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to each share class: 0.15% for Institutional","page_number":8,"box":{"x":183,"y":305,"width":689,"height":11}},{"id":"54458810-8685-42c1-83bb-cf917e4404f1","block_type":"box","text":"Shares, 0.13% for Investor A Shares, 0.14% for Investor C Shares, 0.04% for Class K Shares, 0.17%","page_number":8,"box":{"x":184,"y":320,"width":683,"height":11}},{"id":"129f8be6-c714-472f-813f-6fbcd787e067","block_type":"box","text":"for Class R Shares, and 0.17% for Service Shares;","page_number":8,"box":{"x":183,"y":336,"width":342,"height":10}},{"id":"a1e1f3a2-7398-47c8-8817-0777352a3256","block_type":"box","text":"• The Fund’s existing investment advisory agreement (the “Investment Advisory Agreement”) with","page_number":8,"box":{"x":158,"y":367,"width":690,"height":11}},{"id":"78163473-280e-4897-a708-a6ba696b3551","block_type":"box","text":"BlackRock will be amended and restated to remove the provision of administrative services that will 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billion,","page_number":8,"box":{"x":183,"y":444,"width":672,"height":12}},{"id":"592e7acc-d65f-42dd-b92b-6d6f16f49a1f","block_type":"box","text":"0.50% of the Fund’s average daily net assets in excess of $12 billion but not more than $17 billion,","page_number":8,"box":{"x":183,"y":459,"width":672,"height":12}},{"id":"244c5b89-04e1-4693-a524-0e8c851366d3","block_type":"box","text":"0.49% of the Fund’s average daily net assets in excess of $17 billion but not more than $25 billion,","page_number":8,"box":{"x":183,"y":475,"width":672,"height":12}},{"id":"4a042fa0-0add-4095-9d98-3ee3c8c553f8","block_type":"box","text":"0.48% of the Fund’s average daily net assets in excess of $25 billion but not more than $30 billion,","page_number":8,"box":{"x":183,"y":490,"width":672,"height":12}},{"id":"5a8d7f8a-14bc-4685-8683-cdd79d9aa15e","block_type":"box","text":"0.45% of the Fund’s average daily net assets in excess of $30 billion but not more than $40 billion, 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You may request a copy of the 2026 Annual Financial Statements at no","page_number":16,"box":{"x":69,"y":392,"width":834,"height":12}},{"id":"0d088f16-3e1e-4e3c-9166-17baf50d2209","block_type":"box","text":"charge by calling (800) 441-7762 between 8:00 a.m. and 6:00 p.m. Eastern time on any business day.","page_number":16,"box":{"x":69,"y":407,"width":772,"height":12}},{"id":"c762b057-52ee-4729-9a7b-2c7682f5ce76","block_type":"box","text":"References to the Investment Company Act of 1940, as amended (the “Investment Company Act”), or","page_number":16,"box":{"x":103,"y":430,"width":767,"height":12}},{"id":"58fd87f9-7496-4787-afac-fa3895ae3640","block_type":"box","text":"other applicable law, will include any rules promulgated thereunder and any guidance, interpretations or","page_number":16,"box":{"x":69,"y":445,"width":796,"height":12}},{"id":"b3f58929-08e4-484c-83a5-8bb18b78702c","block_type":"box","text":"modifications by the Commission, Commission staff or other authority with appropriate jurisdiction, including","page_number":16,"box":{"x":70,"y":460,"width":837,"height":12}},{"id":"20ac4519-3fd5-4b80-977b-48974eb00de5","block_type":"box","text":"court interpretations, and exemptive, no-action or other relief or permission from the Commission,","page_number":16,"box":{"x":69,"y":475,"width":749,"height":12}},{"id":"f25ba695-520f-4f15-92a4-05b40cd3f939","block_type":"box","text":"Commission staff or other authority.","page_number":16,"box":{"x":70,"y":490,"width":274,"height":12}},{"id":"b1b1d223-e8e3-4841-aae7-87b16c6f9da6","block_type":"box","text":"Class","page_number":16,"box":{"x":69,"y":519,"width":31,"height":7}},{"id":"0ac6ede9-a8a0-4486-ab15-b64769dbe772","block_type":"box","text":"Ticker Symbol","page_number":16,"box":{"x":827,"y":519,"width":82,"height":9}},{"id":"c3c6f862-a94e-41c1-8817-8e2c5c25aa2c","block_type":"box","text":"Investor A Shares","page_number":16,"box":{"x":70,"y":537,"width":124,"height":9}},{"id":"579ab28d-9eaf-407c-a59f-e4099e116b59","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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M","page_number":16,"box":{"x":216,"y":567,"width":639,"height":9}},{"id":"c1637a2c-e956-4f82-8c28-6618360748f7","block_type":"box","text":"ADVX","page_number":16,"box":{"x":856,"y":567,"width":38,"height":9}},{"id":"5f3a465a-afe9-4ce1-9f2a-a87be5d94533","block_type":"box","text":"Class R Shares","page_number":16,"box":{"x":69,"y":582,"width":109,"height":9}},{"id":"1e432dd5-a505-4a07-ab81-cabf2086bead","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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I-22","page_number":17,"box":{"x":358,"y":207,"width":551,"height":8}},{"id":"13a831f0-f4c3-40ce-bc47-3de68efb3d0f","block_type":"box","text":"Additional Information. . . . . . . . . . . . . . . . . . .","page_number":17,"box":{"x":68,"y":223,"width":308,"height":9}},{"id":"b2e4a4f0-f045-49ae-bc6a-5b3d953ede86","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-25","page_number":17,"box":{"x":382,"y":223,"width":527,"height":9}},{"id":"ba375354-b6e4-4cdd-bf51-b0c3fec010e0","block_type":"box","text":"Financial Statements","page_number":17,"box":{"x":70,"y":239,"width":148,"height":9}},{"id":"f89fe7da-1bd8-4097-a616-89055a6a566e","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-27","page_number":17,"box":{"x":227,"y":239,"width":681,"height":9}},{"id":"f531af89-3408-413e-8c46-cb1a84ad2a6e","block_type":"box","text":"PART II","page_number":17,"box":{"x":69,"y":271,"width":52,"height":9}},{"id":"c0ffd5d9-096d-4249-a502-433cc7c61fbc","block_type":"box","text":"Investment Risks and Considerations . . . . . . . .","page_number":17,"box":{"x":70,"y":287,"width":330,"height":9}},{"id":"3418155e-5c8d-4b4b-a685-51ca53556db7","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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Accordingly, the Manager has claimed an","page_number":22,"box":{"x":70,"y":703,"width":796,"height":12}},{"id":"a4ecd3b8-0c5f-43cc-9453-bd2413ae5136","block_type":"box","text":"exclusion from the definition of the term “commodity pool operator” under the Commodity Exchange Act (“CEA”)","page_number":22,"box":{"x":69,"y":719,"width":796,"height":11}},{"id":"377eaf82-d301-4e38-b91a-0be9bdd5e55d","block_type":"box","text":"pursuant to Rule 4.5 under the CEA. The Manager is not, therefore, subject to registration or regulation as a","page_number":22,"box":{"x":70,"y":734,"width":770,"height":11}},{"id":"b65e1e70-0767-4f8d-b178-f7f9f914d213","block_type":"box","text":"“commodity pool operator” under the CEA in respect of the Fund.","page_number":22,"box":{"x":70,"y":749,"width":461,"height":11}},{"id":"4d4583f2-8f76-4ada-bc50-2feea930f296","block_type":"box","text":"II. Investment Restrictions","page_number":22,"box":{"x":69,"y":779,"width":194,"height":9}},{"id":"81078b37-f44f-4660-b623-32f0c4c84f48","block_type":"box","text":"The Fund has adopted restrictions and policies relating to the investment of the Fund’s assets and its activities.","page_number":22,"box":{"x":101,"y":802,"width":800,"height":11}},{"id":"9b4bb0f8-2495-43ca-b3a2-11abd26c5433","block_type":"box","text":"Certain of the restrictions are fundamental policies of the Fund and may not be changed without the approval of the","page_number":22,"box":{"x":69,"y":817,"width":825,"height":11}},{"id":"f4162ac5-ffa2-41a5-8fee-376ebd64e29b","block_type":"box","text":"holders of a majority of the Fund’s outstanding voting securities (which for this purpose and under the Investment","page_number":22,"box":{"x":69,"y":832,"width":809,"height":11}},{"id":"a6b53792-fcb3-4236-bdf4-4a4d0d8e6b38","block_type":"box","text":"Company Act, means the lesser of (i) 67% of the shares represented at a meeting at which more than 50% of the","page_number":22,"box":{"x":69,"y":847,"width":808,"height":11}},{"id":"1caf157e-9c3f-419d-a92a-034f7c26433e","block_type":"box","text":"outstanding shares are represented or (ii) more than 50% of the outstanding shares). The Fund has also adopted","page_number":22,"box":{"x":69,"y":862,"width":807,"height":12}},{"id":"a6f810b2-c770-42f4-ab43-e3ba83d17d3e","block_type":"box","text":"certain non-fundamental investment restrictions, which may be changed by the Board of Trustees without shareholder","page_number":22,"box":{"x":69,"y":877,"width":839,"height":12}},{"id":"b1e1d20f-8a12-40d3-8ea4-8319a81d96f3","block_type":"box","text":"approval.","page_number":22,"box":{"x":69,"y":893,"width":63,"height":10}},{"id":"207a52b7-8fe2-4c29-81f8-4cf569ee98e7","block_type":"box","text":"I-5","page_number":22,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"d87b863b-c63d-4c55-8948-df710fd66bdf","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":22,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f1abb024-6a1e-4892-ac8d-91c6d4fe993a","block_type":"box","text":"Set forth below are the Fund’s fundamental and non-fundamental investment restrictions. Unless otherwise","page_number":23,"box":{"x":102,"y":45,"width":767,"height":9}},{"id":"fd2f1b5f-c7a3-4ea8-8b7a-dfab1e4c5ed6","block_type":"box","text":"provided, all references below to the assets of the Fund are in terms of current market value.","page_number":23,"box":{"x":70,"y":60,"width":664,"height":11}},{"id":"c364b76a-b47a-482b-baa9-8f7c895944bb","block_type":"box","text":"Under its fundamental investment restrictions, the Fund may not:","page_number":23,"box":{"x":102,"y":82,"width":463,"height":12}},{"id":"672b6de2-d7bb-4b43-93cc-a60e36134c9c","block_type":"box","text":"(1) Make any investment inconsistent with the Fund’s classification as a diversified company under the","page_number":23,"box":{"x":134,"y":105,"width":734,"height":11}},{"id":"c0e3b345-756b-44b4-90ed-39795811143b","block_type":"box","text":"Investment Company Act.","page_number":23,"box":{"x":102,"y":120,"width":179,"height":11}},{"id":"04988241-477f-4a1d-8f21-099a8063b218","block_type":"box","text":"(2) Invest more than 25% of its total assets, taken at market value at the time of each investment, in the","page_number":23,"box":{"x":134,"y":143,"width":750,"height":11}},{"id":"03a31c73-4985-4528-8744-3dcd2e21d570","block_type":"box","text":"securities of issuers in any particular industry (excluding the U.S. Government and its agencies and","page_number":23,"box":{"x":102,"y":158,"width":709,"height":11}},{"id":"479e26bd-9210-409f-b1e0-af224ca463d6","block_type":"box","text":"instrumentalities).","page_number":23,"box":{"x":102,"y":173,"width":127,"height":11}},{"id":"b797ae16-ad83-4367-957d-a83a957a6a12","block_type":"box","text":"(3) Make investments for the purpose of exercising control or management.","page_number":23,"box":{"x":134,"y":196,"width":538,"height":11}},{"id":"1854dd5d-1b59-4074-8e0a-f0addf24ffa2","block_type":"box","text":"(4) Purchase or sell real estate, except that, to the extent permitted by applicable law, the Fund may invest","page_number":23,"box":{"x":134,"y":219,"width":762,"height":11}},{"id":"c96613aa-eab9-4ef9-a405-90f92d40eaec","block_type":"box","text":"in securities directly or indirectly secured by real estate or interests therein or issued by companies that invest in","page_number":23,"box":{"x":102,"y":234,"width":806,"height":11}},{"id":"02e8844c-1b5e-4caa-b58b-485005c662ae","block_type":"box","text":"real estate or interests therein.","page_number":23,"box":{"x":102,"y":249,"width":221,"height":9}},{"id":"a77adc98-75d2-4c0f-8548-7a267d9a5320","block_type":"box","text":"(5) Make loans to other persons, except that the acquisition of bonds, debentures or other corporate debt","page_number":23,"box":{"x":134,"y":271,"width":756,"height":11}},{"id":"623d8c64-2791-43e3-a902-3cf0d72762bd","block_type":"box","text":"securities and investment in government obligations, commercial paper, pass-through instruments, certificates","page_number":23,"box":{"x":102,"y":286,"width":790,"height":12}},{"id":"60addf6f-d4c6-4a6f-8d7f-462dd7155dd0","block_type":"box","text":"of deposit, bankers’ acceptances, repurchase agreements or any similar instruments shall not be deemed to be","page_number":23,"box":{"x":102,"y":302,"width":800,"height":11}},{"id":"48f671d5-1481-4235-b34e-348dedf8b2c8","block_type":"box","text":"the making of a loan, and except further that the Fund may lend its portfolio securities, provided that the lending","page_number":23,"box":{"x":101,"y":317,"width":805,"height":11}},{"id":"cfa2fbec-fded-4312-a693-dda23d2c2bc6","block_type":"box","text":"of portfolio securities may be made only in accordance with applicable law and the guidelines set forth in its","page_number":23,"box":{"x":102,"y":332,"width":772,"height":11}},{"id":"269b925c-c8ae-4ce8-9c59-f9e8fbda70a2","block_type":"box","text":"Prospectus and Statement of Additional Information, as they may be amended from time to time.","page_number":23,"box":{"x":102,"y":347,"width":690,"height":11}},{"id":"cd44e435-4edf-41ae-9628-3f932cd10cec","block_type":"box","text":"(6) Issue senior securities to the extent such issuance would violate applicable law.","page_number":23,"box":{"x":134,"y":370,"width":595,"height":11}},{"id":"56550075-ccad-4876-9e49-503f0fe5ddff","block_type":"box","text":"(7) Borrow money, except that (i) the Fund may borrow from banks (as defined in the Investment Company","page_number":23,"box":{"x":134,"y":392,"width":756,"height":12}},{"id":"3932cb99-b630-4b20-8ece-43a9ebfcd464","block_type":"box","text":"Act) in amounts up to 33","page_number":23,"box":{"x":101,"y":408,"width":177,"height":10}},{"id":"1836f392-3f9d-4806-8c0c-83c2095eb5bc","block_type":"box","text":"1⁄","page_number":23,"box":{"x":280,"y":408,"width":5,"height":5}},{"id":"b8b367ce-c8dd-437e-b5dd-b34a34cb38c7","block_type":"box","text":"1⁄3","page_number":23,"box":{"x":283,"y":408,"width":8,"height":8}},{"id":"f9e744ba-4778-4235-9903-1040cd0c1de5","block_type":"box","text":"⁄3","page_number":23,"box":{"x":289,"y":411,"width":6,"height":5}},{"id":"41eee423-c2ae-4057-aeb2-af87320815b2","block_type":"box","text":"% of its total assets (including the amount borrowed), (ii) the Fund may, to the extent","page_number":23,"box":{"x":295,"y":407,"width":605,"height":12}},{"id":"b53ff316-e2f8-41d4-b67d-5c3ff994c3a8","block_type":"box","text":"permitted by applicable law, borrow up to an additional 5% of its total assets for temporary purposes, (iii) the","page_number":23,"box":{"x":102,"y":423,"width":777,"height":11}},{"id":"9887ed41-ebbc-4a76-aad1-b9a30585d893","block_type":"box","text":"Fund may obtain such short term credit as may be necessary for the clearance of purchases and sales of","page_number":23,"box":{"x":102,"y":438,"width":755,"height":11}},{"id":"943c7392-3197-4ad3-9a5f-bcd869137869","block_type":"box","text":"portfolio securities and (iv) the Fund may purchase securities on margin to the extent permitted by applicable","page_number":23,"box":{"x":102,"y":453,"width":778,"height":11}},{"id":"9e2c8fab-d142-45bd-8ed5-8e862bfac2e9","block_type":"box","text":"law. The Fund may not pledge its assets other than to secure such borrowings or, to the extent permitted by the","page_number":23,"box":{"x":102,"y":468,"width":797,"height":11}},{"id":"00479c55-b15a-41b3-a48a-743f2ee7ecdf","block_type":"box","text":"Fund’s investment policies as set forth in its Prospectus and Statement of Additional Information, as they may","page_number":23,"box":{"x":102,"y":483,"width":789,"height":11}},{"id":"4eda7dda-07dd-46cf-ae29-6ed661e9b3d3","block_type":"box","text":"be amended from time to time, in connection with hedging transactions, short sales, when issued and forward","page_number":23,"box":{"x":102,"y":498,"width":788,"height":11}},{"id":"bdb40b86-276e-4b04-87cc-2ae0a2856919","block_type":"box","text":"commitment transactions and similar investment strategies.","page_number":23,"box":{"x":101,"y":514,"width":428,"height":11}},{"id":"e1445094-6b0a-43c6-9683-b8f72580aeea","block_type":"box","text":"(8) Underwrite securities of other issuers, except insofar as the Fund technically may be deemed an","page_number":23,"box":{"x":134,"y":536,"width":712,"height":11}},{"id":"66b268c0-d2cc-4995-897f-51e85ae36050","block_type":"box","text":"underwriter under the Securities Act of 1933, as amended (the “Securities Act”), in selling portfolio securities.","page_number":23,"box":{"x":102,"y":551,"width":788,"height":11}},{"id":"4717071d-f89a-4af5-8aa6-4559304465bb","block_type":"box","text":"(9) Purchase or sell commodities or contracts on commodities, except to the extent that the Fund may do so","page_number":23,"box":{"x":134,"y":574,"width":773,"height":11}},{"id":"1e772e41-279a-4ad1-a9dc-43954fcd23aa","block_type":"box","text":"in accordance with applicable law and the Fund’s Prospectus and Statement of Additional Information, as they","page_number":23,"box":{"x":102,"y":589,"width":786,"height":11}},{"id":"90852e2c-e956-434f-a635-1ab017679209","block_type":"box","text":"may be amended from time to time, and without registering as a commodity pool operator under the Commodity","page_number":23,"box":{"x":102,"y":604,"width":797,"height":11}},{"id":"da6d2234-b40c-440c-b5eb-743a6a5baee5","block_type":"box","text":"Exchange Act.","page_number":23,"box":{"x":102,"y":619,"width":97,"height":11}},{"id":"a4bff39e-1604-492d-8523-d35025febded","block_type":"box","text":"Under its non-fundamental investment restrictions, the Fund may not:","page_number":23,"box":{"x":102,"y":642,"width":493,"height":11}},{"id":"74781ca9-36e3-4f04-ab1f-c9dd6ca20035","block_type":"box","text":"(a) Purchase securities of other investment companies, except to the extent permitted by the Investment","page_number":23,"box":{"x":134,"y":664,"width":747,"height":12}},{"id":"165061eb-0cec-4fd5-99ae-3efe4b0efad0","block_type":"box","text":"Company Act. As a matter of policy, however, the Fund will not purchase shares of any registered open-end","page_number":23,"box":{"x":102,"y":680,"width":759,"height":11}},{"id":"ac05e312-83a7-45c9-8847-5acfc0b580df","block_type":"box","text":"investment company or registered unit investment trust, in reliance on Section 12(d)(1)(F) or (G) (the “fund of","page_number":23,"box":{"x":102,"y":695,"width":779,"height":11}},{"id":"c0503673-5923-4b9d-89ae-53c1a18ccbd3","block_type":"box","text":"funds” provisions) of the Investment Company Act, at any time the Fund has knowledge that its shares are","page_number":23,"box":{"x":101,"y":710,"width":761,"height":11}},{"id":"e90b74cb-fad7-4aeb-a4e1-b707b2ab9e6d","block_type":"box","text":"purchased by another investment company investor in reliance on the provisions of subparagraph (G) of Section","page_number":23,"box":{"x":102,"y":725,"width":795,"height":11}},{"id":"f16c8ed2-e566-4a39-bd59-a9097a57bdf4","block_type":"box","text":"12(d)(1).","page_number":23,"box":{"x":102,"y":740,"width":60,"height":11}},{"id":"e779e388-b767-4382-8523-33e8c69ef305","block_type":"box","text":"(b) Make short sales of securities or maintain a short position, except to the extent permitted by the Fund’s","page_number":23,"box":{"x":134,"y":763,"width":770,"height":11}},{"id":"fdb01440-0d9e-4287-8c9b-09b5c24f51dd","block_type":"box","text":"Prospectus and Statement of Additional Information, as amended from time to time, and applicable law.","page_number":23,"box":{"x":102,"y":778,"width":740,"height":11}},{"id":"009fe5f7-da1b-4ec0-8382-c3db5f339b53","block_type":"box","text":"For purposes of investment restriction (2), with respect to the Fund’s industry classifications, the Fund currently","page_number":23,"box":{"x":102,"y":801,"width":798,"height":11}},{"id":"eac1a436-2b98-4462-bdf6-c5649b957aba","block_type":"box","text":"utilizes any one or more of the industry sub-classifications used by one or more widely recognized market indexes or","page_number":23,"box":{"x":69,"y":816,"width":829,"height":11}},{"id":"cb0ce4b9-e215-4fbe-ba9a-cd6a0cd8db21","block_type":"box","text":"rating group indexes, and/or as defined by Fund management. The policy also will be interpreted to give broad","page_number":23,"box":{"x":69,"y":831,"width":784,"height":11}},{"id":"caa4b732-b5cf-4945-b3c4-d2fd4d1f58e0","block_type":"box","text":"authority to the Fund as to how to classify issuers within or among industries.","page_number":23,"box":{"x":69,"y":846,"width":552,"height":11}},{"id":"255d464a-4515-4fbc-afcc-292d60c4d2c9","block_type":"box","text":"Except with respect to restriction (7) above or with respect to policies adopted pursuant to Rule 35d-1 under the","page_number":23,"box":{"x":102,"y":869,"width":799,"height":11}},{"id":"5f45af53-0b9a-48bb-be7f-4b044ce27dfe","block_type":"box","text":"Investment Company Act, all limitations under the Fund’s fundamental or non-fundamental investment restrictions","page_number":23,"box":{"x":70,"y":884,"width":810,"height":11}},{"id":"f5c5e6a3-348e-4b02-8839-e0d1deff4e5f","block_type":"box","text":"apply only at the time that a transaction is undertaken. Any change in the percentage of the Fund’s assets invested","page_number":23,"box":{"x":69,"y":899,"width":824,"height":11}},{"id":"6d1ea89b-8bbe-4f26-b681-67c0fc09355a","block_type":"box","text":"I-6","page_number":23,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"f13abdbb-3c4d-491c-9824-82d3a27a9662","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":23,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"74a21e5d-eb44-4f41-8471-b5cf293220c5","block_type":"box","text":"in certain securities or other instruments resulting from market fluctuations or other changes in the Fund’s total","page_number":24,"box":{"x":70,"y":45,"width":797,"height":11}},{"id":"56ddc199-8df8-41c8-b57f-8b2b3657c5fb","block_type":"box","text":"assets will not require the Fund to dispose of any investment until BlackRock determines that it is practicable to sell","page_number":24,"box":{"x":69,"y":60,"width":830,"height":11}},{"id":"36a7daea-cb87-44c2-a989-f21091f69c04","block_type":"box","text":"or close out the investment without undue market or tax consequences.","page_number":24,"box":{"x":69,"y":75,"width":511,"height":11}},{"id":"1172f8db-e373-4004-85b1-8c11bcbedb97","block_type":"box","text":"The Fund has also adopted an operating policy to structure the Fund’s portfolio, in the aggregate, in a manner","page_number":24,"box":{"x":101,"y":98,"width":786,"height":11}},{"id":"86a40a9a-bcd2-4fc9-817b-cfebf5ac8bb4","block_type":"box","text":"designed to produce potential long-term capital appreciation as well as a net portfolio yield in excess of the average","page_number":24,"box":{"x":69,"y":113,"width":827,"height":11}},{"id":"1d2f3531-ce27-482d-b541-d5dae06c8955","block_type":"box","text":"of mutual funds invested primarily in U.S. equities. This non-fundamental policy may be changed by the Board of","page_number":24,"box":{"x":69,"y":128,"width":799,"height":11}},{"id":"a7104183-8f4a-455c-a6fc-10a47df514b7","block_type":"box","text":"Trustees without a vote of the Fund’s shareholders.","page_number":24,"box":{"x":68,"y":143,"width":367,"height":9}},{"id":"c72b8599-3c56-41b3-b1a6-45a7f267ea69","block_type":"box","text":"III. Information on Trustees and Officers","page_number":24,"box":{"x":69,"y":173,"width":290,"height":9}},{"id":"fd7c8a2a-b157-41e0-82aa-fddf9a3a8e97","block_type":"box","text":"The Board consists of fifteen individuals (each, a “Trustee”), thirteen of whom are not “interested persons” of","page_number":24,"box":{"x":101,"y":196,"width":788,"height":11}},{"id":"5c4ebe97-533e-4d62-a095-56444213eb7b","block_type":"box","text":"the Fund as defined in the Investment Company Act (the “Independent Trustees”). The registered investment","page_number":24,"box":{"x":68,"y":211,"width":777,"height":11}},{"id":"71ecaf5b-cad0-4c45-88e4-a59b3eaa1c8e","block_type":"box","text":"companies advised by the Manager or its affiliates (the “BlackRock-advised Funds”) are organized into the BlackRock","page_number":24,"box":{"x":69,"y":226,"width":837,"height":11}},{"id":"5a6107b0-441d-4bbe-a9e6-fad18bf6b51e","block_type":"box","text":"Multi-Asset Complex, the BlackRock Fixed-Income Complex, and the iShares Complex (each, a “BlackRock Fund","page_number":24,"box":{"x":70,"y":241,"width":793,"height":11}},{"id":"c137e547-63f2-424f-829c-cd2d2494e954","block_type":"box","text":"Complex”). The Fund is included in the BlackRock Fund Complex referred to as the BlackRock Multi-Asset Complex.","page_number":24,"box":{"x":69,"y":256,"width":820,"height":11}},{"id":"c7582e01-c749-4802-8d56-bb3af5b20583","block_type":"box","text":"The Trustees also oversee as board members the operations of the other open-end registered investment companies","page_number":24,"box":{"x":68,"y":271,"width":837,"height":12}},{"id":"f34b5fef-97a4-4236-8e3b-9890b5e74ff5","block_type":"box","text":"included in the BlackRock Multi-Asset Complex.","page_number":24,"box":{"x":70,"y":287,"width":335,"height":10}},{"id":"d68c673d-8922-44d5-9c16-c92a40b2b47a","block_type":"box","text":"The Board has overall responsibility for the oversight of the Fund. The Chair of the Board is an Independent","page_number":24,"box":{"x":101,"y":309,"width":764,"height":11}},{"id":"12b3ef7f-96b2-47f8-93db-c7c1b7ccc01a","block_type":"box","text":"Trustee, and the Chair of each Board committee (each, a “Committee”) is an Independent Trustee. The Board has","page_number":24,"box":{"x":68,"y":324,"width":813,"height":11}},{"id":"6ec50839-389e-4bd9-a4e9-2432d2374331","block_type":"box","text":"five standing Committees: an Audit Committee, a Governance and Nominating Committee, a Compliance Committee,","page_number":24,"box":{"x":68,"y":339,"width":832,"height":12}},{"id":"07a60388-b41c-452e-9d9c-3cc890004fd2","block_type":"box","text":"a Performance Oversight Committee and an Ad Hoc Topics Committee. The role of the Chair of the Board is to","page_number":24,"box":{"x":69,"y":355,"width":784,"height":11}},{"id":"4e8a077a-fa25-401e-9453-72d296505477","block_type":"box","text":"preside at all meetings of the Board and to act as a liaison with service providers, officers, attorneys and other","page_number":24,"box":{"x":70,"y":370,"width":793,"height":11}},{"id":"538df6c2-06b2-4d7a-bffc-a7ecf9af2a0b","block_type":"box","text":"Trustees generally between meetings. The Chair of each Committee performs a similar role with respect to the","page_number":24,"box":{"x":68,"y":385,"width":789,"height":11}},{"id":"919909c2-ed85-412d-af34-acc562521411","block_type":"box","text":"Committee. The Chair of the Board or the Chair of a Committee may also perform such other functions as may be","page_number":24,"box":{"x":69,"y":400,"width":810,"height":11}},{"id":"2f493da3-540a-4191-8d3a-3dae7fb9b539","block_type":"box","text":"delegated by the Board or the Committee from time to time. The Independent Trustees meet regularly outside the","page_number":24,"box":{"x":69,"y":415,"width":809,"height":11}},{"id":"0179936c-ab2a-4437-bd99-d33e2b4a0af5","block_type":"box","text":"presence of Fund management, in executive session or with other service providers to the Fund. The Board has","page_number":24,"box":{"x":70,"y":430,"width":794,"height":11}},{"id":"0a01bd94-4eec-4c9c-9a6d-71112889fe6c","block_type":"box","text":"regular meetings five times a year, and may hold special meetings if required before its next regular meeting. Each","page_number":24,"box":{"x":69,"y":445,"width":816,"height":12}},{"id":"a2b9bcb9-2707-4e9e-9a3c-b6dee6a7d4b5","block_type":"box","text":"Committee meets regularly to conduct the oversight functions delegated to that Committee by the Board and reports","page_number":24,"box":{"x":69,"y":460,"width":831,"height":12}},{"id":"4aceea7a-7de5-4ee1-8d4e-b40311be42d8","block_type":"box","text":"its findings to the Board. The Board and each standing Committee conduct annual assessments of their oversight","page_number":24,"box":{"x":70,"y":475,"width":811,"height":12}},{"id":"d134d544-ea01-4c64-a550-21e7ecd2f8ce","block_type":"box","text":"function and structure. The Board has determined that the Board’s leadership structure is appropriate because it","page_number":24,"box":{"x":68,"y":491,"width":809,"height":11}},{"id":"4027f921-f1cc-4244-8898-88fbaad97751","block_type":"box","text":"allows the Board to exercise independent judgment over management and to allocate areas of responsibility among","page_number":24,"box":{"x":69,"y":506,"width":825,"height":11}},{"id":"267f0f2b-93a9-4755-8096-daf1cc7b8557","block_type":"box","text":"Committees and the full Board to enhance effective oversight.","page_number":24,"box":{"x":69,"y":521,"width":441,"height":11}},{"id":"f888a15f-9475-4d6d-b47a-6295abcd3874","block_type":"box","text":"The Board has engaged the Manager to manage the Fund on a day-to-day basis. The Board is responsible for","page_number":24,"box":{"x":101,"y":543,"width":777,"height":12}},{"id":"dc9d9480-e362-4bc5-86b0-feb3a9ac4080","block_type":"box","text":"overseeing the Manager, other service providers, the operations of the Fund and associated risks in accordance with","page_number":24,"box":{"x":69,"y":559,"width":832,"height":11}},{"id":"b8c85ba8-9cb5-42f3-ad9c-0a76fa4280c0","block_type":"box","text":"the provisions of the Investment Company Act, state law, other applicable laws, the Fund’s charter, and the Fund’s","page_number":24,"box":{"x":68,"y":574,"width":819,"height":11}},{"id":"3cdddc61-69d9-4d70-bd32-6933eda6f4ad","block_type":"box","text":"investment objective and strategies. The Board reviews, on an ongoing basis, the Fund’s performance, operations","page_number":24,"box":{"x":70,"y":589,"width":812,"height":11}},{"id":"79e4bd95-3923-4b59-9597-03e21bfe0cb8","block_type":"box","text":"and investment strategies and techniques. The Board also conducts reviews of the Manager and its role in running","page_number":24,"box":{"x":69,"y":604,"width":819,"height":11}},{"id":"16072f89-7caf-4fec-8d88-3aea54930606","block_type":"box","text":"the operations of the Fund.","page_number":24,"box":{"x":68,"y":619,"width":192,"height":11}},{"id":"3a5c7be6-cc06-49f7-8e00-498610f8ccd6","block_type":"box","text":"Day-to-day risk management with respect to the Fund is the responsibility of the Manager or of sub-advisers or","page_number":24,"box":{"x":102,"y":642,"width":785,"height":11}},{"id":"cc97eac9-becb-4bf5-a59f-f38c50e2c235","block_type":"box","text":"other service providers (depending on the nature of the risk), subject to the supervision of the Manager. The Fund is","page_number":24,"box":{"x":69,"y":657,"width":828,"height":11}},{"id":"6a80820f-cbaa-4fe3-b577-80257537c9b8","block_type":"box","text":"subject to a number of risks, including investment, compliance, operational and valuation risks, among others. While","page_number":24,"box":{"x":69,"y":672,"width":832,"height":11}},{"id":"52152a8a-ad89-4628-acd1-b083ac595a91","block_type":"box","text":"there are a number of risk management functions performed by the Manager and the sub-advisers or other service","page_number":24,"box":{"x":68,"y":687,"width":820,"height":11}},{"id":"f2a6adea-0126-45e9-99a0-72c90e576265","block_type":"box","text":"providers, as applicable, it is not possible to eliminate all of the risks applicable to the Fund. Risk oversight forms","page_number":24,"box":{"x":70,"y":702,"width":811,"height":12}},{"id":"f62a1394-afdf-42a1-be90-c0c5d1e1c9b9","block_type":"box","text":"part of the Board’s general oversight of the Fund and is addressed as part of various Board and Committee","page_number":24,"box":{"x":70,"y":717,"width":767,"height":12}},{"id":"094916d9-e468-43f9-abfa-b10496f338e9","block_type":"box","text":"activities. The Board, directly or through a Committee, also reviews reports from, among others, management, the","page_number":24,"box":{"x":69,"y":732,"width":815,"height":12}},{"id":"2839b3fc-5237-4e0b-a874-e817ea084681","block_type":"box","text":"independent registered public accounting firm for the Fund, sub-advisers and internal auditors for the investment","page_number":24,"box":{"x":70,"y":748,"width":803,"height":11}},{"id":"575159c3-036f-4cf2-803e-a8148a6f5c63","block_type":"box","text":"adviser or its affiliates, as appropriate, regarding risks faced by the Fund and management’s or the service provider’s","page_number":24,"box":{"x":69,"y":763,"width":840,"height":11}},{"id":"03ae32d9-15de-4bc9-a662-2fe376a5d626","block_type":"box","text":"risk functions. The Committee system facilitates the timely and efficient consideration of matters by the Trustees,","page_number":24,"box":{"x":69,"y":778,"width":812,"height":11}},{"id":"fb19c0ec-9482-45b3-a6e3-75dbf8c0847b","block_type":"box","text":"and facilitates effective oversight of compliance with legal and regulatory requirements and of the Fund’s activities","page_number":24,"box":{"x":69,"y":793,"width":817,"height":11}},{"id":"17b26afd-9232-4936-a15d-2042c1d9ece8","block_type":"box","text":"and associated risks. The Board has appointed a Chief Compliance Officer, who oversees the implementation and","page_number":24,"box":{"x":69,"y":808,"width":812,"height":11}},{"id":"237d0ac2-fe56-40e1-a48d-3827ac63dd32","block_type":"box","text":"testing of the Fund’s compliance program and reports to the Board regarding compliance matters for the Fund and its","page_number":24,"box":{"x":68,"y":823,"width":840,"height":12}},{"id":"1e01f33b-53ed-41ff-bc64-57a3ff474bf6","block_type":"box","text":"service providers. The Independent Trustees have engaged independent legal counsel to assist them in performing","page_number":24,"box":{"x":69,"y":838,"width":822,"height":12}},{"id":"6105d1ab-f1ce-4377-a526-10ce1aaec0a3","block_type":"box","text":"their oversight responsibilities.","page_number":24,"box":{"x":68,"y":854,"width":218,"height":11}},{"id":"85a1e1fb-25d7-433b-a5b5-482df19be950","block_type":"box","text":"Audit Committee.","page_number":24,"box":{"x":101,"y":876,"width":122,"height":9}},{"id":"4ce9104e-0f67-4472-8e4b-57af67fa9a4b","block_type":"box","text":"The members of the Audit Committee (the “Audit Committee”) are Henry R. Keizer (Chair), Neil","page_number":24,"box":{"x":229,"y":876,"width":673,"height":11}},{"id":"920347ae-cea2-4428-b7be-b48664d5d620","block_type":"box","text":"A. Cotty, Jeffrey Jarczyk, Lori Richards, Kenneth L. Urish and Claire A. Walton, all of whom are Independent Trustees.","page_number":24,"box":{"x":68,"y":891,"width":831,"height":11}},{"id":"7c7493cd-1263-400d-bda8-d53f6cf52843","block_type":"box","text":"The principal responsibilities of the Audit Committee are to approve, and recommend to the full Board for approval,","page_number":24,"box":{"x":68,"y":906,"width":820,"height":11}},{"id":"8c87cce8-e078-4d1d-b8c4-b66b06928dcb","block_type":"box","text":"I-7","page_number":24,"box":{"x":481,"y":943,"width":16,"height":9}},{"id":"d7f6a553-13ba-4d13-a3fd-345092588169","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":24,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"83d1ee2b-f130-4278-a73e-84b7ef7fbf5d","block_type":"box","text":"the selection, retention, termination and compensation of the Fund’s independent registered public accounting firm","page_number":25,"box":{"x":68,"y":45,"width":823,"height":11}},{"id":"2c6a47be-ada0-441c-bb0c-2be8417f4a30","block_type":"box","text":"(the “Independent Registered Public Accounting Firm”) and to oversee the Independent Registered Public Accounting","page_number":25,"box":{"x":69,"y":60,"width":830,"height":11}},{"id":"34cfe395-40dc-4e6d-967f-48d2bdb6e835","block_type":"box","text":"Firm’s work. The Audit Committee’s responsibilities include, without limitation, to (1) evaluate the qualifications and","page_number":25,"box":{"x":70,"y":75,"width":825,"height":11}},{"id":"8a5a6c32-7270-4898-9733-ed1cd5474836","block_type":"box","text":"independence of the Independent Registered Public Accounting Firm; (2) approve all audit engagement terms and","page_number":25,"box":{"x":70,"y":90,"width":807,"height":11}},{"id":"f9b92b69-fe18-489f-b36e-da6b3dd4fc50","block_type":"box","text":"fees for the Fund; (3) review the conduct and results of each independent audit of the Fund’s annual financial","page_number":25,"box":{"x":68,"y":105,"width":781,"height":11}},{"id":"9b34a53b-018c-48cf-be5e-5c52104353a9","block_type":"box","text":"statements; (4) review any issues raised by the Independent Registered Public Accounting Firm or Fund management","page_number":25,"box":{"x":69,"y":120,"width":834,"height":12}},{"id":"67612f78-1f94-47e9-90f5-521683c75a4e","block_type":"box","text":"regarding the accounting or financial reporting policies and practices of the Fund and the internal controls of the Fund","page_number":25,"box":{"x":69,"y":135,"width":838,"height":12}},{"id":"7693f5ff-07ec-4873-a1c5-254b1e7d2b8c","block_type":"box","text":"and certain service providers; (5) oversee the performance of the Fund’s Independent Registered Public Accounting","page_number":25,"box":{"x":69,"y":150,"width":825,"height":12}},{"id":"05cebc46-726d-42da-a0ca-7919b1222e0e","block_type":"box","text":"Firm; (6) review and discuss with management and the Fund’s Independent Registered Public Accounting Firm the","page_number":25,"box":{"x":70,"y":166,"width":809,"height":11}},{"id":"25ffd6d2-711a-48f4-9690-72fb7ee19ab2","block_type":"box","text":"performance and findings of the Fund’s internal auditors; (7) discuss with Fund management its policies regarding","page_number":25,"box":{"x":70,"y":181,"width":815,"height":11}},{"id":"58ad458d-5d29-4566-8bb2-f7d429fcaaaf","block_type":"box","text":"risk assessment and risk management as such matters relate to the Fund’s financial reporting and controls;","page_number":25,"box":{"x":69,"y":196,"width":774,"height":11}},{"id":"35ac71c6-a1ea-4df5-bd9b-438491f74a53","block_type":"box","text":"(8) resolve any disagreements between Fund management and the Independent Registered Public Accounting Firm","page_number":25,"box":{"x":69,"y":211,"width":815,"height":11}},{"id":"34b8f392-31eb-4771-ba8b-8d6fc376a8dd","block_type":"box","text":"regarding financial reporting; and (9) undertake such other duties and responsibilities as may from time to time be","page_number":25,"box":{"x":69,"y":226,"width":819,"height":11}},{"id":"e033aff1-202b-4ce5-afd3-b2344a281b9f","block_type":"box","text":"delegated by the Board to the Audit Committee. The Board has adopted a written charter for the Audit Committee.","page_number":25,"box":{"x":69,"y":241,"width":812,"height":11}},{"id":"cf9ef6aa-c77c-4a86-830d-5addd3a823af","block_type":"box","text":"During the fiscal year ended April 30, 2026, the Audit Committee met four times.","page_number":25,"box":{"x":70,"y":256,"width":576,"height":12}},{"id":"10ad4284-19d9-4b9d-b04b-96171c5aa023","block_type":"box","text":"Governance and Nominating Committee.","page_number":25,"box":{"x":102,"y":279,"width":286,"height":11}},{"id":"92036eaf-aa07-41e2-948a-0aafbc2deb47","block_type":"box","text":"The members of the Governance and Nominating Committee (the","page_number":25,"box":{"x":394,"y":279,"width":464,"height":11}},{"id":"7bc5669d-b5b5-45fa-808a-e11e18c0beb0","block_type":"box","text":"“Governance Committee”) are Cynthia A. Montgomery (Chair), Christopher J. Ailman, Susan J. Carter, Collette Chilton,","page_number":25,"box":{"x":70,"y":294,"width":838,"height":11}},{"id":"6a7b31d8-cd6d-4cee-b46e-5db222ba61ca","block_type":"box","text":"Henry R. Keizer and Marc D. Stern, all of whom are Independent Trustees. The principal responsibilities of the","page_number":25,"box":{"x":70,"y":309,"width":784,"height":11}},{"id":"c24cbc3a-9c7a-46e4-a665-d14cb5582702","block_type":"box","text":"Governance Committee are to (1) identify individuals qualified to serve as Independent Trustees of the Fund and","page_number":25,"box":{"x":69,"y":324,"width":801,"height":11}},{"id":"3d1b64be-6da9-443b-94e4-4cd37bc44d6a","block_type":"box","text":"recommend Independent Trustee nominees for election by shareholders or appointment by the Board; (2) advise the","page_number":25,"box":{"x":69,"y":339,"width":829,"height":12}},{"id":"64763ec3-f0c9-4c21-8c09-02e08e886c32","block_type":"box","text":"Board with respect to Board composition, procedures and committees (other than the Audit Committee); (3) oversee","page_number":25,"box":{"x":70,"y":355,"width":828,"height":11}},{"id":"1401c900-8f17-4137-972d-74f781db4b9e","block_type":"box","text":"periodic self-assessments of the Board and committees of the Board (other than the Audit Committee); (4) review","page_number":25,"box":{"x":70,"y":370,"width":809,"height":11}},{"id":"5abb125d-fedd-48da-9c4b-7c47a8722341","block_type":"box","text":"and make recommendations regarding Independent Trustee compensation; (5) monitor corporate governance matters","page_number":25,"box":{"x":69,"y":385,"width":838,"height":11}},{"id":"351a9b62-c2e7-49aa-baa7-62a5c32fea3c","block_type":"box","text":"and develop appropriate recommendations to the Board; (6) act as the administrative committee with respect to","page_number":25,"box":{"x":69,"y":400,"width":800,"height":11}},{"id":"d779d36a-7a07-4aa6-9569-3ae66fef359f","block_type":"box","text":"Board policies and procedures, committee policies and procedures (other than the Audit Committee) and codes of","page_number":25,"box":{"x":70,"y":415,"width":813,"height":11}},{"id":"958a5377-5fe5-4e57-9958-ee75f0758608","block_type":"box","text":"ethics as they relate to Independent Trustees; and (7) undertake such other duties and responsibilities as may from","page_number":25,"box":{"x":69,"y":430,"width":829,"height":11}},{"id":"c676b3c5-be52-402e-b302-cb8d6df80c9c","block_type":"box","text":"time to time be delegated by the Board to the Governance Committee. The Governance Committee may consider","page_number":25,"box":{"x":68,"y":445,"width":804,"height":12}},{"id":"58a572d0-02e6-447c-bfb4-946af94b502e","block_type":"box","text":"nominations for Trustees made by the Fund’s shareholders as it deems appropriate. Under the Fund’s Amended and","page_number":25,"box":{"x":69,"y":460,"width":830,"height":12}},{"id":"985d1a30-16a2-4640-9121-ca013c44e007","block_type":"box","text":"Restated Bylaws (“Bylaws”), shareholders must follow certain procedures to nominate a person for election as a","page_number":25,"box":{"x":70,"y":475,"width":802,"height":12}},{"id":"85715ac8-0066-4015-bace-4b710c615212","block_type":"box","text":"Trustee at a shareholder meeting at which Trustees are to be elected. Under these advance notice procedures,","page_number":25,"box":{"x":68,"y":491,"width":792,"height":11}},{"id":"94d97202-eac4-4e3a-9319-0b91afc5dce5","block_type":"box","text":"notice of the proposed nominee to the Secretary of the Fund must be delivered to or mailed and received at the","page_number":25,"box":{"x":69,"y":506,"width":797,"height":11}},{"id":"1a85eabe-9158-4b10-b3ce-2c736ded3aa1","block_type":"box","text":"principal executive offices of the Fund not later than the close of business on the fifth day following the day on which","page_number":25,"box":{"x":70,"y":521,"width":831,"height":11}},{"id":"d8cdcdf6-eaa5-43a9-a34c-5dc7b2b9ad36","block_type":"box","text":"notice of the date of the meeting was mailed or public disclosure of the date of the meeting was made, whichever","page_number":25,"box":{"x":69,"y":536,"width":812,"height":11}},{"id":"2d2fb691-1b59-4428-8c2c-09789b04b47c","block_type":"box","text":"first occurs. The Fund’s Bylaws provide that notice of a proposed nomination must include certain information about","page_number":25,"box":{"x":68,"y":551,"width":830,"height":11}},{"id":"9150d21b-3754-4d15-bbbe-4abab37c140a","block_type":"box","text":"the shareholder and the nominee, as well as certain other information, including a written consent of the proposed","page_number":25,"box":{"x":68,"y":566,"width":820,"height":11}},{"id":"1c4dfaa6-0f01-4638-b150-09fe98dfed47","block_type":"box","text":"nominee to serve if elected. Reference is made to the Fund’s Bylaws for more details. The Board has adopted a","page_number":25,"box":{"x":69,"y":581,"width":799,"height":11}},{"id":"a3dcb1c3-de26-43bb-8ecb-76d130f3a654","block_type":"box","text":"written charter for the Governance Committee. During the fiscal year ended April 30, 2026, the Governance","page_number":25,"box":{"x":68,"y":596,"width":767,"height":12}},{"id":"39eb5284-f55d-4a58-8bd4-625b3aadc475","block_type":"box","text":"Committee met eleven times.","page_number":25,"box":{"x":69,"y":612,"width":208,"height":9}},{"id":"158d9785-4ab9-4492-82f1-d7177007b9c8","block_type":"box","text":"Compliance Committee.","page_number":25,"box":{"x":102,"y":634,"width":168,"height":11}},{"id":"f3d8e641-b878-4389-b914-01aa9b10284c","block_type":"box","text":"The members of the Compliance Committee (the “Compliance Committee”) are Claire A.","page_number":25,"box":{"x":276,"y":634,"width":629,"height":11}},{"id":"c4baded7-50e0-4d3b-8a93-57cc50745f5f","block_type":"box","text":"Walton (Chair), Jeffrey Jarczyk, Cynthia A. Montgomery, Donald C. Opatrny, Lori Richards and Kenneth L. Urish, all of","page_number":25,"box":{"x":68,"y":649,"width":828,"height":12}},{"id":"d9de09ce-8e75-427e-b30b-2ccce3fb1f08","block_type":"box","text":"whom are Independent Trustees. The Compliance Committee’s purpose is to assist the Board in fulfilling its","page_number":25,"box":{"x":68,"y":664,"width":771,"height":12}},{"id":"1b21aa4d-ff41-4cbe-bf5c-b01c77af60e1","block_type":"box","text":"responsibility to oversee regulatory and fiduciary compliance matters involving the Fund, the fund-related activities of","page_number":25,"box":{"x":69,"y":680,"width":834,"height":11}},{"id":"bbbcb635-abba-4399-90df-b808421861f9","block_type":"box","text":"BlackRock and any sub-adviser and the Fund’s third-party service providers. The Compliance Committee’s","page_number":25,"box":{"x":70,"y":695,"width":753,"height":11}},{"id":"b241e777-5245-495c-a213-7d57eac95d74","block_type":"box","text":"responsibilities include, without limitation, to (1) oversee the compliance policies and procedures of the Fund and its","page_number":25,"box":{"x":69,"y":710,"width":832,"height":11}},{"id":"faaebed7-0b65-49e3-8155-e3a1c7c7c47d","block_type":"box","text":"service providers and recommend changes or additions to such policies and procedures; (2) review information on","page_number":25,"box":{"x":69,"y":725,"width":815,"height":11}},{"id":"a0eb562d-3569-4388-881d-de2f634cc96e","block_type":"box","text":"and, where appropriate, recommend policies concerning the Fund’s compliance with applicable law; (3) review","page_number":25,"box":{"x":69,"y":740,"width":784,"height":11}},{"id":"509fa42b-6ea2-425e-be60-b6a732572155","block_type":"box","text":"reports from, oversee the annual performance review of, and make certain recommendations and determinations","page_number":25,"box":{"x":69,"y":755,"width":811,"height":11}},{"id":"42d7e378-1a20-4d25-990d-89191fab6425","block_type":"box","text":"regarding the Fund’s Chief Compliance Officer (the “CCO”), including determining the amount and structure of the","page_number":25,"box":{"x":69,"y":770,"width":811,"height":12}},{"id":"4841d88d-ac78-4389-aaa9-1d211b8a88e0","block_type":"box","text":"CCO’s compensation and recommending such amount and structure to the full Board for approval and ratification;","page_number":25,"box":{"x":69,"y":785,"width":812,"height":12}},{"id":"96aed718-a9f6-4f01-9475-da246342e7dc","block_type":"box","text":"and (4) undertake such other duties and responsibilities as may from time to time be delegated by the Board to the","page_number":25,"box":{"x":69,"y":801,"width":825,"height":11}},{"id":"1800a660-6d9e-485d-92cd-f12235dfcd44","block_type":"box","text":"Compliance Committee. The Board has adopted a written charter for the Compliance Committee. During the fiscal","page_number":25,"box":{"x":69,"y":816,"width":811,"height":11}},{"id":"f30cc5a6-de15-4428-bfaa-6a0b5da446d4","block_type":"box","text":"year ended April 30, 2026, the Compliance Committee met four times.","page_number":25,"box":{"x":68,"y":831,"width":504,"height":11}},{"id":"25589b2a-1b59-4d91-8de8-bf47aaaccffb","block_type":"box","text":"Per formance Oversight Committee.","page_number":25,"box":{"x":102,"y":853,"width":248,"height":12}},{"id":"34eeb033-7daf-45aa-bd44-f44cc42468aa","block_type":"box","text":"The members of the Performance Oversight Committee (the “Performance","page_number":25,"box":{"x":356,"y":853,"width":531,"height":12}},{"id":"d78f5d7b-2ae7-4ef3-99fd-d21a77ac783f","block_type":"box","text":"Oversight Committee”) are Donald C. Opatrny (Chair), Christopher J. Ailman, Susan J. Carter, Collette Chilton, Neil A.","page_number":25,"box":{"x":69,"y":869,"width":829,"height":11}},{"id":"245f643e-08cd-4c1a-bc28-d930eddee945","block_type":"box","text":"Cotty and Marc D. Stern, all of whom are Independent Trustees. The Performance Oversight Committee’s purpose is","page_number":25,"box":{"x":69,"y":884,"width":830,"height":11}},{"id":"4ad8bd4a-3da2-4905-a00e-d8eaeda2e044","block_type":"box","text":"I-8","page_number":25,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"36ec3382-8def-4beb-9d1f-a59d03fe3010","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":25,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c4c70a02-7b80-4ffc-be1a-13f8d0b512b7","block_type":"box","text":"to assist the Board in fulfilling its responsibility to oversee the Fund’s investment performance relative to its agreed","page_number":26,"box":{"x":68,"y":45,"width":832,"height":11}},{"id":"b1c6aaea-5f6c-4fdd-8655-8a305c35c853","block_type":"box","text":"upon performance objectives and to assist the Independent Trustees in their consideration of investment advisory","page_number":26,"box":{"x":69,"y":60,"width":816,"height":11}},{"id":"f2cc9984-d740-4976-b03d-b8a7c84a1f5c","block_type":"box","text":"agreements. The Performance Oversight Committee’s responsibilities include, without limitation, to (1) review","page_number":26,"box":{"x":69,"y":75,"width":782,"height":11}},{"id":"27def18d-9e5f-41a5-8464-79ad6649238b","block_type":"box","text":"information on, and make recommendations to the full Board in respect of, the Fund’s investment objective, policies","page_number":26,"box":{"x":70,"y":90,"width":829,"height":11}},{"id":"537ca2c0-60e7-470c-b438-22bddb989bbf","block_type":"box","text":"and practices; (2) review information on the Fund’s investment performance; (3) review information on appropriate","page_number":26,"box":{"x":69,"y":105,"width":816,"height":11}},{"id":"98f43636-5d80-453e-8aa0-43a91017f9a4","block_type":"box","text":"benchmarks and competitive universes and unusual or exceptional investment matters; (4) review personnel and","page_number":26,"box":{"x":69,"y":120,"width":803,"height":11}},{"id":"c2fb367f-c965-40d6-a3ab-7475bb64aed5","block_type":"box","text":"other resources devoted to management of the Fund and evaluate the nature and quality of information furnished to","page_number":26,"box":{"x":69,"y":135,"width":827,"height":12}},{"id":"aa4422c9-c2b9-438c-980c-c94a99e61141","block_type":"box","text":"the Performance Oversight Committee; (5) recommend any required action regarding changes in fundamental and","page_number":26,"box":{"x":68,"y":150,"width":811,"height":12}},{"id":"cdd7ad1c-0f2d-4f1f-8306-fe6cae9ab914","block_type":"box","text":"non-fundamental investment policies and restrictions, fund mergers or liquidations; (6) request and review","page_number":26,"box":{"x":69,"y":166,"width":757,"height":11}},{"id":"7700a786-e3fb-4335-9f13-71770f2ac485","block_type":"box","text":"information on the nature, extent and quality of services provided to the shareholders; (7) make recommendations to","page_number":26,"box":{"x":70,"y":181,"width":835,"height":11}},{"id":"832552eb-16de-48ae-bfe8-406b1b5992af","block_type":"box","text":"the Board concerning the approval or renewal of investment advisory agreements; and (8) undertake such other","page_number":26,"box":{"x":68,"y":196,"width":800,"height":11}},{"id":"cf54a798-8015-4080-a840-1f8d76def1d2","block_type":"box","text":"duties and responsibilities as may from time to time be delegated by the Board to the Performance Oversight","page_number":26,"box":{"x":69,"y":211,"width":780,"height":11}},{"id":"838bc9cc-6fe0-4e0a-ae3e-53fb2e9c0c9e","block_type":"box","text":"Committee. The Board has adopted a written charter for the Performance Oversight Committee. During the fiscal year","page_number":26,"box":{"x":69,"y":226,"width":838,"height":11}},{"id":"e046903d-cd5e-4bd0-af3e-dffa03043dc3","block_type":"box","text":"ended April 30, 2026, the Performance Oversight Committee met five times.","page_number":26,"box":{"x":69,"y":241,"width":546,"height":11}},{"id":"c728af7f-36a0-4824-afb3-cd483a88efe2","block_type":"box","text":"Ad Hoc Topics Committee.","page_number":26,"box":{"x":101,"y":264,"width":186,"height":11}},{"id":"64c999cf-3c18-4604-a081-77701e7defb4","block_type":"box","text":"The members of the Ad Hoc Topics Committee (the “Ad Hoc Topics Committee”) are","page_number":26,"box":{"x":293,"y":264,"width":598,"height":11}},{"id":"da7fa1d5-ed13-4276-ad77-2f8477d654b5","block_type":"box","text":"Mark Stalnecker (Chair) and Claire A. Walton, both of whom are Independent Trustees, and John M. Perlowski, who","page_number":26,"box":{"x":70,"y":279,"width":817,"height":11}},{"id":"d315941e-c290-45c5-8add-ca0e8bb7aec2","block_type":"box","text":"serves as an interested Trustee. The principal responsibilities of the Ad Hoc Topics Committee are to (1) act on","page_number":26,"box":{"x":69,"y":294,"width":795,"height":11}},{"id":"f0dd81fa-5fed-48e6-8963-cb2065443bc7","block_type":"box","text":"routine matters between meetings of the Board; (2) act on such matters as may require urgent action between","page_number":26,"box":{"x":69,"y":309,"width":788,"height":11}},{"id":"cf194c7b-7914-4cd4-83e7-b17d3e73caf8","block_type":"box","text":"meetings of the Board; and (3) exercise such other authority as may from time to time be delegated to the Ad Hoc","page_number":26,"box":{"x":69,"y":324,"width":813,"height":12}},{"id":"bfa9c267-3bd8-4c50-ab26-7ec162fce3a2","block_type":"box","text":"Topics Committee by the Board. The Board has adopted a written charter for the Ad Hoc Topics Committee. During","page_number":26,"box":{"x":68,"y":339,"width":816,"height":12}},{"id":"efc2807a-98c1-4c8f-b44f-a1c6bd8ab4e2","block_type":"box","text":"the fiscal year ended April 30, 2026, the Ad Hoc Topics Committee did not meet.","page_number":26,"box":{"x":68,"y":355,"width":577,"height":11}},{"id":"7d317059-c1f5-4cd5-aba6-232b18730202","block_type":"box","text":"The Governance Committee has adopted a statement of policy that describes the experience, qualifications,","page_number":26,"box":{"x":101,"y":377,"width":771,"height":11}},{"id":"a18c2ac7-727c-4ff4-b5e0-c84c79f84bd2","block_type":"box","text":"skills and attributes that are necessary and desirable for potential Independent Trustee candidates (the “Statement","page_number":26,"box":{"x":69,"y":392,"width":827,"height":12}},{"id":"68a2fd4a-b43a-442c-a7b8-6aa69687b5c5","block_type":"box","text":"of Policy”). The Board believes that each Independent Trustee satisfied, at the time he or she was initially elected or","page_number":26,"box":{"x":69,"y":407,"width":830,"height":12}},{"id":"90a38689-1595-44e3-bfaf-075cbce52384","block_type":"box","text":"appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. Furthermore,","page_number":26,"box":{"x":69,"y":423,"width":825,"height":11}},{"id":"059da67e-5742-4ab1-a7be-c304cf0268c6","block_type":"box","text":"in determining that a particular Independent Trustee was and continues to be qualified to serve as a Trustee, the","page_number":26,"box":{"x":70,"y":438,"width":807,"height":11}},{"id":"c0eb095c-03c2-4354-860f-9608772cce77","block_type":"box","text":"Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that,","page_number":26,"box":{"x":70,"y":453,"width":787,"height":11}},{"id":"07ed671a-e73f-44e5-b023-02b3077f68e4","block_type":"box","text":"collectively, the Independent Trustees have balanced and diverse experience, skills, attributes and qualifications,","page_number":26,"box":{"x":69,"y":468,"width":805,"height":11}},{"id":"b2534059-b49e-4f91-9ff0-db8022eb07fd","block_type":"box","text":"which allow the Board to operate effectively in governing the Fund and protecting the interests of shareholders.","page_number":26,"box":{"x":68,"y":483,"width":792,"height":11}},{"id":"f73f3585-85d0-466e-a135-4ca5cd8ca8a7","block_type":"box","text":"Among the attributes common to all Independent Trustees are their ability to review critically, evaluate, question and","page_number":26,"box":{"x":68,"y":498,"width":829,"height":11}},{"id":"509901a1-ba7a-409d-8cba-188ed61333f9","block_type":"box","text":"discuss information provided to them, to interact effectively with the Fund’s investment adviser, sub-advisers, other","page_number":26,"box":{"x":69,"y":513,"width":823,"height":11}},{"id":"07cbf5b8-44db-4a5d-b8ae-a4a2f8e47e35","block_type":"box","text":"service providers, counsel and the Independent Registered Public Accounting Firm, and to exercise effective","page_number":26,"box":{"x":69,"y":528,"width":771,"height":12}},{"id":"576350af-16da-4c7c-9542-ece592169286","block_type":"box","text":"business judgment in the performance of their duties as Trustees.","page_number":26,"box":{"x":69,"y":543,"width":473,"height":12}},{"id":"c9efeae6-ecec-41b9-8e64-c87ba69eade8","block_type":"box","text":"Each Trustee’s ability to perform his or her duties effectively is evidenced by his or her educational background","page_number":26,"box":{"x":102,"y":566,"width":792,"height":11}},{"id":"f0f8e1f5-ab95-4601-89c6-5ea7bd22478c","block_type":"box","text":"or professional training; business, consulting, public service or academic positions; experience from service as a","page_number":26,"box":{"x":69,"y":581,"width":807,"height":12}},{"id":"35958543-a6ca-4171-adea-60c8a6af9b0d","block_type":"box","text":"board member of the Fund and the other funds in the BlackRock Fund Complexes (and any predecessor funds), other","page_number":26,"box":{"x":69,"y":596,"width":835,"height":12}},{"id":"bc80648f-f547-4edc-bc9c-fe62fe8637de","block_type":"box","text":"investment funds, public companies, non-profit entities or other organizations; ongoing commitment to and","page_number":26,"box":{"x":70,"y":612,"width":759,"height":11}},{"id":"5816ba74-f849-4097-8680-2d94ec7967ac","block_type":"box","text":"participation in Board and Committee meetings, as well as his or her leadership of standing and","page_number":26,"box":{"x":70,"y":627,"width":685,"height":11}},{"id":"35e55045-39cb-4467-8ef0-6c3364065e75","block_type":"box","text":"ad hoc","page_number":26,"box":{"x":762,"y":627,"width":47,"height":9}},{"id":"86c22450-32d7-47eb-9dde-e7850d494c02","block_type":"box","text":"committees","page_number":26,"box":{"x":814,"y":627,"width":82,"height":9}},{"id":"5d9c7c26-2a8e-41f4-b87d-474bd9c19c82","block_type":"box","text":"throughout the years; or other relevant life experiences.","page_number":26,"box":{"x":68,"y":642,"width":395,"height":11}},{"id":"a3a6cccb-b99d-44b9-a02e-1335a53752e6","block_type":"box","text":"The table below discusses some of the experiences, qualifications and skills of each of the Trustees that","page_number":26,"box":{"x":101,"y":664,"width":751,"height":11}},{"id":"d8b3f846-8076-4e15-b850-dc01e7193472","block_type":"box","text":"support the conclusion that each Trustee should serve on the Board.","page_number":26,"box":{"x":69,"y":680,"width":492,"height":11}},{"id":"14ec644e-66c8-4990-85d2-9137ec2100dd","block_type":"box","text":"Trustees Experience, Qualifications and Skills","page_number":26,"box":{"x":68,"y":708,"width":409,"height":9}},{"id":"b7ff063b-c0a8-4fd3-aeac-8cad1bbaca15","block_type":"box","text":"Independent Trustees","page_number":26,"box":{"x":70,"y":725,"width":154,"height":10}},{"id":"04e86158-8436-46c8-bc2f-d196c7c1c24c","block_type":"box","text":"Christopher J. Ailman Christopher Ailman has more than 30 years of experience in the financial services","page_number":26,"box":{"x":69,"y":739,"width":781,"height":12}},{"id":"79b9101b-3e42-447b-99ba-8539e115f9b8","block_type":"box","text":"industry, including most recently serving as Chief Investment Officer of the California","page_number":26,"box":{"x":265,"y":755,"width":604,"height":11}},{"id":"b77da974-5ddf-4d55-a7eb-f666263b1c72","block_type":"box","text":"State Teachers Retirement System (CalSTRS) from 2000 to June 2024 where he led its","page_number":26,"box":{"x":265,"y":770,"width":623,"height":11}},{"id":"edf89441-44c7-444e-af33-7882bb93fa09","block_type":"box","text":"investment program. Mr. Ailman currently is a principal at Ailman Advisers. In addition, he","page_number":26,"box":{"x":265,"y":785,"width":637,"height":11}},{"id":"2f4e81bd-fa43-42b3-ae6a-8554bdd993db","block_type":"box","text":"has held various roles in the industry, including as member and chair of the asset owner","page_number":26,"box":{"x":265,"y":800,"width":631,"height":11}},{"id":"a88ce265-9f33-4604-be9e-b0b1c5454396","block_type":"box","text":"committee of the Kroner Center for Financial Research, chairman of the North American","page_number":26,"box":{"x":264,"y":815,"width":626,"height":11}},{"id":"d239fca1-77a1-4b54-b136-9698bb514328","block_type":"box","text":"Chapter of the 300 Club of Global CIOs, and co-chair of the Milken Global Capital Markets","page_number":26,"box":{"x":265,"y":830,"width":639,"height":11}},{"id":"1e27d447-6a3b-4227-88b8-75280f623ff9","block_type":"box","text":"Advisory Council. These positions have provided Mr. Ailman with considerable investment","page_number":26,"box":{"x":264,"y":845,"width":637,"height":11}},{"id":"d67f355e-2b58-4abb-8a7e-d7cc2b19d696","block_type":"box","text":"expertise across asset classes and strategies, and insight and perspective on the","page_number":26,"box":{"x":265,"y":861,"width":586,"height":11}},{"id":"519a5df6-25dd-4636-b534-dde0b453fe11","block_type":"box","text":"markets and the economy. In addition, Mr. Ailman serves as a member of the Governance","page_number":26,"box":{"x":265,"y":875,"width":640,"height":12}},{"id":"ffe945d8-0f4f-446f-9e30-e7fbd84c95ab","block_type":"box","text":"Committee and the Performance Oversight Committee.","page_number":26,"box":{"x":265,"y":891,"width":389,"height":11}},{"id":"374ad121-048e-4461-a9fb-92caed98150a","block_type":"box","text":"I-9","page_number":26,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"5171cb96-d65a-4e9c-ad15-bfc4ad2aaa75","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":26,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d55d8c99-b8c8-4097-8beb-9176e163d31e","block_type":"box","text":"Trustees Experience, Qualifications and Skills","page_number":27,"box":{"x":68,"y":49,"width":409,"height":9}},{"id":"83f07a13-c272-4e0d-b1d5-704997575f6b","block_type":"box","text":"Susan J. Carter Susan J. Carter has over 35 years of experience in investment management. She has","page_number":27,"box":{"x":69,"y":65,"width":806,"height":12}},{"id":"0aafdb69-1550-45cd-b776-a4592a0f0c03","block_type":"box","text":"served as President & Chief Executive Officer of Commonfund Capital, Inc. (“CCI”), a","page_number":27,"box":{"x":265,"y":81,"width":604,"height":11}},{"id":"41a7e4ca-400e-4b27-b1bd-e653ade8ee80","block_type":"box","text":"registered investment adviser focused on non-profit investors, from 1997 to 2013, Chief","page_number":27,"box":{"x":265,"y":96,"width":632,"height":11}},{"id":"0150d385-9840-4156-b826-0ac5be92fa59","block_type":"box","text":"Executive Officer of CCI from 2013 to 2014 and Senior Advisor to CCI in 2015.","page_number":27,"box":{"x":265,"y":111,"width":562,"height":9}},{"id":"fe1b72de-7d00-4210-814b-b456e34344ce","block_type":"box","text":"Ms. Carter also served as director of the Pacific Pension Institute from 2014 to 2018,","page_number":27,"box":{"x":265,"y":126,"width":616,"height":10}},{"id":"2d05d6b9-1435-44b3-9be7-ff12c363e2f4","block_type":"box","text":"trustee to the Financial Accounting Foundation from 2017 to 2021, Advisory Board","page_number":27,"box":{"x":264,"y":141,"width":591,"height":11}},{"id":"cee16b5a-1760-4a42-8665-25afae5bda34","block_type":"box","text":"Member for the Center for Private Equity and Entrepreneurship at Tuck School of Business","page_number":27,"box":{"x":265,"y":156,"width":641,"height":11}},{"id":"b4cf03a0-5701-4d22-b41b-e5fef4ca1e74","block_type":"box","text":"from 1997 to 2021, Advisory Board Member for Bridges Fund Management from 2016 to","page_number":27,"box":{"x":264,"y":171,"width":638,"height":12}},{"id":"f1887ba1-6540-4019-930d-fb8d5ab10c2a","block_type":"box","text":"2018, Advisory Board Member for Girls Who Invest from 2015 to 2018 and Board","page_number":27,"box":{"x":265,"y":186,"width":584,"height":12}},{"id":"83e58ae4-622a-4611-95b6-35db6846d86c","block_type":"box","text":"Member thereof from 2018 to 2022, and Practitioner Advisory Board Member for Private","page_number":27,"box":{"x":265,"y":201,"width":630,"height":12}},{"id":"93f44390-5b10-40bc-8d70-817df4848d1d","block_type":"box","text":"Capital Research Institute (“PCRI”) from 2017 to 2024. She currently serves as Member","page_number":27,"box":{"x":265,"y":217,"width":634,"height":11}},{"id":"8f397a42-4574-475c-ba72-93e1b87e5061","block_type":"box","text":"of the President’s Counsel for Commonfund. These positions have provided her with","page_number":27,"box":{"x":265,"y":232,"width":599,"height":11}},{"id":"07fb01d2-3c91-4c32-829e-1273abde4de0","block_type":"box","text":"insight and perspective on the markets and the economy.","page_number":27,"box":{"x":265,"y":247,"width":407,"height":11}},{"id":"7145fb23-b48a-4f86-8a13-014641810b2e","block_type":"box","text":"Collette Chilton Collette Chilton has over 20 years of experience in investment management. She held the","page_number":27,"box":{"x":69,"y":269,"width":837,"height":12}},{"id":"19a7fb77-8fed-4c7b-b1d2-8a12c096f543","block_type":"box","text":"position of Chief Investment Officer of Williams College from October 2006 to June 2023.","page_number":27,"box":{"x":265,"y":285,"width":638,"height":11}},{"id":"24d9fcc8-97e1-4373-ae39-df9523bd1069","block_type":"box","text":"Prior to that she was President and Chief Investment Officer of Lucent Asset Management","page_number":27,"box":{"x":265,"y":300,"width":642,"height":11}},{"id":"4148261f-8a5a-493e-b441-d08ed1f2f7bc","block_type":"box","text":"Corporation, where she oversaw approximately $40 billion in pension and retirement","page_number":27,"box":{"x":265,"y":314,"width":601,"height":12}},{"id":"09796a67-b29c-4472-a6f8-a3d8506b77a4","block_type":"box","text":"savings assets for the company. These positions have provided her with insight and","page_number":27,"box":{"x":265,"y":330,"width":595,"height":11}},{"id":"d56d09c8-0c16-4e4b-86b0-07e3e1afa0a3","block_type":"box","text":"perspective on the markets and the economy.","page_number":27,"box":{"x":265,"y":345,"width":323,"height":11}},{"id":"1672b768-eeb4-490a-b3c2-af6150340c7c","block_type":"box","text":"Neil A. Cotty Neil A. Cotty has more than 30 years of experience in the financial services industry,","page_number":27,"box":{"x":70,"y":368,"width":798,"height":11}},{"id":"1c8ddaca-b7eb-438c-8d22-e6f9a65fc94e","block_type":"box","text":"including 19 years at Bank of America Corporation and its affiliates, where he served, at","page_number":27,"box":{"x":265,"y":383,"width":631,"height":11}},{"id":"e1914769-5c95-4ab0-b134-3521c5ccb88f","block_type":"box","text":"different times, as the Chief Financial Officer of various businesses including Investment","page_number":27,"box":{"x":265,"y":398,"width":633,"height":11}},{"id":"665d8bc9-ba4a-42eb-825c-d19ef1284968","block_type":"box","text":"Banking, Global Markets, Wealth Management and Consumer and also served ten years","page_number":27,"box":{"x":265,"y":413,"width":628,"height":11}},{"id":"8ff8208a-0ed5-4b11-9fed-04280e3e8091","block_type":"box","text":"as the Chief Accounting Officer for Bank of America Corporation. Mr. Cotty has been","page_number":27,"box":{"x":265,"y":428,"width":596,"height":12}},{"id":"474a1b7b-a697-4c28-a88b-0fef65092b39","block_type":"box","text":"determined by the Audit Committee to be an audit committee financial expert, as such","page_number":27,"box":{"x":265,"y":443,"width":616,"height":12}},{"id":"154f6b6d-d76f-4e79-a479-077ec6e96ffa","block_type":"box","text":"term is defined in the applicable Commission rules.","page_number":27,"box":{"x":264,"y":458,"width":368,"height":11}},{"id":"1477740e-40ee-4871-805a-5ce7bddd0cfd","block_type":"box","text":"Jeffrey Jarczyk Jeffrey Jarczyk is a CPA and has more than 30 years of experience in the financial","page_number":27,"box":{"x":69,"y":481,"width":777,"height":11}},{"id":"026117ed-b6bf-4e26-a14e-ea7f57a4123e","block_type":"box","text":"services industry, including over 19 years at Fidelity Investments, where he served, at","page_number":27,"box":{"x":265,"y":496,"width":613,"height":12}},{"id":"ea945fc8-b16c-4efd-be6c-4da02e542da4","block_type":"box","text":"different times, as the Chief Auditor and the Chief Accounting Officer of Fidelity","page_number":27,"box":{"x":265,"y":511,"width":563,"height":12}},{"id":"79d98cbf-eda8-4f6c-8c3c-ea135f6eb6b3","block_type":"box","text":"Investments’ parent company, FMR LLC. Prior to working at Fidelity, Mr. Jarczyk was a","page_number":27,"box":{"x":265,"y":527,"width":607,"height":11}},{"id":"ad346b06-c651-435b-8eac-df54491ff716","block_type":"box","text":"partner at Deloitte and Arthur Andersen for approximately 17 years. These positions have","page_number":27,"box":{"x":265,"y":542,"width":638,"height":11}},{"id":"073c8fe0-77d0-4cb2-b97a-ed2182c1bc2d","block_type":"box","text":"allowed him to work extensively with audit and risk committees and company executives","page_number":27,"box":{"x":265,"y":557,"width":626,"height":11}},{"id":"8fe87eeb-7271-4f7a-b815-524358dfcfe5","block_type":"box","text":"helping to identify, manage and mitigate risks for financial services companies.","page_number":27,"box":{"x":265,"y":572,"width":563,"height":11}},{"id":"85d176ca-5b43-40cf-aa2d-8f1015605ff5","block_type":"box","text":"Mr. Jarczyk also served as consultant to the Independent Trustees prior to becoming an","page_number":27,"box":{"x":265,"y":587,"width":625,"height":11}},{"id":"98c2e1ce-0c4d-447e-bcd1-dc928c3d97ef","block_type":"box","text":"Independent Trustee.","page_number":27,"box":{"x":265,"y":602,"width":149,"height":11}},{"id":"b6cb3cca-4f66-4663-9ceb-413a3226650d","block_type":"box","text":"Henry R. Keizer Henry R. Keizer brings over 40 years of executive, financial, operational, strategic and","page_number":27,"box":{"x":70,"y":625,"width":806,"height":11}},{"id":"2f02b77e-d1d0-4bb3-9428-181973c90754","block_type":"box","text":"global expertise gained through his 35 year career at KPMG, a global professional","page_number":27,"box":{"x":264,"y":640,"width":584,"height":11}},{"id":"a9d96c9c-ee82-4303-aa84-9b19ab1f6c5d","block_type":"box","text":"services organization and by his service as a director to both publicly and privately held","page_number":27,"box":{"x":265,"y":655,"width":622,"height":11}},{"id":"e91cb11d-a11b-4ed5-9493-3b0cc8bcc1fe","block_type":"box","text":"organizations. He has extensive experience with issues facing complex, global companies","page_number":27,"box":{"x":265,"y":670,"width":638,"height":11}},{"id":"4419628a-a0c0-4906-a38b-86faa9096cf7","block_type":"box","text":"and expertise in financial reporting, accounting, auditing, risk management, and","page_number":27,"box":{"x":265,"y":685,"width":570,"height":12}},{"id":"5a062367-acb0-465d-b3f3-8aa28acbe9ca","block_type":"box","text":"regulatory affairs for such companies. Mr. Keizer’s experience also includes service as an","page_number":27,"box":{"x":265,"y":700,"width":642,"height":12}},{"id":"0ebab0d7-a485-4325-bff1-7b27f4288538","block_type":"box","text":"audit committee chair to both publicly and privately held organizations across numerous","page_number":27,"box":{"x":265,"y":716,"width":626,"height":11}},{"id":"124fb5f2-ead6-4e2f-8884-b050a0d21408","block_type":"box","text":"industries including professional services, property and casualty reinsurance, insurance,","page_number":27,"box":{"x":265,"y":731,"width":630,"height":11}},{"id":"98cf8780-44c9-4afa-88e2-db97f97ecaef","block_type":"box","text":"diversified financial services, banking, direct to consumer, business to business and","page_number":27,"box":{"x":265,"y":746,"width":602,"height":11}},{"id":"0e8a5e6b-1763-477c-942d-14c398e2d942","block_type":"box","text":"technology. Mr. Keizer is a certified public accountant and also served on the board of the","page_number":27,"box":{"x":264,"y":761,"width":643,"height":11}},{"id":"6d0583bb-665e-48b3-bba2-f185ba8425f6","block_type":"box","text":"American Institute of Certified Public Accountants. Mr. Keizer has been determined by the","page_number":27,"box":{"x":264,"y":776,"width":639,"height":11}},{"id":"de42beeb-5977-4b27-ae3d-5527123a7c6f","block_type":"box","text":"Audit Committee to be an audit committee financial expert, as such term is defined in the","page_number":27,"box":{"x":264,"y":791,"width":641,"height":11}},{"id":"57501c5f-2216-4a8d-9ca4-02dd5d7d3d05","block_type":"box","text":"applicable Commission rules.","page_number":27,"box":{"x":265,"y":806,"width":208,"height":11}},{"id":"c3843a1c-6107-4728-a98c-3dba34e1ae57","block_type":"box","text":"I-10","page_number":27,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"722adbcb-8620-45f7-8eea-18894b8eb0e4","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":27,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6449e149-0b42-4a1c-a749-479b398a98b4","block_type":"box","text":"Trustees Experience, Qualifications and Skills","page_number":28,"box":{"x":68,"y":49,"width":409,"height":9}},{"id":"68dbc45d-787d-41bc-bdb8-ba9af5c633d9","block_type":"box","text":"Cynthia A. Montgomery Cynthia A. Montgomery has served for over 20 years on the boards of registered","page_number":28,"box":{"x":69,"y":65,"width":769,"height":12}},{"id":"b7f06b3e-155b-4fc9-8307-a3d984b0b439","block_type":"box","text":"investment companies, most recently as a member of the boards of certain BlackRock","page_number":28,"box":{"x":265,"y":81,"width":621,"height":11}},{"id":"ec6d1574-2070-4f61-a003-5798d8fdf419","block_type":"box","text":"advised Funds and predecessor funds, including the legacy Merrill Lynch Investment","page_number":28,"box":{"x":265,"y":96,"width":599,"height":11}},{"id":"f6b98c7a-1b16-4e25-a41e-83638efd949c","block_type":"box","text":"Managers, L.P. (“MLIM”) funds. The Board benefits from Ms. Montgomery’s more than 20","page_number":28,"box":{"x":265,"y":111,"width":641,"height":11}},{"id":"24c64bf5-f0c2-4bc2-bda5-59deb14e1f83","block_type":"box","text":"years of academic experience as a professor at Harvard Business School where she","page_number":28,"box":{"x":264,"y":126,"width":602,"height":11}},{"id":"22128c2d-b55b-4767-9bef-89c0736c146d","block_type":"box","text":"taught courses on corporate strategy and corporate governance. Ms. Montgomery also","page_number":28,"box":{"x":264,"y":141,"width":617,"height":11}},{"id":"315be3dc-14ca-4cd8-8815-e64309ada3a4","block_type":"box","text":"has business management and corporate governance experience through her service on","page_number":28,"box":{"x":265,"y":156,"width":629,"height":11}},{"id":"d0df9e63-bc54-4160-9882-24bd4fd36283","block_type":"box","text":"the corporate boards of a variety of public companies. She has also authored numerous","page_number":28,"box":{"x":264,"y":171,"width":628,"height":11}},{"id":"b9b14259-8e2d-4ec5-8b1b-ec41be1f5570","block_type":"box","text":"articles and books on these topics.","page_number":28,"box":{"x":265,"y":187,"width":251,"height":10}},{"id":"0430168f-8b23-404f-b8ad-15b22f45e3e2","block_type":"box","text":"Donald C. Opatrny Donald C. Opatrny has more than 40 years of business, oversight and executive","page_number":28,"box":{"x":70,"y":209,"width":764,"height":11}},{"id":"1fa5d2a1-7d7c-4b82-9c58-1ab775815167","block_type":"box","text":"experience, including through his service as president, director and investment committee","page_number":28,"box":{"x":265,"y":224,"width":642,"height":11}},{"id":"ce9f0223-aa27-4a48-b2bc-4a2df662da6b","block_type":"box","text":"chair for academic and not-for-profit organizations, and his experience as a partner,","page_number":28,"box":{"x":264,"y":239,"width":593,"height":12}},{"id":"b08118eb-a58d-4ad0-b48f-dcb0896c49e1","block_type":"box","text":"managing director and advisory director at Goldman Sachs for 32 years. He also has","page_number":28,"box":{"x":265,"y":254,"width":603,"height":12}},{"id":"99aa880f-b64d-4280-bef7-c65df634ca0e","block_type":"box","text":"investment management experience as a board member of Athena Capital Advisors LLC.","page_number":28,"box":{"x":265,"y":269,"width":629,"height":12}},{"id":"34906b39-09bd-481a-9572-bae14d00c1ff","block_type":"box","text":"Lori Richards Lori Richards has more than 30 years of experience in the financial services industry,","page_number":28,"box":{"x":70,"y":292,"width":804,"height":11}},{"id":"1e26bc2e-b569-40c1-8a3f-f0bd299145aa","block_type":"box","text":"most notably as the first Director of the Office of Compliance Inspections and","page_number":28,"box":{"x":265,"y":307,"width":552,"height":11}},{"id":"f60762b5-2910-4662-9ca4-6814e7810808","block_type":"box","text":"Examinations (“OCIE”) of the Securities and Exchange Commission (“SEC”) from 1995 to","page_number":28,"box":{"x":265,"y":322,"width":636,"height":12}},{"id":"a568fff2-a6e6-42be-a33f-f2efa81810b9","block_type":"box","text":"2009. During 14 years as the Director of OCIE, she led the SEC’s nationwide examination","page_number":28,"box":{"x":265,"y":338,"width":639,"height":11}},{"id":"8dec2ecf-060f-4e5f-b6c4-31e7d2d754e2","block_type":"box","text":"oversight program for advisers, mutual funds, hedge funds, broker-dealers, stock","page_number":28,"box":{"x":265,"y":353,"width":576,"height":11}},{"id":"edafe60d-78c9-426e-a27d-5f1e77f779d7","block_type":"box","text":"exchanges, and other industry firms. Prior to that, from 1985 to 1995, she held various","page_number":28,"box":{"x":265,"y":368,"width":626,"height":11}},{"id":"96cc302c-13ca-46c1-82be-e4154cad0be7","block_type":"box","text":"roles at the SEC, including Associate Director for Enforcement for the SEC’s Pacific","page_number":28,"box":{"x":265,"y":383,"width":592,"height":11}},{"id":"cf9369a3-0d83-4b02-8ca5-75222d1c2a82","block_type":"box","text":"Regional Office and executive assistant and senior advisor to then SEC Chairman Arthur","page_number":28,"box":{"x":265,"y":398,"width":629,"height":11}},{"id":"04a00fca-13da-4f70-8234-0efc370e1756","block_type":"box","text":"Levitt. More recently, Ms. Richards served as Chief Compliance Officer of the Asset and","page_number":28,"box":{"x":265,"y":413,"width":626,"height":11}},{"id":"000e4ab7-e69a-43c3-b74e-7b113e2b565e","block_type":"box","text":"Wealth Management global lines of business at JPMorgan Chase & Co. from 2013 to","page_number":28,"box":{"x":264,"y":428,"width":608,"height":12}},{"id":"72f3ad4b-82dd-490c-b938-b1bbcdf10c43","block_type":"box","text":"2018 where she led its global compliance program, advised business leaders on","page_number":28,"box":{"x":265,"y":443,"width":575,"height":12}},{"id":"e26d55ab-6ff6-4e7a-af1b-818e012ebbbc","block_type":"box","text":"compliance issues, oversaw risk assessment, monitoring, testing and training, and","page_number":28,"box":{"x":264,"y":459,"width":591,"height":11}},{"id":"ae090657-a4ef-4b07-a9e9-6e087378a91e","block_type":"box","text":"maintained relationships with regulators. In addition, Ms. Richards served as a member","page_number":28,"box":{"x":265,"y":474,"width":627,"height":11}},{"id":"4f652eaa-0922-4b21-8fff-bcf999558d7b","block_type":"box","text":"of the National Adjudicatory Council of the Financial Industry Regulatory Authority","page_number":28,"box":{"x":265,"y":489,"width":578,"height":11}},{"id":"a5b4f21a-1ed5-4637-8aba-41a40374c481","block_type":"box","text":"(FINRA) from 2019 to 2022 and held the chair and vice chair posts during her tenure.","page_number":28,"box":{"x":265,"y":504,"width":607,"height":11}},{"id":"8401720a-cfbb-4460-9a29-72de9e5d648e","block_type":"box","text":"Prior thereto, from 2010 to 2013, she was a Principal at PricewaterhouseCoopers LLP","page_number":28,"box":{"x":265,"y":519,"width":615,"height":11}},{"id":"302aaa1f-203f-4e1e-868c-1531bee715ec","block_type":"box","text":"(“PwC”) and co-leader of its Asset Management Regulatory group. At PwC, she assisted a","page_number":28,"box":{"x":265,"y":534,"width":638,"height":11}},{"id":"c9d1b979-05cf-4132-a6bc-4f9052c0d412","block_type":"box","text":"broad range of financial services clients in designing and implementing risk management","page_number":28,"box":{"x":265,"y":549,"width":635,"height":11}},{"id":"0429df82-7bb1-41f7-909a-524373e12e12","block_type":"box","text":"and compliance programs, and preparing for new regulatory expectations. These positions","page_number":28,"box":{"x":265,"y":564,"width":642,"height":12}},{"id":"122665f5-ad5d-4878-bb88-0c5dc8bdeab4","block_type":"box","text":"have provided her with insight and perspective on the markets and the economy, as well","page_number":28,"box":{"x":265,"y":580,"width":627,"height":11}},{"id":"7a1ff1cb-e640-4edb-a08c-0726c4b6928d","block_type":"box","text":"as asset management regulation and compliance. In addition, Ms. Richards serves as a","page_number":28,"box":{"x":265,"y":595,"width":628,"height":11}},{"id":"c3f00a36-1a54-4098-89a8-0077e48b5403","block_type":"box","text":"member of the Audit Committee and the Compliance Committee.","page_number":28,"box":{"x":265,"y":610,"width":460,"height":11}},{"id":"bc0672f6-6f07-4c1d-bd42-70b1f8f89488","block_type":"box","text":"Mark Stalnecker Mark Stalnecker has gained a wealth of experience in investing and asset management","page_number":28,"box":{"x":70,"y":632,"width":818,"height":12}},{"id":"4680dd78-3945-44e2-a61a-08668aaffc13","block_type":"box","text":"from his over 13 years of service as the Chief Investment Officer of the University of","page_number":28,"box":{"x":264,"y":647,"width":603,"height":12}},{"id":"aba90039-0269-420e-9636-11590fcba4b2","block_type":"box","text":"Delaware as well as from his various positions with First Union Corporation, including","page_number":28,"box":{"x":265,"y":663,"width":606,"height":11}},{"id":"d2815627-f199-4432-9a3e-a9cbbdf9e659","block_type":"box","text":"Senior Vice President and State Investment Director of First Investment Advisors. The","page_number":28,"box":{"x":265,"y":678,"width":608,"height":9}},{"id":"83a321ac-eb22-4ee0-8e08-e794ec1438a7","block_type":"box","text":"Board benefits from his experience and perspective as the Chief Investment Officer of a","page_number":28,"box":{"x":265,"y":693,"width":626,"height":11}},{"id":"6f925f05-1d80-4102-8500-d68b01b4eea8","block_type":"box","text":"university endowment and from the oversight experience he gained from service on","page_number":28,"box":{"x":265,"y":708,"width":591,"height":11}},{"id":"4a4b209e-2cd2-4e5d-a6c2-046a5f7efd48","block_type":"box","text":"various private and non-profit boards.","page_number":28,"box":{"x":264,"y":723,"width":265,"height":11}},{"id":"5891e272-6792-4045-bbd2-a0b2f2a507b5","block_type":"box","text":"Marc D. Stern Marc D. Stern has more than 30 years of experience in investing and asset management.","page_number":28,"box":{"x":70,"y":746,"width":833,"height":11}},{"id":"c379f58b-1741-453e-b20a-c38f475fda7b","block_type":"box","text":"Mr. Stern served as the Chief Executive Officer at Bessemer Trust, a wealth management","page_number":28,"box":{"x":265,"y":761,"width":638,"height":11}},{"id":"f803972e-7c28-42e1-832b-55babd6d4a07","block_type":"box","text":"business, for 13 years. During his tenure at Bessemer Trust, Mr. Stern served on the","page_number":28,"box":{"x":265,"y":776,"width":608,"height":11}},{"id":"b5ae44c3-c1f4-40d0-909d-0462e179b88e","block_type":"box","text":"firm’s board of directors, chaired the board’s trust and investment committee, and led the","page_number":28,"box":{"x":264,"y":791,"width":645,"height":11}},{"id":"5c454661-bc82-41be-b4d8-2c16af2c3839","block_type":"box","text":"firm’s executive committee. He also served as Bessemer’s Chief Investment Officer for 8","page_number":28,"box":{"x":264,"y":806,"width":639,"height":9}},{"id":"c17e821c-1e84-45a2-8390-df5f57711cc2","block_type":"box","text":"years, where he was Chair of the Investment Policy and Strategy Committee with","page_number":28,"box":{"x":264,"y":821,"width":573,"height":12}},{"id":"5f977dfe-1a8d-413b-8126-4b9b61eace88","block_type":"box","text":"responsibility for overall asset allocation and investment strategy. Mr. Stern also served","page_number":28,"box":{"x":265,"y":836,"width":625,"height":12}},{"id":"9335aa06-4f41-49f3-9f90-06c1dc00535e","block_type":"box","text":"as Chair of the Private Clients Investment group at AllianceBernstein. These positions","page_number":28,"box":{"x":265,"y":852,"width":610,"height":11}},{"id":"fbed04f1-2d15-469a-bc02-44efcb071248","block_type":"box","text":"provide Mr. Stern with insight and perspective into investment management, the economy,","page_number":28,"box":{"x":265,"y":867,"width":642,"height":11}},{"id":"4a377314-6880-4695-b2c4-0d16704c739b","block_type":"box","text":"and fiduciary governance. Mr. Stern also served as consultant to the Independent","page_number":28,"box":{"x":265,"y":882,"width":583,"height":11}},{"id":"2e1f84aa-bbfa-4e23-b02e-83fddd3d1bab","block_type":"box","text":"Trustees prior to becoming an Independent Trustee.","page_number":28,"box":{"x":264,"y":897,"width":369,"height":11}},{"id":"69708d5e-e732-42cc-ae0f-e340c1933438","block_type":"box","text":"I-11","page_number":28,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"758cb0e6-c465-4ff6-a9f5-4cb19c9d0fa4","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":28,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"80cc365a-b7b5-460c-af08-ffc3ff83b659","block_type":"box","text":"Trustees Experience, Qualifications and Skills","page_number":29,"box":{"x":68,"y":49,"width":409,"height":9}},{"id":"685bf1b1-1135-4ed1-85a8-daa58165d77f","block_type":"box","text":"Kenneth L. Urish Kenneth L. Urish has served for over 15 years on the boards of registered investment","page_number":29,"box":{"x":70,"y":65,"width":807,"height":12}},{"id":"ad6447b8-6ac3-401c-944a-a2cd0740432b","block_type":"box","text":"companies, most recently as a member of the boards of certain BlackRock-advised Funds","page_number":29,"box":{"x":264,"y":81,"width":641,"height":11}},{"id":"2de1024d-9ea9-48b8-971f-dacdae904fe1","block_type":"box","text":"and predecessor funds, including the legacy BlackRock funds. He has over 30 years of","page_number":29,"box":{"x":265,"y":96,"width":618,"height":11}},{"id":"16df0842-cf68-4915-b636-486c93284632","block_type":"box","text":"experience in public accounting. Mr. Urish has served as a managing member of an","page_number":29,"box":{"x":265,"y":111,"width":594,"height":11}},{"id":"5d46c13e-6f97-4247-8aab-3dbad47c524e","block_type":"box","text":"accounting and consulting firm. Mr. Urish has been determined by the Audit Committee to","page_number":29,"box":{"x":265,"y":126,"width":639,"height":11}},{"id":"91b25387-5405-4e80-ad57-7848e4ac5a40","block_type":"box","text":"be an audit committee financial expert, as such term is defined in the applicable","page_number":29,"box":{"x":265,"y":141,"width":575,"height":11}},{"id":"9f6bce43-afd9-40c7-b355-3e118c01da74","block_type":"box","text":"Commission rules.","page_number":29,"box":{"x":265,"y":156,"width":131,"height":9}},{"id":"6e87034f-bd8f-468a-8891-9e715b03399e","block_type":"box","text":"Claire A. Walton Claire A. Walton has over 25 years of experience in investment management. She has","page_number":29,"box":{"x":69,"y":179,"width":808,"height":11}},{"id":"9fd95baa-d266-4481-9417-2228ad737a24","block_type":"box","text":"served as the Chief Operating Officer and Chief Financial Officer of Liberty Square Asset","page_number":29,"box":{"x":265,"y":194,"width":630,"height":11}},{"id":"47e20527-8c95-4d87-9690-1f2adfd6cf63","block_type":"box","text":"Management, LP / Steel Partners Japan Asset Management, LP from 1998 to 2015, an","page_number":29,"box":{"x":265,"y":209,"width":627,"height":11}},{"id":"65eeed5a-c693-4928-9dd5-273476b22354","block_type":"box","text":"investment manager that specialized in long/short non-U.S. equity investments, and was","page_number":29,"box":{"x":265,"y":224,"width":632,"height":11}},{"id":"917d8935-338f-4376-a99c-e19231f79d76","block_type":"box","text":"an owner and General Partner of Neon Liberty Capital Management, LLC from 2003 to","page_number":29,"box":{"x":265,"y":239,"width":615,"height":12}},{"id":"9b5cf483-2cb3-4029-a3ef-e26688fbd0a8","block_type":"box","text":"2023, a firm focusing on long/short equities in global emerging and frontier markets.","page_number":29,"box":{"x":265,"y":254,"width":608,"height":12}},{"id":"e8a14421-ae49-4aac-99d6-3ce0d86803e7","block_type":"box","text":"These positions have provided her with insight and perspective on the markets and the","page_number":29,"box":{"x":264,"y":270,"width":620,"height":11}},{"id":"a3074944-eeb7-4296-aeda-135a5a11ef0b","block_type":"box","text":"economy. 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(since 2006); Chief Compliance","page_number":33,"box":{"x":480,"y":395,"width":415,"height":10}},{"id":"db5f9c5d-12b1-415c-8055-d1bd41f5db10","block_type":"box","text":"Officer of BlackRock Advisors, LLC (since 2014) and BlackRock Fund","page_number":33,"box":{"x":480,"y":407,"width":414,"height":10}},{"id":"5d3300f3-6530-4030-b047-7598df5ca12d","block_type":"box","text":"Advisors (since 2006); Chief Compliance Officer of the iShares","page_number":33,"box":{"x":479,"y":419,"width":378,"height":10}},{"id":"7503603e-5c1e-41ce-84c4-3257e91afb4b","block_type":"box","text":"Complex (since 2026 and 2006-2023); Chief Compliance Officer of","page_number":33,"box":{"x":480,"y":431,"width":407,"height":10}},{"id":"e5f681e0-75fe-40dd-be55-65d017774a1b","block_type":"box","text":"the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income","page_number":33,"box":{"x":479,"y":443,"width":411,"height":10}},{"id":"8587a0fa-70de-42fc-8bd4-faa44b050aff","block_type":"box","text":"Complex (since 2026 and 2014-2023).","page_number":33,"box":{"x":480,"y":455,"width":236,"height":10}},{"id":"03e1d8e4-0f61-4d6b-be7c-67a09eb22514","block_type":"box","text":"Lisa Belle","page_number":33,"box":{"x":69,"y":473,"width":58,"height":8}},{"id":"c7a12ecf-097b-4a9c-9d50-33bea0491383","block_type":"box","text":"1968","page_number":33,"box":{"x":69,"y":488,"width":33,"height":8}},{"id":"c968df00-7812-48e5-bb39-4345235e0c85","block_type":"box","text":"Anti-Money Laundering","page_number":33,"box":{"x":293,"y":473,"width":136,"height":10}},{"id":"31dea7a7-d365-43bf-b653-0f1186b7b005","block_type":"box","text":"Compliance Officer","page_number":33,"box":{"x":294,"y":485,"width":114,"height":9}},{"id":"e812509a-5b83-44a6-aed4-7f38becb93d1","block_type":"box","text":"(Since 2019)","page_number":33,"box":{"x":294,"y":497,"width":78,"height":9}},{"id":"4a21f607-1fdb-48e5-9f9c-e9141e4e2bf0","block_type":"box","text":"Managing Director of BlackRock, Inc. since 2019.","page_number":33,"box":{"x":480,"y":473,"width":297,"height":10}},{"id":"eb1df494-c7a5-4577-91d0-4f24423b29a7","block_type":"box","text":"Janey Ahn","page_number":33,"box":{"x":69,"y":514,"width":59,"height":10}},{"id":"a3e7060d-a978-417c-b3fd-b1f02d38726e","block_type":"box","text":"1975","page_number":33,"box":{"x":69,"y":530,"width":33,"height":8}},{"id":"7ed64b37-8bd7-437f-8faf-88d417f54787","block_type":"box","text":"Secretary","page_number":33,"box":{"x":294,"y":514,"width":58,"height":10}},{"id":"7acff94d-6105-4847-acc1-fd51353d8011","block_type":"box","text":"(Since 2019)","page_number":33,"box":{"x":294,"y":526,"width":78,"height":10}},{"id":"527b9e24-bb27-4af1-a8f5-51f8a053d541","block_type":"box","text":"Managing Director of BlackRock, Inc. since 2018.","page_number":33,"box":{"x":480,"y":514,"width":297,"height":10}},{"id":"6e19538f-f7cf-441a-8207-a471e4c417bb","block_type":"box","text":"1","page_number":33,"box":{"x":69,"y":554,"width":3,"height":3}},{"id":"a3598b02-b672-4c55-9dd9-9d7ac7b0d342","block_type":"box","text":"The address of each Officer is c/o BlackRock, Inc., 50 Hudson Yards, New York, New York 10001.","page_number":33,"box":{"x":93,"y":553,"width":559,"height":9}},{"id":"41f141a0-6314-4889-adc0-ec26617a72dd","block_type":"box","text":"2","page_number":33,"box":{"x":69,"y":566,"width":3,"height":4}},{"id":"0b241e1a-0f14-4374-8720-93a9a7887fba","block_type":"box","text":"Officers of the Fund serve at the pleasure of the Board.","page_number":33,"box":{"x":93,"y":566,"width":317,"height":9}},{"id":"3e58e1d5-e3f7-492d-8cc9-64559f53d7fa","block_type":"box","text":"3","page_number":33,"box":{"x":69,"y":579,"width":3,"height":3}},{"id":"07b80b59-d5b4-4311-96e5-9e265081b01f","block_type":"box","text":"Effective August 1, 2026, Charles Park succeeded Aaron Wasserman as Chief Compliance Officer.","page_number":33,"box":{"x":94,"y":579,"width":560,"height":9}},{"id":"885f68e0-9a87-4bf5-a5e9-27afa184d21a","block_type":"box","text":"Share Ownership","page_number":33,"box":{"x":68,"y":607,"width":123,"height":11}},{"id":"a73a73c4-3001-4c36-b714-b3567539712f","block_type":"box","text":"Information relating to each Trustee’s share ownership in the Fund and in all BlackRock-advised Funds that are","page_number":33,"box":{"x":102,"y":630,"width":790,"height":11}},{"id":"6f94a678-8e31-46ca-99a1-6e5fba2bb5d8","block_type":"box","text":"currently overseen by the respective Trustee (“Supervised Funds”) as of December 31, 2025, except as otherwise","page_number":33,"box":{"x":69,"y":645,"width":817,"height":11}},{"id":"1d8ae2b6-b5b8-481d-9030-e4c6bd3682eb","block_type":"box","text":"noted, is set forth in the chart below. Amounts shown may include shares as to which a Trustee has indirect","page_number":33,"box":{"x":69,"y":660,"width":774,"height":11}},{"id":"8ce77fb5-07e9-4664-b147-5f7712598e46","block_type":"box","text":"beneficial ownership, such as through participation in certain family accounts, 529 college savings plan interests, or","page_number":33,"box":{"x":69,"y":675,"width":833,"height":11}},{"id":"5017d430-cd0b-4112-b02d-f4020e7ba589","block_type":"box","text":"similar arrangements where the Trustee has beneficial economic interest but not a direct ownership interest.","page_number":33,"box":{"x":69,"y":690,"width":776,"height":12}},{"id":"aaa654c4-baea-44b4-8a2c-d4bbf80d488a","block_type":"box","text":"Name","page_number":33,"box":{"x":69,"y":749,"width":32,"height":7}},{"id":"9a913fdc-56ba-42bf-96b3-97cd31ec8a70","block_type":"box","text":"Dollar","page_number":33,"box":{"x":684,"y":719,"width":33,"height":7}},{"id":"92894caf-5e02-4d38-8bdd-4f63186734a6","block_type":"box","text":"Range of Equity","page_number":33,"box":{"x":655,"y":729,"width":91,"height":9}},{"id":"d7fc9493-e57b-4174-b0ce-e0af2f476c74","block_type":"box","text":"Securities in the","page_number":33,"box":{"x":652,"y":739,"width":95,"height":7}},{"id":"599e355d-84dd-4e1f-914c-21ce5f98c213","block_type":"box","text":"Fund","page_number":33,"box":{"x":686,"y":749,"width":27,"height":7}},{"id":"1cf538fc-755c-4e02-9aeb-57eb7da28706","block_type":"box","text":"Aggregate Dollar","page_number":33,"box":{"x":805,"y":719,"width":99,"height":8}},{"id":"b8ac78fa-cf07-4603-ab40-a3e985977352","block_type":"box","text":"Range of Equity","page_number":33,"box":{"x":809,"y":729,"width":91,"height":9}},{"id":"449845f0-1c3f-498d-ad03-82c7453a0633","block_type":"box","text":"Securities in","page_number":33,"box":{"x":818,"y":739,"width":72,"height":7}},{"id":"36d63965-77ae-469b-a68c-0f89c29c9f81","block_type":"box","text":"Supervised Funds","page_number":33,"box":{"x":803,"y":749,"width":102,"height":9}},{"id":"245fe5ab-3c7a-4fcf-9bc2-9d673b912ee7","block_type":"box","text":"Independent Trustees","page_number":33,"box":{"x":70,"y":767,"width":154,"height":10}},{"id":"29fc905f-6a64-4ded-932a-ccf0f4d4bcd7","block_type":"box","text":"Christopher J. Ailman . . . . . .","page_number":33,"box":{"x":79,"y":782,"width":202,"height":11}},{"id":"d4a0244b-2d14-4189-9049-5cb54bb481b5","block_type":"box","text":".......................................","page_number":33,"box":{"x":287,"y":789,"width":312,"height":2}},{"id":"85d479e7-d6b5-49b8-9dec-3a4f89500a9c","block_type":"box","text":"None Over $100,000","page_number":33,"box":{"x":682,"y":781,"width":227,"height":11}},{"id":"3b6d51d5-a347-4b46-9d42-1feb06af840a","block_type":"box","text":"Susan J. Carter","page_number":33,"box":{"x":79,"y":797,"width":110,"height":9}},{"id":"6e189152-88f6-4052-a554-be3d561db0e0","block_type":"box","text":"..................................................","page_number":33,"box":{"x":197,"y":804,"width":402,"height":2}},{"id":"f43c7263-b8a5-4b51-8fd3-9ce7671b9169","block_type":"box","text":"None Over $100,000","page_number":33,"box":{"x":682,"y":796,"width":227,"height":11}},{"id":"53edd4c5-0c2e-4044-a37e-6e519500e2ea","block_type":"box","text":"Collette Chilton. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":33,"box":{"x":79,"y":812,"width":520,"height":9}},{"id":"f6491959-77ea-4140-97ab-5cd27dd9e7d7","block_type":"box","text":"None Over $100,000","page_number":33,"box":{"x":682,"y":811,"width":227,"height":11}},{"id":"667d53b4-af7c-4299-88dc-72d58b832915","block_type":"box","text":"Neil A. Cotty . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":33,"box":{"x":79,"y":827,"width":520,"height":11}},{"id":"4632fbbc-5f09-4f22-bb6e-9c870e0e3b32","block_type":"box","text":"None Over $100,000","page_number":33,"box":{"x":682,"y":826,"width":227,"height":11}},{"id":"2f6826d5-8f2f-4566-a584-26c27cbe5f2e","block_type":"box","text":"Jeffrey Jarczyk* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":33,"box":{"x":78,"y":842,"width":521,"height":11}},{"id":"eef450db-da44-4b2c-a826-3aecd299fae0","block_type":"box","text":"None None","page_number":33,"box":{"x":682,"y":842,"width":190,"height":9}},{"id":"c556b687-57ae-4185-98cf-5a14bbbc8c7f","block_type":"box","text":"Henry R. Keizer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":33,"box":{"x":79,"y":857,"width":520,"height":11}},{"id":"6ec1ec5e-d1f3-4620-aaa0-fa72d90b6aac","block_type":"box","text":"$10,001 - $50,000 Over $100,000","page_number":33,"box":{"x":630,"y":857,"width":279,"height":11}},{"id":"a7032ce5-6546-489d-9884-9e2874d852df","block_type":"box","text":"Cynthia A. Montgomery. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":33,"box":{"x":79,"y":872,"width":520,"height":12}},{"id":"d90a2db7-b18f-49bf-aa7e-a96804bbcf85","block_type":"box","text":"None Over $100,000","page_number":33,"box":{"x":682,"y":872,"width":227,"height":11}},{"id":"a905a26c-f38f-4c6d-a2cb-cde18f789c4e","block_type":"box","text":"Donald C. 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Walton . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":34,"box":{"x":79,"y":142,"width":520,"height":9}},{"id":"b16f4292-71df-4d34-899a-931cf3ea71bf","block_type":"box","text":"None Over $100,000","page_number":34,"box":{"x":682,"y":142,"width":227,"height":11}},{"id":"3941aca6-7bed-4c4d-8910-8a0fd7f4f8b1","block_type":"box","text":"Interested Trustees","page_number":34,"box":{"x":70,"y":158,"width":138,"height":8}},{"id":"5f698a06-2f1c-411e-8c70-2f8f59e461e5","block_type":"box","text":"Robert Fairbairn . .","page_number":34,"box":{"x":79,"y":173,"width":128,"height":9}},{"id":"4067d95b-aeb0-44f0-8532-a0c634512882","block_type":"box","text":"................................................","page_number":34,"box":{"x":214,"y":180,"width":385,"height":1}},{"id":"a0d36629-b9a1-4672-b4ee-1bc4ddb1e67c","block_type":"box","text":"None Over $100,000","page_number":34,"box":{"x":682,"y":172,"width":227,"height":11}},{"id":"85f64a42-1932-4d78-9d45-c60ae3939bba","block_type":"box","text":"John M. Perlowski .","page_number":34,"box":{"x":78,"y":188,"width":138,"height":9}},{"id":"2602868e-82f7-4ef0-99f4-faff9b51e87f","block_type":"box","text":"...............................................","page_number":34,"box":{"x":222,"y":195,"width":377,"height":2}},{"id":"f72069ba-3d95-4d52-9666-e110cccaf6df","block_type":"box","text":"None Over $100,000","page_number":34,"box":{"x":682,"y":187,"width":227,"height":11}},{"id":"9fe4ea3d-cbe6-4bd1-b878-7b1102ee4d66","block_type":"box","text":"* Information is provided as of April 1, 2026, the date Mr. Jarczyk and Mr. Stern first served as consultants to the Independent Trustees.","page_number":34,"box":{"x":70,"y":212,"width":782,"height":9}},{"id":"e65af818-8504-4b04-8576-93de9cb65d01","block_type":"box","text":"As of August 5, 2026, the Trustees and officers of the Fund as a group directly or indirectly beneficially owned","page_number":34,"box":{"x":101,"y":233,"width":786,"height":11}},{"id":"91dba9e8-c876-479f-a145-108fe6644f2d","block_type":"box","text":"an aggregate of less than 1% of any class of the outstanding shares of the Fund. As of December 31, 2025 (and,","page_number":34,"box":{"x":69,"y":248,"width":809,"height":11}},{"id":"94ef2b2e-b14e-4346-9cc2-91e2e290fb4d","block_type":"box","text":"with respect to Mr. Jarczyk and Mr. Stern, as of April 1, 2026), none of the Independent Trustees of the Fund or their","page_number":34,"box":{"x":68,"y":263,"width":834,"height":11}},{"id":"297aad47-0fb6-4ae8-8a4a-c63e8f2e7df5","block_type":"box","text":"immediate family members owned beneficially or of record any securities of the Fund’s investment adviser, principal","page_number":34,"box":{"x":70,"y":278,"width":824,"height":11}},{"id":"194013ce-7050-4fe0-ad54-46111033ad1a","block_type":"box","text":"underwriter, or any person directly or indirectly controlling, controlled by, or under common control with such entities.","page_number":34,"box":{"x":69,"y":294,"width":830,"height":11}},{"id":"3995e957-74fe-424b-a8dd-ff2d0e260b00","block_type":"box","text":"Compensation of Trustees","page_number":34,"box":{"x":69,"y":324,"width":190,"height":11}},{"id":"99946ebe-8921-47c5-8979-c07210afb162","block_type":"box","text":"Each Trustee who is an Independent Trustee is paid as compensation an annual retainer of $375,000 per year","page_number":34,"box":{"x":102,"y":346,"width":791,"height":12}},{"id":"a345e30b-27f7-4d01-adcd-72852b15dc06","block_type":"box","text":"for his or her services as a board member of the BlackRock-advised Funds in the BlackRock Multi-Asset Complex,","page_number":34,"box":{"x":68,"y":361,"width":810,"height":11}},{"id":"f1d54928-d472-4a37-8860-d4c7efda55fc","block_type":"box","text":"including the Fund, and a $20,000 board meeting fee to be paid for each in-person board meeting attended (and may","page_number":34,"box":{"x":70,"y":376,"width":837,"height":12}},{"id":"b3b6eca8-bc37-4681-b464-00426f070545","block_type":"box","text":"receive a board meeting fee for telephonic attendance at board meetings), for up to five board meetings held in a","page_number":34,"box":{"x":69,"y":392,"width":807,"height":11}},{"id":"105fbc73-fb8a-44bc-81be-ac9f6a0246cc","block_type":"box","text":"calendar year (compensation for meetings in excess of this number to be determined on a case-by-case basis),","page_number":34,"box":{"x":69,"y":407,"width":791,"height":11}},{"id":"83a16d83-6628-4e16-8710-08bf397bb975","block_type":"box","text":"together with out-of-pocket expenses in accordance with a board policy on travel and other business expenses","page_number":34,"box":{"x":68,"y":422,"width":786,"height":11}},{"id":"a52fd654-3503-4697-b0f0-c9d835d2ff9b","block_type":"box","text":"relating to attendance at meetings. The Chairs of the Audit Committee, Compliance Committee, Governance","page_number":34,"box":{"x":69,"y":437,"width":769,"height":11}},{"id":"18586b78-fbd7-4cdf-ae5d-7b4b81e8cc05","block_type":"box","text":"Committee and Performance Oversight Committee are paid as compensation an additional annual retainer of","page_number":34,"box":{"x":69,"y":452,"width":778,"height":11}},{"id":"a547e67e-da80-40e6-b4d8-58b039d828a6","block_type":"box","text":"$45,000, respectively. The Chair of the Board is paid an additional annual retainer of $150,000.","page_number":34,"box":{"x":69,"y":467,"width":689,"height":11}},{"id":"7da402b8-7634-4b24-84af-d535fd12de0e","block_type":"box","text":"The following table sets forth the compensation the Fund paid to the Trustees for the fiscal year ended","page_number":34,"box":{"x":101,"y":490,"width":733,"height":11}},{"id":"17b6c6b0-23b6-45d1-b644-c3a5241394ed","block_type":"box","text":"April 30, 2026 and the aggregate compensation paid to them by all BlackRock-advised Funds for the calendar year","page_number":34,"box":{"x":68,"y":505,"width":818,"height":11}},{"id":"3be0553e-99e3-4520-b869-9fa89430805a","block_type":"box","text":"ended December 31, 2025.","page_number":34,"box":{"x":69,"y":520,"width":197,"height":11}},{"id":"160536bd-8532-4c51-8257-82b0d51b0b07","block_type":"box","text":"Name","page_number":34,"box":{"x":69,"y":589,"width":32,"height":7}},{"id":"fb410fd2-a82e-42b0-b145-cdf920663442","block_type":"box","text":"Compensation","page_number":34,"box":{"x":551,"y":569,"width":83,"height":8}},{"id":"3f0037ba-1c04-4508-a669-7c2b9e7d2a55","block_type":"box","text":"from the","page_number":34,"box":{"x":568,"y":579,"width":49,"height":7}},{"id":"8002d64f-ed31-42ec-ab4e-632b2153daef","block_type":"box","text":"Fund","page_number":34,"box":{"x":579,"y":589,"width":27,"height":7}},{"id":"659581bb-9021-46f0-bc33-622527159b0a","block_type":"box","text":"Estimated Annual","page_number":34,"box":{"x":664,"y":569,"width":102,"height":7}},{"id":"90c29c3a-0ec6-4f8e-bddf-288313fc5f1b","block_type":"box","text":"Benefits upon","page_number":34,"box":{"x":676,"y":579,"width":79,"height":9}},{"id":"dc93d9bb-fc74-41ce-8008-71efbe6bb349","block_type":"box","text":"Retirement","page_number":34,"box":{"x":683,"y":589,"width":64,"height":7}},{"id":"310988dd-2e89-45c8-ba65-c484827a77c5","block_type":"box","text":"Aggregate","page_number":34,"box":{"x":822,"y":549,"width":61,"height":8}},{"id":"e0cc5f02-c60a-4950-8170-e4d2f5d92786","block_type":"box","text":"Compensation from","page_number":34,"box":{"x":796,"y":559,"width":113,"height":8}},{"id":"e509386f-3327-453e-be8e-e75a8544f69c","block_type":"box","text":"the Fund and","page_number":34,"box":{"x":815,"y":569,"width":75,"height":7}},{"id":"95d86b70-108a-4be0-80bb-ba2f68cfd328","block_type":"box","text":"Other BlackRock","page_number":34,"box":{"x":802,"y":579,"width":102,"height":7}},{"id":"b0fe8735-7be4-4913-9dd2-238a7a7c9093","block_type":"box","text":"Advised Funds","page_number":34,"box":{"x":809,"y":589,"width":84,"height":7}},{"id":"e8222524-f905-4cc9-8f03-5575e0e31986","block_type":"box","text":"1","page_number":34,"box":{"x":893,"y":589,"width":4,"height":3}},{"id":"5bf1073d-a6f5-4d8c-8337-d50517e68d02","block_type":"box","text":"Independent Trustees","page_number":34,"box":{"x":70,"y":607,"width":154,"height":10}},{"id":"0e2adfae-4ed5-4a8b-a16c-725fa69e50fa","block_type":"box","text":"Christopher J. 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Cotty. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":34,"box":{"x":79,"y":667,"width":441,"height":11}},{"id":"dbc05b23-56a0-4c7f-bb44-d1726d7ff52f","block_type":"box","text":"$11,337 None $467,500","page_number":34,"box":{"x":562,"y":666,"width":327,"height":11}},{"id":"ae9a96f6-4c15-4a8c-8bbe-1398327294dd","block_type":"box","text":"Jeffrey Jarczyk","page_number":34,"box":{"x":78,"y":682,"width":103,"height":11}},{"id":"f561cd4f-ab8e-4002-bc85-38c87caca221","block_type":"box","text":"2","page_number":34,"box":{"x":181,"y":683,"width":4,"height":4}},{"id":"41178d19-f159-41a7-929e-f0bb024a8f46","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,092 None None","page_number":34,"box":{"x":200,"y":681,"width":689,"height":12}},{"id":"a89eb110-a9e8-48fc-98ed-727ba0a43c9c","block_type":"box","text":"Henry R. 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None None None","page_number":34,"box":{"x":217,"y":834,"width":672,"height":8}},{"id":"fe580d09-14c8-447f-bd8f-24605337f33b","block_type":"box","text":"John M. Perlowski","page_number":34,"box":{"x":78,"y":849,"width":127,"height":8}},{"id":"54afd80c-f940-41b8-a136-6179d4ba9ee9","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . None None None","page_number":34,"box":{"x":208,"y":849,"width":681,"height":8}},{"id":"8c9374f2-cb9e-49d0-8dab-4c9f55fa3281","block_type":"box","text":"1","page_number":34,"box":{"x":69,"y":873,"width":3,"height":4}},{"id":"2abc237a-b15b-4c6c-96e3-26af06595c48","block_type":"box","text":"For the number of BlackRock-advised Funds from which each Trustee receives compensation, see “Biographical Information” beginning on","page_number":34,"box":{"x":94,"y":873,"width":786,"height":9}},{"id":"c0179fb1-77be-4c55-a1ff-99b861af36c4","block_type":"box","text":"page I-12.","page_number":34,"box":{"x":94,"y":883,"width":55,"height":9}},{"id":"e2a974be-d146-449b-b03f-396fc537b8d2","block_type":"box","text":"2","page_number":34,"box":{"x":69,"y":896,"width":3,"height":3}},{"id":"7ae0d393-fcd1-4574-8fdc-ab618237fec3","block_type":"box","text":"Compensation includes $1,092 earned as a consultant to the Independent Trustees for the period April 1, 2026 to July 1, 2026.","page_number":34,"box":{"x":93,"y":895,"width":735,"height":9}},{"id":"d6ea1e82-276c-4c57-93fb-f667e01f5c75","block_type":"box","text":"3","page_number":34,"box":{"x":69,"y":908,"width":3,"height":4}},{"id":"fa20d26e-c3eb-4900-b0a7-7d5160b2bc24","block_type":"box","text":"Chair of the Audit Committee.","page_number":34,"box":{"x":93,"y":908,"width":168,"height":7}},{"id":"120848e0-a00d-4c3f-ac75-3f6af5ab24c3","block_type":"box","text":"I-17","page_number":34,"box":{"x":476,"y":943,"width":26,"height":9}},{"id":"c1b4226e-c872-4473-a63d-98f681a467db","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":34,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"13e20261-30bd-4463-a79c-3b6a0fe4e8a5","block_type":"box","text":"4","page_number":35,"box":{"x":68,"y":45,"width":4,"height":4}},{"id":"67d6a6fb-7b7d-458e-9ba7-f98d4dfecb2a","block_type":"box","text":"Chair of the Governance Committee.","page_number":35,"box":{"x":93,"y":45,"width":206,"height":7}},{"id":"b48dff5e-763e-4737-a60c-b652932fa18d","block_type":"box","text":"5","page_number":35,"box":{"x":69,"y":58,"width":3,"height":3}},{"id":"a7cf7045-15f0-427b-8732-46a1a00df5ee","block_type":"box","text":"Chair of the Performance Oversight Committee.","page_number":35,"box":{"x":93,"y":58,"width":269,"height":9}},{"id":"2971fbaf-e99b-4fdd-8a0c-7cc64ea24070","block_type":"box","text":"6","page_number":35,"box":{"x":69,"y":70,"width":3,"height":4}},{"id":"75849b19-ecc2-4fff-972f-2b45eeb70601","block_type":"box","text":"Chair of the Board and Chair of the Ad Hoc Topics Committee.","page_number":35,"box":{"x":93,"y":70,"width":352,"height":9}},{"id":"43c16908-a60f-427b-b8fd-e5bcaa5ebde1","block_type":"box","text":"7","page_number":35,"box":{"x":69,"y":83,"width":3,"height":4}},{"id":"8f95b235-69de-4565-a32f-4c7290a71d06","block_type":"box","text":"Chair of the Compliance Committee.","page_number":35,"box":{"x":93,"y":83,"width":205,"height":9}},{"id":"fb111dde-c528-4a45-bb65-21da70c5ecde","block_type":"box","text":"IV. 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The contractual agreements may be terminated upon 90 days’ notice by a majority of the","page_number":35,"box":{"x":69,"y":285,"width":750,"height":12}},{"id":"b91a5a36-8131-43de-9913-ff0eb0410aef","block_type":"box","text":"Independent Trustees of the Fund or by a vote of a majority of the outstanding voting securities of the Fund.","page_number":35,"box":{"x":70,"y":300,"width":765,"height":12}},{"id":"d51f1601-0b25-44d6-93f7-4444e83a2a2d","block_type":"box","text":"Effective June 1, 2024, BlackRock has contractually agreed to waive and/or reimburse fees or expenses in order","page_number":35,"box":{"x":102,"y":323,"width":806,"height":11}},{"id":"de5e018b-12b5-4e3e-b77c-6e60ca558aa1","block_type":"box","text":"to limit Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements (excluding","page_number":35,"box":{"x":68,"y":338,"width":776,"height":11}},{"id":"5a1964b9-b08f-4d74-b7f2-1edf274edda4","block_type":"box","text":"Dividend Expense, Interest Expense, Acquired Fund Fees and Expenses and certain other Fund expenses (as defined","page_number":35,"box":{"x":70,"y":353,"width":832,"height":11}},{"id":"4fe096c3-c970-4ff1-b54b-a5aed4478599","block_type":"box","text":"in the Fund’s Prospectuses)) as a percentage of average daily net assets to 0.96% for Investor A Shares, 1.71% for","page_number":35,"box":{"x":70,"y":368,"width":824,"height":12}},{"id":"fbee443b-8c6c-46a8-9efa-aef6011b1be5","block_type":"box","text":"Investor C Shares, 0.71% for Institutional Shares, 1.21% for Class R Shares, 0.96% for Service Shares and 0.66%","page_number":35,"box":{"x":70,"y":383,"width":817,"height":11}},{"id":"605e44bf-5e77-48cc-8a3f-20df45493b21","block_type":"box","text":"for Class K Shares through June 30, 2028. The contractual agreement may be terminated upon 90 days’ notice by a","page_number":35,"box":{"x":68,"y":399,"width":833,"height":11}},{"id":"fadff766-e11f-4bf5-9fd2-fe883e2fc7f2","block_type":"box","text":"majority of the Independent Trustees or by a vote of a majority of the outstanding voting securities of the Fund.","page_number":35,"box":{"x":69,"y":414,"width":788,"height":11}},{"id":"63f5cf33-7e63-43a8-a610-1c527e30af35","block_type":"box","text":"Pursuant to the Management Agreement, the Manager may from time to time, in its sole discretion to the extent","page_number":35,"box":{"x":102,"y":436,"width":800,"height":12}},{"id":"ed80acd4-8501-4bfd-8d27-e938b386ef1f","block_type":"box","text":"permitted by applicable law, appoint one or more sub-advisers, including, without limitation, affiliates of the Manager,","page_number":35,"box":{"x":70,"y":452,"width":834,"height":11}},{"id":"508b2c37-5e39-4b38-919b-f4cc0be7e777","block_type":"box","text":"to perform investment advisory services with respect to the Fund. In addition, the Manager may delegate certain of","page_number":35,"box":{"x":68,"y":467,"width":825,"height":11}},{"id":"878eccaf-d921-46ff-aef3-fd6e76e52e91","block_type":"box","text":"its investment advisory functions under the Management Agreement to one or more of its affiliates to the extent","page_number":35,"box":{"x":70,"y":482,"width":801,"height":11}},{"id":"df3b699c-c7b0-479c-b8c5-a832c11c1cc6","block_type":"box","text":"permitted by applicable law. The Manager may terminate any or all sub-advisers or such delegation arrangements in","page_number":35,"box":{"x":70,"y":497,"width":823,"height":11}},{"id":"84d231df-1d00-45eb-8679-6b6975e385c6","block_type":"box","text":"its sole discretion at any time to the extent permitted by applicable law.","page_number":35,"box":{"x":70,"y":512,"width":508,"height":11}},{"id":"0a663dda-404a-47be-9e03-f6c3b1a90b1a","block_type":"box","text":"The table below sets forth information about the total management fees paid by the Fund to the Manager, and","page_number":35,"box":{"x":101,"y":535,"width":787,"height":11}},{"id":"665d5a96-5c01-4424-976c-8ddc99f0aed6","block_type":"box","text":"the amounts waived and/or reimbursed by the Manager, for the periods shown:","page_number":35,"box":{"x":68,"y":550,"width":565,"height":11}},{"id":"904b567c-95cf-4e8d-9f19-5ef70d5b6af8","block_type":"box","text":"Fees Paid to","page_number":35,"box":{"x":570,"y":578,"width":72,"height":7}},{"id":"9be0541c-6d46-42f8-9711-0bbb73c3866a","block_type":"box","text":"the Manager","page_number":35,"box":{"x":569,"y":588,"width":74,"height":9}},{"id":"d07db731-92c0-4946-aad0-1866afff251f","block_type":"box","text":"Fees Waived by","page_number":35,"box":{"x":690,"y":578,"width":90,"height":9}},{"id":"a593b5c4-b0db-42d7-b4ea-006c5cac8a8f","block_type":"box","text":"the Manager","page_number":35,"box":{"x":697,"y":588,"width":74,"height":9}},{"id":"edb34ac8-be28-4f1b-99e9-e68a6cca2014","block_type":"box","text":"Fees Reimbursed","page_number":35,"box":{"x":810,"y":578,"width":99,"height":7}},{"id":"1f1a9cc2-4c51-45d3-8231-cc7b6f511971","block_type":"box","text":"by the Manager","page_number":35,"box":{"x":814,"y":588,"width":91,"height":9}},{"id":"352dce18-6602-49a4-bdc7-64ca218945af","block_type":"box","text":"Fiscal Year Ended April 30, 2026","page_number":35,"box":{"x":70,"y":606,"width":232,"height":11}},{"id":"cf5f0b64-33de-4371-8fb5-35a289da262b","block_type":"box","text":"...........................","page_number":35,"box":{"x":308,"y":613,"width":213,"height":2}},{"id":"8087aa03-dfce-4e06-a015-7b65b4222c8c","block_type":"box","text":"$105,252,982 $487,445 $216,595","page_number":35,"box":{"x":553,"y":605,"width":342,"height":11}},{"id":"fbc30cb6-ee73-47a4-b4c5-549a5f00ca61","block_type":"box","text":"Fiscal Year Ended April 30, 2025","page_number":35,"box":{"x":70,"y":621,"width":232,"height":11}},{"id":"69dbb8af-85d2-44b5-a2fb-c4055468da9c","block_type":"box","text":"...........................","page_number":35,"box":{"x":308,"y":628,"width":213,"height":2}},{"id":"03f5ac4f-e047-4f66-a8a0-6707c3487bed","block_type":"box","text":"$105,310,603 $564,124 $277,013","page_number":35,"box":{"x":553,"y":620,"width":342,"height":12}},{"id":"952e99b3-01b3-4823-96f3-f1eb2013b708","block_type":"box","text":"Fiscal Year Ended April 30, 2024","page_number":35,"box":{"x":70,"y":636,"width":232,"height":11}},{"id":"b0bdfdab-d41f-446c-8101-68130f5b7917","block_type":"box","text":"...........................","page_number":35,"box":{"x":308,"y":644,"width":213,"height":1}},{"id":"7c200ff9-28e8-44f3-89c6-2066913eb067","block_type":"box","text":"$103,768,638 $613,903 $ 0","page_number":35,"box":{"x":553,"y":635,"width":342,"height":12}},{"id":"c6b5c6b5-e197-457d-9b41-8b722ca51ff1","block_type":"box","text":"Information Regarding the Portfolio Managers","page_number":35,"box":{"x":69,"y":668,"width":335,"height":11}},{"id":"6e477a66-6989-416c-b49b-060c3f5d007c","block_type":"box","text":"The Fund is supported by a team of financial professionals who are responsible for investment research and","page_number":35,"box":{"x":101,"y":690,"width":774,"height":11}},{"id":"29976ed9-a85c-47c7-8931-d528e44cf586","block_type":"box","text":"selection. The lead members of this team are Cem Inal and David Zhao. Messrs. Inal and Zhao are jointly and","page_number":35,"box":{"x":69,"y":705,"width":782,"height":12}},{"id":"47150c90-8473-4cd0-995f-d699f6487d7d","block_type":"box","text":"primarily responsible for the day-to-day management of the Fund’s portfolio.","page_number":35,"box":{"x":70,"y":721,"width":537,"height":11}},{"id":"72d53fd2-9c79-4a96-9e56-6bfd83840508","block_type":"box","text":"Other Funds and Accounts Managed","page_number":35,"box":{"x":70,"y":751,"width":265,"height":11}},{"id":"0bf00e10-fa43-4779-ac99-e5af7320a31c","block_type":"box","text":"The following table sets forth information about funds and accounts other than the Fund for which the Fund’s","page_number":35,"box":{"x":101,"y":773,"width":778,"height":12}},{"id":"e0de0092-3427-426f-825a-f1793b0ff1cf","block_type":"box","text":"portfolio managers are primarily responsible for the day-to-day portfolio management as of April 30, 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$0","page_number":36,"box":{"x":331,"y":128,"width":534,"height":8}},{"id":"a633afcb-78da-463f-8904-4405cc349c6a","block_type":"box","text":"David Zhao 14 11 7 0 0 1","page_number":36,"box":{"x":74,"y":141,"width":787,"height":7}},{"id":"23593d9b-de0f-42cf-90ee-2bcfca58ab03","block_type":"box","text":"$13.07 Billion $6.90 Billion $407.62 Million $0 $0 $53.36 Million","page_number":36,"box":{"x":327,"y":153,"width":572,"height":8}},{"id":"4cb515b9-21b5-4c8c-aabc-d1d038dd64f1","block_type":"box","text":"Por tfolio Manager Compensation Overview","page_number":36,"box":{"x":69,"y":191,"width":304,"height":12}},{"id":"9fcf2c2d-cba2-4275-890c-efdfb99c0a81","block_type":"box","text":"The discussion below describes the compensation of Messrs. Inal and Zhao as of April 30, 2026 and the","page_number":36,"box":{"x":101,"y":214,"width":751,"height":11}},{"id":"071221ab-de13-449f-8cd1-b06a58cc0996","block_type":"box","text":"compensation of Mr. Inal as of October 31, 2025.","page_number":36,"box":{"x":69,"y":229,"width":354,"height":11}},{"id":"dd4f5fa8-005c-4057-92b3-95a645973072","block_type":"box","text":"BlackRock’s financial arrangements with its portfolio managers, its competitive compensation and its career","page_number":36,"box":{"x":102,"y":252,"width":774,"height":11}},{"id":"5ab18b12-cf02-471d-a32c-86df95bfeb52","block_type":"box","text":"path emphasis at all levels reflect the value senior management places on key resources. Compensation may include","page_number":36,"box":{"x":70,"y":267,"width":837,"height":11}},{"id":"bd5e33fa-0b94-4047-87e0-9955120611cd","block_type":"box","text":"a variety of components and may vary from year to year based on a number of factors. The principal components of","page_number":36,"box":{"x":69,"y":282,"width":823,"height":11}},{"id":"13594cd3-ac39-4253-913d-ce40e29852e4","block_type":"box","text":"compensation include a base salary, a performance-based discretionary bonus, participation in various benefits","page_number":36,"box":{"x":69,"y":297,"width":799,"height":11}},{"id":"993de770-90cf-43b1-81f4-e57691b2e447","block_type":"box","text":"programs and one or more of the incentive compensation programs established by BlackRock.","page_number":36,"box":{"x":70,"y":312,"width":670,"height":12}},{"id":"4ba04178-1ef0-4ce5-98dd-1ceebef662a4","block_type":"box","text":"Base Compensation.","page_number":36,"box":{"x":102,"y":335,"width":148,"height":11}},{"id":"87419c43-3fd8-4e9e-bf72-3b225a24167d","block_type":"box","text":"Generally, portfolio managers receive base compensation based on their position with the","page_number":36,"box":{"x":257,"y":335,"width":640,"height":11}},{"id":"2e600294-067a-41fd-bcff-4bf1775bc51f","block_type":"box","text":"firm.","page_number":36,"box":{"x":68,"y":350,"width":32,"height":9}},{"id":"f426ec24-e695-4c9b-95ad-71d201599be7","block_type":"box","text":"Discretionary Incentive Compensation","page_number":36,"box":{"x":69,"y":380,"width":277,"height":11}},{"id":"8f107f83-9ae5-423c-a52b-79738e2da155","block_type":"box","text":"Generally, discretionary incentive compensation for Fundamental Equities portfolio managers is based on a","page_number":36,"box":{"x":102,"y":403,"width":763,"height":11}},{"id":"30d213cd-9927-49e1-8bf9-94afd3adf350","block_type":"box","text":"formulaic compensation program. BlackRock’s formulaic portfolio manager compensation program is based on team","page_number":36,"box":{"x":68,"y":418,"width":832,"height":11}},{"id":"777f3833-2ea6-45c7-97d5-ef4d04faaed4","block_type":"box","text":"revenue and pre-tax investment performance relative to appropriate competitors or benchmarks over 3- and 5-year","page_number":36,"box":{"x":69,"y":433,"width":815,"height":11}},{"id":"24eb040b-02c8-4edb-a3f9-617de9ba2362","block_type":"box","text":"performance periods, as applicable. In most cases, these benchmarks are the same as the benchmark or","page_number":36,"box":{"x":70,"y":448,"width":757,"height":11}},{"id":"d34517cf-69e0-4660-a23f-4757977f5fda","block_type":"box","text":"benchmarks against which the performance of the Fund or other accounts managed by the portfolio managers are","page_number":36,"box":{"x":69,"y":463,"width":814,"height":12}},{"id":"1120ca4f-de6b-476c-baa6-b92485139b04","block_type":"box","text":"measured. BlackRock’s global compensation team determines the benchmarks or rankings against which the","page_number":36,"box":{"x":69,"y":479,"width":780,"height":11}},{"id":"3f35359d-a3dc-4f62-8c63-fddb190fda24","block_type":"box","text":"performance of the Fund and other accounts managed by the portfolio management team is compared and the","page_number":36,"box":{"x":70,"y":494,"width":791,"height":11}},{"id":"59e14130-cbc0-4ac8-8060-609cbbb78430","block_type":"box","text":"period of time over which performance is evaluated. With respect to these portfolio managers such benchmarks for","page_number":36,"box":{"x":70,"y":509,"width":823,"height":11}},{"id":"f687a938-bbb3-4c0b-b08e-cabd8627d087","block_type":"box","text":"the Fund and other accounts are: FTSE United States in GBP; MSCI All Country (AC) Americas Index; Russell 1000","page_number":36,"box":{"x":68,"y":524,"width":815,"height":11}},{"id":"b2c61756-61a6-478d-bb0f-08a9bd5a9bf9","block_type":"box","text":"Index (GBP); Russell 1000 Index (Gross Total Return); Russell 1000 Value Index (Total Return); Russell 1000 Value","page_number":36,"box":{"x":70,"y":539,"width":818,"height":11}},{"id":"735a50f8-3369-455a-9aeb-d696a4cf48dc","block_type":"box","text":"Index TR in GBP; Russell 1000 Value TR Customized Index Performance Benchmark JPY; Russell 1000, expressed in","page_number":36,"box":{"x":70,"y":554,"width":833,"height":11}},{"id":"6493d83d-8f16-4008-92fb-cafdc4cb86b4","block_type":"box","text":"EUR; Russell MidCap Value Index; S&P United States MidSmallCap Index; S&P US MidSmallCap Index (GBP).","page_number":36,"box":{"x":70,"y":569,"width":774,"height":11}},{"id":"0a2d881a-b51e-4e5f-99a0-6820a991bc19","block_type":"box","text":"A smaller element of portfolio manager discretionary compensation may include consideration of: financial","page_number":36,"box":{"x":101,"y":592,"width":759,"height":11}},{"id":"1ee8d766-90b7-4e92-a2d8-8f6b58c8bbb5","block_type":"box","text":"results, expense control, profit margins, strategic planning and implementation, quality of client service, market","page_number":36,"box":{"x":69,"y":607,"width":798,"height":11}},{"id":"e5fe75ca-b8b3-4417-8aa1-9628856e1f99","block_type":"box","text":"share, corporate reputation, capital allocation, compliance and risk control, leadership, technology and innovation.","page_number":36,"box":{"x":69,"y":623,"width":814,"height":11}},{"id":"51f32242-5d3e-49f3-9879-cdb8d51366e9","block_type":"box","text":"These factors are considered collectively by BlackRock management and the relevant Chief Investment Officers.","page_number":36,"box":{"x":68,"y":637,"width":798,"height":12}},{"id":"57194f80-b25f-4140-9488-d212f7bc5fa4","block_type":"box","text":"Distribution of Discretionary Incentive Compensation.","page_number":36,"box":{"x":102,"y":660,"width":389,"height":11}},{"id":"eb728a1d-c300-485b-b52e-c49f17bd8438","block_type":"box","text":"Discretionary incentive compensation is distributed to","page_number":36,"box":{"x":499,"y":660,"width":383,"height":11}},{"id":"dc222e6d-60fe-4ea1-9c5c-879ddc8b9daa","block_type":"box","text":"portfolio managers in a combination of cash, deferred BlackRock, Inc. stock awards, and/or deferred cash awards","page_number":36,"box":{"x":70,"y":675,"width":815,"height":11}},{"id":"1117c113-ad5f-45ee-bc02-6d89fd37958a","block_type":"box","text":"that notionally track the return of certain BlackRock investment products.","page_number":36,"box":{"x":68,"y":690,"width":522,"height":11}},{"id":"c87102e4-0ba5-454e-80ec-158206c3b2ad","block_type":"box","text":"Portfolio managers receive their annual discretionary incentive compensation in the form of cash. Portfolio","page_number":36,"box":{"x":102,"y":713,"width":760,"height":11}},{"id":"c07b3579-dd5f-4773-aa3a-75614063e6c6","block_type":"box","text":"managers whose total compensation is above a specified threshold also receive deferred BlackRock, Inc. stock","page_number":36,"box":{"x":69,"y":728,"width":795,"height":11}},{"id":"aa7d1757-62b7-4ba9-b757-1519f198746e","block_type":"box","text":"awards annually as part of their discretionary incentive compensation. Paying a portion of discretionary incentive","page_number":36,"box":{"x":69,"y":743,"width":805,"height":12}},{"id":"7b9595d1-24d8-49f1-9ca4-8ca1c62b934b","block_type":"box","text":"compensation in the form of deferred BlackRock, Inc. stock puts compensation earned by a portfolio manager for a","page_number":36,"box":{"x":69,"y":758,"width":822,"height":12}},{"id":"1aab6ebd-fd08-42f8-ae6b-b5f535b0c0ec","block_type":"box","text":"given year “at risk” based on BlackRock’s ability to sustain and improve its performance over future periods. In some","page_number":36,"box":{"x":68,"y":773,"width":839,"height":12}},{"id":"3d83a6be-9b2d-402c-a05c-0e65a39e1fcc","block_type":"box","text":"cases, additional deferred BlackRock, Inc. stock may be granted to certain key employees as part of a long-term","page_number":36,"box":{"x":69,"y":789,"width":802,"height":11}},{"id":"4f83aa0e-4343-45ee-860d-c4547fe6a596","block_type":"box","text":"incentive award to aid in retention, align interests with long-term shareholders and motivate performance. Deferred","page_number":36,"box":{"x":70,"y":804,"width":820,"height":11}},{"id":"075a9e11-7093-44f3-b880-08ccecd4a358","block_type":"box","text":"BlackRock, Inc. stock awards are generally granted in the form of BlackRock, Inc. restricted stock units that vest","page_number":36,"box":{"x":70,"y":819,"width":801,"height":11}},{"id":"3b99b296-f229-46eb-b346-72b0e45512c2","block_type":"box","text":"pursuant to the terms of the applicable plan and, once vested, settle in BlackRock, Inc. common stock. The portfolio","page_number":36,"box":{"x":70,"y":834,"width":831,"height":11}},{"id":"8bd53d62-224d-4a28-8942-45fe54d3c1ac","block_type":"box","text":"managers of this Fund have deferred BlackRock, Inc. stock awards.","page_number":36,"box":{"x":69,"y":849,"width":479,"height":11}},{"id":"e3f0f7d9-24e2-4817-8ea9-9f07a0132f3e","block_type":"box","text":"For certain portfolio managers, a portion of the discretionary incentive compensation is also distributed in the","page_number":36,"box":{"x":102,"y":872,"width":785,"height":11}},{"id":"23c5fb7b-9c0a-42c1-a371-9f9faa0dbf88","block_type":"box","text":"form of deferred cash awards that notionally track the returns of select BlackRock investment products they manage,","page_number":36,"box":{"x":68,"y":887,"width":836,"height":11}},{"id":"79f32f41-9788-4391-ad91-e2e5b63f9487","block_type":"box","text":"which provides direct alignment of portfolio manager discretionary incentive compensation with investment product","page_number":36,"box":{"x":68,"y":902,"width":821,"height":11}},{"id":"38ce3e6d-4a47-489c-a081-dbb6c092cb95","block_type":"box","text":"I-19","page_number":36,"box":{"x":476,"y":943,"width":26,"height":9}},{"id":"28718baf-3421-4d03-b825-38ad9c35e979","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":36,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2b55cf25-6598-4be6-9886-a20ab58d980d","block_type":"box","text":"results. Deferred cash awards vest ratably over a number of years and, once vested, settle in the form of cash. Only","page_number":37,"box":{"x":69,"y":45,"width":829,"height":11}},{"id":"9d4dfcb6-6ff2-432e-a853-ce558a0867c3","block_type":"box","text":"portfolio managers who manage specified products and whose total compensation is above a specified threshold are","page_number":37,"box":{"x":70,"y":60,"width":835,"height":11}},{"id":"61d91902-87e0-4f45-9b4a-123fad695051","block_type":"box","text":"eligible to participate in the deferred cash award program.","page_number":37,"box":{"x":69,"y":75,"width":414,"height":11}},{"id":"076a9e97-78cf-4dc8-b28f-7285fbef782f","block_type":"box","text":"Other Compensation Benefits.","page_number":37,"box":{"x":101,"y":98,"width":218,"height":11}},{"id":"e73a723d-30c9-426d-8c8d-ae7843410a3e","block_type":"box","text":"In addition to base salary and discretionary incentive compensation, portfolio","page_number":37,"box":{"x":327,"y":98,"width":552,"height":11}},{"id":"766deb12-f0ff-4dc7-a806-59f08dd0dc4e","block_type":"box","text":"managers may be eligible to receive or participate in one or more of the following:","page_number":37,"box":{"x":69,"y":113,"width":582,"height":11}},{"id":"611568f4-3f8b-4500-ba45-de848094cc63","block_type":"box","text":"Incentive Savings Plans","page_number":37,"box":{"x":102,"y":135,"width":167,"height":12}},{"id":"cdedbb23-5cd9-488b-ade8-579d4ff0e125","block_type":"box","text":"— BlackRock, Inc. has created a variety of incentive savings plans in which BlackRock","page_number":37,"box":{"x":274,"y":135,"width":614,"height":12}},{"id":"6b736e16-153b-4649-8938-9514b728a338","block_type":"box","text":"employees are eligible to participate, including a 401(k) plan, the BlackRock Retirement Savings Plan (RSP), and the","page_number":37,"box":{"x":69,"y":151,"width":831,"height":11}},{"id":"f543d48a-fe75-45db-af92-6f0c81a6c5ca","block_type":"box","text":"BlackRock Employee Stock Purchase Plan (ESPP). The employer contribution components of the RSP include a","page_number":37,"box":{"x":70,"y":166,"width":785,"height":11}},{"id":"4457aa62-5370-4ef3-bafb-2d2354361f13","block_type":"box","text":"company match equal to 50% of the first 8% of eligible pay contributed to the plan capped at $5,000 per year, and a","page_number":37,"box":{"x":69,"y":180,"width":830,"height":12}},{"id":"892bbb13-45e6-4de0-b3a3-20179d8c8b1f","block_type":"box","text":"company retirement contribution equal to 3-5% of eligible compensation up to the Internal Revenue Service limit","page_number":37,"box":{"x":69,"y":196,"width":799,"height":11}},{"id":"c47bc0d2-6629-4665-b746-9508bb0aa7bb","block_type":"box","text":"($360,000 for 2026). The RSP offers a range of investment options, including registered investment companies and","page_number":37,"box":{"x":69,"y":210,"width":831,"height":12}},{"id":"3d728879-ce1b-454e-b95e-cebf6404401a","block_type":"box","text":"collective investment funds managed by the firm. BlackRock contributions follow the investment direction set by","page_number":37,"box":{"x":69,"y":226,"width":798,"height":11}},{"id":"09da49ce-ebc1-43a5-988f-0669cbbfeb0c","block_type":"box","text":"participants for their own contributions or, absent participant investment direction, are invested into a target date","page_number":37,"box":{"x":70,"y":241,"width":809,"height":11}},{"id":"f1ec10c0-b37b-474c-b600-fd6ff7451f36","block_type":"box","text":"fund that corresponds to, or is closest to, the year in which the participant attains age 65. The ESPP allows for","page_number":37,"box":{"x":68,"y":256,"width":793,"height":12}},{"id":"39924345-b6a8-41e6-a999-d66c760cb968","block_type":"box","text":"investment in BlackRock common stock at a 5% discount on the fair market value of the stock on the purchase date.","page_number":37,"box":{"x":70,"y":271,"width":832,"height":11}},{"id":"767265af-3a73-4934-ac0e-dce9b0c4d64d","block_type":"box","text":"Annual participation in the ESPP is limited to the purchase of 1,000 shares of common stock or a dollar value of","page_number":37,"box":{"x":68,"y":286,"width":805,"height":11}},{"id":"11dbc633-5fbb-47fb-961c-bf76d4f1ec5d","block_type":"box","text":"$25,000 based on its fair market value on the purchase date. All of the eligible portfolio managers are eligible to","page_number":37,"box":{"x":69,"y":301,"width":808,"height":12}},{"id":"53ff739f-7ae0-4b0f-993f-bf58beaddaad","block_type":"box","text":"participate in these plans.","page_number":37,"box":{"x":70,"y":317,"width":185,"height":11}},{"id":"cf7b8045-c3db-4b8c-86a8-e902af45590d","block_type":"box","text":"Por tfolio Manager Beneficial Holdings","page_number":37,"box":{"x":69,"y":347,"width":268,"height":11}},{"id":"6cadfdbd-c96e-49a7-8ebd-0d4a91d2294a","block_type":"box","text":"As of April 30, 2026, the Fund’s most recently completed fiscal year end, the dollar range of securities","page_number":37,"box":{"x":101,"y":370,"width":733,"height":11}},{"id":"0a20c1c2-9a85-4b2d-af32-ce531c82b9b5","block_type":"box","text":"beneficially owned by the portfolio managers in the Fund is shown below:","page_number":37,"box":{"x":69,"y":385,"width":519,"height":11}},{"id":"7d1cda09-743b-45f2-a0e5-9a58633018bb","block_type":"box","text":"Portfolio Manager","page_number":37,"box":{"x":69,"y":423,"width":105,"height":9}},{"id":"1f81e1fa-5385-46ec-be3a-a2457eae23eb","block_type":"box","text":"Dollar Range of Equity","page_number":37,"box":{"x":758,"y":413,"width":129,"height":9}},{"id":"df42ba16-5d0b-44b7-8f00-97c7bfa6bd20","block_type":"box","text":"Securities Beneficially Owned","page_number":37,"box":{"x":735,"y":423,"width":173,"height":9}},{"id":"84d0f8e8-4cf2-483d-b4a3-a96015c74cd1","block_type":"box","text":"Cem Inal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":37,"box":{"x":69,"y":441,"width":635,"height":9}},{"id":"7f7c8462-f249-4514-9779-c7654df11007","block_type":"box","text":"$500,001 - $1,000,000","page_number":37,"box":{"x":736,"y":440,"width":173,"height":11}},{"id":"ca9c020b-982b-495f-ba45-1e0d4d2a506a","block_type":"box","text":"David Zhao . . .","page_number":37,"box":{"x":70,"y":456,"width":104,"height":9}},{"id":"3ae91ae9-e855-4025-8f39-b652d354b35b","block_type":"box","text":".................................................................","page_number":37,"box":{"x":180,"y":463,"width":524,"height":2}},{"id":"ff4fe6fc-e802-4fcf-b504-278125517fc6","block_type":"box","text":"$100,001 - $500,000","page_number":37,"box":{"x":743,"y":455,"width":159,"height":11}},{"id":"5e727ab6-2f8f-4bff-a6ac-236ab9a2c869","block_type":"box","text":"Por tfolio Manager Potential Material Conflicts of Interest","page_number":37,"box":{"x":69,"y":487,"width":403,"height":12}},{"id":"2aa3c535-4300-4b2b-95a4-89931a330775","block_type":"box","text":"BlackRock has built a professional working environment, firm-wide compliance culture and compliance","page_number":37,"box":{"x":102,"y":510,"width":727,"height":11}},{"id":"94330de6-38d0-42b7-8228-64d0400091ba","block_type":"box","text":"procedures and systems designed to protect against potential incentives that may favor one account over another.","page_number":37,"box":{"x":70,"y":525,"width":814,"height":12}},{"id":"254387fa-9f4b-4cd6-8423-69d8a0ee8bea","block_type":"box","text":"BlackRock has adopted policies and procedures that address the allocation of investment opportunities, execution of","page_number":37,"box":{"x":70,"y":540,"width":837,"height":11}},{"id":"a0ffb03a-d183-4edd-b847-87ea2ce71b20","block_type":"box","text":"portfolio transactions, personal trading by employees and other potential conflicts of interest that are designed to","page_number":37,"box":{"x":70,"y":555,"width":810,"height":12}},{"id":"bad1ead3-16cc-4011-b274-d57b7fa58cba","block_type":"box","text":"ensure that all client accounts are treated equitably over time. Nevertheless, BlackRock furnishes investment","page_number":37,"box":{"x":69,"y":571,"width":782,"height":11}},{"id":"027b51b0-8172-42fa-9d94-4ae1156d39b0","block_type":"box","text":"management and advisory services to numerous clients in addition to the Fund, and BlackRock may, consistent with","page_number":37,"box":{"x":69,"y":586,"width":830,"height":11}},{"id":"e0292966-76c6-456a-b0be-5cef49229d9a","block_type":"box","text":"applicable law, make investment recommendations to other clients or accounts (including accounts which are hedge","page_number":37,"box":{"x":69,"y":601,"width":828,"height":11}},{"id":"f4f0ea4b-3c2e-44b7-8634-9feeb132f609","block_type":"box","text":"funds or have performance or higher fees paid to BlackRock, or in which portfolio managers have a personal interest","page_number":37,"box":{"x":68,"y":616,"width":834,"height":11}},{"id":"499d991d-1ce4-40c3-bfcc-d54daf894204","block_type":"box","text":"in the receipt of such fees), which may be the same as or different from those made to the Fund. In addition,","page_number":37,"box":{"x":70,"y":631,"width":777,"height":11}},{"id":"36e11173-592d-4f31-9960-0ac3e67a6471","block_type":"box","text":"BlackRock, its affiliates and significant shareholders and any officer, director, shareholder or employee may or may","page_number":37,"box":{"x":70,"y":646,"width":821,"height":11}},{"id":"cc5fd042-ca85-4e60-abbf-1cba8de5c312","block_type":"box","text":"not have an interest in the securities whose purchase and sale BlackRock recommends to the Fund. BlackRock, or","page_number":37,"box":{"x":69,"y":662,"width":819,"height":10}},{"id":"a19150b6-858d-4535-973b-a9f46aea493e","block_type":"box","text":"any of its affiliates or significant shareholders, or any officer, director, shareholder, employee or any member of their","page_number":37,"box":{"x":69,"y":676,"width":832,"height":12}},{"id":"f95a8659-edf0-4004-9177-7041852f1206","block_type":"box","text":"families may take different actions than those recommended to the Fund by BlackRock with respect to the same","page_number":37,"box":{"x":68,"y":692,"width":804,"height":11}},{"id":"1eb33c68-593d-4e1b-8fe6-5bee0262fae1","block_type":"box","text":"securities. Moreover, BlackRock may refrain from rendering any advice or services concerning securities of","page_number":37,"box":{"x":69,"y":707,"width":760,"height":11}},{"id":"6b9ae0c2-46fc-42fc-9e73-e09a57a47a3d","block_type":"box","text":"companies of which any of BlackRock’s (or its affiliates’ or significant shareholders’) officers, directors or employees","page_number":37,"box":{"x":69,"y":722,"width":834,"height":11}},{"id":"b4a58d13-4a09-434f-98cb-349ad4705fe8","block_type":"box","text":"are directors or officers, or companies as to which BlackRock or any of its affiliates or significant shareholders or the","page_number":37,"box":{"x":69,"y":737,"width":836,"height":11}},{"id":"2545e48b-5e1b-4271-8157-9fbda207869a","block_type":"box","text":"officers, directors and employees of any of them has any substantial economic interest or possesses material non","page_number":37,"box":{"x":69,"y":752,"width":822,"height":11}},{"id":"d0a7186b-6514-43fa-a152-e9efa3b2c556","block_type":"box","text":"public information. Certain portfolio managers also may manage accounts whose investment strategies may at times","page_number":37,"box":{"x":70,"y":767,"width":835,"height":11}},{"id":"0d5a3607-edef-4934-9ee1-750c6b3b97dc","block_type":"box","text":"be opposed to the strategy utilized for the Fund. It should also be noted that a portfolio manager may be managing","page_number":37,"box":{"x":69,"y":782,"width":820,"height":12}},{"id":"724c8319-3705-48cd-a912-b9998b95686b","block_type":"box","text":"hedge fund and/or long only accounts, or may be part of a team managing hedge fund and/or long only accounts,","page_number":37,"box":{"x":69,"y":797,"width":811,"height":12}},{"id":"c17db6f4-64bc-4ac4-b072-9eb492ca52cc","block_type":"box","text":"subject to incentive fees. Such portfolio managers may therefore be entitled to receive a portion of any incentive fees","page_number":37,"box":{"x":69,"y":812,"width":839,"height":12}},{"id":"aaef3ed2-f2c3-4859-b3fb-498e937f382d","block_type":"box","text":"earned on such accounts. Currently, the portfolio managers of this Fund are not entitled to receive a portion of","page_number":37,"box":{"x":69,"y":828,"width":791,"height":11}},{"id":"d14b39f7-2900-4320-9824-8159cda96df0","block_type":"box","text":"incentive fees of other accounts.","page_number":37,"box":{"x":70,"y":843,"width":231,"height":9}},{"id":"62b0c21b-4b3f-46a9-bb88-b114b7e9c19c","block_type":"box","text":"As a fiduciary, BlackRock owes a duty of loyalty to its clients and must treat each client fairly. When BlackRock","page_number":37,"box":{"x":101,"y":865,"width":788,"height":12}},{"id":"cdd03da0-07b0-4880-a3bb-1ffd88e4a487","block_type":"box","text":"purchases or sells securities for more than one account, the trades must be allocated in a manner consistent with its","page_number":37,"box":{"x":70,"y":881,"width":839,"height":11}},{"id":"62b5eab8-c45b-4826-a45d-65eb2959d561","block_type":"box","text":"fiduciary duties. BlackRock attempts to allocate investments in a fair and equitable manner among client accounts,","page_number":37,"box":{"x":68,"y":896,"width":823,"height":11}},{"id":"aac99e06-1d06-476b-aa03-6856f2c61fec","block_type":"box","text":"with no account receiving preferential treatment. To this end, BlackRock has adopted policies that are intended to","page_number":37,"box":{"x":68,"y":911,"width":812,"height":11}},{"id":"82b3d595-4de7-4b10-90dc-3a0d0c4d54e2","block_type":"box","text":"I-20","page_number":37,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"e2bfcc65-4b7b-45f4-a842-76b2bbc8dd17","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":37,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2b195d93-12cb-4a97-af25-7ce79a26be9e","block_type":"box","text":"ensure reasonable efficiency in client transactions and provide BlackRock with sufficient flexibility to allocate","page_number":38,"box":{"x":69,"y":45,"width":777,"height":11}},{"id":"f73bd245-cc2a-4800-9616-13d2e114c4b3","block_type":"box","text":"investments in a manner that is consistent with the particular investment discipline and client base, as appropriate.","page_number":38,"box":{"x":70,"y":60,"width":826,"height":11}},{"id":"c1c102a4-4ab9-48ef-8353-1b71d12e8534","block_type":"box","text":"Accounting Services","page_number":38,"box":{"x":68,"y":90,"width":150,"height":11}},{"id":"1d45ba5f-3ae7-40d4-a382-603ac394ff28","block_type":"box","text":"State Street serves as the accounting services provider for the Fund. State Street maintains the books of","page_number":38,"box":{"x":102,"y":113,"width":754,"height":11}},{"id":"ab0e7fb3-04ee-4351-ba20-9c68d4a0d533","block_type":"box","text":"account and other financial records; records general ledger entries; calculates daily net income; reconciles activity to","page_number":38,"box":{"x":69,"y":128,"width":833,"height":11}},{"id":"ab210c3d-f033-46ed-8e47-0a77ad6ae536","block_type":"box","text":"the trial balance; calculates and publishes daily net asset value; prepares account balances; and provides such other","page_number":38,"box":{"x":68,"y":143,"width":840,"height":11}},{"id":"beee8578-3a0b-4d6c-b50c-b40c011eb089","block_type":"box","text":"accounting services as may be required. In connection with its accounting services, State Street also provides","page_number":38,"box":{"x":69,"y":158,"width":788,"height":11}},{"id":"ff216fd2-ce22-494f-84f3-c0ae569d6684","block_type":"box","text":"certain administration services.","page_number":38,"box":{"x":69,"y":173,"width":225,"height":9}},{"id":"d464907f-8390-4932-9b08-0cb5973368d5","block_type":"box","text":"The table below shows the amounts paid by the Fund to State Street and the Manager for accounting services","page_number":38,"box":{"x":101,"y":196,"width":786,"height":11}},{"id":"9aac9507-66c0-4300-b1a6-07a961b75769","block_type":"box","text":"for the periods shown:","page_number":38,"box":{"x":68,"y":211,"width":159,"height":11}},{"id":"e981ed87-fed7-4486-ac6f-4ac788c930dd","block_type":"box","text":"Fees Paid to","page_number":38,"box":{"x":726,"y":239,"width":72,"height":7}},{"id":"4c3c5011-d4bd-4ab2-8f95-f4232ad61922","block_type":"box","text":"State Street","page_number":38,"box":{"x":726,"y":249,"width":72,"height":7}},{"id":"c984d44c-170a-4448-855d-2f0be48a2b58","block_type":"box","text":"Fees Paid to","page_number":38,"box":{"x":837,"y":239,"width":72,"height":7}},{"id":"f549d75c-1190-414c-ba37-80936cb496c3","block_type":"box","text":"the Manager","page_number":38,"box":{"x":835,"y":249,"width":74,"height":9}},{"id":"b980ad0d-8e1d-4f72-8803-549b8420e6ec","block_type":"box","text":"Fiscal Year Ended April 30, 2026 . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":38,"box":{"x":70,"y":267,"width":446,"height":11}},{"id":"d532072f-6372-4655-b7e0-c2951c5c7bcf","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . $1,","page_number":38,"box":{"x":522,"y":266,"width":219,"height":11}},{"id":"00325926-3ce4-44a9-96be-a7cd7256c8aa","block_type":"box","text":"465,380 $0","page_number":38,"box":{"x":743,"y":266,"width":139,"height":11}},{"id":"43cb764e-28f4-47d7-8a11-39427713ba56","block_type":"box","text":"Fiscal Year Ended April 30, 2025 . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":38,"box":{"x":70,"y":282,"width":446,"height":11}},{"id":"24ec5c08-7e92-4a55-8c08-f1cd24221d17","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . $1,","page_number":38,"box":{"x":522,"y":281,"width":219,"height":12}},{"id":"fddec042-485e-44bb-86fc-12b78899c435","block_type":"box","text":"537,062 $0","page_number":38,"box":{"x":743,"y":281,"width":139,"height":12}},{"id":"bb999dd5-bc10-4b6e-ad2e-20d2978e3817","block_type":"box","text":"Fiscal Year Ended April 30, 2024 . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":38,"box":{"x":70,"y":297,"width":446,"height":11}},{"id":"201820b5-916d-402d-9bb2-9788ee2570db","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . $1,","page_number":38,"box":{"x":522,"y":297,"width":219,"height":11}},{"id":"716dc6eb-ba40-4414-80c2-b96e137e63e0","block_type":"box","text":"431,511 $0","page_number":38,"box":{"x":743,"y":297,"width":139,"height":11}},{"id":"c8d485ac-6f1f-4fce-b1d5-9510dea3bc34","block_type":"box","text":"Custodian Services","page_number":38,"box":{"x":69,"y":329,"width":139,"height":9}},{"id":"b653f20b-f83e-407e-b86f-d1565c4bfcec","block_type":"box","text":"State Street Bank and Trust Company (“State Street”), has been retained to act as custodian for the Fund and is","page_number":38,"box":{"x":102,"y":351,"width":805,"height":12}},{"id":"be2aff99-edc7-4abe-8862-4254b226cb4e","block_type":"box","text":"located at One Congress Street, Suite 1, Boston, Massachusetts 02114-2016. The custodian, among other things,","page_number":38,"box":{"x":70,"y":367,"width":821,"height":11}},{"id":"18cc9d23-a93a-4ea8-ba1d-73b09c83d5fa","block_type":"box","text":"maintains a custody account or accounts in the name of the Fund, receives and delivers all assets for the Fund upon","page_number":38,"box":{"x":69,"y":382,"width":832,"height":11}},{"id":"2141b3e8-53b5-4a0e-bdf1-83f9f858989a","block_type":"box","text":"purchase and upon sale or maturity, and collects and receives all income and other payments and distributions on","page_number":38,"box":{"x":70,"y":397,"width":813,"height":11}},{"id":"c02253f6-b924-46e0-815a-41a1aa36d686","block_type":"box","text":"account of the assets of the Fund.","page_number":38,"box":{"x":69,"y":412,"width":244,"height":9}},{"id":"0fce31ce-3f9e-40e7-890d-a482dc5d8869","block_type":"box","text":"Transfer Agency and Shareholders’ Administrative Services","page_number":38,"box":{"x":68,"y":442,"width":432,"height":11}},{"id":"ae893289-08c3-4b9e-b71a-d05f59a3860e","block_type":"box","text":"BNY Mellon Investment Servicing (US) Inc. (“BNY Mellon”), which has its principal place of business at 118","page_number":38,"box":{"x":102,"y":465,"width":765,"height":11}},{"id":"4c547f96-b466-4654-bf91-8f96982b95b1","block_type":"box","text":"Flanders Road Westborough, Massachusetts 01581, serves as the transfer and dividend disbursement agent for the","page_number":38,"box":{"x":70,"y":480,"width":833,"height":11}},{"id":"9689cc82-2473-47a8-b7d3-c069d61c1ae5","block_type":"box","text":"Fund.","page_number":38,"box":{"x":70,"y":495,"width":36,"height":9}},{"id":"36514f2a-825a-4912-b913-706f545d5733","block_type":"box","text":"In addition, pursuant to a Shareholders’ Administrative Services Agreement, the Manager provides certain","page_number":38,"box":{"x":102,"y":518,"width":756,"height":11}},{"id":"8df3a874-a8f3-4318-8e82-5d3c08f429e6","block_type":"box","text":"shareholder liaison services in connection with the Fund’s investor service center. The Fund reimburses the Manager","page_number":38,"box":{"x":69,"y":533,"width":835,"height":11}},{"id":"7a59973c-8b75-4b52-ba52-8dc66bcdc042","block_type":"box","text":"for its costs in maintaining the service center, which costs include, among other things, employee salaries, leasehold","page_number":38,"box":{"x":68,"y":548,"width":838,"height":11}},{"id":"665702e2-3817-451b-912c-9e8b1eab3b5d","block_type":"box","text":"expenses, and other out-of-pocket expenses.","page_number":38,"box":{"x":69,"y":563,"width":318,"height":11}},{"id":"4f7a6a87-a8cd-463f-9cff-eec34601597c","block_type":"box","text":"Set forth below are the amounts the Fund reimbursed BlackRock pursuant to such agreement in the amounts","page_number":38,"box":{"x":102,"y":586,"width":780,"height":11}},{"id":"9bab8851-807e-468d-92c1-79b07ad4cd13","block_type":"box","text":"set forth below:","page_number":38,"box":{"x":69,"y":601,"width":110,"height":9}},{"id":"93b7d60a-6867-4b51-b108-1037a12e6d35","block_type":"box","text":"Fees Paid to the Manager Fees Waived by the Manager","page_number":38,"box":{"x":561,"y":629,"width":348,"height":9}},{"id":"3c74dacb-1483-4a1d-85ff-04cd6eacefe3","block_type":"box","text":"Fiscal Year Ended April 30, 2026","page_number":38,"box":{"x":70,"y":647,"width":232,"height":11}},{"id":"b746c9de-b2d4-416a-b6ff-df6f4e6202be","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 89,963 $1,559","page_number":38,"box":{"x":307,"y":646,"width":544,"height":11}},{"id":"7eb42861-9ad7-4bad-9bd6-1d6194831736","block_type":"box","text":"Fiscal Year Ended April 30, 2025","page_number":38,"box":{"x":70,"y":662,"width":232,"height":11}},{"id":"ec209a77-b6dd-4e2a-b741-bbf2a09cc64a","block_type":"box","text":"............................","page_number":38,"box":{"x":307,"y":669,"width":222,"height":2}},{"id":"4b2cae94-06b1-4e4e-bf13-98d9bb4bf83d","block_type":"box","text":"$160,342 $4,124","page_number":38,"box":{"x":600,"y":661,"width":251,"height":11}},{"id":"e2df33b3-3649-4733-8edf-df1aa5bfc05d","block_type":"box","text":"Fiscal Year Ended April 30, 2024","page_number":38,"box":{"x":70,"y":677,"width":232,"height":11}},{"id":"f180a118-439d-4036-b4a9-98314394683b","block_type":"box","text":"............................","page_number":38,"box":{"x":307,"y":685,"width":222,"height":1}},{"id":"9f42870e-95eb-448e-b5b2-788591a7c15a","block_type":"box","text":"$150,717 $ 0","page_number":38,"box":{"x":600,"y":676,"width":251,"height":12}},{"id":"8d13d1b7-28df-44af-8cdb-c4190b6f5ccb","block_type":"box","text":"Credit Agreement","page_number":38,"box":{"x":69,"y":709,"width":129,"height":11}},{"id":"a0c622b4-41f9-4cd6-9cc1-a13952e9d2e9","block_type":"box","text":"The Fund, along with certain other funds managed by the Manager and its affiliates (“Participating Funds”),","page_number":38,"box":{"x":101,"y":731,"width":765,"height":12}},{"id":"223ef78e-50c4-4d47-9eba-2fb7aa82dbd6","block_type":"box","text":"is a party to a 364-day, $2.4 billion credit agreement with a group of lenders, which facility terminates on","page_number":38,"box":{"x":70,"y":746,"width":748,"height":12}},{"id":"2729c437-f12c-4128-8bf3-91f30845f766","block_type":"box","text":"April 8, 2027 unless otherwise extended or renewed (the “Credit Agreement”). Excluding commitments designated","page_number":38,"box":{"x":68,"y":762,"width":818,"height":11}},{"id":"27e2d504-d145-4db7-8a74-00596483103c","block_type":"box","text":"for certain Participating Funds, the Participating Funds, including the Fund, can borrow up to an aggregate","page_number":38,"box":{"x":68,"y":777,"width":757,"height":11}},{"id":"8b75e1f8-d2ed-46c6-881f-17b197bdf9c3","block_type":"box","text":"commitment amount of $1.75 billion at any time outstanding, subject to asset coverage and other limitations as","page_number":38,"box":{"x":69,"y":791,"width":801,"height":12}},{"id":"4840532f-a8b9-46ae-8f73-b715bc88642c","block_type":"box","text":"specified in the Credit Agreement. The Fund may borrow under the Credit Agreement to meet shareholder","page_number":38,"box":{"x":69,"y":807,"width":751,"height":11}},{"id":"8dfa199f-2224-43f9-8e6b-ff3b2cc5f10a","block_type":"box","text":"redemptions and for other lawful purposes. However, the Fund may not borrow under the Credit Agreement for","page_number":38,"box":{"x":69,"y":822,"width":784,"height":11}},{"id":"a11dbfce-8a8e-44f0-98d4-5348b4472f14","block_type":"box","text":"leverage. The Fund may borrow up to the maximum amount allowable under its current Prospectuses and SAI, subject","page_number":38,"box":{"x":70,"y":837,"width":839,"height":11}},{"id":"608fe432-5cb5-4a32-8e1c-1c221a3ed6f4","block_type":"box","text":"to various other legal, regulatory or contractual limits. Borrowing results in interest expense and other fees and","page_number":38,"box":{"x":68,"y":852,"width":794,"height":11}},{"id":"4e7ce215-0f4f-4bf7-8139-251df9d7f108","block_type":"box","text":"expenses for the Fund which may impact the Fund’s net expenses. The costs of borrowing may reduce the Fund’s","page_number":38,"box":{"x":69,"y":867,"width":809,"height":12}},{"id":"4802303b-4170-4e31-9b13-db9779a7c18e","block_type":"box","text":"return. The Fund is charged its pro rata share of upfront fees and commitment fees on the aggregate commitment","page_number":38,"box":{"x":69,"y":882,"width":814,"height":12}},{"id":"ef992e64-aded-4d82-9142-7de51840ab8c","block_type":"box","text":"amount based on its net assets. If the Fund borrows pursuant to the Credit Agreement, the Fund will be charged","page_number":38,"box":{"x":69,"y":898,"width":800,"height":11}},{"id":"81e511e8-873e-4de3-ae1f-8e3b0f6b98d8","block_type":"box","text":"interest at a variable rate.","page_number":38,"box":{"x":70,"y":913,"width":182,"height":9}},{"id":"0d179120-dc0e-4b12-81e2-d492b259aea2","block_type":"box","text":"I-21","page_number":38,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"cc602ca6-1bb6-4cb3-832e-72f8f7530fe9","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":38,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"99720862-57d4-4fdb-af14-5c88f84fbc17","block_type":"box","text":"V. Information on Sales Charges and Distribution Related Expenses","page_number":39,"box":{"x":68,"y":45,"width":491,"height":11}},{"id":"f74d1925-af9d-4558-a1ac-1128eff9ae1c","block_type":"box","text":"Set forth below is information on sales charges (including any contingent deferred sales charges (“CDSCs”))","page_number":39,"box":{"x":102,"y":67,"width":773,"height":12}},{"id":"19d9a04c-6a46-4f8f-834c-8248340e05de","block_type":"box","text":"received by the Fund, including the amounts paid to affiliates of the Manager (“Affiliates”) for the fiscal year ended.","page_number":39,"box":{"x":69,"y":82,"width":823,"height":12}},{"id":"46e0fae0-b1a4-4672-9f31-7067ea1bf508","block_type":"box","text":"BlackRock Investments, LLC (“BRIL” or the “Distributor”), an affiliate of the Manager, acts as the Fund’s sole","page_number":39,"box":{"x":70,"y":98,"width":779,"height":11}},{"id":"832ca1d6-5709-4abf-a006-84f769d81a24","block_type":"box","text":"distributor.","page_number":39,"box":{"x":69,"y":113,"width":74,"height":9}},{"id":"b4db697a-8869-4832-8a63-9bfef13e041f","block_type":"box","text":"Investor A Shares","page_number":39,"box":{"x":645,"y":141,"width":102,"height":7}},{"id":"f9467baa-7109-4e5d-a648-8920e63a975d","block_type":"box","text":"Gross Sales","page_number":39,"box":{"x":485,"y":167,"width":68,"height":7}},{"id":"daf26d8d-344d-4004-8811-ef40665384cc","block_type":"box","text":"Charges","page_number":39,"box":{"x":496,"y":177,"width":47,"height":9}},{"id":"5ce158b1-fc3f-47bb-9e92-93fd219f6ee6","block_type":"box","text":"Collected","page_number":39,"box":{"x":492,"y":187,"width":54,"height":7}},{"id":"7515ff37-94a9-4445-9b4a-ff7bf6c630b6","block_type":"box","text":"Sales Charges","page_number":39,"box":{"x":585,"y":167,"width":84,"height":9}},{"id":"b3cd779e-bda8-4d14-b326-820d8b07c6f0","block_type":"box","text":"Retained","page_number":39,"box":{"x":602,"y":177,"width":51,"height":7}},{"id":"c36de399-6d58-4982-9040-617e6d7c3398","block_type":"box","text":"by BRIL","page_number":39,"box":{"x":606,"y":187,"width":44,"height":9}},{"id":"f8b6d79a-c0c4-41c5-9929-ef355c195e2a","block_type":"box","text":"Sales Charges","page_number":39,"box":{"x":699,"y":167,"width":83,"height":9}},{"id":"985314b6-1bc2-418c-b9d0-f80d86f3bc4d","block_type":"box","text":"Paid to","page_number":39,"box":{"x":721,"y":177,"width":40,"height":7}},{"id":"ef4404f3-0834-4b11-8e08-786469a8327f","block_type":"box","text":"Affiliates","page_number":39,"box":{"x":715,"y":187,"width":51,"height":7}},{"id":"b5dcfb5a-ff17-421f-9e93-d8b3d0db2c93","block_type":"box","text":"CDSCs Received","page_number":39,"box":{"x":812,"y":157,"width":97,"height":7}},{"id":"ae249eaf-bb85-4491-9629-f1e5ce04d82e","block_type":"box","text":"on Redemption","page_number":39,"box":{"x":817,"y":167,"width":87,"height":9}},{"id":"125233e7-f8e4-4ced-9d7a-19a325dac0ce","block_type":"box","text":"of Load-Waived","page_number":39,"box":{"x":817,"y":177,"width":87,"height":7}},{"id":"ec901fc2-332d-42ed-9b38-85ac5ac75540","block_type":"box","text":"Shares","page_number":39,"box":{"x":841,"y":187,"width":39,"height":7}},{"id":"cea8ef79-68fd-4276-b15d-2dba65775401","block_type":"box","text":"Fiscal Year Ended April 30, 2026 . . . . . . . . . . . . . . . . . . $925,398 $71,800 $71,800 $13,046","page_number":39,"box":{"x":70,"y":204,"width":822,"height":12}},{"id":"d8d3797e-75b0-4bc7-9743-f668043e500c","block_type":"box","text":"Fiscal Year Ended April 30, 2025 . . . . . . . . . . . . . . . . . . $986,604 $78,165 $78,165 $16,120","page_number":39,"box":{"x":70,"y":219,"width":822,"height":12}},{"id":"f00f47aa-964f-41c2-8b35-22a916b34209","block_type":"box","text":"Fiscal Year Ended April 30, 2024 . . . . . . . . . . . . . . . . . . $992,200 $71,743 $71,743 $35,351","page_number":39,"box":{"x":70,"y":234,"width":822,"height":12}},{"id":"831a05b3-7bc3-4518-ab3a-424b11f803a0","block_type":"box","text":"Investor C Shares","page_number":39,"box":{"x":780,"y":264,"width":103,"height":8}},{"id":"993da0d5-b7d1-4591-ab69-980492823062","block_type":"box","text":"CDSCs","page_number":39,"box":{"x":765,"y":280,"width":39,"height":7}},{"id":"2f2487cf-d0e7-4390-854c-3e671531f33b","block_type":"box","text":"Received","page_number":39,"box":{"x":759,"y":290,"width":52,"height":7}},{"id":"f8e218f4-44bc-4903-873d-3fd4205aa5f3","block_type":"box","text":"by BRIL","page_number":39,"box":{"x":763,"y":300,"width":44,"height":9}},{"id":"b6e6f242-a580-4447-999c-f79ec58bf359","block_type":"box","text":"CDSCs","page_number":39,"box":{"x":858,"y":280,"width":39,"height":7}},{"id":"28df8a1f-6d53-4a8a-9fa6-1154335585b6","block_type":"box","text":"Paid to","page_number":39,"box":{"x":858,"y":290,"width":40,"height":7}},{"id":"f8d00c3e-a4c2-4116-8281-e528866cf1b8","block_type":"box","text":"Affiliates","page_number":39,"box":{"x":852,"y":300,"width":52,"height":7}},{"id":"90e6d825-b4df-4300-9a2d-716b4e75048c","block_type":"box","text":"Fiscal Year Ended April 30, 2026.","page_number":39,"box":{"x":70,"y":318,"width":237,"height":11}},{"id":"2e6f7cd2-7f7b-460a-a554-65a43c58c29c","block_type":"box","text":"...................................................","page_number":39,"box":{"x":313,"y":325,"width":409,"height":2}},{"id":"64250989-6c09-4acd-babd-7e5222d881dd","block_type":"box","text":"$11,946 $11,946","page_number":39,"box":{"x":754,"y":317,"width":155,"height":12}},{"id":"d55d1693-8aa7-41ef-9553-96c2333fbcd0","block_type":"box","text":"Fiscal Year Ended April 30, 2025.","page_number":39,"box":{"x":70,"y":333,"width":237,"height":11}},{"id":"3496d525-99ea-4adb-8337-678b2148d4c4","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 9,706 $ 9,706","page_number":39,"box":{"x":313,"y":332,"width":596,"height":12}},{"id":"db331f00-326b-47fa-97fc-614125d8b773","block_type":"box","text":"Fiscal Year Ended April 30, 2024.","page_number":39,"box":{"x":70,"y":348,"width":237,"height":11}},{"id":"e70ee61c-bb87-456a-aa12-9dab7c2b782f","block_type":"box","text":"...................................................","page_number":39,"box":{"x":313,"y":356,"width":409,"height":1}},{"id":"11630521-b218-4037-8e2c-a806ba09f44e","block_type":"box","text":"$11,073 $11,073","page_number":39,"box":{"x":754,"y":348,"width":155,"height":11}},{"id":"191404b1-22d3-4093-b754-dff81e7b2629","block_type":"box","text":"The table below provides information for the fiscal year ended April 30, 2026 about the 12b-1 fees the Fund paid","page_number":39,"box":{"x":101,"y":372,"width":807,"height":11}},{"id":"215e8b30-e28b-4495-b72c-bac4a5513308","block_type":"box","text":"to BRIL under the Fund’s 12b-1 plans. A portion of the fees collected by BRIL were paid to affiliates for providing","page_number":39,"box":{"x":68,"y":387,"width":804,"height":12}},{"id":"d51364ff-81a0-432a-9e75-6d4697175c36","block_type":"box","text":"shareholder servicing activities for Investor A Shares and Service Shares and for providing shareholder servicing and","page_number":39,"box":{"x":69,"y":402,"width":833,"height":12}},{"id":"696293db-dff9-40e0-8e89-a70458e15c7f","block_type":"box","text":"distribution-related activities and services for Investor C and Class R Shares.","page_number":39,"box":{"x":69,"y":418,"width":547,"height":9}},{"id":"52afd75d-24b7-40ba-a289-8471f32f45d4","block_type":"box","text":"Class","page_number":39,"box":{"x":69,"y":456,"width":31,"height":7}},{"id":"da5d55ee-4660-4bc8-bf95-ff42a41736f6","block_type":"box","text":"Fees Paid to BRIL","page_number":39,"box":{"x":806,"y":446,"width":103,"height":7}},{"id":"8182a7c4-9ce8-4e6b-b0f7-0e715c82fff9","block_type":"box","text":"Investor A Shares .","page_number":39,"box":{"x":70,"y":474,"width":134,"height":9}},{"id":"1eb94029-5358-411b-abfc-d89352b0c6de","block_type":"box","text":"......................................................................","page_number":39,"box":{"x":210,"y":481,"width":564,"height":1}},{"id":"7803a8b9-0961-4595-a8f4-54b95b4a868a","block_type":"box","text":"$11,698,302","page_number":39,"box":{"x":809,"y":473,"width":96,"height":11}},{"id":"603e826a-775e-4994-bd9e-5338bf4f83b1","block_type":"box","text":"Investor C Shares . . .","page_number":39,"box":{"x":70,"y":489,"width":150,"height":9}},{"id":"c49cf305-053b-4993-8310-2d13a3932929","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,","page_number":39,"box":{"x":226,"y":488,"width":615,"height":11}},{"id":"16041775-1411-4707-8e06-d5843358db01","block_type":"box","text":"968,939","page_number":39,"box":{"x":843,"y":489,"width":62,"height":10}},{"id":"e1f04b23-9c2b-452f-ac0d-0cdd2f1fbdbc","block_type":"box","text":"Class R Shares","page_number":39,"box":{"x":69,"y":504,"width":109,"height":9}},{"id":"11bee19f-3ada-47f9-928e-5630352d81b9","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,","page_number":39,"box":{"x":185,"y":503,"width":656,"height":11}},{"id":"2469d839-39ed-4363-a7ef-7c8626da8b8a","block_type":"box","text":"961,006","page_number":39,"box":{"x":843,"y":504,"width":62,"height":10}},{"id":"855ea75d-022f-49d3-bc20-c998abac2629","block_type":"box","text":"Service Shares . .","page_number":39,"box":{"x":69,"y":519,"width":126,"height":9}},{"id":"49de1e65-b6cf-4754-b540-84a7619a19cd","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 81,081","page_number":39,"box":{"x":202,"y":518,"width":703,"height":11}},{"id":"42e5a9da-2ef0-4a2a-87b9-b6685172b2f7","block_type":"box","text":"VI. Computation of Offering Price Per Share","page_number":39,"box":{"x":68,"y":551,"width":318,"height":11}},{"id":"ae1c5bcb-58da-4fbb-872f-a520867e4efe","block_type":"box","text":"An illustration of the computation of the public offering price of the Investor A Shares of the Fund, based on the","page_number":39,"box":{"x":101,"y":573,"width":795,"height":11}},{"id":"a9edf09f-a14f-4677-95da-fd0680312ba8","block_type":"box","text":"value of the Fund’s Investor A Shares’ net assets and number of Investor A Shares outstanding as of April 30, 2026","page_number":39,"box":{"x":68,"y":588,"width":831,"height":12}},{"id":"f4eedda3-81db-4893-bfba-85af2fbbb34e","block_type":"box","text":"follows:","page_number":39,"box":{"x":68,"y":603,"width":53,"height":9}},{"id":"84415770-e072-4635-936d-4d167332ca27","block_type":"box","text":"Investor A Shares","page_number":39,"box":{"x":798,"y":632,"width":102,"height":7}},{"id":"4895daa4-57dc-4189-91fa-281c8134dabe","block_type":"box","text":"Net Assets . . .","page_number":39,"box":{"x":70,"y":650,"width":100,"height":8}},{"id":"acc2497a-792e-4472-b0cc-dd908fade91c","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $4,886,","page_number":39,"box":{"x":176,"y":649,"width":669,"height":11}},{"id":"7d3a4453-1a7e-4d29-89e5-afd13dd51da7","block_type":"box","text":"355,029","page_number":39,"box":{"x":847,"y":649,"width":62,"height":11}},{"id":"a70283f2-683e-4f61-a1ce-c8d6079f8c4d","block_type":"box","text":"Number of Shares Outstanding . . . . . . . . . . . .","page_number":39,"box":{"x":70,"y":664,"width":320,"height":12}},{"id":"462d19ca-6109-4411-b579-a9947be176f3","block_type":"box","text":".............................................","page_number":39,"box":{"x":396,"y":672,"width":361,"height":1}},{"id":"514756bc-4174-483b-9169-cde653529d24","block_type":"box","text":"221,431,918","page_number":39,"box":{"x":813,"y":665,"width":96,"height":10}},{"id":"053adf6b-ec49-4cce-94d1-0d2a4c9c66cc","block_type":"box","text":"Net Asset Value Per Share (net assets divided by number of shares outstanding)","page_number":39,"box":{"x":70,"y":680,"width":571,"height":11}},{"id":"0c47e38b-f519-4e8a-bfb8-45d6ea275e7f","block_type":"box","text":"..............","page_number":39,"box":{"x":649,"y":687,"width":108,"height":1}},{"id":"c4b28d72-1293-4488-9dd1-1341e30b081c","block_type":"box","text":"$22.07","page_number":39,"box":{"x":857,"y":679,"width":51,"height":10}},{"id":"447abd7c-48e9-4aac-b795-291c160944f8","block_type":"box","text":"Sales Charge (5.25% of offering price; 5.54% of net asset value per share)","page_number":39,"box":{"x":69,"y":695,"width":534,"height":11}},{"id":"2dbe9626-33a2-4495-8d9a-385ef504747f","block_type":"box","text":"1","page_number":39,"box":{"x":604,"y":695,"width":4,"height":4}},{"id":"0a03da22-5806-4f84-ba29-6534acd87ab9","block_type":"box","text":". . . . . . . . . . . . . . . . . . $1.22","page_number":39,"box":{"x":616,"y":694,"width":293,"height":11}},{"id":"57a3020a-67fa-45e9-8416-0ddea9d3f1f3","block_type":"box","text":"Offering Price. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":39,"box":{"x":69,"y":714,"width":687,"height":12}},{"id":"8318af70-87ea-42bc-b836-32d2a866846b","block_type":"box","text":"$23.29","page_number":39,"box":{"x":857,"y":714,"width":52,"height":10}},{"id":"3e5e1be3-f05a-46d2-9a8c-66b56736ad9f","block_type":"box","text":"1","page_number":39,"box":{"x":69,"y":746,"width":3,"height":4}},{"id":"4901deba-d936-49fb-864d-103b446b0f4b","block_type":"box","text":"Rounded to the nearest one-hundredth percent; assumes maximum sales charge is applicable.","page_number":39,"box":{"x":94,"y":746,"width":541,"height":9}},{"id":"d2a020d3-fa64-4cd1-bdf9-e8037875dfaa","block_type":"box","text":"The offering price for the Fund’s other share classes is equal to the share class’s net asset value computed as","page_number":39,"box":{"x":101,"y":767,"width":796,"height":11}},{"id":"5fc3518b-930d-4578-9297-751ebe9c6444","block_type":"box","text":"set forth above for Investor A Shares. Though not subject to a sales charge, certain share classes may be subject to","page_number":39,"box":{"x":69,"y":782,"width":833,"height":12}},{"id":"1c9e0731-9a1a-4bd5-b29b-b7c150c7b5b8","block_type":"box","text":"a CDSC on redemption. For more information on the purchasing and valuation of shares, please see “Purchase of","page_number":39,"box":{"x":69,"y":797,"width":813,"height":12}},{"id":"a8996baf-5790-42c0-a9f6-317b14f5be51","block_type":"box","text":"Shares” and “Pricing of Shares” in Part II of this Statement of Additional Information.","page_number":39,"box":{"x":69,"y":812,"width":607,"height":12}},{"id":"157ffcb2-e2a1-47d4-85b2-f642faaa11a9","block_type":"box","text":"VII. Portfolio Transactions and Brokerage","page_number":39,"box":{"x":68,"y":843,"width":302,"height":11}},{"id":"06efa4a4-fba4-44ce-b4af-e1f38b0ee677","block_type":"box","text":"See Part II “Portfolio Transactions and Brokerage” of this Statement of Additional Information for more","page_number":39,"box":{"x":102,"y":865,"width":732,"height":12}},{"id":"5a421b16-06ad-40fc-a08e-200bae1de3d8","block_type":"box","text":"information.","page_number":39,"box":{"x":70,"y":881,"width":83,"height":9}},{"id":"98a763b9-f9b8-4008-80a7-7a412883f118","block_type":"box","text":"I-22","page_number":39,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"2e50087b-573b-4d72-af2f-faef34eb2d92","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":39,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2d634e2c-e7b6-4936-b5e4-df174af98cf9","block_type":"box","text":"Information about the brokerage commissions paid by the Fund, including commissions paid to Affiliates for the","page_number":40,"box":{"x":102,"y":45,"width":796,"height":11}},{"id":"82f4ac94-421f-4f26-a3b0-1d79ad63cafe","block_type":"box","text":"periods shown is set forth in the following table:","page_number":40,"box":{"x":70,"y":60,"width":342,"height":11}},{"id":"5a2ebc1b-5e69-4984-85fb-77ef8493221c","block_type":"box","text":"Aggregate Brokerage","page_number":40,"box":{"x":511,"y":88,"width":125,"height":9}},{"id":"9ec42ab5-9978-4a87-a80a-05714a8b4145","block_type":"box","text":"Commissions Paid Brokerage Commissions Paid to Affiliates","page_number":40,"box":{"x":521,"y":98,"width":388,"height":9}},{"id":"cc270c4f-59db-436e-94ce-591536750df8","block_type":"box","text":"Fiscal Year Ended April 30, 2026 . . . . .","page_number":40,"box":{"x":70,"y":116,"width":272,"height":11}},{"id":"4d2192d1-1f34-4a3e-bd29-c220937d064c","block_type":"box","text":". . . . . . . . . . . . . . . . . $7,","page_number":40,"box":{"x":348,"y":115,"width":205,"height":11}},{"id":"bb65b7b1-0950-4422-a538-737c511ba9c5","block_type":"box","text":"192,705 $0","page_number":40,"box":{"x":556,"y":115,"width":241,"height":11}},{"id":"b139214b-2ee6-480f-9e18-4c3123c5f1b8","block_type":"box","text":"Fiscal Year Ended April 30, 2025 . . . . .","page_number":40,"box":{"x":70,"y":131,"width":272,"height":11}},{"id":"e64d9f04-91c0-4d25-a82b-8917b81b82af","block_type":"box","text":". . . . . . . . . . . . . . . . . $6,","page_number":40,"box":{"x":348,"y":130,"width":205,"height":11}},{"id":"22940a66-7c1e-4759-a71f-3eb4e8944759","block_type":"box","text":"896,096 $0","page_number":40,"box":{"x":555,"y":130,"width":242,"height":11}},{"id":"ed1b5f68-1ad1-49b2-a907-131e569b81d3","block_type":"box","text":"Fiscal Year Ended April 30, 2024 . . . . .","page_number":40,"box":{"x":70,"y":146,"width":272,"height":11}},{"id":"cff53be9-65b8-4f5a-9be0-60ff2aa5161c","block_type":"box","text":". . . . . . . . . . . . . . . . . $6,","page_number":40,"box":{"x":348,"y":145,"width":205,"height":12}},{"id":"60d1d9f6-113b-4bd6-820b-8ca769022a65","block_type":"box","text":"117,091 $0","page_number":40,"box":{"x":556,"y":145,"width":241,"height":12}},{"id":"2ebd575a-6122-4805-807e-c90fec74cff9","block_type":"box","text":"The following table shows the dollar amount of brokerage commissions paid to brokers for providing Section","page_number":40,"box":{"x":101,"y":170,"width":770,"height":11}},{"id":"7d74f917-682b-4112-b777-632d4481e885","block_type":"box","text":"28(e) research/brokerage services under Section 28(e) of the Securities Exchange Act of 1934, as amended, and","page_number":40,"box":{"x":69,"y":185,"width":814,"height":11}},{"id":"f5f0f790-1790-4625-b2dc-09aa98023768","block_type":"box","text":"the approximate dollar amount of the transactions involved for the fiscal year ended April 30, 2026. The provision of","page_number":40,"box":{"x":68,"y":200,"width":831,"height":11}},{"id":"f4b91060-47ac-4859-9216-709f8c8d3d81","block_type":"box","text":"Section 28(e) research/brokerage services was not necessarily a factor in the placement of all brokerage business","page_number":40,"box":{"x":69,"y":215,"width":822,"height":12}},{"id":"c4d19a24-a635-4cf9-aa3b-9c43cb0d54b7","block_type":"box","text":"with such brokers.","page_number":40,"box":{"x":68,"y":231,"width":130,"height":8}},{"id":"a854d20e-b908-4c84-aeec-a14f125f6eb2","block_type":"box","text":"Amount of Commissions","page_number":40,"box":{"x":318,"y":259,"width":141,"height":7}},{"id":"6a47aa10-004e-469d-9da8-1e6b736fad5c","block_type":"box","text":"Paid to Brokers for","page_number":40,"box":{"x":334,"y":269,"width":110,"height":7}},{"id":"f9de40d8-fbf4-4b9f-94c9-00a041c7022d","block_type":"box","text":"Providing 28(e) Eligible","page_number":40,"box":{"x":321,"y":279,"width":136,"height":9}},{"id":"7a60f9da-0940-4eb3-a1ee-1ce966ed061e","block_type":"box","text":"Research Services","page_number":40,"box":{"x":335,"y":289,"width":108,"height":7}},{"id":"98ff708b-5d6a-4c53-9e66-40fc132b8c79","block_type":"box","text":"Amount of Brokerage","page_number":40,"box":{"x":524,"y":279,"width":124,"height":9}},{"id":"6a268ccb-8072-4e82-a6f4-e872cd9541e9","block_type":"box","text":"Transactions Involved","page_number":40,"box":{"x":523,"y":289,"width":126,"height":7}},{"id":"ccd23a63-e462-4f2d-95f1-d29f6c3d4a30","block_type":"box","text":"$2,407,603.88 $6,458,736,542.58","page_number":40,"box":{"x":333,"y":306,"width":326,"height":11}},{"id":"7fd56f49-8d96-4e73-b197-9aaa86459e67","block_type":"box","text":"The value of the Fund’s aggregate holdings of the securities of its regular brokers or dealers (as defined in Rule","page_number":40,"box":{"x":101,"y":331,"width":796,"height":11}},{"id":"385b0e64-9979-4242-b187-e414e9f70e5c","block_type":"box","text":"10b-1 under the Investment Company Act) or their parents as of April 30, 2026 if any portion of such holdings were","page_number":40,"box":{"x":70,"y":346,"width":823,"height":11}},{"id":"f63c68dc-f1d5-401f-860d-e900fddcd264","block_type":"box","text":"purchased during the fiscal year ended April 30, 2026, is as follows:","page_number":40,"box":{"x":70,"y":361,"width":487,"height":11}},{"id":"c4cb4f7e-3671-44ce-b0b2-55f8a952a02d","block_type":"box","text":"Regular Broker/Dealer","page_number":40,"box":{"x":69,"y":409,"width":132,"height":9}},{"id":"9e29c3d8-dbe0-4cdc-902f-9600f6b6cf20","block_type":"box","text":"Debt","page_number":40,"box":{"x":763,"y":389,"width":26,"height":7}},{"id":"f84ef798-10af-4764-bf3f-942ad9f985df","block_type":"box","text":"(D)/Equity","page_number":40,"box":{"x":745,"y":399,"width":62,"height":9}},{"id":"4f68e645-3f90-4b55-99bd-195523a803ea","block_type":"box","text":"(E)","page_number":40,"box":{"x":767,"y":409,"width":16,"height":9}},{"id":"48ddff86-02b7-46c7-b5f1-2e255daa2c5f","block_type":"box","text":"Aggregate","page_number":40,"box":{"x":842,"y":389,"width":61,"height":9}},{"id":"0b07ccbc-6bf8-4f8d-8ff8-5fd6cc04f6f0","block_type":"box","text":"Holdings","page_number":40,"box":{"x":848,"y":399,"width":50,"height":9}},{"id":"e638b4c4-53e2-48d2-8940-240f3100cfc6","block_type":"box","text":"(000’s)","page_number":40,"box":{"x":851,"y":409,"width":43,"height":9}},{"id":"bea3c27e-d18f-4833-9143-9c28145559f0","block_type":"box","text":"Citigroup Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . E","page_number":40,"box":{"x":69,"y":427,"width":711,"height":11}},{"id":"3eacdf54-9c8a-4a39-ab89-9dec022af8be","block_type":"box","text":"$595,315","page_number":40,"box":{"x":837,"y":426,"width":72,"height":11}},{"id":"4861489c-ec64-48b8-983e-b84e37ba235a","block_type":"box","text":"JP Morgan Chase . . .","page_number":40,"box":{"x":69,"y":442,"width":155,"height":11}},{"id":"64b430d3-968b-427c-8829-791d0962ee8a","block_type":"box","text":"............................................................ E","page_number":40,"box":{"x":231,"y":442,"width":549,"height":9}},{"id":"b270d3ad-b05c-4a11-90ff-44975ad739c6","block_type":"box","text":"$212,634","page_number":40,"box":{"x":837,"y":441,"width":72,"height":12}},{"id":"d0662a77-e544-48ea-a565-87c2c911a0ac","block_type":"box","text":"Bank of America","page_number":40,"box":{"x":70,"y":457,"width":114,"height":9}},{"id":"0d1517a3-2e34-49e7-84f2-68ffbb8170af","block_type":"box","text":"................................................................ E","page_number":40,"box":{"x":198,"y":457,"width":582,"height":9}},{"id":"25be806c-d834-40d9-86ba-651e39c63917","block_type":"box","text":"$168,160","page_number":40,"box":{"x":837,"y":457,"width":72,"height":11}},{"id":"1841e2ff-c443-4086-99dd-c4dc861ab548","block_type":"box","text":"Securities Lending","page_number":40,"box":{"x":68,"y":489,"width":135,"height":11}},{"id":"99f1bc65-4221-4841-9a3f-710953ab014b","block_type":"box","text":"To the extent that the Fund engages in securities lending, the Fund conducts its securities lending pursuant to an","page_number":40,"box":{"x":101,"y":512,"width":807,"height":11}},{"id":"fd69173c-e677-4237-9e8b-ff0fc4928640","block_type":"box","text":"exemptive order from the Commission permitting it to lend portfolio securities to borrowers affiliated with the Fund","page_number":40,"box":{"x":69,"y":526,"width":817,"height":12}},{"id":"0edd87a5-3f6b-411e-9d43-23dbcce19278","block_type":"box","text":"and to retain an affiliate of the Fund as securities lending agent. To the extent that the Fund engages in securities","page_number":40,"box":{"x":69,"y":542,"width":813,"height":11}},{"id":"8fec19bc-8a54-43db-ac52-f2cc49c9690f","block_type":"box","text":"lending, BlackRock Investment Management, LLC (“BIM”) acts as securities lending agent for the Fund, subject to the","page_number":40,"box":{"x":70,"y":557,"width":838,"height":11}},{"id":"76fd8210-7326-4eaf-9131-5106481fd796","block_type":"box","text":"overall supervision of the Manager, pursuant to a written agreement (the “Securities Lending Agency Agreement”).","page_number":40,"box":{"x":69,"y":572,"width":813,"height":11}},{"id":"4af1e84b-fa88-460f-9397-cdbc1235693a","block_type":"box","text":"BIM administers the lending program in accordance with guidelines approved by the Board.","page_number":40,"box":{"x":70,"y":587,"width":646,"height":11}},{"id":"75ab7e4f-822c-42fb-8d6a-856bc51bcd7e","block_type":"box","text":"The Fund retains a portion of the securities lending income and remits the remaining portion to BIM as","page_number":40,"box":{"x":101,"y":610,"width":735,"height":11}},{"id":"df79c016-fb95-45a6-954b-f1785807c764","block_type":"box","text":"compensation for its services as securities lending agent. Securities lending income is generally equal to the total of","page_number":40,"box":{"x":69,"y":625,"width":834,"height":11}},{"id":"cbda3670-2061-4904-a12a-a9b00aeea1c8","block_type":"box","text":"income earned from the reinvestment of cash collateral (and excludes collateral investment fees as defined below),","page_number":40,"box":{"x":70,"y":640,"width":822,"height":11}},{"id":"21c3226f-490e-4f43-a0dc-2ab5008d8c48","block_type":"box","text":"and any fees or other payments to and from borrowers of securities. As securities lending agent, BIM bears all","page_number":40,"box":{"x":69,"y":655,"width":787,"height":11}},{"id":"7ad08b5b-7c5c-4978-a472-5e17556a5b7b","block_type":"box","text":"operational costs directly related to securities lending. The Fund is responsible for fees in connection with the","page_number":40,"box":{"x":69,"y":670,"width":783,"height":11}},{"id":"f0015b10-a29f-447e-b3ae-02177933d78f","block_type":"box","text":"investment of cash collateral received for securities on loan in a money market fund managed by BlackRock (the","page_number":40,"box":{"x":70,"y":685,"width":800,"height":12}},{"id":"c3ae08f6-43e8-4cef-86a6-9f7a77839656","block_type":"box","text":"“collateral investment fees”); however, the securities lending agent has agreed to reduce the amount of securities","page_number":40,"box":{"x":70,"y":700,"width":813,"height":12}},{"id":"f33b074c-f609-41b8-a26d-c35f2dc80e26","block_type":"box","text":"lending income it receives in order to effectively limit the collateral investment fees a Fund bears to an annual rate of","page_number":40,"box":{"x":70,"y":715,"width":836,"height":12}},{"id":"85c562a5-f1c6-411f-a0e6-79c1df8e332e","block_type":"box","text":"0.04%. Such money market fund shares will not be subject to a sales load, redemption fee, distribution fee or","page_number":40,"box":{"x":69,"y":731,"width":785,"height":11}},{"id":"d9dcc2e9-04ac-4430-9ac9-7bc9356d29ef","block_type":"box","text":"service fee.","page_number":40,"box":{"x":69,"y":746,"width":82,"height":9}},{"id":"e722ef46-320b-4a61-9136-5fefda2dff8d","block_type":"box","text":"To the extent that the Fund invests cash collateral in a non-government money market fund, the Fund may be","page_number":40,"box":{"x":101,"y":768,"width":776,"height":12}},{"id":"ce127cfa-351c-49fb-a46e-da107032fb71","block_type":"box","text":"subject to a discretionary liquidity fee of up to 2% on all redemptions. Discretionary liquidity fees may be imposed or","page_number":40,"box":{"x":69,"y":783,"width":831,"height":12}},{"id":"78e3450c-4fae-4440-b7a9-73458fca0bd4","block_type":"box","text":"terminated at any time at the discretion of the board of directors of the money market fund, or its delegate, if it is","page_number":40,"box":{"x":68,"y":799,"width":812,"height":11}},{"id":"3091c5ac-8fa9-4c65-9a77-972b3a13c865","block_type":"box","text":"determined that such fee would be, or would not be, respectively, in the best interest of the money market fund.","page_number":40,"box":{"x":69,"y":814,"width":799,"height":11}},{"id":"26472c5e-8fe7-4881-99e4-e2965bfe17f6","block_type":"box","text":"Additionally, the Fund will be subject to a mandatory liquidity fee if the money market fund’s total net redemptions on","page_number":40,"box":{"x":68,"y":829,"width":835,"height":11}},{"id":"9ee4ec08-aa4b-4268-ab96-2e6890e6c6ea","block_type":"box","text":"a single day exceed 5% of the money market fund’s net assets, unless the liquidity costs are de minimis (i.e., less","page_number":40,"box":{"x":69,"y":844,"width":818,"height":11}},{"id":"3ceb8beb-9963-4cf5-a018-8cd7b311a935","block_type":"box","text":"than one basis point (0.01%)). The money market fund will determine the size of the mandatory liquidity fee by","page_number":40,"box":{"x":68,"y":859,"width":789,"height":11}},{"id":"4cc84dda-35e8-42bd-98ca-ae117d9d2552","block_type":"box","text":"making a good faith estimate of certain costs the money market fund would incur if it were to sell a pro rata amount","page_number":40,"box":{"x":69,"y":874,"width":829,"height":12}},{"id":"d07e6c3c-9e1d-4b7e-9812-88a980f29fd9","block_type":"box","text":"of each security in the portfolio to satisfy the amount of net redemptions on that day. There is no limit to the size of a","page_number":40,"box":{"x":69,"y":889,"width":839,"height":12}},{"id":"80b384cf-acbb-4859-beef-e3228dd833f2","block_type":"box","text":"mandatory liquidity fee. If the money market fund cannot estimate the costs of selling a pro rata amount of each","page_number":40,"box":{"x":69,"y":904,"width":802,"height":12}},{"id":"693a74ef-92dc-4db6-bd7f-072a62c1c7fc","block_type":"box","text":"I-23","page_number":40,"box":{"x":476,"y":943,"width":26,"height":9}},{"id":"e27efa84-e81d-4b80-8c95-64e7f9319fbc","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":40,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3c12464e-010a-4c54-929b-63b0274e3059","block_type":"box","text":"portfolio security in good faith and supported by data, it is required to apply a default liquidity fee of 1% on the value","page_number":41,"box":{"x":70,"y":45,"width":830,"height":11}},{"id":"3406341b-7095-4a31-883b-b9adaad84fa2","block_type":"box","text":"of shares redeemed on that day. The imposition of any such discretionary or mandatory liquidity fee would reduce the","page_number":41,"box":{"x":69,"y":60,"width":838,"height":11}},{"id":"1ae8933d-e9ee-43ef-b6a6-542bc6dc9544","block_type":"box","text":"Fund’s returns on securities lending.","page_number":41,"box":{"x":70,"y":75,"width":258,"height":11}},{"id":"c62a8abd-e3ca-4a92-b950-ac3fb1a50243","block_type":"box","text":"Under the securities lending program, the Fund is categorized into one of several specific asset classes. The","page_number":41,"box":{"x":102,"y":98,"width":774,"height":11}},{"id":"34c24782-bd6f-455c-9cdf-6bbe3745ffd5","block_type":"box","text":"determination of the Fund’s asset class category (fixed-income, domestic equity, international equity or fund of","page_number":41,"box":{"x":69,"y":113,"width":790,"height":11}},{"id":"28117e3e-6b95-4fa8-85d1-85835442842f","block_type":"box","text":"funds), each of which may be subject to a different fee arrangement, is based on a methodology agreed to by the","page_number":41,"box":{"x":68,"y":128,"width":809,"height":11}},{"id":"95de8c95-08f7-44ff-b0c8-eb58d4bc7d1b","block_type":"box","text":"Fund and BIM.","page_number":41,"box":{"x":70,"y":143,"width":100,"height":9}},{"id":"986d5bda-259c-4c52-81fc-c29fb3be9359","block_type":"box","text":"Pursuant to the securities lending agreement effective January 1, 2026: (i) the Fund retains 81% of securities","page_number":41,"box":{"x":102,"y":166,"width":783,"height":11}},{"id":"9f8140d7-f3d0-43cc-87e4-06e70ff47322","block_type":"box","text":"lending income (which excludes collateral investment fees); and (ii) this amount can never be less than 70% of the","page_number":41,"box":{"x":70,"y":181,"width":815,"height":11}},{"id":"ee7a7469-734d-4e46-b050-1dbc8a0d60ed","block_type":"box","text":"sum of securities lending income plus collateral investment fees.","page_number":41,"box":{"x":69,"y":196,"width":463,"height":11}},{"id":"d28fa23a-09de-4b69-9835-94ef8e86e338","block_type":"box","text":"In addition, commencing the business day following the date that the aggregate securities lending income","page_number":41,"box":{"x":102,"y":218,"width":753,"height":12}},{"id":"c50b6444-6ac6-40f2-814b-b40ef09a45d4","block_type":"box","text":"earned across the BlackRock Multi-Asset Complex in a calendar year exceeds specified thresholds, the Fund,","page_number":41,"box":{"x":69,"y":234,"width":778,"height":11}},{"id":"7962e07b-aeab-49d9-8e1b-9e7b1e1aead6","block_type":"box","text":"pursuant to the current securities lending agreement, will receive for the remainder of that calendar year securities","page_number":41,"box":{"x":70,"y":249,"width":817,"height":11}},{"id":"cee4966e-0eac-483b-8a5a-ded99ae34cba","block_type":"box","text":"lending income as follows: (i) 84% of securities lending income (which excludes collateral investment fees); and","page_number":41,"box":{"x":70,"y":264,"width":794,"height":11}},{"id":"d1285690-e896-489e-a489-3a090e309376","block_type":"box","text":"(ii) this amount can never be less than 70% of the sum of securities lending income plus collateral investment fees.","page_number":41,"box":{"x":69,"y":279,"width":825,"height":11}},{"id":"88a55bbe-0b4e-43bd-ac96-eac6d8889141","block_type":"box","text":"Prior to January 1, 2026, the Fund was subject to the same securities lending fee arrangement.","page_number":41,"box":{"x":102,"y":302,"width":683,"height":11}},{"id":"02585a61-357c-445c-bb06-435f076398cc","block_type":"box","text":"The services provided to the Fund by BIM, in the most recent fiscal year ended April 30, 2026, primarily included","page_number":41,"box":{"x":101,"y":324,"width":804,"height":11}},{"id":"e396ec5d-ceb0-4fe5-8ed6-e314bc5afcf6","block_type":"box","text":"the following:","page_number":41,"box":{"x":68,"y":339,"width":93,"height":12}},{"id":"ca1392ed-17a2-49d2-b476-5f620a935a11","block_type":"box","text":"(1) selecting borrowers from an approved list of borrowers and executing a securities lending agreement as agent","page_number":41,"box":{"x":69,"y":360,"width":818,"height":11}},{"id":"731939fc-24f0-4d27-b0db-aa6e211ab690","block_type":"box","text":"on behalf of the Fund with each such borrower;","page_number":41,"box":{"x":102,"y":375,"width":333,"height":10}},{"id":"4babc3eb-7349-4c24-9402-95f093e05e47","block_type":"box","text":"(2) negotiating the terms of securities loans, including the amount of fees;","page_number":41,"box":{"x":69,"y":395,"width":538,"height":11}},{"id":"1cdce187-c240-4be3-96bd-d7d8ecc7fd50","block_type":"box","text":"(3) directing the delivery of loaned securities;","page_number":41,"box":{"x":69,"y":415,"width":330,"height":11}},{"id":"0f15c7eb-ed98-46a0-adcd-87741b7a4662","block_type":"box","text":"(4) monitoring the daily value of the loaned securities and directing the payment of additional collateral or the return","page_number":41,"box":{"x":69,"y":435,"width":834,"height":11}},{"id":"e2b346d8-529c-4be3-8b48-97ce14a1e0e3","block_type":"box","text":"of excess collateral, as necessary;","page_number":41,"box":{"x":102,"y":450,"width":246,"height":11}},{"id":"e496b28d-97d5-4bee-aef4-a68b5439481a","block_type":"box","text":"(5) investing cash collateral received in connection with any loaned securities;","page_number":41,"box":{"x":69,"y":471,"width":562,"height":11}},{"id":"6e6b9fb6-64e1-4445-9e13-a8d94b6b6292","block_type":"box","text":"(6) monitoring distributions on loaned securities (for example, interest and dividend activity);","page_number":41,"box":{"x":69,"y":491,"width":665,"height":11}},{"id":"2bd1cdc1-1744-4098-99f2-a6945e543037","block_type":"box","text":"(7) in the event of default by a borrower with respect to any securities loan, using the collateral or the proceeds of","page_number":41,"box":{"x":69,"y":511,"width":822,"height":11}},{"id":"a6c99ae6-5fc8-4f31-83c3-10165c4c95da","block_type":"box","text":"the liquidation of collateral to purchase replacement securities of the same issue, type, class and series as that","page_number":41,"box":{"x":101,"y":526,"width":803,"height":11}},{"id":"906854f5-614f-468a-b47d-299263d6aa02","block_type":"box","text":"of the loaned securities; and","page_number":41,"box":{"x":102,"y":541,"width":203,"height":11}},{"id":"a1322f4e-417f-4f58-8a52-1142a8882192","block_type":"box","text":"(8) terminating securities loans and arranging for the return of loaned securities to the Fund at loan termination.","page_number":41,"box":{"x":69,"y":561,"width":808,"height":11}},{"id":"4753f882-c7b9-490f-a1b1-70046fb2ed26","block_type":"box","text":"I-24","page_number":41,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"b0fd3da8-78c9-4478-9d08-53bfa1df6dff","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":41,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"04b8a989-a4cc-406d-90cf-e3169829ed21","block_type":"box","text":"The Fund had no income and fees/compensation related to the securities lending activities during its most recent","page_number":42,"box":{"x":68,"y":45,"width":813,"height":11}},{"id":"9ffe317c-eac4-4148-8c22-1ec29942ebeb","block_type":"box","text":"fiscal year ended April 30, 2026.","page_number":42,"box":{"x":68,"y":60,"width":234,"height":11}},{"id":"bf42bfef-b715-4bfd-a3a7-c4a753f7f828","block_type":"box","text":"VIII. Additional Information","page_number":42,"box":{"x":68,"y":90,"width":195,"height":9}},{"id":"bc42514d-a0eb-47a7-aeb0-b18b37efa7d5","block_type":"box","text":"The Fund was organized on May 14, 1987 under the laws of the Commonwealth of Massachusetts and is a","page_number":42,"box":{"x":101,"y":113,"width":766,"height":11}},{"id":"b1e6c4f4-3704-4c5e-9c6f-7ff2b72640a4","block_type":"box","text":"business entity commonly known as a “Massachusetts business trust.” On December 27, 2000, the Fund changed","page_number":42,"box":{"x":69,"y":128,"width":823,"height":11}},{"id":"3d8cc1b8-e2b3-4a0a-a5c7-8c71d09a7fcf","block_type":"box","text":"its name from “Merrill Lynch Strategic Dividend Fund” to “Merrill Lynch Equity Income Fund.” On October 1, 2003,","page_number":42,"box":{"x":70,"y":143,"width":811,"height":11}},{"id":"4186c652-46f4-4818-803e-ff237f0dc78f","block_type":"box","text":"the Fund changed its name to “Merrill Lynch Equity Dividend Fund.” Effective September 29, 2006, the Fund changed","page_number":42,"box":{"x":68,"y":158,"width":840,"height":11}},{"id":"471b69b8-7f9c-45ef-bb6a-8e58df335e20","block_type":"box","text":"its name to “BlackRock Equity Dividend Fund.” The Fund is classified as a diversified open-end investment company","page_number":42,"box":{"x":70,"y":173,"width":826,"height":11}},{"id":"3d2f8e1a-05ee-4138-99af-9f59847ffc5a","block_type":"box","text":"under the Investment Company Act.","page_number":42,"box":{"x":69,"y":188,"width":252,"height":11}},{"id":"f4ccd02b-6006-4982-86e9-e5d73b496a14","block_type":"box","text":"Description of Shares","page_number":42,"box":{"x":70,"y":218,"width":153,"height":11}},{"id":"2ceb2f22-1cfe-4a6d-b980-1b40b4a783f5","block_type":"box","text":"The Declaration of Trust of the Fund permits the Trustees to issue an unlimited number of full and fractional","page_number":42,"box":{"x":101,"y":241,"width":770,"height":11}},{"id":"4755dd2d-8db3-485d-a7e8-2f650ee059d5","block_type":"box","text":"shares of beneficial interest, par value $0.10 per share, of different classes and to divide or combine the shares of","page_number":42,"box":{"x":69,"y":256,"width":826,"height":11}},{"id":"99f00b4c-6ea5-4ba9-b38e-f0858fe4c148","block_type":"box","text":"each class into a greater or lesser number of shares without thereby changing the proportionate beneficial interest in","page_number":42,"box":{"x":69,"y":271,"width":836,"height":12}},{"id":"a5a6d0bf-5ed4-4700-b198-8bd402409835","block_type":"box","text":"the Fund. At the date of this Statement of Additional Information, the shares of the Fund are divided into Investor A,","page_number":42,"box":{"x":68,"y":286,"width":825,"height":11}},{"id":"448d733b-0dae-4a49-bc4b-c55d55db33e0","block_type":"box","text":"Investor C, Institutional, Class K, Class R and Service Shares. Under the Declaration of Trust, the Board of Trustees","page_number":42,"box":{"x":70,"y":302,"width":827,"height":10}},{"id":"98dde00e-e29e-4c20-bca1-a1502160f1e5","block_type":"box","text":"has the authority to issue separate classes of shares that represent interest in the assets of the Fund and have","page_number":42,"box":{"x":69,"y":317,"width":801,"height":11}},{"id":"c554cc25-55f2-417a-b984-d1d35c4b4604","block_type":"box","text":"identical voting, dividend, liquidation and other rights and the same terms and conditions except that expenses","page_number":42,"box":{"x":70,"y":332,"width":791,"height":11}},{"id":"54b123fd-e127-43ae-86fa-1f1c24cf896b","block_type":"box","text":"related to the account maintenance and distribution of shares of a class may be borne solely by such class and a","page_number":42,"box":{"x":69,"y":347,"width":810,"height":11}},{"id":"ffba7ef9-754e-4907-9c1f-3738138f4e2b","block_type":"box","text":"class may have exclusive voting rights with respect to matters relating to the account maintenance and distribution","page_number":42,"box":{"x":69,"y":362,"width":819,"height":11}},{"id":"3d414a8f-62a0-4a8a-8f25-a7e53d394a19","block_type":"box","text":"expenses being borne only by such class. The Board of Trustees of the Fund may classify and reclassify the shares of","page_number":42,"box":{"x":69,"y":377,"width":841,"height":12}},{"id":"1bc37a78-6a05-4659-9826-d99b1c6e5384","block_type":"box","text":"the Fund into additional classes of shares at a future date. Upon liquidation of the Fund, shareholders of each class","page_number":42,"box":{"x":68,"y":392,"width":829,"height":11}},{"id":"0f7e1834-bf94-41cb-9ee8-0f45c5327961","block_type":"box","text":"are entitled to share pro rata in the net assets of the Fund available for distribution to shareholders, except for any","page_number":42,"box":{"x":69,"y":407,"width":820,"height":12}},{"id":"2b79d4cb-adec-4ced-9ca2-4011792dc4ef","block_type":"box","text":"expenses, which may be attributable only to one class. Effective on December 27, 2017, all of the issued and","page_number":42,"box":{"x":69,"y":423,"width":786,"height":11}},{"id":"f287ff00-e81a-43c8-aabe-09d87230672e","block_type":"box","text":"outstanding Investor B Shares of the Fund were converted into Investor A Shares of the Fund. 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In each jurisdiction, nomenclature varies. For ease and clarity of presentation, shares of common","page_number":45,"box":{"x":69,"y":135,"width":805,"height":11}},{"id":"57ff6eda-4543-4a2f-9105-dbec24698e78","block_type":"box","text":"stock and shares of beneficial interest are referred to herein as “shares” or “Common Stock,” holders of shares of","page_number":45,"box":{"x":69,"y":150,"width":824,"height":11}},{"id":"0ec3f70c-7c94-422f-a1fd-9f32c10aca4b","block_type":"box","text":"Common Stock are referred to as “shareholders,” the trustees or directors of each Fund are referred to as","page_number":45,"box":{"x":69,"y":166,"width":761,"height":10}},{"id":"c8a9d3b4-f602-425f-8075-6084a3d270a8","block_type":"box","text":"“Directors,” the boards of trustees/directors of each Fund are referred to as the “Board of Directors” or the “Board,”","page_number":45,"box":{"x":70,"y":181,"width":835,"height":11}},{"id":"5e465448-df7d-440e-b793-14086d0dfa93","block_type":"box","text":"BlackRock Advisors, LLC, BlackRock Fund Advisors or their respective affiliates is the investment adviser or manager","page_number":45,"box":{"x":70,"y":196,"width":832,"height":11}},{"id":"01385387-7a51-4dc5-a8c0-0d1097bf05c7","block_type":"box","text":"of each Fund and is referred to herein as the “Manager” or “BlackRock,” and the investment advisory agreement or","page_number":45,"box":{"x":69,"y":211,"width":826,"height":11}},{"id":"eff3d188-0da5-4552-954c-05e3e26f2f68","block_type":"box","text":"management agreement applicable to each Fund is referred to as the “Management Agreement.” Each Fund’s","page_number":45,"box":{"x":69,"y":226,"width":786,"height":11}},{"id":"39cb24af-fb3b-421e-8a5a-3c09e744e94c","block_type":"box","text":"Articles of Incorporation or Declaration of Trust, together with all amendments thereto, is referred to as its “charter.”","page_number":45,"box":{"x":68,"y":241,"width":834,"height":11}},{"id":"9ad16cd1-5844-4dd9-a5cd-adcf441690d4","block_type":"box","text":"The Investment Company Act of 1940, as amended, is referred to herein as the “Investment Company Act.” The","page_number":45,"box":{"x":68,"y":256,"width":801,"height":11}},{"id":"b2896147-775e-4b11-8917-b850c97e3a69","block_type":"box","text":"Securities Act of 1933, as amended, is referred to herein as the “Securities Act.” The Securities and Exchange","page_number":45,"box":{"x":69,"y":271,"width":793,"height":12}},{"id":"db75773c-8c9e-49b9-b855-c69244c3357c","block_type":"box","text":"Commission is referred to herein as the “Commission” or the “SEC.”","page_number":45,"box":{"x":69,"y":286,"width":492,"height":10}},{"id":"2c318ecb-65f6-45bf-a116-3ddc2586d056","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":45,"box":{"x":102,"y":309,"width":741,"height":11}},{"id":"70ca2b26-426f-490c-b021-88b336147f35","block_type":"box","text":"corresponding “master” portfolio (each, a “Master Portfolio”) of a master limited liability company (each, a “Master","page_number":45,"box":{"x":69,"y":324,"width":824,"height":12}},{"id":"3eacd4d7-3969-460a-9678-aeecb26ef8c1","block_type":"box","text":"LLC”), a mutual fund that has the same objective and strategies as the Feeder Fund. All investments are generally","page_number":45,"box":{"x":70,"y":339,"width":814,"height":12}},{"id":"05a0f05c-e495-4045-963c-5b5b416a4624","block_type":"box","text":"made at the level of the Master Portfolio. This structure is sometimes called a “master/feeder” structure. A Feeder","page_number":45,"box":{"x":69,"y":355,"width":825,"height":11}},{"id":"e5c9f342-90e7-48d9-a6a1-1a40974b5b01","block_type":"box","text":"Fund’s investment results will correspond directly to the investment results of the underlying Master Portfolio in","page_number":45,"box":{"x":70,"y":370,"width":795,"height":11}},{"id":"ca0ca361-43af-4f56-a5d6-1cbf1f68c41a","block_type":"box","text":"which it invests. For simplicity, this SAI uses the term “Fund” to include both a Feeder Fund and its Master Portfolio.","page_number":45,"box":{"x":68,"y":385,"width":830,"height":11}},{"id":"e3c4d126-6237-4157-8326-89d0e98b67c7","block_type":"box","text":"In addition to containing information about the Funds, Part II of this SAI contains general information about all","page_number":45,"box":{"x":102,"y":407,"width":783,"height":12}},{"id":"4a5112c0-0f5a-4527-8c5a-384902f20b58","block_type":"box","text":"funds in the BlackRock-advised fund complex. Certain information contained herein may not be relevant to a","page_number":45,"box":{"x":68,"y":423,"width":772,"height":11}},{"id":"5450d50f-98f2-4da0-b50b-1df445ac26be","block_type":"box","text":"particular Fund.","page_number":45,"box":{"x":70,"y":438,"width":109,"height":11}},{"id":"e05fa671-d6e3-4e29-a549-743f9417f91f","block_type":"box","text":"INVESTMENT RISKS AND CONSIDERATIONS","page_number":45,"box":{"x":314,"y":467,"width":351,"height":10}},{"id":"86326dbf-b2e8-4078-96e9-3eb2c4a9ab96","block_type":"box","text":"Set forth below are descriptions of some of the types of investments and investment strategies that one or more","page_number":45,"box":{"x":102,"y":490,"width":805,"height":11}},{"id":"90f5c4ad-9ba5-41dc-9e87-4377118e4e72","block_type":"box","text":"of the Funds may use, and the risks and considerations associated with those investments and investment","page_number":45,"box":{"x":69,"y":505,"width":765,"height":11}},{"id":"301da503-ff19-4c63-b9ae-b570acdf3543","block_type":"box","text":"strategies. Please see each Fund’s prospectuses (the “Prospectus”) and the “Investment Objective and Policies,”","page_number":45,"box":{"x":69,"y":520,"width":811,"height":12}},{"id":"5af3f7c3-eeb9-415e-87a8-302299d2e7b6","block_type":"box","text":"“Investment Objectives and Policies” or “Investment Strategies and Risks of the Fund” section, as applicable, of Part","page_number":45,"box":{"x":70,"y":535,"width":837,"height":12}},{"id":"5462991e-fe35-44ba-9a1d-4971280c5208","block_type":"box","text":"I of this SAI for further information on each Fund’s investment policies and risks. Information contained in this","page_number":45,"box":{"x":70,"y":550,"width":785,"height":11}},{"id":"5cc6a2c4-d851-4d62-ada6-d67a1bede862","block_type":"box","text":"section about the risks and considerations associated with a Fund’s investments and/or investment strategies","page_number":45,"box":{"x":69,"y":566,"width":791,"height":11}},{"id":"cc986c29-d358-4e57-8719-9f086125870b","block_type":"box","text":"applies only to those Funds specifically identified in Part I of this SAI as making each type of investment or using","page_number":45,"box":{"x":69,"y":581,"width":805,"height":11}},{"id":"2309ef9f-585b-4520-8d5c-b55f06814238","block_type":"box","text":"each investment strategy (each, a “Covered Fund”). 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Only information that","page_number":45,"box":{"x":69,"y":611,"width":840,"height":11}},{"id":"4f4042b6-6312-494f-8a13-0c21fbedaaa6","block_type":"box","text":"is clearly identified as applicable to a Covered Fund is considered to form a part of that Covered Fund’s SAI.","page_number":45,"box":{"x":70,"y":626,"width":770,"height":11}},{"id":"b3ef9bff-efe3-4e4a-9ef8-613cbae8455b","block_type":"box","text":"Asset-Backed Securities.","page_number":45,"box":{"x":101,"y":649,"width":183,"height":9}},{"id":"e8a5ab63-0995-4e3d-b8d7-55a2b864bb3f","block_type":"box","text":"Asset-backed securities are securities backed by home equity loans, installment sale","page_number":45,"box":{"x":290,"y":649,"width":607,"height":11}},{"id":"9b0bf50d-131b-4270-a778-b15d5ae47333","block_type":"box","text":"contracts, credit card receivables or other assets. Asset-backed securities are “pass-through” securities, meaning","page_number":45,"box":{"x":69,"y":664,"width":814,"height":11}},{"id":"78580175-b5d7-48d5-ba63-7eebbefec786","block_type":"box","text":"that principal and interest payments — net of expenses — made by the borrower on the underlying assets (such as","page_number":45,"box":{"x":68,"y":679,"width":825,"height":11}},{"id":"01c8da4e-9624-4543-9e69-e42138d4876d","block_type":"box","text":"credit card receivables) are passed through to a Fund. The value of asset-backed securities, like that of traditional","page_number":45,"box":{"x":69,"y":694,"width":813,"height":11}},{"id":"56079797-f24e-4a1d-a5a2-f60b032d44ed","block_type":"box","text":"fixed-income securities, typically increases when interest rates fall and decreases when interest rates rise. However,","page_number":45,"box":{"x":68,"y":709,"width":830,"height":11}},{"id":"404989d3-47c5-4460-879d-025338c2d45d","block_type":"box","text":"asset-backed securities differ from traditional fixed-income securities because of their potential for prepayment. The","page_number":45,"box":{"x":69,"y":724,"width":827,"height":11}},{"id":"a46849e0-4a69-4133-a234-63a855648d3f","block_type":"box","text":"price paid by a Fund for its asset-backed securities, the yield the Fund expects to receive from such securities and","page_number":45,"box":{"x":70,"y":739,"width":813,"height":12}},{"id":"c8cc4e19-0f93-4102-aaa6-b015546a1d67","block_type":"box","text":"the average life of the securities are based on a number of factors, including the anticipated rate of prepayment of","page_number":45,"box":{"x":68,"y":755,"width":818,"height":11}},{"id":"9d60c173-52da-434e-a91b-00b4397828a5","block_type":"box","text":"the underlying assets. In a period of declining interest rates, borrowers may prepay the underlying assets more","page_number":45,"box":{"x":68,"y":770,"width":792,"height":11}},{"id":"adcefc95-4665-47ad-b302-2315b2ce17ab","block_type":"box","text":"quickly than anticipated, thereby reducing the yield to maturity and the average life of the asset-backed securities.","page_number":45,"box":{"x":69,"y":785,"width":811,"height":11}},{"id":"3d456568-e837-4f49-bca8-4a423ecbf179","block_type":"box","text":"Moreover, when a Fund reinvests the proceeds of a prepayment in these circumstances, it will likely receive a rate of","page_number":45,"box":{"x":70,"y":800,"width":832,"height":11}},{"id":"b2a9fbb2-1f4a-4bc0-9bd0-2a35423e6d2f","block_type":"box","text":"interest that is lower than the rate on the security that was prepaid. To the extent that a Fund purchases asset","page_number":45,"box":{"x":70,"y":815,"width":792,"height":11}},{"id":"88ab19ee-de45-4382-8120-287749a49cde","block_type":"box","text":"backed securities at a premium, prepayments may result in a loss to the extent of the premium paid. If a Fund buys","page_number":45,"box":{"x":69,"y":830,"width":825,"height":11}},{"id":"af13e0f6-0831-4771-815c-e517cb977205","block_type":"box","text":"such securities at a discount, both scheduled payments and unscheduled prepayments will increase current and total","page_number":45,"box":{"x":69,"y":846,"width":838,"height":10}},{"id":"00eb1599-4682-45d6-b6d6-6e65392ab932","block_type":"box","text":"returns and unscheduled prepayments will also accelerate the recognition of income which, when distributed to","page_number":45,"box":{"x":69,"y":860,"width":793,"height":12}},{"id":"fd3a180c-21ed-46a5-a0e1-c02367f41cbf","block_type":"box","text":"shareholders, will be taxable as ordinary income. In a period of rising interest rates, prepayments of the underlying","page_number":45,"box":{"x":69,"y":875,"width":819,"height":12}},{"id":"08823c89-9184-4b4d-b35c-d7294b753641","block_type":"box","text":"assets may occur at a slower than expected rate, creating maturity extension risk. This particular risk may effectively","page_number":45,"box":{"x":69,"y":891,"width":834,"height":11}},{"id":"be4d680b-9911-4e55-9e5c-add193dbced5","block_type":"box","text":"change a security that was considered short- or intermediate-term at the time of purchase into a longer term security.","page_number":45,"box":{"x":69,"y":906,"width":837,"height":11}},{"id":"d8720ea9-2c05-4ebe-be9d-5fe612971109","block_type":"box","text":"II-1","page_number":45,"box":{"x":478,"y":943,"width":23,"height":9}},{"id":"fb104fb4-6e5c-40d4-b50d-621d0cfb1f12","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":45,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2d498417-944a-48d5-8da3-66619024b08f","block_type":"box","text":"Since the value of longer-term securities generally fluctuates more widely in response to changes in interest rates","page_number":46,"box":{"x":69,"y":45,"width":810,"height":11}},{"id":"f354f303-d6eb-4360-9df0-a2943e63cd9b","block_type":"box","text":"than does the value of shorter-term securities, maturity extension risk could increase the volatility of the Fund. When","page_number":46,"box":{"x":68,"y":60,"width":833,"height":11}},{"id":"22fe2385-1171-43ed-baca-a441dbcbe933","block_type":"box","text":"interest rates decline, the value of an asset-backed security with prepayment features may not increase as much as","page_number":46,"box":{"x":70,"y":75,"width":827,"height":11}},{"id":"5ee5fe4a-9a3a-45e8-a680-852889f3ec8b","block_type":"box","text":"that of other fixed-income securities, and, as noted above, changes in market rates of interest may accelerate or","page_number":46,"box":{"x":68,"y":90,"width":805,"height":11}},{"id":"30b81ef0-b317-4d82-89b0-56c1f4c3ee90","block_type":"box","text":"retard prepayments and thus affect maturities.","page_number":46,"box":{"x":69,"y":105,"width":333,"height":11}},{"id":"868153b5-35d2-4018-856b-958ea89a8af3","block_type":"box","text":"Asset-Based Securities.","page_number":46,"box":{"x":101,"y":128,"width":173,"height":9}},{"id":"1cd7f4f4-4bb0-4c7b-a492-3f5b90ace608","block_type":"box","text":"Certain Funds may invest in debt, preferred or convertible securities, the principal","page_number":46,"box":{"x":281,"y":128,"width":582,"height":11}},{"id":"a640b31f-708c-438e-aa6d-c01ba59fc33b","block_type":"box","text":"amount, redemption terms or conversion terms of which are related to the market price of some natural resource","page_number":46,"box":{"x":69,"y":143,"width":808,"height":11}},{"id":"147f2d74-be1c-47f1-ab5f-b1c23dbf859c","block_type":"box","text":"asset such as gold bullion. These securities are referred to as “asset-based securities.” A Fund will purchase only","page_number":46,"box":{"x":69,"y":158,"width":815,"height":11}},{"id":"103c45bf-92ff-453e-951e-0b5aab83f8a2","block_type":"box","text":"asset-based securities that are rated, or are issued by issuers that have outstanding debt obligations rated,","page_number":46,"box":{"x":69,"y":173,"width":769,"height":11}},{"id":"a99a5e0f-cbd8-46ba-99a7-50ab7141d587","block_type":"box","text":"investment grade (for example, AAA, AA, A or BBB by S&P Global Ratings (“S&P”) or Fitch Ratings (“Fitch”), or Baa by","page_number":46,"box":{"x":70,"y":188,"width":833,"height":12}},{"id":"cb6d4881-df83-4979-8a0b-ccfd16da6e5f","block_type":"box","text":"Moody’s Investors Service, Inc. (“Moody’s”) or commercial paper rated A-1 by S&P or Prime-1 by Moody’s) or by","page_number":46,"box":{"x":70,"y":203,"width":795,"height":12}},{"id":"eed41dbe-aeda-4786-a42b-51917b94a041","block_type":"box","text":"issuers that the Manager has determined to be of similar creditworthiness. Obligations ranked in the fourth highest","page_number":46,"box":{"x":70,"y":218,"width":824,"height":12}},{"id":"2a265d42-c093-4f6c-8b67-ba6ec89d48ef","block_type":"box","text":"rating category, while considered “investment grade,” may have certain speculative characteristics and may be more","page_number":46,"box":{"x":69,"y":234,"width":832,"height":11}},{"id":"529af0f4-ae7d-45b4-8400-766fff1d9b77","block_type":"box","text":"likely to be downgraded than securities rated in the three highest rating categories. If an asset-based security is","page_number":46,"box":{"x":70,"y":249,"width":797,"height":11}},{"id":"bd0ec645-d2db-4bbe-9cc5-409e8d731a35","block_type":"box","text":"backed by a bank letter of credit or other similar facility, the Manager may take such backing into account in","page_number":46,"box":{"x":69,"y":264,"width":768,"height":11}},{"id":"3a344dd9-3648-4947-9427-aa3a8595f9a9","block_type":"box","text":"determining the creditworthiness of the issuer. While the market prices for an asset-based security and the related","page_number":46,"box":{"x":69,"y":279,"width":819,"height":11}},{"id":"125b8616-ae2d-42f5-8314-fd1753bf70af","block_type":"box","text":"natural resource asset generally are expected to move in the same direction, there may not be perfect correlation in","page_number":46,"box":{"x":69,"y":294,"width":829,"height":11}},{"id":"b771e4b8-dd8f-475b-8caa-93bb8502de0c","block_type":"box","text":"the two price movements. Asset-based securities may not be secured by a security interest in or claim on the","page_number":46,"box":{"x":68,"y":309,"width":780,"height":11}},{"id":"165dce79-88cb-4914-8762-9d4e5f94f884","block_type":"box","text":"underlying natural resource asset. The asset-based securities in which a Fund may invest may bear interest or pay","page_number":46,"box":{"x":69,"y":325,"width":815,"height":11}},{"id":"ba027197-88f2-4a3b-9798-c474a775dd43","block_type":"box","text":"preferred dividends at below market (or even relatively nominal) rates. Certain asset-based securities may be payable","page_number":46,"box":{"x":70,"y":339,"width":837,"height":12}},{"id":"a187326b-d6b6-43b7-a81e-1a60266a6115","block_type":"box","text":"at maturity in cash at the stated principal amount or, at the option of the holder, directly in a stated amount of the","page_number":46,"box":{"x":69,"y":355,"width":812,"height":11}},{"id":"fd90c433-aff4-48ed-84c9-766c6221f033","block_type":"box","text":"asset to which it is related. In such instance, because no Fund presently intends to invest directly in natural resource","page_number":46,"box":{"x":69,"y":370,"width":836,"height":11}},{"id":"ca9d9bfd-c6e2-44c1-ba18-488efa817c67","block_type":"box","text":"assets, a Fund would sell the asset-based security in the secondary market, to the extent one exists, prior to","page_number":46,"box":{"x":69,"y":385,"width":778,"height":11}},{"id":"1314496c-be88-445a-89ed-1792fa33b083","block_type":"box","text":"maturity if the value of the stated amount of the asset exceeds the stated principal amount and thereby realize the","page_number":46,"box":{"x":69,"y":400,"width":819,"height":11}},{"id":"e77b03aa-d37c-4716-822d-945ea3ddf411","block_type":"box","text":"appreciation in the underlying asset.","page_number":46,"box":{"x":69,"y":415,"width":258,"height":11}},{"id":"13323c83-80ff-4d78-88e1-0f0d6fbc6349","block_type":"box","text":"Precious Metal-Related Securities.","page_number":46,"box":{"x":102,"y":438,"width":243,"height":9}},{"id":"2c54c232-63af-4bb6-b07b-5d3311f1c435","block_type":"box","text":"A Fund may invest in the equity and other securities of companies that","page_number":46,"box":{"x":351,"y":438,"width":503,"height":11}},{"id":"68d94dc5-a600-4ffc-9772-6cde1c66b86b","block_type":"box","text":"explore for, extract, process or deal in precious metals (","page_number":46,"box":{"x":69,"y":453,"width":398,"height":11}},{"id":"83840453-97c6-48fc-8cd7-8e5d5656f042","block_type":"box","text":"e.g.","page_number":46,"box":{"x":469,"y":454,"width":25,"height":10}},{"id":"c955e71b-2247-491b-aed9-69b547b85203","block_type":"box","text":", gold, silver and platinum), and in asset-based securities","page_number":46,"box":{"x":497,"y":453,"width":407,"height":11}},{"id":"c2382cf3-d94d-4d56-8c08-001adf48187f","block_type":"box","text":"indexed to the value of such metals. Such securities may be purchased when they are believed to be attractively","page_number":46,"box":{"x":70,"y":468,"width":801,"height":11}},{"id":"e0643400-cffa-41ee-89d3-2dea746bbe4c","block_type":"box","text":"priced in relation to the value of a company’s precious metal-related assets or when the values of precious metals","page_number":46,"box":{"x":70,"y":483,"width":815,"height":11}},{"id":"a4cc207f-ea68-4cc6-939d-fc90a6cadf7e","block_type":"box","text":"are expected to benefit from inflationary pressure or other economic, political or financial uncertainty or instability.","page_number":46,"box":{"x":69,"y":498,"width":815,"height":11}},{"id":"2723269d-5945-4430-98bd-83f30d1c0409","block_type":"box","text":"Based on historical experience, during periods of economic or financial instability the securities of companies","page_number":46,"box":{"x":70,"y":513,"width":779,"height":12}},{"id":"8b9a71e5-53a7-4a39-b482-b79e21746360","block_type":"box","text":"involved in precious metals may be subject to extreme price fluctuations, reflecting the high volatility of precious","page_number":46,"box":{"x":70,"y":528,"width":799,"height":12}},{"id":"d4875f91-3c30-4f41-8e67-16dfc1d84686","block_type":"box","text":"metal prices during such periods. In addition, the instability of precious metal prices may result in volatile earnings of","page_number":46,"box":{"x":69,"y":543,"width":838,"height":12}},{"id":"22f23dc8-3e8e-49bc-96fd-319f1f918646","block_type":"box","text":"precious metal-related companies, which may, in turn, adversely affect the financial condition of such companies. The","page_number":46,"box":{"x":70,"y":559,"width":838,"height":11}},{"id":"5b0a3f24-046c-429a-8c8a-424af660f6c2","block_type":"box","text":"major producers of gold include the Republic of South Africa, Russia, Canada, the United States, Brazil and Australia.","page_number":46,"box":{"x":69,"y":574,"width":835,"height":11}},{"id":"a09d6ea0-4990-480f-b9d6-5a0640edc4c7","block_type":"box","text":"Sales of gold by Russia are largely unpredictable and often relate to political and economic considerations rather","page_number":46,"box":{"x":69,"y":589,"width":806,"height":11}},{"id":"ca53dde2-fb72-4bb5-bd17-4c2712c94ec5","block_type":"box","text":"than to market forces. Economic, financial, social and political factors within South Africa may significantly affect","page_number":46,"box":{"x":68,"y":604,"width":805,"height":11}},{"id":"826b9833-955d-45ec-a676-abb9b306f943","block_type":"box","text":"South African gold production.","page_number":46,"box":{"x":69,"y":619,"width":213,"height":11}},{"id":"9afeea37-cd86-4725-8e81-4a9628298cb5","block_type":"box","text":"Borrowing and Leverage.","page_number":46,"box":{"x":102,"y":642,"width":179,"height":11}},{"id":"45e901d6-1c49-4d7a-a20b-9c58f8f756a0","block_type":"box","text":"Each Fund may borrow as a temporary measure for extraordinary or emergency","page_number":46,"box":{"x":288,"y":642,"width":563,"height":11}},{"id":"feed5d6c-3917-4c30-a9dd-beecf8acec8b","block_type":"box","text":"purposes, including to meet redemptions or to settle securities transactions. Certain Funds will not purchase","page_number":46,"box":{"x":70,"y":657,"width":777,"height":11}},{"id":"da6425ae-675f-4633-bdd5-a46780d44645","block_type":"box","text":"securities at any time when borrowings exceed 5% of their total assets, except (a) to honor prior commitments or","page_number":46,"box":{"x":69,"y":672,"width":806,"height":11}},{"id":"68f6d400-ab90-4c7f-a915-bb74fb432f53","block_type":"box","text":"(b) to exercise subscription rights when outstanding borrowings have been obtained exclusively for settlements of","page_number":46,"box":{"x":69,"y":687,"width":810,"height":11}},{"id":"16794dc1-5f59-4cfc-af62-1b1fa99251a3","block_type":"box","text":"other securities transactions.","page_number":46,"box":{"x":69,"y":703,"width":207,"height":8}},{"id":"ec4e0f48-a179-45a9-abd4-674fc91d0374","block_type":"box","text":"Certain Funds may also borrow in order to make investments, to the extent disclosed in such Fund’s Prospectus.","page_number":46,"box":{"x":102,"y":725,"width":806,"height":11}},{"id":"d676ae08-b700-4438-b3b7-936a01e1260b","block_type":"box","text":"The purchase of securities while borrowings are outstanding will have the effect of leveraging the Fund. Such","page_number":46,"box":{"x":68,"y":740,"width":776,"height":11}},{"id":"0e4c3961-9d6b-4191-8c50-a65b5a94f0ac","block_type":"box","text":"leveraging increases the Fund’s exposure to capital risk, and borrowed funds are subject to interest costs that will","page_number":46,"box":{"x":70,"y":755,"width":813,"height":11}},{"id":"16f66231-0746-4148-9a28-b901ddd64878","block_type":"box","text":"reduce net income. The use of leverage by a Fund creates an opportunity for greater total return, but, at the same","page_number":46,"box":{"x":69,"y":770,"width":813,"height":12}},{"id":"ec4eefa7-830b-4de1-8678-6ca3e17aec98","block_type":"box","text":"time, creates special risks. For example, leveraging may exaggerate changes in the net asset value (“NAV”) of Fund","page_number":46,"box":{"x":68,"y":785,"width":823,"height":12}},{"id":"62567303-1211-48a6-b599-36af98fe630b","block_type":"box","text":"shares and in the yield on the Fund’s portfolio. Although the principal of such borrowings will be fixed, the Fund’s","page_number":46,"box":{"x":69,"y":801,"width":806,"height":11}},{"id":"0bc48244-b609-409d-92d7-e7ebe3758d7e","block_type":"box","text":"assets may change in value during the time the borrowings are outstanding. Borrowings will create interest expenses","page_number":46,"box":{"x":69,"y":816,"width":835,"height":11}},{"id":"d7bb99a5-baa2-4931-ac59-84afb610a70f","block_type":"box","text":"for the Fund that can exceed the income from the assets purchased with the borrowings. To the extent the income or","page_number":46,"box":{"x":68,"y":831,"width":835,"height":11}},{"id":"833b001e-173d-43a6-83a9-6d96b0adb715","block_type":"box","text":"capital appreciation derived from securities purchased with borrowed funds exceeds the interest the Fund will have to","page_number":46,"box":{"x":69,"y":846,"width":838,"height":11}},{"id":"b636a39a-f49b-4e82-8827-820020ffa2a5","block_type":"box","text":"pay on the borrowings, the Fund’s return will be greater than if leverage had not been used. Conversely, if the income","page_number":46,"box":{"x":70,"y":861,"width":835,"height":11}},{"id":"169feba8-216f-40cc-aadd-53218b7b3aaa","block_type":"box","text":"or capital appreciation from the securities purchased with such borrowed funds is not sufficient to cover the cost of","page_number":46,"box":{"x":69,"y":876,"width":825,"height":11}},{"id":"f71dba2d-465b-4872-a9f1-758b9d76bbc0","block_type":"box","text":"borrowing, the return to the Fund will be less than if leverage had not been used and, therefore, the amount available","page_number":46,"box":{"x":69,"y":891,"width":837,"height":12}},{"id":"00084cec-bca0-4529-a8da-c12dccac6f57","block_type":"box","text":"for distribution to shareholders as dividends will be reduced. In the latter case, the Manager in its best judgment","page_number":46,"box":{"x":68,"y":906,"width":805,"height":12}},{"id":"7d87e8af-c446-477c-ba5f-28ac98d82e4d","block_type":"box","text":"II-2","page_number":46,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"32b8b0d6-05ab-49f5-992e-9f3e57f06db5","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":46,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d563c477-20c2-480a-a1d8-4773b929930b","block_type":"box","text":"nevertheless may determine to maintain the Fund’s leveraged position if it expects that the benefits to the Fund’s","page_number":47,"box":{"x":69,"y":45,"width":813,"height":11}},{"id":"bda668ba-2bc3-4721-aa2b-8a3ca7bed202","block_type":"box","text":"shareholders of maintaining the leveraged position will outweigh the current reduced return.","page_number":47,"box":{"x":69,"y":60,"width":653,"height":11}},{"id":"8ade7669-fa9a-4add-958e-eb0d297fabc5","block_type":"box","text":"Certain types of borrowings by a Fund may result in the Fund being subject to covenants in credit agreements","page_number":47,"box":{"x":102,"y":82,"width":780,"height":12}},{"id":"b10e386a-ebd4-44be-aae1-d8a2cc310ccd","block_type":"box","text":"relating to asset coverage, portfolio composition requirements and other matters. It is not anticipated that","page_number":47,"box":{"x":69,"y":98,"width":759,"height":11}},{"id":"01edc9f0-8800-4c8b-8cc6-a25401239060","block_type":"box","text":"observance of such covenants would impede the Manager from managing a Fund’s portfolio in accordance with the","page_number":47,"box":{"x":69,"y":113,"width":822,"height":11}},{"id":"ab5974f5-8bb2-428f-994a-c691d7e79bdd","block_type":"box","text":"Fund’s investment objectives and policies. However, a breach of any such covenants not cured within the specified","page_number":47,"box":{"x":70,"y":128,"width":816,"height":11}},{"id":"cb5e5683-d49b-488c-8e1f-7c089b503b0b","block_type":"box","text":"cure period may result in acceleration of outstanding indebtedness and require the Fund to dispose of portfolio","page_number":47,"box":{"x":69,"y":143,"width":792,"height":11}},{"id":"a36897e3-bd4d-4320-a08e-2addc801afb6","block_type":"box","text":"investments at a time when it may be disadvantageous to do so.","page_number":47,"box":{"x":70,"y":158,"width":459,"height":11}},{"id":"b5a19126-4500-4df3-8c1a-14bf84cf30d3","block_type":"box","text":"Each Fund may at times borrow from affiliates of the Manager, provided that the terms of such borrowings are","page_number":47,"box":{"x":102,"y":181,"width":786,"height":11}},{"id":"13f6f5f5-1bba-4701-b376-6b08ba91b12b","block_type":"box","text":"no less favorable than those available from comparable sources of funds in the marketplace.","page_number":47,"box":{"x":69,"y":196,"width":663,"height":11}},{"id":"b344d867-4c47-410d-a5b8-dda7bcb19ba2","block_type":"box","text":"Cash Management.","page_number":47,"box":{"x":102,"y":219,"width":140,"height":11}},{"id":"23c4bb7d-4a37-4e67-845b-0f3654d3becd","block_type":"box","text":"Generally, the Manager will employ futures and options on futures to provide liquidity","page_number":47,"box":{"x":249,"y":218,"width":603,"height":12}},{"id":"33287748-7317-45ab-89a3-f0fb72d46af2","block_type":"box","text":"necessary to meet anticipated redemptions or for day-to-day operating purposes. However, if considered appropriate","page_number":47,"box":{"x":69,"y":234,"width":828,"height":11}},{"id":"fdf97b42-b3bd-4d61-a814-5393969253f2","block_type":"box","text":"in the opinion of the Manager, a portion of a Fund’s assets may be invested in certain types of instruments with","page_number":47,"box":{"x":70,"y":249,"width":799,"height":11}},{"id":"4ebd0975-8c8d-4eea-956b-3a801ce77a01","block_type":"box","text":"remaining maturities of 397 days or less for liquidity purposes. Such instruments would consist of: (i) obligations of","page_number":47,"box":{"x":69,"y":264,"width":826,"height":11}},{"id":"2fcb770c-4fa2-4b59-bf40-0faf931fb37a","block_type":"box","text":"the U.S. Government, its agencies, instrumentalities, authorities or political subdivisions (“U.S. Government","page_number":47,"box":{"x":68,"y":279,"width":772,"height":11}},{"id":"18598abc-457c-44b6-a97e-3870093a1a0b","block_type":"box","text":"Securities”); (ii) other fixed-income securities rated Aa or higher by Moody’s or AA or higher by S&P or, if unrated, of","page_number":47,"box":{"x":69,"y":294,"width":823,"height":11}},{"id":"f46dc4bd-1b38-42b8-ba61-bad3af2a7658","block_type":"box","text":"comparable quality in the opinion of the Manager; (iii) commercial paper; (iv) bank obligations, including negotiable","page_number":47,"box":{"x":69,"y":309,"width":816,"height":11}},{"id":"6820b727-cea1-4e4f-ba52-a3806d5a2283","block_type":"box","text":"certificates of deposit, time deposits and bankers’ acceptances; and (v) repurchase agreements. At the time the","page_number":47,"box":{"x":69,"y":324,"width":804,"height":12}},{"id":"dac2955c-f059-4563-aea3-41553ff6be02","block_type":"box","text":"Fund invests in commercial paper, bank obligations or repurchase agreements, the issuer or the issuer’s parent must","page_number":47,"box":{"x":70,"y":340,"width":839,"height":11}},{"id":"350aca65-4e5c-44aa-a470-4c5ba5317e7f","block_type":"box","text":"have outstanding debt rated Aa or higher by Moody’s or AA or higher by S&P or outstanding commercial paper, bank","page_number":47,"box":{"x":69,"y":355,"width":824,"height":11}},{"id":"1ca8805f-7746-4b5b-b98a-de01ef85fc45","block_type":"box","text":"obligations or other short-term obligations rated Prime-1 by Moody’s or A-1 by S&P; or, if no such ratings are","page_number":47,"box":{"x":69,"y":370,"width":771,"height":11}},{"id":"88c167ae-708a-4ad2-af31-41f3eb8e8e33","block_type":"box","text":"available, the instrument must be of comparable quality in the opinion of the Manager. For more information on","page_number":47,"box":{"x":69,"y":385,"width":793,"height":11}},{"id":"cbf3b976-d6e0-496e-82d1-c17a187586b7","block_type":"box","text":"money market instruments, see “Money Market Securities” below.","page_number":47,"box":{"x":69,"y":400,"width":472,"height":11}},{"id":"b8f7a437-f34a-496c-ab5f-6a753ab666d8","block_type":"box","text":"Collateralized Debt Obligations.","page_number":47,"box":{"x":102,"y":423,"width":229,"height":11}},{"id":"f94fbbf5-fac9-4a0b-a291-6994817f5a23","block_type":"box","text":"Certain Funds may invest in collateralized debt obligations (“CDOs”), which","page_number":47,"box":{"x":337,"y":423,"width":534,"height":11}},{"id":"aff00c09-4a6c-465e-9483-d197e08f64d6","block_type":"box","text":"include collateralized bond obligations (“CBOs”), collateralized loan obligations (“CLOs”) and other similarly","page_number":47,"box":{"x":70,"y":438,"width":764,"height":11}},{"id":"67372069-58be-49ec-8298-ed849730e3a6","block_type":"box","text":"structured securities. CDOs are types of asset-backed securities. A CBO is ordinarily issued by a trust or other","page_number":47,"box":{"x":69,"y":453,"width":787,"height":11}},{"id":"76bc6765-7df3-48bb-8c70-c34096adc81d","block_type":"box","text":"special purpose entity (“SPE”) and is typically backed by a diversified pool of fixed-income securities (which may","page_number":47,"box":{"x":69,"y":468,"width":797,"height":11}},{"id":"6f13960a-9789-42ef-9ad9-ef6796ea798d","block_type":"box","text":"include high risk, below investment grade securities) held by such issuer. A CLO is ordinarily issued by a trust or","page_number":47,"box":{"x":70,"y":483,"width":798,"height":11}},{"id":"7b4247ea-4521-4d96-8f92-cd6362f8cc3b","block_type":"box","text":"other SPE and is typically collateralized by a pool of loans, which may include, among others, domestic and non-U.S.","page_number":47,"box":{"x":69,"y":498,"width":827,"height":11}},{"id":"2f0885e3-3ddb-49d1-8685-efddab178b93","block_type":"box","text":"senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated","page_number":47,"box":{"x":69,"y":514,"width":814,"height":11}},{"id":"a4ad68d5-bf43-4ff0-a926-0ae05f72fb0a","block_type":"box","text":"below investment grade or equivalent unrated loans, held by such issuer. Investments in a CLO organized outside of","page_number":47,"box":{"x":69,"y":528,"width":828,"height":12}},{"id":"e452c17b-22a6-4d6c-9594-bbfcdf34bf49","block_type":"box","text":"the United States may not be deemed to be foreign securities if the CLO is collateralized by a pool of loans, a","page_number":47,"box":{"x":68,"y":543,"width":782,"height":12}},{"id":"a3543e2d-4cb4-46ec-b6df-51411aee6632","block_type":"box","text":"substantial portion of which are U.S. loans. Although certain CDOs may benefit from credit enhancement in the form","page_number":47,"box":{"x":69,"y":559,"width":830,"height":11}},{"id":"1dcbd3fa-5219-4ec4-8f8a-cb18b10c407f","block_type":"box","text":"of a senior-subordinate structure, over-collateralization or bond insurance, such enhancement may not always be","page_number":47,"box":{"x":69,"y":574,"width":803,"height":11}},{"id":"6622e915-a280-4f1d-8c44-6a7447219d3c","block_type":"box","text":"present, and may fail to protect a Fund against the risk of loss on default of the collateral. Certain CDO issuers may","page_number":47,"box":{"x":70,"y":589,"width":827,"height":11}},{"id":"bf66ecdb-c585-42b8-bba4-0e7f47856a12","block_type":"box","text":"use derivatives contracts to create “synthetic” exposure to assets rather than holding such assets directly, which","page_number":47,"box":{"x":69,"y":604,"width":807,"height":11}},{"id":"de4d9c2d-d8ae-4306-83b5-071e63e350a8","block_type":"box","text":"entails the risks of derivative instruments described elsewhere in this SAI. CDOs may charge management fees and","page_number":47,"box":{"x":69,"y":619,"width":826,"height":11}},{"id":"605d0fd0-9a55-4808-a8fd-a66ecf670545","block_type":"box","text":"administrative expenses, which are in addition to those of a Fund.","page_number":47,"box":{"x":69,"y":634,"width":469,"height":11}},{"id":"e8c4c093-10f6-4df3-8e80-d7d5182a211e","block_type":"box","text":"For both CBOs and CLOs, the cash flows from the SPE are split into two or more portions, called tranches,","page_number":47,"box":{"x":102,"y":657,"width":758,"height":11}},{"id":"65df6aca-23f3-476e-b72f-47cd5920ff71","block_type":"box","text":"varying in risk and yield. The riskiest portion is the “equity” tranche, which bears the first loss from defaults from the","page_number":47,"box":{"x":68,"y":672,"width":836,"height":11}},{"id":"6d1e0e68-7b6e-4494-b2cb-8a94fb52bbbf","block_type":"box","text":"bonds or loans in the SPE and serves to protect the other, more senior tranches from default (though such protection","page_number":47,"box":{"x":69,"y":687,"width":838,"height":11}},{"id":"116af2d3-e76c-49ea-b052-6bc729ee5568","block_type":"box","text":"is not complete). Since it is partially protected from defaults, a senior tranche from a CBO or CLO typically has higher","page_number":47,"box":{"x":70,"y":702,"width":835,"height":12}},{"id":"f9d4f5b9-b4ff-4149-9f9b-8e477a299a00","block_type":"box","text":"ratings and lower yields than its underlying securities, and may be rated investment grade. Despite the protection","page_number":47,"box":{"x":69,"y":718,"width":808,"height":11}},{"id":"19c43877-351a-41ae-adf0-aec46d321d96","block_type":"box","text":"from the equity tranche, CBO or CLO tranches can experience substantial losses due to actual defaults, downgrades","page_number":47,"box":{"x":68,"y":732,"width":830,"height":12}},{"id":"63f7e5b1-e0ef-44b5-943f-07bc93c684be","block_type":"box","text":"of the underlying collateral by rating agencies, forced liquidation of the collateral pool due to a failure of coverage","page_number":47,"box":{"x":69,"y":748,"width":806,"height":11}},{"id":"88c4bb4a-e3d9-41b8-b628-0537fc090bd8","block_type":"box","text":"tests, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market","page_number":47,"box":{"x":68,"y":763,"width":809,"height":11}},{"id":"00717d64-f053-4dd4-a7fb-e80c9b785fcb","block_type":"box","text":"anticipation of defaults as well as investor aversion to CBO or CLO securities as a class. Interest on certain tranches","page_number":47,"box":{"x":69,"y":778,"width":835,"height":11}},{"id":"ac042e1b-dfd3-49d9-8ae7-865ae7325692","block_type":"box","text":"of a CDO may be paid in kind or deferred and capitalized (paid in the form of obligations of the same type rather than","page_number":47,"box":{"x":69,"y":793,"width":835,"height":11}},{"id":"6a7b68fd-4ede-47e9-b99c-ecef792faf07","block_type":"box","text":"cash), which involves continued exposure to default risk with respect to such payments.","page_number":47,"box":{"x":69,"y":808,"width":625,"height":11}},{"id":"1ff9da86-ed16-4c94-a271-e57a2266b592","block_type":"box","text":"The risks of an investment in a CDO depend largely on the type of the collateral securities and the class of the","page_number":47,"box":{"x":101,"y":831,"width":789,"height":11}},{"id":"31b502a4-b39b-4c46-a0e1-3aa39d3190fb","block_type":"box","text":"CDO in which a Fund invests. Normally, CBOs, CLOs and other CDOs are privately offered and sold, and thus are not","page_number":47,"box":{"x":69,"y":846,"width":830,"height":11}},{"id":"64e11f44-391c-4b7f-aa9d-a2411e5d32cf","block_type":"box","text":"registered under the securities laws. However, an active dealer market may exist for CDOs, allowing a CDO to qualify","page_number":47,"box":{"x":69,"y":861,"width":830,"height":11}},{"id":"f98ee41b-7356-4483-a421-e3756e95746c","block_type":"box","text":"for Rule 144A transactions. In addition to the normal risks associated with fixed-income securities and asset-backed","page_number":47,"box":{"x":68,"y":876,"width":831,"height":9}},{"id":"1e354f06-e689-46d9-bf9b-88b02cde6d4d","block_type":"box","text":"securities generally discussed elsewhere in this SAI, CDOs carry additional risks including, but not limited to: (i) the","page_number":47,"box":{"x":69,"y":891,"width":824,"height":12}},{"id":"86f34d90-57ef-45b4-bd9c-4cfd1687af13","block_type":"box","text":"possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the","page_number":47,"box":{"x":70,"y":906,"width":838,"height":12}},{"id":"4975d878-abd2-4245-859e-4071ff8a3e0f","block_type":"box","text":"II-3","page_number":47,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"1865c824-b799-4bb3-a99f-55cd93c1c443","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":47,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"62136ac3-434c-46a6-aa70-3639fb175af9","block_type":"box","text":"risk that the collateral may default or decline in value or be downgraded, if rated by a nationally recognized statistical","page_number":48,"box":{"x":69,"y":45,"width":832,"height":11}},{"id":"f34dafb4-6e9d-42d8-9f82-50cee1ef5193","block_type":"box","text":"rating organization (“NRSRO”); (iii) a Fund may invest in tranches of CDOs that are subordinate to other tranches;","page_number":48,"box":{"x":69,"y":60,"width":807,"height":11}},{"id":"5e26f252-f829-4cd4-a173-c5056e2c7738","block_type":"box","text":"(iv) the structure and complexity of the transaction and the legal documents could lead to disputes among investors","page_number":48,"box":{"x":69,"y":75,"width":826,"height":11}},{"id":"0e94eb1d-55eb-43a0-8ce4-c7e2f782a265","block_type":"box","text":"regarding the characterization of proceeds; (v) the investment return achieved by the Fund could be significantly","page_number":48,"box":{"x":69,"y":90,"width":795,"height":11}},{"id":"8bad543f-a176-46ad-9834-efd40b67fc69","block_type":"box","text":"different than those predicted by financial models; (vi) the lack of a readily available secondary market for CDOs;","page_number":48,"box":{"x":69,"y":105,"width":804,"height":11}},{"id":"b4c85a3b-ae7a-4071-957d-cd8c92a08a0c","block_type":"box","text":"(vii) the risk of forced “fire sale” liquidation due to technical defaults such as coverage test failures; and (viii) the","page_number":48,"box":{"x":69,"y":120,"width":805,"height":12}},{"id":"3ebcadd1-ac8f-4d8c-9496-fdc380e8c934","block_type":"box","text":"CDO’s manager may perform poorly.","page_number":48,"box":{"x":69,"y":135,"width":257,"height":12}},{"id":"51385020-7ff6-4eda-9420-c24ce0cfd432","block_type":"box","text":"Commercial Paper.","page_number":48,"box":{"x":102,"y":158,"width":136,"height":11}},{"id":"c93f89ec-d1c9-4b39-bf8e-a66dd92c55ec","block_type":"box","text":"Certain Funds may purchase commercial paper. Commercial paper purchasable by each","page_number":48,"box":{"x":244,"y":158,"width":626,"height":11}},{"id":"b8bed90e-9713-40c6-9648-3470ffe39d33","block_type":"box","text":"Fund includes “Section 4(a)(2) paper,” a term that includes debt obligations issued in reliance on the “private","page_number":48,"box":{"x":70,"y":173,"width":781,"height":11}},{"id":"e8233d53-2784-4602-86b7-8ccba47113c8","block_type":"box","text":"placement” exemption from registration afforded by Section 4(a)(2) of the Securities Act. Section 4(a)(2) paper is","page_number":48,"box":{"x":70,"y":188,"width":806,"height":12}},{"id":"9280b3a0-9d63-42ca-9213-482dd953f2cc","block_type":"box","text":"restricted as to disposition under the Federal securities laws, and is frequently sold (and resold) to institutional","page_number":48,"box":{"x":69,"y":203,"width":792,"height":12}},{"id":"2460b99a-e8ad-4ca6-933e-5a2bae79e385","block_type":"box","text":"investors such as the Fund through or with the assistance of investment dealers who make a market in the Section","page_number":48,"box":{"x":70,"y":218,"width":820,"height":12}},{"id":"ad22a2e9-ec87-49de-91c5-e2862509624e","block_type":"box","text":"4(a)(2) paper, thereby providing liquidity. Certain transactions in Section 4(a)(2) paper may qualify for the registration","page_number":48,"box":{"x":69,"y":234,"width":831,"height":11}},{"id":"ba3d2e61-a79d-4a2c-8134-4bb564e94314","block_type":"box","text":"exemption provided in Rule 144A under the Securities Act. Most Funds can purchase commercial paper rated (at the","page_number":48,"box":{"x":69,"y":249,"width":831,"height":11}},{"id":"888a4b95-8926-4e8c-9948-954b8faff607","block_type":"box","text":"time of purchase) “A-1” by S&P or “Prime-1” by Moody’s or when deemed advisable by a Fund’s Manager or sub","page_number":48,"box":{"x":68,"y":264,"width":805,"height":11}},{"id":"2f840579-eeca-475a-9dd8-802fbfec8c93","block_type":"box","text":"adviser, “high quality” issues rated “A-2”, “Prime-2” or “F-2” by S&P, Moody’s or Fitch, respectively.","page_number":48,"box":{"x":69,"y":279,"width":707,"height":11}},{"id":"7dea60b6-6d9b-421b-9a43-c0bf49fe1038","block_type":"box","text":"Commercial paper is generally considered to be short-term unsecured debt of corporations. Like all fixed income","page_number":48,"box":{"x":102,"y":302,"width":801,"height":11}},{"id":"47fcdf3a-b907-4c5a-a38d-6f96f0181ed4","block_type":"box","text":"securities, commercial paper prices are susceptible to fluctuations in interest rates. If interest rates rise, commercial","page_number":48,"box":{"x":69,"y":317,"width":836,"height":11}},{"id":"2417a95c-6939-442d-afee-36b8059e89a4","block_type":"box","text":"paper prices will decline and vice versa. However, the short-term nature of a commercial paper investment generally","page_number":48,"box":{"x":70,"y":332,"width":826,"height":11}},{"id":"2df64765-02aa-4da2-aa75-ba17618284d7","block_type":"box","text":"makes it less susceptible to volatility than many other fixed income securities because interest rate risk typically","page_number":48,"box":{"x":69,"y":347,"width":803,"height":11}},{"id":"2a6fcf05-7800-4923-82da-845ae76ec3fb","block_type":"box","text":"increases as maturity lengths increase. Commercial paper tends to yield smaller returns than longer-term corporate","page_number":48,"box":{"x":70,"y":362,"width":822,"height":11}},{"id":"50628d79-b0ec-4647-b87e-d3ea5a6014ac","block_type":"box","text":"debt because securities with shorter maturities typically have lower effective yields than those with longer maturities.","page_number":48,"box":{"x":69,"y":377,"width":835,"height":12}},{"id":"9b11c3bd-216a-4e31-b2e6-2e653313e480","block_type":"box","text":"Commodity-Linked Derivative Instruments and Hybrid Instruments.","page_number":48,"box":{"x":102,"y":400,"width":483,"height":11}},{"id":"eff15a75-6666-48b8-a433-624f3430e1b2","block_type":"box","text":"Certain Funds seek to gain exposure to the","page_number":48,"box":{"x":591,"y":400,"width":308,"height":11}},{"id":"f740edff-4982-4e5a-a439-a62483c1a639","block_type":"box","text":"commodities markets primarily through investments in hybrid instruments. Hybrid instruments are either equity or","page_number":48,"box":{"x":69,"y":415,"width":809,"height":11}},{"id":"45c6e888-8a90-4a79-bcb6-e3e7edb19c37","block_type":"box","text":"debt derivative securities with one or more commodity-dependent components that have payment features similar to","page_number":48,"box":{"x":69,"y":430,"width":828,"height":11}},{"id":"3645775f-c3c2-4305-8def-f31f900a306b","block_type":"box","text":"a commodity futures contract, a commodity option contract, or a combination of both. Therefore, these instruments","page_number":48,"box":{"x":69,"y":445,"width":822,"height":11}},{"id":"d7626187-ee30-4a1c-860d-90eba3e60016","block_type":"box","text":"are “commodity-linked.” They are considered “hybrid” instruments because they have both commodity-like and","page_number":48,"box":{"x":69,"y":461,"width":787,"height":11}},{"id":"a1aacfac-9726-4cdc-8572-c254357a2cd7","block_type":"box","text":"security-like characteristics. Hybrid instruments are derivative instruments because at least part of their value is","page_number":48,"box":{"x":69,"y":475,"width":801,"height":12}},{"id":"81bdfc80-4672-47f6-869d-f38201bee662","block_type":"box","text":"derived from the value of an underlying commodity, futures contract, index or other readily measurable economic","page_number":48,"box":{"x":69,"y":491,"width":800,"height":11}},{"id":"c062dc25-01c1-406a-9d77-285e523473fd","block_type":"box","text":"variable.","page_number":48,"box":{"x":68,"y":506,"width":59,"height":9}},{"id":"47d3c844-932c-4d0d-aac1-df0246a99d8e","block_type":"box","text":"The prices of commodity-linked derivative instruments may move in different directions than investments in","page_number":48,"box":{"x":101,"y":528,"width":763,"height":12}},{"id":"20106e12-15a2-4c1c-8581-2841653d73a9","block_type":"box","text":"traditional equity and debt securities when the value of those traditional securities is declining due to adverse","page_number":48,"box":{"x":68,"y":543,"width":783,"height":12}},{"id":"6b4eb00e-f653-4170-9036-a8179d4760b4","block_type":"box","text":"economic conditions. As an example, during periods of rising inflation, debt securities have historically tended to","page_number":48,"box":{"x":69,"y":559,"width":802,"height":11}},{"id":"df725691-63e1-4456-b8d9-3a2274735225","block_type":"box","text":"decline in value due to the general increase in prevailing interest rates. Conversely, during those same periods of","page_number":48,"box":{"x":69,"y":574,"width":808,"height":11}},{"id":"9ade250c-0016-4484-ba74-c6c4bb8100bb","block_type":"box","text":"rising inflation, the prices of certain commodities, such as oil and metals, have historically tended to increase. Of","page_number":48,"box":{"x":69,"y":589,"width":811,"height":11}},{"id":"cfa391ce-71de-4326-b3fb-dd0ff135d921","block_type":"box","text":"course, there cannot be any guarantee that these investments will perform in that manner in the future, and at","page_number":48,"box":{"x":69,"y":604,"width":791,"height":11}},{"id":"683614df-9e8b-4510-987a-9370dff5a721","block_type":"box","text":"certain times the price movements of commodity-linked instruments have been parallel to those of debt and equity","page_number":48,"box":{"x":69,"y":619,"width":819,"height":11}},{"id":"bc83f114-7e85-42a4-92bc-5bf6b1885b8b","block_type":"box","text":"securities. Commodities have historically tended to increase and decrease in value during different parts of the","page_number":48,"box":{"x":69,"y":634,"width":795,"height":12}},{"id":"606613b5-5a8f-45f5-8113-0380decae49f","block_type":"box","text":"business cycle than financial assets. Nevertheless, at various times, commodities prices may move in tandem with","page_number":48,"box":{"x":69,"y":649,"width":822,"height":12}},{"id":"72cd92bc-87ec-4d53-a3c2-843604079be3","block_type":"box","text":"the prices of financial assets and thus may not provide overall portfolio diversification benefits. Under favorable","page_number":48,"box":{"x":68,"y":664,"width":797,"height":12}},{"id":"a05c9fca-c52f-48a0-be7c-2917a587604e","block_type":"box","text":"economic conditions, the Fund’s investments may be expected to under-perform an investment in traditional","page_number":48,"box":{"x":69,"y":680,"width":772,"height":11}},{"id":"0aaa2688-86a8-4b66-84a8-af5eabd22226","block_type":"box","text":"securities. Over the long term, the returns on the Fund’s investments are expected to exhibit low or negative","page_number":48,"box":{"x":69,"y":695,"width":773,"height":11}},{"id":"40559cb3-027d-4ed8-877a-6e596a0c05ef","block_type":"box","text":"correlation with stocks and bonds.","page_number":48,"box":{"x":69,"y":710,"width":244,"height":9}},{"id":"ae2df120-88eb-49fd-86e5-7ca0ec7feb01","block_type":"box","text":"Qualifying Hybrid Instruments.","page_number":48,"box":{"x":102,"y":732,"width":212,"height":12}},{"id":"e1ced008-036d-45e9-b487-e663ab3aebeb","block_type":"box","text":"Certain Funds may invest in hybrid instruments that qualify for exclusion from","page_number":48,"box":{"x":320,"y":732,"width":552,"height":12}},{"id":"611affba-6e7f-4420-987c-2a2c42297fc6","block_type":"box","text":"regulation under the Commodity Exchange Act and the regulations adopted thereunder. A hybrid instrument that","page_number":48,"box":{"x":69,"y":748,"width":795,"height":11}},{"id":"5d5884da-22e0-42c2-b151-a97913ac73a1","block_type":"box","text":"qualifies for this exclusion from regulation must be “predominantly a security.” A hybrid instrument is considered to","page_number":48,"box":{"x":69,"y":763,"width":822,"height":11}},{"id":"c78ec994-11ae-4274-aa0d-28a2e4f1de58","block_type":"box","text":"be predominantly a security if (a) the issuer of the hybrid instrument receives payment in full of the purchase price of","page_number":48,"box":{"x":69,"y":778,"width":834,"height":11}},{"id":"8d5e3751-04d1-4446-b328-0d5f8b7e714a","block_type":"box","text":"the hybrid instrument, substantially contemporaneously with delivery of the hybrid instrument; (b) the purchaser or","page_number":48,"box":{"x":68,"y":793,"width":816,"height":11}},{"id":"e5aec3c8-6aa3-4cba-a12e-8a8b8a466548","block_type":"box","text":"holder of the hybrid instrument is not required to make any payment to the issuer in addition to the purchase price","page_number":48,"box":{"x":69,"y":808,"width":817,"height":11}},{"id":"06ee0685-a0d6-4d66-b5d2-b495fbf3ba45","block_type":"box","text":"paid under subparagraph (a), whether as margin, settlement payment, or otherwise, during the life of the hybrid","page_number":48,"box":{"x":70,"y":823,"width":793,"height":12}},{"id":"f9b8d09b-8f64-4a02-b9c9-79c3f05b3165","block_type":"box","text":"instrument or at maturity; (c) the issuer of the hybrid instrument is not subject by the terms of the instrument to","page_number":48,"box":{"x":70,"y":838,"width":798,"height":11}},{"id":"a9bfe061-822d-449d-9236-9ddce61c9c0c","block_type":"box","text":"mark-to-market margining requirements; and (d) the hybrid instrument is not marketed as a contract of sale of a","page_number":48,"box":{"x":69,"y":853,"width":797,"height":12}},{"id":"5c2394e9-5108-4ca9-a985-00f684987139","block_type":"box","text":"commodity for future delivery (or option on such a contract) subject to applicable provisions of the Commodity","page_number":48,"box":{"x":69,"y":869,"width":783,"height":11}},{"id":"379e0ab5-cab6-4b97-bd58-66dd72949de7","block_type":"box","text":"Exchange Act. Hybrid instruments may be principal protected, partially protected, or offer no principal protection. A","page_number":48,"box":{"x":70,"y":884,"width":816,"height":11}},{"id":"17862174-ea67-4d25-9025-32daba20145a","block_type":"box","text":"principal protected hybrid instrument means that the issuer will pay, at a minimum, the par value of the note at","page_number":48,"box":{"x":70,"y":899,"width":791,"height":11}},{"id":"5a588dc1-a446-4f3f-b19e-6515fcbb3de8","block_type":"box","text":"II-4","page_number":48,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"5e54e0f4-98ab-43c6-83e3-40fc79d227bf","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":48,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c9ab4993-5379-438e-8341-5101ce9cc61b","block_type":"box","text":"maturity. Therefore, if the commodity value to which the hybrid instrument is linked declines over the life of the note,","page_number":49,"box":{"x":69,"y":45,"width":829,"height":11}},{"id":"75319b1e-bd49-4803-b036-fedc3c8519eb","block_type":"box","text":"the Fund will receive at maturity the face or stated value of the note. With a principal protected hybrid instrument, the","page_number":49,"box":{"x":68,"y":60,"width":837,"height":11}},{"id":"294903d5-1432-4513-ad10-59c93aab0e20","block_type":"box","text":"Fund will receive at maturity the greater of the par value of the note or the increase in its value based on the","page_number":49,"box":{"x":70,"y":75,"width":772,"height":11}},{"id":"e0624183-2989-411b-99d2-0493a33ae582","block_type":"box","text":"underlying commodity or index. This protection is, in effect, an option whose value is subject to the volatility and price","page_number":49,"box":{"x":69,"y":90,"width":839,"height":11}},{"id":"aff774b1-8085-436e-b9ef-28413b4fb0fa","block_type":"box","text":"level of the underlying commodity. The Manager’s decision whether to use principal protection depends in part on the","page_number":49,"box":{"x":70,"y":105,"width":835,"height":11}},{"id":"d2987592-c2b6-4795-997e-21f325478888","block_type":"box","text":"cost of the protection. In addition, the protection feature depends upon the ability of the issuer to meet its obligation","page_number":49,"box":{"x":69,"y":120,"width":833,"height":12}},{"id":"19a81d0a-c147-4ec0-b68b-39d1ed7e5e03","block_type":"box","text":"to buy back the security, and, therefore, depends on the creditworthiness of the issuer. With full principal protection,","page_number":49,"box":{"x":68,"y":135,"width":831,"height":11}},{"id":"560ca9fd-fe3e-4131-b8b0-c86daf7ce6e3","block_type":"box","text":"the Fund will receive at maturity of the hybrid instrument either the stated par value of the hybrid instrument, or","page_number":49,"box":{"x":68,"y":150,"width":795,"height":12}},{"id":"88ff5cf5-9a19-4c1e-91f3-6e23fadf6d6e","block_type":"box","text":"potentially, an amount greater than the stated par value if the underlying commodity, index, futures contract or","page_number":49,"box":{"x":70,"y":166,"width":784,"height":11}},{"id":"436e6f9a-2ac0-4e76-a08e-0828fc57f853","block_type":"box","text":"economic variable to which the hybrid instrument is linked has increased in value. Partially protected hybrid","page_number":49,"box":{"x":69,"y":181,"width":765,"height":11}},{"id":"74fdb448-1dad-4542-a7b2-671147d304e0","block_type":"box","text":"instruments may suffer some loss of principal if the underlying commodity, index, futures contract or economic","page_number":49,"box":{"x":70,"y":196,"width":788,"height":11}},{"id":"493b29ef-d2bc-4c04-9865-ee645dbdbb83","block_type":"box","text":"variable to which the hybrid instrument is linked declines in value during the term of the hybrid instrument. However,","page_number":49,"box":{"x":68,"y":211,"width":828,"height":11}},{"id":"32482da5-f891-471f-b8e9-2b938002740c","block_type":"box","text":"partially protected hybrid instruments have a specified limit as to the amount of principal that they may lose.","page_number":49,"box":{"x":70,"y":226,"width":773,"height":11}},{"id":"d6b02131-9eea-4b7d-b6dd-8a04ec172f28","block_type":"box","text":"Hybrid Instruments Without Principal Protection.","page_number":49,"box":{"x":102,"y":249,"width":339,"height":11}},{"id":"d1bfa267-9fc2-4c99-ac92-361d8915313e","block_type":"box","text":"Certain Funds may invest in hybrid instruments that offer no","page_number":49,"box":{"x":448,"y":249,"width":429,"height":11}},{"id":"0f7b936b-6f29-4a88-b429-ab89b20b5596","block_type":"box","text":"principal protection. At maturity, there is a risk that the underlying commodity price, futures contract, index or other","page_number":49,"box":{"x":70,"y":264,"width":818,"height":11}},{"id":"ac5649cb-df46-443c-882d-2e2026791f5b","block_type":"box","text":"economic variable may have declined sufficiently in value such that some or all of the face value of the hybrid","page_number":49,"box":{"x":69,"y":279,"width":780,"height":11}},{"id":"2350233e-133c-46bd-9bde-7be616faafd3","block_type":"box","text":"instrument might not be returned. The Manager, at its discretion, may invest in a partially protected principal","page_number":49,"box":{"x":70,"y":294,"width":773,"height":11}},{"id":"fe0c8dc8-cf84-4550-98df-3bbc305f6935","block_type":"box","text":"structured note or a note without principal protection. In deciding to purchase a note without principal protection, the","page_number":49,"box":{"x":69,"y":309,"width":832,"height":11}},{"id":"9b5654d5-82dd-449a-8697-5c0bae736aac","block_type":"box","text":"Manager may consider, among other things, the expected performance of the underlying commodity futures contract,","page_number":49,"box":{"x":70,"y":324,"width":831,"height":12}},{"id":"2d558772-8b2b-4959-ac53-b969801516a8","block_type":"box","text":"index or other economic variable over the term of the note, the cost of the note, and any other economic factors that","page_number":49,"box":{"x":70,"y":339,"width":831,"height":12}},{"id":"783b1463-823a-43ce-b0c6-5c55cbc08ad6","block_type":"box","text":"the Manager believes are relevant.","page_number":49,"box":{"x":68,"y":355,"width":247,"height":11}},{"id":"7aa4fb94-4f75-4345-b046-3d3a77b82e8f","block_type":"box","text":"Limitations on Leverage.","page_number":49,"box":{"x":102,"y":377,"width":173,"height":12}},{"id":"e4099b7d-a669-42a5-a1e7-434904d980b4","block_type":"box","text":"Some of the hybrid instruments in which a Fund may invest may involve leverage. To","page_number":49,"box":{"x":281,"y":377,"width":598,"height":12}},{"id":"da1a3716-c297-4f67-9e59-d55215ad7a2e","block_type":"box","text":"avoid being subject to undue leverage risk, a Fund will seek to limit the amount of economic leverage it has under any","page_number":49,"box":{"x":69,"y":392,"width":840,"height":12}},{"id":"6d3b18fd-3766-4c83-9e99-663c18630b22","block_type":"box","text":"one hybrid instrument that it buys and the leverage of the Fund’s overall portfolio. A Fund will not invest in a hybrid","page_number":49,"box":{"x":69,"y":407,"width":816,"height":12}},{"id":"f0faf6a8-c150-4bf7-979c-c1effdde9f65","block_type":"box","text":"instrument if, at the time of purchase: (i) that instrument’s “leverage ratio” exceeds 300% of the price increase in","page_number":49,"box":{"x":70,"y":423,"width":812,"height":11}},{"id":"721b5caf-1a5e-43bd-8358-bb4863ccf5a9","block_type":"box","text":"the underlying commodity, futures contract, index or other economic variable or (ii) the Fund’s “portfolio leverage","page_number":49,"box":{"x":68,"y":438,"width":803,"height":11}},{"id":"ef99893e-d2ea-4b17-a6a6-3d4db4a08dce","block_type":"box","text":"ratio” exceeds 150%, measured at the time of purchase. “Leverage ratio” is the expected increase in the value of a","page_number":49,"box":{"x":69,"y":453,"width":826,"height":11}},{"id":"3cc3e3b4-31ca-42bd-a737-b2cf9f09a789","block_type":"box","text":"hybrid instrument, assuming a one percent price increase in the underlying commodity, futures contract, index or","page_number":49,"box":{"x":69,"y":468,"width":803,"height":11}},{"id":"dc7c396e-593e-4965-a149-1ebef666faf7","block_type":"box","text":"other economic factor. In other words, for a hybrid instrument with a leverage factor of 150%, a 1% gain in the","page_number":49,"box":{"x":69,"y":483,"width":783,"height":11}},{"id":"d5352929-c872-4faa-af9c-7f2d98165b54","block_type":"box","text":"underlying economic variable would be expected to result in a 1.5% gain in value for the hybrid instrument.","page_number":49,"box":{"x":69,"y":498,"width":758,"height":11}},{"id":"27142f64-f2fc-440c-b19e-7eba3fedbe4f","block_type":"box","text":"Conversely, a hybrid instrument with a leverage factor of 150% would suffer a 1.5% loss if the underlying economic","page_number":49,"box":{"x":69,"y":513,"width":818,"height":12}},{"id":"5f41dc59-be8f-42bc-a11b-8db33bef2c42","block_type":"box","text":"variable lost 1% of its value. “Portfolio leverage ratio” is defined as the average (mean) leverage ratio of all","page_number":49,"box":{"x":68,"y":528,"width":763,"height":12}},{"id":"2aa4c284-8568-4704-bc8d-64125ef2a185","block_type":"box","text":"instruments in a Fund’s portfolio, weighted by the market values of such instruments or, in the case of futures","page_number":49,"box":{"x":70,"y":543,"width":787,"height":12}},{"id":"467f93fe-2d18-401e-809b-61aacdc07a8f","block_type":"box","text":"contracts, their notional values. A Fund may at times or from time to time decide not to use leverage in its","page_number":49,"box":{"x":69,"y":559,"width":757,"height":11}},{"id":"3cc02ccf-09af-4a31-adc5-8bebf5d4d58e","block_type":"box","text":"investments or use less leverage than may otherwise be allowable.","page_number":49,"box":{"x":70,"y":574,"width":477,"height":11}},{"id":"6a544728-9ff6-4f95-8c56-629f4ffef294","block_type":"box","text":"Counterpar ty Risk.","page_number":49,"box":{"x":102,"y":597,"width":130,"height":11}},{"id":"67429acd-4cd2-438b-95f3-f5850b488c80","block_type":"box","text":"A significant risk of hybrid instruments is counterparty risk. Unlike exchange-traded futures","page_number":49,"box":{"x":238,"y":596,"width":646,"height":12}},{"id":"b312be5a-a430-42b4-9356-a48c84a8cc1a","block_type":"box","text":"and options, which are standard contracts, hybrid instruments are customized securities, tailor-made by a specific","page_number":49,"box":{"x":69,"y":612,"width":813,"height":11}},{"id":"882e9ae6-a4a4-4e42-8cfe-92a25456259c","block_type":"box","text":"issuer. With a listed futures or options contract, an investor’s counterparty is the exchange clearinghouse. Exchange","page_number":49,"box":{"x":70,"y":627,"width":829,"height":11}},{"id":"2efdafa8-6382-4244-bfa7-21c8cfbdf7e6","block_type":"box","text":"clearinghouses are capitalized by the exchange members and typically have high investment grade ratings (","page_number":49,"box":{"x":69,"y":642,"width":763,"height":11}},{"id":"cabc886d-1435-4a26-afa4-dc9263209ecf","block_type":"box","text":"e.g.","page_number":49,"box":{"x":834,"y":643,"width":25,"height":10}},{"id":"0d2e5bac-f4eb-42c0-8bac-ba080f14bf34","block_type":"box","text":",","page_number":49,"box":{"x":861,"y":649,"width":2,"height":3}},{"id":"e2b97288-18aa-4a0b-92a8-b89953f00324","block_type":"box","text":"ratings of AAA or AA by S&P). Therefore, the risk is small that an exchange clearinghouse might be unable to meet its","page_number":49,"box":{"x":69,"y":657,"width":836,"height":11}},{"id":"9b0c60db-78c7-4659-ad0a-953d0cf1f44e","block_type":"box","text":"obligations at maturity. However, with a hybrid instrument, a Fund will take on the counterparty credit risk of the","page_number":49,"box":{"x":69,"y":672,"width":795,"height":11}},{"id":"a90d823c-d1eb-4c8f-9826-f3a3e89f9f67","block_type":"box","text":"issuer. That is, at maturity of the hybrid instrument, there is a risk that the issuer may be unable to perform its","page_number":49,"box":{"x":70,"y":687,"width":791,"height":11}},{"id":"fdaf58dd-6756-4204-9381-c72836d036c9","block_type":"box","text":"obligations under the structured note.","page_number":49,"box":{"x":69,"y":703,"width":268,"height":11}},{"id":"524d1026-0113-4f8f-bbcb-46a9d6ac4f28","block_type":"box","text":"Convertible Securities.","page_number":49,"box":{"x":102,"y":725,"width":165,"height":9}},{"id":"4a738dac-53f2-46ee-9f14-1bd5a2070873","block_type":"box","text":"A convertible security is a bond, debenture, note, preferred stock or other security that","page_number":49,"box":{"x":273,"y":725,"width":619,"height":11}},{"id":"4a42c887-2a53-4be4-a02a-2536710e6b69","block_type":"box","text":"may be converted into or exchanged for a prescribed amount of common stock or other equity security of the same or","page_number":49,"box":{"x":69,"y":740,"width":839,"height":11}},{"id":"1f0bfe3a-6804-4d5d-959e-2952d6e47fb8","block_type":"box","text":"a different issuer within a particular period of time at a specified price or formula. A convertible security entitles the","page_number":49,"box":{"x":69,"y":755,"width":826,"height":11}},{"id":"7cc797df-dbc8-49c9-bf26-52c769c7e94d","block_type":"box","text":"holder to receive interest paid or accrued on debt or the dividend paid on preferred stock until the convertible","page_number":49,"box":{"x":69,"y":770,"width":781,"height":11}},{"id":"6d364ebd-0636-4f93-b2f0-91f57fc47235","block_type":"box","text":"security matures or is redeemed, converted or exchanged. Before conversion, convertible securities have","page_number":49,"box":{"x":69,"y":785,"width":750,"height":12}},{"id":"7cbd1c59-f710-43d4-81f0-312578c696ce","block_type":"box","text":"characteristics similar to nonconvertible income securities in that they ordinarily provide a stable stream of income","page_number":49,"box":{"x":69,"y":801,"width":819,"height":11}},{"id":"98649d89-11b6-4728-98f0-c72e4aa16d01","block_type":"box","text":"with generally higher yields than those of common stocks of the same or similar issuers, but lower yields than","page_number":49,"box":{"x":68,"y":816,"width":784,"height":11}},{"id":"808d2708-7a6a-46cf-aa00-c9d7f24897f0","block_type":"box","text":"comparable nonconvertible securities. The value of a convertible security is influenced by changes in interest rates,","page_number":49,"box":{"x":69,"y":831,"width":823,"height":11}},{"id":"843b5d45-025b-4f46-a22b-7fa2f6e1f112","block_type":"box","text":"with investment value declining as interest rates increase and increasing as interest rates decline. The credit","page_number":49,"box":{"x":68,"y":846,"width":780,"height":11}},{"id":"e73b8b50-2ba9-474a-945c-46016ac8ac8f","block_type":"box","text":"standing of the issuer and other factors also may have an effect on the convertible security’s investment value.","page_number":49,"box":{"x":69,"y":861,"width":795,"height":11}},{"id":"e6120cef-0777-48dc-bfd4-997ed5c6665d","block_type":"box","text":"Convertible securities rank senior to common stock in a corporation’s capital structure but are usually subordinated","page_number":49,"box":{"x":69,"y":876,"width":826,"height":11}},{"id":"79ff1bd7-aebd-483a-b4cd-6fecf7e07743","block_type":"box","text":"to comparable nonconvertible securities. Convertible securities may be subject to redemption at the option of the","page_number":49,"box":{"x":68,"y":891,"width":811,"height":11}},{"id":"2c6f9d98-f5ac-45de-8572-1c59ee2eebda","block_type":"box","text":"issuer at a price established in the convertible security’s governing instrument.","page_number":49,"box":{"x":70,"y":907,"width":563,"height":11}},{"id":"6b736985-7e55-4386-9c40-6c6d8c78c86e","block_type":"box","text":"II-5","page_number":49,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"5bea60dc-0836-415d-a6e5-f8128ada264c","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":49,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8cb659e5-953f-4df0-b4c3-63ad4daeff5a","block_type":"box","text":"The characteristics of convertible securities make them potentially attractive investments for an investment","page_number":50,"box":{"x":101,"y":45,"width":767,"height":11}},{"id":"32a56b7f-23ff-4844-8063-2b0de8d335ab","block_type":"box","text":"company seeking a high total return from capital appreciation and investment income. These characteristics include","page_number":50,"box":{"x":69,"y":60,"width":826,"height":11}},{"id":"ab4a0c4d-8141-45b4-9a84-96f79dba0aa5","block_type":"box","text":"the potential for capital appreciation as the value of the underlying common stock increases, the relatively high yield","page_number":50,"box":{"x":68,"y":75,"width":829,"height":11}},{"id":"eb8182cf-5490-4341-9105-7fb6ae9ba800","block_type":"box","text":"received from dividend or interest payments as compared to common stock dividends and decreased risks of decline","page_number":50,"box":{"x":69,"y":90,"width":834,"height":11}},{"id":"6a047611-48b1-42c5-8a66-4601c4b3d593","block_type":"box","text":"in value relative to the underlying common stock due to their fixed-income nature. As a result of the conversion","page_number":50,"box":{"x":70,"y":105,"width":788,"height":11}},{"id":"21571587-54c3-4a23-a756-8d195257d6e6","block_type":"box","text":"feature, however, the interest rate or dividend preference on a convertible security is generally less than would be the","page_number":50,"box":{"x":68,"y":120,"width":839,"height":12}},{"id":"8c3337e1-1248-4f78-8622-93dc855d92d6","block_type":"box","text":"case if the securities were issued in nonconvertible form.","page_number":50,"box":{"x":69,"y":135,"width":409,"height":9}},{"id":"384a3917-833c-4d52-af2c-4eb7893deb40","block_type":"box","text":"In analyzing convertible securities, the Manager will consider both the yield on the convertible security relative to","page_number":50,"box":{"x":102,"y":158,"width":802,"height":11}},{"id":"356825a2-236a-4536-a8a6-8b34cc801ef0","block_type":"box","text":"its credit quality and the potential capital appreciation that is offered by the underlying common stock, among other","page_number":50,"box":{"x":70,"y":173,"width":824,"height":11}},{"id":"e395ef4c-cdee-47ed-a76f-2803bc52f3ca","block_type":"box","text":"things.","page_number":50,"box":{"x":68,"y":188,"width":47,"height":12}},{"id":"e0fa934c-c74d-441a-8748-c2e2adb80a4e","block_type":"box","text":"Convertible securities are issued and traded in a number of securities markets. Even in cases where a","page_number":50,"box":{"x":102,"y":211,"width":731,"height":9}},{"id":"659b2df0-faad-458e-89c6-09563138c03c","block_type":"box","text":"substantial portion of the convertible securities held by a Fund are denominated in U.S. dollars, the underlying equity","page_number":50,"box":{"x":69,"y":226,"width":836,"height":11}},{"id":"6cc0f971-0185-4624-8259-c83a28752bdc","block_type":"box","text":"securities may be quoted in the currency of the country where the issuer is domiciled. As a result, fluctuations in the","page_number":50,"box":{"x":69,"y":241,"width":832,"height":11}},{"id":"5f448591-f906-4f64-b976-bac00328354d","block_type":"box","text":"exchange rate between the currency in which the debt security is denominated and the currency in which the share","page_number":50,"box":{"x":69,"y":257,"width":818,"height":11}},{"id":"54f81294-58df-4f0e-911a-0585ac84f1cc","block_type":"box","text":"price is quoted will affect the value of the convertible security. With respect to convertible securities denominated in","page_number":50,"box":{"x":70,"y":271,"width":828,"height":12}},{"id":"416de806-f0b4-475f-8143-bb81c4914651","block_type":"box","text":"a currency different from that of the underlying equity securities, the conversion price may be based on a fixed","page_number":50,"box":{"x":69,"y":286,"width":786,"height":12}},{"id":"82ec5e2a-a09c-4339-bc4c-1f24e8f11925","block_type":"box","text":"exchange rate established at the time the security is issued, which may increase the effects of currency risk. As","page_number":50,"box":{"x":69,"y":302,"width":800,"height":11}},{"id":"22ee43be-6527-4b22-a2a4-06847f7ef8ed","block_type":"box","text":"described below, a Fund is authorized to enter into foreign currency hedging transactions in which it may seek to","page_number":50,"box":{"x":69,"y":317,"width":800,"height":11}},{"id":"059b21ba-c4b8-49b5-9b74-66cd13f01dab","block_type":"box","text":"reduce the effect of exchange rate fluctuations.","page_number":50,"box":{"x":69,"y":332,"width":337,"height":11}},{"id":"bb679bae-0764-4ac2-a5dc-d28eff262194","block_type":"box","text":"Apart from currency considerations, the value of convertible securities is influenced by both the yield on","page_number":50,"box":{"x":101,"y":355,"width":741,"height":11}},{"id":"2f0d044d-923d-4dbb-b339-0440686f21fc","block_type":"box","text":"nonconvertible securities of comparable issuers and by the value of the underlying common stock. The value of a","page_number":50,"box":{"x":69,"y":370,"width":806,"height":11}},{"id":"0586fa89-881f-4e67-b04b-b83d118382f8","block_type":"box","text":"convertible security viewed without regard to its conversion feature (","page_number":50,"box":{"x":69,"y":385,"width":485,"height":11}},{"id":"c285f278-6957-44de-8d3b-bf19a5b30ce2","block_type":"box","text":"i.e.","page_number":50,"box":{"x":557,"y":385,"width":20,"height":9}},{"id":"83de90b1-fec2-449f-9c28-977b1d0b91b0","block_type":"box","text":", strictly on the basis of its yield) is","page_number":50,"box":{"x":579,"y":385,"width":248,"height":11}},{"id":"67b2a998-933f-4840-9a2f-9b566fdf1915","block_type":"box","text":"sometimes referred to as its “investment value.” To the extent interest rates change, the investment value of the","page_number":50,"box":{"x":69,"y":400,"width":808,"height":11}},{"id":"7da611bf-84df-420a-bc9b-d4943c34e0ae","block_type":"box","text":"convertible security typically will fluctuate. At the same time, however, the value of the convertible security will be","page_number":50,"box":{"x":69,"y":415,"width":807,"height":11}},{"id":"a407d34e-5849-494f-9e59-cd02565c0b10","block_type":"box","text":"influenced by its “conversion value,” which is the market value of the underlying common stock that would be","page_number":50,"box":{"x":70,"y":430,"width":778,"height":11}},{"id":"d5fe764e-b49e-4b43-abe9-f15005f3d125","block_type":"box","text":"obtained if the convertible security were converted. Conversion value fluctuates directly with the price of the","page_number":50,"box":{"x":69,"y":445,"width":769,"height":11}},{"id":"ff04c67f-665b-4a1c-a5b4-09b268bfe3fd","block_type":"box","text":"underlying common stock. If the conversion value of a convertible security is substantially below its investment value,","page_number":50,"box":{"x":69,"y":460,"width":837,"height":12}},{"id":"b52d5c8d-13cb-446f-b713-abb15086bb6b","block_type":"box","text":"the price of the convertible security is governed principally by its investment value. To the extent the conversion value","page_number":50,"box":{"x":68,"y":475,"width":837,"height":12}},{"id":"1706c5fc-3dbe-4688-9de8-36013eec1b0a","block_type":"box","text":"of a convertible security increases to a point that approximates or exceeds its investment value, the price of the","page_number":50,"box":{"x":69,"y":491,"width":800,"height":11}},{"id":"3630658f-8bbf-4c7e-a0b1-ea4bddd2a970","block_type":"box","text":"convertible security will be influenced principally by its conversion value. A convertible security will sell at a premium","page_number":50,"box":{"x":69,"y":506,"width":828,"height":11}},{"id":"e6fb2a14-92bf-4dbf-a51e-9976db7181d0","block_type":"box","text":"over the conversion value to the extent investors place value on the right to acquire the underlying common stock","page_number":50,"box":{"x":69,"y":521,"width":808,"height":11}},{"id":"f6c06113-41d6-450a-b04c-b6c0c780732a","block_type":"box","text":"while holding a fixed-income security. The yield and conversion premium of convertible securities issued in Japan and","page_number":50,"box":{"x":68,"y":536,"width":835,"height":11}},{"id":"51c72497-6a0e-4f76-b239-ad2a7cbf4101","block_type":"box","text":"the Euromarket are frequently determined at levels that cause the conversion value to affect their market value more","page_number":50,"box":{"x":68,"y":551,"width":836,"height":11}},{"id":"fd41cb42-fe54-441e-b75e-d8608168d598","block_type":"box","text":"than the securities’ investment value.","page_number":50,"box":{"x":68,"y":566,"width":268,"height":9}},{"id":"871dcd9c-e8d1-4dc2-94ba-e7b586e19004","block_type":"box","text":"Holders of convertible securities generally have a claim on the assets of the issuer prior to the common","page_number":50,"box":{"x":102,"y":589,"width":740,"height":11}},{"id":"f71e3f89-498b-4a15-9d3b-f80dc2ccaf92","block_type":"box","text":"stockholders but may be subordinated to other debt securities of the same issuer. A convertible security may be","page_number":50,"box":{"x":69,"y":604,"width":801,"height":11}},{"id":"3522dc93-e767-4e39-861d-923f6f23f724","block_type":"box","text":"subject to redemption at the option of the issuer at a price established in a charter provision, indenture or other","page_number":50,"box":{"x":69,"y":619,"width":800,"height":11}},{"id":"edb6d80a-4e9f-4755-ace7-47e928960770","block_type":"box","text":"governing instrument pursuant to which the convertible security was issued. If a convertible security held by a Fund is","page_number":50,"box":{"x":68,"y":634,"width":840,"height":12}},{"id":"a6c57aee-4038-435b-817e-f329445995e1","block_type":"box","text":"called for redemption, the Fund will be required to redeem the security, convert it into the underlying common stock","page_number":50,"box":{"x":69,"y":649,"width":823,"height":12}},{"id":"fe7479b4-063f-44d9-94f4-2ca71c0cabd7","block_type":"box","text":"or sell it to a third party. Certain convertible debt securities may provide a put option to the holder, which entitles the","page_number":50,"box":{"x":69,"y":665,"width":835,"height":11}},{"id":"e5524d81-cb2a-4399-ae20-b14e289f61d8","block_type":"box","text":"holder to cause the security to be redeemed by the issuer at a premium over the stated principal amount of the debt","page_number":50,"box":{"x":69,"y":680,"width":832,"height":11}},{"id":"de1640ca-d027-4f7f-8d95-10fa4b158dcb","block_type":"box","text":"security under certain circumstances.","page_number":50,"box":{"x":69,"y":695,"width":267,"height":11}},{"id":"11127ad3-644c-46d6-9efc-c979cf0a0782","block_type":"box","text":"A Fund may also invest in synthetic convertible securities. Synthetic convertible securities may include either","page_number":50,"box":{"x":101,"y":718,"width":777,"height":11}},{"id":"b23ba247-7f20-4c38-aa05-d80fed9a4f42","block_type":"box","text":"Cash-Settled Convertibles or Manufactured Convertibles. “Cash-Settled Convertibles” are instruments that are","page_number":50,"box":{"x":69,"y":732,"width":789,"height":10}},{"id":"e40c264e-87f8-4636-b766-d41ad40f1642","block_type":"box","text":"created by the issuer and have the economic characteristics of traditional convertible securities but may not actually","page_number":50,"box":{"x":69,"y":748,"width":831,"height":11}},{"id":"3c2ddd4e-ad7a-4a7a-8667-a0c0b55719ee","block_type":"box","text":"permit conversion into the underlying equity securities in all circumstances. As an example, a private company may","page_number":50,"box":{"x":70,"y":763,"width":819,"height":11}},{"id":"1ee776fb-ce53-44c8-9115-773e81497c5b","block_type":"box","text":"issue a Cash-Settled Convertible that is convertible into common stock only if the company successfully completes a","page_number":50,"box":{"x":70,"y":778,"width":833,"height":11}},{"id":"d98d4d3b-447c-4eb6-8bce-291c242a0910","block_type":"box","text":"public offering of its common stock prior to maturity and otherwise pays a cash amount to reflect any equity","page_number":50,"box":{"x":70,"y":793,"width":769,"height":11}},{"id":"4d1a4c13-942c-4eb0-bc43-6cc135615494","block_type":"box","text":"appreciation. “Manufactured Convertibles” are created by the Manager or another party by combining separate","page_number":50,"box":{"x":69,"y":808,"width":791,"height":11}},{"id":"530e6316-8b1e-488d-a41f-4d886b1b1f0c","block_type":"box","text":"securities that possess one of the two principal characteristics of a convertible security,","page_number":50,"box":{"x":69,"y":823,"width":627,"height":11}},{"id":"4be16c12-c81a-4142-b547-da25396644a5","block_type":"box","text":"i.e.","page_number":50,"box":{"x":703,"y":823,"width":20,"height":9}},{"id":"5ed2109f-b5ca-44c0-8e3d-c9dda98511a6","block_type":"box","text":", fixed-income (“fixed","page_number":50,"box":{"x":726,"y":823,"width":151,"height":11}},{"id":"a5afde27-88be-4269-aa1e-a44965f5e653","block_type":"box","text":"income component”) or a right to acquire equity securities (“convertibility component”). The fixed-income component","page_number":50,"box":{"x":70,"y":838,"width":830,"height":12}},{"id":"82cbbe60-d21f-4b75-a71d-4d8b87e1261d","block_type":"box","text":"is achieved by investing in nonconvertible fixed-income securities, such as nonconvertible bonds, preferred stocks","page_number":50,"box":{"x":70,"y":853,"width":814,"height":12}},{"id":"21eb16fe-8013-489c-bedc-da6f7d16cb06","block_type":"box","text":"and money market instruments. The convertibility component is achieved by investing in call options, warrants, or","page_number":50,"box":{"x":69,"y":869,"width":811,"height":11}},{"id":"7e6dc950-dbb7-4cec-8c52-f509be4f7864","block_type":"box","text":"other securities with equity conversion features (“equity features”) granting the holder the right to purchase a","page_number":50,"box":{"x":69,"y":884,"width":779,"height":11}},{"id":"c06a2589-9ae2-4575-a1e4-331c54e760d2","block_type":"box","text":"II-6","page_number":50,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"8ebc9111-1e52-4f2c-b2aa-1e9dfef532ab","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":50,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"bdf3f29d-abdd-4faa-a77f-18c4fe78e10f","block_type":"box","text":"specified quantity of the underlying stocks within a specified period of time at a specified price or, in the case of a","page_number":51,"box":{"x":69,"y":45,"width":813,"height":11}},{"id":"d8b55812-df33-488a-a630-a1a6e089560d","block_type":"box","text":"stock index option, the right to receive a cash payment based on the value of the underlying stock index.","page_number":51,"box":{"x":69,"y":60,"width":744,"height":11}},{"id":"a6cdc13b-7ff1-4977-9161-e3ad68e40bb3","block_type":"box","text":"A Manufactured Convertible differs from traditional convertible securities in several respects. Unlike a traditional","page_number":51,"box":{"x":101,"y":82,"width":804,"height":11}},{"id":"5c3cd937-1e22-44cc-b1f5-f15e1f9b6ee2","block_type":"box","text":"convertible security, which is a single security that has a unitary market value, a Manufactured Convertible is","page_number":51,"box":{"x":69,"y":98,"width":777,"height":11}},{"id":"41e4383c-2a7c-4d74-84d8-ff82188f2d95","block_type":"box","text":"comprised of two or more separate securities, each with its own market value. Therefore, the total “market value” of","page_number":51,"box":{"x":69,"y":113,"width":832,"height":11}},{"id":"62715a40-d5a4-4c0e-8ba6-6716c3b793c6","block_type":"box","text":"such a Manufactured Convertible is the sum of the values of its fixed-income component and its convertibility","page_number":51,"box":{"x":69,"y":128,"width":781,"height":11}},{"id":"aa2944c5-cfb5-4edd-a9d8-37aa9b862610","block_type":"box","text":"component.","page_number":51,"box":{"x":69,"y":144,"width":82,"height":10}},{"id":"b229d5f6-f286-469d-be20-b07184182b4a","block_type":"box","text":"More flexibility is possible in the creation of a Manufactured Convertible than in the purchase of a traditional","page_number":51,"box":{"x":102,"y":166,"width":773,"height":11}},{"id":"ce1c93c8-2fb6-45c5-a7af-0775baa91dc2","block_type":"box","text":"convertible security. Because many corporations have not issued convertible securities, the Manager may combine a","page_number":51,"box":{"x":69,"y":181,"width":833,"height":11}},{"id":"3f4b51a6-e1f9-419e-9485-c834c0ceceac","block_type":"box","text":"fixed-income instrument and an equity feature with respect to the stock of the issuer of the fixed-income instrument","page_number":51,"box":{"x":68,"y":196,"width":826,"height":11}},{"id":"d3692eb6-ec11-4a75-9de2-e85500ddbd27","block_type":"box","text":"to create a synthetic convertible security otherwise unavailable in the market. The Manager may also combine a","page_number":51,"box":{"x":68,"y":211,"width":800,"height":11}},{"id":"695e1c36-0b04-4622-a136-6842d54d55b7","block_type":"box","text":"fixed-income instrument of an issuer with an equity feature with respect to the stock of a different issuer when the","page_number":51,"box":{"x":68,"y":226,"width":817,"height":11}},{"id":"f66ce2ed-ebc8-4d60-8bb2-537e19a2c1c2","block_type":"box","text":"Manager believes such a Manufactured Convertible would better promote a Fund’s objective than alternative","page_number":51,"box":{"x":70,"y":241,"width":772,"height":11}},{"id":"ca3c1fad-7722-4a92-ab50-60f8f7c3a197","block_type":"box","text":"investments. For example, the Manager may combine an equity feature with respect to an issuer’s stock with a fixed","page_number":51,"box":{"x":70,"y":256,"width":833,"height":12}},{"id":"19ca6c5d-dc64-47f6-8811-24d1e2f1e6e2","block_type":"box","text":"income security of a different issuer in the same industry to diversify the Fund’s credit exposure, or with a U.S.","page_number":51,"box":{"x":70,"y":271,"width":790,"height":12}},{"id":"7722625a-bcf5-4ccd-b2f8-fe79a8909c40","block_type":"box","text":"Treasury instrument to create a Manufactured Convertible with a higher credit profile than a traditional convertible","page_number":51,"box":{"x":68,"y":286,"width":815,"height":12}},{"id":"c3315f66-1faa-4f4d-a52d-d42c6e6a2687","block_type":"box","text":"security issued by that issuer. A Manufactured Convertible also is a more flexible investment in that its two","page_number":51,"box":{"x":69,"y":302,"width":764,"height":11}},{"id":"ac947d7e-c94f-48be-b85d-5990cc2092cd","block_type":"box","text":"components may be purchased separately and, upon purchasing the separate securities, “combined” to create a","page_number":51,"box":{"x":69,"y":317,"width":806,"height":11}},{"id":"616e37e3-1382-4d5f-be65-be898928d9ed","block_type":"box","text":"Manufactured Convertible. For example, the Fund may purchase a warrant for eventual inclusion in a Manufactured","page_number":51,"box":{"x":70,"y":332,"width":818,"height":11}},{"id":"233c512e-311f-4af4-8c08-226ad89cfa95","block_type":"box","text":"Convertible while postponing the purchase of a suitable bond to pair with the warrant pending development of