"box","text":"eligible dividends as interest-related or as short-term capital gain dividends, and/or treat such","page_number":216,"box":{"x":116,"y":335,"width":697,"height":12}},{"id":"cb54cbae-c565-49fb-8117-0c1029f57173","block_type":"box","text":"dividends, in whole or in part, as ineligible for this exemption from withholding. In order to qualify for","page_number":216,"box":{"x":116,"y":351,"width":743,"height":12}},{"id":"5cb2c6e6-604e-49e8-a77c-fbd09c3eaae2","block_type":"box","text":"this exemption from withholding, a foreign shareholder must comply with applicable certification","page_number":216,"box":{"x":116,"y":366,"width":712,"height":12}},{"id":"d2a14315-f4e3-4669-9325-84f456aa94fa","block_type":"box","text":"requirements relating to its foreign status (including, in general, furnishing an IRS Form W-8BEN, IRS","page_number":216,"box":{"x":117,"y":382,"width":757,"height":12}},{"id":"8da4b4c6-f85c-4c1a-9539-27b501bb6554","block_type":"box","text":"Form W-8BEN-E or substitute Form). In the case of shares held through an intermediary, the","page_number":216,"box":{"x":117,"y":397,"width":693,"height":12}},{"id":"74145e3d-fd71-46c5-b049-9b2e8ad46f0c","block_type":"box","text":"intermediary may withhold even if the Fund reports the payment as an interest-related or short-term","page_number":216,"box":{"x":117,"y":413,"width":743,"height":12}},{"id":"98c29645-fc4d-4a12-85af-c719b485b28f","block_type":"box","text":"capital gain dividend. Foreign shareholders should contact their intermediaries with respect to the","page_number":216,"box":{"x":116,"y":428,"width":727,"height":12}},{"id":"c22302fe-c2f0-4cff-9e49-6b0779b7f9bb","block_type":"box","text":"application of these rules to their accounts. It is not possible to predict what portion, if any, of a Fund’s","page_number":216,"box":{"x":116,"y":444,"width":762,"height":12}},{"id":"0b4d4b37-2e6a-4edb-851b-d47dffd1fa3f","block_type":"box","text":"distributions will be reported as interest-related dividends or short-term capital gain dividends under","page_number":216,"box":{"x":116,"y":459,"width":742,"height":12}},{"id":"9fbdf030-acf1-4831-8ccd-aedbf0b1f44f","block_type":"box","text":"these rules.","page_number":216,"box":{"x":116,"y":475,"width":91,"height":9}},{"id":"24f674c0-7cd3-4b2c-9ff4-81f6074d15c4","block_type":"box","text":"Distributions to certain foreign shareholders by a Fund at least 50% of the assets of which are “U.S.","page_number":216,"box":{"x":117,"y":506,"width":744,"height":12}},{"id":"3e070c1b-058a-4ec3-a01b-319f203d79fc","block_type":"box","text":"real property interests” (as defined in the Code and Treasury regulations) at any time during the five","page_number":216,"box":{"x":117,"y":521,"width":745,"height":12}},{"id":"d9c382d3-4cfe-4aad-9e07-3f6d20eb4a2e","block_type":"box","text":"year period ending on the date of the distributions, to the extent the distributions are attributable to","page_number":216,"box":{"x":116,"y":537,"width":734,"height":12}},{"id":"132bddb5-5085-4829-bf23-b74f3fb4fb21","block_type":"box","text":"gains from sales or exchanges of U.S. real property interests (including shares in certain “U.S. real","page_number":216,"box":{"x":116,"y":552,"width":737,"height":12}},{"id":"a0b844f6-29b8-4c46-bc04-81ff18438d62","block_type":"box","text":"property holding corporations” such as certain REITs, although exceptions may apply if any class of","page_number":216,"box":{"x":117,"y":568,"width":743,"height":12}},{"id":"2cb70b38-8794-41f9-ad68-e376d80ee0c4","block_type":"box","text":"stock of such a corporation is regularly traded on an established securities market and the Fund has","page_number":216,"box":{"x":116,"y":583,"width":748,"height":12}},{"id":"fe73ea8f-d210-4a14-b826-1e55a5e846f6","block_type":"box","text":"held no more than 5% of such class of stock at all times during the five-year period ending on the date","page_number":216,"box":{"x":117,"y":599,"width":762,"height":12}},{"id":"bcff1894-b088-4321-92ca-0013309ae41d","block_type":"box","text":"of the distributions), generally must be treated by such foreign shareholders as income effectively","page_number":216,"box":{"x":116,"y":614,"width":728,"height":12}},{"id":"dca3540b-df19-43a2-874a-78add2ea5a1c","block_type":"box","text":"connected to a trade or business within the United States, which is generally subject to tax at the","page_number":216,"box":{"x":116,"y":630,"width":723,"height":12}},{"id":"ec72d88d-d46e-4780-b1ec-8858556e5ca8","block_type":"box","text":"graduated rates applicable to U.S. shareholders, except for distributions to foreign shareholders that","page_number":216,"box":{"x":116,"y":645,"width":748,"height":12}},{"id":"7a3b303f-222b-489d-8014-a317f0ae2ea5","block_type":"box","text":"held no more than 5% of any class of stock of the Fund at all times during the previous one-year period","page_number":216,"box":{"x":117,"y":661,"width":764,"height":12}},{"id":"9e023467-093c-456a-a63b-5d0bbd58c691","block_type":"box","text":"ending on the date of the distributions. Such distributions will be subject to U.S. income and","page_number":216,"box":{"x":116,"y":676,"width":679,"height":12}},{"id":"02da5990-dac3-4bbf-bab6-a3b6db179f8b","block_type":"box","text":"withholding tax and generally will require a foreign shareholder to file a U.S. federal income tax return.","page_number":216,"box":{"x":116,"y":692,"width":756,"height":12}},{"id":"474aa332-9420-4482-a78c-7e88fe4141e9","block_type":"box","text":"If the foreign shareholder held no more than 5% of any class of stock of the Fund at all times during the","page_number":216,"box":{"x":117,"y":707,"width":766,"height":12}},{"id":"1528a3c9-c209-44f5-b809-4637905699e8","block_type":"box","text":"previous one-year period ending on the date of the distributions, the distributions will be taxable as","page_number":216,"box":{"x":117,"y":723,"width":730,"height":12}},{"id":"d60115e0-8356-4f64-bc68-06b6bb005d98","block_type":"box","text":"ordinary dividends and subject to withholding at a 30% or lower treaty rate. In addition, sales or","page_number":216,"box":{"x":116,"y":738,"width":706,"height":12}},{"id":"f1390ec6-d741-4845-b605-199f1355e9c3","block_type":"box","text":"redemptions of shares held by certain foreign shareholders in such a Fund generally will be subject to","page_number":216,"box":{"x":117,"y":754,"width":753,"height":12}},{"id":"4f2c351c-3de8-40b6-84ce-13a729370df1","block_type":"box","text":"U.S. income and withholding tax and generally will require the foreign shareholder to file a U.S. federal","page_number":216,"box":{"x":117,"y":769,"width":759,"height":12}},{"id":"ec35bcdf-c250-45e1-9af4-95b7c3c2cda2","block_type":"box","text":"income tax return, although exceptions may apply if more than 50% of the value of the Fund’s shares","page_number":216,"box":{"x":117,"y":785,"width":750,"height":12}},{"id":"75b660e0-3aa7-42f7-b5e4-10977a5dcf26","block_type":"box","text":"are held by U.S. shareholders or the foreign shareholder selling or redeeming the shares has held no","page_number":216,"box":{"x":116,"y":800,"width":750,"height":12}},{"id":"dc1d7f39-8d9d-4600-9a37-9649d40d14a7","block_type":"box","text":"more than 5% of any class of stock of the Fund at all times during the five-year period ending on the","page_number":216,"box":{"x":117,"y":816,"width":741,"height":12}},{"id":"e64073f2-8ba0-40b8-9446-96607d232254","block_type":"box","text":"date of the sale or redemption.","page_number":216,"box":{"x":116,"y":831,"width":233,"height":12}},{"id":"c8c8445f-096a-4a12-a7ac-9d3841cf4236","block_type":"box","text":"Provided that more than 50% of the value of a Fund’s stock is held by U.S. shareholders, redemptions","page_number":216,"box":{"x":117,"y":862,"width":762,"height":12}},{"id":"2f8c1414-a6cc-4d97-9a0d-dc7be7d340ff","block_type":"box","text":"and other distributions made in the form of U.S. real property interests (including shares in certain","page_number":216,"box":{"x":116,"y":878,"width":730,"height":12}},{"id":"20ee97f1-ec20-4417-b3ee-515af0c0673a","block_type":"box","text":"II-167","page_number":216,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"67930541-4599-4502-a026-fda7027cfbd9","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":216,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"f4d76991-2aeb-4dc5-a97c-c98f1c21b50d","block_type":"box","text":"“U.S. real property holding corporations”, although exceptions may apply if any class of stock of such a","page_number":217,"box":{"x":116,"y":87,"width":768,"height":12}},{"id":"d28adb2e-6591-4bf9-ba49-b982bf56424a","block_type":"box","text":"corporation is regularly traded on an established securities market and the Fund has held no more than","page_number":217,"box":{"x":116,"y":103,"width":772,"height":12}},{"id":"90ea7476-cab3-43ef-8935-341644184094","block_type":"box","text":"5% of such class of stock at all times during the five-year period ending on the date of the distribution)","page_number":217,"box":{"x":116,"y":118,"width":762,"height":12}},{"id":"55646994-d16c-48dd-9c99-5bf2c19e0f6e","block_type":"box","text":"generally will cause the Fund to recognize a portion of any unrecognized gain in the U.S. real property","page_number":217,"box":{"x":116,"y":134,"width":763,"height":12}},{"id":"c8df3f28-8566-477e-90be-bf5ec0834610","block_type":"box","text":"interests equal to the product of (i) the excess of fair market value of such U.S. real property interests","page_number":217,"box":{"x":117,"y":149,"width":756,"height":12}},{"id":"8ec77656-7422-4504-bcc1-c509b79eb15a","block_type":"box","text":"over the Fund’s adjusted bases in such interests and (ii) the greatest foreign ownership percentage of","page_number":217,"box":{"x":116,"y":165,"width":759,"height":12}},{"id":"960d919e-ceed-44d9-a272-837999a5d726","block_type":"box","text":"the Fund during the five-year period ending on the date of distribution.","page_number":217,"box":{"x":116,"y":180,"width":525,"height":12}},{"id":"db9fc394-0d93-4535-8e16-5a8ad51de38d","block_type":"box","text":"A foreign shareholder may also be subject to certain “wash sale” rules to prevent the avoidance of the","page_number":217,"box":{"x":116,"y":211,"width":760,"height":12}},{"id":"28d55f8c-0137-40f8-a621-2a9fcddc0f67","block_type":"box","text":"tax filing and payment obligations discussed above through the sale and repurchase of Fund shares.","page_number":217,"box":{"x":116,"y":227,"width":752,"height":12}},{"id":"b9fff3a9-41b5-4bee-bc40-876f74dae5e0","block_type":"box","text":"Shareholders that are nonresident aliens or foreign entities are urged to consult their own tax advisors","page_number":217,"box":{"x":116,"y":258,"width":762,"height":12}},{"id":"0f8a5fa0-8693-4f9b-926c-b854d8433e13","block_type":"box","text":"concerning the particular tax consequences to them of an investment in a Fund.","page_number":217,"box":{"x":116,"y":273,"width":598,"height":12}},{"id":"b8e63499-8db6-492d-adbe-6421735c168e","block_type":"box","text":"Separately, a 30% withholding tax is currently imposed on U.S.-source dividends, interest and other","page_number":217,"box":{"x":116,"y":304,"width":745,"height":12}},{"id":"a1eb853b-d3f0-4af3-aab0-1569b145f75c","block_type":"box","text":"income items paid to (i) certain foreign financial institutions and investment funds, and (ii) certain other","page_number":217,"box":{"x":117,"y":320,"width":763,"height":12}},{"id":"fdf20135-6332-4ac5-b2c0-999222a33a5c","block_type":"box","text":"foreign entities. To avoid withholding, foreign financial institutions and investment funds will generally","page_number":217,"box":{"x":116,"y":335,"width":753,"height":12}},{"id":"db7b515e-a862-4ac5-a3b1-0fc76ff41683","block_type":"box","text":"either need to (a) collect and report to the IRS detailed information identifying their U.S. accounts and","page_number":217,"box":{"x":116,"y":351,"width":758,"height":12}},{"id":"543ab000-3010-466c-85b9-3d36dc1bb688","block_type":"box","text":"U.S. account holders, comply with due diligence procedures for identifying U.S. accounts and withhold","page_number":217,"box":{"x":117,"y":366,"width":763,"height":12}},{"id":"3544cae3-9040-493b-9232-ef51b5ad4d4a","block_type":"box","text":"tax on certain payments made to noncomplying foreign entities and account holders or (b) if an","page_number":217,"box":{"x":116,"y":382,"width":709,"height":12}},{"id":"7d1bbb29-009b-4c49-8c3a-6dc8b0c3b0d5","block_type":"box","text":"intergovernmental agreement is entered into and implementing legislation is adopted, comply with the","page_number":217,"box":{"x":117,"y":397,"width":758,"height":12}},{"id":"f1be10df-386d-4486-84d1-42b40db4c60f","block_type":"box","text":"agreement and legislation. Other foreign entities will generally either need to provide detailed","page_number":217,"box":{"x":116,"y":413,"width":695,"height":12}},{"id":"b82a8895-6bb9-475a-86e4-f5d9599c60d3","block_type":"box","text":"information identifying each substantial U.S. owner or certify there are no such owners.","page_number":217,"box":{"x":117,"y":428,"width":650,"height":12}},{"id":"b6940345-b1ee-4d12-81aa-ae16f92199a2","block_type":"box","text":"Under certain provisions of the Code, some shareholders may be subject to a 24% withholding tax on","page_number":217,"box":{"x":117,"y":459,"width":757,"height":12}},{"id":"ecb6cd2f-64a4-48b6-a16d-3a8750107523","block_type":"box","text":"ordinary income dividends, capital gain dividends and redemption payments (“backup withholding”).","page_number":217,"box":{"x":116,"y":475,"width":744,"height":12}},{"id":"a53c586d-f9b8-4656-934f-79ab585bac07","block_type":"box","text":"Generally, shareholders subject to backup withholding will be non-corporate shareholders for whom no","page_number":217,"box":{"x":117,"y":490,"width":767,"height":12}},{"id":"4b8989bb-7245-4e5b-b76d-1d37d9de1147","block_type":"box","text":"certified taxpayer identification number is on file with the Fund or who, to the Fund’s knowledge, have","page_number":217,"box":{"x":116,"y":506,"width":758,"height":12}},{"id":"8ddb1e7d-1a8c-4bf1-86d7-bf99d4abcba8","block_type":"box","text":"furnished an incorrect number. When establishing an account, an investor must certify under penalty of","page_number":217,"box":{"x":116,"y":521,"width":770,"height":12}},{"id":"a4086e25-96aa-4b43-8faf-38350082c501","block_type":"box","text":"perjury that such number is correct and that such investor is not otherwise subject to backup","page_number":217,"box":{"x":117,"y":537,"width":690,"height":12}},{"id":"6fa8ef57-3815-4e7e-a419-429b633fa6e5","block_type":"box","text":"withholding. Backup withholding is not an additional tax. Any amount withheld generally may be","page_number":217,"box":{"x":116,"y":552,"width":713,"height":12}},{"id":"7e98767f-d027-4fe4-a0f7-221578fe9590","block_type":"box","text":"allowed as a refund or a credit against a shareholder’s U.S. federal income tax liability, provided that","page_number":217,"box":{"x":116,"y":568,"width":750,"height":12}},{"id":"769f7d6d-f9ba-49f6-bdaa-c40c4cc77b6e","block_type":"box","text":"the required information is timely forwarded to the IRS.","page_number":217,"box":{"x":116,"y":583,"width":411,"height":12}},{"id":"426e54d5-e934-418b-8747-365db2340590","block_type":"box","text":"If a shareholder recognizes a loss with respect to a Fund’s shares of $2 million or more for an","page_number":217,"box":{"x":117,"y":613,"width":698,"height":13}},{"id":"f6c8ca6b-422d-49dd-80a9-638aa20fbff5","block_type":"box","text":"individual shareholder or $10 million or more for a corporate shareholder in any single taxable year (or","page_number":217,"box":{"x":117,"y":629,"width":762,"height":13}},{"id":"d3ccc05a-e8a9-4105-afb5-7aeaad776c4b","block_type":"box","text":"a greater amount in any combination of taxable years), the shareholder must file a disclosure","page_number":217,"box":{"x":116,"y":645,"width":695,"height":12}},{"id":"e9b194d1-d019-45a9-92b6-656d6e9d1e71","block_type":"box","text":"statement on IRS Form 8886 with the IRS. Direct shareholders of portfolio securities are in many cases","page_number":217,"box":{"x":116,"y":661,"width":766,"height":12}},{"id":"40f8dd87-bb8e-4bf3-9e04-2d72bf3f6075","block_type":"box","text":"exempted. That a loss is reportable under these regulations does not affect the legal determination of","page_number":217,"box":{"x":116,"y":676,"width":753,"height":12}},{"id":"86330e4c-6acc-420e-a631-8649c4db12b0","block_type":"box","text":"whether the taxpayer’s treatment of the loss is proper. Shareholders should consult their tax advisors","page_number":217,"box":{"x":116,"y":692,"width":750,"height":12}},{"id":"ac64737b-2965-41fe-8274-f01179440c2d","block_type":"box","text":"to determine the applicability of these regulations in light of their individual circumstances.","page_number":217,"box":{"x":116,"y":707,"width":664,"height":12}},{"id":"62734fee-9be4-479d-9c99-b2ac775faf53","block_type":"box","text":"Certain types of income received by a Fund from REITs, real estate mortgage investment conduits,","page_number":217,"box":{"x":117,"y":738,"width":734,"height":12}},{"id":"0b98d7c9-ed46-456c-87c2-1df8cb03aeae","block_type":"box","text":"taxable mortgage pools or other investments may cause the Fund to report some or all of its","page_number":217,"box":{"x":116,"y":754,"width":683,"height":12}},{"id":"6b159a13-7190-4a11-b5a0-42dfe3ecebad","block_type":"box","text":"distributions as “excess inclusion income.” To Fund shareholders, such excess inclusion income may:","page_number":217,"box":{"x":116,"y":769,"width":754,"height":12}},{"id":"a38e607e-75cd-40ba-8c9a-dec36bef7a63","block_type":"box","text":"(i) constitute taxable income, as unrelated business taxable income (“UBTI”) for those shareholders","page_number":217,"box":{"x":117,"y":785,"width":736,"height":12}},{"id":"4cafd236-4e45-4b52-84f4-ccd4b66b986d","block_type":"box","text":"who would otherwise be tax-exempt such as individual retirement accounts, 401(k) accounts, Keogh","page_number":217,"box":{"x":116,"y":800,"width":743,"height":12}},{"id":"672b09e2-c437-4ae6-b178-19d0d68dee02","block_type":"box","text":"plans, pension plans and certain charitable entities; (ii) not be offset by otherwise allowable deductions","page_number":217,"box":{"x":117,"y":816,"width":760,"height":12}},{"id":"4dbd7c7e-6695-412e-afe6-5de29020862f","block_type":"box","text":"for tax purposes; (iii) not be eligible for reduced U.S. withholding for non-U.S. shareholders even from","page_number":217,"box":{"x":116,"y":831,"width":758,"height":12}},{"id":"d7a3d9c5-4f23-4f4e-afd8-b789cf301cc8","block_type":"box","text":"tax treaty countries; and (iv) cause the Fund to be subject to tax if certain “disqualified organizations,”","page_number":217,"box":{"x":116,"y":847,"width":757,"height":12}},{"id":"a9430d1a-fd6a-45b8-8a3a-a24843c86c4b","block_type":"box","text":"as defined by the Code, are Fund shareholders. The Fund tries to avoid investing in REITs that are","page_number":217,"box":{"x":116,"y":862,"width":740,"height":12}},{"id":"1b37dd43-5a41-463c-a7ff-b59cd316f9a4","block_type":"box","text":"expected to generate excess inclusion income, but the Fund may not always be successful in doing so.","page_number":217,"box":{"x":116,"y":878,"width":771,"height":12}},{"id":"8ddd27c6-345b-4b26-ae74-dacf9a3cd5c1","block_type":"box","text":"II-168","page_number":217,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"28d2c567-2b6e-4103-9d50-2004478bccaa","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":217,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"d98cb54f-d418-47df-a2b4-559e271124e4","block_type":"box","text":"Because information about a REIT’s investments may be inadequate or inaccurate, or because a REIT","page_number":218,"box":{"x":117,"y":87,"width":767,"height":12}},{"id":"fe452a28-25d3-4bbc-89ae-93b6f2513c29","block_type":"box","text":"may change its investment program, the Fund may not be successful in avoiding the consequences","page_number":218,"box":{"x":117,"y":102,"width":744,"height":13}},{"id":"d5044546-5937-4870-97f1-c3cf1f5a9f2e","block_type":"box","text":"described above. Avoidance of investments in REITs that generate excess inclusion income may","page_number":218,"box":{"x":116,"y":118,"width":725,"height":12}},{"id":"db03f0ca-e339-44a0-8d5b-90866b1b8611","block_type":"box","text":"require the Fund to forego otherwise attractive investment opportunities.","page_number":218,"box":{"x":117,"y":134,"width":540,"height":12}},{"id":"ac5896da-2286-4f53-a241-9fcfda498142","block_type":"box","text":"Dividends and interest received and capital gains realized by a Fund may give rise to withholding and","page_number":218,"box":{"x":117,"y":165,"width":756,"height":12}},{"id":"f3e5d73f-c7db-48ef-b73a-d5a0d4cca286","block_type":"box","text":"other taxes imposed by foreign countries. Tax conventions between certain foreign countries and the","page_number":218,"box":{"x":116,"y":180,"width":753,"height":12}},{"id":"978321c8-e923-43bf-a455-8e1b6e12e333","block_type":"box","text":"United States may reduce or eliminate such taxes. Shareholders of a Fund more than 50% by value of","page_number":218,"box":{"x":117,"y":196,"width":764,"height":12}},{"id":"c5de8c15-f406-4bae-942b-f784c6939830","block_type":"box","text":"the assets of which at the close of a taxable year are foreign securities may be able to claim U.S.","page_number":218,"box":{"x":116,"y":211,"width":725,"height":12}},{"id":"f2a171b3-cf5d-4c54-b86c-d78d7501bdb6","block_type":"box","text":"foreign tax credits with respect to such foreign taxes paid by the Fund, subject to certain requirements","page_number":218,"box":{"x":116,"y":227,"width":762,"height":12}},{"id":"f4b4ee66-5630-4e67-b90e-80d3d65ad161","block_type":"box","text":"and limitations contained in the Code. For example, certain retirement accounts and certain tax-exempt","page_number":218,"box":{"x":116,"y":242,"width":772,"height":12}},{"id":"4f85fa01-2f7a-4b51-801f-391134f0ee6f","block_type":"box","text":"organizations cannot claim foreign tax credits on investments in foreign securities held in a Fund. In","page_number":218,"box":{"x":116,"y":258,"width":743,"height":12}},{"id":"2024c610-6a87-46f2-a373-baad0b854322","block_type":"box","text":"addition, a foreign tax credit may be claimed with respect to withholding tax on payments with respect","page_number":218,"box":{"x":116,"y":273,"width":759,"height":12}},{"id":"4550952e-8f60-485b-ab80-ce3e098f29a3","block_type":"box","text":"to a security only if the holder of the security meets certain holding period requirements. Both the","page_number":218,"box":{"x":116,"y":289,"width":724,"height":12}},{"id":"7a1c2481-026d-4ced-9e69-35a0fa5be9ac","block_type":"box","text":"shareholder and the Fund must meet these holding period requirements, and if a Fund fails to do so, it","page_number":218,"box":{"x":116,"y":304,"width":764,"height":12}},{"id":"6260a1da-3d3b-46fc-9f6a-492a1a163bbb","block_type":"box","text":"will not be able to “pass through” to shareholders the ability to claim a credit or a deduction for the","page_number":218,"box":{"x":116,"y":320,"width":731,"height":12}},{"id":"69d08dde-0dcb-4737-a429-903a379baa08","block_type":"box","text":"related foreign taxes paid by the Fund. Further, to the extent that a Fund engages in securities lending","page_number":218,"box":{"x":117,"y":335,"width":763,"height":12}},{"id":"168d416a-a975-4165-ad68-732a2434ac25","block_type":"box","text":"with respect to a security paying income subject to foreign taxes, it may not be able to pass through to","page_number":218,"box":{"x":116,"y":351,"width":763,"height":12}},{"id":"02549e7d-3bd3-4fd2-b178-ee1bd602b3f9","block_type":"box","text":"its shareholders the ability to take a foreign tax credit for those taxes. If a Fund satisfies the applicable","page_number":218,"box":{"x":117,"y":366,"width":762,"height":12}},{"id":"84f77bcc-9b07-4e78-9f6e-9cc5a4595ff4","block_type":"box","text":"requirements, such Fund will be eligible to file an election with the IRS pursuant to which shareholders","page_number":218,"box":{"x":117,"y":382,"width":763,"height":12}},{"id":"64d3f887-1f2c-4ad2-a674-37332ae0af0b","block_type":"box","text":"of the Fund will be required to include their proportionate shares of such foreign taxes in their U.S.","page_number":218,"box":{"x":116,"y":397,"width":733,"height":12}},{"id":"7cf8eb1f-bedf-4af0-b60f-0039c647d859","block_type":"box","text":"income tax returns as gross income, treat such proportionate shares as taxes paid by them, and","page_number":218,"box":{"x":117,"y":413,"width":718,"height":12}},{"id":"d9b87aaf-6117-4761-bfae-846f47930a43","block_type":"box","text":"deduct such proportionate shares in computing their taxable incomes or, alternatively, use them as","page_number":218,"box":{"x":116,"y":428,"width":738,"height":12}},{"id":"b99f9caa-8f40-4032-8558-757072a2df4f","block_type":"box","text":"foreign tax credits against their U.S. income taxes. No deductions for foreign taxes, however, may be","page_number":218,"box":{"x":116,"y":444,"width":755,"height":12}},{"id":"05f14432-ba2b-437c-b0af-7095829de2bf","block_type":"box","text":"claimed by noncorporate shareholders who do not itemize deductions. A shareholder that is a","page_number":218,"box":{"x":116,"y":459,"width":699,"height":12}},{"id":"1727a6a3-1d61-4b4a-ae9f-6da40098438f","block_type":"box","text":"nonresident alien individual or a foreign corporation may be subject to U.S. withholding tax on the","page_number":218,"box":{"x":117,"y":475,"width":726,"height":12}},{"id":"cdc107f2-fef6-4ecd-bd10-f1e0f9dd7702","block_type":"box","text":"income resulting from a Fund’s election described in this paragraph but may not be able to claim a","page_number":218,"box":{"x":117,"y":490,"width":733,"height":12}},{"id":"aa76835b-268d-42cd-b3ba-899056cdadaf","block_type":"box","text":"credit or deduction against such U.S. tax for the foreign taxes treated as having been paid by such","page_number":218,"box":{"x":116,"y":506,"width":735,"height":12}},{"id":"7eaa9e05-1d81-4228-a2ff-e2887dae6c2b","block_type":"box","text":"shareholder. A Fund will report annually to its shareholders the amount per share of such foreign taxes","page_number":218,"box":{"x":116,"y":521,"width":768,"height":12}},{"id":"cc0bae8a-972e-45fc-ad60-91d72faecd4b","block_type":"box","text":"and other information needed to claim the foreign tax credit.","page_number":218,"box":{"x":116,"y":537,"width":449,"height":12}},{"id":"f66f9b01-91b7-4877-9d7f-378b49f9f973","block_type":"box","text":"Certain transactions entered into by the Funds are subject to special tax rules of the Code that may,","page_number":218,"box":{"x":117,"y":568,"width":746,"height":12}},{"id":"e41d8762-f995-498b-ac5c-dc6b9dc35204","block_type":"box","text":"among other things, (a) affect the character of gains and losses realized, (b) disallow, suspend or","page_number":218,"box":{"x":116,"y":583,"width":727,"height":12}},{"id":"100b9706-3094-46b2-9e5e-2e7a3dad6902","block_type":"box","text":"otherwise limit the allowance of certain losses or deductions, and (c) accelerate the recognition of","page_number":218,"box":{"x":116,"y":599,"width":728,"height":12}},{"id":"de39407a-1b81-4527-b933-4fccee5a922e","block_type":"box","text":"income without a corresponding receipt of cash (with which to make the necessary distributions to","page_number":218,"box":{"x":117,"y":614,"width":730,"height":12}},{"id":"6e4ae8c9-609b-470c-a39d-d9dd6d658e62","block_type":"box","text":"satisfy distribution requirements applicable to regulated investment companies). Operation of these","page_number":218,"box":{"x":116,"y":630,"width":741,"height":12}},{"id":"8b053e49-8bf4-42c4-b97f-3d486ee30583","block_type":"box","text":"rules could, therefore, affect the character, amount and timing of distributions to shareholders. Special","page_number":218,"box":{"x":117,"y":645,"width":762,"height":12}},{"id":"28843eaf-227c-447c-a73a-fe7b55f814f9","block_type":"box","text":"tax rules also may require a Fund to mark-to-market certain types of positions in its portfolio (","page_number":218,"box":{"x":116,"y":661,"width":691,"height":12}},{"id":"608ac326-f6ba-4172-8a75-111c3b970a1d","block_type":"box","text":"i.e.","page_number":218,"box":{"x":808,"y":661,"width":20,"height":9}},{"id":"42e8e0ba-fd3b-4d30-bde7-5c72197b24e3","block_type":"box","text":", treat","page_number":218,"box":{"x":831,"y":661,"width":42,"height":11}},{"id":"f9a0e897-c3f8-4e87-9b1a-d89323663465","block_type":"box","text":"them as sold on the last day of the taxable year), and may result in the recognition of income without a","page_number":218,"box":{"x":116,"y":676,"width":760,"height":12}},{"id":"b2907f03-cb6b-4e31-b8eb-5202468ffece","block_type":"box","text":"corresponding receipt of cash. Funds engaging in transactions affected by these provisions intend to","page_number":218,"box":{"x":116,"y":692,"width":746,"height":12}},{"id":"595951f2-65ae-46c4-8cfe-9dbc1c9f85ca","block_type":"box","text":"monitor their transactions, make appropriate tax elections and make appropriate entries in their books","page_number":218,"box":{"x":117,"y":707,"width":754,"height":12}},{"id":"1f3fb360-0332-49b4-acc0-4909d8a52aa4","block_type":"box","text":"and records to lessen the effect of these tax rules and avoid any possible disqualification from the","page_number":218,"box":{"x":116,"y":723,"width":724,"height":12}},{"id":"a351bb25-9fb6-4cf5-acbd-23353bd0cf0d","block_type":"box","text":"special treatment afforded regulated investment companies under the Code.","page_number":218,"box":{"x":116,"y":738,"width":565,"height":12}},{"id":"038195ea-7a37-4eed-96f7-2f09f4993ac7","block_type":"box","text":"If a Fund invests in underlying funds, the Fund’s","page_number":218,"box":{"x":117,"y":769,"width":356,"height":12}},{"id":"6538087f-e503-43cc-b745-1dfc8d5c91ed","block_type":"box","text":"realized losses on sales of shares of underlying funds","page_number":218,"box":{"x":479,"y":769,"width":398,"height":12}},{"id":"95eb1eeb-4424-4f6b-b276-983c507e37b0","block_type":"box","text":"may be indefinitely or permanently deferred as “wash sales.” Distributions of short-term capital gains","page_number":218,"box":{"x":117,"y":785,"width":744,"height":12}},{"id":"25d5cdad-0c7b-4601-9b71-c4083579bcf7","block_type":"box","text":"by underlying funds will be recognized as ordinary income by the Fund and would not be offset by the","page_number":218,"box":{"x":117,"y":800,"width":752,"height":12}},{"id":"2a5547d0-92a8-4e19-a90b-decef34852b2","block_type":"box","text":"Fund’s capital loss carryforwards, if any. Capital loss carryforwards of underlying funds, if any, would","page_number":218,"box":{"x":117,"y":816,"width":745,"height":12}},{"id":"1c059ffb-2385-4f32-9cb0-b68774d13b57","block_type":"box","text":"not offset net capital gains of the Fund. Each of these effects is caused by the Fund’s expected","page_number":218,"box":{"x":117,"y":831,"width":710,"height":12}},{"id":"61184f6a-5f78-4f51-b141-950712f49831","block_type":"box","text":"investment in the underlying funds and may result in distributions to Fund shareholders being of higher","page_number":218,"box":{"x":117,"y":847,"width":766,"height":12}},{"id":"9e0ffb4d-d4c1-446f-b007-41e45edd7047","block_type":"box","text":"magnitudes and less likely to qualify for lower capital gain tax rates than if the Fund were to invest","page_number":218,"box":{"x":117,"y":862,"width":730,"height":12}},{"id":"8ac25a68-a7c9-4c1b-8351-9ac8e0041a24","block_type":"box","text":"otherwise.","page_number":218,"box":{"x":116,"y":878,"width":81,"height":9}},{"id":"16cff757-e7a7-4755-9b95-b865795a1350","block_type":"box","text":"II-169","page_number":218,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"3dd99d16-0f7d-444c-877f-48a0e6ca0663","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":218,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"1caead2f-62f9-4d37-ba86-4fbab15a2422","block_type":"box","text":"A Fund may take certain positions through a wholly-owned (or majority-owned), foreign subsidiary (the","page_number":219,"box":{"x":116,"y":87,"width":765,"height":12}},{"id":"f5f82d44-d494-4050-af04-dfa0896e81f4","block_type":"box","text":"“Subsidiary”). It is expected that the Subsidiary will be a “controlled foreign corporation” and that all of","page_number":219,"box":{"x":116,"y":102,"width":758,"height":13}},{"id":"bf4be282-1d40-45a7-9e23-dfca5e5fcaa7","block_type":"box","text":"its net income will be “subpart F income” for U.S. federal income tax purposes. If that is the case, the","page_number":219,"box":{"x":117,"y":118,"width":752,"height":12}},{"id":"306c880c-bc9e-4434-aba3-aa53bd36e6dd","block_type":"box","text":"Fund will be required to report all of the Subsidiary’s net income as ordinary income regardless of","page_number":219,"box":{"x":117,"y":134,"width":726,"height":12}},{"id":"4efa2db8-b9e2-48f6-a6a3-2311a176dc94","block_type":"box","text":"whether that income would be treated differently (for example, as capital gain) at the Subsidiary level","page_number":219,"box":{"x":116,"y":149,"width":753,"height":12}},{"id":"4b09c320-81fc-48cc-b660-a9af56d8c61b","block_type":"box","text":"and regardless of whether that income is distributed to the Fund. (Previously taxed income will not,","page_number":219,"box":{"x":116,"y":165,"width":738,"height":12}},{"id":"079e655d-bb1c-4ecb-a7bc-865f906d20aa","block_type":"box","text":"however, be taxable again when distributed.) If a net loss is realized by the Subsidiary in any taxable","page_number":219,"box":{"x":117,"y":180,"width":751,"height":12}},{"id":"b070a2e5-e606-4755-8dd9-3c560cd75193","block_type":"box","text":"year, the loss will generally not be available to offset the Fund’s other income. It is not expected that","page_number":219,"box":{"x":116,"y":196,"width":747,"height":12}},{"id":"ad800239-0964-4632-ba6e-354148643a42","block_type":"box","text":"the Subsidiary will be subject to an entity-level federal tax.","page_number":219,"box":{"x":116,"y":211,"width":436,"height":12}},{"id":"504bc37c-e5a5-4bda-a8b1-6222e18beaa5","block_type":"box","text":"If a Fund purchases shares of an investment company (or similar investment entity) organized under","page_number":219,"box":{"x":117,"y":240,"width":750,"height":12}},{"id":"5985072f-9701-4e37-a1c3-fca628710fcf","block_type":"box","text":"foreign law, the Fund will generally be treated as owning shares in a passive foreign investment","page_number":219,"box":{"x":116,"y":256,"width":714,"height":12}},{"id":"52610ba4-04b8-48eb-81d6-25881b2b65ad","block_type":"box","text":"company (“PFIC”) for U.S. federal income tax purposes. A Fund may be subject to U.S. federal income","page_number":219,"box":{"x":116,"y":271,"width":769,"height":12}},{"id":"bd88f9df-5132-4019-a5f8-b2ccca70c90e","block_type":"box","text":"tax, and interest charges (at the rate applicable to tax underpayments) on tax liability treated as having","page_number":219,"box":{"x":116,"y":287,"width":767,"height":12}},{"id":"f1a19daa-bfca-4686-98b1-4bf19d9bde7f","block_type":"box","text":"been deferred with respect to certain distributions from such a company and on gain from the","page_number":219,"box":{"x":117,"y":302,"width":696,"height":12}},{"id":"912d6b22-f185-4b67-bebc-cc1d01f8b111","block_type":"box","text":"disposition of the shares of such a company (collectively referred to as “excess distributions”), even if","page_number":219,"box":{"x":116,"y":318,"width":756,"height":12}},{"id":"369c87c7-7db2-4be8-9124-8446c1ee7d15","block_type":"box","text":"such excess distributions are paid by the Fund as a dividend to its shareholders. However, a Fund may","page_number":219,"box":{"x":116,"y":333,"width":771,"height":12}},{"id":"dc1db68e-a31d-4f29-8310-7882c60eba6d","block_type":"box","text":"elect to “mark-to-market” at the end of each taxable year shares that it holds in PFICs. The election is","page_number":219,"box":{"x":116,"y":349,"width":758,"height":12}},{"id":"c2d23810-f02b-4419-8390-b5a294261e26","block_type":"box","text":"made separately for each PFIC held and, once made, would be effective for all subsequent taxable","page_number":219,"box":{"x":117,"y":364,"width":739,"height":12}},{"id":"4cfb2c6b-92a9-4a32-89d3-7f84a50b6aba","block_type":"box","text":"years, unless revoked with consent from the IRS. Under this election, a Fund would recognize as","page_number":219,"box":{"x":116,"y":380,"width":725,"height":12}},{"id":"be506d77-8bed-44b9-9506-ed479e168bed","block_type":"box","text":"ordinary income any increase in the value of its shares as of the close of the taxable year over their","page_number":219,"box":{"x":116,"y":395,"width":742,"height":12}},{"id":"1ff3b17c-b69c-4990-8988-4162cebdf5ef","block_type":"box","text":"adjusted tax basis and as ordinary loss any decrease in such value, but only to the extent of previously","page_number":219,"box":{"x":116,"y":411,"width":768,"height":12}},{"id":"a9d57845-bdea-4d06-80ab-b052f789a221","block_type":"box","text":"recognized “mark-to-market” gains. By making the mark-to-market election, a Fund could avoid","page_number":219,"box":{"x":117,"y":426,"width":710,"height":12}},{"id":"864a9ee0-1517-4d4f-811e-e83febe83c98","block_type":"box","text":"imposition of the interest charge with respect to excess distributions from PFICs, but in any particular","page_number":219,"box":{"x":117,"y":442,"width":753,"height":12}},{"id":"49697474-c1dd-4871-98e2-0e89772a1d3c","block_type":"box","text":"year might be required to recognize income in excess of the distributions it received from PFICs.","page_number":219,"box":{"x":116,"y":457,"width":720,"height":12}},{"id":"d4cb6e2f-2577-4f20-814e-5ef7700483b4","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","page_number":219,"box":{"x":117,"y":487,"width":746,"height":12}},{"id":"d26a0f45-814b-4539-80af-4bfeb2b2f2c3","block_type":"box","text":"Code, in lieu of the foregoing requirements, the Fund would be required to include in income each year","page_number":219,"box":{"x":117,"y":502,"width":768,"height":12}},{"id":"7b454d64-d429-4e65-bebc-ef3054a545eb","block_type":"box","text":"a portion of the ordinary earnings and net capital gains of the qualified electing fund, even if not","page_number":219,"box":{"x":116,"y":518,"width":712,"height":12}},{"id":"17b656a3-2d1e-4a6a-8f4c-0f06a3776cc6","block_type":"box","text":"distributed to the Fund, and such amounts would be subject to the 90% and excise tax distribution","page_number":219,"box":{"x":116,"y":533,"width":732,"height":12}},{"id":"f9949fa8-2c7c-448e-b1bf-218219389220","block_type":"box","text":"requirements described above. In order to make this election, the Fund would be required to obtain","page_number":219,"box":{"x":117,"y":549,"width":739,"height":12}},{"id":"20127085-7646-463d-82ef-a7de4f0a06bd","block_type":"box","text":"certain annual information from the PFICs in which it invests, which may be difficult or impossible to","page_number":219,"box":{"x":116,"y":564,"width":743,"height":12}},{"id":"def29bc0-16d6-4e63-9430-ddd71eeff432","block_type":"box","text":"obtain.","page_number":219,"box":{"x":116,"y":580,"width":55,"height":9}},{"id":"1e0dcf8f-c343-455b-9ffe-bee8aaa324dd","block_type":"box","text":"In certain situations, a Fund may, for a taxable year, defer","page_number":219,"box":{"x":117,"y":609,"width":434,"height":12}},{"id":"4594ccf1-774a-40c6-8c89-49d950685b48","block_type":"box","text":"all or a portion of its net capital loss (or if","page_number":219,"box":{"x":552,"y":609,"width":305,"height":12}},{"id":"b3dfdf39-45b6-42e9-a6a3-54bee4d25b74","block_type":"box","text":"there is no net capital loss, any net long-term or short-term capital loss) realized after October and its","page_number":219,"box":{"x":116,"y":624,"width":755,"height":13}},{"id":"df2fe78f-fd5f-48f0-b3b9-5c5aec51d821","block_type":"box","text":"late-year ordinary loss (defined as the sum of the excess of post-October foreign currency and PFIC","page_number":219,"box":{"x":117,"y":640,"width":748,"height":12}},{"id":"b8f14fbe-d3c6-4e1c-8d91-708f5af0c0cf","block_type":"box","text":"losses over post-October foreign currency and PFIC gains plus the excess of post-December ordinary","page_number":219,"box":{"x":117,"y":655,"width":761,"height":13}},{"id":"d2582ffe-a5b8-4246-8f34-d9b78f146d2d","block_type":"box","text":"losses over post-December ordinary income) until the next taxable year in computing its investment","page_number":219,"box":{"x":117,"y":671,"width":738,"height":12}},{"id":"82c0e9c8-bf98-42d3-8890-5084a5c810c7","block_type":"box","text":"company taxable income and net capital gain, which will defer the recognition of such realized losses.","page_number":219,"box":{"x":116,"y":686,"width":753,"height":13}},{"id":"53ffc532-9265-4f2e-ac55-29408bf36185","block_type":"box","text":"Such deferrals and other rules regarding gains and losses realized after October (or December) may","page_number":219,"box":{"x":116,"y":702,"width":747,"height":12}},{"id":"98d70167-0982-4e9d-9faa-bffe3a0574b6","block_type":"box","text":"affect the tax character of shareholder distributions.","page_number":219,"box":{"x":116,"y":717,"width":381,"height":10}},{"id":"62d0ff6f-6d1e-4f59-a59d-22626af89f6a","block_type":"box","text":"Municipal Funds","page_number":219,"box":{"x":116,"y":747,"width":122,"height":12}},{"id":"e533459a-0187-449a-9d25-0b002691e1fb","block_type":"box","text":"Each Municipal Fund intends to qualify to pay “exempt-interest dividends” as defined in","page_number":219,"box":{"x":117,"y":769,"width":644,"height":12}},{"id":"265bb73c-b3f5-485d-a5a4-e6b7d2e994d7","block_type":"box","text":"Section 852(b)(5) of the Code. Under such section if, at the close of each quarter of a Fund’s taxable","page_number":219,"box":{"x":116,"y":785,"width":748,"height":12}},{"id":"3e3e3ff5-91dc-4329-9328-3a66eae3ac8b","block_type":"box","text":"year, at least 50% of the value of the Fund’s total assets consists of obligations exempt from U.S.","page_number":219,"box":{"x":116,"y":800,"width":722,"height":12}},{"id":"ff9f3826-d0eb-4b39-900f-8eaed5085980","block_type":"box","text":"federal income tax (“tax-exempt obligations”) under Section 103(a) of the Code (relating generally to","page_number":219,"box":{"x":116,"y":816,"width":743,"height":12}},{"id":"cde752f1-eabe-4118-a380-e8f97c816663","block_type":"box","text":"obligations of a state or local governmental unit), the Fund shall be qualified to pay exempt-interest","page_number":219,"box":{"x":116,"y":831,"width":739,"height":12}},{"id":"d67c8c31-a95f-4784-baa5-e55d6c5d478e","block_type":"box","text":"dividends to holders of all outstanding classes of its shares (together the “shareholders”). Exempt","page_number":219,"box":{"x":116,"y":847,"width":728,"height":12}},{"id":"4ef2026c-f0f8-4e18-a8ce-d79f269839a9","block_type":"box","text":"interest dividends are dividends or any part thereof paid by a Fund that are attributable to interest on","page_number":219,"box":{"x":117,"y":862,"width":749,"height":12}},{"id":"48b0b3b4-1ca7-4ada-a2aa-ad9cb756ed1b","block_type":"box","text":"tax-exempt obligations and reported by the Fund as exempt-interest dividends. A Fund will allocate","page_number":219,"box":{"x":116,"y":878,"width":740,"height":12}},{"id":"576eca29-241d-43f4-97ed-0fe2ae8e4b51","block_type":"box","text":"II-170","page_number":219,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"95ee75a3-abc6-4a59-9b70-e2fc0276d649","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":219,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"7161d8a7-457b-49df-94f9-5107f3189fb8","block_type":"box","text":"interest from tax-exempt obligations (as well as ordinary income, capital gains and tax preference","page_number":220,"box":{"x":117,"y":87,"width":727,"height":12}},{"id":"af45194f-d9a8-45d9-a7c8-cff8a4491b6b","block_type":"box","text":"items discussed below) among the Fund’s shareholders according to a method (that it believes is","page_number":220,"box":{"x":117,"y":102,"width":725,"height":13}},{"id":"29a6bcdb-b115-458d-93b6-187333bcb8d5","block_type":"box","text":"consistent with the Commission rule permitting the issuance and sale of multiple classes of shares)","page_number":220,"box":{"x":116,"y":118,"width":741,"height":12}},{"id":"95129a30-5bad-4bbe-87bc-7ee29fa0f5b0","block_type":"box","text":"that is based upon the gross income that is allocable to each class of shareholders during the taxable","page_number":220,"box":{"x":116,"y":134,"width":758,"height":12}},{"id":"5faf2696-106e-4ac9-b009-44f06cd15e83","block_type":"box","text":"year, or such other method as the IRS may prescribe.","page_number":220,"box":{"x":116,"y":149,"width":404,"height":12}},{"id":"04507548-fb1d-4bdf-b44f-8c2d9027f9ba","block_type":"box","text":"Exempt-interest dividends will be excludable from a shareholder’s gross income for U.S. federal","page_number":220,"box":{"x":117,"y":180,"width":714,"height":12}},{"id":"20fe9f24-690c-4ace-bb45-e9f4910235db","block_type":"box","text":"income tax purposes. Exempt-interest dividends are included, however, in determining the portion, if","page_number":220,"box":{"x":117,"y":196,"width":748,"height":12}},{"id":"5703e39b-273a-46c8-afab-64f7725980e9","block_type":"box","text":"any, of a person’s social security and railroad retirement benefits subject to U.S. federal income taxes.","page_number":220,"box":{"x":116,"y":211,"width":764,"height":12}},{"id":"48e04956-56d2-4186-b10e-08d64b8fd45b","block_type":"box","text":"Interest on indebtedness incurred or continued to purchase or carry shares of a regulated investment","page_number":220,"box":{"x":117,"y":227,"width":754,"height":12}},{"id":"55fc1b44-9499-4121-a209-74b9b3c9a749","block_type":"box","text":"company paying exempt-interest dividends, such as the Fund, will not be deductible by the investor for","page_number":220,"box":{"x":116,"y":242,"width":766,"height":12}},{"id":"0acd35ad-d959-4cfc-9446-dd989eaaa65c","block_type":"box","text":"U.S. federal income tax purposes to the extent attributable to exempt-interest dividends. Shareholders","page_number":220,"box":{"x":117,"y":258,"width":762,"height":11}},{"id":"7cc81968-0632-4946-a9ba-ae4910485cf1","block_type":"box","text":"are advised to consult their tax advisors with respect to whether exempt-interest dividends retain the","page_number":220,"box":{"x":116,"y":273,"width":749,"height":12}},{"id":"9e553b85-f140-4588-81e5-2fe366683d3f","block_type":"box","text":"exclusion under Code Section 103(a) if a shareholder would be treated as a “substantial user” or","page_number":220,"box":{"x":116,"y":289,"width":721,"height":12}},{"id":"80a6f99e-19be-497c-abb0-a3541d727b3a","block_type":"box","text":"“related person” under Code Section 147(a) with respect to property financed with the proceeds of an","page_number":220,"box":{"x":116,"y":304,"width":757,"height":12}},{"id":"0790b29f-6ba1-41eb-babe-9aed723269c3","block_type":"box","text":"issue of PABs, if any, held by a Fund.","page_number":220,"box":{"x":117,"y":320,"width":283,"height":12}},{"id":"37a9949c-7109-47a6-9103-da83c7401756","block_type":"box","text":"Substitute payments received by a Fund representing interest paid on tax-exempt obligations loaned","page_number":220,"box":{"x":116,"y":351,"width":751,"height":12}},{"id":"28ef2d05-ab46-418a-891c-ed93d3ccc649","block_type":"box","text":"out by the Fund will not be considered exempt interest, and distributions by the Fund of such substitute","page_number":220,"box":{"x":116,"y":366,"width":769,"height":12}},{"id":"10a0d098-cedd-49fc-821e-ee87fe1c7750","block_type":"box","text":"payments will not constitute exempt-interest dividends.","page_number":220,"box":{"x":117,"y":382,"width":410,"height":12}},{"id":"a739da19-bf55-4f45-9048-1c28553b55e0","block_type":"box","text":"Distributions in excess of a Fund’s earnings and profits will first reduce the adjusted tax basis of a","page_number":220,"box":{"x":117,"y":413,"width":728,"height":12}},{"id":"836ab2e6-3323-44a9-b07b-02d34da10862","block_type":"box","text":"holder’s shares and, after such adjusted tax basis is reduced to zero, will constitute capital gains to","page_number":220,"box":{"x":117,"y":428,"width":738,"height":12}},{"id":"51147221-77c7-4cec-8fe0-165bc302f275","block_type":"box","text":"such holder (assuming the shares are held as a capital asset). Any loss upon the sale or exchange of","page_number":220,"box":{"x":116,"y":444,"width":758,"height":12}},{"id":"568fa5f0-2f1b-4caa-bcda-0a47118ebf62","block_type":"box","text":"Fund shares held for six months or less will be disallowed to the extent of any exempt-interest","page_number":220,"box":{"x":117,"y":459,"width":700,"height":12}},{"id":"ed0c9022-5f25-4745-a919-2d1591f30306","block_type":"box","text":"dividends received by the shareholder. In addition, any such loss that is not disallowed under the rule","page_number":220,"box":{"x":116,"y":475,"width":756,"height":12}},{"id":"92e119af-0396-4344-9a25-171cf393aa9c","block_type":"box","text":"stated above will be treated as long-term capital loss to the extent of any capital gain dividends","page_number":220,"box":{"x":116,"y":490,"width":709,"height":12}},{"id":"5f8df123-23ef-4cb8-b5cb-97af61db12da","block_type":"box","text":"received by the shareholder.","page_number":220,"box":{"x":117,"y":506,"width":216,"height":12}},{"id":"f41f2ce9-c633-4d45-96f8-fefca7e2cd2b","block_type":"box","text":"All or a portion of a Fund’s gains from the sale or redemption of tax-exempt obligations purchased at a","page_number":220,"box":{"x":116,"y":537,"width":764,"height":12}},{"id":"086958e4-31e4-42b6-9d70-9c51ead0498e","block_type":"box","text":"market discount will be treated as ordinary income rather than capital gain. This rule may increase the","page_number":220,"box":{"x":117,"y":552,"width":760,"height":12}},{"id":"29ca849b-a84b-48fb-b719-9b5ada38657d","block_type":"box","text":"amount of ordinary income dividends received by shareholders.","page_number":220,"box":{"x":116,"y":568,"width":477,"height":12}},{"id":"2c6626aa-40f1-49fa-b931-0167d4c3ac7d","block_type":"box","text":"Any market discount recognized on a bond is taxable as ordinary income. A market discount bond is a","page_number":220,"box":{"x":116,"y":599,"width":763,"height":12}},{"id":"686974fa-8a1b-4cd0-adf7-7b3b61c0a809","block_type":"box","text":"bond acquired in the secondary market at a price below redemption value or adjusted issue price if","page_number":220,"box":{"x":117,"y":614,"width":737,"height":12}},{"id":"2d4c234b-ce97-4d3d-aad1-8ae24e35039c","block_type":"box","text":"issued with original issue discount. Absent an election by the Fund to include the market discount in","page_number":220,"box":{"x":117,"y":630,"width":744,"height":12}},{"id":"4422bae3-3bd4-4f39-b492-e65a5da3e34d","block_type":"box","text":"income as it accrues, gain on the Fund’s disposition of such an obligation will be treated as ordinary","page_number":220,"box":{"x":117,"y":645,"width":744,"height":12}},{"id":"a5e3621d-6d25-4e48-be64-751b351b1b43","block_type":"box","text":"income rather than capital gain to the extent of the accrued market discount.","page_number":220,"box":{"x":117,"y":661,"width":565,"height":12}},{"id":"194d40e3-bee3-4be5-afba-05bd0a2a1f8b","block_type":"box","text":"The Code subjects interest received on certain otherwise tax-exempt securities to a federal alternative","page_number":220,"box":{"x":116,"y":692,"width":758,"height":12}},{"id":"7cb1bc5a-ec42-404a-92e3-f6fc750f870b","block_type":"box","text":"minimum tax. The alternative minimum tax applies to interest received on certain “PABs” issued after","page_number":220,"box":{"x":117,"y":707,"width":748,"height":12}},{"id":"592bf709-1730-446c-9009-833d5a26734a","block_type":"box","text":"August 7, 1986. PABs are bonds that, although tax-exempt, are used for purposes other than those","page_number":220,"box":{"x":116,"y":723,"width":738,"height":12}},{"id":"91a5cb6c-d202-4959-a610-c71fd5e838c2","block_type":"box","text":"generally performed by governmental units and that benefit non-governmental entities (","page_number":220,"box":{"x":116,"y":738,"width":648,"height":12}},{"id":"c9febaac-77d3-4e9c-a839-25a46ece6d71","block_type":"box","text":"e.g.","page_number":220,"box":{"x":765,"y":741,"width":26,"height":9}},{"id":"ed3b1cd0-169b-413b-b110-63c0ddf61c3d","block_type":"box","text":", bonds","page_number":220,"box":{"x":794,"y":738,"width":53,"height":11}},{"id":"a0565ced-8cf7-47a0-bf42-e90c18ab2d0f","block_type":"box","text":"used for industrial development or housing purposes). Income received on such bonds is classified as","page_number":220,"box":{"x":117,"y":754,"width":755,"height":12}},{"id":"ff4fc3e7-0575-47ff-b4b1-d83e628124fe","block_type":"box","text":"an item of “tax preference,” which could subject certain investors in such bonds, including shareholders","page_number":220,"box":{"x":116,"y":769,"width":765,"height":12}},{"id":"4af4ca97-05c1-4f3c-941c-0296635e836a","block_type":"box","text":"of a Fund, to a federal alternative minimum tax. A Fund will purchase such “PABs” and will report to","page_number":220,"box":{"x":116,"y":785,"width":738,"height":12}},{"id":"a0aedd1e-81dd-4ad5-9738-4a50e5419e92","block_type":"box","text":"shareholders after the close of the calendar year-end the portion of the Fund’s dividends declared","page_number":220,"box":{"x":116,"y":800,"width":725,"height":12}},{"id":"2cc18cdd-6436-4e53-8a83-ad45cdaa5bd9","block_type":"box","text":"during the year that constitute an item of tax preference for alternative minimum tax purposes.","page_number":220,"box":{"x":116,"y":816,"width":697,"height":12}},{"id":"6c2e324b-c146-4de4-a028-87f6a0b4390e","block_type":"box","text":"Each Municipal Fund may engage in interest rate swap transactions. The U.S. federal income tax rules","page_number":220,"box":{"x":117,"y":847,"width":768,"height":12}},{"id":"aae211d6-907c-438e-ac45-fa7d3e04ac99","block_type":"box","text":"governing the taxation of interest rate swaps are not entirely clear and may require a Fund to treat","page_number":220,"box":{"x":116,"y":862,"width":733,"height":12}},{"id":"6a455303-8f05-421d-9073-242d4a40bd16","block_type":"box","text":"payments received under such arrangements as ordinary income and to amortize payments made","page_number":220,"box":{"x":117,"y":878,"width":733,"height":12}},{"id":"2e8a66bc-68fe-4cc0-8050-3cbd2182156c","block_type":"box","text":"II-171","page_number":220,"box":{"x":480,"y":909,"width":38,"height":9}},{"id":"1b00ed70-e996-492b-87aa-eb28fb36d650","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":220,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"c8d6e666-30ce-4894-8cd0-8ce6d4a48021","block_type":"box","text":"under certain circumstances. Because payments received by a Fund in connection with swap","page_number":221,"box":{"x":117,"y":87,"width":697,"height":12}},{"id":"aee3f5f6-dd90-4e5c-a82d-2014c94a9729","block_type":"box","text":"transactions will be taxable rather than tax-exempt and because swap payments made by a Fund will","page_number":221,"box":{"x":116,"y":103,"width":757,"height":12}},{"id":"7b8e7852-991c-4f68-8dbf-cc7bc7331fc4","block_type":"box","text":"offset both taxable and tax exempt gross income proportionately, they may result in increased taxable","page_number":221,"box":{"x":116,"y":118,"width":761,"height":12}},{"id":"30b84c70-1f14-45f4-8b99-9b3077e1335c","block_type":"box","text":"distributions to shareholders.","page_number":221,"box":{"x":116,"y":134,"width":220,"height":9}},{"id":"8071bc73-576c-4108-a9a4-4f474a4b33cb","block_type":"box","text":"Please see Part I of your Fund’s SAI for certain state tax information relevant to an investment in","page_number":221,"box":{"x":117,"y":165,"width":721,"height":12}},{"id":"38a5e30c-54ff-42d8-9a43-a8df353bb4ec","block_type":"box","text":"BlackRock California Municipal Opportunities Fund, BlackRock New Jersey Municipal Bond Fund,","page_number":221,"box":{"x":117,"y":180,"width":731,"height":12}},{"id":"529d0df5-3768-4983-8a39-69c354e60360","block_type":"box","text":"BlackRock New York Municipal Opportunities Fund and BlackRock Pennsylvania Municipal Bond","page_number":221,"box":{"x":117,"y":196,"width":725,"height":12}},{"id":"b0127923-10c1-4f97-95ba-795ab628acf1","block_type":"box","text":"Fund, as well as information on economic conditions within each applicable state.","page_number":221,"box":{"x":117,"y":211,"width":608,"height":12}},{"id":"6f0f6db2-c792-4e04-af95-51d402d8f1b7","block_type":"box","text":"In the case of a Feeder Fund, such Fund is entitled to look to the underlying assets of the Master","page_number":221,"box":{"x":117,"y":242,"width":723,"height":12}},{"id":"2c225610-31b7-4c39-8200-0ea2b266f6c5","block_type":"box","text":"Portfolio in which it has invested for purposes of satisfying various qualification requirements of the","page_number":221,"box":{"x":117,"y":258,"width":737,"height":12}},{"id":"6b6983f5-43f7-4309-a516-152c11d2ecae","block_type":"box","text":"Code applicable to regulated investment companies. Each Master Portfolio is classified either as a","page_number":221,"box":{"x":117,"y":273,"width":734,"height":12}},{"id":"a0568c23-051a-4208-ba33-1b0610171e4a","block_type":"box","text":"partnership or a separate disregarded entity (depending on the particular Master Portfolio) for U.S.","page_number":221,"box":{"x":117,"y":289,"width":734,"height":12}},{"id":"81958ae8-4581-4ff8-b11a-e5ce1e799a01","block_type":"box","text":"federal income tax purposes. If applicable tax provisions were to change the classification of a Master","page_number":221,"box":{"x":116,"y":304,"width":759,"height":12}},{"id":"056e3014-c0c4-49b6-b661-7e75d08defd1","block_type":"box","text":"Portfolio, then the Board of Directors of a Feeder Fund would determine, in its discretion, the","page_number":221,"box":{"x":117,"y":320,"width":691,"height":11}},{"id":"313c268d-8e82-44b2-bbc1-d943df4e54f7","block_type":"box","text":"appropriate course of action for the Feeder Fund. One possible course of action would be to withdraw","page_number":221,"box":{"x":116,"y":335,"width":760,"height":12}},{"id":"770794f0-27ea-44e0-bd75-8f6d4b8ce4a9","block_type":"box","text":"the Feeder Fund’s investments from the Master Portfolio and to retain an investment manager to","page_number":221,"box":{"x":116,"y":351,"width":722,"height":12}},{"id":"8ffca8a2-ef35-4e54-9a18-5699b5178fe3","block_type":"box","text":"manage the Feeder Fund’s assets in accordance with the investment policies applicable to the Feeder","page_number":221,"box":{"x":117,"y":366,"width":763,"height":12}},{"id":"8f64c4f9-7d72-4325-b7f6-2312f8ecac83","block_type":"box","text":"Fund.","page_number":221,"box":{"x":117,"y":382,"width":46,"height":9}},{"id":"c280f7b5-06ff-437b-813e-b8dd14b64ef6","block_type":"box","text":"Ordinary income and capital gain dividends may also be subject to state and local taxes. Certain states","page_number":221,"box":{"x":116,"y":413,"width":770,"height":12}},{"id":"654b33be-847e-4acf-b138-a6113e8d829c","block_type":"box","text":"exempt from state income taxation dividends paid by regulated investment companies that are derived","page_number":221,"box":{"x":116,"y":428,"width":765,"height":12}},{"id":"3f139d12-3a11-479d-a1cd-5b78fcb6aa2a","block_type":"box","text":"from interest on U.S. government obligations. State law varies as to whether dividend income","page_number":221,"box":{"x":116,"y":444,"width":698,"height":12}},{"id":"991f690a-bee7-46d5-b923-32b863566af4","block_type":"box","text":"attributable to U.S. government obligations is exempt from state income tax.","page_number":221,"box":{"x":116,"y":459,"width":570,"height":12}},{"id":"239c22ea-8920-4cea-be15-63be480fe0cc","block_type":"box","text":"Shareholders of each Fund are urged to consult their tax advisers regarding specific questions as to","page_number":221,"box":{"x":116,"y":490,"width":747,"height":12}},{"id":"ff53bf7f-709f-416f-9f12-94cd3ee60388","block_type":"box","text":"federal, foreign, state or local taxes with respect to their Fund. Foreign investors should consider","page_number":221,"box":{"x":116,"y":506,"width":721,"height":12}},{"id":"16317ad0-a90c-4e57-b0c3-dc5d503c9a6b","block_type":"box","text":"applicable foreign taxes in their evaluation of an investment in a Fund.","page_number":221,"box":{"x":116,"y":521,"width":525,"height":12}},{"id":"c3a8e8da-f435-4de1-969c-4a86c176086e","block_type":"box","text":"The foregoing general discussion of U.S. federal income tax consequences is based on the Code and","page_number":221,"box":{"x":116,"y":552,"width":760,"height":12}},{"id":"0026d158-9b1e-4cdc-9641-a5a0c67a583e","block_type":"box","text":"the regulations issued thereunder as in effect on the date of this SAI. Future legislative or","page_number":221,"box":{"x":116,"y":568,"width":667,"height":12}},{"id":"c8753df1-de18-4998-9e97-f40a2d84297d","block_type":"box","text":"administrative changes or court decisions may significantly change the conclusions expressed in this","page_number":221,"box":{"x":116,"y":583,"width":753,"height":12}},{"id":"ef4b79ca-5ffc-4a46-a42f-55336b7803e4","block_type":"box","text":"discussion, and any such changes or decisions may have a retroactive effect.","page_number":221,"box":{"x":116,"y":599,"width":581,"height":12}},{"id":"a91335ad-84f9-4a90-a923-e6c8444f00aa","block_type":"box","text":"P","page_number":221,"box":{"x":424,"y":645,"width":9,"height":10}},{"id":"2c1b47f7-c2ad-4acb-8a98-fb10be1811eb","block_type":"box","text":"ERFORMANCE","page_number":221,"box":{"x":435,"y":647,"width":96,"height":8}},{"id":"904ea0bf-c5ce-4ea6-95d0-d923edffdb8e","block_type":"box","text":"D","page_number":221,"box":{"x":531,"y":645,"width":17,"height":10}},{"id":"116ece11-eee8-49f5-a57d-e6b29721eff9","block_type":"box","text":"ATA","page_number":221,"box":{"x":548,"y":648,"width":28,"height":7}},{"id":"d3abf099-bd3d-4486-a0df-b029ed665c81","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":221,"box":{"x":117,"y":676,"width":763,"height":12}},{"id":"4f592f68-b082-46d4-8344-5a710fe5ce16","block_type":"box","text":"applicable, yield and tax-equivalent yield in advertisements or information furnished to present or","page_number":221,"box":{"x":116,"y":692,"width":718,"height":12}},{"id":"dbe0d710-66ab-4963-8b74-e7a966bf0fb4","block_type":"box","text":"prospective shareholders. Total return, yield and tax-equivalent yield each is based on a Fund’s","page_number":221,"box":{"x":117,"y":707,"width":708,"height":12}},{"id":"03235bc5-6bce-43e5-9478-b8afad913b4a","block_type":"box","text":"historical performance and is not intended to indicate future performance. Average annual total return","page_number":221,"box":{"x":117,"y":723,"width":751,"height":12}},{"id":"4f4dbb6a-2ad2-474d-8720-69c4a67a7345","block_type":"box","text":"is determined separately for each class of shares in accordance with a formula specified by the","page_number":221,"box":{"x":117,"y":738,"width":705,"height":12}},{"id":"3a71997b-ae36-427b-ac82-25b066362a8f","block_type":"box","text":"Commission.","page_number":221,"box":{"x":117,"y":754,"width":94,"height":9}},{"id":"524b52ec-1e5a-4c8e-8747-e4cb95618a45","block_type":"box","text":"Quotations of average annual total return, before tax, for the specified periods are computed by finding","page_number":221,"box":{"x":116,"y":785,"width":762,"height":12}},{"id":"f7fad225-9196-4c7f-9ab2-973e57b39242","block_type":"box","text":"the average annual compounded rates of return (based on net investment income and any realized","page_number":221,"box":{"x":116,"y":800,"width":735,"height":12}},{"id":"3d7ff1a8-ab77-4ddb-991e-9bc120d50c51","block_type":"box","text":"and unrealized capital gains or losses on portfolio investments over such periods) that would equate","page_number":221,"box":{"x":116,"y":816,"width":743,"height":12}},{"id":"8f627523-1a2b-4258-8a99-bc2240552da3","block_type":"box","text":"the initial amount invested to the redeemable value of such investment at the end of each period.","page_number":221,"box":{"x":116,"y":831,"width":725,"height":12}},{"id":"b2adb58d-1af9-46b2-9979-a0f5fa024e93","block_type":"box","text":"Average annual total return before taxes is computed assuming all dividends are reinvested and taking","page_number":221,"box":{"x":116,"y":847,"width":768,"height":12}},{"id":"6c3bcc8c-ab20-4b6c-818c-d9a70103bc51","block_type":"box","text":"into account all applicable recurring and nonrecurring expenses, including the maximum sales charge,","page_number":221,"box":{"x":117,"y":862,"width":762,"height":12}},{"id":"2e6bf2f7-351e-4424-a96f-0866937965b0","block_type":"box","text":"in the case of front-end load shares, and the CDSC that would be applicable to a complete redemption","page_number":221,"box":{"x":117,"y":878,"width":765,"height":12}},{"id":"25fc2882-c55a-4400-9ebc-abf76a7239ac","block_type":"box","text":"II-172","page_number":221,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"b5246362-0ed8-4800-bd17-dd6d327eb93e","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":221,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"bf09206b-a6a3-48e0-a9c6-f689806d0f8f","block_type":"box","text":"of the investment at the end of the specified period in the case of CDSC shares, but does not take into","page_number":222,"box":{"x":116,"y":87,"width":764,"height":12}},{"id":"c5d1b099-5388-4fe2-9168-cd26ec005f25","block_type":"box","text":"account taxes payable on dividends or on redemption.","page_number":222,"box":{"x":116,"y":103,"width":408,"height":12}},{"id":"c674533f-1a60-49d4-808c-8edd78e957f6","block_type":"box","text":"Quotations of average annual total return, after taxes, on dividends for the specified periods are","page_number":222,"box":{"x":116,"y":134,"width":715,"height":12}},{"id":"890af9bf-b734-415e-8ee2-506d0046f1ca","block_type":"box","text":"computed by finding the average annual compounded rates of return that would equate the initial","page_number":222,"box":{"x":116,"y":149,"width":724,"height":12}},{"id":"ca7663f6-ed4d-4879-9150-7a78347bdba7","block_type":"box","text":"amount invested to the ending value of such investment at the end of each period assuming payment","page_number":222,"box":{"x":116,"y":165,"width":757,"height":12}},{"id":"6e8cbd89-3320-43ea-a2af-6736c56f9824","block_type":"box","text":"of taxes on dividends received during such period. Average annual total return after taxes on dividends","page_number":222,"box":{"x":116,"y":180,"width":769,"height":12}},{"id":"e0232bb2-7f95-4b70-8707-d75b248d26b5","block_type":"box","text":"is computed assuming all dividends, less the taxes due on such dividends, are reinvested and taking","page_number":222,"box":{"x":117,"y":196,"width":751,"height":12}},{"id":"9364fec8-1ba4-4c98-a497-85164befbdd3","block_type":"box","text":"into account all applicable recurring and nonrecurring expenses, including the maximum sales charge,","page_number":222,"box":{"x":117,"y":211,"width":762,"height":12}},{"id":"e7f71ccb-d08a-4970-90f2-cc5f4e693cfe","block_type":"box","text":"in the case of front-end load shares and the CDSC that would be applicable to a complete redemption","page_number":222,"box":{"x":117,"y":227,"width":760,"height":11}},{"id":"ace2a60c-c9bd-44d8-bdad-3c4d87603e89","block_type":"box","text":"of the investment at the end of the specified period in the case of CDSC shares. The taxes due on","page_number":222,"box":{"x":116,"y":242,"width":733,"height":12}},{"id":"0dfe9452-8ac0-4557-a570-bac921837ebe","block_type":"box","text":"dividends are calculated by applying to each dividend the highest applicable marginal U.S. federal","page_number":222,"box":{"x":116,"y":258,"width":732,"height":12}},{"id":"16ecd973-c69a-4173-9437-f7c04d016bde","block_type":"box","text":"individual income tax rates in effect on the reinvestment date for that dividend. The rates used","page_number":222,"box":{"x":117,"y":273,"width":702,"height":10}},{"id":"4adceb7e-4814-4c35-947f-55a880e7b9f9","block_type":"box","text":"correspond to the tax character (including eligibility for the maximum 20% tax rate applicable to","page_number":222,"box":{"x":116,"y":289,"width":711,"height":12}},{"id":"661407a4-bdc7-449f-96fb-27da2ecf2cfc","block_type":"box","text":"qualified dividend income) of each dividend. The taxable amount and tax character of each dividend","page_number":222,"box":{"x":116,"y":304,"width":746,"height":12}},{"id":"96bb6bb4-4a65-4c18-9622-24209521e2d2","block_type":"box","text":"are specified by each Fund on the dividend declaration date, but may be adjusted to reflect subsequent","page_number":222,"box":{"x":116,"y":320,"width":772,"height":12}},{"id":"4be09769-b18e-448b-aa96-ee7036dd1131","block_type":"box","text":"recharacterizations of distributions. The applicable tax rates may vary over the measurement period.","page_number":222,"box":{"x":117,"y":335,"width":749,"height":12}},{"id":"4c6f2ef1-0c01-4c22-a97c-34173112dab2","block_type":"box","text":"The effects of state and local taxes are not reflected. Applicable tax credits, such as foreign credits, are","page_number":222,"box":{"x":116,"y":351,"width":771,"height":12}},{"id":"90543f7f-960e-415a-a7e2-6824036847d1","block_type":"box","text":"taken into account according to U.S. federal tax law. The ending value is determined assuming","page_number":222,"box":{"x":116,"y":366,"width":709,"height":12}},{"id":"2878c9d5-de29-4fe6-b66b-14bcfdc6c34b","block_type":"box","text":"complete redemption at the end of the applicable periods with no tax consequences associated with","page_number":222,"box":{"x":116,"y":382,"width":746,"height":12}},{"id":"c6f1c985-8113-4221-96ea-4d45e6940442","block_type":"box","text":"such redemption.","page_number":222,"box":{"x":116,"y":397,"width":133,"height":12}},{"id":"43381ce1-b651-4414-a9c6-5fffd9f8b452","block_type":"box","text":"Quotations of average annual total return, after taxes, on both dividends and redemption for the","page_number":222,"box":{"x":116,"y":428,"width":714,"height":12}},{"id":"af6d1bb7-b3cd-4e16-aefb-782bf184aba3","block_type":"box","text":"specified periods are computed by finding the average annual compounded rates of return that would","page_number":222,"box":{"x":116,"y":444,"width":757,"height":12}},{"id":"a161a8b3-fa72-4452-a7ba-a0738d4fa536","block_type":"box","text":"equate the initial amount invested to the ending value of such investment at the end of each period","page_number":222,"box":{"x":116,"y":459,"width":738,"height":12}},{"id":"6c7c26ce-a556-4491-8e3c-fc1486713a8b","block_type":"box","text":"assuming payment of taxes on dividends received during such period as well as on complete","page_number":222,"box":{"x":116,"y":475,"width":695,"height":12}},{"id":"414e716c-31a1-485e-807a-5bb8b899bfbc","block_type":"box","text":"redemption. Average annual total return after taxes on distributions and redemption is computed","page_number":222,"box":{"x":117,"y":490,"width":718,"height":12}},{"id":"46c4970b-825f-4ab9-9085-6725a509f31a","block_type":"box","text":"assuming all dividends, less the taxes due on such dividends, are reinvested and taking into account","page_number":222,"box":{"x":116,"y":506,"width":752,"height":12}},{"id":"34a64bd0-874e-429f-ba24-d56f6e083967","block_type":"box","text":"all applicable recurring and nonrecurring expenses, including the maximum sales charge in the case of","page_number":222,"box":{"x":116,"y":521,"width":768,"height":12}},{"id":"d621c336-b887-427f-8507-84e1e3114de6","block_type":"box","text":"front-end load shares and the CDSC that would be applicable to a complete redemption of the","page_number":222,"box":{"x":116,"y":537,"width":703,"height":12}},{"id":"d475df26-e6bf-4e70-88c5-094299fb49b6","block_type":"box","text":"investment at the end of the specified period in the case of CDSC shares and assuming, for all classes","page_number":222,"box":{"x":117,"y":552,"width":767,"height":12}},{"id":"7dd8f91d-6cef-4d8b-a109-4c6ec795dac7","block_type":"box","text":"of shares, complete redemption and payment of taxes due on such redemption. The ending value is","page_number":222,"box":{"x":116,"y":568,"width":746,"height":12}},{"id":"1b222991-687e-4b2a-86ab-67e3c057fc9e","block_type":"box","text":"determined assuming complete redemption at the end of the applicable periods, subtracting capital","page_number":222,"box":{"x":116,"y":583,"width":739,"height":12}},{"id":"9f395f2b-5315-4242-af9d-2586b473a101","block_type":"box","text":"gains taxes resulting from the redemption and adding the presumed tax benefit from capital losses","page_number":222,"box":{"x":116,"y":599,"width":735,"height":12}},{"id":"f3f0c134-6a15-4997-93fe-b1f10aa2392a","block_type":"box","text":"resulting from redemption. The taxes due on dividends and on the deemed redemption are calculated","page_number":222,"box":{"x":117,"y":614,"width":758,"height":12}},{"id":"a109319c-33d3-4942-ad37-99094cb4d19e","block_type":"box","text":"by applying the highest applicable marginal U.S. federal individual income tax rates in effect on the","page_number":222,"box":{"x":117,"y":630,"width":737,"height":12}},{"id":"fb4d7a1f-bffd-4c0b-a56e-f6ca76e2df33","block_type":"box","text":"reinvestment and/or the redemption date. The rates used correspond to the tax character (including","page_number":222,"box":{"x":117,"y":645,"width":743,"height":12}},{"id":"b6b6dffa-31ac-42de-b279-e761d47d0c20","block_type":"box","text":"eligibility for the maximum 20% tax rate applicable to qualified dividend income) of each component of","page_number":222,"box":{"x":116,"y":661,"width":758,"height":12}},{"id":"20c95035-a4f6-48f9-bf90-bad69be4f435","block_type":"box","text":"each dividend and/or the redemption payment. The applicable tax rates may vary over the","page_number":222,"box":{"x":116,"y":676,"width":668,"height":12}},{"id":"ab88032d-51f2-4c45-8864-e1ed0f1c0957","block_type":"box","text":"measurement period. The effects of state and local taxes are not reflected. Applicable tax credits, such","page_number":222,"box":{"x":117,"y":692,"width":761,"height":12}},{"id":"0431e0b6-c157-4ba1-8af1-60eaf39476bb","block_type":"box","text":"as foreign tax credits, are taken into account according to federal law.","page_number":222,"box":{"x":116,"y":707,"width":516,"height":12}},{"id":"0a7f7d4d-3fca-4277-8dc0-86b38988dba2","block_type":"box","text":"A Fund also may quote annual, average annual and annualized total return and aggregate total return","page_number":222,"box":{"x":116,"y":738,"width":754,"height":12}},{"id":"b0c281e4-eade-4059-8d8e-2701db70c090","block_type":"box","text":"performance data, both as a percentage and as a dollar amount based on a hypothetical investment of","page_number":222,"box":{"x":117,"y":754,"width":762,"height":12}},{"id":"9ba5e56d-12c9-4aad-a17d-b7225ab36e58","block_type":"box","text":"$1,000 or some other amount, for various periods other than those noted in Part I of each Fund’s SAI.","page_number":222,"box":{"x":116,"y":768,"width":755,"height":13}},{"id":"1e576af3-73c6-4ea2-bc9d-667c90577de4","block_type":"box","text":"Such data will be computed as described above, except that (1) as required by the periods of the","page_number":222,"box":{"x":116,"y":785,"width":719,"height":12}},{"id":"3e6263b8-c8c6-46ad-9158-033794d1dccb","block_type":"box","text":"quotations, actual annual, annualized or aggregate data, rather than average annual data, may be","page_number":222,"box":{"x":116,"y":800,"width":728,"height":12}},{"id":"11106815-7687-413b-a2b9-37ae5895ab77","block_type":"box","text":"quoted and (2) the maximum applicable sales charges will not be included with respect to annual or","page_number":222,"box":{"x":116,"y":816,"width":739,"height":12}},{"id":"109466ff-e027-4944-ba0c-2bbf35435430","block_type":"box","text":"annualized rates of return calculations. Aside from the impact on the performance data calculations of","page_number":222,"box":{"x":116,"y":831,"width":760,"height":12}},{"id":"c4b74c4e-9f10-457b-9564-9729c60b62a5","block_type":"box","text":"including or excluding the maximum applicable sales charges, actual annual or annualized total return","page_number":222,"box":{"x":117,"y":847,"width":760,"height":12}},{"id":"3106eee6-d9d2-4480-a7d6-d260e278ec44","block_type":"box","text":"data generally will be lower than average annual total return data since the average rates of return","page_number":222,"box":{"x":116,"y":862,"width":734,"height":12}},{"id":"915a667f-7168-4986-920d-70a725343ac4","block_type":"box","text":"II-173","page_number":222,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"3a1c0d53-5357-4367-a794-41e19b3478a3","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":222,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"99552c88-6098-4135-bb35-cd16addd39dd","block_type":"box","text":"reflect compounding of return; aggregate total return data generally will be higher than average annual","page_number":223,"box":{"x":117,"y":87,"width":764,"height":12}},{"id":"82ba7139-5f18-4db6-8772-8d965af2a911","block_type":"box","text":"total return data since the aggregate rates of return reflect compounding over a longer period of time.","page_number":223,"box":{"x":116,"y":102,"width":755,"height":13}},{"id":"be6ac772-0692-431d-87ed-f8551c3372f9","block_type":"box","text":"Yield quotations will be computed based on a 30-day period by dividing (a) the net income based on","page_number":223,"box":{"x":116,"y":134,"width":748,"height":12}},{"id":"020376ec-92b7-49fe-94df-1f92b1197b28","block_type":"box","text":"the yield of each security earned during the period by (b) the average daily number of shares","page_number":223,"box":{"x":116,"y":149,"width":694,"height":12}},{"id":"309f5b11-f00f-4033-b1e8-d58ddc3dea50","block_type":"box","text":"outstanding during the period that were entitled to receive dividends multiplied by the maximum","page_number":223,"box":{"x":116,"y":165,"width":712,"height":12}},{"id":"35bb330a-7524-4b2f-92ec-d5b19450801a","block_type":"box","text":"offering price per share on the last day of the period. Tax equivalent yield quotations will be computed","page_number":223,"box":{"x":116,"y":180,"width":760,"height":12}},{"id":"53f465f0-cb9b-4b50-b93c-46d49bc07852","block_type":"box","text":"by dividing (a) the part of a Fund’s yield that is tax-exempt by (b) one minus a stated tax rate and","page_number":223,"box":{"x":117,"y":196,"width":723,"height":12}},{"id":"4e690ad2-36ed-4c01-a396-a331e59d34c8","block_type":"box","text":"adding the result to that part, if any, of the Fund’s yield that is not tax-exempt.","page_number":223,"box":{"x":116,"y":211,"width":580,"height":12}},{"id":"ca5ff5db-2fd5-4b56-8223-e31b5e9f7e74","block_type":"box","text":"A Fund’s total return will vary depending on market conditions, the securities comprising a Fund’s","page_number":223,"box":{"x":116,"y":242,"width":728,"height":12}},{"id":"eba96930-b87c-4b2d-8ca2-2391bcbdda73","block_type":"box","text":"portfolio, a Fund’s operating expenses and the amount of realized and unrealized net capital gains or","page_number":223,"box":{"x":117,"y":258,"width":754,"height":12}},{"id":"23524c64-154a-4c28-b8e0-b751c8dc888a","block_type":"box","text":"losses during the period. The value of an investment in a Fund will fluctuate and an investor’s shares,","page_number":223,"box":{"x":117,"y":273,"width":756,"height":12}},{"id":"fb742017-2cfc-4061-96b6-7647e123fbb0","block_type":"box","text":"when redeemed, may be worth more or less than their original cost.","page_number":223,"box":{"x":116,"y":289,"width":507,"height":12}},{"id":"d6e16c0a-c4dd-4d3e-8319-e9a4d80768f7","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","page_number":223,"box":{"x":117,"y":320,"width":750,"height":12}},{"id":"2c02146a-7505-4ae9-bafa-9e6dd8cd3da8","block_type":"box","text":"CDSC in the case of CDSC shares applicable to certain investors, as described under “Purchase of","page_number":223,"box":{"x":117,"y":335,"width":742,"height":12}},{"id":"60159be6-914a-444c-a6d3-0b6496bf2abb","block_type":"box","text":"Shares” and “Redemption of Shares,” respectively, the total return data quoted by a Fund in","page_number":223,"box":{"x":116,"y":351,"width":687,"height":12}},{"id":"3e1990fb-8c04-40bb-bf5a-425a78144fa8","block_type":"box","text":"advertisements directed to such investors may take into account the reduced, and not the maximum,","page_number":223,"box":{"x":116,"y":366,"width":752,"height":12}},{"id":"917204e6-a548-472c-8b93-3838ab376442","block_type":"box","text":"sales charge or may take into account the CDSC waiver and, therefore, may reflect greater total return","page_number":223,"box":{"x":116,"y":382,"width":766,"height":12}},{"id":"286919f2-f694-4358-8026-bd62b92fc5f9","block_type":"box","text":"since, due to the reduced sales charges or the waiver of sales charges, a lower amount of expenses is","page_number":223,"box":{"x":116,"y":397,"width":767,"height":12}},{"id":"5aa13e0f-b048-4c28-a63b-d84052918471","block_type":"box","text":"deducted.","page_number":223,"box":{"x":116,"y":413,"width":78,"height":9}},{"id":"fea849a6-e06a-498d-a9d8-73e7c54fd1b5","block_type":"box","text":"On occasion, a Fund may compare its performance to, among other things, the Fund’s benchmark","page_number":223,"box":{"x":116,"y":444,"width":735,"height":12}},{"id":"49779192-515d-44e4-b512-c73331d0e9e1","block_type":"box","text":"index indicated in the Prospectus, the Value Line Composite Index, the Dow Jones Industrial Average,","page_number":223,"box":{"x":117,"y":459,"width":764,"height":12}},{"id":"3d4d089a-b55b-4924-b99f-50e77848caec","block_type":"box","text":"or to other published indices, or to performance data published by Lipper Inc., Morningstar, Inc.","page_number":223,"box":{"x":116,"y":475,"width":712,"height":12}},{"id":"5f9bdfa2-7118-450f-9800-f12dcd4b1b6c","block_type":"box","text":"(“Morningstar”),","page_number":223,"box":{"x":117,"y":490,"width":119,"height":12}},{"id":"03d7a595-45f5-4bb6-b4b4-08183d145488","block_type":"box","text":"Money Magazine, U.S. News & World Report, BusinessWeek, Forbes Magazine,","page_number":223,"box":{"x":237,"y":490,"width":600,"height":12}},{"id":"4d3ee26e-a33d-4c9d-8543-818c14fe921c","block_type":"box","text":"Fortune Magazine","page_number":223,"box":{"x":116,"y":506,"width":140,"height":12}},{"id":"5a5ddb62-521d-41f8-9547-3b0b62783c68","block_type":"box","text":"or other industry publications. When comparing its performance to a market index, a","page_number":223,"box":{"x":257,"y":506,"width":629,"height":12}},{"id":"64891233-9bc7-428a-8d4b-e1e2e4a46755","block_type":"box","text":"Fund may refer to various statistical measures derived from the historical performance of a Fund and","page_number":223,"box":{"x":117,"y":521,"width":753,"height":12}},{"id":"ee09a4c7-8e2d-40d9-9af9-a8e27269e0e3","block_type":"box","text":"the index, such as standard deviation and beta. As with other performance data, performance","page_number":223,"box":{"x":116,"y":537,"width":700,"height":12}},{"id":"9ff4d107-a221-45c6-9999-36dbb426f433","block_type":"box","text":"comparisons should not be considered indicative of a Fund’s relative performance for any future","page_number":223,"box":{"x":116,"y":552,"width":717,"height":12}},{"id":"ac68a4e2-06df-42f0-9b11-aa820f6c2fe7","block_type":"box","text":"period. In addition, from time to time a Fund may include the Fund’s Morningstar risk-adjusted","page_number":223,"box":{"x":117,"y":568,"width":701,"height":12}},{"id":"615dca59-1376-48b9-b3a0-e9649effce16","block_type":"box","text":"performance ratings assigned by Morningstar in advertising or supplemental sales literature. From time","page_number":223,"box":{"x":117,"y":583,"width":769,"height":12}},{"id":"2aa47abd-234e-45ae-8b46-3a24f87c401a","block_type":"box","text":"to time a Fund may quote in advertisements or other materials other applicable measures of Fund","page_number":223,"box":{"x":116,"y":599,"width":732,"height":12}},{"id":"1ee7dd9d-8838-4454-b3d1-923497823142","block_type":"box","text":"performance and may also make reference to awards that may be given to the Manager. Certain","page_number":223,"box":{"x":117,"y":614,"width":721,"height":12}},{"id":"dba71193-db28-4277-a425-288675e9e1c9","block_type":"box","text":"Funds may also compare their performance to composite indices developed by Fund management.","page_number":223,"box":{"x":117,"y":630,"width":742,"height":12}},{"id":"971b6daf-a768-4cc8-bc77-6e3f87652c2b","block_type":"box","text":"A Fund may provide information designed to help investors understand how the Fund is seeking to","page_number":223,"box":{"x":116,"y":661,"width":732,"height":12}},{"id":"01fcee4d-76bc-4383-8ea7-9d358800ffcd","block_type":"box","text":"achieve its investment objectives. This may include information about past, current or possible","page_number":223,"box":{"x":116,"y":676,"width":699,"height":12}},{"id":"9ef61e2c-25f4-4e46-be36-1a642f68a6b5","block_type":"box","text":"economic, market, political or other conditions, descriptive information or general principles of investing","page_number":223,"box":{"x":116,"y":692,"width":764,"height":12}},{"id":"f3b91885-41fb-483f-8cbb-25248387a80c","block_type":"box","text":"such as asset allocation, diversification and risk tolerance, discussion of a Fund’s portfolio composition,","page_number":223,"box":{"x":116,"y":707,"width":765,"height":12}},{"id":"27b12e56-3998-4456-ac03-f7bde5212711","block_type":"box","text":"investment philosophy, strategy or investment techniques, comparisons of the Fund’s performance or","page_number":223,"box":{"x":117,"y":723,"width":752,"height":12}},{"id":"502dd67a-20dd-490d-bf20-5dd0005730e9","block_type":"box","text":"portfolio composition to that of other funds or types of investments, indices relevant to the comparison","page_number":223,"box":{"x":117,"y":738,"width":754,"height":12}},{"id":"b49b24f4-3f4f-4c4b-85e3-bd6157596e6b","block_type":"box","text":"being made, or to a hypothetical or model portfolio. A Fund may also quote various measures of","page_number":223,"box":{"x":117,"y":754,"width":712,"height":12}},{"id":"186dfaf0-ec70-4717-a00a-0797fba5eebf","block_type":"box","text":"volatility and benchmark correlation in advertising and other materials, and may compare these","page_number":223,"box":{"x":116,"y":769,"width":706,"height":12}},{"id":"83e608b7-26ac-4fee-8195-79021964d516","block_type":"box","text":"measures to those of other funds or types of investments.","page_number":223,"box":{"x":117,"y":785,"width":426,"height":12}},{"id":"45707bf8-36d7-493a-88a3-5de76151b352","block_type":"box","text":"P","page_number":223,"box":{"x":342,"y":831,"width":10,"height":10}},{"id":"cc8d4007-14c5-4ece-8e7c-2b595808b634","block_type":"box","text":"ROXY","page_number":223,"box":{"x":353,"y":834,"width":38,"height":7}},{"id":"df4842ec-161d-42b2-bc49-09b115ba4cd2","block_type":"box","text":"Y V","page_number":223,"box":{"x":391,"y":831,"width":16,"height":10}},{"id":"a5ff58dd-1c16-422b-8ed3-0ee641001ba6","block_type":"box","text":"OTING","page_number":223,"box":{"x":407,"y":834,"width":42,"height":7}},{"id":"db32fd7c-aa09-4f4c-b3d0-c7345af64789","block_type":"box","text":"P","page_number":223,"box":{"x":450,"y":831,"width":15,"height":10}},{"id":"d3f2e751-bed6-46cf-9da3-cdb02e11a4ad","block_type":"box","text":"OLICIES","page_number":223,"box":{"x":467,"y":834,"width":53,"height":7}},{"id":"cb30471d-5521-4069-b6a7-d8277cbce76a","block_type":"box","text":"AND","page_number":223,"box":{"x":525,"y":834,"width":29,"height":7}},{"id":"2b56f6b2-4fc3-47b8-8db2-20d14701557a","block_type":"box","text":"P","page_number":223,"box":{"x":555,"y":831,"width":15,"height":10}},{"id":"b7621bea-bc21-496a-b8ac-3572f485745d","block_type":"box","text":"ROCEDURES","page_number":223,"box":{"x":572,"y":834,"width":85,"height":7}},{"id":"b83ccbc9-3859-486f-ace6-1ed74238f925","block_type":"box","text":"The Board of Directors of the Funds has delegated the voting of proxies for the Funds’ securities to the","page_number":223,"box":{"x":116,"y":862,"width":768,"height":12}},{"id":"23ad42f1-f287-427d-b8b6-487402ef5b7a","block_type":"box","text":"Manager pursuant to (i) the Open-End Active and Fixed Income Index Fund Proxy Voting Policy (the","page_number":223,"box":{"x":117,"y":878,"width":749,"height":12}},{"id":"171ba3f6-6e1e-4e55-b80f-9d3be6dcee80","block_type":"box","text":"II-174","page_number":223,"box":{"x":479,"y":909,"width":41,"height":9}},{"id":"b1fc8386-eaa5-4bad-b511-fd00f52d801e","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":223,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"18660938-dcea-4a4d-9104-438b16182913","block_type":"box","text":"“Active Fund Proxy Voting Policy”), with respect to certain Funds, and (ii) the Index Equity Fund Proxy","page_number":224,"box":{"x":116,"y":87,"width":761,"height":12}},{"id":"bae82f70-cf9f-4c7d-8ec1-32af1ca72e2e","block_type":"box","text":"Voting Policy, with respect to certain other Funds, as applicable. Please refer to Part I of this SAI,","page_number":224,"box":{"x":116,"y":102,"width":727,"height":13}},{"id":"4c372206-acb5-461d-8653-6e4a264127e9","block_type":"box","text":"which discloses the policy applicable to each Fund.","page_number":224,"box":{"x":116,"y":118,"width":385,"height":12}},{"id":"394b66a2-50a2-482f-9b6c-f646c741a12e","block_type":"box","text":"With respect to Funds covered by the Active Fund Proxy Voting Policy, the Manager has adopted the","page_number":224,"box":{"x":116,"y":148,"width":756,"height":12}},{"id":"81723140-6db6-4af1-a4dd-8237e07ce159","block_type":"box","text":"BlackRock Active Investment Stewardship — Global Engagement and Voting Guidelines (the “BAIS","page_number":224,"box":{"x":117,"y":164,"width":744,"height":12}},{"id":"7623d71e-7b29-47e1-bd68-c3d5b20de51c","block_type":"box","text":"Guidelines”). Certain of such Funds, as listed within the Active Fund Proxy Voting Policy and as","page_number":224,"box":{"x":117,"y":179,"width":713,"height":12}},{"id":"d8a67e66-f23c-46c0-8f44-8a9816819b64","block_type":"box","text":"disclosed in Part I of this SAI, follow supplemental guidelines within the BAIS Guidelines that are","page_number":224,"box":{"x":116,"y":195,"width":721,"height":12}},{"id":"f8e73fef-1967-4dd5-8d7c-dc7b37774f56","block_type":"box","text":"applicable to certain climate and decarbonization issues (the “BAIS Climate and Decarbonization","page_number":224,"box":{"x":116,"y":210,"width":724,"height":12}},{"id":"f110c025-b529-478f-8ac5-ac5dc1f951f0","block_type":"box","text":"Stewardship Guidelines”).","page_number":224,"box":{"x":116,"y":226,"width":197,"height":12}},{"id":"5f3ff35a-d840-4507-9d09-44f84a189969","block_type":"box","text":"With respect to Funds covered by the Index Equity Fund Proxy Voting Policy, the Manager has","page_number":224,"box":{"x":116,"y":256,"width":709,"height":12}},{"id":"c17b7243-f4ef-43f1-b1c4-b20d0ac4aae8","block_type":"box","text":"adopted the BlackRock Investment Stewardship (“BIS”) Global Benchmark Policy, comprised of the","page_number":224,"box":{"x":116,"y":271,"width":743,"height":12}},{"id":"771f29ad-47c6-4db9-a0bc-42e55db57e4e","block_type":"box","text":"Global Principles for Benchmark Policies, regional voting guidelines, and engagement priorities, which","page_number":224,"box":{"x":117,"y":287,"width":762,"height":12}},{"id":"b1b2de14-cc8c-4ec3-9d27-67b09d733216","block_type":"box","text":"are each available upon request. In addition, certain of such Funds, as listed within the Index Equity","page_number":224,"box":{"x":116,"y":302,"width":745,"height":12}},{"id":"04e95ab9-ca47-4a87-87b3-970fd785bee9","block_type":"box","text":"Fund Proxy Voting Policy and as disclosed in Part I of this SAI, follow supplemental guidelines that are","page_number":224,"box":{"x":117,"y":318,"width":765,"height":12}},{"id":"36a896da-ef07-4770-a9b9-dc81148e7599","block_type":"box","text":"applicable to certain climate and decarbonization issues (the “BIS Climate and Decarbonization","page_number":224,"box":{"x":116,"y":333,"width":712,"height":12}},{"id":"52ef0b3a-1c6f-4707-8ea6-44535c4109d9","block_type":"box","text":"Stewardship Guidelines”).","page_number":224,"box":{"x":116,"y":349,"width":197,"height":12}},{"id":"af843a44-f783-4e38-8736-9c1805605dbe","block_type":"box","text":"If a Fund invests in an underlying fund managed by BlackRock, the Fund will use its proxy voting policy","page_number":224,"box":{"x":117,"y":379,"width":770,"height":12}},{"id":"f0b531f9-9a8f-4d22-b091-ade65f1d40e1","block_type":"box","text":"when voting on proxies for the underlying fund while the underlying fund will use its proxy voting policy","page_number":224,"box":{"x":116,"y":395,"width":764,"height":12}},{"id":"f4fee1da-a6fc-4d03-85e4-8ebf8da40127","block_type":"box","text":"when voting proxies on investments the underlying fund holds. Therefore, the Fund may use the Active","page_number":224,"box":{"x":116,"y":410,"width":769,"height":12}},{"id":"195e0648-0fb3-4afa-98fa-35ebd09d933e","block_type":"box","text":"Fund Proxy Voting Policy while an underlying fund may use the Index Equity Fund Proxy Voting Policy,","page_number":224,"box":{"x":117,"y":426,"width":768,"height":12}},{"id":"a826bdef-5ce1-4412-b5ba-2f80223602ae","block_type":"box","text":"and the opposite is also true.","page_number":224,"box":{"x":116,"y":441,"width":220,"height":12}},{"id":"78f4d008-60d6-428d-a2f5-83da877aa1fe","block_type":"box","text":"Copies of the Active Fund Proxy Voting Policy, Index Equity Fund Proxy Voting Policy, the BAIS","page_number":224,"box":{"x":117,"y":471,"width":716,"height":12}},{"id":"dc139b8e-8672-4cbf-abc2-44a241d93a3b","block_type":"box","text":"Guidelines, the Global Principles for Benchmark Policies and the BIS Climate and Decarbonization","page_number":224,"box":{"x":117,"y":487,"width":737,"height":12}},{"id":"1e6f0261-26f5-42cf-a3bc-54e897ccb505","block_type":"box","text":"Stewardship Guidelines are attached as Appendix B to this SAI. Only those guidelines that are","page_number":224,"box":{"x":116,"y":502,"width":706,"height":12}},{"id":"0812db06-a966-4bc8-b46b-d9c1d6bfe068","block_type":"box","text":"applicable to a particular Fund pursuant to the Active Fund Proxy Voting Policy or the Index Equity","page_number":224,"box":{"x":116,"y":518,"width":735,"height":12}},{"id":"d34a1f1a-e189-4219-8d75-cb5fcb4dc29a","block_type":"box","text":"Fund Proxy Voting Policy are considered to form a part of the Fund’s SAI.","page_number":224,"box":{"x":117,"y":533,"width":551,"height":12}},{"id":"cdb0d285-d5e4-4439-82a8-b2e785eaf327","block_type":"box","text":"Information on how each Fund voted proxies relating to portfolio securities during the most","page_number":224,"box":{"x":117,"y":563,"width":645,"height":13}},{"id":"ca035ebe-38de-430e-a453-5d6f412436a3","block_type":"box","text":"recent 12-month period ended June 30 is available without","page_number":224,"box":{"x":117,"y":579,"width":416,"height":12}},{"id":"0bef153d-c32d-4312-b3b5-3f04124c2378","block_type":"box","text":"t charge, (i) at www.blackrock.com/proxyrecords","page_number":224,"box":{"x":532,"y":579,"width":344,"height":12}},{"id":"52dbf6d6-7d2c-4816-b51f-80b85985c0a6","block_type":"box","text":"and (ii) on the Commission’s website at http://www.sec.gov.","page_number":224,"box":{"x":116,"y":594,"width":428,"height":13}},{"id":"8ca4f0cd-0e8f-4be9-b744-f9af15f7a898","block_type":"box","text":"G","page_number":224,"box":{"x":415,"y":639,"width":11,"height":10}},{"id":"9e3b871a-7fb3-45b9-9395-9ac3f8ea37da","block_type":"box","text":"ENERAL","page_number":224,"box":{"x":428,"y":642,"width":55,"height":7}},{"id":"ffbd9741-a3c6-467b-b0fb-e2a447ceb7a4","block_type":"box","text":"I","page_number":224,"box":{"x":483,"y":639,"width":8,"height":10}},{"id":"793cf276-129b-4a6f-89dd-3b37431023b7","block_type":"box","text":"NFORMATION","page_number":224,"box":{"x":494,"y":642,"width":90,"height":7}},{"id":"247bcb0e-aed1-478d-8613-59597cdd96ac","block_type":"box","text":"Description of Shares","page_number":224,"box":{"x":117,"y":669,"width":172,"height":12}},{"id":"8de571a7-4edd-4275-877e-d45246d737dc","block_type":"box","text":"Shareholders of a Fund are entitled to one vote for each full share held and fractional votes for","page_number":224,"box":{"x":116,"y":692,"width":702,"height":10}},{"id":"573bbace-b144-43cc-8502-e086a1918427","block_type":"box","text":"fractional shares held in the election of Directors and generally on other matters submitted to the vote","page_number":224,"box":{"x":116,"y":708,"width":753,"height":12}},{"id":"cdbf184d-1b88-4ff4-9f9c-2907de746bb5","block_type":"box","text":"of shareholders of the Fund. Shareholders of a class that bears distribution and/or service expenses","page_number":224,"box":{"x":116,"y":723,"width":743,"height":12}},{"id":"f857df4c-4891-4d19-a105-23a168d27371","block_type":"box","text":"have exclusive voting rights with respect to matters relating to such distribution and service","page_number":224,"box":{"x":117,"y":739,"width":674,"height":12}},{"id":"31a2dbc2-6e0a-4903-8a43-2e47b2629d02","block_type":"box","text":"expenditures. Voting rights are not cumulative, so that the holders of more than 50% of the shares","page_number":224,"box":{"x":116,"y":754,"width":728,"height":12}},{"id":"0c17e8b0-c9a9-4202-b248-56e4ddbbd7d2","block_type":"box","text":"voting in the election of Directors can, if they choose to do so, elect all the Directors of a Fund, in which","page_number":224,"box":{"x":116,"y":770,"width":765,"height":12}},{"id":"c006612d-89de-43d9-be4e-3896c5b1b94e","block_type":"box","text":"event the holders of the remaining shares would be unable to elect any person as a Director.","page_number":224,"box":{"x":116,"y":785,"width":687,"height":12}},{"id":"a61621e7-9c80-4893-b789-706f58d47c97","block_type":"box","text":"No Fund intends to hold annual meetings of shareholders in any year in which the Investment","page_number":224,"box":{"x":117,"y":815,"width":694,"height":13}},{"id":"9530d7c3-5b57-4759-984f-4e3265761392","block_type":"box","text":"Company Act does not require shareholders to act upon any of the following matters: (i) election of","page_number":224,"box":{"x":117,"y":831,"width":736,"height":12}},{"id":"ece3846e-3526-4f0f-81a1-f8505db3c8bf","block_type":"box","text":"Directors; (ii) approval of a management agreement; (iii) approval of a distribution agreement; and","page_number":224,"box":{"x":117,"y":846,"width":732,"height":13}},{"id":"5b2e00dd-ef0c-4b89-8cf0-8aa96c05bffe","block_type":"box","text":"(iv) ratification of selection of independent accountants. Shares issued are fully paid and","page_number":224,"box":{"x":117,"y":862,"width":658,"height":12}},{"id":"8ff37eaf-557f-45c0-a83c-53577b993e5b","block_type":"box","text":"non-assessable and have no preemptive rights. Redemption and conversion rights are discussed","page_number":224,"box":{"x":117,"y":878,"width":726,"height":12}},{"id":"21153a22-871b-408a-8c11-7e0fa71417ef","block_type":"box","text":"II-175","page_number":224,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"b46eb316-e34c-4645-9852-243383d97dd2","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":224,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"6ceaecd7-c6a8-4e49-bf91-1926493bc6b4","block_type":"box","text":"elsewhere herein and in each Fund’s Prospectus. Each share of each class of Common Stock is","page_number":225,"box":{"x":116,"y":87,"width":721,"height":12}},{"id":"99fb567c-4c13-4cc9-a744-00ba82dabd42","block_type":"box","text":"entitled to participate equally in dividends and distributions declared by a Fund and in the net assets of","page_number":225,"box":{"x":116,"y":102,"width":766,"height":13}},{"id":"b56233af-598f-4868-a9bc-1497e146c35a","block_type":"box","text":"the Fund upon liquidation or dissolution after satisfaction of outstanding liabilities.","page_number":225,"box":{"x":116,"y":118,"width":608,"height":12}},{"id":"ecc96be4-e8a8-4c09-a89b-7a4e78c19037","block_type":"box","text":"For Funds organized as Maryland corporations, the by-laws of the Fund require that a special meeting","page_number":225,"box":{"x":117,"y":149,"width":762,"height":12}},{"id":"ffc19425-6f35-4c1f-8071-9bdcb5ac9b45","block_type":"box","text":"of shareholders be held upon the written request of a minimum percentage of the outstanding shares","page_number":225,"box":{"x":116,"y":165,"width":754,"height":12}},{"id":"3e6de635-9ca2-42cd-93df-d26760e9b0a5","block_type":"box","text":"of the Fund entitled to vote at such meeting, if they comply with applicable Maryland law.","page_number":225,"box":{"x":116,"y":180,"width":663,"height":12}},{"id":"e8370c01-4681-487a-898a-329e314f1a03","block_type":"box","text":"Certain of the Funds are organized as “Massachusetts business trusts.” Under Massachusetts law,","page_number":225,"box":{"x":117,"y":211,"width":738,"height":12}},{"id":"6248b2d2-ea47-4b82-9ee0-98e651ca7977","block_type":"box","text":"shareholders of such a trust may, under certain circumstances, be held personally liable as partners for","page_number":225,"box":{"x":116,"y":227,"width":772,"height":12}},{"id":"08db3d86-e584-437d-b6b6-c7a80c80db45","block_type":"box","text":"its obligations. However, the Declaration of Trust establishing a trust, a copy of which for each","page_number":225,"box":{"x":117,"y":242,"width":701,"height":12}},{"id":"4e71d651-576e-4cf6-af94-46529b5dcca3","block_type":"box","text":"applicable Fund, together with all amendments thereto (the “Declaration of Trust”), is on file in the","page_number":225,"box":{"x":116,"y":258,"width":729,"height":12}},{"id":"1e5ed489-08dd-4462-8256-679736422dc1","block_type":"box","text":"office of the Secretary of the Commonwealth of Massachusetts, contains an express disclaimer of","page_number":225,"box":{"x":116,"y":273,"width":731,"height":12}},{"id":"f743d52c-2efe-46d3-9073-13b1439100a7","block_type":"box","text":"shareholder liability for acts or obligations of the trust and provides for indemnification and","page_number":225,"box":{"x":116,"y":289,"width":672,"height":12}},{"id":"cac3d73f-7dbd-4ce3-b830-2a4f602cfb3e","block_type":"box","text":"reimbursement of expenses out of the trust property for any shareholder held personally liable for the","page_number":225,"box":{"x":117,"y":304,"width":754,"height":12}},{"id":"30991497-ea2c-4e75-9b20-d5d938a46018","block_type":"box","text":"obligations of the trust. The Declaration of Trust also provides that a trust may maintain appropriate","page_number":225,"box":{"x":116,"y":320,"width":742,"height":12}},{"id":"c17e4376-63ce-4756-9137-92da091bc425","block_type":"box","text":"insurance (for example, fidelity bond and errors and omissions insurance) for the protection of the trust,","page_number":225,"box":{"x":117,"y":335,"width":771,"height":12}},{"id":"197dac26-c98a-4c05-8fdc-74ea93a3c39c","block_type":"box","text":"its shareholders, trustees, officers, employees and agents covering possible tort and other liabilities.","page_number":225,"box":{"x":117,"y":351,"width":746,"height":12}},{"id":"588d7be1-4784-4aaa-a33b-598fe871c89f","block_type":"box","text":"Thus, the risk of a shareholder incurring financial loss on account of shareholder liability is limited to","page_number":225,"box":{"x":116,"y":366,"width":745,"height":12}},{"id":"ef3cf7c6-ede7-4da1-8f20-562b52d50ed7","block_type":"box","text":"circumstances in which both inadequate insurance existed and the trust itself was unable to meet its","page_number":225,"box":{"x":116,"y":382,"width":748,"height":12}},{"id":"a5ee9201-6efb-4b02-a6b1-ddad91fde0be","block_type":"box","text":"obligations.","page_number":225,"box":{"x":116,"y":397,"width":89,"height":12}},{"id":"276901cc-7d2a-4729-97d3-b7dc214f623c","block_type":"box","text":"Certain Funds are organized as Delaware statutory trusts.","page_number":225,"box":{"x":117,"y":428,"width":435,"height":12}},{"id":"29031662-2ff6-4b4f-bf30-2759c71e1454","block_type":"box","text":"Additional Information","page_number":225,"box":{"x":116,"y":459,"width":184,"height":10}},{"id":"afebc257-4484-48f8-b313-3bb4001954df","block_type":"box","text":"Under a separate agreement, BlackRock has granted certain Funds the right to use the “BlackRock”","page_number":225,"box":{"x":117,"y":482,"width":747,"height":12}},{"id":"3cb577c2-5dd7-4e1e-b618-a39179e8a596","block_type":"box","text":"name and has reserved the right to (i) withdraw its consent to the use of such name by a Fund if the","page_number":225,"box":{"x":117,"y":498,"width":746,"height":12}},{"id":"e6ca1cf6-21d0-4638-8c16-5a7e7c8a02a7","block_type":"box","text":"Fund ceases to retain BlackRock Advisors, LLC or BlackRock Fund Advisors, as applicable, as","page_number":225,"box":{"x":117,"y":513,"width":709,"height":12}},{"id":"665589ad-5f26-42d0-be1e-87141b1afc0c","block_type":"box","text":"investment adviser and (ii) to grant the use of such name to any other company.","page_number":225,"box":{"x":117,"y":529,"width":599,"height":12}},{"id":"7d446bdc-1bc8-4bd8-9167-bf13388061f7","block_type":"box","text":"II-176","page_number":225,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"880829d7-9524-4fd8-98ac-02749b1bd71b","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":225,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"5e474bb3-ce28-44c2-9f7d-ca440ef07fcc","block_type":"box","text":"Appendix A","page_number":226,"box":{"x":453,"y":87,"width":98,"height":12}},{"id":"f57e820d-dbdf-4bd0-8958-cd9b6702409b","block_type":"box","text":"Description of Bond Ratings","page_number":226,"box":{"x":387,"y":118,"width":231,"height":12}},{"id":"f6f4667f-c7a5-4d00-808d-0039c8affef7","block_type":"box","text":"A rating is generally assigned to a fixed-income security at the time of issuance by a credit rating","page_number":226,"box":{"x":116,"y":149,"width":722,"height":12}},{"id":"d92fe017-da3c-46b8-b7e6-f533a73e0f1e","block_type":"box","text":"agency designated as a nationally recognized statistical rating organization (“NRSRO”) by the SEC.","page_number":226,"box":{"x":116,"y":165,"width":744,"height":12}},{"id":"b8986322-5fc3-415f-a88b-eb7a35be59cd","block_type":"box","text":"While NRSROs may from time to time revise such ratings, they undertake no obligation to do so, and","page_number":226,"box":{"x":116,"y":180,"width":755,"height":12}},{"id":"00c3a503-276c-49b4-9d19-ed268334b890","block_type":"box","text":"the ratings given to securities at issuance do not necessarily represent ratings which would be given to","page_number":226,"box":{"x":116,"y":196,"width":767,"height":12}},{"id":"bbda2df1-e6a5-4829-88b2-218c13c6e070","block_type":"box","text":"these securities on a particular subsequent date.","page_number":226,"box":{"x":116,"y":211,"width":366,"height":12}},{"id":"a9986203-4640-40ea-b96e-1b0f649f2295","block_type":"box","text":"NRSROs may rate specific investments (e.g., bonds), issuers (e.g., corporations, governments and","page_number":226,"box":{"x":117,"y":242,"width":740,"height":12}},{"id":"7e51e178-d94c-490a-bc5b-c18e0592b8f5","block_type":"box","text":"financial institutions) and/or programs (e.g., commercial paper programs). However, certain types of","page_number":226,"box":{"x":116,"y":258,"width":747,"height":12}},{"id":"63c48b63-6e18-4ac7-a286-eafa9615422a","block_type":"box","text":"investments may not be rated by NRSROs, such as certain government/sovereign obligations, US","page_number":226,"box":{"x":117,"y":273,"width":732,"height":12}},{"id":"b7248019-0eae-43e1-a4a0-f217bface70e","block_type":"box","text":"agency securities, commercial paper, time deposits at financial institutions, and derivative instruments","page_number":226,"box":{"x":116,"y":289,"width":761,"height":12}},{"id":"a27a9e0f-ab69-4a17-bee5-e9019c885371","block_type":"box","text":"such as credit default swaps. For these types of investments, as well as US Treasury securities (some","page_number":226,"box":{"x":116,"y":304,"width":764,"height":12}},{"id":"83acb931-67d3-43d4-b83a-cae93cc67fbd","block_type":"box","text":"of which are not rated), where a NRSRO has not rated the specific investment but has rated the","page_number":226,"box":{"x":116,"y":320,"width":716,"height":12}},{"id":"7eb4b961-d6e0-4045-b09e-4290756c18e5","block_type":"box","text":"investment’s issuer, program, financial institution or underlying reference asset, BlackRock Advisors,","page_number":226,"box":{"x":117,"y":335,"width":751,"height":12}},{"id":"60294ab1-4337-4c68-8de7-9924235f0ce9","block_type":"box","text":"LLC, BlackRock Fund Advisors or their respective affiliates (“BlackRock”) may consider the investment","page_number":226,"box":{"x":117,"y":351,"width":766,"height":12}},{"id":"95a86cab-b0d6-44cf-bb5c-f48ab4ccb3f0","block_type":"box","text":"to have the same NRSRO rating as its issuer, program, financial institution or underlying reference","page_number":226,"box":{"x":116,"y":366,"width":736,"height":12}},{"id":"41bff62e-2c5e-46e6-9b67-6488b393f8bf","block_type":"box","text":"asset, as applicable. In the case of municipal securities, where one NRSRO provides multiple ratings","page_number":226,"box":{"x":116,"y":382,"width":754,"height":12}},{"id":"d94251c1-55cf-46ca-a44b-224a79b55801","block_type":"box","text":"for the same security (e.g., “underlying,” “insured” and/or “enhanced” ratings), BlackRock may consider","page_number":226,"box":{"x":116,"y":397,"width":770,"height":12}},{"id":"d3eac3a8-856d-49d4-a972-c78eb1f2cbc4","block_type":"box","text":"the security to have the highest of the multiple ratings.","page_number":226,"box":{"x":116,"y":413,"width":407,"height":12}},{"id":"4f031041-8cff-417d-95b0-648d6cb0c127","block_type":"box","text":"New issue securities (regardless of type) may not be rated by a NRSRO at the time of their initial","page_number":226,"box":{"x":117,"y":444,"width":722,"height":12}},{"id":"e3b292f3-d1bc-4af2-83e8-0af5dfa04f67","block_type":"box","text":"offering. Preliminary prospectuses or term sheets for new issue securities may include an expected","page_number":226,"box":{"x":116,"y":459,"width":742,"height":12}},{"id":"2cfc6847-f0b7-454f-9cbc-48f7fd1691f2","block_type":"box","text":"rating for the security (as determined by the underwriter and/or issuer) or a NRSRO rating for the","page_number":226,"box":{"x":117,"y":475,"width":723,"height":12}},{"id":"c36732f7-7d32-4706-a072-c7d1336a1b1d","block_type":"box","text":"issuer of the security. If applicable, when deciding whether to purchase a new issue security that has","page_number":226,"box":{"x":117,"y":490,"width":752,"height":12}},{"id":"1b450fce-93e7-4e30-be32-6c54a9069796","block_type":"box","text":"not yet been rated by a NRSRO, BlackRock may attribute an expected rating to the security based on:","page_number":226,"box":{"x":117,"y":506,"width":763,"height":12}},{"id":"5418448d-bc30-4ad2-b243-e8a9e9df74a6","block_type":"box","text":"(i) the expected rating of the security set forth in the preliminary prospectus or term sheet for the","page_number":226,"box":{"x":117,"y":521,"width":718,"height":12}},{"id":"034de838-d843-4202-8807-da7c857cdc92","block_type":"box","text":"security; (ii) the NRSRO’s rating for the issuer of the security set forth in the preliminary prospectus or","page_number":226,"box":{"x":116,"y":537,"width":760,"height":12}},{"id":"e55b04f2-8120-4658-bf12-60ec87092e0a","block_type":"box","text":"term sheet for the security; or (iii) with respect to asset-backed securities, the rating of a prior issuance","page_number":226,"box":{"x":116,"y":552,"width":767,"height":12}},{"id":"c0654006-68e3-46ae-beaa-005e99da85f0","block_type":"box","text":"having a similar structure or the same sponsor.","page_number":226,"box":{"x":117,"y":568,"width":353,"height":12}},{"id":"68979a73-91cf-49ca-8bbd-142517ed2492","block_type":"box","text":"Where the investment objective of a fund is to track the performance of an index that includes credit","page_number":226,"box":{"x":116,"y":599,"width":746,"height":12}},{"id":"d5ac6b68-ee5a-45a3-9894-30658b3db1d6","block_type":"box","text":"ratings eligibility criteria as part of its index methodology, the fund may purchase any security within the","page_number":226,"box":{"x":117,"y":614,"width":771,"height":12}},{"id":"b77c0f78-fdba-4f5c-bafa-bf340e9b0fb8","block_type":"box","text":"index, such security having been determined by the index provider as meeting its credit ratings","page_number":226,"box":{"x":117,"y":630,"width":707,"height":12}},{"id":"5ecb37fc-9bee-4d45-bde9-df538099e248","block_type":"box","text":"eligibility criteria. The credit ratings practices of an index provider may differ from BlackRock’s","page_number":226,"box":{"x":116,"y":645,"width":701,"height":12}},{"id":"98b40fff-6ec4-4b35-bceb-72fb9b2a42e0","block_type":"box","text":"practices, as described above. Further, the fund may invest, directly or indirectly, in securities that are","page_number":226,"box":{"x":117,"y":661,"width":754,"height":12}},{"id":"58a0f5ba-1048-40de-ac08-803035a9b58e","block_type":"box","text":"not rated by a rating agency or securities with a credit rating that differs from the credit rating specified","page_number":226,"box":{"x":117,"y":676,"width":757,"height":12}},{"id":"b72cfd21-5acc-4858-a8c3-ceec196eb958","block_type":"box","text":"in its index methodology in various circumstances, including where a security is downgraded but not","page_number":226,"box":{"x":117,"y":692,"width":741,"height":12}},{"id":"17904aa9-b6a9-45d3-8a7f-027354beb7f1","block_type":"box","text":"yet removed from an index, following the removal of a security from an index prior to its sale by the","page_number":226,"box":{"x":116,"y":707,"width":733,"height":12}},{"id":"3f1def60-ab41-49c8-a466-1c878aba6b0c","block_type":"box","text":"fund or as a result of a corporate action or restructuring affecting an issuer of a security held by the","page_number":226,"box":{"x":116,"y":723,"width":734,"height":12}},{"id":"f4c44ed6-bc8b-4815-a484-ebe60d3d119e","block_type":"box","text":"fund.","page_number":226,"box":{"x":116,"y":738,"width":36,"height":10}},{"id":"baa2e707-0eb0-4106-8d0c-ecb6c7242edf","block_type":"box","text":"Fixed-income securities which are unrated may expose the investor to risks with respect to capacity to","page_number":226,"box":{"x":117,"y":769,"width":757,"height":12}},{"id":"fd57c1ce-06b2-45bf-b3c1-1a346975ef66","block_type":"box","text":"pay interest or repay principal which are similar to the risks of lower-rated speculative bonds.","page_number":226,"box":{"x":117,"y":785,"width":686,"height":12}},{"id":"bffbb5cb-686a-42af-9bab-665fe316016b","block_type":"box","text":"Evaluation of these securities is dependent on BlackRock’s judgment, analysis and experience in the","page_number":226,"box":{"x":117,"y":800,"width":747,"height":12}},{"id":"112dfbca-cb42-44af-9797-93d5399a19ce","block_type":"box","text":"evaluation of such securities.","page_number":226,"box":{"x":116,"y":816,"width":214,"height":9}},{"id":"e3faacec-1f83-418a-9dde-fce9a01a39f3","block_type":"box","text":"Investors should note that the assignment of a rating to a security by an NRSRO may not reflect the","page_number":226,"box":{"x":117,"y":847,"width":745,"height":12}},{"id":"203631bc-8f5c-4651-a107-21bd13a7f045","block_type":"box","text":"effect of recent developments on the issuer’s ability to make interest and principal payments or on the","page_number":226,"box":{"x":116,"y":862,"width":760,"height":12}},{"id":"87ae5bdf-3c2b-4bfd-b350-f18fe65f291a","block_type":"box","text":"likelihood of default.","page_number":226,"box":{"x":117,"y":878,"width":152,"height":9}},{"id":"6d5bc7f1-02de-4037-9e9b-b7c4aca021eb","block_type":"box","text":"A-1","page_number":226,"box":{"x":486,"y":909,"width":24,"height":9}},{"id":"540508a8-2a4d-4cba-8453-01a2254db807","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":226,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"79bc6be5-82d1-4dc1-85f0-562828f8725f","block_type":"box","text":"Securities deemed to be high yield are rated below Baa3 by Moody’s and below BBB- by S&P Global","page_number":227,"box":{"x":116,"y":87,"width":755,"height":12}},{"id":"065de3cd-865f-44c9-8526-4852db691897","block_type":"box","text":"Ratings and Fitch.","page_number":227,"box":{"x":117,"y":103,"width":139,"height":12}},{"id":"ad4d634c-1b18-4242-be45-e5d4fde7fc15","block_type":"box","text":"The descriptions below relate to general long-term and short-term obligations of an issuer.","page_number":227,"box":{"x":116,"y":134,"width":674,"height":12}},{"id":"ba0e846d-0af4-4d81-a78e-9b664c818343","block_type":"box","text":"A Description of Moody’s Investors Service, Inc.’s (“Moody’s”) Global Rating Scales","page_number":227,"box":{"x":116,"y":165,"width":677,"height":12}},{"id":"8139c8c0-7461-4d99-8656-6614483eef65","block_type":"box","text":"Ratings assigned on Moody’s global long-term and short-term rating scales are forward-looking","page_number":227,"box":{"x":117,"y":196,"width":711,"height":12}},{"id":"c1943408-30aa-482b-85b7-616ca3e01dd4","block_type":"box","text":"opinions of the relative credit risks of financial obligations issued by non-financial corporates, financial","page_number":227,"box":{"x":116,"y":211,"width":759,"height":12}},{"id":"bb16b1c3-5553-4f2d-bf39-d644ad334f37","block_type":"box","text":"institutions, structured finance vehicles, project finance vehicles, and public sector entities. Moody’s","page_number":227,"box":{"x":117,"y":227,"width":742,"height":12}},{"id":"dd6c99ad-1ec3-4755-9be8-dcf66d53e107","block_type":"box","text":"defines credit risk as the risk that an entity may not meet its contractual financial obligations as they","page_number":227,"box":{"x":116,"y":242,"width":744,"height":12}},{"id":"299cc997-9730-438c-9167-ab8793e0b706","block_type":"box","text":"come due and any estimated financial loss in the event of default or impairment. The contractual","page_number":227,"box":{"x":116,"y":258,"width":720,"height":12}},{"id":"d234a48c-902c-4283-9ffd-4653826e0bc1","block_type":"box","text":"financial obligations addressed by Moody’s ratings are those that call for, without regard to","page_number":227,"box":{"x":116,"y":273,"width":676,"height":12}},{"id":"e55ffaed-e4fa-4cfa-946c-21393c730b76","block_type":"box","text":"enforceability, the payment of an ascertainable amount, which may vary based upon standard sources","page_number":227,"box":{"x":116,"y":289,"width":765,"height":12}},{"id":"74765037-382c-441c-b233-309821e8c9d5","block_type":"box","text":"of variation (e.g., floating interest rates), by an ascertainable date. Moody’s rating addresses the","page_number":227,"box":{"x":116,"y":304,"width":719,"height":12}},{"id":"99c79ebf-5bd2-4e91-8b9e-e43285650adf","block_type":"box","text":"issuer’s ability to obtain cash sufficient to service the obligation, and its willingness to pay. Moody’s","page_number":227,"box":{"x":117,"y":320,"width":738,"height":12}},{"id":"4fd11522-3abf-4ce8-b25d-beec6deddb15","block_type":"box","text":"ratings do not address non-standard sources of variation in the amount of the principal obligation (e.g.,","page_number":227,"box":{"x":117,"y":335,"width":765,"height":12}},{"id":"2c8ac2e0-1184-4f5a-b6b4-f45422f62b34","block_type":"box","text":"equity indexed), absent an express statement to the contrary in a press release accompanying an","page_number":227,"box":{"x":116,"y":351,"width":731,"height":12}},{"id":"6fbd7f6f-d1f2-4da7-b6aa-f8a5c8927ac9","block_type":"box","text":"initial rating. Long-term ratings are assigned to issuers or obligations with an original maturity of one","page_number":227,"box":{"x":117,"y":366,"width":745,"height":12}},{"id":"d84f894d-21b3-4f9f-a87c-196e2ed84432","block_type":"box","text":"year or more and reflect both on the likelihood of a default or impairment on contractual financial","page_number":227,"box":{"x":116,"y":382,"width":719,"height":12}},{"id":"c5857345-ef3b-4471-9aef-5a48dbe16fbf","block_type":"box","text":"obligations and the expected financial loss suffered in the event of default or impairment. Short-term","page_number":227,"box":{"x":116,"y":397,"width":747,"height":12}},{"id":"9a94846c-7778-4ce5-8050-d7423c3bfb21","block_type":"box","text":"ratings are assigned for obligations with an original maturity of thirteen months or less and reflect both","page_number":227,"box":{"x":117,"y":413,"width":760,"height":12}},{"id":"5377c919-362f-403d-9526-53dcff79eb87","block_type":"box","text":"on the likelihood of a default or impairment on contractual financial obligations and the expected","page_number":227,"box":{"x":116,"y":428,"width":717,"height":12}},{"id":"31fa1275-7b61-4c3b-8589-36ba68a3468b","block_type":"box","text":"financial loss suffered in the event of default or impairment. Moody’s issues ratings at the issuer level","page_number":227,"box":{"x":116,"y":444,"width":755,"height":12}},{"id":"8b9ad747-0de5-4573-b3e5-3650e30c75a7","block_type":"box","text":"and instrument level on both the long-term scale and the short-term scale. Typically, ratings are made","page_number":227,"box":{"x":116,"y":459,"width":761,"height":12}},{"id":"85b909ff-9d86-4a2e-bb82-92b84f900451","block_type":"box","text":"publicly available although private and unpublished ratings may also be assigned.","page_number":227,"box":{"x":117,"y":475,"width":610,"height":12}},{"id":"732c0efb-a714-450b-a1ef-0b27f13f3c92","block_type":"box","text":"Moody’s differentiates structured finance ratings from fundamental ratings (i.e., ratings on nonfinancial","page_number":227,"box":{"x":117,"y":506,"width":763,"height":12}},{"id":"c9c3055f-2ec4-4eca-bdaa-7c29c264f115","block_type":"box","text":"corporate, financial institution, and public sector entities) on the global long-term scale by adding (sf) to","page_number":227,"box":{"x":116,"y":521,"width":769,"height":12}},{"id":"a41a07a0-43fd-44e1-bc20-2584219165af","block_type":"box","text":"all structured finance ratings. The addition of (sf) to structured finance ratings should eliminate any","page_number":227,"box":{"x":116,"y":537,"width":735,"height":12}},{"id":"950f31c6-3e95-48ee-bbea-4e5c29369bca","block_type":"box","text":"presumption that such ratings and fundamental ratings at the same letter grade level will behave the","page_number":227,"box":{"x":117,"y":552,"width":747,"height":12}},{"id":"c26d83fd-0e4e-49f9-abc5-e14b23044ed7","block_type":"box","text":"same. The (sf) indicator for structured finance security ratings indicates that otherwise similarly rated","page_number":227,"box":{"x":116,"y":568,"width":751,"height":12}},{"id":"87af7963-5410-478f-929e-eb0ac8ee459a","block_type":"box","text":"structured finance and fundamental securities may have different risk characteristics. Through its","page_number":227,"box":{"x":116,"y":583,"width":724,"height":12}},{"id":"bbd156b8-106d-4a42-a5f2-70df8c15793f","block_type":"box","text":"current methodologies, however, Moody’s aspires to achieve broad expected equivalence in structured","page_number":227,"box":{"x":116,"y":599,"width":769,"height":12}},{"id":"27badf84-5d13-4cf2-8dba-0c0df1ac49f5","block_type":"box","text":"finance and fundamental rating performance when measured over a long period of time.","page_number":227,"box":{"x":116,"y":614,"width":658,"height":12}},{"id":"f78bbd00-f1b2-4841-8a17-82f024fb70c0","block_type":"box","text":"Description of Moody’s Global Long-Term Rating Scale","page_number":227,"box":{"x":117,"y":645,"width":445,"height":12}},{"id":"a0eba3aa-ada0-4492-af16-d2a75c07f997","block_type":"box","text":"Aaa Obligations rated Aaa are judged to be of the highest quality, subject to the lowest level of","page_number":227,"box":{"x":116,"y":676,"width":726,"height":12}},{"id":"1f7138ac-cf53-48f0-ae38-19af7e460192","block_type":"box","text":"credit risk.","page_number":227,"box":{"x":175,"y":692,"width":75,"height":9}},{"id":"747d2ce9-ac7a-4508-99c7-35b3e7b396ba","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":227,"box":{"x":116,"y":715,"width":731,"height":12}},{"id":"72d90edf-edeb-4abf-8da7-bede85276821","block_type":"box","text":"A Obligations rated A are judged to be upper-medium grade and are subject to low credit risk.","page_number":227,"box":{"x":116,"y":738,"width":737,"height":12}},{"id":"db14815d-3333-422f-bf37-75e703145f92","block_type":"box","text":"Baa Obligations rated Baa are judged to be medium-grade and subject to moderate credit risk and","page_number":227,"box":{"x":117,"y":761,"width":753,"height":13}},{"id":"8ccd8bb9-0658-44c7-a73c-3bef66217133","block_type":"box","text":"as such may possess certain speculative characteristics.","page_number":227,"box":{"x":175,"y":777,"width":420,"height":12}},{"id":"8775fc55-49c6-4f7e-829f-ec01cad8a0ad","block_type":"box","text":"Ba Obligations rated Ba are judged to be speculative and are subject to substantial credit risk.","page_number":227,"box":{"x":117,"y":800,"width":729,"height":12}},{"id":"b675563f-ebb6-4097-8a90-5e9d3e99c8b2","block_type":"box","text":"B Obligations rated B are considered speculative and are subject to high credit risk.","page_number":227,"box":{"x":117,"y":823,"width":660,"height":13}},{"id":"a1428164-4603-4efa-990d-d116eed0de80","block_type":"box","text":"Caa Obligations rated Caa are judged to be speculative of poor standing and are subject to very","page_number":227,"box":{"x":117,"y":847,"width":741,"height":12}},{"id":"e8d78ca6-80af-4c77-ae5f-4a115d37bc4f","block_type":"box","text":"high credit risk.","page_number":227,"box":{"x":176,"y":862,"width":116,"height":12}},{"id":"6bbebc7c-389b-4a87-a9b6-c37cbeb8c295","block_type":"box","text":"A-2","page_number":227,"box":{"x":486,"y":909,"width":26,"height":9}},{"id":"ce1b188b-a689-4128-a3f8-adf7a24a6826","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":227,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"ea145d82-eb35-4bf4-a4d2-1d2b6fedfdfe","block_type":"box","text":"Ca Obligations rated Ca are highly speculative and are likely in, or very near, default, with some","page_number":228,"box":{"x":117,"y":87,"width":748,"height":12}},{"id":"676e654e-63cf-44e8-84f9-412bc85e9121","block_type":"box","text":"prospect of recovery of principal and interest.","page_number":228,"box":{"x":176,"y":102,"width":339,"height":13}},{"id":"749b7e2e-7ac4-49bf-851f-69fc686319d7","block_type":"box","text":"C Obligations rated C are the lowest rated and are typically in default, with little prospect for","page_number":228,"box":{"x":117,"y":126,"width":726,"height":12}},{"id":"c1f07a5a-561a-42b1-9c4d-345084568c81","block_type":"box","text":"recovery of principal or interest.","page_number":228,"box":{"x":176,"y":141,"width":238,"height":12}},{"id":"d5ae2c26-3ac7-4d45-a1da-8094c6e6d6d8","block_type":"box","text":"Note","page_number":228,"box":{"x":117,"y":172,"width":34,"height":10}},{"id":"28c75565-3b83-43d4-a930-a31fbb79eadd","block_type":"box","text":": Moody’s appends numerical modifiers 1, 2, and 3 to each generic rating classification from Aa","page_number":228,"box":{"x":153,"y":172,"width":709,"height":12}},{"id":"a65b9ec4-1f9d-46bf-a54c-19996ccfe101","block_type":"box","text":"through Caa. The modifier 1 indicates that the obligation ranks in the higher end of its generic rating","page_number":228,"box":{"x":116,"y":188,"width":745,"height":12}},{"id":"8d9fe1da-6459-496d-9622-da9c73ae6cf4","block_type":"box","text":"category; the modifier 2 indicates a mid-range ranking; and the modifier 3 indicates a ranking in the","page_number":228,"box":{"x":116,"y":203,"width":741,"height":12}},{"id":"eb5a2f0e-b982-454b-a5c3-3c9a07ee70f7","block_type":"box","text":"lower end of that generic rating category. Additionally, a “(hyb)” indicator is appended to all ratings of","page_number":228,"box":{"x":117,"y":219,"width":751,"height":12}},{"id":"b83711d7-c442-4289-8965-49b52493b3e8","block_type":"box","text":"hybrid securities issued by banks, insurers, finance companies, and securities firms.","page_number":228,"box":{"x":117,"y":234,"width":628,"height":12}},{"id":"6a8c25d0-b103-4028-b486-41052755f22f","block_type":"box","text":"By their terms, hybrid securities allow for the omission of scheduled dividends, interest, or principal","page_number":228,"box":{"x":117,"y":265,"width":737,"height":12}},{"id":"bc825b06-ace8-4614-a9c9-5b595360fef4","block_type":"box","text":"payments, which can potentially result in impairment if such an omission occurs. Hybrid securities may","page_number":228,"box":{"x":117,"y":281,"width":765,"height":12}},{"id":"7124187c-5948-489b-99ff-757dde064c01","block_type":"box","text":"also be subject to contractually allowable write-downs of principal that could result in impairment.","page_number":228,"box":{"x":116,"y":296,"width":724,"height":12}},{"id":"105e6f30-9b70-497c-92b3-fbed4df3fd47","block_type":"box","text":"Together with the hybrid indicator, the long-term obligation rating assigned to a hybrid security is an","page_number":228,"box":{"x":116,"y":312,"width":744,"height":12}},{"id":"6bf7f2ef-05da-4018-9aae-1dfb544a85a7","block_type":"box","text":"expression of the relative credit risk associated with that security.","page_number":228,"box":{"x":116,"y":327,"width":488,"height":12}},{"id":"04ee7513-92d9-4e04-bb57-e95230d1c11b","block_type":"box","text":"Description of Moody’s Global Short-Term Rating Scale","page_number":228,"box":{"x":117,"y":358,"width":448,"height":12}},{"id":"4dffce76-b807-4339-9931-914c56700cd2","block_type":"box","text":"P-1 Ratings of Prime-1 reflect a superior ability to repay short-term obligations.","page_number":228,"box":{"x":117,"y":389,"width":616,"height":12}},{"id":"15e10118-2d49-456c-a48e-0ab9f5d7a8e5","block_type":"box","text":"P-2 Ratings of Prime-2 reflect a strong ability to repay short-term obligations.","page_number":228,"box":{"x":117,"y":413,"width":602,"height":12}},{"id":"a0810af1-0611-4f53-8964-7de4e0b94766","block_type":"box","text":"P-3 Ratings of Prime-3 reflect an acceptable ability to repay short-term obligations.","page_number":228,"box":{"x":117,"y":436,"width":646,"height":12}},{"id":"eb7b822e-5b5e-4c14-a55f-e9da3dee56c3","block_type":"box","text":"NP Issuers (or supporting institutions) rated Not Prime do not fall within any of the Prime rating","page_number":228,"box":{"x":117,"y":459,"width":737,"height":12}},{"id":"660a45d7-7f82-4b76-961d-ba21d2a07ed5","block_type":"box","text":"categories.","page_number":228,"box":{"x":175,"y":475,"width":87,"height":12}},{"id":"3eda8e2a-ed21-4633-b964-d59a58995336","block_type":"box","text":"Description of Moody’s U.S. Municipal Short-Term Debt and Demand Obligation Ratings","page_number":228,"box":{"x":117,"y":506,"width":707,"height":12}},{"id":"4423f763-cc24-47f6-b5e4-0c16681902c5","block_type":"box","text":"Description of Moody’s Short-Term Obligation Ratings","page_number":228,"box":{"x":117,"y":537,"width":439,"height":12}},{"id":"69993420-fb5a-4573-8af5-9c8f9d65f776","block_type":"box","text":"Moody’s uses the global short-term Prime rating scale for commercial paper issued by U.S.","page_number":228,"box":{"x":117,"y":568,"width":681,"height":12}},{"id":"9148b2f6-fdc1-416f-af65-51f87e8aa034","block_type":"box","text":"municipalities and nonprofits. These commercial paper programs may be backed by external letters of","page_number":228,"box":{"x":117,"y":583,"width":761,"height":12}},{"id":"173cc225-533b-4441-aebe-0f07127a766c","block_type":"box","text":"credit or liquidity facilities, or by an issuer’s self-liquidity.","page_number":228,"box":{"x":116,"y":599,"width":420,"height":12}},{"id":"1fb8bfbe-22b9-4cdb-8df6-bdf8fc6233a9","block_type":"box","text":"For other short-term municipal obligations, Moody’s uses one of two other short-term rating scales, the","page_number":228,"box":{"x":117,"y":630,"width":765,"height":12}},{"id":"572f7a4c-19e9-4103-9bf6-baf029e7f052","block_type":"box","text":"Municipal Investment Grade (“MIG”) and Variable Municipal Investment Grade (“VMIG”) scales","page_number":228,"box":{"x":117,"y":645,"width":708,"height":12}},{"id":"12542f7d-23ba-4bbb-90a3-199acbb3ee99","block_type":"box","text":"discussed below.","page_number":228,"box":{"x":116,"y":661,"width":126,"height":9}},{"id":"18ca49aa-358e-46e7-8a11-0acd6728ce00","block_type":"box","text":"Moody’s uses the MIG scale for U.S. municipal cash flow notes, bond anticipation notes and certain","page_number":228,"box":{"x":117,"y":692,"width":738,"height":12}},{"id":"960d3aa6-b137-4b7a-88a5-a67b78122db3","block_type":"box","text":"other short-term obligations, which typically mature in three years or less. Under certain circumstances,","page_number":228,"box":{"x":116,"y":707,"width":766,"height":12}},{"id":"5a4c4644-e7ec-42ff-9a0c-06a658824ffb","block_type":"box","text":"Moody’s uses the MIG scale for bond anticipation notes with maturities of up to five years.","page_number":228,"box":{"x":117,"y":723,"width":665,"height":12}},{"id":"12ab05b1-227b-44cf-98b3-0d50c5f5c041","block_type":"box","text":"MIG Scale","page_number":228,"box":{"x":117,"y":754,"width":77,"height":9}},{"id":"7091e612-af1b-40e0-a892-45a856374039","block_type":"box","text":"MIG 1 This designation denotes superior credit quality. Excellent protection is afforded by established","page_number":228,"box":{"x":117,"y":785,"width":760,"height":12}},{"id":"62ab3e02-33d2-40d9-997a-e2d149815ffa","block_type":"box","text":"cash flows, highly reliable liquidity support, or demonstrated broad-based access to the market","page_number":228,"box":{"x":175,"y":800,"width":703,"height":12}},{"id":"b9094eb9-f997-465b-85b7-449ca2c65b2a","block_type":"box","text":"for refinancing.","page_number":228,"box":{"x":175,"y":816,"width":110,"height":12}},{"id":"403cf360-e536-419b-9807-4c1bd64924c8","block_type":"box","text":"MIG 2 This designation denotes strong credit quality. Margins of protection are ample, although not as","page_number":228,"box":{"x":117,"y":839,"width":771,"height":12}},{"id":"48c2d38f-c8bf-43bd-ab23-22be6d6805b7","block_type":"box","text":"large as in the preceding group.","page_number":228,"box":{"x":176,"y":855,"width":240,"height":12}},{"id":"2ab6b2a7-167c-405f-b870-3d50b927f269","block_type":"box","text":"A-3","page_number":228,"box":{"x":486,"y":909,"width":26,"height":9}},{"id":"0629402e-d046-429f-96d9-be5c3d92210d","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":228,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"fddf9c92-ff9e-448b-a5c2-5a3359942abe","block_type":"box","text":"MIG 3 This designation denotes acceptable credit quality. Liquidity and cash-flow protection may be","page_number":229,"box":{"x":117,"y":87,"width":753,"height":12}},{"id":"3d7a65f4-f82e-41e7-bc6e-901e62ac55c5","block_type":"box","text":"narrow, and market access for refinancing is likely to be less well-established.","page_number":229,"box":{"x":176,"y":102,"width":582,"height":13}},{"id":"c18150a8-7a77-4f03-a2c6-672ea5626ba9","block_type":"box","text":"SG This designation denotes speculative-grade credit quality. Debt instruments in this category","page_number":229,"box":{"x":116,"y":126,"width":741,"height":12}},{"id":"da58ecb9-7aae-45dc-a03e-23d9768597d4","block_type":"box","text":"may lack sufficient margins of protection.","page_number":229,"box":{"x":176,"y":141,"width":307,"height":12}},{"id":"c7af147e-92e6-43cf-b662-392bac131bef","block_type":"box","text":"Description of Moody’s Demand Obligation Ratings","page_number":229,"box":{"x":117,"y":172,"width":415,"height":12}},{"id":"45cb2e3c-5f4a-4d95-b182-21ff2a936bcf","block_type":"box","text":"In the case of variable rate demand obligations (“VRDOs”), a two-component rating is assigned. The","page_number":229,"box":{"x":117,"y":203,"width":749,"height":12}},{"id":"3e3830e1-a095-478c-b871-a71017fe4cbe","block_type":"box","text":"components are a long-term rating and a short-term demand obligation rating. The long-term rating","page_number":229,"box":{"x":116,"y":219,"width":740,"height":12}},{"id":"661ef786-acf2-4979-8714-e530336148d1","block_type":"box","text":"addresses the issuer’s ability to meet scheduled principal and interest payments. The short-term","page_number":229,"box":{"x":116,"y":234,"width":719,"height":12}},{"id":"c23025c0-eea2-4a35-b6f5-d6495e321aef","block_type":"box","text":"demand obligation rating addresses the ability of the issuer or the liquidity provider to make