more","page_number":51,"box":{"x":69,"y":347,"width":824,"height":11}},{"id":"61133e78-c8b5-41a0-a377-3188b292d6f2","block_type":"box","text":"favorable market conditions.","page_number":51,"box":{"x":68,"y":362,"width":202,"height":9}},{"id":"224fc0ff-c48d-4892-b985-e205377f1ff2","block_type":"box","text":"The value of a Manufactured Convertible may respond to certain market fluctuations differently from a traditional","page_number":51,"box":{"x":101,"y":385,"width":805,"height":11}},{"id":"4fa1792c-72a2-4806-9a37-b9d2f61adbbb","block_type":"box","text":"convertible security with similar characteristics. For example, in the event a Fund created a Manufactured Convertible","page_number":51,"box":{"x":69,"y":400,"width":837,"height":11}},{"id":"77639ad1-a3e5-4022-af3f-8d0aba0b3d62","block_type":"box","text":"by combining a short-term U.S. Treasury instrument and a call option on a stock, the Manufactured Convertible would","page_number":51,"box":{"x":69,"y":415,"width":839,"height":11}},{"id":"0062b37c-942b-4a01-bb58-851ed9fe793a","block_type":"box","text":"be expected to outperform a traditional convertible of similar maturity that is convertible into that stock during","page_number":51,"box":{"x":69,"y":430,"width":787,"height":11}},{"id":"7a4f862a-4c15-4ec1-816c-1efb176aba92","block_type":"box","text":"periods when Treasury instruments outperform corporate fixed-income securities and underperform during periods","page_number":51,"box":{"x":70,"y":445,"width":815,"height":12}},{"id":"96034a49-cf21-45d0-a402-581e891634a8","block_type":"box","text":"when corporate fixed-income securities outperform Treasury instruments.","page_number":51,"box":{"x":68,"y":460,"width":523,"height":12}},{"id":"40c14013-e580-4b5d-8f71-6580cab7b1cc","block_type":"box","text":"Corporate Loans.","page_number":51,"box":{"x":102,"y":483,"width":123,"height":11}},{"id":"6a2f70d4-6ec1-40fa-ae4d-ebb2c8d0afee","block_type":"box","text":"Certain Funds may invest in corporate loans. Corporate loans are generally non-investment","page_number":51,"box":{"x":231,"y":483,"width":647,"height":11}},{"id":"47f32c22-ca85-4d1b-b576-6c87546f03d7","block_type":"box","text":"grade floating rate instruments. Usually, they are freely callable at the issuer’s option. Certain Funds may invest in","page_number":51,"box":{"x":68,"y":498,"width":817,"height":11}},{"id":"2621f30c-abac-4672-9048-45819b0589b8","block_type":"box","text":"fixed and floating rate loans (“Loans”) arranged through private negotiations between a corporate borrower or a","page_number":51,"box":{"x":68,"y":513,"width":794,"height":12}},{"id":"76be9a90-e9ee-4b76-b398-c76fb56e29bf","block_type":"box","text":"foreign sovereign entity and one or more financial institutions or institutional investors (“Lenders”). A Fund may invest","page_number":51,"box":{"x":68,"y":528,"width":841,"height":12}},{"id":"bf8d8b37-4525-4a44-968b-b7d5a2f87fac","block_type":"box","text":"in such Loans in the form of participations in Loans (“Participations”) and assignments of all or a portion of Loans","page_number":51,"box":{"x":70,"y":543,"width":818,"height":12}},{"id":"5cb62dbb-ff81-4c38-a665-924cdabec93e","block_type":"box","text":"from third parties (“Assignments”). A Fund considers these investments to be investments in debt securities for","page_number":51,"box":{"x":68,"y":559,"width":801,"height":11}},{"id":"6ed1ef97-0780-4a8d-af15-a7094976083c","block_type":"box","text":"purposes of its investment policies. Participations typically will result in the Fund having a contractual relationship","page_number":51,"box":{"x":70,"y":574,"width":811,"height":11}},{"id":"1b1e98a4-f62f-492c-a96f-be37cd2efde0","block_type":"box","text":"only with the Lender, not with the borrower. The Fund will have the right to receive payments of principal, interest and","page_number":51,"box":{"x":69,"y":589,"width":833,"height":11}},{"id":"e918567b-77f3-4ebe-a9c6-f06495891f78","block_type":"box","text":"any fees to which it is entitled only from the Lender selling the Participation and only upon receipt by the Lender of","page_number":51,"box":{"x":69,"y":604,"width":817,"height":11}},{"id":"932cc648-8b74-4ef8-9d56-dd3ef2134321","block_type":"box","text":"the payments from the borrower. In connection with purchasing Participations, the Fund generally will have no right to","page_number":51,"box":{"x":68,"y":619,"width":836,"height":11}},{"id":"13876d67-dd0e-4848-9b4a-027081673d62","block_type":"box","text":"enforce compliance by the borrower with the terms of the loan agreement relating to the Loans, nor any rights of set","page_number":51,"box":{"x":69,"y":634,"width":833,"height":12}},{"id":"9885d551-0158-4c49-92a5-482d7099c90a","block_type":"box","text":"off against the borrower, and the Fund may not benefit directly from any collateral supporting the Loan in which it has","page_number":51,"box":{"x":69,"y":649,"width":837,"height":12}},{"id":"d54f9d37-bb24-4c3f-87b2-9fca89bf4dbb","block_type":"box","text":"purchased the Participation. As a result, the Fund will assume the credit risk of both the borrower and the Lender","page_number":51,"box":{"x":70,"y":664,"width":809,"height":11}},{"id":"29e45149-1375-484b-886b-0b3b252904df","block_type":"box","text":"that is selling the Participation. In the event of the insolvency of the Lender selling the Participation, the Fund may be","page_number":51,"box":{"x":68,"y":680,"width":838,"height":11}},{"id":"56bb7371-d305-43c0-a406-974a7418100e","block_type":"box","text":"treated as a general creditor of the Lender and may not benefit from any set-off between the Lender and the","page_number":51,"box":{"x":68,"y":695,"width":772,"height":11}},{"id":"c9ef4ee2-b636-475d-b5be-47234eac366f","block_type":"box","text":"borrower. The Fund will acquire Participations only if the Lender interpositioned between the Fund and the borrower is","page_number":51,"box":{"x":69,"y":710,"width":837,"height":11}},{"id":"8083c6d2-b56b-4985-8288-a45db538e685","block_type":"box","text":"determined by the Fund’s manager to be creditworthy. When the Fund purchases Assignments from Lenders, the","page_number":51,"box":{"x":69,"y":725,"width":804,"height":11}},{"id":"74b9ff95-6bbb-4c66-a355-3c9d6323dd97","block_type":"box","text":"Fund will acquire direct rights against the borrower on the Loan, and will not have exposure to a counterparty’s credit","page_number":51,"box":{"x":70,"y":740,"width":834,"height":11}},{"id":"d81944eb-9b3c-486c-a4f0-7ce112510548","block_type":"box","text":"risk. The Funds may enter into Participations and Assignments on a forward commitment or “when-issued” basis,","page_number":51,"box":{"x":69,"y":755,"width":809,"height":11}},{"id":"ee754672-e6e0-4771-b2b8-667b539f4a34","block_type":"box","text":"whereby a Fund would agree to purchase a Participation or Assignment at set terms in the future. For more","page_number":51,"box":{"x":68,"y":770,"width":764,"height":12}},{"id":"100775c1-0c89-43b6-9656-a992927431ac","block_type":"box","text":"information on forward commitments and when-issued securities, see “When-Issued Securities, Delayed Delivery","page_number":51,"box":{"x":70,"y":785,"width":805,"height":12}},{"id":"4f76899e-53c4-4a78-9ee5-f6b593949b92","block_type":"box","text":"Securities and Forward Commitments” below.","page_number":51,"box":{"x":69,"y":801,"width":324,"height":9}},{"id":"d228c384-1028-4c42-8138-c92d594b6124","block_type":"box","text":"A Fund may have difficulty disposing of Assignments and Participations. In certain cases, the market for such","page_number":51,"box":{"x":101,"y":823,"width":782,"height":12}},{"id":"615f4f9c-c4f8-4f4f-b218-261d1492fbe8","block_type":"box","text":"instruments may lack sufficient liquidity, and therefore the Fund anticipates that in such cases such instruments","page_number":51,"box":{"x":70,"y":838,"width":803,"height":11}},{"id":"6e005df6-a472-4396-809a-39fe64bf7078","block_type":"box","text":"could be sold only to a limited number of institutional investors. The lack of a sufficiently liquid secondary market","page_number":51,"box":{"x":69,"y":853,"width":809,"height":12}},{"id":"a46c5905-9650-4484-b9dd-fada54a7cafd","block_type":"box","text":"may have an adverse impact on the value of such instruments and on the Fund’s ability to dispose of particular","page_number":51,"box":{"x":69,"y":869,"width":795,"height":11}},{"id":"b0b25c23-8d1a-4302-aac3-92d4be6b1685","block_type":"box","text":"Assignments or Participations in response to a specific economic event, such as deterioration in the creditworthiness","page_number":51,"box":{"x":68,"y":884,"width":841,"height":11}},{"id":"5961455a-53e3-4b48-81d2-77b1f920be90","block_type":"box","text":"of the borrower.","page_number":51,"box":{"x":69,"y":899,"width":111,"height":9}},{"id":"77ba80fc-d9b2-45d9-835e-ca614fb026bb","block_type":"box","text":"II-7","page_number":51,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"3269d571-c7f7-49c0-afd4-1e152de2aba6","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":51,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"15f40e85-ad45-4533-b779-aa1569c3faad","block_type":"box","text":"Leading financial institutions often act as agent for a broader group of Lenders, generally referred to as a","page_number":52,"box":{"x":102,"y":45,"width":750,"height":11}},{"id":"6dc185a8-41a7-4ef7-b513-8cba76a25f86","block_type":"box","text":"syndicate. The syndicate’s agent arranges the loans, holds collateral and accepts payments of principal and interest.","page_number":52,"box":{"x":69,"y":60,"width":834,"height":11}},{"id":"20db3418-6253-4824-8bb3-2359625f7546","block_type":"box","text":"Failure by the syndicate agent to fulfill its obligations may delay or adversely affect receipt of payment by the Fund.","page_number":52,"box":{"x":70,"y":75,"width":816,"height":11}},{"id":"ce20b55a-2be6-4843-b3bb-da982846321d","block_type":"box","text":"The Loans in which the Fund may invest are subject to the risk of loss of principal and income. Although","page_number":52,"box":{"x":101,"y":98,"width":740,"height":11}},{"id":"90f1b05b-9115-4260-b9b5-3b3bc891d488","block_type":"box","text":"borrowers frequently provide collateral to secure repayment of these obligations they do not always do so. If they do","page_number":52,"box":{"x":69,"y":113,"width":827,"height":11}},{"id":"eb57a59e-2145-4760-b7ef-fc79b1a83341","block_type":"box","text":"provide collateral, the value of the collateral may not completely cover the borrower’s obligations at the time of a","page_number":52,"box":{"x":70,"y":128,"width":802,"height":11}},{"id":"19f6da6e-8f8e-4ca8-a7ae-b15a04c18ab8","block_type":"box","text":"default. If a borrower files for protection from its creditors under the U.S. bankruptcy laws, these laws may limit a","page_number":52,"box":{"x":69,"y":143,"width":808,"height":11}},{"id":"93a36d86-5657-4646-9399-d3fedf067b46","block_type":"box","text":"Fund’s rights to its collateral. In addition, the value of collateral may erode during a bankruptcy case. In the event of","page_number":52,"box":{"x":70,"y":158,"width":827,"height":11}},{"id":"5e84490c-0818-4bcd-8ebc-f6fc069bfcdd","block_type":"box","text":"a bankruptcy, the holder of a Loan may not recover its principal, may experience a long delay in recovering its","page_number":52,"box":{"x":69,"y":173,"width":777,"height":11}},{"id":"a6c11a5c-f4c8-4a9d-9ca1-ac6f84edfdcc","block_type":"box","text":"investment and may not receive interest during the delay.","page_number":52,"box":{"x":70,"y":188,"width":406,"height":12}},{"id":"96db7c82-35fa-4ac4-a5e0-1f51c17b1395","block_type":"box","text":"Transactions in corporate loans may settle on a delayed basis. As a result, the proceeds from the sale of","page_number":52,"box":{"x":101,"y":211,"width":752,"height":11}},{"id":"fe97f707-c1c7-4aa6-80cf-31fec2657b37","block_type":"box","text":"corporate loans may not be readily available to make additional investments or to meet a Fund’s redemption","page_number":52,"box":{"x":69,"y":226,"width":773,"height":11}},{"id":"e1c07486-1dc0-4dea-a592-e04b02ca9bfe","block_type":"box","text":"obligations. To the extent the extended settlement process gives rise to short-term liquidity needs, a Fund may hold","page_number":52,"box":{"x":69,"y":241,"width":824,"height":11}},{"id":"389a200b-6489-4ef7-87fb-81284711d836","block_type":"box","text":"additional cash, sell investments or temporarily borrow from banks and other lenders.","page_number":52,"box":{"x":69,"y":256,"width":610,"height":11}},{"id":"37fc4be1-0797-4939-8ac7-4136908e56ed","block_type":"box","text":"In certain circumstances, Loans may not be deemed to be securities under certain federal securities laws.","page_number":52,"box":{"x":102,"y":279,"width":759,"height":11}},{"id":"332f0e64-0068-4136-a128-831e5fd3318a","block_type":"box","text":"Therefore, in the event of fraud or misrepresentation by a borrower or an arranger, Lenders and purchasers of","page_number":52,"box":{"x":68,"y":294,"width":784,"height":11}},{"id":"8aa6e7fc-a715-4d7b-99d4-a08902387ae4","block_type":"box","text":"interests in Loans, such as the Funds, may not have the protection of the anti-fraud provisions of the federal","page_number":52,"box":{"x":70,"y":309,"width":772,"height":11}},{"id":"33b9d0d6-a2ee-4083-b66e-13e7bde1f593","block_type":"box","text":"securities laws as would otherwise be available for bonds or stocks. Instead, in such cases, parties generally would","page_number":52,"box":{"x":69,"y":324,"width":827,"height":12}},{"id":"5780440d-ee41-4649-b052-798a60f6ece1","block_type":"box","text":"rely on the contractual provisions in the Loan agreement itself and common-law fraud protections under applicable","page_number":52,"box":{"x":69,"y":339,"width":815,"height":12}},{"id":"fdc8c23e-1af8-4ff6-a6cf-b7e580049f7c","block_type":"box","text":"state law.","page_number":52,"box":{"x":69,"y":355,"width":67,"height":9}},{"id":"a58660e7-4d5e-4d0a-9611-b485c5a914b3","block_type":"box","text":"Direct Lending.","page_number":52,"box":{"x":102,"y":377,"width":105,"height":12}},{"id":"75024548-5e43-4bba-b7a0-a591270d4af4","block_type":"box","text":"The Fund may act as the originator for direct loans and engage in direct lending. Direct loans","page_number":52,"box":{"x":213,"y":377,"width":660,"height":12}},{"id":"376dd7f9-7186-46bb-b9ea-60faafd862da","block_type":"box","text":"between the Fund and a borrower may not be administered by an underwriter or agent bank. The Fund may provide","page_number":52,"box":{"x":69,"y":393,"width":817,"height":11}},{"id":"4d731f9a-c6bf-4ef2-89e3-35a8075ba1b2","block_type":"box","text":"financing to commercial borrowers directly or through companies acquired (or created) and owned by or otherwise","page_number":52,"box":{"x":68,"y":407,"width":811,"height":12}},{"id":"aaed497b-2382-43e7-ad28-c7101a29d79b","block_type":"box","text":"affiliated with the Fund. The terms of the direct loans are negotiated with borrowers in private transactions.","page_number":52,"box":{"x":69,"y":423,"width":764,"height":11}},{"id":"b7281159-922d-4f77-80f1-5730dda5c0e4","block_type":"box","text":"Furthermore, a direct loan may be secured or unsecured.","page_number":52,"box":{"x":70,"y":438,"width":405,"height":11}},{"id":"85930944-560b-4676-b32e-b2dd099056dd","block_type":"box","text":"In determining whether to make a direct loan, the Fund will rely primarily upon the creditworthiness of the","page_number":52,"box":{"x":102,"y":460,"width":750,"height":12}},{"id":"0a42b12b-88b5-444b-972d-7afbe7dc9410","block_type":"box","text":"borrower and/or any collateral for payment of interest and repayment of principal. The risks associated with direct","page_number":52,"box":{"x":69,"y":475,"width":813,"height":12}},{"id":"25683ef6-0a45-41d7-84ef-83d6fec51766","block_type":"box","text":"loans are substantially similar to those associated with investing in corporate loans. In making a direct loan, the Fund","page_number":52,"box":{"x":70,"y":491,"width":838,"height":11}},{"id":"f529626e-bfea-4c91-b4bb-20554e2ea022","block_type":"box","text":"is exposed to the risk that the borrower may default or become insolvent and, consequently, that the Fund will lose","page_number":52,"box":{"x":70,"y":506,"width":818,"height":11}},{"id":"e31145c7-db4a-4488-bee2-a718c3caab16","block_type":"box","text":"money on the loan. Furthermore, direct loans may subject the Fund to liquidity and interest rate risk and certain","page_number":52,"box":{"x":69,"y":521,"width":798,"height":11}},{"id":"ebda8995-fb79-48eb-9772-b22a59cfbfe3","block_type":"box","text":"direct loans may be deemed illiquid. Direct loans are not publicly traded and may not have a secondary market. The","page_number":52,"box":{"x":69,"y":536,"width":825,"height":11}},{"id":"2466de5a-48d1-4852-9c01-e25fd2dc4197","block_type":"box","text":"lack of a secondary market for direct loans may have an adverse impact on the ability of the Fund to dispose of a","page_number":52,"box":{"x":70,"y":551,"width":807,"height":11}},{"id":"cc5a2c4c-e1f4-4744-a52c-dd859918cafe","block_type":"box","text":"direct loan and/or to value the direct loan.","page_number":52,"box":{"x":69,"y":566,"width":301,"height":11}},{"id":"213cfb0a-3f7d-4a88-af6a-d584ed533347","block_type":"box","text":"When engaging in direct lending, the Fund’s performance may depend, in part, on the ability of the Fund to","page_number":52,"box":{"x":101,"y":589,"width":762,"height":11}},{"id":"a2634b70-5740-40f1-9b2c-6742e423c510","block_type":"box","text":"originate loans on advantageous terms. In originating loans, the Fund will compete with a broad spectrum of lenders.","page_number":52,"box":{"x":69,"y":604,"width":833,"height":11}},{"id":"a2318966-c99a-42ae-8c22-d9f6e2a650fd","block_type":"box","text":"Increased competition for, or a diminishment in the available supply of, qualifying loans could result in lower yields on","page_number":52,"box":{"x":70,"y":619,"width":836,"height":11}},{"id":"57372ee0-b260-4450-b1c9-749f67c9febb","block_type":"box","text":"such loans, which could reduce Fund performance.","page_number":52,"box":{"x":69,"y":634,"width":362,"height":11}},{"id":"4c18a0c0-8269-4d8a-bc4b-c6ac5315fffa","block_type":"box","text":"As part of its lending activities, the Fund may originate loans to companies that are experiencing significant","page_number":52,"box":{"x":101,"y":657,"width":767,"height":11}},{"id":"8f2dcb82-4254-4fb2-b111-7a9ab69224b9","block_type":"box","text":"financial or business difficulties, including companies involved in bankruptcy or other reorganization and liquidation","page_number":52,"box":{"x":68,"y":672,"width":821,"height":11}},{"id":"e1784527-0602-4f3a-b6c2-84ae3ade92cd","block_type":"box","text":"proceedings. Although the terms of such financing may result in significant financial returns to the Fund, they involve","page_number":52,"box":{"x":70,"y":687,"width":830,"height":11}},{"id":"915d4e06-7792-447e-9550-2e5244d8dd9c","block_type":"box","text":"a substantial degree of risk. The level of analytical sophistication, both financial and legal, necessary for successful","page_number":52,"box":{"x":69,"y":702,"width":826,"height":12}},{"id":"35ad184c-5928-4170-aeb8-2b0affe06ce1","block_type":"box","text":"financing to companies experiencing significant business and financial difficulties is unusually high.","page_number":52,"box":{"x":68,"y":717,"width":709,"height":12}},{"id":"53cf4f13-1f94-4d07-ad25-7fb1906f06e9","block_type":"box","text":"Credit Linked Securities.","page_number":52,"box":{"x":102,"y":740,"width":179,"height":9}},{"id":"bc620e73-9313-4372-a278-7908c813e806","block_type":"box","text":"Among the income producing securities in which a Fund may invest are credit linked","page_number":52,"box":{"x":287,"y":740,"width":596,"height":11}},{"id":"3a1233e2-0a1a-49e9-b1f7-7afe841aa7ab","block_type":"box","text":"securities, which are issued by a limited purpose trust or other vehicle that, in turn, invests in a derivative instrument","page_number":52,"box":{"x":69,"y":755,"width":837,"height":11}},{"id":"35232156-0fab-4dea-b062-62750fe950a1","block_type":"box","text":"or basket of derivative instruments, such as credit default swaps, interest rate swaps and other securities, in order","page_number":52,"box":{"x":69,"y":770,"width":823,"height":11}},{"id":"fdcd0329-c8c4-4e1f-b628-5edd5ea11da6","block_type":"box","text":"to provide exposure to certain fixed-income markets. For instance, a Fund may invest in credit linked securities as a","page_number":52,"box":{"x":68,"y":785,"width":827,"height":12}},{"id":"b26719b8-659d-4c47-be5b-c9c8dc996c95","block_type":"box","text":"cash management tool in order to gain exposure to a certain market and/or to remain fully invested when more","page_number":52,"box":{"x":69,"y":801,"width":795,"height":11}},{"id":"ddf39602-7fb8-4302-8419-eeb6111c1eaf","block_type":"box","text":"traditional income producing securities are not available.","page_number":52,"box":{"x":68,"y":816,"width":404,"height":11}},{"id":"0dedc11a-a03f-47c8-9139-e84cd2b425fe","block_type":"box","text":"Like an investment in a bond, investments in these credit linked securities represent the right to receive periodic","page_number":52,"box":{"x":102,"y":839,"width":804,"height":11}},{"id":"66c12b62-f6b5-4d58-840c-2197fe814c0d","block_type":"box","text":"income payments (in the form of distributions) and payment of principal at the end of the term of the security.","page_number":52,"box":{"x":70,"y":853,"width":780,"height":12}},{"id":"f66c6e8a-a24a-420e-a3ae-8ce5abdd700a","block_type":"box","text":"However, these payments are conditioned on the issuer’s receipt of payments from, and the issuer’s potential","page_number":52,"box":{"x":102,"y":876,"width":785,"height":11}},{"id":"92f05285-588b-4265-8304-83fe773a91a2","block_type":"box","text":"obligations to, the counterparties to the derivative instruments and other securities in which the issuer invests. For","page_number":52,"box":{"x":69,"y":891,"width":821,"height":12}},{"id":"81ac82c4-735d-44d7-9f04-414a02919440","block_type":"box","text":"instance, the issuer may sell one or more credit default swaps, under which the issuer would receive a stream of","page_number":52,"box":{"x":70,"y":906,"width":806,"height":12}},{"id":"ac51b8f4-8032-4a1d-963e-34d9364bc51e","block_type":"box","text":"II-8","page_number":52,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"a31dede3-571c-4cd5-a747-20d598910baf","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":52,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"dd8671a4-efe3-4fbd-9a68-64e109ffa77a","block_type":"box","text":"payments over the term of the swap agreements provided that no event of default has occurred with respect to the","page_number":53,"box":{"x":70,"y":45,"width":819,"height":11}},{"id":"88001a54-2aff-4994-8e13-966ed405c891","block_type":"box","text":"referenced debt obligation upon which the swap is based. If a default occurs, the stream of payments may stop and","page_number":53,"box":{"x":69,"y":60,"width":826,"height":11}},{"id":"19c0ce42-4c16-4538-bca4-245d2fa64a76","block_type":"box","text":"the issuer would be obligated to pay the counterparty the par (or other agreed upon value) of the referenced debt","page_number":53,"box":{"x":68,"y":75,"width":807,"height":11}},{"id":"62e9c52e-15f2-43fa-b046-81efff311139","block_type":"box","text":"obligation. This, in turn, would reduce the amount of income and principal that a Fund would receive. A Fund’s","page_number":53,"box":{"x":69,"y":90,"width":783,"height":11}},{"id":"73849cc8-4356-48c8-9b23-0047e35a05de","block_type":"box","text":"investments in these instruments are indirectly subject to the risks associated with derivative instruments, including,","page_number":53,"box":{"x":70,"y":105,"width":833,"height":11}},{"id":"559a0f5e-2f83-4c7f-a1f2-74db725442e6","block_type":"box","text":"among others, credit risk, default or similar event risk, counterparty risk, interest rate risk, leverage risk and","page_number":53,"box":{"x":69,"y":120,"width":771,"height":12}},{"id":"a686cb8d-fe2a-4568-92cc-679af99f74e2","block_type":"box","text":"management risk. It is also expected that the securities will be exempt from registration under the Securities Act.","page_number":53,"box":{"x":69,"y":135,"width":808,"height":12}},{"id":"d9716ceb-8fde-4c09-a6c3-ae231f081434","block_type":"box","text":"Accordingly, there may be no established trading market for the securities and they may constitute illiquid","page_number":53,"box":{"x":68,"y":150,"width":752,"height":12}},{"id":"9c27f4ca-94af-464c-be5b-6e74ddc03130","block_type":"box","text":"investments.","page_number":53,"box":{"x":70,"y":166,"width":89,"height":9}},{"id":"17880cdb-e37b-4864-894c-b0332f191f4a","block_type":"box","text":"Debt Securities.","page_number":53,"box":{"x":102,"y":188,"width":116,"height":9}},{"id":"f29e1d39-6da4-44cb-a998-bd70d18fc56c","block_type":"box","text":"Debt securities, such as bonds, involve credit risk. This is the risk that the issuer will not make","page_number":53,"box":{"x":225,"y":188,"width":677,"height":11}},{"id":"4b0b7b2f-03f3-4eea-aaab-9b3f03d0da7c","block_type":"box","text":"timely payments of principal and interest. The degree of credit risk depends on the issuer’s financial condition and on","page_number":53,"box":{"x":68,"y":203,"width":839,"height":12}},{"id":"304db34f-a8f3-4675-b87e-df526ea3a0e8","block_type":"box","text":"the terms of the debt securities. Changes in an issuer’s credit rating or the market’s perception of an issuer’s","page_number":53,"box":{"x":68,"y":218,"width":787,"height":12}},{"id":"d9cf7753-2277-4f11-a41d-b266ab136c80","block_type":"box","text":"creditworthiness may also affect the value of a Fund’s investment in that issuer. Credit risk is reduced to the extent","page_number":53,"box":{"x":69,"y":234,"width":828,"height":11}},{"id":"09d254a0-6006-4b19-836b-c642b494db9f","block_type":"box","text":"a Fund limits its debt investments to U.S. Government Securities.","page_number":53,"box":{"x":69,"y":249,"width":466,"height":9}},{"id":"fb1f60e6-b4fa-4902-8ca9-05c86fe219b3","block_type":"box","text":"All debt securities, however, are subject to interest rate risk. This is the risk that the value of the security may","page_number":53,"box":{"x":101,"y":271,"width":784,"height":12}},{"id":"24cdac7b-934c-43b1-886a-0d73185abcb3","block_type":"box","text":"fall when interest rates rise. If interest rates move sharply in a manner not anticipated by Fund management, a","page_number":53,"box":{"x":68,"y":286,"width":792,"height":12}},{"id":"e7892c21-94b6-4612-9371-35b136298a9d","block_type":"box","text":"Fund’s investments in debt securities could be adversely affected and the Fund could lose money. In general, the","page_number":53,"box":{"x":70,"y":302,"width":806,"height":11}},{"id":"85b236e6-90d1-47c0-95b8-1c611a1932cf","block_type":"box","text":"market price of debt securities with longer maturities will go up or down more in response to changes in interest","page_number":53,"box":{"x":69,"y":317,"width":800,"height":11}},{"id":"7634043f-841d-4c20-94d0-88a8953933ca","block_type":"box","text":"rates than will the market price of shorter-term debt securities.","page_number":53,"box":{"x":69,"y":332,"width":448,"height":11}},{"id":"6e00329d-9e88-43f5-bb92-b57cf96be329","block_type":"box","text":"During periods of rising interest rates, the average life of certain fixed-income securities is extended because of","page_number":53,"box":{"x":102,"y":355,"width":798,"height":11}},{"id":"77ad2cc3-438b-463e-86f8-b87414dfae51","block_type":"box","text":"slower than expected principal payments. This may lock in a below-market interest rate and extend the duration of","page_number":53,"box":{"x":69,"y":370,"width":813,"height":11}},{"id":"4d97802c-28ee-499b-b035-1cda70412918","block_type":"box","text":"these fixed-income securities, especially mortgage-related securities, making them more sensitive to changes in","page_number":53,"box":{"x":68,"y":385,"width":801,"height":11}},{"id":"124c4459-f499-4bef-b0ee-66b6a4b2d5a3","block_type":"box","text":"interest rates. As a result, in a period of rising interest rates, these securities may exhibit additional volatility and","page_number":53,"box":{"x":70,"y":400,"width":806,"height":11}},{"id":"5e2ee5f8-0b3f-4391-9245-248ef3be6d13","block_type":"box","text":"lose value. This is known as extension risk.","page_number":53,"box":{"x":70,"y":415,"width":307,"height":9}},{"id":"98eaedea-c4c1-44cf-b0f5-09ac7521de19","block_type":"box","text":"The value of fixed-income securities in the Funds can be expected to vary inversely with changes in prevailing","page_number":53,"box":{"x":101,"y":438,"width":778,"height":11}},{"id":"e6cd0e6e-2f4e-45a6-8c72-0ecd571f6e4d","block_type":"box","text":"interest rates. Fixed-income securities with longer maturities, which tend to produce higher yields, are subject to","page_number":53,"box":{"x":70,"y":453,"width":798,"height":11}},{"id":"a753536b-6bde-4622-9612-0635e470ce43","block_type":"box","text":"potentially greater capital appreciation and depreciation than securities with shorter maturities. The Funds are not","page_number":53,"box":{"x":70,"y":468,"width":812,"height":11}},{"id":"b63083c8-730d-42a7-b9dc-c216dd249bbd","block_type":"box","text":"restricted to any maximum or minimum time to maturity in purchasing individual portfolio securities, and the average","page_number":53,"box":{"x":69,"y":483,"width":831,"height":11}},{"id":"55781fba-cbf5-4f1e-b5ee-41193303eac9","block_type":"box","text":"maturity of a Fund’s assets will vary.","page_number":53,"box":{"x":69,"y":498,"width":259,"height":11}},{"id":"e6d9886e-078d-4de3-99a5-9edc51fabf19","block_type":"box","text":"Floating and Variable Rate Securities","page_number":53,"box":{"x":102,"y":521,"width":260,"height":11}},{"id":"187ca3a5-07bc-444f-b1b9-81e354f48ecb","block_type":"box","text":". Certain Funds may invest in debt instruments that pay a variable coupon","page_number":53,"box":{"x":364,"y":521,"width":526,"height":11}},{"id":"b55948b2-731a-468c-a22e-134e88f67881","block_type":"box","text":"rate. Securities with floating or variable interest rates can be less sensitive to interest rate changes than securities","page_number":53,"box":{"x":69,"y":536,"width":821,"height":11}},{"id":"9186102b-ad39-4a4a-b016-265ec33834e0","block_type":"box","text":"with fixed interest rates, but may decline in value if their interest rates do not rise as much, or as quickly, as interest","page_number":53,"box":{"x":68,"y":551,"width":834,"height":11}},{"id":"cb6f90a8-04b3-453c-b183-bd0fc483eaa6","block_type":"box","text":"rates in general. Conversely, floating rate securities will not generally increase in value if interest rates decline. The","page_number":53,"box":{"x":69,"y":566,"width":820,"height":11}},{"id":"770944d6-228e-4bef-b453-063a8b85f206","block_type":"box","text":"impact of interest rate changes on floating rate investments is typically mitigated by the periodic interest rate reset of","page_number":53,"box":{"x":70,"y":581,"width":838,"height":12}},{"id":"9e5380c4-a2d8-4269-a9f6-e38cfb58b59e","block_type":"box","text":"the investments. Benchmark interest rates used for floating and variable rate securities may not accurately track","page_number":53,"box":{"x":68,"y":596,"width":804,"height":12}},{"id":"15f640bf-9c01-4796-bc69-b1f1c46b047e","block_type":"box","text":"market interest rates.","page_number":53,"box":{"x":69,"y":612,"width":153,"height":9}},{"id":"4bde29c8-72a2-48ab-bb03-9b7b118cb114","block_type":"box","text":"Inflation-Indexed Bonds.","page_number":53,"box":{"x":102,"y":634,"width":169,"height":9}},{"id":"0aa9c232-d746-43f1-ad67-24a3b5f74755","block_type":"box","text":"Certain Funds may invest in inflation-indexed bonds, which are fixed-income securities or","page_number":53,"box":{"x":278,"y":634,"width":632,"height":11}},{"id":"ade848f9-6945-46ea-8d43-93412d3bdb5c","block_type":"box","text":"other instruments whose principal value is periodically adjusted according to the rate of inflation. Two structures are","page_number":53,"box":{"x":69,"y":649,"width":828,"height":12}},{"id":"538e8da1-7086-4510-8772-cc69c3ca92b1","block_type":"box","text":"common. The U.S. Treasury and some other issuers use a structure that accrues inflation into the principal value of","page_number":53,"box":{"x":69,"y":664,"width":827,"height":12}},{"id":"7c241575-4ca5-47df-a5ef-81ff0d970cad","block_type":"box","text":"the bond. Most other issuers pay out the Consumer Price Index (“CPI”) accruals as part of a semi-annual coupon.","page_number":53,"box":{"x":68,"y":680,"width":810,"height":11}},{"id":"63ab05fb-231c-405a-b492-58de0076d0fe","block_type":"box","text":"Inflation-indexed securities issued by the U.S. Treasury have maturities of five, ten or thirty years, although it is","page_number":53,"box":{"x":102,"y":702,"width":792,"height":12}},{"id":"602657da-7093-417b-b754-74db6f8add24","block_type":"box","text":"possible that securities with other maturities will be issued in the future. The U.S. Treasury securities pay interest on","page_number":53,"box":{"x":70,"y":717,"width":833,"height":12}},{"id":"ce5eb641-cc74-4402-8a9d-5c6df3bbbe2e","block_type":"box","text":"a semi-annual basis, equal to a fixed percentage of the inflation-adjusted principal amount. For example, if a Fund","page_number":53,"box":{"x":69,"y":732,"width":810,"height":12}},{"id":"3df00253-700d-4379-81cf-05b6b28afbd2","block_type":"box","text":"purchased an inflation-indexed bond with a par value of $1,000 and a 3% real rate of return coupon (payable 1.5%","page_number":53,"box":{"x":70,"y":747,"width":814,"height":12}},{"id":"8c5f1108-036a-4932-946b-3850dded8fbb","block_type":"box","text":"semi-annually), and inflation over the first six months was 1%, the mid-year par value of the bond would be $1,010","page_number":53,"box":{"x":69,"y":762,"width":816,"height":12}},{"id":"fde8c49e-83dc-4e1b-a11f-06c7825bfdff","block_type":"box","text":"and the first semi-annual interest payment would be $15.15 ($1,010 times 1.5%). If inflation during the second half","page_number":53,"box":{"x":69,"y":777,"width":828,"height":12}},{"id":"d0c94ae9-354b-4209-bcc4-b8368d635547","block_type":"box","text":"of the year resulted in the whole year’s inflation equaling 3%, the end-of-year par value of the bond would be $1,030","page_number":53,"box":{"x":69,"y":792,"width":828,"height":12}},{"id":"7d5e49d0-7ca1-486f-98a5-80ef73623bfe","block_type":"box","text":"and the second semi-annual interest payment would be $15.45 ($1,030 times 1.5%).","page_number":53,"box":{"x":69,"y":807,"width":610,"height":12}},{"id":"0c80d909-c32d-4a6f-8a93-c5b45f189d00","block_type":"box","text":"If the periodic adjustment rate measuring inflation falls, the principal value of inflation-indexed bonds will be","page_number":53,"box":{"x":102,"y":831,"width":767,"height":11}},{"id":"4f036b64-663a-4b9e-9c64-87f1ff9bd088","block_type":"box","text":"adjusted downward, and, consequently, the interest payable on these securities (calculated with respect to a smaller","page_number":53,"box":{"x":69,"y":846,"width":833,"height":11}},{"id":"0091183e-359c-48ad-9d6c-8e64fb54bff7","block_type":"box","text":"principal amount) will be reduced. Repayment of the original bond principal upon maturity (as adjusted for inflation) is","page_number":53,"box":{"x":70,"y":861,"width":834,"height":11}},{"id":"3c8d04d7-b9ac-4010-98ed-1d98bdfa9deb","block_type":"box","text":"guaranteed in the case of U.S. Treasury inflation-indexed bonds, even during a period of deflation. However, the","page_number":53,"box":{"x":68,"y":876,"width":795,"height":11}},{"id":"b9af5eea-c717-4a5f-b2f5-331fb5daa5ab","block_type":"box","text":"current market value of the bonds is not guaranteed, and will fluctuate. Certain Funds may also invest in other","page_number":53,"box":{"x":69,"y":891,"width":788,"height":12}},{"id":"191c846b-84ee-4859-9544-7a8b57bb82aa","block_type":"box","text":"inflation related bonds which may or may not provide a similar guarantee. If a guarantee of principal is not provided,","page_number":53,"box":{"x":70,"y":906,"width":823,"height":12}},{"id":"8b85a1ae-c393-4386-8ae6-5886e0ad47f1","block_type":"box","text":"II-9","page_number":53,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"d9544c65-6dbe-41c6-88ee-8f363f7238cb","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":53,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"96e6d2cb-73cb-4eb3-897a-1705d1e07fa3","block_type":"box","text":"the adjusted principal value of the bond repaid at maturity may be less than the original principal. In addition, if the","page_number":54,"box":{"x":68,"y":45,"width":821,"height":11}},{"id":"d213613f-1b20-44c7-a64c-5d450305ea97","block_type":"box","text":"Fund purchases inflation-indexed bonds offered by foreign issuers, the rate of inflation measured by the foreign","page_number":54,"box":{"x":70,"y":60,"width":792,"height":11}},{"id":"dc915c55-05a5-4fd1-9107-43290d6a19b1","block_type":"box","text":"inflation index may not be correlated to the rate of inflation in the United States.","page_number":54,"box":{"x":70,"y":75,"width":570,"height":11}},{"id":"3e7d0983-b72c-4037-a7ee-c231401894ac","block_type":"box","text":"The value of inflation-indexed bonds is expected to change in response to changes in real interest rates. Real","page_number":54,"box":{"x":101,"y":98,"width":780,"height":11}},{"id":"c216d242-399b-4b96-bb42-1ecd5829c527","block_type":"box","text":"interest rates, in turn, are tied to the relationship between nominal interest rates and the rate of inflation. Therefore,","page_number":54,"box":{"x":70,"y":113,"width":831,"height":11}},{"id":"e66242ed-047d-4598-a19c-689a3292440a","block_type":"box","text":"if inflation were to rise at a faster rate than nominal interest rates, real interest rates might decline, leading to an","page_number":54,"box":{"x":70,"y":128,"width":808,"height":11}},{"id":"a8ec6409-ab7d-4dc1-8381-d301938a3bda","block_type":"box","text":"increase in value of inflation-indexed bonds. In contrast, if nominal interest rates increased at a faster rate than","page_number":54,"box":{"x":70,"y":143,"width":796,"height":10}},{"id":"7a850c5b-66a2-42c7-beae-7ae0b83e1afd","block_type":"box","text":"inflation, real interest rates might rise, leading to a decrease in value of inflation-indexed bonds. There can be no","page_number":54,"box":{"x":70,"y":158,"width":805,"height":11}},{"id":"36ef7a37-c3a4-4c9f-97ab-39ce492fb48d","block_type":"box","text":"assurance, however, that the value of inflation-indexed bonds will be directly correlated to changes in interest rates.","page_number":54,"box":{"x":69,"y":173,"width":824,"height":11}},{"id":"55379df0-e1e4-49f8-a752-f979cf2ebbf8","block_type":"box","text":"While these securities are expected to be protected from long-term inflationary trends, short-term increases in","page_number":54,"box":{"x":101,"y":196,"width":788,"height":11}},{"id":"a200dc3a-f5cf-437c-a23d-77cff94b86b0","block_type":"box","text":"inflation may lead to a decline in value. If interest rates rise due to reasons other than inflation (for example, due to","page_number":54,"box":{"x":70,"y":211,"width":825,"height":11}},{"id":"c277ca23-b7fb-496f-9b49-e704322f0024","block_type":"box","text":"changes in currency exchange rates), investors in these securities may not be protected to the extent that the","page_number":54,"box":{"x":69,"y":226,"width":784,"height":11}},{"id":"e2b375ed-588d-4574-8d02-8163bd113ea2","block_type":"box","text":"increase is not reflected in the bond’s inflation measure.","page_number":54,"box":{"x":70,"y":241,"width":403,"height":9}},{"id":"912c1d37-1b51-4248-aef4-f65a6df66823","block_type":"box","text":"In general, the measure used to determine the periodic adjustment of U.S. inflation-indexed bonds is the","page_number":54,"box":{"x":102,"y":264,"width":746,"height":11}},{"id":"0b346f91-e8ac-4ea6-ba38-bb34bdc7ab54","block_type":"box","text":"Consumer Price Index for Urban Consumers (“CPI-U”), which is calculated monthly by the U.S. Bureau of Labor","page_number":54,"box":{"x":69,"y":279,"width":786,"height":11}},{"id":"c3f62ba2-e5f4-42f7-8094-935214be1495","block_type":"box","text":"Statistics. The CPI-U is a measurement of changes in the cost of living, made up of components such as housing,","page_number":54,"box":{"x":69,"y":294,"width":810,"height":11}},{"id":"6b03135b-d664-45cf-911e-69eb37c132a7","block_type":"box","text":"food, transportation and energy. Inflation-indexed bonds issued by a foreign government are generally adjusted to","page_number":54,"box":{"x":68,"y":309,"width":809,"height":11}},{"id":"3699b3de-1ee0-4ed3-abb6-52c19b942be6","block_type":"box","text":"reflect a comparable inflation index, calculated by that government. There can be no assurance that the CPI-U or any","page_number":54,"box":{"x":69,"y":324,"width":830,"height":12}},{"id":"31f61d96-abb2-44ee-99b6-39999a163a9e","block_type":"box","text":"foreign inflation index will accurately measure the real rate of inflation in the prices of goods and services. Moreover,","page_number":54,"box":{"x":68,"y":339,"width":833,"height":12}},{"id":"d875fcf2-2e12-483c-b6d6-26aeb782a3d6","block_type":"box","text":"there can be no assurance that the rate of inflation in a foreign country will be correlated to the rate of inflation in the","page_number":54,"box":{"x":68,"y":355,"width":840,"height":11}},{"id":"152bb349-c908-4081-b74f-46179d687a11","block_type":"box","text":"United States.","page_number":54,"box":{"x":70,"y":370,"width":99,"height":9}},{"id":"8b5e1ae9-352c-481e-b488-9616113eb904","block_type":"box","text":"Any increase in the principal amount of an inflation-indexed bond will be considered taxable ordinary income,","page_number":54,"box":{"x":101,"y":392,"width":774,"height":12}},{"id":"3de0d282-4f02-47aa-8b7e-b544029bd215","block_type":"box","text":"even though investors do not receive their principal until maturity.","page_number":54,"box":{"x":69,"y":408,"width":464,"height":11}},{"id":"4b07b06e-bf41-43fb-9962-68556db41615","block_type":"box","text":"Investment Grade Debt Obligations.","page_number":54,"box":{"x":102,"y":430,"width":252,"height":11}},{"id":"9b1df9e7-bbef-4261-adc1-51d2787700e9","block_type":"box","text":"Certain Funds may invest in “investment grade securities,” which are","page_number":54,"box":{"x":360,"y":430,"width":493,"height":11}},{"id":"9cd09dd0-e22e-4702-b0d3-1d5d4577c6c3","block_type":"box","text":"securities rated in the four highest rating categories of an NRSRO or deemed to be of equivalent quality by a Fund’s","page_number":54,"box":{"x":69,"y":445,"width":823,"height":12}},{"id":"35b5634b-88b6-4495-8cb1-ca43610d8aee","block_type":"box","text":"Manager. Certain Funds may invest in debt securities rated Aaa by Moody’s or AAA by S&P. It should be noted that","page_number":54,"box":{"x":70,"y":460,"width":815,"height":12}},{"id":"90175f65-b062-438c-bd71-bfdff3065965","block_type":"box","text":"debt obligations rated in the lowest of the top four ratings (","page_number":54,"box":{"x":69,"y":475,"width":420,"height":12}},{"id":"25ed3afb-d407-4d3b-9a14-ed8284554e4c","block_type":"box","text":"i.e.","page_number":54,"box":{"x":492,"y":476,"width":20,"height":8}},{"id":"74fc7f5e-a966-4c6d-9553-84964218d8a0","block_type":"box","text":", “Baa” by Moody’s or “BBB” by S&P) are considered","page_number":54,"box":{"x":514,"y":476,"width":377,"height":11}},{"id":"0f2d2003-600e-441e-b77c-43e5cf87e7f1","block_type":"box","text":"to have some speculative characteristics and are more sensitive to economic change than higher rated securities. If","page_number":54,"box":{"x":68,"y":491,"width":829,"height":11}},{"id":"1a7a9b3e-36bb-4dca-8056-94c84bea1411","block_type":"box","text":"an investment grade security of a Fund is subsequently downgraded below investment grade, the Fund’s Manager will","page_number":54,"box":{"x":69,"y":506,"width":836,"height":11}},{"id":"1c1f2483-afa0-4363-846d-717e99687ed4","block_type":"box","text":"consider such an event in determining whether the Fund should continue to hold the security. Subject to its","page_number":54,"box":{"x":69,"y":521,"width":763,"height":11}},{"id":"7551cf8d-1193-4166-a2c6-ea1cb5e69b14","block_type":"box","text":"investment strategies, there is no limit on the amount of such downgraded securities a Fund may hold.","page_number":54,"box":{"x":70,"y":536,"width":731,"height":11}},{"id":"49720db7-6acb-4972-895d-5ec24ba647e5","block_type":"box","text":"See Appendix A to this SAI for a description of applicable securities ratings.","page_number":54,"box":{"x":102,"y":559,"width":536,"height":11}},{"id":"bb13b531-6bd0-425b-bd10-768320702468","block_type":"box","text":"High Yield Investments (“Junk Bonds”).","page_number":54,"box":{"x":102,"y":582,"width":278,"height":11}},{"id":"abe3d472-0298-4400-8ee3-1ea7731bf654","block_type":"box","text":"Non-investment grade or “high yield” fixed-income or convertible securities commonly known to investors as","page_number":54,"box":{"x":102,"y":604,"width":767,"height":11}},{"id":"ab31939e-018b-47b6-81b4-42dd191bf88d","block_type":"box","text":"“junk bonds” are debt securities that are rated below investment grade by the major rating agencies or are securities","page_number":54,"box":{"x":70,"y":619,"width":834,"height":11}},{"id":"49594a0d-0323-4e1c-a5e5-de7ad52909be","block_type":"box","text":"that Fund management believes are of comparable quality. While generally providing greater income and opportunity","page_number":54,"box":{"x":68,"y":634,"width":828,"height":12}},{"id":"1acbf2ae-84e5-4a0e-b307-80705bb8bfbf","block_type":"box","text":"for gain, non-investment grade debt securities may be subject to greater risks than securities which have higher credit","page_number":54,"box":{"x":68,"y":649,"width":841,"height":12}},{"id":"55c7e6d1-5d3d-4cc0-931a-d9c3b6969c01","block_type":"box","text":"ratings, including a high risk of default, and their yields will fluctuate over time. High yield securities will generally be","page_number":54,"box":{"x":69,"y":664,"width":827,"height":12}},{"id":"82ad1cc3-c9e0-4a18-81a4-34aa837b0ff5","block_type":"box","text":"in the lower rating categories of recognized rating agencies (rated “Ba” or lower by Moody’s or “BB” or lower by S&P)","page_number":54,"box":{"x":70,"y":680,"width":830,"height":11}},{"id":"08acb2c4-0b74-4921-ab10-9771b79e44b0","block_type":"box","text":"or will be non-rated. The credit rating of a high yield security does not necessarily address its market value risk, and","page_number":54,"box":{"x":69,"y":695,"width":824,"height":11}},{"id":"600821b7-c97f-46ab-a1f2-918e490247ff","block_type":"box","text":"ratings may from time to time change, positively or negatively, to reflect developments regarding the issuer’s financial","page_number":54,"box":{"x":69,"y":710,"width":838,"height":11}},{"id":"c49e1d3c-d3b3-48ff-a3e5-3d833eeaf8c2","block_type":"box","text":"condition. High yield securities are considered to be speculative with respect to the capacity of the issuer to timely","page_number":54,"box":{"x":69,"y":725,"width":817,"height":11}},{"id":"4e7ee51d-221f-48ec-95ec-5e34a16990c1","block_type":"box","text":"repay principal and pay interest or dividends in accordance with the terms of the obligation and may have more credit","page_number":54,"box":{"x":69,"y":740,"width":837,"height":11}},{"id":"71ff3a0a-2e85-40b7-9148-4c5afcf89681","block_type":"box","text":"risk than higher rated securities.","page_number":54,"box":{"x":69,"y":755,"width":230,"height":11}},{"id":"d061238e-6f43-4d13-976b-77d13bbc64b3","block_type":"box","text":"The major risks in junk bond investments include the following:","page_number":54,"box":{"x":101,"y":778,"width":447,"height":11}},{"id":"f4a13890-a737-45da-81fe-9a48785174db","block_type":"box","text":"•","page_number":54,"box":{"x":69,"y":801,"width":6,"height":4}},{"id":"c96d7345-eaef-40cd-9051-d6c3092bf5e0","block_type":"box","text":"Junk bonds may be issued by less creditworthy companies. These securities are vulnerable to adverse changes","page_number":54,"box":{"x":101,"y":798,"width":796,"height":11}},{"id":"30eab013-d39a-4c0a-9079-eafbded57df6","block_type":"box","text":"in the issuer’s industry and to general economic conditions. Issuers of junk bonds may be unable to meet their","page_number":54,"box":{"x":102,"y":813,"width":792,"height":11}},{"id":"ca193c6b-775d-4fe3-8fef-8455d4dcb444","block_type":"box","text":"interest or principal payment obligations because of an economic downturn, specific issuer developments or the","page_number":54,"box":{"x":102,"y":828,"width":799,"height":12}},{"id":"29dad6e3-adfe-47fb-a9c0-14569cfba0ba","block_type":"box","text":"unavailability of additional financing.","page_number":54,"box":{"x":102,"y":843,"width":256,"height":12}},{"id":"97875016-f70c-43c1-a683-d2053ae637e3","block_type":"box","text":"•","page_number":54,"box":{"x":69,"y":866,"width":6,"height":5}},{"id":"573fa267-e23d-470b-89b1-5e4ce3bf6ac6","block_type":"box","text":"The issuers of junk bonds may have a larger amount of outstanding debt relative to their assets than issuers of","page_number":54,"box":{"x":101,"y":863,"width":797,"height":12}},{"id":"e00c3f4c-1634-46c7-92fa-73665e023eb8","block_type":"box","text":"investment grade bonds. If the issuer experiences financial stress, it may be unable to meet its debt obligations.","page_number":54,"box":{"x":102,"y":879,"width":804,"height":11}},{"id":"e1ca9511-6983-45e2-83c5-6bde40940c60","block_type":"box","text":"The issuer’s ability to pay its debt obligations also may be lessened by specific issuer developments, or the","page_number":54,"box":{"x":101,"y":894,"width":769,"height":11}},{"id":"b7441777-8aaa-4335-90c9-0f677332e259","block_type":"box","text":"II-10","page_number":54,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"81c4404f-25e2-47d2-80d8-06cb2de1d7e9","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":54,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"30577864-1288-49fc-894a-145f5100bf25","block_type":"box","text":"unavailability of additional financing. Issuers of high yield securities are often in the growth stage of their","page_number":55,"box":{"x":102,"y":45,"width":746,"height":11}},{"id":"38f97089-099e-4021-bece-9d12dfc79004","block_type":"box","text":"development and/or involved in a reorganization or takeover.","page_number":55,"box":{"x":101,"y":60,"width":432,"height":11}},{"id":"f99500c3-5b40-4471-b6ec-e6d6cc2dd0d4","block_type":"box","text":"•","page_number":55,"box":{"x":69,"y":83,"width":6,"height":4}},{"id":"2d0de52b-c07a-4cc9-b173-43258e4f9212","block_type":"box","text":"Junk bonds are frequently ranked junior to claims by other creditors. If the issuer cannot meet its obligations, the","page_number":55,"box":{"x":101,"y":80,"width":808,"height":11}},{"id":"14e4bf58-d716-4dcd-b805-06851b65f272","block_type":"box","text":"senior obligations are generally paid off before the junior obligations, which will potentially limit a Fund’s ability","page_number":55,"box":{"x":102,"y":95,"width":789,"height":11}},{"id":"f33a99dd-5cc6-4e47-a76b-9cb1670d7305","block_type":"box","text":"to fully recover principal or to receive interest payments when senior securities are in default. Thus, investors in","page_number":55,"box":{"x":101,"y":110,"width":796,"height":11}},{"id":"1040fa8d-e04f-40fb-b10c-df0c36bae68c","block_type":"box","text":"high yield securities have a lower degree of protection with respect to principal and interest payments than do","page_number":55,"box":{"x":102,"y":125,"width":782,"height":12}},{"id":"f9fc9dc4-d6e4-4e47-a982-4a6f0db7df30","block_type":"box","text":"investors in higher rated securities.","page_number":55,"box":{"x":102,"y":141,"width":249,"height":11}},{"id":"31f7e99f-7a59-4aea-b2ef-2a0046732c75","block_type":"box","text":"•","page_number":55,"box":{"x":69,"y":163,"width":6,"height":5}},{"id":"2fbb82bc-7bc2-422a-8c09-db6a97f7b0da","block_type":"box","text":"Junk bonds frequently have redemption features that permit an issuer to repurchase the security from a Fund","page_number":55,"box":{"x":101,"y":161,"width":780,"height":11}},{"id":"05f1caff-d358-4871-bd26-fc0e6e232715","block_type":"box","text":"before it matures. If an issuer redeems the junk bonds, a Fund may have to invest the proceeds in bonds with","page_number":55,"box":{"x":102,"y":176,"width":784,"height":11}},{"id":"cafe510e-4da3-4a88-84cd-9136a97b2898","block_type":"box","text":"lower yields and may lose income.","page_number":55,"box":{"x":102,"y":191,"width":242,"height":11}},{"id":"4807b1ec-e4c7-42a2-a95d-0b7d086b4dee","block_type":"box","text":"•","page_number":55,"box":{"x":69,"y":214,"width":6,"height":4}},{"id":"fcb99c3c-dbb6-42d4-866a-7eae6bacd9cc","block_type":"box","text":"Prices of junk bonds are subject to extreme price fluctuations. Negative economic developments may have a","page_number":55,"box":{"x":102,"y":211,"width":772,"height":11}},{"id":"bf6de092-2abb-4488-97f8-2194d4cff685","block_type":"box","text":"greater impact on the prices of junk bonds than on those of other higher rated fixed-income securities.","page_number":55,"box":{"x":101,"y":226,"width":729,"height":11}},{"id":"a6baab01-0a5e-42d6-88d0-ffdb0e793a77","block_type":"box","text":"•","page_number":55,"box":{"x":69,"y":249,"width":6,"height":5}},{"id":"fa4a70c6-3cce-4218-948c-a591d6fad802","block_type":"box","text":"Junk bonds may be less liquid than higher rated fixed-income securities even under normal economic conditions.","page_number":55,"box":{"x":101,"y":246,"width":802,"height":11}},{"id":"d3ab899b-ee16-4d7f-84ab-38d8042d1596","block_type":"box","text":"Under certain economic and/or market conditions, a Fund may have difficulty disposing of certain high yield","page_number":55,"box":{"x":102,"y":261,"width":768,"height":12}},{"id":"ebc28dee-4376-4afb-aaeb-6dac255e7af6","block_type":"box","text":"securities due to the limited number of investors in that sector of the market. There are fewer dealers in the junk","page_number":55,"box":{"x":102,"y":276,"width":805,"height":12}},{"id":"32f894f3-8a3c-4a30-a530-3a072b868f03","block_type":"box","text":"bond market, and there may be significant differences in the prices quoted for junk bonds by the dealers, and","page_number":55,"box":{"x":102,"y":292,"width":781,"height":11}},{"id":"811f491e-83d5-46cc-b704-8266f8075a22","block_type":"box","text":"such quotations may not be the actual prices available for a purchase or sale. Because junk bonds are less","page_number":55,"box":{"x":102,"y":307,"width":767,"height":11}},{"id":"f5b68124-4cc0-436b-ac6e-2b4336f659d3","block_type":"box","text":"liquid than higher rated bonds, judgment may play a greater role in valuing certain of a Fund’s portfolio securities","page_number":55,"box":{"x":102,"y":322,"width":806,"height":11}},{"id":"997df3f2-3794-45f6-a209-111622a2256d","block_type":"box","text":"than in the case of securities trading in a more liquid market.","page_number":55,"box":{"x":101,"y":337,"width":436,"height":11}},{"id":"f4ffd9ea-cff7-4d50-9b99-3ebded8ef0d9","block_type":"box","text":"•","page_number":55,"box":{"x":69,"y":360,"width":6,"height":5}},{"id":"0f66ed2a-b32b-4f80-8f5f-db9d2524611e","block_type":"box","text":"The secondary markets for high yield securities are not as liquid as the secondary markets for higher rated","page_number":55,"box":{"x":101,"y":357,"width":763,"height":11}},{"id":"22a1ceef-fead-4530-8e85-b48eb7eeddbb","block_type":"box","text":"securities. The secondary markets for high yield securities are concentrated in relatively few market makers and","page_number":55,"box":{"x":102,"y":372,"width":798,"height":11}},{"id":"7d09d2b4-1c09-4d12-900b-37940190c3b8","block_type":"box","text":"participants in the markets are mostly institutional investors, including insurance companies, banks, other","page_number":55,"box":{"x":102,"y":388,"width":759,"height":11}},{"id":"569b4390-36b7-4a36-9300-604618300122","block_type":"box","text":"financial institutions and mutual funds. In addition, the trading volume for high yield securities is generally lower","page_number":55,"box":{"x":101,"y":402,"width":798,"height":12}},{"id":"1a52cbc7-277d-412c-a983-994753fe457a","block_type":"box","text":"than that for higher rated securities and the secondary markets could contract under adverse market or","page_number":55,"box":{"x":101,"y":418,"width":739,"height":11}},{"id":"971ca843-e7fb-4c04-b1a5-5b1858100f79","block_type":"box","text":"economic conditions independent of any specific adverse changes in the condition of a particular issuer. Under","page_number":55,"box":{"x":101,"y":433,"width":792,"height":11}},{"id":"219a715d-a18f-4d12-9ce6-a198334f20ea","block_type":"box","text":"certain economic and/or market conditions, a Fund may have difficulty disposing of certain high yield securities","page_number":55,"box":{"x":101,"y":448,"width":797,"height":11}},{"id":"04dde8bc-f028-45eb-bc43-0ca2886925bc","block_type":"box","text":"due to the limited number of investors in that sector of the market. An illiquid secondary market may adversely","page_number":55,"box":{"x":101,"y":463,"width":791,"height":11}},{"id":"8a66a19c-4aaa-433e-afa4-3c579f5ed05a","block_type":"box","text":"affect the market price of the high yield security, which may result in increased difficulty selling the particular","page_number":55,"box":{"x":102,"y":478,"width":777,"height":11}},{"id":"f976fdef-cb78-4549-b817-8a885d7c2d43","block_type":"box","text":"issue and obtaining accurate market quotations on the issue when valuing a Fund’s assets. Market quotations","page_number":55,"box":{"x":102,"y":493,"width":788,"height":11}},{"id":"d06dfddd-88af-4ce2-b54c-83769a0db536","block_type":"box","text":"on high yield securities are available only from a limited number of dealers, and such quotations may not be the","page_number":55,"box":{"x":102,"y":508,"width":797,"height":12}},{"id":"97e2c991-fbf4-45ac-94eb-bb739b1cd180","block_type":"box","text":"actual prices available for a purchase or sale. When the secondary market for high yield securities becomes","page_number":55,"box":{"x":102,"y":523,"width":769,"height":12}},{"id":"4ea68c2e-f5de-4a61-986c-d0df0a809702","block_type":"box","text":"more illiquid, or in the absence of readily available market quotations for such securities, the relative lack of","page_number":55,"box":{"x":102,"y":538,"width":772,"height":12}},{"id":"80996368-c53b-4d13-8c08-85498f0283bc","block_type":"box","text":"reliable objective data makes it more difficult to value a Fund’s securities, and judgment plays a more important","page_number":55,"box":{"x":102,"y":554,"width":801,"height":11}},{"id":"8143b0dd-6b69-4b3f-8266-a9ff276060e4","block_type":"box","text":"role in determining such valuations.","page_number":55,"box":{"x":102,"y":569,"width":252,"height":11}},{"id":"e3472e55-6beb-4e37-973b-a0209256ee59","block_type":"box","text":"•","page_number":55,"box":{"x":69,"y":592,"width":6,"height":4}},{"id":"b23c1578-abd2-4583-b9ba-c99adcdc1251","block_type":"box","text":"A Fund may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms with","page_number":55,"box":{"x":101,"y":589,"width":808,"height":11}},{"id":"73b2e667-6aad-4857-acc5-c0075cf3289d","block_type":"box","text":"a defaulting issuer.","page_number":55,"box":{"x":102,"y":604,"width":134,"height":11}},{"id":"d5bd1c1d-e1c8-47cb-8bdc-7a2bb2bb5b00","block_type":"box","text":"•","page_number":55,"box":{"x":69,"y":627,"width":6,"height":5}},{"id":"e6532be6-63c3-4c0c-b8ea-c255aaf99c30","block_type":"box","text":"The junk bond markets may react strongly to adverse news about an issuer or the economy, or to the perception","page_number":55,"box":{"x":101,"y":624,"width":800,"height":11}},{"id":"ed744df6-2307-46e8-bd6e-461dc4286a77","block_type":"box","text":"or expectation of adverse news, whether or not it is based on fundamental analysis. Additionally, prices for high","page_number":55,"box":{"x":102,"y":639,"width":793,"height":12}},{"id":"aa3d98a0-fb9a-452e-b9a9-ca3ce1bdc276","block_type":"box","text":"yield securities may be affected by legislative and regulatory developments. These developments could adversely","page_number":55,"box":{"x":101,"y":654,"width":808,"height":12}},{"id":"10c3dcb4-43e5-47aa-a44d-2be426d5f5cb","block_type":"box","text":"affect a Fund’s NAV and investment practices, the secondary market for high yield securities, the financial","page_number":55,"box":{"x":102,"y":669,"width":756,"height":12}},{"id":"170fbb84-7c89-4503-bb63-68fe20d90dc5","block_type":"box","text":"condition of issuers of these securities and the value and liquidity of outstanding high yield securities, especially","page_number":55,"box":{"x":101,"y":685,"width":803,"height":11}},{"id":"4a59aa6f-a169-4950-aec3-bd4724d64e38","block_type":"box","text":"in a thinly traded market. For example, federal legislation requiring the divestiture by federally insured savings","page_number":55,"box":{"x":102,"y":700,"width":781,"height":11}},{"id":"a0aa53e9-196a-4dda-b2ea-188b3497da28","block_type":"box","text":"and loan associations of their investments in high yield bonds and limiting the deductibility of interest by certain","page_number":55,"box":{"x":102,"y":715,"width":798,"height":11}},{"id":"1d680dd2-bc7e-4dde-b365-c06a1ff5d353","block_type":"box","text":"corporate issuers of high yield bonds adversely affected the market in the past.","page_number":55,"box":{"x":101,"y":730,"width":566,"height":11}},{"id":"52b72157-9007-4ecf-b25d-57b3c0ac6241","block_type":"box","text":"•","page_number":55,"box":{"x":69,"y":753,"width":6,"height":5}},{"id":"2e4b1cb0-aaf3-4f3e-af77-6b79b302ff57","block_type":"box","text":"The rating assigned by a rating agency evaluates the issuing agency’s assessment of the safety of a non","page_number":55,"box":{"x":101,"y":750,"width":751,"height":11}},{"id":"b1ae1659-4659-421f-be6a-7cadb30bf903","block_type":"box","text":"investment grade security’s principal and interest payments, but does not address market value risk. Because","page_number":55,"box":{"x":102,"y":766,"width":786,"height":11}},{"id":"5f8b8fae-e5b4-4c3a-9f17-fc6519c91481","block_type":"box","text":"such ratings of the ratings agencies may not always reflect current conditions and events, in addition to using","page_number":55,"box":{"x":102,"y":780,"width":782,"height":12}},{"id":"b9a8bd2f-a7af-4734-a4b2-03e8b3a8d0dd","block_type":"box","text":"recognized rating agencies and other sources, the Manager or sub-adviser performs its own analysis of the","page_number":55,"box":{"x":102,"y":795,"width":762,"height":12}},{"id":"fca7e979-bb9d-473f-87e2-e6cfa2e0ec17","block_type":"box","text":"issuers whose non-investment grade securities a Fund holds. Because of this, the Fund’s performance may","page_number":55,"box":{"x":102,"y":811,"width":767,"height":11}},{"id":"bba97e1f-7c7f-4eb1-87af-e2948575ee05","block_type":"box","text":"depend more on the Manager’s or sub-adviser’s own credit analysis than in the case of mutual funds investing in","page_number":55,"box":{"x":101,"y":826,"width":806,"height":11}},{"id":"642b3d20-ced6-413d-bd6e-700f64e69240","block_type":"box","text":"higher-rated securities.","page_number":55,"box":{"x":102,"y":841,"width":161,"height":11}},{"id":"5f613d4c-1d4b-42fb-ae5d-e8dddaadeca7","block_type":"box","text":"In selecting non-investment grade securities, the Manager or sub-adviser considers factors such as those","page_number":55,"box":{"x":102,"y":863,"width":751,"height":12}},{"id":"50d7c9b1-8bab-4613-b48e-5bb18412442f","block_type":"box","text":"relating to the creditworthiness of issuers, the ratings and performance of the securities, the protections afforded","page_number":55,"box":{"x":69,"y":879,"width":814,"height":11}},{"id":"645f21c7-de5b-44e6-a02c-0cb6e28d8e35","block_type":"box","text":"the securities and the diversity of the Fund. The Manager or sub-adviser continuously monitors the issuers of non","page_number":55,"box":{"x":68,"y":894,"width":812,"height":11}},{"id":"42258392-ca4d-4ea7-bece-6480ed1c8e43","block_type":"box","text":"investment grade securities held by the Fund for their ability to make required principal and interest payments, as","page_number":55,"box":{"x":70,"y":909,"width":808,"height":11}},{"id":"b381a15f-c6e6-4b48-acfc-79dc6445de84","block_type":"box","text":"II-11","page_number":55,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"1266243a-5d16-4f5c-aabb-6d4bd62928ca","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":55,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"42d7415a-37b7-4151-906d-128063919d39","block_type":"box","text":"well as in an effort to control the liquidity of the Fund so that it can meet redemption requests. If a security’s rating","page_number":56,"box":{"x":68,"y":45,"width":825,"height":11}},{"id":"c03ff0eb-a531-4510-90ca-8dd645089bba","block_type":"box","text":"is reduced below the minimum credit rating that is permitted for a Fund, the Fund’s adviser or sub-adviser will","page_number":56,"box":{"x":70,"y":60,"width":779,"height":11}},{"id":"c67a65fb-a237-4461-8205-97432c56a1ad","block_type":"box","text":"consider whether the Fund should continue to hold the security.","page_number":56,"box":{"x":69,"y":75,"width":451,"height":11}},{"id":"2ef2e47f-7a4f-4104-9cc3-ae8e29d53c43","block_type":"box","text":"In the event that a Fund investing in high yield securities experiences an unexpected level of net redemptions,","page_number":56,"box":{"x":102,"y":98,"width":782,"height":11}},{"id":"4e33a36c-c502-4a48-b044-67f3a89db611","block_type":"box","text":"the Fund could be forced to sell its holdings without regard to the investment merits, thereby decreasing the assets","page_number":56,"box":{"x":68,"y":113,"width":825,"height":11}},{"id":"2d11e389-68ef-4772-9c08-c9474faf7f3b","block_type":"box","text":"upon which the Fund’s rate of return is based.","page_number":56,"box":{"x":69,"y":128,"width":328,"height":11}},{"id":"4d979204-8520-47d1-99a9-c8cb37325bda","block_type":"box","text":"The costs attributable to investing in the junk bond markets are usually higher for several reasons, such as","page_number":56,"box":{"x":101,"y":150,"width":764,"height":12}},{"id":"2a458dc2-c1ac-4bfe-a2fa-6bfda02d62e1","block_type":"box","text":"higher investment research costs and higher commission costs.","page_number":56,"box":{"x":69,"y":166,"width":455,"height":11}},{"id":"b509255e-defb-40c8-8d40-17881a5db33c","block_type":"box","text":"Mezzanine Investments.","page_number":56,"box":{"x":102,"y":188,"width":170,"height":9}},{"id":"a4b57b1b-5e3f-4b9f-a5ae-b1210fc18d09","block_type":"box","text":"Certain Funds, consistent with their restrictions on investing in securities of a specific","page_number":56,"box":{"x":279,"y":188,"width":612,"height":12}},{"id":"8b9c160b-bdd8-4169-b468-24638f37ca2b","block_type":"box","text":"credit quality, may invest in certain high yield securities known as mezzanine investments, which are subordinated","page_number":56,"box":{"x":69,"y":204,"width":813,"height":11}},{"id":"cdb7e16c-1e75-4773-a897-229553fe67fa","block_type":"box","text":"debt securities which are generally issued in private placements in connection with an equity security (","page_number":56,"box":{"x":69,"y":219,"width":729,"height":11}},{"id":"d875e3b0-8edc-4c6a-a37c-d8d28b52f64b","block_type":"box","text":"e.g.","page_number":56,"box":{"x":800,"y":220,"width":24,"height":10}},{"id":"bdad3c0b-013c-4191-b963-8d73b153db8c","block_type":"box","text":", with","page_number":56,"box":{"x":827,"y":219,"width":36,"height":10}},{"id":"4ffa1ec2-0734-4d27-be41-c83087d561d3","block_type":"box","text":"attached warrants). Such mezzanine investments may be issued with or without registration rights. Similar to other","page_number":56,"box":{"x":69,"y":234,"width":818,"height":11}},{"id":"d52e99b0-6026-43a6-8d56-d507647b2a2d","block_type":"box","text":"high yield securities, maturities of mezzanine investments are typically seven to ten years, but the expected average","page_number":56,"box":{"x":69,"y":249,"width":827,"height":11}},{"id":"3230a4b9-c204-40a7-bfe7-92a55388ddc8","block_type":"box","text":"life is significantly shorter at three to five years. Mezzanine investments are usually unsecured and subordinate to","page_number":56,"box":{"x":70,"y":264,"width":813,"height":11}},{"id":"144bf815-46f3-497d-a321-7b24d983d552","block_type":"box","text":"other obligations of the issuer.","page_number":56,"box":{"x":69,"y":279,"width":216,"height":11}},{"id":"ee5be8a9-6636-476e-abdb-00d2e07b4a5b","block_type":"box","text":"Pay-in-kind Bonds.","page_number":56,"box":{"x":102,"y":302,"width":127,"height":11}},{"id":"7408cc0f-7271-4654-a01c-30dc09d1bac1","block_type":"box","text":"Certain Funds may invest in pay-in-kind, or PIK, bonds. PIK bonds are bonds which pay","page_number":56,"box":{"x":236,"y":302,"width":615,"height":11}},{"id":"b90e7912-bcc3-4a9d-95bd-12f4cbbd3568","block_type":"box","text":"interest through the issuance of additional debt or equity securities. Similar to zero coupon obligations, pay-in-kind","page_number":56,"box":{"x":70,"y":317,"width":813,"height":11}},{"id":"e5e628b6-035d-46ad-8fde-723f0c923bcf","block_type":"box","text":"bonds also carry additional risk as holders of these types of securities realize no cash until the cash payment date","page_number":56,"box":{"x":69,"y":332,"width":820,"height":11}},{"id":"a8aa8e6c-3711-4c71-ac60-68427ddd3955","block_type":"box","text":"unless a portion of such securities is sold and, if the issuer defaults, a Fund may obtain no return at all on its","page_number":56,"box":{"x":69,"y":347,"width":784,"height":11}},{"id":"a8043fca-8a83-4a4f-83e8-c4fca74c4c42","block_type":"box","text":"investment. The market price of pay-in-kind bonds is affected by interest rate changes to a greater extent, and","page_number":56,"box":{"x":70,"y":362,"width":783,"height":11}},{"id":"b68ebbb2-6b98-404d-973d-f46f5a5c519b","block_type":"box","text":"therefore tends to be more volatile, than that of securities which pay interest in cash. Additionally, current U.S.","page_number":56,"box":{"x":68,"y":377,"width":790,"height":11}},{"id":"bb043a4a-11d1-4fca-b7a4-ae84d799eb96","block_type":"box","text":"federal tax law requires the holder of pay-in-kind bonds to accrue income with respect to these securities prior to the","page_number":56,"box":{"x":68,"y":392,"width":831,"height":12}},{"id":"827dc8c3-1660-4323-92b0-8353dbac4aff","block_type":"box","text":"receipt of cash payments. To maintain its qualification as a regulated investment company and avoid liability for U.S.","page_number":56,"box":{"x":69,"y":407,"width":830,"height":12}},{"id":"85dd69cb-9aa2-4ddc-929a-444bb563e84f","block_type":"box","text":"federal income and excise taxes, each Fund may be required to distribute income accrued with respect to these","page_number":56,"box":{"x":68,"y":423,"width":798,"height":11}},{"id":"457b53b2-5b24-4db7-92c8-23b6849ec87e","block_type":"box","text":"securities and may have to dispose of portfolio securities under disadvantageous circumstances in order to generate","page_number":56,"box":{"x":69,"y":438,"width":835,"height":11}},{"id":"85eecb21-21e2-4fac-924f-3ece22c5e3fb","block_type":"box","text":"cash to satisfy these distribution requirements.","page_number":56,"box":{"x":69,"y":453,"width":336,"height":11}},{"id":"6b835c3a-cdf8-45a7-9e5e-02dbcd491850","block_type":"box","text":"Supranational Entities.","page_number":56,"box":{"x":102,"y":476,"width":160,"height":10}},{"id":"fe14166d-8a37-46ed-8d26-8a88462ebe91","block_type":"box","text":"A Fund may invest in debt securities of supranational entities. Examples of such entities","page_number":56,"box":{"x":268,"y":475,"width":629,"height":12}},{"id":"34ad89df-3c1e-4b80-af8e-937aab6a8646","block_type":"box","text":"include the International Bank for Reconstruction and Development (the World Bank), the European Steel and Coal","page_number":56,"box":{"x":70,"y":491,"width":814,"height":11}},{"id":"53953c3a-3679-4855-8d56-07731c5b81cc","block_type":"box","text":"Community, the Asian Development Bank and the Inter-American Development Bank. The government members, or","page_number":56,"box":{"x":69,"y":506,"width":817,"height":11}},{"id":"b6d306a3-d4ec-445f-8665-078ff4bfa87b","block_type":"box","text":"“stockholders,” usually make initial capital contributions to the supranational entity and in many cases are","page_number":56,"box":{"x":70,"y":521,"width":759,"height":11}},{"id":"8e517726-7303-4d29-9a48-64d3fa5b4a22","block_type":"box","text":"committed to make additional capital contributions if the supranational entity is unable to repay its borrowings. There","page_number":56,"box":{"x":69,"y":536,"width":836,"height":11}},{"id":"b93cd098-6062-486c-b6ce-38abf7d7718c","block_type":"box","text":"is no guarantee that one or more stockholders of a supranational entity will continue to make any necessary","page_number":56,"box":{"x":70,"y":551,"width":772,"height":11}},{"id":"3fcd89e0-ed79-4836-9e49-d2557af93423","block_type":"box","text":"additional capital contributions. If such contributions are not made, the entity may be unable to pay interest or repay","page_number":56,"box":{"x":69,"y":566,"width":830,"height":11}},{"id":"c0c6b60f-14f9-4844-84a6-8332b451dce9","block_type":"box","text":"principal on its debt securities, and a Fund may lose money on such investments.","page_number":56,"box":{"x":70,"y":582,"width":580,"height":10}},{"id":"473b86a2-3b92-4ae9-b673-486c390735fc","block_type":"box","text":"Depositary Receipts (ADRs, EDRs and GDRs).","page_number":56,"box":{"x":102,"y":604,"width":334,"height":11}},{"id":"47cca9e9-1f94-45fc-b059-230efd387962","block_type":"box","text":"Certain Funds may invest in the securities of foreign issuers in","page_number":56,"box":{"x":442,"y":604,"width":446,"height":11}},{"id":"9b2dbf83-eeff-488c-950a-1382632c5f12","block_type":"box","text":"the form of Depositary Receipts or other securities convertible into securities of foreign issuers. Depositary Receipts","page_number":56,"box":{"x":68,"y":619,"width":835,"height":11}},{"id":"44567902-c4df-4893-83f0-7a569e64fd68","block_type":"box","text":"may not necessarily be denominated in the same currency as the underlying securities into which they may be","page_number":56,"box":{"x":69,"y":634,"width":784,"height":12}},{"id":"b0748f4d-4278-4346-a391-ec5b70c84dcf","block_type":"box","text":"converted. The Fund may invest in both sponsored and unsponsored American Depositary Receipts (“ADRs”),","page_number":56,"box":{"x":69,"y":650,"width":781,"height":11}},{"id":"b72032d6-2ca2-4d27-a686-a6c0d04412a0","block_type":"box","text":"European Depositary Receipts (“EDRs”), Global Depositary Receipts (“GDRs”) and other similar global instruments.","page_number":56,"box":{"x":70,"y":665,"width":823,"height":11}},{"id":"72a9698d-7dcb-496f-947a-97ddbef8bcc9","block_type":"box","text":"ADRs typically are issued by an American bank or trust company and evidence ownership of underlying securities","page_number":56,"box":{"x":68,"y":680,"width":804,"height":11}},{"id":"857a5b65-d71d-43df-bc3f-c7f520ccff4d","block_type":"box","text":"issued by a foreign corporation. EDRs, which are sometimes referred to as Continental Depositary Receipts, are","page_number":56,"box":{"x":70,"y":695,"width":799,"height":11}},{"id":"151f975a-7e58-4d7b-b476-5a38a928f99c","block_type":"box","text":"receipts issued in Europe, typically by foreign banks and trust companies, that evidence ownership of either foreign","page_number":56,"box":{"x":69,"y":710,"width":821,"height":11}},{"id":"a3d81d68-4e9c-4c38-be43-e320a65f7f22","block_type":"box","text":"or domestic underlying securities. GDRs are depositary receipts structured like global debt issues to facilitate trading","page_number":56,"box":{"x":69,"y":725,"width":837,"height":11}},{"id":"20d09235-b316-4204-aa68-ebccf561713b","block_type":"box","text":"on an international basis. In addition to investment risks associated with the underlying issuer, Depositary Receipts","page_number":56,"box":{"x":69,"y":740,"width":825,"height":11}},{"id":"6ee08a1a-9ee4-44bf-8858-f6a9fecba4e6","block_type":"box","text":"expose a Fund to additional risks associated with the non-uniform terms that apply to Depositary Receipt programs,","page_number":56,"box":{"x":69,"y":755,"width":825,"height":11}},{"id":"68e76cef-487a-4747-ad75-3063f2c48b29","block_type":"box","text":"credit exposure to the depository bank and to the sponsors and other parties with whom the depository bank","page_number":56,"box":{"x":69,"y":771,"width":780,"height":10}},{"id":"415f7965-440c-4d2f-9da2-fff0df8bfec6","block_type":"box","text":"establishes the programs, currency risk and the risk of an illiquid market for Depositary Receipts. Unsponsored ADR,","page_number":56,"box":{"x":69,"y":785,"width":833,"height":12}},{"id":"6c21d840-c980-46cc-bbdb-723e08ced2b3","block_type":"box","text":"EDR and GDR programs are organized independently and without the cooperation of the issuer of the underlying","page_number":56,"box":{"x":70,"y":801,"width":796,"height":11}},{"id":"9ef38380-7197-4d6d-9fbf-29df5bc08f04","block_type":"box","text":"securities. Unsponsored programs generally expose investors to greater risks than sponsored programs and do not","page_number":56,"box":{"x":69,"y":816,"width":822,"height":11}},{"id":"d9629236-700d-45c5-a18a-bdd6a5841ae6","block_type":"box","text":"provide holders with many of the shareholder benefits that come from investing in a sponsored Depositary Receipt.","page_number":56,"box":{"x":70,"y":831,"width":820,"height":11}},{"id":"0b628fd4-3a29-409d-a38f-a99ac58c4118","block_type":"box","text":"Available information concerning the issuer may not be as current as for sponsored ADRs, EDRs and GDRs, and the","page_number":56,"box":{"x":68,"y":846,"width":827,"height":11}},{"id":"b363a090-9929-4f76-af43-17a188515a5e","block_type":"box","text":"prices of unsponsored ADRs, EDRs and GDRs may be more volatile than if such instruments were sponsored by the","page_number":56,"box":{"x":70,"y":861,"width":825,"height":11}},{"id":"71841087-f52a-4d4d-923f-76df2a4cba9e","block_type":"box","text":"issuer. Depositary Receipts are generally subject to the same risks as the foreign securities that they evidence or","page_number":56,"box":{"x":70,"y":876,"width":810,"height":11}},{"id":"0b3f567c-5f94-4ddc-9f33-34822dd6a500","block_type":"box","text":"into which they may be converted. Investments in ADRs, EDRs and GDRs present additional investment","page_number":56,"box":{"x":70,"y":891,"width":737,"height":11}},{"id":"1f56288e-602c-4e98-b946-1cd1d45e30e5","block_type":"box","text":"considerations as described under “Foreign Investment Risks.”","page_number":56,"box":{"x":69,"y":907,"width":449,"height":11}},{"id":"db110dfe-ccd9-40da-b4be-e26fac5ab2fc","block_type":"box","text":"II-12","page_number":56,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"5818952f-2051-4075-a803-00d6a7f5f809","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":56,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"45c6a8bb-b034-4a90-b533-ba141d192562","block_type":"box","text":"Derivatives.","page_number":57,"box":{"x":102,"y":45,"width":84,"height":9}},{"id":"5bdda9d1-7914-4901-a12d-3c6f8c016c5c","block_type":"box","text":"General.","page_number":57,"box":{"x":102,"y":67,"width":58,"height":9}},{"id":"d4957ac7-ed2f-4a8a-9cc0-a5f4be5a9405","block_type":"box","text":"Each Fund may use instruments referred to as derivatives, which are financial instruments that derive","page_number":57,"box":{"x":167,"y":67,"width":725,"height":11}},{"id":"04cb5199-215f-4b54-addb-3e03ea75b18a","block_type":"box","text":"their value from one or more securities, commodities (such as gold or oil), currencies, interest rates, credit events or","page_number":57,"box":{"x":68,"y":82,"width":836,"height":12}},{"id":"4ab9eae8-1e51-4f21-ba2a-bfbf0d2e75d7","block_type":"box","text":"indices (a measure of value or rates, such as the S&P 500 Index or the prime lending rate) or other reference asset.","page_number":57,"box":{"x":70,"y":98,"width":829,"height":11}},{"id":"6b58483a-35ae-4e6d-9f5d-90ed45a353d8","block_type":"box","text":"Derivatives may allow a Fund to increase or decrease the level of risk to which the Fund is exposed more quickly and","page_number":57,"box":{"x":70,"y":113,"width":830,"height":11}},{"id":"c3de2efc-7e20-42e4-9fe4-7cb718ad8d16","block_type":"box","text":"efficiently than with other transactions. Certain Funds may use derivatives to maintain a portion of their long and","page_number":57,"box":{"x":69,"y":128,"width":804,"height":11}},{"id":"75c89579-75d6-4810-9ae3-bd0d6ed4d89c","block_type":"box","text":"short positions. Unless otherwise permitted, no Fund may use derivatives to gain exposure to an asset or asset","page_number":57,"box":{"x":69,"y":143,"width":800,"height":11}},{"id":"3e3b0157-5dba-49d7-ba82-5ee2e36331df","block_type":"box","text":"class it is prohibited by its investment restrictions from purchasing directly. As described below, derivatives can be","page_number":57,"box":{"x":69,"y":158,"width":816,"height":11}},{"id":"bae0eab7-1924-43b6-baae-c12d0238997a","block_type":"box","text":"used for hedging or speculative purposes. Funds will engage in transaction-level payment netting,","page_number":57,"box":{"x":69,"y":173,"width":691,"height":11}},{"id":"32035035-e094-4c73-b228-9f90defc6109","block_type":"box","text":"i.e.","page_number":57,"box":{"x":768,"y":173,"width":20,"height":9}},{"id":"c5c59e4f-ae5f-4eaf-83a4-3d1eae7795f8","block_type":"box","text":", the payment","page_number":57,"box":{"x":791,"y":173,"width":96,"height":11}},{"id":"21d4cd3e-5f33-46df-a825-5adffd07c573","block_type":"box","text":"obligations of derivatives contracts are netted against one another with the Fund receiving or paying, as the case may","page_number":57,"box":{"x":69,"y":188,"width":839,"height":12}},{"id":"849f9a96-5e47-4ef7-9f69-39f2dbca8541","block_type":"box","text":"be, only the net amount of the two payment streams.","page_number":57,"box":{"x":69,"y":203,"width":378,"height":12}},{"id":"1f1afe19-39c1-44e9-bd61-cbefb4836ecd","block_type":"box","text":"Hedging.","page_number":57,"box":{"x":102,"y":226,"width":60,"height":11}},{"id":"b41b81ab-7e76-41f0-be24-330c6f71ce6a","block_type":"box","text":"Each Fund may use derivatives for hedging purposes, in which a derivative is used to offset the risks","page_number":57,"box":{"x":169,"y":226,"width":717,"height":11}},{"id":"9393506b-cfe2-472f-aef2-0a6cc82074b4","block_type":"box","text":"associated with other Fund holdings. Losses on other investments may be substantially reduced by gains on a","page_number":57,"box":{"x":69,"y":241,"width":786,"height":11}},{"id":"78921faf-9d6e-4504-a74a-85ba605af3f4","block_type":"box","text":"derivative that reacts in an opposite manner to market movements. Although hedging may reduce losses, it may also","page_number":57,"box":{"x":69,"y":257,"width":834,"height":11}},{"id":"10d4ce76-9780-4932-8433-329ca077a754","block_type":"box","text":"reduce or eliminate gains. In addition, hedging may cause losses if the market moves in an unanticipated manner, or","page_number":57,"box":{"x":69,"y":271,"width":834,"height":12}},{"id":"f76a7328-42d5-4fbc-acf9-4e262ca97818","block_type":"box","text":"if the cost of the derivative outweighs the benefit of the hedge. The effectiveness of hedging may be reduced by","page_number":57,"box":{"x":70,"y":286,"width":797,"height":12}},{"id":"14e85b72-d66e-43e9-88b3-eac909d4eb08","block_type":"box","text":"correlation risk,","page_number":57,"box":{"x":69,"y":302,"width":109,"height":10}},{"id":"926ac19b-e926-4813-9e6e-a793d1952738","block_type":"box","text":"i.e.","page_number":57,"box":{"x":186,"y":302,"width":20,"height":9}},{"id":"54fa765f-94da-4e0a-a7ec-afee85a2acdd","block_type":"box","text":", the risk that changes in the value of the derivative will not match those of the holdings being","page_number":57,"box":{"x":209,"y":302,"width":669,"height":11}},{"id":"818a01ac-c5d5-472d-bb82-b3f0b4656b79","block_type":"box","text":"hedged as expected by a Fund, which may result in additional losses to the Fund. The inability to close or offset","page_number":57,"box":{"x":69,"y":317,"width":797,"height":11}},{"id":"fd0e385a-bdc7-4271-ba22-e8be7137b70e","block_type":"box","text":"derivatives could also reduce the effectiveness of a Fund’s hedging. There is no assurance that a Fund’s hedging will","page_number":57,"box":{"x":69,"y":332,"width":835,"height":11}},{"id":"021c4474-cbed-4228-8c92-768f7541eef9","block_type":"box","text":"be effective. No Fund is required to use derivatives to hedge.","page_number":57,"box":{"x":69,"y":347,"width":434,"height":11}},{"id":"7a14c3ec-ce39-4be0-8c33-318797cfdcc8","block_type":"box","text":"Speculation.","page_number":57,"box":{"x":102,"y":370,"width":86,"height":11}},{"id":"9a0c8098-a497-44d7-8fa0-8abdb0679e80","block_type":"box","text":"Certain Funds may also use derivatives for speculative purposes to seek to enhance returns. The","page_number":57,"box":{"x":195,"y":370,"width":694,"height":11}},{"id":"7ee3f1e0-85c8-42cb-899d-884166621145","block_type":"box","text":"use of a derivative is speculative if the Fund is primarily seeking to achieve gains, rather than offset the risk of other","page_number":57,"box":{"x":69,"y":385,"width":831,"height":11}},{"id":"8c7e35b3-49b0-46d9-a94a-88b9d567a75d","block_type":"box","text":"positions. To the extent a Fund invests in a derivative for speculative purposes, the Fund will be fully exposed to the","page_number":57,"box":{"x":70,"y":400,"width":824,"height":11}},{"id":"812bf0a6-db81-4619-9f68-c4828e98b5bf","block_type":"box","text":"risks of loss of that derivative, which may sometimes be greater than the derivative’s cost, and the potential for loss","page_number":57,"box":{"x":69,"y":415,"width":831,"height":11}},{"id":"7744bbc7-5c65-465c-86a8-e4683d187e88","block_type":"box","text":"in certain cases may be unlimited.","page_number":57,"box":{"x":70,"y":430,"width":243,"height":11}},{"id":"a5ca44cd-4dd5-469b-975a-01bc5d0ba5fb","block_type":"box","text":"Regulation of Derivatives.","page_number":57,"box":{"x":102,"y":453,"width":180,"height":11}},{"id":"3f8466a7-d524-4799-a03e-842f09bffe0e","block_type":"box","text":"Rule 18f-4 Under the Investment Company Act.","page_number":57,"box":{"x":102,"y":475,"width":333,"height":12}},{"id":"0e2c65d9-0cd4-4d11-b8dc-b5c9d976a761","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to","page_number":57,"box":{"x":442,"y":475,"width":458,"height":12}},{"id":"dc7d8913-631a-421f-b644-b5f9e7842650","block_type":"box","text":"enter into Derivatives Transactions (as defined below) and certain other transactions notwithstanding the restrictions","page_number":57,"box":{"x":69,"y":491,"width":833,"height":11}},{"id":"e41fd399-f0af-488b-a110-df5b3d777dc7","block_type":"box","text":"on the issuance of “senior securities” under Section 18 of the Investment Company Act. Section 18 of the","page_number":57,"box":{"x":69,"y":506,"width":759,"height":11}},{"id":"af251775-3cc8-4690-b0fb-0569346f6449","block_type":"box","text":"Investment Company Act, among other things, prohibits open-end funds, including the Funds, from issuing or selling","page_number":57,"box":{"x":70,"y":521,"width":825,"height":11}},{"id":"4495e099-49c9-4c3b-9a9c-7dd49e232322","block_type":"box","text":"any “senior security,” other than borrowing from a bank (subject to a requirement to maintain 300% “asset","page_number":57,"box":{"x":69,"y":536,"width":763,"height":11}},{"id":"a54a0c4d-7d36-4fd5-9b3e-cf90373b9ac0","block_type":"box","text":"coverage”).","page_number":57,"box":{"x":69,"y":551,"width":79,"height":11}},{"id":"b88ab7dd-0074-4cbf-a802-9c542685159b","block_type":"box","text":"Under Rule 18f-4, “Derivatives Transactions” include the following: (1) any swap, security-based swap (including","page_number":57,"box":{"x":102,"y":574,"width":796,"height":11}},{"id":"70fcb0e2-1b8c-44c3-a088-bafe31cf12ac","block_type":"box","text":"a contract for differences), futures contract, forward contract, option (excluding purchased options), any combination","page_number":57,"box":{"x":69,"y":589,"width":832,"height":11}},{"id":"47919c6c-972a-4990-b5a9-f3806fe6d435","block_type":"box","text":"of the foregoing, or any similar instrument, under which a Fund is or may be required to make any payment or delivery","page_number":57,"box":{"x":69,"y":604,"width":840,"height":11}},{"id":"3d25364a-3ddf-49f8-92b5-324fac176e8c","block_type":"box","text":"of cash or other assets during the life of the instrument or at maturity or early termination, whether as margin or","page_number":57,"box":{"x":69,"y":619,"width":801,"height":11}},{"id":"6cfcac05-e873-4429-9df4-4ebdd00f75d0","block_type":"box","text":"settlement payment or otherwise; (2) any short sale borrowing; (3) reverse repurchase agreements and similar","page_number":57,"box":{"x":69,"y":634,"width":791,"height":12}},{"id":"9b666128-0e9e-48fd-af66-6d1f3f33bb21","block_type":"box","text":"financing transactions (","page_number":57,"box":{"x":68,"y":649,"width":166,"height":12}},{"id":"6751f210-c7f2-407b-b218-b8f8de0ca485","block_type":"box","text":"e.g.","page_number":57,"box":{"x":236,"y":651,"width":25,"height":10}},{"id":"b89d6b80-2338-4112-a381-169c244d6288","block_type":"box","text":", recourse and non-recourse tender option bonds, and borrowed bonds), if a Fund elects to","page_number":57,"box":{"x":263,"y":649,"width":646,"height":11}},{"id":"48efccb0-0496-41ef-a90e-669045c62814","block_type":"box","text":"treat all of these transactions as Derivatives Transactions under Rule 18f-4; and (4) when-issued or forward-settling","page_number":57,"box":{"x":68,"y":664,"width":825,"height":12}},{"id":"42586229-286a-4e5b-9e6f-3bfad0c01c70","block_type":"box","text":"securities (","page_number":57,"box":{"x":69,"y":680,"width":78,"height":11}},{"id":"aacc76bc-af41-4536-be74-2eb79219a9cb","block_type":"box","text":"e.g.","page_number":57,"box":{"x":148,"y":681,"width":25,"height":10}},{"id":"85f1fdff-3fae-4da8-8600-38f13b4a0173","block_type":"box","text":", firm and standby commitments, including to-be-announced (“TBA”) commitments, and dollar rolls)","page_number":57,"box":{"x":176,"y":680,"width":704,"height":11}},{"id":"18f183a0-7faf-4f7a-aaa6-fe420372d1a0","block_type":"box","text":"and non-standard settlement cycle securities, unless such transactions meet the Delayed-Settlement Securities","page_number":57,"box":{"x":69,"y":695,"width":796,"height":11}},{"id":"c00b6dc8-b0f8-41a1-a2b2-f024b5bb1ab3","block_type":"box","text":"Provision (as defined below under “—When-Issued Securities, Delayed Delivery Securities and Forward","page_number":57,"box":{"x":69,"y":710,"width":732,"height":11}},{"id":"9e4804da-5e4b-41b2-a78a-de2677f4e52f","block_type":"box","text":"Commitments”).","page_number":57,"box":{"x":69,"y":725,"width":115,"height":11}},{"id":"6a8e2a28-56cb-4cbe-a0e9-94efe419befe","block_type":"box","text":"Unless a Fund is relying on the Limited Derivatives User Exception (as defined below), the Fund must comply with","page_number":57,"box":{"x":102,"y":748,"width":805,"height":11}},{"id":"bdbb8415-b3eb-473d-bb5d-6c0da9eec0f8","block_type":"box","text":"Rule 18f-4 with respect to its Derivatives Transactions. Rule 18f-4, among other things, requires a Fund to adopt and","page_number":57,"box":{"x":70,"y":763,"width":832,"height":11}},{"id":"79e9ad66-551f-432a-8ebc-52e33ed47a1a","block_type":"box","text":"implement a comprehensive written derivatives risk management program (“DRMP”) and comply with a relative or","page_number":57,"box":{"x":70,"y":778,"width":808,"height":11}},{"id":"722fce04-4e4c-4564-b6d9-1364c59a1f47","block_type":"box","text":"absolute limit on Fund leverage risk calculated based on value-at-risk (“VaR”). The DRMP is administered by a","page_number":57,"box":{"x":69,"y":793,"width":780,"height":11}},{"id":"06ef28ae-8af0-4c9e-9e84-3be8ecb33cc6","block_type":"box","text":"“derivatives risk manager,” who is appointed by the Fund’s Board, including a majority of the independent Directors,","page_number":57,"box":{"x":70,"y":808,"width":824,"height":11}},{"id":"36279e13-0e00-43de-ac40-0db6ba569f38","block_type":"box","text":"and periodically reviews the DRMP and reports to the Fund’s Board.","page_number":57,"box":{"x":69,"y":823,"width":482,"height":11}},{"id":"4d35585d-4f60-4ae3-b7d5-821b8196bf9d","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":57,"box":{"x":102,"y":846,"width":724,"height":11}},{"id":"97965726-7b12-4b22-9fd9-944dc5c4f008","block_type":"box","text":"“derivatives exposure” is limited to 10% of its net assets (as calculated in accordance with Rule 18f-4) and the Fund","page_number":57,"box":{"x":70,"y":861,"width":830,"height":11}},{"id":"a3981e94-495f-46bf-a04e-7cca97ccb839","block_type":"box","text":"adopts and implements written policies and procedures reasonably designed to manage its derivatives risks (the","page_number":57,"box":{"x":69,"y":876,"width":803,"height":11}},{"id":"2e2f6876-5b94-4a69-a924-87092a99df3d","block_type":"box","text":"“Limited Derivatives User Exception”).","page_number":57,"box":{"x":70,"y":891,"width":268,"height":11}},{"id":"6b4efff4-e0a7-4fdd-bc33-1ad88abda016","block_type":"box","text":"II-13","page_number":57,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"65525c38-66c7-46a9-b07a-0ae869ff5bed","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":57,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3176035d-de25-4084-951a-273cc8a27eec","block_type":"box","text":"Dodd-Frank Regulations.","page_number":58,"box":{"x":102,"y":45,"width":171,"height":11}},{"id":"b0467fe9-64c3-45c8-b4a0-f9f600177cef","block_type":"box","text":"The Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”),","page_number":58,"box":{"x":279,"y":45,"width":575,"height":11}},{"id":"684e6047-5fd2-4f0e-83ac-1262deb2d9da","block_type":"box","text":"enacted in July 2010, includes provisions that comprehensively regulate the over-the-counter (“OTC”) derivatives","page_number":58,"box":{"x":69,"y":60,"width":800,"height":11}},{"id":"a45185c5-4d1f-47f8-b54e-4fd7006573fb","block_type":"box","text":"markets for the first time. While the Commodity Futures Trading Commission (“CFTC”) and other U.S. regulators have","page_number":58,"box":{"x":69,"y":75,"width":834,"height":11}},{"id":"90f1ae28-8d5d-48bf-abe2-c0540aed38c8","block_type":"box","text":"adopted many of the required Dodd-Frank regulations, certain regulations have only recently become effective and","page_number":58,"box":{"x":69,"y":90,"width":813,"height":11}},{"id":"44b9a673-86d9-42f1-a82f-43f1e45bb724","block_type":"box","text":"other regulations remain to be adopted. The full impact of Dodd-Frank on the Funds remains uncertain.","page_number":58,"box":{"x":69,"y":105,"width":733,"height":11}},{"id":"bfb3953f-806d-49be-b218-9b0ca527d39f","block_type":"box","text":"Many OTC derivatives dealers are required to register with the CFTC as “swap dealers” and/or with the SEC as","page_number":58,"box":{"x":102,"y":128,"width":789,"height":11}},{"id":"0d2ff74f-bbb3-4f50-8ecc-9e3ede36bdca","block_type":"box","text":"“security-based swap dealers”. Registered swap dealers and security-based swap dealers are subject to various","page_number":58,"box":{"x":70,"y":143,"width":797,"height":11}},{"id":"9add84b9-5dcf-4fed-bdee-ad531746d8b7","block_type":"box","text":"regulatory requirements, including, but not limited to, margin, recordkeeping, reporting, transparency, position limits,","page_number":58,"box":{"x":69,"y":158,"width":833,"height":11}},{"id":"478e22ec-1a09-44ee-8209-0fe847888c73","block_type":"box","text":"limitations on conflicts of interest, business conduct standards, minimum capital requirements and other regulatory","page_number":58,"box":{"x":70,"y":173,"width":826,"height":11}},{"id":"ed489354-3255-4dcf-98d8-490daa862e52","block_type":"box","text":"requirements, which indirectly impact the Funds that enter into transactions with them.","page_number":58,"box":{"x":69,"y":188,"width":618,"height":11}},{"id":"0ccc7b90-68c9-43fb-8d58-cafa9ebe62a5","block_type":"box","text":"The CFTC requires that certain interest rate swaps and certain credit default swaps must be executed in","page_number":58,"box":{"x":101,"y":211,"width":745,"height":11}},{"id":"7e3b545e-4952-41ca-aaa1-094d61ff56b7","block_type":"box","text":"regulated markets and be submitted for clearing to regulated clearinghouses. The SEC is also expected to impose","page_number":58,"box":{"x":69,"y":226,"width":813,"height":11}},{"id":"53429f8a-da6d-42a4-9fbc-862bdefb4615","block_type":"box","text":"similar requirements on certain security-based derivatives in the future. OTC derivatives trades submitted for clearing","page_number":58,"box":{"x":69,"y":241,"width":835,"height":11}},{"id":"aef7e8da-0b4b-4d53-8d9f-cacfe46d4c8b","block_type":"box","text":"are subject to minimum initial and variation margin requirements set by the relevant clearinghouse, as well as margin","page_number":58,"box":{"x":69,"y":257,"width":837,"height":11}},{"id":"a508e5a1-bae0-4226-bb51-b3742ccf29af","block_type":"box","text":"requirements mandated by the CFTC, SEC and/or federal prudential regulators. In addition, futures commission","page_number":58,"box":{"x":69,"y":271,"width":794,"height":12}},{"id":"782b8340-ae64-4d6b-be61-908d9aded265","block_type":"box","text":"merchants (“FCMs”), who act as clearing members on behalf of customers for cleared OTC derivatives and futures","page_number":58,"box":{"x":69,"y":286,"width":815,"height":12}},{"id":"d62af063-6a7a-4ab0-a2b5-784647b53a0a","block_type":"box","text":"contracts, also have discretion to increase a Fund’s margin requirements for these transactions beyond any","page_number":58,"box":{"x":69,"y":302,"width":770,"height":11}},{"id":"fb80aae7-4366-432e-ae45-2b9af32d5a0b","block_type":"box","text":"regulatory and clearinghouse minimums subject to any restrictions on such discretion in the documentation between","page_number":58,"box":{"x":69,"y":317,"width":831,"height":11}},{"id":"e40672a2-8b90-48df-b9a4-a76ce5497f28","block_type":"box","text":"the FCM and the customer. These regulatory requirements may make it more difficult and costly for the Funds to","page_number":58,"box":{"x":68,"y":332,"width":804,"height":11}},{"id":"30c56266-5f69-433e-bcdd-6d9d60673098","block_type":"box","text":"enter into highly tailored or customized transactions, potentially rendering certain investment strategies impossible or","page_number":58,"box":{"x":69,"y":347,"width":839,"height":11}},{"id":"1e5343c2-b8f3-4540-87f1-d0ac4c45145d","block_type":"box","text":"not economically feasible. If a Fund decides to execute and clear cleared OTC derivatives and/or futures contracts","page_number":58,"box":{"x":69,"y":362,"width":814,"height":11}},{"id":"93d28ec0-08b0-4ed5-84d1-0dcebab87d60","block_type":"box","text":"through execution facilities, exchanges or clearinghouses, either indirectly through an executing broker, clearing","page_number":58,"box":{"x":68,"y":377,"width":796,"height":12}},{"id":"5362a3b0-6114-4af5-b6bd-c19b05dd34a9","block_type":"box","text":"member FCM or as a direct member, a Fund would be required to comply with the rules of the execution facility,","page_number":58,"box":{"x":69,"y":392,"width":793,"height":12}},{"id":"5bf9e6fd-84c2-4f6c-a742-f8bfd0e93ab0","block_type":"box","text":"exchange or clearinghouse and other applicable law.","page_number":58,"box":{"x":69,"y":408,"width":370,"height":11}},{"id":"546a4ac3-c2e6-4f13-a508-ca9777cada01","block_type":"box","text":"With respect to cleared OTC derivatives and futures contracts and options on futures, a Fund will not face a","page_number":58,"box":{"x":101,"y":430,"width":766,"height":11}},{"id":"ecda9164-45db-4551-b0a2-d5996f4f2176","block_type":"box","text":"clearinghouse directly but rather will do so through a FCM that is registered with the CFTC and/or SEC and that acts","page_number":58,"box":{"x":69,"y":445,"width":826,"height":12}},{"id":"fe3e6426-c7d9-4603-8cb7-4e269efc28d3","block_type":"box","text":"as a clearing member. A Fund may face the indirect risk of the failure of another clearing member customer to meet","page_number":58,"box":{"x":69,"y":460,"width":825,"height":12}},{"id":"21c6de81-36db-4444-b8c5-5f402ca415d9","block_type":"box","text":"its obligations to its clearing member. Such scenario could arise due to a default by the clearing member on its","page_number":58,"box":{"x":70,"y":475,"width":791,"height":12}},{"id":"878d7559-c21b-464e-aaf8-bba95d054e0b","block_type":"box","text":"obligations to the clearinghouse simultaneously with a customer’s failure to meet its obligations to the clearing","page_number":58,"box":{"x":69,"y":491,"width":793,"height":11}},{"id":"eee23011-fbec-4b1e-9a35-e7ebafa37e35","block_type":"box","text":"member.","page_number":58,"box":{"x":69,"y":506,"width":60,"height":9}},{"id":"55ca51d1-9022-432f-baee-c1c666b9f689","block_type":"box","text":"Clearing member FCMs are required to post initial margin to the clearinghouses through which they clear their","page_number":58,"box":{"x":102,"y":529,"width":782,"height":11}},{"id":"93dc4187-0223-42ab-8914-aa9ca7cca719","block_type":"box","text":"customers’ cleared OTC derivatives and futures contracts, instead of using such initial margin in their businesses, as","page_number":58,"box":{"x":69,"y":543,"width":837,"height":12}},{"id":"74f58527-3fc7-41c8-b108-77784e28d3b8","block_type":"box","text":"was widely permitted for OTC derivatives before Dodd-Frank. While an FCM may require its customer to post initial","page_number":58,"box":{"x":68,"y":559,"width":811,"height":11}},{"id":"432bdcfc-3bd8-4c67-8cab-ae198bb733d6","block_type":"box","text":"margin in excess of clearinghouse requirements, and certain clearinghouses may share a portion of their earnings on","page_number":58,"box":{"x":69,"y":574,"width":838,"height":11}},{"id":"9a3b8637-c30e-4e4f-8792-a87a089e698a","block_type":"box","text":"initial margin with their clearing members, some portion of the initial margin that is passed through to the","page_number":58,"box":{"x":70,"y":589,"width":754,"height":11}},{"id":"98bbd920-ffcc-483f-a3e1-0752042b2151","block_type":"box","text":"clearinghouse does not generate earnings for the FCM. The inability of FCMs to earn the same levels of returns on","page_number":58,"box":{"x":69,"y":604,"width":815,"height":11}},{"id":"b10435a1-75bd-44f4-80d7-4a0ab8a793d6","block_type":"box","text":"initial margin for cleared OTC derivatives as they could earn with respect to non-cleared OTC derivatives may cause","page_number":58,"box":{"x":70,"y":619,"width":817,"height":11}},{"id":"40921a94-1d1f-4770-9966-dec1cf0417c4","block_type":"box","text":"FCMs to charge higher fees, or provide less favorable pricing on cleared OTC derivatives than swap dealers will","page_number":58,"box":{"x":70,"y":634,"width":788,"height":12}},{"id":"57e57a54-6f82-410b-b26e-a2302c7db5bf","block_type":"box","text":"provide for non-cleared OTC derivatives. Furthermore, customers, including the Funds, are subject to additional fees","page_number":58,"box":{"x":70,"y":649,"width":825,"height":12}},{"id":"81095924-2ca5-4d6f-ad25-8e441cbc5528","block_type":"box","text":"payable to FCMs with respect to cleared OTC derivatives, which may raise the cost to Funds of clearing as compared","page_number":58,"box":{"x":70,"y":664,"width":829,"height":12}},{"id":"43d834df-37fe-4953-8c04-fde083beec29","block_type":"box","text":"to trading non-cleared OTC derivatives bilaterally.","page_number":58,"box":{"x":68,"y":680,"width":346,"height":11}},{"id":"d146a6fc-6ea3-4baf-b698-f5e875abcdde","block_type":"box","text":"With respect to uncleared swaps, registered swap dealers and security-based swap dealers are required to","page_number":58,"box":{"x":101,"y":703,"width":762,"height":11}},{"id":"2667c2ea-d3f1-41bb-8490-919a9a2fb225","block_type":"box","text":"exchange variation margin with a Fund and may be required by applicable regulations to collect (and in some cases","page_number":58,"box":{"x":69,"y":718,"width":820,"height":11}},{"id":"c3424197-3782-407a-91a2-011b7455cc07","block_type":"box","text":"exchange) initial margin with a Fund. Both initial and variation margin may be comprised of cash and/or securities,","page_number":58,"box":{"x":69,"y":732,"width":816,"height":12}},{"id":"bbc47b9d-745f-4d5f-9746-a1f4a1894ce0","block_type":"box","text":"subject to applicable regulatory haircuts and other restrictions. Shares of investment companies (other than certain","page_number":58,"box":{"x":69,"y":748,"width":825,"height":11}},{"id":"bcabc3e6-bcec-462c-957f-4e812ec58f41","block_type":"box","text":"money market funds) may not be posted as collateral under applicable regulations.","page_number":58,"box":{"x":69,"y":763,"width":590,"height":11}},{"id":"2684e92c-3d04-4186-b51c-337f14ede62c","block_type":"box","text":"The CFTC, certain foreign regulators, and many futures exchanges have established (and continue to evaluate","page_number":58,"box":{"x":101,"y":785,"width":783,"height":12}},{"id":"896a6930-dd8d-4e74-b1fd-3af5b5adede4","block_type":"box","text":"and monitor) speculative position limits (“position limits”) on the maximum speculative position which any person, or","page_number":58,"box":{"x":69,"y":801,"width":833,"height":11}},{"id":"94301a6a-8a24-4c80-ab1e-8eeef172f91e","block_type":"box","text":"group of persons acting in concert, may hold or control in particular contracts. In addition, U.S. federal position limits","page_number":58,"box":{"x":68,"y":816,"width":837,"height":11}},{"id":"1966a128-7c5b-4fa0-8495-8380b377a677","block_type":"box","text":"apply to swaps that are economically equivalent to futures contracts on certain agricultural, metals and energy","page_number":58,"box":{"x":69,"y":831,"width":789,"height":11}},{"id":"f5e2320a-3160-4216-8e18-949a469e1d5d","block_type":"box","text":"commodities. All positions owned or controlled by the same person or entity, even if in different accounts, must be","page_number":58,"box":{"x":69,"y":846,"width":818,"height":11}},{"id":"77e3ec68-98c0-436d-bf0c-dfd46c10b1ba","block_type":"box","text":"aggregated for purposes of complying with the speculative limits. Thus, even if a Fund does not intend to exceed","page_number":58,"box":{"x":69,"y":861,"width":801,"height":11}},{"id":"374a26e4-8ccf-4d51-bdc2-e232592858c1","block_type":"box","text":"applicable position limits, it is possible that different clients managed by the Manager and its affiliates may be","page_number":58,"box":{"x":69,"y":876,"width":791,"height":11}},{"id":"8e9b899d-8957-461c-941a-5e0b8b5279ed","block_type":"box","text":"aggregated for this purpose. Therefore, the trading decisions of the Manager may have to be modified and positions","page_number":58,"box":{"x":69,"y":891,"width":827,"height":12}},{"id":"0bab02f4-c6b2-4fba-84a5-2751bb28c7bb","block_type":"box","text":"held by a Fund liquidated in order to avoid exceeding such limits. The modification of investment decisions or the","page_number":58,"box":{"x":69,"y":906,"width":805,"height":12}},{"id":"5939fa63-5844-4505-82b6-17f0667f624b","block_type":"box","text":"II-14","page_number":58,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"86d4eb4d-a1d6-45c0-bdd3-b10b6d13947b","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":58,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ccaeef34-ad83-46be-846a-b497867dc293","block_type":"box","text":"elimination of open positions, if it occurs, may adversely affect the profitability of a Fund. A violation of position limits","page_number":59,"box":{"x":69,"y":45,"width":837,"height":11}},{"id":"6b3b0a29-954e-49eb-8302-ffb46e5b823b","block_type":"box","text":"could also lead to regulatory action materially adverse to a Fund’s investment strategy. A Fund may also be affected","page_number":59,"box":{"x":69,"y":60,"width":827,"height":11}},{"id":"ba36f377-ef39-43ba-b6e6-22951cbdb323","block_type":"box","text":"by other regimes, including those of the European Union and United Kingdom, and trading venues that impose","page_number":59,"box":{"x":69,"y":75,"width":785,"height":11}},{"id":"becfe726-243d-4e1d-a0aa-8ca03e184b78","block_type":"box","text":"position limits on commodity derivative contracts.","page_number":59,"box":{"x":70,"y":90,"width":350,"height":11}},{"id":"cd497b0f-b540-4296-a43e-d840e210f6c0","block_type":"box","text":"Additional Regulation of Derivatives.","page_number":59,"box":{"x":101,"y":113,"width":256,"height":11}},{"id":"0e69e46a-25d7-4438-b7d9-2955ac27f8dd","block_type":"box","text":"Regulatory bodies outside the U.S. have also passed, proposed, or may","page_number":59,"box":{"x":364,"y":113,"width":513,"height":11}},{"id":"c9d3fb5a-1f79-4c09-add7-e00e5a63605e","block_type":"box","text":"propose in the future, legislation similar to Dodd-Frank or other legislation that could increase the costs of","page_number":59,"box":{"x":70,"y":128,"width":757,"height":11}},{"id":"e4ba5839-9e42-4c86-a1ea-83209fc9c153","block_type":"box","text":"participating in, or otherwise adversely impact the liquidity of, participating in the commodities markets. For example,","page_number":59,"box":{"x":70,"y":143,"width":836,"height":11}},{"id":"856adc1a-f7e6-4f78-ab7f-51598ab9eb00","block_type":"box","text":"the European Market Infrastructure Regulation (Regulation (EU) No 648/2012) (“EMIR”) introduced certain","page_number":59,"box":{"x":68,"y":158,"width":762,"height":11}},{"id":"695d5a2e-061f-4723-87d7-6d5e810de4c3","block_type":"box","text":"requirements in respect of OTC derivatives including: (i) the mandatory clearing of OTC derivative contracts declared","page_number":59,"box":{"x":69,"y":173,"width":825,"height":11}},{"id":"5eec74c5-789f-4720-8d31-99832f9edebc","block_type":"box","text":"subject to the clearing obligation; (ii) risk mitigation techniques in respect of uncleared OTC derivative contracts,","page_number":59,"box":{"x":69,"y":188,"width":798,"height":12}},{"id":"51a6550c-40f6-4e05-9edf-d9a4a8d339b9","block_type":"box","text":"including the mandatory margining of uncleared OTC derivative contracts; and (iii) reporting and recordkeeping","page_number":59,"box":{"x":70,"y":203,"width":785,"height":12}},{"id":"0e61b404-fe7f-494d-b4e2-cef32679e603","block_type":"box","text":"requirements in respect of all derivatives contracts. By way of further example, the European Union Markets in","page_number":59,"box":{"x":69,"y":218,"width":787,"height":12}},{"id":"6389b332-a09b-4f73-8f80-6e3aa77da274","block_type":"box","text":"Financial Instruments Directive (Directive 2014/65/EU) and Markets in Financial Instruments Regulation (Regulation","page_number":59,"box":{"x":70,"y":234,"width":830,"height":11}},{"id":"a6ababf2-41ab-47a4-b32a-7952f5bfc0f7","block_type":"box","text":"(EU) No 600/2014) (together “MiFID II”), which have applied since January 3, 2018, govern the provision of","page_number":59,"box":{"x":69,"y":249,"width":771,"height":11}},{"id":"4f9ee006-1c14-43fa-bed9-63ef85da2ea6","block_type":"box","text":"investment services and activities in relation to, as well as the organized trading of, financial instruments such as","page_number":59,"box":{"x":70,"y":264,"width":812,"height":11}},{"id":"66b2f9be-efe1-455d-85a2-7d0c0483f89b","block_type":"box","text":"shares, bonds, units in collective investment schemes and derivatives. In particular, MiFID II requires European Union","page_number":59,"box":{"x":69,"y":279,"width":839,"height":11}},{"id":"2553425c-7385-4c8f-a132-64578972a4ba","block_type":"box","text":"Member States to apply position limits to the size of a net position a person can hold at any time in commodity","page_number":59,"box":{"x":70,"y":294,"width":793,"height":11}},{"id":"9b47ff82-3a82-4650-ad6d-dcf919a2f22a","block_type":"box","text":"derivatives traded on European Union trading venues and in “economically equivalent” OTC contracts. If the","page_number":59,"box":{"x":69,"y":309,"width":765,"height":11}},{"id":"4f9d3d51-d438-4d79-b618-5eaf98c3bda8","block_type":"box","text":"requirements of EMIR and MiFID II apply, the cost of derivatives transactions is expected to increase.","page_number":59,"box":{"x":69,"y":324,"width":720,"height":11}},{"id":"17c5e1f3-952f-4af8-ae11-48f3ba6a899a","block_type":"box","text":"In addition, regulations adopted by global prudential regulators that are now in effect require certain prudentially","page_number":59,"box":{"x":102,"y":347,"width":802,"height":11}},{"id":"bb7d4a12-f42e-4022-ab22-c0b151125e1a","block_type":"box","text":"regulated entities and certain of their affiliates and subsidiaries (including swap dealers) to include in their","page_number":59,"box":{"x":69,"y":362,"width":762,"height":11}},{"id":"ad675a05-d006-4116-844c-d2ff5574c96a","block_type":"box","text":"derivatives contracts and certain other financial contracts, terms that delay or restrict the rights of counterparties","page_number":59,"box":{"x":69,"y":377,"width":810,"height":12}},{"id":"5fbc333e-6235-4239-90b3-9311df701cc3","block_type":"box","text":"(such as the Funds) to terminate such contracts, foreclose upon collateral, exercise other default rights or restrict","page_number":59,"box":{"x":69,"y":392,"width":812,"height":12}},{"id":"b6df62f9-c0e9-4f5f-9f00-fa1c45baabf6","block_type":"box","text":"transfers of credit support in the event that the prudentially regulated entity and/or its affiliates are subject to","page_number":59,"box":{"x":68,"y":407,"width":787,"height":12}},{"id":"896d99bd-4fff-4236-b223-0741d6ec13ff","block_type":"box","text":"certain types of resolution or insolvency proceedings. Similar regulations and laws have been adopted in non-U.S.","page_number":59,"box":{"x":69,"y":423,"width":810,"height":11}},{"id":"8eeda568-cb24-47e3-879f-5c199adace12","block_type":"box","text":"jurisdictions that may apply to a Fund’s counterparties located in those jurisdictions. In particular, in the United","page_number":59,"box":{"x":67,"y":438,"width":795,"height":11}},{"id":"b3e92626-9bb0-403b-b6d8-5d488051c9e5","block_type":"box","text":"Kingdom and the European Union, governmental authorities could reduce, eliminate or convert to equity the liabilities","page_number":59,"box":{"x":70,"y":453,"width":835,"height":11}},{"id":"3631181d-00fc-4b76-843a-5611d4e45c8c","block_type":"box","text":"to a Fund of a counterparty experiencing financial difficulties (sometimes referred to as a “bail in”). It is possible that","page_number":59,"box":{"x":68,"y":468,"width":839,"height":11}},{"id":"434c2420-d264-4788-9ff5-6694f75416c8","block_type":"box","text":"these requirements, as well as potential additional related government regulation, could adversely affect a Fund’s","page_number":59,"box":{"x":68,"y":483,"width":814,"height":11}},{"id":"7d0ff7e0-e8d9-4b9d-87da-bdffd2039cbf","block_type":"box","text":"ability to terminate existing derivatives contracts, exercise default rights or satisfy obligations owed to it with","page_number":59,"box":{"x":69,"y":498,"width":773,"height":11}},{"id":"7494c27b-ac7b-4299-8f75-a52446778828","block_type":"box","text":"collateral received under such contracts.","page_number":59,"box":{"x":69,"y":514,"width":288,"height":8}},{"id":"28fb3e37-c875-476a-8acd-e0b5400d7980","block_type":"box","text":"Risk Factors in Derivatives.","page_number":59,"box":{"x":102,"y":536,"width":191,"height":9}},{"id":"33484f63-abbd-4a4b-b0f1-74fbba654d2b","block_type":"box","text":"There are significant risks that apply generally to derivatives transactions, including:","page_number":59,"box":{"x":101,"y":559,"width":597,"height":11}},{"id":"8be5e0dd-b54b-4632-9ee6-c5f1c2093edf","block_type":"box","text":"Correlation Risk","page_number":59,"box":{"x":102,"y":581,"width":114,"height":9}},{"id":"0a80bf8e-928d-451b-b7b9-dbc992fa6050","block_type":"box","text":"— the risk that changes in the value of a derivative will not match the changes in the value of","page_number":59,"box":{"x":220,"y":581,"width":668,"height":12}},{"id":"d8f9bb06-3839-48cd-b8cc-25fcf5245670","block_type":"box","text":"the portfolio holdings that are being hedged or of the particular market or security to which the Fund seeks exposure.","page_number":59,"box":{"x":68,"y":596,"width":837,"height":12}},{"id":"b5457fb9-73f9-4b0b-be78-45550cb51841","block_type":"box","text":"There are a number of factors which may prevent a derivative instrument from achieving the desired correlation (or","page_number":59,"box":{"x":68,"y":612,"width":818,"height":11}},{"id":"6e4c77ce-9360-482e-8bb7-19808c486f8b","block_type":"box","text":"inverse correlation) with an underlying asset, rate or index, such as the impact of fees, expenses and transaction","page_number":59,"box":{"x":70,"y":627,"width":806,"height":11}},{"id":"4c7d2728-7f99-4c91-a069-b59115c7a916","block_type":"box","text":"costs, the timing of pricing, and disruptions or illiquidity in the markets for such derivative instrument.","page_number":59,"box":{"x":69,"y":642,"width":725,"height":11}},{"id":"995fec45-da73-45a5-8946-fc4ac9a73e92","block_type":"box","text":"Counterpar ty Risk","page_number":59,"box":{"x":102,"y":665,"width":128,"height":11}},{"id":"12d52edf-3e0e-4b6e-9e0b-abf730156298","block_type":"box","text":"— the risk that a derivatives transaction counterparty will be unable or unwilling to make","page_number":59,"box":{"x":233,"y":665,"width":632,"height":11}},{"id":"5194bcc2-e328-492a-bc37-4215c31636b4","block_type":"box","text":"payments or otherwise honor its obligations to a Fund and the related risks of having concentrated exposure to such","page_number":59,"box":{"x":70,"y":680,"width":830,"height":11}},{"id":"01e493a4-7a74-4d93-b84f-3b3788638886","block_type":"box","text":"a counterparty. In particular, derivatives traded in OTC markets often are not guaranteed by an exchange or clearing","page_number":59,"box":{"x":69,"y":695,"width":824,"height":11}},{"id":"eb0415ef-c5bd-4505-b0c3-db18e044e4ba","block_type":"box","text":"corporation and often do not require payment of margin, and to the extent that the Fund has unrealized gains in such","page_number":59,"box":{"x":69,"y":710,"width":834,"height":11}},{"id":"5d003d11-4cbf-4ce1-9650-9b332cecb62b","block_type":"box","text":"instruments or has deposited collateral with its counterparties the Fund is at risk that its counterparties will become","page_number":59,"box":{"x":70,"y":725,"width":831,"height":11}},{"id":"07b521e0-485f-4d92-8da0-5f25c83f331c","block_type":"box","text":"bankrupt or otherwise fail to honor their obligations. A Fund will typically attempt to minimize counterparty risk by","page_number":59,"box":{"x":69,"y":740,"width":806,"height":11}},{"id":"127d1270-86f5-47ca-8076-84fdef9583ec","block_type":"box","text":"engaging in OTC derivatives transactions only with creditworthy entities that have substantial capital or that have","page_number":59,"box":{"x":69,"y":755,"width":803,"height":11}},{"id":"75512e9d-e0c6-4dfb-9d1d-71a02cc617dd","block_type":"box","text":"provided the Fund with a third-party guaranty or other credit support. When a Fund enters into a derivatives","page_number":59,"box":{"x":70,"y":771,"width":760,"height":11}},{"id":"f743c686-5469-44cf-9b61-01d3b47ea534","block_type":"box","text":"transaction that is centrally cleared (whether mandatorily or voluntarily), the Fund is subject to the credit risk of the","page_number":59,"box":{"x":68,"y":785,"width":819,"height":12}},{"id":"4224d772-ee05-4c72-acf1-309f5179886a","block_type":"box","text":"clearing house and the clearing member through which it holds its cleared position. Credit risk of market participants","page_number":59,"box":{"x":69,"y":801,"width":834,"height":11}},{"id":"6c0635a1-dfbd-4524-a893-8027ae255aee","block_type":"box","text":"with respect to derivatives that are centrally cleared is concentrated in a few clearing houses and increasingly fewer","page_number":59,"box":{"x":68,"y":816,"width":826,"height":11}},{"id":"5ea95707-90ee-471f-9d7d-f1b3ed8a3935","block_type":"box","text":"clearing members. It is not clear how an insolvency proceeding of a clearing house would be conducted and what","page_number":59,"box":{"x":69,"y":831,"width":805,"height":11}},{"id":"f3f6dedf-ef62-4d72-a99f-b8082235ead1","block_type":"box","text":"impact an insolvency of a clearing house would have on the financial system. Also, a Fund will not be fully protected","page_number":59,"box":{"x":70,"y":846,"width":824,"height":11}},{"id":"f7e6b5d7-3aca-4228-a2f8-939831eea46c","block_type":"box","text":"in the event of the bankruptcy of a Fund’s clearing member because the Fund would be limited to recovering only a","page_number":59,"box":{"x":70,"y":861,"width":816,"height":11}},{"id":"163e3dc8-ff3c-42c7-a0ce-949497f945bb","block_type":"box","text":"pro rata share of the funds held by the clearing member on behalf of customers by account class for cleared","page_number":59,"box":{"x":70,"y":876,"width":771,"height":11}},{"id":"048e168d-6fe1-4c30-ab6d-562ae9456eb9","block_type":"box","text":"derivatives. Although a clearing member is required to segregate assets from customers with respect to cleared","page_number":59,"box":{"x":69,"y":891,"width":797,"height":12}},{"id":"cbe0f824-4ac9-4103-ac29-2fb4872710b0","block_type":"box","text":"derivatives positions from the clearing member’s proprietary assets, if a clearing member does not comply with the","page_number":59,"box":{"x":69,"y":906,"width":822,"height":12}},{"id":"c146dffe-bc03-499e-b556-655f8846ad85","block_type":"box","text":"II-15","page_number":59,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"33b61bfb-5bae-4d81-b54e-fda71dee8b4a","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":59,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"fecc7fd7-d0e1-4df9-8f8f-34a0cd7ca88c","block_type":"box","text":"applicable regulations, or in the event of fraud or misappropriation of customer assets by a clearing member, a Fund","page_number":60,"box":{"x":69,"y":45,"width":829,"height":11}},{"id":"02d92d22-6c77-499b-9201-26a7ad065798","block_type":"box","text":"could have only an unsecured creditor claim in an insolvency of the clearing member with respect to the assets held","page_number":60,"box":{"x":69,"y":60,"width":827,"height":11}},{"id":"54a9149e-f4fc-4a44-8fae-ec9bdac96971","block_type":"box","text":"by the clearing member.","page_number":60,"box":{"x":69,"y":75,"width":169,"height":11}},{"id":"ed83abc9-f35f-48af-a8aa-c16c96242970","block_type":"box","text":"Credit Risk","page_number":60,"box":{"x":102,"y":98,"width":78,"height":9}},{"id":"e0ff5f6d-2964-4f7a-b122-e86fa2989a9a","block_type":"box","text":"— the risk that the reference entity in a credit default swap or similar derivative will not be able to","page_number":60,"box":{"x":184,"y":98,"width":698,"height":11}},{"id":"fba95993-1e16-4d31-9715-4a4e8a42c08a","block_type":"box","text":"honor its financial obligations.","page_number":60,"box":{"x":69,"y":113,"width":213,"height":11}},{"id":"41613f49-e88c-4294-bf9d-a664e35f5ac7","block_type":"box","text":"Currency Risk","page_number":60,"box":{"x":102,"y":135,"width":98,"height":11}},{"id":"05dff3d4-454d-451c-809a-8a12b8b132d3","block_type":"box","text":"— the risk that changes in the exchange rate between two currencies will adversely affect the","page_number":60,"box":{"x":204,"y":135,"width":669,"height":12}},{"id":"b9d3e40b-0f46-496c-88b3-f0304eeecf48","block_type":"box","text":"value (in U.S. dollar terms) of a derivative.","page_number":60,"box":{"x":68,"y":150,"width":300,"height":11}},{"id":"46daebe1-6eb4-48d5-9fd6-f3fdf6476d55","block_type":"box","text":"Illiquidity Risk","page_number":60,"box":{"x":102,"y":173,"width":98,"height":11}},{"id":"452d66c5-b523-4d54-8eee-e1612b9a7dd1","block_type":"box","text":"— the risk that certain securities or instruments may be difficult or impossible to sell at the time","page_number":60,"box":{"x":204,"y":173,"width":693,"height":11}},{"id":"c49c2143-0bf4-414a-a923-f7b33b98af33","block_type":"box","text":"or at the price desired by a Fund in connection with payments of margin, collateral, or settlement payments. There","page_number":60,"box":{"x":69,"y":188,"width":814,"height":12}},{"id":"567f5e32-c6dc-4415-b989-e47257a7b763","block_type":"box","text":"can be no assurance that a Fund will be able to unwind or offset a derivative at its desired price, in a secondary","page_number":60,"box":{"x":69,"y":203,"width":799,"height":12}},{"id":"b738c43a-2af5-41cb-b4f0-3aec0138362a","block_type":"box","text":"market or otherwise. It may, therefore, not be possible for the Fund to unwind its position in a derivative without","page_number":60,"box":{"x":69,"y":218,"width":799,"height":12}},{"id":"b624b425-9f55-46b2-bfe7-5634d81b63c3","block_type":"box","text":"incurring substantial losses (if at all). Certain OTC derivatives, including swaps and OTC options, involve substantial","page_number":60,"box":{"x":70,"y":234,"width":824,"height":11}},{"id":"db11ac7c-2387-4789-a740-1f4caa692279","block_type":"box","text":"illiquidity risk. Illiquidity may also make it more difficult for a Fund to ascertain a market value for such derivatives. A","page_number":60,"box":{"x":70,"y":249,"width":830,"height":11}},{"id":"1e9b8cec-d7ce-46b1-8d7f-44c28ef20d41","block_type":"box","text":"Fund will, therefore, acquire illiquid OTC derivatives (i) if the agreement pursuant to which the instrument is","page_number":60,"box":{"x":70,"y":264,"width":762,"height":11}},{"id":"14d60da0-93fa-4fa7-b7dd-6d4ee3ae98b2","block_type":"box","text":"purchased contains a formula price at which the instrument may be terminated or sold, or (ii) for which the Manager","page_number":60,"box":{"x":70,"y":279,"width":827,"height":11}},{"id":"b8fbe1f6-6155-458a-ae83-4fdede6bfed4","block_type":"box","text":"anticipates the Fund can receive on each business day at least two independent bids or offers, unless a quotation","page_number":60,"box":{"x":69,"y":294,"width":816,"height":11}},{"id":"b0839999-0fa0-4f66-baa6-867526cc03e6","block_type":"box","text":"from only one dealer is available, in which case that dealer’s quotation may be used. The illiquidity of the derivatives","page_number":60,"box":{"x":68,"y":309,"width":831,"height":11}},{"id":"175a1145-e76e-4ff5-a2ec-0b367a15dd1b","block_type":"box","text":"markets may be due to various factors, including congestion, disorderly markets, limitations on deliverable supplies,","page_number":60,"box":{"x":69,"y":324,"width":828,"height":12}},{"id":"9d695480-1c0a-4ae3-a6d4-6b2e7d8cc1bc","block_type":"box","text":"the participation of speculators, government regulation and intervention, and technical and operational or system","page_number":60,"box":{"x":68,"y":339,"width":809,"height":12}},{"id":"d4f7dd50-e144-4303-bdb5-f8b0b9c16b0a","block_type":"box","text":"failures. In addition, the liquidity of a market in an exchange-traded derivative contract may be adversely affected by","page_number":60,"box":{"x":68,"y":355,"width":826,"height":11}},{"id":"dca2e50d-b72e-4828-86da-656d7447ba52","block_type":"box","text":"“daily price fluctuation limits” established by the exchanges which limit the amount of fluctuation in an exchange","page_number":60,"box":{"x":70,"y":370,"width":806,"height":11}},{"id":"4f7161ad-183b-4312-9254-4cddb1c33cf9","block_type":"box","text":"traded contract price during a single trading day. Once the daily limit has been reached in the contract, no trades may","page_number":60,"box":{"x":68,"y":385,"width":838,"height":11}},{"id":"7d59dc09-c9c1-4f02-a241-df51917cab46","block_type":"box","text":"be entered into at a price beyond the limit, thus preventing the liquidation of open positions. Prices have in the past","page_number":60,"box":{"x":69,"y":400,"width":827,"height":11}},{"id":"0d16abca-d0c8-4eeb-b984-8bdfa2279978","block_type":"box","text":"moved to the daily limit on a number of consecutive trading days with little to no trading. If it is not possible to close","page_number":60,"box":{"x":69,"y":415,"width":828,"height":11}},{"id":"98912d84-c362-4115-becb-87e749e7e656","block_type":"box","text":"an open derivative position entered into by the Fund, the Fund would continue to be required to make daily cash","page_number":60,"box":{"x":69,"y":430,"width":796,"height":11}},{"id":"ceb19fdf-1cba-405d-88c1-adcbc2b43672","block_type":"box","text":"payments of variation margin in the event of adverse price movements. In such a situation, if the Fund has","page_number":60,"box":{"x":70,"y":445,"width":759,"height":12}},{"id":"5a1d9808-8811-4ffe-9ec9-6570fd775d3e","block_type":"box","text":"insufficient cash, it may have to sell portfolio securities to meet daily variation margin requirements at a time when it","page_number":60,"box":{"x":70,"y":460,"width":837,"height":12}},{"id":"c17e49eb-5e59-4aff-a007-79b4acbbf3d3","block_type":"box","text":"may be disadvantageous to do so.","page_number":60,"box":{"x":69,"y":476,"width":243,"height":11}},{"id":"7a24d0e6-e5c0-468b-9479-18a4e517f39c","block_type":"box","text":"Index Risk","page_number":60,"box":{"x":102,"y":498,"width":73,"height":9}},{"id":"989a0406-6d30-4dd2-81d3-c396f3a58c46","block_type":"box","text":"— if the derivative is linked to the performance of an index, it will be subject to the risks associated","page_number":60,"box":{"x":179,"y":498,"width":714,"height":11}},{"id":"be354963-67de-457b-b18f-044bc6552230","block_type":"box","text":"with changes in that index. If the index changes, the Fund could receive lower interest payments or experience a","page_number":60,"box":{"x":68,"y":513,"width":800,"height":12}},{"id":"6328a42f-036b-4500-a998-4f31fce6315f","block_type":"box","text":"reduction in the value of the derivative to below the price that the Fund paid for such derivative.","page_number":60,"box":{"x":69,"y":528,"width":678,"height":11}},{"id":"3a4d383e-3b11-487c-b8fe-02b6074f9a0a","block_type":"box","text":"Legal Risk","page_number":60,"box":{"x":102,"y":551,"width":73,"height":11}},{"id":"4633482a-2230-45c0-a974-44cbd465eeec","block_type":"box","text":"— the risk of insufficient documentation, insufficient capacity or authority of counterparty, or legality","page_number":60,"box":{"x":179,"y":551,"width":717,"height":11}},{"id":"233c364f-e6f7-4670-8f12-9dd8ae672a74","block_type":"box","text":"or enforceability of a contract.","page_number":60,"box":{"x":69,"y":566,"width":211,"height":11}},{"id":"352e9e57-e1ee-427d-998a-d49dd343c494","block_type":"box","text":"Leverage Risk","page_number":60,"box":{"x":102,"y":589,"width":99,"height":11}},{"id":"289c0b49-6378-441c-854e-5dccb4160e99","block_type":"box","text":"— the risk that a Fund’s derivatives transactions can magnify the Fund’s gains and losses.","page_number":60,"box":{"x":205,"y":589,"width":648,"height":11}},{"id":"68d5dd59-58c0-4b45-9a9c-330f22eb9671","block_type":"box","text":"Relatively small market movements may result in large changes in the value of a derivatives position and can result","page_number":60,"box":{"x":70,"y":604,"width":823,"height":11}},{"id":"e69112e9-0870-4f95-9d3b-2656289f99a8","block_type":"box","text":"in losses that greatly exceed the amount originally invested.","page_number":60,"box":{"x":70,"y":619,"width":425,"height":11}},{"id":"2f7dbcfb-b025-4b64-819d-349654ae27c6","block_type":"box","text":"Market Risk","page_number":60,"box":{"x":102,"y":642,"width":85,"height":9}},{"id":"7da78c9c-aed5-413c-9d42-6358bc6db714","block_type":"box","text":"— the risk that changes in the value of one or more markets or changes with respect to the value of","page_number":60,"box":{"x":191,"y":642,"width":716,"height":11}},{"id":"9b3bb1ec-7770-44f6-bf24-79dbdc2c8c2a","block_type":"box","text":"the underlying asset will adversely affect the value of a derivative. In the event of an adverse movement, a Fund may","page_number":60,"box":{"x":68,"y":657,"width":833,"height":11}},{"id":"97dca4b8-afce-4f80-8d97-de942207d1e0","block_type":"box","text":"be required to pay substantial additional margin to maintain its position or the Fund’s returns may be adversely","page_number":60,"box":{"x":69,"y":672,"width":794,"height":11}},{"id":"1bdbb80a-d10b-4f8d-a1c7-20ace2432e76","block_type":"box","text":"affected.","page_number":60,"box":{"x":69,"y":687,"width":62,"height":9}},{"id":"e896f62b-0bd1-466c-9c0a-30ab2a6de904","block_type":"box","text":"Operational Risk","page_number":60,"box":{"x":102,"y":710,"width":117,"height":11}},{"id":"132e6007-5c2f-4af2-8e9d-13a463bc750b","block_type":"box","text":"— the risk related to potential operational issues, including documentation issues, settlement","page_number":60,"box":{"x":223,"y":710,"width":674,"height":11}},{"id":"ba16c58f-a73a-4afe-bbd4-4c266b4c376f","block_type":"box","text":"issues, systems failures, inadequate controls and human error.","page_number":60,"box":{"x":70,"y":725,"width":451,"height":11}},{"id":"9eb04709-d74e-4cf6-87f9-c6b505890b7b","block_type":"box","text":"Valuation Risk","page_number":60,"box":{"x":103,"y":748,"width":99,"height":9}},{"id":"7ee43737-18d7-43f0-bfce-ca8a20af0980","block_type":"box","text":"— the risk that valuation sources for a derivative will not be readily available in the market. This is","page_number":60,"box":{"x":206,"y":748,"width":701,"height":11}},{"id":"0d2cb0ad-c060-427f-b558-2794678f8c28","block_type":"box","text":"possible especially in times of market distress, since many market participants may be reluctant to purchase","page_number":60,"box":{"x":70,"y":763,"width":779,"height":11}},{"id":"1ef63eb7-c4d0-4686-8e92-d42f5fc083e5","block_type":"box","text":"complex instruments or quote prices for them.","page_number":60,"box":{"x":69,"y":778,"width":329,"height":11}},{"id":"30e4bcb5-4cb9-4695-bcf4-2e8506004197","block_type":"box","text":"Volatility Risk","page_number":60,"box":{"x":103,"y":801,"width":93,"height":11}},{"id":"d73b29d3-919c-4a2e-b07c-8500fe746717","block_type":"box","text":"— the risk that the value of derivatives will fluctuate significantly within a short time period.","page_number":60,"box":{"x":200,"y":801,"width":652,"height":11}},{"id":"00cac9e5-6137-4ae2-a65d-fadc67edb2c6","block_type":"box","text":"Types of Derivatives Transactions.","page_number":60,"box":{"x":103,"y":823,"width":240,"height":11}},{"id":"db367ce7-d8bd-4183-9384-6786f21761b7","block_type":"box","text":"A Fund may enter into derivatives transactions in accordance with its investment guidelines and restrictions,","page_number":60,"box":{"x":101,"y":846,"width":771,"height":11}},{"id":"7194d888-3743-4f2e-a294-a7eb2d28d380","block_type":"box","text":"including the following:","page_number":60,"box":{"x":70,"y":861,"width":159,"height":11}},{"id":"4fd9e2fe-1de1-4876-818c-0c99a86c04e0","block_type":"box","text":"Futures.","page_number":60,"box":{"x":102,"y":884,"width":56,"height":9}},{"id":"57002dc2-5c7d-4a53-873f-912bc8d6aa9d","block_type":"box","text":"II-16","page_number":60,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"bb870b8d-d12d-4a96-bd02-bc5b05de1e06","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":60,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"679b9295-8f3e-4c1c-a8af-00997f62aa46","block_type":"box","text":"A Fund may enter into futures contracts (“futures”) and options on futures contracts. Futures are standardized,","page_number":61,"box":{"x":101,"y":45,"width":791,"height":11}},{"id":"f2f94f75-541b-488e-9058-eea625f59c74","block_type":"box","text":"exchange-traded contracts that require a purchaser to take delivery, and a seller to make delivery, of a specified","page_number":61,"box":{"x":69,"y":60,"width":799,"height":11}},{"id":"2999cbbb-fe63-47b1-8a2f-862691bd897a","block_type":"box","text":"amount of an asset at a specified future date and price. Upon purchasing or selling a futures contract, a Fund is","page_number":61,"box":{"x":69,"y":75,"width":800,"height":11}},{"id":"5c9f2050-0cba-40cb-8798-3c44c2059181","block_type":"box","text":"required to deposit initial margin equal to a percentage of the contract value. Futures contracts are marked to market","page_number":61,"box":{"x":69,"y":90,"width":838,"height":11}},{"id":"184fa9a6-f332-4183-89b1-494aec000dc2","block_type":"box","text":"daily for the duration of the contract, and the Fund will either post additional margin or be entitled to a payment, as","page_number":61,"box":{"x":69,"y":105,"width":820,"height":11}},{"id":"2dea1a7e-3267-48cc-9b1f-c582ef2c8669","block_type":"box","text":"applicable, based on the mark-to-market movement of the contract.","page_number":61,"box":{"x":69,"y":120,"width":478,"height":11}},{"id":"57d59e5e-ae3f-47e1-9bc7-7a50760865f9","block_type":"box","text":"A Fund may sell a futures contract prior to the completion of its term to limit its risk of loss from a decline in the","page_number":61,"box":{"x":101,"y":143,"width":801,"height":11}},{"id":"ef375b9e-4f70-40d8-8165-32547f478a5f","block_type":"box","text":"market value of portfolio holdings correlated with the futures contract. However, in the event the market value of the","page_number":61,"box":{"x":69,"y":158,"width":829,"height":11}},{"id":"1e073fdb-cb5e-488a-aead-3c341286fcb9","block_type":"box","text":"portfolio holdings correlated with the futures contract increases rather than decreases, a Fund will realize a loss on","page_number":61,"box":{"x":70,"y":173,"width":822,"height":11}},{"id":"6b1b3b53-f57b-4009-8b2b-65942462f60b","block_type":"box","text":"the futures position and a lower return on the portfolio holdings than would have been realized without the purchase","page_number":61,"box":{"x":68,"y":188,"width":830,"height":12}},{"id":"285ffef0-a841-4e3e-a3f6-f84892134497","block_type":"box","text":"of the futures contract.","page_number":61,"box":{"x":69,"y":203,"width":162,"height":9}},{"id":"16797691-b487-4cb9-b06c-cbaacafc374c","block_type":"box","text":"The purchase of a futures contract may provide a Fund a lower cost alternative to purchasing securities or","page_number":61,"box":{"x":101,"y":226,"width":756,"height":11}},{"id":"7f92b594-ca82-44f7-a7bb-6a13548e0c7b","block_type":"box","text":"commodities directly. In the event that such securities or commodities decline in value or a Fund determines not to","page_number":61,"box":{"x":69,"y":241,"width":820,"height":11}},{"id":"88c17c2b-86a8-4ded-a983-d424b48e8a44","block_type":"box","text":"complete an anticipatory hedge transaction relating to a futures contract, however, the Fund may realize a loss","page_number":61,"box":{"x":69,"y":256,"width":789,"height":12}},{"id":"5ccdc95a-bafc-485e-a606-6a86c104283d","block_type":"box","text":"relating to the futures position.","page_number":61,"box":{"x":69,"y":271,"width":219,"height":12}},{"id":"1420c986-7283-438a-ab32-557ef0639ee2","block_type":"box","text":"Futures contracts are also subject to position limits. In order to comply with position limits, a Fund may be","page_number":61,"box":{"x":102,"y":294,"width":757,"height":11}},{"id":"f4565e38-65fc-4d97-b394-6a26ad874849","block_type":"box","text":"required to liquidate positions or may not be able to fully implement trading instructions. Any such liquidation or","page_number":61,"box":{"x":69,"y":309,"width":797,"height":11}},{"id":"6ce4c4d0-a70a-429a-a4c4-304c19ed0b09","block_type":"box","text":"limited implementation could result in substantial costs to a Fund. See “—Regulation of Derivatives — Dodd-Frank","page_number":61,"box":{"x":70,"y":324,"width":816,"height":12}},{"id":"8beca3d7-d6c0-43c3-96d1-8a1cd62572d4","block_type":"box","text":"Regulations” above.","page_number":61,"box":{"x":70,"y":340,"width":140,"height":11}},{"id":"79019cde-7fcb-4ab9-ace3-2c5d64b9a9d0","block_type":"box","text":"A Fund is also permitted to purchase or sell call and put options on futures contracts, including financial futures","page_number":61,"box":{"x":101,"y":362,"width":799,"height":11}},{"id":"c6c4783e-1099-4211-9ba9-ef374cc00cc8","block_type":"box","text":"and stock indices. Generally, these strategies would be used under the same market and market sector conditions","page_number":61,"box":{"x":69,"y":377,"width":818,"height":12}},{"id":"f647cdc8-2b80-4e9f-bb40-bfe4ca0d0b20","block_type":"box","text":"(","page_number":61,"box":{"x":69,"y":393,"width":3,"height":10}},{"id":"1648ce41-8199-4e07-8161-464c2eab37a2","block_type":"box","text":"i.e.","page_number":61,"box":{"x":74,"y":393,"width":21,"height":8}},{"id":"b572a196-96c5-4e36-87e7-5a60546b39ab","block_type":"box","text":", conditions relating to specific types of investments) in which the Fund entered into futures transactions. A Fund","page_number":61,"box":{"x":97,"y":392,"width":803,"height":12}},{"id":"07087a11-0a91-4d30-9f6b-efe592b947b0","block_type":"box","text":"may purchase put options or write call options on futures contracts and stock indices in lieu of selling the underlying","page_number":61,"box":{"x":69,"y":407,"width":830,"height":12}},{"id":"3267f721-86c2-4abf-8b6a-c79f6e531282","block_type":"box","text":"futures contract in anticipation of a decrease in the market value of its securities. Similarly, a Fund can purchase call","page_number":61,"box":{"x":68,"y":423,"width":835,"height":11}},{"id":"8569421b-4edd-4714-8891-f0fe2f78b4f6","block_type":"box","text":"options, or write put options on futures contracts and stock indices, as a substitute for the purchase of such futures","page_number":61,"box":{"x":69,"y":438,"width":831,"height":11}},{"id":"c8a50e8b-dc91-48cf-9337-5ae472e450d8","block_type":"box","text":"contracts to hedge against the increased cost resulting from an increase in the market value of securities which the","page_number":61,"box":{"x":69,"y":453,"width":826,"height":11}},{"id":"e310c2d9-48ec-481f-954f-3d55e1d42c53","block_type":"box","text":"Fund intends to purchase.","page_number":61,"box":{"x":70,"y":468,"width":183,"height":11}},{"id":"b36c1c75-8e14-435a-8037-f1e245a6e1b7","block_type":"box","text":"To maintain greater flexibility, a Fund may invest in instruments which have characteristics similar to futures","page_number":61,"box":{"x":101,"y":491,"width":768,"height":11}},{"id":"358c8646-0105-43fd-994d-258606b7a154","block_type":"box","text":"contracts. These instruments may take a variety of forms, such as debt securities with interest or principal payments","page_number":61,"box":{"x":69,"y":506,"width":835,"height":11}},{"id":"742509bf-b208-4e85-80bd-da950c575aa4","block_type":"box","text":"determined by reference to the value of a security, an index of securities or a commodity at a future point in time. The","page_number":61,"box":{"x":69,"y":521,"width":839,"height":11}},{"id":"616b92f3-15c6-4757-b917-334945c0a664","block_type":"box","text":"risks of such investments could reflect the risks of investing in futures and securities, including volatility and","page_number":61,"box":{"x":69,"y":536,"width":773,"height":11}},{"id":"e5f0af54-a268-42fe-90e8-9819045e0618","block_type":"box","text":"illiquidity.","page_number":61,"box":{"x":70,"y":551,"width":63,"height":11}},{"id":"03317385-6b1c-4ae2-aa40-556e46ef0ab4","block_type":"box","text":"Futures contracts and options on futures contracts are subject to significant correlation risk, leverage risk,","page_number":61,"box":{"x":102,"y":574,"width":757,"height":11}},{"id":"417474cb-8971-4659-91c1-f3e1ef292f8d","block_type":"box","text":"illiquidity risk, market risk and counterparty risk with respect to a Fund’s futures broker or the clearinghouse. See","page_number":61,"box":{"x":70,"y":589,"width":807,"height":11}},{"id":"232eef5b-4afa-46ef-b772-6b20f489caf1","block_type":"box","text":"“—Risk Factors in Derivatives” above.","page_number":61,"box":{"x":70,"y":604,"width":269,"height":9}},{"id":"a7ec4ba0-7969-4839-87af-19c3df982a1b","block_type":"box","text":"Certain Funds may invest in futures based on carbon “allowances.” Under certain regulatory regimes, a limit is","page_number":61,"box":{"x":102,"y":627,"width":791,"height":11}},{"id":"601d7f7c-d93e-44c5-9d7c-4e175ad4a86f","block_type":"box","text":"set by a regulator, such as a government entity, on the total amount of specific greenhouse gases, such as CO2, that","page_number":61,"box":{"x":69,"y":642,"width":838,"height":11}},{"id":"f937c343-c0e2-436a-9691-6bb4ae26f617","block_type":"box","text":"can be emitted by regulated entities, such as manufacturers or energy producers. The regulator then may issue or","page_number":61,"box":{"x":69,"y":657,"width":814,"height":11}},{"id":"a556b321-4502-4824-be7b-26245d2e2c31","block_type":"box","text":"sell individual “emission allowances” to regulated entities, which can then be traded on the open market. Commodity","page_number":61,"box":{"x":69,"y":672,"width":837,"height":11}},{"id":"4f6185c9-0645-4b3a-a37d-0dce78d886fa","block_type":"box","text":"futures contracts linked to the value of emission allowances are known as “carbon futures.”","page_number":61,"box":{"x":68,"y":687,"width":657,"height":9}},{"id":"0a3cebc8-8a32-4f9b-97c1-76e75aba6c0b","block_type":"box","text":"The price for carbon futures contracts is based on a number of factors, including the supply of and the demand","page_number":61,"box":{"x":101,"y":710,"width":792,"height":11}},{"id":"ff8ffe6c-cd1b-40e8-ad1e-ce5c0f9c3e21","block_type":"box","text":"for carbon futures contracts. Changes in law, market conditions and expectations, position limits, collateral","page_number":61,"box":{"x":68,"y":725,"width":764,"height":11}},{"id":"e736c608-fd5a-4852-ace7-a4fd1605eab8","block_type":"box","text":"requirements, and other factors each can impact the supply of and demand for carbon futures contracts. The market","page_number":61,"box":{"x":69,"y":740,"width":832,"height":11}},{"id":"ed3ce6dc-4782-4215-b705-5b4e2d993365","block_type":"box","text":"for carbon futures contracts is still developing and may be subject to periods of illiquidity. During such times it may be","page_number":61,"box":{"x":68,"y":755,"width":841,"height":11}},{"id":"a4a396ce-c917-4e5a-bbd7-f178616dda8a","block_type":"box","text":"difficult or impossible to buy or sell a position at the desired price. Market disruptions or volatility can also make it","page_number":61,"box":{"x":69,"y":770,"width":819,"height":11}},{"id":"ff9fc39a-7ae7-4e8e-ae83-91120719dda3","block_type":"box","text":"difficult to find a counterparty willing to transact at a reasonable price and sufficient size.","page_number":61,"box":{"x":69,"y":785,"width":637,"height":12}},{"id":"fcf8cb4d-aeb9-469c-ab1d-602ba4ab4b40","block_type":"box","text":"Swap Agreements.","page_number":61,"box":{"x":102,"y":808,"width":131,"height":11}},{"id":"59b9fbe3-a6bd-423a-a68b-278dd249abd6","block_type":"box","text":"A Fund may enter into swap agreements for hedging purposes or speculative purposes. Swap agreements are","page_number":61,"box":{"x":101,"y":831,"width":782,"height":11}},{"id":"dcf267b4-7d64-403c-bfab-8df059a58cd2","block_type":"box","text":"OTC contracts entered into primarily by financial institutions and institutional investors which may or may not be","page_number":61,"box":{"x":69,"y":846,"width":796,"height":11}},{"id":"abe2bc5c-6b74-4b25-b5f7-c97d07a43c65","block_type":"box","text":"cleared by a central clearinghouse. In a standard “swap” transaction, two parties agree to exchange the returns","page_number":61,"box":{"x":69,"y":861,"width":799,"height":11}},{"id":"58e3cc34-cc25-44d3-a6a5-9997e3bbf9d2","block_type":"box","text":"earned or realized from one or more underlying assets or rates of return, which may be adjusted for an interest","page_number":61,"box":{"x":69,"y":876,"width":792,"height":11}},{"id":"f4a82295-8300-4dbf-8998-4205376f1631","block_type":"box","text":"factor. The gross returns to be exchanged or “swapped” between the parties are generally calculated with respect to","page_number":61,"box":{"x":68,"y":891,"width":832,"height":12}},{"id":"12d3beb9-b365-4ebb-9024-f6503428803e","block_type":"box","text":"a “notional amount,”","page_number":61,"box":{"x":69,"y":907,"width":147,"height":10}},{"id":"4779ed3c-43e7-4289-bce4-b2409bf3407c","block_type":"box","text":"e.g.","page_number":61,"box":{"x":223,"y":908,"width":25,"height":10}},{"id":"1dd7e1a8-e88a-4ee5-90ff-124cf4a50a2c","block_type":"box","text":", the return or increase in value of a particular dollar amount invested at a particular","page_number":61,"box":{"x":251,"y":906,"width":602,"height":11}},{"id":"58ccd113-16e1-49cd-b8cd-b8034c166aa4","block_type":"box","text":"II-17","page_number":61,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"c02793fc-c2d0-4b95-b8b2-d6266985871f","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":61,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2a391ba6-8c6e-49a7-8981-3823c3cc50f4","block_type":"box","text":"interest rate, in a particular foreign currency, or in a “basket” of securities representing a particular index. The","page_number":62,"box":{"x":70,"y":45,"width":787,"height":11}},{"id":"376769c2-aa81-4f64-a7fa-a1ca41905d0d","block_type":"box","text":"notional amount of the swap agreement is only used to calculate the obligations that the parties to a swap","page_number":62,"box":{"x":69,"y":60,"width":762,"height":11}},{"id":"e62b0b5a-7874-4433-ae66-14056f9be5dc","block_type":"box","text":"agreement have agreed to exchange. A Fund’s obligations (or rights) under a swap agreement will generally be equal","page_number":62,"box":{"x":69,"y":75,"width":828,"height":11}},{"id":"ccfacee9-c103-4d71-907d-a36175642e54","block_type":"box","text":"only to the net amount to be paid or received under the agreement based on the relative values of the positions held","page_number":62,"box":{"x":69,"y":90,"width":832,"height":11}},{"id":"3fed15e9-c1bb-4f62-9ad8-3972b5fb20f5","block_type":"box","text":"by each party to the agreement. Swaps that are not cleared involve substantial counterparty risk. A Fund will typically","page_number":62,"box":{"x":69,"y":105,"width":835,"height":11}},{"id":"8445ff0f-de71-4aeb-a508-5545741d3ea7","block_type":"box","text":"attempt to mitigate this counterparty risk by entering into swap agreements only with creditworthy entities that have","page_number":62,"box":{"x":69,"y":120,"width":826,"height":12}},{"id":"2201cca1-ee0c-473a-8443-47c2bb790891","block_type":"box","text":"substantial capital or that have provided the Fund with a third-party guaranty or other credit support. A Fund’s ability","page_number":62,"box":{"x":69,"y":136,"width":827,"height":11}},{"id":"fc66629e-d0fb-4d14-8819-e937eb739b9c","block_type":"box","text":"to use swap agreements may be restricted by the tax rules applicable to registered investment companies.","page_number":62,"box":{"x":68,"y":151,"width":763,"height":11}},{"id":"faf4c88b-5f4f-4710-aebf-8bcc01637e46","block_type":"box","text":"Credit Default Swaps and Similar Instruments.","page_number":62,"box":{"x":102,"y":173,"width":329,"height":11}},{"id":"0c8f9cdd-ef47-4472-a6f6-a8adf48dcb1a","block_type":"box","text":"Certain Funds may enter into credit default swaps and similar","page_number":62,"box":{"x":438,"y":173,"width":439,"height":11}},{"id":"8e458c8e-1bbe-42f8-9974-873ec84d76ad","block_type":"box","text":"instruments. Credit default swaps are standardized agreements in which the protection “buyer” pays the protection","page_number":62,"box":{"x":70,"y":188,"width":821,"height":12}},{"id":"7f543bfe-eaf4-4fb2-b960-7326c19f594a","block_type":"box","text":"“seller” an up-front payment, or a periodic stream of payments, over the term of the contract, provided generally that","page_number":62,"box":{"x":70,"y":203,"width":831,"height":12}},{"id":"91ecf235-0b66-41ed-ab49-48737439f320","block_type":"box","text":"no credit event on a reference obligation has occurred. If a credit event occurs, the seller generally must pay the","page_number":62,"box":{"x":69,"y":218,"width":801,"height":12}},{"id":"ced9e528-3d2a-488d-add9-1ab2a91f579c","block_type":"box","text":"buyer the difference between the notional amount of the contract and the value of a portfolio of securities issued by","page_number":62,"box":{"x":69,"y":234,"width":829,"height":11}},{"id":"01b5cb0e-241f-4df5-ac8d-43a48aab5711","block_type":"box","text":"the reference entity. A Fund may be either the buyer or seller in the transaction. The Funds may enter into credit","page_number":62,"box":{"x":68,"y":249,"width":798,"height":11}},{"id":"a5bea73e-d185-4e6b-aea5-c0409f91f256","block_type":"box","text":"default swaps that reference the obligations of a single entity (“single-name CDS”) or the obligations of entities that","page_number":62,"box":{"x":69,"y":264,"width":827,"height":11}},{"id":"9e9667a4-9037-41aa-be6c-36009c1a9dbb","block_type":"box","text":"make up an index (“index CDS”). References to “credit default swaps” shall collectively refer to single-name CDS and","page_number":62,"box":{"x":69,"y":279,"width":836,"height":11}},{"id":"ebda5cde-175d-4e1b-acdd-df7931e9be01","block_type":"box","text":"index CDS.","page_number":62,"box":{"x":70,"y":294,"width":75,"height":9}},{"id":"9f8a93f9-1b51-44cb-9bf3-b5f8be4acd4f","block_type":"box","text":"Credit default swaps have as reference obligations one or more securities or loans that are not currently held by","page_number":62,"box":{"x":102,"y":317,"width":800,"height":11}},{"id":"62a0498f-27fc-407c-b47d-43649cd231c9","block_type":"box","text":"a Fund. In circumstances in which a Fund does not own the securities or loans that are deliverable under a credit","page_number":62,"box":{"x":69,"y":332,"width":806,"height":9}},{"id":"2c279990-2be0-4892-a426-a3705b958785","block_type":"box","text":"default swap, the Fund is exposed to the risk that deliverable securities will not be available in the market, or will be","page_number":62,"box":{"x":69,"y":347,"width":828,"height":11}},{"id":"13a5039d-a5d3-41bc-8365-6b630fe47c36","block_type":"box","text":"available only at unfavorable prices, as would be the case in a so-called “short squeeze.” In certain instances of","page_number":62,"box":{"x":69,"y":362,"width":804,"height":11}},{"id":"e5d7de87-c9ea-43d4-9ac9-348c4b131a5e","block_type":"box","text":"issuer defaults or restructurings, it has been unclear under the standard industry documentation for credit default","page_number":62,"box":{"x":70,"y":377,"width":812,"height":12}},{"id":"e0f5efee-44f7-4f37-91ea-6b53515e9fd9","block_type":"box","text":"swaps whether or not a “credit event” triggering the seller’s payment obligation had occurred. Certain initiatives","page_number":62,"box":{"x":69,"y":392,"width":798,"height":12}},{"id":"7f5bf7b1-76b0-4d29-9fd0-5890a651d2b3","block_type":"box","text":"adopted by derivatives market participants, including the International Swaps and Derivatives Association (“ISDA”),","page_number":62,"box":{"x":69,"y":408,"width":819,"height":11}},{"id":"5b0b1553-3d4f-49bc-80a0-84f728cb009e","block_type":"box","text":"are designed to implement uniform settlement terms into standard credit default swap documentation, as well as","page_number":62,"box":{"x":69,"y":423,"width":810,"height":11}},{"id":"82d5ecc1-dd7b-4a1e-891f-a342d9a86edc","block_type":"box","text":"refine the practices for the transparent conduct of the credit default swap market generally. Among these initiatives","page_number":62,"box":{"x":69,"y":438,"width":821,"height":11}},{"id":"9edcef02-4ef1-478c-97aa-a6a5bcfdf5d1","block_type":"box","text":"are the ISDA Credit Derivatives Determination Committee and the implementation of market-wide cash settlement","page_number":62,"box":{"x":69,"y":453,"width":811,"height":11}},{"id":"bd6de980-01df-4d1f-9727-0e79dac4e9d1","block_type":"box","text":"protocols applicable to all market-standard credit default swaps. These initiatives are intended to reduce both the","page_number":62,"box":{"x":70,"y":468,"width":809,"height":11}},{"id":"4ca603d0-be64-4e1f-88b7-cf59539c8106","block_type":"box","text":"uncertainty as to the occurrence of credit events and the risk of a “short squeeze” by providing that the ISDA Credit","page_number":62,"box":{"x":69,"y":483,"width":827,"height":11}},{"id":"6f335824-d8b5-4a47-a8d3-e850895c4ecb","block_type":"box","text":"Derivatives Determinations Committee will make determinations as to whether a credit event has occurred, establish","page_number":62,"box":{"x":70,"y":498,"width":834,"height":11}},{"id":"8a7e1093-c852-4488-a705-81684004743f","block_type":"box","text":"an auction to determine a settlement price and identify the deliverable securities for purposes of the auction,","page_number":62,"box":{"x":69,"y":513,"width":778,"height":11}},{"id":"f2546a70-2021-43f5-80b3-3c3d8c8fec5d","block_type":"box","text":"although the ISDA Credit Derivatives Determinations Committee may in certain limited circumstances refrain from","page_number":62,"box":{"x":69,"y":528,"width":809,"height":12}},{"id":"e7810717-f58f-405a-9d81-efd48922dd30","block_type":"box","text":"doing so. In the event the ISDA Credit Derivatives Determinations Committee cannot reach a timely resolution with","page_number":62,"box":{"x":69,"y":544,"width":815,"height":11}},{"id":"33d2a6d3-05af-498e-84d7-9590e9fafbcd","block_type":"box","text":"respect to a “credit event” or otherwise does not establish a cash settlement auction, a Fund may not be able to","page_number":62,"box":{"x":69,"y":559,"width":807,"height":11}},{"id":"7984d06c-0907-4e4f-a501-a686b8293e84","block_type":"box","text":"realize the full value of the credit default swap upon a default by the reference entity. Furthermore, a Fund may enter","page_number":62,"box":{"x":69,"y":574,"width":832,"height":11}},{"id":"8b41c175-6192-48cc-98b5-a487a214afcd","block_type":"box","text":"into certain credit default swaps or similar instruments that may not be covered by these initiatives.","page_number":62,"box":{"x":70,"y":589,"width":711,"height":11}},{"id":"30f732f6-62b0-45ea-b5c7-9d5a57aaa4e0","block_type":"box","text":"If a Fund is a buyer, it will lose the payments made under the terms of the credit default swap and recover","page_number":62,"box":{"x":102,"y":612,"width":757,"height":11}},{"id":"6b2ef325-f34b-43b3-a45a-08b28e6bdb78","block_type":"box","text":"nothing should no credit event occur. If a Fund is a seller and a credit event occurs, the value of any deliverable","page_number":62,"box":{"x":69,"y":627,"width":794,"height":11}},{"id":"90054818-abfe-4705-87a8-fb4fcf83e5de","block_type":"box","text":"obligation received by the Fund or the amount of cash settlement received by the Fund pursuant to the relevant cash","page_number":62,"box":{"x":69,"y":642,"width":830,"height":11}},{"id":"17d8768b-55a1-4b00-b986-f98da81f35e6","block_type":"box","text":"settlement auction, together with the up-front or periodic payments previously received, may be less than the amount","page_number":62,"box":{"x":69,"y":657,"width":835,"height":11}},{"id":"ab776ee1-469d-43d6-9c19-82196dc5b3e6","block_type":"box","text":"it pays to the buyer, resulting in a loss of value to the Fund. A Fund that sells credit default swaps incurs leveraged","page_number":62,"box":{"x":70,"y":672,"width":817,"height":11}},{"id":"9e5dfb4d-5ddd-4560-a189-b187db73fd6f","block_type":"box","text":"exposure to the credit of one or more reference entities and is subject to many of the same risks it would incur if it","page_number":62,"box":{"x":69,"y":687,"width":820,"height":11}},{"id":"db0cfc48-a28a-47c1-8bb6-ab8a59ffe38c","block_type":"box","text":"were holding debt securities issued by the relevant reference entity. However, a Fund will not have any legal recourse","page_number":62,"box":{"x":68,"y":702,"width":833,"height":12}},{"id":"cda9a187-5daf-4b18-807e-f69d723663ed","block_type":"box","text":"against any reference entity and will not benefit from any collateral securing the reference entity’s debt obligations. In","page_number":62,"box":{"x":69,"y":717,"width":837,"height":12}},{"id":"cdd9f967-4f48-4ee7-a3ab-300d0a94f430","block_type":"box","text":"the event the ISDA Credit Derivatives Determinations Committee does not establish a cash settlement auction and","page_number":62,"box":{"x":68,"y":733,"width":820,"height":9}},{"id":"dd76232e-4dd0-4a13-80b0-08f04c972484","block_type":"box","text":"identify the relevant deliverable securities or loans, the credit default swap buyer will have broad discretion to select","page_number":62,"box":{"x":70,"y":748,"width":828,"height":11}},{"id":"d3da387a-1796-44c9-b81d-8d57dd17a9c3","block_type":"box","text":"which of the reference entity’s debt obligations to deliver to the Fund following a credit event and will likely choose","page_number":62,"box":{"x":68,"y":763,"width":815,"height":11}},{"id":"2d2bef0e-b20b-4e9a-b797-f9505bce2aa4","block_type":"box","text":"the obligations with the lowest market value in order to maximize the payment obligations of the Fund. In addition,","page_number":62,"box":{"x":68,"y":778,"width":814,"height":11}},{"id":"630bc667-c7cc-409b-afb4-f13eb28330ba","block_type":"box","text":"credit default swaps generally trade on the basis of theoretical pricing and valuation models, which may not","page_number":62,"box":{"x":69,"y":793,"width":766,"height":11}},{"id":"e8e67085-56e3-438c-8a4e-0ed9039f79af","block_type":"box","text":"accurately value such swap positions when established or when subsequently traded or unwound under actual market","page_number":62,"box":{"x":69,"y":808,"width":840,"height":11}},{"id":"399f0d84-180e-4ae2-8ffb-d6629704ad63","block_type":"box","text":"conditions.","page_number":62,"box":{"x":69,"y":823,"width":76,"height":9}},{"id":"042acda8-66d4-45b1-aa60-e603613002fd","block_type":"box","text":"Dodd-Frank requires that certain index CDS be executed in regulated markets and submitted for clearing to","page_number":62,"box":{"x":102,"y":846,"width":762,"height":11}},{"id":"caedcf07-d425-4101-96a7-4d3e55e9d801","block_type":"box","text":"regulated clearinghouses. See “—Derivatives — Regulation of Derivatives — Dodd-Frank Regulations” above. Other","page_number":62,"box":{"x":69,"y":861,"width":824,"height":11}},{"id":"c4098d63-a7ad-41ae-8975-a4ac9e7006fa","block_type":"box","text":"single-name CDS and index CDS are permitted, although not required, to be cleared through regulated","page_number":62,"box":{"x":69,"y":876,"width":727,"height":11}},{"id":"98e2eea5-e2ac-453b-8d96-8f9fc99a3277","block_type":"box","text":"clearinghouses. The Funds clear all credit default swaps that are subject to mandatory clearing and may voluntarily","page_number":62,"box":{"x":69,"y":891,"width":819,"height":12}},{"id":"30e98d6b-7aa4-442f-9cf2-82b551d1b6cd","block_type":"box","text":"clear some, but not all, of the other credit default swaps not subject to mandatory clearing. The Funds face","page_number":62,"box":{"x":69,"y":906,"width":764,"height":12}},{"id":"4efc5924-65d8-4c67-abba-25152d7e4829","block_type":"box","text":"II-18","page_number":62,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"3253e6bf-37eb-47de-baef-5e0f60e75851","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":62,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7f838765-8fe6-44ad-8c80-40cb931e3d19","block_type":"box","text":"counterparty risk with respect to the clearinghouse when entering into cleared single-name CDS and cleared index","page_number":63,"box":{"x":69,"y":45,"width":813,"height":11}},{"id":"1036cd7e-7d3b-470f-92e7-ca1935fb73d5","block_type":"box","text":"CDS. The Funds face significant counterparty risk with respect to their counterparties to non-cleared credit default","page_number":63,"box":{"x":69,"y":60,"width":813,"height":11}},{"id":"6855e61e-ffaf-4132-b645-58de9ccb4946","block_type":"box","text":"swaps and similar instruments. A Fund typically will enter into non-cleared credit default swaps and similar","page_number":63,"box":{"x":69,"y":75,"width":759,"height":11}},{"id":"2f3e81f8-f5c6-490e-99c8-b1fde11111e4","block_type":"box","text":"instruments with swap dealers and creditworthy entities that have substantial capital or that have provided the Fund","page_number":63,"box":{"x":70,"y":90,"width":828,"height":11}},{"id":"5b1e8b9d-09cd-46eb-86dc-2e6813a9c16b","block_type":"box","text":"with a third-party guaranty or other credit support.","page_number":63,"box":{"x":68,"y":105,"width":355,"height":11}},{"id":"9f2b91ff-bb68-42ec-99ec-0768cf6c63eb","block_type":"box","text":"In certain instances, a Fund may enter into bespoke credit default swaps or similar instruments either as","page_number":63,"box":{"x":102,"y":128,"width":750,"height":11}},{"id":"04843ebe-30c1-49d4-b239-a83bb8691d2d","block_type":"box","text":"protection buyer or protection seller. While these contracts are similar in their operation to the market-standard credit","page_number":63,"box":{"x":70,"y":143,"width":836,"height":11}},{"id":"6552a528-4530-4617-999b-3bceb9fb1a8f","block_type":"box","text":"default swaps described above, they are less standardized and instead have bespoke or tailored features. For","page_number":63,"box":{"x":69,"y":158,"width":785,"height":11}},{"id":"9ef6ca9a-9883-4618-968b-72f2bd5fa5b6","block_type":"box","text":"example, as compared to market-standard credit defaults, the range of “credit events” triggering settlement of such","page_number":63,"box":{"x":69,"y":173,"width":825,"height":11}},{"id":"c8e75e69-46b4-46cd-a5c0-93390b5e3090","block_type":"box","text":"bespoke contracts may be narrower or broader, any such triggered contracts are settled by physical delivery of the","page_number":63,"box":{"x":69,"y":188,"width":814,"height":12}},{"id":"a8f83bf4-a9c0-45ab-a909-2228e2d7741d","block_type":"box","text":"underlying security or loan to or by the Fund rather than by way of cash settlement, and there may be a wider range of","page_number":63,"box":{"x":69,"y":203,"width":839,"height":12}},{"id":"6cc52cb9-7853-499c-8204-667e786ce24c","block_type":"box","text":"securities as the reference obligations and/or deliverable obligations.","page_number":63,"box":{"x":69,"y":218,"width":495,"height":12}},{"id":"ccb69ce1-3023-410e-981a-8d41180c343b","block_type":"box","text":"In addition, credit default swaps and similar instruments generally involve greater risks than if a Fund had","page_number":63,"box":{"x":102,"y":241,"width":752,"height":11}},{"id":"f9438865-dafa-4189-9ae7-d9e8f90e31bf","block_type":"box","text":"invested in the reference obligation directly and are subject to significant credit risk, correlation risk, leverage risk,","page_number":63,"box":{"x":70,"y":256,"width":814,"height":12}},{"id":"092d2aac-e0b0-470b-b931-69dd885f5b36","block_type":"box","text":"illiquidity risk and market risk. See “—Risk Factors in Derivatives” above.","page_number":63,"box":{"x":70,"y":272,"width":520,"height":11}},{"id":"62dff17f-a682-4639-a710-d6fc28c63973","block_type":"box","text":"Interest Rate Swaps, Floors and Caps.","page_number":63,"box":{"x":102,"y":294,"width":273,"height":11}},{"id":"257fa713-17a9-4a33-88ce-54ff70cea00e","block_type":"box","text":"Certain Funds may enter into OTC derivatives in the form of interest rate","page_number":63,"box":{"x":381,"y":294,"width":515,"height":11}},{"id":"65192073-08ed-4610-8d51-4ed203b8eb55","block_type":"box","text":"swaps and interest rate caps and floors. As described in further detail below, a Fund may enter into these","page_number":63,"box":{"x":69,"y":309,"width":755,"height":11}},{"id":"fbca5c58-5d82-4af4-a282-b3ba8687f355","block_type":"box","text":"transactions primarily to preserve a return or spread on a particular investment or portion of its holdings, as a","page_number":63,"box":{"x":68,"y":324,"width":788,"height":12}},{"id":"51624a7b-4d9b-4520-bd09-688e4a8269c7","block_type":"box","text":"duration management technique, to protect against an increase in the price of securities a Fund anticipates","page_number":63,"box":{"x":69,"y":339,"width":768,"height":12}},{"id":"8a99d545-2f4e-40c0-a534-4bf35cc65fe6","block_type":"box","text":"purchasing at a later date, or for speculation to increase returns.","page_number":63,"box":{"x":70,"y":355,"width":461,"height":11}},{"id":"6f1ac667-7e1e-4c07-970d-f4e71ae8f3ca","block_type":"box","text":"Dodd-Frank requires that certain interest rate swaps be executed in regulated markets and submitted for","page_number":63,"box":{"x":102,"y":377,"width":748,"height":12}},{"id":"3f836583-ed16-4ef9-97e2-c4febaa1e2c0","block_type":"box","text":"clearing to regulated clearinghouses. See “—Regulation of Derivatives — Dodd-Frank Regulations” above. Other","page_number":63,"box":{"x":69,"y":392,"width":799,"height":12}},{"id":"74523b8a-51a5-48af-9973-9d509a666da9","block_type":"box","text":"interest rate swaps are permitted, although not required, to be cleared. Most of the interest rate swaps entered into","page_number":63,"box":{"x":70,"y":407,"width":829,"height":12}},{"id":"bc5548c3-cefe-4d9c-81a3-0485ca7180eb","block_type":"box","text":"by the Funds are cleared. The Funds face counterparty risk with respect to the clearinghouse when entering into","page_number":63,"box":{"x":69,"y":423,"width":797,"height":11}},{"id":"3c5e2572-ce6c-40ec-a9d4-371a88e499cd","block_type":"box","text":"cleared interest rate swaps.","page_number":63,"box":{"x":69,"y":438,"width":198,"height":11}},{"id":"9fb7c1cd-2556-4917-89e8-84156ae717cb","block_type":"box","text":"The Funds face significant counterparty risk with respect to their counterparties to non-cleared interest rate","page_number":63,"box":{"x":101,"y":460,"width":766,"height":12}},{"id":"6870f41f-654b-475f-8fa6-334504e3bf64","block_type":"box","text":"swaps and interest rate caps and floors. The typical counterparties for a Fund’s non-cleared interest rate derivatives","page_number":63,"box":{"x":69,"y":475,"width":829,"height":12}},{"id":"3a686f1b-bb20-4808-932c-85826a2e5a89","block_type":"box","text":"transactions are swap dealers and other creditworthy entities that have substantial capital or that have provided the","page_number":63,"box":{"x":68,"y":491,"width":830,"height":11}},{"id":"4075c03d-9d5f-402d-9cd5-ad26d453198d","block_type":"box","text":"Fund with a third-party guaranty or other credit support. If the Fund’s counterparty defaults on such a transaction, a","page_number":63,"box":{"x":70,"y":506,"width":822,"height":11}},{"id":"51cda1e7-9be9-42a3-b0c6-942a50daada3","block_type":"box","text":"Fund will have contractual remedies with respect to the transaction but there can be no guarantee that the Fund will","page_number":63,"box":{"x":70,"y":521,"width":824,"height":11}},{"id":"25394cc7-be09-4f87-a648-386fc0c51f45","block_type":"box","text":"be successful in enforcing such remedies. The market for interest rate swaps is relatively liquid in comparison with","page_number":63,"box":{"x":69,"y":536,"width":819,"height":11}},{"id":"0e41b9ce-5784-47e2-a012-ff1c5d415c3f","block_type":"box","text":"other similar instruments traded in the interbank market. A Fund may be limited in its ability to enter into certain","page_number":63,"box":{"x":69,"y":551,"width":801,"height":11}},{"id":"188ce24e-9a4f-4e84-b133-0fcc72ba0cde","block_type":"box","text":"interest rate derivatives due to applicable income tax requirements.","page_number":63,"box":{"x":70,"y":566,"width":480,"height":11}},{"id":"840fa136-3aec-4402-b688-2d0ecb36bf3e","block_type":"box","text":"Interest rate swaps are transactions in which each party makes periodic interest payments based on a fixed or","page_number":63,"box":{"x":102,"y":589,"width":790,"height":11}},{"id":"500af613-21c7-400c-b45a-e2eac2e944bb","block_type":"box","text":"variable interest rate, index or asset in return for periodic payments from its counterparty based on a different fixed","page_number":63,"box":{"x":68,"y":604,"width":825,"height":11}},{"id":"5d2d4570-4a90-4d14-8bc8-ace557b63329","block_type":"box","text":"or variable interest rate, index or asset.","page_number":63,"box":{"x":69,"y":619,"width":280,"height":11}},{"id":"d154f73d-613f-493a-bd6e-11118179ca5a","block_type":"box","text":"The purchase of an interest rate floor entitles the purchaser, to the extent that a specified index falls below a","page_number":63,"box":{"x":101,"y":642,"width":780,"height":11}},{"id":"d5d52b3e-c51a-4d8a-93b5-10a3ee1f6d21","block_type":"box","text":"predetermined interest rate, to receive payments of interest on a notional principal amount from the party selling","page_number":63,"box":{"x":70,"y":657,"width":805,"height":11}},{"id":"e90ce413-99dc-4acd-ad27-7c97f577f8ec","block_type":"box","text":"such interest rate floor.","page_number":63,"box":{"x":69,"y":672,"width":165,"height":9}},{"id":"584f6e92-5f8c-4f8c-a21d-f2dc30ef4572","block_type":"box","text":"The purchase of an interest rate cap entitles the purchaser, to the extent that a specified index rises above a","page_number":63,"box":{"x":101,"y":695,"width":780,"height":11}},{"id":"7f275411-528d-4a67-8477-de49375ba121","block_type":"box","text":"predetermined interest rate, to receive payments of interest on a notional principal amount from the party selling","page_number":63,"box":{"x":70,"y":710,"width":805,"height":11}},{"id":"b5442014-2ed1-4dba-92bb-82cde6926789","block_type":"box","text":"such interest rate cap.","page_number":63,"box":{"x":69,"y":725,"width":159,"height":11}},{"id":"dc7b5d84-b056-465a-ab52-234132db6fd5","block_type":"box","text":"A Fund may enter into an interest rate swap to effectively exchange with another party their respective","page_number":63,"box":{"x":101,"y":748,"width":729,"height":11}},{"id":"07766643-a535-4f55-86be-b8b73940a1c1","block_type":"box","text":"commitments to pay or receive interest,","page_number":63,"box":{"x":69,"y":763,"width":282,"height":11}},{"id":"8c8cf34a-b624-45b1-a0ae-4e774309dcbc","block_type":"box","text":"e.g.","page_number":63,"box":{"x":359,"y":764,"width":24,"height":10}},{"id":"2277d46c-da47-48ed-abdf-6f293fe67494","block_type":"box","text":", an exchange of fixed rate payments for floating rate payments. For","page_number":63,"box":{"x":386,"y":763,"width":482,"height":11}},{"id":"dd916feb-c651-4316-9810-a5af8a4f36fa","block_type":"box","text":"example, if a Fund holds a mortgage-backed security with an interest rate that is reset only once each year, it may","page_number":63,"box":{"x":69,"y":778,"width":814,"height":11}},{"id":"745369e1-7f7f-41ae-8142-ae5e32d75cf5","block_type":"box","text":"swap the right to receive interest at this fixed rate for the right to receive interest at a rate that is reset every week.","page_number":63,"box":{"x":69,"y":793,"width":823,"height":11}},{"id":"2358baf3-9b86-443b-9a5e-333b924b704e","block_type":"box","text":"This would enable a Fund to offset a decline in the value of the mortgage-backed security due to rising interest rates","page_number":63,"box":{"x":68,"y":808,"width":832,"height":11}},{"id":"ca01b55b-cb6a-41a3-9743-6299d6998bbf","block_type":"box","text":"but would also limit its ability to benefit from falling interest rates. Conversely, if a Fund holds a mortgage-backed","page_number":63,"box":{"x":69,"y":823,"width":807,"height":12}},{"id":"a3e70df1-65b8-41a1-8993-bfdc98215fda","block_type":"box","text":"security with an interest rate that is reset every week and it would like to lock in what it believes to be a high interest","page_number":63,"box":{"x":69,"y":839,"width":836,"height":11}},{"id":"c33598ef-244c-41aa-b557-46ba49426a3b","block_type":"box","text":"rate for one year, it may swap the right to receive interest at this variable weekly rate for the right to receive interest","page_number":63,"box":{"x":69,"y":853,"width":826,"height":12}},{"id":"85c89e82-92cd-4c22-b1df-116dd8189bf7","block_type":"box","text":"at a rate that is fixed for one year. Such a swap would protect the Fund from a reduction in yield due to falling interest","page_number":63,"box":{"x":69,"y":869,"width":840,"height":11}},{"id":"6977a85d-baea-441f-a8e7-fbc1938d15b7","block_type":"box","text":"rates and may permit the Fund to enhance its income through the positive differential between one week and one","page_number":63,"box":{"x":69,"y":884,"width":810,"height":11}},{"id":"c8f78efc-4dea-47c8-8386-a1b00ff85bfd","block_type":"box","text":"year interest rates, but would preclude it from taking full advantage of rising interest rates.","page_number":63,"box":{"x":68,"y":899,"width":646,"height":11}},{"id":"5462f687-b99f-4285-897a-c7f4574b2e58","block_type":"box","text":"II-19","page_number":63,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"ff456bee-6e6f-4596-8194-acb6d771fa87","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":63,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"274dceed-0818-4022-9b4f-f02a1111d499","block_type":"box","text":"Gains from transactions in interest rate swaps distributed to shareholders will be taxable as ordinary income or,","page_number":64,"box":{"x":102,"y":45,"width":798,"height":11}},{"id":"2d877c86-a959-4fc9-bcd3-fc6f73c9b512","block_type":"box","text":"in certain circumstances, as long term capital gains to shareholders.","page_number":64,"box":{"x":70,"y":60,"width":490,"height":11}},{"id":"7d0e0723-627a-4e18-ae77-9faaa1fe1bd6","block_type":"box","text":"Interest rate swaps and interest rate caps and floors may be subject to correlation risk, leverage risk, illiquidity","page_number":64,"box":{"x":102,"y":82,"width":791,"height":12}},{"id":"f0b4c7ab-e977-47a6-a02a-81114d3e1721","block_type":"box","text":"risk and market risk. See “—Risk Factors in Derivatives” above.","page_number":64,"box":{"x":69,"y":98,"width":454,"height":9}},{"id":"ed30580f-7f70-439d-8959-bd583084f289","block_type":"box","text":"Total Return Swaps.","page_number":64,"box":{"x":103,"y":120,"width":139,"height":11}},{"id":"8855ed41-ea0d-4a5e-9a07-961994df16ad","block_type":"box","text":"Total return swaps are contracts in which one party agrees to make periodic payments to","page_number":64,"box":{"x":249,"y":120,"width":634,"height":12}},{"id":"897c2444-9ae6-4323-a91a-743630c0f44a","block_type":"box","text":"the other party based on the return of the assets underlying the contract in exchange for periodic payments based on","page_number":64,"box":{"x":68,"y":135,"width":838,"height":12}},{"id":"56d410ba-9422-4619-aa1f-5ee010134051","block_type":"box","text":"a fixed or variable interest rate or the total return from different underlying assets. The return of the assets","page_number":64,"box":{"x":69,"y":150,"width":764,"height":12}},{"id":"79994f2f-7705-40f0-9aeb-ce8e74cfa98c","block_type":"box","text":"underlying the contract includes both the income generated by the asset and the change in market value of the","page_number":64,"box":{"x":69,"y":166,"width":791,"height":11}},{"id":"17a520fe-ae0b-4478-9dd1-4f209f3fdffb","block_type":"box","text":"asset. The asset underlying the contract may include a specified security, basket of securities or securities indices.","page_number":64,"box":{"x":69,"y":181,"width":821,"height":11}},{"id":"5566d209-a782-4ac6-ae7e-5c47d5cd9b50","block_type":"box","text":"Total return swaps on a specified security, basket of securities or securities indices may sometimes be referred to as","page_number":64,"box":{"x":68,"y":196,"width":838,"height":11}},{"id":"4a1a0580-c356-4335-b409-c1f97e4c9e62","block_type":"box","text":"“contracts for difference.”","page_number":64,"box":{"x":70,"y":211,"width":184,"height":9}},{"id":"f456536c-f6d3-4c07-bf98-dddda64d6b3e","block_type":"box","text":"Total return swaps may be used to obtain exposure to a security or market without owning or taking physical","page_number":64,"box":{"x":101,"y":234,"width":770,"height":11}},{"id":"6cfa0321-d990-4c02-b9c6-eb1cf68dd4c9","block_type":"box","text":"custody of such security or investing directly in such market. Upon entering into a total return swap, a Fund is","page_number":64,"box":{"x":69,"y":249,"width":780,"height":11}},{"id":"32795c52-2699-4276-9fae-7cfb772b5877","block_type":"box","text":"required to deposit initial margin but the parties do not exchange the notional amount. As a result, total return swaps","page_number":64,"box":{"x":69,"y":264,"width":839,"height":11}},{"id":"820bf28d-4002-4895-bbd0-8ee143540a92","block_type":"box","text":"may effectively add leverage to the Fund’s portfolio because the Fund would be subject to investment exposure on","page_number":64,"box":{"x":69,"y":279,"width":816,"height":11}},{"id":"41951e4a-9f0c-4552-ac5f-b7ac7016e0b7","block_type":"box","text":"the notional amount of the swap.","page_number":64,"box":{"x":68,"y":294,"width":235,"height":11}},{"id":"e7b083d3-311e-4d1c-b066-00c9cd5f6c5b","block_type":"box","text":"Total return swaps are subject to significant correlation risk, leverage risk, illiquidity risk, market risk and","page_number":64,"box":{"x":101,"y":317,"width":746,"height":11}},{"id":"3c111964-26bd-49c9-a255-e37546b58085","block_type":"box","text":"counterparty risk. See “—Risk Factors in Derivatives” above.","page_number":64,"box":{"x":69,"y":332,"width":433,"height":11}},{"id":"c0ad0e32-a25f-41f3-b84c-38e185a11c1e","block_type":"box","text":"Options.","page_number":64,"box":{"x":102,"y":355,"width":57,"height":11}},{"id":"51fdd171-70d0-4750-b911-1e4d0c3b543e","block_type":"box","text":"Options on Securities and Securities Indices.","page_number":64,"box":{"x":102,"y":377,"width":319,"height":11}},{"id":"480dd8ff-b00e-46d0-a0d1-3aec54952563","block_type":"box","text":"A Fund may engage in transactions in options on individual","page_number":64,"box":{"x":427,"y":377,"width":418,"height":12}},{"id":"19a54a78-2792-4084-82bb-d98765f15945","block_type":"box","text":"securities, baskets of securities or securities indices, or particular measurements of value or rates, such as an index","page_number":64,"box":{"x":69,"y":392,"width":838,"height":11}},{"id":"622d65c9-d885-4fc0-a694-571c565380dd","block_type":"box","text":"of the price of treasury securities or an index representative of short-term interest rates. Such investments may be","page_number":64,"box":{"x":69,"y":407,"width":820,"height":12}},{"id":"ad9ca84a-9156-48fe-8f67-613244207a4e","block_type":"box","text":"made on exchanges and in the OTC markets. In general, exchange-traded options have standardized exercise prices","page_number":64,"box":{"x":69,"y":423,"width":826,"height":11}},{"id":"7f706008-76d4-457f-a8fc-8c71ad356eff","block_type":"box","text":"and expiration dates and require the parties to post margin against their obligations, and the performance of the","page_number":64,"box":{"x":69,"y":438,"width":806,"height":11}},{"id":"6dcd9d16-3d27-42d1-9088-ba1538b3090e","block_type":"box","text":"parties’ obligations in connection with such options is guaranteed by the exchange or a related clearing corporation.","page_number":64,"box":{"x":70,"y":453,"width":825,"height":11}},{"id":"753b4b81-9b5c-490f-b77d-296f987d597e","block_type":"box","text":"OTC options have more flexible terms negotiated between the buyer and the seller, but are subject to greater credit","page_number":64,"box":{"x":69,"y":468,"width":822,"height":11}},{"id":"cb3c1c45-0f66-49fd-99ed-5a9e57d64718","block_type":"box","text":"risk. OTC options also involve greater illiquidity risk.","page_number":64,"box":{"x":69,"y":483,"width":366,"height":11}},{"id":"d04d7dcc-7ab5-4f7d-a58a-5029b89dfdc2","block_type":"box","text":"A Fund may also engage in transactions in options which have additional features that result in different","page_number":64,"box":{"x":101,"y":506,"width":743,"height":11}},{"id":"fefbbe53-7a8e-4ab7-a415-f7a76f64d8a7","block_type":"box","text":"payment structures and/or expirations (commonly referred to as exotic options). For example, barrier options are","page_number":64,"box":{"x":70,"y":521,"width":804,"height":11}},{"id":"9225a7fb-1b5a-488e-a0bc-a1f016e97632","block_type":"box","text":"exotic options that can only be exercised (or automatically expire) if the price of the underlying asset reaches one or","page_number":64,"box":{"x":69,"y":536,"width":827,"height":11}},{"id":"c5f26cf6-e735-4668-9840-14c802097f5f","block_type":"box","text":"more predetermined levels on or before expiration. Binary options are another example of exotic options which have","page_number":64,"box":{"x":69,"y":551,"width":827,"height":11}},{"id":"33115ed9-0b89-48cd-86ee-ce4bbf346c14","block_type":"box","text":"a fixed all-or-nothing payout if one or more predetermined conditions are met. Exotic options are typically traded in","page_number":64,"box":{"x":69,"y":566,"width":812,"height":11}},{"id":"815e1b39-ac79-4cee-8fa0-86400c437496","block_type":"box","text":"OTC markets.","page_number":64,"box":{"x":69,"y":581,"width":95,"height":9}},{"id":"372aca35-8ddc-4676-ac4e-81da11e06038","block_type":"box","text":"There are several risks associated with transactions in options on securities and indexes. For example, there are","page_number":64,"box":{"x":101,"y":604,"width":806,"height":11}},{"id":"02d03614-c5c8-4043-944c-e8ada6d7bc20","block_type":"box","text":"significant differences between the securities and options markets that could result in an imperfect correlation","page_number":64,"box":{"x":69,"y":619,"width":791,"height":11}},{"id":"4a88a107-8994-48f4-993e-11c2c614d587","block_type":"box","text":"between these markets, causing a given transaction not to achieve its objectives. In addition, a liquid market for","page_number":64,"box":{"x":69,"y":634,"width":801,"height":12}},{"id":"755ba047-6059-475d-a20b-9b2fa532f38d","block_type":"box","text":"particular options, whether traded OTC or on a national securities exchange (“Exchange”) may be absent for reasons","page_number":64,"box":{"x":70,"y":649,"width":831,"height":12}},{"id":"3d65d139-f750-44ac-91a3-1d38e378615a","block_type":"box","text":"which include the following: there may be insufficient trading interest in certain options; restrictions may be imposed","page_number":64,"box":{"x":68,"y":664,"width":833,"height":12}},{"id":"c7b67a15-13b2-49b4-8426-915e765dcf02","block_type":"box","text":"by an Exchange on opening transactions or closing transactions or both; trading halts, suspensions or other","page_number":64,"box":{"x":69,"y":680,"width":769,"height":11}},{"id":"bac0c57e-1bf0-4d6d-9d06-9f76d970aae8","block_type":"box","text":"restrictions may be imposed with respect to particular classes or series of options or underlying securities; unusual","page_number":64,"box":{"x":69,"y":695,"width":824,"height":11}},{"id":"30dae2c9-8551-4189-a983-a142df91fe42","block_type":"box","text":"or unforeseen circumstances may interrupt normal operations on an Exchange; the facilities of an Exchange or the","page_number":64,"box":{"x":69,"y":710,"width":816,"height":11}},{"id":"651a5323-84cb-4f43-82fe-25f7710ca5c9","block_type":"box","text":"Options Clearing Corporation may not at all times be adequate to handle current trading volume; or one or more","page_number":64,"box":{"x":69,"y":725,"width":796,"height":11}},{"id":"3a7e3509-600e-48b2-b9b5-9fd62e20f5d5","block_type":"box","text":"Exchanges could, for economic or other reasons, decide or be compelled at some future date to discontinue the","page_number":64,"box":{"x":70,"y":740,"width":798,"height":11}},{"id":"5f3fdc8b-5f60-48ff-b19f-5ac1e780e925","block_type":"box","text":"trading of options (or a particular class or series of options), in which event the market on that Exchange (or in that","page_number":64,"box":{"x":68,"y":755,"width":822,"height":11}},{"id":"b380ae9d-9b2d-4eaa-9105-63529ed1b6cf","block_type":"box","text":"class or series of options) would cease to exist, although outstanding options that had been issued by the Options","page_number":64,"box":{"x":69,"y":770,"width":818,"height":12}},{"id":"2fb10e9b-58a2-4ff8-a1d4-ef6f969f78f5","block_type":"box","text":"Clearing Corporation as a result of trades on that Exchange would continue to be exercisable in accordance with their","page_number":64,"box":{"x":69,"y":785,"width":836,"height":12}},{"id":"408f3329-d4fd-466c-b3c5-35e947dfa9ca","block_type":"box","text":"terms.","page_number":64,"box":{"x":68,"y":801,"width":45,"height":9}},{"id":"f44c5a0f-6f25-45fd-a006-17d29360f7b2","block_type":"box","text":"Each of the options exchanges has established limitations governing the maximum number of call or put options","page_number":64,"box":{"x":102,"y":823,"width":801,"height":12}},{"id":"6f4347ea-c181-45ef-a611-060c561e3de4","block_type":"box","text":"on the same asset that may be bought or written by a single investor, whether acting alone or in concert with others","page_number":64,"box":{"x":69,"y":839,"width":826,"height":11}},{"id":"6d70f1b4-8f9f-4ef0-aeb9-c45b223e72d2","block_type":"box","text":"(regardless of whether such options are written on the same or different exchanges or are held or written on one or","page_number":64,"box":{"x":69,"y":853,"width":823,"height":12}},{"id":"050f5d06-17ea-4f00-a482-620969d2d5f8","block_type":"box","text":"more accounts or through one or more brokers). Under these limitations, option positions of all investment","page_number":64,"box":{"x":69,"y":869,"width":762,"height":11}},{"id":"d922fa1d-c01c-4674-a389-ab39620234a1","block_type":"box","text":"companies advised by the Manager are combined for purposes of these limits. Pursuant to these limitations, an","page_number":64,"box":{"x":69,"y":884,"width":798,"height":11}},{"id":"d2825546-95e8-4f82-add2-910d7f1dbb57","block_type":"box","text":"II-20","page_number":64,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"575cb271-4ded-458f-9f5f-ef5e928630eb","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":64,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"dadab0a4-d411-498d-b8fa-29ca58263488","block_type":"box","text":"exchange may order the liquidation of positions and may impose other sanctions or restrictions. These position limits","page_number":65,"box":{"x":69,"y":45,"width":837,"height":11}},{"id":"79254c09-c724-4ea9-b0c6-2e8f34b56c3b","block_type":"box","text":"may restrict the number of listed options that a Fund may buy or sell.","page_number":65,"box":{"x":69,"y":60,"width":491,"height":11}},{"id":"8fab9b4b-882c-4ed5-8be3-7ba519c20ee8","block_type":"box","text":"Call Options.","page_number":65,"box":{"x":102,"y":83,"width":89,"height":10}},{"id":"48967939-daa7-4e37-8997-f78436d93cee","block_type":"box","text":"A Fund may purchase call options on any of the types of securities or instruments in which it may","page_number":65,"box":{"x":197,"y":82,"width":694,"height":12}},{"id":"271fdfd9-8d27-4d7d-90c2-ef18bc9e810a","block_type":"box","text":"invest. A purchased call option gives a Fund the right to buy, and obligates the seller to sell, the underlying security at","page_number":65,"box":{"x":70,"y":98,"width":838,"height":11}},{"id":"eb809477-8156-4451-a2a2-587278f2ae59","block_type":"box","text":"the exercise price at any time during the option period. A Fund also may purchase and sell call options on indices.","page_number":65,"box":{"x":68,"y":113,"width":813,"height":11}},{"id":"67741e1e-070e-4c6f-a40f-80df80ce2c91","block_type":"box","text":"Index options are similar to options on securities except that, rather than taking or making delivery of securities","page_number":65,"box":{"x":70,"y":128,"width":795,"height":11}},{"id":"73c5e72a-a420-4ae2-a20d-564c66a6fd78","block_type":"box","text":"underlying the option at a specified price upon exercise, an index option gives the holder the right to receive cash","page_number":65,"box":{"x":69,"y":143,"width":807,"height":11}},{"id":"85686c2d-d778-472b-9bf8-e3e27f8fed24","block_type":"box","text":"upon exercise of the option if the level of the index upon which the option is based is greater than the exercise price","page_number":65,"box":{"x":69,"y":158,"width":830,"height":11}},{"id":"3ce923fb-3d5d-4a96-8c0e-b71d70f75400","block_type":"box","text":"of the option.","page_number":65,"box":{"x":69,"y":173,"width":93,"height":11}},{"id":"2b0e93f2-fbec-49dd-88b6-d403aff4348b","block_type":"box","text":"A written call option is covered if a Fund holds a call on the same security or index as the call written where the","page_number":65,"box":{"x":101,"y":196,"width":794,"height":11}},{"id":"c3fd8cb8-0e26-448e-b0c3-f436567aafb1","block_type":"box","text":"exercise price of the call held is (i) equal to or less than the exercise price of the call written, or (ii) greater than the","page_number":65,"box":{"x":69,"y":211,"width":823,"height":11}},{"id":"02cc3e30-4225-4f1d-b8c0-5b8b3ae3449b","block_type":"box","text":"exercise price of the call written provided the difference is maintained by the Fund in assets which are not considered","page_number":65,"box":{"x":69,"y":226,"width":839,"height":11}},{"id":"1b41125c-80e1-4de8-be25-6686bb90c370","block_type":"box","text":"illiquid investments under the Funds’ Liquidity Program (as defined below) (“liquid assets”) designated on the","page_number":65,"box":{"x":70,"y":241,"width":778,"height":11}},{"id":"acca93b8-c478-4190-98f4-0ca04ec9b1e6","block_type":"box","text":"Manager’s or the sub-adviser’s books and records to the extent required by Commission guidelines.","page_number":65,"box":{"x":70,"y":256,"width":711,"height":12}},{"id":"b2590045-43f5-4d07-bda4-08d313eb7eeb","block_type":"box","text":"A Fund may write (","page_number":65,"box":{"x":101,"y":279,"width":130,"height":11}},{"id":"ee4045bf-c898-460b-8c6f-dd2001b51e25","block_type":"box","text":"i.e.","page_number":65,"box":{"x":233,"y":279,"width":20,"height":9}},{"id":"e35a0ef3-673d-4057-bebf-23073f766934","block_type":"box","text":", sell) covered call options on the securities or instruments in which it may invest and to","page_number":65,"box":{"x":256,"y":279,"width":627,"height":11}},{"id":"f71121d7-aeb1-4b60-ac88-68919fa259ea","block_type":"box","text":"enter into closing purchase transactions with respect to certain of such options. A covered call option is an option in","page_number":65,"box":{"x":69,"y":294,"width":831,"height":11}},{"id":"e25eb26e-348a-47fd-bf88-212e09de7fe7","block_type":"box","text":"which a Fund, in return for a premium, gives another party a right to buy specified securities owned by the Fund at a","page_number":65,"box":{"x":68,"y":309,"width":827,"height":11}},{"id":"828ec5a9-0cb1-4cc5-886f-43b83b543ee2","block_type":"box","text":"specified future date and price set at the time of the contract. The principal reason for writing call options is the","page_number":65,"box":{"x":69,"y":324,"width":797,"height":12}},{"id":"2deac42f-53a3-4567-a63b-4f9d8a7d053d","block_type":"box","text":"attempt to realize, through the receipt of premiums, a greater return than would be realized on the securities alone.","page_number":65,"box":{"x":69,"y":339,"width":823,"height":12}},{"id":"c96a60a3-356c-471d-a099-d20a0fa7a531","block_type":"box","text":"By writing covered call options, a Fund gives up the opportunity, while the option is in effect, to profit from any price","page_number":65,"box":{"x":70,"y":355,"width":823,"height":11}},{"id":"e21c9f52-0f41-411d-b5c8-061703e481cf","block_type":"box","text":"increase in the underlying security above the option exercise price. In addition, a Fund’s ability to sell the underlying","page_number":65,"box":{"x":70,"y":370,"width":825,"height":11}},{"id":"029641b2-e4f4-4063-8848-6e4cab7dea57","block_type":"box","text":"security will be limited while the option is in effect unless the Fund enters into a closing purchase transaction. A","page_number":65,"box":{"x":69,"y":385,"width":800,"height":11}},{"id":"e5bf4413-b133-4cb5-bc23-8aaa4f806430","block_type":"box","text":"closing purchase transaction cancels out a Fund’s position as the writer of an option by means of an offsetting","page_number":65,"box":{"x":69,"y":400,"width":792,"height":11}},{"id":"60f0857f-dd0d-4e5e-826c-54c7dc001494","block_type":"box","text":"purchase of an identical option prior to the expiration of the option it has written. Covered call options also serve as","page_number":65,"box":{"x":70,"y":415,"width":826,"height":11}},{"id":"5a926960-b721-49e7-8ac0-cadb58038862","block_type":"box","text":"a partial hedge to the extent of the premium received against the price of the underlying security declining.","page_number":65,"box":{"x":69,"y":430,"width":760,"height":11}},{"id":"d74f7ef0-be0f-48ce-8c34-87eb8e6916ac","block_type":"box","text":"A Fund may write","page_number":65,"box":{"x":101,"y":453,"width":120,"height":11}},{"id":"fc2cb60c-73ab-4d02-92ad-81268a61ad25","block_type":"box","text":"(i.e.","page_number":65,"box":{"x":228,"y":453,"width":25,"height":11}},{"id":"1a8a65e8-26a1-42c7-9e7a-0559cbc79f4f","block_type":"box","text":", sell) uncovered call options on securities or instruments in which it may invest but that","page_number":65,"box":{"x":256,"y":453,"width":628,"height":11}},{"id":"4813dc24-2ba6-4db9-b92c-263a17b91678","block_type":"box","text":"are not currently held by the Fund. The principal reason for writing uncovered call options is to realize income without","page_number":65,"box":{"x":69,"y":468,"width":834,"height":11}},{"id":"2ebaa349-7cc4-4473-9d4b-cb2650296b51","block_type":"box","text":"committing capital to the ownership of the underlying securities or instruments. When writing uncovered call options,","page_number":65,"box":{"x":69,"y":483,"width":830,"height":11}},{"id":"2219929e-e0ad-4b6f-8b58-68bb939fe302","block_type":"box","text":"a Fund must deposit and maintain sufficient margin with the broker-dealer through which it made the uncovered call","page_number":65,"box":{"x":69,"y":498,"width":825,"height":11}},{"id":"79986310-55f9-4ac4-a2f9-b579ed35bd99","block_type":"box","text":"option as collateral to ensure that the securities can be purchased for delivery if and when the option is exercised.","page_number":65,"box":{"x":69,"y":513,"width":818,"height":11}},{"id":"6c2fb8fd-1ef0-4ae6-bf75-3cfa36008485","block_type":"box","text":"During periods of declining securities prices or when prices are stable, writing uncovered calls can be a profitable","page_number":65,"box":{"x":70,"y":528,"width":806,"height":12}},{"id":"0d6718cf-b899-4d94-8e2c-c2cf687914e9","block_type":"box","text":"strategy to increase a Fund’s income with minimal capital risk. Uncovered calls are riskier than covered calls because","page_number":65,"box":{"x":69,"y":544,"width":839,"height":11}},{"id":"97f25fbc-8b56-4783-92d5-b095a3651ca6","block_type":"box","text":"there is no underlying security held by a Fund that can act as a partial hedge. Uncovered calls have speculative","page_number":65,"box":{"x":68,"y":559,"width":793,"height":11}},{"id":"7a6235e8-81e7-4867-a706-e04e32049bf7","block_type":"box","text":"characteristics and the potential for loss is unlimited. When an uncovered call is exercised, a Fund must purchase","page_number":65,"box":{"x":69,"y":574,"width":814,"height":11}},{"id":"97459b5c-b0e7-441b-a24b-d70bc2fd5b09","block_type":"box","text":"the underlying security to meet its call obligation. There is also a risk, especially with preferred and debt securities","page_number":65,"box":{"x":68,"y":589,"width":818,"height":11}},{"id":"4371268e-07ca-4973-981e-85f405c68464","block_type":"box","text":"that lack sufficient liquidity, that the securities may not be available for purchase. If the purchase price exceeds the","page_number":65,"box":{"x":68,"y":604,"width":825,"height":11}},{"id":"02ce5fd6-0b7f-4236-9b9b-93a651f4cd3f","block_type":"box","text":"exercise price, a Fund will lose the difference.","page_number":65,"box":{"x":69,"y":619,"width":326,"height":11}},{"id":"47a21421-65bb-44f7-acdf-de6a16a489a9","block_type":"box","text":"Put Options.","page_number":65,"box":{"x":102,"y":642,"width":85,"height":11}},{"id":"b7a5631b-1df1-41cd-97e3-8d1201d34dce","block_type":"box","text":"A Fund may purchase put options to seek to hedge against a decline in the value of its securities or","page_number":65,"box":{"x":194,"y":642,"width":712,"height":11}},{"id":"5916f0c9-5355-4649-8317-7285bc397e1a","block_type":"box","text":"to enhance its return. By buying a put option, a Fund acquires a right to sell the underlying securities or instruments","page_number":65,"box":{"x":68,"y":657,"width":828,"height":11}},{"id":"4a326ade-903f-4cde-bc7d-4d646788fb0a","block_type":"box","text":"at the exercise price, thus limiting the Fund’s risk of loss through a decline in the market value of the securities or","page_number":65,"box":{"x":69,"y":672,"width":816,"height":11}},{"id":"95c2b1f2-c344-4de4-aa00-7cbe4e38238b","block_type":"box","text":"instruments until the put option expires. The amount of any appreciation in the value of the underlying securities or","page_number":65,"box":{"x":70,"y":687,"width":820,"height":11}},{"id":"6e0b2ac0-4c96-4a17-91e4-42fa824b6d36","block_type":"box","text":"instruments will be partially offset by the amount of the premium paid for the put option and any related transaction","page_number":65,"box":{"x":70,"y":702,"width":826,"height":11}},{"id":"4956d39f-8e26-42d8-ad4e-49281eb71717","block_type":"box","text":"costs. Prior to its expiration, a put option may be sold in a closing sale transaction and profit or loss from the sale","page_number":65,"box":{"x":69,"y":717,"width":815,"height":12}},{"id":"afcca9d4-a7b0-4cd7-befb-9960cb7738f8","block_type":"box","text":"will depend on whether the amount received is more or less than the premium paid for the put option plus the related","page_number":65,"box":{"x":68,"y":732,"width":839,"height":11}},{"id":"ef3e1c09-36e9-4716-b049-8ecb6f61bae5","block_type":"box","text":"transaction costs. A closing sale transaction cancels out a Fund’s position as the purchaser of an option by means of","page_number":65,"box":{"x":68,"y":748,"width":841,"height":11}},{"id":"d41a8892-bc33-470a-a7cb-b7372204358d","block_type":"box","text":"an offsetting sale of an identical option prior to the expiration of the option it has purchased. A Fund also may","page_number":65,"box":{"x":69,"y":763,"width":785,"height":11}},{"id":"43c70914-8d72-4975-a919-6fbd3336ea98","block_type":"box","text":"purchase uncovered put options.","page_number":65,"box":{"x":70,"y":778,"width":231,"height":11}},{"id":"c751be30-9977-423b-b545-eaac2f0cf7d4","block_type":"box","text":"A Fund also may write (","page_number":65,"box":{"x":101,"y":801,"width":165,"height":11}},{"id":"313e46e0-2cc3-4679-bef6-b13d9000cf61","block_type":"box","text":"i.e.","page_number":65,"box":{"x":268,"y":801,"width":20,"height":9}},{"id":"886906a4-d3ad-4246-b8d9-450f34fee303","block_type":"box","text":", sell) put options on the types of securities or instruments that may be held by the","page_number":65,"box":{"x":291,"y":801,"width":591,"height":11}},{"id":"9fd8ee5b-b900-4615-89ba-3297419243ef","block_type":"box","text":"Fund. A Fund will receive a premium for writing a put option, which increases the Fund’s return.","page_number":65,"box":{"x":70,"y":816,"width":675,"height":11}},{"id":"eb09dd25-6309-46b3-b632-deafb15cc356","block_type":"box","text":"A Fund also may write (","page_number":65,"box":{"x":101,"y":839,"width":165,"height":10}},{"id":"08f074a1-18f9-4855-90b8-eee753e3b6af","block_type":"box","text":"i.e.","page_number":65,"box":{"x":268,"y":839,"width":20,"height":8}},{"id":"0d0be07f-978e-41cf-b9f3-0ebc1159c658","block_type":"box","text":", sell) uncovered put options on securities or instruments in which it may invest but","page_number":65,"box":{"x":291,"y":839,"width":593,"height":10}},{"id":"fcfa4158-c3bb-4f16-ac90-e0a461392a6c","block_type":"box","text":"with respect to which the Fund does not currently have a corresponding short position or has not deposited as","page_number":65,"box":{"x":68,"y":854,"width":789,"height":11}},{"id":"224f295b-a1f8-46a7-a000-b4e0599c8861","block_type":"box","text":"collateral cash equal to the exercise value of the put option with the broker-dealer through which it made the","page_number":65,"box":{"x":69,"y":869,"width":773,"height":11}},{"id":"fa09200c-b525-4f7e-acc7-aedcdc41d653","block_type":"box","text":"uncovered put option. The principal reason for writing uncovered put options is to receive premium income and to","page_number":65,"box":{"x":69,"y":884,"width":807,"height":11}},{"id":"6d5d13e2-10fd-40b6-bd62-620120b9d918","block_type":"box","text":"acquire such securities or instruments at a net cost below the current market value. A Fund has the obligation to buy","page_number":65,"box":{"x":69,"y":899,"width":835,"height":11}},{"id":"d40395b1-86d6-43cb-a749-46eec96b8a2d","block_type":"box","text":"II-21","page_number":65,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"8425881e-b993-4aa8-9e62-64ec7a3ffcf3","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":65,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8b456faf-5a6e-4d56-9568-564625acc884","block_type":"box","text":"the securities or instruments at an agreed upon price if the price of the securities or instruments decreases below","page_number":66,"box":{"x":68,"y":45,"width":818,"height":11}},{"id":"a573da7c-c047-4a02-b015-b352f37581c3","block_type":"box","text":"the exercise price. If the price of the securities or instruments increases during the option period, the option will","page_number":66,"box":{"x":68,"y":60,"width":800,"height":11}},{"id":"b62b9902-a76b-4754-8582-afbc36eca977","block_type":"box","text":"expire worthless and a Fund will retain the premium and will not have to purchase the securities or instruments at","page_number":66,"box":{"x":69,"y":75,"width":814,"height":11}},{"id":"32c5273d-0a3e-423a-ad9d-f467882cc4c1","block_type":"box","text":"the exercise price.","page_number":66,"box":{"x":68,"y":90,"width":130,"height":11}},{"id":"c6e3b983-60d2-44d7-bc40-7678a7f4a553","block_type":"box","text":"Options on Government National Mor tgage Association (“GNMA”) Cer tificates.","page_number":66,"box":{"x":102,"y":113,"width":556,"height":11}},{"id":"6353f6b5-8c7e-4d6a-ade2-67ad7925344b","block_type":"box","text":"The following information relates","page_number":66,"box":{"x":664,"y":113,"width":232,"height":11}},{"id":"bcbbacaf-a641-4d9b-9412-eb6274011389","block_type":"box","text":"to the unique characteristics of options on GNMA Certificates. Since the remaining principal balance of GNMA","page_number":66,"box":{"x":68,"y":128,"width":784,"height":11}},{"id":"f214c388-b57a-4d8d-8626-fdd488f73b30","block_type":"box","text":"Certificates declines each month as a result of mortgage payments, a Fund, as a writer of a GNMA call holding GNMA","page_number":66,"box":{"x":69,"y":143,"width":840,"height":11}},{"id":"d87a43a0-4a1e-416b-b2cc-f3a8d5c3a43a","block_type":"box","text":"Certificates as “cover” to satisfy its delivery obligation in the event of exercise, may find that the GNMA Certificates","page_number":66,"box":{"x":69,"y":158,"width":827,"height":11}},{"id":"993e0c08-0743-4a1b-bb07-0d029da97a69","block_type":"box","text":"it holds no longer have a sufficient remaining principal balance for this purpose. Should this occur, a Fund will","page_number":66,"box":{"x":70,"y":173,"width":781,"height":11}},{"id":"4b1f7bb1-fb0f-4d97-a711-07b655939fd5","block_type":"box","text":"purchase additional GNMA Certificates from the same pool (if obtainable) or other GNMA Certificates in the cash","page_number":66,"box":{"x":70,"y":188,"width":803,"height":11}},{"id":"7440b0cd-605d-4cad-8197-48bba92c1b5b","block_type":"box","text":"market in order to maintain its “cover.”","page_number":66,"box":{"x":69,"y":204,"width":277,"height":8}},{"id":"a9a231d5-566f-4842-9065-13e28d19616f","block_type":"box","text":"A GNMA Certificate held by a Fund to cover an option position in any but the nearest expiration month may cease","page_number":66,"box":{"x":101,"y":226,"width":807,"height":11}},{"id":"7a67ddf5-e5e8-4ffd-840a-cef5e95d8098","block_type":"box","text":"to represent cover for the option in the event of a decline in the GNMA coupon rate at which new pools are originated","page_number":66,"box":{"x":68,"y":241,"width":835,"height":11}},{"id":"00936197-c17f-4214-824f-cd0697d46576","block_type":"box","text":"under the FHA/VA loan ceiling in effect at any given time. If this should occur, a Fund will no longer be covered, and","page_number":66,"box":{"x":69,"y":256,"width":821,"height":12}},{"id":"19533efd-07c4-4e13-a14b-4cffa4771fd5","block_type":"box","text":"the Fund will either enter into a closing purchase transaction or replace such Certificate with a certificate that","page_number":66,"box":{"x":68,"y":271,"width":784,"height":12}},{"id":"8cb7cb17-3542-4a94-8799-fcd8f469de2b","block_type":"box","text":"represents cover. When a Fund closes its position or replaces such Certificate, it may realize an unanticipated loss","page_number":66,"box":{"x":69,"y":286,"width":820,"height":12}},{"id":"f08e28ef-508f-4e79-992d-4dc8dca3891c","block_type":"box","text":"and incur transaction costs.","page_number":66,"box":{"x":69,"y":302,"width":197,"height":9}},{"id":"ed2df4b6-ba34-42bc-abf7-237d50bf69f2","block_type":"box","text":"Options on Swaps (“Swaptions”).","page_number":66,"box":{"x":102,"y":324,"width":235,"height":11}},{"id":"eebb2e22-e9dc-4d6d-8154-f4294a4cfe69","block_type":"box","text":"A swaption gives a counterparty the option (but not the obligation) to enter into","page_number":66,"box":{"x":343,"y":325,"width":563,"height":11}},{"id":"90a37d7e-a719-40e7-900f-5c66498d5c6c","block_type":"box","text":"a new swap agreement or to shorten, extend, cancel or otherwise modify an existing swap agreement, at a","page_number":66,"box":{"x":69,"y":339,"width":763,"height":12}},{"id":"a5b24f56-7e43-493a-98a5-55791335f2ae","block_type":"box","text":"designated future time on specified terms. A Fund may write (","page_number":66,"box":{"x":69,"y":355,"width":439,"height":11}},{"id":"6da99e91-68e9-4500-a00c-37ab31cc4639","block_type":"box","text":"i.e.","page_number":66,"box":{"x":510,"y":355,"width":20,"height":9}},{"id":"524424ae-f749-4802-85d8-46ffcc607b08","block_type":"box","text":", sell) and purchase put and call swaptions.","page_number":66,"box":{"x":533,"y":355,"width":309,"height":11}},{"id":"ea060a9a-3d26-425b-9d39-aca644587f5a","block_type":"box","text":"Depending on the terms of the particular option agreement, a Fund will generally incur a greater degree of risk when","page_number":66,"box":{"x":70,"y":370,"width":826,"height":11}},{"id":"709fa32c-8722-4abc-91d5-2776f9592577","block_type":"box","text":"it writes a swaption than it will incur when it purchases a swaption. When a Fund purchases a swaption, it risks","page_number":66,"box":{"x":70,"y":385,"width":793,"height":11}},{"id":"446dae98-8706-4a48-8ad7-902712f6849c","block_type":"box","text":"losing only the amount of the premium it has paid should it decide to let the option expire unexercised. However,","page_number":66,"box":{"x":70,"y":400,"width":802,"height":11}},{"id":"5f6e198a-b9c6-4325-a8af-8fe8c9d83403","block_type":"box","text":"when a Fund writes a swaption, upon exercise of the option the Fund will become obligated according to the terms of","page_number":66,"box":{"x":68,"y":415,"width":836,"height":11}},{"id":"72571905-86a1-40d3-9f18-c2bc5b0ae755","block_type":"box","text":"the underlying agreement and the potential for loss may be unlimited. Certain swaptions are permitted, although not","page_number":66,"box":{"x":68,"y":430,"width":832,"height":11}},{"id":"1cb89c09-0192-46d6-8d30-4004e5105abe","block_type":"box","text":"required, to be cleared.","page_number":66,"box":{"x":69,"y":446,"width":165,"height":10}},{"id":"1799df72-a92b-48cf-bf2c-81e84152928a","block_type":"box","text":"A Fund will likely enter into these transactions to preserve a return or spread on a particular investment or","page_number":66,"box":{"x":101,"y":468,"width":760,"height":11}},{"id":"6c362f5a-4fbb-4ddf-a8fd-677cc1e3ee1c","block_type":"box","text":"portion of its portfolio or to protect against any increase in the price of securities the Fund anticipates purchasing at","page_number":66,"box":{"x":70,"y":483,"width":830,"height":11}},{"id":"3e069c88-93f5-4a8e-bfe9-591aed8da917","block_type":"box","text":"a later date. A Fund generally will use these transactions for hedging purposes, not for speculation.","page_number":66,"box":{"x":69,"y":498,"width":706,"height":11}},{"id":"daef779d-4e8c-4bfb-841c-48f37f89857b","block_type":"box","text":"Swaptions may be subject to correlation risk, leverage risk, illiquidity risk and market risk. See “—Risk Factors in","page_number":66,"box":{"x":102,"y":521,"width":805,"height":11}},{"id":"ccfd9f83-89ab-41ce-a72d-8ce53fb8f0c1","block_type":"box","text":"Derivatives” above.","page_number":66,"box":{"x":70,"y":536,"width":135,"height":9}},{"id":"03eef5c5-64f4-4860-9955-6790a0c06718","block_type":"box","text":"FLEX Options.","page_number":66,"box":{"x":102,"y":559,"width":96,"height":11}},{"id":"4c99c237-5ca7-4ff7-a8dc-5ed3c0a87a39","block_type":"box","text":"FLEX Options are customized option contracts available through national securities exchanges that","page_number":66,"box":{"x":206,"y":559,"width":702,"height":11}},{"id":"ff06807a-9abb-4c7f-a77e-1ec1767ba6e9","block_type":"box","text":"are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are listed on a U.S. national","page_number":66,"box":{"x":69,"y":574,"width":839,"height":11}},{"id":"3bc8613f-e1d2-43d7-b014-ad6e84fab2e0","block_type":"box","text":"securities exchange. FLEX Options provide investors with the ability to customize assets referenced by the options,","page_number":66,"box":{"x":69,"y":589,"width":818,"height":11}},{"id":"7aa87163-5e1b-470b-86f2-c1ec4d69f7f7","block_type":"box","text":"exercise prices, exercise styles (","page_number":66,"box":{"x":69,"y":604,"width":231,"height":11}},{"id":"5eaae0d1-315e-4803-b57e-1fb1cae28146","block_type":"box","text":"i.e.","page_number":66,"box":{"x":302,"y":604,"width":20,"height":9}},{"id":"9a545fd3-8b8f-4e44-8036-905cb5a73474","block_type":"box","text":", American-style, exercisable any time prior to the expiration date, or European","page_number":66,"box":{"x":325,"y":604,"width":561,"height":11}},{"id":"37d43bac-6c25-433d-84b3-52ea69d02e1f","block_type":"box","text":"style, exercisable only on the option expiration date) and expiration dates, while achieving price discovery in","page_number":66,"box":{"x":69,"y":619,"width":768,"height":11}},{"id":"7984a0d0-6c40-4f44-9901-cae0cc2757b0","block_type":"box","text":"competitive, transparent auctions markets and avoiding the counterparty exposure of OTC options positions. Each","page_number":66,"box":{"x":69,"y":634,"width":812,"height":12}},{"id":"0f47a904-7ec6-4e88-9033-5529d91adf9e","block_type":"box","text":"option contract entitles the holder thereof to purchase (for the call options) or sell (for the put options) shares of the","page_number":66,"box":{"x":69,"y":649,"width":830,"height":11}},{"id":"d15aeb93-7f38-4bc3-8f6e-acd66052a669","block_type":"box","text":"reference asset at the strike price. A Fund’s portfolio may include several types of FLEX Options, including both","page_number":66,"box":{"x":69,"y":664,"width":792,"height":12}},{"id":"8f2431b8-4c0b-4d46-a87e-1f9951952085","block_type":"box","text":"purchased and written put and call options (as further described below). The FLEX Options are all European style","page_number":66,"box":{"x":70,"y":680,"width":802,"height":11}},{"id":"50eef5c9-fd40-49ca-b1dc-23dcbd691236","block_type":"box","text":"options, which means that they are exercisable at a predetermined specified price (the “strike price”) only on the","page_number":66,"box":{"x":69,"y":695,"width":806,"height":11}},{"id":"f3d4af1e-b81d-4c21-ac09-2e7bb961293d","block_type":"box","text":"FLEX Option’s expiration date.","page_number":66,"box":{"x":70,"y":710,"width":211,"height":11}},{"id":"9b4eb95e-e621-4c27-997d-486ca85182d4","block_type":"box","text":"The OCC guarantees performance by each of the counterparties to the FLEX Options, becoming the “buyer for","page_number":66,"box":{"x":101,"y":732,"width":783,"height":12}},{"id":"88f00f4e-16fd-47d7-b475-2860564c1cf5","block_type":"box","text":"every seller and the seller for every buyer”, reducing counterparty risk for clearing members and options traders.","page_number":66,"box":{"x":69,"y":748,"width":802,"height":11}},{"id":"10eb2dca-54fa-4171-b0d1-4570e1fd3b9a","block_type":"box","text":"Although guaranteed for settlement by the OCC, FLEX Options are still subject to counterparty risk with the OCC and","page_number":66,"box":{"x":68,"y":763,"width":826,"height":11}},{"id":"f1aba598-5c4e-4eaf-8c8a-755cab40c55b","block_type":"box","text":"subject to the risk that the OCC may fail to perform the settlement of the FLEX Options due to bankruptcy or other","page_number":66,"box":{"x":69,"y":778,"width":814,"height":11}},{"id":"d8f32707-0205-42c3-986d-7a6ac32ece2e","block_type":"box","text":"adverse reasons. A Fund bears the risk that the OCC will be unable or unwilling to perform its obligations under the","page_number":66,"box":{"x":69,"y":793,"width":822,"height":11}},{"id":"ca696365-4a70-4d1b-b991-1d9323ccabf6","block_type":"box","text":"FLEX Options contracts.","page_number":66,"box":{"x":70,"y":808,"width":166,"height":11}},{"id":"7d6381e7-a31a-4b17-98c8-75eed694bfa4","block_type":"box","text":"Subject to determination by the Securities Committee of the OCC, adjustments may be made to the FLEX","page_number":66,"box":{"x":102,"y":831,"width":748,"height":11}},{"id":"505c6ee2-3870-49db-88ff-2f26f83c3e87","block_type":"box","text":"Options for certain events (collectively, “Corporate Actions”) specified in the OCC’s by-laws and rules: certain stock","page_number":66,"box":{"x":69,"y":846,"width":822,"height":11}},{"id":"a92f5605-7d3a-4f53-a8e0-f746bd53a022","block_type":"box","text":"dividends or distributions, stock splits, reverse stock splits, rights offerings, distributions, reorganizations,","page_number":66,"box":{"x":69,"y":861,"width":759,"height":11}},{"id":"bced2688-6e0d-480f-89f0-13ce5dacea69","block_type":"box","text":"recapitalizations, or reclassifications with respect to an underlying security, or a merger, consolidation, dissolution or","page_number":66,"box":{"x":69,"y":876,"width":833,"height":11}},{"id":"bbf4c3c0-3388-4a6f-b850-6f3d1c3cafa5","block_type":"box","text":"liquidation of the issuer of the underlying security. According to the OCC’s by-laws, the nature and extent of any such","page_number":66,"box":{"x":70,"y":891,"width":829,"height":12}},{"id":"1316e552-53d0-475b-ac93-9e75f168e3cb","block_type":"box","text":"adjustment is to be determined by the OCC’s Securities Committee, in light of the circumstances known to it at the","page_number":66,"box":{"x":69,"y":906,"width":821,"height":12}},{"id":"f8a9a77b-c54e-4389-af6e-76dd038f1334","block_type":"box","text":"II-22","page_number":66,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"fff1e85a-8a63-4cbb-8288-b7539f81b8e9","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":66,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6a7a5560-29a1-413c-8c13-3d07f6ee1830","block_type":"box","text":"time such determination is made, based on its judgment as to what is appropriate for the protection of investors and","page_number":67,"box":{"x":68,"y":45,"width":835,"height":11}},{"id":"79fddc6c-686f-4f44-b58e-07688747075f","block_type":"box","text":"the public interest, taking into account such factors as fairness to holders and writers (or purchasers and sellers) of","page_number":67,"box":{"x":68,"y":60,"width":829,"height":11}},{"id":"5affae68-cb76-4105-b880-e6f89c06de15","block_type":"box","text":"the affected options, the maintenance of a fair and orderly market in the affected options, consistency of","page_number":67,"box":{"x":68,"y":75,"width":753,"height":11}},{"id":"ba57be63-23fa-4b77-81b6-b78a83a67bf5","block_type":"box","text":"interpretation and practice, efficiency of exercise settlement procedures, and the coordination with other clearing","page_number":67,"box":{"x":70,"y":90,"width":806,"height":11}},{"id":"068f343d-4c8f-41e5-a93a-62f4c0ba2272","block_type":"box","text":"agencies of the clearance and settlement of transactions in the underlying interest.","page_number":67,"box":{"x":69,"y":105,"width":593,"height":11}},{"id":"ca19f081-ae4e-491c-889b-41e2c4a48b25","block_type":"box","text":"Cer tain Considerations Regarding Options","page_number":67,"box":{"x":135,"y":128,"width":298,"height":11}},{"id":"bfbfb533-c8d9-4b7d-8598-b7b730607cb3","block_type":"box","text":". The FLEX Options in which each Fund may invest will be options","page_number":67,"box":{"x":435,"y":128,"width":461,"height":11}},{"id":"ffd7937f-8d78-4f53-8d94-9b71135169f1","block_type":"box","text":"on an exchange-traded fund (“ETF”) or the S&P 500 Index (together with such ETF, a “Reference Asset”). As","page_number":67,"box":{"x":102,"y":143,"width":768,"height":11}},{"id":"40361388-6dd1-4396-83b8-ef906aa0c7e0","block_type":"box","text":"such, the value of a Fund’s FLEX Options will fluctuate with changes in the value of the securities held by the","page_number":67,"box":{"x":102,"y":158,"width":775,"height":11}},{"id":"06dff048-9b93-4b63-962c-5368d2333551","block_type":"box","text":"ETF, and thus the ETF’s share price. In addition to the value of the ETF, the value of an option, in general, will","page_number":67,"box":{"x":102,"y":173,"width":777,"height":11}},{"id":"1d12264c-aadb-4dac-b653-eb91fc4690dc","block_type":"box","text":"reflect, among other things, the time remaining until expiration (the end of the Outcome Period), the relationship","page_number":67,"box":{"x":102,"y":188,"width":799,"height":12}},{"id":"e84ee61b-0f11-47b2-8971-eb170885a480","block_type":"box","text":"of the exercise price to the market price of the Reference Asset, and general market conditions. Options that","page_number":67,"box":{"x":102,"y":203,"width":777,"height":12}},{"id":"bcae362c-e73e-48e5-999f-24d76f5594b1","block_type":"box","text":"expire unexercised have no value.","page_number":67,"box":{"x":101,"y":219,"width":240,"height":10}},{"id":"18d131eb-543b-447e-9007-56b095d7d69a","block_type":"box","text":"The puts and calls on the Reference Asset entitle the purchaser of the option the right to purchase (for a","page_number":67,"box":{"x":134,"y":241,"width":747,"height":11}},{"id":"f13a2393-a0ef-4252-aca7-5531c2c91743","block_type":"box","text":"call option) or sell (for a put option) the Reference Asset at a predetermined specified price (the “strike price”).","page_number":67,"box":{"x":101,"y":256,"width":792,"height":11}},{"id":"c51e1c26-82be-4b42-8e45-aa657fc46108","block_type":"box","text":"When a Fund writes a call on the Reference Asset, it receives a premium and agrees that the purchaser of the","page_number":67,"box":{"x":101,"y":271,"width":786,"height":12}},{"id":"a9617552-1291-4074-addf-340557feebd8","block_type":"box","text":"call, upon exercise of the call, will receive from the Fund the delivery of a specified number of shares of the ETF","page_number":67,"box":{"x":101,"y":286,"width":798,"height":12}},{"id":"bc70c06e-3f3b-4b49-9367-406aeaa294ec","block_type":"box","text":"in exchange for the strike price. When a Fund buys a call on the Reference Asset, it pays a premium and has the","page_number":67,"box":{"x":102,"y":302,"width":802,"height":11}},{"id":"7e1b9e76-d406-4bae-8224-98b26d8e1321","block_type":"box","text":"same rights to such call as indicated above. When a Fund buys a put on the Reference Asset, it pays a premium","page_number":67,"box":{"x":102,"y":317,"width":800,"height":11}},{"id":"3ae347ab-9b65-4899-85d8-1770ddf59328","block_type":"box","text":"and has the right to require the seller of the put, upon the Fund’s exercise of the put, to deliver the specified","page_number":67,"box":{"x":102,"y":332,"width":774,"height":11}},{"id":"a5ad00a2-8424-4afa-ae23-a1cd78a74295","block_type":"box","text":"number of shares of the ETF in exchange for the strike price. When a Fund writes a put on the Reference Asset,","page_number":67,"box":{"x":102,"y":347,"width":793,"height":11}},{"id":"1c3ef0b9-9f64-47d1-9dde-737391ec4c8f","block_type":"box","text":"it receives a premium and the purchaser of the put has the right to require the Fund to deliver the specified","page_number":67,"box":{"x":102,"y":362,"width":764,"height":11}},{"id":"27b11a13-1785-4325-9d30-ac6927360730","block_type":"box","text":"number of shares of the ETF in exchange for the strike price.","page_number":67,"box":{"x":102,"y":377,"width":430,"height":12}},{"id":"15196915-431c-48ba-b2e3-44ced1b34434","block_type":"box","text":"Although each Fund will generally utilize FLEX Options that are physically settled, a Fund may also utilize","page_number":67,"box":{"x":134,"y":400,"width":740,"height":11}},{"id":"172ba408-da9a-4442-a005-aa6ca9185f53","block_type":"box","text":"FLEX Options that are cash-settled. Cash-settled options give the holder the right to receive an amount (or owe","page_number":67,"box":{"x":102,"y":415,"width":787,"height":11}},{"id":"1b467066-ff38-4c57-ade6-eaf4035b749b","block_type":"box","text":"an amount) of cash upon the exercise of the option. Gain or loss depends on changes in the value of the ETF’s","page_number":67,"box":{"x":102,"y":430,"width":790,"height":11}},{"id":"d52ba4f2-6cad-44de-b7cb-7ff30e9bdb6f","block_type":"box","text":"share price relative to the strike price for a given option contract. The amount of cash is equal to the difference","page_number":67,"box":{"x":102,"y":445,"width":793,"height":12}},{"id":"c138e6d2-68d5-43a6-9eee-6e5dace2e770","block_type":"box","text":"between the closing price of the ETF’s share price and the exercise price of the option contract times a specified","page_number":67,"box":{"x":102,"y":460,"width":802,"height":12}},{"id":"96867ef6-5aca-41fb-ae9d-a5103ee69d0a","block_type":"box","text":"multiple (“multiplier”), which determines the total value for each point of such difference.","page_number":67,"box":{"x":102,"y":475,"width":635,"height":12}},{"id":"1f113b8b-1ef3-4f56-9501-beaff4d02ae0","block_type":"box","text":"Risks of Options on the Reference Assets","page_number":67,"box":{"x":135,"y":498,"width":297,"height":11}},{"id":"5d9433a9-abe5-49cc-8758-464dc845049d","block_type":"box","text":". If a Fund has purchased an option and exercises it before the","page_number":67,"box":{"x":433,"y":498,"width":448,"height":11}},{"id":"f27cda5a-e976-4658-80b5-f2b00d378974","block_type":"box","text":"closing value for that day is available, it runs the risk that the level of the Reference Asset may subsequently","page_number":67,"box":{"x":101,"y":513,"width":777,"height":12}},{"id":"90cde5c6-032c-426f-b01e-2fa309013dfe","block_type":"box","text":"change. If such a change causes the exercised option to fall out of the money, the applicable Fund will be","page_number":67,"box":{"x":101,"y":528,"width":753,"height":12}},{"id":"1128433f-7c5f-4a8d-a1da-cb44d41c2228","block_type":"box","text":"required to pay the difference between the closing Reference Asset value and the exercise price of the option","page_number":67,"box":{"x":102,"y":543,"width":780,"height":12}},{"id":"40116e7e-c7e6-40ca-bb61-4d3b6bc00566","block_type":"box","text":"(times the applicable multiplier) to the assigned writer.","page_number":67,"box":{"x":102,"y":559,"width":387,"height":11}},{"id":"47280867-a585-4934-90b1-735b7533dcf9","block_type":"box","text":"Foreign Exchange Transactions.","page_number":67,"box":{"x":102,"y":582,"width":222,"height":11}},{"id":"2d019f75-313b-43ac-87ab-89e187b1f1b2","block_type":"box","text":"A Fund may enter into spot foreign exchange transactions, forward foreign exchange transactions (“FX forwards”)","page_number":67,"box":{"x":101,"y":604,"width":807,"height":11}},{"id":"4e6d0676-ce7a-4ee3-92b9-f97e6362eb3a","block_type":"box","text":"and currency swaps, purchase and sell currency options, currency futures and related options thereon (collectively,","page_number":67,"box":{"x":69,"y":619,"width":818,"height":11}},{"id":"952038e7-2a58-4511-984e-bbb028575287","block_type":"box","text":"“Currency Instruments”) for purposes of hedging against the decline in the value of currencies in which its portfolio","page_number":67,"box":{"x":70,"y":634,"width":821,"height":12}},{"id":"35c16813-48c5-464d-8785-a01cb7140997","block_type":"box","text":"holdings are denominated against the U.S. dollar or, with respect to certain Funds, to seek to enhance returns.","page_number":67,"box":{"x":69,"y":649,"width":792,"height":12}},{"id":"6fc8ef71-d560-4358-af05-375564341bfe","block_type":"box","text":"Such transactions could be effected to hedge with respect to foreign dollar denominated securities owned by a","page_number":67,"box":{"x":102,"y":672,"width":790,"height":11}},{"id":"953de1bf-3486-4de3-8c7a-f1c5b7d0583e","block_type":"box","text":"Fund, sold by a Fund but not yet delivered, or committed or anticipated to be purchased by a Fund. As an illustration,","page_number":67,"box":{"x":70,"y":687,"width":830,"height":11}},{"id":"097f1aaa-0845-4283-ab72-35ca57f37fe4","block_type":"box","text":"a Fund may use such techniques to hedge the stated value in U.S. dollars of an investment in a yen-denominated","page_number":67,"box":{"x":69,"y":702,"width":808,"height":12}},{"id":"c5450774-bf83-41d8-b6d6-5007431c97c3","block_type":"box","text":"security. For example, the Fund may purchase a foreign currency put option enabling it to sell a specified amount of","page_number":67,"box":{"x":69,"y":717,"width":824,"height":12}},{"id":"61893739-13b7-4278-926b-3a7710633c29","block_type":"box","text":"yen for dollars at a specified price by a future date. To the extent the hedge is successful, a loss in the value of the","page_number":67,"box":{"x":68,"y":732,"width":823,"height":12}},{"id":"3c7c4885-de48-4fae-a4c6-f004d407d701","block_type":"box","text":"yen relative to the dollar will tend to be offset by an increase in the value of the put option. To offset, in whole or in","page_number":67,"box":{"x":68,"y":748,"width":821,"height":11}},{"id":"2e4f1502-9f9f-43c3-83f5-f11f77e2bc22","block_type":"box","text":"part, the cost of acquiring such a put option, the Fund may also sell a call option which, if exercised, requires it to","page_number":67,"box":{"x":70,"y":763,"width":813,"height":11}},{"id":"989785f3-805e-40b3-a082-c2124d184aa9","block_type":"box","text":"sell a specified amount of yen for dollars at a specified price by a future date (a technique called a “straddle”). By","page_number":67,"box":{"x":69,"y":778,"width":813,"height":11}},{"id":"d0ec0010-dc00-463d-94b9-37c5ac286dc1","block_type":"box","text":"selling such a call option in this illustration, the Fund gives up the opportunity to profit without limit from increases in","page_number":67,"box":{"x":69,"y":793,"width":835,"height":11}},{"id":"ccd2a97d-9e1a-41ae-b0f6-b3a6ed8dae03","block_type":"box","text":"the relative value of the yen to the dollar. “Straddles” of the type that may be used by a Fund are considered hedging","page_number":67,"box":{"x":68,"y":808,"width":836,"height":11}},{"id":"4d9e1e97-bfa7-41b1-9165-ef00e20970d7","block_type":"box","text":"transactions. Certain Funds have a fundamental investment restriction that restricts currency option strategies.","page_number":67,"box":{"x":68,"y":823,"width":794,"height":12}},{"id":"9bf6160b-3901-419e-8e0a-a2709a4e26d7","block_type":"box","text":"Hedging transactions involving Currency Instruments involve substantial risks, including correlation risk. A Fund’s","page_number":67,"box":{"x":102,"y":846,"width":805,"height":11}},{"id":"918270f2-b8ee-44fb-9125-2afeb9e43b10","block_type":"box","text":"use of Currency Instruments to effect hedging strategies is intended to reduce the volatility of the NAV of the Fund’s","page_number":67,"box":{"x":69,"y":861,"width":828,"height":11}},{"id":"93e35d74-772d-44da-813d-ba524ea26f64","block_type":"box","text":"shares; however, the use of such hedging strategies will not prevent the NAV of the Fund’s shares from fluctuating.","page_number":67,"box":{"x":69,"y":876,"width":819,"height":11}},{"id":"f49dcc07-3bcc-4097-9c1f-1a29b8119955","block_type":"box","text":"Moreover, although Currency Instruments will be used with the intention of hedging against adverse currency","page_number":67,"box":{"x":70,"y":891,"width":773,"height":12}},{"id":"1885133b-bf38-4b45-b345-cd8c62206f06","block_type":"box","text":"movements, transactions in Currency Instruments involve the risk that anticipated currency movements will not be","page_number":67,"box":{"x":69,"y":906,"width":814,"height":12}},{"id":"d0623c53-02d7-4b97-9d75-d75714b0b3a6","block_type":"box","text":"II-23","page_number":67,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b9eb69f4-2a99-48f5-b09c-d36f2fa136c7","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":67,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"82fbf121-77fe-4d6d-acd5-7b9f23a4da39","block_type":"box","text":"accurately predicted and that the Fund’s hedging strategies will be ineffective. To the extent that a Fund hedges","page_number":68,"box":{"x":69,"y":45,"width":796,"height":11}},{"id":"74d6360c-ff15-4657-bc2c-1c1ddc489bda","block_type":"box","text":"against anticipated currency movements that do not occur, the Fund may realize losses and decrease its total return.","page_number":68,"box":{"x":69,"y":60,"width":835,"height":11}},{"id":"63bf6233-5402-4a54-86bc-573fe6c70b4e","block_type":"box","text":"Furthermore, a Fund will only engage in hedging activities from time to time and may not be engaging in hedging","page_number":68,"box":{"x":70,"y":75,"width":798,"height":11}},{"id":"d79e0ab0-ad21-4714-abcc-e80727350f90","block_type":"box","text":"activities when movements in currency exchange rates actually occur.","page_number":68,"box":{"x":69,"y":90,"width":493,"height":11}},{"id":"028c6151-bf7a-4583-83d2-03e8a6cff779","block_type":"box","text":"In connection with its trading in forward foreign currency contracts, a Fund will contract with a foreign or","page_number":68,"box":{"x":102,"y":113,"width":738,"height":11}},{"id":"00f42079-2793-42aa-b83b-a5f4738e7542","block_type":"box","text":"domestic bank, or foreign or domestic securities dealer, to make or take future delivery of a specified amount of a","page_number":68,"box":{"x":69,"y":128,"width":814,"height":11}},{"id":"2a401b59-ec9e-4e96-8ecb-fb33732f9aad","block_type":"box","text":"particular currency. There are no limitations on daily price moves in such forward contracts, and banks and dealers","page_number":68,"box":{"x":70,"y":143,"width":819,"height":11}},{"id":"de07a1b5-06a8-4d01-a1ba-d7d2708f111b","block_type":"box","text":"are not required to continue to make markets in such contracts. There have been periods during which certain banks","page_number":68,"box":{"x":69,"y":158,"width":834,"height":11}},{"id":"6720768e-1fbe-410f-b27b-4548ba17bab3","block_type":"box","text":"or dealers have refused to quote prices for such forward contracts or have quoted prices with an unusually wide","page_number":68,"box":{"x":69,"y":173,"width":797,"height":11}},{"id":"cb7787b5-bf8b-47be-a41d-a5a1d032a921","block_type":"box","text":"spread between the price at which the bank or dealer is prepared to buy and that at which it is prepared to sell.","page_number":68,"box":{"x":69,"y":188,"width":794,"height":11}},{"id":"eb323ead-9370-43d3-9c21-8e71133ed74a","block_type":"box","text":"Governmental imposition of currency controls might limit any such forward contract trading. With respect to its trading","page_number":68,"box":{"x":69,"y":203,"width":841,"height":12}},{"id":"b9f812bb-153a-4d35-9bce-09c3392c1124","block_type":"box","text":"of forward contracts, if any, a Fund will be subject to counterparty risk. Any such failure to perform by a counterparty","page_number":68,"box":{"x":69,"y":218,"width":831,"height":12}},{"id":"658c3808-f0d4-4700-91aa-9751c06f8665","block_type":"box","text":"would deprive the Fund of any profit potential or force the Fund to cover its commitments for resale, if any, at the","page_number":68,"box":{"x":68,"y":234,"width":805,"height":11}},{"id":"8cb5dd4f-a4dd-4084-a32f-4400db267263","block_type":"box","text":"then market price and could result in a loss to the Fund.","page_number":68,"box":{"x":68,"y":249,"width":401,"height":11}},{"id":"9a682947-bde7-454e-80f6-7dbe3d2b760e","block_type":"box","text":"It may not be possible for a Fund to hedge against currency exchange rate movements, even if correctly","page_number":68,"box":{"x":102,"y":271,"width":738,"height":12}},{"id":"3effe31b-b069-474b-8b3b-1f88ab544aa5","block_type":"box","text":"anticipated, in the event that (i) the currency exchange rate movement is so generally anticipated that the Fund is not","page_number":68,"box":{"x":69,"y":287,"width":837,"height":11}},{"id":"3bcbc787-afcb-4106-be05-36391472c04a","block_type":"box","text":"able to enter into a hedging transaction at an effective price, or (ii) the currency exchange rate movement relates to a","page_number":68,"box":{"x":69,"y":302,"width":837,"height":11}},{"id":"251a6034-287a-498c-aa63-5f109ab9ce65","block_type":"box","text":"market with respect to which Currency Instruments are not available and it is not possible to engage in effective","page_number":68,"box":{"x":69,"y":317,"width":800,"height":11}},{"id":"d6283ab0-cb1e-4fa6-a3b5-7bcf858a675f","block_type":"box","text":"foreign currency hedging. The cost to a Fund of engaging in foreign currency transactions varies with such factors as","page_number":68,"box":{"x":68,"y":332,"width":829,"height":11}},{"id":"7e36bc5a-8fed-475f-9906-a4b76504135d","block_type":"box","text":"the currencies involved, the length of the contract period and the market conditions then prevailing. Since","page_number":68,"box":{"x":68,"y":347,"width":753,"height":11}},{"id":"e2166467-7d94-4ee9-b42a-fad4d3bb4cc2","block_type":"box","text":"transactions in foreign currency exchange usually are conducted on a principal basis, no fees or commissions are","page_number":68,"box":{"x":68,"y":362,"width":811,"height":11}},{"id":"877f0997-dce6-4cb1-aef0-38da12dcd14b","block_type":"box","text":"involved.","page_number":68,"box":{"x":70,"y":377,"width":59,"height":9}},{"id":"7a54cda4-6027-49f5-8170-00995c613665","block_type":"box","text":"A Fund will not hedge a currency in excess of the aggregate market value of the securities that it owns (including","page_number":68,"box":{"x":101,"y":400,"width":803,"height":11}},{"id":"03871a08-e24c-47ae-a168-880f53644fa2","block_type":"box","text":"receivables for unsettled securities sales), or has committed to purchase or anticipates purchasing, which are","page_number":68,"box":{"x":69,"y":415,"width":785,"height":11}},{"id":"dc76cef5-22c1-4af5-a3e6-5de8f969a360","block_type":"box","text":"denominated in such currency.","page_number":68,"box":{"x":69,"y":430,"width":216,"height":11}},{"id":"fdc5ec73-d151-4523-a921-cd842fb7f86a","block_type":"box","text":"Spot Transactions and FX Forwards.","page_number":68,"box":{"x":102,"y":453,"width":254,"height":11}},{"id":"858e9f1f-1ea6-44cc-80e0-0d6d3af13e77","block_type":"box","text":"FX forwards are OTC contracts to purchase or sell a specified amount of a","page_number":68,"box":{"x":364,"y":453,"width":527,"height":11}},{"id":"2af97c4b-5b20-43bf-bf13-92aa30ac3aec","block_type":"box","text":"specified currency or multinational currency unit at a specified price and specified future date. Spot foreign exchange","page_number":68,"box":{"x":69,"y":468,"width":834,"height":11}},{"id":"553e013e-2279-4c1c-8151-ae71bd287209","block_type":"box","text":"transactions are similar but are settled in the current, or “spot”, market. A Fund will enter into foreign exchange","page_number":68,"box":{"x":68,"y":483,"width":798,"height":11}},{"id":"3d435cd3-2db3-4dcd-85e2-49eb776dbafb","block_type":"box","text":"transactions for purposes of hedging either a specific transaction or a portfolio position, or, with respect to certain","page_number":68,"box":{"x":68,"y":498,"width":817,"height":11}},{"id":"7ddf0f0d-89a9-4618-aa75-ddf3a5d9b21b","block_type":"box","text":"Funds, to seek to enhance returns. FX forwards involve substantial currency risk, credit risk and liquidity risk. A Fund","page_number":68,"box":{"x":70,"y":513,"width":830,"height":11}},{"id":"8ba408fe-82a7-43c1-be2b-dd054078fcc6","block_type":"box","text":"may enter into a foreign exchange transaction for purposes of hedging a specific transaction by, for example,","page_number":68,"box":{"x":69,"y":528,"width":774,"height":12}},{"id":"31f20f1a-18e1-4421-9120-b751a94e6451","block_type":"box","text":"purchasing a currency needed to settle a security transaction or selling a currency in which the Fund has received or","page_number":68,"box":{"x":70,"y":544,"width":828,"height":11}},{"id":"86a6b8f9-4116-448f-8d94-eb935cbeacaf","block_type":"box","text":"anticipates receiving a dividend or distribution. A Fund may enter into a foreign exchange transaction for purposes of","page_number":68,"box":{"x":69,"y":559,"width":830,"height":11}},{"id":"d0298ea5-1cef-4f33-b97c-dd26f7d8f44b","block_type":"box","text":"hedging a portfolio position by selling forward a currency in which a portfolio position of the Fund is denominated or","page_number":68,"box":{"x":69,"y":574,"width":826,"height":11}},{"id":"a52402c9-bdb4-4219-9250-875deed51542","block_type":"box","text":"by purchasing a currency in which the Fund anticipates acquiring a portfolio position in the near future. A Fund may","page_number":68,"box":{"x":69,"y":589,"width":819,"height":11}},{"id":"36560f11-dc00-4b84-b9fa-97645203dc93","block_type":"box","text":"also hedge a currency by entering into a transaction in a Currency Instrument denominated in a currency other than","page_number":68,"box":{"x":69,"y":604,"width":822,"height":11}},{"id":"20e6c3cb-20e3-4620-9f90-db5e9203c432","block_type":"box","text":"the currency being hedged (a “cross-hedge”). A Fund will only enter into a cross-hedge if the Manager believes that","page_number":68,"box":{"x":68,"y":619,"width":819,"height":11}},{"id":"734f5cea-c0db-4c64-b64a-02587e974474","block_type":"box","text":"(i) there is a demonstrably high correlation between the currency in which the cross-hedge is denominated and the","page_number":68,"box":{"x":69,"y":634,"width":814,"height":12}},{"id":"fb8ee5d4-0f02-4bd0-aa3c-16f930e66773","block_type":"box","text":"currency being hedged, and (ii) executing a cross-hedge through the currency in which the cross-hedge is","page_number":68,"box":{"x":69,"y":650,"width":745,"height":11}},{"id":"775a24bf-8cf1-48b8-8107-f4202d5f40e1","block_type":"box","text":"denominated will be significantly more cost-effective or provide substantially greater liquidity than executing a similar","page_number":68,"box":{"x":69,"y":664,"width":832,"height":12}},{"id":"53c8dba6-78fc-488d-89d7-1dd64483b95b","block_type":"box","text":"hedging transaction by means of the currency being hedged.","page_number":68,"box":{"x":69,"y":680,"width":428,"height":11}},{"id":"8e1d3164-9b77-4736-9e87-ee377aafdaec","block_type":"box","text":"A Fund may also engage in proxy hedging transactions to reduce the effect of currency fluctuations on the value","page_number":68,"box":{"x":101,"y":702,"width":797,"height":12}},{"id":"f6b13c8b-1989-4199-9701-5a5c5a916343","block_type":"box","text":"of existing or anticipated holdings of portfolio securities. Proxy hedging is often used when the currency to which the","page_number":68,"box":{"x":69,"y":717,"width":829,"height":12}},{"id":"952cde20-3925-4ee8-8ea8-e2021e781072","block_type":"box","text":"Fund is exposed is difficult to hedge, or to hedge against the U.S. dollar. Proxy hedging entails entering into a forward","page_number":68,"box":{"x":70,"y":732,"width":838,"height":12}},{"id":"d0e1185d-32cb-4dd0-bb36-1fd35c8c3258","block_type":"box","text":"contract to sell a currency whose changes in value are generally considered to be linked to a currency or currencies","page_number":68,"box":{"x":69,"y":748,"width":823,"height":11}},{"id":"85a62451-f652-4976-94dd-233e855dc669","block_type":"box","text":"in which some or all of the Fund’s securities are, or are expected to be, denominated, and to buy U.S. dollars. Proxy","page_number":68,"box":{"x":70,"y":763,"width":827,"height":11}},{"id":"27283688-c948-47bf-8438-b63c891f3d22","block_type":"box","text":"hedging involves some of the same risks and considerations as other transactions with similar instruments. Currency","page_number":68,"box":{"x":69,"y":778,"width":838,"height":11}},{"id":"6f55edfb-1ee8-48a9-a45c-8d4f05eca6f4","block_type":"box","text":"transactions can result in losses to the Fund if the currency being hedged fluctuates in value to a degree or in a","page_number":68,"box":{"x":68,"y":793,"width":798,"height":11}},{"id":"d69b4aa1-f1c5-400d-babe-c4cd2b2fd045","block_type":"box","text":"direction that is not anticipated. In addition, there is the risk that the perceived linkage between various currencies","page_number":68,"box":{"x":69,"y":808,"width":819,"height":11}},{"id":"0983f623-104f-4e31-b7db-0bfd55a58238","block_type":"box","text":"may not be present, including during the particular time that a Fund is engaging in proxy hedging.","page_number":68,"box":{"x":69,"y":823,"width":691,"height":12}},{"id":"d012d1bf-f925-4e17-8537-0cf5b89b1a2e","block_type":"box","text":"A Fund may also cross-hedge currencies by entering into forward contracts to sell one or more currencies that","page_number":68,"box":{"x":101,"y":846,"width":785,"height":11}},{"id":"f0693c75-a4d1-492c-ba24-711d10d7a741","block_type":"box","text":"are expected to decline in value relative to other currencies to which the Fund has or in which the Fund expects to","page_number":68,"box":{"x":69,"y":861,"width":811,"height":11}},{"id":"20d2fd0f-08c5-4e28-8ba1-6db2ce62d496","block_type":"box","text":"have portfolio exposure. For example, a Fund may hold both Canadian government bonds and Japanese government","page_number":68,"box":{"x":69,"y":876,"width":828,"height":11}},{"id":"914422ed-e439-4bd5-8fb6-17cfbeaa1b8f","block_type":"box","text":"bonds, and the Manager or sub-adviser may believe that Canadian dollars will deteriorate against Japanese yen. The","page_number":68,"box":{"x":69,"y":891,"width":829,"height":12}},{"id":"1309325d-e538-4831-a8cd-769e50b148d7","block_type":"box","text":"Fund would sell Canadian dollars to reduce its exposure to that currency and buy Japanese yen. This strategy would","page_number":68,"box":{"x":70,"y":906,"width":823,"height":12}},{"id":"ecffa8ae-7f7d-4449-b55d-436691155322","block_type":"box","text":"II-24","page_number":68,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"0c037e5e-6e97-475c-9310-7a527ea84370","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":68,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"71fa677b-ec16-4cf0-8238-726aa2634a7f","block_type":"box","text":"be a hedge against a decline in the value of Canadian dollars, although it would expose the Fund to declines in the","page_number":69,"box":{"x":69,"y":45,"width":818,"height":11}},{"id":"863b18a0-1cbd-4a15-a7d2-e690c224be19","block_type":"box","text":"value of the Japanese yen relative to the U.S. dollar.","page_number":69,"box":{"x":68,"y":60,"width":372,"height":11}},{"id":"13d2de07-f76f-4790-abd4-74448a27488a","block_type":"box","text":"Some of the forward non-U.S. currency contracts entered into by the Funds are classified as non-deliverable","page_number":69,"box":{"x":102,"y":82,"width":768,"height":12}},{"id":"845a9501-38aa-4f44-b0fe-aeac9ff33250","block_type":"box","text":"forwards (“NDFs”). NDFs are cash-settled, short-term forward contracts that may be thinly traded or are denominated","page_number":69,"box":{"x":68,"y":98,"width":838,"height":11}},{"id":"5c9b826d-fea7-4ad7-a50e-5f6dee2b5cce","block_type":"box","text":"in non-convertible foreign currency, where the profit or loss at the time at the settlement date is calculated by taking","page_number":69,"box":{"x":70,"y":113,"width":829,"height":11}},{"id":"4f4a482b-8bf4-4de2-a0d2-637966e71151","block_type":"box","text":"the difference between the agreed upon exchange rate and the spot rate at the time of settlement, for an agreed","page_number":69,"box":{"x":68,"y":128,"width":806,"height":11}},{"id":"671f0957-9d84-4990-a5dd-abf7f60eb387","block_type":"box","text":"upon notional amount of funds. All NDFs have a fixing date and a settlement date. The fixing date is the date at which","page_number":69,"box":{"x":69,"y":143,"width":839,"height":11}},{"id":"ded9b89e-5077-4616-90c5-b2e373f35803","block_type":"box","text":"the difference between the prevailing market exchange rate and the agreed upon exchange rate is calculated. The","page_number":69,"box":{"x":68,"y":158,"width":812,"height":11}},{"id":"7c9c8c81-544c-4923-92b3-8d1e17834072","block_type":"box","text":"settlement date is the date by which the payment of the difference is due to the party receiving payment. NDFs are","page_number":69,"box":{"x":69,"y":173,"width":821,"height":11}},{"id":"6e331c57-3044-445a-8d93-cb6eac7352f5","block_type":"box","text":"commonly quoted for time periods of one month up to two years, and are normally quoted and settled in U.S. dollars.","page_number":69,"box":{"x":69,"y":188,"width":835,"height":11}},{"id":"da8229cd-ee03-4dcd-abe5-5d9b25fa787e","block_type":"box","text":"They are often used to gain exposure to and/or hedge exposure to foreign currencies that are not internationally","page_number":69,"box":{"x":68,"y":203,"width":802,"height":12}},{"id":"f906e5db-572d-44ee-b219-fa7bd47688d8","block_type":"box","text":"traded.","page_number":69,"box":{"x":68,"y":219,"width":49,"height":8}},{"id":"a6c299bf-25fa-43e0-9716-35cee3b985ad","block_type":"box","text":"Currency Futures.","page_number":69,"box":{"x":102,"y":241,"width":123,"height":11}},{"id":"239fc12d-8698-4c6a-b96f-104c8036b010","block_type":"box","text":"A Fund may seek to enhance returns or hedge against the decline in the value of a currency","page_number":69,"box":{"x":232,"y":241,"width":654,"height":11}},{"id":"ead1516d-eacc-43cf-996a-f2f0c771603c","block_type":"box","text":"through use of currency futures or options on currency futures. Currency futures are similar to forward foreign","page_number":69,"box":{"x":68,"y":256,"width":782,"height":12}},{"id":"4151b61a-377d-450e-ab63-cf85995c920a","block_type":"box","text":"exchange transactions except that futures are standardized, exchange-traded contracts while forward foreign","page_number":69,"box":{"x":69,"y":271,"width":774,"height":12}},{"id":"ad7ff219-faa0-4d4b-a091-721f2a5a4ea7","block_type":"box","text":"exchange transactions are traded in the OTC market. Currency futures involve substantial currency risk as well as the","page_number":69,"box":{"x":69,"y":286,"width":836,"height":12}},{"id":"5a1c601d-26fc-4b2d-a803-75c663cb64db","block_type":"box","text":"risks discussed above in “—Futures.”","page_number":69,"box":{"x":69,"y":302,"width":269,"height":9}},{"id":"f43e81a2-0620-4654-9d8e-54994a9fec63","block_type":"box","text":"Currency Options.","page_number":69,"box":{"x":102,"y":324,"width":125,"height":11}},{"id":"e1df87e6-1a5c-4a2e-bc6b-c46e6b366914","block_type":"box","text":"A Fund may seek to enhance returns or hedge against the decline in the value of a currency","page_number":69,"box":{"x":233,"y":324,"width":654,"height":12}},{"id":"b19979a8-e510-49ea-b083-7e3868cac47b","block_type":"box","text":"through the use of currency options. Certain Funds have fundamental investment restrictions that permit the","page_number":69,"box":{"x":68,"y":339,"width":776,"height":12}},{"id":"7415c748-d766-47f5-aea6-a36e03a2c612","block_type":"box","text":"purchase of currency options, but prohibit the writing of currency options. Currency options are similar to options on","page_number":69,"box":{"x":70,"y":355,"width":825,"height":11}},{"id":"192f5ef6-6005-4661-bea6-023bc972ba96","block_type":"box","text":"securities. For example, in consideration for an option premium the writer of a currency option is obligated to sell (in","page_number":69,"box":{"x":69,"y":370,"width":827,"height":11}},{"id":"ddc8849e-fe3d-4e4b-8cc6-48332bf0b29d","block_type":"box","text":"the case of a call option) or purchase (in the case of a put option) a specified amount of a specified currency on or","page_number":69,"box":{"x":68,"y":385,"width":820,"height":11}},{"id":"235d36e2-251c-4b7e-9a62-e8f8c30547f5","block_type":"box","text":"before the expiration date for a specified amount of another currency. A Fund may engage in transactions in options","page_number":69,"box":{"x":69,"y":400,"width":824,"height":11}},{"id":"235b93f5-d280-4ee7-b0a1-b21e3e8466f6","block_type":"box","text":"on currencies either on exchanges or OTC markets. Such transactions in options may include exotic options on","page_number":69,"box":{"x":69,"y":415,"width":790,"height":11}},{"id":"27d52052-f67f-4479-bdc6-37a508388ba0","block_type":"box","text":"currencies, which are typically traded in OTC markets and have additional features that result in different payment","page_number":69,"box":{"x":69,"y":430,"width":813,"height":11}},{"id":"5ec71fce-54cc-488c-8a3e-1a24759c3f93","block_type":"box","text":"structures and/or expirations. Where a Fund is permitted to write currency options, it may write covered call options","page_number":69,"box":{"x":69,"y":446,"width":826,"height":10}},{"id":"bfc5ff22-90c4-4053-9e54-920357ad8f62","block_type":"box","text":"on up to 100% of the currencies in its portfolio. See “—Options” above. Currency options involve substantial","page_number":69,"box":{"x":69,"y":460,"width":776,"height":12}},{"id":"f40c70ff-9ced-42fb-9827-0703354ba3b5","block_type":"box","text":"currency risk, and may also involve credit, leverage or illiquidity risk.","page_number":69,"box":{"x":69,"y":476,"width":483,"height":11}},{"id":"44a3ea68-6220-4a04-bde5-eb5cbc80a165","block_type":"box","text":"Currency Swaps.","page_number":69,"box":{"x":102,"y":498,"width":117,"height":11}},{"id":"26554fea-39b2-4d32-8f0c-5123ddc51d7a","block_type":"box","text":"A Fund may enter into currency swaps in order to protect against currency fluctuations or to","page_number":69,"box":{"x":225,"y":498,"width":652,"height":11}},{"id":"76e78c4e-49b0-4d68-bc35-cbc4018aa43b","block_type":"box","text":"hedge portfolio positions. Currency swaps are transactions in which one currency is simultaneously bought for a","page_number":69,"box":{"x":69,"y":513,"width":799,"height":12}},{"id":"8b848561-2ee9-4ddc-81e8-99d5832d4f01","block_type":"box","text":"second currency on a spot basis and sold for the second currency on a forward basis. Currency swaps involve the","page_number":69,"box":{"x":69,"y":528,"width":812,"height":12}},{"id":"f008cbb9-e51d-429d-b7ce-f4cac10b59ba","block_type":"box","text":"exchange of the rights of a Fund and another party to make or receive payments in specified currencies, and typically","page_number":69,"box":{"x":69,"y":543,"width":836,"height":12}},{"id":"11a43e30-5187-43c2-bcce-1174ba6c8cf5","block_type":"box","text":"require the delivery of the entire principal value of one designated currency in exchange for the other designated","page_number":69,"box":{"x":69,"y":559,"width":800,"height":11}},{"id":"7537d8d9-220a-472e-a907-2e83b54b1c6c","block_type":"box","text":"currency. As a result, the entire principal value of a currency swap is subject to the risk that the other party to the","page_number":69,"box":{"x":69,"y":574,"width":810,"height":11}},{"id":"fcad368f-3172-4781-b34d-808c5c3a6a93","block_type":"box","text":"swap will default on its contractual delivery obligations.","page_number":69,"box":{"x":69,"y":589,"width":393,"height":11}},{"id":"390703e6-d79c-4fac-900a-1cf623f1c938","block_type":"box","text":"Distressed Securities.","page_number":69,"box":{"x":102,"y":612,"width":159,"height":9}},{"id":"ac488cef-89a0-4b39-b6eb-c13bb77980dd","block_type":"box","text":"A Fund may invest in securities, including loans purchased in the secondary market, that","page_number":69,"box":{"x":267,"y":612,"width":633,"height":11}},{"id":"02ab3b53-eae8-41ba-948b-d54d635d0653","block_type":"box","text":"are the subject of bankruptcy proceedings or otherwise in default or in risk of being in default as to the repayment of","page_number":69,"box":{"x":69,"y":627,"width":834,"height":11}},{"id":"4e32130a-3bd3-4cb1-b44f-9873c9e2c1a1","block_type":"box","text":"principal and/or interest at the time of acquisition by the Fund or that are rated in the lower rating categories by one","page_number":69,"box":{"x":70,"y":642,"width":827,"height":11}},{"id":"7557d47b-21d9-4065-a5b3-58c9f7b97a45","block_type":"box","text":"or more nationally recognized statistical rating organizations (for example, Ca or lower by Moody’s and CC or lower by","page_number":69,"box":{"x":69,"y":657,"width":835,"height":11}},{"id":"46c905a2-867d-4ad5-aeec-728b004af3f5","block_type":"box","text":"S&P or Fitch) or, if unrated, are in the judgment of the Manager of equivalent quality (“Distressed Securities”).","page_number":69,"box":{"x":69,"y":672,"width":784,"height":11}},{"id":"ba4f6c63-1b47-46e9-b28d-f17285176668","block_type":"box","text":"Investment in Distressed Securities is speculative and involves significant risks.","page_number":69,"box":{"x":70,"y":687,"width":569,"height":11}},{"id":"d041e812-f8de-43b0-afc9-f5bb68d1642f","block_type":"box","text":"A Fund will generally make such investments only when the Manager believes it is reasonably likely that the","page_number":69,"box":{"x":101,"y":710,"width":766,"height":11}},{"id":"8ef5de7e-44e7-4811-9e4e-d53eac890647","block_type":"box","text":"issuer of the Distressed Securities will make an exchange offer or will be the subject of a plan of reorganization","page_number":69,"box":{"x":70,"y":725,"width":795,"height":11}},{"id":"aa10eb8a-e8d8-4377-a737-12d4091a1eb2","block_type":"box","text":"pursuant to which the Fund will receive new securities in return for the Distressed Securities. However, there can be","page_number":69,"box":{"x":70,"y":740,"width":826,"height":11}},{"id":"9cc1a898-d57c-4ca8-b86e-cbbe1047fb2a","block_type":"box","text":"no assurance that such an exchange offer will be made or that such a plan of reorganization will be adopted. In","page_number":69,"box":{"x":69,"y":755,"width":794,"height":11}},{"id":"31ede608-7a33-48b1-9a2c-110479e1c579","block_type":"box","text":"addition, a significant period of time may pass between the time at which a Fund makes its investment in Distressed","page_number":69,"box":{"x":69,"y":770,"width":832,"height":12}},{"id":"5f55f306-93ef-49b5-a004-cbd2f636f021","block_type":"box","text":"Securities and the time that any such exchange offer or plan of reorganization is completed. During this period, it is","page_number":69,"box":{"x":69,"y":785,"width":824,"height":12}},{"id":"40c14609-102f-433f-9ea0-82ff00e5dbcf","block_type":"box","text":"unlikely that a Fund will receive any interest payments on the Distressed Securities, the Fund will be subject to","page_number":69,"box":{"x":69,"y":801,"width":789,"height":11}},{"id":"d425b5ef-c82b-45dd-8aee-b16586a1bbb9","block_type":"box","text":"significant uncertainty as to whether or not the exchange offer or plan of reorganization will be completed and the","page_number":69,"box":{"x":69,"y":816,"width":810,"height":11}},{"id":"9f37c468-6fe1-49f5-ba74-7268f8e8d2fe","block_type":"box","text":"Fund may be required to bear certain extraordinary expenses to protect and recover its investment. Therefore, to the","page_number":69,"box":{"x":70,"y":831,"width":831,"height":11}},{"id":"4df39ea8-6d8a-4c59-bde8-225c56e42221","block_type":"box","text":"extent the Fund seeks capital appreciation through investment in distressed securities, the Fund’s ability to achieve","page_number":69,"box":{"x":69,"y":846,"width":826,"height":11}},{"id":"575f6570-cfb4-46b1-be19-31ca5c17520c","block_type":"box","text":"current income for its shareholders may be diminished. The Fund also will be subject to significant uncertainty as to","page_number":69,"box":{"x":69,"y":861,"width":827,"height":11}},{"id":"75395306-271a-4ff1-b26e-12ab1780e9d9","block_type":"box","text":"when and in what manner and for what value the obligations evidenced by the distressed securities will eventually be","page_number":69,"box":{"x":68,"y":876,"width":834,"height":11}},{"id":"609496e9-98db-4034-9c88-72aed98bf75f","block_type":"box","text":"satisfied (","page_number":69,"box":{"x":69,"y":891,"width":70,"height":11}},{"id":"9f47d162-006b-4326-943f-5131086dd57c","block_type":"box","text":"e.g.","page_number":69,"box":{"x":140,"y":893,"width":25,"height":10}},{"id":"97ec041e-2bf7-4f3a-9295-967de9fda81b","block_type":"box","text":", through a liquidation of the obligor’s assets, an exchange offer or plan of reorganization involving the","page_number":69,"box":{"x":168,"y":891,"width":729,"height":12}},{"id":"92715492-8e67-471d-874b-082fa4a42988","block_type":"box","text":"distressed securities or a payment of some amount in satisfaction of the obligation). Even if an exchange offer is","page_number":69,"box":{"x":69,"y":906,"width":807,"height":12}},{"id":"fdb447f6-af12-4833-b5b0-673aa6c25ed1","block_type":"box","text":"II-25","page_number":69,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"7d093628-a275-415d-a715-061139142dbd","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":69,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ec17fbb9-b40a-47d0-b849-334eeed00ecf","block_type":"box","text":"made or plan of reorganization is adopted with respect to Distressed Securities held by a Fund, there can be no","page_number":70,"box":{"x":69,"y":45,"width":797,"height":11}},{"id":"810cf9dc-5a15-4d9d-8a87-69382c504f9d","block_type":"box","text":"assurance that the securities or other assets received by a Fund in connection with such exchange offer or plan of","page_number":70,"box":{"x":69,"y":60,"width":816,"height":11}},{"id":"75c127eb-8775-4c26-9ed5-4114fc3e612d","block_type":"box","text":"reorganization will not have a lower value or income potential than may have been anticipated when the investment","page_number":70,"box":{"x":69,"y":75,"width":821,"height":11}},{"id":"cca0b1b9-ab61-4fd9-9414-56b0e859dc43","block_type":"box","text":"was made or no value. Moreover, any securities received by a Fund upon completion of an exchange offer or plan of","page_number":70,"box":{"x":68,"y":90,"width":827,"height":11}},{"id":"c16a4d50-f2cd-428f-85ca-e264e0b33860","block_type":"box","text":"reorganization may be restricted as to resale. Similarly, if a Fund participates in negotiations with respect to any","page_number":70,"box":{"x":69,"y":105,"width":800,"height":11}},{"id":"74cb3c71-0fa8-485f-8922-5a7d420c05c9","block_type":"box","text":"exchange offer or plan of reorganization with respect to an issuer of Distressed Securities, the Fund may be","page_number":70,"box":{"x":69,"y":120,"width":770,"height":12}},{"id":"979d7020-d652-4aa5-887f-5b7ec5ec7e10","block_type":"box","text":"restricted from disposing of such securities. To the extent that a Fund becomes involved in such proceedings, the","page_number":70,"box":{"x":69,"y":135,"width":809,"height":12}},{"id":"fd0847c9-cc69-4297-ae90-80e1c2379337","block_type":"box","text":"Fund may have a more active participation in the affairs of the issuer than that assumed generally by an investor. The","page_number":70,"box":{"x":70,"y":150,"width":839,"height":12}},{"id":"420b9399-1ef4-4007-b24d-4e85c4a44532","block_type":"box","text":"Fund, however, will not make investments for the purpose of exercising day-to-day management of any issuer’s","page_number":70,"box":{"x":70,"y":166,"width":787,"height":11}},{"id":"e9ab16fb-2e86-44fc-a85d-4f2ca5d73145","block_type":"box","text":"affairs.","page_number":70,"box":{"x":69,"y":181,"width":49,"height":9}},{"id":"bbf135e2-3d84-46e6-b567-6cde3edc9cdd","block_type":"box","text":"Environmental, Social and Governance (“ESG”) Integration","page_number":70,"box":{"x":102,"y":203,"width":428,"height":11}},{"id":"0e407133-dcab-495e-a9e7-70347ac7bf07","block_type":"box","text":". Although a Fund does not seek to implement a","page_number":70,"box":{"x":531,"y":204,"width":341,"height":11}},{"id":"8635c515-a8ce-44cc-acdf-7b2c6d4cba1e","block_type":"box","text":"specific sustainability objective, strategy or process unless disclosed in its Prospectus, Fund management will","page_number":70,"box":{"x":69,"y":218,"width":785,"height":12}},{"id":"7698774d-5a67-47c6-b33b-4936b12d7f8a","block_type":"box","text":"consider ESG factors as part of the investment process for the Fund. Fund management views ESG integration as the","page_number":70,"box":{"x":69,"y":234,"width":838,"height":11}},{"id":"91f9a2c7-c458-4366-80b4-83fdc8885d18","block_type":"box","text":"practice of incorporating financially material ESG data or information into investment processes with the objective of","page_number":70,"box":{"x":70,"y":249,"width":827,"height":11}},{"id":"6a8da681-e217-4fe3-b0dd-09d954339d59","block_type":"box","text":"enhancing risk-adjusted returns. These ESG considerations will vary depending on a Fund’s particular investment","page_number":70,"box":{"x":69,"y":264,"width":806,"height":11}},{"id":"e3292db8-7a2e-45cc-a840-1f023960e508","block_type":"box","text":"strategies and may include consideration of third-party research as well as consideration of proprietary BlackRock","page_number":70,"box":{"x":69,"y":279,"width":812,"height":11}},{"id":"1658c3b4-cfaa-498d-afd0-9f102a27f4d0","block_type":"box","text":"research across the ESG risks and opportunities regarding an issuer. The ESG characteristics utilized in a Fund’s","page_number":70,"box":{"x":69,"y":294,"width":807,"height":11}},{"id":"ffb29131-c414-43d3-83fb-552809b73ded","block_type":"box","text":"investment process are anticipated to evolve over time and one or more characteristics may not be relevant with","page_number":70,"box":{"x":70,"y":309,"width":800,"height":11}},{"id":"5c8370d6-4075-43ff-85f9-1992e15cca19","block_type":"box","text":"respect to all issuers that are eligible for investment.","page_number":70,"box":{"x":69,"y":324,"width":377,"height":12}},{"id":"38426f50-ecb3-4211-85af-17b8ddd00904","block_type":"box","text":"Certain of these considerations may affect a Fund’s exposure to certain companies or industries. While Fund","page_number":70,"box":{"x":102,"y":347,"width":778,"height":11}},{"id":"5bfe1028-ed24-441e-9fbb-fd88f4f4334b","block_type":"box","text":"management views ESG considerations as having the potential to contribute to a Fund’s long-term performance,","page_number":70,"box":{"x":69,"y":362,"width":800,"height":11}},{"id":"9c9ebd0b-3f45-49ef-9fa4-835b8482bbb5","block_type":"box","text":"there is no guarantee that such results will be achieved.","page_number":70,"box":{"x":68,"y":377,"width":400,"height":12}},{"id":"43b03aad-6644-415a-ac0d-d7e08f362c99","block_type":"box","text":"Equity Securities.","page_number":70,"box":{"x":102,"y":400,"width":127,"height":11}},{"id":"76a43df6-eb85-4439-bd02-46996c015466","block_type":"box","text":"Certain Funds may invest in equity securities, which include common stock and, for certain","page_number":70,"box":{"x":235,"y":400,"width":648,"height":11}},{"id":"7b0a472d-f1e2-468f-b392-0a73a7cf90c9","block_type":"box","text":"Funds, preferred stock (including convertible preferred stock); bonds, stock purchase warrants and rights; equity","page_number":70,"box":{"x":70,"y":415,"width":802,"height":11}},{"id":"14e13f36-d83a-46d7-9b95-154cd30ea26b","block_type":"box","text":"interests in trusts; general and limited partnerships and limited liability companies; and depositary receipts. Stock","page_number":70,"box":{"x":70,"y":430,"width":817,"height":11}},{"id":"265dac2b-db19-44d1-9815-1ba32510c478","block_type":"box","text":"markets are volatile. The price of equity securities will fluctuate and can decline and reduce the value of a portfolio","page_number":70,"box":{"x":69,"y":445,"width":819,"height":11}},{"id":"323abfb2-db0a-4b4e-8b58-212c042f81ae","block_type":"box","text":"investing in equities. The price of equity securities fluctuates based on changes in a company’s financial condition","page_number":70,"box":{"x":70,"y":460,"width":813,"height":12}},{"id":"bbddeaa9-2dc2-4169-81cb-1d1478c68a54","block_type":"box","text":"and overall market and economic conditions. The value of equity securities purchased by the Fund could decline if the","page_number":70,"box":{"x":69,"y":475,"width":839,"height":12}},{"id":"53823601-2941-4163-afc0-2c933eea654d","block_type":"box","text":"financial condition of the companies the Fund invests in decline or if overall market and economic conditions","page_number":70,"box":{"x":68,"y":491,"width":775,"height":11}},{"id":"35549164-1d89-4b4c-a8e7-5e351e5154fa","block_type":"box","text":"deteriorate. They may also decline due to factors that affect a particular industry or industries, such as labor","page_number":70,"box":{"x":69,"y":506,"width":777,"height":11}},{"id":"6cbb527f-358e-4369-94cf-ff1074559e6a","block_type":"box","text":"shortages or increase in production costs and competitive conditions within an industry. In addition, they may decline","page_number":70,"box":{"x":69,"y":521,"width":837,"height":11}},{"id":"9a8f317f-0b21-4409-ac8c-773760088dde","block_type":"box","text":"due to general market conditions that are not specifically related to a company or industry, such as real or perceived","page_number":70,"box":{"x":69,"y":536,"width":831,"height":11}},{"id":"2cce1689-766f-48dd-8b40-2815c8af5cea","block_type":"box","text":"adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency","page_number":70,"box":{"x":69,"y":551,"width":829,"height":11}},{"id":"a00adf83-6053-4ba0-9a84-c4d7a5eb40fd","block_type":"box","text":"rates or generally adverse investor sentiment.","page_number":70,"box":{"x":69,"y":566,"width":325,"height":11}},{"id":"164a48c5-e4b8-4640-bf9f-e09a83e69d5e","block_type":"box","text":"From time to time certain of the Funds may invest in shares of companies through initial public offerings","page_number":70,"box":{"x":102,"y":589,"width":745,"height":11}},{"id":"a8334a25-ffca-4f79-9c02-af6a608c2aab","block_type":"box","text":"(“IPOs”). IPOs have the potential to produce, and have in fact produced, substantial gains for certain Funds. There is","page_number":70,"box":{"x":69,"y":604,"width":833,"height":11}},{"id":"e2c927a2-f553-4159-8f54-e0ccbcb4fbc7","block_type":"box","text":"no assurance that any Fund will have continued access to profitable IPOs and therefore investors should not rely on","page_number":70,"box":{"x":69,"y":619,"width":824,"height":11}},{"id":"652ad00d-a732-41d4-8bce-1a48245883c2","block_type":"box","text":"these past gains as an indication of future performance. The investment performance of a Fund during periods when","page_number":70,"box":{"x":68,"y":634,"width":834,"height":12}},{"id":"6b5b80cf-ee7a-4672-bfea-7a60a809ab4b","block_type":"box","text":"it is unable to invest significantly or at all in IPOs may be lower than during periods when it is able to do so. In","page_number":70,"box":{"x":70,"y":649,"width":782,"height":12}},{"id":"35163cfc-96e7-426a-8ea1-078610bf5723","block_type":"box","text":"addition, as a Fund increases in size, the impact of IPOs on its performance will generally decrease. Securities","page_number":70,"box":{"x":69,"y":664,"width":790,"height":12}},{"id":"9f0ac155-e816-4725-b2a5-cbb909fc0d36","block_type":"box","text":"issued in IPOs are subject to many of the same risks as investing in companies with smaller market capitalizations.","page_number":70,"box":{"x":70,"y":680,"width":823,"height":11}},{"id":"45381c32-3e40-453d-aee9-5042baf304aa","block_type":"box","text":"Securities issued in IPOs have no trading history, and information about the companies may be available for very","page_number":70,"box":{"x":69,"y":695,"width":805,"height":11}},{"id":"4dfcb6cc-a264-42fc-8b96-df6faca62352","block_type":"box","text":"limited periods. In addition, the prices of securities sold in IPOs may be highly volatile or may decline shortly after the","page_number":70,"box":{"x":70,"y":710,"width":836,"height":11}},{"id":"39ff3da9-65a8-4057-8d52-790bafbf241e","block_type":"box","text":"initial public offering.","page_number":70,"box":{"x":70,"y":725,"width":147,"height":11}},{"id":"d5241ff3-2036-4c07-9a55-377e07b3555f","block_type":"box","text":"The Funds may invest in companies that have relatively small market capitalizations. These organizations will","page_number":70,"box":{"x":101,"y":748,"width":777,"height":11}},{"id":"3861520e-2b99-40c0-880b-1dbe6a18d9e5","block_type":"box","text":"normally have more limited product lines, markets and financial resources and will be dependent upon a more limited","page_number":70,"box":{"x":69,"y":763,"width":838,"height":11}},{"id":"11a37ab1-7966-4fc4-883f-32ea7c21070c","block_type":"box","text":"management group than larger capitalized companies. In addition, it is more difficult to get information on smaller","page_number":70,"box":{"x":69,"y":778,"width":815,"height":11}},{"id":"4fce5120-ea5a-41ed-bce5-5a300aa95c65","block_type":"box","text":"companies, which tend to be less well known, have shorter operating histories, do not have significant ownership by","page_number":70,"box":{"x":69,"y":793,"width":829,"height":11}},{"id":"1fd70a5b-92a6-486e-aaad-88c253555242","block_type":"box","text":"large investors and are followed by relatively few securities analysts. The securities of smaller capitalized companies","page_number":70,"box":{"x":70,"y":808,"width":831,"height":11}},{"id":"e2659d49-0937-4c55-82d0-6d9bb239805d","block_type":"box","text":"are often traded in the OTC markets and may have fewer market makers and wider price spreads. This may result in","page_number":70,"box":{"x":69,"y":823,"width":826,"height":11}},{"id":"144a22e7-f952-487b-8745-3c6293db44dc","block_type":"box","text":"greater price movements and less ability to sell a Fund’s investment than if the Fund held the securities of larger,","page_number":70,"box":{"x":68,"y":838,"width":810,"height":12}},{"id":"53391a93-2d56-477b-a49b-065d361bfccf","block_type":"box","text":"more established companies.","page_number":70,"box":{"x":69,"y":854,"width":209,"height":10}},{"id":"509513a8-dadc-40c1-b19e-11580a27129a","block_type":"box","text":"II-26","page_number":70,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b32100f2-98fc-40db-9045-c72b59bacf5f","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":70,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"18c138af-367a-46f6-973f-0d1b89fbcb63","block_type":"box","text":"For a discussion of the types of equity securities in which your Fund may invest and the risks associated with","page_number":71,"box":{"x":102,"y":45,"width":776,"height":11}},{"id":"f848e6a8-77ed-4e9b-b986-099b5be2e3ea","block_type":"box","text":"investing in such equity securities, see your Fund’s Prospectus. Certain of the Funds may also invest in shares of","page_number":71,"box":{"x":70,"y":60,"width":810,"height":11}},{"id":"4ba37175-e358-4690-921f-9ec9e468940b","block_type":"box","text":"private companies, which are subject to the risks of “Illiquid Investments” and “Restricted Securities” described","page_number":71,"box":{"x":70,"y":75,"width":799,"height":11}},{"id":"0a52a471-a467-45a6-bc96-fa63dfaf3694","block_type":"box","text":"below.","page_number":71,"box":{"x":69,"y":90,"width":43,"height":9}},{"id":"0bfc56b4-5366-40f6-8c1b-558375f85027","block_type":"box","text":"Real Estate-Related Securities.","page_number":71,"box":{"x":102,"y":113,"width":219,"height":9}},{"id":"c10596e1-1366-4cf0-ae04-5d6d710c93ea","block_type":"box","text":"Although no Fund may invest directly in real estate, certain Funds may invest in","page_number":71,"box":{"x":327,"y":113,"width":565,"height":11}},{"id":"b9bf4440-d792-4acc-b0d3-f5c1d3ce9cdb","block_type":"box","text":"equity securities of issuers that are principally engaged in the real estate industry. Such investments are subject to","page_number":71,"box":{"x":69,"y":128,"width":822,"height":11}},{"id":"c6cb1b91-79cb-4e32-8664-770678e2c732","block_type":"box","text":"certain risks associated with the ownership of real estate and with the real estate industry in general. These risks","page_number":71,"box":{"x":69,"y":143,"width":814,"height":11}},{"id":"86977dec-2a82-4533-ab46-9f17aaf910bb","block_type":"box","text":"include, among others: possible declines in the value of real estate; risks related to general and local economic","page_number":71,"box":{"x":70,"y":158,"width":796,"height":11}},{"id":"0017e4f2-373c-4d39-96ea-d339f93bec64","block_type":"box","text":"conditions; possible lack of availability of mortgage funds or other limitations on access to capital; overbuilding; risks","page_number":71,"box":{"x":69,"y":173,"width":836,"height":11}},{"id":"a1e8b59d-7e99-4ea6-bcd5-eb58c5314047","block_type":"box","text":"associated with leverage; market illiquidity; extended vacancies of properties; increase in competition, property","page_number":71,"box":{"x":69,"y":188,"width":795,"height":12}},{"id":"6fbe95f5-960a-4767-9153-92c05883ce08","block_type":"box","text":"taxes, capital expenditures and operating expenses; changes in zoning laws or other governmental regulation; costs","page_number":71,"box":{"x":68,"y":204,"width":828,"height":11}},{"id":"2ac0e879-922f-413f-a9ca-d144d4a599b5","block_type":"box","text":"resulting from the clean-up of, and liability to third parties for damages resulting from, environmental problems;","page_number":71,"box":{"x":69,"y":218,"width":794,"height":12}},{"id":"89275682-2bac-4a89-9cac-fd22994f9a7a","block_type":"box","text":"tenant bankruptcies or other credit problems; casualty or condemnation losses; uninsured damages from floods,","page_number":71,"box":{"x":68,"y":234,"width":805,"height":11}},{"id":"c1b2a9a6-57cd-414e-a66b-2a12a702eed3","block_type":"box","text":"earthquakes or other natural disasters; limitations on and variations in rents, including decreases in market rates for","page_number":71,"box":{"x":69,"y":249,"width":836,"height":11}},{"id":"22c0bfea-480a-45f9-9d5f-62649e97d74a","block_type":"box","text":"rents; investment in developments that are not completed or that are subject to delays in completion; and changes in","page_number":71,"box":{"x":69,"y":264,"width":838,"height":11}},{"id":"d06fd3e1-e2c5-47b2-a9bd-c15f0de7eb62","block_type":"box","text":"interest rates. To the extent that assets underlying a Fund’s investments are concentrated geographically, by property","page_number":71,"box":{"x":70,"y":279,"width":838,"height":11}},{"id":"32ff5c1d-ed4f-441d-a6d6-18ed42e16ef0","block_type":"box","text":"type or in certain other respects, the Fund may be subject to certain of the foregoing risks to a greater extent.","page_number":71,"box":{"x":68,"y":294,"width":785,"height":11}},{"id":"c23168ec-0cb7-4f44-9be5-47e5ff52d049","block_type":"box","text":"Investments by a Fund in securities of companies providing mortgage servicing will be subject to the risks associated","page_number":71,"box":{"x":70,"y":309,"width":836,"height":11}},{"id":"2a12b5f8-c9db-4ce2-996c-0e1d0b66a8ac","block_type":"box","text":"with refinancings and their impact on servicing rights.","page_number":71,"box":{"x":68,"y":324,"width":381,"height":12}},{"id":"acb19141-fb68-4f54-9a7a-58eb47d84a58","block_type":"box","text":"In addition, if a Fund receives rental income or income from the disposition of real property acquired as a result","page_number":71,"box":{"x":102,"y":347,"width":797,"height":11}},{"id":"55ac8ea0-e063-4968-9d56-aa0c39647292","block_type":"box","text":"of a default on securities the Fund owns, the receipt of such income may adversely affect the Fund’s ability to retain","page_number":71,"box":{"x":69,"y":362,"width":829,"height":11}},{"id":"b617a858-3c71-4227-94d4-31479bb4c718","block_type":"box","text":"its tax status as a regulated investment company because of certain income source requirements applicable to","page_number":71,"box":{"x":70,"y":377,"width":794,"height":12}},{"id":"b8edee6b-b652-4832-b2b3-6d873cb1ca82","block_type":"box","text":"regulated investment companies under the Internal Revenue Code of 1986, as amended (the “Code”).","page_number":71,"box":{"x":69,"y":392,"width":730,"height":12}},{"id":"8c86c986-9ad2-4235-acf9-cb0aed4cb654","block_type":"box","text":"Securities of Smaller or Emerging Growth Companies.","page_number":71,"box":{"x":102,"y":415,"width":381,"height":11}},{"id":"07e9d9a8-1724-429e-8d20-27e69466d659","block_type":"box","text":"Investment in smaller or emerging growth companies","page_number":71,"box":{"x":490,"y":415,"width":376,"height":11}},{"id":"692b8bcf-3477-448c-9713-3635cccd3076","block_type":"box","text":"involves greater risk than is customarily associated with investments in more established companies. The securities","page_number":71,"box":{"x":70,"y":430,"width":828,"height":11}},{"id":"def9386c-0435-4ff4-8bb7-1b244b00ba9f","block_type":"box","text":"of smaller or emerging growth companies may be subject to more abrupt or erratic market movements than larger,","page_number":71,"box":{"x":69,"y":445,"width":815,"height":12}},{"id":"ad7abb1b-1454-49a3-92be-bf84977b0427","block_type":"box","text":"more established companies or the market average in general. These companies may have limited product lines,","page_number":71,"box":{"x":69,"y":461,"width":804,"height":11}},{"id":"67537ec4-f438-45a5-9377-dc34aafa8022","block_type":"box","text":"markets or financial resources, or they may be dependent on a limited management group.","page_number":71,"box":{"x":69,"y":475,"width":647,"height":12}},{"id":"758a9140-1e14-4103-854b-f37794ae64fb","block_type":"box","text":"Investments in smaller or emerging growth companies may involve greater risks and thus may be considered","page_number":71,"box":{"x":102,"y":498,"width":773,"height":11}},{"id":"f0ad41da-d57a-41a4-a0a5-38f01d3f5ea6","block_type":"box","text":"speculative. Full development of these companies and trends frequently takes time.","page_number":71,"box":{"x":69,"y":513,"width":597,"height":11}},{"id":"417eb97e-314d-4b80-bdf1-10982587c4a6","block_type":"box","text":"Small cap and emerging growth securities will often be traded only in the OTC market or on a regional securities","page_number":71,"box":{"x":102,"y":536,"width":797,"height":11}},{"id":"3f1c2cbd-cfb6-47b3-982f-6c2c7c9c792e","block_type":"box","text":"exchange and may not be traded every day or in the volume typical of trading on a national securities exchange. As a","page_number":71,"box":{"x":69,"y":551,"width":832,"height":11}},{"id":"4262bc38-2141-4ee3-bd13-b0d7d902e8e4","block_type":"box","text":"result, the disposition by a Fund of portfolio securities to meet redemptions or otherwise may require the Fund to","page_number":71,"box":{"x":69,"y":566,"width":808,"height":11}},{"id":"9c2bee53-92b7-4c96-a20c-441dff1d9de7","block_type":"box","text":"make many small sales over a lengthy period of time, or to sell these securities at a discount from market prices or","page_number":71,"box":{"x":69,"y":581,"width":825,"height":12}},{"id":"5f076b1e-bada-4066-8168-7ecd3aaa23c4","block_type":"box","text":"during periods when, in Fund management’s judgment, such disposition is not desirable.","page_number":71,"box":{"x":69,"y":597,"width":631,"height":11}},{"id":"0f38c581-1b7b-414c-b55a-f83ff3ccd0f2","block_type":"box","text":"The process of selection and continuous supervision by Fund management does not guarantee successful","page_number":71,"box":{"x":101,"y":619,"width":758,"height":11}},{"id":"77a19886-bb73-4092-a90e-69ee0f3b1987","block_type":"box","text":"investment results. Careful initial selection is particularly important in this area as many new enterprises have","page_number":71,"box":{"x":70,"y":634,"width":787,"height":11}},{"id":"dff7cac7-165d-466d-b433-2c8b8c06acfe","block_type":"box","text":"promise but lack certain of the fundamental factors necessary to prosper. Investing in small cap and emerging","page_number":71,"box":{"x":70,"y":649,"width":789,"height":12}},{"id":"64efbc50-5796-43a5-bd68-5f8706222571","block_type":"box","text":"growth companies requires specialized research and analysis.","page_number":71,"box":{"x":68,"y":665,"width":442,"height":11}},{"id":"f3ed5be7-7266-4655-b550-714bb0e32917","block_type":"box","text":"Fund management believes that relatively small companies may have the opportunity to develop into significant","page_number":71,"box":{"x":102,"y":687,"width":795,"height":11}},{"id":"0ab78c08-8b0f-4e9a-b407-9cc57b8520f9","block_type":"box","text":"business enterprises. A Fund may invest in securities of small issuers in the relatively early stages of business","page_number":71,"box":{"x":69,"y":702,"width":791,"height":12}},{"id":"d6b0186e-d628-43f2-9c71-393457425089","block_type":"box","text":"development that have a new technology, a unique or proprietary product or service, or a favorable market position.","page_number":71,"box":{"x":69,"y":717,"width":823,"height":12}},{"id":"5a8d7e9e-5ef5-474a-bea5-4fa646e5861e","block_type":"box","text":"Equity securities of specific small cap issuers may present different opportunities for long-term capital","page_number":71,"box":{"x":102,"y":740,"width":729,"height":11}},{"id":"fc622b04-6020-49f4-bbbb-e8bea40c301d","block_type":"box","text":"appreciation during varying portions of economic or securities market cycles, as well as during varying stages of their","page_number":71,"box":{"x":69,"y":755,"width":837,"height":11}},{"id":"15c98b73-7ae3-4d68-b15f-7a88c6033f3f","block_type":"box","text":"business development. The market valuation of small cap issuers tends to fluctuate during economic or market","page_number":71,"box":{"x":69,"y":770,"width":794,"height":12}},{"id":"5a865c02-153f-4505-9f7a-cab96f8e467f","block_type":"box","text":"cycles.","page_number":71,"box":{"x":69,"y":786,"width":46,"height":11}},{"id":"e2048b4e-cba3-4833-acf2-fc988ec2123b","block_type":"box","text":"Tracking Stocks","page_number":71,"box":{"x":103,"y":808,"width":110,"height":11}},{"id":"01e5bdea-d84e-4ab5-812b-6957b9c7c874","block_type":"box","text":". A tracking stock is a separate class of common stock whose value is linked to a specific","page_number":71,"box":{"x":214,"y":808,"width":640,"height":11}},{"id":"55336e74-29a2-456b-8029-976b94e23842","block_type":"box","text":"business unit or operating division within a larger company and is designed to “track” the performance of such","page_number":71,"box":{"x":69,"y":823,"width":791,"height":12}},{"id":"2e65214d-ffff-4297-b458-21f2a8709adc","block_type":"box","text":"business unit or division. The tracking stock may pay dividends to shareholders independent of the parent company.","page_number":71,"box":{"x":69,"y":838,"width":826,"height":12}},{"id":"319ae2bf-ecf7-45dd-92e8-b0ca4b413d2e","block_type":"box","text":"The parent company, rather than the business unit or division, generally is the issuer of tracking stock. However,","page_number":71,"box":{"x":68,"y":853,"width":801,"height":12}},{"id":"b9377f05-a3e6-45d6-a071-6dfedf673de0","block_type":"box","text":"holders of the tracking stock may not have the same rights as holders of the company’s common stock.","page_number":71,"box":{"x":69,"y":869,"width":740,"height":11}},{"id":"7ea82dab-5420-410a-84d0-a13c335ef863","block_type":"box","text":"Exchange-Traded Notes (“ETNs”).","page_number":71,"box":{"x":102,"y":891,"width":245,"height":11}},{"id":"24e81641-cbf7-4016-a7eb-88dca1717815","block_type":"box","text":"Certain Funds may invest in ETNs. ETNs are generally notes representing","page_number":71,"box":{"x":354,"y":891,"width":521,"height":12}},{"id":"dc837237-5091-4607-a351-dbb6e5b194cf","block_type":"box","text":"debt of the issuer, usually a financial institution. ETNs combine aspects of both bonds and ETFs. An ETN’s returns","page_number":71,"box":{"x":69,"y":906,"width":814,"height":12}},{"id":"d717a077-834c-4920-be4f-90c862ca4862","block_type":"box","text":"II-27","page_number":71,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"3df1ff5c-dbba-4d2f-b50f-d3bc1bcea393","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":71,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"42cd7715-201a-4150-b54d-831a86010106","block_type":"box","text":"are based on the performance of one or more underlying assets, reference rates or indexes, minus fees and","page_number":72,"box":{"x":69,"y":45,"width":774,"height":11}},{"id":"7aed0ad7-940f-4895-9e6e-3d87c50ac0d0","block_type":"box","text":"expenses. Similar to ETFs, ETNs are listed on an exchange and traded in the secondary market. However, unlike an","page_number":72,"box":{"x":69,"y":60,"width":822,"height":11}},{"id":"8eecacaa-5e4b-48d5-baae-45b26d932a02","block_type":"box","text":"ETF, an ETN can be held until the ETN’s maturity, at which time the issuer will pay a return linked to the performance","page_number":72,"box":{"x":70,"y":75,"width":831,"height":11}},{"id":"7c269899-6ca0-45d8-b058-951c0a51bcc8","block_type":"box","text":"of the specific asset, index or rate (“reference instrument”) to which the ETN is linked minus certain fees. Unlike","page_number":72,"box":{"x":69,"y":90,"width":805,"height":11}},{"id":"b7fa05fa-b29c-4a1f-9a11-ca31d1243776","block_type":"box","text":"regular bonds, ETNs do not make periodic interest payments, and principal is not