payments","page_number":229,"box":{"x":116,"y":250,"width":759,"height":12}},{"id":"afaeeeeb-8c49-4251-9852-7b54a7552080","block_type":"box","text":"associated with the purchase-price-upon-demand feature (“demand feature”) of the VRDO. The short","page_number":229,"box":{"x":116,"y":265,"width":756,"height":12}},{"id":"0ffbe13e-a2e9-4a66-b749-52f2bc95240d","block_type":"box","text":"term demand obligation rating uses the VMIG scale. VMIG ratings with liquidity support use as an input","page_number":229,"box":{"x":116,"y":281,"width":770,"height":12}},{"id":"a50f85bf-4460-4c32-a028-a3ce87a52880","block_type":"box","text":"the short-term Counterparty Risk Assessment of the support provider, or the long-term rating of the","page_number":229,"box":{"x":116,"y":296,"width":740,"height":12}},{"id":"8d17f45c-b2e6-4bf8-890e-dd8683385163","block_type":"box","text":"underlying obligor in the absence of third party liquidity support. Transitions of VMIG ratings of demand","page_number":229,"box":{"x":117,"y":312,"width":768,"height":12}},{"id":"2b81391a-c18f-4f2d-86f5-b17661670526","block_type":"box","text":"obligations with conditional liquidity support differ from transitions on the Prime scale to reflect the risk","page_number":229,"box":{"x":116,"y":327,"width":760,"height":12}},{"id":"852f7cb0-5092-43f5-9759-bb7de4b2304f","block_type":"box","text":"that external liquidity support will terminate if the issuer’s long-term rating drops below investment","page_number":229,"box":{"x":116,"y":343,"width":729,"height":12}},{"id":"7065d9cd-1e81-4e02-9f1a-44052299f3b3","block_type":"box","text":"grade.","page_number":229,"box":{"x":116,"y":358,"width":52,"height":12}},{"id":"858ac32c-4780-450b-a252-785752734917","block_type":"box","text":"Moody’s typically assigns the VMIG short-term demand obligation rating if the frequency of the demand","page_number":229,"box":{"x":117,"y":389,"width":771,"height":12}},{"id":"321702ec-5c1d-4c78-a029-fcb4f737e8b6","block_type":"box","text":"feature is less than every three years. If the frequency of the demand feature is less than three years","page_number":229,"box":{"x":116,"y":405,"width":753,"height":12}},{"id":"1ae3f8fa-7399-49cc-bce8-ac3a36848c2c","block_type":"box","text":"but the purchase price is payable only with remarketing proceeds, the short-term demand obligation","page_number":229,"box":{"x":117,"y":420,"width":745,"height":12}},{"id":"c67ee633-2262-4958-ac4f-06a12873c50c","block_type":"box","text":"rating is “NR”.","page_number":229,"box":{"x":117,"y":436,"width":107,"height":12}},{"id":"472e7456-571e-45d7-afb7-ee6e6dfdf6f5","block_type":"box","text":"VMIG Scale","page_number":229,"box":{"x":116,"y":467,"width":94,"height":9}},{"id":"da927fa0-e431-4ad9-b4ce-d1c37b338e42","block_type":"box","text":"VMIG 1 This designation denotes superior credit quality. Excellent protection is afforded by the","page_number":229,"box":{"x":116,"y":498,"width":713,"height":12}},{"id":"6c98480a-ca6e-4645-b01f-9af5f181061f","block_type":"box","text":"superior short-term credit strength of the liquidity provider and structural and legal protections","page_number":229,"box":{"x":184,"y":513,"width":697,"height":12}},{"id":"b66fc916-391c-4345-9cff-1082d2597f62","block_type":"box","text":"that ensure the timely payment of purchase price upon demand.","page_number":229,"box":{"x":183,"y":529,"width":481,"height":12}},{"id":"07e58bf3-dde8-4918-ac80-8fe0935745e9","block_type":"box","text":"VMIG 2 This designation denotes strong credit quality. Good protection is afforded by the strong short","page_number":229,"box":{"x":116,"y":552,"width":766,"height":12}},{"id":"c32daee2-f9eb-4964-8154-ea1b963019fd","block_type":"box","text":"term credit strength of the liquidity provider and structural and legal protections that ensure","page_number":229,"box":{"x":183,"y":568,"width":679,"height":12}},{"id":"ad884299-bd14-4522-aa05-c5e831d65545","block_type":"box","text":"the timely payment of purchase price upon demand.","page_number":229,"box":{"x":183,"y":583,"width":392,"height":12}},{"id":"2e42ea3c-a8ac-4f6b-89c3-133097dad64d","block_type":"box","text":"VMIG 3 This designation denotes acceptable credit quality. Adequate protection is afforded by the","page_number":229,"box":{"x":116,"y":606,"width":738,"height":12}},{"id":"edad752e-c994-4290-8f63-b2a2f952f459","block_type":"box","text":"satisfactory short-term credit strength of the liquidity provider and structural and legal","page_number":229,"box":{"x":184,"y":622,"width":635,"height":12}},{"id":"fbcd2b83-616c-42e8-8152-7ff063474b35","block_type":"box","text":"protections that ensure the timely payment of purchase price upon demand.","page_number":229,"box":{"x":184,"y":637,"width":567,"height":12}},{"id":"c9784699-d2f5-490e-9c0f-a075cd632a74","block_type":"box","text":"SG This designation denotes speculative-grade credit quality. Demand features rated in this","page_number":229,"box":{"x":116,"y":661,"width":720,"height":12}},{"id":"ab92fabf-b8ff-4e3d-a29c-04204ffee944","block_type":"box","text":"category may be supported by a liquidity provider that does not have a sufficiently strong","page_number":229,"box":{"x":184,"y":676,"width":657,"height":12}},{"id":"bd200c49-a20e-46ee-8c5c-b1e535bd2480","block_type":"box","text":"short-term rating or may lack the structural or legal protections necessary to ensure the timely","page_number":229,"box":{"x":184,"y":692,"width":695,"height":12}},{"id":"57f9f5ed-3b0e-404c-a4d5-bb124bee0fa9","block_type":"box","text":"payment of purchase price upon demand.","page_number":229,"box":{"x":184,"y":707,"width":308,"height":12}},{"id":"01171e34-c994-416f-88d7-4863ebd16747","block_type":"box","text":"Description of S&P Global Ratings (“S&P”), a Division of S&P Global Inc., Issue Credit Ratings","page_number":229,"box":{"x":117,"y":738,"width":753,"height":12}},{"id":"9d00ef34-168d-41ff-8468-e7e4f806137c","block_type":"box","text":"An S&P issue credit rating is a forward-looking opinion about the creditworthiness of an obligor with","page_number":229,"box":{"x":116,"y":769,"width":737,"height":12}},{"id":"c57e9cbf-8084-4474-9d66-ca6a2c4dfc09","block_type":"box","text":"respect to a specific financial obligation, a specific class of financial obligations, or a specific financial","page_number":229,"box":{"x":117,"y":785,"width":748,"height":12}},{"id":"9e442c45-2776-4327-890b-77bbcb5839a0","block_type":"box","text":"program (including ratings on medium-term note programs and commercial paper programs). It takes","page_number":229,"box":{"x":117,"y":800,"width":750,"height":12}},{"id":"f098fa99-9e23-4ada-b46e-bd01e5e48bb8","block_type":"box","text":"into consideration the creditworthiness of guarantors, insurers, or other forms of credit enhancement","page_number":229,"box":{"x":117,"y":816,"width":744,"height":12}},{"id":"b7b421fd-bcc7-4942-93ac-6747e654f54e","block_type":"box","text":"on the obligation and takes into account the currency in which the obligation is denominated. The","page_number":229,"box":{"x":116,"y":831,"width":726,"height":12}},{"id":"ae2790aa-8483-4690-ab56-a7942584fb61","block_type":"box","text":"opinion reflects S&P’s view of the obligor’s capacity and willingness to meet its financial commitments","page_number":229,"box":{"x":116,"y":847,"width":759,"height":12}},{"id":"3df666c1-092f-484a-bee0-5ccc8b327606","block_type":"box","text":"as they come due, and this opinion may assess terms, such as collateral security and subordination,","page_number":229,"box":{"x":116,"y":862,"width":750,"height":12}},{"id":"7aeb08e0-7b91-4725-b46e-4d69fbd08ae5","block_type":"box","text":"which could affect ultimate payment in the event of default.","page_number":229,"box":{"x":116,"y":878,"width":441,"height":12}},{"id":"b84b7767-8726-4034-8451-d9ab9cad495e","block_type":"box","text":"A-4","page_number":229,"box":{"x":486,"y":909,"width":26,"height":9}},{"id":"5b9d8903-b923-47ec-99b8-e731bed146c5","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":229,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"022628ef-1322-422e-b2be-e34f1746e548","block_type":"box","text":"Issue credit ratings can be either long-term or short-term. Short-term issue credit ratings are generally","page_number":230,"box":{"x":117,"y":87,"width":760,"height":12}},{"id":"b6c031c2-aa1b-4642-b1eb-d4c979e25148","block_type":"box","text":"assigned to those obligations considered short-term in the relevant market, typically with an original","page_number":230,"box":{"x":116,"y":103,"width":743,"height":12}},{"id":"48d72a3d-f55a-4ca2-899d-ebd15ec42097","block_type":"box","text":"maturity of no more than 365 days. Short-term issue credit ratings are also used to indicate the","page_number":230,"box":{"x":117,"y":118,"width":708,"height":12}},{"id":"6129fbb4-57b2-4dba-be60-44c5e7421058","block_type":"box","text":"creditworthiness of an obligor with respect to put features on long-term obligations. S&P would typically","page_number":230,"box":{"x":116,"y":134,"width":771,"height":12}},{"id":"219d7a9c-5076-4c80-9271-28c47ff0beae","block_type":"box","text":"assign a long-term issue credit rating to an obligation with an original maturity of greater than 365 days.","page_number":230,"box":{"x":116,"y":149,"width":772,"height":12}},{"id":"9aee1033-9f22-4dc9-949e-cb1285776265","block_type":"box","text":"However, the ratings S&P assigns to certain instruments may diverge from these guidelines based on","page_number":230,"box":{"x":117,"y":165,"width":758,"height":12}},{"id":"0f954de1-90b8-40b2-a2e9-c7631076dedd","block_type":"box","text":"market practices. Medium-term notes are assigned long-term ratings.","page_number":230,"box":{"x":117,"y":180,"width":518,"height":12}},{"id":"92180252-a9e5-470e-b0cc-abb1f42278c3","block_type":"box","text":"Issue credit ratings are based, in varying degrees, on S&P’s analysis of the following considerations:","page_number":230,"box":{"x":117,"y":211,"width":750,"height":12}},{"id":"aa072753-7b33-4ef2-b55d-902247e5dc40","block_type":"box","text":"• The likelihood of payment—the capacity and willingness of the obligor to meet its financial","page_number":230,"box":{"x":150,"y":242,"width":706,"height":12}},{"id":"b41fcbfc-c544-4dbf-a376-402a0a2d9ad1","block_type":"box","text":"commitments on an obligation in accordance with the terms of the obligation;","page_number":230,"box":{"x":184,"y":258,"width":575,"height":12}},{"id":"e5788471-ff46-4c15-ab19-a9f8ecf04f56","block_type":"box","text":"• The nature and provisions of the financial obligation, and the promise S&P imputes; and","page_number":230,"box":{"x":150,"y":281,"width":692,"height":12}},{"id":"95c10c11-d55c-4abb-a459-4e0007b07560","block_type":"box","text":"• The protection afforded by, and relative position of, the financial obligation in the event of a","page_number":230,"box":{"x":150,"y":304,"width":712,"height":12}},{"id":"e8d2d4d7-9231-443f-a4f9-02d137e2eff8","block_type":"box","text":"bankruptcy, reorganization, or other arrangement under the laws of bankruptcy and other laws","page_number":230,"box":{"x":184,"y":320,"width":704,"height":12}},{"id":"4bf4775c-db8d-4fcc-80ba-876194997568","block_type":"box","text":"affecting creditors’ rights.","page_number":230,"box":{"x":184,"y":335,"width":191,"height":12}},{"id":"62016311-8867-4559-b7fd-92934b83fe4d","block_type":"box","text":"An issue rating is an assessment of default risk but may incorporate an assessment of relative seniority","page_number":230,"box":{"x":116,"y":366,"width":772,"height":12}},{"id":"4f6022b4-d481-417c-b8cc-4dfa9e0b2913","block_type":"box","text":"or ultimate recovery in the event of default. Junior obligations are typically rated lower than senior","page_number":230,"box":{"x":116,"y":382,"width":728,"height":12}},{"id":"7c8001f0-7158-4a3c-8f6e-f26b4a29868c","block_type":"box","text":"obligations, to reflect lower priority in bankruptcy, as noted above. (Such differentiation may apply","page_number":230,"box":{"x":116,"y":397,"width":729,"height":12}},{"id":"3fc880b8-3b42-4187-b44a-9db86558ba12","block_type":"box","text":"when an entity has both senior and subordinated obligations, secured and unsecured obligations, or","page_number":230,"box":{"x":116,"y":413,"width":747,"height":12}},{"id":"ae5b95e7-d8d0-40b5-9f46-35a1dbbc41aa","block_type":"box","text":"operating company and holding company obligations.)","page_number":230,"box":{"x":116,"y":428,"width":407,"height":12}},{"id":"5beaea74-de28-4d8e-9249-0520b9f9b4cb","block_type":"box","text":"Long-Term Issue Credit Ratings*","page_number":230,"box":{"x":117,"y":459,"width":265,"height":12}},{"id":"cca5370b-b5b9-4947-a9e8-a3a95ebe8dcc","block_type":"box","text":"AAA An obligation rated ‘AAA’ has the highest rating assigned by S&P. The obligor’s capacity to","page_number":230,"box":{"x":116,"y":490,"width":755,"height":12}},{"id":"d7087b46-19df-46fb-95dd-315767010a76","block_type":"box","text":"meet its financial commitments on the obligation is extremely strong.","page_number":230,"box":{"x":192,"y":506,"width":513,"height":12}},{"id":"efc008af-c138-42a8-af64-479ae8997b67","block_type":"box","text":"AA An obligation rated ‘AA’ differs from the highest-rated obligations only to a small degree.","page_number":230,"box":{"x":116,"y":529,"width":734,"height":12}},{"id":"5035f7ba-a3c5-4393-b759-cf55224a1c46","block_type":"box","text":"The obligor’s capacity to meet its financial commitments on the obligation is very strong.","page_number":230,"box":{"x":191,"y":544,"width":659,"height":12}},{"id":"92965801-3520-4418-8475-5854e3668be3","block_type":"box","text":"A An obligation rated ‘A’ is somewhat more susceptible to the adverse effects of changes in","page_number":230,"box":{"x":116,"y":568,"width":744,"height":12}},{"id":"cb4f5c7d-909a-4479-808e-4337865d737a","block_type":"box","text":"circumstances and economic conditions than obligations in higher-rated categories.","page_number":230,"box":{"x":192,"y":583,"width":624,"height":12}},{"id":"3b76a87d-d902-4444-bbb3-404b353ae265","block_type":"box","text":"However, the obligor’s capacity to meet its financial commitments on the obligation is still","page_number":230,"box":{"x":192,"y":599,"width":664,"height":12}},{"id":"601cc144-9aee-4e52-ba94-678d9996a95e","block_type":"box","text":"strong.","page_number":230,"box":{"x":191,"y":614,"width":56,"height":12}},{"id":"bfc97c08-1afb-4fba-8ec6-d79d7a05b134","block_type":"box","text":"BBB An obligation rated ‘BBB’ exhibits adequate protection parameters. However, adverse","page_number":230,"box":{"x":117,"y":637,"width":715,"height":12}},{"id":"ff7c02a9-139c-4db7-a8d2-a04120484d69","block_type":"box","text":"economic conditions or changing circumstances are more likely to weaken the obligor’s","page_number":230,"box":{"x":192,"y":653,"width":652,"height":12}},{"id":"90147374-7d63-4a0e-a009-eb8f70de8d64","block_type":"box","text":"capacity to meet its financial commitments on the obligation.","page_number":230,"box":{"x":192,"y":668,"width":446,"height":12}},{"id":"3ac9dadf-96e5-4beb-b08c-538d8653a696","block_type":"box","text":"BB, B,","page_number":230,"box":{"x":117,"y":692,"width":45,"height":11}},{"id":"bf949664-2e6f-462b-a9e7-3a4106e3f311","block_type":"box","text":"CCC,","page_number":230,"box":{"x":117,"y":707,"width":38,"height":11}},{"id":"e272d09a-1c96-46ea-b9ba-5d251bedc37b","block_type":"box","text":"CC,","page_number":230,"box":{"x":117,"y":723,"width":26,"height":11}},{"id":"289c45a9-004f-42bf-84d2-fad41ad78232","block_type":"box","text":"and C","page_number":230,"box":{"x":116,"y":738,"width":44,"height":10}},{"id":"f2ef23b4-4ac1-42a2-a091-ae411c664643","block_type":"box","text":"Obligations rated ‘BB’, ‘B’, ‘CCC’, ‘CC’, and ‘C’ are regarded as having significant","page_number":230,"box":{"x":192,"y":692,"width":602,"height":12}},{"id":"0ff69a5f-891c-4dd2-8771-482b662c14b8","block_type":"box","text":"speculative characteristics. ‘BB’ indicates the least degree of speculation and ‘C’ the","page_number":230,"box":{"x":191,"y":707,"width":625,"height":12}},{"id":"a18ed64d-6e3c-4a03-9e85-485f1d7c84bc","block_type":"box","text":"highest. While such obligations will likely have some quality and protective characteristics,","page_number":230,"box":{"x":192,"y":723,"width":666,"height":12}},{"id":"35d446f6-1727-4326-99be-d117fd99985f","block_type":"box","text":"these may be outweighed by large uncertainties or major exposure to adverse conditions.","page_number":230,"box":{"x":191,"y":738,"width":664,"height":12}},{"id":"27463b97-b60e-4930-96e8-31d970bb31b3","block_type":"box","text":"BB An obligation rated ‘BB’ is less vulnerable to nonpayment than other speculative issues.","page_number":230,"box":{"x":117,"y":761,"width":723,"height":13}},{"id":"08599848-7603-48fe-8b3a-20c2c72dfa31","block_type":"box","text":"However, it faces major ongoing uncertainties or exposure to adverse business, financial,","page_number":230,"box":{"x":192,"y":777,"width":662,"height":12}},{"id":"dd2cb254-ceff-4ca2-b711-31544520893e","block_type":"box","text":"or economic conditions that could lead to the obligor’s inadequate capacity to meet its","page_number":230,"box":{"x":192,"y":793,"width":635,"height":12}},{"id":"f9874620-3dc9-46b2-8fb6-7ff6f76b434b","block_type":"box","text":"financial commitments on the obligation.","page_number":230,"box":{"x":191,"y":808,"width":298,"height":12}},{"id":"9453ac36-2f70-4bd2-ad91-c09783668f9b","block_type":"box","text":"B An obligation rated ‘B’ is more vulnerable to nonpayment than obligations rated ‘BB’, but","page_number":230,"box":{"x":117,"y":831,"width":733,"height":12}},{"id":"df848b59-2cf8-487c-990b-10f30512340d","block_type":"box","text":"the obligor currently has the capacity to meet its financial commitments on the obligation.","page_number":230,"box":{"x":191,"y":847,"width":665,"height":12}},{"id":"6eee026b-d43c-4e5e-8985-684cd7e82a00","block_type":"box","text":"Adverse business, financial, or economic conditions will likely impair the obligor’s capacity","page_number":230,"box":{"x":191,"y":862,"width":672,"height":12}},{"id":"831039fe-642d-4a20-aa78-78d6210f3bc2","block_type":"box","text":"or willingness to meet its financial commitments on the obligation.","page_number":230,"box":{"x":192,"y":878,"width":491,"height":12}},{"id":"acecfd04-d42f-47e2-aa29-2fd0540ed07e","block_type":"box","text":"A-5","page_number":230,"box":{"x":486,"y":909,"width":26,"height":9}},{"id":"67c17b5b-ba3c-4b8a-90f3-fc657fd84966","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":230,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"d73ef5bd-28f7-4fed-88e2-56d9833c0205","block_type":"box","text":"CCC An obligation rated ‘CCC’ is currently vulnerable to nonpayment and is dependent upon","page_number":231,"box":{"x":117,"y":87,"width":728,"height":12}},{"id":"c6bd367d-eed6-43d6-8386-31f0981e56e8","block_type":"box","text":"favorable business, financial, and economic conditions for the obligor to meet its financial","page_number":231,"box":{"x":191,"y":102,"width":667,"height":13}},{"id":"6e9aaf30-be1e-4d2d-9b48-6d7fc8442bc5","block_type":"box","text":"commitments on the obligation. In the event of adverse business, financial, or economic","page_number":231,"box":{"x":192,"y":118,"width":656,"height":12}},{"id":"9b82134f-5aba-4de3-adcf-4c3583cb8eef","block_type":"box","text":"conditions, the obligor is not likely to have the capacity to meet its financial commitments","page_number":231,"box":{"x":192,"y":134,"width":662,"height":12}},{"id":"1f149e7d-be79-4e91-a4cf-52881e5e6d17","block_type":"box","text":"on the obligation.","page_number":231,"box":{"x":192,"y":149,"width":132,"height":12}},{"id":"3b32a487-09a1-485d-a71c-b99dd82b6c2e","block_type":"box","text":"CC An obligation rated ‘CC’ is currently highly vulnerable to nonpayment. The ‘CC’ rating is","page_number":231,"box":{"x":117,"y":172,"width":727,"height":12}},{"id":"caf4320e-3951-4f54-bc8b-5b46cfdf27c2","block_type":"box","text":"used when a default has not yet occurred but S&P expects default to be a virtual certainty,","page_number":231,"box":{"x":192,"y":188,"width":675,"height":12}},{"id":"cccb5053-2395-4bf5-86f5-2ab2f56a144b","block_type":"box","text":"regardless of the anticipated time to default.","page_number":231,"box":{"x":192,"y":203,"width":330,"height":12}},{"id":"ef43dacb-00e7-45b4-8a9d-41cd3aa8548f","block_type":"box","text":"C An obligation rated ‘C’ is currently highly vulnerable to nonpayment, and the obligation is","page_number":231,"box":{"x":117,"y":227,"width":735,"height":12}},{"id":"5971b6be-24de-4579-be9b-9ae102d79d1f","block_type":"box","text":"expected to have lower relative seniority or lower ultimate recovery compared with","page_number":231,"box":{"x":192,"y":242,"width":615,"height":12}},{"id":"9fc1e74f-cc3e-4c45-a35c-4a36efc6af3d","block_type":"box","text":"obligations that are rated higher.","page_number":231,"box":{"x":192,"y":258,"width":245,"height":12}},{"id":"495c5aba-0284-46e9-9698-3c735dec9c1f","block_type":"box","text":"D An obligation rated ‘D’ is in default or in breach of an imputed promise. For non-hybrid","page_number":231,"box":{"x":117,"y":281,"width":717,"height":12}},{"id":"86d57699-9883-4e34-94c3-d9d7d9dd9822","block_type":"box","text":"capital instruments, the ‘D’ rating category is used when payments on an obligation are not","page_number":231,"box":{"x":192,"y":296,"width":678,"height":12}},{"id":"8d91fcae-b1a9-4079-86ba-4afa628008d4","block_type":"box","text":"made on the date due, unless S&P believes that such payments will be made within five","page_number":231,"box":{"x":192,"y":312,"width":657,"height":12}},{"id":"b75c2ca3-86e1-4e86-a8e8-f566d6f3385c","block_type":"box","text":"business days in the absence of a stated grace period or within the earlier of the stated","page_number":231,"box":{"x":192,"y":327,"width":650,"height":12}},{"id":"5a69d9fb-e271-4d4c-8dc6-14834e632c5c","block_type":"box","text":"grace period or 30 calendar days. The ‘D’ rating also will be used upon the filing of a","page_number":231,"box":{"x":191,"y":343,"width":630,"height":12}},{"id":"4e9b955b-4281-4989-aff3-c94767316c6b","block_type":"box","text":"bankruptcy petition or the taking of similar action and where default on an obligation is a","page_number":231,"box":{"x":192,"y":358,"width":657,"height":12}},{"id":"f0e6af73-8cb7-49c0-b15d-2088a4138dc8","block_type":"box","text":"virtual certainty, for example due to automatic stay provisions. A rating on an obligation is","page_number":231,"box":{"x":191,"y":374,"width":668,"height":12}},{"id":"25bffe49-a533-4014-bee5-6f4fa4234ba2","block_type":"box","text":"lowered to ‘D’ if it is subject to a distressed debt restructuring.","page_number":231,"box":{"x":192,"y":389,"width":461,"height":12}},{"id":"7c266850-a898-4cf2-a4a2-327fd493e87f","block_type":"box","text":"* Ratings from ‘AA’ to ‘CCC’ may be modified by the addition of a plus (+) or minus (-) sign to show relative standing","page_number":231,"box":{"x":143,"y":418,"width":705,"height":9}},{"id":"c70158ea-1839-450f-853e-4bcd1a7ee192","block_type":"box","text":"within the rating categories.","page_number":231,"box":{"x":170,"y":431,"width":162,"height":9}},{"id":"ee7f8d1e-e5c3-4781-9294-8cc62d4fbbe7","block_type":"box","text":"Short-Term Issue Credit Ratings","page_number":231,"box":{"x":116,"y":458,"width":263,"height":12}},{"id":"eab93a4e-0253-4495-b607-da2256815476","block_type":"box","text":"A-1 A short-term obligation rated ‘A-1’ is rated in the highest category by S&P. The obligor’s","page_number":231,"box":{"x":116,"y":487,"width":715,"height":12}},{"id":"130d3ea4-e215-4a9f-b63a-e6e7d8a71449","block_type":"box","text":"capacity to meet its financial commitments on the obligation is strong. Within this category,","page_number":231,"box":{"x":175,"y":502,"width":677,"height":12}},{"id":"4cb65102-fdbc-474c-b103-349f0c61b8f9","block_type":"box","text":"certain obligations are designated with a plus sign (+). This indicates that the obligor’s capacity","page_number":231,"box":{"x":175,"y":518,"width":708,"height":12}},{"id":"9a97ee4b-d6cf-4d0d-9b4a-bf34d7e06d48","block_type":"box","text":"to meet its financial commitments on these obligations is extremely strong.","page_number":231,"box":{"x":175,"y":533,"width":558,"height":12}},{"id":"934191a3-51c9-4768-9f40-918a9c04d3fc","block_type":"box","text":"A-2 A short-term obligation rated ‘A-2’ is somewhat more susceptible to the adverse effects of","page_number":231,"box":{"x":116,"y":556,"width":729,"height":12}},{"id":"028da133-6dcb-4a85-9c62-338b6def5d3b","block_type":"box","text":"changes in circumstances and economic conditions than obligations in higher rating","page_number":231,"box":{"x":175,"y":571,"width":626,"height":12}},{"id":"4545c56f-d10f-4056-9efb-6094ba7450ce","block_type":"box","text":"categories. However, the obligor’s capacity to meet its financial commitments on the obligation","page_number":231,"box":{"x":175,"y":587,"width":706,"height":12}},{"id":"71a36f7e-6c1c-45f9-86a8-43c4b7bba366","block_type":"box","text":"is satisfactory.","page_number":231,"box":{"x":176,"y":602,"width":110,"height":12}},{"id":"7d19a9ad-2174-4701-a0dd-59f22d8f44d2","block_type":"box","text":"A-3 A short-term obligation rated ‘A-3’ exhibits adequate protection parameters. However, adverse","page_number":231,"box":{"x":116,"y":624,"width":764,"height":13}},{"id":"3e79fa9d-bd85-4f43-8ad4-87223390ff3e","block_type":"box","text":"economic conditions or changing circumstances are more likely to weaken an obligor’s","page_number":231,"box":{"x":175,"y":640,"width":648,"height":12}},{"id":"d9d080c1-4b39-4960-96e2-baea3969c45a","block_type":"box","text":"capacity to meet its financial commitments on the obligation.","page_number":231,"box":{"x":175,"y":655,"width":453,"height":13}},{"id":"b1a87b8b-8963-46bf-9afa-6504dfd07149","block_type":"box","text":"B A short-term obligation rated ‘B’ is regarded as vulnerable and has significant speculative","page_number":231,"box":{"x":117,"y":678,"width":719,"height":12}},{"id":"55b00934-f950-45e7-9f40-c070ff723459","block_type":"box","text":"characteristics. The obligor currently has the capacity to meet its financial commitments;","page_number":231,"box":{"x":175,"y":693,"width":653,"height":12}},{"id":"87351522-1d8b-4b6a-9aa3-8a98af5fe04c","block_type":"box","text":"however, it faces major ongoing uncertainties that could lead to the obligor’s inadequate","page_number":231,"box":{"x":176,"y":709,"width":652,"height":12}},{"id":"2aeaa764-b9f5-4a6a-bbdc-4b30c60405a9","block_type":"box","text":"capacity to meet its financial commitments.","page_number":231,"box":{"x":175,"y":724,"width":318,"height":12}},{"id":"fe0c151c-2513-4bd0-91bd-6b254377e9bf","block_type":"box","text":"C A short-term obligation rated ‘C’ is currently vulnerable to nonpayment and is dependent upon","page_number":231,"box":{"x":117,"y":747,"width":754,"height":12}},{"id":"5518e3d7-38da-410e-8e91-525d48c0f3e2","block_type":"box","text":"favorable business, financial, and economic conditions for the obligor to meet its financial","page_number":231,"box":{"x":175,"y":762,"width":661,"height":12}},{"id":"62b153eb-b8ff-4fb6-b1b9-cd2d503cb0f0","block_type":"box","text":"commitments on the obligation.","page_number":231,"box":{"x":175,"y":778,"width":231,"height":12}},{"id":"490bd8db-07a4-4ac1-ae94-fbd42b6d490b","block_type":"box","text":"D A short-term obligation rated ‘D’ is in default or in breach of an imputed promise. For","page_number":231,"box":{"x":117,"y":800,"width":684,"height":12}},{"id":"5db192f3-bd02-4cf6-a406-a6d4ae26f813","block_type":"box","text":"non-hybrid capital instruments, the ‘D’ rating category is used when payments on an obligation","page_number":231,"box":{"x":176,"y":815,"width":699,"height":12}},{"id":"3ea31949-75ac-4dc1-8531-8fb867112196","block_type":"box","text":"are not made on the date due, unless S&P believes that such payments will be made within","page_number":231,"box":{"x":175,"y":831,"width":684,"height":12}},{"id":"c80c3b0c-700b-4eea-8871-76ea769fff01","block_type":"box","text":"any stated grace period. However, any stated grace period longer than five business days will","page_number":231,"box":{"x":175,"y":846,"width":700,"height":12}},{"id":"766f2c5e-ee46-4bd6-b1fd-0dd8f9e4ada8","block_type":"box","text":"be treated as five business days. The ‘D’ rating also will be used upon the filing of a bankruptcy","page_number":231,"box":{"x":176,"y":862,"width":711,"height":12}},{"id":"cec736fa-cba3-47fb-8c35-a5f38cb4ee2b","block_type":"box","text":"petition or the taking of a similar action and where default on an obligation is a virtual certainty,","page_number":231,"box":{"x":176,"y":877,"width":706,"height":12}},{"id":"e58880be-b1ce-455f-985e-992c8155cb78","block_type":"box","text":"A-6","page_number":231,"box":{"x":486,"y":909,"width":26,"height":9}},{"id":"8b52bb65-7dac-46d4-8739-9289a6990465","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":231,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"126eda08-d844-4637-bc15-4359a66869b9","block_type":"box","text":"for example due to automatic stay provisions. A rating on an obligation is lowered to ‘D’ if it is","page_number":232,"box":{"x":175,"y":87,"width":695,"height":12}},{"id":"298292f2-e274-4975-8198-c8ce60228227","block_type":"box","text":"subject to a distressed debt restructuring.","page_number":232,"box":{"x":175,"y":103,"width":312,"height":12}},{"id":"a524c8e9-c288-416b-acf4-147cd7f244db","block_type":"box","text":"Description of S&P’s Municipal Short-Term Note Ratings","page_number":232,"box":{"x":117,"y":134,"width":456,"height":12}},{"id":"6b9160a2-b5b2-483f-b044-4b0d9a3b3a0e","block_type":"box","text":"An S&P U.S. municipal note rating reflects S&P’s opinion about the liquidity factors and market access","page_number":232,"box":{"x":116,"y":165,"width":766,"height":12}},{"id":"0e8fa797-dd76-4cd8-8552-99fdd181790f","block_type":"box","text":"risks unique to the notes. Notes due in three years or less will likely receive a note rating. Notes with","page_number":232,"box":{"x":117,"y":180,"width":748,"height":12}},{"id":"abbf384b-2619-42ae-96a6-e972272b31bf","block_type":"box","text":"an original maturity of more than three years will most likely receive a long-term debt rating. In","page_number":232,"box":{"x":116,"y":196,"width":703,"height":12}},{"id":"ff6765b9-d895-49ff-b6e5-1812e71313ff","block_type":"box","text":"determining which type of rating, if any, to assign, S&P’s analysis will review the following","page_number":232,"box":{"x":116,"y":211,"width":668,"height":12}},{"id":"5e8120c5-f28f-40d9-86b6-0488e199ee60","block_type":"box","text":"considerations:","page_number":232,"box":{"x":116,"y":227,"width":118,"height":9}},{"id":"e098390f-da5e-430c-9946-7b53b38e16b7","block_type":"box","text":"• Amortization schedule—the larger the final maturity relative to other maturities, the more likely","page_number":232,"box":{"x":150,"y":258,"width":736,"height":12}},{"id":"def7dfa7-7ba2-48d1-888b-b8164b0037bc","block_type":"box","text":"it will be treated as a note; and","page_number":232,"box":{"x":184,"y":273,"width":232,"height":11}},{"id":"281939d1-aadf-4f13-8143-38bbc745ac49","block_type":"box","text":"• Source of payment—the more dependent the issue is on the market for its refinancing, the","page_number":232,"box":{"x":150,"y":296,"width":709,"height":12}},{"id":"7da97664-1ccf-439c-ba31-68077287466e","block_type":"box","text":"more likely it will be treated as a note.","page_number":232,"box":{"x":184,"y":312,"width":284,"height":12}},{"id":"c3271d2e-e98f-44e3-b746-a527d0c2ac09","block_type":"box","text":"S&P’s municipal short-term note rating symbols are as follows:","page_number":232,"box":{"x":116,"y":343,"width":470,"height":12}},{"id":"edd767fb-6bf1-4d50-94fa-469215922efb","block_type":"box","text":"SP-1 Strong capacity to pay principal and interest. An issue determined to possess a very strong","page_number":232,"box":{"x":116,"y":374,"width":740,"height":12}},{"id":"d98a0b49-e1ec-4b5e-a4ab-357bc51cf803","block_type":"box","text":"capacity to pay debt service is given a plus (+) designation.","page_number":232,"box":{"x":175,"y":389,"width":445,"height":12}},{"id":"5849c82a-395a-458a-97ca-324a773cd7fe","block_type":"box","text":"SP-2 Satisfactory capacity to pay principal and interest, with some vulnerability to adverse financial","page_number":232,"box":{"x":116,"y":413,"width":757,"height":12}},{"id":"ed6454ef-be57-46e4-9a17-2d16820fa1de","block_type":"box","text":"and economic changes over the term of the notes.","page_number":232,"box":{"x":175,"y":428,"width":379,"height":12}},{"id":"d769fe64-25fb-46b7-8e13-5918867028fb","block_type":"box","text":"SP-3 Speculative capacity to pay principal and interest.","page_number":232,"box":{"x":116,"y":451,"width":432,"height":12}},{"id":"6d0372df-9a56-4e7f-9035-2704e16e191f","block_type":"box","text":"D ‘D’ is assigned upon failure to pay the note when due, completion of a distressed debt","page_number":232,"box":{"x":117,"y":475,"width":699,"height":12}},{"id":"b8f65a48-0b43-46ca-b092-503dabe0618e","block_type":"box","text":"restructuring, or the filing of a bankruptcy petition or the taking of similar action and where","page_number":232,"box":{"x":176,"y":490,"width":670,"height":12}},{"id":"1f63a36b-8fb6-4eb6-b444-3a5701dac9a5","block_type":"box","text":"default on an obligation is a virtual certainty, for example due to automatic stay provisions.","page_number":232,"box":{"x":175,"y":506,"width":674,"height":12}},{"id":"df1922d3-6f37-4e45-a736-6bf5fa8bef28","block_type":"box","text":"Description of Fitch Ratings’ (“Fitch’s”) Credit Ratings Scales","page_number":232,"box":{"x":117,"y":537,"width":498,"height":12}},{"id":"4d4a52f7-ce8d-483f-8c2b-2781fdde8b9a","block_type":"box","text":"Fitch Ratings publishes opinions on a variety of scales. The most common of these are credit ratings,","page_number":232,"box":{"x":117,"y":568,"width":756,"height":12}},{"id":"ccc2a6ae-7517-4699-87e7-067f5fecddb3","block_type":"box","text":"but the agency also publishes ratings, scores and other relative opinions relating to financial or","page_number":232,"box":{"x":117,"y":583,"width":706,"height":12}},{"id":"10714ce8-6047-4008-8e6b-0aca764d4a14","block_type":"box","text":"operational strength. For example, Fitch also provides specialized ratings of servicers of residential","page_number":232,"box":{"x":116,"y":599,"width":740,"height":12}},{"id":"5f2b581f-e146-48d4-bf1f-c57c90d959dc","block_type":"box","text":"and commercial mortgages, asset managers and funds. In each case, users should refer to the","page_number":232,"box":{"x":116,"y":614,"width":711,"height":12}},{"id":"ffe2e803-39ef-4ed7-b66a-54de444d5bff","block_type":"box","text":"definitions of each individual scale for guidance on the dimensions of risk covered in each assessment.","page_number":232,"box":{"x":116,"y":630,"width":769,"height":12}},{"id":"fc72c718-13bd-46ac-ba65-6be5aca36d9a","block_type":"box","text":"Fitch’s credit ratings relating to issuers are an opinion on the relative ability of an entity to meet","page_number":232,"box":{"x":117,"y":661,"width":702,"height":12}},{"id":"3de3a57d-e487-4008-9fb1-d29a7d342609","block_type":"box","text":"financial commitments, such as interest, preferred dividends, repayment of principal, insurance claims","page_number":232,"box":{"x":116,"y":676,"width":756,"height":12}},{"id":"1237a837-d8f7-4325-96b9-d52adba06266","block_type":"box","text":"or counterparty obligations. Credit ratings relating to securities and obligations of an issuer can include","page_number":232,"box":{"x":116,"y":692,"width":761,"height":12}},{"id":"14e88e5e-6758-45a4-b8a8-f5e82c329e85","block_type":"box","text":"a recovery expectation. Credit ratings are used by investors as indications of the likelihood of receiving","page_number":232,"box":{"x":116,"y":707,"width":761,"height":12}},{"id":"b3dbd397-4733-43fb-8777-a74f7ab6501c","block_type":"box","text":"the money owed to them in accordance with the terms on which they invested. The agency’s credit","page_number":232,"box":{"x":116,"y":723,"width":733,"height":12}},{"id":"1e52ef36-4873-42d2-8787-458e293056e2","block_type":"box","text":"ratings cover the global spectrum of corporate, sovereign financial, bank, insurance, and public finance","page_number":232,"box":{"x":117,"y":738,"width":763,"height":12}},{"id":"00ea8903-9207-4fe4-9c54-3510d2a00cad","block_type":"box","text":"entities (including supranational and sub-national entities) and the securities or other obligations they","page_number":232,"box":{"x":116,"y":754,"width":749,"height":12}},{"id":"1be39641-4c3f-47fb-8fec-39890da68cf6","block_type":"box","text":"issue, as well as structured finance securities backed by receivables or other financial assets.","page_number":232,"box":{"x":117,"y":769,"width":692,"height":12}},{"id":"8d5356ab-bc05-40ff-bebb-05bb8af9b274","block_type":"box","text":"The terms “investment grade” and “speculative grade” have established themselves over time as","page_number":232,"box":{"x":116,"y":800,"width":718,"height":12}},{"id":"116ad59c-3240-426a-a923-461193df000e","block_type":"box","text":"shorthand to describe the categories ‘AAA’ to ‘BBB’ (investment grade) and ‘BB’ to ‘D’ (speculative","page_number":232,"box":{"x":116,"y":816,"width":732,"height":12}},{"id":"3a5ac6cf-708b-4baa-96ce-53a7dc16616a","block_type":"box","text":"grade). The terms investment grade and speculative grade are market conventions and do not imply","page_number":232,"box":{"x":116,"y":831,"width":749,"height":12}},{"id":"17356966-83c9-4def-9dda-e98151600db1","block_type":"box","text":"any recommendation or endorsement of a specific security for investment purposes. Investment grade","page_number":232,"box":{"x":116,"y":847,"width":764,"height":12}},{"id":"28c251f6-0e05-4948-8b9e-830a6eef9c5f","block_type":"box","text":"categories indicate relatively low to moderate credit risk, while ratings in the speculative categories","page_number":232,"box":{"x":116,"y":862,"width":737,"height":12}},{"id":"4aacfd5e-792f-4005-9feb-241d5bc0d76b","block_type":"box","text":"either signal a higher level of credit risk or that a default has already occurred.","page_number":232,"box":{"x":116,"y":878,"width":584,"height":12}},{"id":"83d967f4-ab71-4b63-9690-c2518a722c54","block_type":"box","text":"A-7","page_number":232,"box":{"x":486,"y":909,"width":26,"height":9}},{"id":"e5c90c81-4c83-4a02-b4f6-87e3a566d0e7","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":232,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"4edc701b-208c-4b44-94f6-ad19d39e2908","block_type":"box","text":"For the convenience of investors, Fitch may also include issues relating to a rated issuer that are not","page_number":233,"box":{"x":117,"y":87,"width":750,"height":12}},{"id":"43c159db-42e2-4ed4-8e9d-175e5a52d8bb","block_type":"box","text":"and have not been rated on its web page. Such issues are also denoted as ‘NR’.","page_number":233,"box":{"x":116,"y":102,"width":603,"height":13}},{"id":"fbb92d9a-e766-407b-8d03-51326b95b546","block_type":"box","text":"Credit ratings express risk in relative rank order, which is to say they are ordinal measures of credit risk","page_number":233,"box":{"x":117,"y":132,"width":770,"height":12}},{"id":"b605536e-4470-40b3-9362-a767c2de9105","block_type":"box","text":"and are not predictive of a specific frequency of default or loss. For information about the historical","page_number":233,"box":{"x":116,"y":147,"width":735,"height":12}},{"id":"f7340570-f2d7-4a4a-be53-429463c6bef8","block_type":"box","text":"performance of ratings please refer to Fitch’s Ratings Transition and Default studies which detail the","page_number":233,"box":{"x":117,"y":163,"width":747,"height":12}},{"id":"0ee5c61b-9edd-4c3d-a186-52ab397becdd","block_type":"box","text":"historical default rates and their meaning. The European Securities and Markets Authority also","page_number":233,"box":{"x":117,"y":178,"width":705,"height":12}},{"id":"ee6c17d1-383e-4f77-96af-a965a905415a","block_type":"box","text":"maintains a central repository of historical default rates.","page_number":233,"box":{"x":117,"y":194,"width":415,"height":12}},{"id":"685e5b81-9417-413d-b3c4-605f952a5175","block_type":"box","text":"Fitch’s credit ratings do not directly address any risk other than credit risk. In particular, ratings do not","page_number":233,"box":{"x":117,"y":223,"width":756,"height":12}},{"id":"279310cd-df50-41a4-9fc8-71ec633ed400","block_type":"box","text":"deal with the risk of a market value loss on a rated security due to changes in interest rates, liquidity","page_number":233,"box":{"x":116,"y":239,"width":747,"height":12}},{"id":"48f1cbc1-6941-48c4-8476-f60c79edb0e2","block_type":"box","text":"and other market considerations. However, in terms of payment obligation on the rated liability, market","page_number":233,"box":{"x":116,"y":254,"width":765,"height":12}},{"id":"2ad150c1-6bd7-4f62-988a-f7a4db9a2542","block_type":"box","text":"risk may be considered to the extent that it influences the ability of an issuer to pay upon a","page_number":233,"box":{"x":117,"y":270,"width":674,"height":12}},{"id":"338756fe-649b-4b7a-80ec-1e861298b3b8","block_type":"box","text":"commitment.","page_number":233,"box":{"x":116,"y":285,"width":101,"height":10}},{"id":"3912cc9c-b899-4927-a43a-f93c59e8c9aa","block_type":"box","text":"Ratings nonetheless do not reflect market risk to the extent that they influence the size or other","page_number":233,"box":{"x":117,"y":314,"width":709,"height":12}},{"id":"d30c73d3-b8bf-4f7f-b1ad-8a37d0e96c8c","block_type":"box","text":"conditionality of the obligation to pay upon a commitment (for example, in the case of index-linked","page_number":233,"box":{"x":116,"y":330,"width":731,"height":12}},{"id":"9e34b3ac-ec03-4b95-b70f-b0210fbc7e95","block_type":"box","text":"bonds).","page_number":233,"box":{"x":117,"y":345,"width":59,"height":12}},{"id":"f804beb0-34cb-4821-8df1-941bdd1572b8","block_type":"box","text":"In the default components of ratings assigned to individual obligations or instruments, the agency","page_number":233,"box":{"x":117,"y":375,"width":725,"height":12}},{"id":"15424b72-d22e-415c-a101-3eb9d282976c","block_type":"box","text":"typically rates to the likelihood of non-payment or default in accordance with the terms of that","page_number":233,"box":{"x":116,"y":390,"width":695,"height":12}},{"id":"d1732f04-facd-4873-872b-17af2a320a81","block_type":"box","text":"instrument’s documentation. In limited cases, Fitch may include additional considerations (i.e. rate to a","page_number":233,"box":{"x":117,"y":406,"width":764,"height":12}},{"id":"7689c8e1-62fd-4541-9ac7-b52e8647980f","block_type":"box","text":"higher or lower standard than that implied in the obligation’s documentation).","page_number":233,"box":{"x":117,"y":421,"width":573,"height":12}},{"id":"c4d7e273-d321-44d3-8fb6-6c9ad249d89e","block_type":"box","text":"The primary credit rating scales can be used to provide a rating of privately issued obligations or","page_number":233,"box":{"x":116,"y":450,"width":719,"height":12}},{"id":"2c5770c0-d9ad-4d53-b763-871ba1a9c789","block_type":"box","text":"certain note issuance programs or for private ratings. In this case the rating is not published, but only","page_number":233,"box":{"x":116,"y":466,"width":753,"height":12}},{"id":"d9aea9e2-3298-423c-b0a4-64ac6e1b4218","block_type":"box","text":"provided to the issuer or its agents in the form of a rating letter.","page_number":233,"box":{"x":117,"y":481,"width":472,"height":12}},{"id":"ed36834a-88ba-4397-82fd-86a1faced6a2","block_type":"box","text":"The primary credit rating scales may also be used to provide ratings for a more narrow scope,","page_number":233,"box":{"x":116,"y":511,"width":702,"height":12}},{"id":"468ebeaa-d8f3-4d5d-8001-7d430c52e974","block_type":"box","text":"including interest strips and return of principal or in other forms of opinions such as credit opinions or","page_number":233,"box":{"x":117,"y":526,"width":751,"height":12}},{"id":"7c0676b2-341c-496b-a342-d7a0f74e592a","block_type":"box","text":"rating assessment services. Credit opinions are either a notch- or category-specific view using the","page_number":233,"box":{"x":117,"y":542,"width":731,"height":12}},{"id":"3056cd95-19c8-42d3-965f-c8d1ef66df90","block_type":"box","text":"primary rating scale and omit one or more characteristics of a full rating or meet them to a different","page_number":233,"box":{"x":117,"y":557,"width":736,"height":12}},{"id":"970142e0-ae47-42d9-9327-cf4ea3a25c00","block_type":"box","text":"standard. Credit opinions will be indicated using a lower case letter symbol combined with either an ‘*’","page_number":233,"box":{"x":116,"y":573,"width":760,"height":12}},{"id":"fb2a000c-e67d-4bee-b2a6-864785ce990e","block_type":"box","text":"(e.g. ‘bbb+*’) or (cat) suffix to denote the opinion status. Credit opinions will be point-in-time typically","page_number":233,"box":{"x":117,"y":588,"width":748,"height":12}},{"id":"b94d998a-d1a5-4a93-b5ef-7bb36f7d7604","block_type":"box","text":"but may be monitored if the analytical group believes information will be sufficiently available. Rating","page_number":233,"box":{"x":117,"y":604,"width":748,"height":12}},{"id":"31235de7-c586-451a-bcb4-d9f8eab4d922","block_type":"box","text":"assessment services are a notch-specific view using the primary rating scale of how an existing or","page_number":233,"box":{"x":116,"y":619,"width":733,"height":12}},{"id":"59f0ee56-b375-4a0e-b4f7-d17b784fa1f0","block_type":"box","text":"potential rating may be changed by a given set of hypothetical circumstances. While credit opinions","page_number":233,"box":{"x":117,"y":635,"width":742,"height":12}},{"id":"6c16a689-2911-4224-b0b0-df45a9e237b6","block_type":"box","text":"and rating assessment services are point-in-time and are not monitored, they may have a directional","page_number":233,"box":{"x":116,"y":650,"width":750,"height":12}},{"id":"f8c7b000-1e3b-4aa5-8feb-31202206f6ce","block_type":"box","text":"watch or outlook assigned, which can signify the trajectory of the credit profile.","page_number":233,"box":{"x":116,"y":666,"width":579,"height":12}},{"id":"d437d162-cfc3-4909-84a3-ef37ba6692ac","block_type":"box","text":"Description of Fitch’s Long-Term Corporate Finance Obligations Rating Scales","page_number":233,"box":{"x":117,"y":695,"width":629,"height":12}},{"id":"9628b187-7939-47f0-8f21-665bc43176cb","block_type":"box","text":"Ratings of individual securities or financial obligations of a corporate issuer address relative","page_number":233,"box":{"x":117,"y":724,"width":677,"height":12}},{"id":"2d858dc3-0975-411b-b848-5aefe8f03ad9","block_type":"box","text":"vulnerability to default on an ordinal scale. In addition, for financial obligations in corporate finance, a","page_number":233,"box":{"x":116,"y":740,"width":746,"height":12}},{"id":"03abfa35-b5ec-4718-87a1-40189c6ab0b6","block_type":"box","text":"measure of recovery given default on that liability is also included in the rating assessment. This","page_number":233,"box":{"x":117,"y":755,"width":711,"height":12}},{"id":"a5f4d336-0621-4127-8a53-a2acdd9370d4","block_type":"box","text":"notably applies to covered bonds ratings, which incorporate both an indication of the probability of","page_number":233,"box":{"x":117,"y":771,"width":725,"height":12}},{"id":"42c09263-8c7f-44d4-b2c8-11aa30f759cb","block_type":"box","text":"default and of the recovery given a default of this debt instrument. On the contrary, Ratings of","page_number":233,"box":{"x":116,"y":786,"width":695,"height":12}},{"id":"e97223a1-8773-4751-b93c-03d83c3bfaae","block_type":"box","text":"debtor-in-possession (“DIP”) obligations incorporate the expectation of full repayment.","page_number":233,"box":{"x":116,"y":802,"width":636,"height":12}},{"id":"0d1e1936-b55c-4e3e-855d-1ceb72c10ee0","block_type":"box","text":"The relationship between the issuer scale and obligation scale assumes a generic historical average","page_number":233,"box":{"x":116,"y":831,"width":750,"height":12}},{"id":"f9dc82a5-5fd3-447d-916e-704cbadab996","block_type":"box","text":"recovery. Individual obligations can be assigned ratings higher, lower, or the same as that entity’s","page_number":233,"box":{"x":117,"y":847,"width":728,"height":12}},{"id":"4f2128a8-6bd5-4834-915f-6e7e60dd14f1","block_type":"box","text":"issuer rating or issuer default rating (“IDR”), based on their relative ranking, relative vulnerability to","page_number":233,"box":{"x":117,"y":862,"width":733,"height":12}},{"id":"747d6519-6706-40e0-bf37-7b539f8c7ce3","block_type":"box","text":"default or based on explicit Recovery Ratings.","page_number":233,"box":{"x":116,"y":877,"width":347,"height":13}},{"id":"cac87f90-f98b-44b4-b065-7f7cd9491a7e","block_type":"box","text":"A-8","page_number":233,"box":{"x":486,"y":909,"width":26,"height":9}},{"id":"a59ec17a-5eee-4930-b7a2-2694727265c1","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":233,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"4a992b72-8d4d-4bdd-b7ba-d63ad4d2ea0f","block_type":"box","text":"As a result, individual obligations of entities, such as corporations, are assigned ratings higher, lower,","page_number":234,"box":{"x":116,"y":87,"width":756,"height":12}},{"id":"a20fdf81-405f-4b0c-b522-bb2d2e9996b1","block_type":"box","text":"or the same as that entity’s issuer rating or IDR, except DIP obligation ratings that are not based off an","page_number":234,"box":{"x":116,"y":102,"width":766,"height":13}},{"id":"8149e6fc-e184-4ce4-81e1-e340395a2f9d","block_type":"box","text":"IDR. At the lower end of the ratings scale, Fitch publishes explicit Recovery Ratings in many cases to","page_number":234,"box":{"x":117,"y":118,"width":756,"height":12}},{"id":"f3aa9352-99cc-488d-a491-20cd01978b93","block_type":"box","text":"complement issuer and obligation ratings.","page_number":234,"box":{"x":116,"y":134,"width":315,"height":12}},{"id":"e4f91bb5-1bdf-46fc-b85a-b8b44c439f1f","block_type":"box","text":"Fitch long-term obligations rating scales are as follows:","page_number":234,"box":{"x":117,"y":165,"width":412,"height":12}},{"id":"dd14c7eb-6fef-4a46-9fbb-cafab7e4a567","block_type":"box","text":"AAA Highest Credit Quality. ‘AAA’ ratings denote the lowest expectation of credit risk. They are","page_number":234,"box":{"x":116,"y":196,"width":731,"height":12}},{"id":"c2638ab6-ad7b-490e-9092-7cf298f9c682","block_type":"box","text":"assigned only in cases of exceptionally strong capacity for payment of financial commitments.","page_number":234,"box":{"x":175,"y":211,"width":700,"height":12}},{"id":"23014ecb-563e-4e91-90aa-81954eb3384e","block_type":"box","text":"This capacity is highly unlikely to be adversely affected by foreseeable events.","page_number":234,"box":{"x":175,"y":227,"width":586,"height":12}},{"id":"b5a68b71-70d6-47b9-b90a-68e68485c292","block_type":"box","text":"AA Very High Credit Quality. ‘AA’ ratings denote expectations of very low credit risk. They indicate","page_number":234,"box":{"x":116,"y":250,"width":765,"height":12}},{"id":"ce7e4048-8797-4cee-b10d-6c8f7c82d037","block_type":"box","text":"very strong capacity for payment of financial commitments. This capacity is not significantly","page_number":234,"box":{"x":175,"y":265,"width":682,"height":12}},{"id":"2a9bc835-d94d-417d-a085-033e8bb59b93","block_type":"box","text":"vulnerable to foreseeable events.","page_number":234,"box":{"x":175,"y":281,"width":252,"height":9}},{"id":"72a70456-5918-4fa9-8f72-70c5c7aaff39","block_type":"box","text":"A High Credit Quality. ‘A’ ratings denote expectations of low credit risk. The capacity for payment","page_number":234,"box":{"x":116,"y":304,"width":767,"height":12}},{"id":"450f1d30-ea57-492e-be9c-53878d21e049","block_type":"box","text":"of financial commitments is considered strong. This capacity may, nevertheless, be more","page_number":234,"box":{"x":175,"y":320,"width":665,"height":12}},{"id":"2e6049f6-c7e9-4b6e-81f7-6ebf2e47f827","block_type":"box","text":"vulnerable to adverse business or economic conditions than is the case for higher ratings.","page_number":234,"box":{"x":175,"y":335,"width":671,"height":12}},{"id":"5290320c-0157-4c6e-a91a-52572447109e","block_type":"box","text":"BBB Good Credit Quality. ‘BBB’ ratings indicate that expectations of credit risk are currently low.","page_number":234,"box":{"x":117,"y":358,"width":739,"height":12}},{"id":"889d25d2-c715-48bc-932a-be9401018b2a","block_type":"box","text":"The capacity for payment of financial commitments is considered adequate, but adverse","page_number":234,"box":{"x":175,"y":374,"width":659,"height":12}},{"id":"73ce4d83-4234-4c07-82cb-5084cb12bcf7","block_type":"box","text":"business or economic conditions are more likely to impair this capacity.","page_number":234,"box":{"x":176,"y":389,"width":532,"height":12}},{"id":"2053a13a-0b24-4491-b8a1-1b5911f72f14","block_type":"box","text":"BB Speculative. ‘BB’ ratings indicate an elevated vulnerability to credit risk, particularly in the event","page_number":234,"box":{"x":117,"y":413,"width":769,"height":12}},{"id":"89c16571-1681-4995-8a05-9bd0d9f70303","block_type":"box","text":"of adverse changes in business or economic conditions over time; however, business or","page_number":234,"box":{"x":175,"y":428,"width":659,"height":12}},{"id":"ab36d2df-9dc1-4dbe-be17-d70a7d433c91","block_type":"box","text":"financial alternatives may be available to allow financial commitments to be met.","page_number":234,"box":{"x":175,"y":444,"width":600,"height":12}},{"id":"42858c46-c2e0-496e-9b18-b8cc7fe06d4a","block_type":"box","text":"B Highly Speculative. ‘B’ ratings indicate that material credit risk is present.","page_number":234,"box":{"x":117,"y":467,"width":603,"height":12}},{"id":"b998514a-5c6b-4ed4-8524-5642512e4796","block_type":"box","text":"CCC Substantial Credit Risk. ‘CCC’ ratings indicate that substantial credit risk is present.","page_number":234,"box":{"x":117,"y":490,"width":681,"height":12}},{"id":"385ccf47-3a49-41eb-9078-8a149d9e2267","block_type":"box","text":"CC Very High Levels of Credit Risk. ‘CC’ ratings indicate very high levels of credit risk.","page_number":234,"box":{"x":117,"y":513,"width":675,"height":12}},{"id":"29ae6da5-5f35-443e-ad68-57a277c4d147","block_type":"box","text":"C Exceptionally High Levels of Credit Risk. ‘C’ indicates exceptionally high levels of credit risk.","page_number":234,"box":{"x":117,"y":537,"width":746,"height":12}},{"id":"b7447c64-0f36-43d1-aa1a-d8c8ced6fe3c","block_type":"box","text":"Within rating categories, Fitch may use modifiers. The modifiers “+” or “-” may be appended to a rating","page_number":234,"box":{"x":116,"y":568,"width":765,"height":12}},{"id":"5e2ca875-9c05-4bbe-80e5-beeaa8373e81","block_type":"box","text":"to denote relative status within major rating categories.","page_number":234,"box":{"x":116,"y":583,"width":411,"height":12}},{"id":"ed26e03c-7221-4daa-ae76-61a3cdf0229e","block_type":"box","text":"For example, the rating category ‘AA’ has three notch-specific rating levels (‘AA+’; ‘AA’; ‘AA–’; each a","page_number":234,"box":{"x":117,"y":614,"width":755,"height":12}},{"id":"e7b29ea1-752f-4f38-b124-cf7246d44363","block_type":"box","text":"rating level). Such suffixes are not added to ‘AAA’ ratings and ratings below the ‘CCC’ category. For","page_number":234,"box":{"x":117,"y":630,"width":745,"height":12}},{"id":"4971d1c9-6774-4112-94bd-b0557a261f25","block_type":"box","text":"the short-term rating category of ‘F1’, a ‘+’ may be appended.","page_number":234,"box":{"x":116,"y":645,"width":461,"height":12}},{"id":"45621960-90fa-4bfa-971f-3c02922fd4c7","block_type":"box","text":"Description of Fitch’s Short-Term Ratings Assigned to Issuers and Obligations","page_number":234,"box":{"x":117,"y":676,"width":629,"height":12}},{"id":"f65d33c3-8198-4ca1-93c8-c91650807c09","block_type":"box","text":"A short-term issuer or obligation rating is based in all cases on the short-term vulnerability to default of","page_number":234,"box":{"x":116,"y":707,"width":760,"height":12}},{"id":"08c89265-0a59-4935-977e-88b56c4f08d5","block_type":"box","text":"the rated entity and relates to the capacity to meet financial obligations in accordance with the","page_number":234,"box":{"x":116,"y":723,"width":696,"height":12}},{"id":"f1a65ed2-ebd4-4fad-9686-2794d9d571a1","block_type":"box","text":"documentation governing the relevant obligation. Short-term deposit ratings may be adjusted for loss","page_number":234,"box":{"x":116,"y":738,"width":748,"height":12}},{"id":"9114174c-3267-4462-b40e-0dce75c7f249","block_type":"box","text":"severity. Short-term ratings are assigned to obligations whose initial maturity is viewed as “short term”","page_number":234,"box":{"x":116,"y":754,"width":755,"height":12}},{"id":"065437ba-0b4c-48cb-8df1-ba815ab2efdb","block_type":"box","text":"based on market convention. 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in","page_number":236,"box":{"x":116,"y":492,"width":765,"height":12}},{"id":"87817dd7-cfeb-4ca7-b335-9f80731b2355","block_type":"box","text":"the best interests of the Funds and their shareholders to delegate the responsibility to vote proxies to","page_number":236,"box":{"x":116,"y":507,"width":754,"height":12}},{"id":"4e69a862-fb6b-43ce-8fed-2c3a587d66ca","block_type":"box","text":"BlackRock, subject to the principles outlined in this Policy, as part of BlackRock’s authority to manage,","page_number":236,"box":{"x":117,"y":523,"width":764,"height":12}},{"id":"d372d9d2-aa66-4c9b-8136-17b1a0e352ca","block_type":"box","text":"acquire and dispose of account assets, all as contemplated by the Funds’ respective investment","page_number":236,"box":{"x":116,"y":538,"width":718,"height":12}},{"id":"b68b36c0-83bc-46bb-8288-beb09e617d34","block_type":"box","text":"management 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The Guidelines include “climate and decarbonization”","page_number":236,"box":{"x":117,"y":615,"width":741,"height":12}},{"id":"08022aeb-06d7-41dd-b31b-399e09740423","block_type":"box","text":"guidelines which apply to the Funds listed in Appendix A, if any.","page_number":236,"box":{"x":116,"y":631,"width":477,"height":12}},{"id":"6dd10b2e-f003-4de0-b162-c5540938dd97","block_type":"box","text":"BlackRock will cast votes on behalf of each of the Funds covered by this policy on specific proxy","page_number":236,"box":{"x":117,"y":661,"width":714,"height":12}},{"id":"2932f133-6b8e-43f1-a652-248b3d8357bf","block_type":"box","text":"issues in respect of securities held by each such Fund (or may refrain from voting) in accordance with","page_number":236,"box":{"x":117,"y":677,"width":753,"height":12}},{"id":"b72e577f-b67c-43bc-bed5-4202aec56da4","block_type":"box","text":"the Guidelines.","page_number":236,"box":{"x":116,"y":692,"width":110,"height":10}},{"id":"820e5460-4f47-4b92-a726-1b74da8acee5","block_type":"box","text":"Conflicts Management","page_number":236,"box":{"x":116,"y":723,"width":179,"height":12}},{"id":"9178fadc-3f97-49ba-aea4-251108d8f7c2","block_type":"box","text":"BlackRock Active Investment Stewardship (“BAIS”) maintains policies and procedures that seek to","page_number":236,"box":{"x":117,"y":753,"width":729,"height":12}},{"id":"fb3fa206-57e6-4b16-b9c6-3c57862bff3b","block_type":"box","text":"prevent undue influence on BlackRock’s proxy voting activity and to mitigate material conflicts of","page_number":236,"box":{"x":117,"y":769,"width":714,"height":12}},{"id":"6e1e25cc-8ce1-4cf6-9c36-7d89520720fc","block_type":"box","text":"interest in the exercise of proxy voting responsibilities. Potential material conflicts, and the resultant","page_number":236,"box":{"x":117,"y":784,"width":736,"height":12}},{"id":"f435e0f2-d365-4719-9998-35bedffc447f","block_type":"box","text":"potential for undue influence, might be due to a relationship between the investee company (or any","page_number":236,"box":{"x":117,"y":800,"width":734,"height":12}},{"id":"fd95eab2-5c6e-4e10-93ff-e63ead2c1c75","block_type":"box","text":"shareholder proponent or dissident shareholder) and BlackRock, BlackRock’s affiliates or employees,","page_number":236,"box":{"x":116,"y":815,"width":752,"height":12}},{"id":"661e618b-4fdc-438e-92af-30e2a35bbf3a","block_type":"box","text":"or a Fund or a Fund’s affiliates. BlackRock has taken certain steps to mitigate potential conflicts, which","page_number":236,"box":{"x":116,"y":831,"width":767,"height":12}},{"id":"796f99c4-9e2b-453e-b49d-02b19b73d02b","block_type":"box","text":"are outlined in detail in the Guidelines. In mitigating conflicts, BAIS will adhere to the Guidelines.","page_number":236,"box":{"x":116,"y":846,"width":719,"height":12}},{"id":"d7e31220-b8b4-4c95-8e96-d1efd066f491","block_type":"box","text":"BlackRock","page_number":236,"box":{"x":117,"y":878,"width":89,"height":9}},{"id":"16ab101d-bcf4-46b8-8316-67c1cd1691f2","block_type":"box","text":"Public Page 1 of 3","page_number":236,"box":{"x":488,"y":878,"width":400,"height":12}},{"id":"76be65f5-6f57-4807-915c-c3d493dce2ad","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":236,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"16124c9a-2b12-4da5-bdb9-891867a65b7d","block_type":"box","text":"Open-End Active and Fixed Income Index Fund Proxy Voting Policy","page_number":237,"box":{"x":380,"y":87,"width":508,"height":12}},{"id":"523f754c-83dc-46ac-8f44-3e3408630026","block_type":"box","text":"In certain instances, BAIS will engage an independent third-party voting service provider to make proxy","page_number":237,"box":{"x":117,"y":118,"width":770,"height":12}},{"id":"c80b33a0-5aae-4ba8-967e-17a5f766353d","block_type":"box","text":"voting recommendations as a further safeguard to avoid potential conflicts of interest, to satisfy","page_number":237,"box":{"x":116,"y":134,"width":709,"height":12}},{"id":"293ef667-bd13-41ac-9432-9fab684fd3d0","block_type":"box","text":"regulatory compliance requirements, or as may be otherwise required by applicable law.","page_number":237,"box":{"x":117,"y":149,"width":658,"height":12}},{"id":"793f0a69-5e9e-43a1-8bb6-49897b3fd5ef","block_type":"box","text":"With respect to the relationship between securities lending and proxy voting, shares on loan cannot be","page_number":237,"box":{"x":116,"y":180,"width":765,"height":12}},{"id":"56e1dc45-adbc-4092-9bf9-8b15699d22ec","block_type":"box","text":"voted and BlackRock may determine to recall them for voting, as guided by BlackRock’s fiduciary","page_number":237,"box":{"x":116,"y":196,"width":727,"height":12}},{"id":"43d13f00-edaf-4fd5-8be1-d5fede88ce1f","block_type":"box","text":"responsibility to act in clients’ financial interests. The Guidelines set forth BlackRock’s approach to","page_number":237,"box":{"x":117,"y":211,"width":733,"height":12}},{"id":"f96ceff8-58f7-4cfc-9b34-d0c89831f516","block_type":"box","text":"recalling securities on loan in connection with proxy voting.","page_number":237,"box":{"x":117,"y":227,"width":440,"height":12}},{"id":"69b93d0b-e897-4741-a679-2c7f6904fbba","block_type":"box","text":"Reports to the Board","page_number":237,"box":{"x":117,"y":258,"width":171,"height":11}},{"id":"21818362-ec88-4d06-84bd-9b5533051113","block_type":"box","text":"BlackRock will report on an annual basis to the Directors on (1) a summary of the proxy voting process","page_number":237,"box":{"x":117,"y":289,"width":767,"height":12}},{"id":"b2bc144a-ed2e-4b5a-bb24-bcb9ad05032c","block_type":"box","text":"as applicable to the Funds covered by this policy in the preceding year together with a representation","page_number":237,"box":{"x":116,"y":304,"width":756,"height":12}},{"id":"c6f07c71-20f5-43e2-aa62-1f59f2ff59ab","block_type":"box","text":"that all votes were in accordance with the Guidelines and (2) any material changes to the Guidelines,","page_number":237,"box":{"x":116,"y":320,"width":755,"height":12}},{"id":"2b7296a4-f5b2-4383-9c68-5443b67b1afa","block_type":"box","text":"including material changes to conflicts management practices, that have not previously been reported.","page_number":237,"box":{"x":117,"y":335,"width":763,"height":12}},{"id":"bd10af48-f978-4c74-b966-378fae340b63","block_type":"box","text":"BlackRock","page_number":237,"box":{"x":117,"y":878,"width":89,"height":9}},{"id":"df2d7453-a9f9-4779-86f7-af76e7174191","block_type":"box","text":"Public Page 2 of 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We are committed to building strong relationships through","page_number":242,"box":{"x":117,"y":287,"width":736,"height":12}},{"id":"c6033518-5630-4c3c-ad4c-5bc50dd07aa1","block_type":"box","text":"constructive, ongoing dialogue with the boards and executive management of the companies in which","page_number":242,"box":{"x":116,"y":303,"width":760,"height":12}},{"id":"ee6a296a-f033-4dc4-b2a2-d39f99b1cdf5","block_type":"box","text":"our clients are invested.","page_number":242,"box":{"x":116,"y":318,"width":182,"height":10}},{"id":"922456ac-2919-4595-a109-cd4c9dfccee2","block_type":"box","text":"ABOUT BLACKROCK ACTIVE INVESTMENT STEWARDSHIP","page_number":242,"box":{"x":259,"y":356,"width":486,"height":9}},{"id":"bcdd07eb-3f60-4fdc-aa1b-d59e075134dc","block_type":"box","text":"BlackRock Active Investment Stewardship (BAIS) is a specialist team within the Portfolio Management","page_number":242,"box":{"x":117,"y":386,"width":764,"height":12}},{"id":"9a707d91-07c6-47ce-97de-38da132ff069","block_type":"box","text":"Group and manages BlackRock’s stewardship engagement and voting on behalf of clients invested in","page_number":242,"box":{"x":117,"y":402,"width":758,"height":12}},{"id":"3e8b5515-74ec-4f94-8ef9-eb7b23754f70","block_type":"box","text":"active strategies globally. BAIS is also responsible for engagement with issuers in index fixed income","page_number":242,"box":{"x":116,"y":417,"width":755,"height":12}},{"id":"ef036ab6-72ed-4830-8d76-f518b22def86","block_type":"box","text":"strategies, where appropriate. Our activities are informed by these Global Engagement and Voting","page_number":242,"box":{"x":116,"y":433,"width":735,"height":12}},{"id":"7e66d2b3-bd97-4a01-9efb-3330ee8b8e89","block_type":"box","text":"Guidelines (the “Guidelines”) and insights from active investment analysts and portfolio managers, with","page_number":242,"box":{"x":117,"y":448,"width":768,"height":12}},{"id":"e3864e76-7a3b-405a-9fd6-6dd652cc2f3e","block_type":"box","text":"whom we work closely in engaging companies and voting at shareholder meetings.","page_number":242,"box":{"x":116,"y":464,"width":622,"height":12}},{"id":"0184901d-5b5d-4bab-8f67-e9719ae2879b","block_type":"box","text":"Engagement with public companies is the foundation of our approach to stewardship within","page_number":242,"box":{"x":117,"y":494,"width":680,"height":12}},{"id":"106324e7-7909-470d-b298-aff9f46c4243","block_type":"box","text":"fundamental active investing.","page_number":242,"box":{"x":116,"y":509,"width":215,"height":13}},{"id":"9d51269b-45c3-4f47-811f-9ceaa3a31e39","block_type":"box","text":"3","page_number":242,"box":{"x":333,"y":510,"width":5,"height":6}},{"id":"e75989ec-1102-4313-b3bf-54ba29ebd36e","block_type":"box","text":"Through direct dialogue with company leadership, we seek to","page_number":242,"box":{"x":339,"y":510,"width":466,"height":12}},{"id":"19877c4b-1df3-449d-a014-088b4fa79915","block_type":"box","text":"understand their businesses and how they manage risks and opportunities to deliver durable, risk","page_number":242,"box":{"x":117,"y":525,"width":727,"height":12}},{"id":"2bbe48d7-0bb4-4b1f-9ebc-8e91b0bf8796","block_type":"box","text":"adjusted financial returns. Portfolio managers and stewardship specialists may engage jointly or","page_number":242,"box":{"x":116,"y":540,"width":716,"height":13}},{"id":"c7cf203a-706c-41db-b37e-9ab89cff6c57","block_type":"box","text":"independently on material corporate governance matters. Our discussions focus on topics relevant to a","page_number":242,"box":{"x":117,"y":556,"width":769,"height":12}},{"id":"edbced03-ece0-4a8d-a57d-2d24a97b848a","block_type":"box","text":"company’s success over time, including governance and leadership, corporate