protected.","page_number":72,"box":{"x":69,"y":105,"width":654,"height":11}},{"id":"fbdb94c4-4b17-4b18-a542-0543cb45940f","block_type":"box","text":"The value of an ETN may be influenced by, among other things, time to maturity, level of supply and demand for","page_number":72,"box":{"x":101,"y":128,"width":794,"height":11}},{"id":"3f32d5e2-5c80-4bdc-a849-c72e58517806","block_type":"box","text":"the ETN, volatility and lack of liquidity in underlying markets, changes in the applicable interest rates, the","page_number":72,"box":{"x":68,"y":143,"width":748,"height":11}},{"id":"83ecbf6a-82ab-4da8-8c1d-fef1f3fe7e12","block_type":"box","text":"performance of the reference instrument, changes in the issuer’s credit rating and economic, legal, political or","page_number":72,"box":{"x":70,"y":158,"width":789,"height":11}},{"id":"d422ff30-0316-4d6b-9b9c-439501f61d4f","block_type":"box","text":"geographic events that affect the reference instrument. ETNs are subject to credit risk and the value of the ETN may","page_number":72,"box":{"x":68,"y":173,"width":831,"height":11}},{"id":"973de47f-6fea-4459-87b2-3057692a189a","block_type":"box","text":"drop due to a downgrade in an issuer’s credit rating, despite the underlying reference instrument remaining","page_number":72,"box":{"x":69,"y":188,"width":766,"height":12}},{"id":"76529321-b820-421f-bcb7-773866beed27","block_type":"box","text":"unchanged. When a Fund invests in ETNs, it will bear its proportionate share of any fees and expenses borne by the","page_number":72,"box":{"x":69,"y":203,"width":828,"height":12}},{"id":"0557e244-d564-44e8-a5b4-da2ca9cefb21","block_type":"box","text":"ETN.","page_number":72,"box":{"x":70,"y":219,"width":30,"height":8}},{"id":"fe4661c1-93ec-4b6a-9e15-57898615ff11","block_type":"box","text":"An ETN that is tied to a reference instrument may not replicate the performance of the reference instrument.","page_number":72,"box":{"x":101,"y":241,"width":776,"height":11}},{"id":"787972d1-755b-4926-86bd-78611b3cbdf6","block_type":"box","text":"ETNs also incur certain expenses not incurred by their applicable reference instrument. Some ETNs that use leverage","page_number":72,"box":{"x":70,"y":256,"width":837,"height":12}},{"id":"181089d7-85b8-4acf-8fad-4d88a7fe4d83","block_type":"box","text":"may, at times, be illiquid and may be difficult to purchase or sell at a fair price. Levered ETNs are subject to the same","page_number":72,"box":{"x":69,"y":271,"width":840,"height":12}},{"id":"b1e34290-02cc-4b68-906c-cac964f15431","block_type":"box","text":"risk as other instruments that use leverage in any form. While leverage allows for greater potential return, the","page_number":72,"box":{"x":69,"y":286,"width":781,"height":12}},{"id":"ff323eae-04d6-469f-b219-007cbc9082c1","block_type":"box","text":"potential for loss is also greater. Finally, additional losses may be incurred if the investment loses value because, in","page_number":72,"box":{"x":70,"y":302,"width":827,"height":11}},{"id":"3939de8e-7c5a-4271-8da4-6f9086fc1651","block_type":"box","text":"addition to the money lost on the investment, the loan still needs to be repaid.","page_number":72,"box":{"x":69,"y":317,"width":560,"height":11}},{"id":"33ada4e2-8f6b-4232-958b-751f631ef06c","block_type":"box","text":"Because the return on the ETN is dependent on the issuer’s ability or willingness to meet its obligations, the","page_number":72,"box":{"x":102,"y":340,"width":774,"height":11}},{"id":"aa579b21-1397-4c84-8f91-9ef8f31ccac8","block_type":"box","text":"value of the ETN may change due to a change in the issuer’s credit rating, despite no change in the underlying","page_number":72,"box":{"x":68,"y":355,"width":788,"height":11}},{"id":"4173020d-83cf-4c00-833f-5f22123f92a8","block_type":"box","text":"reference instrument. The market value of ETN shares may differ from the value of the reference instrument. This","page_number":72,"box":{"x":69,"y":370,"width":810,"height":11}},{"id":"5ad90b03-88ab-4f28-a29e-7b83a479e558","block_type":"box","text":"difference in price may be due to the fact that the supply and demand in the market for ETN shares at any point in","page_number":72,"box":{"x":69,"y":385,"width":815,"height":11}},{"id":"68d4e2fd-5696-4cac-a842-d6b0ba27a83d","block_type":"box","text":"time is not always identical to the supply and demand in the market for the assets underlying the reference","page_number":72,"box":{"x":68,"y":400,"width":766,"height":11}},{"id":"86f76cff-0a35-4ed6-a40d-d5abc87a268b","block_type":"box","text":"instrument that the ETN seeks to track.","page_number":72,"box":{"x":70,"y":415,"width":279,"height":9}},{"id":"dc253e96-1c65-4f5e-8a75-fcd46fcfda5c","block_type":"box","text":"There may be restrictions on the Fund’s right to redeem its investment in an ETN, which are generally meant to","page_number":72,"box":{"x":101,"y":438,"width":791,"height":11}},{"id":"d54324f8-4c6a-493f-b080-213695418e1e","block_type":"box","text":"be held until maturity. The Fund’s decision to sell its ETN holdings may be limited by the availability of a secondary","page_number":72,"box":{"x":69,"y":453,"width":818,"height":11}},{"id":"43601ecc-4cbc-4d01-b327-047d35e66756","block_type":"box","text":"market. An investor in an ETN could lose some or all of the amount invested.","page_number":72,"box":{"x":69,"y":468,"width":547,"height":9}},{"id":"52d49dab-2f23-455b-892b-a0928bb2866f","block_type":"box","text":"ETNs are also subject to tax risks. The Internal Revenue Service (the “IRS”) may not accept, and a court may not","page_number":72,"box":{"x":102,"y":491,"width":807,"height":11}},{"id":"094baa44-0fb1-4e91-abe9-083a2c2a7e95","block_type":"box","text":"uphold, how the Funds characterize and treat ETNs for tax purposes. The timing and character of income and gains","page_number":72,"box":{"x":69,"y":506,"width":819,"height":11}},{"id":"38502fac-fd2d-4689-b5a4-5eebb119eb2c","block_type":"box","text":"derived by a Fund from investments in ETNs may be affected by future legislation.","page_number":72,"box":{"x":69,"y":521,"width":581,"height":11}},{"id":"e9b4e545-4afc-425b-93fe-83abf895789c","block_type":"box","text":"Foreign Investments.","page_number":72,"box":{"x":102,"y":544,"width":152,"height":11}},{"id":"a5f9030c-53e8-439f-a4cc-b6ab27f5a483","block_type":"box","text":"Foreign Investment Risks.","page_number":72,"box":{"x":102,"y":566,"width":182,"height":11}},{"id":"c8f312f1-bc11-4052-88b6-09a27240a50f","block_type":"box","text":"Certain Funds may invest in foreign securities, including securities from issuers","page_number":72,"box":{"x":291,"y":566,"width":567,"height":11}},{"id":"a494cc4f-1295-4349-895c-c4eea92b0ba9","block_type":"box","text":"located in emerging market countries. These securities may be denominated in U.S. dollars or in a foreign currency.","page_number":72,"box":{"x":70,"y":581,"width":822,"height":12}},{"id":"2c769e00-994e-4f6c-adb1-6cbda9630904","block_type":"box","text":"Investing in foreign securities involves risks not typically associated with investing in securities of companies","page_number":72,"box":{"x":70,"y":596,"width":774,"height":12}},{"id":"0b896cc8-ffb3-4a7d-92ed-27c9fdf19f37","block_type":"box","text":"organized and operated in the United States that can increase the chances that a Fund will lose money.","page_number":72,"box":{"x":69,"y":612,"width":738,"height":11}},{"id":"829f45d0-3f64-470c-923d-7fba08dede62","block_type":"box","text":"Securities issued by certain companies organized outside the United States may not be deemed to be foreign","page_number":72,"box":{"x":102,"y":634,"width":782,"height":12}},{"id":"a6521830-1f86-410e-ab72-2d99a7562c36","block_type":"box","text":"securities (but rather deemed to be U.S. securities) if (i) the company’s principal operations are conducted from the","page_number":72,"box":{"x":69,"y":649,"width":824,"height":12}},{"id":"4a206465-de1d-4c90-bad4-b80b170e945e","block_type":"box","text":"U.S., (ii) the company’s equity securities trade principally on a U.S. stock exchange, (iii) the company does a","page_number":72,"box":{"x":70,"y":665,"width":771,"height":11}},{"id":"15b4a4d9-2f79-45de-bda5-8fefba9e85b8","block_type":"box","text":"substantial amount of business in the U.S. or (iv) the issuer of securities is included in the Fund’s primary U.S.","page_number":72,"box":{"x":69,"y":680,"width":792,"height":11}},{"id":"f0ab8092-3e54-4fda-8574-c899b3433099","block_type":"box","text":"benchmark index.","page_number":72,"box":{"x":69,"y":695,"width":124,"height":9}},{"id":"cb4cfe9f-8137-4a55-b5d7-24f652a0b5f2","block_type":"box","text":"In addition to equity securities, foreign investments of the Funds may include: (a) debt obligations issued or","page_number":72,"box":{"x":102,"y":717,"width":767,"height":12}},{"id":"5ba9b2c5-2170-4fb1-b247-bc4d68b075e7","block_type":"box","text":"guaranteed by foreign sovereign governments or their agencies, authorities, instrumentalities or political","page_number":72,"box":{"x":68,"y":732,"width":742,"height":12}},{"id":"4086feb9-19ce-494e-b6d7-00593d140bac","block_type":"box","text":"subdivisions, including a foreign state, province or municipality; (b) debt obligations of supranational organizations;","page_number":72,"box":{"x":69,"y":748,"width":818,"height":11}},{"id":"e9140df9-bf11-4f59-8265-ff753ecc3c4a","block_type":"box","text":"(c) debt obligations of foreign banks and bank holding companies; (d) debt obligations of domestic banks and","page_number":72,"box":{"x":69,"y":763,"width":780,"height":11}},{"id":"07af1ac1-fc37-4e16-b69b-ffa0a145b426","block_type":"box","text":"corporations issued in foreign currencies; (e) debt obligations denominated in the Euro; and (f) foreign corporate debt","page_number":72,"box":{"x":69,"y":778,"width":837,"height":11}},{"id":"716d8cf9-7068-47c7-a957-97d82a01bcf7","block_type":"box","text":"securities and commercial paper. Such securities may include loan participations and assignments, convertible","page_number":72,"box":{"x":69,"y":793,"width":794,"height":11}},{"id":"2eb38fcd-eb7b-4b5c-894a-e6a1e6e35820","block_type":"box","text":"securities and zero-coupon securities.","page_number":72,"box":{"x":69,"y":808,"width":268,"height":11}},{"id":"da904f35-9779-4dfb-8428-b8e99c87bb59","block_type":"box","text":"Dividends or interest on, or proceeds from the sale of, foreign securities may be subject to foreign withholding","page_number":72,"box":{"x":102,"y":831,"width":785,"height":11}},{"id":"3c88da12-0e8a-441c-bf8e-a42d05efd35c","block_type":"box","text":"taxes.","page_number":72,"box":{"x":68,"y":847,"width":42,"height":8}},{"id":"092e8e7f-0e05-498b-b0d2-259cb62289d6","block_type":"box","text":"To the extent that the underlying securities or other instruments held by a Fund trade on foreign exchanges or in","page_number":72,"box":{"x":101,"y":869,"width":798,"height":11}},{"id":"10441b0c-5fc9-42ca-a09b-1d0c41893b19","block_type":"box","text":"foreign markets that are closed when the securities exchange on which the Fund’s shares trade is open, there are","page_number":72,"box":{"x":68,"y":884,"width":815,"height":11}},{"id":"3cb1a0f8-495e-43cd-88c9-11d21ad73e16","block_type":"box","text":"likely to be deviations between the current price of such an underlying security and the last quoted price for the","page_number":72,"box":{"x":70,"y":899,"width":792,"height":11}},{"id":"5badb1a5-7dc3-41d1-8554-aaf140fd39fc","block_type":"box","text":"II-28","page_number":72,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"1e369887-223c-4f4d-94b0-21b2a444cbef","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":72,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0cdad76e-9ee9-438e-99ef-b727865ee9f8","block_type":"box","text":"underlying security (","page_number":73,"box":{"x":69,"y":45,"width":140,"height":11}},{"id":"4fdb3d23-4ab3-4cba-a0ff-b3f15545dace","block_type":"box","text":"i.e.","page_number":73,"box":{"x":211,"y":45,"width":20,"height":9}},{"id":"e881fcc4-8107-49c2-b172-177ce41418d3","block_type":"box","text":", the Fund’s quote from the closed foreign market). The impact of a closed foreign market on a","page_number":73,"box":{"x":234,"y":45,"width":675,"height":11}},{"id":"ce3050a0-4e11-4779-9917-7c3e50bf7946","block_type":"box","text":"Fund is likely to be greater where a large portion of the Fund’s underlying securities or other instruments trade on","page_number":73,"box":{"x":70,"y":60,"width":809,"height":11}},{"id":"2dcd3ba9-9efa-493e-b895-3b82e18dcf49","block_type":"box","text":"that closed foreign market or when the foreign market is closed for unscheduled reasons. These deviations may","page_number":73,"box":{"x":68,"y":75,"width":800,"height":11}},{"id":"62b4e703-d371-486b-8c31-74fda70d99c3","block_type":"box","text":"result in premiums or discounts to certain Funds’ NAVs that may be greater than those experienced by other ETFs.","page_number":73,"box":{"x":69,"y":90,"width":815,"height":11}},{"id":"df17e83d-cd20-4111-a3d1-05a212659242","block_type":"box","text":"Foreign Market Risk.","page_number":73,"box":{"x":102,"y":113,"width":144,"height":11}},{"id":"ebf94772-492a-40fd-8ad7-fa4c849e24db","block_type":"box","text":"Funds that may invest in foreign securities offer the potential for more diversification than a","page_number":73,"box":{"x":254,"y":113,"width":652,"height":11}},{"id":"5c5f3e62-be55-4533-a0f9-f99e0306b32d","block_type":"box","text":"Fund that invests only in the United States because securities traded on foreign markets have often (though not","page_number":73,"box":{"x":70,"y":128,"width":797,"height":11}},{"id":"8360cf48-ae66-43f0-a8ba-28a8796346ba","block_type":"box","text":"always) performed differently from securities traded in the United States. However, such investments often involve","page_number":73,"box":{"x":69,"y":143,"width":817,"height":11}},{"id":"6504dcde-bc0f-40c0-b0d4-eb0248a23a64","block_type":"box","text":"risks not present in U.S. investments that can increase the chances that a Fund will lose money. In particular, a Fund","page_number":73,"box":{"x":69,"y":158,"width":836,"height":11}},{"id":"78ef7697-173a-42b9-9352-9ec7204a09f5","block_type":"box","text":"is subject to the risk that, because there are generally fewer investors on foreign exchanges and a smaller number of","page_number":73,"box":{"x":70,"y":173,"width":835,"height":11}},{"id":"0637c263-e5f0-4470-a689-d029c15b2520","block_type":"box","text":"shares traded each day, it may be difficult for the Fund to buy and sell securities on those exchanges. In addition,","page_number":73,"box":{"x":69,"y":188,"width":810,"height":12}},{"id":"0911140c-9ec1-4cfb-80b0-a24f2e19870d","block_type":"box","text":"prices of foreign securities may fluctuate more than prices of securities traded in the United States. Investments in","page_number":73,"box":{"x":70,"y":203,"width":820,"height":12}},{"id":"fe526d9f-1779-456a-95bf-89664c745b51","block_type":"box","text":"foreign markets may also be adversely affected by governmental actions such as the imposition of punitive taxes or","page_number":73,"box":{"x":68,"y":218,"width":826,"height":12}},{"id":"5effe31b-feae-4d8d-b7f2-8bc8350953f2","block_type":"box","text":"tariffs. In addition, economic conditions, such as volatile currency exchange rates and interest rates, political events,","page_number":73,"box":{"x":68,"y":234,"width":836,"height":11}},{"id":"2413fb2a-7cd2-4fb9-ac43-1283f00a4f0e","block_type":"box","text":"military action and other conditions may, without prior warning, lead to the governments of certain countries, or the","page_number":73,"box":{"x":69,"y":249,"width":821,"height":11}},{"id":"fc2a6f34-eb0c-4899-92e0-a47b5f71845b","block_type":"box","text":"U.S. Government with respect to certain countries, prohibiting or imposing substantial restrictions through capital","page_number":73,"box":{"x":70,"y":264,"width":807,"height":11}},{"id":"bcd1e8b9-d213-40a0-b8ef-69336ff4bed0","block_type":"box","text":"controls and/or sanctions on foreign investing in the capital markets or certain industries in those countries. Capital","page_number":73,"box":{"x":69,"y":279,"width":830,"height":11}},{"id":"be1bfb2e-2476-4775-8c95-cc254d88d484","block_type":"box","text":"controls and/or sanctions may include the prohibition of, or restrictions on, the ability to own or transfer currency,","page_number":73,"box":{"x":69,"y":294,"width":810,"height":11}},{"id":"2c2d7b4c-6cf6-40f6-8e35-2c7a7ba644e0","block_type":"box","text":"securities, derivatives or other assets and may also include retaliatory actions of one government against another","page_number":73,"box":{"x":69,"y":309,"width":813,"height":11}},{"id":"d5ebecdc-7d26-40ea-94cc-78cd96b2d51f","block_type":"box","text":"government, such as seizure of assets. Any of these actions could severely impair a Fund’s ability to purchase, sell,","page_number":73,"box":{"x":68,"y":324,"width":828,"height":12}},{"id":"6d67393c-8cc1-46be-9dd4-640de06c4c1b","block_type":"box","text":"transfer, receive, deliver or otherwise obtain exposure to foreign securities and assets, including the ability to","page_number":73,"box":{"x":68,"y":339,"width":782,"height":12}},{"id":"879dd501-6d51-4578-b846-c5543a49c836","block_type":"box","text":"transfer the Fund’s assets or income back into the United States, and could negatively impact the value and/or","page_number":73,"box":{"x":68,"y":355,"width":796,"height":11}},{"id":"7129e789-c884-4c8f-b41e-a55551784ec6","block_type":"box","text":"liquidity of such assets or otherwise adversely affect a Fund’s operations, causing the Fund to decline in value. Other","page_number":73,"box":{"x":70,"y":370,"width":837,"height":11}},{"id":"8e896ae8-9fb1-4be9-8da6-88ef1620c439","block_type":"box","text":"potential foreign market risks include exchange controls, difficulties in pricing securities, defaults on foreign","page_number":73,"box":{"x":70,"y":385,"width":768,"height":11}},{"id":"58549506-3223-40de-8c32-6b995a1f2b95","block_type":"box","text":"government securities, difficulties in enforcing favorable legal judgments in foreign courts, and political and social","page_number":73,"box":{"x":68,"y":400,"width":813,"height":11}},{"id":"64624af1-6d5f-4153-bc5a-a95c1db366ce","block_type":"box","text":"conditions, such as diplomatic relations, confiscatory taxation, expropriation, limitation on the removal of funds or","page_number":73,"box":{"x":69,"y":415,"width":814,"height":11}},{"id":"7a263e74-e7bb-4ff6-a911-6e7416177e15","block_type":"box","text":"assets, or imposition of (or change in) exchange control regulations. Legal remedies available to investors in certain","page_number":73,"box":{"x":69,"y":430,"width":828,"height":11}},{"id":"6e242f08-a9a8-4b14-984a-ee5df1427b8d","block_type":"box","text":"foreign countries may be less extensive than those available to investors in the United States or other foreign","page_number":73,"box":{"x":68,"y":445,"width":782,"height":12}},{"id":"4691a979-5cb5-4455-8a45-9311e974ffad","block_type":"box","text":"countries. In addition, changes in government administrations or economic or monetary policies in the United States","page_number":73,"box":{"x":69,"y":460,"width":830,"height":12}},{"id":"49461cfa-d0b2-4e88-8b18-a379dc85ff8d","block_type":"box","text":"or abroad could result in appreciation or depreciation of portfolio securities and could favorably or adversely affect a","page_number":73,"box":{"x":69,"y":475,"width":829,"height":12}},{"id":"3345d177-a951-4510-8a09-3b531d304f9a","block_type":"box","text":"Fund’s operations.","page_number":73,"box":{"x":70,"y":491,"width":130,"height":11}},{"id":"10025285-e966-44d9-b7cf-1913547e2ec7","block_type":"box","text":"Foreign Economy Risk.","page_number":73,"box":{"x":102,"y":514,"width":158,"height":11}},{"id":"4beff8c2-99ac-4f7f-bfbd-43928b201f04","block_type":"box","text":"The economies of certain foreign markets often do not compare favorably with that of the","page_number":73,"box":{"x":267,"y":513,"width":636,"height":12}},{"id":"08af9bc7-9c5b-484d-9b11-91983be388f9","block_type":"box","text":"United States with respect to such issues as growth of gross national product, reinvestment of capital, resources,","page_number":73,"box":{"x":70,"y":528,"width":812,"height":12}},{"id":"a65dd5a1-4e08-4919-8dd5-e5367ef895fa","block_type":"box","text":"and balance of payments position. Certain such economies may rely heavily on particular industries or foreign capital","page_number":73,"box":{"x":69,"y":543,"width":835,"height":12}},{"id":"db41d957-fe70-4efd-98a1-5d692335735a","block_type":"box","text":"and are more vulnerable to diplomatic developments, the imposition of economic sanctions against a particular","page_number":73,"box":{"x":69,"y":559,"width":795,"height":11}},{"id":"f24b77ad-3f16-4d49-a89b-92398d2fe151","block_type":"box","text":"country or countries, changes in international trading patterns, trade barriers, and other protectionist or retaliatory","page_number":73,"box":{"x":69,"y":574,"width":817,"height":11}},{"id":"51671212-e4af-4a46-9610-c61ce65c7619","block_type":"box","text":"measures.","page_number":73,"box":{"x":69,"y":591,"width":74,"height":7}},{"id":"129de8da-05b0-4a4a-b095-f2cbd1d8b9c2","block_type":"box","text":"Currency Risk and Exchange Risk.","page_number":73,"box":{"x":102,"y":612,"width":240,"height":11}},{"id":"c3628eb1-9594-4289-ad0f-66a3107c3d47","block_type":"box","text":"Because foreign securities generally are denominated and pay dividends or","page_number":73,"box":{"x":349,"y":612,"width":534,"height":11}},{"id":"c3f69b0c-2ca2-4034-a591-155319629d28","block_type":"box","text":"interest in foreign currencies, the value of a Fund that invests in foreign securities as measured in U.S. dollars will be","page_number":73,"box":{"x":70,"y":627,"width":838,"height":11}},{"id":"fda05c5f-0e70-418f-af59-9038d4b0199f","block_type":"box","text":"affected favorably or unfavorably by changes in exchange rates. Generally, when the U.S. dollar rises in value against","page_number":73,"box":{"x":69,"y":642,"width":833,"height":11}},{"id":"4c0b6142-80ac-40e2-8ad3-f209f29fd98f","block_type":"box","text":"a foreign currency, a security denominated in that currency loses value because the currency is worth fewer U.S.","page_number":73,"box":{"x":69,"y":657,"width":801,"height":11}},{"id":"b30510c0-4fdf-4337-8111-b07e9158587c","block_type":"box","text":"dollars. Conversely, when the U.S. dollar decreases in value against a foreign currency, a security denominated in","page_number":73,"box":{"x":69,"y":672,"width":808,"height":11}},{"id":"ab1b2102-587d-4459-ae65-f2f349c77f5f","block_type":"box","text":"that currency gains value because the currency is worth more U.S. dollars. This risk, generally known as “currency","page_number":73,"box":{"x":68,"y":687,"width":816,"height":11}},{"id":"9cf1b39e-7b55-4dd7-9721-fada67c2fde1","block_type":"box","text":"risk,” means that a stronger U.S. dollar will reduce returns for U.S. investors while a weak U.S. dollar will increase","page_number":73,"box":{"x":69,"y":702,"width":814,"height":12}},{"id":"e41eb5c8-f039-4473-a0b4-fa96f8ffd9c0","block_type":"box","text":"those returns. Currency exchange rates can also be affected unpredictably by intervention by U.S. or foreign","page_number":73,"box":{"x":68,"y":717,"width":771,"height":12}},{"id":"2ef3d58a-d517-420f-aeb0-d284bdd86249","block_type":"box","text":"governments or central banks, or the failure to intervene, or buy currency controls or political developments in the","page_number":73,"box":{"x":68,"y":732,"width":813,"height":12}},{"id":"33e59c48-c4bb-4e5b-8910-e73e332283fa","block_type":"box","text":"United States or abroad.","page_number":73,"box":{"x":70,"y":748,"width":172,"height":9}},{"id":"82781cb1-be19-4cd7-9079-7706ac43f499","block_type":"box","text":"Governmental Supervision and Regulation/Accounting Standards.","page_number":73,"box":{"x":102,"y":770,"width":466,"height":12}},{"id":"dccc002f-c2ea-4043-98c7-281abcd77116","block_type":"box","text":"Many foreign governments supervise and","page_number":73,"box":{"x":575,"y":770,"width":293,"height":12}},{"id":"fe40d770-757a-4a36-afc5-f718767a0c9b","block_type":"box","text":"regulate stock exchanges, brokers and the sale of securities less than does the United States. Some countries may","page_number":73,"box":{"x":69,"y":785,"width":828,"height":12}},{"id":"aad5b4e6-dc4f-4484-b6a6-b535dac1b748","block_type":"box","text":"not have laws to protect investors comparable to the U.S. securities laws. For example, some foreign countries may","page_number":73,"box":{"x":69,"y":801,"width":826,"height":11}},{"id":"21d81a2f-b026-4ae9-9bb0-fe7e34290793","block_type":"box","text":"have no laws or rules against insider trading. Insider trading occurs when a person buys or sells a company’s","page_number":73,"box":{"x":69,"y":816,"width":778,"height":11}},{"id":"974be787-e1ea-4daf-a86e-d4f0de0e13b8","block_type":"box","text":"securities based on nonpublic information about that company. Accounting standards in other countries are not","page_number":73,"box":{"x":69,"y":831,"width":794,"height":11}},{"id":"b3062086-3c2a-4e9a-9d0f-f75f285be4c4","block_type":"box","text":"necessarily the same as in the United States. If the accounting standards in another country do not require as much","page_number":73,"box":{"x":69,"y":846,"width":831,"height":11}},{"id":"2e05c5dd-430f-4b9a-a803-ab8b42ab4a6a","block_type":"box","text":"detail as U.S. accounting standards, it may be harder for Fund management to completely and accurately determine a","page_number":73,"box":{"x":69,"y":861,"width":840,"height":11}},{"id":"5c3492c2-ead7-4643-a725-2341509dcdaf","block_type":"box","text":"company’s financial condition. In addition, the U.S. Government has from time to time in the past imposed","page_number":73,"box":{"x":69,"y":876,"width":760,"height":11}},{"id":"c6a897d8-061c-4c21-96c4-285ccc0ba859","block_type":"box","text":"restrictions, through penalties and otherwise, on foreign investments by U.S. investors such as the Fund. If such","page_number":73,"box":{"x":69,"y":891,"width":803,"height":12}},{"id":"e92425a9-a16d-4f5e-8e90-46e9a96a7117","block_type":"box","text":"restrictions should be reinstituted, it might become necessary for the Fund to invest all or substantially all of its","page_number":73,"box":{"x":69,"y":906,"width":798,"height":12}},{"id":"ee0cbeb4-a3b4-4802-82c6-4d0c55123108","block_type":"box","text":"II-29","page_number":73,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"0a2ac441-2922-4102-a42e-34b39cba0c61","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":73,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"edd092ed-f773-48eb-abd6-1e0d760ac46d","block_type":"box","text":"assets in U.S. securities. Also, brokerage commissions and other costs of buying or selling securities often are","page_number":74,"box":{"x":69,"y":45,"width":793,"height":11}},{"id":"7ae3069f-61e6-48a3-b005-20eddad7a24f","block_type":"box","text":"higher in foreign countries than they are in the United States. This reduces the amount the Fund can earn on its","page_number":74,"box":{"x":69,"y":60,"width":797,"height":11}},{"id":"1585da30-0e25-4bcb-a2f2-b0a7b890053b","block_type":"box","text":"investments.","page_number":74,"box":{"x":70,"y":75,"width":89,"height":9}},{"id":"86b6ddfd-2bfd-4a0d-9c5d-7ba4dd69bacb","block_type":"box","text":"Cer tain Risks of Holding Fund Assets Outside the United States.","page_number":74,"box":{"x":102,"y":98,"width":458,"height":11}},{"id":"a4857536-73cd-4335-8394-2a90f9af0c83","block_type":"box","text":"A Fund generally holds its foreign securities and","page_number":74,"box":{"x":566,"y":98,"width":341,"height":11}},{"id":"81e9d54d-0bdf-4fe1-8c58-54d970912d82","block_type":"box","text":"cash in foreign banks and securities depositories. Some foreign banks and securities depositories may be recently","page_number":74,"box":{"x":69,"y":113,"width":819,"height":11}},{"id":"cbd10aa9-efc2-40fc-968c-d1794ef78555","block_type":"box","text":"organized or new to the foreign custody business. In addition, there may be limited or no regulatory oversight over","page_number":74,"box":{"x":69,"y":128,"width":813,"height":11}},{"id":"ae8ba3d5-3fd1-489a-aa41-bb587f8a8fb2","block_type":"box","text":"their operations. Also, the laws of certain countries may put limits on a Fund’s ability to recover its assets if a foreign","page_number":74,"box":{"x":68,"y":143,"width":838,"height":11}},{"id":"b5af8ba5-5a16-402b-bb3c-1f789dbab35c","block_type":"box","text":"bank or depository or issuer of a security or any of their agents goes bankrupt. In addition, it is often more expensive","page_number":74,"box":{"x":69,"y":158,"width":835,"height":11}},{"id":"bc255585-3627-4be8-bf53-33a9b654443e","block_type":"box","text":"for a Fund to buy, sell and hold securities in certain foreign markets than in the United States. The increased","page_number":74,"box":{"x":68,"y":173,"width":777,"height":11}},{"id":"39be8f2b-8563-49e4-91bd-20cce23aae19","block_type":"box","text":"expense of investing in foreign markets reduces the amount a Fund can earn on its investments and typically results","page_number":74,"box":{"x":69,"y":188,"width":831,"height":12}},{"id":"bf0e4e8c-1a76-4d2b-8c86-ceef963e4d46","block_type":"box","text":"in a higher operating expense ratio for the Fund as compared to investment companies that invest only in the United","page_number":74,"box":{"x":70,"y":203,"width":828,"height":12}},{"id":"b91854f8-c114-4206-ab1a-1f81d6d23cb4","block_type":"box","text":"States.","page_number":74,"box":{"x":69,"y":219,"width":49,"height":8}},{"id":"aad83599-3205-4c79-9b9e-bbe8bb2cc205","block_type":"box","text":"Publicly Available Information.","page_number":74,"box":{"x":102,"y":241,"width":210,"height":11}},{"id":"3b9f0da4-dbb4-4138-b9ac-3448235cfaed","block_type":"box","text":"In general, less information is publicly available with respect to foreign issuers","page_number":74,"box":{"x":319,"y":241,"width":558,"height":11}},{"id":"b176b96c-e273-4293-be30-544919a078b0","block_type":"box","text":"than is available with respect to U.S. companies. Most foreign companies are also not subject to the uniform","page_number":74,"box":{"x":68,"y":256,"width":779,"height":12}},{"id":"81c05690-ce5e-4a7e-b9f8-7a0b2bbb32f5","block_type":"box","text":"accounting and financial reporting requirements applicable to issuers in the United States. While the volume of","page_number":74,"box":{"x":69,"y":271,"width":793,"height":12}},{"id":"305f37ad-439b-463a-a946-21f62b2c18c5","block_type":"box","text":"transactions effected on foreign stock exchanges has increased in recent years, it remains appreciably below that of","page_number":74,"box":{"x":68,"y":286,"width":834,"height":12}},{"id":"10907391-fd71-4e94-a78f-3933c9f3c580","block_type":"box","text":"the New York Stock Exchange. Accordingly, a Fund’s foreign investments may be less liquid than, and their prices may","page_number":74,"box":{"x":68,"y":302,"width":841,"height":11}},{"id":"7039feed-f0ab-4bdb-a0c2-2e8c3c9721ca","block_type":"box","text":"be more volatile than, comparable investments in securities in U.S. companies. In addition, there is generally less","page_number":74,"box":{"x":69,"y":317,"width":813,"height":11}},{"id":"d7781ac1-c1e5-410f-9a45-bb5c0650639b","block_type":"box","text":"government supervision and regulation of securities exchanges, brokers and issuers in foreign countries than in the","page_number":74,"box":{"x":68,"y":332,"width":827,"height":11}},{"id":"e5f713ff-9cd5-44c7-801d-6808f2e4c6f0","block_type":"box","text":"United States.","page_number":74,"box":{"x":70,"y":347,"width":99,"height":9}},{"id":"906ca460-e8db-4015-a282-3cf369efd903","block_type":"box","text":"Settlement Risk.","page_number":74,"box":{"x":102,"y":370,"width":116,"height":9}},{"id":"4f09fa24-0b2e-4391-8edf-40ae57b2168d","block_type":"box","text":"Settlement and clearance procedures in certain foreign markets differ significantly from those","page_number":74,"box":{"x":225,"y":370,"width":669,"height":11}},{"id":"30723c1d-3ae9-4e93-a3f7-4449df97f547","block_type":"box","text":"in the United States. Supervisory authorities may also be unable to apply standards which are comparable with those","page_number":74,"box":{"x":70,"y":385,"width":837,"height":11}},{"id":"57f1c41e-9076-48eb-b714-e201b4684da5","block_type":"box","text":"in the United States. Foreign settlement procedures and trade regulations also may involve certain risks (such as","page_number":74,"box":{"x":70,"y":400,"width":808,"height":11}},{"id":"89eb16c7-d55e-482b-a138-ab2fa8f9459b","block_type":"box","text":"delays in payment for or delivery of securities) not typically generated by the settlement of U.S. investments.","page_number":74,"box":{"x":69,"y":415,"width":772,"height":11}},{"id":"47ddb507-7228-45f3-9cb5-892649685f57","block_type":"box","text":"Communications between the United States and emerging market countries may be unreliable, increasing the","page_number":74,"box":{"x":102,"y":438,"width":781,"height":11}},{"id":"649c9085-e17c-4e0f-ae3f-2f883eacc7b0","block_type":"box","text":"risk of delayed settlements or losses of security certificates in markets that still rely on physical settlement.","page_number":74,"box":{"x":69,"y":453,"width":771,"height":11}},{"id":"fdde9acd-f362-4af5-8376-92997ff19971","block_type":"box","text":"Settlements in certain foreign countries at times have not kept pace with the number of securities transactions;","page_number":74,"box":{"x":69,"y":468,"width":797,"height":11}},{"id":"c2ec88b9-d823-423d-b631-7d29a4beaf80","block_type":"box","text":"these problems may make it difficult for a Fund to carry out transactions. If a Fund cannot settle or is delayed in","page_number":74,"box":{"x":68,"y":483,"width":802,"height":11}},{"id":"30c1cecb-407f-4d8d-a70f-f59806405995","block_type":"box","text":"settling a purchase of securities, it may miss attractive investment opportunities and certain of its assets may be","page_number":74,"box":{"x":69,"y":498,"width":812,"height":11}},{"id":"034412f9-7156-4e8c-aa45-a4aba9b0cb10","block_type":"box","text":"uninvested with no return earned thereon for some period. If a Fund cannot settle or is delayed in settling a sale of","page_number":74,"box":{"x":69,"y":513,"width":821,"height":12}},{"id":"c16b1829-88b5-43d2-b837-6f8db655ba1a","block_type":"box","text":"securities, it may lose money if the value of the security then declines or, if it has contracted to sell the security to","page_number":74,"box":{"x":69,"y":528,"width":816,"height":12}},{"id":"7afe41ad-8a42-4db5-8be5-4dda94c99493","block_type":"box","text":"another party, the Fund could be liable to that party for any losses incurred.","page_number":74,"box":{"x":69,"y":543,"width":539,"height":12}},{"id":"1027aa8f-08da-4667-87d8-89724f209668","block_type":"box","text":"Because of uncertainties in the operation of settlement systems in individual markets, competing claims may","page_number":74,"box":{"x":102,"y":566,"width":781,"height":11}},{"id":"ea6e6014-a10a-4f4c-8987-ce7093c5811e","block_type":"box","text":"arise in respect of securities held by or to be transferred to a Fund. Compensation schemes may not exist or may","page_number":74,"box":{"x":69,"y":581,"width":810,"height":11}},{"id":"5bef0319-9953-4ea1-9557-0a4976d43f06","block_type":"box","text":"otherwise be limited or inadequate to meet the Fund’s claims in case of such event.","page_number":74,"box":{"x":69,"y":596,"width":601,"height":11}},{"id":"1b6884d9-1750-4fe2-bfcc-26e52e96c5b1","block_type":"box","text":"Sovereign Debt.","page_number":74,"box":{"x":102,"y":619,"width":111,"height":11}},{"id":"5ec4dcdd-6fb8-46d9-b2a2-413246dbce69","block_type":"box","text":"Investment in sovereign debt can involve a high degree of risk. The governmental entity that","page_number":74,"box":{"x":221,"y":619,"width":653,"height":11}},{"id":"5f9e8afb-4e0d-44e1-91b0-49ee78682a63","block_type":"box","text":"controls the repayment of sovereign debt may not be able or willing to repay the principal and/or interest when due in","page_number":74,"box":{"x":69,"y":634,"width":837,"height":12}},{"id":"3a8d7e74-bece-4acf-89b7-ff2a0c3bf375","block_type":"box","text":"accordance with the terms of such debt. A governmental entity’s willingness or ability to repay principal and interest","page_number":74,"box":{"x":69,"y":649,"width":826,"height":12}},{"id":"840800a6-87a8-4cad-ba1d-e70ec4fd9b7a","block_type":"box","text":"due in a timely manner may be affected by, among other factors, its cash flow situation, the extent of its foreign","page_number":74,"box":{"x":69,"y":664,"width":798,"height":12}},{"id":"3241c7c1-acd7-4374-8697-4c94faed5855","block_type":"box","text":"reserves, the availability of sufficient foreign exchange on the date a payment is due, the relative size of the debt","page_number":74,"box":{"x":69,"y":680,"width":809,"height":11}},{"id":"fc0a395b-f3fe-4186-87f9-a7278724d7a6","block_type":"box","text":"service burden to the economy as a whole, the governmental entity’s policy towards the International Monetary Fund","page_number":74,"box":{"x":69,"y":695,"width":832,"height":11}},{"id":"4fc42eac-a925-4e79-8109-b00864e6c6df","block_type":"box","text":"and the political constraints to which a governmental entity may be subject. Governmental entities may also be","page_number":74,"box":{"x":69,"y":710,"width":790,"height":11}},{"id":"a6ce3098-ce33-436d-a1ed-ffae7e585c53","block_type":"box","text":"dependent on expected disbursements from foreign governments, multilateral agencies and others abroad to reduce","page_number":74,"box":{"x":69,"y":725,"width":831,"height":11}},{"id":"37c65e69-8d15-4190-b3d8-05e2a2be530e","block_type":"box","text":"principal and interest arrearages on their debt. The commitment on the part of these governments, agencies and","page_number":74,"box":{"x":70,"y":740,"width":805,"height":11}},{"id":"06055e27-33e5-47a8-bf01-2482ce36cc3d","block_type":"box","text":"others to make such disbursements may be conditioned on the implementation of economic reforms and/or","page_number":74,"box":{"x":69,"y":755,"width":772,"height":11}},{"id":"efb561e0-6ca1-4d74-ac8a-a3ad1731c225","block_type":"box","text":"economic performance and the timely service of such debtor’s obligations. Failure to implement such reforms,","page_number":74,"box":{"x":69,"y":770,"width":789,"height":12}},{"id":"0a62ae75-e3e7-4ddf-b117-4dcefe40fd99","block_type":"box","text":"achieve such levels of economic performance or repay principal or interest when due may result in the cancellation of","page_number":74,"box":{"x":69,"y":785,"width":839,"height":12}},{"id":"45f0a323-1585-491f-8a05-51fa0785e15e","block_type":"box","text":"such third parties’ commitments to lend funds to the governmental entity, which may further impair such debtor’s","page_number":74,"box":{"x":69,"y":801,"width":810,"height":11}},{"id":"87e09221-6855-4f2a-9ae1-dfe1b008def9","block_type":"box","text":"ability or willingness to timely service its debts. Consequently, governmental entities may default on their sovereign","page_number":74,"box":{"x":69,"y":816,"width":821,"height":11}},{"id":"ae4a47c0-4911-4fb9-93d6-d27c2c574493","block_type":"box","text":"debt.","page_number":74,"box":{"x":69,"y":831,"width":34,"height":9}},{"id":"fc1733ac-9853-4fd4-9ee9-ec2f604dca7a","block_type":"box","text":"Holders of sovereign debt may be requested to participate in the rescheduling of such debt and to extend further","page_number":74,"box":{"x":102,"y":853,"width":807,"height":12}},{"id":"361eb2e5-747a-4571-9c51-c71c3c1373c3","block_type":"box","text":"loans to governmental entities. In the event of a default by a governmental entity, there may be few or no effective","page_number":74,"box":{"x":70,"y":869,"width":814,"height":11}},{"id":"a0cb30df-4a81-4c6d-8f23-46e27148c865","block_type":"box","text":"legal remedies for collecting on such debt.","page_number":74,"box":{"x":70,"y":884,"width":300,"height":11}},{"id":"91ff7311-b110-4486-893f-0b9a8f5d52b3","block_type":"box","text":"II-30","page_number":74,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"f907cef9-13f4-4ba2-a342-ced15d3eb5db","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":74,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b2f4e0a8-e555-4f42-be48-a7f3f88a745e","block_type":"box","text":"Withholding Tax Reclaims Risk","page_number":75,"box":{"x":103,"y":45,"width":215,"height":11}},{"id":"c585fd06-0b76-4e6b-b31e-a944cfab2046","block_type":"box","text":". A Fund may file claims to recover foreign withholding taxes on dividend and","page_number":75,"box":{"x":318,"y":45,"width":542,"height":11}},{"id":"699081aa-0fbc-4a82-b676-10d47d75395d","block_type":"box","text":"interest income (if any) received from issuers in certain countries and capital gains on the disposition of stocks or","page_number":75,"box":{"x":70,"y":60,"width":813,"height":11}},{"id":"b569dd11-b808-4346-80fd-cdece99c4dce","block_type":"box","text":"securities where such withholding tax reclaim is possible. Whether or when a Fund will receive a withholding tax","page_number":75,"box":{"x":69,"y":75,"width":795,"height":11}},{"id":"c3792942-db52-46a2-bc17-fcc1703f773d","block_type":"box","text":"refund is within the control of the tax authorities in such countries. Where a Fund expects to recover withholding","page_number":75,"box":{"x":69,"y":90,"width":799,"height":11}},{"id":"a5a5c99e-96e2-4651-9e12-41a0afd19d89","block_type":"box","text":"taxes, the net asset value of the Fund generally includes accruals for such tax refunds. Each Fund regularly evaluates","page_number":75,"box":{"x":68,"y":105,"width":838,"height":11}},{"id":"32d61dbb-bdfa-4fef-ae82-e8b63058c75b","block_type":"box","text":"the probability of recovery. If the likelihood of recovery materially decreases, due to, for example, a change in tax","page_number":75,"box":{"x":68,"y":120,"width":807,"height":12}},{"id":"e98b3de8-eb55-428f-9b05-d48c3dbb11eb","block_type":"box","text":"regulation or approach in the foreign country, accruals in a Fund’s net asset value for such refunds may be written","page_number":75,"box":{"x":69,"y":135,"width":814,"height":12}},{"id":"2c0e6174-7fe3-4219-b8bf-f872381e9a8a","block_type":"box","text":"down partially or in full, which will adversely affect the Fund’s net asset value. Shareholders in a Fund at the time an","page_number":75,"box":{"x":69,"y":150,"width":831,"height":12}},{"id":"428187e6-e890-49cd-94b3-247db24deac3","block_type":"box","text":"accrual is written down will bear the impact of the resulting reduction in net asset value regardless of whether they","page_number":75,"box":{"x":69,"y":166,"width":819,"height":11}},{"id":"8d7fe81e-b98e-4fae-a31b-892c1bf11ce3","block_type":"box","text":"were shareholders during the accrual period. Conversely, if a Fund receives a tax refund that has not been previously","page_number":75,"box":{"x":68,"y":181,"width":833,"height":11}},{"id":"c0867f0d-a92c-4112-b6d0-d61c4496dd24","block_type":"box","text":"accrued, shareholders in the Fund at the time of the successful recovery will benefit from the resulting increase in","page_number":75,"box":{"x":69,"y":196,"width":814,"height":11}},{"id":"56153759-7a61-4143-8f9e-994dac0314ff","block_type":"box","text":"the Fund’s net asset value. Shareholders who sold their shares prior to such time will not benefit from such increase","page_number":75,"box":{"x":68,"y":211,"width":835,"height":11}},{"id":"86de7d42-300e-4444-baad-e4599afca9fb","block_type":"box","text":"in the Fund’s net asset value.","page_number":75,"box":{"x":70,"y":226,"width":209,"height":9}},{"id":"9b9563d9-00a5-466f-bddb-515e82e4a53f","block_type":"box","text":"U.S. Economic Trading Par tners Risk.","page_number":75,"box":{"x":103,"y":249,"width":263,"height":11}},{"id":"8fea8a2f-b73d-455f-959e-f3237ff04e0a","block_type":"box","text":"The United States is a significant, and in some cases the most significant,","page_number":75,"box":{"x":372,"y":249,"width":532,"height":11}},{"id":"b7d047dd-0a2e-4dc2-926e-192ab4d382b1","block_type":"box","text":"trading partner of, or foreign investor in, certain countries in which a Fund may invest. As a result, economic","page_number":75,"box":{"x":68,"y":264,"width":773,"height":11}},{"id":"c3e28d6b-6131-466a-b22a-5208f6993e78","block_type":"box","text":"conditions of such countries may be particularly affected by changes in the U.S. economy. A decrease in U.S. imports","page_number":75,"box":{"x":69,"y":279,"width":839,"height":11}},{"id":"b16cbf1f-00a9-4396-981f-aa0acf51622c","block_type":"box","text":"or exports, new trade and financial regulations or tariffs, changes in the U.S. dollar exchange rate or an economic","page_number":75,"box":{"x":69,"y":294,"width":812,"height":11}},{"id":"0b56063b-e392-46e4-aa8f-99533b3409dd","block_type":"box","text":"slowdown in the United States may have a material adverse effect on a country’s economic conditions and, as a","page_number":75,"box":{"x":69,"y":309,"width":803,"height":11}},{"id":"59e2b01b-6582-4506-ac77-b43c53ce247f","block_type":"box","text":"result, securities to which the Fund has exposure. Circumstances could arise that could prevent the timely payment","page_number":75,"box":{"x":69,"y":324,"width":824,"height":11}},{"id":"9fa3b0cf-cc34-4d20-9e04-b496cc0bdba5","block_type":"box","text":"of interest or principal on U.S. Government debt, such as reaching the legislative “debt ceiling.” Such non-payment","page_number":75,"box":{"x":69,"y":339,"width":819,"height":12}},{"id":"751b9b48-7b38-4b2c-8fe1-722cdefc22b1","block_type":"box","text":"would result in substantial negative consequences for the U.S. economy and the global financial system.","page_number":75,"box":{"x":68,"y":355,"width":746,"height":11}},{"id":"b27a17a8-f14a-481f-9063-f37fd60ef204","block_type":"box","text":"There are strained relations between the United States and a number of foreign countries, including traditional","page_number":75,"box":{"x":101,"y":377,"width":787,"height":12}},{"id":"1c703a3b-f802-4f34-829a-43a9491e6322","block_type":"box","text":"allies, such as certain European countries, and historical adversaries, such as North Korea, Iran, China and Russia.","page_number":75,"box":{"x":69,"y":392,"width":827,"height":11}},{"id":"4a1fcae7-6178-4d03-ac68-ff21012ff9b4","block_type":"box","text":"If these relations were to worsen, it could adversely affect U.S. issuers as well as non-U.S. issuers that rely on the","page_number":75,"box":{"x":70,"y":407,"width":817,"height":12}},{"id":"37854a4c-a599-42db-a9b7-6a6e0a8a0258","block_type":"box","text":"United States for trade. The United States has also experienced increased internal unrest and discord. If these","page_number":75,"box":{"x":70,"y":423,"width":791,"height":11}},{"id":"b6cda599-9ef7-4813-9c41-372c36ab80a4","block_type":"box","text":"trends were to continue, it may have an adverse impact on the U.S. economy and many of the issuers in which a","page_number":75,"box":{"x":68,"y":438,"width":803,"height":11}},{"id":"6057eee4-b48e-4d26-b9ed-677d4f8138bf","block_type":"box","text":"Fund may invest.","page_number":75,"box":{"x":70,"y":453,"width":117,"height":11}},{"id":"65b09f1c-f625-478f-89c2-298b8a0d6ae3","block_type":"box","text":"Funding Agreements.","page_number":75,"box":{"x":102,"y":476,"width":154,"height":11}},{"id":"11cfdfd2-f665-41bc-b4af-85fddbe1f79a","block_type":"box","text":"Certain Funds may invest in Guaranteed Investment Contracts and similar funding","page_number":75,"box":{"x":262,"y":475,"width":584,"height":12}},{"id":"31762867-2b6e-4653-bfbd-a7ee4e078e1d","block_type":"box","text":"agreements. In connection with these investments, a Fund makes cash contributions to a deposit fund of an","page_number":75,"box":{"x":69,"y":491,"width":773,"height":11}},{"id":"d7a06330-4e59-4f4e-9395-c08c2bbac524","block_type":"box","text":"insurance company’s general account. The insurance company then credits to the Fund on a monthly basis","page_number":75,"box":{"x":70,"y":506,"width":761,"height":11}},{"id":"fe2f401f-bec5-4ed3-8643-2fd1c2ed2341","block_type":"box","text":"guaranteed interest, which is based on an index. The funding agreements provide that this guaranteed interest will","page_number":75,"box":{"x":68,"y":521,"width":817,"height":11}},{"id":"0098cd44-94d2-4047-9485-b00c11937bae","block_type":"box","text":"not be less than a certain minimum rate. The purchase price paid for a funding agreement becomes part of the","page_number":75,"box":{"x":69,"y":536,"width":794,"height":11}},{"id":"88325e3b-2954-42e5-a348-29c3e3e02280","block_type":"box","text":"general assets of the insurance company, and the contract is paid from the general assets of the insurance company.","page_number":75,"box":{"x":68,"y":551,"width":839,"height":11}},{"id":"23a4826e-4d48-49e6-a54f-b81de613b40b","block_type":"box","text":"Generally, funding agreements are not assignable or transferable without the permission of the issuing insurance","page_number":75,"box":{"x":69,"y":566,"width":806,"height":11}},{"id":"33225805-7d6b-4533-812b-df9fee6460f2","block_type":"box","text":"companies, and an active secondary market in some funding agreements does not currently exist.","page_number":75,"box":{"x":69,"y":581,"width":700,"height":12}},{"id":"240b4f51-0335-4625-a9d9-2332486f8e9f","block_type":"box","text":"Guarantees.","page_number":75,"box":{"x":102,"y":604,"width":87,"height":9}},{"id":"ec6bf70c-90d4-4219-93cd-a5cd002a6911","block_type":"box","text":"A Fund may purchase securities which contain guarantees issued by an entity separate from the","page_number":75,"box":{"x":194,"y":604,"width":685,"height":11}},{"id":"2494ad45-8098-4e2f-a28a-fc100d97ca08","block_type":"box","text":"issuer of the security. 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If illiquid","page_number":75,"box":{"x":69,"y":823,"width":781,"height":12}},{"id":"5f558848-2d19-4695-adc0-7247ab6732a0","block_type":"box","text":"investments exceed 15% of a Fund’s net assets, the Liquidity Rule (as defined below) and the Liquidity Program (as","page_number":75,"box":{"x":70,"y":838,"width":822,"height":12}},{"id":"964d64ab-750b-4522-b734-9ffb06d7b8d5","block_type":"box","text":"defined below) will require that certain remedial actions be taken. Illiquid investments may trade at a discount from","page_number":75,"box":{"x":69,"y":853,"width":822,"height":12}},{"id":"c89c8c2a-b461-409c-bc09-dd8d677b59b5","block_type":"box","text":"comparable liquid investments. 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The Manager will make investment changes to a Fund’s portfolio to accommodate cash flow","page_number":76,"box":{"x":70,"y":135,"width":810,"height":12}},{"id":"6746fa05-68e1-4ea5-bd8c-8c2c5868d621","block_type":"box","text":"while continuing to seek to replicate the total return of the Fund’s target index. 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Finally, since each Fund seeks to","page_number":76,"box":{"x":101,"y":196,"width":749,"height":11}},{"id":"3e54f8af-9445-4786-9a2e-c3d43d3ac22e","block_type":"box","text":"replicate the total return of its target index, the Manager generally will not attempt to judge the merits of any","page_number":76,"box":{"x":69,"y":211,"width":774,"height":11}},{"id":"a792873a-2176-4607-a530-e0ae6ae5e0d4","block_type":"box","text":"particular security as an investment.","page_number":76,"box":{"x":70,"y":226,"width":258,"height":11}},{"id":"e89d4c3e-9c58-400a-89ae-7f0edfc30ebe","block_type":"box","text":"Tracking Error Risk","page_number":76,"box":{"x":103,"y":249,"width":132,"height":11}},{"id":"14dbf77e-89df-4629-becc-2b25554a66f5","block_type":"box","text":". A Fund may be subject to tracking error, which is the divergence of the Fund’s performance","page_number":76,"box":{"x":236,"y":249,"width":658,"height":11}},{"id":"894c77fb-d654-4ded-9750-615ca80656a8","block_type":"box","text":"from that of the Underlying Index. Tracking error may occur because of differences between the securities and other","page_number":76,"box":{"x":68,"y":264,"width":827,"height":11}},{"id":"3c1e1790-6d58-4902-a7ca-84b2478c17e3","block_type":"box","text":"instruments held in the Fund’s portfolio and those included in the Underlying Index, pricing differences (including, as","page_number":76,"box":{"x":70,"y":279,"width":830,"height":11}},{"id":"09fd7d0c-8ece-4021-83f1-dfb3b8afbf36","block_type":"box","text":"applicable, differences between a security’s price at the local market close and the Fund’s valuation of a security at","page_number":76,"box":{"x":69,"y":294,"width":827,"height":11}},{"id":"070ec872-7acd-44fd-b5bd-c657a3a1dbbc","block_type":"box","text":"the time of calculation of the Fund’s net asset value), differences in transaction costs incurred by the Fund, the","page_number":76,"box":{"x":68,"y":309,"width":797,"height":11}},{"id":"7dadcee6-8c0c-401e-8f5b-6a49c65f5cd5","block_type":"box","text":"Fund’s holding of uninvested cash, differences in timing of the accrual of or the valuation of dividends or other","page_number":76,"box":{"x":70,"y":324,"width":787,"height":12}},{"id":"bdd29411-946f-4aaa-ba46-9ec7dcb6f9c3","block_type":"box","text":"distributions, interest, the requirements to maintain pass-through tax treatment, portfolio transactions carried out to","page_number":76,"box":{"x":69,"y":339,"width":830,"height":12}},{"id":"6a22a97b-8449-4597-b6e3-e851e33fc87a","block_type":"box","text":"minimize the distribution of capital gains to shareholders, changes to the Underlying Index or the costs to the Fund of","page_number":76,"box":{"x":69,"y":355,"width":838,"height":11}},{"id":"e695eac4-0f70-425f-8e85-31e91758805a","block_type":"box","text":"complying with various new or existing regulatory requirements. These risks may be heightened during times of","page_number":76,"box":{"x":69,"y":370,"width":791,"height":11}},{"id":"e14a7efa-da35-4b64-bca3-7ad63e9efd66","block_type":"box","text":"increased market volatility or other unusual market conditions. In addition, tracking error may result because the","page_number":76,"box":{"x":70,"y":385,"width":801,"height":11}},{"id":"f8947d14-dc6b-48d2-a45b-de950d9e9daa","block_type":"box","text":"Fund incurs fees and expenses, while the Underlying Index does not.","page_number":76,"box":{"x":70,"y":400,"width":487,"height":11}},{"id":"693799c5-f013-404a-a256-04c9bf801c0f","block_type":"box","text":"When an issuer is introduced by an index provider into an index tracked by a Fund, the Manager may conduct an","page_number":76,"box":{"x":101,"y":423,"width":799,"height":11}},{"id":"1e2acb76-9250-429f-b21b-234565197aa3","block_type":"box","text":"analysis on such issuer’s securities to identify and screen for outlier high risk behavior (such as rapid or unusual","page_number":76,"box":{"x":69,"y":438,"width":803,"height":11}},{"id":"7ebbc188-c64c-4ff1-8e0c-289c0bd77c1e","block_type":"box","text":"price growth that does not appear to be supported by publicly available information on the business and assets of","page_number":76,"box":{"x":70,"y":453,"width":814,"height":11}},{"id":"2a8722d4-c1ae-40bd-8698-4a0c02362131","block_type":"box","text":"the issuer, unusual or significant short interest or lending activity, negative sentiment, suspended trading or incorrect","page_number":76,"box":{"x":68,"y":468,"width":838,"height":11}},{"id":"cfb21849-c2b7-47b2-bb0b-9899035e34d6","block_type":"box","text":"free-float calculations, which could be indicators of possible irregularities, miscalculations or even fraud). 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S&P’s only relationship to certain Funds is the licensing of certain","page_number":76,"box":{"x":68,"y":732,"width":769,"height":12}},{"id":"efb71e61-4761-4363-bf3f-096c84119ffb","block_type":"box","text":"trademarks and trade names of S&P and of the S&P 500 which is determined, composed and calculated by S&P","page_number":76,"box":{"x":68,"y":748,"width":804,"height":11}},{"id":"02596eae-f7d2-443b-a54c-30784f0d5d1f","block_type":"box","text":"without regard to the Funds. S&P has no obligation to take the needs of a Fund or the owners of shares of a Fund","page_number":76,"box":{"x":68,"y":763,"width":811,"height":11}},{"id":"c842bd81-1d80-4c9e-9ae8-92d1c87738db","block_type":"box","text":"into consideration in determining, composing or calculating the S&P 500. S&P is not responsible for and has not","page_number":76,"box":{"x":70,"y":778,"width":803,"height":11}},{"id":"1a0a4586-e8be-427f-a77f-8c503711a530","block_type":"box","text":"participated in the determination of the prices and amount of any Fund or the timing of the issuance or sale of","page_number":76,"box":{"x":70,"y":793,"width":787,"height":11}},{"id":"b0cc2fb0-1a9f-485d-951a-2fdc0d9cd8ec","block_type":"box","text":"shares of a Fund or in the determination or calculation of the equation by which a Fund is to be converted into cash.","page_number":76,"box":{"x":69,"y":808,"width":828,"height":11}},{"id":"b642e77f-fa81-4fc5-a068-3a2702fa75b0","block_type":"box","text":"S&P has no obligation or liability in connection with the administration, marketing or trading of any Fund.","page_number":76,"box":{"x":69,"y":823,"width":742,"height":12}},{"id":"710fb742-42b4-4c1a-a9bc-85a0505c97c1","block_type":"box","text":"S&P does not guarantee the accuracy and/or the completeness of the S&P 500 Index or any data included","page_number":76,"box":{"x":102,"y":846,"width":761,"height":11}},{"id":"e474f727-6e61-41ac-aa60-6b85e34fc686","block_type":"box","text":"therein, and S&P shall have no liability for any errors, omissions, or interruptions therein. 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The Manager believes that indexed and inverse floating obligations represent flexible","page_number":78,"box":{"x":69,"y":506,"width":798,"height":11}},{"id":"8d09a911-704d-4963-a8d8-40a5cba8cc1a","block_type":"box","text":"portfolio management instruments for a Fund that allow the Fund to seek potential investment rewards, hedge other","page_number":78,"box":{"x":70,"y":521,"width":829,"height":11}},{"id":"61e7defd-1295-4456-9d69-26ec954e0786","block_type":"box","text":"portfolio positions or vary the degree of investment leverage relatively efficiently under different market conditions. A","page_number":78,"box":{"x":70,"y":536,"width":834,"height":11}},{"id":"8e74bad0-49e8-4613-b54e-556361cb977e","block_type":"box","text":"Fund may invest in indexed and inverse securities for hedging purposes or to seek to increase returns. When used for","page_number":78,"box":{"x":70,"y":551,"width":839,"height":11}},{"id":"f4514bc6-db34-43d5-a429-ee5b3c8cfc80","block_type":"box","text":"hedging purposes, indexed and inverse securities involve correlation risk. Furthermore, where such a security","page_number":78,"box":{"x":69,"y":566,"width":781,"height":11}},{"id":"1bd52ba9-7cbc-4c23-a836-3ea98411f55f","block_type":"box","text":"includes a contingent liability, in the event of an adverse movement in the underlying index or interest rate, a Fund","page_number":78,"box":{"x":70,"y":581,"width":812,"height":12}},{"id":"dc62109d-f5f2-47a0-a17a-8e1008400e79","block_type":"box","text":"may be required to pay substantial additional margin to maintain the position.","page_number":78,"box":{"x":69,"y":597,"width":553,"height":11}},{"id":"20f117cd-1fa9-41d6-b0c4-2a022696026e","block_type":"box","text":"The Funds may invest up to 10% of their total assets in leveraged inverse floating rate debt instruments","page_number":78,"box":{"x":101,"y":619,"width":741,"height":11}},{"id":"22a02c5c-8c66-4e50-95cd-31b50a6234da","block_type":"box","text":"(“inverse floaters”). Inverse floaters are securities the potential of which is inversely related to changes in interest","page_number":78,"box":{"x":69,"y":634,"width":815,"height":12}},{"id":"5eed8f6e-cd03-4971-bb54-ee8e43b6694b","block_type":"box","text":"rates. In general, the return on inverse floaters will decrease when short-term interest rates increase and increase","page_number":78,"box":{"x":69,"y":649,"width":817,"height":12}},{"id":"cb35db5f-172b-49e4-9e56-37c3d647f42f","block_type":"box","text":"when short-term rates decrease. Municipal tender option bonds, both taxable and tax-exempt, which may include","page_number":78,"box":{"x":68,"y":665,"width":805,"height":11}},{"id":"b612bb91-1e86-4688-8507-0eddf98652fa","block_type":"box","text":"inverse floating rate debt instruments, (including residual interests thereon) are excluded from this 10% limitation.","page_number":78,"box":{"x":70,"y":680,"width":813,"height":11}},{"id":"1dd33774-3b97-4794-88e5-7cae1045267b","block_type":"box","text":"Inflation Risk.","page_number":78,"box":{"x":102,"y":702,"width":100,"height":9}},{"id":"7882363e-7e01-45a7-b21b-2db039ea5112","block_type":"box","text":"Like all funds, the Funds are subject to inflation risk. Inflation risk is the risk that the present","page_number":78,"box":{"x":209,"y":702,"width":663,"height":11}},{"id":"8528d3fa-51d1-4fe9-9d41-06b7cd23a8c8","block_type":"box","text":"value of assets or income from investments will be less in the future as inflation decreases the value of money. As","page_number":78,"box":{"x":68,"y":717,"width":820,"height":12}},{"id":"a6072b0b-742e-4e95-a80c-c7cd47cfd417","block_type":"box","text":"inflation increases, the present value of a Fund’s assets can decline as can the value of a Fund’s distributions.","page_number":78,"box":{"x":70,"y":732,"width":792,"height":11}},{"id":"cf4ab65b-d898-43aa-9983-32b5bd1eda6a","block_type":"box","text":"Inflation rates may change frequently and significantly due to a number of potential factors, including, among others,","page_number":78,"box":{"x":70,"y":748,"width":829,"height":11}},{"id":"8d5cf733-8f54-47d7-a031-69b47b03bcfe","block_type":"box","text":"unexpected economic shifts or changes in fiscal or monetary policies.","page_number":78,"box":{"x":69,"y":763,"width":497,"height":11}},{"id":"4c080b23-e3d2-4afa-8219-f2544d9d4310","block_type":"box","text":"Initial Public Offering (“IPO”) Risk.","page_number":78,"box":{"x":102,"y":785,"width":253,"height":12}},{"id":"41c80dc4-f69e-4d8b-8485-f7bf28afb331","block_type":"box","text":"The volume of IPOs and the levels at which the newly issued stocks trade in","page_number":78,"box":{"x":361,"y":785,"width":540,"height":12}},{"id":"825e22e8-d8ea-4aff-9805-a9d1c5c2053e","block_type":"box","text":"the secondary market are affected by the performance of the stock market overall. If IPOs are brought to the market,","page_number":78,"box":{"x":68,"y":801,"width":836,"height":11}},{"id":"4a1cd312-dd0d-409e-ad28-eefcefe02311","block_type":"box","text":"availability may be limited and a Fund may not be able to buy any shares at the offering price, or if it is able to buy","page_number":78,"box":{"x":69,"y":816,"width":815,"height":11}},{"id":"635279c7-f098-4107-890b-43af4b20809c","block_type":"box","text":"shares, it may not be able to buy as many shares at the offering price as it would like. In addition, the prices of","page_number":78,"box":{"x":69,"y":831,"width":795,"height":11}},{"id":"f8f9195c-aa72-480f-8c47-77cb4ec24186","block_type":"box","text":"securities involved in IPOs are often subject to greater and more unpredictable price changes than more established","page_number":78,"box":{"x":69,"y":846,"width":829,"height":11}},{"id":"517fdc29-ba94-4297-b339-b97da71c3a1d","block_type":"box","text":"stocks. IPOs have the potential to produce substantial gains. A Fund may hold shares from an IPO for only a short","page_number":78,"box":{"x":69,"y":861,"width":814,"height":11}},{"id":"7944093d-2072-42b6-962c-10dbec1e312f","block_type":"box","text":"period of time given possible price volatility. This may result in increased portfolio turnover and expenses, such as","page_number":78,"box":{"x":70,"y":876,"width":813,"height":11}},{"id":"703653bd-8b06-49bf-bc07-7aaa082c1ade","block_type":"box","text":"commissions and transaction costs, and potentially result in taxable gains that the Fund will subsequently distribute","page_number":78,"box":{"x":69,"y":891,"width":828,"height":12}},{"id":"9498552b-be0b-45e6-b2f7-5ca5a5d17afa","block_type":"box","text":"to shareholders. There is no assurance that any Fund will have access to profitable IPOs and therefore investors","page_number":78,"box":{"x":68,"y":906,"width":802,"height":12}},{"id":"2d3f00ae-dd86-449b-a496-5698c9fae599","block_type":"box","text":"II-34","page_number":78,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a712a7a0-0b9e-45a1-81fb-b179a843d9aa","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":78,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2499b041-5ee2-47fb-9afd-8eae83d74448","block_type":"box","text":"should not rely on any past gains from IPOs as an indication of future performance. The investment performance of a","page_number":79,"box":{"x":69,"y":45,"width":837,"height":11}},{"id":"6f9aed8d-c75c-4525-83b9-5b7d36f9b567","block_type":"box","text":"Fund during periods when it is unable to invest significantly or at all in IPOs may be lower than during periods when it","page_number":79,"box":{"x":70,"y":60,"width":832,"height":11}},{"id":"8fb597e8-6409-46d3-b9bc-e916221448c5","block_type":"box","text":"is able to do so. In addition, as a Fund increases in size, the impact of IPOs on its performance will generally","page_number":79,"box":{"x":70,"y":75,"width":777,"height":11}},{"id":"987358d9-15ca-4f18-9859-174663e65a73","block_type":"box","text":"decrease. Securities issued in IPOs are subject to many of the same risks as investing in companies with smaller","page_number":79,"box":{"x":69,"y":90,"width":810,"height":11}},{"id":"d389ca72-de7d-440a-965f-eb35eee40fb6","block_type":"box","text":"market capitalizations. Securities issued in IPOs have no trading history, and information about the companies may","page_number":79,"box":{"x":69,"y":105,"width":823,"height":11}},{"id":"9b7d18a3-486f-4466-ac7c-14ed1fec2856","block_type":"box","text":"be available for very limited periods.","page_number":79,"box":{"x":69,"y":120,"width":257,"height":11}},{"id":"fa984de6-c7ce-4b7a-aedf-039d4f4e7cf5","block_type":"box","text":"Investment in Emerging Markets.","page_number":79,"box":{"x":102,"y":143,"width":242,"height":11}},{"id":"0104bb98-e90d-4c63-8370-59fc787442fd","block_type":"box","text":"General.","page_number":79,"box":{"x":102,"y":166,"width":58,"height":9}},{"id":"9a8b46e1-847a-4671-8781-79baf9224bc1","block_type":"box","text":"Certain Funds may invest in the securities of issuers domiciled in various countries with emerging capital","page_number":79,"box":{"x":102,"y":188,"width":748,"height":12}},{"id":"144564ea-4588-4574-b7a1-619dac29b065","block_type":"box","text":"markets. Unless otherwise provided in a Fund’s Prospectus, a country with an emerging capital market is any country","page_number":79,"box":{"x":69,"y":204,"width":840,"height":11}},{"id":"50df784c-8e82-4761-b579-6f952e52ed85","block_type":"box","text":"that is (i) generally recognized to be an emerging market country by the international financial community, such as","page_number":79,"box":{"x":68,"y":218,"width":813,"height":12}},{"id":"64beb0bc-bf54-413e-a11c-271e35a5a552","block_type":"box","text":"the International Finance Corporation, or determined by the World Bank to have a low, middle or middle upper income","page_number":79,"box":{"x":68,"y":234,"width":836,"height":11}},{"id":"7ec03df2-ac58-40dd-bd35-56c3721c1ed2","block_type":"box","text":"economy; (ii) classified by the United Nations or its authorities to be developing; and/or (iii) included in a broad-based","page_number":79,"box":{"x":69,"y":249,"width":839,"height":11}},{"id":"c893aab3-d402-41aa-9546-0f76e8fdfcb0","block_type":"box","text":"index that is generally representative of emerging markets. Countries with emerging markets can be found in regions","page_number":79,"box":{"x":70,"y":264,"width":831,"height":11}},{"id":"804f94c9-6081-4b82-90e2-2f3a0687be12","block_type":"box","text":"such as Asia, Latin America, Eastern Europe and Africa.","page_number":79,"box":{"x":69,"y":279,"width":396,"height":11}},{"id":"8b74d827-effa-40fa-b688-a95879aeffa0","block_type":"box","text":"Investments in the securities of issuers domiciled in countries with emerging capital markets involve certain","page_number":79,"box":{"x":102,"y":302,"width":770,"height":11}},{"id":"346a2432-bf95-45b1-91f4-55c863f5991e","block_type":"box","text":"additional risks that do not generally apply to investments in securities of issuers in more developed capital markets,","page_number":79,"box":{"x":69,"y":317,"width":835,"height":11}},{"id":"5f18e5f9-c415-4005-96af-0a32b1ad9d21","block_type":"box","text":"such as (i) low or non-existent trading volume, resulting in market illiquidity and increased volatility in prices for such","page_number":79,"box":{"x":69,"y":332,"width":828,"height":11}},{"id":"07f8ef54-208b-4d07-83fb-810b67927c37","block_type":"box","text":"securities, as compared to securities of comparable issuers in more developed capital markets; (ii) uncertain","page_number":79,"box":{"x":69,"y":347,"width":779,"height":11}},{"id":"3c8e9d05-577c-4aed-be7a-702c76f22338","block_type":"box","text":"national policies and social, political and economic instability, increasing the potential for expropriation of assets,","page_number":79,"box":{"x":69,"y":362,"width":809,"height":11}},{"id":"1a156aca-b241-4432-8ec3-3dd83f94c23c","block_type":"box","text":"confiscatory taxation, high rates of inflation or unfavorable diplomatic developments; (iii) possible fluctuations in","page_number":79,"box":{"x":69,"y":377,"width":800,"height":12}},{"id":"b045eb3f-3810-47a3-850e-e35a8765c56d","block_type":"box","text":"exchange rates, differing legal systems and the existence or possible imposition of exchange controls, custodial","page_number":79,"box":{"x":69,"y":392,"width":800,"height":12}},{"id":"c048934d-e4a8-410f-8dad-32395ead8d3e","block_type":"box","text":"restrictions or other foreign or U.S. Governmental laws or restrictions applicable to such investments; (iv) national","page_number":79,"box":{"x":69,"y":407,"width":811,"height":12}},{"id":"be6b2178-1010-40c6-8b4a-c080e19feafc","block_type":"box","text":"policies that may limit a Fund’s investment opportunities such as restrictions on investment in issuers or industries","page_number":79,"box":{"x":70,"y":423,"width":824,"height":11}},{"id":"86c1a32f-cca5-4c6f-b184-60f667b0f589","block_type":"box","text":"deemed sensitive to national interests; and (v) the lack or relatively early development of legal structures governing","page_number":79,"box":{"x":69,"y":438,"width":823,"height":11}},{"id":"d0e63a8d-d8de-4dbf-853d-704871456b5b","block_type":"box","text":"private and foreign investments and private property. In addition to withholding taxes on investment income, some","page_number":79,"box":{"x":70,"y":453,"width":813,"height":11}},{"id":"4d573b1a-f15b-42a8-9d88-acb01f6b6cdd","block_type":"box","text":"countries with emerging markets may impose differential capital gains taxes on foreign investors.","page_number":79,"box":{"x":69,"y":468,"width":694,"height":11}},{"id":"cbcecba8-7d3e-4c81-832e-4a2822ace923","block_type":"box","text":"Political and economic structures in emerging market countries may be undergoing significant evolution and","page_number":79,"box":{"x":102,"y":491,"width":767,"height":11}},{"id":"4205a493-e8bb-41a2-aece-ef96c9d07e25","block_type":"box","text":"rapid development, and these countries may lack the social, political and economic stability characteristic of more","page_number":79,"box":{"x":69,"y":506,"width":814,"height":11}},{"id":"f241f985-1a61-4d4f-80f4-26a587483270","block_type":"box","text":"developed countries. In such a dynamic environment, there can be no assurance that any or all of these capital","page_number":79,"box":{"x":69,"y":521,"width":792,"height":11}},{"id":"8d9f6be5-7c67-4c6a-94ad-9f23636ef245","block_type":"box","text":"markets will continue to present viable investment opportunities for a Fund. In the past, governments of such nations","page_number":79,"box":{"x":69,"y":536,"width":838,"height":11}},{"id":"579f49fd-b2e2-404c-8e80-175984326081","block_type":"box","text":"have expropriated substantial amounts of private property, and most claims of the property owners have never been","page_number":79,"box":{"x":69,"y":551,"width":828,"height":11}},{"id":"12c69e4e-5f7c-4bb9-a211-b7b10f71c6c5","block_type":"box","text":"fully settled. There is no assurance that such expropriations will not reoccur. In such an event, it is possible that a","page_number":79,"box":{"x":68,"y":566,"width":816,"height":11}},{"id":"45f2de2e-31e6-465c-b59e-29ec19df54ac","block_type":"box","text":"Fund could lose the entire value of its investments in the affected market. As a result the risks described above,","page_number":79,"box":{"x":70,"y":581,"width":802,"height":11}},{"id":"ffe0e394-041a-4fd5-82de-7bf6d38f2c7d","block_type":"box","text":"including the risks of nationalization or expropriation of assets, may be heightened. In addition, unanticipated political","page_number":79,"box":{"x":70,"y":596,"width":838,"height":12}},{"id":"e4493075-ec2d-4b65-992d-593ec96adc63","block_type":"box","text":"or social developments may affect the value of investments in these countries and the availability to a Fund of","page_number":79,"box":{"x":69,"y":612,"width":788,"height":11}},{"id":"ef604231-103b-47d9-83bf-219e10433a06","block_type":"box","text":"additional investments. The small size and inexperience of the securities markets in certain of these countries and","page_number":79,"box":{"x":69,"y":627,"width":819,"height":11}},{"id":"4afd96ae-3207-4d36-90a6-9374a8e6ba2e","block_type":"box","text":"the limited volume of trading in securities in these countries may make investments in the countries illiquid and more","page_number":79,"box":{"x":68,"y":642,"width":838,"height":11}},{"id":"aa44c6c0-7235-4019-8840-5b4d960e6d8a","block_type":"box","text":"volatile than investments in more established markets.","page_number":79,"box":{"x":68,"y":657,"width":392,"height":9}},{"id":"fd9cb7ae-cb27-4b8f-8fd2-33010d0f1ee8","block_type":"box","text":"Also, there may be less publicly available information about issuers in emerging markets than would be available","page_number":79,"box":{"x":101,"y":680,"width":805,"height":11}},{"id":"c0dfcb9a-de20-4155-b7c8-936b9fb55436","block_type":"box","text":"about issuers in more developed capital markets, and such issuers may not be subject to accounting, auditing and","page_number":79,"box":{"x":69,"y":695,"width":818,"height":11}},{"id":"48785562-4ca8-4787-864e-bb19d6f90754","block_type":"box","text":"financial reporting standards and requirements comparable to those to which U.S. companies are subject. In certain","page_number":79,"box":{"x":68,"y":710,"width":831,"height":11}},{"id":"2aece4f8-0661-4c69-8421-771ae4d9096c","block_type":"box","text":"countries with emerging capital markets, reporting standards vary widely. As a result, traditional investment","page_number":79,"box":{"x":69,"y":725,"width":768,"height":11}},{"id":"0601f857-2911-4738-bdc4-432d42b9965e","block_type":"box","text":"measurements used in the United States, such as price/earnings ratios, may not be applicable. Emerging market","page_number":79,"box":{"x":69,"y":740,"width":811,"height":11}},{"id":"3cea326e-4d11-455a-9472-d43d485d2e3e","block_type":"box","text":"securities may be substantially less liquid than, and more volatile than, those of mature markets, and company","page_number":79,"box":{"x":69,"y":755,"width":795,"height":11}},{"id":"555b95ce-5dc9-41cc-8700-5a539be5709e","block_type":"box","text":"shares may be held by a limited number of persons. This may adversely affect the timing and pricing of the Fund’s","page_number":79,"box":{"x":69,"y":770,"width":814,"height":12}},{"id":"48605da1-a374-421b-9d03-a3279b7ef95d","block_type":"box","text":"acquisition or disposal of securities.","page_number":79,"box":{"x":69,"y":785,"width":257,"height":11}},{"id":"d67738b0-0cda-4cb7-9167-c9543ede3314","block_type":"box","text":"Practices in relation to settlement of securities transactions in emerging markets involve higher risks than those","page_number":79,"box":{"x":102,"y":808,"width":800,"height":11}},{"id":"88828323-0d08-49b7-b39d-313cbd583f95","block_type":"box","text":"in developed markets, in part because a Fund will need to use brokers and counterparties that are less well","page_number":79,"box":{"x":70,"y":823,"width":769,"height":11}},{"id":"0946fc0f-b5ef-4ddc-9bc1-d28650039566","block_type":"box","text":"capitalized, and custody and registration of assets in some countries may be unreliable. The possibility of fraud,","page_number":79,"box":{"x":69,"y":838,"width":798,"height":12}},{"id":"836fc5dc-2511-4ea3-858f-14d88ac237a1","block_type":"box","text":"negligence, undue influence being exerted by the issuer or refusal to recognize ownership exists in some emerging","page_number":79,"box":{"x":69,"y":853,"width":819,"height":12}},{"id":"66b70a7c-f0e9-47ae-befb-6cd2eebcb76e","block_type":"box","text":"markets, and, along with other factors, could result in ownership registration being completely lost. A Fund would","page_number":79,"box":{"x":69,"y":869,"width":804,"height":11}},{"id":"61061420-15a1-40a6-8164-3f2cc5e16a90","block_type":"box","text":"absorb any loss resulting from such registration problems and may have no successful claim for compensation.","page_number":79,"box":{"x":69,"y":884,"width":794,"height":11}},{"id":"59f84722-e2de-45cd-a427-398731dc000c","block_type":"box","text":"II-35","page_number":79,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"572cc238-fbc4-45e9-869b-f64e01e8cf40","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":79,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0a64ad30-fbf1-44ac-9c89-d438a5e7951c","block_type":"box","text":"Investment in non-dollar denominated securities including securities from issuers located in emerging market","page_number":80,"box":{"x":102,"y":45,"width":778,"height":11}},{"id":"3c818188-b3d1-4f54-aa55-e3132beea0bb","block_type":"box","text":"countries may be on either a currency hedged or unhedged basis, and the Funds may hold from time to time various","page_number":80,"box":{"x":69,"y":60,"width":827,"height":11}},{"id":"232212e9-9597-487b-b911-17ac6c1ba761","block_type":"box","text":"foreign currencies pending investment or conversion into U.S. dollars. Some of these instruments may have the","page_number":80,"box":{"x":68,"y":75,"width":797,"height":11}},{"id":"3e6330d0-9ccb-4732-92f4-61c0aa9a6be8","block_type":"box","text":"characteristics of futures contracts. In addition, certain Funds may engage in foreign currency exchange transactions","page_number":80,"box":{"x":69,"y":90,"width":832,"height":11}},{"id":"d088abe4-bd5f-4768-9c03-f8a0a9cc61e2","block_type":"box","text":"to seek to protect against changes in the level of future exchange rates which would adversely affect the Fund’s","page_number":80,"box":{"x":68,"y":105,"width":799,"height":11}},{"id":"d4a638f4-3be6-4c41-bd50-e20eaf19fd1b","block_type":"box","text":"performance. These investments and transactions involving foreign securities, currencies, options (including options","page_number":80,"box":{"x":70,"y":120,"width":829,"height":12}},{"id":"664422de-2ee9-4d78-93b2-9af0484eaf25","block_type":"box","text":"that relate to foreign currencies), futures, hedging and cross-hedging are described under “Derivatives.”","page_number":80,"box":{"x":68,"y":135,"width":740,"height":12}},{"id":"3b639fe5-cd59-4c31-9e20-34a77cbeb3fe","block_type":"box","text":"Risks of Investing in Asia-Pacific Countries.","page_number":80,"box":{"x":102,"y":158,"width":305,"height":11}},{"id":"0743371f-cb1c-4a06-b154-c7cdb9f4c802","block_type":"box","text":"In addition to the risks of foreign investing and the risks of investing","page_number":80,"box":{"x":414,"y":158,"width":485,"height":11}},{"id":"0dd360da-0bbd-48f5-849a-4f1967618736","block_type":"box","text":"in developing markets, the developing market Asia-Pacific countries in which a Fund may invest are subject to certain","page_number":80,"box":{"x":70,"y":173,"width":832,"height":11}},{"id":"90fcab24-c74c-4e5f-b7b2-5513a2c8368b","block_type":"box","text":"additional or specific risks. Certain Funds may make substantial investments in Asia-Pacific countries. In many of","page_number":80,"box":{"x":69,"y":188,"width":808,"height":11}},{"id":"64a23ab2-7716-4c66-9192-3ccc1f60c55c","block_type":"box","text":"these markets, there is a high concentration of market capitalization and trading volume in a small number of issuers","page_number":80,"box":{"x":68,"y":203,"width":838,"height":12}},{"id":"50a7714e-43c6-4d26-b4d4-cbb763df8450","block_type":"box","text":"representing a limited number of industries, as well as a high concentration of investors and financial intermediaries.","page_number":80,"box":{"x":69,"y":218,"width":834,"height":12}},{"id":"69914d61-1be6-44d0-a44e-b88d0cfb05d9","block_type":"box","text":"Many of these markets also may be affected by developments with respect to more established markets in the","page_number":80,"box":{"x":70,"y":234,"width":791,"height":11}},{"id":"50e2dd4d-127a-41fd-88fe-1a379aa12354","block_type":"box","text":"region such as in Japan and Hong Kong. Brokers in developing market Asia-Pacific countries typically are fewer in","page_number":80,"box":{"x":69,"y":249,"width":804,"height":11}},{"id":"50d91428-bbac-4772-a0c6-4ef3af54671a","block_type":"box","text":"number and less well capitalized than brokers in the United States. These factors, combined with the U.S. regulatory","page_number":80,"box":{"x":69,"y":264,"width":833,"height":11}},{"id":"aefbc301-4e8a-4997-9025-dfb920079bdb","block_type":"box","text":"requirements for open-end investment companies and the restrictions on foreign investment discussed below, result","page_number":80,"box":{"x":69,"y":279,"width":830,"height":11}},{"id":"0b0db7ee-7dbd-4044-8d15-22ba85d09150","block_type":"box","text":"in potentially fewer investment opportunities for a Fund and may have an adverse impact on the investment","page_number":80,"box":{"x":70,"y":294,"width":766,"height":11}},{"id":"09ed2cd6-c940-4f40-b317-0f73ab468273","block_type":"box","text":"performance of the Fund.","page_number":80,"box":{"x":70,"y":309,"width":179,"height":11}},{"id":"6dc030a8-1efa-4d57-83f3-f8a9314ae8c9","block_type":"box","text":"Many of the developing market Asia-Pacific countries may be subject to a greater degree of economic, political","page_number":80,"box":{"x":102,"y":332,"width":784,"height":11}},{"id":"586e658c-1fb2-46b3-a983-dd3d0fd58c91","block_type":"box","text":"and social instability than is the case in the United States and Western European countries. Such instability may","page_number":80,"box":{"x":69,"y":347,"width":803,"height":11}},{"id":"e851a368-a940-4c35-8ea3-834cd453ce41","block_type":"box","text":"result from, among other things: (i) authoritarian governments or military involvement in political and economic","page_number":80,"box":{"x":69,"y":362,"width":788,"height":11}},{"id":"197a7222-f5a0-44fc-b6a4-9a7cd1a535c6","block_type":"box","text":"decision-making, including changes in government through extra-constitutional means; (ii) popular unrest associated","page_number":80,"box":{"x":69,"y":377,"width":827,"height":12}},{"id":"ce521031-01d7-4506-aeed-3cf834d98ae4","block_type":"box","text":"with demands for improved political, economic and social conditions; (iii) internal insurgencies; (iv) hostile relations","page_number":80,"box":{"x":68,"y":392,"width":823,"height":12}},{"id":"282d3e3f-eb4b-49f8-bd17-13ab3ae554d4","block_type":"box","text":"with neighboring countries; and (v) ethnic, religious and racial disaffection. In addition, the governments of many of","page_number":80,"box":{"x":68,"y":407,"width":822,"height":12}},{"id":"7a4a5d39-defd-4ca5-baf6-11bf41ac8f79","block_type":"box","text":"such countries, such as Indonesia, have a substantial role in regulating and supervising the economy. Another risk","page_number":80,"box":{"x":69,"y":423,"width":818,"height":11}},{"id":"db90d598-7af6-42c3-a2a9-eb6b9f327e06","block_type":"box","text":"common to most such countries is that the economy is heavily export oriented and, accordingly, is dependent upon","page_number":80,"box":{"x":69,"y":438,"width":821,"height":11}},{"id":"21da53ba-553c-4695-b115-1908ee6ba179","block_type":"box","text":"international trade. The existence of overburdened infrastructure and obsolete financial systems also presents risks","page_number":80,"box":{"x":70,"y":453,"width":827,"height":11}},{"id":"215745ef-678e-4bbe-b705-fbb2bee81668","block_type":"box","text":"in certain countries, as do environmental problems. Certain economies also depend to a significant degree upon","page_number":80,"box":{"x":70,"y":468,"width":803,"height":11}},{"id":"6afba998-adfe-41c7-ab26-2ce7de14b745","block_type":"box","text":"exports of primary commodities and, therefore, are vulnerable to changes in commodity prices that, in turn, may be","page_number":80,"box":{"x":69,"y":483,"width":824,"height":11}},{"id":"b84259fa-01cb-4059-b3f2-4f3a2775bf61","block_type":"box","text":"affected by a variety of factors.","page_number":80,"box":{"x":69,"y":498,"width":220,"height":11}},{"id":"83a52a0f-1ea5-4fad-a144-56aee9f4d339","block_type":"box","text":"The legal systems in certain developing market Asia-Pacific countries also may have an adverse impact on the","page_number":80,"box":{"x":101,"y":521,"width":785,"height":11}},{"id":"f4e3eb99-6b1c-4782-9aa4-a01772939ced","block_type":"box","text":"Fund. For example, while the potential liability of a shareholder in a U.S. corporation with respect to acts of the","page_number":80,"box":{"x":70,"y":536,"width":789,"height":11}},{"id":"a11e3176-a1b1-44fe-9ea0-ab30da130aad","block_type":"box","text":"corporation is generally limited to the amount of the shareholder’s investment, the notion of limited liability is less","page_number":80,"box":{"x":69,"y":551,"width":814,"height":11}},{"id":"b1b3efd4-6afa-40f8-9d0d-c5e7ea7d466d","block_type":"box","text":"clear in certain emerging market Asia-Pacific countries. Similarly, the rights of investors in developing market Asia","page_number":80,"box":{"x":69,"y":566,"width":813,"height":11}},{"id":"3531b105-07a7-4318-837a-7800d56e9d61","block_type":"box","text":"Pacific companies may be more limited than those of shareholders of U.S. corporations. It may be difficult or","page_number":80,"box":{"x":69,"y":581,"width":777,"height":11}},{"id":"44755349-d3ef-43f4-81e4-464dde34e55b","block_type":"box","text":"impossible to obtain and/or enforce a judgment in a developing market Asia-Pacific country.","page_number":80,"box":{"x":70,"y":596,"width":652,"height":12}},{"id":"f0d81547-9dc7-40f3-8bfd-128797fe3866","block_type":"box","text":"Governments of many developing market Asia-Pacific countries have exercised and continue to exercise","page_number":80,"box":{"x":102,"y":619,"width":737,"height":11}},{"id":"217c405a-2c86-4a50-98b2-1c4e4e440735","block_type":"box","text":"substantial influence over many aspects of the private sector. In certain cases, the government owns or controls","page_number":80,"box":{"x":69,"y":634,"width":803,"height":12}},{"id":"9a3283aa-2874-44a7-8d1a-1ae27d1777e7","block_type":"box","text":"many companies, including the largest in the country. Accordingly, government actions in the future could have a","page_number":80,"box":{"x":69,"y":649,"width":801,"height":12}},{"id":"cd209383-72e3-441c-9b61-f930e826c4d5","block_type":"box","text":"significant effect on economic conditions in developing market Asia-Pacific countries, which could affect private","page_number":80,"box":{"x":69,"y":664,"width":793,"height":12}},{"id":"6017aec5-3740-4817-9057-9f666ff18fc2","block_type":"box","text":"sector companies and a Fund itself, as well as the value of securities in the Fund’s portfolio. In addition, economic","page_number":80,"box":{"x":69,"y":680,"width":820,"height":11}},{"id":"b14a934d-b562-4416-9271-8b0abac95566","block_type":"box","text":"statistics of developing market Asia-Pacific countries may be less reliable than economic statistics of more developed","page_number":80,"box":{"x":69,"y":695,"width":839,"height":11}},{"id":"41f019d2-f4b9-47b4-b4c1-8ce7f94914a5","block_type":"box","text":"nations.","page_number":80,"box":{"x":69,"y":710,"width":56,"height":9}},{"id":"322f3135-fb62-48d9-a404-2bad0396c5ba","block_type":"box","text":"In addition to the relative lack of publicly available information about developing market Asia-Pacific issuers and","page_number":80,"box":{"x":102,"y":732,"width":794,"height":12}},{"id":"ca39d47d-d02b-4dcb-b5ec-7507aeea364a","block_type":"box","text":"the possibility that such issuers may not be subject to the same accounting, auditing and financial reporting","page_number":80,"box":{"x":68,"y":748,"width":773,"height":11}},{"id":"e38693aa-0cc5-482d-9817-c19fcbf664c4","block_type":"box","text":"standards as U.S. companies, inflation accounting rules in some developing market Asia-Pacific countries require","page_number":80,"box":{"x":69,"y":763,"width":808,"height":11}},{"id":"4c74471a-94a5-4abf-8e40-7c73ecb9fbdb","block_type":"box","text":"companies that keep accounting records in the local currency, for both tax and accounting purposes, to restate","page_number":80,"box":{"x":69,"y":778,"width":791,"height":11}},{"id":"f2a92024-ac79-48d4-bb00-a4192bbe0286","block_type":"box","text":"certain assets and liabilities on the company’s balance sheet in order to express items in terms of currency of","page_number":80,"box":{"x":69,"y":793,"width":790,"height":11}},{"id":"71830f6b-8d93-4502-abc0-424fc18a8eae","block_type":"box","text":"constant purchasing power. Inflation accounting may indirectly generate losses or profits for certain developing","page_number":80,"box":{"x":69,"y":808,"width":790,"height":11}},{"id":"ff04dcc6-35ae-4248-8289-7fd9b93037a0","block_type":"box","text":"market Asia-Pacific companies.","page_number":80,"box":{"x":69,"y":823,"width":220,"height":11}},{"id":"529b9983-f0fa-48de-b014-f0beb36dde70","block_type":"box","text":"Satisfactory custodial services for investment securities may not be available in some developing Asia-Pacific","page_number":80,"box":{"x":102,"y":846,"width":780,"height":11}},{"id":"b3d5e94e-8e16-4189-8d33-7381a07ea27a","block_type":"box","text":"countries, which may result in the Fund incurring additional costs and delays in providing transportation and custody","page_number":80,"box":{"x":69,"y":861,"width":829,"height":11}},{"id":"17b36358-2894-4db2-ab68-b7922dcc9992","block_type":"box","text":"services for such securities outside such countries.","page_number":80,"box":{"x":69,"y":876,"width":367,"height":9}},{"id":"39cd5614-978a-41a5-9aa8-65b4ff0f4651","block_type":"box","text":"II-36","page_number":80,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"12b1c9d2-33ac-4357-819a-28d0376d8b65","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":80,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f4d142f4-5858-4253-8244-946643700d44","block_type":"box","text":"Certain developing Asia-Pacific countries, such as the Philippines, India and Turkey, are especially large debtors","page_number":81,"box":{"x":102,"y":45,"width":795,"height":11}},{"id":"6584c960-6d58-453e-a77c-e0fbc603368c","block_type":"box","text":"to commercial banks and foreign governments.","page_number":81,"box":{"x":68,"y":60,"width":335,"height":11}},{"id":"807e6966-7e32-441e-9ce5-20ee67fe1328","block_type":"box","text":"Natural disasters in Asia-Pacific countries, and the resulting damage, could have a severe and negative impact","page_number":81,"box":{"x":102,"y":82,"width":788,"height":12}},{"id":"62e48c34-8f92-4c04-845a-ab073d542e5b","block_type":"box","text":"on a Fund’s investment portfolio and, in the longer term, could impair the ability of issuers in which the Fund invests","page_number":81,"box":{"x":69,"y":98,"width":830,"height":11}},{"id":"13d23047-b076-4528-afed-c9029c569503","block_type":"box","text":"to conduct their businesses in the manner normally conducted.","page_number":81,"box":{"x":68,"y":113,"width":450,"height":11}},{"id":"a21e94dc-49ed-4202-8683-34582adba196","block_type":"box","text":"Fund management may determine that, notwithstanding otherwise favorable investment criteria, it may not be","page_number":81,"box":{"x":102,"y":135,"width":782,"height":12}},{"id":"964902f8-31d8-44da-84a1-735af4e41f11","block_type":"box","text":"practicable or appropriate to invest in a particular developing Asia-Pacific country. A Fund may invest in countries in","page_number":81,"box":{"x":70,"y":150,"width":819,"height":12}},{"id":"8cfc85c0-52be-4fc4-8ece-3e93e84a3a0c","block_type":"box","text":"which foreign investors, including management of the Fund, have had no or limited prior experience.","page_number":81,"box":{"x":68,"y":166,"width":711,"height":11}},{"id":"6c9d0795-fb50-4d0d-8e10-42c03cd3d1d6","block_type":"box","text":"Restrictions on Foreign Investments in Asia-Pacific Countries.","page_number":81,"box":{"x":102,"y":188,"width":435,"height":12}},{"id":"f156ba0a-d7ae-4c29-ab97-3a91640a7535","block_type":"box","text":"Some developing Asia-Pacific countries prohibit or","page_number":81,"box":{"x":543,"y":188,"width":355,"height":12}},{"id":"ffed0144-ea7d-42bd-943c-6ce40207385f","block_type":"box","text":"impose substantial restrictions on investments in their capital markets, particularly their equity markets, by foreign","page_number":81,"box":{"x":70,"y":203,"width":817,"height":12}},{"id":"056d8dc2-4b88-4a06-9423-2289483bca88","block_type":"box","text":"entities such as a Fund. As illustrations, certain countries may require governmental approval prior to investments by","page_number":81,"box":{"x":69,"y":219,"width":836,"height":11}},{"id":"f2629d07-182a-48c9-8d0e-f80566da46ad","block_type":"box","text":"foreign persons or limit the amount of investment by foreign persons in a particular company or limit the investment","page_number":81,"box":{"x":68,"y":234,"width":828,"height":11}},{"id":"954bb02b-a0d3-4361-9e7d-083d0c0b00ac","block_type":"box","text":"by foreign persons to only a specific class of securities of a company which may have less advantageous terms","page_number":81,"box":{"x":69,"y":249,"width":794,"height":11}},{"id":"aa8cf601-5d35-41fb-ab3f-b77682da1f36","block_type":"box","text":"(including price and shareholder rights) than securities of the company available for purchase by nationals. There can","page_number":81,"box":{"x":69,"y":264,"width":835,"height":11}},{"id":"acd60c16-1f8b-4092-9560-f85be2092d26","block_type":"box","text":"be no assurance that a Fund will be able to obtain required governmental approvals in a timely manner. In addition,","page_number":81,"box":{"x":69,"y":279,"width":820,"height":11}},{"id":"7ef2449a-20ea-4f96-8ed9-a4c1afa04469","block_type":"box","text":"changes to restrictions on foreign ownership of securities subsequent to a Fund’s purchase of such securities may","page_number":81,"box":{"x":69,"y":294,"width":820,"height":11}},{"id":"63432963-9cf0-486c-968a-954be4943a5d","block_type":"box","text":"have an adverse effect on the value of such shares. Certain countries may restrict investment opportunities in","page_number":81,"box":{"x":69,"y":309,"width":788,"height":11}},{"id":"ce124df9-33c8-4bc7-a37a-967478580ce2","block_type":"box","text":"issuers or industries deemed important to national interests.","page_number":81,"box":{"x":70,"y":325,"width":434,"height":10}},{"id":"af81b31a-0842-45bd-aaca-93202310ada3","block_type":"box","text":"The manner in which foreign investors may invest in companies in certain developing Asia-Pacific countries, as","page_number":81,"box":{"x":101,"y":347,"width":787,"height":11}},{"id":"f1bf05ec-7a5f-4e26-b941-94e5f1b3e156","block_type":"box","text":"well as limitations on such investments, also may have an adverse impact on the operations of a Fund. For example,","page_number":81,"box":{"x":68,"y":362,"width":833,"height":11}},{"id":"22fe895a-8849-4623-92b8-71f4013e74c3","block_type":"box","text":"a Fund may be required in certain of such countries to invest initially through a local broker or other entity and then","page_number":81,"box":{"x":69,"y":377,"width":820,"height":12}},{"id":"37c31587-7451-4b3f-adda-3eefcecd8d92","block_type":"box","text":"have the shares purchased re-registered in the name of the Fund. Re-registration may in some instances not be able","page_number":81,"box":{"x":69,"y":392,"width":831,"height":12}},{"id":"0bd7eb35-b801-4983-a2f5-8eb6c89329a8","block_type":"box","text":"to occur on a timely basis, resulting in a delay during which a Fund may be denied certain of its rights as an investor,","page_number":81,"box":{"x":68,"y":407,"width":834,"height":12}},{"id":"12aa64fe-7629-4103-a562-1e47135d10cd","block_type":"box","text":"including rights as to dividends or to be made aware of certain corporate actions. There also may be instances where","page_number":81,"box":{"x":70,"y":423,"width":836,"height":11}},{"id":"e99a2a05-7c03-4207-96f5-257530c53ca3","block_type":"box","text":"a Fund places a purchase order but is subsequently informed, at the time of re-registration, that the permissible","page_number":81,"box":{"x":69,"y":438,"width":800,"height":11}},{"id":"f2a066d8-d2ab-41b9-af31-270bc1a9ef11","block_type":"box","text":"allocation of the investment to foreign investors has been filled, depriving the Fund of the ability to make its desired","page_number":81,"box":{"x":69,"y":453,"width":826,"height":11}},{"id":"6b736763-ba17-4786-b445-5335a2904888","block_type":"box","text":"investment at that time.","page_number":81,"box":{"x":70,"y":468,"width":168,"height":9}},{"id":"281ec574-7323-4a76-80a7-fe77fd3448da","block_type":"box","text":"Substantial limitations may exist in certain countries with respect to a Fund’s ability to repatriate investment","page_number":81,"box":{"x":102,"y":491,"width":774,"height":11}},{"id":"afab5e6d-7b6c-4981-9dff-84a8c499f8dd","block_type":"box","text":"income, capital or the proceeds of sales of securities by foreign investors. A Fund could be adversely affected by","page_number":81,"box":{"x":70,"y":506,"width":803,"height":11}},{"id":"d2e0bd0d-af0d-4f60-8041-de3d6cb32b00","block_type":"box","text":"delays in, or a refusal to grant, any required governmental approval for repatriation of capital, as well as by the","page_number":81,"box":{"x":69,"y":521,"width":789,"height":11}},{"id":"6a1811a5-111b-4da3-911b-9fc0a44d9773","block_type":"box","text":"application to the Fund of any restrictions on investments. It is possible that certain countries may impose currency","page_number":81,"box":{"x":69,"y":536,"width":826,"height":11}},{"id":"a58e9783-0132-4d11-8908-d91b86dc54e2","block_type":"box","text":"controls or other restrictions relating to their currencies or to securities of issuers in those countries. To the extent","page_number":81,"box":{"x":69,"y":551,"width":818,"height":11}},{"id":"71e70efb-c686-437b-9cf0-a035bc4f3795","block_type":"box","text":"that such restrictions have the effect of making certain investments illiquid, securities may not be available for sale","page_number":81,"box":{"x":68,"y":566,"width":826,"height":11}},{"id":"d39f19b7-3fbd-4cac-8dcb-9b357adc5357","block_type":"box","text":"to meet redemptions. Depending on a variety of financial factors, the percentage of a Fund’s portfolio subject to","page_number":81,"box":{"x":68,"y":581,"width":800,"height":12}},{"id":"91cfab64-57e7-4166-8bdc-31c071317f63","block_type":"box","text":"currency controls may increase. In the event other countries impose similar controls, the portion of the Fund’s assets","page_number":81,"box":{"x":69,"y":596,"width":839,"height":12}},{"id":"284db443-4338-437a-b82f-14e84ae9b103","block_type":"box","text":"that may be used to meet redemptions may be further decreased. Even where there is no outright restriction on","page_number":81,"box":{"x":68,"y":612,"width":798,"height":11}},{"id":"4d4d63b6-b849-4cf7-b55a-926656af35b3","block_type":"box","text":"repatriation of capital, the mechanics of repatriation may affect certain aspects of the operations of a Fund (for","page_number":81,"box":{"x":69,"y":627,"width":795,"height":11}},{"id":"2a570534-6d0c-41c7-9a5a-13c8bceee5e6","block_type":"box","text":"example, if funds may be withdrawn only in certain currencies and/or only at an exchange rate established by the","page_number":81,"box":{"x":69,"y":642,"width":808,"height":11}},{"id":"945c8d18-4589-4c17-8200-51507d645f16","block_type":"box","text":"government).","page_number":81,"box":{"x":68,"y":657,"width":92,"height":11}},{"id":"f9051f54-c77d-4b73-8654-05cdb1807718","block_type":"box","text":"In certain countries, banks or other financial institutions may be among the leading companies or have actively","page_number":81,"box":{"x":102,"y":680,"width":790,"height":11}},{"id":"d341cb8c-2880-4f92-a2c0-f00ab96cc343","block_type":"box","text":"traded securities available for investment. The Investment Company Act restricts a Fund’s investments in any equity","page_number":81,"box":{"x":68,"y":695,"width":828,"height":11}},{"id":"a9ccb7c2-b588-4fcb-8715-a70bf4b1f540","block_type":"box","text":"securities of an issuer that, in its most recent fiscal year, derived more than 15% of its revenues from “securities","page_number":81,"box":{"x":69,"y":710,"width":808,"height":11}},{"id":"69aa5ddc-3d84-46b6-8f03-44d7c1df8afc","block_type":"box","text":"related activities,” as defined by the rules thereunder. These provisions may restrict a Fund’s investments in certain","page_number":81,"box":{"x":69,"y":725,"width":829,"height":11}},{"id":"4c2d6859-8916-4826-a687-0472d2db8022","block_type":"box","text":"foreign banks and other financial institutions.","page_number":81,"box":{"x":68,"y":740,"width":322,"height":11}},{"id":"0319dab4-54c4-40c7-bff9-7d9df25a3773","block_type":"box","text":"Political and economic structures in emerging market countries may be undergoing significant evolution and","page_number":81,"box":{"x":102,"y":763,"width":767,"height":11}},{"id":"663c498a-3489-4014-92ab-5ec11cb11242","block_type":"box","text":"rapid development, and these countries may lack the social, political and economic stability characteristic of more","page_number":81,"box":{"x":69,"y":778,"width":814,"height":11}},{"id":"70d96c3c-f65d-4071-b200-81b1f7dc1f07","block_type":"box","text":"developed countries. Some of these countries may have in the past failed to recognize private property rights and","page_number":81,"box":{"x":69,"y":793,"width":809,"height":11}},{"id":"076c7485-9376-451c-a3c4-1e4b88eec933","block_type":"box","text":"have at times nationalized or expropriated the assets of private companies. As a result the risks described above,","page_number":81,"box":{"x":69,"y":808,"width":812,"height":11}},{"id":"9b9fe62b-5c6d-409e-b6df-6444c89e5ab8","block_type":"box","text":"including the risks of nationalization or expropriation of assets, may be heightened. In addition, unanticipated political","page_number":81,"box":{"x":70,"y":823,"width":838,"height":12}},{"id":"9ec76a45-5671-49bf-9a18-2736c5cac377","block_type":"box","text":"or social developments may affect the value of investments in these countries and the availability to a Fund of","page_number":81,"box":{"x":69,"y":838,"width":788,"height":11}},{"id":"597225bb-3346-4edd-b0c1-eda4943313e3","block_type":"box","text":"additional investments in emerging market countries. The small size and inexperience of the securities markets in","page_number":81,"box":{"x":69,"y":853,"width":812,"height":12}},{"id":"d66d1db2-646e-4053-976f-57057bb29318","block_type":"box","text":"certain of these countries and the limited volume of trading in securities in these countries may make investments in","page_number":81,"box":{"x":69,"y":869,"width":835,"height":11}},{"id":"ae6a52c0-7dd1-469e-97bf-47094fdfdbd6","block_type":"box","text":"the countries illiquid and more volatile than investments in Japan or most Western European countries. There may be","page_number":81,"box":{"x":68,"y":884,"width":837,"height":11}},{"id":"e9f9adc0-1774-4ee1-b2e0-7eded419a9a2","block_type":"box","text":"II-37","page_number":81,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"4acb6835-ce38-431f-87a2-b69e0ac3379b","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":81,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"076e354d-4020-4b6c-9b90-c0f93823d283","block_type":"box","text":"little financial or accounting information available with respect to issuers located in certain emerging market","page_number":82,"box":{"x":70,"y":45,"width":771,"height":11}},{"id":"53c7c591-a684-4f70-9572-9c50f9f0ce56","block_type":"box","text":"countries, and it may be difficult to assess the value or prospects of an investment in such issuers.","page_number":82,"box":{"x":69,"y":60,"width":711,"height":11}},{"id":"eed97bc1-41f7-4a4b-8bd8-1cb80c45588a","block_type":"box","text":"The expense ratios of the Funds investing significantly in foreign securities can be expected to be higher than","page_number":82,"box":{"x":101,"y":82,"width":779,"height":12}},{"id":"d3dc1e51-604a-4c2b-9bc3-342423c40038","block_type":"box","text":"those of Funds investing primarily in domestic securities. The costs attributable to investing abroad are usually higher","page_number":82,"box":{"x":68,"y":98,"width":840,"height":11}},{"id":"9a282eec-507e-4b9d-844f-5d2cc75eb174","block_type":"box","text":"for several reasons, such as the higher cost of custody of foreign securities, higher commissions paid on comparable","page_number":82,"box":{"x":68,"y":113,"width":838,"height":11}},{"id":"7fa88683-5e9b-4c54-8595-dd4b0554fcca","block_type":"box","text":"transactions on foreign markets and additional costs arising from delays in settlements of transactions involving","page_number":82,"box":{"x":68,"y":128,"width":802,"height":11}},{"id":"99c79186-47ed-4758-9d02-96c81acdb55f","block_type":"box","text":"foreign securities.","page_number":82,"box":{"x":68,"y":143,"width":127,"height":11}},{"id":"b811ea23-dfde-4fc2-bedb-35234028bede","block_type":"box","text":"Risks of Investments in Russia.","page_number":82,"box":{"x":102,"y":166,"width":224,"height":9}},{"id":"dc2ce926-ee00-4059-ab18-2a6cc41adc35","block_type":"box","text":"A Fund may invest a portion of its assets in securities issued by companies","page_number":82,"box":{"x":332,"y":166,"width":539,"height":11}},{"id":"544a1d62-de72-4f3d-ab8b-d616e2e100e7","block_type":"box","text":"located in Russia. The Russian securities market suffers from a variety of problems described above in “Investment","page_number":82,"box":{"x":70,"y":181,"width":826,"height":11}},{"id":"bf6b6740-c37f-4142-b7f8-72dd389c07c4","block_type":"box","text":"in Emerging Markets” not encountered in more developed markets. The Russian securities market is relatively new,","page_number":82,"box":{"x":70,"y":196,"width":821,"height":11}},{"id":"380679c9-ce60-4d38-be0e-c59f2e993868","block_type":"box","text":"and a substantial portion of securities transactions in Russia are privately negotiated outside of stock exchanges.","page_number":82,"box":{"x":69,"y":211,"width":812,"height":11}},{"id":"bc03c329-5294-47c9-8306-c389406441df","block_type":"box","text":"The inexperience of the Russian securities market and the limited volume of trading in securities in the market may","page_number":82,"box":{"x":68,"y":226,"width":824,"height":11}},{"id":"45f6ff76-9cb9-48d6-8714-bea2eca8db1c","block_type":"box","text":"make obtaining accurate prices on portfolio securities from independent sources more difficult than in more","page_number":82,"box":{"x":69,"y":241,"width":771,"height":11}},{"id":"5764fee9-068f-4703-a967-2b29a1e3d953","block_type":"box","text":"developed markets.","page_number":82,"box":{"x":69,"y":257,"width":138,"height":10}},{"id":"2133e972-5d2e-47c0-a56e-c7bda336b3f2","block_type":"box","text":"Because of the underdeveloped state of Russia’s securities markets and banking and telecommunication","page_number":82,"box":{"x":102,"y":279,"width":751,"height":11}},{"id":"df7422de-4a38-4d1d-819c-ff1cc21b4010","block_type":"box","text":"systems, settlement, clearing and registration of securities transactions are subject to additional risks. Prior to 2013,","page_number":82,"box":{"x":69,"y":294,"width":839,"height":11}},{"id":"d3e0b923-9b97-46a3-b955-22431f0c3596","block_type":"box","text":"there was no central registration system for equity share registration in Russia and registration was carried out either","page_number":82,"box":{"x":68,"y":309,"width":838,"height":11}},{"id":"ac512264-0df6-4225-bdd0-4c2bd4d544bf","block_type":"box","text":"by the issuers themselves or by registrars located throughout Russia. These registrars may not have been subject to","page_number":82,"box":{"x":69,"y":325,"width":831,"height":11}},{"id":"d88339a6-d02c-4819-b9d1-51f678ca3a63","block_type":"box","text":"effective state supervision or licensed with any governmental entity. In 2013, Russia established the National","page_number":82,"box":{"x":69,"y":339,"width":783,"height":12}},{"id":"f91c07d7-4607-4795-94f1-2ea5cb76ed60","block_type":"box","text":"Settlement Depository (“NSD”) as a recognized central securities depository, and title to Russian equities held","page_number":82,"box":{"x":69,"y":355,"width":790,"height":11}},{"id":"5e370a07-abac-4a34-a4df-d6a062dd7b80","block_type":"box","text":"through the NSD is now based on the records of the NSD and not on the records of the local registrars. Although the","page_number":82,"box":{"x":68,"y":370,"width":833,"height":11}},{"id":"3b7c9a3b-e11e-44f2-ad89-75c81f6c95b5","block_type":"box","text":"implementation of the NSD has enhanced the efficiency and transparency of the Russian securities market, loss still","page_number":82,"box":{"x":70,"y":385,"width":831,"height":11}},{"id":"b20858da-233a-4b6b-9162-427c20f970f0","block_type":"box","text":"can occur. Additionally, issuers and registrars remain prominent in the validation and approval of documentation","page_number":82,"box":{"x":69,"y":400,"width":797,"height":11}},{"id":"ecb0022e-4702-46ba-904e-3e8dcae340aa","block_type":"box","text":"requirements for corporate action processing in Russia, and, because the documentation requirements and approval","page_number":82,"box":{"x":69,"y":415,"width":832,"height":11}},{"id":"9a75a0e6-6929-46df-9afc-df1a5875fc4d","block_type":"box","text":"criteria vary between registrars and issuers, there remain inconsistent market standards in the Russian market with","page_number":82,"box":{"x":69,"y":430,"width":827,"height":11}},{"id":"02e051a9-ca1f-4735-9722-bf1e1cb00cff","block_type":"box","text":"respect to the completion and submission of corporate action elections. To the extent that a Fund suffers a loss","page_number":82,"box":{"x":69,"y":445,"width":800,"height":11}},{"id":"baf0b60c-3bc8-4ff4-81ed-fb293eaadcfa","block_type":"box","text":"relating to title or corporate actions relating to its portfolio securities, it may be difficult for the Fund to enforce its","page_number":82,"box":{"x":69,"y":460,"width":813,"height":12}},{"id":"e65095f7-5c6a-4263-b78e-f835a9189902","block_type":"box","text":"rights or otherwise remedy the loss. Russian securities laws may not recognize foreign nominee accounts held with a","page_number":82,"box":{"x":69,"y":475,"width":836,"height":12}},{"id":"57f29b13-1397-4f62-85b1-7410ca292f58","block_type":"box","text":"custodian bank, and as a result the custodian may be considered the ultimate owner of securities held on behalf of","page_number":82,"box":{"x":69,"y":491,"width":824,"height":11}},{"id":"7c0e913a-5037-4840-ba4c-a655e58a33f1","block_type":"box","text":"their clients. A Fund also may experience difficulty in obtaining and/or enforcing judgments in Russia.","page_number":82,"box":{"x":68,"y":506,"width":723,"height":11}},{"id":"4280ea82-3027-4d43-899f-89226d07051a","block_type":"box","text":"In addition, Russia continues to assert its influence in the region through economic and military measures, as it","page_number":82,"box":{"x":102,"y":528,"width":801,"height":12}},{"id":"a0cf7aee-4869-4892-9740-c1f24f6f4afc","block_type":"box","text":"did with Georgia in the summer of 2008 and the Ukraine in 2014 and 2022. Russia launched a large-scale invasion","page_number":82,"box":{"x":69,"y":543,"width":826,"height":12}},{"id":"7d5ed75d-804a-4781-9675-9dec89d4cf64","block_type":"box","text":"of Ukraine on February 24, 2022. The extent and duration of the military action, resulting sanctions and resulting","page_number":82,"box":{"x":69,"y":559,"width":809,"height":11}},{"id":"acde5e28-4cd7-44ae-a7ad-1df18fb4ede0","block_type":"box","text":"future market disruptions, including declines in its stock markets and the value of the ruble against the U.S. dollar,","page_number":82,"box":{"x":68,"y":574,"width":821,"height":11}},{"id":"df339180-eed1-4fee-a453-d6cbaf0bb32e","block_type":"box","text":"are impossible to predict. Any such disruptions caused by Russian military action or other actions (including","page_number":82,"box":{"x":69,"y":589,"width":770,"height":11}},{"id":"10b7e994-0a79-444c-ad2f-85a858690038","block_type":"box","text":"cyberattacks and espionage) or resulting actual and threatened responses to such activity, including purchasing and","page_number":82,"box":{"x":69,"y":604,"width":827,"height":11}},{"id":"ffd06cd8-85c4-4a33-ba70-d8f37a622876","block_type":"box","text":"financing restrictions, boycotts or changes in consumer or purchaser preferences, sanctions, tariffs or cyberattacks","page_number":82,"box":{"x":68,"y":619,"width":824,"height":11}},{"id":"e02247ce-8739-4bef-a451-2dbf8d8c347f","block_type":"box","text":"on the Russian government, Russian companies or Russian individuals, including politicians, may impact Russia’s","page_number":82,"box":{"x":69,"y":634,"width":814,"height":12}},{"id":"4ce6def2-012f-4ed7-a978-80d0a6a650e3","block_type":"box","text":"economy and Russian issuers of securities in which the Fund invests. Actual and threatened responses to such","page_number":82,"box":{"x":69,"y":649,"width":795,"height":12}},{"id":"74524314-e863-4a7a-b732-7f346d668c35","block_type":"box","text":"activity, including purchasing restrictions, sanctions, tariffs or cyberattacks on the Russian government or Russian","page_number":82,"box":{"x":69,"y":664,"width":814,"height":12}},{"id":"9c3d5a9e-e43e-4efc-818a-a4f63bbad353","block_type":"box","text":"companies, may impact Russia’s economy and Russian issuers of securities in which the Fund invests. Actual and","page_number":82,"box":{"x":69,"y":680,"width":816,"height":11}},{"id":"101a7c5b-e78b-4bf6-874c-acf5331bd7bb","block_type":"box","text":"threatened responses to such military action may also impact the markets for certain Russian commodities, such as","page_number":82,"box":{"x":68,"y":695,"width":836,"height":11}},{"id":"f23b63fb-1515-4847-b639-3ef6c7998e88","block_type":"box","text":"oil and natural gas, as well as other sectors of the Russian economy, and may likely have collateral impacts on such","page_number":82,"box":{"x":69,"y":710,"width":829,"height":11}},{"id":"0e394e3d-dbf1-4447-b44a-582085dcfdd9","block_type":"box","text":"sectors globally.","page_number":82,"box":{"x":69,"y":725,"width":112,"height":11}},{"id":"47735090-3727-4403-b685-8ea7bd61e6f7","block_type":"box","text":"Governments in the United States and many other countries (collectively, the “Sanctioning Bodies”) have","page_number":82,"box":{"x":102,"y":748,"width":745,"height":11}},{"id":"e82d173b-5ff6-4321-9adb-138fb6e728a4","block_type":"box","text":"imposed economic sanctions, which can consist of prohibiting certain securities trades, certain private transactions","page_number":82,"box":{"x":70,"y":763,"width":826,"height":11}},{"id":"9c75418d-31f7-4eda-a54e-74e99e99126b","block_type":"box","text":"in the energy sector, asset freezes and prohibition of all business, against certain Russian individuals, including","page_number":82,"box":{"x":70,"y":778,"width":799,"height":11}},{"id":"d497d5f0-8d7b-4364-8299-b682f9607360","block_type":"box","text":"politicians, and Russian corporate and banking entities. The Sanctioning Bodies, or others, could also institute","page_number":82,"box":{"x":70,"y":793,"width":788,"height":11}},{"id":"07871628-5ae6-41ad-b231-f2957a2ea965","block_type":"box","text":"broader sanctions on Russia, including banning Russia from global payments systems that facilitate cross-border","page_number":82,"box":{"x":69,"y":808,"width":807,"height":11}},{"id":"800c6d50-de4f-43f8-b11c-37ecc42da081","block_type":"box","text":"payments. These sanctions, or even the threat of further sanctions, may result in the decline of the value and","page_number":82,"box":{"x":70,"y":823,"width":782,"height":11}},{"id":"5a76309a-2411-4666-9b9c-80e9a9ebc42e","block_type":"box","text":"liquidity of Russian securities, a weakening of the ruble or other adverse consequences to the Russian economy.","page_number":82,"box":{"x":70,"y":838,"width":802,"height":12}},{"id":"f6023606-2c64-4254-8443-8545ba8caf08","block_type":"box","text":"These sanctions have resulted and may continue to result in the immediate freeze of Russian securities and/or","page_number":82,"box":{"x":68,"y":853,"width":797,"height":12}},{"id":"bc98ec15-d977-4e49-ab09-6bd38105ed0a","block_type":"box","text":"funds invested in prohibited assets, impairing the ability of a Fund to buy, sell, receive or deliver those securities","page_number":82,"box":{"x":68,"y":869,"width":804,"height":11}},{"id":"33173a06-fe67-4541-979e-21fdadf5f906","block_type":"box","text":"and/or assets. Sanctions could also result in Russia taking counter measures or retaliatory actions which may","page_number":82,"box":{"x":69,"y":884,"width":791,"height":11}},{"id":"379ad998-fed0-4d02-815c-976d11fb70df","block_type":"box","text":"further impair the value and liquidity of Russian securities.","page_number":82,"box":{"x":68,"y":899,"width":417,"height":11}},{"id":"85f3e7eb-6b4e-4894-9854-eec0c8618019","block_type":"box","text":"II-38","page_number":82,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"0a406bf7-ef36-4176-9b6a-3182d37c3803","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":82,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7aa5287b-a81a-4915-88be-8280d2943df9","block_type":"box","text":"Risks of Investing in Saudi Arabia.","page_number":83,"box":{"x":102,"y":45,"width":241,"height":11}},{"id":"2a2b207f-5312-4e14-94e4-02427ee319bd","block_type":"box","text":"The ability of foreign investors (such as a Fund) to invest in Saudi Arabian","page_number":83,"box":{"x":350,"y":45,"width":523,"height":11}},{"id":"653c3ad0-4088-4422-8bd1-23242a7445d7","block_type":"box","text":"issuers is new and untested. Such ability could be restricted or revoked by the Saudi Arabian government at any time,","page_number":83,"box":{"x":70,"y":60,"width":838,"height":11}},{"id":"a7b1e7bb-1690-4fc3-97f5-2ad35aa2cb0b","block_type":"box","text":"and unforeseen risks could materialize due to foreign ownership in such securities. In addition, the Capital Market","page_number":83,"box":{"x":69,"y":75,"width":814,"height":11}},{"id":"d43af500-d0e2-4dd8-8913-8c0fb4a7a25a","block_type":"box","text":"Authority (“CMA”) places investment limitations on the ownership of Saudi Arabian issuers by foreign investors,","page_number":83,"box":{"x":68,"y":90,"width":793,"height":11}},{"id":"b10832fc-3bbb-4cf1-9d92-db008ee2cd64","block_type":"box","text":"including a limitation on a Fund’s ownership of any single issuer listed on the Saudi Arabian Stock Exchange, which","page_number":83,"box":{"x":70,"y":105,"width":819,"height":11}},{"id":"b179b4b7-a519-44bb-9183-29f6ac46e27b","block_type":"box","text":"may prevent a Fund from investing in accordance with its strategy and contribute to tracking error against the","page_number":83,"box":{"x":69,"y":120,"width":777,"height":12}},{"id":"cef2a163-cb2e-43ab-abd8-17b18692c975","block_type":"box","text":"Underlying Index. These restrictions may be changed or new restrictions, such as licensing requirements, special","page_number":83,"box":{"x":70,"y":136,"width":803,"height":11}},{"id":"7c27420f-595c-4ea6-b72d-afbd192638d0","block_type":"box","text":"approvals or additional foreign taxes, may be instituted at any time. A Fund may not be able to obtain or maintain any","page_number":83,"box":{"x":69,"y":150,"width":837,"height":12}},{"id":"c42b6468-f349-45f2-bee6-42200b9fa679","block_type":"box","text":"such licenses or approvals and may not be able to buy and sell securities at full value. Major disruptions or","page_number":83,"box":{"x":69,"y":166,"width":765,"height":11}},{"id":"5dde455b-edab-439e-80f4-b2a59dc8cf00","block_type":"box","text":"regulatory changes could occur in the Saudi Arabian market, any of which could negatively impact a Fund. These risks","page_number":83,"box":{"x":69,"y":181,"width":838,"height":11}},{"id":"7cbf08d8-9f48-4ffb-b736-799d1779599d","block_type":"box","text":"may be exacerbated, compared to more developed markets, given the limited history of foreign investment in the","page_number":83,"box":{"x":69,"y":196,"width":805,"height":11}},{"id":"5da5434c-0f21-4774-88cc-d273a1cacaf4","block_type":"box","text":"Saudi Arabian market. Investments in Saudi Arabia may also be subject to loss due to expropriation or nationalization","page_number":83,"box":{"x":69,"y":211,"width":837,"height":11}},{"id":"167c23d3-8ceb-430e-8fd3-11ce8eb7a07a","block_type":"box","text":"of assets and property or the imposition of restrictions on additional foreign investments and repatriation of capital.","page_number":83,"box":{"x":69,"y":226,"width":826,"height":11}},{"id":"17fda0af-8b70-44d2-935a-3705e255d559","block_type":"box","text":"Such heightened risks may include, among others, restrictions on and government intervention in international trade,","page_number":83,"box":{"x":69,"y":241,"width":834,"height":11}},{"id":"6402fbfd-be2a-4f9a-9b35-a8fa36044aac","block_type":"box","text":"confiscatory taxation, political instability, including authoritarian and/or military involvement in governmental decision","page_number":83,"box":{"x":69,"y":256,"width":835,"height":12}},{"id":"a525aa79-5b4a-40bd-b750-cbfb26fe56eb","block_type":"box","text":"making, armed conflict, crime and instability as a result of religious, ethnic and/or socioeconomic unrest. Saudi","page_number":83,"box":{"x":69,"y":271,"width":797,"height":12}},{"id":"b3d5f409-a071-4f41-9cfb-91be87c08439","block_type":"box","text":"Arabia has privatized, or has begun the process of privatizing, certain entities and industries. Newly privatized","page_number":83,"box":{"x":68,"y":286,"width":781,"height":12}},{"id":"9b00328e-5d9b-4306-8000-c8cc67847961","block_type":"box","text":"companies may face strong competition from government-sponsored competitors that have not been privatized. In","page_number":83,"box":{"x":69,"y":302,"width":811,"height":11}},{"id":"fb57a6ac-ad8b-4afd-addf-b71b80cf3f55","block_type":"box","text":"some instances, investors in newly privatized entities have suffered losses due to the inability of the newly privatized","page_number":83,"box":{"x":69,"y":317,"width":833,"height":11}},{"id":"ca5780f9-58a5-4be2-8e79-84fb1281f4a2","block_type":"box","text":"entities to adjust quickly to a competitive environment or changing regulatory and legal standards or, in some cases,","page_number":83,"box":{"x":69,"y":332,"width":831,"height":11}},{"id":"7f221f32-9f0e-4df7-ae6d-e174a7df20f8","block_type":"box","text":"due to re-nationalization of such privatized entities. There is no assurance that similar losses will not recur. Further,","page_number":83,"box":{"x":69,"y":347,"width":823,"height":11}},{"id":"e1cb7e25-4555-42e0-acc8-04126ed657b4","block_type":"box","text":"under income tax laws imposed by the Department of Zakat and Income Tax, dividends paid by a Saudi Arabian","page_number":83,"box":{"x":69,"y":362,"width":791,"height":11}},{"id":"7a4b2412-5b86-46a4-b09a-3aeb8ba3b2b7","block_type":"box","text":"company to foreign stockholders are generally subject to a 5% withholding tax (different tax rates may apply pursuant","page_number":83,"box":{"x":69,"y":377,"width":835,"height":12}},{"id":"dc1df9f7-f8af-47c0-837a-54ff24e39859","block_type":"box","text":"to an applicable treaty). Saudi Arabia is highly reliant on income from the sale of petroleum and trade with other","page_number":83,"box":{"x":68,"y":392,"width":799,"height":12}},{"id":"2b6249c3-5223-4500-a681-fe8933ce0d82","block_type":"box","text":"countries involved in the sale of petroleum, and its economy is therefore vulnerable to changes in foreign currency","page_number":83,"box":{"x":69,"y":407,"width":815,"height":12}},{"id":"bb687d8e-216e-472a-b82f-29a312e952b2","block_type":"box","text":"values and the market for petroleum. As global demand for petroleum fluctuates, Saudi Arabia may be significantly","page_number":83,"box":{"x":68,"y":423,"width":818,"height":11}},{"id":"a6207bb3-e13e-4b34-af95-b34093bc8c3c","block_type":"box","text":"impacted.","page_number":83,"box":{"x":70,"y":438,"width":67,"height":11}},{"id":"498afdbe-bf72-4665-bfe9-bc38084976ba","block_type":"box","text":"Like most Middle Eastern governments, the government of Saudi Arabia exercises substantial influence over","page_number":83,"box":{"x":102,"y":460,"width":773,"height":12}},{"id":"1ff8d230-5307-487f-b7c3-4d47beb436ce","block_type":"box","text":"many aspects of the private sector. Although liberalization in the wider economy is underway, in many areas it has","page_number":83,"box":{"x":69,"y":475,"width":812,"height":12}},{"id":"4892ce74-b9dd-45fd-9956-64b5b541f609","block_type":"box","text":"lagged significantly: restrictions on foreign ownership persist, and the government has an ownership stake in many","page_number":83,"box":{"x":70,"y":491,"width":818,"height":11}},{"id":"4fa3d907-af81-4765-b40e-6fabe00f1a63","block_type":"box","text":"key industries. The situation is exacerbated by the fact that Saudi Arabia is governed by an absolute monarchy. Saudi","page_number":83,"box":{"x":69,"y":506,"width":836,"height":11}},{"id":"168dda70-6fc3-4cc9-9b1f-76728db66d06","block_type":"box","text":"Arabia has historically experienced strained relations with economic partners worldwide, including other countries in","page_number":83,"box":{"x":68,"y":521,"width":826,"height":11}},{"id":"cc78a4bc-2806-4700-8ef7-011d0e380c4c","block_type":"box","text":"the Middle East due to geopolitical events. Incidents involving a Middle Eastern country’s or the region’s security,","page_number":83,"box":{"x":68,"y":536,"width":809,"height":11}},{"id":"e2fb7632-b47a-4f21-9cd9-0cdb847ad1bb","block_type":"box","text":"including terrorism, may cause uncertainty in their markets and may adversely affect its economy and a Fund’s","page_number":83,"box":{"x":70,"y":551,"width":790,"height":11}},{"id":"97720e7d-aaf4-4cb4-a1dc-59e06ebdbcdd","block_type":"box","text":"investments. Governmental actions in the future could have a significant effect on economic conditions in Saudi","page_number":83,"box":{"x":70,"y":566,"width":798,"height":11}},{"id":"0e42dc9a-172b-4a2e-9f73-35c05a1e52fe","block_type":"box","text":"Arabia, which could affect private sector companies and a Fund, as well as the value of securities in a Fund’s","page_number":83,"box":{"x":68,"y":581,"width":781,"height":11}},{"id":"158cc72f-0b7b-4edf-9152-e480bbcf1401","block_type":"box","text":"portfolio. Any economic sanctions on Saudi Arabian individuals or Saudi Arabian corporate entities, or even the threat","page_number":83,"box":{"x":70,"y":596,"width":836,"height":12}},{"id":"f361d567-7862-4469-9a2d-aabf0d064839","block_type":"box","text":"of sanctions, may result in the decline of the value and liquidity of Saudi Arabian securities, a weakening of the Saudi","page_number":83,"box":{"x":69,"y":612,"width":837,"height":11}},{"id":"8ca880b6-a560-4827-aa20-807b5fda3ca1","block_type":"box","text":"riyal or other adverse consequences to the Saudi Arabian economy. In addition, Saudi Arabia’s economy relies heavily","page_number":83,"box":{"x":69,"y":627,"width":838,"height":11}},{"id":"22e796c9-729f-43c2-86a5-180aac2aadc5","block_type":"box","text":"on cheap, foreign labor, and changes in the availability of this labor supply could have an adverse effect on the","page_number":83,"box":{"x":69,"y":642,"width":790,"height":11}},{"id":"fe197299-ff57-49df-9a11-62fb7985a326","block_type":"box","text":"economy.","page_number":83,"box":{"x":69,"y":659,"width":65,"height":9}},{"id":"a05889fb-2c36-4691-943c-6995e26ced47","block_type":"box","text":"The securities markets in Saudi Arabia may not be as developed as those in other countries. As a result,","page_number":83,"box":{"x":101,"y":680,"width":747,"height":11}},{"id":"342c54d0-6fdf-495d-a1f3-6715aa5f0f69","block_type":"box","text":"securities markets in Saudi Arabia are subject to greater risks associated with market volatility, lower market","page_number":83,"box":{"x":69,"y":695,"width":776,"height":11}},{"id":"7624989e-f54a-4aeb-8bcf-96864f61ecfa","block_type":"box","text":"capitalization, lower trading volume, illiquidity, inflation, greater price fluctuations, uncertainty regarding the existence","page_number":83,"box":{"x":69,"y":710,"width":836,"height":11}},{"id":"2b9dd1b7-834c-4e86-bd2b-2f080d69f6ae","block_type":"box","text":"of trading markets, governmental control and heavy regulation of labor and industry. Shares of certain Saudi Arabian","page_number":83,"box":{"x":69,"y":725,"width":830,"height":11}},{"id":"b72f0b5a-deaf-4e7f-9657-02854c037111","block_type":"box","text":"companies tend to trade less frequently than those of companies on exchanges in more developed markets. Such","page_number":83,"box":{"x":69,"y":740,"width":813,"height":11}},{"id":"c4cc6a86-c32f-4fd2-aaa9-7056f1df9f72","block_type":"box","text":"infrequent trading may adversely affect the pricing of these securities and a Fund’s ability to sell these securities in","page_number":83,"box":{"x":70,"y":755,"width":822,"height":11}},{"id":"2d41b95c-594f-4ab8-8384-91077afa893f","block_type":"box","text":"the future. Current regulations in Saudi Arabian markets may require a Fund to execute trades of securities through a","page_number":83,"box":{"x":68,"y":770,"width":837,"height":12}},{"id":"a7a045a1-3589-4b2a-b545-ceaa39cd1eb8","block_type":"box","text":"single broker. As a result, the Manager will have less flexibility to choose among brokers on behalf of a Fund than is","page_number":83,"box":{"x":69,"y":785,"width":826,"height":12}},{"id":"ea801683-2702-47b5-a386-58d47eaf5b1e","block_type":"box","text":"typically the case for investment managers.","page_number":83,"box":{"x":68,"y":801,"width":309,"height":11}},{"id":"825f61d1-847b-459f-8699-c7d47141b9bd","block_type":"box","text":"Although the political situation in Saudi Arabia is largely stable, Saudi Arabia has historically experienced political","page_number":83,"box":{"x":101,"y":823,"width":806,"height":12}},{"id":"273fbf3b-e79e-4dda-b373-12a58ee18710","block_type":"box","text":"instability, and there remains the possibility that the stability will not hold in the future or that instability in the larger","page_number":83,"box":{"x":70,"y":838,"width":828,"height":12}},{"id":"621fc06a-2a3f-4f31-8224-cbd5f3090dd6","block_type":"box","text":"Middle East region could adversely impact the economy of Saudi Arabia. Instability may be caused by military","page_number":83,"box":{"x":70,"y":853,"width":777,"height":12}},{"id":"0b65c6d4-4130-4bd5-a12a-be382a5c803c","block_type":"box","text":"developments, government interventions in the marketplace, terrorism, extremist attitudes, attempted social or","page_number":83,"box":{"x":69,"y":869,"width":796,"height":11}},{"id":"d76256e0-d90d-434d-b4c6-2029c4b5e174","block_type":"box","text":"political reforms, religious differences, or other factors. Additionally, anti-Western views held by certain groups in the","page_number":83,"box":{"x":70,"y":884,"width":830,"height":11}},{"id":"3b5d554c-5758-42ff-8896-119e4285c3d3","block_type":"box","text":"Middle East may influence government policies regarding foreign investment. Further developments in U.S. relations","page_number":83,"box":{"x":70,"y":899,"width":827,"height":11}},{"id":"b0fa8b0a-6e0f-4256-b66b-75143235a838","block_type":"box","text":"II-39","page_number":83,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b41c6bbf-e65c-474d-a591-4ea0004fa1f2","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":83,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"253686f0-301f-4199-a528-a4e30efa9f97","block_type":"box","text":"with Saudi Arabia and other Middle-Eastern countries may affect these attitudes and policies. The U.S. is a","page_number":84,"box":{"x":68,"y":45,"width":764,"height":11}},{"id":"09c08e59-3a0a-4f73-815f-40e805da1a07","block_type":"box","text":"significant, and in some cases the most significant, trading partner of, or foreign investor in, Saudi Arabia. As a","page_number":84,"box":{"x":69,"y":60,"width":795,"height":11}},{"id":"535ac28c-ded2-4702-a052-9139369ded92","block_type":"box","text":"result, economic conditions of Saudi Arabia may be particularly affected by changes in the U.S. economy. A decrease","page_number":84,"box":{"x":69,"y":75,"width":835,"height":11}},{"id":"240fb49c-ce0f-4054-b7df-1e480aa4a5b6","block_type":"box","text":"in U.S. imports or exports, new trade and financial regulations or tariffs, changes in the U.S. dollar exchange rate or","page_number":84,"box":{"x":70,"y":90,"width":829,"height":11}},{"id":"c95e4cc1-7862-4745-86eb-73880319b507","block_type":"box","text":"an economic slowdown in the U.S. may have a material adverse effect on the economic conditions of Saudi Arabia","page_number":84,"box":{"x":69,"y":105,"width":815,"height":11}},{"id":"b7b2aae4-7004-4456-aeb1-52336b966416","block_type":"box","text":"and, as a result, securities to which the Fund has exposure. Political instability in North Africa and the larger Middle","page_number":84,"box":{"x":69,"y":120,"width":825,"height":12}},{"id":"73516eaa-5e2f-4792-af5b-906c81b57f7d","block_type":"box","text":"East region has caused significant disruptions to many industries. Continued political and social unrest in these","page_number":84,"box":{"x":70,"y":135,"width":797,"height":12}},{"id":"a7cf1b7a-7f98-482d-9ea5-772159673b14","block_type":"box","text":"areas may negatively affect the value of securities in a Fund’s portfolio.","page_number":84,"box":{"x":69,"y":150,"width":510,"height":12}},{"id":"24d5f51b-37c7-4922-8def-c6daeb010bdf","block_type":"box","text":"Certain issuers located in Saudi Arabia may operate in, or have dealings with, countries subject to sanctions","page_number":84,"box":{"x":102,"y":173,"width":773,"height":11}},{"id":"8fe342af-6406-4cb5-8557-eb0f8f1521fc","block_type":"box","text":"and/or embargoes imposed by the U.S. Government and the United Nations and/or countries identified by the U.S.","page_number":84,"box":{"x":69,"y":188,"width":820,"height":12}},{"id":"8623c86a-30a2-4889-988a-c7d660362bd0","block_type":"box","text":"Government as state sponsors of terrorism. As a result, an issuer may sustain damage to its reputation if it is","page_number":84,"box":{"x":69,"y":203,"width":787,"height":12}},{"id":"a3c8bd19-df77-43f2-929a-3221518c76fd","block_type":"box","text":"identified as an issuer which operates in, or has dealings with, such countries. A Fund, as an investor in such issuers","page_number":84,"box":{"x":70,"y":218,"width":837,"height":12}},{"id":"a43fc6e4-091a-4983-8869-ec948ae64b53","block_type":"box","text":"will be indirectly subject to those risks.","page_number":84,"box":{"x":68,"y":234,"width":277,"height":11}},{"id":"8d75c7ef-b5cc-409e-a064-d63f45721671","block_type":"box","text":"Risks of Investing in Venezuela.","page_number":84,"box":{"x":102,"y":256,"width":223,"height":12}},{"id":"56febed5-7468-4fa4-89fc-a8cdf49748c6","block_type":"box","text":"Investment in Venezuela may subject a Fund to legal, regulatory, political,","page_number":84,"box":{"x":332,"y":257,"width":521,"height":11}},{"id":"02d01d2e-cadd-4b62-9dbf-57a6ef8773a8","block_type":"box","text":"currency, security, expropriation and/or nationalization of assets and economic risk specific to Venezuela. Venezuela","page_number":84,"box":{"x":69,"y":271,"width":829,"height":12}},{"id":"c505593f-53fa-4a48-9654-3d9e4ccc4f4c","block_type":"box","text":"is extremely well endowed with natural resources, including oil and natural gas, and its economy is heavily dependent","page_number":84,"box":{"x":70,"y":287,"width":837,"height":11}},{"id":"7fd7b03e-b641-4d4a-9aec-5c1dab933989","block_type":"box","text":"on export of natural resources to key trading partners. Any act of terrorism, an armed conflict or a breakdown of a","page_number":84,"box":{"x":69,"y":302,"width":813,"height":11}},{"id":"bea98aa9-d2ff-4b9b-a293-3fc6cd64a453","block_type":"box","text":"key trading relationship that disrupts the production or export of natural resources will likely negatively affect the","page_number":84,"box":{"x":69,"y":317,"width":804,"height":11}},{"id":"5325c4be-b43f-4d3d-8bb2-aad49f1858b7","block_type":"box","text":"Venezuelan economy. The government continues to control key sectors of the economy, including upstream oil and","page_number":84,"box":{"x":68,"y":332,"width":816,"height":11}},{"id":"0a6dbf51-1280-4276-a3ef-c3954933c75d","block_type":"box","text":"gas production, and has sought to increase its role in key sectors, such as telecommunications and steel.","page_number":84,"box":{"x":68,"y":347,"width":758,"height":11}},{"id":"bc708696-d4ce-4dbc-88f9-c0a9dc170ecd","block_type":"box","text":"Meanwhile, ambiguities in the investment environment remain, such as continued high levels of bureaucracy and","page_number":84,"box":{"x":70,"y":362,"width":803,"height":11}},{"id":"247d8e44-dd55-49ed-a16d-fe113ab7089b","block_type":"box","text":"corruption, large macroeconomic imbalances, and political and policy uncertainty. Friction continues between the","page_number":84,"box":{"x":69,"y":377,"width":804,"height":12}},{"id":"b591efb9-9d79-46cc-af8b-25fa3ebd1679","block_type":"box","text":"governments of the U.S. and Venezuela. The U.S. has imposed economic sanctions, which consist of asset freezes","page_number":84,"box":{"x":68,"y":392,"width":822,"height":12}},{"id":"5b03550e-c87a-4820-87ac-7ffd42e264b7","block_type":"box","text":"and sectoral sanctions, on certain Venezuelan individuals and Venezuelan corporate entities, and on the Venezuelan","page_number":84,"box":{"x":69,"y":408,"width":827,"height":10}},{"id":"b96db127-80a6-4f3c-af2e-bed026c59d74","block_type":"box","text":"government. The U.S. could also institute broader sanctions on Venezuela. The U.S. has also taken military action","page_number":84,"box":{"x":68,"y":423,"width":814,"height":11}},{"id":"0c91fcdb-2d93-451f-86e7-557c6e82d2da","block_type":"box","text":"against Venezuela in an effort to effect regime change. Military action, sanctions, or even the threat of further","page_number":84,"box":{"x":69,"y":438,"width":787,"height":11}},{"id":"281df5d8-1577-48c6-8672-17e0ff8e4037","block_type":"box","text":"military action and sanctions, may result in the decline of the value and liquidity of Venezuelan securities, a","page_number":84,"box":{"x":69,"y":453,"width":766,"height":11}},{"id":"78dc631e-9ee1-47f1-b95a-75dc97132183","block_type":"box","text":"weakening of the bolivar or other adverse consequences to the Venezuelan economy. These sanctions impair the","page_number":84,"box":{"x":68,"y":468,"width":804,"height":11}},{"id":"ec990039-3fc0-408a-8ca8-2c88ffe346c3","block_type":"box","text":"ability of a Fund to buy, sell, receive or deliver those securities and/or assets. Additional sanctions against Venezuela","page_number":84,"box":{"x":69,"y":483,"width":838,"height":11}},{"id":"fd26f9d1-0357-4dda-87db-fc68a1e1d4af","block_type":"box","text":"may in the future be imposed by the U.S. or other countries. These factors, among others, can have a negative","page_number":84,"box":{"x":69,"y":498,"width":790,"height":11}},{"id":"43f8c3c5-5387-45ef-9571-4717f4e4d8a6","block_type":"box","text":"impact on a Fund’s investments.","page_number":84,"box":{"x":70,"y":514,"width":230,"height":10}},{"id":"c0b4ff1a-7bfc-4d63-bb16-9f28576b9132","block_type":"box","text":"Brady Bonds.","page_number":84,"box":{"x":102,"y":536,"width":92,"height":11}},{"id":"ce4796ad-99a4-4618-9f00-980407b6f565","block_type":"box","text":"Certain Funds may invest in Brady Bonds. A Fund’s emerging market debt securities may include","page_number":84,"box":{"x":201,"y":536,"width":689,"height":11}},{"id":"832ba98f-ebac-4b79-aa14-12d35cfab87a","block_type":"box","text":"emerging market governmental debt obligations commonly referred to as Brady Bonds. Brady Bonds are securities","page_number":84,"box":{"x":69,"y":551,"width":815,"height":11}},{"id":"daf1e364-fece-4627-923f-560d76a45216","block_type":"box","text":"created through the exchange of existing commercial bank loans to sovereign entities for new obligations in","page_number":84,"box":{"x":69,"y":566,"width":766,"height":11}},{"id":"3fc597c3-88b9-41cb-bf84-233594234ef2","block_type":"box","text":"connection with debt restructurings under a debt restructuring plan introduced by former U.S. Secretary of the","page_number":84,"box":{"x":69,"y":581,"width":784,"height":12}},{"id":"78aac29b-b0ff-4ee0-b61d-1bd4c8826904","block_type":"box","text":"Treasury, Nicholas F. Brady (the “Brady Plan”). Brady Plan debt restructurings have been implemented in a number of","page_number":84,"box":{"x":68,"y":596,"width":837,"height":12}},{"id":"ca7d8dec-144d-4712-850a-5c91cf314a9c","block_type":"box","text":"countries, including: Argentina, Bolivia, Brazil, Bulgaria, Costa Rica, the Dominican Republic, Ecuador, Jordan, Mexico,","page_number":84,"box":{"x":69,"y":612,"width":839,"height":11}},{"id":"08e0caeb-f26b-4b75-a629-d45543fc5ada","block_type":"box","text":"Niger, Nigeria, Panama, Peru, the Philippines, Poland, Uruguay, Venezuela, and Vietnam. Beginning in the early","page_number":84,"box":{"x":70,"y":627,"width":786,"height":11}},{"id":"4a97ab5c-76d4-44b0-b934-c1e01d48391e","block_type":"box","text":"2000s, certain countries began retiring their Brady Bonds, including Brazil, Colombia, Mexico, the Philippines, and","page_number":84,"box":{"x":69,"y":642,"width":814,"height":11}},{"id":"edea8414-ccb8-44d7-822c-4356ce58d728","block_type":"box","text":"Venezuela.","page_number":84,"box":{"x":68,"y":657,"width":75,"height":9}},{"id":"8513355f-6c6a-4c38-b403-418e0209b017","block_type":"box","text":"Brady Bonds may be collateralized or uncollateralized, are issued in various currencies (primarily the U.S. dollar)","page_number":84,"box":{"x":102,"y":680,"width":798,"height":11}},{"id":"d3f4cef4-b2bf-4714-94b5-6586b1899799","block_type":"box","text":"and are actively traded in the OTC secondary market. Brady Bonds are not considered to be U.S. Government","page_number":84,"box":{"x":69,"y":695,"width":780,"height":11}},{"id":"0ecc4e3b-677f-4424-95c8-2a9d4a1b1e4d","block_type":"box","text":"Securities. U.S. dollar-denominated, collateralized Brady Bonds, which may be fixed rate par bonds or floating rate","page_number":84,"box":{"x":69,"y":710,"width":812,"height":11}},{"id":"5cc99d63-e9d0-43a3-9736-587fabdec05b","block_type":"box","text":"discount bonds, are generally collateralized in full as to principal by U.S. Treasury zero-coupon bonds having the","page_number":84,"box":{"x":69,"y":725,"width":796,"height":11}},{"id":"b7a7bb11-cc64-4b68-ad8b-98cf87addda4","block_type":"box","text":"same maturity as the Brady Bonds. Interest payments on these Brady Bonds generally are collateralized on a one","page_number":84,"box":{"x":69,"y":740,"width":812,"height":11}},{"id":"4729268f-7a28-4ece-acee-036b9b3499e1","block_type":"box","text":"year or longer rolling-forward basis by cash or securities in an amount that, in the case of fixed rate bonds, is equal","page_number":84,"box":{"x":68,"y":755,"width":823,"height":11}},{"id":"2d5d591f-c63e-49d3-9ced-a96e241f3ef3","block_type":"box","text":"to at least one year of interest payments or, in the case of floating rate bonds, initially is equal to at least one year’s","page_number":84,"box":{"x":68,"y":770,"width":833,"height":12}},{"id":"135cc29c-5648-4e7d-9ef4-41e9a56a2399","block_type":"box","text":"interest payments based on the applicable interest rate at that time and is adjusted at regular intervals thereafter.","page_number":84,"box":{"x":70,"y":785,"width":816,"height":12}},{"id":"159ad0c3-7e35-48a8-be70-d33cbd6b4f4a","block_type":"box","text":"Certain Brady Bonds are entitled to “value recovery payments” in certain circumstances, which in effect constitute","page_number":84,"box":{"x":69,"y":801,"width":818,"height":11}},{"id":"5ff0a818-fcfa-4ddf-9c08-1af18b72d141","block_type":"box","text":"supplemental interest payments but generally are not collateralized. Brady Bonds are often viewed as having three or","page_number":84,"box":{"x":69,"y":816,"width":835,"height":11}},{"id":"0211bcd3-23b3-46d6-8fb5-43892821e4bb","block_type":"box","text":"four valuation components: (i) the collateralized repayment of principal at final maturity; (ii) the collateralized interest","page_number":84,"box":{"x":68,"y":831,"width":832,"height":11}},{"id":"07937945-02ab-4993-a7e3-5fd439e65503","block_type":"box","text":"payments; (iii) the uncollateralized interest payments; and (iv) any uncollateralized repayment of principal at maturity","page_number":84,"box":{"x":70,"y":846,"width":828,"height":11}},{"id":"20c71ad5-4137-435c-953f-abdf9e7299e2","block_type":"box","text":"(the uncollateralized amounts constitute the “residual risk”).","page_number":84,"box":{"x":69,"y":861,"width":430,"height":11}},{"id":"2aa64452-d042-4044-bb6d-b216af1b5c02","block_type":"box","text":"Brady Bonds involve various risk factors described above associated with investing in foreign securities, including","page_number":84,"box":{"x":102,"y":884,"width":807,"height":11}},{"id":"b8fce4a0-03f2-4cdb-8b00-f2466cb2ae46","block_type":"box","text":"the history of defaults with respect to commercial bank loans by public and private entities of countries issuing Brady","page_number":84,"box":{"x":68,"y":899,"width":838,"height":11}},{"id":"8f97b6b1-9f2e-42aa-89e7-12cdc3aad7c0","block_type":"box","text":"II-40","page_number":84,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"45319ab4-7edb-4c5f-8dc0-e77780de59b5","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":84,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"32d042aa-adeb-44a3-abd0-556532e3503d","block_type":"box","text":"Bonds. In light of the residual risk of Brady Bonds and, among other factors, the history of defaults, investments in","page_number":85,"box":{"x":70,"y":45,"width":819,"height":11}},{"id":"8d98617c-dfa7-4f9d-bb65-7b3947e00e93","block_type":"box","text":"Brady Bonds are considered speculative. There can be no assurance that Brady Bonds in which the Funds may invest","page_number":85,"box":{"x":70,"y":60,"width":835,"height":11}},{"id":"cd202ca8-0456-4bd9-aea6-b7218ecc417e","block_type":"box","text":"will not be subject to restructuring arrangements or to requests for new credit, which may cause the Funds to suffer a","page_number":85,"box":{"x":68,"y":75,"width":841,"height":11}},{"id":"47a82bd4-27ba-4b7f-8f56-fdbd952a953b","block_type":"box","text":"loss of interest or principal on any of its holdings.","page_number":85,"box":{"x":70,"y":90,"width":351,"height":11}},{"id":"7c7c431c-a7ff-4343-8cca-2411cb33ef3a","block_type":"box","text":"China Investments Risk.","page_number":85,"box":{"x":102,"y":113,"width":171,"height":9}},{"id":"208fe5f6-c2dd-4bbf-a45a-fd7e5e64623e","block_type":"box","text":"Investments in securities of companies domiciled in the People’s Republic of China (“China” or the “PRC”),","page_number":85,"box":{"x":102,"y":135,"width":763,"height":11}},{"id":"cd75dcc1-1b6f-492c-bf19-6bed90387ab4","block_type":"box","text":"including certain Hong Kong-listed and U.S.-listed securities, involve a high degree of risk and special considerations","page_number":85,"box":{"x":70,"y":150,"width":830,"height":12}},{"id":"3c9b3b31-ebe6-4b8d-b0e3-fdfd6a3ed520","block_type":"box","text":"not typically associated with investing in the U.S. securities markets. Such heightened risks include, among others,","page_number":85,"box":{"x":69,"y":166,"width":821,"height":11}},{"id":"efe2c292-9958-4212-9202-fdc3949ac111","block_type":"box","text":"an authoritarian government, popular unrest associated with demands for improved political, economic and social","page_number":85,"box":{"x":69,"y":181,"width":809,"height":11}},{"id":"dd3edfab-2433-441c-8a17-fee84aab8c63","block_type":"box","text":"conditions, the impact of regional conflict on the economy and hostile relations with other countries.","page_number":85,"box":{"x":69,"y":196,"width":713,"height":11}},{"id":"d4ab5e84-e05a-44d6-97ff-b8bc1c43a1bd","block_type":"box","text":"Military conflicts, either in response to internal social unrest or conflicts with other countries, could disrupt","page_number":85,"box":{"x":102,"y":218,"width":762,"height":12}},{"id":"09cc0c53-5445-4355-bf13-4ba8094dfade","block_type":"box","text":"economic development. The Chinese economy is vulnerable to the long-running disagreements and religious and","page_number":85,"box":{"x":69,"y":234,"width":800,"height":11}},{"id":"25359f06-1b99-4bac-8a72-c764adcace67","block_type":"box","text":"nationalist disputes with Tibet and the Xinjiang region. Since 1997, there have been tensions between the Chinese","page_number":85,"box":{"x":69,"y":249,"width":820,"height":11}},{"id":"69f2ee51-540d-4feb-b131-80f11d7ea0b0","block_type":"box","text":"government and many people in Hong Kong who perceive China as tightening control over Hong Kong’s semi","page_number":85,"box":{"x":68,"y":264,"width":777,"height":11}},{"id":"8934f8ce-5ff0-4070-9037-b6f8d5c8ee5c","block_type":"box","text":"autonomous liberal political, economic, legal, and social framework. Protests and unrest have increased tensions","page_number":85,"box":{"x":69,"y":279,"width":809,"height":11}},{"id":"4cd13d26-cb60-4add-b1da-3e5d02cad4d9","block_type":"box","text":"even further. Due to the interconnected nature of the Hong Kong and Chinese economies, this instability in Hong","page_number":85,"box":{"x":69,"y":294,"width":805,"height":11}},{"id":"fd6e9676-e398-4292-bcbc-7cce2998250e","block_type":"box","text":"Kong may cause uncertainty in the Hong Kong and Chinese markets. China has a complex territorial dispute","page_number":85,"box":{"x":70,"y":309,"width":770,"height":11}},{"id":"57eb646f-375a-4e0a-a375-401b8c260b05","block_type":"box","text":"regarding the sovereignty of Taiwan and has made threats of invasion. Taiwan-based companies and individuals are","page_number":85,"box":{"x":69,"y":324,"width":821,"height":12}},{"id":"e818fdf8-0829-46a2-8298-dc65971c81a9","block_type":"box","text":"significant investors in China. The continuing hostility between China and Taiwan may have an adverse impact on the","page_number":85,"box":{"x":69,"y":339,"width":831,"height":12}},{"id":"75e64b1e-8f34-408c-9ec0-3881bdf2dfdb","block_type":"box","text":"value of the Fund’s investments in China or Taiwan, may cause a suspension in a Fund’s ability to trade in certain","page_number":85,"box":{"x":68,"y":355,"width":812,"height":11}},{"id":"c5245c87-9d89-4c5c-9992-83ce7946bbb4","block_type":"box","text":"securities or other assets or may otherwise make such investments impracticable or impossible. Any escalation of","page_number":85,"box":{"x":69,"y":370,"width":818,"height":11}},{"id":"c61f61d5-6d78-4eee-aab2-7f112fedaec8","block_type":"box","text":"hostility between China and Taiwan would likely have a significant adverse impact on the value of the Fund’s","page_number":85,"box":{"x":69,"y":385,"width":769,"height":11}},{"id":"c9b2ea9e-47e5-4d0d-ae58-5d4662d87170","block_type":"box","text":"investments in both countries and the region. In addition, China has strained international relations with Japan, India,","page_number":85,"box":{"x":70,"y":400,"width":836,"height":11}},{"id":"1f9ee93a-1296-43e4-94a6-cfd908e30bfe","block_type":"box","text":"the Philippines and other neighbors due to territorial disputes, historical animosities and other defense concerns.","page_number":85,"box":{"x":68,"y":415,"width":810,"height":11}},{"id":"50183ef7-18db-4ab3-8754-bd7847846440","block_type":"box","text":"Frictions between China and the Philippines in the South China Sea pose a risk of escalation potentially leading to","page_number":85,"box":{"x":70,"y":430,"width":813,"height":11}},{"id":"e9853010-d113-463d-b58f-4138866c8219","block_type":"box","text":"military conflict. Additionally, China is alleged to have participated in state-sponsored cyberattacks against foreign","page_number":85,"box":{"x":69,"y":445,"width":811,"height":12}},{"id":"d592c67a-ac99-40a5-ae4c-8bd227c7bae6","block_type":"box","text":"companies and foreign governments. Actual and threatened responses to such activity and strained international","page_number":85,"box":{"x":69,"y":460,"width":804,"height":12}},{"id":"eb2c432f-daf3-444a-8903-c1449f4c4399","block_type":"box","text":"relations, including purchasing restrictions, sanctions, tariffs or cyberattacks on the Chinese government or Chinese","page_number":85,"box":{"x":69,"y":475,"width":829,"height":12}},{"id":"a1cb6d39-0ae6-4587-8bf5-422e161b6856","block_type":"box","text":"companies, may impact China’s economy and Chinese issuers of securities in which a Fund invests. China could be","page_number":85,"box":{"x":69,"y":491,"width":825,"height":11}},{"id":"1e0eadb8-e7a1-45ec-9c40-27fb2b23a093","block_type":"box","text":"affected by military events on the Korean peninsula or internal instability within North Korea. These situations may","page_number":85,"box":{"x":69,"y":506,"width":819,"height":11}},{"id":"c808b51c-e007-441f-b93b-6c2ac08c2ed9","block_type":"box","text":"cause uncertainty in the Chinese market and may adversely affect the performance of the Chinese economy.","page_number":85,"box":{"x":69,"y":521,"width":776,"height":11}},{"id":"48692992-21bf-4a51-9400-3ca3720bfcdc","block_type":"box","text":"The Chinese government has implemented economic reforms in order to liberalize trade policy, promote foreign","page_number":85,"box":{"x":101,"y":543,"width":792,"height":12}},{"id":"ae4b8624-c39e-4635-9bfd-65c3d54eda47","block_type":"box","text":"investment in the economy, reduce government control of the economy and develop market mechanisms. However,","page_number":85,"box":{"x":70,"y":559,"width":818,"height":11}},{"id":"dc9631fc-4f22-4261-90a1-05d36ce311e8","block_type":"box","text":"the Chinese government still exercises substantial influence over many aspects of the private sector and may own or","page_number":85,"box":{"x":68,"y":574,"width":835,"height":11}},{"id":"4721d6a8-db2f-4bca-9995-23d75b506c8d","block_type":"box","text":"control many companies. Chinese companies, such as those in the financial services or technology sectors, and","page_number":85,"box":{"x":69,"y":589,"width":802,"height":11}},{"id":"b0dc818a-53da-457c-aa4e-bfd855282207","block_type":"box","text":"potentially other sectors in the future, are subject to the risk that Chinese authorities can intervene in their","page_number":85,"box":{"x":70,"y":604,"width":763,"height":11}},{"id":"fd6caad8-382a-45dd-a6b1-80733cd79d79","block_type":"box","text":"operations and structure. The Chinese government continues to maintain a major role in economic policymaking and","page_number":85,"box":{"x":69,"y":619,"width":829,"height":11}},{"id":"101f83db-bde1-4418-830d-3e795082d1f9","block_type":"box","text":"investing in China involves risk of loss due to expropriation, nationalization, confiscation of assets and property or","page_number":85,"box":{"x":70,"y":634,"width":813,"height":12}},{"id":"94da0fd7-aab5-416c-a6b3-b582f117fb98","block_type":"box","text":"the imposition of restrictions on foreign investments and on repatriation of capital invested.","page_number":85,"box":{"x":68,"y":649,"width":653,"height":12}},{"id":"84eb35cf-3af0-4bec-8f86-553487323d27","block_type":"box","text":"The Chinese government may intervene in the Chinese financial markets, such as by the imposition of trading","page_number":85,"box":{"x":101,"y":672,"width":783,"height":11}},{"id":"cd953298-e67e-4637-9810-489adad0c986","block_type":"box","text":"restrictions, a ban on “naked” short selling or the suspension of short selling for certain stocks. This may affect","page_number":85,"box":{"x":69,"y":687,"width":805,"height":11}},{"id":"01e4c8f8-349b-4ef9-a3eb-6ba937e11188","block_type":"box","text":"market price and liquidity of these stocks, and may have an unpredictable impact on the investment activities of the","page_number":85,"box":{"x":69,"y":702,"width":827,"height":11}},{"id":"b831c536-5d5f-4209-97b1-0b7778563125","block_type":"box","text":"Funds. Furthermore, such market interventions may have a negative impact on market sentiment which may in turn","page_number":85,"box":{"x":70,"y":718,"width":821,"height":11}},{"id":"5c2f0659-650b-4fc9-b8be-3cd786400fbc","block_type":"box","text":"affect the performance of the securities markets and as a result the performance of the Funds.","page_number":85,"box":{"x":69,"y":732,"width":683,"height":11}},{"id":"cf391dc7-31af-4580-8da1-dcf22838a28b","block_type":"box","text":"In addition, there is less regulation and monitoring of Chinese securities markets and the activities of investors,","page_number":85,"box":{"x":102,"y":755,"width":797,"height":11}},{"id":"6363ba95-24a2-4256-ab75-4bb5f4cc9b4d","block_type":"box","text":"brokers and other participants than in the United States. Accordingly, issuers of securities in China, including","page_number":85,"box":{"x":69,"y":770,"width":779,"height":12}},{"id":"954b74ac-aa15-440c-b230-410d09be7ece","block_type":"box","text":"Chinese companies that are listed on U.S. exchanges, are not subject to the same degree of regulation as are U.S.","page_number":85,"box":{"x":69,"y":785,"width":822,"height":12}},{"id":"f742564d-f868-48b0-ae0b-853391a1164a","block_type":"box","text":"issuers with respect to such matters as insider trading rules, tender offer regulation, accounting standards or auditor","page_number":85,"box":{"x":70,"y":801,"width":836,"height":11}},{"id":"7ee7af50-f24e-4dbc-a052-7da133a29d4d","block_type":"box","text":"oversight, stockholder proxy requirements and the requirements mandating timely and accurate disclosure of","page_number":85,"box":{"x":69,"y":816,"width":778,"height":11}},{"id":"63173a32-c96b-4307-a0f3-69cdaa88bed6","block_type":"box","text":"information. Securities markets in China are in the process of change and further development. This may lead to","page_number":85,"box":{"x":70,"y":831,"width":803,"height":11}},{"id":"7e884bf4-f923-4f87-b7c6-a37e94442f40","block_type":"box","text":"trading volatility, difficulty in the settlement and recording of transactions and difficulty in interpreting and applying","page_number":85,"box":{"x":68,"y":846,"width":816,"height":11}},{"id":"ca0db3c4-fa5b-46e6-9fd4-797463992322","block_type":"box","text":"the relevant regulation. Custodians may not be able to offer the level of service and safe-keeping in relation to the","page_number":85,"box":{"x":68,"y":861,"width":816,"height":11}},{"id":"0111f34a-516c-4413-8cc9-37a0283813bc","block_type":"box","text":"settlement and administration of securities in China that is customary in more developed markets. In particular,","page_number":85,"box":{"x":69,"y":876,"width":798,"height":11}},{"id":"d9d76cff-7980-4217-a5bc-8e5d559fb25c","block_type":"box","text":"there is a risk that a Fund may not be recognized as the owner of securities that are held on behalf of the Fund by a","page_number":85,"box":{"x":68,"y":891,"width":826,"height":12}},{"id":"2e94dca8-fd47-4038-ba78-7972c38b48f2","block_type":"box","text":"sub-custodian.","page_number":85,"box":{"x":69,"y":907,"width":102,"height":8}},{"id":"98ac82f1-8c28-48bb-be18-e597c0408023","block_type":"box","text":"II-41","page_number":85,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"9d27a15c-4093-4317-90e9-5eee92193370","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":85,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7ab069fb-fd4c-4cd2-b4a5-f9837abb4623","block_type":"box","text":"There may be significant obstacles to obtaining information necessary for investigations into or litigation against","page_number":86,"box":{"x":101,"y":45,"width":801,"height":11}},{"id":"875a71d3-f914-40d7-ba76-b3a75722ad6b","block_type":"box","text":"Chinese companies, and shareholders may have limited legal remedies. The Funds do not select investments based","page_number":86,"box":{"x":69,"y":60,"width":829,"height":11}},{"id":"38b99194-68cc-4bff-a101-740fe6bf88f7","block_type":"box","text":"on investor protection considerations.","page_number":86,"box":{"x":69,"y":75,"width":268,"height":11}},{"id":"a68f5355-161e-4b9f-a691-a8c6360f9430","block_type":"box","text":"The Chinese government historically took positions that prevented the U.S. Public Company Accounting Oversight","page_number":86,"box":{"x":101,"y":98,"width":806,"height":11}},{"id":"da1d1bce-1858-422d-a938-746081ec90f9","block_type":"box","text":"Board (“PCAOB”) from inspecting the audit work and practices of accounting firms in mainland China and Hong Kong","page_number":86,"box":{"x":70,"y":113,"width":829,"height":11}},{"id":"83c76bb6-08e6-4788-8186-48071d3ad571","block_type":"box","text":"for compliance with U.S. law and professional standards. On August 26, 2022, the PCAOB signed a Statement of","page_number":86,"box":{"x":68,"y":128,"width":810,"height":11}},{"id":"32610515-db59-4edc-8e25-5add6a205feb","block_type":"box","text":"Protocol with the China Securities Regulatory Commission and the Ministry of Finance of the PRC, which marked the","page_number":86,"box":{"x":69,"y":143,"width":829,"height":11}},{"id":"0d39f7d3-bd07-4842-a77e-02e69eaea711","block_type":"box","text":"first step toward opening access for the PCAOB to inspect and investigate registered public accounting firms","page_number":86,"box":{"x":68,"y":158,"width":774,"height":11}},{"id":"09286d6b-9e17-4dfd-91f9-b2d5fcb145b5","block_type":"box","text":"headquartered in mainland China and Hong Kong completely in accordance with U.S. law. However, as this","page_number":86,"box":{"x":69,"y":173,"width":760,"height":11}},{"id":"20441ea6-85df-446b-809e-2df8d7efe67f","block_type":"box","text":"development is relatively recent, the implementation of the Statement of Protocol remains to be tested. Audits","page_number":86,"box":{"x":69,"y":188,"width":788,"height":11}},{"id":"3f07c2da-86a3-4805-932b-aae841349ef6","block_type":"box","text":"performed by PCAOB-registered accounting firms in mainland China and Hong Kong may be less reliable than those","page_number":86,"box":{"x":70,"y":203,"width":822,"height":12}},{"id":"b4a22a75-abe7-4f87-84db-238fe6f6e550","block_type":"box","text":"performed by firms subject to PCAOB inspection. Accordingly, information about the Chinese securities in which the","page_number":86,"box":{"x":70,"y":218,"width":821,"height":12}},{"id":"3a12d851-d871-4bf8-9d9b-684adc4bd28c","block_type":"box","text":"Funds invest may be less reliable or complete. Under amendments to the Sarbanes-Oxley Act enacted in December","page_number":86,"box":{"x":70,"y":234,"width":820,"height":11}},{"id":"3f6d2d46-99dc-4b26-b483-31ad175e017a","block_type":"box","text":"2020, which requires that the PCAOB be permitted to inspect the accounting firm of a U.S.-listed Chinese issuer,","page_number":86,"box":{"x":69,"y":249,"width":805,"height":11}},{"id":"d1d668f2-402b-4379-946e-3723eac45ede","block_type":"box","text":"Chinese companies with securities listed on U.S. exchanges may be delisted if the PCAOB is unable to inspect the","page_number":86,"box":{"x":69,"y":264,"width":816,"height":11}},{"id":"f0bd093c-28dc-4627-b274-e9000346d60e","block_type":"box","text":"accounting firm.","page_number":86,"box":{"x":69,"y":279,"width":112,"height":11}},{"id":"1c02fe4b-65c4-4769-af68-c5ba2a2b18cc","block_type":"box","text":"The Renminbi (“RMB”) is currently not a freely convertible currency and is subject to foreign exchange control","page_number":86,"box":{"x":101,"y":302,"width":780,"height":11}},{"id":"73b4674f-c447-4252-b48e-b17beb44cc5e","block_type":"box","text":"policies and repatriation restrictions imposed by the Chinese government. The imposition of currency controls may","page_number":86,"box":{"x":70,"y":317,"width":815,"height":11}},{"id":"69337784-5cc7-44f9-ae35-529c34d12467","block_type":"box","text":"negatively impact performance and liquidity of the Funds as capital may become trapped in the PRC. The Funds could","page_number":86,"box":{"x":69,"y":332,"width":837,"height":11}},{"id":"b8b292c3-2929-49b5-beaf-05f9104f4f0e","block_type":"box","text":"be adversely affected by delays in, or a refusal to grant, any required governmental approval for repatriation of","page_number":86,"box":{"x":69,"y":347,"width":787,"height":11}},{"id":"6bd131c6-a0d4-49de-8790-d6e177cf80dd","block_type":"box","text":"capital, as well as by the application to the Funds of any restrictions on investments. Investing in entities either in, or","page_number":86,"box":{"x":69,"y":362,"width":837,"height":11}},{"id":"638436a6-f7c4-453c-94a6-6ae4d7d0cb61","block_type":"box","text":"which have a substantial portion of their operations in, the PRC may require the Funds to adopt special procedures,","page_number":86,"box":{"x":68,"y":377,"width":825,"height":11}},{"id":"4891da9f-8397-41ad-8ced-1ce5c94e2613","block_type":"box","text":"seek local government approvals or take other actions, each of which may involve additional costs and delays to the","page_number":86,"box":{"x":69,"y":392,"width":828,"height":12}},{"id":"f08c1fa8-857e-4df4-9166-0df02694d895","block_type":"box","text":"Funds. The Fund may also incur costs in connection with conversions between U.S. dollars and RMB, as well as in","page_number":86,"box":{"x":70,"y":408,"width":812,"height":11}},{"id":"00bfe123-d59a-4e59-b956-e2a5a7a2341d","block_type":"box","text":"connection with conversions between the two separate types of RMB, the onshore RMB (“CNY”) and the offshore","page_number":86,"box":{"x":69,"y":423,"width":808,"height":11}},{"id":"19ec651b-9163-48bb-95f2-cfa7fc6e050c","block_type":"box","text":"RMB (“CNH”).","page_number":86,"box":{"x":70,"y":438,"width":97,"height":11}},{"id":"840506bf-9a39-4af1-9bd6-2f2da16270c6","block_type":"box","text":"Many Chinese companies listed on U.S. exchanges use variable interest entities or “VIEs” in their structure as a","page_number":86,"box":{"x":102,"y":460,"width":802,"height":12}},{"id":"3a161de9-c1a7-415c-a85d-a2c0d753da04","block_type":"box","text":"result of foreign ownership restrictions. In a VIE structure, a Chinese operating company establishes a shell company","page_number":86,"box":{"x":69,"y":475,"width":837,"height":12}},{"id":"143629bd-d9e1-4de9-aa06-7406fcd54532","block_type":"box","text":"in another jurisdiction to issue stock to public shareholders. When a VIE structure is used by a Chinese company to","page_number":86,"box":{"x":70,"y":491,"width":822,"height":11}},{"id":"d336b8cf-fea4-40d6-8b4c-f4ec5a17e3a5","block_type":"box","text":"list its stock in the U.S., instead of owning the equity securities of the Chinese company, the U.S.-listed shell","page_number":86,"box":{"x":70,"y":506,"width":775,"height":11}},{"id":"47faa4d4-ca71-4651-8e96-4688a8d40ff3","block_type":"box","text":"company directly or indirectly enters into contracts with the Chinese operating company under Chinese law. These","page_number":86,"box":{"x":69,"y":521,"width":809,"height":11}},{"id":"86ae38c6-d6d1-4b33-b189-d8b2e98d31f4","block_type":"box","text":"contracts provide the U.S.-listed shell company with only economic exposure to the Chinese company and do not","page_number":86,"box":{"x":69,"y":536,"width":803,"height":11}},{"id":"589afc0a-34d1-419d-b31c-bdbee7d01cb6","block_type":"box","text":"represent equity ownership in the operating company.","page_number":86,"box":{"x":69,"y":551,"width":380,"height":11}},{"id":"16323276-76a1-4b5b-8d77-5ec8a0d167a0","block_type":"box","text":"While VIEs are a longstanding practice that is well known to Chinese officials and regulators, they have not been","page_number":86,"box":{"x":101,"y":574,"width":801,"height":11}},{"id":"970659e6-10dc-4224-b176-6e1484bb025e","block_type":"box","text":"formally recognized under Chinese law. The Chinese government has provided guidance to and placed restrictions on","page_number":86,"box":{"x":68,"y":589,"width":833,"height":11}},{"id":"4654b8f7-8a34-4101-9a88-064eae9d2cca","block_type":"box","text":"Chinese-based companies raising capital offshore, including through VIEs. In 2023, the China Securities Regulatory","page_number":86,"box":{"x":69,"y":604,"width":825,"height":11}},{"id":"b395aa79-f19e-404b-b5b6-f41589ebd85e","block_type":"box","text":"Commission (“CSRC”) released new rules that permit the use of VIE structures, provided they abide by Chinese laws","page_number":86,"box":{"x":69,"y":619,"width":832,"height":11}},{"id":"bd65475f-8bf7-48a2-8bbf-38f63ef2fc5a","block_type":"box","text":"and register with the CSRC. The rules, however, may cause Chinese companies to undergo greater scrutiny and add","page_number":86,"box":{"x":69,"y":634,"width":826,"height":12}},{"id":"bd996a67-e92b-47be-b882-d8bce69704c4","block_type":"box","text":"costs to VIE structures. Intervention, rulemaking or guidance by the Chinese government with respect to VIE","page_number":86,"box":{"x":69,"y":649,"width":770,"height":12}},{"id":"6b3d034e-603e-45fb-a8f1-ca85c3d5d232","block_type":"box","text":"structures or the non-enforcement of VIE-related contractual rights could significantly affect the operating company’s","page_number":86,"box":{"x":69,"y":664,"width":829,"height":12}},{"id":"6b18edba-b2f1-45ee-9669-5668a5b78ca1","block_type":"box","text":"business in China, the enforceability of the U.S.-listed shell company’s contractual arrangements with the Chinese","page_number":86,"box":{"x":69,"y":680,"width":815,"height":11}},{"id":"d8594eb0-06fd-4292-a5e7-1e9a9e7c006a","block_type":"box","text":"company and the value of the U.S.-listed stock. Further, the VIE contractual arrangement would likely be subject to","page_number":86,"box":{"x":69,"y":695,"width":815,"height":11}},{"id":"cc737fad-6d89-4308-bf38-011b9918fecd","block_type":"box","text":"Chinese law and jurisdiction, and remedies available to the U.S.-listed shell company are uncertain and could be","page_number":86,"box":{"x":69,"y":710,"width":802,"height":11}},{"id":"7412834c-1577-4b84-b409-36b0ad5be189","block_type":"box","text":"ineffective. In addition to the risk of government intervention, investments through a VIE structure are subject to the","page_number":86,"box":{"x":70,"y":725,"width":828,"height":11}},{"id":"b510ec46-df6d-468d-933b-2acf1c14b934","block_type":"box","text":"risk that the China-based company (or its officers, directors, or Chinese equity owners) may breach those contractual","page_number":86,"box":{"x":69,"y":740,"width":833,"height":11}},{"id":"6ac53b02-7aca-43f4-a337-8fff1d40a004","block_type":"box","text":"arrangements, or Chinese law changes in a way that adversely affects the enforceability of these arrangements, or","page_number":86,"box":{"x":69,"y":755,"width":819,"height":11}},{"id":"1e673c52-cbd1-45a7-9bb3-28c701dc7552","block_type":"box","text":"those contracts are otherwise not enforceable under Chinese law, in which case the Fund may suffer significant","page_number":86,"box":{"x":68,"y":770,"width":798,"height":12}},{"id":"0807a7a2-9387-4492-a6e7-7951a461dcae","block_type":"box","text":"losses on its investments through a VIE structure with little or no recourse available. Any change in the operations of","page_number":86,"box":{"x":70,"y":785,"width":833,"height":12}},{"id":"c1559969-adf1-487a-a8b2-55319bbcb42a","block_type":"box","text":"entities in a VIE structure, the status of VIE contractual arrangements or the legal or regulatory environment in China,","page_number":86,"box":{"x":69,"y":801,"width":837,"height":11}},{"id":"9e33a16e-8fdb-4cb2-8c28-056deb6d8538","block_type":"box","text":"generally or with respect to specific industries, could result in significant, and possibly permanent and/or total,","page_number":86,"box":{"x":68,"y":816,"width":792,"height":11}},{"id":"1707c7f7-75fa-428f-8df0-74babf7119da","block_type":"box","text":"losses to a Fund.","page_number":86,"box":{"x":70,"y":831,"width":120,"height":9}},{"id":"0669308b-d8a1-451b-9519-4c7697596c86","block_type":"box","text":"While the Chinese economy has experienced past periods of rapid growth, there is no assurance that such","page_number":86,"box":{"x":101,"y":853,"width":760,"height":12}},{"id":"8cb00bb7-bc99-4b27-a7fa-bf00ebb158fc","block_type":"box","text":"growth rates will recur. Other economic challenges for China include indebtedness, weak consumer demand, trade","page_number":86,"box":{"x":68,"y":869,"width":815,"height":11}},{"id":"73eb6370-8003-408f-9885-14aac5e31609","block_type":"box","text":"tensions, and an aging population. China continues to face pressure from its trading partners over its exporting of its","page_number":86,"box":{"x":68,"y":884,"width":837,"height":11}},{"id":"7da9e42f-3b4a-458c-baa0-aa1e8af06c11","block_type":"box","text":"excess industrial capacity and overall approach to economic management. China’s economy is heavily dependent on","page_number":86,"box":{"x":69,"y":899,"width":830,"height":11}},{"id":"978b2f2f-6852-4fd2-af05-bcd5c4740d86","block_type":"box","text":"II-42","page_number":86,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"d17c8ba1-fa3e-4ad7-a68f-a1eedd94f5e6","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":86,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e933f5de-6c82-4120-a571-e3a559d3f6f4","block_type":"box","text":"export growth. Reduction in spending on Chinese products and services, supply chain diversification, institution of","page_number":87,"box":{"x":69,"y":45,"width":815,"height":11}},{"id":"2c9eb3c6-3729-4ccc-b6ac-6889f20eab71","block_type":"box","text":"additional tariffs, sanctions or other trade barriers (including as a result of heightened trade tensions between China","page_number":87,"box":{"x":69,"y":60,"width":832,"height":11}},{"id":"4afa4581-4f94-4592-a589-d70705c727f1","block_type":"box","text":"and the United States or in response to actual or alleged Chinese cyber activity) or a downturn in any of the","page_number":87,"box":{"x":69,"y":75,"width":765,"height":11}},{"id":"bc30cf72-3605-405e-92dd-9c8a88e6b42c","block_type":"box","text":"economies of China’s key trading partners may have an adverse impact on the Chinese economy and the companies","page_number":87,"box":{"x":69,"y":90,"width":833,"height":11}},{"id":"7461a929-b958-4686-abc1-c2a34f929827","block_type":"box","text":"in which a Fund invests. Certain Chinese companies (which may change from time to time) are directly or indirectly","page_number":87,"box":{"x":70,"y":105,"width":816,"height":11}},{"id":"35bfd1c7-9e79-4276-960f-86933689c0eb","block_type":"box","text":"subject to economic or trade restrictions imposed by the U.S. or other governments due to national security, human","page_number":87,"box":{"x":69,"y":120,"width":824,"height":12}},{"id":"d9277bad-089c-4777-b539-020f06a33146","block_type":"box","text":"rights or other concerns of such government. For example, certain foreign technology companies are subject to U.S.","page_number":87,"box":{"x":69,"y":135,"width":825,"height":12}},{"id":"14c112f4-5417-48d4-8f3e-16053c9d5bcd","block_type":"box","text":"export controls as those companies are believed to pose a risk to U.S. interests. The U.S. also bans imports of","page_number":87,"box":{"x":69,"y":150,"width":798,"height":11}},{"id":"6df805a0-7655-46bc-9c51-2838739e24eb","block_type":"box","text":"goods produced in certain regions of China or by certain Chinese companies due to concerns about forced labor.","page_number":87,"box":{"x":68,"y":166,"width":805,"height":11}},{"id":"1c72d22f-31f7-4dd1-8a7a-1f5db48c4277","block_type":"box","text":"Such restrictions may have unanticipated and adverse effects on the Chinese economy and companies. Any action","page_number":87,"box":{"x":69,"y":181,"width":817,"height":11}},{"id":"70297e8f-44b5-4e82-83b5-0b331bdad5ba","block_type":"box","text":"that targets Chinese financial markets or securities exchanges could interfere with orderly trading, delay settlement","page_number":87,"box":{"x":68,"y":196,"width":825,"height":11}},{"id":"5b517776-2ce0-4d52-ad4a-82ae08bc24fe","block_type":"box","text":"or cause market disruptions. Certain companies may be subject to economic or trade restrictions (but not investment","page_number":87,"box":{"x":69,"y":211,"width":839,"height":11}},{"id":"e7076656-549d-49a8-8645-7ccf16c7ed4a","block_type":"box","text":"restrictions) imposed by the U.S. or other governments due to national security, human rights or other concerns of","page_number":87,"box":{"x":69,"y":226,"width":815,"height":11}},{"id":"4494d694-f2c1-492b-bb5c-611555e2480a","block_type":"box","text":"such government. So long as these restrictions do not include restrictions on investments, the Fund may invest in","page_number":87,"box":{"x":69,"y":241,"width":812,"height":11}},{"id":"96ad414e-57cc-48f1-a876-c3b3d7448d7d","block_type":"box","text":"such companies.","page_number":87,"box":{"x":69,"y":257,"width":119,"height":10}},{"id":"5d23c389-b389-40ac-90dd-b9789e9e7441","block_type":"box","text":"The tax laws and regulations in the PRC are subject to change, including the issuance of authoritative guidance","page_number":87,"box":{"x":101,"y":279,"width":792,"height":11}},{"id":"c032f6d0-686c-4e35-9cf3-39dbd15f0d69","block_type":"box","text":"or enforcement, possibly with retroactive effect. The interpretation, applicability and enforcement of such laws by PRC","page_number":87,"box":{"x":69,"y":294,"width":840,"height":11}},{"id":"090b47d9-8f93-49a9-a29a-da97f674e6f2","block_type":"box","text":"tax authorities are not as consistent and transparent as those of more developed nations, and may vary over time","page_number":87,"box":{"x":68,"y":309,"width":815,"height":11}},{"id":"1389ea9e-3d59-4cfb-a742-9e04e1ee66b2","block_type":"box","text":"and from region to region. The application and enforcement of PRC tax rules could have a significant adverse effect","page_number":87,"box":{"x":69,"y":324,"width":823,"height":12}},{"id":"920d90dc-7b22-4c9d-84f8-097ce15f29f4","block_type":"box","text":"on a Fund and its investors, particularly in relation to capital gains withholding tax imposed upon non-residents. In","page_number":87,"box":{"x":69,"y":340,"width":812,"height":11}},{"id":"22ca5ee1-4930-4aac-9e65-9c1140006618","block_type":"box","text":"addition, the accounting, auditing and financial reporting standards and practices applicable to Chinese companies","page_number":87,"box":{"x":69,"y":355,"width":821,"height":11}},{"id":"faf8f7a5-0b82-4aa1-9388-41a1e9c04e46","block_type":"box","text":"may be less rigorous, and may result in significant differences between financial statements prepared in accordance","page_number":87,"box":{"x":69,"y":370,"width":832,"height":11}},{"id":"8fb41ac3-f834-4558-b035-2b76427f1ed8","block_type":"box","text":"with PRC accounting standards and practice and those prepared in accordance with international accounting","page_number":87,"box":{"x":68,"y":385,"width":773,"height":11}},{"id":"c346c5dd-42a2-410d-97dd-d8a27753b7f6","block_type":"box","text":"standards.","page_number":87,"box":{"x":69,"y":400,"width":74,"height":9}},{"id":"4bb75f93-4bf7-4789-a087-caec4b72bea2","block_type":"box","text":"From time to time and in recent years, China has experienced outbreaks of infectious illnesses and the country","page_number":87,"box":{"x":102,"y":423,"width":794,"height":11}},{"id":"b7f7d994-883e-4d05-9a7d-44fa58489fcc","block_type":"box","text":"may be subject to other public health threats, infectious illnesses, diseases or similar issues in the future. Any","page_number":87,"box":{"x":69,"y":438,"width":792,"height":11}},{"id":"00b51ae3-e86e-421e-a474-d9ef5efbfb80","block_type":"box","text":"spread of an infectious illness, public health threat or similar issue could reduce consumer demand or economic","page_number":87,"box":{"x":69,"y":453,"width":803,"height":11}},{"id":"7adc53a2-df5a-4854-84d8-3ccceaf4b922","block_type":"box","text":"output, result in market closures, travel restrictions or quarantines, and generally have a significant impact on the","page_number":87,"box":{"x":69,"y":468,"width":811,"height":11}},{"id":"45c5d7b2-0460-4d1b-ad78-8341e175e1ee","block_type":"box","text":"Chinese economy, which in turn could adversely affect a Fund’s investments.","page_number":87,"box":{"x":69,"y":483,"width":548,"height":11}},{"id":"350b07ce-b5c9-4b41-9b21-bf625a3b7978","block_type":"box","text":"Risk of Investing through Stock Connect.","page_number":87,"box":{"x":102,"y":506,"width":288,"height":11}},{"id":"6f5a8ecf-7494-4f86-831e-f5b41a003849","block_type":"box","text":"General","page_number":87,"box":{"x":102,"y":529,"width":55,"height":8}},{"id":"f5fc53fd-d4e7-4c2c-be96-181d4d206e84","block_type":"box","text":". China A-shares are equity securities of companies domiciled in China that trade on Chinese stock","page_number":87,"box":{"x":158,"y":528,"width":704,"height":12}},{"id":"957b0ca8-f7cf-480a-8a70-fcde1e6708e7","block_type":"box","text":"exchanges such as the Shanghai Stock Exchange (“SSE”), the Shenzhen Stock Exchange (“SZSE”) and the Beijing","page_number":87,"box":{"x":69,"y":544,"width":815,"height":11}},{"id":"009bf468-3984-4993-a41f-e9938274d15b","block_type":"box","text":"Stock Exchange (“BSE”) (“A-shares”). Foreign investment in A-shares on the SSE and SZSE is not permitted, other","page_number":87,"box":{"x":69,"y":559,"width":815,"height":11}},{"id":"3682e0e2-9f42-43c0-aad5-8cb471c7df91","block_type":"box","text":"than pursuant to available exceptions, such as through a qualified foreign investor approved pursuant to the relevant","page_number":87,"box":{"x":68,"y":574,"width":833,"height":11}},{"id":"06993251-9ae4-48e7-bc6f-2fb15151c4a7","block_type":"box","text":"mainland China laws and regulations as may be promulgated and/or amended from time to time (“QFI”).","page_number":87,"box":{"x":69,"y":589,"width":744,"height":11}},{"id":"ff16730d-bd50-422f-a557-6b27beecfa77","block_type":"box","text":"Investment in eligible exchange traded funds and A-shares listed and traded on the SSE or SZSE (“Stock","page_number":87,"box":{"x":102,"y":612,"width":745,"height":11}},{"id":"f032b508-6fd3-49dc-ab32-b9b188f874cf","block_type":"box","text":"Connect Securities”) is also permitted through the Shanghai-Hong Kong Stock Connect program or the Shenzhen","page_number":87,"box":{"x":69,"y":627,"width":807,"height":11}},{"id":"7344728c-0283-4398-aaad-e747e9f14c15","block_type":"box","text":"Hong Kong Stock Connect program, as applicable (each, a “Stock Connect” and collectively, “Stock Connects”). Each","page_number":87,"box":{"x":70,"y":642,"width":834,"height":11}},{"id":"7d3f7b99-94c8-4552-af36-28afa2973d29","block_type":"box","text":"Stock Connect is a securities trading and clearing links program established by The Stock Exchange of Hong Kong","page_number":87,"box":{"x":69,"y":657,"width":812,"height":11}},{"id":"e37e5e92-8674-4d5f-b493-7d71b14393f7","block_type":"box","text":"Limited (“SEHK”), the Hong Kong Securities Clearing Company Limited (“HKSCC”), the SSE or SZSE, as applicable,","page_number":87,"box":{"x":70,"y":672,"width":819,"height":11}},{"id":"100df93a-d17f-41fc-bfd6-52ef2e87a32f","block_type":"box","text":"and China Securities Depository and Clearing Corporation Limited (“CSDCC”) that aims to provide mutual stock","page_number":87,"box":{"x":69,"y":687,"width":793,"height":11}},{"id":"ae2d7fe7-8a44-46fd-9802-d171c0133fc8","block_type":"box","text":"market access between the PRC and Hong Kong by permitting investors to trade and settle shares on each market","page_number":87,"box":{"x":69,"y":702,"width":818,"height":12}},{"id":"31e3f69e-eb82-4547-9d16-f991d5589de9","block_type":"box","text":"through their local securities brokers. Under Stock Connects, a Fund’s trading of Stock Connect Securities listed on","page_number":87,"box":{"x":68,"y":717,"width":824,"height":12}},{"id":"52fb7beb-9760-461b-bba3-d318b7e21541","block_type":"box","text":"the SSE or SZSE, as applicable, would be effectuated through its Hong Kong broker and a securities trading service","page_number":87,"box":{"x":68,"y":732,"width":827,"height":12}},{"id":"a416f1b4-8af7-44fa-befa-40a7265ca5c3","block_type":"box","text":"company established by SEHK.","page_number":87,"box":{"x":69,"y":748,"width":219,"height":11}},{"id":"3b470472-ac39-4925-bd60-c557d7a4d71d","block_type":"box","text":"Although no individual investment quotas or licensing requirements apply to investors in Stock Connect, trading","page_number":87,"box":{"x":101,"y":770,"width":794,"height":12}},{"id":"cb4772fc-a5bb-454f-8352-4affcbaa3336","block_type":"box","text":"through a Stock Connect’s Northbound Trading Link is subject to daily investment quota limitations which require that","page_number":87,"box":{"x":68,"y":786,"width":839,"height":11}},{"id":"531d3bb5-7432-425d-a7a9-d100b2073f32","block_type":"box","text":"buy orders for Stock Connect Securities be rejected once the daily quota is exceeded (although a Fund will be","page_number":87,"box":{"x":69,"y":801,"width":779,"height":11}},{"id":"7db3aa87-6bce-4f0c-ade7-b34802ff1570","block_type":"box","text":"permitted to sell their Stock Connect Securities regardless of the quota). These limitations may restrict a Fund from","page_number":87,"box":{"x":70,"y":816,"width":824,"height":11}},{"id":"a7c62c7b-4601-4266-b2b1-9f494d23ac85","block_type":"box","text":"investing in Stock Connect Securities on a timely basis, which could affect the Fund’s ability to effectively pursue its","page_number":87,"box":{"x":70,"y":831,"width":827,"height":11}},{"id":"bc76f6dc-f4aa-42f0-9b04-266e79e47156","block_type":"box","text":"investment strategy. Investment quotas are also subject to change. Investment in Stock Connect Securities through a","page_number":87,"box":{"x":70,"y":846,"width":837,"height":11}},{"id":"2c3e6682-7946-4f87-a5ce-27464eb9ae3e","block_type":"box","text":"Stock Connect is subject to trading, clearance and settlement procedures that could pose risks to a Fund. Stock","page_number":87,"box":{"x":69,"y":861,"width":802,"height":11}},{"id":"f738937e-9781-43ab-803b-76799079712d","block_type":"box","text":"Connect Securities purchased through Stock Connects generally may not be sold or otherwise transferred other than","page_number":87,"box":{"x":69,"y":876,"width":831,"height":11}},{"id":"03665962-48cf-479a-b320-e9268d9ca64a","block_type":"box","text":"through Stock Connects in accordance with applicable rules. For example, the PRC regulations require that in order","page_number":87,"box":{"x":68,"y":891,"width":821,"height":12}},{"id":"30d4264b-cc19-4a97-b1d4-d023a2e8779b","block_type":"box","text":"for an investor to sell any Stock Connect Securities on a certain trading day, there must be sufficient Stock Connect","page_number":87,"box":{"x":68,"y":906,"width":829,"height":12}},{"id":"72fe1a15-1e1b-46e1-a2da-57498d05ef37","block_type":"box","text":"II-43","page_number":87,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"8ec6beed-65c6-4b7f-90b7-3ae25363e79d","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":87,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5c72cad2-6e8a-498c-8b80-1a1f3d8dcf1b","block_type":"box","text":"Securities in the investor’s account before the market opens on that day. If there are insufficient Stock Connect","page_number":88,"box":{"x":69,"y":45,"width":797,"height":11}},{"id":"81711ffd-a262-40d9-9867-28897ec339d4","block_type":"box","text":"Securities in the investor’s account, the sell order will be rejected by the SSE or SZSE, as applicable. SEHK carries","page_number":88,"box":{"x":69,"y":60,"width":820,"height":11}},{"id":"e45a99c6-7b6c-4e29-a384-8290265c24c4","block_type":"box","text":"out pre-trade checking on sell orders of certain stocks listed on the SSE market (“SSE Securities”) or SZSE market","page_number":88,"box":{"x":69,"y":75,"width":820,"height":11}},{"id":"e28308db-5428-4bd1-bca9-bf4d94a8ab89","block_type":"box","text":"(“SZSE Securities”) of its participants (","page_number":88,"box":{"x":69,"y":90,"width":278,"height":11}},{"id":"de11c66b-6a58-42a7-b923-3e577bf5456f","block_type":"box","text":"i.e.","page_number":88,"box":{"x":349,"y":90,"width":21,"height":9}},{"id":"252cd1d9-8840-4db7-83b9-6877b0ca4766","block_type":"box","text":", stock brokers) to ensure that this requirement is satisfied. While shares","page_number":88,"box":{"x":372,"y":90,"width":524,"height":11}},{"id":"db575181-41fd-407e-87a9-6373847a0298","block_type":"box","text":"must be designated as eligible to be traded under a Stock Connect, those shares may also lose such designation,","page_number":88,"box":{"x":69,"y":105,"width":815,"height":11}},{"id":"d29cada2-8eec-4e07-9fb0-3664c5f63fb6","block_type":"box","text":"and if this occurs, such shares may be sold but cannot be purchased through a Stock Connect. In addition, Stock","page_number":88,"box":{"x":69,"y":120,"width":810,"height":12}},{"id":"d7468966-9f15-4489-9c97-ddd5a42eac9a","block_type":"box","text":"Connects will only operate on days when both the Chinese and Hong Kong markets are open for trading, and banking","page_number":88,"box":{"x":69,"y":135,"width":834,"height":12}},{"id":"43c3ef83-fdf3-4bfd-930b-e437f31f73b5","block_type":"box","text":"services are available in both markets on the corresponding settlement days. Therefore, an investment in Stock","page_number":88,"box":{"x":69,"y":150,"width":799,"height":12}},{"id":"2b0ebb0b-8a6b-441c-b2b7-0fbe1d5b5cfe","block_type":"box","text":"Connect Securities through a Stock Connect may subject a Fund to a risk of price fluctuations on days when the","page_number":88,"box":{"x":69,"y":166,"width":797,"height":11}},{"id":"ebb681e6-7adb-46ae-a166-8c18f47fa9e4","block_type":"box","text":"Chinese market is open, but a Stock Connect is not trading. Moreover, day (turnaround) trading is not permitted on","page_number":88,"box":{"x":69,"y":181,"width":818,"height":11}},{"id":"23ef554b-4a73-45c9-8fe0-c5c052741ad6","block_type":"box","text":"the Stock Connect Securities market. If an investor buys Stock Connect Securities on day “T,” the investor will only","page_number":88,"box":{"x":68,"y":196,"width":820,"height":11}},{"id":"a471fcf4-5461-4912-bae7-6fbdfbe17dc7","block_type":"box","text":"be able to sell the Stock Connect Securities on or after day T+1. Further, since all trades of Stock Connect Securities","page_number":88,"box":{"x":69,"y":211,"width":836,"height":11}},{"id":"d530e69a-7778-47f8-b924-98ffb0a78ca1","block_type":"box","text":"must be settled in RMB, investors must have timely access to a reliable supply of offshore RMB, which cannot be","page_number":88,"box":{"x":69,"y":226,"width":811,"height":11}},{"id":"6923fa05-f636-4972-8041-affcb5598cc2","block_type":"box","text":"guaranteed. There is also no assurance that RMB will not be subject to devaluation. Any devaluation of RMB could","page_number":88,"box":{"x":68,"y":241,"width":815,"height":11}},{"id":"18d3383e-4947-4c7e-8848-46e993508753","block_type":"box","text":"adversely affect a Fund’s investments. If a Fund holds a class of shares denominated in a local currency other than","page_number":88,"box":{"x":69,"y":256,"width":824,"height":11}},{"id":"b907ae0c-8703-49ec-9afe-64b4093846f7","block_type":"box","text":"RMB, the Fund will be exposed to currency exchange risk if the Fund converts the local currency into RMB for","page_number":88,"box":{"x":70,"y":271,"width":777,"height":12}},{"id":"3eb5f166-685b-43f2-9546-97ab23cab4d1","block_type":"box","text":"investments in Stock Connect Securities. A Fund may also incur conversion costs.","page_number":88,"box":{"x":70,"y":287,"width":582,"height":11}},{"id":"50892845-b209-4a4f-8006-0e934c6621be","block_type":"box","text":"Stock Connect Securities held through the nominee structure under a Stock Connect will be held through HKSCC","page_number":88,"box":{"x":102,"y":309,"width":802,"height":11}},{"id":"5bf6f7b1-f195-4434-bd55-4c5a447ab0cf","block_type":"box","text":"as nominee on behalf of investors. The precise nature and rights of a Fund as the beneficial owner of the SSE","page_number":88,"box":{"x":69,"y":324,"width":784,"height":12}},{"id":"912b2f10-96ca-4941-a6e3-db597ac2eece","block_type":"box","text":"Securities or SZSE Securities through HKSCC as nominee is not well defined under the PRC laws. There is a lack of a","page_number":88,"box":{"x":69,"y":339,"width":837,"height":12}},{"id":"00f1495c-66e5-4553-a9d3-d3f06712f947","block_type":"box","text":"clear definition of, and distinction between, legal ownership and beneficial ownership under the PRC laws and there","page_number":88,"box":{"x":69,"y":355,"width":822,"height":11}},{"id":"4e96bea2-9d99-4a4c-9cab-7155772439f5","block_type":"box","text":"have been few cases involving a nominee account structure in the PRC courts. The exact nature and methods of","page_number":88,"box":{"x":69,"y":370,"width":802,"height":11}},{"id":"052a26db-9aca-4efb-80e9-2656394df1bd","block_type":"box","text":"enforcement of the rights and interests of a Fund under the PRC laws is also uncertain. In the unlikely event that","page_number":88,"box":{"x":69,"y":385,"width":805,"height":11}},{"id":"4a249935-1141-47c4-abaf-f2a16780fe36","block_type":"box","text":"HKSCC becomes subject to winding up proceedings in Hong Kong, there is a risk that the SSE Securities or SZSE","page_number":88,"box":{"x":70,"y":400,"width":807,"height":11}},{"id":"01ac6944-8f68-490b-852b-864ba98b7072","block_type":"box","text":"Securities may not be regarded as held for the beneficial ownership of a Fund or as part of the general assets of","page_number":88,"box":{"x":69,"y":415,"width":805,"height":11}},{"id":"eef632a2-f3ea-4b0e-a3b2-205adf183b40","block_type":"box","text":"HKSCC available for general distribution to its creditors. Notwithstanding the fact that HKSCC does not claim","page_number":88,"box":{"x":70,"y":430,"width":774,"height":11}},{"id":"0b42145b-be3c-431f-9a9c-c8be6a837e74","block_type":"box","text":"proprietary interests in the SSE Securities or SZSE Securities held in its omnibus stock account in the CSDCC, the","page_number":88,"box":{"x":70,"y":445,"width":816,"height":11}},{"id":"1878ac38-f784-4aac-a9d6-0777a1358b65","block_type":"box","text":"CSDCC as the share registrar for SSE- or SZSE-listed companies will still treat HKSCC as one of the shareholders","page_number":88,"box":{"x":69,"y":460,"width":808,"height":12}},{"id":"3de161ce-5c47-4a9a-babb-1c60fdac5371","block_type":"box","text":"when it handles corporate actions in respect of such SSE Securities or SZSE Securities. HKSCC monitors the","page_number":88,"box":{"x":68,"y":475,"width":779,"height":11}},{"id":"394877b6-6692-49d3-9813-e71f99c840a9","block_type":"box","text":"corporate actions affecting SSE Securities and SZSE Securities and keeps participants of Central Clearing and","page_number":88,"box":{"x":69,"y":491,"width":788,"height":11}},{"id":"0d4025b6-3a1c-49bb-80f1-782d827e17c5","block_type":"box","text":"Settlement System (“CCASS”) informed of all such corporate actions that require CCASS participants to take steps in","page_number":88,"box":{"x":69,"y":506,"width":839,"height":11}},{"id":"49acb999-bc3d-4eef-9274-b0b0f0056e09","block_type":"box","text":"order to participate in them. Investors may only exercise their voting rights by providing their voting instructions to","page_number":88,"box":{"x":69,"y":521,"width":811,"height":11}},{"id":"a65df927-1a73-4bf9-9f8f-944c082e1864","block_type":"box","text":"HKSCC through participants of CCASS. All voting instructions from CCASS participants will be consolidated by","page_number":88,"box":{"x":70,"y":536,"width":783,"height":11}},{"id":"b781fad1-9fd0-4272-ab99-b42f3e620e2f","block_type":"box","text":"HKSCC, who will then submit a combined single voting instruction to the relevant SSE- or SZSE-listed company. As a","page_number":88,"box":{"x":70,"y":551,"width":826,"height":11}},{"id":"0d235c9b-b546-452d-acd0-7b6d39026060","block_type":"box","text":"result, a Fund may suffer difficulties or delays in enforcing its rights in SSE Securities or SZSE Securities.","page_number":88,"box":{"x":69,"y":566,"width":752,"height":11}},{"id":"772b5b4e-8df4-4876-bb20-2f0d8522f10f","block_type":"box","text":"Hong Kong’s Investor Compensation Fund is established to pay compensation to investors of any nationality who","page_number":88,"box":{"x":102,"y":589,"width":804,"height":11}},{"id":"265a4113-ac5d-4b6d-adb3-e2d4b6e6d881","block_type":"box","text":"suffer pecuniary losses as a result of default of a licensed intermediary or authorized financial institution in relation","page_number":88,"box":{"x":69,"y":604,"width":826,"height":11}},{"id":"86e8c6dc-ae50-4774-a1fc-5d3e8967e619","block_type":"box","text":"to exchange-traded products in Hong Kong. For defaults occurring on or after January 1, 2020, Hong Kong’s","page_number":88,"box":{"x":68,"y":619,"width":769,"height":11}},{"id":"6eeae0ea-af02-4a61-801e-f9086896492c","block_type":"box","text":"Investor Compensation Fund covers investors’ losses in relation to securities (i) that are traded on the SSE or the","page_number":88,"box":{"x":70,"y":634,"width":809,"height":11}},{"id":"79dd1b1e-f548-421d-92f0-38a79dc9ba14","block_type":"box","text":"SZSE and (ii) in respect of which an order for sale or purchase is permitted to be routed through the Northbound","page_number":88,"box":{"x":69,"y":649,"width":801,"height":12}},{"id":"3cff6bfd-f94b-4c1f-a610-f42fee0df298","block_type":"box","text":"Trading Link of a Stock Connect. On the other hand, since a Fund carries out Northbound trading through securities","page_number":88,"box":{"x":68,"y":664,"width":822,"height":12}},{"id":"34b846b8-3cac-4dca-8f38-bb316b3f76ae","block_type":"box","text":"brokers in Hong Kong but not PRC brokers, it is not protected by the China Securities Investor Protection Fund in the","page_number":88,"box":{"x":69,"y":680,"width":829,"height":11}},{"id":"3982cf20-fdbb-469d-8c4c-9bf9cf8e6e17","block_type":"box","text":"PRC.","page_number":88,"box":{"x":69,"y":695,"width":32,"height":9}},{"id":"676ee7a7-9737-4fc3-af73-8aa93e8ad331","block_type":"box","text":"Market participants are able to participate in Stock Connects subject to meeting certain information technology","page_number":88,"box":{"x":102,"y":717,"width":796,"height":12}},{"id":"66038919-8034-45ff-be01-2b30e32d097d","block_type":"box","text":"capability, risk management and other requirements as may be specified by the relevant exchange and/or clearing","page_number":88,"box":{"x":69,"y":732,"width":815,"height":12}},{"id":"4eb4a267-3955-4154-81b9-6c4e77f05c1c","block_type":"box","text":"house. Further, the “connectivity” in Stock Connects requires routing of orders across the border of Hong Kong and","page_number":88,"box":{"x":69,"y":748,"width":822,"height":11}},{"id":"1f9d835b-5499-4c05-a447-7c2e6bc76e70","block_type":"box","text":"the PRC. This requires the development of new information technology systems on the part of SEHK and exchange","page_number":88,"box":{"x":68,"y":763,"width":818,"height":11}},{"id":"314ec6dd-7353-4ae7-90e6-13446fe0676b","block_type":"box","text":"participants. There is no assurance that the systems of SEHK and market participants will function properly or will","page_number":88,"box":{"x":70,"y":778,"width":813,"height":11}},{"id":"15338275-618f-45b8-9256-3c2b7078ad05","block_type":"box","text":"continue to be adapted to changes and developments in both markets. In the event that the relevant systems fail to","page_number":88,"box":{"x":69,"y":793,"width":827,"height":11}},{"id":"3fd74ccd-deac-46c6-aae0-b0e95c629f8e","block_type":"box","text":"function properly, trading in Stock Connect Securities through Stock Connects could be disrupted.","page_number":88,"box":{"x":68,"y":808,"width":695,"height":11}},{"id":"2e7b1da7-9aff-431d-a135-168fa456db68","block_type":"box","text":"The Shanghai-Hong Kong Stock Connect program launched in November 2014 and the Shenzhen-Hong Kong","page_number":88,"box":{"x":101,"y":831,"width":772,"height":11}},{"id":"1bab6fee-fd5f-48e9-82cd-53ec1f1b8759","block_type":"box","text":"Stock Connect program launched in December 2016. Each program does not have an extensive operating history.","page_number":88,"box":{"x":69,"y":846,"width":810,"height":11}},{"id":"b1edb4f5-9976-445f-abe7-7502d457913f","block_type":"box","text":"New or revised regulations may be issued from time to time by the regulators and stock exchanges in China and","page_number":88,"box":{"x":70,"y":861,"width":798,"height":11}},{"id":"1b7ee6fa-215b-47ec-b7e4-a2b98b47a6f0","block_type":"box","text":"Hong Kong in connection with operations, legal enforcement and cross-border trades under Stock Connects. In","page_number":88,"box":{"x":70,"y":876,"width":786,"height":11}},{"id":"24487771-d255-4544-9511-130746002696","block_type":"box","text":"addition, there can be no assurance that Stock Connect will not be discontinued. A Fund may be adversely affected","page_number":88,"box":{"x":69,"y":891,"width":821,"height":11}},{"id":"12da3069-87e4-49a5-89f2-56b68ce95965","block_type":"box","text":"as a result of such changes. Furthermore, the securities regimes and legal systems of China and Hong Kong differ","page_number":88,"box":{"x":69,"y":906,"width":819,"height":12}},{"id":"8b3f62d6-099d-4463-a921-c43eb3ae378d","block_type":"box","text":"II-44","page_number":88,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"c0fb557c-466d-4ca7-b26a-a72a6fc53bcc","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":88,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"37fc5104-c693-494d-9927-78dd5244a2d0","block_type":"box","text":"significantly and issues may arise from the differences on an on-going basis. In the event that the relevant systems","page_number":89,"box":{"x":69,"y":45,"width":823,"height":11}},{"id":"e67d896c-5ac4-42b1-a4cf-1510d143baf0","block_type":"box","text":"fail to function properly, trading in both markets through Stock Connects could be disrupted and a Fund’s ability to","page_number":89,"box":{"x":68,"y":60,"width":814,"height":11}},{"id":"e42d3e5d-cfb2-4fa2-966d-470996bf5d19","block_type":"box","text":"achieve its investment objective may be adversely affected. In addition, a Fund’s investments in Stock Connect","page_number":89,"box":{"x":69,"y":75,"width":793,"height":11}},{"id":"2edb57a9-c9e3-4c61-9017-246f97196ea1","block_type":"box","text":"Securities through Stock Connects are generally subject to Chinese securities regulations and listing rules, among","page_number":89,"box":{"x":69,"y":90,"width":815,"height":11}},{"id":"1e5bd628-c79e-4a7e-8da0-a060d4d5103b","block_type":"box","text":"other restrictions. Further, different fees, costs and taxes are imposed on foreign investors acquiring Stock Connect","page_number":89,"box":{"x":69,"y":105,"width":828,"height":11}},{"id":"7b4d45a6-5d16-40eb-beed-941754b889c3","block_type":"box","text":"Securities through Stock Connects, and these fees, costs and taxes may be higher than comparable fees, costs and","page_number":89,"box":{"x":69,"y":120,"width":831,"height":12}},{"id":"24b89300-c471-4e0e-8689-a8cf5de4eb9b","block_type":"box","text":"taxes imposed on owners of other securities providing similar investment exposure.","page_number":89,"box":{"x":68,"y":135,"width":596,"height":12}},{"id":"deda5da1-9bbe-46e7-8b3d-23ef1837fcab","block_type":"box","text":"Suspension Risk.","page_number":89,"box":{"x":102,"y":158,"width":122,"height":11}},{"id":"153da274-e559-4b16-8d2f-9126bb07633d","block_type":"box","text":"SSE Securities and SZSE Securities may only be bought from, or sold to, a Fund at times when","page_number":89,"box":{"x":231,"y":158,"width":675,"height":11}},{"id":"d45332fe-4ccc-45a0-bcc7-170c5d7db478","block_type":"box","text":"the relevant SSE Securities and SZSE Securities may be sold or purchased on the relevant Chinese stock exchange.","page_number":89,"box":{"x":68,"y":173,"width":829,"height":11}},{"id":"551006bd-e884-418f-a8e0-83b24ad806e9","block_type":"box","text":"The SSE Securities and SZSE Securities markets have a higher propensity for trading suspensions than many other","page_number":89,"box":{"x":68,"y":188,"width":823,"height":12}},{"id":"df9c9da6-5347-467c-bc75-acc38d035c04","block_type":"box","text":"global equity markets. Each of the SEHK, SSE and SZSE reserves the right to suspend trading of SSE Securities and","page_number":89,"box":{"x":68,"y":203,"width":831,"height":12}},{"id":"bbcb9065-2c1c-44a9-84a7-7d50228db9b9","block_type":"box","text":"SZSE Securities purchased on the Stock Connects if necessary for ensuring an orderly and fair market and ensuring","page_number":89,"box":{"x":69,"y":218,"width":828,"height":12}},{"id":"1df7cc6a-036b-41e4-a51d-0f6ba42b4a0d","block_type":"box","text":"that risks are managed prudently. Consent from the relevant regulator would be sought before a suspension of","page_number":89,"box":{"x":68,"y":234,"width":791,"height":11}},{"id":"8bc9d3ab-7ff6-44de-88ce-e0179372939f","block_type":"box","text":"Northbound trading is triggered. The relevant PRC government authority may also impose “circuit breakers” and other","page_number":89,"box":{"x":70,"y":249,"width":837,"height":11}},{"id":"a2faa55d-7800-4e26-b253-32660b6a5405","block_type":"box","text":"measures to halt or suspend Northbound trading. Where a suspension in the Northbound trading through Stock","page_number":89,"box":{"x":69,"y":264,"width":796,"height":11}},{"id":"81af20c8-34ef-4b95-85ec-ddd8cce78651","block_type":"box","text":"Connect is effected, the Fund’s ability to access the PRC market will be adversely affected. Trading suspensions in","page_number":89,"box":{"x":69,"y":279,"width":820,"height":11}},{"id":"ad89b736-3093-4f9c-8e35-a2f8263a57bd","block_type":"box","text":"certain stocks could lead to greater market execution risk and costs for a Fund. The SSE and SZSE currently apply a","page_number":89,"box":{"x":69,"y":294,"width":829,"height":11}},{"id":"9d8c8e02-5f46-435b-bb47-b6811d92a9fb","block_type":"box","text":"daily price limit, generally set at 10%, of the amount of fluctuation permitted in the prices of the relevant SSE","page_number":89,"box":{"x":69,"y":309,"width":778,"height":11}},{"id":"ce837785-8db0-406a-bc06-80cc2768aaf2","block_type":"box","text":"Securities and SZSE Securities during a single trading day. The daily price limit refers to price movements only and","page_number":89,"box":{"x":69,"y":324,"width":815,"height":12}},{"id":"e71b0a88-076a-48c2-aae7-fe568d3f4916","block_type":"box","text":"does not restrict trading within the relevant limit. There can be no assurance that a liquid market on an exchange will","page_number":89,"box":{"x":69,"y":340,"width":833,"height":11}},{"id":"21339224-7dca-4575-8757-3cf18d385665","block_type":"box","text":"exist for any particular SSE Security or SZSE Security or for any particular time.","page_number":89,"box":{"x":69,"y":355,"width":563,"height":11}},{"id":"9b07e61c-c638-4fc2-93eb-82abe593f46d","block_type":"box","text":"Risk of Investing in the China Interbank Bond Market through Bond Connect.","page_number":89,"box":{"x":102,"y":377,"width":542,"height":12}},{"id":"8000d3a1-7472-40e9-a576-90930904b315","block_type":"box","text":"A Fund may invest directly in the","page_number":89,"box":{"x":650,"y":377,"width":230,"height":11}},{"id":"079fe7c6-daa6-45a7-a031-7d2d398a8686","block_type":"box","text":"domestic bond market in the PRC (the “China Interbank Bond Market”) through the northbound trading of Bond","page_number":89,"box":{"x":69,"y":392,"width":791,"height":12}},{"id":"ad9c65be-b169-407c-a505-ef72327aa9e8","block_type":"box","text":"Connect (“Bond Connect”). Bond Connect is an initiative launched in July 2017 for mutual bond market access","page_number":89,"box":{"x":69,"y":407,"width":790,"height":12}},{"id":"8dd9342b-bf1e-4c86-bcf3-d495a6f36cc8","block_type":"box","text":"between the PRC and Hong Kong, established by the China Foreign Exchange Trade System & National Interbank","page_number":89,"box":{"x":69,"y":423,"width":803,"height":11}},{"id":"bdbd6779-d7bd-4f4d-9903-6466bd2dc800","block_type":"box","text":"Funding Centre (“CFETS”), China Central Depository & Clearing Co., Ltd (“CDCC”), Shanghai Clearing House (“SCH”),","page_number":89,"box":{"x":70,"y":438,"width":832,"height":11}},{"id":"a4d1167b-bf80-43ea-bccb-b7838c67a849","block_type":"box","text":"Hong Kong Exchanges and Clearing Limited (“HKEX”) and Central Moneymarkets Unit (“CMU”). Under the prevailing","page_number":89,"box":{"x":70,"y":453,"width":821,"height":11}},{"id":"d57f2839-2a5b-4aef-be39-3d4332a13ef9","block_type":"box","text":"regulations in the PRC, eligible foreign investors are allowed to invest in the bonds circulated in the China Interbank","page_number":89,"box":{"x":69,"y":468,"width":825,"height":11}},{"id":"cbe54750-588e-427d-8625-7608411d7c2a","block_type":"box","text":"Bond Market through Bond Connect. Eligible foreign investors may submit trade requests for bonds circulated in the","page_number":89,"box":{"x":70,"y":483,"width":825,"height":11}},{"id":"4386d281-967d-4750-8158-fe6a820cde9c","block_type":"box","text":"China Interbank Bond Market through offshore electronic bond trading platforms (such as Tradeweb), which will in","page_number":89,"box":{"x":69,"y":498,"width":809,"height":11}},{"id":"a0982ddb-3f1b-4b54-9a3a-e70565431fb4","block_type":"box","text":"turn transmit their requests for quotation to CFETS. CFETS will send the requests for quotation to a number of","page_number":89,"box":{"x":68,"y":513,"width":786,"height":11}},{"id":"89e1936e-f8ca-482f-af34-dd5ac1c71607","block_type":"box","text":"approved onshore dealers (including market makers and others engaged in the market making business) in the PRC.","page_number":89,"box":{"x":69,"y":529,"width":830,"height":11}},{"id":"faa927cc-61aa-45db-88d3-a221ac3920e7","block_type":"box","text":"The approved onshore dealer(s) will respond to the requests for quotation via CFETS and CFETS will send their","page_number":89,"box":{"x":68,"y":543,"width":788,"height":12}},{"id":"42a05ba5-d112-4a8a-a8c9-506a00448500","block_type":"box","text":"responses to those eligible foreign investors through the same offshore electronic bond trading platforms. Once the","page_number":89,"box":{"x":69,"y":559,"width":827,"height":11}},{"id":"91070077-c4af-400f-ae40-0e78d9c00b2c","block_type":"box","text":"eligible foreign investor accepts the quotation, the trade is concluded on CFETS.","page_number":89,"box":{"x":69,"y":574,"width":570,"height":11}},{"id":"12f22d11-0fb7-48a2-80fc-cc04ae4f1aa7","block_type":"box","text":"The settlement and custody of bonds traded in the China Interbank Bond Market under Bond Connect will be","page_number":89,"box":{"x":101,"y":596,"width":773,"height":12}},{"id":"7357e669-c3dc-4924-b9ff-0b29da5e75a1","block_type":"box","text":"effected through the settlement and custody link between CMU, as an offshore custody agent, and CDCC and SCH,","page_number":89,"box":{"x":69,"y":612,"width":823,"height":11}},{"id":"c8bb4a65-d2f7-49c5-a53f-728cd7e097fd","block_type":"box","text":"as onshore custodians and clearing institutions in the PRC. Under the settlement link, CDCC or SCH will effect gross","page_number":89,"box":{"x":69,"y":627,"width":832,"height":11}},{"id":"62ba3e01-769e-4571-a4f0-3a613953d595","block_type":"box","text":"settlement of confirmed trades onshore and CMU will process bond settlement instructions from CMU members on","page_number":89,"box":{"x":69,"y":642,"width":822,"height":11}},{"id":"809efce7-8143-47c8-a786-8ed3b851e2a6","block_type":"box","text":"behalf of eligible foreign investors in accordance with its relevant rules. Since the introduction in August 2018 of","page_number":89,"box":{"x":69,"y":657,"width":804,"height":11}},{"id":"64ede776-f1a5-444b-be3d-7eb752b4d47c","block_type":"box","text":"delivery versus payment (DVP) settlement in respect of Bond Connect, the movement of cash and securities is","page_number":89,"box":{"x":69,"y":672,"width":787,"height":11}},{"id":"92840764-88ca-4352-85cf-3095c3442b9d","block_type":"box","text":"carried out simultaneously on a real-time basis. Pursuant to the prevailing regulations in the PRC, CMU, as the","page_number":89,"box":{"x":69,"y":687,"width":788,"height":11}},{"id":"0ac3da4b-34e6-436c-8af1-452aadbb957a","block_type":"box","text":"offshore custody agent recognized by the Hong Kong Monetary Authority, will open omnibus nominee accounts with","page_number":89,"box":{"x":69,"y":702,"width":820,"height":12}},{"id":"94524ea4-e413-450e-be78-bbd98afa69ca","block_type":"box","text":"the onshore custody agent recognized by the People’s Bank of China (","page_number":89,"box":{"x":68,"y":717,"width":500,"height":12}},{"id":"c136a35d-8139-43da-bfe3-c7115aa0410c","block_type":"box","text":"i.e.","page_number":89,"box":{"x":570,"y":718,"width":20,"height":8}},{"id":"a19b6fb8-2603-4984-aaac-66c88cf55147","block_type":"box","text":", CDCC and SCH). All bonds traded by","page_number":89,"box":{"x":593,"y":718,"width":267,"height":11}},{"id":"80d028a5-40c0-4a31-a90d-62b0e2879ade","block_type":"box","text":"eligible foreign investors through Bond Connect will be registered in the name of CMU, which will hold such bonds as","page_number":89,"box":{"x":69,"y":732,"width":832,"height":12}},{"id":"1d9341dc-3222-4b63-b172-2ca606836e25","block_type":"box","text":"a nominee owner. Therefore, a Fund will be exposed to custody risks with respect to CMU. In the remote event of a","page_number":89,"box":{"x":69,"y":748,"width":819,"height":11}},{"id":"61c5ef39-9b6e-411d-a242-0c903ea3e2c3","block_type":"box","text":"CDCC or SCH default, CMU’s liabilities in Bond Connect bonds under its market contracts with clearing participants","page_number":89,"box":{"x":69,"y":763,"width":822,"height":11}},{"id":"6eeec768-ac84-4ac4-bf7b-d82a3a2e1bec","block_type":"box","text":"will be limited to assisting clearing participants in pursuing their claims against CDCC or SCH. The Fund may suffer","page_number":89,"box":{"x":68,"y":778,"width":822,"height":11}},{"id":"24321a27-e3bd-46fd-b4e7-c77490102d3e","block_type":"box","text":"delay in the recovery process or may not fully recover its losses from CDCC or SCH. In addition, as the relevant","page_number":89,"box":{"x":69,"y":793,"width":793,"height":11}},{"id":"ec55c210-2627-47b0-a351-20e949638200","block_type":"box","text":"filings, registration with the People’s Bank of China, and account opening have to be carried out by third parties,","page_number":89,"box":{"x":68,"y":808,"width":802,"height":11}},{"id":"56fa9811-81a8-4bdc-a545-53a8a874caab","block_type":"box","text":"including CMU, CDCC, SCH, and CFETS, a Fund is subject to the risks of default or errors on the part of such third","page_number":89,"box":{"x":70,"y":823,"width":812,"height":12}},{"id":"3aa26ad0-5394-42e1-87eb-f4989025af86","block_type":"box","text":"parties.","page_number":89,"box":{"x":70,"y":839,"width":52,"height":10}},{"id":"7d06a9a2-13b3-4659-b170-54edeac22a9e","block_type":"box","text":"The precise nature and rights of a Fund as the beneficial owner of the bonds traded in the China Interbank Bond","page_number":89,"box":{"x":101,"y":861,"width":799,"height":11}},{"id":"66488985-0c6a-4ce8-9017-18669ef66ac0","block_type":"box","text":"Market through CMU as nominee is not well-defined under PRC law. There is a lack of a clear definition of, and","page_number":89,"box":{"x":70,"y":876,"width":785,"height":11}},{"id":"f3ce91d6-ce3a-4059-aa01-6c0269134c7e","block_type":"box","text":"distinction between, legal ownership and beneficial ownership under PRC law and there have been few cases","page_number":89,"box":{"x":69,"y":891,"width":776,"height":12}},{"id":"5ee3adff-0ac3-469f-9fdd-47014dd932ee","block_type":"box","text":"II-45","page_number":89,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"93dea6e5-dbc6-4b6e-8862-8405d69f8a6c","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":89,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b2407a2e-3ffa-4514-a6d2-4ba2dc7c2047","block_type":"box","text":"involving a nominee account structure in the PRC courts. The exact nature and methods of enforcement of the rights","page_number":90,"box":{"x":70,"y":45,"width":830,"height":11}},{"id":"a417d6e0-4405-4b48-aa2b-4df827212d85","block_type":"box","text":"and interests of a Fund under PRC law are also uncertain.","page_number":90,"box":{"x":69,"y":60,"width":412,"height":9}},{"id":"8d9e7480-3e55-433e-b7f3-f944536509ad","block_type":"box","text":"Market volatility and potential lack of liquidity due to low trading volume of certain bonds in the China Interbank","page_number":90,"box":{"x":102,"y":82,"width":793,"height":12}},{"id":"4835be04-fb82-4efc-8c15-793048c43449","block_type":"box","text":"Bond Market may result in prices of certain bonds traded on such market fluctuating significantly. A Fund investing in","page_number":90,"box":{"x":70,"y":98,"width":832,"height":11}},{"id":"42c2c119-5ad5-4f03-9cc5-efc1717c57d9","block_type":"box","text":"such market is therefore subject to liquidity and volatility risks. The bid-ask spreads of the prices of such securities","page_number":90,"box":{"x":69,"y":113,"width":821,"height":11}},{"id":"81892b4f-5068-446e-8c14-e38a489625f2","block_type":"box","text":"may be large, and a Fund may therefore incur significant costs and may suffer losses when selling such investments.","page_number":90,"box":{"x":69,"y":128,"width":836,"height":11}},{"id":"624028e3-aafb-4cfd-864d-cf43769fe7a8","block_type":"box","text":"The bonds traded in the China Interbank Bond Market may be difficult or impossible to sell, which may impact a","page_number":90,"box":{"x":68,"y":143,"width":798,"height":11}},{"id":"3d6b8ef8-9736-4e2b-9a15-a320ee70635b","block_type":"box","text":"Fund’s ability to acquire or dispose of such securities at their expected prices.","page_number":90,"box":{"x":70,"y":158,"width":556,"height":11}},{"id":"8bb3e7c1-6eed-4e3f-a213-76dc1383e993","block_type":"box","text":"Investing in the China Interbank Bond Market through Bond Connect is also subject to regulatory risks. The","page_number":90,"box":{"x":102,"y":181,"width":762,"height":11}},{"id":"6768d536-299f-4653-8d73-c4df4023ee83","block_type":"box","text":"relevant rules and regulations are subject to change, which may have potential retrospective effect, and there can be","page_number":90,"box":{"x":69,"y":196,"width":835,"height":11}},{"id":"af2f0a7d-0025-4ffc-b912-9d02915673f8","block_type":"box","text":"no assurance that Bond Connect will not be discontinued or abolished. Furthermore, the securities regimes and legal","page_number":90,"box":{"x":69,"y":211,"width":835,"height":11}},{"id":"5f855ad0-ea0b-447e-af45-0ad43fc9eaab","block_type":"box","text":"systems of China and Hong Kong differ significantly and issues may arise based on these differences. In the event","page_number":90,"box":{"x":69,"y":226,"width":820,"height":11}},{"id":"b10fd69e-7816-4919-8de0-0c3aa126efad","block_type":"box","text":"that the relevant authorities suspend account opening or trading on the China Interbank Bond Market, a Fund’s ability","page_number":90,"box":{"x":68,"y":241,"width":840,"height":11}},{"id":"5ca409d4-6f26-4c15-a278-619748483400","block_type":"box","text":"to invest in the China Interbank Bond Market will be adversely affected and limited. In such event, the Fund’s ability","page_number":90,"box":{"x":68,"y":256,"width":826,"height":11}},{"id":"0b694bf6-91d5-4a9f-94d8-6b007d026d8c","block_type":"box","text":"to achieve its investment objective will be negatively affected and, after exhausting other trading alternatives, the","page_number":90,"box":{"x":68,"y":271,"width":808,"height":12}},{"id":"da2c0ab6-df85-4a72-98c0-c9c0ff1dbda6","block_type":"box","text":"Fund may suffer substantial losses as a result. Further, if Bond Connect is not operating, a Fund may not be able to","page_number":90,"box":{"x":70,"y":286,"width":826,"height":12}},{"id":"5ff8eeac-f16c-4b3f-87da-215f81499a47","block_type":"box","text":"acquire or dispose of bonds through Bond Connect in a timely manner, which could adversely affect the Fund’s","page_number":90,"box":{"x":69,"y":302,"width":789,"height":11}},{"id":"82d3fca8-ad9a-49b0-b5b3-0c7df913c341","block_type":"box","text":"performance.","page_number":90,"box":{"x":70,"y":317,"width":93,"height":11}},{"id":"8a54d37e-10fe-4d0c-8ec6-1db2ac2aa244","block_type":"box","text":"Trading through Bond Connect is performed through newly developed trading platforms and operational systems.","page_number":90,"box":{"x":101,"y":339,"width":803,"height":12}},{"id":"ebd83563-5ea8-4c9a-bbb6-e950753ced0d","block_type":"box","text":"There is no assurance that such systems will function properly or will continue to be adapted to changes and","page_number":90,"box":{"x":68,"y":355,"width":776,"height":11}},{"id":"debce443-f059-43f8-ae12-0be1682e1935","block_type":"box","text":"developments in the market. In the event that the relevant systems fail to function properly, trading through Bond","page_number":90,"box":{"x":69,"y":370,"width":806,"height":11}},{"id":"fcb8f01b-eb5f-4e40-b533-a77f6007e572","block_type":"box","text":"Connect may be disrupted. A Fund’s ability to trade through Bond Connect (and hence to pursue its investment","page_number":90,"box":{"x":69,"y":385,"width":791,"height":11}},{"id":"e388ed07-cc83-4c30-860c-a19c3da6c9d8","block_type":"box","text":"strategy) may therefore be adversely affected. In addition, where a Fund invests in the China Interbank Bond Market","page_number":90,"box":{"x":69,"y":400,"width":827,"height":11}},{"id":"78c493a0-b81f-46fd-bfd1-75d1b1fcb478","block_type":"box","text":"through Bond Connect, it may be subject to risks of delays inherent in the order placing and/or settlement systems.","page_number":90,"box":{"x":68,"y":415,"width":827,"height":11}},{"id":"249ed724-4bab-4e4d-9fc5-7a90fea63062","block_type":"box","text":"Bond Connect trades are settled in Chinese currency, the RMB, which is currently restricted and not freely","page_number":90,"box":{"x":102,"y":438,"width":755,"height":11}},{"id":"20670999-5912-49d5-81d5-824c0900d5c2","block_type":"box","text":"convertible. As a result, a Fund will be exposed to currency risk, and it cannot be guaranteed that investors will have","page_number":90,"box":{"x":69,"y":453,"width":830,"height":11}},{"id":"9596a984-5557-4832-b1ac-a688a54e47ac","block_type":"box","text":"timely access to a reliable supply of RMB.","page_number":90,"box":{"x":68,"y":468,"width":298,"height":11}},{"id":"3322864f-fc1d-4b51-8572-ae54f603ab52","block_type":"box","text":"Tax Risk – Withholding Income Tax Risk","page_number":90,"box":{"x":103,"y":491,"width":277,"height":11}},{"id":"51935730-5527-4f67-96b0-559855d66b61","block_type":"box","text":".","page_number":90,"box":{"x":381,"y":498,"width":2,"height":2}},{"id":"8f9c36bd-0605-4906-959d-16ed8cc59e89","block_type":"box","text":"According to PRC tax regulations, a 10% withholding income tax is imposed on PRC sourced dividends and","page_number":90,"box":{"x":101,"y":513,"width":758,"height":12}},{"id":"664bd15e-05ab-4141-abdc-dab7ba9bce9a","block_type":"box","text":"interests from non-government bonds paid to a non-PRC tax resident enterprise, unless the rate is reduced under an","page_number":90,"box":{"x":70,"y":528,"width":828,"height":12}},{"id":"d6dfde73-fffe-426b-ad62-ad210c9f97a7","block_type":"box","text":"applicable tax treaty. From a technical perspective, withholding income tax is also applicable to capital gains realized","page_number":90,"box":{"x":69,"y":544,"width":831,"height":11}},{"id":"c302d10b-dbcc-4554-949d-b5bd8f5dae83","block_type":"box","text":"by foreign investors on the disposal of PRC equity interests.","page_number":90,"box":{"x":69,"y":559,"width":425,"height":11}},{"id":"d46b0d16-9117-461f-83e7-ba3ed3b96125","block_type":"box","text":"There are however certain tax exemptions available, some temporary in nature, highlighted below.","page_number":90,"box":{"x":101,"y":582,"width":697,"height":11}},{"id":"4ad49346-888f-44f2-845c-18ad4995dbc3","block_type":"box","text":"On November 14, 2014, the Ministry of Finance (“MoF”), China Securities Regulatory Commission and the State","page_number":90,"box":{"x":102,"y":604,"width":803,"height":11}},{"id":"ba452d9a-b927-4e9a-8db3-6bc88391ad41","block_type":"box","text":"Taxation Administration (“STA”), acting with State Council’s approval, jointly released Circular 79, which temporarily","page_number":90,"box":{"x":68,"y":619,"width":822,"height":11}},{"id":"444a9060-fbe0-497e-80fc-16e524cecbf7","block_type":"box","text":"exempts Qualified Foreign Institutional Investors (“QFIIs”) and Renminbi Qualified Foreign Institutional Investors","page_number":90,"box":{"x":69,"y":634,"width":794,"height":12}},{"id":"a438ea39-49e5-4964-bfa7-4dc23be63a5c","block_type":"box","text":"(“RQFIIs”) from tax on capital gains derived from the trading of shares and other equity interest investments on or","page_number":90,"box":{"x":69,"y":649,"width":812,"height":12}},{"id":"3289dde3-566f-4d8c-9eab-a4c0b600eb03","block_type":"box","text":"after November 17, 2014. Subsequently, Circulars 81 and 127 were issued to temporarily exempt tax on capital","page_number":90,"box":{"x":69,"y":664,"width":800,"height":12}},{"id":"e7b42b1c-3252-4362-9df3-7e54bd830b63","block_type":"box","text":"gains derived from trading of equity securities of companies domiciled in the PRC that trade on Chinese stock","page_number":90,"box":{"x":68,"y":680,"width":783,"height":11}},{"id":"bcc3e381-be51-4cd9-b253-4454b4dba04e","block_type":"box","text":"exchanges (“A-Shares”) through the Shanghai-Hong Kong Stock Connect program or the Shenzhen-Hong Kong Stock","page_number":90,"box":{"x":69,"y":695,"width":825,"height":11}},{"id":"bc5d094c-b4bf-458c-8301-60767ac4e41c","block_type":"box","text":"Connect program, as applicable (each, a “Stock Connect” and collectively, “Stock Connects”). The duration of the","page_number":90,"box":{"x":69,"y":710,"width":809,"height":11}},{"id":"bf62c225-300d-43e2-95ae-a6c1f670385f","block_type":"box","text":"temporary exemptions is not stated in the circulars and is subject to termination by the PRC tax authorities with or","page_number":90,"box":{"x":68,"y":725,"width":818,"height":11}},{"id":"f4315ecd-ad1c-47bd-917b-98ce529c4c68","block_type":"box","text":"without notice.","page_number":90,"box":{"x":68,"y":740,"width":103,"height":9}},{"id":"a4bc907a-a9a3-4340-982b-d43f51b3d25e","block_type":"box","text":"On November 22, 2018, the MoF and STA jointly issued Circular 108 which states that foreign institutional","page_number":90,"box":{"x":102,"y":763,"width":759,"height":11}},{"id":"c28ca771-0f43-4e1a-a141-9a97d9fa9e2b","block_type":"box","text":"investors are temporarily exempt from withholding income tax with respect to interest income on bonds derived from","page_number":90,"box":{"x":70,"y":778,"width":827,"height":11}},{"id":"38d15ddf-7805-4e56-ac84-d3e6ed13d19e","block_type":"box","text":"the PRC bond market from November 7, 2018 to November 6, 2021. On November 22, 2021, the MoF and STA","page_number":90,"box":{"x":68,"y":793,"width":798,"height":10}},{"id":"23830e24-a8f6-4e84-97cc-3ba77021e760","block_type":"box","text":"issued Public Notice 34 to extend the temporary exemption from November 7, 2021 to December 31, 2025. On","page_number":90,"box":{"x":70,"y":808,"width":798,"height":11}},{"id":"a4dcae6b-93b6-4edd-b845-c74aeb8bc1cb","block_type":"box","text":"January 15, 2026, it was announced via Public Notice No. 5 of 2026 that the exemption was extended through","page_number":90,"box":{"x":69,"y":823,"width":792,"height":12}},{"id":"d2d6e75e-61e9-47eb-adbc-bf96a01cbc4d","block_type":"box","text":"December 31, 2027.","page_number":90,"box":{"x":70,"y":838,"width":147,"height":11}},{"id":"24d71117-2712-4bac-9ecc-e31022574c91","block_type":"box","text":"Value Added Tax (“VAT”) Risk —","page_number":90,"box":{"x":103,"y":861,"width":225,"height":11}},{"id":"8adcddfc-cdc1-4788-ba4d-109daf3141e0","block_type":"box","text":"From May 1, 2016, VAT applies to certain income derived by the Fund, including","page_number":90,"box":{"x":333,"y":861,"width":569,"height":11}},{"id":"ac1e09f5-788e-40dc-b547-de6d8b37bff2","block_type":"box","text":"PRC sourced interest income on non-government bonds and trading gains.","page_number":90,"box":{"x":69,"y":876,"width":528,"height":11}},{"id":"488a9db3-ca56-493a-a0d7-5db690a49e99","block_type":"box","text":"There are however certain tax exemptions available, some temporary in nature, highlighted below.","page_number":90,"box":{"x":101,"y":899,"width":697,"height":11}},{"id":"4f81b0cc-4b67-4d01-b0f4-b6bac1239cdb","block_type":"box","text":"II-46","page_number":90,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"52d46dae-2720-4fe3-8e9c-b2c3bcd38116","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":90,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8dabea45-6a01-4591-bcd2-82fd08f8b795","block_type":"box","text":"VAT exemptions currently apply to capital gains from trading of QFII and RQFII products, A-Shares traded on the","page_number":91,"box":{"x":101,"y":45,"width":789,"height":11}},{"id":"372ecd68-93ca-44a7-97c3-300b76c463c4","block_type":"box","text":"Stock Connects and debt securities traded in the China Interbank Bond Market.","page_number":91,"box":{"x":69,"y":60,"width":565,"height":9}},{"id":"e93b018b-1eba-4fa2-a4ff-9fbc23d60962","block_type":"box","text":"On November 7, 2018, the MoF and STA jointly issued Circular 108 which states that foreign institutional","page_number":91,"box":{"x":102,"y":82,"width":749,"height":12}},{"id":"c7a39618-df19-4544-ac33-caa7feaec899","block_type":"box","text":"investors are temporarily exempt from VAT with respect to interest income on bonds derived from the PRC bond","page_number":91,"box":{"x":70,"y":98,"width":791,"height":11}},{"id":"d86ef858-3c0d-4554-acc2-5cfa8f00f1e2","block_type":"box","text":"market from November 7, 2018 to November 6, 2021. On November 22, 2021, the MoF and STA jointly issued Public","page_number":91,"box":{"x":69,"y":113,"width":840,"height":11}},{"id":"962b3de2-7c30-48ae-bbd5-6a5bed8aac17","block_type":"box","text":"Notice 34 to extend the temporary exemption from November 7, 2021 to December 31, 2025. However, on","page_number":91,"box":{"x":70,"y":128,"width":766,"height":11}},{"id":"1da58899-9d67-404d-991a-266672bf0609","block_type":"box","text":"July 31, 2025, the MoF and STA jointly issued Public Notice No 4 of 2025, stating that VAT will apply with respect to","page_number":91,"box":{"x":69,"y":143,"width":826,"height":11}},{"id":"ab1cd284-edea-409b-85af-81f124f52bff","block_type":"box","text":"interest income derived from treasury bonds, local government bonds and financial bonds issued on or after","page_number":91,"box":{"x":70,"y":158,"width":772,"height":11}},{"id":"41fc3eb0-1baa-43ee-a09c-7bfb6d142d05","block_type":"box","text":"August 8, 2025. It is understood that Public Notice No 4 of 2025 does not supersede the afore-mentioned exemption","page_number":91,"box":{"x":68,"y":173,"width":840,"height":11}},{"id":"183324ba-9833-4457-825b-5dc0202fe05a","block_type":"box","text":"for foreign institutional investors. This exemption was extended through December 31, 2027.","page_number":91,"box":{"x":68,"y":188,"width":665,"height":12}},{"id":"53da29bd-11ce-44a6-9588-c2c6e301aa53","block_type":"box","text":"Any changes in PRC tax law, future clarifications thereof, and/or subsequent retroactive enforcement by the PRC","page_number":91,"box":{"x":101,"y":211,"width":801,"height":11}},{"id":"47e1624e-9111-4249-b8f5-5d898b32130e","block_type":"box","text":"tax authorities may result in a loss which could be material to the Fund. There is a risk the PRC tax authorities may","page_number":91,"box":{"x":68,"y":226,"width":821,"height":11}},{"id":"e3748de5-0684-49e6-8cf4-ac338fd014c8","block_type":"box","text":"withdraw the temporary tax exemptions in the future and seek to collect taxes realized on the sale of A-Shares or","page_number":91,"box":{"x":68,"y":241,"width":808,"height":11}},{"id":"51bfc04c-b100-44cd-9550-73588d8bcc56","block_type":"box","text":"PRC sourced interest income on non-government bonds received by the Fund without giving any prior notice. If the","page_number":91,"box":{"x":69,"y":256,"width":810,"height":12}},{"id":"bd92bd9b-53bf-4d0d-b880-ca60b212237c","block_type":"box","text":"temporary tax exemptions are withdrawn, any taxes may be directly borne by or indirectly passed on to the Fund and","page_number":91,"box":{"x":68,"y":272,"width":829,"height":11}},{"id":"35825d8d-0835-44d3-a431-9512ec746257","block_type":"box","text":"may result in a substantial impact to its net asset value. As with any net asset value adjustment, investors may be","page_number":91,"box":{"x":69,"y":287,"width":819,"height":11}},{"id":"8704b280-eca1-43ce-a8cf-e6427275e5fa","block_type":"box","text":"advantaged or disadvantaged depending on when the investors purchased and/or sold the shares of the Fund. There","page_number":91,"box":{"x":69,"y":302,"width":833,"height":11}},{"id":"55593a32-b7d8-4cf9-8fd7-33fdd49526d1","block_type":"box","text":"will be no retrospective restatement of the Fund’s net asset value.","page_number":91,"box":{"x":68,"y":317,"width":474,"height":11}},{"id":"e31c3fad-dd8d-49fa-8943-b78fcfb98986","block_type":"box","text":"BlackRock will keep the provisioning policy for tax liability under review and may, in its discretion from time to","page_number":91,"box":{"x":102,"y":339,"width":777,"height":12}},{"id":"451bcbe2-f059-4eab-965b-b079c84b8ffa","block_type":"box","text":"time, make a provision for potential tax liabilities if in its opinion such provision is warranted or as further clarified by","page_number":91,"box":{"x":68,"y":355,"width":836,"height":11}},{"id":"dd1bb445-651a-464e-93b3-28937ed8f852","block_type":"box","text":"the PRC in notifications.","page_number":91,"box":{"x":68,"y":370,"width":171,"height":9}},{"id":"5c42bb94-4e01-4b66-8460-3e5ed3d1a9e0","block_type":"box","text":"Investment in Other Investment Companies.","page_number":91,"box":{"x":102,"y":392,"width":320,"height":11}},{"id":"f956ec4c-3eb5-4a46-b5b5-59a9bf503124","block_type":"box","text":"Each Fund may, subject to applicable law, invest in other","page_number":91,"box":{"x":429,"y":393,"width":402,"height":11}},{"id":"5e554cbd-f5d9-400d-b5f8-16738af6c477","block_type":"box","text":"investment companies (including investment companies managed by BlackRock and its affiliates), including money","page_number":91,"box":{"x":70,"y":407,"width":818,"height":12}},{"id":"6779424b-92c9-4940-83fa-e636e70eb299","block_type":"box","text":"market funds and ETFs, which are typically open-end funds or unit investment trusts listed on a stock exchange.","page_number":91,"box":{"x":69,"y":423,"width":797,"height":11}},{"id":"bc35e6f7-6066-4e7d-84d3-1d01720c4a55","block_type":"box","text":"Under Section 12(d)(1)(A) of the Investment Company Act, however, a Fund may invest up to 10% of its total assets","page_number":91,"box":{"x":70,"y":438,"width":822,"height":11}},{"id":"460fbe7f-4630-4de6-914c-3f2dbb9bf4f6","block_type":"box","text":"in securities of other investment companies (measured at the time of such investment). In addition, under Section","page_number":91,"box":{"x":70,"y":453,"width":814,"height":11}},{"id":"5ab38e46-6397-4284-ae7b-a1c53c2bd711","block_type":"box","text":"12(d)(1)(A) of the Investment Company Act a Fund may not acquire securities of an investment company if such","page_number":91,"box":{"x":70,"y":468,"width":793,"height":11}},{"id":"843094be-c475-4276-a351-7ae9d60c25da","block_type":"box","text":"acquisition would cause the Fund to own more than 3% of the total outstanding voting stock of such investment","page_number":91,"box":{"x":69,"y":483,"width":796,"height":11}},{"id":"76d35438-6adf-4c9c-97d4-3bdc190ecddc","block_type":"box","text":"company and a Fund may not invest in another investment company if such investment would cause more than 5% of","page_number":91,"box":{"x":69,"y":498,"width":837,"height":11}},{"id":"4b7d6eab-b579-480b-9b3f-bf04fd026b01","block_type":"box","text":"the value of the Fund’s total assets to be invested in securities of such investment company. (These limits do not","page_number":91,"box":{"x":68,"y":513,"width":812,"height":11}},{"id":"5e96ac10-be0c-49d4-86da-e7c46c1644a7","block_type":"box","text":"restrict a Feeder Fund from investing all of its assets in shares of its Master Portfolio.) In addition to the restrictions","page_number":91,"box":{"x":69,"y":528,"width":829,"height":12}},{"id":"26e2c9d6-b147-4354-a52d-f82b1f90a833","block_type":"box","text":"on investing in other investment companies discussed above, under Section 12(d)(1)(C) of the Investment Company","page_number":91,"box":{"x":69,"y":543,"width":827,"height":12}},{"id":"b2f69e43-5222-4860-8bed-1f868f2c66f0","block_type":"box","text":"Act a Fund may not invest in a registered closed-end investment company if such investment would cause the Fund","page_number":91,"box":{"x":68,"y":559,"width":821,"height":11}},{"id":"1b981a8d-4bfd-4317-8dbf-8f43dbad1e78","block_type":"box","text":"and other BlackRock-advised investment companies to own more than 10% of the total outstanding voting stock of","page_number":91,"box":{"x":69,"y":574,"width":817,"height":11}},{"id":"1dee6b81-e1cf-4a7b-8052-eb11a468cc76","block_type":"box","text":"such closed-end investment company. Pursuant to Section 12(d)(1)(G) of the Investment Company Act, these","page_number":91,"box":{"x":69,"y":589,"width":776,"height":11}},{"id":"4c8d362e-1c12-4e21-915f-138a21500a8c","block_type":"box","text":"percentage limitations do not apply to investments in affiliated investment companies, including ETFs, subject to","page_number":91,"box":{"x":70,"y":604,"width":802,"height":11}},{"id":"c7b0b38c-6d8b-45bc-a1ce-6c76e2299308","block_type":"box","text":"certain conditions. In addition, a Fund may be able to rely on certain rules under the Investment Company Act to","page_number":91,"box":{"x":69,"y":619,"width":801,"height":11}},{"id":"35365d12-8215-4016-a019-c10088f41536","block_type":"box","text":"invest in shares of money market funds or other investment companies beyond the statutory limits noted above, but","page_number":91,"box":{"x":70,"y":634,"width":829,"height":11}},{"id":"68afb337-ec47-48ce-9dee-60842e0e991d","block_type":"box","text":"subject to certain conditions.","page_number":91,"box":{"x":69,"y":650,"width":206,"height":10}},{"id":"1b1db08b-c441-4463-9c98-db5b670582c0","block_type":"box","text":"As with other investments, investments in other investment companies are subject to market and selection risk.","page_number":91,"box":{"x":101,"y":672,"width":799,"height":11}},{"id":"ab13f41e-e48d-4a56-872c-d0e3507a6ab1","block_type":"box","text":"Shares of investment companies, such as closed-end fund investment companies, that trade on an exchange","page_number":91,"box":{"x":102,"y":695,"width":779,"height":11}},{"id":"e0ec22b7-47ee-4e02-ad34-9bcef1e8b970","block_type":"box","text":"may at times be acquired at market prices representing premiums to their NAVs. In addition, investment companies","page_number":91,"box":{"x":69,"y":710,"width":824,"height":11}},{"id":"ef7001bb-a32c-48cd-93d3-c9ff0eb3d5c1","block_type":"box","text":"held by a Fund that trade on an exchange could trade at a discount from NAV, and such discount could increase while","page_number":91,"box":{"x":69,"y":725,"width":836,"height":11}},{"id":"15fd156a-8ee8-4ad1-a60b-dfc0ab3b673b","block_type":"box","text":"the Fund holds the shares. If the market price of shares of an exchange-traded investment company decreases below","page_number":91,"box":{"x":68,"y":740,"width":839,"height":11}},{"id":"46edaf59-42f2-4858-8392-eb0e7edd9abd","block_type":"box","text":"the price that the Fund paid for the shares and the Fund were to sell its shares of such investment company at a","page_number":91,"box":{"x":68,"y":755,"width":806,"height":11}},{"id":"70552242-95e5-42d9-89cb-6e175add5c5a","block_type":"box","text":"time when the market price is lower than the price at which it purchased the shares, the Fund would experience a","page_number":91,"box":{"x":68,"y":771,"width":810,"height":10}},{"id":"9a6977a9-675a-46b1-80df-5cdfed0dd300","block_type":"box","text":"loss.","page_number":91,"box":{"x":70,"y":786,"width":31,"height":8}},{"id":"323e1d90-0dad-4819-be4e-c719b712e2f6","block_type":"box","text":"In addition, if a Fund acquires shares in investment companies, including affiliated investment companies,","page_number":91,"box":{"x":102,"y":808,"width":758,"height":11}},{"id":"a0702ff1-e56a-4096-a362-594d2d767a12","block_type":"box","text":"shareholders would bear both their proportionate share of expenses in the Fund and, indirectly, the expenses of such","page_number":91,"box":{"x":69,"y":823,"width":837,"height":11}},{"id":"b6a38d61-437e-48af-bcc0-b80843e096c6","block_type":"box","text":"investment companies. Such expenses, both at the Fund level and acquired investment company level, would include","page_number":91,"box":{"x":70,"y":838,"width":835,"height":11}},{"id":"21e3e2cf-0ea6-458c-a4e4-55c672aa5de8","block_type":"box","text":"management and advisory fees, unless such fees have been waived by BlackRock. Please see the relevant Fund’s","page_number":91,"box":{"x":69,"y":853,"width":816,"height":12}},{"id":"c7e9e250-1ced-47cf-86a7-723344d598cd","block_type":"box","text":"Prospectus to determine whether any such management and advisory fees have been waived by BlackRock.","page_number":91,"box":{"x":69,"y":869,"width":768,"height":11}},{"id":"8700a8d0-0506-4e1e-95c8-7a458d0b9acb","block_type":"box","text":"Investments by a Fund in wholly owned investment entities created under the laws of certain countries will not be","page_number":91,"box":{"x":70,"y":884,"width":807,"height":11}},{"id":"5e1af7d9-03df-4cd0-a227-3ebbdae7a92d","block_type":"box","text":"deemed an investment in other investment companies. Pursuant to guidance issued by the staff of the Commission,","page_number":91,"box":{"x":69,"y":899,"width":830,"height":11}},{"id":"486420de-d47a-4cc4-9733-2e8c02072f2a","block_type":"box","text":"II-47","page_number":91,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"d2d16773-8891-4163-949e-bc1ba8c06bcd","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":91,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"dfa41681-4edc-43e9-b90e-e4bdf561e49b","block_type":"box","text":"fees and expenses of money market funds used for the investment of cash collateral received in connection with","page_number":92,"box":{"x":68,"y":45,"width":804,"height":11}},{"id":"def40a07-d5aa-491d-9a6c-24b014fb6547","block_type":"box","text":"loans of Fund securities are not treated as “acquired fund fees and expenses,” which are fees and expenses","page_number":92,"box":{"x":70,"y":60,"width":778,"height":11}},{"id":"8ae8b63c-ba8d-44ea-8bb1-f30332ba6ccd","block_type":"box","text":"charged by other investment companies and pooled investment vehicles in which a Fund invests a portion of its","page_number":92,"box":{"x":69,"y":75,"width":796,"height":11}},{"id":"6e222949-4a13-49df-a26b-0f195c25c54d","block_type":"box","text":"assets.","page_number":92,"box":{"x":69,"y":91,"width":51,"height":8}},{"id":"18efbca8-d8ea-47f0-83cc-07926061ea62","block_type":"box","text":"To the extent shares of a Fund are held by another fund, the ability of the Fund itself to purchase other funds","page_number":92,"box":{"x":101,"y":113,"width":776,"height":11}},{"id":"5531f57a-d400-454f-bacf-eac72d126ca0","block_type":"box","text":"may be limited. In addition, a fund-of-funds (","page_number":92,"box":{"x":69,"y":128,"width":313,"height":11}},{"id":"24a6639d-9458-4f48-bcaf-59865c2462f8","block_type":"box","text":"e.g.","page_number":92,"box":{"x":384,"y":129,"width":24,"height":10}},{"id":"f0aecd7d-94d8-41f5-abca-5fa7865ddbd4","block_type":"box","text":", an investment company that seeks to meet its investment objective","page_number":92,"box":{"x":411,"y":128,"width":491,"height":11}},{"id":"b4def026-4cca-4d8b-8c7b-af68a4f69cee","block_type":"box","text":"by investing significantly in other investment companies) may be limited in its ability to purchase underlying funds if","page_number":92,"box":{"x":69,"y":143,"width":823,"height":11}},{"id":"061f9b37-ac5d-4032-84bd-634355941987","block_type":"box","text":"such underlying funds themselves own shares of underlying funds.","page_number":92,"box":{"x":69,"y":158,"width":472,"height":11}},{"id":"899e45f9-218a-4236-8aa7-f269fc009db1","block_type":"box","text":"A number of publicly traded closed-end investment companies have been organized to facilitate indirect foreign","page_number":92,"box":{"x":101,"y":181,"width":790,"height":11}},{"id":"c46628af-7a7a-45a3-bf7a-ffe52cf83d00","block_type":"box","text":"investment in developing countries, and certain of such countries, such as Thailand, South Korea, Chile and Brazil,","page_number":92,"box":{"x":70,"y":196,"width":818,"height":11}},{"id":"03780269-18b6-492c-9e38-c8e7d986829f","block_type":"box","text":"have specifically authorized such funds. There also are investment opportunities in certain of such countries in","page_number":92,"box":{"x":69,"y":211,"width":791,"height":11}},{"id":"05fbe9f4-9f5d-4562-822d-4f60668b063d","block_type":"box","text":"pooled vehicles that resemble open-end investment companies. The restrictions on investments in securities of","page_number":92,"box":{"x":70,"y":226,"width":795,"height":11}},{"id":"a9618cec-6bc1-44b3-bdad-9b6654ae6174","block_type":"box","text":"investment companies set forth above may limit opportunities for a Fund to invest indirectly in certain developing","page_number":92,"box":{"x":70,"y":241,"width":807,"height":11}},{"id":"1ed3789e-b8b4-4534-87c8-d5c94a01d9ff","block_type":"box","text":"countries.","page_number":92,"box":{"x":69,"y":257,"width":69,"height":8}},{"id":"50ad704a-1068-409e-b467-2b82a30b7aac","block_type":"box","text":"Issuer Insolvency Risk.","page_number":92,"box":{"x":102,"y":279,"width":166,"height":11}},{"id":"26541e2f-5a1e-4477-9015-2c54198c8c8b","block_type":"box","text":"Certain Funds’ potential exposure to financially or operationally troubled issuers involves","page_number":92,"box":{"x":275,"y":279,"width":631,"height":11}},{"id":"021ec3d4-e818-4e18-a3e9-641fb2fc664c","block_type":"box","text":"a high degree of credit and market risk, which may be heightened during an economic downturn or recession. Should","page_number":92,"box":{"x":69,"y":294,"width":832,"height":11}},{"id":"7ae430ac-2687-414b-b9bd-e023da70d457","block_type":"box","text":"an issuer of securities held by a Fund become involved in a bankruptcy proceeding, reorganization or financial","page_number":92,"box":{"x":69,"y":309,"width":781,"height":11}},{"id":"901e77d2-9d55-49f1-ab65-f94a0b5c6ff8","block_type":"box","text":"restructuring, a wide variety of considerations make an evaluation of the outcome of the Fund’s exposure to the","page_number":92,"box":{"x":69,"y":324,"width":797,"height":12}},{"id":"d5f5817f-1e37-4779-aa55-55d367d0d1af","block_type":"box","text":"issuer uncertain.","page_number":92,"box":{"x":70,"y":340,"width":118,"height":8}},{"id":"330f31f7-4e5a-4c0f-be87-cbf5f2a08db6","block_type":"box","text":"During the period of a bankruptcy proceeding, reorganization or financial restructuring, it is unlikely that a Fund","page_number":92,"box":{"x":102,"y":362,"width":788,"height":11}},{"id":"b4e1f224-f1cb-459c-bd4b-0f0a10c0da21","block_type":"box","text":"will receive any interest payments on the securities of the issuer. A Fund will be subject to significant uncertainty as","page_number":92,"box":{"x":68,"y":377,"width":827,"height":12}},{"id":"107a0e70-523c-47ce-b966-6d29323eba68","block_type":"box","text":"to whether the reorganization or restructuring will be completed, and the Fund may bear certain extraordinary","page_number":92,"box":{"x":68,"y":393,"width":779,"height":11}},{"id":"e6140f34-7913-4d07-ac41-27b9d3377980","block_type":"box","text":"expenses to protect and recover its investment. A Fund will also be subject to significant uncertainty as to when and","page_number":92,"box":{"x":69,"y":407,"width":829,"height":12}},{"id":"421c8b02-d18e-4f3d-9aa8-5c767a317832","block_type":"box","text":"in what manner and for what value the obligations evidenced by the securities of the issuer held by the Fund will","page_number":92,"box":{"x":70,"y":423,"width":797,"height":11}},{"id":"02486787-3dd7-4424-89bf-9574cf1e0145","block_type":"box","text":"eventually be satisfied.","page_number":92,"box":{"x":69,"y":438,"width":162,"height":11}},{"id":"5bd8ae35-725f-4f11-a62f-b650ecb7b029","block_type":"box","text":"Even if a plan of reorganization or restructuring is adopted with respect to the securities of the issuer held by the","page_number":92,"box":{"x":102,"y":460,"width":805,"height":12}},{"id":"36d5aa1d-83ae-4606-8831-dd04cc683fef","block_type":"box","text":"Fund, there can be no assurance that the securities or other assets received by a Fund in connection with such plan","page_number":92,"box":{"x":70,"y":476,"width":827,"height":11}},{"id":"711555be-6f20-4419-9581-5275b89588f3","block_type":"box","text":"of reorganization or restructuring will not have a lower value or income potential than may have been anticipated or","page_number":92,"box":{"x":69,"y":491,"width":819,"height":11}},{"id":"95ff29e0-ce0b-47de-adbe-d6ab46294817","block_type":"box","text":"no value. A Fund may be unable to enforce its claims or rights in any collateral or may have its claims or security","page_number":92,"box":{"x":69,"y":506,"width":802,"height":11}},{"id":"089acf26-3707-4172-9532-86be32536fe4","block_type":"box","text":"interest in any collateral challenged, disallowed or subordinated to the claims or security interests of other creditors.","page_number":92,"box":{"x":70,"y":521,"width":830,"height":11}},{"id":"97edcf36-aff9-493b-96be-6c55860bb428","block_type":"box","text":"In addition, amendments to the U.S. Bankruptcy Code or other relevant laws could alter the expected outcome or","page_number":92,"box":{"x":70,"y":536,"width":805,"height":11}},{"id":"2bef4a56-edc8-4eb3-be84-e9fb929c04ec","block_type":"box","text":"introduce greater uncertainty regarding the outcome of the Fund’s securities holdings in the issuer. In a bankruptcy","page_number":92,"box":{"x":70,"y":551,"width":820,"height":11}},{"id":"68b48b20-6aa1-4e1a-91fc-62c05a031b58","block_type":"box","text":"proceeding, a reorganization or restructuring, the securities of the issuer held by a Fund could be re-characterized or","page_number":92,"box":{"x":70,"y":566,"width":828,"height":11}},{"id":"b019f250-2c8b-45b7-b83a-2a51433fc193","block_type":"box","text":"a Fund may receive different securities or other assets, including equity securities. These types of equity securities","page_number":92,"box":{"x":69,"y":581,"width":820,"height":12}},{"id":"d8e83d27-c93e-4e43-af72-e293a4c139ee","block_type":"box","text":"include, but are not limited to: common stock; preferred stock (including convertible preferred stock); bonds, notes","page_number":92,"box":{"x":70,"y":596,"width":820,"height":12}},{"id":"4b3ee392-c48b-46b6-9782-1dea5123e374","block_type":"box","text":"and debentures convertible into common or preferred stock; stock purchase warrants and rights; equity interests in","page_number":92,"box":{"x":69,"y":612,"width":824,"height":11}},{"id":"6ac3c8f6-e4cd-4e05-aefc-5755c49cb8bb","block_type":"box","text":"trusts; and depositary receipts. Equity securities are subject to changes in value, and their value may be more","page_number":92,"box":{"x":68,"y":627,"width":788,"height":11}},{"id":"bb0580a8-28f7-4c7b-901e-6b38bf80f1ae","block_type":"box","text":"volatile than those of other asset classes. Holders of equity securities are subject to more risk than holders of debt","page_number":92,"box":{"x":68,"y":642,"width":826,"height":11}},{"id":"e892972b-514b-42f2-9270-47fdbb156a66","block_type":"box","text":"securities because the status of equity holders is subordinate to debtholders in an issuer’s capital structure. The","page_number":92,"box":{"x":69,"y":657,"width":809,"height":11}},{"id":"48b839a6-e563-41b7-92ce-8e89e3cea7bc","block_type":"box","text":"value of equity securities received by a Fund could decline if the financial condition of the issuer deteriorates or if","page_number":92,"box":{"x":68,"y":672,"width":809,"height":11}},{"id":"e355f5ba-5409-4f23-958a-df808e1b8443","block_type":"box","text":"overall market and economic conditions, or conditions within the issuer’s region or industry, deteriorate.","page_number":92,"box":{"x":69,"y":687,"width":741,"height":11}},{"id":"32ddd95b-9825-48a1-9f34-230621aa1b27","block_type":"box","text":"To the extent that a Fund receives other assets in connection with a bankruptcy proceeding, reorganization or","page_number":92,"box":{"x":101,"y":710,"width":780,"height":11}},{"id":"f2fd7250-773e-43c2-acc1-a2287bcb96a7","block_type":"box","text":"financial restructuring, the Fund may also be subject to additional risks associated with the assets received. One","page_number":92,"box":{"x":68,"y":725,"width":807,"height":11}},{"id":"da298694-7677-4631-9009-71e16b56c065","block_type":"box","text":"example of assets that a Fund could receive is an interest in one or more loans made to the issuer as part of a","page_number":92,"box":{"x":69,"y":740,"width":795,"height":11}},{"id":"bf4ef6da-896b-4627-a7f1-ee9528283854","block_type":"box","text":"workout agreed to by a consortium of lienholders and creditors of the issuer. A Fund may receive such interests in","page_number":92,"box":{"x":68,"y":755,"width":814,"height":11}},{"id":"7ebea647-48dc-416c-a476-62f529535bb8","block_type":"box","text":"loans to the extent permitted by the Investment Company Act.","page_number":92,"box":{"x":70,"y":770,"width":439,"height":11}},{"id":"6ceda275-3d17-4168-ab11-68495eadd8e0","block_type":"box","text":"Securities or other assets received in a reorganization or restructuring typically entail a higher degree of risk than","page_number":92,"box":{"x":102,"y":793,"width":806,"height":11}},{"id":"85510341-4141-45b9-9bdd-a42cd86c145b","block_type":"box","text":"investments in securities of issuers that have not undergone a reorganization or restructuring and may be subject to","page_number":92,"box":{"x":70,"y":808,"width":829,"height":11}},{"id":"9dfad866-da37-4664-a17e-316a41108316","block_type":"box","text":"heavy selling or downward pricing pressure after completion of the reorganization or restructuring. The post","page_number":92,"box":{"x":69,"y":823,"width":767,"height":12}},{"id":"5368294b-d257-42f4-8c45-bd988ef7287f","block_type":"box","text":"reorganization/restructuring assets and securities may also be illiquid and difficult to sell or value. If a Fund","page_number":92,"box":{"x":69,"y":838,"width":771,"height":12}},{"id":"24e68018-fa28-4c57-90f8-06cdef2f3741","block_type":"box","text":"participates in negotiations with respect to a plan of reorganization or restructuring with respect to securities of the","page_number":92,"box":{"x":70,"y":853,"width":823,"height":12}},{"id":"fcb5ae77-34c2-41c9-99b6-c38be8d34022","block_type":"box","text":"issuer held by a Fund, the Fund also may be restricted from disposing such securities for a period of time. If a Fund","page_number":92,"box":{"x":70,"y":869,"width":822,"height":11}},{"id":"4d015197-5202-401d-a19e-131b1787fc99","block_type":"box","text":"becomes involved in such proceedings, the Fund may have more active participation in the affairs of the issuer than","page_number":92,"box":{"x":69,"y":884,"width":828,"height":11}},{"id":"437dd2bd-16f3-4829-9272-c19e56e4fe55","block_type":"box","text":"that assumed generally by an investor.","page_number":92,"box":{"x":68,"y":899,"width":274,"height":11}},{"id":"6955f53c-54c7-4af9-9fe2-a005002b4055","block_type":"box","text":"II-48","page_number":92,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"131b3949-7d8a-49dc-b4a7-784cde40f160","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":92,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"60a715a5-dad5-4728-8e05-35365bff5aa6","block_type":"box","text":"Lease Obligations.","page_number":93,"box":{"x":102,"y":45,"width":133,"height":11}},{"id":"6abe245b-ed4f-412c-88ea-116d21f7d0d0","block_type":"box","text":"A Fund may hold participation certificates in a lease, an installment purchase contract, or a","page_number":93,"box":{"x":241,"y":45,"width":653,"height":11}},{"id":"d42f58a8-fc26-4a76-ab09-9cb9bcafb617","block_type":"box","text":"conditional sales contract (“lease obligations”). The Manager will monitor the credit standing of each borrower and","page_number":93,"box":{"x":69,"y":60,"width":816,"height":11}},{"id":"ad1617d7-5daa-42d0-80df-ba8b9c419b58","block_type":"box","text":"each entity providing credit support and/or a put option relating to lease obligations.","page_number":93,"box":{"x":69,"y":75,"width":602,"height":11}},{"id":"25cd2af7-2298-47b1-9070-dbe910766ac4","block_type":"box","text":"Life Settlement Investments.","page_number":93,"box":{"x":102,"y":98,"width":210,"height":9}},{"id":"82fc60e7-117a-4084-8deb-8b40b0c47cf4","block_type":"box","text":"A Fund may invest in life settlements, which are sales to third parties, such as the","page_number":93,"box":{"x":318,"y":98,"width":589,"height":11}},{"id":"6ba902a2-e1bc-4546-a255-da240fcb7d9e","block_type":"box","text":"Fund, of existing life insurance contracts for more than their cash surrender value but less than the net benefits to be","page_number":93,"box":{"x":70,"y":113,"width":838,"height":11}},{"id":"46eac2bc-a45f-466a-82b8-3252e941650b","block_type":"box","text":"paid under the policies. When a Fund acquires such a contract, it pays the policy premiums in return for the expected","page_number":93,"box":{"x":70,"y":128,"width":834,"height":11}},{"id":"ec6dd0a0-9f52-491e-9764-9f098e74dfb4","block_type":"box","text":"receipt of the net benefit as the beneficiary under the policy. Investments in these contracts involve certain risks,","page_number":93,"box":{"x":69,"y":143,"width":808,"height":11}},{"id":"5bcae507-3dfc-409c-a7fd-9c38ee4bb7f0","block_type":"box","text":"including liquidity risk, credit risk of the insurance company, and inaccurate estimations of life expectancy of the","page_number":93,"box":{"x":70,"y":158,"width":797,"height":11}},{"id":"a5e580e9-336d-454b-a80f-193ab1847e5e","block_type":"box","text":"insured individuals (viators). These policies may be considered illiquid because they are bought and sold in a","page_number":93,"box":{"x":70,"y":173,"width":775,"height":11}},{"id":"3e591dae-013b-4ee4-bc78-df68b83beb55","block_type":"box","text":"secondary market through life settlement agents. Also, in the event of a bankruptcy of the insurance carrier for a","page_number":93,"box":{"x":69,"y":188,"width":805,"height":12}},{"id":"98a249e6-6d27-4084-a363-57d74e6c9a55","block_type":"box","text":"policy, the Fund may receive reduced or no benefits under the contract. A Fund seeks to minimize credit risk by","page_number":93,"box":{"x":70,"y":203,"width":789,"height":12}},{"id":"d08f7c62-81cc-46c2-bb4e-2c2037edbf15","block_type":"box","text":"investing in policies issued by a diverse range of highly-rated insurance carriers. Furthermore, a Fund may encounter","page_number":93,"box":{"x":70,"y":218,"width":829,"height":12}},{"id":"6e3106ff-7c1f-41b2-ae66-62a93c27ef99","block_type":"box","text":"losses on its investments if there is an inaccurate estimation of the life expectancies of viators. A Fund intends to","page_number":93,"box":{"x":70,"y":234,"width":813,"height":11}},{"id":"3f43a43f-3d11-4106-8b80-b25412575a77","block_type":"box","text":"reduce this life expectancy risk by investing only in contracts where the life expectancy was reviewed by an","page_number":93,"box":{"x":69,"y":249,"width":758,"height":11}},{"id":"e9764961-14cb-4fa2-837e-2eec4029f7c6","block_type":"box","text":"experienced actuary, as well as by diversifying its investments across viators of varying ages and medical profiles. In","page_number":93,"box":{"x":69,"y":264,"width":832,"height":11}},{"id":"72ae3746-dc1f-40cd-8c74-c89f9e965ed6","block_type":"box","text":"addition, it is unclear whether the income from life settlements is qualifying income for purposes of the IRS 90%","page_number":93,"box":{"x":69,"y":279,"width":800,"height":11}},{"id":"b67f165d-d016-4cee-81dc-27486e313bae","block_type":"box","text":"gross income test a Fund must satisfy each year to qualify as a regulated investment company. A Fund intends to","page_number":93,"box":{"x":68,"y":294,"width":809,"height":11}},{"id":"c90b635e-0932-4687-bf70-9507d1d61bf1","block_type":"box","text":"monitor its investments to ensure that the Fund remains qualified as a regulated investment company.","page_number":93,"box":{"x":69,"y":309,"width":730,"height":11}},{"id":"c63df136-1404-4690-86d9-deef66e34612","block_type":"box","text":"Liquidity Risk Management.","page_number":93,"box":{"x":102,"y":332,"width":202,"height":11}},{"id":"e9321385-7ec2-41fe-bc5c-07140bef1278","block_type":"box","text":"Rule 22e-4 under the Investment Company Act (the “Liquidity Rule”) requires open","page_number":93,"box":{"x":311,"y":332,"width":591,"height":11}},{"id":"a813cbc3-cefa-4f1d-9ded-5985ee1ea4ca","block_type":"box","text":"end funds, such as the Funds, to adopt a liquidity risk management program and enhance disclosures regarding fund","page_number":93,"box":{"x":69,"y":347,"width":835,"height":11}},{"id":"fb887a20-95ea-4a87-a8bf-d689e723f62f","block_type":"box","text":"liquidity. As required by the Liquidity Rule, the Funds have implemented a liquidity risk management program (the","page_number":93,"box":{"x":70,"y":362,"width":803,"height":11}},{"id":"6cec96a4-bb84-4ca0-bca9-83a30dd7743b","block_type":"box","text":"“Liquidity Program”), and the Boards of Directors of the Funds, including a majority of the independent Directors,","page_number":93,"box":{"x":70,"y":377,"width":801,"height":12}},{"id":"e5147fb0-6ef5-4e60-bedb-973d406b6ffb","block_type":"box","text":"have appointed the Manager as the liquidity risk program administrator of the Liquidity Program. Under the Liquidity","page_number":93,"box":{"x":69,"y":392,"width":822,"height":12}},{"id":"c99074cd-216b-4603-9734-a51b33deefcc","block_type":"box","text":"Program, the Manager assesses, manages, and periodically reviews each Fund’s liquidity risk and classifies each","page_number":93,"box":{"x":69,"y":407,"width":808,"height":12}},{"id":"241337fc-b9c1-4046-8cc0-7172cc722fcf","block_type":"box","text":"investment held by a Fund as a “highly liquid investment,” “moderately liquid investment,” “less liquid investment” or","page_number":93,"box":{"x":70,"y":423,"width":838,"height":11}},{"id":"ff5b7b80-a7db-4e59-a894-991968f73781","block_type":"box","text":"“illiquid investment.” The Liquidity Rule defines “liquidity risk” as the risk that a Fund could not meet requests to","page_number":93,"box":{"x":70,"y":438,"width":804,"height":11}},{"id":"7c8aa0f3-98d6-4bc7-a936-9bccdfca8d82","block_type":"box","text":"redeem shares issued by the Fund without significant dilution of the remaining investors’ interests in the Fund. The","page_number":93,"box":{"x":69,"y":453,"width":821,"height":11}},{"id":"b93d6040-4cf3-47f1-b212-aa698b413289","block_type":"box","text":"liquidity of a Fund’s portfolio investments is determined based on relevant market, trading and investment-specific","page_number":93,"box":{"x":70,"y":468,"width":815,"height":11}},{"id":"32802555-23c7-473c-9ae5-9bc20cddd629","block_type":"box","text":"considerations under the Liquidity Program. To the extent that an investment is deemed to be an illiquid investment","page_number":93,"box":{"x":69,"y":483,"width":823,"height":11}},{"id":"d5430dc1-639a-4720-984e-0397c612ecaf","block_type":"box","text":"or a less liquid investment, a Fund can expect to be exposed to greater liquidity risk.","page_number":93,"box":{"x":69,"y":498,"width":601,"height":11}},{"id":"01171bdf-8319-4f1a-a3b3-036ea3d70ffa","block_type":"box","text":"Master Limited Partnerships.","page_number":93,"box":{"x":102,"y":521,"width":211,"height":11}},{"id":"9696e5e3-1055-442b-9adf-d6ab74c0cae7","block_type":"box","text":"Certain Funds may invest in publicly traded master limited partnerships (“MLPs”)","page_number":93,"box":{"x":320,"y":521,"width":577,"height":11}},{"id":"47bf011f-65f8-41af-8de0-ae1e9b9a5958","block_type":"box","text":"which are limited partnerships or limited liability companies taxable as partnerships. MLPs may derive income and","page_number":93,"box":{"x":68,"y":536,"width":816,"height":11}},{"id":"bc266e3f-0952-4c2c-9a60-da83cc080511","block_type":"box","text":"gains from the exploration, development, mining or production, processing, refining, transportation (including","page_number":93,"box":{"x":68,"y":551,"width":777,"height":11}},{"id":"76d691c1-387d-4462-8a2d-1e29fa69f5d3","block_type":"box","text":"pipelines transporting gas, oil, or products thereof), or the marketing of any mineral or natural resources. MLPs","page_number":93,"box":{"x":70,"y":566,"width":792,"height":11}},{"id":"1ada7f86-cac8-4b50-9bcb-747732b993bb","block_type":"box","text":"generally have two classes of owners, the general partner and limited partners. When investing in an MLP, a Fund","page_number":93,"box":{"x":68,"y":581,"width":811,"height":12}},{"id":"4867ca9a-91c7-4929-846e-df57481e80ae","block_type":"box","text":"intends to purchase publicly traded common units issued to limited partners of the MLP. The general partner is","page_number":93,"box":{"x":70,"y":596,"width":791,"height":12}},{"id":"ee22aa4e-9c14-4912-8d78-f81d6a52439e","block_type":"box","text":"typically owned by a major energy company, an investment fund, the direct management of the MLP or is an entity","page_number":93,"box":{"x":68,"y":612,"width":812,"height":11}},{"id":"b6409c85-b3a0-4098-b9c0-0fc6549c14b8","block_type":"box","text":"owned by one or more of such parties. The general partner may be structured as a private or publicly traded","page_number":93,"box":{"x":69,"y":627,"width":770,"height":11}},{"id":"5ffaecd9-f881-4206-9ce1-7036c4922be3","block_type":"box","text":"corporation or other entity. The general partner typically controls the operations and management of the MLP through","page_number":93,"box":{"x":69,"y":642,"width":833,"height":11}},{"id":"5586bfb1-1936-4ef3-aed7-403649c04ea1","block_type":"box","text":"an up to 2% equity interest in the MLP plus, in many cases, ownership of common units and subordinated units.","page_number":93,"box":{"x":69,"y":657,"width":799,"height":11}},{"id":"edb9e440-8805-48b5-838f-0ddc85bc987d","block_type":"box","text":"Limited partners own the remainder of the partnership, through ownership of common units, and have a limited role","page_number":93,"box":{"x":70,"y":672,"width":825,"height":11}},{"id":"3e999096-581e-4011-a62f-64cb362f43c1","block_type":"box","text":"in the partnership’s operations and management.","page_number":93,"box":{"x":70,"y":687,"width":352,"height":11}},{"id":"b07d4f17-2975-400e-b91b-5b69616f46ed","block_type":"box","text":"MLPs are typically structured such that common units and general partner interests have first priority to receive","page_number":93,"box":{"x":102,"y":710,"width":794,"height":11}},{"id":"83ed5a9b-61d0-4bc4-bd19-2b8fb00c32dd","block_type":"box","text":"quarterly cash distributions up to an established minimum amount (“minimum quarterly distributions” or “MQD”).","page_number":93,"box":{"x":69,"y":725,"width":809,"height":11}},{"id":"10c3f0d6-8009-4040-ab38-5d99ebd5d925","block_type":"box","text":"Common and general partner interests also accrue arrearages in distributions to the extent the MQD is not paid.","page_number":93,"box":{"x":69,"y":740,"width":804,"height":11}},{"id":"7c7f5513-ea6c-4bb8-86ab-4f0ae87bbc3a","block_type":"box","text":"Once common and general partner interests have been paid, subordinated units receive distributions of up to the","page_number":93,"box":{"x":69,"y":755,"width":808,"height":11}},{"id":"73f5d160-d192-43b9-84ed-9bab08b08527","block_type":"box","text":"MQD; however, subordinated units do not accrue arrearages. Distributable cash in excess of the MQD paid to both","page_number":93,"box":{"x":70,"y":770,"width":816,"height":12}},{"id":"76a452a2-2b63-4c11-82b2-f6ef8bf37f48","block_type":"box","text":"common and subordinated units is distributed to both common and subordinated units generally on a pro rata basis.","page_number":93,"box":{"x":69,"y":786,"width":831,"height":11}},{"id":"ff09ea40-8c32-4780-b005-cdc531e178b9","block_type":"box","text":"The general partner is also eligible to receive incentive distributions if the general partner operates the business in a","page_number":93,"box":{"x":68,"y":801,"width":835,"height":11}},{"id":"efe06a99-eb49-4110-bbc6-4055c45cd525","block_type":"box","text":"manner which results in distributions paid per common unit surpassing specified target levels. As the general partner","page_number":93,"box":{"x":69,"y":816,"width":838,"height":11}},{"id":"6a85a068-8944-4659-81af-d2a6e01b9187","block_type":"box","text":"increases cash distributions to the limited partners, the general partner receives an increasingly higher percentage of","page_number":93,"box":{"x":70,"y":831,"width":839,"height":11}},{"id":"9daf46bf-91ff-41e4-aad9-0c744cff031b","block_type":"box","text":"the incremental cash distributions. A common arrangement provides that the general partner can reach a tier where","page_number":93,"box":{"x":68,"y":846,"width":828,"height":11}},{"id":"b6a62b22-e48d-429f-8db9-8d4a6b99e452","block_type":"box","text":"it receives 50% of every incremental dollar paid to common and subordinated unit holders. These incentive","page_number":93,"box":{"x":70,"y":861,"width":761,"height":11}},{"id":"8a3a3836-5487-4878-84bc-d80672636d4c","block_type":"box","text":"distributions encourage the general partner to streamline costs, increase capital expenditures and acquire assets in","page_number":93,"box":{"x":69,"y":876,"width":830,"height":11}},{"id":"84fb2b58-aeaf-4e48-957d-b437860c7fd5","block_type":"box","text":"order to increase the partnership’s cash flow and raise the quarterly cash distribution in order to reach higher tiers.","page_number":93,"box":{"x":69,"y":891,"width":824,"height":12}},{"id":"f1684cef-7450-43da-adb7-0da524f428a8","block_type":"box","text":"Such results benefit all security holders of the MLP.","page_number":93,"box":{"x":69,"y":906,"width":366,"height":12}},{"id":"59b91f38-f871-443e-9799-872f4c5f23ff","block_type":"box","text":"II-49","page_number":93,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"98655c60-2132-4603-b7a8-59ab540a5c0f","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":93,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f320c272-252c-4696-8781-2d7968f06f35","block_type":"box","text":"MLP common units represent a limited partnership interest in the MLP. Common units are listed and traded on","page_number":94,"box":{"x":102,"y":45,"width":790,"height":11}},{"id":"19a426e0-ca1c-4648-b2cf-106f73d761b6","block_type":"box","text":"U.S. securities exchanges, with their value fluctuating predominantly based on prevailing market conditions and the","page_number":94,"box":{"x":70,"y":60,"width":820,"height":11}},{"id":"bf62e50b-2656-443f-bcbd-c576fad97bb8","block_type":"box","text":"success of the MLP. Certain Funds intend to purchase common units in market transactions. Unlike owners of","page_number":94,"box":{"x":69,"y":75,"width":787,"height":11}},{"id":"f6283da8-6df9-4524-ad9e-f0722811afbc","block_type":"box","text":"common stock of a corporation, owners of common units have limited voting rights and have no ability to annually","page_number":94,"box":{"x":69,"y":90,"width":810,"height":11}},{"id":"a37b0195-f4fb-47c0-a5cc-8c0a5674a93e","block_type":"box","text":"elect directors. In the event of liquidation, common units have preference over subordinated units, but not over debt","page_number":94,"box":{"x":69,"y":105,"width":828,"height":11}},{"id":"d3a90c99-e5d8-4bb9-a846-413cd411581b","block_type":"box","text":"or preferred units, to the remaining assets of the MLP.","page_number":94,"box":{"x":69,"y":120,"width":387,"height":12}},{"id":"a8b28cec-7bef-4980-a440-188cd4ca031f","block_type":"box","text":"Merger Transaction Risk.","page_number":94,"box":{"x":102,"y":143,"width":183,"height":11}},{"id":"0d5503c1-f90f-42e8-acb9-8440588823b3","block_type":"box","text":"A Fund may buy stock of the target company in an announced merger transaction prior","page_number":94,"box":{"x":291,"y":143,"width":616,"height":11}},{"id":"a97fc8c8-84da-4bd4-a897-b1ac7f57bc22","block_type":"box","text":"to the consummation of such transaction. In that circumstance, a Fund would expect to receive an amount (whether","page_number":94,"box":{"x":68,"y":158,"width":827,"height":11}},{"id":"3e3f9e00-39c2-48fe-abb3-ce472e6f6212","block_type":"box","text":"in cash, stock of the acquiring company or a combination of both) in excess of the purchase price paid by the Fund","page_number":94,"box":{"x":70,"y":173,"width":816,"height":11}},{"id":"b6bd1e21-cbfe-4a90-8bff-0693f2ab05fc","block_type":"box","text":"for the target company’s stock. However, a Fund is subject to the risk that the merger transaction may be canceled,","page_number":94,"box":{"x":68,"y":188,"width":825,"height":12}},{"id":"5caa8634-8d16-4f32-bb1b-78b96bbec854","block_type":"box","text":"delayed or restructured, in which case a Fund’s holding of the target company’s stock may not result in any profit for","page_number":94,"box":{"x":69,"y":203,"width":832,"height":12}},{"id":"a54a7de7-a1ab-46d7-98fd-72c5134944e6","block_type":"box","text":"the Fund and may lose significant value.","page_number":94,"box":{"x":68,"y":218,"width":286,"height":12}},{"id":"d2a9fbfd-58e8-4783-8ab0-e9dbb92df443","block_type":"box","text":"Money Market Obligations of Domestic Banks, Foreign Banks and Foreign Branches of U.S. Banks.","page_number":94,"box":{"x":102,"y":241,"width":723,"height":11}},{"id":"ec3e06d6-afd8-4e14-a81d-43ff073dc341","block_type":"box","text":"Certain","page_number":94,"box":{"x":831,"y":241,"width":50,"height":9}},{"id":"0ce55560-d573-46a0-9c0d-75b1d8f13904","block_type":"box","text":"Funds may purchase bank obligations, such as certificates of deposit, notes, bankers’ acceptances and time","page_number":94,"box":{"x":70,"y":256,"width":778,"height":12}},{"id":"e447c9b2-294a-49b0-a33f-8f9b431ccd1f","block_type":"box","text":"deposits, including instruments issued or supported by the credit of U.S. or foreign banks or savings institutions","page_number":94,"box":{"x":69,"y":271,"width":802,"height":12}},{"id":"db4ae3d9-5790-47a8-b574-16ebd1516442","block_type":"box","text":"having total assets at the time of purchase in excess of $1 billion. These obligations may be general obligations of","page_number":94,"box":{"x":69,"y":286,"width":820,"height":12}},{"id":"da6801ac-f9c6-4a1f-9d76-a7a153c52ac3","block_type":"box","text":"the parent bank or may be limited to the issuing branch or subsidiary by the terms of a specific obligation or by","page_number":94,"box":{"x":68,"y":302,"width":794,"height":11}},{"id":"c23d2ac9-4b35-47a9-8bb5-87ba9cbf9fbf","block_type":"box","text":"government regulation. The assets of a bank or savings institution will be deemed to include the assets of its","page_number":94,"box":{"x":68,"y":317,"width":781,"height":11}},{"id":"77905b7b-513d-46a4-8663-b92d2859128d","block_type":"box","text":"domestic and foreign branches for purposes of a Fund’s investment policies. Investments in short-term bank","page_number":94,"box":{"x":69,"y":332,"width":776,"height":11}},{"id":"32ca809d-9dc6-4862-bba3-59d841b333d6","block_type":"box","text":"obligations may include obligations of foreign banks and domestic branches of foreign banks, and also foreign","page_number":94,"box":{"x":69,"y":347,"width":785,"height":11}},{"id":"f85e9ad1-ff26-408c-a2bb-0b197a18af68","block_type":"box","text":"branches of domestic banks.","page_number":94,"box":{"x":69,"y":362,"width":205,"height":9}},{"id":"1be6747d-aaf8-4ec8-9a7f-59e9fd7eabbc","block_type":"box","text":"To the extent consistent with their investment objectives, a Fund may invest in debt obligations of domestic or","page_number":94,"box":{"x":101,"y":385,"width":785,"height":11}},{"id":"08feb9ab-3895-4e86-a8d1-893807d78292","block_type":"box","text":"foreign corporations and banks, and may acquire commercial obligations issued by Canadian corporations and","page_number":94,"box":{"x":68,"y":400,"width":787,"height":11}},{"id":"209e51e7-5dd7-4440-b91b-83fae5a3e63b","block_type":"box","text":"Canadian counterparts of U.S. corporations, as well as Europaper, which is U.S. dollar-denominated commercial","page_number":94,"box":{"x":69,"y":415,"width":797,"height":11}},{"id":"7c508b86-f1d4-4266-9a5c-bf90a5ad7d70","block_type":"box","text":"paper of a foreign issuer.","page_number":94,"box":{"x":70,"y":430,"width":176,"height":11}},{"id":"3368247e-68e4-4978-a096-1e12c4b3f936","block_type":"box","text":"Money Market Securities.","page_number":94,"box":{"x":102,"y":453,"width":188,"height":11}},{"id":"cef828fa-8d0c-4523-8ada-b1cac7f08957","block_type":"box","text":"Certain Funds may invest in a broad range of short-term, high quality, U.S. dollar","page_number":94,"box":{"x":296,"y":453,"width":578,"height":11}},{"id":"75866d26-6413-4e50-9184-70da3c0b5c23","block_type":"box","text":"denominated instruments, such as government, bank, commercial and other obligations that are available in the","page_number":94,"box":{"x":69,"y":468,"width":802,"height":11}},{"id":"1b22f9cc-f50b-48fd-ba61-e9c5bd0ccae5","block_type":"box","text":"money markets. In particular, the Funds may invest in:","page_number":94,"box":{"x":69,"y":483,"width":386,"height":11}},{"id":"b4d69029-8b7b-4c16-b204-8415ca5dd7ca","block_type":"box","text":"(a) U.S. dollar-denominated obligations issued or supported by the credit of U.S. or foreign banks or savings","page_number":94,"box":{"x":69,"y":503,"width":779,"height":12}},{"id":"450c291d-d00e-4aa8-9e70-303c402b0454","block_type":"box","text":"institutions with total assets in excess of $1 billion (including obligations of foreign branches of such banks);","page_number":94,"box":{"x":102,"y":518,"width":776,"height":12}},{"id":"ea0f1840-068e-46b0-bec1-4103fa2d9ed4","block_type":"box","text":"(b) high quality commercial paper and other obligations issued or guaranteed by U.S. and foreign corporations and","page_number":94,"box":{"x":69,"y":538,"width":821,"height":12}},{"id":"4f6d52ce-7d10-481a-bd30-3fe16ce0a26d","block_type":"box","text":"other issuers rated (at the time of purchase) A-2 or higher by S&P, Prime-2 or higher by Moody’s or F-2 or higher","page_number":94,"box":{"x":102,"y":554,"width":795,"height":11}},{"id":"cd4d0a19-8a5b-4374-8ee3-1126cbf2612d","block_type":"box","text":"by Fitch, as well as high quality corporate bonds rated (at the time of purchase) A or higher by those rating","page_number":94,"box":{"x":102,"y":569,"width":757,"height":11}},{"id":"367d2de1-b0a8-4abb-9809-d4f62137c3d9","block_type":"box","text":"agencies;","page_number":94,"box":{"x":102,"y":584,"width":66,"height":11}},{"id":"e0258a4a-23d7-4572-9103-bc6d246b43aa","block_type":"box","text":"(c) unrated notes, paper and other instruments that are of comparable quality to the instruments described in","page_number":94,"box":{"x":69,"y":604,"width":792,"height":11}},{"id":"8061da56-ad10-437d-b006-ec5a456cc674","block_type":"box","text":"(b) above as determined by the Fund’s Manager;","page_number":94,"box":{"x":102,"y":619,"width":344,"height":11}},{"id":"d81bfb83-3271-40f1-8ecc-9b39ae98aa71","block_type":"box","text":"(d) asset-backed securities (including interests in pools of assets such as mortgages, installment purchase","page_number":94,"box":{"x":69,"y":639,"width":776,"height":12}},{"id":"8bc14672-4efe-4f1a-bcfd-d0508a927414","block_type":"box","text":"obligations and credit card receivables);","page_number":94,"box":{"x":102,"y":655,"width":283,"height":11}},{"id":"ec6d079c-5389-4363-bc5e-e8c348e40727","block_type":"box","text":"(e) securities issued or guaranteed as to principal and interest by the U.S. Government or by its agencies or","page_number":94,"box":{"x":69,"y":675,"width":778,"height":11}},{"id":"a33781f9-a103-4e6a-b7cb-67387c7d47e1","block_type":"box","text":"authorities and related custodial receipts;","page_number":94,"box":{"x":102,"y":690,"width":296,"height":11}},{"id":"a74b88a8-30a5-4498-b11c-7ec9350b96b2","block_type":"box","text":"(f) dollar-denominated securities issued or guaranteed by foreign governments or their political subdivisions,","page_number":94,"box":{"x":69,"y":710,"width":782,"height":11}},{"id":"43ccbe09-08f6-4501-b372-4894215a3806","block_type":"box","text":"agencies or authorities;","page_number":94,"box":{"x":102,"y":725,"width":166,"height":11}},{"id":"c353dc9f-062c-45db-a187-5bdf103025c9","block_type":"box","text":"(g) funding agreements issued by highly-rated U.S. insurance companies;","page_number":94,"box":{"x":69,"y":745,"width":528,"height":11}},{"id":"3a8979d2-c94d-47c9-b534-4936f01c60e4","block_type":"box","text":"(h) securities issued or guaranteed by state or local governmental bodies;","page_number":94,"box":{"x":69,"y":766,"width":534,"height":11}},{"id":"757bb8a9-7fa8-4270-b3f4-1c7fb31d7b5d","block_type":"box","text":"(i) repurchase agreements relating to the above instruments;","page_number":94,"box":{"x":69,"y":786,"width":447,"height":11}},{"id":"0c2dad9f-e84f-4adf-b740-1815b8dc159e","block_type":"box","text":"(j) municipal bonds and notes whose principal and interest payments are guaranteed by the U.S. Government or","page_number":94,"box":{"x":69,"y":806,"width":812,"height":11}},{"id":"6c04c857-24cb-453b-ab7b-270350b81cb4","block_type":"box","text":"one of its agencies or authorities or which otherwise depend directly or indirectly on the credit of the United","page_number":94,"box":{"x":102,"y":821,"width":766,"height":11}},{"id":"d887c546-c177-4095-bf92-c3fbeda2d28f","block_type":"box","text":"States;","page_number":94,"box":{"x":102,"y":836,"width":49,"height":10}},{"id":"7c601a8f-08dc-4c01-800c-5aca8e4ab64a","block_type":"box","text":"(k) fixed and variable rate notes and similar debt instruments rated MIG-2, VMIG-2 or Prime-2 or higher by Moody’s,","page_number":94,"box":{"x":69,"y":856,"width":829,"height":11}},{"id":"a9a4516c-5a91-4004-8226-db554074963a","block_type":"box","text":"SP-2 or A-2 or higher by S&P, or F-2 or higher by Fitch;","page_number":94,"box":{"x":102,"y":871,"width":379,"height":11}},{"id":"351a5906-6a34-4eb2-9d40-4a2dc5e63c57","block_type":"box","text":"(l) tax-exempt commercial paper and similar debt instruments rated Prime-2 or higher by Moody’s, A-2 or higher by","page_number":94,"box":{"x":69,"y":891,"width":826,"height":12}},{"id":"8d38127b-fbbd-4f74-9743-2eefaf79753b","block_type":"box","text":"S&P, or F-2 or higher by Fitch;","page_number":94,"box":{"x":102,"y":906,"width":207,"height":12}},{"id":"485b50f8-68be-4759-8bbb-6def80c6ab1b","block_type":"box","text":"II-50","page_number":94,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"f1de1a6f-077b-4ea5-96b4-ae2ec6d0a411","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":94,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1f9aeb9e-cb31-4022-9b9e-0a652c7fc60d","block_type":"box","text":"(m) municipal bonds rated A or higher by Moody’s, S&P or Fitch;","page_number":95,"box":{"x":69,"y":45,"width":458,"height":11}},{"id":"ff778c83-1f8a-45f9-8fb7-a58a9fb155cb","block_type":"box","text":"(n) unrated notes, paper or other instruments that are of comparable quality to the instruments described above, as","page_number":95,"box":{"x":69,"y":65,"width":837,"height":11}},{"id":"9f5ad393-955b-4a32-bfcd-64a42437adf3","block_type":"box","text":"determined by the Fund’s Manager under guidelines established by the Board; and","page_number":95,"box":{"x":101,"y":80,"width":589,"height":11}},{"id":"c8c8d263-8889-4673-a256-5b269e360b34","block_type":"box","text":"(o) municipal bonds and notes which are guaranteed as to principal and interest by the U.S. Government or an","page_number":95,"box":{"x":69,"y":100,"width":795,"height":11}},{"id":"be27b51b-4952-4726-8e23-457171dc194b","block_type":"box","text":"agency or instrumentality thereof or which otherwise depend directly or indirectly on the credit of the United","page_number":95,"box":{"x":102,"y":115,"width":764,"height":11}},{"id":"b018e73f-8d38-4999-9d23-c0d7adf6009e","block_type":"box","text":"States.","page_number":95,"box":{"x":102,"y":130,"width":49,"height":9}},{"id":"21b54fbb-c0ce-4a78-a4f4-638c28fccce0","block_type":"box","text":"Mortgage-Related Securities.","page_number":95,"box":{"x":102,"y":153,"width":213,"height":11}},{"id":"98a25c74-d912-460f-ba52-d6f3a49ae837","block_type":"box","text":"Mor tgage-Backed Securities.","page_number":95,"box":{"x":102,"y":176,"width":203,"height":11}},{"id":"ee01e20c-7b2a-4c15-930c-5672709ea615","block_type":"box","text":"Mortgage-backed securities represent interests in pools of mortgages in which","page_number":95,"box":{"x":312,"y":176,"width":560,"height":11}},{"id":"481e98d9-f1e0-43db-996d-fe39766ec63d","block_type":"box","text":"payments of both principal and interest on the securities are generally made monthly, in effect “passing through”","page_number":95,"box":{"x":70,"y":191,"width":805,"height":11}},{"id":"7e913e28-2ce1-4d3a-b4ee-90fcfd1af37b","block_type":"box","text":"monthly payments made by borrowers on the residential or commercial mortgage loans that underlie the securities","page_number":95,"box":{"x":69,"y":206,"width":819,"height":11}},{"id":"f121faa2-3fa2-469f-adb9-e8c91da37d7a","block_type":"box","text":"(net of any fees paid to the issuer or guarantor of the securities). Mortgage-backed securities differ from other forms","page_number":95,"box":{"x":69,"y":221,"width":832,"height":11}},{"id":"00c40235-4494-455a-8450-05a6d961c8ad","block_type":"box","text":"of debt securities, which normally provide for periodic payment of interest in fixed amounts with principal payments at","page_number":95,"box":{"x":69,"y":236,"width":838,"height":11}},{"id":"d2e95fe1-dd65-4bfd-9f43-5fd9606b2002","block_type":"box","text":"maturity or specified call dates.","page_number":95,"box":{"x":69,"y":251,"width":222,"height":11}},{"id":"eb2eaf72-522f-4e04-ad16-ac779a346f4c","block_type":"box","text":"Mortgage-backed securities are subject to the general risks associated with investing in real estate securities;","page_number":95,"box":{"x":102,"y":274,"width":785,"height":11}},{"id":"8112ca26-92bc-4729-9d31-59ec8078645b","block_type":"box","text":"that is, they may lose value if the value of the underlying real estate to which a pool of mortgages relates declines. In","page_number":95,"box":{"x":68,"y":289,"width":838,"height":11}},{"id":"54a24e15-d7c7-4f7c-be6f-af9b4664cf99","block_type":"box","text":"addition, investments in mortgage-backed securities involve certain specific risks. These risks include the failure of a","page_number":95,"box":{"x":69,"y":304,"width":836,"height":11}},{"id":"935d891f-74c5-4a7e-a171-3456c38f9506","block_type":"box","text":"party to meet its commitments under the related operative documents, adverse interest rate changes and the effects","page_number":95,"box":{"x":70,"y":319,"width":837,"height":12}},{"id":"cc8bb8b4-93a6-4977-a76e-c0c2dab311f2","block_type":"box","text":"of prepayments on mortgage cash flows. Mortgage-backed securities are “pass-through” securities, meaning that","page_number":95,"box":{"x":69,"y":334,"width":810,"height":12}},{"id":"b3af2ccc-fa8a-4167-9d1b-6c28d7421167","block_type":"box","text":"principal and interest payments made by the borrower on the underlying mortgages are passed through to a Fund.","page_number":95,"box":{"x":70,"y":350,"width":811,"height":11}},{"id":"f4a9a2d5-b5da-4911-ae55-f3c0048afd9a","block_type":"box","text":"Accordingly, the value of mortgage-backed securities in which a Fund invests