strategy, capital","page_number":242,"box":{"x":116,"y":572,"width":711,"height":12}},{"id":"19d917da-1942-48f2-acb9-ddf8192cd560","block_type":"box","text":"structure and financial performance, operations and material sustainability-related risks, as well as","page_number":242,"box":{"x":116,"y":587,"width":734,"height":12}},{"id":"23f14fdf-2d7b-4831-9e6f-8ea604611209","block_type":"box","text":"macro-economic, geopolitical and sector dynamics. We aim to be constructive investors and are","page_number":242,"box":{"x":117,"y":603,"width":717,"height":12}},{"id":"7f4e4190-8fd5-41e6-84e5-0ff77ab6911d","block_type":"box","text":"generally supportive of management teams that have a track record of financial value creation. We aim","page_number":242,"box":{"x":116,"y":618,"width":770,"height":12}},{"id":"2afd45f8-522a-44f1-a02c-80df665322e6","block_type":"box","text":"to build and maintain strong relationships with company leadership based on open dialogue and","page_number":242,"box":{"x":116,"y":634,"width":717,"height":12}},{"id":"7597bc8d-050d-4490-8832-d558e74778f9","block_type":"box","text":"mutual respect.","page_number":242,"box":{"x":117,"y":649,"width":118,"height":12}},{"id":"73878922-cd02-4c99-a2a1-89f7ab4c3200","block_type":"box","text":"Different active equity strategies may implement these voting guidelines differently, as a result of the","page_number":242,"box":{"x":117,"y":679,"width":744,"height":12}},{"id":"01e3df60-3e30-4b4b-9a00-d99892bea387","block_type":"box","text":"latitude each portfolio manager has to make independent voting decisions on their holdings. For","page_number":242,"box":{"x":117,"y":695,"width":711,"height":12}},{"id":"e393b0a2-08a0-4d0d-9f55-0040c2d56d5d","block_type":"box","text":"example, BAIS will generally vote the holdings in Systematic Active Equity portfolios in accordance","page_number":242,"box":{"x":116,"y":710,"width":732,"height":12}},{"id":"173c981d-d61c-400c-bc6e-8940b019aad0","block_type":"box","text":"with these guidelines. We provide voting recommendations to fundamental equity portfolio managers,","page_number":242,"box":{"x":116,"y":726,"width":751,"height":12}},{"id":"ba062006-3e24-4f3d-adc0-f09924280d07","block_type":"box","text":"who may determine to vote differently based on each portfolio’s investment objectives and strategy.","page_number":242,"box":{"x":116,"y":741,"width":737,"height":12}},{"id":"425cc2a4-c245-41e2-82b0-4a26d25fece9","block_type":"box","text":"These guidelines discuss BAIS’ views on corporate governance topics on which we may engage with","page_number":242,"box":{"x":116,"y":772,"width":749,"height":12}},{"id":"536ffef8-5d2d-473a-b391-59da41232e33","block_type":"box","text":"management teams and board directors","page_number":242,"box":{"x":117,"y":787,"width":297,"height":12}},{"id":"aa448771-b59c-4a42-8e9c-64c221c7b95d","block_type":"box","text":"4","page_number":242,"box":{"x":414,"y":787,"width":6,"height":6}},{"id":"9b7ca941-e44f-4dc9-b115-12489a548471","block_type":"box","text":"and on matters that routinely come to a shareholder vote. We","page_number":242,"box":{"x":424,"y":787,"width":456,"height":12}},{"id":"3a661492-1a92-4f9a-9b17-e899597560b3","block_type":"box","text":"3","page_number":242,"box":{"x":143,"y":812,"width":4,"height":5}},{"id":"fac8a859-aa00-4f23-9b10-5b5014096439","block_type":"box","text":"On February 11, 2025, the U.S. Securities and Exchange Commission (SEC) staff issued updated guidance for","page_number":242,"box":{"x":170,"y":812,"width":660,"height":10}},{"id":"4355b30b-594f-406d-8e06-ebd548294879","block_type":"box","text":"shareholders to maintain their eligibility to report their beneficial ownership under Schedule 13G of the Exchange Act.","page_number":242,"box":{"x":170,"y":825,"width":695,"height":10}},{"id":"25a3cbe7-946c-4eab-923d-cab70b9b4b26","block_type":"box","text":"We comply fully with these requirements and do not engage with portfolio companies for the purpose, or with the effect,","page_number":242,"box":{"x":170,"y":838,"width":707,"height":10}},{"id":"5b5e43b3-1d0e-41a3-a1cb-e251a09de96a","block_type":"box","text":"of changing or influencing control of the company.","page_number":242,"box":{"x":170,"y":851,"width":295,"height":10}},{"id":"9f086d82-fdd4-43c2-b6be-d1ec89a31257","block_type":"box","text":"4","page_number":242,"box":{"x":143,"y":867,"width":4,"height":4}},{"id":"9c53d233-259b-423d-b641-dff327d86e92","block_type":"box","text":"References to the board, board directors or non-executive directors should be understood to include supervisory boards","page_number":242,"box":{"x":171,"y":866,"width":710,"height":10}},{"id":"9b261b3a-c3e6-470b-a654-5305dee3171e","block_type":"box","text":"and their members, where relevant.","page_number":242,"box":{"x":170,"y":879,"width":210,"height":9}},{"id":"bb3d38c8-9daf-44be-83b7-2d9077b91320","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":242,"box":{"x":117,"y":909,"width":338,"height":12}},{"id":"5bc87f21-0e43-4dd2-a894-a76069941393","block_type":"box","text":"Global Engagement and Voting Guidelines |","page_number":242,"box":{"x":539,"y":909,"width":324,"height":12}},{"id":"0f9980c2-e370-40d1-9b69-95b206a762a9","block_type":"box","text":"4","page_number":242,"box":{"x":874,"y":909,"width":9,"height":9}},{"id":"0d0963a1-3e89-4001-8384-ebf9c8240610","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":242,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"1bfe7f35-bc48-4f03-9341-c8afd1d0f373","block_type":"box","text":"recognize that accepted corporate governance norms can differ across markets, and believe these","page_number":243,"box":{"x":117,"y":87,"width":736,"height":12}},{"id":"89d8de59-4998-4b06-94f7-8c52fb2806b5","block_type":"box","text":"guidelines represent globally applicable elements of governance that support a company’s ability to","page_number":243,"box":{"x":116,"y":102,"width":741,"height":13}},{"id":"98f3ccc2-3ce9-4a89-9b4c-2ac8b15f89b3","block_type":"box","text":"manage material risks and opportunities and deliver financial returns to investors. Generally, we","page_number":243,"box":{"x":117,"y":118,"width":715,"height":12}},{"id":"cc9eb4c2-f851-4002-a4d7-12629ad89db9","block_type":"box","text":"believe companies should observe accepted corporate governance norms within their local markets or,","page_number":243,"box":{"x":117,"y":134,"width":768,"height":12}},{"id":"9c01a25b-a4ed-4783-b029-f77482b99d47","block_type":"box","text":"particularly in markets without well-established norms, aspire to widely recognized international best","page_number":243,"box":{"x":117,"y":149,"width":746,"height":12}},{"id":"49a6fca0-05ba-4e86-9405-90530b4a0a87","block_type":"box","text":"practices. As one of many minority shareholders, BlackRock cannot – and does not try to – direct a","page_number":243,"box":{"x":117,"y":165,"width":739,"height":12}},{"id":"a9191461-2da9-4671-bf97-f393b82c2ac0","block_type":"box","text":"company’s strategy or its implementation. We look to companies to provide disclosures that explain","page_number":243,"box":{"x":116,"y":180,"width":743,"height":12}},{"id":"3ff973ab-becd-474c-a2b9-08bf45143867","block_type":"box","text":"how their approach to corporate governance best aligns with the financial interests of their investors.","page_number":243,"box":{"x":117,"y":196,"width":749,"height":12}},{"id":"7b2826d9-8a33-4c89-9c6f-81d8e3a4a305","block_type":"box","text":"OUR APPROACH TO STEWARDSHIP WITHIN ACTIVE EQUITIES","page_number":243,"box":{"x":246,"y":234,"width":513,"height":11}},{"id":"3b023f97-0f4c-4c66-ba6e-b725c11a7f11","block_type":"box","text":"Voting at a company’s shareholder meeting is a right of share ownership and a core principle of","page_number":243,"box":{"x":116,"y":265,"width":713,"height":12}},{"id":"5eaa5443-a6ac-460e-a55d-646c15210c73","block_type":"box","text":"corporate governance. The voting rights attached to clients’ holdings are an important mechanism for","page_number":243,"box":{"x":116,"y":281,"width":756,"height":12}},{"id":"dc6da83a-6103-478a-b041-92fff0482810","block_type":"box","text":"investors to express support for, or concern about, a company’s performance. As a fiduciary,","page_number":243,"box":{"x":117,"y":296,"width":692,"height":12}},{"id":"29a947d7-1353-4d4f-aa30-ee34d9a534f7","block_type":"box","text":"BlackRock is legally required to make proxy voting determinations, on behalf of clients who have","page_number":243,"box":{"x":117,"y":312,"width":720,"height":12}},{"id":"b97d5000-0164-459f-bc5d-02af2a5e3a7f","block_type":"box","text":"delegated voting authority to us, in a manner consistent with BlackRock’s contractual arrangements","page_number":243,"box":{"x":116,"y":327,"width":743,"height":12}},{"id":"ec4e74c0-6c2b-43c9-a4a7-6d3c630b1eaf","block_type":"box","text":"with clients and funds.","page_number":243,"box":{"x":116,"y":343,"width":170,"height":9}},{"id":"5c853b7b-8137-4566-a513-71301ee310b6","block_type":"box","text":"In general, we tend to support the recommendations of the board of directors and management. As","page_number":243,"box":{"x":117,"y":374,"width":740,"height":12}},{"id":"6575c726-08b4-4a67-a674-1b91302b0fad","block_type":"box","text":"indicated below, we may vote against management recommendations when we have concerns about","page_number":243,"box":{"x":117,"y":389,"width":755,"height":12}},{"id":"f777be16-f6d8-4d44-9173-5f81bd0c0bd0","block_type":"box","text":"how companies are serving the financial interests of our clients as their shareholders. BAIS takes a","page_number":243,"box":{"x":117,"y":405,"width":740,"height":12}},{"id":"afca774f-cd38-4dba-9a64-64ea86a3b8dc","block_type":"box","text":"globally consistent approach to voting but considers the different corporate governance regulations and","page_number":243,"box":{"x":116,"y":420,"width":772,"height":12}},{"id":"8951bfa0-60f8-4c66-881f-f150cf0a60d7","block_type":"box","text":"norms across markets. Votes are determined on a case-by-case basis, in the context of a company’s","page_number":243,"box":{"x":117,"y":436,"width":753,"height":12}},{"id":"ddb391bf-4140-45ec-af30-4c70f3b9164b","block_type":"box","text":"situation and the investment mandate we have from clients. Please see page 19 for more information","page_number":243,"box":{"x":116,"y":451,"width":756,"height":12}},{"id":"b2e5fa08-aa26-4599-8aaa-0e6b5574206d","block_type":"box","text":"about how we fulfill and oversee our investment stewardship responsibilities for BlackRock’s non-index","page_number":243,"box":{"x":116,"y":467,"width":768,"height":12}},{"id":"dbeef4aa-d6b4-4745-b5c0-80cf34bedb98","block_type":"box","text":"equity strategies.","page_number":243,"box":{"x":116,"y":482,"width":125,"height":12}},{"id":"3a4408d8-d379-4cad-b587-d34127a9f10f","block_type":"box","text":"5","page_number":243,"box":{"x":243,"y":483,"width":6,"height":6}},{"id":"d6413256-37ce-47a3-94d5-aa1074a059db","block_type":"box","text":"OUR APPROACH TO STEWARDSHIP WITHIN FIXED INCOME","page_number":243,"box":{"x":257,"y":521,"width":490,"height":10}},{"id":"3af40aa9-f099-4795-a950-fc6925bdd2a2","block_type":"box","text":"Although fixed income investors do not have the right to vote at shareholder meetings, issuer","page_number":243,"box":{"x":116,"y":552,"width":695,"height":12}},{"id":"afdf72af-e65b-4df7-9620-0b61db52c67b","block_type":"box","text":"engagement is a component of fixed income investment strategies at BlackRock, particularly for those","page_number":243,"box":{"x":116,"y":568,"width":762,"height":12}},{"id":"ad548507-fb58-46e3-a6bb-d4f0427f40a6","block_type":"box","text":"with sustainability objectives in addition to financial objectives. Most corporate governance-related","page_number":243,"box":{"x":116,"y":583,"width":732,"height":12}},{"id":"65d37e9e-a86f-4ae1-beaf-d376e59b9449","block_type":"box","text":"fixed income engagements are undertaken in conjunction with the active investment stewardship team,","page_number":243,"box":{"x":116,"y":599,"width":770,"height":12}},{"id":"01d6ca38-3d73-41c7-87ab-588d03e3caa4","block_type":"box","text":"and often active equity investors. In addition to the topics listed below, engagement with fixed income","page_number":243,"box":{"x":116,"y":614,"width":757,"height":12}},{"id":"921e4d1d-f287-4832-bb76-aa0697725d30","block_type":"box","text":"investment teams may help inform an issuer’s approach to structuring specialist issuances and the","page_number":243,"box":{"x":117,"y":630,"width":736,"height":12}},{"id":"959d2095-e02d-4bd6-8784-07604801a050","block_type":"box","text":"standard terms and information in bond documentation.","page_number":243,"box":{"x":116,"y":645,"width":417,"height":10}},{"id":"078f499d-a1ea-43ea-a880-d0269501afb9","block_type":"box","text":"BOARDS OF DIRECTORS","page_number":243,"box":{"x":398,"y":684,"width":203,"height":9}},{"id":"9c928e6d-c94b-446b-85a3-2a604c9c97d8","block_type":"box","text":"Roles and responsibilities","page_number":243,"box":{"x":117,"y":715,"width":207,"height":12}},{"id":"6cf73f95-049b-49d2-8ab0-a95aa847bf83","block_type":"box","text":"There is widespread consensus that the foundation of good corporate governance is an effective board","page_number":243,"box":{"x":116,"y":746,"width":764,"height":12}},{"id":"2a03f222-2b46-4378-aa34-66c6d4baf6f8","block_type":"box","text":"of directors that is able to advise and supervise management in an independent and objective","page_number":243,"box":{"x":116,"y":761,"width":695,"height":13}},{"id":"1d160dd2-2131-4650-a2fc-ec67635598f4","block_type":"box","text":"manner.","page_number":243,"box":{"x":117,"y":779,"width":59,"height":7}},{"id":"168956e4-0f3b-41c0-9fb9-d863c8b47e6b","block_type":"box","text":"6","page_number":243,"box":{"x":178,"y":777,"width":5,"height":6}},{"id":"d08cd4a0-d979-414e-bdcc-ff9f83ba6083","block_type":"box","text":"5","page_number":243,"box":{"x":143,"y":826,"width":4,"height":4}},{"id":"6967ce1f-f833-4c07-8685-c68fe9a9a886","block_type":"box","text":"Non-index equity strategies include active equity holdings in BlackRock’s fundamental equity, systematic equity and","page_number":243,"box":{"x":171,"y":825,"width":685,"height":10}},{"id":"327b8cf2-1132-4c38-8b1c-43477883945d","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":243,"box":{"x":170,"y":838,"width":678,"height":10}},{"id":"661cb537-10f6-4821-ac09-cb62f1b75414","block_type":"box","text":"extent those strategies hold voting securities or conduct issuer engagements.","page_number":243,"box":{"x":170,"y":851,"width":458,"height":10}},{"id":"4693382e-22c0-40c9-be5f-19879e2e1852","block_type":"box","text":"6","page_number":243,"box":{"x":143,"y":867,"width":4,"height":5}},{"id":"f8dc61ca-2275-4293-a5e4-7250e01f7535","block_type":"box","text":"See the Corporate Governance Codes of Germany, Japan, and the UK, as well as the corporate governance principles","page_number":243,"box":{"x":170,"y":867,"width":706,"height":9}},{"id":"d9176f21-94bc-4f94-bc0d-493c40243802","block_type":"box","text":"of the US Business Roundtable as examples.","page_number":243,"box":{"x":170,"y":880,"width":268,"height":9}},{"id":"250e922e-ae4e-4076-b62c-f3ab3dd6da9b","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":243,"box":{"x":117,"y":909,"width":338,"height":12}},{"id":"b5617246-7ea0-4543-89b3-1d4e32b51ea0","block_type":"box","text":"Global Engagement and Voting Guidelines |","page_number":243,"box":{"x":539,"y":909,"width":324,"height":12}},{"id":"7ff37709-1b27-4514-b3ce-22168a500f96","block_type":"box","text":"5","page_number":243,"box":{"x":875,"y":909,"width":8,"height":9}},{"id":"ff55d13a-726e-4c60-a662-9c877b8dc647","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":243,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"19882ffe-4090-4017-a7a4-f9ee6cd2cbfe","block_type":"box","text":"We look to the board of directors (hereafter the “board”) to have an oversight role in the establishment","page_number":244,"box":{"x":116,"y":87,"width":762,"height":12}},{"id":"7333422a-62a8-4e9a-a17d-67f57f48f050","block_type":"box","text":"and realization of a company’s strategy, purpose and culture. These constructs are interdependent","page_number":244,"box":{"x":116,"y":102,"width":738,"height":13}},{"id":"bf555ae4-8de9-4f32-b8d8-f58e47bb3a7c","block_type":"box","text":"and, when aligned, can better position a company to be resilient in the face of a changing business","page_number":244,"box":{"x":116,"y":118,"width":739,"height":12}},{"id":"396467fc-48e3-4611-9d50-0886303fb7c1","block_type":"box","text":"environment, help reduce the risks of corporate or employee misconduct, and attract and retain the","page_number":244,"box":{"x":116,"y":134,"width":740,"height":12}},{"id":"70f5d178-7ed8-470e-8ca4-f325ac4ed14c","block_type":"box","text":"caliber of workers necessary to deliver financial performance over time.","page_number":244,"box":{"x":116,"y":149,"width":535,"height":12}},{"id":"8b215268-5b31-4405-b9dd-b8a2967bbe6e","block_type":"box","text":"In overseeing the management of the company, the board ensures the necessary resources, policies","page_number":244,"box":{"x":117,"y":178,"width":754,"height":12}},{"id":"8d64678a-7276-4422-894b-62de8a865b1e","block_type":"box","text":"and procedures are in place to help management meet its strategic objectives within an agreed risk","page_number":244,"box":{"x":116,"y":194,"width":742,"height":12}},{"id":"97fc993d-f3b4-4693-82fe-aecad296e954","block_type":"box","text":"tolerance.","page_number":244,"box":{"x":116,"y":210,"width":78,"height":9}},{"id":"05933567-f40e-4e79-a144-e36c3d7e9ded","block_type":"box","text":"One of the most important responsibilities of the board is to appoint, and remove as necessary, the","page_number":244,"box":{"x":116,"y":239,"width":739,"height":12}},{"id":"50416bbf-905e-4c1a-acc2-d7552809347a","block_type":"box","text":"chief executive officer (“CEO”). In addition, the board plays a meaningful role in monitoring the","page_number":244,"box":{"x":116,"y":254,"width":704,"height":12}},{"id":"6d7013a1-5fa6-43e5-af03-13a8068123cc","block_type":"box","text":"performance of the CEO and other key executives, determining executive compensation, ensuring a","page_number":244,"box":{"x":117,"y":270,"width":747,"height":12}},{"id":"5ca4c95a-8a53-43b8-9ca0-48c17a1d54a4","block_type":"box","text":"rigorous audit, overseeing strategy execution and risk management and engaging with shareholders,","page_number":244,"box":{"x":117,"y":285,"width":753,"height":12}},{"id":"f6ecc99f-fd0c-4889-9fbe-4e5596b3116c","block_type":"box","text":"and other stakeholders, as necessary.","page_number":244,"box":{"x":116,"y":301,"width":289,"height":12}},{"id":"90fb8fee-0eb8-4f70-bcbd-a9f9dab4cf40","block_type":"box","text":"Composition and effectiveness","page_number":244,"box":{"x":116,"y":330,"width":253,"height":12}},{"id":"c7d372eb-8b29-408b-bb79-d01f43bbe1dd","block_type":"box","text":"Appointment process","page_number":244,"box":{"x":116,"y":359,"width":177,"height":12}},{"id":"4dd99462-39c7-4695-85b8-261e83f33b31","block_type":"box","text":"A formal and transparent process for identifying and appointing director candidates is critical to","page_number":244,"box":{"x":116,"y":389,"width":708,"height":12}},{"id":"fbcd1ab2-cf19-4764-a0c4-70ca71d8f125","block_type":"box","text":"ensuring the board is composed of directors with the appropriate mix of skills and experience.","page_number":244,"box":{"x":116,"y":404,"width":700,"height":12}},{"id":"fd211956-bcd3-4f8a-82e6-8ee1217d4fe5","block_type":"box","text":"Generally, the board or a sub-committee determines the general criteria given the company’s","page_number":244,"box":{"x":117,"y":420,"width":695,"height":12}},{"id":"a305abb2-1b7d-49bb-babc-169f034c55e6","block_type":"box","text":"circumstances (e.g., sector, maturity, geographic footprint) and any additional criteria for a specific role","page_number":244,"box":{"x":116,"y":435,"width":767,"height":12}},{"id":"751c4892-a0f5-45f5-bd5e-5164a9e0dd05","block_type":"box","text":"being filled (e.g., financial expertise, industry track record). To inform the process, we encourage","page_number":244,"box":{"x":117,"y":451,"width":721,"height":12}},{"id":"0c0a83d6-9aa2-4530-9588-b9b47c3a931e","block_type":"box","text":"companies to review the skills and experience of incumbent directors to identify any gaps and whether","page_number":244,"box":{"x":116,"y":466,"width":764,"height":12}},{"id":"066230b7-2b0c-422a-8658-1071343220c8","block_type":"box","text":"the skills and experience of a director candidate would be additive. We welcome disclosures that","page_number":244,"box":{"x":116,"y":482,"width":722,"height":12}},{"id":"dcc4970d-42f4-42dd-aab1-ab80a513f798","block_type":"box","text":"explain how the board considered different skills and experience to ensure that the directors","page_number":244,"box":{"x":116,"y":497,"width":687,"height":12}},{"id":"fd757b20-c7e8-4a39-9a26-881ed0753ab5","block_type":"box","text":"collectively can be effective in fulfilling their responsibilities. We assess a company’s board","page_number":244,"box":{"x":116,"y":513,"width":678,"height":12}},{"id":"2ef35c79-bb4b-4046-90d4-f9c3646d9a13","block_type":"box","text":"composition against that of its peer group and local market requirements.","page_number":244,"box":{"x":116,"y":528,"width":548,"height":12}},{"id":"672fe95a-7ccd-4626-8252-e693ffaa80ad","block_type":"box","text":"Shareholders periodically vote to elect directors to serve on the board. We do not prescribe any","page_number":244,"box":{"x":116,"y":558,"width":714,"height":12}},{"id":"ea061ab2-8bab-4bac-b4b8-cc942b14c251","block_type":"box","text":"particular board composition in our engagements or voting but seek to understand how well placed a","page_number":244,"box":{"x":117,"y":573,"width":751,"height":12}},{"id":"c40fac79-3998-4dec-bebe-2b2175dbcbee","block_type":"box","text":"board is to act in investors’ interests. We may vote against the election of the most senior independent","page_number":244,"box":{"x":117,"y":589,"width":764,"height":12}},{"id":"8ab73e82-0e8c-449b-aeaa-08cd1d289cf6","block_type":"box","text":"director, or the chair of the relevant committee, where a company has not demonstrated it has an","page_number":244,"box":{"x":116,"y":604,"width":726,"height":12}},{"id":"e5b5314f-3c3a-4c81-9e36-b7cea1f4656b","block_type":"box","text":"appointment process that results in a high functioning board with the appropriate complement of skills","page_number":244,"box":{"x":116,"y":620,"width":759,"height":12}},{"id":"efd8e43b-a4f4-49ca-81ca-f7b3ec03be79","block_type":"box","text":"and experience amongst the directors to support strong financial performance over time. We may vote","page_number":244,"box":{"x":116,"y":635,"width":764,"height":12}},{"id":"4abfb73a-1d95-408d-87f4-38978bdc6ebb","block_type":"box","text":"against newly nominated directors who do not seem to have the appropriate skills or experience to","page_number":244,"box":{"x":116,"y":651,"width":736,"height":12}},{"id":"ad24352f-2aba-48f8-b462-301bf4992c1f","block_type":"box","text":"contribute to the board’s effectiveness.","page_number":244,"box":{"x":116,"y":666,"width":286,"height":10}},{"id":"e212ef95-b131-4e19-92dc-318870ddd2dd","block_type":"box","text":"Independence","page_number":244,"box":{"x":116,"y":696,"width":113,"height":11}},{"id":"5c86dfde-5387-460e-8c92-62625e959004","block_type":"box","text":"Director independence from management, significant shareholders or other stakeholders (e.g.,","page_number":244,"box":{"x":117,"y":725,"width":700,"height":12}},{"id":"72cc84cc-71ca-4236-a8e6-86580f0ff274","block_type":"box","text":"government or employees) is of paramount importance to the protection of the interests of minority","page_number":244,"box":{"x":116,"y":740,"width":732,"height":12}},{"id":"3fb874f2-a403-4e53-af0e-dce1d73eb3a3","block_type":"box","text":"shareholders such as BlackRock’s clients. We consider it good practice for at least half the directors to","page_number":244,"box":{"x":116,"y":756,"width":761,"height":12}},{"id":"c0f6f1ee-113c-4167-91dd-e043ca394e0c","block_type":"box","text":"be independent and free from conflicts of interest or undue influence.","page_number":244,"box":{"x":117,"y":771,"width":510,"height":12}},{"id":"6da74ce1-ced8-416d-9754-b66547e3297e","block_type":"box","text":"7","page_number":244,"box":{"x":629,"y":771,"width":5,"height":6}},{"id":"0df46d02-d112-4677-81ed-daab52b27e5b","block_type":"box","text":"This also helps to ensure that","page_number":244,"box":{"x":640,"y":771,"width":219,"height":12}},{"id":"1aa60981-6b43-4000-85c8-dd49405a67d7","block_type":"box","text":"board committees are composed of a sufficient number of independent directors. Companies domiciled","page_number":244,"box":{"x":117,"y":787,"width":764,"height":12}},{"id":"21a470c5-16ff-454f-aab6-bc2e77d5178c","block_type":"box","text":"in markets with a higher threshold for board independence should meet those local requirements.","page_number":244,"box":{"x":117,"y":802,"width":720,"height":12}},{"id":"7ed67e68-09ce-4099-b790-0f6f30047e0c","block_type":"box","text":"7","page_number":244,"box":{"x":143,"y":828,"width":4,"height":4}},{"id":"181046e2-a0d2-4cfe-b6da-50d3ab99aef3","block_type":"box","text":"Common impediments to independence may include but are not limited to: current or recent employment at the","page_number":244,"box":{"x":170,"y":827,"width":659,"height":10}},{"id":"da2cf5f4-0715-4833-8258-40087a11ef68","block_type":"box","text":"company or a subsidiary; being, or representing, a shareholder with a substantial shareholding in the company;","page_number":244,"box":{"x":170,"y":840,"width":659,"height":10}},{"id":"317556c7-30ed-4247-830c-fb60be205776","block_type":"box","text":"interlocking directorships; lengthy tenure, and having any other interest, business, or other relationship which could, or","page_number":244,"box":{"x":170,"y":853,"width":702,"height":10}},{"id":"014bd38d-2b6f-40f2-a0e4-be8f5565cd1c","block_type":"box","text":"could reasonably be perceived to, materially interfere with a director’s ability to act in the best interests of the company","page_number":244,"box":{"x":170,"y":866,"width":703,"height":10}},{"id":"867b599e-19eb-4e44-9365-40fc1d20fc81","block_type":"box","text":"and shareholders.","page_number":244,"box":{"x":170,"y":879,"width":106,"height":8}},{"id":"49ce3243-67d1-4289-ad93-d0ffaa059381","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":244,"box":{"x":117,"y":909,"width":338,"height":12}},{"id":"f83471df-b9ab-4365-a134-e6280385f1ce","block_type":"box","text":"Global Engagement and Voting Guidelines |","page_number":244,"box":{"x":539,"y":909,"width":324,"height":12}},{"id":"c5124e4e-7af3-4dfc-82a2-34ef21a62152","block_type":"box","text":"6","page_number":244,"box":{"x":875,"y":909,"width":8,"height":9}},{"id":"58f1580c-221b-4d21-9c4a-ff4f8c5d3bce","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":244,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"3db4a2be-1331-435e-8d35-cf77954405ae","block_type":"box","text":"We may vote against the election of non-independent directors if the board does not have a sufficient","page_number":245,"box":{"x":116,"y":87,"width":756,"height":12}},{"id":"aca15b25-75b4-4a4e-ba37-e39096710e60","block_type":"box","text":"balance of independence. We may also vote against the election of the chair of the committee","page_number":245,"box":{"x":117,"y":102,"width":701,"height":13}},{"id":"31598877-3a88-4cbc-bfeb-99728abe5c87","block_type":"box","text":"responsible for board composition if this is a perennial issue.","page_number":245,"box":{"x":117,"y":118,"width":453,"height":12}},{"id":"1c719f64-b3f5-4555-a488-c7196a61e5a9","block_type":"box","text":"Independent board leadership","page_number":245,"box":{"x":116,"y":149,"width":245,"height":12}},{"id":"437879cf-dd59-4f46-ab14-bd277fc3ff6e","block_type":"box","text":"Practices across markets differ, as do board structures, but we observe two main approaches to","page_number":245,"box":{"x":117,"y":180,"width":718,"height":12}},{"id":"30f95bd3-3670-4c27-861a-b6a1e37d5e2f","block_type":"box","text":"independent board leadership. One is a non-executive, independent chair of the board who is","page_number":245,"box":{"x":117,"y":196,"width":697,"height":11}},{"id":"8138bd3f-6d34-47f0-9e13-f98e2f83fe99","block_type":"box","text":"responsible for leading the board in the effective exercise of its duties. The other is a lead or senior","page_number":245,"box":{"x":117,"y":211,"width":738,"height":12}},{"id":"23555876-4df0-48b2-8a83-b8dc93750d70","block_type":"box","text":"independent director, who is responsible for coordinating with the other non-executive directors and","page_number":245,"box":{"x":117,"y":227,"width":742,"height":12}},{"id":"48cfe683-5fed-4b02-be34-71d00725707d","block_type":"box","text":"working closely with the executive chair on the board agenda and other board procedures. In this case,","page_number":245,"box":{"x":116,"y":242,"width":770,"height":12}},{"id":"205ff72b-a9e7-4f68-8708-8ffaae9188f5","block_type":"box","text":"the executive chair and the lead independent director work together to ensure the board is effectively","page_number":245,"box":{"x":116,"y":258,"width":754,"height":12}},{"id":"4e919443-c8bd-469f-ae7f-120dc211e95b","block_type":"box","text":"fulfilling its responsibilities. In our view, the independent leader of the board, and/or the chair of a","page_number":245,"box":{"x":116,"y":273,"width":723,"height":12}},{"id":"db37c2ee-99da-48ae-9dce-8c95442a1420","block_type":"box","text":"relevant committee, should be available to investors to discuss governance matters such as CEO","page_number":245,"box":{"x":117,"y":289,"width":727,"height":12}},{"id":"0ff1d215-66d0-49da-9c37-92da7399932a","block_type":"box","text":"succession, executive pay, and board performance. We look to boards to explain their board","page_number":245,"box":{"x":116,"y":304,"width":691,"height":12}},{"id":"fb3da92a-6c8c-44be-b183-dca289e6153e","block_type":"box","text":"leadership model and how it serves the interests of shareholders.","page_number":245,"box":{"x":117,"y":320,"width":489,"height":12}},{"id":"f42bd1be-87bb-43c1-8832-55d34f2b3915","block_type":"box","text":"We may vote against the election of the chair of the committee responsible for board composition if","page_number":245,"box":{"x":116,"y":351,"width":740,"height":12}},{"id":"800a3cc0-6456-4e76-bfdf-1c9c7910f244","block_type":"box","text":"there is not an identified independent leader of the board with clear responsibilities for board","page_number":245,"box":{"x":116,"y":366,"width":689,"height":12}},{"id":"731ddf2c-eb7c-4edf-9024-d02b109b6da1","block_type":"box","text":"performance. We may vote against the most senior independent director if the board has a policy of","page_number":245,"box":{"x":117,"y":382,"width":744,"height":12}},{"id":"b844d507-9438-470b-96a8-3eea8975649d","block_type":"box","text":"not engaging with shareholders.","page_number":245,"box":{"x":117,"y":397,"width":242,"height":12}},{"id":"3313e81a-702a-4b4f-a801-19464c664da0","block_type":"box","text":"Tenure and succession","page_number":245,"box":{"x":118,"y":428,"width":189,"height":10}},{"id":"7ca36df0-830d-46c6-ae8c-99a6726b6baa","block_type":"box","text":"In our view, it is good practice for boards to establish the length of time a director would normally be","page_number":245,"box":{"x":117,"y":459,"width":745,"height":12}},{"id":"66fdd55d-a039-453d-a53a-21ceb9800a1f","block_type":"box","text":"expected to serve, in line with market norms where those exist. We find it helpful when companies","page_number":245,"box":{"x":116,"y":475,"width":733,"height":12}},{"id":"41ed2669-cae3-4e66-8ae6-af504d3a12d6","block_type":"box","text":"disclose their approach to director tenure particularly around the contributions of directors who have","page_number":245,"box":{"x":116,"y":490,"width":745,"height":12}},{"id":"ce4e95a7-e386-4a95-ae7f-709bfc8e23c5","block_type":"box","text":"served for longer periods than typically provided for under local practice. In our experience, long","page_number":245,"box":{"x":116,"y":506,"width":718,"height":12}},{"id":"8ccb3ece-5b3f-420f-b65a-c30dd035a5c1","block_type":"box","text":"serving directors could become less independent given their long-term relationship with management","page_number":245,"box":{"x":116,"y":521,"width":755,"height":12}},{"id":"03911ab1-dde3-48df-b692-cfa395b8f540","block_type":"box","text":"and involvement in past board decisions.","page_number":245,"box":{"x":116,"y":537,"width":308,"height":12}},{"id":"f24385ab-7e56-4b01-b47f-7a6fd0410f51","block_type":"box","text":"Succession planning for board roles helps achieve the appropriate cadence of turnover that balances","page_number":245,"box":{"x":116,"y":568,"width":756,"height":12}},{"id":"abbc9d83-79ee-4f52-b9ac-b96e8b8a26de","block_type":"box","text":"renewal through the regular introduction of directors with fresh perspectives and expertise with","page_number":245,"box":{"x":117,"y":583,"width":705,"height":12}},{"id":"513a1f5c-af3d-43cd-8688-3315ca9ec5d0","block_type":"box","text":"continuity through the retention of directors with long-term knowledge of the board and company.","page_number":245,"box":{"x":116,"y":599,"width":724,"height":12}},{"id":"d9747d76-1956-449b-9b12-c87b6e8e6f2f","block_type":"box","text":"In markets where there is not specific director tenure guidance from regulation or corporate","page_number":245,"box":{"x":117,"y":630,"width":680,"height":12}},{"id":"849c13c7-d106-4055-995c-c91ddcef3839","block_type":"box","text":"governance best practices, we may vote against the election of the chair of the committee responsible","page_number":245,"box":{"x":116,"y":645,"width":763,"height":12}},{"id":"bb254cd2-b947-4b3b-b31e-c75c4d4c4d1b","block_type":"box","text":"for board composition if a company does not clearly disclose its approach to director tenure and board","page_number":245,"box":{"x":116,"y":661,"width":757,"height":12}},{"id":"a37b0883-aa17-44d3-803e-66198bb4fc2b","block_type":"box","text":"renewal. We may vote against the election of directors who have served for more years than is typical","page_number":245,"box":{"x":117,"y":676,"width":754,"height":12}},{"id":"6f484cf0-63aa-413e-83aa-ab844b5f9759","block_type":"box","text":"in markets with specific guidance, where the case for their continued service is not evident.","page_number":245,"box":{"x":117,"y":692,"width":673,"height":12}},{"id":"b598c033-4b6f-424d-946d-8e77d449fdde","block_type":"box","text":"Capacity","page_number":245,"box":{"x":117,"y":723,"width":70,"height":12}},{"id":"bdffab5d-3055-4565-85a6-6348cf8fae1c","block_type":"box","text":"To be effective and engaged, directors need to have the time and energy to commit to the role. In our","page_number":245,"box":{"x":116,"y":754,"width":753,"height":12}},{"id":"946c77e4-acc4-40bd-9bbf-7d0bb5638b7a","block_type":"box","text":"view, an effective board will assess the ability of its members to maintain an appropriate focus on","page_number":245,"box":{"x":116,"y":769,"width":720,"height":12}},{"id":"13e5486e-40cb-4594-b24a-ee9de224a0f7","block_type":"box","text":"board matters and the company taking into consideration competing responsibilities. We recognize that","page_number":245,"box":{"x":117,"y":785,"width":765,"height":12}},{"id":"83a691fa-2b4c-4471-8620-547968bd6371","block_type":"box","text":"board leadership roles vary across markets in responsibilities and required time commitment but note","page_number":245,"box":{"x":117,"y":800,"width":750,"height":12}},{"id":"9cfec02f-414c-49e1-8717-b12180a891a0","block_type":"box","text":"that they are generally more intensive than a standard directorship. We will take local norms and","page_number":245,"box":{"x":116,"y":816,"width":715,"height":12}},{"id":"d79a6fdb-2dbd-4c90-902a-91d80a1f4883","block_type":"box","text":"practices into consideration when making our voting determinations across markets.","page_number":245,"box":{"x":117,"y":831,"width":628,"height":12}},{"id":"0232c34b-0431-44a8-bef9-8a8f01d06723","block_type":"box","text":"We may vote against the election of directors who do not seem to have sufficient capacity to effectively","page_number":245,"box":{"x":116,"y":862,"width":769,"height":12}},{"id":"e89395e5-1c46-4982-91ea-634a32d3edaf","block_type":"box","text":"fulfil their duties to the board and company.","page_number":245,"box":{"x":116,"y":878,"width":326,"height":12}},{"id":"a07e3e9e-6e6b-4936-bd93-d9b18c93bfb5","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":245,"box":{"x":117,"y":909,"width":338,"height":12}},{"id":"398044ff-c929-47e4-9819-3828147e132c","block_type":"box","text":"Global Engagement and Voting Guidelines |","page_number":245,"box":{"x":539,"y":909,"width":324,"height":12}},{"id":"44b26655-e8a8-459a-9b08-e5e27785bc79","block_type":"box","text":"7","page_number":245,"box":{"x":875,"y":909,"width":8,"height":9}},{"id":"4ff55bda-0a6d-4de4-99f3-573f1f1eb808","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":245,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"b0d40663-4b35-42a5-b559-47f49f6e4f52","block_type":"box","text":"Director elections","page_number":246,"box":{"x":116,"y":87,"width":147,"height":10}},{"id":"004e383c-fc8f-43b9-8b3d-3bed12fd33a9","block_type":"box","text":"Regular election of directors, ideally annually, supports director accountability to shareholders. A","page_number":246,"box":{"x":117,"y":116,"width":720,"height":13}},{"id":"9e1cd79f-0cc7-4322-8356-83f62bb3e5df","block_type":"box","text":"classified board structure","page_number":246,"box":{"x":116,"y":132,"width":186,"height":10}},{"id":"a7de0d6f-268f-4145-8e88-33cceaad338f","block_type":"box","text":"8","page_number":246,"box":{"x":303,"y":132,"width":5,"height":6}},{"id":"4c99c0e5-c328-43c1-bb79-dde36cee3040","block_type":"box","text":"may be justified by a company when it needs consistency and stability","page_number":246,"box":{"x":309,"y":132,"width":530,"height":12}},{"id":"5c91dc48-9fac-47d4-958a-8fb6643b61e0","block_type":"box","text":"during a time of transition, or on the basis of its business model (e.g., a non-operating company such","page_number":246,"box":{"x":116,"y":147,"width":754,"height":13}},{"id":"d4fcbc1e-0691-4e7b-8e74-234edc3de90b","block_type":"box","text":"as closed-end funds).","page_number":246,"box":{"x":116,"y":163,"width":165,"height":12}},{"id":"cf3426af-ece8-4242-9d88-224e5769f0bc","block_type":"box","text":"Shareholders should have the opportunity to evaluate nominated directors individually rather than in","page_number":246,"box":{"x":116,"y":192,"width":746,"height":13}},{"id":"e60dda12-a2f7-496b-855d-a8c09a5d2c8a","block_type":"box","text":"bundled slates. We look to companies to provide sufficient information on each director standing for","page_number":246,"box":{"x":117,"y":208,"width":743,"height":12}},{"id":"8ef869dd-31c9-4377-a926-69c85d03be21","block_type":"box","text":"election so that shareholders can assess their capabilities and suitability. We will generally not support","page_number":246,"box":{"x":116,"y":224,"width":765,"height":12}},{"id":"0d02f86c-6d54-4c28-ad36-b2c5a18021a5","block_type":"box","text":"the election of directors whose names and biographical details have not been disclosed sufficiently in","page_number":246,"box":{"x":116,"y":239,"width":755,"height":12}},{"id":"25323da4-c78d-48ff-a41f-f324f829c6cb","block_type":"box","text":"advance of the shareholder meeting.","page_number":246,"box":{"x":116,"y":254,"width":278,"height":13}},{"id":"670c0b13-1ccc-4a24-80d0-5cb421b98f56","block_type":"box","text":"Each director’s appointment should be dependent on receiving a simple majority of the votes cast at","page_number":246,"box":{"x":117,"y":284,"width":746,"height":12}},{"id":"810b3910-905f-4dfa-b1ec-2c1c343aa8e7","block_type":"box","text":"the shareholder meeting. Where a company’s practices differ, we look to the board to provide a","page_number":246,"box":{"x":116,"y":299,"width":712,"height":13}},{"id":"b9c305c1-c98b-49c8-9465-2796c1cd207c","block_type":"box","text":"detailed explanation as to how its approach best serves investors’ interests.","page_number":246,"box":{"x":116,"y":315,"width":567,"height":12}},{"id":"f54da292-2718-4ebd-a28a-fa7b03b466ec","block_type":"box","text":"We may vote for shareholder or management proposals seeking to establish annual election of","page_number":246,"box":{"x":116,"y":344,"width":710,"height":12}},{"id":"242d4ea1-c7c3-40a8-8c64-3e05d7e2e379","block_type":"box","text":"directors and/or a simple majority vote standard for director elections. We may vote against all the","page_number":246,"box":{"x":116,"y":360,"width":732,"height":12}},{"id":"407d297c-3813-4839-b779-3d740ea389f8","block_type":"box","text":"directors standing for election as part of a single slate if we have concerns about the profile or","page_number":246,"box":{"x":116,"y":375,"width":701,"height":12}},{"id":"2a97efeb-179d-44aa-ba6a-e1da404d2e2f","block_type":"box","text":"performance of an individual director.","page_number":246,"box":{"x":117,"y":391,"width":280,"height":12}},{"id":"bd0087ff-084c-4dd9-8285-b8b55586c0ea","block_type":"box","text":"Committees","page_number":246,"box":{"x":117,"y":420,"width":100,"height":10}},{"id":"6ad0700e-2a75-4414-870b-68dea24dacbe","block_type":"box","text":"Many boards establish committees to focus on specific responsibilities of the board such as audit and","page_number":246,"box":{"x":117,"y":450,"width":757,"height":12}},{"id":"36e61de7-5a57-49a1-a64e-b49bee0a0898","block_type":"box","text":"risk, governance and human capital, and executive compensation, amongst other matters. We do not","page_number":246,"box":{"x":117,"y":465,"width":756,"height":12}},{"id":"7d2d1b7c-91ea-4d2c-9661-55aa288d7184","block_type":"box","text":"prescribe to companies what committees they should establish, but we seek to understand the board’s","page_number":246,"box":{"x":117,"y":481,"width":765,"height":12}},{"id":"63c9aa67-1e06-49f1-baf0-93c966287d00","block_type":"box","text":"rationale for the committee structure it determines is appropriate. We note that, in some markets,","page_number":246,"box":{"x":117,"y":496,"width":723,"height":12}},{"id":"48d7b7d5-d91d-4286-9b31-a8173385c3b0","block_type":"box","text":"regulation requires such committees. The responsibilities of each committee should be clear, and the","page_number":246,"box":{"x":117,"y":512,"width":754,"height":12}},{"id":"3d4de4ef-044b-41fb-8f8b-948544ffb402","block_type":"box","text":"board should ensure that all critical matters are assigned either to the full board or to one of the","page_number":246,"box":{"x":117,"y":527,"width":711,"height":12}},{"id":"4382b0e2-c939-4023-b64b-75565497f5a5","block_type":"box","text":"committees. It is helpful to investor understanding when the board discloses the structure,","page_number":246,"box":{"x":116,"y":543,"width":672,"height":12}},{"id":"08fd5131-5222-4f37-a79e-dfe72edc4deb","block_type":"box","text":"membership, proportion of independent directors, and responsibilities of each committee. The","page_number":246,"box":{"x":117,"y":558,"width":700,"height":12}},{"id":"f93d2de8-d28d-4b51-a782-f3c4e1818b84","block_type":"box","text":"responsibilities we typically see assigned to the three most common committees include:","page_number":246,"box":{"x":117,"y":574,"width":662,"height":12}},{"id":"2f0de429-5fd2-4213-87ac-2413afa2b601","block_type":"box","text":"• Audit and risk – oversight responsibilities for the integrity of financial reporting, risk management","page_number":246,"box":{"x":117,"y":596,"width":752,"height":12}},{"id":"373c30ea-7982-4057-b26a-09209071a150","block_type":"box","text":"and compliance with legal and regulatory requirements; may also play an oversight role in relation","page_number":246,"box":{"x":150,"y":612,"width":731,"height":12}},{"id":"b4e51c73-58ef-4fdd-82ac-ee9a5c5d0ee7","block_type":"box","text":"to the internal audit function and whistleblowing mechanisms.","page_number":246,"box":{"x":150,"y":627,"width":460,"height":12}},{"id":"4c1506a4-c823-4ff6-ac2e-3074c1795f3e","block_type":"box","text":"• Nominating, governance and human capital – oversight responsibilities for corporate governance","page_number":246,"box":{"x":117,"y":650,"width":756,"height":12}},{"id":"c60fb89e-83e8-4b3b-9839-ac81b9446129","block_type":"box","text":"principles and practices of the company, including the periodic review of board performance;","page_number":246,"box":{"x":150,"y":665,"width":684,"height":12}},{"id":"258d8685-47f2-4fe9-8cde-39d42eedf45a","block_type":"box","text":"responsibility for succession planning for CEO and key board roles, as well as the director","page_number":246,"box":{"x":150,"y":681,"width":667,"height":12}},{"id":"8a33e811-e861-44e9-9d11-aeb6e4b2e151","block_type":"box","text":"appointment process; may also have oversight responsibilities for human capital management","page_number":246,"box":{"x":150,"y":696,"width":698,"height":12}},{"id":"1547c3c5-9935-4a32-aa11-aa843cf14656","block_type":"box","text":"strategies, including corporate culture and purpose.","page_number":246,"box":{"x":150,"y":712,"width":381,"height":12}},{"id":"fadb9141-1d7a-4998-8830-6e955ffe2d22","block_type":"box","text":"• Executive compensation – determines the compensation policies and programs for the CEO and","page_number":246,"box":{"x":117,"y":734,"width":749,"height":12}},{"id":"d2e662d1-5502-4f94-b262-072ad552f9ae","block_type":"box","text":"other executive officers, approves annual awards and payments under the policies; may also have","page_number":246,"box":{"x":150,"y":750,"width":730,"height":12}},{"id":"51cee26c-184a-49e0-8853-8ac40ef7a49e","block_type":"box","text":"oversight responsibilities for firm-wide compensation policies.","page_number":246,"box":{"x":150,"y":765,"width":453,"height":12}},{"id":"696aa544-0720-4941-9cfc-bfd8fb433de3","block_type":"box","text":"We may vote against the election of the chair of the committee or other directors serving as committee","page_number":246,"box":{"x":116,"y":795,"width":760,"height":12}},{"id":"0b8e74e9-2224-485f-926f-bbc655699c10","block_type":"box","text":"members to convey concerns about how a committee has undertaken its responsibilities. We may vote","page_number":246,"box":{"x":117,"y":810,"width":762,"height":12}},{"id":"97b3f311-9868-4c01-86e8-9cfc8c349d05","block_type":"box","text":"against the election of the most senior non-executive director if there is not a clearly disclosed","page_number":246,"box":{"x":116,"y":826,"width":702,"height":12}},{"id":"bce4ff4d-d317-412c-92fc-78a86943622b","block_type":"box","text":"approach to board committees.","page_number":246,"box":{"x":116,"y":841,"width":236,"height":12}},{"id":"e5e7c503-b77b-4b5f-b7df-ffc02d9b2145","block_type":"box","text":"8","page_number":246,"box":{"x":143,"y":867,"width":4,"height":4}},{"id":"172b77db-ee89-436e-8a0f-c1a94d81f482","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":246,"box":{"x":170,"y":866,"width":673,"height":10}},{"id":"6131b1a3-9055-4c8d-80db-f73cf5035a9f","block_type":"box","text":"directors stands for election in any one year.","page_number":246,"box":{"x":170,"y":879,"width":262,"height":10}},{"id":"89b13282-adf1-4f7b-85b2-52b83294ac36","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":246,"box":{"x":117,"y":909,"width":338,"height":12}},{"id":"3d864563-eac9-44ae-b16a-0cbd8e378afe","block_type":"box","text":"Global Engagement and Voting Guidelines |","page_number":246,"box":{"x":539,"y":909,"width":324,"height":12}},{"id":"d5a645f3-440e-4924-a006-b4b582fa8f4f","block_type":"box","text":"8","page_number":246,"box":{"x":875,"y":909,"width":8,"height":9}},{"id":"aa9b4336-fbad-46d2-ab03-a15332826bd9","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":246,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"c16f8c3e-3930-455d-a0e0-c71d55ccc585","block_type":"box","text":"Board and director evaluation","page_number":247,"box":{"x":116,"y":87,"width":243,"height":10}},{"id":"09736c94-4ccd-474f-9f10-7985f7f52e3e","block_type":"box","text":"We consider it best practice for companies to conduct an annual review of the performance of the","page_number":247,"box":{"x":116,"y":119,"width":729,"height":12}},{"id":"3c415940-9eca-46f1-922c-31972cad693f","block_type":"box","text":"board, the committees, the chair and individual directors. Periodically, this review could be undertaken","page_number":247,"box":{"x":117,"y":134,"width":762,"height":12}},{"id":"6b26a1e3-b9d1-43c0-b246-8eaed3e7748b","block_type":"box","text":"by an independent third party able to bring objective perspectives to the board on governance and","page_number":247,"box":{"x":117,"y":150,"width":732,"height":12}},{"id":"6357b299-480f-48f4-b0ba-6362c6dc9f57","block_type":"box","text":"performance. We encourage companies to disclose their approach to and the objectives of","page_number":247,"box":{"x":117,"y":165,"width":677,"height":12}},{"id":"e5e9de5d-ceb6-4bd1-8062-216b96853283","block_type":"box","text":"evaluations, including any changes made to the board’s approach as a result.","page_number":247,"box":{"x":116,"y":181,"width":581,"height":12}},{"id":"85469e43-dd28-479e-8f45-f118d41ce875","block_type":"box","text":"Access to independent advice","page_number":247,"box":{"x":116,"y":213,"width":246,"height":11}},{"id":"c988802a-3dc5-44be-9f9f-f8bd72985aa7","block_type":"box","text":"To support the directors in effectively fulfilling their duties to the company and shareholders, they","page_number":247,"box":{"x":116,"y":244,"width":723,"height":12}},{"id":"fb491b56-dc03-4907-af60-54b459d4a16e","block_type":"box","text":"should have access to independent advice. In certain circumstances, it may be helpful to boards to","page_number":247,"box":{"x":116,"y":260,"width":738,"height":12}},{"id":"7e96d5fa-28e0-4729-8f44-e02b325eed34","block_type":"box","text":"retain independent third parties to advise on critical matters. These might include new industry","page_number":247,"box":{"x":117,"y":275,"width":703,"height":12}},{"id":"6ca1aacb-84dd-4094-ae77-f7ee80e792e3","block_type":"box","text":"developments such as emergent and disruptive technology, operating events with material","page_number":247,"box":{"x":116,"y":291,"width":676,"height":12}},{"id":"8b777ec4-fa9c-4cee-9401-a241630a15a5","block_type":"box","text":"consequences for the company’s reputation and/or performance, or significant transactions. Board","page_number":247,"box":{"x":116,"y":306,"width":735,"height":12}},{"id":"d4c26926-79ad-4e6d-9b75-96d14d164072","block_type":"box","text":"committees may similarly retain third parties to advise them on specialist matters such as audit,","page_number":247,"box":{"x":116,"y":322,"width":713,"height":12}},{"id":"0748ca3b-60a4-4140-9317-dfaa911ea268","block_type":"box","text":"compensation and succession planning.","page_number":247,"box":{"x":116,"y":337,"width":303,"height":12}},{"id":"7a144dcd-9054-488d-b406-e15853a574db","block_type":"box","text":"EXECUTIVE COMPENSATION","page_number":247,"box":{"x":382,"y":369,"width":241,"height":9}},{"id":"cda1f04a-46a5-4002-8ab9-28c7ddddd95b","block_type":"box","text":"Boards play an important role in establishing compensation arrangements that enable the company to","page_number":247,"box":{"x":117,"y":401,"width":760,"height":12}},{"id":"d284cf5e-defc-4076-80e3-78f3a30aeaf3","block_type":"box","text":"recruit, retain and reward the caliber of executive management necessary to lead and operate the","page_number":247,"box":{"x":117,"y":416,"width":730,"height":12}},{"id":"fbc8b71f-3a0c-42e6-a871-9c7a7ba54489","block_type":"box","text":"company to deliver superior financial returns over time. We focus on alignment between variable pay","page_number":247,"box":{"x":116,"y":432,"width":753,"height":12}},{"id":"9d8b43a8-4283-4346-b808-e697e584b396","block_type":"box","text":"and a company’s financial performance.","page_number":247,"box":{"x":116,"y":447,"width":302,"height":12}},{"id":"0a73aa80-f6ff-4e87-8493-d418b129d3e4","block_type":"box","text":"Generally, executive compensation arrangements have four components: base salary, annual bonus","page_number":247,"box":{"x":117,"y":479,"width":751,"height":12}},{"id":"23cc9071-e101-4fe0-bce2-e32ed2e5a273","block_type":"box","text":"that rewards performance against short-term metrics, incentives—most often share-based- that reward","page_number":247,"box":{"x":116,"y":494,"width":768,"height":12}},{"id":"9d0546fd-f3ca-4ba7-8c61-d6eed3e0da5e","block_type":"box","text":"performance against long-term metrics, and pensions and benefits. In our observation, base salary,","page_number":247,"box":{"x":117,"y":510,"width":742,"height":12}},{"id":"d807f57b-9687-40b8-837a-35b7f6514852","block_type":"box","text":"pensions and benefits are largely set relative to market norms and benchmarks. The annual bonus and","page_number":247,"box":{"x":117,"y":525,"width":769,"height":12}},{"id":"c66ff737-6806-4689-a1d2-0ca0e91aaa38","block_type":"box","text":"share-based incentive, or variable pay plans, tend to be tailored to the company, its sector and long","page_number":247,"box":{"x":116,"y":541,"width":744,"height":12}},{"id":"3b1c6f82-f14b-4e9f-9293-844794c72739","block_type":"box","text":"term strategy, as well as the individuals the board is seeking to recruit and motivate.","page_number":247,"box":{"x":116,"y":557,"width":629,"height":11}},{"id":"46d1e5d8-72ea-4649-a836-7881855e308d","block_type":"box","text":"Recognizing the unique circumstances of each company, we determine whether to support a","page_number":247,"box":{"x":117,"y":588,"width":693,"height":12}},{"id":"255c9eeb-0728-4559-aad4-aecf7633e839","block_type":"box","text":"company’s approach to executive compensation on a case-by-case basis. We rely on companies","page_number":247,"box":{"x":116,"y":604,"width":726,"height":12}},{"id":"f27d1c5c-869c-441e-b2ad-58edc427df4a","block_type":"box","text":"providing sufficient quantitative and qualitative information in their disclosures to enable shareholders","page_number":247,"box":{"x":117,"y":619,"width":754,"height":12}},{"id":"90f2476a-e821-40b5-bf34-63065b290650","block_type":"box","text":"to understand the compensation arrangements and assess the alignment with investors’ interests.","page_number":247,"box":{"x":116,"y":635,"width":732,"height":12}},{"id":"963c0715-c68c-47d6-9d73-cda0d8e08be0","block_type":"box","text":"Features we look for in compensation arrangements include:","page_number":247,"box":{"x":117,"y":650,"width":454,"height":12}},{"id":"35c8901a-9d80-40fd-9769-30ec357f6cbc","block_type":"box","text":"• Fixed pay components, including base salary, benefits and prerequisites that are appropriate in","page_number":247,"box":{"x":117,"y":682,"width":739,"height":12}},{"id":"ffc90c50-b01b-4936-bfbd-fdcfe54a6be7","block_type":"box","text":"the context of the company’s size, sector and market.","page_number":247,"box":{"x":150,"y":697,"width":396,"height":12}},{"id":"d3578e65-274c-4a0c-b59f-f78acad7152d","block_type":"box","text":"• Variable pay subject to performance metrics that are closely linked to the company’s short- and","page_number":247,"box":{"x":117,"y":721,"width":739,"height":12}},{"id":"37af01c7-a730-4948-aebb-b1fbc429cf62","block_type":"box","text":"long-term strategic objectives.","page_number":247,"box":{"x":150,"y":737,"width":222,"height":12}},{"id":"38e0212d-c338-4fe8-b862-f2bdedf6c68b","block_type":"box","text":"• Long-term incentives that motivate sustained performance across a multi-year period.","page_number":247,"box":{"x":117,"y":760,"width":667,"height":12}},{"id":"7f83b5c9-564d-41ff-805e-ebf869865584","block_type":"box","text":"• A balance between fixed and variable pay, short- and long-term incentives, and specific","page_number":247,"box":{"x":117,"y":784,"width":682,"height":12}},{"id":"c8c78a0d-4b09-4521-a189-54dafb6bbd19","block_type":"box","text":"instruments (cash and equity awards) that promotes pay program durability and seldom","page_number":247,"box":{"x":150,"y":799,"width":649,"height":12}},{"id":"d668f7f0-8c3e-4ee0-bf93-1eec99972acf","block_type":"box","text":"necessitates one-off, discretionary payments.","page_number":247,"box":{"x":150,"y":815,"width":336,"height":12}},{"id":"29d95ca7-414a-40c8-bd54-0eb08cf30c8a","block_type":"box","text":"• Pay outcomes that are consistent with the returns to investors over the relevant time period.","page_number":247,"box":{"x":117,"y":838,"width":720,"height":12}},{"id":"b0d118bf-cd4f-46a3-ac23-594f86b90cf4","block_type":"box","text":"• Board discretion, if allowed within the variable pay arrangements, to be used sparingly,","page_number":247,"box":{"x":117,"y":862,"width":683,"height":12}},{"id":"8f00c956-c202-49e9-8022-036681355291","block_type":"box","text":"responsibly and transparently.","page_number":247,"box":{"x":150,"y":877,"width":228,"height":12}},{"id":"32a2ae5c-ee08-4904-9f53-62202803cab1","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":247,"box":{"x":117,"y":909,"width":338,"height":12}},{"id":"6d26f4ab-a95e-4435-ba44-f4afb76fbff0","block_type":"box","text":"Global Engagement and Voting Guidelines |","page_number":247,"box":{"x":539,"y":909,"width":324,"height":12}},{"id":"b53750b6-bacd-4d06-a4ff-c34aa25371a9","block_type":"box","text":"9","page_number":247,"box":{"x":875,"y":909,"width":8,"height":9}},{"id":"075019be-45f7-4704-b488-7f39832356df","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":247,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"5731eab4-703b-40dc-9925-53e9d3751027","block_type":"box","text":"• A requirement, that participants in long-term share-based incentive plans build a meaningful","page_number":248,"box":{"x":117,"y":87,"width":720,"height":12}},{"id":"5f42bd61-30d1-4340-bcc8-98e37d81ba50","block_type":"box","text":"shareholding in the company within a defined time period, as determined by the board or relevant","page_number":248,"box":{"x":150,"y":102,"width":727,"height":13}},{"id":"2b979971-386a-41ff-9e11-d9c6b99e5fdd","block_type":"box","text":"board committee.","page_number":248,"box":{"x":150,"y":118,"width":134,"height":10}},{"id":"2cdc871a-83f3-42cb-98e7-bef9b700a70e","block_type":"box","text":"• Change of control provisions that appropriately balance the interests of executives and","page_number":248,"box":{"x":117,"y":142,"width":681,"height":12}},{"id":"9cabd3b2-e2da-4ff8-ac2b-a5139b240d22","block_type":"box","text":"shareholders.","page_number":248,"box":{"x":150,"y":157,"width":106,"height":10}},{"id":"c15e76b5-bedc-443a-84aa-00fb2138343e","block_type":"box","text":"• Clawback or malus provisions that allow the company to recoup or hold back variable","page_number":248,"box":{"x":117,"y":181,"width":671,"height":12}},{"id":"6af2f2f4-4029-4808-abfb-a245810c1812","block_type":"box","text":"compensation from individuals whose awards were based on fraudulent activities, misstated","page_number":248,"box":{"x":150,"y":196,"width":688,"height":12}},{"id":"c6477de9-c7d8-4beb-a10d-9c1abe453e7f","block_type":"box","text":"financial reports, or executive misconduct.","page_number":248,"box":{"x":149,"y":212,"width":318,"height":12}},{"id":"60d2f803-b614-498c-b096-f4299418523c","block_type":"box","text":"• Severance arrangements that protect the company’s interests but do not cost more than is","page_number":248,"box":{"x":117,"y":235,"width":709,"height":12}},{"id":"7ff1430a-ab64-4538-b66a-bd087d6923e4","block_type":"box","text":"contractual.","page_number":248,"box":{"x":150,"y":251,"width":91,"height":9}},{"id":"7f0ed570-d059-4fc3-9aa9-8d98a5319c23","block_type":"box","text":"We may vote against proposals to introduce new share-based incentives, approve existing policies or","page_number":248,"box":{"x":116,"y":282,"width":757,"height":12}},{"id":"623dcb84-0b6e-4a66-a52a-b5c732da21c6","block_type":"box","text":"plans, or approve the compensation report where we do not see alignment between executive","page_number":248,"box":{"x":117,"y":298,"width":701,"height":12}},{"id":"9af052bc-5c22-4dea-95f5-5c7f43107051","block_type":"box","text":"compensation arrangements and our clients’ financial interests. When there is not an alternative, or","page_number":248,"box":{"x":116,"y":313,"width":742,"height":12}},{"id":"6deb5198-a242-4719-aa62-7e7b90680005","block_type":"box","text":"where there have been multi-year issues with compensation misaligned with performance, we may","page_number":248,"box":{"x":116,"y":329,"width":738,"height":12}},{"id":"f1a11033-7e4d-409f-bfeb-89a4bfd6d8d2","block_type":"box","text":"vote against the election of the chair of the responsible committee, or the most senior independent","page_number":248,"box":{"x":116,"y":344,"width":735,"height":12}},{"id":"311c0bd3-edf1-4056-be73-dc2c27144a37","block_type":"box","text":"director.","page_number":248,"box":{"x":116,"y":360,"width":65,"height":9}},{"id":"9f549bbe-d392-477d-b538-25278d1f9df8","block_type":"box","text":"NON-EXECUTIVE DIRECTOR COMPENSATION","page_number":248,"box":{"x":314,"y":399,"width":377,"height":10}},{"id":"0349bdb8-d5db-4dac-80ac-c311bdc7708f","block_type":"box","text":"Companies generally pay non-executive directors an annual retainer or fee in cash, shares or a","page_number":248,"box":{"x":117,"y":431,"width":712,"height":12}},{"id":"2d5c86ea-5383-4189-8be6-2bf728f21be1","block_type":"box","text":"combination of the two. Some companies also pay additional fees for service on board committees or","page_number":248,"box":{"x":116,"y":446,"width":757,"height":13}},{"id":"1fff7f1d-6abc-4665-a2dc-0ee83ef0b560","block_type":"box","text":"in board leadership roles. We do not support non-executive directors participating in performance","page_number":248,"box":{"x":117,"y":462,"width":726,"height":12}},{"id":"eb2de8d5-babe-4d6c-91a6-4219ce146ddb","block_type":"box","text":"based incentive plans as doing so may create a conflict of interest and undermine their independence","page_number":248,"box":{"x":117,"y":477,"width":759,"height":13}},{"id":"0aafd63a-f8d8-4f59-9ded-cfe6ea589e06","block_type":"box","text":"from management, whom they oversee.","page_number":248,"box":{"x":116,"y":493,"width":301,"height":12}},{"id":"83eecf72-9ad7-4125-b376-0a0e91ca6925","block_type":"box","text":"CAPITAL STRUCTURE","page_number":248,"box":{"x":410,"y":533,"width":185,"height":9}},{"id":"478df61c-8c5f-4195-8636-3fd49c72141f","block_type":"box","text":"Boards are responsible for ensuring senior executive leadership has established a capital strategy that","page_number":248,"box":{"x":117,"y":564,"width":765,"height":12}},{"id":"ff12b36c-b706-4340-af4d-f5615f826f72","block_type":"box","text":"achieves appropriate capital allocation in support of long-term financial resilience.","page_number":248,"box":{"x":116,"y":580,"width":610,"height":12}},{"id":"8549833c-797e-468f-a5d3-8529f9376088","block_type":"box","text":"Where company practices diverge from those set out below, we look for companies to disclose why","page_number":248,"box":{"x":116,"y":611,"width":743,"height":12}},{"id":"4efc0a78-a29d-46ba-8f43-653696d87267","block_type":"box","text":"they view these practices to be aligned with shareholders’ interests. We may vote against management","page_number":248,"box":{"x":116,"y":627,"width":772,"height":12}},{"id":"113024f4-c51a-427b-99d6-14974b2bb3ad","block_type":"box","text":"proposals seeking capital-related authorities, or the election of the most senior independent director, if","page_number":248,"box":{"x":117,"y":642,"width":761,"height":12}},{"id":"2e592177-3bee-4127-bb81-f1c828154249","block_type":"box","text":"we have concerns about a company’s approach. We may also support a shareholder proposal seeking","page_number":248,"box":{"x":116,"y":658,"width":768,"height":12}},{"id":"8e3af8d2-404f-4168-8502-56bc238ba573","block_type":"box","text":"conversion of shares with differentiated voting rights to a one-share, one-vote standard.","page_number":248,"box":{"x":116,"y":673,"width":649,"height":12}},{"id":"8de2524c-d18c-4b0c-adc1-898ab7e4a5e4","block_type":"box","text":"Share","page_number":248,"box":{"x":116,"y":705,"width":46,"height":9}},{"id":"1f784fbd-aaaa-44d3-b41c-740d2109861c","block_type":"box","text":"issuance","page_number":248,"box":{"x":168,"y":705,"width":71,"height":9}},{"id":"a49d5dd8-c6cb-4ad7-bdf8-02adedfba7a9","block_type":"box","text":"We assess requests for share issuance for particular transactions on a case-by-case basis. We will","page_number":248,"box":{"x":116,"y":736,"width":735,"height":13}},{"id":"42acdbd5-ba47-4085-96b7-7e59ae751317","block_type":"box","text":"generally support authorities to issue shares when subject to pre-emptive rights, and up to 20% absent","page_number":248,"box":{"x":116,"y":752,"width":763,"height":12}},{"id":"4f74a0ef-153d-432e-90f7-fd3955085710","block_type":"box","text":"pre-emptive rights. We consider it good practice for companies to seek regular approval of these","page_number":248,"box":{"x":117,"y":767,"width":715,"height":13}},{"id":"b71524bd-1503-4ec0-9d36-b62c97a3a1f8","block_type":"box","text":"authorities to allow shareholders to take into consideration how prior authorities were used, as well as","page_number":248,"box":{"x":116,"y":783,"width":754,"height":12}},{"id":"bd82bc90-3c0b-4ba2-86a3-0733643efb99","block_type":"box","text":"the current circumstances of the company and the market environment.","page_number":248,"box":{"x":116,"y":798,"width":530,"height":13}},{"id":"5816fe49-b0f8-464b-b42d-de58e0406124","block_type":"box","text":"Share buybacks","page_number":248,"box":{"x":116,"y":830,"width":133,"height":12}},{"id":"7f8d552a-f1bd-4298-956f-d37539f50593","block_type":"box","text":"We assess share buyback proposals in the context of the company’s disclosed capital management","page_number":248,"box":{"x":116,"y":862,"width":746,"height":12}},{"id":"297b2064-9596-4c52-89f6-29182b4ae743","block_type":"box","text":"strategy and management’s determination of the appropriate balance between investment that","page_number":248,"box":{"x":116,"y":877,"width":706,"height":12}},{"id":"871527b5-8f32-44f5-a6ab-3408f9624086","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":248,"box":{"x":117,"y":909,"width":338,"height":12}},{"id":"03ddf54a-2954-46df-8883-57cc28826290","block_type":"box","text":"Global Engagement and Voting Guidelines |","page_number":248,"box":{"x":530,"y":909,"width":324,"height":12}},{"id":"4c5b48cb-3000-4781-b881-c71491ee50b6","block_type":"box","text":"10","page_number":248,"box":{"x":866,"y":909,"width":17,"height":9}},{"id":"4c32ba37-762c-4f88-af6b-f0f9232cc47d","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":248,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"ebb6317a-51e8-4df8-81ba-a0fb6e202dcb","block_type":"box","text":"supports the long-term growth of the company and returning cash to investors. We also take into","page_number":249,"box":{"x":116,"y":87,"width":721,"height":12}},{"id":"00a1a22f-90ba-4248-9e79-7db9a8149b25","block_type":"box","text":"consideration the effect of a buyback program on the company’s balance sheet and executive","page_number":249,"box":{"x":116,"y":102,"width":701,"height":13}},{"id":"831dc8d4-5ae9-4434-b1fa-b04a490b4189","block_type":"box","text":"compensation arrangements and the price at which shares are repurchased relative to market price.","page_number":249,"box":{"x":116,"y":118,"width":748,"height":12}},{"id":"85ed864d-e07b-4ef4-954c-2b27af0f5dfb","block_type":"box","text":"We consider it good practice for companies to seek regular approval of these authorities to allow","page_number":249,"box":{"x":116,"y":134,"width":721,"height":12}},{"id":"865c36fd-9a83-4ca7-b069-b05d58935ad9","block_type":"box","text":"shareholders to take into consideration how prior authorities were used, as well as the current","page_number":249,"box":{"x":116,"y":149,"width":700,"height":12}},{"id":"5c468d51-7202-4968-9897-06e88b10da40","block_type":"box","text":"circumstances of the company and the market