may be particularly sensitive to changes","page_number":95,"box":{"x":68,"y":365,"width":837,"height":11}},{"id":"6117e770-db8c-4362-9564-a0b8db8f8291","block_type":"box","text":"in prevailing interest rates, and, like other fixed income investments, the ability of a Fund to utilize these instruments","page_number":95,"box":{"x":70,"y":380,"width":834,"height":11}},{"id":"f6cef8c2-2141-48b9-8306-5dc9461d23ca","block_type":"box","text":"successfully may depend in part upon the ability of the Manager to forecast interest rates and other economic factors","page_number":95,"box":{"x":69,"y":395,"width":840,"height":11}},{"id":"cf2529c3-54f6-4551-956d-8555872b62c7","block_type":"box","text":"correctly. The value of mortgage-backed securities, like that of traditional fixed-income securities, typically increases","page_number":95,"box":{"x":69,"y":410,"width":827,"height":11}},{"id":"af713e62-c39b-44a7-9a1b-736b7600f446","block_type":"box","text":"when interest rates fall and decreases when interest rates rise. However, mortgage-backed securities differ from","page_number":95,"box":{"x":68,"y":425,"width":805,"height":11}},{"id":"2a0e36c9-0cc4-4e1c-8a7a-f63c606032d0","block_type":"box","text":"traditional fixed-income securities because of their potential for prepayment without penalty. The price paid by a Fund","page_number":95,"box":{"x":68,"y":440,"width":834,"height":11}},{"id":"e217c252-c8b8-4586-9016-e0f78413d59b","block_type":"box","text":"for its mortgage-backed securities, the yield the Fund expects to receive from such securities and the weighted","page_number":95,"box":{"x":68,"y":455,"width":791,"height":12}},{"id":"8747059b-c878-4ee2-9ebb-a6cca87a8766","block_type":"box","text":"average life of the securities are based on a number of factors, including the anticipated rate of prepayment of the","page_number":95,"box":{"x":69,"y":470,"width":816,"height":12}},{"id":"6a9c6cd4-5263-4c75-8fb3-76e85fdbf39d","block_type":"box","text":"underlying mortgages. In a period of declining interest rates, borrowers may prepay the underlying mortgages more","page_number":95,"box":{"x":69,"y":486,"width":819,"height":11}},{"id":"31b12237-100d-481e-94ae-8a3c86aa68f4","block_type":"box","text":"quickly than anticipated, thereby reducing the yield to maturity and the average life of the mortgage-backed","page_number":95,"box":{"x":69,"y":501,"width":761,"height":11}},{"id":"a8216267-4dba-4fa2-827b-6daa44d517ff","block_type":"box","text":"securities. Moreover, when a Fund reinvests the proceeds of a prepayment in these circumstances, it will likely","page_number":95,"box":{"x":69,"y":516,"width":791,"height":11}},{"id":"78d2e3eb-693b-4957-bbdd-77013ee923af","block_type":"box","text":"receive a rate of interest that is lower than the rate on the security that was prepaid.","page_number":95,"box":{"x":69,"y":531,"width":602,"height":11}},{"id":"378727c0-ff75-418d-bb25-e621bb1412db","block_type":"box","text":"To the extent that a Fund purchases mortgage-backed securities at a premium, mortgage foreclosures and","page_number":95,"box":{"x":101,"y":554,"width":761,"height":11}},{"id":"0a70ade1-36e7-45d3-8658-4d09079485da","block_type":"box","text":"principal prepayments may result in a loss to the extent of the premium paid. If a Fund buys such securities at a","page_number":95,"box":{"x":70,"y":569,"width":800,"height":11}},{"id":"b9e7cff4-f902-42ff-a949-2bf0ded03761","block_type":"box","text":"discount, both scheduled payments of principal and unscheduled prepayments will increase current and total returns","page_number":95,"box":{"x":69,"y":584,"width":833,"height":11}},{"id":"3dc02ff9-b0db-4bbe-b52d-e606e1de8cb6","block_type":"box","text":"and will accelerate the recognition of income, which, when distributed to shareholders, will be taxable as ordinary","page_number":95,"box":{"x":69,"y":599,"width":809,"height":11}},{"id":"c71add53-db78-45d8-af85-e95b04d5bbe6","block_type":"box","text":"income. In a period of rising interest rates, prepayments of the underlying mortgages may occur at a slower than","page_number":95,"box":{"x":70,"y":614,"width":801,"height":11}},{"id":"610671e1-562c-4da5-9202-30839813d382","block_type":"box","text":"expected rate, creating maturity extension risk. This particular risk may effectively change a security that was","page_number":95,"box":{"x":69,"y":629,"width":778,"height":11}},{"id":"e756acdc-94af-4ef1-b1a3-d614062efb60","block_type":"box","text":"considered short- or intermediate-term at the time of purchase into a long-term security. Since the value of long-term","page_number":95,"box":{"x":69,"y":644,"width":831,"height":12}},{"id":"af2f98a3-8fc2-464a-a529-80c390ec287c","block_type":"box","text":"securities generally fluctuates more widely in response to changes in interest rates than that of shorter-term","page_number":95,"box":{"x":69,"y":659,"width":773,"height":12}},{"id":"9b484012-1b57-4996-b8d0-65bada11523f","block_type":"box","text":"securities, maturity extension risk could increase the inherent volatility of the Fund. Under certain interest rate and","page_number":95,"box":{"x":69,"y":675,"width":818,"height":11}},{"id":"0f5416a0-8f46-43e5-b059-575c34df9c09","block_type":"box","text":"prepayment scenarios, a Fund may fail to recoup fully its investment in mortgage-backed securities notwithstanding","page_number":95,"box":{"x":70,"y":690,"width":822,"height":11}},{"id":"b682c5d9-26a4-4b65-823a-ada86f439654","block_type":"box","text":"any direct or indirect governmental or agency guarantee.","page_number":95,"box":{"x":69,"y":705,"width":399,"height":11}},{"id":"ae820b38-4259-4d40-a45e-fd6f85c9feb4","block_type":"box","text":"There are currently three types of mortgage pass-through securities: (1) those issued by the U.S. Government or","page_number":95,"box":{"x":101,"y":727,"width":802,"height":12}},{"id":"85414c72-e667-47ca-969d-dbed67c923fb","block_type":"box","text":"one of its agencies or instrumentalities, such as the Government National Mortgage Association (“Ginnie Mae”), the","page_number":95,"box":{"x":69,"y":743,"width":830,"height":11}},{"id":"ba40318d-7ba2-4e54-981d-1b94f6d8f091","block_type":"box","text":"Federal National Mortgage Association (“Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“Freddie","page_number":95,"box":{"x":70,"y":758,"width":818,"height":11}},{"id":"7c084244-b519-4f8d-9515-84901e5bdd4f","block_type":"box","text":"Mac”); (2) those issued by private issuers that represent an interest in or are collateralized by pass-through","page_number":95,"box":{"x":70,"y":773,"width":766,"height":11}},{"id":"eb811227-9266-4bd1-b43d-7ecd05bf84ab","block_type":"box","text":"securities issued or guaranteed by the U.S. Government or one of its agencies or instrumentalities; and (3) those","page_number":95,"box":{"x":69,"y":788,"width":808,"height":11}},{"id":"9a5bf76f-83bf-4839-a35f-e337fb8edcb4","block_type":"box","text":"issued by private issuers that represent an interest in or are collateralized by whole mortgage loans or pass-through","page_number":95,"box":{"x":70,"y":803,"width":825,"height":11}},{"id":"e8b65fce-7acc-436d-b929-089c171fd54b","block_type":"box","text":"securities without a government guarantee but that usually have some form of private credit enhancement.","page_number":95,"box":{"x":69,"y":818,"width":761,"height":11}},{"id":"3a313fde-0874-460b-a812-8debf62a4e5a","block_type":"box","text":"Ginnie Mae is a wholly owned U.S. Government corporation within the Department of Housing and Urban","page_number":95,"box":{"x":102,"y":841,"width":743,"height":11}},{"id":"c3366290-e3ed-4479-8417-2b90e0297122","block_type":"box","text":"Development. Ginnie Mae is authorized to guarantee, with the full faith and credit of the U.S. Government, the timely","page_number":95,"box":{"x":70,"y":856,"width":831,"height":11}},{"id":"2fb18386-828e-4b9f-847f-20f6921c937c","block_type":"box","text":"payment of principal and interest on securities issued by the institutions approved by Ginnie Mae (such as savings","page_number":95,"box":{"x":70,"y":871,"width":815,"height":11}},{"id":"9062aac4-834c-4947-bd1f-d1d2e1bf80ae","block_type":"box","text":"and loan institutions, commercial banks and mortgage banks), and backed by pools of Federal Housing","page_number":95,"box":{"x":69,"y":886,"width":737,"height":12}},{"id":"3261108b-f673-4a1a-90aa-4291c96e24c1","block_type":"box","text":"Administration (“FHA”)-insured or Veterans’ Administration (“VA”)-guaranteed mortgages. Pass-through certificates","page_number":95,"box":{"x":68,"y":901,"width":814,"height":12}},{"id":"85853513-c749-48e4-afd5-561db7edce8e","block_type":"box","text":"II-51","page_number":95,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"c0c208cc-a8a0-43a9-a706-6e69bff79342","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":95,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8213c649-cff7-4cd5-8856-27801a86a63e","block_type":"box","text":"guaranteed by Ginnie Mae (such certificates are also known as “Ginnie Maes”) are guaranteed as to the timely","page_number":96,"box":{"x":68,"y":45,"width":794,"height":11}},{"id":"f104912e-857c-4202-9f4e-d455d10ebedb","block_type":"box","text":"payment of principal and interest by Ginnie Mae, whose guarantee is backed by the full faith and credit of the United","page_number":96,"box":{"x":70,"y":60,"width":828,"height":11}},{"id":"03aed210-23cd-48e4-b6bc-588e907fe760","block_type":"box","text":"States. Ginnie Mae certificates also are supported by the authority of Ginnie Mae to borrow funds from the U.S.","page_number":96,"box":{"x":69,"y":75,"width":798,"height":11}},{"id":"9e04b7c7-25bb-495d-b3e8-9a94a1f4b201","block_type":"box","text":"Treasury Department to make payments under its guarantee. Mortgage-related securities issued by Fannie Mae","page_number":96,"box":{"x":68,"y":90,"width":798,"height":11}},{"id":"b108b101-87b6-4359-a16c-cd93b051c492","block_type":"box","text":"include Fannie Mae guaranteed Mortgage Pass-Through Certificates (also known as “Fannie Maes”), which are","page_number":96,"box":{"x":70,"y":105,"width":788,"height":11}},{"id":"c86b0e47-07af-4721-8b57-34eb041228bf","block_type":"box","text":"guaranteed as to timely payment of principal and interest by Fannie Mae. They are not backed by or entitled to the full","page_number":96,"box":{"x":68,"y":120,"width":840,"height":12}},{"id":"c2947825-550a-47f3-b3c8-194582ba0c49","block_type":"box","text":"faith and credit of the United States, but are supported by the right of Fannie Mae to borrow from the U.S. Treasury","page_number":96,"box":{"x":68,"y":135,"width":825,"height":12}},{"id":"079f4330-7f40-4edd-8028-d369ad20c583","block_type":"box","text":"Department. Fannie Mae was established as a federal agency in 1938 and in 1968 was chartered by Congress as a","page_number":96,"box":{"x":70,"y":150,"width":830,"height":12}},{"id":"cd786bb2-8420-4568-a2c5-aa346f75085e","block_type":"box","text":"private shareholder-owned company. Mortgage-related securities issued by Freddie Mac include Freddie Mac","page_number":96,"box":{"x":70,"y":166,"width":770,"height":11}},{"id":"f95e57b3-58a4-4f79-95e2-89f38248a5eb","block_type":"box","text":"Mortgage Participation Certificates (also known as “Freddie Macs” or “PCs”). Freddie Mac is a stockholder-owned","page_number":96,"box":{"x":70,"y":181,"width":812,"height":11}},{"id":"4c545e6d-602d-4fc0-805c-a188a7141e00","block_type":"box","text":"corporation chartered by Congress in 1970. Freddie Macs are not guaranteed by the United States or by any Federal","page_number":96,"box":{"x":69,"y":196,"width":829,"height":11}},{"id":"fe337934-a248-46ec-8951-fa3bbc6730b6","block_type":"box","text":"Home Loan Banks and do not constitute a debt or obligation of the United States or of any Federal Home Loan Bank.","page_number":96,"box":{"x":70,"y":211,"width":832,"height":11}},{"id":"e4cda6b6-2bbb-4bc6-9ae0-5cfd5524f46b","block_type":"box","text":"Freddie Macs entitle the holder to timely payment of interest, which is guaranteed by Freddie Mac. Freddie Mac","page_number":96,"box":{"x":70,"y":226,"width":792,"height":11}},{"id":"678586fc-6687-464f-9e6f-d19704cc0a00","block_type":"box","text":"guarantees either ultimate collection or timely payment of all principal payments on the underlying mortgage loans.","page_number":96,"box":{"x":68,"y":241,"width":819,"height":11}},{"id":"9ccf7baa-424a-4365-93bb-cedd27439e17","block_type":"box","text":"While Freddie Mac generally does not guarantee timely payment of principal, Freddie Mac may remit the amount due","page_number":96,"box":{"x":68,"y":256,"width":829,"height":12}},{"id":"5d094ef9-22d5-4873-9b97-17b2940cb07e","block_type":"box","text":"on account of its guarantee of ultimate payment of principal at any time after default on an underlying mortgage, but","page_number":96,"box":{"x":69,"y":271,"width":829,"height":12}},{"id":"0782d8bd-f2e7-48f9-8ffb-5faf0ccd3f1a","block_type":"box","text":"in no event later than one year after it becomes payable.","page_number":96,"box":{"x":70,"y":286,"width":401,"height":12}},{"id":"631e8ce5-f86d-4f74-a7e2-2477d80c2ed4","block_type":"box","text":"Private mortgage pass-through securities are structured similarly to Ginnie Mae, Fannie Mae, and Freddie Mac","page_number":96,"box":{"x":102,"y":309,"width":786,"height":11}},{"id":"e8320cb4-648f-461e-88d5-342dc669004a","block_type":"box","text":"mortgage pass-through securities and are issued by originators of and investors in mortgage loans, including","page_number":96,"box":{"x":69,"y":324,"width":777,"height":12}},{"id":"ed123a67-31d8-49f0-8ae4-848839e3e916","block_type":"box","text":"depository institutions, mortgage banks, investment banks and special purpose subsidiaries of the foregoing.","page_number":96,"box":{"x":69,"y":339,"width":782,"height":12}},{"id":"08b202ff-2642-4b07-8389-acbb5ec1f2de","block_type":"box","text":"Pools created by private mortgage pass-through issuers generally offer a higher rate of interest than government","page_number":96,"box":{"x":102,"y":362,"width":802,"height":11}},{"id":"74367afa-cf79-4b4e-967d-86f69c6942c7","block_type":"box","text":"and government-related pools because there are no direct or indirect government or agency guarantees of payments","page_number":96,"box":{"x":69,"y":377,"width":828,"height":12}},{"id":"88f7d6c4-c46e-4080-b8df-15a35b54c4c1","block_type":"box","text":"in the private pools. However, timely payment of interest and principal of these pools may be supported by various","page_number":96,"box":{"x":70,"y":392,"width":814,"height":12}},{"id":"11ee72fb-b04b-4126-b490-1027f28f2964","block_type":"box","text":"forms of insurance or guarantees, including individual loan, title, pool and hazard insurance and letters of credit. The","page_number":96,"box":{"x":68,"y":407,"width":833,"height":12}},{"id":"2f5a7c7c-0393-4d85-a9f4-50b2a4422670","block_type":"box","text":"insurance and guarantees are issued by governmental entities, private insurers and the mortgage poolers. The","page_number":96,"box":{"x":70,"y":423,"width":789,"height":11}},{"id":"7528cbc0-6710-4cfd-8ca2-981856463987","block_type":"box","text":"insurance and guarantees and the creditworthiness of the issuers thereof will be considered in determining whether","page_number":96,"box":{"x":70,"y":438,"width":827,"height":11}},{"id":"3bfbd350-e21d-4f2b-a420-10addc0ccfba","block_type":"box","text":"a mortgage-related security meets a Fund’s investment quality standards. There can be no assurance that the private","page_number":96,"box":{"x":69,"y":453,"width":838,"height":11}},{"id":"5a289fa7-4aae-415a-9445-5cf35fdd11cf","block_type":"box","text":"insurers or guarantors can meet their obligations under the insurance policies or guarantee arrangements. Private","page_number":96,"box":{"x":70,"y":468,"width":810,"height":11}},{"id":"4c0f2c92-c8fb-45e1-b072-39c612211a90","block_type":"box","text":"mortgage pass-through securities may be bought without insurance or guarantees if, through an examination of the","page_number":96,"box":{"x":69,"y":483,"width":820,"height":11}},{"id":"3a531d6e-e0d8-4119-af32-8bb042aa8a30","block_type":"box","text":"loan experience and practices of the originator/servicers and poolers, the Manager determines that the securities","page_number":96,"box":{"x":70,"y":498,"width":812,"height":11}},{"id":"b042ba2b-28a7-4d5f-bc2e-5ba151e072f0","block_type":"box","text":"meet a Fund’s quality standards. Any mortgage-related securities that are issued by private issuers have some","page_number":96,"box":{"x":69,"y":514,"width":790,"height":11}},{"id":"fe8b5063-5540-48f2-8e18-ddeeac899ce6","block_type":"box","text":"exposure to subprime loans as well as to the mortgage and credit markets generally.","page_number":96,"box":{"x":69,"y":529,"width":604,"height":11}},{"id":"2e61b1db-1e52-4053-8c36-28f69f156be2","block_type":"box","text":"In addition, mortgage-related securities that are issued by private issuers are not subject to the underwriting","page_number":96,"box":{"x":102,"y":551,"width":774,"height":11}},{"id":"4d3c773a-f1da-419d-8a6e-4628f23f3b46","block_type":"box","text":"requirements for the underlying mortgages that are applicable to those mortgage-related securities that have a","page_number":96,"box":{"x":69,"y":566,"width":791,"height":11}},{"id":"30f185ae-b7cb-41cb-a9a4-797efdec7071","block_type":"box","text":"government or government-sponsored entity guarantee. As a result, the mortgage loans underlying private mortgage","page_number":96,"box":{"x":68,"y":582,"width":832,"height":11}},{"id":"9f9e9038-111e-4d6a-9b8c-4edc8fb05aa1","block_type":"box","text":"related securities may, and frequently do, have less favorable collateral, credit risk or other underwriting","page_number":96,"box":{"x":69,"y":596,"width":742,"height":12}},{"id":"53b95b3f-2323-4c23-b2d4-b4f01e994f66","block_type":"box","text":"characteristics than government or government-sponsored mortgage-related securities and have wider variances in a","page_number":96,"box":{"x":69,"y":612,"width":831,"height":11}},{"id":"f69b79c8-ad26-4929-9eaa-3b05bde8a263","block_type":"box","text":"number of terms including interest rate, term, size, purpose and borrower characteristics. Privately issued pools more","page_number":96,"box":{"x":69,"y":627,"width":840,"height":11}},{"id":"d86accc8-b457-4f4f-92fa-b0879b8addec","block_type":"box","text":"frequently include second mortgages, high loan-to-value mortgages and manufactured housing loans. The coupon","page_number":96,"box":{"x":68,"y":642,"width":809,"height":11}},{"id":"36183aa1-7cfc-47d3-b119-5c4de1e54c29","block_type":"box","text":"rates and maturities of the underlying mortgage loans in a private-label mortgage-related securities pool may vary to","page_number":96,"box":{"x":69,"y":657,"width":828,"height":11}},{"id":"f92c3663-b952-4242-b261-9fb1efa4bec1","block_type":"box","text":"a greater extent than those included in a government guaranteed pool, and the pool may include subprime mortgage","page_number":96,"box":{"x":69,"y":672,"width":830,"height":11}},{"id":"5ce08d7e-804a-48c7-ac62-37a51225de58","block_type":"box","text":"loans. Subprime loans refer to loans made to borrowers with weakened credit histories or with a lower capacity to","page_number":96,"box":{"x":70,"y":687,"width":810,"height":11}},{"id":"ca2bc497-3fe6-4e22-abe6-030824b93bee","block_type":"box","text":"make timely payments on their loans. For these reasons, the loans underlying these securities have had in many","page_number":96,"box":{"x":69,"y":703,"width":804,"height":11}},{"id":"490ad92b-54e9-4d63-8503-ec6080d4afc2","block_type":"box","text":"cases higher default rates than those loans that meet government underwriting requirements.","page_number":96,"box":{"x":69,"y":717,"width":669,"height":12}},{"id":"ae9ba52f-1595-42b5-bc7f-c123e3361db6","block_type":"box","text":"The risk of non-payment is greater for mortgage-related securities that are backed by mortgage pools that","page_number":96,"box":{"x":101,"y":740,"width":754,"height":11}},{"id":"bb3f3e55-fbda-4b0c-807c-0e918420d262","block_type":"box","text":"contain subprime loans, but a level of risk exists for all loans. Market factors adversely affecting mortgage loan","page_number":96,"box":{"x":69,"y":755,"width":795,"height":11}},{"id":"60e38425-6877-4b2e-8224-4a4dada8e879","block_type":"box","text":"repayments may include a general economic turndown, high unemployment, a general slowdown in the real estate","page_number":96,"box":{"x":69,"y":771,"width":812,"height":11}},{"id":"357a617f-fdd6-41b6-8352-c64078baf373","block_type":"box","text":"market, a drop in the market prices of real estate, or an increase in interest rates resulting in higher mortgage","page_number":96,"box":{"x":69,"y":785,"width":788,"height":12}},{"id":"9419381f-ca67-47d3-96fc-f999958407ec","block_type":"box","text":"payments by holders of adjustable rate mortgages.","page_number":96,"box":{"x":70,"y":801,"width":361,"height":11}},{"id":"717be572-1232-46db-81e5-2be338279c00","block_type":"box","text":"Privately issued mortgage-related securities are not traded on an exchange and there may be a limited market","page_number":96,"box":{"x":102,"y":823,"width":784,"height":12}},{"id":"1b33e69a-0aae-4f58-b520-4f5d3f380e0d","block_type":"box","text":"for the securities, especially when there is a perceived weakness in the mortgage and real estate market sectors.","page_number":96,"box":{"x":68,"y":838,"width":813,"height":12}},{"id":"57a1e45f-27a8-484f-94e1-77f9044250b9","block_type":"box","text":"Without an active trading market, mortgage-related securities held in a Fund’s portfolio may be particularly difficult to","page_number":96,"box":{"x":68,"y":853,"width":837,"height":12}},{"id":"4ec87b9e-1952-4214-8ae7-1bd34fcf9b9e","block_type":"box","text":"value because of the complexities involved in assessing the value of the underlying mortgage loans.","page_number":96,"box":{"x":68,"y":869,"width":714,"height":11}},{"id":"05faabe2-954e-44ed-8513-cf24f86d8329","block_type":"box","text":"Collateralized Mor tgage Obligations (“CMOs”).","page_number":96,"box":{"x":102,"y":891,"width":328,"height":12}},{"id":"9911b043-9949-4149-84c5-55c335b39e61","block_type":"box","text":"CMOs are debt obligations collateralized by residential or","page_number":96,"box":{"x":437,"y":891,"width":407,"height":12}},{"id":"b6278346-b583-447a-bc61-739e1bf9cbaf","block_type":"box","text":"commercial mortgage loans or residential or commercial mortgage pass-through securities. Interest and prepaid","page_number":96,"box":{"x":69,"y":907,"width":800,"height":11}},{"id":"89632515-a42b-4ce7-868d-6e4293ad782d","block_type":"box","text":"II-52","page_number":96,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"952194f2-4609-420e-8d7f-2e5c957d3ef2","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":96,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"124a09d8-8292-4cfa-851a-b25fb0ef0808","block_type":"box","text":"principal are generally paid monthly. CMOs may be collateralized by whole mortgage loans or private mortgage pass","page_number":97,"box":{"x":70,"y":45,"width":827,"height":11}},{"id":"93b672cf-dac6-429b-9a36-80012e383d03","block_type":"box","text":"through securities but are more typically collateralized by portfolios of mortgage pass-through securities guaranteed","page_number":97,"box":{"x":68,"y":60,"width":826,"height":11}},{"id":"68f00911-6b17-4276-a8cb-f1257065e2bf","block_type":"box","text":"by Ginnie Mae, Freddie Mac, or Fannie Mae. The issuer of a series of CMOs may elect to be treated as a Real Estate","page_number":97,"box":{"x":69,"y":75,"width":833,"height":11}},{"id":"2d0fb173-e9f0-4ddf-a9d7-d1f3239eca16","block_type":"box","text":"Mortgage Investment Conduit (“REMIC”). All future references to CMOs also include REMICs.","page_number":97,"box":{"x":70,"y":90,"width":661,"height":11}},{"id":"be307fc2-3671-4cb4-8623-20714e174a95","block_type":"box","text":"CMOs are structured into multiple classes, often referred to as a “tranche,” each issued at a specific adjustable","page_number":97,"box":{"x":102,"y":113,"width":803,"height":11}},{"id":"0b436ce6-2e3c-46da-9ccd-8ab270be48e3","block_type":"box","text":"or fixed interest rate, and bearing a different stated maturity date and each must be fully retired no later than its final","page_number":97,"box":{"x":69,"y":128,"width":837,"height":11}},{"id":"8daf0fef-c94b-4e96-8007-d896ab727a1e","block_type":"box","text":"distribution date. Actual maturity and average life will depend upon the prepayment experience of the collateral, which","page_number":97,"box":{"x":69,"y":143,"width":838,"height":11}},{"id":"ede5b7de-8ee5-4fe9-846b-d1a62f475a18","block_type":"box","text":"is ordinarily unrelated to the stated maturity date. CMOs often provide for a modified form of call protection through a","page_number":97,"box":{"x":70,"y":158,"width":836,"height":11}},{"id":"a61e6336-8ca6-40fe-aa95-bd19283794a3","block_type":"box","text":"de facto breakdown of the underlying pool of mortgages according to how quickly the loans are repaid. Monthly","page_number":97,"box":{"x":69,"y":173,"width":791,"height":11}},{"id":"4ab71cc2-7f14-4e99-a8bd-98ed4f362673","block_type":"box","text":"payment of principal received from the pool of underlying mortgages, including prepayments, is first returned to","page_number":97,"box":{"x":70,"y":188,"width":792,"height":12}},{"id":"75799f48-e1e2-4970-84ce-2bdf743502c4","block_type":"box","text":"investors holding the shortest maturity class. Investors holding the longer maturity classes usually receive principal","page_number":97,"box":{"x":70,"y":204,"width":820,"height":11}},{"id":"29468641-442e-4158-bdaf-dec17232c6aa","block_type":"box","text":"only after the first class has been retired. An investor may be partially protected against a sooner than desired return","page_number":97,"box":{"x":69,"y":218,"width":836,"height":12}},{"id":"12aa504e-c3f3-468f-aae2-d278c922eb0e","block_type":"box","text":"of principal because of the sequential payments.","page_number":97,"box":{"x":69,"y":234,"width":346,"height":11}},{"id":"64617302-d3fb-42b8-b7aa-f31560e6e6c3","block_type":"box","text":"Certain issuers of CMOs are not considered investment companies pursuant to a rule adopted by the","page_number":97,"box":{"x":102,"y":256,"width":723,"height":11}},{"id":"f0f724e2-ced7-4835-a17b-a8f0f35dd2e6","block_type":"box","text":"Commission, and a Fund may invest in the securities of such issuers without the limitations imposed by the","page_number":97,"box":{"x":69,"y":271,"width":768,"height":12}},{"id":"da93ce94-fa44-4008-8093-1a5da9f53cba","block_type":"box","text":"Investment Company Act on investments by a Fund in other investment companies. In addition, in reliance on an","page_number":97,"box":{"x":70,"y":287,"width":800,"height":11}},{"id":"7bdbeac0-e4b2-4867-9403-9b74a77d5f90","block_type":"box","text":"earlier Commission interpretation, a Fund’s investments in certain other qualifying CMOs, which cannot or do not rely","page_number":97,"box":{"x":69,"y":302,"width":836,"height":11}},{"id":"85fce279-92d8-4e7c-9e06-0e63fafb32d3","block_type":"box","text":"on the rule, are also not subject to the limitation of the Investment Company Act on acquiring interests in other","page_number":97,"box":{"x":69,"y":317,"width":793,"height":11}},{"id":"8564bb7f-5d39-4148-9848-e04059e01298","block_type":"box","text":"investment companies. In order to be able to rely on the Commission’s interpretation, these CMOs must be","page_number":97,"box":{"x":70,"y":332,"width":767,"height":11}},{"id":"8d0d5221-03e9-4399-9e30-990067e0e8c2","block_type":"box","text":"unmanaged, fixed asset issuers, that: (1) invest primarily in mortgage-backed securities; (2) do not issue redeemable","page_number":97,"box":{"x":69,"y":347,"width":838,"height":11}},{"id":"b9343ecc-18a1-4d07-8c2b-cc03051d79b2","block_type":"box","text":"securities; (3) operate under general exemptive orders exempting them from all provisions of the Investment","page_number":97,"box":{"x":69,"y":362,"width":773,"height":11}},{"id":"00018e79-8243-4cad-93df-7a1315d84500","block_type":"box","text":"Company Act; and (4) are not registered or regulated under the Investment Company Act as investment companies.","page_number":97,"box":{"x":69,"y":377,"width":821,"height":12}},{"id":"712a636a-6734-4273-b349-89b2815b9f2c","block_type":"box","text":"To the extent that a Fund selects CMOs that cannot rely on the rule or do not meet the above requirements, the Fund","page_number":97,"box":{"x":68,"y":392,"width":836,"height":12}},{"id":"26842c54-2a6a-46f8-8663-1fb837448811","block_type":"box","text":"may not invest more than 10% of its assets in all such entities and may not acquire more than 3% of the voting","page_number":97,"box":{"x":69,"y":407,"width":795,"height":12}},{"id":"da72ad22-3fa5-4080-a6c5-c5f692ed164f","block_type":"box","text":"securities of any single such entity.","page_number":97,"box":{"x":69,"y":423,"width":248,"height":11}},{"id":"dd198ce1-173b-4fd0-8075-eca8f334213c","block_type":"box","text":"A Fund may also invest in, among other things, parallel pay CMOs, sequential pay CMOs, and floating rate CMOs.","page_number":97,"box":{"x":101,"y":445,"width":807,"height":12}},{"id":"aa32f89b-832f-411e-85bb-892776523577","block_type":"box","text":"Parallel pay CMOs are structured to provide payments of principal on each payment date to more than one class,","page_number":97,"box":{"x":69,"y":460,"width":805,"height":12}},{"id":"130695e5-7cc7-45b2-8069-21a56072916c","block_type":"box","text":"concurrently on a proportionate or disproportionate basis. These simultaneous payments are taken into account in","page_number":97,"box":{"x":69,"y":476,"width":819,"height":11}},{"id":"0896b0b8-59c8-4ff6-a71e-f6e79afe323a","block_type":"box","text":"calculating the final distribution date of each class. Sequential pay CMOs generally pay principal to only one class at","page_number":97,"box":{"x":69,"y":491,"width":829,"height":11}},{"id":"3be04632-f6ae-40c0-be25-a4be43b2f284","block_type":"box","text":"a time while paying interest to several classes. A wide variety of REMIC Certificates may be issued in the parallel pay","page_number":97,"box":{"x":69,"y":506,"width":835,"height":11}},{"id":"cae96131-6f9d-4ffb-889f-5bf68ae18a83","block_type":"box","text":"or sequential pay structures. These securities include accrual certificates (also known as “Z-Bonds”), which only","page_number":97,"box":{"x":69,"y":521,"width":802,"height":11}},{"id":"c5e5c80c-68f9-412f-90bd-5e6dd7cb2d6b","block_type":"box","text":"accrue interest at a specified rate until all other certificates having an earlier final distribution date have been retired","page_number":97,"box":{"x":69,"y":536,"width":833,"height":11}},{"id":"b0e3585a-10cb-48ee-967b-9dd5558b3756","block_type":"box","text":"and are converted thereafter to an interest-paying security. Floating rate CMOs are securities whose coupon rate","page_number":97,"box":{"x":69,"y":551,"width":801,"height":11}},{"id":"28964c1d-cd29-4e85-9bc8-a7eadbec215e","block_type":"box","text":"fluctuates according to some formula related to an existing market index or rate. Typical indices would include the","page_number":97,"box":{"x":68,"y":566,"width":813,"height":11}},{"id":"0e14dbeb-caf2-4959-9a68-e05fdfd94ebc","block_type":"box","text":"eleventh district cost-of-funds index (“COFI”), one-year Treasury yields, and ten-year Treasury yields.","page_number":97,"box":{"x":69,"y":581,"width":708,"height":11}},{"id":"1a6dbf0f-5e6c-406b-91aa-b3441a69b741","block_type":"box","text":"Classes of CMOs also include planned amortization classes (“PACs”) and targeted amortization classes","page_number":97,"box":{"x":102,"y":604,"width":742,"height":11}},{"id":"b417610d-567d-4681-80dc-f5a83061df1a","block_type":"box","text":"(“TACs”). PAC bonds generally require payments of a specified amount of principal on each payment date. The","page_number":97,"box":{"x":69,"y":619,"width":784,"height":11}},{"id":"ea68eb9d-0b94-4371-9460-600e40322e3e","block_type":"box","text":"scheduled principal payments for PAC Certificates generally have the highest priority on each payment date after","page_number":97,"box":{"x":69,"y":634,"width":800,"height":12}},{"id":"52e41c22-c5a5-43c4-8773-12799903a4d6","block_type":"box","text":"interest due has been paid to all classes entitled to receive interest currently. Shortfalls, if any, are added to the","page_number":97,"box":{"x":70,"y":649,"width":802,"height":12}},{"id":"da2fb66d-2af2-41ea-aaf7-8b1e6c35e940","block_type":"box","text":"amount payable on the next payment date. The PAC Certificate payment schedule is taken into account in calculating","page_number":97,"box":{"x":69,"y":664,"width":834,"height":12}},{"id":"1167bfcf-f5f8-47a2-b5ab-a231a13e9a18","block_type":"box","text":"the final distribution date of each class of PAC. In order to create PAC tranches, one or more tranches generally must","page_number":97,"box":{"x":68,"y":680,"width":835,"height":11}},{"id":"8244e110-2352-42a3-beef-7f2a4ec5edb6","block_type":"box","text":"be created that absorb most of the volatility in the underlying mortgage assets. These tranches (often called","page_number":97,"box":{"x":69,"y":695,"width":772,"height":11}},{"id":"914697c8-8228-44e4-9004-2d592721983e","block_type":"box","text":"“supports” or “companion” tranches) tend to have market prices and yields that are more volatile than the PAC","page_number":97,"box":{"x":70,"y":710,"width":792,"height":11}},{"id":"50bf6ee6-5f23-47fc-a5e9-4961003e06f8","block_type":"box","text":"classes.","page_number":97,"box":{"x":69,"y":725,"width":57,"height":9}},{"id":"e353177b-51a2-422d-805a-c7b4aa14c779","block_type":"box","text":"TACs are similar to PACs in that they require that specified amounts of principal be applied on each payment","page_number":97,"box":{"x":101,"y":748,"width":774,"height":11}},{"id":"4ee604c0-18a7-46b7-88c6-bce36f7a69f2","block_type":"box","text":"date to one or more classes of REMIC Certificates. A PAC’s payment schedule, however, remains in effect as long as","page_number":97,"box":{"x":69,"y":763,"width":835,"height":11}},{"id":"61c7f48e-038b-457d-a9c7-51271c310f90","block_type":"box","text":"prepayment rates on the underlying mortgages do not exceed certain ranges. In contrast, a TAC provides investors","page_number":97,"box":{"x":70,"y":778,"width":815,"height":11}},{"id":"92ea66dc-612c-44fc-8a73-d4a2dfc3fe96","block_type":"box","text":"with protection, to a certain level, against either faster than expected or slower than expected prepayment rates, but","page_number":97,"box":{"x":68,"y":793,"width":833,"height":11}},{"id":"613b410a-485a-42c3-898e-baeef64939ef","block_type":"box","text":"not both. TACs thus provide more cash flow stability than a regular sequential paying class, but less than a PAC. TACs","page_number":97,"box":{"x":69,"y":808,"width":839,"height":11}},{"id":"41c4cce1-54c4-445d-a469-9deb966d09dc","block_type":"box","text":"also tend to have market prices and yields that are more volatile than PACs.","page_number":97,"box":{"x":69,"y":823,"width":541,"height":11}},{"id":"7cb52d64-9854-4dff-b9bc-34ba52e68efb","block_type":"box","text":"Adjustable Rate Mor tgage Securities.","page_number":97,"box":{"x":101,"y":846,"width":265,"height":11}},{"id":"fbb421a9-e005-43f6-a723-7b2e5a45544a","block_type":"box","text":"Adjustable rate mortgage securities (“ARMs”) are pass-through securities","page_number":97,"box":{"x":372,"y":846,"width":523,"height":11}},{"id":"271b702c-c756-4a53-ba0a-466382945706","block_type":"box","text":"collateralized by mortgages with adjustable rather than fixed rates. ARMs eligible for inclusion in a mortgage pool","page_number":97,"box":{"x":69,"y":861,"width":807,"height":11}},{"id":"7f947b8d-ebc7-446b-9137-79abbc29dfc6","block_type":"box","text":"generally provide for a fixed initial mortgage interest rate for a set number of scheduled monthly payments. After that","page_number":97,"box":{"x":68,"y":876,"width":835,"height":11}},{"id":"d355784e-24fd-4efa-972f-9f98729a6243","block_type":"box","text":"schedule of payments has been completed, the interest rates are subject to periodic adjustment based on changes","page_number":97,"box":{"x":69,"y":891,"width":824,"height":12}},{"id":"087e3db5-0488-4aed-b95a-c50dd18cb6fe","block_type":"box","text":"to a designated benchmark index.","page_number":97,"box":{"x":68,"y":907,"width":241,"height":11}},{"id":"e1e68b84-e9e8-4087-bc62-b2defbb6c530","block_type":"box","text":"II-53","page_number":97,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"8fd25b14-c94d-4f66-951f-a12537fb2414","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":97,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3b661e2d-f8e8-408b-8f0f-239f57cb6eeb","block_type":"box","text":"ARMs contain maximum and minimum rates beyond which the mortgage interest rate may not vary over the","page_number":98,"box":{"x":101,"y":45,"width":767,"height":11}},{"id":"a557fdfa-88ef-4e58-9271-a2fc63b05f88","block_type":"box","text":"lifetime of the security. In addition, certain ARMs provide for additional limitations on the maximum amount by which","page_number":98,"box":{"x":70,"y":60,"width":828,"height":11}},{"id":"dc181bf1-56fc-4c35-8863-5b7b9b6a8583","block_type":"box","text":"the mortgage interest rate may adjust for any single adjustment period. In the event that market rates of interest rise","page_number":98,"box":{"x":68,"y":75,"width":837,"height":11}},{"id":"57a1325c-6471-42f4-9b89-3b7acb646222","block_type":"box","text":"more rapidly to levels above that of the ARM’s maximum rate, the ARM’s coupon may represent a below market rate","page_number":98,"box":{"x":69,"y":90,"width":830,"height":11}},{"id":"fc15dd32-f137-421f-b317-0df14a2409cc","block_type":"box","text":"of interest. In these circumstances, the market value of the ARM security will likely have fallen.","page_number":98,"box":{"x":69,"y":105,"width":676,"height":11}},{"id":"37345f90-19c7-4be6-a949-2e592d9c00e5","block_type":"box","text":"Certain ARMs contain limitations on changes in the required monthly payment. In the event that a monthly","page_number":98,"box":{"x":102,"y":128,"width":757,"height":11}},{"id":"d56da99b-b01e-4f49-a05f-86a1352a9925","block_type":"box","text":"payment is not sufficient to pay the interest accruing on an ARM, any such excess interest is added to the principal","page_number":98,"box":{"x":70,"y":143,"width":822,"height":11}},{"id":"69e7b5de-caf2-4602-a920-3ccc6a2e796b","block_type":"box","text":"balance of the mortgage loan, which is repaid through future monthly payments. If the monthly payment for such an","page_number":98,"box":{"x":69,"y":158,"width":823,"height":11}},{"id":"513eb86f-18ae-46a7-ae8a-99faf70baed4","block_type":"box","text":"instrument exceeds the sum of the interest accrued at the applicable mortgage interest rate and the principal","page_number":98,"box":{"x":70,"y":173,"width":782,"height":11}},{"id":"36fd398d-1511-4b97-9b91-4a81e76b3d10","block_type":"box","text":"payment required at such point to amortize the outstanding principal balance over the remaining term of the loan, the","page_number":98,"box":{"x":70,"y":188,"width":838,"height":12}},{"id":"32cec077-2cef-4a23-92fc-e5bc6def9e75","block_type":"box","text":"excess is then used to reduce the outstanding principal balance of the ARM.","page_number":98,"box":{"x":69,"y":203,"width":544,"height":12}},{"id":"138b2966-77a2-4f90-8384-67a1aa1ff0e7","block_type":"box","text":"CMO Residuals.","page_number":98,"box":{"x":102,"y":226,"width":112,"height":9}},{"id":"722e5883-29c3-4c79-9ce2-e93b65abd242","block_type":"box","text":"CMO residuals are derivative mortgage securities issued by agencies or instrumentalities of the","page_number":98,"box":{"x":221,"y":226,"width":682,"height":11}},{"id":"aa2de08f-bff8-4636-96ea-9d0c9b6a36c7","block_type":"box","text":"U.S. Government or by private originators of, or investors in, mortgage loans, including savings and loan","page_number":98,"box":{"x":70,"y":241,"width":740,"height":11}},{"id":"94af9726-75ce-4cdf-ae42-74572db2f2f3","block_type":"box","text":"associations, homebuilders, mortgage banks, commercial banks, investment banks, and special purpose entities of","page_number":98,"box":{"x":69,"y":256,"width":829,"height":12}},{"id":"74d5405d-379e-4bed-af85-9bc9ba54b1da","block_type":"box","text":"the foregoing. The cash flow generated by the mortgage assets underlying a series of CMOs is applied first to make","page_number":98,"box":{"x":68,"y":271,"width":826,"height":12}},{"id":"d451367a-8b26-4717-8292-7e4988ab995e","block_type":"box","text":"required payments of principal and interest on the CMOs and second to pay the related administrative expenses and","page_number":98,"box":{"x":69,"y":286,"width":831,"height":12}},{"id":"884ac541-ee4e-4261-a41f-20376dd20c89","block_type":"box","text":"any management fees of the issuer. The residual in a CMO structure generally represents the interest in any excess","page_number":98,"box":{"x":69,"y":302,"width":827,"height":11}},{"id":"27c2b361-c888-4e7e-a754-a0e10f0a58f7","block_type":"box","text":"cash flow remaining after making the foregoing payments. Each payment of such excess cash flow to a holder of the","page_number":98,"box":{"x":69,"y":317,"width":829,"height":11}},{"id":"25b25fc3-f5f7-41c5-af65-8367097d1c03","block_type":"box","text":"related CMO residual represents income and/or a return of capital. The amount of residual cash flow resulting from a","page_number":98,"box":{"x":69,"y":332,"width":838,"height":11}},{"id":"7078edee-c7a5-459f-b4dc-d77745f1ad59","block_type":"box","text":"CMO will depend on, among other things, the characteristics of the mortgage assets, the coupon rate of each class","page_number":98,"box":{"x":69,"y":347,"width":825,"height":11}},{"id":"38a3f1ab-4890-4578-a28c-ca01b6f9fb68","block_type":"box","text":"of CMO, prevailing interest rates, the amount of administrative expenses and the prepayment experience on the","page_number":98,"box":{"x":69,"y":362,"width":798,"height":11}},{"id":"a84ccc6d-eaad-424b-b5ab-df87461c7773","block_type":"box","text":"mortgage assets. In part, the yield to maturity on the CMO residuals is extremely sensitive to prepayments on the","page_number":98,"box":{"x":69,"y":377,"width":813,"height":12}},{"id":"75b285df-413c-4f8d-a65e-02f4ce4eeb8c","block_type":"box","text":"related underlying mortgage assets, in the same manner as an interest-only class of stripped mortgage-related","page_number":98,"box":{"x":69,"y":392,"width":790,"height":12}},{"id":"66a5f64a-18c7-43e3-879a-da0425978ec2","block_type":"box","text":"securities. In addition, if a series of a CMO includes a class that bears interest at an adjustable rate, the yield to","page_number":98,"box":{"x":69,"y":407,"width":805,"height":12}},{"id":"d391d43a-abb4-45ef-a2ae-8884e9805595","block_type":"box","text":"maturity on the related CMO residual will also be extremely sensitive to changes in the level of the index upon which","page_number":98,"box":{"x":69,"y":423,"width":828,"height":11}},{"id":"38881123-b551-4b6b-81b6-9cefd61adcd7","block_type":"box","text":"interest rate adjustments are based. In certain circumstances, a Fund may fail to recoup fully its initial investment in","page_number":98,"box":{"x":70,"y":438,"width":831,"height":11}},{"id":"c539f0b6-c632-4d35-9e62-246b7c5c8fd3","block_type":"box","text":"a CMO residual.","page_number":98,"box":{"x":69,"y":453,"width":112,"height":9}},{"id":"1f95061b-2c55-4317-a9ed-8d9a0ecca789","block_type":"box","text":"CMO residuals are generally purchased and sold by institutional investors through one or more investment","page_number":98,"box":{"x":102,"y":476,"width":758,"height":11}},{"id":"953314a9-6276-456f-81fd-a326d211fc52","block_type":"box","text":"banking firms acting as brokers or dealers. Transactions in CMO residuals are generally completed only after careful","page_number":98,"box":{"x":69,"y":491,"width":827,"height":11}},{"id":"fd66747b-44b6-4a00-a712-3ac950f270a2","block_type":"box","text":"review of the characteristics of the securities in question. In addition, CMO residuals may or, pursuant to an","page_number":98,"box":{"x":69,"y":506,"width":769,"height":11}},{"id":"cc4fa41a-8c3c-48d8-860c-6e52f3e951e1","block_type":"box","text":"exemption therefrom, may not have been registered under the Securities Act. Residual interests generally are junior","page_number":98,"box":{"x":69,"y":521,"width":825,"height":11}},{"id":"9cc2af37-8399-492d-81a1-a17bf55cecc2","block_type":"box","text":"to, and may be significantly more volatile than, “regular” CMO and REMIC interests. CMO residuals, whether or not","page_number":98,"box":{"x":68,"y":536,"width":820,"height":11}},{"id":"a6f3f88f-cf24-447f-98f0-5d074c3c3104","block_type":"box","text":"registered under the Securities Act, may be subject to certain restrictions on transferability.","page_number":98,"box":{"x":69,"y":551,"width":650,"height":11}},{"id":"75ee45d7-c29c-4159-a14b-db36c4211350","block_type":"box","text":"Stripped Mor tgage-Backed Securities.","page_number":98,"box":{"x":102,"y":574,"width":267,"height":11}},{"id":"d4d3d277-0e24-47f8-aa77-6db8cc8f1413","block_type":"box","text":"A Fund may invest in stripped mortgage-backed securities (“SMBSs”)","page_number":98,"box":{"x":375,"y":574,"width":493,"height":11}},{"id":"2d0db517-5eaa-4d08-8be5-453f8da9d0c4","block_type":"box","text":"issued by agencies or instrumentalities of the United States. SMBSs are derivative multi-class mortgage-backed","page_number":98,"box":{"x":70,"y":589,"width":798,"height":11}},{"id":"a62873b6-fc80-4d9a-a596-ebaf5b55d2f7","block_type":"box","text":"securities. SMBS arrangements commonly involve two classes of securities that receive different proportions of the","page_number":98,"box":{"x":69,"y":604,"width":826,"height":11}},{"id":"6e1c41fb-a29b-47e0-a804-25457c85b94e","block_type":"box","text":"interest and principal distributions on a pool of mortgage assets. A common variety of SMBS is where one class (the","page_number":98,"box":{"x":70,"y":619,"width":832,"height":11}},{"id":"30c10239-2b65-43b0-a2dc-c691c53b73bd","block_type":"box","text":"principal only or PO class) receives some of the interest and most of the principal from the underlying assets, while","page_number":98,"box":{"x":70,"y":634,"width":821,"height":12}},{"id":"133f5d1f-5020-4712-b670-698aee0f92c2","block_type":"box","text":"the other class (the interest only or IO class) receives most of the interest and the remainder of the principal. In the","page_number":98,"box":{"x":68,"y":649,"width":826,"height":12}},{"id":"ae314b83-07b1-4afd-a11f-f8f3fef19d23","block_type":"box","text":"most extreme case, the IO class receives all of the interest, while the PO class receives all of the principal. While a","page_number":98,"box":{"x":69,"y":664,"width":822,"height":11}},{"id":"6e7b44ac-0a9d-43dc-a9a5-d547447e6cf2","block_type":"box","text":"Fund may purchase securities of a PO class, a Fund is more likely to purchase the securities of an IO class. The yield","page_number":98,"box":{"x":70,"y":680,"width":834,"height":11}},{"id":"d9141289-f5e1-445d-91da-d28c246b7774","block_type":"box","text":"to maturity of an IO class is extremely sensitive to the rate of principal payments (including prepayments) on the","page_number":98,"box":{"x":68,"y":695,"width":800,"height":11}},{"id":"1355a7a8-9e01-4268-b021-980ae2ab33a2","block_type":"box","text":"related underlying assets, and a rapid rate of principal prepayments in excess of that considered in pricing the","page_number":98,"box":{"x":69,"y":710,"width":786,"height":11}},{"id":"980fff5d-f745-4777-9543-20cd3fa3be32","block_type":"box","text":"securities will have a material adverse effect on an IO security’s yield to maturity. If the underlying mortgage assets","page_number":98,"box":{"x":69,"y":725,"width":823,"height":11}},{"id":"cb66e8b5-1cd3-4475-8f26-1dc8acb3f520","block_type":"box","text":"experience greater than anticipated payments of principal, a Fund may fail to recoup fully its initial investment in IOs.","page_number":98,"box":{"x":69,"y":740,"width":832,"height":11}},{"id":"4ddcf3b4-5e52-474c-a9e3-509c423283f8","block_type":"box","text":"In addition, there are certain types of IOs that represent the interest portion of a particular class as opposed to the","page_number":98,"box":{"x":70,"y":755,"width":824,"height":11}},{"id":"1bedd3ba-4e39-4d7d-8957-410dd2ddde6f","block_type":"box","text":"interest portion of the entire pool. The sensitivity of this type of IO to interest rate fluctuations may be increased","page_number":98,"box":{"x":70,"y":770,"width":800,"height":11}},{"id":"e0abbe11-8d7d-4807-b2f2-39dc1b6d4dda","block_type":"box","text":"because of the characteristics of the principal portion to which they relate. As a result of the above factors, a Fund","page_number":98,"box":{"x":69,"y":785,"width":818,"height":12}},{"id":"f48f50ab-f341-4598-a4d4-1040043e25c8","block_type":"box","text":"generally will purchase IOs only as a component of so called “synthetic” securities. This means that purchases of IOs","page_number":98,"box":{"x":68,"y":801,"width":840,"height":11}},{"id":"a8ee092b-aeca-4978-b9d4-4951a91cd3d1","block_type":"box","text":"will be matched with certain purchases of other securities, such as POs, inverse floating rate CMOs or fixed rate","page_number":98,"box":{"x":68,"y":816,"width":802,"height":11}},{"id":"e355ab95-7858-4080-8ca1-e2378dd972b8","block_type":"box","text":"securities; as interest rates fall, presenting a greater risk of unanticipated prepayments of principal, the negative","page_number":98,"box":{"x":69,"y":831,"width":805,"height":11}},{"id":"dc47748a-36f3-4f4f-b66b-0eac0927f7a0","block_type":"box","text":"effect on a Fund because of its holdings of IOs should be diminished somewhat because of the increased yield on","page_number":98,"box":{"x":69,"y":846,"width":814,"height":11}},{"id":"de25dfcd-ed9d-4d9d-ba90-569dc92dd23e","block_type":"box","text":"the inverse floating rate CMOs or the increased appreciation on the POs or fixed rate securities.","page_number":98,"box":{"x":68,"y":861,"width":683,"height":11}},{"id":"63428793-1793-4839-bc32-2774ba94dc64","block_type":"box","text":"Tiered Index Bonds.","page_number":98,"box":{"x":103,"y":884,"width":138,"height":9}},{"id":"0e570ac8-b30b-411d-ae9b-01c7778dd433","block_type":"box","text":"Tiered index bonds are forms of mortgage-related securities. The interest rate on a tiered","page_number":98,"box":{"x":247,"y":884,"width":638,"height":11}},{"id":"e463a1fd-9d01-4aa4-bba0-f75f83834109","block_type":"box","text":"index bond is tied to a specified index or market rate. So long as this index or market rate is below a predetermined","page_number":98,"box":{"x":70,"y":899,"width":825,"height":11}},{"id":"c0779bc9-55b3-43c6-bf5e-3dd65244903f","block_type":"box","text":"II-54","page_number":98,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a1aaa274-b57b-4a02-9d9e-34f4115cfcef","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":98,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f86ec9e9-3464-4b81-9a5e-5a9684576ca6","block_type":"box","text":"“strike” rate, the interest rate on the tiered index bond remains fixed. If, however, the specified index or market rate","page_number":99,"box":{"x":70,"y":45,"width":827,"height":11}},{"id":"151421e2-21da-4843-a194-cb9b0da5c8b8","block_type":"box","text":"rises above the “strike” rate, the interest rate of the tiered index bond will decrease. Thus, under these","page_number":99,"box":{"x":69,"y":60,"width":738,"height":10}},{"id":"d85061bf-0616-4b6a-b150-e89a4b6a31f5","block_type":"box","text":"circumstances, the interest rate on a tiered index bond, like an inverse floater, will move in the opposite direction of","page_number":99,"box":{"x":69,"y":75,"width":828,"height":11}},{"id":"e43ced5a-8c5d-4c6e-af55-7a0dd8384d67","block_type":"box","text":"prevailing interest rates, with the result that the price of the tiered index bond may be considerably more volatile than","page_number":99,"box":{"x":70,"y":90,"width":836,"height":11}},{"id":"07561d4b-d7c2-46d2-ba3e-e759f874f9a5","block_type":"box","text":"that of a fixed-rate bond.","page_number":99,"box":{"x":68,"y":105,"width":174,"height":9}},{"id":"732680b1-f88e-4395-84d2-334e233a6f70","block_type":"box","text":"TBA Commitments.","page_number":99,"box":{"x":103,"y":128,"width":133,"height":9}},{"id":"6e680a43-44a9-4ae2-bdbb-54cbd1ed8f19","block_type":"box","text":"Certain Funds may enter into “to be announced” or “TBA” commitments. TBA commitments","page_number":99,"box":{"x":243,"y":128,"width":653,"height":11}},{"id":"8034928a-1e31-4b77-b71a-90804402236c","block_type":"box","text":"are forward agreements for the purchase or sale of securities, including mortgage-backed securities for a fixed price,","page_number":99,"box":{"x":69,"y":143,"width":834,"height":11}},{"id":"13645af0-3e46-4eb8-b858-f380fd4759ac","block_type":"box","text":"with payment and delivery on an agreed upon future settlement date. The specific securities to be delivered are not","page_number":99,"box":{"x":68,"y":158,"width":825,"height":11}},{"id":"ed6474aa-4997-4968-9754-a2c7fcd4fcec","block_type":"box","text":"identified at the trade date. However, delivered securities must meet specified terms, including issuer, rate and","page_number":99,"box":{"x":70,"y":173,"width":793,"height":11}},{"id":"956a4b69-cc3e-4387-b3db-f2eb1aa19fcf","block_type":"box","text":"mortgage terms. When the Fund enters into a TBA commitment for the sale of mortgage-backed securities for a fixed","page_number":99,"box":{"x":69,"y":188,"width":833,"height":12}},{"id":"4ab6e777-acd3-4bf2-bdab-f0fa43652ba6","block_type":"box","text":"price, with payment and delivery on an agreed upon future settlement date (which may be referred to as having a","page_number":99,"box":{"x":70,"y":203,"width":804,"height":12}},{"id":"6aa00f29-2b56-4aab-a307-69e2a4738072","block_type":"box","text":"short position in such TBA securities), the Fund may or may not hold the types of mortgage-backed securities","page_number":99,"box":{"x":69,"y":218,"width":779,"height":12}},{"id":"893e11e2-c560-436d-8de5-ea8fde042d99","block_type":"box","text":"required to be delivered. See “—When-Issued Securities, Delayed Delivery Securities and Forward Commitments”","page_number":99,"box":{"x":69,"y":234,"width":810,"height":11}},{"id":"1114728e-6a9a-4b4e-95d9-1e15a4d598fe","block_type":"box","text":"below.","page_number":99,"box":{"x":69,"y":249,"width":43,"height":9}},{"id":"8aded394-aca2-4752-9b56-b228b7126109","block_type":"box","text":"Mor tgage Dollar Rolls.","page_number":99,"box":{"x":102,"y":272,"width":157,"height":11}},{"id":"6892d69b-9ee6-45a5-8faf-9fc777d75860","block_type":"box","text":"Certain Funds may invest in mortgage dollar rolls. In a mortgage dollar roll transaction, a","page_number":99,"box":{"x":266,"y":272,"width":634,"height":11}},{"id":"e07e398f-89b0-4d07-87ce-3923ba6254f0","block_type":"box","text":"Fund sells mortgage-backed securities for delivery in the current month and simultaneously contracts to repurchase","page_number":99,"box":{"x":70,"y":286,"width":825,"height":12}},{"id":"89a8ba42-b932-48a1-9fe8-d78a39d2d7c3","block_type":"box","text":"substantially similar securities on a specified future date. The securities that are repurchased will bear the same","page_number":99,"box":{"x":69,"y":302,"width":805,"height":11}},{"id":"fa453b7b-84f8-4a98-b0f3-fd0a32c39723","block_type":"box","text":"interest rate and a similar maturity as those sold, but pools of mortgages collateralizing those securities may have","page_number":99,"box":{"x":70,"y":317,"width":817,"height":11}},{"id":"b3dfbc8f-68e4-499b-b755-e3721c66889a","block_type":"box","text":"different prepayment histories than those sold. During the period between the sale and repurchase, a Fund will not","page_number":99,"box":{"x":69,"y":332,"width":820,"height":11}},{"id":"b61ab0af-8671-468b-be06-a4723f73ab2f","block_type":"box","text":"be entitled to receive interest and principal payments on the securities sold. Proceeds of the sale will be invested in","page_number":99,"box":{"x":69,"y":347,"width":827,"height":11}},{"id":"e0967b79-4868-429f-890b-4ab98f29a33d","block_type":"box","text":"additional instruments for the Fund, and the income from these investments will generate income for the Fund. If","page_number":99,"box":{"x":69,"y":362,"width":806,"height":11}},{"id":"f0cdb793-5d26-4039-924a-cd88e671f365","block_type":"box","text":"such income does not exceed the income, capital appreciation and gain or loss that would have been realized on the","page_number":99,"box":{"x":69,"y":377,"width":833,"height":12}},{"id":"171cd2f9-a328-41da-b47c-4f5388d84913","block_type":"box","text":"securities sold as part of the dollar roll, the use of this technique will diminish the investment performance of a Fund","page_number":99,"box":{"x":69,"y":392,"width":836,"height":11}},{"id":"d11788bf-74fe-43bb-ba6f-647fe362ecc9","block_type":"box","text":"compared with what the performance would have been without the use of dollar rolls.","page_number":99,"box":{"x":69,"y":407,"width":607,"height":11}},{"id":"d6a7e111-2d95-4a6a-a06b-5ebb3ee53134","block_type":"box","text":"Each mortgage dollar roll transaction is accounted for as a sale or purchase of a portfolio security and a","page_number":99,"box":{"x":102,"y":430,"width":744,"height":11}},{"id":"5c68302f-b314-49a1-a678-3104b4d2c396","block_type":"box","text":"subsequent purchase or sale of a substantially similar security in the forward market. Transactions in mortgage","page_number":99,"box":{"x":69,"y":445,"width":796,"height":12}},{"id":"0087f064-0750-4714-80bb-f67ee9f5adb4","block_type":"box","text":"dollar rolls may increase trading costs and portfolio turnover.","page_number":99,"box":{"x":69,"y":460,"width":433,"height":12}},{"id":"7397cf54-b906-4eb1-8c30-924b163e4e91","block_type":"box","text":"In the event the buyer of the securities under a mortgage dollar roll files for bankruptcy or becomes insolvent, a","page_number":99,"box":{"x":102,"y":483,"width":795,"height":11}},{"id":"5e2d5a13-4aa0-4a08-9110-c9f1c4866b50","block_type":"box","text":"Fund’s use of the proceeds of the current sale portion of the transaction may be restricted pending a determination","page_number":99,"box":{"x":70,"y":498,"width":824,"height":11}},{"id":"b1bc0549-2a93-49d6-bde9-abe83dc88a69","block_type":"box","text":"by the other party, or its trustee or receiver, whether to enforce the Fund’s obligation to purchase the similar","page_number":99,"box":{"x":69,"y":513,"width":774,"height":12}},{"id":"d96af4ba-fe56-4c79-8fc5-249499479e91","block_type":"box","text":"securities in the forward transaction.","page_number":99,"box":{"x":69,"y":528,"width":261,"height":9}},{"id":"f87752ac-bbf2-4c40-b6af-e3a6e06bc37c","block_type":"box","text":"A Fund may engage in dollar roll transactions to enhance returns. Successful use of mortgage dollar rolls may","page_number":99,"box":{"x":101,"y":551,"width":785,"height":11}},{"id":"5f63d2cc-22bb-464b-ade3-5a805f106cee","block_type":"box","text":"depend upon the Manager’s ability to correctly predict interest rates and prepayments. Dollar rolls involve the risk","page_number":99,"box":{"x":69,"y":566,"width":812,"height":11}},{"id":"63683900-927f-478c-9627-d89017a2fada","block_type":"box","text":"that the market value of the securities subject to a Fund’s forward purchase commitment may decline below, or the","page_number":99,"box":{"x":68,"y":581,"width":824,"height":11}},{"id":"aa3bae97-733b-4b06-ab85-e1113210cea5","block_type":"box","text":"market value of the securities subject to a Fund’s forward sale commitment may increase above, the exercise price","page_number":99,"box":{"x":69,"y":596,"width":824,"height":12}},{"id":"6e417f43-315c-4167-b93a-0e2868b19268","block_type":"box","text":"of the forward commitment. Dollar rolls are speculative techniques that can be deemed to involve leverage. There is","page_number":99,"box":{"x":69,"y":612,"width":828,"height":11}},{"id":"46adee98-b956-482e-91e0-3cd71af9d66b","block_type":"box","text":"no assurance that dollar rolls can be successfully employed.","page_number":99,"box":{"x":69,"y":627,"width":430,"height":11}},{"id":"d550238d-6c3f-4369-b8fd-b7828754efe2","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to enter into when-issued or forward-settling","page_number":99,"box":{"x":102,"y":649,"width":759,"height":12}},{"id":"dd56e33b-7c81-4187-a77f-e8949af89d10","block_type":"box","text":"securities (","page_number":99,"box":{"x":69,"y":665,"width":78,"height":11}},{"id":"612823ee-06c2-4f91-a547-d5cea36d269b","block_type":"box","text":"e.g.","page_number":99,"box":{"x":148,"y":666,"width":25,"height":10}},{"id":"e205d75d-246d-41a1-9f2d-ca6e0f02bee5","block_type":"box","text":", dollar rolls and firm and standby commitments, including TBA commitments) and non-standard","page_number":99,"box":{"x":176,"y":664,"width":681,"height":12}},{"id":"3dc1bb99-e154-4532-b592-acabdc47d263","block_type":"box","text":"settlement cycle securities notwithstanding the limitation on the issuance of senior securities in Section 18 of the","page_number":99,"box":{"x":69,"y":680,"width":813,"height":11}},{"id":"1c859bf1-cc0c-47b6-aa32-7061e12540f4","block_type":"box","text":"Investment Company Act, provided that the transaction meets the Delayed-Settlement Securities Provision (as","page_number":99,"box":{"x":70,"y":695,"width":783,"height":11}},{"id":"a9027388-1f3e-4159-94bc-27569d0771af","block_type":"box","text":"defined below under “—When-Issued Securities, Delayed Delivery Securities and Forward Commitments”). If a when","page_number":99,"box":{"x":69,"y":710,"width":832,"height":11}},{"id":"7d90a7c7-2e61-4711-8dbb-3c1d799c063b","block_type":"box","text":"issued, forward-settling or non-standard settlement cycle security does not satisfy the Delayed-Settlement Securities","page_number":99,"box":{"x":70,"y":725,"width":830,"height":11}},{"id":"6b2131cf-5061-4ab1-8060-418edd080fac","block_type":"box","text":"Provision, then it is treated as a Derivatives Transaction under Rule 18f-4. See “—Derivatives — Regulation of","page_number":99,"box":{"x":69,"y":740,"width":788,"height":11}},{"id":"77a8e58d-553b-460c-ada1-fd102f1d474c","block_type":"box","text":"Derivatives — Rule 18f-4 under the Investment Company Act” above.","page_number":99,"box":{"x":70,"y":755,"width":489,"height":11}},{"id":"d1824944-d200-4d0a-859f-b453fb48ef8d","block_type":"box","text":"Net Interest Margin (NIM) Securities.","page_number":99,"box":{"x":102,"y":778,"width":260,"height":11}},{"id":"736e7118-4937-4e7a-9138-7cb9125193cb","block_type":"box","text":"A Fund may invest in net interest margin (“NIM”) securities. These","page_number":99,"box":{"x":368,"y":778,"width":473,"height":11}},{"id":"241d240f-c70d-4693-b108-f16bc7cc65bd","block_type":"box","text":"securities are derivative interest-only mortgage securities structured off home equity loan transactions. NIM","page_number":99,"box":{"x":69,"y":793,"width":768,"height":11}},{"id":"d214ea64-19ce-4879-957d-057a16fffad5","block_type":"box","text":"securities receive any “excess” interest computed after paying coupon costs, servicing costs and fees and any credit","page_number":99,"box":{"x":69,"y":808,"width":836,"height":11}},{"id":"98ee1962-22a4-4816-8936-0c106977a554","block_type":"box","text":"losses associated with the underlying pool of home equity loans. Like traditional stripped mortgage-backed","page_number":99,"box":{"x":70,"y":823,"width":760,"height":12}},{"id":"3732b5bc-6bbd-4464-b731-142fa19062ba","block_type":"box","text":"securities, the yield to maturity on a NIM security is sensitive not only to changes in prevailing interest rates but also","page_number":99,"box":{"x":69,"y":839,"width":832,"height":11}},{"id":"7f3afeed-6d9b-4f5e-bde6-c50d32930adc","block_type":"box","text":"to the rate of principal payments (including prepayments) on the underlying home equity loans. NIM securities are","page_number":99,"box":{"x":68,"y":853,"width":810,"height":12}},{"id":"498c0b10-f477-4885-9ca1-d867e02ffab1","block_type":"box","text":"highly sensitive to credit losses on the underlying collateral and the timing in which those losses are taken.","page_number":99,"box":{"x":69,"y":869,"width":764,"height":11}},{"id":"b178213b-0cce-421e-9cb7-449ff6ac3a86","block_type":"box","text":"Municipal Investments.","page_number":99,"box":{"x":102,"y":891,"width":169,"height":11}},{"id":"42431a50-9092-4f75-bcec-afecb04b274c","block_type":"box","text":"II-55","page_number":99,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"9f7f2fc0-3639-4911-a3f0-914c6fa3f370","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":99,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ba6c2611-9c56-4569-a07d-2e97dd60918b","block_type":"box","text":"Certain Funds may invest in obligations issued by or on behalf of states, territories and possessions of the","page_number":100,"box":{"x":102,"y":45,"width":763,"height":11}},{"id":"949db9f0-1a5c-4763-8221-4c64971e06e2","block_type":"box","text":"United States and the District of Columbia and their political subdivisions, agencies and instrumentalities, the","page_number":100,"box":{"x":70,"y":60,"width":783,"height":11}},{"id":"aeeee64c-faea-4b11-9d8c-9f2fe99b7808","block_type":"box","text":"payments from which, in the opinion of bond counsel to the issuer, are excludable from gross income for U.S. federal","page_number":100,"box":{"x":70,"y":75,"width":833,"height":11}},{"id":"9c67b075-fba7-40dd-8df8-8c2022a555f8","block_type":"box","text":"income tax purposes (“Municipal Bonds”). Certain of the Municipal Funds may also invest in Municipal Bonds that","page_number":100,"box":{"x":70,"y":90,"width":813,"height":11}},{"id":"b930e7c3-ca47-4baf-8099-6e7ff699cc55","block_type":"box","text":"pay interest excludable from gross income for purposes of state and local income taxes of the designated state and/","page_number":100,"box":{"x":70,"y":105,"width":836,"height":11}},{"id":"a711d901-8bae-4b7c-a4ef-d3d78a0065e5","block_type":"box","text":"or allow the value of a Fund’s shares to be exempt from state and local taxes of the designated state (“State","page_number":100,"box":{"x":69,"y":120,"width":779,"height":12}},{"id":"ef72bdd1-b926-40e0-ab00-e7361fd41aee","block_type":"box","text":"Municipal Bonds”). The Municipal Funds may also invest in securities not issued by or on behalf of a state or territory","page_number":100,"box":{"x":70,"y":135,"width":838,"height":11}},{"id":"bd3bcdea-1a9f-4dfe-9782-b5451c6ebae9","block_type":"box","text":"or by an agency or instrumentality thereof, if the Manager believes such securities to pay interest excludable from","page_number":100,"box":{"x":69,"y":150,"width":810,"height":12}},{"id":"6728cf43-bd0c-4b49-bf13-7f087b90b571","block_type":"box","text":"gross income for purposes of U.S. federal income tax and state and local income taxes of the designated state and/","page_number":100,"box":{"x":68,"y":166,"width":834,"height":11}},{"id":"ed4fc866-a7fc-432c-beb4-08b2dfe2b5f4","block_type":"box","text":"or state and local personal property taxes of the designated state (“Non-Municipal Tax-Exempt Securities”). Non","page_number":100,"box":{"x":69,"y":181,"width":801,"height":11}},{"id":"2894ea8e-dba2-4cc3-aa84-acfde4d7cc53","block_type":"box","text":"Municipal Tax-Exempt Securities could include trust certificates or other instruments evidencing interest in one or","page_number":100,"box":{"x":70,"y":196,"width":807,"height":11}},{"id":"12029cae-eaa5-4582-9832-fab474219554","block_type":"box","text":"more long-term municipal securities. Non-Municipal Tax-Exempt Securities also may include securities issued by other","page_number":100,"box":{"x":69,"y":211,"width":837,"height":11}},{"id":"473e3c17-dcd1-48de-9f2b-e9424ffe783e","block_type":"box","text":"investment companies that invest in municipal bonds, to the extent such investments are permitted by applicable","page_number":100,"box":{"x":70,"y":226,"width":809,"height":11}},{"id":"cc6ff3fa-0c09-40be-8a0e-29516057f6c7","block_type":"box","text":"law. Non-Municipal Tax-Exempt Securities that pay interest excludable from gross income for U.S. federal income tax","page_number":100,"box":{"x":70,"y":241,"width":826,"height":11}},{"id":"11ae78cb-65a5-4b75-b656-27a20205e234","block_type":"box","text":"purposes will be considered “Municipal Bonds” for purposes of a Municipal Fund’s investment objective and policies.","page_number":100,"box":{"x":70,"y":256,"width":834,"height":11}},{"id":"2ec6d60b-e6f6-4201-b303-faf7a330bcb4","block_type":"box","text":"Non-Municipal Tax-Exempt Securities that pay interest excludable from gross income for purposes of U.S. federal","page_number":100,"box":{"x":70,"y":271,"width":800,"height":12}},{"id":"1970efb3-a0f4-49e9-9e96-9d18fcb432c8","block_type":"box","text":"income tax and state and local income taxes of a designated state and/or allow the value of a Fund’s shares to be","page_number":100,"box":{"x":70,"y":286,"width":819,"height":12}},{"id":"040110bf-6058-458e-b447-fe54008d6e2f","block_type":"box","text":"exempt from state and local personal property taxes of that state will be considered “State Municipal Bonds” for","page_number":100,"box":{"x":69,"y":302,"width":805,"height":11}},{"id":"60b3bce9-d54c-4668-9d62-1e9ed0b7be08","block_type":"box","text":"purposes of the investment objective and policies of each of California Municipal Opportunities Fund, New Jersey","page_number":100,"box":{"x":70,"y":317,"width":805,"height":11}},{"id":"3c305b36-f1b0-4aff-a274-f05bfcb7d8e1","block_type":"box","text":"Municipal Bond Fund, New York Municipal Opportunities Fund and Pennsylvania Municipal Bond Fund.","page_number":100,"box":{"x":70,"y":332,"width":721,"height":11}},{"id":"81200591-452e-427d-bcad-1cbbe9bff5c1","block_type":"box","text":"Risk Factors and Special Considerations Relating to Municipal Bonds.","page_number":100,"box":{"x":102,"y":355,"width":495,"height":11}},{"id":"8e63d58e-dec9-400a-8eb5-34d7ed160ac5","block_type":"box","text":"The risks and special considerations","page_number":100,"box":{"x":603,"y":355,"width":260,"height":11}},{"id":"78e60656-c4b6-42cc-bd01-7e9a2f885156","block_type":"box","text":"involved in investment in Municipal Bonds vary with the types of instruments being acquired. Investments in Non","page_number":100,"box":{"x":70,"y":370,"width":806,"height":11}},{"id":"62799aca-339d-4c15-be2d-943ae87d8023","block_type":"box","text":"Municipal Tax-Exempt Securities may present similar risks, depending on the particular product. Certain municipal","page_number":100,"box":{"x":70,"y":385,"width":810,"height":11}},{"id":"6503eb24-7d35-4cf7-84b3-01bfe8fbfb87","block_type":"box","text":"instruments in which a Fund may invest may be characterized as derivatives.","page_number":100,"box":{"x":70,"y":400,"width":544,"height":11}},{"id":"dc0ec4a4-8033-48fa-816c-34b09c5f7a92","block_type":"box","text":"The value of Municipal Bonds generally may be affected by uncertainties in the municipal markets as a result of","page_number":100,"box":{"x":101,"y":423,"width":799,"height":11}},{"id":"791c0fa2-7061-4cbe-b23b-5966949080a3","block_type":"box","text":"legislation or litigation, including legislation or litigation that changes the taxation of Municipal Bonds or the rights of","page_number":100,"box":{"x":70,"y":438,"width":829,"height":11}},{"id":"554f2811-8dcb-4622-a485-9b5f26063e85","block_type":"box","text":"Municipal Bond holders in the event of a bankruptcy. Municipal bankruptcies are rare and certain provisions of the","page_number":100,"box":{"x":70,"y":453,"width":814,"height":11}},{"id":"8c1bf5b2-b456-4210-a640-39096564f1f2","block_type":"box","text":"U.S. Bankruptcy Code governing such bankruptcies are unclear. Further, the application of state law to Municipal","page_number":100,"box":{"x":70,"y":468,"width":802,"height":11}},{"id":"c7ca9936-69e1-41ca-b507-91f48f92cfc5","block_type":"box","text":"Bond issuers could produce varying results among the states or among Municipal Bond issuers within a state. These","page_number":100,"box":{"x":70,"y":483,"width":834,"height":11}},{"id":"cbbaa37a-6783-4922-9c1a-9c4969525f34","block_type":"box","text":"uncertainties could have a significant impact on the prices of the Municipal Bonds in which a Fund invests.","page_number":100,"box":{"x":69,"y":498,"width":761,"height":11}},{"id":"e4defe16-2616-45f7-8f98-d6d597a05c58","block_type":"box","text":"II-56","page_number":100,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a97efdad-c5eb-446f-aebf-15e10d33a390","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":100,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d6dac5aa-abcd-4e93-bbf4-5c3da4806a1b","block_type":"box","text":"Description of Municipal Bonds.","page_number":101,"box":{"x":70,"y":45,"width":224,"height":11}},{"id":"7c26722b-68f8-4c8a-a4b9-f3bea438ee40","block_type":"box","text":"Municipal Bonds include debt obligations issued to obtain funds for various public purposes, including the","page_number":101,"box":{"x":102,"y":67,"width":754,"height":12}},{"id":"4bea8cc9-3227-4bf8-a669-f2dff0bd1c97","block_type":"box","text":"construction of a wide range of public facilities, refunding of outstanding obligations and obtaining funds for general","page_number":101,"box":{"x":69,"y":82,"width":824,"height":12}},{"id":"5ba580f7-beed-4a23-9658-9e512a87bc64","block_type":"box","text":"operating expenses and loans to other public institutions and facilities. In addition, certain types of bonds are issued","page_number":101,"box":{"x":69,"y":98,"width":836,"height":11}},{"id":"8ae7c47f-ab66-44af-9749-2221a9408e46","block_type":"box","text":"by or on behalf of public authorities to finance various privately owned or operated facilities, including certain","page_number":101,"box":{"x":69,"y":113,"width":776,"height":11}},{"id":"80abfb2b-734d-45bf-9259-d4344b246619","block_type":"box","text":"facilities for the local furnishing of electric energy or gas, sewage facilities, solid waste disposal facilities and other","page_number":101,"box":{"x":68,"y":128,"width":822,"height":11}},{"id":"b13d33b3-29e4-4fc7-924e-4d561dfbb047","block_type":"box","text":"specialized facilities. Such obligations are included within the term Municipal Bonds if the interest paid thereon is","page_number":101,"box":{"x":69,"y":143,"width":810,"height":11}},{"id":"4e58f2f2-9431-4669-9248-d477f7322d9e","block_type":"box","text":"excluded from gross income for U.S. federal income tax purposes and any applicable state and local taxes. Other","page_number":101,"box":{"x":69,"y":158,"width":808,"height":11}},{"id":"ab0dd2e1-3f6f-4fc2-b053-7ade86ea1a8a","block_type":"box","text":"types of private activity bonds, the proceeds of which are used for the construction, equipment or improvement of","page_number":101,"box":{"x":68,"y":173,"width":812,"height":11}},{"id":"b3ece984-c88b-4026-aa71-8ae77652e1f2","block_type":"box","text":"privately operated industrial or commercial facilities, may constitute Municipal Bonds, although the current U.S.","page_number":101,"box":{"x":70,"y":188,"width":792,"height":12}},{"id":"37ac84b3-b7f8-466a-869b-3764ed8fafd4","block_type":"box","text":"federal tax laws place substantial limitations on the size of such issues. The interest on Municipal Bonds may bear a","page_number":101,"box":{"x":68,"y":203,"width":835,"height":12}},{"id":"24766646-fef9-4c1e-86cc-1469d66a7589","block_type":"box","text":"fixed rate or be payable at a variable or floating rate. The two principal classifications of Municipal Bonds are “general","page_number":101,"box":{"x":68,"y":218,"width":840,"height":12}},{"id":"4d6e3fca-239b-47a4-a315-f94df88de15e","block_type":"box","text":"obligation” and “revenue” or “special obligation” bonds, which latter category includes private activity bonds (“PABs”)","page_number":101,"box":{"x":69,"y":234,"width":838,"height":11}},{"id":"13132009-ecf0-4d10-aee4-371200254372","block_type":"box","text":"(or “industrial development bonds” under pre-1986 law).","page_number":101,"box":{"x":69,"y":249,"width":401,"height":11}},{"id":"47b8da01-c9fb-4b6f-bd1f-822e658951f8","block_type":"box","text":"General Obligation Bonds.","page_number":101,"box":{"x":102,"y":272,"width":184,"height":11}},{"id":"53d8e684-bb12-4aa6-aaf8-3cf4c2b79cff","block_type":"box","text":"General obligation bonds are secured by the issuer’s pledge of its full faith, credit and","page_number":101,"box":{"x":292,"y":271,"width":613,"height":12}},{"id":"1dfc329b-d726-4d68-ae77-a95335962a0d","block_type":"box","text":"taxing power for the payment of principal and interest. The taxing power of any governmental entity may be limited,","page_number":101,"box":{"x":68,"y":286,"width":816,"height":12}},{"id":"9081d1ff-710a-4d2a-ba07-40deebb0222d","block_type":"box","text":"however, by provisions of its state constitution or laws, and an entity’s creditworthiness will depend on many factors,","page_number":101,"box":{"x":69,"y":302,"width":834,"height":11}},{"id":"703197e7-9091-464f-b36c-d7cbf4cd198e","block_type":"box","text":"including potential erosion of its tax base due to population declines, natural disasters, declines in the state’s","page_number":101,"box":{"x":70,"y":317,"width":786,"height":11}},{"id":"0be9ae25-1e56-416e-a64d-a779e22695eb","block_type":"box","text":"industrial base or inability to attract new industries, economic limits on the ability to tax without eroding the tax base,","page_number":101,"box":{"x":70,"y":332,"width":835,"height":11}},{"id":"fd13682e-8ad6-409c-8218-e5f1de212063","block_type":"box","text":"state legislative proposals or voter initiatives to limit ad valorem real property taxes and the extent to which the entity","page_number":101,"box":{"x":69,"y":347,"width":840,"height":11}},{"id":"b0987c69-4938-44ef-85e5-b265c0174a9b","block_type":"box","text":"relies on federal or state aid, access to capital markets or other factors beyond the state’s or entity’s control.","page_number":101,"box":{"x":69,"y":362,"width":782,"height":11}},{"id":"d2a028f7-3ed8-4b87-9633-a798f8f5a638","block_type":"box","text":"Accordingly, the capacity of the issuer of a general obligation bond as to the timely payment of interest and the","page_number":101,"box":{"x":68,"y":377,"width":791,"height":12}},{"id":"e609a780-161d-4d8b-8825-028d4218b84f","block_type":"box","text":"repayment of principal when due is affected by the issuer’s maintenance of its tax base.","page_number":101,"box":{"x":69,"y":392,"width":630,"height":12}},{"id":"0a86a3a1-b11a-4263-8469-4ab532b53523","block_type":"box","text":"Revenue Bonds.","page_number":101,"box":{"x":102,"y":415,"width":114,"height":9}},{"id":"502301b2-4d69-4772-ac7b-6544feff5f61","block_type":"box","text":"Revenue bonds are payable only from the revenues derived from a particular facility or class of","page_number":101,"box":{"x":223,"y":415,"width":676,"height":11}},{"id":"23e59935-669b-4f07-b24c-71aaf163db76","block_type":"box","text":"facilities or, in some cases, from the proceeds of a special excise tax or other specific revenue source such as","page_number":101,"box":{"x":68,"y":430,"width":791,"height":11}},{"id":"bca9bf14-cc4a-4869-b64a-9f1416b21313","block_type":"box","text":"payments from the user of the facility being financed; accordingly, the timely payment of interest and the repayment","page_number":101,"box":{"x":70,"y":445,"width":824,"height":12}},{"id":"ab3a1167-6f72-4f02-9cc9-e78fb919ac88","block_type":"box","text":"of principal in accordance with the terms of the revenue or special obligation bond is a function of the economic","page_number":101,"box":{"x":69,"y":460,"width":798,"height":12}},{"id":"e1170e22-8243-437e-a661-183f7b02aa53","block_type":"box","text":"viability of such facility or such revenue source.","page_number":101,"box":{"x":68,"y":475,"width":336,"height":12}},{"id":"b80924f5-2084-4130-9a28-1f3958fc6017","block_type":"box","text":"Revenue bonds issued by state or local agencies to finance the development of low-income, multi-family housing","page_number":101,"box":{"x":102,"y":498,"width":801,"height":11}},{"id":"2f2ed662-1026-4ece-a7cb-90ee446412d1","block_type":"box","text":"involve special risks in addition to those associated with municipal bonds generally, including that the underlying","page_number":101,"box":{"x":70,"y":514,"width":800,"height":11}},{"id":"4de55b01-8b4d-4289-89cc-d60ed0058991","block_type":"box","text":"properties may not generate sufficient income to pay expenses and interest costs. Such bonds are generally non","page_number":101,"box":{"x":70,"y":528,"width":810,"height":12}},{"id":"ff65b4e2-2286-4aeb-ade4-135ac923b522","block_type":"box","text":"recourse against the property owner, may be junior to the rights of others with an interest in the properties, may pay","page_number":101,"box":{"x":69,"y":543,"width":830,"height":12}},{"id":"a1e7bb33-d3e2-4d1b-80c1-a76af29e6d3d","block_type":"box","text":"interest that changes based in part on the financial performance of the property, may be prepayable without penalty","page_number":101,"box":{"x":70,"y":559,"width":828,"height":11}},{"id":"884df385-d8dc-4dc9-87ea-6a9481a48076","block_type":"box","text":"and may be used to finance the construction of housing developments which, until completed and rented, do not","page_number":101,"box":{"x":69,"y":574,"width":804,"height":11}},{"id":"88050fa6-6674-4018-a367-5fe572fbf813","block_type":"box","text":"generate income to pay interest. Increases in interest rates payable on senior obligations may make it more difficult","page_number":101,"box":{"x":68,"y":589,"width":830,"height":11}},{"id":"42d45e70-a6c9-49dc-92e2-aff4ef074cf4","block_type":"box","text":"for issuers to meet payment obligations on subordinated bonds.","page_number":101,"box":{"x":68,"y":604,"width":457,"height":11}},{"id":"d496aed7-90e1-4540-bf8e-138245ef435b","block_type":"box","text":"PABs.","page_number":101,"box":{"x":102,"y":627,"width":38,"height":9}},{"id":"23d9eafc-fe99-4046-b8b1-3d726ce2ab9a","block_type":"box","text":"PABs are, in most cases, tax-exempt securities issued by states, municipalities or public authorities to","page_number":101,"box":{"x":147,"y":627,"width":730,"height":11}},{"id":"ebb3c62d-4900-496b-a57e-d80002e0be1b","block_type":"box","text":"provide funds, usually through a loan or lease arrangement, to a private entity for the purpose of financing","page_number":101,"box":{"x":70,"y":642,"width":755,"height":11}},{"id":"11c8ecdf-9291-47df-a951-d96788fa82db","block_type":"box","text":"construction or improvement of a facility to be used by the entity. Such bonds are secured primarily by revenues","page_number":101,"box":{"x":69,"y":657,"width":797,"height":11}},{"id":"fba7f405-e3f8-444a-900f-ce3a2cfd5244","block_type":"box","text":"derived from loan repayments or lease payments due from the entity, which may or may not be guaranteed by a","page_number":101,"box":{"x":69,"y":672,"width":793,"height":11}},{"id":"791c6a3d-1ec7-4022-9df9-ac25db4af9a1","block_type":"box","text":"parent company or otherwise secured. PABs generally are not secured by a pledge of the taxing power of the issuer of","page_number":101,"box":{"x":70,"y":687,"width":840,"height":11}},{"id":"2aa68c17-710f-4e9f-abe1-6e1994bb19d4","block_type":"box","text":"such bonds. Therefore, an investor should understand that repayment of such bonds generally depends on the","page_number":101,"box":{"x":69,"y":702,"width":789,"height":12}},{"id":"650553e0-0e09-4951-a218-1878d65ec654","block_type":"box","text":"revenues of a private entity and be aware of the risks that such an investment may entail. The continued ability of an","page_number":101,"box":{"x":69,"y":717,"width":832,"height":12}},{"id":"e53c494e-f99c-4472-b746-e66000909931","block_type":"box","text":"entity to generate sufficient revenues for the payment of principal and interest on such bonds will be affected by","page_number":101,"box":{"x":69,"y":732,"width":802,"height":12}},{"id":"d387e561-129f-4b66-b200-cf0965b4d82f","block_type":"box","text":"many factors including the size of the entity, its capital structure, demand for its products or services, competition,","page_number":101,"box":{"x":69,"y":748,"width":819,"height":11}},{"id":"bf5558da-12ce-4d73-af32-2482b693c9d3","block_type":"box","text":"general economic conditions, government regulation and the entity’s dependence on revenues for the operation of","page_number":101,"box":{"x":68,"y":763,"width":816,"height":11}},{"id":"c48d8e75-3b2e-47e2-97e3-24fda6d85f6b","block_type":"box","text":"the particular facility being financed.","page_number":101,"box":{"x":68,"y":778,"width":258,"height":11}},{"id":"86cf3b7a-8c1a-4061-88a8-2686f8bbe9f5","block_type":"box","text":"Moral Obligation Bonds.","page_number":101,"box":{"x":102,"y":801,"width":169,"height":11}},{"id":"a8de0fc3-ec16-4560-87fd-98b5d1a5739a","block_type":"box","text":"“Moral obligation” bonds are normally issued by special purpose public authorities. If an","page_number":101,"box":{"x":278,"y":801,"width":628,"height":11}},{"id":"468b562d-8fd5-4e3e-9b38-f4a1393a3603","block_type":"box","text":"issuer of moral obligation bonds is unable to meet its obligations, the repayment of such bonds becomes a moral","page_number":101,"box":{"x":70,"y":816,"width":809,"height":11}},{"id":"a0c4e745-5781-4b13-8483-821c880777ee","block_type":"box","text":"commitment but not a legal obligation of the state or municipality that created the special purpose public authority","page_number":101,"box":{"x":69,"y":831,"width":816,"height":11}},{"id":"562572e5-5167-49b9-9e5a-dd1eb5089ba2","block_type":"box","text":"that issued the bonds.","page_number":101,"box":{"x":68,"y":846,"width":160,"height":9}},{"id":"1e9c9ad3-ec34-4787-b1e2-da431353b9be","block_type":"box","text":"Municipal Notes.","page_number":101,"box":{"x":102,"y":869,"width":118,"height":11}},{"id":"ede5df40-a9d5-4255-986c-118e901d5cd3","block_type":"box","text":"Municipal notes are shorter term municipal debt obligations. They may provide interim financing","page_number":101,"box":{"x":227,"y":869,"width":683,"height":11}},{"id":"30a09d15-4601-4eb9-8c11-474fc7130918","block_type":"box","text":"in anticipation of tax collection, bond sales or revenue receipts. If there is a shortfall in the anticipated proceeds,","page_number":101,"box":{"x":70,"y":884,"width":807,"height":11}},{"id":"af9acb34-4cf6-40d2-8162-eb076ddbb8e7","block_type":"box","text":"repayment on the note may be delayed or the note may not be fully repaid, and a Fund may lose money.","page_number":101,"box":{"x":69,"y":899,"width":739,"height":11}},{"id":"69eb0bfa-5331-46cd-99e5-c131325b6a09","block_type":"box","text":"II-57","page_number":101,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"117a912e-c296-408f-ad01-6ab37a125c1a","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":101,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c858b096-4425-4456-92ea-3720e572ed09","block_type":"box","text":"Municipal Commercial Paper.","page_number":102,"box":{"x":102,"y":45,"width":205,"height":11}},{"id":"ccbb1fbe-fc78-411d-a279-c41174155ecf","block_type":"box","text":"Municipal commercial paper is generally unsecured and issued to meet short-term","page_number":102,"box":{"x":314,"y":45,"width":586,"height":11}},{"id":"ba23873a-b122-4d86-8f3f-ec21f4b034ed","block_type":"box","text":"financing needs. The lack of security presents some risk of loss to a Fund since, in the event of an issuer’s","page_number":102,"box":{"x":68,"y":60,"width":767,"height":11}},{"id":"28a139d6-028a-422b-9663-a0821502fa5b","block_type":"box","text":"bankruptcy, unsecured creditors are repaid only after the secured creditors out of the assets, if any, that remain.","page_number":102,"box":{"x":69,"y":75,"width":803,"height":11}},{"id":"f5f51ec6-9a20-47a6-ab15-29536e2f16e9","block_type":"box","text":"Municipal Lease Obligations.","page_number":102,"box":{"x":102,"y":98,"width":203,"height":11}},{"id":"dcde8af9-1606-4b76-8580-fc55fda84e5b","block_type":"box","text":"Also included within the general category of Municipal Bonds are certificates of","page_number":102,"box":{"x":311,"y":98,"width":566,"height":11}},{"id":"2098433f-9fa2-406b-96c2-4a2a5f2c8713","block_type":"box","text":"participation (“COPs”) issued by government authorities or entities to finance the acquisition or construction of","page_number":102,"box":{"x":70,"y":113,"width":791,"height":11}},{"id":"2d50d8c6-d455-43b5-86a6-cdd2a4e10ef0","block_type":"box","text":"equipment, land and/or facilities. The COPs represent participations in a lease, an installment purchase contract or a","page_number":102,"box":{"x":69,"y":128,"width":840,"height":11}},{"id":"89b997f5-d80c-4038-a491-33d0a9146992","block_type":"box","text":"conditional sales contract (hereinafter collectively called “lease obligations”) relating to such equipment, land or","page_number":102,"box":{"x":69,"y":143,"width":800,"height":11}},{"id":"b0d36007-28e8-4cb1-abbf-c9d648433f26","block_type":"box","text":"facilities. Municipal leases, like other municipal debt obligations, are subject to the risk of non-payment. Although","page_number":102,"box":{"x":68,"y":158,"width":809,"height":11}},{"id":"53097b2e-28a1-4525-b25c-a9678a526f40","block_type":"box","text":"lease obligations do not constitute general obligations of the issuer for which the issuer’s unlimited taxing power is","page_number":102,"box":{"x":70,"y":173,"width":820,"height":11}},{"id":"56e90a35-c043-4407-83d5-12ae093d8de7","block_type":"box","text":"pledged, a lease obligation is frequently backed by the issuer’s covenant to budget for, appropriate and make the","page_number":102,"box":{"x":70,"y":188,"width":808,"height":12}},{"id":"48a9f2ca-9e13-4c19-bbc7-42564ad41a06","block_type":"box","text":"payments due under the lease obligation. However, certain lease obligations contain “non-appropriation” clauses,","page_number":102,"box":{"x":70,"y":204,"width":809,"height":11}},{"id":"0b2fee27-f00b-482c-b101-1128301394b9","block_type":"box","text":"which provide that the issuer has no obligation to make lease or installment purchase payments in future years","page_number":102,"box":{"x":68,"y":218,"width":795,"height":12}},{"id":"31766645-c6b7-4efd-b864-9056893738c4","block_type":"box","text":"unless money is appropriated for such purpose on a yearly basis. Although “non-appropriation” lease obligations are","page_number":102,"box":{"x":69,"y":234,"width":829,"height":11}},{"id":"ee7aed3a-76a9-4498-b6f6-6363a2e35f52","block_type":"box","text":"secured by the leased property, disposition of the property in the event of foreclosure might prove difficult. These","page_number":102,"box":{"x":69,"y":249,"width":810,"height":11}},{"id":"5a893059-b241-44f4-88a2-e10f286dc349","block_type":"box","text":"securities represent a type of financing that has not yet developed the depth of marketability associated with more","page_number":102,"box":{"x":69,"y":264,"width":817,"height":11}},{"id":"cd0b3ef9-fbd0-4bd2-b9ff-69d9944918c0","block_type":"box","text":"conventional securities. Certain investments in lease obligations may be illiquid.","page_number":102,"box":{"x":69,"y":279,"width":572,"height":11}},{"id":"164500e2-b778-4d31-ae31-2241b5b06521","block_type":"box","text":"The ability of issuers of municipal leases to make timely lease payments may be adversely impacted in general","page_number":102,"box":{"x":101,"y":302,"width":791,"height":11}},{"id":"7152355e-ea4d-4254-9be6-d77e0c85fd2f","block_type":"box","text":"economic downturns and as relative governmental cost burdens are allocated and reallocated among federal, state","page_number":102,"box":{"x":69,"y":317,"width":822,"height":11}},{"id":"be452790-81a0-4acd-a6a2-418b4eea33f5","block_type":"box","text":"and local governmental units. Such non-payment would result in a reduction of income to a Fund and could result in a","page_number":102,"box":{"x":69,"y":332,"width":837,"height":11}},{"id":"91751b71-bc84-49eb-8dec-2093920c0df3","block_type":"box","text":"reduction in the value of the municipal lease experiencing non-payment and a potential decrease in the NAV of a","page_number":102,"box":{"x":69,"y":347,"width":798,"height":11}},{"id":"ab226d34-4d1a-4007-92f7-263ac0d2e0c4","block_type":"box","text":"Fund. Issuers of municipal securities might seek protection under the bankruptcy laws. In the event of bankruptcy of","page_number":102,"box":{"x":70,"y":362,"width":828,"height":11}},{"id":"c8ddead0-8576-4b40-9f2b-8654635ea9de","block_type":"box","text":"such an issuer, a Fund could experience delays and limitations with respect to the collection of principal and interest","page_number":102,"box":{"x":69,"y":377,"width":833,"height":11}},{"id":"855e20a7-654e-4c8e-8a20-9e5755db1aeb","block_type":"box","text":"on such municipal leases and a Fund may not, in all circumstances, be able to collect all principal and interest to","page_number":102,"box":{"x":69,"y":393,"width":807,"height":11}},{"id":"f301562d-da33-482c-a383-e6af6680ffea","block_type":"box","text":"which it is entitled. To enforce its rights in the event of a default in lease payments, a Fund might take possession of","page_number":102,"box":{"x":68,"y":407,"width":835,"height":12}},{"id":"72c7dbe2-e495-41d0-822d-c70e675d1339","block_type":"box","text":"and manage the assets securing the issuer’s obligations on such securities, which may increase a Fund’s operating","page_number":102,"box":{"x":69,"y":423,"width":828,"height":11}},{"id":"0928771c-7282-451d-a22f-3b6a239f1e1f","block_type":"box","text":"expenses and adversely affect the NAV of a Fund. When the lease contains a non-appropriation clause, however, the","page_number":102,"box":{"x":69,"y":438,"width":829,"height":11}},{"id":"4478dbf9-6ff4-43bc-a2ff-1758a60f7702","block_type":"box","text":"failure to pay would not be a default and a Fund would not have the right to take possession of the assets. Any","page_number":102,"box":{"x":68,"y":453,"width":793,"height":11}},{"id":"9aee045c-1960-4de0-a784-f6e991d27ab5","block_type":"box","text":"income derived from a Fund’s ownership or operation of such assets may not be tax-exempt. In addition, a Fund’s","page_number":102,"box":{"x":70,"y":468,"width":810,"height":11}},{"id":"6cc8da9c-387a-44cf-86fa-11bb90d0bbf7","block_type":"box","text":"intention to qualify as a “regulated investment company” under the Code, may limit the extent to which a Fund may","page_number":102,"box":{"x":70,"y":483,"width":820,"height":11}},{"id":"5439ee3e-e69f-4100-822e-c6e68e2440e7","block_type":"box","text":"exercise its rights by taking possession of such assets, because as a regulated investment company a Fund is","page_number":102,"box":{"x":69,"y":498,"width":790,"height":11}},{"id":"96d6d0df-3459-4517-b8d9-28c987f6b959","block_type":"box","text":"subject to certain limitations on its investments and on the nature of its income.","page_number":102,"box":{"x":69,"y":513,"width":574,"height":11}},{"id":"1b3782fc-a0a5-4810-9ad7-253a27384d6f","block_type":"box","text":"Tender Option Bonds.","page_number":102,"box":{"x":103,"y":536,"width":150,"height":11}},{"id":"3102f6a6-42cd-47a6-a6cf-d767d26e384a","block_type":"box","text":"Certain Funds may invest in residual inverse floating rate interest tender option bonds","page_number":102,"box":{"x":260,"y":536,"width":613,"height":11}},{"id":"15129865-d6ef-4878-af29-1082a67e5440","block_type":"box","text":"(“TOB Residuals”), which are derivative interests in Municipal Bonds. The TOB Residuals in which the Funds will","page_number":102,"box":{"x":69,"y":551,"width":796,"height":11}},{"id":"90f1865b-928a-4895-8348-c83e301e2535","block_type":"box","text":"invest pay interest or income that, in the opinion of counsel to the issuer, is exempt from regular U.S. federal income","page_number":102,"box":{"x":70,"y":566,"width":834,"height":11}},{"id":"c8d7ac94-2820-48fd-94b2-e98f4a2dd90d","block_type":"box","text":"tax. BlackRock will not conduct its own analysis of the tax status of the interest or income paid by TOB Residuals","page_number":102,"box":{"x":68,"y":581,"width":807,"height":11}},{"id":"b1e6795d-d8ba-46a9-b7e4-db5b1b3dbad2","block_type":"box","text":"held by the Funds, but will rely on the opinion of counsel to the issuer. Although volatile, TOB Residuals typically offer","page_number":102,"box":{"x":69,"y":596,"width":836,"height":12}},{"id":"e0ed961d-8e0c-4d16-94e8-f8206b35be0e","block_type":"box","text":"the potential for yields exceeding the yields available on fixed rate Municipal Bonds with comparable credit quality.","page_number":102,"box":{"x":68,"y":612,"width":814,"height":11}},{"id":"2f5d178c-62d3-4c81-b3f6-2193bafe130f","block_type":"box","text":"The Funds may invest in TOB Residuals for the purpose of using economic leverage.","page_number":102,"box":{"x":68,"y":627,"width":598,"height":11}},{"id":"579db120-5f39-4ae4-9a1e-00efd6975f72","block_type":"box","text":"TOB Residuals represent beneficial interests in a special purpose trust formed for the purpose of holding","page_number":102,"box":{"x":101,"y":649,"width":751,"height":12}},{"id":"1b482bb3-254e-4ad0-8321-84d5c83e3609","block_type":"box","text":"Municipal Bonds contributed by one or more funds (a “TOB Trust”). A TOB Trust typically issues two classes of","page_number":102,"box":{"x":70,"y":664,"width":786,"height":12}},{"id":"702a2e6f-c26a-469b-86aa-b2dfe3369b4b","block_type":"box","text":"beneficial interests: short-term floating rate interests (“TOB Floaters”), which are sold to third-party investors, and","page_number":102,"box":{"x":69,"y":680,"width":813,"height":11}},{"id":"70354d0a-1307-4159-8bcf-e6fa0f03c815","block_type":"box","text":"TOB Residuals, which are generally issued to the fund(s) that transferred Municipal Bonds to the TOB Trust. The","page_number":102,"box":{"x":68,"y":695,"width":799,"height":11}},{"id":"0357b64f-5696-478b-b672-e994a08567d6","block_type":"box","text":"Funds may invest in both TOB Floaters and TOB Residuals. TOB Floaters may have first priority on the cash flow from","page_number":102,"box":{"x":70,"y":710,"width":830,"height":11}},{"id":"2ad70768-38f0-474f-97ee-8d6e40f9a1a2","block_type":"box","text":"the Municipal Bonds held by the TOB Trust and are enhanced with a liquidity support arrangement from a third-party","page_number":102,"box":{"x":68,"y":725,"width":828,"height":11}},{"id":"497101b5-5b7b-4f51-8f2e-44626dd73039","block_type":"box","text":"Liquidity Provider (defined below) which allows holders to tender their position at par (plus accrued interest). A Fund,","page_number":102,"box":{"x":70,"y":740,"width":826,"height":11}},{"id":"8d87dca7-1c94-4726-aaec-9c22c1aa0177","block_type":"box","text":"as a holder of TOB Residuals, is paid the residual cash flow from the TOB Trust. A Fund that contributes the","page_number":102,"box":{"x":69,"y":755,"width":768,"height":11}},{"id":"a2fe40b2-47c0-465f-9b95-24787ff6ecf0","block_type":"box","text":"Municipal Bonds to the TOB Trust is paid the cash received by the TOB Trust from the sale of the TOB Floaters, less","page_number":102,"box":{"x":70,"y":770,"width":825,"height":11}},{"id":"7c2c31e0-4d9d-4712-9f4d-dc57affc4957","block_type":"box","text":"certain transaction costs, and typically will invest the cash to purchase additional Municipal Bonds or other","page_number":102,"box":{"x":69,"y":786,"width":764,"height":11}},{"id":"d05416cb-94a8-4057-9d92-2f567fb4c1b9","block_type":"box","text":"investments permitted by its investment policies. If a Fund ever purchases all or a portion of the TOB Floaters sold by","page_number":102,"box":{"x":70,"y":801,"width":838,"height":11}},{"id":"6b36800a-a5fc-46c4-b44f-f9c0fc59d4f1","block_type":"box","text":"the TOB Trust, it may surrender those TOB Floaters together with a proportionate amount of TOB Residuals to the","page_number":102,"box":{"x":68,"y":816,"width":810,"height":11}},{"id":"9e42a650-3e3d-4cdd-afbe-2ff9709daf2c","block_type":"box","text":"TOB Trust in exchange for a proportionate amount of the Municipal Bonds owned by the TOB Trust.","page_number":102,"box":{"x":68,"y":831,"width":704,"height":11}},{"id":"fea3a6d6-28fc-421d-a0a7-c933b8459819","block_type":"box","text":"Other BlackRock-advised funds may contribute Municipal Bonds to a TOB Trust into which a Fund has contributed","page_number":102,"box":{"x":102,"y":853,"width":804,"height":12}},{"id":"ad40c46d-5d81-463c-82d8-89e04f0003dc","block_type":"box","text":"Municipal Bonds. If multiple BlackRock-advised funds participate in the same TOB Trust, the economic rights and","page_number":102,"box":{"x":70,"y":869,"width":805,"height":11}},{"id":"0ae72337-f308-49f2-a852-37b40b7d8a18","block_type":"box","text":"obligations under the TOB Residual will generally be shared among the funds ratably in proportion to their","page_number":102,"box":{"x":69,"y":884,"width":752,"height":11}},{"id":"e68832ec-5532-4747-bcc2-f693fd4576ee","block_type":"box","text":"participation in the TOB Trust.","page_number":102,"box":{"x":70,"y":899,"width":211,"height":11}},{"id":"d5336401-608c-40fe-b036-bc3c10486895","block_type":"box","text":"II-58","page_number":102,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"d27e1681-101b-497c-8f25-489f3d7c83cd","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":102,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"09723481-f110-41e9-8ca7-e1fd30e8323e","block_type":"box","text":"The Municipal Bonds transferred to a TOB Trust typically are high grade Municipal Bonds. In certain cases, when","page_number":103,"box":{"x":101,"y":45,"width":802,"height":11}},{"id":"6af80724-8e27-44ff-bf9b-77d3fbdaa479","block_type":"box","text":"Municipal Bonds transferred are lower grade Municipal Bonds, the TOB Trust transaction includes a credit","page_number":103,"box":{"x":70,"y":60,"width":753,"height":11}},{"id":"c62a2b9e-ef2f-4f56-8eaf-d37ad534f292","block_type":"box","text":"enhancement feature that provides for the timely payment of principal and interest on the bonds to the TOB Trust by","page_number":103,"box":{"x":69,"y":75,"width":829,"height":11}},{"id":"f5c9249a-5214-42ee-9a23-3e294b5b6f51","block_type":"box","text":"a credit enhancement provider. The TOB Trust would be responsible for the payment of the credit enhancement fee","page_number":103,"box":{"x":69,"y":90,"width":819,"height":11}},{"id":"4e98cbcf-b144-47ca-a817-edc757599f83","block_type":"box","text":"and a Fund, as a TOB Residual holder, would be responsible for reimbursement of any payments of principal and","page_number":103,"box":{"x":69,"y":105,"width":802,"height":11}},{"id":"97311f0c-0644-4ea0-9abd-b77ab976afa8","block_type":"box","text":"interest made by the credit enhancement provider.","page_number":103,"box":{"x":70,"y":120,"width":357,"height":11}},{"id":"1b746509-a78d-4c47-b4a1-bf0b56310727","block_type":"box","text":"The TOB Residuals held by a Fund generally provide the Fund with the right to cause the holders of a proportional","page_number":103,"box":{"x":101,"y":143,"width":807,"height":11}},{"id":"9a688ab5-3d08-409a-ba05-9d40034cd874","block_type":"box","text":"share of the TOB Floaters to tender their notes to the TOB Trust at par plus accrued interest. Thereafter, the Fund","page_number":103,"box":{"x":69,"y":158,"width":810,"height":11}},{"id":"2bdeef7f-e187-4d57-8eb1-091e2c9e6926","block_type":"box","text":"may withdraw a corresponding share of the Municipal Bonds from the TOB Trust. This transaction, in effect, creates","page_number":103,"box":{"x":69,"y":173,"width":825,"height":11}},{"id":"f20eb8cb-26a6-4206-974c-fade45140cdd","block_type":"box","text":"exposure for the Fund to the entire return of the Municipal Bonds in the TOB Trust, with a net cash investment by the","page_number":103,"box":{"x":69,"y":188,"width":834,"height":11}},{"id":"3c55ed51-c633-406f-af86-36c02067d068","block_type":"box","text":"Fund that is less than the value of the Municipal Bonds in the TOB Trust. This multiplies the positive or negative","page_number":103,"box":{"x":70,"y":203,"width":797,"height":12}},{"id":"14682ae9-9e7b-4ff6-806e-c861fb6541e4","block_type":"box","text":"impact of the Municipal Bonds’ return within the Fund (thereby creating leverage). The leverage within a TOB Trust","page_number":103,"box":{"x":70,"y":218,"width":809,"height":12}},{"id":"2f0929d8-ea7b-49de-9bd2-9090c7daac3c","block_type":"box","text":"depends on the value of the Municipal Bonds deposited in the TOB Trust relative to the value of the TOB Floaters it","page_number":103,"box":{"x":69,"y":234,"width":820,"height":11}},{"id":"c746d6be-b276-4145-8274-6539cee78008","block_type":"box","text":"issues.","page_number":103,"box":{"x":70,"y":249,"width":49,"height":9}},{"id":"80e802f5-a757-43b8-8224-af493df326e1","block_type":"box","text":"A Fund may invest in highly leveraged TOB Residuals. A TOB Residual generally is considered highly leveraged if","page_number":103,"box":{"x":101,"y":271,"width":795,"height":12}},{"id":"d7bc7d71-3327-46f0-a92b-c3ff2c638a02","block_type":"box","text":"the principal amount of the TOB Floaters issued by the related TOB Trust exceeds 75% of the principal amount of the","page_number":103,"box":{"x":68,"y":286,"width":833,"height":12}},{"id":"8a864f74-5f07-4a83-9a61-6f356dcfa512","block_type":"box","text":"Municipal Bonds owned by the TOB Trust.","page_number":103,"box":{"x":70,"y":302,"width":293,"height":11}},{"id":"e08e6a77-daaa-4167-8cee-73d3f4ad9be2","block_type":"box","text":"The TOB Trust may be collapsed without the consent of a Fund upon the occurrence of tender option termination","page_number":103,"box":{"x":101,"y":324,"width":802,"height":11}},{"id":"afbcfc06-2f8f-4361-9035-bdacff27e2f2","block_type":"box","text":"events (“TOTEs”) and mandatory termination events (“MTEs”), as defined in the TOB Trust agreements. TOTEs","page_number":103,"box":{"x":69,"y":339,"width":788,"height":12}},{"id":"dd144033-7e1d-470c-b4ee-c8d6f8e77536","block_type":"box","text":"include the bankruptcy or default of the issuer of the Municipal Bonds held in the TOB Trust, a substantial downgrade","page_number":103,"box":{"x":70,"y":355,"width":836,"height":11}},{"id":"89c2cb1d-af5e-43f5-b907-e8672b4791e3","block_type":"box","text":"in the credit quality of the issuer of the Municipal Bonds held in the TOB Trust, failure of any scheduled payment of","page_number":103,"box":{"x":70,"y":370,"width":819,"height":11}},{"id":"eecbb868-3aef-46bb-a9d8-19cf8a150040","block_type":"box","text":"principal or interest on the Municipal Bonds, and a judgment or ruling that interest on the Municipal Bonds is subject","page_number":103,"box":{"x":70,"y":385,"width":833,"height":11}},{"id":"92c5eb3d-8f59-4c92-9c80-c84dd0d4a5f3","block_type":"box","text":"to U.S. federal income taxation. MTEs may include, among other things, a failed remarketing of the TOB Floaters, the","page_number":103,"box":{"x":68,"y":400,"width":834,"height":11}},{"id":"17502734-33d3-4314-a4a9-31ca5503116b","block_type":"box","text":"inability of the TOB Trust to obtain renewal of the liquidity support agreement, and a substantial decline in the market","page_number":103,"box":{"x":70,"y":415,"width":838,"height":11}},{"id":"cf3d36bb-f388-4693-a28c-11c38aeaeada","block_type":"box","text":"value of the Municipal Bonds held in the TOB Trust. Upon the occurrence of a TOTE or an MTE, a TOB Trust would be","page_number":103,"box":{"x":68,"y":430,"width":831,"height":11}},{"id":"22e74dd0-570c-4304-a79f-03ad66ce6fd8","block_type":"box","text":"liquidated with the proceeds applied first to any accrued fees owed to the trustee of the TOB Trust, the remarketing","page_number":103,"box":{"x":70,"y":445,"width":823,"height":12}},{"id":"2d9ff25d-a107-4bbf-8a9a-6bbaf135836a","block_type":"box","text":"agent of the TOB Floaters and the Liquidity Provider (defined below). In the case of an MTE, after the payment of fees,","page_number":103,"box":{"x":69,"y":460,"width":839,"height":12}},{"id":"990395b6-a2d8-47a1-a676-6440fd2c2c3a","block_type":"box","text":"the holders of the TOB Floaters would be paid senior to the TOB Residual holders (","page_number":103,"box":{"x":68,"y":475,"width":589,"height":12}},{"id":"b9f41eb0-3395-4e11-a139-56ab80d23143","block_type":"box","text":"i.e.","page_number":103,"box":{"x":659,"y":476,"width":21,"height":8}},{"id":"b9e7663e-9c93-4776-9dcc-87aee17a2842","block_type":"box","text":", the Fund). In contrast, in the","page_number":103,"box":{"x":682,"y":476,"width":211,"height":11}},{"id":"81683299-6a29-482a-953c-6d1faec1ddff","block_type":"box","text":"case of a TOTE, after payment of fees, the holders of TOB Floaters and the TOB Residual holders would be paid pro","page_number":103,"box":{"x":69,"y":491,"width":822,"height":11}},{"id":"a6f75314-7759-4f45-937c-d639cdc209e8","block_type":"box","text":"rata in proportion to the respective face values of their certificates.","page_number":103,"box":{"x":69,"y":506,"width":479,"height":11}},{"id":"41cef5c0-4b60-4494-af1f-c7f96f8feec6","block_type":"box","text":"A Fund may invest in a TOB Trust on either a non-recourse or recourse basis. TOB Trusts are typically supported","page_number":103,"box":{"x":101,"y":529,"width":797,"height":11}},{"id":"d9fced73-cae5-4927-8424-132b66e3618c","block_type":"box","text":"by a liquidity facility provided by a third-party bank or other financial institution (the “Liquidity Provider”) that allows","page_number":103,"box":{"x":69,"y":543,"width":815,"height":12}},{"id":"dbb19b9d-1afc-469f-b7d6-305c374352d7","block_type":"box","text":"the holders of the TOB Floaters to tender their TOB Floaters in exchange for payment of par plus accrued interest on","page_number":103,"box":{"x":68,"y":559,"width":828,"height":11}},{"id":"ee6df9ca-71c5-4604-8ee0-ab86f08acea7","block_type":"box","text":"any business day (subject to the non-occurrence of a TOTE described above). Depending on the structure of the TOB","page_number":103,"box":{"x":69,"y":574,"width":828,"height":11}},{"id":"52d6ec10-6f64-4054-b660-0cc493eb7a4e","block_type":"box","text":"Trust, the Liquidity Provider may purchase the tendered TOB Floaters, or the TOB Trust may draw upon a loan from","page_number":103,"box":{"x":68,"y":589,"width":815,"height":11}},{"id":"9a923ccc-99bf-4a87-b706-cb1b2c27d6c5","block_type":"box","text":"the Liquidity Provider to purchase the tendered TOB Floaters.","page_number":103,"box":{"x":68,"y":604,"width":434,"height":11}},{"id":"74572768-e45a-4d65-8320-073339d96dc4","block_type":"box","text":"When a Fund invests in TOB Trusts on a non-recourse basis, and the Liquidity Provider is required to make a","page_number":103,"box":{"x":101,"y":627,"width":772,"height":11}},{"id":"d7c941d6-efd0-4dbc-a853-2941db252282","block_type":"box","text":"payment under the liquidity facility, the Liquidity Provider will typically liquidate all or a portion of the Municipal Bonds","page_number":103,"box":{"x":70,"y":642,"width":831,"height":11}},{"id":"bc5afc1e-6c49-48ca-9891-4881d7356c0d","block_type":"box","text":"held in the TOB Trust and then fund the balance, if any, of the amount owed under the liquidity facility over the","page_number":103,"box":{"x":69,"y":657,"width":785,"height":11}},{"id":"f29ca939-d767-41a5-a577-d7817be488e9","block_type":"box","text":"liquidation proceeds (the “Liquidation Shortfall”). If a Fund invests in a TOB Trust on a recourse basis, it will typically","page_number":103,"box":{"x":70,"y":672,"width":831,"height":11}},{"id":"c67c17b7-c151-492a-88d3-4f906c85c4d6","block_type":"box","text":"enter into a reimbursement agreement with the Liquidity Provider pursuant to which the Fund is required to reimburse","page_number":103,"box":{"x":69,"y":687,"width":836,"height":11}},{"id":"c400ad93-bbaf-445a-8876-f16bc05b7410","block_type":"box","text":"the Liquidity Provider the amount of any Liquidation Shortfall. As a result, if the Fund invests in a recourse TOB Trust,","page_number":103,"box":{"x":68,"y":702,"width":836,"height":11}},{"id":"3e9ede42-9e4f-4ca2-bdf0-7ea97b99aba3","block_type":"box","text":"the Fund will bear the risk of loss with respect to any Liquidation Shortfall. If multiple BlackRock-advised funds","page_number":103,"box":{"x":68,"y":717,"width":788,"height":12}},{"id":"d0777094-e437-4eaa-ab46-2b56761f9b88","block_type":"box","text":"participate in any such TOB Trust, these losses will be shared ratably, in proportion to their participation in the TOB","page_number":103,"box":{"x":70,"y":733,"width":823,"height":11}},{"id":"a513e48a-99ac-4211-868a-4b3a6ee04581","block_type":"box","text":"Trust.","page_number":103,"box":{"x":68,"y":748,"width":39,"height":9}},{"id":"25203966-fd49-4f78-a5fe-6e877eeb3604","block_type":"box","text":"Under accounting rules, Municipal Bonds of a Fund that are deposited into a TOB Trust are investments of the","page_number":103,"box":{"x":102,"y":770,"width":784,"height":12}},{"id":"eeadd0dc-2364-40c9-a569-e93e0b4a3077","block_type":"box","text":"Fund and are presented on the Fund’s Schedule of Investments and outstanding TOB Floaters issued by a TOB Trust","page_number":103,"box":{"x":70,"y":785,"width":830,"height":12}},{"id":"fdad7a67-bbcf-473f-848d-b43e74ff4fcb","block_type":"box","text":"are presented as liabilities in the Fund’s Statement of Assets and Liabilities. Interest income from the underlying","page_number":103,"box":{"x":69,"y":801,"width":806,"height":11}},{"id":"2ddfe5db-d826-4936-9fa8-ebaa7e721977","block_type":"box","text":"Municipal Bonds is recorded by a Fund on an accrual basis. Interest expense incurred on the TOB Floaters and other","page_number":103,"box":{"x":70,"y":816,"width":831,"height":11}},{"id":"68d3fa2f-ba29-4987-8b9b-f7245b026cd5","block_type":"box","text":"expenses related to remarketing, administration, trustee and other services to a TOB Trust are reported as expenses","page_number":103,"box":{"x":69,"y":831,"width":837,"height":11}},{"id":"5ec79b41-2924-4982-b0f6-aea92db1ba77","block_type":"box","text":"of a Fund. In addition, under accounting rules, loans made to a TOB Trust sponsored by a Fund may be presented as","page_number":103,"box":{"x":69,"y":846,"width":832,"height":11}},{"id":"38c51e9c-9c14-4f9f-a109-b9d95e1ceefb","block_type":"box","text":"loans of the Fund in the Fund’s financial statements even if there is no recourse to the Fund’s assets.","page_number":103,"box":{"x":70,"y":861,"width":728,"height":9}},{"id":"e48e4a46-1a9e-4e1d-8cdc-77f23e80cadc","block_type":"box","text":"For TOB Floaters, generally, the interest rate earned will be based upon the market rates for Municipal Bonds","page_number":103,"box":{"x":102,"y":884,"width":776,"height":11}},{"id":"a8c7d0a3-0ee4-4e5a-94db-8c5ca7bb7c5d","block_type":"box","text":"with maturities or remarketing provisions that are comparable in duration to the periodic interval of the tender option.","page_number":103,"box":{"x":68,"y":899,"width":837,"height":11}},{"id":"0d9b49ce-a3e9-4a4d-9eb1-feb7605b20d5","block_type":"box","text":"II-59","page_number":103,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"14793806-d26a-4d57-955a-e233277d74d6","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":103,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3d8ea4bb-62f5-4ffe-a9ec-5f08f0d77362","block_type":"box","text":"Since the tender option feature has a shorter term than the final maturity or first call date of the underlying Municipal","page_number":104,"box":{"x":69,"y":45,"width":836,"height":11}},{"id":"fec02e8b-62c2-45ef-94d2-148c259842e0","block_type":"box","text":"Bonds deposited in the TOB Trust, the holder of the TOB Floaters relies upon the terms of the agreement with the","page_number":104,"box":{"x":70,"y":60,"width":809,"height":11}},{"id":"47c78e46-a631-444c-abc2-9a640f5ce7d0","block_type":"box","text":"financial institution furnishing the liquidity facility as well as the credit strength of that institution. The risk associated","page_number":104,"box":{"x":68,"y":75,"width":836,"height":11}},{"id":"aa5a6ec1-575b-43a0-86dd-320b4747c4cb","block_type":"box","text":"with TOB Floaters, however, may be increased in the current market environment as a result of recent downgrades to","page_number":104,"box":{"x":68,"y":90,"width":835,"height":11}},{"id":"fcbda34e-1818-4913-88b9-596ec1a57b0e","block_type":"box","text":"the credit ratings, and thus the perceived reliability and creditworthiness, of many major financial institutions, some","page_number":104,"box":{"x":68,"y":105,"width":827,"height":11}},{"id":"bf92c603-18ac-486b-a746-cfbf4085263f","block_type":"box","text":"of which sponsor and/or provide liquidity support to TOB Trusts. This in turn may reduce the desirability of TOB","page_number":104,"box":{"x":69,"y":120,"width":790,"height":11}},{"id":"ba77e71e-9f33-4ac4-9356-47f7e58f81c6","block_type":"box","text":"Floaters as investments, which could impair the viability or availability of TOB Trusts.","page_number":104,"box":{"x":70,"y":135,"width":599,"height":11}},{"id":"f477bc31-fffa-4093-b64d-47cb39262a5b","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to enter into TOB Trust transactions, reverse","page_number":104,"box":{"x":102,"y":158,"width":762,"height":11}},{"id":"1d77bb6e-ecf9-459a-b43d-3cc8729bd5e3","block_type":"box","text":"repurchase agreements and similar financing transactions (e.g., borrowed bonds) notwithstanding the limitation on","page_number":104,"box":{"x":69,"y":173,"width":818,"height":11}},{"id":"13f5ee19-25ea-4ebc-86f3-e113b18b1dd4","block_type":"box","text":"the issuance of senior securities in Section 18 of the Investment Company Act, provided that the Fund either","page_number":104,"box":{"x":68,"y":188,"width":778,"height":11}},{"id":"fa12b3a2-c4b0-4008-b299-3cb8b3ba1e93","block_type":"box","text":"(i) complies with the 300% asset coverage ratio with respect to such transactions and any other borrowings in the","page_number":104,"box":{"x":69,"y":203,"width":811,"height":12}},{"id":"cd4d6e96-2f07-4b68-aa9f-1c4248772b32","block_type":"box","text":"aggregate, or (ii) treats such transactions as Derivatives Transactions under Rule 18f-4. See “—Derivatives —","page_number":104,"box":{"x":69,"y":218,"width":786,"height":12}},{"id":"f344fed2-7ccf-4c9b-a0aa-f309678ce011","block_type":"box","text":"Regulation of Derivatives — Rule 18f-4 under the Investment Company Act” above.","page_number":104,"box":{"x":70,"y":234,"width":588,"height":11}},{"id":"164076e2-5dbf-430e-a40e-cfedb1cdd160","block_type":"box","text":"Developments in the TOB Trust Market.","page_number":104,"box":{"x":102,"y":256,"width":279,"height":11}},{"id":"3f03764b-8cd7-49f2-a4ec-5d0795b0a60c","block_type":"box","text":"In response to the restrictions imposed by section 619 of the Dodd-Frank Wall Street Reform and Consumer","page_number":104,"box":{"x":102,"y":279,"width":771,"height":11}},{"id":"5ab7e264-90f2-4510-8411-f669f3830795","block_type":"box","text":"Protection Act (the “Volcker Rule”), market participants have developed a structure for TOB Trusts designed to","page_number":104,"box":{"x":69,"y":294,"width":786,"height":11}},{"id":"1de2fde3-b52d-4dd9-873d-d143a9e98dfa","block_type":"box","text":"ensure that no banking entity is sponsoring the TOB Trust for purposes of the Volcker Rule. Specifically, a Fund will","page_number":104,"box":{"x":69,"y":309,"width":816,"height":11}},{"id":"849f9595-8875-4aaa-8843-4237c97aa14a","block_type":"box","text":"establish, structure and “sponsor” the TOB Trusts in which it holds TOB Residuals. In such a structure, certain","page_number":104,"box":{"x":69,"y":324,"width":791,"height":11}},{"id":"b10aa192-bd9f-4ce5-8ae8-4137bb9b6c6f","block_type":"box","text":"responsibilities that previously belonged to the sponsor bank will be performed by, or on behalf of, a Fund. A Fund","page_number":104,"box":{"x":69,"y":339,"width":812,"height":12}},{"id":"a5a381f7-6798-435c-bbb3-83b6de772cf1","block_type":"box","text":"may utilize service providers in meeting these responsibilities. It is possible that regulators could take positions that","page_number":104,"box":{"x":69,"y":355,"width":832,"height":11}},{"id":"495035ca-7aa3-4d2f-96fb-d71d046b7bd3","block_type":"box","text":"could limit the market for such structured TOB Trust transactions or a Fund’s ability to hold TOB Residuals. Under","page_number":104,"box":{"x":69,"y":370,"width":810,"height":11}},{"id":"f5a09822-56cf-4d2a-9610-36442a6327d5","block_type":"box","text":"this TOB Trust structure, a Fund has certain additional duties and responsibilities, which may give rise to certain","page_number":104,"box":{"x":68,"y":385,"width":803,"height":11}},{"id":"c6f31c04-a33e-48e7-b4ce-0e62851aadca","block_type":"box","text":"additional risks including, but not limited to, compliance, securities law and operational risks.","page_number":104,"box":{"x":69,"y":400,"width":665,"height":11}},{"id":"07e6c251-48c3-4c3b-a2b0-d1396877e394","block_type":"box","text":"Under this structure, service providers to a TOB Trust, such as administrators, liquidity providers, trustees, and","page_number":104,"box":{"x":102,"y":423,"width":793,"height":11}},{"id":"ff373281-c081-46f5-835b-98f7b23f0737","block_type":"box","text":"remarketing agents, act at the direction of, and as agent of, a Fund as the TOB Residual holder. Similar to the","page_number":104,"box":{"x":69,"y":438,"width":783,"height":11}},{"id":"ca3b97ef-8121-45a8-b091-703580fc6120","block_type":"box","text":"traditional tender option bond structure, a Fund deposits Municipal Bonds into the TOB Trust in exchange for TOB","page_number":104,"box":{"x":68,"y":453,"width":808,"height":11}},{"id":"d3725699-ac98-49bd-8a69-519609e5735b","block_type":"box","text":"Residuals, the TOB Trust then issues and sells TOB Floaters to third-party investors, and the proceeds of the sale of","page_number":104,"box":{"x":70,"y":468,"width":830,"height":11}},{"id":"2a5a4cfb-2f72-4293-9c1a-89ce5c15fa28","block_type":"box","text":"the TOB Floaters is distributed to such TOB Residual holders (","page_number":104,"box":{"x":68,"y":483,"width":442,"height":11}},{"id":"c990f982-5477-4d50-b554-45074a388635","block_type":"box","text":"i.e.","page_number":104,"box":{"x":512,"y":483,"width":20,"height":9}},{"id":"a713b5a3-3d53-4534-baad-d2b028ab830b","block_type":"box","text":", the Fund). Tendered TOB Floaters continue to be","page_number":104,"box":{"x":535,"y":483,"width":352,"height":11}},{"id":"21bfdb18-1d80-4e92-8528-04dc7bc304bf","block_type":"box","text":"supported by a remarketing agent and a liquidity facility. However, the remarketing agent does not purchase tendered","page_number":104,"box":{"x":69,"y":498,"width":836,"height":11}},{"id":"3538f847-1a8f-4e58-af44-4ca06a7764f9","block_type":"box","text":"TOB Floaters for its own account in the event of a failed remarketing, which may increase the likelihood that a TOB","page_number":104,"box":{"x":68,"y":513,"width":816,"height":12}},{"id":"820fc593-21bf-4f87-9e3a-9f6ab0f45f05","block_type":"box","text":"Trust will need to be collapsed and liquidated in order to purchase the tendered TOB Floaters. In the event of a failed","page_number":104,"box":{"x":68,"y":528,"width":835,"height":11}},{"id":"be9d56bd-4275-40b1-99dc-62d858ec4c3b","block_type":"box","text":"remarketing of TOB Floaters, the Liquidity Provider, at its option, may advance a loan to the TOB Trust the proceeds","page_number":104,"box":{"x":69,"y":543,"width":822,"height":12}},{"id":"ff84956b-a7f2-424f-a354-0754338bf43f","block_type":"box","text":"of which would be used by the TOB Trust to purchase the tendered TOB Floaters. The Liquidity Provider is not","page_number":104,"box":{"x":69,"y":559,"width":777,"height":11}},{"id":"4348997d-a506-402d-8a64-6795a2a4e9e0","block_type":"box","text":"obligated to advance such a loan. The TOB Trust would be the borrower with respect to any such loan. Any loans","page_number":104,"box":{"x":69,"y":574,"width":800,"height":11}},{"id":"eced8fe8-afab-433a-aff5-3ebdc4d21fd1","block_type":"box","text":"made by a Liquidity Provider will be secured by the purchased TOB Floaters held by the TOB Trust.","page_number":104,"box":{"x":69,"y":589,"width":696,"height":11}},{"id":"743fe01f-89a7-4582-a7f4-2a7166c7f301","block_type":"box","text":"Similar to the traditional structure for TOB Trusts, a Fund may hold either non-recourse TOB Residuals or","page_number":104,"box":{"x":102,"y":612,"width":745,"height":11}},{"id":"1ffc8922-d13d-4ead-b520-8115dc436b1a","block_type":"box","text":"recourse TOB Residuals under this structure. In the event of a Liquidation Shortfall, there would generally be no","page_number":104,"box":{"x":69,"y":627,"width":797,"height":11}},{"id":"16067109-3bf3-4565-aed8-9dec49dc7216","block_type":"box","text":"contractual recourse to the Fund’s assets if the Fund holds a non-recourse TOB Residual. However, as described","page_number":104,"box":{"x":69,"y":642,"width":803,"height":10}},{"id":"df9513fc-2ed0-461d-b4cb-26ae84c83c8c","block_type":"box","text":"above, a Fund would bear the risk of loss with respect to any Liquidation Shortfall if it holds a recourse TOB Residual.","page_number":104,"box":{"x":69,"y":657,"width":838,"height":11}},{"id":"ff14c8b8-dcaf-4e49-aa3c-773226092949","block_type":"box","text":"The SEC and various federal banking and housing agencies adopted credit risk retention rules for securitizations","page_number":104,"box":{"x":101,"y":680,"width":801,"height":11}},{"id":"7b8ff9c1-0369-42f0-b6bc-20c3a48c3c44","block_type":"box","text":"(the “Risk Retention Rules”), which took effect in December 2016. The Risk Retention Rules require the sponsor of a","page_number":104,"box":{"x":69,"y":695,"width":838,"height":11}},{"id":"b1451820-5ec8-4547-a497-5fccee0f2858","block_type":"box","text":"TOB Trust to retain at least 5% of the credit risk of the underlying assets supporting the TOB Trust’s Municipal","page_number":104,"box":{"x":68,"y":710,"width":787,"height":11}},{"id":"f0b987da-6211-4258-ac9d-29d058a0b900","block_type":"box","text":"Bonds. The Risk Retention Rules may adversely affect the Fund’s ability to engage in TOB Trust transactions or","page_number":104,"box":{"x":70,"y":725,"width":791,"height":11}},{"id":"69770bb9-7f1f-4079-9350-1fb421eced1d","block_type":"box","text":"increase the costs of such transactions in certain circumstances.","page_number":104,"box":{"x":70,"y":740,"width":466,"height":9}},{"id":"77aed55d-881a-4de0-9608-52806a3ddeb0","block_type":"box","text":"TOB Trust transactions constitute an important component of the municipal bond market. Accordingly,","page_number":104,"box":{"x":101,"y":763,"width":726,"height":11}},{"id":"5a7a0bdd-d96b-4946-b763-f6554c83c7a0","block_type":"box","text":"implementation of the Volcker Rule may adversely impact the municipal market, including through reduced demand","page_number":104,"box":{"x":70,"y":778,"width":816,"height":11}},{"id":"1ca7306e-102d-4baf-8d81-6e362222d1c3","block_type":"box","text":"for and liquidity of municipal bonds and increased financing costs for municipal issuers. Any such developments","page_number":104,"box":{"x":68,"y":793,"width":799,"height":11}},{"id":"c4187732-53c7-4e93-85b1-c7ee5c2f4a07","block_type":"box","text":"could adversely affect the Funds. The ultimate impact of these rules on the TOB market and the overall municipal","page_number":104,"box":{"x":69,"y":808,"width":807,"height":11}},{"id":"db220582-aa94-4a5d-9592-22833de8dac7","block_type":"box","text":"market is not yet certain.","page_number":104,"box":{"x":69,"y":823,"width":178,"height":11}},{"id":"58ec6b9b-e5ca-488f-9e99-368b9b2a59ec","block_type":"box","text":"Yields.","page_number":104,"box":{"x":103,"y":846,"width":45,"height":9}},{"id":"55fb7d79-79a6-44f2-814a-e47f508cdbaa","block_type":"box","text":"Yields on Municipal Bonds are dependent on a variety of factors, including the general condition of the","page_number":104,"box":{"x":154,"y":846,"width":730,"height":11}},{"id":"f26ac0e2-d57f-4b0a-b3db-78976a150472","block_type":"box","text":"money market and of the municipal bond market, the size of a particular offering, the financial condition of the","page_number":104,"box":{"x":69,"y":861,"width":788,"height":11}},{"id":"b1de40ad-de61-4a1c-aeff-a8b600d3e99d","block_type":"box","text":"issuer, the maturity of the obligation and the rating of the issue. The ability of a Fund to achieve its investment","page_number":104,"box":{"x":70,"y":876,"width":787,"height":11}},{"id":"8cb02610-7c8b-4a64-83a3-d643ce245feb","block_type":"box","text":"objective is also dependent on the continuing ability of the issuers of the securities in which the Fund invests to meet","page_number":104,"box":{"x":69,"y":891,"width":838,"height":12}},{"id":"4adb78dc-21bf-4a69-bb18-fe3e7d0811b5","block_type":"box","text":"their obligations for the payment of interest and principal when due. There are variations in the risks involved in","page_number":104,"box":{"x":68,"y":906,"width":794,"height":12}},{"id":"81f99d88-049c-4c60-a2fc-355e35547d86","block_type":"box","text":"II-60","page_number":104,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"7ab3a0db-32d0-424c-b1d9-d80d3b020173","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":104,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"72f72c8c-d19c-4f33-a253-9765f9737e93","block_type":"box","text":"holding Municipal Bonds, both within a particular classification and between classifications, depending on numerous","page_number":105,"box":{"x":69,"y":45,"width":831,"height":11}},{"id":"8bca86ea-f907-4044-b8ca-9cd90bcbb85d","block_type":"box","text":"factors. Furthermore, the rights of owners of Municipal Bonds and the obligations of the issuer of such Municipal","page_number":105,"box":{"x":68,"y":60,"width":806,"height":11}},{"id":"c4dcc2a1-dc38-4880-9e6a-cb01e314f4fc","block_type":"box","text":"Bonds may be subject to applicable bankruptcy, insolvency and similar laws and court decisions affecting the rights","page_number":105,"box":{"x":70,"y":75,"width":823,"height":11}},{"id":"30ce864b-d716-415e-8840-5c0f305bf7aa","block_type":"box","text":"of creditors generally and to general equitable principles, which may limit the enforcement of certain remedies.","page_number":105,"box":{"x":69,"y":90,"width":790,"height":11}},{"id":"c7344088-0d51-4d69-a752-162d7d31dcc0","block_type":"box","text":"Variable Rate Demand Obligations (“VRDOs”).","page_number":105,"box":{"x":103,"y":113,"width":323,"height":11}},{"id":"df54b626-0f83-4d35-8d1d-867f4f1767c1","block_type":"box","text":"VRDOs are tax-exempt obligations that contain a floating or","page_number":105,"box":{"x":432,"y":113,"width":422,"height":11}},{"id":"831dd8a6-5c01-41d0-a314-39da583b6228","block_type":"box","text":"variable interest rate adjustment formula and a right of demand on the part of the holder thereof to receive payment","page_number":105,"box":{"x":68,"y":128,"width":830,"height":11}},{"id":"828382a5-9c9b-4e51-af0c-1b8a03df6f76","block_type":"box","text":"of the unpaid principal balance plus accrued interest upon a short notice period not to exceed seven days.","page_number":105,"box":{"x":69,"y":143,"width":759,"height":11}},{"id":"c7d76ef6-7720-41ed-ab78-9ac6a6f0d78c","block_type":"box","text":"There is the possibility that because of default or insolvency the demand feature of VRDOs may not be honored.","page_number":105,"box":{"x":101,"y":166,"width":798,"height":11}},{"id":"1d00de13-3e80-4de3-bc5c-ebe528167c42","block_type":"box","text":"The interest rates are adjustable at periodic intervals to some prevailing market rate for similar investments, such","page_number":105,"box":{"x":68,"y":181,"width":815,"height":11}},{"id":"5658e0af-a316-4751-afaa-e935da4b42ea","block_type":"box","text":"adjustment formula being calculated to maintain the market rate of the VRDOs at approximately the par value of the","page_number":105,"box":{"x":69,"y":196,"width":826,"height":11}},{"id":"487f2ef1-c824-4192-b2dd-1acfa9ea8925","block_type":"box","text":"VRDOs on the adjustment date. The adjustments typically are based upon the Securities Industry and Financial","page_number":105,"box":{"x":68,"y":211,"width":791,"height":11}},{"id":"51f05f58-6963-4cf3-9394-a81b775cab1a","block_type":"box","text":"Markets Association (“SIFMA”) Index.","page_number":105,"box":{"x":70,"y":226,"width":264,"height":11}},{"id":"3e4cb36e-f62e-46b2-808d-e40579704b6a","block_type":"box","text":"Because of the interest rate adjustment formula on VRDOs, VRDOs are not comparable to fixed rate securities.","page_number":105,"box":{"x":102,"y":249,"width":791,"height":11}},{"id":"e19fc48f-9e57-4435-b86b-9f24e8165938","block_type":"box","text":"During periods of declining interest rates, a Fund’s yield on a VRDO will decrease and its shareholders will forego the","page_number":105,"box":{"x":70,"y":264,"width":833,"height":11}},{"id":"2e4ca187-eca6-445c-93ce-41b44f192117","block_type":"box","text":"opportunity for capital appreciation. During periods of rising interest rates, however, a Fund’s yield on a VRDO will","page_number":105,"box":{"x":69,"y":279,"width":808,"height":11}},{"id":"363254cb-ae5f-4d53-8681-8b1cbfd8fd01","block_type":"box","text":"increase and the Fund’s shareholders will have a reduced risk of capital depreciation.","page_number":105,"box":{"x":70,"y":294,"width":608,"height":11}},{"id":"c4a0bfc5-dd07-4833-a9d8-93c7f7f9e087","block_type":"box","text":"Transactions in Financial Futures Contracts on Municipal Indexes.","page_number":105,"box":{"x":103,"y":317,"width":465,"height":11}},{"id":"5207766d-ba91-49ed-af6b-7c62a99af3b4","block_type":"box","text":"The Municipal Funds and certain other funds","page_number":105,"box":{"x":574,"y":317,"width":318,"height":11}},{"id":"ec5042ce-4fbe-49d6-813d-0bf2325f0906","block_type":"box","text":"deal in financial futures contracts based on a long-term municipal bond index developed by the Chicago Board of","page_number":105,"box":{"x":69,"y":332,"width":803,"height":11}},{"id":"eae4cff3-ede2-4933-9b33-c275bedf9b9a","block_type":"box","text":"Trade (“CBT”) and The Bond Buyer (the “Municipal Bond Index”). The Municipal Bond Index is comprised of 40 long","page_number":105,"box":{"x":68,"y":347,"width":825,"height":11}},{"id":"2a720d86-d9bc-41a6-a644-5ebf18e3f157","block_type":"box","text":"term, actively traded tax-exempt municipal revenue and general obligation bonds. Each bond included in the Municipal","page_number":105,"box":{"x":68,"y":362,"width":840,"height":11}},{"id":"358b31c8-13de-425c-ad87-3eb353fbae18","block_type":"box","text":"Bond Index must be rated A or higher by Moody’s or S&P and must have a remaining maturity of 19 years or more.","page_number":105,"box":{"x":70,"y":377,"width":815,"height":12}},{"id":"62512353-aa60-4615-af56-0a29ec452cf0","block_type":"box","text":"Twice a month new issues satisfying the eligibility requirements are added to, and an equal number of old issues are","page_number":105,"box":{"x":68,"y":392,"width":836,"height":12}},{"id":"ba2e7498-fc87-4cf4-a1c3-b6e9749786ff","block_type":"box","text":"deleted from, the Municipal Bond Index. The value of the Municipal Bond Index is computed daily according to a","page_number":105,"box":{"x":69,"y":407,"width":796,"height":12}},{"id":"b758b913-f77b-4131-a8ec-a959a95521b4","block_type":"box","text":"formula based on the price of each bond in the Municipal Bond Index, as evaluated by six dealer-to-dealer brokers.","page_number":105,"box":{"x":68,"y":423,"width":816,"height":11}},{"id":"c3102193-7e7d-4381-8ab7-114fac11f49f","block_type":"box","text":"The Municipal Bond Index futures contract is traded only on the CBT. Like other contract markets, the CBT","page_number":105,"box":{"x":101,"y":445,"width":756,"height":11}},{"id":"da9fa93a-7b1b-4da9-a3c1-5c3cebb039c2","block_type":"box","text":"assures performance under futures contracts through a clearing corporation, a nonprofit organization managed by the","page_number":105,"box":{"x":69,"y":460,"width":839,"height":12}},{"id":"c26a8a8a-57ae-4621-be3a-138fc7df8250","block_type":"box","text":"exchange membership that is also responsible for handling daily accounting of deposits or withdrawals of margin.","page_number":105,"box":{"x":69,"y":475,"width":808,"height":12}},{"id":"e1cec8f1-35ed-4890-8ac9-fef0b77c72b2","block_type":"box","text":"The particular municipal bonds comprising the index underlying the Municipal Bond Index financial futures","page_number":105,"box":{"x":101,"y":498,"width":753,"height":11}},{"id":"66c293c0-c53e-4820-ba8a-67280551b260","block_type":"box","text":"contract may vary from the bonds held by a Municipal Fund. As a result, a Municipal Fund’s ability to hedge","page_number":105,"box":{"x":69,"y":513,"width":764,"height":12}},{"id":"b2e25d22-547e-46ba-b2e8-5af1da3ca695","block_type":"box","text":"effectively all or a portion of the value of its Municipal Bonds through the use of such financial futures contracts will","page_number":105,"box":{"x":69,"y":528,"width":826,"height":12}},{"id":"e6d3646b-d85b-425b-aef4-fca663e1d374","block_type":"box","text":"depend in part on the degree to which price movements in the index underlying the financial futures contract","page_number":105,"box":{"x":69,"y":543,"width":774,"height":12}},{"id":"13049bd0-7f4d-4505-bd02-792a347c9d36","block_type":"box","text":"correlate with the price movements of the Municipal Bonds held by the Fund. The correlation may be affected by","page_number":105,"box":{"x":69,"y":559,"width":801,"height":11}},{"id":"6354c5de-7db9-47be-aa25-f00f094437fd","block_type":"box","text":"disparities in the average maturity, ratings, geographical mix or structure of a Municipal Fund’s investments as","page_number":105,"box":{"x":69,"y":574,"width":788,"height":11}},{"id":"e0a245fb-fd65-4a48-99f7-0ae4296f224f","block_type":"box","text":"compared to those comprising the Municipal Bond Index and general economic or political factors. In addition, the","page_number":105,"box":{"x":69,"y":589,"width":812,"height":11}},{"id":"11160181-4779-456a-a2b3-65bef7662b27","block_type":"box","text":"correlation between movements in the value of the Municipal Bond Index may be subject to change over time as","page_number":105,"box":{"x":69,"y":604,"width":799,"height":11}},{"id":"0870309c-7a82-4a88-a38e-3b01ca6b35ba","block_type":"box","text":"additions to and deletions from the Municipal Bond Index alter its structure. The correlation between futures","page_number":105,"box":{"x":69,"y":619,"width":772,"height":11}},{"id":"b8b9f144-078e-412d-8a83-5fd76258ecdd","block_type":"box","text":"contracts on U.S. Government Securities and the Municipal Bonds held by a Municipal Fund may be adversely","page_number":105,"box":{"x":69,"y":634,"width":782,"height":11}},{"id":"a7912169-56b2-4bc0-9711-92d9f167ba90","block_type":"box","text":"affected by similar factors and the risk of imperfect correlation between movements in the prices of such futures","page_number":105,"box":{"x":69,"y":649,"width":806,"height":12}},{"id":"9b1fe99d-a7b5-4d5d-b752-9c3852fc9083","block_type":"box","text":"contracts and the prices of Municipal Bonds held by a Municipal Fund may be greater. Municipal Bond Index futures","page_number":105,"box":{"x":69,"y":664,"width":823,"height":12}},{"id":"65647e33-ac37-4292-a3e8-9e455bdecf42","block_type":"box","text":"contracts were approved for trading in 1985. Trading in such futures contracts may tend to be less liquid than trading","page_number":105,"box":{"x":69,"y":680,"width":837,"height":11}},{"id":"e49a4579-5aee-4443-9331-8c21f7f77dfb","block_type":"box","text":"in other futures contracts. The trading of futures contracts also is subject to certain market risks, such as inadequate","page_number":105,"box":{"x":70,"y":695,"width":839,"height":11}},{"id":"fa3bed7b-6660-4f92-a6b5-48fdcc010149","block_type":"box","text":"trading activity, which could at times make it difficult or impossible to liquidate existing positions.","page_number":105,"box":{"x":68,"y":710,"width":693,"height":11}},{"id":"e771d914-976a-4a7e-bd4a-6a1cff57d9b7","block_type":"box","text":"Call Rights.","page_number":105,"box":{"x":102,"y":733,"width":79,"height":11}},{"id":"d8937e44-dca7-4fa5-a887-7650e914509d","block_type":"box","text":"A Fund may purchase a Municipal Bond issuer’s right to call all or a portion of such Municipal Bond","page_number":105,"box":{"x":187,"y":732,"width":708,"height":12}},{"id":"4962db40-53b2-46b7-9ad3-ef1c53f7e044","block_type":"box","text":"for mandatory tender for purchase (a “Call Right”). A holder of a Call Right may exercise such right to require a","page_number":105,"box":{"x":68,"y":748,"width":790,"height":11}},{"id":"3442c633-4009-4603-88f1-ced512250818","block_type":"box","text":"mandatory tender for the purchase of related Municipal Bonds, subject to certain conditions. A Call Right that is not","page_number":105,"box":{"x":69,"y":763,"width":827,"height":11}},{"id":"f2edfa73-0e3a-4644-9e77-d1950761fd43","block_type":"box","text":"exercised prior to maturity of the related Municipal Bond will expire without value. The economic effect of holding","page_number":105,"box":{"x":69,"y":778,"width":805,"height":11}},{"id":"dcb04161-5060-4e40-8075-5f191ce24f38","block_type":"box","text":"both the Call Right and the related Municipal Bond is identical to holding a Municipal Bond as a non-callable security.","page_number":105,"box":{"x":69,"y":793,"width":833,"height":11}},{"id":"4d73d577-52df-4b2e-bc06-baa829b1c37b","block_type":"box","text":"Certain investments in such obligations may be illiquid.","page_number":105,"box":{"x":69,"y":808,"width":393,"height":11}},{"id":"4b056b98-ad19-49f1-b307-50c69c9ea432","block_type":"box","text":"Municipal Interest Rate Swap Transactions.","page_number":105,"box":{"x":102,"y":831,"width":307,"height":11}},{"id":"f4ab01fb-92f3-43a9-ad58-2c32f5f6d829","block_type":"box","text":"In order to hedge the value of a Fund against interest rate","page_number":105,"box":{"x":417,"y":831,"width":411,"height":11}},{"id":"81494634-1141-424a-84ae-357fed40e9c3","block_type":"box","text":"fluctuations or to enhance a Fund’s income, a Fund may enter into interest rate swap transactions such as Municipal","page_number":105,"box":{"x":68,"y":846,"width":835,"height":11}},{"id":"63ac744a-3cf6-4d83-9fd4-3205bd529d5b","block_type":"box","text":"Market Data AAA Cash Curve swaps (“MMD Swaps”) or Securities Industry and Financial Markets Association","page_number":105,"box":{"x":70,"y":861,"width":781,"height":11}},{"id":"1a9bda35-66be-4225-ad47-11fb52df016b","block_type":"box","text":"Municipal Swap Index swaps (“SIFMA Swaps”). To the extent that a Fund enters into these transactions, the Fund","page_number":105,"box":{"x":70,"y":876,"width":808,"height":11}},{"id":"0623cf99-bb21-4f68-b87b-f58a61fc52bc","block_type":"box","text":"expects to do so primarily to preserve a return or spread on a particular investment or portion of its portfolio or to","page_number":105,"box":{"x":69,"y":891,"width":814,"height":11}},{"id":"91e6da28-c765-4b2e-91db-cb33caf285c8","block_type":"box","text":"protect against any increase in the price of securities the Fund anticipates purchasing at a later date. A Fund intends","page_number":105,"box":{"x":70,"y":906,"width":832,"height":12}},{"id":"9cd2abe2-1f0a-4073-9dbd-9e8515b11033","block_type":"box","text":"II-61","page_number":105,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"81ff4c51-9b4e-4f25-8ed6-dfd0c85748e7","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":105,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3284850c-1226-453a-abc3-a46e99c6104c","block_type":"box","text":"to use these transactions primarily as a hedge rather than as a speculative investment. However, a Fund also may","page_number":106,"box":{"x":68,"y":45,"width":817,"height":11}},{"id":"dbf7f8cb-1e2a-4132-9156-3f5e2218736f","block_type":"box","text":"invest in MMD Swaps and SIFMA Swaps to enhance income or gain or to increase the Fund’s yield, for example,","page_number":106,"box":{"x":70,"y":60,"width":797,"height":11}},{"id":"5a8b7e7f-29d8-4c2c-a26a-eb9e816a6c46","block_type":"box","text":"during periods of steep interest rate yield curves (","page_number":106,"box":{"x":69,"y":75,"width":356,"height":11}},{"id":"b0ce1271-cec4-4462-b4a0-904aa9acce7c","block_type":"box","text":"i.e.","page_number":106,"box":{"x":427,"y":75,"width":20,"height":9}},{"id":"5b94e843-fe32-4a5b-9c80-dbaa1a7c779b","block_type":"box","text":", wide differences between short-term and long-term interest","page_number":106,"box":{"x":449,"y":75,"width":433,"height":11}},{"id":"0caf8edb-266c-4ca3-b9f0-79265788b1f8","block_type":"box","text":"rates).","page_number":106,"box":{"x":69,"y":90,"width":44,"height":11}},{"id":"ed4c671f-9a83-4d14-a41c-5fe82a86c2a0","block_type":"box","text":"A Fund may purchase and sell SIFMA Swaps in the SIFMA swap market. In a SIFMA Swap, a Fund exchanges with","page_number":106,"box":{"x":101,"y":113,"width":807,"height":11}},{"id":"9c8e2805-b357-4c8a-85e7-347d67eedf10","block_type":"box","text":"another party their respective commitments to pay or receive interest (","page_number":106,"box":{"x":69,"y":128,"width":503,"height":11}},{"id":"13734f55-be50-4169-a6ee-b9cccf615584","block_type":"box","text":"e.g.","page_number":106,"box":{"x":574,"y":129,"width":25,"height":10}},{"id":"0d3ee4db-79f4-4fbe-bdb0-14371286dc3d","block_type":"box","text":", an exchange of fixed rate payments for","page_number":106,"box":{"x":601,"y":128,"width":286,"height":11}},{"id":"78a671dc-9fa4-494c-9c5b-b62567a743e5","block_type":"box","text":"floating rate payments linked to the SIFMA Municipal Swap Index). Because the underlying index is a tax-exempt","page_number":106,"box":{"x":68,"y":143,"width":798,"height":11}},{"id":"b612eeec-23f8-4ef1-bf62-dfcbe0029683","block_type":"box","text":"index, SIFMA Swaps may reduce cross-market risks incurred by a Fund and increase a Fund’s ability to hedge","page_number":106,"box":{"x":70,"y":158,"width":778,"height":11}},{"id":"f896cf8d-2109-4adf-b9d0-09e1a912340b","block_type":"box","text":"effectively. SIFMA Swaps are typically quoted for the entire yield curve, beginning with a seven day floating rate index","page_number":106,"box":{"x":69,"y":173,"width":833,"height":11}},{"id":"6a0a7d0c-c436-4fac-b0d1-d6945436cba0","block_type":"box","text":"out to 30 years. The duration of a SIFMA Swap is approximately equal to the duration of a fixed-rate Municipal Bond","page_number":106,"box":{"x":69,"y":188,"width":823,"height":11}},{"id":"8e19427e-badf-4cad-898c-1016476b2f8a","block_type":"box","text":"with the same attributes as the swap (","page_number":106,"box":{"x":68,"y":204,"width":275,"height":10}},{"id":"535afef1-28da-4b48-a71b-97310872e8fd","block_type":"box","text":"e.g.","page_number":106,"box":{"x":345,"y":205,"width":24,"height":10}},{"id":"5980d071-54c9-441b-b5ee-c5f82f18af6b","block_type":"box","text":", coupon, maturity, call feature).","page_number":106,"box":{"x":372,"y":203,"width":224,"height":12}},{"id":"5c979320-5904-401e-8c74-822b5522b4eb","block_type":"box","text":"A Fund may also purchase and sell MMD Swaps, also known as MMD rate locks. An MMD Swap permits a Fund","page_number":106,"box":{"x":101,"y":226,"width":797,"height":11}},{"id":"56f358ba-1b7f-44ba-8ca0-d69ed2a81617","block_type":"box","text":"to lock in a specified municipal interest rate for a portion of its portfolio to preserve a return on a particular","page_number":106,"box":{"x":68,"y":241,"width":770,"height":11}},{"id":"50047324-ef17-48af-b764-2beec6520675","block_type":"box","text":"investment or a portion of its portfolio as a duration management technique or to protect against any increase in the","page_number":106,"box":{"x":70,"y":256,"width":832,"height":12}},{"id":"19e13019-f9bd-46fb-af72-d569b6ac7aad","block_type":"box","text":"price of securities to be purchased at a later date. By using an MMD Swap, a Fund can create a synthetic long or","page_number":106,"box":{"x":70,"y":271,"width":805,"height":12}},{"id":"467e538d-a80e-45ca-ac75-9c85994f013d","block_type":"box","text":"short position, allowing the Fund to select the most attractive part of the yield curve. An MMD Swap is a contract","page_number":106,"box":{"x":69,"y":286,"width":808,"height":12}},{"id":"128179f7-eab2-4c23-a5a0-0f74f5df7ea4","block_type":"box","text":"between a Fund and an MMD Swap provider pursuant to which the parties agree to make payments to each other on","page_number":106,"box":{"x":69,"y":302,"width":832,"height":11}},{"id":"45290f7f-97e3-4604-9afc-7f8f4e1c4ee7","block_type":"box","text":"a notional amount, contingent upon whether the Municipal Market Data AAA General Obligation Scale is above or","page_number":106,"box":{"x":69,"y":317,"width":804,"height":11}},{"id":"4d9d55f8-6cd0-4409-95ed-628061f580ff","block_type":"box","text":"below a specified level on the expiration date of the contract. For example, if a Fund buys an MMD Swap and the","page_number":106,"box":{"x":69,"y":332,"width":803,"height":11}},{"id":"f88d08fb-47bf-4abe-8017-0b0ab3949cd6","block_type":"box","text":"Municipal Market Data AAA General Obligation Scale is below the specified level on the expiration date, the","page_number":106,"box":{"x":70,"y":347,"width":763,"height":11}},{"id":"d0fbc34b-7b01-4448-8b7a-de824cdc00ba","block_type":"box","text":"counterparty to the contract will make a payment to the Fund equal to the specified level minus the actual level,","page_number":106,"box":{"x":69,"y":362,"width":797,"height":11}},{"id":"221d8281-dd59-4686-8d97-3c7af59987b9","block_type":"box","text":"multiplied by the notional amount of the contract. If the Municipal Market Data AAA General Obligation Scale is above","page_number":106,"box":{"x":69,"y":377,"width":836,"height":12}},{"id":"880d6c4d-e4d9-42ff-afcd-7c3cedd0b167","block_type":"box","text":"the specified level on the expiration date, a Fund will make a payment to the counterparty equal to the actual level","page_number":106,"box":{"x":68,"y":392,"width":816,"height":12}},{"id":"5d041f3c-6a02-472b-8938-ca5a7db9336d","block_type":"box","text":"minus the specified level, multiplied by the notional amount of the contract.","page_number":106,"box":{"x":69,"y":407,"width":537,"height":12}},{"id":"4f6948f0-9841-4e19-9e79-ccd323262ffa","block_type":"box","text":"In connection with investments in SIFMA and MMD Swaps, there is a risk that municipal yields will move in the","page_number":106,"box":{"x":102,"y":430,"width":788,"height":11}},{"id":"51b321f8-af5d-426f-9995-b28dda40e604","block_type":"box","text":"opposite direction than anticipated by a Fund, which would cause the Fund to make payments to its counterparty in","page_number":106,"box":{"x":69,"y":446,"width":821,"height":10}},{"id":"79bf9d5c-6cb1-45f5-a0a7-1232213d4952","block_type":"box","text":"the transaction that could adversely affect the Fund’s performance.","page_number":106,"box":{"x":68,"y":460,"width":482,"height":12}},{"id":"f936ac39-3970-439d-96cd-70808cfd6d81","block_type":"box","text":"Insured Municipal Bonds.","page_number":106,"box":{"x":102,"y":483,"width":179,"height":11}},{"id":"7ff7740a-0e54-4ceb-b8d4-f942b832b9c8","block_type":"box","text":"Bonds purchased by a Fund may be covered by insurance that guarantees that interest","page_number":106,"box":{"x":288,"y":483,"width":619,"height":11}},{"id":"2e1aef73-b19a-403f-854d-68fe8e918d95","block_type":"box","text":"payments on the bond will be made on time and the principal will be repaid when the bond matures. Either the issuer","page_number":106,"box":{"x":70,"y":498,"width":835,"height":11}},{"id":"7b279c3b-a77d-4f24-9d60-4c109d891d5f","block_type":"box","text":"of the bond or the Fund purchases the insurance. Insurance is expected to protect the Fund against losses caused by","page_number":106,"box":{"x":69,"y":513,"width":840,"height":12}},{"id":"4a0582c7-0089-43c3-852e-1eecf7791593","block_type":"box","text":"a bond issuer’s failure to make interest or principal payments. However, insurance does not protect the Fund or its","page_number":106,"box":{"x":69,"y":528,"width":818,"height":12}},{"id":"461c1122-359a-4cad-8e0a-09e58ef03cbc","block_type":"box","text":"shareholders against losses caused by declines in a bond’s market value. Also, the Fund cannot be certain that any","page_number":106,"box":{"x":69,"y":544,"width":829,"height":11}},{"id":"d606ec1b-2037-4ea8-86f3-643d9d4e6ca0","block_type":"box","text":"insurance company does not make these payments. In addition, if the Fund purchases the insurance, it may pay the","page_number":106,"box":{"x":70,"y":559,"width":827,"height":11}},{"id":"164fab7d-6105-4d12-a9af-469f121e378a","block_type":"box","text":"premiums, which will reduce the Fund’s yield. The Fund seeks to use only insurance companies with claims paying","page_number":106,"box":{"x":70,"y":574,"width":815,"height":11}},{"id":"2fdfa14a-fc22-4337-bf7d-a9f7298a9a38","block_type":"box","text":"ability, financial strength, or equivalent ratings of at least investment grade. However, if insurance from insurers with","page_number":106,"box":{"x":69,"y":589,"width":829,"height":11}},{"id":"3bbde016-4d6a-476a-8e45-78c4abc86046","block_type":"box","text":"these ratings is not available, the Fund may use insurance companies with lower ratings or stop purchasing","page_number":106,"box":{"x":68,"y":604,"width":767,"height":11}},{"id":"f49e24f8-36e2-4709-bbf9-741318945ffd","block_type":"box","text":"insurance or insured bonds. If a bond’s insurer fails to fulfill its obligations or loses its credit rating, the value of the","page_number":106,"box":{"x":70,"y":619,"width":827,"height":11}},{"id":"fee4c752-41b8-46aa-af04-f706dee3bbe5","block_type":"box","text":"bond could drop.","page_number":106,"box":{"x":69,"y":634,"width":118,"height":11}},{"id":"5be69978-bcfe-4fab-a9f8-cf33d85ba03a","block_type":"box","text":"Build America Bonds.","page_number":106,"box":{"x":102,"y":657,"width":150,"height":9}},{"id":"59d6b865-3bc5-4e47-a657-405b89a59921","block_type":"box","text":"If a Fund holds Build America Bonds, the Fund may be eligible to receive a U.S. federal","page_number":106,"box":{"x":259,"y":657,"width":616,"height":11}},{"id":"db51dd61-6101-4cae-a256-e954b633b5e5","block_type":"box","text":"income tax credit; however, the issuer of a Build America Bond may instead elect to receive a cash payment directly","page_number":106,"box":{"x":70,"y":672,"width":825,"height":11}},{"id":"35ceb53e-d2d5-4365-b6b5-13339f848f3c","block_type":"box","text":"from the federal government in lieu of holders such as the fund receiving a tax credit. The interest on Build America","page_number":106,"box":{"x":68,"y":687,"width":824,"height":11}},{"id":"0850d73f-142e-4853-be6d-4f6d1ac5d320","block_type":"box","text":"Bonds is taxable for U.S. federal income tax purposes. If the Fund does receive tax credits from Build America Bonds","page_number":106,"box":{"x":70,"y":702,"width":833,"height":11}},{"id":"d7461c5c-9e5f-4815-8107-d33cc3f3cf4c","block_type":"box","text":"or other tax credit bonds on one or more specified dates during the fund’s taxable year, and the Fund satisfies the","page_number":106,"box":{"x":69,"y":717,"width":815,"height":12}},{"id":"4a5046a4-4ec6-4d3e-9d6b-98f28252d14c","block_type":"box","text":"minimum distribution requirement, the Fund may elect for U.S. federal income tax purposes to pass through to","page_number":106,"box":{"x":69,"y":732,"width":788,"height":12}},{"id":"932fb27a-6445-4e0a-8338-764a5a464b9e","block_type":"box","text":"shareholders tax credits otherwise allowable to the Fund for that year with respect to such bonds. A tax credit bond","page_number":106,"box":{"x":69,"y":748,"width":823,"height":11}},{"id":"6b10e80b-bcb0-4b27-bd71-a48856a2f203","block_type":"box","text":"is defined in the Code as a “qualified tax credit bond” (which includes a qualified forestry conservation bond, a new","page_number":106,"box":{"x":70,"y":763,"width":825,"height":11}},{"id":"d8650320-5e4b-46a9-bd52-5938133f2b37","block_type":"box","text":"clean renewable energy bond, a qualified energy conservation bond, or a qualified zone academy bond, each of which","page_number":106,"box":{"x":69,"y":778,"width":837,"height":11}},{"id":"8ed21596-51ac-430b-9df2-b304479e1288","block_type":"box","text":"must meet certain requirements specified in the Code), a “Build America Bond” (which includes certain qualified","page_number":106,"box":{"x":69,"y":793,"width":802,"height":11}},{"id":"7e173850-6f58-4116-86ff-e556ee778167","block_type":"box","text":"bonds issued before January 1, 2011) or certain other specified bonds. If the Fund were to so elect, a shareholder","page_number":106,"box":{"x":69,"y":808,"width":821,"height":11}},{"id":"8d6e805f-5f7d-4329-b41d-c6564514851e","block_type":"box","text":"would be required to include in income and would be entitled to claim as a tax credit an amount equal to a","page_number":106,"box":{"x":68,"y":823,"width":760,"height":11}},{"id":"46f829c9-e92b-4480-b0af-e413ca66aa69","block_type":"box","text":"proportionate share of such credits, and such amount would be subject to withholding provisions of the Code.","page_number":106,"box":{"x":70,"y":838,"width":782,"height":12}},{"id":"1d2c0fa9-5276-4d16-abad-ac574557181d","block_type":"box","text":"Certain limitations may apply on the extent to which the credit may be claimed.","page_number":106,"box":{"x":69,"y":854,"width":563,"height":11}},{"id":"9e985bd9-c211-443d-8940-edd83de57f48","block_type":"box","text":"Tax-Exempt Municipal Investments.","page_number":106,"box":{"x":103,"y":876,"width":246,"height":11}},{"id":"3c93fb03-4491-422d-ad0d-8a9bcbb55635","block_type":"box","text":"Certain Funds may hold tax-exempt municipal investments which may be in","page_number":106,"box":{"x":355,"y":876,"width":534,"height":11}},{"id":"efa3eac3-3426-42ba-b10a-936d0cfc828d","block_type":"box","text":"the form of tender option bonds, variable rate demand obligations, participations, beneficial interests in a trust,","page_number":106,"box":{"x":68,"y":891,"width":798,"height":12}},{"id":"d6f609f3-c158-4d1a-aa44-07c1953b9c13","block_type":"box","text":"partnership interests or other forms. These investments are described in greater detail above in this section. Some","page_number":106,"box":{"x":70,"y":906,"width":823,"height":12}},{"id":"e52da15b-d1d3-400c-9493-9e6cea7fd6df","block_type":"box","text":"II-62","page_number":106,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"e63e0180-1196-435f-827f-1e47bef13425","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":106,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a81375ad-4ab2-4ef4-a284-dd23efec7d6e","block_type":"box","text":"of the structures used by certain Funds include interests in long-term fixed-rate municipal debt obligations, held by a","page_number":107,"box":{"x":69,"y":45,"width":830,"height":11}},{"id":"20fff7ee-66c0-482c-b8ba-392f9fb5dfe3","block_type":"box","text":"trustee or custodian, that are coupled with tender option, demand and other features when the tax-exempt municipal","page_number":107,"box":{"x":68,"y":60,"width":832,"height":11}},{"id":"74732b71-7cbb-4e9d-965f-692282710c6c","block_type":"box","text":"investments are created. Together, these features entitle the holder of the interest to tender (or put) the underlying","page_number":107,"box":{"x":70,"y":75,"width":819,"height":11}},{"id":"2ba8a816-56e6-4414-9175-dfa6acd71810","block_type":"box","text":"municipal debt obligation to a third party at periodic intervals and to receive the principal amount thereof.","page_number":107,"box":{"x":69,"y":90,"width":752,"height":11}},{"id":"94efdde6-eaee-4896-a8f6-a49841d8d724","block_type":"box","text":"In some cases, municipal debt obligations are represented by custodial receipts evidencing rights to receive","page_number":107,"box":{"x":102,"y":113,"width":770,"height":11}},{"id":"1727e56f-7e56-49f7-b643-596c091728ab","block_type":"box","text":"specific future interest payments, principal payments, or both, on the underlying securities held by the custodian.","page_number":107,"box":{"x":69,"y":128,"width":806,"height":11}},{"id":"2fe3c379-ffec-4486-98b3-bc80cd872a71","block_type":"box","text":"Under such arrangements, the holder of the custodial receipt has the option to tender the underlying securities at","page_number":107,"box":{"x":70,"y":143,"width":809,"height":11}},{"id":"76ebf284-0ae0-4a97-ba69-3fab1492b029","block_type":"box","text":"their face value to the sponsor (","page_number":107,"box":{"x":68,"y":158,"width":228,"height":11}},{"id":"8544fd43-f70a-471c-a3a0-7546b1fc7c1f","block_type":"box","text":"e.g.","page_number":107,"box":{"x":297,"y":160,"width":25,"height":9}},{"id":"d2f0067e-ba24-4e9d-a58a-2f7de51f8a3f","block_type":"box","text":", a Fund, or a bank or broker-dealer or other financial institution), which is paid","page_number":107,"box":{"x":325,"y":158,"width":557,"height":11}},{"id":"ddf723ff-10c7-4b11-a43f-411f1660437c","block_type":"box","text":"periodic fees equal to the difference between the securities’ fixed coupon rate and the rate that would cause the","page_number":107,"box":{"x":70,"y":173,"width":803,"height":11}},{"id":"36011acb-e866-44c6-9698-26e56001172c","block_type":"box","text":"securities, coupled with the tender option, to trade at par on the date of a rate adjustment.","page_number":107,"box":{"x":69,"y":188,"width":648,"height":11}},{"id":"d76e63fc-4db8-4d70-a177-6b6eb8f56a5e","block_type":"box","text":"A participation interest gives the Fund an undivided interest in a Municipal Bond in the proportion the Fund’s","page_number":107,"box":{"x":101,"y":211,"width":775,"height":11}},{"id":"d4a518f4-4d34-4547-9d4f-552655785dd9","block_type":"box","text":"participation bears to the total principal amount of the Municipal Bond, and typically provides for a repurchase","page_number":107,"box":{"x":70,"y":226,"width":785,"height":11}},{"id":"ecf6b0ba-0fe0-4772-a024-9be94fc64865","block_type":"box","text":"feature for all or any part of the full principal amount of the participation interest, plus accrued interest. Trusts and","page_number":107,"box":{"x":68,"y":241,"width":821,"height":11}},{"id":"b5882f13-19d5-4d09-be5d-5afd6d115f3f","block_type":"box","text":"partnerships are typically used to convert long-term fixed rate high quality bonds of a single state or municipal issuer","page_number":107,"box":{"x":70,"y":256,"width":833,"height":12}},{"id":"17891cd1-769a-4586-8395-b726a108baa6","block_type":"box","text":"into variable or floating rate demand instruments.","page_number":107,"box":{"x":70,"y":271,"width":351,"height":12}},{"id":"9d518941-93f5-47db-b0ce-22f90d87b83f","block_type":"box","text":"The Municipal Bond Funds may hold participation interests and custodial receipts for municipal debt obligations","page_number":107,"box":{"x":101,"y":294,"width":797,"height":11}},{"id":"233bb7a9-7c7a-457d-ba14-a5123bfcbd6b","block_type":"box","text":"which give the holder the right to receive payment of principal subject to the conditions described above. The IRS has","page_number":107,"box":{"x":68,"y":309,"width":836,"height":11}},{"id":"e65b0fe6-9d68-4d8f-8e67-8580c205d8d8","block_type":"box","text":"not ruled on whether the interest received on tax-exempt municipal investments in the form of participation interests","page_number":107,"box":{"x":69,"y":324,"width":831,"height":11}},{"id":"80c27fba-10a4-4fad-ad74-8a34421d74f1","block_type":"box","text":"or custodial receipts is tax-exempt, and accordingly, purchases of any such interests or receipts are based on the","page_number":107,"box":{"x":69,"y":339,"width":809,"height":12}},{"id":"04e0c157-e651-42d8-8771-ae53578ae617","block_type":"box","text":"opinions of counsel to the sponsors of such derivative securities. Neither a Fund nor its investment adviser or sub","page_number":107,"box":{"x":69,"y":355,"width":818,"height":11}},{"id":"e7eb414e-831a-4689-a8ed-6a781d57487e","block_type":"box","text":"advisers will review the proceedings related to the creation of any tax-exempt municipal investments or the basis for","page_number":107,"box":{"x":69,"y":370,"width":828,"height":11}},{"id":"ac878fa8-a387-4dd2-8bf7-02cd29634aae","block_type":"box","text":"such opinions.","page_number":107,"box":{"x":69,"y":385,"width":102,"height":11}},{"id":"7d34b59f-becc-4145-a95b-3d8f037864c4","block_type":"box","text":"Operational and Technology Risks.","page_number":107,"box":{"x":102,"y":408,"width":250,"height":11}},{"id":"ffcfd9ec-ffe3-4bd4-86a1-96b1949d048e","block_type":"box","text":"The Fund and the entities with which it interacts directly or indirectly are","page_number":107,"box":{"x":358,"y":408,"width":512,"height":11}},{"id":"e7fa9cdf-6e82-4942-bfc4-891ddcbddff3","block_type":"box","text":"susceptible to operational and technology risks, including those related to human errors, processing errors,","page_number":107,"box":{"x":69,"y":423,"width":766,"height":11}},{"id":"848a732d-e5b4-459e-8a1e-a9b79913a726","block_type":"box","text":"communication errors, systems failures, cybersecurity incidents, and the use of artificial intelligence and machine","page_number":107,"box":{"x":69,"y":438,"width":812,"height":11}},{"id":"0efb8ed0-6059-4b73-bd2f-b5c35b6a0182","block_type":"box","text":"learning (“AI”), which may result in losses for the Fund and its shareholders or impair the Fund’s operations. These","page_number":107,"box":{"x":70,"y":453,"width":820,"height":11}},{"id":"7b9ed369-17a7-40cb-936a-c730337aba37","block_type":"box","text":"entities include, but are not limited to, the Fund’s adviser, administrator, distributor, other service providers (e.g.,","page_number":107,"box":{"x":69,"y":468,"width":807,"height":11}},{"id":"698646ec-0ad3-40d8-809f-f5193069562e","block_type":"box","text":"index and benchmark providers, accountants, custodians, and transfer agents), financial intermediaries,","page_number":107,"box":{"x":70,"y":483,"width":741,"height":11}},{"id":"82f6087c-6caa-47d9-8cf7-7b16cb8a3a1f","block_type":"box","text":"counterparties, market makers, Authorized Participants, listing exchanges, other financial market operators, and","page_number":107,"box":{"x":69,"y":498,"width":802,"height":11}},{"id":"035eb194-e342-4cda-88c9-52162c6ec8ff","block_type":"box","text":"governmental authorities, as applicable. Operational and technology risks for the issuers in which the Fund invests","page_number":107,"box":{"x":68,"y":513,"width":818,"height":12}},{"id":"c39bff52-4028-4bb2-b47e-c0fdd4ff1fed","block_type":"box","text":"could also result in material adverse consequences for such issuers and may cause the Fund’s investments in such","page_number":107,"box":{"x":69,"y":528,"width":827,"height":12}},{"id":"26a8282f-e0f4-4731-98d3-3c8050a7c68c","block_type":"box","text":"issuers to lose value. The Fund may incur substantial costs in order to mitigate operational and technology risks.","page_number":107,"box":{"x":70,"y":544,"width":803,"height":11}},{"id":"aa4f5661-7d7c-403b-917a-cb23a390b407","block_type":"box","text":"Cybersecurity incidents can result from deliberate attacks or unintentional events against an issuer in which the","page_number":107,"box":{"x":102,"y":566,"width":796,"height":11}},{"id":"4cecc603-ee1f-469f-9acc-cf792e8236cc","block_type":"box","text":"Fund invests, the Fund or any of its service providers. They include, but are not limited to, gaining unauthorized","page_number":107,"box":{"x":70,"y":581,"width":790,"height":12}},{"id":"11267bee-6b23-4b70-b124-d5f841a9fd0f","block_type":"box","text":"access to systems, misappropriating assets or sensitive information, corrupting or destroying data, and causing","page_number":107,"box":{"x":69,"y":596,"width":800,"height":12}},{"id":"bb5a34b6-8703-46ad-adff-fc08a5302e60","block_type":"box","text":"operational disruption. Geopolitical tension may increase the scale and sophistication of deliberate attacks,","page_number":107,"box":{"x":69,"y":612,"width":768,"height":11}},{"id":"0e2bea24-66f4-484a-b4ba-89d65391ed3d","block_type":"box","text":"particularly those from nation states or from entities with nation state backing. Cybersecurity incidents may result in","page_number":107,"box":{"x":70,"y":627,"width":827,"height":11}},{"id":"8961c023-a5a6-4425-b763-e46a37d8246b","block_type":"box","text":"any of the following: financial losses; interference with the Fund’s ability to calculate its NAV; disclosure of","page_number":107,"box":{"x":69,"y":642,"width":760,"height":11}},{"id":"61439bfe-b5fe-4640-9ca9-8e651fad1464","block_type":"box","text":"confidential information; impediments to trading; submission of erroneous trades by the Fund or erroneous","page_number":107,"box":{"x":69,"y":657,"width":763,"height":11}},{"id":"22f12980-0421-4e6a-b2fb-2525f248bb33","block_type":"box","text":"subscription or redemption orders; the inability of the Fund or its service providers to transact business; violations of","page_number":107,"box":{"x":69,"y":672,"width":835,"height":11}},{"id":"ea46b866-eddf-4fc0-bc90-330259cb3448","block_type":"box","text":"applicable privacy and other laws; regulatory fines; penalties; reputational damage; reimbursement or other","page_number":107,"box":{"x":69,"y":687,"width":766,"height":11}},{"id":"b1c6d127-7b8e-4977-9409-b90361b973e6","block_type":"box","text":"compensation costs; and other legal and compliance expenses. Furthermore, cybersecurity incidents may render","page_number":107,"box":{"x":69,"y":703,"width":804,"height":11}},{"id":"ae050153-fa4b-4aac-b8a4-188a8a671c98","block_type":"box","text":"records of the Fund, including records relating to its assets and transactions, shareholder ownership of Fund shares,","page_number":107,"box":{"x":69,"y":717,"width":833,"height":12}},{"id":"f4bba64a-a2b2-4136-a499-89a0f28d91fe","block_type":"box","text":"and other data integral to the Fund’s functioning, inaccessible, inaccurate or incomplete. Power outages, natural","page_number":107,"box":{"x":69,"y":732,"width":800,"height":12}},{"id":"a49b2977-060c-4fe0-b2ba-c6527185f786","block_type":"box","text":"disasters, equipment malfunctions and processing errors that threaten information and technology systems relied","page_number":107,"box":{"x":69,"y":748,"width":812,"height":11}},{"id":"66eb9fec-d78b-4798-b916-1f97966176c8","block_type":"box","text":"upon by the Fund or its service providers, as well as market events that occur at a pace that overloads these","page_number":107,"box":{"x":69,"y":763,"width":777,"height":11}},{"id":"89b90b4e-881e-4c73-adc3-2619533a10ac","block_type":"box","text":"systems, may also disrupt business operations or impact critical data. Recent advances in AI technology pose risks","page_number":107,"box":{"x":69,"y":778,"width":824,"height":11}},{"id":"b5650050-3f45-46b0-9f71-7016dc96d172","block_type":"box","text":"to the Fund and its portfolio investments. These advancements could harm the Fund and its portfolio investments by","page_number":107,"box":{"x":68,"y":793,"width":836,"height":11}},{"id":"07be15ff-fa84-4d36-bd2b-31723b669df5","block_type":"box","text":"reducing the demand for both the technology and software offerings of the Fund’s portfolio investments. Additionally,","page_number":107,"box":{"x":69,"y":808,"width":833,"height":11}},{"id":"1e44505f-bb8e-4ae2-a8c3-4208c342dd17","block_type":"box","text":"these advancements could significantly disrupt the Fund’s portfolio investments and subject them to increased","page_number":107,"box":{"x":68,"y":823,"width":793,"height":12}},{"id":"f079b475-9223-41bb-832d-9559d987784c","block_type":"box","text":"competition, which could have a material adverse effect on business, financial condition, and results of operations.","page_number":107,"box":{"x":69,"y":838,"width":822,"height":11}},{"id":"201979b2-faf4-44f4-b2cb-995b00abd87a","block_type":"box","text":"AI technology advancements, including efficiency improvements, without related increases in the adoption and","page_number":107,"box":{"x":68,"y":853,"width":787,"height":12}},{"id":"22adf83d-5aea-4d50-b58c-24b7ee5dffe9","block_type":"box","text":"development of such technologies, could also negatively impact demand for, and the valuation of, digital","page_number":107,"box":{"x":69,"y":869,"width":742,"height":11}},{"id":"0b44beb8-81d4-43ad-a8e9-ee706d42cc6a","block_type":"box","text":"infrastructure assets.","page_number":107,"box":{"x":70,"y":884,"width":151,"height":9}},{"id":"2f6d852e-86db-4904-a4e3-f92db9a1afd6","block_type":"box","text":"II-63","page_number":107,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a28868a8-baa5-4069-b243-535e1a79d00b","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":107,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a8b430f2-fdde-431c-85eb-b2f8d83fa169","block_type":"box","text":"The Fund and its portfolio investments could be exposed to the risks of AI technology if third-party service","page_number":108,"box":{"x":101,"y":45,"width":755,"height":11}},{"id":"74c688ab-eb39-415a-b74e-4b3f8d6eb415","block_type":"box","text":"providers or any counterparties, whether or not known to the Fund, also use AI technology in their business activities.","page_number":108,"box":{"x":70,"y":60,"width":835,"height":11}},{"id":"642fb17a-490e-4fb7-ba22-f82443117e38","block_type":"box","text":"The Fund and its service providers may not be in a position to control the use of AI technology in third-party products","page_number":108,"box":{"x":68,"y":75,"width":833,"height":11}},{"id":"24253cdd-761f-4b78-8928-778b1c5c1b6b","block_type":"box","text":"or services.","page_number":108,"box":{"x":69,"y":90,"width":82,"height":9}},{"id":"3ac621ad-f084-474e-ac12-b16624adf22d","block_type":"box","text":"Use of AI technology could include the input of confidential information in contravention of applicable policies,","page_number":108,"box":{"x":102,"y":113,"width":781,"height":11}},{"id":"9363390c-a8cd-4b44-87d7-6a35487427fd","block_type":"box","text":"contractual or other obligations or restrictions, resulting in such confidential information becoming accessible by","page_number":108,"box":{"x":69,"y":128,"width":801,"height":11}},{"id":"28082f23-e738-4eff-9e11-514b500e1039","block_type":"box","text":"other third-party AI technology applications and users.","page_number":108,"box":{"x":69,"y":143,"width":383,"height":11}},{"id":"895d9ff4-6e65-49f2-ba95-c336e7fe88d4","block_type":"box","text":"Independent of its context of use, AI technology is generally highly reliant on the collection and analysis of large","page_number":108,"box":{"x":102,"y":166,"width":795,"height":11}},{"id":"7303628a-b213-4f24-8703-6a296d05076f","block_type":"box","text":"amounts of data, may incorporate biased or inaccurate data, and it is not possible or practicable to incorporate all","page_number":108,"box":{"x":69,"y":181,"width":813,"height":11}},{"id":"140d7708-82f3-4aca-9716-04d7e8543af1","block_type":"box","text":"relevant data into the models that AI technology utilizes to operate. Certain data in such models will inevitably","page_number":108,"box":{"x":69,"y":196,"width":785,"height":11}},{"id":"e84ea40c-4c3b-4610-8d28-d4d870b51fcc","block_type":"box","text":"contain a degree of inaccuracy and error, or could otherwise be inadequate or flawed, which would be likely to","page_number":108,"box":{"x":69,"y":211,"width":782,"height":11}},{"id":"a5996903-7e16-4819-bbc7-a4051cd7ffef","block_type":"box","text":"degrade the effectiveness of AI technology. The output or results of any such AI technologies may therefore be","page_number":108,"box":{"x":69,"y":226,"width":787,"height":11}},{"id":"6881d867-e31d-443b-8d8a-f44ed78c171a","block_type":"box","text":"incomplete, erroneous, distorted, or misleading. Further, AI tools may lack transparency as to how data is utilized","page_number":108,"box":{"x":70,"y":241,"width":809,"height":11}},{"id":"7e83ce35-358b-4958-97c5-42ef24bcb805","block_type":"box","text":"and how outputs are generated. AI technologies may also allow the unintended introduction of vulnerabilities into","page_number":108,"box":{"x":69,"y":256,"width":805,"height":12}},{"id":"9ed5fbf1-d6d7-43ba-abb6-6cd018efbf29","block_type":"box","text":"infrastructures and applications. To the extent that the Fund or its portfolio investments are exposed to the risks of","page_number":108,"box":{"x":70,"y":271,"width":822,"height":11}},{"id":"a13fc6a0-cb4f-4770-8648-a0212d1abded","block_type":"box","text":"AI technology use, any such inaccuracies or errors could have adverse impacts on the Fund or its investments.","page_number":108,"box":{"x":68,"y":287,"width":789,"height":11}},{"id":"cedecf67-8dac-4dc6-8689-1b7a9efa0f2f","block_type":"box","text":"Regulations related to AI technology could also impose certain obligations and costs related to monitoring and","page_number":108,"box":{"x":102,"y":309,"width":786,"height":11}},{"id":"7421bf56-dfd8-4b0b-86fc-b40e86db3f65","block_type":"box","text":"compliance. For example, in April 2023, the Federal Trade Commission, U.S. Department of Justice, Consumer","page_number":108,"box":{"x":69,"y":324,"width":791,"height":11}},{"id":"71f0f44c-2cbe-4f26-9279-5ef09ebe0f05","block_type":"box","text":"Financial Protection Bureau, and U.S. Equal Employment Opportunity Commission released a joint statement on","page_number":108,"box":{"x":70,"y":340,"width":796,"height":11}},{"id":"80340517-468d-406e-b138-f430b3195582","block_type":"box","text":"artificial intelligence demonstrating interest in monitoring the development and use of automated systems and","page_number":108,"box":{"x":69,"y":355,"width":788,"height":11}},{"id":"465c8f1e-a1e1-45ad-9691-6fd7dc588fcc","block_type":"box","text":"enforcement of their respective laws and regulations. In October 2023, an executive order established new standards","page_number":108,"box":{"x":69,"y":370,"width":839,"height":11}},{"id":"c08409f8-d302-4b8d-af48-c974c38c2e69","block_type":"box","text":"for AI safety and security. In addition to the U.S. regulatory framework, in 2024, the EU adopted the Artificial","page_number":108,"box":{"x":68,"y":385,"width":773,"height":11}},{"id":"52c8e1c9-67ed-4075-89ce-c3941e93114e","block_type":"box","text":"Intelligence Act, which applies to certain AI technology and the data used to train, test, and deploy them, which may","page_number":108,"box":{"x":70,"y":400,"width":826,"height":11}},{"id":"df22273b-02a2-48b3-9a9c-8eed998b50f8","block_type":"box","text":"create additional compliance burdens, higher administrative costs, and significant penalties should the Fund, the","page_number":108,"box":{"x":69,"y":415,"width":805,"height":11}},{"id":"2dd6fa49-6682-4e8a-b0ab-647aae47d4ea","block_type":"box","text":"adviser, or the Fund’s portfolio investments fail to comply.","page_number":108,"box":{"x":69,"y":430,"width":412,"height":11}},{"id":"3c788052-cfdc-4b05-bc14-4369ab825864","block_type":"box","text":"AI technology and its applications, including in the investment and financial sectors, continue to develop rapidly,","page_number":108,"box":{"x":101,"y":453,"width":797,"height":11}},{"id":"4a6f4f84-8351-4ec2-9592-58b31202ff8b","block_type":"box","text":"and it is impossible to predict the future risks that may arise from such developments. The full extent of current or","page_number":108,"box":{"x":69,"y":468,"width":817,"height":11}},{"id":"78562b07-6926-4c4a-a633-b6aa1f9f350d","block_type":"box","text":"future risks related thereto is not possible to predict, and the Fund may not be able to anticipate, prevent, mitigate,","page_number":108,"box":{"x":68,"y":483,"width":824,"height":11}},{"id":"572ff4fb-6431-4b84-a70b-45ccb7f6d983","block_type":"box","text":"or remediate all of the potential risks, challenges, or impacts of such changes.","page_number":108,"box":{"x":69,"y":498,"width":561,"height":11}},{"id":"41f3c595-0048-475a-a14f-04241eed2676","block_type":"box","text":"While the Fund’s service providers are required to have appropriate operational, information security and","page_number":108,"box":{"x":101,"y":521,"width":747,"height":11}},{"id":"16505e0d-7308-4059-81ce-1c4d2d11609f","block_type":"box","text":"cybersecurity risk management policies and procedures, their methods of risk management may differ from those of","page_number":108,"box":{"x":69,"y":536,"width":830,"height":11}},{"id":"a5238b46-8cac-4c26-b103-848783b4260a","block_type":"box","text":"the Fund in the setting of priorities, the personnel and resources available or the effectiveness of relevant controls.","page_number":108,"box":{"x":68,"y":551,"width":823,"height":11}},{"id":"e5cac3a2-0aed-4ab7-b288-b679f72d7007","block_type":"box","text":"The Fund and its adviser seek to reduce these risks through controls, procedures and oversight, including","page_number":108,"box":{"x":68,"y":566,"width":755,"height":11}},{"id":"94c90a19-377b-43ca-aa39-fedcde6d84bd","block_type":"box","text":"establishing business continuity plans and risk management systems. However, there are inherent limitations in such","page_number":108,"box":{"x":69,"y":582,"width":838,"height":11}},{"id":"53e9472f-c9ba-48d6-9076-42b7677656dd","block_type":"box","text":"plans and systems, including the possibility that certain risks that may affect the Fund have not been identified or","page_number":108,"box":{"x":70,"y":596,"width":812,"height":12}},{"id":"40c45c8c-22fa-4794-8cb3-fcb6374f2fa4","block_type":"box","text":"may emerge in the future; that such plans and systems may not completely eliminate the occurrence or mitigate the","page_number":108,"box":{"x":69,"y":612,"width":828,"height":11}},{"id":"d80d4e81-2ce9-41de-ab11-854397cc0e27","block_type":"box","text":"effects of operational or information security disruptions or failures or of cybersecurity incidents; or that prevention","page_number":108,"box":{"x":69,"y":627,"width":819,"height":11}},{"id":"f9658d0e-7c64-48ce-be3a-0be3c2123792","block_type":"box","text":"and remediation efforts will not be successful or that incidents will go undetected. The Fund cannot control the","page_number":108,"box":{"x":69,"y":642,"width":792,"height":11}},{"id":"e3270f71-fc69-495c-b8ed-c08e12fe2364","block_type":"box","text":"systems, information security or other cybersecurity of the issuers in which it invests or its service providers,","page_number":108,"box":{"x":69,"y":657,"width":775,"height":11}},{"id":"8ce8467c-33c7-4620-b7c9-2e2cfc7293fc","block_type":"box","text":"counterparties, and other third parties whose activities affect the Fund.","page_number":108,"box":{"x":69,"y":672,"width":510,"height":11}},{"id":"dfca5005-3fdc-458b-8eb5-84d732c52b38","block_type":"box","text":"Lastly, the regulatory climate governing cybersecurity and data protection is developing quickly and may vary","page_number":108,"box":{"x":102,"y":695,"width":771,"height":11}},{"id":"9f89606d-46cc-48c3-b838-70f8d86918b1","block_type":"box","text":"considerably across jurisdictions. Regulators continue to develop new rules and standards related to cybersecurity","page_number":108,"box":{"x":69,"y":710,"width":816,"height":11}},{"id":"1cd0ad29-ab1a-47e4-9be4-efd1f9661f85","block_type":"box","text":"and data protection. Compliance with evolving regulations can be demanding and costly, requiring substantial","page_number":108,"box":{"x":69,"y":725,"width":778,"height":11}},{"id":"5e8aed50-19a3-4797-8fb3-17a8bd7e534b","block_type":"box","text":"resources to monitor and implement required changes.","page_number":108,"box":{"x":69,"y":740,"width":391,"height":11}},{"id":"fe1641d5-bbd4-40c0-9a47-a83e92b6bc1f","block_type":"box","text":"Participation Notes.","page_number":108,"box":{"x":102,"y":763,"width":145,"height":11}},{"id":"62784dd2-a0d9-40c9-9082-c17f5bcec09e","block_type":"box","text":"A Fund may buy participation notes from a bank or broker-dealer (“issuer”) that entitle the","page_number":108,"box":{"x":253,"y":763,"width":641,"height":11}},{"id":"4074cc11-7693-4da8-8550-36d5d9a0cec7","block_type":"box","text":"Fund to a return measured by the change in value of an identified underlying security or basket of securities","page_number":108,"box":{"x":70,"y":778,"width":766,"height":11}},{"id":"d6e61462-129a-4cc3-a2da-25264ac501e8","block_type":"box","text":"(collectively, the “underlying security”). Participation notes are typically used when a direct investment in the","page_number":108,"box":{"x":69,"y":793,"width":772,"height":11}},{"id":"02b7123a-46de-4138-bf41-f0dbab32c9f8","block_type":"box","text":"underlying security is restricted due to country-specific regulations.","page_number":108,"box":{"x":69,"y":808,"width":475,"height":11}},{"id":"9b529367-5911-4518-be45-d5a887daef4a","block_type":"box","text":"The Fund is subject to counterparty risk associated with each issuer. Investment in a participation note is not","page_number":108,"box":{"x":101,"y":831,"width":782,"height":11}},{"id":"357598ac-7b9c-41de-b053-57490dcea1c9","block_type":"box","text":"the same as investment in the constituent shares of the company. A participation note represents only an obligation","page_number":108,"box":{"x":68,"y":846,"width":831,"height":11}},{"id":"8536415f-0a55-4afe-bfac-7a537b3e5b68","block_type":"box","text":"of the issuer to provide the Fund the economic performance equivalent to holding shares of an underlying security. A","page_number":108,"box":{"x":69,"y":861,"width":831,"height":11}},{"id":"6d206391-e8ad-4d79-8336-48c2b6664163","block_type":"box","text":"participation note does not provide any beneficial or equitable entitlement or interest in the relevant underlying","page_number":108,"box":{"x":70,"y":876,"width":789,"height":11}},{"id":"e8114bc0-8525-4ed0-922d-aaa52fdf2e3a","block_type":"box","text":"security. In other words, shares of the underlying security are not in any way owned by the Fund. However, each","page_number":108,"box":{"x":69,"y":891,"width":791,"height":12}},{"id":"77d92f02-fee5-4fc7-ba7e-3a8e6d89d39d","block_type":"box","text":"participation note synthetically replicates the economic benefit of holding shares in the underlying security. Because","page_number":108,"box":{"x":70,"y":906,"width":827,"height":12}},{"id":"8779fda3-a85b-4c7a-a04c-0f323b593b75","block_type":"box","text":"II-64","page_number":108,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"80032edb-fd82-458f-bd9e-df8400d41572","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":108,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c9222821-bb54-4e28-9736-75374f74779e","block_type":"box","text":"a participation note is an obligation of the issuer, rather than a direct investment in shares of the underlying security,","page_number":109,"box":{"x":69,"y":45,"width":834,"height":11}},{"id":"43129ebe-1f74-4f43-bafd-5c624e8e7fb6","block_type":"box","text":"a Fund may suffer losses potentially equal to the full value of the participation note if the issuer fails to perform its","page_number":109,"box":{"x":69,"y":60,"width":822,"height":11}},{"id":"e34da6b7-66d3-49e7-a4fd-9ea99b7c9c69","block_type":"box","text":"obligations. A Fund attempts to mitigate that risk by purchasing only from issuers determined to be creditworthy.","page_number":109,"box":{"x":69,"y":75,"width":801,"height":11}},{"id":"a75c5cbb-6eb1-4222-9901-ced53c75c7dd","block_type":"box","text":"The counterparty may, but is not required to, purchase the shares of the underlying security to hedge its","page_number":109,"box":{"x":101,"y":98,"width":743,"height":11}},{"id":"3d8b5f5f-39aa-47d5-9422-41210314ebe7","block_type":"box","text":"obligation. A Fund may, but is not required to, purchase credit protection against the default of the issuer. When the","page_number":109,"box":{"x":69,"y":113,"width":826,"height":11}},{"id":"f87ec0d9-49fb-42ae-b4cc-e1efd7ac9a42","block_type":"box","text":"participation note expires or a Fund exercises the participation note and closes its position, the Fund receives a","page_number":109,"box":{"x":70,"y":128,"width":799,"height":11}},{"id":"b067fd81-bc6c-4be0-bb10-7e309e1bc801","block_type":"box","text":"payment that is based upon the then-current value of the underlying security converted into U.S. dollars (less","page_number":109,"box":{"x":70,"y":143,"width":776,"height":11}},{"id":"0fb5963c-36a7-47d0-ae07-4c3af42684cd","block_type":"box","text":"transaction costs). The price, performance and liquidity of a participation note are all linked directly to the underlying","page_number":109,"box":{"x":68,"y":158,"width":834,"height":11}},{"id":"e9c12729-aeb4-4c47-a90a-a8b685649dbc","block_type":"box","text":"security. A Fund’s ability to redeem or exercise a participation note generally is dependent on the liquidity in the local","page_number":109,"box":{"x":69,"y":173,"width":834,"height":11}},{"id":"b36be37a-ef3d-4107-98f5-ad506fea0f76","block_type":"box","text":"trading market for the security underlying the participation note.","page_number":109,"box":{"x":68,"y":188,"width":454,"height":12}},{"id":"5b7bd499-0209-4a6c-aa9e-c25186135019","block_type":"box","text":"Portfolio Turnover Rates.","page_number":109,"box":{"x":102,"y":211,"width":181,"height":9}},{"id":"347864e2-1c25-4a47-afd9-040ce14c692c","block_type":"box","text":"A Fund’s annual portfolio turnover rate will not be a factor preventing a sale or","page_number":109,"box":{"x":289,"y":211,"width":558,"height":11}},{"id":"a05b5076-2cde-43a1-8703-34c631beb35e","block_type":"box","text":"purchase when the Manager believes investment considerations warrant such sale or purchase. Although certain","page_number":109,"box":{"x":70,"y":226,"width":804,"height":11}},{"id":"cf977ba3-9bc9-44b0-9cbd-8b435684a61d","block_type":"box","text":"Funds will use an approach to investing that is largely a passive, indexing approach, such Funds may engage in a","page_number":109,"box":{"x":70,"y":241,"width":806,"height":11}},{"id":"c67f786b-999e-4f28-890e-aa7488a8245a","block_type":"box","text":"substantial number of portfolio transactions. With respect to these Funds, the rate of portfolio turnover will be a","page_number":109,"box":{"x":69,"y":256,"width":800,"height":11}},{"id":"aa47ec6f-eb92-48cf-baae-1bfe314d5f3f","block_type":"box","text":"limiting factor when the Manager considers whether to purchase or sell securities for a Fund only to the extent that","page_number":109,"box":{"x":70,"y":271,"width":818,"height":12}},{"id":"f21601cd-f786-4062-8618-f506ed7ad546","block_type":"box","text":"the Manager will consider the impact of transaction costs on a Fund’s tracking error. Portfolio turnover may vary","page_number":109,"box":{"x":68,"y":286,"width":800,"height":12}},{"id":"e000f1a6-3892-44b4-9999-1a05cf909bc2","block_type":"box","text":"greatly from year to year as well as within a particular year. High portfolio turnover (","page_number":109,"box":{"x":68,"y":302,"width":595,"height":11}},{"id":"6652e223-d8a1-48f2-a5ec-b98d0bc98655","block_type":"box","text":"i.e.","page_number":109,"box":{"x":665,"y":302,"width":20,"height":9}},{"id":"657f9c39-dc45-4dca-a6c1-68d70645a3e9","block_type":"box","text":", 100% or more) may result in","page_number":109,"box":{"x":687,"y":302,"width":210,"height":11}},{"id":"019ab2a5-acf6-4280-a713-ada621924952","block_type":"box","text":"increased transaction costs to a Fund, including brokerage commissions, dealer mark-ups and other transaction","page_number":109,"box":{"x":70,"y":317,"width":797,"height":11}},{"id":"07209b75-40df-4450-81f3-9c566bc3dab2","block_type":"box","text":"costs on the sale of the securities and reinvestment in other securities. The sale of a Fund’s securities may result in","page_number":109,"box":{"x":69,"y":332,"width":832,"height":11}},{"id":"a95c9171-54b4-43a2-8e9c-825e451fb971","block_type":"box","text":"the recognition of capital gain or loss. Given the frequency of sales, such gain or loss will likely be short-term capital","page_number":109,"box":{"x":68,"y":347,"width":831,"height":11}},{"id":"cf652f9e-5c8c-4cba-9e99-368bb6497f11","block_type":"box","text":"gain or loss. These effects of higher than normal portfolio turnover may adversely affect a Fund’s performance.","page_number":109,"box":{"x":68,"y":362,"width":795,"height":11}},{"id":"8e33dbc4-5322-448c-9e28-f36d33f16498","block_type":"box","text":"Preferred Stock.","page_number":109,"box":{"x":102,"y":385,"width":118,"height":9}},{"id":"0e0f0f7a-e666-47aa-b24c-64bdcfff8062","block_type":"box","text":"Certain Funds may invest in preferred stocks. Preferred stock has a preference over common","page_number":109,"box":{"x":226,"y":385,"width":665,"height":11}},{"id":"82a2b124-da90-4e1a-938d-0385a4604e21","block_type":"box","text":"stock in liquidation (and generally dividends as well) but is subordinated to bond holders and other creditors in all","page_number":109,"box":{"x":69,"y":400,"width":808,"height":11}},{"id":"d3ab9a99-084e-4439-ab2d-deebb675c677","block_type":"box","text":"respects. As a general rule, the market value of preferred stock with a fixed dividend rate and no conversion element","page_number":109,"box":{"x":69,"y":415,"width":834,"height":11}},{"id":"9bed2629-03e0-40ea-9ba4-2b47c14e3b25","block_type":"box","text":"varies inversely with interest rates and perceived credit risk, while the market price of convertible preferred stock","page_number":109,"box":{"x":68,"y":430,"width":808,"height":11}},{"id":"62fdf55d-126a-4c25-a737-b2d296d76f0f","block_type":"box","text":"generally also reflects some element of conversion value. Because preferred stock is junior to debt securities and","page_number":109,"box":{"x":68,"y":445,"width":813,"height":12}},{"id":"ab3f95b2-ba80-4681-a198-f31f469cfffe","block_type":"box","text":"other obligations of the issuer, deterioration in the credit quality of the issuer will cause greater changes in the value","page_number":109,"box":{"x":69,"y":460,"width":831,"height":12}},{"id":"463be3e3-0871-473f-9642-f3025cbe5387","block_type":"box","text":"of a preferred stock than in a more senior debt security with similar stated yield characteristics. Unlike interest","page_number":109,"box":{"x":69,"y":475,"width":791,"height":12}},{"id":"680f8ea0-8bf9-4b46-87ce-50eb3efde123","block_type":"box","text":"payments on debt securities, preferred stock dividends are payable only if declared by the issuer’s board of directors.","page_number":109,"box":{"x":70,"y":491,"width":838,"height":11}},{"id":"e5d469eb-6508-4b6a-8c73-99da3086fd46","block_type":"box","text":"Preferred stock also may be subject to optional or mandatory redemption provisions.","page_number":109,"box":{"x":69,"y":506,"width":604,"height":11}},{"id":"26cb5059-19b1-460e-81e0-5b0e74658cc7","block_type":"box","text":"Tax-Exempt Preferred Shares.","page_number":109,"box":{"x":103,"y":528,"width":207,"height":11}},{"id":"d7a5e058-5ca0-4092-bf29-2582890f502d","block_type":"box","text":"Certain Funds may invest in preferred interests of other investment funds that pay","page_number":109,"box":{"x":316,"y":528,"width":588,"height":12}},{"id":"35b586a4-462f-48cb-aee4-be97e6073b4f","block_type":"box","text":"dividends that are exempt from regular U.S. federal income tax. Such funds in turn invest in municipal bonds and","page_number":109,"box":{"x":69,"y":543,"width":806,"height":12}},{"id":"137617fa-d0b8-40b9-a7f4-a22bc7629670","block_type":"box","text":"other assets that pay interest or make distributions that are exempt from regular U.S. federal income tax, such as","page_number":109,"box":{"x":69,"y":559,"width":814,"height":11}},{"id":"a87f974b-2d6c-491f-8333-252cc79fea78","block_type":"box","text":"revenue bonds issued by state or local agencies to fund the development of low-income, multi-family housing.","page_number":109,"box":{"x":69,"y":574,"width":780,"height":11}},{"id":"9accfbdf-6f51-401e-9ff4-cf381997d944","block_type":"box","text":"Investment in such tax-exempt preferred shares involves many of the same issues as investing in other investment","page_number":109,"box":{"x":70,"y":589,"width":820,"height":11}},{"id":"f528eb3f-0d8b-441f-89a4-d6c9cd2900b6","block_type":"box","text":"companies. These investments also have additional risks, including illiquid investments risk, the absence of","page_number":109,"box":{"x":69,"y":604,"width":772,"height":11}},{"id":"2d76f26e-a3fd-429c-b1c1-3b1571d9da10","block_type":"box","text":"regulation governing investment practices, capital structure and leverage, affiliated transactions and other matters,","page_number":109,"box":{"x":69,"y":619,"width":821,"height":11}},{"id":"fa902a92-cbc7-4fa2-b324-49b7d977ab7f","block_type":"box","text":"and concentration of investments in particular issuers or industries. The Municipal Bond Funds will treat investments","page_number":109,"box":{"x":69,"y":634,"width":834,"height":11}},{"id":"82671115-bf39-45f5-adaa-36b2fff5dd84","block_type":"box","text":"in tax-exempt preferred shares as investments in municipal bonds.","page_number":109,"box":{"x":70,"y":649,"width":474,"height":11}},{"id":"044d227b-5306-485b-a51b-6701f483f858","block_type":"box","text":"Trust Preferred Securities.","page_number":109,"box":{"x":103,"y":672,"width":184,"height":9}},{"id":"0a9ecb51-356e-4d00-a732-1b0c3021b9a7","block_type":"box","text":"Certain Funds may invest in trust preferred securities. Trust preferred securities are","page_number":109,"box":{"x":294,"y":672,"width":599,"height":11}},{"id":"1c2223b6-8cb4-44fb-8bf9-d9120f5876b1","block_type":"box","text":"typically issued by corporations, generally in the form of interest bearing notes with preferred securities","page_number":109,"box":{"x":68,"y":687,"width":737,"height":11}},{"id":"f4dbbfda-094f-439d-8178-2da5f5177cac","block_type":"box","text":"characteristics, or by an affiliated business trust of a corporation, generally in the form of beneficial interests in","page_number":109,"box":{"x":69,"y":702,"width":796,"height":12}},{"id":"2d7decef-13cf-480c-8f1b-c0265129e883","block_type":"box","text":"subordinated debentures or similarly structured securities. The trust preferred securities market consists of both","page_number":109,"box":{"x":69,"y":717,"width":805,"height":12}},{"id":"85c3339f-7427-4806-bc83-a2b02a0bfb49","block_type":"box","text":"fixed and adjustable coupon rate securities that are either perpetual in nature or have stated maturity dates.","page_number":109,"box":{"x":68,"y":732,"width":773,"height":12}},{"id":"a9fa008d-e955-4417-83e6-931474583347","block_type":"box","text":"Trust preferred securities are typically junior and fully subordinated liabilities of an issuer and benefit from a","page_number":109,"box":{"x":101,"y":755,"width":770,"height":11}},{"id":"c3e6345d-c44c-44d7-8e5b-307f8d4af3b9","block_type":"box","text":"guarantee that is junior and fully subordinated to the other liabilities of the guarantor. In addition, trust preferred","page_number":109,"box":{"x":68,"y":770,"width":801,"height":12}},{"id":"71c0de67-01b5-47ef-bd25-c6b00afe7138","block_type":"box","text":"securities typically permit an issuer to defer the payment of income for five years or more without triggering an event","page_number":109,"box":{"x":69,"y":785,"width":830,"height":12}},{"id":"db1c8f0f-70d8-4f17-9500-bf11eee3de22","block_type":"box","text":"of default. Because of their subordinated position in the capital structure of an issuer, the ability to defer payments","page_number":109,"box":{"x":69,"y":801,"width":822,"height":11}},{"id":"8194ee8f-2dbd-425a-8484-b406147756c3","block_type":"box","text":"for extended periods of time without default consequences to the issuer, and certain other features (such as","page_number":109,"box":{"x":68,"y":816,"width":777,"height":11}},{"id":"a6228caf-d0ee-4ba0-83d8-fa8effefd0d0","block_type":"box","text":"restrictions on common dividend payments by the issuer or ultimate guarantor when full cumulative payments on the","page_number":109,"box":{"x":69,"y":831,"width":831,"height":11}},{"id":"4dc5cdbb-e22c-410d-8133-998bd9ecf7df","block_type":"box","text":"trust preferred securities have not been made), these trust preferred securities are often treated as close","page_number":109,"box":{"x":68,"y":846,"width":757,"height":11}},{"id":"9b935183-9234-4ee9-8cd8-a4eadcaa8912","block_type":"box","text":"substitutes for traditional preferred securities, both by issuers and investors.","page_number":109,"box":{"x":69,"y":861,"width":548,"height":11}},{"id":"f4b64fea-fa38-418b-80a4-fcdb2a744f9a","block_type":"box","text":"Trust preferred securities include but are not limited to trust originated preferred securities (“TOPRS","page_number":109,"box":{"x":101,"y":884,"width":715,"height":11}},{"id":"c1e79a26-87e7-4c95-baaf-f4a7b2e923e3","block_type":"box","text":"®","page_number":109,"box":{"x":817,"y":884,"width":5,"height":5}},{"id":"b337f398-4cbb-4660-9290-1cf3eddffe1d","block_type":"box","text":"”); monthly","page_number":109,"box":{"x":824,"y":884,"width":77,"height":11}},{"id":"bdff15b6-b1a5-46e5-be34-2b8c75768179","block_type":"box","text":"income preferred securities (“MIPS","page_number":109,"box":{"x":70,"y":899,"width":248,"height":11}},{"id":"a38b050b-b21f-4854-add2-bebaef5e841f","block_type":"box","text":"®","page_number":109,"box":{"x":319,"y":899,"width":6,"height":5}},{"id":"67da08ed-4c40-4bc0-a8ea-32a60feb718c","block_type":"box","text":"”); quarterly income bond securities (“QUIBS","page_number":109,"box":{"x":326,"y":899,"width":317,"height":11}},{"id":"c9db3910-65d2-4991-a34a-f5971fa76733","block_type":"box","text":"®","page_number":109,"box":{"x":644,"y":899,"width":6,"height":5}},{"id":"5d45ca55-bf80-45ef-acd9-a0be1c84809a","block_type":"box","text":"” ); quarterly income debt securities","page_number":109,"box":{"x":652,"y":899,"width":255,"height":11}},{"id":"227c2b53-0819-4e0c-a749-f4b7c521ca06","block_type":"box","text":"II-65","page_number":109,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"995bb8ee-9175-4436-8691-af5b6421d50c","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":109,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"88504b09-098b-41b0-b4d0-5753ec17e029","block_type":"box","text":"(“QUIDS","page_number":110,"box":{"x":69,"y":45,"width":57,"height":11}},{"id":"e5f79de6-8d14-4124-994b-22c2ad0512eb","block_type":"box","text":"®","page_number":110,"box":{"x":127,"y":45,"width":6,"height":4}},{"id":"fd319107-ff97-4228-8ce6-cf1a9ff7ec91","block_type":"box","text":"”); quarterly income preferred securities (“QUIPS","page_number":110,"box":{"x":135,"y":45,"width":346,"height":11}},{"id":"0445f883-9d54-415d-b884-d4acd4b168bc","block_type":"box","text":"SM","page_number":110,"box":{"x":482,"y":45,"width":11,"height":4}},{"id":"0e13b5fe-80d4-4da6-a5c9-b39c6baffa58","block_type":"box","text":"”); corporate trust securities (“CORTS","page_number":110,"box":{"x":495,"y":45,"width":267,"height":11}},{"id":"b777d187-f519-4974-9021-1853a3dbfe95","block_type":"box","text":"®","page_number":110,"box":{"x":762,"y":45,"width":6,"height":4}},{"id":"f9353f6e-d147-42d8-96b9-c7fed1627fe8","block_type":"box","text":"”); public income","page_number":110,"box":{"x":770,"y":45,"width":118,"height":11}},{"id":"1276be99-6a5b-4809-8538-2dd74416142d","block_type":"box","text":"notes (“PINES","page_number":110,"box":{"x":69,"y":60,"width":99,"height":11}},{"id":"f9454201-9744-43bd-adbf-52a4de2bc374","block_type":"box","text":"®","page_number":110,"box":{"x":169,"y":60,"width":6,"height":5}},{"id":"d3188570-2e54-4ffd-8362-3bd1957f2b86","block_type":"box","text":"”); and other trust preferred securities.","page_number":110,"box":{"x":177,"y":60,"width":275,"height":11}},{"id":"e6c8eeea-d529-4d65-98a9-5ed5367863a7","block_type":"box","text":"Trust preferred securities are typically issued with a final maturity date, although some are perpetual in nature.","page_number":110,"box":{"x":101,"y":82,"width":790,"height":12}},{"id":"c2c67c2e-4ad2-40bd-94eb-6885a41f9802","block_type":"box","text":"In certain instances, a final maturity date may be extended and/or the final payment of principal may be deferred at","page_number":110,"box":{"x":70,"y":98,"width":825,"height":11}},{"id":"e5d71beb-309c-44e6-848f-ea2a81fe0f80","block_type":"box","text":"the issuer’s option for a specified time without default. No redemption can typically take place unless all cumulative","page_number":110,"box":{"x":68,"y":113,"width":827,"height":11}},{"id":"2e5d55f3-f25f-4f8f-90ff-854f0e1b2e1c","block_type":"box","text":"payment obligations have been met, although issuers may be able to engage in open-market repurchases without","page_number":110,"box":{"x":70,"y":128,"width":808,"height":11}},{"id":"58cc2e95-0902-4139-afdc-6410ff2647b6","block_type":"box","text":"regard to whether all payments have been paid.","page_number":110,"box":{"x":69,"y":143,"width":338,"height":11}},{"id":"c540224a-ba46-4bb8-a7ee-ad6757628ad3","block_type":"box","text":"Many trust preferred securities are issued by trusts or other special purpose entities established by operating","page_number":110,"box":{"x":102,"y":166,"width":784,"height":11}},{"id":"e1403c8f-6b6d-4621-bab5-222a9cee8e79","block_type":"box","text":"companies and are not a direct obligation of an operating company. At the time the trust or special purpose entity","page_number":110,"box":{"x":69,"y":181,"width":811,"height":11}},{"id":"dcecb489-dc03-4ec0-9bd1-c7a06bc7fa34","block_type":"box","text":"sells such preferred securities to investors, it purchases debt of the operating company (with terms comparable to","page_number":110,"box":{"x":69,"y":196,"width":817,"height":11}},{"id":"0e40e37a-9890-49df-80b1-ff7be935aad7","block_type":"box","text":"those of the trust or special purpose entity securities), which enables the operating company to deduct for tax","page_number":110,"box":{"x":68,"y":211,"width":785,"height":11}},{"id":"0e2469d7-ea48-4c4c-9b12-1dfc9d5f15a1","block_type":"box","text":"purposes the interest paid on the debt held by the trust or special purpose entity. The trust or special purpose entity","page_number":110,"box":{"x":70,"y":226,"width":830,"height":11}},{"id":"6e61c44b-26e3-4c84-9067-20a07529f7b4","block_type":"box","text":"is generally required to be treated as transparent for U.S. federal income tax purposes such that the holders of the","page_number":110,"box":{"x":70,"y":241,"width":819,"height":11}},{"id":"08ff7b95-83de-4d37-a94b-0f041d0157da","block_type":"box","text":"trust preferred securities are treated as owning beneficial interests in the underlying debt of the operating company.","page_number":110,"box":{"x":68,"y":256,"width":827,"height":12}},{"id":"1b9875d4-6b3b-4837-b7d3-f7b12d705a4d","block_type":"box","text":"Accordingly, payments on the trust preferred securities are treated as interest rather than dividends for U.S. federal","page_number":110,"box":{"x":68,"y":271,"width":824,"height":12}},{"id":"70dce868-4293-4fca-9168-03a8c20930a9","block_type":"box","text":"income tax purposes. The trust or special purpose entity in turn would be a holder of the operating company’s debt","page_number":110,"box":{"x":70,"y":286,"width":819,"height":12}},{"id":"13ca656f-7cf7-4f16-952a-036ac7afcf5e","block_type":"box","text":"and would have priority with respect to the operating company’s earnings and profits over the operating company’s","page_number":110,"box":{"x":69,"y":302,"width":817,"height":11}},{"id":"c6043af6-a8d4-4b71-aae7-72784534d056","block_type":"box","text":"common shareholders, but would typically be subordinated to other classes of the operating company’s debt.","page_number":110,"box":{"x":69,"y":317,"width":778,"height":11}},{"id":"7f6a6487-71f7-4002-a016-34924394c4d7","block_type":"box","text":"Typically a preferred share has a rating that is slightly below that of its corresponding operating company’s senior","page_number":110,"box":{"x":68,"y":332,"width":811,"height":11}},{"id":"6cc902c0-346b-4011-aaf3-91bee2308fe7","block_type":"box","text":"debt securities.","page_number":110,"box":{"x":69,"y":347,"width":109,"height":9}},{"id":"9b59c538-956a-49b3-8df3-108fef81704e","block_type":"box","text":"Real Estate Investment Trusts (“REITs”).","page_number":110,"box":{"x":102,"y":370,"width":300,"height":11}},{"id":"d696e790-d011-49a7-8e53-7a3ec8c658de","block_type":"box","text":"In pursuing its investment strategy, a Fund may invest in shares of","page_number":110,"box":{"x":409,"y":370,"width":473,"height":11}},{"id":"414d4a0d-edd2-41ae-888a-b7691b097b4f","block_type":"box","text":"REITs. REITs possess certain risks which differ from an investment in common stocks. REITs are financial vehicles","page_number":110,"box":{"x":70,"y":385,"width":814,"height":11}},{"id":"4dc988c0-4e06-46fc-a812-d506cd150b76","block_type":"box","text":"that pool investor’s capital to purchase or finance real estate. REITs may concentrate their investments in specific","page_number":110,"box":{"x":68,"y":400,"width":814,"height":11}},{"id":"80f1c130-8719-446c-9db7-50439d2f0cc2","block_type":"box","text":"geographic areas or in specific property types,","page_number":110,"box":{"x":68,"y":415,"width":329,"height":11}},{"id":"322324df-7181-4380-82c5-46ea76dbd17c","block_type":"box","text":"i.e.","page_number":110,"box":{"x":405,"y":415,"width":20,"height":9}},{"id":"e12f17a9-1cb6-41b5-b13e-b591065fac27","block_type":"box","text":", hotels, shopping malls, residential complexes and office","page_number":110,"box":{"x":428,"y":415,"width":411,"height":11}},{"id":"f5ea7f63-e694-49c1-ab55-4543b36703cb","block_type":"box","text":"buildings.","page_number":110,"box":{"x":69,"y":430,"width":66,"height":11}},{"id":"2944b8fc-f6fe-48d9-85d9-c113e2ec9cf9","block_type":"box","text":"REITs are subject to management fees and other expenses, and so a Fund that invests in REITs will bear its","page_number":110,"box":{"x":102,"y":453,"width":768,"height":11}},{"id":"ab00745e-207a-4ccd-88ab-2d3efc0d370d","block_type":"box","text":"proportionate share of the costs of the REITs’ operations. There are three general categories of REITs: Equity REITs,","page_number":110,"box":{"x":70,"y":468,"width":824,"height":11}},{"id":"e63d3028-170a-4dd0-a810-55571266fda5","block_type":"box","text":"Mortgage REITs and Hybrid REITs. Equity REITs invest primarily in direct fee ownership or leasehold ownership of real","page_number":110,"box":{"x":70,"y":483,"width":829,"height":11}},{"id":"d34d3c24-7f03-44a7-86ba-76cd369e7688","block_type":"box","text":"property, which derive most of their income from rents. Mortgage REITs invest mostly in mortgages on real estate,","page_number":110,"box":{"x":70,"y":498,"width":813,"height":11}},{"id":"8a646e28-59f0-4c6d-8bfb-486dc5dd7191","block_type":"box","text":"which may secure construction, development or long-term loans; the main source of their income is mortgage","page_number":110,"box":{"x":68,"y":513,"width":782,"height":12}},{"id":"82f86769-1ef6-459b-818d-2f2f2ef12aea","block_type":"box","text":"interest payments. Hybrid REITs hold both ownership and mortgage interests in real estate.","page_number":110,"box":{"x":70,"y":529,"width":649,"height":11}},{"id":"d5b12e3e-31e5-46ed-8dcb-24fa9e5836f0","block_type":"box","text":"Investing in REITs involves certain unique risks in addition to those risks associated with investing in the real","page_number":110,"box":{"x":102,"y":551,"width":776,"height":11}},{"id":"ffe83efb-04bf-460e-82d9-a6185893037f","block_type":"box","text":"estate industry in general. The market value of REIT shares and the ability of the REITs to distribute income may be","page_number":110,"box":{"x":69,"y":566,"width":822,"height":11}},{"id":"76f9a34f-f92e-4797-bccf-27699893d1d2","block_type":"box","text":"adversely affected by several factors, including rising interest rates, changes in the national, state and local","page_number":110,"box":{"x":69,"y":581,"width":769,"height":12}},{"id":"e661ae30-2dec-4f7d-abce-1fb3462aacd9","block_type":"box","text":"economic climate and real estate conditions, occupancy and rental rates, perceptions of prospective tenants of the","page_number":110,"box":{"x":69,"y":596,"width":822,"height":12}},{"id":"94a1ca1e-6f6a-442d-8314-b95a1b81c7db","block_type":"box","text":"safety, convenience and attractiveness of the properties, the ability of the owners to provide adequate management,","page_number":110,"box":{"x":69,"y":612,"width":831,"height":11}},{"id":"46d71685-52b4-4b64-8461-cfc7d84af2ee","block_type":"box","text":"maintenance and insurance, the cost of complying with the Americans with Disabilities Act, increased competition","page_number":110,"box":{"x":69,"y":627,"width":810,"height":11}},{"id":"60ffb4c6-d7a6-46f0-bcf5-1d009c037131","block_type":"box","text":"from new properties, the impact of present or future environmental legislation and compliance with environmental","page_number":110,"box":{"x":68,"y":642,"width":812,"height":11}},{"id":"bce86652-dd91-407c-9fdb-e67ccb308b12","block_type":"box","text":"laws, failing to maintain their exemptions from registration under the Investment Company Act, changes in real estate","page_number":110,"box":{"x":70,"y":657,"width":838,"height":11}},{"id":"ff093a21-18fe-457c-89b3-b8445b737652","block_type":"box","text":"taxes and other operating expenses, adverse changes in governmental rules and fiscal policies, adverse changes in","page_number":110,"box":{"x":68,"y":672,"width":826,"height":11}},{"id":"a80f98fe-d5b6-40b0-babb-c2db2634a026","block_type":"box","text":"zoning laws and other factors beyond the control of the issuers of the REITs. To the extent that assets underlying a","page_number":110,"box":{"x":69,"y":687,"width":817,"height":11}},{"id":"740e2483-1200-4885-8b10-a644a0b0c930","block_type":"box","text":"REIT are concentrated geographically, by property type, or in certain other respects, these risks may be heightened.","page_number":110,"box":{"x":70,"y":703,"width":822,"height":11}},{"id":"1d4f48d6-0955-45cf-9c06-553d3c9ba3b1","block_type":"box","text":"In addition, distributions received by a Fund from REITs may consist of dividends, capital gains and/or return of","page_number":110,"box":{"x":70,"y":717,"width":792,"height":12}},{"id":"a6975dcd-49cc-4b7d-9f50-b57cef0867fd","block_type":"box","text":"capital. As REITs generally pay a higher rate of dividends (on a pre-tax basis) than operating companies, to the extent","page_number":110,"box":{"x":69,"y":732,"width":834,"height":12}},{"id":"3a5771ae-b9e5-48e1-aa6c-2e2dc1ea4015","block_type":"box","text":"application of the Fund’s investment strategy results in the Fund investing in REIT shares, the percentage of the","page_number":110,"box":{"x":69,"y":748,"width":798,"height":11}},{"id":"7b886ecb-1407-4317-8e00-9caef9fd952b","block_type":"box","text":"Fund’s dividend income received from REIT shares will likely exceed the percentage of the Fund’s portfolio which is","page_number":110,"box":{"x":70,"y":763,"width":818,"height":11}},{"id":"79e8af5d-7914-4f9f-99b5-a2166241cfac","block_type":"box","text":"comprised of REIT shares. Ordinary REIT dividends received by the Fund and distributed to the Fund’s shareholders","page_number":110,"box":{"x":69,"y":778,"width":821,"height":11}},{"id":"e82fe888-1256-4da3-ad8f-450614618b0d","block_type":"box","text":"will generally be taxable as ordinary income and will not constitute “qualified dividend income.” However, a non","page_number":110,"box":{"x":68,"y":793,"width":797,"height":11}},{"id":"b9e1f14c-08fe-4972-9720-9909f9ff4026","block_type":"box","text":"corporate taxpayer who is a direct REIT shareholder may claim a 20% “qualified business income” deduction for","page_number":110,"box":{"x":69,"y":808,"width":798,"height":11}},{"id":"27220788-bdc8-4555-8643-53f5ffaedc62","block_type":"box","text":"ordinary REIT dividends, and a regulated investment company may report dividends as eligible for this deduction to","page_number":110,"box":{"x":69,"y":823,"width":820,"height":12}},{"id":"4bd7dedb-e1e1-46df-8fc5-177c24938dd5","block_type":"box","text":"the extent the regulated investment company’s income is derived from ordinary REIT dividends (reduced by allocable","page_number":110,"box":{"x":68,"y":838,"width":831,"height":12}},{"id":"275b9d14-3d8e-4ece-8fec-b55985874b90","block_type":"box","text":"regulated investment company expenses). A shareholder may treat the dividends as such provided the regulated","page_number":110,"box":{"x":69,"y":854,"width":801,"height":11}},{"id":"00da918c-e9eb-456b-9574-ebe1a24f3805","block_type":"box","text":"investment company and the shareholder satisfy applicable holding period requirements.","page_number":110,"box":{"x":70,"y":869,"width":631,"height":11}},{"id":"10fffe8e-1bcd-41dc-871f-eea27d7e5fb3","block_type":"box","text":"REITs (especially mortgage REITs) are also subject to interest rate risk. Rising interest rates may cause REIT","page_number":110,"box":{"x":102,"y":891,"width":772,"height":12}},{"id":"18f58b84-1c2f-4cad-b1e0-dbc981f217bf","block_type":"box","text":"investors to demand a higher annual yield, which may, in turn, cause a decline in the market price of the equity","page_number":110,"box":{"x":70,"y":906,"width":790,"height":12}},{"id":"98ad1273-bd7e-4687-93b4-fe05382fede2","block_type":"box","text":"II-66","page_number":110,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"4dfd8042-99b2-43a2-a0d5-f6ce897a553d","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":110,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"180b48db-68b7-4915-b656-e3f8bab78933","block_type":"box","text":"securities issued by a REIT. Rising interest rates also generally increase the costs of obtaining financing, which could","page_number":111,"box":{"x":69,"y":45,"width":834,"height":11}},{"id":"33cc7d00-dedb-45c2-97fe-ab597f146f17","block_type":"box","text":"cause the value of a Fund’s REIT investments to decline. During periods when interest rates are declining, mortgages","page_number":111,"box":{"x":69,"y":60,"width":837,"height":11}},{"id":"3ba69bc3-233b-4ea5-801d-e97b10b476da","block_type":"box","text":"are often refinanced. Refinancing may reduce the yield on investments in mortgage REITs. In addition, since REITs","page_number":111,"box":{"x":69,"y":75,"width":812,"height":11}},{"id":"20a324af-b293-482c-af4e-cf7ed719e33d","block_type":"box","text":"depend on payment under their mortgage loans and leases to generate cash to make distributions to their","page_number":111,"box":{"x":69,"y":90,"width":759,"height":11}},{"id":"0dd06586-0e68-4779-9b8f-390549c79813","block_type":"box","text":"shareholders, investments in REITs may be adversely affected by defaults on such mortgage loans or leases.","page_number":111,"box":{"x":69,"y":105,"width":778,"height":11}},{"id":"1070db2b-b5cf-4936-91bb-8fdf836b3136","block_type":"box","text":"Investing in certain REITs, which often have small market capitalizations, may also involve the same risks as","page_number":111,"box":{"x":102,"y":128,"width":773,"height":11}},{"id":"8e904a6e-d5e7-45a9-8a49-1c3059516b75","block_type":"box","text":"investing in other small capitalization companies. REITs may have limited financial resources and their securities may","page_number":111,"box":{"x":70,"y":143,"width":836,"height":11}},{"id":"8e590f03-bc63-4bfa-8d91-55fb5dbfec8a","block_type":"box","text":"trade less frequently and in limited volume and may be subject to more abrupt or erratic price movements than larger","page_number":111,"box":{"x":68,"y":158,"width":839,"height":11}},{"id":"101599a6-2a2c-4dde-ad92-fad9bd020241","block_type":"box","text":"company securities. Historically, small capitalization stocks, such as REITs, have been more volatile in price than the","page_number":111,"box":{"x":69,"y":173,"width":832,"height":11}},{"id":"b59b460e-1a9f-49d0-8767-6f7bcc04c669","block_type":"box","text":"larger capitalization stocks such as those included in the S&P 500 Index. The management of a REIT may be subject","page_number":111,"box":{"x":70,"y":188,"width":832,"height":12}},{"id":"e63d6a6c-c47f-49a3-96db-eaa359be0ac0","block_type":"box","text":"to conflicts of interest with respect to the operation of the business of the REIT and may be involved in real estate","page_number":111,"box":{"x":68,"y":203,"width":815,"height":12}},{"id":"6d6c2203-ce7d-4981-9c7b-c42633ae8ae8","block_type":"box","text":"activities competitive with the REIT. REITs may own properties through joint ventures or in other circumstances in","page_number":111,"box":{"x":69,"y":219,"width":804,"height":11}},{"id":"6b2b400f-9a29-44b2-a1c4-31e0059ad4c7","block_type":"box","text":"which the REIT may not have control over its investments. REITs may incur significant amounts of leverage.","page_number":111,"box":{"x":68,"y":234,"width":761,"height":11}},{"id":"ef216c1c-db94-4fd3-91ec-1a6c0aeec996","block_type":"box","text":"Market Risks/Recent Market Events.","page_number":111,"box":{"x":102,"y":256,"width":275,"height":11}},{"id":"e1b4259f-fa4b-4921-bb99-8fadac51cb14","block_type":"box","text":"Securities may decline in value due to factors affecting securities","page_number":111,"box":{"x":383,"y":256,"width":466,"height":12}},{"id":"bb65912b-05a6-444a-9a5c-226d745ce348","block_type":"box","text":"markets generally or particular industries represented in the markets. The value of a security may decline due to","page_number":111,"box":{"x":69,"y":271,"width":801,"height":12}},{"id":"7272065a-96af-4b77-a97c-f2ec562ca846","block_type":"box","text":"general market conditions, economic trends or events that are not specifically related to a company or to factors that","page_number":111,"box":{"x":68,"y":286,"width":837,"height":12}},{"id":"a13bca32-07dc-4075-bfe3-d4040b3f9c59","block_type":"box","text":"affect a particular industry or industries, or factors that affect a particular issuer or issuers, exchange, country,","page_number":111,"box":{"x":69,"y":302,"width":795,"height":11}},{"id":"fd28f292-1b4a-43aa-a26e-8c9ffcfad9a7","block_type":"box","text":"group of countries, region, market, industry, group of industries, sector or asset class. The success of a Fund’s","page_number":111,"box":{"x":68,"y":317,"width":796,"height":11}},{"id":"433fcefb-44f0-470b-a052-853c0b14358b","block_type":"box","text":"activities could be affected by interest rates, availability of credit, inflation rates, economic uncertainty, changes in","page_number":111,"box":{"x":69,"y":332,"width":817,"height":11}},{"id":"2ede9a58-1557-4199-8013-5c97135b3e93","block_type":"box","text":"laws, trade barriers, economic sanctions, currency exchange controls, and local, regional or global events such as","page_number":111,"box":{"x":70,"y":347,"width":812,"height":11}},{"id":"4d8ecec0-f82d-448c-9137-7d2f370bcf07","block_type":"box","text":"war, acts of terrorism, natural and environmental disasters, the spread of infectious illness or other public health","page_number":111,"box":{"x":68,"y":362,"width":807,"height":11}},{"id":"c7d76887-f68c-475c-a1ed-49c40581b0b0","block_type":"box","text":"issues, recessions, or other events could have a significant impact on a Fund and its investments. During a general","page_number":111,"box":{"x":70,"y":377,"width":822,"height":12}},{"id":"3ae1fc22-44ff-4a3f-8714-9e99c168ac6c","block_type":"box","text":"economic downturn in the securities markets, multiple asset classes may be negatively affected. These factors may","page_number":111,"box":{"x":69,"y":392,"width":828,"height":12}},{"id":"90d73026-40f6-4453-9203-ec341715a3cd","block_type":"box","text":"affect the level and volatility of securities prices and the liquidity of a Fund’s investments, which could impair the","page_number":111,"box":{"x":69,"y":407,"width":804,"height":12}},{"id":"b4380082-c111-4e9e-9a84-5e43b87e8e31","block_type":"box","text":"Fund’s profitability or result in losses. A Fund may maintain substantial trading positions that can be adversely","page_number":111,"box":{"x":70,"y":423,"width":787,"height":11}},{"id":"080cfeb0-5b9c-4827-9956-c22a93487442","block_type":"box","text":"affected by the level of volatility in the financial markets; the larger the positions, the greater the potential for loss.","page_number":111,"box":{"x":69,"y":438,"width":819,"height":11}},{"id":"b6182b1e-dd7a-4efe-ac6c-0d726b4f58c2","block_type":"box","text":"Unpredictable or unstable market conditions may result in reduced opportunities to find suitable investments to","page_number":111,"box":{"x":70,"y":453,"width":796,"height":11}},{"id":"9ca6b90a-2ab2-420e-8fe9-c1a440bf0549","block_type":"box","text":"deploy capital or make it more difficult to exit and realize value from a Fund’s existing investments. It is important to","page_number":111,"box":{"x":69,"y":468,"width":832,"height":11}},{"id":"9ded59d0-d8ef-4807-95e1-4212e86cdff9","block_type":"box","text":"understand that a Fund can incur material losses even if it reacts quickly to difficult market conditions and there can","page_number":111,"box":{"x":69,"y":483,"width":831,"height":11}},{"id":"9f69aa75-b2c2-49af-a971-667d5ace5858","block_type":"box","text":"be no assurance that a Fund will not suffer material adverse effects from broad and rapid changes in market","page_number":111,"box":{"x":69,"y":498,"width":776,"height":11}},{"id":"c75003b8-a86f-4450-bf25-808d3ef5f258","block_type":"box","text":"conditions.","page_number":111,"box":{"x":69,"y":514,"width":76,"height":8}},{"id":"0747dc4f-fc94-4491-bf34-0078e6c7e894","block_type":"box","text":"Periods of unusually high volatility in the financial markets and restrictive credit conditions, sometimes limited to","page_number":111,"box":{"x":102,"y":536,"width":802,"height":11}},{"id":"25963dce-7c4f-45fd-82a2-3e489be5a140","block_type":"box","text":"a particular sector or a geography, can occur. Some countries, including the United States, have adopted and/or are","page_number":111,"box":{"x":69,"y":551,"width":829,"height":11}},{"id":"5d3482cf-ffec-4ba1-be47-fd3f8771e358","block_type":"box","text":"considering the adoption of more protectionist trade policies, a move away from the tighter financial industry","page_number":111,"box":{"x":69,"y":566,"width":775,"height":11}},{"id":"d5cf2760-e89b-4974-a0ea-8507f354fef7","block_type":"box","text":"regulations that followed the financial crisis of 2008, and/or substantially reducing corporate taxes. The exact shape","page_number":111,"box":{"x":69,"y":581,"width":833,"height":12}},{"id":"c90a0d1c-b156-428f-b5d7-e45b1fa95791","block_type":"box","text":"of these policies is still being considered, but the equity and debt markets may react strongly to expectations of","page_number":111,"box":{"x":69,"y":596,"width":799,"height":12}},{"id":"65dc6eef-192a-48ac-b567-99a77c7b5a26","block_type":"box","text":"change, which could increase volatility, especially if the market’s expectations are not borne out. A rise in","page_number":111,"box":{"x":69,"y":612,"width":751,"height":11}},{"id":"66025990-fca2-4b40-9a39-30be91704002","block_type":"box","text":"protectionist trade policies, and the possibility of changes to some international trade agreements, could affect the","page_number":111,"box":{"x":70,"y":627,"width":822,"height":11}},{"id":"8a27d41e-189d-49a3-9eba-8dcbb4d28a56","block_type":"box","text":"economies of many nations in ways that cannot necessarily be foreseen at the present time. In addition, geopolitical","page_number":111,"box":{"x":69,"y":642,"width":831,"height":11}},{"id":"04dfac74-553b-444c-a140-3c42b0cbdd33","block_type":"box","text":"and other risks, including environmental and public health, may add to instability in world economies and markets","page_number":111,"box":{"x":69,"y":657,"width":810,"height":11}},{"id":"a576b704-4b49-4b02-8eb1-cdd378bdd166","block_type":"box","text":"generally. Economies and financial markets throughout the world are increasingly interconnected. As a result, whether","page_number":111,"box":{"x":68,"y":672,"width":841,"height":11}},{"id":"87b382a4-e3bf-4ae2-9ea8-be21aca3f68a","block_type":"box","text":"or not a Fund invests in securities of issuers located in or with significant exposure to countries experiencing","page_number":111,"box":{"x":69,"y":687,"width":775,"height":11}},{"id":"af640ecc-e0f7-4749-9d09-1fc9ad530400","block_type":"box","text":"economic, political and/or financial difficulties, the value and liquidity of the Fund’s investments may be negatively","page_number":111,"box":{"x":69,"y":702,"width":818,"height":12}},{"id":"cb2015f1-94d3-41c7-9400-08a3764632a2","block_type":"box","text":"affected by such events.","page_number":111,"box":{"x":69,"y":717,"width":173,"height":12}},{"id":"cd0e4735-e251-4394-a951-49becacf4965","block_type":"box","text":"Governments and regulators may take actions that affect the regulation of the Fund or the instruments in which","page_number":111,"box":{"x":102,"y":740,"width":795,"height":11}},{"id":"9afcdcc1-fc6b-4488-a76f-eb5e23d1b694","block_type":"box","text":"the Fund invests, or the issuers of such instruments, in ways that are unforeseeable. Future legislation or regulation","page_number":111,"box":{"x":68,"y":755,"width":830,"height":11}},{"id":"61363412-ef3d-4a40-8936-a4a71872b9ab","block_type":"box","text":"or other governmental actions could limit or preclude the Fund’s abilities to achieve its investment objectives or","page_number":111,"box":{"x":69,"y":771,"width":796,"height":11}},{"id":"d9e2193f-895a-4fbc-9475-755ca6692bd6","block_type":"box","text":"otherwise adversely impact an investment in the Fund. Recent policy initiatives undertaken by the U.S. government","page_number":111,"box":{"x":69,"y":786,"width":820,"height":11}},{"id":"c7c6d385-4f20-4d5b-aa6e-ba0b29defb27","block_type":"box","text":"have the potential to impact international relations, trade agreements and the overall regulatory environment in ways","page_number":111,"box":{"x":69,"y":801,"width":833,"height":11}},{"id":"de2ebdd1-64b7-4f99-b54e-5e13f01c6a4c","block_type":"box","text":"that could create uncertainty and instability in domestic and global markets and could adversely affect the","page_number":111,"box":{"x":68,"y":816,"width":759,"height":11}},{"id":"b9e4647f-7e8f-429a-91c2-5ea3ad265400","block_type":"box","text":"investment performance of the Fund. In particular, actions taken by the U.S. government in respect of international","page_number":111,"box":{"x":70,"y":831,"width":819,"height":11}},{"id":"38c25913-4255-4e78-80eb-428a83db0e19","block_type":"box","text":"trade relations could lead to trade wars, increased costs for imported goods, disruptions in supply chains, reduced","page_number":111,"box":{"x":68,"y":846,"width":821,"height":11}},{"id":"30e444f4-654d-4362-a72f-c9a0bd78aed9","block_type":"box","text":"foreign investment, and instability in regions where the Fund invests. Political and diplomatic events within the United","page_number":111,"box":{"x":68,"y":861,"width":837,"height":11}},{"id":"07477f11-20b1-47b4-a921-2732ee48b948","block_type":"box","text":"States, including a contentious domestic political environment, changes in political party control of one or more","page_number":111,"box":{"x":69,"y":876,"width":795,"height":11}},{"id":"a971b379-b547-4ef6-889e-275d65cfa613","block_type":"box","text":"branches of the U.S. Government, the U.S. Government’s inability at times to agree on a long-term budget and deficit","page_number":111,"box":{"x":69,"y":891,"width":836,"height":12}},{"id":"46a8299b-9f0a-4be2-983d-7ffef32290ce","block_type":"box","text":"reduction plan, the threat of a U.S. Government shutdown, and disagreements over, or threats not to increase, the","page_number":111,"box":{"x":69,"y":906,"width":817,"height":12}},{"id":"4d630aca-a1e8-43a3-b10a-511f3119325c","block_type":"box","text":"II-67","page_number":111,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"9fbf7594-2995-4b4a-a4f9-16b2ac010f3f","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":111,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4384cab1-fb7c-4a58-9c8e-f84797e0c8d8","block_type":"box","text":"U.S. Government’s borrowing limit (or “debt ceiling”), as well as political and diplomatic events abroad, may affect","page_number":112,"box":{"x":70,"y":45,"width":816,"height":11}},{"id":"8d563118-31dc-4ca2-9324-a024a579925c","block_type":"box","text":"investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps","page_number":112,"box":{"x":70,"y":60,"width":813,"height":11}},{"id":"cd613690-2970-49c6-a572-aca994b1ddf2","block_type":"box","text":"suddenly and to a significant degree. A downgrade of the ratings of U.S. Government debt obligations, or concerns","page_number":112,"box":{"x":69,"y":75,"width":815,"height":11}},{"id":"c9e2ba08-31c2-42f2-b18c-630470a31816","block_type":"box","text":"about the U.S. Government’s credit quality in general, could have a substantial negative effect on the U.S. and global","page_number":112,"box":{"x":69,"y":90,"width":836,"height":11}},{"id":"ecfcf753-dcf7-47d6-91e2-fcd415ba3aa3","block_type":"box","text":"economies. For example, concerns about the U.S. Government’s credit quality may cause increased volatility in the","page_number":112,"box":{"x":69,"y":105,"width":820,"height":11}},{"id":"901dae68-6e64-412c-b4fd-8ca3f13533e4","block_type":"box","text":"stock and bond markets, higher interest rates, reduced prices and liquidity of U.S. Treasury securities, and/or","page_number":112,"box":{"x":69,"y":120,"width":785,"height":12}},{"id":"46a69593-8522-45d5-b5ce-fe699637cecc","block_type":"box","text":"increased costs of various kinds of debt. Moreover, although the U.S. Government has honored its credit obligations,","page_number":112,"box":{"x":70,"y":135,"width":832,"height":12}},{"id":"725d3f71-c076-4718-a421-370a01da4e5c","block_type":"box","text":"there remains a possibility that the United States could default on its obligations. The consequences of such an","page_number":112,"box":{"x":68,"y":150,"width":799,"height":12}},{"id":"97144626-3dd0-4f5f-adab-aed35146d5dc","block_type":"box","text":"unprecedented event are impossible to predict, but it is likely that a default by the United States would be highly","page_number":112,"box":{"x":69,"y":166,"width":802,"height":11}},{"id":"be7d8777-0748-4e17-82e6-4efef6fcc368","block_type":"box","text":"disruptive to the U.S. and global securities markets and could significantly impair the value of the Fund’s","page_number":112,"box":{"x":69,"y":181,"width":746,"height":11}},{"id":"f1490e45-e81d-4ea1-92c6-289617243400","block_type":"box","text":"investments.","page_number":112,"box":{"x":70,"y":196,"width":89,"height":9}},{"id":"427b940d-595f-4d62-b0e5-6eb6045f5641","block_type":"box","text":"The COVID-19 pandemic resulted in significant market volatility, exchange suspensions and closures, declines in","page_number":112,"box":{"x":101,"y":218,"width":802,"height":12}},{"id":"9e11b1ab-1841-4795-b889-32abb9910ba4","block_type":"box","text":"global financial markets, higher default rates, supply chain disruptions, and a substantial economic downturn in","page_number":112,"box":{"x":68,"y":234,"width":796,"height":11}},{"id":"32de670a-22eb-4143-b85c-e542fa4aea2b","block_type":"box","text":"economies throughout the world. The impact of this coronavirus, and other epidemics and pandemics that may arise","page_number":112,"box":{"x":69,"y":249,"width":830,"height":11}},{"id":"08a17e8d-7564-41b0-81dd-e6667dffed40","block_type":"box","text":"in the future, could affect the economies of many nations, individual companies and the market in general in ways","page_number":112,"box":{"x":70,"y":264,"width":813,"height":11}},{"id":"e7200d82-2bb0-4997-9d6c-d1fc4a95446d","block_type":"box","text":"that cannot necessarily be foreseen at the present time. These health crises may be short term or long term, and","page_number":112,"box":{"x":68,"y":279,"width":812,"height":11}},{"id":"6aa94eb1-7fd2-4627-a444-d76a4ef3588c","block_type":"box","text":"may exacerbate other pre-existing political, social and economic risks, disrupt normal market conditions and","page_number":112,"box":{"x":69,"y":294,"width":771,"height":11}},{"id":"6d0bf962-9784-49b7-9752-a35735cbd3b0","block_type":"box","text":"operations, and negatively impact performance. In addition, the impact of infectious diseases in emerging developing","page_number":112,"box":{"x":69,"y":309,"width":837,"height":11}},{"id":"49b585d0-7d5e-44d6-a56e-d085db301c02","block_type":"box","text":"or emerging market countries may be greater due to less established health care systems.","page_number":112,"box":{"x":69,"y":325,"width":646,"height":11}},{"id":"802b4dac-79fe-403b-8068-735000eabbae","block_type":"box","text":"Legal and Regulatory Risks.","page_number":112,"box":{"x":102,"y":347,"width":197,"height":11}},{"id":"dde937ca-e868-477e-b03a-f08f973ddce5","block_type":"box","text":"The Manager is part of a larger firm with multiple business lines active in multiple","page_number":112,"box":{"x":305,"y":347,"width":583,"height":11}},{"id":"27821093-260f-40f2-85ea-06200552fe02","block_type":"box","text":"jurisdictions that are governed by a multitude of legal systems and regulatory regimes, some of which are new and","page_number":112,"box":{"x":67,"y":362,"width":819,"height":11}},{"id":"5a37be8d-71f5-4191-99bc-ac37b983aca6","block_type":"box","text":"evolving. As a result, the Funds and the Manager and its affiliates are subject to extensive and sophisticated legal,","page_number":112,"box":{"x":69,"y":377,"width":820,"height":12}},{"id":"8368a534-b47b-4e82-b326-8f6d38de9768","block_type":"box","text":"tax and regulatory risks, including changing laws and regulations, developing interpretations of such laws and","page_number":112,"box":{"x":68,"y":392,"width":781,"height":12}},{"id":"838dd075-205e-4326-aced-fb8b73265336","block_type":"box","text":"regulations, as well as existing laws, and increased scrutiny by regulators and law enforcement authorities.","page_number":112,"box":{"x":69,"y":407,"width":763,"height":12}},{"id":"c78660dc-9f11-4dea-a579-d1ee5f1c858c","block_type":"box","text":"Unexpected economic, political, regulatory and diplomatic events within the United States and abroad can trigger new","page_number":112,"box":{"x":70,"y":423,"width":838,"height":11}},{"id":"870be73d-ce1c-4b48-8724-ea7e819e7086","block_type":"box","text":"and complex regulations that the Manager and/or the Funds may need to comply with. The implementation of","page_number":112,"box":{"x":69,"y":438,"width":781,"height":11}},{"id":"19bf9dad-4719-4d80-9181-0d9d7a13da4f","block_type":"box","text":"changes to comply with current and/or new regulations applicable to the Funds and/or the Manager could have a","page_number":112,"box":{"x":69,"y":453,"width":807,"height":11}},{"id":"13012f86-dc1e-4d56-aff2-87ca9f9a5322","block_type":"box","text":"material adverse effect on the Funds (including by imposing material costs on the Funds, reducing profit margins,","page_number":112,"box":{"x":69,"y":468,"width":807,"height":11}},{"id":"cdd64c92-9bb1-4a84-a479-3c0f12f1bd1c","block_type":"box","text":"reducing investment opportunities or by otherwise restricting the Funds and/or the Manager).","page_number":112,"box":{"x":69,"y":483,"width":666,"height":11}},{"id":"8fa54c36-42ee-488d-b88c-aa72a7e46956","block_type":"box","text":"Tariff and Trade Policy Risks.","page_number":112,"box":{"x":103,"y":506,"width":202,"height":11}},{"id":"c8ad74c8-9545-43f7-8e5f-4ba1bc27258d","block_type":"box","text":"Some countries, including the U.S., have adopted more protectionist trade policies.","page_number":112,"box":{"x":312,"y":506,"width":593,"height":11}},{"id":"3938ea8d-0fe1-42c3-a0df-fb9b626ac93d","block_type":"box","text":"The U.S. government recently altered its approach to international trade policy, resulting in significant impacts on","page_number":112,"box":{"x":68,"y":521,"width":806,"height":11}},{"id":"4729cf4a-2fe0-47ea-871b-21f9c012c84f","block_type":"box","text":"international trade relations, certain tax and immigration policies, and other aspects of the national and international","page_number":112,"box":{"x":70,"y":536,"width":833,"height":11}},{"id":"8d032d41-7eeb-45a8-aaea-35edf537da03","block_type":"box","text":"political and financial landscape. The rise in protectionist trade policies, slowing economic growth, changes to some","page_number":112,"box":{"x":70,"y":551,"width":827,"height":11}},{"id":"e26c8906-42f7-4f6e-bf22-69fc8695a862","block_type":"box","text":"major international trade agreements, risks associated with trade agreements between the U.S. and the European","page_number":112,"box":{"x":69,"y":566,"width":814,"height":11}},{"id":"f9a50695-276e-4835-ae0f-3dd2f20d5055","block_type":"box","text":"Union, and the risks associated with trade negotiations between the U.S. and China, could affect the economies of","page_number":112,"box":{"x":70,"y":581,"width":821,"height":12}},{"id":"06cfe395-277f-4e1a-aca1-079bfe17e98b","block_type":"box","text":"many nations in ways that cannot necessarily be foreseen at the present time.","page_number":112,"box":{"x":69,"y":596,"width":559,"height":12}},{"id":"0a6fb241-cba6-4b42-bd11-86179f441309","block_type":"box","text":"Global trade disruption, significant introductions of trade barriers, and bilateral trade frictions, together with any","page_number":112,"box":{"x":102,"y":619,"width":796,"height":11}},{"id":"16ebeef7-b95e-44bd-bf19-351c16808635","block_type":"box","text":"future downturns in the global economy resulting therefrom, could adversely affect the financial performance of a","page_number":112,"box":{"x":68,"y":634,"width":809,"height":12}},{"id":"8ad6fcdb-44dc-4337-bef2-3b8e7abf7231","block_type":"box","text":"Fund and its investments. Trade policy may be an ongoing source of instability, potentially resulting in significant","page_number":112,"box":{"x":70,"y":649,"width":799,"height":12}},{"id":"3a2af0db-a83b-4423-8bb0-b9c6eecaac41","block_type":"box","text":"currency fluctuations and/or having other adverse effects on international markets, international trade agreements,","page_number":112,"box":{"x":69,"y":664,"width":823,"height":12}},{"id":"88052a67-68b6-474a-bfd2-0434f2321947","block_type":"box","text":"and/or other existing cross-border cooperation arrangements (whether economic, tax, fiscal, legal, regulatory, or","page_number":112,"box":{"x":69,"y":680,"width":801,"height":11}},{"id":"0c992979-a80b-4c15-8b6b-5cdf1df591d3","block_type":"box","text":"otherwise). To the extent trade disputes escalate globally, there could be additional significant impacts on the","page_number":112,"box":{"x":69,"y":695,"width":783,"height":11}},{"id":"6b55bba9-2695-41b4-91e6-1c33aa12bb5a","block_type":"box","text":"sectors or industries in which a Fund invests and other adverse impacts on a Fund’s overall performance.","page_number":112,"box":{"x":69,"y":710,"width":753,"height":11}},{"id":"932117df-18a3-4481-8011-c8368f943806","block_type":"box","text":"Geographic Risks","page_number":112,"box":{"x":102,"y":733,"width":123,"height":11}},{"id":"d0a3b934-76e0-42ee-9003-ba34d24e069b","block_type":"box","text":". Some of the companies in which the Fund invests may be located in, or otherwise connected","page_number":112,"box":{"x":226,"y":732,"width":671,"height":12}},{"id":"14b126f6-20f6-4846-b69c-1a6480f45662","block_type":"box","text":"to, parts of the world affected by natural disasters such as severe heat, earthquakes, tornadoes, volcanic eruptions,","page_number":112,"box":{"x":68,"y":748,"width":835,"height":11}},{"id":"7b494784-900e-4bc5-b625-4cf66b5e0bb1","block_type":"box","text":"wildfires, droughts, floods, hurricanes or tsunamis, and are economically sensitive to environmental events. In","page_number":112,"box":{"x":68,"y":763,"width":787,"height":11}},{"id":"52ee5af5-0863-4e3c-b97e-a6132eb37000","block_type":"box","text":"addition, issuers may be impacted by security concerns with respect to a country or region, such as war and other","page_number":112,"box":{"x":69,"y":778,"width":814,"height":11}},{"id":"4691ba84-4d70-4e27-8844-fdc649c3c258","block_type":"box","text":"types of conflict, terrorism, strained international relations and territorial disputes. Any of these events may adversely","page_number":112,"box":{"x":68,"y":793,"width":840,"height":11}},{"id":"2ef75606-2a6f-4825-a932-1b90dedc8f9d","block_type":"box","text":"affect the issuers, markets and economies to which a Fund is exposed, which may adversely affect the value of the","page_number":112,"box":{"x":69,"y":808,"width":824,"height":11}},{"id":"d5b54033-e94a-4b37-a606-fd019aa5eaee","block_type":"box","text":"Fund.","page_number":112,"box":{"x":70,"y":823,"width":36,"height":9}},{"id":"837b083e-3cd3-4644-b00b-45b54fc64d4d","block_type":"box","text":"Reference Rate Replacement Risk.","page_number":112,"box":{"x":102,"y":846,"width":255,"height":11}},{"id":"9b506648-d8ff-4f68-bba3-59ff76426fbe","block_type":"box","text":"A Fund’s investments, payment obligations and financing terms may be","page_number":112,"box":{"x":363,"y":846,"width":508,"height":11}},{"id":"b62c88c8-25e5-414a-b87d-5c18d7a8c60b","block_type":"box","text":"based on floating rates, such as the Secured Overnight Financing Rate (“SOFR”), Sterling Overnight Interbank Average","page_number":112,"box":{"x":69,"y":861,"width":839,"height":11}},{"id":"f173ee7f-b3f8-43fd-8598-ab1b3cfe7af4","block_type":"box","text":"Rate (“SONIA”), and other similar types of reference rates (“Reference Rates”). The elimination of a Reference Rate","page_number":112,"box":{"x":70,"y":876,"width":825,"height":11}},{"id":"3ae884a2-f81a-46ef-896e-2106ec5c8bf0","block_type":"box","text":"or any other changes or reforms to the determination or supervision of a Reference Rate could have an adverse","page_number":112,"box":{"x":69,"y":891,"width":797,"height":12}},{"id":"047c49ee-b65e-4203-8bde-1bb7673c5f17","block_type":"box","text":"impact on the market for, or value of, any instruments (including debt instruments and certain derivative instruments)","page_number":112,"box":{"x":70,"y":906,"width":837,"height":12}},{"id":"239bf287-8244-4a10-a8a0-9bb514f58b54","block_type":"box","text":"II-68","page_number":112,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"c7076e86-bf46-4e9a-b92e-515b06170167","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":112,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"aed9f3f2-a73d-47af-8e5f-f78163031395","block_type":"box","text":"or payments linked to those Reference Rates. In addition, any substitute Reference Rate and any pricing adjustments","page_number":113,"box":{"x":69,"y":45,"width":837,"height":11}},{"id":"b3d932bc-d919-4414-8284-8986e7fb9497","block_type":"box","text":"imposed by a regulator or by counterparties or otherwise may adversely affect a Fund’s performance and/or net","page_number":113,"box":{"x":70,"y":60,"width":800,"height":11}},{"id":"6b4a2e1e-180a-4b6e-b032-23c6d9d1599e","block_type":"box","text":"asset value. The London Interbank Offered Rate (“LIBOR”) had historically been used extensively in the U.S. and","page_number":113,"box":{"x":69,"y":75,"width":800,"height":11}},{"id":"6904c645-a626-4f6e-9894-a2edcf909f89","block_type":"box","text":"globally as a “benchmark” or “reference rate” for various commercial and financial contracts, including corporate and","page_number":113,"box":{"x":68,"y":90,"width":836,"height":11}},{"id":"eed7d7c6-68b6-41a2-89f1-0a889653ebb2","block_type":"box","text":"municipal bonds, bank loans, asset-backed and mortgage-related securities, interest rate swaps and other","page_number":113,"box":{"x":69,"y":105,"width":761,"height":11}},{"id":"fdf34788-6f66-48ba-86cc-798f5d8514d3","block_type":"box","text":"derivatives. Instruments in which a Fund may have historically paid interest at floating rates based on LIBOR or may","page_number":113,"box":{"x":69,"y":120,"width":824,"height":12}},{"id":"04758f15-6a43-4a03-a024-6807553588a3","block_type":"box","text":"have been subject to interest caps or floors based on LIBOR. The Funds and issuers of instruments in which a Fund","page_number":113,"box":{"x":69,"y":135,"width":825,"height":11}},{"id":"e896aef9-7faf-496a-821f-f89d293ef9c0","block_type":"box","text":"invests may have also historically obtained financing at floating rates based on LIBOR. In connection with the global","page_number":113,"box":{"x":70,"y":150,"width":822,"height":12}},{"id":"e68279a2-9dd5-4274-8b88-ea839579303c","block_type":"box","text":"transition away from LIBOR led by regulators and market participants as a result of benchmark reforms, LIBOR was","page_number":113,"box":{"x":68,"y":166,"width":822,"height":11}},{"id":"3f364976-e02a-432a-b89b-c4ed12ed28b6","block_type":"box","text":"last published on a representative basis at the end of June 2023. Alternative Reference Rates to LIBOR have been","page_number":113,"box":{"x":70,"y":181,"width":817,"height":11}},{"id":"bd86dff3-46c9-40bd-aff3-e949c1906efc","block_type":"box","text":"established in most major currencies and markets in these alternative rates are continuing to develop (","page_number":113,"box":{"x":69,"y":196,"width":736,"height":11}},{"id":"21831100-9d33-4f96-b41e-0e572f3b323f","block_type":"box","text":"e.g.","page_number":113,"box":{"x":807,"y":197,"width":25,"height":10}},{"id":"a05eb1a5-a5fb-41a2-bf21-bb18c5a90475","block_type":"box","text":", SOFR for","page_number":113,"box":{"x":835,"y":196,"width":70,"height":10}},{"id":"748455de-488a-4914-aa37-feeb4fa5822a","block_type":"box","text":"USD-LIBOR and SONIA for GBP-LIBOR). While the transition from LIBOR has gone relatively smoothly, residual risks","page_number":113,"box":{"x":70,"y":211,"width":814,"height":11}},{"id":"2bf81a10-56d5-4eb9-bbfa-be2921a76c6e","block_type":"box","text":"associated with the transition may remain that may impact markets or particular investments and, as such, the full","page_number":113,"box":{"x":69,"y":226,"width":820,"height":11}},{"id":"f2cf4801-17df-4fcc-913c-78aad8c3e835","block_type":"box","text":"impact of the transition on the Funds or the financial instruments in which the Funds invest cannot yet be fully","page_number":113,"box":{"x":70,"y":241,"width":784,"height":11}},{"id":"be8e961f-465f-434e-8f40-b6943ebedfd0","block_type":"box","text":"determined.","page_number":113,"box":{"x":69,"y":257,"width":84,"height":8}},{"id":"d464de41-b34f-448b-bceb-c4007d4fcfd8","block_type":"box","text":"SOFR is intended to be a broad measure of the cost of borrowing funds overnight in transactions that are","page_number":113,"box":{"x":102,"y":279,"width":750,"height":11}},{"id":"c02b8cdc-9042-46df-a43f-19ea72a9a0ae","block_type":"box","text":"collateralized by U.S. Treasury securities. SOFR is calculated based on transaction-level repo data collected from","page_number":113,"box":{"x":69,"y":294,"width":803,"height":11}},{"id":"a9059999-fe3a-4948-ad52-f89a01837735","block_type":"box","text":"various sources. For each trading day, SOFR is calculated as a volume-weighted median rate derived from such data.","page_number":113,"box":{"x":68,"y":309,"width":831,"height":11}},{"id":"4e9c7d5f-8624-426d-9180-cc1e55e2e6fe","block_type":"box","text":"Because SOFR is a financing rate based on overnight secured funding transactions, it differs fundamentally from","page_number":113,"box":{"x":70,"y":324,"width":801,"height":12}},{"id":"5c479e1e-d284-4a09-82e9-319c044d6e98","block_type":"box","text":"LIBOR. LIBOR is intended to be an unsecured rate that represents interbank funding costs for different short-term","page_number":113,"box":{"x":70,"y":339,"width":810,"height":12}},{"id":"fd49faca-fc4d-419c-9c2e-809442a5b3ab","block_type":"box","text":"maturities or tenors. It is a forward-looking rate reflecting expectations regarding interest rates for the applicable","page_number":113,"box":{"x":69,"y":355,"width":803,"height":11}},{"id":"7535c195-33cd-4e30-93ee-4eb4c035b997","block_type":"box","text":"tenor. Thus, LIBOR is intended to be sensitive, in certain respects, to bank credit risk and to term interest rate risk.","page_number":113,"box":{"x":68,"y":370,"width":825,"height":11}},{"id":"820e6b8e-68b1-4f21-aeb3-c6df58b57862","block_type":"box","text":"In contrast, SOFR is a secured overnight rate reflecting the credit of U.S. Treasury securities as collateral. Thus, it is","page_number":113,"box":{"x":70,"y":385,"width":828,"height":11}},{"id":"b9bd1195-c0c2-4f2c-bda3-2fbfe1c3a5b4","block_type":"box","text":"largely insensitive to credit-risk considerations and to short-term interest rate risks. SOFR is a transaction-based rate,","page_number":113,"box":{"x":70,"y":400,"width":838,"height":11}},{"id":"66627430-d3cc-45ad-9228-c28b94a73e9e","block_type":"box","text":"and it has been more volatile than other benchmark or market rates, such as three-month LIBOR, during certain","page_number":113,"box":{"x":69,"y":415,"width":796,"height":11}},{"id":"b73abbc1-2984-4d7c-925d-65390e60c7d0","block_type":"box","text":"periods. For these reasons, among others, there is no assurance that SOFR, or rates derived from SOFR, will perform","page_number":113,"box":{"x":70,"y":430,"width":836,"height":11}},{"id":"960e61e6-091e-4dd1-8d68-d3d3b9c17900","block_type":"box","text":"in the same or similar way as LIBOR would have performed at any time, and there is no assurance that SOFR-based","page_number":113,"box":{"x":70,"y":445,"width":824,"height":11}},{"id":"c9192eb9-2471-4bf4-acfa-6ccc9e3a30e6","block_type":"box","text":"rates will be a suitable substitute for LIBOR. SOFR has a relatively limited history, having been first published in April","page_number":113,"box":{"x":69,"y":460,"width":830,"height":12}},{"id":"4c01946d-7827-42fa-9d06-0310ad71fa89","block_type":"box","text":"2018. The future performance of SOFR, and SOFR-based Reference Rates, cannot be predicted based on SOFR’s","page_number":113,"box":{"x":69,"y":475,"width":809,"height":11}},{"id":"59bc9360-cb37-4a4b-9f93-5226296566d1","block_type":"box","text":"history or otherwise. Levels of SOFR in the future may bear little or no relation to historical levels of SOFR, LIBOR or","page_number":113,"box":{"x":69,"y":491,"width":827,"height":11}},{"id":"5fff69d7-1f8e-4d10-913d-3d4ef916b5ec","block_type":"box","text":"other rates. There can also be no assurance that SOFR will not be discontinued or fundamentally altered in a manner","page_number":113,"box":{"x":69,"y":506,"width":835,"height":11}},{"id":"52e619c3-e672-42f3-b611-082c1ee1aa39","block_type":"box","text":"that is materially adverse to the interests of the Fund.","page_number":113,"box":{"x":68,"y":521,"width":384,"height":11}},{"id":"da084562-0126-4777-8219-7cd0eed6adf6","block_type":"box","text":"In addition, interest rates or other types of rates and indices which are classified as “benchmarks” have been","page_number":113,"box":{"x":102,"y":543,"width":782,"height":12}},{"id":"39c9865f-e902-4546-a39b-a7514da6882c","block_type":"box","text":"the subject of ongoing national and international regulatory reform, including under the European Union (“EU”)","page_number":113,"box":{"x":68,"y":559,"width":786,"height":11}},{"id":"7d53138b-6ab6-429b-8d3f-224bedc50e7d","block_type":"box","text":"regulation on indices used as benchmarks in financial instruments and financial contracts (known as the","page_number":113,"box":{"x":69,"y":574,"width":746,"height":11}},{"id":"aa6310c3-b9a2-49b3-8970-4f889c3e7ad3","block_type":"box","text":"“Benchmarks Regulation”). The Benchmarks Regulation has been enacted into United Kingdom (“UK”) law by virtue","page_number":113,"box":{"x":70,"y":589,"width":822,"height":11}},{"id":"7b5dbbf0-b730-48df-8908-bbee7597724a","block_type":"box","text":"of the EU (Withdrawal) Act 2018 (as amended), subject to amendments made by the Benchmarks (Amendment and","page_number":113,"box":{"x":69,"y":604,"width":821,"height":11}},{"id":"d528d4c3-010b-43a1-b74d-c1c1ed693a0d","block_type":"box","text":"Transitional Provision) (EU Exit) Regulations 2019 (SI 2019/657) and other statutory instruments. Following the","page_number":113,"box":{"x":68,"y":619,"width":799,"height":11}},{"id":"55609a54-f1c8-4263-ae3d-80b1f8caccc0","block_type":"box","text":"implementation of these reforms, the manner of administration of benchmarks has changed and may further change","page_number":113,"box":{"x":70,"y":634,"width":830,"height":12}},{"id":"147eca8e-648e-4a0c-b6b0-fdb7029aba20","block_type":"box","text":"in the future, with the result that relevant benchmarks may perform differently than in the past, the use of","page_number":113,"box":{"x":70,"y":649,"width":757,"height":12}},{"id":"52692e79-959c-4ec3-8bac-13a27dc0f9fe","block_type":"box","text":"benchmarks that are not compliant with the new standards by certain supervised entities may be restricted, and","page_number":113,"box":{"x":69,"y":665,"width":802,"height":11}},{"id":"08120e0d-e318-4861-a67d-c8e9653d3ed8","block_type":"box","text":"certain benchmarks may be eliminated entirely. Such changes could cause increased market volatility and disruptions","page_number":113,"box":{"x":69,"y":680,"width":840,"height":11}},{"id":"8e83e026-0543-4ec4-9e79-529a164253f6","block_type":"box","text":"in liquidity for instruments that rely on or are impacted by such benchmarks. Additionally, there could be other","page_number":113,"box":{"x":70,"y":695,"width":782,"height":11}},{"id":"f854a834-949c-45d7-ac47-d5204d549d8b","block_type":"box","text":"consequences which cannot be predicted.","page_number":113,"box":{"x":69,"y":710,"width":298,"height":11}},{"id":"ac732728-7ece-4700-a883-f36836d1b248","block_type":"box","text":"Repurchase Agreements and Purchase and Sale Contracts.","page_number":113,"box":{"x":102,"y":733,"width":432,"height":11}},{"id":"093b5cec-45f9-4496-aa7f-3793e6688367","block_type":"box","text":"Under repurchase agreements and purchase and","page_number":113,"box":{"x":541,"y":733,"width":347,"height":11}},{"id":"3ede0140-ee3d-4da9-af74-f655cabd552d","block_type":"box","text":"sale contracts, the other party agrees, upon entering into the contract with a Fund, to repurchase a security sold to","page_number":113,"box":{"x":69,"y":748,"width":821,"height":11}},{"id":"f0eb37a2-2eab-4610-9e00-ff0189ba9163","block_type":"box","text":"the Fund at a mutually agreed-upon time and price in a specified currency, thereby determining the yield during the","page_number":113,"box":{"x":68,"y":763,"width":815,"height":11}},{"id":"a719a127-4f3b-4d02-89c5-faed72b90d43","block_type":"box","text":"term of the agreement.","page_number":113,"box":{"x":68,"y":778,"width":164,"height":11}},{"id":"8ecd35ea-9a48-48ca-808e-f142b2162aeb","block_type":"box","text":"A purchase and sale contract differs from a repurchase agreement in that the contract arrangements stipulate","page_number":113,"box":{"x":101,"y":801,"width":788,"height":11}},{"id":"be32d350-e35e-424c-9efa-00ceccd70c55","block_type":"box","text":"that securities are owned by the Fund and the purchaser receives any interest on the security paid during the period.","page_number":113,"box":{"x":68,"y":816,"width":831,"height":11}},{"id":"a2ce5b0a-2209-4515-b64e-418fd3e69424","block_type":"box","text":"In the case of repurchase agreements, the prices at which the trades are conducted do not reflect accrued interest","page_number":113,"box":{"x":70,"y":831,"width":821,"height":11}},{"id":"67dbde67-69fb-4f8d-bd88-f2baede9b264","block_type":"box","text":"on the underlying obligation; whereas, in the case of purchase and sale contracts, the prices take into account","page_number":113,"box":{"x":69,"y":846,"width":790,"height":11}},{"id":"99d354ea-618d-4840-a096-1dd020e73b48","block_type":"box","text":"accrued interest. A Fund may enter into “tri-party” repurchase agreements. In “tri-party” repurchase agreements, an","page_number":113,"box":{"x":69,"y":861,"width":827,"height":11}},{"id":"f0fc3f63-dff8-485d-a5f7-0d81f359d136","block_type":"box","text":"unaffiliated third-party custodian maintains accounts to hold collateral for the Fund and its counterparties and,","page_number":113,"box":{"x":69,"y":876,"width":788,"height":11}},{"id":"acdc53d8-2d21-41e1-be0e-03e8a6f2d036","block_type":"box","text":"therefore, the Fund may be subject to the credit risk of those custodians.","page_number":113,"box":{"x":68,"y":891,"width":522,"height":11}},{"id":"bd81796c-9b97-48bc-a11a-413dd1b6b718","block_type":"box","text":"II-69","page_number":113,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"fcb76ab0-d19f-4f66-ad6f-1dfd57ce8ff4","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":113,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"09d2a125-80b3-41fc-a9f3-712c75dbc24a","block_type":"box","text":"Some repurchase agreements and purchase and sale contracts are structured to result in a fixed rate of return","page_number":114,"box":{"x":102,"y":45,"width":792,"height":11}},{"id":"39da7cdf-1292-45a2-91f3-c90fb19be678","block_type":"box","text":"insulated from market fluctuations during the term of the agreement, although such return may be affected by","page_number":114,"box":{"x":70,"y":60,"width":784,"height":11}},{"id":"b1948f68-ff9a-4c0e-87a3-231f2135471b","block_type":"box","text":"currency fluctuations. However, in the event of a default under a repurchase agreement or under a purchase and sale","page_number":114,"box":{"x":69,"y":75,"width":837,"height":11}},{"id":"6966a76a-cbd9-40e9-8df8-0553dca54298","block_type":"box","text":"contract, instead of the contractual fixed rate, the rate of return to the Fund would be dependent upon intervening","page_number":114,"box":{"x":69,"y":90,"width":812,"height":11}},{"id":"b2b479e4-172c-4398-afe3-87c40af94ef2","block_type":"box","text":"fluctuations of the market values of the securities underlying the contract and the accrued interest on those","page_number":114,"box":{"x":68,"y":105,"width":770,"height":11}},{"id":"e9584def-ba5d-42a1-8f2b-c25226f424b9","block_type":"box","text":"securities. In such event, the Fund would have rights against the seller for breach of contract with respect to any","page_number":114,"box":{"x":69,"y":120,"width":802,"height":12}},{"id":"385488be-9df0-42fb-9de1-9b40d3c3b42a","block_type":"box","text":"losses arising from market fluctuations following the default.","page_number":114,"box":{"x":70,"y":135,"width":430,"height":12}},{"id":"cff9fc08-d48f-4c45-9b91-cfda657831da","block_type":"box","text":"Both types of agreement usually cover short periods, such as less than one week, although they may have","page_number":114,"box":{"x":102,"y":158,"width":759,"height":11}},{"id":"8ac5b4ef-5ee4-4712-8925-987c9d5c26dc","block_type":"box","text":"longer terms, and may be construed to be collateralized loans by the purchaser to the seller secured by the","page_number":114,"box":{"x":70,"y":173,"width":765,"height":11}},{"id":"4cce5073-06de-4be2-8f24-dda26b808008","block_type":"box","text":"securities transferred to the purchaser. In the case of a repurchase agreement, as a purchaser, a Fund’s Manager or","page_number":114,"box":{"x":69,"y":188,"width":835,"height":12}},{"id":"28860ca2-3d80-4f76-b4a3-55f1b943aebd","block_type":"box","text":"sub-adviser will monitor the creditworthiness of the seller, and a Fund will require the seller to provide additional","page_number":114,"box":{"x":69,"y":203,"width":799,"height":11}},{"id":"f3400275-8188-44e5-b7b4-6a95388ce998","block_type":"box","text":"collateral if the market value of the securities falls below the repurchase price at any time during the term of the","page_number":114,"box":{"x":69,"y":218,"width":801,"height":12}},{"id":"d34f6e2b-9343-4a39-846b-1dc8472a7f3a","block_type":"box","text":"repurchase agreement. The Fund does not have this right to seek additional collateral as a purchaser in the case of","page_number":114,"box":{"x":69,"y":234,"width":826,"height":11}},{"id":"c480cb31-d13c-4fb3-a5c3-82cccd06b566","block_type":"box","text":"purchase and sale contracts. The Fund’s Manager or sub-adviser will mark-to-market daily the value of the securities.","page_number":114,"box":{"x":70,"y":249,"width":831,"height":11}},{"id":"60854df2-249e-43ce-abaa-6276417602fd","block_type":"box","text":"Securities subject to repurchase agreements (other than tri-party repurchase agreements) and purchase and sale","page_number":114,"box":{"x":69,"y":264,"width":810,"height":11}},{"id":"ea10b04b-f727-4961-b372-8408a5ec76ce","block_type":"box","text":"contracts will be held by the Fund’s custodian (or sub-custodian) in the Federal Reserve/Treasury book-entry system","page_number":114,"box":{"x":69,"y":279,"width":829,"height":11}},{"id":"702bd54b-0030-4b0b-a66e-316f5c95e094","block_type":"box","text":"or by another authorized securities depository.","page_number":114,"box":{"x":69,"y":294,"width":329,"height":11}},{"id":"f22c7e05-40a8-4abc-b1be-634f9c617b81","block_type":"box","text":"In the event of default by the seller under a repurchase agreement construed to be a collateralized loan, the","page_number":114,"box":{"x":102,"y":317,"width":770,"height":11}},{"id":"39f0ef89-d721-417d-b2a7-37b898ec0f4f","block_type":"box","text":"underlying securities are not owned by the Fund but only constitute collateral for the seller’s obligation to pay the","page_number":114,"box":{"x":69,"y":332,"width":805,"height":11}},{"id":"a9a366ab-cd0b-4e4d-8a32-0954e1cc9237","block_type":"box","text":"repurchase price. Therefore, the Fund may suffer time delays and incur costs or possible losses in connection with","page_number":114,"box":{"x":69,"y":347,"width":819,"height":11}},{"id":"10e57ff5-d574-4311-8f29-574223227cab","block_type":"box","text":"disposition of the collateral. If the seller becomes insolvent and subject to liquidation or reorganization under","page_number":114,"box":{"x":69,"y":362,"width":778,"height":11}},{"id":"128034f1-ed4f-4af0-a0fa-d4b04ba7cbef","block_type":"box","text":"applicable bankruptcy or other laws, a Fund’s ability to dispose of the underlying securities may be restricted. Finally,","page_number":114,"box":{"x":69,"y":377,"width":832,"height":12}},{"id":"904a2118-67d3-4cb9-989c-680e6a540813","block_type":"box","text":"it is possible that a Fund may not be able to substantiate its interest in the underlying securities. To minimize this","page_number":114,"box":{"x":70,"y":393,"width":810,"height":11}},{"id":"c7e54da0-3bb1-4ee7-a921-f808a0352293","block_type":"box","text":"risk, the securities underlying the repurchase agreement will be held by the applicable custodian at all times in an","page_number":114,"box":{"x":69,"y":408,"width":812,"height":11}},{"id":"c6c33aa6-a45a-4d34-86e0-4b63c5e55ddd","block_type":"box","text":"amount at least equal to the repurchase price, including accrued interest. If the seller fails to repurchase the","page_number":114,"box":{"x":69,"y":423,"width":778,"height":11}},{"id":"f7d3724e-1b89-49eb-af08-f06a07da7994","block_type":"box","text":"securities, a Fund may suffer a loss to the extent proceeds from the sale of the underlying securities are less than","page_number":114,"box":{"x":69,"y":438,"width":817,"height":11}},{"id":"5ed57359-377e-4465-ab6b-7c7fce611c10","block_type":"box","text":"the repurchase price.","page_number":114,"box":{"x":68,"y":453,"width":151,"height":11}},{"id":"dc660d73-64ab-4890-92d8-3380381b2b4c","block_type":"box","text":"In any repurchase transaction to which a Fund is a party, collateral for a repurchase agreement may include cash","page_number":114,"box":{"x":102,"y":475,"width":805,"height":12}},{"id":"1579a583-d495-40d3-8f65-b608286068c3","block_type":"box","text":"items and obligations issued by the U.S. Government or its agencies or instrumentalities. For certain Funds, however,","page_number":114,"box":{"x":70,"y":491,"width":837,"height":11}},{"id":"70abf728-a55f-4226-adf3-45c1fb754b54","block_type":"box","text":"collateral may include instruments other than cash items and obligations issued by the U.S. Government or its","page_number":114,"box":{"x":69,"y":506,"width":788,"height":11}},{"id":"60cbe742-27e1-4708-859d-dbbe914c73f3","block_type":"box","text":"agencies or instrumentalities, including securities that the Fund could not hold directly under its investment","page_number":114,"box":{"x":69,"y":521,"width":767,"height":11}},{"id":"8f4ee7f0-93db-47d3-aed8-56fdbb0b2449","block_type":"box","text":"strategies without the repurchase obligation.","page_number":114,"box":{"x":69,"y":536,"width":317,"height":11}},{"id":"1d6c1884-698a-43e2-acc7-ea13589bdf3d","block_type":"box","text":"The type of collateral underlying repurchase agreements may also pose certain risks for a Fund. Lower quality","page_number":114,"box":{"x":101,"y":559,"width":782,"height":11}},{"id":"e263e967-6353-4994-a204-385669df0d57","block_type":"box","text":"collateral and collateral with longer maturities may be subject to greater price fluctuations than higher quality","page_number":114,"box":{"x":69,"y":574,"width":776,"height":11}},{"id":"5e4a41c7-d071-4cc3-9469-4fbdf2d9b220","block_type":"box","text":"collateral and collateral with shorter maturities. If the repurchase agreement counterparty were to default, lower","page_number":114,"box":{"x":69,"y":589,"width":799,"height":11}},{"id":"8c6c623f-af8e-44b6-936d-dd5a5a6c5aa8","block_type":"box","text":"quality collateral may be more difficult to liquidate than higher quality collateral. Should the counterparty default and","page_number":114,"box":{"x":69,"y":604,"width":829,"height":11}},{"id":"1fc9c639-94a4-480b-a2fb-71c02914b0e0","block_type":"box","text":"the amount of collateral not be sufficient to cover the counterparty’s repurchase obligation, a Fund would retain the","page_number":114,"box":{"x":68,"y":619,"width":825,"height":11}},{"id":"ed41a683-c858-40ce-bb3c-8a68abcde2b8","block_type":"box","text":"status of an unsecured creditor of the counterparty (","page_number":114,"box":{"x":69,"y":634,"width":374,"height":11}},{"id":"7ee004c3-b79b-44d2-ad4f-3b76505d67a1","block_type":"box","text":"i.e.","page_number":114,"box":{"x":445,"y":634,"width":20,"height":9}},{"id":"d1939ddd-16e6-4c8e-a1c6-9050713de749","block_type":"box","text":", the position the Fund would normally be in if it were to hold,","page_number":114,"box":{"x":468,"y":634,"width":434,"height":11}},{"id":"bb140210-0dd5-4afe-933c-ad2273459778","block_type":"box","text":"pursuant to its investment policies, other unsecured debt securities of the defaulting counterparty) with respect to","page_number":114,"box":{"x":70,"y":649,"width":813,"height":12}},{"id":"fdc1422c-a013-4af3-9ab0-93226ff0883a","block_type":"box","text":"the amount of the shortfall. As an unsecured creditor, a Fund would be at risk of losing some or all of the principal","page_number":114,"box":{"x":68,"y":664,"width":816,"height":12}},{"id":"79716412-1771-4ccc-b567-0e0ac88176b3","block_type":"box","text":"and income involved in the transaction.","page_number":114,"box":{"x":69,"y":680,"width":278,"height":9}},{"id":"c3b99a16-ec0a-4108-9dbc-7f88313ace31","block_type":"box","text":"Regulations adopted by global prudential regulators require certain bank-regulated counterparties and certain of","page_number":114,"box":{"x":102,"y":702,"width":800,"height":12}},{"id":"b37824de-64cc-492f-afcb-3cdbcfa96bae","block_type":"box","text":"their affiliates to include in certain financial contracts, including many repurchase agreements and purchase and sale","page_number":114,"box":{"x":68,"y":717,"width":840,"height":12}},{"id":"4a72ae88-fa6f-40b5-b3b9-509df4c76634","block_type":"box","text":"contracts, terms that delay or restrict the rights of counterparties, such as a Fund, to terminate such agreements,","page_number":114,"box":{"x":69,"y":732,"width":814,"height":12}},{"id":"088b4b76-7819-4ce4-ba47-2d3e5fd777c2","block_type":"box","text":"take foreclosure action, exercise other default rights or restrict transfers of credit support in the event that the","page_number":114,"box":{"x":68,"y":748,"width":790,"height":11}},{"id":"d263f165-f9c5-4d06-9e64-b06aa9f66462","block_type":"box","text":"counterparty and/or its affiliates are subject to certain types of resolution or insolvency proceedings. It is possible","page_number":114,"box":{"x":69,"y":763,"width":818,"height":11}},{"id":"5d0990f0-e5cc-49f5-b022-8bd2c625b7ab","block_type":"box","text":"that these requirements, as well as potential additional government regulation and other developments in the","page_number":114,"box":{"x":68,"y":778,"width":783,"height":11}},{"id":"de0f0e85-c912-4dbd-b00d-dffd157c1822","block_type":"box","text":"market, could adversely affect a Fund’s ability to terminate existing repurchase agreements and purchase and sale","page_number":114,"box":{"x":69,"y":793,"width":821,"height":11}},{"id":"2ea79b34-7a05-4138-bd97-0a9034d1a169","block_type":"box","text":"contracts or to realize amounts to be received under such agreements. The SEC has also finalized rules that will","page_number":114,"box":{"x":69,"y":808,"width":800,"height":11}},{"id":"5acb9bc9-f543-4a02-8f03-9fb7e2d71c43","block_type":"box","text":"require certain transactions involving U.S. Treasuries, including repurchase agreements, to be centrally cleared.","page_number":114,"box":{"x":69,"y":823,"width":796,"height":12}},{"id":"f8012604-62e4-44fc-b708-afce59b75ebc","block_type":"box","text":"Compliance with these rules is expected to be required by the middle of 2027. Although the impact of these rules on","page_number":114,"box":{"x":69,"y":838,"width":834,"height":12}},{"id":"67b46ffd-b319-4bbf-9ba6-e498419d4254","block_type":"box","text":"the Funds is difficult to predict, they may reduce the availability or increase the costs of such transactions and may","page_number":114,"box":{"x":68,"y":853,"width":824,"height":12}},{"id":"276e7457-254a-4337-ad82-8dfa0cc53e9c","block_type":"box","text":"adversely affect a Fund’s performance.","page_number":114,"box":{"x":69,"y":869,"width":279,"height":11}},{"id":"33f3cb4b-b9db-4dad-9ef5-986969c4d94e","block_type":"box","text":"Restricted Securities.","page_number":114,"box":{"x":102,"y":891,"width":157,"height":9}},{"id":"baaf4734-3f14-4ebf-a393-ac28e1ec5298","block_type":"box","text":"A Fund may invest in or hold securities that are not registered under the Securities Act","page_number":114,"box":{"x":265,"y":891,"width":617,"height":12}},{"id":"26e4b00d-7715-4c37-a1e2-99523112a726","block_type":"box","text":"(“restricted securities”), which may include securities in private companies and Rule 144A Securities. Restricted","page_number":114,"box":{"x":69,"y":906,"width":801,"height":12}},{"id":"3d9c3ce2-a1ca-44ac-8742-5b424e8e6598","block_type":"box","text":"II-70","page_number":114,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"1b9a7d33-78b6-4684-a4ab-cf6f0439fad3","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":114,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"732f0123-3fb0-4502-aa35-320f56f278fd","block_type":"box","text":"securities may be sold in private placement transactions between issuers and their purchasers, including through","page_number":115,"box":{"x":69,"y":45,"width":808,"height":11}},{"id":"71075504-cc3a-4219-8eed-6905df123b7f","block_type":"box","text":"private negotiated transactions between the issuer and their purchasers, such as the Funds, and may be neither","page_number":115,"box":{"x":70,"y":60,"width":802,"height":11}},{"id":"714819f2-128e-440a-af68-9893c68a9cc1","block_type":"box","text":"listed on an exchange nor traded in other established markets. In many cases, privately placed securities may not be","page_number":115,"box":{"x":70,"y":75,"width":834,"height":11}},{"id":"d08385db-e3a0-4504-9dc5-e0f34cffa12f","block_type":"box","text":"freely transferable under the laws of the applicable jurisdiction or due to contractual restrictions on resale. Some of","page_number":115,"box":{"x":68,"y":90,"width":825,"height":11}},{"id":"42d32c78-f346-4161-b5c5-92090a7d6a87","block_type":"box","text":"these securities are new and complex, and trade only among institutions; the markets for these securities are still","page_number":115,"box":{"x":68,"y":105,"width":815,"height":11}},{"id":"205cd452-9414-4649-b149-39a2731fb131","block_type":"box","text":"developing, and may not function as efficiently as established markets. Typically, investments in private companies","page_number":115,"box":{"x":69,"y":120,"width":821,"height":12}},{"id":"f6182502-9455-43cd-baf9-5efeb2ad59fe","block_type":"box","text":"are in restricted securities that are not traded in public markets and subject to substantial holding periods, so that a","page_number":115,"box":{"x":69,"y":136,"width":831,"height":11}},{"id":"3a1831af-6081-4990-904f-f616347533f9","block_type":"box","text":"Fund may not be able to resell some of its holdings for extended periods, which may be several years. There can be","page_number":115,"box":{"x":70,"y":150,"width":824,"height":12}},{"id":"b01c3a9f-fca4-4666-859a-de4b984ba13c","block_type":"box","text":"no assurance that a Fund will be able to realize the value of such restricted securities in a timely manner or at all. As","page_number":115,"box":{"x":69,"y":166,"width":834,"height":11}},{"id":"25e1419c-91d8-4f1e-80ab-31b87d0270d1","block_type":"box","text":"a result of the absence of a public trading market and the potential bespoke nature on certain transactions,","page_number":115,"box":{"x":69,"y":181,"width":769,"height":11}},{"id":"2295148e-4500-4ad8-844c-1fade8d155fc","block_type":"box","text":"restricted securities may be deemed to be illiquid investments or less liquid investments and may be more difficult to","page_number":115,"box":{"x":69,"y":196,"width":838,"height":11}},{"id":"1df12e37-1547-44d8-a872-5f186cbdac62","block_type":"box","text":"value than publicly traded securities. To the extent that restricted securities may be resold in privately negotiated","page_number":115,"box":{"x":68,"y":211,"width":805,"height":11}},{"id":"89c6b9c9-72b3-4f21-9f70-07588b9a1cb0","block_type":"box","text":"transactions, the prices realized from the sales, due to lack of liquidity, could be less than those originally paid by the","page_number":115,"box":{"x":68,"y":226,"width":840,"height":11}},{"id":"ae014d3c-5c8c-48c0-b9ec-9514c01173a9","block_type":"box","text":"Fund or less than their fair market value. The amount of any discount may vary depending on the security type, the","page_number":115,"box":{"x":70,"y":241,"width":815,"height":11}},{"id":"45b030aa-34ae-45e7-986b-dc9e85133837","block_type":"box","text":"character of the issuer, which party (if any) will bear the expenses of registering the restricted security, and prevailing","page_number":115,"box":{"x":69,"y":256,"width":835,"height":12}},{"id":"891827e6-14a2-4d0b-86cd-83e45a184d5b","block_type":"box","text":"market conditions. In addition, issuers whose securities are not publicly traded or who are not otherwise publicly","page_number":115,"box":{"x":69,"y":272,"width":803,"height":11}},{"id":"03e4a8d3-eb38-4787-9c29-987865df7906","block_type":"box","text":"listed may not be subject to the disclosure and other investor protection requirements that may be applicable if their","page_number":115,"box":{"x":70,"y":286,"width":830,"height":12}},{"id":"a47fcfde-5fba-4f7f-99d4-590238cdab06","block_type":"box","text":"securities were publicly traded. If any privately placed securities held by a Fund are required to be registered under","page_number":115,"box":{"x":69,"y":302,"width":817,"height":11}},{"id":"d81dc2b4-bd0c-45b0-944a-aa97de873b1c","block_type":"box","text":"the securities laws of one or more jurisdictions before being resold, the Fund may be required to bear the expenses","page_number":115,"box":{"x":68,"y":317,"width":825,"height":11}},{"id":"fc3d367d-cf1b-486b-b0ef-9dddb601adbf","block_type":"box","text":"of registration. Where registration is required for restricted securities, a considerable time period may elapse","page_number":115,"box":{"x":69,"y":332,"width":777,"height":11}},{"id":"114246ae-9c23-4ff6-8d66-333e0a7a3039","block_type":"box","text":"between the time the Fund decides to sell the security and the time it is actually permitted to sell the security under","page_number":115,"box":{"x":69,"y":347,"width":828,"height":11}},{"id":"8ffdf1d7-7efc-42d1-ac23-227036634077","block_type":"box","text":"an effective registration statement. If during such period, adverse market conditions were to develop, the Fund might","page_number":115,"box":{"x":69,"y":362,"width":834,"height":11}},{"id":"ce883494-25fc-4399-99a6-a2366464179b","block_type":"box","text":"obtain less favorable pricing terms than when it decided to sell the security. In addition, the Fund may be deemed to","page_number":115,"box":{"x":69,"y":377,"width":828,"height":12}},{"id":"0c43a947-49b2-4417-89fd-03658ee696f4","block_type":"box","text":"be an “underwriter” for purposes of the Securities Act when selling restricted securities. If so, the Fund may be liable","page_number":115,"box":{"x":69,"y":392,"width":836,"height":12}},{"id":"e9666a1f-65fc-4fde-a45a-e9a856107273","block_type":"box","text":"to purchasers of the restricted securities if the registration statement prepared by the issuer, or the corresponding","page_number":115,"box":{"x":68,"y":407,"width":819,"height":12}},{"id":"2fc92ce5-e627-4f48-8b83-a251e94750c3","block_type":"box","text":"prospectus, is materially inaccurate or misleading. Transactions in restricted securities may entail other transaction","page_number":115,"box":{"x":70,"y":423,"width":822,"height":11}},{"id":"a671aad3-dc3e-4668-b732-f043ec0b504c","block_type":"box","text":"costs that are higher than those for transactions in unrestricted securities. Certain of the Fund’s investments in","page_number":115,"box":{"x":69,"y":438,"width":798,"height":11}},{"id":"995857c3-cb5c-45b0-84d1-c006ff793d80","block_type":"box","text":"private placements may consist of direct investments and may include investments in smaller, less seasoned","page_number":115,"box":{"x":70,"y":453,"width":780,"height":11}},{"id":"4534a531-afe0-4846-8fef-4890e70f77d8","block_type":"box","text":"issuers, which may involve greater risks. Issuers of restricted securities may not be subject to SEC reporting","page_number":115,"box":{"x":70,"y":468,"width":773,"height":11}},{"id":"453d7583-e954-4e39-8556-42df09002a87","block_type":"box","text":"requirements, may not be required to maintain their accounting records in accordance with generally accepted","page_number":115,"box":{"x":69,"y":483,"width":784,"height":11}},{"id":"90db0df7-3f58-4ce1-896d-559afd2273e0","block_type":"box","text":"accounting principles, and may not be required to maintain effective internal controls over financial reporting. As a","page_number":115,"box":{"x":69,"y":498,"width":816,"height":11}},{"id":"dc46b468-5b54-4be9-8f8e-7337a5543968","block_type":"box","text":"result, BlackRock may not have timely or accurate information about the business, financial condition and results of","page_number":115,"box":{"x":69,"y":513,"width":828,"height":11}},{"id":"eb37acea-4f05-4c63-87a6-4919563bb7eb","block_type":"box","text":"operations of such issuers, and investments in securities of such issuers may involve a high degree of business and","page_number":115,"box":{"x":69,"y":528,"width":831,"height":12}},{"id":"7ec43083-d7d3-4489-bbd5-5fe330f7f110","block_type":"box","text":"financial risk and may result in substantial losses to the Fund. Such issuers may also have limited product lines,","page_number":115,"box":{"x":68,"y":543,"width":804,"height":12}},{"id":"0807e3fa-5936-4644-bf15-05791e86d6c1","block_type":"box","text":"markets or financial resources, or they may be dependent on a limited management group.","page_number":115,"box":{"x":69,"y":559,"width":647,"height":11}},{"id":"24862b69-0491-4f69-bddd-7a726ea5c5d7","block_type":"box","text":"Certain restricted securities may represent limited investment opportunities and each shareholder’s","page_number":115,"box":{"x":102,"y":581,"width":714,"height":11}},{"id":"e635bec3-0756-4b56-b9b8-d2b3efd66bb5","block_type":"box","text":"proportionate investment exposure to such limited investment opportunities may be reduced proportionately as the","page_number":115,"box":{"x":70,"y":597,"width":823,"height":11}},{"id":"7e487884-4fd0-486f-b2e1-a27abdf9134c","block_type":"box","text":"Fund’s net assets grow from new or additional investments made in the Fund by other shareholders. The issuer of a","page_number":115,"box":{"x":70,"y":612,"width":826,"height":11}},{"id":"bbe28c18-6b70-43de-a412-ec845bb28b47","block_type":"box","text":"private placement may later register those shares for public sale in an IPO, but there is no guarantee that an IPO will","page_number":115,"box":{"x":70,"y":627,"width":830,"height":11}},{"id":"061a7402-f7e4-406c-aa57-8546c61de850","block_type":"box","text":"ever be completed. Even after an IPO, there may be a limited trading market for securities of that issuer, including","page_number":115,"box":{"x":69,"y":642,"width":812,"height":11}},{"id":"122fd10c-a5de-44d9-a8c6-d53b065a826c","block_type":"box","text":"any direct investment by a Fund, or the Fund may be subject to contractual limitations on its ability to resell its","page_number":115,"box":{"x":69,"y":657,"width":787,"height":11}},{"id":"62a59f5d-df92-4709-9be2-cb26376797ef","block_type":"box","text":"existing securities following an IPO. The inability of an applicable issuer of a restricted security to complete an IPO or","page_number":115,"box":{"x":69,"y":672,"width":833,"height":11}},{"id":"f00b7de9-0c41-4829-ae73-17231ca1350e","block_type":"box","text":"offer other liquidity opportunities to the Fund and other investors will extend the holding period of a Fund’s","page_number":115,"box":{"x":69,"y":687,"width":759,"height":11}},{"id":"5fc3efce-3f9d-4131-bb70-324cb75d98a7","block_type":"box","text":"investments, potentially indefinitely, and may adversely affect the value of the investments. In making investments in","page_number":115,"box":{"x":70,"y":702,"width":833,"height":12}},{"id":"a9222bee-5625-47ad-aaff-db604b66cca7","block_type":"box","text":"such securities, a Fund may obtain access to material nonpublic information, which may restrict the Fund’s ability to","page_number":115,"box":{"x":69,"y":717,"width":828,"height":12}},{"id":"decc6ee2-dcd4-4d98-b097-a097d6232897","block_type":"box","text":"conduct portfolio transactions in such securities. The activity of identifying, completing, and realizing upon attractive","page_number":115,"box":{"x":69,"y":732,"width":827,"height":12}},{"id":"38f6ee6c-326c-43e6-bea3-69eedcf9019f","block_type":"box","text":"investments in restricted securities is highly competitive and involves a high degree of uncertainty. A Fund will be","page_number":115,"box":{"x":70,"y":748,"width":804,"height":11}},{"id":"25dbab1f-b210-4de9-b0f3-13d4cd22cfeb","block_type":"box","text":"competing for investments against other similarly situated investors. It is possible that competition for appropriate","page_number":115,"box":{"x":69,"y":763,"width":816,"height":11}},{"id":"c328ba7d-a7c9-4cb1-8105-bb4ee0b9914e","block_type":"box","text":"investment opportunities may increase, thus potentially reducing the number of investment opportunities available to","page_number":115,"box":{"x":70,"y":778,"width":835,"height":11}},{"id":"dd6dc0fd-5afe-4c35-bbe4-473e02aa2a15","block_type":"box","text":"a Fund and adversely affecting the terms upon which investments can be made. There is no assurance that","page_number":115,"box":{"x":69,"y":793,"width":768,"height":11}},{"id":"c6d55bbd-900f-4d78-953a-676cdbeb2d33","block_type":"box","text":"investment opportunities for restricted securities will be available at any given time or at a level desired by a Fund,","page_number":115,"box":{"x":70,"y":808,"width":815,"height":11}},{"id":"075a84fe-83fe-4b0f-84e6-d5db6f651273","block_type":"box","text":"especially as that Fund grows in size.","page_number":115,"box":{"x":69,"y":823,"width":264,"height":12}},{"id":"3d6a307e-f8cb-481c-b64e-6881a2c66462","block_type":"box","text":"There may not be a readily available market value for a Fund’s restricted securities (in particular, restricted","page_number":115,"box":{"x":101,"y":846,"width":762,"height":11}},{"id":"08739f0c-ab92-4611-9c08-d14e20c2bf3d","block_type":"box","text":"securities issued by private companies) and thus they may be considered “illiquid”. Each Fund values restricted","page_number":115,"box":{"x":69,"y":861,"width":795,"height":11}},{"id":"c8bd0e0e-2b82-4cfb-9984-5c3e38c4341c","block_type":"box","text":"securities in accordance with BlackRock’s valuation policies and procedures, which are designed to value","page_number":115,"box":{"x":69,"y":876,"width":751,"height":11}},{"id":"02128f20-e85e-4985-9e1f-ba2e4238127e","block_type":"box","text":"investments such that they accurately reflect fair value. Due to the inherent uncertainty and subjectivity of","page_number":115,"box":{"x":70,"y":891,"width":755,"height":11}},{"id":"8e539feb-e224-4149-bd64-0a0fb740de1b","block_type":"box","text":"determining the fair value of investments that do not have a readily available market value, the fair value of a Fund’s","page_number":115,"box":{"x":69,"y":906,"width":830,"height":12}},{"id":"8c87ff1b-2ee3-4da2-a125-9955260b1405","block_type":"box","text":"II-71","page_number":115,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"01536f24-de15-487f-8b0f-49c5deed0637","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":115,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d06a208f-a14e-435b-b05d-6bd3af71a130","block_type":"box","text":"private investments may differ significantly from the values that would have been used had a readily available market","page_number":116,"box":{"x":70,"y":45,"width":835,"height":11}},{"id":"adc7cfaf-8f65-4ecf-97d8-18ef26528199","block_type":"box","text":"value existed for such investments and may differ materially from the amounts the Fund may realize on any","page_number":116,"box":{"x":68,"y":60,"width":766,"height":11}},{"id":"e2193319-319e-47f6-a844-5045bb36b344","block_type":"box","text":"dispositions of such investments. Differences in the value of the Fund’s private investments could result in the","page_number":116,"box":{"x":69,"y":75,"width":792,"height":11}},{"id":"ea01127d-0646-45db-a6c3-e3e4b52d073a","block_type":"box","text":"Fund’s shareholder transactions being effected at a NAV that does not accurately reflect the underlying value of the","page_number":116,"box":{"x":70,"y":90,"width":821,"height":11}},{"id":"1de38d4b-d50c-4161-897f-8fa85c92a7a6","block_type":"box","text":"Fund’s portfolio, potentially resulting in the dilution of shareholder interests and increasing opportunities for","page_number":116,"box":{"x":70,"y":105,"width":771,"height":11}},{"id":"d2995a6e-5dac-4e6f-8124-436dbfdf2345","block_type":"box","text":"shareholder arbitrage. The values used by the Fund to price its restricted securities may also differ from those used","page_number":116,"box":{"x":69,"y":120,"width":826,"height":12}},{"id":"636ed784-ce53-4b2d-8750-587ea31e8b5d","block_type":"box","text":"by other investment companies and investors to price the same restricted securities. In addition, the impact of","page_number":116,"box":{"x":69,"y":135,"width":790,"height":11}},{"id":"27b633fe-5cab-4e23-ae91-98bee1792b13","block_type":"box","text":"changes in the market environment and other events on the fair values of a Fund’s investments that have no readily","page_number":116,"box":{"x":69,"y":150,"width":828,"height":12}},{"id":"62208cc6-01ee-459c-b00c-e20e7c2781bc","block_type":"box","text":"available market values may differ from the impact of such changes on the readily available market values for the","page_number":116,"box":{"x":69,"y":166,"width":810,"height":11}},{"id":"4f74761e-bb0f-406d-a94a-92ee017f1980","block_type":"box","text":"Fund’s other investments. A Fund’s NAV could be adversely affected if the Fund’s determinations regarding the fair","page_number":116,"box":{"x":70,"y":181,"width":818,"height":11}},{"id":"59be3ae1-cd4a-456d-8a86-2016560df8f4","block_type":"box","text":"value of the Fund’s investments were materially higher than the investment’s actual market or fair value or the values","page_number":116,"box":{"x":68,"y":196,"width":839,"height":11}},{"id":"7c769abd-6fee-4e81-b486-be953f29fa8e","block_type":"box","text":"that the Fund ultimately realizes upon the disposal of such investments.","page_number":116,"box":{"x":68,"y":211,"width":514,"height":11}},{"id":"4ced22f8-94f2-4c90-b3e1-3bea82e32c27","block_type":"box","text":"See also risks discussed under “Illiquid Investments.”","page_number":116,"box":{"x":102,"y":234,"width":385,"height":11}},{"id":"55832d3a-036d-4898-ab6f-0e85e154b0db","block_type":"box","text":"Reverse Repurchase Agreements.","page_number":116,"box":{"x":102,"y":257,"width":246,"height":10}},{"id":"77427965-6809-4045-a13a-800e347654a8","block_type":"box","text":"A Fund may enter into reverse repurchase agreements with the same parties","page_number":116,"box":{"x":354,"y":257,"width":548,"height":11}},{"id":"a8fd4166-c2d0-46a7-9bb4-015686da0fbb","block_type":"box","text":"with whom it may enter into repurchase agreements. Under a reverse repurchase agreement, a Fund sells securities","page_number":116,"box":{"x":68,"y":272,"width":830,"height":11}},{"id":"36945e20-7e5c-41e4-9686-6ec4afe5c52c","block_type":"box","text":"to another party and agrees to repurchase them at a particular date and price. A Fund may enter into a reverse","page_number":116,"box":{"x":68,"y":287,"width":793,"height":11}},{"id":"23cf4fe4-0d71-409f-8e5a-cb2730844a9b","block_type":"box","text":"repurchase agreement when it is anticipated that the interest income to be earned from the investment of the","page_number":116,"box":{"x":69,"y":302,"width":784,"height":11}},{"id":"f5ed99db-0788-4c3f-bd59-24129989dc43","block_type":"box","text":"proceeds of the transaction is greater than the interest expense of the transaction.","page_number":116,"box":{"x":70,"y":317,"width":591,"height":11}},{"id":"cf4adb2c-5fbf-4591-92ba-8dac977ed919","block_type":"box","text":"The use of reverse repurchase agreements may be regarded as leveraging and, therefore, speculative.","page_number":116,"box":{"x":101,"y":339,"width":730,"height":12}},{"id":"7d925241-705f-4875-9ab4-7e49c090dd7e","block_type":"box","text":"Furthermore, reverse repurchase agreements involve the risks that (i) the interest income earned in the investment","page_number":116,"box":{"x":70,"y":355,"width":822,"height":11}},{"id":"a367e50a-14d0-4cc5-946f-6dd59a314d61","block_type":"box","text":"of the proceeds will be less than the interest expense, (ii) the market value of the securities retained in lieu of sale","page_number":116,"box":{"x":69,"y":370,"width":821,"height":11}},{"id":"27fc0667-1c1d-4b48-bd23-4da0c2b70fb8","block_type":"box","text":"by a Fund may decline below the price of the securities the Fund has sold but is obligated to repurchase, (iii) the","page_number":116,"box":{"x":69,"y":385,"width":801,"height":11}},{"id":"419117e3-3e83-4030-ba70-2b220d640dbd","block_type":"box","text":"market value of the securities sold will decline below the price at which the Fund is required to repurchase them and","page_number":116,"box":{"x":69,"y":400,"width":830,"height":11}},{"id":"de642875-f831-4ddf-bd5a-64308c46c833","block_type":"box","text":"(iv) the securities will not be returned to the Fund.","page_number":116,"box":{"x":69,"y":415,"width":354,"height":11}},{"id":"567d2cd4-2f91-43ce-ac85-f7ed80e8348a","block_type":"box","text":"In addition, if the buyer of securities under a reverse repurchase agreement files for bankruptcy or becomes","page_number":116,"box":{"x":102,"y":438,"width":769,"height":11}},{"id":"37b75552-8a4a-4b1a-8b76-64be1f440ebf","block_type":"box","text":"insolvent, such buyer or its trustee or receiver may receive an extension of time to determine whether to enforce a","page_number":116,"box":{"x":70,"y":453,"width":815,"height":11}},{"id":"192cd3c7-dc42-47b7-9c31-3231fe061851","block_type":"box","text":"Fund’s obligations to repurchase the securities and the Fund’s use of the proceeds of the reverse repurchase","page_number":116,"box":{"x":70,"y":468,"width":782,"height":11}},{"id":"c82a48f2-cc08-4d9c-98d6-af59557004d0","block_type":"box","text":"agreement may effectively be restricted pending such decision.","page_number":116,"box":{"x":69,"y":483,"width":449,"height":11}},{"id":"00bbfa71-072d-41cc-b730-9a45ee389988","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to enter into reverse repurchase agreements and","page_number":116,"box":{"x":102,"y":506,"width":794,"height":11}},{"id":"03415419-bd4b-42be-9b37-31c03a7539a8","block_type":"box","text":"similar financing transactions (","page_number":116,"box":{"x":69,"y":521,"width":218,"height":11}},{"id":"03014152-72cc-4cf6-a4cc-d0e55d71eede","block_type":"box","text":"e.g.","page_number":116,"box":{"x":289,"y":522,"width":24,"height":10}},{"id":"06fd78c9-3ffe-416e-9c9f-3b844803a8de","block_type":"box","text":", recourse and non-recourse tender option bonds, borrowed bonds) notwithstanding","page_number":116,"box":{"x":316,"y":521,"width":594,"height":11}},{"id":"1eaf10d7-aa3d-4026-90a0-7eb100762eab","block_type":"box","text":"the limitation on the issuance of senior securities in Section 18 of the Investment Company Act, provided that the","page_number":116,"box":{"x":68,"y":536,"width":813,"height":11}},{"id":"fa042558-b8a5-44cc-801b-1653ffa295b2","block_type":"box","text":"Fund either (i) complies with the 300% asset coverage ratio with respect to all such transactions and any other","page_number":116,"box":{"x":70,"y":551,"width":789,"height":11}},{"id":"a17286da-a096-45e0-86bd-b99892258000","block_type":"box","text":"borrowings in the aggregate, or (ii) treats all such transactions as Derivatives Transactions under Rule 18f-4. See “—","page_number":116,"box":{"x":69,"y":566,"width":836,"height":11}},{"id":"0662681e-82e3-4ff0-8245-065812108bf7","block_type":"box","text":"Derivatives — Regulation of Derivatives — Rule 18f-4 under the Investment Company Act” above. The SEC has also","page_number":116,"box":{"x":70,"y":581,"width":824,"height":12}},{"id":"762ccee6-0785-483c-964f-b36203025d82","block_type":"box","text":"finalized rules that will require certain transactions involving U.S. Treasuries, including reverse repurchase","page_number":116,"box":{"x":68,"y":596,"width":758,"height":12}},{"id":"7fbbb542-065d-49cf-9192-dd9284d47cfa","block_type":"box","text":"agreements, to be centrally cleared. Compliance with these rules is expected to be required by the middle of 2027.","page_number":116,"box":{"x":69,"y":612,"width":822,"height":11}},{"id":"d74eb0c3-dca9-4bb3-bf5d-337b551ecb63","block_type":"box","text":"Although the impact of these rules on the Funds is difficult to predict, they may reduce the availability or increase the","page_number":116,"box":{"x":68,"y":627,"width":838,"height":11}},{"id":"63cf538a-8bcd-4ec1-a054-2e62e40a767d","block_type":"box","text":"costs of such transactions and may adversely affect a Fund’s performance.","page_number":116,"box":{"x":69,"y":642,"width":538,"height":11}},{"id":"b1602e2c-3e0e-4d98-acf2-b477f2f5f453","block_type":"box","text":"Additionally, regulations adopted by global prudential regulators require certain bank-regulated counterparties","page_number":116,"box":{"x":101,"y":665,"width":780,"height":11}},{"id":"03af05e1-d3cc-4d42-bbf0-f61284d97c38","block_type":"box","text":"and certain of their affiliates to include in certain financial contracts, including many reverse repurchase agreements,","page_number":116,"box":{"x":69,"y":680,"width":838,"height":11}},{"id":"707efad0-3174-4158-bdc7-e54f623acf32","block_type":"box","text":"terms that delay or restrict the rights of counterparties, such as a Fund, to terminate such agreements, take","page_number":116,"box":{"x":68,"y":695,"width":775,"height":11}},{"id":"01380533-2de2-4807-afad-ee6b16431158","block_type":"box","text":"foreclosure action, exercise other default rights or restrict transfers of credit support in the event that the","page_number":116,"box":{"x":68,"y":710,"width":754,"height":11}},{"id":"882ad6e1-1400-4aad-a107-62ad9549f72a","block_type":"box","text":"counterparty and/or its affiliates are subject to certain types of resolution or insolvency proceedings. It is possible","page_number":116,"box":{"x":69,"y":725,"width":818,"height":11}},{"id":"f84a4d6f-b44b-4ee1-aa95-7fba3ebcc36c","block_type":"box","text":"that these requirements, as well as potential additional government regulation and other developments in the","page_number":116,"box":{"x":68,"y":740,"width":783,"height":11}},{"id":"e04ea55a-6bf1-48ad-b647-7ba4f52aa4b7","block_type":"box","text":"market, could adversely affect a Fund’s ability to terminate existing reverse repurchase agreements or to realize","page_number":116,"box":{"x":69,"y":755,"width":800,"height":11}},{"id":"a437f6f5-3c8a-40ef-9f84-e4977a374162","block_type":"box","text":"amounts to be received under such agreements.","page_number":116,"box":{"x":69,"y":771,"width":345,"height":11}},{"id":"a1feccc5-fba6-4cd7-8f89-23920fe6b695","block_type":"box","text":"Rights Offerings and Warrants to Purchase.","page_number":116,"box":{"x":102,"y":793,"width":316,"height":11}},{"id":"9284f233-bc8a-42a0-802e-688656a2cc3c","block_type":"box","text":"Certain Funds may participate in rights offerings and may purchase","page_number":116,"box":{"x":424,"y":793,"width":481,"height":11}},{"id":"3197782a-6822-4a36-8a0f-0fc20378de99","block_type":"box","text":"warrants, which are privileges issued by corporations enabling the owners to subscribe to and purchase a specified","page_number":116,"box":{"x":68,"y":808,"width":822,"height":11}},{"id":"dda44465-c650-4329-bc99-b3e7f791f251","block_type":"box","text":"number of shares of the corporation at a specified price during a specified period of time. Subscription rights","page_number":116,"box":{"x":69,"y":823,"width":776,"height":12}},{"id":"ee3533fe-7b97-408e-8fac-b08ebef78f5b","block_type":"box","text":"normally have a short life span to expiration. The purchase of rights or warrants involves the risk that a Fund could","page_number":116,"box":{"x":69,"y":838,"width":817,"height":12}},{"id":"7142355c-0b66-4d0e-9e61-34d7223951aa","block_type":"box","text":"lose the purchase value of a right or warrant if the right to subscribe to additional shares is not exercised prior to the","page_number":116,"box":{"x":70,"y":853,"width":833,"height":12}},{"id":"c5d6ea8f-07cc-45de-a47b-3c591e2967df","block_type":"box","text":"rights’ and warrants’ expiration. Also, the purchase of rights and/or warrants involves the risk that the effective price","page_number":116,"box":{"x":69,"y":869,"width":835,"height":11}},{"id":"357136da-10ed-45b1-a8f7-1fcef15745f8","block_type":"box","text":"paid for the right and/or warrant added to the subscription price of the related security may exceed the value of the","page_number":116,"box":{"x":70,"y":884,"width":821,"height":11}},{"id":"2c48b2fe-dd30-47a3-9c93-3f3faadbab40","block_type":"box","text":"subscribed security’s market price such as when there is no movement in the level of the underlying security. Buying","page_number":116,"box":{"x":69,"y":899,"width":830,"height":11}},{"id":"b6408723-279b-4f9d-bcc8-15d8c510acac","block_type":"box","text":"II-72","page_number":116,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"220e8606-7256-4a9a-b313-e09b973617d3","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":116,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8f77bd84-a50f-4f24-a2fd-7e808ad91485","block_type":"box","text":"a warrant does not make the Fund a shareholder of the underlying stock. The warrant holder has no voting or","page_number":117,"box":{"x":69,"y":45,"width":777,"height":11}},{"id":"393dd4dc-b448-4b1a-a28e-9d19ebf5c574","block_type":"box","text":"dividend rights with respect to the underlying stock. A warrant does not carry any right to assets of the issuer, and for","page_number":117,"box":{"x":69,"y":60,"width":839,"height":11}},{"id":"a396ce64-f977-4cf8-8dfa-9c024a5bb32d","block_type":"box","text":"this reason investments in warrants may be more speculative than other equity-based investments.","page_number":117,"box":{"x":68,"y":75,"width":708,"height":11}},{"id":"9395e155-f786-47f7-a259-1167f0aca0cb","block_type":"box","text":"Rule 144A Securities.","page_number":117,"box":{"x":102,"y":98,"width":159,"height":9}},{"id":"c5dea24b-cafb-4d0e-a736-0ec76e2747da","block_type":"box","text":"A Fund may purchase securities that can be offered and sold only to “qualified","page_number":117,"box":{"x":266,"y":98,"width":560,"height":11}},{"id":"12c16a0d-0a03-4533-9702-28692e2d30a2","block_type":"box","text":"institutional buyers” pursuant to Rule 144A under the Securities Act. See “Restricted Securities” above.","page_number":117,"box":{"x":70,"y":113,"width":741,"height":11}},{"id":"6708f6d2-79d6-4d5a-b233-42671970cee3","block_type":"box","text":"Securities Lending.","page_number":117,"box":{"x":101,"y":135,"width":139,"height":11}},{"id":"dcb6f73d-dae3-4be9-9878-6f896aa73a59","block_type":"box","text":"Each Fund may lend portfolio securities to certain borrowers that BlackRock determines to","page_number":117,"box":{"x":247,"y":135,"width":645,"height":11}},{"id":"6d2f750a-f784-45ac-ba2a-bd64eded6405","block_type":"box","text":"be creditworthy, including borrowers affiliated with BlackRock. The borrowers provide collateral that is maintained in","page_number":117,"box":{"x":69,"y":150,"width":825,"height":12}},{"id":"8718ef66-55cd-4a55-85a3-46e7a271bd2f","block_type":"box","text":"an amount at least equal to the current market value of the securities loaned. No securities loan shall be made on","page_number":117,"box":{"x":69,"y":166,"width":817,"height":11}},{"id":"a1ef815e-e90d-4eaa-9e92-0edc56284d1d","block_type":"box","text":"behalf of a Fund if, as a result, the aggregate value of all securities loans of the particular Fund exceeds one-third of","page_number":117,"box":{"x":69,"y":181,"width":831,"height":11}},{"id":"4611d43c-272b-400e-b2b1-419cf1ac8f37","block_type":"box","text":"the value of such Fund’s total assets (including the value of the collateral received). A Fund may terminate a loan at","page_number":117,"box":{"x":68,"y":196,"width":827,"height":11}},{"id":"9f376b0b-a763-4469-ad03-e2b522ad6e18","block_type":"box","text":"any time and obtain the return of the securities loaned. Each Fund receives, by way of substitute payment, the value","page_number":117,"box":{"x":69,"y":211,"width":829,"height":11}},{"id":"ce01e9fe-e0b8-48c4-a96d-7be6b003cd1d","block_type":"box","text":"of any interest or cash or non-cash distributions paid on the loaned securities that it would have otherwise received if","page_number":117,"box":{"x":69,"y":226,"width":838,"height":11}},{"id":"af1ab8a1-0ca2-4996-88fc-9669c5240099","block_type":"box","text":"the securities were not on loan.","page_number":117,"box":{"x":68,"y":241,"width":225,"height":9}},{"id":"d69763e3-4d48-4df8-95f7-1b290bfe528a","block_type":"box","text":"With respect to loans that are collateralized by cash, the borrower may be entitled to receive a fee based on the","page_number":117,"box":{"x":101,"y":264,"width":799,"height":11}},{"id":"0408a31d-6802-4d34-8059-22c39b522cb9","block_type":"box","text":"amount of cash collateral. The Funds are compensated by any positive difference between the amount earned on the","page_number":117,"box":{"x":69,"y":279,"width":835,"height":11}},{"id":"4b7c5ea6-2dca-432f-b0a8-4fc02091eb23","block_type":"box","text":"reinvestment of cash collateral and the fee paid to the borrower. In the case of collateral other than cash, a Fund is","page_number":117,"box":{"x":69,"y":294,"width":824,"height":11}},{"id":"43849a86-de9f-4667-867f-be468759711a","block_type":"box","text":"compensated by a fee paid by the borrower equal to a percentage of the market value of the loaned securities. Any","page_number":117,"box":{"x":69,"y":309,"width":821,"height":11}},{"id":"8fb91de1-75e6-4502-bdb6-3d9f59878196","block_type":"box","text":"cash collateral received by the Fund for such loans, and uninvested cash, may be reinvested in certain short-term","page_number":117,"box":{"x":69,"y":324,"width":810,"height":11}},{"id":"99328c14-7b84-4387-b1d8-edb3b8b65119","block_type":"box","text":"instruments either directly on behalf of the Fund or through one or more joint accounts or money market funds,","page_number":117,"box":{"x":70,"y":339,"width":789,"height":12}},{"id":"f6dd6d37-3b0f-4833-bec9-65ff04737405","block_type":"box","text":"including those affiliated with BlackRock; such investments are subject to investment risk.","page_number":117,"box":{"x":70,"y":355,"width":643,"height":11}},{"id":"84dffd2a-7b89-4d3d-a5b8-47b6dc9c3c9a","block_type":"box","text":"Securities lending involves exposure to certain risks, including operational risk (","page_number":117,"box":{"x":102,"y":377,"width":568,"height":12}},{"id":"9bc2f40a-327d-449e-b226-5bc746688e9f","block_type":"box","text":"i.e.","page_number":117,"box":{"x":672,"y":377,"width":20,"height":9}},{"id":"88efa31d-1349-4cfe-a8ab-3910cc15eb23","block_type":"box","text":", the risk of losses resulting","page_number":117,"box":{"x":695,"y":377,"width":198,"height":12}},{"id":"1194d65a-3afa-4983-93cd-77c4839fc697","block_type":"box","text":"from problems in the settlement and accounting process), “gap” risk (","page_number":117,"box":{"x":68,"y":392,"width":501,"height":12}},{"id":"ac501a7f-f716-4608-b81b-b21ce67c4567","block_type":"box","text":"i.e.","page_number":117,"box":{"x":571,"y":393,"width":20,"height":8}},{"id":"1a22eb77-02fc-424a-8517-822c0075e264","block_type":"box","text":", the risk of a mismatch between the return","page_number":117,"box":{"x":594,"y":392,"width":307,"height":11}},{"id":"353681cd-a9b6-4c28-8dd1-2da6a62869a7","block_type":"box","text":"on cash collateral reinvestments and the fees each Fund has agreed to pay a borrower), foreign exchange risk (","page_number":117,"box":{"x":69,"y":407,"width":794,"height":12}},{"id":"f42121e6-f1aa-4b6a-bb01-1e41d1010452","block_type":"box","text":"i.e.","page_number":117,"box":{"x":865,"y":408,"width":20,"height":8}},{"id":"67c62eca-d5c9-4f2d-9eb4-8d73a925a803","block_type":"box","text":",","page_number":117,"box":{"x":888,"y":415,"width":2,"height":3}},{"id":"c4f4430d-3fcf-420a-8666-6ed2bba5dbf4","block_type":"box","text":"the risk of a shortfall at default when a cash collateral investment is denominated in a currency other than the","page_number":117,"box":{"x":68,"y":423,"width":788,"height":11}},{"id":"3f13dd80-3354-4b25-88d4-18b69729d5f5","block_type":"box","text":"currency of the assets being loaned due to movements in foreign exchange rates), and credit, legal, counterparty and","page_number":117,"box":{"x":69,"y":438,"width":837,"height":11}},{"id":"6a29638f-82f4-47c7-b3da-eedec2a3f933","block_type":"box","text":"market risks (including the risk that market events, including but not limited to corporate actions, could lead a Fund","page_number":117,"box":{"x":69,"y":453,"width":822,"height":11}},{"id":"2fad1975-e8db-4a76-b3c2-3f5ebc9c1368","block_type":"box","text":"to lend securities that are trading at a premium due to increased demand, or to recall loaned securities or to lend","page_number":117,"box":{"x":68,"y":468,"width":811,"height":11}},{"id":"66500e31-151c-4931-b2f9-8e659bcd5b82","block_type":"box","text":"less or not at all, which could lead to reduced securities lending revenue). If a Fund were to lend out securities that","page_number":117,"box":{"x":70,"y":483,"width":820,"height":11}},{"id":"8b64d086-cd5c-4395-aac6-948cd84aff34","block_type":"box","text":"are subject to a corporate action and commit to the borrower a particular election as determined by the Fund’s","page_number":117,"box":{"x":69,"y":498,"width":790,"height":11}},{"id":"2c055a13-3dfc-4254-9b83-c3fc46852a4b","block_type":"box","text":"investment adviser, the benefit the Fund would receive in respect of committing to such election may or may not be","page_number":117,"box":{"x":70,"y":513,"width":820,"height":12}},{"id":"d0148bef-52eb-49f7-a4c7-bfa5959f50a0","block_type":"box","text":"less than the benefit the Fund would have received from making a different election in such corporate action. If a","page_number":117,"box":{"x":70,"y":528,"width":805,"height":12}},{"id":"c4186c31-9095-414a-aa27-3cdf38d98949","block_type":"box","text":"securities lending counterparty were to default, a Fund would be subject to the risk of a possible delay in receiving","page_number":117,"box":{"x":69,"y":543,"width":816,"height":12}},{"id":"420d2015-1fdd-4fa2-a22d-f3e83530a803","block_type":"box","text":"collateral or in recovering the loaned securities, or to a possible loss of rights in the collateral. In the event a","page_number":117,"box":{"x":69,"y":559,"width":775,"height":11}},{"id":"18611bc7-e223-457e-b259-40e7f0c83e1d","block_type":"box","text":"borrower does not return a Fund’s securities as agreed, the Fund’s ability to participate in a corporate action event","page_number":117,"box":{"x":69,"y":574,"width":821,"height":11}},{"id":"8a4aa69f-ae2d-4951-b7fc-1b345cf9bad9","block_type":"box","text":"may be impacted, or the Fund may experience losses if the proceeds received from liquidating the collateral do not at","page_number":117,"box":{"x":69,"y":589,"width":838,"height":11}},{"id":"f09e2182-ef92-49f4-b0da-ea4525d417a7","block_type":"box","text":"least equal the value of the loaned security at the time the collateral is liquidated, plus the transaction costs incurred","page_number":117,"box":{"x":70,"y":604,"width":837,"height":11}},{"id":"2d058386-d08d-4b6d-8f73-f580d0e39dac","block_type":"box","text":"in purchasing replacement securities. This latter event could trigger adverse tax consequences for a Fund. A Fund","page_number":117,"box":{"x":70,"y":619,"width":808,"height":11}},{"id":"1be00eb5-318b-4973-a9b8-4c40d45f6e9e","block_type":"box","text":"could lose money if its short-term investment of the collateral declines in value over the period of the loan. Substitute","page_number":117,"box":{"x":69,"y":634,"width":839,"height":11}},{"id":"f7d3caed-9e86-4379-ae9a-c7fc88ba97a3","block_type":"box","text":"payments received by a Fund representing dividends paid on securities loaned out by the Fund will not be considered","page_number":117,"box":{"x":70,"y":650,"width":832,"height":11}},{"id":"c0a3f491-d058-4616-95fc-40d77ced9a29","block_type":"box","text":"qualified dividend income, and distributions by the Fund of such substitute payments will not constitute qualified","page_number":117,"box":{"x":69,"y":664,"width":801,"height":12}},{"id":"303282d5-9ca9-4fa2-ac52-231aba16b6fc","block_type":"box","text":"dividend income. Additionally, substitute payments received by a Fund representing qualified REIT dividends paid on","page_number":117,"box":{"x":69,"y":680,"width":823,"height":11}},{"id":"94b58e59-8d94-4dce-b7c7-dfb0455ff362","block_type":"box","text":"REIT securities loaned out by the Fund will not be considered qualified REIT dividends, and distributions by the Fund","page_number":117,"box":{"x":70,"y":695,"width":823,"height":11}},{"id":"7a89e12b-fe4c-4bf2-98df-b27d96d5a766","block_type":"box","text":"of such substitute payments will not be eligible for a 20% deduction currently available for ordinary REIT dividends","page_number":117,"box":{"x":69,"y":710,"width":812,"height":11}},{"id":"41ac6509-6cf3-4886-b01e-6b1c28f761f9","block_type":"box","text":"paid to non-corporate shareholders provided certain other requirements are satisfied. The securities lending agent","page_number":117,"box":{"x":70,"y":725,"width":814,"height":11}},{"id":"1255602d-9884-40f8-b219-abb840888087","block_type":"box","text":"will take into account the tax effects on shareholders caused by these differences in connection with a Fund’s","page_number":117,"box":{"x":68,"y":740,"width":787,"height":11}},{"id":"baa97a41-3cc0-479e-9684-a3afb01b9c6d","block_type":"box","text":"securities lending program. Substitute payments received on tax-exempt securities loaned out will not be tax-exempt","page_number":117,"box":{"x":69,"y":755,"width":828,"height":11}},{"id":"835f789e-a9f6-43eb-a74a-10ba44f17385","block_type":"box","text":"income. There could also be changes in the status of issuers under applicable laws and regulations, including tax","page_number":117,"box":{"x":70,"y":770,"width":809,"height":12}},{"id":"235bf733-7f3f-4169-be00-18fdb93b35a5","block_type":"box","text":"regulations, that may impact the regulatory or tax treatment of loaned securities and could, for example, result in a","page_number":117,"box":{"x":69,"y":785,"width":821,"height":12}},{"id":"303a1603-8896-4992-a785-0b3e99f1627d","block_type":"box","text":"delay in the payment of dividend equivalent payments owed to a Fund (as permitted by applicable law).","page_number":117,"box":{"x":69,"y":801,"width":731,"height":11}},{"id":"e68e28ce-0359-4351-9f0d-a4603dd6ed8e","block_type":"box","text":"Regulations adopted by global prudential regulators require certain bank-regulated counterparties and certain of","page_number":117,"box":{"x":102,"y":823,"width":800,"height":12}},{"id":"05628669-8a93-4902-a92c-44c0e6acbdd3","block_type":"box","text":"their affiliates to include in certain financial contracts, including many securities lending agreements, terms that","page_number":117,"box":{"x":68,"y":838,"width":802,"height":12}},{"id":"776618e9-99d8-42b6-b16c-163c1bb664ba","block_type":"box","text":"delay or restrict the rights of counterparties, such as the Fund, to terminate such agreements, foreclose upon","page_number":117,"box":{"x":69,"y":853,"width":783,"height":12}},{"id":"0d6ed78f-2854-4b53-a1ba-43caa81f5363","block_type":"box","text":"collateral, exercise other default rights or restrict transfers of credit support in the event that the counterparty and/or","page_number":117,"box":{"x":69,"y":869,"width":839,"height":11}},{"id":"d7e4c3e1-2e7c-4665-88f3-ddb17c1209c9","block_type":"box","text":"its affiliates are subject to certain types of resolution or insolvency proceedings. It is possible that these","page_number":117,"box":{"x":70,"y":884,"width":747,"height":11}},{"id":"c30ae253-8858-4f96-88ab-7288b3c8ca01","block_type":"box","text":"requirements, as well as potential additional government regulation and other developments in the market, could","page_number":117,"box":{"x":69,"y":899,"width":806,"height":11}},{"id":"41c2bbe5-bdff-4f42-bf0c-208e7fdb2f4b","block_type":"box","text":"II-73","page_number":117,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"5e265aa3-87d3-419b-856c-e3368efc8d4d","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":117,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a4d09eb8-b2d0-43f4-91e9-b488ee36d8a8","block_type":"box","text":"adversely affect the Fund’s ability to terminate existing securities lending agreements or to realize amounts to be","page_number":118,"box":{"x":69,"y":45,"width":808,"height":11}},{"id":"dd6a2b18-f7c6-4f64-8079-e1bc3f7080af","block_type":"box","text":"received under such agreements. Prudential regulation may also favor lenders that can provide additional protections,","page_number":118,"box":{"x":69,"y":60,"width":839,"height":11}},{"id":"2cb8e4d6-70c4-4867-8f4d-441a2430ceed","block_type":"box","text":"such as liens that are exercisable in connection with a lender default, to borrowers. Certain Funds expect to provide","page_number":118,"box":{"x":69,"y":75,"width":827,"height":11}},{"id":"cb1ce958-a39b-4519-837f-14ea92407c40","block_type":"box","text":"additional protections to borrowers, where permitted pursuant to a Fund’s investment policies and if BlackRock","page_number":118,"box":{"x":69,"y":90,"width":794,"height":11}},{"id":"274270c5-d659-4ba3-ae70-acbe1d0fc5eb","block_type":"box","text":"believes doing so is in the best interest of the Fund.","page_number":118,"box":{"x":69,"y":105,"width":371,"height":11}},{"id":"0633cc44-ed98-4cae-aa1d-bf77a79b190d","block_type":"box","text":"The SEC has adopted a rule that will require reporting and public disclosure of securities loan transaction","page_number":118,"box":{"x":101,"y":128,"width":753,"height":11}},{"id":"0b68d6dc-6e93-4355-9193-2930d6cad26c","block_type":"box","text":"information (not including party names); this may include, but is not limited to, information about securities loans","page_number":118,"box":{"x":70,"y":143,"width":808,"height":11}},{"id":"0ff088a7-15b4-46b0-97e2-36f173edb3f0","block_type":"box","text":"entered into in connection with short sales. Compliance with this rule is expected to be required in late 2028,","page_number":118,"box":{"x":69,"y":158,"width":784,"height":11}},{"id":"1cf752f8-9085-4f5e-b047-31007ddae30e","block_type":"box","text":"although in response to the outcome of a legal challenge against the rule, the SEC may amend the rule and/or delay","page_number":118,"box":{"x":69,"y":173,"width":833,"height":11}},{"id":"c15c24fb-fab1-4334-a634-404e7985d37c","block_type":"box","text":"the current expected compliance date.","page_number":118,"box":{"x":68,"y":188,"width":273,"height":11}},{"id":"91075c69-fb46-4ef2-9c93-6d86793d8e8b","block_type":"box","text":"Short Sales.","page_number":118,"box":{"x":101,"y":211,"width":89,"height":9}},{"id":"c4d310f0-0994-436c-9fc9-5307600ad350","block_type":"box","text":"Certain Funds may make short sales of securities, either as a hedge against potential declines in","page_number":118,"box":{"x":196,"y":211,"width":696,"height":11}},{"id":"c04be68a-1ec2-43b3-b33a-66372e6df2dd","block_type":"box","text":"value of a portfolio security or to realize appreciation when a security that the Fund does not own declines in value.","page_number":118,"box":{"x":68,"y":226,"width":821,"height":11}},{"id":"234d231b-f4ee-4be6-8c1c-15cfa76cc8f5","block_type":"box","text":"Certain Funds have a fundamental investment restriction prohibiting short sales of securities unless they are","page_number":118,"box":{"x":69,"y":241,"width":778,"height":11}},{"id":"ec2e855b-b3af-48d8-b8ee-0b61b52c7566","block_type":"box","text":"“against-the-box.” In a short sale “against-the-box,” at the time of the sale, the Fund owns or has the immediate and","page_number":118,"box":{"x":70,"y":256,"width":831,"height":12}},{"id":"7e57c56a-580b-4928-b977-6fe420646562","block_type":"box","text":"unconditional right to acquire the identical security at no additional cost. When a Fund makes a short sale, it borrows","page_number":118,"box":{"x":69,"y":272,"width":837,"height":11}},{"id":"3cf306fc-3b8d-4b67-89b9-348c9029d5fa","block_type":"box","text":"the security sold short and delivers it to the broker-dealer through which it made the short sale. A Fund may have to","page_number":118,"box":{"x":68,"y":287,"width":828,"height":11}},{"id":"e6ef5ae2-b2f8-41b0-b164-69a848f490bb","block_type":"box","text":"pay a fee to borrow particular securities and is often obligated to turn over any payments received on such borrowed","page_number":118,"box":{"x":70,"y":302,"width":829,"height":11}},{"id":"417ac3dd-157e-4d51-bf5f-d93df92c6f9f","block_type":"box","text":"securities to the lender of the securities.","page_number":118,"box":{"x":69,"y":317,"width":289,"height":9}},{"id":"c4923cdf-d257-4d4c-be1c-3a3e9b14def0","block_type":"box","text":"A Fund secures its obligation to replace the borrowed security by depositing collateral with the broker-dealer,","page_number":118,"box":{"x":101,"y":340,"width":772,"height":11}},{"id":"78d3feae-ddc3-4e18-9a38-67be5628a057","block_type":"box","text":"usually in cash, U.S. Government Securities or other liquid securities similar to those borrowed. With respect to","page_number":118,"box":{"x":69,"y":355,"width":795,"height":11}},{"id":"828ef9a9-8d9c-47d3-98bc-a19d0c05f77f","block_type":"box","text":"uncovered short positions, a Fund is required to deposit similar collateral with its custodian, if necessary, to the","page_number":118,"box":{"x":69,"y":370,"width":801,"height":11}},{"id":"91f8f54f-b32b-4e95-a2b7-65e7552ca319","block_type":"box","text":"extent that the value of both collateral deposits in the aggregate is at all times equal to at least 100% of the current","page_number":118,"box":{"x":69,"y":385,"width":830,"height":11}},{"id":"de388c68-e96f-419c-ae18-8a4657a05cfd","block_type":"box","text":"market value of the security sold short. Depending on arrangements made with the broker-dealer from which the Fund","page_number":118,"box":{"x":69,"y":400,"width":839,"height":11}},{"id":"c9854aa9-4216-4875-937b-8ab330034310","block_type":"box","text":"borrowed the security, regarding payment received by the Fund on such security, a Fund may not receive any","page_number":118,"box":{"x":69,"y":415,"width":770,"height":11}},{"id":"24ddf207-5d7b-4a82-b223-3c6e72addc57","block_type":"box","text":"payments (including interest) on its collateral deposited with such broker-dealer.","page_number":118,"box":{"x":70,"y":430,"width":568,"height":11}},{"id":"d7637d42-88a4-4a98-ad40-cbc20fff8269","block_type":"box","text":"Because making short sales in securities that it does not own exposes a Fund to the risks associated with those","page_number":118,"box":{"x":102,"y":453,"width":806,"height":11}},{"id":"b84e9156-b92e-43a9-af16-a5188b192e0e","block_type":"box","text":"securities, such short sales involve speculative exposure risk. A Fund will incur a loss as a result of a short sale if","page_number":118,"box":{"x":69,"y":468,"width":817,"height":11}},{"id":"3fe43f14-129a-4c5c-ac7d-5b7ec1409705","block_type":"box","text":"the price of the security increases between the date of the short sale and the date on which the Fund replaces the","page_number":118,"box":{"x":68,"y":483,"width":819,"height":11}},{"id":"8a9e3584-f0e9-4c62-a486-5c9f80be1ee2","block_type":"box","text":"borrowed security. As a result, if a Fund makes short sales in securities that increase in value, it will likely","page_number":118,"box":{"x":69,"y":498,"width":758,"height":11}},{"id":"438bb021-f3ab-4324-b4c6-098a63f1109d","block_type":"box","text":"underperform similar mutual funds that do not make short sales in securities. A Fund will realize a gain on a short","page_number":118,"box":{"x":69,"y":513,"width":817,"height":12}},{"id":"9a335ce3-cb23-43be-a187-1cf2a8251067","block_type":"box","text":"sale if the security declines in price between those dates. There can be no assurance that a Fund will be able to","page_number":118,"box":{"x":69,"y":528,"width":800,"height":12}},{"id":"1eef0b82-0b96-4133-8dfb-441567d867cb","block_type":"box","text":"close out a short sale position at any particular time or at an acceptable price. Although a Fund’s gain is limited to","page_number":118,"box":{"x":69,"y":544,"width":818,"height":11}},{"id":"0f358f22-e92c-4cd9-b007-6543368a27a8","block_type":"box","text":"the price at which it sold the security short, its potential loss is limited only by the maximum attainable price of the","page_number":118,"box":{"x":68,"y":559,"width":821,"height":11}},{"id":"8008ab2c-526e-4711-9453-c8986468171b","block_type":"box","text":"security, less the price at which the security was sold and may, theoretically, be unlimited.","page_number":118,"box":{"x":69,"y":574,"width":640,"height":11}},{"id":"fee6dc5e-90ca-43c0-8595-805da7eb025d","block_type":"box","text":"A Fund may also make short sales “against the box” without being subject to such limitations.","page_number":118,"box":{"x":101,"y":597,"width":673,"height":11}},{"id":"ced1c30f-bd52-4d02-8a87-e0220810c7b2","block_type":"box","text":"A Fund must comply with Rule 18f-4 under the Investment Company Act with respect to its short sale","page_number":118,"box":{"x":101,"y":619,"width":721,"height":11}},{"id":"95e25576-235c-47ba-b805-e028db38f94b","block_type":"box","text":"borrowings, which are considered Derivatives Transactions under the Rule. See “—Derivatives — Regulation of","page_number":118,"box":{"x":69,"y":634,"width":791,"height":12}},{"id":"11b33816-07cf-40bf-b062-2017d77b0519","block_type":"box","text":"Derivatives — Rule 18f-4 under the Investment Company Act” above.","page_number":118,"box":{"x":70,"y":649,"width":489,"height":12}},{"id":"c47ba1d7-2a25-4f02-969a-a2e96538dc2d","block_type":"box","text":"Short sales are also subject to certain SEC regulations and certain European Union and United Kingdom","page_number":118,"box":{"x":102,"y":672,"width":745,"height":11}},{"id":"66b5f6a3-2045-47f8-a1b0-a514580ada8d","block_type":"box","text":"regulations (under which there are restrictions on net short sales in certain securities). If the SEC or regulatory","page_number":118,"box":{"x":69,"y":687,"width":793,"height":11}},{"id":"78e654a3-02ca-41cc-b1da-c77975a9cd78","block_type":"box","text":"authorities in other jurisdictions were to adopt additional restrictions regarding short sales, they could restrict a","page_number":118,"box":{"x":69,"y":703,"width":796,"height":11}},{"id":"fd14c331-d80d-40f9-a2e7-75a1e3f359af","block_type":"box","text":"Fund’s ability to engage in short sales in certain circumstances, and the Fund may be unable to execute its","page_number":118,"box":{"x":70,"y":718,"width":766,"height":11}},{"id":"c01c3c72-079b-40c0-91a1-62a65adbc1a1","block_type":"box","text":"investment strategy as a result. In response to market events, the SEC and regulatory authorities in other","page_number":118,"box":{"x":70,"y":733,"width":754,"height":11}},{"id":"65a69c1d-8904-4fde-8c4d-707466e4acac","block_type":"box","text":"jurisdictions may adopt (and in certain cases, have adopted) bans or other restrictions on short sales of certain","page_number":118,"box":{"x":67,"y":748,"width":800,"height":11}},{"id":"d90bf0e5-5d25-47e5-811f-484b95419f23","block_type":"box","text":"securities or on derivatives and other hedging instruments used to achieve a similar economic effect. Such bans or","page_number":118,"box":{"x":69,"y":763,"width":823,"height":11}},{"id":"e39133c9-1190-4a4f-8841-0977d188915d","block_type":"box","text":"other restrictions may make it impossible for a Fund to execute certain investment strategies and may have a","page_number":118,"box":{"x":69,"y":778,"width":782,"height":11}},{"id":"72a2b5c1-a9bc-4ee8-92e7-c6a69e90c95f","block_type":"box","text":"material adverse effect on the Fund’s ability to generate returns.","page_number":118,"box":{"x":69,"y":793,"width":460,"height":11}},{"id":"7eb561d5-8512-4eb0-9855-2514cac5c920","block_type":"box","text":"Special Purpose Acquisition Companies.","page_number":118,"box":{"x":101,"y":816,"width":293,"height":11}},{"id":"627bbb3b-f0cc-4a6b-8dd8-15f7bbb77a5e","block_type":"box","text":"A Fund may invest in stock, warrants, rights and other interests issued","page_number":118,"box":{"x":400,"y":816,"width":504,"height":11}},{"id":"7b89c962-9dfc-4589-860d-e0e31bfe4ea4","block_type":"box","text":"by special purpose acquisition companies (“SPACs”) or similar special purpose entities that pool funds to seek","page_number":118,"box":{"x":69,"y":831,"width":791,"height":11}},{"id":"dc10e005-a753-467b-ac81-0a520a4c4c61","block_type":"box","text":"potential acquisition opportunities, including the “founder’s” shares and warrants described below. A SPAC is a","page_number":118,"box":{"x":70,"y":846,"width":793,"height":11}},{"id":"6add65a2-8b3a-4b10-a020-cb6d3348690a","block_type":"box","text":"publicly traded company that raises investment capital via an IPO for the purpose of identifying and acquiring one or","page_number":118,"box":{"x":70,"y":861,"width":824,"height":11}},{"id":"1f54ca44-40bb-4dfe-96cd-5bc4b5e6959e","block_type":"box","text":"more operating businesses or assets. In connection with forming a SPAC, the SPAC’s sponsors acquire “founder’s”","page_number":118,"box":{"x":69,"y":876,"width":821,"height":11}},{"id":"f468f6b4-07c7-4ab8-aa84-e576cf7361dd","block_type":"box","text":"shares, generally for nominal consideration, and warrants that will result in the sponsors owning a specified","page_number":118,"box":{"x":69,"y":891,"width":768,"height":12}},{"id":"aa8e351b-a091-4349-8092-a1f6f0b33161","block_type":"box","text":"percentage (typically 20%) of the SPAC’s outstanding common stock upon completion of the IPO. At the time a SPAC","page_number":118,"box":{"x":70,"y":906,"width":826,"height":12}},{"id":"1c5caf09-0249-4ae3-923b-89eac8b44bd8","block_type":"box","text":"II-74","page_number":118,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a9acc9db-8247-427e-b770-04b7b61af029","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":118,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"53895ce1-534f-441e-abe5-09b8d41e6021","block_type":"box","text":"conducts an IPO, it has selected a management team but has not yet identified a specific acquisition opportunity.","page_number":119,"box":{"x":69,"y":45,"width":809,"height":11}},{"id":"7b87b002-72c3-49c9-87dc-c4f5047eb5e9","block_type":"box","text":"Unless and until an acquisition is completed, a SPAC generally invests its assets in U.S. Government securities,","page_number":119,"box":{"x":70,"y":60,"width":797,"height":11}},{"id":"aa3958ce-ea19-4693-aebd-94a05adc3efb","block_type":"box","text":"money market securities and cash. If an acquisition that meets the requirements for the SPAC is not completed","page_number":119,"box":{"x":69,"y":75,"width":795,"height":11}},{"id":"b8105738-eaa7-4f76-a500-cb7b3f50f7c9","block_type":"box","text":"within a pre-established period of time, the invested funds are returned to the SPAC’s public shareholders, the","page_number":119,"box":{"x":68,"y":90,"width":788,"height":11}},{"id":"21a96800-d2c6-4592-ab5c-64109c31721a","block_type":"box","text":"warrants expire, and the “founder’s” shares and such warrants become worthless. Because SPACs and similar","page_number":119,"box":{"x":68,"y":105,"width":794,"height":11}},{"id":"b00ba6c6-b84b-4b22-a1b6-1239fbcc5af6","block_type":"box","text":"entities are in essence “blank check” companies without operating histories or ongoing business operations (other","page_number":119,"box":{"x":69,"y":120,"width":820,"height":12}},{"id":"ab19272c-d342-4e81-8fea-4c335c4f3743","block_type":"box","text":"than identifying and pursuing acquisitions), the potential for the long-term capital appreciation of their securities is","page_number":119,"box":{"x":68,"y":135,"width":815,"height":12}},{"id":"23170f87-72ee-410e-bedc-033a58c46390","block_type":"box","text":"particularly dependent on the ability of the SPAC’s management to identify and complete a profitable acquisition.","page_number":119,"box":{"x":70,"y":150,"width":802,"height":12}},{"id":"1af6db91-030a-4253-b101-7f2a51d3ee62","block_type":"box","text":"There is no guarantee that the SPACs in which a Fund invests will complete an acquisition or that any acquisitions","page_number":119,"box":{"x":68,"y":166,"width":812,"height":11}},{"id":"3e307efe-4278-4a72-a418-8a4aa2aa003e","block_type":"box","text":"completed by the SPACs in which the Fund invests will be profitable. Some SPACs may pursue acquisitions only within","page_number":119,"box":{"x":69,"y":181,"width":838,"height":11}},{"id":"39c56461-e4b6-4366-b606-57a42fa108e4","block_type":"box","text":"certain industries or regions, which may ultimately lead to an increase in the volatility of their prices following the","page_number":119,"box":{"x":69,"y":196,"width":806,"height":11}},{"id":"b80a8684-462d-40fd-a04f-aedca03ef5d1","block_type":"box","text":"acquisition. In addition, some of these securities may be considered illiquid and/or subject to restrictions on resale.","page_number":119,"box":{"x":69,"y":211,"width":828,"height":11}},{"id":"03db37fd-0061-47e2-aab5-9dc2ca7795cb","block_type":"box","text":"Standby Commitment Agreements.","page_number":119,"box":{"x":101,"y":234,"width":255,"height":11}},{"id":"5ce3cea3-18ce-4198-b92b-7da180b9e5c1","block_type":"box","text":"Standby commitment agreements commit a Fund, for a stated period of","page_number":119,"box":{"x":362,"y":234,"width":511,"height":11}},{"id":"47bd020f-d187-4477-b41e-bec57b5a6d84","block_type":"box","text":"time, to purchase a stated amount of securities that may be issued and sold to that Fund at the option of the issuer.","page_number":119,"box":{"x":68,"y":249,"width":834,"height":11}},{"id":"b88c4490-d834-4493-96f8-db47acfea99b","block_type":"box","text":"The price of the security is fixed at the time of the commitment. At the time of entering into the agreement, a Fund is","page_number":119,"box":{"x":68,"y":264,"width":834,"height":11}},{"id":"70906039-154a-4258-a926-0dab6c0ce132","block_type":"box","text":"paid a commitment fee, regardless of whether or not the security is ultimately issued. A Fund will enter into such","page_number":119,"box":{"x":70,"y":279,"width":802,"height":11}},{"id":"ca95d706-d21a-41a4-829c-018fa01486df","block_type":"box","text":"agreements for the purpose of investing in the security underlying the commitment at a price that is considered","page_number":119,"box":{"x":69,"y":294,"width":793,"height":11}},{"id":"43458296-9aff-4098-9b1f-95318981339a","block_type":"box","text":"advantageous to the Fund.","page_number":119,"box":{"x":69,"y":309,"width":188,"height":11}},{"id":"bfa2bc9c-9fa0-48bd-808a-d727f712be02","block_type":"box","text":"There can be no assurance that the securities subject to a standby commitment will be issued, and the value of","page_number":119,"box":{"x":101,"y":332,"width":800,"height":11}},{"id":"4071fd0b-07d0-4d59-a6c4-1ce259c605a4","block_type":"box","text":"the security, if issued, on the delivery date may be more or less than its purchase price. Since the issuance of the","page_number":119,"box":{"x":68,"y":347,"width":816,"height":11}},{"id":"b943cc4a-c819-4065-accd-e1943b8eca99","block_type":"box","text":"security underlying the commitment is at the option of the issuer, the Fund may bear the risk of a decline in the value","page_number":119,"box":{"x":69,"y":362,"width":835,"height":11}},{"id":"d86bb0d6-d775-4230-a1ff-fa47d213136b","block_type":"box","text":"of such security and may not benefit from an appreciation in the value of the security during the commitment period.","page_number":119,"box":{"x":69,"y":377,"width":828,"height":12}},{"id":"04a6347b-8722-4301-a160-b30c09b751d3","block_type":"box","text":"The purchase of a security pursuant to a standby commitment agreement and the related commitment fee will","page_number":119,"box":{"x":101,"y":400,"width":785,"height":11}},{"id":"662c6de4-af95-4129-98f9-1699c2dc3242","block_type":"box","text":"be recorded on the date on which the security can reasonably be expected to be issued, and the value of the security","page_number":119,"box":{"x":69,"y":415,"width":837,"height":11}},{"id":"e44ca378-7b2a-4801-90b5-33a3dd5b8e32","block_type":"box","text":"thereafter will be reflected in the calculation of a Fund’s NAV. The cost basis of the security will be adjusted by the","page_number":119,"box":{"x":68,"y":430,"width":815,"height":11}},{"id":"3c4d225a-353d-4919-9f0d-b199667e91be","block_type":"box","text":"amount of the commitment fee. In the event the security is not issued, the commitment fee will be recorded as","page_number":119,"box":{"x":69,"y":445,"width":792,"height":11}},{"id":"353e5e72-5537-41f4-bac8-2f2b0b660fbd","block_type":"box","text":"income on the expiration date of the standby commitment.","page_number":119,"box":{"x":70,"y":460,"width":415,"height":12}},{"id":"68b29136-7975-4d1f-a594-f096a77eed51","block_type":"box","text":"Standby commitments will only be entered into with dealers, banks and broker-dealers which, in the Manager’s","page_number":119,"box":{"x":102,"y":483,"width":789,"height":11}},{"id":"4bafe76b-6d3d-4e88-9433-85db1d7f0ff5","block_type":"box","text":"or sub-adviser’s opinion, present minimal credit risks. A Fund will acquire standby commitments solely to facilitate","page_number":119,"box":{"x":69,"y":498,"width":814,"height":11}},{"id":"242147bf-8fb9-4c32-ae49-c7ae06e464e4","block_type":"box","text":"portfolio liquidity and not to exercise its rights thereunder for trading purposes. Standby commitments will be valued","page_number":119,"box":{"x":70,"y":513,"width":827,"height":12}},{"id":"8a8d9ca7-5b80-4525-982d-ad2b2aedf569","block_type":"box","text":"at zero in determining NAV. Accordingly, where a Fund pays directly or indirectly for a standby commitment, its cost","page_number":119,"box":{"x":69,"y":528,"width":815,"height":12}},{"id":"d02201bd-10e1-4c60-8e05-344d82259587","block_type":"box","text":"will be reflected as an unrealized loss for the period during which the commitment is held by such Fund and will be","page_number":119,"box":{"x":68,"y":543,"width":817,"height":12}},{"id":"9049f96c-a077-4123-bd8c-c433b6b1d665","block_type":"box","text":"reflected as a realized gain or loss when the commitment is exercised or expires.","page_number":119,"box":{"x":69,"y":559,"width":578,"height":11}},{"id":"73ccf0d3-2411-4066-8fbf-947c1ac6d4c1","block_type":"box","text":"Stripped Securities.","page_number":119,"box":{"x":101,"y":581,"width":143,"height":11}},{"id":"70c98b02-90ef-4185-b5fd-5ee8376fa969","block_type":"box","text":"Stripped securities are created when the issuer separates the interest and principal","page_number":119,"box":{"x":251,"y":581,"width":596,"height":11}},{"id":"3bae0a06-336f-4295-bbfc-9b68800a2ec1","block_type":"box","text":"components of an instrument and sells them as separate securities. In general, one security is entitled to receive the","page_number":119,"box":{"x":69,"y":596,"width":839,"height":12}},{"id":"029fa9b4-9d42-4df6-ad27-5e7e82f4bb5e","block_type":"box","text":"interest payments on the underlying assets (the interest only or “IO” security) and the other to receive the principal","page_number":119,"box":{"x":70,"y":612,"width":818,"height":11}},{"id":"21cfc406-9f9b-4b6f-8310-0da5dc9a3a8d","block_type":"box","text":"payments (the principal only or “PO” security). Some stripped securities may receive a combination of interest and","page_number":119,"box":{"x":70,"y":627,"width":813,"height":11}},{"id":"c2a6b164-325e-4e4d-9323-640f2e395337","block_type":"box","text":"principal payments. The yields to maturity on IOs and POs are sensitive to the expected or anticipated rate of","page_number":119,"box":{"x":70,"y":642,"width":777,"height":11}},{"id":"bfcd4569-b8d5-498c-b466-c6d66fbc306f","block_type":"box","text":"principal payments (including prepayments) on the related underlying assets, and principal payments may have a","page_number":119,"box":{"x":70,"y":657,"width":802,"height":11}},{"id":"44ea3174-2f75-4499-9143-5c49a8519d13","block_type":"box","text":"material effect on yield to maturity. If the underlying assets experience greater than anticipated prepayments of","page_number":119,"box":{"x":69,"y":672,"width":794,"height":11}},{"id":"1ebaac68-d77e-4552-8c28-b77823eff95b","block_type":"box","text":"principal, a Fund may not fully recoup its initial investment in IOs. Conversely, if the underlying assets experience less","page_number":119,"box":{"x":70,"y":687,"width":837,"height":11}},{"id":"3f1e6abc-0eee-40e9-9ff9-f38889904714","block_type":"box","text":"than anticipated prepayments of principal, the yield on POs could be adversely affected. Stripped securities may be","page_number":119,"box":{"x":68,"y":702,"width":823,"height":11}},{"id":"92cc227b-2e6b-48ec-a821-01eed68b1ce9","block_type":"box","text":"highly sensitive to changes in interest rates and rates of prepayment.","page_number":119,"box":{"x":69,"y":717,"width":494,"height":12}},{"id":"8ccb544b-779e-41ba-b215-5a87b2ff6f94","block_type":"box","text":"Structured Notes.","page_number":119,"box":{"x":101,"y":740,"width":130,"height":9}},{"id":"3c489c78-5ae8-4c9f-92c3-b0d4ec8e4385","block_type":"box","text":"Structured notes and other related instruments purchased by a Fund are generally privately","page_number":119,"box":{"x":237,"y":740,"width":650,"height":11}},{"id":"7200eed5-66a1-41e9-802a-31c789188cdb","block_type":"box","text":"negotiated debt obligations where the principal and/or interest is determined by reference to the performance of a","page_number":119,"box":{"x":69,"y":755,"width":818,"height":11}},{"id":"aa742217-7a6e-47bf-8372-8a5f67f11b97","block_type":"box","text":"specific asset, benchmark asset, market or interest rate (“reference measure”). Issuers of structured notes generally","page_number":119,"box":{"x":69,"y":770,"width":839,"height":12}},{"id":"5fe45882-d4f7-415e-88da-fbffaa43eecf","block_type":"box","text":"include corporations and banks. The interest rate or the principal amount payable upon maturity or redemption may","page_number":119,"box":{"x":70,"y":786,"width":821,"height":11}},{"id":"ca18b4cf-2ce2-416f-bb65-37f6842ad7e4","block_type":"box","text":"increase or decrease, depending upon changes in the value of the reference measure. The terms of a structured note","page_number":119,"box":{"x":70,"y":801,"width":839,"height":11}},{"id":"1490cb11-f1c3-48b7-a3a9-ac62d973ded4","block_type":"box","text":"may provide that, in certain circumstances, no principal is due at maturity and, therefore, may result in a loss of","page_number":119,"box":{"x":69,"y":816,"width":801,"height":11}},{"id":"8d746c5a-3e35-4431-b65e-b882ce6665cc","block_type":"box","text":"invested capital by a Fund. The interest and/or principal payments that may be made on a structured product may","page_number":119,"box":{"x":70,"y":831,"width":813,"height":11}},{"id":"9304e91e-8d4c-44ad-af88-567a1a7b1f38","block_type":"box","text":"vary widely, depending on a variety of factors, including the volatility of the reference measure.","page_number":119,"box":{"x":68,"y":846,"width":673,"height":11}},{"id":"c38a30e9-b6e7-43de-8fd3-09d70a6bafad","block_type":"box","text":"Structured notes may be positively or negatively indexed, so the appreciation of the reference measure may","page_number":119,"box":{"x":102,"y":869,"width":768,"height":11}},{"id":"e3a05d76-b36e-4a30-a72c-d478f0296036","block_type":"box","text":"produce an increase or a decrease in the interest rate or the value of the principal at maturity. The rate of return on","page_number":119,"box":{"x":70,"y":884,"width":821,"height":11}},{"id":"62f561b6-9f5f-4bda-ada6-8d051cde33cb","block_type":"box","text":"II-75","page_number":119,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"f6179065-4f55-4f0c-841e-7ca30fecc3df","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":119,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"17bce5fd-9b19-401b-a400-66044dd5c9c9","block_type":"box","text":"structured notes may be determined by applying a multiplier to the performance or differential performance of","page_number":120,"box":{"x":69,"y":45,"width":787,"height":11}},{"id":"b1c0df37-4966-41f1-ae1a-ee2a0aa6c2f8","block_type":"box","text":"reference measures. Application of a multiplier involves leverage that will serve to magnify the potential for gain and","page_number":120,"box":{"x":69,"y":60,"width":827,"height":11}},{"id":"56a210cd-ad97-4a89-94f3-72f0fdc6de1a","block_type":"box","text":"the risk of loss.","page_number":120,"box":{"x":68,"y":75,"width":110,"height":9}},{"id":"1650216f-d58c-4bd9-a2d5-2a224e42b7b7","block_type":"box","text":"The purchase of structured notes exposes a Fund to the credit risk of the issuer of the structured product.","page_number":120,"box":{"x":101,"y":98,"width":759,"height":11}},{"id":"2065d04e-4109-4aba-9961-fc9a0960af7d","block_type":"box","text":"Structured notes may also be more volatile, less liquid, and more difficult to price accurately than less complex","page_number":120,"box":{"x":69,"y":113,"width":795,"height":11}},{"id":"4252155d-e3c5-4e21-8cb0-0272bc8d8fd7","block_type":"box","text":"securities and instruments or more traditional debt securities. The secondary market for structured notes could be","page_number":120,"box":{"x":69,"y":128,"width":819,"height":11}},{"id":"eb00c973-1e53-4989-8382-4c62d4af5f4b","block_type":"box","text":"illiquid making them difficult to sell when the Fund determines to sell them. The possible lack of a liquid secondary","page_number":120,"box":{"x":70,"y":143,"width":821,"height":11}},{"id":"3f05ec81-0153-43ad-a16f-0b268c9b4e08","block_type":"box","text":"market for structured notes and the resulting inability of the Fund to sell a structured note could expose the Fund to","page_number":120,"box":{"x":69,"y":158,"width":827,"height":11}},{"id":"03eef1a8-3d96-47a3-93e9-e087cfeff113","block_type":"box","text":"losses and could make structured notes more difficult for the Fund to value accurately.","page_number":120,"box":{"x":70,"y":173,"width":618,"height":11}},{"id":"6d483c8f-7687-4e38-87f1-e67e5fbcdc11","block_type":"box","text":"Taxability Risk.","page_number":120,"box":{"x":103,"y":196,"width":109,"height":11}},{"id":"9b221abf-a325-4210-92e1-c9506cb86635","block_type":"box","text":"Certain of the Funds intend to minimize the payment of taxable income to shareholders by","page_number":120,"box":{"x":218,"y":196,"width":644,"height":11}},{"id":"a1d26089-1f9d-45ef-89f8-a5f41776558c","block_type":"box","text":"investing in tax-exempt or municipal securities in reliance at the time of purchase on an opinion of bond counsel to","page_number":120,"box":{"x":70,"y":211,"width":817,"height":11}},{"id":"8e606804-1e51-421f-a383-befb1db39d39","block_type":"box","text":"the issuer and, in the case of derivative securities, sponsors’ counsel, that the interest paid on those securities will","page_number":120,"box":{"x":68,"y":226,"width":827,"height":11}},{"id":"c79ee0bb-9e6c-469c-b23c-1756bca86b44","block_type":"box","text":"be excludable from gross income for U.S. federal income tax purposes. Such securities, however, may be determined","page_number":120,"box":{"x":69,"y":241,"width":835,"height":11}},{"id":"8d4ce4df-aff5-4615-9131-b24c0e7b3e13","block_type":"box","text":"to pay, or have paid, taxable income subsequent to the Fund’s acquisition of the securities. In that event, the IRS","page_number":120,"box":{"x":68,"y":256,"width":809,"height":11}},{"id":"cf4cb170-e0a1-4056-b4a2-03e7952e8de7","block_type":"box","text":"may demand that the Fund pay U.S. federal income taxes on the affected interest income, and, if the Fund agrees to","page_number":120,"box":{"x":69,"y":271,"width":832,"height":12}},{"id":"cad9dde4-f322-4633-9810-acf0535e2496","block_type":"box","text":"do so, the Fund’s yield could be adversely affected. In addition, the treatment of dividends previously paid or to be","page_number":120,"box":{"x":69,"y":286,"width":816,"height":12}},{"id":"dea424af-c57c-4020-ab55-f39cb94e10e0","block_type":"box","text":"paid by the Fund as “exempt interest dividends” could be adversely affected, subjecting the Fund’s shareholders to","page_number":120,"box":{"x":70,"y":302,"width":822,"height":11}},{"id":"6a7ac044-9fb1-4567-9fe1-91b7f8316487","block_type":"box","text":"increased U.S. federal income tax liabilities. If the interest paid on any tax-exempt or municipal security held by the","page_number":120,"box":{"x":70,"y":317,"width":818,"height":11}},{"id":"cd894bfb-07ba-48e7-a954-a2bf3ac7bdd5","block_type":"box","text":"Fund is subsequently determined to be taxable, the Fund will dispose of that security as soon as reasonably","page_number":120,"box":{"x":70,"y":332,"width":771,"height":11}},{"id":"7f465985-6d1b-41f0-9547-8344742d0dc9","block_type":"box","text":"practicable. In addition, future laws, regulations, rulings or court decisions may cause interest on municipal","page_number":120,"box":{"x":70,"y":347,"width":765,"height":11}},{"id":"6add2a37-434d-4559-8c53-bbdbee12c32a","block_type":"box","text":"securities to be subject, directly or indirectly, to U.S. federal income taxation or interest on state municipal securities","page_number":120,"box":{"x":69,"y":362,"width":834,"height":11}},{"id":"aec47954-3184-4cc6-a2bc-6acbd40e9937","block_type":"box","text":"to be subject to state or local income taxation, or the value of state municipal securities to be subject to state or","page_number":120,"box":{"x":68,"y":377,"width":807,"height":11}},{"id":"e02c9174-8b58-4173-bed1-1c20aabd1183","block_type":"box","text":"local intangible personal property tax, or may otherwise prevent the Fund from realizing the full current benefit of the","page_number":120,"box":{"x":70,"y":392,"width":830,"height":12}},{"id":"aa4eddc7-cf10-4a50-b449-0a448fe8c2ae","block_type":"box","text":"tax-exempt status of such securities. Any such change could also affect the market price of such securities, and thus","page_number":120,"box":{"x":68,"y":407,"width":838,"height":12}},{"id":"3b55d3ab-f54a-4996-b5ff-9287b27b9a44","block_type":"box","text":"the value of an investment in the Fund.","page_number":120,"box":{"x":68,"y":423,"width":278,"height":9}},{"id":"6d8e9c47-a0bb-41bc-96c3-de8551e36bdf","block_type":"box","text":"Temporary Defensive Measures.","page_number":120,"box":{"x":103,"y":445,"width":230,"height":11}},{"id":"80307edf-f483-4e9d-a8c5-69b9f6e765b4","block_type":"box","text":"As a temporary defensive measure, including to respond to adverse market,","page_number":120,"box":{"x":339,"y":445,"width":542,"height":12}},{"id":"eea924b3-90ce-4845-8d3c-362e76647e19","block_type":"box","text":"economic, political or other conditions, a Fund may depart from its principal investment strategies and may invest","page_number":120,"box":{"x":69,"y":460,"width":811,"height":12}},{"id":"96d1bf52-28de-48f5-b920-be63a15ef5d7","block_type":"box","text":"without limitation in cash, high quality money market instruments, or other short term investments. Certain Funds","page_number":120,"box":{"x":68,"y":476,"width":813,"height":11}},{"id":"88910580-deb1-4b10-8570-913e505e3b6f","block_type":"box","text":"may also invest in cash and other such instruments pending investment or to meet anticipated redemption requests.","page_number":120,"box":{"x":69,"y":491,"width":833,"height":11}},{"id":"6cac5840-fcca-42a1-bf44-467eea5a5bbb","block_type":"box","text":"High quality money market instruments include U.S. Government obligations, U.S. Government agency obligations,","page_number":120,"box":{"x":70,"y":506,"width":813,"height":11}},{"id":"d563b224-c415-4f97-994c-937f56d24592","block_type":"box","text":"dollar denominated obligations of foreign issuers, bank obligations, including U.S. subsidiaries and branches of","page_number":120,"box":{"x":69,"y":521,"width":795,"height":11}},{"id":"7ed2ad7b-62a1-441a-a667-73e4de98be2e","block_type":"box","text":"foreign banks, corporate obligations, commercial paper, repurchase agreements and obligations of supranational","page_number":120,"box":{"x":68,"y":536,"width":806,"height":11}},{"id":"c8e156ef-bc20-4352-b16d-6d5878998a40","block_type":"box","text":"organizations. Generally, such obligations will mature within one year from the date of settlement but may mature","page_number":120,"box":{"x":69,"y":551,"width":808,"height":11}},{"id":"e230cbfd-f66e-4d0e-9426-e7b13c3ec959","block_type":"box","text":"within two years from the date of settlement. Temporary defensive measures may affect a Fund’s ability to achieve","page_number":120,"box":{"x":68,"y":566,"width":820,"height":11}},{"id":"1d671ce1-bee6-4abd-8d73-47f221917e3b","block_type":"box","text":"its investment objective.","page_number":120,"box":{"x":70,"y":582,"width":171,"height":10}},{"id":"f2eabbb0-0e94-49c4-ac2c-8cd143892d19","block_type":"box","text":"U.S. Government Obligations.","page_number":120,"box":{"x":102,"y":604,"width":213,"height":11}},{"id":"97010e09-0063-4abb-84eb-0a504eab3176","block_type":"box","text":"A Fund may purchase obligations issued or guaranteed by the U.S. Government","page_number":120,"box":{"x":321,"y":604,"width":566,"height":11}},{"id":"73a30782-88d8-4418-8e1d-726e1fbdf776","block_type":"box","text":"and U.S. Government agencies and instrumentalities. Obligations of certain agencies and instrumentalities of the","page_number":120,"box":{"x":69,"y":619,"width":810,"height":11}},{"id":"8bf17a1b-aed6-4c11-b764-074c4e915832","block_type":"box","text":"U.S. Government are supported by the full faith and credit of the U.S. Treasury. Others are supported by the right of","page_number":120,"box":{"x":70,"y":634,"width":826,"height":12}},{"id":"406f1a2e-a6a5-41a1-b0ed-2a34d62558ed","block_type":"box","text":"the issuer to borrow from the U.S. Treasury; and still others are supported only by the credit of the agency or","page_number":120,"box":{"x":68,"y":649,"width":779,"height":12}},{"id":"cf9dddf1-4172-4df4-8273-57a5abb0049e","block_type":"box","text":"instrumentality issuing the obligation. No assurance can be given that the U.S. Government will provide financial","page_number":120,"box":{"x":70,"y":664,"width":798,"height":12}},{"id":"8db261fc-62c3-4e1b-af74-bbba77781848","block_type":"box","text":"support to U.S. Government-sponsored instrumentalities if it is not obligated to do so by law. Certain U.S. Treasury","page_number":120,"box":{"x":69,"y":680,"width":822,"height":11}},{"id":"9f925c48-c102-4569-964b-111194364c36","block_type":"box","text":"and agency securities may be held by trusts that issue participation certificates (such as Treasury income growth","page_number":120,"box":{"x":69,"y":695,"width":809,"height":11}},{"id":"f0a5365d-ba0f-4ea0-ba96-8798c8cf3b55","block_type":"box","text":"receipts and certificates of accrual on Treasury certificates). These certificates, as well as Treasury receipts and","page_number":120,"box":{"x":69,"y":710,"width":805,"height":11}},{"id":"440248b9-9275-4ba1-8913-f68e75158a85","block_type":"box","text":"other stripped securities, represent beneficial ownership interests in either future interest payments or the future","page_number":120,"box":{"x":69,"y":725,"width":807,"height":11}},{"id":"cb64ea75-5941-40c9-85ef-a5c334856c05","block_type":"box","text":"principal payments on U.S. Government obligations. These instruments are issued at a discount to their “face value”","page_number":120,"box":{"x":70,"y":740,"width":832,"height":11}},{"id":"589a1d94-2883-42cb-9a1b-6bf58d083317","block_type":"box","text":"and may (particularly in the case of stripped mortgage-backed securities) exhibit greater price volatility than ordinary","page_number":120,"box":{"x":69,"y":755,"width":829,"height":11}},{"id":"c117edb6-58a0-4a78-8139-92db303f033d","block_type":"box","text":"debt securities because of the manner in which their principal and interest are returned to investors.","page_number":120,"box":{"x":69,"y":770,"width":716,"height":11}},{"id":"8334e8c5-9770-4aa1-bc05-d07a0f469740","block_type":"box","text":"Examples of the types of U.S. Government obligations that may be held by the Funds include U.S. Treasury Bills,","page_number":120,"box":{"x":102,"y":793,"width":800,"height":11}},{"id":"3b2bdcf0-b1c8-4240-8ea3-41d0c2febe20","block_type":"box","text":"Treasury Notes and Treasury Bonds and the obligations of the Federal Housing Administration, Farmers Home","page_number":120,"box":{"x":68,"y":808,"width":785,"height":11}},{"id":"d3d7fc6c-04b7-4d98-a2cc-b752d0fe3a89","block_type":"box","text":"Administration, Export-Import Bank of the United States, Small Business Administration, Ginnie Mae, Fannie Mae,","page_number":120,"box":{"x":68,"y":823,"width":813,"height":11}},{"id":"7735c377-28f7-4412-8a46-93bc813f33ba","block_type":"box","text":"Federal Financing Bank, General Services Administration, Student Loan Marketing Association, Central Bank for","page_number":120,"box":{"x":70,"y":838,"width":794,"height":12}},{"id":"f34e878e-9396-4cae-b55b-68e18c6c5da1","block_type":"box","text":"Cooperatives, Federal Home Loan Banks, Freddie Mac, Federal Intermediate Credit Banks, Federal Land Banks, Farm","page_number":120,"box":{"x":69,"y":854,"width":835,"height":10}},{"id":"49bbbdcc-0d23-4009-b350-204fad0fbb92","block_type":"box","text":"Credit Banks System, Maritime Administration, Tennessee Valley Authority and Washington D.C. Armory Board. The","page_number":120,"box":{"x":69,"y":869,"width":818,"height":11}},{"id":"da50b167-35a9-4099-8527-59204ce77ac1","block_type":"box","text":"Funds may also invest in mortgage-related securities issued or guaranteed by U.S. Government agencies and","page_number":120,"box":{"x":70,"y":884,"width":777,"height":11}},{"id":"2f48b2d6-9711-4bbf-af44-14f8620d8415","block_type":"box","text":"instrumentalities, including such instruments as obligations of Ginnie Mae, Fannie Mae and Freddie Mac.","page_number":120,"box":{"x":70,"y":899,"width":749,"height":11}},{"id":"9665fa21-d62b-411b-8c11-433ab1248bb0","block_type":"box","text":"II-76","page_number":120,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"06a65768-624b-4853-84bd-24ba2d21c0d5","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":120,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1188bf08-bab3-4d7a-98de-c05fdcc7f93d","block_type":"box","text":"U.S. Treasury Obligations.","page_number":121,"box":{"x":103,"y":45,"width":183,"height":11}},{"id":"0893765a-a4ea-443d-aa0f-0c8412a942fb","block_type":"box","text":"Treasury obligations may differ in their interest rates, maturities, times of issuance","page_number":121,"box":{"x":292,"y":45,"width":593,"height":11}},{"id":"2481d435-cb37-4beb-a306-ea4ef0a0d10c","block_type":"box","text":"and other characteristics. Obligations of U.S. Government agencies and authorities are supported by varying degrees","page_number":121,"box":{"x":69,"y":60,"width":835,"height":11}},{"id":"39275cab-8a77-41c6-bec7-e44a27e6da92","block_type":"box","text":"of credit but generally are not backed by the full faith and credit of the U.S. Government. No assurance can be given","page_number":121,"box":{"x":69,"y":75,"width":827,"height":11}},{"id":"ebc042f1-99ff-404b-a149-065fe7fb2632","block_type":"box","text":"that the U.S. Government will provide financial support to its agencies and authorities if it is not obligated by law to","page_number":121,"box":{"x":68,"y":90,"width":823,"height":11}},{"id":"5817652a-b8b0-417f-af2a-9b941a638c2b","block_type":"box","text":"do so.","page_number":121,"box":{"x":69,"y":105,"width":42,"height":9}},{"id":"63ac7b10-101e-4fc5-9493-485005ced46c","block_type":"box","text":"U.S. Treasury Rolls","page_number":121,"box":{"x":102,"y":128,"width":139,"height":11}},{"id":"e22b1a02-a0ad-4e1a-ac6a-763c5b968119","block_type":"box","text":".","page_number":121,"box":{"x":241,"y":135,"width":3,"height":2}},{"id":"a984ce92-0385-47ab-9e25-5327a9eadd7f","block_type":"box","text":"Certain Funds may invest in U.S. Treasury rolls. In a U.S. Treasury roll transaction, the Fund","page_number":121,"box":{"x":250,"y":128,"width":656,"height":11}},{"id":"4d1a9069-1e52-4fdb-bbed-4852a0f88315","block_type":"box","text":"sells a treasury security to a counterparty with a simultaneous agreement to repurchase the same security at an","page_number":121,"box":{"x":69,"y":143,"width":804,"height":11}},{"id":"457724cd-3e25-46ab-94f8-5d5ec4a0c5ec","block_type":"box","text":"agreed upon price and future settlement date. U.S. Treasury roll transactions may incrementally adjust the average","page_number":121,"box":{"x":69,"y":158,"width":820,"height":11}},{"id":"94386816-87e7-4701-a65f-2fdfee0966ee","block_type":"box","text":"maturity of a Fund’s portfolio and increase the interest yield on the Fund’s portfolio by extending the average maturity","page_number":121,"box":{"x":69,"y":173,"width":840,"height":11}},{"id":"c8f37de7-10dc-4db9-bbc6-5a9094de8604","block_type":"box","text":"of the portfolio in a normal yield curve environment. During the period before the settlement date of a U.S. Treasury","page_number":121,"box":{"x":69,"y":188,"width":828,"height":12}},{"id":"42362da0-e69c-4a87-8463-99fcb064a3af","block_type":"box","text":"roll, a Fund continues to earn interest on the securities it is selling; however, it does not earn interest on the","page_number":121,"box":{"x":69,"y":204,"width":775,"height":11}},{"id":"32edbfe2-fd32-42aa-b8bd-7e1acaf5dd2f","block_type":"box","text":"securities it is purchasing until after the settlement date. A Fund could suffer an opportunity loss if the counterparty","page_number":121,"box":{"x":69,"y":218,"width":829,"height":12}},{"id":"fcb16658-6d74-4cc8-bca8-241b2274e7ee","block_type":"box","text":"to the U.S. Treasury roll transaction failed to perform its obligations on the settlement date.","page_number":121,"box":{"x":68,"y":234,"width":657,"height":11}},{"id":"e8698dd0-ac0e-401f-a1ce-aac6788e273d","block_type":"box","text":"The market value of the securities that a Fund is required to purchase may decline below the agreed upon","page_number":121,"box":{"x":101,"y":256,"width":756,"height":12}},{"id":"030d3620-808d-4871-a1eb-ee52df06464c","block_type":"box","text":"purchase price of those securities. U.S. Treasury rolls are speculative techniques that can be deemed to involve","page_number":121,"box":{"x":70,"y":271,"width":800,"height":12}},{"id":"ca6030a1-5be3-4511-ab9d-727f9ea5479c","block_type":"box","text":"leverage. There is no assurance that U.S. Treasury rolls can be successfully employed.","page_number":121,"box":{"x":70,"y":286,"width":617,"height":12}},{"id":"638175d1-a339-4a5a-b8b5-41e61cf59d84","block_type":"box","text":"Utility Industries.","page_number":121,"box":{"x":102,"y":309,"width":124,"height":11}},{"id":"b84b8505-dee4-47b2-894f-761c6de276e6","block_type":"box","text":"Risks that are intrinsic to the utility industries include difficulty in obtaining an adequate return","page_number":121,"box":{"x":233,"y":309,"width":674,"height":11}},{"id":"96755865-9973-42d0-96be-a5c7ff10475b","block_type":"box","text":"on invested capital, difficulty in financing large construction programs during an inflationary period, restrictions on","page_number":121,"box":{"x":69,"y":324,"width":812,"height":12}},{"id":"460c193f-3615-419f-9787-e0dde96cebe8","block_type":"box","text":"operations and increased cost and delays attributable to environmental considerations and regulation, difficulty in","page_number":121,"box":{"x":69,"y":339,"width":812,"height":12}},{"id":"15fcba7a-a725-4bf7-ae72-dce86de5c844","block_type":"box","text":"raising capital in adequate amounts on reasonable terms in periods of high inflation and unsettled capital markets,","page_number":121,"box":{"x":69,"y":355,"width":821,"height":11}},{"id":"b6e18960-0972-44ea-9ca2-51726b9e40fc","block_type":"box","text":"technological innovations that may render existing plants, equipment or products obsolete, the potential impact of","page_number":121,"box":{"x":68,"y":370,"width":815,"height":11}},{"id":"7c2965f4-9477-41da-8c15-d4cc7dc8391f","block_type":"box","text":"natural or man-made disasters, increased costs and reduced availability of certain types of fuel, occasional reduced","page_number":121,"box":{"x":69,"y":385,"width":827,"height":11}},{"id":"046b2906-d752-4824-8f44-da0870e4e262","block_type":"box","text":"availability and high costs of natural gas for resale, the effects of energy conservation, the effects of a national","page_number":121,"box":{"x":69,"y":400,"width":795,"height":11}},{"id":"df8367af-be44-4c42-a873-e462cc1a6a02","block_type":"box","text":"energy policy and lengthy delays and greatly increased costs and other problems associated with the design,","page_number":121,"box":{"x":69,"y":415,"width":774,"height":11}},{"id":"4e8096c3-3db2-4a4b-ac57-255145ef003b","block_type":"box","text":"construction, licensing, regulation and operation of nuclear facilities for electric generation, including, among other","page_number":121,"box":{"x":69,"y":430,"width":817,"height":11}},{"id":"608c3519-4ff9-4ca4-825c-9c44a09942da","block_type":"box","text":"considerations, the problems associated with the use of radioactive materials and the disposal of radioactive wastes.","page_number":121,"box":{"x":69,"y":445,"width":839,"height":11}},{"id":"7bfb39aa-390b-4c2e-9e0d-f17df3f60fcc","block_type":"box","text":"There are substantial differences among the regulatory practices and policies of various jurisdictions, and any given","page_number":121,"box":{"x":68,"y":460,"width":827,"height":12}},{"id":"ddcdc8c6-4c6d-4521-91ed-8888d7a1db6c","block_type":"box","text":"regulatory agency may make major shifts in policy from time to time. There is no assurance that regulatory","page_number":121,"box":{"x":69,"y":475,"width":761,"height":12}},{"id":"17935daa-5a56-48c8-b33e-b9da514ce920","block_type":"box","text":"authorities will, in the future, grant rate increases or that such increases will be adequate to permit the payment of","page_number":121,"box":{"x":69,"y":491,"width":821,"height":11}},{"id":"f90e42f4-6897-4269-b157-7e19be7ee765","block_type":"box","text":"dividends on common stocks issued by a utility company. Additionally, existing and possible future regulatory","page_number":121,"box":{"x":69,"y":506,"width":777,"height":11}},{"id":"378b1646-b8f5-42f0-85bb-a57cd732d064","block_type":"box","text":"legislation may make it even more difficult for utilities to obtain adequate relief. Certain of the issuers of securities","page_number":121,"box":{"x":70,"y":521,"width":820,"height":11}},{"id":"e5bae429-c71d-4788-8fd5-656fba56cab4","block_type":"box","text":"held in the Fund’s portfolio may own or operate nuclear generating facilities. Governmental authorities may from time","page_number":121,"box":{"x":69,"y":536,"width":835,"height":11}},{"id":"0ddd8449-fd31-4178-9167-5ca7e6d15e8f","block_type":"box","text":"to time review existing policies and impose additional requirements governing the licensing, construction and","page_number":121,"box":{"x":68,"y":551,"width":778,"height":11}},{"id":"ab738680-9772-4b98-9ea6-f1dc83e85162","block_type":"box","text":"operation of nuclear power plants. Prolonged changes in climatic conditions can also have a significant impact on","page_number":121,"box":{"x":69,"y":566,"width":808,"height":11}},{"id":"4db7a00d-c412-42e1-af6a-3b147b83de4e","block_type":"box","text":"both the revenues of an electric and gas utility as well as the expenses of a utility, particularly a hydro-based electric","page_number":121,"box":{"x":69,"y":581,"width":831,"height":12}},{"id":"19d3a258-6289-4941-8d41-bede0abb0fa7","block_type":"box","text":"utility.","page_number":121,"box":{"x":69,"y":597,"width":39,"height":11}},{"id":"c06014d5-e84b-43de-9f11-f6a6b31d9954","block_type":"box","text":"Companies in the utilities sector may be adversely affected by changes in exchange rates, domestic and","page_number":121,"box":{"x":102,"y":619,"width":744,"height":11}},{"id":"23f6ef42-afaf-4593-b0cd-1736591f8287","block_type":"box","text":"international competition, and governmental limitations on rates charged to customers. The value of regulated utility","page_number":121,"box":{"x":70,"y":634,"width":828,"height":12}},{"id":"2354d685-d8dd-4771-9ae6-8820dc1e11aa","block_type":"box","text":"debt securities and, to a lesser extent, equity securities, tends to have an inverse relationship to the movement of","page_number":121,"box":{"x":69,"y":649,"width":817,"height":12}},{"id":"ab4d7239-f665-4c1b-837d-9dfb38588075","block_type":"box","text":"interest rates and therefore may lead to volatility in performance.","page_number":121,"box":{"x":70,"y":664,"width":464,"height":12}},{"id":"beba8769-0380-4b35-80e9-5bb1986197ae","block_type":"box","text":"Utility companies in the United States and in foreign countries are generally subject to regulation. In the United","page_number":121,"box":{"x":102,"y":687,"width":789,"height":11}},{"id":"89365970-0c7f-441f-bf87-50d31e5aa836","block_type":"box","text":"States, most utility companies are regulated by state and/or federal authorities. Such regulation is intended to","page_number":121,"box":{"x":69,"y":702,"width":790,"height":12}},{"id":"13d41d2e-666f-4979-93bb-673b1db53a2b","block_type":"box","text":"ensure appropriate standards of service and adequate capacity to meet public demand. Generally, prices are also","page_number":121,"box":{"x":69,"y":717,"width":811,"height":12}},{"id":"a8df3600-5ba4-4f64-a880-2bce85463779","block_type":"box","text":"regulated in the United States and in foreign countries with the intention of protecting the public while ensuring that","page_number":121,"box":{"x":69,"y":732,"width":824,"height":12}},{"id":"1a4ff1b7-b896-4c10-a227-87578a7886bb","block_type":"box","text":"the rate of return earned by utility companies is sufficient to allow them to attract capital in order to grow and","page_number":121,"box":{"x":68,"y":748,"width":781,"height":11}},{"id":"1840cbcc-46ae-4b32-8aa9-f372e3bd873b","block_type":"box","text":"continue to provide appropriate services. There can be no assurance that such pricing policies or rates of return will","page_number":121,"box":{"x":69,"y":763,"width":826,"height":11}},{"id":"885547d0-62c7-4d25-8913-34c6b6d57499","block_type":"box","text":"continue in the future.","page_number":121,"box":{"x":69,"y":778,"width":156,"height":9}},{"id":"512b84f4-f65e-4a28-a4b5-f24b3df9ed50","block_type":"box","text":"The nature of regulation of the utility industries continues to evolve both in the United States and in foreign","page_number":121,"box":{"x":101,"y":801,"width":763,"height":11}},{"id":"75ee8b45-e417-40f9-b765-0ffd94c3f222","block_type":"box","text":"countries. In recent years, changes in regulation in the United States increasingly have allowed utility companies to","page_number":121,"box":{"x":69,"y":816,"width":820,"height":11}},{"id":"4a1815ea-da0a-4993-9d13-c5471179abae","block_type":"box","text":"provide services and products outside their traditional geographic areas and lines of business, creating new areas of","page_number":121,"box":{"x":70,"y":831,"width":834,"height":11}},{"id":"dc624365-a1be-4b4d-9ad6-5e379324e988","block_type":"box","text":"competition within the industries. In some instances, utility companies are operating on an unregulated basis.","page_number":121,"box":{"x":69,"y":846,"width":784,"height":11}},{"id":"19aa68d4-a3eb-4a29-ab41-226dafff84f5","block_type":"box","text":"Because of trends toward deregulation and the evolution of independent power producers as well as new entrants to","page_number":121,"box":{"x":70,"y":861,"width":830,"height":11}},{"id":"28b49746-e971-4481-8811-02348bc1ebec","block_type":"box","text":"the field of telecommunications, non-regulated providers of utility services have become a significant part of their","page_number":121,"box":{"x":68,"y":876,"width":809,"height":11}},{"id":"b81fe707-ef1d-4215-80d6-6076ae0fe6d4","block_type":"box","text":"respective industries. The Manager believes that the emergence of competition and deregulation will result in certain","page_number":121,"box":{"x":69,"y":891,"width":834,"height":12}},{"id":"72f62977-e550-461d-bd5d-ab58ff594a3a","block_type":"box","text":"utility companies being able to earn more than their traditional regulated rates of return, while others may be forced","page_number":121,"box":{"x":69,"y":906,"width":825,"height":12}},{"id":"0f05e7e3-feb1-4906-bfef-80f86eda9782","block_type":"box","text":"II-77","page_number":121,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"8555891e-69db-474e-aff8-9a2b2f5d0216","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":121,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"22990176-94ee-4c2f-ac8b-33cfb6982997","block_type":"box","text":"to defend their core business from increased competition and may be less profitable. Reduced profitability, as well as","page_number":122,"box":{"x":68,"y":45,"width":840,"height":11}},{"id":"18a64dcb-b8bd-4a1f-aba6-fd28a5120684","block_type":"box","text":"new uses of funds (such as for expansion, operations or stock buybacks) could result in cuts in dividend payout","page_number":122,"box":{"x":69,"y":60,"width":796,"height":11}},{"id":"3dd952a0-184c-493d-99cd-3adef068fd5c","block_type":"box","text":"rates. As deregulation allows utility companies to diversify outside of their original geographic regions and their","page_number":122,"box":{"x":69,"y":75,"width":790,"height":11}},{"id":"1f962947-84ee-4517-944c-1c9c5b326648","block_type":"box","text":"traditional lines of business, utility companies may engage in riskier ventures. Therefore, deregulation may eliminate","page_number":122,"box":{"x":68,"y":90,"width":831,"height":11}},{"id":"3d223abc-e13b-45a7-8f1b-a0f5f5c62683","block_type":"box","text":"restrictions on the maximum level of profits of certain utility companies, but may also subject these companies to","page_number":122,"box":{"x":69,"y":105,"width":812,"height":11}},{"id":"12f3c3d6-1ee0-4b56-b35c-1fa85fec0c2e","block_type":"box","text":"greater risk of loss. The Manager seeks to take advantage of favorable investment opportunities that may arise from","page_number":122,"box":{"x":68,"y":120,"width":833,"height":12}},{"id":"0b42f03a-22e2-410c-bc58-fc20f8764749","block_type":"box","text":"these structural changes. Of course, there can be no assurance that favorable developments will occur in the future.","page_number":122,"box":{"x":68,"y":135,"width":831,"height":12}},{"id":"8f8eab59-b0c0-46b3-8e55-d53ffe0e5b16","block_type":"box","text":"Foreign utility companies are also subject to regulation, although such regulations may or may not be","page_number":122,"box":{"x":102,"y":158,"width":720,"height":11}},{"id":"b772e770-a870-4389-9b7a-df63f9f29663","block_type":"box","text":"comparable to those in the United States. Foreign utility companies may be more heavily regulated by their respective","page_number":122,"box":{"x":69,"y":173,"width":838,"height":11}},{"id":"55c7f18d-85eb-4fa0-9ab7-cc0bee28aef3","block_type":"box","text":"governments than utilities in the United States and, as in the United States, generally are required to seek","page_number":122,"box":{"x":68,"y":188,"width":762,"height":12}},{"id":"22a6aa98-3a7e-406e-bb58-315cee2ea71d","block_type":"box","text":"government approval for rate increases. In addition, many foreign utilities use fuels that may cause more pollution","page_number":122,"box":{"x":68,"y":203,"width":815,"height":12}},{"id":"6059a641-206f-451d-82e2-996dbbb9d79f","block_type":"box","text":"than those used in the United States, which may require such utilities to invest in pollution control equipment to","page_number":122,"box":{"x":68,"y":219,"width":801,"height":11}},{"id":"7984cf8d-7402-4b28-a6f7-c87e11c1c782","block_type":"box","text":"meet any proposed pollution restrictions. Foreign regulatory systems vary from country to country and may evolve in","page_number":122,"box":{"x":69,"y":234,"width":828,"height":11}},{"id":"fe3a5312-eb37-437c-851d-d369e78bcc2f","block_type":"box","text":"ways different from regulation in the United States.","page_number":122,"box":{"x":68,"y":249,"width":365,"height":11}},{"id":"5d4f5b74-5f3e-437b-b553-84971a1ad09e","block_type":"box","text":"A Fund’s investment policies are designed to enable it to capitalize on evolving investment opportunities","page_number":122,"box":{"x":101,"y":272,"width":745,"height":11}},{"id":"0ec1a8b2-723a-437f-8572-4fab19e81d4c","block_type":"box","text":"throughout the world. For example, the rapid growth of certain foreign economies will necessitate expansion of","page_number":122,"box":{"x":68,"y":286,"width":790,"height":12}},{"id":"5579a008-350d-487a-9657-ce923e4f2888","block_type":"box","text":"capacity in the utility industries in those countries. Although many foreign utility companies currently are government","page_number":122,"box":{"x":69,"y":302,"width":833,"height":11}},{"id":"b286fc3c-0503-4f2b-aed3-984046187a8a","block_type":"box","text":"owned, thereby limiting current investment opportunities for a Fund, the Manager believes that, in order to attract","page_number":122,"box":{"x":69,"y":317,"width":810,"height":11}},{"id":"5daf05c3-2ece-46ac-9211-141d47b6b951","block_type":"box","text":"significant capital for growth, foreign governments are likely to seek global investors through the privatization of their","page_number":122,"box":{"x":69,"y":332,"width":831,"height":11}},{"id":"3fefb97a-f724-4b0e-bb00-5b7355465fbd","block_type":"box","text":"utility industries. Privatization, which refers to the trend toward investor ownership of assets rather than government","page_number":122,"box":{"x":69,"y":347,"width":828,"height":11}},{"id":"d6391015-3a91-40b7-bc90-dec0f3f7026f","block_type":"box","text":"ownership, is expected to occur in newer, faster-growing economies and in mature economies. Of course, there is no","page_number":122,"box":{"x":69,"y":362,"width":832,"height":11}},{"id":"2b1e7121-e8f8-4874-b77a-9ea852d6bc6d","block_type":"box","text":"assurance that such favorable developments will occur or that investment opportunities in foreign markets will","page_number":122,"box":{"x":69,"y":377,"width":786,"height":12}},{"id":"feb002e9-47fc-4816-bbd1-e695e9995aa4","block_type":"box","text":"increase.","page_number":122,"box":{"x":70,"y":393,"width":63,"height":8}},{"id":"416a2174-ad52-44b1-b7cf-a3e8e292688c","block_type":"box","text":"The revenues of domestic and foreign utility companies generally reflect the economic growth and development","page_number":122,"box":{"x":101,"y":415,"width":793,"height":11}},{"id":"152b12fe-60a8-4bd7-8a40-9e09861c9ddf","block_type":"box","text":"in the geographic areas in which they do business. The Manager will take into account anticipated economic growth","page_number":122,"box":{"x":70,"y":430,"width":821,"height":11}},{"id":"c0083fed-4768-47bd-a6e7-422f55c43144","block_type":"box","text":"rates and other economic developments when selecting securities of utility companies.","page_number":122,"box":{"x":69,"y":445,"width":619,"height":12}},{"id":"0431f413-15b2-4b9d-a2ac-5cfc282d9534","block_type":"box","text":"Electric.","page_number":122,"box":{"x":102,"y":468,"width":54,"height":9}},{"id":"11381e54-6626-48a8-8a58-83a535009509","block_type":"box","text":"The electric utility industry consists of companies that are engaged principally in the generation,","page_number":122,"box":{"x":163,"y":468,"width":684,"height":11}},{"id":"6e92f363-f220-4afd-b17e-8dd9c70f4f4f","block_type":"box","text":"transmission and sale of electric energy, although many also provide other energy-related services. In the past,","page_number":122,"box":{"x":68,"y":483,"width":793,"height":11}},{"id":"3a3cb0af-c6e3-478e-a250-7a07841d5243","block_type":"box","text":"electric utility companies, in general, have been favorably affected by lower fuel and financing costs and the full or","page_number":122,"box":{"x":69,"y":498,"width":814,"height":11}},{"id":"0986cc41-f95d-463d-ab44-a59f2be7aa58","block_type":"box","text":"near completion of major construction programs. In addition, many of these companies have generated cash flows in","page_number":122,"box":{"x":69,"y":513,"width":833,"height":12}},{"id":"60caec2c-732a-4545-8a90-74d239660cd6","block_type":"box","text":"excess of current operating expenses and construction expenditures, permitting some degree of diversification into","page_number":122,"box":{"x":69,"y":528,"width":821,"height":12}},{"id":"1a1d94eb-5e49-42c0-85a1-2f4ed567e2cc","block_type":"box","text":"unregulated businesses. Some electric utilities have also taken advantage of the right to sell power outside of their","page_number":122,"box":{"x":69,"y":543,"width":823,"height":12}},{"id":"5a43c4dc-b576-4bef-ac2d-b330fda4ae12","block_type":"box","text":"traditional geographic areas. Electric utility companies have historically been subject to the risks associated with","page_number":122,"box":{"x":68,"y":559,"width":803,"height":11}},{"id":"47b4a80d-115d-41e1-b543-14b8ee540d5e","block_type":"box","text":"increases in fuel and other operating costs, high interest costs on borrowings needed for capital construction","page_number":122,"box":{"x":70,"y":574,"width":778,"height":11}},{"id":"1d9c727f-f998-4a8b-a5b1-38de7192a49b","block_type":"box","text":"programs, costs associated with compliance with environmental and safety regulations and changes in the regulatory","page_number":122,"box":{"x":70,"y":589,"width":836,"height":11}},{"id":"c869fec1-0c90-4d4e-b2c4-9a24f4df436d","block_type":"box","text":"climate. As interest rates declined, many utilities refinanced high cost debt and in doing so improved their fixed","page_number":122,"box":{"x":69,"y":604,"width":793,"height":11}},{"id":"00f61b88-31ab-4498-9c74-4aa10b231638","block_type":"box","text":"charges coverage. Regulators, however, lowered allowed rates of return as interest rates declined and thereby","page_number":122,"box":{"x":69,"y":619,"width":786,"height":11}},{"id":"7836d230-1151-47cb-a5fa-f919153a2c85","block_type":"box","text":"caused the benefits of the rate declines to be shared wholly or in part with customers. In a period of rising interest","page_number":122,"box":{"x":69,"y":634,"width":819,"height":12}},{"id":"0280f2cd-3441-4f4d-8e93-374359ed0c60","block_type":"box","text":"rates, the allowed rates of return may not keep pace with the utilities’ increased costs. The construction and","page_number":122,"box":{"x":69,"y":649,"width":775,"height":12}},{"id":"b3a9c33a-cec6-4f8a-99e5-58fe5dbf909f","block_type":"box","text":"operation of nuclear power facilities are subject to strict scrutiny by, and evolving regulations of, the Nuclear","page_number":122,"box":{"x":69,"y":664,"width":770,"height":12}},{"id":"c1f903c8-c8c3-4b20-b7ed-de9b8c24e167","block_type":"box","text":"Regulatory Commission and state agencies which have comparable jurisdiction. Strict scrutiny might result in higher","page_number":122,"box":{"x":70,"y":680,"width":826,"height":11}},{"id":"96c7d085-63e2-4813-a7f7-33a3faf5382d","block_type":"box","text":"operating costs and higher capital expenditures, with the risk that the regulators may disallow inclusion of these","page_number":122,"box":{"x":69,"y":695,"width":800,"height":11}},{"id":"cf84aae4-40bd-419e-a085-4ed88618d1f3","block_type":"box","text":"costs in rate authorizations or the risk that a company may not be permitted to operate or complete construction of a","page_number":122,"box":{"x":69,"y":710,"width":836,"height":11}},{"id":"fe5d3907-968f-4add-a5e9-db0fe1e3fd27","block_type":"box","text":"facility. In addition, operators of nuclear power plants may be subject to significant costs for disposal of nuclear fuel","page_number":122,"box":{"x":68,"y":725,"width":826,"height":11}},{"id":"306b53cd-1296-4d1f-827f-9f0fbf68943b","block_type":"box","text":"and for decommissioning such plants.","page_number":122,"box":{"x":69,"y":740,"width":270,"height":11}},{"id":"90f5c7d5-1acb-44c6-a97d-b13c663edad4","block_type":"box","text":"The rating agencies look closely at the business profile of utilities. Ratings for companies are expected to be","page_number":122,"box":{"x":101,"y":763,"width":776,"height":11}},{"id":"e67a3bba-5882-45f8-98e3-b5401fb346fc","block_type":"box","text":"impacted to a greater extent in the future by the division of their asset base. Electric utility companies that focus","page_number":122,"box":{"x":70,"y":778,"width":802,"height":11}},{"id":"e4ca38da-6059-4e47-b051-7527487f923a","block_type":"box","text":"more on the generation of electricity may be assigned less favorable ratings as this business is expected to be","page_number":122,"box":{"x":69,"y":793,"width":791,"height":11}},{"id":"686e4680-f86b-41a7-b43d-7ced0736f565","block_type":"box","text":"competitive and the least regulated. On the other hand, companies that focus on transmission and distribution, which","page_number":122,"box":{"x":69,"y":808,"width":839,"height":11}},{"id":"2293703e-5cd0-4d7a-9335-052ddefab057","block_type":"box","text":"is expected to be the least competitive and the more regulated part of the business, may see higher ratings given the","page_number":122,"box":{"x":70,"y":823,"width":838,"height":12}},{"id":"b302b090-bb74-4471-93f0-295ce6490f65","block_type":"box","text":"greater predictability of cash flow.","page_number":122,"box":{"x":68,"y":838,"width":239,"height":12}},{"id":"81917587-2d42-4994-8e1b-f84fb0c6d63a","block_type":"box","text":"A number of states are considering or have enacted deregulation proposals. The introduction of competition into","page_number":122,"box":{"x":101,"y":861,"width":801,"height":11}},{"id":"0aa5c5b9-f98a-4d2a-9545-a7a10d59bdee","block_type":"box","text":"the industry as a result of such deregulation has at times resulted in lower revenue, lower credit ratings, increased","page_number":122,"box":{"x":68,"y":876,"width":821,"height":11}},{"id":"7e77bb83-bf1f-4676-99bb-92b13982ec5b","block_type":"box","text":"default risk, and lower electric utility security prices. Such increased competition may also cause long-term contracts,","page_number":122,"box":{"x":69,"y":891,"width":835,"height":12}},{"id":"60fcbd2b-a0f6-41a6-a050-7b89f0745c9d","block_type":"box","text":"which electric utilities previously entered into to buy power, to become “stranded assets” which have no economic","page_number":122,"box":{"x":68,"y":907,"width":815,"height":11}},{"id":"8524eb01-cfa1-4e24-9c99-c30530ee55cb","block_type":"box","text":"II-78","page_number":122,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"8fd530a6-fec6-4d9b-bfea-5cce079ad74b","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":122,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ecf39b12-3284-41d5-8aa7-3f079400572c","block_type":"box","text":"value. Any loss associated with such contracts must be absorbed by ratepayers and investors. In addition, some","page_number":123,"box":{"x":68,"y":45,"width":803,"height":11}},{"id":"a2bc85f4-6308-45d4-b0a2-392c46b07c00","block_type":"box","text":"electric utilities have acquired electric utilities overseas to diversify, enhance earnings and gain experience in","page_number":123,"box":{"x":69,"y":60,"width":777,"height":11}},{"id":"c8dbdf5f-93e4-4c25-8761-660acbd7027b","block_type":"box","text":"operating in a deregulated environment. In some instances, such acquisitions have involved significant borrowings,","page_number":123,"box":{"x":69,"y":75,"width":819,"height":11}},{"id":"82814e10-2689-4841-b89f-2cc8570a1653","block_type":"box","text":"which have burdened the acquirer’s balance sheet. There is no assurance that current deregulation proposals will be","page_number":123,"box":{"x":68,"y":90,"width":835,"height":11}},{"id":"c869e603-db39-4645-afcb-65d16ff28132","block_type":"box","text":"adopted. However, deregulation in any form could significantly impact the electric utilities industry.","page_number":123,"box":{"x":69,"y":105,"width":700,"height":11}},{"id":"4aab5355-8313-4075-aefc-ace2be766d77","block_type":"box","text":"Telecommunications.","page_number":123,"box":{"x":103,"y":128,"width":147,"height":9}},{"id":"73875e29-8f6b-432d-aaec-e437e796afd4","block_type":"box","text":"The telecommunications industry today includes both traditional telephone companies, with","page_number":123,"box":{"x":256,"y":128,"width":652,"height":11}},{"id":"0f3905bf-8e8f-463e-a6d8-cb1d7991cdb8","block_type":"box","text":"a history of broad market coverage and highly regulated businesses, and cable companies, which began as small,","page_number":123,"box":{"x":69,"y":143,"width":813,"height":11}},{"id":"dfcc9845-e938-4192-9baa-4b871718c51b","block_type":"box","text":"lightly regulated businesses focused on limited markets. Today these two historically different businesses are","page_number":123,"box":{"x":70,"y":158,"width":782,"height":11}},{"id":"f6270e93-2fbc-4e55-887a-60d1c40b50dc","block_type":"box","text":"converging in an industry that is trending toward larger, competitive national and international markets with an","page_number":123,"box":{"x":69,"y":173,"width":786,"height":11}},{"id":"62a3363d-5522-48ea-988c-eb9e07151034","block_type":"box","text":"emphasis on deregulation. Companies that distribute telephone services and provide access to the telephone","page_number":123,"box":{"x":69,"y":188,"width":784,"height":12}},{"id":"d25ea796-a0e6-4974-811a-5737c139e262","block_type":"box","text":"networks still comprise the greatest portion of this segment, but non-regulated activities such as wireless telephone","page_number":123,"box":{"x":69,"y":203,"width":830,"height":12}},{"id":"8b250934-283c-40c1-a0b4-19e6ac0ec15e","block_type":"box","text":"services, paging, data transmission and processing, equipment retailing, computer software and hardware and","page_number":123,"box":{"x":69,"y":218,"width":790,"height":12}},{"id":"ef54302f-e27b-46ee-af0d-f8c4d57a1820","block_type":"box","text":"internet services are becoming increasingly significant components as well. In particular, wireless and internet","page_number":123,"box":{"x":70,"y":234,"width":788,"height":11}},{"id":"f4d013dd-b2de-4f2e-86dc-168c3b634d5c","block_type":"box","text":"telephone services continue to gain market share at the expense of traditional telephone companies. The presence","page_number":123,"box":{"x":68,"y":249,"width":825,"height":11}},{"id":"6143aa14-d3e9-4b86-bc11-34e57599994e","block_type":"box","text":"of unregulated companies in this industry and the entry of traditional telephone companies into unregulated or less","page_number":123,"box":{"x":69,"y":264,"width":823,"height":11}},{"id":"c18cad21-fc14-4517-a155-a71104d07bfd","block_type":"box","text":"regulated businesses provide significant investment opportunities with companies that may increase their earnings","page_number":123,"box":{"x":69,"y":279,"width":821,"height":11}},{"id":"1b6b272c-b531-4dda-b882-08a33418ef54","block_type":"box","text":"at faster rates than had been allowed in traditional regulated businesses. Still, increasing competition, technological","page_number":123,"box":{"x":69,"y":294,"width":830,"height":11}},{"id":"e0ac3a06-48d2-4b0f-8405-c8efa4f64e40","block_type":"box","text":"innovations and other structural changes could adversely affect the profitability of such utilities and the growth rate","page_number":123,"box":{"x":70,"y":309,"width":821,"height":11}},{"id":"19eb0690-0421-4a65-8d1b-8af630a1647a","block_type":"box","text":"of their dividends. Given mergers and proposed legislation and enforcement changes, it is likely that both traditional","page_number":123,"box":{"x":69,"y":324,"width":827,"height":12}},{"id":"60c01465-fa2b-4c68-9a13-e36d26d698ec","block_type":"box","text":"telephone companies and cable companies will continue to provide an expanding range of utility services to both","page_number":123,"box":{"x":68,"y":339,"width":804,"height":12}},{"id":"43e27d8f-070d-4331-be7c-4ac1d81981d2","block_type":"box","text":"residential, corporate and governmental customers.","page_number":123,"box":{"x":69,"y":355,"width":367,"height":11}},{"id":"4c914aea-c685-45cc-bec5-e35652cf513c","block_type":"box","text":"Gas.","page_number":123,"box":{"x":102,"y":377,"width":31,"height":9}},{"id":"d57f5ff2-d940-4d15-b4f6-4aaf4a8307dc","block_type":"box","text":"Gas transmission companies and gas distribution companies are undergoing significant changes. In the","page_number":123,"box":{"x":139,"y":377,"width":740,"height":12}},{"id":"8ddba699-8876-40f7-91fc-7e00ac7e5654","block_type":"box","text":"United States, interstate transmission companies are regulated by the Federal Energy Regulatory Commission, which","page_number":123,"box":{"x":70,"y":392,"width":834,"height":12}},{"id":"5c266eb2-40a4-4886-8a87-73dd4e47d881","block_type":"box","text":"is reducing its regulation of the industry. Many companies have diversified into oil and gas exploration and","page_number":123,"box":{"x":70,"y":407,"width":756,"height":12}},{"id":"8e55b777-fa39-481b-9dbf-ec3ed4bb983d","block_type":"box","text":"development, making returns more sensitive to energy prices. In the recent decade, gas utility companies have been","page_number":123,"box":{"x":69,"y":423,"width":831,"height":11}},{"id":"e1d5968a-ec92-4c18-95b2-985c287f2241","block_type":"box","text":"adversely affected by disruptions in the oil industry and have also been affected by increased concentration and","page_number":123,"box":{"x":69,"y":438,"width":801,"height":11}},{"id":"39deb443-4ca5-4ef3-8d1d-ee96cc115b96","block_type":"box","text":"competition. In the opinion of the Manager, however, environmental considerations could improve the gas industry","page_number":123,"box":{"x":69,"y":453,"width":815,"height":11}},{"id":"cdbb5bf4-e4de-4b54-8e97-d15f44c183ab","block_type":"box","text":"outlook in the future. For example, natural gas is the cleanest of the hydrocarbon fuels, and this may result in","page_number":123,"box":{"x":69,"y":468,"width":782,"height":11}},{"id":"0df83eaf-ea82-4036-a6bd-88faea6510f9","block_type":"box","text":"incremental shifts in fuel consumption toward natural gas and away from oil and coal, even for electricity generation.","page_number":123,"box":{"x":70,"y":483,"width":829,"height":11}},{"id":"17d251d0-bc2e-4df9-8d88-1ccabea58ea0","block_type":"box","text":"However, technological or regulatory changes within the industry may delay or prevent this result.","page_number":123,"box":{"x":70,"y":498,"width":691,"height":11}},{"id":"c9091bd8-773d-467e-8387-ba3dcf1e192f","block_type":"box","text":"Water.","page_number":123,"box":{"x":103,"y":521,"width":42,"height":9}},{"id":"2408ebb0-9ff7-475d-a4ae-40a23564f5a8","block_type":"box","text":"Water supply utilities are companies that collect, purify, distribute and sell water. In the United States and","page_number":123,"box":{"x":151,"y":521,"width":754,"height":11}},{"id":"90945dbd-97fe-422e-ba22-2b184c82d445","block_type":"box","text":"around the world the industry is highly fragmented because most of the supplies are owned by local authorities.","page_number":123,"box":{"x":69,"y":536,"width":796,"height":11}},{"id":"3cbe2c9c-ebd3-4d2c-ac30-252594ca399f","block_type":"box","text":"Companies in this industry are generally mature and are experiencing little or no per capita volume growth. In the","page_number":123,"box":{"x":69,"y":551,"width":806,"height":11}},{"id":"85b369f4-8b9d-4e66-a206-512861406df7","block_type":"box","text":"opinion of the Manager, there may be opportunities for certain companies to acquire other water utility companies","page_number":123,"box":{"x":69,"y":566,"width":814,"height":11}},{"id":"5ce995c3-7e85-4501-8abd-da2cf3dff7a7","block_type":"box","text":"and for foreign acquisition of domestic companies. The Manager believes that favorable investment opportunities","page_number":123,"box":{"x":69,"y":581,"width":808,"height":12}},{"id":"d17dc6d7-5426-49c8-b737-40d17fff8ca1","block_type":"box","text":"may result from consolidation of this segment. As with other utilities, however, increased regulation, increased costs","page_number":123,"box":{"x":69,"y":596,"width":832,"height":12}},{"id":"dafb8bc6-23b6-4c29-8df9-116aa6318a52","block_type":"box","text":"and potential disruptions in supply may adversely affect investments in water supply utilities.","page_number":123,"box":{"x":69,"y":612,"width":662,"height":11}},{"id":"122ff466-4369-49c4-87cb-d9e71918c8fc","block_type":"box","text":"Utility Industries Generally.","page_number":123,"box":{"x":103,"y":634,"width":186,"height":11}},{"id":"226cfdb3-fb1a-47e5-b8c3-05816f7f8217","block_type":"box","text":"There can be no assurance that the positive developments noted above, including","page_number":123,"box":{"x":296,"y":634,"width":584,"height":12}},{"id":"7094d9ae-5705-474f-995a-7c76aa8ac6c4","block_type":"box","text":"those relating to privatization and changing regulation, will occur or that risk factors other than those noted above will","page_number":123,"box":{"x":68,"y":649,"width":837,"height":12}},{"id":"89d130b8-1507-4c80-8b82-cc781501b957","block_type":"box","text":"not develop in the future.","page_number":123,"box":{"x":69,"y":664,"width":178,"height":11}},{"id":"4c1b0cb9-8f34-466d-a997-26ea07f8bd29","block_type":"box","text":"When-Issued Securities, Delayed Delivery Securities and Forward Commitments.","page_number":123,"box":{"x":103,"y":687,"width":585,"height":11}},{"id":"67ac09c2-d779-47eb-a46d-3c90a0f1b5df","block_type":"box","text":"A Fund may purchase or sell","page_number":123,"box":{"x":694,"y":687,"width":200,"height":11}},{"id":"65598842-9868-487f-82aa-390250dd9abc","block_type":"box","text":"securities that it is entitled to receive on a when-issued basis. A Fund may also purchase or sell securities on a","page_number":123,"box":{"x":69,"y":703,"width":795,"height":10}},{"id":"c6ced059-938e-42a0-93f3-8797f4cb8a5b","block_type":"box","text":"delayed delivery basis or through a forward commitment (including on a TBA (to be announced) basis). These","page_number":123,"box":{"x":69,"y":717,"width":777,"height":12}},{"id":"cec73053-ea39-4a4d-aea8-d38505222542","block_type":"box","text":"transactions involve the purchase or sale of securities by a Fund at an established price with payment and delivery","page_number":123,"box":{"x":68,"y":732,"width":820,"height":12}},{"id":"05aef397-193c-4b0a-9259-0143546a7944","block_type":"box","text":"taking place in the future. The Fund enters into these transactions to obtain what is considered an advantageous","page_number":123,"box":{"x":68,"y":748,"width":807,"height":11}},{"id":"99c2135b-ea1a-4bed-8e3d-7fb9e3537bf2","block_type":"box","text":"price to the Fund at the time of entering into the transaction.","page_number":123,"box":{"x":70,"y":763,"width":430,"height":11}},{"id":"625bc650-8718-43ee-afd8-c337006d28e0","block_type":"box","text":"Pursuant to recommendations of the Treasury Market Practices Group, which is sponsored by the Federal","page_number":123,"box":{"x":102,"y":785,"width":750,"height":12}},{"id":"5f3d7fb6-aaf0-43f9-9b01-0d17ffef9ba3","block_type":"box","text":"Reserve Bank of New York, a Fund or its counterparty generally will be required to post collateral when entering into","page_number":123,"box":{"x":70,"y":801,"width":823,"height":11}},{"id":"2f79394c-ece7-4c0f-aaa0-99ed5194623f","block_type":"box","text":"certain forward-settling transactions, including without limitation TBA transactions. FINRA rules have also been","page_number":123,"box":{"x":69,"y":816,"width":788,"height":11}},{"id":"c25d77d5-35eb-4958-8412-78281d447318","block_type":"box","text":"implemented that include mandatory margin requirements for the TBA market with limited exceptions. The","page_number":123,"box":{"x":70,"y":831,"width":755,"height":11}},{"id":"e328e245-b759-4ee0-9ae5-33b90374f416","block_type":"box","text":"collateralization of TBA trades is intended to mitigate counterparty credit risk between trade and settlement, but","page_number":123,"box":{"x":69,"y":846,"width":799,"height":11}},{"id":"f1dc2a32-44ef-4cf5-a008-966b4c10700f","block_type":"box","text":"could increase the cost of TBA transactions and impose added operational complexity.","page_number":123,"box":{"x":69,"y":861,"width":614,"height":11}},{"id":"88d7640c-0e4b-4bd8-b558-7d3cf62647e4","block_type":"box","text":"There can be no assurance that a security purchased on a when-issued basis will be issued or that a security","page_number":123,"box":{"x":101,"y":884,"width":780,"height":11}},{"id":"110148b0-3e2e-4db6-9c4d-150386b4cfae","block_type":"box","text":"purchased or sold on a delayed delivery basis or through a forward commitment will be delivered. Also, the value of","page_number":123,"box":{"x":70,"y":899,"width":823,"height":11}},{"id":"318a993f-c42d-41d3-b6f6-4daedf041e49","block_type":"box","text":"II-79","page_number":123,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a4a22d6c-7bcf-436c-9522-1924b18ca1f5","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":123,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"313c28e5-e44e-459b-94c6-a54941f28125","block_type":"box","text":"securities in these transactions on the delivery date may be more or less than the price paid by the Fund to purchase","page_number":124,"box":{"x":69,"y":45,"width":838,"height":11}},{"id":"4d8895fd-0029-451b-86b9-c36df4356f43","block_type":"box","text":"the securities. The Fund will lose money if the value of the security in such a transaction declines below the purchase","page_number":124,"box":{"x":68,"y":60,"width":839,"height":11}},{"id":"326d0ee8-6c88-42c5-9693-19839e4eef5e","block_type":"box","text":"price and will not benefit if the value of the security appreciates above the sale price during the commitment period.","page_number":124,"box":{"x":70,"y":75,"width":824,"height":11}},{"id":"096fcd28-93bf-4497-b025-8ca892d55f3c","block_type":"box","text":"If deemed advisable as a matter of investment strategy, a Fund may dispose of or renegotiate a commitment","page_number":124,"box":{"x":102,"y":98,"width":776,"height":11}},{"id":"29029666-e0e0-45a3-bd7e-1ae8e6fce7b7","block_type":"box","text":"after it has been entered into, and may sell securities it has committed to purchase before those securities are","page_number":124,"box":{"x":69,"y":113,"width":795,"height":11}},{"id":"22091fec-9dfb-4fdd-a987-3ac3256ec518","block_type":"box","text":"delivered to the Fund on the settlement date. In these cases the Fund may realize a taxable capital gain or loss.","page_number":124,"box":{"x":69,"y":128,"width":799,"height":11}},{"id":"a63b0547-54c4-4181-ba43-30fad519e3f6","block_type":"box","text":"When a Fund engages in when-issued, TBA or forward commitment transactions, it relies on the other party to","page_number":124,"box":{"x":101,"y":150,"width":784,"height":12}},{"id":"09aa5d6e-89ed-4fc0-b99b-c60d0cdfe20e","block_type":"box","text":"consummate the trade. Failure of such party to do so may result in the Fund’s incurring a loss or missing an","page_number":124,"box":{"x":69,"y":166,"width":772,"height":11}},{"id":"87565a82-b33c-461b-9f08-40222e7a8381","block_type":"box","text":"opportunity to obtain a price considered to be advantageous.","page_number":124,"box":{"x":69,"y":181,"width":434,"height":11}},{"id":"43bcbf3d-4d96-4438-81bb-ba498b5d1d47","block_type":"box","text":"The market value of the securities underlying a commitment to purchase securities, and any subsequent","page_number":124,"box":{"x":101,"y":203,"width":745,"height":12}},{"id":"8ea86d16-bd02-4d43-804e-03215279846d","block_type":"box","text":"fluctuations in their market value, is taken into account when determining the market value of a Fund starting on the","page_number":124,"box":{"x":68,"y":218,"width":831,"height":12}},{"id":"252e2212-523b-4a3d-8ed8-f6a0e048fec7","block_type":"box","text":"day the Fund agrees to purchase the securities. The Fund does not earn interest on the securities it has committed","page_number":124,"box":{"x":69,"y":234,"width":823,"height":11}},{"id":"9730ce9d-07d9-4e7a-a129-ce35fde7798f","block_type":"box","text":"to purchase until they are paid for and delivered on the settlement date.","page_number":124,"box":{"x":68,"y":249,"width":514,"height":11}},{"id":"32aaad23-c9ca-4be5-a9c6-71f7594a3085","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to enter into when-issued or forward-settling","page_number":124,"box":{"x":102,"y":271,"width":759,"height":12}},{"id":"7c4eb78f-0e7c-4580-bf56-147db011248b","block_type":"box","text":"securities (","page_number":124,"box":{"x":69,"y":287,"width":78,"height":11}},{"id":"937589ba-0dae-410f-9059-80faa9dc5fef","block_type":"box","text":"e.g.","page_number":124,"box":{"x":148,"y":288,"width":25,"height":10}},{"id":"aa6db353-d32c-444d-afe3-6191769dee83","block_type":"box","text":", firm and standby commitments, including TBA commitments, and dollar rolls) and non-standard","page_number":124,"box":{"x":176,"y":286,"width":686,"height":12}},{"id":"1a28d003-84d6-4868-96ab-92870248a3a2","block_type":"box","text":"settlement cycle securities notwithstanding the limitation on the issuance of senior securities in Section 18 of the","page_number":124,"box":{"x":69,"y":302,"width":813,"height":11}},{"id":"ca2c922d-45c2-44be-bda3-cb5339d32bac","block_type":"box","text":"Investment Company Act, provided that the Fund intends to physically settle the transaction and the transaction will","page_number":124,"box":{"x":70,"y":317,"width":822,"height":11}},{"id":"1f39d280-d275-482e-b423-5acd95d3d918","block_type":"box","text":"settle within 35 days of its trade date (the “Delayed-Settlement Securities Provision”). If a when-issued, forward","page_number":124,"box":{"x":69,"y":332,"width":802,"height":11}},{"id":"cdcc7fc9-831f-40b0-a8b7-007a71cc0ef3","block_type":"box","text":"settling or non-standard settlement cycle security does not satisfy the Delayed-Settlement Securities Provision, then","page_number":124,"box":{"x":69,"y":347,"width":826,"height":11}},{"id":"271557ed-66c9-4b52-9dd0-1344651fa7bf","block_type":"box","text":"it is treated as a Derivatives Transaction under Rule 18f-4. See “—Derivatives — Regulation of Derivatives — Rule","page_number":124,"box":{"x":70,"y":362,"width":816,"height":11}},{"id":"084a62bd-f44e-4a06-a142-f1f68a644a80","block_type":"box","text":"18f-4 under the Investment Company Act” above.","page_number":124,"box":{"x":70,"y":377,"width":349,"height":11}},{"id":"e595f0c7-70f9-4ad0-a2ed-ccb2780089a4","block_type":"box","text":"Regulations adopted by global prudential regulators require certain bank-regulated counterparties and certain of","page_number":124,"box":{"x":102,"y":400,"width":800,"height":11}},{"id":"c70ab263-4a00-4302-a843-d99de8fb01f4","block_type":"box","text":"their affiliates to include in certain financial contracts, including many agreements with respect to when-issued, TBA","page_number":124,"box":{"x":68,"y":415,"width":829,"height":11}},{"id":"b9e5b684-9721-4459-a79b-0b412b3530ab","block_type":"box","text":"and forward commitment transactions, terms that delay or restrict the rights of counterparties, such as a Fund, to","page_number":124,"box":{"x":69,"y":430,"width":814,"height":11}},{"id":"a3d0de7a-6266-4cfb-9dda-b811a2140a8e","block_type":"box","text":"terminate such agreements, foreclose upon collateral, exercise other default rights or restrict transfers of credit","page_number":124,"box":{"x":68,"y":445,"width":799,"height":12}},{"id":"43ea6b0d-afc7-48ba-9276-d1de76431a64","block_type":"box","text":"support in the event that the counterparty and/or its affiliates are subject to certain types of resolution or insolvency","page_number":124,"box":{"x":69,"y":460,"width":836,"height":12}},{"id":"c2cd2229-5ba6-4d11-8c35-0e74e7db1d56","block_type":"box","text":"proceedings. It is possible that these requirements, as well as potential additional government regulation and other","page_number":124,"box":{"x":70,"y":476,"width":824,"height":11}},{"id":"bf78a203-1892-4e3a-bbf1-a5fc87d5acfd","block_type":"box","text":"developments in the market, could adversely affect a Fund’s ability to terminate existing agreements with respect to","page_number":124,"box":{"x":69,"y":491,"width":829,"height":11}},{"id":"ce666313-afc8-49d5-8657-4e6c4973d9e7","block_type":"box","text":"these transactions or to realize amounts to be received under such agreements.","page_number":124,"box":{"x":68,"y":506,"width":573,"height":11}},{"id":"fd4b1ade-2fc6-4a30-bf3b-adaaa6a46f23","block_type":"box","text":"Yields and Ratings.","page_number":124,"box":{"x":103,"y":529,"width":139,"height":11}},{"id":"ac4533a1-d702-47e8-91eb-c3549f7f5e62","block_type":"box","text":"The yields on certain obligations are dependent on a variety of factors, including general","page_number":124,"box":{"x":247,"y":528,"width":628,"height":12}},{"id":"386ec01e-7de1-4955-a62d-1c19ac32b95a","block_type":"box","text":"market conditions, conditions in the particular market for the obligation, the financial condition of the issuer, the size","page_number":124,"box":{"x":69,"y":543,"width":834,"height":12}},{"id":"4b5264d1-4f63-4bcc-a532-df29fe1bc5bb","block_type":"box","text":"of the offering, the maturity of the obligation and the ratings of the issue. The ratings of Moody’s, Fitch and S&P","page_number":124,"box":{"x":69,"y":559,"width":799,"height":11}},{"id":"c10ae21a-05da-45a4-8c0b-ec2109efc34a","block_type":"box","text":"represent their respective opinions as to the quality of the obligations they undertake to rate. Ratings, however, are","page_number":124,"box":{"x":69,"y":574,"width":824,"height":11}},{"id":"0de0da42-c5f0-41dc-9474-f857e13da85c","block_type":"box","text":"general and are not absolute standards of quality. Consequently, obligations with the same rating, maturity and","page_number":124,"box":{"x":68,"y":589,"width":792,"height":11}},{"id":"58715db8-cbbb-490a-8b29-dc8a2d1b66ce","block_type":"box","text":"interest rate may have different market prices. Subsequent to its purchase by a Fund, a rated security may cease to","page_number":124,"box":{"x":70,"y":604,"width":827,"height":11}},{"id":"d1cc58ec-817a-4434-af9e-bba20378158d","block_type":"box","text":"be rated. A Fund’s Manager or sub-adviser will consider such an event in determining whether the Fund should","page_number":124,"box":{"x":69,"y":619,"width":786,"height":11}},{"id":"6872df67-fcd9-4742-ab0f-7dd4484f6bad","block_type":"box","text":"continue to hold the security.","page_number":124,"box":{"x":69,"y":634,"width":204,"height":11}},{"id":"32f40372-5309-4654-be65-7cb85210f355","block_type":"box","text":"Zero Coupon Securities.","page_number":124,"box":{"x":102,"y":657,"width":175,"height":11}},{"id":"1ed62d02-06a6-4e4a-920b-f86d38917364","block_type":"box","text":"Zero coupon securities are securities that are sold at a discount to par value and do","page_number":124,"box":{"x":283,"y":657,"width":601,"height":11}},{"id":"4479d522-10c9-42d0-bd3a-69e9ffc2a4f7","block_type":"box","text":"not pay interest during the life of the security. The discount approximates the total amount of interest the security will","page_number":124,"box":{"x":69,"y":672,"width":837,"height":11}},{"id":"a951aed9-0dcc-4f92-bdc5-df1a171a724f","block_type":"box","text":"accrue and compound over the period until maturity at a rate of interest reflecting the market rate of the security at","page_number":124,"box":{"x":69,"y":687,"width":822,"height":11}},{"id":"2a616e3a-67cf-4c4e-afa1-6ebf9286f3df","block_type":"box","text":"the time of issuance. Upon maturity, the holder of a zero coupon security is entitled to receive the par value of the","page_number":124,"box":{"x":68,"y":702,"width":814,"height":11}},{"id":"f2e9f319-2fa6-484e-9052-4c5041e76f7b","block_type":"box","text":"security.","page_number":124,"box":{"x":69,"y":718,"width":57,"height":11}},{"id":"7679b742-bf07-47f2-a031-cc7537de2bb8","block_type":"box","text":"While interest payments are not made on such securities, holders of such securities are deemed to have","page_number":124,"box":{"x":101,"y":740,"width":749,"height":11}},{"id":"2fa7c33f-9820-4791-a9ba-1718668ed8b1","block_type":"box","text":"received income (“phantom income”) annually, notwithstanding that cash may not be received currently. The effect of","page_number":124,"box":{"x":69,"y":755,"width":835,"height":11}},{"id":"50087e03-c987-4534-b192-68fe5efc7172","block_type":"box","text":"owning instruments that do not make current interest payments is that a fixed yield is earned not only on the original","page_number":124,"box":{"x":69,"y":770,"width":833,"height":12}},{"id":"3e139bfa-4812-4124-8833-2fe3e8401d7c","block_type":"box","text":"investment but also, in effect, on all discount accretion during the life of the obligations. This implicit reinvestment of","page_number":124,"box":{"x":70,"y":785,"width":836,"height":12}},{"id":"e56c5d78-6e3e-4d15-9823-725619f3e8f2","block_type":"box","text":"earnings at a fixed rate eliminates the risk of being unable to invest distributions at a rate as high as the implicit","page_number":124,"box":{"x":69,"y":801,"width":804,"height":11}},{"id":"824ddeed-b5ac-4df4-b005-4ff4d0486ac5","block_type":"box","text":"yield on the zero coupon bond, but at the same time eliminates the holder’s ability to reinvest at higher rates in the","page_number":124,"box":{"x":68,"y":816,"width":824,"height":11}},{"id":"5d64a363-373c-41e0-9900-c9568d924657","block_type":"box","text":"future. For this reason, some of these securities may be subject to substantially greater price fluctuations during","page_number":124,"box":{"x":68,"y":831,"width":805,"height":11}},{"id":"6ef49ed1-b629-4755-894f-98b2316ef094","block_type":"box","text":"periods of changing market interest rates than are comparable securities that pay interest currently. Longer term zero","page_number":124,"box":{"x":70,"y":846,"width":837,"height":11}},{"id":"0c266bae-fa89-42c9-a6e3-ff099a894bc3","block_type":"box","text":"coupon bonds are more exposed to interest rate risk than shorter term zero coupon bonds. These investments","page_number":124,"box":{"x":69,"y":861,"width":791,"height":11}},{"id":"410658e1-ee99-4ad6-aa0b-3f7ac5ced667","block_type":"box","text":"benefit the issuer by mitigating its need for cash to meet debt service, but also require a higher rate of return to","page_number":124,"box":{"x":69,"y":876,"width":800,"height":11}},{"id":"0cf4ae01-2bb2-4001-837a-ed28cfe5f502","block_type":"box","text":"attract investors who are willing to defer receipt of cash.","page_number":124,"box":{"x":69,"y":891,"width":400,"height":12}},{"id":"43a1c4d9-ae2d-447a-898d-c9b3d3ded2ca","block_type":"box","text":"II-80","page_number":124,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"98f71a40-f60b-40dc-8cbd-7b90bffe2ecc","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":124,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"72407483-522f-4aa4-873d-5dbdd1afff3d","block_type":"box","text":"A Fund accrues income with respect to these securities for U.S. federal income tax and accounting purposes","page_number":125,"box":{"x":101,"y":45,"width":775,"height":11}},{"id":"40a4182c-b35c-4d84-9687-fbc2c39febd2","block_type":"box","text":"prior to the receipt of cash payments. Zero coupon securities may be subject to greater fluctuation in value and less","page_number":125,"box":{"x":70,"y":60,"width":827,"height":11}},{"id":"f82728dd-b124-4b0a-af26-1f460a3b04e1","block_type":"box","text":"liquidity in the event of adverse market conditions than comparably rated securities that pay cash interest at regular","page_number":125,"box":{"x":70,"y":75,"width":826,"height":11}},{"id":"80b9d7c8-1229-4a35-891e-66833ecf6991","block_type":"box","text":"intervals.","page_number":125,"box":{"x":70,"y":90,"width":64,"height":9}},{"id":"3763d464-0f88-44f5-9dba-a3e36402616a","block_type":"box","text":"Further, to maintain its qualification for pass-through treatment under the U.S. federal tax laws, a Fund is","page_number":125,"box":{"x":102,"y":113,"width":749,"height":11}},{"id":"79448a43-a329-4a01-8abd-2bb5a82114e5","block_type":"box","text":"required to distribute income to its shareholders and, consequently, may have to dispose of other, more liquid","page_number":125,"box":{"x":69,"y":128,"width":784,"height":11}},{"id":"88a8e269-791f-4444-bf2e-6e2fd4c6d955","block_type":"box","text":"portfolio securities under disadvantageous circumstances or may have to leverage itself by borrowing in order to","page_number":125,"box":{"x":70,"y":143,"width":799,"height":11}},{"id":"10480f6d-d00c-4eb9-a859-3de8d20d8ae7","block_type":"box","text":"generate the cash to satisfy these distributions. The required distributions may result in an increase in a Fund’s","page_number":125,"box":{"x":68,"y":158,"width":799,"height":11}},{"id":"94a58e87-19bf-4d16-956a-52dc958b95fb","block_type":"box","text":"exposure to zero coupon securities.","page_number":125,"box":{"x":69,"y":173,"width":253,"height":11}},{"id":"a2b66876-71a2-4ea2-99df-15105cd3f949","block_type":"box","text":"In addition to the above-described risks, there are certain other risks related to investing in zero coupon","page_number":125,"box":{"x":102,"y":196,"width":740,"height":11}},{"id":"730dc94d-8ced-40d9-a672-8f4211bc58dd","block_type":"box","text":"securities. During a period of severe market conditions, the market for such securities may become even less liquid.","page_number":125,"box":{"x":69,"y":211,"width":829,"height":11}},{"id":"7f35b537-76dd-4583-b385-5214b240c17d","block_type":"box","text":"In addition, as these securities do not pay cash interest, a Fund’s investment exposure to these securities and their","page_number":125,"box":{"x":70,"y":226,"width":829,"height":11}},{"id":"cc0528be-5d1c-444e-9cae-53298693af9e","block_type":"box","text":"risks, including credit risk, will increase during the time these securities are held in the Fund’s portfolio.","page_number":125,"box":{"x":69,"y":241,"width":741,"height":11}},{"id":"506c73ab-789c-4d89-a667-bac8e6c868f7","block_type":"box","text":"Suitability. (All Funds)","page_number":125,"box":{"x":101,"y":264,"width":161,"height":11}},{"id":"c8ab15a3-e0b1-4a8a-8472-53467b8298cb","block_type":"box","text":"The economic benefit of an investment in any Fund depends upon many factors beyond the control of the Fund,","page_number":125,"box":{"x":101,"y":286,"width":793,"height":12}},{"id":"0623e9dd-1b88-421f-a1a3-73232b55e6a5","block_type":"box","text":"the Manager and its affiliates. Each Fund should be considered a vehicle for diversification and not as a balanced","page_number":125,"box":{"x":68,"y":302,"width":811,"height":11}},{"id":"25105af3-4fd7-4ad8-bf87-c88d7c12ca1c","block_type":"box","text":"investment program. The suitability for any particular investor of a purchase of shares in a Fund will depend upon,","page_number":125,"box":{"x":70,"y":317,"width":810,"height":11}},{"id":"91b40eb8-cdc3-46ef-af66-20f791ac9450","block_type":"box","text":"among other things, such investor’s investment objectives and such investor’s ability to accept the risks associated","page_number":125,"box":{"x":69,"y":332,"width":826,"height":11}},{"id":"1e6cef5d-1328-4216-bfb8-7d4b1d5502bd","block_type":"box","text":"with investing in securities, including the risk of loss of principal.","page_number":125,"box":{"x":68,"y":347,"width":460,"height":11}},{"id":"3b2e4275-4141-42be-8a46-e46eb3a2c943","block_type":"box","text":"Investment Restrictions. (All Funds)","page_number":125,"box":{"x":102,"y":370,"width":264,"height":11}},{"id":"8dff8b95-0e80-4e33-ae95-1e2f00d8727c","block_type":"box","text":"See “Investment Restrictions” or “Investment Policies,” as applicable in each Fund’s SAI for the specific","page_number":125,"box":{"x":102,"y":392,"width":745,"height":11}},{"id":"d7ac55dc-cd45-4411-abda-b0c140b1e6de","block_type":"box","text":"fundamental and non-fundamental investment restrictions adopted by each Fund. In addition to those investment","page_number":125,"box":{"x":68,"y":407,"width":807,"height":12}},{"id":"370949c1-e5c3-481e-b858-89445226ba0d","block_type":"box","text":"restrictions, each Fund is also subject to the restrictions discussed below.","page_number":125,"box":{"x":69,"y":423,"width":528,"height":11}},{"id":"feb1995c-bb6b-457d-97ff-add6997371bf","block_type":"box","text":"Each Fund’s investments will be limited in order to allow the Fund to qualify as a “regulated investment","page_number":125,"box":{"x":102,"y":445,"width":735,"height":12}},{"id":"0c8bc583-5977-45f2-9165-913f24bf9a24","block_type":"box","text":"company” for purposes of the Code. See “Dividends and Taxes — Taxes” or “Taxes.” To qualify, among other","page_number":125,"box":{"x":69,"y":460,"width":775,"height":12}},{"id":"fa7a190d-1da1-4d66-b397-651e02721457","block_type":"box","text":"requirements, each Fund will limit its investments so that, at the close of each quarter of the taxable year, (i) at least","page_number":125,"box":{"x":69,"y":475,"width":837,"height":12}},{"id":"12d36cb6-6990-4163-a3ee-d39d7e15ebca","block_type":"box","text":"50% of the market value of each Fund’s assets is represented by cash, securities of other regulated investment","page_number":125,"box":{"x":69,"y":491,"width":799,"height":11}},{"id":"24bac243-adae-4a15-b8fe-5b556f4a49a9","block_type":"box","text":"companies, U.S. Government Securities and other securities, with such other securities limited, in respect of any one","page_number":125,"box":{"x":69,"y":506,"width":837,"height":11}},{"id":"bf4dcdf9-221d-413f-a4fa-a9411596f83d","block_type":"box","text":"issuer, to an amount not greater in value than 5% of the Fund’s assets and not greater than 10% of the outstanding","page_number":125,"box":{"x":70,"y":521,"width":825,"height":11}},{"id":"8265e1ac-8b7d-4caa-bf0c-c94fe7fd98e9","block_type":"box","text":"voting securities of such issuer and (ii) not more than 25% of the value of its assets is invested in the securities","page_number":125,"box":{"x":68,"y":536,"width":802,"height":11}},{"id":"014af280-27b7-48d3-b1d6-bedf93ed4913","block_type":"box","text":"(other than U.S. Government Securities or securities of other regulated investment companies) of any one issuer, any","page_number":125,"box":{"x":69,"y":551,"width":837,"height":11}},{"id":"db38755b-9bbd-4751-8a3b-f57cb32889b3","block_type":"box","text":"two or more issuers that the Fund controls and that are determined to be engaged in the same or similar trades or","page_number":125,"box":{"x":68,"y":566,"width":819,"height":11}},{"id":"acd5e339-97aa-45a5-bf87-c6dd6b748a28","block_type":"box","text":"businesses or related trades or businesses or in the securities of one or more qualified publicly traded partnerships","page_number":125,"box":{"x":69,"y":581,"width":828,"height":11}},{"id":"cd32fa5c-601b-473a-aecf-e36b3233be79","block_type":"box","text":"(","page_number":125,"box":{"x":69,"y":597,"width":3,"height":10}},{"id":"4647e044-0956-4261-b425-64d734157b5e","block_type":"box","text":"i.e.","page_number":125,"box":{"x":74,"y":597,"width":21,"height":8}},{"id":"79b835b0-4e21-4fec-ae5b-f06c6226cdb1","block_type":"box","text":", partnerships that are traded on an established securities market or tradable on a secondary market, other than","page_number":125,"box":{"x":97,"y":597,"width":806,"height":11}},{"id":"86975290-6167-4647-b96a-ef7599ae6a6c","block_type":"box","text":"partnerships that derive 90% of their income from interest, dividends, capital gains and other traditionally permitted","page_number":125,"box":{"x":70,"y":612,"width":824,"height":11}},{"id":"9d3d5801-63ad-4be7-94d9-5f9e9fc76247","block_type":"box","text":"mutual fund income). For purposes of this restriction, the Municipal Funds generally will regard each state and each","page_number":125,"box":{"x":69,"y":627,"width":824,"height":11}},{"id":"9fb43607-e58d-4b68-b9a1-c41e7d79d5e9","block_type":"box","text":"of its political subdivisions, agencies or instrumentalities and each multi-state agency of which the state is a member","page_number":125,"box":{"x":69,"y":642,"width":838,"height":11}},{"id":"68088bb2-649c-4ebc-a3fb-5f1af81a5ee3","block_type":"box","text":"as a separate issuer. Each public authority that issues securities on behalf of a private entity generally will also be","page_number":125,"box":{"x":69,"y":657,"width":815,"height":11}},{"id":"4d9defc7-141a-4036-91f7-2305b28ba3f0","block_type":"box","text":"regarded as a separate issuer, except that if the security is backed only by the assets and revenues of a non","page_number":125,"box":{"x":69,"y":672,"width":781,"height":11}},{"id":"ec94697f-5362-4ee3-9484-4dc1a1c55844","block_type":"box","text":"government entity, then the entity with the ultimate responsibility for the payment of interest and principal may be","page_number":125,"box":{"x":68,"y":687,"width":810,"height":11}},{"id":"991726eb-862b-4894-839d-bd058ff23334","block_type":"box","text":"regarded as the sole issuer.","page_number":125,"box":{"x":69,"y":703,"width":198,"height":11}},{"id":"e2a04492-956c-4373-bb12-79593b0eb753","block_type":"box","text":"Foreign government securities (unlike U.S. Government Securities) are not exempt from the 5%, 10% and 25%","page_number":125,"box":{"x":102,"y":725,"width":784,"height":11}},{"id":"9de931ae-ec42-4d27-83cf-58c92ab67c0a","block_type":"box","text":"diversification requirements of the Code discussed above and the securities of each foreign government issuer are","page_number":125,"box":{"x":69,"y":740,"width":819,"height":11}},{"id":"d52d744f-2a1a-4aa9-90db-1e8319bb2ad6","block_type":"box","text":"considered to be obligations of a single issuer. These tax-related limitations may be changed by the Directors of a","page_number":125,"box":{"x":69,"y":755,"width":811,"height":11}},{"id":"cc20362c-ca07-4e9c-a6a2-6aa447a69cb2","block_type":"box","text":"Fund to the extent necessary to comply with changes to the U.S. federal tax requirements. A Fund that is","page_number":125,"box":{"x":70,"y":770,"width":747,"height":12}},{"id":"92f3e1e7-db6f-4dcf-a3a5-33895ee245db","block_type":"box","text":"“diversified” under the Investment Company Act must satisfy the foregoing 5% and 10% requirements with respect to","page_number":125,"box":{"x":70,"y":785,"width":834,"height":12}},{"id":"930a6c31-0788-4eed-b29f-370a06385619","block_type":"box","text":"75% of its total assets.","page_number":125,"box":{"x":69,"y":801,"width":165,"height":9}},{"id":"44b87f1f-1d44-4115-8e4b-432bf1be8c1f","block_type":"box","text":"II-81","page_number":125,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a26bb5e3-4a8c-4792-9461-92340f8ccce7","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":125,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"038de7af-96be-4c13-9395-01c050d5a464","block_type":"box","text":"MANAGEMENT AND OTHER SERVICE ARRANGEMENTS","page_number":126,"box":{"x":268,"y":45,"width":442,"height":10}},{"id":"3f30b26b-f237-4443-9c2b-c46cb3a01e1b","block_type":"box","text":"Directors and Officers","page_number":126,"box":{"x":69,"y":76,"width":159,"height":8}},{"id":"4ecd51be-b251-436d-b8c2-8dc2e39c2d3a","block_type":"box","text":"See “Information on Directors and Officers, ‘—Biographical Information,’ ‘— Share Ownership’ and ‘—","page_number":126,"box":{"x":102,"y":98,"width":733,"height":11}},{"id":"6c0523b1-9c5e-4bc0-92d6-ea8f052aa241","block_type":"box","text":"Compensation of Directors’” or “Information on Trustees and Officers, ‘—Biographical Information,’ ‘— Share","page_number":126,"box":{"x":69,"y":113,"width":783,"height":12}},{"id":"ed9adba8-465a-4a81-adf4-61913dd64050","block_type":"box","text":"Ownership’ and ‘— Compensation of Trustees’,” as applicable, in Part I of each Fund’s SAI for biographical and","page_number":126,"box":{"x":69,"y":128,"width":795,"height":12}},{"id":"1717aa10-8f17-4d30-8626-f54c2b71dabd","block_type":"box","text":"certain other information relating to the Directors and officers of your Fund, including Directors’ compensation.","page_number":126,"box":{"x":69,"y":143,"width":789,"height":12}},{"id":"20f6f61c-5afc-4fd4-afe0-af52a927ca46","block_type":"box","text":"Management Arrangements","page_number":126,"box":{"x":69,"y":174,"width":202,"height":11}},{"id":"36283aad-8838-411e-86a5-f31c747049e8","block_type":"box","text":"Management Services.","page_number":126,"box":{"x":102,"y":197,"width":162,"height":11}},{"id":"a151d1fd-61e9-4942-9a74-cc6e0216b2f2","block_type":"box","text":"The Manager provides each Fund with investment advisory and management services.","page_number":126,"box":{"x":270,"y":197,"width":615,"height":11}},{"id":"b0173488-2d9c-4cda-a58e-1db839384026","block_type":"box","text":"Subject to the oversight of the Board of Directors, the Manager is responsible for the actual management of a Fund’s","page_number":126,"box":{"x":69,"y":212,"width":836,"height":11}},{"id":"917c3f2d-9d23-4c02-9e9b-0dc416093024","block_type":"box","text":"portfolio and reviews the Fund’s holdings in light of its own research analysis and that from other relevant sources.","page_number":126,"box":{"x":70,"y":227,"width":820,"height":11}},{"id":"a0ca4864-d246-4bc2-b482-ac5ab62057cc","block_type":"box","text":"The responsibility for making decisions to buy, sell or hold a particular security rests with the Manager. The Manager","page_number":126,"box":{"x":68,"y":242,"width":832,"height":11}},{"id":"e48e34fb-3dd9-402c-92f5-0d358d201edc","block_type":"box","text":"performs certain of the other administrative services and provides all the office space, facilities, equipment and","page_number":126,"box":{"x":70,"y":257,"width":801,"height":11}},{"id":"767932c4-ff50-4d0d-bc12-b91e9d80b17f","block_type":"box","text":"necessary personnel for management of each Fund.","page_number":126,"box":{"x":69,"y":272,"width":370,"height":11}},{"id":"b2b5ef13-eb0f-41b0-a1e3-78d6c5581961","block_type":"box","text":"Each Feeder Fund invests all or a portion of its assets in shares of a Master Portfolio. To the extent a Feeder","page_number":126,"box":{"x":102,"y":295,"width":778,"height":11}},{"id":"7b18587c-b848-4226-bc5d-cc4a54cd2a3e","block_type":"box","text":"Fund invests all of its assets in a Master Portfolio, it does not invest directly in portfolio securities and does not","page_number":126,"box":{"x":70,"y":310,"width":800,"height":11}},{"id":"32846bdc-201a-42b2-a952-da97f7e82a2c","block_type":"box","text":"require management services. For such Feeder Funds, portfolio management occurs at the Master Portfolio level.","page_number":126,"box":{"x":69,"y":325,"width":810,"height":11}},{"id":"daf3fc7a-b8a4-47e1-9c1e-db5d5ee63b1f","block_type":"box","text":"Management Fee.","page_number":126,"box":{"x":102,"y":348,"width":126,"height":11}},{"id":"1ca88f89-8895-4bba-9dfa-475f737452aa","block_type":"box","text":"Each Fund has entered into a Management Agreement with the Manager pursuant to which","page_number":126,"box":{"x":235,"y":348,"width":646,"height":11}},{"id":"e108940e-2b76-439e-b478-e4d419d929cc","block_type":"box","text":"the Manager receives for its services to the Fund monthly compensation at an annual rate based on the average daily","page_number":126,"box":{"x":68,"y":363,"width":841,"height":11}},{"id":"95ef20e4-3e90-4757-b566-3e9ef28ca89d","block_type":"box","text":"net assets of the Fund. For information regarding the fees paid by your Fund to the Manager for the Fund’s last three","page_number":126,"box":{"x":69,"y":378,"width":833,"height":11}},{"id":"9109e307-4051-4676-b30f-0356baa891a9","block_type":"box","text":"fiscal years or other applicable periods, see “Management, Advisory and Other Service Arrangements —","page_number":126,"box":{"x":68,"y":393,"width":746,"height":11}},{"id":"410b1fdf-0300-4bb7-9f7e-5ef3bb45e10d","block_type":"box","text":"Management Agreement” or “Management and Advisory Arrangements,” as applicable, in Part I of each Fund’s SAI.","page_number":126,"box":{"x":70,"y":408,"width":825,"height":11}},{"id":"0e9b043b-c86e-4bb9-a619-0a77585e5532","block_type":"box","text":"For Funds that do not have an administrator, each Management Agreement obligates the Manager to provide","page_number":126,"box":{"x":102,"y":431,"width":774,"height":11}},{"id":"900575e3-a841-45a4-877f-24d826396a73","block_type":"box","text":"management services and to pay all compensation of and furnish office space for officers and employees of a Fund","page_number":126,"box":{"x":69,"y":446,"width":826,"height":11}},{"id":"4196a3d3-f63d-4bfd-8f1c-72c1f544ac7a","block_type":"box","text":"in connection with investment and economic research, trading and investment management of the Fund, as well as","page_number":126,"box":{"x":70,"y":461,"width":820,"height":11}},{"id":"e9cbacec-ae45-4c83-b1c0-4911ef96d2e2","block_type":"box","text":"the fees of all Directors of the Fund who are interested persons of the Fund. Each Fund pays all other expenses","page_number":126,"box":{"x":68,"y":476,"width":797,"height":11}},{"id":"69a0bcd3-6f7e-434a-86d6-e4416b039a12","block_type":"box","text":"incurred in the operation of that Fund, including among other things: taxes; expenses for legal and auditing services;","page_number":126,"box":{"x":70,"y":491,"width":830,"height":12}},{"id":"45cbb671-3ae7-410d-a735-1fd0a9cc381e","block_type":"box","text":"costs of preparing, printing and mailing proxies, shareholder reports, prospectuses and statements of additional","page_number":126,"box":{"x":69,"y":506,"width":802,"height":12}},{"id":"594a9ea9-0bdf-43bf-88a1-662f09019399","block_type":"box","text":"information, except to the extent paid by BlackRock Investments, LLC (“BRIL” or the “Distributor”); charges of the","page_number":126,"box":{"x":70,"y":521,"width":809,"height":12}},{"id":"67582f78-21e6-4815-9870-6bbd9f215b85","block_type":"box","text":"custodian and sub-custodian, and the transfer agent; expenses of redemption of shares; Commission fees; expenses","page_number":126,"box":{"x":69,"y":537,"width":838,"height":11}},{"id":"18e85a38-59c9-4c88-8f01-717f6233d23f","block_type":"box","text":"of registering the shares under Federal, state or foreign laws; fees and expenses of Directors who are not interested","page_number":126,"box":{"x":69,"y":552,"width":830,"height":11}},{"id":"7deddafb-d7c7-4d45-abbc-25ac1b95c3c1","block_type":"box","text":"persons of a Fund as defined in the Investment Company Act; accounting and pricing costs (including the daily","page_number":126,"box":{"x":70,"y":567,"width":784,"height":11}},{"id":"70e52fb8-d913-437a-9bb0-f190ce735add","block_type":"box","text":"calculations of NAV); insurance; interest; brokerage costs; litigation and other extraordinary or non-recurring","page_number":126,"box":{"x":69,"y":582,"width":767,"height":11}},{"id":"077dc4b6-9d30-4e23-b5b3-ea4b789b0da7","block_type":"box","text":"expenses; and other expenses properly payable by the Fund. Certain accounting services are provided to each Fund","page_number":126,"box":{"x":69,"y":597,"width":825,"height":11}},{"id":"04faf86d-b4b8-4268-b529-779c53f84ef0","block_type":"box","text":"by State Street Bank and Trust Company (“State Street”), BNY Mellon Investment Servicing (US) Inc. (“BNY Mellon”)","page_number":126,"box":{"x":69,"y":612,"width":830,"height":11}},{"id":"1634256a-a7ce-48c9-96bc-907a9dc28fad","block_type":"box","text":"or JPMorgan Chase Bank, N.A. (“JPM”) pursuant to an agreement between State Street, BNY Mellon or JPM, as","page_number":126,"box":{"x":69,"y":627,"width":794,"height":12}},{"id":"5a0623c1-f79b-4cd3-86d7-6514f7415920","block_type":"box","text":"applicable, and each Fund. Each Fund pays a fee for these services. The Distributor pays certain promotional","page_number":126,"box":{"x":69,"y":642,"width":778,"height":12}},{"id":"36671dd8-f74e-4cdd-adbb-ca61e03e0644","block_type":"box","text":"expenses of the Funds incurred in connection with the offering of shares of the Funds. Certain expenses are financed","page_number":126,"box":{"x":69,"y":658,"width":839,"height":11}},{"id":"46e58fdb-5193-4302-9ae7-2a0b0c3bfd0d","block_type":"box","text":"by each Fund pursuant to distribution plans in compliance with Rule 12b-1 under the Investment Company Act. See","page_number":126,"box":{"x":69,"y":673,"width":820,"height":11}},{"id":"7e48529a-d67c-4ecb-a929-6f7d791d4666","block_type":"box","text":"“Purchase of Shares — Distribution and/or Shareholder Servicing Plans.”","page_number":126,"box":{"x":70,"y":688,"width":524,"height":11}},{"id":"d29af6b2-f452-4d79-a46c-11443016a886","block_type":"box","text":"Sub-Advisory Fee.","page_number":126,"box":{"x":102,"y":711,"width":124,"height":11}},{"id":"c8c793af-ba30-4661-9fb6-2baacde34fbf","block_type":"box","text":"The Manager of certain Funds has entered into one or more sub-advisory agreements (the","page_number":126,"box":{"x":232,"y":710,"width":643,"height":12}},{"id":"f63d9a68-483c-4e56-aec9-0dbc5b761fd0","block_type":"box","text":"“Sub-Advisory Agreements”) with the sub-adviser or sub-advisers identified in each such Fund’s Prospectus (the “Sub","page_number":126,"box":{"x":70,"y":726,"width":839,"height":11}},{"id":"dba88ed2-49b2-40e1-9410-524270289004","block_type":"box","text":"Adviser”) pursuant to which the Sub-Adviser provides sub-advisory services to the Manager with respect to the Fund.","page_number":126,"box":{"x":68,"y":741,"width":830,"height":11}},{"id":"4af4a295-146b-44a7-b8b4-a54254b0db0a","block_type":"box","text":"Organization of the Manager.","page_number":126,"box":{"x":102,"y":763,"width":204,"height":12}},{"id":"db0d7dbb-36b4-4be8-a576-4bd14e52e2ca","block_type":"box","text":"BlackRock Advisors, LLC is a Delaware limited liability company and BlackRock","page_number":126,"box":{"x":313,"y":763,"width":560,"height":12}},{"id":"fc43e87f-ad7d-454a-8424-afc37f7c4dfc","block_type":"box","text":"Fund Advisors is a California corporation. 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Such contract is not assignable","page_number":127,"box":{"x":70,"y":385,"width":810,"height":11}},{"id":"797e97a2-2941-4ca2-8d7a-abe12460042f","block_type":"box","text":"and may be terminated without penalty on written notice at the option of either party thereto or by the vote of the","page_number":127,"box":{"x":69,"y":400,"width":805,"height":11}},{"id":"8344ebd0-ffba-4a51-aa7d-9446ddcd634a","block_type":"box","text":"shareholders of the Fund.","page_number":127,"box":{"x":69,"y":415,"width":181,"height":9}},{"id":"e034e5aa-56d3-4af7-84e4-ab8faacfd870","block_type":"box","text":"Transfer Agency Services.","page_number":127,"box":{"x":103,"y":438,"width":180,"height":11}},{"id":"17b6d3d1-ebc4-43cf-924c-51ea55fb5dd9","block_type":"box","text":"BNY Mellon Investment Servicing (US) Inc. (in this capacity, the “Transfer Agent”), a","page_number":127,"box":{"x":291,"y":438,"width":595,"height":11}},{"id":"7c5f759a-d551-483b-922e-045b78b2a14b","block_type":"box","text":"subsidiary of The Bank of New York Mellon Corporation, acts as each Fund’s Transfer Agent pursuant to a Transfer","page_number":127,"box":{"x":69,"y":453,"width":816,"height":11}},{"id":"394be236-a403-48d8-b561-6eb0bbb3c635","block_type":"box","text":"Agency, Dividend Disbursing Agency and Shareholder Servicing Agency Agreement (the “Transfer Agency Agreement”)","page_number":127,"box":{"x":68,"y":468,"width":833,"height":11}},{"id":"652fa4d2-e1ce-4e27-b467-103210eb88c7","block_type":"box","text":"with the Funds. Pursuant to the Transfer Agency Agreement, the Transfer Agent is responsible for the issuance,","page_number":127,"box":{"x":68,"y":483,"width":792,"height":11}},{"id":"f1c229ee-0bad-4861-9eeb-45242de240de","block_type":"box","text":"transfer and redemption of shares and the opening and maintenance of shareholder accounts. Each Fund pays the","page_number":127,"box":{"x":68,"y":498,"width":819,"height":11}},{"id":"f680534b-286a-48bc-a4b4-a62a7757f898","block_type":"box","text":"Transfer Agent a fee for the services it receives based on the type of account and the level of services required. 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For","page_number":127,"box":{"x":68,"y":543,"width":813,"height":12}},{"id":"c36902db-358d-4f62-9102-1fa8a92ca525","block_type":"box","text":"purposes of each Transfer Agency Agreement, the term “account” includes a shareholder account maintained directly","page_number":127,"box":{"x":70,"y":559,"width":836,"height":11}},{"id":"38f5304a-e316-4ccb-8954-d44c5e37ede3","block_type":"box","text":"by the Transfer Agent and any other account representing the beneficial interest of a person in the relevant share","page_number":127,"box":{"x":69,"y":574,"width":806,"height":11}},{"id":"f79b3fe7-d749-47e6-84d3-e73d5ac3b131","block_type":"box","text":"class on a recordkeeping system.","page_number":127,"box":{"x":69,"y":589,"width":238,"height":11}},{"id":"030ad8ac-9bf9-47ec-8ec3-589e7b32341b","block_type":"box","text":"Independent Registered Public Accounting Firm.","page_number":127,"box":{"x":102,"y":612,"width":338,"height":11}},{"id":"ee35b268-d991-4a8f-a049-6b092d70d52a","block_type":"box","text":"The Audit Committee of each Fund, the members of which are","page_number":127,"box":{"x":446,"y":612,"width":441,"height":10}},{"id":"3e178698-15b8-4965-9434-9e4d3fed976e","block_type":"box","text":"non-interested Directors of the Fund, has selected an independent registered public accounting firm for that Fund that","page_number":127,"box":{"x":69,"y":627,"width":840,"height":11}},{"id":"581eea7d-6713-4e15-99ae-11af5c4c2e8c","block_type":"box","text":"audits the Fund’s financial statements. Please see the inside back cover page of your Fund’s Prospectus and Part I","page_number":127,"box":{"x":69,"y":642,"width":823,"height":11}},{"id":"d2d5cfc5-44d9-47f0-bb7d-9d2488efe0d7","block_type":"box","text":"of this SAI for information on your Fund’s independent registered public accounting firm.","page_number":127,"box":{"x":69,"y":657,"width":627,"height":11}},{"id":"20099e29-17ea-4399-8bf9-8cb8c1786189","block_type":"box","text":"Custodian Services.","page_number":127,"box":{"x":102,"y":680,"width":141,"height":9}},{"id":"768fdab6-c388-4ee3-a998-ad4ffbbdfae2","block_type":"box","text":"The name and address of the custodian (the “Custodian”) of each Fund are provided on the","page_number":127,"box":{"x":249,"y":680,"width":654,"height":11}},{"id":"6e64652c-76c2-47b1-a8da-82f46007d682","block_type":"box","text":"inside back cover page of the Fund’s Prospectus. 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The Custodian is authorized to establish separate accounts in foreign currencies and to","page_number":127,"box":{"x":68,"y":725,"width":802,"height":11}},{"id":"ef459085-a4b7-4848-9497-10f255c7cfa9","block_type":"box","text":"cause foreign securities owned by the Fund to be held in its offices outside the United States and with certain foreign","page_number":127,"box":{"x":69,"y":740,"width":839,"height":11}},{"id":"a9c11e10-3a17-4bef-9b68-3f4ea29d6106","block_type":"box","text":"banks and securities depositories. A Fund also may use special purpose custodian banks from time to time for","page_number":127,"box":{"x":69,"y":755,"width":792,"height":11}},{"id":"7abd8f3d-bfa9-4b75-b2c7-9b159dbca5f1","block_type":"box","text":"certain assets.","page_number":127,"box":{"x":69,"y":771,"width":106,"height":8}},{"id":"3a09c71d-816e-4861-a628-1cc52057746d","block_type":"box","text":"For certain Feeder Funds, the Custodian also acts as the custodian of the Master Portfolio’s assets.","page_number":127,"box":{"x":102,"y":793,"width":716,"height":10}},{"id":"bf96630c-9f6d-484a-9f0b-0e20fcbf4268","block_type":"box","text":"Generally, overdraft charges, if any, are treated as interest expense. 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With respect to such Funds, the custodian fees, including the amount","page_number":127,"box":{"x":69,"y":846,"width":834,"height":11}},{"id":"29c70a77-0a88-489d-a3a0-4d810fb8e6e9","block_type":"box","text":"of any overdraft charges, may be reduced by the amount of such custody credits, and any unused credits at the end","page_number":127,"box":{"x":69,"y":861,"width":826,"height":11}},{"id":"07deb8d5-270d-472e-9106-c03fdfcc1c41","block_type":"box","text":"of a given month may be carried forward to a subsequent month. Any such credits unused by the end of a Fund’s","page_number":127,"box":{"x":69,"y":876,"width":807,"height":11}},{"id":"d58a67bd-4bc4-4f5f-9c9a-2c27feda9520","block_type":"box","text":"fiscal year will not expire. Net debits at the end of a given month are added to the Fund’s custody bill and paid by the","page_number":127,"box":{"x":68,"y":891,"width":836,"height":12}},{"id":"b0852af5-ea70-4b15-adfe-af598f2b675d","block_type":"box","text":"Fund.","page_number":127,"box":{"x":70,"y":907,"width":36,"height":8}},{"id":"7166094f-20b8-4445-a706-090ca6399db9","block_type":"box","text":"II-83","page_number":127,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b2789c58-a007-4895-a743-3e50f691e650","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":127,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"fdcd5479-99c4-44a5-afa5-7504f8aa311f","block_type":"box","text":"Accounting Services.","page_number":128,"box":{"x":101,"y":45,"width":148,"height":11}},{"id":"98652def-1c49-4a96-9aaf-0e4eb063eeaf","block_type":"box","text":"Each Fund has entered into an agreement with State Street, BNY Mellon or JPM, pursuant","page_number":128,"box":{"x":256,"y":45,"width":641,"height":11}},{"id":"db696323-ae9f-4d56-8862-de46eed7371b","block_type":"box","text":"to which State Street, BNY Mellon or JPM provides certain accounting and administrative services to the Fund. 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State Street, BNY Mellon or JPM provides similar accounting services to the","page_number":128,"box":{"x":70,"y":75,"width":797,"height":11}},{"id":"32fc6689-59c2-4896-8bff-933a133ba553","block_type":"box","text":"Master LLCs.","page_number":128,"box":{"x":70,"y":90,"width":91,"height":9}},{"id":"e88d1d30-cd88-47b8-b9fc-2369d788be8c","block_type":"box","text":"See “Management, Advisory and Other Service Arrangements — Accounting Services” or “Management and","page_number":128,"box":{"x":102,"y":113,"width":771,"height":11}},{"id":"cbaa6440-1517-4ed6-ba6a-dac588eded3e","block_type":"box","text":"Advisory Arrangements — Accounting Services,” as applicable, in Part I of each Fund’s SAI for information on the","page_number":128,"box":{"x":68,"y":128,"width":810,"height":11}},{"id":"c611018f-2fde-4180-8b90-6f46b7fe8174","block_type":"box","text":"amounts paid by your Fund and, if applicable, Master LLC to State Street, BNY Mellon or JPM and the Manager or, if","page_number":128,"box":{"x":69,"y":143,"width":828,"height":11}},{"id":"1845a232-db35-49c5-a1ea-e9d8158e0339","block_type":"box","text":"applicable, the Administrator for the periods indicated.","page_number":128,"box":{"x":69,"y":158,"width":386,"height":11}},{"id":"4a3e0030-be55-471f-8fe1-a9d9c09efb52","block_type":"box","text":"Distribution Expenses.","page_number":128,"box":{"x":102,"y":181,"width":158,"height":11}},{"id":"5215584e-083f-43bf-8798-001ca2886a28","block_type":"box","text":"Each Fund has entered into a distribution agreement with the Distributor in connection","page_number":128,"box":{"x":267,"y":181,"width":614,"height":11}},{"id":"426acc37-3b6a-44a6-adaf-157913e2504e","block_type":"box","text":"with the continuous offering of each class of shares of the Fund (the “Distribution Agreements”). 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BlackRock may, in certain cases, elect to implement internal policies and","page_number":134,"box":{"x":69,"y":90,"width":776,"height":11}},{"id":"8abbfef3-0082-4eb7-aa8d-b01791583f2d","block_type":"box","text":"procedures designed to limit such consequences, which may cause a Fund to be unable to engage in certain","page_number":134,"box":{"x":70,"y":105,"width":774,"height":11}},{"id":"abf99fbe-4d5d-492e-a216-012606d1797e","block_type":"box","text":"activities, including purchasing or disposing of securities, when it might otherwise be desirable for it to do so.","page_number":134,"box":{"x":69,"y":120,"width":781,"height":12}},{"id":"3163604e-1846-4efa-9889-6cfdea3fcf6e","block_type":"box","text":"Conflicts may also arise because portfolio decisions regarding a Fund may benefit other accounts managed by","page_number":134,"box":{"x":69,"y":135,"width":787,"height":12}},{"id":"1e440050-3cad-4068-b69d-7e42b5c3371c","block_type":"box","text":"BlackRock. 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BlackRock may pursue rights, provide","page_number":134,"box":{"x":69,"y":234,"width":791,"height":11}},{"id":"f91367c4-f135-4c81-8b05-649e88baa561","block_type":"box","text":"advice or engage in other activities, or refrain from pursuing rights, providing advice or engaging in other activities, on","page_number":134,"box":{"x":69,"y":249,"width":835,"height":11}},{"id":"37e4c70c-ffa3-4b68-990b-1f44cb811d72","block_type":"box","text":"behalf of other clients with respect to an issuer in which a Fund has invested, and such actions (or refraining from","page_number":134,"box":{"x":69,"y":264,"width":812,"height":11}},{"id":"134d8e48-53e4-4603-8b3c-87e0b9beea86","block_type":"box","text":"action) may have a material adverse effect on the Fund. 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BlackRock may also determine to rely on the actions of similarly","page_number":134,"box":{"x":69,"y":355,"width":802,"height":11}},{"id":"0baf2ac9-504c-4e16-8e74-07de422577e1","block_type":"box","text":"situated holders of loans or securities rather than, or in connection with, taking such actions itself on behalf of the","page_number":134,"box":{"x":69,"y":370,"width":817,"height":11}},{"id":"f61b38f7-06fe-4521-97cf-4ec3aa38cef3","block_type":"box","text":"Funds.","page_number":134,"box":{"x":70,"y":385,"width":44,"height":9}},{"id":"f2fe175a-2da6-439f-88d2-d84929826bc5","block_type":"box","text":"In addition, to the extent permitted by applicable law, certain Funds may invest their assets in other funds","page_number":134,"box":{"x":102,"y":407,"width":755,"height":12}},{"id":"62299087-9fdd-45e2-84f5-5bc2a8c7ec81","block_type":"box","text":"advised by BlackRock, including funds that are managed by one or more of the same portfolio managers, which could","page_number":134,"box":{"x":69,"y":423,"width":836,"height":11}},{"id":"89ba4769-dedc-40d4-bc7a-18e74fec39af","block_type":"box","text":"result in conflicts of interest relating to asset allocation, timing of Fund purchases and redemptions, and increased","page_number":134,"box":{"x":69,"y":438,"width":821,"height":11}},{"id":"4c62e275-29ba-4441-871d-35fd3542bd00","block_type":"box","text":"remuneration and profitability for BlackRock and/or its personnel, including portfolio managers.","page_number":134,"box":{"x":69,"y":453,"width":679,"height":11}},{"id":"8865807e-d36e-4d7b-bd43-fe47c95f4e0f","block_type":"box","text":"Third parties, including service providers to BlackRock or the Fund, may sponsor events (including, but not","page_number":134,"box":{"x":101,"y":476,"width":760,"height":11}},{"id":"36765e6c-b90e-43bf-922a-c4dc7d0a0780","block_type":"box","text":"limited to, marketing and promotional activities and presentations, educational training programs and conferences)","page_number":134,"box":{"x":70,"y":491,"width":818,"height":11}},{"id":"a606db2b-90c2-4b6f-bc2f-c41cb6822724","block_type":"box","text":"for registered representatives, other professionals and individual investors. 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BlackRock may (but is not required to) effect purchases and sales between","page_number":134,"box":{"x":68,"y":574,"width":817,"height":11}},{"id":"1f40aedd-a590-4ac9-b2f6-9731a1140d65","block_type":"box","text":"BlackRock clients (“cross trades”), including the Funds, if BlackRock believes such transactions are appropriate","page_number":134,"box":{"x":70,"y":589,"width":797,"height":11}},{"id":"2c6f8c8f-d8e8-4db5-b92e-9cd5b70b9f41","block_type":"box","text":"based on each party’s investment objectives and guidelines, subject to applicable law and regulation. 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BlackRock may have a potentially conflicting division of","page_number":134,"box":{"x":69,"y":634,"width":791,"height":12}},{"id":"c5f17efa-dff5-41d9-b8f2-c07ec51a86db","block_type":"box","text":"loyalties and responsibilities to the parties in such transactions.","page_number":134,"box":{"x":70,"y":650,"width":457,"height":11}},{"id":"d5b10686-5865-4a40-aa17-79b2bffad8a2","block_type":"box","text":"BlackRock and its clients may pursue or enforce rights with respect to an issuer in which a Fund has invested,","page_number":134,"box":{"x":102,"y":672,"width":784,"height":11}},{"id":"e884366c-0c13-4c63-a28b-d371d3f16563","block_type":"box","text":"and those activities may have an adverse effect on the Fund. 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It is possible that one or more accounts managed or advised by BlackRock and such other","page_number":134,"box":{"x":69,"y":786,"width":798,"height":11}},{"id":"be0ce470-4ce6-4618-a355-589002ceb02a","block_type":"box","text":"accounts will achieve investment results that are substantially more or less favorable than the results achieved by a","page_number":134,"box":{"x":69,"y":801,"width":828,"height":11}},{"id":"23c02ff1-232d-4522-82ca-c3f27451e3ef","block_type":"box","text":"Fund. Moreover, it is possible that a Fund will sustain losses during periods in which one or more proprietary or other","page_number":134,"box":{"x":70,"y":816,"width":835,"height":11}},{"id":"d5430cf7-3a61-41c9-9ee3-bf8f0b2bd801","block_type":"box","text":"accounts managed or advised by BlackRock achieve significant profits. The opposite result is also possible.","page_number":134,"box":{"x":69,"y":831,"width":767,"height":11}},{"id":"8fe786ef-228a-4124-aadf-c5894b9150a6","block_type":"box","text":"From time to time, a Fund may be restricted from purchasing or selling securities, or from engaging in other","page_number":134,"box":{"x":102,"y":853,"width":766,"height":12}},{"id":"494d1bea-d36f-4ce2-a5d0-7659bc69669b","block_type":"box","text":"investment activities because of regulatory, legal or contractual requirements applicable to BlackRock or other","page_number":134,"box":{"x":70,"y":869,"width":786,"height":11}},{"id":"fa44509a-5dc9-4a0e-9878-5397020b66cc","block_type":"box","text":"accounts managed or advised by BlackRock, and/or the internal policies of BlackRock designed to comply with such","page_number":134,"box":{"x":69,"y":884,"width":828,"height":11}},{"id":"0bf80089-8670-4d63-939b-4710c3ce84ba","block_type":"box","text":"requirements. As a result, there may be periods, for example, when BlackRock will not initiate or recommend certain","page_number":134,"box":{"x":69,"y":899,"width":831,"height":11}},{"id":"7ba57414-e3de-4305-b7b1-6dc17121e2a9","block_type":"box","text":"II-90","page_number":134,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"d238650e-9539-41c0-b071-4a1f3da53faa","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":134,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8ce707c2-4dbe-4043-9c04-a4a8996b9476","block_type":"box","text":"types of transactions in certain securities or instruments with respect to which BlackRock is performing services or","page_number":135,"box":{"x":68,"y":45,"width":825,"height":11}},{"id":"71251ed8-a0ee-42cd-b43b-67a5cfa42775","block_type":"box","text":"when position limits have been reached. For example, the investment activities of BlackRock for its proprietary","page_number":135,"box":{"x":68,"y":60,"width":790,"height":11}},{"id":"f57ea67e-eedb-4122-bbb7-51e7635fd631","block_type":"box","text":"accounts and accounts under its management may limit the investment opportunities for a Fund in certain emerging","page_number":135,"box":{"x":69,"y":75,"width":830,"height":11}},{"id":"3da3f67d-2b9c-4449-95fb-59206b47e664","block_type":"box","text":"and other markets in which limitations are imposed upon the amount of investment, in the aggregate or in individual","page_number":135,"box":{"x":69,"y":90,"width":827,"height":11}},{"id":"0feea585-419c-4f19-ab74-dfc151736243","block_type":"box","text":"issuers, by affiliated foreign investors.","page_number":135,"box":{"x":70,"y":105,"width":271,"height":11}},{"id":"5afedf61-5464-4fb6-9b97-d553bcfbb390","block_type":"box","text":"In connection with its management of a Fund, BlackRock may have access to certain fundamental analysis and","page_number":135,"box":{"x":102,"y":128,"width":792,"height":11}},{"id":"6d5647ab-8649-4837-ba65-c6ea0632a614","block_type":"box","text":"proprietary technical models developed by BlackRock. BlackRock will not be under any obligation, however, to effect","page_number":135,"box":{"x":70,"y":143,"width":826,"height":11}},{"id":"7ced11c6-106a-41c1-a6cb-7740e3532636","block_type":"box","text":"transactions on behalf of a Fund in accordance with such analysis and models. In addition, BlackRock will not have","page_number":135,"box":{"x":68,"y":158,"width":821,"height":11}},{"id":"729b81a6-a94f-4ca8-84c5-10c0f9bf89aa","block_type":"box","text":"any obligation to make available any information regarding its proprietary activities or strategies, or the activities or","page_number":135,"box":{"x":69,"y":173,"width":821,"height":11}},{"id":"d1d6fed9-c3b3-49dd-a9dc-218af642b3ff","block_type":"box","text":"strategies used for other accounts managed by them, for the benefit of the management of a Fund and it is not","page_number":135,"box":{"x":69,"y":188,"width":793,"height":12}},{"id":"df64a107-0f45-4591-89fb-a0ebc311d9a4","block_type":"box","text":"anticipated that BlackRock will have access to such information for the purpose of managing the Fund. The","page_number":135,"box":{"x":69,"y":203,"width":762,"height":12}},{"id":"8e75b9ea-5444-45c7-8860-c5643b39a589","block_type":"box","text":"proprietary activities or portfolio strategies of BlackRock, or the activities or strategies used for accounts managed by","page_number":135,"box":{"x":70,"y":218,"width":839,"height":12}},{"id":"b8daa329-fdf4-447a-bc48-61ca9efdd78c","block_type":"box","text":"BlackRock or other client accounts could conflict with the transactions and strategies employed by BlackRock in","page_number":135,"box":{"x":70,"y":234,"width":795,"height":11}},{"id":"1c9aad48-c065-4102-a5bd-c45baafb855f","block_type":"box","text":"managing a Fund.","page_number":135,"box":{"x":69,"y":249,"width":124,"height":11}},{"id":"56b169d3-54b3-4dd2-a81e-e60916e370eb","block_type":"box","text":"The Funds may be included in investment models developed by BlackRock for use by clients and financial","page_number":135,"box":{"x":101,"y":271,"width":751,"height":12}},{"id":"0afd04a1-3fb0-4700-ad84-65ee282a3702","block_type":"box","text":"advisors. To the extent clients invest in these investment models and increase the assets under management of the","page_number":135,"box":{"x":69,"y":286,"width":830,"height":12}},{"id":"8278029a-a63b-45e6-b85d-731d685b93c5","block_type":"box","text":"Funds, the investment management fee amounts paid by the Funds to BlackRock may also increase. The net asset","page_number":135,"box":{"x":70,"y":302,"width":820,"height":11}},{"id":"33fcc64d-2d3e-4b7d-b2f3-a7d09cc1bbd5","block_type":"box","text":"value and liquidity of a Fund may be impacted by purchases and sales of the Fund by model-driven investment","page_number":135,"box":{"x":68,"y":317,"width":785,"height":11}},{"id":"a35f023b-416c-429e-8b61-18f34ce9f976","block_type":"box","text":"portfolios, as well as by BlackRock itself and by its advisory clients.","page_number":135,"box":{"x":70,"y":332,"width":481,"height":11}},{"id":"bce9850a-367b-4df8-95fc-1f2d4b8af290","block_type":"box","text":"In addition, certain principals and certain employees of a Fund’s investment adviser are also principals or","page_number":135,"box":{"x":102,"y":355,"width":754,"height":11}},{"id":"06ad6396-4996-402b-ba87-0b59288742a3","block_type":"box","text":"employees of other business units or entities within BlackRock. As a result, these principals and employees may","page_number":135,"box":{"x":69,"y":370,"width":804,"height":11}},{"id":"3c05bb91-8e87-4ee9-8511-cc59197e959f","block_type":"box","text":"have obligations to such other business units or entities or their clients and such obligations to other business units","page_number":135,"box":{"x":69,"y":385,"width":831,"height":11}},{"id":"217cc031-3ded-4444-bab5-f1c409083a76","block_type":"box","text":"or entities or their clients may be a consideration of which investors in a Fund should be aware.","page_number":135,"box":{"x":69,"y":400,"width":680,"height":11}},{"id":"66093426-ef5f-42e9-afee-20193e04dcff","block_type":"box","text":"BlackRock may enter into transactions and invest in securities, instruments and currencies on behalf of a Fund","page_number":135,"box":{"x":102,"y":423,"width":791,"height":11}},{"id":"5ef63373-3eb4-4fc6-8a7f-86fcd2b5ed0f","block_type":"box","text":"in which clients of BlackRock, or, to the extent permitted by the Commission and applicable law, BlackRock, serves","page_number":135,"box":{"x":70,"y":438,"width":820,"height":11}},{"id":"4183471e-7d26-4134-9223-ddd6ec46fafd","block_type":"box","text":"as the counterparty, principal or issuer. In such cases, such party’s interests in the transaction will be adverse to the","page_number":135,"box":{"x":69,"y":453,"width":837,"height":11}},{"id":"664ec805-e27a-4ffd-84f8-358c473a605d","block_type":"box","text":"interests of the Fund, and such party may have no incentive to assure that the Fund obtains the best possible prices","page_number":135,"box":{"x":70,"y":468,"width":832,"height":11}},{"id":"2b256923-8bd7-4f31-ba79-7d405d10b7de","block_type":"box","text":"or terms in connection with the transactions. 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BlackRock has entered into an arrangement with Markit Indices Limited, the index provider for","page_number":135,"box":{"x":69,"y":566,"width":777,"height":11}},{"id":"c0b619b2-ce92-4d21-bef7-64a203c70ed1","block_type":"box","text":"underlying fixed-income indexes used by certain iShares ETFs, related to derivative fixed-income products that are","page_number":135,"box":{"x":69,"y":581,"width":810,"height":12}},{"id":"4b1ad37c-dfe8-4bda-8a34-8b28d06cb18e","block_type":"box","text":"based on such iShares ETFs. 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To the extent such transactions are permitted, a Fund will deal with BlackRock on an arms-length basis.","page_number":135,"box":{"x":70,"y":710,"width":781,"height":11}},{"id":"9e9a9a0a-690f-42eb-b3d6-16df6bd9d120","block_type":"box","text":"To the extent authorized by applicable law, BlackRock may act as broker, dealer, agent, lender or adviser or in","page_number":135,"box":{"x":101,"y":733,"width":779,"height":11}},{"id":"03d38202-eef5-4b9a-b5d2-21b059737a47","block_type":"box","text":"other commercial capacities for a Fund. 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BlackRock will not have any obligation to allow its credit to be used in connection with a Fund’s","page_number":136,"box":{"x":69,"y":136,"width":793,"height":11}},{"id":"b0f73d2c-c3c3-44b3-837d-f8f1e88b7a2c","block_type":"box","text":"establishment of its business relationships, nor is it expected that the Fund’s counterparties will rely on the credit of","page_number":136,"box":{"x":69,"y":150,"width":835,"height":12}},{"id":"7e213d77-364a-46da-8834-00cbcd3201b5","block_type":"box","text":"BlackRock in evaluating the Fund’s creditworthiness.","page_number":136,"box":{"x":70,"y":166,"width":374,"height":11}},{"id":"38879506-3246-47d0-bff2-4f708133ac9b","block_type":"box","text":"BlackRock Investment Management, LLC (“BIM”) or BlackRock Institutional Trust Company, N.A. (“BTC”), as","page_number":136,"box":{"x":102,"y":188,"width":768,"height":12}},{"id":"fadb3532-244a-4244-b07a-4bddc48fd540","block_type":"box","text":"applicable, each an affiliate of BlackRock, pursuant to SEC exemptive relief, acts as securities lending agent to, and","page_number":136,"box":{"x":69,"y":203,"width":829,"height":12}},{"id":"0c7fbf55-d5fb-4b6c-a4d2-23a3e293f11c","block_type":"box","text":"receives a share of securities lending revenues from, the Funds. BlackRock will also receive compensation for","page_number":136,"box":{"x":69,"y":218,"width":785,"height":12}},{"id":"be8edf0e-e8e4-4d3f-aa0d-4cc28bfacbba","block_type":"box","text":"managing the reinvestment of the cash collateral from securities lending. There are potential conflicts of interests in","page_number":136,"box":{"x":69,"y":234,"width":829,"height":11}},{"id":"241bb427-b3e8-4a35-944d-8bb24e657a29","block_type":"box","text":"managing a securities lending program, including but not limited to: (i) BlackRock as securities lending agent may","page_number":136,"box":{"x":69,"y":249,"width":809,"height":11}},{"id":"ba5ec66a-e974-443a-9b63-7864e945b46c","block_type":"box","text":"have an incentive to, among other things, increase or decrease the amount of securities on loan or to lend particular","page_number":136,"box":{"x":69,"y":264,"width":833,"height":11}},{"id":"1d3066ab-bbf2-4e91-849e-8187467554cf","block_type":"box","text":"securities in order to generate additional risk-adjusted revenue for BlackRock and its affiliates; and (ii) BlackRock as","page_number":136,"box":{"x":69,"y":279,"width":829,"height":11}},{"id":"46cc8659-b2d1-4627-9821-14b8641904ad","block_type":"box","text":"securities lending agent may have an incentive to allocate loans to clients that would provide more revenue to","page_number":136,"box":{"x":69,"y":294,"width":783,"height":11}},{"id":"ac68f217-f7a4-4c48-b7cf-ec112625a3fe","block_type":"box","text":"BlackRock. As described further below, BlackRock seeks to mitigate this conflict by providing its securities lending","page_number":136,"box":{"x":70,"y":309,"width":814,"height":11}},{"id":"61996b06-cc3b-424f-bc1f-931055cbf2af","block_type":"box","text":"clients with equal lending opportunities over time in order to approximate pro rata allocation.","page_number":136,"box":{"x":69,"y":325,"width":660,"height":11}},{"id":"25af5e97-67f9-4070-9891-b366f6822f3d","block_type":"box","text":"As part of its securities lending program, BlackRock indemnifies the Funds and certain other clients and/or","page_number":136,"box":{"x":101,"y":347,"width":767,"height":11}},{"id":"407fea18-6e44-436e-9bd2-dd6b65aab1a0","block_type":"box","text":"funds against a shortfall in collateral in the event of borrower default. 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BlackRock oversees the risk model that calculates projected collateral shortfall values using","page_number":136,"box":{"x":69,"y":407,"width":838,"height":12}},{"id":"22e804df-7092-4f8e-bb3d-510b6eb42881","block_type":"box","text":"loan-level factors such as loan and collateral type and market value as well as specific borrower credit","page_number":136,"box":{"x":70,"y":423,"width":727,"height":11}},{"id":"d8163f14-1f32-46dd-a176-e10e78c9f44d","block_type":"box","text":"characteristics. When necessary, BlackRock may adjust securities lending program attributes by restricting eligible","page_number":136,"box":{"x":69,"y":438,"width":815,"height":11}},{"id":"876a5a96-57a9-4fa1-8d7b-30b010500403","block_type":"box","text":"collateral or reducing borrower credit limits. 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In","page_number":136,"box":{"x":102,"y":634,"width":777,"height":11}},{"id":"a5320d0b-507f-40df-8a15-58b737211ad5","block_type":"box","text":"order to allocate a loan to a portfolio: (i) BlackRock as a whole must have sufficient lending capacity pursuant to the","page_number":136,"box":{"x":69,"y":649,"width":830,"height":12}},{"id":"bc511ea6-af51-4673-85e2-7c73cb7801bc","block_type":"box","text":"various program limits (","page_number":136,"box":{"x":68,"y":665,"width":168,"height":11}},{"id":"0cadeb33-7f82-4f75-adb6-8a0f162f8665","block_type":"box","text":"i.e.","page_number":136,"box":{"x":238,"y":665,"width":20,"height":8}},{"id":"5db428d6-3398-427c-bdc3-2e30de9ab7a8","block_type":"box","text":"indemnification exposure limit and borrower credit limits); (ii) the lending portfolio must","page_number":136,"box":{"x":265,"y":664,"width":621,"height":12}},{"id":"15663164-5547-45fa-844f-b9af96ccb882","block_type":"box","text":"hold the asset at the time a loan opportunity arrives; and (iii) the lending portfolio must also have enough inventory,","page_number":136,"box":{"x":69,"y":680,"width":827,"height":11}},{"id":"fa8d4766-39bc-4567-987c-39daae4edfc1","block_type":"box","text":"either on its own or when aggregated with other portfolios into one single market delivery, to satisfy the loan request.","page_number":136,"box":{"x":69,"y":695,"width":836,"height":11}},{"id":"5b063852-fdea-46e6-878d-343cedc05b4e","block_type":"box","text":"In doing so, BlackRock seeks to provide equal lending opportunities for all portfolios, independent of whether","page_number":136,"box":{"x":70,"y":710,"width":780,"height":11}},{"id":"b104200d-ae74-4874-964e-df39481442d7","block_type":"box","text":"BlackRock indemnifies the portfolio. Equal opportunities for lending portfolios does not guarantee equal outcomes.","page_number":136,"box":{"x":70,"y":725,"width":820,"height":11}},{"id":"a76c24bd-b29c-4341-8242-de436f9d2474","block_type":"box","text":"Specifically, short and long-term outcomes for individual clients may vary due to asset mix, asset/liability spreads on","page_number":136,"box":{"x":69,"y":740,"width":834,"height":11}},{"id":"81611899-d737-43ce-b02c-b1d25da1dc5d","block_type":"box","text":"different securities, and the overall limits imposed by the firm.","page_number":136,"box":{"x":69,"y":755,"width":444,"height":11}},{"id":"c8ef33ce-05ae-4dc3-ac63-ea86ae6f1644","block_type":"box","text":"Purchases and sales of securities and other assets for a Fund may be aggregated with orders for other","page_number":136,"box":{"x":102,"y":778,"width":734,"height":11}},{"id":"861672ef-e83e-4dc3-bf2e-d8a7779ee418","block_type":"box","text":"BlackRock client accounts, including with accounts that pay different transaction costs solely due to the fact that they","page_number":136,"box":{"x":70,"y":793,"width":840,"height":11}},{"id":"af56127a-2269-4ada-9c5a-f615dca49c8d","block_type":"box","text":"have different research payment arrangements. BlackRock, however, is not required to aggregate orders if portfolio","page_number":136,"box":{"x":69,"y":808,"width":822,"height":11}},{"id":"19723f8d-c1b3-4ef5-9ced-ee11ae8f2bcb","block_type":"box","text":"management decisions for different accounts are made separately, or if they determine that aggregating is not","page_number":136,"box":{"x":69,"y":823,"width":788,"height":12}},{"id":"24d32246-414a-4ff6-adcc-32818328accc","block_type":"box","text":"practicable or required, or in cases involving client direction.","page_number":136,"box":{"x":70,"y":839,"width":426,"height":11}},{"id":"6085b70f-ee7f-431c-8938-14244f70258c","block_type":"box","text":"Prevailing trading activity frequently may make impossible the receipt of the same price or execution on the","page_number":136,"box":{"x":102,"y":861,"width":763,"height":11}},{"id":"06128e84-0972-4711-ab7f-75a1d3683552","block_type":"box","text":"entire volume of securities purchased or sold. When this occurs, the various prices may be averaged, and the Funds","page_number":136,"box":{"x":69,"y":876,"width":828,"height":11}},{"id":"d746f87f-11f6-4205-bcd9-a1da910de034","block_type":"box","text":"will be charged or credited with the average price. Thus, the effect of the aggregation may operate on some","page_number":136,"box":{"x":68,"y":891,"width":767,"height":12}},{"id":"7ebf76e3-393d-4c98-95f8-bafbddc04dcd","block_type":"box","text":"II-92","page_number":136,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"aabb0ddc-2a73-4e7e-b5e1-011330f58bd9","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":136,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f9aa55b7-0799-45b4-8221-3e8e329ed3ee","block_type":"box","text":"occasions to the disadvantage of the Funds. In addition, under certain circumstances, the Funds will not be charged","page_number":137,"box":{"x":69,"y":45,"width":828,"height":11}},{"id":"37a6baf7-8512-43a1-8fbb-447a1eab886c","block_type":"box","text":"the same commission or commission equivalent rates in connection with an aggregated order.","page_number":137,"box":{"x":68,"y":60,"width":672,"height":11}},{"id":"fa02c4ce-d5f6-41ab-939d-d70220f21535","block_type":"box","text":"As discussed in the section below entitled “Portfolio Transactions and Brokerage—Transactions in Portfolio","page_number":137,"box":{"x":101,"y":82,"width":767,"height":12}},{"id":"d5113a5e-ddc6-411e-bc75-185c986abae9","block_type":"box","text":"Securities,” BlackRock, unless prohibited by applicable law, may cause a Fund or account to pay a broker or dealer a","page_number":137,"box":{"x":69,"y":98,"width":832,"height":11}},{"id":"a6d58517-93ec-4528-9cbc-113b90091ab7","block_type":"box","text":"commission for effecting a transaction that exceeds the amount another broker or dealer would have charged for","page_number":137,"box":{"x":69,"y":113,"width":805,"height":11}},{"id":"1e0792c6-9255-4a8e-8d7c-bc9d9d829e6b","block_type":"box","text":"effecting the same transaction in recognition of the value of brokerage and research services provided by that broker","page_number":137,"box":{"x":69,"y":128,"width":836,"height":11}},{"id":"fc2e6c5a-5f69-466e-a9c6-0eb8f5d333cd","block_type":"box","text":"or dealer. Under MiFID II, EU investment managers, including BlackRock International Limited (“BIL”) which acts as a","page_number":137,"box":{"x":69,"y":143,"width":831,"height":11}},{"id":"2d5dbc76-2533-46f4-aa08-476277fe1318","block_type":"box","text":"sub-adviser to certain Funds, pay for research from brokers and dealers directly out of their own resources, rather","page_number":137,"box":{"x":69,"y":158,"width":812,"height":11}},{"id":"7066e0a3-a126-410e-b6f8-ed7d00430f7a","block_type":"box","text":"than through client commissions.","page_number":137,"box":{"x":68,"y":173,"width":237,"height":11}},{"id":"11f111b3-960e-46ab-9d49-01c4ebc63d48","block_type":"box","text":"Subject to applicable law, BlackRock may select brokers that furnish BlackRock, the Funds, other BlackRock","page_number":137,"box":{"x":102,"y":196,"width":770,"height":11}},{"id":"450d7806-c2c7-413e-938d-38a7dff94cbe","block_type":"box","text":"client accounts or personnel, directly or through correspondent relationships, with research or other appropriate","page_number":137,"box":{"x":69,"y":211,"width":797,"height":11}},{"id":"8e11aacb-09cd-4d70-a898-704a4d045d64","block_type":"box","text":"services which provide, in BlackRock’s view, appropriate assistance to BlackRock in the investment decision making","page_number":137,"box":{"x":69,"y":226,"width":830,"height":11}},{"id":"46789bf4-98d9-467d-a802-eb4aee1633ed","block_type":"box","text":"process (including with respect to futures, fixed-price offerings and OTC transactions). Such research or other","page_number":137,"box":{"x":70,"y":241,"width":780,"height":11}},{"id":"bb29de00-fdd5-44e1-b1e4-e658e95d3c4d","block_type":"box","text":"services may include, to the extent permitted by law, research reports on companies, industries and securities;","page_number":137,"box":{"x":69,"y":257,"width":795,"height":10}},{"id":"ef533ccc-594f-4be1-96c9-1d153a9aa6cb","block_type":"box","text":"economic and financial data; financial publications; proxy analysis; trade industry seminars; computer data bases;","page_number":137,"box":{"x":69,"y":271,"width":815,"height":12}},{"id":"dd8860a9-d2ad-4920-aae4-f9810ef47c96","block_type":"box","text":"research-oriented software and other services and products.","page_number":137,"box":{"x":69,"y":286,"width":430,"height":11}},{"id":"8d3ec4e9-03c5-4ce3-8054-6dbf80be221a","block_type":"box","text":"Research or other services obtained in this manner may be used in servicing any or all of the Funds and other","page_number":137,"box":{"x":102,"y":309,"width":785,"height":11}},{"id":"3b759573-d427-460c-ac6c-305f630794a0","block_type":"box","text":"BlackRock client accounts, including in connection with BlackRock client accounts other than those that pay","page_number":137,"box":{"x":70,"y":325,"width":768,"height":11}},{"id":"e29ac34e-4e9b-4e4e-a9ff-9e571c95fada","block_type":"box","text":"commissions to the broker relating to the research or other service arrangements. Such products and services may","page_number":137,"box":{"x":69,"y":340,"width":826,"height":11}},{"id":"d1c840c2-d70e-4a6a-8162-8cf139e6155d","block_type":"box","text":"disproportionately benefit other BlackRock client accounts relative to the Funds based on the amount of brokerage","page_number":137,"box":{"x":69,"y":355,"width":818,"height":11}},{"id":"3f286216-4f64-4c1a-8d61-d51c46d10793","block_type":"box","text":"commissions paid by the Funds and such other BlackRock client accounts. For example, research or other services","page_number":137,"box":{"x":69,"y":370,"width":821,"height":11}},{"id":"fe05555f-4f57-41e0-ba8d-cbd040475850","block_type":"box","text":"that are paid for through one client’s commissions may not be used in managing that client’s account. In addition,","page_number":137,"box":{"x":68,"y":385,"width":815,"height":11}},{"id":"f340b31a-85e6-4989-a688-113b821647e1","block_type":"box","text":"other BlackRock client accounts may receive the benefit, including disproportionate benefits, of economies of scale","page_number":137,"box":{"x":69,"y":400,"width":824,"height":11}},{"id":"5e3610d6-cb14-4cab-9833-17f662defcb4","block_type":"box","text":"or price discounts in connection with products and services that may be provided to the Funds and to such other","page_number":137,"box":{"x":69,"y":415,"width":804,"height":11}},{"id":"07d6c44b-e56e-4bb2-929d-e1b6431b3bae","block_type":"box","text":"BlackRock client accounts. To the extent that BlackRock uses soft dollars, it will not have to pay for those products","page_number":137,"box":{"x":70,"y":430,"width":819,"height":11}},{"id":"610af2b8-adbe-401b-8f33-a08671666613","block_type":"box","text":"and services itself.","page_number":137,"box":{"x":69,"y":445,"width":134,"height":9}},{"id":"14f76fc8-0084-4dc1-8586-be2ffe5e260a","block_type":"box","text":"BlackRock, unless prohibited by applicable law, may endeavor to execute trades through brokers who, pursuant","page_number":137,"box":{"x":102,"y":468,"width":793,"height":11}},{"id":"cba556f5-6d01-49cf-9cd0-02735b099494","block_type":"box","text":"to such arrangements, provide research or other services in order to ensure the continued receipt of research or","page_number":137,"box":{"x":68,"y":483,"width":805,"height":11}},{"id":"e5d13707-ca23-408d-abe3-6d248af00ca3","block_type":"box","text":"other services BlackRock believes are useful in its investment decision-making process. BlackRock may from time to","page_number":137,"box":{"x":69,"y":498,"width":833,"height":11}},{"id":"888b090f-0ca7-43cb-9d08-648ea32b9648","block_type":"box","text":"time choose not to engage in the above described arrangements to varying degrees. BlackRock, unless prohibited by","page_number":137,"box":{"x":68,"y":514,"width":836,"height":11}},{"id":"af12d620-df27-4951-a78a-c5a53dd3afca","block_type":"box","text":"applicable law, may also enter into commission sharing arrangements under which BlackRock may execute","page_number":137,"box":{"x":69,"y":529,"width":760,"height":11}},{"id":"9743b481-f600-465c-ac50-6f1c2e06dbcf","block_type":"box","text":"transactions through a broker-dealer and request that the broker-dealer allocate a portion of the commissions or","page_number":137,"box":{"x":68,"y":543,"width":803,"height":12}},{"id":"e1316106-0011-4b4e-a4da-83b71ef1449c","block_type":"box","text":"commission credits to another firm that provides research to BlackRock. To the extent that BlackRock engages in","page_number":137,"box":{"x":69,"y":559,"width":807,"height":11}},{"id":"594ab449-4fa9-44a7-a591-c0b287a44ee1","block_type":"box","text":"commission sharing arrangements, many of the same conflicts related to traditional soft dollars may exist.","page_number":137,"box":{"x":69,"y":574,"width":760,"height":11}},{"id":"85632274-267e-4271-9426-3ec4b60caefb","block_type":"box","text":"BlackRock may utilize certain electronic crossing networks (“ECNs”) (including, without limitation, ECNs in which","page_number":137,"box":{"x":102,"y":597,"width":799,"height":11}},{"id":"4505053d-c741-4875-bc0a-447f8cc50174","block_type":"box","text":"BlackRock has an investment or other interest, to the extent permitted by applicable law) in executing client","page_number":137,"box":{"x":70,"y":612,"width":767,"height":11}},{"id":"9c670d0e-1c53-42bb-94f7-e7628b9d5558","block_type":"box","text":"securities transactions for certain types of securities. These ECNs may charge fees for their services, including","page_number":137,"box":{"x":69,"y":627,"width":794,"height":11}},{"id":"6b08f926-cad9-4413-9619-e77f98387171","block_type":"box","text":"access fees and transaction fees. The transaction fees, which are similar to commissions or markups/ markdowns,","page_number":137,"box":{"x":69,"y":642,"width":825,"height":11}},{"id":"a1fb7649-a677-4987-baab-c4969f9bbba6","block_type":"box","text":"will generally be charged to clients and, like commissions and markups/markdowns, would generally be included in","page_number":137,"box":{"x":68,"y":657,"width":821,"height":11}},{"id":"97ba4e99-9f3b-4d60-99e0-ea59207af9ca","block_type":"box","text":"the cost of the securities purchased. Access fees may be paid by BlackRock even though incurred in connection with","page_number":137,"box":{"x":68,"y":672,"width":833,"height":11}},{"id":"c412e532-1821-44d0-956a-91c1fa6dc8e3","block_type":"box","text":"executing transactions on behalf of clients, including the Funds. In certain circumstances, ECNs may offer volume","page_number":137,"box":{"x":69,"y":687,"width":812,"height":11}},{"id":"03c4fca2-2921-4a4e-8859-1f69d8e282be","block_type":"box","text":"discounts that will reduce the access fees typically paid by BlackRock. BlackRock will only utilize ECNs consistent","page_number":137,"box":{"x":69,"y":702,"width":809,"height":11}},{"id":"5784a45c-434e-434d-a480-424692d84acc","block_type":"box","text":"with its obligation to seek to obtain best execution in client transactions.","page_number":137,"box":{"x":68,"y":718,"width":519,"height":11}},{"id":"211a08b3-45a0-4e35-bb82-3cb4c624d260","block_type":"box","text":"BlackRock owns a minority interest in, and is a member of, Members Exchange (“MEMX”), a newly created U.S.","page_number":137,"box":{"x":102,"y":740,"width":793,"height":11}},{"id":"e36895f0-5e01-49b8-ba46-0455367d07b5","block_type":"box","text":"stock exchange. Transactions for a Fund may be executed on MEMX if third party brokers select MEMX as the","page_number":137,"box":{"x":69,"y":755,"width":782,"height":11}},{"id":"84ffef16-0ad2-4130-bc76-36520a476dcb","block_type":"box","text":"appropriate venue for execution of orders placed by BlackRock traders on behalf of client portfolios.","page_number":137,"box":{"x":69,"y":770,"width":710,"height":11}},{"id":"52c88b22-5065-422a-a6ac-5fb268768e75","block_type":"box","text":"BlackRock has adopted policies and procedures designed to prevent conflicts of interest from influencing proxy","page_number":137,"box":{"x":102,"y":793,"width":792,"height":11}},{"id":"7d4be927-0a84-4119-89ab-68fad61b5c64","block_type":"box","text":"voting decisions that it makes on behalf of advisory clients, including the Funds, and to help ensure that such","page_number":137,"box":{"x":68,"y":808,"width":784,"height":11}},{"id":"a8ee206a-1275-4259-9138-412c88e9e53e","block_type":"box","text":"decisions are made in accordance with BlackRock’s fiduciary obligations to its clients. Nevertheless, notwithstanding","page_number":137,"box":{"x":69,"y":823,"width":837,"height":12}},{"id":"fa4b3c39-e4c6-42b0-99cd-6702c1f3ded1","block_type":"box","text":"such proxy voting policies and procedures, actual proxy voting decisions of BlackRock may have the effect of favoring","page_number":137,"box":{"x":69,"y":838,"width":835,"height":12}},{"id":"a9f9eced-6769-426e-89d8-b1898312c130","block_type":"box","text":"the interests of other clients or businesses of other divisions or units of BlackRock, provided that BlackRock believes","page_number":137,"box":{"x":68,"y":853,"width":837,"height":11}},{"id":"7399bd21-3b73-43e0-9dc9-8dcb9f67b8f3","block_type":"box","text":"such voting decisions to be in accordance with its fiduciary obligations. For a more detailed discussion of these","page_number":137,"box":{"x":69,"y":869,"width":795,"height":11}},{"id":"85d22370-55b3-42c5-bb92-7729f51a2799","block_type":"box","text":"policies and procedures, see “Proxy Voting Policies and Procedures.”","page_number":137,"box":{"x":70,"y":884,"width":490,"height":11}},{"id":"8b79b903-4caf-4538-82e4-14732152fbee","block_type":"box","text":"II-93","page_number":137,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"e949b40a-fcee-493d-9ca8-95853283b800","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":137,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"71802c1f-8406-414a-bf23-6eacab3edc23","block_type":"box","text":"It is also possible that, from time to time, BlackRock and/or its advisory clients (including other funds and","page_number":138,"box":{"x":102,"y":45,"width":757,"height":11}},{"id":"bdea56e1-d8b9-443a-a2bf-c61558f5ca49","block_type":"box","text":"separately managed accounts) may, subject to compliance with applicable law, purchase and hold shares of a Fund.","page_number":138,"box":{"x":69,"y":60,"width":825,"height":11}},{"id":"75fe290a-9368-4d22-b516-21c40ed8ce3c","block_type":"box","text":"Increasing a Fund’s assets may enhance investment flexibility and diversification and may contribute to economies of","page_number":138,"box":{"x":70,"y":75,"width":837,"height":11}},{"id":"46f7966e-ed72-488c-af12-2214f96f8521","block_type":"box","text":"scale that tend to reduce the Fund’s expense ratio. BlackRock reserves the right, subject to compliance with","page_number":138,"box":{"x":69,"y":90,"width":774,"height":11}},{"id":"bd761692-1269-48ad-b568-acfb6c521caf","block_type":"box","text":"applicable law, to redeem at any time some or all of the shares of a Fund acquired for its own accounts. A large","page_number":138,"box":{"x":69,"y":105,"width":796,"height":11}},{"id":"ee034ff6-de89-4e47-92e3-849d3e6e4f92","block_type":"box","text":"redemption of shares of a Fund by BlackRock could significantly reduce the asset size of the Fund, which might have","page_number":138,"box":{"x":69,"y":120,"width":830,"height":12}},{"id":"f3bf0070-603a-45eb-95b8-f5387ddf6996","block_type":"box","text":"an adverse effect on the Fund’s investment flexibility, portfolio diversification and expense ratio. BlackRock seeks to","page_number":138,"box":{"x":69,"y":135,"width":831,"height":11}},{"id":"c3727980-12c8-4258-8fb7-e8ea039a8591","block_type":"box","text":"consider the effect of redemptions on a Fund and other shareholders in deciding whether to redeem its shares but is","page_number":138,"box":{"x":69,"y":150,"width":834,"height":12}},{"id":"f30dcac0-9c3c-4f69-837a-bcd5dfeb9008","block_type":"box","text":"not obligated to do so and may elect not to do so.","page_number":138,"box":{"x":69,"y":166,"width":355,"height":11}},{"id":"389b2d11-53f0-499f-b9a9-0ea77ea693e6","block_type":"box","text":"It is possible that a Fund may invest in securities of, or engage in transactions with, companies in which","page_number":138,"box":{"x":102,"y":188,"width":742,"height":12}},{"id":"0ee2eb4d-a612-40f0-9465-69962a83bc93","block_type":"box","text":"BlackRock has significant debt or equity investments or other interests. A Fund may also invest in issuances (such as","page_number":138,"box":{"x":70,"y":203,"width":838,"height":12}},{"id":"ebc65200-5af7-4d56-a54c-070ddc0cfa76","block_type":"box","text":"structured notes) by entities for which BlackRock provides and is compensated for cash management services","page_number":138,"box":{"x":69,"y":218,"width":788,"height":12}},{"id":"12f5ec3b-ea6c-46fb-9d38-f8e6e4e75197","block_type":"box","text":"relating to the proceeds from the sale of such issuances. In making investment decisions for a Fund, BlackRock is","page_number":138,"box":{"x":69,"y":234,"width":816,"height":11}},{"id":"3a7f52ed-3f6d-420f-be7e-dc208208d282","block_type":"box","text":"not permitted to obtain or use material non-public information acquired by any unit of BlackRock, in the course of","page_number":138,"box":{"x":69,"y":249,"width":806,"height":11}},{"id":"442c8684-83df-4a49-a2a0-b8c67b7155ea","block_type":"box","text":"these activities. In addition, from time to time, the activities of BlackRock may limit a Fund’s flexibility in purchases","page_number":138,"box":{"x":68,"y":264,"width":822,"height":11}},{"id":"82bdad2e-8149-412f-a67c-1b7ddd490b92","block_type":"box","text":"and sales of securities. As indicated below, BlackRock may engage in transactions with companies in which","page_number":138,"box":{"x":69,"y":279,"width":766,"height":11}},{"id":"9b293281-296e-42d3-8b96-57d15df81036","block_type":"box","text":"BlackRock-advised funds or other clients of BlackRock have an investment.","page_number":138,"box":{"x":70,"y":294,"width":533,"height":9}},{"id":"047dc623-74a1-4ab9-9e3c-609a57d331f8","block_type":"box","text":"BlackRock and its personnel and other financial service providers may have interests in promoting sales of the","page_number":138,"box":{"x":102,"y":317,"width":789,"height":11}},{"id":"77f8454b-208e-4394-bc12-59d85dcf41ea","block_type":"box","text":"Funds. With respect to BlackRock and its personnel, the remuneration and profitability relating to services to and","page_number":138,"box":{"x":70,"y":332,"width":805,"height":11}},{"id":"e9a0c078-3223-4c50-9048-8cae5db42fcd","block_type":"box","text":"sales of the Funds or other products may be greater than remuneration and profitability relating to services to and","page_number":138,"box":{"x":69,"y":347,"width":813,"height":11}},{"id":"3d5e99f9-9f82-4b57-b92a-f9a4bd1c17b8","block_type":"box","text":"sales of certain funds or other products that might be provided or offered. BlackRock and its sales personnel may","page_number":138,"box":{"x":69,"y":362,"width":814,"height":11}},{"id":"606680c7-4cd4-45f6-a211-8767273ccb15","block_type":"box","text":"directly or indirectly receive a portion of the fees and commissions charged to the Funds or their shareholders.","page_number":138,"box":{"x":69,"y":377,"width":788,"height":12}},{"id":"dee1a537-c650-471e-82df-07eb44efa6f8","block_type":"box","text":"BlackRock and its advisory or other personnel may also benefit from increased amounts of assets under","page_number":138,"box":{"x":70,"y":392,"width":745,"height":12}},{"id":"22ef686d-a6a8-4d41-bf9d-8e49d357294a","block_type":"box","text":"management. Fees and commissions may also be higher than for other products or services, and the remuneration","page_number":138,"box":{"x":69,"y":407,"width":822,"height":12}},{"id":"1f38de38-fff6-45ea-bbb1-bcc595a1da41","block_type":"box","text":"and profitability to BlackRock and such personnel resulting from transactions on behalf of or management of the","page_number":138,"box":{"x":69,"y":423,"width":801,"height":11}},{"id":"d034c43c-1713-4068-a5ec-aafb4119ed60","block_type":"box","text":"Funds may be greater than the remuneration and profitability resulting from other funds or products.","page_number":138,"box":{"x":70,"y":438,"width":711,"height":11}},{"id":"aad4b76d-2d72-4824-a6f1-20e914d79e62","block_type":"box","text":"BlackRock may provide valuation assistance to certain clients with respect to certain securities or other","page_number":138,"box":{"x":102,"y":461,"width":741,"height":11}},{"id":"21862b14-f7e9-46eb-9ac2-b175f07a20ae","block_type":"box","text":"investments and the valuation recommendations made for such clients’ accounts may differ from the valuations for","page_number":138,"box":{"x":70,"y":475,"width":823,"height":12}},{"id":"ec7adc5c-724f-402b-a4f0-d15d685cbc0f","block_type":"box","text":"the same securities or investments assigned by a Fund’s pricing vendors, especially if such valuations are based on","page_number":138,"box":{"x":68,"y":491,"width":829,"height":11}},{"id":"c81ba0b3-bd5b-4e13-afcb-e7a56e21f469","block_type":"box","text":"broker-dealer quotes or other data sources unavailable to the Fund’s pricing vendors. While BlackRock will generally","page_number":138,"box":{"x":69,"y":506,"width":825,"height":11}},{"id":"1db92a1e-2b86-42a6-a858-3d06bcd3ae33","block_type":"box","text":"communicate its valuation information or determinations to a Fund’s pricing vendors and/or fund accountants, there","page_number":138,"box":{"x":69,"y":521,"width":830,"height":11}},{"id":"ba96b1d6-5c57-4b1e-bb1c-efaa9ddf7720","block_type":"box","text":"may be instances where the Fund’s pricing vendors or fund accountants assign a different valuation to a security or","page_number":138,"box":{"x":69,"y":536,"width":824,"height":11}},{"id":"ea59e7c8-96c9-4fe8-bb53-70f99f3806c8","block_type":"box","text":"other investment than the valuation for such security or investment determined or recommended by BlackRock.","page_number":138,"box":{"x":69,"y":551,"width":792,"height":11}},{"id":"73d78858-a3b4-4e8a-8511-996df016738b","block_type":"box","text":"As disclosed in more detail in “Pricing of Shares—Determination of Net Asset Value” in this SAI, when market","page_number":138,"box":{"x":101,"y":574,"width":784,"height":11}},{"id":"bcc1a70a-a8b2-4579-9729-12f4608a8c2b","block_type":"box","text":"quotations are not readily available or are believed by BlackRock to be unreliable, a Fund’s investments are valued at","page_number":138,"box":{"x":69,"y":589,"width":837,"height":11}},{"id":"97743faf-2f14-4a46-aee5-8bd691940287","block_type":"box","text":"fair value by BlackRock. BlackRock has been designated as the Fund’s valuation designee pursuant to Rule 2a-5","page_number":138,"box":{"x":68,"y":604,"width":803,"height":11}},{"id":"95976c17-b6a0-4789-bedf-626c64008689","block_type":"box","text":"under the Investment Company Act and acts through BlackRock’s Rule 2a-5 Committee (the “2a-5 Committee”), with","page_number":138,"box":{"x":69,"y":619,"width":831,"height":11}},{"id":"5e26e894-483c-4a95-a312-926cd36bccac","block_type":"box","text":"assistance from other BlackRock pricing committees and in accordance with BlackRock’s policies and procedures","page_number":138,"box":{"x":69,"y":634,"width":811,"height":12}},{"id":"f016a955-f02c-44fd-8587-cce2a8956de5","block_type":"box","text":"(the “Valuation Procedures”). 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While fair value determinations","page_number":138,"box":{"x":69,"y":695,"width":837,"height":11}},{"id":"4ab43647-32bc-4231-9d1c-ede48e95f510","block_type":"box","text":"will be based upon all available factors that BlackRock deems relevant at the time of the determination, and may be","page_number":138,"box":{"x":68,"y":710,"width":829,"height":11}},{"id":"b4090af8-39f9-4097-aa42-ed36f37bd2f1","block_type":"box","text":"based on analytical values determined by BlackRock using proprietary or third party valuation models, fair value","page_number":138,"box":{"x":69,"y":725,"width":796,"height":11}},{"id":"e2a1646c-7bc9-49f9-a188-f1561d07f882","block_type":"box","text":"represents only a good faith approximation of the value of an asset or liability. 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To lessen the possibility that a Fund will be adversely affected by this personal trading, the Fund, BRIL and","page_number":139,"box":{"x":70,"y":105,"width":802,"height":11}},{"id":"b0bf949e-eda3-4b92-b3b5-dafee8a3bb12","block_type":"box","text":"BlackRock each have adopted a Code of Ethics in compliance with Section 17(j) of the Investment Company Act that","page_number":139,"box":{"x":70,"y":120,"width":828,"height":11}},{"id":"75b84bf8-04e1-45b3-aab8-34b22282cb02","block_type":"box","text":"restricts securities trading in the personal accounts of investment professionals and others who normally come into","page_number":139,"box":{"x":69,"y":135,"width":825,"height":12}},{"id":"edb66c1a-f005-40ce-8b06-6db0388eb1d5","block_type":"box","text":"possession of information regarding the Fund’s portfolio transactions. 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From time to time, the activities of a Fund may be","page_number":139,"box":{"x":68,"y":294,"width":810,"height":11}},{"id":"71786214-489d-4f21-a7af-aa817d10912e","block_type":"box","text":"restricted because of regulatory requirements applicable to BlackRock and/or BlackRock’s internal policies designed","page_number":139,"box":{"x":69,"y":309,"width":834,"height":11}},{"id":"d3ae6658-c1ac-467f-b6ec-819c8bba6a56","block_type":"box","text":"to comply with, limit the applicability of, or that otherwise relate to such requirements. A client not advised by","page_number":139,"box":{"x":68,"y":324,"width":782,"height":11}},{"id":"df05422f-e45d-41bf-b7d5-939d89bdb8ac","block_type":"box","text":"BlackRock would not be subject to some of those considerations. There may be periods when BlackRock may not","page_number":139,"box":{"x":70,"y":339,"width":807,"height":12}},{"id":"6d488432-a32f-4c71-a122-a68c0afa68bc","block_type":"box","text":"initiate or recommend certain types of transactions, or may otherwise restrict or limit its advice regarding certain","page_number":139,"box":{"x":70,"y":355,"width":804,"height":11}},{"id":"c20710a3-477f-4838-8f9b-f4c0e589e59b","block_type":"box","text":"securities or instruments issued by or related to companies for which BlackRock is performing advisory or other","page_number":139,"box":{"x":69,"y":370,"width":799,"height":11}},{"id":"3c3f9c70-c902-4511-8620-96725879a834","block_type":"box","text":"services or has proprietary positions. For example, when BlackRock is engaged to provide advisory or risk","page_number":139,"box":{"x":69,"y":385,"width":755,"height":11}},{"id":"500a1e92-c6c2-4daa-b764-e0a19eedd334","block_type":"box","text":"management services for a company, BlackRock may be prohibited from or limited in purchasing or selling securities","page_number":139,"box":{"x":69,"y":400,"width":831,"height":11}},{"id":"ed99e6b5-d2f7-46fd-8d70-5600832f1440","block_type":"box","text":"of that company on behalf of a Fund, particularly where such services result in BlackRock obtaining material non","page_number":139,"box":{"x":69,"y":415,"width":806,"height":11}},{"id":"6ae7f2bf-c1f4-4ba7-aa5b-a5866c3952b4","block_type":"box","text":"public information about the company (","page_number":139,"box":{"x":70,"y":430,"width":276,"height":11}},{"id":"c802ac2f-1c5d-44a6-bbeb-b17fc27c5844","block_type":"box","text":"e.g.","page_number":139,"box":{"x":348,"y":432,"width":25,"height":9}},{"id":"ba5b3beb-b5fc-49c2-ad59-2bc2051fc4bf","block_type":"box","text":", in connection with participation in a creditors’ committee). Moreover,","page_number":139,"box":{"x":376,"y":430,"width":499,"height":11}},{"id":"7470b920-dd3b-4521-b54a-89a55291bbbe","block_type":"box","text":"applicable provisions of the Investment Company Act or other regulatory considerations may restrict a Fund or","page_number":139,"box":{"x":69,"y":445,"width":784,"height":12}},{"id":"6ada40a2-6bdc-4e65-8d16-c9ac15eea0b1","block_type":"box","text":"BlackRock from effecting certain portfolio transactions or taking other actions in respect of an investment on behalf","page_number":139,"box":{"x":70,"y":460,"width":827,"height":12}},{"id":"086c2b09-7911-456c-b0de-860a63bdde4d","block_type":"box","text":"of a Fund, including where BlackRock and/or clients advised by BlackRock already have an interest in such issuer or","page_number":139,"box":{"x":69,"y":475,"width":830,"height":12}},{"id":"de0e4640-2521-4e56-bb5e-2f844bbb90b4","block_type":"box","text":"the investment. Similar situations could arise if personnel of BlackRock serve as directors of companies the","page_number":139,"box":{"x":68,"y":491,"width":773,"height":11}},{"id":"7a8aa92d-5bcb-473e-9bf4-f1c0fed9d7c5","block_type":"box","text":"securities of which the Funds wish to purchase or sell. 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Certain","page_number":139,"box":{"x":69,"y":604,"width":819,"height":11}},{"id":"f9e3034a-c491-4a86-ba7a-41acce37782d","block_type":"box","text":"BlackRock advisory personnel may take views, and make decisions or recommendations, that are different than or","page_number":139,"box":{"x":70,"y":619,"width":817,"height":11}},{"id":"e2505107-42f5-4933-818f-9c934f773f77","block_type":"box","text":"opposite those of other BlackRock advisory personnel. Certain portfolio management teams within BlackRock may","page_number":139,"box":{"x":69,"y":634,"width":818,"height":12}},{"id":"1dafa250-f728-43fb-aa35-f1b3640aafb0","block_type":"box","text":"make decisions or take (or refrain from taking) actions with respect to clients they advise in a manner different than","page_number":139,"box":{"x":69,"y":649,"width":827,"height":12}},{"id":"1ce1deae-0e21-4c72-823c-8cf0bea4b118","block_type":"box","text":"or adverse to the decisions made or the actions taken (or not taken) by the Funds’ portfolio management teams. The","page_number":139,"box":{"x":69,"y":664,"width":835,"height":12}},{"id":"7352b4fc-6608-43b7-8f31-0f8ff88d6696","block_type":"box","text":"various portfolio management teams may not share information with each other, including as a result of certain","page_number":139,"box":{"x":68,"y":680,"width":797,"height":11}},{"id":"ee032905-7698-417c-95b5-db07ebaac565","block_type":"box","text":"information barriers and other policies, and will not have any obligation or other duty to do so.","page_number":139,"box":{"x":70,"y":695,"width":667,"height":11}},{"id":"3f776533-8516-4294-b7d8-40c63084a426","block_type":"box","text":"BlackRock has established certain information barriers and other policies to address the sharing of information","page_number":139,"box":{"x":102,"y":717,"width":794,"height":12}},{"id":"3a8a3515-b295-4000-b1ca-562049784d1f","block_type":"box","text":"between different businesses within BlackRock, including with respect to personnel responsible with managing","page_number":139,"box":{"x":69,"y":732,"width":791,"height":12}},{"id":"e8cb24c7-7c4a-4ae3-b9b4-29e382f6c5a6","block_type":"box","text":"portfolios and voting proxies with respect to certain index equity portfolios versus those responsible for managing","page_number":139,"box":{"x":70,"y":748,"width":812,"height":11}},{"id":"2da19d69-37f6-437f-a84e-dfcbf6b9c966","block_type":"box","text":"portfolios and voting proxies with respect to all other portfolios. As a result of information barriers, certain units of","page_number":139,"box":{"x":70,"y":763,"width":818,"height":11}},{"id":"ba791c14-19e2-4fb1-a813-f41306b176af","block_type":"box","text":"BlackRock generally will not have access, or will have limited access, to certain information and personnel, including","page_number":139,"box":{"x":70,"y":778,"width":830,"height":11}},{"id":"93e27d32-76fa-443a-9db4-0de0778524a9","block_type":"box","text":"senior personnel, in other units of BlackRock, and generally will not manage the Funds with the benefit of information","page_number":139,"box":{"x":69,"y":793,"width":835,"height":11}},{"id":"cb6e8b4d-69d3-4ab3-8e4e-54accb43a36c","block_type":"box","text":"possessed by such other units. Therefore, BlackRock may not be able to review potential investments for the Funds","page_number":139,"box":{"x":70,"y":808,"width":824,"height":11}},{"id":"c44b66ba-2020-4bc4-863b-04a7c0f431d6","block_type":"box","text":"with the benefit of information held by certain areas of BlackRock.","page_number":139,"box":{"x":68,"y":823,"width":472,"height":11}},{"id":"912f0a56-3cd8-40db-b892-90dcbf55edf0","block_type":"box","text":"BlackRock may determine to move certain personnel, businesses, or business units from one side of an","page_number":139,"box":{"x":102,"y":846,"width":744,"height":11}},{"id":"1514bb29-8b57-4dfa-b5ec-179b08697754","block_type":"box","text":"information barrier to the other side of the information barrier. In connection therewith, BlackRock personnel,","page_number":139,"box":{"x":70,"y":861,"width":775,"height":11}},{"id":"b3b93b75-b819-4aa9-9d30-0a9c88415ee1","block_type":"box","text":"businesses, and business units that were moved will no longer have access to the information and personnel from","page_number":139,"box":{"x":69,"y":876,"width":818,"height":11}},{"id":"ab60be8f-1289-4f8e-b13b-9395b6f064b4","block_type":"box","text":"the side of the information barrier from which they were moved. Information obtained in connection with such","page_number":139,"box":{"x":68,"y":891,"width":779,"height":11}},{"id":"3ae64668-c6dc-45c8-8b22-1c5e686e2c97","block_type":"box","text":"changes to information barriers may limit or restrict the ability of BlackRock to engage in or otherwise effect","page_number":139,"box":{"x":69,"y":906,"width":771,"height":12}},{"id":"448c961e-ecb5-4de3-b259-c4e8c01c4df2","block_type":"box","text":"II-95","page_number":139,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"895e196f-3e12-4d90-b3c1-3adfc9abe57f","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":139,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"506a913b-15b1-4626-857f-f5cb83867912","block_type":"box","text":"transactions on behalf of the Funds (including purchasing or selling securities that BlackRock may otherwise have","page_number":140,"box":{"x":68,"y":45,"width":812,"height":11}},{"id":"516e2846-c6aa-4898-a2f1-6026455400b3","block_type":"box","text":"purchased or sold for a client in the absence of a change to an information barrier). 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As BlackRock’s assets under management increases, BlackRock clients may face greater","page_number":140,"box":{"x":69,"y":173,"width":840,"height":11}},{"id":"87fafabe-768d-4407-b72d-fe14bf6c622d","block_type":"box","text":"negative impacts due to ownership restrictions and limitations imposed by laws, regulations, rules, regulators, or","page_number":140,"box":{"x":69,"y":188,"width":806,"height":12}},{"id":"a72dfb4d-09af-4400-bd72-a7bef99248e3","block_type":"box","text":"issuers. For example, in certain circumstances where a BlackRock client invests in securities issued by companies","page_number":140,"box":{"x":70,"y":204,"width":818,"height":11}},{"id":"33b21aab-8982-4b6f-b9e4-f56044372fc4","block_type":"box","text":"that operate in certain industries (","page_number":140,"box":{"x":68,"y":219,"width":244,"height":11}},{"id":"ab8fe5a9-4a7e-47d8-a20c-8d193d6909cc","block_type":"box","text":"e.g.","page_number":140,"box":{"x":314,"y":220,"width":25,"height":10}},{"id":"168a840e-8ab6-4f45-b143-f012cae32f06","block_type":"box","text":", banking, insurance, and utilities) or in certain emerging or international","page_number":140,"box":{"x":342,"y":219,"width":515,"height":11}},{"id":"a4dac20e-fe1b-44f4-a70b-fc010f865d3f","block_type":"box","text":"markets, or are subject to regulatory or corporate ownership restrictions (","page_number":140,"box":{"x":69,"y":234,"width":523,"height":11}},{"id":"568e5d4d-bb4f-4bcd-9d7b-bea60c095227","block_type":"box","text":"e.g.","page_number":140,"box":{"x":594,"y":235,"width":25,"height":10}},{"id":"0b03cb51-a644-4293-9f03-bf5d89bbc59a","block_type":"box","text":", with mechanisms such as poison pills","page_number":140,"box":{"x":621,"y":234,"width":280,"height":11}},{"id":"53678354-380f-459e-a263-da4eb808ff5f","block_type":"box","text":"in place to prevent takeovers), or where a BlackRock client invests in certain futures and derivatives, there may be","page_number":140,"box":{"x":70,"y":249,"width":816,"height":11}},{"id":"4157b2ef-07ca-4863-a12b-be4d150bc9ab","block_type":"box","text":"limits on the aggregate amount invested by BlackRock for its clients and BlackRock’s proprietary accounts that may","page_number":140,"box":{"x":70,"y":264,"width":825,"height":11}},{"id":"7affb2b4-fdcd-4202-8f3c-0d380c414c46","block_type":"box","text":"not be exceeded without the grant of a license or other regulatory or corporate approval, order, consent, relief, waiver","page_number":140,"box":{"x":69,"y":279,"width":837,"height":11}},{"id":"584bae86-de69-47fb-a80d-fefb2d1e06da","block_type":"box","text":"or non-disapproval or, if exceeded, may cause BlackRock or its clients to be subject to enforcement actions,","page_number":140,"box":{"x":69,"y":294,"width":769,"height":11}},{"id":"e5dd1ad6-dfe3-4a9f-9066-eb9c9e2eb83a","block_type":"box","text":"disgorgement of share ownership or profits, regulatory restrictions, complex compliance reporting, increased","page_number":140,"box":{"x":69,"y":309,"width":775,"height":11}},{"id":"1df2b714-9dd1-41a8-b2c8-39d7e749174b","block_type":"box","text":"compliance costs or suffer disadvantages or business restrictions. In light of certain restrictions, BlackRock may also","page_number":140,"box":{"x":69,"y":324,"width":839,"height":12}},{"id":"1e4b8cea-2c7b-47a5-9194-b7eb012bf975","block_type":"box","text":"seek to make indirect investments (","page_number":140,"box":{"x":69,"y":340,"width":255,"height":10}},{"id":"0b54c4ce-079b-4197-b24d-ba10541f9834","block_type":"box","text":"e.g.","page_number":140,"box":{"x":326,"y":341,"width":24,"height":10}},{"id":"c3f44cfc-21ef-4224-acb8-ad1533184866","block_type":"box","text":", using derivatives) on behalf of its clients to receive exposure to certain","page_number":140,"box":{"x":353,"y":339,"width":514,"height":12}},{"id":"bceda157-6738-482a-924f-7893bfa65452","block_type":"box","text":"securities in excess of the applicable ownership restrictions and limitations when legally permitted that will expose","page_number":140,"box":{"x":69,"y":355,"width":817,"height":11}},{"id":"71af2c75-9275-4a08-992f-59e8ae93c9f0","block_type":"box","text":"such clients to additional costs and additional risks, including any risks associated with investing in derivatives.","page_number":140,"box":{"x":69,"y":370,"width":795,"height":11}},{"id":"1471ddcf-c12b-41e1-acc8-9247d08e2842","block_type":"box","text":"There may be limited availability of derivatives that provide indirect exposure to an impacted security. BlackRock","page_number":140,"box":{"x":68,"y":385,"width":799,"height":11}},{"id":"ecfee949-652c-4711-95f5-a9793a999b5b","block_type":"box","text":"clients can be subject to more than one ownership limitation depending on each client’s holdings, and each","page_number":140,"box":{"x":69,"y":400,"width":767,"height":11}},{"id":"e255e4e8-9908-4238-99e4-0c17b0622594","block_type":"box","text":"ownership limitation can impact multiple securities held by the client. Certain clients or shareholders may have their","page_number":140,"box":{"x":69,"y":415,"width":829,"height":11}},{"id":"0de9eeb3-2949-49bd-af38-7a7959d72e29","block_type":"box","text":"own overlapping obligations to monitor their compliance with ownership limitations across their investments.","page_number":140,"box":{"x":69,"y":430,"width":772,"height":11}},{"id":"c29b92ae-c82f-438e-abc4-13bd3e385520","block_type":"box","text":"If certain aggregate ownership thresholds are reached either through the actions of BlackRock or a BlackRock","page_number":140,"box":{"x":102,"y":453,"width":783,"height":11}},{"id":"949b4880-4f9c-4db9-9be6-b3bdf997a05d","block_type":"box","text":"client or as a result of corporate actions by the issuer, the ability of BlackRock on behalf of clients to purchase or","page_number":140,"box":{"x":69,"y":468,"width":808,"height":11}},{"id":"0b894964-6c26-4f03-b5ea-0bca40d9ccee","block_type":"box","text":"dispose of investments, or exercise rights (including voting) or undertake business transactions, may be restricted by","page_number":140,"box":{"x":69,"y":483,"width":837,"height":11}},{"id":"c1596261-ef1f-46b5-b80e-d154c027ad6c","block_type":"box","text":"law, regulation, rule, or organizational documents or otherwise impaired. For example, to meet the requirements of","page_number":140,"box":{"x":70,"y":498,"width":818,"height":11}},{"id":"d34e680c-35f2-4ecc-b4ac-324c136a6d52","block_type":"box","text":"an ownership limitation or restriction, a client may be unable to purchase or directly hold a security the client would","page_number":140,"box":{"x":69,"y":514,"width":821,"height":10}},{"id":"aa4fa9aa-c645-4eda-b5f6-00658e7af65d","block_type":"box","text":"otherwise purchase or hold. The limitation or restriction may be based on the holdings of other BlackRock clients","page_number":140,"box":{"x":69,"y":528,"width":806,"height":12}},{"id":"130b3a2d-9177-45c5-b0d6-05376d7f8c0c","block_type":"box","text":"instead of the specific client being restricted. For index funds, this means a fund may not be able to track its index as","page_number":140,"box":{"x":70,"y":543,"width":839,"height":12}},{"id":"7022e84b-d705-4d44-b947-c41c636c1169","block_type":"box","text":"closely as it would if it was not subject to an ownership limitation or restriction because the fund cannot acquire the","page_number":140,"box":{"x":69,"y":559,"width":826,"height":11}},{"id":"4747840e-4310-4155-9cc7-cb9383c8bc50","block_type":"box","text":"amount of the impacted security included in its index. BlackRock on behalf of its clients may limit purchases, sell","page_number":140,"box":{"x":69,"y":574,"width":807,"height":11}},{"id":"58a71c9b-0c45-46fc-8990-e921f83a7768","block_type":"box","text":"existing investments, utilize indirect investments, utilize information barriers, or otherwise restrict, forgo, or limit the","page_number":140,"box":{"x":69,"y":589,"width":830,"height":11}},{"id":"8e0d936e-8abb-4549-9a65-2039fd40649c","block_type":"box","text":"exercise of rights (including transferring, outsourcing, or limiting voting rights or forgoing the right to receive","page_number":140,"box":{"x":69,"y":604,"width":765,"height":11}},{"id":"23d37917-8729-4cb3-a0af-f60fcec33029","block_type":"box","text":"dividends) when BlackRock, in its sole discretion, deems it appropriate in light of potential regulatory or other","page_number":140,"box":{"x":69,"y":619,"width":781,"height":11}},{"id":"9087fbb7-4ba0-4600-a965-fbb32f332960","block_type":"box","text":"restrictions on ownership or other consequences resulting from reaching investment thresholds. These types of","page_number":140,"box":{"x":69,"y":634,"width":796,"height":12}},{"id":"18f2112b-8567-44a0-afd6-e8d2ebde070f","block_type":"box","text":"restrictions could negatively impact a client’s performance or ability to meet its investment objective.","page_number":140,"box":{"x":69,"y":649,"width":720,"height":12}},{"id":"ae982554-3f55-44cb-9e57-d5397065b5c2","block_type":"box","text":"When BlackRock or a BlackRock client is subject to an ownership limitation, BlackRock may in its discretion seek","page_number":140,"box":{"x":101,"y":672,"width":807,"height":11}},{"id":"f49397ae-d5e5-477c-901b-851eb8fa1670","block_type":"box","text":"permission from the applicable issuers or regulators to exceed the limitation. However, there is no guarantee that","page_number":140,"box":{"x":70,"y":687,"width":810,"height":11}},{"id":"734f0380-1bc5-4085-8a14-e1bc27f416b1","block_type":"box","text":"permission will be granted, or that, once granted, it will not be modified or revoked at a later date with minimal or no","page_number":140,"box":{"x":70,"y":702,"width":829,"height":12}},{"id":"73017dfe-5eb3-46fa-957a-51c8603ccdc1","block_type":"box","text":"notice. The issuer and/or regulator may also require that BlackRock on behalf of itself and its clients take or refrain","page_number":140,"box":{"x":69,"y":717,"width":824,"height":12}},{"id":"48d31dd2-075f-471f-9fee-62dc8dba4a70","block_type":"box","text":"from taking certain actions in connection with the approval, order, consent, relief or non-disapproval, which BlackRock","page_number":140,"box":{"x":68,"y":732,"width":841,"height":12}},{"id":"4be9f44b-a60d-421f-98c7-ca66b1fa416d","block_type":"box","text":"may accept if it believes the benefits outweigh the costs and may limit BlackRock from taking actions that it","page_number":140,"box":{"x":69,"y":748,"width":770,"height":11}},{"id":"4c530e5b-1226-4f3a-ae53-13c10393966e","block_type":"box","text":"otherwise would take. In those circumstances where ownership thresholds or limitations must be observed,","page_number":140,"box":{"x":69,"y":763,"width":769,"height":11}},{"id":"b825edf0-478c-4b2e-b29e-14ec5b43903e","block_type":"box","text":"BlackRock seeks to allocate limited investment opportunities equitably among clients, taking into consideration","page_number":140,"box":{"x":70,"y":778,"width":794,"height":11}},{"id":"48cdf53e-a87d-41e8-b873-2dd1efc1da01","block_type":"box","text":"benchmark weight and investment strategy. BlackRock may adopt certain controls designed to prevent the","page_number":140,"box":{"x":69,"y":793,"width":757,"height":11}},{"id":"f24ecadd-8d6c-41e1-b10e-36f51dca82f9","block_type":"box","text":"occurrence of a breach of any applicable ownership threshold or limits, including, for example, when ownership in","page_number":140,"box":{"x":69,"y":808,"width":807,"height":11}},{"id":"6f09cc60-1660-470e-af10-fbd13111700f","block_type":"box","text":"certain securities nears an applicable threshold, BlackRock may limit additional purchases in such securities or, with","page_number":140,"box":{"x":69,"y":823,"width":833,"height":11}},{"id":"80f13341-5de9-45f5-849e-23896046a617","block_type":"box","text":"respect to ETFs, remove such securities from the list of Deposit Securities to be delivered to the Fund in connection","page_number":140,"box":{"x":69,"y":838,"width":827,"height":11}},{"id":"cdd1e970-2261-4d97-a3a0-fd136b370f7c","block_type":"box","text":"with purchases of Creation Units of such Fund. If client holdings of an issuer exceed an applicable threshold and","page_number":140,"box":{"x":68,"y":853,"width":803,"height":12}},{"id":"ebc09b27-18b0-4b08-b56d-8a6326732b2d","block_type":"box","text":"BlackRock is unable to obtain relief to enable the continued holding of such investments, it may be necessary to","page_number":140,"box":{"x":70,"y":869,"width":802,"height":11}},{"id":"42862e38-6a37-45f5-90ce-1d9d47db740d","block_type":"box","text":"reduce these positions to meet the applicable limitations and BlackRock or such client may be subject to regulatory","page_number":140,"box":{"x":69,"y":884,"width":826,"height":11}},{"id":"9856c63d-1abc-40bf-bafc-3e7dd1208d6a","block_type":"box","text":"actions. In these cases, the investments will be sold in a manner that BlackRock deems fair and equitable over time.","page_number":140,"box":{"x":69,"y":899,"width":834,"height":11}},{"id":"2f5d85b1-25b1-4482-ba79-9120f34d483e","block_type":"box","text":"II-96","page_number":140,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a2e2f0a2-8020-44cc-b90a-b0cc8a494cb8","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":140,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"fad5fa45-2bd8-444a-ae13-85d8b893b80f","block_type":"box","text":"Ownership limitations are highly complex. It is possible that, despite BlackRock’s intent to either comply with or","page_number":141,"box":{"x":102,"y":45,"width":795,"height":11}},{"id":"23b71025-ff9a-4525-85e9-ffcb0345133a","block_type":"box","text":"be granted permission to exceed ownership limitations, it may inadvertently breach a limit or violate the corporate or","page_number":141,"box":{"x":69,"y":60,"width":831,"height":11}},{"id":"0409c4e5-0c6b-4b69-822d-0ac3dea40ac5","block_type":"box","text":"regulatory approval, order, consent, relief or non-disapproval that was obtained.","page_number":141,"box":{"x":69,"y":75,"width":566,"height":11}},{"id":"93ee31ae-6933-43fe-aaca-e56a60121a76","block_type":"box","text":"In addition to the foregoing, other ownership thresholds may trigger reporting requirements to governmental and","page_number":141,"box":{"x":102,"y":98,"width":798,"height":11}},{"id":"6ae40922-d8f8-4824-8540-dddf9b8a4ace","block_type":"box","text":"regulatory authorities, and such reports may entail the disclosure of the identity of a client or BlackRock’s intended","page_number":141,"box":{"x":69,"y":113,"width":823,"height":11}},{"id":"7f145b57-dc12-4c62-a9b5-46810a63d59f","block_type":"box","text":"strategy with respect to such security or asset.","page_number":141,"box":{"x":69,"y":128,"width":333,"height":11}},{"id":"d3a489ac-1e59-410d-801f-d86235a4a608","block_type":"box","text":"BlackRock may maintain securities indices. To the extent permitted by applicable laws, the Funds may seek to","page_number":141,"box":{"x":102,"y":151,"width":785,"height":11}},{"id":"a694a779-408c-42b2-92f0-53e955f0e373","block_type":"box","text":"license and use such indices as part of their investment strategy. Index based funds that seek to track the","page_number":141,"box":{"x":70,"y":166,"width":760,"height":11}},{"id":"042f6ab1-ae15-4e7c-825f-5729962beceb","block_type":"box","text":"performance of securities indices also may use the name of the index or index provider in the fund name. Index","page_number":141,"box":{"x":70,"y":181,"width":796,"height":11}},{"id":"f0c85334-8656-4979-996e-9a2b39968d2f","block_type":"box","text":"providers, including BlackRock (to the extent permitted by applicable law), may be paid licensing fees for use of their","page_number":141,"box":{"x":70,"y":196,"width":830,"height":11}},{"id":"3e74a22d-9f1d-4e6f-8d84-6788567b52b5","block_type":"box","text":"index or index name. In instances where BlackRock charges a unitary management fee, BlackRock may have a","page_number":141,"box":{"x":70,"y":211,"width":788,"height":11}},{"id":"4733a2fa-5bda-48b4-ab23-77972ae75b52","block_type":"box","text":"financial incentive to use a BlackRock index that is less costly to BlackRock than a third party index. BlackRock may","page_number":141,"box":{"x":68,"y":226,"width":829,"height":11}},{"id":"3cd85980-1cfd-4c6e-8ccf-a943f7039b3a","block_type":"box","text":"benefit from the Funds using BlackRock indices by creating increasing acceptance in the marketplace for such","page_number":141,"box":{"x":69,"y":241,"width":784,"height":11}},{"id":"8a5e69f3-8e15-4e76-9d66-6a5216b3eb98","block_type":"box","text":"indices. BlackRock is not obligated to license its indices to a Fund and the Funds are under no obligation to use","page_number":141,"box":{"x":70,"y":257,"width":797,"height":11}},{"id":"43e13f2e-5103-499f-9652-e8eb660f6dc3","block_type":"box","text":"BlackRock indices. Any Fund that enters into a license for a BlackRock index cannot be assured that the terms of any","page_number":141,"box":{"x":70,"y":271,"width":837,"height":12}},{"id":"0121349f-a97b-41a4-91eb-45032d24bbc5","block_type":"box","text":"index licensing agreement with BlackRock will be as favorable as those terms offered to other licensees.","page_number":141,"box":{"x":70,"y":286,"width":746,"height":12}},{"id":"6d7f643b-e339-4127-92ee-9ef6c6972038","block_type":"box","text":"BlackRock may enter into contractual arrangements with third-party service providers to a Fund (","page_number":141,"box":{"x":102,"y":309,"width":686,"height":11}},{"id":"2177f8ca-c6fa-4ce8-bbd0-4f283b0e7d1a","block_type":"box","text":"e.g.","page_number":141,"box":{"x":790,"y":311,"width":25,"height":9}},{"id":"86716e64-b100-4a88-b7d7-3a34ff500693","block_type":"box","text":", custodians,","page_number":141,"box":{"x":817,"y":309,"width":90,"height":11}},{"id":"299712a2-45ec-4da0-b39e-9e1342b0ea5f","block_type":"box","text":"administrators and index providers) pursuant to which BlackRock receives fee discounts or concessions in","page_number":141,"box":{"x":69,"y":324,"width":756,"height":11}},{"id":"0f669925-e245-442f-9a2a-a341d2d599a3","block_type":"box","text":"recognition of BlackRock’s overall relationship with such service providers. BlackRock may also enter into contractual","page_number":141,"box":{"x":69,"y":339,"width":836,"height":12}},{"id":"39311092-f10c-4e1c-b30e-31517c061ab1","block_type":"box","text":"arrangements with such service providers pursuant to which BlackRock incurs additional costs if the service","page_number":141,"box":{"x":69,"y":355,"width":772,"height":11}},{"id":"6609a9ed-2cf2-48ac-87ef-f2d65da548d4","block_type":"box","text":"provider’s services are terminated with respect to a Fund. To the extent that BlackRock is responsible for paying","page_number":141,"box":{"x":70,"y":370,"width":800,"height":11}},{"id":"0ea4a489-ac47-4a8c-9350-ae15ab012390","block_type":"box","text":"service providers out of its fees that it receives from the Funds, the benefits of lower fees, including any fee","page_number":141,"box":{"x":69,"y":385,"width":771,"height":11}},{"id":"4f34147d-4e46-4a8a-985f-a525c5f8758b","block_type":"box","text":"discounts or concessions, or any additional savings, may accrue, in whole or in part, to BlackRock, which could result","page_number":141,"box":{"x":69,"y":400,"width":839,"height":11}},{"id":"a175004a-a73a-403b-a047-f8855ac834e4","block_type":"box","text":"in conflicts of interest relating to the use or termination of service providers to a Fund. In addition, conflicts of","page_number":141,"box":{"x":70,"y":415,"width":785,"height":11}},{"id":"2370e339-9b3c-4ee7-9818-818ffac1349a","block_type":"box","text":"interest may arise with respect to contractual arrangements with third-party service providers to a Fund, or the","page_number":141,"box":{"x":70,"y":430,"width":786,"height":11}},{"id":"24202271-0f45-4763-8c9f-84a254b66164","block_type":"box","text":"selection of such providers, particularly in circumstances where BlackRock is negotiating on behalf of both funds that","page_number":141,"box":{"x":69,"y":445,"width":837,"height":12}},{"id":"267ad577-a14d-4b3c-9e02-9f4e6744d542","block_type":"box","text":"have a unitary management fee and those that do not or different service providers have different fee structures.","page_number":141,"box":{"x":69,"y":460,"width":809,"height":12}},{"id":"4b3e6b2f-39fc-4928-8a88-17a3139a4bc9","block_type":"box","text":"Conflicts of interest may arise as a result of simultaneous investment management of multiple client accounts","page_number":141,"box":{"x":102,"y":483,"width":788,"height":11}},{"id":"981def8e-1891-48e9-b83c-832f874449f1","block_type":"box","text":"by BlackRock’s investment professionals. For example, differences in the advisory fee structure may create the","page_number":141,"box":{"x":69,"y":498,"width":795,"height":11}},{"id":"2c5fe4cc-97d6-4983-be46-6ae9adbb9ca5","block_type":"box","text":"appearance of actual or potential conflicts of interest because such differences could create pecuniary incentives for","page_number":141,"box":{"x":69,"y":513,"width":835,"height":11}},{"id":"f3352948-e0da-462d-a257-8897b6c1b82b","block_type":"box","text":"BlackRock to favor one client account over another.","page_number":141,"box":{"x":70,"y":528,"width":363,"height":9}},{"id":"72816e80-6527-4613-9824-6c57f98cd519","block_type":"box","text":"BlackRock owns or has an ownership interest in certain trading, portfolio management, operations and/or","page_number":141,"box":{"x":102,"y":551,"width":757,"height":11}},{"id":"27d8937f-4aa7-4c29-a1bf-13e339f9c668","block_type":"box","text":"information systems used by Fund service providers. These systems are, or will be, used by a Fund service provider","page_number":141,"box":{"x":70,"y":566,"width":826,"height":11}},{"id":"a70d165a-48b5-4743-8ed3-3ad3081a2caa","block_type":"box","text":"in connection with the provision of services to accounts managed by BlackRock and funds managed and sponsored","page_number":141,"box":{"x":70,"y":581,"width":822,"height":12}},{"id":"ed7ba6c6-3f5c-4d8a-b332-99eeb9266955","block_type":"box","text":"by BlackRock, including the Funds, that engage the service provider (typically the custodian). A Fund’s service","page_number":141,"box":{"x":69,"y":597,"width":782,"height":11}},{"id":"3b7528e7-e7d2-4075-95d0-3d72a682750d","block_type":"box","text":"provider remunerates BlackRock for the use of the systems. A Fund service provider’s payments to BlackRock for the","page_number":141,"box":{"x":70,"y":612,"width":835,"height":11}},{"id":"484be4bb-ce62-422d-a8da-dcbab091844f","block_type":"box","text":"use of these systems may enhance the profitability of BlackRock.","page_number":141,"box":{"x":69,"y":627,"width":465,"height":11}},{"id":"1d7690e3-4b08-40c6-a472-c1bac230b7ce","block_type":"box","text":"BlackRock’s receipt of fees from a service provider in connection with the use of systems provided by BlackRock","page_number":141,"box":{"x":102,"y":649,"width":804,"height":12}},{"id":"6ec142bf-5acb-452f-81b1-f93b55e72006","block_type":"box","text":"may create an incentive for BlackRock to recommend that a Fund enter into or renew an arrangement with the service","page_number":141,"box":{"x":69,"y":664,"width":840,"height":12}},{"id":"8309fd2c-5291-4f05-8991-0e7fc7a8c6f5","block_type":"box","text":"provider.","page_number":141,"box":{"x":70,"y":680,"width":58,"height":11}},{"id":"254ea08d-073f-4235-9b8c-71934eab6e92","block_type":"box","text":"In recognition of a BlackRock client’s overall relationship with BlackRock, BlackRock may offer special pricing","page_number":141,"box":{"x":102,"y":702,"width":778,"height":12}},{"id":"60006d94-db95-4036-800e-4f1c273215ea","block_type":"box","text":"arrangements for certain services provided by BlackRock. Any such special pricing arrangements will not affect Fund","page_number":141,"box":{"x":69,"y":717,"width":831,"height":12}},{"id":"263dc66f-92c1-48f5-b20d-dd5f51e6e7d6","block_type":"box","text":"fees and expenses applicable to such client’s investment in a Fund.","page_number":141,"box":{"x":68,"y":732,"width":485,"height":11}},{"id":"d4b1bd58-58b2-4463-a918-6c38f6d7c340","block_type":"box","text":"Present and future activities of BlackRock and its directors, officers and employees, in addition to those","page_number":141,"box":{"x":102,"y":755,"width":742,"height":11}},{"id":"223f0815-cec8-4adc-a9ba-7debbb98e898","block_type":"box","text":"described in this section, may give rise to additional conflicts of interest.","page_number":141,"box":{"x":69,"y":770,"width":517,"height":12}},{"id":"bc116423-1575-4d9f-afe9-e8fddffc9b48","block_type":"box","text":"PURCHASE OF SHARES","page_number":141,"box":{"x":395,"y":800,"width":188,"height":10}},{"id":"d93193df-99eb-4e08-bb16-080ce65ac751","block_type":"box","text":"Most BlackRock-advised open-end funds offer multiple classes of shares under a plan adopted under Rule 18f-3","page_number":141,"box":{"x":102,"y":823,"width":800,"height":11}},{"id":"f7b68ee0-8a2e-4a0b-9c08-2f8119c848fb","block_type":"box","text":"under the Investment Company Act. Investor A Shares are sold to investors choosing the initial sales charge","page_number":141,"box":{"x":69,"y":838,"width":771,"height":11}},{"id":"877bf241-2572-4c3c-a045-940083655523","block_type":"box","text":"alternative, except that Investor A Shares of Index Funds (defined below) and BlackRock Short Obligations Fund are","page_number":141,"box":{"x":69,"y":853,"width":822,"height":11}},{"id":"0cb16ca1-8e57-45d8-85d7-51e124f5afa6","block_type":"box","text":"generally not subject to an initial sales charge, and Investor C Shares are sold to investors choosing the deferred","page_number":141,"box":{"x":68,"y":868,"width":809,"height":11}},{"id":"6fdb1873-7c45-4ea0-80ec-73a228773b08","block_type":"box","text":"sales charge alternative. Investor P Shares are available only to certain investors purchasing shares of Funds","page_number":141,"box":{"x":69,"y":883,"width":781,"height":11}},{"id":"b1be733e-402b-4e07-8707-2c31a71579fa","block_type":"box","text":"through registered representatives of an insurance company’s broker-dealer that has entered into an agreement with","page_number":141,"box":{"x":68,"y":898,"width":833,"height":11}},{"id":"7a8fb51a-7409-450c-b905-a8fb75e95e0a","block_type":"box","text":"II-97","page_number":141,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"7488e703-fa94-4868-a51a-da2b8c549fe0","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":141,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"07e6ffaf-3295-4268-8f94-fd7e441c68e5","block_type":"box","text":"the Distributor to offer such shares. Institutional Shares are sold to certain eligible investors without a sales charge.","page_number":142,"box":{"x":68,"y":45,"width":833,"height":11}},{"id":"6ba49c30-86dd-40d3-86ba-c9ec920bba24","block_type":"box","text":"Certain Funds offer Class R Shares, which are available only to certain employer-sponsored retirement plans and are","page_number":142,"box":{"x":69,"y":60,"width":835,"height":11}},{"id":"e404597c-3c73-4055-ad51-78d373a9ec23","block_type":"box","text":"sold without a sales charge. Certain Funds offer Class G Shares, which are available only to investors on eligible","page_number":142,"box":{"x":69,"y":75,"width":804,"height":11}},{"id":"0398787c-bd12-461a-ae13-76a1dc1a55b3","block_type":"box","text":"platforms, which are platforms where clients invest in the Fund through a single omnibus account in the name of a","page_number":142,"box":{"x":70,"y":90,"width":816,"height":11}},{"id":"a441613f-5bc1-4d05-9cc2-8da4a71625a8","block_type":"box","text":"financial intermediary that meets an initial investment minimum of $2 billion. In addition, certain Funds offer Service","page_number":142,"box":{"x":68,"y":104,"width":835,"height":12}},{"id":"4ead34cc-0cd3-40a1-82d2-a945c6921e1f","block_type":"box","text":"Shares, BlackRock Shares and/or Class K Shares that are available only to certain eligible investors. Please see the","page_number":142,"box":{"x":69,"y":120,"width":834,"height":12}},{"id":"27783094-634c-4fe5-9d2e-bd56ecf265fa","block_type":"box","text":"appropriate Prospectus for your Fund to determine which classes are offered by your Fund and under what","page_number":142,"box":{"x":69,"y":135,"width":757,"height":11}},{"id":"9c7a6ebd-a24f-4fd4-9305-5615048cb7c8","block_type":"box","text":"circumstances. Each class has different exchange privileges. See “Shareholder Services — Exchange Privilege.”","page_number":142,"box":{"x":69,"y":150,"width":802,"height":12}},{"id":"1f6d12a2-abad-4c79-8faa-fe50cb8c45ff","block_type":"box","text":"The applicable offering price for purchase orders is based on the NAV of a Fund next determined after receipt of","page_number":142,"box":{"x":101,"y":173,"width":799,"height":11}},{"id":"0d83454b-1353-4d7f-ba8f-9c0659e9332d","block_type":"box","text":"the purchase order by a dealer or other financial intermediary (“Selling Dealer”) that has been authorized by the","page_number":142,"box":{"x":68,"y":188,"width":798,"height":12}},{"id":"378b294c-5a4e-4217-a68a-789e26b23b5d","block_type":"box","text":"Distributor by contract to accept such orders. In addition, with respect to the affiliated underlying funds in which","page_number":142,"box":{"x":70,"y":203,"width":795,"height":12}},{"id":"eae921f8-bbad-41de-a296-0134618c67d0","block_type":"box","text":"target date funds advised by BlackRock or its affiliates (“BlackRock Target Date Funds”) invest, the applicable","page_number":142,"box":{"x":68,"y":218,"width":786,"height":12}},{"id":"ff2d4226-73f8-4d57-9249-da28bd238266","block_type":"box","text":"offering price of each affiliated underlying fund is based on the NAV of such affiliated underlying fund next determined","page_number":142,"box":{"x":69,"y":234,"width":839,"height":11}},{"id":"2aac3d35-7143-437c-aca7-d1166c4deea0","block_type":"box","text":"after a purchase order is received, or deemed to be received upon receipt by a Selling Dealer, by the BlackRock","page_number":142,"box":{"x":69,"y":249,"width":795,"height":11}},{"id":"4e62a097-75c0-4e57-9b31-bfb9b0ec5527","block_type":"box","text":"Target Date Funds that allocate a portion of such purchase order to such affiliated underlying fund. As to purchase","page_number":142,"box":{"x":68,"y":264,"width":819,"height":11}},{"id":"0b11cf78-bc9a-4bd5-929f-8f4ce1ef5a7f","block_type":"box","text":"orders received by Selling Dealers or BlackRock Target Date Funds prior to the close of business on the New York","page_number":142,"box":{"x":69,"y":279,"width":808,"height":11}},{"id":"2aa2afa0-ed50-415f-84af-7e6f06e94a6a","block_type":"box","text":"Stock Exchange (“NYSE”) (generally, the NYSE closes at 4:00 p.m. Eastern time), on the day the order is placed,","page_number":142,"box":{"x":69,"y":294,"width":803,"height":11}},{"id":"db926262-3461-44dc-a909-0ca218ae6cc4","block_type":"box","text":"including orders received after the close of business on the previous day, the applicable offering price is based on","page_number":142,"box":{"x":70,"y":309,"width":812,"height":11}},{"id":"3958ecf4-8b12-4641-b810-e0eafaf1ce70","block_type":"box","text":"the NAV determined as of the close of business on the NYSE on that day. If the purchase orders are not received by","page_number":142,"box":{"x":68,"y":324,"width":828,"height":11}},{"id":"bff2f370-6004-4a98-a3f9-aa1d3f1341e4","block_type":"box","text":"the Selling Dealer or a BlackRock Target Date Fund before the close of business on the NYSE, such orders are","page_number":142,"box":{"x":68,"y":339,"width":788,"height":12}},{"id":"77ec6a85-160e-4147-aced-5048b9b94cdf","block_type":"box","text":"deemed received on the next business day. It is the responsibility of brokers to transmit purchase orders and","page_number":142,"box":{"x":69,"y":355,"width":779,"height":11}},{"id":"2e097227-6a15-4aaa-a649-831bf1db3cc8","block_type":"box","text":"payment on a timely basis. Generally, if payment is not received within the period described in the Prospectuses, the","page_number":142,"box":{"x":70,"y":370,"width":830,"height":11}},{"id":"bc771637-09fc-414a-a291-95d73bba593f","block_type":"box","text":"order will be canceled, notice thereof will be given, and the broker and its customers will be responsible for any loss","page_number":142,"box":{"x":69,"y":385,"width":828,"height":11}},{"id":"e5dd9e11-4452-4dc3-85a2-cceabab2f566","block_type":"box","text":"to the Fund or its shareholders. Orders of less than $500 may be mailed by a broker to the Transfer Agent.","page_number":142,"box":{"x":68,"y":399,"width":762,"height":12}},{"id":"494fe4ed-3d29-4c2c-9994-a0f3fa8458ca","block_type":"box","text":"The minimum investment for the initial purchase of shares is set forth in the Prospectus for each Fund. The","page_number":142,"box":{"x":101,"y":423,"width":768,"height":11}},{"id":"07948a91-d2c7-4a29-adc0-17cfbb9cc74b","block_type":"box","text":"minimum initial investment for employees of a Fund, a Fund’s Manager, Sub-Advisers or BRIL or employees of their","page_number":142,"box":{"x":69,"y":438,"width":819,"height":11}},{"id":"cc16a8f7-47fa-4309-b2a3-0f23a2dd1cb4","block_type":"box","text":"affiliates is $100, unless payment is made through a payroll deduction program in which case the minimum","page_number":142,"box":{"x":69,"y":452,"width":769,"height":12}},{"id":"b499b13f-83d8-4692-a0e2-d8b75d49f596","block_type":"box","text":"investment is $25.","page_number":142,"box":{"x":70,"y":467,"width":132,"height":11}},{"id":"b67afb60-228a-4285-9fb4-4dba028b2248","block_type":"box","text":"Each Fund has lower investment minimums for other categories of shareholders eligible to purchase Institutional","page_number":142,"box":{"x":102,"y":491,"width":802,"height":11}},{"id":"f31483fd-e249-4e26-9d55-3d26ce24865b","block_type":"box","text":"Shares, including selected fee-based programs. Each Fund may permit a lower initial investment for certain investors","page_number":142,"box":{"x":69,"y":506,"width":833,"height":11}},{"id":"9c2801ce-2663-4cc2-b736-663413109455","block_type":"box","text":"if their purchase, combined with purchases by other investors received together by the Fund, meets the minimum","page_number":142,"box":{"x":70,"y":521,"width":806,"height":11}},{"id":"1076b723-8365-4e8c-afd2-eb61f699949f","block_type":"box","text":"investment requirement. Each Fund may reject any purchase order, modify or waive the minimum initial or","page_number":142,"box":{"x":70,"y":536,"width":751,"height":11}},{"id":"ab548ef6-0bf0-4463-be79-e08b08f4bab8","block_type":"box","text":"subsequent investment requirements and suspend and resume the sale of any share class of any Fund at any time.","page_number":142,"box":{"x":69,"y":551,"width":826,"height":11}},{"id":"f0fa50ff-2044-4cf5-996e-036773181804","block_type":"box","text":"Financial intermediaries may, in connection with a change in account type or otherwise in accordance with a","page_number":142,"box":{"x":102,"y":574,"width":768,"height":11}},{"id":"83990a76-ad23-42c1-83c2-c5b51ea251a1","block_type":"box","text":"financial intermediary’s policies and procedures, exchange shares of a Fund from one class of shares to another","page_number":142,"box":{"x":68,"y":589,"width":807,"height":11}},{"id":"de5374fc-7a5b-4314-9022-d9b9b791dbfb","block_type":"box","text":"class of shares of the same Fund, provided that the exchanged shares are not subject to a contingent deferred sales","page_number":142,"box":{"x":69,"y":604,"width":836,"height":11}},{"id":"d012a71d-9c0e-42b7-91d2-75417b70fcf0","block_type":"box","text":"charge (“CDSC”) and that shareholders meet eligibility requirements of the new share class. Please speak to your","page_number":142,"box":{"x":69,"y":619,"width":814,"height":11}},{"id":"34663bde-da0c-49ff-a014-1a215894dbe6","block_type":"box","text":"financial intermediary for information about specific policies and procedures applicable to your account.","page_number":142,"box":{"x":68,"y":634,"width":740,"height":11}},{"id":"df3813ee-d155-4efe-a3c7-5690014ae190","block_type":"box","text":"Each Fund or the Distributor may suspend the continuous offering of the Fund’s shares of any class at any time","page_number":142,"box":{"x":102,"y":657,"width":795,"height":11}},{"id":"a89a5cc4-ee9b-4c16-823e-5aa3ab86e59b","block_type":"box","text":"in response to conditions in the securities markets or otherwise and may resume offering the shares from time to","page_number":142,"box":{"x":70,"y":672,"width":813,"height":11}},{"id":"936bea3e-8184-4e7c-beba-abc9cf26f3c5","block_type":"box","text":"time. Any order may be rejected by a Fund or the Distributor. Neither the Distributor, the securities dealers nor other","page_number":142,"box":{"x":68,"y":687,"width":827,"height":11}},{"id":"8bd15545-ab4e-42f0-a5f7-931e3fe2bd5a","block_type":"box","text":"financial intermediaries are permitted to withhold placing orders to benefit themselves by a price change.","page_number":142,"box":{"x":68,"y":702,"width":750,"height":12}},{"id":"a5d08807-43a5-4b2d-b1ef-4c7deaf8d34d","block_type":"box","text":"The term “purchase,” as used in the Prospectus and this SAI, refers to (i) a single purchase by an individual,","page_number":142,"box":{"x":101,"y":725,"width":776,"height":11}},{"id":"0b61145d-5571-4cb5-bb3a-f1e25de86656","block_type":"box","text":"(ii) concurrent purchases by an individual, his or her spouse and their children purchasing shares for his, her or their","page_number":142,"box":{"x":69,"y":740,"width":831,"height":11}},{"id":"c00ef72e-3294-478e-af55-3f413829cdb2","block_type":"box","text":"own account, and (iii) single purchases by a trustee or other fiduciary purchasing shares for a single trust estate or","page_number":142,"box":{"x":69,"y":755,"width":822,"height":11}},{"id":"dbab7f4e-c5b5-408f-9a65-50dd40fe809a","block_type":"box","text":"single fiduciary account although more than one beneficiary may be involved. The term “purchase” also includes","page_number":142,"box":{"x":69,"y":770,"width":802,"height":12}},{"id":"23806bbf-d5d2-4c11-beaf-db8e3ffc8820","block_type":"box","text":"purchases by any “company,” as that term is defined in the Investment Company Act, but does not include purchases","page_number":142,"box":{"x":70,"y":785,"width":839,"height":12}},{"id":"65b6cee2-ae9d-4dc5-937c-9707992ee715","block_type":"box","text":"by (i) any company that has not been in existence for at least six months, (ii) a company that has no purpose other","page_number":142,"box":{"x":69,"y":801,"width":819,"height":11}},{"id":"e28eaec9-74f7-40d0-8281-414b9fe5c5a9","block_type":"box","text":"than the purchase of shares of a Fund or shares of other registered investment companies at a discount, or (iii) any","page_number":142,"box":{"x":68,"y":816,"width":827,"height":11}},{"id":"c86cfb3c-56cb-48c1-8199-857d64a3a237","block_type":"box","text":"group of individuals whose sole organizational nexus is that its participants are credit cardholders of a company,","page_number":142,"box":{"x":68,"y":831,"width":803,"height":11}},{"id":"e9aa09fa-1e28-4555-936c-b5c15972ce43","block_type":"box","text":"policyholders of an insurance company, customers of either a bank or broker-dealer or clients of an investment","page_number":142,"box":{"x":70,"y":846,"width":788,"height":11}},{"id":"a281c6d7-9546-4142-b17d-5e3996cfa29f","block_type":"box","text":"adviser.","page_number":142,"box":{"x":69,"y":861,"width":53,"height":9}},{"id":"03afb0db-92d0-49d9-b2c8-d32d4c59cac1","block_type":"box","text":"With certain limited exceptions, the Funds are generally available only to investors residing in the United States","page_number":142,"box":{"x":101,"y":884,"width":795,"height":11}},{"id":"d836e2cf-039d-479c-b574-f8f8a46eeefe","block_type":"box","text":"and may not be distributed by a foreign financial intermediary. Under this policy, in order to accept new accounts or","page_number":142,"box":{"x":69,"y":899,"width":821,"height":11}},{"id":"a2536aa8-03ff-49ac-97d6-215c0d97d04c","block_type":"box","text":"II-98","page_number":142,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b97e899f-a335-4dfb-883b-d163a2a7eab4","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":142,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"198b7eac-c5d1-4136-9544-c339fd928a64","block_type":"box","text":"additional investments (including by way of exchange from another Fund) into existing accounts, a Fund generally","page_number":143,"box":{"x":69,"y":45,"width":803,"height":11}},{"id":"53767cb1-42bf-4390-a158-98d00320661c","block_type":"box","text":"requires that (i) a shareholder that is a natural person be a U.S. citizen or resident alien, in each case residing within","page_number":143,"box":{"x":69,"y":60,"width":834,"height":11}},{"id":"6e856079-2ef4-4d57-908a-c25be644c4dd","block_type":"box","text":"the United States or a U.S. territory (including APO/FPO/DPO addresses), and have a valid U.S. taxpayer","page_number":143,"box":{"x":68,"y":75,"width":747,"height":11}},{"id":"094b1429-8e3d-45b5-95d1-1aece0405c2e","block_type":"box","text":"identification number, and (ii) a financial intermediary or a shareholder that is an entity be domiciled in the United","page_number":143,"box":{"x":70,"y":90,"width":809,"height":11}},{"id":"551a181c-2f0a-4c0e-abb6-e26caa513f39","block_type":"box","text":"States and have a valid U.S. taxpayer identification number or be domiciled in a U.S. territory and have a valid U.S.","page_number":143,"box":{"x":69,"y":105,"width":819,"height":11}},{"id":"3b03fe95-82e6-485d-a4c7-b9a7f4e214d9","block_type":"box","text":"taxpayer identification number or IRS Form W-8. Any existing account that is updated to reflect a non-U.S. address will","page_number":143,"box":{"x":68,"y":120,"width":840,"height":12}},{"id":"1884e8be-6fff-4a1f-898b-a73c9c824413","block_type":"box","text":"also be restricted from making additional investments.","page_number":143,"box":{"x":69,"y":135,"width":388,"height":12}},{"id":"4b83ded9-463c-4984-a36f-94673087e117","block_type":"box","text":"In-Kind Purchases","page_number":143,"box":{"x":102,"y":158,"width":127,"height":9}},{"id":"722b80ad-2b1e-4623-bc0e-67a888fcc8ec","block_type":"box","text":". Payment for shares of a Fund may, at the discretion of BlackRock, be made in the form of","page_number":143,"box":{"x":230,"y":158,"width":649,"height":11}},{"id":"f0ffaa10-db7c-4c31-ba7f-b666a3231f3e","block_type":"box","text":"securities that are permissible investments for the Fund and that meet the investment objective, policies and","page_number":143,"box":{"x":69,"y":173,"width":779,"height":11}},{"id":"e816ade2-9b5e-49b1-a3da-31863ffa54f5","block_type":"box","text":"limitations of the Fund as described herein. In connection with an in-kind securities payment, the Fund may require,","page_number":143,"box":{"x":70,"y":188,"width":820,"height":11}},{"id":"241e903b-1c1e-4161-bcc3-96e4dc02ef35","block_type":"box","text":"among other things, that the securities: (i) be valued on the day of purchase in accordance with the pricing methods","page_number":143,"box":{"x":69,"y":203,"width":827,"height":12}},{"id":"1a817bbc-a09e-4ba4-816c-dfbf8ef9228c","block_type":"box","text":"used by the Fund; (ii) be accompanied by satisfactory assurance that the Fund will have good and marketable title to","page_number":143,"box":{"x":69,"y":218,"width":831,"height":12}},{"id":"e13e7b15-3f1b-41a5-bd5e-961f3b08daac","block_type":"box","text":"such securities; (iii) not be subject to any restrictions upon resale by the Fund; (iv) be in proper form for transfer to","page_number":143,"box":{"x":69,"y":234,"width":817,"height":11}},{"id":"a1684d75-b481-4270-8b0b-03714a6f75e8","block_type":"box","text":"the Fund; and (v) be accompanied by adequate information concerning the basis and other tax matters relating to the","page_number":143,"box":{"x":68,"y":249,"width":837,"height":11}},{"id":"153c3522-2fe2-413c-8c69-407acb9cad59","block_type":"box","text":"securities. All dividends, interest, subscription or other rights pertaining to such securities shall become the property","page_number":143,"box":{"x":69,"y":264,"width":835,"height":11}},{"id":"34e2e5f5-18db-43d0-83ff-9be114eef2b3","block_type":"box","text":"of the Fund engaged in the in-kind purchase transaction and must be delivered to the Fund by the investor upon","page_number":143,"box":{"x":69,"y":279,"width":795,"height":11}},{"id":"0b3f1ffb-7eb4-4926-a13a-8794df42e8b4","block_type":"box","text":"receipt from the issuer. Shares purchased in exchange for securities generally cannot be redeemed until the transfer","page_number":143,"box":{"x":69,"y":294,"width":833,"height":11}},{"id":"1be75e93-5420-42d5-b488-f078e0a71192","block_type":"box","text":"has settled.","page_number":143,"box":{"x":69,"y":309,"width":83,"height":9}},{"id":"cc876e58-9964-452e-b90c-b48a3f638558","block_type":"box","text":"Institutional Shares","page_number":143,"box":{"x":69,"y":340,"width":142,"height":8}},{"id":"8e00e676-b477-4a31-a3a0-d025cbe13982","block_type":"box","text":"Institutional Shares may be purchased at NAV without a sales charge. Only certain investors are eligible to","page_number":143,"box":{"x":102,"y":362,"width":759,"height":11}},{"id":"c0485586-e4a0-4e03-ba69-0f309803cba1","block_type":"box","text":"purchase Institutional Shares. Investors who are eligible to purchase Institutional Shares should purchase","page_number":143,"box":{"x":70,"y":377,"width":756,"height":12}},{"id":"f462b44b-ecbd-4469-b6b2-f5049caca9aa","block_type":"box","text":"Institutional Shares because they are not subject to any sales charge and have lower ongoing expenses than","page_number":143,"box":{"x":70,"y":392,"width":775,"height":12}},{"id":"f9a922be-373c-4d4e-a7f0-7a7b302ff354","block_type":"box","text":"Investor A, Investor A1, Investor C, Investor P, Class R or Service Shares. A Fund may in its discretion waive or modify","page_number":143,"box":{"x":70,"y":407,"width":839,"height":12}},{"id":"0af80e2e-3a66-410e-a040-bc5a2274cf1c","block_type":"box","text":"any minimum investment amount, may reject any order for any class of shares and may suspend and resume the","page_number":143,"box":{"x":69,"y":423,"width":807,"height":11}},{"id":"46a0c7ba-440f-4bbe-afea-8ae8360cad5d","block_type":"box","text":"sale of shares of any Fund at any time.","page_number":143,"box":{"x":69,"y":438,"width":276,"height":11}},{"id":"e3683a91-e9cf-4998-81f8-98d1ce2e12a5","block_type":"box","text":"Eligible Institutional Share Investors.","page_number":143,"box":{"x":102,"y":460,"width":259,"height":12}},{"id":"85544c92-6a24-4f5b-9851-502dd7e883af","block_type":"box","text":"Institutional Shares of the Funds may be purchased by customers of broker","page_number":143,"box":{"x":369,"y":460,"width":540,"height":12}},{"id":"fa37bef2-6770-44f6-894a-1b7d29a3aec8","block_type":"box","text":"dealers and agents that have established a servicing relationship with the Fund on behalf of their customers. These","page_number":143,"box":{"x":69,"y":475,"width":826,"height":12}},{"id":"70f7aada-1829-4be0-b8ff-56bb16943062","block_type":"box","text":"broker-dealers and agents may impose additional or different conditions on the purchase or redemption of Fund","page_number":143,"box":{"x":69,"y":491,"width":796,"height":11}},{"id":"fda64118-da6f-4276-91fb-e304718ced0c","block_type":"box","text":"shares by their customers and may charge their customers transaction, account or other fees on the purchase and","page_number":143,"box":{"x":69,"y":506,"width":819,"height":11}},{"id":"9637d631-31c4-41f2-9aa6-4d1e955da5fd","block_type":"box","text":"redemption of Fund shares. Each broker-dealer or agent is responsible for transmitting to its customers a schedule of","page_number":143,"box":{"x":69,"y":521,"width":840,"height":11}},{"id":"2d4d679d-e2e7-44e3-832d-c6deb3984fe2","block_type":"box","text":"any such fees and information regarding any additional or different conditions regarding purchases and redemptions.","page_number":143,"box":{"x":69,"y":536,"width":833,"height":11}},{"id":"2fb01b84-77a8-4308-bce2-7c32c52316ca","block_type":"box","text":"Shareholders who are customers of such broker-dealers or agents should consult them for information regarding","page_number":143,"box":{"x":69,"y":551,"width":802,"height":11}},{"id":"b7c24b10-be34-49be-a320-371298fe3707","block_type":"box","text":"these fees and conditions.","page_number":143,"box":{"x":68,"y":566,"width":189,"height":9}},{"id":"1390be6c-0cf0-4c90-a6ba-c922333fc033","block_type":"box","text":"Payment for Institutional Shares must normally be made in Federal funds or other funds immediately available by","page_number":143,"box":{"x":102,"y":589,"width":805,"height":11}},{"id":"02d9080a-0291-42a3-b9ad-c145627d36f5","block_type":"box","text":"4 p.m. (Eastern time) on the first business day following receipt of the order. Payment may also, in the discretion of","page_number":143,"box":{"x":69,"y":604,"width":825,"height":11}},{"id":"b3658f8d-90ba-489c-a78f-2ce0f5f2183c","block_type":"box","text":"certain Funds, be made in the form of securities that are permissible investments for such Funds. If payment for a","page_number":143,"box":{"x":69,"y":619,"width":817,"height":11}},{"id":"b3b5264c-e788-4bd7-a997-df49ce918fbe","block_type":"box","text":"purchase order is not received by the prescribed time, an investor may be liable for any resulting losses or expenses","page_number":143,"box":{"x":70,"y":634,"width":831,"height":12}},{"id":"b0d19e1b-5bf1-4b26-a497-edf2847eb648","block_type":"box","text":"incurred by the Fund.","page_number":143,"box":{"x":70,"y":650,"width":147,"height":11}},{"id":"1d2328fe-d651-4d63-a9d1-474eec973a71","block_type":"box","text":"Certain of the Funds offer Institutional Shares as described in each such Fund’s Prospectus. In addition, the","page_number":143,"box":{"x":102,"y":672,"width":774,"height":11}},{"id":"ae8133f1-dc25-4b49-b0ee-071c18461da9","block_type":"box","text":"following investors may purchase Institutional Shares: employees, officers and directors/trustees of BlackRock, Inc.,","page_number":143,"box":{"x":68,"y":687,"width":834,"height":11}},{"id":"b3668941-c4d0-4388-bf6a-84ef8d3f11b4","block_type":"box","text":"BlackRock Funds, Bank of America Corporation (“BofA Corp.”), Barclays PLC or their respective affiliates and","page_number":143,"box":{"x":70,"y":702,"width":773,"height":11}},{"id":"9e72c68c-9c7b-44e9-911e-6d2b56879e7b","block_type":"box","text":"immediate family members of such persons, individuals and “Institutional Investors” with a minimum initial","page_number":143,"box":{"x":70,"y":717,"width":762,"height":12}},{"id":"e3749128-f5c1-4cca-b4be-1abdf75199b5","block_type":"box","text":"investment of $2 million who may purchase shares of a Fund through a financial intermediary that has entered into","page_number":143,"box":{"x":70,"y":732,"width":821,"height":12}},{"id":"8348ceb1-ca47-4cba-ab00-d29b6a52a4dd","block_type":"box","text":"an agreement with the Distributor to purchase such shares (“Institutional Investors” include, but are not limited to,","page_number":143,"box":{"x":69,"y":748,"width":819,"height":11}},{"id":"3bbe2558-e02e-49b4-85c3-d5f8d5b83c10","block_type":"box","text":"endowments, foundations, family offices, local, city, and state governmental institutions, corporations, and insurance","page_number":143,"box":{"x":69,"y":763,"width":836,"height":11}},{"id":"8956a007-4dfd-4c9a-9ad6-1929c6e3c8dc","block_type":"box","text":"company separate accounts); employer-sponsored retirement plans (which, for this purpose, do not include SEP IRAs,","page_number":143,"box":{"x":69,"y":778,"width":837,"height":11}},{"id":"4dd790ac-6939-4827-9344-695200324469","block_type":"box","text":"SIMPLE IRAs or SARSEPs), state sponsored 529 college savings plans, collective trust funds, investment companies","page_number":143,"box":{"x":69,"y":793,"width":832,"height":11}},{"id":"f813b5ff-44a6-47bd-b967-9a0605b58a96","block_type":"box","text":"or other pooled investment vehicles, unaffiliated thrifts and unaffiliated banks and trust companies, each of which","page_number":143,"box":{"x":69,"y":808,"width":815,"height":11}},{"id":"8e3249fc-c678-45b5-97a2-536d2e61e987","block_type":"box","text":"may purchase shares of the Fund through a financial intermediary that has entered into an agreement with the","page_number":143,"box":{"x":69,"y":823,"width":789,"height":12}},{"id":"ea1293ca-731e-4ef8-9d30-f39e8755fb8b","block_type":"box","text":"Distributor to purchase such shares; clients investing through a self-directed IRA brokerage account program","page_number":143,"box":{"x":70,"y":838,"width":772,"height":12}},{"id":"d9e9d3d1-58c8-415e-a1bf-33db38440b94","block_type":"box","text":"sponsored by a retirement plan record-keeper, provided that such program offers only mutual fund options and that","page_number":143,"box":{"x":69,"y":853,"width":822,"height":12}},{"id":"ab4e8c90-1d75-43ea-b4c1-b8b864d937a2","block_type":"box","text":"the program maintains an account with the Fund on an omnibus basis; clients of financial intermediaries that:","page_number":143,"box":{"x":68,"y":869,"width":783,"height":11}},{"id":"f7bb7719-c4b1-406f-9bb2-b77934141486","block_type":"box","text":"(i) charge such clients a fee for advisory, investment consulting, or similar services or (ii) have entered into an","page_number":143,"box":{"x":69,"y":884,"width":785,"height":11}},{"id":"9b305685-514d-41aa-864c-bf2d303e317a","block_type":"box","text":"agreement with the Distributor to offer Institutional Shares through a no-load program or investment platform, in each","page_number":143,"box":{"x":69,"y":899,"width":838,"height":11}},{"id":"501f0588-82fc-4feb-9dff-41ef13af8f4c","block_type":"box","text":"II-99","page_number":143,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"863489ef-20f1-4377-bb01-a07632fda306","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":143,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"02a275e3-d217-49d1-8574-c1453b855cb7","block_type":"box","text":"case, with no minimum initial investment; clients investing through financial intermediaries that have entered into an","page_number":144,"box":{"x":69,"y":45,"width":831,"height":11}},{"id":"606cc574-b4c5-4c61-8e70-2f483f24cfcd","block_type":"box","text":"agreement with the Distributor to offer such shares on a platform that charges a transaction based sales","page_number":144,"box":{"x":69,"y":60,"width":751,"height":11}},{"id":"cb2d10b8-acac-4cea-baac-e858cabb42b9","block_type":"box","text":"commission outside of the Fund, with a minimum initial investment of $1,000; tax-qualified accounts for insurance","page_number":144,"box":{"x":69,"y":74,"width":817,"height":12}},{"id":"e14e2830-4390-45e3-946c-33ff42f52c56","block_type":"box","text":"agents that are registered representatives of an insurance company’s broker-dealer that has entered into an","page_number":144,"box":{"x":69,"y":90,"width":773,"height":11}},{"id":"e6329bb2-cafc-4ad9-b36f-4c71a7ed3f8c","block_type":"box","text":"agreement with the Distributor to offer Institutional Shares, and the family members of such persons, with a","page_number":144,"box":{"x":69,"y":105,"width":771,"height":11}},{"id":"c973ef01-3cd2-4154-b06e-6e78b400dfd2","block_type":"box","text":"minimum initial investment of $1,000; trust department clients of Bank of America, N.A. and its affiliates for whom","page_number":144,"box":{"x":69,"y":120,"width":822,"height":11}},{"id":"053537d4-4a7a-437d-b4c9-a27e19c99fab","block_type":"box","text":"they (i) act in a fiduciary capacity (excluding participant directed employee benefit plans), (ii) otherwise have","page_number":144,"box":{"x":68,"y":135,"width":771,"height":12}},{"id":"3ec2df23-d46a-4030-b608-dcc95e20dbe9","block_type":"box","text":"investment discretion, or (iii) act as custodian for at least $2 million in assets; and holders of certain BofA Corp.","page_number":144,"box":{"x":70,"y":150,"width":801,"height":11}},{"id":"ff636e27-6f4c-405b-a2db-0e95a8c6f69b","block_type":"box","text":"sponsored unit investment trusts (UITs) who reinvest dividends received from such UITs in shares of a Fund.","page_number":144,"box":{"x":69,"y":166,"width":770,"height":11}},{"id":"d670f218-7fd6-4af5-9f39-dcab8c7fa21e","block_type":"box","text":"Purchase Privileges of Cer tain Persons.","page_number":144,"box":{"x":102,"y":188,"width":280,"height":12}},{"id":"c98c1f38-baaa-466b-be69-062008c4f593","block_type":"box","text":"Employees, officers, directors/trustees of BlackRock, Inc., BlackRock","page_number":144,"box":{"x":389,"y":188,"width":496,"height":11}},{"id":"afa21163-8f97-4e87-8bfa-fcecb13d79fe","block_type":"box","text":"Funds, BofA Corp. or their respective affiliates; and any trust, pension, profit-sharing or other benefit plan for such","page_number":144,"box":{"x":70,"y":203,"width":812,"height":12}},{"id":"5b7b60a3-c77f-4e1d-8a4e-ea79c5734b12","block_type":"box","text":"persons may purchase Institutional Shares at lower investment minimums than stated in each Fund’s Prospectus. A","page_number":144,"box":{"x":70,"y":219,"width":828,"height":11}},{"id":"5d57a27d-95b2-4b07-aabb-4af64286f6f3","block_type":"box","text":"Fund realizes economies of scale and reduction of sales-related expenses by virtue of the familiarity of these persons","page_number":144,"box":{"x":70,"y":234,"width":838,"height":11}},{"id":"955a00e5-a53e-4aa3-8d89-ffb460cca5ba","block_type":"box","text":"with the Fund. Employees, directors, and board members of other funds wishing to purchase shares of a Fund must","page_number":144,"box":{"x":68,"y":249,"width":826,"height":11}},{"id":"3e29750d-d6a1-4677-9fe9-e3adccabf84f","block_type":"box","text":"satisfy the Fund’s suitability standards.","page_number":144,"box":{"x":69,"y":264,"width":279,"height":11}},{"id":"23021cd1-db1f-40c0-bf82-fc31400889c5","block_type":"box","text":"Initial Sales Charge Alternative — Investor A Shares","page_number":144,"box":{"x":69,"y":294,"width":382,"height":11}},{"id":"b5a67d5a-099a-4c8d-bb87-73ebe945caaf","block_type":"box","text":"Investors who prefer an initial sales charge alternative may elect to purchase Investor A Shares. Investor A1","page_number":144,"box":{"x":102,"y":317,"width":770,"height":11}},{"id":"f18868c0-bcd7-4ae5-a7e3-ebbfd7e3c3e8","block_type":"box","text":"Shares are offered only (i) for purchase by certain employer-sponsored retirement plans and fee-based programs that","page_number":144,"box":{"x":69,"y":332,"width":837,"height":11}},{"id":"e3516074-e178-426e-b2a9-7b4f8bda3649","block_type":"box","text":"have been previously approved by certain Funds, and (ii) to certain investors who currently hold Investor A1 Shares","page_number":144,"box":{"x":69,"y":347,"width":819,"height":11}},{"id":"5a955d89-db25-435e-942c-2ea67648dbc4","block_type":"box","text":"for dividend and capital gain reinvestment only. The Investor A1 initial sales charge does not apply to the transactions","page_number":144,"box":{"x":68,"y":362,"width":840,"height":11}},{"id":"c36f792d-f3ae-49b3-9825-12896c2eba52","block_type":"box","text":"described in (i) and (ii). For ease of reference, Investor A, Investor A1 and Investor P (discussed below) Shares are","page_number":144,"box":{"x":69,"y":377,"width":815,"height":11}},{"id":"f9c449dd-4bec-48e6-9800-4c4b138a0d28","block_type":"box","text":"sometimes referred to herein as “front-end load shares.” Investor A Shares of Index Funds (defined below) and","page_number":144,"box":{"x":69,"y":392,"width":791,"height":11}},{"id":"12333232-443f-4186-8f1b-2c7e113ab100","block_type":"box","text":"BlackRock Short Obligations Fund generally are not subject to an initial sales charge or front-end load.","page_number":144,"box":{"x":70,"y":407,"width":727,"height":12}},{"id":"1321ece7-550d-43c8-ba8f-035f905affe2","block_type":"box","text":"Investors qualifying for significantly reduced initial sales charges may find the initial sales charge alternative","page_number":144,"box":{"x":102,"y":430,"width":770,"height":11}},{"id":"86475ce5-aeff-4438-a61a-147fd5d691ed","block_type":"box","text":"particularly attractive because similar sales charge reductions are not available with respect to the deferred sales","page_number":144,"box":{"x":70,"y":445,"width":812,"height":12}},{"id":"329d3393-a3eb-468b-bb3e-091615b48cf4","block_type":"box","text":"charges imposed in connection with investments in Investor C Shares (sometimes referred to herein as “CDSC","page_number":144,"box":{"x":69,"y":460,"width":791,"height":12}},{"id":"b8ae4f00-9580-4d87-aa91-8f17bd937ae5","block_type":"box","text":"shares”). Investors who do not qualify for reduced initial sales charges and who expect to maintain their investment","page_number":144,"box":{"x":69,"y":475,"width":826,"height":12}},{"id":"bcc63b38-9399-42c2-bd39-30e90b95e35b","block_type":"box","text":"for an extended period of time also may elect to purchase Investor A Shares, because over time the accumulated","page_number":144,"box":{"x":68,"y":491,"width":808,"height":11}},{"id":"f3e45d59-614d-4680-a13f-57f1b19526d0","block_type":"box","text":"ongoing service and distribution fees on CDSC shares may exceed the front-end load shares’ initial sales charge and","page_number":144,"box":{"x":69,"y":506,"width":834,"height":11}},{"id":"94bb6b4e-927d-4018-9934-e6ad60608b42","block_type":"box","text":"service fee. Although some investors who previously purchased Institutional Shares may no longer be eligible to","page_number":144,"box":{"x":69,"y":521,"width":798,"height":11}},{"id":"9b2c994a-d7e0-4b9d-84f9-9ca27856315d","block_type":"box","text":"purchase Institutional Shares of other Funds, those previously purchased Institutional Shares, together with all","page_number":144,"box":{"x":70,"y":536,"width":789,"height":11}},{"id":"8840eb69-062e-45eb-b983-451bd1973ba9","block_type":"box","text":"BlackRock front-end load and CDSC share holdings, will count toward a right of accumulation that may qualify the","page_number":144,"box":{"x":70,"y":551,"width":805,"height":11}},{"id":"3621428a-dff2-4753-bf05-5956ba8b8abd","block_type":"box","text":"investor for a reduced initial sales charge on new initial sales charge purchases. In addition, the ongoing CDSC","page_number":144,"box":{"x":70,"y":566,"width":792,"height":11}},{"id":"c3d7d4cc-8266-44ef-9764-3d5abf2e9cca","block_type":"box","text":"shares service and distribution fees will cause CDSC shares to have higher expense ratios, pay lower dividends and","page_number":144,"box":{"x":69,"y":581,"width":826,"height":12}},{"id":"7a5d7229-add8-4832-bf41-6727311a4c96","block_type":"box","text":"have lower total returns than the initial sales charge shares. The ongoing front-end load shares’ service fees will","page_number":144,"box":{"x":69,"y":596,"width":802,"height":12}},{"id":"34b805a5-967a-4aad-8b6a-e0a3d3d13f09","block_type":"box","text":"cause Investor A, Investor A1, Investor P and Service Shares to have a higher expense ratio, pay lower dividends and","page_number":144,"box":{"x":69,"y":612,"width":834,"height":11}},{"id":"0fa586d5-96c2-42f1-8745-4bbe6d78d59b","block_type":"box","text":"have a lower total return than Institutional Shares.","page_number":144,"box":{"x":69,"y":627,"width":358,"height":9}},{"id":"2ed1ebb9-ed5a-4a30-9832-56c06338afb3","block_type":"box","text":"See “Information on Sales Charges and Distribution Related Expenses” in Part I of each Fund’s SAI for","page_number":144,"box":{"x":102,"y":649,"width":734,"height":12}},{"id":"52976dcd-8a5c-49e3-a5c7-281620d284da","block_type":"box","text":"information about amounts paid to the Distributor in connection with Investor A and Investor A1 Shares for the","page_number":144,"box":{"x":70,"y":664,"width":785,"height":11}},{"id":"205276c6-d7c0-416c-add9-e317cbb26cef","block_type":"box","text":"periods indicated.","page_number":144,"box":{"x":70,"y":680,"width":124,"height":11}},{"id":"aa7ecaef-f9b3-4c23-b8b1-87030bf83d32","block_type":"box","text":"The Distributor may reallow discounts to selected securities dealers and other financial intermediaries and retain","page_number":144,"box":{"x":101,"y":702,"width":806,"height":11}},{"id":"35b21488-20e4-4431-9fcb-ca5156129a1c","block_type":"box","text":"the balance over such discounts. At times the Distributor may reallow the entire sales charge to such dealers. Since","page_number":144,"box":{"x":68,"y":718,"width":830,"height":11}},{"id":"71165890-ec28-4ead-b1f2-5b7215146b3a","block_type":"box","text":"securities dealers and other financial intermediaries selling front-end load shares of a Fund will receive a concession","page_number":144,"box":{"x":69,"y":732,"width":832,"height":12}},{"id":"b5492f80-b208-4341-b5d6-a9dd13d324d0","block_type":"box","text":"equal to most of the sales charge, they may be deemed to be underwriters under the Securities Act.","page_number":144,"box":{"x":69,"y":748,"width":714,"height":11}},{"id":"4341ee34-1778-4f8e-896b-7abcba0eb549","block_type":"box","text":"Initial Sales Charge — Investor P Shares","page_number":144,"box":{"x":69,"y":778,"width":297,"height":11}},{"id":"65fb393a-c0d8-4d19-b929-a1c061807c41","block_type":"box","text":"Certain Funds offer Investor P Shares as described in each such Fund’s Prospectus, Investor P Shares are","page_number":144,"box":{"x":102,"y":801,"width":761,"height":11}},{"id":"fcd1ba9c-293f-4d4e-8b76-b64e2a06b360","block_type":"box","text":"available for purchase only through registered representatives of an insurance company’s broker-dealer that has","page_number":144,"box":{"x":69,"y":816,"width":800,"height":11}},{"id":"9c1bd9b9-7646-4a08-894d-afee969f02f1","block_type":"box","text":"entered into an agreement with the Distributor to offer such shares and are subject to an initial sales charge. The","page_number":144,"box":{"x":69,"y":831,"width":812,"height":11}},{"id":"5a05ba61-c2d4-49a7-97e1-55a2207aab6d","block_type":"box","text":"ongoing front-end load shares’ service fees will cause Investor P Shares to have a higher expense ratio, pay lower","page_number":144,"box":{"x":69,"y":846,"width":813,"height":11}},{"id":"2d6e1098-52ea-4918-b0ee-6afd4c8a8517","block_type":"box","text":"dividends and have a lower total return than Investor A Shares of the same Fund.","page_number":144,"box":{"x":69,"y":861,"width":578,"height":9}},{"id":"cf98d291-97e6-49cb-8220-dc0e40bd284d","block_type":"box","text":"See “Information on Sales Charges and Distribution Related Expenses” in Part I of each Fund’s SAI for","page_number":144,"box":{"x":102,"y":884,"width":734,"height":11}},{"id":"bdb18a56-07af-4c76-99bf-8e1303eb195d","block_type":"box","text":"information about amounts paid to the Distributor in connection with Investor P Shares for the periods indicated.","page_number":144,"box":{"x":70,"y":899,"width":800,"height":11}},{"id":"882b45d1-eaf4-4a3e-8f8b-6dd8bd0f630d","block_type":"box","text":"II-100","page_number":144,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"fcc1da7d-3860-4c1f-82e9-70cbef5b3ea0","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":144,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e52c34a2-03cf-4de0-b943-3afb95a7abc6","block_type":"box","text":"The Distributor may reallow discounts to selected securities dealers and other financial intermediaries and retain","page_number":145,"box":{"x":101,"y":45,"width":806,"height":11}},{"id":"a69c7000-d117-46f8-8ba2-67c7f70fb725","block_type":"box","text":"the balance over such discounts. At times the Distributor may reallow the entire sales charge to such dealers. Since","page_number":145,"box":{"x":68,"y":60,"width":830,"height":11}},{"id":"a474b110-8092-407e-b765-36e82cdc80e7","block_type":"box","text":"securities dealers and other financial intermediaries selling front-end load shares of a Fund will receive a concession","page_number":145,"box":{"x":69,"y":75,"width":832,"height":11}},{"id":"b19dd7c9-2725-4ad5-b06f-3161c618257c","block_type":"box","text":"equal to most of the sales charge, they may be deemed to be underwriters under the Securities Act.","page_number":145,"box":{"x":69,"y":90,"width":714,"height":11}},{"id":"6c54a49f-f350-41ec-b973-45037012139c","block_type":"box","text":"Reduced Initial Sales Charges","page_number":145,"box":{"x":69,"y":120,"width":219,"height":11}},{"id":"b05f2c83-aba4-4309-82f6-dce9d50a6cc8","block_type":"box","text":"Certain investors may be eligible for a reduction in or waiver of a sales load due to the nature of the investors","page_number":145,"box":{"x":102,"y":143,"width":782,"height":11}},{"id":"479d206e-12b7-4907-829d-032d34063f13","block_type":"box","text":"and/or the reduced sales efforts necessary to obtain their investments. Financial intermediaries may, in connection","page_number":145,"box":{"x":69,"y":158,"width":827,"height":11}},{"id":"5933c2ce-1d68-4367-a25f-0de902d313e6","block_type":"box","text":"with a change in account type or otherwise in accordance with a financial intermediary’s policies and procedures,","page_number":145,"box":{"x":68,"y":173,"width":809,"height":11}},{"id":"8f7b5155-52ab-4b6d-9bae-988a99a9de88","block_type":"box","text":"exchange shares of a Fund from one class of shares to another class of shares of the same Fund provided that the","page_number":145,"box":{"x":69,"y":188,"width":823,"height":12}},{"id":"c966910c-b0aa-4c79-a349-4a7167ab6896","block_type":"box","text":"exchanged shares are not subject to a contingent deferred sales charge and that shareholders meet the eligibility","page_number":145,"box":{"x":69,"y":203,"width":812,"height":12}},{"id":"ab4c324b-1a1d-4f25-8f0f-dd8c2f3e773e","block_type":"box","text":"requirements of the new share class. Certain sales load reductions and waivers may be available to customers of","page_number":145,"box":{"x":69,"y":218,"width":813,"height":12}},{"id":"eddd1203-a918-4bac-8d1c-28a7f210cc09","block_type":"box","text":"certain financial intermediaries, as described under “Intermediary-Defined Sales Charge Waiver Policies” in the","page_number":145,"box":{"x":69,"y":234,"width":793,"height":11}},{"id":"89ee1dee-c5c1-4a54-aa18-b23851c6eaeb","block_type":"box","text":"Fund’s Prospectus. Please speak to your financial intermediary for more information.","page_number":145,"box":{"x":70,"y":249,"width":603,"height":11}},{"id":"1042cd08-361b-466a-935e-b9b36aeee8b0","block_type":"box","text":"Reinvested