environment.","page_number":249,"box":{"x":116,"y":165,"width":451,"height":12}},{"id":"5eaedb68-9ae8-44af-92ef-fcb4ec00f17a","block_type":"box","text":"Dividends","page_number":249,"box":{"x":117,"y":193,"width":84,"height":10}},{"id":"7bdb1e42-53d6-4604-a215-ccf23e862db8","block_type":"box","text":"We generally defer to management and the board on dividend policy but may engage to seek further","page_number":249,"box":{"x":116,"y":222,"width":752,"height":12}},{"id":"0b068a52-2209-4779-8065-cc9b41dd52dc","block_type":"box","text":"clarification where a proposed dividend appears out of line with the company’s financial position.","page_number":249,"box":{"x":116,"y":238,"width":720,"height":12}},{"id":"e8cd42b8-b8a5-41e7-b417-9408d00a3628","block_type":"box","text":"Differentiated voting rights","page_number":249,"box":{"x":117,"y":266,"width":219,"height":12}},{"id":"3ff7e981-7df6-4095-90a0-bdfe28aadf60","block_type":"box","text":"We prefer companies to adopt a one-share, one-vote structure for share classes with the same","page_number":249,"box":{"x":116,"y":295,"width":710,"height":12}},{"id":"84c3826f-3332-477b-b14c-537f091d04af","block_type":"box","text":"economic exposure. Certain companies, particularly those new to public markets, could make the case","page_number":249,"box":{"x":116,"y":311,"width":768,"height":12}},{"id":"50103b6e-9021-4998-b522-5c9bf1e58de7","block_type":"box","text":"to adopt a differentiated voting rights structure, or dual class stock. In those situations, we encourage","page_number":249,"box":{"x":116,"y":326,"width":755,"height":12}},{"id":"87af9c6a-e6bf-44c7-8e37-5088262f032b","block_type":"box","text":"companies to evaluate and seek approval for their capital structure on a periodic basis.","page_number":249,"box":{"x":116,"y":342,"width":650,"height":11}},{"id":"cba04463-e79a-4cce-93c2-95998560a53d","block_type":"box","text":"TRANSACTIONS AND SPECIAL SITUATIONS","page_number":249,"box":{"x":320,"y":377,"width":364,"height":9}},{"id":"6df6369e-7b0f-48dc-a415-70040fe609b4","block_type":"box","text":"We monitor developments in transactions and special situations closely and undertake our own","page_number":249,"box":{"x":116,"y":406,"width":712,"height":12}},{"id":"4f74c41b-28d1-413a-9540-f4d4059fb269","block_type":"box","text":"detailed analyses of proposals.","page_number":249,"box":{"x":116,"y":421,"width":235,"height":12}},{"id":"f112d394-5021-47e4-9004-fb4dbee12522","block_type":"box","text":"Mergers and acquisitions","page_number":249,"box":{"x":117,"y":457,"width":206,"height":12}},{"id":"9a1f3f09-7cd4-460e-9192-07d74d28391d","block_type":"box","text":"We evaluate proposed mergers or acquisitions by assessing the financial outcome for our clients as","page_number":249,"box":{"x":116,"y":485,"width":745,"height":12}},{"id":"b6544dd2-9739-4e31-a70f-fa96272c2756","block_type":"box","text":"minority shareholders. Management should provide an assessment of the proposed transaction’s","page_number":249,"box":{"x":117,"y":501,"width":725,"height":12}},{"id":"b717f404-20c0-454c-8f9b-fbe7c189987b","block_type":"box","text":"strategic and financial rationale, along with its execution and operational risks. We review each","page_number":249,"box":{"x":116,"y":516,"width":709,"height":12}},{"id":"8a05182a-21f1-4575-a2a4-765d815b883b","block_type":"box","text":"transaction independently based on these factors and the degree to which the transaction enhances","page_number":249,"box":{"x":116,"y":532,"width":748,"height":12}},{"id":"fe5a991e-b468-4279-a0da-7374fc2492bb","block_type":"box","text":"shareholder value. The board might consider establishing an ad hoc transaction committee to","page_number":249,"box":{"x":116,"y":547,"width":699,"height":12}},{"id":"0d7d9369-97be-465d-b608-fb461ab88438","block_type":"box","text":"undertake an independent assessment of a significant merger or acquisition, in advance of making its","page_number":249,"box":{"x":117,"y":563,"width":757,"height":12}},{"id":"193947f4-c498-4cf6-a0f3-ee7a71d69209","block_type":"box","text":"recommendation to shareholders.","page_number":249,"box":{"x":117,"y":578,"width":254,"height":10}},{"id":"27d40f2b-514c-4ef6-b6b0-6ed7bc1649c4","block_type":"box","text":"We will vote against transactions that, in our assessment, do not advance our clients’ financial","page_number":249,"box":{"x":116,"y":607,"width":703,"height":12}},{"id":"723503c4-28a0-424b-b990-39f0e3b24364","block_type":"box","text":"interests.","page_number":249,"box":{"x":117,"y":623,"width":72,"height":9}},{"id":"a4430a0f-e3ec-415e-844e-5af2b3aab5f1","block_type":"box","text":"Anti-takeover defenses","page_number":249,"box":{"x":116,"y":651,"width":190,"height":10}},{"id":"1786f8f9-983b-455e-b081-bbe510a7f286","block_type":"box","text":"In principle, we do not support companies using anti-takeover defenses, also known as poison pills or","page_number":249,"box":{"x":117,"y":680,"width":753,"height":12}},{"id":"24902c35-e529-4376-9fad-48d43d1ea85e","block_type":"box","text":"shareholder rights plans, as they can entrench management and boards which have not delivered","page_number":249,"box":{"x":116,"y":696,"width":726,"height":12}},{"id":"0a0d7da4-57e3-426a-8e0f-7013d0d4efea","block_type":"box","text":"long-term shareholder value. By exception, a poison pill may be supported if its purpose is to delay a","page_number":249,"box":{"x":117,"y":711,"width":746,"height":12}},{"id":"962af9a4-daaa-4ca5-a712-c59dd36fd45a","block_type":"box","text":"takeover that is considered sub-optimal and enable management to seek an improved offer. Similarly,","page_number":249,"box":{"x":116,"y":727,"width":754,"height":12}},{"id":"1c56e47e-6a6a-40b3-b372-c6ba3ba01182","block_type":"box","text":"management could make the case to use a poison pill to block a shareholder activism campaign that","page_number":249,"box":{"x":117,"y":742,"width":746,"height":12}},{"id":"ee94a8a2-f639-4e78-a746-ef7aa7c07894","block_type":"box","text":"may be counter to the interests of other investors. Defense mechanisms introduced in these","page_number":249,"box":{"x":117,"y":758,"width":681,"height":12}},{"id":"2e3ac9b6-6b1a-4c1b-9157-a8d705e6a63b","block_type":"box","text":"circumstances should be limited in term and threshold, and also be closely monitored by the","page_number":249,"box":{"x":116,"y":773,"width":683,"height":12}},{"id":"d2105759-727d-47e8-91e7-185233701862","block_type":"box","text":"independent members of the board. We consider it good practice for companies to put to a shareholder","page_number":249,"box":{"x":117,"y":789,"width":766,"height":12}},{"id":"46c139c6-1705-4283-a32a-9449c84d9731","block_type":"box","text":"vote any mechanisms expected to be in place for more than 12 months.","page_number":249,"box":{"x":116,"y":804,"width":532,"height":12}},{"id":"1a4e6a30-51b6-47ad-8a67-8f759da06c2c","block_type":"box","text":"Shareholder activism","page_number":249,"box":{"x":116,"y":833,"width":175,"height":9}},{"id":"4a023aca-8eda-40ba-92be-7697bbfe18b0","block_type":"box","text":"When companies are the focus of an activism campaign, we may communicate with the activist to","page_number":249,"box":{"x":116,"y":862,"width":732,"height":12}},{"id":"a7f0630f-8bd3-42b9-9360-ad8b5ebc055c","block_type":"box","text":"understand their analysis and objectives, once they have publicly disclosed their campaign. We may","page_number":249,"box":{"x":117,"y":877,"width":748,"height":12}},{"id":"d58f2c49-3abb-4085-8e34-0addd168ee19","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":249,"box":{"x":117,"y":909,"width":338,"height":12}},{"id":"b8bb8f9c-ba8d-4921-b6df-46cc0d6415ca","block_type":"box","text":"Global Engagement and Voting Guidelines |","page_number":249,"box":{"x":530,"y":909,"width":324,"height":12}},{"id":"debb1a18-94a9-4151-8e7d-d3f8aae84e3b","block_type":"box","text":"11","page_number":249,"box":{"x":866,"y":909,"width":15,"height":9}},{"id":"f9467a98-6660-4f83-a7a5-a30fbd65c08c","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":249,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"645a75a6-8d7e-4f07-8185-44a75277cb50","block_type":"box","text":"also engage with company management and possibly board members, especially those the activist","page_number":250,"box":{"x":116,"y":87,"width":741,"height":12}},{"id":"abaf5dce-cc5a-4628-b2a6-4bc28cb0cd3e","block_type":"box","text":"may be seeking to replace. In our assessment, we evaluate various factors, including the concerns","page_number":250,"box":{"x":117,"y":102,"width":737,"height":13}},{"id":"3dfd94d4-6ee3-452d-b549-6fdaadf68a73","block_type":"box","text":"raised by the activist and the case for change; the quality of both the activist’s and management’s","page_number":250,"box":{"x":117,"y":118,"width":728,"height":12}},{"id":"d4638e74-5eac-45b4-b0a1-c9df6694a7d8","block_type":"box","text":"plans; and the qualifications of each party’s candidates. We evaluate each contested situation by","page_number":250,"box":{"x":117,"y":134,"width":723,"height":12}},{"id":"98b8656d-33ed-4a5f-8c89-eaa5a21bcd0b","block_type":"box","text":"assessing the potential financial outcome for our clients as minority shareholders.","page_number":250,"box":{"x":116,"y":149,"width":610,"height":12}},{"id":"06172ee6-031f-4fb4-a1c5-6b0389b37fe1","block_type":"box","text":"We may support board candidates nominated by a shareholder activist if BAIS, in its independent","page_number":250,"box":{"x":116,"y":181,"width":728,"height":12}},{"id":"ed54e09e-629e-4770-ab86-a54be13f2677","block_type":"box","text":"judgment, or the relevant portfolio manager has determined that there is a case for change to enhance","page_number":250,"box":{"x":115,"y":196,"width":767,"height":12}},{"id":"b15a4579-da95-4eef-9f5d-d33abefc9bcb","block_type":"box","text":"shareholder value, or if the incumbent board members do not demonstrate the relevant skills and","page_number":250,"box":{"x":116,"y":212,"width":725,"height":11}},{"id":"05cdc26f-36c6-4a3a-93dd-a74bba220164","block_type":"box","text":"expertise or have a poor track record of protecting shareholders’ interests.","page_number":250,"box":{"x":116,"y":227,"width":556,"height":12}},{"id":"bb9b799b-3fc7-49eb-855a-19c382bd16d6","block_type":"box","text":"Significant shareholders and related party transactions","page_number":250,"box":{"x":116,"y":259,"width":446,"height":12}},{"id":"2b53b806-c431-401f-bdb2-cf27d456a1e2","block_type":"box","text":"Boards of companies with affiliated shareholders or directors should give equitable consideration to the","page_number":250,"box":{"x":117,"y":291,"width":768,"height":12}},{"id":"db5cf275-1a1d-49f4-9326-fbdb5587fa24","block_type":"box","text":"interests of all shareholders when evaluating related party transactions.","page_number":250,"box":{"x":117,"y":306,"width":534,"height":12}},{"id":"ff718613-d3a2-4b4d-8e3c-68ec04f43867","block_type":"box","text":"We consider it good practice for transactions with related parties, such as significant shareholders or","page_number":250,"box":{"x":116,"y":338,"width":751,"height":12}},{"id":"36b76938-1203-4c13-889f-d95d72e5ac30","block_type":"box","text":"companies affiliated with the public company, to be disclosed in detail and conducted on terms similar","page_number":250,"box":{"x":116,"y":354,"width":760,"height":12}},{"id":"2b07b959-eea2-432e-a0f1-bc7322ed85ab","block_type":"box","text":"to what would objectively have been agreed with a non-related party. In our view, such transactions","page_number":250,"box":{"x":116,"y":369,"width":743,"height":12}},{"id":"a3d89e22-1cda-4b9e-b75a-a59cd2ff4941","block_type":"box","text":"should be reviewed and approved by the independent members of the board, and if voted on, only","page_number":250,"box":{"x":116,"y":385,"width":734,"height":12}},{"id":"f641a1cd-4b04-4459-8f76-a92bd2fb140f","block_type":"box","text":"disinterested shareholders should vote.","page_number":250,"box":{"x":116,"y":400,"width":297,"height":10}},{"id":"fbceea72-4406-49ae-858f-51c93971d27c","block_type":"box","text":"CORPORATE REPORTING, RISK MANAGEMENT AND AUDIT","page_number":250,"box":{"x":257,"y":440,"width":490,"height":12}},{"id":"60f6ebd2-81ed-4890-9b4a-1f3011a056f3","block_type":"box","text":"Investors depend on corporate reporting, both regulatory and voluntary, to understand a company’s","page_number":250,"box":{"x":117,"y":472,"width":742,"height":12}},{"id":"e2a98a8a-1102-401c-91bf-79287080f353","block_type":"box","text":"strategy, its implementation and financial performance, as well as to assess the quality of management","page_number":250,"box":{"x":116,"y":487,"width":770,"height":12}},{"id":"06c05762-0b27-4d88-9079-768c8ce84c1d","block_type":"box","text":"and operations and potential for the company to create shareholder value over time. We consider it","page_number":250,"box":{"x":116,"y":503,"width":741,"height":12}},{"id":"383f8382-200a-4755-996b-96f1e2d157f4","block_type":"box","text":"good practice for the board to oversee corporate reporting and the policies and procedures","page_number":250,"box":{"x":116,"y":518,"width":679,"height":12}},{"id":"9caa39ba-a362-4596-b822-eefaff9b62ca","block_type":"box","text":"underpinning the internal audit function and external audit.","page_number":250,"box":{"x":117,"y":534,"width":436,"height":12}},{"id":"83586069-a533-4357-8809-067cea65763f","block_type":"box","text":"A company’s financial reporting should provide decision-useful information for investors, and other","page_number":250,"box":{"x":116,"y":566,"width":734,"height":12}},{"id":"e2b4d23c-ea76-4437-aea6-5ab04f1f1238","block_type":"box","text":"stakeholders, on its financial performance and position. It should provide an accurate and balanced","page_number":250,"box":{"x":116,"y":581,"width":742,"height":12}},{"id":"86dda301-6486-4a60-b07e-9ecce1f1a529","block_type":"box","text":"assessment of the risks and opportunities the company faces in realizing its long-term strategy.","page_number":250,"box":{"x":116,"y":597,"width":712,"height":12}},{"id":"e5726f6d-d372-44fa-9bbb-1611e0fc84e2","block_type":"box","text":"Accordingly, the assumptions made by management and reviewed by the auditor in preparing the","page_number":250,"box":{"x":116,"y":612,"width":729,"height":12}},{"id":"65513238-b2d3-489f-9c5d-077f694b6906","block_type":"box","text":"financial statements should be reasonable and justified. Financial statements should be prepared in","page_number":250,"box":{"x":116,"y":628,"width":744,"height":12}},{"id":"39d09e8a-f23f-456b-9428-64c9bee7814f","block_type":"box","text":"accordance with globally developed reporting standards and any divergence from generally accepted","page_number":250,"box":{"x":116,"y":643,"width":755,"height":12}},{"id":"de8185c6-72c2-4cc6-b91d-2d92937e3e96","block_type":"box","text":"accounting principles should be explained in detail and justified. Accounting restatements should be","page_number":250,"box":{"x":116,"y":659,"width":745,"height":12}},{"id":"0cfe2c32-2abb-45f0-b0f9-2378205099ac","block_type":"box","text":"explained in detail and any remedial actions, and the implications of these, disclosed.","page_number":250,"box":{"x":116,"y":674,"width":631,"height":12}},{"id":"6d62a611-3f3b-4ad7-a5b0-3f71dd6a7d6e","block_type":"box","text":"In this context, audit committees play a vital role in a company’s financial reporting system by providing","page_number":250,"box":{"x":117,"y":706,"width":763,"height":12}},{"id":"99162ae8-cba7-4f6c-a2b0-9504a9eb2c7d","block_type":"box","text":"independent oversight of the accounts, material financial and, where appropriate to the jurisdiction,","page_number":250,"box":{"x":117,"y":721,"width":731,"height":13}},{"id":"4f54f1e8-28a4-4589-94cf-9c54a228c976","block_type":"box","text":"non-financial information, internal control frameworks and Enterprise Risk Management systems. In","page_number":250,"box":{"x":117,"y":737,"width":737,"height":12}},{"id":"46ad6f25-61f1-4e6a-9408-40c39ec9e875","block_type":"box","text":"our view, effective audit committee oversight strengthens the quality and reliability of a company’s","page_number":250,"box":{"x":116,"y":752,"width":725,"height":13}},{"id":"6934f567-6876-4305-8640-2aef4bf3b4ee","block_type":"box","text":"financial statements and provides an important level of reassurance to shareholders. Audit committees","page_number":250,"box":{"x":116,"y":768,"width":762,"height":12}},{"id":"7d6985ad-2dac-4fab-ba0a-c62a604aa479","block_type":"box","text":"should have a procedure in place for assessing the independence of the auditor and the quality of the","page_number":250,"box":{"x":116,"y":784,"width":753,"height":12}},{"id":"1097b191-3e20-4834-8d17-0644f5f8bc14","block_type":"box","text":"external audit process annually.","page_number":250,"box":{"x":116,"y":799,"width":235,"height":12}},{"id":"aa8944bd-4943-419a-837e-4b4c71155dc1","block_type":"box","text":"Similarly, we encourage companies to disclose material sustainability-related factors that are integral to","page_number":250,"box":{"x":116,"y":831,"width":771,"height":12}},{"id":"58ff2003-cab1-4c9d-8d64-57bb03056b21","block_type":"box","text":"how a company manages risks or generates revenue. BAIS finds it helpful to our understanding when","page_number":250,"box":{"x":117,"y":846,"width":758,"height":12}},{"id":"cdcd0ec1-7386-4d74-a0e4-53ba109899d6","block_type":"box","text":"companies provide robust, standardized disclosures on their material sustainability-related risks and","page_number":250,"box":{"x":116,"y":862,"width":747,"height":12}},{"id":"4b78a6d5-9130-4807-a66a-99e51e6d99a5","block_type":"box","text":"opportunities. The International Sustainability Standards Board (ISSB) is one entity working to meet","page_number":250,"box":{"x":116,"y":877,"width":743,"height":12}},{"id":"6d291353-4e08-4020-ae19-02fd91d9fef5","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":250,"box":{"x":117,"y":909,"width":338,"height":12}},{"id":"943394d4-536e-406e-a8dd-ee2668abfdfa","block_type":"box","text":"Global Engagement and Voting Guidelines |","page_number":250,"box":{"x":530,"y":909,"width":324,"height":12}},{"id":"60640181-108c-4aca-a319-7653833e3330","block_type":"box","text":"12","page_number":250,"box":{"x":866,"y":909,"width":17,"height":9}},{"id":"ddacbf18-430d-4bc5-b8c0-116a6833d6d4","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":250,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"e0388e8e-65d9-4d19-973d-7c13d5198837","block_type":"box","text":"these objectives through its reporting standards, which may be helpful to companies in preparing such","page_number":251,"box":{"x":116,"y":87,"width":763,"height":12}},{"id":"d32c1deb-5b38-4c65-892b-51f6b5af80b6","block_type":"box","text":"reports.","page_number":251,"box":{"x":117,"y":103,"width":54,"height":11}},{"id":"50003b4d-f494-41cb-99e5-a2eba7360f6f","block_type":"box","text":"9","page_number":251,"box":{"x":173,"y":103,"width":5,"height":6}},{"id":"a2f4c98e-5014-4160-9a64-36eacad3d983","block_type":"box","text":"However, we do not mandate any specific disclosure framework, and note that companies in","page_number":251,"box":{"x":179,"y":102,"width":696,"height":13}},{"id":"0c29a065-738e-4919-af55-670725ae64c0","block_type":"box","text":"certain jurisdictions are subject to mandatory reporting requirements under standards specified by","page_number":251,"box":{"x":116,"y":118,"width":731,"height":12}},{"id":"ce18f64d-2c07-406c-8175-194f9cb9ebb0","block_type":"box","text":"policy makers.","page_number":251,"box":{"x":117,"y":134,"width":105,"height":12}},{"id":"0d92e11a-ca65-4220-b47f-8a28b00df99e","block_type":"box","text":"10","page_number":251,"box":{"x":224,"y":134,"width":11,"height":6}},{"id":"51c854e2-bd8b-40dd-9812-bbc79c62818f","block_type":"box","text":"Companies should establish robust risk management and internal control processes appropriate to the","page_number":251,"box":{"x":117,"y":161,"width":765,"height":12}},{"id":"f86a2dfb-419a-475c-bcd9-fb5b8be45343","block_type":"box","text":"company’s business, risk tolerance, and regulatory environment. A credible whistleblowing system for","page_number":251,"box":{"x":116,"y":176,"width":759,"height":12}},{"id":"8895494d-5526-48d3-a631-838ab8842213","block_type":"box","text":"employees, and potentially other stakeholders, can be a useful mechanism for ensuring that senior","page_number":251,"box":{"x":116,"y":192,"width":738,"height":12}},{"id":"63d5eb2d-bde9-43a9-a53a-5fd37bd21cea","block_type":"box","text":"management and the board are aware of potential misconduct or breaches in risk management and","page_number":251,"box":{"x":117,"y":207,"width":745,"height":12}},{"id":"dcb73abb-621f-4a51-a7ee-2281262b0168","block_type":"box","text":"internal control processes.","page_number":251,"box":{"x":117,"y":223,"width":200,"height":12}},{"id":"fc891f07-a031-4d89-aa1f-0bcee4c54193","block_type":"box","text":"A comprehensive audit conducted by an independent audit firm contributes to investor confidence in","page_number":251,"box":{"x":116,"y":250,"width":748,"height":12}},{"id":"39b87cb7-0f8d-46de-9e15-00e0c6d79486","block_type":"box","text":"the quality of corporate reporting. It is helpful when the audit report gives some insight into the scope","page_number":251,"box":{"x":116,"y":266,"width":752,"height":12}},{"id":"3f3c640e-0cca-476e-b56a-8ba26e035f09","block_type":"box","text":"and focus of the audit, as well as any critical audit matters identified and how these were resolved. A","page_number":251,"box":{"x":116,"y":281,"width":751,"height":12}},{"id":"d49f1dd2-f7b2-488c-a5f7-11e59ca01668","block_type":"box","text":"comprehensive and effective audit is time and resource intensive, and the audit fee should be","page_number":251,"box":{"x":116,"y":297,"width":700,"height":12}},{"id":"ee043917-4812-4bb1-b4fc-2c9d10c8c682","block_type":"box","text":"commensurate. Fees paid to the audit firm for non-audit consulting should not exceed the audit fee to a","page_number":251,"box":{"x":116,"y":312,"width":771,"height":12}},{"id":"555a6cd0-e8b2-487e-88f0-74804aa628a6","block_type":"box","text":"degree that may prompt concerns about the independence of the audit. The audit committee should","page_number":251,"box":{"x":116,"y":328,"width":746,"height":12}},{"id":"4356b106-2d85-4b12-9e3e-cbbe00cc6684","block_type":"box","text":"explain its position on auditor tenure and how it confirmed that the auditor remained independent.","page_number":251,"box":{"x":116,"y":343,"width":728,"height":12}},{"id":"89da799d-14f1-4376-816a-447eea9dde8c","block_type":"box","text":"We may vote against the election of the responsible directors if corporate reporting is insufficient or","page_number":251,"box":{"x":116,"y":370,"width":740,"height":12}},{"id":"c476db8c-b9a6-455a-90f9-8af7cb419430","block_type":"box","text":"there are material misstatements in financial reports. In markets where relevant, we may vote against a","page_number":251,"box":{"x":116,"y":386,"width":771,"height":12}},{"id":"1d2fb24f-b8b8-433d-af0f-cd6f112331dc","block_type":"box","text":"proposal to approve the financial statements or the discharge of the board when we are concerned","page_number":251,"box":{"x":117,"y":401,"width":737,"height":12}},{"id":"f825f3d7-c522-4c9d-85ee-5016ff89fb09","block_type":"box","text":"about the quality of corporate reporting or the audit. We may vote against proposals to appoint the","page_number":251,"box":{"x":116,"y":417,"width":734,"height":12}},{"id":"0da1dc48-9103-4ee5-89a6-9e023df33d1b","block_type":"box","text":"auditor, ratify the audit report, or approve the audit fee if we are concerned about the auditor’s","page_number":251,"box":{"x":116,"y":432,"width":702,"height":12}},{"id":"2a86f193-3911-4113-b3b6-43f4f1f2521b","block_type":"box","text":"independence, the quality of the audit, or there are material misstatements in financial reports and the","page_number":251,"box":{"x":117,"y":448,"width":760,"height":12}},{"id":"bb837bd2-8fe6-4148-8a80-6a06e065e30c","block_type":"box","text":"board has not established reasonable remediation plans.","page_number":251,"box":{"x":117,"y":464,"width":426,"height":11}},{"id":"0942d27a-05a1-4d0c-8a2e-fc845e0d5bbe","block_type":"box","text":"SHAREHOLDER RIGHTS AND PROTECTIONS","page_number":251,"box":{"x":318,"y":496,"width":369,"height":10}},{"id":"0f1b5deb-f53b-4fdc-8f49-18c3417a1c2a","block_type":"box","text":"General shareholder meetings","page_number":251,"box":{"x":116,"y":524,"width":247,"height":12}},{"id":"6cf8ea02-ba20-4fac-be51-8c7f986b0b99","block_type":"box","text":"Companies normally have an annual general meeting of shareholders at which routine and non-routine","page_number":251,"box":{"x":117,"y":551,"width":768,"height":12}},{"id":"101d0dc1-dea5-4063-8d49-e789f862b015","block_type":"box","text":"items of business are discussed and voted on by shareholders in attendance or submitting proxy votes.","page_number":251,"box":{"x":117,"y":567,"width":771,"height":12}},{"id":"000d070c-fd03-4b4a-b7c6-589301780177","block_type":"box","text":"Companies should disclose materials relevant to the shareholder meeting sufficiently in advance so","page_number":251,"box":{"x":117,"y":582,"width":742,"height":12}},{"id":"e7592089-9f09-49aa-acfc-7ddc77244d90","block_type":"box","text":"that shareholders can take them into consideration in their voting decisions. Many companies offer","page_number":251,"box":{"x":116,"y":598,"width":736,"height":12}},{"id":"d935ac65-09ea-4dbc-8243-78db29fd18bd","block_type":"box","text":"shareholders the option of participating in the meeting virtually which, whilst welcome, should not limit","page_number":251,"box":{"x":116,"y":613,"width":758,"height":12}},{"id":"2fcc3287-6294-4b22-8bcf-8402aee0c063","block_type":"box","text":"the rights of shareholders to participate as they would during an in-person meeting.","page_number":251,"box":{"x":116,"y":629,"width":622,"height":12}},{"id":"2425e7d0-f91a-4a4c-862a-d4b49e4899b9","block_type":"box","text":"We may vote against directors when materials related to the business of the shareholder meeting are","page_number":251,"box":{"x":116,"y":656,"width":757,"height":12}},{"id":"f7a8c72b-2dc2-4514-a066-c13fc7d8c581","block_type":"box","text":"not provided in a timely manner or do not provide sufficient information for us to make an informed","page_number":251,"box":{"x":117,"y":671,"width":728,"height":12}},{"id":"0efd3d10-3990-4057-8349-f11e605077be","block_type":"box","text":"voting decision. We may vote against directors if the format of the shareholder meeting does not","page_number":251,"box":{"x":116,"y":687,"width":715,"height":12}},{"id":"6bfadb2c-188b-4997-b4e9-895f910bf38c","block_type":"box","text":"accommodate reasonable shareholder participation.","page_number":251,"box":{"x":116,"y":702,"width":385,"height":12}},{"id":"e86cf748-f07e-4b91-ae48-75001e7708f6","block_type":"box","text":"Bylaw amendments","page_number":251,"box":{"x":117,"y":730,"width":155,"height":12}},{"id":"cc75ae9e-c180-4718-b482-dbbfa748ce2a","block_type":"box","text":"We review bylaw amendments proposed by management on a case-by-case basis and will generally","page_number":251,"box":{"x":116,"y":757,"width":748,"height":12}},{"id":"1936903d-b9df-42d1-8a21-42402dfd4e04","block_type":"box","text":"support those that are aligned with the interests of minority shareholders. Any material changes to the","page_number":251,"box":{"x":116,"y":772,"width":755,"height":12}},{"id":"34514b03-bdca-44e8-bbe3-71c942b9843a","block_type":"box","text":"bylaws should be explained in detail and put to a shareholder vote.","page_number":251,"box":{"x":117,"y":788,"width":494,"height":12}},{"id":"0dd81444-da28-487a-920e-3e923b7c8b6f","block_type":"box","text":"9","page_number":251,"box":{"x":143,"y":813,"width":4,"height":5}},{"id":"75165bfa-b524-488f-83d2-ee51a2a6c31d","block_type":"box","text":"The ISSB is an independent standard-setting body within the International Financial Reporting Standards (IFRS)","page_number":251,"box":{"x":170,"y":813,"width":666,"height":10}},{"id":"e725ba6e-fd71-4065-8796-ab5b1554ab2d","block_type":"box","text":"Foundation. Please refer to the IFRS website to learn more about the framework and standards S1 “General","page_number":251,"box":{"x":171,"y":826,"width":641,"height":8}},{"id":"ca5fe5d1-6702-4271-8f2d-3f7fe10760ea","block_type":"box","text":"Requirements for Disclosure of Sustainability-related Financial Information” and S2 “Climate-related Disclosures.”","page_number":251,"box":{"x":171,"y":839,"width":672,"height":9}},{"id":"7274023a-eb1a-42bd-981f-f8016d6ff231","block_type":"box","text":"10","page_number":251,"box":{"x":144,"y":854,"width":8,"height":5}},{"id":"620fc617-d007-45ee-82de-812359f9975b","block_type":"box","text":"See, for examples, https://www.ifrs.org/news-and-events/news/2025/06/ifrs-foundation-publishes-jurisdictional-profiles","page_number":251,"box":{"x":170,"y":854,"width":705,"height":9}},{"id":"82278d9f-a4f5-40b6-a587-b5a4dc09d1c4","block_type":"box","text":"issb-standards/ and https://finance.ec.europa.eu/capital-markets-union-and-financial-markets/company","page_number":251,"box":{"x":170,"y":867,"width":615,"height":9}},{"id":"f0c00880-df1a-4021-8216-c46d587556d4","block_type":"box","text":"reporting-and-auditing/company-reporting/corporate-sustainability-reporting_en","page_number":251,"box":{"x":170,"y":880,"width":468,"height":9}},{"id":"37cf92be-8609-4bdc-9be4-c87e84021f1a","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":251,"box":{"x":117,"y":909,"width":338,"height":12}},{"id":"3065eb97-021f-40be-8c7a-9dfd4bcd3650","block_type":"box","text":"Global Engagement and Voting Guidelines |","page_number":251,"box":{"x":530,"y":909,"width":324,"height":12}},{"id":"5ec6b018-4426-4386-9ec1-a72b069782c8","block_type":"box","text":"13","page_number":251,"box":{"x":866,"y":909,"width":17,"height":9}},{"id":"097b1569-8ae1-4b5a-997f-f32ca7877664","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":251,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"113a5781-be76-40a7-9db6-35932a563461","block_type":"box","text":"We may vote against bylaw amendments that reduce shareholder rights and protections or introduce","page_number":252,"box":{"x":116,"y":87,"width":753,"height":12}},{"id":"e801815a-267e-4f4b-9b72-5a387123f528","block_type":"box","text":"additional burdens. We may vote against directors if material changes are made to the bylaws without","page_number":252,"box":{"x":116,"y":102,"width":760,"height":13}},{"id":"22c287cc-4a60-434f-95ea-20aa1c54ed7e","block_type":"box","text":"shareholder approval.","page_number":252,"box":{"x":116,"y":118,"width":167,"height":12}},{"id":"50bd5d96-49d6-4b59-b89a-d21949899e94","block_type":"box","text":"If not provided for in the relevant corporate law, company bylaws should allow shareholders,","page_number":252,"box":{"x":117,"y":150,"width":688,"height":12}},{"id":"ce775259-fca2-4499-aeeb-b92ef2bf7309","block_type":"box","text":"individually or as a group, with a meaningful shareholding, the right to call a special meeting of","page_number":252,"box":{"x":117,"y":165,"width":704,"height":12}},{"id":"2d766888-92f9-4e83-a34e-664228610372","block_type":"box","text":"shareholders. The shareholding required to exercise this right should balance its utility with the cost to","page_number":252,"box":{"x":116,"y":181,"width":761,"height":12}},{"id":"8e5455d3-57b4-4872-a8e1-6d98dec39c56","block_type":"box","text":"the company of holding special meetings.","page_number":252,"box":{"x":116,"y":196,"width":313,"height":12}},{"id":"3a623509-cce6-4580-a4c5-b85289ce0e21","block_type":"box","text":"If not provided for in the relevant corporate law, company bylaws should allow shareholders,","page_number":252,"box":{"x":117,"y":228,"width":688,"height":12}},{"id":"acd87ad7-2812-4b3b-968a-651265d47bfc","block_type":"box","text":"individually or as a group, with a meaningful shareholding, the right to nominate directors to the","page_number":252,"box":{"x":117,"y":243,"width":710,"height":12}},{"id":"c1900ee8-4e96-4c69-8170-5935ae17e1a9","block_type":"box","text":"company’s board. The threshold for this right should be set so that shareholders can exercise it without","page_number":252,"box":{"x":116,"y":259,"width":770,"height":12}},{"id":"1acedd3c-161f-4211-a521-36d3387e3514","block_type":"box","text":"being unduly disruptive to the board’s own nomination process.","page_number":252,"box":{"x":117,"y":274,"width":473,"height":12}},{"id":"5bf3e608-862e-44c5-8b6a-3f0026740342","block_type":"box","text":"Whilst we would not use either of these rights ourselves, we see them as important accountability","page_number":252,"box":{"x":116,"y":306,"width":728,"height":12}},{"id":"4d071156-127a-4517-8724-a16f0de26cf8","block_type":"box","text":"mechanisms. We may vote for a shareholder proposal seeking the addition of either of these","page_number":252,"box":{"x":117,"y":321,"width":691,"height":12}},{"id":"78ab73da-dfdc-418b-925c-921ee19414ef","block_type":"box","text":"provisions to a company’s bylaws.","page_number":252,"box":{"x":117,"y":337,"width":258,"height":12}},{"id":"08aaf829-a7df-4d5f-be7a-43d5d47fa6e8","block_type":"box","text":"Change of domicile","page_number":252,"box":{"x":116,"y":368,"width":160,"height":12}},{"id":"96532c95-556a-430d-858d-f06c5fbebb61","block_type":"box","text":"We generally defer to management on proposals to change a company’s domicile as long as the","page_number":252,"box":{"x":116,"y":400,"width":722,"height":12}},{"id":"65223fbc-9be3-4615-86bc-c74d368984af","block_type":"box","text":"rationale for doing so is consistent with the company’s long-term strategy and business model and the","page_number":252,"box":{"x":117,"y":415,"width":761,"height":12}},{"id":"083349c6-8a2d-4457-b0b8-e976854f101c","block_type":"box","text":"related costs are immaterial.","page_number":252,"box":{"x":117,"y":431,"width":215,"height":9}},{"id":"cf846ef2-3a1b-477d-b702-9fbd372b300f","block_type":"box","text":"We may vote against directors or a proposal to change a company’s domicile where it does not seem","page_number":252,"box":{"x":116,"y":462,"width":757,"height":12}},{"id":"63544084-3640-4879-8bf8-00bed115a037","block_type":"box","text":"aligned with our clients’ financial interests.","page_number":252,"box":{"x":116,"y":478,"width":318,"height":12}},{"id":"04539dc6-6727-4530-b385-c5e2f1446b43","block_type":"box","text":"Changes to a company’s purpose or the nature of its business","page_number":252,"box":{"x":116,"y":509,"width":504,"height":12}},{"id":"de530fcb-3ee5-47d7-8e2d-29385fc1c526","block_type":"box","text":"Plans to materially change the nature of a company’s business or its purpose should be disclosed and","page_number":252,"box":{"x":117,"y":541,"width":762,"height":12}},{"id":"729dca84-8da5-48af-af3f-e8a84ca01ffa","block_type":"box","text":"explained in the context of long-term strategy and business dynamics. Such changes may significantly","page_number":252,"box":{"x":116,"y":556,"width":764,"height":12}},{"id":"abb60c06-f91a-4322-888a-9b3e5850c14a","block_type":"box","text":"alter an investor’s views on the suitability of a company for their investment strategy or portfolio.","page_number":252,"box":{"x":116,"y":572,"width":716,"height":12}},{"id":"1353416e-3ce9-4894-9034-ffbae384942d","block_type":"box","text":"Where relevant, we may vote against proposals to change a company’s purpose or the nature of its","page_number":252,"box":{"x":116,"y":603,"width":743,"height":12}},{"id":"40fd9693-0430-4239-87f2-08f005ca4c09","block_type":"box","text":"business if the board has not provided a credible argument for change.","page_number":252,"box":{"x":117,"y":619,"width":530,"height":12}},{"id":"77eb3057-1bd5-47ea-9ee7-2a845ad3a662","block_type":"box","text":"SHAREHOLDER PROPOSALS","page_number":252,"box":{"x":380,"y":658,"width":244,"height":10}},{"id":"30b0dea4-4220-47d8-8ffc-e59cb3c0716c","block_type":"box","text":"Shareholders in many markets, who meet certain eligibility criteria, have the right to submit proposals","page_number":252,"box":{"x":116,"y":690,"width":750,"height":12}},{"id":"456560b2-dfc5-4e64-93f2-84d72a4bcbed","block_type":"box","text":"to the general shareholder meeting asking a company to take a particular course of action subject to","page_number":252,"box":{"x":116,"y":705,"width":744,"height":13}},{"id":"fbde60c0-1e05-4410-8bb0-c486c8d02dea","block_type":"box","text":"the proposal being supported by a majority of votes cast at the meeting. The topics raised can address","page_number":252,"box":{"x":116,"y":721,"width":762,"height":12}},{"id":"a4ca8686-e274-41f7-8949-4937b2078d0d","block_type":"box","text":"a range of matters that may be relevant to a company’s business.","page_number":252,"box":{"x":116,"y":736,"width":486,"height":13}},{"id":"3b365228-edcc-4ae5-ad07-5a77dcc1c39b","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":252,"box":{"x":116,"y":768,"width":762,"height":12}},{"id":"28004eb3-98de-4f66-8ec2-d6a15dd8c4d5","block_type":"box","text":"company’s business and its current approach, whether the actions sought are consistent with","page_number":252,"box":{"x":116,"y":784,"width":691,"height":12}},{"id":"0918607a-ff48-4b8a-91b4-23d87a2c1817","block_type":"box","text":"shareholders’ interests, and what impact the proposal being acted upon might have on financial","page_number":252,"box":{"x":116,"y":799,"width":708,"height":12}},{"id":"c72761da-9ff9-4215-a667-23e9314c7f1a","block_type":"box","text":"performance.","page_number":252,"box":{"x":117,"y":814,"width":96,"height":12}},{"id":"8e884caa-7788-4c4d-92bb-a160033a9fba","block_type":"box","text":"Our general approach where we have concerns about a company’s governance, disclosures or","page_number":252,"box":{"x":116,"y":846,"width":711,"height":12}},{"id":"80627392-f794-4026-909c-af72b087841c","block_type":"box","text":"performance is to engage to understand the apparent difference in perspective. If we are concerned a","page_number":252,"box":{"x":117,"y":861,"width":760,"height":13}},{"id":"f8fdaf67-d998-4c45-9adb-1de44be44b42","block_type":"box","text":"company is not acting in shareholders’ financial interests, we may vote against the election of directors.","page_number":252,"box":{"x":116,"y":877,"width":772,"height":12}},{"id":"bec2914c-32fe-4d1d-a0a2-6648f79a4ecc","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":252,"box":{"x":117,"y":909,"width":338,"height":12}},{"id":"cdb0d869-ec5c-4bf8-bb05-74ba448efee4","block_type":"box","text":"Global Engagement and Voting Guidelines |","page_number":252,"box":{"x":530,"y":909,"width":324,"height":12}},{"id":"ef7c6ab3-0471-4f04-bf7f-e85ae6c2a7e5","block_type":"box","text":"14","page_number":252,"box":{"x":866,"y":909,"width":17,"height":9}},{"id":"6a69ad7e-ab6c-4b94-9169-9f4e67e20a41","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":252,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"d2db2dea-da04-49a4-a938-0105efbb0d65","block_type":"box","text":"We may support a relevant shareholder proposal if doing so is aligned with our clients’ financial","page_number":253,"box":{"x":116,"y":87,"width":712,"height":12}},{"id":"89e3ebd5-85f1-47de-99fa-d2e650e379a1","block_type":"box","text":"interests. We generally do not support shareholder proposals that are legally binding on the company,","page_number":253,"box":{"x":117,"y":103,"width":760,"height":12}},{"id":"d580d249-d8ed-4ca2-bd9a-22bdc096c815","block_type":"box","text":"seek to alter a company’s strategy or direct its operations, or are unrelated to how a company","page_number":253,"box":{"x":116,"y":118,"width":700,"height":12}},{"id":"92b62672-36d8-48da-8bf3-4e9fb4224d95","block_type":"box","text":"manages risk or generates financial returns.","page_number":253,"box":{"x":117,"y":134,"width":331,"height":12}},{"id":"40ab9f1b-90eb-4c0b-b423-ceb0e48527f4","block_type":"box","text":"BlackRock is subject to rules, regulations, agency guidance and contractual agreements that place","page_number":253,"box":{"x":117,"y":164,"width":737,"height":12}},{"id":"be72651b-3853-48d4-bf4e-eb6b422ea937","block_type":"box","text":"restrictions and limitations on how we can interact with the companies in which we invest on behalf of","page_number":253,"box":{"x":117,"y":180,"width":755,"height":12}},{"id":"956f511b-f159-4a79-92fe-06b753b3f92a","block_type":"box","text":"our clients, including our ability to submit shareholder proposals. We do not submit shareholder","page_number":253,"box":{"x":116,"y":195,"width":712,"height":12}},{"id":"0873abbe-803f-4d1d-8f1b-3d48a202342c","block_type":"box","text":"proposals but can vote, on behalf of clients who authorize us to do so, on proposals put forth by others.","page_number":253,"box":{"x":117,"y":211,"width":770,"height":12}},{"id":"18a85191-e7f5-4ea0-9d6e-956484b92a7e","block_type":"box","text":"CORPORATE POLITICAL ACTIVITIES","page_number":253,"box":{"x":351,"y":249,"width":302,"height":10}},{"id":"22a43fd1-ec7e-4a8e-916b-6d987735d0d3","block_type":"box","text":"A corporation’s ability to engage in the policy process is subject to rules and regulations set by the","page_number":253,"box":{"x":116,"y":280,"width":733,"height":12}},{"id":"de7482f2-643f-419c-988d-956e00637521","block_type":"box","text":"jurisdictions in which they engage. When a corporation reports material financial risk related to policy","page_number":253,"box":{"x":115,"y":295,"width":754,"height":12}},{"id":"06282eb0-d474-450c-bdd9-bfb823cedaa2","block_type":"box","text":"and or regulatory changes, BAIS may seek to understand how it is addressing the material risk","page_number":253,"box":{"x":116,"y":311,"width":708,"height":12}},{"id":"601c4d3a-67a7-44de-b984-149b05fa5d06","block_type":"box","text":"identified. We seek to understand how companies engage in corporate political activities and ensure","page_number":253,"box":{"x":117,"y":326,"width":748,"height":12}},{"id":"d9efef97-345d-4745-8746-64b20a77634b","block_type":"box","text":"that their participation is consistent with their public statements on policy matters material to the","page_number":253,"box":{"x":116,"y":342,"width":714,"height":12}},{"id":"a7356739-7481-4fb9-8dc4-029d2ac37f7a","block_type":"box","text":"company’s long-term strategy. The board should be aware of the approach taken by management on","page_number":253,"box":{"x":116,"y":357,"width":756,"height":12}},{"id":"e55da1a9-e41e-4060-aa13-163fd9c51b15","block_type":"box","text":"corporate political activities as there can be reputational risks arising from inconsistencies between a","page_number":253,"box":{"x":116,"y":373,"width":752,"height":12}},{"id":"61353f38-fee5-475a-9846-32b8ecaf75fb","block_type":"box","text":"company’s policy engagement and stated policy positions. Companies should, as a minimum, meet all","page_number":253,"box":{"x":116,"y":388,"width":764,"height":12}},{"id":"85033826-80c9-4bf4-ba2a-71c61bbd2794","block_type":"box","text":"regulatory disclosure requirements on political activities. We may engage a company where we would","page_number":253,"box":{"x":117,"y":404,"width":759,"height":12}},{"id":"4332f904-c7ea-400b-8e84-cf3f04a510c0","block_type":"box","text":"like to better understand its approach to policy engagement, where relevant.","page_number":253,"box":{"x":117,"y":419,"width":569,"height":12}},{"id":"a9ebd25b-5d5a-4d8f-82b2-7957583440ac","block_type":"box","text":"To mitigate the risk of inconsistencies, companies may wish to assess the alignment between their","page_number":253,"box":{"x":116,"y":450,"width":737,"height":12}},{"id":"6c10f570-5e6b-4841-9ae7-e9103850d4dc","block_type":"box","text":"policy priorities and the policy positions of the trade associations of which they are active members and","page_number":253,"box":{"x":117,"y":465,"width":770,"height":13}},{"id":"94417609-a88f-4494-8fae-d5f6489f3d0a","block_type":"box","text":"any engagements undertaken by trade associations on behalf of members.","page_number":253,"box":{"x":116,"y":481,"width":562,"height":12}},{"id":"221ced97-b1cb-4adb-8ebd-0671f2f4dc6c","block_type":"box","text":"We may support a relevant shareholder proposal, or vote against directors, where a company’s","page_number":253,"box":{"x":116,"y":512,"width":712,"height":12}},{"id":"9584114b-aa23-499e-8c42-93a51c4d6955","block_type":"box","text":"disclosures are insufficient to address the material risk it has identified.","page_number":253,"box":{"x":116,"y":527,"width":530,"height":10}},{"id":"7f20a978-6bc4-40e6-a003-76817fdf8be6","block_type":"box","text":"MATERIAL SUSTAINABILITY-RELATED RISKS AND OPPORTUNITIES","page_number":253,"box":{"x":223,"y":565,"width":559,"height":10}},{"id":"f155a223-c542-46bc-bbd2-3177e30f661e","block_type":"box","text":"We seek to understand how companies manage the material risks and opportunities inherent in their","page_number":253,"box":{"x":116,"y":596,"width":751,"height":12}},{"id":"c8924432-87f6-497a-96dd-546f34294b9d","block_type":"box","text":"business operations. In our experience, sustainability-related factors","page_number":253,"box":{"x":117,"y":612,"width":505,"height":12}},{"id":"34fa8adc-b185-44a1-9f55-c7567a54196e","block_type":"box","text":"11","page_number":253,"box":{"x":624,"y":612,"width":9,"height":6}},{"id":"679ee859-ad67-4910-97fb-f655395fea24","block_type":"box","text":"that are relevant to a company’s","page_number":253,"box":{"x":635,"y":612,"width":249,"height":12}},{"id":"8cba34b4-6331-4762-9b99-b2ef1d9aafb1","block_type":"box","text":"business or material to its financial performance, are generally operational considerations embedded","page_number":253,"box":{"x":117,"y":627,"width":752,"height":12}},{"id":"210e7cd9-02ec-4a05-8f83-653165976b67","block_type":"box","text":"into day-to-day management systems. Certain sustainability issues may also inform long-term strategic","page_number":253,"box":{"x":117,"y":643,"width":769,"height":12}},{"id":"0f92e031-7631-4040-8186-63dea67cf800","block_type":"box","text":"planning, for example, investing in product innovation in anticipation of changing consumer demand or","page_number":253,"box":{"x":117,"y":658,"width":763,"height":12}},{"id":"268b3368-dd74-4ff3-a5d5-78d6fa32d283","block_type":"box","text":"adapting supply chains in response to changing regulatory requirements.","page_number":253,"box":{"x":116,"y":674,"width":540,"height":12}},{"id":"68ea292e-efc4-4cac-ba60-895eee70af25","block_type":"box","text":"We recognize that the specific sustainability-related factors that may be financially material or business","page_number":253,"box":{"x":116,"y":704,"width":763,"height":12}},{"id":"8df16c63-9b5a-48ca-8850-4597bd3b06bd","block_type":"box","text":"relevant will vary by company business model, sector, key markets, and time horizon, amongst other","page_number":253,"box":{"x":117,"y":720,"width":747,"height":12}},{"id":"d81f6f07-25d8-4fbd-9234-5a506a50376e","block_type":"box","text":"considerations. From company disclosures and our engagement, we aim to understand how","page_number":253,"box":{"x":116,"y":735,"width":684,"height":12}},{"id":"4aec7d9d-10de-4f0d-a4bb-c26a4b9c1420","block_type":"box","text":"management is identifying, assessing and integrating material sustainability-related risks and","page_number":253,"box":{"x":117,"y":751,"width":688,"height":12}},{"id":"ed91b6b2-8ebd-4983-8074-82e4f8701d56","block_type":"box","text":"11","page_number":253,"box":{"x":144,"y":776,"width":7,"height":5}},{"id":"1a351267-dd61-481c-abf7-3d22a45d2acb","block_type":"box","text":"By material sustainability-related risks and opportunities, we mean the drivers of risk and financial value creation in a","page_number":253,"box":{"x":171,"y":776,"width":691,"height":10}},{"id":"e2e0815c-1120-42db-9303-4413e60b05ce","block_type":"box","text":"company’s business model that have an environmental or social dependency or impact. Examples of environmental","page_number":253,"box":{"x":170,"y":789,"width":686,"height":10}},{"id":"79bf4c0f-5488-4628-9509-c7e548ac923d","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":253,"box":{"x":170,"y":802,"width":682,"height":9}},{"id":"860b13ba-a235-4f79-b49c-57ca6cb9c069","block_type":"box","text":"issues include, but are not limited to, human capital management, impacts on the communities in which a company","page_number":253,"box":{"x":170,"y":815,"width":683,"height":9}},{"id":"9a1b63a8-3c43-4eaf-b84f-a75af03895d7","block_type":"box","text":"operates, customer loyalty, and relationships with regulators. It is our view that well-managed companies will effectively","page_number":253,"box":{"x":170,"y":828,"width":708,"height":9}},{"id":"c1f31e2b-5ed0-4694-a924-582fd0b13a89","block_type":"box","text":"evaluate and manage material sustainability-related risks and opportunities relevant to their businesses. Governance is","page_number":253,"box":{"x":170,"y":841,"width":707,"height":9}},{"id":"53950e34-8633-468c-ad29-799d8128669c","block_type":"box","text":"the core means by which boards can oversee the creation of durable financial value over time. Appropriate risk","page_number":253,"box":{"x":170,"y":853,"width":658,"height":10}},{"id":"9f4512b7-0c76-40f0-9ea0-3490ce8361d6","block_type":"box","text":"oversight of business-relevant and material sustainability-related considerations is a component of a sound governance","page_number":253,"box":{"x":170,"y":866,"width":708,"height":10}},{"id":"1797c2d8-81bd-4e6c-94e2-1531b796fc14","block_type":"box","text":"framework.","page_number":253,"box":{"x":170,"y":879,"width":65,"height":8}},{"id":"65afb3c9-34cc-4c4e-8545-70e16913d921","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":253,"box":{"x":117,"y":909,"width":338,"height":12}},{"id":"e73dc3d8-711a-4c5d-807c-1ac0eed987e5","block_type":"box","text":"Global Engagement and Voting Guidelines |","page_number":253,"box":{"x":530,"y":909,"width":324,"height":12}},{"id":"1b20dd74-a483-4994-8517-5fb4e9b39064","block_type":"box","text":"15","page_number":253,"box":{"x":866,"y":909,"width":17,"height":9}},{"id":"a53e8724-72d1-4558-9a23-583d2dfd9e01","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":253,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"1be7a0ca-01cd-47fe-b030-6039dbd5a574","block_type":"box","text":"opportunities into their business decision-making and practices. Doing so helps us undertake a more","page_number":254,"box":{"x":116,"y":87,"width":752,"height":12}},{"id":"97ceeb16-e5a3-485e-9a78-2d6dad7e3801","block_type":"box","text":"holistic assessment of a company’s potential financial performance and the likely risk-adjusted returns","page_number":254,"box":{"x":117,"y":102,"width":761,"height":13}},{"id":"4c50eac0-2e9a-4384-889f-1f6946df3175","block_type":"box","text":"of an investment.","page_number":254,"box":{"x":116,"y":118,"width":133,"height":10}},{"id":"c0d5f4a8-d801-4883-bb17-d0ec472d44e4","block_type":"box","text":"We may vote against directors or support a relevant shareholder proposal if we have concerns about","page_number":254,"box":{"x":116,"y":145,"width":753,"height":12}},{"id":"6f7f15e0-f2cb-4e39-86bd-a8d966759e2a","block_type":"box","text":"how a company is managing or disclosing its approach to material sustainability-related risks that may","page_number":254,"box":{"x":117,"y":161,"width":761,"height":12}},{"id":"5cee1334-ac71-440e-859b-1bec8b29357f","block_type":"box","text":"impact financial returns.","page_number":254,"box":{"x":117,"y":176,"width":181,"height":12}},{"id":"51517ac7-2642-4102-9ddd-33fd01626c35","block_type":"box","text":"KEY STAKEHOLDERS","page_number":254,"box":{"x":412,"y":209,"width":182,"height":10}},{"id":"9210629e-766b-4fad-b6a7-ae0897d29fe8","block_type":"box","text":"In our view, companies should understand and take into consideration the interests of the various","page_number":254,"box":{"x":117,"y":236,"width":727,"height":12}},{"id":"beb7ff81-37e3-4bc6-a99d-1fa88248c50b","block_type":"box","text":"parties on whom they depend for their success over time. It is for each company to determine their key","page_number":254,"box":{"x":117,"y":252,"width":766,"height":12}},{"id":"ac060212-afe3-4744-a64f-90a5e631f3a8","block_type":"box","text":"stakeholders based on what is material to their business and long-term financial performance. For","page_number":254,"box":{"x":116,"y":267,"width":731,"height":12}},{"id":"4c5eca15-4371-44d3-9383-6e6597ad9d48","block_type":"box","text":"many companies, key stakeholders include employees, business partners (such as suppliers and","page_number":254,"box":{"x":117,"y":283,"width":726,"height":12}},{"id":"227c2675-4e14-4417-9e13-0c495e307e42","block_type":"box","text":"distributors), clients and consumers, regulators, and the communities in which they operate.","page_number":254,"box":{"x":116,"y":298,"width":687,"height":12}},{"id":"0cca4954-9fea-4a9d-a1b3-2555549a7ade","block_type":"box","text":"Companies that appropriately balance the interests of investors and other stakeholders are, in our","page_number":254,"box":{"x":117,"y":314,"width":730,"height":12}},{"id":"50383314-9224-4409-9b65-ec500176a5cd","block_type":"box","text":"experience, more likely to be financially resilient over time.","page_number":254,"box":{"x":116,"y":329,"width":438,"height":12}},{"id":"b16761d7-7119-417c-8c0b-008dbf6ec786","block_type":"box","text":"CLIMATE AND DECARBONIZATION INVESTMENT OBJECTIVES","page_number":254,"box":{"x":246,"y":362,"width":513,"height":10}},{"id":"4b18f50b-eda7-4e6c-8cf1-da044a77dfd2","block_type":"box","text":"Certain active BlackRock funds have climate and decarbonization objectives in addition to financial","page_number":254,"box":{"x":117,"y":389,"width":737,"height":12}},{"id":"0f69975d-9cca-4bed-aabe-dcf62691e9d1","block_type":"box","text":"objectives. Consistent with the objectives of those investment strategies, our stewardship activity in","page_number":254,"box":{"x":116,"y":405,"width":741,"height":12}},{"id":"b2b79337-ea41-4a24-b4c9-47b766a04b2a","block_type":"box","text":"relation to the holdings in those funds differs in some respects from BAIS’ benchmark guidelines, which","page_number":254,"box":{"x":117,"y":420,"width":771,"height":12}},{"id":"979c9dad-14a4-43f9-826a-987c94136055","block_type":"box","text":"are described above. Specifically, for those funds’ holdings, we look to investee companies to","page_number":254,"box":{"x":116,"y":436,"width":699,"height":12}},{"id":"623a68d7-d24b-4e9a-9b33-1aeaa4117c07","block_type":"box","text":"demonstrate that they are aligned with a decarbonization pathway that means their business model","page_number":254,"box":{"x":116,"y":451,"width":742,"height":12}},{"id":"a58abf7d-346a-488a-9026-fad62bb79e40","block_type":"box","text":"would be viable in a low-carbon economy, i.e., one in which global temperature rise is limited to 1.5°C","page_number":254,"box":{"x":116,"y":467,"width":759,"height":12}},{"id":"ecc763ad-7991-48b4-ba13-03f591928c79","block_type":"box","text":"above pre-industrial levels. In addition, clients in separately managed accounts may instruct BlackRock","page_number":254,"box":{"x":116,"y":482,"width":771,"height":12}},{"id":"5a4b1499-d293-45da-babb-be616c85b90a","block_type":"box","text":"to apply these guidelines to their holdings. Both in the case of funds and separately managed","page_number":254,"box":{"x":116,"y":498,"width":698,"height":12}},{"id":"af5ce6e9-6d9a-4f6c-820c-ea69a59a986b","block_type":"box","text":"accounts, these guidelines are only implemented upon explicit selection and approval by the applicable","page_number":254,"box":{"x":116,"y":514,"width":770,"height":11}},{"id":"e10eaaee-d6a9-4ea3-8f64-2c80fa1d3136","block_type":"box","text":"fund board or client.","page_number":254,"box":{"x":116,"y":529,"width":153,"height":9}},{"id":"568b80c8-532a-41f5-af3f-0d6ff3ed8637","block_type":"box","text":"These decarbonization stewardship guidelines focus on companies which produce goods and services","page_number":254,"box":{"x":116,"y":556,"width":766,"height":12}},{"id":"fff9fc52-aec0-4e34-b141-86cea153f4c6","block_type":"box","text":"that contribute to real world decarbonization or have a carbon intensive business model and face","page_number":254,"box":{"x":116,"y":571,"width":724,"height":10}},{"id":"7589c0d1-bf83-46c6-bd99-8fca7d02290b","block_type":"box","text":"outsized impacts from the low carbon transition, based on reported and estimated scopes 1, 2, and 3","page_number":254,"box":{"x":116,"y":587,"width":754,"height":12}},{"id":"692b4a3a-ee88-4959-8669-40bc38a82e2b","block_type":"box","text":"greenhouse gas emissions. These companies should provide disclosures that set out their","page_number":254,"box":{"x":116,"y":603,"width":675,"height":12}},{"id":"3db1ca53-5ca7-4ce3-bfc7-24d472b35908","block_type":"box","text":"governance, strategy, risk management processes and metrics and targets relevant to","page_number":254,"box":{"x":116,"y":618,"width":646,"height":12}},{"id":"eced528e-e7e7-4dab-b448-35efdf36ec1e","block_type":"box","text":"decarbonization. It is helpful to investors’ understanding when these disclosures include an explanation","page_number":254,"box":{"x":116,"y":634,"width":770,"height":12}},{"id":"0f735cef-6d01-42bf-8e95-177f661a44fb","block_type":"box","text":"of the decarbonization scenarios a company is using in its near- and long-term planning, as well as its","page_number":254,"box":{"x":116,"y":649,"width":760,"height":12}},{"id":"b4a59305-0ece-4e29-883c-c1b0aa6a9e7c","block_type":"box","text":"scope 1, scope 2 and material scope 3 greenhouse gas (GHG) emissions and reduction targets for","page_number":254,"box":{"x":116,"y":665,"width":735,"height":12}},{"id":"2ac2af28-7148-46c7-9f8e-1abe2c98ede6","block_type":"box","text":"scope 1 and 2 emissions.","page_number":254,"box":{"x":116,"y":680,"width":188,"height":12}},{"id":"ed1b43cc-0400-4c30-bd07-0359d8ed3e41","block_type":"box","text":"Under these climate- and decarbonization-specific guidelines, BAIS may recommend a vote against","page_number":254,"box":{"x":117,"y":707,"width":739,"height":12}},{"id":"4357c488-293a-40ae-80f6-6f5cbd98b983","block_type":"box","text":"directors or support for a relevant shareholder proposal if a company does not appear to be adequately","page_number":254,"box":{"x":116,"y":723,"width":766,"height":12}},{"id":"f1afc4f5-b670-43cb-a4fe-4a17c77df31c","block_type":"box","text":"acting to address or disclosing material climate-related risks, consistent with the parameters set out in","page_number":254,"box":{"x":116,"y":738,"width":755,"height":12}},{"id":"7f7a3309-34d6-4400-ad8d-33913f1fb29b","block_type":"box","text":"these climate- and decarbonization-specific guidelines. We may recommend supporting shareholder","page_number":254,"box":{"x":116,"y":754,"width":744,"height":12}},{"id":"fab11081-f0bb-4d47-9a73-08d353251835","block_type":"box","text":"proposals seeking information relevant to a company’s stated low-carbon transition strategy or targets","page_number":254,"box":{"x":117,"y":769,"width":755,"height":12}},{"id":"f87bb7c1-3cda-4640-a08f-8e1b09f606e8","block_type":"box","text":"that the company does not currently provide and that would be helpful to investment decision-making.","page_number":254,"box":{"x":116,"y":785,"width":753,"height":12}},{"id":"d5bfaf73-1ba2-48ca-903d-a404fe1ebdfa","block_type":"box","text":"We would not recommend support for shareholder proposals that seek to constrain board or","page_number":254,"box":{"x":116,"y":800,"width":684,"height":12}},{"id":"40bff9c3-18e0-4cb1-889d-501593a0c32f","block_type":"box","text":"management decision-making or direct specific business or strategic decisions. As under the BAIS","page_number":254,"box":{"x":117,"y":816,"width":730,"height":12}},{"id":"14d5bd6e-f9b1-4e16-8522-566511b76899","block_type":"box","text":"benchmark approach, the active portfolio managers are ultimately responsible for voting consistent","page_number":254,"box":{"x":117,"y":831,"width":737,"height":12}},{"id":"1f03116d-6ffa-43ee-9f74-b6bd0380ed1e","block_type":"box","text":"with their investment mandate and fund objectives. For the funds and accounts in scope, voting on","page_number":254,"box":{"x":116,"y":847,"width":736,"height":12}},{"id":"56e93fb8-2287-4f3d-8f59-acedb472cfc5","block_type":"box","text":"matters not related to climate risk and the energy transition is undertaken in line with BAIS’ benchmark","page_number":254,"box":{"x":117,"y":862,"width":765,"height":12}},{"id":"7aaa0ccf-e6cb-4a6e-b164-c72c66acffa1","block_type":"box","text":"guidelines.","page_number":254,"box":{"x":116,"y":878,"width":85,"height":12}},{"id":"cbae0629-a089-4e49-ba49-94668e1d3060","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":254,"box":{"x":117,"y":909,"width":338,"height":12}},{"id":"f3bea9e1-143f-4039-b4a8-67bbc5fbe0f5","block_type":"box","text":"Global Engagement and Voting Guidelines |","page_number":254,"box":{"x":530,"y":909,"width":324,"height":12}},{"id":"ece3337f-1375-4bd4-92fc-5b26657df2eb","block_type":"box","text":"16","page_number":254,"box":{"x":866,"y":909,"width":17,"height":9}},{"id":"19ff0726-88aa-40b5-9254-7bff856af54a","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":254,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"83fefd29-9dd3-41c6-9b6b-8e24113e3647","block_type":"box","text":"APPENDIX 1: HOW WE FULFIL AND OVERSEE OUR INVESTMENT STEWARDSHIP","page_number":255,"box":{"x":171,"y":87,"width":662,"height":10}},{"id":"73f9e645-4e52-4bb1-8a2e-5b3f6052bdfa","block_type":"box","text":"RESPONSIBILITIES","page_number":255,"box":{"x":423,"y":102,"width":159,"height":10}},{"id":"21aeb223-a1ec-44db-bb9d-2b882e405f9b","block_type":"box","text":"Oversight","page_number":255,"box":{"x":116,"y":132,"width":83,"height":12}},{"id":"48ef90b0-4fea-448c-bd66-7735cf4621e1","block_type":"box","text":"The Global Head of BAIS has primary oversight of and responsibility for the team’s activities, including","page_number":255,"box":{"x":116,"y":161,"width":764,"height":12}},{"id":"06903523-06d4-45cf-8e7b-05a5539636bb","block_type":"box","text":"voting in accordance with the BlackRock Active Investment Stewardship Global Engagement and","page_number":255,"box":{"x":116,"y":177,"width":726,"height":12}},{"id":"ea710f66-633d-4c5b-b1dd-b1a46e89d83a","block_type":"box","text":"Voting Guidelines (the “Guidelines”), which require the application of professional judgment and","page_number":255,"box":{"x":116,"y":192,"width":714,"height":12}},{"id":"4480b45f-7a76-458b-aa2e-d20dc89533ca","block_type":"box","text":"consideration of each company’s unique circumstances, as well as input from active investors. BAIS is","page_number":255,"box":{"x":116,"y":208,"width":765,"height":12}},{"id":"dc62f95c-b90a-4ccd-8687-e1367b5e0bce","block_type":"box","text":"independent from BlackRock Investment Stewardship in our engagement and voting activities,","page_number":255,"box":{"x":117,"y":223,"width":704,"height":12}},{"id":"59b7562c-5c2b-4169-b002-db3cd3ad186b","block_type":"box","text":"reporting lines, and oversight.","page_number":255,"box":{"x":117,"y":239,"width":224,"height":12}},{"id":"6a6f65a5-1cdf-4562-a80c-73e9e0748eec","block_type":"box","text":"The Stewardship Leaders Group, comprised of senior active investors and other relevant stakeholders","page_number":255,"box":{"x":116,"y":268,"width":765,"height":12}},{"id":"111b6b90-27e2-4e1d-aa28-80d4362d477c","block_type":"box","text":"in BlackRock’s legal, public policy, sustainability and communications teams, helps shape the firm’s","page_number":255,"box":{"x":117,"y":283,"width":742,"height":12}},{"id":"8b883d53-5903-4355-963a-9b8321ca2220","block_type":"box","text":"approach to investment stewardship on non-index equity investment strategies. The Group may advise","page_number":255,"box":{"x":116,"y":299,"width":769,"height":12}},{"id":"4ff7f094-57cd-4916-a71b-ee86ed72aba6","block_type":"box","text":"on and review amendments to BAIS’ policies and practices. It does not determine voting decisions,","page_number":255,"box":{"x":116,"y":314,"width":739,"height":12}},{"id":"e5ad1dbe-75f2-41f6-83f8-47c8e7dc5832","block_type":"box","text":"which are the responsibility of BAIS and the relevant active equity investors.","page_number":255,"box":{"x":116,"y":330,"width":568,"height":12}},{"id":"c3655d83-f5d4-48a3-9c70-fb99222d44ab","block_type":"box","text":"BAIS carries out engagement with companies in collaboration with active investment colleagues,","page_number":255,"box":{"x":117,"y":359,"width":721,"height":12}},{"id":"4fb2649e-617a-43a6-9327-61958e0ef1e9","block_type":"box","text":"executes proxy votes, and conducts vote operations (including maintaining records of votes cast) in a","page_number":255,"box":{"x":116,"y":375,"width":757,"height":12}},{"id":"6baf10fe-ea23-4708-9564-a585da9ec9a4","block_type":"box","text":"manner consistent with the Guidelines. BAIS also conducts research on corporate governance issues","page_number":255,"box":{"x":117,"y":390,"width":757,"height":12}},{"id":"7721b3fe-68a1-4b07-9fc4-da753d42762f","block_type":"box","text":"and participates in industry discussions to contribute to and keep abreast of important developments in","page_number":255,"box":{"x":116,"y":406,"width":768,"height":12}},{"id":"ecb87437-1d18-4a81-b548-26b261039e10","block_type":"box","text":"the corporate governance field. BAIS may use third parties for certain of the foregoing activities and","page_number":255,"box":{"x":116,"y":421,"width":744,"height":12}},{"id":"409f97d4-d89f-4683-a4fd-12ca8f3d9dd4","block_type":"box","text":"performs oversight of those third parties (see “Use and oversight of third-party vote services providers”","page_number":255,"box":{"x":117,"y":437,"width":765,"height":12}},{"id":"45615afb-7ea8-48e1-a9fe-83bbde411657","block_type":"box","text":"below).","page_number":255,"box":{"x":117,"y":452,"width":58,"height":12}},{"id":"5bb0ffef-43ef-45a8-ba02-301a6b6f6899","block_type":"box","text":"Voting guidelines and vote execution","page_number":255,"box":{"x":116,"y":482,"width":302,"height":11}},{"id":"176457e0-8463-4816-a600-3a7504f548d5","block_type":"box","text":"BlackRock votes on proxy issues when our clients authorize us to do so. We carefully consider the","page_number":255,"box":{"x":117,"y":511,"width":735,"height":12}},{"id":"4fcdc3cd-e7a5-4e44-bff3-c8424c2945dc","block_type":"box","text":"voting items submitted to funds and other fiduciary account(s) (Fund or Funds) for which we have","page_number":255,"box":{"x":116,"y":526,"width":728,"height":12}},{"id":"0d83658f-050c-41e1-a872-5ef32089a8fa","block_type":"box","text":"voting authority. BlackRock votes (or refrains from voting) for each Fund for which we have voting","page_number":255,"box":{"x":116,"y":542,"width":730,"height":12}},{"id":"17bb6468-89d0-44ae-aaf7-1ee2e92e5a96","block_type":"box","text":"authority based on our evaluation of the alignment of the voting items with the long-term economic","page_number":255,"box":{"x":116,"y":557,"width":734,"height":12}},{"id":"53b1d90b-037e-4c63-8619-f7c330f973b7","block_type":"box","text":"interests of our clients, in the exercise of our independent business judgment, and without regard to the","page_number":255,"box":{"x":117,"y":573,"width":771,"height":12}},{"id":"4032fb00-0dac-44d6-8da6-970316821eb6","block_type":"box","text":"relationship of the issuer (or any shareholder proponent or dissident shareholder) to the Fund, the","page_number":255,"box":{"x":117,"y":588,"width":730,"height":12}},{"id":"8a4ec8cf-29e0-4f42-8e14-33ad518e4d3b","block_type":"box","text":"Fund’s affiliates (if any), BlackRock or BlackRock’s affiliates, or BlackRock employees (see “Conflicts","page_number":255,"box":{"x":117,"y":604,"width":754,"height":12}},{"id":"6c66a0ff-8029-44f7-9754-b42a97b6cccd","block_type":"box","text":"management policies and procedures,” below).","page_number":255,"box":{"x":117,"y":619,"width":353,"height":12}},{"id":"0fc65742-0a08-43e7-8e83-9f9b680ebc7e","block_type":"box","text":"When exercising voting rights, BAIS will normally vote on specific proxy issues in accordance with the","page_number":255,"box":{"x":116,"y":648,"width":759,"height":13}},{"id":"6bc5db76-942c-4f14-bda6-bc078126a01e","block_type":"box","text":"Guidelines, although portfolio managers have the right to vote differently on their holdings if they","page_number":255,"box":{"x":117,"y":664,"width":713,"height":12}},{"id":"652edc3e-2d56-46fc-9e6e-f6b793d559f1","block_type":"box","text":"determine doing so is more aligned with the investment objective and financial interests of clients","page_number":255,"box":{"x":116,"y":679,"width":719,"height":13}},{"id":"22081026-9f7f-415b-8627-2677435eed01","block_type":"box","text":"invested in the funds they manage.","page_number":255,"box":{"x":117,"y":695,"width":258,"height":12}},{"id":"19b8fb7e-a007-429c-8862-753e814a07b6","block_type":"box","text":"The Guidelines are not intended to be exhaustive. BAIS applies the Guidelines on a case-by-case","page_number":255,"box":{"x":116,"y":724,"width":726,"height":12}},{"id":"5e471e22-7251-4933-adc8-8126ab68c723","block_type":"box","text":"basis, in the context of the individual circumstances of each company and the specific issue under","page_number":255,"box":{"x":117,"y":740,"width":728,"height":12}},{"id":"5b7e3e1a-5957-4ca5-b713-4e54f0ba9eb8","block_type":"box","text":"review. As such, the Guidelines do not indicate how BAIS will vote in every instance. Rather, they","page_number":255,"box":{"x":117,"y":755,"width":723,"height":12}},{"id":"e3c072d9-5d5a-4761-8d80-89cc93715cf2","block_type":"box","text":"reflect our view about corporate governance issues generally, and provide insight into how we typically","page_number":255,"box":{"x":117,"y":771,"width":761,"height":12}},{"id":"2a227f28-fda2-4ac5-8efd-f7e3e68e1254","block_type":"box","text":"approach issues that are commonly put to a shareholder vote. The Guidelines are reviewed annually","page_number":255,"box":{"x":116,"y":786,"width":747,"height":12}},{"id":"0e224402-c812-4d34-8d66-d15d54caeee4","block_type":"box","text":"and updated as necessary to reflect changes in market practices, developments in corporate","page_number":255,"box":{"x":116,"y":802,"width":688,"height":12}},{"id":"78cf55ee-d056-4e8e-8b28-ec8b0dd60f0f","block_type":"box","text":"governance and feedback from companies and clients. In this way, BAIS aims to maintain policies that","page_number":255,"box":{"x":116,"y":817,"width":760,"height":12}},{"id":"22b5d08c-386e-4013-a591-9d0a500ac1b9","block_type":"box","text":"explain our approach to governance practices most aligned with clients’ long-term financial interests.","page_number":255,"box":{"x":116,"y":833,"width":751,"height":12}},{"id":"db92b59b-804a-4557-9894-c7cd1ae96e0c","block_type":"box","text":"In certain markets, proxy voting involves logistical issues which can affect BAIS’ ability to vote such","page_number":255,"box":{"x":117,"y":862,"width":740,"height":12}},{"id":"79b7d36c-c685-4a77-a279-14b6b027ae51","block_type":"box","text":"proxies, as well as the desirability of voting such proxies. 