Dividends.","page_number":145,"box":{"x":102,"y":272,"width":156,"height":8}},{"id":"95a60af8-bbb5-4b32-9546-17aba95e3ac4","block_type":"box","text":"No sales charges are imposed upon shares issued as a result of the automatic","page_number":145,"box":{"x":265,"y":271,"width":566,"height":12}},{"id":"1ed8c0d0-8c05-4b49-b3eb-617450e5b6d2","block_type":"box","text":"reinvestment of dividends.","page_number":145,"box":{"x":69,"y":286,"width":186,"height":10}},{"id":"671aa9eb-170c-4b02-a585-c4d6017b827d","block_type":"box","text":"Right of Accumulation.","page_number":145,"box":{"x":102,"y":309,"width":158,"height":11}},{"id":"be748b02-4798-4263-a783-4e44de899022","block_type":"box","text":"Investors have a “right of accumulation” under which any of the following may be","page_number":145,"box":{"x":267,"y":309,"width":574,"height":11}},{"id":"3ffcaecb-8253-4ca6-b225-635ed05bf251","block_type":"box","text":"combined with the amount of the current purchase in determining whether an investor qualifies for a breakpoint and","page_number":145,"box":{"x":69,"y":324,"width":826,"height":12}},{"id":"d332593e-8a40-4343-bbb9-d1809726039c","block_type":"box","text":"a reduced front-end sales charge: (i) the current value of an investor’s existing Investor A, Investor A1, Investor C,","page_number":145,"box":{"x":69,"y":339,"width":810,"height":12}},{"id":"9f06bf39-0986-4e85-8a60-fb201a73a539","block_type":"box","text":"Investor P, Institutional, Class K and Premier Shares in most BlackRock Funds, (ii) the current value of an investor’s","page_number":145,"box":{"x":70,"y":355,"width":825,"height":11}},{"id":"9593891f-b2c3-4649-9dce-e80b52eca473","block_type":"box","text":"existing shares of certain unlisted closed-end management investment companies sponsored and advised by","page_number":145,"box":{"x":69,"y":370,"width":780,"height":11}},{"id":"2c3426d5-ab86-4682-bb51-28c3394aff5b","block_type":"box","text":"BlackRock or its affiliates (“Eligible Unlisted BlackRock Closed-End Funds”) and (iii) the investment in the BlackRock","page_number":145,"box":{"x":70,"y":385,"width":828,"height":11}},{"id":"abe7bc66-f145-4701-aa22-23b26578b595","block_type":"box","text":"CollegeAdvantage 529 Program by the investor or by or on behalf of the investor’s spouse and children. Financial","page_number":145,"box":{"x":69,"y":400,"width":804,"height":11}},{"id":"832ef989-b0a2-4be0-a69b-8552da61ee59","block_type":"box","text":"intermediaries may value current holdings of their customers differently for purposes of determining whether an","page_number":145,"box":{"x":70,"y":415,"width":794,"height":11}},{"id":"ff3e3dbd-893d-4d09-a2b4-42f6290e646b","block_type":"box","text":"investor qualifies for a breakpoint and a reduced front-end sales charge, although customers of the same financial","page_number":145,"box":{"x":70,"y":430,"width":814,"height":11}},{"id":"e4fd1825-a5ee-4c02-b099-8c8ed670491a","block_type":"box","text":"intermediary will be treated similarly. In order to use this right, the investor must alert BlackRock to the existence of","page_number":145,"box":{"x":70,"y":445,"width":828,"height":12}},{"id":"ca0d1e39-fe24-4c64-a22a-1964ad95e9e9","block_type":"box","text":"any previously purchased shares. Certain funds employ a “passive” management approach and attempt to match the","page_number":145,"box":{"x":69,"y":460,"width":838,"height":12}},{"id":"b0b9f4f4-28d0-498a-af4c-b253aedfbd72","block_type":"box","text":"performance of a target index as closely as possible before the deduction of Fund expenses (“Index Funds”).","page_number":145,"box":{"x":70,"y":475,"width":776,"height":12}},{"id":"e120c979-9a4e-40f5-9181-ccebd668ed74","block_type":"box","text":"Although Investor A Shares of Index Funds and BlackRock Short Obligations Fund generally are not subject to a sales","page_number":145,"box":{"x":68,"y":491,"width":835,"height":11}},{"id":"39da475f-210d-42cf-9f4c-d2140cdca6a1","block_type":"box","text":"charge, an investor’s existing Investor A, Investor A1, Investor C, Investor P, Institutional, Class K and Premier Shares","page_number":145,"box":{"x":69,"y":506,"width":839,"height":11}},{"id":"4a834c59-1897-4949-84be-f3b2f20c4ccc","block_type":"box","text":"in the Index Funds and BlackRock Short Obligations Fund may be combined with the amount of an investor’s current","page_number":145,"box":{"x":70,"y":521,"width":829,"height":11}},{"id":"d6204797-5dc0-40ed-9c39-31cbfc1bad74","block_type":"box","text":"purchase in determining whether an investor qualifies for a breakpoint and a reduced front-end sales charge.","page_number":145,"box":{"x":70,"y":536,"width":774,"height":11}},{"id":"8240788b-f99c-48fa-bd0a-43677c327c25","block_type":"box","text":"Letter of Intent.","page_number":145,"box":{"x":102,"y":559,"width":109,"height":9}},{"id":"63318644-19ff-45e5-8265-cf57859c0b42","block_type":"box","text":"An investor may qualify for a reduced front-end sales charge immediately by signing a “Letter of","page_number":145,"box":{"x":217,"y":559,"width":681,"height":11}},{"id":"dc686f76-55f4-4417-b853-cdf36b72d391","block_type":"box","text":"Intent” stating the investor’s intention to make one or more of the following investments within the next 13 months","page_number":145,"box":{"x":70,"y":574,"width":820,"height":11}},{"id":"f379125d-305e-4062-8db4-177b079c1ea6","block_type":"box","text":"which would, if bought all at once, qualify the investor for a reduced sales charge: (i) buy a specified amount of","page_number":145,"box":{"x":68,"y":589,"width":792,"height":11}},{"id":"80afe849-ec94-42aa-968c-35776f02876a","block_type":"box","text":"Investor A, Investor C, Investor P, Institutional, Class K and/or Premier Shares, (ii) make an investment in one or","page_number":145,"box":{"x":70,"y":604,"width":802,"height":11}},{"id":"2a613bcd-199a-431f-b664-cf1e70b168f1","block_type":"box","text":"more Eligible Unlisted BlackRock Closed-End Funds and/or (iii) make an investment through the BlackRock","page_number":145,"box":{"x":69,"y":619,"width":760,"height":11}},{"id":"1aa2a828-452d-4e8b-8cb2-bf4aa82da574","block_type":"box","text":"CollegeAdvantage 529 Program in one or more BlackRock Funds. The initial investment must meet the minimum","page_number":145,"box":{"x":69,"y":634,"width":800,"height":12}},{"id":"273f90f5-1e3b-4249-983f-c35e4a3c0847","block_type":"box","text":"initial purchase requirement. The 13-month Letter of Intent period commences on the day that the Letter of Intent is","page_number":145,"box":{"x":70,"y":649,"width":826,"height":12}},{"id":"dd37fd14-c56f-4575-9d04-4a07cb42b6a5","block_type":"box","text":"received by the Fund. The market value of current holdings in the BlackRock Funds (including Investor A, Investor C,","page_number":145,"box":{"x":69,"y":664,"width":822,"height":12}},{"id":"1c76eb6c-5dc1-48e1-8b03-afc1e0b11323","block_type":"box","text":"Investor P, Institutional, Class K and Premier Shares, Eligible Unlisted BlackRock Closed-End Funds and the","page_number":145,"box":{"x":70,"y":680,"width":764,"height":11}},{"id":"fe156cd7-b0c9-42fa-8a6d-da376dd25f85","block_type":"box","text":"BlackRock CollegeAdvantage 529 Program Class A and Class C Units) as of the date of commencement that are","page_number":145,"box":{"x":70,"y":695,"width":800,"height":11}},{"id":"7a7e4b46-0b57-4811-8a59-6f172833523c","block_type":"box","text":"eligible under the Right of Accumulation may be counted towards the sales charge reduction. The investor must notify","page_number":145,"box":{"x":69,"y":710,"width":838,"height":11}},{"id":"170e396e-ec5f-40da-af91-2d6d1fa9f7ab","block_type":"box","text":"the Fund of (i) any current holdings in the BlackRock Funds, Eligible Unlisted BlackRock Closed-End Funds and/or the","page_number":145,"box":{"x":68,"y":725,"width":835,"height":11}},{"id":"f9f4d679-44ea-425b-963e-e807dfeda313","block_type":"box","text":"BlackRock CollegeAdvantage 529 Program that should be counted towards the sales charge reduction and (ii) any","page_number":145,"box":{"x":70,"y":740,"width":811,"height":11}},{"id":"3f87f2e6-56e8-4dd3-b54a-9d3b6f5ac9e0","block_type":"box","text":"subsequent purchases that should be counted towards the Letter of Intent. During the term of the Letter of Intent,","page_number":145,"box":{"x":69,"y":755,"width":814,"height":11}},{"id":"b6623729-8e41-454e-9424-18dfb53878ed","block_type":"box","text":"the Fund will hold Investor A Shares and/or Investor P Shares, as applicable, representing up to 5% of the indicated","page_number":145,"box":{"x":68,"y":770,"width":827,"height":12}},{"id":"db94d6b1-6a55-4601-abe5-bba1d3f1f3ce","block_type":"box","text":"amount in an escrow account for payment of a higher sales load if the full amount indicated in the Letter of Intent is","page_number":145,"box":{"x":69,"y":785,"width":827,"height":12}},{"id":"a22021b2-4400-4089-ad4a-6c93e54cf93f","block_type":"box","text":"not purchased. If the full amount indicated is not purchased within the 13-month period, and the investor does not","page_number":145,"box":{"x":69,"y":801,"width":817,"height":11}},{"id":"13623499-0623-49e8-9fb5-85a4ec343b5e","block_type":"box","text":"pay the higher sales load within 20 days, the Fund will redeem enough of the Investor A Shares and/or Investor P","page_number":145,"box":{"x":70,"y":816,"width":807,"height":11}},{"id":"495679eb-6762-47c5-9e46-41a78ecd7000","block_type":"box","text":"Shares, as applicable, held in escrow to pay the difference.","page_number":145,"box":{"x":69,"y":831,"width":423,"height":11}},{"id":"c507c0fb-7691-4dda-aeb6-039b0468a560","block_type":"box","text":"Placement Fees.","page_number":145,"box":{"x":102,"y":854,"width":116,"height":8}},{"id":"0b04b172-9e36-472e-b1cf-0d61991db72f","block_type":"box","text":"BlackRock may pay placement fees to dealers on purchases of Investor A and Investor P Shares of all Funds,","page_number":145,"box":{"x":102,"y":876,"width":777,"height":11}},{"id":"fe709877-f946-4991-a8a8-a41972af286f","block_type":"box","text":"which may depend on the policies, procedures and trading platforms of your financial intermediary.","page_number":145,"box":{"x":68,"y":891,"width":704,"height":12}},{"id":"01ebd541-98cd-4c95-b898-20894b9a3569","block_type":"box","text":"II-101","page_number":145,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"23a67a96-e613-4a6e-b81a-319c8b7d3796","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":145,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"97958a4b-7fd8-4cb3-ba84-6ff75eaf960b","block_type":"box","text":"Except as noted below, these placement fees may be up to the following amounts for Investor A Shares:","page_number":146,"box":{"x":102,"y":45,"width":741,"height":11}},{"id":"f87774b7-64b2-44f1-a577-efd0c1d6897c","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":146,"box":{"x":167,"y":72,"width":361,"height":10}},{"id":"686e3a8e-e8e6-45fe-afe2-266498034111","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.00%","page_number":146,"box":{"x":535,"y":72,"width":288,"height":9}},{"id":"899adaad-3c46-4f2d-87da-33f6bb4aaf0b","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":146,"box":{"x":167,"y":87,"width":361,"height":10}},{"id":"99bd4389-70b7-4f9d-a4a8-f7ffe18e5e6f","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":146,"box":{"x":535,"y":88,"width":288,"height":8}},{"id":"82047f1b-1163-47c1-8c3d-32d0dfc0c9e4","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":146,"box":{"x":167,"y":102,"width":345,"height":10}},{"id":"d0893703-99ca-4944-b3a2-f33c7441adf4","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":146,"box":{"x":518,"y":103,"width":305,"height":9}},{"id":"2f2563b7-7450-4530-b277-c7661bfd77dd","block_type":"box","text":"With respect to Investor A Shares of BlackRock Global Allocation Fund, Inc., BlackRock Dynamic High Income","page_number":146,"box":{"x":101,"y":126,"width":776,"height":12}},{"id":"1dc5894c-bd9b-433f-ad41-5a3317ffe572","block_type":"box","text":"Portfolio (for shares purchased prior to July 1, 2020) and BlackRock Multi-Asset Income Portfolio (for shares","page_number":146,"box":{"x":69,"y":142,"width":774,"height":11}},{"id":"752cde48-acfa-463e-a1d3-d532116c3e2c","block_type":"box","text":"purchased prior to July 1, 2020) of BlackRock Funds II, BlackRock Credit Relative Value Fund of BlackRock Funds IV","page_number":146,"box":{"x":70,"y":157,"width":824,"height":11}},{"id":"394853b3-b79a-4ccc-9ab3-550200f206e1","block_type":"box","text":"and BlackRock Event Driven Equity Fund, the placement fees may be up to the following 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. . . . . . . . . . .","page_number":146,"box":{"x":167,"y":229,"width":345,"height":11}},{"id":"e4c4991a-a5f3-44e3-9790-54334c18661c","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":146,"box":{"x":518,"y":230,"width":305,"height":9}},{"id":"a4e573aa-96a2-4e52-a919-9b3a95c26d1a","block_type":"box","text":"With respect to Investor A Shares of BlackRock Systematic Multi-Strategy Fund of BlackRock Funds IV, BlackRock","page_number":146,"box":{"x":101,"y":254,"width":806,"height":11}},{"id":"0e54f38e-f09c-4b08-8879-455d6e0deaca","block_type":"box","text":"Advantage CoreAlpha Bond Fund of BlackRock Funds VI, BlackRock Tactical Opportunities Fund of BlackRock Funds","page_number":146,"box":{"x":68,"y":269,"width":821,"height":11}},{"id":"55cd9d56-10e9-434b-b720-4f58afd9fe51","block_type":"box","text":"SM","page_number":146,"box":{"x":890,"y":269,"width":11,"height":5}},{"id":"d3cd5c4f-1707-4a81-9726-da027c19dd1f","block_type":"box","text":",","page_number":146,"box":{"x":903,"y":276,"width":2,"height":3}},{"id":"b5445790-f01b-407a-8e9b-e1f966026cf7","block_type":"box","text":"BlackRock High Yield Portfolio, BlackRock Core Bond Portfolio and BlackRock Sustainable High Yield Bond Fund of","page_number":146,"box":{"x":70,"y":284,"width":816,"height":11}},{"id":"11933d26-7b92-4efc-8479-7408edb53085","block_type":"box","text":"BlackRock Funds V, BlackRock Securitized Income Fund of Managed Account Series II and BlackRock Strategic Global","page_number":146,"box":{"x":70,"y":299,"width":835,"height":11}},{"id":"7a5862af-c67c-44ae-b7b4-2edb226b22cc","block_type":"box","text":"Bond Fund, Inc., the placement fees may be up to the following amounts:","page_number":146,"box":{"x":70,"y":314,"width":520,"height":12}},{"id":"0cf175c7-52dd-4ab1-9e1d-f7451debd4a4","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":146,"box":{"x":167,"y":341,"width":361,"height":11}},{"id":"f844d731-eb6f-4a11-b50e-b6bd445abc99","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.75%","page_number":146,"box":{"x":535,"y":342,"width":288,"height":9}},{"id":"f779e650-1126-483f-abed-cb24593ed1c3","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":146,"box":{"x":167,"y":356,"width":361,"height":11}},{"id":"91ad28d6-c0f5-47b9-ba55-a2527e3c2b7f","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":146,"box":{"x":535,"y":357,"width":288,"height":9}},{"id":"aab18bd0-b347-4dc4-aeaa-a0cc8a0904f6","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":146,"box":{"x":167,"y":372,"width":345,"height":10}},{"id":"d78b30ca-8388-415b-bb68-53518febe441","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":146,"box":{"x":518,"y":372,"width":305,"height":9}},{"id":"0ad64f6d-5c2d-4865-a3c4-5d6897bf9aaf","block_type":"box","text":"With respect to Investor A Shares of BlackRock Mortgage-Backed Securities Fund and BlackRock Impact","page_number":146,"box":{"x":101,"y":396,"width":743,"height":11}},{"id":"1224db17-d4bd-41c3-827b-34ece80ae4ef","block_type":"box","text":"Mortgage Fund of BlackRock Funds V, the placement fees may be up to the following amounts:","page_number":146,"box":{"x":70,"y":411,"width":674,"height":12}},{"id":"34b2d042-62ed-49c8-a987-4a47628ee821","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":146,"box":{"x":167,"y":438,"width":361,"height":11}},{"id":"3d75118b-90f7-4a23-af67-cde1ccc65c61","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":146,"box":{"x":535,"y":439,"width":288,"height":9}},{"id":"8f145d37-11df-4699-bc64-461cb99ae9df","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":146,"box":{"x":167,"y":453,"width":361,"height":11}},{"id":"bbf0dba1-ef7f-40c7-8aa7-b42ed4867f9e","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":146,"box":{"x":535,"y":454,"width":288,"height":9}},{"id":"409513d8-61db-4e63-8095-99e53c5e05f6","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":146,"box":{"x":167,"y":469,"width":345,"height":10}},{"id":"2133057c-d97a-4456-ab4e-4d6009f33922","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":146,"box":{"x":518,"y":469,"width":305,"height":9}},{"id":"ad0be7db-efde-481c-bcc8-93924bc88a47","block_type":"box","text":"With respect to Investor A Shares of BlackRock Managed Income Fund of BlackRock Funds II, the placement fees","page_number":146,"box":{"x":101,"y":493,"width":808,"height":11}},{"id":"722f5ed9-5d4a-4e6b-a912-5429dd60bb55","block_type":"box","text":"may be up to the following amounts:","page_number":146,"box":{"x":69,"y":508,"width":257,"height":12}},{"id":"78e43aa7-38fe-40cd-bce2-ae04f487a456","block_type":"box","text":"$250,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":146,"box":{"x":167,"y":535,"width":410,"height":11}},{"id":"221f04c4-985e-46cc-8c77-2fe7d89528d8","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":146,"box":{"x":583,"y":536,"width":240,"height":9}},{"id":"4ce1d935-9674-46e3-b3d0-eda10fe10e96","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":146,"box":{"x":167,"y":550,"width":361,"height":11}},{"id":"f3ecda91-8673-4ffa-b305-30451adefae5","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":146,"box":{"x":535,"y":551,"width":288,"height":9}},{"id":"57a9e397-fa28-4161-8d72-a2644fc02544","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":146,"box":{"x":167,"y":566,"width":345,"height":10}},{"id":"b3dc9a25-d2d0-4e02-b115-4060e2cade1c","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":146,"box":{"x":518,"y":566,"width":305,"height":9}},{"id":"3370190a-4856-434a-a3f0-f2fbdec3ce40","block_type":"box","text":"With respect to Investor A Shares of BlackRock Inflation Protected Bond Portfolio of BlackRock Funds V, the","page_number":146,"box":{"x":101,"y":590,"width":768,"height":11}},{"id":"a52aa099-b569-4895-85f2-61546d039efb","block_type":"box","text":"placement fees may be up to the following amounts:","page_number":146,"box":{"x":70,"y":605,"width":371,"height":12}},{"id":"6d8f86be-6e7d-4561-aba5-ef1fafafa6c2","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":146,"box":{"x":167,"y":632,"width":361,"height":11}},{"id":"d9de2be9-d031-4be4-bb31-340da97961cc","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":146,"box":{"x":535,"y":633,"width":288,"height":9}},{"id":"efa5e507-bced-498c-88ac-33513189fbe5","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":146,"box":{"x":167,"y":647,"width":361,"height":11}},{"id":"e9b67210-e098-4a8d-8272-863c6ed361c2","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.10%","page_number":146,"box":{"x":535,"y":648,"width":288,"height":9}},{"id":"7272cb1a-4835-42b5-a9f5-5be64bc26f2d","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":146,"box":{"x":167,"y":663,"width":345,"height":10}},{"id":"a80376d8-034c-4dec-a577-0650d9170793","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.05%","page_number":146,"box":{"x":518,"y":663,"width":305,"height":9}},{"id":"7de697fc-0e26-431b-bb27-7d11789f2d7e","block_type":"box","text":"With respect to Investor A Shares of BlackRock Low Duration Bond Portfolio, BlackRock Floating Rate Income","page_number":146,"box":{"x":101,"y":687,"width":778,"height":11}},{"id":"ad5ef561-86df-432b-89fa-5491fc921146","block_type":"box","text":"Portfolio, BlackRock Income Fund and BlackRock Strategic Income Opportunities Portfolio of BlackRock Funds V, the","page_number":146,"box":{"x":69,"y":702,"width":830,"height":12}},{"id":"30cd5bf6-167d-42e7-a23b-813403b04ec3","block_type":"box","text":"placement fees may be up to the following amounts:","page_number":146,"box":{"x":70,"y":717,"width":371,"height":12}},{"id":"7924884d-0d11-455b-a06f-11c38f9fad74","block_type":"box","text":"$500,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":146,"box":{"x":167,"y":744,"width":410,"height":12}},{"id":"10ce85dc-cfb4-4bf3-940c-c6a084cf7be3","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 0.75%","page_number":146,"box":{"x":583,"y":745,"width":240,"height":9}},{"id":"013d1ba2-5ada-48fd-a6d4-391111c1b4ba","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":146,"box":{"x":167,"y":760,"width":361,"height":10}},{"id":"85401c49-9d45-44e7-a551-cd40e7bb4334","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":146,"box":{"x":535,"y":760,"width":288,"height":9}},{"id":"be1b374b-3fd4-4faa-aef2-bd48efbde2c5","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":146,"box":{"x":167,"y":775,"width":345,"height":10}},{"id":"03f87357-19b9-4e89-82d0-fac68fd5a9a5","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":146,"box":{"x":518,"y":775,"width":305,"height":9}},{"id":"fbf0ea04-0198-4e31-bc32-06f9b6787120","block_type":"box","text":"With respect to Investor A Shares of BlackRock Short Duration Muni Fund of BlackRock Municipal Bond Fund,","page_number":146,"box":{"x":101,"y":799,"width":779,"height":11}},{"id":"b7ac579c-efe2-4ddb-a1e0-63ac4b00fd90","block_type":"box","text":"Inc. (for shares purchased prior to March 18, 2019), the placement fees may be up to the following amounts:","page_number":146,"box":{"x":70,"y":814,"width":780,"height":12}},{"id":"41877efb-4b8d-432c-a398-37dc0abe7c71","block_type":"box","text":"$250,000 and above . . . .","page_number":146,"box":{"x":167,"y":841,"width":182,"height":12}},{"id":"03431597-5c6a-4714-a294-d877c49239f0","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":146,"box":{"x":355,"y":842,"width":468,"height":9}},{"id":"7e852688-d1fc-4cf8-9385-2da414852c78","block_type":"box","text":"II-102","page_number":146,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"910738a2-3aea-4936-9a85-5679b90a23b0","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":146,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"75501ff2-f28d-417a-b3f9-cabf96a915ab","block_type":"box","text":"With respect to Investor A Shares of BlackRock Short Duration Muni Fund of BlackRock Municipal Bond Fund,","page_number":147,"box":{"x":101,"y":45,"width":779,"height":11}},{"id":"613284d6-dfc3-4c15-8e70-e066ff9280db","block_type":"box","text":"Inc. (for shares purchased on or after March 18, 2019 and prior to July 1, 2020), the placement fees may be up to","page_number":147,"box":{"x":70,"y":60,"width":819,"height":11}},{"id":"d103faa3-d528-4158-b3e9-14bacc77cf1e","block_type":"box","text":"the following amounts:","page_number":147,"box":{"x":68,"y":75,"width":161,"height":11}},{"id":"f862a281-39d2-4fdf-aa3f-20c2747fa777","block_type":"box","text":"$100,000 and above . . . .","page_number":147,"box":{"x":167,"y":102,"width":182,"height":11}},{"id":"275f473f-4e13-4c4d-8a82-8b76a9ea7604","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":147,"box":{"x":355,"y":103,"width":468,"height":9}},{"id":"664bdf45-533a-4f1b-acd5-d91f1b921d19","block_type":"box","text":"With respect to Investor A Shares of BlackRock Short Duration Muni Fund of BlackRock Municipal Bond Fund,","page_number":147,"box":{"x":101,"y":126,"width":779,"height":11}},{"id":"4200602a-5e00-4e00-9d5f-ad091391adc1","block_type":"box","text":"Inc. (for shares purchased on or after July 1, 2020), the placement fees may be up to the following amounts:","page_number":147,"box":{"x":70,"y":142,"width":775,"height":11}},{"id":"5ca53e95-62af-4dfa-af86-119acbda6552","block_type":"box","text":"$250,000 and above . . . .","page_number":147,"box":{"x":167,"y":169,"width":182,"height":11}},{"id":"f9ffc5c3-6866-4cd5-9b13-87a2da9a5a04","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":147,"box":{"x":355,"y":169,"width":468,"height":9}},{"id":"49c986f2-ace4-4125-aa01-91c2509c696c","block_type":"box","text":"With respect to Investor A Shares of BlackRock Strategic Municipal Opportunities Fund of BlackRock Municipal","page_number":147,"box":{"x":101,"y":193,"width":788,"height":12}},{"id":"dc9fb156-2139-4be5-95d7-be62524d70ff","block_type":"box","text":"Series Trust, BlackRock California Municipal Opportunities Fund of BlackRock California Municipal Series Trust,","page_number":147,"box":{"x":69,"y":208,"width":792,"height":11}},{"id":"21e90607-39e0-44f2-99ee-c684454b1a08","block_type":"box","text":"BlackRock New York Municipal Opportunities Fund, BlackRock New Jersey Municipal Bond Fund and BlackRock","page_number":147,"box":{"x":70,"y":224,"width":787,"height":11}},{"id":"cedb61ca-26e2-4c39-ae49-0faccc6651ab","block_type":"box","text":"Pennsylvania Municipal Bond Fund of BlackRock Multi-State Municipal Series Trust and BlackRock National Municipal","page_number":147,"box":{"x":69,"y":239,"width":834,"height":11}},{"id":"b62d5125-9179-42fb-802e-ceed776e77bc","block_type":"box","text":"Fund of BlackRock Municipal Bond Fund, Inc., the placement fees may be up to the following amounts:","page_number":147,"box":{"x":70,"y":254,"width":729,"height":11}},{"id":"0335ffcb-695b-4805-9d71-71823ae4735a","block_type":"box","text":"$250,000 but less than $4 million . . . . . . . . . . . . . . . . . . . .","page_number":147,"box":{"x":167,"y":281,"width":410,"height":11}},{"id":"7ac9d7eb-4750-40b8-adec-bc4c49c0302d","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 1.00%","page_number":147,"box":{"x":583,"y":282,"width":240,"height":8}},{"id":"262852eb-7831-4b22-bde1-4f82f5871d33","block_type":"box","text":"$4 million but less than $10 million . . . . . . . . . . . . .","page_number":147,"box":{"x":167,"y":296,"width":361,"height":10}},{"id":"5cc5d184-36ad-405e-9514-5776c0b6d48f","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":147,"box":{"x":535,"y":297,"width":288,"height":9}},{"id":"53f6cc19-d631-44b2-a7b8-7b5eb5b17fd4","block_type":"box","text":"$10 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":147,"box":{"x":167,"y":311,"width":345,"height":11}},{"id":"8b0ff78c-0901-4a79-9781-e104ebc4f95f","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":147,"box":{"x":518,"y":312,"width":305,"height":9}},{"id":"cb68bfee-0fea-46c3-a612-ceea05fa31ea","block_type":"box","text":"With respect to Investor A Shares of BlackRock Dynamic High Income Portfolio (for shares purchased on or after","page_number":147,"box":{"x":101,"y":336,"width":801,"height":11}},{"id":"40efc066-38c5-4ede-90a4-3954e98ac2b8","block_type":"box","text":"July 1, 2020) and BlackRock Multi-Asset Income Portfolio (for shares purchased on or after July 1, 2020) of","page_number":147,"box":{"x":69,"y":351,"width":769,"height":11}},{"id":"03f4913b-4e99-4b4e-b84f-8973c6f0043f","block_type":"box","text":"BlackRock Funds II, BlackRock Total Return Fund of BlackRock Bond Fund, Inc. and BlackRock Balanced Fund, Inc.,","page_number":147,"box":{"x":70,"y":366,"width":818,"height":10}},{"id":"a07cbaf9-281f-4a10-8046-0e98516f44cf","block_type":"box","text":"the placement fees may be up to the following amounts:","page_number":147,"box":{"x":68,"y":381,"width":401,"height":11}},{"id":"4c402cef-622d-4373-8334-fcfd525e64ef","block_type":"box","text":"$250,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":147,"box":{"x":167,"y":408,"width":410,"height":11}},{"id":"42f909e8-4e25-40ab-87c6-80d502e8870d","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 0.75%","page_number":147,"box":{"x":583,"y":409,"width":240,"height":9}},{"id":"489ebc74-6436-4144-b6db-90d8dee00fe3","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":147,"box":{"x":167,"y":423,"width":361,"height":11}},{"id":"fae807e2-ed25-41b8-a17f-444e840729a6","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":147,"box":{"x":535,"y":424,"width":288,"height":9}},{"id":"4fa5cedd-0e31-4e24-b5fe-a55770c2f749","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":147,"box":{"x":167,"y":438,"width":345,"height":11}},{"id":"4c9ce37a-42ce-42aa-9f55-394f69124c43","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":147,"box":{"x":518,"y":439,"width":305,"height":9}},{"id":"92bb24d1-f215-4ccf-9e02-5953eda2d53a","block_type":"box","text":"With respect to Investor P Shares of BlackRock LifePath","page_number":147,"box":{"x":101,"y":463,"width":398,"height":11}},{"id":"79877556-1d6f-491c-9da9-659e9a318d78","block_type":"box","text":"®","page_number":147,"box":{"x":500,"y":463,"width":6,"height":5}},{"id":"e952d1fa-e6ab-4045-be5a-a5fed1880743","block_type":"box","text":"Index 2030 Fund, BlackRock 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financial intermediary firms provided the financial intermediary firm has entered into a Class A","page_number":147,"box":{"x":68,"y":853,"width":837,"height":12}},{"id":"019b5b03-0925-4ce6-af3a-5ba1122ad386","block_type":"box","text":"or Investor P NAV agreement, as applicable, with respect to such program with the Distributor; (c) insurance company","page_number":147,"box":{"x":69,"y":869,"width":836,"height":11}},{"id":"6e54a4a9-753e-4e55-a96a-6c528a348089","block_type":"box","text":"separate accounts; (d) registered investment advisers, trust companies and bank trust departments exercising","page_number":147,"box":{"x":69,"y":884,"width":793,"height":11}},{"id":"1acb2568-fc55-4f0d-9b3b-4fb200a11f69","block_type":"box","text":"discretionary investment authority with respect to amounts to be invested in a Fund; (e) persons participating in a","page_number":147,"box":{"x":69,"y":899,"width":811,"height":11}},{"id":"5d2e25e1-1a69-4fa0-a6d1-8693a39c0eae","block_type":"box","text":"II-103","page_number":147,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"81fc2254-d10d-48c4-8669-a510034c3e78","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":147,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4a18acbd-2c6f-4fab-a108-40a5de3427e8","block_type":"box","text":"fee-based program (such as a wrap account) under which they pay advisory fees to a broker-dealer or other financial","page_number":148,"box":{"x":68,"y":45,"width":827,"height":11}},{"id":"83037a38-0e27-48c3-9a5f-188b27ab4965","block_type":"box","text":"institution; (f) financial intermediaries who have entered into an agreement with the Distributor and have been","page_number":148,"box":{"x":70,"y":60,"width":782,"height":11}},{"id":"1e45d8f8-957b-410d-af1e-5147eca2eb47","block_type":"box","text":"approved by the Distributor to offer Fund shares to self-directed investment brokerage accounts that may or may not","page_number":148,"box":{"x":69,"y":75,"width":830,"height":11}},{"id":"90c6cc0a-8cb5-4f6f-8eaf-ebf98df633ab","block_type":"box","text":"charge a transaction fee; (g) state sponsored 529 college savings plans and rollovers of such 529 plans into Roth","page_number":148,"box":{"x":69,"y":90,"width":815,"height":11}},{"id":"30f8dd5e-32d8-4a9c-a703-ab0297c5f403","block_type":"box","text":"IRAs as permitted under the Internal Revenue Code; (h) with respect to Investor A Shares only, accounts opened","page_number":148,"box":{"x":70,"y":105,"width":799,"height":11}},{"id":"487f6e02-747a-4064-9475-ac66bc72e9a2","block_type":"box","text":"directly with a Fund that do not have a financial intermediary associated with the account; and (i) persons","page_number":148,"box":{"x":69,"y":120,"width":752,"height":11}},{"id":"3b6f4515-13a5-4232-a1c0-f30bdd4c458a","block_type":"box","text":"involuntarily liquidated from a Fund, who within 60 days of liquidation buy new shares of another BlackRock Fund (but","page_number":148,"box":{"x":70,"y":135,"width":836,"height":11}},{"id":"f581f7cc-8a76-4ef7-a8ec-22c919b1bb64","block_type":"box","text":"only up to the amount that was liquidated). The following persons associated with the Funds, the Fund’s Manager,","page_number":148,"box":{"x":69,"y":150,"width":812,"height":12}},{"id":"a024942b-4971-428e-b4e6-2e6a99537253","block_type":"box","text":"Sub-Advisers, Transfer Agent, Distributor, fund accounting agents, Barclays PLC and their affiliates may buy Investor A","page_number":148,"box":{"x":69,"y":166,"width":840,"height":11}},{"id":"069e917d-058a-451c-81bd-c5d910296aa0","block_type":"box","text":"or Investor P Shares of each of the Funds without paying a sales charge to the extent permitted by these firms","page_number":148,"box":{"x":69,"y":181,"width":788,"height":11}},{"id":"dd5d8469-873e-4b4d-b6b4-6ba10f35de13","block_type":"box","text":"including: (a) officers, directors and partners; (b) employees and retirees; (c) employees or registered representatives","page_number":148,"box":{"x":70,"y":196,"width":838,"height":11}},{"id":"a9828e21-2b11-4ebb-8960-cae99073e403","block_type":"box","text":"of firms who have entered into selling agreements to distribute shares of BlackRock-advised funds; (d) immediate","page_number":148,"box":{"x":69,"y":211,"width":810,"height":11}},{"id":"16857191-7cd4-4561-ba1b-c17de51e59ad","block_type":"box","text":"family members of such persons (“immediate family members” shall be defined as the investor, the investor’s","page_number":148,"box":{"x":68,"y":226,"width":787,"height":11}},{"id":"15121fc7-48f1-464c-9868-2d9978ca7a82","block_type":"box","text":"spouse or domestic partner, children, parents and siblings); and (e) any trust, pension, profit-sharing or other benefit","page_number":148,"box":{"x":69,"y":241,"width":834,"height":11}},{"id":"a7bf606b-9142-4c08-bb80-8190055c801d","block_type":"box","text":"plan for any of the persons set forth in (a) through (d). Investors who qualify for any of these exemptions from the","page_number":148,"box":{"x":70,"y":256,"width":808,"height":12}},{"id":"52ccdc93-c4cc-4054-ac65-d6d886eb725a","block_type":"box","text":"sales charge should purchase Investor A or Investor P Shares. In addition, a sales charge waiver may be available for","page_number":148,"box":{"x":69,"y":271,"width":837,"height":12}},{"id":"a55314ce-5d60-47ca-87ea-f33f66e9207d","block_type":"box","text":"investors exchanging Investor A Shares of one BlackRock Fund for Investor P Shares of another BlackRock Fund, or","page_number":148,"box":{"x":70,"y":286,"width":820,"height":12}},{"id":"6f7b8b09-adb7-43e4-96f4-2ff535055c2a","block_type":"box","text":"exchanging Investor P Shares of one BlackRock Fund for Investor A Shares of another BlackRock Fund, through an","page_number":148,"box":{"x":69,"y":302,"width":813,"height":11}},{"id":"c9d086ca-cc2e-4cd1-b398-1945a76542dc","block_type":"box","text":"intermediary-processed exchange, provided that the investor had previously paid a sales charge with respect to such","page_number":148,"box":{"x":70,"y":317,"width":831,"height":11}},{"id":"d259613f-ece2-49fd-b0ab-a30cfe026365","block_type":"box","text":"shares. The availability of Investor A or Investor P Shares sales charge waivers may depend upon the policies,","page_number":148,"box":{"x":69,"y":332,"width":783,"height":11}},{"id":"0936c23b-db15-48ef-95d6-f43d2ff68bee","block_type":"box","text":"procedures and trading platforms of your financial intermediary; consult your financial adviser.","page_number":148,"box":{"x":70,"y":347,"width":668,"height":11}},{"id":"49f041b4-f141-4208-9004-e9b0bc7f7fc2","block_type":"box","text":"If you invest $1,000,000 ($250,000 for BlackRock Dynamic High Income Portfolio, BlackRock Multi-Asset","page_number":148,"box":{"x":102,"y":369,"width":754,"height":12}},{"id":"3f786e8e-fb1b-4c8d-b0a9-8e9646da6a04","block_type":"box","text":"Income Portfolio and BlackRock Managed Income Fund of BlackRock Funds II, BlackRock Credit Relative Value Fund","page_number":148,"box":{"x":70,"y":385,"width":823,"height":11}},{"id":"c745f779-4473-48dd-b8ba-8d381603692e","block_type":"box","text":"of BlackRock Funds IV, BlackRock Total Return Fund of BlackRock Bond Fund, Inc., BlackRock Global Allocation Fund,","page_number":148,"box":{"x":69,"y":400,"width":833,"height":10}},{"id":"8fc39e0f-919e-496d-a5a8-e39c7d4f4912","block_type":"box","text":"Inc., BlackRock National Municipal Fund of BlackRock Municipal Bond Fund, Inc., BlackRock Short Duration Muni","page_number":148,"box":{"x":70,"y":415,"width":802,"height":11}},{"id":"b32ea288-05bd-4c30-b197-47f5331c9ac1","block_type":"box","text":"Fund of BlackRock Municipal Bond Fund, Inc., BlackRock Strategic Municipal Opportunities Fund of BlackRock","page_number":148,"box":{"x":70,"y":430,"width":781,"height":11}},{"id":"b317d584-359d-40eb-9819-dbe3ea0febc6","block_type":"box","text":"Municipal Series Trust, BlackRock California Municipal Opportunities Fund of BlackRock California Municipal Series","page_number":148,"box":{"x":70,"y":445,"width":819,"height":11}},{"id":"77b2b359-fd22-45a6-8a35-95e5f02d51b0","block_type":"box","text":"Trust, BlackRock New York Municipal Opportunities Fund, BlackRock New Jersey Municipal Bond Fund and BlackRock","page_number":148,"box":{"x":68,"y":460,"width":835,"height":12}},{"id":"99b400bd-d808-4b3b-b1bc-736e91235ad3","block_type":"box","text":"Pennsylvania Municipal Bond Fund of BlackRock Multi-State Municipal Series Trust, BlackRock Event Driven Equity","page_number":148,"box":{"x":69,"y":475,"width":813,"height":12}},{"id":"f4ee3cb6-2b96-4e64-97fa-d8a4d6ac17f8","block_type":"box","text":"Fund and BlackRock Balanced Fund, Inc., and $500,000 for BlackRock Low Duration Bond Portfolio, BlackRock","page_number":148,"box":{"x":70,"y":490,"width":792,"height":11}},{"id":"e2fa04d0-1551-4c03-998c-89e28edf270d","block_type":"box","text":"Floating Rate Income Portfolio, BlackRock Income Fund and BlackRock Strategic Income Opportunities Portfolio of","page_number":148,"box":{"x":70,"y":506,"width":813,"height":11}},{"id":"29163794-a2f8-483f-bf01-24fd7c31191f","block_type":"box","text":"BlackRock Funds V) or more in Investor A or Investor P Shares, as applicable, you may not pay an initial sales charge.","page_number":148,"box":{"x":70,"y":521,"width":837,"height":11}},{"id":"49165136-7efb-4537-998b-0551b22f9b2f","block_type":"box","text":"However, if you redeem your Investor A or Investor P Shares, as applicable, within 18 months after purchase (a","page_number":148,"box":{"x":70,"y":536,"width":790,"height":11}},{"id":"d8e91db3-560d-476a-b527-89d144ce47d3","block_type":"box","text":"shorter holding period may apply depending on the Fund), you may be charged a deferred sales charge.","page_number":148,"box":{"x":69,"y":551,"width":736,"height":11}},{"id":"c4c7bf32-48fb-42d1-97d0-14e6311c50d5","block_type":"box","text":"A deferred sales charge of up to 1.00% may apply to certain redemptions of Investor A Shares of the Index","page_number":148,"box":{"x":101,"y":574,"width":763,"height":11}},{"id":"bee9c191-7236-4cbb-8d2e-2d7726159f08","block_type":"box","text":"Funds and BlackRock Short Obligations Fund purchased in an exchange transaction for Investor A Shares of a","page_number":148,"box":{"x":70,"y":589,"width":782,"height":11}},{"id":"8a6850ce-8930-4cdc-9c99-77f75d2dcc1f","block_type":"box","text":"portfolio advised by BlackRock or its affiliates where no initial sales charge was paid at the time of purchase of such","page_number":148,"box":{"x":70,"y":604,"width":832,"height":11}},{"id":"f281b2fe-d8c0-4146-a784-b21a095f4348","block_type":"box","text":"fund (an “Investor A Load-Waived BlackRock Portfolio”) as part of an investment of $1,000,000 (lesser amounts may","page_number":148,"box":{"x":68,"y":618,"width":839,"height":12}},{"id":"44deea76-e9cc-4b09-8ec1-57b78cbde80d","block_type":"box","text":"apply depending on the Investor A Load-Waived BlackRock Portfolio) or more. The Investor A Shares deferred sales","page_number":148,"box":{"x":69,"y":634,"width":817,"height":12}},{"id":"5c94f757-9d19-4077-88a3-fc161b88440b","block_type":"box","text":"charge is only charged upon redemptions of Investor A Shares within 18 months after you originally acquired such","page_number":148,"box":{"x":69,"y":649,"width":811,"height":12}},{"id":"4fe1a54d-1c23-4b2f-9931-ad2ee67bd21c","block_type":"box","text":"Investor A Shares of the Investor A Load-Waived BlackRock Portfolio (a shorter holding period may apply depending","page_number":148,"box":{"x":70,"y":664,"width":818,"height":12}},{"id":"af179547-fca5-4895-a392-4ebad8feb6f4","block_type":"box","text":"on the Investor A Load-Waived BlackRock Portfolio), unless you qualify for a waiver. There is no deferred sales charge","page_number":148,"box":{"x":69,"y":680,"width":836,"height":11}},{"id":"ba96e0b4-a8ba-4cf9-aa2a-fdd91c94bf48","block_type":"box","text":"charged on redemptions if you have owned your Investor A Shares for more than 18 months (or for a shorter holding","page_number":148,"box":{"x":69,"y":695,"width":830,"height":11}},{"id":"4a2fcb49-9197-469a-8830-4b2608b7b1f8","block_type":"box","text":"period, as applicable) (as measured from your original purchase of Investor A Shares that you exchanged into","page_number":148,"box":{"x":70,"y":710,"width":778,"height":11}},{"id":"b2bf967c-8872-49e9-bd92-7a2ee2127287","block_type":"box","text":"Investor A Shares of the Index Fund or BlackRock Short Obligations Fund).","page_number":148,"box":{"x":70,"y":725,"width":526,"height":11}},{"id":"5d18925a-10ad-446a-b647-9b4fa2cd286c","block_type":"box","text":"The deferred sales charge on Investor A or Investor P Shares, as applicable, is not charged in connection with:","page_number":148,"box":{"x":101,"y":748,"width":788,"height":11}},{"id":"1fec97ff-fc18-44c9-90fd-9a7ebfc861b5","block_type":"box","text":"(a) redemptions of Investor A or Investor P Shares purchased through certain employer-sponsored retirement plans","page_number":148,"box":{"x":69,"y":763,"width":819,"height":11}},{"id":"1d17c44b-fed7-472a-b0eb-e7877feed58c","block_type":"box","text":"and rollovers of current investments in a Fund through such plans; (b) exchanges described in “Exchange Privilege”","page_number":148,"box":{"x":69,"y":778,"width":820,"height":11}},{"id":"ba3a0d91-5af5-4956-ad18-98fced4907e8","block_type":"box","text":"below; (c) redemptions made in connection with minimum required distributions from IRA and 403(b)(7) accounts due","page_number":148,"box":{"x":69,"y":793,"width":837,"height":11}},{"id":"0e10bb57-6b2b-4179-b914-8f14be7ef929","block_type":"box","text":"to the shareholder reaching the applicable age triggering such distributions; (d) redemptions made with respect to","page_number":148,"box":{"x":68,"y":808,"width":812,"height":11}},{"id":"7408244d-76a0-498d-bca9-559f37420bf2","block_type":"box","text":"certain retirement plans sponsored by a Fund, BlackRock or its affiliates; (e) redemptions (i) within one year of a","page_number":148,"box":{"x":69,"y":823,"width":803,"height":11}},{"id":"a46c2d43-59bb-4f10-af7a-8efa3ba49b5b","block_type":"box","text":"shareholder’s death or, if later, the receipt of a certified probate settlement (including in connection with the","page_number":148,"box":{"x":69,"y":838,"width":772,"height":12}},{"id":"14636243-d6b8-4e21-9a52-efc8a2a0e0f2","block_type":"box","text":"distribution of account assets to a beneficiary of the decedent) or (ii) in connection with a shareholder’s disability (as","page_number":148,"box":{"x":69,"y":853,"width":835,"height":12}},{"id":"88eb423a-33ae-44fb-8a57-b0154b5000f3","block_type":"box","text":"defined in the Code) subsequent to the purchase of Investor A or Investor P Shares; (f) involuntary redemptions of","page_number":148,"box":{"x":69,"y":869,"width":814,"height":11}},{"id":"0f6a8fd7-f7e9-4cb7-af0f-f6f402efc545","block_type":"box","text":"Investor A or Investor P Shares in accounts with low balances; (g) certain redemptions made pursuant to the","page_number":148,"box":{"x":70,"y":884,"width":772,"height":11}},{"id":"31302c49-3bc2-4f59-89e0-f45100f417c4","block_type":"box","text":"Systematic Withdrawal Plan (described below); (h) redemptions related to the payment of BNY Mellon Investment","page_number":148,"box":{"x":69,"y":899,"width":805,"height":11}},{"id":"d5b32c5c-f61e-4e4d-9aa4-860e33dc20ee","block_type":"box","text":"II-104","page_number":148,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"b4e33695-70f2-4cd0-a76d-b05bf83d3d46","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":148,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"81b89e8f-a27d-4c60-b9a9-45166c228774","block_type":"box","text":"Servicing Trust Company custodial IRA fees; and (i) redemptions when a shareholder can demonstrate hardship, in","page_number":149,"box":{"x":69,"y":45,"width":817,"height":11}},{"id":"6881d4a2-806d-4402-82d2-5f2408cc3349","block_type":"box","text":"the absolute discretion of a Fund.","page_number":149,"box":{"x":68,"y":60,"width":239,"height":9}},{"id":"ccd26793-283b-4e54-b55a-862c6d6bffc8","block_type":"box","text":"With respect to certain employer-sponsored retirement plans, if a dealer waives its right to receive a placement","page_number":149,"box":{"x":101,"y":82,"width":794,"height":12}},{"id":"366aa916-c070-4120-abac-e1ceecf3248d","block_type":"box","text":"fee, the Fund may, at its own discretion, waive the CDSC related to purchases of $1,000,000 ($250,000 for","page_number":149,"box":{"x":68,"y":97,"width":776,"height":12}},{"id":"71d77fb6-85b1-447b-b790-402513b47ef5","block_type":"box","text":"BlackRock Dynamic High Income Portfolio, BlackRock Multi-Asset Income Portfolio and BlackRock Managed Income","page_number":149,"box":{"x":70,"y":113,"width":821,"height":11}},{"id":"f67d3ba6-354d-4524-b81f-95d3197d71fd","block_type":"box","text":"Fund of BlackRock Funds II, BlackRock Credit Relative Value Fund of BlackRock Funds IV, BlackRock Total Return","page_number":149,"box":{"x":70,"y":128,"width":800,"height":10}},{"id":"5e7477c2-70b6-41ce-8b70-154326eef407","block_type":"box","text":"Fund of BlackRock Bond Fund, Inc., BlackRock Global Allocation Fund, Inc., BlackRock National Municipal Fund of","page_number":149,"box":{"x":70,"y":143,"width":806,"height":11}},{"id":"65a69aeb-8e56-4251-8301-a9ffaeea9808","block_type":"box","text":"BlackRock Municipal Bond Fund, Inc., BlackRock Short Duration Muni Fund of BlackRock Municipal Bond Fund, Inc.,","page_number":149,"box":{"x":70,"y":158,"width":823,"height":11}},{"id":"7d3f6989-91ef-4a74-910a-665f42b5ac47","block_type":"box","text":"BlackRock Strategic Municipal Opportunities Fund of BlackRock Municipal Series Trust, BlackRock California","page_number":149,"box":{"x":70,"y":173,"width":770,"height":11}},{"id":"17fddbc5-678c-4ffc-a505-fe255daa4f87","block_type":"box","text":"Municipal Opportunities Fund of BlackRock California Municipal Series Trust, BlackRock New York Municipal","page_number":149,"box":{"x":70,"y":188,"width":766,"height":11}},{"id":"dc3603d7-5798-4137-bc31-cf930139818a","block_type":"box","text":"Opportunities Fund, BlackRock New Jersey Municipal Bond Fund and BlackRock Pennsylvania Municipal Bond Fund of","page_number":149,"box":{"x":69,"y":203,"width":837,"height":12}},{"id":"596fed8a-ebb2-4da3-8cd5-627180679d56","block_type":"box","text":"BlackRock Multi-State Municipal Series Trust, BlackRock Event Driven Equity Fund and BlackRock Balanced Fund,","page_number":149,"box":{"x":70,"y":219,"width":805,"height":11}},{"id":"3a82c2f3-905d-4d16-9ef5-e11d446b7f18","block_type":"box","text":"Inc., and $500,000 for BlackRock Low Duration Bond Portfolio, BlackRock Floating Rate Income Portfolio, BlackRock","page_number":149,"box":{"x":70,"y":233,"width":832,"height":12}},{"id":"6c1c0526-e362-4df4-b562-ccdef3f3bec5","block_type":"box","text":"Income Fund and BlackRock Strategic Income Opportunities Portfolio of BlackRock Funds V) or more of Investor A or","page_number":149,"box":{"x":70,"y":249,"width":828,"height":11}},{"id":"91234552-c98e-45b6-adac-df7e94e0efc2","block_type":"box","text":"Investor P Shares. This may depend upon the policies, procedures and trading platforms of your financial","page_number":149,"box":{"x":70,"y":264,"width":746,"height":11}},{"id":"1fee3fce-32ad-4fe3-b2ef-70e07be2d03f","block_type":"box","text":"intermediary; consult your financial adviser.","page_number":149,"box":{"x":70,"y":279,"width":307,"height":11}},{"id":"9d424c3e-f913-48a1-8722-8029519069b2","block_type":"box","text":"Investor A and Investor P Shares are also available at NAV to investors that, for regulatory reasons, are required","page_number":149,"box":{"x":102,"y":302,"width":799,"height":11}},{"id":"44fc6359-b27b-4b6c-bc4e-7a12532fb7a1","block_type":"box","text":"to transfer investment positions from a foreign registered investment company advised by BlackRock or its affiliates","page_number":149,"box":{"x":68,"y":317,"width":829,"height":11}},{"id":"66664906-ca1d-4261-8c3d-a23cd8d5aec7","block_type":"box","text":"to a U.S. registered BlackRock-advised fund.","page_number":149,"box":{"x":68,"y":332,"width":317,"height":11}},{"id":"b7b8caad-8719-482b-9927-57bf7d413081","block_type":"box","text":"Acquisition of Cer tain Investment Companies.","page_number":149,"box":{"x":101,"y":355,"width":326,"height":11}},{"id":"cd2be35c-f242-46a4-9fa7-cd9699f00f00","block_type":"box","text":"Investor A and Investor P Shares may be offered at NAV in","page_number":149,"box":{"x":434,"y":355,"width":413,"height":11}},{"id":"8c13e978-aaf7-49e5-a632-d71fe888977d","block_type":"box","text":"connection with the acquisition of the assets of, or merger or consolidation with, a personal holding company or a","page_number":149,"box":{"x":69,"y":370,"width":811,"height":11}},{"id":"5bce73ad-9645-4ff6-b6dc-36913785803f","block_type":"box","text":"public or private investment company.","page_number":149,"box":{"x":70,"y":385,"width":266,"height":11}},{"id":"a6e560ed-ce52-4d73-8d06-c1e8c8481902","block_type":"box","text":"Purchases Through Cer tain Financial Intermediaries.","page_number":149,"box":{"x":102,"y":408,"width":372,"height":11}},{"id":"883e1137-e842-44d9-938e-02d066a63e97","block_type":"box","text":"Reduced sales charges may be applicable for purchases of","page_number":149,"box":{"x":481,"y":407,"width":421,"height":12}},{"id":"b8a17c74-7221-4fcc-8912-4cfaeac70107","block_type":"box","text":"Investor A, Investor A1 or Investor P Shares of a Fund through certain financial advisers, selected securities dealers","page_number":149,"box":{"x":70,"y":423,"width":825,"height":11}},{"id":"a7ee8bd7-ab06-4c01-be2d-0d655f4b3a42","block_type":"box","text":"and other financial intermediaries that meet and adhere to standards established by the Manager from time to time.","page_number":149,"box":{"x":69,"y":438,"width":830,"height":11}},{"id":"26983174-939a-42bd-a38d-9a160d63e7ce","block_type":"box","text":"Deferred Sales Charge Alternative — Investor C Shares","page_number":149,"box":{"x":69,"y":468,"width":405,"height":11}},{"id":"f52f790d-85d4-4401-ab7d-1c0ee7cc2654","block_type":"box","text":"Investors choosing the deferred sales charge alternative should consider Investor C Shares if they are uncertain","page_number":149,"box":{"x":102,"y":491,"width":799,"height":11}},{"id":"621c1261-b958-42d0-98e3-d0d3487dc1a7","block_type":"box","text":"as to the length of time they intend to hold their assets in a Fund. If you select Investor C Shares, you do not pay an","page_number":149,"box":{"x":69,"y":506,"width":828,"height":11}},{"id":"dbb4cfe1-23c4-497c-b65b-b9b8b6163aa6","block_type":"box","text":"initial sales charge at the time of purchase. A Fund will not accept a purchase order of $500,000 or more for","page_number":149,"box":{"x":70,"y":520,"width":778,"height":12}},{"id":"dea1a642-9288-48ab-a333-ae3ea9c5a072","block_type":"box","text":"Investor C Shares (may be lower on funds that have set a lower breakpoint for NAV). Your financial intermediary may","page_number":149,"box":{"x":70,"y":536,"width":826,"height":11}},{"id":"ce4b35d4-8196-47a7-903e-7bb4f0b72ab2","block_type":"box","text":"set a lower maximum for Investor C Shares.","page_number":149,"box":{"x":69,"y":551,"width":311,"height":9}},{"id":"01b58ae9-84e2-482c-b967-e17a980f02e4","block_type":"box","text":"Investor C Shares are not available in accounts opened or held directly with a Fund that do not have a financial","page_number":149,"box":{"x":102,"y":574,"width":789,"height":11}},{"id":"0f503b3b-25c7-4e91-b8af-bbe0cb2287d8","block_type":"box","text":"intermediary associated with the account.","page_number":149,"box":{"x":70,"y":589,"width":297,"height":11}},{"id":"1842c5bc-923f-434f-a0ce-235c38c2a2a6","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":149,"box":{"x":102,"y":612,"width":669,"height":11}},{"id":"1b382e34-7460-4a38-aef2-32f3458805b0","block_type":"box","text":"The deferred sales charge alternatives may be particularly appealing to investors who do not qualify for the","page_number":149,"box":{"x":101,"y":634,"width":763,"height":12}},{"id":"f0a2244a-8fbb-41fb-ba4d-0af4bc5f89ac","block_type":"box","text":"reduction in initial sales charges. CDSC shares are subject to ongoing service fees and distribution fees; however,","page_number":149,"box":{"x":69,"y":649,"width":815,"height":12}},{"id":"4ba90a5d-695b-430c-b9ec-e95e6d8cfafc","block_type":"box","text":"these fees potentially may be offset to the extent any return is realized on the additional funds initially invested in","page_number":149,"box":{"x":68,"y":664,"width":813,"height":12}},{"id":"490375be-54e2-41c2-99e0-767118713549","block_type":"box","text":"CDSC shares.","page_number":149,"box":{"x":69,"y":680,"width":97,"height":9}},{"id":"bc6ca05a-598a-4fda-a23a-bf212e1eaee7","block_type":"box","text":"BlackRock compensates financial advisers and other financial intermediaries for selling CDSC shares at the time","page_number":149,"box":{"x":102,"y":702,"width":804,"height":12}},{"id":"956aa9b9-b842-45e3-adfe-1854fe8dddea","block_type":"box","text":"of purchase from its own funds. Proceeds from the CDSC and the distribution fee are paid to the Distributor and are","page_number":149,"box":{"x":69,"y":717,"width":827,"height":11}},{"id":"d1bcc288-6984-4cce-89ac-97e7e3fc2731","block_type":"box","text":"used by the Distributor to defray the expenses of securities dealers or other financial intermediaries related to","page_number":149,"box":{"x":69,"y":732,"width":786,"height":12}},{"id":"b43f5065-0489-4e3f-b1a9-20d931cc4202","block_type":"box","text":"providing distribution-related services to each Fund in connection with the sale of the CDSC shares. The combination","page_number":149,"box":{"x":70,"y":748,"width":831,"height":11}},{"id":"3120c1f7-8928-4e5d-b206-db7122cc305f","block_type":"box","text":"of the CDSC and the ongoing distribution fee facilitates the ability of each Fund to sell the CDSC shares without a","page_number":149,"box":{"x":69,"y":763,"width":809,"height":11}},{"id":"1f77c3f5-7f75-4686-925e-e3a2535450b9","block_type":"box","text":"sales charge being deducted at the time of purchase. See “Distribution and/or Shareholder Servicing Plans” below.","page_number":149,"box":{"x":69,"y":778,"width":824,"height":11}},{"id":"1bfb5b0d-c47d-4150-a72b-e8c0690ad016","block_type":"box","text":"Imposition of the CDSC and the distribution fee on CDSC shares is limited by FINRA (as defined below) asset-based","page_number":149,"box":{"x":70,"y":793,"width":822,"height":11}},{"id":"ed45184c-4cc2-46ac-840d-a81bf01bfc74","block_type":"box","text":"sales charge rule. See “Limitations on the Payment of Deferred Sales Charges” below.","page_number":149,"box":{"x":69,"y":808,"width":618,"height":11}},{"id":"69225c7e-0953-45c2-bd8d-5e26e075e1d2","block_type":"box","text":"Dealers will generally immediately receive commissions equal to 1.00% of the Investor C Shares sold by them","page_number":149,"box":{"x":102,"y":831,"width":782,"height":11}},{"id":"ea9630ff-4272-4ffc-a6e1-0c6d9b770639","block_type":"box","text":"plus ongoing fees under the Fund’s Distribution and Service Plan. Dealers may not receive a commission in","page_number":149,"box":{"x":70,"y":846,"width":764,"height":11}},{"id":"fd02aec5-5451-4ab7-8b11-5a6a86c40227","block_type":"box","text":"connection with sales of Investor C Shares to certain employer-sponsored retirement plans sponsored by the Fund,","page_number":149,"box":{"x":69,"y":861,"width":820,"height":11}},{"id":"6c9ed3a8-2a16-4987-a062-6f72ede008fe","block_type":"box","text":"BlackRock or its affiliates, but may receive fees under the Distribution and Service Plan. These commissions and","page_number":149,"box":{"x":70,"y":876,"width":806,"height":11}},{"id":"79c00bfd-db4b-4d5f-9ccd-d34e69641e8d","block_type":"box","text":"payments may be different than the reallowances, placement fees and commissions paid to dealers in connection","page_number":149,"box":{"x":70,"y":891,"width":813,"height":11}},{"id":"2c05a915-80af-40c0-9cc4-79ecc9c5da4e","block_type":"box","text":"II-105","page_number":149,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"80b6116e-071c-4a78-ae19-7d421465bde9","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":149,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"df46c4dd-8de8-497c-ae71-0a8c3be9354a","block_type":"box","text":"with sales of Investor A, Investor A1 and Investor P Shares. These may depend upon the policies, procedures and","page_number":150,"box":{"x":68,"y":45,"width":811,"height":11}},{"id":"d9deb27c-a012-4d2a-b0e7-edc010bd9429","block_type":"box","text":"trading platforms of your financial intermediary; consult your financial adviser.","page_number":150,"box":{"x":68,"y":60,"width":554,"height":11}},{"id":"d6814e65-84b2-4717-b302-632f12f2af78","block_type":"box","text":"Each Fund has adopted an automatic conversion feature for Investor C Shares. Effective November 23, 2020,","page_number":150,"box":{"x":102,"y":82,"width":783,"height":11}},{"id":"c84e65c2-cb76-4d23-9494-7111c2969295","block_type":"box","text":"Investor C Shares held for approximately eight years will be converted into Investor A Shares, as set forth in each","page_number":150,"box":{"x":70,"y":98,"width":808,"height":11}},{"id":"d0c72e1a-841e-43d1-a274-950da76850ef","block_type":"box","text":"Fund’s Prospectus. In addition, accounts that do not have a financial intermediary associated with them are not","page_number":150,"box":{"x":70,"y":113,"width":797,"height":11}},{"id":"da4c3226-ad1b-434b-a268-bf55d68a964e","block_type":"box","text":"eligible to hold Investor C Shares, and any Investor C Shares held in such accounts will be automatically converted to","page_number":150,"box":{"x":69,"y":128,"width":837,"height":11}},{"id":"c058d76b-b345-4215-ad93-d346dca24334","block_type":"box","text":"Investor A Shares.","page_number":150,"box":{"x":70,"y":143,"width":128,"height":9}},{"id":"98011d5d-3d49-418d-8bec-de22c335f38d","block_type":"box","text":"Conversion of Investor C Shares to Investor A Shares","page_number":150,"box":{"x":102,"y":166,"width":378,"height":9}},{"id":"81e87379-daa1-4396-9b19-b5e11c6e4719","block_type":"box","text":"Effective November 23, 2020 (the “Effective Date”), approximately eight years after purchase, Investor C Shares","page_number":150,"box":{"x":102,"y":188,"width":804,"height":12}},{"id":"1c8df3ea-9f31-46e6-8cd9-a71df9827f52","block_type":"box","text":"of each Fund will convert automatically into Investor A Shares of that Fund (the “Investor C 8-Year Conversion”).","page_number":150,"box":{"x":69,"y":203,"width":794,"height":12}},{"id":"ef03e3c9-bcf4-4add-9b54-aa9d6302add7","block_type":"box","text":"Certain funds (the “Predecessor Funds”) were reorganized into new Funds (the “Successor Funds”) pursuant to","page_number":150,"box":{"x":69,"y":218,"width":794,"height":12}},{"id":"8a397148-2542-43f9-afbe-bcb03bfca0b0","block_type":"box","text":"reorganizations which occurred in September 2018. The holding period for Investor C Shares of Successor Funds","page_number":150,"box":{"x":69,"y":234,"width":806,"height":11}},{"id":"91b7fd68-6654-4f6a-a53d-e6e08a875fa1","block_type":"box","text":"includes the period such shares were held in the respective Predecessor Fund. It is the financial intermediary’s","page_number":150,"box":{"x":70,"y":249,"width":793,"height":11}},{"id":"c4e59192-99e5-46c3-82da-7e06ef76bbaa","block_type":"box","text":"responsibility to ensure that the shareholder is credited with the proper holding period. As of the Effective Date,","page_number":150,"box":{"x":69,"y":264,"width":796,"height":11}},{"id":"26822e80-4f5d-4a5a-84f3-3f20f7823442","block_type":"box","text":"certain financial intermediaries, including group retirement recordkeeping platforms, may not have been tracking","page_number":150,"box":{"x":69,"y":279,"width":802,"height":11}},{"id":"027c4f1e-654d-40de-ab60-b40ac16f0c5d","block_type":"box","text":"such holding periods and therefore may not be able to process such conversions. In such instances, Investor C","page_number":150,"box":{"x":69,"y":294,"width":793,"height":11}},{"id":"4877728e-916a-40e4-91de-4f008f7a99c4","block_type":"box","text":"Shares held as of the Effective Date will automatically convert to Investor A Shares approximately eight years after","page_number":150,"box":{"x":69,"y":309,"width":817,"height":11}},{"id":"6481bc41-0533-4225-a19b-53cb83aac2a0","block_type":"box","text":"the Effective Date. If, as of November 23, 2028 (eight years after the Effective Date), a financial intermediary has","page_number":150,"box":{"x":68,"y":324,"width":814,"height":12}},{"id":"0da1755f-fe2b-490b-8da2-0b7180d62aa5","block_type":"box","text":"not implemented systems or procedures to track holding periods commencing from the Effective Date, shareholders","page_number":150,"box":{"x":69,"y":339,"width":828,"height":12}},{"id":"ff8f5687-1927-4b3c-80ed-6ea3d127624d","block_type":"box","text":"holding Investor C Shares through such financial intermediary will no longer be eligible to hold Investor C Shares and","page_number":150,"box":{"x":69,"y":355,"width":832,"height":11}},{"id":"8ccea8b8-2c02-4979-bf84-6fc28d96bda2","block_type":"box","text":"any such shares will convert to Investor A Shares as soon as reasonably practicable after such date.","page_number":150,"box":{"x":69,"y":370,"width":718,"height":11}},{"id":"ca24cd87-f505-4535-ab11-e7cbe7252032","block_type":"box","text":"In addition, accounts that do not have a financial intermediary associated with them are not eligible to hold","page_number":150,"box":{"x":102,"y":392,"width":764,"height":12}},{"id":"289bedee-cc83-4a23-8a49-616ba34a878c","block_type":"box","text":"Investor C Shares, and any Investor C Shares held in such accounts will be automatically converted into Investor A","page_number":150,"box":{"x":70,"y":408,"width":816,"height":11}},{"id":"6bff3720-e555-47e7-b13c-245ee0c60e67","block_type":"box","text":"Shares (the “Investor C Direct Accounts Conversion” and together with the Investor C 8-Year Conversion, the","page_number":150,"box":{"x":69,"y":423,"width":772,"height":11}},{"id":"8a8c33e3-91e2-4e38-aecc-6fc28a3778ee","block_type":"box","text":"“Investor C Conversions”).","page_number":150,"box":{"x":70,"y":438,"width":186,"height":11}},{"id":"f49b14b5-4b38-433d-9d15-35f85e4a0319","block_type":"box","text":"The Investor C Conversions will occur at least once each month (on the “Investor C Conversion Date”) on the","page_number":150,"box":{"x":101,"y":460,"width":776,"height":11}},{"id":"7926a4b9-77ef-4078-8170-b3144f3ecfbd","block_type":"box","text":"basis of the relative NAV of the shares of the two applicable classes on the Investor C Conversion Date, without the","page_number":150,"box":{"x":69,"y":475,"width":824,"height":11}},{"id":"d682c29a-5f60-4453-ac2f-2ff4cfa14e0f","block_type":"box","text":"imposition of any sales load, fee or other charge. The Investor C Conversions will not be deemed a purchase or sale","page_number":150,"box":{"x":70,"y":491,"width":827,"height":11}},{"id":"1bb1ad45-eb20-4d17-8936-528c24130150","block_type":"box","text":"of the shares for U.S. federal income tax purposes. Shares acquired through reinvestment of dividends on Investor C","page_number":150,"box":{"x":69,"y":506,"width":833,"height":11}},{"id":"f5cb5994-468a-4432-a53d-2001915b2d1d","block_type":"box","text":"Shares will also convert automatically to Investor A Shares, as set forth in each Fund’s Prospectus. The Investor C","page_number":150,"box":{"x":69,"y":521,"width":818,"height":11}},{"id":"f8745d09-d86d-456d-8d52-c35bbe6c0cd5","block_type":"box","text":"Conversion Date for dividend reinvestment shares will be calculated taking into account the length of time the shares","page_number":150,"box":{"x":69,"y":536,"width":836,"height":11}},{"id":"16b7d5b0-fc01-4d59-aeaa-6f2da5d2adbb","block_type":"box","text":"underlying the dividend reinvestment shares were outstanding.","page_number":150,"box":{"x":69,"y":551,"width":445,"height":11}},{"id":"7e46e304-2a4b-4ba5-8b85-54d389e292b4","block_type":"box","text":"Contingent Deferred Sales Charge — Investor C Shares","page_number":150,"box":{"x":102,"y":574,"width":396,"height":11}},{"id":"525506c0-8a36-4a1a-83c9-60bf07097fd9","block_type":"box","text":"Investor C Shares that are redeemed within one year of purchase may be subject to a 1.00% CDSC charged as a","page_number":150,"box":{"x":102,"y":596,"width":804,"height":12}},{"id":"2d2be5be-936e-41f8-97ae-6bc331d59e8b","block_type":"box","text":"percentage of the dollar amount subject thereto. In determining whether an Investor C Shares CDSC is applicable to","page_number":150,"box":{"x":70,"y":612,"width":826,"height":11}},{"id":"67779b49-cf51-4326-ac80-6e55f0fc70e0","block_type":"box","text":"a redemption, the calculation will be determined in the manner that results in the lowest possible rate being charged.","page_number":150,"box":{"x":69,"y":627,"width":837,"height":11}},{"id":"9f96274c-24ef-4e2f-bdad-355c61e05f32","block_type":"box","text":"The charge will be assessed on an amount equal to the lesser of the proceeds of redemption or the cost of the","page_number":150,"box":{"x":68,"y":642,"width":795,"height":11}},{"id":"9693cb0b-8cef-4f62-92a6-71a8ef79fda7","block_type":"box","text":"shares being redeemed. Accordingly, no CDSC will be imposed on increases in NAV above the initial purchase price of","page_number":150,"box":{"x":69,"y":657,"width":840,"height":11}},{"id":"b6b0f840-3729-4176-bcf3-610491ead522","block_type":"box","text":"Investor C Shares. In addition, no CDSC will be assessed on Investor C Shares acquired through reinvestment of","page_number":150,"box":{"x":70,"y":672,"width":804,"height":11}},{"id":"f632be39-c1a1-4354-8a79-bd32ad0b1b43","block_type":"box","text":"dividends. It will be assumed that the redemption is first of shares held for over one year or shares acquired","page_number":150,"box":{"x":69,"y":687,"width":772,"height":11}},{"id":"e3a61787-f347-4e15-8453-72e8df6c2072","block_type":"box","text":"pursuant to reinvestment of dividends and then of shares held longest during the one-year period. A transfer of","page_number":150,"box":{"x":70,"y":702,"width":790,"height":12}},{"id":"6ebbdbb2-576a-4d65-a5d4-e39e5e0ccc25","block_type":"box","text":"shares from a shareholder’s account to another account will be assumed to be made in the same order as a","page_number":150,"box":{"x":69,"y":717,"width":776,"height":9}},{"id":"67389347-3b93-4c89-81dd-52b38b39ba69","block_type":"box","text":"redemption.","page_number":150,"box":{"x":69,"y":733,"width":83,"height":10}},{"id":"aa96f13e-4fa1-4238-b823-2adc389db511","block_type":"box","text":"See “Information on Sales Charges and Distribution Related Expenses” in Part I of each Fund’s SAI for","page_number":150,"box":{"x":102,"y":755,"width":734,"height":11}},{"id":"bcefe72c-1ae0-42e5-a123-ee4755e95e53","block_type":"box","text":"information about amounts paid to the Distributor in connection with CDSC shares for the periods indicated.","page_number":150,"box":{"x":70,"y":770,"width":769,"height":11}},{"id":"1119f773-504c-4028-a256-0e0db5225185","block_type":"box","text":"Investor C Shares — Contingent Deferred Sales Charge Waivers and Reductions","page_number":150,"box":{"x":102,"y":793,"width":572,"height":11}},{"id":"cc6352cd-b7d8-45dc-b2d7-e82c1100e99b","block_type":"box","text":"The CDSC on Investor C Shares is not charged in connection with: (1) redemptions of Investor C Shares","page_number":150,"box":{"x":101,"y":816,"width":740,"height":11}},{"id":"432f94fc-24f6-49f1-a0dd-d4de9c608aa8","block_type":"box","text":"purchased through certain employer-sponsored retirement plans and fee-based programs previously approved by","page_number":150,"box":{"x":70,"y":831,"width":802,"height":11}},{"id":"105e9a6f-e9c7-417e-bcc9-5c29f09f4c23","block_type":"box","text":"certain Funds and rollovers of current investments in the Fund through such plans; (2) exchanges described in","page_number":150,"box":{"x":69,"y":846,"width":786,"height":11}},{"id":"330b6786-34cd-49c1-9345-2fe963b2c340","block_type":"box","text":"“Exchange Privilege” below; (3) redemptions made in connection with minimum required distributions due to the","page_number":150,"box":{"x":70,"y":861,"width":797,"height":11}},{"id":"a55cc06c-165b-469d-8381-90b66fc65c36","block_type":"box","text":"shareholder reaching age 72 from IRA and 403(b)(7) accounts; (4) redemptions made with respect to certain","page_number":150,"box":{"x":69,"y":876,"width":776,"height":11}},{"id":"91517625-4826-4c87-953d-48e7126b432b","block_type":"box","text":"retirement plans sponsored by the Fund, BlackRock or its affiliates; (5) redemptions in connection with a","page_number":150,"box":{"x":69,"y":891,"width":747,"height":11}},{"id":"29c7f380-a7e2-44e7-a721-49fd3fd339c6","block_type":"box","text":"shareholder’s death as long as the waiver request is made within one year of death or, if later, reasonably promptly","page_number":150,"box":{"x":69,"y":906,"width":822,"height":12}},{"id":"70233de3-8cba-469f-b000-5e45c80d7eac","block_type":"box","text":"II-106","page_number":150,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"75dd3ce2-2dfb-4a01-99b3-6e2dc88e766b","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":150,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"fe8af2a3-2f14-41e7-a1c1-45f53dcceb41","block_type":"box","text":"following completion of probate (including in connection with the distribution of account assets to a beneficiary of the","page_number":151,"box":{"x":68,"y":45,"width":836,"height":11}},{"id":"b65d7e35-7585-4010-af1d-6d59025f0c5d","block_type":"box","text":"decedent) or disability (as defined in the Code) subsequent to the purchase of Investor C Shares; (6) withdrawals","page_number":151,"box":{"x":69,"y":60,"width":806,"height":11}},{"id":"39b88e5a-9dee-4108-9e26-ded739c1819b","block_type":"box","text":"resulting from shareholder disability (as defined in the Code) as long as the disability arose subsequent to the","page_number":151,"box":{"x":69,"y":75,"width":786,"height":11}},{"id":"47e1ec97-5a95-4fa2-9de1-c9f8ec74d1ce","block_type":"box","text":"purchase of the shares; (7) involuntary redemptions of Investor C Shares in accounts with low balances as described","page_number":151,"box":{"x":70,"y":90,"width":834,"height":11}},{"id":"ca1c9ddc-be52-4913-bc59-b3fed42b62d5","block_type":"box","text":"in “Redemption of Shares” below; (8) redemptions made pursuant to a systematic withdrawal plan, subject to the","page_number":151,"box":{"x":70,"y":105,"width":809,"height":11}},{"id":"6a1ebd29-0b4f-4602-8a00-1e554dacff9d","block_type":"box","text":"limitations set forth under “Systematic Withdrawal Plan” below; (9) redemptions related to the payment of BNY","page_number":151,"box":{"x":70,"y":120,"width":791,"height":11}},{"id":"eb415c26-93a6-41a3-8b85-bdf281b12251","block_type":"box","text":"Mellon Investment Servicing Trust Company custodial IRA fees; and (10) redemptions when a shareholder can","page_number":151,"box":{"x":70,"y":135,"width":784,"height":12}},{"id":"5b653e5f-7042-45a7-b3aa-092f05d349d4","block_type":"box","text":"demonstrate hardship, in the absolute discretion of the Fund. In addition, no CDSC is charged on Investor C Shares","page_number":151,"box":{"x":69,"y":150,"width":824,"height":12}},{"id":"b53a04f4-5d9c-4af3-8d8b-489883051998","block_type":"box","text":"acquired through the reinvestment of dividends or distributions.","page_number":151,"box":{"x":69,"y":166,"width":451,"height":11}},{"id":"544b880d-f740-4e7a-84d5-98c16ce829af","block_type":"box","text":"Certain CDSC waivers and reductions on Investor C Shares may be available to customers of certain financial","page_number":151,"box":{"x":102,"y":188,"width":781,"height":11}},{"id":"693fa895-318b-482f-8575-64de988bc85b","block_type":"box","text":"intermediaries, as described under “Intermediary-Defined Sales Charge Waiver Policies” in the Fund’s Prospectus.","page_number":151,"box":{"x":70,"y":203,"width":813,"height":12}},{"id":"b2afdd09-42f0-4497-abe6-faeba774b4a0","block_type":"box","text":"Please speak to your financial intermediary for more information.","page_number":151,"box":{"x":69,"y":218,"width":462,"height":12}},{"id":"1cba268e-2a5f-41c2-9857-e5b0209139e2","block_type":"box","text":"Class R Shares","page_number":151,"box":{"x":69,"y":249,"width":110,"height":9}},{"id":"95154789-7238-47ff-ab37-76e2184ba3f2","block_type":"box","text":"Certain of the Funds offer Class R Shares as described in each such Fund’s Prospectus. Class R Shares are","page_number":151,"box":{"x":102,"y":271,"width":775,"height":11}},{"id":"8e4db795-1286-41dc-aafe-09d732a823d4","block_type":"box","text":"available only to certain employer-sponsored retirement plans. Class R Shares are not subject to an initial sales","page_number":151,"box":{"x":69,"y":287,"width":799,"height":11}},{"id":"a6a5ce83-2103-46d7-a497-ab99c307f22b","block_type":"box","text":"charge or a CDSC but are subject to an ongoing distribution fee of 0.25% per year and an ongoing service fee of","page_number":151,"box":{"x":69,"y":302,"width":801,"height":11}},{"id":"efd13abb-05a4-46fc-88bb-c906de8a5b71","block_type":"box","text":"0.25% per year. Distribution fees are used to support the Fund’s marketing and distribution efforts, such as","page_number":151,"box":{"x":69,"y":317,"width":772,"height":11}},{"id":"a1f68216-0f92-4315-9391-abacb3e09439","block_type":"box","text":"compensating financial advisers and other financial intermediaries, advertising and promotion. Service fees are used","page_number":151,"box":{"x":69,"y":332,"width":836,"height":11}},{"id":"22e50986-a7ae-4af9-b83a-ea857339b0e6","block_type":"box","text":"to compensate securities dealers and other financial intermediaries for service activities.","page_number":151,"box":{"x":68,"y":347,"width":636,"height":11}},{"id":"7c2f5f7b-1758-4091-ad86-2f6ef2017043","block_type":"box","text":"If Class R Shares are held over time, these fees may exceed the maximum sales charge that an investor would","page_number":151,"box":{"x":102,"y":370,"width":791,"height":11}},{"id":"18045ff7-d741-4164-9379-8d75672cae71","block_type":"box","text":"have paid as a shareholder of one of the other share classes.","page_number":151,"box":{"x":69,"y":385,"width":440,"height":11}},{"id":"8a2ee731-3c47-4b72-913c-8fce389d2e84","block_type":"box","text":"Class K Shares","page_number":151,"box":{"x":69,"y":415,"width":109,"height":9}},{"id":"e6965de4-95fd-4d6b-9d89-922557c968a1","block_type":"box","text":"Certain Funds offer Class K Shares as described in each such Fund’s Prospectus. Class K Shares are available","page_number":151,"box":{"x":102,"y":438,"width":797,"height":11}},{"id":"991d9e9d-b1d6-4060-8d7d-f586a91c2423","block_type":"box","text":"only to (i) certain employee benefit plans, such as health savings accounts, and certain employer-sponsored","page_number":151,"box":{"x":69,"y":453,"width":772,"height":11}},{"id":"b2f54af1-e497-433e-8fb2-9d13562b135c","block_type":"box","text":"retirement plans (not including SEP IRAs, SIMPLE IRAs and SARSEPs) (collectively, “Employer-Sponsored Retirement","page_number":151,"box":{"x":69,"y":468,"width":827,"height":11}},{"id":"f82b5f94-68ae-466e-90ec-00222a26aaf6","block_type":"box","text":"Plans”), (ii) collective trust funds, investment companies and other pooled investment vehicles, each of which may","page_number":151,"box":{"x":69,"y":483,"width":817,"height":11}},{"id":"ceb9958d-ab1e-484d-9c2d-6904fc74bce7","block_type":"box","text":"purchase shares of the Fund through a financial intermediary that has entered into an agreement with the Distributor","page_number":151,"box":{"x":70,"y":498,"width":834,"height":11}},{"id":"ff19ce8a-1e29-4f0e-9f17-1bba89d5588b","block_type":"box","text":"to purchase such shares, (iii) “Institutional Investors,” which include but are not limited to, endowments,","page_number":151,"box":{"x":68,"y":514,"width":748,"height":10}},{"id":"32f32861-4e4c-459b-9dda-002f315c4f30","block_type":"box","text":"foundations, family offices, banks and bank trusts, local, city, and state governmental institutions, corporations and","page_number":151,"box":{"x":68,"y":528,"width":828,"height":12}},{"id":"e482aa36-6a41-4aac-81c8-90b2b92d41a5","block_type":"box","text":"insurance company separate accounts, each of which may purchase shares of the Fund through a financial","page_number":151,"box":{"x":70,"y":543,"width":760,"height":12}},{"id":"d2b76ca1-9ef2-4cb2-a17c-6f1156fc1346","block_type":"box","text":"intermediary that has entered into an agreement with the Distributor to purchase such shares, (iv) clients of private","page_number":151,"box":{"x":70,"y":559,"width":823,"height":11}},{"id":"3a6f8c6b-ad72-4218-942c-6e97bcb1e339","block_type":"box","text":"banks that purchase shares of the Fund through a financial intermediary that has entered into an agreement with the","page_number":151,"box":{"x":69,"y":574,"width":836,"height":11}},{"id":"a4d43d3c-d944-4531-9a80-c8fae3c17a85","block_type":"box","text":"Distributor to sell such shares; (v) fee-based advisory platforms of a financial intermediary that (a) has specifically","page_number":151,"box":{"x":70,"y":589,"width":814,"height":11}},{"id":"a6969af9-0f32-4e55-93af-fd874ba0018d","block_type":"box","text":"acknowledged in a written agreement with the Distributor and/or its affiliate(s) that the financial intermediary shall","page_number":151,"box":{"x":69,"y":604,"width":817,"height":11}},{"id":"8b08006b-a755-4abb-a13a-041e8cb977a7","block_type":"box","text":"offer such shares to fee-based advisory clients through an omnibus account held at the Fund or (b) transacts in the","page_number":151,"box":{"x":69,"y":619,"width":823,"height":11}},{"id":"4933dc80-b09d-4409-9377-3a383361b6db","block_type":"box","text":"Fund’s shares through another intermediary that has executed such an agreement and (vi) any other investors who","page_number":151,"box":{"x":70,"y":634,"width":818,"height":12}},{"id":"ed55d38a-cf2c-41c4-8bb4-bbee7ada80bd","block_type":"box","text":"met the eligibility criteria for BlackRock Shares or Class K Shares prior to August 15, 2016 and have continually held","page_number":151,"box":{"x":69,"y":649,"width":833,"height":12}},{"id":"116ae6fd-adc9-4db7-8edb-01f5e33c3e5b","block_type":"box","text":"Class K Shares of the Fund or the respective Predecessor Fund in the same account since August 15, 2016. The","page_number":151,"box":{"x":69,"y":664,"width":807,"height":12}},{"id":"7c9900eb-b86c-477f-af58-7b3bde54e05d","block_type":"box","text":"agreement referenced in (iv) above shall appear in a supplemental agreement to any selling, sub-transfer agent, or","page_number":151,"box":{"x":69,"y":680,"width":817,"height":11}},{"id":"37c0052b-f74a-4522-8f3a-5dd02b348fa5","block_type":"box","text":"distribution and marketing agreement.","page_number":151,"box":{"x":69,"y":695,"width":270,"height":11}},{"id":"a9ff9ceb-6235-441c-91c0-6234daf56ec0","block_type":"box","text":"Class K Shares are also available to employees, officers and directors/trustees of BlackRock, Inc. and","page_number":151,"box":{"x":102,"y":717,"width":734,"height":12}},{"id":"b5263bff-cc4e-4d8d-8cb7-5eb09df5ca86","block_type":"box","text":"BlackRock Funds and immediate family members of such persons, if they open an account directly with BlackRock.","page_number":151,"box":{"x":70,"y":732,"width":817,"height":12}},{"id":"60604763-48fb-417f-966c-7c3138f5cc66","block_type":"box","text":"Eligible individuals who would like to convert existing holdings to Class K Shares must contact BlackRock.","page_number":151,"box":{"x":70,"y":748,"width":753,"height":11}},{"id":"3314c7b6-683e-4268-888b-286260181061","block_type":"box","text":"Class G Shares","page_number":151,"box":{"x":69,"y":778,"width":110,"height":9}},{"id":"efd0d60a-4a25-40a5-b3b3-bb93a9768fab","block_type":"box","text":"Certain Funds offer Class G Shares, which are available only to investors on eligible platforms. Eligible platforms","page_number":151,"box":{"x":102,"y":801,"width":804,"height":11}},{"id":"82047050-5b9b-4607-9b3a-50b9362221e0","block_type":"box","text":"are those where clients invest in the Fund through a single omnibus account in the name of a financial intermediary","page_number":151,"box":{"x":69,"y":816,"width":826,"height":11}},{"id":"ae9e66bb-364a-46a5-8f16-5113634abe7a","block_type":"box","text":"that meets an initial investment minimum of $2 billion. For clients investing through such eligible platforms, the Fund","page_number":151,"box":{"x":68,"y":830,"width":836,"height":12}},{"id":"0aba355a-3905-4bc9-a634-6f4fb2618ba4","block_type":"box","text":"does not impose investment minimums on any individual investor. Financial intermediaries may impose separate","page_number":151,"box":{"x":69,"y":846,"width":803,"height":11}},{"id":"5b6edaf7-1c6f-433f-ba79-ef1da2d347fd","block_type":"box","text":"eligibility requirements.","page_number":151,"box":{"x":69,"y":861,"width":164,"height":11}},{"id":"b2d1b9c0-4bf1-4320-929d-e1e336477e59","block_type":"box","text":"II-107","page_number":151,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"d15d7429-4b4b-486f-8a6f-4970f915d95b","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":151,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b84775de-e44f-481f-b502-e60ab993172b","block_type":"box","text":"Service Shares","page_number":152,"box":{"x":68,"y":45,"width":109,"height":9}},{"id":"e6fe0175-edc5-4773-b415-650acfbeda8a","block_type":"box","text":"Certain Funds offer Service Shares, which are available only to certain investors, including: (i) certain financial","page_number":152,"box":{"x":102,"y":67,"width":788,"height":12}},{"id":"9be99928-9e71-432d-9b72-87b40fb037a0","block_type":"box","text":"institutions, such as banks and brokerage firms, acting on behalf of their customers; (ii) certain persons who were","page_number":152,"box":{"x":70,"y":82,"width":815,"height":12}},{"id":"e446a8ee-2401-465d-898a-132a2fc3e027","block_type":"box","text":"shareholders of the Compass Capital Group of Funds at the time of its combination with The PNC","page_number":152,"box":{"x":69,"y":98,"width":693,"height":11}},{"id":"c176b6a1-3fd0-42ee-85b1-8c64d8dfd412","block_type":"box","text":"®","page_number":152,"box":{"x":763,"y":98,"width":6,"height":4}},{"id":"ec4b013f-1f90-41ed-9a01-1678c5163977","block_type":"box","text":"Fund in 1996; and","page_number":152,"box":{"x":775,"y":98,"width":130,"height":10}},{"id":"90aa143d-d25f-43aa-8f61-789597608249","block_type":"box","text":"(iii) participants in the Capital Directions","page_number":152,"box":{"x":69,"y":113,"width":287,"height":11}},{"id":"3756857e-3c25-465f-96b6-6a2261b3a9e1","block_type":"box","text":"SM","page_number":152,"box":{"x":357,"y":113,"width":11,"height":5}},{"id":"8f98a102-91c5-4e35-ae36-6ce8814000d5","block_type":"box","text":"asset allocation program. Service Shares are not subject to an initial sales","page_number":152,"box":{"x":374,"y":113,"width":534,"height":11}},{"id":"f356d8f1-4d76-4d17-bde8-c861f83ae790","block_type":"box","text":"charge or a CDSC but are subject to an ongoing service fee as set forth in the applicable Fund’s Prospectus.","page_number":152,"box":{"x":69,"y":128,"width":776,"height":11}},{"id":"d7636645-b08e-4ad1-9fdc-68286d2eda01","block_type":"box","text":"BlackRock Shares","page_number":152,"box":{"x":69,"y":158,"width":133,"height":9}},{"id":"765d343b-2334-4fd1-8aff-87af2b291f2c","block_type":"box","text":"Certain Funds offer BlackRock Shares, which are available only to certain investors. BlackRock Shares are","page_number":152,"box":{"x":102,"y":181,"width":760,"height":11}},{"id":"9944ffbf-6ea8-4878-8ed0-aed2dad2e248","block_type":"box","text":"offered without a sales charge to institutional and individual investors, registered investment advisers and certain","page_number":152,"box":{"x":69,"y":196,"width":813,"height":11}},{"id":"11095272-2493-496a-a53c-0618bea24712","block_type":"box","text":"fee-based programs.","page_number":152,"box":{"x":68,"y":211,"width":145,"height":11}},{"id":"3af0b438-3d72-4797-93c6-7939631afb84","block_type":"box","text":"Distribution and/or Shareholder Servicing Plans","page_number":152,"box":{"x":69,"y":241,"width":348,"height":11}},{"id":"8ac2931f-dab1-47f6-ae87-d662f0e8def2","block_type":"box","text":"Each Fund has adopted a plan (each, a “Plan”) pursuant to Rule 12b-1 under the Investment Company Act with","page_number":152,"box":{"x":102,"y":264,"width":790,"height":11}},{"id":"56a9b924-3fd0-4d2d-a5f1-87b598e4f98d","block_type":"box","text":"respect to certain share classes that allows the Fund to pay distribution fees for the sale of its shares and","page_number":152,"box":{"x":69,"y":279,"width":761,"height":11}},{"id":"5d3dff3a-eb75-4507-8fad-4841b2c58f68","block_type":"box","text":"shareholder servicing fees for certain services provided to its shareholders.","page_number":152,"box":{"x":69,"y":294,"width":541,"height":11}},{"id":"49a32e18-b717-4267-b07b-cb269987e4c5","block_type":"box","text":"Pursuant to the Plans, a Fund may pay BRIL and/or BlackRock, or any other affiliate or significant shareholder of","page_number":152,"box":{"x":102,"y":317,"width":803,"height":11}},{"id":"157a90b4-d52c-4b8c-b55c-3bc396308ec1","block_type":"box","text":"BlackRock, fees for distribution and sales support services with respect to Investor A, Investor A1, Investor C,","page_number":152,"box":{"x":70,"y":332,"width":783,"height":11}},{"id":"86f57a20-ff15-4cab-83ab-ee07a1efbe18","block_type":"box","text":"Investor P, Service and Class R Shares. Currently, as described further below, only Investor C and Class R Shares","page_number":152,"box":{"x":70,"y":347,"width":809,"height":11}},{"id":"3c1d9aba-c33b-480b-b3a9-4b4da9e15579","block_type":"box","text":"bear the expense of distribution fees under a Plan.","page_number":152,"box":{"x":69,"y":362,"width":360,"height":11}},{"id":"6c7be63c-4eec-49f5-b2ee-99c43f99a7ee","block_type":"box","text":"Each Fund has entered into a distribution agreement with BRIL under which BRIL, as agent, offers shares of","page_number":152,"box":{"x":102,"y":385,"width":770,"height":11}},{"id":"f1105e83-00de-47b6-8fcc-c244c5974854","block_type":"box","text":"each Fund on a continuous basis. BRIL has agreed to use appropriate efforts to effect sales of the shares, but it is","page_number":152,"box":{"x":69,"y":400,"width":824,"height":11}},{"id":"226ac25f-b0fd-4e62-806e-d91a9103e8fc","block_type":"box","text":"not obligated to sell any particular amount of shares. BRIL’s principal business address is 50 Hudson Yards, New","page_number":152,"box":{"x":69,"y":415,"width":812,"height":11}},{"id":"03fd92c3-d365-4ac0-af67-19acddab12d6","block_type":"box","text":"York, NY 10001. BRIL is an affiliate of BlackRock.","page_number":152,"box":{"x":68,"y":430,"width":355,"height":11}},{"id":"bb27f30e-e09b-4796-853d-033e806d1b06","block_type":"box","text":"Pursuant to the Plans, each Fund may also pay shareholder servicing fees (also referred to as general","page_number":152,"box":{"x":102,"y":453,"width":727,"height":11}},{"id":"af7a719e-728d-4aa8-8d72-8397fe212c53","block_type":"box","text":"shareholder liaison services fees) to affiliated and unaffiliated brokers, dealers, financial institutions, insurance","page_number":152,"box":{"x":69,"y":468,"width":799,"height":11}},{"id":"d6b0dc20-97aa-4441-aae0-83e765227527","block_type":"box","text":"companies, retirement plan record-keepers and other financial intermediaries (including BlackRock, BRIL and their","page_number":152,"box":{"x":69,"y":483,"width":813,"height":11}},{"id":"8f1ba04e-3146-400e-818b-f2623d7c76cc","block_type":"box","text":"affiliates) (collectively, “Service Organizations”) for certain support services rendered by Service Organizations to","page_number":152,"box":{"x":69,"y":498,"width":809,"height":11}},{"id":"7e6770c2-6987-413f-a199-536d490c03ab","block_type":"box","text":"their customers (“Customers”) who are the beneficial owners of Investor A, Investor A1, Investor C, Investor P,","page_number":152,"box":{"x":68,"y":513,"width":786,"height":11}},{"id":"be9f905b-e2a2-48ad-88f0-07061b326f4a","block_type":"box","text":"Service and Class R Shares of a Fund. Such services are intended to supplement the services provided by the","page_number":152,"box":{"x":69,"y":528,"width":789,"height":12}},{"id":"80841509-cde2-4618-8410-6362f3cd9d63","block_type":"box","text":"Fund’s Administrators and Transfer Agent to the Fund’s shareholders of record.","page_number":152,"box":{"x":70,"y":543,"width":562,"height":12}},{"id":"7b412edf-6bf5-4f10-9d89-ede859b64f8f","block_type":"box","text":"The support services provided by Service Organizations are general shareholder liaison services, which include,","page_number":152,"box":{"x":101,"y":566,"width":798,"height":11}},{"id":"5a5ca41f-97bd-4276-a2de-d86eb2a33e07","block_type":"box","text":"but are not limited to: (i) answering Customer inquiries regarding account status and history, the manner in which","page_number":152,"box":{"x":69,"y":581,"width":808,"height":12}},{"id":"2bfcde76-e264-4f5f-bc1a-34f9313cd4a2","block_type":"box","text":"purchases, exchanges and redemptions or repurchases of shares may be effected and certain other matters","page_number":152,"box":{"x":70,"y":596,"width":776,"height":12}},{"id":"080aa099-001a-4b70-8ee9-8e11e1cb73ba","block_type":"box","text":"pertaining to the Customers’ investments; and (ii) assisting Customers in designating and changing dividend options,","page_number":152,"box":{"x":70,"y":612,"width":835,"height":11}},{"id":"156f7323-086f-4209-ad87-ac5dac1d5642","block_type":"box","text":"account designations and addresses. The shareholder servicing fees payable pursuant to the Plans are paid to","page_number":152,"box":{"x":69,"y":627,"width":791,"height":11}},{"id":"793bbfeb-cccb-4686-a39b-7d47e320d6b6","block_type":"box","text":"compensate Service Organizations for the administration and servicing of shareholder accounts and are not costs","page_number":152,"box":{"x":69,"y":642,"width":813,"height":11}},{"id":"c64e5b4a-ce5d-4c70-b746-ca8711776198","block_type":"box","text":"which are primarily intended to result in the sale of the Fund’s shares.","page_number":152,"box":{"x":68,"y":657,"width":501,"height":11}},{"id":"320442e0-6ea2-487a-a49a-c449e4b665e4","block_type":"box","text":"Payments under the Plans are based on a percentage of average daily net assets attributable to the shares in","page_number":152,"box":{"x":102,"y":680,"width":783,"height":11}},{"id":"9c7aed79-376f-4f7b-95cb-fae2962fd562","block_type":"box","text":"the applicable share class regardless of the amount of expenses incurred. As a result, payments under the Plans","page_number":152,"box":{"x":68,"y":695,"width":810,"height":11}},{"id":"3b74bcec-3da5-4977-8dec-a0e57aa1c98c","block_type":"box","text":"may be more or less than expenses incurred in connection with providing distribution and/or shareholder services","page_number":152,"box":{"x":69,"y":710,"width":813,"height":11}},{"id":"e454b311-bdf2-46bb-98a0-89f500502394","block_type":"box","text":"with respect to the related class. Information with respect to the payments under the Plans and expenses incurred in","page_number":152,"box":{"x":68,"y":725,"width":836,"height":11}},{"id":"be44e958-71b5-4f7a-af2c-1cb845e34dd6","block_type":"box","text":"providing services with respect to the related class is presented to the Directors for their consideration quarterly.","page_number":152,"box":{"x":70,"y":740,"width":805,"height":11}},{"id":"c5336614-da6c-4437-b539-9ec704c78bd4","block_type":"box","text":"Payments under the Plans consist of the shareholder servicing fees and the distribution fees. Expenses with respect","page_number":152,"box":{"x":69,"y":755,"width":832,"height":11}},{"id":"1fcffdd0-b827-426e-96bb-990ad980f08d","block_type":"box","text":"to providing distribution and/or shareholder services with respect to a class may consist of Service Organization","page_number":152,"box":{"x":68,"y":770,"width":803,"height":12}},{"id":"cf7d45ab-4523-488f-afee-03eb8ecfdcd4","block_type":"box","text":"financial adviser compensation, branch office and regional operation center selling and transaction processing","page_number":152,"box":{"x":68,"y":785,"width":788,"height":12}},{"id":"464c3200-5279-41c6-9bfb-11d1ca43386f","block_type":"box","text":"expenses, advertising, sales promotion and marketing expenses. Payments under the Plans with respect to one","page_number":152,"box":{"x":69,"y":801,"width":798,"height":11}},{"id":"8793bb26-e86f-4d91-8609-ec3f14937910","block_type":"box","text":"class will not be used to finance the expenditures of another class. Sales personnel may receive different","page_number":152,"box":{"x":69,"y":816,"width":755,"height":11}},{"id":"3a2e7ca5-b8f1-49e6-850f-db727efbd802","block_type":"box","text":"compensation for selling different classes of shares.","page_number":152,"box":{"x":69,"y":831,"width":375,"height":11}},{"id":"55016b9e-ae69-4f08-859e-428599b33d71","block_type":"box","text":"Each Plan is subject to the provisions of Rule 12b-1 under the Investment Company Act. In their consideration of","page_number":152,"box":{"x":102,"y":853,"width":803,"height":12}},{"id":"e6f7e372-1930-44c5-8955-06671318d05b","block_type":"box","text":"a Plan, the Directors must consider all factors they deem relevant, including information as to the benefits of the Plan","page_number":152,"box":{"x":69,"y":869,"width":839,"height":11}},{"id":"8e74faea-6104-46c8-a9ee-606d10e5efca","block_type":"box","text":"to the Fund and the related class of shareholders. In approving a Plan in accordance with Rule 12b-1, the non","page_number":152,"box":{"x":68,"y":884,"width":788,"height":11}},{"id":"c81af58d-a259-4967-8a8d-ddf651f824da","block_type":"box","text":"interested Directors concluded that there is reasonable likelihood that the Plan will benefit the Fund and its related","page_number":152,"box":{"x":70,"y":899,"width":818,"height":9}},{"id":"3c03ce09-2dd6-4982-a975-531e7857817a","block_type":"box","text":"II-108","page_number":152,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"61fe5571-3267-459d-869b-d2d9e314e3d0","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":152,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7865ffd0-ab0c-4cd8-967b-7a42137c440c","block_type":"box","text":"class of shareholders. The Plan provides, among other things, that: (i) the Board of Directors shall receive quarterly","page_number":153,"box":{"x":69,"y":45,"width":824,"height":11}},{"id":"0da885a9-dd15-4445-a3cc-4ac7bb011869","block_type":"box","text":"reports regarding the amounts expended under the Plan and the purposes for which such expenditures were made;","page_number":153,"box":{"x":69,"y":60,"width":821,"height":11}},{"id":"7260a404-aea7-4d9e-b72a-a9ca5f0012dd","block_type":"box","text":"(ii) the Plan will continue in effect for so long as its continuance is approved at least annually by the Board of","page_number":153,"box":{"x":69,"y":75,"width":778,"height":11}},{"id":"919d976e-eec4-4d13-a025-e52fa4ccf280","block_type":"box","text":"Directors, including the directors who are not “interested persons” of the Fund (as defined in the Investment","page_number":153,"box":{"x":70,"y":90,"width":773,"height":11}},{"id":"710d6286-955a-4095-ad0c-854b56e1dde7","block_type":"box","text":"Company Act) and who have no direct or indirect financial interest in the operation of the Plan or any agreement","page_number":153,"box":{"x":69,"y":105,"width":796,"height":11}},{"id":"f4cf4c01-1855-4bc9-bc59-839cecc977cb","block_type":"box","text":"entered into in connection with the Plan (the “12b-1 Directors”), acting in person at a meeting called for said purpose","page_number":153,"box":{"x":69,"y":120,"width":837,"height":12}},{"id":"ab66cf9b-8073-4fdd-b3ca-9c814a8c38e8","block_type":"box","text":"in accordance with Rule 12b-1 under the Investment Company Act; (iii) any material amendment thereto must be","page_number":153,"box":{"x":70,"y":135,"width":801,"height":11}},{"id":"8cbe4295-7de0-475e-af18-bd02b68122ea","block_type":"box","text":"approved by the Board of Directors, including the 12b-1 Directors, acting in person at a meeting called for said","page_number":153,"box":{"x":69,"y":150,"width":787,"height":12}},{"id":"4e62299b-4d4e-41ee-97d8-1b26e42b7521","block_type":"box","text":"purpose; (iv) any amendment to increase materially the costs which any class of shares may bear for distribution","page_number":153,"box":{"x":70,"y":166,"width":802,"height":11}},{"id":"d96c7243-fb3c-4a32-b3bb-3b1b315340ec","block_type":"box","text":"services pursuant to the Plan shall be effective only upon approval by a vote of a majority of the outstanding shares","page_number":153,"box":{"x":69,"y":181,"width":826,"height":11}},{"id":"0b7b69a2-5593-4071-923e-15e52074d94e","block_type":"box","text":"of such class and by a majority of the Board of Directors, including the 12b-1 Directors, acting in person at a meeting","page_number":153,"box":{"x":69,"y":196,"width":836,"height":11}},{"id":"6d424533-1c16-497f-9abb-9841ab43feca","block_type":"box","text":"called for said purpose; and (v) while the Plan remains in effect, the selection and nomination of the Fund’s Directors","page_number":153,"box":{"x":69,"y":211,"width":836,"height":11}},{"id":"bd4096dc-3fd3-475b-bc33-482b7fbda7df","block_type":"box","text":"who are not “interested persons” of the Fund shall be committed to the discretion of the Fund’s non-interested","page_number":153,"box":{"x":68,"y":226,"width":792,"height":11}},{"id":"c2fc314d-9eeb-46c4-80e3-4e75dc1367cc","block_type":"box","text":"Directors. Rule 12b-1 further requires that each Fund preserve copies of each Plan and any report made pursuant to","page_number":153,"box":{"x":70,"y":241,"width":831,"height":11}},{"id":"c9905d4e-6245-41d7-aaeb-9457103a9676","block_type":"box","text":"such Plan for a period of not less than six years from the date of the Plan or such report, the first two years in an","page_number":153,"box":{"x":69,"y":256,"width":807,"height":11}},{"id":"1bcb9fd2-f440-4890-a7e4-6c89a6eb811c","block_type":"box","text":"easily accessible place.","page_number":153,"box":{"x":69,"y":272,"width":167,"height":11}},{"id":"24aa70da-1d52-48cf-aa1f-1ecb3be3885d","block_type":"box","text":"Each Plan is terminable as to any class of shares without penalty at any time by a vote of a majority of the 12b-1","page_number":153,"box":{"x":102,"y":294,"width":804,"height":11}},{"id":"07416b77-07f4-46a8-a63e-637c84ef9325","block_type":"box","text":"Directors, or by vote of the holders of a majority of the shares of such class.","page_number":153,"box":{"x":70,"y":309,"width":542,"height":11}},{"id":"65d7c66d-1fa6-4e04-98b5-9757f63d6dfa","block_type":"box","text":"See “Information on Sales Charges and Distribution Related Expenses” in Part I of each Fund’s SAI for","page_number":153,"box":{"x":102,"y":332,"width":734,"height":11}},{"id":"dd7d67b3-80e2-493e-b4ed-f92bc26b0a9c","block_type":"box","text":"information relating to the fees paid by your Fund to the Distributor under each Plan during the Fund’s most recent","page_number":153,"box":{"x":70,"y":347,"width":814,"height":11}},{"id":"2a21585c-2567-4143-84ac-6025f364fe32","block_type":"box","text":"fiscal year.","page_number":153,"box":{"x":68,"y":362,"width":75,"height":11}},{"id":"f1c57ce7-b2b0-4245-99d4-4fda6a4b4c1d","block_type":"box","text":"Limitations on the Payment of Deferred Sales Charges","page_number":153,"box":{"x":69,"y":392,"width":396,"height":11}},{"id":"96d7d6a6-aa82-4000-bded-93d855d88dda","block_type":"box","text":"The maximum sales charge rule in the Conduct Rules of the Financial Industry Regulatory Authority (“FINRA”)","page_number":153,"box":{"x":101,"y":415,"width":777,"height":11}},{"id":"622b29cb-f5a5-43c3-b575-b24c065c0375","block_type":"box","text":"imposes a limitation on certain asset-based sales charges such as the distribution fee borne by Class R Shares, and","page_number":153,"box":{"x":70,"y":430,"width":835,"height":11}},{"id":"7aa7f450-d594-4e41-8266-75abb2419171","block_type":"box","text":"the distribution fee and the CDSC borne by the Investor C Shares. This limitation does not apply to the shareholder","page_number":153,"box":{"x":68,"y":445,"width":822,"height":11}},{"id":"62483288-1d8a-4423-8b28-a4196ccf80e3","block_type":"box","text":"servicing fee. The maximum sales charge rule is applied separately to each class and limits the aggregate of","page_number":153,"box":{"x":69,"y":460,"width":778,"height":12}},{"id":"c684a5b7-3b55-4439-ad59-0db0c97fe49c","block_type":"box","text":"distribution fee payments and CDSCs payable by a Fund to (1) 6.25% of eligible gross sales of Investor C and Class R","page_number":153,"box":{"x":69,"y":475,"width":840,"height":12}},{"id":"bfe99516-1221-467f-b58c-004d47d70a67","block_type":"box","text":"Shares, computed separately (excluding shares issued pursuant to dividend reinvestments and exchanges), plus","page_number":153,"box":{"x":69,"y":491,"width":803,"height":11}},{"id":"bc41726e-d16e-404e-af2f-d236524d7ed2","block_type":"box","text":"(2) interest on the unpaid balance for the respective class, computed separately, at the prime rate plus 1% (the","page_number":153,"box":{"x":69,"y":506,"width":794,"height":11}},{"id":"84c5d443-380e-48ab-a5a6-e7535bbf43f3","block_type":"box","text":"unpaid balance being the maximum amount payable minus amounts received from the payment of the distribution fee","page_number":153,"box":{"x":69,"y":521,"width":839,"height":11}},{"id":"50e1171c-d826-4cd9-a00b-6539f145d0f1","block_type":"box","text":"and the CDSC). See “Information on Sales Charges and Distribution Related Expenses” in Part I of each Fund’s SAI","page_number":153,"box":{"x":69,"y":536,"width":824,"height":11}},{"id":"c4747f6c-b742-4a29-83b5-046e6fdcf2f7","block_type":"box","text":"for comparative information as of your Fund’s most recent fiscal year end with respect to, if applicable, the Investor C","page_number":153,"box":{"x":68,"y":551,"width":839,"height":11}},{"id":"837e57e9-7665-4ea2-a0c4-08665d1d379f","block_type":"box","text":"and Class R Shares of your Fund.","page_number":153,"box":{"x":69,"y":566,"width":236,"height":11}},{"id":"dbddd134-0290-42f4-96ab-e009845736bf","block_type":"box","text":"Other Payments by the Fund","page_number":153,"box":{"x":69,"y":597,"width":206,"height":11}},{"id":"4db8c6c6-7b8a-4e72-ab04-cab7ab99370c","block_type":"box","text":"In addition to shareholder servicing fees that a Fund may pay to a Service Organization pursuant to the Plan and","page_number":153,"box":{"x":102,"y":619,"width":800,"height":11}},{"id":"e9c2b423-f97e-4e7b-8a22-a98bcf484301","block_type":"box","text":"fees the Fund pays to its Transfer Agent, BlackRock, on behalf of a Fund, may enter into non-Plan agreements with","page_number":153,"box":{"x":68,"y":634,"width":816,"height":12}},{"id":"41d37423-cfa3-497a-9a48-42b82331cc03","block_type":"box","text":"Service Organizations pursuant to which the Fund will pay a Service Organization for administrative, networking,","page_number":153,"box":{"x":69,"y":649,"width":794,"height":12}},{"id":"9041a28d-444b-4ddd-9176-01c53fa9c3e8","block_type":"box","text":"recordkeeping, sub-transfer agency, sub-accounting and/or shareholder services. These non-Plan payments are","page_number":153,"box":{"x":69,"y":664,"width":792,"height":12}},{"id":"627c7b03-50ac-448c-b146-77bd516abd37","block_type":"box","text":"generally based on either (1) a percentage of the average daily net assets of Fund shareholders serviced by a Service","page_number":153,"box":{"x":68,"y":680,"width":841,"height":11}},{"id":"dc22be49-f195-4bbb-8bdd-230dfe74c180","block_type":"box","text":"Organization or (2) a fixed dollar amount for each account serviced by a Service Organization. The aggregate amount","page_number":153,"box":{"x":69,"y":695,"width":831,"height":11}},{"id":"90151435-bb88-40a8-be66-5e5cb986e1f1","block_type":"box","text":"of these payments may be substantial.","page_number":153,"box":{"x":69,"y":710,"width":276,"height":11}},{"id":"4993d922-c918-41be-b91f-c83ea9bc3bba","block_type":"box","text":"Additional Payments by BlackRock","page_number":153,"box":{"x":68,"y":740,"width":256,"height":11}},{"id":"6b3617a8-bfe8-42eb-830a-0fdfd7233a7b","block_type":"box","text":"From time to time, BlackRock, BRIL and/or their affiliates (referred to in this section collectively as “BlackRock”)","page_number":153,"box":{"x":102,"y":763,"width":803,"height":11}},{"id":"6cee51da-8215-407d-8818-dc58cb00f153","block_type":"box","text":"may compensate Service Organizations for the sale and distribution of shares of a Fund, for services to a Fund and","page_number":153,"box":{"x":69,"y":778,"width":823,"height":11}},{"id":"049e4032-b1d3-4bd1-b798-d4018aeac4f4","block_type":"box","text":"its shareholders and/or for data provision or technology support. A Service Organization may perform these","page_number":153,"box":{"x":70,"y":793,"width":768,"height":11}},{"id":"8edd9086-c175-4654-a202-19ae08d0e161","block_type":"box","text":"obligations itself or may arrange for a third party to perform them. These payments, which are not made pursuant to","page_number":153,"box":{"x":69,"y":808,"width":830,"height":11}},{"id":"3ed8a760-02e3-460d-8175-ff825ac592ec","block_type":"box","text":"a Plan or otherwise paid by a Fund, are referred to as “Additional Payments” herein.","page_number":153,"box":{"x":69,"y":823,"width":599,"height":11}},{"id":"984d9e6c-985a-4c93-8c97-34c07a046d82","block_type":"box","text":"Additional Payments are made from BlackRock’s own assets (which may come directly or indirectly from fees","page_number":153,"box":{"x":101,"y":846,"width":776,"height":11}},{"id":"082a70d1-99fa-4231-b64c-deecd5730dd2","block_type":"box","text":"paid by a Fund to BlackRock for various services, such as investment advisory services). These payments are not an","page_number":153,"box":{"x":70,"y":861,"width":832,"height":11}},{"id":"5ae9c1a5-2985-42c2-8985-5e24d627a2b9","block_type":"box","text":"additional charge to a Fund or its shareholders and do not change the price paid by shareholders for the purchase of","page_number":153,"box":{"x":69,"y":876,"width":833,"height":11}},{"id":"fef009d0-34b9-48cd-8ba5-d27057f2d3ca","block_type":"box","text":"a Fund’s shares or the amount a Fund receives as proceeds from such purchases. Additional Payments made to","page_number":153,"box":{"x":69,"y":891,"width":802,"height":11}},{"id":"f6b16503-7efb-4f0d-ae92-4dcdee70dac6","block_type":"box","text":"Service Organizations are in addition to any distribution or shareholder servicing fees paid under any Plan of any","page_number":153,"box":{"x":69,"y":906,"width":802,"height":12}},{"id":"73532e2e-b1d8-42df-a712-780388213bba","block_type":"box","text":"II-109","page_number":153,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"ca4cdba7-f33a-4f2f-80eb-5e3553603863","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":153,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6fa4bbce-a566-4e93-bb55-0edf3349ee9d","block_type":"box","text":"Fund, any sales charges, commissions or other concessions described in the Prospectuses or this SAI, and any","page_number":154,"box":{"x":70,"y":45,"width":796,"height":11}},{"id":"a88e3e83-c753-47e5-a1e9-778ed1cb3777","block_type":"box","text":"administrative, networking, recordkeeping, sub-transfer agency or sub-accounting fees payable by a Fund. Pursuant to","page_number":154,"box":{"x":69,"y":60,"width":836,"height":11}},{"id":"0e6b2699-2555-4813-a744-6c604480d593","block_type":"box","text":"applicable FINRA regulations, the details of certain of these payments, including the Service Organizations receiving","page_number":154,"box":{"x":69,"y":75,"width":828,"height":11}},{"id":"72364368-50e0-4935-93b7-c33c9ef5126c","block_type":"box","text":"such payments in connection with the sale and distribution of Fund shares, are required to be disclosed. While FINRA","page_number":154,"box":{"x":69,"y":90,"width":837,"height":11}},{"id":"565b08b9-08cd-4b16-8f6d-447e3f9238b3","block_type":"box","text":"regulations limit the sales charges that shareholders may bear, there are no limits with regard to the amounts that","page_number":154,"box":{"x":69,"y":105,"width":818,"height":11}},{"id":"6260d7ab-ffc0-421f-bce1-eba1c04124cd","block_type":"box","text":"BlackRock may pay out of its own assets.","page_number":154,"box":{"x":70,"y":120,"width":294,"height":11}},{"id":"72e08b73-9434-487e-86a6-b58578523a31","block_type":"box","text":"Additional Payments may be made as a fixed dollar amount, may be based on the number of Customer accounts","page_number":154,"box":{"x":101,"y":143,"width":803,"height":11}},{"id":"05d76039-05c2-4a99-af02-655b7625c735","block_type":"box","text":"maintained by a Service Organization, may be based on a percentage of the value of shares sold to, or held by,","page_number":154,"box":{"x":69,"y":158,"width":792,"height":11}},{"id":"4dda2402-8471-4951-b785-0953b50fed2e","block_type":"box","text":"Customers of the Service Organization involved, or may be calculated on another basis.","page_number":154,"box":{"x":69,"y":173,"width":623,"height":11}},{"id":"fb28ad6c-6a62-43dc-81ba-44d881fc4c3e","block_type":"box","text":"BlackRock negotiates Additional Payments with each Service Organization on an individual basis. Additional","page_number":154,"box":{"x":102,"y":196,"width":765,"height":11}},{"id":"8662b871-b54c-4eee-a5ce-f6a3fd17a072","block_type":"box","text":"Payments may be different for different Service Organizations, and some Service Organizations may be paid pursuant","page_number":154,"box":{"x":69,"y":211,"width":841,"height":11}},{"id":"219c564c-73ed-4257-819d-d940cf96ecf3","block_type":"box","text":"to more than one of the calculations described above. Not all Service Organizations receive Additional Payments.","page_number":154,"box":{"x":68,"y":226,"width":806,"height":11}},{"id":"1cdad41f-ed30-4b97-b248-a0e14aab65ab","block_type":"box","text":"Sales-based payments primarily create incentives to make new sales of shares of the Fund, and asset-based","page_number":154,"box":{"x":69,"y":241,"width":776,"height":11}},{"id":"d73020b7-44df-4d68-a1c8-63146ecf7e0d","block_type":"box","text":"payments primarily create incentives to retain previously sold shares of the Fund. The level of payments made to","page_number":154,"box":{"x":70,"y":256,"width":802,"height":11}},{"id":"67288275-c8f2-425e-a083-ef0608a12c66","block_type":"box","text":"these Service Organizations in any year will vary and may be limited to specific Funds or share classes. In certain","page_number":154,"box":{"x":68,"y":271,"width":811,"height":12}},{"id":"161bc9c5-5bce-4862-bafc-30bcbfcdd74c","block_type":"box","text":"cases, these payments may be subject to certain minimum payment levels.","page_number":154,"box":{"x":69,"y":287,"width":538,"height":11}},{"id":"fe4072bf-cb6f-4f3f-8cc3-987ddabd145e","block_type":"box","text":"The aggregate amount of Additional Payments made by BlackRock may be substantial and may be significant to","page_number":154,"box":{"x":101,"y":309,"width":795,"height":11}},{"id":"c8837ead-35fd-43aa-94b7-fa041830c7e8","block_type":"box","text":"certain Service Organizations. The categories of Additional Payments listed below are not mutually exclusive. The","page_number":154,"box":{"x":69,"y":324,"width":807,"height":12}},{"id":"3c44aeae-bdbd-4b75-83ef-ddb0273bb94b","block_type":"box","text":"same Service Organization, or one or more of its affiliates, may receive payments under more than one category of","page_number":154,"box":{"x":69,"y":339,"width":823,"height":12}},{"id":"f8e7ef2b-8e91-4ab2-875e-c2e4e46923ba","block_type":"box","text":"Additional Payments. Such payments may be different for different Service Organizations and for different types of","page_number":154,"box":{"x":68,"y":355,"width":819,"height":11}},{"id":"de84a519-bb88-42c8-97f3-45b7b3d64768","block_type":"box","text":"Funds.","page_number":154,"box":{"x":70,"y":370,"width":44,"height":9}},{"id":"94fefb78-04aa-4b25-82d0-52b6890d4634","block_type":"box","text":"A. Distribution and Marketing Suppor t","page_number":154,"box":{"x":101,"y":392,"width":270,"height":12}},{"id":"5fbdbbc2-a855-4405-9377-9ee1f46e2a08","block_type":"box","text":"Additional Payments may be made by BlackRock for distribution and marketing support activities. These","page_number":154,"box":{"x":101,"y":415,"width":740,"height":11}},{"id":"184804d8-879c-4b89-92d2-cb9650703483","block_type":"box","text":"payments may take the form of, among other things, “due diligence” payments for a Service Organization’s","page_number":154,"box":{"x":70,"y":430,"width":764,"height":11}},{"id":"b9397675-d4bf-4df2-9822-ba9b623dbf8c","block_type":"box","text":"examination of a Fund; payments for providing extra employee training and information relating to a Fund; fees for","page_number":154,"box":{"x":69,"y":445,"width":811,"height":12}},{"id":"6b8ea61a-d958-4775-ade7-4a7322b8f7e6","block_type":"box","text":"access (in some cases on a preferential basis) to the Service Organization’s registered representatives,","page_number":154,"box":{"x":69,"y":460,"width":742,"height":12}},{"id":"825b76c3-7d96-49cb-abba-d817910e810f","block_type":"box","text":"salespersons or other personnel, including at sales meetings and conferences; “shelf space” payments for placing","page_number":154,"box":{"x":69,"y":475,"width":820,"height":12}},{"id":"2c8a14c3-7082-47b1-ab76-4f365c910312","block_type":"box","text":"the Fund on the Service Organization’s platform(s); “listing” fees for the placing of the Fund on a dealer’s list (which","page_number":154,"box":{"x":68,"y":491,"width":829,"height":11}},{"id":"867c0e5d-9a7c-4008-8a4b-a77d0c8e54b9","block_type":"box","text":"may be a preferred or recommended list) of mutual funds available for purchase by its Customers or in certain sales","page_number":154,"box":{"x":69,"y":506,"width":830,"height":11}},{"id":"e8c0940d-93e5-4201-8325-d57a4767fd0d","block_type":"box","text":"programs from time to time; fees for providing assistance in promoting the sale of the Fund’s shares (which may","page_number":154,"box":{"x":70,"y":521,"width":803,"height":11}},{"id":"736b2964-410b-4ec9-ba0d-d14faa1d1507","block_type":"box","text":"include promotions in communications with the Service Organization’s Customers, registered representatives,","page_number":154,"box":{"x":70,"y":536,"width":783,"height":11}},{"id":"cbc2b202-9109-435a-ac70-52f61bdec904","block_type":"box","text":"salespersons and/or other personnel); payments for the sale of shares and/or the maintenance of share balances;","page_number":154,"box":{"x":69,"y":551,"width":823,"height":11}},{"id":"c55d8344-659b-4cc6-b495-e422bc736c1f","block_type":"box","text":"transaction fees (also referred to as “ticket charges”); and payments for infrastructure support. These payments","page_number":154,"box":{"x":68,"y":566,"width":805,"height":11}},{"id":"cc087dcc-158f-409c-a69d-4449edacc78f","block_type":"box","text":"normally will not exceed the sum of (a) 0.25% of such year’s Fund sales by that Service Organization, and (b) 0.21%","page_number":154,"box":{"x":69,"y":581,"width":828,"height":12}},{"id":"c9267ffe-42cf-4010-a64c-daae75ad44cf","block_type":"box","text":"of the assets attributable to that Service Organization invested in a Fund.","page_number":154,"box":{"x":69,"y":596,"width":523,"height":12}},{"id":"f877c57d-016a-4a6d-b4e8-ace5ac26b379","block_type":"box","text":"B. Shareholder Services","page_number":154,"box":{"x":102,"y":619,"width":172,"height":9}},{"id":"24889675-1990-4266-98c8-840299d3a2b1","block_type":"box","text":"Many Fund shares are owned or held by Service Organizations for the benefit of their Customers. In these","page_number":154,"box":{"x":102,"y":642,"width":754,"height":11}},{"id":"a4ceb533-5bb1-44c3-ab98-e27a53c690d6","block_type":"box","text":"situations, a Fund may not maintain accounts in the name of the Customers and Service Organizations may perform","page_number":154,"box":{"x":69,"y":657,"width":830,"height":11}},{"id":"58c40f6e-94e0-4cb1-8622-b0a1d82c504c","block_type":"box","text":"some of the functions for these Customers’ accounts that the Transfer Agent would have performed if the accounts","page_number":154,"box":{"x":69,"y":672,"width":823,"height":11}},{"id":"0fe412f8-6ac8-4ee0-b0d3-15a374b8f337","block_type":"box","text":"had been in the Customers’ names on the Fund’s books. Such services include sub-accounting services, shareholder","page_number":154,"box":{"x":69,"y":687,"width":839,"height":11}},{"id":"19f7002d-636d-4ee9-8f93-4820c7e9c009","block_type":"box","text":"servicing and transaction processing services and are sometimes referred to as “recordkeeping,” “sub-transfer","page_number":154,"box":{"x":69,"y":702,"width":796,"height":12}},{"id":"f09431f1-d1c2-426b-afca-f93f23fcfbe5","block_type":"box","text":"agency,” “sub-accounting,” “networking” and/or “administrative” services. Additional Payments may exceed amounts","page_number":154,"box":{"x":69,"y":718,"width":837,"height":11}},{"id":"2a3156ba-43d8-448e-8ad2-cb97e4989606","block_type":"box","text":"that would be earned on these assets by the Transfer Agent for the performance of these or similar services. These","page_number":154,"box":{"x":68,"y":732,"width":828,"height":12}},{"id":"32e14d86-9144-4b39-9253-0e373b91672d","block_type":"box","text":"Additional Payments made by BlackRock are in addition to any transfer agent, shareholder servicing and transaction","page_number":154,"box":{"x":68,"y":748,"width":827,"height":11}},{"id":"db153e13-1f13-4b9a-aa2e-f7198da3b6d5","block_type":"box","text":"processing fees paid by a Fund, as applicable.","page_number":154,"box":{"x":70,"y":763,"width":328,"height":11}},{"id":"e322710e-7976-479f-8000-b6ad1dbe9ad8","block_type":"box","text":"C. Data Provision and Technology Suppor t","page_number":154,"box":{"x":102,"y":786,"width":299,"height":11}},{"id":"f79e2f30-3729-45f3-8199-a830d6decaf5","block_type":"box","text":"BlackRock may make Additional Payments to Service Organizations for the provision of certain analytical or other","page_number":154,"box":{"x":102,"y":808,"width":805,"height":11}},{"id":"2ef9593d-2862-4844-8575-046bdc5d1671","block_type":"box","text":"data services relating to the Funds, such as statistical information regarding sales of the Funds, or technology","page_number":154,"box":{"x":69,"y":823,"width":788,"height":12}},{"id":"3057ac42-49a5-4446-a790-fed129d99060","block_type":"box","text":"support. Such Additional Payments are generally made as a fixed dollar amount, and not based on assets or sales.","page_number":154,"box":{"x":69,"y":838,"width":821,"height":12}},{"id":"259e3d1b-7aa3-40aa-aa40-09b9ff364e0f","block_type":"box","text":"D. Service Organizations Receiving Additional Payments","page_number":154,"box":{"x":102,"y":861,"width":397,"height":11}},{"id":"520021d2-864d-4bf4-a26c-8db9a8f66797","block_type":"box","text":"As of the date of this SAI, the Service Organizations listed below, and, in some cases, certain of the Service","page_number":154,"box":{"x":101,"y":884,"width":774,"height":11}},{"id":"6ac661d1-32bb-47e6-9275-9c4ae9373936","block_type":"box","text":"Organization’s affiliates, may be receiving one or more types of Additional Payments. This list may change over time,","page_number":154,"box":{"x":69,"y":899,"width":831,"height":11}},{"id":"08bed2a9-c9a8-4eca-b1f0-ebcb1473ab99","block_type":"box","text":"II-110","page_number":154,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"880e9b71-b24a-4126-b175-4320acdc3af1","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":154,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"16b1f027-1b52-4782-b9be-9191a6cebd46","block_type":"box","text":"and BlackRock may pay Service Organizations or their affiliates additional types of Additional Payments in the future.","page_number":155,"box":{"x":69,"y":45,"width":832,"height":11}},{"id":"674afc11-807e-4d16-956f-e48e2e9e1068","block_type":"box","text":"Please contact your Service Organization to determine whether it or its affiliate currently may be receiving such","page_number":155,"box":{"x":69,"y":60,"width":791,"height":11}},{"id":"f5c85306-1e24-4539-b39c-2c56faecc37b","block_type":"box","text":"payments and to obtain further information regarding any such payments.","page_number":155,"box":{"x":70,"y":75,"width":523,"height":11}},{"id":"5fa0dc0c-e6ee-412d-bf9d-c2ab490d6a9e","block_type":"box","text":"&Partners","page_number":155,"box":{"x":69,"y":106,"width":71,"height":9}},{"id":"f5c27c66-32b1-49a1-b7e1-5309aea91591","block_type":"box","text":"AccuTech Systems Corporation","page_number":155,"box":{"x":68,"y":127,"width":219,"height":11}},{"id":"bb761a2f-0de2-4df6-91ba-d1ac72711a60","block_type":"box","text":"ADP Broker-Dealer, Inc.","page_number":155,"box":{"x":68,"y":147,"width":164,"height":10}},{"id":"3c0fbf5f-ceed-4049-88c2-f0fd53a9ba39","block_type":"box","text":"Advisor Credit Exchange, LLC","page_number":155,"box":{"x":68,"y":167,"width":207,"height":11}},{"id":"a2f6efe0-4a7b-471d-bc56-8d1930c6d7c2","block_type":"box","text":"Advisor Group, 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The value of shares of each Fund at the time of redemption may be more or less than your cost at the","page_number":159,"box":{"x":69,"y":98,"width":818,"height":11}},{"id":"aac124c1-4bf9-42e1-aac2-00b58b43efd9","block_type":"box","text":"time of purchase, depending in part on the market value of the securities held by the Fund at such time. Except for","page_number":159,"box":{"x":68,"y":113,"width":821,"height":11}},{"id":"a0eaf408-472f-4683-b84c-bfc1ec61542f","block_type":"box","text":"any CDSC that may be applicable, there will be no redemption charge if your redemption request is sent directly to","page_number":159,"box":{"x":69,"y":128,"width":815,"height":11}},{"id":"ca5ebcc2-43da-40f0-87d8-9eb6bbbd7342","block_type":"box","text":"the Transfer Agent. If you are liquidating your holdings you will receive all dividends reinvested through the date of","page_number":159,"box":{"x":68,"y":143,"width":812,"height":11}},{"id":"cbb9ce57-f7f3-4660-9587-a7923b2e9771","block_type":"box","text":"redemption.","page_number":159,"box":{"x":69,"y":158,"width":83,"height":11}},{"id":"03c3f366-8175-44c5-aaa6-bd286eeb14bc","block_type":"box","text":"The right to redeem shares may be suspended or payment upon redemption may be delayed for more than seven","page_number":159,"box":{"x":101,"y":181,"width":807,"height":11}},{"id":"252c3fd9-f86d-4994-9b2e-6daeef32027f","block_type":"box","text":"days only (i) for any period during which trading on the NYSE is restricted as determined by the Commission or during","page_number":159,"box":{"x":69,"y":196,"width":835,"height":11}},{"id":"3f29980a-5f19-4670-970a-21d921d7ac20","block_type":"box","text":"which the NYSE is closed (other than customary weekend and holiday closings), (ii) for any period during which an","page_number":159,"box":{"x":68,"y":211,"width":811,"height":11}},{"id":"23d725ae-493a-400b-b663-7598b37356c5","block_type":"box","text":"emergency exists, as defined by the Commission, as a result of which disposal of portfolio securities or","page_number":159,"box":{"x":69,"y":226,"width":741,"height":11}},{"id":"18316def-ffc0-4dcb-86de-b893ed685e24","block_type":"box","text":"determination of the NAV of a Fund is not reasonably practicable, or (iii) for such other periods as the Commission","page_number":159,"box":{"x":69,"y":241,"width":813,"height":11}},{"id":"ad7b8535-54b2-4ff4-a69d-71ed550d8ad8","block_type":"box","text":"may by order permit for the protection of shareholders of the Fund. (A Fund may also suspend or postpone the","page_number":159,"box":{"x":69,"y":256,"width":787,"height":11}},{"id":"1ad16e08-1621-4d66-bd9a-d5b663ecb34a","block_type":"box","text":"recordation of the transfer of its shares upon the occurrence of any of the foregoing conditions.)","page_number":159,"box":{"x":69,"y":271,"width":685,"height":12}},{"id":"8f9dcee3-a494-493f-a540-6ca3858736ee","block_type":"box","text":"Each Fund, with other investment companies advised by the Manager, has entered into a joint committed line of","page_number":159,"box":{"x":102,"y":294,"width":798,"height":11}},{"id":"3dbd1aa6-a1e6-4b7b-a76e-ed2edf4ee479","block_type":"box","text":"credit with a syndicate of banks that is intended to provide the Fund with a temporary source of cash to be used to","page_number":159,"box":{"x":69,"y":309,"width":820,"height":11}},{"id":"6742ee75-e307-42f3-bbe9-d9203474a19b","block_type":"box","text":"meet redemption requests from shareholders in extraordinary or emergency circumstances.","page_number":159,"box":{"x":69,"y":324,"width":653,"height":12}},{"id":"760d80c0-7372-475f-9052-bd30c3ed5921","block_type":"box","text":"Each Fund may redeem shares involuntarily to reimburse the Fund for any loss sustained by reason of the failure","page_number":159,"box":{"x":102,"y":347,"width":803,"height":11}},{"id":"1a0e1a9a-5a18-48ee-8673-716c81b0fb23","block_type":"box","text":"of a shareholder to make full payment for shares purchased by the shareholder or to collect any charge relating to a","page_number":159,"box":{"x":69,"y":362,"width":827,"height":11}},{"id":"3fc29847-efe5-4183-9c5a-be2af49c1385","block_type":"box","text":"transaction effected for the benefit of a shareholder. Each Fund reserves the express right to redeem shares of the","page_number":159,"box":{"x":68,"y":377,"width":824,"height":12}},{"id":"7b517e1d-3ae8-4b86-ad3e-dc42883717c4","block_type":"box","text":"Fund involuntarily at any time if the Fund’s Board of Directors determines, in its sole discretion, that failure to do so","page_number":159,"box":{"x":70,"y":392,"width":825,"height":12}},{"id":"cabf61a7-336e-41db-a5a3-f40a8d06a9d0","block_type":"box","text":"may have adverse consequences to the holders of shares in the Fund. Upon such redemption the holders of shares","page_number":159,"box":{"x":69,"y":407,"width":825,"height":12}},{"id":"56a6a59c-0053-4d12-bc7c-351d2f8efea5","block_type":"box","text":"so redeemed shall have no further right with respect thereto other than to receive payment of the redemption price.","page_number":159,"box":{"x":69,"y":423,"width":823,"height":11}},{"id":"d1b35949-563a-44a2-b7bd-d03c5b96ae93","block_type":"box","text":"Redemption","page_number":159,"box":{"x":69,"y":453,"width":86,"height":11}},{"id":"1d979568-830d-4cd3-a148-0051b53147db","block_type":"box","text":"Investor A, Investor A1, Investor C, Institutional and Class R Shares","page_number":159,"box":{"x":70,"y":476,"width":481,"height":10}},{"id":"97462bb6-4755-4691-b523-eb671d729d79","block_type":"box","text":"Redeem by Telephone:","page_number":159,"box":{"x":102,"y":498,"width":162,"height":11}},{"id":"d166b952-6b5c-456d-8b13-725c0e43256e","block_type":"box","text":"You may sell Investor Shares, excluding Investor P Shares, held at BlackRock by","page_number":159,"box":{"x":270,"y":498,"width":571,"height":11}},{"id":"ac8ada7f-ee59-41e6-abad-59444e9eec60","block_type":"box","text":"telephone request if certain conditions are met and if the amount being sold is less than (i) $100,000 for payments","page_number":159,"box":{"x":68,"y":513,"width":829,"height":12}},{"id":"52471f22-fc26-4701-a2f9-f81d8d4801db","block_type":"box","text":"by check or (ii) $250,000 for payments through the Automated Clearing House Network (“ACH”) or wire transfer.","page_number":159,"box":{"x":69,"y":528,"width":798,"height":12}},{"id":"87dbd87c-c053-4d1b-8d85-fcb016f6641e","block_type":"box","text":"Certain redemption requests, such as those in excess of these amounts, and those where (i) the Fund does not have","page_number":159,"box":{"x":69,"y":543,"width":838,"height":12}},{"id":"faef8c7f-7c85-4cd4-996c-e9988847d995","block_type":"box","text":"verified banking information on file; or (ii) the proceeds are not paid to the record owner at the record address, must","page_number":159,"box":{"x":68,"y":559,"width":831,"height":11}},{"id":"9eccb96a-06e6-4ee9-978d-625554b254e8","block_type":"box","text":"be in writing with a medallion signature guarantee provided by any “eligible guarantor institution” as defined in Rule","page_number":159,"box":{"x":69,"y":574,"width":822,"height":11}},{"id":"4d4c0389-82a0-4a48-8fda-636c3f0c2e9c","block_type":"box","text":"17Ad-15 under the Securities Exchange Act of 1934 (the “Exchange Act”), whose existence and validity may be","page_number":159,"box":{"x":70,"y":589,"width":791,"height":11}},{"id":"d30b6931-7344-4cc0-b0d3-b47971e7807f","block_type":"box","text":"verified by the Transfer Agent through the use of industry publications. For Institutional Shares, certain redemption","page_number":159,"box":{"x":68,"y":604,"width":818,"height":11}},{"id":"b3ce8519-c6d1-4561-958c-00cef74f7f4d","block_type":"box","text":"requests may require written instructions with a medallion signature guarantee. Call (800) 441-7762 for details. You","page_number":159,"box":{"x":69,"y":619,"width":829,"height":11}},{"id":"2d295891-8276-4685-89a6-12714ab22b81","block_type":"box","text":"can obtain a medallion signature guarantee stamp from a bank, securities dealer, securities broker, credit union,","page_number":159,"box":{"x":69,"y":634,"width":803,"height":12}},{"id":"28a3461b-ae0d-4c78-b2e9-469253f1f03e","block_type":"box","text":"savings and loan association, national securities exchange or registered securities association. The three recognized","page_number":159,"box":{"x":69,"y":650,"width":834,"height":11}},{"id":"adc50ac4-aa75-4f8f-b27b-a72fef621042","block_type":"box","text":"medallion programs are Securities Transfer Agent Medallion Program, Stock Exchanges Medallion Program and New","page_number":159,"box":{"x":69,"y":664,"width":825,"height":12}},{"id":"6858ea4a-11b6-44a3-b6b4-ac16fe3ef579","block_type":"box","text":"York Stock Exchange, Inc. Medallion Signature Program. Signature guarantees which are not a part of these programs","page_number":159,"box":{"x":68,"y":680,"width":840,"height":11}},{"id":"824952fd-48f8-4c13-b4f5-c2b0d10a3a7f","block_type":"box","text":"will not be accepted. A notary public seal will not be acceptable. Generally, a properly signed written request with any","page_number":159,"box":{"x":68,"y":695,"width":835,"height":11}},{"id":"f568ce2a-a6c7-4344-892a-d050ae405fd1","block_type":"box","text":"required signature guarantee is all that is required for a redemption. In some cases, however, other documents may","page_number":159,"box":{"x":69,"y":710,"width":828,"height":11}},{"id":"ca217340-779d-4b37-a1dc-a7cb59b09c47","block_type":"box","text":"be necessary. Additional documentary evidence of authority is required by the Transfer Agent in the event redemption","page_number":159,"box":{"x":69,"y":725,"width":835,"height":11}},{"id":"71f7da6f-d31f-4eec-88e3-983754d95002","block_type":"box","text":"is requested by a corporation, partnership, trust, fiduciary, executor or administrator.","page_number":159,"box":{"x":70,"y":740,"width":603,"height":11}},{"id":"dfe78780-363f-4056-a7a2-f07b89c82da2","block_type":"box","text":"If you make a redemption request before a Fund has collected payment for the purchase of shares, the Fund","page_number":159,"box":{"x":102,"y":763,"width":774,"height":11}},{"id":"39212540-c7a5-4ebe-bae4-78ece46bb017","block_type":"box","text":"may delay mailing your proceeds. This delay will usually not exceed ten days. A Fund, its Administrators and the","page_number":159,"box":{"x":69,"y":778,"width":795,"height":11}},{"id":"7cf594fd-2347-4dd4-8818-86b54cdf9fb4","block_type":"box","text":"Distributor will employ reasonable procedures to confirm that instructions communicated by telephone are genuine.","page_number":159,"box":{"x":70,"y":793,"width":821,"height":11}},{"id":"1ee040e2-5915-4b68-a990-84d756085beb","block_type":"box","text":"Telephone redemption requests will not be honored if: (i) the accountholder is deceased, (ii) the proceeds are to be","page_number":159,"box":{"x":68,"y":808,"width":823,"height":11}},{"id":"21a2f6b2-f482-4229-86fc-af6a3785de4f","block_type":"box","text":"sent to someone other than the shareholder of record, (iii) a Fund does not have verified information on file, (iv) the","page_number":159,"box":{"x":69,"y":823,"width":823,"height":11}},{"id":"311e1a05-69b5-486d-8e21-5628dcbaf99f","block_type":"box","text":"request is by an individual other than the accountholder of record, (v) the account is held by joint tenants who are","page_number":159,"box":{"x":69,"y":838,"width":809,"height":11}},{"id":"e18378cb-26c8-45fd-948d-4f3314738e3a","block_type":"box","text":"divorced, (vi) the address on the account has changed within the last 30 days or share certificates have been issued","page_number":159,"box":{"x":69,"y":853,"width":833,"height":12}},{"id":"c0c114e7-efd2-45f7-af8c-073e9cfc44f2","block_type":"box","text":"on the account, or (vii) to protect against fraud, if the caller is unable to provide the account number, the name and","page_number":159,"box":{"x":69,"y":869,"width":821,"height":11}},{"id":"bd74531a-321c-4065-9175-65ad40c511e5","block_type":"box","text":"address registered on the account and the social security number registered on the account. The Fund and its","page_number":159,"box":{"x":69,"y":884,"width":785,"height":11}},{"id":"7a57f3f9-47da-4350-8521-2556cbd043cc","block_type":"box","text":"service providers will not be liable for any loss, liability, cost or expense for acting upon telephone instructions that","page_number":159,"box":{"x":69,"y":899,"width":820,"height":11}},{"id":"14327af0-962b-4ace-a759-8138a3783d87","block_type":"box","text":"II-115","page_number":159,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"0ea1285e-e211-4079-b698-77e534e68525","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":159,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6ad1a4a0-da01-4a81-b045-7631dae4a3a2","block_type":"box","text":"are reasonably believed to be genuine in accordance with such procedures. Before telephone requests will be","page_number":160,"box":{"x":69,"y":45,"width":782,"height":11}},{"id":"f138baeb-fa77-49f4-8b19-a235769f4397","block_type":"box","text":"honored, signature approval from all shareholders of record on the account must be obtained. The Fund may refuse a","page_number":160,"box":{"x":69,"y":60,"width":838,"height":11}},{"id":"ba82e2ae-ae3e-4cfe-b476-80275b1270bc","block_type":"box","text":"telephone redemption request if it believes it is advisable to do so. During periods of substantial economic or market","page_number":160,"box":{"x":68,"y":75,"width":837,"height":11}},{"id":"54e2068a-fa27-4570-a891-605b8e67e6ff","block_type":"box","text":"change, telephone redemptions may be difficult to complete. Please find below alternative redemption methods.","page_number":160,"box":{"x":69,"y":90,"width":800,"height":11}},{"id":"2199a9c8-1169-449e-a6b5-4f84967bcf57","block_type":"box","text":"Redemption orders for Institutional Shares placed prior to 4:00 p.m. (Eastern time) on a business day will be","page_number":160,"box":{"x":102,"y":113,"width":776,"height":11}},{"id":"35429d44-e14d-4ec0-a387-08b74734abef","block_type":"box","text":"priced at the NAV determined that day. If redemption orders are received by 4:00 p.m. (Eastern time) on a business","page_number":160,"box":{"x":70,"y":128,"width":823,"height":11}},{"id":"bd9ebd60-d695-4cd6-bfad-82790a91bbe0","block_type":"box","text":"day, payment for redeemed Institutional Shares will normally be wired in Federal Funds on the next business day. If","page_number":160,"box":{"x":69,"y":143,"width":820,"height":11}},{"id":"d7e8091e-dd69-47ce-9e18-94bfaa747abf","block_type":"box","text":"the Federal Reserve Bank of Philadelphia is not open on the business day following receipt of the redemption order,","page_number":160,"box":{"x":68,"y":158,"width":826,"height":11}},{"id":"ddfebaf3-7747-4448-846e-dff422f15f3b","block_type":"box","text":"the redemption order will be accepted and processed the next succeeding business day when the Federal Reserve","page_number":160,"box":{"x":68,"y":173,"width":817,"height":11}},{"id":"33b3bb6b-2d3b-421f-8b31-fb627ec91896","block_type":"box","text":"Bank of Philadelphia is open, provided that the Fund’s custodian is also open for business.","page_number":160,"box":{"x":70,"y":188,"width":648,"height":11}},{"id":"952a1a55-a4da-40b4-8bbc-c9ffdc1dacb0","block_type":"box","text":"Redeem by VRU:","page_number":160,"box":{"x":102,"y":211,"width":120,"height":11}},{"id":"47fa65d7-ed58-4de8-ae62-7643a2d68880","block_type":"box","text":"Investor class shares, excluding Investor P Shares, may also be redeemed by use of a Fund’s","page_number":160,"box":{"x":229,"y":211,"width":667,"height":11}},{"id":"e5015fe3-a3f5-499a-a5bc-e5a6c17625e9","block_type":"box","text":"automated voice response unit service (“VRU”). Payment for Investor class shares redeemed by VRU may be made","page_number":160,"box":{"x":69,"y":226,"width":820,"height":11}},{"id":"25e0aa03-6be7-469b-abfa-5fd1d7556b25","block_type":"box","text":"for non-retirement accounts in amounts up to $25,000, either through check, ACH or wire.","page_number":160,"box":{"x":68,"y":241,"width":644,"height":11}},{"id":"24068d85-0fa7-4ca3-9068-b17b05f0886a","block_type":"box","text":"Redeem by Internet:","page_number":160,"box":{"x":102,"y":264,"width":147,"height":11}},{"id":"b79391af-2704-4f8a-9515-9d355f2f362a","block_type":"box","text":"Certain Investor and Institutional class shares may also be redeemed by logging onto the","page_number":160,"box":{"x":255,"y":264,"width":637,"height":11}},{"id":"6ac7c6c9-911a-42a8-a1b8-8d0e47669963","block_type":"box","text":"BlackRock website at www.blackrock.com. Proceeds from Internet redemptions may be sent via check, ACH or wire to","page_number":160,"box":{"x":70,"y":279,"width":836,"height":11}},{"id":"f3c8114f-1210-4c31-a297-69a52806ffea","block_type":"box","text":"the bank account of record. Payment for shares redeemed by Internet may be made for non-retirement accounts up","page_number":160,"box":{"x":68,"y":294,"width":823,"height":11}},{"id":"4850f6c9-512c-4887-99df-1711a3a29ec2","block_type":"box","text":"to $100,000 per account per day, either through check, ACH or wire. Different maximums may apply to certain","page_number":160,"box":{"x":68,"y":309,"width":789,"height":11}},{"id":"7137492c-4bbe-4ae4-bfdc-c104cc477ba1","block_type":"box","text":"institutional investors.","page_number":160,"box":{"x":70,"y":325,"width":155,"height":8}},{"id":"88cd3e5c-55ef-4628-9524-f89b95558ff9","block_type":"box","text":"Redeem in Writing:","page_number":160,"box":{"x":102,"y":347,"width":137,"height":11}},{"id":"f09643c8-56a2-487a-b969-66a6bd3fc555","block_type":"box","text":"If you hold shares with the Transfer Agent you may redeem such shares without charge by","page_number":160,"box":{"x":247,"y":347,"width":639,"height":11}},{"id":"a2c4aa14-2c4b-46f2-9aa1-3075e53fb0d2","block_type":"box","text":"writing to BlackRock, P.O. Box 534429, Pittsburgh, Pennsylvania 15253-4429. Redemption requests delivered other","page_number":160,"box":{"x":68,"y":362,"width":831,"height":11}},{"id":"2df5ef09-218c-4b50-a4b6-e288852c4811","block_type":"box","text":"than by mail should be sent to BlackRock, Attention: 534429, 1350 Penn Avenue Suite 102, Pittsburgh,","page_number":160,"box":{"x":68,"y":377,"width":745,"height":12}},{"id":"2a1baec6-d99b-4c7c-878b-11ad0966b408","block_type":"box","text":"Pennsylvania 15222. If you hold share certificates issued by your Fund, the letter must be accompanied by","page_number":160,"box":{"x":69,"y":392,"width":764,"height":12}},{"id":"18a5df11-451c-42b8-9a8e-4d6609496023","block_type":"box","text":"certificates for the shares. All shareholders on the account must sign the letter. A medallion signature guarantee will","page_number":160,"box":{"x":69,"y":407,"width":831,"height":12}},{"id":"8370fee1-9ce2-4081-a3b0-bd1625c8a952","block_type":"box","text":"generally be required but may be waived in certain limited circumstances. You can obtain a medallion signature","page_number":160,"box":{"x":68,"y":423,"width":794,"height":11}},{"id":"d5b04baa-203a-43d6-9a84-6b08b7467f45","block_type":"box","text":"guarantee stamp from a bank, securities dealer, securities broker, credit union, savings and loan association,","page_number":160,"box":{"x":68,"y":438,"width":782,"height":11}},{"id":"a89799e0-0320-48f4-b4c6-536aeca908ca","block_type":"box","text":"national securities exchange or registered securities association. A notary public seal will not be acceptable. If you","page_number":160,"box":{"x":69,"y":453,"width":817,"height":11}},{"id":"dc66d936-2fac-40f3-ac50-4c45f1ee3e34","block_type":"box","text":"hold stock certificates, return the certificates with the letter. Proceeds from redemptions may be sent via check, ACH","page_number":160,"box":{"x":69,"y":468,"width":836,"height":11}},{"id":"40e5214a-5887-4cd2-b520-218ad6a87805","block_type":"box","text":"or wire to the bank account of record.","page_number":160,"box":{"x":69,"y":483,"width":266,"height":9}},{"id":"f2ce70b9-0683-451f-b7eb-b19b75c0b351","block_type":"box","text":"Redemptions of Investor P Shares, Service Shares, Class G Shares, Class K Shares and BlackRock Shares may","page_number":160,"box":{"x":102,"y":506,"width":802,"height":11}},{"id":"cd54c0fa-721c-4eed-8ba0-22c358ff929b","block_type":"box","text":"be made in the manner and amounts described in the Prospectuses.","page_number":160,"box":{"x":69,"y":521,"width":489,"height":11}},{"id":"fd1d99e3-0884-425b-b17c-c7f900f9c2ed","block_type":"box","text":"The Funds or the Transfer Agent may temporarily suspend telephone transactions at any time.","page_number":160,"box":{"x":101,"y":543,"width":668,"height":12}},{"id":"f478e6f0-03b5-45d1-a47a-4d9831d99d7d","block_type":"box","text":"If you redeem shares directly with the Transfer Agent, payments will generally be mailed within one business day","page_number":160,"box":{"x":102,"y":566,"width":800,"height":11}},{"id":"1b9fe19b-1f4d-4fb5-8be8-ce5deb011d20","block_type":"box","text":"of receipt of the proper notice of redemption. A Fund may delay the mailing of a redemption check until good payment","page_number":160,"box":{"x":69,"y":581,"width":838,"height":12}},{"id":"3414b3f1-7778-4643-8c78-114203242c46","block_type":"box","text":"(that is, cash, Federal funds or certified check drawn on a U.S. bank) has been collected for the purchase of Fund","page_number":160,"box":{"x":69,"y":596,"width":811,"height":11}},{"id":"57e40678-77b3-4198-a69f-e53b546c2e14","block_type":"box","text":"shares, which delay will usually not exceed 10 days. If your account is held directly with the Transfer Agent and","page_number":160,"box":{"x":69,"y":612,"width":789,"height":11}},{"id":"591e5e9a-92b0-4769-b921-ec328ffcb2cc","block_type":"box","text":"contains a fractional share balance following a redemption, the fractional share balance will be automatically","page_number":160,"box":{"x":69,"y":627,"width":775,"height":11}},{"id":"4d7abaaa-ac91-4a42-b0d5-55932efb54f5","block_type":"box","text":"redeemed by the Fund.","page_number":160,"box":{"x":69,"y":642,"width":162,"height":11}},{"id":"f9df2644-a183-4812-909f-661840e4f1e2","block_type":"box","text":"Note on Low Balance Accounts.","page_number":160,"box":{"x":102,"y":665,"width":223,"height":8}},{"id":"c72799f3-f6bd-440d-bd58-14ef6980ba38","block_type":"box","text":"Because of the high cost of maintaining smaller shareholder accounts,","page_number":160,"box":{"x":332,"y":664,"width":503,"height":12}},{"id":"0b67a4dd-bdfc-4a1c-845f-ae216ec47f87","block_type":"box","text":"BlackRock has set a minimum balance of $500 in each Fund position you hold within your account (“Fund","page_number":160,"box":{"x":70,"y":679,"width":752,"height":12}},{"id":"c014751a-f31a-462e-8d74-8f9140eaf40a","block_type":"box","text":"Minimum”), and may redeem the shares in your account if the NAV of those shares in your account falls below $500","page_number":160,"box":{"x":70,"y":694,"width":829,"height":12}},{"id":"8ca26f08-bc28-4c65-833b-e65390fd5e75","block_type":"box","text":"for any reason, including market fluctuation.","page_number":160,"box":{"x":68,"y":710,"width":313,"height":11}},{"id":"c633bf3b-2d39-47c0-b75b-8b184fe4b1dd","block_type":"box","text":"You will be notified that the value of your account is less than the Fund Minimum before the Fund makes any","page_number":160,"box":{"x":101,"y":732,"width":775,"height":12}},{"id":"d9107998-7a7c-490f-9a30-4a2450a81195","block_type":"box","text":"involuntary redemption. This notification will provide you with a 90 calendar day period to make an additional","page_number":160,"box":{"x":70,"y":748,"width":773,"height":11}},{"id":"2f31399f-6d7f-4d56-9ef1-0813995f0a00","block_type":"box","text":"investment in order to bring the value of your account to at least $500 before the Fund makes an involuntary","page_number":160,"box":{"x":70,"y":762,"width":776,"height":12}},{"id":"1d490997-f369-466e-9a51-99e775fbac74","block_type":"box","text":"redemption. This involuntary redemption will not charge any deferred sales charge, and may not apply to accounts of","page_number":160,"box":{"x":69,"y":778,"width":834,"height":11}},{"id":"a7fc72f2-c38e-4321-ad97-bff8bb606d5f","block_type":"box","text":"certain employer-sponsored retirement plans (not including IRAs), qualified state tuition plan (529 Plan) accounts,","page_number":160,"box":{"x":69,"y":793,"width":811,"height":11}},{"id":"88b09524-36bb-464a-aa0d-932a2ecb8c92","block_type":"box","text":"and select fee-based programs at your financial intermediary.","page_number":160,"box":{"x":69,"y":808,"width":435,"height":11}},{"id":"5213c505-762f-4baa-97aa-fef3167e6cd8","block_type":"box","text":"Redemptions in Kind:","page_number":160,"box":{"x":102,"y":831,"width":153,"height":11}},{"id":"923e59ad-9a41-4156-90c8-205e432d67c9","block_type":"box","text":"Each Fund reserves the right to honor any request for redemption by making payment in","page_number":160,"box":{"x":263,"y":831,"width":624,"height":11}},{"id":"c600c136-165e-4e3c-bab4-220d0af3f21d","block_type":"box","text":"whole or in part by delivering securities valued in the same way as they would be valued for purposes of computing a","page_number":160,"box":{"x":68,"y":846,"width":833,"height":11}},{"id":"512b0c42-e720-4daa-92ee-367cc01f5b1e","block_type":"box","text":"Fund’s NAV, except that each Fund is obligated to redeem shares solely in cash up to the lesser of $250,000 or 1%","page_number":160,"box":{"x":70,"y":860,"width":825,"height":12}},{"id":"6ee78acd-478b-460b-a014-f8b2383325dd","block_type":"box","text":"of the Fund’s NAV during any 90-day period for any one shareholder. Redemptions in excess of those amounts will","page_number":160,"box":{"x":69,"y":876,"width":811,"height":11}},{"id":"b1c66638-9433-425b-b91d-3957a677bd90","block_type":"box","text":"normally be paid in cash but may be paid wholly or partly by a distribution in kind of securities.","page_number":160,"box":{"x":69,"y":891,"width":672,"height":11}},{"id":"7a9c00fb-9cec-4fbe-b02b-fd3e1532e9b1","block_type":"box","text":"II-116","page_number":160,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"bafe711c-864e-43ef-8606-be47ebf0a65e","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":160,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"97786690-4628-4934-9998-ecf3aaf8f9a8","block_type":"box","text":"The specific security or securities to be distributed will be determined by the Manager and could include a pro","page_number":161,"box":{"x":101,"y":45,"width":787,"height":11}},{"id":"d781ea86-97e8-4869-8b2e-b575a6b13930","block_type":"box","text":"rata representation of the Fund’s portfolio or a non-pro-rata representation of the Fund’s portfolio depending upon","page_number":161,"box":{"x":69,"y":60,"width":812,"height":11}},{"id":"aef27899-431c-4deb-9e7f-c0b196f75614","block_type":"box","text":"various circumstances and subject to the Funds’ policies and procedures and any applicable laws or regulations. In","page_number":161,"box":{"x":68,"y":75,"width":822,"height":11}},{"id":"496b6b43-dae6-412e-bb5c-f0f931b3f357","block_type":"box","text":"effecting such redemption in kind, the Manager may select securities to distribute to the redeeming shareholder by","page_number":161,"box":{"x":69,"y":90,"width":822,"height":11}},{"id":"da062e00-7b3a-4051-b512-1d3a052f38af","block_type":"box","text":"considering certain factors, including, without limitation, the portfolio management team’s model or optimal portfolio,","page_number":161,"box":{"x":69,"y":105,"width":838,"height":11}},{"id":"ba74eb1c-f9a7-42e0-86bc-f5e41692330f","block_type":"box","text":"risk management considerations, compliance considerations, the active positioning of a Fund post-redemption, the","page_number":161,"box":{"x":69,"y":120,"width":818,"height":12}},{"id":"62376481-e9a9-4b36-8725-27a93deeaa00","block_type":"box","text":"liquidity of the securities, and the tax basis of the securities. There is no assurance that BlackRock will select to","page_number":161,"box":{"x":70,"y":135,"width":801,"height":11}},{"id":"9e3833bb-8451-4d1b-a53a-34268c07face","block_type":"box","text":"retain those securities that will perform the best. An Index Fund may deviate from pro rata redemptions but will seek","page_number":161,"box":{"x":69,"y":150,"width":832,"height":12}},{"id":"3303ab91-a0cf-4995-bad8-000f75fcf8ff","block_type":"box","text":"for the securities and other assets to be distributed to be deemed to be a fair representation of portfolio holdings","page_number":161,"box":{"x":68,"y":166,"width":812,"height":11}},{"id":"3c26c237-6520-4cac-890b-14dccddcf0f9","block_type":"box","text":"and the interests of the remaining shareholders in the Index Fund to not be diluted.","page_number":161,"box":{"x":69,"y":181,"width":594,"height":11}},{"id":"9e234b2d-14e0-4352-ac11-ecfa79f6a35a","block_type":"box","text":"The Funds may effect redemptions in kind in an effort to, among other considerations: (a) manage the portfolio","page_number":161,"box":{"x":101,"y":203,"width":795,"height":12}},{"id":"db7cd7c7-d5d3-40fb-9a72-9f42cea66951","block_type":"box","text":"efficiently or for any other portfolio management purpose, and (b) externalize certain transaction costs that would","page_number":161,"box":{"x":69,"y":218,"width":810,"height":12}},{"id":"3c8dbcfb-328d-4483-82c3-479c77098908","block_type":"box","text":"otherwise be borne by a Fund in connection with redemption activity or portfolio turnover. Redemptions in kind may","page_number":161,"box":{"x":69,"y":234,"width":820,"height":11}},{"id":"c7394c55-7393-4987-96f4-1267a124bc5a","block_type":"box","text":"reduce the need for the Fund to maintain short-term cash reserves, reduce Fund transaction costs, reduce the need","page_number":161,"box":{"x":69,"y":249,"width":828,"height":10}},{"id":"c3f6ce91-224d-47f1-bb6d-1134a421d258","block_type":"box","text":"for the Fund to sell its investments at inopportune times, and lower Fund capital gain recognition, all of which may be","page_number":161,"box":{"x":68,"y":264,"width":838,"height":11}},{"id":"007123b3-ecdc-4ba6-9e5d-0c88d71bef23","block_type":"box","text":"considerations when determining whether to effect a redemption in kind. However, there can be no assurance that","page_number":161,"box":{"x":69,"y":279,"width":817,"height":11}},{"id":"69c62be2-b010-4b41-a465-b3f1fa2eeebb","block_type":"box","text":"redemptions in kind can or will be effected when they would be beneficial to a Fund, and it may be impractical or","page_number":161,"box":{"x":69,"y":294,"width":802,"height":11}},{"id":"0ff78358-dbd6-44a3-8d03-1da33292436b","block_type":"box","text":"impossible to effect redemptions in kind with many or substantially all of the Fund’s shareholders because of, among","page_number":161,"box":{"x":70,"y":309,"width":837,"height":11}},{"id":"af11a8e2-1297-4bd9-becf-d8c3a32259a4","block_type":"box","text":"other things, how they hold their Fund shares or the small value of the redemptions.","page_number":161,"box":{"x":69,"y":324,"width":598,"height":12}},{"id":"d7f6526d-d7f0-4602-9129-4c97d2997035","block_type":"box","text":"In some circumstances, in order to meet Fund liquidity needs, for optimization of the Fund’s portfolio, or a","page_number":161,"box":{"x":102,"y":347,"width":756,"height":11}},{"id":"609b6b3a-1cf1-49a2-81d9-a5b2dc8fc177","block_type":"box","text":"combination thereof, a Fund, in its discretion, may accept large purchase orders from one or more financial","page_number":161,"box":{"x":69,"y":362,"width":764,"height":11}},{"id":"12fda0d0-292e-4dcf-b4fb-c2def47650ef","block_type":"box","text":"institutions that are willing, upon redemption of their investment in the Fund, to receive their redemption proceeds in","page_number":161,"box":{"x":70,"y":377,"width":830,"height":12}},{"id":"96d11698-b951-46e2-b0e3-92f8c25132ec","block_type":"box","text":"kind rather than in cash. A Fund’s ability to pay these redemption proceeds in kind relieves the Fund of the need of","page_number":161,"box":{"x":69,"y":392,"width":821,"height":12}},{"id":"5da0233e-3665-40ac-baa8-e7f51fb48b0d","block_type":"box","text":"the Fund to sell the securities that are distributed in kind and incur brokerage and other transaction costs associated","page_number":161,"box":{"x":68,"y":408,"width":837,"height":11}},{"id":"72132fbc-f9a9-4f4b-af0e-87066efb65e1","block_type":"box","text":"with such sale, and may have the effect of reducing the amount of taxable gains the Fund would otherwise be","page_number":161,"box":{"x":68,"y":423,"width":784,"height":11}},{"id":"70bba82a-58a1-425d-95d7-0fb367444c0d","block_type":"box","text":"required to distribute to shareholders. A Fund’s ability to engage in such transactions is subject to, among other","page_number":161,"box":{"x":69,"y":438,"width":801,"height":11}},{"id":"5adb5592-68d7-4147-838d-94f2460608c1","block_type":"box","text":"things, limitations on frequency of redemptions in kind under the Fund’s policies and availability of shareholders able","page_number":161,"box":{"x":68,"y":453,"width":835,"height":11}},{"id":"470f35d1-d0f9-40a0-8e4e-b88310b775ca","block_type":"box","text":"to transact in kind, and there is no assurance that the Fund can or will effect any redemptions in kind. Financial","page_number":161,"box":{"x":68,"y":468,"width":796,"height":11}},{"id":"1532c74b-e9d5-495b-9633-088194364ffb","block_type":"box","text":"institutions that participate in the transactions described in this sub-section do not receive a fee from the Fund for","page_number":161,"box":{"x":70,"y":483,"width":816,"height":11}},{"id":"64a5909e-1610-4d16-beaf-8fbe5d5cc847","block_type":"box","text":"doing so. The Funds’ short-term trading policy shall not apply to the transactions described in this sub-section.","page_number":161,"box":{"x":69,"y":498,"width":788,"height":11}},{"id":"ebe8801e-7f06-4134-a74d-77d4c5adf02c","block_type":"box","text":"If you receive securities through a redemption in kind, and desire to convert them to cash, you may pay taxes","page_number":161,"box":{"x":102,"y":521,"width":779,"height":11}},{"id":"bf66796d-af49-42d0-aecc-a40a7d586e27","block_type":"box","text":"and brokerage and other transaction costs to dispose of the securities. You may also receive less for the securities","page_number":161,"box":{"x":69,"y":536,"width":823,"height":11}},{"id":"1d8b08d0-3191-47b3-bc52-1a817d501edc","block_type":"box","text":"than the price at which they were valued for purposes of effecting the redemption. There may also be a risk that","page_number":161,"box":{"x":68,"y":551,"width":800,"height":11}},{"id":"b3d713c7-fbbe-4e6e-b3a0-ab56b7618bea","block_type":"box","text":"redemption in kind activity could negatively impact the market value of the securities distributed in kind and, in turn,","page_number":161,"box":{"x":69,"y":566,"width":826,"height":11}},{"id":"d78289b5-5f21-4e71-b613-1d3fb09a5ae5","block_type":"box","text":"the NAV of the corresponding Fund.","page_number":161,"box":{"x":68,"y":581,"width":251,"height":12}},{"id":"f8782d50-497e-4dc2-bcdf-475032475526","block_type":"box","text":"Repurchase","page_number":161,"box":{"x":69,"y":612,"width":85,"height":11}},{"id":"4dbfd0f7-0907-496d-a3e2-6a59f8a9cab7","block_type":"box","text":"A Fund normally will accept orders to repurchase shares from Selling Dealers for their customers. Shares will be","page_number":161,"box":{"x":101,"y":634,"width":800,"height":12}},{"id":"ead5ffc1-8fea-45e1-9019-fb10bc543521","block_type":"box","text":"priced at the NAV of the Fund next determined after receipt of the repurchase order by a Selling Dealer that has been","page_number":161,"box":{"x":70,"y":649,"width":833,"height":12}},{"id":"1234be24-b2b7-4e54-b3b9-df51bf5b7b0a","block_type":"box","text":"authorized by the Distributor by contract to accept such orders. As to repurchase orders received by Selling Dealers","page_number":161,"box":{"x":69,"y":665,"width":822,"height":11}},{"id":"0ea07921-a237-4004-aa96-fd114cd37a5f","block_type":"box","text":"prior to the close of business on the NYSE (generally, the NYSE closes at 4:00 p.m. Eastern time), on the day the","page_number":161,"box":{"x":70,"y":680,"width":809,"height":11}},{"id":"87fd4e76-0853-47c9-b0be-2871747e01b8","block_type":"box","text":"order is placed, which includes orders received after the close of business on the previous day, the repurchase price","page_number":161,"box":{"x":69,"y":695,"width":831,"height":11}},{"id":"7a1ed241-780b-4414-bca4-b33f342d6426","block_type":"box","text":"is the NAV determined as of the close of business on the NYSE on that day. If the orders for repurchase are not","page_number":161,"box":{"x":70,"y":710,"width":796,"height":11}},{"id":"47b2cf3a-75ff-436e-8f6b-7a97de668f19","block_type":"box","text":"received by the Selling Dealer before the close of business on the NYSE, such orders are deemed received on the","page_number":161,"box":{"x":69,"y":725,"width":812,"height":11}},{"id":"9a9834f7-995c-4e41-b695-ccb74c13d9b4","block_type":"box","text":"next business day.","page_number":161,"box":{"x":69,"y":740,"width":130,"height":11}},{"id":"0ea16e8f-a36c-487e-8b01-10bebdda02fb","block_type":"box","text":"These repurchase arrangements are for your convenience and do not involve a charge by the Fund (other than","page_number":161,"box":{"x":101,"y":763,"width":783,"height":11}},{"id":"147dfda9-7469-4497-97a5-6a5d6ed2473e","block_type":"box","text":"any applicable CDSC or redemption fee). However, Selling Dealers may charge a processing fee in connection with","page_number":161,"box":{"x":69,"y":778,"width":813,"height":11}},{"id":"7457832e-a529-4b6b-8fa5-887b44a9a61e","block_type":"box","text":"such transactions. In addition, securities firms that do not have selected dealer agreements with the Distributor may","page_number":161,"box":{"x":69,"y":793,"width":832,"height":11}},{"id":"7cd4a9b6-8a0b-47c3-a11e-570e44fb9e21","block_type":"box","text":"impose a transaction charge for transmitting the notice of repurchase to the Fund. Each Fund reserves the right to","page_number":161,"box":{"x":70,"y":808,"width":814,"height":11}},{"id":"9c52ccb3-9466-49ae-b903-52e2664eea3e","block_type":"box","text":"reject any order for repurchase. A shareholder whose order for repurchase is rejected by a Fund, however, may","page_number":161,"box":{"x":69,"y":823,"width":788,"height":11}},{"id":"2732e8d0-0e95-4728-803f-ab60bee8dac2","block_type":"box","text":"redeem shares as set out above.","page_number":161,"box":{"x":69,"y":839,"width":235,"height":8}},{"id":"78ff5b2a-028a-42c9-9f14-cc4a6be51453","block_type":"box","text":"II-117","page_number":161,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"110c3ef9-05a3-4445-b619-deea2c94fa2a","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":161,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5048dbce-a724-41f0-a2ed-5cb6e606efe1","block_type":"box","text":"Reinstatement Privilege — Investor A and Investor P Shares","page_number":162,"box":{"x":69,"y":45,"width":440,"height":11}},{"id":"c6bb07c0-368d-4026-be1a-4bf0a8463659","block_type":"box","text":"Upon redemption of Investor A, Investor A1, Investor P or Institutional Shares, as applicable, shareholders may","page_number":162,"box":{"x":102,"y":67,"width":791,"height":11}},{"id":"1d22bcf0-ef09-48d6-ac04-756075c5ecde","block_type":"box","text":"reinvest all or a portion of their redemption proceeds (after paying any applicable CDSC) in Investor A or Investor P","page_number":162,"box":{"x":69,"y":82,"width":815,"height":12}},{"id":"6dc81724-9a5f-4684-97b8-8ecbba7ae732","block_type":"box","text":"Shares of the same or another BlackRock fund without paying a front-end sales charge. This right may be exercised","page_number":162,"box":{"x":69,"y":98,"width":822,"height":11}},{"id":"3d88a20e-f406-48b2-a79b-02edec5c2b91","block_type":"box","text":"within 90 days of the redemption, provided that the Investor A or Investor P Shares, as applicable, of that fund is","page_number":162,"box":{"x":68,"y":113,"width":806,"height":11}},{"id":"7911630a-7c45-4ffb-a7ea-6fb0a38846cb","block_type":"box","text":"currently open to new investors or the shareholder has a current account in that closed fund. Shares will be","page_number":162,"box":{"x":69,"y":128,"width":768,"height":11}},{"id":"c23d2b45-5b41-495f-a754-4097fe3c822b","block_type":"box","text":"purchased at the NAV calculated at the close of trading on the day the request is received in good order. To exercise","page_number":162,"box":{"x":70,"y":143,"width":827,"height":11}},{"id":"c104def6-3824-4b89-96e9-4f355c28967a","block_type":"box","text":"this privilege, the Transfer Agent must receive written notification from the shareholder of record or the registered","page_number":162,"box":{"x":68,"y":158,"width":809,"height":11}},{"id":"67d2be17-357c-405e-b2fc-179a81a7be2a","block_type":"box","text":"representative of record, at the time of purchase. Investors should consult a tax advisor concerning the tax","page_number":162,"box":{"x":69,"y":173,"width":764,"height":11}},{"id":"2159f107-2636-4987-a4fa-a0104c1c8f35","block_type":"box","text":"consequences of exercising this reinstatement privilege.","page_number":162,"box":{"x":69,"y":188,"width":400,"height":12}},{"id":"f0cb8c31-c0da-4ff9-adf4-cc43d4af716b","block_type":"box","text":"SHAREHOLDER SERVICES","page_number":162,"box":{"x":384,"y":218,"width":210,"height":9}},{"id":"1594c3c0-29a0-4caa-8ed9-ece936c4d557","block_type":"box","text":"Each Fund offers one or more of the shareholder services described below that are designed to facilitate","page_number":162,"box":{"x":102,"y":241,"width":747,"height":11}},{"id":"85dc39ac-07eb-4fce-ad67-f13213c3a587","block_type":"box","text":"investment in its shares. You can obtain more information about these services from each Fund by calling the","page_number":162,"box":{"x":70,"y":256,"width":781,"height":11}},{"id":"09986ed3-c6ba-4573-b24e-f91306d59961","block_type":"box","text":"telephone number on the cover page, or from the Distributor, your financial adviser, your selected securities dealer or","page_number":162,"box":{"x":68,"y":271,"width":836,"height":11}},{"id":"afbcd038-edd2-4c62-a8e9-cc38cb43ffd2","block_type":"box","text":"other financial intermediary. Certain of these services are available only to U.S. investors.","page_number":162,"box":{"x":69,"y":286,"width":641,"height":11}},{"id":"0a0b2751-9851-4674-ac73-81782c7548fa","block_type":"box","text":"Investment Account","page_number":162,"box":{"x":69,"y":316,"width":146,"height":9}},{"id":"9970fb9d-ab38-4894-b43c-aaf5a5f37412","block_type":"box","text":"If your account is maintained at the Transfer Agent (an “Investment Account”) you will receive statements, at","page_number":162,"box":{"x":102,"y":339,"width":774,"height":11}},{"id":"41a1e12a-ffa9-4038-9290-bb2d8cf8ce8a","block_type":"box","text":"least quarterly, from the Transfer Agent. These statements will serve as confirmations for automatic investment","page_number":162,"box":{"x":70,"y":354,"width":796,"height":11}},{"id":"0ba131d9-2310-478c-b8d6-4d6e43f0f175","block_type":"box","text":"purchases and the reinvestment of dividends. The statements also will show any other activity in your Investment","page_number":162,"box":{"x":70,"y":369,"width":807,"height":11}},{"id":"cfb1ff20-f35c-4e6a-a5b3-2f63ff450dbe","block_type":"box","text":"Account since the last statement. You also will receive separate confirmations for each purchase or sale transaction","page_number":162,"box":{"x":68,"y":384,"width":830,"height":11}},{"id":"12b34a0b-dde5-4dc5-94cf-44b172a1e752","block_type":"box","text":"other than automatic investment purchases and the reinvestment of dividends. If your Investment Account is held at","page_number":162,"box":{"x":69,"y":399,"width":829,"height":11}},{"id":"4bde9c9f-97fe-4141-838d-ab133060a81b","block_type":"box","text":"the Transfer Agent you may make additions to it at any time by mailing a check directly to the Transfer Agent. Each","page_number":162,"box":{"x":68,"y":414,"width":815,"height":12}},{"id":"8e6620cc-b714-4eb8-97f6-b8022e995ca8","block_type":"box","text":"Fund limits purchases by personal check to $500,000 per trade. You may also maintain an account through a","page_number":162,"box":{"x":70,"y":429,"width":781,"height":12}},{"id":"e183eb67-78c6-4a08-8829-aa75a436095f","block_type":"box","text":"selected securities dealer or other financial intermediary. If you transfer shares out of an account maintained with a","page_number":162,"box":{"x":69,"y":445,"width":825,"height":11}},{"id":"fcacf74c-725c-4fe5-acb3-7414827dbb0d","block_type":"box","text":"selected securities dealer or other financial intermediary, an Investment Account in your name may be opened","page_number":162,"box":{"x":69,"y":460,"width":785,"height":11}},{"id":"e7413831-1d7b-480c-8c7c-fe058e727eac","block_type":"box","text":"automatically at the Transfer Agent.","page_number":162,"box":{"x":69,"y":475,"width":251,"height":11}},{"id":"07dcb8d9-39d0-40ed-80b9-88334e2920fc","block_type":"box","text":"You may transfer Fund shares from a selected securities dealer or other financial intermediary to another","page_number":162,"box":{"x":101,"y":498,"width":750,"height":11}},{"id":"ba41c7a2-0ee3-4f4c-9095-3fe179093a84","block_type":"box","text":"securities dealer or other financial intermediary that has entered into an agreement with the Distributor. Certain","page_number":162,"box":{"x":69,"y":513,"width":797,"height":11}},{"id":"1eb9de60-346f-43ee-904a-afe68e00d720","block_type":"box","text":"shareholder services may not be available for the transferred shares. All future trading of these assets must be","page_number":162,"box":{"x":69,"y":528,"width":797,"height":11}},{"id":"14389faf-7275-4324-9de7-6ba5b42c328d","block_type":"box","text":"coordinated by the new firm. If you wish to transfer your shares to a securities dealer or other financial intermediary","page_number":162,"box":{"x":69,"y":543,"width":826,"height":11}},{"id":"892bc4f6-f500-4755-8e44-4880a43b3e93","block_type":"box","text":"that has not entered into an agreement with the Distributor, you must either (i) redeem your shares, paying any","page_number":162,"box":{"x":68,"y":558,"width":792,"height":11}},{"id":"57a1c630-ed8d-40cc-8c9f-d25195c3dd2f","block_type":"box","text":"applicable CDSC or (ii) continue to maintain an Investment Account at the Transfer Agent for those shares. You also","page_number":162,"box":{"x":69,"y":573,"width":824,"height":11}},{"id":"9611c68c-1fa2-4612-a37f-bf9f25e36bbb","block_type":"box","text":"may request that the new securities dealer or other financial intermediary maintain the shares in an account at the","page_number":162,"box":{"x":69,"y":588,"width":820,"height":11}},{"id":"8e413e4a-6df0-458d-a342-42ed926fe75b","block_type":"box","text":"Transfer Agent registered in the name of the securities dealer or other financial intermediary for your benefit whether","page_number":162,"box":{"x":68,"y":603,"width":833,"height":12}},{"id":"e657ea2c-0520-4f97-a2e1-be403cf2a5f6","block_type":"box","text":"the securities dealer or other financial intermediary has entered into a selected dealer agreement or not. In the","page_number":162,"box":{"x":68,"y":618,"width":795,"height":12}},{"id":"ec3cc556-68d5-40c5-927a-4d5d46249ddf","block_type":"box","text":"interest of economy and convenience and because of the operating procedures of each Fund, share certificates will","page_number":162,"box":{"x":70,"y":634,"width":822,"height":11}},{"id":"75a4793e-b64e-42cd-b941-e99e76bb2829","block_type":"box","text":"not be issued physically. Shares are maintained by each Fund on its register maintained by the Transfer Agent and","page_number":162,"box":{"x":69,"y":649,"width":814,"height":11}},{"id":"8cda0419-d132-4ad8-a07f-03cfa18d6111","block_type":"box","text":"the holders thereof will have the same rights and ownership with respect to such shares as if certificates had been","page_number":162,"box":{"x":68,"y":664,"width":822,"height":11}},{"id":"e41872e4-03e4-4c72-b8ac-f74d37f0a0f7","block_type":"box","text":"issued.","page_number":162,"box":{"x":70,"y":679,"width":49,"height":9}},{"id":"e0bada00-cf69-41f5-9468-274c227f0a23","block_type":"box","text":"If you are considering transferring a tax-deferred retirement account, such as an individual retirement account,","page_number":162,"box":{"x":102,"y":702,"width":785,"height":11}},{"id":"7563aa5b-ee23-4183-acc3-6e634d315cd8","block_type":"box","text":"from one selected securities dealer to another securities dealer or other financial intermediary, you should be aware","page_number":162,"box":{"x":68,"y":717,"width":830,"height":11}},{"id":"579eb680-a5fa-428b-8909-e7f062eebdda","block_type":"box","text":"that if the new firm will not take delivery of shares of the Fund, you must either redeem the shares (paying any","page_number":162,"box":{"x":68,"y":732,"width":790,"height":11}},{"id":"7ec94034-8106-495d-afc3-26b700fa8d08","block_type":"box","text":"applicable CDSC) so that the cash proceeds can be transferred to the account at the new firm, or you must continue","page_number":162,"box":{"x":69,"y":747,"width":831,"height":11}},{"id":"9c3014f6-9bf6-4014-9124-fd83b1f7f61c","block_type":"box","text":"to maintain a retirement account at the original selected securities dealer for those shares.","page_number":162,"box":{"x":68,"y":762,"width":652,"height":11}},{"id":"9b5ea38c-130f-417e-940d-a931fe64529c","block_type":"box","text":"Exchange Privilege","page_number":162,"box":{"x":69,"y":792,"width":138,"height":11}},{"id":"45d5b655-9418-4520-aebf-28459d9fca82","block_type":"box","text":"U.S. shareholders of Investor A, Investor A1, Investor C, Investor P, Class K, Institutional and Class G Shares of","page_number":162,"box":{"x":102,"y":815,"width":797,"height":11}},{"id":"123d869a-0b58-4f11-9430-a3b4ac208d04","block_type":"box","text":"each Fund have an exchange privilege with certain other Funds. However, Investor A1 Shares may only exchange out.","page_number":162,"box":{"x":69,"y":830,"width":832,"height":11}},{"id":"caade665-bfe1-4f06-ba6d-b66dc909abe3","block_type":"box","text":"The minimum amount for exchanges of Investor class shares is $1,000, although you may exchange less than","page_number":162,"box":{"x":68,"y":845,"width":788,"height":12}},{"id":"8b80d93f-a0b0-4fe7-8ade-f54c7ab972d3","block_type":"box","text":"$1,000 if you already have an account in the Fund into which you are exchanging. You may only exchange into a","page_number":162,"box":{"x":69,"y":860,"width":796,"height":12}},{"id":"d5cb6707-a9f7-47c2-8d66-2e979914f64b","block_type":"box","text":"share class and a Fund that are open to new investors or in which you have a current account if the class or fund is","page_number":162,"box":{"x":69,"y":875,"width":824,"height":12}},{"id":"c72647dc-5872-4851-b561-e5fd783cb89b","block_type":"box","text":"closed to new investors. Before effecting an exchange, you should obtain a currently effective prospectus of the fund","page_number":162,"box":{"x":69,"y":891,"width":835,"height":11}},{"id":"a2725d96-833b-4369-a867-2fae7659bf0c","block_type":"box","text":"II-118","page_number":162,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"157d6844-3d58-4ca1-81ec-09332ad42bf5","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":162,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8537b40d-4fc7-42fd-ac22-4746cc134efa","block_type":"box","text":"into which you wish to make the exchange. Exercise of the exchange privilege is treated as a sale of the exchanged","page_number":163,"box":{"x":70,"y":45,"width":820,"height":11}},{"id":"77391ae9-f6e0-4188-b924-7915d1ca1f21","block_type":"box","text":"shares and a purchase of the acquired shares for U.S. federal income tax purposes.","page_number":163,"box":{"x":69,"y":60,"width":600,"height":11}},{"id":"2fd01d4c-42dd-4d0d-9fce-282c13a346a1","block_type":"box","text":"Exchanges of Investor A, Investor A1, Investor P, Class K, Institutional and Class G Shares.","page_number":163,"box":{"x":102,"y":82,"width":648,"height":12}},{"id":"c80104ab-1304-47ca-a3b2-1214968bb53c","block_type":"box","text":"Institutional Shares","page_number":163,"box":{"x":757,"y":83,"width":137,"height":8}},{"id":"16338969-8679-480b-8254-9b5370b00244","block_type":"box","text":"are exchangeable with Institutional Shares of other Funds. Investor A and Investor A1 Shares are exchangeable for","page_number":163,"box":{"x":69,"y":98,"width":817,"height":11}},{"id":"032b801d-22d9-4d84-869c-37976284c8d8","block_type":"box","text":"Investor A Shares of other Funds to the extent such shares are offered by your financial intermediary. Investor P","page_number":163,"box":{"x":70,"y":113,"width":798,"height":11}},{"id":"abe1a287-62c6-437e-be75-762e7d21272f","block_type":"box","text":"Shares are exchangeable for Investor P Shares of other Funds, to the extent such shares are offered by your financial","page_number":163,"box":{"x":69,"y":128,"width":838,"height":11}},{"id":"4c141e72-5b8a-45b0-bfa9-12d2c9f6da65","block_type":"box","text":"intermediary. Class K Shares are exchangeable for Class K Shares of other Funds. Class G Shares are exchangeable","page_number":163,"box":{"x":70,"y":143,"width":834,"height":11}},{"id":"103e27c1-a9f7-4743-8b4a-abe14ca42de3","block_type":"box","text":"for Class G Shares of other Funds.","page_number":163,"box":{"x":68,"y":158,"width":246,"height":9}},{"id":"c0d40e21-0fc4-4191-8061-1c638e0fdd4c","block_type":"box","text":"Exchanges of Institutional Shares outstanding for Institutional Shares of a second fund or for shares of a money","page_number":163,"box":{"x":102,"y":181,"width":800,"height":11}},{"id":"7ab3ae8a-4c80-43fe-a62c-0cd09bc8bd02","block_type":"box","text":"market fund are effected on the basis of relative NAV per Institutional Share. Exchanges of Investor A or Investor A1","page_number":163,"box":{"x":69,"y":196,"width":826,"height":11}},{"id":"94010223-55c3-4138-95d8-3c26e169885e","block_type":"box","text":"Shares outstanding (“outstanding Investor A Shares”) for Investor A Shares of a second fund, or for shares of a","page_number":163,"box":{"x":69,"y":211,"width":795,"height":11}},{"id":"ed600706-4ee9-4c70-9dd0-3ff523cc294a","block_type":"box","text":"money market fund (“new Investor A Shares”) are effected on the basis of relative NAV per share. Exchanges of","page_number":163,"box":{"x":69,"y":226,"width":797,"height":11}},{"id":"6f030bef-ec1a-4a14-917a-1bdb648d986f","block_type":"box","text":"Investor P Shares outstanding for Investor P Shares of a second fund are effected on the basis of relative NAV per","page_number":163,"box":{"x":70,"y":241,"width":814,"height":11}},{"id":"e66f2c47-4915-4ada-9a89-05a35f1bafe2","block_type":"box","text":"share. Exchanges of Class K Shares outstanding for Class K Shares of a second fund, or for shares of a money","page_number":163,"box":{"x":69,"y":256,"width":796,"height":12}},{"id":"a5c50f66-f0de-4358-9de8-6ad5bf2bd8c2","block_type":"box","text":"market fund are effected on the basis of relative NAV per share. Exchanges of Class G Shares outstanding for Class","page_number":163,"box":{"x":69,"y":271,"width":828,"height":12}},{"id":"05117646-a4b4-472d-bd6d-e046bc4bb5bc","block_type":"box","text":"G Shares of a second fund are effected on the basis of relative NAV per share.","page_number":163,"box":{"x":69,"y":286,"width":561,"height":11}},{"id":"44d798eb-bc85-4e42-bd78-527b434267f5","block_type":"box","text":"Exchanges of Investor C Shares.","page_number":163,"box":{"x":102,"y":309,"width":229,"height":11}},{"id":"447f381c-79ac-4e99-8ce2-928929ee7819","block_type":"box","text":"Shareholders of certain Funds with Investor C Shares outstanding (“outstanding","page_number":163,"box":{"x":338,"y":309,"width":570,"height":11}},{"id":"a7edd45a-0f95-4b1d-88af-8457ed0f0955","block_type":"box","text":"Investor C Shares”) may exchange their shares for Investor C Shares of a second Fund (“new Investor C Shares”) or","page_number":163,"box":{"x":70,"y":324,"width":827,"height":12}},{"id":"383b4d52-1f71-4a83-bb28-da92ede68732","block_type":"box","text":"for shares of a money market fund (“new money market fund Shares”) on the basis of relative NAV per share, without","page_number":163,"box":{"x":68,"y":339,"width":839,"height":12}},{"id":"bf4bb536-3c6d-42e3-9603-e93f9d1978d1","block_type":"box","text":"the payment of any CDSC. Certain Funds impose different CDSC schedules. For purposes of computing the CDSC","page_number":163,"box":{"x":68,"y":355,"width":811,"height":11}},{"id":"fefa24b4-fca7-4a68-af5a-0b284f521fc8","block_type":"box","text":"upon redemption of new Investor C Shares or new money market fund Shares, as applicable, the time you held both","page_number":163,"box":{"x":69,"y":370,"width":827,"height":11}},{"id":"941ec63c-f398-465d-ab15-08a70fe2f875","block_type":"box","text":"the exchanged Investor C Shares and the new Investor C Shares or new money market fund Shares will count","page_number":163,"box":{"x":68,"y":385,"width":781,"height":11}},{"id":"a6898600-0d9a-494a-8fe9-ee1d3344273d","block_type":"box","text":"towards the holding period of the new Investor C Shares or new money market fund Shares.","page_number":163,"box":{"x":68,"y":400,"width":654,"height":11}},{"id":"cbdd6e8f-562e-4866-b714-2d5043bc3e67","block_type":"box","text":"Exchanges of Service Shares.","page_number":163,"box":{"x":102,"y":423,"width":211,"height":11}},{"id":"d94aaf21-40f9-4952-9d7f-81b892d6888d","block_type":"box","text":"Service Shares can be exchanged for Service Shares of Funds that are covered by","page_number":163,"box":{"x":319,"y":423,"width":588,"height":11}},{"id":"5283f5fd-62ab-4e7e-85d1-0ad1d46f9242","block_type":"box","text":"selected dealer agreements with the Distributor.","page_number":163,"box":{"x":69,"y":438,"width":342,"height":11}},{"id":"c0856a75-ebba-4b3b-ba19-9b9839669166","block_type":"box","text":"Exchanges for Shares of a Money Market Fund.","page_number":163,"box":{"x":102,"y":460,"width":335,"height":12}},{"id":"cc2dcda4-1c6b-48e5-af8d-81bc88d1b5ee","block_type":"box","text":"You may exchange any class of Investor class shares, excluding","page_number":163,"box":{"x":443,"y":460,"width":455,"height":12}},{"id":"4e486081-1d84-4916-9e25-68c58764c593","block_type":"box","text":"Investor P Shares, for shares of an affiliated money market fund. If you exchange into BlackRock Summit Cash","page_number":163,"box":{"x":70,"y":475,"width":788,"height":12}},{"id":"31fe190a-25e0-4f4e-a1ff-18c49deb8d60","block_type":"box","text":"Reserves Fund (“Summit”), a series of BlackRock Financial Institutions Series Trust, you will receive one of two","page_number":163,"box":{"x":70,"y":491,"width":793,"height":11}},{"id":"723321b2-5385-4e45-b9e2-117a95f2e162","block_type":"box","text":"classes of shares: exchanges of Investor A, Investor A1 and Institutional Shares of a Fund will receive Investor A","page_number":163,"box":{"x":69,"y":506,"width":802,"height":11}},{"id":"1ba51f4c-5ad3-4d7d-b45a-9f6b0aa201ac","block_type":"box","text":"Shares of Summit and exchanges of Investor C Shares of a Fund will receive Investor C Shares of Summit. You may","page_number":163,"box":{"x":69,"y":521,"width":824,"height":11}},{"id":"dded4b34-4306-462e-a54e-9212c4753ab7","block_type":"box","text":"exchange Investor A Shares of Summit back into Investor A or Institutional Shares of a Fund, if you are eligible to","page_number":163,"box":{"x":69,"y":536,"width":805,"height":11}},{"id":"5b91b444-7f24-47a1-b703-0275ba358a34","block_type":"box","text":"hold such shares. You may exchange Investor C Shares of Summit back into Investor C Shares of a Fund and, in the","page_number":163,"box":{"x":69,"y":551,"width":827,"height":11}},{"id":"82ab3030-0454-47cc-a219-bbccfc1ce1a1","block_type":"box","text":"event of such an exchange, the period of time that you held Investor C Shares of Summit will count toward","page_number":163,"box":{"x":69,"y":566,"width":758,"height":11}},{"id":"29699345-f61b-46b2-ae70-fd74f7d3809a","block_type":"box","text":"satisfaction of the holding period requirement for purposes of reducing any CDSC. Investor C Shares of Summit are","page_number":163,"box":{"x":69,"y":581,"width":822,"height":12}},{"id":"23b340df-2279-4406-afc1-bd7c3eb44512","block_type":"box","text":"subject to a distribution fee at an annual rate of 0.75% of average daily net assets of such Investor C Shares.","page_number":163,"box":{"x":69,"y":596,"width":782,"height":12}},{"id":"06df8efd-581c-44c8-9a0a-51c85b8f3a88","block_type":"box","text":"Exchanges of Investor C Shares of a money market fund other than Summit for Investor C Shares of a Fund will be","page_number":163,"box":{"x":70,"y":612,"width":814,"height":11}},{"id":"8c329645-0f85-4963-ac42-67750aa96b4d","block_type":"box","text":"exercised at NAV. However, a CDSC may be charged in connection with any subsequent redemption of the Investor C","page_number":163,"box":{"x":69,"y":627,"width":830,"height":11}},{"id":"21e45a6d-1549-4cb9-9855-3c058bfc220a","block_type":"box","text":"Shares of the Fund received in the exchange. In determining the holding period for calculating the CDSC payable on","page_number":163,"box":{"x":69,"y":642,"width":821,"height":11}},{"id":"dd9bbfc5-81b3-4509-a584-5f4624523fbd","block_type":"box","text":"redemption of Investor C Shares of the Fund received in the exchange, the holding period of the money market fund","page_number":163,"box":{"x":69,"y":657,"width":823,"height":11}},{"id":"5d15029f-3345-4fab-ad48-1b4f8c34f8db","block_type":"box","text":"Investor C Shares originally held will be added to the holding period of the Investor C Shares acquired through","page_number":163,"box":{"x":70,"y":672,"width":781,"height":11}},{"id":"741b8610-ae11-4fe6-aac1-2d93727845e1","block_type":"box","text":"exchange.","page_number":163,"box":{"x":69,"y":687,"width":70,"height":11}},{"id":"67462166-0673-4d0e-a5cf-0d44c070911d","block_type":"box","text":"Exchanges by Par ticipants in Cer tain Programs.","page_number":163,"box":{"x":102,"y":710,"width":337,"height":11}},{"id":"bffb1d54-2e1b-43af-b7db-7a5276425b9a","block_type":"box","text":"The exchange privilege may be modified with respect to certain","page_number":163,"box":{"x":445,"y":710,"width":448,"height":11}},{"id":"e67cb27b-4bc0-46ce-ba91-705bb6b076c7","block_type":"box","text":"participants in mutual fund advisory programs and other fee-based programs sponsored by the Manager, an affiliate","page_number":163,"box":{"x":70,"y":725,"width":828,"height":11}},{"id":"13cce836-fc70-4467-9fa5-ab591434a7f0","block_type":"box","text":"of the Manager, or selected securities dealers or other financial intermediaries that have an agreement with the","page_number":163,"box":{"x":69,"y":740,"width":796,"height":11}},{"id":"879989f8-e990-4a88-ae82-8f2ce1edf749","block_type":"box","text":"Distributor. See “Fee-Based Programs” below.","page_number":163,"box":{"x":70,"y":755,"width":324,"height":11}},{"id":"cb196892-d7fc-4869-ba76-475b81e3b2db","block_type":"box","text":"Exercise of the Exchange Privilege.","page_number":163,"box":{"x":102,"y":778,"width":245,"height":11}},{"id":"b18a3954-1d2b-4c69-8d6a-7f08a5fc279c","block_type":"box","text":"To exercise the exchange privilege, you should contact your financial adviser","page_number":163,"box":{"x":353,"y":778,"width":543,"height":11}},{"id":"939aad74-5739-4a68-a582-f6f6f615cd78","block_type":"box","text":"or the Transfer Agent, who will advise each Fund of the exchange. If you do not hold share certificates, you may","page_number":163,"box":{"x":69,"y":793,"width":794,"height":11}},{"id":"7a958c83-3053-499d-8979-395319584569","block_type":"box","text":"exercise the exchange privilege by wire through your securities dealer or other financial intermediary. Each Fund","page_number":163,"box":{"x":69,"y":808,"width":795,"height":11}},{"id":"6700ca28-2106-43ff-bf54-e15632aa3951","block_type":"box","text":"reserves the right to require a properly completed exchange application.","page_number":163,"box":{"x":69,"y":823,"width":512,"height":12}},{"id":"47a661ad-dfd0-486c-b45b-32e274792743","block_type":"box","text":"A shareholder who wishes to make an exchange may do so by sending a written request to the Fund c/o the","page_number":163,"box":{"x":101,"y":846,"width":772,"height":11}},{"id":"d33b74ec-4207-4d09-a003-d8a89b573761","block_type":"box","text":"Transfer Agent at the following address: P.O. Box 534429, Pittsburgh, Pennsylvania 15253-4429. Shareholders are","page_number":163,"box":{"x":68,"y":861,"width":824,"height":11}},{"id":"ab7e0bc1-011e-4697-ab60-d8e32980f5d1","block_type":"box","text":"automatically provided with telephone exchange privileges when opening an account, unless they indicate on the","page_number":163,"box":{"x":69,"y":876,"width":801,"height":11}},{"id":"7c89ba7d-74b3-4491-a7a0-4b3f50677c95","block_type":"box","text":"Application that they do not wish to use this privilege. To add this feature to an existing account that previously did","page_number":163,"box":{"x":68,"y":891,"width":817,"height":12}},{"id":"1f352dd0-6705-4800-bfb3-2b9fdd01cdb0","block_type":"box","text":"not provide this option, a Telephone Exchange Authorization Form must be filed with the Transfer Agent. This form is","page_number":163,"box":{"x":69,"y":906,"width":826,"height":12}},{"id":"d30257d7-6e56-4fb6-8635-2269485aaeb5","block_type":"box","text":"II-119","page_number":163,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"c74a0cd3-882e-4683-99c6-e467487be3ec","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":163,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5bb67870-c4d0-44cf-ba0f-ee5ddc06fdb8","block_type":"box","text":"available from the Transfer Agent. Once this election has been made, the shareholder may simply contact the Fund by","page_number":164,"box":{"x":69,"y":45,"width":840,"height":11}},{"id":"ab0be76f-bab0-4713-8ad2-9f2f9747e8e2","block_type":"box","text":"telephone at (800) 441-7762 to request the exchange. During periods of substantial economic or market change,","page_number":164,"box":{"x":68,"y":60,"width":811,"height":11}},{"id":"5f1a111e-4bb2-4f6a-9659-2445cc38c899","block_type":"box","text":"telephone exchanges may be difficult to complete and shareholders may have to submit exchange requests to the","page_number":164,"box":{"x":68,"y":75,"width":815,"height":11}},{"id":"72579030-f764-4247-bbeb-ed7bf5b2ee2b","block_type":"box","text":"Transfer Agent in writing.","page_number":164,"box":{"x":68,"y":90,"width":175,"height":11}},{"id":"fccab06d-f7d3-4257-9f33-be7e9a9383bf","block_type":"box","text":"If the exchanging shareholder does not currently own shares of the investment portfolio whose shares are being","page_number":164,"box":{"x":102,"y":113,"width":800,"height":11}},{"id":"5a5f9280-6d1d-4c48-aceb-802bff0db26a","block_type":"box","text":"acquired, a new account will be established with the same registration, dividend and capital gain options and broker","page_number":164,"box":{"x":69,"y":128,"width":828,"height":11}},{"id":"74086af6-0dc6-477a-968b-d2c95f860498","block_type":"box","text":"of record as the account from which shares are exchanged, unless otherwise specified in writing by the shareholder","page_number":164,"box":{"x":69,"y":143,"width":826,"height":11}},{"id":"50bd2c5d-5bd2-47a4-978b-f2b4ad0336f4","block_type":"box","text":"with all signatures guaranteed by an eligible guarantor institution as defined below. In order to participate in the","page_number":164,"box":{"x":68,"y":158,"width":797,"height":11}},{"id":"fe82c3b9-879d-4799-a296-56a4635d0a00","block_type":"box","text":"Automatic Investment Program or establish a Systematic Withdrawal Plan for the new account, however, an","page_number":164,"box":{"x":68,"y":173,"width":763,"height":11}},{"id":"8e24ac2d-11f0-4e8d-bf8d-79880a76707b","block_type":"box","text":"exchanging shareholder must file a specific written request.","page_number":164,"box":{"x":69,"y":188,"width":424,"height":12}},{"id":"3a140448-d76b-432d-8a0f-832c75fba144","block_type":"box","text":"Any share exchange must satisfy the requirements relating to the minimum initial investment requirement, and","page_number":164,"box":{"x":101,"y":211,"width":790,"height":11}},{"id":"d049e396-5e07-4b18-8efe-d98325944bd7","block_type":"box","text":"must be legally available for sale in the state of the investor’s residence. For U.S. federal income tax purposes, a","page_number":164,"box":{"x":69,"y":226,"width":808,"height":11}},{"id":"7053b5a5-c8ca-4b55-9b8e-fc35929f51da","block_type":"box","text":"share exchange is a taxable event and, accordingly, a capital gain or loss may be realized. Before making an","page_number":164,"box":{"x":69,"y":241,"width":771,"height":11}},{"id":"0eafb604-bdd3-490a-b08c-b9354c5d12c6","block_type":"box","text":"exchange request, shareholders should consult a tax or other financial adviser and should consider the investment","page_number":164,"box":{"x":69,"y":256,"width":819,"height":12}},{"id":"9dbe04cc-c629-4981-8116-d2055865bd2a","block_type":"box","text":"objective, policies and restrictions of the investment portfolio into which the shareholder is making an exchange.","page_number":164,"box":{"x":69,"y":271,"width":802,"height":12}},{"id":"9af8b9e7-e9c2-41d1-901b-e03c66ce69fe","block_type":"box","text":"Brokers may charge a fee for handling exchanges.","page_number":164,"box":{"x":70,"y":286,"width":354,"height":12}},{"id":"dd90bd85-a0da-4c36-9d40-07584d4ee6ce","block_type":"box","text":"The Funds reserve the right to suspend, modify or terminate the exchange privilege at any time. Notice will be","page_number":164,"box":{"x":101,"y":309,"width":782,"height":11}},{"id":"2cdc3bce-dd93-4947-8e99-4f62b0861ab1","block_type":"box","text":"given to shareholders of any material modification or termination except where notice is not required. The Funds","page_number":164,"box":{"x":68,"y":324,"width":800,"height":12}},{"id":"68906969-f49a-4201-acb7-3aa59eb771d6","block_type":"box","text":"reserve the right to reject any telephone exchange request. Telephone exchanges may be subject to limitations as to","page_number":164,"box":{"x":69,"y":340,"width":831,"height":11}},{"id":"1bb8f252-ac4f-49fb-8a18-9f893de04a18","block_type":"box","text":"amount or frequency, and to other restrictions that may be established from time to time to ensure that exchanges","page_number":164,"box":{"x":69,"y":355,"width":818,"height":11}},{"id":"df46e175-6cf1-444e-8e59-c231b6f6fac5","block_type":"box","text":"do not operate to the disadvantage of any portfolio or its shareholders.","page_number":164,"box":{"x":69,"y":370,"width":506,"height":11}},{"id":"1e280e1f-0137-4018-8a26-753b0c02a561","block_type":"box","text":"The Funds, the Administrators and BRIL will employ reasonable procedures to confirm that instructions","page_number":164,"box":{"x":101,"y":392,"width":733,"height":12}},{"id":"f992cf7e-2185-4da5-b371-b99cc72b42fc","block_type":"box","text":"communicated by telephone are genuine. The Funds, the Administrators and BRIL will not be liable for any loss,","page_number":164,"box":{"x":69,"y":407,"width":793,"height":12}},{"id":"66aef8a4-9557-45a3-a3dd-0597adcb6455","block_type":"box","text":"liability, cost or expense for acting upon telephone instructions reasonably believed to be genuine in accordance with","page_number":164,"box":{"x":70,"y":423,"width":832,"height":11}},{"id":"4005a467-4abf-4ab5-abf1-4a056d641e06","block_type":"box","text":"such procedures. By use of the exchange privilege, the investor authorizes the Fund’s Transfer Agent to act on","page_number":164,"box":{"x":69,"y":438,"width":785,"height":11}},{"id":"fdb0a1e5-86ce-4ef2-8f75-8a374c77a7a5","block_type":"box","text":"telephonic or written exchange instructions from any person representing himself to be the investor and believed by","page_number":164,"box":{"x":68,"y":453,"width":825,"height":11}},{"id":"3baf2820-b779-40c1-a487-e7506360c7d2","block_type":"box","text":"the Fund’s Transfer Agent to be genuine. The records of the Fund’s Transfer Agent pertaining to such instructions are","page_number":164,"box":{"x":68,"y":468,"width":837,"height":11}},{"id":"4df29c25-a154-493a-a597-7ca20bfd163e","block_type":"box","text":"binding. The exchange privilege may be modified or terminated at any time upon 60 days’ notice to affected","page_number":164,"box":{"x":69,"y":483,"width":767,"height":11}},{"id":"933408b3-2689-4132-b4f6-c3ff80201eac","block_type":"box","text":"shareholders. The exchange privilege is only available in states where the exchange may legally be made.","page_number":164,"box":{"x":69,"y":498,"width":750,"height":11}},{"id":"80fb26b7-d6cc-4ba0-87de-73e4087c6a18","block_type":"box","text":"Each Fund reserves the right to limit the number of times an investor may exercise the exchange privilege.","page_number":164,"box":{"x":102,"y":521,"width":757,"height":11}},{"id":"cee65539-37b3-4829-ae0f-6d4edcd4b6dd","block_type":"box","text":"Certain Funds may suspend the continuous offering of their shares to the general public at any time and may resume","page_number":164,"box":{"x":69,"y":536,"width":837,"height":11}},{"id":"3468960b-c346-4007-9709-3cf6cf8487e9","block_type":"box","text":"such offering from time to time. The exchange privilege is available only to U.S. shareholders in states where the","page_number":164,"box":{"x":69,"y":551,"width":805,"height":11}},{"id":"d994c65c-9b19-4ead-8cd6-5d77f7a9367b","block_type":"box","text":"exchange legally may be made. The exchange privilege may be applicable to other new mutual funds whose shares","page_number":164,"box":{"x":69,"y":566,"width":817,"height":11}},{"id":"43a20019-5c3c-44f9-83da-22a416c1ca68","block_type":"box","text":"may be distributed by the Distributor.","page_number":164,"box":{"x":69,"y":582,"width":262,"height":10}},{"id":"bc9f430e-9057-41c3-8c4c-17490ae0757b","block_type":"box","text":"Participation in Fee-Based Programs","page_number":164,"box":{"x":69,"y":612,"width":266,"height":11}},{"id":"15a2fb94-4003-489f-9545-8183e096ed39","block_type":"box","text":"If you participate in certain fee-based programs offered by BlackRock or an affiliate of BlackRock, or selected","page_number":164,"box":{"x":102,"y":634,"width":780,"height":12}},{"id":"fb18a43e-1ff6-405b-89b0-b160345920da","block_type":"box","text":"securities dealers or other financial intermediaries that have agreements with the Distributor or in certain fee-based","page_number":164,"box":{"x":69,"y":649,"width":826,"height":12}},{"id":"a12140e1-06cc-4def-aab5-c7f0a69ef511","block_type":"box","text":"programs in which BlackRock participates, you may be able to buy Institutional Shares, including by exchanges from","page_number":164,"box":{"x":70,"y":664,"width":825,"height":12}},{"id":"694a27b7-e781-48e0-9683-8fe85794860f","block_type":"box","text":"other share classes. Sales charges on the shares being exchanged may be reduced or waived under certain","page_number":164,"box":{"x":69,"y":680,"width":770,"height":11}},{"id":"058f99dd-d957-4f00-a511-439663ed7ee5","block_type":"box","text":"circumstances. You generally cannot transfer shares held through a fee-based program into another account. Instead,","page_number":164,"box":{"x":69,"y":695,"width":837,"height":11}},{"id":"f8bf3907-4c92-4b4b-a947-9f30748abcc0","block_type":"box","text":"if you choose to leave the fee-based program, you may have to redeem your shares held through the program and","page_number":164,"box":{"x":70,"y":710,"width":808,"height":11}},{"id":"56900854-91ba-455d-937a-0d8e688dcd34","block_type":"box","text":"purchase shares of another class, which may be subject to distribution and service fees. This may be a taxable event","page_number":164,"box":{"x":70,"y":725,"width":838,"height":11}},{"id":"b63c1fde-2aee-4bbc-85ee-e04f35612228","block_type":"box","text":"and you may pay any applicable sales charges or redemption fee. Please speak to your financial intermediary for","page_number":164,"box":{"x":69,"y":740,"width":804,"height":11}},{"id":"4621ee66-56b1-46b0-af84-09dc3eb0d0eb","block_type":"box","text":"information about specific policies and procedures applicable to your account.","page_number":164,"box":{"x":70,"y":755,"width":555,"height":11}},{"id":"abed8cb9-b69f-4aa4-8154-fe508527a6af","block_type":"box","text":"Generally, upon termination of a fee-based program, the shares may be liquidated or the shares can be held in","page_number":164,"box":{"x":102,"y":778,"width":788,"height":11}},{"id":"0a625ec0-4a96-4f0c-9b90-32b7b32e38e7","block_type":"box","text":"an account. In certain circumstances, when a shareholder chooses to continue to hold the shares, whatever share","page_number":164,"box":{"x":69,"y":793,"width":817,"height":10}},{"id":"db3c1685-fa15-42f3-af4d-bec5e2bfb574","block_type":"box","text":"class was held in the program can be held after termination. Shares that have been held for less than specified","page_number":164,"box":{"x":69,"y":808,"width":796,"height":11}},{"id":"9a09929d-25d9-48ce-ac94-9ad8c7b89725","block_type":"box","text":"periods within the program may be subject to a fee upon redemption. Shareholders that held Investor A or","page_number":164,"box":{"x":70,"y":823,"width":754,"height":12}},{"id":"badf2971-d7f4-4bf9-bd4a-77fda709a697","block_type":"box","text":"Institutional Shares in the program may be eligible to purchase additional shares of the respective share class of a","page_number":164,"box":{"x":70,"y":838,"width":820,"height":12}},{"id":"9de251d6-1dc7-4cb3-9b63-3f57ea48520a","block_type":"box","text":"Fund, but may be subject to upfront sales charges with respect to Investor A Shares. Additional purchases of","page_number":164,"box":{"x":70,"y":853,"width":777,"height":12}},{"id":"3a26fac3-1ec9-43b8-8870-9253b64e2669","block_type":"box","text":"Institutional Shares are permitted only if you have an existing position at the time of purchase or are otherwise","page_number":164,"box":{"x":70,"y":869,"width":791,"height":11}},{"id":"7418ff29-9d65-4bb5-acf4-9c4535e21622","block_type":"box","text":"eligible to purchase Institutional Shares. Please speak to your financial intermediary for more information.","page_number":164,"box":{"x":69,"y":884,"width":756,"height":11}},{"id":"a915d453-6de2-476b-bddd-8070c01fa2b8","block_type":"box","text":"II-120","page_number":164,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"f777dff2-a672-410e-9537-9a628d1d48b1","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":164,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ef64652b-18a3-42c7-9507-27bbab40bd4c","block_type":"box","text":"Certain financial intermediaries may, in connection with a change in account type (for example, due to leaving a","page_number":165,"box":{"x":102,"y":45,"width":793,"height":11}},{"id":"bfcb61d8-7cb1-48cc-823d-956bc6463d47","block_type":"box","text":"fee-based program or upon termination of the fee-based program) or otherwise in accordance with the financial","page_number":165,"box":{"x":68,"y":60,"width":791,"height":11}},{"id":"4a2d249d-0f96-4da7-9a28-1d8c6a97689a","block_type":"box","text":"intermediary’s policies and procedures, exchange the share class held in the program for another share class of the","page_number":165,"box":{"x":70,"y":75,"width":830,"height":11}},{"id":"7dd5586e-2bcf-4598-8731-cd9075ce3192","block_type":"box","text":"same fund, provided that the exchanged shares are not subject to a sales charge and the shareholder meets the","page_number":165,"box":{"x":69,"y":90,"width":807,"height":11}},{"id":"4f209ec9-e2fb-4995-a3d8-4bb964a6a541","block_type":"box","text":"eligibility requirements of the new share class. Please speak to your financial intermediary for information about","page_number":165,"box":{"x":69,"y":105,"width":801,"height":11}},{"id":"44171f40-f1d5-4168-a90e-f4f07d2a2714","block_type":"box","text":"specific policies and procedures applicable to your account.","page_number":165,"box":{"x":69,"y":120,"width":424,"height":11}},{"id":"1e374dfa-e055-4b15-95dd-ce28eb38a1ea","block_type":"box","text":"Details about the features of each fee-based program and the relevant charges, terms and conditions are","page_number":165,"box":{"x":102,"y":143,"width":752,"height":11}},{"id":"f8c5c129-2e14-4f39-a25b-0956d927df31","block_type":"box","text":"included in the client agreement for each fee-based program and are available from your financial professional,","page_number":165,"box":{"x":70,"y":158,"width":789,"height":11}},{"id":"9cdb919a-445d-4d76-b9ae-b17d1f8716ac","block_type":"box","text":"selected securities dealer or other financial intermediary. Please speak to your financial intermediary for more","page_number":165,"box":{"x":69,"y":173,"width":785,"height":11}},{"id":"8ee042e9-8ed5-4509-8cb7-ab098d373222","block_type":"box","text":"information.","page_number":165,"box":{"x":70,"y":188,"width":83,"height":9}},{"id":"5129cbe3-59dd-44ec-906b-7b510cb17912","block_type":"box","text":"Retirement and Education Savings Plans","page_number":165,"box":{"x":69,"y":219,"width":296,"height":11}},{"id":"f77ebce6-87fa-4b38-bd94-be6a549c6a92","block_type":"box","text":"Individual retirement accounts and other retirement and education savings plans are available from your financial","page_number":165,"box":{"x":102,"y":241,"width":805,"height":11}},{"id":"3150a7ac-7d30-4d1d-87d4-65bce7216402","block_type":"box","text":"intermediary. Under these plans, investments may be made in a Fund (other than a Municipal Fund) and certain of","page_number":165,"box":{"x":70,"y":256,"width":815,"height":11}},{"id":"92a5d19a-714c-4e1b-84a4-832f4d0aad42","block_type":"box","text":"the other mutual funds sponsored by the Manager or its affiliates as well as in other securities. There may be fees","page_number":165,"box":{"x":68,"y":271,"width":819,"height":12}},{"id":"4536e92a-058d-4ad3-9b9f-60182515d837","block_type":"box","text":"associated with investing through these plans. Information with respect to these plans is available on request from","page_number":165,"box":{"x":69,"y":286,"width":820,"height":12}},{"id":"7ea08324-9f6c-46b7-814c-ce04240fac31","block_type":"box","text":"your financial intermediary.","page_number":165,"box":{"x":68,"y":302,"width":191,"height":11}},{"id":"9056c956-ff01-4146-8d52-bad078f4cb2a","block_type":"box","text":"Dividends received in each of the plans referred to above are exempt from U.S. federal taxation until distributed","page_number":165,"box":{"x":102,"y":324,"width":796,"height":11}},{"id":"e3583360-2fbf-4492-8bcf-70c1ce6dba07","block_type":"box","text":"from the plans and, in the case of Roth IRAs and education savings plans, may be exempt from taxation when","page_number":165,"box":{"x":68,"y":339,"width":784,"height":12}},{"id":"45f2a55d-5066-4de9-be9b-fa739773e108","block_type":"box","text":"distributed as well. Investors considering participation in any retirement or education savings plan should review","page_number":165,"box":{"x":69,"y":355,"width":801,"height":11}},{"id":"92af3568-230b-40b0-86d1-b85b42807fdd","block_type":"box","text":"specific tax laws relating to the plan and should consult their attorneys or tax advisors with respect to the","page_number":165,"box":{"x":69,"y":370,"width":753,"height":11}},{"id":"adcea057-26a6-409e-b57e-bdb545a6c811","block_type":"box","text":"establishment and maintenance of any such plan.","page_number":165,"box":{"x":69,"y":385,"width":354,"height":11}},{"id":"8a101765-039e-4c8a-b7cd-4be928e2c824","block_type":"box","text":"Automatic Investment Plans","page_number":165,"box":{"x":68,"y":415,"width":207,"height":9}},{"id":"4aaeabc5-fbc5-487d-83d8-f4aabc350251","block_type":"box","text":"Investor class shareholders and certain Service Share shareholders who were shareholders of the Compass","page_number":165,"box":{"x":102,"y":438,"width":773,"height":11}},{"id":"95c88eb5-1497-4351-af3c-5482930bc1ec","block_type":"box","text":"Capital Group of Funds at the time of its combination with The PNC","page_number":165,"box":{"x":69,"y":453,"width":477,"height":11}},{"id":"0a432891-4692-4ddb-b52d-df6def49f1ae","block_type":"box","text":"®","page_number":165,"box":{"x":547,"y":453,"width":6,"height":5}},{"id":"cc034e61-e15c-4641-9eaf-bb6fd0a76040","block_type":"box","text":"Fund in 1996 may arrange for periodic","page_number":165,"box":{"x":559,"y":453,"width":272,"height":11}},{"id":"e684e11d-b216-4e77-a936-fe47fee6d3ee","block_type":"box","text":"investments in that Fund through automatic deductions from a checking or savings account. The minimum pre","page_number":165,"box":{"x":70,"y":468,"width":787,"height":11}},{"id":"09accec4-5263-4fc7-86e1-adc22a5966af","block_type":"box","text":"authorized investment amount is $50. If you buy shares of a Fund through certain accounts, no minimum charge to","page_number":165,"box":{"x":69,"y":482,"width":822,"height":12}},{"id":"c7321fd3-d912-4948-bd18-2b3bfbab2562","block_type":"box","text":"your bank account is required. Contact your financial adviser or other financial intermediary for more information.","page_number":165,"box":{"x":68,"y":498,"width":805,"height":11}},{"id":"60f829ed-30cc-4609-a384-8432cded3bcf","block_type":"box","text":"Automatic Dividend Reinvestment Plan","page_number":165,"box":{"x":68,"y":529,"width":285,"height":8}},{"id":"4ffcb24c-e3dc-4b0a-ba6e-a836b898ab75","block_type":"box","text":"Each Fund will distribute substantially all of its net investment income and net realized capital gains, if any, to","page_number":165,"box":{"x":102,"y":551,"width":782,"height":11}},{"id":"f2b02504-6cad-4e13-a5b1-174a567a221a","block_type":"box","text":"shareholders. All distributions are automatically reinvested at NAV in the form of additional full and fractional shares","page_number":165,"box":{"x":69,"y":566,"width":828,"height":11}},{"id":"a860ef2b-5672-4561-b1fa-80e300ed6e54","block_type":"box","text":"of the same class of shares of the relevant Fund unless a shareholder elects otherwise or as otherwise set forth in a","page_number":165,"box":{"x":69,"y":581,"width":839,"height":9}},{"id":"33099bba-e13d-4300-9b53-4942917f87e5","block_type":"box","text":"Fund’s prospectus. Such election, or any revocation thereof, must be made in writing to the Transfer Agent, and will","page_number":165,"box":{"x":70,"y":596,"width":822,"height":12}},{"id":"386ef470-12ab-44eb-9dc5-865454f6a30e","block_type":"box","text":"become effective with respect to dividends paid after its receipt by the Transfer Agent.","page_number":165,"box":{"x":69,"y":612,"width":614,"height":11}},{"id":"4c1bf148-9ac7-4bf8-8b1d-85cbf34e5387","block_type":"box","text":"Systematic Withdrawal Plans","page_number":165,"box":{"x":68,"y":642,"width":214,"height":11}},{"id":"ecda7d62-3985-43a9-9675-415e7cbad5ca","block_type":"box","text":"Shareholders may receive regular distributions from their accounts via a Systematic Withdrawal Plan (“SWP”).","page_number":165,"box":{"x":102,"y":664,"width":780,"height":12}},{"id":"3d9484bd-ce32-4fc7-92f1-b3847f0f1520","block_type":"box","text":"Upon commencement of the SWP, the account must have a current value of $10,000 or more in a Fund.","page_number":165,"box":{"x":70,"y":679,"width":742,"height":12}},{"id":"59c3158e-5abe-4648-a04c-d43afc0a2ddf","block_type":"box","text":"Shareholders may elect to receive automatic cash payments of $50 or more at any interval. You may choose any day","page_number":165,"box":{"x":69,"y":694,"width":834,"height":12}},{"id":"12fcbaec-9a95-46c5-97c9-8872bb397dda","block_type":"box","text":"for the withdrawal. If no day is specified, the withdrawals will be processed on the 25th day of the month or, if such","page_number":165,"box":{"x":68,"y":710,"width":823,"height":11}},{"id":"ca106cc8-441b-45e3-8dfc-08dddebd56df","block_type":"box","text":"day is not a business day, on the prior business day and are paid promptly thereafter. An investor may utilize the SWP","page_number":165,"box":{"x":69,"y":725,"width":840,"height":11}},{"id":"df3101e7-3fcf-472f-8963-c83e4384a6f7","block_type":"box","text":"by completing the Systematic Withdrawal Plan Application Form which may be obtained by visiting our website at","page_number":165,"box":{"x":69,"y":740,"width":800,"height":11}},{"id":"305a39bf-9674-436b-9977-c64f4c08fa5e","block_type":"box","text":"www.blackrock.com.","page_number":165,"box":{"x":68,"y":755,"width":142,"height":9}},{"id":"aadc26ff-e7f3-47fa-a16e-e17a7d91face","block_type":"box","text":"Shareholders should realize that if withdrawals exceed income dividends their invested principal in the account","page_number":165,"box":{"x":102,"y":778,"width":789,"height":11}},{"id":"3ee9b0d0-8679-4361-a365-cc7a1aed2f64","block_type":"box","text":"will be depleted. To participate in the SWP, shareholders must have their dividends automatically reinvested.","page_number":165,"box":{"x":68,"y":793,"width":774,"height":11}},{"id":"22dcb237-0e5b-4dc4-89aa-7ac637c34301","block_type":"box","text":"Shareholders may change or cancel the SWP at any time, upon written notice to the Fund, or by calling the Fund at","page_number":165,"box":{"x":69,"y":808,"width":815,"height":11}},{"id":"aeada37a-f813-469e-a3b8-d68f096d1495","block_type":"box","text":"(800) 441-7762. Purchases of additional Investor A or Investor P Shares of the Fund concurrently with withdrawals","page_number":165,"box":{"x":69,"y":823,"width":817,"height":11}},{"id":"d28da5bd-9ddf-48b9-84e7-dd729958a14b","block_type":"box","text":"may be disadvantageous to investors because of the sales charges involved and, therefore, are discouraged. No","page_number":165,"box":{"x":69,"y":838,"width":803,"height":12}},{"id":"f44e7ac7-fa7a-48bc-97e7-fa4a22a6e3b4","block_type":"box","text":"CDSC will be assessed on redemptions of Investor C Shares made through the SWP that do not exceed 12% of the","page_number":165,"box":{"x":69,"y":853,"width":820,"height":12}},{"id":"e9b501f7-a875-49c5-8c01-40da6394c4c5","block_type":"box","text":"original investment on an annualized basis. For example, monthly, quarterly and semi-annual SWP redemptions of","page_number":165,"box":{"x":69,"y":869,"width":810,"height":11}},{"id":"0d083742-8f8d-40e8-b227-d7fbb4e512b7","block_type":"box","text":"II-121","page_number":165,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"7bf0d4be-f73e-474a-a1a3-3cf5be60da7f","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":165,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"884dfeaf-9bb3-4cd2-9c21-e3ab52026be6","block_type":"box","text":"Investor C Shares will not be subject to the CDSC if they do not exceed 1% (monthly), 3% (quarterly) and 6% (semi","page_number":166,"box":{"x":70,"y":45,"width":816,"height":11}},{"id":"d03c215e-66a3-4494-a5b6-7f8952f69318","block_type":"box","text":"annually), respectively, of an account’s NAV on the redemption date. SWP redemptions of Investor C Shares in excess","page_number":166,"box":{"x":69,"y":60,"width":840,"height":11}},{"id":"7685d216-7e06-4e22-9707-5dd094894d54","block_type":"box","text":"of this limit are still subject to the applicable CDSC.","page_number":166,"box":{"x":69,"y":75,"width":367,"height":11}},{"id":"5a488243-b060-4fc3-ae42-d3458eed8e72","block_type":"box","text":"For this reason, a shareholder may not participate in the Automatic Investment Plan described above (see “How","page_number":166,"box":{"x":102,"y":98,"width":798,"height":11}},{"id":"2ced9650-8bdc-4eee-bd40-03f53dc6584b","block_type":"box","text":"to Buy, Sell, Exchange and Transfer Shares” or “How to Buy, Sell and Exchange Shares,” as applicable, in the Fund’s","page_number":166,"box":{"x":68,"y":113,"width":834,"height":11}},{"id":"9919b591-68fb-4ca6-9bd4-9d96224d9b2f","block_type":"box","text":"Prospectus) and the SWP at the same time.","page_number":166,"box":{"x":69,"y":128,"width":311,"height":11}},{"id":"65b7cf54-bde1-4cf2-a286-6f2405553790","block_type":"box","text":"Dividend Allocation Plan","page_number":166,"box":{"x":69,"y":158,"width":176,"height":9}},{"id":"fa62920c-9c2a-4d74-a47e-d0c88ec9eb98","block_type":"box","text":"The Dividend Allocation Plan, as applicable, allows shareholders to elect to have all their dividends and any other","page_number":166,"box":{"x":101,"y":181,"width":807,"height":11}},{"id":"35524b34-5ed2-4f93-88ea-6f419292c3ea","block_type":"box","text":"distributions from any Eligible Fund (which means funds so designated by the Distributor from time to time)","page_number":166,"box":{"x":69,"y":196,"width":763,"height":11}},{"id":"9971c6a6-9154-4efc-99af-01e931dcd007","block_type":"box","text":"automatically invested at NAV in one other such Eligible Fund designated by the shareholder, provided the account","page_number":166,"box":{"x":69,"y":211,"width":814,"height":11}},{"id":"9497f935-2aa2-4dea-8d09-43a1cc8b8c19","block_type":"box","text":"into which the dividends and distributions are directed is initially funded with the requisite minimum amount.","page_number":166,"box":{"x":70,"y":226,"width":771,"height":11}},{"id":"ea5f9b93-e55c-4631-a647-34676c48329b","block_type":"box","text":"PRICING OF SHARES","page_number":166,"box":{"x":406,"y":256,"width":167,"height":9}},{"id":"34589d6d-676e-4a03-bcd6-5b2e4e3aeeff","block_type":"box","text":"Determination of Net Asset Value","page_number":166,"box":{"x":69,"y":286,"width":243,"height":9}},{"id":"30e34ad3-1b93-4fed-ad6a-09b371bf34ee","block_type":"box","text":"Valuation of Shares.","page_number":166,"box":{"x":101,"y":309,"width":145,"height":9}},{"id":"2356d21e-6479-4b6e-8923-f3b09d893b0b","block_type":"box","text":"The NAV for each class of shares of each Fund is generally calculated as of the close of","page_number":166,"box":{"x":252,"y":309,"width":626,"height":11}},{"id":"cc8a7771-9fa1-4b38-b5ad-d5d9183f5e83","block_type":"box","text":"regular trading hours on the NYSE (currently 4:00 p.m. Eastern Time) on each business day the NYSE is open.","page_number":166,"box":{"x":69,"y":324,"width":785,"height":11}},{"id":"bac9ba29-784e-45e4-9aee-881f9e9c0fa9","block_type":"box","text":"Valuation of assets held by a Fund is as follows:","page_number":166,"box":{"x":68,"y":339,"width":343,"height":11}},{"id":"edfbdd81-49bd-4763-b535-c5714f14bc96","block_type":"box","text":"Equity Investments.","page_number":166,"box":{"x":102,"y":362,"width":143,"height":11}},{"id":"22b45784-dc6e-456d-9724-5e740bb4c15a","block_type":"box","text":"Equity securities traded on a recognized securities exchange (","page_number":166,"box":{"x":252,"y":362,"width":439,"height":11}},{"id":"31268d2f-9627-4b05-82ff-9305b403e287","block_type":"box","text":"e.g.","page_number":166,"box":{"x":693,"y":363,"width":25,"height":10}},{"id":"f194b620-b528-4869-8550-57618b8c5622","block_type":"box","text":", NYSE), on separate","page_number":166,"box":{"x":720,"y":362,"width":147,"height":11}},{"id":"1a54a591-c85e-4a58-b649-1a3b1a071804","block_type":"box","text":"trading boards of a securities exchange or through a market system that provides contemporaneous transaction","page_number":166,"box":{"x":68,"y":377,"width":799,"height":11}},{"id":"f7a6d793-e647-482e-ba1c-4b2eadfc143a","block_type":"box","text":"pricing information (each, an “Exchange”) are valued using information obtained via independent pricing services,","page_number":166,"box":{"x":70,"y":392,"width":808,"height":11}},{"id":"9673e5a0-4806-4fba-9479-096fc2188670","block_type":"box","text":"generally at the Exchange closing price or if an Exchange closing price is not available, the last traded price on that","page_number":166,"box":{"x":68,"y":407,"width":820,"height":11}},{"id":"e291ef52-29d7-4099-8381-207c4dc3fa46","block_type":"box","text":"Exchange prior to the time as of which the assets or liabilities are valued. However, under certain circumstances,","page_number":166,"box":{"x":70,"y":422,"width":805,"height":11}},{"id":"d8eb25a3-35f1-4256-9318-cecda4dba0a8","block_type":"box","text":"other means of determining current market value may be used. If an equity security is traded on more than one","page_number":166,"box":{"x":69,"y":437,"width":793,"height":11}},{"id":"d56d90bb-a13d-48c7-9dd1-c4244379a70a","block_type":"box","text":"Exchange, the current market value of the security where it is primarily traded generally will be used. In the event that","page_number":166,"box":{"x":70,"y":452,"width":836,"height":11}},{"id":"51b7114a-828f-4458-b2b0-2eb0ef7bbed0","block_type":"box","text":"there are no sales involving an equity security held by a Fund on a day on which the Fund values such security, the","page_number":166,"box":{"x":68,"y":468,"width":815,"height":11}},{"id":"8559e9f5-3527-4d4e-89db-42de8aa598fa","block_type":"box","text":"last bid (long positions) or ask (short positions) price, if available, will be used as the value of such security. If a Fund","page_number":166,"box":{"x":70,"y":482,"width":837,"height":12}},{"id":"ee972231-6369-4b3e-b75d-34b5fe9fd9c7","block_type":"box","text":"holds both long and short positions in the same security, the last bid price will be applied to securities held long and","page_number":166,"box":{"x":69,"y":498,"width":832,"height":11}},{"id":"915db1f4-a4f3-4de3-886c-9eaf4d4c2f2d","block_type":"box","text":"the last ask price will be applied to securities sold short. If no bid or ask price is available on a day on which a Fund","page_number":166,"box":{"x":68,"y":513,"width":828,"height":11}},{"id":"fcb14e87-f86e-4627-abd2-9b2cae351076","block_type":"box","text":"values such security, the prior day’s price will be used, unless BlackRock determines that such prior day’s price no","page_number":166,"box":{"x":68,"y":528,"width":819,"height":11}},{"id":"6267ef9b-f35f-42e9-83fc-cab7e75c022c","block_type":"box","text":"longer reflects the fair value of the security, in which case such asset would be treated as a Fair Value Asset (as","page_number":166,"box":{"x":70,"y":543,"width":798,"height":11}},{"id":"0ed3e70a-2173-4be2-9c1b-70f667e5beba","block_type":"box","text":"defined below).","page_number":166,"box":{"x":69,"y":558,"width":106,"height":11}},{"id":"9c6d2612-42e1-4293-a5fc-849f9c2cff19","block_type":"box","text":"Fixed-Income Investments.","page_number":166,"box":{"x":102,"y":581,"width":194,"height":9}},{"id":"3e4fa2b2-f3f6-404b-9de0-ba49c44ec610","block_type":"box","text":"Fixed-income securities are generally valued using prices provided by dealers or","page_number":166,"box":{"x":304,"y":581,"width":565,"height":11}},{"id":"e25b1cfe-b666-45d4-90ca-a927f9360ced","block_type":"box","text":"prices (including evaluated prices) supplied by the Fund’s approved independent third-party pricing services, each in","page_number":166,"box":{"x":70,"y":596,"width":825,"height":11}},{"id":"f7c9371f-dafa-4868-ac5a-fb8591057b5f","block_type":"box","text":"accordance with the Valuation Procedures. The pricing services may use valuation models that utilize certain inputs","page_number":166,"box":{"x":69,"y":611,"width":823,"height":11}},{"id":"2a668a46-521d-43fc-b654-29b974574eae","block_type":"box","text":"and assumptions to derive values, including transaction data (","page_number":166,"box":{"x":69,"y":626,"width":443,"height":11}},{"id":"f60fb7de-7d1d-444a-9ea2-1ff26df0fb2e","block_type":"box","text":"e.g.","page_number":166,"box":{"x":514,"y":628,"width":24,"height":9}},{"id":"e91621d8-20b1-48f6-9f3b-1ae98a5994b3","block_type":"box","text":", recent representative bids and offers), credit","page_number":166,"box":{"x":541,"y":626,"width":328,"height":11}},{"id":"0bb633ad-3ae5-475d-ab2e-af329f9ce076","block_type":"box","text":"quality information, perceived market movements, news, and other relevant information and by other methods, which","page_number":166,"box":{"x":69,"y":641,"width":834,"height":11}},{"id":"95d3cd0f-4c33-4c81-9de6-bd0773436128","block_type":"box","text":"may include consideration of: yields or prices of securities of comparable quality, coupon, maturity and type;","page_number":166,"box":{"x":69,"y":656,"width":769,"height":11}},{"id":"2618ee35-c01b-464d-a946-3c62f2a68d48","block_type":"box","text":"indications as to values from dealers; general market conditions; and/or other factors and assumptions. Pricing","page_number":166,"box":{"x":70,"y":671,"width":797,"height":12}},{"id":"f0282da2-a940-4340-ae76-0cb5fea00419","block_type":"box","text":"services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but","page_number":166,"box":{"x":69,"y":686,"width":821,"height":12}},{"id":"667f4813-af29-4e51-ba89-683feaf8b9e2","block_type":"box","text":"the Fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots of securities in certain asset","page_number":166,"box":{"x":68,"y":702,"width":798,"height":11}},{"id":"932180ff-f5a2-462c-88ed-92d3433d0de9","block_type":"box","text":"classes may trade at lower prices than institutional round lots, and the value ultimately realized when the securities","page_number":166,"box":{"x":69,"y":717,"width":825,"height":11}},{"id":"1db9815b-552e-4803-83ae-2dfa33571796","block_type":"box","text":"are sold could differ from the prices used by a Fund. The amortized cost method of valuation may be used with","page_number":166,"box":{"x":69,"y":732,"width":791,"height":11}},{"id":"b6dbb3bb-2256-4b26-9a5a-624da7f7b1da","block_type":"box","text":"respect to debt obligations with 60 days or less remaining to maturity unless such method does not represent fair","page_number":166,"box":{"x":69,"y":747,"width":814,"height":11}},{"id":"f17ffdf8-25ba-4c67-8b9b-9746f304132f","block_type":"box","text":"value. Certain fixed-income investments, including asset-backed and mortgage related securities, may be valued","page_number":166,"box":{"x":68,"y":762,"width":802,"height":11}},{"id":"700ada82-b568-42e2-802c-a5d2d2bf0bc6","block_type":"box","text":"based on valuation models that consider the estimated cash flows of each tranche of the issuer, establish a","page_number":166,"box":{"x":69,"y":777,"width":773,"height":11}},{"id":"3ab5b979-6d2d-4a70-8c61-de298a3bff97","block_type":"box","text":"benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique","page_number":166,"box":{"x":69,"y":792,"width":795,"height":12}},{"id":"afee8380-3cf9-40a9-af53-9a7cba078126","block_type":"box","text":"attributes of the tranche.","page_number":166,"box":{"x":69,"y":807,"width":176,"height":9}},{"id":"af9203c3-56f4-42cb-a04c-4e3f1a3ff415","block_type":"box","text":"Options, Futures, Swaps and Other Derivatives.","page_number":166,"box":{"x":101,"y":830,"width":344,"height":11}},{"id":"bd793b56-6f16-4793-9cc5-4d2b0e1d0b31","block_type":"box","text":"Exchange-traded equity options (except ETF options, equity","page_number":166,"box":{"x":453,"y":830,"width":416,"height":11}},{"id":"02f7a25e-c7de-44e2-bb7d-c911ed96369e","block_type":"box","text":"index options or those that are customized) for which market quotations are readily available are valued at the mean","page_number":166,"box":{"x":70,"y":845,"width":829,"height":11}},{"id":"095d42bb-863d-44cf-8461-9c537c5f4651","block_type":"box","text":"of the last bid and ask prices as quoted on the Exchange or the board of trade on which such options are traded. In","page_number":166,"box":{"x":69,"y":860,"width":824,"height":12}},{"id":"77c7d8a2-5c7c-4368-ae25-84f3cada8e22","block_type":"box","text":"the event that there is no mean price available for an exchange-traded equity option held by a Fund on a day on which","page_number":166,"box":{"x":68,"y":875,"width":838,"height":12}},{"id":"0c72783e-e52f-4afd-9d8a-fe5da1d00151","block_type":"box","text":"the Fund values such option, the last bid (long positions) or ask (short positions) price, if available, will be used as","page_number":166,"box":{"x":68,"y":891,"width":820,"height":11}},{"id":"56845e93-9670-4133-85d1-d82626a885b5","block_type":"box","text":"the value of such option. If no bid or ask price is available on a day on which a Fund values such option, the prior","page_number":166,"box":{"x":68,"y":906,"width":808,"height":11}},{"id":"a5555df8-8d7c-4b5d-a185-62ae6ff7f891","block_type":"box","text":"II-122","page_number":166,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"3d29e9d6-0dd1-4f4c-b91f-db942eb886e3","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":166,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a92af98d-8392-44f1-94e1-70b2059a0c80","block_type":"box","text":"day’s price will be used, unless BlackRock determines that such prior day’s price no longer reflects the fair value of","page_number":167,"box":{"x":69,"y":45,"width":824,"height":11}},{"id":"c69da774-c89e-409f-be14-c53eec446cf4","block_type":"box","text":"the option, in which case such option will be treated as a Fair Value Asset. Customized exchange-traded equity","page_number":167,"box":{"x":68,"y":60,"width":789,"height":11}},{"id":"e7717d1b-e61d-413b-9eba-ae74f93be715","block_type":"box","text":"options, ETF options, equity index options and OTC derivatives, may be valued using a mathematical model which","page_number":167,"box":{"x":69,"y":75,"width":807,"height":11}},{"id":"53b70926-94ec-4b85-b197-950b3e140b26","block_type":"box","text":"may incorporate a number of market data factors. Financial futures contracts and options thereon, which are traded","page_number":167,"box":{"x":69,"y":90,"width":824,"height":11}},{"id":"45b4c018-488a-4142-9d42-4238018d798c","block_type":"box","text":"on exchanges, are valued at their last sale price or settle price as of the close of such exchanges. Swap agreements","page_number":167,"box":{"x":69,"y":105,"width":833,"height":11}},{"id":"7a97bca7-f0fc-4cca-a60d-efbdad693884","block_type":"box","text":"and other derivatives are generally valued daily based upon quotations from market makers or by a pricing service in","page_number":167,"box":{"x":69,"y":120,"width":830,"height":12}},{"id":"7ba542b1-3b27-4fb2-80d7-b40cd1f45c24","block_type":"box","text":"accordance with the Valuation Procedures.","page_number":167,"box":{"x":69,"y":136,"width":301,"height":8}},{"id":"0339c195-a93d-4a82-952d-44d750486967","block_type":"box","text":"Underlying Funds.","page_number":167,"box":{"x":102,"y":158,"width":128,"height":11}},{"id":"0eefd277-7369-41fb-913d-9c08119baf94","block_type":"box","text":"Shares of underlying open-end funds that are not traded on an exchange (including money","page_number":167,"box":{"x":237,"y":158,"width":640,"height":11}},{"id":"b054d7ad-ef9f-4b33-9a58-c8cb2c4f56e3","block_type":"box","text":"market funds) are valued at NAV. Shares of underlying exchange-traded closed-end funds or other ETFs will be valued","page_number":167,"box":{"x":69,"y":173,"width":830,"height":11}},{"id":"445ad2d6-5ed2-4f4f-93d7-ba5175180797","block_type":"box","text":"at their most recent closing price.","page_number":167,"box":{"x":69,"y":188,"width":238,"height":12}},{"id":"d0d3ac4c-4736-4e5c-8de8-bdd177c983d3","block_type":"box","text":"General Valuation Information.","page_number":167,"box":{"x":101,"y":211,"width":220,"height":9}},{"id":"485e01f5-796d-4f2f-bef6-eb443a5f8170","block_type":"box","text":"Prices obtained from independent third-party pricing services, broker-dealers or","page_number":167,"box":{"x":328,"y":211,"width":564,"height":11}},{"id":"b0d19d36-29ff-49ac-9d2d-5288cd0cc108","block_type":"box","text":"market makers to value each Fund’s securities and other assets and liabilities are based on information available at","page_number":167,"box":{"x":69,"y":226,"width":831,"height":9}},{"id":"3190226c-aa90-46a2-b01d-2e3279899f71","block_type":"box","text":"the time the Fund values its assets and liabilities. In the event that a pricing service quotation is revised or updated","page_number":167,"box":{"x":68,"y":241,"width":828,"height":11}},{"id":"fd9bea8f-3f19-4be3-a2c4-694f1e62c477","block_type":"box","text":"subsequent to the day on which the Fund valued such security, the revised pricing service quotation generally will be","page_number":167,"box":{"x":69,"y":257,"width":829,"height":11}},{"id":"3f8261b2-c198-42c5-b0da-908c04dce8d0","block_type":"box","text":"applied prospectively. Such determination will be made considering pertinent facts and circumstances surrounding","page_number":167,"box":{"x":69,"y":271,"width":817,"height":12}},{"id":"15a9cd06-56ca-497d-a25f-8df20ad7e3fe","block_type":"box","text":"the revision.","page_number":167,"box":{"x":68,"y":287,"width":87,"height":9}},{"id":"e623b7f2-aee1-4d1b-9c02-ebe580731860","block_type":"box","text":"In determining the market value of portfolio investments, the Fund may employ independent third-party pricing","page_number":167,"box":{"x":102,"y":309,"width":784,"height":11}},{"id":"93a36e25-fc65-4125-9b06-abb1f0c23121","block_type":"box","text":"services, which may use, without limitation, evaluated pricing methods that take into consideration market indexes,","page_number":167,"box":{"x":69,"y":325,"width":823,"height":11}},{"id":"56b8cbf5-524a-473e-b522-6c1ce3cf94c5","block_type":"box","text":"matrices, yield curves and other specified inputs and assumptions. This may result in the assets being valued at a","page_number":167,"box":{"x":69,"y":339,"width":818,"height":12}},{"id":"c840fec3-9566-443e-bf71-a61b60c7246b","block_type":"box","text":"price different from the price that would have been determined had the evaluated pricing method not been used. The","page_number":167,"box":{"x":70,"y":355,"width":832,"height":11}},{"id":"af9c794a-48a0-4f40-8d04-ee530a2a129c","block_type":"box","text":"price the Fund could receive upon the sale of any particular portfolio investment may differ from the Fund’s valuation","page_number":167,"box":{"x":70,"y":370,"width":832,"height":11}},{"id":"76b69a2d-554e-46d9-a8b4-bbed814a0e9d","block_type":"box","text":"of the investment, particularly for assets that trade in thin or volatile markets or that are valued using a fair valuation","page_number":167,"box":{"x":69,"y":385,"width":834,"height":11}},{"id":"8c62763a-380d-41cc-b512-166108ca383f","block_type":"box","text":"methodology or a price provided by an independent pricing service. As a result, the price received upon the sale of an","page_number":167,"box":{"x":69,"y":400,"width":837,"height":11}},{"id":"aaa6c861-f455-45e3-a73f-3eadc5199dae","block_type":"box","text":"investment may be less than the value ascribed by the Fund, and the Fund could realize a greater than expected loss","page_number":167,"box":{"x":70,"y":415,"width":833,"height":11}},{"id":"63db3c38-669c-49ce-a50b-d38ff083d8f7","block_type":"box","text":"or lesser than expected gain upon the sale of the investment. The Fund’s ability to value its investment may also be","page_number":167,"box":{"x":69,"y":430,"width":827,"height":11}},{"id":"b37a5b50-4f73-4067-aabc-aa66b16eb861","block_type":"box","text":"impacted by technological issues and/or errors by pricing services or other third-party service providers.","page_number":167,"box":{"x":70,"y":446,"width":741,"height":11}},{"id":"818baa13-c8dd-4ae7-9843-2816b4f25c15","block_type":"box","text":"In the event that application of the methods of valuation discussed above result in a price for a security which is","page_number":167,"box":{"x":102,"y":468,"width":800,"height":11}},{"id":"b5b1b860-c09f-4d81-a3bf-a7e653b66fb1","block_type":"box","text":"deemed not to be representative of the fair market value of such security, the security will be valued by, under the","page_number":167,"box":{"x":69,"y":483,"width":811,"height":11}},{"id":"326efb46-1be9-487d-96f2-325e266a118c","block_type":"box","text":"direction of or in accordance with a method approved by BlackRock, the Fund’s valuation designee, as reflecting fair","page_number":167,"box":{"x":69,"y":498,"width":827,"height":11}},{"id":"38f5e065-7688-43f4-81f2-ceb9f4866f43","block_type":"box","text":"value. All other assets and liabilities (including securities for which market quotations are not readily available) held","page_number":167,"box":{"x":68,"y":513,"width":824,"height":12}},{"id":"93f1722e-0b04-4d62-a405-1fd4144407c3","block_type":"box","text":"by a Fund (including restricted securities and private market investments, as applicable) are valued at fair value as","page_number":167,"box":{"x":69,"y":528,"width":817,"height":12}},{"id":"fb2b5be7-4d1f-420d-940b-abc5444a0879","block_type":"box","text":"determined in good faith by BlackRock pursuant to the Valuation Procedures. Any assets and liabilities which are","page_number":167,"box":{"x":69,"y":543,"width":802,"height":12}},{"id":"c181b556-8e9d-42ad-a042-84afb6474279","block_type":"box","text":"denominated in a foreign currency are translated into U.S. dollars at the prevailing market rates.","page_number":167,"box":{"x":69,"y":559,"width":685,"height":11}},{"id":"73164197-ed5a-473c-97cb-dac930026078","block_type":"box","text":"Certain of the securities acquired by the Funds may be traded on foreign exchanges or OTC markets on days on","page_number":167,"box":{"x":102,"y":581,"width":795,"height":12}},{"id":"d8e163d9-ec41-4ed7-9cf0-ea1a274847ff","block_type":"box","text":"which a Fund’s NAV is not calculated. In such cases, the NAV of a Fund’s shares may be significantly affected on","page_number":167,"box":{"x":68,"y":596,"width":805,"height":12}},{"id":"1bb3f033-ffa4-4ffa-9b14-363809c9ef8e","block_type":"box","text":"days when investors can neither purchase nor redeem shares of the Fund.","page_number":167,"box":{"x":69,"y":612,"width":529,"height":11}},{"id":"c42206f5-7548-49c9-96f1-9e138e5cb990","block_type":"box","text":"Fair Value.","page_number":167,"box":{"x":102,"y":634,"width":74,"height":9}},{"id":"b17e5806-8663-4742-b399-39197e9856dc","block_type":"box","text":"When market quotations are not readily available or are believed by BlackRock to be unreliable, a","page_number":167,"box":{"x":183,"y":634,"width":693,"height":11}},{"id":"ebd571af-3926-48ec-95ec-f3345ea164eb","block_type":"box","text":"Fund’s investments are valued at fair value (“Fair Value Assets”). Fair Value Assets are valued by BlackRock in","page_number":167,"box":{"x":70,"y":649,"width":785,"height":12}},{"id":"5365458a-2edf-4a1f-bdeb-a12f6f2c3ef1","block_type":"box","text":"accordance with the Valuation Procedures. Pursuant to Rule 2a-5 under the Investment Company Act, the Board of","page_number":167,"box":{"x":69,"y":664,"width":816,"height":12}},{"id":"03a610b4-e760-4c4b-8fba-806e7b41672e","block_type":"box","text":"Directors has designated BlackRock as the valuation designee for the respective Funds for which it serves as","page_number":167,"box":{"x":70,"y":680,"width":779,"height":11}},{"id":"73d1d715-4df3-4739-b73a-9cbd058f4a15","block_type":"box","text":"investment adviser. BlackRock may reasonably conclude that a market quotation is not readily available or is","page_number":167,"box":{"x":70,"y":695,"width":773,"height":11}},{"id":"741f2a7c-917b-4784-88f1-931a831851c0","block_type":"box","text":"unreliable if, among other things, a security or other asset or liability does not have a price source due to its","page_number":167,"box":{"x":69,"y":710,"width":772,"height":11}},{"id":"8034b7f5-1cbb-40e6-9ced-f756fabf35f5","block_type":"box","text":"complete lack of trading, if BlackRock believes a market quotation from a broker-dealer or other source is unreliable","page_number":167,"box":{"x":69,"y":725,"width":826,"height":11}},{"id":"cfde6ead-6c49-4ae9-aea9-0e3cb920caf3","block_type":"box","text":"(","page_number":167,"box":{"x":69,"y":740,"width":3,"height":11}},{"id":"7b2e7cc2-41e6-43d2-a538-88fbea686f5e","block_type":"box","text":"e.g.","page_number":167,"box":{"x":74,"y":742,"width":25,"height":9}},{"id":"cf4312d6-6c26-4a0d-9256-08824de24504","block_type":"box","text":", where it varies significantly from a recent trade, or no longer reflects the fair value of the security or other asset","page_number":167,"box":{"x":101,"y":740,"width":806,"height":11}},{"id":"d2cf382f-2609-4bce-875f-2da96e2de078","block_type":"box","text":"or liability subsequent to the most recent market quotation), or where the security or other asset or liability is only","page_number":167,"box":{"x":69,"y":755,"width":813,"height":11}},{"id":"fcfed634-28b6-43e4-91f1-006e6abb84d6","block_type":"box","text":"thinly traded or due to the occurrence of a significant event subsequent to the most recent market quotation. For this","page_number":167,"box":{"x":68,"y":770,"width":837,"height":12}},{"id":"200972e1-4b37-4b13-b08c-11221216592a","block_type":"box","text":"purpose, a “significant event” is deemed to occur if BlackRock determines, in its reasonable business judgment, that","page_number":167,"box":{"x":70,"y":785,"width":838,"height":12}},{"id":"28a50c33-6764-4e6f-8acf-27f700e5e211","block_type":"box","text":"an event has occurred after the close of trading for an asset or liability but prior to or at the time of pricing a Fund’s","page_number":167,"box":{"x":69,"y":801,"width":824,"height":11}},{"id":"ad60ab31-0e06-4e83-a3a9-20923a2bd911","block_type":"box","text":"assets or liabilities, is likely to cause a material change to the last exchange closing price or closing market price of","page_number":167,"box":{"x":69,"y":816,"width":828,"height":11}},{"id":"0d8b75c3-2c2e-4be2-bdc4-2874fbe80267","block_type":"box","text":"one or more assets held by, or liabilities of, the Fund. On any day the NYSE is open and a foreign market or the","page_number":167,"box":{"x":69,"y":831,"width":793,"height":11}},{"id":"67b42c4b-f5a1-4785-aac1-d95b74d67a82","block_type":"box","text":"primary exchange on which a foreign asset or liability is traded is closed, such asset or liability will be valued using","page_number":167,"box":{"x":70,"y":846,"width":819,"height":11}},{"id":"e680508c-8b7b-4427-8641-da2514cf2cf9","block_type":"box","text":"the prior day’s price, provided that BlackRock is not aware of any significant event or other information that would","page_number":167,"box":{"x":68,"y":861,"width":810,"height":11}},{"id":"198709d9-2843-46f5-b4b9-db805f358a32","block_type":"box","text":"cause such price to no longer reflect the fair value of the asset or liability, in which case such asset or liability would","page_number":167,"box":{"x":69,"y":876,"width":828,"height":11}},{"id":"349a45c5-45fe-4fa0-82c9-4a193c91272b","block_type":"box","text":"be treated as a Fair Value Asset. For certain foreign assets, a third-party vendor supplies evaluated, systematic fair","page_number":167,"box":{"x":69,"y":891,"width":822,"height":12}},{"id":"c45629a0-3c5f-4658-884a-46e3373b3750","block_type":"box","text":"value pricing based upon the movement of a proprietary multi-factor model after the relevant foreign markets have","page_number":167,"box":{"x":68,"y":906,"width":814,"height":12}},{"id":"de41c32f-2cbf-46e8-a82b-6f92b53f4094","block_type":"box","text":"II-123","page_number":167,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"07d8f92c-4c28-4f42-84e8-7cf7b84b6b54","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":167,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"03c2f9b2-e8eb-464c-a528-cf4071949282","block_type":"box","text":"closed. This systematic fair value pricing methodology is designed to correlate the prices of foreign assets in one or","page_number":168,"box":{"x":69,"y":45,"width":827,"height":11}},{"id":"75041848-5b64-4bf3-825e-8e91783e7c42","block_type":"box","text":"more non-U.S. markets following the close of the local markets to the prices that might have prevailed as of a Fund’s","page_number":168,"box":{"x":69,"y":60,"width":834,"height":11}},{"id":"29f015b2-be85-412c-874a-0ec3b464c184","block_type":"box","text":"pricing time.","page_number":168,"box":{"x":70,"y":75,"width":85,"height":11}},{"id":"8b2c79cd-e697-4342-a66d-5129666f8972","block_type":"box","text":"BlackRock’s Rule 2a-5 Committee is responsible for reviewing and approving methodologies by investment type","page_number":168,"box":{"x":102,"y":98,"width":794,"height":11}},{"id":"a4f66487-5f18-4c01-a2f9-a5946519cdbb","block_type":"box","text":"and significant inputs used in the fair valuation of Fund assets or liabilities. In addition, the Funds’ accounting agent","page_number":168,"box":{"x":69,"y":113,"width":829,"height":11}},{"id":"4f70d5b7-6693-404f-bcb3-f9eeb6f54501","block_type":"box","text":"assists BlackRock by periodically endeavoring to confirm the prices it receives from all third-party pricing services,","page_number":168,"box":{"x":69,"y":128,"width":813,"height":11}},{"id":"26d58983-63cb-4585-adc4-d930428985bd","block_type":"box","text":"index providers and broker-dealers. BlackRock regularly evaluates the values assigned to the securities and other","page_number":168,"box":{"x":70,"y":143,"width":808,"height":11}},{"id":"2bd324e9-ee94-42fa-8d70-51bf434e6736","block_type":"box","text":"assets and liabilities of the Funds.","page_number":168,"box":{"x":69,"y":158,"width":245,"height":9}},{"id":"a49b337b-29b1-450f-9261-5a36223e6f90","block_type":"box","text":"When determining the price for a Fair Value Asset, BlackRock will seek to determine the price that a Fund might","page_number":168,"box":{"x":101,"y":181,"width":795,"height":11}},{"id":"361864dd-6e0e-4d0a-8133-bfd367922108","block_type":"box","text":"reasonably expect to receive from the current sale of that asset or liability in an arm’s-length transaction on the date","page_number":168,"box":{"x":69,"y":196,"width":832,"height":11}},{"id":"42a17a6b-6dab-49b5-bcdf-255df96349cb","block_type":"box","text":"on which the asset or liability is being valued, and does not seek to determine the price a Fund might reasonably","page_number":168,"box":{"x":69,"y":211,"width":805,"height":11}},{"id":"4db78fc2-1361-4e63-8b79-ff4e4cc5623a","block_type":"box","text":"expect to receive for selling an asset or liability at a later time or if it holds the asset or liability to maturity. Fair value","page_number":168,"box":{"x":69,"y":226,"width":834,"height":11}},{"id":"1f7cd961-1215-4d02-a7c4-cad05cc8e069","block_type":"box","text":"determinations will be based upon all available factors that BlackRock deems relevant at the time of the","page_number":168,"box":{"x":69,"y":241,"width":744,"height":11}},{"id":"67b66cb0-7a0b-4fd2-9a3f-e3e338d97215","block_type":"box","text":"determination, and may be based on analytical values determined by BlackRock using proprietary or third-party","page_number":168,"box":{"x":69,"y":257,"width":791,"height":11}},{"id":"da3320c6-03ec-4b4d-bbec-f93d6df70ac5","block_type":"box","text":"valuation models.","page_number":168,"box":{"x":68,"y":272,"width":125,"height":8}},{"id":"22c2a17b-ddc6-459e-9c85-374a3f07664a","block_type":"box","text":"Fair value represents a good faith approximation of the value of an asset or liability. When determining the fair","page_number":168,"box":{"x":102,"y":294,"width":785,"height":11}},{"id":"3fe4a93f-93f2-4402-bb81-306ba53152df","block_type":"box","text":"value of an investment, one or more fair value methodologies may be used (depending on certain factors, including","page_number":168,"box":{"x":68,"y":309,"width":822,"height":11}},{"id":"92885259-2e82-4a6c-a3be-71ac2618f11b","block_type":"box","text":"the asset type). For example, the investment may be initially priced based on the original cost of the investment or,","page_number":168,"box":{"x":68,"y":324,"width":820,"height":12}},{"id":"4dd6bc8c-afb8-49a4-bf4a-2ee818f58811","block_type":"box","text":"alternatively, using proprietary or third-party models that may rely upon one or more unobservable inputs. Prices of","page_number":168,"box":{"x":69,"y":339,"width":818,"height":12}},{"id":"04bda5ae-62cd-406b-83e4-41752ec24fff","block_type":"box","text":"actual, executed or historical transactions in the relevant investment (or comparable instruments) or, where","page_number":168,"box":{"x":69,"y":355,"width":766,"height":11}},{"id":"2f8ad09d-d5cf-4ba5-bcfc-1e6c15cbe8b9","block_type":"box","text":"appropriate, an appraisal by a third-party experienced in the valuation of similar instruments, may also be used as a","page_number":168,"box":{"x":69,"y":370,"width":828,"height":11}},{"id":"64522b78-cc4f-481f-b069-1b96d3d0a7b4","block_type":"box","text":"basis for establishing the fair value of an investment.","page_number":168,"box":{"x":69,"y":385,"width":378,"height":11}},{"id":"4c7474ed-6577-44f4-b9d9-c3a7a7838dfa","block_type":"box","text":"The fair value of one or more assets or liabilities may not, in retrospect, be the price at which those assets or","page_number":168,"box":{"x":101,"y":407,"width":784,"height":12}},{"id":"ce47888a-c6a1-49a4-ac08-ef877c925d93","block_type":"box","text":"liabilities could have been sold during the period in which the particular fair values were used in determining a Fund’s","page_number":168,"box":{"x":70,"y":423,"width":836,"height":11}},{"id":"46102c51-440a-42a3-bfb6-c0713b1d0b50","block_type":"box","text":"NAV. As a result, a Fund’s sale or redemption of its shares at NAV, at a time when a holding or holdings are valued at","page_number":168,"box":{"x":70,"y":438,"width":834,"height":11}},{"id":"5f88caed-71c1-443f-b4bb-4ed601fb6ea4","block_type":"box","text":"fair value, may have the effect of diluting or increasing the economic interest of existing shareholders.","page_number":168,"box":{"x":68,"y":453,"width":728,"height":11}},{"id":"2abddf73-eea2-4402-a03e-d3ce2ccf99c3","block_type":"box","text":"Each Fund’s annual audited financial statements, which are prepared in accordance with accounting principles","page_number":168,"box":{"x":102,"y":475,"width":786,"height":12}},{"id":"dd488a8b-c98a-44b9-ba3e-119ac1267f51","block_type":"box","text":"generally accepted in the United States of America (“US GAAP”), follow the requirements for valuation set forth in","page_number":168,"box":{"x":68,"y":491,"width":809,"height":11}},{"id":"3c2c356d-d20e-4f41-b1c6-02b263f44464","block_type":"box","text":"Financial Accounting Standards Board Accounting Standards Codification Topic 820, “Fair Value Measurements and","page_number":168,"box":{"x":70,"y":506,"width":821,"height":11}},{"id":"fc0eaae1-34f4-417d-b4f8-6d82ce950616","block_type":"box","text":"Disclosures” (“ASC 820”), which defines and establishes a framework for measuring fair value under US GAAP and","page_number":168,"box":{"x":70,"y":521,"width":818,"height":11}},{"id":"cce40393-9bf3-4740-9cbe-8e8fd8f319ea","block_type":"box","text":"expands financial statement disclosure requirements relating to fair value measurements.","page_number":168,"box":{"x":69,"y":536,"width":641,"height":11}},{"id":"fd4406de-7d26-4ca0-92e3-cbf2cb3d6229","block_type":"box","text":"Generally, ASC 820 and other accounting rules applicable to funds and various assets in which they invest are","page_number":168,"box":{"x":102,"y":559,"width":786,"height":11}},{"id":"9972ac3d-8b82-4cc1-a4f1-4ca99a3e22da","block_type":"box","text":"evolving. Such changes may adversely affect a Fund. For example, the evolution of rules governing the determination","page_number":168,"box":{"x":69,"y":574,"width":832,"height":11}},{"id":"0c4a17f1-6b55-4437-9207-c4aee39b0e92","block_type":"box","text":"of the fair market value of assets or liabilities, to the extent such rules become more stringent, would tend to","page_number":168,"box":{"x":69,"y":589,"width":780,"height":11}},{"id":"68916bf1-360f-4306-b3fb-291730bab6af","block_type":"box","text":"increase the cost and/or reduce the availability of third-party determinations of fair market value. This may in turn","page_number":168,"box":{"x":70,"y":604,"width":810,"height":11}},{"id":"b7468c81-1fa5-455a-9a7f-b9e2f538975a","block_type":"box","text":"increase the costs associated with selling assets or affect their liquidity due to a Fund’s inability to obtain a third","page_number":168,"box":{"x":70,"y":619,"width":810,"height":11}},{"id":"97401711-51d8-4e81-83e2-f9d6f449d955","block_type":"box","text":"party determination of fair market value.","page_number":168,"box":{"x":70,"y":634,"width":285,"height":11}},{"id":"714b5af7-6879-4996-8559-07181bae865a","block_type":"box","text":"Computation of Offering Price Per Share","page_number":168,"box":{"x":69,"y":665,"width":292,"height":11}},{"id":"26d540a7-e7cd-4143-95dd-3d6dabb7fda6","block_type":"box","text":"See “Computation of Offering Price Per Share” in Part I of a Fund’s SAI for an illustration of the computation of","page_number":168,"box":{"x":102,"y":687,"width":791,"height":11}},{"id":"f131cd0a-ce30-4767-8ae1-ac84252e1456","block_type":"box","text":"the offering price for shares of your Fund.","page_number":168,"box":{"x":68,"y":702,"width":295,"height":12}},{"id":"daa3c8e8-c522-4e2a-bb9c-7f4b27e1f5a4","block_type":"box","text":"PORTFOLIO TRANSACTIONS AND BROKERAGE","page_number":168,"box":{"x":303,"y":732,"width":373,"height":10}},{"id":"7801c9b4-f7a4-4f6a-85c2-7330315079df","block_type":"box","text":"Transactions in Portfolio Securities","page_number":168,"box":{"x":68,"y":762,"width":257,"height":9}},{"id":"6e24c3dc-7904-4d6f-8a8f-c1a1833409e8","block_type":"box","text":"Subject to policies established by the Board of Directors, BlackRock is primarily responsible for the execution of","page_number":168,"box":{"x":102,"y":785,"width":798,"height":11}},{"id":"0f9513fc-3c08-4ff4-a987-6dc0804a7c81","block_type":"box","text":"a Fund’s portfolio transactions and the allocation of brokerage. BlackRock does not execute transactions through any","page_number":168,"box":{"x":69,"y":800,"width":839,"height":11}},{"id":"ed43323f-2dfe-435e-8ad7-3677c7809030","block_type":"box","text":"particular broker or dealer, but seeks to obtain the best net results for the Fund, taking into account certain factors","page_number":168,"box":{"x":70,"y":815,"width":822,"height":11}},{"id":"e04372e6-a0e6-4e28-9509-1eaa05af4e5e","block_type":"box","text":"set out below. While BlackRock generally seeks reasonable trade execution costs, a Fund does not necessarily pay","page_number":168,"box":{"x":69,"y":830,"width":820,"height":11}},{"id":"3eaa88d4-500d-4ca8-b4be-8faa08db96e4","block_type":"box","text":"the lowest spread or commission available, and payment of the lowest commission or spread is not necessarily","page_number":168,"box":{"x":68,"y":845,"width":798,"height":11}},{"id":"630707b7-c72b-4d7d-ab1f-41b6258aadc1","block_type":"box","text":"consistent with obtaining the best price and execution in particular transactions. Subject to applicable legal","page_number":168,"box":{"x":69,"y":860,"width":765,"height":12}},{"id":"afa67f30-c1be-47d9-9d76-6b982b17c6f9","block_type":"box","text":"requirements, BlackRock may select a broker based partly upon brokerage or research services provided to","page_number":168,"box":{"x":69,"y":876,"width":768,"height":11}},{"id":"ac9c7867-0c9d-4f2a-bc0b-7b57a890e4d1","block_type":"box","text":"BlackRock and its clients, including a Fund. In return for such services, BlackRock may cause a Fund to pay a higher","page_number":168,"box":{"x":70,"y":891,"width":830,"height":11}},{"id":"4499b302-1c8d-415c-893e-d5038bd871db","block_type":"box","text":"II-124","page_number":168,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"31bddb1b-06b0-4989-aef2-bbc0ce7d27bc","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":168,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"357e546f-770c-4c6d-88fd-ae7d933e7240","block_type":"box","text":"commission than other brokers would charge if BlackRock determines in good faith that the commission is","page_number":169,"box":{"x":69,"y":45,"width":760,"height":11}},{"id":"26bbacae-ca30-40ff-9c8a-fbd0765773f7","block_type":"box","text":"reasonable in relation to the services provided.","page_number":169,"box":{"x":69,"y":60,"width":336,"height":11}},{"id":"63177424-3110-43a5-b25c-eefc58588e9a","block_type":"box","text":"In the case of Feeder Funds, because each Feeder Fund generally invests exclusively in beneficial interests of a","page_number":169,"box":{"x":102,"y":82,"width":794,"height":12}},{"id":"65526a07-f9f1-42ef-8e85-74d38e89dfec","block_type":"box","text":"Master Portfolio, it is expected that all transactions in portfolio securities will be entered into by the Master Portfolio.","page_number":169,"box":{"x":70,"y":98,"width":835,"height":11}},{"id":"da4ea16f-10ef-40fb-9e8f-b2ad92fcd556","block_type":"box","text":"In selecting brokers or dealers to execute portfolio transactions, the Manager and sub-advisers seek to obtain","page_number":169,"box":{"x":102,"y":120,"width":784,"height":12}},{"id":"cdd0f55b-a6ca-4d4b-843b-20a1adcddeaa","block_type":"box","text":"the best price and most favorable execution for a Fund, taking into account a variety of factors including: (i) the size,","page_number":169,"box":{"x":68,"y":135,"width":829,"height":12}},{"id":"f09d1e1f-249d-4df5-ad33-cfb2905fc85d","block_type":"box","text":"nature and character of the security or instrument being traded and the markets in which it is purchased or sold;","page_number":169,"box":{"x":69,"y":150,"width":802,"height":12}},{"id":"dc74d595-efb3-4135-9bf1-3db09d2abf90","block_type":"box","text":"(ii) the desired timing of the transaction; (iii) BlackRock’s knowledge of the expected commission rates and spreads","page_number":169,"box":{"x":69,"y":166,"width":826,"height":11}},{"id":"50a22c79-a127-4f93-a75b-eda798055eaa","block_type":"box","text":"currently available; (iv) the activity existing and expected in the market for the particular security or instrument,","page_number":169,"box":{"x":69,"y":181,"width":789,"height":11}},{"id":"0844ab5f-2bba-4c85-b0ed-c984afda77c7","block_type":"box","text":"including any anticipated execution difficulties; (v) the full range of brokerage services provided; (vi) the broker’s or","page_number":169,"box":{"x":70,"y":196,"width":818,"height":11}},{"id":"c59b6fa6-6622-4ba1-932b-07c07e17818b","block_type":"box","text":"dealer’s capital; (vii) the quality of research and research services provided; (viii) the reasonableness of the","page_number":169,"box":{"x":69,"y":211,"width":769,"height":11}},{"id":"deb374e3-22bd-4e32-9d70-2c40a6fba43a","block_type":"box","text":"commission, dealer spread or its equivalent for the specific transaction; and (ix) BlackRock’s knowledge of any actual","page_number":169,"box":{"x":69,"y":226,"width":837,"height":11}},{"id":"8957341f-d986-4eea-b742-599a44a435c1","block_type":"box","text":"or apparent operational problems of a broker or dealer.","page_number":169,"box":{"x":69,"y":241,"width":391,"height":11}},{"id":"09b3f8a6-8733-4d03-aa5a-74fd91077dc4","block_type":"box","text":"Section 28(e) of the Exchange Act (“Section 28(e)”) permits an investment adviser, under certain circumstances","page_number":169,"box":{"x":102,"y":264,"width":801,"height":11}},{"id":"c4e42d5c-21ad-4fc8-aecf-9dba5cd67743","block_type":"box","text":"to cause an account to pay a broker or dealer a commission for effecting a transaction that exceeds the amount","page_number":169,"box":{"x":68,"y":279,"width":802,"height":11}},{"id":"9dd6e7d3-eb2a-4bda-a750-dce54f92937b","block_type":"box","text":"another broker or dealer would have charged for effecting the same transaction in recognition of the value of","page_number":169,"box":{"x":69,"y":294,"width":775,"height":11}},{"id":"f2e91e27-b87d-4429-b397-38ba73808ae1","block_type":"box","text":"brokerage and research services provided by that broker or dealer. This includes commissions paid on riskless","page_number":169,"box":{"x":69,"y":309,"width":790,"height":11}},{"id":"eba92706-7450-480b-9133-73e6755ae783","block_type":"box","text":"principal transactions under certain conditions. Brokerage and research services include: (1) furnishing advice as to","page_number":169,"box":{"x":70,"y":324,"width":827,"height":12}},{"id":"1b111ef4-6211-4c69-a5e2-744be7c0c067","block_type":"box","text":"the value of securities, including pricing and appraisal advice, credit analysis, risk measurement analysis,","page_number":169,"box":{"x":68,"y":339,"width":753,"height":12}},{"id":"11ba0dc9-0891-4f3a-8431-4205f3f3060e","block_type":"box","text":"performance and other analysis, as well as the advisability of investing in, purchasing or selling securities, and the","page_number":169,"box":{"x":70,"y":355,"width":818,"height":11}},{"id":"37f284b8-55d0-450c-8b5b-b819271a0b7c","block_type":"box","text":"availability of securities or purchasers or sellers of securities; (2) furnishing analyses and reports concerning issuers,","page_number":169,"box":{"x":69,"y":370,"width":837,"height":11}},{"id":"e1a2cff7-ecc5-48d5-90e0-39eee3f3bc49","block_type":"box","text":"industries, securities, economic factors and trends, portfolio strategy, and the performance of accounts; and","page_number":169,"box":{"x":70,"y":385,"width":775,"height":11}},{"id":"1073d1c9-dd37-423e-8e80-e3ae99914d3f","block_type":"box","text":"(3) effecting securities transactions and performing functions incidental to securities transactions (such as","page_number":169,"box":{"x":69,"y":400,"width":764,"height":11}},{"id":"c26f8cfd-2237-4c55-85af-a0e60c00b247","block_type":"box","text":"clearance, settlement, and custody). BlackRock believes that access to independent investment research is","page_number":169,"box":{"x":69,"y":415,"width":770,"height":11}},{"id":"22d1e982-aac1-4622-a844-83c634aaea84","block_type":"box","text":"beneficial to its investment decision-making processes and, therefore, to the Funds.","page_number":169,"box":{"x":69,"y":430,"width":599,"height":11}},{"id":"e0afccdf-4258-413a-8170-b78cf5f65ed5","block_type":"box","text":"BlackRock, unless prohibited by applicable law, may participate in client commission arrangements under which","page_number":169,"box":{"x":102,"y":453,"width":796,"height":11}},{"id":"94f579f1-cb2f-4f2b-a294-9af0eb7c18ac","block_type":"box","text":"BlackRock may execute transactions through a broker-dealer and request that the broker-dealer allocate a portion of","page_number":169,"box":{"x":70,"y":468,"width":829,"height":11}},{"id":"9b4048c9-c989-4f0a-87ed-fead7e3fa306","block_type":"box","text":"the commissions or commission credits to another firm that provides research to BlackRock. BlackRock believes that","page_number":169,"box":{"x":68,"y":483,"width":839,"height":11}},{"id":"2e974aed-ee65-4622-9ede-9883ca3a1839","block_type":"box","text":"research services obtained through soft dollar or commission sharing arrangements enhance its investment decision","page_number":169,"box":{"x":69,"y":498,"width":839,"height":11}},{"id":"bc6c62ee-691b-4720-8b80-8e5608d6bbef","block_type":"box","text":"making capabilities, thereby increasing the prospects for higher investment returns. BlackRock will engage only in","page_number":169,"box":{"x":69,"y":513,"width":809,"height":12}},{"id":"b2c88219-2b37-4e1c-b3bc-af43fd5f8523","block_type":"box","text":"soft dollar or commission sharing transactions that comply with the requirements of Section 28(e). Certain Funds","page_number":169,"box":{"x":69,"y":528,"width":808,"height":12}},{"id":"1f29a0f7-e4e4-4233-bd48-4d9f320e4006","block_type":"box","text":"may be subject to additional regulations, including MiFID II. Under MiFID II, EU investment managers, including BIL,","page_number":169,"box":{"x":69,"y":544,"width":818,"height":11}},{"id":"a3b66887-8b9f-44ae-9ce7-c0f61b52663c","block_type":"box","text":"pay for any research out of their own resources and not through soft dollars or commission sharing arrangements.","page_number":169,"box":{"x":70,"y":559,"width":813,"height":11}},{"id":"ac2cca5c-b6e2-41fa-984f-928c99ed96de","block_type":"box","text":"BlackRock regularly evaluates the soft dollar products and services utilized, as well as the overall soft dollar and","page_number":169,"box":{"x":70,"y":574,"width":801,"height":11}},{"id":"8683177e-7ebd-44e1-9aab-9674d3f04b60","block_type":"box","text":"commission sharing arrangements to ensure that trades are executed by firms that are regarded as best able to","page_number":169,"box":{"x":69,"y":589,"width":802,"height":11}},{"id":"32855d41-a57b-484f-842a-32071e69ff67","block_type":"box","text":"execute trades for client accounts, while at the same time providing access to the research and other services","page_number":169,"box":{"x":69,"y":604,"width":790,"height":11}},{"id":"4d87da74-89f5-48cb-84eb-6845323c9306","block_type":"box","text":"BlackRock views as impactful to its trading results.","page_number":169,"box":{"x":70,"y":619,"width":361,"height":11}},{"id":"63fac5e3-f9c7-472f-923a-e9c44e3ce915","block_type":"box","text":"BlackRock, unless prohibited by applicable law, may utilize soft dollars and related services, including research","page_number":169,"box":{"x":102,"y":642,"width":791,"height":11}},{"id":"6848b249-5162-49a2-8220-c25212a40781","block_type":"box","text":"(whether prepared by the broker-dealer or prepared by a third-party and provided to BlackRock by the broker-dealer)","page_number":169,"box":{"x":69,"y":657,"width":819,"height":11}},{"id":"565e57ab-118e-4691-8dd1-715c30298a23","block_type":"box","text":"and execution or brokerage services within applicable rules and BlackRock’s policies to the extent that such","page_number":169,"box":{"x":69,"y":672,"width":772,"height":11}},{"id":"36aba7b3-2eb7-40e6-a94f-347b150bf4dd","block_type":"box","text":"permitted services do not compromise BlackRock’s ability to seek to obtain best execution. In this regard, the","page_number":169,"box":{"x":70,"y":687,"width":785,"height":11}},{"id":"1bdaec84-2803-4394-890c-dcbcb202d65a","block_type":"box","text":"portfolio management investment and/or trading teams may consider a variety of factors, including the degree to","page_number":169,"box":{"x":70,"y":702,"width":806,"height":12}},{"id":"0d7c7495-b656-4c90-ae2a-3abb5d3b0835","block_type":"box","text":"which the broker-dealer: (a) provides access to company management; (b) provides access to their analysts;","page_number":169,"box":{"x":68,"y":718,"width":772,"height":11}},{"id":"c7bac1d3-ac60-45e6-ad3f-1359cb599b86","block_type":"box","text":"(c) provides meaningful/insightful research notes on companies or other potential investments; (d) facilitates calls on","page_number":169,"box":{"x":69,"y":732,"width":838,"height":12}},{"id":"7decb361-12ea-4a72-8c2a-c81750b8df13","block_type":"box","text":"which meaningful or insightful ideas about companies or potential investments are discussed; (e) facilitates","page_number":169,"box":{"x":68,"y":748,"width":769,"height":11}},{"id":"cb316e90-5e14-402a-8942-356688a16c85","block_type":"box","text":"conferences at which meaningful or insightful ideas about companies or potential investments are discussed; or","page_number":169,"box":{"x":69,"y":763,"width":801,"height":11}},{"id":"97226995-da74-4f82-aa92-986f20fec17e","block_type":"box","text":"(f) provides research tools such as market data, financial analysis, and other third-party related research and","page_number":169,"box":{"x":69,"y":778,"width":778,"height":11}},{"id":"8e6033b4-0776-4337-b566-745ab21140c8","block_type":"box","text":"brokerage tools that aid in the investment process.","page_number":169,"box":{"x":69,"y":793,"width":363,"height":11}},{"id":"9c16c303-87a8-45da-97b4-360671b0bded","block_type":"box","text":"Research-oriented services for which BlackRock, unless prohibited by applicable law, might pay with Fund","page_number":169,"box":{"x":102,"y":816,"width":749,"height":11}},{"id":"da44c145-1b23-46ef-b398-abdd8c4835e7","block_type":"box","text":"commissions may be in written form or through direct contact with individuals and may include information as to","page_number":169,"box":{"x":69,"y":831,"width":799,"height":11}},{"id":"773ba70a-24c8-4d2f-a233-e3ece5e9d041","block_type":"box","text":"particular companies or industries and securities or groups of securities, as well as market, economic, or","page_number":169,"box":{"x":70,"y":846,"width":752,"height":11}},{"id":"6899e965-6c54-4ad7-9868-e9d3c93779a8","block_type":"box","text":"institutional advice and statistical information, political developments and technical market information that assists","page_number":169,"box":{"x":70,"y":861,"width":823,"height":11}},{"id":"78935d98-b780-4900-a556-dd1f413d6a93","block_type":"box","text":"in the valuation of investments. Except as noted immediately below, research services furnished by brokers may be","page_number":169,"box":{"x":70,"y":876,"width":822,"height":11}},{"id":"40d30561-88b4-4c42-ada3-6e5fd8506ca7","block_type":"box","text":"used in servicing some or all client accounts and not all services may be used in connection with the Fund or account","page_number":169,"box":{"x":69,"y":891,"width":840,"height":12}},{"id":"611f577f-8a5c-47d6-84b8-71fda1a5bc03","block_type":"box","text":"that paid commissions to the broker providing such services. In some cases, research information received from","page_number":169,"box":{"x":68,"y":906,"width":805,"height":12}},{"id":"51683f9f-9960-4b38-9278-853fa368488f","block_type":"box","text":"II-125","page_number":169,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"abebb9cd-455d-4c8a-97e3-0270dcacb8ed","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":169,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"505f00a7-be7f-4b51-9f6e-238ebbdb8e64","block_type":"box","text":"brokers by mutual fund management personnel, or personnel principally responsible for BlackRock’s individually","page_number":170,"box":{"x":69,"y":45,"width":798,"height":11}},{"id":"bd6fc348-eaa6-4fa4-a358-07f4a2075eb8","block_type":"box","text":"managed portfolios, is not necessarily shared by and between such personnel. Any investment advisory or other fees","page_number":170,"box":{"x":69,"y":60,"width":836,"height":11}},{"id":"65321f2d-f459-4281-92ab-adf83005c27a","block_type":"box","text":"paid by a Fund to BlackRock are not reduced as a result of BlackRock’s receipt of research services. In some cases,","page_number":170,"box":{"x":70,"y":75,"width":832,"height":11}},{"id":"27b540f2-0da6-49de-898c-57f71f167499","block_type":"box","text":"BlackRock may receive a service from a broker that has both a “research” and a “non-research” use. When this","page_number":170,"box":{"x":70,"y":90,"width":798,"height":11}},{"id":"0df9f3fd-49c1-48c6-99fa-b394741272a5","block_type":"box","text":"occurs BlackRock makes a good faith allocation, under all the circumstances, between the research and non","page_number":170,"box":{"x":69,"y":105,"width":780,"height":11}},{"id":"0f9efc7b-293a-403f-a1eb-88a47a0b0fee","block_type":"box","text":"research uses of the service. The percentage of the service that is used for research purposes may be paid for with","page_number":170,"box":{"x":69,"y":120,"width":827,"height":12}},{"id":"36cca349-1bc7-4cb7-9852-982249ff7aa4","block_type":"box","text":"client commissions, while BlackRock will use its own funds to pay for the percentage of the service that is used for","page_number":170,"box":{"x":69,"y":135,"width":821,"height":12}},{"id":"11f3fc18-781c-4f35-a42a-a01aee7864d9","block_type":"box","text":"non-research purposes. In making this good faith allocation, BlackRock faces a potential conflict of interest, but","page_number":170,"box":{"x":69,"y":150,"width":797,"height":12}},{"id":"2d467498-4256-4d5c-8fa0-23a316a60ccd","block_type":"box","text":"BlackRock believes that its allocation procedures are reasonably designed to ensure that it appropriately allocates","page_number":170,"box":{"x":70,"y":166,"width":815,"height":11}},{"id":"d9715114-abb1-492d-9d65-749988d039d2","block_type":"box","text":"the anticipated use of such services to their research and non-research uses.","page_number":170,"box":{"x":68,"y":181,"width":555,"height":11}},{"id":"fd5906da-c54a-4fb4-872d-144e3b4ed0e4","block_type":"box","text":"Under MiFID II, investment managers in the EU, including BIL, are not able to use soft dollars to pay for research","page_number":170,"box":{"x":102,"y":203,"width":802,"height":12}},{"id":"e5d72df4-9aec-469b-9ac3-92ac7bdbcc2c","block_type":"box","text":"from brokers. Investment managers in the EU are required to either pay for research out of their own profit and loss","page_number":170,"box":{"x":68,"y":218,"width":825,"height":12}},{"id":"c36e7874-af50-4b26-97da-c98eb8a2e5aa","block_type":"box","text":"or agree with clients to have research costs paid by clients through research payment accounts that are directly","page_number":170,"box":{"x":69,"y":234,"width":798,"height":11}},{"id":"8e95afed-625b-431d-b4bc-c7810a2626c4","block_type":"box","text":"funded or funded by a specific client research charge collected alongside execution commissions, provided that the","page_number":170,"box":{"x":68,"y":249,"width":824,"height":11}},{"id":"6ee49675-52bf-4d92-8315-4f8f7086b12a","block_type":"box","text":"payments for research are unbundled from the payments for execution. BIL will pay for any research out of its own","page_number":170,"box":{"x":70,"y":264,"width":812,"height":11}},{"id":"e62eb80c-a753-4788-8acb-ec72245988fd","block_type":"box","text":"resources and not through soft dollars or commission sharing arrangements.","page_number":170,"box":{"x":69,"y":279,"width":547,"height":11}},{"id":"5158052e-4209-488d-a237-37eb9e43c5d4","block_type":"box","text":"Payments of commissions to brokers who are affiliated persons of the Fund, or the Master Portfolio with respect","page_number":170,"box":{"x":102,"y":302,"width":804,"height":11}},{"id":"8874c9b9-021f-443a-9518-765392bac1cb","block_type":"box","text":"to the Feeder Fund (or affiliated persons of such persons), will be made in accordance with Rule 17e-1 under the","page_number":170,"box":{"x":68,"y":317,"width":806,"height":11}},{"id":"7859ad61-51ba-4944-9a90-c354a82e3997","block_type":"box","text":"Investment Company Act. Subject to policies established by the Board of Directors of the Master Portfolio, BlackRock","page_number":170,"box":{"x":70,"y":332,"width":836,"height":11}},{"id":"1bb221a9-1b9b-4158-a507-827c88c88297","block_type":"box","text":"is primarily responsible for the execution of the Master Portfolio’s portfolio transactions and the allocation of","page_number":170,"box":{"x":70,"y":347,"width":777,"height":11}},{"id":"03c671be-53ad-4d23-9b5c-7a195081876d","block_type":"box","text":"brokerage.","page_number":170,"box":{"x":69,"y":362,"width":74,"height":11}},{"id":"c2575d8a-dea2-44f2-a856-671c93b88568","block_type":"box","text":"From time to time, a Fund may purchase new issues of securities in a fixed price offering. In these situations,","page_number":170,"box":{"x":102,"y":385,"width":781,"height":11}},{"id":"7c62d67f-9904-4f96-a4fd-165751c9e51a","block_type":"box","text":"the broker may be a member of the selling group that will, in addition to selling securities, provide BlackRock with","page_number":170,"box":{"x":68,"y":400,"width":810,"height":11}},{"id":"668771df-2712-4cd3-a676-f1f3741055ca","block_type":"box","text":"research services. FINRA has adopted rules expressly permitting these types of arrangements under certain","page_number":170,"box":{"x":69,"y":415,"width":771,"height":11}},{"id":"34da228e-9dc1-4c77-9481-95ae8c29fdac","block_type":"box","text":"circumstances. Generally, the broker will provide research “credits” in these situations at a rate that is higher than","page_number":170,"box":{"x":69,"y":430,"width":818,"height":11}},{"id":"cdff20ed-64c2-4f98-b5d3-31a84ccb4412","block_type":"box","text":"that available for typical secondary market transactions. These arrangements may not fall within the safe harbor of","page_number":170,"box":{"x":68,"y":445,"width":821,"height":12}},{"id":"3a6ed571-efc2-4a01-86fb-1598a5ff2b1a","block_type":"box","text":"Section 28(e).","page_number":170,"box":{"x":69,"y":460,"width":99,"height":11}},{"id":"360af0c4-a595-411c-ba62-520259b81043","block_type":"box","text":"BlackRock does not consider sales of shares of the mutual funds it advises as a factor in the selection of","page_number":170,"box":{"x":102,"y":483,"width":755,"height":9}},{"id":"7bcac708-e6ad-4460-9ffc-1241873ec01f","block_type":"box","text":"brokers or dealers to execute portfolio transactions for a Fund; however, whether or not a particular broker or dealer","page_number":170,"box":{"x":69,"y":498,"width":828,"height":11}},{"id":"f6f48494-131c-49ea-92ba-ca3932286859","block_type":"box","text":"sells shares of the mutual funds advised by BlackRock neither qualifies nor disqualifies such broker or dealer to","page_number":170,"box":{"x":69,"y":513,"width":799,"height":11}},{"id":"9c47d7be-6f3f-4538-9b9f-1bef87a8eb2f","block_type":"box","text":"execute transactions for those mutual funds.","page_number":170,"box":{"x":69,"y":528,"width":319,"height":9}},{"id":"993c1110-2dfc-41ee-828e-5a48531820a5","block_type":"box","text":"Each Fund anticipates that its brokerage transactions involving foreign securities generally will be conducted","page_number":170,"box":{"x":102,"y":551,"width":770,"height":11}},{"id":"4f88d817-d43b-4e46-8784-cd00052009ca","block_type":"box","text":"primarily on the principal stock exchanges of the applicable country. Foreign equity securities may be held by a Fund","page_number":170,"box":{"x":70,"y":566,"width":825,"height":11}},{"id":"7ce273bf-0b69-4d57-ab7d-a306c3e5c8b2","block_type":"box","text":"in the form of depositary receipts, or other securities convertible into foreign equity securities. Depositary receipts","page_number":170,"box":{"x":70,"y":581,"width":816,"height":12}},{"id":"9bf560f3-945d-4b64-917a-307b701197fd","block_type":"box","text":"may be listed on stock exchanges, or traded in OTC markets in the United States or Europe, as the case may be.","page_number":170,"box":{"x":69,"y":597,"width":805,"height":11}},{"id":"05a85e27-3754-4185-a746-58e21ebc3e91","block_type":"box","text":"American Depositary Receipts, like other securities traded in the United States, will be subject to negotiated","page_number":170,"box":{"x":68,"y":612,"width":773,"height":11}},{"id":"9ba31d3f-3774-4a9d-84fb-c0752e95af53","block_type":"box","text":"commission rates. Because the shares of each Fund are redeemable on a daily basis in U.S. dollars, each Fund","page_number":170,"box":{"x":69,"y":627,"width":798,"height":11}},{"id":"e044de82-1838-4226-9b18-d5ca54c12ba3","block_type":"box","text":"intends to manage its portfolio so as to give reasonable assurance that it will be able to obtain U.S. dollars to the","page_number":170,"box":{"x":70,"y":642,"width":812,"height":11}},{"id":"627757e4-3888-410c-be08-06051fb45e56","block_type":"box","text":"extent necessary to meet anticipated redemptions. Under present conditions, it is not believed that these","page_number":170,"box":{"x":69,"y":657,"width":754,"height":11}},{"id":"4b1e4ebc-62be-466a-9796-b98a07e40f26","block_type":"box","text":"considerations will have a significant effect on a Fund’s portfolio strategies.","page_number":170,"box":{"x":69,"y":672,"width":540,"height":11}},{"id":"81fe04c6-4cc2-4a39-92ff-b43d906c3558","block_type":"box","text":"See “Portfolio Transactions and Brokerage” in the SAI for information about the brokerage commissions paid by","page_number":170,"box":{"x":102,"y":695,"width":798,"height":11}},{"id":"2a56a1c9-2baa-4077-9beb-fce2a07e6abe","block_type":"box","text":"your Fund, including commissions paid to affiliates, if any, for the periods indicated.","page_number":170,"box":{"x":68,"y":710,"width":597,"height":11}},{"id":"29050a57-9f3f-4100-8cc7-70c01ff8fec3","block_type":"box","text":"Each Fund may invest in certain securities traded in the OTC market and intends to deal directly with the dealers","page_number":170,"box":{"x":102,"y":733,"width":802,"height":11}},{"id":"20e8d008-f207-47b1-b685-652357395f29","block_type":"box","text":"who make a market in the particular securities, except in those circumstances in which better prices and execution","page_number":170,"box":{"x":68,"y":748,"width":822,"height":11}},{"id":"ed2ef6c2-e528-4580-842d-f0cbbb99ef57","block_type":"box","text":"are available elsewhere. Under the Investment Company Act, persons affiliated with a Fund and persons who are","page_number":170,"box":{"x":69,"y":763,"width":804,"height":11}},{"id":"468df669-10d3-466d-8291-1d8fc239bc42","block_type":"box","text":"affiliated with such affiliated persons are prohibited from dealing with the Fund as principal in the purchase and sale","page_number":170,"box":{"x":69,"y":778,"width":832,"height":11}},{"id":"cdc9b91c-1e88-4854-a2a9-2d3555f83e3c","block_type":"box","text":"of securities unless a permissive order allowing such transactions is obtained from the Commission. Since","page_number":170,"box":{"x":69,"y":793,"width":762,"height":11}},{"id":"2c962f92-7a27-4a38-983d-4141932559f8","block_type":"box","text":"transactions in the OTC market usually involve transactions with the dealers acting as principal for their own","page_number":170,"box":{"x":68,"y":808,"width":770,"height":11}},{"id":"67c7e46e-3b25-4fe2-a557-5f7e868f3a93","block_type":"box","text":"accounts, the Funds will not deal with affiliated persons in connection with such transactions. However, an affiliated","page_number":170,"box":{"x":69,"y":823,"width":828,"height":11}},{"id":"dd6ad1c0-ff42-4ed5-a538-eec00368ab4c","block_type":"box","text":"person of a Fund may serve as its broker in OTC transactions conducted on an agency basis provided that, among","page_number":170,"box":{"x":70,"y":838,"width":814,"height":12}},{"id":"66e3530a-93cf-4924-8af6-8185dec899cc","block_type":"box","text":"other things, the fee or commission received by such affiliated broker is reasonable and fair compared to the fee or","page_number":170,"box":{"x":69,"y":853,"width":825,"height":12}},{"id":"5447f637-d3ed-438e-b4b3-16a8f54e4cb5","block_type":"box","text":"commission received by non-affiliated brokers in connection with comparable transactions.","page_number":170,"box":{"x":69,"y":869,"width":645,"height":11}},{"id":"846903f1-5887-4a08-980a-766b5ed21829","block_type":"box","text":"OTC issues, including most fixed-income securities such as corporate debt and U.S. Government Securities, are","page_number":170,"box":{"x":102,"y":891,"width":797,"height":12}},{"id":"74f7558e-0699-4055-b521-689deffcbe53","block_type":"box","text":"normally traded on a “net” basis without a stated commission, through dealers acting for their own account and not","page_number":170,"box":{"x":69,"y":906,"width":826,"height":12}},{"id":"0410024a-87c3-4e4b-a49c-01ef9a08ec66","block_type":"box","text":"II-126","page_number":170,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"e4bb435d-d2ba-42db-abef-f97766d75ed1","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":170,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c319077c-1e76-49ef-a537-4d1a21ae7e69","block_type":"box","text":"as brokers. The Funds will primarily engage in transactions with these dealers or deal directly with the issuer unless a","page_number":171,"box":{"x":69,"y":45,"width":839,"height":11}},{"id":"57ea3d41-7cdf-425a-8e40-fee2494cc78e","block_type":"box","text":"better price or execution could be obtained by using a broker. Prices paid to a dealer with respect to both foreign and","page_number":171,"box":{"x":69,"y":60,"width":833,"height":11}},{"id":"6bfc17e3-5a61-463b-ba71-0d7a9bf74c84","block_type":"box","text":"domestic securities will generally include a “spread,” which is the difference between the prices at which the dealer","page_number":171,"box":{"x":69,"y":75,"width":826,"height":11}},{"id":"4d22b44c-c8dc-4896-99bc-c399bef03bb9","block_type":"box","text":"is willing to purchase and sell the specific security at the time, and includes the dealer’s normal profit.","page_number":171,"box":{"x":70,"y":90,"width":730,"height":11}},{"id":"c4a7eb39-3505-4113-96ec-fb2b9b07adb1","block_type":"box","text":"Purchases of money market instruments by a Fund are made from dealers, underwriters and issuers. The Funds","page_number":171,"box":{"x":102,"y":113,"width":800,"height":11}},{"id":"80906261-88d2-4842-8170-c7f6ff955f7f","block_type":"box","text":"do not currently expect to incur any brokerage commission expense on such transactions because money market","page_number":171,"box":{"x":69,"y":128,"width":807,"height":11}},{"id":"2c44c8b6-5590-42a9-b9d2-8ac3c38dae4a","block_type":"box","text":"instruments are generally traded on a “net” basis with dealers acting as principal for their own accounts without a","page_number":171,"box":{"x":70,"y":143,"width":812,"height":11}},{"id":"8b22d577-f45a-4101-b5b5-2bc1fdc376f4","block_type":"box","text":"stated commission. The price of the security, however, usually includes a profit to the dealer. Each money market","page_number":171,"box":{"x":69,"y":158,"width":807,"height":11}},{"id":"eeb847f5-0543-4ac6-858d-07c5b8b15d1e","block_type":"box","text":"fund intends to purchase only securities with remaining maturities of 397 days or less as determined in accordance","page_number":171,"box":{"x":68,"y":173,"width":827,"height":11}},{"id":"7fe50b82-5312-45b3-8f86-9d5dfb97eeb6","block_type":"box","text":"with the rules of the Commission. As a result, the portfolio turnover rates of a money market fund will be relatively","page_number":171,"box":{"x":68,"y":188,"width":817,"height":11}},{"id":"24c4734a-07e9-48b9-896f-2b88cbd90285","block_type":"box","text":"high. However, because brokerage commissions will not normally be paid with respect to investments made by a","page_number":171,"box":{"x":69,"y":204,"width":802,"height":11}},{"id":"de309011-f417-49d7-8f1a-449fcb601495","block_type":"box","text":"money market fund, the turnover rates should not adversely affect the Fund’s NAVs or net income.","page_number":171,"box":{"x":69,"y":218,"width":700,"height":12}},{"id":"ce67d261-7109-402d-a1fc-c88fa658915c","block_type":"box","text":"Securities purchased in underwritten offerings include a fixed amount of compensation to the underwriter,","page_number":171,"box":{"x":102,"y":241,"width":756,"height":11}},{"id":"58959c40-161c-4203-86f1-c78cc26e4232","block_type":"box","text":"generally referred to as the underwriter’s concession or discount. When offered securities are purchased or sold","page_number":171,"box":{"x":68,"y":256,"width":804,"height":12}},{"id":"4530f0c8-60cb-412f-b99a-2144902a524b","block_type":"box","text":"directly from or to an issuer, no commissions or discounts are paid except where required by local markets.","page_number":171,"box":{"x":69,"y":271,"width":766,"height":12}},{"id":"07a0bb0c-96dd-4bf2-9df2-c867f9c0099b","block_type":"box","text":"The Manager or sub-advisers may seek to obtain an undertaking from issuers of commercial paper or dealers","page_number":171,"box":{"x":101,"y":294,"width":780,"height":11}},{"id":"7d1a5a53-9358-49ce-8f35-ead1c3faa293","block_type":"box","text":"selling commercial paper to consider the repurchase of such securities from a Fund prior to maturity at their original","page_number":171,"box":{"x":69,"y":309,"width":826,"height":11}},{"id":"71c71c93-ae15-4d29-a671-aa5627151427","block_type":"box","text":"cost plus interest (sometimes adjusted to reflect the actual maturity of the securities), if it believes that a Fund’s","page_number":171,"box":{"x":69,"y":324,"width":806,"height":11}},{"id":"4a59f477-117e-4455-881e-4783cae0f31e","block_type":"box","text":"anticipated need for liquidity makes such action desirable. Any such repurchase prior to maturity reduces the","page_number":171,"box":{"x":69,"y":339,"width":776,"height":12}},{"id":"eb37141d-0f01-4488-a5e6-79510daf278f","block_type":"box","text":"possibility that a Fund would incur a capital loss in liquidating commercial paper, especially if interest rates have","page_number":171,"box":{"x":70,"y":355,"width":800,"height":11}},{"id":"0768e3fe-0339-4649-bc4a-7e98e272f601","block_type":"box","text":"risen since acquisition of such commercial paper.","page_number":171,"box":{"x":69,"y":370,"width":352,"height":11}},{"id":"711453fe-54a4-4335-a7fa-42603e83a1b0","block_type":"box","text":"Investment decisions for each Fund and for other investment accounts managed by the Manager or sub-advisers","page_number":171,"box":{"x":102,"y":392,"width":800,"height":12}},{"id":"1a3b7bca-90f4-4143-83fb-21f0c98d587e","block_type":"box","text":"are made independently of each other in light of differing conditions. BlackRock allocates investments among client","page_number":171,"box":{"x":69,"y":407,"width":824,"height":12}},{"id":"17bc64b4-cfb8-4240-aac8-82600549e028","block_type":"box","text":"accounts in a fair and equitable manner over time. A variety of factors will be considered in making such allocations.","page_number":171,"box":{"x":69,"y":423,"width":828,"height":11}},{"id":"f8118010-ba1c-43af-b588-d0ea9a857324","block_type":"box","text":"These factors include: (i) investment objectives or strategies for particular accounts, including sector, industry,","page_number":171,"box":{"x":68,"y":438,"width":788,"height":11}},{"id":"7c488ce0-17c7-48f4-a86a-1bcee37c03d7","block_type":"box","text":"country or region and capitalization weightings, (ii) tax considerations of an account, (iii) risk or investment","page_number":171,"box":{"x":69,"y":453,"width":759,"height":11}},{"id":"8175cd08-4590-4b46-8414-103222d3d0a7","block_type":"box","text":"concentration parameters for an account, (iv) supply or demand for a security at a given price level, (v) size of","page_number":171,"box":{"x":69,"y":468,"width":780,"height":11}},{"id":"3f5d77c6-ffa3-467e-848c-21127273da2f","block_type":"box","text":"available investment, (vi) cash availability and liquidity requirements for accounts, (vii) regulatory restrictions,","page_number":171,"box":{"x":69,"y":483,"width":777,"height":11}},{"id":"55e79629-8f24-4b4a-92fd-47f70b0656ed","block_type":"box","text":"(viii) minimum investment size of an account, (ix) relative size of account, and (x) such other factors as may be","page_number":171,"box":{"x":69,"y":498,"width":788,"height":11}},{"id":"dff96bc4-89be-4884-8bca-eb568c35e5c1","block_type":"box","text":"approved by BlackRock’s general counsel. Moreover, investments may not be allocated to one client account over","page_number":171,"box":{"x":69,"y":514,"width":811,"height":11}},{"id":"0a04c15e-7e99-41a0-8409-5c110a1c84b5","block_type":"box","text":"another based on any of the following considerations: (i) to favor one client account at the expense of another, (ii) to","page_number":171,"box":{"x":69,"y":528,"width":829,"height":12}},{"id":"ab2e7d91-f03d-4b5c-a92b-4012a617ec2c","block_type":"box","text":"generate higher fees paid by one client account over another or to produce greater performance compensation to","page_number":171,"box":{"x":68,"y":543,"width":808,"height":12}},{"id":"6cedffb5-4e24-4cfd-a0b0-3da564f4edc4","block_type":"box","text":"BlackRock, (iii) to develop or enhance a relationship with a client or prospective client, (iv) to compensate a client for","page_number":171,"box":{"x":70,"y":559,"width":832,"height":11}},{"id":"19574e16-4860-48a7-8ea5-b37b29860001","block_type":"box","text":"past services or benefits rendered to BlackRock or to induce future services or benefits to be rendered to BlackRock,","page_number":171,"box":{"x":70,"y":574,"width":836,"height":11}},{"id":"a2ffd4ab-316e-4b01-9e08-749e1b0e4e32","block_type":"box","text":"or (v) to manage or equalize investment performance among different client accounts.","page_number":171,"box":{"x":69,"y":589,"width":613,"height":11}},{"id":"1d9d776a-022b-4826-95d9-5d4c3d91d0c0","block_type":"box","text":"Equity securities will generally be allocated among client accounts within the same investment mandate on a pro","page_number":171,"box":{"x":102,"y":612,"width":802,"height":11}},{"id":"05d7424b-3267-47b9-8cb5-cfa7a07efbc3","block_type":"box","text":"rata