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We are not supportive of impediments to the","page_number":256,"box":{"x":117,"y":165,"width":706,"height":12}},{"id":"6c563665-bafd-403a-9ba8-25d26b5ea9a7","block_type":"box","text":"exercise of voting rights such as share-blocking or overly burdensome administrative requirements.","page_number":256,"box":{"x":116,"y":180,"width":742,"height":12}},{"id":"70a751c5-8f52-4ec6-a21d-2861b31a679d","block_type":"box","text":"BlackRock votes proxies in these situations on a “best-efforts” basis. 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In","page_number":256,"box":{"x":116,"y":396,"width":716,"height":12}},{"id":"cbd581e8-5b38-43ea-bf2a-6310e999e4f3","block_type":"box","text":"addition, institutional clients in separately managed accounts (SMAs) are eligible for BlackRock Voting","page_number":256,"box":{"x":116,"y":411,"width":764,"height":12}},{"id":"932c51be-43a7-47ae-b2fd-31c2644354a3","block_type":"box","text":"Choice regardless of their investment strategies.","page_number":256,"box":{"x":117,"y":427,"width":357,"height":12}},{"id":"b0a133aa-09d0-4616-9e65-99bcc0bd3549","block_type":"box","text":"12","page_number":256,"box":{"x":477,"y":427,"width":11,"height":6}},{"id":"276be55b-1063-473e-a20a-faae0cfea6f5","block_type":"box","text":"As a result, the shares attributed to BlackRock in company share registers may be voted differently","page_number":256,"box":{"x":116,"y":457,"width":740,"height":13}},{"id":"3065c711-6f2b-4b7c-ab8f-ee6a21048c2e","block_type":"box","text":"depending on whether our clients have authorized BAIS to vote on their behalf, have authorized","page_number":256,"box":{"x":116,"y":473,"width":715,"height":12}},{"id":"55df697d-a735-4f5d-bf08-4fe1e6ff85a4","block_type":"box","text":"BlackRock to vote in accordance with a third-party policy, or have elected to vote shares in accordance","page_number":256,"box":{"x":117,"y":489,"width":769,"height":12}},{"id":"956c5e44-ca5a-4a99-bd1b-76ed287b3215","block_type":"box","text":"with their own policy. Our clients have greater control over proxy voting because of Voting Choice.","page_number":256,"box":{"x":116,"y":504,"width":727,"height":12}},{"id":"d21ba6ca-60c6-4ade-bc06-10f417c8de93","block_type":"box","text":"13","page_number":256,"box":{"x":846,"y":504,"width":10,"height":6}},{"id":"90a3dd1d-3cc3-4c2f-9689-c581743f68da","block_type":"box","text":"Use and oversight of third-party vote services providers","page_number":256,"box":{"x":117,"y":535,"width":452,"height":12}},{"id":"302eebd8-8e8b-4a0d-997f-ffecb52b05ab","block_type":"box","text":"Third-party vote services providers – or proxy research firms – provide research and recommendations","page_number":256,"box":{"x":116,"y":565,"width":769,"height":12}},{"id":"debc09bd-b382-4214-be04-cc0576b102ed","block_type":"box","text":"on proxy votes, as well as voting infrastructure. BlackRock contracts primarily with the vote services","page_number":256,"box":{"x":116,"y":581,"width":746,"height":12}},{"id":"004a78c3-6dfa-47a4-8ef3-e3f33e066b95","block_type":"box","text":"provider ISS and leverages its online platform to supply research and support voting, record keeping,","page_number":256,"box":{"x":117,"y":596,"width":754,"height":12}},{"id":"24ad7bf9-0ccf-4711-81d7-bbc25d5ff927","block_type":"box","text":"and reporting processes. We also use Glass Lewis’ research and analysis as an input into our voting","page_number":256,"box":{"x":116,"y":612,"width":752,"height":12}},{"id":"a4333ea8-1cdd-4475-995f-4ce2d412871b","block_type":"box","text":"process. It is important to note that, although proxy research firms provide important data and analysis,","page_number":256,"box":{"x":117,"y":627,"width":768,"height":12}},{"id":"d5d63a87-7ec3-42ee-b25a-3158ddcf32c4","block_type":"box","text":"BAIS does not rely solely on their information or follow their voting recommendations. A company’s","page_number":256,"box":{"x":117,"y":643,"width":738,"height":12}},{"id":"2680d310-b468-4a1d-998b-c14e99b4aaeb","block_type":"box","text":"disclosures, our engagements and voting, investment colleagues’ insights and our Guidelines are","page_number":256,"box":{"x":116,"y":658,"width":727,"height":12}},{"id":"10e292ab-b601-42a2-b20e-2d657ffc198b","block_type":"box","text":"important inputs into our voting decisions on behalf of clients.","page_number":256,"box":{"x":117,"y":674,"width":452,"height":12}},{"id":"d26d551f-764b-4a71-9310-eb67b71c6e55","block_type":"box","text":"Given the large universe of actively held companies, BAIS employs the proxy services provider to","page_number":256,"box":{"x":117,"y":705,"width":722,"height":12}},{"id":"0ec947a6-6179-4cc9-a701-32a7fc55c4e1","block_type":"box","text":"streamline the voting process by making voting recommendations based on BAIS’ Guidelines when the","page_number":256,"box":{"x":116,"y":720,"width":765,"height":12}},{"id":"5a9909c8-69ca-4f7a-a8e2-2a28c5c7b1aa","block_type":"box","text":"items on a shareholder meeting agenda are routine. Agenda items that are not routine are referred","page_number":256,"box":{"x":117,"y":736,"width":730,"height":12}},{"id":"52ca1a9d-5771-462e-8b8d-8c6e49c615f9","block_type":"box","text":"back to BAIS to assess, escalate as necessary to the relevant portfolio managers and vote. BAIS","page_number":256,"box":{"x":117,"y":751,"width":719,"height":12}},{"id":"393d2cd6-97fb-4153-a0cb-ec0d77bbdada","block_type":"box","text":"reviews and can override the recommendations of the vote services provider at any time prior to the","page_number":256,"box":{"x":117,"y":767,"width":739,"height":12}},{"id":"c9cef109-4410-419b-a642-6c362dc9290a","block_type":"box","text":"vote deadline. 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In addition, BlackRock seeks to ensure that all","page_number":257,"box":{"x":150,"y":622,"width":682,"height":12}},{"id":"e91bd5bf-ee86-4d56-a5a8-3d81b854b8d4","block_type":"box","text":"engagements with corporate issuers, dissident shareholders or shareholder proponents are","page_number":257,"box":{"x":150,"y":637,"width":683,"height":12}},{"id":"a635a861-1f26-41b9-b4a7-e3306bb2d10c","block_type":"box","text":"managed consistently and without regard to BlackRock’s relationship with such parties. Clients or","page_number":257,"box":{"x":150,"y":653,"width":727,"height":12}},{"id":"61a19f28-8259-46eb-ace7-d412e86babaf","block_type":"box","text":"business partners are not given preferential treatment or differentiated access. BAIS prioritizes","page_number":257,"box":{"x":150,"y":668,"width":702,"height":12}},{"id":"39101abf-bd18-4a20-99d9-adeb58fd1187","block_type":"box","text":"engagements based on factors including, but not limited to, our need for additional information to","page_number":257,"box":{"x":150,"y":684,"width":717,"height":12}},{"id":"b13eb926-f77a-4c27-b16d-395337d98594","block_type":"box","text":"make a more informed voting decision or to better understand a company’s perspectives on","page_number":257,"box":{"x":150,"y":699,"width":680,"height":12}},{"id":"5a129c4c-94b0-4473-8d9b-03388321e5ce","block_type":"box","text":"financially material risks and opportunities. 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As","page_number":265,"box":{"x":116,"y":668,"width":740,"height":12}},{"id":"18ba723d-d331-424e-8c40-8de8de1693e0","block_type":"box","text":"one of many minority shareholders in public companies, BlackRock does not direct a company’s","page_number":265,"box":{"x":116,"y":684,"width":713,"height":12}},{"id":"609f2e77-59d7-4292-902c-5fe15484f578","block_type":"box","text":"strategy or its implementation, nor how they should manage material business risks. Our role, on","page_number":265,"box":{"x":116,"y":699,"width":717,"height":13}},{"id":"53563f3c-b0bc-4d39-8279-3eb16e49f4a8","block_type":"box","text":"behalf of clients as long-term investors, is to better understand how corporate leadership is managing","page_number":265,"box":{"x":117,"y":715,"width":751,"height":12}},{"id":"9d8d66f4-04f1-4406-a210-9fd113f40c68","block_type":"box","text":"material risks and capitalizing on opportunities to help protect and enhance the company’s ability to","page_number":265,"box":{"x":117,"y":731,"width":735,"height":12}},{"id":"3d26b401-8675-4901-8191-967512865faf","block_type":"box","text":"deliver long-term financial returns.","page_number":265,"box":{"x":116,"y":746,"width":252,"height":12}},{"id":"1f555428-393d-4242-af8f-d84794889873","block_type":"box","text":"1","page_number":265,"box":{"x":144,"y":800,"width":2,"height":4}},{"id":"5b7fa8c1-bc8b-4938-9901-bc0f460de67a","block_type":"box","text":"On February 11, 2025, the U.S. Securities and Exchange Commission (SEC) staff issued updated guidance for","page_number":265,"box":{"x":170,"y":799,"width":660,"height":10}},{"id":"0b17e51d-5581-478d-b15e-6d75b5b428af","block_type":"box","text":"shareholders to maintain their eligibility to report their beneficial ownership under Schedule 13G of the Exchange Act.","page_number":265,"box":{"x":170,"y":812,"width":695,"height":10}},{"id":"a310be73-0665-4904-b1f4-8f0c88053ba7","block_type":"box","text":"We comply fully with these requirements and do not engage with portfolio companies for the purpose, or with the effect,","page_number":265,"box":{"x":170,"y":825,"width":707,"height":10}},{"id":"0ca2346d-2b59-445f-a2f6-70026decd66e","block_type":"box","text":"of changing or influencing control of any company.","page_number":265,"box":{"x":170,"y":838,"width":298,"height":10}},{"id":"a1f31092-a77f-4d44-8a27-40e5d7b88401","block_type":"box","text":"2","page_number":265,"box":{"x":143,"y":854,"width":4,"height":5}},{"id":"e5306fcf-af10-4b04-98f8-9d390363a470","block_type":"box","text":"Alongside the Global Principles and regional voting guidelines, BIS publishes Engagement Priorities which reflect the","page_number":265,"box":{"x":170,"y":854,"width":695,"height":9}},{"id":"acc062d5-d3ba-4420-a8ac-78564545e0e5","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":265,"box":{"x":170,"y":867,"width":680,"height":9}},{"id":"20367f91-8c15-43b0-9fae-edaefac97220","block_type":"box","text":"material business risk or opportunity.","page_number":265,"box":{"x":170,"y":880,"width":218,"height":9}},{"id":"19b5af27-f6cc-4297-8428-cdfde7b7c7da","block_type":"box","text":"BlackRock Investment Stewardship","page_number":265,"box":{"x":117,"y":909,"width":282,"height":12}},{"id":"c1afddd1-3406-453b-8784-a46484b7218d","block_type":"box","text":"Global Principles |","page_number":265,"box":{"x":731,"y":909,"width":132,"height":12}},{"id":"27bb4264-5095-4b4e-93c5-9f7ad5e5ac9b","block_type":"box","text":"3","page_number":265,"box":{"x":875,"y":909,"width":8,"height":9}},{"id":"a0f4be56-ddfd-4316-969e-3c38d869e967","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":265,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"94894c5a-ccee-4b84-87dc-660a559ca6e6","block_type":"box","text":"STEWARDSHIP IN PRACTICE","page_number":266,"box":{"x":382,"y":87,"width":240,"height":10}},{"id":"48895cd8-4ac1-4871-9982-c389b51f6e1f","block_type":"box","text":"The assets BlackRock manages belong to our clients, which include public and private pension plans,","page_number":266,"box":{"x":116,"y":118,"width":760,"height":12}},{"id":"13323577-f649-425e-8604-3507f927185e","block_type":"box","text":"insurers, official institutions, endowments, universities, charities, family offices, wealth managers, and","page_number":266,"box":{"x":117,"y":134,"width":757,"height":12}},{"id":"696fb4f5-b78a-401e-940f-8b255cb13661","block_type":"box","text":"ultimately, the individual investors that they serve. Through stewardship, we assess how companies","page_number":266,"box":{"x":117,"y":149,"width":745,"height":12}},{"id":"085d2b6e-a589-4407-93f9-0c3c4b4f72a3","block_type":"box","text":"are creating long-term financial value to serve our clients, many of whom are saving for long-term","page_number":266,"box":{"x":116,"y":165,"width":728,"height":12}},{"id":"5a1fa4c8-f6a2-4efc-bb47-ea299733b90b","block_type":"box","text":"goals, such as retirement. Our stewardship program – including when engaging with companies and","page_number":266,"box":{"x":116,"y":180,"width":749,"height":12}},{"id":"40abaee2-8694-443e-bfa4-25241b43a7c6","block_type":"box","text":"voting at shareholder meetings on behalf of clients – is conducted from a long-term investor","page_number":266,"box":{"x":116,"y":196,"width":685,"height":12}},{"id":"ad4feca5-47a7-47a2-8bce-305c89bcf4dc","block_type":"box","text":"perspective and takes a financial materiality-based approach, focused solely on advancing clients’","page_number":266,"box":{"x":117,"y":211,"width":732,"height":12}},{"id":"ac1ddf82-7cc1-4422-986f-3b1c0d84a526","block_type":"box","text":"long-term financial interests.","page_number":266,"box":{"x":117,"y":227,"width":214,"height":12}},{"id":"ecaabcf5-f2d4-4420-af1c-bdcab17a8660","block_type":"box","text":"BIS engages with the boards and management of companies in which clients are invested to deepen","page_number":266,"box":{"x":117,"y":258,"width":753,"height":12}},{"id":"e498c3cb-9958-40be-8165-72db9afe9074","block_type":"box","text":"our understanding of a company’s business model, including how they are overseeing material","page_number":266,"box":{"x":116,"y":273,"width":708,"height":12}},{"id":"d4843119-22e3-4001-ae47-67b750921476","block_type":"box","text":"business risks and opportunities over time, and to help inform our voting on behalf of clients.","page_number":266,"box":{"x":117,"y":289,"width":689,"height":12}},{"id":"433df8a2-f84e-4b00-b1b0-7035ed37b7a7","block_type":"box","text":"Engagements provide companies with the opportunity to share their perspectives on topics that, in BIS’","page_number":266,"box":{"x":117,"y":304,"width":769,"height":12}},{"id":"1485d206-be10-4baf-bbe5-0c2c0dd52642","block_type":"box","text":"experience, impact the long-term financial returns BlackRock’s clients depend on to meet their financial","page_number":266,"box":{"x":116,"y":320,"width":771,"height":12}},{"id":"be80ea6d-3efa-4e0b-8beb-26870c1b9a78","block_type":"box","text":"goals.","page_number":266,"box":{"x":116,"y":335,"width":49,"height":12}},{"id":"78150c49-e405-4682-b1c1-70e5e724da39","block_type":"box","text":"Voting at a company’s shareholder meeting is a right of share ownership and a core principle of","page_number":266,"box":{"x":116,"y":366,"width":713,"height":12}},{"id":"dfda690a-9f8c-42ca-9cee-1fa35d79798c","block_type":"box","text":"corporate governance. As a fiduciary, BlackRock is legally required to make proxy voting","page_number":266,"box":{"x":116,"y":382,"width":663,"height":12}},{"id":"98db95de-84ca-4568-97ba-548997e201ab","block_type":"box","text":"determinations in a manner that is consistent with the investment objectives of clients who have","page_number":266,"box":{"x":116,"y":397,"width":715,"height":12}},{"id":"6e13de2e-6907-4726-b25b-81c967e5843b","block_type":"box","text":"delegated voting authority to us. BIS’ Benchmark Policies, and the vote decisions made consistent with","page_number":266,"box":{"x":116,"y":413,"width":770,"height":12}},{"id":"2f8c766a-6c79-4811-9f8b-28aa4d0650b5","block_type":"box","text":"those policies, reflect our reasonable and independent judgment of what is in the long-term financial","page_number":266,"box":{"x":116,"y":428,"width":746,"height":12}},{"id":"563b7138-698b-442b-88e7-18d4cf06be10","block_type":"box","text":"interests of clients. Our vote decisions are often informed by several factors, including in-depth","page_number":266,"box":{"x":117,"y":444,"width":706,"height":12}},{"id":"b002c900-5f46-4241-ae47-fb38eacd8150","block_type":"box","text":"analysis of company disclosures, comparisons against industry peers, third-party research, and, where","page_number":266,"box":{"x":116,"y":459,"width":768,"height":12}},{"id":"69ba03ff-e3ec-4c88-9ecd-4066220e24d9","block_type":"box","text":"appropriate, engagement with companies.","page_number":266,"box":{"x":116,"y":475,"width":318,"height":12}},{"id":"36e73907-8542-458c-99e4-3bf8f134c2bf","block_type":"box","text":"Generally, BIS supports the vote recommendations of the board of directors and management at","page_number":266,"box":{"x":117,"y":506,"width":721,"height":12}},{"id":"49dd45b5-d02a-4059-9a78-6d6686d0e1ad","block_type":"box","text":"companies which have sound corporate governance and deliver strong financial returns over time.","page_number":266,"box":{"x":116,"y":521,"width":734,"height":12}},{"id":"5f7aad5d-1264-47a7-83c2-05efff576bea","block_type":"box","text":"When we determine it is in our clients’ financial interests to convey concern to companies through","page_number":266,"box":{"x":116,"y":537,"width":729,"height":12}},{"id":"1e0633e5-ec44-48db-9550-7c6725693f2f","block_type":"box","text":"voting, we may do so in two forms: we might not support the election of directors or other management","page_number":266,"box":{"x":116,"y":552,"width":768,"height":12}},{"id":"451b1760-c665-49f3-bf9b-43b8b4a9dc38","block_type":"box","text":"proposals, or we might not support management’s voting recommendation on a shareholder proposal.","page_number":266,"box":{"x":117,"y":568,"width":761,"height":12}},{"id":"cb042d33-ac9a-4ff6-8788-27f0d14f2cfe","block_type":"box","text":"SHAREHOLDER RIGHTS","page_number":266,"box":{"x":401,"y":606,"width":202,"height":10}},{"id":"e87092e8-0981-464f-af8e-14157ff2e2c8","block_type":"box","text":"BlackRock’s global approach as a shareholder on behalf of our clients is underpinned by certain rights","page_number":266,"box":{"x":117,"y":637,"width":762,"height":12}},{"id":"27e927a3-331e-4aac-82e4-a919385c7bc0","block_type":"box","text":"attached to shareholding in most markets, as established by corporate laws, regulations, and listing","page_number":266,"box":{"x":116,"y":653,"width":743,"height":12}},{"id":"ad714f05-a074-4e21-8ce8-b2f564406b06","block_type":"box","text":"rules.","page_number":266,"box":{"x":117,"y":669,"width":38,"height":9}},{"id":"c023105d-cc2b-414d-919a-9ca81a12c18b","block_type":"box","text":"3","page_number":266,"box":{"x":157,"y":669,"width":5,"height":6}},{"id":"1a1fd427-7de6-461c-95e4-598687f3ed3d","block_type":"box","text":"For example, in most markets, shareholders have the right to:","page_number":266,"box":{"x":169,"y":669,"width":456,"height":11}},{"id":"025d14b0-9597-43d6-a1ea-7d6123876833","block_type":"box","text":"• Vote to elect, remove, and nominate directors, approve the appointment of the auditor, and amend","page_number":266,"box":{"x":117,"y":699,"width":763,"height":12}},{"id":"e0cb52f4-aa9d-4fd4-9380-757d8c733989","block_type":"box","text":"the corporate charter or bylaws.","page_number":266,"box":{"x":150,"y":715,"width":235,"height":12}},{"id":"17ab2eeb-368d-4028-806d-e5db4c96d231","block_type":"box","text":"• Vote on key board decisions that are material to the protection of their investment, including but","page_number":266,"box":{"x":117,"y":738,"width":742,"height":12}},{"id":"f38e37f0-846d-4773-9c6f-be6eb46002ec","block_type":"box","text":"not limited to, changes to the purpose of the business, dilution levels, and pre-emptive rights.","page_number":266,"box":{"x":150,"y":754,"width":688,"height":12}},{"id":"ac2c6052-8122-4722-aa5f-9d4614d0dcdd","block_type":"box","text":"• Access sufficient and timely information on governance, strategic, and business matters – where","page_number":266,"box":{"x":117,"y":777,"width":750,"height":12}},{"id":"f7c7c722-c2ae-4994-97c7-6888f9ade4d2","block_type":"box","text":"such matters are material – to make informed decisions.","page_number":266,"box":{"x":150,"y":792,"width":416,"height":10}},{"id":"4bc85d9e-ae67-4126-994b-f13ecfb06bd4","block_type":"box","text":"3","page_number":266,"box":{"x":143,"y":854,"width":4,"height":5}},{"id":"c53c53f1-6be4-41f6-81bf-ed8119f46965","block_type":"box","text":"Examples include: Government of Canada, “Canada Business Corporations Act,” amended 2024; European Union,","page_number":266,"box":{"x":171,"y":854,"width":682,"height":9}},{"id":"39d22b26-9c27-46b6-bfb5-b6cf2f5eb2a8","block_type":"box","text":"“Shareholder Rights Directive II,” 2017; and the China Securities Regulatory Commission, “Code of Corporate","page_number":266,"box":{"x":170,"y":867,"width":651,"height":9}},{"id":"06d5c181-659c-432b-b847-91fee4e4f02a","block_type":"box","text":"Governance for Listed Companies in China,” 2001. Websites accessed in December 2025.","page_number":266,"box":{"x":170,"y":880,"width":538,"height":9}},{"id":"d2d28aa8-e67b-40b5-a6f4-6b81d85e49bb","block_type":"box","text":"BlackRock Investment Stewardship","page_number":266,"box":{"x":117,"y":909,"width":282,"height":12}},{"id":"3e326174-4898-45c6-8596-f0a8a9ce34c6","block_type":"box","text":"Global Principles |","page_number":266,"box":{"x":731,"y":909,"width":132,"height":12}},{"id":"825944a6-54f8-44d7-a03c-c998c2356042","block_type":"box","text":"4","page_number":266,"box":{"x":874,"y":909,"width":9,"height":9}},{"id":"51d2b08c-7dd4-45da-b2fb-1b2174e9835f","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":266,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"34ee47cc-7488-4279-94ff-1c456f27ae2d","block_type":"box","text":"KEY GOVERNANCE TOPICS","page_number":267,"box":{"x":387,"y":87,"width":231,"height":10}},{"id":"aee9fc32-5b55-4f3c-a7ee-a79c980669ca","block_type":"box","text":"In our experience, there are certain globally applicable elements of corporate governance that","page_number":267,"box":{"x":117,"y":118,"width":700,"height":12}},{"id":"8e023c65-a433-481d-a948-27268d49db8b","block_type":"box","text":"contribute to a company’s ability to create long-term financial value for shareholders. These are topics","page_number":267,"box":{"x":116,"y":134,"width":761,"height":12}},{"id":"8299a87b-4f96-4d98-82da-56759d1c970b","block_type":"box","text":"that shareholders may have the ability to vote on at shareholder meetings. These areas include:","page_number":267,"box":{"x":116,"y":149,"width":717,"height":12}},{"id":"e405aa1f-9172-4b14-91d0-3c2c6db7f985","block_type":"box","text":"• Boards and directors","page_number":267,"box":{"x":117,"y":180,"width":192,"height":10}},{"id":"8fc5ad4e-a12c-40d2-b64d-ef46547dbe42","block_type":"box","text":"• Auditors and audit-related issues","page_number":267,"box":{"x":117,"y":203,"width":282,"height":10}},{"id":"4943eeb7-92ff-4648-b0f5-0af099daa7c6","block_type":"box","text":"• Capital structure, mergers, acquisitions, asset sales, and other special situations","page_number":267,"box":{"x":117,"y":227,"width":635,"height":12}},{"id":"a3b358a8-9acc-4537-a5fc-3ec5a7d08e19","block_type":"box","text":"• Executive compensation","page_number":267,"box":{"x":117,"y":250,"width":219,"height":12}},{"id":"26990901-f98f-4ceb-b9a5-fea475e45061","block_type":"box","text":"• Shareholder protections and other significant corporate governance matters","page_number":267,"box":{"x":117,"y":273,"width":600,"height":12}},{"id":"c50099a5-e488-4ff2-9e0b-7dd598213fe0","block_type":"box","text":"• Shareholder proposals","page_number":267,"box":{"x":117,"y":296,"width":206,"height":12}},{"id":"bed6b547-1f77-48b5-9a5e-3316371781ce","block_type":"box","text":"The BIS Benchmark Policies are not prescriptive but rather are applied on a pragmatic basis, taking","page_number":267,"box":{"x":116,"y":327,"width":744,"height":12}},{"id":"6dd0b05b-d675-4652-a2fa-f866e49b7324","block_type":"box","text":"into consideration a number of company-specific factors, including the sector, market, and business","page_number":267,"box":{"x":117,"y":343,"width":744,"height":12}},{"id":"1849328a-52e3-413b-bf58-dbfd0bad2c45","block_type":"box","text":"environment within which companies operate.","page_number":267,"box":{"x":116,"y":358,"width":345,"height":12}},{"id":"9e07459a-2107-4a92-8bf0-a04db2c3db4d","block_type":"box","text":"At the regional level, it is our view that companies should observe the accepted corporate governance","page_number":267,"box":{"x":116,"y":389,"width":761,"height":12}},{"id":"4dd8d0f8-e4c9-468f-8f83-3ebfff4d5bb8","block_type":"box","text":"standards in their domestic market at a minimum, and we ask that, if they do not, they explain how","page_number":267,"box":{"x":116,"y":405,"width":736,"height":12}},{"id":"f6066dab-ea87-4575-855b-4fe64429f5c0","block_type":"box","text":"their approach better supports durable, long-term financial value creation. Our regional voting","page_number":267,"box":{"x":116,"y":420,"width":698,"height":12}},{"id":"d088086b-9549-445f-a110-f79fe433c1e8","block_type":"box","text":"guidelines explain how the BIS Global Principles inform our voting decisions in relation to common","page_number":267,"box":{"x":116,"y":436,"width":735,"height":12}},{"id":"f3cddb50-8610-478d-8e97-61195ef6da2e","block_type":"box","text":"ballot items for shareholder meetings in those markets.","page_number":267,"box":{"x":117,"y":451,"width":406,"height":12}},{"id":"1f5cdf5a-4f8b-487e-8fcb-76b3160e1cab","block_type":"box","text":"4","page_number":267,"box":{"x":525,"y":451,"width":5,"height":7}},{"id":"74a9cace-46f0-483a-b36b-7d9aabbd6dee","block_type":"box","text":"BOARDS AND DIRECTORS","page_number":267,"box":{"x":392,"y":490,"width":221,"height":10}},{"id":"874ebe64-5bf5-4b6a-ab5b-065a1e347400","block_type":"box","text":"Oversight role of the board","page_number":267,"box":{"x":116,"y":521,"width":221,"height":12}},{"id":"58684c08-83df-4acb-9a77-c36d63818c22","block_type":"box","text":"Companies whose boards are comprised of appropriately qualified, engaged directors with","page_number":267,"box":{"x":117,"y":552,"width":676,"height":12}},{"id":"583087f0-0870-47aa-ae3e-6ae8b7e027eb","block_type":"box","text":"professional characteristics relevant to a company’s business enhance the board’s ability to add long","page_number":267,"box":{"x":117,"y":568,"width":753,"height":12}},{"id":"95a797f2-fd48-4b77-acf0-8881b7c717dc","block_type":"box","text":"term financial value and serve as the voice of shareholders in board discussions. In our view, a strong","page_number":267,"box":{"x":116,"y":583,"width":761,"height":12}},{"id":"c72ada48-1815-4563-b16b-d21b42ef2619","block_type":"box","text":"board gives a company a competitive advantage, providing valuable oversight and contributing to the","page_number":267,"box":{"x":117,"y":599,"width":754,"height":12}},{"id":"a820a3f7-dc02-4fc2-b15d-b198badfaf77","block_type":"box","text":"most important management decisions that support long-term financial performance.","page_number":267,"box":{"x":117,"y":614,"width":632,"height":12}},{"id":"522fa1ba-ced2-41f5-9a48-ab564de31f5b","block_type":"box","text":"For this reason, our investment stewardship efforts focus on the effectiveness of the board of directors.","page_number":267,"box":{"x":117,"y":645,"width":768,"height":12}},{"id":"10526a91-7567-4ee3-b700-f2ccc755568f","block_type":"box","text":"We engage, as necessary, with members of the board’s nominating and/or governance committee to","page_number":267,"box":{"x":116,"y":661,"width":748,"height":12}},{"id":"4d1d9fbb-1e98-4b5c-bf93-5b65e146f289","block_type":"box","text":"assess whether governance practices and board composition are effective given a company’s","page_number":267,"box":{"x":116,"y":676,"width":696,"height":12}},{"id":"4c2d0eb4-e2c3-4eb9-bde9-c0ff3712a4f7","block_type":"box","text":"business model, sector, market, and the business environment in which a company is operating.","page_number":267,"box":{"x":117,"y":692,"width":713,"height":12}},{"id":"793e8de6-280b-4c36-85ca-937c794f5bb1","block_type":"box","text":"We consider it good practice when the board establishes and maintains a framework of robust and","page_number":267,"box":{"x":116,"y":723,"width":730,"height":12}},{"id":"eb80fb86-f2e9-4757-bdaa-b26ff2fb9284","block_type":"box","text":"effective governance mechanisms that supports its oversight of the company’s strategy and","page_number":267,"box":{"x":116,"y":738,"width":679,"height":12}},{"id":"74487015-7135-4e8e-aec2-545163d4aed1","block_type":"box","text":"operations, consistent with the long-term financial interests of investors. This includes having clear","page_number":267,"box":{"x":116,"y":754,"width":731,"height":12}},{"id":"905470b3-cabf-4526-a14e-b0b08124331d","block_type":"box","text":"descriptions of the role of the board and the committees of the board and how directors engage with","page_number":267,"box":{"x":116,"y":769,"width":742,"height":12}},{"id":"b6d0fc22-5c2d-4e0d-8812-e85ff2b4a713","block_type":"box","text":"and oversee management, as well as disclosure of material risks that may affect a company’s long","page_number":267,"box":{"x":116,"y":785,"width":738,"height":12}},{"id":"b9b0df7e-be40-4a00-9333-568ed670aae2","block_type":"box","text":"term strategy and how management is effectively identifying, managing, and mitigating such risks.","page_number":267,"box":{"x":116,"y":800,"width":726,"height":12}},{"id":"67f84b50-1bb2-4ca6-83ce-583c89192be5","block_type":"box","text":"4","page_number":267,"box":{"x":143,"y":841,"width":4,"height":5}},{"id":"aa8edf30-9d17-44a8-9656-c68ace3a3eaf","block_type":"box","text":"Our regional voting guidelines reflect these different market standards and norms. Depending on the market, generally","page_number":267,"box":{"x":170,"y":841,"width":702,"height":9}},{"id":"358af5e3-f497-4973-8ef4-148d12f3000d","block_type":"box","text":"accepted practice is informed by corporate law, market regulation, best practices, and industry initiatives, amongst other","page_number":267,"box":{"x":170,"y":854,"width":712,"height":9}},{"id":"04d3083e-d6c6-49c0-8f8d-08c471031ffd","block_type":"box","text":"factors. BIS carries out engagement with companies, executes proxy votes, and conducts vote operations (including","page_number":267,"box":{"x":170,"y":867,"width":688,"height":9}},{"id":"f045253b-e509-41f7-949e-10d8f9ee9074","block_type":"box","text":"maintaining records of votes cast) in a manner consistent with the relevant regional voting guidelines.","page_number":267,"box":{"x":170,"y":880,"width":600,"height":9}},{"id":"c72815c8-af06-4995-bbb9-00af507abe74","block_type":"box","text":"BlackRock Investment Stewardship","page_number":267,"box":{"x":117,"y":909,"width":282,"height":12}},{"id":"042befaa-f457-45a4-8bd8-6147ba28873c","block_type":"box","text":"Global Principles |","page_number":267,"box":{"x":731,"y":909,"width":132,"height":12}},{"id":"a9005bea-5ceb-4fc8-8501-05536fd4fbf1","block_type":"box","text":"5","page_number":267,"box":{"x":875,"y":909,"width":8,"height":9}},{"id":"d5ad27e5-1cdc-48f8-9504-e4531e713671","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":267,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"bce8aa84-35c2-43d4-bb21-880ccde0d157","block_type":"box","text":"Understanding management’s long-term strategy and the milestones against which investors should","page_number":268,"box":{"x":117,"y":87,"width":747,"height":12}},{"id":"81d43c74-fae7-49a2-8d72-1f91cc75a07f","block_type":"box","text":"assess its implementation is central to our approach. If any strategic targets are significantly missed or","page_number":268,"box":{"x":116,"y":102,"width":765,"height":13}},{"id":"b53211b9-a0ee-464c-984b-ab351a1a53cf","block_type":"box","text":"materially restated, we find it helpful when company disclosures provide a detailed explanation of the","page_number":268,"box":{"x":117,"y":118,"width":753,"height":12}},{"id":"ca057024-1c67-4d81-b0a9-5bfb6ed99256","block_type":"box","text":"changes and an indication of the board’s role in reviewing the revised targets. We look to the board to","page_number":268,"box":{"x":116,"y":134,"width":759,"height":12}},{"id":"e8ce8e24-f226-407c-a3c7-dde15bc033aa","block_type":"box","text":"articulate the effectiveness of these mechanisms in overseeing the management of business risks and","page_number":268,"box":{"x":116,"y":149,"width":765,"height":12}},{"id":"fefeaf7b-8270-4dea-b095-d2c7146af8c2","block_type":"box","text":"opportunities and the fulfillment of the company’s strategy.","page_number":268,"box":{"x":116,"y":165,"width":439,"height":12}},{"id":"8dd746cc-bcb8-46c6-97a3-c8ac23d14530","block_type":"box","text":"Where a company has not adequately disclosed or demonstrated that its board has fulfilled these","page_number":268,"box":{"x":116,"y":196,"width":727,"height":12}},{"id":"6e69e983-be03-496e-854d-7b1dd46bddea","block_type":"box","text":"corporate governance and risk oversight responsibilities, we may consider not supporting the election","page_number":268,"box":{"x":116,"y":211,"width":757,"height":12}},{"id":"bb1c9ce4-18b8-4a00-97d2-1da0dc2d3849","block_type":"box","text":"of directors who, in our assessment, have particular responsibility for the issues.","page_number":268,"box":{"x":116,"y":227,"width":601,"height":12}},{"id":"91f2813a-c49d-45c5-a0fa-fa40cb551bee","block_type":"box","text":"When casting vote decisions on behalf of clients on the election of directors, some of the factors that","page_number":268,"box":{"x":116,"y":258,"width":750,"height":12}},{"id":"13bd63a6-acf1-4bae-9183-95fe11f22692","block_type":"box","text":"speak to the board’s effectiveness as a group include the relevance of individual directors’","page_number":268,"box":{"x":116,"y":273,"width":673,"height":12}},{"id":"fcdbc680-94ad-46ca-b0ab-687b452e7d11","block_type":"box","text":"qualifications and skillsets, as well as directors’ capacity and other time commitments, and how these","page_number":268,"box":{"x":116,"y":289,"width":757,"height":12}},{"id":"a337e76e-0f2e-46e1-970f-7b10cf893c5c","block_type":"box","text":"factors may contribute to the company’s financial performance. We look to boards to establish formal","page_number":268,"box":{"x":116,"y":304,"width":754,"height":12}},{"id":"de03cebc-1634-4505-8269-6f4c43111cc8","block_type":"box","text":"and transparent processes for nominating directors that reflect the company’s long-term strategy and","page_number":268,"box":{"x":116,"y":320,"width":754,"height":12}},{"id":"3c638cb2-0491-41c1-9dcc-3c50a65f62cb","block_type":"box","text":"business model.","page_number":268,"box":{"x":117,"y":335,"width":125,"height":10}},{"id":"1261035e-51df-4813-94d6-6f558ae684a4","block_type":"box","text":"In the section titled “Board quality and effectiveness” below, we provide more detail about our","page_number":268,"box":{"x":117,"y":366,"width":697,"height":12}},{"id":"bc29e0f7-0443-4af1-a1a5-3ab4059851a0","block_type":"box","text":"approach to board composition and how it underpins board effectiveness and long-term financial value","page_number":268,"box":{"x":116,"y":382,"width":766,"height":12}},{"id":"15c4eb2d-d376-4c36-a7a6-ccb015f954f7","block_type":"box","text":"creation.","page_number":268,"box":{"x":116,"y":397,"width":69,"height":10}},{"id":"092321de-996c-4dc8-bde0-7221341efb47","block_type":"box","text":"Regular accountability through director elections","page_number":268,"box":{"x":117,"y":428,"width":397,"height":12}},{"id":"2acdd38e-a09e-4303-a820-facfb32df65d","block_type":"box","text":"The election of directors to the board is a right of shareholders and an important signal of support for,","page_number":268,"box":{"x":116,"y":459,"width":756,"height":12}},{"id":"4699e88a-dc0b-47b8-b843-0d3171ff9d14","block_type":"box","text":"or concern about, the performance of the board in overseeing and advising management. To ensure","page_number":268,"box":{"x":116,"y":475,"width":749,"height":12}},{"id":"614dfde2-bc7d-4be8-98c2-6a95ed697397","block_type":"box","text":"accountability for their decisions on behalf of shareholders, directors should stand for election on a","page_number":268,"box":{"x":116,"y":490,"width":736,"height":12}},{"id":"73fbe22d-b27c-47fe-a83c-aab9d072a5df","block_type":"box","text":"regular basis, ideally annually.","page_number":268,"box":{"x":117,"y":506,"width":223,"height":12}},{"id":"d8c99c41-ee12-4bc5-8bb6-035f89e58bee","block_type":"box","text":"5","page_number":268,"box":{"x":341,"y":506,"width":6,"height":6}},{"id":"f8964221-3847-401d-aad9-a08978987ab3","block_type":"box","text":"Annual director elections allow shareholders to reaffirm their support","page_number":268,"box":{"x":347,"y":506,"width":517,"height":12}},{"id":"27a439a4-29d0-4e4a-8c82-4b2db8556d00","block_type":"box","text":"for, or concerns about, board members’ decisions in a timely manner. When board members are not","page_number":268,"box":{"x":116,"y":521,"width":749,"height":12}},{"id":"0b8817a6-c60d-4883-83f3-5d3acaf628c7","block_type":"box","text":"elected annually, we consider it good practice for boards to have a rotation policy to ensure that,","page_number":268,"box":{"x":116,"y":537,"width":719,"height":12}},{"id":"195a0fe8-6da2-4e5d-8db1-1e0259c5c27c","block_type":"box","text":"through a board cycle, all directors have had their appointment re-confirmed, with a proportion of","page_number":268,"box":{"x":116,"y":552,"width":722,"height":12}},{"id":"d99729ab-a583-4f23-9864-cda060f12140","block_type":"box","text":"directors being put forward for election at each shareholder meeting.","page_number":268,"box":{"x":116,"y":568,"width":513,"height":12}},{"id":"0498164b-04b7-4c52-b867-09e7beccb660","block_type":"box","text":"Board quality and effectiveness","page_number":268,"box":{"x":117,"y":599,"width":257,"height":12}},{"id":"4e7489cc-44f7-41f9-93cb-ece08c1ab5bb","block_type":"box","text":"Regular director elections also give boards the opportunity to adjust their composition in an orderly way","page_number":268,"box":{"x":117,"y":630,"width":770,"height":12}},{"id":"24a8876f-fb8d-489f-9ef9-3fb064db960a","block_type":"box","text":"to reflect developments in the company’s strategy and the market environment. In our view, it is","page_number":268,"box":{"x":116,"y":645,"width":714,"height":12}},{"id":"0af01bf8-5829-4657-8a9e-85a37a1e04b7","block_type":"box","text":"beneficial for new directors to be brought onto the board periodically to refresh the group’s thinking,","page_number":268,"box":{"x":117,"y":661,"width":735,"height":12}},{"id":"bf7de348-b624-4d02-9359-ff5da6d8ead3","block_type":"box","text":"while supporting both continuity and appropriate succession planning. We consider the average overall","page_number":268,"box":{"x":116,"y":676,"width":763,"height":12}},{"id":"6da2d982-97b5-4331-bb34-f1782533a4d6","block_type":"box","text":"tenure of the board and seek a balance between the knowledge and experience of longer-serving","page_number":268,"box":{"x":116,"y":692,"width":723,"height":12}},{"id":"519cd805-4657-4401-8313-1fae49ba174d","block_type":"box","text":"directors and the fresh perspectives of directors who joined more recently.","page_number":268,"box":{"x":116,"y":707,"width":549,"height":12}},{"id":"ace4cde2-78e9-4d94-93b7-c1eee7153b0c","block_type":"box","text":"We appreciate when companies regularly review and assess how directors nominated for election","page_number":268,"box":{"x":116,"y":738,"width":725,"height":12}},{"id":"aaff7479-ac2a-4344-a91c-b18070924257","block_type":"box","text":"contribute to the effectiveness of the board. In our view, the company’s assessment should consider a","page_number":268,"box":{"x":116,"y":754,"width":757,"height":12}},{"id":"3ccf3576-ebb5-49cf-9809-ef86aad4a7c7","block_type":"box","text":"number of factors, including each director’s independence and time commitments, as well as the","page_number":268,"box":{"x":117,"y":769,"width":715,"height":12}},{"id":"cb01d400-32cc-42ed-9c4f-9929ad626c7e","block_type":"box","text":"breadth and relevance of director experiences and skillsets, and how these collectively contribute to","page_number":268,"box":{"x":117,"y":785,"width":739,"height":12}},{"id":"2ff3bca6-f06f-4a16-b096-86f43ee34868","block_type":"box","text":"the board’s effectiveness in advising and overseeing management in delivering long-term financial","page_number":268,"box":{"x":116,"y":800,"width":728,"height":12}},{"id":"71bee29b-d6de-4226-9f1c-c1c79ab559f5","block_type":"box","text":"returns.","page_number":268,"box":{"x":117,"y":816,"width":54,"height":9}},{"id":"3fd001d9-3bc5-433f-a73b-e687a6a99ec8","block_type":"box","text":"5","page_number":268,"box":{"x":143,"y":867,"width":4,"height":5}},{"id":"20860348-a0b3-469f-b896-d1714229e630","block_type":"box","text":"In most markets, directors stand for re-election on an annual or triennial basis, as determined by corporate law, market","page_number":268,"box":{"x":171,"y":867,"width":703,"height":9}},{"id":"658c1973-fd17-4056-952c-a2353ee88546","block_type":"box","text":"regulation or voluntary best practice.","page_number":268,"box":{"x":170,"y":880,"width":215,"height":9}},{"id":"7b8057fc-f232-4731-9d72-f342085566a5","block_type":"box","text":"BlackRock Investment Stewardship","page_number":268,"box":{"x":117,"y":909,"width":282,"height":12}},{"id":"164647fa-4da8-49f5-b556-db1e1a2c9446","block_type":"box","text":"Global Principles |","page_number":268,"box":{"x":731,"y":909,"width":132,"height":12}},{"id":"81a31123-4048-4179-bbd2-2fe0818541f1","block_type":"box","text":"6","page_number":268,"box":{"x":875,"y":909,"width":8,"height":9}},{"id":"c99ee693-2132-420e-8021-ca5aec460639","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":268,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"0308593d-5ef4-4d0e-8873-8bd74915f84b","block_type":"box","text":"Director independence","page_number":269,"box":{"x":117,"y":87,"width":186,"height":12}},{"id":"359bbe60-1c8a-4f91-9588-cc9fad5b1868","block_type":"box","text":"Director independence – from management, significant shareholders, or other related parties – is a","page_number":269,"box":{"x":117,"y":117,"width":738,"height":12}},{"id":"55e98c3b-ad7d-443c-82fc-60053cf20167","block_type":"box","text":"central tenet of sound corporate governance across markets.","page_number":269,"box":{"x":116,"y":132,"width":452,"height":12}},{"id":"4eefb5d7-fde6-41b7-8114-175bb7ae5003","block_type":"box","text":"6","page_number":269,"box":{"x":570,"y":132,"width":5,"height":6}},{"id":"9c145f40-7c5e-441a-aa99-14acd0d7910d","block_type":"box","text":"We look to boards to have a sufficient","page_number":269,"box":{"x":576,"y":132,"width":290,"height":10}},{"id":"2e203f70-1346-495b-98dd-6f61a05ee119","block_type":"box","text":"number of independent directors, free from conflicts of interest or undue influence, to ensure objectivity","page_number":269,"box":{"x":117,"y":148,"width":768,"height":12}},{"id":"a852bc61-5054-4778-a6ad-2e20ec081e70","block_type":"box","text":"in the decision-making of the board and its ability to oversee management. We generally consider it","page_number":269,"box":{"x":117,"y":163,"width":742,"height":12}},{"id":"0d77c2c6-9c8a-4f87-a38d-eaf2b47d7445","block_type":"box","text":"good practice for independent directors to make a majority of the board, or in the case of controlled","page_number":269,"box":{"x":116,"y":179,"width":740,"height":12}},{"id":"3474b5bd-12ee-4e6b-ab86-5180b8b48f15","block_type":"box","text":"companies, at least one-third.","page_number":269,"box":{"x":116,"y":194,"width":225,"height":12}},{"id":"bd4af0d3-b1af-4624-8c3c-3bd31ca8460d","block_type":"box","text":"Common impediments to independence may include but are not limited to:","page_number":269,"box":{"x":117,"y":224,"width":557,"height":12}},{"id":"43e1f1d9-69d6-49a6-8c4a-d251b83d8bd8","block_type":"box","text":"• Current or recent employment at the company or a subsidiary","page_number":269,"box":{"x":117,"y":254,"width":495,"height":12}},{"id":"10132d7f-e59f-462f-836d-c032fd332433","block_type":"box","text":"• Being, or representing, a shareholder with a substantial shareholding in the company","page_number":269,"box":{"x":117,"y":276,"width":668,"height":12}},{"id":"09882029-58d0-4773-bb0e-20d787eff2ca","block_type":"box","text":"• Interlocking directorates","page_number":269,"box":{"x":117,"y":299,"width":216,"height":12}},{"id":"1df107ff-c62c-4774-ba9a-634f34d0b2bb","block_type":"box","text":"• Having any other interest, business, or other relationship which could, or could reasonably be","page_number":269,"box":{"x":117,"y":322,"width":730,"height":12}},{"id":"ccae8b7d-4919-4a64-9019-24ce25fd8053","block_type":"box","text":"perceived to, materially interfere with a director’s ability to act in the best interests of the company","page_number":269,"box":{"x":150,"y":337,"width":729,"height":12}},{"id":"f71a4b4b-bb74-4ebb-8d27-2997defe2e45","block_type":"box","text":"and shareholders","page_number":269,"box":{"x":150,"y":353,"width":134,"height":9}},{"id":"ac50c367-6be9-4b80-88cc-ba6737fe83e8","block_type":"box","text":"In our experience, boards are most effective at overseeing and advising management when there is a","page_number":269,"box":{"x":117,"y":382,"width":759,"height":12}},{"id":"a5537119-a9f6-4ede-9173-e56d37946c63","block_type":"box","text":"senior, independent board leader. This director may chair the board, or, where the chair is also the","page_number":269,"box":{"x":116,"y":398,"width":736,"height":12}},{"id":"dc2aa407-344e-4c0a-942e-3b68ca2cb0e0","block_type":"box","text":"CEO (or is otherwise not independent), be designated as a lead independent director. The role of this","page_number":269,"box":{"x":117,"y":413,"width":757,"height":12}},{"id":"a4a68de4-0a95-417c-9641-bdf03b099df6","block_type":"box","text":"director is to support independent board members in fulfilling their oversight responsibilities effectively","page_number":269,"box":{"x":116,"y":429,"width":760,"height":12}},{"id":"c2e4918f-4139-4b52-9d55-b0b0df262d8a","block_type":"box","text":"by shaping the agenda, ensuring adequate information is provided to the board, and encouraging","page_number":269,"box":{"x":117,"y":444,"width":726,"height":12}},{"id":"afc5a4ef-aa19-4422-898f-c06bf8fd6435","block_type":"box","text":"independent director participation in board deliberations. We appreciate when the lead independent","page_number":269,"box":{"x":117,"y":460,"width":742,"height":12}},{"id":"31096e23-f125-4d41-a671-baa0464b1ff9","block_type":"box","text":"director or another appropriate director is available to meet with shareholders to explain and","page_number":269,"box":{"x":116,"y":475,"width":687,"height":12}},{"id":"7f828854-7de3-41c1-9a82-051fb4e4743f","block_type":"box","text":"contextualize a company’s approach as a situation warrants.","page_number":269,"box":{"x":116,"y":491,"width":454,"height":12}},{"id":"2a54522d-e8e7-47af-a784-67a3b493e6bb","block_type":"box","text":"Boards may face matters that could involve conflicts of interest for executives or affiliated directors, or","page_number":269,"box":{"x":117,"y":520,"width":759,"height":13}},{"id":"2542de61-96fc-4db3-b5cf-d8ce4a743f1e","block_type":"box","text":"that require additional focus. It is our view that objective oversight of such matters is best achieved","page_number":269,"box":{"x":116,"y":536,"width":736,"height":12}},{"id":"6009956b-a396-417c-9085-5bf31fadeb68","block_type":"box","text":"when the board forms committees with a majority of independent directors, depending on market","page_number":269,"box":{"x":116,"y":551,"width":723,"height":13}},{"id":"2f424891-f577-4dc7-810e-a2a18bbf37e3","block_type":"box","text":"norms and a company’s ownership structure. In many markets, these committees of the board","page_number":269,"box":{"x":117,"y":567,"width":704,"height":12}},{"id":"14afda46-ab73-4754-a813-de35104015c9","block_type":"box","text":"specialize in audit, director nominations, and compensation matters, among others. An ad hoc","page_number":269,"box":{"x":116,"y":583,"width":703,"height":12}},{"id":"9e28a650-1087-4b64-be8d-f08a35ffd374","block_type":"box","text":"committee might also be formed to decide on a special transaction, particularly one involving a related","page_number":269,"box":{"x":116,"y":598,"width":762,"height":12}},{"id":"6937593a-c1d2-4ee0-a419-3bf86b895eaa","block_type":"box","text":"party, or to investigate a significant adverse event.","page_number":269,"box":{"x":117,"y":613,"width":378,"height":13}},{"id":"9f4c17cf-2548-49fe-ad37-4f8012494bf1","block_type":"box","text":"Sufficient capacity","page_number":269,"box":{"x":116,"y":643,"width":153,"height":12}},{"id":"1a403b38-b093-41b6-8364-cc6c27434cd8","block_type":"box","text":"As the role and expectations of a director are increasingly demanding, directors must be able to","page_number":269,"box":{"x":116,"y":673,"width":709,"height":12}},{"id":"b0b45601-b6f5-46d2-a36e-cfacb921e695","block_type":"box","text":"commit an appropriate amount of time to board and committee matters. It is important that directors","page_number":269,"box":{"x":116,"y":688,"width":738,"height":12}},{"id":"dd681f4c-277b-4abf-b871-269082f102e2","block_type":"box","text":"have the capacity to meet all of their responsibilities – including when there are unforeseen events –","page_number":269,"box":{"x":117,"y":704,"width":743,"height":12}},{"id":"fcf618b9-0a16-484f-a1e9-6ad8ea98371c","block_type":"box","text":"and therefore, we consider it best practice when they don’t take on an excessive number of roles that","page_number":269,"box":{"x":116,"y":719,"width":751,"height":13}},{"id":"76824b78-ef5a-4d31-9067-c5274cf516da","block_type":"box","text":"would impair their ability to fulfill their duties.","page_number":269,"box":{"x":116,"y":735,"width":326,"height":12}},{"id":"22680327-8ad3-4a2a-8bec-426dba0e093d","block_type":"box","text":"Board composition","page_number":269,"box":{"x":117,"y":765,"width":151,"height":12}},{"id":"919cd7e2-3d70-4a4d-a6b4-3d72755a2894","block_type":"box","text":"In assessing board composition, we take into account a company’s board size, business model,","page_number":269,"box":{"x":117,"y":795,"width":708,"height":11}},{"id":"c3bb569a-6030-47b0-8bf3-faafb2f81bb4","block_type":"box","text":"strategy, market capitalization, and ownership structure, as well as the market in which the company","page_number":269,"box":{"x":116,"y":810,"width":745,"height":12}},{"id":"398c4cc7-2cda-4d24-82dd-9924547ff25e","block_type":"box","text":"operates. We find it helpful when companies explain how their approach to board composition supports","page_number":269,"box":{"x":116,"y":825,"width":771,"height":12}},{"id":"62551347-4725-4306-a1cd-d951374c3869","block_type":"box","text":"the company’s governance practices.","page_number":269,"box":{"x":116,"y":841,"width":282,"height":12}},{"id":"465b55cb-b330-436f-bf8e-996d8f6780ea","block_type":"box","text":"6","page_number":269,"box":{"x":143,"y":866,"width":4,"height":5}},{"id":"0f2bf0c8-ebf2-4c5a-bcbb-08b0dc0a5f68","block_type":"box","text":"For example, please see: Tokyo Stock Exchange, “Japan’s Corporate Governance Code,” June 11, 2021; Financial","page_number":269,"box":{"x":171,"y":866,"width":683,"height":10}},{"id":"639f835a-e44c-4b03-915e-655409dcf1fe","block_type":"box","text":"Reporting Council, “UK Corporate Governance Code,” January 2024, accessed in December 2025.","page_number":269,"box":{"x":171,"y":879,"width":587,"height":10}},{"id":"acd788dc-cebf-48f9-90dd-4adf15c1a130","block_type":"box","text":"BlackRock Investment Stewardship","page_number":269,"box":{"x":117,"y":909,"width":282,"height":12}},{"id":"0af0c232-b70e-4fb3-909b-2304353c5c0a","block_type":"box","text":"Global Principles |","page_number":269,"box":{"x":731,"y":909,"width":132,"height":12}},{"id":"30a596ee-6846-4943-a296-293ce23379b5","block_type":"box","text":"7","page_number":269,"box":{"x":875,"y":909,"width":8,"height":9}},{"id":"4ca93e41-dcf5-472c-ab87-d759de5f5076","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":269,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"ac8605f9-d366-4d0d-9450-6833d7ca5662","block_type":"box","text":"When nominating directors to the board, we look to companies to provide sufficient information on the","page_number":270,"box":{"x":116,"y":87,"width":760,"height":12}},{"id":"b0bfa77e-b6e9-4866-9cfd-f3d63cf5ec56","block_type":"box","text":"individual candidates so that shareholders can assess the capabilities and suitability of each individual","page_number":270,"box":{"x":117,"y":102,"width":763,"height":13}},{"id":"15bf45a2-ae94-43ed-aefc-93ebccaa4150","block_type":"box","text":"nominee and their fit within overall board composition. These disclosures should explain how the","page_number":270,"box":{"x":117,"y":118,"width":721,"height":12}},{"id":"8be1a52c-5cc3-461c-b413-2fc8ec0eb78c","block_type":"box","text":"collective experience and expertise of the board, as well as the particular skillsets of individual","page_number":270,"box":{"x":116,"y":134,"width":703,"height":11}},{"id":"1d04ea79-421e-4e07-bdf8-32a5307fab0c","block_type":"box","text":"directors, aligns with the company’s long-term strategy. Highly qualified, engaged directors with","page_number":270,"box":{"x":116,"y":149,"width":713,"height":12}},{"id":"98f6addb-996d-495c-a57a-1e3c4fed3ab3","block_type":"box","text":"professional characteristics relevant to a company’s business and strategy enhance the ability of the","page_number":270,"box":{"x":117,"y":165,"width":749,"height":12}},{"id":"30d42fd8-a421-413e-b1e9-5850779fac03","block_type":"box","text":"board to add value and be the voice of shareholders in board discussions.","page_number":270,"box":{"x":117,"y":180,"width":554,"height":10}},{"id":"05970075-b2b3-40db-a1a9-2c93dbfa9dc3","block_type":"box","text":"It is in this context that we are interested in a variety of experiences, perspectives, and skillsets in the","page_number":270,"box":{"x":117,"y":208,"width":755,"height":12}},{"id":"abf2f8ff-5759-417f-a9dc-77eadfeb89d1","block_type":"box","text":"board room. We see it as a means of avoiding “group think” in the board’s exercise of its","page_number":270,"box":{"x":117,"y":224,"width":659,"height":12}},{"id":"930ad100-642e-4f09-95e0-21ddbbd5ed8c","block_type":"box","text":"responsibilities to advise and oversee management. We note that in many markets, policymakers have","page_number":270,"box":{"x":117,"y":239,"width":768,"height":12}},{"id":"8ef3f053-de76-49f5-8b3a-3cdf22287568","block_type":"box","text":"set board gender diversity goals which we may discuss with companies, particularly if there is a risk","page_number":270,"box":{"x":116,"y":255,"width":743,"height":12}},{"id":"534c00f1-f778-4aa7-b334-35bf1cd4df3c","block_type":"box","text":"their board composition may be misaligned.","page_number":270,"box":{"x":116,"y":270,"width":329,"height":12}},{"id":"51da5f0d-c63d-4e50-8188-1fe88cfde2cc","block_type":"box","text":"AUDITORS AND AUDIT-RELATED ISSUES","page_number":270,"box":{"x":331,"y":305,"width":341,"height":9}},{"id":"23383ef5-dbdf-489b-89ad-5911b5e81b15","block_type":"box","text":"BIS recognizes the critical importance of financial statements to provide a complete and accurate","page_number":270,"box":{"x":117,"y":333,"width":725,"height":12}},{"id":"56ac21c5-8e58-40ea-864b-12d639ba3757","block_type":"box","text":"portrayal of a company’s financial condition. Accordingly, we look for the assumptions made by","page_number":270,"box":{"x":117,"y":349,"width":709,"height":12}},{"id":"0858ac73-6bee-4ef2-887c-61d592ca926a","block_type":"box","text":"management, and reviewed by the auditor in preparing the financial statements, to be reasonable and","page_number":270,"box":{"x":117,"y":364,"width":760,"height":12}},{"id":"7d613be5-cedf-452f-9057-10e5a8fde776","block_type":"box","text":"justified.","page_number":270,"box":{"x":115,"y":380,"width":67,"height":12}},{"id":"be8885c3-5e47-4b17-8d48-fc1137c49804","block_type":"box","text":"We view the audit committee, or its equivalent, as responsible for overseeing the management of the","page_number":270,"box":{"x":116,"y":408,"width":754,"height":12}},{"id":"863a511d-563a-484c-b7a0-6a23bfbf4a14","block_type":"box","text":"independent auditor and the internal audit function at a company. The committee plays an important","page_number":270,"box":{"x":117,"y":423,"width":746,"height":12}},{"id":"fddfdcba-cf2a-4077-b73c-81b8613945a7","block_type":"box","text":"role in a company’s financial reporting system by providing independent oversight of the accounts,","page_number":270,"box":{"x":117,"y":439,"width":733,"height":12}},{"id":"6dffd223-ac13-4251-845c-23b8db9b4cc9","block_type":"box","text":"material financial, and, where appropriate to the jurisdiction, non-financial information and internal","page_number":270,"box":{"x":117,"y":454,"width":728,"height":12}},{"id":"09d0f607-e17c-4a59-90ae-2a47d34d0673","block_type":"box","text":"control frameworks. Moreover, in the absence of a dedicated risk committee, these committees can","page_number":270,"box":{"x":116,"y":470,"width":743,"height":11}},{"id":"ea92f56d-881d-4b4a-a077-bc2fcf873a04","block_type":"box","text":"provide oversight of Enterprise Risk Management systems.","page_number":270,"box":{"x":117,"y":485,"width":437,"height":12}},{"id":"115836ef-930c-4cb5-931f-25f02aeb39f0","block_type":"box","text":"7","page_number":270,"box":{"x":556,"y":486,"width":5,"height":5}},{"id":"9ad1f671-cca2-462d-8a87-710472eeb66f","block_type":"box","text":"In our view, effective audit committee","page_number":270,"box":{"x":562,"y":485,"width":286,"height":12}},{"id":"14af582d-9b67-48d5-a9cc-bf8eea8d6e07","block_type":"box","text":"oversight strengthens the quality and reliability of a company’s financial statements and provides an","page_number":270,"box":{"x":116,"y":501,"width":745,"height":12}},{"id":"afb0c6f0-9859-4193-826c-39cd8d257468","block_type":"box","text":"important level of reassurance to shareholders.","page_number":270,"box":{"x":117,"y":516,"width":354,"height":12}},{"id":"b09b714e-f057-4aff-8b7c-668bc75e2c79","block_type":"box","text":"We look to audit committees, or their equivalent, to have clearly articulated charters that set out their","page_number":270,"box":{"x":116,"y":545,"width":750,"height":12}},{"id":"30425c87-12ae-4e9e-a4ee-d72adfa56003","block_type":"box","text":"responsibilities. Additionally, having a rotation plan can periodically refresh the committee membership","page_number":270,"box":{"x":117,"y":560,"width":765,"height":12}},{"id":"90ebc211-c3f7-40be-a0c8-99c5f17ece18","block_type":"box","text":"and introduce new perspectives. We recognize that audit committees will rely on management, internal","page_number":270,"box":{"x":116,"y":576,"width":769,"height":12}},{"id":"8f347953-5964-4054-b27f-4a8f65324e40","block_type":"box","text":"audit, and the independent auditor to fulfill their responsibilities. However, we look to committee","page_number":270,"box":{"x":116,"y":591,"width":712,"height":12}},{"id":"80eacef1-b1c0-44c0-b9a9-dc23a11f21b3","block_type":"box","text":"members to demonstrate they have relevant expertise to monitor and oversee the audit process and","page_number":270,"box":{"x":117,"y":607,"width":749,"height":12}},{"id":"148a0d8a-963f-4e82-aaba-094d90352056","block_type":"box","text":"related activities.","page_number":270,"box":{"x":117,"y":622,"width":129,"height":10}},{"id":"bde26578-200b-4c9c-baf9-26e8c293ea8b","block_type":"box","text":"We take particular note of unexplained changes in reporting methodology, cases involving significant","page_number":270,"box":{"x":116,"y":650,"width":753,"height":12}},{"id":"69f4f0ce-c258-49c7-ba13-8d3cdd881587","block_type":"box","text":"financial restatements, or ad hoc notifications of material financial weakness. In this respect, we look to","page_number":270,"box":{"x":116,"y":666,"width":765,"height":12}},{"id":"32be5997-591d-4d82-9fca-f53563444b72","block_type":"box","text":"audit committees to provide timely disclosure on the remediation of key and critical audit matters","page_number":270,"box":{"x":116,"y":681,"width":715,"height":12}},{"id":"828d9c32-3aad-413b-beef-d14a2163b2ee","block_type":"box","text":"identified either by the external auditor or internal audit function.","page_number":270,"box":{"x":117,"y":697,"width":472,"height":12}},{"id":"b5fe21d3-806b-4c7c-a072-6c6bfd4a8032","block_type":"box","text":"The integrity of financial statements depends on the auditor being free of any impediments that could","page_number":270,"box":{"x":116,"y":725,"width":748,"height":12}},{"id":"ad4bffa5-cf8a-46c5-8c08-1473c8ffb06e","block_type":"box","text":"compromise its ability to serve as an effective check on management. To that end, it is important that","page_number":270,"box":{"x":116,"y":741,"width":750,"height":12}},{"id":"de217fea-2079-4284-9301-8f886814ed01","block_type":"box","text":"auditors are, and are seen to be, independent. Where an audit firm provides services to the company","page_number":270,"box":{"x":116,"y":756,"width":751,"height":12}},{"id":"cae67c3e-aed5-4fd7-be3a-6c3ecef16993","block_type":"box","text":"in addition to the audit, we look for the fees","page_number":270,"box":{"x":117,"y":772,"width":318,"height":11}},{"id":"e63ec224-83ff-4863-8575-3f4f6cbccc13","block_type":"box","text":"earned to be disclosed and explained. We look for audit","page_number":270,"box":{"x":441,"y":772,"width":414,"height":12}},{"id":"1c3af5e2-d224-4ca5-8032-ceccd76d538f","block_type":"box","text":"committees to have in place a procedure for assessing the independence of the auditor and the quality","page_number":270,"box":{"x":116,"y":787,"width":762,"height":12}},{"id":"0dba7cbd-0ca5-4be6-b313-d19c9c2eca38","block_type":"box","text":"of the external audit process on an annual basis.","page_number":270,"box":{"x":116,"y":803,"width":360,"height":12}},{"id":"1b83d1c9-b31a-4904-8ccc-d781dfec97cb","block_type":"box","text":"7","page_number":270,"box":{"x":143,"y":828,"width":4,"height":5}},{"id":"7835c225-c02c-4248-bd94-b299aae3a623","block_type":"box","text":"Enterprise Risk Management is a process, effected by the entity’s board of directors, management, and other","page_number":270,"box":{"x":171,"y":828,"width":648,"height":9}},{"id":"e5cdd6d1-06b8-458a-9e98-d39d512bbabb","block_type":"box","text":"personnel, applied in strategy setting and across the enterprise, designed to identify potential events that may affect the","page_number":270,"box":{"x":170,"y":841,"width":709,"height":9}},{"id":"29c33489-ae2d-4cb7-b4ea-55645a2c655d","block_type":"box","text":"entity, and manage risk to be within the risk appetite, to provide reasonable assurance regarding the achievement of","page_number":270,"box":{"x":170,"y":854,"width":690,"height":9}},{"id":"c50d0f7a-ed91-4a3c-8c66-32c0d4d135c6","block_type":"box","text":"objectives. Please see: The Committee of Sponsoring Organizations of the Treadway Commission (COSO), “Enterprise","page_number":270,"box":{"x":170,"y":866,"width":710,"height":10}},{"id":"4807b882-9545-4320-8632-331088f2353e","block_type":"box","text":"Risk Management,” 2023, accessed in December 2025.","page_number":270,"box":{"x":171,"y":879,"width":329,"height":10}},{"id":"994df316-4397-406f-aa16-a33bb1bdb7ea","block_type":"box","text":"BlackRock Investment Stewardship","page_number":270,"box":{"x":117,"y":909,"width":282,"height":12}},{"id":"175dfbe2-0a28-4157-85d1-80fa0d6ca8cd","block_type":"box","text":"Global Principles |","page_number":270,"box":{"x":731,"y":909,"width":132,"height":12}},{"id":"e9f49f6d-4496-4df8-88f8-e7356549b073","block_type":"box","text":"8","page_number":270,"box":{"x":875,"y":909,"width":8,"height":9}},{"id":"3e147ceb-45fa-4d09-a78e-bdd349e96e0e","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":270,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"f854c77e-ddd0-45e5-86d6-3d5584968e8a","block_type":"box","text":"Comprehensive disclosure provides investors with an understanding of the company’s long-term","page_number":271,"box":{"x":117,"y":87,"width":719,"height":12}},{"id":"ece1799c-7d6d-4f12-a43d-9a44c908fed0","block_type":"box","text":"operational risk management practices and, more broadly, the quality of the board’s oversight. We look","page_number":271,"box":{"x":116,"y":102,"width":770,"height":13}},{"id":"68b89ae8-a5f6-45c7-bd16-9cf95761b2a7","block_type":"box","text":"to the audit or risk committee to periodically review the company’s risk assessment and risk","page_number":271,"box":{"x":116,"y":118,"width":684,"height":12}},{"id":"0b4c6fbe-9761-4d6d-bb5a-90ec11bbccb1","block_type":"box","text":"management policies and the significant risks and exposures identified by management, the internal","page_number":271,"box":{"x":117,"y":134,"width":747,"height":12}},{"id":"7c635907-348e-4eaa-a802-a3364633415e","block_type":"box","text":"auditors or the independent auditors, and management’s steps to address them. In the absence of","page_number":271,"box":{"x":116,"y":149,"width":735,"height":12}},{"id":"806efb99-97a0-4bc8-84fc-80192110d45a","block_type":"box","text":"detailed disclosures, we may conclude that companies are not adequately managing risk.","page_number":271,"box":{"x":116,"y":165,"width":668,"height":12}},{"id":"1d57d47e-2c5d-4abd-a40b-c69f43ffae5d","block_type":"box","text":"CAPITAL STRUCTURE, MERGERS, ACQUISITIONS, ASSET SALES, AND OTHER SPECIAL","page_number":271,"box":{"x":141,"y":203,"width":723,"height":12}},{"id":"6b4efb55-3122-47b6-9a72-5e33fcd83003","block_type":"box","text":"SITUATIONS","page_number":271,"box":{"x":449,"y":219,"width":106,"height":9}},{"id":"612f0d3a-c7a3-4045-8ba9-a2fce4c0ca07","block_type":"box","text":"The capital structure of a company is critical to shareholders as it impacts the value of their investment","page_number":271,"box":{"x":116,"y":250,"width":766,"height":12}},{"id":"f33a4758-8b6f-4ad7-aebe-721f1ab04f91","block_type":"box","text":"and the priority of their interest in the company relative to that of other equity or debt investors.","page_number":271,"box":{"x":116,"y":265,"width":707,"height":12}},{"id":"d560d850-c3e4-47e8-a259-7242adce6368","block_type":"box","text":"Pre-emptive rights are a key protection for shareholders against the dilution of their interests.","page_number":271,"box":{"x":117,"y":281,"width":693,"height":12}},{"id":"f7e81fab-7904-494f-94e0-9ae3283b68b2","block_type":"box","text":"In principle, we have concerns with the creation of a share class with equivalent economic exposure","page_number":271,"box":{"x":117,"y":312,"width":746,"height":12}},{"id":"4f1b4322-84e6-45f0-a61a-67ed49a66f47","block_type":"box","text":"and differentiated voting rights. As a result, BIS generally supports bylaw amendments that introduce","page_number":271,"box":{"x":116,"y":327,"width":754,"height":12}},{"id":"42e971ec-61de-4c43-bc2d-d37d4312d4f7","block_type":"box","text":"the adoption of “one share, one vote” for registered shareholders.","page_number":271,"box":{"x":116,"y":343,"width":491,"height":12}},{"id":"de756779-75cf-4762-8079-269aed57e918","block_type":"box","text":"However, we recognize that in certain markets, at least for a period of time, companies may have a","page_number":271,"box":{"x":117,"y":374,"width":740,"height":12}},{"id":"ca24c296-7531-46bd-b51e-63bc67eb6ff0","block_type":"box","text":"valid reason for listing dual classes of shares with differentiated voting rights. In our view, such","page_number":271,"box":{"x":116,"y":389,"width":706,"height":12}},{"id":"89e26f41-13e0-451c-90b6-b6804a65a63c","block_type":"box","text":"companies should review these share class structures on a regular basis or as company","page_number":271,"box":{"x":116,"y":405,"width":661,"height":12}},{"id":"e5c653f5-c1f3-445e-9f47-fc36cd11e8c5","block_type":"box","text":"circumstances change. Additionally, they should seek shareholder approval of their capital structure on","page_number":271,"box":{"x":116,"y":420,"width":769,"height":12}},{"id":"2f7f9315-47d2-4eff-aedf-504629f8c91d","block_type":"box","text":"a periodic basis via a management proposal at the company’s shareholder meeting. The proposal","page_number":271,"box":{"x":116,"y":436,"width":731,"height":12}},{"id":"f79887b6-29aa-4ecf-b893-ed6918e0a2a9","block_type":"box","text":"should give unaffiliated shareholders the opportunity to affirm the current structure or establish","page_number":271,"box":{"x":116,"y":451,"width":705,"height":12}},{"id":"fcea853c-6b8d-4917-908b-8fcd1c89b1e8","block_type":"box","text":"mechanisms to end or phase out controlling structures at the appropriate time, while minimizing costs","page_number":271,"box":{"x":117,"y":467,"width":757,"height":12}},{"id":"6b2afabd-a549-445d-8ae5-31d176f165d3","block_type":"box","text":"to shareholders.","page_number":271,"box":{"x":116,"y":482,"width":125,"height":10}},{"id":"d3ac8bb3-2e70-440d-9539-e4c3b491db02","block_type":"box","text":"In assessing mergers, asset sales, or other special situations, BIS’ primary consideration is the long","page_number":271,"box":{"x":117,"y":513,"width":745,"height":12}},{"id":"264a6321-cc3a-441b-997a-0540f4780061","block_type":"box","text":"term financial interests of our clients as shareholders, and so we will review any proposed transaction","page_number":271,"box":{"x":116,"y":529,"width":758,"height":12}},{"id":"b56ccc00-c0c5-4f2c-ab4d-c48fe789873e","block_type":"box","text":"with that objective in mind. Typically, we review factors such as whether the proposed transaction has","page_number":271,"box":{"x":116,"y":544,"width":760,"height":12}},{"id":"383fb68d-31d8-434c-8024-a9655abd4bca","block_type":"box","text":"the unanimous support of the board and has been negotiated at arm’s length, and whether the board","page_number":271,"box":{"x":116,"y":560,"width":753,"height":12}},{"id":"4b572482-d05a-4bcd-be91-e0681b5d95cf","block_type":"box","text":"or management has clearly explained its economic and strategic rationale. We may also seek","page_number":271,"box":{"x":116,"y":576,"width":699,"height":11}},{"id":"d8a77471-0230-490b-a6b6-9a38cea39262","block_type":"box","text":"reassurance from the board that the financial interests of executives and/or board members in a given","page_number":271,"box":{"x":117,"y":591,"width":761,"height":12}},{"id":"794d7f7b-1b86-4e5d-bd8e-04bc0818ba19","block_type":"box","text":"transaction have not adversely affected their ability to place shareholders’ interests before their own.","page_number":271,"box":{"x":116,"y":606,"width":750,"height":12}},{"id":"fe2952e6-6ad2-4cf2-a296-b1a26a2acad4","block_type":"box","text":"Where the transaction involves related parties, the recommendation to support should come from the","page_number":271,"box":{"x":116,"y":622,"width":755,"height":12}},{"id":"38f1177e-aac6-4424-9ec1-6df636f6f150","block_type":"box","text":"independent directors, a best practice in most markets, and ideally, the terms should have been","page_number":271,"box":{"x":117,"y":638,"width":715,"height":11}},{"id":"947c57ac-c0a9-4089-b640-869f1cfb878b","block_type":"box","text":"assessed through an independent appraisal process. In addition, it is good practice that it be approved","page_number":271,"box":{"x":116,"y":653,"width":766,"height":12}},{"id":"98f4480f-0844-42eb-aaa4-b576c8e88686","block_type":"box","text":"by a separate vote of the non-conflicted parties.","page_number":271,"box":{"x":117,"y":668,"width":352,"height":12}},{"id":"e6dd2a2c-3e6e-460d-a899-e5979ba4e01a","block_type":"box","text":"As a matter of sound governance practice, shareholders should have a right to dispose of company","page_number":271,"box":{"x":116,"y":699,"width":738,"height":13}},{"id":"36c2fc23-7fc3-4694-9d26-a78185ebae1b","block_type":"box","text":"shares in the open market without unnecessary restriction. In our view, corporate mechanisms","page_number":271,"box":{"x":116,"y":715,"width":700,"height":12}},{"id":"f99ec2e8-fcb7-4e11-9d48-b3b2f8957061","block_type":"box","text":"designed to limit shareholders’ ability to sell their shares are contrary to basic property rights. Such","page_number":271,"box":{"x":116,"y":730,"width":732,"height":13}},{"id":"372c42f1-39a6-4d9d-9a32-0562b6824149","block_type":"box","text":"mechanisms can serve to protect and entrench interests other than those of the shareholders. In our","page_number":271,"box":{"x":117,"y":746,"width":745,"height":12}},{"id":"6a6bb590-889a-4488-84ff-4000961932ed","block_type":"box","text":"view, shareholders are broadly capable of making decisions in their own best interests. We encourage","page_number":271,"box":{"x":116,"y":761,"width":759,"height":13}},{"id":"d0949118-9179-41b6-947b-4e29508283df","block_type":"box","text":"any shareholder rights plans proposed by a board to be subject to shareholder approval upon","page_number":271,"box":{"x":116,"y":777,"width":693,"height":12}},{"id":"df590a5c-c436-4104-ac3f-db82e328b610","block_type":"box","text":"introduction and periodically thereafter.","page_number":271,"box":{"x":117,"y":792,"width":287,"height":13}},{"id":"2b9e8908-d661-4c6b-b7e3-f78211f8f1fc","block_type":"box","text":"EXECUTIVE COMPENSATION AND BENEFITS","page_number":271,"box":{"x":318,"y":831,"width":369,"height":10}},{"id":"df01d36a-3101-4934-a9ac-7454ac392e40","block_type":"box","text":"Executive compensation is an important tool used by companies to support long-term financial value","page_number":271,"box":{"x":117,"y":862,"width":749,"height":12}},{"id":"e98a0127-0be4-408c-a1d1-9005fe22f838","block_type":"box","text":"creation. A well-structured compensation policy rewards the successful delivery of strategic,","page_number":271,"box":{"x":116,"y":878,"width":686,"height":12}},{"id":"7c90a44f-ab71-49d9-818e-9b44d0aaf85e","block_type":"box","text":"BlackRock Investment Stewardship","page_number":271,"box":{"x":117,"y":909,"width":282,"height":12}},{"id":"190674c0-4305-49d7-99d3-572831104a8a","block_type":"box","text":"Global Principles |","page_number":271,"box":{"x":731,"y":909,"width":132,"height":12}},{"id":"3681f104-dbab-45f6-9962-e9c52638b22d","block_type":"box","text":"9","page_number":271,"box":{"x":875,"y":909,"width":8,"height":9}},{"id":"26f84859-b99e-4fcd-9e23-3fa8f3a6ef6c","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":271,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"aaf7e9f1-5e9c-4734-bb64-4306f2fef36d","block_type":"box","text":"operational, and/or financial goals; encourages an appropriate risk appetite; and aligns the interests of","page_number":272,"box":{"x":116,"y":87,"width":763,"height":12}},{"id":"f41ddbb6-afb8-420a-b8ab-f3e28e6cbb1e","block_type":"box","text":"shareholders and executives through equity ownership.","page_number":272,"box":{"x":116,"y":103,"width":410,"height":12}},{"id":"9fca072a-880b-40a1-b68b-821d8516e08a","block_type":"box","text":"8","page_number":272,"box":{"x":528,"y":103,"width":5,"height":6}},{"id":"d159c402-b85f-49cd-b00e-86790c761e97","block_type":"box","text":"We look for a clear link between variable pay and operational and financial performance that support","page_number":272,"box":{"x":116,"y":134,"width":751,"height":12}},{"id":"38ad40dd-b3b9-433a-a69c-ad879f2ea507","block_type":"box","text":"sustained financial value creation for our clients as shareholders. We appreciate when performance","page_number":272,"box":{"x":116,"y":149,"width":744,"height":12}},{"id":"9a48faf1-2dff-477e-aaa2-fe7b2bc3798c","block_type":"box","text":"targets incorporate ambitious objectives, and the corresponding metrics are aligned with the","page_number":272,"box":{"x":116,"y":165,"width":687,"height":12}},{"id":"8ec88a00-5914-4412-9679-4ede3fa79c96","block_type":"box","text":"company’s strategy and business model. BIS does not have a position on whether companies choose","page_number":272,"box":{"x":116,"y":180,"width":760,"height":12}},{"id":"9aef1273-cbd4-4c0d-a35d-90e19b22d3ce","block_type":"box","text":"to use sustainability-related criteria in compensation structures, but, where they are included, we look","page_number":272,"box":{"x":116,"y":196,"width":757,"height":12}},{"id":"4ee7c7a5-a62f-44b1-97de-18222bce7ca0","block_type":"box","text":"to companies to be as rigorous as they would be in setting other financial or operational targets. We","page_number":272,"box":{"x":116,"y":211,"width":745,"height":12}},{"id":"e96b6f69-29c3-47c6-a51c-c536e45a6544","block_type":"box","text":"appreciate when long-term incentive plans encompass timeframes that: 1) are distinct from annual","page_number":272,"box":{"x":116,"y":227,"width":735,"height":12}},{"id":"81946354-c2df-4054-81b2-2e61e1c12c33","block_type":"box","text":"executive compensation structures and metrics, and 2) encourage the delivery of strong financial","page_number":272,"box":{"x":116,"y":242,"width":724,"height":12}},{"id":"329f853a-808c-44a4-9f56-0f33985b541c","block_type":"box","text":"results over a period of years.","page_number":272,"box":{"x":117,"y":258,"width":225,"height":12}},{"id":"77e8b865-2a71-4aa7-9e44-83bdcf5ee3ac","block_type":"box","text":"We consider it best practice when board members responsible for designing and approving executive","page_number":272,"box":{"x":116,"y":289,"width":757,"height":12}},{"id":"9786d717-f11a-45f9-83e9-4898f533400c","block_type":"box","text":"compensation carefully consider the company’s specific circumstances. Factors to consider may","page_number":272,"box":{"x":116,"y":304,"width":720,"height":12}},{"id":"710daa54-9b7c-4553-8aa6-25d0d633db22","block_type":"box","text":"include the company’s risk profile, the environment it operates in, and the individuals the board is trying","page_number":272,"box":{"x":117,"y":320,"width":770,"height":12}},{"id":"4f2eed6f-d4d4-42dc-a3f9-f82ea9c61bad","block_type":"box","text":"to attract and retain. We look to the compensation committees to guard against contractual","page_number":272,"box":{"x":116,"y":335,"width":679,"height":12}},{"id":"1105a298-0abc-49f9-ab8f-4a28e8c7fcec","block_type":"box","text":"arrangements that would entitle executives to material compensation for early termination of their","page_number":272,"box":{"x":116,"y":351,"width":726,"height":12}},{"id":"d1993fb0-df84-445f-8c36-24e99ea2f8a7","block_type":"box","text":"employment. Finally, we look for pension contributions and other deferred compensation arrangements","page_number":272,"box":{"x":116,"y":366,"width":770,"height":12}},{"id":"3ee21e5c-06ff-4435-94c7-558a2ad1c650","block_type":"box","text":"to be reasonable in light of market practices or the company’s business and executive compensation","page_number":272,"box":{"x":116,"y":382,"width":752,"height":12}},{"id":"128b1c0a-5031-48c5-bdcf-7113e00150bc","block_type":"box","text":"strategies.","page_number":272,"box":{"x":116,"y":397,"width":82,"height":12}},{"id":"4d8de8ad-8e49-4f96-b955-d288d284f371","block_type":"box","text":"We are not supportive of one-off or special bonuses unrelated to company or individual performance.","page_number":272,"box":{"x":116,"y":428,"width":755,"height":12}},{"id":"5b6050a3-71ae-4c59-8828-d227b3c2da00","block_type":"box","text":"Where discretion has been used by the compensation committee, or its equivalent, we appreciate","page_number":272,"box":{"x":116,"y":444,"width":730,"height":12}},{"id":"8908d5ca-e8a1-407a-8348-5f4cc72c01da","block_type":"box","text":"disclosure relating to how and why the discretion was used, and how the adjusted outcome is aligned","page_number":272,"box":{"x":116,"y":459,"width":757,"height":12}},{"id":"4d02014c-a616-4f7f-afbc-c5ca720d189a","block_type":"box","text":"with the interests of shareholders. In addition, we acknowledge that the use of peer group evaluation","page_number":272,"box":{"x":116,"y":475,"width":751,"height":12}},{"id":"74b8f0f4-db71-45dd-9689-b2cd5dfd8c0c","block_type":"box","text":"by compensation committees can help ensure competitive pay. However, we encourage companies to","page_number":272,"box":{"x":117,"y":490,"width":763,"height":12}},{"id":"aa162207-8bc2-4468-94ac-56c7f01f3ab2","block_type":"box","text":"clearly explain how compensation outcomes have rewarded performance rather than solely base","page_number":272,"box":{"x":116,"y":506,"width":724,"height":12}},{"id":"86853ae8-72de-430d-9579-aa98fffccb26","block_type":"box","text":"increases in total compensation on peer benchmarking.","page_number":272,"box":{"x":117,"y":521,"width":416,"height":12}},{"id":"eb05669f-5ea4-43f6-8bee-e0db35b002e2","block_type":"box","text":"We consider the inclusion of building clawback provisions into incentive plans as good practice. Such","page_number":272,"box":{"x":116,"y":552,"width":755,"height":12}},{"id":"d25ca69a-3c14-4918-9cd3-2f611658b77a","block_type":"box","text":"provisions could require executives to forgo awards when compensation was based on faulty financial","page_number":272,"box":{"x":117,"y":568,"width":760,"height":12}},{"id":"3afda584-6ae8-40e8-a951-89641f419884","block_type":"box","text":"statements or deceptive business practices, or when their behavior caused material financial harm to","page_number":272,"box":{"x":116,"y":583,"width":754,"height":12}},{"id":"ec334e76-aada-46f8-8705-56925eee88bd","block_type":"box","text":"shareholders, material reputational risk to the company, or resulted in a criminal investigation.","page_number":272,"box":{"x":116,"y":599,"width":701,"height":12}},{"id":"fda52819-e91d-4eb9-bdc6-7655d85e14d3","block_type":"box","text":"In our view, non-executive directors should be compensated in a manner that is commensurate with","page_number":272,"box":{"x":117,"y":630,"width":745,"height":12}},{"id":"9f65164a-1cf9-484e-9761-d44c01b27079","block_type":"box","text":"the time and effort expended in fulfilling their professional responsibilities. Additionally, these","page_number":272,"box":{"x":116,"y":645,"width":691,"height":12}},{"id":"9e10b0db-be3c-408f-acdb-00aec140f356","block_type":"box","text":"compensation arrangements should not risk compromising directors’ independence or aligning their","page_number":272,"box":{"x":116,"y":661,"width":739,"height":12}},{"id":"e3f60be9-8215-4cdc-842c-89f42c82ffa2","block_type":"box","text":"interests too closely with those of the management, whom they are charged with overseeing.","page_number":272,"box":{"x":117,"y":676,"width":687,"height":12}},{"id":"fe13e81a-a738-4377-903f-1df8d98df269","block_type":"box","text":"When assessing compensation proposals, BIS reviews companies’ disclosures to determine whether","page_number":272,"box":{"x":116,"y":707,"width":750,"height":12}},{"id":"a68c3644-3bbc-46d6-bc98-cda9ae71276e","block_type":"box","text":"the board’s approach to executive compensation is rigorous in light of the company’s stated long-term","page_number":272,"box":{"x":116,"y":723,"width":755,"height":12}},{"id":"d2abc0f5-6651-4d05-a3ce-215b64eb9e39","block_type":"box","text":"corporate strategy and specific circumstances, as well as local market and policy developments.","page_number":272,"box":{"x":116,"y":738,"width":713,"height":12}},{"id":"fdd2ddd4-3178-4e32-83ba-56e1934ca1ba","block_type":"box","text":"When our analysis indicates that executive compensation is misaligned with company performance,","page_number":272,"box":{"x":116,"y":769,"width":739,"height":12}},{"id":"eba762fb-6c53-4983-aa10-8ca5493be817","block_type":"box","text":"BIS may not support management’s proposals to approve compensation, where they are on the","page_number":272,"box":{"x":117,"y":785,"width":709,"height":12}},{"id":"ffe6de4d-05e0-445a-a6d9-5926e7a767cc","block_type":"box","text":"agenda. We may also not support members of the compensation committee or equivalent board","page_number":272,"box":{"x":116,"y":800,"width":713,"height":12}},{"id":"5aa6ef12-0fb1-46c2-b256-220ecd9e14b2","block_type":"box","text":"members for poor compensation practices or structures.","page_number":272,"box":{"x":117,"y":816,"width":415,"height":12}},{"id":"a8bbf39f-36ca-47c3-810a-0f95a24ed6fd","block_type":"box","text":"8","page_number":272,"box":{"x":143,"y":867,"width":4,"height":5}},{"id":"bdbf217d-f39a-4b55-b711-2de332091134","block_type":"box","text":"The terms “compensation,” “remuneration,” and “pay” are used interchangeably to describe the same concept in","page_number":272,"box":{"x":170,"y":867,"width":664,"height":9}},{"id":"aef3c09e-f374-49bc-8b9b-042308d7b8dd","block_type":"box","text":"different markets.","page_number":272,"box":{"x":170,"y":880,"width":102,"height":7}},{"id":"e1510cac-1df0-43ed-b89b-1fe1be13b99d","block_type":"box","text":"BlackRock Investment Stewardship","page_number":272,"box":{"x":117,"y":909,"width":282,"height":12}},{"id":"cf8558a7-3cc7-4760-b3db-1d8ca49b81cd","block_type":"box","text":"Global Principles |","page_number":272,"box":{"x":722,"y":909,"width":132,"height":12}},{"id":"a67c9aa7-753c-42d7-9a15-59a9cb63accd","block_type":"box","text":"10","page_number":272,"box":{"x":866,"y":909,"width":17,"height":9}},{"id":"f2c63e14-5db4-413b-8b38-2a541a21887f","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":272,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"8a5da1fc-c0d8-4839-8839-c0df13257ac5","block_type":"box","text":"SHAREHOLDER PROTECTIONS AND OTHER CORPORATE GOVERNANCE MATTERS","page_number":273,"box":{"x":158,"y":87,"width":688,"height":10}},{"id":"403cbbd3-83c4-403d-8c52-a4d3c2db72a3","block_type":"box","text":"Corporate form","page_number":273,"box":{"x":116,"y":116,"width":127,"height":12}},{"id":"96398940-7a4b-426b-868d-151ed4121990","block_type":"box","text":"In our view, it is the responsibility of the board to determine the corporate form that is most appropriate","page_number":273,"box":{"x":117,"y":145,"width":766,"height":12}},{"id":"a503590d-e6e7-4755-bfd0-1f00c0375321","block_type":"box","text":"given the company’s purpose and business model.","page_number":273,"box":{"x":116,"y":161,"width":376,"height":12}},{"id":"0d19964f-5fe9-4f22-a27a-e1ad0b040623","block_type":"box","text":"9","page_number":273,"box":{"x":494,"y":161,"width":5,"height":6}},{"id":"43d279a8-75f4-4218-89cd-b8e51a2ce460","block_type":"box","text":"We look to companies proposing to change their","page_number":273,"box":{"x":500,"y":161,"width":369,"height":12}},{"id":"c5194857-2d89-490e-bd88-78bb4436f2e1","block_type":"box","text":"corporate form to a public benefit corporation, or similar entity, to put it to a shareholder vote if not","page_number":273,"box":{"x":116,"y":176,"width":731,"height":12}},{"id":"a8983c66-54f3-4b82-89a9-258e162f5514","block_type":"box","text":"already required to do so under applicable law. We appreciate when supporting documentation from","page_number":273,"box":{"x":116,"y":192,"width":748,"height":12}},{"id":"edfc190f-77c8-4985-b880-cea5665f6005","block_type":"box","text":"companies or shareholders proposing to alter the corporate form clearly explains how the interests of","page_number":273,"box":{"x":116,"y":207,"width":755,"height":12}},{"id":"bde4893f-a7f7-4611-b7ec-0d8936995a42","block_type":"box","text":"shareholders and different stakeholders would be impacted as well as the accountability and voting","page_number":273,"box":{"x":116,"y":223,"width":741,"height":12}},{"id":"d316aa85-1a63-4ebf-90e4-6bb5c1b0098e","block_type":"box","text":"mechanisms that would be available to shareholders. We generally support management proposals if","page_number":273,"box":{"x":117,"y":238,"width":756,"height":12}},{"id":"cd5e79f5-49e4-4eb9-8eb0-703155e19006","block_type":"box","text":"our analysis indicates that shareholders’ financial interests are adequately protected. Corporate form","page_number":273,"box":{"x":116,"y":254,"width":752,"height":12}},{"id":"566c9e8b-b75c-43fb-84bb-a3be8e9b9557","block_type":"box","text":"shareholder proposals are evaluated on a case-by-case basis.","page_number":273,"box":{"x":116,"y":269,"width":468,"height":12}},{"id":"5498ac6f-0dfc-459e-8e89-dc0737d2e5e3","block_type":"box","text":"SHAREHOLDER PROPOSALS","page_number":273,"box":{"x":380,"y":305,"width":244,"height":10}},{"id":"c7b65904-55d8-40bc-bb33-a6d0f2b4c4a0","block_type":"box","text":"In most markets, shareholders can submit proposals to be voted on at a company’s shareholder","page_number":273,"box":{"x":117,"y":335,"width":717,"height":12}},{"id":"9a4a8706-7166-4921-95c0-0175b0aebab1","block_type":"box","text":"meeting, as long as certain requirements are met. Shareholder proposals span a wide range of topics,","page_number":273,"box":{"x":117,"y":350,"width":762,"height":12}},{"id":"ad5edb34-14df-4455-942c-65fe4794d08d","block_type":"box","text":"including governance reforms, capital management, and changes in the management or disclosure of","page_number":273,"box":{"x":117,"y":365,"width":758,"height":13}},{"id":"17ef9fb4-dbd0-4028-9065-2b49cad613e1","block_type":"box","text":"sustainability-related risks. These proposals have a varying degree of relevance for companies across","page_number":273,"box":{"x":116,"y":381,"width":763,"height":12}},{"id":"41626bbf-b220-4acd-9813-5f2fb6174777","block_type":"box","text":"sectors, locations, and business models.","page_number":273,"box":{"x":116,"y":397,"width":307,"height":11}},{"id":"06338c7c-d013-4eb1-93f8-38e3fab2ee78","block_type":"box","text":"BIS takes a case-by-case approach to voting on shareholder proposals and maintains a singular focus","page_number":273,"box":{"x":117,"y":426,"width":764,"height":12}},{"id":"5a3ebc76-9dc7-4af3-b8a1-39d3e338e779","block_type":"box","text":"on the proposal’s implications for long-term financial value creation for shareholders. Our analysis","page_number":273,"box":{"x":116,"y":441,"width":730,"height":12}},{"id":"5ddc921a-0442-4d15-8ed7-20a9dbdc4e4e","block_type":"box","text":"considers whether a shareholder proposal addresses a material risk that may impact a company’s","page_number":273,"box":{"x":116,"y":457,"width":732,"height":12}},{"id":"6bd6c81a-4509-4f37-8526-974ffaee4582","block_type":"box","text":"long-term financial performance. BIS may support shareholder proposals that request disclosures that","page_number":273,"box":{"x":117,"y":472,"width":760,"height":12}},{"id":"b8177b94-9447-42ce-9fda-f2b79f0e89d4","block_type":"box","text":"help us, as long-term investors on behalf of our clients, better understand the material risks and","page_number":273,"box":{"x":117,"y":488,"width":713,"height":12}},{"id":"a3414b3a-70d3-45b1-aaee-d7bb8c5c6b47","block_type":"box","text":"opportunities companies face and how they are managing them, especially where this information is","page_number":273,"box":{"x":116,"y":503,"width":747,"height":12}},{"id":"00bdecc6-8f42-4f0b-b6e2-649cfb887694","block_type":"box","text":"additive given the company’s existing disclosures. We look for consistency between the specific","page_number":273,"box":{"x":116,"y":519,"width":715,"height":12}},{"id":"fdd670b9-7a7e-47f2-9e17-60174ada9c54","block_type":"box","text":"request formally made in the proposal, the supporting documentation, and the proponents’ other","page_number":273,"box":{"x":117,"y":534,"width":717,"height":12}},{"id":"d28ce968-ccdd-4c79-a639-f2102980cc2d","block_type":"box","text":"communications on the issues. We also assess the company’s practices and disclosures and the costs","page_number":273,"box":{"x":116,"y":550,"width":769,"height":12}},{"id":"9bc90854-2ddd-4959-a3c5-f14e74d822a1","block_type":"box","text":"and benefits to the company of meeting the request made in the proposal. We take into consideration a","page_number":273,"box":{"x":116,"y":565,"width":772,"height":12}},{"id":"23e0cbd1-4a86-492d-8a2b-0326a98a585a","block_type":"box","text":"company’s governance practices and disclosures against those of their peers.","page_number":273,"box":{"x":116,"y":581,"width":583,"height":12}},{"id":"32ab6106-375a-40ff-8db5-00ec8658a46f","block_type":"box","text":"BIS does not support shareholder proposals that we view as inconsistent with long-term financial value","page_number":273,"box":{"x":117,"y":610,"width":767,"height":12}},{"id":"c7100e4d-a8f7-4549-bb64-077d5c17084d","block_type":"box","text":"or that seek to micromanage companies. We take into consideration the legal effect of the proposal, as","page_number":273,"box":{"x":116,"y":625,"width":769,"height":12}},{"id":"ad7d4f4a-0b02-4617-8b35-fc2ae58db4e9","block_type":"box","text":"shareholder proposals may be advisory or legally binding depending on the jurisdiction, while others","page_number":273,"box":{"x":116,"y":641,"width":747,"height":12}},{"id":"40a16c4f-d6f7-4e06-9bd5-9e152fe9db36","block_type":"box","text":"may make requests that would be deemed illegal in a given jurisdiction.","page_number":273,"box":{"x":117,"y":656,"width":534,"height":12}},{"id":"f2ca16e1-d17e-4408-8658-c1074c296eac","block_type":"box","text":"In our experience, it is helpful when companies disclose the names of the proponent or organization","page_number":273,"box":{"x":117,"y":685,"width":740,"height":12}},{"id":"0692036a-ede0-4e45-8601-cba9c9927bfd","block_type":"box","text":"that has submitted or advised on the proposal. We recognize that some shareholder proposals bundle","page_number":273,"box":{"x":116,"y":701,"width":757,"height":12}},{"id":"423b16cb-f94b-4d1e-90d8-5067d09dfc3c","block_type":"box","text":"topics and/or specific requests. Further, the proponent’s supporting statement may refer to topics that","page_number":273,"box":{"x":116,"y":716,"width":753,"height":12}},{"id":"bfdb8dc5-cac8-421f-b973-3689dd8c3773","block_type":"box","text":"are not directly related to the request made in the proposal. In voting on behalf of clients, we must vote","page_number":273,"box":{"x":116,"y":732,"width":762,"height":12}},{"id":"09c94d9f-55f7-4caa-bad2-b488d30e9228","block_type":"box","text":"yes or no on the proposal as phrased by the proponent. Therefore, when we vote in support of a","page_number":273,"box":{"x":116,"y":747,"width":714,"height":13}},{"id":"1d0f522e-a83c-4078-9d40-0a42b0a6c92a","block_type":"box","text":"proposal, we are not necessarily endorsing every element of the proposal or the reasoning, objectives,","page_number":273,"box":{"x":117,"y":763,"width":759,"height":12}},{"id":"eeee0274-4f69-4b3e-8291-a3653244804c","block_type":"box","text":"or supporting statement of the proponent. We may support a proposal for different reasons than those","page_number":273,"box":{"x":116,"y":778,"width":757,"height":13}},{"id":"fc9f1a8d-1307-48ef-b4e1-d437d3057e6f","block_type":"box","text":"put forth by the proponent, when we believe that overall it may advance our clients’ long-term financial","page_number":273,"box":{"x":117,"y":794,"width":757,"height":12}},{"id":"646abbeb-85eb-4ba3-a88e-5f769b4e678f","block_type":"box","text":"interests.","page_number":273,"box":{"x":117,"y":810,"width":65,"height":9}},{"id":"b79e7dab-b827-4189-bc31-8bedefe0622e","block_type":"box","text":"BlackRock is subject to certain rules, regulations, agency guidance, and contractual agreements that","page_number":273,"box":{"x":117,"y":839,"width":752,"height":12}},{"id":"f2c8cd89-797d-4ec3-b8e7-d0b1ec8aa345","block_type":"box","text":"place restrictions and limitations on how BlackRock can interact with the companies in which we invest","page_number":273,"box":{"x":117,"y":854,"width":766,"height":12}},{"id":"d32a450e-2251-4695-90db-fce4a1dbc8c3","block_type":"box","text":"9","page_number":273,"box":{"x":143,"y":879,"width":4,"height":5}},{"id":"c6b3c3bc-71f6-4e4e-9970-73943a9b70cb","block_type":"box","text":"Corporate form refers to the legal structure by which a business is organized.","page_number":273,"box":{"x":170,"y":879,"width":457,"height":10}},{"id":"f9d872f4-34f9-4ec4-8bdf-c3c874157646","block_type":"box","text":"BlackRock Investment Stewardship","page_number":273,"box":{"x":117,"y":909,"width":282,"height":12}},{"id":"cb4e2090-2966-4510-b2d5-755f75927715","block_type":"box","text":"Global Principles |","page_number":273,"box":{"x":722,"y":909,"width":132,"height":12}},{"id":"197f44ec-ca58-45ed-83dc-dc98b407ca78","block_type":"box","text":"11","page_number":273,"box":{"x":866,"y":909,"width":15,"height":9}},{"id":"32894aca-f024-498a-81a2-e2e55ed1da24","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":273,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"3882802d-8e5d-49f6-b03f-6b0afb4239c1","block_type":"box","text":"on behalf of our clients. BlackRock does not nominate directors for board elections or submit","page_number":274,"box":{"x":116,"y":87,"width":692,"height":10}},{"id":"0c8df54e-e506-4c08-a3b8-27951e5c6362","block_type":"box","text":"shareholder proposals to companies. Non-compliance with these requirements could adversely affect","page_number":274,"box":{"x":116,"y":102,"width":757,"height":13}},{"id":"f4b7d927-6693-4e9b-851e-e17dd0e84d65","block_type":"box","text":"BlackRock’s ability to serve its clients’ interests.","page_number":274,"box":{"x":117,"y":118,"width":358,"height":12}},{"id":"6155553a-d140-431d-b3f4-b444cfba95f9","block_type":"box","text":"MATERIAL SUSTAINABILITY-RELATED RISKS AND OPPORTUNITIES","page_number":274,"box":{"x":223,"y":155,"width":559,"height":10}},{"id":"cb737f75-402a-4486-8066-9e2e5c578cf4","block_type":"box","text":"Appropriate oversight of material risks and opportunities, including material sustainability-related risks","page_number":274,"box":{"x":116,"y":186,"width":758,"height":12}},{"id":"2ee6896a-01c8-428a-9795-f4087ae7f0fb","block_type":"box","text":"and opportunities, is an important component of having an effective governance framework that","page_number":274,"box":{"x":116,"y":201,"width":714,"height":12}},{"id":"8c9f1077-0ac9-4213-a22e-2ba5b5cd0dad","block_type":"box","text":"supports durable, long-term financial value creation.","page_number":274,"box":{"x":116,"y":217,"width":385,"height":12}},{"id":"11ea3968-c1d4-40d7-97e6-1428e5c03f67","block_type":"box","text":"10","page_number":274,"box":{"x":503,"y":217,"width":11,"height":6}},{"id":"ef035e56-595f-421d-b0c9-deac610b3338","block_type":"box","text":"We look to companies to provide robust disclosure that allows investors to effectively evaluate","page_number":274,"box":{"x":116,"y":247,"width":703,"height":12}},{"id":"5bbb9e30-c195-4a49-8c9d-0d31f4e9a0ad","block_type":"box","text":"companies’ strategy and business practices related to material sustainability-related risks and","page_number":274,"box":{"x":116,"y":262,"width":699,"height":12}},{"id":"52ce6462-cbcc-4b9f-835c-224ac02ca164","block_type":"box","text":"opportunities. We find it helpful when companies’ disclosures demonstrate that they have a resilient","page_number":274,"box":{"x":116,"y":278,"width":743,"height":12}},{"id":"05cfb625-9055-4db8-bfc5-37d8850aae07","block_type":"box","text":"business model that integrates material sustainability-related risks and opportunities into their strategy,","page_number":274,"box":{"x":117,"y":293,"width":766,"height":12}},{"id":"86daa925-5fb2-4e62-8f98-595b7a096327","block_type":"box","text":"risk management, and metrics and targets, including industry-specific metrics.","page_number":274,"box":{"x":117,"y":309,"width":583,"height":12}},{"id":"047c1f54-09ca-4f45-9d4a-e763fb2088eb","block_type":"box","text":"Standardized disclosure of sustainability-related data supports investors in making informed decisions.","page_number":274,"box":{"x":116,"y":339,"width":766,"height":12}},{"id":"4cc3f577-f3cb-4284-bb35-800a1dcf7062","block_type":"box","text":"The International Sustainability Standards Board (ISSB) standards, IFRS S1 and S2, represent one","page_number":274,"box":{"x":116,"y":354,"width":743,"height":12}},{"id":"02de1387-9f11-4d1e-bcb3-6dd42a2814cc","block_type":"box","text":"such approach to standardization that we find useful in our analysis.","page_number":274,"box":{"x":116,"y":370,"width":503,"height":12}},{"id":"83205846-460e-4c42-81ad-8faabb846061","block_type":"box","text":"11","page_number":274,"box":{"x":622,"y":370,"width":9,"height":6}},{"id":"8deeaa08-bf9a-4e5a-9a8c-eeee53b30637","block_type":"box","text":"However, we do not mandate","page_number":274,"box":{"x":633,"y":370,"width":228,"height":11}},{"id":"8ab8c0b6-b726-4ead-b012-6553c200efc2","block_type":"box","text":"any specific disclosure framework companies should use, and recognize that companies may report","page_number":274,"box":{"x":116,"y":385,"width":747,"height":12}},{"id":"8f10f5da-273e-414f-92e4-1708e8bfa11d","block_type":"box","text":"using different standards, some of which may be required by regulation. In such cases, we ask that","page_number":274,"box":{"x":117,"y":401,"width":739,"height":12}},{"id":"8ea51da2-57fc-414b-aef8-363190c9b475","block_type":"box","text":"companies highlight the metrics that are industry- or company-specific.","page_number":274,"box":{"x":116,"y":416,"width":530,"height":12}},{"id":"2d587a7d-1a5d-4c6e-9237-de1950fe4a58","block_type":"box","text":"We also recognize that companies may be phasing in reporting over several years. We do not","page_number":274,"box":{"x":116,"y":447,"width":702,"height":11}},{"id":"64e307ad-94e0-4a7e-8beb-8f8038bde3c8","block_type":"box","text":"prescribe timelines regarding when companies should make sustainability-related disclosures but","page_number":274,"box":{"x":117,"y":462,"width":725,"height":12}},{"id":"ca16e946-1b91-427b-951f-5db0b491042e","block_type":"box","text":"appreciate it when companies produce them sufficiently in advance of their shareholder meeting, to the","page_number":274,"box":{"x":116,"y":477,"width":770,"height":12}},{"id":"f5d21401-f22c-454a-a7a2-cddb7613a89c","block_type":"box","text":"best of their abilities, to provide investors with time to assess the data and make informed voting","page_number":274,"box":{"x":117,"y":493,"width":718,"height":12}},{"id":"bbc0a4cc-6343-4043-8a32-18537a249573","block_type":"box","text":"decisions.","page_number":274,"box":{"x":116,"y":509,"width":79,"height":9}},{"id":"2c3acaad-d77a-41ed-b755-146fb6076c25","block_type":"box","text":"Industry initiatives on managing specific operational risks may also provide useful guidance to","page_number":274,"box":{"x":117,"y":538,"width":700,"height":13}},{"id":"09a9d1a3-c171-4174-8aa3-afbff683fa73","block_type":"box","text":"companies on best practices and disclosures. While not a voting item, we find it helpful to our","page_number":274,"box":{"x":116,"y":554,"width":697,"height":12}},{"id":"c2e96881-e10e-4a2f-af81-1f41fba0267c","block_type":"box","text":"understanding of investment risk when companies disclose any relevant global sustainability-related","page_number":274,"box":{"x":117,"y":569,"width":746,"height":13}},{"id":"a50931f4-1355-4428-8a8a-74a2820086c2","block_type":"box","text":"standards adopted, the industry initiatives in which they participate, any peer group benchmarking","page_number":274,"box":{"x":116,"y":585,"width":731,"height":12}},{"id":"a67409c6-07ab-4445-b2d5-4001bc5d39bc","block_type":"box","text":"undertaken, and any assurance processes to help investors understand their approach to sustainable","page_number":274,"box":{"x":117,"y":601,"width":758,"height":12}},{"id":"493a8c70-6cda-4108-8431-bde95e17840b","block_type":"box","text":"and responsible business practices.","page_number":274,"box":{"x":116,"y":616,"width":271,"height":12}},{"id":"d058216a-6696-4c16-8a30-9733cbfb8812","block_type":"box","text":"Climate and nature-related risk","page_number":274,"box":{"x":116,"y":646,"width":251,"height":10}},{"id":"f47800a1-26f2-4285-a7e0-9e4001f306ff","block_type":"box","text":"Many companies are assessing how to navigate the low-carbon transition while delivering long-term","page_number":274,"box":{"x":117,"y":676,"width":739,"height":12}},{"id":"2a0e2d7e-49bf-4559-833b-1484b5fc8110","block_type":"box","text":"financial value to investors. For companies facing material climate-related risks, we find it helpful when","page_number":274,"box":{"x":116,"y":692,"width":760,"height":12}},{"id":"9b225d5d-8680-475e-8305-a3a3748e67b2","block_type":"box","text":"they publicly disclose, consistent with their business model and sector, how they intend to deliver long","page_number":274,"box":{"x":116,"y":707,"width":762,"height":12}},{"id":"a442aa60-22f5-40b9-ba0b-e27f919c0ea8","block_type":"box","text":"term financial performance through the low-carbon transition, including where available, their transition","page_number":274,"box":{"x":116,"y":723,"width":760,"height":12}},{"id":"bbed8532-04ed-4bdb-a0d5-ba1e494a9a59","block_type":"box","text":"10","page_number":274,"box":{"x":144,"y":748,"width":8,"height":5}},{"id":"ee2c45fb-e88f-4923-8f83-9293b59ba8c2","block_type":"box","text":"By material sustainability-related risks and opportunities, we mean the drivers of risk and financial value creation in a","page_number":274,"box":{"x":171,"y":748,"width":691,"height":10}},{"id":"ebc5e454-7825-4828-8e00-0aa69ffb7476","block_type":"box","text":"company’s business model that have an environmental or social dependency or impact. Examples of environmental","page_number":274,"box":{"x":170,"y":761,"width":686,"height":9}},{"id":"2fc979ab-4416-4a56-8042-091c6b866a8d","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":274,"box":{"x":170,"y":774,"width":682,"height":9}},{"id":"34de12be-788c-44ce-9c71-6390387bf6e6","block_type":"box","text":"issues include, but are not limited to, human capital management, impacts on the communities in which a company","page_number":274,"box":{"x":170,"y":787,"width":683,"height":9}},{"id":"dcd10e8e-58a6-4bc8-a3c8-52bbf4246569","block_type":"box","text":"operates, customer loyalty, and relationships with regulators.","page_number":274,"box":{"x":170,"y":800,"width":360,"height":9}},{"id":"24dc769f-2872-468c-8115-58aa4d8a8959","block_type":"box","text":"11","page_number":274,"box":{"x":144,"y":815,"width":7,"height":5}},{"id":"2690c606-0e82-4bcd-83a0-cc63cb1e96c5","block_type":"box","text":"The ISSB is an independent standard-setting body within the International Financial Reporting Standards (IFRS)","page_number":274,"box":{"x":170,"y":815,"width":666,"height":10}},{"id":"3ac64bef-4898-4129-95e5-b71de0ee94be","block_type":"box","text":"Foundation. The standards build on the Task Force on Climate-related Financial Disclosures (TCFD) framework and the","page_number":274,"box":{"x":171,"y":828,"width":712,"height":9}},{"id":"b36fbf88-4d01-4dfd-8cf0-9a02a07a86d1","block_type":"box","text":"standards and metrics developed by the Sustainability Accounting Standards Board (SASB), which have both","page_number":274,"box":{"x":170,"y":841,"width":649,"height":9}},{"id":"caeea67d-d5c5-460a-b9a6-73ed6ce993a0","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":274,"box":{"x":170,"y":854,"width":674,"height":9}},{"id":"150d6f45-955d-488b-b7c4-cf20ae9a71c9","block_type":"box","text":"“General Requirements for Disclosure of Sustainability-related Financial Information” and S2 “Climate-related","page_number":274,"box":{"x":170,"y":867,"width":647,"height":9}},{"id":"a8692644-1715-4f4e-825d-a7554ac04249","block_type":"box","text":"Disclosures.” Websites accessed in December 2025.","page_number":274,"box":{"x":171,"y":880,"width":312,"height":7}},{"id":"a3152e82-446a-4cb6-beee-91bc24952677","block_type":"box","text":"BlackRock Investment Stewardship","page_number":274,"box":{"x":117,"y":909,"width":282,"height":12}},{"id":"2dcaa4d0-dc86-49ef-8593-15f580a793d7","block_type":"box","text":"Global Principles |","page_number":274,"box":{"x":722,"y":909,"width":132,"height":12}},{"id":"b88861ad-2624-4992-b699-850e8d94f726","block_type":"box","text":"12","page_number":274,"box":{"x":866,"y":909,"width":17,"height":9}},{"id":"dfbbf428-ed06-465e-9f15-1fb299b62796","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":274,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"e3274925-4921-4173-b9a5-3c20365924ba","block_type":"box","text":"plan.","page_number":275,"box":{"x":117,"y":87,"width":34,"height":12}},{"id":"b83b1e36-46f2-4db4-b2c8-bf607d21dafb","block_type":"box","text":"12, 13","page_number":275,"box":{"x":153,"y":87,"width":29,"height":7}},{"id":"79b5ceb0-c528-4d29-8381-ee721daf29cd","block_type":"box","text":"From company disclosures and engagement, we seek to understand the strategies","page_number":275,"box":{"x":182,"y":87,"width":626,"height":12}},{"id":"b98dd3b4-fc4d-4879-9fdd-2a175c7fd22b","block_type":"box","text":"companies have in place to manage material risks to, and opportunities for, their long-term business","page_number":275,"box":{"x":116,"y":102,"width":748,"height":13}},{"id":"a7c6f3c8-387f-42f5-9d97-23bc6c39f2cb","block_type":"box","text":"model associated with a range of climate-related scenarios.","page_number":275,"box":{"x":117,"y":118,"width":446,"height":12}},{"id":"fba33111-769f-42da-af59-a64cfb712ef4","block_type":"box","text":"Recognizing the value of these disclosures, certain markets such as the European Union mandate","page_number":275,"box":{"x":117,"y":152,"width":734,"height":12}},{"id":"fb3df96b-8ca9-43aa-bfd1-693ece827aea","block_type":"box","text":"large companies to disclose such climate-related financial information, while in other jurisdictions these","page_number":275,"box":{"x":117,"y":168,"width":767,"height":12}},{"id":"bb22c72f-2206-4291-a776-1fa9f382b247","block_type":"box","text":"disclosures are viewed as best practice in the market.","page_number":275,"box":{"x":116,"y":183,"width":404,"height":12}},{"id":"0b8c5c5c-a4bd-4645-9fbf-1ad2eb92ed06","block_type":"box","text":"The ISSB standards provide one such framework that can assist investors in assessing company","page_number":275,"box":{"x":116,"y":217,"width":726,"height":12}},{"id":"2c61fd04-191b-4dee-a102-f589e92f8adf","block_type":"box","text":"specific climate-related risks and opportunities, and informing investment decisions. Such disclosures","page_number":275,"box":{"x":116,"y":233,"width":757,"height":12}},{"id":"fd661e32-b3a6-48f9-8187-f8d35135ae89","block_type":"box","text":"also provide investors with insights into how companies are managing the risks associated with a","page_number":275,"box":{"x":116,"y":248,"width":726,"height":12}},{"id":"1898e1ce-e0a4-402f-8030-3c27394c386b","block_type":"box","text":"transition to a low-carbon economy by managing their own carbon emissions or emissions intensities","page_number":275,"box":{"x":116,"y":264,"width":754,"height":12}},{"id":"da4ffb09-493d-4f00-96a8-c5cde254f8f3","block_type":"box","text":"to the extent financially practicable.","page_number":275,"box":{"x":116,"y":279,"width":266,"height":12}},{"id":"4d12d17e-f2f4-492c-b8a5-f1d937eb327a","block_type":"box","text":"The ISSB standards, for example, contemplate disclosures on how companies are setting short-,","page_number":275,"box":{"x":116,"y":313,"width":723,"height":12}},{"id":"41c429ba-a474-4298-85dd-c904220df4b3","block_type":"box","text":"medium- and long-term targets, ideally science-based where these are available for their sector, for","page_number":275,"box":{"x":117,"y":329,"width":742,"height":12}},{"id":"43a6aa46-bd52-4902-b610-5028d5d8befe","block_type":"box","text":"scope 1 and 2 greenhouse gas emissions (GHG) reductions and to demonstrate how their targets are","page_number":275,"box":{"x":116,"y":344,"width":760,"height":12}},{"id":"9efb00cb-a63a-4689-9df1-63f19cb54e71","block_type":"box","text":"consistent with the long-term financial interests of their investors.","page_number":275,"box":{"x":116,"y":360,"width":486,"height":12}},{"id":"72af4c05-45b3-426c-8bcf-99b6bf835477","block_type":"box","text":"While we recognize that regulators in some markets are moving to mandate certain disclosures, at this","page_number":275,"box":{"x":116,"y":394,"width":766,"height":12}},{"id":"71a824a9-27b4-4a2c-911e-799c72bf5b04","block_type":"box","text":"stage, we view scope 3 emissions differently from scopes 1 and 2, given methodological complexity,","page_number":275,"box":{"x":116,"y":409,"width":749,"height":13}},{"id":"50325d98-86d5-410e-bddd-ddca31afc064","block_type":"box","text":"regulatory uncertainty, concerns about double-counting, and lack of direct control by companies. We","page_number":275,"box":{"x":117,"y":425,"width":749,"height":12}},{"id":"95121472-841c-42de-a2ae-c337598bb864","block_type":"box","text":"welcome disclosures and commitments that companies choose to make regarding material scope 3","page_number":275,"box":{"x":116,"y":441,"width":744,"height":12}},{"id":"96ab5edc-3a93-412f-b429-962d3a5c47b9","block_type":"box","text":"emissions and recognize that these are provided on a good-faith basis as methodology develops.","page_number":275,"box":{"x":116,"y":456,"width":728,"height":12}},{"id":"0e49bbf5-4e63-4bb1-add8-f87d54f90e5c","block_type":"box","text":"In addition to climate-related risks and opportunities, for companies whose strategies, operations or","page_number":275,"box":{"x":117,"y":490,"width":742,"height":12}},{"id":"492a93b2-7720-46e7-925f-b0e8e5b46c65","block_type":"box","text":"supply chains are materially reliant on natural capital, nature-related risks and opportunities may affect","page_number":275,"box":{"x":116,"y":506,"width":765,"height":12}},{"id":"082d262c-5ae3-49b4-b61c-165140111358","block_type":"box","text":"their ability to generate long-term financial returns.","page_number":275,"box":{"x":116,"y":521,"width":372,"height":12}},{"id":"30134a58-b3c7-4c0a-88d9-4f4fa6acec0a","block_type":"box","text":"14","page_number":275,"box":{"x":491,"y":521,"width":11,"height":6}},{"id":"271f9297-8387-47a4-be58-9fc000d1d775","block_type":"box","text":"For these companies, we rely on disclosures to","page_number":275,"box":{"x":502,"y":521,"width":360,"height":12}},{"id":"7674d429-0ce9-4f90-937e-996c9e51a2ff","block_type":"box","text":"understand how their strategies consider nature-related impacts and dependencies and to assess how","page_number":275,"box":{"x":117,"y":537,"width":765,"height":12}},{"id":"e673a2eb-5492-44df-ae72-18d23766a6e7","block_type":"box","text":"the board oversees these risks.","page_number":275,"box":{"x":116,"y":552,"width":232,"height":10}},{"id":"61d68a5c-f175-4414-a970-319ef335b4a5","block_type":"box","text":"15","page_number":275,"box":{"x":351,"y":552,"width":10,"height":6}},{"id":"dff9b18f-7e3d-4f7a-9627-1d063faab550","block_type":"box","text":"Companies’ impact on their workforce, supply chains, and communities","page_number":275,"box":{"x":116,"y":586,"width":580,"height":12}},{"id":"aab4f646-932c-465a-828f-fd43cbf690a4","block_type":"box","text":"Companies determine their key stakeholders based on what is material to their business and long-term","page_number":275,"box":{"x":117,"y":620,"width":768,"height":12}},{"id":"6c533f23-0eea-4d0a-9a0e-756482ff234c","block_type":"box","text":"financial performance. For many companies, key stakeholders include employees, business supply","page_number":275,"box":{"x":116,"y":636,"width":741,"height":12}},{"id":"33b2cbc8-a026-4a2e-a1d8-9a19be00611a","block_type":"box","text":"chains, clients and consumers, regulators, and the communities in which they operate.","page_number":275,"box":{"x":116,"y":651,"width":647,"height":12}},{"id":"d564368e-bd80-4247-97ba-59b6d508c140","block_type":"box","text":"12","page_number":275,"box":{"x":144,"y":677,"width":8,"height":4}},{"id":"529fa180-ac20-43fc-b5e3-9b026c3f7418","block_type":"box","text":"We have observed that more companies are developing such plans, and public policymakers in certain markets are","page_number":275,"box":{"x":170,"y":677,"width":685,"height":9}},{"id":"032798e0-2f16-4153-a9e8-00e565a5358e","block_type":"box","text":"signaling their intentions to require them or already have requirements in place, such as Australia, Brazil, and the","page_number":275,"box":{"x":170,"y":690,"width":670,"height":9}},{"id":"8dfef3ab-ace5-41f6-972c-95eb67aa1b71","block_type":"box","text":"European Union (please see the International Transition Plan Network for information). We view transition plans as a","page_number":275,"box":{"x":171,"y":702,"width":691,"height":10}},{"id":"9d97c0e8-fb51-4d5f-8c3d-ebb14beabb65","block_type":"box","text":"method for a company to both internally assess and externally communicate its long-term strategy, ambition, objectives,","page_number":275,"box":{"x":170,"y":715,"width":710,"height":10}},{"id":"655bca70-9bcb-4727-b8b2-8c83674c7e5d","block_type":"box","text":"and actions to create financial value through the global transition towards a low-carbon economy. Across the landscape","page_number":275,"box":{"x":170,"y":728,"width":709,"height":10}},{"id":"b387c245-a355-471b-acff-13be5480842c","block_type":"box","text":"there remains divergence on the objectives of such plans and the details they should contain. While transition plans can","page_number":275,"box":{"x":170,"y":741,"width":710,"height":10}},{"id":"479ae03e-4335-4d17-b33b-123bfce9b156","block_type":"box","text":"be helpful disclosure, BIS does not make the preparation and production of transition plans a voting issue. BIS may","page_number":275,"box":{"x":170,"y":754,"width":684,"height":10}},{"id":"1c83a0f9-ea03-4af8-84c8-59282ab7eeaa","block_type":"box","text":"engage companies that have chosen to publish a transition plan to understand their planned actions and resource","page_number":275,"box":{"x":170,"y":767,"width":675,"height":10}},{"id":"30572c89-ac5a-4b8b-8131-e72532e662a5","block_type":"box","text":"implications. Website accessed in December 2025.","page_number":275,"box":{"x":170,"y":780,"width":303,"height":9}},{"id":"64e52b07-911b-47b5-b9d6-1580820b1238","block_type":"box","text":"13","page_number":275,"box":{"x":144,"y":796,"width":8,"height":5}},{"id":"adfa6d8d-623c-4c81-b276-1d4df1ad382f","block_type":"box","text":"For more information, please see our commentary “Climate-related risks and a low-carbon transition,” December 2025.","page_number":275,"box":{"x":171,"y":796,"width":703,"height":10}},{"id":"5d1892a4-38db-4ebe-87e5-2a2770d5e876","block_type":"box","text":"14","page_number":275,"box":{"x":144,"y":812,"width":8,"height":5}},{"id":"0f9ee53d-9e90-4151-8457-7a7486ca56ff","block_type":"box","text":"For more information, please see our commentary “Our approach to engagement on natural capital,” December 2025.","page_number":275,"box":{"x":171,"y":812,"width":697,"height":10}},{"id":"0dac62ff-f725-403a-807e-19ae67a180b0","block_type":"box","text":"15","page_number":275,"box":{"x":144,"y":828,"width":8,"height":5}},{"id":"22d42ea7-2784-4bd7-9c6c-fbc1430f4943","block_type":"box","text":"Given the growing awareness of the materiality of these issues for certain businesses, enhanced reporting on a","page_number":275,"box":{"x":170,"y":828,"width":660,"height":10}},{"id":"8aa86c99-6dee-4307-b07a-cd672d818420","block_type":"box","text":"company’s natural capital dependencies and impacts would aid investors’ understanding. The recommendations of the","page_number":275,"box":{"x":170,"y":841,"width":704,"height":9}},{"id":"5ac65725-06ad-4b77-86a5-8a57155c3106","block_type":"box","text":"Taskforce on Nature-related Financial Disclosures (TNFD) may prove useful to some companies. We recognize that","page_number":275,"box":{"x":170,"y":854,"width":689,"height":9}},{"id":"db89ee1f-fd24-4d90-b4f7-7ea4bc1b5a34","block_type":"box","text":"some companies may report using different standards, which may be required by regulation, or one of a number of","page_number":275,"box":{"x":170,"y":867,"width":680,"height":9}},{"id":"20519fba-d339-4e72-93c6-14811aff81da","block_type":"box","text":"other private sector standards. TNFD-aligned reporting is not a voting issue. Website accessed in December 2025.","page_number":275,"box":{"x":170,"y":880,"width":680,"height":9}},{"id":"8c3f068a-753d-4c2e-91f4-a1feab3b4a7c","block_type":"box","text":"BlackRock Investment Stewardship","page_number":275,"box":{"x":117,"y":909,"width":282,"height":12}},{"id":"8aae4505-dcf3-43f1-ae42-0cd8797af87e","block_type":"box","text":"Global Principles |","page_number":275,"box":{"x":722,"y":909,"width":132,"height":12}},{"id":"81b11ec1-1aa6-4832-9ce6-3d9e63d07c2b","block_type":"box","text":"13","page_number":275,"box":{"x":866,"y":909,"width":17,"height":9}},{"id":"96380a08-f4f0-4cef-9b0d-e7635cd2ae3d","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":275,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"c63ae8f8-79fd-4a93-b4d1-ca32c90dab09","block_type":"box","text":"In our experience, companies that invest in the relationships that are critical to their strategic objectives","page_number":276,"box":{"x":117,"y":87,"width":769,"height":12}},{"id":"4bcb0de3-382e-4a2f-b437-685d713ea677","block_type":"box","text":"are more likely to deliver durable, long-term financial performance. By contrast, we have found that","page_number":276,"box":{"x":116,"y":102,"width":739,"height":13}},{"id":"72e4d3b3-9b1e-4fca-9b8d-cc8f172e688e","block_type":"box","text":"poor relationships may create adverse impacts that could expose companies to legal, regulatory,","page_number":276,"box":{"x":117,"y":118,"width":722,"height":12}},{"id":"1a889a82-341d-4048-b133-68272464a640","block_type":"box","text":"operational, and reputational risks. This is particularly relevant to a company’s workforce, which is","page_number":276,"box":{"x":116,"y":134,"width":730,"height":12}},{"id":"f45bf19a-a3ef-4ca8-bdc0-533d286d1274","block_type":"box","text":"central to long-term financial value creation.","page_number":276,"box":{"x":116,"y":149,"width":324,"height":12}},{"id":"fcc0f7d8-3f28-430f-ae53-4039daa4df76","block_type":"box","text":"16","page_number":276,"box":{"x":442,"y":149,"width":11,"height":6}},{"id":"4bd988cb-ad18-4ea8-9439-6aa8555d4c92","block_type":"box","text":"As a long-term shareholder on behalf of our clients, we find it helpful when companies disclose how","page_number":276,"box":{"x":116,"y":179,"width":743,"height":13}},{"id":"713e29ba-37b9-4b64-836e-5ec24d1e5771","block_type":"box","text":"they have identified their key stakeholders and considered their interests in business decision-making.","page_number":276,"box":{"x":116,"y":195,"width":763,"height":12}},{"id":"686cc634-fe12-4432-ac63-2fe68ec13a5b","block_type":"box","text":"In addition to understanding broader stakeholder relationships, BIS finds it helpful when companies","page_number":276,"box":{"x":117,"y":210,"width":740,"height":13}},{"id":"7d7f658a-c0dd-4480-8ad1-8e0bef28f49a","block_type":"box","text":"discuss how they consider the needs of their workforce today, and the skills required for their future","page_number":276,"box":{"x":116,"y":226,"width":742,"height":12}},{"id":"b0b2c750-04d4-4032-ae37-e95764f5c86f","block_type":"box","text":"business strategy. We are also interested in understanding how the board monitors and engages on","page_number":276,"box":{"x":117,"y":242,"width":747,"height":12}},{"id":"13cd0a9b-2a17-44dd-af7c-0fbf6d7c0cdb","block_type":"box","text":"these matters, given it is well positioned to ensure that the approach taken by management is informed","page_number":276,"box":{"x":116,"y":257,"width":770,"height":12}},{"id":"3abccd8d-03e8-4f74-9e60-c9ec82fd7668","block_type":"box","text":"by and aligns with the company’s strategy. BIS does not direct a company’s policies or practices, which","page_number":276,"box":{"x":117,"y":272,"width":771,"height":13}},{"id":"bad88744-654b-4e4b-8910-7d8eb70ecb95","block_type":"box","text":"are the responsibility of management and the board.","page_number":276,"box":{"x":116,"y":288,"width":394,"height":12}},{"id":"b7782437-8c75-4b70-9fa9-3d15bea199ea","block_type":"box","text":"In addition, we find it helpful when companies disclose their approach to addressing material adverse","page_number":276,"box":{"x":117,"y":318,"width":754,"height":12}},{"id":"6e04309b-cec2-4c6a-92c0-d4154111903a","block_type":"box","text":"impacts that could arise from their business practices and affect critical relationships with their","page_number":276,"box":{"x":117,"y":334,"width":701,"height":12}},{"id":"f48c39f4-55f3-4ad2-b416-813e3a0851c7","block_type":"box","text":"stakeholders. We encourage companies to implement, to the extent appropriate, monitoring processes","page_number":276,"box":{"x":116,"y":350,"width":767,"height":12}},{"id":"816397d4-7de5-4713-8358-20ba6a244609","block_type":"box","text":"(often referred to as due diligence) to identify and mitigate potential adverse impacts and grievance","page_number":276,"box":{"x":117,"y":365,"width":740,"height":12}},{"id":"a12dad12-138e-4c8e-83de-cfa8ee0ed27d","block_type":"box","text":"mechanisms to remediate any actual adverse material impacts.","page_number":276,"box":{"x":117,"y":381,"width":474,"height":12}},{"id":"9eb47fc9-edf2-4260-a257-96569a65c6fc","block_type":"box","text":"We look to boards to oversee management’s approach to addressing material risks related to key","page_number":276,"box":{"x":116,"y":411,"width":729,"height":12}},{"id":"8688c61e-9ff6-40c9-a7fd-f047e41347cf","block_type":"box","text":"stakeholders and may convey concerns about board oversight in our voting on director elections or","page_number":276,"box":{"x":116,"y":426,"width":739,"height":12}},{"id":"18df4503-4410-432e-a16d-83f91dabce97","block_type":"box","text":"supporting a business relevant shareholder proposal when, in our assessment, the board is not acting","page_number":276,"box":{"x":116,"y":442,"width":761,"height":12}},{"id":"a29cdfe9-7ec7-44f5-afc4-f3e7fb576bb6","block_type":"box","text":"in shareholders’ long-term financial interests.","page_number":276,"box":{"x":117,"y":457,"width":337,"height":12}},{"id":"d2caa897-6b91-41a1-9d02-3061e2290a19","block_type":"box","text":"BLACKROCK’S OVERSIGHT OF ITS INVESTMENT STEWARDSHIP ACTIVITIES","page_number":276,"box":{"x":188,"y":495,"width":629,"height":10}},{"id":"f753ef5e-4414-4ba6-9b77-a66f399daa5c","block_type":"box","text":"BIS’ governance structure supports oversight and accountability of stewardship-related activities on","page_number":276,"box":{"x":117,"y":526,"width":742,"height":12}},{"id":"d832c0ce-4644-46c1-b5f2-1ab09a50aadd","block_type":"box","text":"behalf of clients at the global and regional level.","page_number":276,"box":{"x":117,"y":541,"width":358,"height":12}},{"id":"1207ebe9-b9b7-4813-9f67-b643bd75320b","block_type":"box","text":"At the top of this governance structure, the risk-focused BIS Global Oversight Committee (the","page_number":276,"box":{"x":116,"y":572,"width":699,"height":12}},{"id":"b52cda79-ec9b-4b6d-8e6d-cbe50adbd10c","block_type":"box","text":"Committee) supports BIS’ regulatory responsibilities in relation to proxy voting, including adherence to","page_number":276,"box":{"x":117,"y":587,"width":760,"height":12}},{"id":"347a5b03-b1a4-4778-8287-8326b25cd2b5","block_type":"box","text":"policies and procedures as well as market-level stewardship requirements. The Committee reviews","page_number":276,"box":{"x":117,"y":603,"width":740,"height":12}},{"id":"e1555d8d-fe1b-4dca-a20a-8b94a39e39e5","block_type":"box","text":"and approves amendments to the Global Principles and regional voting guidelines. The Committee","page_number":276,"box":{"x":116,"y":618,"width":738,"height":12}},{"id":"51692ae1-2588-4f41-82ad-a69800028cae","block_type":"box","text":"also reviews periodic reports regarding the votes cast by BIS on behalf of clients, as well as updates","page_number":276,"box":{"x":116,"y":634,"width":749,"height":12}},{"id":"ae189654-ed9f-4534-97c2-166b6e14f90d","block_type":"box","text":"on material process issues, procedural changes, and other risk oversight considerations. The","page_number":276,"box":{"x":116,"y":649,"width":697,"height":12}},{"id":"74abb494-7caf-4f4e-a0f2-00287b8d8d1c","block_type":"box","text":"Committee is chaired by the Global Heads of the Investment Stewardship function and its members","page_number":276,"box":{"x":117,"y":665,"width":737,"height":12}},{"id":"4df141b4-503b-412f-8686-3e5a29a04eb8","block_type":"box","text":"include senior BlackRock executives with legal, risk, and other experience relevant to team oversight","page_number":276,"box":{"x":117,"y":680,"width":747,"height":12}},{"id":"ea04e879-ad29-40fa-95c1-2b95b28a2695","block_type":"box","text":"who are independent from the investment stewardship function.","page_number":276,"box":{"x":116,"y":696,"width":471,"height":12}},{"id":"299fbbfc-d07b-42e6-b2d2-da2705eecc79","block_type":"box","text":"The Global Heads have primary oversight of BIS’ activities globally, including voting in accordance with","page_number":276,"box":{"x":116,"y":726,"width":764,"height":12}},{"id":"cb802c0c-c87b-4ba5-884e-672bff512ae5","block_type":"box","text":"the Global Principles and regional voting guidelines. At the regional level, three regional Heads for the","page_number":276,"box":{"x":116,"y":742,"width":756,"height":12}},{"id":"a1bad0c5-ba72-482d-aff7-fca885cd4f11","block_type":"box","text":"Americas, APAC, and EMEA oversee BIS’ activities for their specific markets.","page_number":276,"box":{"x":116,"y":757,"width":574,"height":12}},{"id":"58f520f0-8867-4a7e-b314-fdf85e81d362","block_type":"box","text":"VOTE EXECUTION","page_number":276,"box":{"x":425,"y":795,"width":148,"height":10}},{"id":"7bb04211-ab75-4008-b54f-845f7c502c2e","block_type":"box","text":"BIS votes proxies on behalf of index equity funds and accounts when authorized by our clients. We","page_number":276,"box":{"x":117,"y":825,"width":739,"height":13}},{"id":"26e8758b-6138-46f3-af19-b18c6a31d741","block_type":"box","text":"have processes in place to consider all proxies for which we have voting authority, and submit voting","page_number":276,"box":{"x":117,"y":841,"width":751,"height":12}},{"id":"c603cd92-85e4-4ac4-a05e-e0fb188228e1","block_type":"box","text":"16","page_number":276,"box":{"x":144,"y":866,"width":8,"height":5}},{"id":"50e1de93-7085-4c67-a630-59fed7f7bcb0","block_type":"box","text":"For more information, please see our commentary “Our approach to engagement on human capital management,”","page_number":276,"box":{"x":171,"y":866,"width":677,"height":10}},{"id":"9ac1bb38-1de5-4f7f-9638-3d5f2a381816","block_type":"box","text":"December 2025.","page_number":276,"box":{"x":171,"y":879,"width":97,"height":8}},{"id":"36ccab95-6020-44bc-a5d9-37809856d798","block_type":"box","text":"BlackRock Investment Stewardship","page_number":276,"box":{"x":117,"y":909,"width":282,"height":12}},{"id":"341672f7-e729-4358-ab7a-a2985a57ed43","block_type":"box","text":"Global Principles |","page_number":276,"box":{"x":722,"y":909,"width":132,"height":12}},{"id":"1d9ac180-83da-4664-b982-6733ac5803e8","block_type":"box","text":"14","page_number":276,"box":{"x":866,"y":909,"width":17,"height":9}},{"id":"ae8a81a7-ebdc-4eea-882e-c194b050be84","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":276,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"d410810a-88ea-491c-8aef-d36e44c8f6b9","block_type":"box","text":"decisions, or refrain from voting when logistical issues arise (see below). The BIS Benchmark","page_number":277,"box":{"x":116,"y":87,"width":698,"height":12}},{"id":"ce1ed7b3-9486-4b55-b04d-0f3c6ca49982","block_type":"box","text":"Policies – and the vote decisions made consistent with those policies – reflect our reasonable and","page_number":277,"box":{"x":117,"y":102,"width":730,"height":12}},{"id":"77a9382a-c36b-427b-a98c-53cb61ee8e1a","block_type":"box","text":"independent judgment and are made without regard to the relationship between the issuer of the proxy","page_number":277,"box":{"x":117,"y":118,"width":766,"height":12}},{"id":"57c5cf3d-44ed-47c6-8343-2ab718362240","block_type":"box","text":"(or any shareholder proponent or dissident shareholder) and the Fund, the Fund’s affiliates (if any),","page_number":277,"box":{"x":117,"y":134,"width":739,"height":12}},{"id":"8f9492e9-0fa0-4757-a5da-f005fd12979a","block_type":"box","text":"BlackRock or BlackRock’s affiliates, or BlackRock employees (see “Conflicts management policies and","page_number":277,"box":{"x":117,"y":149,"width":768,"height":12}},{"id":"515e8b31-353c-41c4-a966-4a8f85ff5ad9","block_type":"box","text":"procedures,” below).","page_number":277,"box":{"x":117,"y":165,"width":157,"height":12}},{"id":"be7e2cf1-e345-4062-9bc8-ec04290f52ef","block_type":"box","text":"In certain markets, proxy voting involves logistical issues which can affect BIS’ ability to vote, as well","page_number":277,"box":{"x":117,"y":196,"width":749,"height":12}},{"id":"81fb3150-bca6-4d17-8b58-cc5210f8fe37","block_type":"box","text":"as the cost of voting such proxies on behalf of our clients. These issues include, but are not limited to:","page_number":277,"box":{"x":116,"y":212,"width":761,"height":12}},{"id":"48806f3e-f1e0-49ba-bab1-a2ebd0d52dd8","block_type":"box","text":"1) untimely notice of shareholder meetings; 2) restrictions on a foreigner’s ability to exercise votes; 3)","page_number":277,"box":{"x":118,"y":227,"width":754,"height":12}},{"id":"735ec88c-fbe5-454c-9bf2-d1eadd06a955","block_type":"box","text":"requirements to vote proxies in person; 4) “share-blocking” (requirements that investors who exercise","page_number":277,"box":{"x":117,"y":243,"width":756,"height":12}},{"id":"51d50fd3-c315-4bfc-8923-34a76400a887","block_type":"box","text":"their voting rights surrender the right to dispose of their holdings from the point at which votes are","page_number":277,"box":{"x":116,"y":258,"width":728,"height":12}},{"id":"00ba2bcd-be1b-458f-b8fa-254cc0695928","block_type":"box","text":"submitted until after the after the shareholder meeting has occurred); 5) potential difficulties in","page_number":277,"box":{"x":116,"y":274,"width":701,"height":12}},{"id":"71d79729-d22e-465d-886a-952b6c16cbd4","block_type":"box","text":"translating the proxy; 6) regulatory constraints; and 7) requirements to provide local agents with","page_number":277,"box":{"x":116,"y":289,"width":714,"height":12}},{"id":"ed03aaa7-b042-482e-9381-bc45d99d3499","block_type":"box","text":"powers of attorney to facilitate voting instructions. We are not supportive of impediments to the","page_number":277,"box":{"x":117,"y":305,"width":706,"height":12}},{"id":"1c108439-813b-4ffe-9c88-ec695eb72ca1","block_type":"box","text":"exercise of voting rights such as share-blocking or overly burdensome administrative requirements.","page_number":277,"box":{"x":116,"y":320,"width":742,"height":12}},{"id":"22100b1d-5cf1-408f-9a96-3ea5d01a0f71","block_type":"box","text":"BIS votes proxies in these situations on a “best-efforts” basis. In addition, BIS may determine that it is","page_number":277,"box":{"x":117,"y":352,"width":758,"height":12}},{"id":"6920da11-258d-4a6f-912e-08a782ec405b","block_type":"box","text":"generally in the interests of BlackRock’s clients not to vote proxies (or not to vote our full allocation) if","page_number":277,"box":{"x":116,"y":368,"width":755,"height":12}},{"id":"fc85e604-004d-4e31-ac90-c0cc459b0a21","block_type":"box","text":"the costs (including but not limited to opportunity costs associated with share-blocking constraints)","page_number":277,"box":{"x":116,"y":383,"width":734,"height":12}},{"id":"d02e6073-1bc0-48ad-b342-c77f14159b43","block_type":"box","text":"associated with exercising a vote are expected to outweigh the benefit the client would derive by voting","page_number":277,"box":{"x":116,"y":399,"width":770,"height":12}},{"id":"a5256197-0bce-44f9-aa86-c55326599eb6","block_type":"box","text":"on the proposal.","page_number":277,"box":{"x":116,"y":414,"width":125,"height":12}},{"id":"58d7ae56-09c2-43a2-bcb3-3b00e43bb343","block_type":"box","text":"CONFLICTS MANAGEMENT POLICIES AND PROCEDURES","page_number":277,"box":{"x":265,"y":454,"width":475,"height":10}},{"id":"e19a584e-99d1-4226-930a-44ad8d2bf893","block_type":"box","text":"BIS is a dedicated function whose responsibilities are separate from BlackRock’s sales, business","page_number":277,"box":{"x":117,"y":486,"width":724,"height":12}},{"id":"2ed51515-4f86-4672-b802-0f65f7155684","block_type":"box","text":"partnership or enterprise-level vendor management activities.","page_number":277,"box":{"x":117,"y":501,"width":460,"height":12}},{"id":"5f7fec6d-3399-4f8e-a3d9-c42d03c333a4","block_type":"box","text":"BlackRock maintains policies and procedures that are designed to prevent undue influence on BIS’","page_number":277,"box":{"x":117,"y":533,"width":739,"height":12}},{"id":"283b2347-ba50-4a0b-8426-a5aea80166fe","block_type":"box","text":"proxy voting activity. Such influence might stem from any relationship between the investee company","page_number":277,"box":{"x":117,"y":549,"width":755,"height":12}},{"id":"8ee21c60-5417-49a7-8859-c5cdfd56e89b","block_type":"box","text":"(or any shareholder proponent or dissident shareholder) and BlackRock, BlackRock’s affiliates, a Fund","page_number":277,"box":{"x":117,"y":564,"width":766,"height":12}},{"id":"892905fb-bb23-4dae-8113-ddad5207bf6b","block_type":"box","text":"or a Fund’s affiliates, or BlackRock employees.","page_number":277,"box":{"x":116,"y":580,"width":354,"height":12}},{"id":"861c4570-fbe5-4894-98cc-4f83a3ddab55","block_type":"box","text":"For information on how BIS manages conflicts of interest, please see our disclosure.","page_number":277,"box":{"x":117,"y":611,"width":630,"height":13}},{"id":"81a8bae9-93d2-4103-8185-f0762dd0f6d2","block_type":"box","text":"SECURITIES LENDING","page_number":277,"box":{"x":410,"y":643,"width":185,"height":10}},{"id":"3a710237-ef30-42f3-bb64-0f337b8980ed","block_type":"box","text":"When authorized, BlackRock acts as a securities lending agent on behalf of its clients. Lending","page_number":277,"box":{"x":116,"y":675,"width":704,"height":12}},{"id":"a2da8efc-3121-4965-9ed2-a56d2926270c","block_type":"box","text":"securities enables BlackRock to increase the returns in clients’ portfolios, and BlackRock’s lending","page_number":277,"box":{"x":116,"y":690,"width":729,"height":13}},{"id":"02177062-cfdb-48e5-a0bc-0fb06deaa947","block_type":"box","text":"agreements allow it to recall securities out on loan at any time. BlackRock (or any other lender) does","page_number":277,"box":{"x":116,"y":706,"width":746,"height":12}},{"id":"1d26a10d-e9ab-463e-8ee8-661839f3ae77","block_type":"box","text":"not retain voting rights for securities out on loan. Entitlements associated with the lent securities","page_number":277,"box":{"x":117,"y":721,"width":709,"height":13}},{"id":"e9594c91-d092-4218-9fcb-cdb772cf06dd","block_type":"box","text":"(dividends, coupons, etc.), while on loan are paid back to the lender of the security as stipulated in","page_number":277,"box":{"x":117,"y":737,"width":727,"height":12}},{"id":"827cb54b-7a91-4a46-a8b0-67d02d66a4a1","block_type":"box","text":"industry standard legal agreements.","page_number":277,"box":{"x":117,"y":753,"width":265,"height":12}},{"id":"a4f6356f-f3a5-4836-a9b9-45cf7f7f4a93","block_type":"box","text":"With regard to the relationship between securities lending and proxy voting, BlackRock cannot vote","page_number":277,"box":{"x":116,"y":784,"width":735,"height":12}},{"id":"1e85ff84-0ba8-4b8c-8627-3d69342afa97","block_type":"box","text":"shares on loan and may determine to recall them for voting, as guided by our fiduciary duty as an asset","page_number":277,"box":{"x":116,"y":800,"width":767,"height":12}},{"id":"8373e736-2e81-4e19-8abc-0f13077c8354","block_type":"box","text":"manager to our clients in helping them achieve their investment goals. 