basis. All allocations of equity securities will be subject, where relevant, to share minimums established for","page_number":171,"box":{"x":69,"y":627,"width":800,"height":11}},{"id":"9ad45ab2-7244-4063-96ab-93ef35eabe81","block_type":"box","text":"accounts and compliance constraints.","page_number":171,"box":{"x":69,"y":642,"width":269,"height":11}},{"id":"a38b4c4f-026c-46b7-9fad-79360a8cc229","block_type":"box","text":"Initial public offerings of securities may be over-subscribed and subsequently trade at a premium in the","page_number":171,"box":{"x":102,"y":664,"width":736,"height":12}},{"id":"f5243817-9a1e-460c-bdfe-b86cd14f6631","block_type":"box","text":"secondary market. In these situations, the supply of securities available for client accounts is often less than the","page_number":171,"box":{"x":69,"y":680,"width":808,"height":11}},{"id":"2bf99a03-654d-4dee-9507-1ae0f6709226","block_type":"box","text":"amount of securities the accounts would otherwise take. In order to allocate these investments fairly and equitably","page_number":171,"box":{"x":69,"y":695,"width":821,"height":11}},{"id":"2f8af74f-303c-4003-bdbe-7b0a3cbdb69e","block_type":"box","text":"among client accounts over time, each portfolio manager or a member of his or her respective investment team will","page_number":171,"box":{"x":69,"y":710,"width":823,"height":11}},{"id":"b5c01b7e-fa7d-45cf-8e6c-1d069fcb2a54","block_type":"box","text":"indicate to BlackRock’s trading desk their level of interest in a particular offering with respect to eligible client","page_number":171,"box":{"x":70,"y":725,"width":783,"height":11}},{"id":"060c2cbe-2058-49fc-90a2-2338b2233c0e","block_type":"box","text":"accounts for which that team is responsible. Initial public offerings of U.S. equity securities will be identified as","page_number":171,"box":{"x":69,"y":740,"width":793,"height":11}},{"id":"4669c7e8-0bd8-4e59-8b84-e799cea9079b","block_type":"box","text":"eligible for particular client accounts that are managed by portfolio teams who have indicated interest in the offering","page_number":171,"box":{"x":69,"y":755,"width":831,"height":11}},{"id":"67726b02-9739-4c33-9384-ba1c6c5929cf","block_type":"box","text":"based on market capitalization of the issuer of the security and the investment mandate of the client account and in","page_number":171,"box":{"x":69,"y":770,"width":828,"height":11}},{"id":"bab83489-dca0-4de4-9238-19f4e2020b96","block_type":"box","text":"the case of international equity securities, the country where the offering is taking place and the investment mandate","page_number":171,"box":{"x":68,"y":785,"width":839,"height":12}},{"id":"e081faca-6c67-4558-abe4-252a95f9512d","block_type":"box","text":"of the client account. Generally, shares received during the initial public offering will be allocated among participating","page_number":171,"box":{"x":69,"y":801,"width":835,"height":11}},{"id":"a46edea8-6e1d-4d07-aff2-dd037f9c95e7","block_type":"box","text":"client accounts within each investment mandate on a pro rata basis. In situations where supply is too limited to be","page_number":171,"box":{"x":69,"y":816,"width":819,"height":11}},{"id":"864109ea-7136-4b01-b73f-b79bcc14cc1c","block_type":"box","text":"allocated among all accounts for which the investment is eligible, portfolio managers may rotate such investment","page_number":171,"box":{"x":69,"y":831,"width":808,"height":11}},{"id":"8ab19284-5221-420f-9cae-ee6a809491e2","block_type":"box","text":"opportunities among one or more accounts so long as the rotation system provides for fair access for all client","page_number":171,"box":{"x":69,"y":846,"width":791,"height":11}},{"id":"87a53b2b-4e3b-409a-8a03-5a39bb6e2d9d","block_type":"box","text":"accounts over time. Other allocation methodologies that are considered by BlackRock to be fair and equitable to","page_number":171,"box":{"x":69,"y":861,"width":799,"height":11}},{"id":"1bec9b21-f4b8-46e8-b8e5-b86f858745a9","block_type":"box","text":"clients may be used as well.","page_number":171,"box":{"x":69,"y":876,"width":200,"height":11}},{"id":"0fee8818-b800-4f4b-8517-b1b1e163d024","block_type":"box","text":"II-127","page_number":171,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"136bd112-36e4-41af-9571-938da9c81948","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":171,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"75a89cd8-ce73-4110-bc58-fa264ea5b0dc","block_type":"box","text":"Because different accounts may have differing investment objectives and policies, BlackRock may buy and sell","page_number":172,"box":{"x":102,"y":45,"width":789,"height":11}},{"id":"9ac93fb3-44ea-4e29-b0ae-6ced774fffc8","block_type":"box","text":"the same securities at the same time for different clients based on the particular investment objective, guidelines","page_number":172,"box":{"x":68,"y":60,"width":815,"height":11}},{"id":"92644668-4166-4a8e-a92f-ef6dd5fb4fe5","block_type":"box","text":"and strategies of those accounts. For example, BlackRock may decide that it may be entirely appropriate for a growth","page_number":172,"box":{"x":69,"y":75,"width":835,"height":11}},{"id":"919507f5-7571-4568-910c-8ebc40a9e35f","block_type":"box","text":"fund to sell a security at the same time a value fund is buying that security. To the extent that transactions on behalf","page_number":172,"box":{"x":68,"y":90,"width":833,"height":11}},{"id":"a64182c0-04b1-4202-bee1-d546b58c1bb9","block_type":"box","text":"of more than one client of BlackRock or its affiliates during the same period may increase the demand for securities","page_number":172,"box":{"x":69,"y":105,"width":829,"height":11}},{"id":"c8215940-7289-498e-800d-82cf2d951e07","block_type":"box","text":"being purchased or the supply of securities being sold, there may be an adverse effect on price. For example, sales","page_number":172,"box":{"x":69,"y":120,"width":825,"height":12}},{"id":"4ace401c-c3d2-49f7-9907-a18d5ecce680","block_type":"box","text":"of a security by BlackRock on behalf of one or more of its clients may decrease the market price of such security,","page_number":172,"box":{"x":69,"y":135,"width":806,"height":11}},{"id":"94bd0311-aa49-40e1-b6ff-10d8647efcef","block_type":"box","text":"adversely impacting other BlackRock clients that still hold the security. If purchases or sales of securities arise for","page_number":172,"box":{"x":69,"y":150,"width":814,"height":12}},{"id":"3e4d55d1-095f-412b-bfb1-e83923d04195","block_type":"box","text":"consideration at or about the same time that would involve a Fund or other clients or funds for which BlackRock or an","page_number":172,"box":{"x":69,"y":166,"width":836,"height":9}},{"id":"b6f998da-8a10-4649-872d-8918effd8784","block_type":"box","text":"affiliate act as investment manager, transactions in such securities will be made, insofar as feasible, for the","page_number":172,"box":{"x":69,"y":181,"width":773,"height":11}},{"id":"500a43f4-17d7-40bc-a814-f5a4413bcadf","block_type":"box","text":"respective funds and clients in a manner deemed equitable to all.","page_number":172,"box":{"x":69,"y":196,"width":467,"height":11}},{"id":"5e4a175c-7549-410c-887c-da8d56bd2043","block_type":"box","text":"In certain instances, BlackRock may find it efficient for purposes of seeking to obtain best execution, to","page_number":172,"box":{"x":102,"y":218,"width":741,"height":12}},{"id":"9a97a203-8a17-4ef3-9991-7eff2e176e9c","block_type":"box","text":"aggregate certain contemporaneous purchases or sale orders of its advisory accounts. In general, all","page_number":172,"box":{"x":69,"y":234,"width":721,"height":11}},{"id":"570d3898-69d4-4c9d-9928-f3270534745b","block_type":"box","text":"contemporaneous trades for client accounts under management by the same portfolio manager or investment team","page_number":172,"box":{"x":69,"y":249,"width":824,"height":11}},{"id":"3a9287f6-df63-4247-a60a-deff5fd28ef6","block_type":"box","text":"will be aggregated in a single order if the trader believes the aggregated trade would provide each client with an","page_number":172,"box":{"x":68,"y":264,"width":795,"height":11}},{"id":"7f54e4b2-9745-4ce5-a82a-fe62d368e314","block_type":"box","text":"opportunity to achieve a more favorable execution at a potentially lower execution cost. The costs associated with an","page_number":172,"box":{"x":69,"y":279,"width":834,"height":11}},{"id":"87f8c65e-84e2-465d-a068-d06eac4fd5e8","block_type":"box","text":"aggregated order will be shared pro rata among the clients in the aggregated order. Generally, if an order for a","page_number":172,"box":{"x":69,"y":294,"width":783,"height":11}},{"id":"44a65491-6dde-4852-9d42-9256c3e98dcc","block_type":"box","text":"particular portfolio manager or management team is filled at several different prices through multiple trades, all","page_number":172,"box":{"x":70,"y":309,"width":796,"height":11}},{"id":"bea0a028-254c-4e0a-b319-e8be17602166","block_type":"box","text":"accounts participating in the order will receive the average price except in the case of certain international markets","page_number":172,"box":{"x":69,"y":324,"width":821,"height":12}},{"id":"d9854a5b-ee7c-44dc-8510-5a3ff6755e87","block_type":"box","text":"where average pricing is not permitted. While in some cases this practice could have a detrimental effect upon the","page_number":172,"box":{"x":68,"y":339,"width":819,"height":12}},{"id":"f7481de3-b5d0-489c-8d2f-d533d584588c","block_type":"box","text":"price or value of the security as far as a Fund is concerned, in other cases it could be beneficial to the Fund.","page_number":172,"box":{"x":70,"y":355,"width":771,"height":11}},{"id":"1375cfad-61ad-4e2a-8004-01fea7583be2","block_type":"box","text":"Transactions effected by BlackRock on behalf of more than one of its clients during the same period may increase","page_number":172,"box":{"x":68,"y":370,"width":815,"height":11}},{"id":"14be1cd3-0e86-4c09-8c12-0387e495af81","block_type":"box","text":"the demand for securities being purchased or the supply of securities being sold, causing an adverse effect on price.","page_number":172,"box":{"x":68,"y":385,"width":835,"height":11}},{"id":"cd98aa60-0479-4018-b3dd-f5a4b18be56b","block_type":"box","text":"The trader will give the aggregated order to the broker-dealer that the trader has identified as being able to provide","page_number":172,"box":{"x":68,"y":400,"width":817,"height":11}},{"id":"7a28c95e-10c0-4abf-8385-10bc6b613f82","block_type":"box","text":"the best execution of the order. Orders for purchase or sale of securities will be placed within a reasonable amount","page_number":172,"box":{"x":68,"y":415,"width":823,"height":11}},{"id":"bfa4c2e6-2a18-43fb-a7c4-a74ddd2e53af","block_type":"box","text":"of time of the order receipt and aggregated orders will be kept aggregated only long enough to execute the order.","page_number":172,"box":{"x":69,"y":430,"width":803,"height":11}},{"id":"f36c60ac-298d-44f9-ad52-58f361aa589f","block_type":"box","text":"A Fund will not purchase securities during the existence of any underwriting or selling group relating to such","page_number":172,"box":{"x":101,"y":453,"width":767,"height":11}},{"id":"96ba7501-e9ac-45b2-a21a-2c07224af68d","block_type":"box","text":"securities of which BlackRock, BRIL or any affiliated person (as defined in the Investment Company Act) thereof is a","page_number":172,"box":{"x":69,"y":468,"width":826,"height":11}},{"id":"d550b2e4-e76a-44cd-972b-41ccd20fe315","block_type":"box","text":"member except pursuant to procedures adopted by the Board of Directors in accordance with Rule 10f-3 under the","page_number":172,"box":{"x":69,"y":483,"width":816,"height":11}},{"id":"083748c8-9df2-47b6-8bf0-8ab4adc2358e","block_type":"box","text":"Investment Company Act. In no instance will portfolio securities be purchased from or sold to BlackRock, BRIL or any","page_number":172,"box":{"x":70,"y":498,"width":833,"height":11}},{"id":"f53e9b6b-3b3a-4140-8e2e-098f468f8a0d","block_type":"box","text":"affiliated person of the foregoing entities except as permitted by Commission exemptive order or by applicable law.","page_number":172,"box":{"x":69,"y":513,"width":818,"height":12}},{"id":"fc6e8a80-06cb-488e-82ff-da9049f5f0e1","block_type":"box","text":"A Fund’s purchase and sale orders for securities may be combined with those of other investment companies,","page_number":172,"box":{"x":101,"y":536,"width":786,"height":11}},{"id":"dd81abbf-3c88-44f3-ba2d-428fffcace4e","block_type":"box","text":"clients or accounts that BlackRock manages or advises. If purchases or sales of portfolio securities of a Fund and","page_number":172,"box":{"x":69,"y":551,"width":814,"height":11}},{"id":"118b4d5f-d565-4f06-bef9-16c16c6ba486","block_type":"box","text":"one or more other accounts managed or advised by BlackRock are considered at or about the same time,","page_number":172,"box":{"x":69,"y":566,"width":751,"height":11}},{"id":"683ceb24-b478-4017-a230-c10210d51769","block_type":"box","text":"transactions in such securities are allocated among the Fund and the other accounts in a manner deemed equitable","page_number":172,"box":{"x":68,"y":582,"width":829,"height":11}},{"id":"56b923f0-67f8-44bf-a1db-92c16c3acbd2","block_type":"box","text":"to all by BlackRock. In some cases, this procedure could have a detrimental effect on the price or volume of the","page_number":172,"box":{"x":68,"y":596,"width":799,"height":12}},{"id":"a12e80e1-7ae4-4adf-8c2c-0ea1228d6c02","block_type":"box","text":"security as far as a Fund is concerned. However, in other cases, it is possible that the ability to participate in volume","page_number":172,"box":{"x":69,"y":612,"width":834,"height":11}},{"id":"671bb16b-5737-42b6-91ed-57d29bda69a3","block_type":"box","text":"transactions and to negotiate lower transaction costs will be beneficial to the Fund. BlackRock may deal, trade and","page_number":172,"box":{"x":68,"y":627,"width":820,"height":11}},{"id":"21372fe1-f9e6-466c-bb4f-879d194f665a","block_type":"box","text":"invest for its own account in the types of securities in which a Fund may invest. BlackRock may, from time to time,","page_number":172,"box":{"x":70,"y":642,"width":812,"height":11}},{"id":"8cbeaa6d-19d7-417b-a40b-e6e931cb53a2","block_type":"box","text":"effect trades on behalf of and for the account of a Fund with brokers or dealers that are affiliated with BFA, in","page_number":172,"box":{"x":69,"y":657,"width":781,"height":10}},{"id":"3843a271-9d69-45ca-9d0e-d36586d897b1","block_type":"box","text":"conformity with the Investment Company Act and Commission rules and regulations. Under these provisions, any","page_number":172,"box":{"x":69,"y":672,"width":805,"height":11}},{"id":"b8246984-2df0-4e7a-a2c2-98771bcf471b","block_type":"box","text":"commissions paid to affiliated brokers or dealers must be reasonable and fair compared to the commissions charged","page_number":172,"box":{"x":69,"y":687,"width":840,"height":11}},{"id":"a457dbce-6e09-4920-8a56-02d27f7b639e","block_type":"box","text":"by other brokers or dealers in comparable transactions. A Fund will not deal with affiliates in principal transactions","page_number":172,"box":{"x":69,"y":702,"width":815,"height":11}},{"id":"cee9538c-f469-4481-aff0-d4dfe40367b0","block_type":"box","text":"unless permitted by applicable Commission rules or regulations, or by Commission exemptive order.","page_number":172,"box":{"x":69,"y":718,"width":713,"height":11}},{"id":"255494c5-85d1-4468-806d-46ce262a3d53","block_type":"box","text":"Portfolio Turnover","page_number":172,"box":{"x":69,"y":748,"width":129,"height":9}},{"id":"f8307a1b-73dd-44cc-b469-69157616cc2c","block_type":"box","text":"The portfolio turnover rate is calculated by dividing the lesser of a Fund’s annual sales or purchases of portfolio","page_number":172,"box":{"x":101,"y":770,"width":798,"height":12}},{"id":"2e409fc9-99d1-4093-974a-27df0e10b681","block_type":"box","text":"securities (exclusive of purchases or sales of U.S. Government Securities and all other securities whose maturities at","page_number":172,"box":{"x":69,"y":785,"width":839,"height":11}},{"id":"6043c10c-8f09-4ebf-90a2-6406fe8831b9","block_type":"box","text":"the time of acquisition were one year or less) by the monthly average value of the securities in the portfolio during","page_number":172,"box":{"x":68,"y":801,"width":814,"height":11}},{"id":"01143103-6d21-4954-a5e3-28c75eb7c80a","block_type":"box","text":"the year. A high rate of portfolio turnover results in certain tax consequences, such as increased capital gain","page_number":172,"box":{"x":68,"y":816,"width":777,"height":11}},{"id":"ed97ac86-ea09-4a9a-ba39-48ccc0234a9f","block_type":"box","text":"dividends and/or ordinary income dividends, and in correspondingly greater transaction costs in the form of dealer","page_number":172,"box":{"x":69,"y":831,"width":818,"height":11}},{"id":"b227af80-3d9a-4d49-9b19-990f12fe5b8a","block_type":"box","text":"spreads and brokerage commissions, which are borne directly by a Fund.","page_number":172,"box":{"x":69,"y":846,"width":519,"height":11}},{"id":"74828d27-0e45-4f76-8907-487084c8c156","block_type":"box","text":"II-128","page_number":172,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"0ad0e410-fd6a-4c62-955d-980236bb1c51","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":172,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ab72c788-8152-4154-b810-9cba0a864b7e","block_type":"box","text":"DIVIDENDS AND TAXES","page_number":173,"box":{"x":396,"y":45,"width":186,"height":10}},{"id":"255b8268-b44f-43cd-8e11-c54171280d88","block_type":"box","text":"Dividends","page_number":173,"box":{"x":69,"y":76,"width":69,"height":8}},{"id":"4764f4eb-669e-4218-a9da-13c4177e53c5","block_type":"box","text":"Each Fund intends to distribute substantially all of its net investment income, if any. Dividends from such net","page_number":173,"box":{"x":102,"y":98,"width":776,"height":11}},{"id":"0643d444-70fc-447a-8cb8-befdc92deb11","block_type":"box","text":"investment income are paid as set forth in each Fund’s Prospectus. Each Fund also intends to distribute all net","page_number":173,"box":{"x":70,"y":113,"width":795,"height":11}},{"id":"1c72cd90-d9e2-4200-aca3-ac1b34c4cb67","block_type":"box","text":"realized capital gains, if any, as set forth in such Fund’s Prospectus. From time to time, a Fund may declare a special","page_number":173,"box":{"x":69,"y":128,"width":837,"height":12}},{"id":"0538637f-e184-4583-9654-a993035c2c2a","block_type":"box","text":"distribution at or about the end of the calendar year in order to comply with U.S. federal tax requirements that certain","page_number":173,"box":{"x":69,"y":143,"width":836,"height":12}},{"id":"df516b87-5165-471b-88bf-b490652ada07","block_type":"box","text":"percentages of its ordinary income and capital gains be distributed during the year. If, in any fiscal year, a Fund has","page_number":173,"box":{"x":70,"y":159,"width":822,"height":11}},{"id":"e6aa23b1-51c2-4c20-96be-afa2937868e3","block_type":"box","text":"net income from certain foreign currency transactions, such income will be distributed at least annually.","page_number":173,"box":{"x":69,"y":174,"width":739,"height":11}},{"id":"6eb6781e-c4a1-4fe6-9347-d55c6bb281a4","block_type":"box","text":"For information concerning the manner in which dividends may be reinvested automatically in shares of each","page_number":173,"box":{"x":102,"y":196,"width":773,"height":12}},{"id":"fb36118e-c767-415a-b6de-720b7d9328c5","block_type":"box","text":"Fund, as applicable, see “Shareholder Services — Automatic Dividend Reinvestment Plan.” Shareholders may also","page_number":173,"box":{"x":70,"y":212,"width":819,"height":11}},{"id":"1c36cfcd-b450-4423-a724-86546f8df183","block_type":"box","text":"elect in writing to receive any such dividends in cash. Dividends are taxable to shareholders, as discussed below,","page_number":173,"box":{"x":69,"y":227,"width":807,"height":11}},{"id":"22f4c4d8-9312-4e9c-9bbe-bae578139279","block_type":"box","text":"whether they are reinvested in shares of the Fund or received in cash. The per share dividends on front-end load","page_number":173,"box":{"x":68,"y":242,"width":800,"height":11}},{"id":"91504ca5-cfb2-43f6-87ed-9d5241b3d282","block_type":"box","text":"shares, CDSC shares and Service Shares will be lower than the per share dividends on Institutional Shares as a","page_number":173,"box":{"x":69,"y":257,"width":801,"height":11}},{"id":"950baaed-1be5-46d8-9335-65aaaea66c86","block_type":"box","text":"result of the service, distribution and higher transfer agency fees applicable to CDSC shares, the service fees","page_number":173,"box":{"x":69,"y":272,"width":783,"height":11}},{"id":"f76600c0-9fdb-4d1f-a5fc-0ce60d41d185","block_type":"box","text":"applicable to front-end load shares and Service Shares, and the service and distribution fees applicable to Class R","page_number":173,"box":{"x":69,"y":287,"width":820,"height":11}},{"id":"d039bd94-cff0-4faa-a6a2-a788f79cc34d","block_type":"box","text":"Shares. Similarly, the per share dividends on CDSC shares and Class R Shares will be lower than the per share","page_number":173,"box":{"x":69,"y":302,"width":794,"height":11}},{"id":"748762df-15a4-4862-b1d7-3eabbf21ca93","block_type":"box","text":"dividends on front-end load shares and Service Shares as a result of the distribution fees and higher transfer agency","page_number":173,"box":{"x":69,"y":317,"width":834,"height":12}},{"id":"f470a6a1-37d5-4fc7-92fa-0e75e76a041c","block_type":"box","text":"fees applicable to CDSC shares and the distribution fees applicable to Class R Shares, and the per share dividends","page_number":173,"box":{"x":68,"y":332,"width":826,"height":11}},{"id":"25dbc7de-f064-4ca5-b445-dfd89b696752","block_type":"box","text":"on CDSC shares will be lower than the per share dividends on Class R Shares as a result of the higher distribution","page_number":173,"box":{"x":69,"y":348,"width":816,"height":11}},{"id":"23236609-8495-4ea3-ac69-db2f16a0d707","block_type":"box","text":"fees and higher transfer agency fees applicable to CDSC shares.","page_number":173,"box":{"x":68,"y":363,"width":461,"height":11}},{"id":"eb5e3d55-fae3-43c6-bd2b-8cb8fea63b36","block_type":"box","text":"Taxes","page_number":173,"box":{"x":68,"y":393,"width":42,"height":9}},{"id":"f809e2d9-109e-43ba-94e7-1be57eb8f3dc","block_type":"box","text":"Each Fund intends to continue to qualify for the special tax treatment afforded to regulated investment","page_number":173,"box":{"x":102,"y":416,"width":732,"height":11}},{"id":"943e9878-0073-41b6-89fc-5ce19937906e","block_type":"box","text":"companies under the Code. As long as a Fund so qualifies, the Fund (but not its shareholders) will not be subject to","page_number":173,"box":{"x":69,"y":431,"width":825,"height":11}},{"id":"1037a356-5b9e-49ef-9237-9d10f70d1290","block_type":"box","text":"U.S. federal income tax on the part of its investment company taxable income and net realized capital gains that it","page_number":173,"box":{"x":70,"y":446,"width":817,"height":11}},{"id":"5653b639-7f8f-4b14-a78e-3ce1eba07d12","block_type":"box","text":"distributes to its shareholders in years in which it distributes at least 90% of its investment company taxable income","page_number":173,"box":{"x":69,"y":461,"width":832,"height":11}},{"id":"d7e3df1f-34e4-436f-9a5a-962321e1561d","block_type":"box","text":"and at least 90% of its net tax-exempt interest income, if any, for the year. To qualify as a regulated investment","page_number":173,"box":{"x":69,"y":476,"width":791,"height":11}},{"id":"cb8a050c-f7fb-4585-b722-f99def4ee986","block_type":"box","text":"company, a Fund must meet certain requirements regarding the source of its income and the composition and","page_number":173,"box":{"x":69,"y":491,"width":786,"height":12}},{"id":"3e169324-09e8-435a-a8a5-9186c2866dd8","block_type":"box","text":"diversification of its assets. See Part II, “Investment Risks and Considerations—Investment Restrictions (All Funds)”","page_number":173,"box":{"x":69,"y":506,"width":831,"height":11}},{"id":"f9296cd2-76ed-42c9-a248-4a788acb17e8","block_type":"box","text":"for a discussion of the asset diversification requirements. In the case of a Feeder Fund, such Fund may look to the","page_number":173,"box":{"x":68,"y":521,"width":819,"height":12}},{"id":"66f58d42-28ec-43d5-95fb-0c97759de587","block_type":"box","text":"underlying assets of the Master Portfolio in which it has invested for purposes of satisfying the asset diversification","page_number":173,"box":{"x":69,"y":537,"width":824,"height":11}},{"id":"a9e88616-2f77-4fbf-97e0-051cb32db48a","block_type":"box","text":"requirement and various other requirements of the Code applicable to regulated investment companies.","page_number":173,"box":{"x":69,"y":552,"width":739,"height":11}},{"id":"7c8951ba-0dc1-4cd7-8e1f-cb8532360a55","block_type":"box","text":"A Fund may be able to cure a failure to derive at least 90% of its income from the sources specified above or a","page_number":173,"box":{"x":101,"y":574,"width":792,"height":12}},{"id":"9a1e6fe5-2a5d-4949-a769-473626bee85a","block_type":"box","text":"failure to diversify its holdings in the manner described above by paying a tax, by disposing of certain assets, or by","page_number":173,"box":{"x":68,"y":589,"width":819,"height":12}},{"id":"31ec87dc-d721-4642-a531-436e1c65419e","block_type":"box","text":"paying a tax and disposing of assets. If, in any taxable year, a Fund fails one of these tests and does not timely cure","page_number":173,"box":{"x":70,"y":605,"width":830,"height":11}},{"id":"11f1a6d2-b16a-4188-b11c-5c9da847c914","block_type":"box","text":"the failure, the Fund will be taxed in the same manner as an ordinary corporation and distributions to its","page_number":173,"box":{"x":68,"y":620,"width":744,"height":11}},{"id":"b3adb1c0-144c-4b82-82c5-11a10077de92","block_type":"box","text":"shareholders will not be deductible by the Fund in computing its taxable income. Although in general the passive loss","page_number":173,"box":{"x":69,"y":635,"width":835,"height":11}},{"id":"37f31434-d62e-48d4-b300-a60eee5bc627","block_type":"box","text":"rules of the Code do not apply to regulated investment companies, such rules do apply to a regulated investment","page_number":173,"box":{"x":69,"y":650,"width":808,"height":11}},{"id":"7643293f-a428-4d8d-871c-0e1722b518f0","block_type":"box","text":"company with respect to items attributable to an interest in a qualified publicly-traded partnership. A Fund’s","page_number":173,"box":{"x":69,"y":665,"width":767,"height":11}},{"id":"7ef36108-c623-4e28-bcc1-e6de5e896eae","block_type":"box","text":"investments in partnerships, including in qualified publicly-traded partnerships, may result in the Fund being subject","page_number":173,"box":{"x":70,"y":680,"width":826,"height":12}},{"id":"d81efaa5-3a69-43f5-ae17-4979711f679b","block_type":"box","text":"to state, local, or non-U.S. income, franchise or withholding tax liabilities.","page_number":173,"box":{"x":68,"y":695,"width":521,"height":12}},{"id":"552ea405-2cd3-4b07-b83f-3cd5d5c8a43d","block_type":"box","text":"Each Fund intends to distribute substantially all of such income and gains. If, in any taxable year, a Fund fails to","page_number":173,"box":{"x":102,"y":718,"width":798,"height":11}},{"id":"78277f28-f619-4a28-b6aa-41e844a8be0e","block_type":"box","text":"qualify as a regulated investment company under the Code, notwithstanding the availability of certain relief","page_number":173,"box":{"x":69,"y":733,"width":762,"height":11}},{"id":"da051938-fe5a-4142-91fc-76ad46653fd4","block_type":"box","text":"provisions, such Fund would be taxed in the same manner as an ordinary corporation and all distributions from","page_number":173,"box":{"x":70,"y":748,"width":789,"height":11}},{"id":"6538be47-8bcc-4f98-9daa-1d2aeee365e8","block_type":"box","text":"earnings and profits (as determined under U.S. federal income tax principles) to its shareholders would be taxable as","page_number":173,"box":{"x":69,"y":763,"width":837,"height":12}},{"id":"e56fd449-1f30-4f1b-b568-87bdf7b0d20d","block_type":"box","text":"ordinary dividend income eligible for taxation at a reduced tax rate for non-corporate shareholders and the dividends","page_number":173,"box":{"x":69,"y":778,"width":831,"height":12}},{"id":"55df0309-510e-4d0d-add9-485d053acfc5","block_type":"box","text":"received deduction for corporate shareholders. However, a Municipal Fund’s distributions derived from income on tax","page_number":173,"box":{"x":69,"y":794,"width":837,"height":11}},{"id":"fcedd7b5-312f-4edc-87c7-dab73fcabd9a","block_type":"box","text":"exempt obligations, as defined herein, would no longer qualify for treatment as exempt interest. Each Fund that is a","page_number":173,"box":{"x":69,"y":809,"width":825,"height":11}},{"id":"cce39e1a-aee9-4b68-806b-f87914a7c5d0","block_type":"box","text":"series of a regulated investment company that consists of multiple series is treated as a separate corporation for","page_number":173,"box":{"x":69,"y":824,"width":811,"height":11}},{"id":"c7173fea-f2be-4a8a-8238-0f41423b703f","block_type":"box","text":"U.S. federal income tax purposes, and therefore is considered to be a separate entity in determining its treatment","page_number":173,"box":{"x":70,"y":839,"width":813,"height":11}},{"id":"a99962bb-a331-45a3-bbde-6193847c51f3","block_type":"box","text":"under the rules for regulated investment companies. Losses in one series of a regulated investment company do not","page_number":173,"box":{"x":69,"y":854,"width":834,"height":11}},{"id":"233a0f7f-ce48-42a6-b7c6-aab4f8846f63","block_type":"box","text":"offset gains in another, and the requirements (other than certain organizational requirements) for qualifying for","page_number":173,"box":{"x":69,"y":869,"width":790,"height":11}},{"id":"0878a93b-b673-4d07-a1d3-524d4d27d874","block_type":"box","text":"regulated investment company status will be determined at the level of the individual series. In the following","page_number":173,"box":{"x":69,"y":884,"width":771,"height":12}},{"id":"cce543f6-9362-408c-9f01-08b39207aa63","block_type":"box","text":"discussion, the term “Fund” means each individual series, if applicable.","page_number":173,"box":{"x":69,"y":899,"width":512,"height":11}},{"id":"d5a99e16-ab17-4aaf-8d36-5c4e4bd3a28f","block_type":"box","text":"II-129","page_number":173,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"0043fc8a-a9e4-428f-9afb-a88f0251f826","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":173,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"77d9a5d4-fac4-4d58-8484-4e2e58d01ba2","block_type":"box","text":"The Code requires a regulated investment company to pay a nondeductible 4% excise tax to the extent the","page_number":174,"box":{"x":101,"y":45,"width":759,"height":11}},{"id":"dbadfda2-a30f-4379-aaa9-db997ed1395f","block_type":"box","text":"regulated investment company does not distribute, during each calendar year, at least 98% of its ordinary income,","page_number":174,"box":{"x":69,"y":60,"width":813,"height":11}},{"id":"cd15ca26-4536-4e3c-8d9f-4bf9bb4b2d27","block_type":"box","text":"determined on a calendar year basis, and at least 98.2% of its capital gain net income, determined, in general, as if","page_number":174,"box":{"x":69,"y":75,"width":830,"height":11}},{"id":"cb23d24d-23a9-4158-9dd6-04ac0000608c","block_type":"box","text":"the regulated investment company’s taxable year ended on October 31, plus certain undistributed amounts from the","page_number":174,"box":{"x":68,"y":90,"width":832,"height":11}},{"id":"76799ca6-12bd-4b41-b59d-c273d1539eb1","block_type":"box","text":"previous years. While each Fund intends to distribute its income and capital gains in the manner necessary to avoid","page_number":174,"box":{"x":70,"y":105,"width":825,"height":11}},{"id":"f6d1e173-22da-4835-80f3-485d732bd652","block_type":"box","text":"imposition of the 4% excise tax, there can be no assurance that a sufficient amount of the Fund’s taxable income","page_number":174,"box":{"x":70,"y":120,"width":810,"height":11}},{"id":"5a31a1ae-7fc7-49ba-9e21-1555cd8939d2","block_type":"box","text":"and capital gains will be distributed to avoid entirely the imposition of the tax. In such event, a Fund will be liable for","page_number":174,"box":{"x":69,"y":135,"width":828,"height":12}},{"id":"23518301-8cad-478c-bbb0-826a2aa59e9d","block_type":"box","text":"the tax only on the amount by which it does not meet the foregoing distribution requirements.","page_number":174,"box":{"x":68,"y":150,"width":666,"height":12}},{"id":"1d37575b-889e-4157-bfce-01a575986c63","block_type":"box","text":"Net capital loss carryforwards may be applied against realized capital gains in each succeeding year, until they","page_number":174,"box":{"x":102,"y":173,"width":790,"height":11}},{"id":"0a84a8d0-ee22-456d-a662-c8f0ac4d2369","block_type":"box","text":"have been reduced to zero. In the event that the Fund were to experience an ownership change as defined under the","page_number":174,"box":{"x":69,"y":188,"width":830,"height":12}},{"id":"1f13b769-5afd-4e08-9ed7-4f6c0aa6af04","block_type":"box","text":"Code, the Fund’s loss carryforwards and other favorable tax attributes of the Fund, if any, may be subject to","page_number":174,"box":{"x":69,"y":203,"width":770,"height":12}},{"id":"8fcfd8b6-fe24-4914-adb8-b82b46761359","block_type":"box","text":"limitation.","page_number":174,"box":{"x":70,"y":219,"width":68,"height":8}},{"id":"09a81e83-e01e-4256-976b-1a5ce4c469e4","block_type":"box","text":"Dividends paid by a Fund from its ordinary income or from an excess of net short-term capital gain over net long","page_number":174,"box":{"x":102,"y":241,"width":803,"height":11}},{"id":"39358b26-bb19-4355-9a65-3d9539b80bd5","block_type":"box","text":"term capital loss (together referred to as “ordinary income dividends”) are taxable to shareholders as ordinary","page_number":174,"box":{"x":68,"y":256,"width":790,"height":12}},{"id":"8e38283e-02e3-4840-8a6f-e51a23aa8cef","block_type":"box","text":"income. Distributions made from an excess of net long-term capital gain over net short-term capital loss (including","page_number":174,"box":{"x":70,"y":271,"width":815,"height":12}},{"id":"4c063426-3418-4fe2-868f-5b672a72a8e7","block_type":"box","text":"gains or losses from certain transactions in futures and options) (“capital gain dividends”) are taxable to","page_number":174,"box":{"x":68,"y":286,"width":748,"height":12}},{"id":"17c94540-36cf-4c1b-875b-af360441b076","block_type":"box","text":"shareholders as long-term capital gains, regardless of the length of time the shareholder has owned Fund shares.","page_number":174,"box":{"x":69,"y":302,"width":811,"height":11}},{"id":"4f6ccc92-a489-4e36-8a46-a61939beee38","block_type":"box","text":"Distributions paid by a Fund that are reported as exempt-interest dividends will not be subject to regular U.S. federal","page_number":174,"box":{"x":70,"y":317,"width":829,"height":11}},{"id":"1649560b-f944-46e3-87ec-c767855203e2","block_type":"box","text":"income tax. Certain dividend income and long-term capital gains are eligible for taxation at a reduced rate that","page_number":174,"box":{"x":70,"y":332,"width":785,"height":11}},{"id":"fcdf22e4-f3c4-49f5-b181-e7f30391b83d","block_type":"box","text":"applies to non-corporate shareholders. Under these rules, the portion of ordinary income dividends constituting","page_number":174,"box":{"x":69,"y":347,"width":795,"height":11}},{"id":"8265bd5c-b94b-40f4-998e-083635fc8e1f","block_type":"box","text":"“qualified dividend income” when paid by a regulated investment company to a non-corporate shareholder may be","page_number":174,"box":{"x":70,"y":362,"width":809,"height":11}},{"id":"f1d67592-ae49-4f2f-a1d2-81f328d1d298","block_type":"box","text":"taxable to such shareholder at long-term capital gain rates provided the shareholder has held the shares on which","page_number":174,"box":{"x":68,"y":377,"width":814,"height":12}},{"id":"ff9bd40b-9457-479c-8caa-49c5686c21ea","block_type":"box","text":"the dividend was paid for at least 61 days during the 121-day period that begins on the date that is 60 days before","page_number":174,"box":{"x":68,"y":392,"width":822,"height":12}},{"id":"4e4fbcc5-e5b1-44af-b211-c2a0fe60f5b3","block_type":"box","text":"the date on which the shares become ex-dividend with respect to such dividend (or, in the case of certain","page_number":174,"box":{"x":68,"y":407,"width":751,"height":11}},{"id":"bd2530d2-2344-43db-b1e2-8fe766d56293","block_type":"box","text":"accumulated dividends with respect to preferred stocks, the shareholder has held the shares on which the dividend","page_number":174,"box":{"x":69,"y":423,"width":823,"height":11}},{"id":"c76416ed-2c90-4ef2-b701-21e6b1592ddf","block_type":"box","text":"was paid for at least 91 days during the 181-day period that begins on the date that is 90 days before the date on","page_number":174,"box":{"x":68,"y":438,"width":817,"height":11}},{"id":"04ca50d9-0b74-48ff-a599-d851da180712","block_type":"box","text":"which the shares become ex-dividend with respect to such dividend). However, to the extent a Fund’s distributions","page_number":174,"box":{"x":68,"y":453,"width":813,"height":11}},{"id":"21d7a15b-8d02-43cf-9f22-08b2d74b8e1b","block_type":"box","text":"are derived from income on debt securities, certain types of preferred stock treated as debt for U.S. federal income","page_number":174,"box":{"x":69,"y":468,"width":825,"height":11}},{"id":"bac6e8e8-3a31-4f64-b175-99caa69d5923","block_type":"box","text":"tax purposes and short-term capital gains, such distributions will not constitute “qualified dividend income.” In","page_number":174,"box":{"x":68,"y":483,"width":789,"height":11}},{"id":"7cee3137-ffaf-48ef-90c2-e20aeb31b7ca","block_type":"box","text":"addition, distributions that are derived from securities lending income, such as substitute dividend payments, will not","page_number":174,"box":{"x":69,"y":498,"width":836,"height":11}},{"id":"225a535b-c1b5-45eb-b39e-2ff71d545f42","block_type":"box","text":"constitute “qualified dividend income.”","page_number":174,"box":{"x":69,"y":513,"width":275,"height":11}},{"id":"7abb5ae1-e7bb-4dc2-9524-2f1d6a750153","block_type":"box","text":"A 3.8% Medicare tax is imposed on the net investment income (which includes taxable dividends and redemption","page_number":174,"box":{"x":101,"y":536,"width":806,"height":11}},{"id":"d0518a04-4650-4432-a270-cc6dfb32afbf","block_type":"box","text":"proceeds) of certain individuals, trusts and estates.","page_number":174,"box":{"x":70,"y":551,"width":368,"height":11}},{"id":"fe850edc-6567-44a9-9aeb-38a2f3a29884","block_type":"box","text":"A Fund’s net capital gain (the excess of net long-term capital gains over net short-term capital losses) is not","page_number":174,"box":{"x":101,"y":574,"width":772,"height":11}},{"id":"c1e6e93d-f42c-4a93-8225-6d3102e14909","block_type":"box","text":"subject to the 90% distribution requirement for taxation as a regulated investment company, described above. If a","page_number":174,"box":{"x":69,"y":589,"width":811,"height":11}},{"id":"685670ef-3d3f-411e-a6dd-653b1d4533bc","block_type":"box","text":"Fund retains net capital gain, it is subject to tax on that gain, and may designate the retained amount as","page_number":174,"box":{"x":70,"y":604,"width":745,"height":11}},{"id":"0deff66f-044c-4a75-9a22-a4e5d5b758f1","block_type":"box","text":"undistributed capital gain in a written statement furnished to its shareholders, who will be required to include in","page_number":174,"box":{"x":69,"y":619,"width":795,"height":11}},{"id":"f1b5cd10-7c39-461d-9e9b-766f6a0c49a2","block_type":"box","text":"income, as long-term capital gain, their proportionate shares of such undistributed net capital gain, will be deemed to","page_number":174,"box":{"x":70,"y":634,"width":838,"height":12}},{"id":"c6fbb5d2-a256-46e1-ac9f-974c7de83250","block_type":"box","text":"have paid and may claim as a credit against their U.S. federal income tax liability (and as a refund to the extent it","page_number":174,"box":{"x":69,"y":649,"width":809,"height":12}},{"id":"11ea02f8-0a2a-4c78-9ccc-069baedb6fc6","block_type":"box","text":"exceeds that liability) their proportionate shares of the tax paid by the Fund on that gain, and shall increase the tax","page_number":174,"box":{"x":69,"y":664,"width":822,"height":12}},{"id":"2a4ca89f-c3c0-47e1-8ebd-148e06959d50","block_type":"box","text":"basis of their shares in the Fund by the excess of the amount included in income over the amount allowed as a credit","page_number":174,"box":{"x":69,"y":680,"width":838,"height":11}},{"id":"ff8aa196-ea60-46ce-894e-133250d74b14","block_type":"box","text":"against their taxes.","page_number":174,"box":{"x":69,"y":695,"width":135,"height":11}},{"id":"9dfab821-81b9-4682-9ac8-e28f55da67b9","block_type":"box","text":"Distributions in excess of a Fund’s current and accumulated earnings and profits will first reduce the adjusted","page_number":174,"box":{"x":102,"y":717,"width":783,"height":12}},{"id":"b3ff1e68-348a-4c8b-8bf4-bb5771b36125","block_type":"box","text":"tax basis of a holder’s shares and after such adjusted tax basis is reduced to zero, will constitute capital gains to","page_number":174,"box":{"x":68,"y":732,"width":812,"height":12}},{"id":"a489875b-8f8d-48e5-925f-351dc921a633","block_type":"box","text":"such holder (assuming the shares are held as a capital asset). Distributions in excess of a Fund’s minimum","page_number":174,"box":{"x":69,"y":748,"width":769,"height":11}},{"id":"6f2ec00b-37b5-4613-94ae-96841a9bddc8","block_type":"box","text":"distribution requirements (or taxable income) but not in excess of a Fund’s earnings and profits will be taxable to","page_number":174,"box":{"x":69,"y":763,"width":805,"height":11}},{"id":"47223a6c-d266-4558-a9a3-e695ba4b54d0","block_type":"box","text":"shareholders and will not constitute nontaxable returns of capital. In the case of a Fund with a non-calendar taxable","page_number":174,"box":{"x":69,"y":778,"width":824,"height":11}},{"id":"3d87a74e-7cdb-4d26-b384-ab4ab2f33e09","block_type":"box","text":"year, a Fund’s earnings and profits are allocated first to distributions made on or before December 31 of the taxable","page_number":174,"box":{"x":68,"y":793,"width":831,"height":11}},{"id":"92d40268-6ec2-4cfb-a982-2b18fbd62a84","block_type":"box","text":"year, and then to distributions made after December 31 of the taxable year. Any loss upon the sale or exchange of","page_number":174,"box":{"x":68,"y":808,"width":817,"height":11}},{"id":"7a5f0d10-faec-4b8d-83d1-755c8f0258fe","block_type":"box","text":"Fund shares held for six months or less will be treated as long-term capital loss to the extent of any capital gain","page_number":174,"box":{"x":70,"y":823,"width":797,"height":12}},{"id":"e65b39ab-1222-4c67-99f5-b1b4d472f54c","block_type":"box","text":"dividends received by the shareholder.","page_number":174,"box":{"x":69,"y":839,"width":272,"height":10}},{"id":"671fa933-65ee-46ef-99ac-5eb0f490e8e5","block_type":"box","text":"Ordinary income and capital gain dividends are taxable to shareholders even if they are reinvested in additional","page_number":174,"box":{"x":102,"y":861,"width":792,"height":11}},{"id":"bb288e88-c2d3-480e-b4a9-91f7ec8c9cbc","block_type":"box","text":"shares of a Fund. Distributions by a Fund, whether from ordinary income or capital gains, generally will not be eligible","page_number":174,"box":{"x":69,"y":876,"width":835,"height":11}},{"id":"17fe92ef-2e6b-4298-ac4c-dd38950fc1e6","block_type":"box","text":"for the dividends received deduction allowed to corporations under the Code. If a Fund pays a dividend in January","page_number":174,"box":{"x":68,"y":891,"width":809,"height":11}},{"id":"6ed709b5-5bff-4d86-a9f2-ea93627be0e9","block_type":"box","text":"that was declared in the previous October, November or December to shareholders of record on a specified date in","page_number":174,"box":{"x":68,"y":906,"width":819,"height":11}},{"id":"aa58a669-a80b-4ced-a35c-83560574f656","block_type":"box","text":"II-130","page_number":174,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"0108f201-56f3-4ee1-a7dc-cdc8006c0f34","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":174,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e8cf9d95-360d-47bb-b4f3-eabb9e81518f","block_type":"box","text":"one of such months, then such dividend will be treated for tax purposes as being paid by the Fund and received by its","page_number":175,"box":{"x":69,"y":45,"width":839,"height":11}},{"id":"f0401ac1-7157-4228-a612-4e94409db02b","block_type":"box","text":"shareholders on December 31 of the year in which the dividend was declared. In the case of a Fund with a non","page_number":175,"box":{"x":69,"y":60,"width":794,"height":11}},{"id":"381fa8c0-20f2-40c6-9772-874bb766f10b","block_type":"box","text":"calendar taxable year, if the Fund reports more capital gain dividends than it earns in such taxable year, then the","page_number":175,"box":{"x":69,"y":75,"width":804,"height":11}},{"id":"cb9b39da-94e6-4491-b391-0afecf047fe3","block_type":"box","text":"Fund will reduce the amounts reported as capital gains. Where possible, such reduction will first be allocated to","page_number":175,"box":{"x":70,"y":90,"width":797,"height":11}},{"id":"76630ca5-48e1-4f67-9fd2-259aaf072d88","block_type":"box","text":"dividends made after December 31 of such taxable year. A Fund may elect to defer recognizing, until the following","page_number":175,"box":{"x":69,"y":105,"width":810,"height":11}},{"id":"ad012fa0-c301-454d-9db9-b82416b813d5","block_type":"box","text":"taxable year, certain net capital losses arising after October 31 of the current taxable year, and certain net ordinary","page_number":175,"box":{"x":68,"y":120,"width":826,"height":12}},{"id":"abfc3b95-4c7c-410f-816c-51e1f69ab410","block_type":"box","text":"losses arising after October 31 and/or December 31 of the current taxable year. This may have the effect of","page_number":175,"box":{"x":70,"y":135,"width":772,"height":12}},{"id":"de753553-d806-4325-964c-b91dd6189f91","block_type":"box","text":"increasing the amount of dividends otherwise includible in the shareholder’s income with respect to the current","page_number":175,"box":{"x":70,"y":150,"width":795,"height":12}},{"id":"6cce87ef-0aae-4163-bb26-30051a86383d","block_type":"box","text":"taxable year.","page_number":175,"box":{"x":68,"y":166,"width":89,"height":11}},{"id":"ab199978-0e9f-4f20-b8ac-b51e35559fa2","block_type":"box","text":"No gain or loss will be recognized by Investor C shareholders on the conversion to Investor A Shares. A","page_number":175,"box":{"x":102,"y":188,"width":733,"height":12}},{"id":"31092825-112c-4a1a-8f86-1b172364d5fb","block_type":"box","text":"shareholder’s tax basis in the Investor A Shares acquired upon conversion will be the same as the shareholder’s tax","page_number":175,"box":{"x":69,"y":203,"width":832,"height":11}},{"id":"43f86542-f07f-4ed5-9e8c-de9a1c452ba5","block_type":"box","text":"basis in the converted Investor C Shares and the holding period of the acquired Investor A Shares will include the","page_number":175,"box":{"x":69,"y":218,"width":809,"height":12}},{"id":"18f8ab43-6f8c-4c5e-a60b-d13bd2371611","block_type":"box","text":"holding period for the converted Investor C Shares.","page_number":175,"box":{"x":69,"y":234,"width":362,"height":11}},{"id":"bcde7c1c-0162-4002-bcaf-50595735cf4b","block_type":"box","text":"If a shareholder of a Fund exercises an exchange privilege within 90 days of acquiring the shares of a Fund, but","page_number":175,"box":{"x":102,"y":256,"width":795,"height":12}},{"id":"b54e7840-3bf1-40bd-8cf2-9ef47279562a","block_type":"box","text":"on or before January 31 of the following year, then the loss that the shareholder recognizes on the exchange will be","page_number":175,"box":{"x":69,"y":271,"width":824,"height":12}},{"id":"3013ac75-d205-4a9d-a322-9184a9fc9f91","block_type":"box","text":"reduced (or the gain increased) to the extent any sales charge paid on the exchanged shares reduces any sales","page_number":175,"box":{"x":69,"y":287,"width":797,"height":11}},{"id":"90275f91-3c97-40a3-a63c-f982f2f71c01","block_type":"box","text":"charge the shareholder would have owed upon the purchase of the new shares in the absence of the exchange","page_number":175,"box":{"x":69,"y":302,"width":791,"height":11}},{"id":"805d84cc-9d97-4459-a271-ccc6c837dcee","block_type":"box","text":"privilege. Instead, such sales charge will be treated as an amount paid for the new shares.","page_number":175,"box":{"x":70,"y":317,"width":646,"height":11}},{"id":"4d938c04-13b2-4b78-9bd5-a7e4e3cef542","block_type":"box","text":"A sale, redemption, or exchange of Fund shares may give rise to a gain or loss. In general, any gain or loss","page_number":175,"box":{"x":101,"y":339,"width":762,"height":12}},{"id":"519327bc-e4b9-4baa-bc25-ec0d11235816","block_type":"box","text":"realized upon a taxable disposition of shares of a Fund will be treated as long-term capital gain or loss if such shares","page_number":175,"box":{"x":69,"y":355,"width":836,"height":11}},{"id":"4e371543-4450-4cd8-856a-0e55faf8895b","block_type":"box","text":"have been held for more than 12 months. Otherwise, the gain or loss on the taxable disposition of Fund shares will","page_number":175,"box":{"x":69,"y":370,"width":822,"height":11}},{"id":"caccab0a-8802-4352-9305-c44ef154f821","block_type":"box","text":"generally be treated as short-term capital gain or loss. Any loss realized upon a taxable disposition of shares held for","page_number":175,"box":{"x":68,"y":385,"width":838,"height":11}},{"id":"5f14c2f5-be0c-49c7-9b95-cea2ec27804a","block_type":"box","text":"six months or less will be treated as long-term capital loss, rather than short-term capital loss, to the extent of any","page_number":175,"box":{"x":69,"y":400,"width":820,"height":11}},{"id":"8052ae88-5ac3-4215-afcc-87f0acf5e2ba","block_type":"box","text":"amounts treated as distributions to the shareholder of long-term capital gain (including any amounts credited to the","page_number":175,"box":{"x":69,"y":415,"width":823,"height":11}},{"id":"ba6902a5-eb40-4813-9367-ca47e6e12446","block_type":"box","text":"shareholder as undistributed capital gains). Shareholders that hold shares of a Fund through a qualified tax-exempt","page_number":175,"box":{"x":69,"y":430,"width":822,"height":11}},{"id":"73218265-2ef0-46d6-8518-d7ae686eebae","block_type":"box","text":"plan described in section 401(a) of the Internal Revenue Code should see the Fund’s Prospectus for a discussion of","page_number":175,"box":{"x":70,"y":445,"width":829,"height":11}},{"id":"4b94b93f-fd7a-43bf-af2d-d5b8a75e8235","block_type":"box","text":"special tax rules that apply to their investments.","page_number":175,"box":{"x":69,"y":461,"width":343,"height":11}},{"id":"ba4c4610-ae4a-4598-9d39-da07cb4fb3f9","block_type":"box","text":"A loss realized on a sale or exchange of shares of a Fund will be disallowed if other substantially identical shares","page_number":175,"box":{"x":101,"y":483,"width":807,"height":11}},{"id":"4687b3de-694f-4ded-8417-e6718f6714a7","block_type":"box","text":"are acquired (whether through the automatic reinvestment of dividends or otherwise) within a 61-day period beginning","page_number":175,"box":{"x":69,"y":498,"width":839,"height":11}},{"id":"e7f5e504-d7bc-4044-8f33-a097d281ec9c","block_type":"box","text":"30 days before and ending 30 days after the date on which the shares are sold or exchanged. In such case, the","page_number":175,"box":{"x":69,"y":513,"width":799,"height":12}},{"id":"0b03d35b-b420-402c-8099-05c4798b6827","block_type":"box","text":"basis of the shares acquired will be adjusted to reflect the disallowed loss.","page_number":175,"box":{"x":69,"y":528,"width":534,"height":12}},{"id":"37296a7e-d05b-45f6-9348-cbf3178fce88","block_type":"box","text":"A Fund is also generally required by law to report to each shareholder and to the IRS cost basis information for","page_number":175,"box":{"x":101,"y":551,"width":792,"height":11}},{"id":"33f8d255-a38a-4423-bf01-1d11fb7441a1","block_type":"box","text":"shares of the Fund acquired on or after January 1, 2012, and sold or redeemed after that date. This information","page_number":175,"box":{"x":69,"y":566,"width":800,"height":11}},{"id":"f7a8566d-991b-4639-a564-09b689cd6606","block_type":"box","text":"includes the adjusted cost basis of the shares, the gross proceeds from disposition, and whether the gain or loss is","page_number":175,"box":{"x":70,"y":581,"width":828,"height":12}},{"id":"420eef84-7dc4-4375-9671-0c3289c58d97","block_type":"box","text":"long-term or short-term. The adjusted cost basis of shares will be based on the default cost basis reporting method","page_number":175,"box":{"x":70,"y":596,"width":824,"height":12}},{"id":"071204c5-570c-48c1-9610-1584337f6b03","block_type":"box","text":"selected by the Fund, unless a shareholder, before the sale or redemption, informs the Fund that it has selected a","page_number":175,"box":{"x":69,"y":612,"width":816,"height":11}},{"id":"811444e9-451b-4f87-b899-406e22015bc3","block_type":"box","text":"different IRS-accepted method offered by the Fund. These requirements, however, will not apply for investments","page_number":175,"box":{"x":69,"y":627,"width":797,"height":11}},{"id":"78eeeaf1-34ae-4a3d-ae46-fe391977894d","block_type":"box","text":"through an IRA or other tax-advantaged account. Shareholders should consult their tax advisors to determine the best","page_number":175,"box":{"x":68,"y":642,"width":840,"height":11}},{"id":"0a76f222-3e17-4d12-8d27-365dc709ac96","block_type":"box","text":"cost basis method for their tax situation, and to obtain more information about how these cost basis reporting","page_number":175,"box":{"x":69,"y":657,"width":788,"height":11}},{"id":"57f088ed-7db4-4faf-9f15-3ceeeb44f811","block_type":"box","text":"requirements apply to them. For shares of a Fund acquired before January 1, 2012, these requirements will not","page_number":175,"box":{"x":69,"y":672,"width":797,"height":11}},{"id":"69219ca3-6a16-4353-a948-c0ec1428bca1","block_type":"box","text":"apply, but the Fund will continue to report to the IRS the gross proceeds received by a shareholder from the sale or","page_number":175,"box":{"x":69,"y":687,"width":821,"height":11}},{"id":"62187456-286e-4871-a8b4-da2a83e84561","block_type":"box","text":"redemption of such shares.","page_number":175,"box":{"x":69,"y":702,"width":195,"height":11}},{"id":"10c16cb7-77f4-4954-a7ef-4fa289638391","block_type":"box","text":"The Manager may determine it is in the best interest of a Fund to distribute portfolio securities in kind for the","page_number":175,"box":{"x":101,"y":725,"width":780,"height":11}},{"id":"30b3d8fe-9c14-4f66-99d6-e39a0d0d079c","block_type":"box","text":"purposes of portfolio management when meeting redemption requests. When the Manager determines to do so, a","page_number":175,"box":{"x":70,"y":740,"width":814,"height":11}},{"id":"de7af233-fa10-4eb1-b31f-2928a830ee85","block_type":"box","text":"Fund generally will not recognize taxable gains in respect of the portfolio securities it distributes to the redeeming","page_number":175,"box":{"x":70,"y":755,"width":810,"height":11}},{"id":"866535ed-aa17-4c80-aa42-c14b95797713","block_type":"box","text":"shareholder, which may reduce the amount of taxable gains the Fund would otherwise be required to distribute.","page_number":175,"box":{"x":69,"y":770,"width":793,"height":12}},{"id":"15f4e7d8-5c7f-4b8d-a50f-56cd5d095415","block_type":"box","text":"While a Fund may engage in redemptions in kind that have the effect of reducing or eliminating distributable","page_number":175,"box":{"x":101,"y":793,"width":770,"height":11}},{"id":"1963b89e-505a-4cb1-b76b-b487336df481","block_type":"box","text":"capital gains as described above, the Funds do not employ a systematic approach to tax management. There is no","page_number":175,"box":{"x":69,"y":808,"width":817,"height":11}},{"id":"2774307c-b75a-4081-927a-00f8890bf3ee","block_type":"box","text":"assurance that a Fund can or will be successful in effecting any redemptions in kind and shareholders should expect","page_number":175,"box":{"x":69,"y":823,"width":833,"height":12}},{"id":"c55e1621-bc7d-4ed3-a129-00fc3223b46f","block_type":"box","text":"that each Fund will distribute capital gains.","page_number":175,"box":{"x":68,"y":839,"width":305,"height":11}},{"id":"a04e54a0-14e1-4b29-836f-71c9b8d63025","block_type":"box","text":"Certain Funds may invest in derivative contracts such as options, futures contracts, forward contracts and swap","page_number":175,"box":{"x":102,"y":861,"width":799,"height":11}},{"id":"3ac5d77d-850b-4c35-90d7-52cd90cbd51e","block_type":"box","text":"agreements. The U.S. federal income tax treatment of a derivative contract may not be as favorable as a direct","page_number":175,"box":{"x":69,"y":876,"width":791,"height":11}},{"id":"6e8390c9-5e50-4314-9018-f86674bd428c","block_type":"box","text":"investment in the underlying security and may adversely affect the timing, character and amount of income the Fund","page_number":175,"box":{"x":70,"y":891,"width":826,"height":12}},{"id":"4e3f103d-8c39-4b02-bb0f-01bcaa181a8a","block_type":"box","text":"realizes from its investments. As a result, a larger portion of the Fund’s distributions may be treated as ordinary","page_number":175,"box":{"x":69,"y":906,"width":803,"height":12}},{"id":"e6af0300-996c-461d-8666-0321a1dfafaa","block_type":"box","text":"II-131","page_number":175,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"d584faa8-6f3c-4838-8b5c-164d02405430","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":175,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"36256f80-52a3-4cf1-9cd1-bdc1cbf968d1","block_type":"box","text":"income rather than capital gains. In addition, section 1256 contracts held by a Fund at the end of each taxable year","page_number":176,"box":{"x":70,"y":45,"width":825,"height":11}},{"id":"cfbc14a4-9e6a-4c4f-a449-735a839322d3","block_type":"box","text":"(and, for purposes of the 4% excise tax, certain other dates as prescribed under the Code) are generally “marked-to","page_number":176,"box":{"x":69,"y":60,"width":829,"height":11}},{"id":"f2fe9b7c-f436-40f1-8eb1-5e6ef2f5e8de","block_type":"box","text":"market,” such that unrealized gains or losses are treated as though they were realized (with such gain or loss being","page_number":176,"box":{"x":69,"y":75,"width":826,"height":11}},{"id":"b30caee2-54ff-4b86-8774-8d1177315c55","block_type":"box","text":"considered 60% long-term and 40% short-term capital gain or loss), which may increase the amount that must be","page_number":176,"box":{"x":69,"y":90,"width":808,"height":11}},{"id":"2ef7ea64-5409-4a82-aa3a-227bf0145417","block_type":"box","text":"distributed to meet distribution requirements and avoid the excise tax. In addition, the tax treatment of certain","page_number":176,"box":{"x":69,"y":105,"width":787,"height":11}},{"id":"a2c65a91-ce0f-400d-8a03-a4acf04806c0","block_type":"box","text":"derivative contracts, such as swap agreements, is unsettled and may be subject to future legislation, regulation or","page_number":176,"box":{"x":69,"y":120,"width":816,"height":12}},{"id":"25d62219-d34b-4a90-8c5a-c6889a16e138","block_type":"box","text":"administrative pronouncements issued by the IRS. If such future guidance limits the Fund’s ability to use derivatives,","page_number":176,"box":{"x":69,"y":135,"width":832,"height":12}},{"id":"0f2b69eb-6895-46b5-ac93-3f3f8f848fc5","block_type":"box","text":"the Fund may have to find other ways of achieving its investment objectives.","page_number":176,"box":{"x":68,"y":150,"width":542,"height":12}},{"id":"69a5c14b-f1d5-44f7-9404-971e35aaed1a","block_type":"box","text":"Certain swap agreements, including exchange-traded swap agreements, are treated as notional principal","page_number":176,"box":{"x":102,"y":173,"width":744,"height":11}},{"id":"79829fe8-4a90-46bd-ae06-1c361f1d0b23","block_type":"box","text":"contracts rather than as section 1256 contracts. This can affect the type of income earned by such swap","page_number":176,"box":{"x":69,"y":188,"width":751,"height":11}},{"id":"3794d3e1-a42c-4b18-8fc3-8632033b6710","block_type":"box","text":"agreements since all the income on a notional principal contract may be ordinary income, whereas 40% of the gain","page_number":176,"box":{"x":69,"y":203,"width":819,"height":12}},{"id":"149e5479-ffad-49d2-a540-049545f30882","block_type":"box","text":"on a section 1256 contract is treated as short-term capital gain taxed at ordinary rates and 60% is treated as long","page_number":176,"box":{"x":69,"y":219,"width":823,"height":11}},{"id":"431dc56a-d605-4307-b0f8-8354a2a8d8cd","block_type":"box","text":"term capital gain taxed at more favorable rates when distributed to shareholders. The rest is long-term capital gain,","page_number":176,"box":{"x":68,"y":234,"width":823,"height":11}},{"id":"463fa7d0-7529-4de0-bb64-b68a392d1dcf","block_type":"box","text":"which may be taxable at more favorable rates than ordinary income. Proposed regulations interpret what types of","page_number":176,"box":{"x":68,"y":249,"width":807,"height":11}},{"id":"745b5bea-d69c-4f3a-884d-80a9c06be349","block_type":"box","text":"swap agreements are to be treated as notional principal contracts rather than as section 1256 contracts. When","page_number":176,"box":{"x":69,"y":264,"width":797,"height":11}},{"id":"a6fccd83-d40d-4871-bc1a-ba509c718408","block_type":"box","text":"finalized, these regulations could result in the Fund having to treat more of its income on swap agreements and more","page_number":176,"box":{"x":68,"y":279,"width":838,"height":11}},{"id":"d7f44848-4c72-4938-92ed-a65718826a57","block_type":"box","text":"of the distributions made to shareholders as ordinary income and less as long-term capital gains.","page_number":176,"box":{"x":69,"y":294,"width":695,"height":11}},{"id":"ca5a486e-05a1-40ae-8e66-bfdebbe9eb5b","block_type":"box","text":"Certain Funds may invest in zero coupon U.S. Treasury bonds and other debt securities that are issued at a","page_number":176,"box":{"x":102,"y":317,"width":768,"height":11}},{"id":"a1144295-f24a-446c-b1d7-f682b9753435","block_type":"box","text":"discount or provide for deferred interest. Even though a Fund receives no actual interest payments on these","page_number":176,"box":{"x":69,"y":332,"width":769,"height":11}},{"id":"a4af2a86-a5e1-4c23-8be2-4ee15eb8a0b3","block_type":"box","text":"securities, it will be deemed to receive income equal, generally, to a portion of the excess of the stated redemption","page_number":176,"box":{"x":69,"y":347,"width":822,"height":11}},{"id":"77e6f2e6-a8c6-40db-a04d-ffb82c6bc416","block_type":"box","text":"price of the securities over their issue price (“original issue discount”) each year that the securities are held. Since","page_number":176,"box":{"x":70,"y":362,"width":819,"height":11}},{"id":"632581c4-9239-45b3-9298-e8e5fa051706","block_type":"box","text":"the original issue discount income earned by a Fund in a taxable year may not be represented by cash income, the","page_number":176,"box":{"x":68,"y":377,"width":818,"height":12}},{"id":"f33ccc74-a26d-4524-9325-f23e16a8aa7e","block_type":"box","text":"Fund may have to dispose of securities, which it might otherwise have continued to hold, or borrow to generate cash","page_number":176,"box":{"x":70,"y":392,"width":830,"height":12}},{"id":"10161ff8-6049-420c-9157-d8ad72b82f09","block_type":"box","text":"in order to satisfy its distribution requirements. In addition, a Fund’s investment in foreign currencies or foreign","page_number":176,"box":{"x":70,"y":407,"width":792,"height":12}},{"id":"538e38b4-a0cc-4ceb-9c9a-27d65d72119c","block_type":"box","text":"currency denominated or referenced debt securities, certain asset-backed securities and contingent payment and","page_number":176,"box":{"x":69,"y":423,"width":808,"height":11}},{"id":"81c6e093-37cd-4c99-9bd6-e219c1a99b1f","block_type":"box","text":"inflation-indexed debt instruments also may increase or accelerate the Fund’s recognition of income, including the","page_number":176,"box":{"x":70,"y":438,"width":812,"height":11}},{"id":"862513e6-5064-414a-94a4-1f80a32d4fe1","block_type":"box","text":"recognition of taxable income in excess of cash generated by such investments. Any transaction by the Fund in","page_number":176,"box":{"x":69,"y":453,"width":789,"height":11}},{"id":"dcd824c1-ab59-47fb-a11a-2937ebc2991e","block_type":"box","text":"foreign currencies, foreign currency-denominated debt obligations or certain foreign currency options, futures","page_number":176,"box":{"x":68,"y":468,"width":777,"height":11}},{"id":"f788dbdd-e1c9-41e3-9e65-07309d8e84c4","block_type":"box","text":"contracts or forward contracts (or similar instruments) may give rise to ordinary income or loss to the extent such","page_number":176,"box":{"x":69,"y":483,"width":810,"height":11}},{"id":"7b8f3b74-402d-43c4-8e7a-a548d4c85b1c","block_type":"box","text":"income or loss results from fluctuations in the value of the foreign currency concerned. Any such net gains could","page_number":176,"box":{"x":70,"y":498,"width":801,"height":11}},{"id":"bc9bb917-ffa4-4a8c-8305-e730b9304252","block_type":"box","text":"require a larger dividend toward the end of the calendar year. Any such net losses will generally reduce and","page_number":176,"box":{"x":69,"y":513,"width":762,"height":12}},{"id":"2cbc8746-30d9-46a8-af9e-cd6d2f530575","block_type":"box","text":"potentially require the recharacterization of prior ordinary income distributions. Such ordinary income treatment may","page_number":176,"box":{"x":70,"y":528,"width":827,"height":12}},{"id":"50300649-f10a-48b4-9554-95fa7cd5ac8f","block_type":"box","text":"accelerate Fund distributions to shareholders and increase the distributions taxed to shareholders as ordinary","page_number":176,"box":{"x":69,"y":544,"width":787,"height":11}},{"id":"c231b444-2d69-43dc-bdba-c3052e4389ce","block_type":"box","text":"income. Any net ordinary losses so created cannot be carried forward by the Fund to offset income or gains earned","page_number":176,"box":{"x":70,"y":559,"width":822,"height":11}},{"id":"c1709211-2240-43b5-91a6-c8a6e373bd28","block_type":"box","text":"in subsequent taxable years.","page_number":176,"box":{"x":70,"y":574,"width":203,"height":11}},{"id":"7a0d3819-cdfc-4b49-b103-216f7202b5ee","block_type":"box","text":"Ordinary income dividends paid to shareholders who are nonresident aliens or foreign entities (other than pass","page_number":176,"box":{"x":102,"y":596,"width":795,"height":12}},{"id":"8a7c49df-00b7-4649-84f2-709573aaf858","block_type":"box","text":"through entities to the extent owned by U.S. persons) generally will be subject to a 30% U.S. withholding tax under","page_number":176,"box":{"x":68,"y":612,"width":816,"height":11}},{"id":"74137496-595c-4038-aa92-4aefbdf18460","block_type":"box","text":"existing provisions of the Code applicable to foreign individuals and entities unless a reduced rate of withholding or a","page_number":176,"box":{"x":69,"y":627,"width":835,"height":11}},{"id":"3d14159b-4314-4298-ba16-c626320b13b2","block_type":"box","text":"withholding exemption is provided under applicable treaty law. Capital gain dividends paid to shareholders that are","page_number":176,"box":{"x":68,"y":642,"width":815,"height":11}},{"id":"6afcaf4c-6e01-4b1b-ae3c-9a77b5813daa","block_type":"box","text":"nonresident aliens or foreign entities, if and to the extent properly reported as capital gain dividends, generally will","page_number":176,"box":{"x":69,"y":657,"width":816,"height":11}},{"id":"c0fb0471-c304-4eaa-bf98-7f677ad36ca1","block_type":"box","text":"not be subject to a 30% withholding tax, unless certain exceptions apply. Dividends derived by a regulated investment","page_number":176,"box":{"x":69,"y":672,"width":840,"height":11}},{"id":"37e87f3f-b0d7-4df3-9408-d601a3f4ab3c","block_type":"box","text":"company from short-term capital gains and qualified net interest income (including income from original issue","page_number":176,"box":{"x":69,"y":687,"width":781,"height":11}},{"id":"2ab2e212-de1c-4781-8a29-7cbb343f68ad","block_type":"box","text":"discount and market discount) and paid to shareholders who are nonresident aliens or foreign entities, if and to the","page_number":176,"box":{"x":69,"y":702,"width":824,"height":12}},{"id":"d8430465-93f7-44af-90f3-0e9523277235","block_type":"box","text":"extent properly reported as “short-term capital gain dividends” or “interest-related dividends”, respectively, generally","page_number":176,"box":{"x":69,"y":718,"width":832,"height":11}},{"id":"59b198c6-19fa-4359-aac9-651f814185cc","block_type":"box","text":"will not be subject to U.S. withholding tax. Where possible, the Funds intend to report such dividends as interest","page_number":176,"box":{"x":68,"y":733,"width":808,"height":11}},{"id":"ec0e7c0d-bb94-44b2-97d2-e75b5498df88","block_type":"box","text":"related dividends or short-term capital gain dividends. However, depending on its circumstances, a Fund may report","page_number":176,"box":{"x":69,"y":748,"width":826,"height":11}},{"id":"211ec36d-74ca-4ac8-af13-6a22fe9e25fa","block_type":"box","text":"all, some or none of its potentially eligible dividends as interest-related or as short-term capital gain dividends, and/","page_number":176,"box":{"x":69,"y":763,"width":830,"height":11}},{"id":"686f9753-db5e-48ee-b9bb-068a0f07d3f9","block_type":"box","text":"or treat such dividends, in whole or in part, as ineligible for this exemption from withholding. In order to qualify for","page_number":176,"box":{"x":69,"y":778,"width":811,"height":11}},{"id":"5f9cc548-479f-4d8b-a30e-74127670438a","block_type":"box","text":"this exemption from withholding, a foreign shareholder must comply with applicable certification requirements","page_number":176,"box":{"x":68,"y":793,"width":784,"height":11}},{"id":"343a9826-72fa-461e-a69b-13a3a8c44823","block_type":"box","text":"relating to its foreign status (including, in general, furnishing an IRS Form W-8BEN, IRS Form W-8BEN-E or substitute","page_number":176,"box":{"x":69,"y":808,"width":828,"height":11}},{"id":"9d2065d5-972d-4849-9f66-8819c03f25de","block_type":"box","text":"Form). In the case of shares held through an intermediary, the intermediary may withhold even if the Fund reports the","page_number":176,"box":{"x":70,"y":823,"width":839,"height":12}},{"id":"8d2d3911-e94a-452a-9c26-add0e10bbbf6","block_type":"box","text":"payment as an interest-related or short-term capital gain dividend. Foreign shareholders should contact their","page_number":176,"box":{"x":70,"y":839,"width":772,"height":11}},{"id":"4690284d-bd8f-40c2-86cd-08926f6ddf86","block_type":"box","text":"intermediaries with respect to the application of these rules to their accounts. It is not possible to predict what","page_number":176,"box":{"x":70,"y":853,"width":791,"height":11}},{"id":"e8c451f2-60a8-438f-96c6-307b1e315bf0","block_type":"box","text":"portion, if any, of a Fund’s distributions will be reported as interest-related dividends or short-term capital gain","page_number":176,"box":{"x":70,"y":869,"width":787,"height":11}},{"id":"d9130088-fe95-4329-8507-1729b33505d9","block_type":"box","text":"dividends under these rules.","page_number":176,"box":{"x":69,"y":884,"width":201,"height":9}},{"id":"17322e27-c388-4842-bfd4-ccf368e5a2ad","block_type":"box","text":"II-132","page_number":176,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"c180bce6-704f-4cf8-83dd-235d377ab488","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":176,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3db046ed-1bd2-4e41-8a79-37e20ef71adc","block_type":"box","text":"Distributions to certain foreign shareholders by a Fund at least 50% of the assets of which are “U.S. real","page_number":177,"box":{"x":102,"y":45,"width":747,"height":11}},{"id":"f953d8ed-1bc0-41ca-a14a-c9c76b115e33","block_type":"box","text":"property interests” (as defined in the Code and Treasury regulations) at any time during the five-year period ending on","page_number":177,"box":{"x":70,"y":60,"width":838,"height":11}},{"id":"bcbf3715-0489-4a76-9001-2631e13274dc","block_type":"box","text":"the date of the distributions, to the extent the distributions are attributable to gains from sales or exchanges of U.S.","page_number":177,"box":{"x":68,"y":75,"width":829,"height":11}},{"id":"65796bb1-8fba-4437-b15a-2c229cef6c24","block_type":"box","text":"real property interests (including shares in certain “U.S. real property holding corporations” such as certain REITs,","page_number":177,"box":{"x":69,"y":90,"width":817,"height":11}},{"id":"a849914a-b1ab-4e7f-bee9-7ceca5666135","block_type":"box","text":"although exceptions may apply if any class of stock of such a corporation is regularly traded on an established","page_number":177,"box":{"x":69,"y":105,"width":786,"height":11}},{"id":"50da1dec-75c3-46c0-922c-8b2bd9e4f0c5","block_type":"box","text":"securities market and the Fund has held no more than 5% of such class of stock at all times during the five-year","page_number":177,"box":{"x":69,"y":120,"width":800,"height":12}},{"id":"3f3994a6-d519-4f1e-8175-738eaaf6f2c4","block_type":"box","text":"period ending on the date of the distributions), generally must be treated by such foreign shareholders as income","page_number":177,"box":{"x":70,"y":135,"width":807,"height":12}},{"id":"53d314a2-e42d-43e1-bc87-3ceb39044906","block_type":"box","text":"effectively connected to a trade or business within the United States, which is generally subject to tax at the","page_number":177,"box":{"x":69,"y":150,"width":772,"height":12}},{"id":"6e4a96b4-ac87-462d-aefd-00c7437c8169","block_type":"box","text":"graduated rates applicable to U.S. shareholders, except for distributions to foreign shareholders that held no more","page_number":177,"box":{"x":68,"y":166,"width":818,"height":11}},{"id":"736b7822-83a6-4664-a3ca-2416ba8592f2","block_type":"box","text":"than 5% of any class of stock of the Fund at all times during the previous one-year period ending on the date of the","page_number":177,"box":{"x":68,"y":181,"width":820,"height":11}},{"id":"fc90c7da-6f9a-4425-9417-f63301f90525","block_type":"box","text":"distributions. Such distributions will be subject to U.S. income and withholding tax and generally will require a foreign","page_number":177,"box":{"x":69,"y":196,"width":833,"height":11}},{"id":"aff49f6d-a693-492a-b80b-ba6061fd8fb4","block_type":"box","text":"shareholder to file a U.S. federal income tax return. If the foreign shareholder held no more than 5% of any class of","page_number":177,"box":{"x":69,"y":211,"width":823,"height":11}},{"id":"f72cdd42-6568-4f86-b1b1-17bbb297a536","block_type":"box","text":"stock of the Fund at all times during the previous one-year period ending on the date of the distributions, the","page_number":177,"box":{"x":69,"y":226,"width":774,"height":11}},{"id":"976f8c8e-19cc-40e3-99c1-d90ddef421e3","block_type":"box","text":"distributions will be taxable as ordinary dividends and subject to withholding at a 30% or lower treaty rate. In addition,","page_number":177,"box":{"x":69,"y":241,"width":839,"height":11}},{"id":"114077c6-91d2-4985-ba66-0242159bfe64","block_type":"box","text":"sales or redemptions of shares held by certain foreign shareholders in such a Fund generally will be subject to U.S.","page_number":177,"box":{"x":69,"y":256,"width":822,"height":12}},{"id":"6d7e0aaf-f8e8-4f9b-880f-3c184cf3a2e6","block_type":"box","text":"income and withholding tax and generally will require the foreign shareholder to file a U.S. federal income tax return,","page_number":177,"box":{"x":70,"y":271,"width":827,"height":12}},{"id":"598d0cdc-4fdf-4245-abd2-9265a1d8ad9f","block_type":"box","text":"although exceptions may apply if more than 50% of the value of the Fund’s shares are held by U.S. shareholders or","page_number":177,"box":{"x":69,"y":286,"width":823,"height":12}},{"id":"922bfa5c-0dfb-4c54-85fc-b7f889a24a3c","block_type":"box","text":"the foreign shareholder selling or redeeming the shares has held no more than 5% of any class of stock of the Fund","page_number":177,"box":{"x":68,"y":302,"width":827,"height":11}},{"id":"ae4de8cf-9024-404b-bda5-14696606c382","block_type":"box","text":"at all times during the five-year period ending on the date of the sale or redemption.","page_number":177,"box":{"x":69,"y":317,"width":596,"height":11}},{"id":"f1d3372b-3d78-4270-9897-6607d7f1e95f","block_type":"box","text":"Provided that more than 50% of the value of a Fund’s stock is held by U.S. shareholders, redemptions and other","page_number":177,"box":{"x":102,"y":339,"width":802,"height":12}},{"id":"e00b1ab2-5e05-45c3-8404-5e0a073610f0","block_type":"box","text":"distributions made in the form of U.S. real property interests (including shares in certain “U.S. real property holding","page_number":177,"box":{"x":69,"y":355,"width":827,"height":11}},{"id":"9d3f5b7d-f00c-4f41-904f-6d516949956e","block_type":"box","text":"corporations”, although exceptions may apply if any class of stock of such a corporation is regularly traded on an","page_number":177,"box":{"x":69,"y":370,"width":804,"height":11}},{"id":"65d5e345-965f-4aa6-a13a-2625b042f24e","block_type":"box","text":"established securities market and the Fund has held no more than 5% of such class of stock at all times during the","page_number":177,"box":{"x":69,"y":385,"width":824,"height":11}},{"id":"557b2cbd-7261-411c-b5d3-9c4cfe8704be","block_type":"box","text":"five-year period ending on the date of the distribution) generally will cause the Fund to recognize a portion of any","page_number":177,"box":{"x":68,"y":400,"width":801,"height":11}},{"id":"77894ce7-ef9b-4e40-914f-949f7dacca3d","block_type":"box","text":"unrecognized gain in the U.S. real property interests equal to the product of (i) the excess of fair market value of","page_number":177,"box":{"x":69,"y":415,"width":803,"height":11}},{"id":"f755139a-929c-4c93-8745-dcb1fc3af2ec","block_type":"box","text":"such U.S. real property interests over the Fund’s adjusted bases in such interests and (ii) the greatest foreign","page_number":177,"box":{"x":69,"y":430,"width":785,"height":11}},{"id":"8dfbdf68-17a5-41a2-a798-9b819d15f757","block_type":"box","text":"ownership percentage of the Fund during the five-year period ending on the date of distribution.","page_number":177,"box":{"x":69,"y":445,"width":676,"height":12}},{"id":"5aab8ccf-2dee-4dfc-b9f4-3676fd138ced","block_type":"box","text":"A foreign shareholder may also be subject to certain “wash sale” rules to prevent the avoidance of the tax filing","page_number":177,"box":{"x":101,"y":468,"width":798,"height":11}},{"id":"6d4f9b1d-e0a4-48a6-bbd1-af56c1513ff0","block_type":"box","text":"and payment obligations discussed above through the sale and repurchase of Fund shares.","page_number":177,"box":{"x":69,"y":483,"width":651,"height":11}},{"id":"86dd1c47-bc2a-45b3-9180-75652474d863","block_type":"box","text":"Shareholders that are nonresident aliens or foreign entities are urged to consult their own tax advisors","page_number":177,"box":{"x":102,"y":506,"width":731,"height":11}},{"id":"2b9b27c5-c4d2-4c8b-bd25-959e056ccbc2","block_type":"box","text":"concerning the particular tax consequences to them of an investment in a Fund.","page_number":177,"box":{"x":69,"y":521,"width":570,"height":11}},{"id":"eeba2860-28c0-4f4c-89ad-2cfeede4c2cf","block_type":"box","text":"Separately, a 30% withholding tax is currently imposed on U.S.-source dividends, interest and other income","page_number":177,"box":{"x":102,"y":544,"width":763,"height":11}},{"id":"6b7c6da2-cc67-4590-9761-e35df9b41465","block_type":"box","text":"items paid to (i) certain foreign financial institutions and investment funds, and (ii) certain other foreign entities. To","page_number":177,"box":{"x":70,"y":559,"width":820,"height":11}},{"id":"c6f807ee-ef79-47fa-8c1b-3396724b5457","block_type":"box","text":"avoid withholding, foreign financial institutions and investment funds will generally either need to (a) collect and","page_number":177,"box":{"x":69,"y":574,"width":794,"height":11}},{"id":"4bdc0a13-c153-4aa5-b665-95fb4f71022c","block_type":"box","text":"report to the IRS detailed information identifying their U.S. accounts and U.S. account holders, comply with due","page_number":177,"box":{"x":69,"y":589,"width":794,"height":11}},{"id":"af46ea49-dad1-4215-9be3-37f41093f113","block_type":"box","text":"diligence procedures for identifying U.S. accounts and withhold tax on certain payments made to noncomplying","page_number":177,"box":{"x":69,"y":604,"width":791,"height":11}},{"id":"9fdfae0e-ee18-4db0-8b5d-45a113253018","block_type":"box","text":"foreign entities and account holders or (b) if an intergovernmental agreement is entered into and implementing","page_number":177,"box":{"x":68,"y":619,"width":791,"height":11}},{"id":"6311f4b1-45ca-4659-a394-046e11334651","block_type":"box","text":"legislation is adopted, comply with the agreement and legislation. Other foreign entities will generally either need to","page_number":177,"box":{"x":70,"y":634,"width":822,"height":12}},{"id":"252495ce-4855-4cd5-87fb-cbff398bf6e2","block_type":"box","text":"provide detailed information identifying each substantial U.S. owner or certify there are no such owners.","page_number":177,"box":{"x":70,"y":649,"width":739,"height":12}},{"id":"912af96e-9a7f-4119-ae78-a8e94212e622","block_type":"box","text":"Under certain provisions of the Code, some shareholders may be subject to a 24% withholding tax on ordinary","page_number":177,"box":{"x":102,"y":672,"width":786,"height":11}},{"id":"ca5e85a0-b214-482e-a403-ce916a3c5e2a","block_type":"box","text":"income dividends, capital gain dividends and redemption payments (“backup withholding”). Generally, shareholders","page_number":177,"box":{"x":70,"y":687,"width":820,"height":11}},{"id":"ab466150-7209-42f4-83a4-1f44bbe25fb7","block_type":"box","text":"subject to backup withholding will be non-corporate shareholders for whom no certified taxpayer identification number","page_number":177,"box":{"x":69,"y":702,"width":837,"height":12}},{"id":"7edaabe9-19ed-455f-a288-3d1ac109960d","block_type":"box","text":"is on file with the Fund or who, to the Fund’s knowledge, have furnished an incorrect number. When establishing an","page_number":177,"box":{"x":70,"y":717,"width":821,"height":12}},{"id":"d0d853d4-bf67-4e00-a053-311945541082","block_type":"box","text":"account, an investor must certify under penalty of perjury that such number is correct and that such investor is not","page_number":177,"box":{"x":69,"y":732,"width":819,"height":12}},{"id":"48324dde-c0eb-4ee9-915f-767e70a6d040","block_type":"box","text":"otherwise subject to backup withholding. Backup withholding is not an additional tax. Any amount withheld generally","page_number":177,"box":{"x":69,"y":748,"width":826,"height":11}},{"id":"1577b34f-be00-46a2-8f8a-a482ba31c61b","block_type":"box","text":"may be allowed as a refund or a credit against a shareholder’s U.S. federal income tax liability, provided that the","page_number":177,"box":{"x":69,"y":763,"width":802,"height":11}},{"id":"ec043281-79f5-4128-aa43-df5a41d46b0a","block_type":"box","text":"required information is timely forwarded to the IRS.","page_number":177,"box":{"x":69,"y":778,"width":364,"height":11}},{"id":"66232eb5-a3b4-4e24-8bcf-9bf96f8f7a13","block_type":"box","text":"If a shareholder recognizes a loss with respect to a Fund’s shares of at least $2 million in any single taxable","page_number":177,"box":{"x":102,"y":800,"width":774,"height":12}},{"id":"44d4535a-bc7d-4b27-84b2-5105c3af874e","block_type":"box","text":"year or $4 million in any combination of taxable years for an individual shareholder or $10 million in any single","page_number":177,"box":{"x":68,"y":815,"width":787,"height":12}},{"id":"f7068c6d-1e83-4bde-a37f-e2b2b98a4095","block_type":"box","text":"taxable year or $20 million in any combination of taxable years for a corporate shareholder in any single taxable year,","page_number":177,"box":{"x":68,"y":830,"width":835,"height":12}},{"id":"33516899-e1d9-46c5-8363-8840667ad2af","block_type":"box","text":"the shareholder must file a disclosure statement on IRS Form 8886 with the IRS. Direct shareholders of portfolio","page_number":177,"box":{"x":68,"y":846,"width":809,"height":11}},{"id":"4e1cce6b-5f2e-4a70-a673-eedd8c3a394a","block_type":"box","text":"securities are in many cases exempted. That a loss is reportable under these regulations does not affect the legal","page_number":177,"box":{"x":69,"y":861,"width":817,"height":11}},{"id":"e453fd79-6c23-4260-a492-d0df94549f5b","block_type":"box","text":"determination of whether the taxpayer’s treatment of the loss is proper. Shareholders should consult their tax","page_number":177,"box":{"x":69,"y":876,"width":783,"height":11}},{"id":"7d68df7c-e463-4851-97dc-a136b3e25bd3","block_type":"box","text":"advisors to determine the applicability of these regulations in light of their individual circumstances.","page_number":177,"box":{"x":69,"y":891,"width":710,"height":12}},{"id":"3ff818bf-a4ac-404c-8ba2-e65142a4b360","block_type":"box","text":"II-133","page_number":177,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"d433769a-6168-4e85-9c24-32f6c4026904","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":177,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"215aeb81-c195-453c-9b70-fcf1af150d80","block_type":"box","text":"Certain types of income received by a Fund from REITs, real estate mortgage investment conduits, taxable","page_number":178,"box":{"x":102,"y":45,"width":758,"height":11}},{"id":"5cd7acd2-3d0b-4b5e-9931-e48b5263c7c8","block_type":"box","text":"mortgage pools or other investments may cause the Fund to report some or all of its distributions as “excess","page_number":178,"box":{"x":69,"y":60,"width":782,"height":11}},{"id":"b5872567-3118-4f8d-a2c0-c3a47fc7d7e2","block_type":"box","text":"inclusion income.” To Fund shareholders, such excess inclusion income may: (i) constitute taxable income, as","page_number":178,"box":{"x":70,"y":75,"width":783,"height":11}},{"id":"af9249db-b371-44ea-83ad-84679c74eb5c","block_type":"box","text":"unrelated business taxable income (“UBTI”) for those shareholders who would otherwise be tax-exempt such as","page_number":178,"box":{"x":69,"y":90,"width":797,"height":11}},{"id":"a6b91310-3bc6-4a0a-ab6f-e1a35bbb1698","block_type":"box","text":"individual retirement accounts, 401(k) accounts, Keogh plans, pension plans and certain charitable entities; (ii) not","page_number":178,"box":{"x":70,"y":105,"width":822,"height":11}},{"id":"78067a39-ee63-4aff-ba08-d0d962497df2","block_type":"box","text":"be offset by otherwise allowable deductions for tax purposes; (iii) not be eligible for reduced U.S. withholding for non","page_number":178,"box":{"x":69,"y":120,"width":836,"height":12}},{"id":"f8b2f465-d080-4bb7-8682-b57e26481bac","block_type":"box","text":"U.S. shareholders even from tax treaty countries; and (iv) cause the Fund to be subject to tax if certain “disqualified","page_number":178,"box":{"x":70,"y":135,"width":826,"height":11}},{"id":"d0ea9c76-47cd-4bba-985c-e202b75b154b","block_type":"box","text":"organizations,” as defined by the Code, are Fund shareholders. The Fund tries to avoid investing in REITs that are","page_number":178,"box":{"x":69,"y":150,"width":808,"height":12}},{"id":"42a6dffe-a8c1-44ca-92ef-4a29cca2d0bb","block_type":"box","text":"expected to generate excess inclusion income, but the Fund may not always be successful in doing so. Because","page_number":178,"box":{"x":69,"y":166,"width":800,"height":11}},{"id":"b79cbe48-a53d-40dc-992e-b840f2c019b4","block_type":"box","text":"information about a REIT’s investments may be inadequate or inaccurate, or because a REIT may change its","page_number":178,"box":{"x":70,"y":181,"width":770,"height":11}},{"id":"e612398e-cd3f-4fa0-a7d0-c8ef2b674f9a","block_type":"box","text":"investment program, the Fund may not be successful in avoiding the consequences described above. Avoidance of","page_number":178,"box":{"x":70,"y":196,"width":816,"height":11}},{"id":"0b5753a9-639a-49e6-ae4b-fbe026dda359","block_type":"box","text":"investments in REITs that generate excess inclusion income may require the Fund to forego otherwise attractive","page_number":178,"box":{"x":70,"y":211,"width":796,"height":11}},{"id":"079e4386-ef19-4c16-ad72-3b0c2e22145d","block_type":"box","text":"investment opportunities.","page_number":178,"box":{"x":70,"y":226,"width":180,"height":11}},{"id":"f699dc33-73c6-4bc8-ba76-0bf3d3a26ce8","block_type":"box","text":"Dividends and interest received and capital gains realized by a Fund may give rise to withholding and other taxes","page_number":178,"box":{"x":102,"y":249,"width":801,"height":11}},{"id":"c1c0b6f9-1c04-41ad-a484-4d3df54235b0","block_type":"box","text":"imposed by foreign countries. Tax conventions between certain foreign countries and the United States may reduce or","page_number":178,"box":{"x":70,"y":264,"width":839,"height":11}},{"id":"dbca6c3f-bd6c-4573-841e-2556adb4f85e","block_type":"box","text":"eliminate such taxes. Shareholders of a Fund more than 50% by value of the assets of which at the close of a taxable","page_number":178,"box":{"x":69,"y":279,"width":840,"height":11}},{"id":"0e958103-e82b-490e-aa23-ea77a9e5bf4f","block_type":"box","text":"year are foreign securities may be able to claim U.S. foreign tax credits with respect to such foreign taxes paid by the","page_number":178,"box":{"x":68,"y":294,"width":837,"height":11}},{"id":"18bb9d6f-9513-4c70-8213-ced4e97a01fe","block_type":"box","text":"Fund, subject to certain requirements and limitations contained in the Code. For example, certain retirement","page_number":178,"box":{"x":70,"y":309,"width":774,"height":11}},{"id":"ed137168-6d94-4117-99d9-4f3f6943802b","block_type":"box","text":"accounts and certain tax-exempt organizations cannot claim foreign tax credits on investments in foreign securities","page_number":178,"box":{"x":69,"y":324,"width":820,"height":12}},{"id":"05369b42-4964-4845-b772-a547ba0766ec","block_type":"box","text":"held in a Fund. In addition, a foreign tax credit may be claimed with respect to withholding tax on payments with","page_number":178,"box":{"x":69,"y":339,"width":795,"height":12}},{"id":"e2e9aa63-5610-4e3d-bc33-50e651d9c1b9","block_type":"box","text":"respect to a security only if the holder of the security meets certain holding period requirements. Both the","page_number":178,"box":{"x":69,"y":355,"width":755,"height":11}},{"id":"fc701804-b17d-4d68-b555-b6f45d7dc934","block_type":"box","text":"shareholder and the Fund must meet these holding period requirements, and if a Fund fails to do so, it will not be","page_number":178,"box":{"x":69,"y":370,"width":811,"height":11}},{"id":"71b74a73-23e4-4982-897a-c499682c5f4b","block_type":"box","text":"able to “pass through” to shareholders the ability to claim a credit or a deduction for the related foreign taxes paid by","page_number":178,"box":{"x":69,"y":385,"width":839,"height":11}},{"id":"c11cb236-4efb-4d44-8317-1dab6e72f7a4","block_type":"box","text":"the Fund. Further, to the extent that a Fund engages in securities lending with respect to a security paying income","page_number":178,"box":{"x":68,"y":400,"width":812,"height":11}},{"id":"24284bd0-da9c-4fef-94e2-67a63e15013b","block_type":"box","text":"subject to foreign taxes, it may not be able to pass through to its shareholders the ability to take a foreign tax credit","page_number":178,"box":{"x":69,"y":415,"width":829,"height":11}},{"id":"83082a0e-6cbb-49dc-a757-deb988780b45","block_type":"box","text":"for those taxes. If a Fund satisfies the applicable requirements, such Fund will be eligible to file an election with the","page_number":178,"box":{"x":68,"y":430,"width":827,"height":11}},{"id":"1ee0712c-6bba-4e12-862e-99d6c1fd6135","block_type":"box","text":"IRS pursuant to which shareholders of the Fund will be required to include their proportionate shares of such foreign","page_number":178,"box":{"x":70,"y":445,"width":829,"height":12}},{"id":"cf16dbf9-14f4-48ce-812d-e18ed3c364c2","block_type":"box","text":"taxes in their U.S. income tax returns as gross income, treat such proportionate shares as taxes paid by them, and","page_number":178,"box":{"x":68,"y":460,"width":825,"height":12}},{"id":"8bdb0c49-d90f-4988-9731-b1e1eac05e00","block_type":"box","text":"deduct such proportionate shares in computing their taxable incomes or, alternatively, use them as foreign tax","page_number":178,"box":{"x":69,"y":475,"width":788,"height":12}},{"id":"bb06d2fb-1853-446f-8818-8509adeafbf5","block_type":"box","text":"credits against their U.S. income taxes. No deductions for foreign taxes, however, may be claimed by noncorporate","page_number":178,"box":{"x":69,"y":491,"width":818,"height":11}},{"id":"b4c90438-3c2f-4787-94c4-fa401a50f3b0","block_type":"box","text":"shareholders who do not itemize deductions. A shareholder that is a nonresident alien individual or a foreign","page_number":178,"box":{"x":69,"y":506,"width":773,"height":11}},{"id":"a9dabf52-1e8f-47fb-aac8-4ac152d7e0bf","block_type":"box","text":"corporation may be subject to U.S. withholding tax on the income resulting from a Fund’s election described in this","page_number":178,"box":{"x":69,"y":521,"width":817,"height":11}},{"id":"6411b390-cb85-4d52-a88c-70effe3fb8f8","block_type":"box","text":"paragraph but may not be able to claim a credit or deduction against such U.S. tax for the foreign taxes treated as","page_number":178,"box":{"x":70,"y":536,"width":814,"height":11}},{"id":"03d150ef-01d9-4ccf-86cf-1fb6c4435bb8","block_type":"box","text":"having been paid by such shareholder. A Fund will report annually to its shareholders the amount per share of such","page_number":178,"box":{"x":69,"y":551,"width":821,"height":11}},{"id":"3cb46936-7052-4e57-9dae-024644f7d330","block_type":"box","text":"foreign taxes and other information needed to claim the foreign tax credit.","page_number":178,"box":{"x":68,"y":566,"width":527,"height":11}},{"id":"64ea1078-1fec-449b-98b0-b56b456c95c9","block_type":"box","text":"Certain transactions entered into by the Funds are subject to special tax rules of the Code that may, among","page_number":178,"box":{"x":102,"y":589,"width":768,"height":11}},{"id":"4f9e678c-76a9-48b0-902c-ff3e36cae4f2","block_type":"box","text":"other things, (a) affect the character of gains and losses realized, (b) disallow, suspend or otherwise limit the","page_number":178,"box":{"x":69,"y":604,"width":780,"height":11}},{"id":"14f0e0d9-e11c-43b1-8f8c-59aaca412852","block_type":"box","text":"allowance of certain losses or deductions, and (c) accelerate the recognition of income without a corresponding","page_number":178,"box":{"x":69,"y":619,"width":797,"height":11}},{"id":"6d3ab83d-1da1-48d2-b81a-6a81a9c4b3b4","block_type":"box","text":"receipt of cash (with which to make the necessary distributions to satisfy distribution requirements applicable to","page_number":178,"box":{"x":69,"y":634,"width":802,"height":11}},{"id":"093ee2b4-5646-47cb-b446-29eddb48e6b3","block_type":"box","text":"regulated investment companies). Operation of these rules could, therefore, affect the character, amount and timing","page_number":178,"box":{"x":69,"y":649,"width":831,"height":12}},{"id":"a0debdb7-b812-4c9b-9185-74108e8d15cc","block_type":"box","text":"of distributions to shareholders. Special tax rules also may require a Fund to mark-to-market certain types of","page_number":178,"box":{"x":69,"y":664,"width":776,"height":12}},{"id":"d1a71d22-f309-4308-925e-d682de7af210","block_type":"box","text":"positions in its portfolio (","page_number":178,"box":{"x":70,"y":680,"width":177,"height":11}},{"id":"0b4fbe91-7458-45a7-8d2b-d1e7076d99bd","block_type":"box","text":"i.e.","page_number":178,"box":{"x":249,"y":680,"width":20,"height":9}},{"id":"1f67c529-d5ae-4416-956d-399d6265c864","block_type":"box","text":", treat them as sold on the last day of the taxable year), and may result in the recognition","page_number":178,"box":{"x":272,"y":680,"width":636,"height":11}},{"id":"029cd220-3fc1-4673-a444-23398eb71b6a","block_type":"box","text":"of income without a corresponding receipt of cash. Funds engaging in transactions affected by these provisions","page_number":178,"box":{"x":69,"y":695,"width":795,"height":11}},{"id":"aa2f9fef-203a-467f-b37f-800083e503f2","block_type":"box","text":"intend to monitor their transactions, make appropriate tax elections and make appropriate entries in their books and","page_number":178,"box":{"x":70,"y":710,"width":830,"height":11}},{"id":"14a81a3c-df23-491d-b007-f9f406a98f87","block_type":"box","text":"records to lessen the effect of these tax rules and avoid any possible disqualification from the special treatment","page_number":178,"box":{"x":69,"y":725,"width":804,"height":11}},{"id":"ea49d44a-2028-424c-a5be-1f806e7fc9cf","block_type":"box","text":"afforded regulated investment companies under the Code.","page_number":178,"box":{"x":69,"y":740,"width":415,"height":11}},{"id":"e61ef015-f3dc-40fe-b535-24413ced83b8","block_type":"box","text":"Certain of a Fund’s investments in derivative instruments and foreign currency-denominated instruments, and","page_number":178,"box":{"x":102,"y":763,"width":781,"height":11}},{"id":"8310d986-8d02-4f93-a38e-fe14d7cee237","block_type":"box","text":"any of the Fund’s transactions in foreign currencies and hedging activities, are likely to produce a difference between","page_number":178,"box":{"x":69,"y":778,"width":835,"height":11}},{"id":"9ebfdb42-702a-4ae1-b8eb-3d6f5997d455","block_type":"box","text":"its book income and the sum of its taxable income and net tax-exempt income (if any). If such a difference arises,","page_number":178,"box":{"x":70,"y":793,"width":811,"height":11}},{"id":"a1207c69-e023-4b67-ace2-20503b8fe81e","block_type":"box","text":"and the Fund’s book income is less than the sum of its taxable income and net tax-exempt income, the Fund could","page_number":178,"box":{"x":69,"y":808,"width":818,"height":11}},{"id":"fc46eee1-7ae6-4d5c-bd6a-42ccc3b4bc4d","block_type":"box","text":"be required to make distributions exceeding book income to qualify as a RIC that is accorded special tax treatment","page_number":178,"box":{"x":69,"y":823,"width":820,"height":12}},{"id":"f165d858-0476-4215-8024-bbef547177b8","block_type":"box","text":"and to avoid an entity-level tax. In the alternative, if the Fund makes any distribution based on book income and such","page_number":178,"box":{"x":69,"y":838,"width":834,"height":11}},{"id":"f696e86e-f6a4-4add-9fb7-89d18ff7474a","block_type":"box","text":"book income exceeds the sum of its taxable income (including realized capital gains) and net tax-exempt income, the","page_number":178,"box":{"x":69,"y":853,"width":833,"height":12}},{"id":"aa2035e7-936e-4155-96e3-a6094fd97bad","block_type":"box","text":"distribution (if any) of such excess generally will be treated as (i) a dividend to the extent of the Fund’s remaining","page_number":178,"box":{"x":69,"y":869,"width":805,"height":11}},{"id":"f3a8d6de-5296-4222-91e1-80d65f088b57","block_type":"box","text":"II-134","page_number":178,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"0ee184ec-d5a1-4817-9ba7-1befef20b0a3","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":178,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"700c1eae-b451-405c-9125-f598c176f788","block_type":"box","text":"earnings and profits (including earnings and profits arising from tax-exempt income), (ii) thereafter, as a return of","page_number":179,"box":{"x":69,"y":45,"width":805,"height":11}},{"id":"5ecd7df7-6f57-4640-beea-071562f1afe8","block_type":"box","text":"capital to the extent of the recipient’s basis in its shares, and (iii) thereafter as gain from the sale or exchange of a","page_number":179,"box":{"x":69,"y":60,"width":822,"height":11}},{"id":"0cf85915-7259-4a25-851f-3a32b906131f","block_type":"box","text":"capital asset.","page_number":179,"box":{"x":69,"y":75,"width":95,"height":11}},{"id":"601467bb-0bcf-480b-86f9-e81159a60fd0","block_type":"box","text":"If a Fund invests in underlying funds, the Fund’s realized losses on sales of shares of underlying funds may be","page_number":179,"box":{"x":102,"y":98,"width":787,"height":11}},{"id":"876a08e9-9106-439e-b327-dd0bff0d8480","block_type":"box","text":"indefinitely or permanently deferred as “wash sales.” Distributions of short-term capital gains by underlying funds will","page_number":179,"box":{"x":70,"y":113,"width":836,"height":11}},{"id":"f773a59b-e681-4688-9cec-f9e4a8a09bfc","block_type":"box","text":"be recognized as ordinary income by the Fund and would not be offset by the Fund’s capital loss carryforwards, if","page_number":179,"box":{"x":69,"y":128,"width":812,"height":11}},{"id":"da50233e-1a60-41fb-80df-d80ae805543d","block_type":"box","text":"any. Capital loss carryforwards of underlying funds, if any, would not offset net capital gains of the Fund. Each of","page_number":179,"box":{"x":69,"y":143,"width":805,"height":11}},{"id":"ff8dd2ab-4f69-4b86-b082-4309c531ee6e","block_type":"box","text":"these effects is caused by the Fund’s expected investment in the underlying funds and may result in distributions to","page_number":179,"box":{"x":68,"y":158,"width":829,"height":11}},{"id":"2e7f367e-1d08-4478-98ec-d30112eee2dd","block_type":"box","text":"Fund shareholders being of higher magnitudes and less likely to qualify for lower capital gain tax rates than if the","page_number":179,"box":{"x":70,"y":173,"width":803,"height":11}},{"id":"231b70df-2dbb-45a0-a4ca-e0ee4efca80d","block_type":"box","text":"Fund were to invest otherwise.","page_number":179,"box":{"x":70,"y":188,"width":216,"height":9}},{"id":"8e7a0b62-9f04-4659-a2d6-684e021a8142","block_type":"box","text":"A Fund may take certain positions through a wholly-owned (or majority-owned), foreign subsidiary (the","page_number":179,"box":{"x":101,"y":211,"width":721,"height":11}},{"id":"0332a395-9f02-487e-9c67-4fd6937011bd","block_type":"box","text":"“Subsidiary”). It is expected that the Subsidiary will be a “controlled foreign corporation” and that all of its net","page_number":179,"box":{"x":70,"y":226,"width":787,"height":11}},{"id":"c21e0896-247f-4b43-967d-580e04a79ac4","block_type":"box","text":"income will be “subpart F income” for U.S. federal income tax purposes. If that is the case, the Fund will be required","page_number":179,"box":{"x":70,"y":241,"width":831,"height":11}},{"id":"4d83284d-4b36-4844-a7ea-781e7425234b","block_type":"box","text":"to report all of the Subsidiary’s net income as ordinary income regardless of whether that income would be treated","page_number":179,"box":{"x":68,"y":256,"width":823,"height":12}},{"id":"85c6d634-3257-433e-a074-80cd9a3d5baa","block_type":"box","text":"differently (for example, as capital gain) at the Subsidiary level and regardless of whether that income is distributed","page_number":179,"box":{"x":69,"y":271,"width":825,"height":12}},{"id":"ca7c8250-0d5b-4729-8938-a1066e5177d9","block_type":"box","text":"to the Fund. (Previously taxed income will not, however, be taxable again when distributed.) If a net loss is realized by","page_number":179,"box":{"x":68,"y":286,"width":838,"height":12}},{"id":"b09c3d5f-f43c-4270-9cd7-e677b071a8f6","block_type":"box","text":"the Subsidiary in any taxable year, the loss will generally not be available to offset the Fund’s other income. It is not","page_number":179,"box":{"x":68,"y":302,"width":830,"height":11}},{"id":"dbbe3513-357a-47aa-8292-284725b4f77e","block_type":"box","text":"expected that the Subsidiary will be subject to an entity-level federal tax.","page_number":179,"box":{"x":69,"y":317,"width":515,"height":11}},{"id":"4eba7051-089e-4a9a-af1c-13bed4c55f17","block_type":"box","text":"If a Fund purchases shares of an investment company (or similar investment entity) organized under foreign law,","page_number":179,"box":{"x":102,"y":339,"width":798,"height":12}},{"id":"084d28a0-748e-4030-9aba-3440ec59919d","block_type":"box","text":"the Fund will generally be treated as owning shares in a passive foreign investment company (“PFIC”) for U.S. federal","page_number":179,"box":{"x":68,"y":355,"width":835,"height":11}},{"id":"3c2fa26a-21b3-47ca-8e65-3acb48e4d370","block_type":"box","text":"income tax purposes. A Fund may be subject to U.S. federal income tax, and interest charges (at the rate applicable","page_number":179,"box":{"x":70,"y":370,"width":827,"height":11}},{"id":"e1a74a5d-303a-419b-94c4-ff67747dc734","block_type":"box","text":"to tax underpayments) on tax liability treated as having been deferred with respect to certain distributions from such","page_number":179,"box":{"x":68,"y":385,"width":830,"height":11}},{"id":"87230b9c-d977-4e8a-8302-92c06efdcdb7","block_type":"box","text":"a company and on gain from the disposition of the shares of such a company (collectively referred to as “excess","page_number":179,"box":{"x":69,"y":400,"width":802,"height":11}},{"id":"5f978f9a-cbb4-4357-bcad-beb084e51da8","block_type":"box","text":"distributions”), even if such excess distributions are paid by the Fund as a dividend to its shareholders. However, a","page_number":179,"box":{"x":69,"y":415,"width":821,"height":11}},{"id":"c37e1018-9109-4826-aefd-01d7f950c5c3","block_type":"box","text":"Fund may elect to “mark-to-market” at the end of each taxable year shares that it holds in PFICs. The election is","page_number":179,"box":{"x":70,"y":430,"width":797,"height":11}},{"id":"934ecdda-26ec-4be7-b83a-cf12651cff1c","block_type":"box","text":"made separately for each PFIC held and, once made, would be effective for all subsequent taxable years, unless","page_number":179,"box":{"x":69,"y":445,"width":801,"height":11}},{"id":"3e1f907a-3da3-424f-8a6a-f9cd6cd5130a","block_type":"box","text":"revoked with consent from the IRS. Under this election, a Fund would recognize as ordinary income any increase in","page_number":179,"box":{"x":69,"y":460,"width":818,"height":12}},{"id":"2b5602dc-1458-4be9-9d1a-36ee12308817","block_type":"box","text":"the value of its shares as of the close of the taxable year over their adjusted tax basis and as ordinary loss any","page_number":179,"box":{"x":68,"y":475,"width":797,"height":12}},{"id":"5767cd4a-c23f-47eb-a565-5cd3de47a987","block_type":"box","text":"decrease in such value, but only to the extent of previously recognized “mark-to-market” gains. By making the mark","page_number":179,"box":{"x":69,"y":491,"width":824,"height":11}},{"id":"d0f079bb-809b-4ac9-8d63-ee809eb68af6","block_type":"box","text":"to-market election, a Fund could avoid imposition of the interest charge with respect to excess distributions from","page_number":179,"box":{"x":68,"y":506,"width":804,"height":11}},{"id":"db4a3eb2-b7e8-46ac-b8f2-7f96c03be832","block_type":"box","text":"PFICs, but in any particular year might be required to recognize income in excess of the distributions it received from","page_number":179,"box":{"x":69,"y":521,"width":831,"height":11}},{"id":"73130029-724e-44f8-8a41-f8a45d90f715","block_type":"box","text":"PFICs.","page_number":179,"box":{"x":69,"y":536,"width":42,"height":9}},{"id":"159b9701-7f70-4b2f-875f-945ab9ecd37c","block_type":"box","text":"If a Fund were to invest in a PFIC and elect to treat the PFIC as a “qualified electing fund” under the Code, in lieu","page_number":179,"box":{"x":102,"y":559,"width":804,"height":11}},{"id":"fcd760da-670b-4eaa-9a20-d224d997034d","block_type":"box","text":"of the foregoing requirements, the Fund would be required to include in income each year a portion of the ordinary","page_number":179,"box":{"x":69,"y":574,"width":816,"height":11}},{"id":"95e4895f-3e66-40e8-b4b1-c1347efa6383","block_type":"box","text":"earnings and net capital gains of the qualified electing fund, even if not distributed to the Fund, and such amounts","page_number":179,"box":{"x":69,"y":589,"width":816,"height":11}},{"id":"5a36b3f7-dd0d-4166-bdf7-7d63f1824a7d","block_type":"box","text":"would be subject to the 90% and excise tax distribution requirements described above. In order to make this election,","page_number":179,"box":{"x":68,"y":604,"width":840,"height":11}},{"id":"a7748613-37c3-4c52-bdfa-c4ffc8ea7252","block_type":"box","text":"the Fund would be required to obtain certain annual information from the PFICs in which it invests, which may be","page_number":179,"box":{"x":68,"y":619,"width":804,"height":11}},{"id":"918e1442-531e-4684-adf7-06f812c8fd20","block_type":"box","text":"difficult or impossible to obtain.","page_number":179,"box":{"x":69,"y":634,"width":225,"height":11}},{"id":"a6be89a7-ad93-4650-b426-7789585d255f","block_type":"box","text":"In certain situations, a Fund may, for a taxable year, defer all or a portion of its net capital loss (or if there is no","page_number":179,"box":{"x":102,"y":657,"width":796,"height":11}},{"id":"628ec870-1cda-418a-825c-39c336772ce9","block_type":"box","text":"net capital loss, any net long-term or short-term capital loss) realized after October and its late-year ordinary loss","page_number":179,"box":{"x":69,"y":672,"width":806,"height":11}},{"id":"0dd963a0-08f3-473c-9b21-2fc8261052ef","block_type":"box","text":"(defined as the sum of the excess of post-October foreign currency and PFIC losses over post-October foreign","page_number":179,"box":{"x":69,"y":687,"width":778,"height":11}},{"id":"a556b78c-be97-4dcf-8638-c6347dbfa7a7","block_type":"box","text":"currency and PFIC gains plus the excess of post-December ordinary losses over post-December ordinary income) until","page_number":179,"box":{"x":69,"y":702,"width":838,"height":12}},{"id":"77763ed1-51ad-4726-a9e0-03558ce1247f","block_type":"box","text":"the next taxable year in computing its investment company taxable income and net capital gain, which will defer the","page_number":179,"box":{"x":68,"y":717,"width":824,"height":12}},{"id":"455c3297-b5ed-4c84-8053-24dd88527598","block_type":"box","text":"recognition of such realized losses. Such deferrals and other rules regarding gains and losses realized after October","page_number":179,"box":{"x":69,"y":732,"width":830,"height":12}},{"id":"00db1e0d-8d3c-41c2-93cc-be1a14e78702","block_type":"box","text":"(or December) may affect the tax character of shareholder distributions.","page_number":179,"box":{"x":69,"y":748,"width":511,"height":11}},{"id":"251987ca-013d-48db-82f8-ed0de39bfcec","block_type":"box","text":"Municipal Funds","page_number":179,"box":{"x":102,"y":771,"width":115,"height":10}},{"id":"8f9e66c2-ffcb-46ed-a98d-9e61940ee596","block_type":"box","text":"Each Municipal Fund intends to qualify to pay “exempt-interest dividends” as defined in Section 852(b)(5) of the","page_number":179,"box":{"x":102,"y":793,"width":798,"height":11}},{"id":"1fc1b6ad-b09a-46da-a856-1aa1ca2c0ad4","block_type":"box","text":"Code. Under such section if, at the close of each quarter of a Fund’s taxable year, at least 50% of the value of the","page_number":179,"box":{"x":69,"y":808,"width":815,"height":11}},{"id":"ed309b4a-54a2-4fad-8197-89394c962fd6","block_type":"box","text":"Fund’s total assets consists of obligations exempt from U.S. federal income tax (“tax-exempt obligations”) under","page_number":179,"box":{"x":70,"y":823,"width":803,"height":12}},{"id":"509eef60-ae8c-4ef6-b379-a99c843a1b68","block_type":"box","text":"Section 103(a) of the Code (relating generally to obligations of a state or local governmental unit), the Fund shall be","page_number":179,"box":{"x":69,"y":838,"width":826,"height":12}},{"id":"14709d97-b30d-4f75-aef6-1289a6fadcdf","block_type":"box","text":"qualified to pay exempt-interest dividends to holders of all outstanding classes of its shares (together the","page_number":179,"box":{"x":69,"y":853,"width":752,"height":12}},{"id":"0fffec2c-d7c4-4be6-8dc5-11d798c73d2b","block_type":"box","text":"“shareholders”). Exempt-interest dividends are dividends or any part thereof paid by a Fund that are attributable to","page_number":179,"box":{"x":70,"y":869,"width":817,"height":11}},{"id":"e2ad8643-70aa-4508-bad5-dce4ac57ecad","block_type":"box","text":"interest on tax-exempt obligations and reported by the Fund as exempt-interest dividends. A Fund will allocate","page_number":179,"box":{"x":70,"y":884,"width":780,"height":11}},{"id":"202b68d6-fc50-41b8-9a4c-be195e24b497","block_type":"box","text":"interest from tax-exempt obligations (as well as ordinary income, capital gains and tax preference items discussed","page_number":179,"box":{"x":70,"y":899,"width":815,"height":11}},{"id":"af771471-c708-4469-b00a-cfbcbef82237","block_type":"box","text":"II-135","page_number":179,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"96250190-425b-488d-a27e-8398bc3caf7d","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":179,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"48e02e31-f639-4bf0-b4ba-e887e2a31b40","block_type":"box","text":"below) among the Fund’s shareholders according to a method (that it believes is consistent with the Commission rule","page_number":180,"box":{"x":69,"y":45,"width":839,"height":11}},{"id":"b932ce51-67e5-4ea3-b4de-3c45f188dfd6","block_type":"box","text":"permitting the issuance and sale of multiple classes of shares) that is based upon the gross income that is allocable","page_number":180,"box":{"x":70,"y":60,"width":835,"height":11}},{"id":"12a471c4-0bfe-4802-973c-6acd911f47e1","block_type":"box","text":"to each class of shareholders during the taxable year, or such other method as the IRS may prescribe.","page_number":180,"box":{"x":68,"y":75,"width":730,"height":11}},{"id":"752e64eb-9b4f-4ff9-be17-3f834531a31e","block_type":"box","text":"Exempt-interest dividends will be excludable from a shareholder’s gross income for U.S. federal income tax","page_number":180,"box":{"x":102,"y":98,"width":763,"height":11}},{"id":"e5b206f0-fb76-4abb-86b9-322a9b9cd103","block_type":"box","text":"purposes. Exempt-interest dividends are included, however, in determining the portion, if any, of a person’s social","page_number":180,"box":{"x":70,"y":113,"width":809,"height":11}},{"id":"aff99162-2fc9-40e1-b78a-070b51b4a50c","block_type":"box","text":"security and railroad retirement benefits subject to U.S. federal income taxes. Interest on indebtedness incurred or","page_number":180,"box":{"x":69,"y":128,"width":821,"height":11}},{"id":"40220471-64f9-416a-bee6-22caebf952d1","block_type":"box","text":"continued to purchase or carry shares of a regulated investment company paying exempt-interest dividends, such as","page_number":180,"box":{"x":69,"y":143,"width":831,"height":11}},{"id":"83390ab6-b306-4609-aad0-57cb22a42845","block_type":"box","text":"the Fund, will not be deductible by the investor for U.S. federal income tax purposes to the extent attributable to","page_number":180,"box":{"x":68,"y":158,"width":800,"height":11}},{"id":"9d2771c0-0f45-46b4-9c5b-1566cc88d2c2","block_type":"box","text":"exempt-interest dividends. Shareholders are advised to consult their tax advisors with respect to whether exempt","page_number":180,"box":{"x":69,"y":173,"width":810,"height":11}},{"id":"006d730d-1475-48a3-8223-f0e9ce5d3a09","block_type":"box","text":"interest dividends retain the exclusion under Code Section 103(a) if a shareholder would be treated as a “substantial","page_number":180,"box":{"x":70,"y":188,"width":836,"height":11}},{"id":"9203e355-57f3-4fc3-913f-7ba66678cf19","block_type":"box","text":"user” or “related person” under Code Section 147(a) with respect to property financed with the proceeds of an issue","page_number":180,"box":{"x":69,"y":203,"width":835,"height":12}},{"id":"2fd115d6-ff4d-48f2-8af8-58934aec61c8","block_type":"box","text":"of PABs, if any, held by a Fund.","page_number":180,"box":{"x":69,"y":218,"width":217,"height":12}},{"id":"4b56ca81-5ebd-4c0a-a10e-4e2d854bfbeb","block_type":"box","text":"Substitute payments received by a Fund representing interest paid on tax-exempt obligations loaned out by the","page_number":180,"box":{"x":102,"y":241,"width":788,"height":11}},{"id":"de1d2ab6-ac76-4b35-bb4e-69e95c19a021","block_type":"box","text":"Fund will not be considered exempt interest, and distributions by the Fund of such substitute payments will not","page_number":180,"box":{"x":70,"y":256,"width":790,"height":11}},{"id":"cc7ba520-5bd0-46aa-8fc2-6d9d9731a12e","block_type":"box","text":"constitute exempt-interest dividends.","page_number":180,"box":{"x":69,"y":272,"width":261,"height":10}},{"id":"6c72c474-653a-45fa-bf89-eb4fb1ffeddf","block_type":"box","text":"Distributions in excess of a Fund’s earnings and profits will first reduce the adjusted tax basis of a holder’s","page_number":180,"box":{"x":102,"y":294,"width":765,"height":11}},{"id":"1193cd22-5567-4033-b205-fae6a3704e4d","block_type":"box","text":"shares and, after such adjusted tax basis is reduced to zero, will constitute capital gains to such holder (assuming","page_number":180,"box":{"x":69,"y":309,"width":819,"height":11}},{"id":"5067d145-b1d4-47b9-8526-3d4c799656a4","block_type":"box","text":"the shares are held as a capital asset). Any loss upon the sale or exchange of Fund shares held for six months or","page_number":180,"box":{"x":68,"y":324,"width":813,"height":12}},{"id":"c3146cbd-361a-4d38-9bbd-eb463b4660dc","block_type":"box","text":"less will be disallowed to the extent of any exempt-interest dividends received by the shareholder. In addition, any","page_number":180,"box":{"x":70,"y":339,"width":809,"height":12}},{"id":"bd3944a1-f7a7-452a-aaec-bf7b0295653f","block_type":"box","text":"such loss that is not disallowed under the rule stated above will be treated as long-term capital loss to the extent of","page_number":180,"box":{"x":69,"y":355,"width":829,"height":11}},{"id":"25c89e8c-c612-42d5-a5fa-82c7a74dfe1f","block_type":"box","text":"any capital gain dividends received by the shareholder.","page_number":180,"box":{"x":69,"y":370,"width":388,"height":11}},{"id":"2e7a9bdb-ae45-477f-b548-30e7a64ac714","block_type":"box","text":"All or a portion of a Fund’s gains from the sale or redemption of tax-exempt obligations purchased at a market","page_number":180,"box":{"x":101,"y":392,"width":787,"height":12}},{"id":"d46ad88a-808f-482b-b8d9-f077726e06ad","block_type":"box","text":"discount will be treated as ordinary income rather than capital gain. This rule may increase the amount of ordinary","page_number":180,"box":{"x":69,"y":407,"width":817,"height":12}},{"id":"d87ea38a-1cfd-4a24-8bc7-d9e755a925c1","block_type":"box","text":"income dividends received by shareholders.","page_number":180,"box":{"x":70,"y":423,"width":309,"height":11}},{"id":"50cbf6de-f56a-49b9-b989-29d7c9f999f1","block_type":"box","text":"Any market discount recognized on a bond is taxable as ordinary income. A market discount bond is a bond","page_number":180,"box":{"x":101,"y":446,"width":766,"height":11}},{"id":"af156313-78b1-4675-b63e-de2f131ce260","block_type":"box","text":"acquired in the secondary market at a price below redemption value or adjusted issue price if issued with original","page_number":180,"box":{"x":69,"y":460,"width":808,"height":12}},{"id":"d3b1eace-f6c8-4a1e-8986-4081e0769078","block_type":"box","text":"issue discount. Absent an election by the Fund to include the market discount in income as it accrues, gain on the","page_number":180,"box":{"x":70,"y":476,"width":815,"height":11}},{"id":"5499bb9d-89e1-4ae1-865b-d4a7cc6e1495","block_type":"box","text":"Fund’s disposition of such an obligation will be treated as ordinary income rather than capital gain to the extent of","page_number":180,"box":{"x":70,"y":491,"width":815,"height":11}},{"id":"fed85f27-c2e7-48e8-ace6-b5b89915e5aa","block_type":"box","text":"the accrued market discount.","page_number":180,"box":{"x":68,"y":506,"width":208,"height":9}},{"id":"b300c58e-f535-4980-b468-d142d993c80c","block_type":"box","text":"The Code subjects interest received on certain otherwise tax-exempt securities to a federal alternative minimum","page_number":180,"box":{"x":101,"y":528,"width":801,"height":12}},{"id":"b83961fb-dcb1-4fa3-9994-cee67c5e9474","block_type":"box","text":"tax. The alternative minimum tax applies to interest received on certain “PABs” issued after August 7, 1986. PABs","page_number":180,"box":{"x":68,"y":543,"width":818,"height":12}},{"id":"73a41604-02a3-471b-b039-7d2ab265af7c","block_type":"box","text":"are bonds that, although tax-exempt, are used for purposes other than those generally performed by governmental","page_number":180,"box":{"x":69,"y":559,"width":816,"height":11}},{"id":"331ba630-1edd-499c-b8b6-1aa1c01530ab","block_type":"box","text":"units and that benefit non-governmental entities (","page_number":180,"box":{"x":69,"y":574,"width":351,"height":11}},{"id":"95e884bc-5b7a-49ae-869d-b4b5800d89f2","block_type":"box","text":"e.g.","page_number":180,"box":{"x":422,"y":575,"width":24,"height":10}},{"id":"b732ec97-80db-4367-ba46-9be7a2e465c4","block_type":"box","text":", bonds used for industrial development or housing purposes).","page_number":180,"box":{"x":449,"y":574,"width":441,"height":11}},{"id":"07403541-6e30-4dfc-9b1a-8cbfd529d0f1","block_type":"box","text":"Income received on such bonds is classified as an item of “tax preference,” which could subject certain investors in","page_number":180,"box":{"x":70,"y":589,"width":827,"height":11}},{"id":"be833bad-176c-4ca4-b6ed-613d8eb3df08","block_type":"box","text":"such bonds, including shareholders of a Fund, to a federal alternative minimum tax. A Fund will purchase such","page_number":180,"box":{"x":69,"y":604,"width":786,"height":11}},{"id":"4a5263cb-8a48-4b83-b8f5-6f61f3f8497a","block_type":"box","text":"“PABs” and will report to shareholders after the close of the calendar year the portion of the Fund’s dividends","page_number":180,"box":{"x":70,"y":619,"width":782,"height":11}},{"id":"45591852-8521-4cc4-8a13-7367a9953251","block_type":"box","text":"declared during the year that constitute an item of tax preference for alternative minimum tax purposes.","page_number":180,"box":{"x":69,"y":634,"width":740,"height":12}},{"id":"1d98d819-9a47-4cb8-9cb7-2635413e4943","block_type":"box","text":"Each Municipal Fund may engage in interest rate swap transactions. The U.S. federal income tax rules governing","page_number":180,"box":{"x":102,"y":657,"width":802,"height":11}},{"id":"119b5412-fa5c-4b61-b565-c18c9300eef3","block_type":"box","text":"the taxation of interest rate swaps are not entirely clear and may require a Fund to treat payments received under","page_number":180,"box":{"x":68,"y":672,"width":812,"height":11}},{"id":"967b318b-240e-4fc9-a6a3-59683634b231","block_type":"box","text":"such arrangements as ordinary income and to amortize payments made under certain circumstances. Because","page_number":180,"box":{"x":69,"y":687,"width":794,"height":11}},{"id":"7d42796f-da9e-4242-9fe1-5ee9fc36fb95","block_type":"box","text":"payments received by a Fund in connection with swap transactions will be taxable rather than tax-exempt and","page_number":180,"box":{"x":70,"y":703,"width":776,"height":10}},{"id":"9c92262c-5908-445d-bb14-fd912ad29d85","block_type":"box","text":"because swap payments made by a Fund will offset both taxable and tax-exempt gross income proportionately, they","page_number":180,"box":{"x":69,"y":717,"width":826,"height":12}},{"id":"cc3eef7b-59a7-4728-b331-c75337c4a860","block_type":"box","text":"may result in increased taxable distributions to shareholders.","page_number":180,"box":{"x":69,"y":733,"width":436,"height":11}},{"id":"06df610d-b0f2-43ca-9844-294ce72bc291","block_type":"box","text":"Please see Part I of your Fund’s SAI for certain state tax information relevant to an investment in BlackRock","page_number":180,"box":{"x":102,"y":755,"width":771,"height":11}},{"id":"7ca5c326-e5b8-4f2b-a848-22a8cafc36f3","block_type":"box","text":"California Municipal Opportunities Fund, BlackRock New Jersey Municipal Bond Fund, BlackRock New York Municipal","page_number":180,"box":{"x":69,"y":770,"width":828,"height":11}},{"id":"ea46f690-53f8-4138-b940-043f71fe7c7c","block_type":"box","text":"Opportunities Fund and BlackRock Pennsylvania Municipal Bond Fund, as well as information on economic conditions","page_number":180,"box":{"x":69,"y":785,"width":836,"height":12}},{"id":"14c0c0a5-35ad-4cf5-b459-da43b6321a70","block_type":"box","text":"within each applicable state.","page_number":180,"box":{"x":68,"y":801,"width":203,"height":11}},{"id":"c83fcf70-c07e-499b-acbe-5cd8c6e39baa","block_type":"box","text":"In the case of a Feeder Fund, such Fund is entitled to look to the underlying assets of the Master Portfolio in","page_number":180,"box":{"x":102,"y":823,"width":774,"height":12}},{"id":"ecdc6100-326b-43bb-87b5-6e81b3696ffc","block_type":"box","text":"which it has invested for purposes of satisfying various qualification requirements of the Code applicable to regulated","page_number":180,"box":{"x":68,"y":838,"width":837,"height":12}},{"id":"ce18c125-bd3b-415f-987d-e25d8fd874a5","block_type":"box","text":"investment companies. Each Master Portfolio is classified either as a partnership or a separate disregarded entity","page_number":180,"box":{"x":70,"y":853,"width":816,"height":12}},{"id":"91038351-b713-47dc-85a4-1993cfa02ad6","block_type":"box","text":"(depending on the particular Master Portfolio) for U.S. federal income tax purposes. If applicable tax provisions were","page_number":180,"box":{"x":69,"y":869,"width":830,"height":11}},{"id":"d97d6e42-9344-43a4-9b99-47bcbaf1938c","block_type":"box","text":"to change the classification of a Master Portfolio, then the Board of Directors of a Feeder Fund would determine, in","page_number":180,"box":{"x":68,"y":884,"width":822,"height":11}},{"id":"4187ce71-9806-49f9-96c7-70c53c599893","block_type":"box","text":"its discretion, the appropriate course of action for the Feeder Fund. One possible course of action would be to","page_number":180,"box":{"x":70,"y":899,"width":783,"height":11}},{"id":"92448353-5a5f-4037-aed6-118b7f3cac27","block_type":"box","text":"II-136","page_number":180,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"2ea622d0-ebd5-4348-9889-22a76beebfd3","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":180,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2f61c63e-c1ab-4710-a23a-97f04e4668b2","block_type":"box","text":"withdraw the Feeder Fund’s investments from the Master Portfolio and to retain an investment manager to manage","page_number":181,"box":{"x":68,"y":45,"width":822,"height":11}},{"id":"bfb087b6-f65c-4846-b978-82791c3f77ed","block_type":"box","text":"the Feeder Fund’s assets in accordance with the investment policies applicable to the Feeder Fund.","page_number":181,"box":{"x":68,"y":60,"width":710,"height":11}},{"id":"2fa7a91f-361c-4f6e-9e4c-510397ce9564","block_type":"box","text":"Ordinary income and capital gain dividends may also be subject to state and local taxes. Certain states exempt","page_number":181,"box":{"x":102,"y":83,"width":796,"height":11}},{"id":"753b985e-60b0-4dc7-8608-86fbfb5eca4c","block_type":"box","text":"from state income taxation dividends paid by regulated investment companies that are derived from interest on U.S.","page_number":181,"box":{"x":68,"y":98,"width":828,"height":11}},{"id":"8a9b841f-7c83-4bdb-8b93-b2c48633315f","block_type":"box","text":"government obligations. State law varies as to whether dividend income attributable to U.S. government obligations is","page_number":181,"box":{"x":68,"y":113,"width":841,"height":11}},{"id":"c787314c-7d44-4ebb-a1a6-65d486435bd0","block_type":"box","text":"exempt from state income tax.","page_number":181,"box":{"x":69,"y":128,"width":216,"height":11}},{"id":"a013eb14-fd58-404e-bcba-72618fac9dfb","block_type":"box","text":"Shareholders of each Fund are urged to consult their tax advisers regarding specific questions as to federal,","page_number":181,"box":{"x":102,"y":150,"width":771,"height":12}},{"id":"c4892dc7-ab34-4997-a20b-c025c3c5d1f8","block_type":"box","text":"foreign, state or local taxes with respect to their Fund. Foreign investors should consider applicable foreign taxes in","page_number":181,"box":{"x":68,"y":166,"width":823,"height":11}},{"id":"e695533b-85ab-4400-82d1-adc7c8237575","block_type":"box","text":"their evaluation of an investment in a Fund.","page_number":181,"box":{"x":68,"y":181,"width":309,"height":9}},{"id":"201b11b0-e5c5-45a4-ac50-55771ff3b7cb","block_type":"box","text":"The foregoing general discussion of U.S. federal income tax consequences is based on the Code and the","page_number":181,"box":{"x":101,"y":203,"width":749,"height":12}},{"id":"2d8e6c77-dbe7-4624-962f-665e2aef156e","block_type":"box","text":"regulations issued thereunder as in effect on the date of this SAI. Future legislative or administrative changes or","page_number":181,"box":{"x":69,"y":218,"width":803,"height":12}},{"id":"195eca08-a4a9-4b00-a6af-23e41767bab4","block_type":"box","text":"court decisions may significantly change the conclusions expressed in this discussion, and any such changes or","page_number":181,"box":{"x":69,"y":234,"width":801,"height":11}},{"id":"420631fb-5aa9-49ac-abc9-4d52d0a4bd7c","block_type":"box","text":"decisions may have a retroactive effect.","page_number":181,"box":{"x":69,"y":249,"width":283,"height":11}},{"id":"d0f3d5db-8c91-44b9-8448-a98ffa64bd70","block_type":"box","text":"PERFORMANCE DATA","page_number":181,"box":{"x":403,"y":278,"width":173,"height":10}},{"id":"464231f4-877c-45dd-a17a-eaf7d096a083","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":181,"box":{"x":102,"y":301,"width":738,"height":11}},{"id":"166f5d14-cae6-4ad0-83cf-e435259080c1","block_type":"box","text":"applicable, yield and tax-equivalent yield in advertisements or information furnished to present or prospective","page_number":181,"box":{"x":69,"y":316,"width":779,"height":11}},{"id":"9319c56d-4fc8-4a7f-af49-d316e594d6ff","block_type":"box","text":"shareholders. Total return, yield and tax-equivalent yield each is based on a Fund’s historical performance and is not","page_number":181,"box":{"x":69,"y":331,"width":833,"height":11}},{"id":"f83e5097-901d-4307-916b-349aef850d58","block_type":"box","text":"intended to indicate future performance. Average annual total return is determined separately for each class of","page_number":181,"box":{"x":70,"y":346,"width":792,"height":12}},{"id":"0b3b50b0-05d8-487e-a7e5-aad5cbb3fb36","block_type":"box","text":"shares in accordance with a formula specified by the Commission.","page_number":181,"box":{"x":69,"y":361,"width":473,"height":12}},{"id":"40300025-2928-4790-9b4b-189c54d2e71b","block_type":"box","text":"Quotations of average annual total return, before tax, for the specified periods are computed by finding the","page_number":181,"box":{"x":102,"y":384,"width":761,"height":11}},{"id":"521665f4-a049-4486-afb4-b98c3f3a8a5a","block_type":"box","text":"average annual compounded rates of return (based on net investment income and any realized and unrealized capital","page_number":181,"box":{"x":69,"y":399,"width":836,"height":12}},{"id":"826c7a35-a709-446a-bed9-d42be7f3d933","block_type":"box","text":"gains or losses on portfolio investments over such periods) that would equate the initial amount invested to the","page_number":181,"box":{"x":68,"y":414,"width":798,"height":12}},{"id":"6cbca832-8e73-408f-998f-2df724793f31","block_type":"box","text":"redeemable value of such investment at the end of each period. Average annual total return before taxes is","page_number":181,"box":{"x":69,"y":429,"width":765,"height":12}},{"id":"40cea18f-b36c-40a1-8527-6fc26428a9b2","block_type":"box","text":"computed assuming all dividends are reinvested and taking into account all applicable recurring and nonrecurring","page_number":181,"box":{"x":69,"y":445,"width":808,"height":11}},{"id":"3f80aea8-c8b9-4de2-a519-7ef2f85c519c","block_type":"box","text":"expenses, including the maximum sales charge, in the case of front-end load shares, and the CDSC that would be","page_number":181,"box":{"x":69,"y":460,"width":813,"height":11}},{"id":"e46a3538-bb61-491b-b3b1-c2f60f32b72c","block_type":"box","text":"applicable to a complete redemption of the investment at the end of the specified period in the case of CDSC shares,","page_number":181,"box":{"x":69,"y":475,"width":839,"height":11}},{"id":"2a02f781-1965-490a-ad4a-47c714d5d2e2","block_type":"box","text":"but does not take into account taxes payable on dividends or on redemption.","page_number":181,"box":{"x":69,"y":490,"width":546,"height":11}},{"id":"f9b6569e-77eb-4cc4-ab35-16cecd4a969d","block_type":"box","text":"Quotations of average annual total return, after taxes, on dividends for the specified periods are computed by","page_number":181,"box":{"x":102,"y":513,"width":781,"height":11}},{"id":"4c0c7ccf-6efa-465c-8f8c-6506bdf5528b","block_type":"box","text":"finding the average annual compounded rates of return that would equate the initial amount invested to the ending","page_number":181,"box":{"x":68,"y":528,"width":819,"height":11}},{"id":"175231a4-a034-49d9-ba31-de0bb93b2946","block_type":"box","text":"value of such investment at the end of each period assuming payment of taxes on dividends received during such","page_number":181,"box":{"x":68,"y":543,"width":810,"height":11}},{"id":"5c1a542c-2409-4d45-b812-7503e775bd93","block_type":"box","text":"period. Average annual total return after taxes on dividends is computed assuming all dividends, less the taxes due","page_number":181,"box":{"x":70,"y":558,"width":823,"height":11}},{"id":"37d3c82a-6746-4b3e-8ac3-3d07012c09b2","block_type":"box","text":"on such dividends, are reinvested and taking into account all applicable recurring and nonrecurring expenses,","page_number":181,"box":{"x":69,"y":573,"width":780,"height":11}},{"id":"7b8478d5-5b81-42db-abfa-6312158841b1","block_type":"box","text":"including the maximum sales charge, in the case of front-end load shares and the CDSC that would be applicable to","page_number":181,"box":{"x":70,"y":588,"width":825,"height":12}},{"id":"77c7b207-d76f-41aa-a023-71f985649bdd","block_type":"box","text":"a complete redemption of the investment at the end of the specified period in the case of CDSC shares. The taxes","page_number":181,"box":{"x":69,"y":603,"width":817,"height":11}},{"id":"df0bc4d5-637b-4b9c-8667-067db5fc03cf","block_type":"box","text":"due on dividends are calculated by applying to each dividend the highest applicable marginal U.S. federal individual","page_number":181,"box":{"x":69,"y":618,"width":820,"height":12}},{"id":"65dc4e4f-5c1f-4887-aaf9-0b7fb364cebf","block_type":"box","text":"income tax rates in effect on the reinvestment date for that dividend. The rates used correspond to the tax character","page_number":181,"box":{"x":70,"y":634,"width":833,"height":11}},{"id":"2e92d538-88ef-4fa0-8c06-2d8e7be0cfe3","block_type":"box","text":"(including eligibility for the maximum 20% tax rate applicable to qualified dividend income) of each dividend. The","page_number":181,"box":{"x":69,"y":649,"width":797,"height":11}},{"id":"2fc6c137-bb01-47ac-a98a-9d510d55f046","block_type":"box","text":"taxable amount and tax character of each dividend are specified by each Fund on the dividend declaration date, but","page_number":181,"box":{"x":68,"y":664,"width":824,"height":11}},{"id":"c961dded-e2f1-4551-9b9c-b7d0413569a1","block_type":"box","text":"may be adjusted to reflect subsequent recharacterizations of distributions. The applicable tax rates may vary over the","page_number":181,"box":{"x":69,"y":679,"width":837,"height":11}},{"id":"c50c1a9b-2aae-418f-9697-4d15b114111b","block_type":"box","text":"measurement period. The effects of state and local taxes are not reflected. Applicable tax credits, such as foreign","page_number":181,"box":{"x":69,"y":694,"width":814,"height":11}},{"id":"64640e58-2dc5-425a-9d45-6d2bbbc59f06","block_type":"box","text":"credits, are taken into account according to U.S. federal tax law. The ending value is determined assuming complete","page_number":181,"box":{"x":69,"y":709,"width":830,"height":11}},{"id":"d94752ab-de57-4fc5-a5c1-972228d6eb40","block_type":"box","text":"redemption at the end of the applicable periods with no tax consequences associated with such redemption.","page_number":181,"box":{"x":69,"y":724,"width":774,"height":11}},{"id":"164afb0c-6546-4e12-accb-34347bf7ad79","block_type":"box","text":"Quotations of average annual total return, after taxes, on both dividends and redemption for the specified","page_number":181,"box":{"x":102,"y":747,"width":752,"height":11}},{"id":"2b89388d-ac19-4c38-b95e-9e7b8d9ad469","block_type":"box","text":"periods are computed by finding the average annual compounded rates of return that would equate the initial amount","page_number":181,"box":{"x":70,"y":762,"width":835,"height":11}},{"id":"e9dae1b9-7610-4faa-bc10-3e3e54ed5b9c","block_type":"box","text":"invested to the ending value of such investment at the end of each period assuming payment of taxes on dividends","page_number":181,"box":{"x":70,"y":777,"width":820,"height":12}},{"id":"6aed1897-1fe7-4384-a226-206b22137fa9","block_type":"box","text":"received during such period as well as on complete redemption. Average annual total return after taxes on","page_number":181,"box":{"x":69,"y":792,"width":756,"height":12}},{"id":"c70a1c25-a23d-4fe7-95c5-bad659b125ee","block_type":"box","text":"distributions and redemption is computed assuming all dividends, less the taxes due on such dividends, are","page_number":181,"box":{"x":69,"y":808,"width":772,"height":11}},{"id":"c8ac9657-d302-41ba-af45-2b3a286bc3a7","block_type":"box","text":"reinvested and taking into account all applicable recurring and nonrecurring expenses, including the maximum sales","page_number":181,"box":{"x":69,"y":823,"width":827,"height":11}},{"id":"ba6e448a-4f82-4eff-a402-4dea74a2b4aa","block_type":"box","text":"charge in the case of front-end load shares and the CDSC that would be applicable to a complete redemption of the","page_number":181,"box":{"x":69,"y":838,"width":825,"height":11}},{"id":"d73b3913-aa7a-4f4e-9e7b-5592940f8ed7","block_type":"box","text":"investment at the end of the specified period in the case of CDSC shares and assuming, for all classes of shares,","page_number":181,"box":{"x":70,"y":853,"width":812,"height":11}},{"id":"bcb3c077-bbae-4a98-a2e8-7668e3614b5b","block_type":"box","text":"complete redemption and payment of taxes due on such redemption. The ending value is determined assuming","page_number":181,"box":{"x":69,"y":868,"width":795,"height":11}},{"id":"1746b8e3-53d9-40d2-a166-21016da3754b","block_type":"box","text":"complete redemption at the end of the applicable periods, subtracting capital gains taxes resulting from the","page_number":181,"box":{"x":69,"y":883,"width":768,"height":11}},{"id":"76323afd-5493-487c-a892-f1656ebdad1b","block_type":"box","text":"redemption and adding the presumed tax benefit from capital losses resulting from redemption. The taxes due on","page_number":181,"box":{"x":69,"y":898,"width":810,"height":11}},{"id":"e9a95e12-3705-4335-95bd-320bc8c35808","block_type":"box","text":"II-137","page_number":181,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"38dc3148-9e32-4d0e-8bf2-8b3536bf02f7","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":181,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c12541e0-79da-4fc6-bab3-20419f6df0a8","block_type":"box","text":"dividends and on the deemed redemption are calculated by applying the highest applicable marginal U.S. federal","page_number":182,"box":{"x":69,"y":45,"width":802,"height":11}},{"id":"a391a4c3-ca2a-4403-817e-506f162c888b","block_type":"box","text":"individual income tax rates in effect on the reinvestment and/or the redemption date. The rates used correspond to","page_number":182,"box":{"x":70,"y":60,"width":825,"height":11}},{"id":"6e67ce95-6d65-469c-bc16-2a2c6c0974de","block_type":"box","text":"the tax character (including eligibility for the maximum 20% tax rate applicable to qualified dividend income) of each","page_number":182,"box":{"x":68,"y":75,"width":823,"height":11}},{"id":"8c33a246-69a4-40b6-a2a6-149e9e536bed","block_type":"box","text":"component of each dividend and/or the redemption payment. The applicable tax rates may vary over the","page_number":182,"box":{"x":69,"y":90,"width":743,"height":11}},{"id":"f83ff9b4-3fbf-498c-8538-73748578cfcc","block_type":"box","text":"measurement period. The effects of state and local taxes are not reflected. Applicable tax credits, such as foreign","page_number":182,"box":{"x":69,"y":105,"width":814,"height":11}},{"id":"e71997ad-431a-43b7-a128-af4d2ddd1669","block_type":"box","text":"tax credits, are taken into account according to federal law.","page_number":182,"box":{"x":68,"y":120,"width":422,"height":12}},{"id":"fb367bc1-8a48-4fa6-84be-5d27df1c32b5","block_type":"box","text":"A Fund also may quote annual, average annual and annualized total return and aggregate total return","page_number":182,"box":{"x":101,"y":143,"width":720,"height":11}},{"id":"1a37a561-55f8-439f-86c9-154b69a8bc10","block_type":"box","text":"performance data, both as a percentage and as a dollar amount based on a hypothetical investment of $1,000 or","page_number":182,"box":{"x":70,"y":157,"width":813,"height":12}},{"id":"900dc5ed-0dd7-49a9-9fb2-b85b37686f83","block_type":"box","text":"some other amount, for various periods other than those noted in Part I of each Fund’s SAI. Such data will be","page_number":182,"box":{"x":69,"y":173,"width":781,"height":11}},{"id":"92f52795-c099-4fb3-ba81-0cf39ba75bc9","block_type":"box","text":"computed as described above, except that (1) as required by the periods of the quotations, actual annual, annualized","page_number":182,"box":{"x":69,"y":188,"width":837,"height":11}},{"id":"2e69340d-a582-43d2-bea5-586bbd7c82c2","block_type":"box","text":"or aggregate data, rather than average annual data, may be quoted and (2) the maximum applicable sales charges","page_number":182,"box":{"x":69,"y":203,"width":817,"height":12}},{"id":"e7a3d1d9-f063-45b0-9205-64183141107a","block_type":"box","text":"will not be included with respect to annual or annualized rates of return calculations. Aside from the impact on the","page_number":182,"box":{"x":68,"y":218,"width":815,"height":11}},{"id":"4c41afcc-f3ec-4397-99aa-7d410427d032","block_type":"box","text":"performance data calculations of including or excluding the maximum applicable sales charges, actual annual or","page_number":182,"box":{"x":70,"y":234,"width":801,"height":11}},{"id":"00a9073e-13fd-47ea-b895-77a7c8136df4","block_type":"box","text":"annualized total return data generally will be lower than average annual total return data since the average rates of","page_number":182,"box":{"x":69,"y":249,"width":819,"height":11}},{"id":"9d962333-d581-49fd-8443-52c7d67efc8d","block_type":"box","text":"return reflect compounding of return; aggregate total return data generally will be higher than average annual total","page_number":182,"box":{"x":69,"y":264,"width":811,"height":11}},{"id":"72ec5a7a-7535-4308-a8fb-a98997afd266","block_type":"box","text":"return data since the aggregate rates of return reflect compounding over a longer period of time.","page_number":182,"box":{"x":69,"y":279,"width":686,"height":11}},{"id":"6687b95a-437d-4a2f-83f4-61e900f8b971","block_type":"box","text":"Yield quotations will be computed based on a 30-day period by dividing (a) the net income based on the yield of","page_number":182,"box":{"x":101,"y":302,"width":796,"height":11}},{"id":"30aed3ca-dc5d-4f0d-966c-720a330d23b0","block_type":"box","text":"each security earned during the period by (b) the average daily number of shares outstanding during the period that","page_number":182,"box":{"x":69,"y":317,"width":821,"height":11}},{"id":"e1513743-7793-464f-8a3c-a597646f40d6","block_type":"box","text":"were entitled to receive dividends multiplied by the maximum offering price per share on the last day of the period.","page_number":182,"box":{"x":68,"y":332,"width":817,"height":11}},{"id":"0f303b37-8fbe-4492-b100-15270e568447","block_type":"box","text":"Tax equivalent yield quotations will be computed by dividing (a) the part of a Fund’s yield that is tax-exempt by (b) one","page_number":182,"box":{"x":68,"y":347,"width":837,"height":11}},{"id":"f76ec4f2-553a-4b78-9c00-a4d8d3496a07","block_type":"box","text":"minus a stated tax rate and adding the result to that part, if any, of the Fund’s yield that is not tax-exempt.","page_number":182,"box":{"x":69,"y":362,"width":759,"height":11}},{"id":"23b6d53a-4525-44a1-bbb1-93c4839ed0b6","block_type":"box","text":"A Fund’s total return will vary depending on market conditions, the securities comprising a Fund’s portfolio, a","page_number":182,"box":{"x":101,"y":385,"width":779,"height":11}},{"id":"99f23ac4-584d-4b97-9268-66e1722c0c97","block_type":"box","text":"Fund’s operating expenses and the amount of realized and unrealized net capital gains or losses during the period.","page_number":182,"box":{"x":70,"y":400,"width":819,"height":11}},{"id":"9df690e2-a6fc-40c9-bed3-74376f6c8bee","block_type":"box","text":"The value of an investment in a Fund will fluctuate and an investor’s shares, when redeemed, may be worth more or","page_number":182,"box":{"x":68,"y":415,"width":830,"height":11}},{"id":"1522698a-95b4-472f-a298-21f1738a8c66","block_type":"box","text":"less than their original cost.","page_number":182,"box":{"x":70,"y":430,"width":196,"height":11}},{"id":"60696219-cb3e-4285-ad6e-11bababebeaa","block_type":"box","text":"In order to reflect the reduced sales charges in the case of front-end load shares or the waiver of the CDSC in","page_number":182,"box":{"x":102,"y":453,"width":782,"height":11}},{"id":"ba953d31-6f47-4e2f-937c-870e312da082","block_type":"box","text":"the case of CDSC shares applicable to certain investors, as described under “Purchase of Shares” and “Redemption","page_number":182,"box":{"x":68,"y":468,"width":836,"height":11}},{"id":"8945642a-f248-4a37-9870-400463d3e916","block_type":"box","text":"of Shares,” respectively, the total return data quoted by a Fund in advertisements directed to such investors may","page_number":182,"box":{"x":69,"y":483,"width":807,"height":11}},{"id":"d638addd-98f8-4c87-af54-427bf9bc854a","block_type":"box","text":"take into account the reduced, and not the maximum, sales charge or may take into account the CDSC waiver and,","page_number":182,"box":{"x":68,"y":498,"width":820,"height":11}},{"id":"7a8b59bb-6e9e-4f80-bbf3-247b2331ae52","block_type":"box","text":"therefore, may reflect greater total return since, due to the reduced sales charges or the waiver of sales charges, a","page_number":182,"box":{"x":68,"y":513,"width":824,"height":12}},{"id":"20bf4d20-0676-4940-97eb-9f3cd75ea200","block_type":"box","text":"lower amount of expenses is deducted.","page_number":182,"box":{"x":70,"y":528,"width":278,"height":11}},{"id":"7ec30def-12c7-4031-9e5a-6b5ab012453a","block_type":"box","text":"On occasion, a Fund may compare its performance to, among other things, the Fund’s benchmark index","page_number":182,"box":{"x":102,"y":551,"width":741,"height":11}},{"id":"0eedcb4a-cd4e-4fc8-a745-dbef45b44af5","block_type":"box","text":"indicated in the Prospectus, the Value Line Composite Index, the Dow Jones Industrial Average, or to other published","page_number":182,"box":{"x":70,"y":566,"width":830,"height":11}},{"id":"c2e64978-de15-4865-bfe7-4a060bd1c6a0","block_type":"box","text":"indices, or to performance data published by Lipper Inc., Morningstar, Inc. (“Morningstar”),","page_number":182,"box":{"x":70,"y":581,"width":646,"height":12}},{"id":"cc64587d-3669-4f3a-86fa-749801282453","block_type":"box","text":"Money Magazine, U.S.","page_number":182,"box":{"x":724,"y":581,"width":156,"height":12}},{"id":"b4ee9d9c-7d2a-43ab-b345-6313cfa36948","block_type":"box","text":"News & World Repor t, BusinessWeek, Forbes Magazine, For tune Magazine","page_number":182,"box":{"x":70,"y":597,"width":533,"height":11}},{"id":"354de413-ae7f-4501-abb7-3bb1a426cea8","block_type":"box","text":"or other industry publications. When","page_number":182,"box":{"x":608,"y":597,"width":257,"height":11}},{"id":"cabf4561-858e-4728-9972-647749556123","block_type":"box","text":"comparing its performance to a market index, a Fund may refer to various statistical measures derived from the","page_number":182,"box":{"x":69,"y":612,"width":797,"height":11}},{"id":"89131f74-64e7-47de-b3da-a4c50d9b6ec2","block_type":"box","text":"historical performance of a Fund and the index, such as standard deviation and beta. As with other performance","page_number":182,"box":{"x":69,"y":627,"width":803,"height":11}},{"id":"14697bd7-1eee-4d3c-b8e8-c5e8d426f34c","block_type":"box","text":"data, performance comparisons should not be considered indicative of a Fund’s relative performance for any future","page_number":182,"box":{"x":69,"y":642,"width":824,"height":11}},{"id":"1a74ea1b-d253-4408-87f8-2f091fe683d1","block_type":"box","text":"period. In addition, from time to time a Fund may include the Fund’s Morningstar risk-adjusted performance ratings","page_number":182,"box":{"x":70,"y":657,"width":818,"height":11}},{"id":"01c38c5a-bfdc-4678-942b-a036bb2def88","block_type":"box","text":"assigned by Morningstar in advertising or supplemental sales literature. From time to time a Fund may quote in","page_number":182,"box":{"x":69,"y":672,"width":793,"height":11}},{"id":"28bcea18-cb4a-4f66-8d29-5056001b0ead","block_type":"box","text":"advertisements or other materials other applicable measures of Fund performance and may also make reference to","page_number":182,"box":{"x":69,"y":687,"width":826,"height":11}},{"id":"906be822-9c7b-40c5-af5e-c25750c20086","block_type":"box","text":"awards that may be given to the Manager. Certain Funds may also compare their performance to composite indices","page_number":182,"box":{"x":69,"y":702,"width":825,"height":12}},{"id":"5e85978c-4a1b-44ff-a009-0f157f813913","block_type":"box","text":"developed by Fund management.","page_number":182,"box":{"x":69,"y":718,"width":233,"height":11}},{"id":"3c425cea-a893-4a95-9315-12471b6900ea","block_type":"box","text":"A Fund may provide information designed to help investors understand how the Fund is seeking to achieve its","page_number":182,"box":{"x":101,"y":740,"width":780,"height":11}},{"id":"b5e49a83-9c5a-467e-91cf-1cf0fb13e38d","block_type":"box","text":"investment objectives. This may include information about past, current or possible economic, market, political or","page_number":182,"box":{"x":70,"y":755,"width":810,"height":11}},{"id":"6c57e37f-c565-45af-ab38-6a53442a512e","block_type":"box","text":"other conditions, descriptive information or general principles of investing such as asset allocation, diversification","page_number":182,"box":{"x":69,"y":770,"width":810,"height":12}},{"id":"ec98ef3b-30f0-4cea-956c-f8d826ea0f8a","block_type":"box","text":"and risk tolerance, discussion of a Fund’s portfolio composition, investment philosophy, strategy or investment","page_number":182,"box":{"x":69,"y":785,"width":792,"height":12}},{"id":"80338af3-5410-4a49-80d6-8f8a46c3bbbf","block_type":"box","text":"techniques, comparisons of the Fund’s performance or portfolio composition to that of other funds or types of","page_number":182,"box":{"x":68,"y":801,"width":788,"height":11}},{"id":"2c10031b-189f-4bd9-972c-512c96739871","block_type":"box","text":"investments, indices relevant to the comparison being made, or to a hypothetical or model portfolio. A Fund may also","page_number":182,"box":{"x":70,"y":816,"width":835,"height":11}},{"id":"68d6aa71-3f58-4e9e-b2d1-91446759344b","block_type":"box","text":"quote various measures of volatility and benchmark correlation in advertising and other materials, and may compare","page_number":182,"box":{"x":69,"y":831,"width":830,"height":11}},{"id":"6ff76513-6be9-496a-a414-276c3da2f4c5","block_type":"box","text":"these measures to those of other funds or types of investments.","page_number":182,"box":{"x":68,"y":846,"width":461,"height":11}},{"id":"5548bce6-6984-495a-9c89-95b55f471c55","block_type":"box","text":"II-138","page_number":182,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"f9fca4b7-e12c-436a-9b97-9635a986b719","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":182,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f3d31165-b271-462a-a297-cecccf31db4c","block_type":"box","text":"PROXY VOTING POLICIES AND PROCEDURES","page_number":183,"box":{"x":308,"y":45,"width":362,"height":10}},{"id":"3c7a5fb1-6a0b-4bce-832c-b89da400cbd5","block_type":"box","text":"The Board of Directors of the Funds has delegated the voting of proxies for the Funds’ securities to the Manager","page_number":183,"box":{"x":101,"y":68,"width":802,"height":11}},{"id":"710fe4d7-c102-4509-a8d2-c7f2362c742b","block_type":"box","text":"pursuant to (i) the Open-End Active and Fixed Income Index Fund Proxy Voting Policy (the “Active Fund Proxy Voting","page_number":183,"box":{"x":70,"y":83,"width":809,"height":11}},{"id":"bf766fd6-5c2d-475c-9cd4-35ce38ba7c2e","block_type":"box","text":"Policy”), with respect to certain Funds, and (ii) the Index Equity Fund Proxy Voting Policy, with respect to certain other","page_number":183,"box":{"x":69,"y":98,"width":833,"height":11}},{"id":"33c37485-c47d-4c35-9ba7-05602fb222bd","block_type":"box","text":"Funds, as applicable. Please refer to Part I of this SAI, which discloses the policy applicable to each Fund.","page_number":183,"box":{"x":70,"y":113,"width":755,"height":11}},{"id":"29a83764-3a9b-4ad2-9b82-0e6891061f46","block_type":"box","text":"With respect to Funds covered by the Active Fund Proxy Voting Policy, the Manager has adopted the BlackRock","page_number":183,"box":{"x":101,"y":136,"width":785,"height":11}},{"id":"d7d310e1-4232-4742-8d1d-53a729f90a1b","block_type":"box","text":"Active Investment Stewardship—Global Engagement and Voting Guidelines (the “BAIS Guidelines”). Certain of such","page_number":183,"box":{"x":68,"y":151,"width":822,"height":11}},{"id":"ac9a645d-9a65-438d-9846-313f01678c87","block_type":"box","text":"Funds, as listed within the Active Fund Proxy Voting Policy and as disclosed in Part I of this SAI, follow supplemental","page_number":183,"box":{"x":70,"y":166,"width":824,"height":11}},{"id":"4c2cb5b0-38b8-4b89-85f4-df50a4165b9b","block_type":"box","text":"guidelines within the BAIS Guidelines that are applicable to certain climate and decarbonization issues (the “BAIS","page_number":183,"box":{"x":68,"y":181,"width":812,"height":12}},{"id":"938b7825-42eb-4dd1-9298-a1321bc73eef","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines”).","page_number":183,"box":{"x":69,"y":197,"width":392,"height":10}},{"id":"a34c8193-f737-49cb-9f1c-4b4c1eb12d54","block_type":"box","text":"With respect to Funds covered by the Index Equity Fund Proxy Voting Policy, the Manager has adopted the","page_number":183,"box":{"x":101,"y":219,"width":749,"height":11}},{"id":"bb659413-d4b8-444b-932d-27fa8fb2b968","block_type":"box","text":"BlackRock Investment Stewardship (“BIS”) Global Benchmark Policy, comprised of the Global Principles for","page_number":183,"box":{"x":70,"y":234,"width":759,"height":11}},{"id":"9b22d36a-8573-4eaf-b2b5-38b0bf72d349","block_type":"box","text":"Benchmark Policies, regional voting guidelines, and engagement priorities, which are each available upon request. In","page_number":183,"box":{"x":70,"y":250,"width":830,"height":11}},{"id":"ce13c65b-fb67-4f22-a110-8f66e9d2e455","block_type":"box","text":"addition, certain of such Funds, as listed within the Index Equity Fund Proxy Voting Policy and as disclosed in Part I of","page_number":183,"box":{"x":69,"y":264,"width":838,"height":12}},{"id":"e43b76f5-a83d-466d-bdb6-2e34e2bc76aa","block_type":"box","text":"this SAI, follow supplemental guidelines that are applicable to certain climate and decarbonization issues (the “BIS","page_number":183,"box":{"x":68,"y":280,"width":822,"height":11}},{"id":"e9185e9f-6b45-4f2b-8bd4-f54f3da2cdd4","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines”).","page_number":183,"box":{"x":69,"y":295,"width":392,"height":11}},{"id":"2a800821-0e92-4d4b-b497-a25b8f6d430d","block_type":"box","text":"If a Fund invests in an underlying fund managed by BlackRock, the Fund will use its proxy voting policy when","page_number":183,"box":{"x":102,"y":317,"width":767,"height":12}},{"id":"2030b8d3-73c8-4da5-a82f-dd68acf48231","block_type":"box","text":"voting on proxies for the underlying fund while the underlying fund will use its proxy voting policy when voting proxies","page_number":183,"box":{"x":68,"y":332,"width":827,"height":12}},{"id":"7be19648-7ab0-4e67-8691-34770101424a","block_type":"box","text":"on investments the underlying fund holds. Therefore, the Fund may use the Active Fund Proxy Voting Policy while an","page_number":183,"box":{"x":69,"y":348,"width":819,"height":11}},{"id":"4b700906-6d9b-4948-bb84-63a744e74610","block_type":"box","text":"underlying fund may use the Index Equity Fund Proxy Voting Policy, and the opposite is also true.","page_number":183,"box":{"x":69,"y":363,"width":684,"height":11}},{"id":"5ec2243a-5a5d-4575-ad47-095ca6590419","block_type":"box","text":"Copies of the Active Fund Proxy Voting Policy, Index Equity Fund Proxy Voting Policy, the BAIS Guidelines, the","page_number":183,"box":{"x":102,"y":385,"width":766,"height":12}},{"id":"67141900-43ad-455b-b363-21efca4f9731","block_type":"box","text":"Global Principles for Benchmark Policies and the BIS Climate and Decarbonization Stewardship Guidelines are","page_number":183,"box":{"x":69,"y":401,"width":784,"height":11}},{"id":"bb8f199e-0766-42ec-87fb-fd97f943220b","block_type":"box","text":"attached as Appendix B to this SAI. Only those guidelines that are applicable to a particular Fund pursuant to the","page_number":183,"box":{"x":69,"y":416,"width":805,"height":11}},{"id":"ed00d4ed-4625-44e3-8dbc-133d8ff63b73","block_type":"box","text":"Active Fund Proxy Voting Policy or the Index Equity Fund Proxy Voting Policy are considered to form a part of the","page_number":183,"box":{"x":68,"y":431,"width":790,"height":11}},{"id":"22b773a3-f70b-4543-a4cf-d67bf1692dea","block_type":"box","text":"Fund’s SAI. Information on how each Fund voted proxies relating to portfolio securities during the most recent 12-","page_number":183,"box":{"x":70,"y":446,"width":810,"height":11}},{"id":"a3a96a0d-5c2f-435d-b272-a7bfcbdde760","block_type":"box","text":"month period ended June 30 is available without charge, (i) at www.blackrock.com/proxyrecords and (ii) on the","page_number":183,"box":{"x":69,"y":461,"width":788,"height":11}},{"id":"8a4eed27-76ac-4cf2-90ee-ee1115ba648a","block_type":"box","text":"Commission’s website at http://www.sec.gov.","page_number":183,"box":{"x":69,"y":476,"width":327,"height":11}},{"id":"fdc9e5d9-0f73-4d52-89a3-2259853fe8e1","block_type":"box","text":"GENERAL INFORMATION","page_number":183,"box":{"x":391,"y":506,"width":195,"height":9}},{"id":"1698a3bd-08b8-4768-8925-fe62914564ad","block_type":"box","text":"Description of Shares","page_number":183,"box":{"x":69,"y":536,"width":156,"height":11}},{"id":"22e10d90-de63-4c24-adb0-569bca320dbe","block_type":"box","text":"Shareholders of a Fund are entitled to one vote for each full share held and fractional votes for fractional shares","page_number":183,"box":{"x":102,"y":559,"width":800,"height":9}},{"id":"7c8c5b68-e703-467a-803b-8d140163c524","block_type":"box","text":"held in the election of Directors and generally on other matters submitted to the vote of shareholders of the Fund.","page_number":183,"box":{"x":69,"y":574,"width":811,"height":11}},{"id":"c9a67cdb-2583-4ff6-a3ba-f9c4d103672d","block_type":"box","text":"Shareholders of a class that bears distribution and/or service expenses have exclusive voting rights with respect to","page_number":183,"box":{"x":69,"y":589,"width":825,"height":11}},{"id":"b899bd80-1a4d-4e95-8872-8575f0fcf270","block_type":"box","text":"matters relating to such distribution and service expenditures. Voting rights are not cumulative, so that the holders of","page_number":183,"box":{"x":69,"y":604,"width":838,"height":11}},{"id":"f61f2f84-d5ec-4827-a996-e2c03a87fb97","block_type":"box","text":"more than 50% of the shares voting in the election of Directors can, if they choose to do so, elect all the Directors of","page_number":183,"box":{"x":69,"y":619,"width":835,"height":11}},{"id":"2837f032-1af0-4494-8ebd-8a22aa41693a","block_type":"box","text":"a Fund, in which event the holders of the remaining shares would be unable to elect any person as a Director.","page_number":183,"box":{"x":69,"y":634,"width":781,"height":12}},{"id":"02a55179-ad06-4b14-8774-c11e89dc0c73","block_type":"box","text":"No Fund intends to hold annual meetings of shareholders in any year in which the Investment Company Act does","page_number":183,"box":{"x":102,"y":657,"width":801,"height":11}},{"id":"8718fd74-17f2-4f24-87ec-67754429d2d2","block_type":"box","text":"not require shareholders to act upon any of the following matters: (i) election of Directors; (ii) approval of a","page_number":183,"box":{"x":69,"y":672,"width":760,"height":11}},{"id":"76f408c5-e1eb-48ae-a814-070581cb75be","block_type":"box","text":"management agreement; (iii) approval of a distribution agreement; and (iv) ratification of selection of independent","page_number":183,"box":{"x":69,"y":687,"width":810,"height":11}},{"id":"1c36c20f-ea06-4089-b8fb-e1139f91640c","block_type":"box","text":"accountants. Shares issued are fully paid and non-assessable and have no preemptive rights. Redemption and","page_number":183,"box":{"x":69,"y":702,"width":790,"height":12}},{"id":"849b6d5c-88f5-4e4f-abb7-bde555e78d90","block_type":"box","text":"conversion rights are discussed elsewhere herein and in each Fund’s Prospectus. Each share of each class of","page_number":183,"box":{"x":69,"y":717,"width":787,"height":12}},{"id":"56d9a66b-01d2-490b-b375-cbfcf8bf20af","block_type":"box","text":"Common Stock is entitled to participate equally in dividends and distributions declared by a Fund and in the net","page_number":183,"box":{"x":69,"y":733,"width":797,"height":11}},{"id":"54102780-03e8-4c79-ad00-3735026487a8","block_type":"box","text":"assets of the Fund upon liquidation or dissolution after satisfaction of outstanding liabilities.","page_number":183,"box":{"x":69,"y":748,"width":658,"height":11}},{"id":"72ad136e-373a-4a30-8bcb-00cdd9d5c003","block_type":"box","text":"For Funds organized as Maryland corporations, the by-laws of the Fund require that a special meeting of","page_number":183,"box":{"x":102,"y":770,"width":741,"height":12}},{"id":"166b9a80-c5fc-421e-923e-4cb666d20c5d","block_type":"box","text":"shareholders be held upon the written request of a minimum percentage of the outstanding shares of the Fund","page_number":183,"box":{"x":69,"y":785,"width":790,"height":12}},{"id":"68ec7999-5fa4-4e24-8549-ca5ffef2b3c2","block_type":"box","text":"entitled to vote at such meeting, if they comply with applicable Maryland law.","page_number":183,"box":{"x":69,"y":801,"width":546,"height":11}},{"id":"624e3a31-e2e9-4571-b174-f56a26542be6","block_type":"box","text":"Certain of the Funds are organized as “Massachusetts business trusts.” Under Massachusetts law,","page_number":183,"box":{"x":102,"y":823,"width":712,"height":12}},{"id":"f8f917ad-5cf4-4bf0-8cc9-58bf89fd89a7","block_type":"box","text":"shareholders of such a trust may, under certain circumstances, be held personally liable as partners for its","page_number":183,"box":{"x":69,"y":838,"width":765,"height":11}},{"id":"2b924cb9-5402-4ff3-97af-731f5996cd46","block_type":"box","text":"obligations. However, the Declaration of Trust establishing a trust, a copy of which for each applicable Fund, together","page_number":183,"box":{"x":69,"y":853,"width":834,"height":12}},{"id":"f7f71848-eea8-4041-a18d-61421c25bea6","block_type":"box","text":"with all amendments thereto (the “Declaration of Trust”), is on file in the office of the Secretary of the","page_number":183,"box":{"x":68,"y":869,"width":729,"height":11}},{"id":"5ce0877e-9e3f-4da8-9bf4-4b98f0cd6bd9","block_type":"box","text":"Commonwealth of Massachusetts, contains an express disclaimer of shareholder liability for acts or obligations of","page_number":183,"box":{"x":69,"y":884,"width":815,"height":11}},{"id":"b43b153d-0e79-4722-a1cb-b0d56b772554","block_type":"box","text":"the trust and provides for indemnification and reimbursement of expenses out of the trust property for any","page_number":183,"box":{"x":68,"y":899,"width":761,"height":11}},{"id":"3c957b61-004e-4d8d-88d2-b22139485ed1","block_type":"box","text":"II-139","page_number":183,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"e62ec682-fb44-452b-a061-cd42a89d2321","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":183,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"bfb9a642-a0b7-49b6-8b5b-c0cc7d73150f","block_type":"box","text":"shareholder held personally liable for the obligations of the trust. The Declaration of Trust also provides that a trust","page_number":184,"box":{"x":69,"y":45,"width":824,"height":11}},{"id":"1dd14b98-5ce4-4700-9379-135c8502da04","block_type":"box","text":"may maintain appropriate insurance (for example, fidelity bond and errors and omissions insurance) for the protection","page_number":184,"box":{"x":69,"y":60,"width":839,"height":11}},{"id":"9c7076b0-9954-4eec-a227-d3cc2a49e9c8","block_type":"box","text":"of the trust, its shareholders, trustees, officers, employees and agents covering possible tort and other liabilities.","page_number":184,"box":{"x":69,"y":75,"width":813,"height":11}},{"id":"c9e8afc3-1502-405b-a0a7-a22d20be4f54","block_type":"box","text":"Thus, the risk of a shareholder incurring financial loss on account of shareholder liability is limited to circumstances","page_number":184,"box":{"x":68,"y":90,"width":827,"height":11}},{"id":"dafc3a5d-bf51-48bb-9ce0-55e86fc9a183","block_type":"box","text":"in which both inadequate insurance existed and the trust itself was unable to meet its obligations.","page_number":184,"box":{"x":70,"y":105,"width":699,"height":11}},{"id":"94a2a163-90dd-495a-a711-187d09f2d8b2","block_type":"box","text":"Certain Funds are organized as Delaware statutory trusts.","page_number":184,"box":{"x":102,"y":128,"width":413,"height":11}},{"id":"5b692a84-cfae-41dc-801b-4710e6141e27","block_type":"box","text":"Additional Information","page_number":184,"box":{"x":68,"y":158,"width":161,"height":9}},{"id":"07b69d05-f187-4e6e-8a2c-0293a1f57a82","block_type":"box","text":"Under a separate agreement, BlackRock has granted certain Funds the right to use the “BlackRock” name and","page_number":184,"box":{"x":102,"y":181,"width":789,"height":11}},{"id":"bb4992dd-37dc-41a0-aa67-07a210ab1872","block_type":"box","text":"has reserved the right to (i) withdraw its consent to the use of such name by a Fund if the Fund ceases to retain","page_number":184,"box":{"x":69,"y":196,"width":799,"height":11}},{"id":"2757958b-948d-44fc-8cf3-cd8da13fe7de","block_type":"box","text":"BlackRock Advisors, LLC or BlackRock Fund Advisors, as applicable, as investment adviser and (ii) to grant the use of","page_number":184,"box":{"x":70,"y":211,"width":837,"height":11}},{"id":"7c309559-b5d9-418d-a930-49b6f6b1a66a","block_type":"box","text":"such name to any other company.","page_number":184,"box":{"x":69,"y":226,"width":238,"height":11}},{"id":"4c33df05-ad1e-4892-828a-02d68955b677","block_type":"box","text":"II-140","page_number":184,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"ddf0a33b-32d7-41ba-ab33-7972c8f589d7","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":184,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"cf25f381-8c85-4653-809a-c3d20d856c83","block_type":"box","text":"APPENDIX A","page_number":185,"box":{"x":438,"y":45,"width":101,"height":10}},{"id":"e031bea9-41a8-4ecb-8f2c-7f6e3ea3378c","block_type":"box","text":"Description of Bond Ratings","page_number":185,"box":{"x":377,"y":68,"width":224,"height":13}},{"id":"a924964c-8d81-4f08-9bbe-c3b29271a445","block_type":"box","text":"A rating is generally assigned to a fixed-income security at the time of issuance by a credit rating agency","page_number":185,"box":{"x":101,"y":91,"width":743,"height":12}},{"id":"ef29ad85-7c7e-42cf-a2df-84bcfd665ddc","block_type":"box","text":"designated as a nationally recognized statistical rating organization (“NRSRO”) by the Securities and Exchange","page_number":185,"box":{"x":69,"y":106,"width":787,"height":12}},{"id":"05dcd9a6-43dc-4206-8d8c-5cc1d89e158b","block_type":"box","text":"Commission (“SEC”). While NRSROs may from time to time revise such ratings, they undertake no obligation to do","page_number":185,"box":{"x":69,"y":121,"width":817,"height":12}},{"id":"e26cbf80-c644-40e1-b516-091fdda7d305","block_type":"box","text":"so, and the ratings given to securities at issuance do not necessarily represent ratings which would be given to these","page_number":185,"box":{"x":69,"y":137,"width":837,"height":11}},{"id":"1b04c081-9ab2-49eb-93ae-27794160bb70","block_type":"box","text":"securities on a particular subsequent date.","page_number":185,"box":{"x":69,"y":152,"width":306,"height":11}},{"id":"811a1740-31d5-4237-bd69-c3e9e034544a","block_type":"box","text":"NRSROs may rate specific investments (","page_number":185,"box":{"x":102,"y":174,"width":286,"height":12}},{"id":"4ac4fb77-3fa3-4480-9ab5-646401bc72fe","block_type":"box","text":"e.g.","page_number":185,"box":{"x":390,"y":176,"width":25,"height":10}},{"id":"de3c7d73-fe5d-4414-b65a-30454f7dbf62","block_type":"box","text":", bonds), issuers (","page_number":185,"box":{"x":417,"y":175,"width":128,"height":10}},{"id":"7a527242-b337-4f87-805e-01966836e02a","block_type":"box","text":"e.g.","page_number":185,"box":{"x":547,"y":176,"width":25,"height":10}},{"id":"d9ab331d-574e-45d3-aa5d-eb5e3aee9d1f","block_type":"box","text":", corporations, governments and financial","page_number":185,"box":{"x":574,"y":174,"width":293,"height":12}},{"id":"9595f984-a40b-45d0-a166-ef4b4ff01cf4","block_type":"box","text":"institutions) and/or programs (","page_number":185,"box":{"x":70,"y":190,"width":217,"height":11}},{"id":"6b1be4d7-4069-4a1a-8740-f76f53139a6c","block_type":"box","text":"e.g.","page_number":185,"box":{"x":289,"y":191,"width":25,"height":10}},{"id":"312ec8e9-2a24-4700-9431-1798b7613ddc","block_type":"box","text":", commercial paper programs). However, certain types of investments may not be","page_number":185,"box":{"x":317,"y":189,"width":578,"height":12}},{"id":"b48c660c-daf9-4a32-8d92-40b42ccd0542","block_type":"box","text":"rated by NRSROs, such as certain government/sovereign obligations, US agency securities, commercial paper, time","page_number":185,"box":{"x":69,"y":205,"width":826,"height":11}},{"id":"0c28947f-5092-4f57-b8ed-e6ba7aae2119","block_type":"box","text":"deposits at financial institutions, and derivative instruments such as credit default swaps. For these types of","page_number":185,"box":{"x":69,"y":220,"width":777,"height":11}},{"id":"9775f548-fef2-4182-b1c5-2e2116abdb54","block_type":"box","text":"investments, as well as US Treasury securities (some of which are not rated), where an NRSRO has not rated the","page_number":185,"box":{"x":70,"y":235,"width":807,"height":11}},{"id":"c80f1d76-dcfb-4d04-a157-e392696824ff","block_type":"box","text":"specific investment but has rated the investment’s issuer, program, financial institution or underlying reference","page_number":185,"box":{"x":69,"y":250,"width":791,"height":11}},{"id":"7898b0e3-1b1e-4f2f-88f9-7c2037afdd51","block_type":"box","text":"asset, BlackRock Advisors, LLC, BlackRock Fund Advisors or their respective affiliates (“BlackRock”) may consider","page_number":185,"box":{"x":69,"y":265,"width":816,"height":11}},{"id":"fc66a216-66e4-4de9-b349-595908ca0413","block_type":"box","text":"the investment to have the same NRSRO rating as its issuer, program, financial institution or underlying reference","page_number":185,"box":{"x":68,"y":280,"width":812,"height":12}},{"id":"bcd1b873-0e1d-43f5-9381-3f29eec0be1f","block_type":"box","text":"asset, as applicable. In the case of municipal securities, where one NRSRO provides multiple ratings for the same","page_number":185,"box":{"x":69,"y":295,"width":815,"height":12}},{"id":"f97b46bb-6afe-4ba1-850d-c45fe9ba1e2d","block_type":"box","text":"security (","page_number":185,"box":{"x":69,"y":311,"width":63,"height":11}},{"id":"65a433e9-58a1-4a9b-88dc-01230035858b","block_type":"box","text":"e.g.","page_number":185,"box":{"x":134,"y":312,"width":25,"height":10}},{"id":"5d9ed8ef-358b-4b7b-ad51-61b9fed76e3f","block_type":"box","text":", “underlying,” “insured” and/or “enhanced” ratings), BlackRock may consider the security to have the","page_number":185,"box":{"x":161,"y":311,"width":730,"height":11}},{"id":"a876d03f-00e0-4fc4-acbf-5b53fa38ce1b","block_type":"box","text":"highest of the multiple ratings.","page_number":185,"box":{"x":69,"y":326,"width":216,"height":11}},{"id":"3851594b-a771-4baa-b2c5-1b79ac1f6d5c","block_type":"box","text":"New issue securities (regardless of type) may not be rated by an NRSRO at the time of their initial offering.","page_number":185,"box":{"x":102,"y":348,"width":760,"height":12}},{"id":"d851915b-f02f-48fd-91a1-af061e78d790","block_type":"box","text":"Preliminary prospectuses or term sheets for new issue securities may include an expected rating for the security (as","page_number":185,"box":{"x":69,"y":363,"width":830,"height":12}},{"id":"4acfcdc4-066e-4817-a235-7faafb7ccb97","block_type":"box","text":"determined by the underwriter and/or issuer) or an NRSRO rating for the issuer of the security. If applicable, when","page_number":185,"box":{"x":69,"y":378,"width":812,"height":12}},{"id":"8f0cc95b-b75f-451c-bbde-4ea236f210a5","block_type":"box","text":"deciding whether to purchase a new issue security that has not yet been rated by an NRSRO, BlackRock may","page_number":185,"box":{"x":69,"y":394,"width":776,"height":11}},{"id":"29682848-7f7f-4099-a54c-fe5fd9fdc569","block_type":"box","text":"attribute an expected rating to the security based on: (i) the expected rating of the security set forth in the","page_number":185,"box":{"x":69,"y":409,"width":756,"height":11}},{"id":"55c845ec-5f32-44d0-a414-c24bc59c883d","block_type":"box","text":"preliminary prospectus or term sheet for the security; (ii) the NRSRO’s rating for the issuer of the security set forth in","page_number":185,"box":{"x":70,"y":424,"width":835,"height":11}},{"id":"abea2413-f57c-4a3b-94b6-44c0ce11e2fe","block_type":"box","text":"the preliminary prospectus or term sheet for the security; or (iii) with respect to asset-backed securities, the rating of","page_number":185,"box":{"x":68,"y":439,"width":836,"height":11}},{"id":"99c41c0c-3e0e-462e-b40a-9b3f2ea06063","block_type":"box","text":"a prior issuance having a similar structure or the same sponsor.","page_number":185,"box":{"x":69,"y":454,"width":456,"height":11}},{"id":"bec58ff7-3d2d-4593-91a7-5556d62eda02","block_type":"box","text":"Where the investment objective of a fund is to track the performance of an index that includes credit ratings","page_number":185,"box":{"x":101,"y":477,"width":771,"height":11}},{"id":"b3a3f08f-519a-46a2-835a-45b4eb437b60","block_type":"box","text":"eligibility criteria as part of its index methodology, the fund may purchase any security within the index, such security","page_number":185,"box":{"x":69,"y":492,"width":832,"height":11}},{"id":"1b283f1a-ed59-4820-9641-04076dcacfad","block_type":"box","text":"having been determined by the index provider as meeting its credit ratings eligibility criteria. The credit ratings","page_number":185,"box":{"x":69,"y":507,"width":782,"height":11}},{"id":"3e023257-992e-49ad-868c-aec42168bec6","block_type":"box","text":"practices of an index provider may differ from BlackRock’s practices, as described above. Further, the fund may","page_number":185,"box":{"x":70,"y":522,"width":796,"height":11}},{"id":"c363aa87-ebc4-442d-8f01-d1af0d0b64c8","block_type":"box","text":"invest, directly or indirectly, in securities that are not rated by a rating agency or securities with a credit rating that","page_number":185,"box":{"x":70,"y":537,"width":811,"height":12}},{"id":"79765075-fac2-4108-bd1c-5535616dc27f","block_type":"box","text":"differs from the credit rating specified in its index methodology in various circumstances, including where a security is","page_number":185,"box":{"x":69,"y":552,"width":840,"height":12}},{"id":"d0271552-7d5a-4fd0-8bb5-3fd793f98e1e","block_type":"box","text":"downgraded but not yet removed from an index, following the removal of a security from an index prior to its sale by","page_number":185,"box":{"x":69,"y":567,"width":824,"height":12}},{"id":"b2598bb9-9068-454b-bb5b-ff0eb171ce36","block_type":"box","text":"the fund or as a result of a corporate action or restructuring affecting an issuer of a security held by the fund.","page_number":185,"box":{"x":68,"y":583,"width":781,"height":11}},{"id":"5751a8b4-df66-4ce1-aead-ea12a6011650","block_type":"box","text":"Fixed-income securities which are unrated may expose the investor to risks with respect to capacity to pay","page_number":185,"box":{"x":102,"y":606,"width":756,"height":10}},{"id":"aea62fe5-788b-4c6f-b6d7-de8c37ec7516","block_type":"box","text":"interest or repay principal which are similar to the risks of lower-rated speculative bonds (although BlackRock may","page_number":185,"box":{"x":70,"y":620,"width":811,"height":12}},{"id":"69e2fa29-77ac-4a8d-a27c-67a3fe40d064","block_type":"box","text":"deem such unrated securities to be of higher quality). Evaluation of these securities is dependent on BlackRock’s","page_number":185,"box":{"x":69,"y":635,"width":809,"height":12}},{"id":"799a9122-5b51-4dd0-8888-56f1b72d457b","block_type":"box","text":"judgment, analysis and experience in the evaluation of such securities.","page_number":185,"box":{"x":67,"y":651,"width":506,"height":11}},{"id":"69f79e7e-81de-4180-93fc-6327702d52bb","block_type":"box","text":"Investors should note that the assignment of a rating to a security by an NRSRO may not reflect the effect of","page_number":185,"box":{"x":102,"y":673,"width":776,"height":12}},{"id":"d40a7583-f075-4aa7-9cde-4eec4d551ad2","block_type":"box","text":"recent developments on the issuer’s ability to make interest and principal payments or on the likelihood of default.","page_number":185,"box":{"x":69,"y":688,"width":818,"height":12}},{"id":"07ebfce5-8b16-481f-8a43-9a9e45129cd3","block_type":"box","text":"Securities deemed to be high yield are rated below Baa3 by Moody’s and below BBB- by S&P Global Ratings and","page_number":185,"box":{"x":102,"y":711,"width":799,"height":11}},{"id":"b8d9b923-2e9e-44ce-a12a-42f504d3a5f0","block_type":"box","text":"Fitch. Other terms used to describe such securities include “lower rated bonds,” “non-investment grade bonds,”","page_number":185,"box":{"x":70,"y":726,"width":798,"height":11}},{"id":"3f4d5a9b-ef88-4394-a3d0-a7787967b150","block_type":"box","text":"“below investment grade bonds,” and “junk bonds.”","page_number":185,"box":{"x":70,"y":742,"width":368,"height":11}},{"id":"b357bda5-83c9-4777-a799-c861a5849b63","block_type":"box","text":"The descriptions below relate to general long-term and short-term obligations of an issuer.","page_number":185,"box":{"x":101,"y":764,"width":643,"height":11}},{"id":"85365343-56ae-4dec-8fe6-5b5f9485dd02","block_type":"box","text":"A Description of Moody’s Investors Service, Inc.’s (“Moody’s”) Global Rating Scales","page_number":185,"box":{"x":68,"y":794,"width":616,"height":11}},{"id":"36dc54b4-08e8-4dc8-bde9-27e404ad613d","block_type":"box","text":"Credit ratings are assigned on Moody’s global long-term and short-term rating scales and are forward-looking","page_number":185,"box":{"x":102,"y":817,"width":777,"height":11}},{"id":"4229acd2-82fe-4e17-ac4e-b2cd6c01fcbb","block_type":"box","text":"opinions of the relative credit risks of financial obligations issued by non-financial corporates, financial institutions,","page_number":185,"box":{"x":69,"y":832,"width":818,"height":11}},{"id":"6696b930-f5f5-4482-b790-d0fc15751ba1","block_type":"box","text":"structured finance vehicles, project finance vehicles, and public sector entities. Moody’s defines credit risk as the","page_number":185,"box":{"x":69,"y":847,"width":812,"height":11}},{"id":"49a159b5-de6f-4eaa-b94a-8d91c6937b90","block_type":"box","text":"risk that an entity may not meet its contractual financial obligations as they come due and any estimated financial","page_number":185,"box":{"x":69,"y":862,"width":812,"height":12}},{"id":"e0b5f472-d858-4f4b-904b-4451b274342a","block_type":"box","text":"loss in the event of default or impairment. The contractual financial obligations addressed by Moody’s ratings are","page_number":185,"box":{"x":70,"y":877,"width":807,"height":12}},{"id":"06d6d5ac-5cb7-42ab-a4c1-46c74a280260","block_type":"box","text":"those that call for, without regard to enforceability, the payment of an ascertainable amount, which may vary based","page_number":185,"box":{"x":68,"y":892,"width":821,"height":12}},{"id":"6c760ec2-daf0-4658-9f54-61df7048f7ba","block_type":"box","text":"upon standard sources of variation (","page_number":185,"box":{"x":69,"y":908,"width":257,"height":11}},{"id":"c288229e-1a45-4312-901f-f7723012eb29","block_type":"box","text":"e.g.","page_number":185,"box":{"x":328,"y":909,"width":25,"height":10}},{"id":"ad1743fe-4342-4b92-ae19-d2b07f19aa36","block_type":"box","text":", floating interest rates), by an ascertainable date. Moody’s rating addresses","page_number":185,"box":{"x":355,"y":908,"width":548,"height":11}},{"id":"c7c6913c-7303-4301-be25-6b1338270284","block_type":"box","text":"A-1","page_number":185,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"c7f3ff2c-ebc7-4863-aad6-49a9d7f5ef2a","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":185,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ad7d25cf-56fa-4a6f-94d6-d19167b5c640","block_type":"box","text":"the issuer’s ability to obtain cash sufficient to service the obligation, and its willingness to pay. Moody’s ratings do","page_number":186,"box":{"x":68,"y":45,"width":821,"height":11}},{"id":"e10f3b0d-3a58-4b67-96bc-36bec16045ff","block_type":"box","text":"not address non-standard sources of variation in the amount of the principal obligation (","page_number":186,"box":{"x":69,"y":60,"width":627,"height":11}},{"id":"0887dbdb-92dc-4212-8837-8311a5cbb841","block_type":"box","text":"e.g.","page_number":186,"box":{"x":697,"y":61,"width":25,"height":10}},{"id":"d03816e5-bc35-4368-b297-766c0ac28967","block_type":"box","text":", equity indexed), absent","page_number":186,"box":{"x":725,"y":60,"width":174,"height":11}},{"id":"d12afcf9-df58-438f-95e6-bd722fdfb5c9","block_type":"box","text":"an express statement to the contrary in a press release accompanying an initial rating. Long-term ratings are","page_number":186,"box":{"x":69,"y":75,"width":777,"height":11}},{"id":"a4d85c8c-071a-4aea-a28e-19882a28b580","block_type":"box","text":"assigned to issuers or obligations with an original maturity of eleven months or more and reflect both on the","page_number":186,"box":{"x":69,"y":90,"width":771,"height":11}},{"id":"f00bc830-cb69-4a8c-8173-ab1be59d8c57","block_type":"box","text":"likelihood of a default or impairment on contractual financial obligations and the expected financial loss suffered in","page_number":186,"box":{"x":70,"y":105,"width":819,"height":11}},{"id":"359ad50e-52df-4d11-895f-46e68c298f01","block_type":"box","text":"the event of default or impairment. Short-term ratings are assigned for obligations with an original maturity of thirteen","page_number":186,"box":{"x":68,"y":120,"width":840,"height":12}},{"id":"f63cf0a0-0bab-48d7-8e56-990995c5323b","block_type":"box","text":"months or less and reflect both on the likelihood of a default or impairment on contractual financial obligations and","page_number":186,"box":{"x":69,"y":135,"width":822,"height":12}},{"id":"119c4e96-9979-4f53-b06a-81df60b24aec","block_type":"box","text":"the expected financial loss suffered in the event of default or impairment. Moody’s issues ratings at the issuer level","page_number":186,"box":{"x":68,"y":150,"width":829,"height":12}},{"id":"354ec3d4-181b-4386-9303-c53761504b49","block_type":"box","text":"and instrument level on both the long-term scale and the short-term scale. Typically, ratings are made publicly","page_number":186,"box":{"x":69,"y":166,"width":784,"height":11}},{"id":"46c5b39a-666f-41c3-b63b-38ad7cbc9408","block_type":"box","text":"available although private and unpublished ratings may also be assigned.","page_number":186,"box":{"x":69,"y":181,"width":521,"height":11}},{"id":"37022a35-c4a5-440b-a45b-04fdccf0eb9a","block_type":"box","text":"Moody’s differentiates structured finance ratings from fundamental ratings (","page_number":186,"box":{"x":102,"y":203,"width":542,"height":12}},{"id":"46d92951-590e-488d-bf13-b1dc260bdca3","block_type":"box","text":"i.e.","page_number":186,"box":{"x":646,"y":204,"width":20,"height":8}},{"id":"31440d8c-8175-4de5-859f-c73d9baa0070","block_type":"box","text":", ratings on nonfinancial","page_number":186,"box":{"x":669,"y":203,"width":169,"height":12}},{"id":"10dfd1cf-e8f8-4b4e-95ef-ec17a58f33f8","block_type":"box","text":"corporate, financial institution, and public sector entities) on the global long-term scale by adding (sf) to all structured","page_number":186,"box":{"x":69,"y":218,"width":837,"height":12}},{"id":"e29abb39-ff7b-487a-9c81-55eab771f156","block_type":"box","text":"finance ratings. The addition of (sf) to structured finance ratings should eliminate any presumption that such ratings","page_number":186,"box":{"x":68,"y":234,"width":828,"height":11}},{"id":"36c91cb3-28ce-46e8-a24d-ec72ff900886","block_type":"box","text":"and fundamental ratings at the same letter grade level will behave the same. The (sf) indicator for structured finance","page_number":186,"box":{"x":69,"y":249,"width":832,"height":11}},{"id":"8f9a9650-e6cd-484c-9869-416714acd8cc","block_type":"box","text":"security ratings indicates that otherwise similarly rated structured finance and fundamental securities may have","page_number":186,"box":{"x":69,"y":264,"width":797,"height":11}},{"id":"d1026295-fba7-4bd5-b956-2b94dc7e8147","block_type":"box","text":"different risk characteristics. Through its current methodologies, however, Moody’s aspires to achieve broad","page_number":186,"box":{"x":69,"y":279,"width":771,"height":11}},{"id":"1f17ee49-5d4a-47c2-a0b1-a2bfbaa109f1","block_type":"box","text":"expected equivalence in structured finance and fundamental rating performance when measured over a long period","page_number":186,"box":{"x":69,"y":294,"width":821,"height":11}},{"id":"0f6a0302-17ca-4323-a562-c5692f49ddd2","block_type":"box","text":"of time.","page_number":186,"box":{"x":69,"y":309,"width":53,"height":9}},{"id":"c2d25819-0ae9-4edc-8dbf-89ec986a5493","block_type":"box","text":"Description of Moody’s Global Long-Term Rating Scale","page_number":186,"box":{"x":69,"y":339,"width":395,"height":12}},{"id":"510c693a-a99d-401a-b4dd-7b8d443cd14a","block_type":"box","text":"Aaa Obligations rated Aaa are judged to be of the highest quality, subject to the lowest level of credit","page_number":186,"box":{"x":68,"y":367,"width":815,"height":11}},{"id":"449c93aa-3618-4833-97c9-a5ef6f325a3a","block_type":"box","text":"risk.","page_number":186,"box":{"x":197,"y":383,"width":28,"height":8}},{"id":"1dafb0f8-a590-4b1f-afb5-cb6d1b9811b7","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":186,"box":{"x":68,"y":402,"width":773,"height":12}},{"id":"8930e2e2-e50e-4914-8a11-accc81966eb5","block_type":"box","text":"A Obligations rated A are judged to be upper-medium grade and are subject to low credit risk.","page_number":186,"box":{"x":68,"y":423,"width":776,"height":11}},{"id":"d5107ce4-a2fa-45b6-94ef-f46dd409915b","block_type":"box","text":"Baa Obligations rated Baa are judged to be medium-grade and subject to moderate credit risk and as","page_number":186,"box":{"x":70,"y":443,"width":813,"height":11}},{"id":"5c91e2f2-7dd5-48e2-86e3-c5ba01819978","block_type":"box","text":"such may possess certain speculative characteristics.","page_number":186,"box":{"x":196,"y":458,"width":385,"height":11}},{"id":"546aedbb-47e7-456c-b705-6b121d643554","block_type":"box","text":"Ba Obligations rated Ba are judged to be speculative and are subject to substantial credit risk.","page_number":186,"box":{"x":70,"y":478,"width":775,"height":11}},{"id":"2b4f5b9d-0bbd-4fbb-8141-98222cda4d77","block_type":"box","text":"B Obligations rated B are considered speculative and are subject to high credit risk.","page_number":186,"box":{"x":70,"y":498,"width":707,"height":11}},{"id":"e933eee8-7c1c-4ac9-a25b-e360e4a9cccc","block_type":"box","text":"Caa Obligations rated Caa are judged to be speculative of poor standing and are subject to very high","page_number":186,"box":{"x":69,"y":518,"width":810,"height":12}},{"id":"25829b8c-108f-485c-9ea3-e7bdc8b1ee3a","block_type":"box","text":"credit risk.","page_number":186,"box":{"x":196,"y":534,"width":74,"height":8}},{"id":"75945bc3-a7d0-4275-8405-8051a67bb315","block_type":"box","text":"Ca Obligations rated Ca are highly speculative and are likely in, or very near, default, with some","page_number":186,"box":{"x":69,"y":554,"width":783,"height":11}},{"id":"1d49491a-371c-45ed-ac5f-2d552cd546b8","block_type":"box","text":"prospect of recovery of principal and interest.","page_number":186,"box":{"x":197,"y":569,"width":322,"height":11}},{"id":"f79ee604-4650-4acb-ad4e-02f652fed408","block_type":"box","text":"C Obligations rated C are the lowest rated and are typically in default, with little prospect for recovery","page_number":186,"box":{"x":69,"y":589,"width":834,"height":11}},{"id":"c81116ce-eeda-4929-9f6e-036d74dda01b","block_type":"box","text":"of principal or interest.","page_number":186,"box":{"x":196,"y":604,"width":160,"height":11}},{"id":"7eb59797-8f33-422b-9e82-8337c3856214","block_type":"box","text":"Note:","page_number":186,"box":{"x":102,"y":624,"width":37,"height":9}},{"id":"0834392b-a904-45f1-b21d-1b1f2ea4f9a1","block_type":"box","text":"Moody’s appends numerical modifiers 1, 2, and 3 to each generic rating classification from Aa through","page_number":186,"box":{"x":146,"y":624,"width":731,"height":11}},{"id":"eca7d241-bdbe-4da2-82d2-2102cf462713","block_type":"box","text":"Caa. The modifier 1 indicates that the obligation ranks in the higher end of its generic rating category; the modifier 2","page_number":186,"box":{"x":69,"y":639,"width":831,"height":12}},{"id":"4fd02c4c-d66a-4e08-a0d0-5164ecd3b507","block_type":"box","text":"indicates a mid-range ranking; and the modifier 3 indicates a ranking in the lower end of that generic rating category.","page_number":186,"box":{"x":70,"y":654,"width":829,"height":12}},{"id":"dd37f393-84ef-4d25-b213-f63e436be5df","block_type":"box","text":"Additionally, a “(hyb)” indicator is appended to all ratings of hybrid securities issued by banks, insurers, finance","page_number":186,"box":{"x":68,"y":669,"width":795,"height":12}},{"id":"49400ef2-9fca-4137-9a56-db4d3bbb4ecf","block_type":"box","text":"companies, and securities firms.","page_number":186,"box":{"x":69,"y":685,"width":232,"height":11}},{"id":"ef2d6a3d-ab0d-4d3a-8028-a0238960761c","block_type":"box","text":"By their terms, hybrid securities allow for the omission of scheduled dividends, interest, or principal payments,","page_number":186,"box":{"x":102,"y":707,"width":787,"height":11}},{"id":"cfa8734b-c098-49a6-bce1-034a3446117f","block_type":"box","text":"which can potentially result in impairment if such an omission occurs. Hybrid securities may also be subject to","page_number":186,"box":{"x":68,"y":722,"width":788,"height":12}},{"id":"43744866-bd72-40e3-b9f2-57e2287dccf3","block_type":"box","text":"contractually allowable write-downs of principal that could result in impairment. Together with the hybrid indicator, the","page_number":186,"box":{"x":69,"y":738,"width":833,"height":11}},{"id":"51c9a26d-bd98-4ad3-89a2-48ee567fea4f","block_type":"box","text":"long-term obligation rating assigned to a hybrid security is an expression of the relative credit risk associated with","page_number":186,"box":{"x":70,"y":753,"width":809,"height":11}},{"id":"39dbc882-5763-440e-acfd-dc2c25bcf51b","block_type":"box","text":"that security.","page_number":186,"box":{"x":68,"y":768,"width":91,"height":11}},{"id":"919df484-bfab-4d5a-84c2-26f73ea0171c","block_type":"box","text":"Description of Moody’s Global Short-Term Rating Scale","page_number":186,"box":{"x":69,"y":798,"width":400,"height":11}},{"id":"9760ac86-eafe-4c0c-be82-4820bd704566","block_type":"box","text":"P-1 Ratings of Prime-1 reflect a superior ability to repay short-term obligations.","page_number":186,"box":{"x":69,"y":826,"width":658,"height":11}},{"id":"583333b4-6fcc-4943-a9bf-bca9a2991ac9","block_type":"box","text":"P-2 Ratings of Prime-2 reflect a strong ability to repay short-term obligations.","page_number":186,"box":{"x":69,"y":846,"width":645,"height":11}},{"id":"a502927f-1e95-4321-a31a-eba68058f464","block_type":"box","text":"P-3 Ratings of Prime-3 reflect an acceptable ability to repay short-term obligations.","page_number":186,"box":{"x":69,"y":866,"width":686,"height":11}},{"id":"5355f189-ded6-49ea-aa60-92d7d8b2aeb1","block_type":"box","text":"NP Issuers (or supporting institutions) rated Not Prime do not fall within any of the Prime rating","page_number":186,"box":{"x":70,"y":886,"width":778,"height":12}},{"id":"f589dcfa-d26f-4b5a-bf00-0d9b15d9ca35","block_type":"box","text":"categories.","page_number":186,"box":{"x":196,"y":902,"width":77,"height":11}},{"id":"a713daa1-2600-45bc-a335-85e1693905fa","block_type":"box","text":"A-2","page_number":186,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"fda06e7c-84ca-4224-a43d-12127ae73e80","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":186,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b83f8609-f37b-4e41-a274-ec6f2600a370","block_type":"box","text":"Description of Moody’s U.S. Municipal Short-Term Debt and Demand Obligation Ratings","page_number":187,"box":{"x":69,"y":45,"width":637,"height":11}},{"id":"206d9dca-8f63-492b-98df-ca88b04d35a3","block_type":"box","text":"Moody’s uses the global short-term Prime rating scale for commercial paper issued by U.S. municipalities and","page_number":187,"box":{"x":102,"y":67,"width":784,"height":12}},{"id":"a91e5923-8666-4029-9932-d7f6717a276f","block_type":"box","text":"nonprofits. These commercial paper programs may be backed by external letters of credit or liquidity facilities, or by","page_number":187,"box":{"x":69,"y":82,"width":824,"height":12}},{"id":"1a555dca-1847-4cde-b931-884e72e34b60","block_type":"box","text":"an issuer’s self-liquidity.","page_number":187,"box":{"x":69,"y":98,"width":170,"height":11}},{"id":"9ef00e21-ba16-4767-b1c7-ced0f81fd3c4","block_type":"box","text":"For other short-term municipal obligations, Moody’s uses one of two other short-term rating scales, the","page_number":187,"box":{"x":102,"y":120,"width":736,"height":12}},{"id":"fe0569ab-0d35-4224-9eeb-5b88d52d042e","block_type":"box","text":"Municipal Investment Grade (“MIG”) and Variable Municipal Investment Grade (“VMIG”) scales discussed below.","page_number":187,"box":{"x":70,"y":135,"width":796,"height":11}},{"id":"169aa1c5-7167-4853-815b-7975fe4ef8fd","block_type":"box","text":"MIG Ratings","page_number":187,"box":{"x":102,"y":158,"width":85,"height":11}},{"id":"a889b9a0-3811-4ac0-aacb-63f5eb2fd7fc","block_type":"box","text":"Moody’s uses the MIG scale for U.S. municipal cash flow notes, bond anticipation notes and certain other short","page_number":187,"box":{"x":102,"y":181,"width":803,"height":11}},{"id":"76ec29eb-f8b1-46db-a543-33d41035ade6","block_type":"box","text":"term obligations, which typically mature in three years or less. Under certain circumstances, Moody’s uses the MIG","page_number":187,"box":{"x":68,"y":196,"width":823,"height":11}},{"id":"3fee0f0f-b68a-4041-9dbc-c7f99344ec3d","block_type":"box","text":"scale for bond anticipation notes with maturities of up to five years.","page_number":187,"box":{"x":69,"y":211,"width":480,"height":11}},{"id":"93dcf3ab-97ed-4ce7-8af6-03c5e2876ad4","block_type":"box","text":"MIG Scale","page_number":187,"box":{"x":102,"y":234,"width":71,"height":9}},{"id":"77e23c45-9590-4cd3-afc3-a15e50d563e8","block_type":"box","text":"MIG 1 This designation denotes superior credit quality. Excellent protection is afforded by established","page_number":187,"box":{"x":70,"y":261,"width":802,"height":12}},{"id":"ff1d25e7-880f-4a23-9a1f-5ec93f4065d6","block_type":"box","text":"cash flows, highly reliable liquidity support, or demonstrated broad-based access to the market for","page_number":187,"box":{"x":196,"y":276,"width":703,"height":12}},{"id":"435a3822-af26-4d69-8912-c603bfc2e56a","block_type":"box","text":"refinancing.","page_number":187,"box":{"x":197,"y":292,"width":80,"height":11}},{"id":"42986ef8-d59b-4d1c-927d-3e55e44340b1","block_type":"box","text":"MIG 2 This designation denotes strong credit quality. Margins of protection are ample, although not as","page_number":187,"box":{"x":70,"y":312,"width":809,"height":11}},{"id":"ebddcd20-7d28-47ab-9628-4519e3655b87","block_type":"box","text":"large as in the preceding group.","page_number":187,"box":{"x":197,"y":327,"width":224,"height":11}},{"id":"bfacf6f4-b4ad-4fe7-b684-2dd8a949f990","block_type":"box","text":"MIG 3 This designation denotes acceptable credit quality. Liquidity and cash-flow protection may be","page_number":187,"box":{"x":70,"y":347,"width":785,"height":11}},{"id":"56a3b869-f8e9-4f17-89ea-5720969f5c68","block_type":"box","text":"narrow, and market access for refinancing is likely to be less well-established.","page_number":187,"box":{"x":197,"y":362,"width":554,"height":11}},{"id":"4b4bbc26-d223-4118-a97b-fb04c2eff07e","block_type":"box","text":"SG This designation denotes speculative-grade credit quality. Debt instruments in this category may","page_number":187,"box":{"x":69,"y":382,"width":813,"height":12}},{"id":"97bf5f0d-b46a-46c3-a04f-21203824d414","block_type":"box","text":"lack sufficient margins of protection.","page_number":187,"box":{"x":197,"y":397,"width":259,"height":12}},{"id":"5716cf9d-7619-4f2a-a626-f514ef1fe567","block_type":"box","text":"VMIG Ratings","page_number":187,"box":{"x":68,"y":425,"width":100,"height":11}},{"id":"e5dcbeb4-693a-4439-8480-42b615d5ead4","block_type":"box","text":"In the case of variable rate demand obligations (“VRDOs”), a two-component rating is assigned. The components","page_number":187,"box":{"x":102,"y":448,"width":804,"height":11}},{"id":"81d93bff-5a69-4205-92db-d0b19c106cef","block_type":"box","text":"are a long-term rating and a short-term payment obligation rating. The long-term rating addresses the issuer’s ability","page_number":187,"box":{"x":69,"y":463,"width":829,"height":11}},{"id":"dcfe1d10-fcc6-4771-94c5-9294972164a4","block_type":"box","text":"to meet scheduled principal and interest payments. The short-term payment obligation rating addresses the ability of","page_number":187,"box":{"x":68,"y":478,"width":836,"height":11}},{"id":"6f1a0683-1bb0-4d76-ad55-398c0dc2b6bb","block_type":"box","text":"the issuer or the liquidity provider meet any purchase-price payment obligation resulting from optional tenders (“on","page_number":187,"box":{"x":68,"y":493,"width":817,"height":11}},{"id":"1c2d4a24-2bf8-4be3-a236-5080a2f58cb2","block_type":"box","text":"demand”) and/or mandatory tenders of the VRDO. The short-term demand obligation rating uses the VMIG scale.","page_number":187,"box":{"x":69,"y":508,"width":807,"height":12}},{"id":"500cf788-6150-4e0a-93c4-7399572c95fd","block_type":"box","text":"VMIG ratings with liquidity support use as an input the short-term Counterparty Risk Assessment of the support","page_number":187,"box":{"x":68,"y":523,"width":800,"height":12}},{"id":"5290d4b5-41d8-4557-a19f-740bfe01db1b","block_type":"box","text":"provider, or the long-term rating of the underlying obligor in the absence of third party liquidity support. Transitions of","page_number":187,"box":{"x":70,"y":538,"width":832,"height":12}},{"id":"d0ceeb72-fc67-4f57-9317-aed14e304dc7","block_type":"box","text":"VMIG ratings of demand obligations with conditional liquidity support differ from transitions on the Prime scale to","page_number":187,"box":{"x":68,"y":554,"width":807,"height":11}},{"id":"3e7ef6f7-cd46-4595-97fb-a262fac4fadb","block_type":"box","text":"reflect the risk that external liquidity support will terminate if the issuer’s long-term rating drops below investment","page_number":187,"box":{"x":69,"y":569,"width":812,"height":11}},{"id":"a15bafe4-ca0f-4302-a9aa-725f002c81d5","block_type":"box","text":"grade.","page_number":187,"box":{"x":68,"y":584,"width":43,"height":11}},{"id":"d6e14d9e-c275-4df0-9d73-24607d836a50","block_type":"box","text":"Moody’s typically assigns the VMIG short-term demand obligation rating if the frequency of the demand feature is","page_number":187,"box":{"x":102,"y":606,"width":807,"height":12}},{"id":"a2ea56f8-61b7-4c57-bb80-738d2f182577","block_type":"box","text":"less than every three years. If the frequency of the demand feature is less than three years but the purchase price is","page_number":187,"box":{"x":70,"y":622,"width":833,"height":11}},{"id":"d487b979-2a3d-4855-be7a-d39a11a1b963","block_type":"box","text":"payable only with remarketing proceeds, the short-term demand obligation rating is “NR”.","page_number":187,"box":{"x":70,"y":637,"width":635,"height":11}},{"id":"232a6e2c-413d-4ec6-b142-bae7e1471791","block_type":"box","text":"Industrial development bonds in the US where the obligor is a corporate may carry a VMIG rating that reflects","page_number":187,"box":{"x":102,"y":659,"width":778,"height":12}},{"id":"af310683-85e5-4d45-bfa2-948aa737d45e","block_type":"box","text":"Moody’s view of the relative likelihood of default and loss. In these cases, liquidity assessment is based on the","page_number":187,"box":{"x":70,"y":675,"width":795,"height":11}},{"id":"ffb0569f-ed03-488e-b817-356c497f473d","block_type":"box","text":"liquidity of the corporate obligor.","page_number":187,"box":{"x":70,"y":690,"width":226,"height":11}},{"id":"7b689bc1-3c8b-4199-a686-74443daaa3e7","block_type":"box","text":"VMIG Scale","page_number":187,"box":{"x":101,"y":712,"width":81,"height":9}},{"id":"248af447-578e-45f6-8e00-43b7affaf90c","block_type":"box","text":"VMIG 1 This designation denotes superior credit quality. Excellent protection is afforded by the superior","page_number":187,"box":{"x":68,"y":740,"width":808,"height":11}},{"id":"0766fd6d-ff45-4754-9eda-bc8a53147015","block_type":"box","text":"short-term credit strength of the liquidity provider and structural and legal protections.","page_number":187,"box":{"x":196,"y":755,"width":613,"height":11}},{"id":"1d862181-d17d-4d95-b273-d8e2f86bc795","block_type":"box","text":"VMIG 2 This designation denotes strong credit quality. Good protection is afforded by the strong short-term","page_number":187,"box":{"x":68,"y":775,"width":834,"height":12}},{"id":"3c93e56b-ed83-44df-b421-51f3ecbd1cfa","block_type":"box","text":"credit strength of the liquidity provider and structural and legal protections.","page_number":187,"box":{"x":196,"y":790,"width":533,"height":12}},{"id":"2fa8f460-a266-4fc2-b5a9-8fb1d0898690","block_type":"box","text":"VMIG 3 This designation denotes acceptable credit quality. Adequate protection is afforded by the","page_number":187,"box":{"x":68,"y":811,"width":768,"height":11}},{"id":"5ef43676-2d23-4618-910b-3f286c9b3ce6","block_type":"box","text":"satisfactory short-term credit strength of the liquidity provider and structural and legal protections.","page_number":187,"box":{"x":196,"y":826,"width":701,"height":11}},{"id":"cb9b267d-04e4-4c05-afd9-df0bbde81321","block_type":"box","text":"SG This designation denotes speculative-grade credit quality. Demand features rated in this category","page_number":187,"box":{"x":69,"y":846,"width":820,"height":11}},{"id":"c4ba6120-d041-4012-9191-afd6974f7786","block_type":"box","text":"may be supported by a liquidity provider that does not have a sufficiently strong short-term rating or","page_number":187,"box":{"x":197,"y":861,"width":711,"height":11}},{"id":"9fb30c56-2625-4945-86c3-f96bdfa17f40","block_type":"box","text":"may lack the structural or legal protections.","page_number":187,"box":{"x":197,"y":876,"width":308,"height":11}},{"id":"e5f78ae6-fdb7-46ad-a3f6-bb000c0b8843","block_type":"box","text":"A-3","page_number":187,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"658125cf-9fe0-46f3-a566-e6f8d0caa126","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":187,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d07a10d8-64e9-4a96-b4dd-a239f18c86a0","block_type":"box","text":"Description of S&P Global Ratings (“S&P”), a Division of S&P Global Inc., Issue Credit Ratings","page_number":188,"box":{"x":69,"y":45,"width":691,"height":11}},{"id":"28963942-4583-494b-b134-df680383f06c","block_type":"box","text":"An S&P issue credit rating is a forward-looking opinion about the creditworthiness of an obligor with respect to a","page_number":188,"box":{"x":101,"y":67,"width":801,"height":12}},{"id":"22748118-1aaf-4dba-97e0-c2ecdb8e3bed","block_type":"box","text":"specific financial obligation, a specific class of financial obligations, or a specific financial program (including ratings","page_number":188,"box":{"x":69,"y":82,"width":829,"height":12}},{"id":"e8f220ae-a44a-4a18-ab94-5c8eb25686d1","block_type":"box","text":"on medium-term note programs and commercial paper programs). It takes into consideration the creditworthiness of","page_number":188,"box":{"x":69,"y":98,"width":831,"height":11}},{"id":"51f3e61e-9b9a-43a4-9576-5d44a261b363","block_type":"box","text":"guarantors, insurers, or other forms of credit enhancement on the obligation and takes into account the currency in","page_number":188,"box":{"x":68,"y":113,"width":823,"height":11}},{"id":"66dddc42-c7d2-4c8c-9f90-93a46de85545","block_type":"box","text":"which the obligation is denominated. The opinion reflects S&P’s view of the obligor’s capacity and willingness to meet","page_number":188,"box":{"x":68,"y":128,"width":841,"height":11}},{"id":"8e200c2c-7178-4562-aa32-824d09150cdd","block_type":"box","text":"its financial commitments as they come due, and this opinion may assess terms, such as collateral security and","page_number":188,"box":{"x":70,"y":143,"width":801,"height":11}},{"id":"65ff9530-614d-42fa-bea9-edefb069a66b","block_type":"box","text":"subordination, which could affect ultimate payment in the event of default.","page_number":188,"box":{"x":69,"y":158,"width":530,"height":11}},{"id":"2c7f8bfe-4140-4bc9-87f6-65c43d7f53e7","block_type":"box","text":"Issue credit ratings can be either long-term or short-term. Short-term issue credit ratings are generally assigned","page_number":188,"box":{"x":102,"y":181,"width":796,"height":11}},{"id":"d37e3f60-ecde-43df-84c0-6dc2aa229c1c","block_type":"box","text":"to those obligations considered short-term in the relevant market, typically with an original maturity of no more than","page_number":188,"box":{"x":68,"y":196,"width":825,"height":11}},{"id":"d767fa7e-b8d9-44fe-8463-54b547a03ecd","block_type":"box","text":"365 days. Short-term issue credit ratings are also used to indicate the creditworthiness of an obligor with respect to","page_number":188,"box":{"x":69,"y":211,"width":832,"height":11}},{"id":"7067b622-83c1-4cc5-9991-e53c67af47b6","block_type":"box","text":"put features on long-term obligations. S&P would typically assign a long-term issue credit rating to an obligation with","page_number":188,"box":{"x":70,"y":226,"width":826,"height":11}},{"id":"732144d8-9263-4e4c-adcb-9c3043785705","block_type":"box","text":"an original maturity of greater than 365 days. However, the ratings S&P assigns to certain instruments may diverge","page_number":188,"box":{"x":69,"y":241,"width":823,"height":11}},{"id":"c2858fe8-881b-4261-b845-13ffbdb07277","block_type":"box","text":"from these guidelines based on market practices.","page_number":188,"box":{"x":68,"y":256,"width":354,"height":12}},{"id":"a78e8e0c-cbcb-49f9-af47-9cfcbde3dc29","block_type":"box","text":"Issue credit ratings are based, in varying degrees, on S&P’s analysis of the following considerations:","page_number":188,"box":{"x":102,"y":279,"width":718,"height":11}},{"id":"e37153ff-65da-4ae0-baea-1e59802519cb","block_type":"box","text":"•","page_number":188,"box":{"x":69,"y":302,"width":6,"height":5}},{"id":"1f9e61c8-0a2d-4130-9ac9-eab4f94e3817","block_type":"box","text":"The likelihood of payment—the capacity and willingness of the obligor to meet its financial commitments on an","page_number":188,"box":{"x":101,"y":299,"width":790,"height":11}},{"id":"4ccaf540-c3ba-41df-ae1d-2df243a3d43b","block_type":"box","text":"obligation in accordance with the terms of the obligation;","page_number":188,"box":{"x":102,"y":314,"width":404,"height":12}},{"id":"2b01305d-e196-4884-b5d0-87fb95967f34","block_type":"box","text":"•","page_number":188,"box":{"x":69,"y":337,"width":6,"height":5}},{"id":"8d385793-2c58-49dd-93cf-8a57fc6d097f","block_type":"box","text":"The nature and provisions of the financial obligation, and the promise S&P imputes; and","page_number":188,"box":{"x":101,"y":334,"width":629,"height":12}},{"id":"89186119-0284-44d4-a1dc-6457264b293a","block_type":"box","text":"•","page_number":188,"box":{"x":69,"y":357,"width":6,"height":5}},{"id":"8fcdcc44-0d9a-410c-89c5-e8b324767088","block_type":"box","text":"The protection afforded by, and relative position of, the financial obligation in the event of a bankruptcy,","page_number":188,"box":{"x":101,"y":355,"width":738,"height":11}},{"id":"66044608-dbdf-486d-b36e-71538ae7b718","block_type":"box","text":"reorganization, or other arrangement under the laws of bankruptcy and other laws affecting creditors’ rights.","page_number":188,"box":{"x":102,"y":370,"width":770,"height":11}},{"id":"9fc85c18-d66b-4e89-81e7-64e881a441e5","block_type":"box","text":"An issue rating is an assessment of default risk but may incorporate an assessment of relative seniority or","page_number":188,"box":{"x":101,"y":392,"width":763,"height":12}},{"id":"ef878fc8-9397-4a9c-b36a-ee93173a1840","block_type":"box","text":"ultimate recovery in the event of default. Junior obligations are typically rated lower than senior obligations, to reflect","page_number":188,"box":{"x":69,"y":407,"width":833,"height":12}},{"id":"c6021d22-0ed5-459e-91e3-5f7aa6fc1324","block_type":"box","text":"lower priority in bankruptcy, as noted above. (Such differentiation may apply when an entity has both senior and","page_number":188,"box":{"x":70,"y":423,"width":794,"height":11}},{"id":"445f0c61-b79d-4f71-b2b0-4618310ee2c9","block_type":"box","text":"subordinated obligations, secured and unsecured obligations, or operating company and holding company","page_number":188,"box":{"x":69,"y":438,"width":754,"height":11}},{"id":"66652c91-8ee9-4ff7-91ed-4bf6429c1850","block_type":"box","text":"obligations.)","page_number":188,"box":{"x":69,"y":453,"width":86,"height":11}},{"id":"e301633f-d983-4e6e-9ecc-30535c090e09","block_type":"box","text":"Long-Term Issue Credit Ratings*","page_number":188,"box":{"x":69,"y":483,"width":236,"height":11}},{"id":"972ccf28-1932-454b-9b69-db1521512846","block_type":"box","text":"AAA An obligation rated ‘AAA’ has the highest rating assigned by S&P. The obligor’s capacity to meet its","page_number":188,"box":{"x":68,"y":511,"width":833,"height":11}},{"id":"8e0176f8-6b75-4f6e-bc09-03bb1988c1e4","block_type":"box","text":"financial commitments on the obligation is extremely strong.","page_number":188,"box":{"x":196,"y":526,"width":429,"height":11}},{"id":"343b2b1e-bfb3-492a-9c15-38493df0e969","block_type":"box","text":"AA An obligation rated ‘AA’ differs from the highest-rated obligations only to a small degree. The","page_number":188,"box":{"x":68,"y":546,"width":788,"height":11}},{"id":"1d0c871a-d475-46aa-b456-d6ff7560c452","block_type":"box","text":"obligor’s capacity to meet its financial commitments on the obligation is very strong.","page_number":188,"box":{"x":196,"y":561,"width":602,"height":11}},{"id":"b228e147-fa35-4031-aea6-8ca5ad0d908b","block_type":"box","text":"A An obligation rated ‘A’ is somewhat more susceptible to the adverse effects of changes in","page_number":188,"box":{"x":68,"y":581,"width":770,"height":12}},{"id":"c7ed9956-01b8-48a3-ba34-30d3ed3fa67f","block_type":"box","text":"circumstances and economic conditions than obligations in higher-rated categories. However, the","page_number":188,"box":{"x":196,"y":597,"width":692,"height":11}},{"id":"4eb08a2c-ac55-4a43-8546-eaf8e5153ce6","block_type":"box","text":"obligor’s capacity to meet its financial commitments on the obligation is still strong.","page_number":188,"box":{"x":196,"y":612,"width":598,"height":11}},{"id":"7c9a3a56-27fb-4762-937b-9badc3199026","block_type":"box","text":"BBB An obligation rated ‘BBB’ exhibits adequate protection parameters. However, adverse economic","page_number":188,"box":{"x":70,"y":632,"width":806,"height":11}},{"id":"85457308-24ba-4a96-971b-8814680324f6","block_type":"box","text":"conditions or changing circumstances are more likely to weaken the obligor’s capacity to meet its","page_number":188,"box":{"x":196,"y":647,"width":694,"height":11}},{"id":"5dbdea5a-c8f6-4fc6-b32d-ab33fb247ad1","block_type":"box","text":"financial commitments on the obligation.","page_number":188,"box":{"x":196,"y":662,"width":289,"height":11}},{"id":"5105a6ad-88c3-4c92-bb73-f18fd9e1f531","block_type":"box","text":"BB,","page_number":188,"box":{"x":70,"y":682,"width":22,"height":11}},{"id":"e14503d0-4ddd-48f3-b736-817d091a42d5","block_type":"box","text":"B,","page_number":188,"box":{"x":70,"y":697,"width":12,"height":11}},{"id":"69f51e24-aabf-4238-bcc2-5a9481407ed4","block_type":"box","text":"CCC,","page_number":188,"box":{"x":69,"y":712,"width":33,"height":11}},{"id":"14bb5fe4-46a7-456b-80b7-5929f3367fd1","block_type":"box","text":"CC,","page_number":188,"box":{"x":69,"y":728,"width":23,"height":10}},{"id":"fd13ec21-e52a-4976-9c27-d0a31219b2eb","block_type":"box","text":"and C","page_number":188,"box":{"x":69,"y":743,"width":40,"height":9}},{"id":"4e1f8876-ed10-4831-b621-a248806497f7","block_type":"box","text":"Obligations rated ‘BB’, ‘B’, ‘CCC’, ‘CC’, and ‘C’ are regarded as having significant speculative","page_number":188,"box":{"x":196,"y":682,"width":667,"height":11}},{"id":"0efadfca-d471-410d-a98a-fdb0fd4c3685","block_type":"box","text":"characteristics. ‘BB’ indicates the least degree of speculation and ‘C’ the highest. While such","page_number":188,"box":{"x":196,"y":697,"width":667,"height":12}},{"id":"671b6d93-ca72-4e76-8d42-6661f11a7d3c","block_type":"box","text":"obligations will likely have some quality and protective characteristics, these may be outweighed by","page_number":188,"box":{"x":196,"y":713,"width":707,"height":11}},{"id":"a093caf0-378f-4114-8f1d-70697e0a98fb","block_type":"box","text":"large uncertainties or major exposure to adverse conditions.","page_number":188,"box":{"x":197,"y":728,"width":428,"height":11}},{"id":"cf4895f9-8795-405b-93ff-f3748e74af9a","block_type":"box","text":"BB An obligation rated ‘BB’ is less vulnerable to nonpayment than other speculative issues. However, it","page_number":188,"box":{"x":70,"y":763,"width":838,"height":11}},{"id":"d51929a0-67db-4db7-bcd5-c18a8e315cd3","block_type":"box","text":"faces major ongoing uncertainties or exposure to adverse business, financial, or economic","page_number":188,"box":{"x":196,"y":778,"width":646,"height":11}},{"id":"2b64a22b-835f-4e74-84ed-40c66b8a1164","block_type":"box","text":"conditions that could lead to the obligor’s inadequate capacity to meet its financial commitments","page_number":188,"box":{"x":196,"y":793,"width":692,"height":11}},{"id":"3df3bb84-75f8-42d8-b296-9b0c9bf0f2fa","block_type":"box","text":"on the obligation.","page_number":188,"box":{"x":196,"y":808,"width":122,"height":11}},{"id":"1ae67893-493b-4603-bfc1-fb0ab2afd51d","block_type":"box","text":"B An obligation rated ‘B’ is more vulnerable to nonpayment than obligations rated ‘BB’, but the obligor","page_number":188,"box":{"x":70,"y":828,"width":840,"height":12}},{"id":"bdd2b8cc-5172-45e8-98a1-f4db97e3f7f8","block_type":"box","text":"currently has the capacity to meet its financial commitments on the obligation. Adverse business,","page_number":188,"box":{"x":196,"y":843,"width":695,"height":12}},{"id":"51cfcfdd-f301-4684-9824-d0eaeefd6b95","block_type":"box","text":"financial, or economic conditions will likely impair the obligor’s capacity or willingness to meet its","page_number":188,"box":{"x":196,"y":858,"width":691,"height":12}},{"id":"d3891a69-7b1a-4937-a5f3-994b0036f21c","block_type":"box","text":"financial commitments on the obligation.","page_number":188,"box":{"x":196,"y":874,"width":289,"height":11}},{"id":"e6d9ae4c-fa72-4baf-be78-325f58060430","block_type":"box","text":"A-4","page_number":188,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"0cbed551-1b2d-4583-bfc9-48c54dc89775","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":188,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"58709726-b141-4acf-8b67-8c54748905c2","block_type":"box","text":"CCC An obligation rated ‘CCC’ is currently vulnerable to nonpayment and is dependent upon favorable","page_number":189,"box":{"x":69,"y":48,"width":816,"height":12}},{"id":"88a57db3-49f4-4421-ae73-7baf36c6b61a","block_type":"box","text":"business, financial, and economic conditions for the obligor to meet its financial commitments on","page_number":189,"box":{"x":196,"y":63,"width":695,"height":12}},{"id":"7b3cf8d2-16a3-45dd-9dae-34dd4ac8c919","block_type":"box","text":"the obligation. In the event of adverse business, financial, or economic conditions, the obligor is","page_number":189,"box":{"x":195,"y":79,"width":687,"height":11}},{"id":"6e594a43-a3e6-4e4c-b1a5-3fc2292c8993","block_type":"box","text":"not likely to have the capacity to meet its financial commitments on the obligation.","page_number":189,"box":{"x":197,"y":94,"width":586,"height":11}},{"id":"a15213f6-a8cd-4e13-8298-9538645c912c","block_type":"box","text":"CC An obligation rated ‘CC’ is currently highly vulnerable to nonpayment. The ‘CC’ rating is used when","page_number":189,"box":{"x":69,"y":114,"width":826,"height":11}},{"id":"04c44c77-c026-4bf2-b190-f0e5eb15192e","block_type":"box","text":"a default has not yet occurred but S&P expects default to be a virtual certainty, regardless of the","page_number":189,"box":{"x":196,"y":129,"width":692,"height":11}},{"id":"e569c529-7864-437c-8840-0e1f9b3ab5e1","block_type":"box","text":"anticipated time to default.","page_number":189,"box":{"x":196,"y":144,"width":191,"height":11}},{"id":"91636d39-e663-4d77-a2a3-33e5cfb259b5","block_type":"box","text":"C An obligation rated ‘C’ is currently highly vulnerable to nonpayment, and the obligation is expected","page_number":189,"box":{"x":69,"y":164,"width":826,"height":12}},{"id":"8f0ec4a2-b8f7-4446-a309-b4386463b18e","block_type":"box","text":"to have lower relative seniority or lower ultimate recovery compared with obligations that are rated","page_number":189,"box":{"x":195,"y":180,"width":700,"height":11}},{"id":"1f677bce-9c3f-4dd4-b582-40abc053c241","block_type":"box","text":"higher.","page_number":189,"box":{"x":197,"y":195,"width":45,"height":11}},{"id":"0db87d86-0f3a-45d3-808d-7932dc8e7f82","block_type":"box","text":"D An obligation rated ‘D’ is in default or in breach of an imputed promise. For non-hybrid capital","page_number":189,"box":{"x":70,"y":215,"width":789,"height":11}},{"id":"8e7d53f9-c826-4fe2-9c3c-70445a1f6282","block_type":"box","text":"instruments, the ‘D’ rating category is used when payments on an obligation are not made on the","page_number":189,"box":{"x":197,"y":230,"width":695,"height":11}},{"id":"186989ce-d538-40ea-9120-7d2ac09e704e","block_type":"box","text":"date due, unless S&P believes that such payments will be made within five business days in the","page_number":189,"box":{"x":196,"y":245,"width":686,"height":11}},{"id":"ec42c889-23d0-42fe-922c-0e6fec25fc88","block_type":"box","text":"absence of a stated grace period or within the earlier of the stated grace period or 30 calendar","page_number":189,"box":{"x":196,"y":260,"width":676,"height":11}},{"id":"cbccdbf2-16ae-401c-8e5c-cd2cfd3c271d","block_type":"box","text":"days. The ‘D’ rating also will be used upon the filing of a bankruptcy petition or the taking of similar","page_number":189,"box":{"x":196,"y":275,"width":708,"height":11}},{"id":"c71c9d2d-caa2-4653-b981-d2a7d3a3ed8d","block_type":"box","text":"action and where default on an obligation is a virtual certainty, for example due to automatic stay","page_number":189,"box":{"x":196,"y":290,"width":694,"height":12}},{"id":"9f04965f-efac-4b64-baba-6ab5088adfa4","block_type":"box","text":"provisions. A rating on an obligation is lowered to ‘D’ if it is subject to a distressed debt","page_number":189,"box":{"x":197,"y":305,"width":626,"height":12}},{"id":"942b158c-1600-45ef-b56e-0f26784bbb23","block_type":"box","text":"restructuring.","page_number":189,"box":{"x":197,"y":321,"width":92,"height":11}},{"id":"7fb02615-eef8-48ae-9a98-9e17d45f61bf","block_type":"box","text":"*Ratings from ‘AA’ to ‘CCC’ may be modified by the addition of a plus (+) or minus (-) sign to show relative","page_number":189,"box":{"x":103,"y":341,"width":756,"height":11}},{"id":"91c36be3-8c46-4cdb-be5f-5c06a33eb16a","block_type":"box","text":"standing within the rating categories.","page_number":189,"box":{"x":69,"y":356,"width":262,"height":11}},{"id":"d670d61e-3a0e-4c15-b049-8d13d20ade36","block_type":"box","text":"Short-Term Issue Credit Ratings","page_number":189,"box":{"x":68,"y":386,"width":233,"height":11}},{"id":"b36495eb-d50e-4a2f-b314-4052818ce055","block_type":"box","text":"A-1 A short-term obligation rated ‘A-1’ is rated in the highest category by S&P. The obligor’s capacity to","page_number":189,"box":{"x":68,"y":414,"width":833,"height":11}},{"id":"e52b99b2-30cc-484c-aa9f-f421da9ddc2e","block_type":"box","text":"meet its financial commitments on the obligation is strong. Within this category, certain obligations","page_number":189,"box":{"x":197,"y":429,"width":707,"height":11}},{"id":"0868686b-d39b-4ecc-a103-14f1a8c2dac1","block_type":"box","text":"are designated with a plus sign (+). This indicates that the obligor’s capacity to meet its financial","page_number":189,"box":{"x":196,"y":444,"width":691,"height":11}},{"id":"74a65153-fa1a-41d1-ab44-61c1cb6b9dfc","block_type":"box","text":"commitments on these obligations is extremely strong.","page_number":189,"box":{"x":196,"y":459,"width":390,"height":11}},{"id":"16d640b9-7d1a-43b2-a889-359c4679288e","block_type":"box","text":"A-2 A short-term obligation rated ‘A-2’ is somewhat more susceptible to the adverse effects of changes","page_number":189,"box":{"x":68,"y":479,"width":837,"height":12}},{"id":"d5f107ac-1aed-4e58-ae2b-efbc472154ec","block_type":"box","text":"in circumstances and economic conditions than obligations in higher rating categories. However,","page_number":189,"box":{"x":197,"y":495,"width":684,"height":11}},{"id":"df9c8f75-398e-4d6c-823d-6c41155a345c","block_type":"box","text":"the obligor’s capacity to meet its financial commitments on the obligation is satisfactory.","page_number":189,"box":{"x":195,"y":509,"width":634,"height":12}},{"id":"460201f7-d969-4e79-a109-4daa6057bc73","block_type":"box","text":"A-3 A short-term obligation rated ‘A-3’ exhibits adequate protection parameters. However, adverse","page_number":189,"box":{"x":68,"y":530,"width":798,"height":11}},{"id":"27b6bc32-da70-42a6-9649-e9cdfb0b8c94","block_type":"box","text":"economic conditions or changing circumstances are more likely to weaken an obligor’s capacity to","page_number":189,"box":{"x":196,"y":545,"width":699,"height":11}},{"id":"2b7bef64-3a8d-4713-86f8-738db25aa3b0","block_type":"box","text":"meet its financial commitments on the obligation.","page_number":189,"box":{"x":197,"y":560,"width":351,"height":11}},{"id":"e8500522-bd66-4110-8b25-2fa453375d8b","block_type":"box","text":"B A short-term obligation rated ‘B’ is regarded as vulnerable and has significant speculative","page_number":189,"box":{"x":70,"y":580,"width":765,"height":11}},{"id":"f5bbc9c8-acf7-4ea4-bbc4-25c9192848eb","block_type":"box","text":"characteristics. The obligor currently has the capacity to meet its financial commitments; however,","page_number":189,"box":{"x":196,"y":595,"width":700,"height":11}},{"id":"bc8227f6-22d9-4cb2-a935-4db2f4c947a0","block_type":"box","text":"it faces major ongoing uncertainties that could lead to the obligor’s inadequate capacity to meet its","page_number":189,"box":{"x":197,"y":610,"width":708,"height":12}},{"id":"66fee4fd-657e-4c13-9930-b19131740eb6","block_type":"box","text":"financial commitments.","page_number":189,"box":{"x":196,"y":625,"width":165,"height":9}},{"id":"e0641775-ec63-44ed-92e3-b90e5b407b59","block_type":"box","text":"C A short-term obligation rated ‘C’ is currently vulnerable to nonpayment and is dependent upon","page_number":189,"box":{"x":69,"y":646,"width":796,"height":11}},{"id":"6910c9b1-a802-4c3f-af27-aa6ebc397108","block_type":"box","text":"favorable business, financial, and economic conditions for the obligor to meet its financial","page_number":189,"box":{"x":196,"y":661,"width":641,"height":11}},{"id":"8b9fa4b8-d1db-4049-96ef-d1b9128e1650","block_type":"box","text":"commitments on the obligation.","page_number":189,"box":{"x":196,"y":676,"width":224,"height":11}},{"id":"1971b485-db91-4f45-b1ad-e16aabc445d8","block_type":"box","text":"D A short-term obligation rated ‘D’ is in default or in breach of an imputed promise. For non-hybrid","page_number":189,"box":{"x":70,"y":696,"width":808,"height":11}},{"id":"25b9474c-b354-4cb7-ba15-e0f339f141ec","block_type":"box","text":"capital instruments, the ‘D’ rating category is used when payments on an obligation are not made","page_number":189,"box":{"x":196,"y":711,"width":698,"height":11}},{"id":"b849ac46-0769-4d0c-8043-f5b35b1c4fb1","block_type":"box","text":"on the date due, unless S&P believes that such payments will be made within any stated grace","page_number":189,"box":{"x":196,"y":726,"width":678,"height":12}},{"id":"d41bace4-7338-4ffd-bd57-e35ab5ccad34","block_type":"box","text":"period. However, any stated grace period longer than five business days will be treated as five","page_number":189,"box":{"x":197,"y":741,"width":669,"height":12}},{"id":"9122f4c8-6498-436f-bfe2-68a0c5ab8f68","block_type":"box","text":"business days. The ‘D’ rating also will be used upon the filing of a bankruptcy petition or the taking","page_number":189,"box":{"x":196,"y":756,"width":707,"height":12}},{"id":"7d3f3443-2883-4482-99fc-149c33690c7a","block_type":"box","text":"of a similar action and where default on an obligation is a virtual certainty, for example due to","page_number":189,"box":{"x":196,"y":772,"width":669,"height":11}},{"id":"184c79c5-53fd-4a68-bd19-038e2cc3796f","block_type":"box","text":"automatic stay provisions. A rating on an obligation is lowered to ‘D’ if it is subject to a distressed","page_number":189,"box":{"x":196,"y":787,"width":700,"height":11}},{"id":"2a7ec585-3e6d-4f3e-be82-67003bbe5d74","block_type":"box","text":"debt restructuring.","page_number":189,"box":{"x":196,"y":802,"width":130,"height":11}},{"id":"95d1577a-354d-4f07-8a7c-2c1d97f46a6e","block_type":"box","text":"Description of S&P’s Municipal Short-Term Note Ratings","page_number":189,"box":{"x":69,"y":830,"width":411,"height":11}},{"id":"0d15c528-ce19-4f38-a11e-0b5998417290","block_type":"box","text":"An S&P U.S. municipal note rating reflects S&P’s opinion about the liquidity factors and market access risks","page_number":189,"box":{"x":101,"y":852,"width":772,"height":11}},{"id":"65022ae0-20e1-48b4-9f3e-bd8b94219c3b","block_type":"box","text":"unique to the notes. Notes due in three years or less will likely receive a note rating. Notes with an original maturity","page_number":189,"box":{"x":69,"y":868,"width":823,"height":11}},{"id":"86bcef84-345f-4a84-bf9a-27e98c7d5169","block_type":"box","text":"of more than three years will most likely receive a long-term debt rating. In determining which type of rating, if any, to","page_number":189,"box":{"x":69,"y":882,"width":832,"height":12}},{"id":"4ee80e98-fb51-4578-ac91-51818e851517","block_type":"box","text":"assign, S&P’s analysis will review the following considerations:","page_number":189,"box":{"x":69,"y":898,"width":447,"height":11}},{"id":"82e5dfde-82d2-49ed-89b8-0cbe6143f38d","block_type":"box","text":"A-5","page_number":189,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"b3706928-cdd3-4167-a4f6-137e66eec56d","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":189,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"202c3a86-7d22-4167-b595-d45615972eab","block_type":"box","text":"•","page_number":190,"box":{"x":69,"y":48,"width":6,"height":4}},{"id":"6fe95409-49f3-406e-ae20-a49ff3129ede","block_type":"box","text":"Amortization schedule—the larger the final maturity relative to other maturities, the more likely it will be treated","page_number":190,"box":{"x":101,"y":45,"width":796,"height":11}},{"id":"6c7a08e0-eede-492f-930b-03c719f620c9","block_type":"box","text":"as a note; and","page_number":190,"box":{"x":102,"y":60,"width":101,"height":10}},{"id":"7b7080d3-49ff-474d-b82a-d332292c145a","block_type":"box","text":"•","page_number":190,"box":{"x":69,"y":83,"width":6,"height":4}},{"id":"cbd42c9b-956c-4819-818d-a83a942a6742","block_type":"box","text":"Source of payment—the more dependent the issue is on the market for its refinancing, the more likely it will be","page_number":190,"box":{"x":102,"y":80,"width":794,"height":11}},{"id":"5e5d37ab-d4b4-48aa-ab9e-a483c6b5f4b4","block_type":"box","text":"treated as a note.","page_number":190,"box":{"x":101,"y":95,"width":127,"height":9}},{"id":"7423093e-0c23-4129-889d-affede6b1b51","block_type":"box","text":"S&P’s municipal short-term note rating symbols are as follows:","page_number":190,"box":{"x":102,"y":118,"width":448,"height":11}},{"id":"277cf96b-c83b-4404-966f-35fa1c83a274","block_type":"box","text":"SP-1 Strong capacity to pay principal and interest. An issue determined to possess a very strong","page_number":190,"box":{"x":69,"y":146,"width":779,"height":11}},{"id":"1d53731d-de87-444d-973b-8f01fb5083b2","block_type":"box","text":"capacity to pay debt service is given a plus (+) designation.","page_number":190,"box":{"x":196,"y":161,"width":422,"height":11}},{"id":"ff2d4e16-260e-469f-b74e-0092805cd649","block_type":"box","text":"SP-2 Satisfactory capacity to pay principal and interest, with some vulnerability to adverse financial and","page_number":190,"box":{"x":69,"y":181,"width":825,"height":11}},{"id":"3b778d48-79b0-4d6a-a6ce-a8062e563ae0","block_type":"box","text":"economic changes over the term of the notes.","page_number":190,"box":{"x":196,"y":196,"width":327,"height":11}},{"id":"c47991d0-79d5-475e-bb11-f30e67e6669c","block_type":"box","text":"SP-3 Speculative capacity to pay principal and interest.","page_number":190,"box":{"x":69,"y":216,"width":479,"height":11}},{"id":"1c5df685-9762-45ba-8fbd-8d142fb32d38","block_type":"box","text":"D ‘D’ is assigned upon failure to pay the note when due, completion of a distressed debt","page_number":190,"box":{"x":70,"y":236,"width":745,"height":11}},{"id":"3be9fa08-9ba2-49da-ae8b-d797bfc6f87b","block_type":"box","text":"restructuring, or the filing of a bankruptcy petition or the taking of similar action and where default","page_number":190,"box":{"x":197,"y":251,"width":699,"height":12}},{"id":"0e9bffe9-0519-4ee6-bc25-550c7d3d9c39","block_type":"box","text":"on an obligation is a virtual certainty, for example due to automatic stay provisions.","page_number":190,"box":{"x":196,"y":266,"width":594,"height":12}},{"id":"e2d96d46-1c3c-4ea9-a876-d0f75968df1c","block_type":"box","text":"Description of Fitch Ratings’ (“Fitch”) Credit Ratings Scales","page_number":190,"box":{"x":69,"y":294,"width":442,"height":11}},{"id":"c323ba33-deda-4eda-99ed-028a90e6af8a","block_type":"box","text":"Fitch publishes credit ratings that are forward-looking opinions on the relative ability of an entity or obligation to","page_number":190,"box":{"x":102,"y":317,"width":793,"height":11}},{"id":"587d944b-d6d8-4a7c-86a3-afb1b2c43f9a","block_type":"box","text":"meet financial commitments. Issuer default ratings (IDRs) are assigned to corporations, sovereign entities, financial","page_number":190,"box":{"x":69,"y":332,"width":826,"height":11}},{"id":"a50b21e6-ce35-4148-8e68-278906bc0487","block_type":"box","text":"institutions such as banks, leasing companies and insurers, and public finance entities (local and regional","page_number":190,"box":{"x":70,"y":347,"width":756,"height":11}},{"id":"32613cd9-a8ad-48ec-997e-35fb8aaadd8a","block_type":"box","text":"governments). Issue level ratings are also assigned, often include an expectation of recovery and may be notched","page_number":190,"box":{"x":68,"y":362,"width":813,"height":11}},{"id":"c0ccf039-481a-4da5-aaed-37ea8ce2c6c5","block_type":"box","text":"above or below the issuer level rating. Issue ratings are assigned to secured and unsecured debt securities, loans,","page_number":190,"box":{"x":69,"y":377,"width":819,"height":12}},{"id":"8f3fc6c1-db6b-4d9e-85e6-1812390b059d","block_type":"box","text":"preferred stock and other instruments, Structured finance ratings are issue ratings to securities backed by","page_number":190,"box":{"x":70,"y":392,"width":760,"height":12}},{"id":"5a7e05b7-8c07-455c-b2d6-8765bc370e7a","block_type":"box","text":"receivables or other financial assets that consider the obligations’ relative vulnerability to default.","page_number":190,"box":{"x":69,"y":407,"width":694,"height":12}},{"id":"b0529990-13c9-4c72-a5b4-c1afefd19d1f","block_type":"box","text":"Fitch’s credit ratings relating to issuers are an opinion on the relative ability of an entity to meet financial","page_number":190,"box":{"x":102,"y":430,"width":747,"height":11}},{"id":"c1ae2a63-6600-458c-b9fb-626840c37ee9","block_type":"box","text":"commitments, such as interest, preferred dividends, repayment of principal, insurance claims or counterparty","page_number":190,"box":{"x":69,"y":445,"width":782,"height":11}},{"id":"32605b23-af86-476f-8adc-fef82dbc81fc","block_type":"box","text":"obligations. Credit ratings relating to securities and obligations of an issuer can include a recovery expectation.","page_number":190,"box":{"x":69,"y":460,"width":793,"height":12}},{"id":"ec7a2e34-8ccf-4598-9a46-04e011a9ddf6","block_type":"box","text":"Credit ratings are used by investors as indications of the likelihood of receiving the money owed to them in","page_number":190,"box":{"x":69,"y":475,"width":761,"height":12}},{"id":"84fb323b-cd46-4525-bfaa-acb51cc95bf3","block_type":"box","text":"accordance with the terms on which they invested. The agency’s credit ratings cover the global spectrum of","page_number":190,"box":{"x":69,"y":491,"width":766,"height":11}},{"id":"db986604-e24d-4ab0-9d69-166327c0fc43","block_type":"box","text":"corporate, sovereign financial, bank, insurance, and public finance entities (including supranational and sub-national","page_number":190,"box":{"x":69,"y":506,"width":827,"height":11}},{"id":"745504f0-7310-401a-962b-ff35ead52c91","block_type":"box","text":"entities) and the securities or other obligations they issue, as well as structured finance securities backed by","page_number":190,"box":{"x":69,"y":521,"width":779,"height":11}},{"id":"4c7b6ca5-0798-4286-be65-57666fd73d7f","block_type":"box","text":"receivables or other financial assets.","page_number":190,"box":{"x":69,"y":536,"width":262,"height":9}},{"id":"2f333522-761a-467c-9757-0e234ddb5bd6","block_type":"box","text":"The terms “investment grade” and “speculative grade” have established themselves over time as shorthand to","page_number":190,"box":{"x":101,"y":559,"width":794,"height":11}},{"id":"e4d45b0f-366e-4f8a-9c39-6063299326c1","block_type":"box","text":"describe the categories ‘AAA’ to ‘BBB’ (investment grade) and ‘BB’ to ‘D’ (speculative grade). The terms investment","page_number":190,"box":{"x":69,"y":574,"width":826,"height":11}},{"id":"3d00d5f6-c4a0-4e26-96e5-39465c1f5957","block_type":"box","text":"grade and speculative grade are market conventions and do not imply any recommendation or endorsement of a","page_number":190,"box":{"x":68,"y":589,"width":800,"height":11}},{"id":"55e94a7e-c2c4-48f4-83ae-9e29497c88a0","block_type":"box","text":"specific security for investment purposes. Investment grade categories indicate relatively low to moderate credit risk,","page_number":190,"box":{"x":69,"y":604,"width":832,"height":11}},{"id":"26f66214-88ca-4c98-88b9-625a21fb3319","block_type":"box","text":"while ratings in the speculative categories either signal a higher level of credit risk or that a default has already","page_number":190,"box":{"x":68,"y":619,"width":793,"height":11}},{"id":"73a3f1ea-abb4-4925-98de-d8734caf22db","block_type":"box","text":"occurred.","page_number":190,"box":{"x":69,"y":634,"width":65,"height":9}},{"id":"fb483525-94a6-480e-a32a-ec9d67634f91","block_type":"box","text":"Fitch may also include issues relating to a rated issuer that are not and have not been rated on its web page.","page_number":190,"box":{"x":102,"y":657,"width":779,"height":11}},{"id":"770842ab-7b71-4eae-989c-28c174c61043","block_type":"box","text":"Such issues are also denoted as ‘NR’.","page_number":190,"box":{"x":69,"y":672,"width":274,"height":9}},{"id":"ee8d2b50-3e39-4936-92a8-8af24c949adc","block_type":"box","text":"Credit ratings express risk in relative rank order, which is to say they are ordinal measures of credit risk and are","page_number":190,"box":{"x":102,"y":695,"width":797,"height":11}},{"id":"c61f5317-0cdf-4fff-9e2b-5b30d45c0471","block_type":"box","text":"not predictive of a specific frequency of default or loss.","page_number":190,"box":{"x":69,"y":710,"width":391,"height":11}},{"id":"cc5c6069-7f6b-4e88-8466-f45847801070","block_type":"box","text":"Fitch’s credit ratings do not directly address any risk other than credit risk. In particular, ratings do not deal with","page_number":190,"box":{"x":102,"y":733,"width":798,"height":11}},{"id":"8869d40f-f556-4e0c-8fef-cf79f18438a5","block_type":"box","text":"the risk of a market value loss on a rated security due to changes in interest rates, liquidity and other market","page_number":190,"box":{"x":68,"y":748,"width":780,"height":11}},{"id":"314ef079-1615-4a77-b9de-615bdee7c921","block_type":"box","text":"considerations. However, in terms of payment obligation on the rated liability, market risk may be considered to the","page_number":190,"box":{"x":69,"y":763,"width":821,"height":11}},{"id":"b3b27470-cf62-4bb3-aaf1-131af90598b2","block_type":"box","text":"extent that it influences the ability of an issuer to pay upon a commitment.","page_number":190,"box":{"x":69,"y":778,"width":531,"height":11}},{"id":"38a37ae7-d2c4-4000-9c07-0b9c1bbb73ea","block_type":"box","text":"Ratings nonetheless do not reflect market risk to the extent that they influence the size or other conditionality of","page_number":190,"box":{"x":102,"y":801,"width":801,"height":11}},{"id":"5497530e-1487-4aa9-ba86-34fdefbde7c9","block_type":"box","text":"the obligation to pay upon a commitment (for example, in the case of index-linked bonds).","page_number":190,"box":{"x":68,"y":816,"width":639,"height":11}},{"id":"08b2454b-0e88-459f-8cca-ff7f073b006e","block_type":"box","text":"In the default components of ratings assigned to individual obligations or instruments, the agency typically rates","page_number":190,"box":{"x":102,"y":838,"width":799,"height":12}},{"id":"3b29c194-efa4-45df-992a-341b93de8eb2","block_type":"box","text":"to the likelihood of non-payment or default in accordance with the terms of that instrument’s documentation. In","page_number":190,"box":{"x":68,"y":853,"width":794,"height":12}},{"id":"06002584-5dcd-4bef-97da-23920ce615fe","block_type":"box","text":"limited cases, Fitch may include additional considerations (","page_number":190,"box":{"x":70,"y":869,"width":420,"height":11}},{"id":"4f84454c-46ed-4d36-bbda-b69939c3e952","block_type":"box","text":"i.e.","page_number":190,"box":{"x":492,"y":869,"width":20,"height":9}},{"id":"bd2ef43a-5f9a-4bd4-b07f-d03532bf9022","block_type":"box","text":"rate to a higher or lower standard than that implied in","page_number":190,"box":{"x":519,"y":869,"width":380,"height":11}},{"id":"ed2d23f6-da4a-4807-af59-2afdf4564f14","block_type":"box","text":"the obligation’s documentation).","page_number":190,"box":{"x":68,"y":884,"width":230,"height":11}},{"id":"75857136-9846-418a-b161-396d1665b1f0","block_type":"box","text":"A-6","page_number":190,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"f246027e-9ca7-42c7-b8b6-b2d1191a484f","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":190,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0929a6be-3187-4c36-9aa9-b7dd67124c20","block_type":"box","text":"The primary credit rating scales can be used to provide a rating of privately issued obligations or certain note","page_number":191,"box":{"x":101,"y":45,"width":779,"height":11}},{"id":"a4f8de0d-30ce-429b-b007-287331a9c7cb","block_type":"box","text":"issuance programs or for private ratings. In this case the rating is not published, but only provided to the issuer or its","page_number":191,"box":{"x":70,"y":60,"width":835,"height":11}},{"id":"a3833512-5cf6-45f2-9d43-739cfa19e0d0","block_type":"box","text":"agents in the form of a rating letter.","page_number":191,"box":{"x":69,"y":75,"width":253,"height":11}},{"id":"39e585d7-10a2-46ad-9a88-0da6e5d321a1","block_type":"box","text":"The primary credit rating scales may also be used to provide ratings for a more narrow scope, including interest","page_number":191,"box":{"x":101,"y":98,"width":797,"height":11}},{"id":"e7f952f6-6340-4a8c-a08d-23a74abf9ebc","block_type":"box","text":"strips and return of principal or in other forms of opinions such as credit opinions or rating assessment services.","page_number":191,"box":{"x":69,"y":113,"width":806,"height":11}},{"id":"6cbe76f9-fa2c-412b-bf7f-5cf0803dde8d","block_type":"box","text":"Credit opinions are either a notch- or category-specific view using the primary rating scale and omit one or more","page_number":191,"box":{"x":69,"y":128,"width":796,"height":11}},{"id":"a34b70f7-bbd7-4491-a588-7a8fcf9c90fe","block_type":"box","text":"characteristics of a full rating or meet them to a different standard. Credit opinions will be indicated using a lower","page_number":191,"box":{"x":69,"y":143,"width":811,"height":11}},{"id":"d395bb97-b7dc-47fb-98a0-5eedac449de5","block_type":"box","text":"case letter symbol combined with either an ‘*’ (","page_number":191,"box":{"x":69,"y":158,"width":340,"height":11}},{"id":"ccbe72d3-7560-4fd8-87c9-a2b6ce6e3df0","block_type":"box","text":"e.g.","page_number":191,"box":{"x":410,"y":160,"width":25,"height":9}},{"id":"3033618e-f0d3-4174-971e-dfd7ca48aaf5","block_type":"box","text":"‘bbb+*’) or (cat) suffix to denote the opinion status. Credit","page_number":191,"box":{"x":443,"y":158,"width":418,"height":11}},{"id":"2efaa1b2-7cea-4d12-88ca-5b03c5485afa","block_type":"box","text":"opinions will be point-in-time typically but may be monitored if the analytical group believes information will be","page_number":191,"box":{"x":69,"y":173,"width":780,"height":11}},{"id":"cf5a94d9-5c69-42e3-b219-125cb558f5b8","block_type":"box","text":"sufficiently available. Rating assessment services are a notch-specific view using the primary rating scale of how an","page_number":191,"box":{"x":69,"y":188,"width":827,"height":12}},{"id":"05508b38-bdaf-464a-981b-76b2b63377e9","block_type":"box","text":"existing or potential rating may be changed by a given set of hypothetical circumstances. While credit opinions and","page_number":191,"box":{"x":69,"y":203,"width":816,"height":12}},{"id":"2c14245e-6a3c-4786-820c-0734d3bf50fc","block_type":"box","text":"rating assessment services are point-in-time and are not monitored, they may have a directional watch or outlook","page_number":191,"box":{"x":69,"y":219,"width":808,"height":11}},{"id":"a1bc30cd-0fd9-4918-8a60-7304471e4057","block_type":"box","text":"assigned, which can signify the trajectory of the credit profile.","page_number":191,"box":{"x":69,"y":234,"width":437,"height":11}},{"id":"80a4694b-c726-4de3-a73d-a035ef6af3b3","block_type":"box","text":"Description of Fitch’s Long-Term Corporate Finance Obligations Rating Scales","page_number":191,"box":{"x":69,"y":264,"width":567,"height":11}},{"id":"46b2018f-a74e-4dcc-a946-5034ab065ce4","block_type":"box","text":"Ratings of individual securities or financial obligations of a corporate issuer address relative vulnerability to","page_number":191,"box":{"x":102,"y":286,"width":763,"height":12}},{"id":"132fc6fc-1c6e-40b4-ab47-d18ba8ef25c1","block_type":"box","text":"default on an ordinal scale. In addition, for financial obligations in corporate finance, a measure of recovery given","page_number":191,"box":{"x":69,"y":302,"width":807,"height":11}},{"id":"6e71cf09-d0ea-403d-87a3-1ba337dc5235","block_type":"box","text":"default on that liability is also included in the rating assessment. This notably applies to covered bonds ratings, which","page_number":191,"box":{"x":69,"y":317,"width":840,"height":11}},{"id":"b1ea9174-d587-4b9a-8380-3aa609978b11","block_type":"box","text":"incorporate both an indication of the probability of default and of the recovery given a default of this debt instrument.","page_number":191,"box":{"x":70,"y":332,"width":833,"height":11}},{"id":"975bf699-629b-4a98-98b1-44b2878aa6a7","block_type":"box","text":"On the contrary, Ratings of debtor-in-possession (“DIP”) obligations incorporate the expectation of full repayment.","page_number":191,"box":{"x":69,"y":347,"width":807,"height":11}},{"id":"c4b4a8cd-b4a0-4fb5-b77c-696e2c0266f2","block_type":"box","text":"The relationship between the issuer scale and obligation scale assumes a generic historical average recovery.","page_number":191,"box":{"x":101,"y":370,"width":784,"height":11}},{"id":"8298ac06-b18c-47d5-8771-586b0d981ec3","block_type":"box","text":"Individual obligations can be assigned ratings higher, lower, or the same as that entity’s issuer rating or issuer","page_number":191,"box":{"x":70,"y":385,"width":787,"height":11}},{"id":"28bf2527-5e3c-438d-956b-e36c979fdb91","block_type":"box","text":"default rating (“IDR”), based on their relative ranking, relative vulnerability to default or based on explicit Recovery","page_number":191,"box":{"x":69,"y":400,"width":813,"height":11}},{"id":"8e2369c9-f4a4-4208-b350-0595500edf79","block_type":"box","text":"Ratings.","page_number":191,"box":{"x":70,"y":415,"width":55,"height":11}},{"id":"df0d8b6c-3c04-4b5d-931f-31edebaab21a","block_type":"box","text":"As a result, individual obligations of entities, such as corporations, are assigned ratings higher, lower, or the","page_number":191,"box":{"x":101,"y":438,"width":772,"height":11}},{"id":"ea2885fb-d153-4086-97a4-eb12ce0d1792","block_type":"box","text":"same as that entity’s issuer rating or IDR, except DIP obligation ratings that are not based off an IDR. At the lower","page_number":191,"box":{"x":69,"y":453,"width":815,"height":11}},{"id":"751646ee-20c7-4b72-935a-7cd63e7420fa","block_type":"box","text":"end of the ratings scale, Fitch publishes explicit Recovery Ratings in many cases to complement issuer and","page_number":191,"box":{"x":69,"y":468,"width":766,"height":11}},{"id":"b3144c9a-4633-4118-b643-2f38835dd282","block_type":"box","text":"obligation ratings.","page_number":191,"box":{"x":69,"y":483,"width":125,"height":11}},{"id":"e61f8661-e820-42a8-82b6-74cd93491bac","block_type":"box","text":"Fitch long-term obligations rating scales are as follows:","page_number":191,"box":{"x":102,"y":506,"width":390,"height":11}},{"id":"adbbad4d-823a-40d3-9d45-a29cd91d4635","block_type":"box","text":"AAA Highest Credit Quality. ‘AAA’ ratings denote the lowest expectation of default risk. They are","page_number":191,"box":{"x":68,"y":533,"width":774,"height":12}},{"id":"816f4f9a-fe03-4f5b-938b-7441fa83f39b","block_type":"box","text":"assigned only in cases of exceptionally strong capacity for payment of financial commitments. This","page_number":191,"box":{"x":196,"y":549,"width":703,"height":11}},{"id":"f65033d1-0906-4085-9ddf-319f00506ff3","block_type":"box","text":"capacity is highly unlikely to be adversely affected by foreseeable events.","page_number":191,"box":{"x":196,"y":564,"width":521,"height":11}},{"id":"3b8c7f49-381c-46e3-a415-11515635ce7b","block_type":"box","text":"AA Very High Credit Quality. ‘AA’ ratings denote expectations of very low default risk. They indicate very","page_number":191,"box":{"x":68,"y":584,"width":838,"height":11}},{"id":"6648162f-04f4-47ac-b19c-138f9b91e901","block_type":"box","text":"strong capacity for payment of financial commitments. This capacity is not significantly vulnerable","page_number":191,"box":{"x":196,"y":599,"width":694,"height":11}},{"id":"3f621fba-b9a6-413f-9728-fa71f0da3dae","block_type":"box","text":"to foreseeable events.","page_number":191,"box":{"x":195,"y":614,"width":159,"height":9}},{"id":"e014946e-eb1c-43d8-8e05-887455c1b902","block_type":"box","text":"A High Credit Quality. ‘A’ ratings denote expectations of low default risk. The capacity for payment of","page_number":191,"box":{"x":68,"y":634,"width":828,"height":12}},{"id":"30f9c254-3032-4c35-a87b-3fbb9852379f","block_type":"box","text":"financial commitments is considered strong. This capacity may, nevertheless, be more vulnerable","page_number":191,"box":{"x":196,"y":649,"width":695,"height":12}},{"id":"833c71e8-d89b-4864-a8ed-c380b1e4904f","block_type":"box","text":"to adverse business or economic conditions than is the case for higher ratings.","page_number":191,"box":{"x":195,"y":664,"width":565,"height":12}},{"id":"08e9f6c8-1d45-4808-b644-f57713a2d245","block_type":"box","text":"BBB Good Credit Quality. ‘BBB’ ratings indicate that expectations of default risk are currently low. The","page_number":191,"box":{"x":70,"y":685,"width":814,"height":11}},{"id":"f2df1507-3b60-432b-b750-7afd8a3579a9","block_type":"box","text":"capacity for payment of financial commitments is considered adequate, but adverse business or","page_number":191,"box":{"x":196,"y":700,"width":686,"height":11}},{"id":"94196fd2-b105-49c0-996c-bc1a140d167a","block_type":"box","text":"economic conditions are more likely to impair this capacity.","page_number":191,"box":{"x":196,"y":715,"width":420,"height":11}},{"id":"1b1a91bb-9464-4e92-9682-21e2e1c8c4e7","block_type":"box","text":"BB Speculative. ‘BB’ ratings indicate an elevated vulnerability to default risk, particularly in the event of","page_number":191,"box":{"x":70,"y":735,"width":839,"height":11}},{"id":"c910d32e-f5d8-46c1-ac7f-13cf4b542f16","block_type":"box","text":"adverse changes in business or economic conditions over time; however, business or financial","page_number":191,"box":{"x":196,"y":750,"width":672,"height":11}},{"id":"e3b4b75e-1c3d-44c8-a207-790f512c4658","block_type":"box","text":"flexibility exists that supports the servicing of financial commitments.","page_number":191,"box":{"x":196,"y":765,"width":495,"height":12}},{"id":"5d04de9f-ef92-46d2-96ad-8fb137d62fb7","block_type":"box","text":"B Highly Speculative. ‘B’ ratings indicate that material default risk is present, but a limited margin of","page_number":191,"box":{"x":70,"y":785,"width":828,"height":12}},{"id":"41c1bd21-a19c-4079-8542-a9c9aff077ac","block_type":"box","text":"safety remains. Financial commitments are currently being met; however, capacity for continued","page_number":191,"box":{"x":196,"y":801,"width":682,"height":11}},{"id":"fd20a0ad-0afb-4f16-b44c-1c7b673e3193","block_type":"box","text":"payment is vulnerable to deterioration in the business and economic environment.","page_number":191,"box":{"x":197,"y":816,"width":584,"height":11}},{"id":"b3f0f480-937e-4b1f-8fe4-1e7e028ebab1","block_type":"box","text":"CCC Substantial Credit Risk. ‘CCC’ ratings indicate very low margin for safety. Default is a real","page_number":191,"box":{"x":69,"y":836,"width":764,"height":11}},{"id":"96918c55-2c5a-4f15-8833-0414d2e0b2e1","block_type":"box","text":"possibility.","page_number":191,"box":{"x":197,"y":851,"width":72,"height":11}},{"id":"ea7d6128-c39a-4439-a258-0cc8457ced11","block_type":"box","text":"CC Very High Levels of Credit Risk. ‘CC’ ratings indicate default of some kind appears probable.","page_number":191,"box":{"x":69,"y":871,"width":784,"height":11}},{"id":"2804e7aa-981b-48e1-b215-8ce45e1d7ed1","block_type":"box","text":"C Exceptionally High Levels of Credit Risk. ‘C’ ratings indicate default or default-like process has","page_number":191,"box":{"x":69,"y":891,"width":798,"height":12}},{"id":"86af4106-9289-4ef9-bcd7-35cdb78030a6","block_type":"box","text":"begun, or for a closed funding vehicle, payment capacity is irrevocably impaired.","page_number":191,"box":{"x":196,"y":906,"width":569,"height":12}},{"id":"7281e452-6516-4f7c-a3f5-1ce3be8e275d","block_type":"box","text":"A-7","page_number":191,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"94e6dd1b-ce18-47ae-b1d9-7bb4b1210eff","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":191,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e8158afd-eb1a-4fea-a205-7e88d07a856d","block_type":"box","text":"RD Restricted Default. ‘RD’ ratings indicate an issuer that in Fitch’s opinion has experienced an","page_number":192,"box":{"x":70,"y":48,"width":782,"height":12}},{"id":"776901ae-bdcc-46f8-bfeb-bcddd71e3634","block_type":"box","text":"uncured payment default or distressed debt exchange on a bond, loan or other material financial","page_number":192,"box":{"x":197,"y":63,"width":686,"height":12}},{"id":"b5481125-3995-40e6-a742-ae26a0524c08","block_type":"box","text":"obligation, but has not entered into bankruptcy filings, administration, receivership, liquidation, or","page_number":192,"box":{"x":196,"y":79,"width":696,"height":11}},{"id":"17d679b0-fb1d-486c-84f5-31a71a0741c3","block_type":"box","text":"other formal winding-up procedure, and has not otherwise ceased operating.","page_number":192,"box":{"x":196,"y":94,"width":544,"height":11}},{"id":"ee921640-0f10-41e8-9502-91c55e1b8c67","block_type":"box","text":"D Default. ‘D’ ratings indicate an issuer that in Fitch’s opinion has entered into bankruptcy filings,","page_number":192,"box":{"x":70,"y":114,"width":807,"height":11}},{"id":"d8c9213e-d6cf-4f4e-aee7-d209cbcef324","block_type":"box","text":"administration, receivership, liquidation or other formal winding-up procedure or that has otherwise","page_number":192,"box":{"x":196,"y":129,"width":705,"height":11}},{"id":"d057257f-a242-4a51-8e73-c59d350449a4","block_type":"box","text":"ceased business and debt is still outstanding.","page_number":192,"box":{"x":196,"y":144,"width":328,"height":11}},{"id":"ef515660-6626-4c9e-b30b-dd567a190471","block_type":"box","text":"Within rating categories, Fitch may use modifiers. The modifiers “+” or “-” may be appended to a rating to denote","page_number":192,"box":{"x":101,"y":164,"width":808,"height":12}},{"id":"3ed59712-5b91-4c63-bc4d-a1fe5e1a64a6","block_type":"box","text":"relative status within major rating categories.","page_number":192,"box":{"x":69,"y":180,"width":320,"height":11}},{"id":"011504c3-9d79-4f29-9001-1bb63b7ff724","block_type":"box","text":"For example, the rating category ‘AA’ has three notch-specific rating levels (‘AA+’; ‘AA’; ‘AA–’; each a rating","page_number":192,"box":{"x":102,"y":202,"width":761,"height":11}},{"id":"5222d24b-f7bd-4243-b8d6-f7cd7132f3e2","block_type":"box","text":"level). Such suffixes are not added to ‘AAA’ ratings and ratings below the ‘CCC’ category. For the short-term rating","page_number":192,"box":{"x":70,"y":217,"width":813,"height":12}},{"id":"96571bc3-b13e-4eda-a85f-1f98f00a866b","block_type":"box","text":"category of ‘F1’, a ‘+’ may be appended.","page_number":192,"box":{"x":69,"y":232,"width":289,"height":12}},{"id":"3c596a5c-68f2-4973-91b0-e8772f15a895","block_type":"box","text":"Description of Fitch’s Short-Term Ratings Assigned to Issuers and Obligations","page_number":192,"box":{"x":69,"y":263,"width":568,"height":11}},{"id":"0fbcb4ca-c9ac-4d8a-bba9-597f2228e95b","block_type":"box","text":"A short-term issuer or obligation rating is based in all cases on the short-term vulnerability to default of the rated","page_number":192,"box":{"x":101,"y":285,"width":806,"height":12}},{"id":"60dd11c6-8d3d-41ba-a9fb-b9f0be5319f4","block_type":"box","text":"entity and relates to the capacity to meet financial obligations in accordance with the documentation governing the","page_number":192,"box":{"x":69,"y":300,"width":817,"height":12}},{"id":"3c639da9-2ba8-431b-abfb-92b342a84163","block_type":"box","text":"relevant obligation. Short-term deposit ratings may be adjusted for loss severity. Short-term ratings are assigned to","page_number":192,"box":{"x":69,"y":315,"width":822,"height":12}},{"id":"bc105695-b097-430d-ac2a-24b7d56b4de5","block_type":"box","text":"obligations whose initial maturity is viewed as “short term” based on market convention. Typically, this means up to","page_number":192,"box":{"x":69,"y":331,"width":827,"height":11}},{"id":"b15c8f6f-33fb-4b60-a1d2-f47d30a88f0f","block_type":"box","text":"13 months for corporate, sovereign, and structured obligations and up to 36 months for obligations in U.S. public","page_number":192,"box":{"x":70,"y":346,"width":808,"height":11}},{"id":"56e73e43-0748-486f-b308-1a223b36f794","block_type":"box","text":"finance markets.","page_number":192,"box":{"x":68,"y":361,"width":118,"height":9}},{"id":"bc31e76e-077b-4025-8969-2fa7dae650e9","block_type":"box","text":"Fitch short-term ratings are as follows:","page_number":192,"box":{"x":102,"y":383,"width":273,"height":12}},{"id":"415ea4e1-3b9c-44e0-ab1f-7abcbc658006","block_type":"box","text":"F1 Highest Short-Term Credit Quality. Indicates the strongest intrinsic capacity for timely payment of","page_number":192,"box":{"x":70,"y":411,"width":816,"height":12}},{"id":"da6fc130-1440-4dba-b48e-cecb65f7e407","block_type":"box","text":"financial commitments; may have an added “+” to denote any exceptionally strong credit feature.","page_number":192,"box":{"x":196,"y":426,"width":692,"height":12}},{"id":"135eb670-df87-4209-9fc3-d89d6b77b8ee","block_type":"box","text":"F2 Good Short-Term Credit Quality. Good intrinsic capacity for timely payment of financial","page_number":192,"box":{"x":70,"y":446,"width":734,"height":12}},{"id":"96fb058c-0267-4c81-8c80-e806da2b4d74","block_type":"box","text":"commitments.","page_number":192,"box":{"x":196,"y":462,"width":100,"height":9}},{"id":"1744010a-2575-4f0d-a0a1-6223e3febd11","block_type":"box","text":"F3 Fair Short-Term Credit Quality. The intrinsic capacity for timely payment of financial commitments is","page_number":192,"box":{"x":70,"y":482,"width":831,"height":11}},{"id":"f7ff28b0-7089-4d90-b7b1-ab14be0698cc","block_type":"box","text":"adequate.","page_number":192,"box":{"x":196,"y":497,"width":70,"height":11}},{"id":"5cb8505f-6da3-48c3-8a7b-f7b1f99d9e69","block_type":"box","text":"B Speculative Short-Term Credit Quality. 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to the","page_number":193,"box":{"x":101,"y":408,"width":763,"height":11}},{"id":"ddf46d40-67c0-48bd-b3b7-b9e0c39025bf","block_type":"box","text":"principles outlined in this Policy, as part of BlackRock’s authority to manage, acquire and dispose of account","page_number":193,"box":{"x":102,"y":423,"width":775,"height":12}},{"id":"65410cb1-cd6b-455d-9948-ec2665a8ba87","block_type":"box","text":"assets, all as contemplated by the Funds’ respective investment management agreements.","page_number":193,"box":{"x":102,"y":439,"width":651,"height":11}},{"id":"8a82228a-5d71-4e78-9f93-37e076fc413e","block_type":"box","text":"BlackRock has adopted the BlackRock Active Investment Stewardship Global Engagement and Voting","page_number":193,"box":{"x":135,"y":461,"width":718,"height":11}},{"id":"e398617a-b7b1-46fd-812d-f1730bfb6b83","block_type":"box","text":"Guidelines (as from time to time amended, the “Guidelines”) governing proxy voting by active and fixed 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The Guidelines include “climate and decarbonization” guidelines which","page_number":193,"box":{"x":102,"y":491,"width":766,"height":12}},{"id":"0eaccead-a804-4ce6-b64a-4f0ef11770df","block_type":"box","text":"apply to the Funds listed in Appendix A, if any.","page_number":193,"box":{"x":102,"y":506,"width":325,"height":12}},{"id":"3da1398f-dd2e-4be5-a9b8-b8585cbcb48a","block_type":"box","text":"BlackRock will cast votes on behalf of each of the Funds covered by this policy on specific proxy issues in","page_number":193,"box":{"x":135,"y":529,"width":751,"height":11}},{"id":"8ff4f519-5265-4609-9d72-bb34f0b29ce9","block_type":"box","text":"respect of securities held by each such Fund (or may refrain from voting) in accordance with the Guidelines.","page_number":193,"box":{"x":102,"y":544,"width":765,"height":11}},{"id":"0ff94aef-651b-4c56-ba22-20a421fe6167","block_type":"box","text":"Conflicts Management","page_number":193,"box":{"x":101,"y":567,"width":165,"height":11}},{"id":"88e88cf2-0459-448d-9627-334c9871ef55","block_type":"box","text":"BlackRock Active Investment Stewardship (“BAIS”) maintains policies and procedures that seek to prevent","page_number":193,"box":{"x":135,"y":590,"width":758,"height":11}},{"id":"d3e1baa1-22c8-4b50-ab53-b15287e12189","block_type":"box","text":"undue influence on BlackRock’s proxy voting activity and to mitigate material conflicts of interest in the exercise","page_number":193,"box":{"x":102,"y":605,"width":797,"height":11}},{"id":"713b22e6-5a64-42bd-9f55-1ce088140225","block_type":"box","text":"of proxy voting responsibilities. Potential material conflicts, and the resultant potential for undue influence, might","page_number":193,"box":{"x":102,"y":620,"width":805,"height":11}},{"id":"1601dfa4-3371-4e76-8d1a-e7dfc1046c63","block_type":"box","text":"be due to a relationship between the investee company (or any shareholder proponent or dissident shareholder)","page_number":193,"box":{"x":102,"y":635,"width":797,"height":11}},{"id":"fbcc8a96-62d6-44a2-a83f-68a979c4ad11","block_type":"box","text":"and BlackRock, BlackRock’s affiliates or employees, or a Fund or a Fund’s affiliates. BlackRock has taken","page_number":193,"box":{"x":102,"y":650,"width":756,"height":11}},{"id":"264ebfd9-8685-4871-8b35-a155bebd7912","block_type":"box","text":"certain steps to mitigate potential conflicts, which are outlined in detail in the Guidelines. In mitigating conflicts,","page_number":193,"box":{"x":101,"y":665,"width":800,"height":11}},{"id":"de3731bf-564b-452b-8dbe-5e4ed4ecb05d","block_type":"box","text":"BAIS will adhere to the Guidelines.","page_number":193,"box":{"x":102,"y":680,"width":244,"height":9}},{"id":"a6fff79d-83b3-4ccf-a457-68568294c054","block_type":"box","text":"In certain instances, BAIS will engage an independent third-party voting service provider to make proxy","page_number":193,"box":{"x":135,"y":703,"width":731,"height":11}},{"id":"d232de65-6110-4170-aa7d-e97ae7db0991","block_type":"box","text":"voting recommendations as a further safeguard to avoid potential conflicts of interest, to satisfy regulatory","page_number":193,"box":{"x":101,"y":718,"width":763,"height":11}},{"id":"e56d44f9-071d-4d28-b9e1-ae962143b6ed","block_type":"box","text":"compliance requirements, or as may be otherwise required by applicable law.","page_number":193,"box":{"x":101,"y":733,"width":550,"height":11}},{"id":"58d0fc1f-bad6-48d2-91fd-94e2907c2440","block_type":"box","text":"With respect to the relationship between securities lending and proxy voting, shares on loan cannot be voted","page_number":193,"box":{"x":134,"y":756,"width":774,"height":11}},{"id":"896ae953-da8e-46d3-b36e-52bd6aaca937","block_type":"box","text":"and BlackRock may determine to recall them for voting, as guided by BlackRock’s fiduciary responsibility to act","page_number":193,"box":{"x":102,"y":771,"width":791,"height":11}},{"id":"89dc1e80-2f42-4865-a9d4-66936735be04","block_type":"box","text":"in clients’ financial interests. The Guidelines set forth BlackRock’s approach to recalling securities on loan in","page_number":193,"box":{"x":102,"y":786,"width":778,"height":11}},{"id":"66c98583-2d8c-417c-ab17-6cbfd1ae49f5","block_type":"box","text":"connection with proxy voting.","page_number":193,"box":{"x":101,"y":801,"width":203,"height":11}},{"id":"816bc9b8-4268-4d77-a61c-ccf49990e72a","block_type":"box","text":"Reports to the Board","page_number":193,"box":{"x":102,"y":824,"width":153,"height":11}},{"id":"dec92a1c-08ad-4897-a10c-17d8e590d1a5","block_type":"box","text":"BlackRock will report on an annual basis to the Directors on (1) a summary of the proxy voting process as","page_number":193,"box":{"x":135,"y":846,"width":755,"height":12}},{"id":"509f0697-9583-4571-a95c-ea0b52b659fe","block_type":"box","text":"applicable to the Funds covered by this policy in the preceding year together with a representation that all 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companies alongside and on behalf of those teams when appropriate.","page_number":197,"box":{"x":69,"y":113,"width":828,"height":11}},{"id":"c9c79304-8c24-4b0f-ada3-b8285294cde5","block_type":"box","text":"The team is responsible for establishing voting guidelines for the active equity platform, providing vote","page_number":197,"box":{"x":68,"y":128,"width":729,"height":11}},{"id":"71a8deb4-a146-4e57-a66b-84bb916d3265","block_type":"box","text":"recommendations and operationalizing voting decisions. The guidance informs the voting recommendations BAIS","page_number":197,"box":{"x":69,"y":143,"width":803,"height":11}},{"id":"13212deb-8f5e-4d93-8930-0708a535d7fe","block_type":"box","text":"makes to BlackRock’s active portfolio managers. It applies to active equity holdings in BlackRock’s fundamental","page_number":197,"box":{"x":69,"y":158,"width":800,"height":11}},{"id":"e41aa983-5e9b-497e-947b-10eb07a2c7ec","block_type":"box","text":"equity, systematic equity and multi-asset solutions strategies. It also may apply to holdings in BlackRock’s index and","page_number":197,"box":{"x":69,"y":173,"width":831,"height":11}},{"id":"b000e551-1e10-4a24-be3c-b6dd8d0d88b9","block_type":"box","text":"active fixed income strategies, to the extent those strategies hold voting securities or conduct issuer engagements.","page_number":197,"box":{"x":69,"y":188,"width":823,"height":12}},{"id":"8bf6a2ef-32c9-4e1f-afd4-eac77c77f673","block_type":"box","text":"The guidelines are not prescriptive as active portfolio managers have discretion as to how they integrate these","page_number":197,"box":{"x":68,"y":203,"width":789,"height":12}},{"id":"43384371-0c33-4ede-9754-a988c2a4a126","block_type":"box","text":"guidelines within their investment processes in light of their clients’ or funds’ investment objectives. There are","page_number":197,"box":{"x":68,"y":218,"width":788,"height":12}},{"id":"86811ed1-f5b4-4f8d-b323-e7186d5f6791","block_type":"box","text":"separate, independently developed principles and voting policies that are applied to BlackRock’s index equity","page_number":197,"box":{"x":69,"y":234,"width":778,"height":11}},{"id":"b42e3e4a-5d0e-40ab-b7ee-9babf7f7c4fd","block_type":"box","text":"investments by a distinct and independent function, BlackRock Investment Stewardship.","page_number":197,"box":{"x":70,"y":249,"width":627,"height":11}},{"id":"ab014de9-a24a-4299-9294-62691f30c664","block_type":"box","text":"1","page_number":197,"box":{"x":69,"y":294,"width":4,"height":4}},{"id":"510b6a23-8165-434d-bbe2-1276105f0d77","block_type":"box","text":"This document includes BAIS’ benchmark policy, which covers nearly all active equity holdings in BlackRock’s","page_number":197,"box":{"x":78,"y":293,"width":777,"height":11}},{"id":"df49369a-4905-4a2d-8639-ce7227821e14","block_type":"box","text":"fundamental equity, systematic equity and multi-asset solutions strategies. The benchmark policy also may apply to","page_number":197,"box":{"x":68,"y":308,"width":823,"height":11}},{"id":"992943de-2f89-4086-b37c-c141c9b6bffe","block_type":"box","text":"holdings in BlackRock’s index and active fixed income strategies, to the extent those strategies hold voting securities","page_number":197,"box":{"x":69,"y":323,"width":837,"height":12}},{"id":"7cf9a777-a0df-4c06-81f6-a8278771e75f","block_type":"box","text":"or conduct issuer engagements. This document also includes BAIS’ decarbonization policy, which covers holdings in","page_number":197,"box":{"x":69,"y":339,"width":824,"height":11}},{"id":"af967cb8-d715-4d5b-8748-e8b863ff1e0a","block_type":"box","text":"BlackRock active funds that have climate and decarbonization objectives in addition to financial objectives.","page_number":197,"box":{"x":70,"y":354,"width":759,"height":11}},{"id":"946c2bf4-5bf8-45aa-9444-f3f6a72e7553","block_type":"box","text":"2","page_number":197,"box":{"x":69,"y":372,"width":4,"height":4}},{"id":"bbb62ae6-8cd5-48a8-ad82-fc385a905d33","block_type":"box","text":"BlackRock segmented active and index equity investment functions, including stewardship, in January 2025 as part","page_number":197,"box":{"x":79,"y":371,"width":825,"height":11}},{"id":"1bb9e703-0ad9-4c62-ba13-f2a52170064c","block_type":"box","text":"of a strategic initiative to unlock the full breadth of the firm’s active and private markets capabilities for clients. 