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As a","page_number":285,"box":{"x":116,"y":227,"width":740,"height":12}},{"id":"217f8c1f-9bdb-4fdd-bbce-6789e667fce5","block_type":"box","text":"general point, the team looks to companies that are important to the transition to a low-carbon","page_number":285,"box":{"x":116,"y":242,"width":702,"height":12}},{"id":"7938f692-a56e-4d98-bfb3-acb98d7a823f","block_type":"box","text":"economy to explain the strategy and governance frameworks that they have determined most","page_number":285,"box":{"x":116,"y":258,"width":700,"height":12}},{"id":"6689c9ee-bb0b-40dd-bb29-bfc3a791be0e","block_type":"box","text":"appropriate, which may include:","page_number":285,"box":{"x":116,"y":273,"width":241,"height":12}},{"id":"1c34f844-61d3-4567-9a64-31026dab73a4","block_type":"box","text":"(1) a low-carbon transition strategy to demonstrate their alignment with the ambition to limit","page_number":285,"box":{"x":150,"y":304,"width":688,"height":12}},{"id":"1aafdd71-cf59-46cd-a05d-e7162d8b94aa","block_type":"box","text":"average global temperature rise to 1.5°C above pre-industrial levels. This would typically","page_number":285,"box":{"x":184,"y":320,"width":661,"height":12}},{"id":"764023fe-64b4-409b-b268-c90ae3abc0d1","block_type":"box","text":"include a long-term strategy to achieve net-zero GHG emissions by 2050, with appropriate","page_number":285,"box":{"x":184,"y":335,"width":676,"height":12}},{"id":"a845965f-19b7-4575-8e37-97a2a354fbb2","block_type":"box","text":"near- and medium-term milestones to assess their progress.","page_number":285,"box":{"x":184,"y":351,"width":453,"height":12}},{"id":"67b3eb47-aed7-4987-8a24-4110c6150f78","block_type":"box","text":"(2) low-carbon transition-related reporting. Standardized disclosure of sustainability-related data","page_number":285,"box":{"x":150,"y":374,"width":724,"height":12}},{"id":"c454fadb-eff5-4706-88b9-893e72e9b879","block_type":"box","text":"supports investors in making informed decisions. The International Sustainability Standards","page_number":285,"box":{"x":184,"y":389,"width":683,"height":12}},{"id":"92389666-1846-4fc9-a1af-c06d6965fece","block_type":"box","text":"Board (ISSB) standards, IFRS S1 and S2, represent one such approach to standardization","page_number":285,"box":{"x":184,"y":405,"width":678,"height":12}},{"id":"92ac9008-11e8-4892-b7c5-e5ecf5e30b2f","block_type":"box","text":"that the dedicated team finds useful in its analysis.","page_number":285,"box":{"x":183,"y":420,"width":374,"height":12}},{"id":"177b7f18-6fc7-4024-b773-72987ad3607b","block_type":"box","text":"14","page_number":285,"box":{"x":559,"y":420,"width":11,"height":7}},{"id":"41e4054e-d9e2-4b37-94d3-653fceca046c","block_type":"box","text":",","page_number":285,"box":{"x":572,"y":428,"width":8,"height":4}},{"id":"ac03db86-df1e-42ba-abd3-a3651469a410","block_type":"box","text":"15","page_number":285,"box":{"x":581,"y":420,"width":11,"height":7}},{"id":"01628fcd-122c-496a-a859-f9dc695db65c","block_type":"box","text":"IFRS S1 addresses the general","page_number":285,"box":{"x":592,"y":420,"width":244,"height":12}},{"id":"efec3128-5e77-40cb-894d-cef7915de099","block_type":"box","text":"requirements of sustainability reporting and IFRS S2 sets out the disclosures that provide","page_number":285,"box":{"x":184,"y":436,"width":667,"height":12}},{"id":"bac00a77-d655-4a9b-bd45-0da80153cef1","block_type":"box","text":"investors with decision-useful information about a company’s most significant climate- and","page_number":285,"box":{"x":184,"y":451,"width":674,"height":12}},{"id":"507678f9-4933-4f64-9548-4425276f6645","block_type":"box","text":"low-carbon transition-related risks and opportunities. This includes receiving independent,","page_number":285,"box":{"x":184,"y":467,"width":671,"height":12}},{"id":"e9c559c1-f772-47c8-bb4f-f1b1b2fd3d7c","block_type":"box","text":"third-party assurances, as audit and assurance standards are developed.","page_number":285,"box":{"x":183,"y":482,"width":549,"height":12}},{"id":"c4d9c8a4-c798-432b-97c7-e28a3151a77f","block_type":"box","text":"(3) scope 1 and scope 2, and most significant scope 3 GHG emissions.","page_number":285,"box":{"x":150,"y":506,"width":536,"height":12}},{"id":"a13511f5-f79b-4b45-8612-06d4477f2e50","block_type":"box","text":"16","page_number":285,"box":{"x":689,"y":506,"width":10,"height":6}},{"id":"b7ddc486-cf16-4ddb-b481-0ec5f987380f","block_type":"box","text":",","page_number":285,"box":{"x":701,"y":514,"width":8,"height":3}},{"id":"d780efa8-6726-440d-9136-dae0b9a8f989","block_type":"box","text":"17","page_number":285,"box":{"x":710,"y":506,"width":11,"height":6}},{"id":"2526a039-74cc-471a-830b-818a22c1662b","block_type":"box","text":"In addition, the","page_number":285,"box":{"x":721,"y":506,"width":120,"height":11}},{"id":"a7146b35-624c-434a-8233-3dae728eca58","block_type":"box","text":"dedicated team looks to companies to disclose their emissions reduction targets for scope 1","page_number":285,"box":{"x":184,"y":521,"width":687,"height":12}},{"id":"58babe85-8879-4c7d-9906-af58f54cfe28","block_type":"box","text":"and 2 emissions, science-based where possible. The team welcomes disclosure of targets or","page_number":285,"box":{"x":184,"y":537,"width":695,"height":12}},{"id":"24fbc2cb-706e-4eee-80e3-e4cff0f9cdf2","block_type":"box","text":"13","page_number":285,"box":{"x":144,"y":572,"width":8,"height":5}},{"id":"a139f82d-ce59-4698-8a8b-f517d4f48d79","block_type":"box","text":"Given data and measurement limitations, companies may need to provide estimated GHG emissions where reporting","page_number":285,"box":{"x":170,"y":572,"width":695,"height":10}},{"id":"d9aebf33-0594-4229-9d2c-1817b17a0e1d","block_type":"box","text":"methodologies are nascent. In addition, certain disclosures related to a company’s plans for adapting their business","page_number":285,"box":{"x":170,"y":585,"width":686,"height":10}},{"id":"277c5a31-2cc9-493a-954e-0c307ef13780","block_type":"box","text":"models through the low-carbon transition may require forward-looking statements.","page_number":285,"box":{"x":170,"y":598,"width":485,"height":10}},{"id":"1a576aad-2834-492d-b173-32dd8e19ea14","block_type":"box","text":"14","page_number":285,"box":{"x":144,"y":614,"width":8,"height":4}},{"id":"f22ff16f-8c9d-42c0-905e-055f808f659b","block_type":"box","text":"The ISSB is an independent standard-setting body within the International Financial Reporting Standards (IFRS)","page_number":285,"box":{"x":170,"y":613,"width":666,"height":10}},{"id":"04df4ffe-7dbc-4591-8248-9c7b61440e45","block_type":"box","text":"Foundation. The standards build on the Task Force on Climate-related Financial Disclosures (TCFD) framework and the","page_number":285,"box":{"x":171,"y":626,"width":712,"height":10}},{"id":"6c54e75e-b708-4f3b-804a-5cfe0b84c216","block_type":"box","text":"standards and metrics developed by the Sustainability Accounting Standards Board (SASB), which have both","page_number":285,"box":{"x":170,"y":639,"width":649,"height":10}},{"id":"ea35f02b-3860-4853-989f-f57f9ea67b5a","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":285,"box":{"x":170,"y":652,"width":674,"height":10}},{"id":"d32b622d-6982-40b9-b88d-4dddce36d768","block_type":"box","text":"“General Requirements for Disclosure of Sustainability-related Financial Information” and S2 “Climate-related","page_number":285,"box":{"x":170,"y":665,"width":647,"height":10}},{"id":"b7f12151-6295-456a-9086-44dbda164724","block_type":"box","text":"Disclosures.” Websites accessed in December 2025.","page_number":285,"box":{"x":171,"y":678,"width":312,"height":8}},{"id":"812917bf-0cfa-4c3f-8692-09805ab8b5d9","block_type":"box","text":"15","page_number":285,"box":{"x":144,"y":694,"width":8,"height":5}},{"id":"c7448d08-772b-45c9-acd7-86145d348505","block_type":"box","text":"A number of jurisdictions are consulting on adopting the standards issued to date or have already committed to doing","page_number":285,"box":{"x":170,"y":694,"width":694,"height":9}},{"id":"8ba28d95-fd0c-4714-bcb2-de5078df1d30","block_type":"box","text":"so. BIS does not mandate any specific disclosure framework companies should use, and recognize that some","page_number":285,"box":{"x":170,"y":706,"width":651,"height":10}},{"id":"e2b233d8-8659-4496-beee-823763682871","block_type":"box","text":"companies may report using different standards, some of which may be required by regulation. In such cases, we ask","page_number":285,"box":{"x":170,"y":719,"width":698,"height":10}},{"id":"0e10d40d-eb80-4edd-a5bf-f72bb3ec064d","block_type":"box","text":"that companies highlight the metrics that are industry- or company-specific. We also recognize that companies may be","page_number":285,"box":{"x":170,"y":732,"width":703,"height":10}},{"id":"d6b26d5f-6eda-477a-b1fe-ee67fd83ac3c","block_type":"box","text":"phasing in reporting over several years. We do not prescribe timelines regarding when companies should make","page_number":285,"box":{"x":170,"y":745,"width":661,"height":10}},{"id":"cc3ebada-ee4b-499b-95c4-444aee565b17","block_type":"box","text":"sustainability-related disclosures but appreciate it when companies produce them sufficiently in advance of their","page_number":285,"box":{"x":170,"y":758,"width":664,"height":10}},{"id":"0abc1738-277b-4349-b0c4-f6ded9973d8a","block_type":"box","text":"shareholder meeting, to the best of their abilities, to provide investors with time to assess the data and make informed","page_number":285,"box":{"x":170,"y":771,"width":698,"height":10}},{"id":"f9e60122-846c-445d-a322-df37979362ce","block_type":"box","text":"voting decisions.","page_number":285,"box":{"x":170,"y":784,"width":98,"height":10}},{"id":"79775414-45fb-499e-8fdb-9a41bffaba1c","block_type":"box","text":"16","page_number":285,"box":{"x":144,"y":800,"width":8,"height":4}},{"id":"57c51def-c361-450c-9463-0490eb4504ca","block_type":"box","text":"FTSE Russell address the materiality of different categories of scope 3 GHG emissions by sector in a January 2024","page_number":285,"box":{"x":171,"y":799,"width":685,"height":10}},{"id":"f6b780f6-60bb-4c74-b748-3763e4904ddc","block_type":"box","text":"paper: FTSE Russel, “Scope for improvement: Solving the Scope 3 conundrum,” January 2024, accessed in December","page_number":285,"box":{"x":170,"y":812,"width":708,"height":10}},{"id":"a28ccba9-301d-4e1c-ad9d-63c6f4c0d711","block_type":"box","text":"2025.","page_number":285,"box":{"x":170,"y":825,"width":32,"height":8}},{"id":"3d4a4d93-3070-4baf-bb9f-3f17366d8733","block_type":"box","text":"17","page_number":285,"box":{"x":144,"y":841,"width":8,"height":5}},{"id":"9385c74b-7421-4a7c-979e-c3ac8179524c","block_type":"box","text":"Under this policy, the dedicated team looks for GHG emissions disclosures to be aligned with the Greenhouse Gas","page_number":285,"box":{"x":171,"y":841,"width":680,"height":9}},{"id":"30a103ae-3ee7-46cf-9ae3-2bfbebce7d27","block_type":"box","text":"Protocol (GHG Protocol). The Protocol Standards and Guidance are currently being updated to ensure they continue to","page_number":285,"box":{"x":171,"y":854,"width":706,"height":9}},{"id":"3083c3dd-761f-4622-b27c-bc16e09b1e56","block_type":"box","text":"provide “a rigorous and credible accounting foundation for businesses to measure, plan and track progress toward","page_number":285,"box":{"x":170,"y":867,"width":677,"height":9}},{"id":"e395ee33-8ee3-497b-ac91-30f9b0bffc63","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":285,"box":{"x":170,"y":880,"width":650,"height":9}},{"id":"825635fa-7fe7-423f-9e71-3b7fe2824f19","block_type":"box","text":"BlackRock Investment Stewardship","page_number":285,"box":{"x":117,"y":909,"width":262,"height":11}},{"id":"30acbccc-3ded-4728-a04b-f6b9ff6b8347","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines |","page_number":285,"box":{"x":490,"y":909,"width":375,"height":11}},{"id":"e935be51-ea6a-4ace-aa00-e2d3d35ff36d","block_type":"box","text":"6","page_number":285,"box":{"x":875,"y":909,"width":8,"height":9}},{"id":"78cddbd6-f38e-4a13-b571-be7ac7af26d8","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":285,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"59545b93-4cda-4790-b1fd-1a5cb52f9a08","block_type":"box","text":"indicative goals, where companies have set them, for scope 3 emissions reductions. Scope 3","page_number":286,"box":{"x":184,"y":87,"width":696,"height":12}},{"id":"0eed6692-bffa-4ba4-9b12-5fb954bb139a","block_type":"box","text":"information, including how a company is working with its value chain to accelerate reductions","page_number":286,"box":{"x":184,"y":102,"width":694,"height":13}},{"id":"63a61b4a-029f-49bf-ab57-37bacfc57240","block_type":"box","text":"in GHG intensity, provides useful insight to investors focused on investing in the low-carbon","page_number":286,"box":{"x":184,"y":118,"width":684,"height":12}},{"id":"361cbf9e-0324-4f9d-b524-e16e07990a16","block_type":"box","text":"transition and understanding the impact of their investments on their decarbonization goals.","page_number":286,"box":{"x":183,"y":134,"width":678,"height":12}},{"id":"c8390947-bab5-4735-9cf1-8d65f59b052d","block_type":"box","text":"18","page_number":286,"box":{"x":864,"y":134,"width":10,"height":6}},{"id":"f7c1c07c-dd5d-4033-b30b-42be3c55d3ff","block_type":"box","text":"However, the team recognizes that companies have varying ability to influence the emissions","page_number":286,"box":{"x":184,"y":149,"width":696,"height":12}},{"id":"f2647d3e-17a0-47fe-9254-77c7f504acf8","block_type":"box","text":"across the different parts of their value chain and, therefore, it is helpful when disclosures","page_number":286,"box":{"x":184,"y":165,"width":667,"height":11}},{"id":"cf81d0f4-4e71-4930-8746-40670ea56e88","block_type":"box","text":"explain the implications for the achievement of their decarbonization targets. For some","page_number":286,"box":{"x":184,"y":180,"width":647,"height":12}},{"id":"bb2c846e-2471-4884-8216-65967ad43f10","block_type":"box","text":"companies that play an important role in the low-carbon transition, scope 3 may represent","page_number":286,"box":{"x":184,"y":196,"width":671,"height":12}},{"id":"8a5c9010-4969-4295-a0df-b01b0ffc1fe2","block_type":"box","text":"their only significant source of GHG emissions in the value chain. While we do not believe","page_number":286,"box":{"x":183,"y":211,"width":672,"height":12}},{"id":"53b73509-863b-4151-9345-9e949cad2571","block_type":"box","text":"companies should be required to enforce emissions reduction targets outside of their control,","page_number":286,"box":{"x":184,"y":227,"width":693,"height":12}},{"id":"0d05fe7d-d675-4ab0-8ba0-0608c97f51fa","block_type":"box","text":"where relevant, we look for disclosures on how the company approaches the low-carbon","page_number":286,"box":{"x":183,"y":242,"width":662,"height":12}},{"id":"4497b86c-05e9-4568-8ba1-4cdca75afd66","block_type":"box","text":"transition in these cases. This may include plans and targets to grow businesses that","page_number":286,"box":{"x":183,"y":258,"width":636,"height":12}},{"id":"f3049801-b1f8-4e26-822a-4647b0f4c4f8","block_type":"box","text":"contribute to real world decarbonization, forward-looking capital or procurement allocation","page_number":286,"box":{"x":184,"y":273,"width":670,"height":12}},{"id":"4cb64ff8-c14a-447d-8457-707ff98326ec","block_type":"box","text":"plans to net-zero aligned activities or suppliers, and strategies to mitigate material transition","page_number":286,"box":{"x":184,"y":289,"width":684,"height":12}},{"id":"a62e8093-c9e4-4325-96b0-aff1fd6ff308","block_type":"box","text":"risks.","page_number":286,"box":{"x":184,"y":304,"width":43,"height":10}},{"id":"7bf2d30d-30e2-44e9-9aef-796cc536bb05","block_type":"box","text":"(4) where relevant, disclosures that describe the company’s exposure to climate-related physical","page_number":286,"box":{"x":150,"y":327,"width":729,"height":12}},{"id":"d8e815c4-a3ed-40d9-9de9-4fa265d9dd42","block_type":"box","text":"risks – such as acute risks from extreme weather events or chronic risks from long-term shifts","page_number":286,"box":{"x":184,"y":343,"width":699,"height":12}},{"id":"5d6f0fce-5e38-4f32-bb0b-d9ca99b416b7","block_type":"box","text":"in climate patterns – and how these risks could reasonably be expected to affect the","page_number":286,"box":{"x":184,"y":358,"width":629,"height":12}},{"id":"2d5c3fe8-e10c-4952-9081-4ed06b1fba48","block_type":"box","text":"company’s operations, assets, or supply chains.","page_number":286,"box":{"x":184,"y":374,"width":361,"height":12}},{"id":"ef9e936e-8b06-4862-9395-cc92b15b051d","block_type":"box","text":"Transition plans","page_number":286,"box":{"x":118,"y":405,"width":132,"height":12}},{"id":"a8403256-8870-4f7b-9bfd-abd0bb6d3d09","block_type":"box","text":"Some companies have published transition plans outlining how they intend to implement their","page_number":286,"box":{"x":116,"y":436,"width":698,"height":12}},{"id":"54fb5757-e556-4ee6-b4b6-5ba1e7baebaa","block_type":"box","text":"low-carbon transition strategies. As defined by the ISSB, a transition plan “lays out the entity’s targets,","page_number":286,"box":{"x":117,"y":451,"width":761,"height":12}},{"id":"9321aabd-aae9-4912-b88c-9a11bf52cd54","block_type":"box","text":"actions or resources for its transition towards a lower-carbon economy, including actions such as","page_number":286,"box":{"x":116,"y":467,"width":724,"height":12}},{"id":"7790665c-eb78-47bc-8653-d9134b11bb2d","block_type":"box","text":"reducing its greenhouse gas emissions” (see Appendix 1).","page_number":286,"box":{"x":117,"y":482,"width":430,"height":12}},{"id":"2d307b99-e347-4107-acab-a6a57adab24b","block_type":"box","text":"19","page_number":286,"box":{"x":550,"y":482,"width":10,"height":7}},{"id":"daf02aa7-b792-4520-9c9b-66a0d1590fa1","block_type":"box","text":"Work is also underway in a number of jurisdictions on establishing a common approach in a market to","page_number":286,"box":{"x":116,"y":513,"width":760,"height":12}},{"id":"278193d1-f36b-4407-b5c6-0b75903015c1","block_type":"box","text":"corporate transition plans.","page_number":286,"box":{"x":116,"y":529,"width":192,"height":12}},{"id":"3ca3859b-5a17-4a67-9835-f892fd8780c9","block_type":"box","text":"20","page_number":286,"box":{"x":310,"y":529,"width":11,"height":6}},{"id":"ad47ddec-456f-4663-8aa5-6bb232d470a7","block_type":"box","text":"Recent guidance from the ISSB on disclosures about transition plans","page_number":286,"box":{"x":321,"y":529,"width":523,"height":12}},{"id":"19a2f381-6179-4aec-8cd0-f3190d6e4a54","block_type":"box","text":"highlights the convergence of reporting approaches.","page_number":286,"box":{"x":117,"y":544,"width":391,"height":12}},{"id":"b1153777-d085-43d9-a9c2-edb8c2a861d2","block_type":"box","text":"While the preparation of a transition plan, or lack thereof, is not, in itself, a voting issue, these","page_number":286,"box":{"x":116,"y":575,"width":697,"height":12}},{"id":"a3fa9baa-7d0a-4893-ac56-bfdcdfbce444","block_type":"box","text":"disclosures typically provide valuable insights that inform the dedicated team’s approach to engaging","page_number":286,"box":{"x":116,"y":591,"width":754,"height":12}},{"id":"fb1f6521-613e-4b5c-97e6-fff12a4424b3","block_type":"box","text":"and voting on matters related to climate and transition risks on behalf of in-scope funds and accounts.","page_number":286,"box":{"x":116,"y":606,"width":761,"height":12}},{"id":"1d7be384-33fc-45a9-b4b5-f2c40244ca58","block_type":"box","text":"Boards and directors","page_number":286,"box":{"x":117,"y":638,"width":173,"height":9}},{"id":"cf4b211f-c529-46e4-a2ef-224782601292","block_type":"box","text":"An effective and well-functioning board that has appropriate governance structures to facilitate","page_number":286,"box":{"x":116,"y":668,"width":699,"height":12}},{"id":"8e6d4d88-63aa-4722-b032-ccf742bf99de","block_type":"box","text":"oversight of a company’s management and strategic initiatives is critical to the company’s ability to","page_number":286,"box":{"x":116,"y":684,"width":731,"height":12}},{"id":"7919a630-20e0-4ee0-a582-1bd8cd62bcdf","block_type":"box","text":"18","page_number":286,"box":{"x":144,"y":722,"width":8,"height":5}},{"id":"6f09d433-3e62-4316-9b86-3aa4a8777bc4","block_type":"box","text":"The dedicated team does not believe the purpose of scope 3 disclosure requirements should be to push publicly traded","page_number":286,"box":{"x":170,"y":722,"width":707,"height":10}},{"id":"6724e77d-4775-43b2-b1b3-ae81bbb536bb","block_type":"box","text":"companies into the role of enforcing emission reduction targets outside of their control. Given methodological","page_number":286,"box":{"x":170,"y":735,"width":645,"height":10}},{"id":"606b207d-7267-476e-9825-6abe504f6434","block_type":"box","text":"complexity for scope 3 emissions and the lack of direct control by companies over the requisite data, we find it most","page_number":286,"box":{"x":170,"y":748,"width":686,"height":9}},{"id":"af9bfd50-718c-412a-8be0-57c2081c433c","block_type":"box","text":"useful when companies focus their disclosures on those of the fifteen scope 3 GHG Protocol categories that are","page_number":286,"box":{"x":170,"y":761,"width":663,"height":9}},{"id":"ea1e630a-e9bb-4e31-ac9e-cf0d86eb8c32","block_type":"box","text":"material to their business models.","page_number":286,"box":{"x":170,"y":774,"width":199,"height":7}},{"id":"d6d14c00-6275-4ce2-b0dd-19b6a4a4dd9b","block_type":"box","text":"19","page_number":286,"box":{"x":144,"y":789,"width":8,"height":5}},{"id":"ad3f7c6e-6c26-4031-b853-f174bbaf0b8b","block_type":"box","text":"International Financial Reporting Standards, “IFRS S2: Climate-related Disclosures,” June 2023, accessed in December","page_number":286,"box":{"x":171,"y":789,"width":712,"height":10}},{"id":"cde18b7c-d8f0-480c-8c8a-482556019eb6","block_type":"box","text":"2025.","page_number":286,"box":{"x":170,"y":802,"width":32,"height":8}},{"id":"f4837590-46fa-4ac1-8a18-43e2fc1a16f3","block_type":"box","text":"20","page_number":286,"box":{"x":143,"y":815,"width":9,"height":5}},{"id":"dafc9902-df1a-413f-b979-49e5ca84f882","block_type":"box","text":"More companies are developing such plans, and public policymakers in certain markets are signaling their intentions to","page_number":286,"box":{"x":171,"y":815,"width":705,"height":10}},{"id":"640effbb-1402-40e2-9566-a77cee722fff","block_type":"box","text":"require them or already have requirements in place, such as Australia, Brazil, and the European Union (please see the","page_number":286,"box":{"x":170,"y":828,"width":704,"height":10}},{"id":"5e745c58-c57f-4214-b6d5-e0ac635e2309","block_type":"box","text":"International Transition Plan Network for information). BlackRock views transition plans as a method for a company to","page_number":286,"box":{"x":171,"y":841,"width":697,"height":9}},{"id":"6e8a6b3c-c94e-4668-a385-70a13bd8642e","block_type":"box","text":"both internally assess and externally communicate its long-term strategy, ambition, objectives, and actions to create","page_number":286,"box":{"x":170,"y":854,"width":687,"height":9}},{"id":"3e3f3e1e-7280-4db7-8784-7a1f6c9274cd","block_type":"box","text":"financial value through the global transition towards a low-carbon economy. Across the landscape there remains","page_number":286,"box":{"x":170,"y":867,"width":666,"height":9}},{"id":"964b5a6c-cffc-438f-b231-6d1c19139073","block_type":"box","text":"divergence on the objectives of such plans and the details they should contain. 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The Guidelines consider the whole board to","page_number":287,"box":{"x":150,"y":149,"width":719,"height":12}},{"id":"b9a97068-e844-443e-895e-2853435692fc","block_type":"box","text":"have responsibility for oversight of the company’s long-term strategy, including those aspects","page_number":287,"box":{"x":150,"y":165,"width":696,"height":12}},{"id":"e0d92604-d7c9-46f1-8eb8-9dadfd1e311c","block_type":"box","text":"related to the transition to a low-carbon economy.","page_number":287,"box":{"x":150,"y":180,"width":373,"height":12}},{"id":"a43b8cbb-2a7e-4d46-b2f8-065de898f756","block_type":"box","text":"• Management has established a robust low-carbon transition framework and long-term strategy,","page_number":287,"box":{"x":125,"y":203,"width":735,"height":12}},{"id":"a3997bc4-0599-4262-8198-5d62077d8abc","block_type":"box","text":"with clear accountability for delivery by senior executives.","page_number":287,"box":{"x":149,"y":219,"width":432,"height":12}},{"id":"cf50612b-fabb-408f-a2f1-faec0279b961","block_type":"box","text":"• The capital management strategy explains how the company allocates investments to (traditional","page_number":287,"box":{"x":125,"y":242,"width":749,"height":12}},{"id":"d9761f3c-9832-42cc-8f78-d22983168d88","block_type":"box","text":"and next generation) business lines and innovation, and returns cash to shareholders, consistent","page_number":287,"box":{"x":150,"y":258,"width":724,"height":12}},{"id":"e909afbb-d397-42cc-98bb-1483053caa2a","block_type":"box","text":"with the company’s stated low-carbon transition strategy.","page_number":287,"box":{"x":149,"y":273,"width":428,"height":12}},{"id":"9ef99a9d-27cf-4ccf-9ed8-999d04d73474","block_type":"box","text":"• The climate and low-carbon transition risks most likely to significantly impact the business are","page_number":287,"box":{"x":125,"y":296,"width":724,"height":12}},{"id":"fec6ad9a-dc66-422a-9bc9-0fe2976f545b","block_type":"box","text":"integrated into the company’s enterprise risk management processes and reporting.","page_number":287,"box":{"x":150,"y":312,"width":627,"height":12}},{"id":"c5ef83ce-5d1f-4f0f-b481-b3003f764019","block_type":"box","text":"• The company has set scope 1 and 2 GHG emissions reduction targets, science-based and","page_number":287,"box":{"x":125,"y":335,"width":704,"height":12}},{"id":"cfe6d052-c3b3-4515-b4b6-26b0f79fda41","block_type":"box","text":"independently verified where possible, against a baseline, that are consistent with the ambition to","page_number":287,"box":{"x":150,"y":351,"width":726,"height":12}},{"id":"300ef17a-d508-44d7-b54d-65f75862af40","block_type":"box","text":"limit average global temperature rise to no more than 1.5°C above pre-industrial levels.","page_number":287,"box":{"x":150,"y":366,"width":651,"height":12}},{"id":"932aa5f6-48d6-4ce1-b659-30d0213a35fb","block_type":"box","text":"• There is a clear link between the company’s scope 1 and 2 GHG emissions reduction targets over","page_number":287,"box":{"x":125,"y":389,"width":757,"height":12}},{"id":"6ea33522-0ad3-49a6-9e9d-6d86230ed993","block_type":"box","text":"time and its long-term low-carbon transition strategy.","page_number":287,"box":{"x":150,"y":405,"width":395,"height":12}},{"id":"00fa6a40-af45-4c8f-a4fd-2a3feecc1229","block_type":"box","text":"• The company is monitoring its most significant scope 3 emissions and disclosing these where it is","page_number":287,"box":{"x":125,"y":428,"width":754,"height":12}},{"id":"b8316f22-f0aa-42be-a40d-512806f25a65","block_type":"box","text":"confident in the data. Given forthcoming regulatory requirements in certain jurisdictions, some","page_number":287,"box":{"x":150,"y":444,"width":700,"height":12}},{"id":"d1c1ca93-ed7a-4afd-84e0-5313b8e7753f","block_type":"box","text":"companies are voluntarily disclosing scope 3 emissions reductions targets and plans, setting out","page_number":287,"box":{"x":150,"y":459,"width":720,"height":12}},{"id":"8a5d77ca-1037-4b9a-be17-bf9b741b204d","block_type":"box","text":"how they are working on decarbonization with the different constituents in their value chain.","page_number":287,"box":{"x":150,"y":475,"width":682,"height":12}},{"id":"3ca07458-f6e5-4b40-bd6f-2c187949a2fc","block_type":"box","text":"21","page_number":287,"box":{"x":833,"y":475,"width":10,"height":6}},{"id":"ef60ffa9-710e-419a-9c84-b7d137911d7d","block_type":"box","text":"• The company’s governance and oversight processes for managing material risks associated with","page_number":287,"box":{"x":125,"y":498,"width":749,"height":12}},{"id":"7a2ea34e-c739-4e07-a40b-657149c50d02","block_type":"box","text":"corporate political activities including applicable policies and procedures where relevant.","page_number":287,"box":{"x":150,"y":514,"width":652,"height":11}},{"id":"315c6215-4f14-4bd5-8a45-05350a5c0f29","block_type":"box","text":"22","page_number":287,"box":{"x":804,"y":513,"width":11,"height":7}},{"id":"54413f0a-05f5-44df-a149-c121a7466adf","block_type":"box","text":"The","page_number":287,"box":{"x":816,"y":514,"width":38,"height":9}},{"id":"abc5bf26-28c6-46cd-a01a-39d5e88d9eb2","block_type":"box","text":"dedicated team looks for public policy engagement to be consistent with a company’s stated","page_number":287,"box":{"x":150,"y":529,"width":689,"height":12}},{"id":"b300b129-7884-4ac0-84f5-c95099ed89e5","block_type":"box","text":"strategic policy objectives, including those related to the low-carbon transition.","page_number":287,"box":{"x":150,"y":545,"width":584,"height":11}},{"id":"ac9c48d4-d161-4455-bd2c-bc787f557ffe","block_type":"box","text":"Voting against directors over concerns about climate risk","page_number":287,"box":{"x":118,"y":576,"width":463,"height":11}},{"id":"441ebe0e-41fc-4db4-9d2d-48aeed41bb1a","block_type":"box","text":"In implementing these Guidelines, the dedicated team generally supports non-executive directors","page_number":287,"box":{"x":117,"y":606,"width":726,"height":12}},{"id":"0e14bc6c-9a89-41af-bffb-68070a5e0d94","block_type":"box","text":"standing for election where, in its assessment based on company disclosures and engagement, a","page_number":287,"box":{"x":116,"y":622,"width":729,"height":12}},{"id":"01566f38-285e-4bfc-a2a5-b6e0422a97ed","block_type":"box","text":"company is executing on its commitment to align with the transition to a low-carbon economy, as","page_number":287,"box":{"x":116,"y":638,"width":722,"height":11}},{"id":"15c64559-283c-498f-b274-3ab1cdabf64e","block_type":"box","text":"defined above. Where the dedicated team determines this is not the case, it may vote against the","page_number":287,"box":{"x":116,"y":653,"width":727,"height":12}},{"id":"c2020faf-60f6-485b-b788-fac74b925d80","block_type":"box","text":"election of one or more directors who the team identifies as having the most responsibility for the issue.","page_number":287,"box":{"x":116,"y":668,"width":766,"height":12}},{"id":"01168d78-baad-44fb-b1e1-a6072077a1a6","block_type":"box","text":"The directors most likely to be in focus are the chair of the board committee with low-carbon transition,","page_number":287,"box":{"x":116,"y":684,"width":759,"height":12}},{"id":"5d1868fa-4fdc-4cb7-89d2-2ff706c6cbf5","block_type":"box","text":"climate or sustainability risk oversight responsibilities, other members of the relevant committee, the","page_number":287,"box":{"x":116,"y":699,"width":741,"height":13}},{"id":"d5ae3538-6506-4b7b-bb00-2ff3c6df2af5","block_type":"box","text":"lead independent director or the non-executive chair of the board. In certain markets, the team may","page_number":287,"box":{"x":117,"y":715,"width":736,"height":12}},{"id":"f7182c00-f862-49c1-a58f-3b812a1ae084","block_type":"box","text":"withhold support for the discharge of the supervisory board or equivalent and/or board reports.","page_number":287,"box":{"x":116,"y":730,"width":699,"height":13}},{"id":"2e844506-4bc6-4b10-ab6e-bfe4224c93d4","block_type":"box","text":"23","page_number":287,"box":{"x":817,"y":731,"width":11,"height":6}},{"id":"4afe3608-b35c-4c38-8b0b-3d6bed3be318","block_type":"box","text":"21","page_number":287,"box":{"x":143,"y":758,"width":8,"height":5}},{"id":"e1ce9c1d-c6e3-449f-977f-cc399beb765c","block_type":"box","text":"FTSE Russell address the materiality of different categories of scope 3 GHG emissions by sector in a January 2024","page_number":287,"box":{"x":171,"y":758,"width":685,"height":10}},{"id":"4a626e1c-2d76-4078-8438-dba720748673","block_type":"box","text":"paper “Scope for improvement: Solving the Scope 3 conundrum.” Their research indicates that there are 2-3 material","page_number":287,"box":{"x":170,"y":771,"width":692,"height":10}},{"id":"8df0f482-31e0-4a5e-a10a-3cde54c9d26d","block_type":"box","text":"scope 3 GHG emissions categories by sector. The research uses a definition of materiality from the GHG Protocol,","page_number":287,"box":{"x":170,"y":784,"width":679,"height":10}},{"id":"28c85af0-c74f-4ac2-9419-bd09209c6da8","block_type":"box","text":"which “encourages companies to maintain a representative inventory of the “most significant GHG emissions, [that]","page_number":287,"box":{"x":170,"y":797,"width":682,"height":10}},{"id":"b9edb737-0088-451c-8dad-95d76726b8c4","block_type":"box","text":"offer the most significant GHG reduction opportunities and are most relevant to the company’s business goals.” Website","page_number":287,"box":{"x":170,"y":810,"width":712,"height":9}},{"id":"bd96a782-fce8-4398-ac3a-88b44c3a4245","block_type":"box","text":"accessed in December 2025.","page_number":287,"box":{"x":170,"y":823,"width":173,"height":7}},{"id":"ae149ce8-82c9-4694-b17a-a719d30b374c","block_type":"box","text":"22","page_number":287,"box":{"x":143,"y":838,"width":9,"height":5}},{"id":"2e51f60e-ccc7-4995-9347-e76a15c0e927","block_type":"box","text":"Corporate political activities may include lobbying as defined by local regulations, policy engagement (including trade","page_number":287,"box":{"x":170,"y":838,"width":694,"height":10}},{"id":"865ed85e-947a-4a5d-b8ee-caec3a3488d5","block_type":"box","text":"association memberships), and corporate political contributions.","page_number":287,"box":{"x":170,"y":851,"width":378,"height":10}},{"id":"3abfb243-27fc-43e4-af26-f3d5ffbc8f5a","block_type":"box","text":"23","page_number":287,"box":{"x":143,"y":867,"width":9,"height":5}},{"id":"727fccce-3683-4904-afc0-c647a5778699","block_type":"box","text":"Board report votes are generally advisory and relate to reports issued by the board of directors that may contain","page_number":287,"box":{"x":171,"y":867,"width":661,"height":9}},{"id":"e7254436-ebe5-43a1-8138-f6831c3f398e","block_type":"box","text":"information on a company’s sustainability efforts, operational resilience, or financial condition, among others.","page_number":287,"box":{"x":170,"y":880,"width":643,"height":9}},{"id":"e8569809-653b-49fc-ba90-3367e1b8dbb0","block_type":"box","text":"BlackRock Investment Stewardship","page_number":287,"box":{"x":117,"y":909,"width":262,"height":11}},{"id":"cbfe5570-596f-4c42-9b14-abc168557361","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines |","page_number":287,"box":{"x":490,"y":909,"width":375,"height":11}},{"id":"0d0aae78-4d64-489d-bc23-910808beb6e1","block_type":"box","text":"8","page_number":287,"box":{"x":875,"y":909,"width":8,"height":9}},{"id":"4113a624-7627-4cab-b8d3-a5f10a363d07","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":287,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"3e68dfec-64f2-435f-868b-0f93059274d2","block_type":"box","text":"Where the dedicated team has not supported director elections over climate concerns in a prior year,","page_number":288,"box":{"x":116,"y":87,"width":754,"height":12}},{"id":"dc021aa9-18b6-4e0c-9d02-8eb6a89d5a95","block_type":"box","text":"and the company has not subsequently made progress towards aligning with the transition to a","page_number":288,"box":{"x":116,"y":103,"width":709,"height":12}},{"id":"ab5bfef3-57c0-47c3-abea-4cac6b9d2814","block_type":"box","text":"low-carbon economy, the team may escalate by not supporting the re-election of additional responsible","page_number":288,"box":{"x":117,"y":118,"width":769,"height":12}},{"id":"190068c5-d46b-4906-bfe8-77d63fe700f3","block_type":"box","text":"directors.","page_number":288,"box":{"x":116,"y":134,"width":67,"height":9}},{"id":"8caec6c1-383f-4a74-96d8-805c70dfd27a","block_type":"box","text":"24","page_number":288,"box":{"x":185,"y":134,"width":12,"height":6}},{"id":"1ff706b6-d6b3-453f-b1c6-6a4267cc34c3","block_type":"box","text":"Management proposals to approve a climate strategy or progress report","page_number":288,"box":{"x":117,"y":165,"width":581,"height":12}},{"id":"3535ad1e-4233-483e-96cc-3a6bf535d387","block_type":"box","text":"In certain markets, company management may submit proposals – commonly referred to as “Say on","page_number":288,"box":{"x":117,"y":196,"width":749,"height":12}},{"id":"52722cb5-fec6-424e-9395-75de96d049c3","block_type":"box","text":"Climate” – seeking shareholder approval of their climate action plans or progress reports. The","page_number":288,"box":{"x":117,"y":211,"width":700,"height":12}},{"id":"62a1cfd7-7205-4324-83c7-7762dd7546d1","block_type":"box","text":"Guidelines consider these proposals as a valuable governance mechanism that can enhance","page_number":288,"box":{"x":117,"y":227,"width":696,"height":12}},{"id":"b07b5bfa-8a14-4cab-81b0-c995208c2ce2","block_type":"box","text":"transparency, accountability, and investors’ understanding of a company’s climate strategy. The","page_number":288,"box":{"x":116,"y":242,"width":716,"height":12}},{"id":"ab2270b2-3721-439c-888c-0749bc95d7f2","block_type":"box","text":"dedicated team generally supports management’s climate strategy proposal if, in the team’s","page_number":288,"box":{"x":116,"y":258,"width":687,"height":12}},{"id":"c405a6fd-0be9-4b02-9649-7ebe098fc8dd","block_type":"box","text":"assessment based on these Guidelines, the strategy is aligned with the low-carbon transition. Similarly,","page_number":288,"box":{"x":116,"y":273,"width":772,"height":12}},{"id":"d59da44e-cb98-45d7-9ab0-36a2a54818ce","block_type":"box","text":"the dedicated team generally supports management’s proposal on a progress report if the company","page_number":288,"box":{"x":116,"y":289,"width":745,"height":12}},{"id":"40361082-9703-474d-b9a2-d2e274675972","block_type":"box","text":"has clearly explained its progress against, and any deviations from or changes to, its stated low-carbon","page_number":288,"box":{"x":117,"y":304,"width":770,"height":12}},{"id":"c1369dd5-5400-4115-b36b-97b8c5b4bc61","block_type":"box","text":"transition plan and targets.","page_number":288,"box":{"x":116,"y":320,"width":203,"height":12}},{"id":"34c244a2-3036-4ba6-a18e-a5b9fec109a1","block_type":"box","text":"Shareholder proposals on climate and low-carbon transition matters","page_number":288,"box":{"x":116,"y":351,"width":552,"height":11}},{"id":"081676f0-4414-4948-937c-59f49406a5fa","block_type":"box","text":"In most markets, shareholders can submit proposals to be voted on at a company’s shareholder","page_number":288,"box":{"x":117,"y":382,"width":717,"height":12}},{"id":"5e1afec6-cc85-44f1-9f1f-53c16b282952","block_type":"box","text":"meeting, as long as certain requirements are met. Shareholder proposals span a wide range of topics","page_number":288,"box":{"x":117,"y":397,"width":758,"height":12}},{"id":"42580b94-414a-45c4-991f-ab1745e3ae61","block_type":"box","text":"and have varying degrees of relevance for companies across sectors, locations, and business models.","page_number":288,"box":{"x":116,"y":413,"width":766,"height":12}},{"id":"0e051808-d58e-4467-b65d-22b2cb23494c","block_type":"box","text":"Each shareholder proposal is evaluated on a case-by-case basis, focusing on its merit while","page_number":288,"box":{"x":117,"y":444,"width":687,"height":12}},{"id":"731b0eb9-fd25-4797-94b4-0b4f066b659e","block_type":"box","text":"considering the company’s individual circumstances. When the dedicated team votes in support of a","page_number":288,"box":{"x":116,"y":459,"width":748,"height":12}},{"id":"93ca0e59-a5a8-454b-aafa-1500c6acd32f","block_type":"box","text":"proposal, it is not necessarily endorsing every element of the proposal or the reasoning, objectives, or","page_number":288,"box":{"x":117,"y":475,"width":759,"height":12}},{"id":"2c775669-1b6f-494e-a1cd-7714d0a3cbf6","block_type":"box","text":"supporting statement of the proponent.","page_number":288,"box":{"x":116,"y":490,"width":294,"height":12}},{"id":"da0026ac-0f3e-4980-925e-500c089db314","block_type":"box","text":"In addition to financial materiality, the Guidelines consider the proposal’s relevance to the company’s","page_number":288,"box":{"x":117,"y":521,"width":752,"height":12}},{"id":"96ee4395-882b-4ee6-aa05-870f3c84f82d","block_type":"box","text":"low-carbon transition strategy and targets. The dedicated team assesses the implications for, and the","page_number":288,"box":{"x":117,"y":537,"width":756,"height":12}},{"id":"8414dcb1-ac2b-4e3c-aee5-68b07ec5d8c7","block_type":"box","text":"relevance to, the company’s stated low-carbon transition strategy and targets. Under the Guidelines,","page_number":288,"box":{"x":117,"y":552,"width":749,"height":12}},{"id":"08eac266-989f-4b66-80ce-64bf4e9106a4","block_type":"box","text":"the team may support shareholder proposals that, for example, ask a company to:","page_number":288,"box":{"x":116,"y":568,"width":615,"height":12}},{"id":"04d4b8b8-4986-49a1-a272-736586a06908","block_type":"box","text":"• Publish a business plan, and related disclosures, consistent with the ambition to limit average","page_number":288,"box":{"x":150,"y":599,"width":732,"height":12}},{"id":"dc725d5b-fe2e-4e7d-b751-2e8d3b54a8d9","block_type":"box","text":"global temperature rise to no more than 1.5°C above pre-industrial levels","page_number":288,"box":{"x":184,"y":614,"width":546,"height":12}},{"id":"073c9661-9ebf-46aa-9b76-de7d0896e6e0","block_type":"box","text":"• Align scope 1 and 2 GHG emissions reduction targets to, and/or discuss how their targets","page_number":288,"box":{"x":150,"y":637,"width":704,"height":12}},{"id":"2291ea16-68b7-4fc6-982b-1b53c47b98d1","block_type":"box","text":"align with, a long-term goal of the company achieving net zero GHG emissions by 2050","page_number":288,"box":{"x":184,"y":653,"width":653,"height":12}},{"id":"363b6008-40de-4352-8d05-24765069b670","block_type":"box","text":"• Disclose the categories of scope 3 GHG emissions most significant to a company’s business","page_number":288,"box":{"x":150,"y":676,"width":721,"height":12}},{"id":"5e154612-fdc2-422b-8247-86cb6f57cebf","block_type":"box","text":"model","page_number":288,"box":{"x":184,"y":692,"width":44,"height":9}},{"id":"34d6c81a-b9f8-42db-8bb4-43353252df1d","block_type":"box","text":"• Improve voluntary disclosures on the alignment of a company’s climate-related corporate","page_number":288,"box":{"x":150,"y":715,"width":693,"height":12}},{"id":"b6584148-15ae-4154-b752-aec30967fb25","block_type":"box","text":"political activities with its strategic policy positions, where existing disclosure is insufficient","page_number":288,"box":{"x":184,"y":730,"width":666,"height":13}},{"id":"fbb99d57-c555-47b8-9bdb-45b4cb7e24ef","block_type":"box","text":"25","page_number":288,"box":{"x":850,"y":731,"width":11,"height":6}},{"id":"449fb8d5-7c25-44ea-bea5-97e7b8694565","block_type":"box","text":"The dedicated team does not support shareholder proposals that seek to constrain board or","page_number":288,"box":{"x":116,"y":762,"width":682,"height":11}},{"id":"2f2ce59a-e4df-47c2-8e74-88fdcdcd8b8f","block_type":"box","text":"management decision-making or direct specific business or strategic decisions.","page_number":288,"box":{"x":117,"y":777,"width":587,"height":12}},{"id":"02f477c2-a17f-4a50-8e18-e536e50fe6fa","block_type":"box","text":"24","page_number":288,"box":{"x":143,"y":815,"width":9,"height":5}},{"id":"8c220246-d797-4f12-9194-2d7c63bed48b","block_type":"box","text":"While the dedicated team may escalate voting by not supporting additional management proposals, principally director","page_number":288,"box":{"x":170,"y":815,"width":703,"height":10}},{"id":"4acc13ef-7a33-435d-9219-4c1e90e5cefc","block_type":"box","text":"elections, the team does not consider filing shareholder proposals, preannouncing voting intentions or using the media","page_number":288,"box":{"x":170,"y":828,"width":702,"height":10}},{"id":"32fe41d3-3146-4c8e-9bb4-0570b01d2ca1","block_type":"box","text":"to amplify concerns as appropriate courses of action. The dedicated team will continue to take a constructive, long-term","page_number":288,"box":{"x":170,"y":841,"width":708,"height":9}},{"id":"0555278a-f3e7-486c-9f09-e6214ac97ff1","block_type":"box","text":"focused approach, to engagement and voting on behalf of clients under these Guidelines.","page_number":288,"box":{"x":170,"y":854,"width":530,"height":9}},{"id":"cda11511-79b1-48aa-9aa2-d110755f9fd4","block_type":"box","text":"25","page_number":288,"box":{"x":143,"y":867,"width":9,"height":5}},{"id":"d830d8fa-2dfb-47e1-ab5a-8c55a183545e","block_type":"box","text":"Corporate political activities may include lobbying as defined by local regulations, policy engagement (including trade","page_number":288,"box":{"x":170,"y":867,"width":694,"height":9}},{"id":"268d3a18-1a61-44a0-b3f7-48035d4715ea","block_type":"box","text":"association memberships), and corporate political contributions.","page_number":288,"box":{"x":170,"y":880,"width":378,"height":9}},{"id":"a6a87cf3-1af2-471b-91d3-eb7dda3c175d","block_type":"box","text":"BlackRock Investment Stewardship","page_number":288,"box":{"x":117,"y":909,"width":262,"height":11}},{"id":"d54d7575-6e4a-4fc6-a981-8644d14e42d0","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines |","page_number":288,"box":{"x":490,"y":909,"width":375,"height":11}},{"id":"d78c6ffa-4c3c-4a52-b2f6-51275fff219f","block_type":"box","text":"9","page_number":288,"box":{"x":875,"y":909,"width":8,"height":9}},{"id":"942f5ce0-64e0-497f-99b6-eace0951e654","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":288,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"62674d3c-7907-4542-aab8-071bde052133","block_type":"box","text":"RELATED MATTERS","page_number":289,"box":{"x":418,"y":87,"width":169,"height":10}},{"id":"23f1bd9f-4f7d-4c44-9c7e-bf78be65e0da","block_type":"box","text":"There are other business items not covered above that may be put to a shareholder vote that could","page_number":289,"box":{"x":116,"y":118,"width":741,"height":12}},{"id":"ed65c918-7040-465b-bffc-c741890463bc","block_type":"box","text":"address matters relevant to the transition to a low-carbon economy. Under these Guidelines, the","page_number":289,"box":{"x":116,"y":134,"width":720,"height":12}},{"id":"32b8b039-754d-4c60-b8fd-70f1f02eb78d","block_type":"box","text":"dedicated team engages, where appropriate, to enhance its understanding of a company’s approach.","page_number":289,"box":{"x":116,"y":149,"width":757,"height":12}},{"id":"42aab9bd-20ae-4ed4-8e4b-91b2b8077c0d","block_type":"box","text":"Generally, voting on these matters would be covered by BIS’ Benchmark Policies.","page_number":289,"box":{"x":117,"y":165,"width":612,"height":12}},{"id":"44650d1c-f638-49aa-9088-4ff2cc53ab43","block_type":"box","text":"Executive compensation","page_number":289,"box":{"x":117,"y":203,"width":201,"height":12}},{"id":"bb42bf92-b70e-4fef-9bab-8826f84a953c","block_type":"box","text":"The dedicated team looks to company boards to put in place a compensation structure that","page_number":289,"box":{"x":116,"y":234,"width":681,"height":12}},{"id":"4c32443d-ad18-43b6-bf2f-17121e415352","block_type":"box","text":"incentivizes and rewards executives appropriately. Some companies, in light of their long-term","page_number":289,"box":{"x":117,"y":250,"width":703,"height":12}},{"id":"8d116deb-40df-4bc7-9dc8-4860cb951fe3","block_type":"box","text":"strategy, may decide to include relevant GHG emissions reduction targets or low-carbon transition","page_number":289,"box":{"x":116,"y":265,"width":734,"height":12}},{"id":"f9056b94-d93e-4a41-8c03-bb37848ec447","block_type":"box","text":"related metrics in their incentive plans. In such cases, the dedicated team would engage to understand","page_number":289,"box":{"x":117,"y":281,"width":767,"height":12}},{"id":"4f2b25b9-c1a9-4530-a11f-e907205528e0","block_type":"box","text":"the alignment between those metrics and the company’s stated climate strategy. Clear disclosure also","page_number":289,"box":{"x":116,"y":296,"width":763,"height":12}},{"id":"faa11267-11b8-46c4-be9d-38356343f4ae","block_type":"box","text":"helps investors assess whether pay structures are consistent with long-term climate strategy and risk","page_number":289,"box":{"x":117,"y":312,"width":754,"height":12}},{"id":"335e0052-92df-4f2b-95b9-6dc0e77fb31f","block_type":"box","text":"management.","page_number":289,"box":{"x":117,"y":328,"width":106,"height":11}},{"id":"d1a8296d-8fd6-4c68-8cf0-09d79bc346cc","block_type":"box","text":"Auditors and audit-related issues","page_number":289,"box":{"x":116,"y":366,"width":271,"height":10}},{"id":"a7135c01-af56-46b2-bb43-9b685dc5b5fa","block_type":"box","text":"For companies with material climate or transition risks or opportunities in their business models, the","page_number":289,"box":{"x":117,"y":397,"width":742,"height":12}},{"id":"9e1b1b97-29c2-4104-bbf2-f07422850bcd","block_type":"box","text":"dedicated team is interested in understanding whether the company considers and, if relevant,","page_number":289,"box":{"x":116,"y":413,"width":706,"height":12}},{"id":"a7991882-6af4-4ec1-951a-bb3fb7be3827","block_type":"box","text":"quantifies, and accounts for material climate-related risks in its financial statements, including if the","page_number":289,"box":{"x":116,"y":428,"width":739,"height":12}},{"id":"6405c35b-baa2-4229-aee6-e74036333eec","block_type":"box","text":"company explains such risks within the context of its audit report. 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The dedicated team does not promote changes in corporate","page_number":289,"box":{"x":116,"y":576,"width":723,"height":11}},{"id":"7abef031-5df9-46ae-a447-6f2550759251","block_type":"box","text":"control or engage in shareholder activism.","page_number":289,"box":{"x":116,"y":591,"width":317,"height":12}},{"id":"a7880d9f-bc91-425b-9bbf-21c974ab787d","block_type":"box","text":"Other business relevant sustainability-related risks and opportunities","page_number":289,"box":{"x":116,"y":630,"width":560,"height":12}},{"id":"1bdcc5cb-972e-42ed-b093-7fb6e27f535b","block_type":"box","text":"Climate risk and the transition to a low-carbon economy are interconnected with a number of other","page_number":289,"box":{"x":117,"y":661,"width":730,"height":12}},{"id":"524e3ee6-5537-4787-92b2-a3a744e8dfab","block_type":"box","text":"material sustainability-related risks and opportunities that may be relevant to a company’s business","page_number":289,"box":{"x":117,"y":676,"width":735,"height":12}},{"id":"d427a50b-0909-44cd-aa15-a724da684aec","block_type":"box","text":"model and long-term financial performance. 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The economic transformation is being","page_number":290,"box":{"x":117,"y":248,"width":735,"height":13}},{"id":"15f489b4-24e2-4375-afcf-2d55887a431c","block_type":"box","text":"driven by changes in government policy, technology, and consumer and investor preferences, as well","page_number":290,"box":{"x":116,"y":264,"width":758,"height":12}},{"id":"804ac29e-13a7-4a27-ae84-5291f57f9c98","block_type":"box","text":"as the physical effects of climate change (e.g., extreme weather), and can potentially have a material","page_number":290,"box":{"x":116,"y":279,"width":755,"height":13}},{"id":"9c9bef4b-40cd-4ed9-a200-dcc84e77d93a","block_type":"box","text":"impact on clients’ investments and portfolios.","page_number":290,"box":{"x":117,"y":295,"width":337,"height":12}},{"id":"81a4aa5e-270f-4115-a099-92e04f4cae64","block_type":"box","text":"Decarbonization","page_number":290,"box":{"x":117,"y":324,"width":128,"height":9}},{"id":"cb2e1875-1f14-41ce-9758-39e20f1c4e3d","block_type":"box","text":": the process of reducing or eliminating emissions of carbon dioxide (CO","page_number":290,"box":{"x":248,"y":324,"width":535,"height":12}},{"id":"baefee5d-3a62-4d94-b2a0-12283bd32251","block_type":"box","text":"2","page_number":290,"box":{"x":784,"y":330,"width":5,"height":6}},{"id":"f71219c7-47bf-454a-9320-b63f4507a283","block_type":"box","text":") from","page_number":290,"box":{"x":790,"y":324,"width":48,"height":12}},{"id":"4a4e78f6-a16e-4597-8f0d-945ebc3d9293","block_type":"box","text":"human activity and removing carbon currently in the atmosphere. This can be carried out by countries,","page_number":290,"box":{"x":117,"y":339,"width":763,"height":12}},{"id":"5fe5a991-6c66-4de2-a4be-60436bfdf0f3","block_type":"box","text":"companies and even individual consumers. Sometimes the concept is understood to include the","page_number":290,"box":{"x":116,"y":355,"width":717,"height":12}},{"id":"8ab5b674-8761-4369-9e0e-49f1ed6af12d","block_type":"box","text":"reduction and elimination of other GHG, e.g., methane.","page_number":290,"box":{"x":117,"y":370,"width":412,"height":12}},{"id":"a9d6e1b3-e3ba-490e-a186-cd32b7299a50","block_type":"box","text":"Climate-related risks and opportunities","page_number":290,"box":{"x":116,"y":399,"width":312,"height":12}},{"id":"61692baf-935b-4ca8-a581-b4f6ba7d534a","block_type":"box","text":": The investment opportunities and risks associated with the","page_number":290,"box":{"x":430,"y":399,"width":448,"height":12}},{"id":"886c7567-624f-48d1-afeb-d495ea889a4b","block_type":"box","text":"transition to a low-carbon economy, including transition risks and opportunities and physical risks and","page_number":290,"box":{"x":116,"y":415,"width":757,"height":12}},{"id":"76e66418-abe4-4224-acb3-98404cf6df9d","block_type":"box","text":"opportunities in adapting to physical climate change.","page_number":290,"box":{"x":116,"y":430,"width":394,"height":12}},{"id":"2b35ff19-2b49-45ec-98a3-a0cfcda8d8e9","block_type":"box","text":"Climate-related transition plan","page_number":290,"box":{"x":116,"y":459,"width":241,"height":12}},{"id":"fae8ec18-ecee-4b68-8b1d-072f13eb8f88","block_type":"box","text":": “An aspect of an entity’s overall strategy that lays out the entity’s","page_number":290,"box":{"x":360,"y":459,"width":492,"height":12}},{"id":"3f4882b2-80d9-45aa-9d8b-7e67b2004496","block_type":"box","text":"targets, actions or resources for its transition towards a lower-carbon economy, including actions such","page_number":290,"box":{"x":116,"y":474,"width":762,"height":12}},{"id":"dd435ed3-4193-43cf-80c8-c823d17fb8ae","block_type":"box","text":"as reducing its greenhouse gas emissions.”","page_number":290,"box":{"x":116,"y":490,"width":323,"height":12}},{"id":"e72dbafb-c17c-4ef9-98df-e8c401eba61e","block_type":"box","text":"27","page_number":290,"box":{"x":440,"y":490,"width":11,"height":6}},{"id":"298723d5-0a45-4616-aee2-b02a6c449464","block_type":"box","text":"Science-based GHG emissions reduction targets","page_number":290,"box":{"x":116,"y":519,"width":389,"height":12}},{"id":"4323fc1e-2336-46d9-b92d-9ab4f103465f","block_type":"box","text":": Targets that “…are in line with what the latest","page_number":290,"box":{"x":507,"y":519,"width":351,"height":12}},{"id":"bd4f074c-0c6f-4bec-89a9-2273acaa5a5a","block_type":"box","text":"climate science deems necessary to meet the goals of the Paris Agreement – limiting global warming","page_number":290,"box":{"x":116,"y":534,"width":756,"height":12}},{"id":"bdad4048-19d7-4b21-8359-a2d4c7d13e2d","block_type":"box","text":"to 1.5°C above pre-industrial levels. Science-based targets give companies a clearly defined path to","page_number":290,"box":{"x":116,"y":550,"width":747,"height":12}},{"id":"e1f905f7-f1ab-458d-9161-4192adcb9e7c","block_type":"box","text":"reduce GHG emissions in line with limiting global warming to 1.5°C. They define how much and how","page_number":290,"box":{"x":117,"y":565,"width":748,"height":12}},{"id":"86912c22-ee5c-40a7-9dc1-6cd1071b41c6","block_type":"box","text":"quickly a business must reduce its emissions to be in line with the Paris Agreement goals.”","page_number":290,"box":{"x":116,"y":581,"width":673,"height":12}},{"id":"704c6464-eba2-406f-ad4d-5a3a2469fef5","block_type":"box","text":"28","page_number":290,"box":{"x":790,"y":581,"width":11,"height":6}},{"id":"86b6093d-be49-43e0-b361-8cf7730a637b","block_type":"box","text":"Scope 1:","page_number":290,"box":{"x":116,"y":609,"width":68,"height":12}},{"id":"d8b045db-9c3d-46a8-874c-ec539acb7f4a","block_type":"box","text":"Direct GHG emissions.","page_number":290,"box":{"x":186,"y":609,"width":174,"height":10}},{"id":"ee989575-dc5f-48eb-b6dc-9891535f5b39","block_type":"box","text":"Direct GHG emissions occur from sources that are owned or","page_number":290,"box":{"x":368,"y":609,"width":453,"height":10}},{"id":"77bad023-52ce-4b67-a641-0df36d12c7e2","block_type":"box","text":"controlled by the company, for example, emissions from combustion in owned or controlled boilers,","page_number":290,"box":{"x":116,"y":625,"width":740,"height":12}},{"id":"635601c8-4e37-4558-8433-f741f35ee646","block_type":"box","text":"furnaces, vehicles, etc.; emissions from chemical production in owned or controlled process","page_number":290,"box":{"x":116,"y":640,"width":686,"height":12}},{"id":"b527312c-ac2e-4773-b7e7-5848fcf24537","block_type":"box","text":"equipment.","page_number":290,"box":{"x":116,"y":656,"width":81,"height":12}},{"id":"11703e9a-d9c0-486e-b53e-a414587ce478","block_type":"box","text":"29","page_number":290,"box":{"x":199,"y":656,"width":12,"height":6}},{"id":"fcc49894-f665-471d-978c-017d3216c6aa","block_type":"box","text":"Scope 2:","page_number":290,"box":{"x":116,"y":685,"width":68,"height":11}},{"id":"af766d66-9ca2-47e5-8fd4-7b8c38aaafa4","block_type":"box","text":"Electricity indirect GHG emissions Scope 2 accounts for GHG emissions from the generation","page_number":290,"box":{"x":192,"y":685,"width":687,"height":12}},{"id":"4a61e726-176d-426b-8870-5fbaaa5992a6","block_type":"box","text":"of purchased electricity [steam, and heating/cooling] consumed by the company. [It] is defined as","page_number":290,"box":{"x":116,"y":700,"width":720,"height":12}},{"id":"fa60093a-96fd-418c-bf65-bf74f79fa665","block_type":"box","text":"electricity [steam, and heating/cooling] that is purchased or otherwise brought into the organizational","page_number":290,"box":{"x":116,"y":716,"width":744,"height":12}},{"id":"dcc1d1f0-aeae-4fda-9ada-afc09739f4c4","block_type":"box","text":"boundary of the company.","page_number":290,"box":{"x":117,"y":731,"width":192,"height":12}},{"id":"533f25f8-f448-4079-bac3-966817b0d91c","block_type":"box","text":"30","page_number":290,"box":{"x":311,"y":731,"width":11,"height":6}},{"id":"e2c48826-4487-4ce8-8bb6-7b8d0a47db2b","block_type":"box","text":"27","page_number":290,"box":{"x":143,"y":756,"width":9,"height":5}},{"id":"a1b8a0e1-44e6-4fd1-be9d-b568a06b1237","block_type":"box","text":"As defined by the International Financial Reporting Standards, “IFRS S2: Climate-related Disclosures,” June 2023..","page_number":290,"box":{"x":170,"y":756,"width":682,"height":10}},{"id":"2a9016e1-277e-48a5-b526-c1e6b4117c54","block_type":"box","text":"Several jurisdictions are basing their own transition plan disclosure frameworks on the IFRS S2 definition. We anticipate","page_number":290,"box":{"x":170,"y":769,"width":711,"height":10}},{"id":"8d4f2aba-0fd2-4ba1-910a-1075f501734f","block_type":"box","text":"transition plan disclosure becoming mandatory in an increasing number of jurisdictions over the near term.","page_number":290,"box":{"x":170,"y":782,"width":630,"height":10}},{"id":"c81eda83-2a71-43e3-8b59-2b71de3d1cd8","block_type":"box","text":"28","page_number":290,"box":{"x":143,"y":797,"width":9,"height":5}},{"id":"4c169703-3ff2-4cd3-9086-a36ab863da91","block_type":"box","text":"As defined by the Science Based Targets initiative (SBTi). SBTi “is a corporate climate action organization that enables","page_number":290,"box":{"x":170,"y":797,"width":707,"height":10}},{"id":"620c8e91-1d81-45b2-8336-0de135860502","block_type":"box","text":"companies and financial institutions worldwide to play their part in combating the climate crisis. We develop standards,","page_number":290,"box":{"x":170,"y":810,"width":702,"height":10}},{"id":"f97342bd-4f7d-43d4-8209-4ca897956ccb","block_type":"box","text":"tools and guidance which allow companies to set greenhouse gas (GHG) emissions reductions targets in line with what","page_number":290,"box":{"x":170,"y":823,"width":707,"height":10}},{"id":"44815035-daaf-4155-b939-ff8308545c09","block_type":"box","text":"is needed to keep global heating below catastrophic levels and reach net-zero by 2050 at latest.” Source: Science","page_number":290,"box":{"x":170,"y":836,"width":675,"height":10}},{"id":"a3959efe-9e63-45ec-ba31-20a9bdaf6b74","block_type":"box","text":"Based Targets initiative, “About Us.” Websites accessed in December 2025.","page_number":290,"box":{"x":171,"y":849,"width":450,"height":10}},{"id":"03fad9d9-cea2-4f88-bcff-2f24c8498252","block_type":"box","text":"29","page_number":290,"box":{"x":143,"y":864,"width":9,"height":5}},{"id":"e1a1a508-38e7-4cd3-be77-adf0a9f3d81d","block_type":"box","text":"Greenhouse Gas Protocol, “A Corporate Accounting and Reporting Standard,” Revised Edition.","page_number":290,"box":{"x":170,"y":864,"width":565,"height":10}},{"id":"9ffa908c-70f2-4b64-a1ee-7bcd8ccfa32f","block_type":"box","text":"30","page_number":290,"box":{"x":143,"y":879,"width":9,"height":5}},{"id":"90fd14ae-7908-457f-a203-1e4dafc92500","block_type":"box","text":"Greenhouse Gas Protocol, “A Corporate Accounting and Reporting Standard,” Revised Edition.","page_number":290,"box":{"x":170,"y":879,"width":565,"height":10}},{"id":"dcd3cc8c-2d51-4b80-a53c-527ee9b75b80","block_type":"box","text":"BlackRock Investment Stewardship","page_number":290,"box":{"x":117,"y":909,"width":262,"height":11}},{"id":"f7e80710-a4f6-4ddd-9d66-ceeeabf28890","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines |","page_number":290,"box":{"x":481,"y":909,"width":375,"height":11}},{"id":"11e23ffe-a4f2-49eb-8a9a-72e3864e3514","block_type":"box","text":"11","page_number":290,"box":{"x":867,"y":909,"width":14,"height":9}},{"id":"7f2447bd-083d-481e-9b5c-0459f92b27d4","block_type":"box","text":"BNM1026U-6033078-19204812","page_number":290,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"6fe894f7-09b7-48e6-badd-d8d02906ac84","block_type":"box","text":"Scope 3:","page_number":291,"box":{"x":116,"y":87,"width":74,"height":12}},{"id":"cee64bd9-899c-4719-a896-bf43abf52b41","block_type":"box","text":"Other indirect GHG emissions. 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