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The money BlackRock manages is not its own — it","page_number":198,"box":{"x":102,"y":64,"width":777,"height":11}},{"id":"0d64c12d-28de-455a-b663-2dc6b0ef4067","block_type":"box","text":"belongs to BlackRock’s clients, many of whom make their own asset allocation and portfolio construction decisions.","page_number":198,"box":{"x":69,"y":78,"width":828,"height":12}},{"id":"f7ec6f1e-9f7b-45ac-8eca-f872070f80ec","block_type":"box","text":"As a fiduciary, BlackRock invests on clients’ behalf to help them meet their investment objectives. The firm does this","page_number":198,"box":{"x":68,"y":93,"width":835,"height":11}},{"id":"8c963dac-a763-47c7-b89f-9eaba8b5ca5c","block_type":"box","text":"by understanding clients’ long-term investment objectives and offering choice on how and where they wish to invest","page_number":198,"box":{"x":69,"y":108,"width":823,"height":11}},{"id":"6cb254e1-b54e-4b29-b5eb-8a3d0dac881b","block_type":"box","text":"their money. BlackRock then helps clients seek the best risk-adjusted returns based on those choices, underpinning","page_number":198,"box":{"x":68,"y":123,"width":830,"height":11}},{"id":"400641f1-1e80-4524-a557-acbce53f11da","block_type":"box","text":"this work with research, data and analytics.","page_number":198,"box":{"x":68,"y":138,"width":309,"height":11}},{"id":"4ac942c3-929d-4361-a462-6ef0ee94caf8","block_type":"box","text":"At BlackRock, investment stewardship is core to our role as an asset manager and a fiduciary to our clients. As","page_number":198,"box":{"x":101,"y":156,"width":796,"height":12}},{"id":"cc0172c1-67bc-4f58-bfad-52ae9d247259","block_type":"box","text":"stewards of our clients’ assets, we engage with companies to discuss the corporate governance and business","page_number":198,"box":{"x":69,"y":171,"width":787,"height":12}},{"id":"96510762-1445-4bce-b340-7bad36be2611","block_type":"box","text":"practices that, in our experience, support companies in delivering durable, risk-adjusted financial returns over time.","page_number":198,"box":{"x":70,"y":186,"width":820,"height":12}},{"id":"a1305220-6847-4b87-8680-2238c5f53119","block_type":"box","text":"We are committed to building strong relationships through constructive, ongoing dialogue with the boards and","page_number":198,"box":{"x":68,"y":201,"width":782,"height":11}},{"id":"c567deb9-f6ec-4a7f-9d79-e777662ae139","block_type":"box","text":"executive management of the companies in which our clients are invested.","page_number":198,"box":{"x":69,"y":216,"width":531,"height":11}},{"id":"7d72173a-9cc4-42c7-95f4-6a85bd242aff","block_type":"box","text":"ABOUT BLACKROCK ACTIVE INVESTMENT STEWARDSHIP","page_number":198,"box":{"x":277,"y":246,"width":424,"height":9}},{"id":"3c8280b9-201f-47be-a405-ac3d8c4d78c1","block_type":"box","text":"BlackRock Active Investment Stewardship (BAIS) is a specialist team within the Portfolio Management Group and","page_number":198,"box":{"x":102,"y":265,"width":804,"height":11}},{"id":"3e57e5c2-96aa-4667-8ce9-298ad2961063","block_type":"box","text":"manages BlackRock’s stewardship engagement and voting on behalf of clients invested in active strategies globally.","page_number":198,"box":{"x":69,"y":280,"width":826,"height":11}},{"id":"76fb22c7-34eb-4404-b60b-5b9a11830b2e","block_type":"box","text":"BAIS is also responsible for engagement with issuers in index fixed income strategies, where appropriate. Our","page_number":198,"box":{"x":70,"y":295,"width":783,"height":11}},{"id":"2bd2278b-8482-4e31-9ba9-13b6bda369e7","block_type":"box","text":"activities are informed by these Global Engagement and Voting Guidelines (the “Guidelines”) and insights from active","page_number":198,"box":{"x":69,"y":309,"width":834,"height":12}},{"id":"721bce1f-d306-44ef-80ca-bad5cb4744e1","block_type":"box","text":"investment analysts and portfolio managers, with whom we work closely in engaging companies and voting at","page_number":198,"box":{"x":70,"y":324,"width":779,"height":12}},{"id":"d0905d93-ca47-438e-bace-4fd58cd70c5f","block_type":"box","text":"shareholder meetings.","page_number":198,"box":{"x":69,"y":339,"width":158,"height":11}},{"id":"3e64e448-e53b-4053-ae68-a13b428cef19","block_type":"box","text":"Engagement with public companies is the foundation of our approach to stewardship within fundamental active","page_number":198,"box":{"x":102,"y":358,"width":789,"height":11}},{"id":"6bf75986-c641-4f8e-845a-5c705afa7c0b","block_type":"box","text":"investing.","page_number":198,"box":{"x":70,"y":373,"width":65,"height":11}},{"id":"66964f38-bbee-447b-8173-c3b8bff069df","block_type":"box","text":"3","page_number":198,"box":{"x":137,"y":373,"width":4,"height":5}},{"id":"cd0e78fc-88dd-4d3b-bb5e-138dae0c50f3","block_type":"box","text":"Through direct dialogue with company leadership, we seek to understand their businesses and how they","page_number":198,"box":{"x":146,"y":373,"width":744,"height":11}},{"id":"db7fd867-3d7d-4123-be02-838500c14709","block_type":"box","text":"manage risks and opportunities to deliver durable, risk-adjusted financial returns. Portfolio managers and","page_number":198,"box":{"x":69,"y":387,"width":751,"height":12}},{"id":"dcbffecb-48a6-487d-9f61-f52584ff7f53","block_type":"box","text":"stewardship specialists may engage jointly or independently on material corporate governance matters. Our","page_number":198,"box":{"x":69,"y":402,"width":765,"height":12}},{"id":"ca60cdba-73fd-4eb4-9b3a-1cdfeb04ec5d","block_type":"box","text":"discussions focus on topics relevant to a company’s success over time, including governance and leadership,","page_number":198,"box":{"x":69,"y":417,"width":782,"height":12}},{"id":"c91ac1c3-97f3-4a67-95e4-e60486388088","block_type":"box","text":"corporate strategy, capital structure and financial performance, operations and material sustainability-related risks,","page_number":198,"box":{"x":69,"y":432,"width":820,"height":11}},{"id":"8c8b12d4-4219-4889-81a7-5601d53226b7","block_type":"box","text":"as well as macro-economic, geopolitical and sector dynamics. We aim to be constructive investors and are generally","page_number":198,"box":{"x":69,"y":447,"width":828,"height":11}},{"id":"4cb4e7cd-d4b8-4407-aa06-c47b5dd6e81a","block_type":"box","text":"supportive of management teams that have a track record of financial value creation. We aim to build and maintain","page_number":198,"box":{"x":69,"y":462,"width":821,"height":11}},{"id":"6042f5fd-e382-45d8-809b-751732b4c81b","block_type":"box","text":"strong relationships with company leadership based on open dialogue and mutual respect.","page_number":198,"box":{"x":69,"y":477,"width":645,"height":11}},{"id":"05a5c7a1-b75b-4954-a90a-b0683fe3d3da","block_type":"box","text":"Different active equity strategies may implement these voting guidelines differently, as a result of the latitude","page_number":198,"box":{"x":102,"y":495,"width":780,"height":12}},{"id":"80349d27-5c7e-4e56-9392-63fc041ae957","block_type":"box","text":"each portfolio manager has to make independent voting decisions on their holdings. For example, BAIS will generally","page_number":198,"box":{"x":69,"y":510,"width":831,"height":11}},{"id":"161042d6-0591-45d2-bc21-7b54724bfe30","block_type":"box","text":"vote the holdings in Systematic Active Equity portfolios in accordance with these guidelines. We provide voting","page_number":198,"box":{"x":68,"y":525,"width":787,"height":11}},{"id":"8361efc1-65f0-436b-8d9d-05a4c1f687db","block_type":"box","text":"recommendations to fundamental equity portfolio managers, who may determine to vote differently based on each","page_number":198,"box":{"x":69,"y":540,"width":816,"height":11}},{"id":"58c0e2c0-f8b8-4de0-a0c9-268e03a4d31f","block_type":"box","text":"portfolio’s investment objectives and strategy.","page_number":198,"box":{"x":70,"y":555,"width":327,"height":11}},{"id":"38caa8e6-2df5-43bd-807f-a4558b724663","block_type":"box","text":"These guidelines discuss BAIS’ views on corporate governance topics on which we may engage with","page_number":198,"box":{"x":101,"y":574,"width":711,"height":11}},{"id":"eea3d028-9dc0-49a6-9454-b2a11fdc3f29","block_type":"box","text":"management teams and board directors","page_number":198,"box":{"x":69,"y":589,"width":285,"height":11}},{"id":"fe452170-fe3d-46c3-844b-3acd727ab2ff","block_type":"box","text":"4","page_number":198,"box":{"x":355,"y":589,"width":5,"height":4}},{"id":"b8c9f78d-3055-416f-8db3-6ba63b56fdf0","block_type":"box","text":"and on matters that routinely come to a shareholder vote. We recognize that","page_number":198,"box":{"x":366,"y":589,"width":544,"height":11}},{"id":"b58c915e-aaea-4ed8-87bf-74a70310d853","block_type":"box","text":"accepted corporate governance norms can differ across markets, and believe these guidelines represent globally","page_number":198,"box":{"x":69,"y":603,"width":807,"height":11}},{"id":"fe297b61-abcb-4ebf-9368-4b44e9f97bfa","block_type":"box","text":"applicable elements of governance that support a company’s ability to manage material risks and opportunities and","page_number":198,"box":{"x":69,"y":618,"width":827,"height":11}},{"id":"6926fc46-edb4-4a5b-a9aa-08f2fab361fa","block_type":"box","text":"deliver financial returns to investors. Generally, we believe companies should observe accepted corporate governance","page_number":198,"box":{"x":69,"y":633,"width":840,"height":11}},{"id":"789d2220-b416-4791-b49c-54210d7bbefc","block_type":"box","text":"norms within their local markets or, particularly in markets without well-established norms, aspire to widely","page_number":198,"box":{"x":69,"y":648,"width":762,"height":11}},{"id":"4cfa7227-1bf9-45ba-8a9c-950fc1993dab","block_type":"box","text":"recognized international best practices. As one of many minority shareholders, BlackRock cannot – and does not try","page_number":198,"box":{"x":69,"y":663,"width":827,"height":11}},{"id":"6985110a-3d31-4e9c-b37d-45b303fdf139","block_type":"box","text":"to – direct a company’s strategy or its implementation. We look to companies to provide disclosures that explain how","page_number":198,"box":{"x":68,"y":678,"width":837,"height":11}},{"id":"a0c1c35d-a52f-4b31-82cc-819c04beddc2","block_type":"box","text":"their approach to corporate governance best aligns with the financial interests of their investors.","page_number":198,"box":{"x":68,"y":692,"width":687,"height":12}},{"id":"685135d6-643e-4ba1-a95f-398e0be8160d","block_type":"box","text":"OUR APPROACH TO STEWARDSHIP WITHIN ACTIVE EQUITIES","page_number":198,"box":{"x":263,"y":722,"width":451,"height":11}},{"id":"39d78d76-37d0-4ce6-ad1d-20fbf95ab1ac","block_type":"box","text":"Voting at a company’s shareholder meeting is a right of share ownership and a core principle of corporate","page_number":198,"box":{"x":101,"y":741,"width":753,"height":12}},{"id":"a5e4f1fa-e1e7-45cd-bd6a-d53b145d27ef","block_type":"box","text":"governance. The voting rights attached to clients’ holdings are an important mechanism for investors to express","page_number":198,"box":{"x":68,"y":756,"width":801,"height":11}},{"id":"b077176a-c34e-4ad0-bbe7-2ee25910d56f","block_type":"box","text":"support for, or concern about, a company’s performance. As a fiduciary, BlackRock is legally required to make proxy","page_number":198,"box":{"x":69,"y":771,"width":829,"height":11}},{"id":"efd661b2-a218-441e-8707-fa50c2df4e03","block_type":"box","text":"voting determinations, on behalf of clients who have delegated voting authority to us, in a manner consistent with","page_number":198,"box":{"x":68,"y":786,"width":809,"height":11}},{"id":"04f2ce65-47b6-4034-97d4-f53edcae297a","block_type":"box","text":"BlackRock’s contractual arrangements with clients and funds.","page_number":198,"box":{"x":70,"y":801,"width":438,"height":11}},{"id":"5c8a9912-0758-4851-afc4-a316ea24d5c4","block_type":"box","text":"3","page_number":198,"box":{"x":69,"y":830,"width":4,"height":5}},{"id":"c0ea777c-95e3-40d4-911c-f12a710c9f26","block_type":"box","text":"On February 11, 2025, the U.S. Securities and Exchange Commission (SEC) staff issued updated guidance for","page_number":198,"box":{"x":79,"y":830,"width":790,"height":11}},{"id":"45a0c32e-6760-4577-b5e7-1b0b9b55a9d0","block_type":"box","text":"shareholders to maintain their eligibility to report their beneficial ownership under Schedule 13G of the Exchange Act.","page_number":198,"box":{"x":69,"y":845,"width":836,"height":11}},{"id":"ce5b48b1-bc56-4979-895d-14f417af9b0b","block_type":"box","text":"We comply fully with these requirements and do not engage with portfolio companies for the purpose, or with the","page_number":198,"box":{"x":68,"y":860,"width":805,"height":11}},{"id":"69e5558d-dce5-499b-8de5-02af2f7061b4","block_type":"box","text":"effect, of changing or influencing control of the company.","page_number":198,"box":{"x":69,"y":875,"width":403,"height":12}},{"id":"0721d706-adfa-41e8-9e71-0fedc04c66c3","block_type":"box","text":"4","page_number":198,"box":{"x":69,"y":893,"width":4,"height":5}},{"id":"ab88affe-867f-40d4-8cba-01c87a125f30","block_type":"box","text":"References to the board, board directors or non-executive directors should be understood to include supervisory","page_number":198,"box":{"x":79,"y":893,"width":801,"height":11}},{"id":"6cc7b2d6-8821-49ab-a762-13f5a2cbf5b9","block_type":"box","text":"boards and their members, where relevant.","page_number":198,"box":{"x":69,"y":908,"width":306,"height":11}},{"id":"51b5a896-11a5-471a-9ff7-2e70c628ab54","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":198,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"c52f5c0c-b3fd-4108-9233-2c605bee0fed","block_type":"box","text":"Global Engagement and Voting Guidelines | 4","page_number":198,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"3700d3bf-1b6e-4e24-81f2-38e29c739413","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":198,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"aebdba05-4bd8-4cbb-abb1-bbe64254dc6e","block_type":"box","text":"In general, we tend to support the recommendations of the board of directors and management. As indicated","page_number":199,"box":{"x":102,"y":45,"width":778,"height":11}},{"id":"1dc4d675-f5da-4afe-9de2-6b760b600915","block_type":"box","text":"below, we may vote against management recommendations when we have concerns about how companies are","page_number":199,"box":{"x":69,"y":60,"width":788,"height":11}},{"id":"92847012-520a-4ed6-a220-f5e677cf0645","block_type":"box","text":"serving the financial interests of our clients as their shareholders. BAIS takes a globally consistent approach to","page_number":199,"box":{"x":69,"y":74,"width":795,"height":12}},{"id":"f06fc98a-793d-4571-ab3a-974658cc253d","block_type":"box","text":"voting but considers the different corporate governance regulations and norms across markets. Votes are determined","page_number":199,"box":{"x":68,"y":89,"width":839,"height":12}},{"id":"d15a48f0-7ae9-414a-8112-e090bda6be07","block_type":"box","text":"on a case-by-case basis, in the context of a company’s situation and the investment mandate we have from clients.","page_number":199,"box":{"x":69,"y":104,"width":823,"height":11}},{"id":"8f93bd27-81cb-4090-b353-a88e65816719","block_type":"box","text":"Please see page 19 for more information about how we fulfill and oversee our investment stewardship","page_number":199,"box":{"x":69,"y":119,"width":729,"height":11}},{"id":"6060bf2f-8118-444b-9efa-c711306079e7","block_type":"box","text":"responsibilities for BlackRock’s non-index equity strategies.","page_number":199,"box":{"x":69,"y":134,"width":423,"height":11}},{"id":"e63953c8-16af-404d-9364-0df385fd7708","block_type":"box","text":"5","page_number":199,"box":{"x":493,"y":134,"width":5,"height":5}},{"id":"1cb06267-29e5-4295-af00-afced935b927","block_type":"box","text":"OUR APPROACH TO STEWARDSHIP WITHIN FIXED INCOME","page_number":199,"box":{"x":272,"y":164,"width":434,"height":9}},{"id":"a73dfb09-f9ba-458f-8086-85c27204aa84","block_type":"box","text":"Although fixed income investors do not have the right to vote at shareholder meetings, issuer engagement is a","page_number":199,"box":{"x":101,"y":183,"width":788,"height":11}},{"id":"fb146bd7-3514-4099-be93-ae9c0a063a70","block_type":"box","text":"component of fixed income investment strategies at BlackRock, particularly for those with sustainability objectives in","page_number":199,"box":{"x":69,"y":198,"width":831,"height":11}},{"id":"36178933-0cbd-4333-8662-2205dc0cb2fc","block_type":"box","text":"addition to financial objectives. Most corporate governance-related fixed income engagements are undertaken in","page_number":199,"box":{"x":69,"y":212,"width":801,"height":12}},{"id":"bfb1f113-9d14-444e-826b-b0bc52c7907a","block_type":"box","text":"conjunction with the active investment stewardship team, and often active equity investors. In addition to the topics","page_number":199,"box":{"x":69,"y":227,"width":824,"height":11}},{"id":"d9c70251-8d51-4f25-b22b-745382aab318","block_type":"box","text":"listed below, engagement with fixed income investment teams may help inform an issuer’s approach to structuring","page_number":199,"box":{"x":70,"y":242,"width":816,"height":11}},{"id":"0ad627cb-fbdb-40e6-9dfb-180e8bd10b1e","block_type":"box","text":"specialist issuances and the standard terms and information in bond documentation.","page_number":199,"box":{"x":69,"y":257,"width":608,"height":11}},{"id":"32edf0ef-6b00-450d-9950-bc7fd478e2c3","block_type":"box","text":"5","page_number":199,"box":{"x":69,"y":302,"width":4,"height":4}},{"id":"1431720c-b9eb-487b-acd5-1ac23f716a95","block_type":"box","text":"Non-index equity strategies include active equity holdings in BlackRock’s fundamental equity, systematic equity and","page_number":199,"box":{"x":79,"y":301,"width":820,"height":11}},{"id":"a5a452c3-ed8d-4550-8026-a0fc0c2ba30f","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":199,"box":{"x":69,"y":316,"width":822,"height":12}},{"id":"665f0ac6-691a-4dbb-b29e-3c154ebcb96b","block_type":"box","text":"extent those strategies hold voting securities or conduct issuer engagements.","page_number":199,"box":{"x":69,"y":332,"width":554,"height":11}},{"id":"0c9ab80e-b089-4aff-993b-6324279f4deb","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":199,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"99f09af8-0152-4f51-89fa-31d9baf7965c","block_type":"box","text":"Global Engagement and Voting Guidelines | 5","page_number":199,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"89cd66b5-11ac-4ed7-b72d-3eb26cc1ea87","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":199,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ee08fa23-8820-42e8-a2ae-1e179cf3ee86","block_type":"box","text":"BOARDS OF DIRECTORS","page_number":200,"box":{"x":400,"y":45,"width":178,"height":9}},{"id":"b4f59cf2-0df5-4d43-a6fd-1a8948880e1d","block_type":"box","text":"Roles and responsibilities","page_number":200,"box":{"x":69,"y":67,"width":186,"height":11}},{"id":"22d051c4-bdb5-49a3-9034-156d8ba5c627","block_type":"box","text":"There is widespread consensus that the foundation of good corporate governance is an effective board of","page_number":200,"box":{"x":101,"y":86,"width":754,"height":11}},{"id":"89447eb4-f1ea-4f81-a53d-50c8b309c86f","block_type":"box","text":"directors that is able to advise and supervise management in an independent and objective manner.","page_number":200,"box":{"x":69,"y":101,"width":715,"height":11}},{"id":"a92fd27d-8b39-4b67-b5e3-856bcb694878","block_type":"box","text":"6","page_number":200,"box":{"x":786,"y":101,"width":4,"height":5}},{"id":"4a1ca371-beff-4517-a48a-8a830becc91d","block_type":"box","text":"We look to the board of directors (hereafter the “board”) to have an oversight role in the establishment and","page_number":200,"box":{"x":101,"y":119,"width":765,"height":12}},{"id":"54000793-b5f1-4c0a-a7d1-a0f7289e9ab3","block_type":"box","text":"realization of a company’s strategy, purpose and culture. These constructs are interdependent and, when aligned,","page_number":200,"box":{"x":69,"y":134,"width":811,"height":12}},{"id":"f8c3dd3a-28f2-4028-8902-645077c9a48f","block_type":"box","text":"can better position a company to be resilient in the face of a changing business environment, help reduce the risks","page_number":200,"box":{"x":69,"y":149,"width":822,"height":11}},{"id":"3761518b-a9d7-4ef8-9e91-54e0c3f74203","block_type":"box","text":"of corporate or employee misconduct, and attract and retain the caliber of workers necessary to deliver financial","page_number":200,"box":{"x":69,"y":164,"width":799,"height":11}},{"id":"d03253b3-073f-4306-9033-01471ba9845a","block_type":"box","text":"performance over time.","page_number":200,"box":{"x":70,"y":179,"width":164,"height":11}},{"id":"39097a6a-60c2-4d38-aae7-8ab5886f990f","block_type":"box","text":"In overseeing the management of the company, the board ensures the necessary resources, policies and","page_number":200,"box":{"x":102,"y":198,"width":750,"height":11}},{"id":"1bd61c6b-7e9d-4efa-8fba-258cd538a28f","block_type":"box","text":"procedures are in place to help management meet its strategic objectives within an agreed risk tolerance.","page_number":200,"box":{"x":70,"y":213,"width":753,"height":11}},{"id":"19b513f9-e34e-4a0f-947b-7cf9664b8491","block_type":"box","text":"One of the most important responsibilities of the board is to appoint, and remove as necessary, the chief","page_number":200,"box":{"x":102,"y":231,"width":753,"height":11}},{"id":"de2d303a-f53b-4633-a5e3-0a4665a29f32","block_type":"box","text":"executive officer (“CEO”). In addition, the board plays a meaningful role in monitoring the performance of the CEO","page_number":200,"box":{"x":69,"y":246,"width":811,"height":11}},{"id":"5c128273-ff23-4519-950d-b824d4a8ef34","block_type":"box","text":"and other key executives, determining executive compensation, ensuring a rigorous audit, overseeing strategy","page_number":200,"box":{"x":69,"y":261,"width":783,"height":11}},{"id":"366476ec-62ed-4119-b537-45fe38b149d8","block_type":"box","text":"execution and risk management and engaging with shareholders, and other stakeholders, as necessary.","page_number":200,"box":{"x":69,"y":276,"width":742,"height":11}},{"id":"ba3d14d6-9cae-459b-b03b-13a1c18eac88","block_type":"box","text":"Composition and effectiveness","page_number":200,"box":{"x":69,"y":298,"width":224,"height":11}},{"id":"ee5eeff5-480d-4289-8ccd-115f3e7e1a3d","block_type":"box","text":"Appointment process","page_number":200,"box":{"x":68,"y":317,"width":152,"height":11}},{"id":"a297d7af-b9f0-4524-ba78-7d865fa26c57","block_type":"box","text":"A formal and transparent process for identifying and appointing director candidates is critical to ensuring the","page_number":200,"box":{"x":101,"y":335,"width":773,"height":12}},{"id":"aad688e4-ed4d-4448-983b-3a7e8b95efaf","block_type":"box","text":"board is composed of directors with the appropriate mix of skills and experience. Generally, the board or a sub","page_number":200,"box":{"x":69,"y":350,"width":792,"height":11}},{"id":"a619aa56-afda-4d90-841d-d9c7c245e90f","block_type":"box","text":"committee determines the general criteria given the company’s circumstances (","page_number":200,"box":{"x":69,"y":365,"width":568,"height":11}},{"id":"a2d7315c-227d-41f1-b662-aebccd50dbdc","block_type":"box","text":"e.g.","page_number":200,"box":{"x":638,"y":367,"width":25,"height":9}},{"id":"b4a25ce9-854c-441c-b969-4953673fffed","block_type":"box","text":", sector, maturity, geographic","page_number":200,"box":{"x":666,"y":365,"width":204,"height":11}},{"id":"e7f72130-fe35-4037-ae32-744ebfef9e35","block_type":"box","text":"footprint) and any additional criteria for a specific role being filled (","page_number":200,"box":{"x":68,"y":380,"width":474,"height":11}},{"id":"94ab942b-8fbd-4942-bbc3-3303cc92468b","block_type":"box","text":"e.g.","page_number":200,"box":{"x":544,"y":381,"width":25,"height":10}},{"id":"1d520c88-5ea8-485e-9df0-1c80c0457b74","block_type":"box","text":", financial expertise, industry track record). To","page_number":200,"box":{"x":571,"y":380,"width":327,"height":11}},{"id":"5e81144f-3087-44f7-9845-53749a80c6d1","block_type":"box","text":"inform the process, we encourage companies to review the skills and experience of incumbent directors to identify","page_number":200,"box":{"x":70,"y":395,"width":815,"height":11}},{"id":"1f6863e0-5df9-42f7-8b41-d114fd1ce29a","block_type":"box","text":"any gaps and whether the skills and experience of a director candidate would be additive. We welcome disclosures","page_number":200,"box":{"x":69,"y":410,"width":817,"height":11}},{"id":"25fa3f25-2616-4a80-8ec0-c932b3addf05","block_type":"box","text":"that explain how the board considered different skills and experience to ensure that the directors collectively can be","page_number":200,"box":{"x":68,"y":425,"width":829,"height":11}},{"id":"4a872a3c-be3c-447e-b915-0ae7babde9fe","block_type":"box","text":"effective in fulfilling their responsibilities. We assess a company’s board composition against that of its peer group","page_number":200,"box":{"x":69,"y":439,"width":821,"height":12}},{"id":"a577c352-0142-40d3-a44c-ce3b9513c2a5","block_type":"box","text":"and local market requirements.","page_number":200,"box":{"x":69,"y":455,"width":221,"height":10}},{"id":"6445c4dd-d55e-4dd8-95ab-d188048ea2df","block_type":"box","text":"Shareholders periodically vote to elect directors to serve on the board. We do not prescribe any particular board","page_number":200,"box":{"x":102,"y":473,"width":798,"height":11}},{"id":"ca2a7f04-2636-4c45-8581-a26efcc03ba0","block_type":"box","text":"composition in our engagements or voting but seek to understand how well placed a board is to act in investors’","page_number":200,"box":{"x":69,"y":488,"width":800,"height":11}},{"id":"2ad91f2d-fda6-4828-8aea-bac7d24f8713","block_type":"box","text":"interests. We may vote against the election of the most senior independent director, or the chair of the relevant","page_number":200,"box":{"x":70,"y":503,"width":794,"height":11}},{"id":"79aa2959-5b2d-43d0-8c69-f7a73e73bbbe","block_type":"box","text":"committee, where a company has not demonstrated it has an appointment process that results in a high functioning","page_number":200,"box":{"x":69,"y":517,"width":830,"height":12}},{"id":"75cafae9-e8d0-4c02-8302-a89475c65d5f","block_type":"box","text":"board with the appropriate complement of skills and experience amongst the directors to support strong financial","page_number":200,"box":{"x":69,"y":532,"width":808,"height":12}},{"id":"b31eabe5-df3e-4981-9bcf-b2e6ffe663ae","block_type":"box","text":"performance over time. We may vote against newly nominated directors who do not seem to have the appropriate","page_number":200,"box":{"x":70,"y":547,"width":808,"height":12}},{"id":"d5a6095c-987c-43e8-ab5e-b51e12d02b5f","block_type":"box","text":"skills or experience to contribute to the board’s effectiveness.","page_number":200,"box":{"x":69,"y":562,"width":442,"height":11}},{"id":"b3ff6593-0769-4c23-bfa2-2c31d4825ed2","block_type":"box","text":"Independence","page_number":200,"box":{"x":70,"y":585,"width":99,"height":10}},{"id":"fbd7526d-2cd0-4a09-97e5-bfa05b796b9b","block_type":"box","text":"Director independence from management, significant shareholders or other stakeholders (","page_number":200,"box":{"x":102,"y":603,"width":642,"height":11}},{"id":"7ee87612-35ee-4d85-b340-da1092a29054","block_type":"box","text":"e.g.","page_number":200,"box":{"x":746,"y":605,"width":25,"height":9}},{"id":"e42dc240-fd6f-4f35-b860-146b7c0dc1f6","block_type":"box","text":", government or","page_number":200,"box":{"x":773,"y":604,"width":111,"height":10}},{"id":"5fc37c27-29e4-42e8-85e7-c86fdc2dce75","block_type":"box","text":"employees) is of paramount importance to the protection of the interests of minority shareholders such as","page_number":200,"box":{"x":69,"y":618,"width":759,"height":11}},{"id":"be9dfc9c-c84a-4530-b37d-4c7f696ef34e","block_type":"box","text":"BlackRock’s clients. We consider it good practice for at least half the directors to be independent and free from","page_number":200,"box":{"x":70,"y":633,"width":793,"height":11}},{"id":"78bcdfaa-41dd-456a-b7cf-8f1eab97013a","block_type":"box","text":"conflicts of interest or undue influence.","page_number":200,"box":{"x":69,"y":648,"width":278,"height":9}},{"id":"032bca6b-8776-4114-9a62-070d9010fc13","block_type":"box","text":"7","page_number":200,"box":{"x":349,"y":648,"width":4,"height":5}},{"id":"6214671b-2b95-4281-b62a-6f75fc4038ba","block_type":"box","text":"This also helps to ensure that board committees are composed of a","page_number":200,"box":{"x":358,"y":648,"width":486,"height":11}},{"id":"72c80c3e-9d3c-400b-83fa-27dab4c328a2","block_type":"box","text":"sufficient number of independent directors. Companies domiciled in markets with a higher threshold for board","page_number":200,"box":{"x":69,"y":663,"width":783,"height":11}},{"id":"5779edd6-f6c2-4700-8238-d871fd49b165","block_type":"box","text":"independence should meet those local requirements.","page_number":200,"box":{"x":70,"y":678,"width":378,"height":10}},{"id":"2e7e520e-f15c-427f-bbf9-970f5f331020","block_type":"box","text":"We may vote against the election of non-independent directors if the board does not have a sufficient balance of","page_number":200,"box":{"x":101,"y":696,"width":803,"height":11}},{"id":"577aff6e-1807-4cca-a7c6-1ff531797e7d","block_type":"box","text":"independence. We may also vote against the election of the chair of the committee responsible for board","page_number":200,"box":{"x":70,"y":711,"width":748,"height":11}},{"id":"4549eb27-e87a-4989-9a3b-81e352f3e610","block_type":"box","text":"composition if this is a perennial issue.","page_number":200,"box":{"x":69,"y":726,"width":280,"height":11}},{"id":"07f1fc58-1196-4174-b551-cba536d998dd","block_type":"box","text":"6","page_number":200,"box":{"x":69,"y":756,"width":4,"height":4}},{"id":"943cfc5f-3314-4234-922f-8223230c7500","block_type":"box","text":"See the Corporate Governance Codes of Germany, Japan, and the UK, as well as the corporate governance","page_number":200,"box":{"x":93,"y":755,"width":763,"height":11}},{"id":"c780aec0-cd29-4534-870e-4092f2b331b7","block_type":"box","text":"principles of the US Business Roundtable as examples.","page_number":200,"box":{"x":94,"y":770,"width":394,"height":11}},{"id":"e918ad5b-98a5-4591-be59-7e37fcf75fb8","block_type":"box","text":"7","page_number":200,"box":{"x":69,"y":788,"width":4,"height":5}},{"id":"7ffa1975-fed6-4d2f-a8d8-fec45fe452e3","block_type":"box","text":"Common impediments to independence may include but are not limited to: current or recent employment at the","page_number":200,"box":{"x":93,"y":788,"width":795,"height":11}},{"id":"c65a1917-c790-4399-b073-4cdf7c0c710a","block_type":"box","text":"company or a subsidiary; being, or representing, a shareholder with a substantial shareholding in the company;","page_number":200,"box":{"x":93,"y":803,"width":793,"height":11}},{"id":"30e86802-0c65-4223-a1cf-b071e1b69a16","block_type":"box","text":"interlocking directorships; lengthy tenure, and having any other interest, business, or other relationship which","page_number":200,"box":{"x":94,"y":818,"width":778,"height":11}},{"id":"403a05be-e0e3-4779-b9a3-bab3ab8c7865","block_type":"box","text":"could, or could reasonably be perceived to, materially interfere with a director’s ability to act in the best interests","page_number":200,"box":{"x":93,"y":833,"width":807,"height":11}},{"id":"faaadaef-734c-4128-9759-5740ff4b9957","block_type":"box","text":"of the company and shareholders.","page_number":200,"box":{"x":93,"y":848,"width":242,"height":11}},{"id":"d65b64c6-d3e9-4c90-8143-f172b231edc4","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":200,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"15c75a73-f252-4162-8a30-a49596ebfdcf","block_type":"box","text":"Global Engagement and Voting Guidelines | 6","page_number":200,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"26951a9b-d9ad-4cd1-9a27-4440c2ad6d10","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":200,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"fd3b9eeb-73f4-437b-bff9-7681fec2077b","block_type":"box","text":"Independent board leadership","page_number":201,"box":{"x":70,"y":45,"width":212,"height":11}},{"id":"6151df8c-7cbe-48df-84e1-d34daca9394f","block_type":"box","text":"Practices across markets differ, as do board structures, but we observe two main approaches to independent","page_number":201,"box":{"x":102,"y":63,"width":784,"height":11}},{"id":"ada9675e-e2f2-4b7d-86e5-c0a5dc08a354","block_type":"box","text":"board leadership. One is a non-executive, independent chair of the board who is responsible for leading the board in","page_number":201,"box":{"x":69,"y":78,"width":827,"height":11}},{"id":"8f2bc515-3692-4992-8bae-bf25130148c5","block_type":"box","text":"the effective exercise of its duties. The other is a lead or senior independent director, who is responsible for","page_number":201,"box":{"x":68,"y":93,"width":774,"height":11}},{"id":"563e1c80-b5c7-4e10-8973-819d36ef7103","block_type":"box","text":"coordinating with the other non-executive directors and working closely with the executive chair on the board agenda","page_number":201,"box":{"x":69,"y":108,"width":826,"height":11}},{"id":"c8a887f5-31e0-42e0-87f2-ad936ecaff39","block_type":"box","text":"and other board procedures. In this case, the executive chair and the lead independent director work together to","page_number":201,"box":{"x":69,"y":123,"width":801,"height":11}},{"id":"aa9d6342-bdc0-4ee2-9f65-4703cb4c5285","block_type":"box","text":"ensure the board is effectively fulfilling its responsibilities. In our view, the independent leader of the board, and/or","page_number":201,"box":{"x":69,"y":138,"width":823,"height":11}},{"id":"53242db5-388c-4117-8ff0-4ca7a3b72305","block_type":"box","text":"the chair of a relevant committee, should be available to investors to discuss governance matters such as CEO","page_number":201,"box":{"x":68,"y":152,"width":793,"height":12}},{"id":"9a5a8c23-fe68-4d2a-a82e-dd471002ec0a","block_type":"box","text":"succession, executive pay, and board performance. We look to boards to explain their board leadership model and","page_number":201,"box":{"x":69,"y":167,"width":816,"height":11}},{"id":"29678194-3e65-4d37-9e2a-19332693bd59","block_type":"box","text":"how it serves the interests of shareholders.","page_number":201,"box":{"x":69,"y":182,"width":311,"height":9}},{"id":"c4891298-c0c6-4f0e-a163-48cff7fc2562","block_type":"box","text":"We may vote against the election of the chair of the committee responsible for board composition if there is not","page_number":201,"box":{"x":101,"y":201,"width":798,"height":11}},{"id":"7eb84a94-cec9-472f-be2f-e89170782005","block_type":"box","text":"an identified independent leader of the board with clear responsibilities for board performance. We may vote against","page_number":201,"box":{"x":69,"y":216,"width":831,"height":11}},{"id":"34c22e6c-0b8b-4e63-a637-beb04579ce61","block_type":"box","text":"the most senior independent director if the board has a policy of not engaging with shareholders.","page_number":201,"box":{"x":68,"y":231,"width":691,"height":11}},{"id":"e45abc90-b83b-4c41-b134-544b74c2ea90","block_type":"box","text":"Tenure and succession","page_number":201,"box":{"x":70,"y":253,"width":162,"height":9}},{"id":"30560304-84ae-4f5c-8849-d48aa07f2e26","block_type":"box","text":"In our view, it is good practice for boards to establish the length of time a director would normally be expected to","page_number":201,"box":{"x":102,"y":272,"width":803,"height":11}},{"id":"05c8155b-547a-422c-99b4-a7dd7549820c","block_type":"box","text":"serve, in line with market norms where those exist. We find it helpful when companies disclose their approach to","page_number":201,"box":{"x":69,"y":286,"width":805,"height":11}},{"id":"6e38bab8-8570-4f9a-a8cf-c3998b81b57b","block_type":"box","text":"director tenure particularly around the contributions of directors who have served for longer periods than typically","page_number":201,"box":{"x":69,"y":301,"width":806,"height":12}},{"id":"56e670a0-f34a-4c5c-97c1-ab18801549b2","block_type":"box","text":"provided for under local practice. In our experience, long-serving directors could become less independent given their","page_number":201,"box":{"x":70,"y":316,"width":833,"height":12}},{"id":"73dd0fe6-5669-4f2a-aeed-41a8b8324259","block_type":"box","text":"long-term relationship with management and involvement in past board decisions.","page_number":201,"box":{"x":70,"y":331,"width":581,"height":11}},{"id":"bd4b9294-da8e-406a-aed1-b673af35f899","block_type":"box","text":"Succession planning for board roles helps achieve the appropriate cadence of turnover that balances renewal","page_number":201,"box":{"x":102,"y":350,"width":779,"height":11}},{"id":"3490a2b7-a91c-48f3-adaf-2703509c6325","block_type":"box","text":"through the regular introduction of directors with fresh perspectives and expertise with continuity through the","page_number":201,"box":{"x":68,"y":365,"width":777,"height":11}},{"id":"8351df1b-acfb-4001-8d0a-d4f65cd55681","block_type":"box","text":"retention of directors with long-term knowledge of the board and company.","page_number":201,"box":{"x":69,"y":379,"width":528,"height":12}},{"id":"09432988-af97-4e4a-b947-996ffbdfb60a","block_type":"box","text":"In markets where there is not specific director tenure guidance from regulation or corporate governance best","page_number":201,"box":{"x":102,"y":398,"width":774,"height":11}},{"id":"70414305-0b1c-43e2-bf73-4c8bc9ee0ac0","block_type":"box","text":"practices, we may vote against the election of the chair of the committee responsible for board composition if a","page_number":201,"box":{"x":70,"y":413,"width":795,"height":11}},{"id":"7133c629-1f47-4e6b-a3ce-59c1f01c615e","block_type":"box","text":"company does not clearly disclose its approach to director tenure and board renewal. We may vote against the","page_number":201,"box":{"x":69,"y":428,"width":788,"height":11}},{"id":"41a14c21-f940-4d6e-b391-e3a02ca555f7","block_type":"box","text":"election of directors who have served for more years than is typical in markets with specific guidance, where the case","page_number":201,"box":{"x":69,"y":443,"width":839,"height":11}},{"id":"32fe320c-475d-4103-a679-3537a97ebdb0","block_type":"box","text":"for their continued service is not evident.","page_number":201,"box":{"x":68,"y":458,"width":292,"height":9}},{"id":"a552465d-52c5-4fb3-98c7-b4e493f0f665","block_type":"box","text":"Capacity","page_number":201,"box":{"x":70,"y":480,"width":60,"height":11}},{"id":"f5837ef7-5315-43bf-9cdc-477e8ccde54c","block_type":"box","text":"To be effective and engaged, directors need to have the time and energy to commit to the role. In our view, an","page_number":201,"box":{"x":101,"y":499,"width":784,"height":11}},{"id":"b2badd16-2fe2-43cb-a747-fa9820adb1cd","block_type":"box","text":"effective board will assess the ability of its members to maintain an appropriate focus on board matters and the","page_number":201,"box":{"x":69,"y":513,"width":801,"height":12}},{"id":"0cd691c9-98f9-4a7c-a2b8-115f8ac541b6","block_type":"box","text":"company taking into consideration competing responsibilities. We recognize that board leadership roles vary across","page_number":201,"box":{"x":69,"y":529,"width":823,"height":11}},{"id":"afef7433-d018-4d0b-a0a1-3c067bad5f89","block_type":"box","text":"markets in responsibilities and required time commitment but note that they are generally more intensive than a","page_number":201,"box":{"x":69,"y":543,"width":800,"height":11}},{"id":"b6940643-fcee-43ae-8682-1feeada2e8db","block_type":"box","text":"standard directorship. We will take local norms and practices into consideration when making our voting","page_number":201,"box":{"x":69,"y":558,"width":741,"height":11}},{"id":"2ae406b7-ae7a-4ca8-820a-7e51ad7a350a","block_type":"box","text":"determinations across markets.","page_number":201,"box":{"x":69,"y":573,"width":226,"height":9}},{"id":"bbde3f4c-1e2c-4cd8-9fe1-6c4608055f0f","block_type":"box","text":"We may vote against the election of directors who do not seem to have sufficient capacity to effectively fulfill","page_number":201,"box":{"x":101,"y":592,"width":776,"height":11}},{"id":"da983b8c-9a78-4701-88f8-345629deef9a","block_type":"box","text":"their duties to the board and company.","page_number":201,"box":{"x":68,"y":607,"width":275,"height":11}},{"id":"726d7634-3506-478e-9164-30aa2c6302e6","block_type":"box","text":"Director elections","page_number":201,"box":{"x":70,"y":629,"width":124,"height":9}},{"id":"777ace1c-0072-40d0-b38d-a4ec7bc29115","block_type":"box","text":"Regular election of directors, ideally annually, supports director accountability to shareholders. A classified board","page_number":201,"box":{"x":102,"y":647,"width":805,"height":12}},{"id":"97671333-724f-4b20-9d1e-7338255c4358","block_type":"box","text":"structure","page_number":201,"box":{"x":69,"y":663,"width":63,"height":8}},{"id":"17d296f8-988a-4c30-9541-aa6aa14d0a6d","block_type":"box","text":"8","page_number":201,"box":{"x":133,"y":663,"width":4,"height":4}},{"id":"c86ba178-c23e-4ffd-98bf-db6e838d7c8c","block_type":"box","text":"may be justified by a company when it needs consistency and stability during a time of transition, or on the","page_number":201,"box":{"x":144,"y":662,"width":761,"height":12}},{"id":"79db8ef5-6031-45c5-91cc-db839ba746d1","block_type":"box","text":"basis of its business model (","page_number":201,"box":{"x":69,"y":677,"width":206,"height":11}},{"id":"ff515472-dd60-4c71-8410-e581cabfe345","block_type":"box","text":"e.g.","page_number":201,"box":{"x":277,"y":679,"width":24,"height":10}},{"id":"cb749922-6bda-4de5-ad42-fdc331b894e1","block_type":"box","text":", a non-operating company such as closed-end funds).","page_number":201,"box":{"x":304,"y":677,"width":382,"height":12}},{"id":"18d19e5f-0256-419e-9cb0-183bd1d9a22e","block_type":"box","text":"Shareholders should have the opportunity to evaluate nominated directors individually rather than in bundled","page_number":201,"box":{"x":102,"y":696,"width":774,"height":11}},{"id":"e3b939c0-2ca5-421d-a5f9-95c062d996a9","block_type":"box","text":"slates. We look to companies to provide sufficient information on each director standing for election so that","page_number":201,"box":{"x":69,"y":711,"width":770,"height":11}},{"id":"db6b40d9-a072-4da5-86e4-5a0e16077cd1","block_type":"box","text":"shareholders can assess their capabilities and suitability. We will generally not support the election of directors","page_number":201,"box":{"x":69,"y":726,"width":794,"height":11}},{"id":"33168ef8-75f9-4dbe-a3d9-4a508efc18be","block_type":"box","text":"whose names and biographical details have not been disclosed sufficiently in advance of the shareholder meeting.","page_number":201,"box":{"x":68,"y":740,"width":818,"height":12}},{"id":"2524105d-c352-4ba2-86a6-14e2c149a554","block_type":"box","text":"Each director’s appointment should be dependent on receiving a simple majority of the votes cast at the","page_number":201,"box":{"x":102,"y":759,"width":743,"height":11}},{"id":"6b490af0-cb24-43af-82ad-5ef777220eb0","block_type":"box","text":"shareholder meeting. Where a company’s practices differ, we look to the board to provide a detailed explanation as","page_number":201,"box":{"x":69,"y":774,"width":823,"height":11}},{"id":"ec170c6f-8c70-46df-b2fa-249f088dae5b","block_type":"box","text":"to how its approach best serves investors’ interests.","page_number":201,"box":{"x":68,"y":789,"width":377,"height":11}},{"id":"1fb16759-de4e-42b9-ab34-2987ba7ab80a","block_type":"box","text":"We may vote for shareholder or management proposals seeking to establish annual election of directors and/or","page_number":201,"box":{"x":101,"y":807,"width":798,"height":12}},{"id":"fecc1d27-15d3-4835-b622-85bdfb10f5c9","block_type":"box","text":"a simple majority vote standard for director elections. We may vote against all the directors standing for election as","page_number":201,"box":{"x":69,"y":822,"width":822,"height":12}},{"id":"2c203f89-6d66-4419-a610-ee8622bfdbe4","block_type":"box","text":"part of a single slate if we have concerns about the profile or performance of an individual director.","page_number":201,"box":{"x":70,"y":837,"width":706,"height":12}},{"id":"1d4d9cfe-5b18-4646-b36b-a4d3c732ac2d","block_type":"box","text":"8","page_number":201,"box":{"x":69,"y":867,"width":4,"height":4}},{"id":"f058f67c-73fa-4122-9840-868ed5ecf628","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":201,"box":{"x":78,"y":866,"width":818,"height":12}},{"id":"3a36c1ec-8464-4b4f-a20d-bc7fcf2aa41c","block_type":"box","text":"directors stands for election in any one year.","page_number":201,"box":{"x":69,"y":882,"width":315,"height":11}},{"id":"8feb4570-aa6e-4826-81cc-4b51312dbe6d","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":201,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"7ece7daa-be65-4031-a2c8-f642a371997c","block_type":"box","text":"Global Engagement and Voting Guidelines | 7","page_number":201,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"09a0e7e3-598e-4cd9-987e-fb6e950fdce6","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":201,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"96f6cd72-ffb1-4dfd-8b8b-438a106bc366","block_type":"box","text":"Committees","page_number":202,"box":{"x":70,"y":45,"width":84,"height":9}},{"id":"5ec2ce20-7096-47ef-bb50-a04bbd044d00","block_type":"box","text":"Many boards establish committees to focus on specific responsibilities of the board such as audit and risk,","page_number":202,"box":{"x":102,"y":63,"width":766,"height":11}},{"id":"3509c106-8b1d-4077-ad46-5f4535f9e7d4","block_type":"box","text":"governance and human capital, and executive compensation, amongst other matters. We do not prescribe to","page_number":202,"box":{"x":68,"y":78,"width":776,"height":11}},{"id":"76815aaf-99a6-47b4-95de-88036382fc47","block_type":"box","text":"companies what committees they should establish, but we seek to understand the board’s rationale for the","page_number":202,"box":{"x":69,"y":93,"width":766,"height":11}},{"id":"78da4af5-bc7b-49fd-a88d-e97d7a607d84","block_type":"box","text":"committee structure it determines is appropriate. We note that, in some markets, regulation requires such","page_number":202,"box":{"x":69,"y":108,"width":759,"height":11}},{"id":"3d5642dc-09e8-4525-9d66-f747b7944864","block_type":"box","text":"committees. The responsibilities of each committee should be clear, and the board should ensure that all critical","page_number":202,"box":{"x":69,"y":123,"width":804,"height":11}},{"id":"0ca7eab6-a205-4df7-ad6d-66bba57586ce","block_type":"box","text":"matters are assigned either to the full board or to one of the committees. It is helpful to investor understanding when","page_number":202,"box":{"x":69,"y":138,"width":837,"height":11}},{"id":"081ea197-2268-4631-a9a6-c068ac11647c","block_type":"box","text":"the board discloses the structure, membership, proportion of independent directors, and responsibilities of each","page_number":202,"box":{"x":68,"y":152,"width":806,"height":11}},{"id":"6170d3e6-2f37-45c0-8d6b-df98afd364e4","block_type":"box","text":"committee. The responsibilities we typically see assigned to the three most common committees include:","page_number":202,"box":{"x":69,"y":168,"width":752,"height":11}},{"id":"8ab8e6e3-3fb7-418e-baad-003a5baf47cc","block_type":"box","text":"•","page_number":202,"box":{"x":69,"y":188,"width":6,"height":4}},{"id":"b51867c5-ee4d-4f18-858e-504422eb0394","block_type":"box","text":"Audit and risk – oversight responsibilities for the integrity of financial reporting, risk management and","page_number":202,"box":{"x":101,"y":185,"width":722,"height":11}},{"id":"b1f38fe4-a356-4c74-a347-5f347b1c08f6","block_type":"box","text":"compliance with legal and regulatory requirements; may also play an oversight role in relation to the internal","page_number":202,"box":{"x":101,"y":200,"width":771,"height":11}},{"id":"f45383c6-146c-4a56-bbc8-0ca09236ad24","block_type":"box","text":"audit function and whistleblowing mechanisms.","page_number":202,"box":{"x":102,"y":214,"width":335,"height":12}},{"id":"f49ccf77-7b9f-4a93-b70d-7f83168b6a22","block_type":"box","text":"•","page_number":202,"box":{"x":69,"y":235,"width":6,"height":4}},{"id":"65d4f636-0aba-46e1-b8dd-9d75987a7317","block_type":"box","text":"Nominating, governance and human capital – oversight responsibilities for corporate governance principles and","page_number":202,"box":{"x":102,"y":232,"width":790,"height":11}},{"id":"347b83cb-a7c1-4925-be35-e0cb9902610e","block_type":"box","text":"practices of the company, including the periodic review of board performance; responsibility for succession","page_number":202,"box":{"x":102,"y":247,"width":761,"height":11}},{"id":"6b3e3486-cca9-4beb-89b6-209bd69ffdb6","block_type":"box","text":"planning for CEO and key board roles, as well as the director appointment process; may also have oversight","page_number":202,"box":{"x":102,"y":262,"width":769,"height":11}},{"id":"121558ab-d676-4766-a7de-5f0fd10462b7","block_type":"box","text":"responsibilities for human capital management strategies, including corporate culture and purpose.","page_number":202,"box":{"x":102,"y":276,"width":707,"height":12}},{"id":"8e2b26da-05aa-4b8f-bbf6-82ac4555c354","block_type":"box","text":"•","page_number":202,"box":{"x":69,"y":297,"width":6,"height":4}},{"id":"ed8418a7-0ce7-4ff1-8426-f40e6d146571","block_type":"box","text":"Executive compensation – determines the compensation policies and programs for the CEO and other executive","page_number":202,"box":{"x":102,"y":294,"width":796,"height":11}},{"id":"8a5a855b-8259-4447-8d7f-19f5589ed3a7","block_type":"box","text":"officers, approves annual awards and payments under the policies; may also have oversight responsibilities for","page_number":202,"box":{"x":102,"y":309,"width":793,"height":11}},{"id":"19f17fef-32a2-4c45-afb3-772e1da247ef","block_type":"box","text":"firm-wide compensation policies.","page_number":202,"box":{"x":101,"y":323,"width":232,"height":11}},{"id":"f0bb78ac-16d2-4bd4-a840-44c5a4c12ddd","block_type":"box","text":"We may vote against the election of the chair of the committee or other directors serving as committee members","page_number":202,"box":{"x":101,"y":342,"width":807,"height":11}},{"id":"1f88a70b-8c42-4f47-a157-1692453d90f5","block_type":"box","text":"to convey concerns about how a committee has undertaken its responsibilities. We may vote against the election of","page_number":202,"box":{"x":68,"y":357,"width":828,"height":11}},{"id":"6b6f1059-ed8f-4e21-843b-6615ebae3974","block_type":"box","text":"the most senior non-executive director if there is not a clearly disclosed approach to board committees.","page_number":202,"box":{"x":68,"y":372,"width":738,"height":11}},{"id":"cf4e7ce6-8f45-45e8-a503-1b1910f42445","block_type":"box","text":"Board and director evaluation","page_number":202,"box":{"x":70,"y":395,"width":209,"height":8}},{"id":"29596935-7ae9-4951-9e04-316a429e3b93","block_type":"box","text":"We consider it best practice for companies to conduct an annual review of the performance of the board, the","page_number":202,"box":{"x":101,"y":413,"width":776,"height":11}},{"id":"b105f48b-17cb-48ac-a60d-deb99825c5d6","block_type":"box","text":"committees, the chair and individual directors. Periodically, this review could be undertaken by an independent third","page_number":202,"box":{"x":69,"y":428,"width":825,"height":11}},{"id":"97d3e5c2-89db-4101-ab2b-4cef6467404c","block_type":"box","text":"party able to bring objective perspectives to the board on governance and performance. We encourage companies to","page_number":202,"box":{"x":70,"y":443,"width":831,"height":11}},{"id":"fd0523ed-70b1-4c0e-b923-6ebc31a839a1","block_type":"box","text":"disclose their approach to and the objectives of evaluations, including any changes made to the board’s approach as","page_number":202,"box":{"x":69,"y":458,"width":835,"height":11}},{"id":"93874849-bf86-4775-88a7-a589ccc546c6","block_type":"box","text":"a result.","page_number":202,"box":{"x":69,"y":473,"width":57,"height":8}},{"id":"787b94a6-6205-4d4a-a0a0-607e86f0b76c","block_type":"box","text":"Access to independent advice","page_number":202,"box":{"x":68,"y":495,"width":214,"height":11}},{"id":"0fa76f8a-a78b-479a-a1f9-12cfcf41a47f","block_type":"box","text":"To support the directors in effectively fulfilling their duties to the company and shareholders, they should have","page_number":202,"box":{"x":101,"y":513,"width":786,"height":12}},{"id":"a6c00f79-8ed0-404a-8b0d-e33305caa773","block_type":"box","text":"access to independent advice. In certain circumstances, it may be helpful to boards to retain independent third","page_number":202,"box":{"x":69,"y":528,"width":793,"height":11}},{"id":"67b08005-d886-4b76-8572-afd63c28645b","block_type":"box","text":"parties to advise on critical matters. These might include new industry developments such as emergent and","page_number":202,"box":{"x":70,"y":543,"width":770,"height":11}},{"id":"57d9c9f5-ea4b-4f39-b35e-c9b3e298adbd","block_type":"box","text":"disruptive technology, operating events with material consequences for the company’s reputation and/or","page_number":202,"box":{"x":69,"y":558,"width":746,"height":11}},{"id":"0e9d3537-350a-4c03-922f-13a94cadecdb","block_type":"box","text":"performance, or significant transactions. Board committees may similarly retain third parties to advise them on","page_number":202,"box":{"x":70,"y":573,"width":793,"height":11}},{"id":"663632bf-1a1c-4c6f-84c8-5d5c9b6b529f","block_type":"box","text":"specialist matters such as audit, compensation and succession planning.","page_number":202,"box":{"x":69,"y":588,"width":524,"height":11}},{"id":"2e6a0eb2-0c41-49be-8a28-eb2d83df0a99","block_type":"box","text":"EXECUTIVE COMPENSATION","page_number":202,"box":{"x":385,"y":618,"width":207,"height":9}},{"id":"0fd02e98-e38f-46ed-b880-3e839a59dfed","block_type":"box","text":"Boards play an important role in establishing compensation arrangements that enable the company to recruit,","page_number":202,"box":{"x":102,"y":637,"width":784,"height":11}},{"id":"ceccdddd-fc5d-4820-b250-c9d5627440c4","block_type":"box","text":"retain and reward the caliber of executive management necessary to lead and operate the company to deliver","page_number":202,"box":{"x":69,"y":652,"width":782,"height":11}},{"id":"7c9297be-6c8c-4858-b63d-754313191db3","block_type":"box","text":"superior financial returns over time. We focus on alignment between variable pay and a company’s financial","page_number":202,"box":{"x":69,"y":666,"width":766,"height":12}},{"id":"edd14494-4cb8-4ab1-8c95-77169d6da607","block_type":"box","text":"performance.","page_number":202,"box":{"x":70,"y":681,"width":93,"height":11}},{"id":"e3ab544c-3e3b-4239-a6e3-8e601e182cb2","block_type":"box","text":"Generally, executive compensation arrangements have four components: base salary, annual bonus that rewards","page_number":202,"box":{"x":102,"y":700,"width":805,"height":11}},{"id":"78bd833d-e53c-44f5-96b7-71838124bf73","block_type":"box","text":"performance against short-term metrics, incentives – most often share-based that reward performance against long","page_number":202,"box":{"x":70,"y":715,"width":831,"height":11}},{"id":"6a7571b1-9d50-4069-9891-172a24d80a1a","block_type":"box","text":"term metrics, and pensions and benefits. In our observation, base salary, pensions and benefits are largely set","page_number":202,"box":{"x":68,"y":730,"width":798,"height":11}},{"id":"66c84478-e407-4624-85ef-2069603562db","block_type":"box","text":"relative to market norms and benchmarks. The annual bonus and share-based incentive, or variable pay plans, tend","page_number":202,"box":{"x":69,"y":745,"width":824,"height":11}},{"id":"6e7b4d73-6f49-4c60-8b66-25a0f5cf49cc","block_type":"box","text":"to be tailored to the company, its sector and long-term strategy, as well as the individuals the board is seeking to","page_number":202,"box":{"x":68,"y":760,"width":807,"height":11}},{"id":"41b4b630-115c-4832-80bc-1c86e16ac6ba","block_type":"box","text":"recruit and motivate.","page_number":202,"box":{"x":69,"y":774,"width":146,"height":9}},{"id":"b7155474-796b-4cff-afff-37c2b0e31043","block_type":"box","text":"Recognizing the unique circumstances of each company, we determine whether to support a company’s","page_number":202,"box":{"x":102,"y":793,"width":739,"height":11}},{"id":"ae34306e-666a-4e98-b733-3cddbc43163a","block_type":"box","text":"approach to executive compensation on a case-by-case basis. We rely on companies providing sufficient quantitative","page_number":202,"box":{"x":69,"y":808,"width":831,"height":11}},{"id":"58a49ca7-c423-4ba4-9a46-fa397d671a66","block_type":"box","text":"and qualitative information in their disclosures to enable shareholders to understand the compensation","page_number":202,"box":{"x":69,"y":823,"width":737,"height":11}},{"id":"b229c7a1-0c3c-45e3-ad03-a9c62c82eaa1","block_type":"box","text":"arrangements and assess the alignment with investors’ interests. Features we look for in compensation","page_number":202,"box":{"x":69,"y":837,"width":741,"height":12}},{"id":"f83b30f0-b613-4fa8-b0dc-9827dac36d50","block_type":"box","text":"arrangements include:","page_number":202,"box":{"x":69,"y":853,"width":157,"height":11}},{"id":"a9d9b6cf-73f5-4fcf-94eb-f22df3e31c61","block_type":"box","text":"•","page_number":202,"box":{"x":69,"y":873,"width":6,"height":4}},{"id":"24e2779e-6a77-43d0-b1f3-7e8d609d7763","block_type":"box","text":"Fixed pay components, including base salary, benefits and prerequisites that are appropriate in the context of","page_number":202,"box":{"x":102,"y":870,"width":783,"height":11}},{"id":"8b7975ad-f914-4479-a8e1-20c4afd31819","block_type":"box","text":"the company’s size, sector and market.","page_number":202,"box":{"x":101,"y":885,"width":280,"height":11}},{"id":"d27b712d-d578-4f55-acb0-de482e0830cc","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":202,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"a51a810d-0347-49a5-b7e0-4b8c8bcc1c77","block_type":"box","text":"Global Engagement and Voting Guidelines | 8","page_number":202,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"8ce2da71-183b-4212-88b7-fdedba25c773","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":202,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"dea503bb-78cc-4def-b2f9-aecaeb315b1b","block_type":"box","text":"•","page_number":203,"box":{"x":69,"y":48,"width":6,"height":4}},{"id":"48c01249-2034-47f6-8517-af9d007edb73","block_type":"box","text":"Variable pay subject to performance metrics that are closely linked to the company’s short- and long-term","page_number":203,"box":{"x":101,"y":45,"width":752,"height":11}},{"id":"83d69f67-b259-4fe2-9c29-447c63c03df2","block_type":"box","text":"strategic objectives.","page_number":203,"box":{"x":102,"y":60,"width":140,"height":11}},{"id":"b3ad2298-92de-4e7e-9dcd-e41d8205f995","block_type":"box","text":"•","page_number":203,"box":{"x":69,"y":80,"width":6,"height":4}},{"id":"6cad7f09-b49c-4adc-855e-13b0d07d2cce","block_type":"box","text":"Long-term incentives that motivate sustained performance across a multi-year period.","page_number":203,"box":{"x":102,"y":77,"width":609,"height":11}},{"id":"1ffa581d-ef71-41e3-ac0b-55fd9c3796be","block_type":"box","text":"•","page_number":203,"box":{"x":69,"y":97,"width":6,"height":5}},{"id":"e558fafa-ce17-4299-aff9-720e049d5119","block_type":"box","text":"A balance between fixed and variable pay, short- and long-term incentives, and specific instruments (cash and","page_number":203,"box":{"x":101,"y":94,"width":784,"height":12}},{"id":"68e81b53-ec8b-4f98-9a49-55e6f731b8c5","block_type":"box","text":"equity awards) that promotes pay program durability and seldom necessitates one-off, discretionary payments.","page_number":203,"box":{"x":101,"y":109,"width":790,"height":11}},{"id":"8c0b6ac2-2e5d-4f76-940d-b38d9f359d41","block_type":"box","text":"•","page_number":203,"box":{"x":69,"y":129,"width":6,"height":5}},{"id":"d75dc618-f497-41fb-9b37-16fe0fa5c34f","block_type":"box","text":"Pay outcomes that are consistent with the returns to investors over the relevant time period.","page_number":203,"box":{"x":102,"y":127,"width":658,"height":11}},{"id":"83e4eac3-0f62-4b5d-863e-cb3698f89ef6","block_type":"box","text":"•","page_number":203,"box":{"x":69,"y":147,"width":6,"height":4}},{"id":"59cfaf64-7b89-4788-97ff-f89b7fa3ae7c","block_type":"box","text":"Board discretion, if allowed within the variable pay arrangements, to be used sparingly, responsibly and","page_number":203,"box":{"x":102,"y":144,"width":735,"height":11}},{"id":"2abe687c-5ff7-4278-9e57-43a508e17def","block_type":"box","text":"transparently.","page_number":203,"box":{"x":101,"y":159,"width":95,"height":11}},{"id":"a690ffd2-f48c-435f-90a0-0bb8e7b4a25b","block_type":"box","text":"•","page_number":203,"box":{"x":69,"y":179,"width":6,"height":5}},{"id":"7cb150e5-1168-4b2d-bab6-f609d00aae6e","block_type":"box","text":"A requirement, that participants in long-term share-based incentive plans build a meaningful shareholding in the","page_number":203,"box":{"x":101,"y":176,"width":798,"height":11}},{"id":"3b1c60bc-61c2-46d3-b9c9-961b761e6df3","block_type":"box","text":"company within a defined time period, as determined by the board or relevant board committee.","page_number":203,"box":{"x":101,"y":191,"width":683,"height":11}},{"id":"5999aad5-bbaa-43c1-8a6a-66ecb2bd20c0","block_type":"box","text":"•","page_number":203,"box":{"x":69,"y":211,"width":6,"height":5}},{"id":"f2d1ef97-6221-4132-a7b4-379766f21bed","block_type":"box","text":"Change of control provisions that appropriately balance the interests of executives and shareholders.","page_number":203,"box":{"x":102,"y":208,"width":720,"height":12}},{"id":"c28186d3-2c10-44d2-8ef8-9ea518d7151f","block_type":"box","text":"•","page_number":203,"box":{"x":69,"y":229,"width":6,"height":4}},{"id":"bf8dd9d9-e4fe-416c-8d84-53cf15293140","block_type":"box","text":"Clawback or malus provisions that allow the company to recoup or hold back variable compensation from","page_number":203,"box":{"x":102,"y":226,"width":747,"height":11}},{"id":"8d53b238-830b-4d1f-ab8e-0fe5b6fb25be","block_type":"box","text":"individuals whose awards were based on fraudulent activities, misstated financial reports, or executive","page_number":203,"box":{"x":102,"y":241,"width":733,"height":11}},{"id":"569bd304-10c5-4739-9b00-f07a1fb39cf3","block_type":"box","text":"misconduct.","page_number":203,"box":{"x":102,"y":256,"width":84,"height":8}},{"id":"3148a7fe-c2dd-4453-81b6-2907eedfa4b4","block_type":"box","text":"•","page_number":203,"box":{"x":69,"y":276,"width":6,"height":4}},{"id":"f0060f6c-cf11-437e-a7de-c2d4ddc857b9","block_type":"box","text":"Severance arrangements that protect the company’s interests but do not cost more than is contractual.","page_number":203,"box":{"x":102,"y":273,"width":738,"height":11}},{"id":"35ded06c-3445-4834-ae15-65b33cc90bda","block_type":"box","text":"We may vote against proposals to introduce new share-based incentives, approve existing policies or plans, or","page_number":203,"box":{"x":101,"y":292,"width":787,"height":11}},{"id":"91e579bb-487c-45a6-971f-57b451c3ce79","block_type":"box","text":"approve the compensation report where we do not see alignment between executive compensation arrangements","page_number":203,"box":{"x":69,"y":307,"width":810,"height":11}},{"id":"f8ea6e69-69aa-41eb-9c84-0a26b541ac70","block_type":"box","text":"and our clients’ financial interests. When there is not an alternative, or where there have been multi-year issues with","page_number":203,"box":{"x":69,"y":321,"width":831,"height":11}},{"id":"102b4640-9513-47ed-8afc-d9a7455298cd","block_type":"box","text":"compensation misaligned with performance, we may vote against the election of the chair of the responsible","page_number":203,"box":{"x":69,"y":336,"width":775,"height":11}},{"id":"095cd73c-18ce-4a21-9a55-e3d453a4f6f2","block_type":"box","text":"committee, or the most senior independent director.","page_number":203,"box":{"x":69,"y":351,"width":371,"height":11}},{"id":"9fcea013-6f4c-4438-adc5-b29ba12effb2","block_type":"box","text":"NON-EXECUTIVE DIRECTOR COMPENSATION","page_number":203,"box":{"x":326,"y":381,"width":325,"height":9}},{"id":"c2c65e68-8645-4839-a926-670431c49a7e","block_type":"box","text":"Companies generally pay non-executive directors an annual retainer or fee in cash, shares or a combination of","page_number":203,"box":{"x":102,"y":400,"width":785,"height":11}},{"id":"91fc7da6-54e5-452b-84c1-a5ed0be99216","block_type":"box","text":"the two. Some companies also pay additional fees for service on board committees or in board leadership roles. We","page_number":203,"box":{"x":68,"y":415,"width":831,"height":11}},{"id":"978a7bfa-3d65-4fdd-b0d6-ba1eb1014619","block_type":"box","text":"do not support non-executive directors participating in performance-based incentive plans as doing so may create a","page_number":203,"box":{"x":69,"y":430,"width":825,"height":11}},{"id":"22e73865-5a50-4927-a079-42fc9b7d3545","block_type":"box","text":"conflict of interest and undermine their independence from management, whom they oversee.","page_number":203,"box":{"x":69,"y":444,"width":668,"height":12}},{"id":"07d270a2-bc0f-47c0-9cca-91d5b9293180","block_type":"box","text":"CAPITAL STRUCTURE","page_number":203,"box":{"x":411,"y":475,"width":156,"height":8}},{"id":"560d8297-7728-41be-8539-6580df74219c","block_type":"box","text":"Boards are responsible for ensuring senior executive leadership has established a capital strategy that achieves","page_number":203,"box":{"x":102,"y":493,"width":800,"height":12}},{"id":"38a3bb3a-1ccc-4796-ac51-366d9bd27e0b","block_type":"box","text":"appropriate capital allocation in support of long-term financial resilience.","page_number":203,"box":{"x":69,"y":508,"width":516,"height":11}},{"id":"8c19e4fd-81a6-4634-a47c-7d1c9520bf1f","block_type":"box","text":"Where company practices diverge from those set out below, we look for companies to disclose why they view","page_number":203,"box":{"x":101,"y":527,"width":776,"height":11}},{"id":"bc21ba5a-1d44-40ee-b0a5-5dd3eb76e2e6","block_type":"box","text":"these practices to be aligned with shareholders’ interests. We may vote against management proposals seeking","page_number":203,"box":{"x":68,"y":542,"width":803,"height":11}},{"id":"34038474-5817-4dfc-bae2-2ba147ef9aed","block_type":"box","text":"capital-related authorities, or the election of the most senior independent director, if we have concerns about a","page_number":203,"box":{"x":69,"y":557,"width":790,"height":11}},{"id":"3955e818-e2e4-4554-ace7-25e75ef1d9b5","block_type":"box","text":"company’s approach. We may also support a shareholder proposal seeking conversion of shares with differentiated","page_number":203,"box":{"x":69,"y":571,"width":825,"height":12}},{"id":"d4342b19-3c19-451a-b999-5250d7905b66","block_type":"box","text":"voting rights to a one-share, one-vote standard.","page_number":203,"box":{"x":68,"y":587,"width":336,"height":11}},{"id":"f8d1a877-669d-484a-b394-4c91e768564b","block_type":"box","text":"Share issuance","page_number":203,"box":{"x":68,"y":609,"width":111,"height":9}},{"id":"ff8f4c54-33a3-4c4b-986c-ecb9493365c9","block_type":"box","text":"We assess requests for share issuance for particular transactions on a case-by-case basis. We will generally","page_number":203,"box":{"x":101,"y":627,"width":776,"height":12}},{"id":"97c0cc17-8d8f-4c84-9765-5d2e4c3fb270","block_type":"box","text":"support authorities to issue shares when subject to pre-emptive rights, and up to 20% absent pre-emptive rights. We","page_number":203,"box":{"x":69,"y":642,"width":832,"height":12}},{"id":"12119f92-0513-4aa0-8312-d36c737dd10e","block_type":"box","text":"consider it good practice for companies to seek regular approval of these authorities to allow shareholders to take","page_number":203,"box":{"x":69,"y":657,"width":815,"height":11}},{"id":"48937d72-afe7-4217-bce5-729bba26af94","block_type":"box","text":"into consideration how prior authorities were used, as well as the current circumstances of the company and the","page_number":203,"box":{"x":70,"y":672,"width":802,"height":11}},{"id":"f38bc6a1-7ed8-49b0-b4a4-7b0d2e95c292","block_type":"box","text":"market environment.","page_number":203,"box":{"x":69,"y":687,"width":145,"height":9}},{"id":"eaf4aea5-5768-4bb2-a97a-1c4e0fdaa94b","block_type":"box","text":"Share buybacks","page_number":203,"box":{"x":68,"y":709,"width":116,"height":11}},{"id":"958db462-2b03-4b6e-83f7-905d30a9adc7","block_type":"box","text":"We assess share buyback proposals in the context of the company’s disclosed capital management strategy and","page_number":203,"box":{"x":101,"y":728,"width":806,"height":11}},{"id":"2b1652f1-d8d5-4150-b7d3-06997c52c940","block_type":"box","text":"management’s determination of the appropriate balance between investment that supports the long-term growth of","page_number":203,"box":{"x":69,"y":743,"width":823,"height":11}},{"id":"fcdea93a-35ff-405c-9205-920f952f79d6","block_type":"box","text":"the company and returning cash to investors. We also take into consideration the effect of a buyback program on the","page_number":203,"box":{"x":68,"y":758,"width":836,"height":11}},{"id":"17039e82-0e5a-4d96-b2d0-e83b5fdc5f63","block_type":"box","text":"company’s balance sheet and executive compensation arrangements and the price at which shares are repurchased","page_number":203,"box":{"x":69,"y":773,"width":830,"height":11}},{"id":"98383d4e-8078-4e1d-862b-62a650bce6a0","block_type":"box","text":"relative to market price. We consider it good practice for companies to seek regular approval of these authorities to","page_number":203,"box":{"x":69,"y":787,"width":822,"height":12}},{"id":"01e0fc64-7fbf-4b7f-af69-cd6c7c48e36a","block_type":"box","text":"allow shareholders to take into consideration how prior authorities were used, as well as the current circumstances","page_number":203,"box":{"x":69,"y":802,"width":823,"height":11}},{"id":"cdbf1281-fd54-484f-97d8-0b492d90ebdc","block_type":"box","text":"of the company and the market environment.","page_number":203,"box":{"x":69,"y":817,"width":319,"height":11}},{"id":"acdd4d4b-913f-4574-ae3b-59f14e77c16d","block_type":"box","text":"Dividends","page_number":203,"box":{"x":69,"y":840,"width":69,"height":8}},{"id":"611a48ec-ed6f-4569-8ee6-80c2b75aca49","block_type":"box","text":"We generally defer to management and the board on dividend policy but may engage to seek further clarification","page_number":203,"box":{"x":101,"y":858,"width":799,"height":11}},{"id":"e423f15f-c561-413f-b593-4c0a26d22c80","block_type":"box","text":"where a proposed dividend appears out of line with the company’s financial position.","page_number":203,"box":{"x":68,"y":873,"width":604,"height":11}},{"id":"29d03c02-c65f-4628-94fb-ca1c52cccdf8","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":203,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"1328e8a8-422f-4b30-82c0-019a1b525a52","block_type":"box","text":"Global Engagement and Voting Guidelines | 9","page_number":203,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"758dc6de-2ec0-46c4-bdca-95798d7ebf21","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":203,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"375b9bbc-b877-4fcb-b880-41316a9adc28","block_type":"box","text":"Differentiated voting rights","page_number":204,"box":{"x":69,"y":45,"width":196,"height":11}},{"id":"1c7f3184-01e5-46ab-9c1a-aa6ef8f940c2","block_type":"box","text":"We prefer companies to adopt a one-share, one-vote structure for share classes with the same economic","page_number":204,"box":{"x":101,"y":63,"width":750,"height":11}},{"id":"b85670f3-a748-46ea-bee7-c279e92f7d56","block_type":"box","text":"exposure. Certain companies, particularly those new to public markets, could make the case to adopt a","page_number":204,"box":{"x":69,"y":78,"width":740,"height":11}},{"id":"b88badf3-e90e-45d5-9989-32b4a9d86d0d","block_type":"box","text":"differentiated voting rights structure, or dual class stock. In those situations, we encourage companies to evaluate","page_number":204,"box":{"x":69,"y":93,"width":819,"height":11}},{"id":"fa935440-7ed5-409f-b934-0e810f036f05","block_type":"box","text":"and seek approval for their capital structure on a periodic basis.","page_number":204,"box":{"x":69,"y":108,"width":456,"height":11}},{"id":"ed82221e-140b-4d53-8229-dd47d03a1d71","block_type":"box","text":"TRANSACTIONS AND SPECIAL SITUATIONS","page_number":204,"box":{"x":332,"y":138,"width":314,"height":9}},{"id":"d68ce009-e659-40f4-9991-8998a590353d","block_type":"box","text":"We monitor developments in transactions and special situations closely and undertake our own detailed","page_number":204,"box":{"x":101,"y":157,"width":743,"height":11}},{"id":"31ba710d-5e0c-4f6f-9005-88ca51645998","block_type":"box","text":"analyses of proposals.","page_number":204,"box":{"x":69,"y":172,"width":159,"height":11}},{"id":"c4d07556-7226-4c3f-bc3e-94be44c28258","block_type":"box","text":"Mergers and acquisitions","page_number":204,"box":{"x":69,"y":194,"width":184,"height":11}},{"id":"da2604f6-c25d-4c23-ac3c-ac099d7f3f7e","block_type":"box","text":"We evaluate proposed mergers or acquisitions by assessing the financial outcome for our clients as minority","page_number":204,"box":{"x":101,"y":213,"width":775,"height":11}},{"id":"3116cd87-1894-4bc4-8e34-8f20cb9c1d79","block_type":"box","text":"shareholders. Management should provide an assessment of the proposed transaction’s strategic and financial","page_number":204,"box":{"x":69,"y":228,"width":797,"height":11}},{"id":"4fa645ee-f194-4428-bbc5-fd1b4e72ac9b","block_type":"box","text":"rationale, along with its execution and operational risks. We review each transaction independently based on these","page_number":204,"box":{"x":69,"y":243,"width":819,"height":11}},{"id":"8e86703e-1b90-4e47-8bb7-ea0569b743ef","block_type":"box","text":"factors and the degree to which the transaction enhances shareholder value. The board might consider establishing","page_number":204,"box":{"x":68,"y":257,"width":827,"height":12}},{"id":"17405835-2759-45f7-b19d-e023b1f28d18","block_type":"box","text":"an ad hoc transaction committee to undertake an independent assessment of a significant merger or acquisition, in","page_number":204,"box":{"x":69,"y":272,"width":827,"height":11}},{"id":"767d0900-a40e-4286-a42f-fa5bbb5194d3","block_type":"box","text":"advance of making its recommendation to shareholders.","page_number":204,"box":{"x":69,"y":287,"width":400,"height":11}},{"id":"516e89a3-5e2f-4656-8f04-d8401671a8b6","block_type":"box","text":"We will vote against transactions that, in our assessment, do not advance our clients’ financial interests.","page_number":204,"box":{"x":101,"y":306,"width":749,"height":11}},{"id":"05c70542-3bdf-4279-93d0-2ccf6ed65212","block_type":"box","text":"Anti-takeover defenses","page_number":204,"box":{"x":68,"y":328,"width":167,"height":9}},{"id":"f6b67065-cc77-4af2-97f1-6c2f77054271","block_type":"box","text":"In principle, we do not support companies using anti-takeover defenses, also known as poison pills or","page_number":204,"box":{"x":102,"y":347,"width":727,"height":11}},{"id":"41aadefd-8d52-4dce-b966-362a4ec47a65","block_type":"box","text":"shareholder rights plans, as they can entrench management and boards which have not delivered long-term","page_number":204,"box":{"x":69,"y":362,"width":766,"height":11}},{"id":"a5c6388f-4fda-4674-9152-f8445d836db5","block_type":"box","text":"shareholder value. By exception, a poison pill may be supported if its purpose is to delay a takeover that is","page_number":204,"box":{"x":69,"y":376,"width":763,"height":12}},{"id":"933844f0-a591-4f54-8a11-90e662a9b07d","block_type":"box","text":"considered sub-optimal and enable management to seek an improved offer. Similarly, management could make the","page_number":204,"box":{"x":69,"y":391,"width":821,"height":12}},{"id":"a8786395-56ff-408c-b3f4-90dd5ee9dcff","block_type":"box","text":"case to use a poison pill to block a shareholder activism campaign that may be counter to the interests of other","page_number":204,"box":{"x":69,"y":406,"width":799,"height":11}},{"id":"28fefd7d-8a87-4d78-9eac-e483a32f9f83","block_type":"box","text":"investors. Defense mechanisms introduced in these circumstances should be limited in term and threshold, and also","page_number":204,"box":{"x":70,"y":421,"width":836,"height":11}},{"id":"2ccc789d-bffe-428c-b166-edb135cd6b53","block_type":"box","text":"be closely monitored by the independent members of the board. We consider it good practice for companies to put to","page_number":204,"box":{"x":69,"y":436,"width":835,"height":11}},{"id":"d70fa7f2-3f17-4204-85d1-1d677691e0be","block_type":"box","text":"a shareholder vote any mechanisms expected to be in place for more than 12 months.","page_number":204,"box":{"x":69,"y":451,"width":616,"height":11}},{"id":"717c4821-6551-47d0-8018-c2b19154f16b","block_type":"box","text":"Shareholder activism","page_number":204,"box":{"x":68,"y":473,"width":153,"height":9}},{"id":"6aab1bd9-f5ca-46dd-a6d3-0438aa6863dd","block_type":"box","text":"When companies are the focus of an activism campaign, we may communicate with the activist to understand","page_number":204,"box":{"x":101,"y":492,"width":783,"height":11}},{"id":"f005a659-9722-4e54-aeb8-6d1192eb22ce","block_type":"box","text":"their analysis and objectives, once they have publicly disclosed their campaign. We may also engage with company","page_number":204,"box":{"x":68,"y":507,"width":819,"height":11}},{"id":"669a8bf5-8caa-4d26-96cb-3366bc96119e","block_type":"box","text":"management and possibly board members, especially those the activist may be seeking to replace. In our","page_number":204,"box":{"x":69,"y":522,"width":755,"height":11}},{"id":"10ceed64-7728-4bef-b3fa-34682c9026ff","block_type":"box","text":"assessment, we evaluate various factors, including the concerns raised by the activist and the case for change; the","page_number":204,"box":{"x":69,"y":536,"width":824,"height":12}},{"id":"8388eec4-eb37-4edb-b329-4d553b68a188","block_type":"box","text":"quality of both the activist’s and management’s plans; and the qualifications of each party’s candidates. We evaluate","page_number":204,"box":{"x":69,"y":551,"width":839,"height":12}},{"id":"2a2bce31-e299-44c1-818a-b7196281e920","block_type":"box","text":"each contested situation by assessing the potential financial outcome for our clients as minority shareholders.","page_number":204,"box":{"x":69,"y":566,"width":788,"height":11}},{"id":"09e44ccd-a004-4288-a4f1-b23ca2e64351","block_type":"box","text":"We may support board candidates nominated by a shareholder activist if BAIS, in its independent judgment, or","page_number":204,"box":{"x":101,"y":585,"width":789,"height":11}},{"id":"c6b6f37c-48d0-4223-9426-231fbe9bac54","block_type":"box","text":"the relevant portfolio manager has determined that there is a case for change to enhance shareholder value, or if the","page_number":204,"box":{"x":68,"y":600,"width":839,"height":11}},{"id":"1ab20968-b89c-48cc-badb-574db59753e1","block_type":"box","text":"incumbent board members do not demonstrate the relevant skills and expertise or have a poor track record of","page_number":204,"box":{"x":70,"y":614,"width":786,"height":11}},{"id":"27fd3ec1-6811-4d14-9860-f2baa6385aa6","block_type":"box","text":"protecting shareholders’ interests.","page_number":204,"box":{"x":70,"y":630,"width":244,"height":11}},{"id":"c318632e-9f19-4e19-bb92-ad62530f4901","block_type":"box","text":"Significant shareholders and related party transactions","page_number":204,"box":{"x":68,"y":652,"width":403,"height":11}},{"id":"df5d279f-4247-4d9e-8723-30cd610898e5","block_type":"box","text":"Boards of companies with affiliated shareholders or directors should give equitable consideration to the","page_number":204,"box":{"x":102,"y":670,"width":740,"height":12}},{"id":"114da853-fa82-4bcd-8906-834afe8fcf26","block_type":"box","text":"interests of all shareholders when evaluating related party transactions.","page_number":204,"box":{"x":70,"y":685,"width":511,"height":12}},{"id":"d184586c-515a-4aa5-88af-4e6e01150f00","block_type":"box","text":"We consider it good practice for transactions with related parties, such as significant shareholders or companies","page_number":204,"box":{"x":101,"y":704,"width":805,"height":11}},{"id":"3723d5b8-a63e-44ba-aef0-15d905e70fa1","block_type":"box","text":"affiliated with the public company, to be disclosed in detail and conducted on terms similar to what would objectively","page_number":204,"box":{"x":69,"y":719,"width":832,"height":11}},{"id":"0564c4aa-39cb-46a2-ba94-6774ecda05e9","block_type":"box","text":"have been agreed with a non-related party. In our view, such transactions should be reviewed and approved by the","page_number":204,"box":{"x":69,"y":734,"width":812,"height":11}},{"id":"e2e4fbe1-090f-46a0-bdb3-f15605c1d52a","block_type":"box","text":"independent members of the board, and if voted on, only disinterested shareholders should vote.","page_number":204,"box":{"x":70,"y":748,"width":692,"height":12}},{"id":"d8f9b1b6-3d71-46ce-b247-afbe0c8af24a","block_type":"box","text":"CORPORATE REPORTING, RISK MANAGEMENT AND AUDIT","page_number":204,"box":{"x":274,"y":779,"width":430,"height":10}},{"id":"c662ede5-8879-4258-af9f-f766a4304eb5","block_type":"box","text":"Investors depend on corporate reporting, both regulatory and voluntary, to understand a company’s strategy, its","page_number":204,"box":{"x":102,"y":798,"width":796,"height":11}},{"id":"ec7f108f-3c61-4bcd-9fc7-b80778f8b0f8","block_type":"box","text":"implementation and financial performance, as well as to assess the quality of management and operations and","page_number":204,"box":{"x":70,"y":812,"width":795,"height":12}},{"id":"a39d924e-46a7-46b8-9917-7427b57aac5f","block_type":"box","text":"potential for the company to create shareholder value over time. We consider it good practice for the board to","page_number":204,"box":{"x":70,"y":827,"width":779,"height":11}},{"id":"2b8f56b7-041e-472b-b3df-7bc9e2936fa0","block_type":"box","text":"oversee corporate reporting and the policies and procedures underpinning the internal audit function and external","page_number":204,"box":{"x":69,"y":842,"width":809,"height":11}},{"id":"5b6bf043-aef9-4e03-8cb6-3eda805adcd3","block_type":"box","text":"audit.","page_number":204,"box":{"x":69,"y":857,"width":38,"height":9}},{"id":"43229765-1cb1-42e5-a1df-4d429abd66cc","block_type":"box","text":"A company’s financial reporting should provide decision-useful information for investors, and other stakeholders,","page_number":204,"box":{"x":101,"y":875,"width":803,"height":12}},{"id":"ab1878c8-515e-4904-b91a-526879d63600","block_type":"box","text":"on its financial performance and position. It should provide an accurate and balanced assessment of the risks and","page_number":204,"box":{"x":69,"y":890,"width":819,"height":11}},{"id":"56ae9440-b8c9-43e2-a217-c292097e7909","block_type":"box","text":"opportunities the company faces in realizing its long-term strategy. Accordingly, the assumptions made by","page_number":204,"box":{"x":69,"y":905,"width":752,"height":12}},{"id":"dcb14772-c5ba-4a9f-afe6-263922161f5c","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":204,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"13e44707-f38e-44e7-9284-533c16d8e010","block_type":"box","text":"Global Engagement and Voting Guidelines | 10","page_number":204,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"3fa7f217-94b3-4c02-83c5-749bb8485e58","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":204,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"93f3547b-553e-4187-9340-3be3db932f43","block_type":"box","text":"management and reviewed by the auditor in preparing the financial statements should be reasonable and justified.","page_number":205,"box":{"x":69,"y":45,"width":817,"height":11}},{"id":"fd4f10ad-9748-4696-9c02-18081a09b542","block_type":"box","text":"Financial statements should be prepared in accordance with globally developed reporting standards and any","page_number":205,"box":{"x":70,"y":60,"width":771,"height":11}},{"id":"63bf2c9c-bcc4-4bf5-93fb-e056d4a6f2fa","block_type":"box","text":"divergence from generally accepted accounting principles should be explained in detail and justified. Accounting","page_number":205,"box":{"x":69,"y":74,"width":796,"height":12}},{"id":"740a0eee-ce35-4429-89a8-0ef0655af5e9","block_type":"box","text":"restatements should be explained in detail and any remedial actions, and the implications of these, disclosed.","page_number":205,"box":{"x":69,"y":89,"width":788,"height":11}},{"id":"bcae7ada-0245-48d1-bdab-af1602ec90b1","block_type":"box","text":"In this context, audit committees play a vital role in a company’s financial reporting system by providing","page_number":205,"box":{"x":102,"y":108,"width":739,"height":11}},{"id":"af5b4170-872a-43e3-a02b-f2a15ec14afd","block_type":"box","text":"independent oversight of the accounts, material financial and, where appropriate to the jurisdiction, non-financial","page_number":205,"box":{"x":70,"y":123,"width":801,"height":11}},{"id":"d3226f3d-c599-4ac5-a7b0-4df00c708019","block_type":"box","text":"information, internal control frameworks and Enterprise Risk Management systems. In our view, effective audit","page_number":205,"box":{"x":70,"y":138,"width":787,"height":11}},{"id":"e010e8f9-cd91-4902-8e68-056bb25cecf6","block_type":"box","text":"committee oversight strengthens the quality and reliability of a company’s financial statements and provides an","page_number":205,"box":{"x":69,"y":152,"width":795,"height":12}},{"id":"5a1698db-00f5-4c32-9a61-4acf06564661","block_type":"box","text":"important level of reassurance to shareholders. Audit committees should have a procedure in place for assessing the","page_number":205,"box":{"x":70,"y":167,"width":838,"height":12}},{"id":"5d031e15-9d1c-4892-a84d-8a62b4ae1fe3","block_type":"box","text":"independence of the auditor and the quality of the external audit process annually.","page_number":205,"box":{"x":70,"y":182,"width":585,"height":11}},{"id":"0c9699c3-30ad-43d4-a087-63c518c7dc2b","block_type":"box","text":"Similarly, we encourage companies to disclose material sustainability-related factors that are integral to how a","page_number":205,"box":{"x":102,"y":201,"width":784,"height":11}},{"id":"ed2b64aa-574b-4359-b869-c863d4302140","block_type":"box","text":"company manages risks or generates revenue. BAIS finds it helpful to our understanding when companies provide","page_number":205,"box":{"x":69,"y":216,"width":812,"height":11}},{"id":"e78f260d-c565-4704-9436-362adb34ecdb","block_type":"box","text":"robust, standardized disclosures on their material sustainability-related risks and opportunities. The International","page_number":205,"box":{"x":69,"y":231,"width":806,"height":11}},{"id":"557cc128-95da-412f-9f32-ea513f503eb2","block_type":"box","text":"Sustainability Standards Board (ISSB) is one entity working to meet these objectives through its reporting standards,","page_number":205,"box":{"x":69,"y":246,"width":832,"height":11}},{"id":"8455b1f3-7178-4481-abda-753a1d083cc5","block_type":"box","text":"which may be helpful to companies in preparing such reports.","page_number":205,"box":{"x":68,"y":260,"width":440,"height":12}},{"id":"94bd1dbe-c557-4d7b-bbf0-1d82b836b514","block_type":"box","text":"9","page_number":205,"box":{"x":509,"y":261,"width":5,"height":4}},{"id":"2b47a929-f981-485c-8c02-ed2eca1e44c5","block_type":"box","text":"However, we do not mandate any specific disclosure","page_number":205,"box":{"x":520,"y":260,"width":372,"height":11}},{"id":"f016c240-9500-41f4-a065-5985c8757a39","block_type":"box","text":"framework, and note that companies in certain jurisdictions are subject to mandatory reporting requirements under","page_number":205,"box":{"x":68,"y":275,"width":824,"height":11}},{"id":"83b7d95b-4ad4-46b9-91bd-e884e643d9e4","block_type":"box","text":"standards specified by policy makers.","page_number":205,"box":{"x":69,"y":290,"width":267,"height":11}},{"id":"c78ac2b2-4b69-4105-b07c-5db354e5d24d","block_type":"box","text":"10","page_number":205,"box":{"x":338,"y":290,"width":9,"height":5}},{"id":"a8f3fe1f-4de0-4f2c-b68e-06c4af741314","block_type":"box","text":"Companies should establish robust risk management and internal control processes appropriate to the","page_number":205,"box":{"x":102,"y":309,"width":735,"height":11}},{"id":"3cceec2f-f880-4abf-8a6e-5cc31a1611fa","block_type":"box","text":"company’s business, risk tolerance, and regulatory environment. A credible whistleblowing system for employees,","page_number":205,"box":{"x":69,"y":323,"width":810,"height":12}},{"id":"c469bac4-065b-43ff-bc46-307eea624816","block_type":"box","text":"and potentially other stakeholders, can be a useful mechanism for ensuring that senior management and the board","page_number":205,"box":{"x":69,"y":338,"width":822,"height":12}},{"id":"6f90a88b-9724-4695-8e68-2065e60651b1","block_type":"box","text":"are aware of potential misconduct or breaches in risk management and internal control processes.","page_number":205,"box":{"x":69,"y":353,"width":704,"height":12}},{"id":"93dc7a79-521c-4cdf-87bb-49cf49f7bc93","block_type":"box","text":"A comprehensive audit conducted by an independent audit firm contributes to investor confidence in the quality","page_number":205,"box":{"x":101,"y":372,"width":794,"height":11}},{"id":"3d371cf4-021b-4615-84fc-1112d4827bcc","block_type":"box","text":"of corporate reporting. It is helpful when the audit report gives some insight into the scope and focus of the audit, as","page_number":205,"box":{"x":69,"y":387,"width":836,"height":11}},{"id":"3371b253-c4e6-4e65-bd9f-742dd8fa5dda","block_type":"box","text":"well as any critical audit matters identified and how these were resolved. A comprehensive and effective audit is time","page_number":205,"box":{"x":68,"y":402,"width":838,"height":11}},{"id":"9ca9bf7d-ebeb-4689-8f27-17dccba77caf","block_type":"box","text":"and resource intensive, and the audit fee should be commensurate. Fees paid to the audit firm for non-audit","page_number":205,"box":{"x":69,"y":416,"width":773,"height":11}},{"id":"b2bb4582-1e94-41d9-acc4-f94b2d9bfe2b","block_type":"box","text":"consulting should not exceed the audit fee to a degree that may prompt concerns about the independence of the","page_number":205,"box":{"x":69,"y":431,"width":804,"height":12}},{"id":"e7283ba5-85fb-4d5e-974d-7dd710ef174a","block_type":"box","text":"audit. The audit committee should explain its position on auditor tenure and how it confirmed that the auditor","page_number":205,"box":{"x":69,"y":446,"width":780,"height":11}},{"id":"45511327-430d-4bc5-ba0b-bfd9a4d8d287","block_type":"box","text":"remained independent.","page_number":205,"box":{"x":69,"y":461,"width":163,"height":11}},{"id":"e5a37d35-75c2-4839-a96c-e82611744be7","block_type":"box","text":"We may vote against the election of the responsible directors if corporate reporting is insufficient or there are","page_number":205,"box":{"x":101,"y":480,"width":783,"height":11}},{"id":"0b3db5ab-f3ce-4dbc-9447-13f90017961c","block_type":"box","text":"material misstatements in financial reports. In markets where relevant, we may vote against a proposal to approve","page_number":205,"box":{"x":69,"y":495,"width":819,"height":11}},{"id":"d5994c2c-c7ce-44de-8cc7-8b467551facd","block_type":"box","text":"the financial statements or the discharge of the board when we are concerned about the quality of corporate","page_number":205,"box":{"x":68,"y":509,"width":774,"height":12}},{"id":"9c92cd49-3975-4de1-bff0-2571dfd5f983","block_type":"box","text":"reporting or the audit. We may vote against proposals to appoint the auditor, ratify the audit report, or approve the","page_number":205,"box":{"x":69,"y":524,"width":816,"height":12}},{"id":"fd812d96-8d76-4e56-8327-d55e2ad5a2d3","block_type":"box","text":"audit fee if we are concerned about the auditor’s independence, the quality of the audit, or there are material","page_number":205,"box":{"x":69,"y":539,"width":779,"height":11}},{"id":"3031d194-64cf-487c-ba22-f70e7014d398","block_type":"box","text":"misstatements in financial reports and the board has not established reasonable remediation plans.","page_number":205,"box":{"x":69,"y":554,"width":718,"height":11}},{"id":"7f636ce1-d290-41e7-9e7b-399accc8b64b","block_type":"box","text":"SHAREHOLDER RIGHTS AND PROTECTIONS","page_number":205,"box":{"x":329,"y":584,"width":319,"height":9}},{"id":"7c2d7312-a681-4676-b024-c619869481c5","block_type":"box","text":"General shareholder meetings","page_number":205,"box":{"x":69,"y":607,"width":217,"height":11}},{"id":"0365235d-f2c3-471a-95b5-5ad906aaa778","block_type":"box","text":"Companies normally have an annual general meeting of shareholders at which routine and non-routine items of","page_number":205,"box":{"x":102,"y":625,"width":792,"height":12}},{"id":"5e7135fd-03e6-48c9-afed-944438e8b9c7","block_type":"box","text":"business are discussed and voted on by shareholders in attendance or submitting proxy votes. Companies should","page_number":205,"box":{"x":69,"y":640,"width":812,"height":11}},{"id":"8ce68eb2-b4c0-473e-964b-06afa9029737","block_type":"box","text":"disclose materials relevant to the shareholder meeting sufficiently in advance so that shareholders can take them","page_number":205,"box":{"x":69,"y":655,"width":813,"height":11}},{"id":"710dd931-cd35-463f-9e9d-0619417fa5ba","block_type":"box","text":"into consideration in their voting decisions. Many companies offer shareholders the option of participating in the","page_number":205,"box":{"x":70,"y":670,"width":801,"height":11}},{"id":"e4f40739-d60f-4142-87c6-652337277ca0","block_type":"box","text":"meeting virtually which, whilst welcome, should not limit the rights of shareholders to participate as they would during","page_number":205,"box":{"x":69,"y":685,"width":841,"height":11}},{"id":"76c6f8ed-e433-47e8-85a4-4d1892b2977f","block_type":"box","text":"an in-person meeting.","page_number":205,"box":{"x":69,"y":700,"width":152,"height":11}},{"id":"2ef4be4f-0150-41ae-832f-2796a026d741","block_type":"box","text":"We may vote against directors when materials related to the business of the shareholder meeting are not","page_number":205,"box":{"x":101,"y":718,"width":752,"height":12}},{"id":"528ef4bf-6be1-49fc-a66c-211244fdcbd6","block_type":"box","text":"provided in a timely manner or do not provide sufficient information for us to make an informed voting decision. We","page_number":205,"box":{"x":70,"y":733,"width":821,"height":11}},{"id":"4d51de49-658f-4d76-b81c-72de993f85f4","block_type":"box","text":"may vote against directors if the format of the shareholder meeting does not accommodate reasonable shareholder","page_number":205,"box":{"x":69,"y":748,"width":825,"height":11}},{"id":"7ca87675-e350-4eab-a258-20d12be2992c","block_type":"box","text":"participation.","page_number":205,"box":{"x":70,"y":763,"width":91,"height":11}},{"id":"566ee309-fe27-422a-9176-5634eee35f3f","block_type":"box","text":"9","page_number":205,"box":{"x":69,"y":793,"width":4,"height":4}},{"id":"88324d31-0e6b-4472-bf0b-b1c6de4971fc","block_type":"box","text":"The ISSB is an independent standard-setting body within the International Financial Reporting Standards","page_number":205,"box":{"x":93,"y":792,"width":744,"height":11}},{"id":"e784f5de-f2dd-4acd-9df3-43f7ddcdf2d0","block_type":"box","text":"(IFRS) Foundation. Please refer to the IFRS website to learn more about the framework and standards S1","page_number":205,"box":{"x":94,"y":807,"width":748,"height":11}},{"id":"c54525cb-e786-4215-85b6-f5c1d06fe4e4","block_type":"box","text":"“General Requirements for Disclosure of Sustainability-related Financial Information” and S2 “Climate-related","page_number":205,"box":{"x":94,"y":822,"width":778,"height":12}},{"id":"e29d25ad-1ddb-4514-a1d8-5ffa53454916","block_type":"box","text":"Disclosures.”","page_number":205,"box":{"x":94,"y":838,"width":93,"height":8}},{"id":"9ca55016-4b16-4cb0-ae33-48eddd5d0f21","block_type":"box","text":"10","page_number":205,"box":{"x":69,"y":856,"width":9,"height":4}},{"id":"2ad12869-6a3c-435a-b1ff-f3f45d5452e4","block_type":"box","text":"See, for examples, https://www.ifrs.org/news-and-events/news/2025/06/ifrs-foundation-publishes-jurisdictional- profiles\r\nissbstandards/ and https//financeeceropae/capitalmarketsnionandfinancialmarkets/compan","page_number":205,"box":{"x":93,"y":858,"width":810,"height":11}},{"id":"782c1e2f-9930-4deb-8350-5fda2bf833b5","block_type":"box","text":"See, for examples, https://www.ifrs.org/newsandevents/news/2025/06/ifrsfoundationpublishesjurisdictional\r\nprofiles-issb-standards/ and https://finance.ec.europa.eu/capital-markets-union-and-financial-markets/companyreporting\r\nandaditing/companreporting/corporatesstainabilitreportingen","page_number":205,"box":{"x":94,"y":866,"width":804,"height":12}},{"id":"876eeb2c-1f06-47a2-bb46-ef0784e39d52","block_type":"box","text":"p/ p//p/p\r\nreporting-and-auditing/company-reporting/corporate-sustainability-reporting_en.","page_number":205,"box":{"x":94,"y":876,"width":564,"height":11}},{"id":"16c99f9f-0ca8-446d-85f4-2d57feb0f8cf","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":205,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"ded6d305-a930-4bb1-af90-386cc268c9fe","block_type":"box","text":"Global Engagement and Voting Guidelines | 11","page_number":205,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"37b23b3b-e41b-41f7-9f2a-6e39229cd22e","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":205,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"00a3a2cb-5965-4c70-870f-e393e83ee7a9","block_type":"box","text":"Bylaw amendments","page_number":206,"box":{"x":69,"y":45,"width":141,"height":11}},{"id":"e70e2d55-f3fe-44a4-abf9-2ae9086d4c84","block_type":"box","text":"We review bylaw amendments proposed by management on a case-by-case basis and will generally support","page_number":206,"box":{"x":101,"y":64,"width":766,"height":11}},{"id":"e9f6a564-25fa-429c-b448-6b2a59912b92","block_type":"box","text":"those that are aligned with the interests of minority shareholders. Any material changes to the bylaws should be","page_number":206,"box":{"x":68,"y":78,"width":800,"height":11}},{"id":"14078e8d-7dc4-4876-818c-c95b156c2573","block_type":"box","text":"explained in detail and put to a shareholder vote.","page_number":206,"box":{"x":69,"y":93,"width":349,"height":11}},{"id":"b518b46a-fa7c-4f5d-b769-28208e178935","block_type":"box","text":"We may vote against bylaw amendments that reduce shareholder rights and protections or introduce additional","page_number":206,"box":{"x":101,"y":112,"width":790,"height":11}},{"id":"0d836d0a-3709-42bb-8b4f-59182f2e4d45","block_type":"box","text":"burdens. We may vote against directors if material changes are made to the bylaws without shareholder approval.","page_number":206,"box":{"x":69,"y":126,"width":810,"height":12}},{"id":"0964e0cd-d817-4870-9fa0-b396b4f8eaf4","block_type":"box","text":"If not provided for in the relevant corporate law, company bylaws should allow shareholders, individually or as a","page_number":206,"box":{"x":102,"y":145,"width":790,"height":11}},{"id":"c5a20e88-661f-42cf-9513-77999cbfeda5","block_type":"box","text":"group, with a meaningful shareholding, the right to call a special meeting of shareholders. The shareholding required","page_number":206,"box":{"x":68,"y":160,"width":831,"height":11}},{"id":"fdfdf8b1-c89d-44de-9051-784a55794de5","block_type":"box","text":"to exercise this right should balance its utility with the cost to the company of holding special meetings.","page_number":206,"box":{"x":68,"y":175,"width":740,"height":11}},{"id":"dce90da2-0152-4fb2-bad4-f52849f592e0","block_type":"box","text":"If not provided for in the relevant corporate law, company bylaws should allow shareholders, individually or as a","page_number":206,"box":{"x":102,"y":193,"width":790,"height":12}},{"id":"5dfe073c-7b6d-49af-88d5-d5fe8088fdde","block_type":"box","text":"group, with a meaningful shareholding, the right to nominate directors to the company’s board. The threshold for this","page_number":206,"box":{"x":68,"y":208,"width":834,"height":12}},{"id":"85a0c2f6-abdf-4c47-9ab9-a9c099b8d18b","block_type":"box","text":"right should be set so that shareholders can exercise it without being unduly disruptive to the board’s own","page_number":206,"box":{"x":69,"y":223,"width":758,"height":12}},{"id":"505e9b3c-3cc9-466b-9e24-bfdbbbfbc890","block_type":"box","text":"nomination process.","page_number":206,"box":{"x":69,"y":238,"width":143,"height":11}},{"id":"69efa15b-83bd-4479-a712-423988c7116a","block_type":"box","text":"Whilst we would not use either of these rights ourselves, we see them as important accountability mechanisms.","page_number":206,"box":{"x":101,"y":257,"width":799,"height":11}},{"id":"890cfc67-a0ce-4320-b61a-a719260b8f31","block_type":"box","text":"We may vote for a shareholder proposal seeking the addition of either of these provisions to a company’s bylaws.","page_number":206,"box":{"x":68,"y":272,"width":810,"height":11}},{"id":"85898b66-e8aa-47b6-8d4b-902e23b3be33","block_type":"box","text":"Change of domicile","page_number":206,"box":{"x":69,"y":294,"width":139,"height":11}},{"id":"98fd4ad7-d0a2-4a88-87c0-919f376df916","block_type":"box","text":"We generally defer to management on proposals to change a company’s domicile as long as the rationale for","page_number":206,"box":{"x":101,"y":313,"width":778,"height":11}},{"id":"7d4ef713-b1c1-4467-af6c-dcc76d974ca2","block_type":"box","text":"doing so is consistent with the company’s long-term strategy and business model and the related costs are","page_number":206,"box":{"x":69,"y":328,"width":766,"height":11}},{"id":"5c5c8c29-7830-4c5c-bf0c-4274954b4a98","block_type":"box","text":"immaterial.","page_number":206,"box":{"x":70,"y":343,"width":77,"height":8}},{"id":"d962f515-a556-40c9-a77a-6c4f53a5dc75","block_type":"box","text":"We may vote against directors or a proposal to change a company’s domicile where it does not seem aligned","page_number":206,"box":{"x":101,"y":361,"width":777,"height":11}},{"id":"96005256-f0af-4cf0-a46b-f485f4dabee2","block_type":"box","text":"with our clients’ financial interests.","page_number":206,"box":{"x":68,"y":376,"width":249,"height":9}},{"id":"70aeb89b-87ac-47a1-9d69-baa5da334b06","block_type":"box","text":"Changes to a company’s purpose or the nature of its business","page_number":206,"box":{"x":69,"y":398,"width":452,"height":11}},{"id":"87d260d7-0a36-4ff9-934e-0b2d37e6ef0a","block_type":"box","text":"Plans to materially change the nature of a company’s business or its purpose should be disclosed and explained","page_number":206,"box":{"x":102,"y":417,"width":803,"height":11}},{"id":"a7e62579-b0cd-4dc6-98ec-9f425c845406","block_type":"box","text":"in the context of long-term strategy and business dynamics. Such changes may significantly alter an investor’s views","page_number":206,"box":{"x":70,"y":432,"width":829,"height":11}},{"id":"b60a65c4-22b2-44b1-93bc-df088f0a526d","block_type":"box","text":"on the suitability of a company for their investment strategy or portfolio.","page_number":206,"box":{"x":69,"y":447,"width":511,"height":11}},{"id":"1717d919-8fe4-46bc-98d2-4c8f530131fb","block_type":"box","text":"Where relevant, we may vote against proposals to change a company’s purpose or the nature of its business if","page_number":206,"box":{"x":101,"y":465,"width":792,"height":12}},{"id":"5788416a-cf2b-4e21-b810-1a75ae95efae","block_type":"box","text":"the board has not provided a credible argument for change.","page_number":206,"box":{"x":68,"y":480,"width":424,"height":12}},{"id":"976f4b09-f5c5-44fb-9408-6eef1e7b28bd","block_type":"box","text":"SHAREHOLDER PROPOSALS","page_number":206,"box":{"x":385,"y":510,"width":207,"height":9}},{"id":"4add9893-f259-41e7-8998-51c55608856c","block_type":"box","text":"Shareholders in many markets, who meet certain eligibility criteria, have the right to submit proposals to the","page_number":206,"box":{"x":102,"y":529,"width":772,"height":11}},{"id":"b3b3013a-1b06-4aae-afc0-f1a4d348cf6d","block_type":"box","text":"general shareholder meeting asking a company to take a particular course of action subject to the proposal being","page_number":206,"box":{"x":68,"y":544,"width":811,"height":11}},{"id":"1366d835-e57e-497f-8e21-b30ad46d1e56","block_type":"box","text":"supported by a majority of votes cast at the meeting. The topics raised can address a range of matters that may be","page_number":206,"box":{"x":69,"y":559,"width":824,"height":11}},{"id":"81e058e7-8f14-4eae-88b9-b2b9a7719f66","block_type":"box","text":"relevant to a company’s business.","page_number":206,"box":{"x":69,"y":574,"width":243,"height":11}},{"id":"bfbcc98d-fabd-43e2-98c5-39a5f417e548","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":206,"box":{"x":101,"y":592,"width":730,"height":11}},{"id":"c4e93cc1-2ec2-4f95-95b5-e121fbed0edb","block_type":"box","text":"company’s business and its current approach, whether the actions sought are consistent with shareholders’","page_number":206,"box":{"x":69,"y":607,"width":772,"height":11}},{"id":"69baeeca-28c2-4be1-96fe-c92a6b8fc336","block_type":"box","text":"interests, and what impact the proposal being acted upon might have on financial performance.","page_number":206,"box":{"x":70,"y":622,"width":681,"height":11}},{"id":"25584620-3013-4a9e-84bf-d5d45da649b5","block_type":"box","text":"Our general approach where we have concerns about a company’s governance, disclosures or performance is to","page_number":206,"box":{"x":102,"y":641,"width":801,"height":11}},{"id":"d13e2b81-b4fb-4431-a510-60045f670890","block_type":"box","text":"engage to understand the apparent difference in perspective. If we are concerned a company is not acting in","page_number":206,"box":{"x":69,"y":656,"width":774,"height":11}},{"id":"16bcbfb4-178f-4c79-834b-eedcc64e81cc","block_type":"box","text":"shareholders’ financial interests, we may vote against the election of directors. We may support a relevant","page_number":206,"box":{"x":69,"y":670,"width":761,"height":12}},{"id":"91c80381-2d5c-4d26-99c1-df950b0863e0","block_type":"box","text":"shareholder proposal if doing so is aligned with our clients’ financial interests. We generally do not support","page_number":206,"box":{"x":69,"y":685,"width":764,"height":12}},{"id":"b87d84cc-09f9-4fb2-9799-afeab53c0db4","block_type":"box","text":"shareholder proposals that are legally binding on the company, seek to alter a company’s strategy or direct its","page_number":206,"box":{"x":69,"y":700,"width":785,"height":11}},{"id":"5b4b1b6e-5eec-4933-98db-d3462192207e","block_type":"box","text":"operations, or are unrelated to how a company manages risk or generates financial returns.","page_number":206,"box":{"x":69,"y":715,"width":653,"height":11}},{"id":"ffc90b26-4d89-4bd7-b3d8-6d0d98cef4e6","block_type":"box","text":"BlackRock is subject to rules, regulations, agency guidance and contractual agreements that place restrictions","page_number":206,"box":{"x":102,"y":734,"width":788,"height":11}},{"id":"95e56b25-cd05-4c28-9ceb-7eb33987d468","block_type":"box","text":"and limitations on how we can interact with the companies in which we invest on behalf of our clients, including our","page_number":206,"box":{"x":69,"y":748,"width":822,"height":12}},{"id":"dc746892-e44f-4927-948e-3973d92c6a62","block_type":"box","text":"ability to submit shareholder proposals. We do not submit shareholder proposals but can vote, on behalf of clients","page_number":206,"box":{"x":69,"y":763,"width":817,"height":12}},{"id":"fa2505e3-b37d-4798-9fb8-a493349a0a26","block_type":"box","text":"who authorize us to do so, on proposals put forth by others.","page_number":206,"box":{"x":68,"y":778,"width":428,"height":11}},{"id":"e84df922-86a2-439e-987a-40205da8a429","block_type":"box","text":"CORPORATE POLITICAL ACTIVITIES","page_number":206,"box":{"x":359,"y":808,"width":260,"height":9}},{"id":"63fab900-d43a-4d58-bf2f-0a3beb19c0db","block_type":"box","text":"A corporation’s ability to engage in the policy process is subject to rules and regulations set by the jurisdictions","page_number":206,"box":{"x":101,"y":827,"width":795,"height":11}},{"id":"b5d6bec6-bd67-4f81-b976-65f7b1c8e825","block_type":"box","text":"in which they engage. When a corporation reports material financial risk related to policy and or regulatory changes,","page_number":206,"box":{"x":70,"y":842,"width":824,"height":11}},{"id":"e7864024-3686-40f0-b231-2b9493ce6394","block_type":"box","text":"BAIS may seek to understand how it is addressing the material risk identified. We seek to understand how","page_number":206,"box":{"x":70,"y":857,"width":757,"height":11}},{"id":"9ec6bf36-8b8b-4f88-8cf4-9446c6f88a98","block_type":"box","text":"companies engage in corporate political activities and ensure that their participation is consistent with their public","page_number":206,"box":{"x":69,"y":872,"width":814,"height":11}},{"id":"4786721a-b193-4f65-a811-deb9f7e9100e","block_type":"box","text":"statements on policy matters material to the company’s long-term strategy. The board should be aware of the","page_number":206,"box":{"x":69,"y":887,"width":780,"height":11}},{"id":"de5961b2-b559-43e8-be89-216ad879343b","block_type":"box","text":"approach taken by management on corporate political activities as there can be reputational risks arising from","page_number":206,"box":{"x":69,"y":901,"width":786,"height":12}},{"id":"921271c2-c812-4b41-a4d4-975f1c662458","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":206,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"4c5a8f93-4218-4c5e-b0fc-1ec5a566b442","block_type":"box","text":"Global Engagement and Voting Guidelines | 12","page_number":206,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"895b30ba-dcc9-4315-92b3-2865aaa2722d","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":206,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"674edc29-a151-401b-8259-b742f800631f","block_type":"box","text":"inconsistencies between a company’s policy engagement and stated policy positions. Companies should, as a","page_number":207,"box":{"x":70,"y":45,"width":786,"height":11}},{"id":"533dd500-4dc4-4e10-a5bb-4f886ede27c7","block_type":"box","text":"minimum, meet all regulatory disclosure requirements on political activities. We may engage a company where we","page_number":207,"box":{"x":69,"y":60,"width":812,"height":11}},{"id":"79b85964-81c5-4629-a87a-a6305fc6a390","block_type":"box","text":"would like to better understand its approach to policy engagement, where relevant.","page_number":207,"box":{"x":68,"y":75,"width":590,"height":11}},{"id":"0a394434-b693-4a22-a6a1-223770e7ed0e","block_type":"box","text":"To mitigate the risk of inconsistencies, companies may wish to assess the alignment between their policy","page_number":207,"box":{"x":101,"y":93,"width":753,"height":11}},{"id":"1c1fd72b-44bb-4292-9c54-9acab89f277f","block_type":"box","text":"priorities and the policy positions of the trade associations of which they are active members and any engagements","page_number":207,"box":{"x":70,"y":108,"width":823,"height":11}},{"id":"f30571aa-2e0f-43e2-84c4-9d5ef39c1e2e","block_type":"box","text":"undertaken by trade associations on behalf of members.","page_number":207,"box":{"x":69,"y":123,"width":404,"height":11}},{"id":"617f7274-6dec-45ee-bf2f-e5bc4f26b2de","block_type":"box","text":"We may support a relevant shareholder proposal, or vote against directors, where a company’s disclosures are","page_number":207,"box":{"x":101,"y":142,"width":793,"height":11}},{"id":"060005ff-1a53-41ea-857c-2471903b40b6","block_type":"box","text":"insufficient to address the material risk it has identified.","page_number":207,"box":{"x":70,"y":156,"width":400,"height":9}},{"id":"cebf3131-61d7-4a94-9d3a-c7d8b465dc65","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":207,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"efa52846-6114-46ef-a2bf-58e832afa393","block_type":"box","text":"Global Engagement and Voting Guidelines | 13","page_number":207,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"dcbf9a1b-0bea-4036-9471-2de06d3fc49d","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":207,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9cff018b-b98c-4cf2-b31c-3ad0539a14b6","block_type":"box","text":"MATERIAL SUSTAINABILITY- RELATED RISKS AND OPPORTUNITIES","page_number":208,"box":{"x":245,"y":45,"width":489,"height":9}},{"id":"b5d69d50-1949-4ddd-b8b7-94b0b328aca8","block_type":"box","text":"We seek to understand how companies manage the material risks and opportunities inherent in their business","page_number":208,"box":{"x":101,"y":64,"width":790,"height":11}},{"id":"992d758b-a827-4bc8-bc54-e46112393a73","block_type":"box","text":"operations. In our experience, sustainability-related factors","page_number":208,"box":{"x":69,"y":78,"width":418,"height":12}},{"id":"91ec9984-5ee4-4be7-8fe0-5b6d5c6aa587","block_type":"box","text":"11","page_number":208,"box":{"x":488,"y":79,"width":9,"height":4}},{"id":"6d3db6fa-34ff-4b43-b3e7-c7b67e24a35c","block_type":"box","text":"that are relevant to a company’s business or material to","page_number":208,"box":{"x":502,"y":79,"width":402,"height":11}},{"id":"0c6d18b4-4048-4aa6-9f7e-0ee11c096010","block_type":"box","text":"its financial performance, are generally operational considerations embedded into day-to-day management systems.","page_number":208,"box":{"x":70,"y":93,"width":824,"height":12}},{"id":"8bb331a9-1db8-414e-96a7-57338da6bc4e","block_type":"box","text":"Certain sustainability issues may also inform long-term strategic planning, for example, investing in product","page_number":208,"box":{"x":69,"y":108,"width":766,"height":11}},{"id":"1a789678-9794-4735-aaef-eb0c321e2f4f","block_type":"box","text":"innovation in anticipation of changing consumer demand or adapting supply chains in response to changing","page_number":208,"box":{"x":70,"y":123,"width":764,"height":11}},{"id":"ca6dd664-0873-4842-83c7-6121f1e47eb2","block_type":"box","text":"regulatory requirements.","page_number":208,"box":{"x":69,"y":138,"width":174,"height":11}},{"id":"4f9216a6-a514-4c11-b8e0-c43ae12ff977","block_type":"box","text":"We recognize that the specific sustainability-related factors that may be financially material or business relevant","page_number":208,"box":{"x":101,"y":156,"width":798,"height":12}},{"id":"514817ab-141c-4a52-ad5c-2396a1c2c13c","block_type":"box","text":"will vary by company business model, sector, key markets, and time horizon, amongst other considerations. From","page_number":208,"box":{"x":68,"y":172,"width":809,"height":11}},{"id":"487b90f8-fdce-4e53-bbd7-542175fc5c02","block_type":"box","text":"company disclosures and our engagement, we aim to understand how management is identifying, assessing and","page_number":208,"box":{"x":69,"y":186,"width":803,"height":12}},{"id":"11593ec2-714d-420b-87c1-aff5fda901f8","block_type":"box","text":"integrating material sustainability-related risks and opportunities into their business decision-making and practices.","page_number":208,"box":{"x":70,"y":201,"width":820,"height":11}},{"id":"757c8a0f-b255-41f0-9cfe-37ceafcbfc6e","block_type":"box","text":"Doing so helps us undertake a more holistic assessment of a company’s potential financial performance and the","page_number":208,"box":{"x":70,"y":216,"width":808,"height":11}},{"id":"13f42329-e89b-434a-8f75-465561ac3cb5","block_type":"box","text":"likely risk-adjusted returns of an investment.","page_number":208,"box":{"x":70,"y":231,"width":313,"height":11}},{"id":"329de467-8336-4847-b0e9-1fc9bc8d1c37","block_type":"box","text":"We may vote against directors or support a relevant shareholder proposal if we have concerns about how a","page_number":208,"box":{"x":101,"y":249,"width":764,"height":12}},{"id":"0f2e77ea-88a3-4cc7-8853-4ae7962e3294","block_type":"box","text":"company is managing or disclosing its approach to material sustainability-related risks that may impact financial","page_number":208,"box":{"x":69,"y":264,"width":798,"height":12}},{"id":"e93efd11-9ad4-406b-9c3a-4f9ccf1581d7","block_type":"box","text":"returns.","page_number":208,"box":{"x":69,"y":280,"width":54,"height":8}},{"id":"8247a98e-8051-4c2f-926d-db2591f17138","block_type":"box","text":"KEY STAKEHOLDERS","page_number":208,"box":{"x":414,"y":309,"width":151,"height":9}},{"id":"063c2007-3ea2-485d-ac79-08c045215528","block_type":"box","text":"In our view, companies should understand and take into consideration the interests of the various parties on","page_number":208,"box":{"x":102,"y":328,"width":774,"height":11}},{"id":"39ca92c6-2cba-440e-ad19-65f640700af8","block_type":"box","text":"whom they depend for their success over time. It is for each company to determine their key stakeholders based on","page_number":208,"box":{"x":68,"y":343,"width":826,"height":11}},{"id":"9ff5423f-e514-496d-a13e-ba2b8b72e3fc","block_type":"box","text":"what is material to their business and long-term financial performance. For many companies, key stakeholders","page_number":208,"box":{"x":68,"y":358,"width":790,"height":11}},{"id":"ea06c174-814a-4823-a5e8-d5a806d2ccbb","block_type":"box","text":"include employees, business partners (such as suppliers and distributors), clients and consumers, regulators, and","page_number":208,"box":{"x":70,"y":373,"width":817,"height":11}},{"id":"ccb4200b-3eb8-4307-a92e-ea37745be460","block_type":"box","text":"the communities in which they operate. Companies that appropriately balance the interests of investors and other","page_number":208,"box":{"x":68,"y":387,"width":813,"height":12}},{"id":"97d9e61c-08e9-47db-a30f-4c2b1d94d192","block_type":"box","text":"stakeholders are, in our experience, more likely to be financially resilient over time.","page_number":208,"box":{"x":69,"y":402,"width":592,"height":12}},{"id":"a73a30c3-c9c0-4d50-9095-2acc5a7d7a9a","block_type":"box","text":"CLIMATE AND DECARBONIZATION INVESTMENT OBJECTIVES","page_number":208,"box":{"x":265,"y":432,"width":448,"height":9}},{"id":"96fd1524-304a-4095-8faa-1cb5889e7d49","block_type":"box","text":"Certain active BlackRock funds have climate and decarbonization objectives in addition to financial objectives.","page_number":208,"box":{"x":102,"y":451,"width":784,"height":11}},{"id":"c8265974-5260-4903-b43e-8f342647ea06","block_type":"box","text":"Consistent with the objectives of those investment strategies, our stewardship activity in relation to the holdings in","page_number":208,"box":{"x":69,"y":466,"width":818,"height":11}},{"id":"0236acfc-cbe7-4dc1-8241-94d4f6e1e398","block_type":"box","text":"those funds differs in some respects from BAIS’ benchmark guidelines, which are described above. Specifically, for","page_number":208,"box":{"x":68,"y":481,"width":823,"height":11}},{"id":"1e9cd373-06ec-4efb-b7ff-69c2a718ef4a","block_type":"box","text":"those funds’ holdings, we look to investee companies to demonstrate that they are aligned with a decarbonization","page_number":208,"box":{"x":68,"y":496,"width":814,"height":11}},{"id":"7d8588b4-b9e2-480f-b984-87fadf1172b4","block_type":"box","text":"pathway that means their business model would be viable in a low-carbon economy,","page_number":208,"box":{"x":70,"y":511,"width":594,"height":11}},{"id":"3ca1f7b6-dd5b-48b6-9fe6-b2369357cbd8","block_type":"box","text":"i.e.","page_number":208,"box":{"x":672,"y":511,"width":20,"height":9}},{"id":"7956c4ba-49be-4b93-9414-b6a756f73786","block_type":"box","text":", one in which global","page_number":208,"box":{"x":694,"y":511,"width":144,"height":11}},{"id":"76a09933-7e07-48fd-b9c4-1f3a8d79f2bd","block_type":"box","text":"temperature rise is limited to 1.5°C above pre-industrial levels. In addition, clients in separately managed accounts","page_number":208,"box":{"x":68,"y":526,"width":821,"height":11}},{"id":"426d1487-4394-4d43-8333-32143b2da3ed","block_type":"box","text":"may instruct BlackRock to apply these guidelines to their holdings. Both in the case of funds and separately managed","page_number":208,"box":{"x":69,"y":540,"width":839,"height":12}},{"id":"a1b292d3-99f0-4a4c-81f0-eeb0bb1f32f7","block_type":"box","text":"accounts, these guidelines are only implemented upon explicit selection and approval by the applicable fund board or","page_number":208,"box":{"x":69,"y":555,"width":837,"height":12}},{"id":"438ff143-9493-41a2-9098-b9eaa55f5370","block_type":"box","text":"client.","page_number":208,"box":{"x":69,"y":570,"width":41,"height":9}},{"id":"5d97b627-a29c-44be-b3fb-fded64a74eca","block_type":"box","text":"These decarbonization stewardship guidelines focus on companies which produce goods and services that","page_number":208,"box":{"x":101,"y":589,"width":761,"height":11}},{"id":"dd8785b9-df5a-483f-a72e-d07b1ccecb88","block_type":"box","text":"contribute to real world decarbonization or have a carbon intensive business model and face outsized impacts from","page_number":208,"box":{"x":69,"y":604,"width":821,"height":11}},{"id":"4eaa6cec-280c-4c02-b4c0-7f6b179184ba","block_type":"box","text":"the low carbon transition, based on reported and estimated scopes 1, 2, and 3 greenhouse gas emissions. These","page_number":208,"box":{"x":68,"y":619,"width":817,"height":11}},{"id":"cd0c2562-4a81-4640-8cf6-ae4547e39abd","block_type":"box","text":"companies should provide disclosures that set out their governance, strategy, risk management processes and","page_number":208,"box":{"x":69,"y":634,"width":792,"height":11}},{"id":"c67b38cd-45aa-4181-9344-dd6ea9ab1800","block_type":"box","text":"metrics and targets relevant to decarbonization. It is helpful to investors’ understanding when these disclosures","page_number":208,"box":{"x":69,"y":648,"width":799,"height":12}},{"id":"211e8a78-3c6b-4aad-b135-e8e14900f425","block_type":"box","text":"include an explanation of the decarbonization scenarios a company is using in its near- and long-term planning, as","page_number":208,"box":{"x":70,"y":663,"width":812,"height":11}},{"id":"00169224-091a-46e6-bc3f-2a26e23cd54b","block_type":"box","text":"well as its scope 1, scope 2 and material scope 3 greenhouse gas (GHG) emissions and reduction targets for scope","page_number":208,"box":{"x":68,"y":678,"width":831,"height":11}},{"id":"9f86ee1f-7864-4e93-a0b7-2dd775e883f0","block_type":"box","text":"1 and 2 emissions.","page_number":208,"box":{"x":70,"y":693,"width":135,"height":9}},{"id":"14058a7e-563b-4d6c-b568-539e4e2e27cb","block_type":"box","text":"Under these climate- and decarbonization-specific guidelines, BAIS may recommend a vote against directors or","page_number":208,"box":{"x":102,"y":711,"width":788,"height":12}},{"id":"9c463eb8-1c0a-4d3e-8c71-2d8cfab35650","block_type":"box","text":"support for a relevant shareholder proposal if a company does not appear to be adequately acting to address or","page_number":208,"box":{"x":69,"y":726,"width":800,"height":12}},{"id":"98f528d6-5683-4f20-b5d4-3a4fa3053e7e","block_type":"box","text":"disclosing material climate-related risks, consistent with the parameters set out in these climate-and decarbonization","page_number":208,"box":{"x":69,"y":741,"width":839,"height":12}},{"id":"9fc1077b-aaa2-45d3-99f1-2782481aaa30","block_type":"box","text":"specific guidelines. We may recommend supporting shareholder proposals seeking information relevant to a","page_number":208,"box":{"x":69,"y":756,"width":771,"height":11}},{"id":"79cc38a1-816b-4533-8dbc-fbdc04e53372","block_type":"box","text":"11","page_number":208,"box":{"x":69,"y":786,"width":9,"height":4}},{"id":"06e691c9-2586-4cc0-bb46-120ced8e5b67","block_type":"box","text":"By material sustainability-related risks and opportunities, we mean the drivers of risk and financial value creation in","page_number":208,"box":{"x":84,"y":785,"width":822,"height":11}},{"id":"38a64bd2-d5b3-4d9c-bd20-d0a9ba05944a","block_type":"box","text":"a company’s business model that have an environmental or social dependency or impact. Examples of environmental","page_number":208,"box":{"x":69,"y":800,"width":835,"height":12}},{"id":"4e92ba22-a1ed-4ba4-9a6b-359c282ce179","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":208,"box":{"x":70,"y":816,"width":827,"height":11}},{"id":"14202bca-30d2-4c7e-83d4-c4cf94509703","block_type":"box","text":"issues include, but are not limited to, human capital management, impacts on the communities in which a company","page_number":208,"box":{"x":70,"y":831,"width":826,"height":11}},{"id":"4ac58d3c-f447-4bc0-8143-c69c7bf9d84d","block_type":"box","text":"operates, customer loyalty, and relationships with regulators. It is our view that well-managed companies will","page_number":208,"box":{"x":69,"y":846,"width":773,"height":11}},{"id":"6551b7dc-5a2e-4d43-8fa6-82aa93158011","block_type":"box","text":"effectively evaluate and manage material sustainability-related risks and opportunities relevant to their businesses.","page_number":208,"box":{"x":69,"y":861,"width":823,"height":11}},{"id":"452eeabc-8686-4995-8bc2-d56c7dd27ffc","block_type":"box","text":"Governance is the core means by which boards can oversee the creation of durable financial value over time.","page_number":208,"box":{"x":69,"y":876,"width":777,"height":11}},{"id":"6a95ad9c-1131-4ce6-8be8-61b9846b5a25","block_type":"box","text":"Appropriate risk oversight of business-relevant and material sustainability-related considerations is a component of a","page_number":208,"box":{"x":68,"y":891,"width":833,"height":11}},{"id":"9a8340fc-e87f-4a91-b4fb-861bf6b6e03c","block_type":"box","text":"sound governance framework.","page_number":208,"box":{"x":69,"y":906,"width":212,"height":12}},{"id":"e3584c1a-0a99-46f6-8641-37074a5fb4e2","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":208,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"cdd22077-6ed3-40b5-848c-27c053499d21","block_type":"box","text":"Global Engagement and Voting Guidelines | 14","page_number":208,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"7d2d6806-5045-4cf0-a7c7-6c44f486f984","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":208,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"dac74855-644f-40d8-abe5-a5c6e837c2a8","block_type":"box","text":"company’s stated low-carbon transition strategy or targets that the company does not currently provide and that","page_number":209,"box":{"x":69,"y":45,"width":798,"height":11}},{"id":"fa6b798e-1d0a-4bfd-bde8-e95e84f011da","block_type":"box","text":"would be helpful to investment decision-making. We would not recommend support for shareholder proposals that","page_number":209,"box":{"x":68,"y":59,"width":814,"height":12}},{"id":"823a7d4b-b9ff-4a5a-b513-183c3765e8a2","block_type":"box","text":"seek to constrain board or management decision-making or direct specific business or strategic decisions. As under","page_number":209,"box":{"x":69,"y":74,"width":828,"height":12}},{"id":"25c79abc-7e56-489d-b390-c4d796826c0b","block_type":"box","text":"the BAIS benchmark approach, the active portfolio managers are ultimately responsible for voting consistent with","page_number":209,"box":{"x":68,"y":89,"width":807,"height":12}},{"id":"9794ed1c-1449-4b5c-a6eb-2e4a977d006d","block_type":"box","text":"their investment mandate and fund objectives. For the funds and accounts in scope, voting on matters not related to","page_number":209,"box":{"x":68,"y":104,"width":832,"height":11}},{"id":"db335449-c6ec-4ab4-b656-b7af0ae46c9f","block_type":"box","text":"climate risk and the energy transition is undertaken in line with BAIS’ benchmark guidelines.","page_number":209,"box":{"x":69,"y":119,"width":658,"height":11}},{"id":"4c40f0a2-d84b-429c-a9ac-2e2c522faa5b","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":209,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"e8823ccc-aaef-4c71-ac53-369ec8fbd878","block_type":"box","text":"Global Engagement and Voting Guidelines | 15","page_number":209,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"8e3638ae-c9fb-4fb6-b1f0-6c04e9149c72","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":209,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"59d7b114-0033-42dc-b36a-6b63bb860775","block_type":"box","text":"APPENDIX 1: HOW WE FULFILL AND OVERSEE OUR INVESTMENT STEWARDSHIP RESPONSIBILITIES FOR NON","page_number":210,"box":{"x":83,"y":45,"width":812,"height":9}},{"id":"45af2e4e-8de8-44bf-a1ee-773ca0e39806","block_type":"box","text":"INDEX EQUITY INVESTMENT STRATEGIES","page_number":210,"box":{"x":338,"y":60,"width":302,"height":10}},{"id":"0d9e6dc6-8eb1-4fa5-99ea-a563ff08d5bb","block_type":"box","text":"Oversight","page_number":210,"box":{"x":69,"y":83,"width":68,"height":11}},{"id":"2894dd97-8265-451b-a7eb-c6aa969c9b2a","block_type":"box","text":"The Global Head of BAIS has primary oversight of and responsibility for the team’s activities, including voting in","page_number":210,"box":{"x":101,"y":101,"width":793,"height":11}},{"id":"b55e4349-bae4-4fb8-aad3-f17a4728d988","block_type":"box","text":"accordance with the BlackRock Active Investment Stewardship Global Engagement and Voting Guidelines (the","page_number":210,"box":{"x":69,"y":116,"width":778,"height":11}},{"id":"35046ad9-d044-46d4-a33c-4a9d1c5cbd85","block_type":"box","text":"“Guidelines”), which require the application of professional judgment and consideration of each company’s unique","page_number":210,"box":{"x":70,"y":131,"width":814,"height":11}},{"id":"7573a99c-b637-4f6c-ab8e-07b159106388","block_type":"box","text":"circumstances, as well as input from active investors. BAIS is independent from BlackRock Investment Stewardship","page_number":210,"box":{"x":69,"y":146,"width":825,"height":11}},{"id":"f7b5be46-b1cb-4b07-9289-a9ce8b70d031","block_type":"box","text":"in our engagement and voting activities, reporting lines, and oversight.","page_number":210,"box":{"x":70,"y":161,"width":500,"height":11}},{"id":"86a5f5e1-8f67-48a1-8370-ea9260b36e0b","block_type":"box","text":"The Stewardship Leaders Group, comprised of senior active investors and other relevant stakeholders in","page_number":210,"box":{"x":101,"y":179,"width":744,"height":11}},{"id":"a4c81048-2bf1-4cb2-884b-24114e32b048","block_type":"box","text":"BlackRock’s legal, public policy, sustainability and communications teams, helps shape the firm’s approach to","page_number":210,"box":{"x":70,"y":194,"width":786,"height":11}},{"id":"35284262-8a1b-44b5-90b0-fc310ed02a5e","block_type":"box","text":"investment stewardship on non-index equity investment strategies. The Group may advise on and review amendments","page_number":210,"box":{"x":70,"y":209,"width":839,"height":11}},{"id":"8fc68064-a087-4182-a012-f8c573929d05","block_type":"box","text":"to BAIS’ policies and practices. It does not determine voting decisions, which are the responsibility of BAIS and the","page_number":210,"box":{"x":68,"y":224,"width":822,"height":11}},{"id":"345eb36c-3af2-4802-a1d2-31476c3294bb","block_type":"box","text":"relevant active equity investors.","page_number":210,"box":{"x":69,"y":239,"width":223,"height":11}},{"id":"135d7ae7-3b87-4709-afc0-161a283ebdbb","block_type":"box","text":"BAIS carries out engagement with companies in collaboration with active investment colleagues, executes proxy","page_number":210,"box":{"x":102,"y":257,"width":797,"height":12}},{"id":"1fc2088b-ad78-4d8c-9663-23c0217265d9","block_type":"box","text":"votes, and conducts vote operations (including maintaining records of votes cast) in a manner consistent with the","page_number":210,"box":{"x":68,"y":272,"width":810,"height":11}},{"id":"8aed6299-ecd5-4251-b3f2-9dd190985abf","block_type":"box","text":"Guidelines. BAIS also conducts research on corporate governance issues and participates in industry discussions to","page_number":210,"box":{"x":69,"y":287,"width":832,"height":11}},{"id":"9e953f85-3cb5-40ab-a7b9-937ca977990f","block_type":"box","text":"contribute to and keep abreast of important developments in the corporate governance field. BAIS may use third","page_number":210,"box":{"x":69,"y":302,"width":801,"height":11}},{"id":"e333ae9a-6910-4afe-8b2a-a91e0642a761","block_type":"box","text":"parties for certain of the foregoing activities and performs oversight of those third parties (see “Use and oversight of","page_number":210,"box":{"x":70,"y":317,"width":836,"height":11}},{"id":"51521fea-8c77-4a3a-9cc8-17fecb218756","block_type":"box","text":"third-party vote services providers” below).","page_number":210,"box":{"x":68,"y":332,"width":305,"height":11}},{"id":"73f5359c-396a-4336-bfe5-42df9895bca2","block_type":"box","text":"Voting guidelines and vote execution","page_number":210,"box":{"x":68,"y":354,"width":269,"height":11}},{"id":"ece980e5-cc2a-40cf-aba5-bbb73f53d7ec","block_type":"box","text":"BlackRock votes on proxy issues when our clients authorize us to do so. We carefully consider the voting items","page_number":210,"box":{"x":102,"y":373,"width":790,"height":11}},{"id":"e1f24806-c146-40e8-8966-cdf3f221730d","block_type":"box","text":"submitted to funds and other fiduciary account(s) (Fund or Funds) for which we have voting authority. BlackRock votes","page_number":210,"box":{"x":69,"y":387,"width":838,"height":12}},{"id":"b77e611e-723e-4b55-97e4-8c527f2be325","block_type":"box","text":"(or refrains from voting) for each Fund for which we have voting authority based on our evaluation of the alignment of","page_number":210,"box":{"x":69,"y":402,"width":831,"height":12}},{"id":"b7dea686-5497-4c9e-ba7c-0a2bfebf93d7","block_type":"box","text":"the voting items with the long-term economic interests of our clients, in the exercise of our independent business","page_number":210,"box":{"x":68,"y":417,"width":809,"height":12}},{"id":"df354541-c0ca-4497-a9e0-81a458200357","block_type":"box","text":"judgment, and without regard to the relationship of the issuer (or any shareholder proponent or dissident","page_number":210,"box":{"x":67,"y":432,"width":749,"height":11}},{"id":"ce6b659d-115f-403d-8f17-eb737b9d6578","block_type":"box","text":"shareholder) to the Fund, the Fund’s affiliates (if any), BlackRock or BlackRock’s affiliates, or BlackRock employees","page_number":210,"box":{"x":69,"y":447,"width":825,"height":11}},{"id":"ba7ca9e8-336f-41b3-8a75-a8d8a6118f68","block_type":"box","text":"(see “Conflicts management policies and procedures,” below).","page_number":210,"box":{"x":69,"y":462,"width":445,"height":11}},{"id":"6cdba17e-f9ca-4da2-90f5-aa599faff753","block_type":"box","text":"When exercising voting rights, BAIS will normally vote on specific proxy issues in accordance with the Guidelines,","page_number":210,"box":{"x":101,"y":480,"width":803,"height":12}},{"id":"8037b824-86df-49b1-ba32-1c4695c4a293","block_type":"box","text":"although portfolio managers have the right to vote differently on their holdings if they determine doing so is more","page_number":210,"box":{"x":69,"y":495,"width":806,"height":12}},{"id":"f15ff145-e45f-4f78-a9a3-7aaba688d496","block_type":"box","text":"aligned with the investment objective and financial interests of clients invested in the funds they manage.","page_number":210,"box":{"x":69,"y":510,"width":752,"height":11}},{"id":"9d42299e-adb0-4fbb-965a-9a3f08cc6630","block_type":"box","text":"The Guidelines are not intended to be exhaustive. BAIS applies the Guidelines on a case-by-case basis, in the","page_number":210,"box":{"x":101,"y":529,"width":782,"height":11}},{"id":"7a60a428-932c-4c55-a49a-ab315698340a","block_type":"box","text":"context of the individual circumstances of each company and the specific issue under review. As such, the Guidelines","page_number":210,"box":{"x":69,"y":544,"width":837,"height":11}},{"id":"6502c2b0-dc28-4659-80f6-d2b828291ac2","block_type":"box","text":"do not indicate how BAIS will vote in every instance. Rather, they reflect our view about corporate governance issues","page_number":210,"box":{"x":69,"y":559,"width":830,"height":11}},{"id":"5476a9f3-ae35-4fb9-8631-f2be9cf1dfe4","block_type":"box","text":"generally, and provide insight into how we typically approach issues that are commonly put to a shareholder vote. The","page_number":210,"box":{"x":68,"y":574,"width":838,"height":11}},{"id":"168c8b28-7b9e-4524-8447-25765a830cae","block_type":"box","text":"Guidelines are reviewed annually and updated as necessary to reflect changes in market practices, developments in","page_number":210,"box":{"x":69,"y":588,"width":829,"height":12}},{"id":"6eca259a-bbb2-43b3-8cbf-f129d33aff43","block_type":"box","text":"corporate governance and feedback from companies and clients. In this way, BAIS aims to maintain policies that","page_number":210,"box":{"x":69,"y":603,"width":802,"height":11}},{"id":"7aec62f6-ca4e-4c89-aab5-c939f333dce5","block_type":"box","text":"explain our approach to governance practices most aligned with clients’ long-term financial interests.","page_number":210,"box":{"x":69,"y":618,"width":718,"height":11}},{"id":"872a117a-e6a4-4087-9b51-aad9e34b4768","block_type":"box","text":"In certain markets, proxy voting involves logistical issues which can affect BAIS’ ability to vote such proxies, as","page_number":210,"box":{"x":102,"y":637,"width":792,"height":11}},{"id":"465c9d6e-0ad8-49c0-b802-f77db66c2478","block_type":"box","text":"well as the desirability of voting such proxies. 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We are not supportive of impediments to the","page_number":210,"box":{"x":70,"y":726,"width":806,"height":11}},{"id":"d8369144-4c74-4bfa-858b-b8ba9ac056e7","block_type":"box","text":"exercise of voting rights such as share-blocking or overly burdensome administrative requirements.","page_number":210,"box":{"x":69,"y":741,"width":704,"height":11}},{"id":"8b3853de-55d1-478d-bb14-0abf842a5095","block_type":"box","text":"BlackRock votes proxies in these situations on a “best-efforts” basis. 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BlackRock contracts primarily with the vote services provider ISS and","page_number":211,"box":{"x":68,"y":208,"width":770,"height":12}},{"id":"59e82147-2f74-48a0-941e-ffded1ba0b8d","block_type":"box","text":"leverages its online platform to supply research and support voting, record keeping, and reporting processes. We","page_number":211,"box":{"x":70,"y":223,"width":807,"height":12}},{"id":"551618ab-d90c-438f-badd-d751ea2f02b5","block_type":"box","text":"also use Glass Lewis’ research and analysis as an input into our voting process. It is important to note that, although","page_number":211,"box":{"x":69,"y":238,"width":839,"height":11}},{"id":"987fae95-2bc3-4c85-a225-f29682778cc1","block_type":"box","text":"proxy research firms provide important data and analysis, BAIS does not rely solely on their information or follow their","page_number":211,"box":{"x":70,"y":253,"width":839,"height":11}},{"id":"5e85ae81-3b92-4d07-98c4-d1a035f6b5fe","block_type":"box","text":"voting recommendations. A company’s disclosures, our engagements and voting, investment colleagues’ insights and","page_number":211,"box":{"x":68,"y":268,"width":840,"height":11}},{"id":"4adb1fe8-d160-4b35-94fc-13108a243ee6","block_type":"box","text":"our Guidelines are important inputs into our voting decisions on behalf of clients.","page_number":211,"box":{"x":69,"y":283,"width":578,"height":11}},{"id":"faf4c45d-faaf-44cd-82a0-1ba7070adeab","block_type":"box","text":"Given the large universe of actively held companies, BAIS employs the proxy services provider to streamline the","page_number":211,"box":{"x":102,"y":301,"width":795,"height":12}},{"id":"6cd060be-f774-410a-a3eb-07ceba37199f","block_type":"box","text":"voting process by making voting recommendations based on BAIS’ Guidelines when the items on a shareholder","page_number":211,"box":{"x":68,"y":316,"width":795,"height":12}},{"id":"056c9b03-cbd8-4cac-8068-38daed32c1db","block_type":"box","text":"meeting agenda are routine. Agenda items that are not routine are referred back to BAIS to assess, escalate as","page_number":211,"box":{"x":69,"y":331,"width":799,"height":11}},{"id":"453c22d6-c623-4632-822f-b1b99afc635c","block_type":"box","text":"necessary to the relevant portfolio managers and vote. BAIS reviews and can override the recommendations of the","page_number":211,"box":{"x":69,"y":346,"width":819,"height":11}},{"id":"e8d7a703-fc26-4cb7-a17a-ca4bc1879989","block_type":"box","text":"vote services provider at any time prior to the vote deadline. 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In addition, BlackRock has adopted guidelines and procedures (as from time to","page_number":214,"box":{"x":101,"y":439,"width":793,"height":11}},{"id":"59a48231-a845-44e5-b033-50bb8db4037e","block_type":"box","text":"time amended, the “BlackRock Climate and Decarbonization Stewardship Guidelines”) governing proxy voting for","page_number":214,"box":{"x":101,"y":454,"width":801,"height":11}},{"id":"cd6d600a-fa79-4682-9565-8164db65b809","block_type":"box","text":"matters covered in the BlackRock Climate and Decarbonization Stewardship Guidelines by the Funds listed in","page_number":214,"box":{"x":102,"y":469,"width":777,"height":11}},{"id":"4f95ec04-91db-4df5-a352-87f8c7f34ff2","block_type":"box","text":"Appendix A.","page_number":214,"box":{"x":101,"y":484,"width":82,"height":10}},{"id":"457b855d-19ea-4b4e-8a87-bcbd029be3bf","block_type":"box","text":"BlackRock will cast votes on behalf of each of the Funds covered by this policy on specific proxy issues in","page_number":214,"box":{"x":135,"y":502,"width":751,"height":11}},{"id":"96289d56-353c-42ad-90ab-aa59bdd640fc","block_type":"box","text":"respect of securities held by each such Fund (or may refrain from voting) in accordance with the Guidelines and","page_number":214,"box":{"x":102,"y":517,"width":791,"height":11}},{"id":"93ceafb4-9704-45d1-a55c-e7fa8f442f2a","block_type":"box","text":"the BlackRock Climate and Decarbonization Stewardship Guidelines, as applicable.","page_number":214,"box":{"x":101,"y":532,"width":591,"height":11}},{"id":"e151b5bf-caee-4bcc-9451-0b0557df5bcd","block_type":"box","text":"Conflicts Management","page_number":214,"box":{"x":101,"y":550,"width":165,"height":11}},{"id":"543d3a7e-7bbf-4696-987f-e63832e51314","block_type":"box","text":"BlackRock Investment Stewardship (“BIS”) maintains policies and procedures that seek to prevent undue","page_number":214,"box":{"x":135,"y":569,"width":751,"height":11}},{"id":"a3f74216-72cd-4dc1-94dd-1915ccb89652","block_type":"box","text":"influence on BlackRock’s proxy voting activity and to mitigate material conflicts of interest in the exercise of","page_number":214,"box":{"x":102,"y":584,"width":767,"height":11}},{"id":"ac35b029-d09a-470b-8f43-001e6f2cb60d","block_type":"box","text":"proxy voting responsibilities. 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The Guidelines set forth BlackRock’s approach to recalling securities on loan in","page_number":214,"box":{"x":102,"y":755,"width":778,"height":11}},{"id":"b740617d-cadf-48b0-842e-bd914b76cf60","block_type":"box","text":"connection with proxy voting.","page_number":214,"box":{"x":101,"y":770,"width":203,"height":11}},{"id":"cb410768-7b33-4a35-adfe-94138f65794b","block_type":"box","text":"Reports to the Board","page_number":214,"box":{"x":102,"y":789,"width":153,"height":10}},{"id":"3830cdc2-6a11-411d-84c3-16115efc82c3","block_type":"box","text":"BlackRock will report on an annual basis to the Directors on (1) a summary of the proxy voting process as","page_number":214,"box":{"x":135,"y":807,"width":755,"height":11}},{"id":"de5659a4-a210-43ff-ae8b-3f9bc4d21f3f","block_type":"box","text":"applicable to the Funds covered by this policy in the preceding year together with a representation that all 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Reporting on our activities to inform clients","page_number":218,"box":{"x":69,"y":292,"width":351,"height":11}},{"id":"cabfa880-5882-4ef8-a51e-fe2bbbbdcc15","block_type":"box","text":"about our stewardship efforts on their behalf through a range of","page_number":218,"box":{"x":426,"y":292,"width":457,"height":11}},{"id":"369f234c-bb10-4005-b042-7b8713e76708","block_type":"box","text":"publications on our website and direct client communications.","page_number":218,"box":{"x":102,"y":307,"width":439,"height":11}},{"id":"aa98bc44-e2bf-4d40-a54c-46297f74a128","block_type":"box","text":"This document provides an overarching explanation of the principles that guide our approach to engaging and","page_number":218,"box":{"x":101,"y":329,"width":778,"height":12}},{"id":"eb2182d9-58c4-49c0-bf9d-91e5fdf9e80c","block_type":"box","text":"voting on corporate governance matters and other material risks and opportunities under BIS’ Benchmark Policies.","page_number":218,"box":{"x":68,"y":345,"width":817,"height":11}},{"id":"08e24dfe-b34e-43cf-91ee-4cb972db038e","block_type":"box","text":"The BIS Benchmark Policies – which are comprised of the BIS Global Principles, regional voting guidelines, and","page_number":218,"box":{"x":68,"y":360,"width":790,"height":11}},{"id":"ea8a9074-7a4e-4f7b-9586-915dd6e49a50","block_type":"box","text":"Engagement Priorities – apply to clients’ assets invested through index equity strategies, take a financial materiality","page_number":218,"box":{"x":70,"y":375,"width":829,"height":11}},{"id":"900def83-24d1-487a-8787-4f0b0bf6d849","block_type":"box","text":"based approach, and are focused solely on advancing clients’ long-term financial interests.","page_number":218,"box":{"x":69,"y":390,"width":648,"height":11}},{"id":"e14bbe12-25ba-4c13-be1e-6890876ebbb1","block_type":"box","text":"2","page_number":218,"box":{"x":718,"y":390,"width":4,"height":5}},{"id":"43435c23-2b4e-452d-85cb-59026db454dd","block_type":"box","text":"PHILOSOPHY ON INVESTMENT STEWARDSHIP","page_number":218,"box":{"x":321,"y":420,"width":337,"height":9}},{"id":"802c5607-a715-4756-8c8f-569b40abdfc8","block_type":"box","text":"Sound governance is critical to a company’s ability to create long-term financial value. 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As a fiduciary, BlackRock is legally required to make proxy voting determinations in a manner that is","page_number":219,"box":{"x":68,"y":60,"width":805,"height":11}},{"id":"87e1a8c1-94f8-490f-ae5c-6ec08c63a540","block_type":"box","text":"consistent with the investment objectives of clients who have delegated voting authority to us. BIS’ Benchmark","page_number":219,"box":{"x":69,"y":75,"width":790,"height":11}},{"id":"ea80c989-177d-4d69-a202-b683c531def1","block_type":"box","text":"Policies, and the vote decisions made consistent with those policies, reflect our reasonable and independent","page_number":219,"box":{"x":69,"y":90,"width":779,"height":11}},{"id":"3cf148fa-cac9-4e52-9d25-6b5a4bbdf713","block_type":"box","text":"judgment of what is in the long-term financial interests of clients. 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These are topics that shareholders may have","page_number":219,"box":{"x":69,"y":475,"width":822,"height":12}},{"id":"77a7de66-d333-4894-9bcb-ab3c49397d09","block_type":"box","text":"the ability to vote on at shareholder meetings. These areas include:","page_number":219,"box":{"x":68,"y":491,"width":482,"height":11}},{"id":"08bb9fb2-3003-4df1-a05e-164aebbd879a","block_type":"box","text":"•","page_number":219,"box":{"x":69,"y":514,"width":6,"height":4}},{"id":"1012540a-db8c-4f21-a807-ed1c03203d4a","block_type":"box","text":"Boards and directors","page_number":219,"box":{"x":102,"y":511,"width":147,"height":9}},{"id":"c96ebba4-7e49-4d51-bbe3-4f48fb35bb56","block_type":"box","text":"•","page_number":219,"box":{"x":69,"y":534,"width":6,"height":4}},{"id":"91f10750-aaca-4f6b-afc5-00e80d4c0595","block_type":"box","text":"Auditors and audit-related issues","page_number":219,"box":{"x":101,"y":531,"width":234,"height":9}},{"id":"dddbd722-44ab-4d6e-8e65-f5ba1d38be8e","block_type":"box","text":"•","page_number":219,"box":{"x":69,"y":554,"width":6,"height":5}},{"id":"f1dffe60-a834-4ed2-a6d4-6d0aa5aea927","block_type":"box","text":"Capital structure, mergers, acquisitions, asset sales, and other special situations","page_number":219,"box":{"x":102,"y":551,"width":583,"height":11}},{"id":"ca43f992-65d8-4f54-a80e-a3f0b0bff983","block_type":"box","text":"•","page_number":219,"box":{"x":69,"y":574,"width":6,"height":5}},{"id":"25b01fe0-d62d-4b77-bfbc-fac963cd31b8","block_type":"box","text":"Executive compensation","page_number":219,"box":{"x":102,"y":571,"width":170,"height":11}},{"id":"025494da-d25e-46b8-ba52-ebac8f88404d","block_type":"box","text":"•","page_number":219,"box":{"x":69,"y":594,"width":6,"height":5}},{"id":"2145eb90-aa13-4903-9a01-06d64b160433","block_type":"box","text":"Shareholder protections and other significant corporate governance matters","page_number":219,"box":{"x":102,"y":591,"width":539,"height":12}},{"id":"d7e3dc21-ef79-4f2d-99e5-7fd4bef06698","block_type":"box","text":"•","page_number":219,"box":{"x":69,"y":614,"width":6,"height":5}},{"id":"bd3904f9-4384-49ea-8581-ba5848d912f6","block_type":"box","text":"Shareholder proposals","page_number":219,"box":{"x":102,"y":612,"width":160,"height":11}},{"id":"c006cdd3-00d6-427a-8d31-1ff8fce90d18","block_type":"box","text":"The BIS Benchmark Policies are not prescriptive but rather are applied on a pragmatic basis, taking into","page_number":219,"box":{"x":101,"y":634,"width":740,"height":12}},{"id":"a1da37cf-0f62-4aa5-a4e1-96e704584bd1","block_type":"box","text":"consideration a number of company-specific factors, including the sector, market, and business environment within","page_number":219,"box":{"x":69,"y":649,"width":819,"height":12}},{"id":"fa9a4b0f-9cf4-4f5e-afe6-623e0037365d","block_type":"box","text":"which companies operate.","page_number":219,"box":{"x":68,"y":665,"width":186,"height":10}},{"id":"c787d046-635a-4049-a69c-65bc257e02a3","block_type":"box","text":"At the regional level, it is our view that companies should observe the accepted corporate governance standards","page_number":219,"box":{"x":101,"y":687,"width":803,"height":11}},{"id":"d8f3eeb2-7086-4696-b543-0c275cff7fe8","block_type":"box","text":"in their domestic market at a minimum, and we ask that, if they do not, they explain how their approach better","page_number":219,"box":{"x":70,"y":702,"width":785,"height":11}},{"id":"d11f4b9a-f92a-4e7f-9c27-57ae163b3626","block_type":"box","text":"supports durable, long-term financial value creation. Our regional voting guidelines explain how the BIS Global","page_number":219,"box":{"x":69,"y":717,"width":781,"height":12}},{"id":"23ade858-a73b-4f7b-90b5-c98fa150259d","block_type":"box","text":"Principles inform our voting decisions in relation to common ballot items for shareholder meetings in those markets.","page_number":219,"box":{"x":69,"y":732,"width":829,"height":12}},{"id":"841f6931-534f-415d-b0d3-75c24e1f0fa5","block_type":"box","text":"4","page_number":219,"box":{"x":899,"y":733,"width":5,"height":4}},{"id":"7e1bdf0b-7e8f-4a83-b972-9faecd58c270","block_type":"box","text":"3","page_number":219,"box":{"x":69,"y":762,"width":4,"height":5}},{"id":"f1770fc1-bb22-4fa2-965a-455505833748","block_type":"box","text":"Examples include: Government of Canada, “Canada Business Corporations Act,” amended 2024; European Union,","page_number":219,"box":{"x":79,"y":762,"width":816,"height":11}},{"id":"5c55245b-ad2c-481d-a779-4301956555f4","block_type":"box","text":"“Shareholder Rights Directive II,” 2017; and the China Securities Regulatory Commission, “Code of Corporate","page_number":219,"box":{"x":70,"y":777,"width":784,"height":11}},{"id":"f1b83954-d7d0-48ad-bd55-e6fb292d3efb","block_type":"box","text":"Governance for Listed Companies in China,” 2001. Websites accessed in December 2025.","page_number":219,"box":{"x":69,"y":792,"width":650,"height":11}},{"id":"80a61cf0-29ea-40af-9527-709d5b4367f6","block_type":"box","text":"4","page_number":219,"box":{"x":69,"y":810,"width":4,"height":4}},{"id":"7f6cc2dd-ef01-4fa8-ad6f-76b14f2e442f","block_type":"box","text":"Our regional voting guidelines reflect these different market standards and norms. Depending on the market,","page_number":219,"box":{"x":79,"y":810,"width":776,"height":11}},{"id":"8f31687a-34e3-47f3-a825-0e1053141767","block_type":"box","text":"generally accepted practice is informed by corporate law, market regulation, best practices, and industry initiatives,","page_number":219,"box":{"x":68,"y":825,"width":821,"height":11}},{"id":"0471bc13-6cca-4de9-a5f0-f40b9a8b10af","block_type":"box","text":"amongst other factors. BIS carries out engagement with companies, executes proxy votes, and conducts vote","page_number":219,"box":{"x":69,"y":840,"width":780,"height":11}},{"id":"df49c57b-ca2f-4b45-8f9f-6aec09800a44","block_type":"box","text":"operations (including maintaining records of votes cast) in a manner consistent with the relevant regional voting","page_number":219,"box":{"x":69,"y":855,"width":796,"height":11}},{"id":"cdbee70b-8550-4a3a-8575-7e80f0536466","block_type":"box","text":"guidelines.","page_number":219,"box":{"x":68,"y":870,"width":76,"height":11}},{"id":"2fa23b68-eee0-4bdc-b6d3-506f71a3aca5","block_type":"box","text":"BlackRock Investment Stewardship","page_number":219,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"f819563d-0f83-4f4a-a45e-ae71124756fe","block_type":"box","text":"Global Principles | 4","page_number":219,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"15645660-1697-42e3-b2f2-717743bd87b2","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":219,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6979ed5b-fd98-4e66-810b-f2918649ba6b","block_type":"box","text":"BOARDS AND DIRECTORS","page_number":220,"box":{"x":394,"y":45,"width":190,"height":9}},{"id":"f3944a5d-e343-4d41-987e-11634dce69b9","block_type":"box","text":"Oversight role of the board","page_number":220,"box":{"x":69,"y":75,"width":194,"height":11}},{"id":"6bab1516-6aa3-43dd-a3f9-0631e6b5a135","block_type":"box","text":"Companies whose boards are comprised of appropriately qualified, engaged directors with professional","page_number":220,"box":{"x":102,"y":98,"width":734,"height":11}},{"id":"7df9f076-c944-48d6-8fdf-dbe0e6fc30dd","block_type":"box","text":"characteristics relevant to a company’s business enhance the board’s ability to add long-term financial value and","page_number":220,"box":{"x":69,"y":113,"width":806,"height":11}},{"id":"b8e6be9d-80a2-4815-ba32-6361b351abe1","block_type":"box","text":"serve as the voice of shareholders in board discussions. In our view, a strong board gives a company a competitive","page_number":220,"box":{"x":69,"y":128,"width":822,"height":11}},{"id":"d2cb3625-874f-480b-bc1f-8a0b90112f76","block_type":"box","text":"advantage, providing valuable oversight and contributing to the most important management decisions that support","page_number":220,"box":{"x":69,"y":143,"width":825,"height":11}},{"id":"fab641c5-3210-42ba-a41a-3dbd8fda65ba","block_type":"box","text":"long-term financial performance.","page_number":220,"box":{"x":70,"y":158,"width":229,"height":11}},{"id":"1268d49f-68a2-453f-81bc-db8c899ff366","block_type":"box","text":"For this reason, our investment stewardship efforts focus on the effectiveness of the board of directors. We","page_number":220,"box":{"x":102,"y":181,"width":771,"height":11}},{"id":"3de4856b-ec32-40be-8a44-09ca6f27bdd1","block_type":"box","text":"engage, as necessary, with members of the board’s nominating and/or governance committee to assess whether","page_number":220,"box":{"x":69,"y":196,"width":811,"height":11}},{"id":"cfc89244-f8c1-42ba-9e01-30883e9f1da8","block_type":"box","text":"governance practices and board composition are effective given a company’s business model, sector, market, and","page_number":220,"box":{"x":68,"y":211,"width":817,"height":11}},{"id":"7852c195-cd4a-4174-af24-0247530a304d","block_type":"box","text":"the business environment in which a company is operating.","page_number":220,"box":{"x":68,"y":226,"width":422,"height":11}},{"id":"f62009aa-66b3-447d-9873-5a3259a7f4e6","block_type":"box","text":"We consider it good practice when the board establishes and maintains a framework of robust and effective","page_number":220,"box":{"x":101,"y":249,"width":770,"height":11}},{"id":"9f8aa006-2581-4e8b-b05e-14957053c5db","block_type":"box","text":"governance mechanisms that supports its oversight of the company’s strategy and operations, consistent with the","page_number":220,"box":{"x":68,"y":264,"width":817,"height":11}},{"id":"a0bc127f-9cf8-41d0-aa85-247179d9fc97","block_type":"box","text":"long-term financial interests of investors. This includes having clear descriptions of the role of the board and the","page_number":220,"box":{"x":70,"y":279,"width":799,"height":11}},{"id":"b0502463-aa4b-4efb-a8e0-0da03d0d610b","block_type":"box","text":"committees of the board and how directors engage with and oversee management, as well as disclosure of material","page_number":220,"box":{"x":69,"y":294,"width":827,"height":11}},{"id":"33b4005a-6401-461e-99d6-7644212a51b4","block_type":"box","text":"risks that may affect a company’s long-term strategy and how management is effectively identifying, managing, and","page_number":220,"box":{"x":69,"y":309,"width":822,"height":11}},{"id":"355e4513-2f80-416d-8910-cf922df7045d","block_type":"box","text":"mitigating such risks.","page_number":220,"box":{"x":69,"y":325,"width":150,"height":11}},{"id":"a6a65332-6f16-4c79-84d0-7cc9bf7dfb5a","block_type":"box","text":"Understanding management’s long-term strategy and the milestones against which investors should assess its","page_number":220,"box":{"x":102,"y":347,"width":791,"height":11}},{"id":"b78306dc-4d24-41b2-8216-1e5f82870e22","block_type":"box","text":"implementation is central to our approach. If any strategic targets are significantly missed or materially restated, we","page_number":220,"box":{"x":70,"y":362,"width":826,"height":11}},{"id":"4e866652-6904-47de-9771-29b995d08437","block_type":"box","text":"find it helpful when company disclosures provide a detailed explanation of the changes and an indication of the","page_number":220,"box":{"x":68,"y":377,"width":793,"height":12}},{"id":"44c6ab5a-b86b-4198-9a6f-6306c18a636a","block_type":"box","text":"board’s role in reviewing the revised targets. We look to the board to articulate the effectiveness of these","page_number":220,"box":{"x":69,"y":392,"width":755,"height":12}},{"id":"2e4bdcaa-5e31-4104-bd4f-a2f9a6db1f3d","block_type":"box","text":"mechanisms in overseeing the management of business risks and opportunities and the fulfillment of the company’s","page_number":220,"box":{"x":69,"y":407,"width":835,"height":12}},{"id":"86145e97-ae7b-47be-ba00-86a08fda6a5f","block_type":"box","text":"strategy.","page_number":220,"box":{"x":69,"y":423,"width":58,"height":11}},{"id":"4daad16f-e296-482e-afa1-31439e645888","block_type":"box","text":"Where a company has not adequately disclosed or demonstrated that its board has fulfilled these corporate","page_number":220,"box":{"x":101,"y":445,"width":769,"height":11}},{"id":"b3f49d7d-d5ab-4bad-a5c6-51119c1240e2","block_type":"box","text":"governance and risk oversight responsibilities, we may consider not supporting the election of directors who, in our","page_number":220,"box":{"x":68,"y":460,"width":823,"height":12}},{"id":"94f78176-485f-47cc-b476-16e90d01d54d","block_type":"box","text":"assessment, have particular responsibility for the issues.","page_number":220,"box":{"x":69,"y":475,"width":409,"height":12}},{"id":"99e89d1e-b029-456a-b125-5ce7705cd688","block_type":"box","text":"When casting vote decisions on behalf of clients on the election of directors, some of the factors that speak to","page_number":220,"box":{"x":101,"y":498,"width":791,"height":11}},{"id":"c719bdf5-1907-4291-9f12-32f87614a466","block_type":"box","text":"the board’s effectiveness as a group include the relevance of individual directors’ qualifications and skillsets, as well","page_number":220,"box":{"x":68,"y":513,"width":836,"height":12}},{"id":"e86cea7a-dcd0-4b9d-a983-cac6f8b9c56d","block_type":"box","text":"as directors’ capacity and other time commitments, and how these factors may contribute to the company’s financial","page_number":220,"box":{"x":69,"y":528,"width":833,"height":12}},{"id":"6bc8224b-a676-43f7-8673-9b4aaf573093","block_type":"box","text":"performance. We look to boards to establish formal and transparent processes for nominating directors that reflect","page_number":220,"box":{"x":70,"y":543,"width":823,"height":12}},{"id":"03e5132e-6842-45a3-877b-ab3c773dc9c8","block_type":"box","text":"the company’s long-term strategy and business model.","page_number":220,"box":{"x":68,"y":559,"width":390,"height":11}},{"id":"259fd9b3-914f-4d1d-975f-4bc950a5bd1d","block_type":"box","text":"In the section titled “Board quality and effectiveness” below, we provide more detail about our approach to board","page_number":220,"box":{"x":102,"y":581,"width":807,"height":11}},{"id":"74f8db73-8e7f-4003-be4d-5dee6b7efbd0","block_type":"box","text":"composition and how it underpins board effectiveness and long-term financial value creation.","page_number":220,"box":{"x":69,"y":596,"width":662,"height":12}},{"id":"4a33ca33-b056-4e5c-abea-dbdb7f51ee9d","block_type":"box","text":"Regular accountability through director elections","page_number":220,"box":{"x":69,"y":627,"width":358,"height":11}},{"id":"16936ced-7c13-4787-b3bf-5fc05d3b4cbc","block_type":"box","text":"The election of directors to the board is a right of shareholders and an important signal of support for, or","page_number":220,"box":{"x":101,"y":649,"width":750,"height":12}},{"id":"5598badf-ff37-442d-9aeb-20d280c24b58","block_type":"box","text":"concern about, the performance of the board in overseeing and advising management. To ensure accountability for","page_number":220,"box":{"x":69,"y":664,"width":819,"height":12}},{"id":"94e7e8e6-8907-407d-a2ea-b23a58fa4144","block_type":"box","text":"their decisions on behalf of shareholders, directors should stand for election on a regular basis, ideally annually.","page_number":220,"box":{"x":68,"y":680,"width":802,"height":11}},{"id":"c07a6f4a-3089-488f-ba9b-38fcd761cf77","block_type":"box","text":"5","page_number":220,"box":{"x":872,"y":680,"width":4,"height":4}},{"id":"04f66b9a-5697-45dc-94d9-4fd4be62ccbc","block_type":"box","text":"Annual director elections allow shareholders to reaffirm their support for, or concerns about, board members’","page_number":220,"box":{"x":68,"y":695,"width":782,"height":11}},{"id":"d6a8ba89-bed4-4c56-b534-5081ad2ab4c2","block_type":"box","text":"decisions in a timely manner. When board members are not elected annually, we consider it good practice for boards","page_number":220,"box":{"x":69,"y":710,"width":832,"height":11}},{"id":"e91d8f8a-fb42-4629-8d7b-081278ee7338","block_type":"box","text":"to have a rotation policy to ensure that, through a board cycle, all directors have had their appointment re-confirmed,","page_number":220,"box":{"x":68,"y":725,"width":832,"height":11}},{"id":"802f120e-ab56-4f5d-8a66-7072aa008a35","block_type":"box","text":"with a proportion of directors being put forward for election at each shareholder meeting.","page_number":220,"box":{"x":68,"y":740,"width":636,"height":11}},{"id":"2ac7407c-2e58-44b2-a8e1-0ba3f64ac07e","block_type":"box","text":"BOARD QUALITY AND EFFECTIVENESS","page_number":220,"box":{"x":348,"y":770,"width":282,"height":11}},{"id":"ac1901dc-5604-4a89-aad2-bfe1a359f9ac","block_type":"box","text":"Regular director elections also give boards the opportunity to adjust their composition in an orderly way to reflect","page_number":220,"box":{"x":102,"y":793,"width":805,"height":11}},{"id":"b33ad7c8-18aa-4295-a03e-10618667fcf9","block_type":"box","text":"developments in the company’s strategy and the market environment. In our view, it is beneficial for new directors to","page_number":220,"box":{"x":69,"y":808,"width":831,"height":11}},{"id":"1f1a7458-5cc8-4e4a-9fe5-f96417cd24de","block_type":"box","text":"be brought onto the board periodically to refresh the group’s thinking, while supporting both continuity and","page_number":220,"box":{"x":69,"y":823,"width":758,"height":12}},{"id":"5952b85f-8b01-4beb-b3b6-7d616c8c5f67","block_type":"box","text":"5","page_number":220,"box":{"x":69,"y":853,"width":4,"height":4}},{"id":"75ccbe37-e984-43b9-92a5-960bce893d67","block_type":"box","text":"In most markets, directors stand for re-election on an annual or triennial basis, as determined by corporate law,","page_number":220,"box":{"x":79,"y":852,"width":795,"height":12}},{"id":"8f15ad72-2932-4e89-84e7-1d69abb47b3a","block_type":"box","text":"market regulation or voluntary best practice.","page_number":220,"box":{"x":69,"y":868,"width":314,"height":11}},{"id":"56d49166-4215-4ba6-ac1d-ec1c2344988a","block_type":"box","text":"BlackRock Investment Stewardship","page_number":220,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"5770c457-10c0-43d9-b453-398de884b2c3","block_type":"box","text":"Global Principles | 5","page_number":220,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"a444ebc1-0409-4519-89b6-ded757dc5e79","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":220,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"563464db-01e3-4ea1-88e1-b2cea522147c","block_type":"box","text":"appropriate succession planning. We consider the average overall tenure of the board and seek a balance between","page_number":221,"box":{"x":69,"y":45,"width":819,"height":11}},{"id":"ad021a8f-587a-4bba-8b0c-94dd59e66d5a","block_type":"box","text":"the knowledge and experience of longer-serving directors and the fresh perspectives of directors who joined more","page_number":221,"box":{"x":68,"y":60,"width":809,"height":11}},{"id":"558e50bb-6173-47d3-b98d-11d6d6c99c28","block_type":"box","text":"recently.","page_number":221,"box":{"x":69,"y":75,"width":57,"height":11}},{"id":"4e0e1e0f-5f15-4ce8-ab60-3f7dc22c2350","block_type":"box","text":"We appreciate when companies regularly review and assess how directors nominated for election contribute to","page_number":221,"box":{"x":101,"y":98,"width":789,"height":11}},{"id":"34e6c6b4-d8ea-4cc4-a365-92814727da4e","block_type":"box","text":"the effectiveness of the board. In our view, the company’s assessment should consider a number of factors,","page_number":221,"box":{"x":68,"y":113,"width":774,"height":11}},{"id":"c4708332-e77d-44d5-a704-e8cc4765f51f","block_type":"box","text":"including each director’s independence and time commitments, as well as the breadth and relevance of director","page_number":221,"box":{"x":70,"y":128,"width":798,"height":11}},{"id":"acbfd81c-b156-4e37-b550-4e9620d171e3","block_type":"box","text":"experiences and skillsets, and how these collectively contribute to the board’s effectiveness in advising and","page_number":221,"box":{"x":69,"y":143,"width":770,"height":11}},{"id":"4e3a08c1-073c-410a-a8e0-08480ec72fe5","block_type":"box","text":"overseeing management in delivering long-term financial returns.","page_number":221,"box":{"x":69,"y":158,"width":459,"height":11}},{"id":"83272812-174a-4b97-ae42-4b65fa4fb060","block_type":"box","text":"Director independence","page_number":221,"box":{"x":69,"y":188,"width":164,"height":11}},{"id":"270db291-8bc3-4780-be95-c9c1d8dc23f5","block_type":"box","text":"Director independence — from management, significant shareholders, or other related parties — is a central","page_number":221,"box":{"x":102,"y":211,"width":777,"height":11}},{"id":"58990dee-9559-4bb2-93fb-a84f4a2b4bd4","block_type":"box","text":"tenet of sound corporate governance across markets.","page_number":221,"box":{"x":68,"y":226,"width":382,"height":11}},{"id":"36847038-d33e-43f7-b4ce-ec1797e80b19","block_type":"box","text":"6","page_number":221,"box":{"x":452,"y":226,"width":4,"height":5}},{"id":"1d6a3507-0345-4ec3-98f3-4d05b40b95c1","block_type":"box","text":"We look to boards to have a sufficient number of independent","page_number":221,"box":{"x":462,"y":226,"width":442,"height":11}},{"id":"77db2a5a-b986-4bab-b4cc-3a4c2180057e","block_type":"box","text":"directors, free from conflicts of interest or undue influence, to ensure objectivity in the decision-making of the board","page_number":221,"box":{"x":69,"y":241,"width":825,"height":11}},{"id":"e0468124-4ec2-4508-ba13-13272ac03e66","block_type":"box","text":"and its ability to oversee management. We generally consider it good practice for independent directors to make a","page_number":221,"box":{"x":69,"y":256,"width":813,"height":12}},{"id":"46c1bacb-ca0a-4b53-909e-baac8b09466e","block_type":"box","text":"majority of the board, or in the case of controlled companies, at least one-third.","page_number":221,"box":{"x":69,"y":271,"width":566,"height":12}},{"id":"89f94d9c-ce81-4f88-979a-ef2cf25bd6c0","block_type":"box","text":"Common impediments to independence may include but are not limited to:","page_number":221,"box":{"x":102,"y":294,"width":531,"height":11}},{"id":"c6018dd7-9d6b-4ad4-b481-89a5111f7e0a","block_type":"box","text":"•","page_number":221,"box":{"x":69,"y":317,"width":6,"height":5}},{"id":"38e512cf-6e53-458b-affd-b9fe4be37ae6","block_type":"box","text":"Current or recent employment at the company or a subsidiary","page_number":221,"box":{"x":102,"y":314,"width":438,"height":11}},{"id":"faf85e97-fb4c-4531-bb53-f4cf101196e0","block_type":"box","text":"•","page_number":221,"box":{"x":69,"y":337,"width":6,"height":5}},{"id":"a6ac1cf0-4e65-4592-92eb-2332597e0987","block_type":"box","text":"Being, or representing, a shareholder with a substantial shareholding in the company","page_number":221,"box":{"x":102,"y":335,"width":606,"height":11}},{"id":"ac9f175d-9cd5-4df6-bc69-6f2d56bff91e","block_type":"box","text":"•","page_number":221,"box":{"x":69,"y":357,"width":6,"height":5}},{"id":"3fe6263f-55e6-42ec-b704-0c5758c8d078","block_type":"box","text":"Interlocking directorates","page_number":221,"box":{"x":102,"y":355,"width":170,"height":11}},{"id":"a1b08e08-fe9a-4e0b-813c-f2794771ae68","block_type":"box","text":"•","page_number":221,"box":{"x":69,"y":378,"width":6,"height":4}},{"id":"18d30779-be53-440a-a8cc-5d90d1cca29c","block_type":"box","text":"Having any other interest, business, or other relationship which could, or could reasonably be perceived to,","page_number":221,"box":{"x":102,"y":375,"width":761,"height":11}},{"id":"6b98de15-d492-4613-8ab5-4f9a4467df56","block_type":"box","text":"materially interfere with a director’s ability to act in the best interests of the company and shareholders","page_number":221,"box":{"x":102,"y":390,"width":738,"height":11}},{"id":"d426d57e-1628-4654-966d-4ab44ef416aa","block_type":"box","text":"In our experience, boards are most effective at overseeing and advising management when there is a senior,","page_number":221,"box":{"x":102,"y":412,"width":775,"height":12}},{"id":"34eb18b5-2523-45d4-ad39-1c8d5619450b","block_type":"box","text":"independent board leader. This director may chair the board, or, where the chair is also the CEO (or is otherwise not","page_number":221,"box":{"x":70,"y":428,"width":827,"height":11}},{"id":"a6a0a32a-da2a-47ae-968e-80b6d32d71b1","block_type":"box","text":"independent), be designated as a lead independent director. The role of this director is to support independent board","page_number":221,"box":{"x":70,"y":443,"width":835,"height":11}},{"id":"cbb5b929-7d3c-4d31-8794-93a31d9d4c10","block_type":"box","text":"members in fulfilling their oversight responsibilities effectively by shaping the agenda, ensuring adequate information","page_number":221,"box":{"x":69,"y":458,"width":834,"height":11}},{"id":"da581f07-c5b6-4944-b407-e60e06a0ea2c","block_type":"box","text":"is provided to the board, and encouraging independent director participation in board deliberations. We appreciate","page_number":221,"box":{"x":70,"y":473,"width":813,"height":11}},{"id":"90ab8525-eb2a-4c2e-8d16-a9f8e7345a95","block_type":"box","text":"when the lead independent director or another appropriate director is available to meet with shareholders to explain","page_number":221,"box":{"x":68,"y":488,"width":826,"height":11}},{"id":"505f155d-780a-40c8-8447-11d42fc46afb","block_type":"box","text":"and contextualize a company’s approach as a situation warrants.","page_number":221,"box":{"x":69,"y":503,"width":463,"height":11}},{"id":"8b274e6a-0651-45d4-95af-ba77478e55df","block_type":"box","text":"Boards may face matters that could involve conflicts of interest for executives or affiliated directors, or that","page_number":221,"box":{"x":102,"y":526,"width":765,"height":11}},{"id":"833465ed-fc9a-4e9b-ba71-65c4f6d16dd8","block_type":"box","text":"require additional focus. It is our view that objective oversight of such matters is best achieved when the board forms","page_number":221,"box":{"x":69,"y":541,"width":837,"height":11}},{"id":"8cae948b-8e55-43e6-a6a8-9d934a5a1b21","block_type":"box","text":"committees with a majority of independent directors, depending on market norms and a company’s ownership","page_number":221,"box":{"x":69,"y":556,"width":784,"height":11}},{"id":"d5e88629-3532-4375-94af-16c184a4f81f","block_type":"box","text":"structure. In many markets, these committees of the board specialize in audit, director nominations, and","page_number":221,"box":{"x":69,"y":571,"width":747,"height":11}},{"id":"e533bfc7-d3ac-49d2-8f22-1c60ee8fd6da","block_type":"box","text":"compensation matters, among others. An ad hoc committee might also be formed to decide on a special transaction,","page_number":221,"box":{"x":69,"y":586,"width":836,"height":12}},{"id":"2c9a2799-63c3-4afc-9707-9f226e4e4d05","block_type":"box","text":"particularly one involving a related party, or to investigate a significant adverse event.","page_number":221,"box":{"x":70,"y":601,"width":607,"height":12}},{"id":"9655cdb5-d949-45bf-bddf-f5e2d679a935","block_type":"box","text":"Sufficient capacity","page_number":221,"box":{"x":68,"y":632,"width":137,"height":11}},{"id":"badbd01a-1860-43c8-847d-413e6270d081","block_type":"box","text":"As the role and expectations of a director are increasingly demanding, directors must be able to commit an","page_number":221,"box":{"x":101,"y":654,"width":763,"height":12}},{"id":"81f9de3e-3e35-48ae-9007-eef481f74c22","block_type":"box","text":"appropriate amount of time to board and committee matters. It is important that directors have the capacity to meet","page_number":221,"box":{"x":69,"y":669,"width":830,"height":12}},{"id":"120b07f0-f80f-4f2d-9e82-d95d428d7436","block_type":"box","text":"all of their responsibilities — including when there are unforeseen events — and therefore, we consider it best","page_number":221,"box":{"x":69,"y":685,"width":791,"height":11}},{"id":"d006473a-0fd2-41a0-88b9-82ac7d01868b","block_type":"box","text":"practice when they don’t take on an excessive number of roles that would impair their ability to fulfill their duties.","page_number":221,"box":{"x":70,"y":700,"width":804,"height":11}},{"id":"90666746-50c8-401c-a31b-5e46cda5a584","block_type":"box","text":"Board composition","page_number":221,"box":{"x":69,"y":730,"width":135,"height":11}},{"id":"95564458-cb84-4340-9f80-638fb6ff9ebd","block_type":"box","text":"In assessing board composition, we take into account a company’s board size, business model, strategy, market","page_number":221,"box":{"x":102,"y":753,"width":806,"height":11}},{"id":"1225caca-133d-44cc-87cd-0e97d02085a4","block_type":"box","text":"capitalization, and ownership structure, as well as the market in which the company operates. We find it helpful when","page_number":221,"box":{"x":69,"y":768,"width":836,"height":11}},{"id":"57faec97-fa3e-47b6-9657-550fa47f04aa","block_type":"box","text":"companies explain how their approach to board composition supports the company’s governance practices.","page_number":221,"box":{"x":69,"y":783,"width":767,"height":11}},{"id":"0d12a0f9-d1d8-41bc-8717-1fe745be8760","block_type":"box","text":"When nominating directors to the board, we look to companies to provide sufficient information on the individual","page_number":221,"box":{"x":101,"y":806,"width":802,"height":11}},{"id":"85db2663-7410-461e-9083-e587756dae08","block_type":"box","text":"candidates so that shareholders can assess the capabilities and suitability of each individual nominee and their fit","page_number":221,"box":{"x":69,"y":821,"width":818,"height":11}},{"id":"6d318658-b204-4eae-9059-0e63f77322b5","block_type":"box","text":"within overall board composition. These disclosures should explain how the collective experience and expertise of the","page_number":221,"box":{"x":68,"y":836,"width":840,"height":11}},{"id":"c0bfeae6-41b0-476d-b046-b8a9f9ea8e54","block_type":"box","text":"board, as well as the particular skillsets of individual directors, aligns with the company’s long-term strategy. Highly","page_number":221,"box":{"x":69,"y":851,"width":823,"height":11}},{"id":"245f834a-33fe-4a6f-8f48-c67e5ee0d48b","block_type":"box","text":"6","page_number":221,"box":{"x":69,"y":881,"width":4,"height":4}},{"id":"5fae1155-6a63-41ff-84ca-dd8b896c3d82","block_type":"box","text":"For example, please see: Tokyo Stock Exchange, “Japan’s Corporate Governance Code,” June 11, 2021; Financial","page_number":221,"box":{"x":79,"y":880,"width":813,"height":11}},{"id":"cc09eb02-616e-455c-8a67-bd0fe587f8bd","block_type":"box","text":"Reporting Council, “UK Corporate Governance Code,” January 2024, accessed in December 2025.","page_number":221,"box":{"x":70,"y":895,"width":704,"height":12}},{"id":"aa4097ec-7303-4c0a-94ce-35d598090bc1","block_type":"box","text":"BlackRock Investment Stewardship","page_number":221,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"ecbb4ed1-96a9-490f-89b8-d2ac4ec2cdeb","block_type":"box","text":"Global Principles | 6","page_number":221,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"56e2434a-7af4-4df0-b4ac-100fdd956ce5","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":221,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"509385c5-60bc-46c2-b7be-4316d798a4d7","block_type":"box","text":"qualified, engaged directors with professional characteristics relevant to a company’s business and strategy enhance","page_number":222,"box":{"x":69,"y":45,"width":836,"height":11}},{"id":"ccf90380-1b90-428d-8671-eab6a85591eb","block_type":"box","text":"the ability of the board to add value and be the voice of shareholders in board discussions.","page_number":222,"box":{"x":68,"y":60,"width":650,"height":11}},{"id":"df3f35dd-629f-4900-afb5-363b48623aea","block_type":"box","text":"It is in this context that we are interested in a variety of experiences, perspectives, and skillsets in the board","page_number":222,"box":{"x":102,"y":82,"width":775,"height":12}},{"id":"9e859d0c-0bea-4ae7-b629-ed723ef97b83","block_type":"box","text":"room. We see it as a means of avoiding “group think” in the board’s exercise of its responsibilities to advise and","page_number":222,"box":{"x":69,"y":98,"width":806,"height":11}},{"id":"3394e852-0101-4b15-98ad-dc2d8829d1fb","block_type":"box","text":"oversee management. We note that in many markets, policymakers have set board gender diversity goals which we","page_number":222,"box":{"x":69,"y":113,"width":820,"height":11}},{"id":"d67f6496-27c2-46df-9c55-583de4c766fd","block_type":"box","text":"may discuss with companies, particularly if there is a risk their board composition may be misaligned.","page_number":222,"box":{"x":69,"y":128,"width":726,"height":11}},{"id":"b317e522-3a68-44ea-8e9f-b38927dbfc54","block_type":"box","text":"AUDITORS AND AUDIT-RELATED ISSUES","page_number":222,"box":{"x":342,"y":158,"width":293,"height":9}},{"id":"4bcb0d7c-15dc-4900-ac7d-f0c23925628d","block_type":"box","text":"BIS recognizes the critical importance of financial statements to provide a complete and accurate portrayal of a","page_number":222,"box":{"x":102,"y":181,"width":795,"height":11}},{"id":"ac263740-8441-4d31-8c82-7f2b6a14442b","block_type":"box","text":"company’s financial condition. Accordingly, we look for the assumptions made by management, and reviewed by the","page_number":222,"box":{"x":69,"y":196,"width":825,"height":11}},{"id":"a4e88527-ed1d-4e72-8aaf-7977d0ce00ab","block_type":"box","text":"auditor in preparing the financial statements, to be reasonable and justified.","page_number":222,"box":{"x":69,"y":211,"width":543,"height":11}},{"id":"0ab90761-569f-449a-9144-6ca29257da00","block_type":"box","text":"We view the audit committee, or its equivalent, as responsible for overseeing the management of the","page_number":222,"box":{"x":101,"y":234,"width":722,"height":11}},{"id":"25425066-f064-41c2-b846-b3ccbe030996","block_type":"box","text":"independent auditor and the internal audit function at a company. The committee plays an important role in a","page_number":222,"box":{"x":70,"y":249,"width":778,"height":11}},{"id":"6b51adc7-ac9a-4c0a-a25f-c1f8bec67c1a","block_type":"box","text":"company’s financial reporting system by providing independent oversight of the accounts, material financial, and,","page_number":222,"box":{"x":69,"y":264,"width":806,"height":11}},{"id":"98c0d26f-7b8b-48bc-a57f-17b9a6330627","block_type":"box","text":"where appropriate to the jurisdiction, non-financial information and internal control frameworks. Moreover, in the","page_number":222,"box":{"x":68,"y":279,"width":799,"height":11}},{"id":"150d2620-df7e-4b89-976e-79649157cf2b","block_type":"box","text":"absence of a dedicated risk committee, these committees can provide oversight of Enterprise Risk Management","page_number":222,"box":{"x":69,"y":294,"width":801,"height":11}},{"id":"98aac48a-3a09-4955-8f0f-31d7cf0690a0","block_type":"box","text":"systems.","page_number":222,"box":{"x":69,"y":310,"width":62,"height":10}},{"id":"eccada1f-99a1-459a-a0d0-fded1cfaf85f","block_type":"box","text":"7","page_number":222,"box":{"x":133,"y":310,"width":4,"height":4}},{"id":"23538c5c-6feb-4316-a564-ed90173e0e89","block_type":"box","text":"In our view, effective audit committee oversight strengthens the quality and reliability of a company’s","page_number":222,"box":{"x":144,"y":309,"width":717,"height":11}},{"id":"246abab4-8083-479f-ba74-f87cca1cd358","block_type":"box","text":"financial statements and provides an important level of reassurance to shareholders.","page_number":222,"box":{"x":68,"y":324,"width":609,"height":11}},{"id":"92d702a4-92e9-4ebd-890c-e8508b61a82a","block_type":"box","text":"We look to audit committees, or their equivalent, to have clearly articulated charters that set out their","page_number":222,"box":{"x":101,"y":347,"width":727,"height":11}},{"id":"0d956efd-c3bc-4564-a7fa-9e39e263ab9d","block_type":"box","text":"responsibilities. Additionally, having a rotation plan can periodically refresh the committee membership and introduce","page_number":222,"box":{"x":69,"y":362,"width":835,"height":11}},{"id":"799ec58b-40b9-4888-95dd-64a9d1447ea2","block_type":"box","text":"new perspectives. We recognize that audit committees will rely on management, internal audit, and the independent","page_number":222,"box":{"x":69,"y":377,"width":827,"height":12}},{"id":"cd499dd0-39ab-4992-af52-a561d7ab7b0d","block_type":"box","text":"auditor to fulfill their responsibilities. However, we look to committee members to demonstrate they have relevant","page_number":222,"box":{"x":69,"y":392,"width":810,"height":12}},{"id":"d4a515f4-0e6d-4c54-8e21-96c0c50faf79","block_type":"box","text":"expertise to monitor and oversee the audit process and related activities.","page_number":222,"box":{"x":69,"y":408,"width":523,"height":10}},{"id":"511228fe-9876-48cd-93ce-08952fff2033","block_type":"box","text":"We take particular note of unexplained changes in reporting methodology, cases involving significant financial","page_number":222,"box":{"x":101,"y":430,"width":780,"height":11}},{"id":"0a7e3ffc-b8ab-4858-bbfc-ee428d2cace4","block_type":"box","text":"restatements, or ad hoc notifications of material financial weakness. In this respect, we look to audit committees to","page_number":222,"box":{"x":69,"y":445,"width":828,"height":11}},{"id":"24ebc336-d862-4c08-9e7e-881d3a0c67c3","block_type":"box","text":"provide timely disclosure on the remediation of key and critical audit matters identified either by the external auditor","page_number":222,"box":{"x":70,"y":460,"width":827,"height":12}},{"id":"4b6924bb-6339-42d1-a129-6b7c55ab39f3","block_type":"box","text":"or internal audit function.","page_number":222,"box":{"x":69,"y":475,"width":178,"height":9}},{"id":"c6b64cb3-71d2-45a1-a72c-780a73c76d6d","block_type":"box","text":"The integrity of financial statements depends on the auditor being free of any impediments that could","page_number":222,"box":{"x":101,"y":498,"width":723,"height":11}},{"id":"2acac8f4-020e-4966-aafa-e2300b1314be","block_type":"box","text":"compromise its ability to serve as an effective check on management. To that end, it is important that auditors are,","page_number":222,"box":{"x":69,"y":513,"width":825,"height":12}},{"id":"c6cee165-6a3a-4330-b951-69aa93d7514c","block_type":"box","text":"and are seen to be, independent. Where an audit firm provides services to the company in addition to the audit, we","page_number":222,"box":{"x":69,"y":528,"width":824,"height":12}},{"id":"bc720edb-5e6a-46e1-9340-cf705083707f","block_type":"box","text":"look for the fees earned to be disclosed and explained. We look for audit committees to have in place a procedure for","page_number":222,"box":{"x":70,"y":543,"width":839,"height":11}},{"id":"71dbff9f-c6ae-42db-bfa9-9d552e490053","block_type":"box","text":"assessing the independence of the auditor and the quality of the external audit process on an annual basis.","page_number":222,"box":{"x":69,"y":559,"width":770,"height":11}},{"id":"1f802236-72e4-4e95-ac31-b166b126200c","block_type":"box","text":"Comprehensive disclosure provides investors with an understanding of the company’s long-term operational risk","page_number":222,"box":{"x":102,"y":581,"width":799,"height":12}},{"id":"fa822746-c1e1-4f3e-a0b8-0a80bf8a70f0","block_type":"box","text":"management practices and, more broadly, the quality of the board’s oversight. We look to the audit or risk committee","page_number":222,"box":{"x":69,"y":596,"width":836,"height":12}},{"id":"e99e594c-fbad-4e7a-b4d6-114b354f2178","block_type":"box","text":"to periodically review the company’s risk assessment and risk management policies and the significant risks and","page_number":222,"box":{"x":68,"y":612,"width":806,"height":11}},{"id":"a8a8290c-5842-4d12-98a8-ba0c7b5c02d2","block_type":"box","text":"exposures identified by management, the internal auditors or the independent auditors, and management’s steps to","page_number":222,"box":{"x":69,"y":627,"width":829,"height":11}},{"id":"7b6a1e62-fc78-4739-b3c0-8693ddce9233","block_type":"box","text":"address them. In the absence of detailed disclosures, we may conclude that companies are not adequately managing","page_number":222,"box":{"x":69,"y":642,"width":840,"height":11}},{"id":"22d97a02-0b88-4673-8afe-eb7933808e16","block_type":"box","text":"risk.","page_number":222,"box":{"x":69,"y":657,"width":28,"height":9}},{"id":"f9fafd1e-fb48-426f-acaf-2b4f03b5c21e","block_type":"box","text":"CAPITAL STRUCTURE, MERGERS, ACQUISITIONS, ASSET SALES, AND OTHER SPECIAL SITUATIONS","page_number":222,"box":{"x":125,"y":687,"width":728,"height":11}},{"id":"670bcb8c-ea94-429b-b2db-f9a874b28236","block_type":"box","text":"The capital structure of a company is critical to shareholders as it impacts the value of their investment and the","page_number":222,"box":{"x":101,"y":710,"width":798,"height":11}},{"id":"66a1ebe7-bc6a-4821-b9f0-0318fa1bfd71","block_type":"box","text":"priority of their interest in the company relative to that of other equity or debt investors. Pre-emptive rights are a key","page_number":222,"box":{"x":70,"y":725,"width":824,"height":11}},{"id":"5bf79ee9-1fc7-4015-b894-c93f4100a972","block_type":"box","text":"protection for shareholders against the dilution of their interests.","page_number":222,"box":{"x":70,"y":740,"width":460,"height":11}},{"id":"e3f12db6-5cdc-4208-8682-99ea29ed230a","block_type":"box","text":"In principle, we have concerns with the creation of a share class with equivalent economic exposure and","page_number":222,"box":{"x":102,"y":763,"width":743,"height":11}},{"id":"9c243c90-bfb2-497b-9680-d4f3260d865d","block_type":"box","text":"differentiated voting rights. As a result, BIS generally supports bylaw amendments that introduce the adoption of","page_number":222,"box":{"x":69,"y":778,"width":805,"height":11}},{"id":"23007e4b-18ff-4367-b11c-612d565d64b3","block_type":"box","text":"“one share, one vote” for registered shareholders.","page_number":222,"box":{"x":70,"y":793,"width":358,"height":11}},{"id":"b13d0759-3065-4f79-ad36-73c6f7f155c9","block_type":"box","text":"7","page_number":222,"box":{"x":69,"y":823,"width":4,"height":4}},{"id":"c5cf3836-0b5a-4347-bf0f-61e13c6dddf2","block_type":"box","text":"Enterprise Risk Management is a process, effected by the entity’s board of directors, management, and other","page_number":222,"box":{"x":79,"y":822,"width":784,"height":12}},{"id":"724d2fab-6b7c-4980-93c4-f8aa77f223a9","block_type":"box","text":"personnel, applied in strategy setting and across the enterprise, designed to identify potential events that may affect","page_number":222,"box":{"x":70,"y":837,"width":834,"height":12}},{"id":"5aa00626-2fd7-41f0-ae8f-b0f9ba413aee","block_type":"box","text":"the entity, and manage risk to be within the risk appetite, to provide reasonable assurance regarding the achievement","page_number":222,"box":{"x":68,"y":853,"width":841,"height":11}},{"id":"4cb006df-924b-413a-91f5-29765664038e","block_type":"box","text":"of objectives. Please see: The Committee of Sponsoring Organizations of the Treadway Commission (COSO),","page_number":222,"box":{"x":69,"y":868,"width":771,"height":11}},{"id":"5ae58050-ae1c-4326-9f05-011ec2712eca","block_type":"box","text":"“Enterprise Risk Management,” 2023, accessed in December 2025.","page_number":222,"box":{"x":70,"y":883,"width":488,"height":11}},{"id":"b65b1ef3-0bc1-4542-92ed-61d743cc3741","block_type":"box","text":"BlackRock Investment Stewardship","page_number":222,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"6a20a273-e253-48c6-a02c-992adf7f819e","block_type":"box","text":"Global Principles | 7","page_number":222,"box":{"x":768,"y":942,"width":140,"height":13}},{"id":"a5cfc50f-04d8-4ea7-bd85-16ac886a5beb","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":222,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5eea8774-5daf-4b7c-b2d2-91d1a8712e1b","block_type":"box","text":"However, we recognize that in certain markets, at least for a period of time, companies may have a valid reason","page_number":223,"box":{"x":102,"y":45,"width":798,"height":11}},{"id":"075f9783-9aee-415b-836f-e5f8d58764cd","block_type":"box","text":"for listing dual classes of shares with differentiated voting rights. In our view, such companies should review these","page_number":223,"box":{"x":68,"y":60,"width":818,"height":11}},{"id":"c881c8b1-23f2-4c5c-87d0-952737e9d303","block_type":"box","text":"share class structures on a regular basis or as company circumstances change. Additionally, they should seek","page_number":223,"box":{"x":69,"y":75,"width":788,"height":11}},{"id":"29dd8eb2-a183-4cf0-afdf-899428cc571f","block_type":"box","text":"shareholder approval of their capital structure on a periodic basis via a management proposal at the company’s","page_number":223,"box":{"x":69,"y":90,"width":797,"height":11}},{"id":"e5dc41db-793a-405d-aa1a-6fb2b80d2eee","block_type":"box","text":"shareholder meeting. The proposal should give unaffiliated shareholders the opportunity to affirm the current","page_number":223,"box":{"x":69,"y":105,"width":780,"height":11}},{"id":"c8ba8e2e-d92d-4cfc-b6aa-7497ca437bf7","block_type":"box","text":"structure or establish mechanisms to end or phase out controlling structures at the appropriate time, while","page_number":223,"box":{"x":69,"y":120,"width":764,"height":12}},{"id":"5edf6c2f-a933-476f-906b-9636263520b6","block_type":"box","text":"minimizing costs to shareholders.","page_number":223,"box":{"x":69,"y":136,"width":238,"height":11}},{"id":"58f59a02-53d8-4e99-8f9b-a8f19d9be60f","block_type":"box","text":"In assessing mergers, asset sales, or other special situations, BIS’ primary consideration is the long-term","page_number":223,"box":{"x":102,"y":158,"width":756,"height":11}},{"id":"a5dc4173-a53d-41bf-aba3-a775127c4e2d","block_type":"box","text":"financial interests of our clients as shareholders, and so we will review any proposed transaction with that objective","page_number":223,"box":{"x":68,"y":173,"width":826,"height":11}},{"id":"d3c96029-8e5a-4518-9db8-7a32e87252a5","block_type":"box","text":"in mind. Typically, we review factors such as whether the proposed transaction has the unanimous support of the","page_number":223,"box":{"x":70,"y":188,"width":806,"height":11}},{"id":"a9c8916a-b73b-42b8-8661-edb79f3e7ab1","block_type":"box","text":"board and has been negotiated at arm’s length, and whether the board or management has clearly explained its","page_number":223,"box":{"x":69,"y":204,"width":799,"height":11}},{"id":"675815d0-df6c-4704-89e7-235a63c4fdd8","block_type":"box","text":"economic and strategic rationale. We may also seek reassurance from the board that the financial interests of","page_number":223,"box":{"x":69,"y":218,"width":788,"height":12}},{"id":"16bacb9d-05e1-4bbd-99fd-a96ef3455b74","block_type":"box","text":"executives and/or board members in a given transaction have not adversely affected their ability to place","page_number":223,"box":{"x":69,"y":234,"width":750,"height":11}},{"id":"76176658-c472-4da4-a0f9-181229d126a1","block_type":"box","text":"shareholders’ interests before their own. Where the transaction involves related parties, the recommendation to","page_number":223,"box":{"x":69,"y":249,"width":801,"height":11}},{"id":"e44adb98-93fb-4dea-85f6-eaf80792dc1e","block_type":"box","text":"support should come from the independent directors, a best practice in most markets, and ideally, the terms should","page_number":223,"box":{"x":69,"y":264,"width":830,"height":11}},{"id":"cd494624-7fd7-4562-a89b-6a32796b13f2","block_type":"box","text":"have been assessed through an independent appraisal process. In addition, it is good practice that it be approved by","page_number":223,"box":{"x":69,"y":279,"width":836,"height":11}},{"id":"04affe19-ffa8-46bb-af6e-fd92e8e5c74f","block_type":"box","text":"a separate vote of the non-conflicted parties.","page_number":223,"box":{"x":69,"y":294,"width":320,"height":11}},{"id":"d1c1be41-0129-4fae-9f9a-6e19d2c4df6f","block_type":"box","text":"As a matter of sound governance practice, shareholders should have a right to dispose of company shares in the","page_number":223,"box":{"x":101,"y":317,"width":806,"height":11}},{"id":"f46e00ac-3104-488c-8e4e-1156f9e59a01","block_type":"box","text":"open market without unnecessary restriction. In our view, corporate mechanisms designed to limit shareholders’","page_number":223,"box":{"x":69,"y":332,"width":801,"height":11}},{"id":"2c8aa722-bbde-4943-86d2-04b4b3686882","block_type":"box","text":"ability to sell their shares are contrary to basic property rights. Such mechanisms can serve to protect and entrench","page_number":223,"box":{"x":69,"y":347,"width":829,"height":11}},{"id":"5fdd0c86-f0d9-4ed8-8994-3963a18b1a29","block_type":"box","text":"interests other than those of the shareholders. In our view, shareholders are broadly capable of making decisions in","page_number":223,"box":{"x":70,"y":362,"width":826,"height":11}},{"id":"cd161251-5869-4dcb-8d19-3529d42fe41a","block_type":"box","text":"their own best interests. We encourage any shareholder rights plans proposed by a board to be subject to","page_number":223,"box":{"x":68,"y":377,"width":755,"height":12}},{"id":"fe3b7245-e1fd-4c44-bba9-ea76018f3dee","block_type":"box","text":"shareholder approval upon introduction and periodically thereafter.","page_number":223,"box":{"x":69,"y":392,"width":472,"height":12}},{"id":"5d76cb6e-2476-4ad9-bb29-acb752c9fbbb","block_type":"box","text":"EXECUTIVE COMPENSATION AND BENEFITS","page_number":223,"box":{"x":328,"y":423,"width":322,"height":9}},{"id":"e9be48ab-d3e7-481b-802a-ce7ca9e67c9a","block_type":"box","text":"Executive compensation is an important tool used by companies to support long-term financial value creation. A","page_number":223,"box":{"x":102,"y":445,"width":799,"height":12}},{"id":"891f503c-d895-478c-832c-6bb5a56924ad","block_type":"box","text":"well-structured compensation policy rewards the successful delivery of strategic, operational, and/or financial goals;","page_number":223,"box":{"x":68,"y":460,"width":830,"height":12}},{"id":"02608754-5954-4c11-85e0-dba8c84b0c81","block_type":"box","text":"encourages an appropriate risk appetite; and aligns the interests of shareholders and executives through equity","page_number":223,"box":{"x":69,"y":475,"width":797,"height":12}},{"id":"e89f3f9e-7f8b-4364-850b-836d46eab9c0","block_type":"box","text":"ownership.","page_number":223,"box":{"x":69,"y":491,"width":75,"height":11}},{"id":"2b0db49c-4db0-4ca5-b7de-19ba875d4ff0","block_type":"box","text":"8","page_number":223,"box":{"x":146,"y":491,"width":4,"height":4}},{"id":"6b629202-f0e5-49a6-ad99-e35058b33be6","block_type":"box","text":"We look for a clear link between variable pay and operational and financial performance that support sustained","page_number":223,"box":{"x":101,"y":513,"width":793,"height":11}},{"id":"c716313b-0ee0-453f-a114-471cb1325be4","block_type":"box","text":"financial value creation for our clients as shareholders. We appreciate when performance targets incorporate","page_number":223,"box":{"x":68,"y":528,"width":778,"height":12}},{"id":"a6725b0e-0990-4d13-ba1a-c2aa19788723","block_type":"box","text":"ambitious objectives, and the corresponding metrics are aligned with the company’s strategy and business model.","page_number":223,"box":{"x":69,"y":544,"width":815,"height":11}},{"id":"660f457c-af64-4676-bbee-b2234c2aefcf","block_type":"box","text":"BIS does not have a position on whether companies choose to use sustainability-related criteria in compensation","page_number":223,"box":{"x":70,"y":559,"width":804,"height":11}},{"id":"4611385d-cc4d-474e-ab89-b5d11fdf28a3","block_type":"box","text":"structures, but, where they are included, we look to companies to be as rigorous as they would be in setting other","page_number":223,"box":{"x":69,"y":574,"width":814,"height":11}},{"id":"084e2279-c494-4a0f-8da7-a57fd5d50aaf","block_type":"box","text":"financial or operational targets. We appreciate when long-term incentive plans encompass timeframes that: 1) are","page_number":223,"box":{"x":68,"y":589,"width":813,"height":11}},{"id":"1fe4685e-710a-4804-8651-309baccaf359","block_type":"box","text":"distinct from annual executive compensation structures and metrics, and 2) encourage the delivery of strong financial","page_number":223,"box":{"x":69,"y":604,"width":839,"height":11}},{"id":"0ad43c2c-1717-41e7-8e42-b40327fa4796","block_type":"box","text":"results over a period of years.","page_number":223,"box":{"x":69,"y":619,"width":211,"height":11}},{"id":"9e46e520-cf08-40dc-b6a4-cd62b6f8d0ad","block_type":"box","text":"We consider it best practice when board members responsible for designing and approving executive","page_number":223,"box":{"x":101,"y":642,"width":718,"height":11}},{"id":"87416287-0af5-4616-9ed2-7387819148dc","block_type":"box","text":"compensation carefully consider the company’s specific circumstances. Factors to consider may include the","page_number":223,"box":{"x":69,"y":657,"width":770,"height":11}},{"id":"b1fc0ad5-b331-4086-a7a1-30fefcff8d69","block_type":"box","text":"company’s risk profile, the environment it operates in, and the individuals the board is trying to attract and retain. We","page_number":223,"box":{"x":69,"y":672,"width":838,"height":11}},{"id":"9c1388e6-b3e2-428d-a18d-fbcbafe4538d","block_type":"box","text":"look to the compensation committees to guard against contractual arrangements that would entitle executives to","page_number":223,"box":{"x":70,"y":687,"width":804,"height":11}},{"id":"e4ddd9af-b509-496c-bd7c-1aeb57818585","block_type":"box","text":"material compensation for early termination of their employment. Finally, we look for pension contributions and other","page_number":223,"box":{"x":69,"y":702,"width":831,"height":11}},{"id":"f6fe5aca-d5f8-412a-a566-fc44a1ad13e7","block_type":"box","text":"deferred compensation arrangements to be reasonable in light of market practices or the company’s business and","page_number":223,"box":{"x":69,"y":717,"width":817,"height":12}},{"id":"6763fa49-77b4-49da-b4cd-7c09a1c3347c","block_type":"box","text":"executive compensation strategies.","page_number":223,"box":{"x":69,"y":733,"width":250,"height":11}},{"id":"33288202-9d35-4b36-8507-16b6dc097f96","block_type":"box","text":"We are not supportive of one-off or special bonuses unrelated to company or individual performance. Where","page_number":223,"box":{"x":101,"y":755,"width":772,"height":11}},{"id":"f0e28037-0595-49b3-b46f-9176efb0688b","block_type":"box","text":"discretion has been used by the compensation committee, or its equivalent, we appreciate disclosure relating to how","page_number":223,"box":{"x":69,"y":771,"width":836,"height":11}},{"id":"a03a40c8-259b-425b-ae50-c529536d655f","block_type":"box","text":"and why the discretion was used, and how the adjusted outcome is aligned with the interests of shareholders. In","page_number":223,"box":{"x":69,"y":785,"width":803,"height":12}},{"id":"aaa87065-f958-4cfc-9b82-7cac19e1b540","block_type":"box","text":"addition, we acknowledge that the use of peer group evaluation by compensation committees can help ensure","page_number":223,"box":{"x":69,"y":801,"width":785,"height":11}},{"id":"65dad384-e532-4183-952c-85132ef608f1","block_type":"box","text":"competitive pay. However, we encourage companies to clearly explain how compensation outcomes have rewarded","page_number":223,"box":{"x":69,"y":816,"width":815,"height":11}},{"id":"664abe24-ac79-46f2-912c-18b12f153990","block_type":"box","text":"performance rather than solely base increases in total compensation on peer benchmarking.","page_number":223,"box":{"x":70,"y":831,"width":659,"height":11}},{"id":"d813072c-ea97-4b65-b196-8db7edd1514f","block_type":"box","text":"8","page_number":223,"box":{"x":69,"y":860,"width":4,"height":5}},{"id":"7775e3b1-3ff9-43db-b767-00917b4620ca","block_type":"box","text":"The terms “compensation,” “remuneration,” and “pay” are used interchangeably to describe the same concept in","page_number":223,"box":{"x":78,"y":860,"width":811,"height":11}},{"id":"bee81409-b194-40dc-a9be-8e241d22875b","block_type":"box","text":"different markets.","page_number":223,"box":{"x":69,"y":875,"width":126,"height":9}},{"id":"89405871-699a-4f6a-a5ef-8dc8f1fa8739","block_type":"box","text":"BlackRock Investment Stewardship","page_number":223,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"84c656cb-5908-4103-90c1-38d1e95b3667","block_type":"box","text":"Global Principles | 8","page_number":223,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"e4816e7a-2de2-4a2a-bde6-c626984dcf32","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":223,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7f504b27-91ad-4786-9cc5-30d902da0a81","block_type":"box","text":"We consider the inclusion of building clawback provisions into incentive plans as good practice. Such provisions","page_number":224,"box":{"x":101,"y":45,"width":797,"height":11}},{"id":"2c837743-dac1-4377-89a6-dc198e3b946d","block_type":"box","text":"could require executives to forgo awards when compensation was based on faulty financial statements or deceptive","page_number":224,"box":{"x":69,"y":60,"width":825,"height":11}},{"id":"2f9ee15f-8250-420e-86c9-bbaedbe35a58","block_type":"box","text":"business practices, or when their behavior caused material financial harm to shareholders, material reputational risk","page_number":224,"box":{"x":69,"y":75,"width":833,"height":11}},{"id":"332aea1b-3ea7-49d3-a99d-eaaf8b61d880","block_type":"box","text":"to the company, or resulted in a criminal investigation.","page_number":224,"box":{"x":68,"y":90,"width":386,"height":11}},{"id":"7cf0eb8c-dff2-4e40-bd73-b68e081a0382","block_type":"box","text":"In our view, non-executive directors should be compensated in a manner that is commensurate with the time and","page_number":224,"box":{"x":102,"y":113,"width":803,"height":11}},{"id":"295e6908-7d45-4146-8bd6-c964b87a5fd8","block_type":"box","text":"effort expended in fulfilling their professional responsibilities. Additionally, these compensation arrangements should","page_number":224,"box":{"x":69,"y":128,"width":834,"height":11}},{"id":"5b86f273-7a91-4d07-97e2-62f98c6d5c41","block_type":"box","text":"not risk compromising directors’ independence or aligning their interests too closely with those of the management,","page_number":224,"box":{"x":69,"y":143,"width":825,"height":11}},{"id":"09a80bf4-42cd-483a-8de1-e56dcabddf85","block_type":"box","text":"whom they are charged with overseeing.","page_number":224,"box":{"x":68,"y":158,"width":285,"height":11}},{"id":"0abbf8bb-7b04-4e6a-8bff-166131e7a3d3","block_type":"box","text":"When assessing compensation proposals, BIS reviews companies’ disclosures to determine whether the board’s","page_number":224,"box":{"x":101,"y":181,"width":807,"height":11}},{"id":"37521031-9142-4525-899e-5eb6c60327ae","block_type":"box","text":"approach to executive compensation is rigorous in light of the company’s stated long-term corporate strategy and","page_number":224,"box":{"x":69,"y":196,"width":807,"height":11}},{"id":"d48a461b-9cb4-4ce5-a200-fde7b372e353","block_type":"box","text":"specific circumstances, as well as local market and policy developments.","page_number":224,"box":{"x":69,"y":211,"width":521,"height":11}},{"id":"224060ce-399b-4bcd-8b3b-d02af9c8ca13","block_type":"box","text":"When our analysis indicates that executive compensation is misaligned with company performance, BIS may not","page_number":224,"box":{"x":101,"y":234,"width":802,"height":11}},{"id":"52cf7786-1ddb-41db-abed-1392bda2d9a3","block_type":"box","text":"support management’s proposals to approve compensation, where they are on the agenda. We may also not support","page_number":224,"box":{"x":69,"y":249,"width":838,"height":11}},{"id":"2f34952b-ecd4-4806-b529-3214229c5ab6","block_type":"box","text":"members of the compensation committee or equivalent board members for poor compensation practices or","page_number":224,"box":{"x":69,"y":264,"width":766,"height":11}},{"id":"513c10d7-389f-41f0-b0e7-1e59100b6cc7","block_type":"box","text":"structures.","page_number":224,"box":{"x":69,"y":280,"width":76,"height":8}},{"id":"528af58b-d79d-4d45-b78f-59d9bca960fa","block_type":"box","text":"SHAREHOLDER PROTECTIONS AND OTHER CORPORATE GOVERNANCE MATTERS","page_number":224,"box":{"x":191,"y":309,"width":595,"height":9}},{"id":"f586cd2e-a4ce-43e8-914a-09c3112cc369","block_type":"box","text":"Corporate form","page_number":224,"box":{"x":69,"y":339,"width":108,"height":11}},{"id":"614e4f0f-63aa-4969-a6a8-b6498d4cf66c","block_type":"box","text":"In our view, it is the responsibility of the board to determine the corporate form that is most appropriate given","page_number":224,"box":{"x":102,"y":362,"width":781,"height":11}},{"id":"39106e95-a716-4b33-80f8-a5f597022676","block_type":"box","text":"the company’s purpose and business model.","page_number":224,"box":{"x":68,"y":377,"width":320,"height":11}},{"id":"d6cc1700-c288-4482-8ead-45cb17f6ca13","block_type":"box","text":"9","page_number":224,"box":{"x":390,"y":378,"width":4,"height":4}},{"id":"8567223a-7a85-4055-97fd-5856aa0e3024","block_type":"box","text":"We look to companies proposing to change their corporate form to a","page_number":224,"box":{"x":399,"y":377,"width":487,"height":12}},{"id":"0ce03543-31b2-4b29-9cdf-014ce042a43f","block_type":"box","text":"public benefit corporation, or similar entity, to put it to a shareholder vote if not already required to do so under","page_number":224,"box":{"x":70,"y":392,"width":791,"height":12}},{"id":"aacb4f26-4f76-4ae1-ac6c-a608d667ac2d","block_type":"box","text":"applicable law. We appreciate when supporting documentation from companies or shareholders proposing to alter the","page_number":224,"box":{"x":69,"y":407,"width":839,"height":12}},{"id":"300dd73b-646c-49a9-88ce-52e063df8dba","block_type":"box","text":"corporate form clearly explains how the interests of shareholders and different stakeholders would be impacted as","page_number":224,"box":{"x":69,"y":423,"width":818,"height":11}},{"id":"59ca48c9-360f-4de6-ba05-047ed8ef3d29","block_type":"box","text":"well as the accountability and voting mechanisms that would be available to shareholders. We generally support","page_number":224,"box":{"x":68,"y":438,"width":800,"height":11}},{"id":"b1243780-76fc-414c-ae1e-c9f8bbc8682d","block_type":"box","text":"management proposals if our analysis indicates that shareholders’ financial interests are adequately protected.","page_number":224,"box":{"x":69,"y":453,"width":796,"height":11}},{"id":"6f165003-a9ab-4674-92d8-fcdf044e7d58","block_type":"box","text":"Corporate form shareholder proposals are evaluated on a case-by-case basis.","page_number":224,"box":{"x":69,"y":468,"width":552,"height":11}},{"id":"e016179d-dbb5-4470-ab2e-f68c48082750","block_type":"box","text":"SHAREHOLDER PROPOSALS","page_number":224,"box":{"x":385,"y":498,"width":207,"height":9}},{"id":"0638b61d-4b48-478c-b5aa-e8be04bc75f3","block_type":"box","text":"In most markets, shareholders can submit proposals to be voted on at a company’s shareholder meeting, as","page_number":224,"box":{"x":102,"y":521,"width":777,"height":11}},{"id":"e3320e42-34ba-45ca-9803-31a67b932f8b","block_type":"box","text":"long as certain requirements are met. Shareholder proposals span a wide range of topics, including governance","page_number":224,"box":{"x":70,"y":536,"width":796,"height":11}},{"id":"6211f4ef-3e23-444a-a380-9cd62a568df2","block_type":"box","text":"reforms, capital management, and changes in the management or disclosure of sustainability-related risks. These","page_number":224,"box":{"x":69,"y":551,"width":813,"height":11}},{"id":"8c5d883d-ca1e-4bd4-9845-64a5e317234b","block_type":"box","text":"proposals have a varying degree of relevance for companies across sectors, locations, and business models.","page_number":224,"box":{"x":70,"y":566,"width":779,"height":11}},{"id":"f79b820b-5eab-46db-a935-b12e9ef063d5","block_type":"box","text":"BIS takes a case-by-case approach to voting on shareholder proposals and maintains a singular focus on the","page_number":224,"box":{"x":102,"y":589,"width":775,"height":11}},{"id":"a9da7bb1-6625-4c45-aa0a-4578a4100ece","block_type":"box","text":"proposal’s implications for long-term financial value creation for shareholders. Our analysis considers whether a","page_number":224,"box":{"x":70,"y":604,"width":796,"height":11}},{"id":"080d9e4c-ff4e-41d2-a86c-da134ae4dcbf","block_type":"box","text":"shareholder proposal addresses a material risk that may impact a company’s long-term financial performance. BIS","page_number":224,"box":{"x":69,"y":619,"width":818,"height":11}},{"id":"6f1e2b1c-64ba-4d80-8bba-9e152a03792a","block_type":"box","text":"may support shareholder proposals that request disclosures that help us, as long-term investors on behalf of our","page_number":224,"box":{"x":69,"y":634,"width":809,"height":12}},{"id":"277d9c38-acce-41be-b526-7552c0369328","block_type":"box","text":"clients, better understand the material risks and opportunities companies face and how they are managing them,","page_number":224,"box":{"x":69,"y":649,"width":807,"height":12}},{"id":"94bb65cc-d09e-4bcd-b2f7-fd1adb6037da","block_type":"box","text":"especially where this information is additive given the company’s existing disclosures. We look for consistency","page_number":224,"box":{"x":69,"y":664,"width":787,"height":12}},{"id":"61959fe0-3c5b-4b14-9a42-7a99f48f364d","block_type":"box","text":"between the specific request formally made in the proposal, the supporting documentation, and the proponents’","page_number":224,"box":{"x":69,"y":680,"width":801,"height":11}},{"id":"32569d38-ff1a-4440-8bc1-fbe15a67fe9a","block_type":"box","text":"other communications on the issues. We also assess the company’s practices and disclosures and the costs and","page_number":224,"box":{"x":69,"y":695,"width":813,"height":11}},{"id":"89e3ec14-860a-44f3-9402-3d71b120aff2","block_type":"box","text":"benefits to the company of meeting the request made in the proposal. We take into consideration a company’s","page_number":224,"box":{"x":69,"y":710,"width":791,"height":11}},{"id":"0f897363-15ef-43fd-8fe9-57abf987f087","block_type":"box","text":"governance practices and disclosures against those of their peers.","page_number":224,"box":{"x":68,"y":725,"width":475,"height":11}},{"id":"d7ee74b6-60d3-479f-aac4-49152fa20d5a","block_type":"box","text":"BIS does not support shareholder proposals that we view as inconsistent with long-term financial value or that","page_number":224,"box":{"x":102,"y":748,"width":787,"height":11}},{"id":"56341e53-0c82-497b-a79c-61acb6f3a820","block_type":"box","text":"seek to micromanage companies. We take into consideration the legal effect of the proposal, as shareholder","page_number":224,"box":{"x":69,"y":763,"width":778,"height":11}},{"id":"a82b7e4f-f125-415f-a9c4-84f64a05678a","block_type":"box","text":"proposals may be advisory or legally binding depending on the jurisdiction, while others may make requests that","page_number":224,"box":{"x":70,"y":778,"width":799,"height":11}},{"id":"7f2679d7-9a80-4cf0-84eb-1eb191c062ff","block_type":"box","text":"would be deemed illegal in a given jurisdiction.","page_number":224,"box":{"x":68,"y":793,"width":331,"height":11}},{"id":"89f34a5a-bdff-48ad-a5e3-73ea831beaad","block_type":"box","text":"In our experience, it is helpful when companies disclose the names of the proponent or organization that has","page_number":224,"box":{"x":102,"y":816,"width":777,"height":11}},{"id":"274f32f0-4e72-4acf-9d47-a895d4a06db5","block_type":"box","text":"submitted or advised on the proposal. We recognize that some shareholder proposals bundle topics and/or specific","page_number":224,"box":{"x":69,"y":831,"width":825,"height":11}},{"id":"e0b95950-d6fb-4c1e-9ad0-414513c4a09a","block_type":"box","text":"requests. Further, the proponent’s supporting statement may refer to topics that are not directly related to the","page_number":224,"box":{"x":69,"y":846,"width":788,"height":11}},{"id":"ddc74d4a-ae86-44fc-9a3e-5086056e1b64","block_type":"box","text":"request made in the proposal. In voting on behalf of clients, we must vote yes or no on the proposal as phrased by","page_number":224,"box":{"x":69,"y":861,"width":820,"height":11}},{"id":"6f192302-9e88-46dd-8464-df2a7ab24295","block_type":"box","text":"the proponent. Therefore, when we vote in support of a proposal, we are not necessarily endorsing every element of","page_number":224,"box":{"x":68,"y":876,"width":831,"height":11}},{"id":"1fb247c4-e861-4092-a8c2-a70f3eef42d4","block_type":"box","text":"9","page_number":224,"box":{"x":69,"y":906,"width":4,"height":4}},{"id":"721c92df-dfa2-4fd5-9a2f-2233f90be831","block_type":"box","text":"Corporate form refers to the legal structure by which a business is organized.","page_number":224,"box":{"x":79,"y":905,"width":550,"height":12}},{"id":"7812312e-17c6-4953-92ba-1054662870e3","block_type":"box","text":"BlackRock Investment Stewardship","page_number":224,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"89585812-8930-434d-87c9-369a0ac8fa0e","block_type":"box","text":"Global Principles | 9","page_number":224,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"d363585a-fc6a-482e-8518-edfd54a25fc4","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":224,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a7bd3939-357d-4afe-90d3-b43f6e2bcf80","block_type":"box","text":"the proposal or the reasoning, objectives, or supporting statement of the proponent. We may support a proposal for","page_number":225,"box":{"x":68,"y":45,"width":829,"height":11}},{"id":"70baad92-4037-4387-97d7-ff14f40dde59","block_type":"box","text":"different reasons than those put forth by the proponent, when we believe that overall it may advance our clients’","page_number":225,"box":{"x":69,"y":60,"width":802,"height":11}},{"id":"e8b69a81-96b7-4440-a7ec-33fbbc530151","block_type":"box","text":"long-term financial interests.","page_number":225,"box":{"x":70,"y":75,"width":201,"height":11}},{"id":"88ebb5f4-6c4e-4864-b15b-fb6a760c3c0b","block_type":"box","text":"BlackRock is subject to certain rules, regulations, agency guidance, and contractual agreements that place","page_number":225,"box":{"x":102,"y":98,"width":763,"height":11}},{"id":"5af0cc0d-5823-48ee-85de-b92b7a2e87ae","block_type":"box","text":"restrictions and limitations on how BlackRock can interact with the companies in which we invest on behalf of our","page_number":225,"box":{"x":69,"y":113,"width":809,"height":11}},{"id":"a555e216-536d-45fb-9fe9-2820736fc146","block_type":"box","text":"clients. BlackRock does not nominate directors for board elections or submit shareholder proposals to companies.","page_number":225,"box":{"x":69,"y":128,"width":817,"height":11}},{"id":"c55fff33-8b54-4e2f-aebc-36ec267db5ee","block_type":"box","text":"Non-compliance with these requirements could adversely affect BlackRock’s ability to serve its clients’ interests.","page_number":225,"box":{"x":70,"y":143,"width":803,"height":11}},{"id":"28135b11-eb3c-435c-90bc-1bafb9261f99","block_type":"box","text":"MATERIAL SUSTAINABILITY-RELATED RISKS AND OPPORTUNITIES","page_number":225,"box":{"x":247,"y":173,"width":484,"height":9}},{"id":"677127ab-f5ac-4d2b-9b16-600b4035ff42","block_type":"box","text":"Appropriate oversight of material risks and opportunities, including material sustainability-related risks and","page_number":225,"box":{"x":101,"y":196,"width":760,"height":11}},{"id":"46edb50f-3372-4f9c-b943-f992203efa9d","block_type":"box","text":"opportunities, is an important component of having an effective governance framework that supports durable, long","page_number":225,"box":{"x":69,"y":211,"width":824,"height":11}},{"id":"e2e9844e-b960-4e11-90f6-ef3658d7c327","block_type":"box","text":"term financial value creation.","page_number":225,"box":{"x":68,"y":226,"width":206,"height":9}},{"id":"eddb82cd-9110-4b6a-a9e2-2e66ffb33a85","block_type":"box","text":"10","page_number":225,"box":{"x":276,"y":226,"width":9,"height":5}},{"id":"4a845651-277d-4808-8dd8-1feb240fff0e","block_type":"box","text":"We look to companies to provide robust disclosure that allows investors to effectively evaluate companies’","page_number":225,"box":{"x":101,"y":249,"width":761,"height":11}},{"id":"bf671726-2709-41b9-b963-c7d6e45fa90c","block_type":"box","text":"strategy and business practices related to material sustainability-related risks and opportunities. We find it helpful","page_number":225,"box":{"x":69,"y":264,"width":814,"height":11}},{"id":"3d683dd7-65f1-4d9e-aa73-fdf79e198b3f","block_type":"box","text":"when companies’ disclosures demonstrate that they have a resilient business model that integrates material","page_number":225,"box":{"x":68,"y":279,"width":777,"height":11}},{"id":"d0078819-a92c-43ea-a953-b40dc5a59e46","block_type":"box","text":"sustainability-related risks and opportunities into their strategy, risk management, and metrics and targets, including","page_number":225,"box":{"x":69,"y":294,"width":833,"height":11}},{"id":"381775cb-52ff-4e39-a1df-4a12587ffd68","block_type":"box","text":"industry-specific metrics.","page_number":225,"box":{"x":70,"y":309,"width":175,"height":11}},{"id":"c0631a1b-6faf-4717-9953-c9735cc26768","block_type":"box","text":"Standardized disclosure of sustainability-related data supports investors in making informed decisions. The","page_number":225,"box":{"x":102,"y":332,"width":765,"height":11}},{"id":"27f7ebe5-bddf-4d65-91f9-2862e7a1a58a","block_type":"box","text":"International Sustainability Standards Board (ISSB) standards, IFRS S1 and S2, represent one such approach to","page_number":225,"box":{"x":70,"y":347,"width":800,"height":11}},{"id":"00397b0d-a7b3-49e9-968b-cc3f7f403d59","block_type":"box","text":"standardization that we find useful in our analysis.","page_number":225,"box":{"x":69,"y":362,"width":358,"height":11}},{"id":"2be57045-3dc1-4da5-a781-cbaa4b293c87","block_type":"box","text":"11","page_number":225,"box":{"x":429,"y":363,"width":9,"height":4}},{"id":"2d712844-3ccc-45ec-a58c-b066664575cc","block_type":"box","text":"However, we do not mandate any specific disclosure framework","page_number":225,"box":{"x":444,"y":362,"width":451,"height":11}},{"id":"f404422c-0d0d-4003-a20b-21fbcfa6663e","block_type":"box","text":"companies should use, and recognize that companies may report using different standards, some of which may be","page_number":225,"box":{"x":69,"y":377,"width":821,"height":12}},{"id":"65b919b6-ab50-408b-a52f-27f2ace0656e","block_type":"box","text":"required by regulation. In such cases, we ask that companies highlight the metrics that are industry- or company","page_number":225,"box":{"x":69,"y":393,"width":806,"height":11}},{"id":"76a9cc08-d3c8-448c-8626-ab8aabd75957","block_type":"box","text":"specific.","page_number":225,"box":{"x":69,"y":407,"width":57,"height":11}},{"id":"adc5a99b-68cf-4838-9947-6cd31ead1226","block_type":"box","text":"We also recognize that companies may be phasing in reporting over several years. We do not prescribe timelines","page_number":225,"box":{"x":101,"y":430,"width":805,"height":11}},{"id":"e69804ed-2332-4f26-8eee-22c0a737724c","block_type":"box","text":"regarding when companies should make sustainability-related disclosures but appreciate it when companies produce","page_number":225,"box":{"x":69,"y":446,"width":833,"height":11}},{"id":"1ac8fe61-d2e8-48bd-bb28-4573b583f632","block_type":"box","text":"them sufficiently in advance of their shareholder meeting, to the best of their abilities, to provide investors with time","page_number":225,"box":{"x":68,"y":460,"width":830,"height":12}},{"id":"082e0c48-0f8f-49c7-a805-3d06894e30b2","block_type":"box","text":"to assess the data and make informed voting decisions.","page_number":225,"box":{"x":68,"y":475,"width":401,"height":12}},{"id":"dd43b3e7-dae3-4008-8b74-d8e642f55334","block_type":"box","text":"Industry initiatives on managing specific operational risks may also provide useful guidance to companies on","page_number":225,"box":{"x":102,"y":498,"width":775,"height":11}},{"id":"03474413-e918-4691-8d77-14744640e696","block_type":"box","text":"best practices and disclosures. While not a voting item, we find it helpful to our understanding of investment risk","page_number":225,"box":{"x":69,"y":513,"width":804,"height":12}},{"id":"5e8f5d03-f7ad-43a5-829c-573ecd9fcaa6","block_type":"box","text":"when companies disclose any relevant global sustainability-related standards adopted, the industry initiatives in","page_number":225,"box":{"x":68,"y":529,"width":799,"height":11}},{"id":"8d5814af-2438-4364-827c-a402fcf41ece","block_type":"box","text":"which they participate, any peer group benchmarking undertaken, and any assurance processes to help investors","page_number":225,"box":{"x":68,"y":544,"width":810,"height":11}},{"id":"e022b2de-39e4-475a-a412-dd33bdb5e73a","block_type":"box","text":"understand their approach to sustainable and responsible business practices.","page_number":225,"box":{"x":69,"y":559,"width":556,"height":11}},{"id":"0455c406-09df-4d6f-bf1e-0a900d33bd23","block_type":"box","text":"10","page_number":225,"box":{"x":69,"y":603,"width":9,"height":5}},{"id":"4fbe123a-4230-4dcb-ab82-9fc1ea2d1adb","block_type":"box","text":"By material sustainability-related risks and opportunities, we mean the drivers of risk and financial value creation in","page_number":225,"box":{"x":84,"y":603,"width":822,"height":11}},{"id":"7c153bd8-be17-43c2-98ea-96438dca70db","block_type":"box","text":"a company’s business model that have an environmental or social dependency or impact. Examples of environmental","page_number":225,"box":{"x":69,"y":618,"width":835,"height":11}},{"id":"0ead651b-7f7a-4cda-b8f9-b8a5c301e1de","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":225,"box":{"x":70,"y":633,"width":827,"height":12}},{"id":"132c0dc5-b0e3-4ab9-9703-a36b18ed2f2c","block_type":"box","text":"issues include, but are not limited to, human capital management, impacts on the communities in which a company","page_number":225,"box":{"x":70,"y":649,"width":826,"height":11}},{"id":"28da5760-4584-4153-bfbb-854cc7603f4d","block_type":"box","text":"operates, customer loyalty, and relationships with regulators.","page_number":225,"box":{"x":69,"y":664,"width":433,"height":11}},{"id":"2a582e9b-8496-485a-87b8-aa180227a38a","block_type":"box","text":"11","page_number":225,"box":{"x":69,"y":682,"width":9,"height":4}},{"id":"d4f28dcf-2465-4d13-94f5-faf2757a3f44","block_type":"box","text":"The ISSB is an independent standard-setting body within the International Financial Reporting Standards","page_number":225,"box":{"x":83,"y":681,"width":744,"height":11}},{"id":"799eed8c-335f-4849-b1be-c3aee53abebe","block_type":"box","text":"(IFRS) Foundation. The standards build on the Task Force on Climate-related Financial Disclosures (TCFD) framework","page_number":225,"box":{"x":69,"y":696,"width":828,"height":11}},{"id":"f1b42fbf-2c53-4892-9736-1f5a53591e1e","block_type":"box","text":"and the standards and metrics developed by the Sustainability Accounting Standards Board (SASB), which have both","page_number":225,"box":{"x":69,"y":711,"width":830,"height":12}},{"id":"9a9f2a83-ade3-4692-9547-7e685b176e5b","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":225,"box":{"x":69,"y":726,"width":809,"height":12}},{"id":"1fba17f7-17a4-48e9-b422-381b1e01927f","block_type":"box","text":"“General Requirements for Disclosure of Sustainability-related Financial Information” and S2 “Climate-related","page_number":225,"box":{"x":70,"y":742,"width":778,"height":11}},{"id":"a958f8c5-ea62-407a-8f85-d3b89f4c8b0c","block_type":"box","text":"Disclosures.” Websites accessed in December 2025.","page_number":225,"box":{"x":70,"y":757,"width":380,"height":9}},{"id":"6651dd46-bf5d-4b42-b9d7-f3b655ecb605","block_type":"box","text":"BlackRock Investment Stewardship","page_number":225,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"cb26c17d-943e-4392-b75b-09ad9d876faf","block_type":"box","text":"Global Principles | 10","page_number":225,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"0c95ea6a-bf70-4eb2-8fc7-82111666e465","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":225,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6e523673-582f-4724-a3e1-477d1b40c7a8","block_type":"box","text":"CLIMATE AND NATURE-RELATED RISK","page_number":226,"box":{"x":351,"y":45,"width":277,"height":9}},{"id":"77023d8a-af4a-464e-8c54-9ae9bd5aebed","block_type":"box","text":"Many companies are assessing how to navigate the low-carbon transition while delivering long-term financial","page_number":226,"box":{"x":102,"y":67,"width":769,"height":12}},{"id":"64cb8f50-72ac-4f92-9272-d76ae7a7e548","block_type":"box","text":"value to investors. For companies facing material climate-related risks, we find it helpful when they publicly disclose,","page_number":226,"box":{"x":68,"y":82,"width":829,"height":12}},{"id":"66dfbc38-e6b2-408f-b971-9a01d09b90a3","block_type":"box","text":"consistent with their business model and sector, how they intend to deliver long-term financial performance through","page_number":226,"box":{"x":69,"y":98,"width":824,"height":11}},{"id":"0c9b5c5d-9f79-43a7-b5bb-4a5900cb816c","block_type":"box","text":"the low-carbon transition, including where available, their transition plan.","page_number":226,"box":{"x":68,"y":113,"width":514,"height":11}},{"id":"777affac-eb28-4d18-981a-7eb3a221f0e9","block_type":"box","text":"12, 13","page_number":226,"box":{"x":584,"y":113,"width":26,"height":5}},{"id":"cb4802da-ccda-49da-bbd8-a98ce6b17e23","block_type":"box","text":"From company disclosures and","page_number":226,"box":{"x":617,"y":113,"width":218,"height":11}},{"id":"21aa2bc2-a53f-4cab-834f-2262036a1ef7","block_type":"box","text":"engagement, we seek to understand the strategies companies have in place to manage material risks to, and","page_number":226,"box":{"x":69,"y":128,"width":782,"height":11}},{"id":"6800a33e-312c-4b02-b517-234cd54cc9a9","block_type":"box","text":"opportunities for, their long-term business model associated with a range of climate-related scenarios.","page_number":226,"box":{"x":69,"y":143,"width":729,"height":11}},{"id":"9922f508-c142-49af-8636-2a1c55f71883","block_type":"box","text":"Recognizing the value of these disclosures, certain markets such as the European Union mandate large","page_number":226,"box":{"x":102,"y":166,"width":740,"height":11}},{"id":"d1ba3f3e-91c1-462b-bf30-2339b5ee546a","block_type":"box","text":"companies to disclose such climate-related financial information, while in other jurisdictions these disclosures are","page_number":226,"box":{"x":69,"y":181,"width":814,"height":11}},{"id":"baac95f7-5c28-471a-a147-016621b0de15","block_type":"box","text":"viewed as best practice in the market.","page_number":226,"box":{"x":68,"y":196,"width":271,"height":11}},{"id":"3a265415-b79b-4587-8c56-e4eef5541acc","block_type":"box","text":"The ISSB standards provide one such framework that can assist investors in assessing company-specific","page_number":226,"box":{"x":101,"y":218,"width":749,"height":12}},{"id":"e2f8552f-a002-424b-89c0-98b026ac9c37","block_type":"box","text":"climate-related risks and opportunities, and informing investment decisions. Such disclosures also provide investors","page_number":226,"box":{"x":69,"y":234,"width":831,"height":11}},{"id":"d8c3b517-9ebc-4d48-9d59-3e9462ff75a8","block_type":"box","text":"with insights into how companies are managing the risks associated with a transition to a low-carbon economy by","page_number":226,"box":{"x":68,"y":249,"width":809,"height":11}},{"id":"b35d619f-be3f-46de-ac7a-6bf2651e55ba","block_type":"box","text":"managing their own carbon emissions or emissions intensities to the extent financially practicable.","page_number":226,"box":{"x":69,"y":264,"width":702,"height":11}},{"id":"2b0bb1af-01f0-440a-b238-9d47c4407717","block_type":"box","text":"The ISSB standards, for example, contemplate disclosures on how companies are setting short-, medium- and","page_number":226,"box":{"x":101,"y":286,"width":786,"height":12}},{"id":"5a496337-2b58-45dd-a933-46b352b728f6","block_type":"box","text":"long-term targets, ideally science-based where these are available for their sector, for scope 1 and 2 greenhouse gas","page_number":226,"box":{"x":70,"y":302,"width":834,"height":11}},{"id":"26ebe77a-c707-400b-bc3e-9c4cf224d5a5","block_type":"box","text":"emissions (GHG) reductions and to demonstrate how their targets are consistent with the long-term financial","page_number":226,"box":{"x":69,"y":317,"width":773,"height":11}},{"id":"bb932876-895a-4f55-8e2a-82e343b95372","block_type":"box","text":"interests of their investors.","page_number":226,"box":{"x":70,"y":332,"width":190,"height":9}},{"id":"c9f87227-0fdb-459f-836b-b8b085f59fa9","block_type":"box","text":"While we recognize that regulators in some markets are moving to mandate certain disclosures, at this stage,","page_number":226,"box":{"x":101,"y":355,"width":784,"height":11}},{"id":"041cb9a6-2355-4dd4-9cf6-11982c00d2eb","block_type":"box","text":"we view scope 3 emissions differently from scopes 1 and 2, given methodological complexity, regulatory uncertainty,","page_number":226,"box":{"x":68,"y":370,"width":832,"height":11}},{"id":"caf8aae7-af30-44a3-ab5d-7fe518697c30","block_type":"box","text":"concerns about double-counting, and lack of direct control by companies. We welcome disclosures and commitments","page_number":226,"box":{"x":69,"y":385,"width":834,"height":11}},{"id":"4f69b5a5-0c7c-4116-b66c-1860f2dd4c2a","block_type":"box","text":"that companies choose to make regarding material scope 3 emissions and recognize that these are provided on a","page_number":226,"box":{"x":68,"y":400,"width":815,"height":11}},{"id":"f4e0d2b5-9676-4be1-8c67-78c5928cb003","block_type":"box","text":"good-faith basis as methodology develops.","page_number":226,"box":{"x":68,"y":415,"width":303,"height":11}},{"id":"4c52e41c-9faa-415c-b681-bdaa169fe135","block_type":"box","text":"In addition to climate-related risks and opportunities, for companies whose strategies, operations or supply","page_number":226,"box":{"x":102,"y":438,"width":766,"height":11}},{"id":"d7de8e89-3cf1-4e14-9ad1-1ee74afc934f","block_type":"box","text":"chains are materially reliant on natural capital, nature-related risks and opportunities may affect their ability to","page_number":226,"box":{"x":69,"y":453,"width":788,"height":11}},{"id":"5357fc29-66fb-4683-8c41-271644dc0e7d","block_type":"box","text":"generate long-term financial returns.","page_number":226,"box":{"x":68,"y":468,"width":258,"height":11}},{"id":"e7b85ee1-8111-4abe-9006-b96a8236e4c2","block_type":"box","text":"14","page_number":226,"box":{"x":328,"y":468,"width":9,"height":5}},{"id":"47b441b7-263f-44a3-8c14-883af60d5429","block_type":"box","text":"For these companies, we rely on disclosures to understand how their","page_number":226,"box":{"x":344,"y":468,"width":490,"height":11}},{"id":"447c8004-d452-4ac4-a857-23fd1a31168a","block_type":"box","text":"strategies consider nature-related impacts and dependencies and to assess how the board oversees these risks.","page_number":226,"box":{"x":69,"y":483,"width":807,"height":11}},{"id":"9c03fa46-2635-4a04-95c9-873ca801be65","block_type":"box","text":"15","page_number":226,"box":{"x":878,"y":484,"width":9,"height":4}},{"id":"0dc209a2-8966-4996-a20d-c286168a714b","block_type":"box","text":"COMPANIES’ IMPACT ON THEIR WORKFORCE, SUPPLY CHAINS, AND COMMUNITIES","page_number":226,"box":{"x":179,"y":513,"width":620,"height":11}},{"id":"769c4277-e66f-4a09-aa9c-fd88d4dbd2d6","block_type":"box","text":"Companies determine their key stakeholders based on what is material to their business and long-term financial","page_number":226,"box":{"x":102,"y":536,"width":799,"height":11}},{"id":"f8ceac5b-6d4f-40d8-8dc9-38119342926e","block_type":"box","text":"performance. For many companies, key stakeholders include employees, business supply chains, clients and","page_number":226,"box":{"x":70,"y":551,"width":778,"height":11}},{"id":"b6fab495-e807-4246-b1b1-09664ff5b447","block_type":"box","text":"consumers, regulators, and the communities in which they operate.","page_number":226,"box":{"x":69,"y":566,"width":479,"height":11}},{"id":"a9283cda-a7ea-487f-b721-3f892a888e6b","block_type":"box","text":"In our experience, companies that invest in the relationships that are critical to their strategic objectives are","page_number":226,"box":{"x":102,"y":589,"width":770,"height":11}},{"id":"84f2a0d8-efad-41d3-ad8f-45fe0857a287","block_type":"box","text":"more likely to deliver durable, long-term financial performance. By contrast, we have found that poor relationships","page_number":226,"box":{"x":69,"y":604,"width":810,"height":11}},{"id":"3f45a94a-e510-4e91-b706-72edaf165159","block_type":"box","text":"12","page_number":226,"box":{"x":69,"y":634,"width":9,"height":4}},{"id":"8ae57bc0-2d12-4d22-91e3-7590a2aa6e46","block_type":"box","text":"We have observed that more companies are developing such plans, and public policymakers in certain markets are","page_number":226,"box":{"x":83,"y":633,"width":823,"height":12}},{"id":"39d5acd8-b5aa-4cb1-95a3-02ff1bb1aceb","block_type":"box","text":"signaling their intentions to require them or already have requirements in place, such as Australia, Brazil, and the","page_number":226,"box":{"x":69,"y":649,"width":808,"height":11}},{"id":"abd60446-57fa-4c4a-9328-d1acb978a402","block_type":"box","text":"European Union (please see the International Transition Plan Network for information). We view transition plans as a","page_number":226,"box":{"x":70,"y":663,"width":827,"height":11}},{"id":"903b3252-e302-436a-a539-2555847d18ff","block_type":"box","text":"method for a company to both internally assess and externally communicate its long-term strategy, ambition,","page_number":226,"box":{"x":69,"y":679,"width":774,"height":11}},{"id":"95cf0848-35b1-4ba7-94c5-c56d106a8902","block_type":"box","text":"objectives, and actions to create financial value through the global transition towards a low-carbon economy. Across","page_number":226,"box":{"x":69,"y":694,"width":825,"height":11}},{"id":"e03c0f03-0593-46f1-b85c-8a8fa171f673","block_type":"box","text":"the landscape there remains divergence on the objectives of such plans and the details they should contain. While","page_number":226,"box":{"x":68,"y":709,"width":819,"height":11}},{"id":"22dcb97a-cf6e-4721-9d55-ae74ec7a27d8","block_type":"box","text":"transition plans can be helpful disclosure, BIS does not make the preparation and production of transition plans a","page_number":226,"box":{"x":68,"y":724,"width":813,"height":11}},{"id":"b6ab8f85-f26c-43b3-9565-17f2d919a386","block_type":"box","text":"voting issue. BIS may engage companies that have chosen to publish a transition plan to understand their planned","page_number":226,"box":{"x":68,"y":739,"width":819,"height":11}},{"id":"1bf55f17-a8e2-465f-9d21-14e651d7d070","block_type":"box","text":"actions and resource implications. Website accessed in December 2025.","page_number":226,"box":{"x":69,"y":754,"width":522,"height":11}},{"id":"b58e99ed-8a65-4cbb-9102-aa6865f84bba","block_type":"box","text":"13","page_number":226,"box":{"x":69,"y":772,"width":9,"height":5}},{"id":"e0c043c7-7f98-4e52-9bf5-af7f2c9b94a6","block_type":"box","text":"For more information, please see our commentary “Climate-related risks and a low-carbon transition,” December","page_number":226,"box":{"x":84,"y":772,"width":804,"height":11}},{"id":"335ae1c6-60d3-4c9b-adf6-51d0f338ab3b","block_type":"box","text":"2025.","page_number":226,"box":{"x":69,"y":787,"width":42,"height":9}},{"id":"317c6a9a-2318-48a9-ad4a-ff1e32c890c6","block_type":"box","text":"14","page_number":226,"box":{"x":69,"y":805,"width":9,"height":4}},{"id":"c519b434-0661-4c4b-87fd-5ebdadaab26d","block_type":"box","text":"For more information, please see our commentary “Our approach to engagement on natural capital,” December","page_number":226,"box":{"x":84,"y":805,"width":796,"height":11}},{"id":"e99e41da-a1dc-4758-b672-a58ac00e0a8c","block_type":"box","text":"2025.","page_number":226,"box":{"x":69,"y":820,"width":42,"height":9}},{"id":"7dea3e30-0f88-47be-912f-262bbfddd9fc","block_type":"box","text":"15","page_number":226,"box":{"x":69,"y":838,"width":9,"height":4}},{"id":"b9ffba0d-5a75-4b64-9ed6-4900deb64c59","block_type":"box","text":"Given the growing awareness of the materiality of these issues for certain businesses, enhanced reporting on a","page_number":226,"box":{"x":84,"y":837,"width":797,"height":12}},{"id":"cf55b447-d7d1-4bef-a76a-e41e6b8ca434","block_type":"box","text":"company’s natural capital dependencies and impacts would aid investors’ understanding. The recommendations of","page_number":226,"box":{"x":69,"y":852,"width":820,"height":12}},{"id":"0c8a0fce-ad1b-4a8d-9efd-4f8f531dd8b3","block_type":"box","text":"the Taskforce on Nature-related Financial Disclosures (TNFD) may prove useful to some companies. We recognize that","page_number":226,"box":{"x":68,"y":868,"width":842,"height":11}},{"id":"d7994fc1-df68-4f97-9013-dc814cbb8136","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":226,"box":{"x":69,"y":883,"width":820,"height":11}},{"id":"48a3b66e-7924-44f5-8cfe-a3fc010b5dbe","block_type":"box","text":"other private sector standards. TNFD-aligned reporting is not a voting issue. Website accessed in December 2025.","page_number":226,"box":{"x":69,"y":898,"width":817,"height":11}},{"id":"74e7f712-3144-40eb-8955-c794ecea4176","block_type":"box","text":"BlackRock Investment Stewardship","page_number":226,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"beec504f-a835-446c-aaf1-5965b3351c79","block_type":"box","text":"Global Principles | 11","page_number":226,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"9171dc2f-95fb-4e3b-ba90-d5aba4b0a87b","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":226,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"22a5bc4c-2713-4ebb-a50e-54aab2f013f9","block_type":"box","text":"may create adverse impacts that could expose companies to legal, regulatory, operational, and reputational risks.","page_number":227,"box":{"x":69,"y":45,"width":811,"height":11}},{"id":"2cfdaea6-24fd-403a-8728-4ea63769b192","block_type":"box","text":"This is particularly relevant to a company’s workforce, which is central to long-term financial value creation.","page_number":227,"box":{"x":68,"y":60,"width":764,"height":11}},{"id":"29c56386-2f0e-4fbb-aed0-2668b028f3a7","block_type":"box","text":"16","page_number":227,"box":{"x":834,"y":60,"width":9,"height":5}},{"id":"1d1a4289-7241-4353-bc10-5aef4683f759","block_type":"box","text":"As a long-term shareholder on behalf of our clients, we find it helpful when companies disclose how they have","page_number":227,"box":{"x":101,"y":82,"width":783,"height":12}},{"id":"7e2b56d4-4ac4-4a86-88a4-0346e83233e9","block_type":"box","text":"identified their key stakeholders and considered their interests in business decision-making. In addition to","page_number":227,"box":{"x":70,"y":98,"width":755,"height":11}},{"id":"e4f7e272-255c-4c48-9d6d-25bb807ac0b2","block_type":"box","text":"understanding broader stakeholder relationships, BIS finds it helpful when companies discuss how they consider the","page_number":227,"box":{"x":69,"y":113,"width":831,"height":11}},{"id":"87f45e84-353d-4fa3-b367-7b05c29aa978","block_type":"box","text":"needs of their workforce today, and the skills required for their future business strategy. We are also interested in","page_number":227,"box":{"x":69,"y":128,"width":809,"height":11}},{"id":"a0c8d991-4d46-4efd-b8ea-a13c1ecb5a9a","block_type":"box","text":"understanding how the board monitors and engages on these matters, given it is well positioned to ensure that the","page_number":227,"box":{"x":69,"y":143,"width":821,"height":11}},{"id":"6c8d83c8-0c84-4825-b5c5-7ee427d1245f","block_type":"box","text":"approach taken by management is informed by and aligns with the company’s strategy. BIS does not direct a","page_number":227,"box":{"x":69,"y":158,"width":775,"height":11}},{"id":"46f8d72d-4011-40d7-b2f8-ba927109d7c7","block_type":"box","text":"company’s policies or practices, which are the responsibility of management and the board.","page_number":227,"box":{"x":69,"y":173,"width":653,"height":11}},{"id":"4b812661-b4ee-4d3b-b002-5eb363282d22","block_type":"box","text":"In addition, we find it helpful when companies disclose their approach to addressing material adverse impacts","page_number":227,"box":{"x":102,"y":196,"width":784,"height":11}},{"id":"98a02c2b-49e2-4495-a5b7-d74ff63233cd","block_type":"box","text":"that could arise from their business practices and affect critical relationships with their stakeholders. We encourage","page_number":227,"box":{"x":68,"y":211,"width":829,"height":11}},{"id":"243c2f2b-c696-4e5e-9a0a-de32a67b3cfc","block_type":"box","text":"companies to implement, to the extent appropriate, monitoring processes (often referred to as due diligence) to","page_number":227,"box":{"x":69,"y":226,"width":797,"height":11}},{"id":"b77b68b3-4039-44b1-8f71-ebb1cdceedfd","block_type":"box","text":"identify and mitigate potential adverse impacts and grievance mechanisms to remediate any actual adverse material","page_number":227,"box":{"x":70,"y":241,"width":828,"height":11}},{"id":"68586211-8cef-47d0-b65a-38b8b06a1cdf","block_type":"box","text":"impacts.","page_number":227,"box":{"x":70,"y":257,"width":58,"height":10}},{"id":"8c5e1b71-b8cf-4ddd-9167-f09a5c6e5ad8","block_type":"box","text":"We look to boards to oversee management’s approach to addressing material risks related to key stakeholders","page_number":227,"box":{"x":101,"y":279,"width":794,"height":11}},{"id":"3cbe033e-c6f0-44b9-8cc0-c2ca8eabf07e","block_type":"box","text":"and may convey concerns about board oversight in our voting on director elections or supporting a business relevant","page_number":227,"box":{"x":69,"y":294,"width":831,"height":11}},{"id":"42d51332-be54-4c5c-a601-1141dfa2dd63","block_type":"box","text":"shareholder proposal when, in our assessment, the board is not acting in shareholders’ long-term financial interests.","page_number":227,"box":{"x":69,"y":309,"width":834,"height":11}},{"id":"4fe23963-17ee-4245-a5f6-443e6a29972d","block_type":"box","text":"BLACKROCK’S OVERSIGHT OF ITS INVESTMENT STEWARDSHIP ACTIVITIES","page_number":227,"box":{"x":213,"y":340,"width":553,"height":8}},{"id":"2196ac93-06b7-4db0-9b42-cff3efa1c2f6","block_type":"box","text":"BIS’ governance structure supports oversight and accountability of stewardship-related activities on behalf of","page_number":227,"box":{"x":102,"y":362,"width":778,"height":11}},{"id":"a9c37c26-bdf0-4bfb-98ab-e6443d48a0ec","block_type":"box","text":"clients at the global and regional level.","page_number":227,"box":{"x":69,"y":377,"width":274,"height":12}},{"id":"d3c2e81b-dab8-479b-961b-2271605f2bfd","block_type":"box","text":"At the top of this governance structure, the risk-focused BIS Global Oversight Committee (the Committee)","page_number":227,"box":{"x":101,"y":400,"width":751,"height":11}},{"id":"a2c1da3a-640e-46fd-bf24-4ad245b025d7","block_type":"box","text":"supports BIS’ regulatory responsibilities in relation to proxy voting, including adherence to policies and procedures as","page_number":227,"box":{"x":69,"y":415,"width":840,"height":11}},{"id":"51e11b5d-872c-4572-b5c5-08acdd3851b4","block_type":"box","text":"well as market-level stewardship requirements. The Committee reviews and approves amendments to the Global","page_number":227,"box":{"x":68,"y":430,"width":802,"height":11}},{"id":"69af8717-b3ed-4b6a-827e-cc41f6ab5ed4","block_type":"box","text":"Principles and regional voting guidelines. The Committee also reviews periodic reports regarding the votes cast by","page_number":227,"box":{"x":69,"y":445,"width":813,"height":12}},{"id":"d0254086-4c1d-460b-b96f-f8811119e3c2","block_type":"box","text":"BIS on behalf of clients, as well as updates on material process issues, procedural changes, and other risk oversight","page_number":227,"box":{"x":70,"y":460,"width":835,"height":12}},{"id":"5ab6a33d-d9eb-42c9-987d-8c2827fe9cc0","block_type":"box","text":"considerations. The Committee is chaired by the Global Heads of the Investment Stewardship function and its","page_number":227,"box":{"x":69,"y":475,"width":783,"height":12}},{"id":"ced10384-d5e9-4b93-9ee5-00efabda7200","block_type":"box","text":"members include senior BlackRock executives with legal, risk, and other experience relevant to team oversight who","page_number":227,"box":{"x":69,"y":491,"width":820,"height":11}},{"id":"d5b098d2-6e19-46e1-a5c4-35b7e1dfcfd3","block_type":"box","text":"are independent from the investment stewardship function.","page_number":227,"box":{"x":69,"y":506,"width":421,"height":11}},{"id":"228978f2-5547-490b-be3a-25793497d957","block_type":"box","text":"The Global Heads have primary oversight of BIS’ activities globally, including voting in accordance with the Global","page_number":227,"box":{"x":101,"y":528,"width":804,"height":12}},{"id":"8691ae03-1354-425a-b228-27644807fe49","block_type":"box","text":"Principles and regional voting guidelines. At the regional level, three regional Heads for the Americas, APAC, and","page_number":227,"box":{"x":69,"y":543,"width":798,"height":12}},{"id":"87231a5f-371a-4043-9152-0bcd6edb5e02","block_type":"box","text":"EMEA oversee BIS’ activities for their specific markets.","page_number":227,"box":{"x":70,"y":559,"width":389,"height":11}},{"id":"1329b163-72c1-4aec-aaf4-8d2765896df2","block_type":"box","text":"VOTE EXECUTION","page_number":227,"box":{"x":424,"y":589,"width":129,"height":9}},{"id":"bc889448-0371-470c-8c4f-a95461ed7385","block_type":"box","text":"BIS votes proxies on behalf of index equity funds and accounts when authorized by our clients. We have","page_number":227,"box":{"x":102,"y":612,"width":739,"height":11}},{"id":"1682c819-2b9e-42d6-acb1-2b80aad5e195","block_type":"box","text":"processes in place to consider all proxies for which we have voting authority, and submit voting decisions, or refrain","page_number":227,"box":{"x":70,"y":627,"width":822,"height":11}},{"id":"db3be40f-73c7-454b-81d8-b628d26780a7","block_type":"box","text":"from voting when logistical issues arise (see below). The BIS Benchmark Policies – and the vote decisions made","page_number":227,"box":{"x":68,"y":642,"width":801,"height":11}},{"id":"321e4f27-1220-4437-b1a9-8fecabb3e945","block_type":"box","text":"consistent with those policies – reflect our reasonable and independent judgment and are made without regard to the","page_number":227,"box":{"x":69,"y":657,"width":838,"height":11}},{"id":"ba35479a-2786-4671-8241-2a327541633d","block_type":"box","text":"relationship between the issuer of the proxy (or any shareholder proponent or dissident shareholder) and the Fund,","page_number":227,"box":{"x":69,"y":672,"width":817,"height":11}},{"id":"51490a49-c034-4178-8638-463e34443847","block_type":"box","text":"the Fund’s affiliates (if any), BlackRock or BlackRock’s affiliates, or BlackRock employees (see “Conflicts","page_number":227,"box":{"x":68,"y":687,"width":751,"height":11}},{"id":"786292b0-d716-4f63-bead-3037a91c9923","block_type":"box","text":"management policies and procedures,” below).","page_number":227,"box":{"x":69,"y":703,"width":334,"height":11}},{"id":"9568b60a-4fbe-4a88-a4a0-c394a210e2b5","block_type":"box","text":"In certain markets, proxy voting involves logistical issues which can affect BIS’ ability to vote, as well as the cost","page_number":227,"box":{"x":102,"y":725,"width":806,"height":11}},{"id":"4dd8e0dd-1664-4d01-94b9-5767822da8d0","block_type":"box","text":"of voting such proxies on behalf of our clients. These issues include, but are not limited to: 1) untimely notice of","page_number":227,"box":{"x":69,"y":740,"width":801,"height":11}},{"id":"743f45a1-cefd-40fe-b0c8-66c2406978fd","block_type":"box","text":"shareholder meetings; 2) restrictions on a foreigner’s ability to exercise votes; 3) requirements to vote proxies in","page_number":227,"box":{"x":69,"y":755,"width":805,"height":11}},{"id":"5fc2b422-21d1-43e1-b0c0-d01d85226618","block_type":"box","text":"person; 4) “share-blocking” (requirements that investors who exercise their voting rights surrender the right to","page_number":227,"box":{"x":70,"y":771,"width":783,"height":11}},{"id":"a991fb5b-a4ff-4309-9795-a055e8a6f1ae","block_type":"box","text":"dispose of their holdings from the point at which votes are submitted until after the after the shareholder meeting","page_number":227,"box":{"x":69,"y":785,"width":811,"height":12}},{"id":"d3b18896-f57c-4994-a7cd-9558c00e6986","block_type":"box","text":"has occurred); 5) potential difficulties in translating the proxy; 6) regulatory constraints; and 7) requirements to","page_number":227,"box":{"x":69,"y":801,"width":795,"height":11}},{"id":"f5af1415-972b-4c32-a558-a9b4d84b14f4","block_type":"box","text":"provide local agents with powers of attorney to facilitate voting instructions. We are not supportive of impediments to","page_number":227,"box":{"x":70,"y":816,"width":835,"height":11}},{"id":"ca20b079-a898-4143-9855-2f775a2d3834","block_type":"box","text":"the exercise of voting rights such as share-blocking or overly burdensome administrative requirements.","page_number":227,"box":{"x":68,"y":831,"width":732,"height":11}},{"id":"83618d00-b63b-4b9f-8099-2088fc5e3ba9","block_type":"box","text":"16","page_number":227,"box":{"x":69,"y":860,"width":9,"height":5}},{"id":"9ead29d4-d434-45d1-a95a-49e35453602e","block_type":"box","text":"For more information, please see our commentary “Our approach to engagement on human capital management,”","page_number":227,"box":{"x":84,"y":860,"width":814,"height":11}},{"id":"d9f38c63-a9cd-48b5-b516-b39a51f52bcc","block_type":"box","text":"December 2025.","page_number":227,"box":{"x":70,"y":875,"width":118,"height":9}},{"id":"54ba902a-d106-4e31-b926-0803442087ec","block_type":"box","text":"BlackRock Investment Stewardship","page_number":227,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"fd62d12e-e88e-4f30-bbf9-a6b1d6feaea9","block_type":"box","text":"Global Principles | 12","page_number":227,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"4013bf9f-164a-487d-8fd5-4df389cd9d61","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":227,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"55fa00be-bd09-4e0d-8211-a8a5e2e2b3ce","block_type":"box","text":"BIS votes proxies in these situations on a “best-efforts” basis. In addition, BIS may determine that it is generally","page_number":228,"box":{"x":102,"y":45,"width":807,"height":11}},{"id":"5640a2e2-d28f-4d6c-b16a-687e51e16b9f","block_type":"box","text":"in the interests of BlackRock’s clients not to vote proxies (or not to vote our full allocation) if the costs (including but","page_number":228,"box":{"x":70,"y":60,"width":830,"height":11}},{"id":"e6030b97-a9e6-41a5-96e4-3b91baf55238","block_type":"box","text":"not limited to opportunity costs associated with share-blocking constraints) associated with exercising a vote are","page_number":228,"box":{"x":69,"y":75,"width":805,"height":11}},{"id":"00c69d47-4f1e-49ce-bb48-33f694f8cdb2","block_type":"box","text":"expected to outweigh the benefit the client would derive by voting on the proposal.","page_number":228,"box":{"x":69,"y":90,"width":585,"height":11}},{"id":"35917717-9316-4397-8e1c-04f61d003ac7","block_type":"box","text":"CONFLICTS MANAGEMENT POLICIES AND PROCEDURES","page_number":228,"box":{"x":281,"y":120,"width":416,"height":9}},{"id":"93bc6e41-d889-4da2-b592-a8a0c4bde662","block_type":"box","text":"BIS is a dedicated function whose responsibilities are separate from BlackRock’s sales, business partnership or","page_number":228,"box":{"x":102,"y":143,"width":804,"height":11}},{"id":"727aa6f0-88c1-4587-93e1-57278fd46715","block_type":"box","text":"enterprise-level vendor management activities.","page_number":228,"box":{"x":69,"y":158,"width":329,"height":11}},{"id":"bcc55785-8404-4b36-90fd-7de34486d405","block_type":"box","text":"BlackRock maintains policies and procedures that are designed to prevent undue influence on BIS’ proxy voting","page_number":228,"box":{"x":102,"y":181,"width":794,"height":11}},{"id":"40feb47c-437d-4300-9cb9-67280204f821","block_type":"box","text":"activity. Such influence might stem from any relationship between the investee company (or any shareholder","page_number":228,"box":{"x":69,"y":196,"width":771,"height":11}},{"id":"06e99adb-6396-4b86-8308-a6e1b39bbd1b","block_type":"box","text":"proponent or dissident shareholder) and BlackRock, BlackRock’s affiliates, a Fund or a Fund’s affiliates, or","page_number":228,"box":{"x":70,"y":211,"width":763,"height":11}},{"id":"971b0dbe-599b-4f01-ac5f-0b70e4455cf0","block_type":"box","text":"BlackRock employees.","page_number":228,"box":{"x":70,"y":226,"width":157,"height":11}},{"id":"0c9efa7d-4001-4208-8cc7-689245afe471","block_type":"box","text":"For information on how BIS manages conflicts of interest, please see our disclosure.","page_number":228,"box":{"x":102,"y":249,"width":602,"height":11}},{"id":"2c4a4c81-7742-4801-92de-0b897f3bc0f3","block_type":"box","text":"SECURITIES LENDING","page_number":228,"box":{"x":409,"y":279,"width":159,"height":9}},{"id":"473238a6-5623-4db1-b147-e4402b425d68","block_type":"box","text":"When authorized, BlackRock acts as a securities lending agent on behalf of its clients. Lending securities","page_number":228,"box":{"x":101,"y":302,"width":751,"height":11}},{"id":"957a29e7-21af-41d7-ab5f-bae5aba20baf","block_type":"box","text":"enables BlackRock to increase the returns in clients’ portfolios, and BlackRock’s lending agreements allow it to","page_number":228,"box":{"x":69,"y":317,"width":797,"height":11}},{"id":"f4215b96-d424-4149-837a-6c33851a2fcb","block_type":"box","text":"recall securities out on loan at any time. BlackRock (or any other lender) does not retain voting rights for securities","page_number":228,"box":{"x":69,"y":332,"width":817,"height":11}},{"id":"a67ad9bd-dd84-436b-83d9-f465a4ea98f5","block_type":"box","text":"out on loan. Entitlements associated with the lent securities (dividends, coupons, etc.), while on loan are paid back","page_number":228,"box":{"x":69,"y":347,"width":823,"height":11}},{"id":"f98f629d-9a6f-46ce-a751-ae18849e4a6f","block_type":"box","text":"to the lender of the security as stipulated in industry standard legal agreements.","page_number":228,"box":{"x":68,"y":362,"width":575,"height":11}},{"id":"06dd8859-baeb-40e4-a840-ae117d89cf61","block_type":"box","text":"With regard to the relationship between securities lending and proxy voting, BlackRock cannot vote shares on","page_number":228,"box":{"x":101,"y":385,"width":779,"height":11}},{"id":"dfd6c060-04ce-4fda-98e5-50fa2cb221d6","block_type":"box","text":"loan and may determine to recall them for voting, as guided by our fiduciary duty as an asset manager to our clients","page_number":228,"box":{"x":70,"y":400,"width":827,"height":11}},{"id":"13ee4e4c-6a35-4ebb-af0a-fd3580cdc376","block_type":"box","text":"in helping them achieve their investment goals. While this has occurred in a limited number of cases, the decision to","page_number":228,"box":{"x":70,"y":415,"width":832,"height":11}},{"id":"ee13591a-5708-445c-b7ec-070b9e690341","block_type":"box","text":"recall securities on loan as part of BlackRock’s securities lending program in order to vote is based on an evaluation","page_number":228,"box":{"x":69,"y":430,"width":832,"height":11}},{"id":"de509a09-0416-422d-b75f-859d1d377d7a","block_type":"box","text":"of various factors that include, but are not limited to, assessing potential securities lending revenue alongside the","page_number":228,"box":{"x":69,"y":445,"width":814,"height":12}},{"id":"809e07e6-ffab-4799-8459-2ba43ecdc98f","block_type":"box","text":"potential long-term financial value to clients of voting those securities (based on the information available at the time","page_number":228,"box":{"x":70,"y":460,"width":834,"height":12}},{"id":"f61c68dd-9a50-4373-8a27-a6071ea04716","block_type":"box","text":"of recall consideration).","page_number":228,"box":{"x":69,"y":475,"width":166,"height":12}},{"id":"f0cea84b-1e91-4c4f-8e47-28d65c2c7c5a","block_type":"box","text":"17","page_number":228,"box":{"x":237,"y":476,"width":9,"height":4}},{"id":"b47c9fdb-d035-4a20-b767-59d37b4b7b49","block_type":"box","text":"BIS works with colleagues in the Securities Lending and Risk and Quantitative Analysis","page_number":228,"box":{"x":252,"y":476,"width":617,"height":11}},{"id":"82e102d0-7a3e-4f96-b1a9-0de891127410","block_type":"box","text":"teams to evaluate the costs and benefits to clients of recalling shares on loan.","page_number":228,"box":{"x":68,"y":491,"width":563,"height":11}},{"id":"be905034-b063-4e2e-aca3-d5eaaed0a3a8","block_type":"box","text":"In almost all instances, BlackRock anticipates that the potential long-term financial value to clients of voting","page_number":228,"box":{"x":102,"y":513,"width":770,"height":12}},{"id":"a72df466-2287-4aea-83ee-4a0bc87abd43","block_type":"box","text":"shares would be less than the potential revenue the loan may provide clients. However, in certain instances,","page_number":228,"box":{"x":69,"y":529,"width":774,"height":11}},{"id":"96be4fad-5e26-43c7-8f06-101f0dc34418","block_type":"box","text":"BlackRock may determine, in our independent business judgment as a fiduciary, that the value of voting outweighs","page_number":228,"box":{"x":70,"y":543,"width":816,"height":12}},{"id":"d71e8318-4e0a-410e-bb53-304f3b4b3794","block_type":"box","text":"the securities lending revenue loss to clients and would therefore recall shares to be voted in those instances. It is","page_number":228,"box":{"x":68,"y":559,"width":822,"height":11}},{"id":"74c7256f-d60f-40a9-8b65-b40c4d43b9c1","block_type":"box","text":"important to note that the majority of lendable assets in the market at any given time are not out on loan.","page_number":228,"box":{"x":70,"y":574,"width":752,"height":11}},{"id":"bf093c31-35e0-4a6c-b4c7-7d56fd5f6a77","block_type":"box","text":"Periodically, BlackRock reviews our process for determining whether to recall securities on loan in order to vote","page_number":228,"box":{"x":102,"y":596,"width":790,"height":12}},{"id":"5e979e12-3d58-4d7d-acde-7c4b66e0eb7b","block_type":"box","text":"and may modify it as necessary.","page_number":228,"box":{"x":69,"y":612,"width":228,"height":11}},{"id":"7b7babe0-48dc-4579-9215-3873abf0545b","block_type":"box","text":"VOTING CHOICE","page_number":228,"box":{"x":430,"y":642,"width":117,"height":9}},{"id":"ad3d4e05-6845-492d-8c45-72a4bd1698f3","block_type":"box","text":"BlackRock offers Voting Choice, a program that provides eligible clients with more opportunities to participate in","page_number":228,"box":{"x":102,"y":664,"width":800,"height":12}},{"id":"43689ea4-20bb-4c16-a904-e8513c9e4a8d","block_type":"box","text":"the proxy voting process, where legally and operationally viable.","page_number":228,"box":{"x":68,"y":680,"width":452,"height":11}},{"id":"4b2ea2e8-0f99-477e-83e9-fbd82a17f96b","block_type":"box","text":"18","page_number":228,"box":{"x":522,"y":680,"width":9,"height":4}},{"id":"7b44f646-a650-49a2-b452-a8b79b84a6b9","block_type":"box","text":"Voting Choice is currently available for eligible clients invested in certain institutional pooled funds in the U.S.,","page_number":228,"box":{"x":101,"y":702,"width":786,"height":12}},{"id":"03fa4f43-ce43-4e47-be23-bbe3146b7880","block_type":"box","text":"UK, Ireland, Canada, and Switzerland that utilize index equity investment strategies, as well as eligible clients in","page_number":228,"box":{"x":70,"y":718,"width":797,"height":11}},{"id":"b85d9e8c-15b9-4c58-9556-5a31fddf506e","block_type":"box","text":"17","page_number":228,"box":{"x":69,"y":747,"width":8,"height":4}},{"id":"ff117b88-6473-47a1-b7e8-1a74837471be","block_type":"box","text":"Recalling securities on loan can be impacted by the timing of record dates. In the U.S., for example, the record","page_number":228,"box":{"x":84,"y":747,"width":789,"height":11}},{"id":"ccf64488-ebfd-46e2-8c3a-1f3573a8f004","block_type":"box","text":"date of a shareholder meeting typically falls before the proxy statements are released. Accordingly, it is not","page_number":228,"box":{"x":69,"y":762,"width":763,"height":11}},{"id":"e8ae0ec2-681a-46ad-8f26-1d38b6c76174","block_type":"box","text":"practicable to evaluate a proxy statement, determine that a vote has a material impact on a fund and recall any","page_number":228,"box":{"x":70,"y":777,"width":794,"height":11}},{"id":"a5b10fc4-e5c3-46d9-a197-c6a6dcced963","block_type":"box","text":"shares on loan in advance of the record date for the annual meeting. As a result, managers must weigh independent","page_number":228,"box":{"x":69,"y":792,"width":833,"height":11}},{"id":"1013060a-7471-47e2-a716-5209b768a252","block_type":"box","text":"business judgement as a fiduciary, the benefit to a fund’s shareholders of recalling loaned shares in advance of an","page_number":228,"box":{"x":69,"y":807,"width":821,"height":11}},{"id":"af0b61b2-20a0-460a-8b11-dfac85d78297","block_type":"box","text":"estimated record date without knowing whether there will be a vote on matters which have a material impact on the","page_number":228,"box":{"x":69,"y":822,"width":823,"height":12}},{"id":"250dcbb1-564c-4499-a2d3-fa097876f300","block_type":"box","text":"fund (thereby forgoing potential securities lending revenue for the fund’s shareholders) or leaving shares on loan to","page_number":228,"box":{"x":68,"y":837,"width":822,"height":12}},{"id":"81bceda4-b0a8-4bc7-bd80-66c20c565697","block_type":"box","text":"potentially earn revenue for the fund (thereby forgoing the opportunity to vote).","page_number":228,"box":{"x":70,"y":852,"width":558,"height":12}},{"id":"e5f11b66-ba0c-4789-b3a2-fb234d667a57","block_type":"box","text":"18","page_number":228,"box":{"x":69,"y":870,"width":9,"height":5}},{"id":"6dd13c69-7d8c-459d-a1c9-8e58f66d105d","block_type":"box","text":"BlackRock will determine eligibility criteria under this program based upon, among other things, local market","page_number":228,"box":{"x":84,"y":870,"width":771,"height":11}},{"id":"03356c8c-bb2e-4f96-8fc6-b01bd39c3506","block_type":"box","text":"regulation and practice, cost considerations, operational risk and/or complexity, and financial considerations,","page_number":228,"box":{"x":69,"y":885,"width":779,"height":11}},{"id":"0f045eb3-ceaa-4312-a606-7f076fa9a719","block_type":"box","text":"including the decision to lend securities.","page_number":228,"box":{"x":70,"y":901,"width":285,"height":11}},{"id":"9ed04df2-71e1-4cf1-bb59-d8e5457e300a","block_type":"box","text":"BlackRock Investment Stewardship","page_number":228,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"d7e7d30c-1809-4762-bdc7-167af278c18a","block_type":"box","text":"Global Principles | 13","page_number":228,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"daf7b96c-2307-47f4-9353-6c66b69c5036","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":228,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5df6b80c-58ee-4e77-a204-75b9953d4d03","block_type":"box","text":"certain institutional pooled funds in the U.S., UK, Canada, and Switzerland that use systematic active equity","page_number":229,"box":{"x":69,"y":45,"width":772,"height":11}},{"id":"c46f99f7-496d-4342-ae4c-fc8beef5efed","block_type":"box","text":"(SAE) strategies. In addition, institutional clients in separately managed accounts (SMAs) continue to be eligible for","page_number":229,"box":{"x":69,"y":60,"width":822,"height":11}},{"id":"968f76a0-eb57-4d4f-bee4-a992663aa4ff","block_type":"box","text":"BlackRock Voting Choice regardless of their investment strategies.","page_number":229,"box":{"x":70,"y":75,"width":471,"height":11}},{"id":"d6ac0063-2db2-4263-9b65-a51015b3a3fa","block_type":"box","text":"19","page_number":229,"box":{"x":543,"y":75,"width":9,"height":5}},{"id":"c2a26223-59da-408d-a380-a802aecda62f","block_type":"box","text":"Voting Choice is also available for eligible U.S.","page_number":229,"box":{"x":558,"y":75,"width":328,"height":11}},{"id":"f32abb35-b9d0-470f-bc38-c8f810063c34","block_type":"box","text":"retail shareholder accounts invested in BlackRock’s largest U.S. exchange-traded fund.","page_number":229,"box":{"x":69,"y":90,"width":619,"height":11}},{"id":"e139afd6-7ba5-4e82-b774-78877af32a03","block_type":"box","text":"20","page_number":229,"box":{"x":690,"y":90,"width":9,"height":5}},{"id":"1eb7818f-fb8f-4aa7-8d39-3d4016edbb57","block_type":"box","text":"As a result, the shares attributed to BlackRock portfolios in company share registers may be voted differently","page_number":229,"box":{"x":101,"y":113,"width":782,"height":11}},{"id":"56e380a8-3b8e-49a6-82fc-b23590424e43","block_type":"box","text":"depending on whether our clients have authorized BIS to vote on their behalf, have authorized BIS to vote in","page_number":229,"box":{"x":69,"y":128,"width":767,"height":11}},{"id":"c9493c2b-d495-4081-bcd9-6fc088bd6487","block_type":"box","text":"accordance with a third-party policy, or have elected to vote shares in accordance with their own policy. Our clients","page_number":229,"box":{"x":69,"y":143,"width":814,"height":11}},{"id":"fd3eca8c-c404-465f-a924-06dc25b7861c","block_type":"box","text":"have greater control over proxy voting because of Voting Choice.","page_number":229,"box":{"x":69,"y":158,"width":454,"height":11}},{"id":"4c6e0a3b-cccc-485b-87ca-1ad226d07ee6","block_type":"box","text":"21","page_number":229,"box":{"x":525,"y":158,"width":9,"height":5}},{"id":"88113c38-c556-44ec-aa83-32435bd83aa6","block_type":"box","text":"REPORTING AND VOTE TRANSPARENCY","page_number":229,"box":{"x":343,"y":188,"width":293,"height":9}},{"id":"fc8ba1da-a51d-4c8f-a3b5-c15ad28ec71d","block_type":"box","text":"We are committed to transparency of the stewardship work we do on behalf of clients. We inform clients about","page_number":229,"box":{"x":101,"y":211,"width":789,"height":11}},{"id":"2cc4ee63-574d-4bbb-92d8-a1ab572bd960","block_type":"box","text":"our engagement and voting policies and activities through direct communication and through disclosure on our","page_number":229,"box":{"x":69,"y":226,"width":787,"height":11}},{"id":"3c0f2d2c-7583-4c6c-bfb9-5a8b46c0eb6d","block_type":"box","text":"website. We make public our regional voting guidelines for the benefit of clients and the companies in which we","page_number":229,"box":{"x":68,"y":241,"width":795,"height":11}},{"id":"f7840bc8-8031-4a66-8b32-f1b708587339","block_type":"box","text":"invest on their behalf. 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All other trademarks are those of their respective owners.","page_number":230,"box":{"x":70,"y":898,"width":624,"height":11}},{"id":"c090c642-a3ae-4a44-9160-0512fa0fbdb6","block_type":"box","text":"BlackRock Investment Stewardship","page_number":230,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"cb06f246-d3a7-4ed7-87dc-8465ed3f5495","block_type":"box","text":"Global Principles | 15","page_number":230,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"030288f8-4c94-4df2-96f1-5cdc039f7d3e","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":230,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"67cb4e6b-ca9b-4207-b2ae-287696d9b97c","block_type":"box","text":"BlackRock Investment Stewardship","page_number":231,"box":{"x":359,"y":45,"width":260,"height":11}},{"id":"eeca6744-b94b-4379-ba91-c66b87fe3fa9","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines","page_number":231,"box":{"x":297,"y":67,"width":384,"height":11}},{"id":"f49c9235-aac1-4a29-ac53-ffd663c4a518","block_type":"box","text":"Effective as of January 2026","page_number":231,"box":{"x":385,"y":90,"width":208,"height":11}},{"id":"b41c24e4-a624-417a-8406-2b03564c268c","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":231,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b06b4635-6317-4aee-b5e0-a3388dbc4b51","block_type":"box","text":"Contents","page_number":232,"box":{"x":456,"y":45,"width":66,"height":9}},{"id":"30a9c5fd-26f7-48c3-a4a0-9729c7ee5bc0","block_type":"box","text":"Introduction to BlackRock Investment Stewardship 3","page_number":232,"box":{"x":69,"y":80,"width":840,"height":11}},{"id":"d291d25e-4a12-4017-a184-554e291fbfef","block_type":"box","text":"Stewardship for clients with investment objectives relating to the low-carbon transition 3","page_number":232,"box":{"x":68,"y":96,"width":841,"height":11}},{"id":"42df77ab-54a8-40c9-8324-94af1ebe6caf","block_type":"box","text":"The Climate and Decarbonization Stewardship Guidelines 3","page_number":232,"box":{"x":68,"y":113,"width":841,"height":11}},{"id":"2ff95f09-66ad-4de4-80c1-f5aae02182ad","block_type":"box","text":"Understanding the investment implications of the transition to a low-carbon economy 4","page_number":232,"box":{"x":69,"y":129,"width":840,"height":11}},{"id":"86612481-6002-4b7b-8174-d03aacc981c7","block_type":"box","text":"The Guidelines’ design principles","page_number":232,"box":{"x":68,"y":146,"width":240,"height":11}},{"id":"dfff9331-443b-4fb6-a5ce-4f534be5c28c","block_type":"box","text":"4","page_number":232,"box":{"x":900,"y":146,"width":9,"height":8}},{"id":"a95284e0-6c16-4772-b5b6-4583b7f998b0","block_type":"box","text":"Voting approach under the Guidelines","page_number":232,"box":{"x":68,"y":162,"width":273,"height":11}},{"id":"96b8d3a5-3187-482a-83f3-11e5b55ca586","block_type":"box","text":"5","page_number":232,"box":{"x":901,"y":162,"width":8,"height":9}},{"id":"aad0b5eb-de9e-4ed9-8e6e-7452ad103497","block_type":"box","text":"Related matters","page_number":232,"box":{"x":69,"y":178,"width":117,"height":9}},{"id":"41916a6c-5ea1-4781-856c-11e1e76b0ee7","block_type":"box","text":"8","page_number":232,"box":{"x":900,"y":178,"width":9,"height":9}},{"id":"4a0cda8e-3832-4d37-bdb8-963e66d4075c","block_type":"box","text":"Appendix 1","page_number":232,"box":{"x":68,"y":195,"width":82,"height":11}},{"id":"3e6a8ee0-60cb-4f5a-bcf5-26f140caffa6","block_type":"box","text":"10","page_number":232,"box":{"x":891,"y":195,"width":18,"height":9}},{"id":"a0916550-98bb-4710-ae98-4c5693130c28","block_type":"box","text":"Appendix 2","page_number":232,"box":{"x":68,"y":211,"width":82,"height":11}},{"id":"1429069f-72ed-4de3-959e-2dd7a3b2bf6c","block_type":"box","text":"11","page_number":232,"box":{"x":891,"y":211,"width":18,"height":9}},{"id":"c2d26263-4b9d-46b0-a24e-f14d1cc7dda3","block_type":"box","text":"BlackRock Investment Stewardship","page_number":232,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"71bb00db-fb0d-4e7b-8b76-52d03179fca9","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines | 2","page_number":232,"box":{"x":509,"y":942,"width":400,"height":13}},{"id":"6c953433-72e6-4a58-a758-2c52b984f91e","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":232,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d0f7d0be-3bf4-4435-9ddf-c4729949f021","block_type":"box","text":"INTRODUCTION TO BLACKROCK INVESTMENT STEWARDSHIP","page_number":233,"box":{"x":264,"y":45,"width":450,"height":9}},{"id":"c17ffa38-d981-4d2d-aa4d-6991d37f72f3","block_type":"box","text":"At BlackRock, investment stewardship serves as a link between our clients and the companies they invest in and","page_number":233,"box":{"x":101,"y":68,"width":807,"height":10}},{"id":"f5f7478b-6df2-407d-afa8-b7ee028498bc","block_type":"box","text":"is one of the ways we fulfill our fiduciary responsibilities as an asset manager on their behalf. 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Further, the Guidelines consider the","page_number":235,"box":{"x":102,"y":45,"width":751,"height":11}},{"id":"1a44578d-45d6-4e88-89c2-b71b2e7cc61b","block_type":"box","text":"differences between the actions and outcomes over which company management has influence, and those it","page_number":235,"box":{"x":101,"y":60,"width":778,"height":11}},{"id":"8142c4bf-fdcb-4127-a88c-db3e627f754a","block_type":"box","text":"does not.","page_number":235,"box":{"x":101,"y":75,"width":66,"height":9}},{"id":"7355538b-87f1-4139-9a80-3cc564239f05","block_type":"box","text":"•","page_number":235,"box":{"x":69,"y":98,"width":6,"height":4}},{"id":"51656d8d-68b7-4aae-8b62-a9e3122d4355","block_type":"box","text":"Focus on useful, contextualized disclosures that help inform investors views, while recognizing data","page_number":235,"box":{"x":102,"y":95,"width":729,"height":11}},{"id":"8000438d-9934-40d1-b6e7-3a5c0574b5b9","block_type":"box","text":"limitations:","page_number":235,"box":{"x":102,"y":110,"width":80,"height":9}},{"id":"b7405600-c135-4a76-ad58-0df502fbd08f","block_type":"box","text":"Under the Guidelines, the dedicated team looks for disclosures that outline key milestones and","page_number":235,"box":{"x":189,"y":110,"width":679,"height":11}},{"id":"bbf19833-d484-4546-8bbe-975d4b15e513","block_type":"box","text":"dependencies underpinning the company’s low-carbon transition strategy, explain the trade-offs required to adapt","page_number":235,"box":{"x":101,"y":125,"width":807,"height":12}},{"id":"be43f765-49ef-42c6-a5c2-58068b464f16","block_type":"box","text":"the business model, and include relevant data and narrative.","page_number":235,"box":{"x":101,"y":141,"width":433,"height":10}},{"id":"9728d0d7-4b35-4585-8146-902e08414f9b","block_type":"box","text":"•","page_number":235,"box":{"x":69,"y":163,"width":6,"height":5}},{"id":"e13983e1-6252-4aed-b3a1-0fa556c80790","block_type":"box","text":"Consistency with the participating clients’ position as a minority investor:","page_number":235,"box":{"x":101,"y":161,"width":541,"height":11}},{"id":"9e5f60f1-bdc3-4f42-a6a7-707f0cbdc5ff","block_type":"box","text":"The boards and executive leadership","page_number":235,"box":{"x":648,"y":161,"width":261,"height":11}},{"id":"b9132655-2613-48b9-8df6-f663953d73f4","block_type":"box","text":"of companies determine a company’s strategy and its implementation. Under the Guidelines, the dedicated team","page_number":235,"box":{"x":102,"y":176,"width":805,"height":11}},{"id":"2084f1a0-ec2f-40aa-ab58-045a7723cdbd","block_type":"box","text":"makes decisions on how to engage companies and vote proxies independently, based on its professional","page_number":235,"box":{"x":102,"y":191,"width":748,"height":11}},{"id":"5fc9d6c9-c424-4ee6-84f3-b4a2617f3962","block_type":"box","text":"judgment of the priorities and outcomes most aligned with participating clients’ investment objectives.","page_number":235,"box":{"x":100,"y":206,"width":730,"height":11}},{"id":"f4a3659e-8ea6-4597-a571-c6bf799ba056","block_type":"box","text":"Voting approach under the Guidelines","page_number":235,"box":{"x":68,"y":236,"width":273,"height":11}},{"id":"d469fa97-f012-45b5-8bf2-d96f98b92624","block_type":"box","text":"12","page_number":235,"box":{"x":342,"y":237,"width":9,"height":4}},{"id":"96e5fda8-94fd-41a9-81d9-6607f8a194f9","block_type":"box","text":"When evaluating each voting item across management or shareholder proposals, the dedicated team applies a","page_number":235,"box":{"x":101,"y":259,"width":791,"height":11}},{"id":"c2e9c382-a4b2-463a-8e94-d642158734bf","block_type":"box","text":"case-by-case approach that reflects the uneven pace of the low-carbon transition across sectors and markets, and","page_number":235,"box":{"x":69,"y":274,"width":813,"height":11}},{"id":"2aee91b9-e80e-4b6a-8ad9-54cc34fd1487","block_type":"box","text":"acknowledges the distinction between what company management can influence and what lies beyond its control. As","page_number":235,"box":{"x":69,"y":289,"width":833,"height":11}},{"id":"43322567-3b47-4c4e-a1fd-379b74cebbb4","block_type":"box","text":"a result, voting decisions — on behalf of in-scope funds and SMAs — on similar proposals included on different","page_number":235,"box":{"x":69,"y":304,"width":799,"height":11}},{"id":"96ef77ce-d0e5-47ed-b5dd-45bb1a3222cc","block_type":"box","text":"companies’ shareholder meeting agendas may vary depending on company, sector, or market-specific circumstances.","page_number":235,"box":{"x":69,"y":319,"width":837,"height":12}},{"id":"3b7ec162-b046-47b1-9561-9862037610f1","block_type":"box","text":"Consistent with the investment objective of each fund or account that has selected these Guidelines, the","page_number":235,"box":{"x":102,"y":342,"width":748,"height":11}},{"id":"1e957384-264e-4cfa-a3a0-31ed2fee1896","block_type":"box","text":"dedicated team will look to the companies to demonstrate the following:","page_number":235,"box":{"x":69,"y":357,"width":513,"height":11}},{"id":"deeeb079-eeda-4af2-a346-4362910d2069","block_type":"box","text":"Corporate Disclosures","page_number":235,"box":{"x":69,"y":387,"width":160,"height":11}},{"id":"867f9998-c343-41ff-bab1-86994eab13f5","block_type":"box","text":"13","page_number":235,"box":{"x":230,"y":388,"width":9,"height":4}},{"id":"5ca6bd7f-9104-4e08-b152-9b26d2f1954f","block_type":"box","text":"In the context of these Guidelines, the dedicated team looks for companies to provide sufficient disclosure to","page_number":235,"box":{"x":102,"y":410,"width":781,"height":11}},{"id":"f9d42cbb-e840-4922-a990-6a2d83dda87e","block_type":"box","text":"assess whether the company’s strategy is aligned with the low-carbon transition. As a general point, the team looks","page_number":235,"box":{"x":69,"y":425,"width":825,"height":11}},{"id":"b8fee472-83b6-429a-9eb5-a3c7165f3d62","block_type":"box","text":"to companies that are important to the transition to a low-carbon economy to explain the strategy and governance","page_number":235,"box":{"x":68,"y":440,"width":812,"height":12}},{"id":"e2e9fb7a-16c9-40c0-ac0c-27dcd051fe95","block_type":"box","text":"frameworks that they have determined most appropriate, which may include:","page_number":235,"box":{"x":68,"y":455,"width":545,"height":11}},{"id":"def1171f-d044-4ba4-b7ad-6ac9c4dbd80f","block_type":"box","text":"(1) a low-carbon transition strategy to demonstrate their alignment with the ambition to limit average global","page_number":235,"box":{"x":69,"y":476,"width":769,"height":11}},{"id":"77e38840-6053-45d8-b6b3-a461151e882a","block_type":"box","text":"temperature rise to 1.5°C above pre-industrial levels. This would typically include a long-term strategy to achieve","page_number":235,"box":{"x":101,"y":491,"width":800,"height":11}},{"id":"89672f3b-6299-4330-81fc-75a55c004946","block_type":"box","text":"net-zero GHG emissions by 2050, with appropriate near- and medium-term milestones to assess their progress.","page_number":235,"box":{"x":102,"y":506,"width":796,"height":11}},{"id":"fbec0393-50e2-49bc-bc1d-90c0e0a5a6be","block_type":"box","text":"(2) low-carbon transition-related reporting. Standardized disclosure of sustainability-related data supports investors","page_number":235,"box":{"x":69,"y":526,"width":828,"height":11}},{"id":"a3e110a8-12f3-48f8-866f-ad261aa6104f","block_type":"box","text":"in making informed decisions. The International Sustainability Standards Board (ISSB) standards, IFRS S1 and","page_number":235,"box":{"x":102,"y":541,"width":787,"height":11}},{"id":"3a0c4453-c58b-473c-81fb-4d305ccafe12","block_type":"box","text":"S2, represent one such approach to standardization that the dedicated team finds useful in its analysis.","page_number":235,"box":{"x":102,"y":556,"width":741,"height":11}},{"id":"83d9f176-1a42-49eb-aba2-330f7f738133","block_type":"box","text":"14, 15","page_number":235,"box":{"x":845,"y":557,"width":25,"height":5}},{"id":"0c2f101a-0cbe-45c7-8a5b-6847c97489d4","block_type":"box","text":"IFRS","page_number":235,"box":{"x":877,"y":556,"width":30,"height":9}},{"id":"567fd9de-a09c-478a-91cf-dacb93518932","block_type":"box","text":"S1 addresses the general requirements of sustainability reporting and IFRS S2 sets out the disclosures that","page_number":235,"box":{"x":102,"y":571,"width":774,"height":12}},{"id":"536fe68e-63fb-4e63-9e2f-8b42b3bf3e38","block_type":"box","text":"provide investors with decision-useful information about a company’s most significant climate- and low-carbon","page_number":235,"box":{"x":102,"y":586,"width":781,"height":12}},{"id":"a64187d3-10c1-47e6-affb-e1852e1fe202","block_type":"box","text":"transition-related risks and opportunities. This includes receiving independent, third-party assurances, as audit","page_number":235,"box":{"x":101,"y":602,"width":792,"height":11}},{"id":"8444a720-0ad7-4e71-af7a-80b9905fda97","block_type":"box","text":"and assurance standards are developed.","page_number":235,"box":{"x":102,"y":617,"width":290,"height":11}},{"id":"d0541c4f-a258-447d-9018-2fe993b1c602","block_type":"box","text":"12","page_number":235,"box":{"x":69,"y":646,"width":9,"height":5}},{"id":"520f4eca-fe5c-441b-a7ae-26a83a08d539","block_type":"box","text":"These Guidelines are not intended to limit the analysis of individual issues at specific companies or provide a guide","page_number":235,"box":{"x":83,"y":646,"width":825,"height":11}},{"id":"dc14cf4b-b5b9-4744-bc9a-4d38f562097f","block_type":"box","text":"as to how the dedicated team will engage and/or vote in every instance. The Guidelines are applied by the dedicated","page_number":235,"box":{"x":69,"y":661,"width":833,"height":11}},{"id":"b594c16c-1d40-4db0-a9b6-80c289ef2fc7","block_type":"box","text":"team with discretion, on a case-by-case basis, taking into consideration the range of issues and facts specific to the","page_number":235,"box":{"x":68,"y":676,"width":830,"height":11}},{"id":"9d45650e-6606-4b96-bd05-730b8f4343bb","block_type":"box","text":"company, as well as individual ballot items at shareholder meetings.","page_number":235,"box":{"x":69,"y":691,"width":486,"height":11}},{"id":"3bc77c77-c0a8-4df8-a794-25c6cefaf215","block_type":"box","text":"13","page_number":235,"box":{"x":69,"y":709,"width":9,"height":5}},{"id":"9d60b082-03f5-4b53-bd2a-b9a627483306","block_type":"box","text":"Given data and measurement limitations, companies may need to provide estimated GHG emissions where","page_number":235,"box":{"x":84,"y":709,"width":764,"height":11}},{"id":"918ac648-24c4-43a8-8102-4ed048708a9a","block_type":"box","text":"reporting methodologies are nascent. In addition, certain disclosures related to a company’s plans for adapting their","page_number":235,"box":{"x":69,"y":724,"width":834,"height":11}},{"id":"d58b151f-2cee-4697-970f-ac290e468803","block_type":"box","text":"business models through the low-carbon transition may require forward-looking statements.","page_number":235,"box":{"x":69,"y":739,"width":651,"height":11}},{"id":"1187f3d5-d8d1-484c-813c-79dac0e3dca1","block_type":"box","text":"14","page_number":235,"box":{"x":69,"y":757,"width":9,"height":4}},{"id":"abd7350d-3fc0-4259-88c8-c2fca220e720","block_type":"box","text":"The ISSB is an independent standard-setting body within the International Financial Reporting Standards","page_number":235,"box":{"x":83,"y":757,"width":744,"height":11}},{"id":"cb5a0344-61dc-4655-8db1-f49cd4f722ff","block_type":"box","text":"(IFRS) Foundation. The standards build on the Task Force on Climate-related Financial Disclosures (TCFD) framework","page_number":235,"box":{"x":69,"y":772,"width":828,"height":11}},{"id":"4d733cb9-db1c-434d-8c81-9604c69784c7","block_type":"box","text":"and the standards and metrics developed by the Sustainability Accounting Standards Board (SASB), which have both","page_number":235,"box":{"x":69,"y":787,"width":830,"height":11}},{"id":"f53c6d42-1925-48ac-8cfc-f4e43b1ba742","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":235,"box":{"x":69,"y":802,"width":809,"height":11}},{"id":"d993f46b-e840-455c-b836-66ca48c15c80","block_type":"box","text":"“General Requirements for Disclosure of Sustainability-related Financial Information” and S2 “Climate-related","page_number":235,"box":{"x":70,"y":817,"width":778,"height":11}},{"id":"99fc6307-1974-43f3-9d01-52b474631b82","block_type":"box","text":"Disclosures.” Websites accessed in December 2025.","page_number":235,"box":{"x":70,"y":832,"width":380,"height":9}},{"id":"3328ad80-3b52-45de-b7ce-666896321a58","block_type":"box","text":"15","page_number":235,"box":{"x":69,"y":850,"width":9,"height":5}},{"id":"c7d3a510-1ba0-47a6-a4ac-16b63ff9c215","block_type":"box","text":"A number of jurisdictions are consulting on adopting the standards issued to date or have already committed to","page_number":235,"box":{"x":83,"y":850,"width":795,"height":11}},{"id":"32f05910-a4b4-4666-b779-bf0971423f3b","block_type":"box","text":"doing so. BIS does not mandate any specific disclosure framework companies should use, and recognize that some","page_number":235,"box":{"x":69,"y":865,"width":826,"height":11}},{"id":"263ed630-6ae4-4207-b534-a31f9e1a53d5","block_type":"box","text":"companies may report using different standards, some of which may be required by regulation. In such cases, we","page_number":235,"box":{"x":69,"y":880,"width":811,"height":11}},{"id":"3cd575ac-18cb-4628-ab5d-1251e8ce0a55","block_type":"box","text":"ask that companies highlight the metrics that are industry- or company-specific. We also recognize that companies","page_number":235,"box":{"x":69,"y":895,"width":816,"height":12}},{"id":"00313e8c-e403-449c-8be8-57d29f8cac70","block_type":"box","text":"may be phasing in reporting over several years. We do not prescribe timelines regarding when companies should","page_number":235,"box":{"x":69,"y":911,"width":803,"height":11}},{"id":"20df5902-1507-418d-b348-1019bdd07dc8","block_type":"box","text":"BlackRock Investment Stewardship","page_number":235,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"a75e2faf-1488-4cf0-9b8e-504ba4d6f009","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines | 5","page_number":235,"box":{"x":509,"y":942,"width":400,"height":13}},{"id":"9a000357-7482-4bb0-a017-bb052aab832e","block_type":"box","text":"BNM1026U-6032383-19202710","page_number":235,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"642f8e23-f0af-42d9-b678-e7f3ab80093d","block_type":"box","text":"(3) scope 1 and scope 2, and most significant scope 3 GHG emissions","page_number":236,"box":{"x":69,"y":45,"width":513,"height":11}},{"id":"8c374bac-4cc9-42d2-bbd9-ba6db79fe2e9","block_type":"box","text":"16, 17","page_number":236,"box":{"x":583,"y":45,"width":26,"height":5}},{"id":"9877e94f-6caf-4894-9e4f-244fd90d9ec0","block_type":"box","text":"In addition, the dedicated team looks to","page_number":236,"box":{"x":615,"y":45,"width":283,"height":10}},{"id":"0871434d-efab-474e-b1b1-5d519ccb160a","block_type":"box","text":"companies to disclose their emissions reduction targets for scope 1 and 2 emissions, science-based where","page_number":236,"box":{"x":101,"y":60,"width":770,"height":11}},{"id":"3d6dd890-df1d-4cb9-a06c-2b156c9c7cfb","block_type":"box","text":"possible. The team welcomes disclosure of targets or indicative goals, where companies have set them, for","page_number":236,"box":{"x":102,"y":75,"width":768,"height":11}},{"id":"3510643d-4244-47a9-b25a-e7115f510764","block_type":"box","text":"scope 3 emissions reductions. 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For some companies that play an important role in the low-carbon transition, scope","page_number":236,"box":{"x":101,"y":166,"width":807,"height":11}},{"id":"9f5aeb86-0153-45b6-935a-d554d92f7b1d","block_type":"box","text":"3 may represent their only significant source of GHG emissions in the value chain. While we do not believe","page_number":236,"box":{"x":102,"y":181,"width":759,"height":11}},{"id":"47979869-9f2e-4a8e-bc8e-56136269741f","block_type":"box","text":"companies should be required to enforce emissions reduction targets outside of their control, where relevant, we","page_number":236,"box":{"x":101,"y":196,"width":808,"height":11}},{"id":"589c792f-7d45-4960-a471-eec6b14821f6","block_type":"box","text":"look for disclosures on how the company approaches the low-carbon transition in these cases. This may include","page_number":236,"box":{"x":102,"y":211,"width":797,"height":11}},{"id":"f74361db-4c18-4212-8ec2-2acba3422c12","block_type":"box","text":"plans and targets to grow businesses that contribute to real world decarbonization, forward-looking capital or","page_number":236,"box":{"x":102,"y":226,"width":777,"height":11}},{"id":"4e25d733-995a-47e0-a1c3-009df70176de","block_type":"box","text":"procurement allocation plans to net-zero aligned activities or suppliers, and strategies to mitigate material","page_number":236,"box":{"x":102,"y":241,"width":755,"height":11}},{"id":"7e1d79a1-3eed-4400-a826-bdd62970072d","block_type":"box","text":"transition risks.","page_number":236,"box":{"x":101,"y":257,"width":110,"height":8}},{"id":"ed352acf-e2b0-4dbf-a83e-d8184e0bd218","block_type":"box","text":"(4) where relevant, disclosures that describe the company’s exposure to climate-related physical risks—such as","page_number":236,"box":{"x":69,"y":277,"width":808,"height":11}},{"id":"513756e2-23fd-4ff4-a0a5-f6a19cf767f9","block_type":"box","text":"acute risks from extreme weather events or chronic risks from long-term shifts in climate patterns—and how","page_number":236,"box":{"x":102,"y":292,"width":773,"height":11}},{"id":"e7bdf6eb-baa1-4be7-b2da-9c9914abb9e8","block_type":"box","text":"these risks could reasonably be expected to affect the company’s operations, assets, or supply chains.","page_number":236,"box":{"x":101,"y":307,"width":739,"height":11}},{"id":"213a68f8-1244-4b65-b029-d52cd466ccc6","block_type":"box","text":"Transition plans","page_number":236,"box":{"x":68,"y":337,"width":115,"height":11}},{"id":"fb2ed5b2-359b-4bce-978d-ab5c73c0c33e","block_type":"box","text":"Some companies have published transition plans outlining how they intend to implement their low-carbon","page_number":236,"box":{"x":102,"y":360,"width":748,"height":11}},{"id":"0ad7f10a-7097-4db8-8225-63bd1909a4c3","block_type":"box","text":"transition strategies. As defined by the ISSB, a transition plan “lays out the entity’s targets, actions or resources for","page_number":236,"box":{"x":68,"y":375,"width":831,"height":11}},{"id":"ab9dc940-036f-4e2f-8abb-2f3cc048c93d","block_type":"box","text":"its transition towards a lower-carbon economy, including actions such as reducing its greenhouse gas emissions”","page_number":236,"box":{"x":70,"y":390,"width":805,"height":11}},{"id":"e4cfb26c-aea0-4b57-ae66-9fc2173122ee","block_type":"box","text":"(see Appendix 1).","page_number":236,"box":{"x":69,"y":405,"width":122,"height":11}},{"id":"b35a54a4-5788-4fda-bbe0-40e2cfdc4259","block_type":"box","text":"19","page_number":236,"box":{"x":193,"y":405,"width":9,"height":5}},{"id":"51d70525-7541-4621-81a2-9d1f80399b2f","block_type":"box","text":"Work is also underway in a number of jurisdictions on establishing a common approach in a market to corporate","page_number":236,"box":{"x":101,"y":428,"width":800,"height":11}},{"id":"1e4e07be-bfee-44ca-beed-81ceb572f4fd","block_type":"box","text":"transition plans.","page_number":236,"box":{"x":68,"y":443,"width":115,"height":11}},{"id":"1cb22d98-b192-48b8-8af4-8ecf4fb23228","block_type":"box","text":"20","page_number":236,"box":{"x":184,"y":443,"width":9,"height":5}},{"id":"92183df1-530d-4bfa-b2a0-518380a58125","block_type":"box","text":"Recent guidance from the ISSB on disclosures about transition plans highlights the convergence of","page_number":236,"box":{"x":200,"y":443,"width":706,"height":11}},{"id":"768a9822-f028-45b8-9387-c5802faa666a","block_type":"box","text":"reporting approaches.","page_number":236,"box":{"x":69,"y":458,"width":156,"height":11}},{"id":"e2c5dd78-58b7-4378-93e5-dd227befeb7f","block_type":"box","text":"While the preparation of a transition plan, or lack thereof, is not, in itself, a voting issue, these disclosures","page_number":236,"box":{"x":101,"y":481,"width":762,"height":11}},{"id":"b06c604d-4ac2-48f7-9db6-04a5c4355af0","block_type":"box","text":"typically provide valuable insights that inform the dedicated team’s approach to engaging and voting on matters","page_number":236,"box":{"x":68,"y":496,"width":796,"height":11}},{"id":"644a2dd4-fcce-45c8-bf69-65024e147a0c","block_type":"box","text":"related to climate and transition risks on behalf of in-scope funds and accounts.","page_number":236,"box":{"x":69,"y":511,"width":570,"height":11}},{"id":"51a45de6-9a38-42ea-845b-e1f00ea27766","block_type":"box","text":"make sustainability-related disclosures but appreciate it when companies produce them sufficiently in advance of","page_number":236,"box":{"x":69,"y":537,"width":810,"height":12}},{"id":"5d0ab52b-f82c-46d9-915e-f22a4c98cb95","block_type":"box","text":"their shareholder meeting, to the best of their abilities, to provide investors with time to assess the data and make","page_number":236,"box":{"x":68,"y":553,"width":822,"height":11}},{"id":"5f1d93f9-1100-4ed7-885d-dd8d9ca453b3","block_type":"box","text":"informed voting decisions.","page_number":236,"box":{"x":70,"y":568,"width":184,"height":11}},{"id":"b2402453-dbb7-4a2d-9ca0-85207ba3f881","block_type":"box","text":"16","page_number":236,"box":{"x":69,"y":586,"width":9,"height":4}},{"id":"f858125c-39a5-4a9b-91e5-0af50bed6ffc","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":236,"box":{"x":84,"y":585,"width":825,"height":12}},{"id":"631491d5-bd08-4b2d-b40a-ed2ebec9da94","block_type":"box","text":"paper: FTSE Russel, “Scope for improvement: Solving the Scope 3 conundrum,” January 2024, accessed in","page_number":236,"box":{"x":70,"y":600,"width":768,"height":12}},{"id":"d51525cb-262b-4ce6-aab9-1fb38c85afd3","block_type":"box","text":"December 2025.","page_number":236,"box":{"x":70,"y":616,"width":118,"height":9}},{"id":"21116985-6eea-48ee-8184-a7c4d8da3d45","block_type":"box","text":"17","page_number":236,"box":{"x":69,"y":634,"width":8,"height":4}},{"id":"a6e1b486-0029-41bd-ac56-30dbc9a354a5","block_type":"box","text":"Under this policy, the dedicated team looks for GHG emissions disclosures to be aligned with the Greenhouse Gas","page_number":236,"box":{"x":84,"y":633,"width":815,"height":12}},{"id":"5e994215-de84-4e7e-a319-4438dd884a19","block_type":"box","text":"Protocol (GHG Protocol). The Protocol Standards and Guidance are currently being updated to ensure they continue to","page_number":236,"box":{"x":69,"y":648,"width":838,"height":12}},{"id":"40859f05-f02c-44b6-9a9c-c1edf51bd399","block_type":"box","text":"provide “a rigorous and credible accounting foundation for businesses to measure, plan and track progress toward","page_number":236,"box":{"x":70,"y":663,"width":816,"height":12}},{"id":"fa615e5f-0bda-4b95-886f-954248c7651b","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":236,"box":{"x":69,"y":679,"width":784,"height":11}},{"id":"7707fcf6-c25e-45e1-9328-74af045b2351","block_type":"box","text":"18","page_number":236,"box":{"x":69,"y":697,"width":9,"height":4}},{"id":"a72b3a86-a6ae-4454-85b2-803fcdbb526c","block_type":"box","text":"The dedicated team does not believe the purpose of scope 3 disclosure requirements should be to push publicly","page_number":236,"box":{"x":83,"y":696,"width":804,"height":11}},{"id":"94857daf-292d-49ac-a96d-ddb9ce9726c2","block_type":"box","text":"traded companies into the role of enforcing emission reduction targets outside of their control. Given methodological","page_number":236,"box":{"x":68,"y":711,"width":832,"height":12}},{"id":"0cdafd48-d7fb-4ff7-83a5-afa2c560c819","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":236,"box":{"x":69,"y":726,"width":832,"height":12}},{"id":"03a80b64-47e2-4172-80d5-9fff18b71eea","block_type":"box","text":"useful when companies focus their disclosures on those of the fifteen scope 3 GHG Protocol categories that are","page_number":236,"box":{"x":69,"y":742,"width":800,"height":11}},{"id":"d71d008b-3cdf-49da-827b-950628002005","block_type":"box","text":"material to their business models.","page_number":236,"box":{"x":69,"y":757,"width":243,"height":9}},{"id":"273bc4b3-1e54-427e-9d0c-3ab4e244e2c6","block_type":"box","text":"19","page_number":236,"box":{"x":69,"y":775,"width":9,"height":4}},{"id":"be48b630-9acc-4652-9e86-e691d60f1319","block_type":"box","text":"International Financial Reporting Standards, “IFRS S2: Climate-related Disclosures,” June 2023, accessed in","page_number":236,"box":{"x":84,"y":774,"width":777,"height":12}},{"id":"fa1b5d41-94a2-4e2b-a214-79d888a58817","block_type":"box","text":"December 2025.","page_number":236,"box":{"x":70,"y":790,"width":118,"height":8}},{"id":"8ff3436a-5065-405d-91c0-a67d4eabb3ad","block_type":"box","text":"20","page_number":236,"box":{"x":69,"y":807,"width":9,"height":5}},{"id":"901aa7a0-fa31-4a15-9179-a64ef3c5e8ee","block_type":"box","text":"More companies are developing such plans, and public policymakers in certain markets are signaling their","page_number":236,"box":{"x":84,"y":807,"width":758,"height":11}},{"id":"04fd0a37-f90a-4339-97ed-852bb21389c5","block_type":"box","text":"intentions to require them or already have requirements in place, such as Australia, Brazil, and the European Union","page_number":236,"box":{"x":70,"y":822,"width":820,"height":11}},{"id":"e7aff47a-2d8c-4e41-b4a9-2a2479ba5a24","block_type":"box","text":"(please see the International Transition Plan Network for information). BlackRock views transition plans as a method","page_number":236,"box":{"x":69,"y":837,"width":829,"height":11}},{"id":"7f0ef3b0-4de7-42d4-a7ed-525d431095d3","block_type":"box","text":"for a company to both internally assess and externally communicate its long-term strategy, ambition, objectives, and","page_number":236,"box":{"x":68,"y":852,"width":829,"height":12}},{"id":"31fed777-ff77-4ac6-915e-c18a33e41797","block_type":"box","text":"actions to create financial value through the global transition towards a low-carbon economy. Across the landscape","page_number":236,"box":{"x":69,"y":868,"width":818,"height":11}},{"id":"f94faf1e-6746-4654-a498-aea305c0529d","block_type":"box","text":"there remains divergence on the objectives of such plans and the details they should contain. 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In assessing the role and effectiveness of the board in this regard, the dedicated team seeks to","page_number":237,"box":{"x":68,"y":98,"width":825,"height":11}},{"id":"fca42802-dae2-4bce-b53f-36fbcce261e8","block_type":"box","text":"understand whether:","page_number":237,"box":{"x":69,"y":113,"width":145,"height":9}},{"id":"582a19c9-0cda-40b3-8b55-bd6d6fb30514","block_type":"box","text":"•","page_number":237,"box":{"x":69,"y":136,"width":6,"height":4}},{"id":"79caa486-5be1-4ca8-878b-70f042fa32b0","block_type":"box","text":"The board has clear oversight responsibilities for climate and low-carbon transition-related risks and","page_number":237,"box":{"x":101,"y":133,"width":711,"height":11}},{"id":"07abe465-f207-4749-9297-20bb5f802879","block_type":"box","text":"opportunities in the company’s business model. 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Given forthcoming regulatory requirements in certain jurisdictions, some companies are voluntarily","page_number":237,"box":{"x":101,"y":420,"width":774,"height":11}},{"id":"573c5406-f271-4424-889b-97cde338a7aa","block_type":"box","text":"disclosing scope 3 emissions reductions targets and plans, setting out how they are working on decarbonization","page_number":237,"box":{"x":101,"y":435,"width":800,"height":11}},{"id":"ecc2e819-e8d6-4afe-95b1-cfcef58f4d04","block_type":"box","text":"with the different constituents in their value chain.","page_number":237,"box":{"x":101,"y":450,"width":358,"height":9}},{"id":"59e3e941-cb57-4647-94f5-3d78ac374b2c","block_type":"box","text":"21","page_number":237,"box":{"x":461,"y":451,"width":9,"height":4}},{"id":"b0f7cd6e-2101-410e-897b-df9c945cf538","block_type":"box","text":"•","page_number":237,"box":{"x":69,"y":473,"width":6,"height":5}},{"id":"38be9d0a-6aa2-435b-9ad9-8f802a9314c3","block_type":"box","text":"The company’s governance and oversight processes for managing material risks associated with corporate","page_number":237,"box":{"x":101,"y":470,"width":761,"height":12}},{"id":"71adff5f-bf01-406a-bdd4-8bf755ebf482","block_type":"box","text":"political activities including applicable policies and procedures where relevant.","page_number":237,"box":{"x":102,"y":486,"width":556,"height":11}},{"id":"0db2da7f-f137-4c76-808c-dfab5604297b","block_type":"box","text":"22","page_number":237,"box":{"x":660,"y":486,"width":8,"height":4}},{"id":"b87fe450-beed-4421-8696-96fa15650be7","block_type":"box","text":"The dedicated team looks for","page_number":237,"box":{"x":674,"y":486,"width":208,"height":9}},{"id":"f9add723-7eb5-45be-8716-b8f9b735d435","block_type":"box","text":"public policy engagement to be consistent with a company’s stated strategic policy objectives, including those","page_number":237,"box":{"x":102,"y":501,"width":783,"height":11}},{"id":"f711c475-96cc-4a0d-8524-2e2e8a76b017","block_type":"box","text":"related to the low-carbon transition.","page_number":237,"box":{"x":102,"y":516,"width":251,"height":9}},{"id":"b16f6e1e-655f-4ef3-80f0-c6dd924da7e4","block_type":"box","text":"Voting against directors over concerns about climate risk","page_number":237,"box":{"x":68,"y":546,"width":420,"height":11}},{"id":"e116568d-dbf3-47a8-93f3-30c550173ff3","block_type":"box","text":"In implementing these Guidelines, the dedicated team generally supports non-executive directors standing for","page_number":237,"box":{"x":102,"y":569,"width":781,"height":11}},{"id":"809844bc-a865-43fd-b28b-04c3f9e4d695","block_type":"box","text":"election where, in its assessment based on company disclosures and engagement, a company is executing on its","page_number":237,"box":{"x":69,"y":584,"width":811,"height":11}},{"id":"02d39a53-beca-4a83-a4e4-cb81ce660868","block_type":"box","text":"commitment to align with the transition to a low-carbon economy, as defined above. Where the dedicated team","page_number":237,"box":{"x":69,"y":599,"width":788,"height":11}},{"id":"ae698117-12c9-407f-9518-a8834ae51f72","block_type":"box","text":"determines this is not the case, it may vote against the election of one or more directors who the team identifies as","page_number":237,"box":{"x":69,"y":614,"width":828,"height":11}},{"id":"64aeceeb-1b69-4e94-ad0b-8ab335aa2709","block_type":"box","text":"having the most responsibility for the issue. The directors most likely to be in focus are the chair of the board","page_number":237,"box":{"x":69,"y":629,"width":780,"height":11}},{"id":"e702bb42-636d-4e5c-8f34-55d8567ba670","block_type":"box","text":"committee with low-carbon transition, climate or sustainability risk oversight responsibilities, other members of the","page_number":237,"box":{"x":69,"y":644,"width":817,"height":12}},{"id":"2543ba6c-a5fe-43f2-9ec7-e09610a788e1","block_type":"box","text":"relevant committee, the lead independent director or the non-executive chair of the board. 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Similarly, the dedicated team generally supports management’s proposal on a progress report if the","page_number":238,"box":{"x":68,"y":203,"width":792,"height":12}},{"id":"fe2d8bb5-a9f3-4696-af48-91056ffe429a","block_type":"box","text":"company has clearly explained its progress against, and any deviations from or changes to, its stated low-carbon","page_number":238,"box":{"x":69,"y":218,"width":803,"height":12}},{"id":"9e0950e3-f314-4b30-a283-643579dca228","block_type":"box","text":"transition plan and targets.","page_number":238,"box":{"x":68,"y":234,"width":193,"height":11}},{"id":"6c7fadf8-3808-4bd2-9aed-90d32ef10eb8","block_type":"box","text":"Shareholder proposals on climate and low-carbon transition matters","page_number":238,"box":{"x":68,"y":264,"width":495,"height":11}},{"id":"409b441d-4055-4c68-8556-0ee2bfccaa13","block_type":"box","text":"In most markets, shareholders can submit proposals to be voted on at a company’s shareholder meeting, as","page_number":238,"box":{"x":102,"y":287,"width":777,"height":11}},{"id":"f9062e27-414f-4d2e-9722-b29ba142d28a","block_type":"box","text":"long as certain requirements are met. 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The dedicated team assesses the implications for, and the relevance to, the","page_number":238,"box":{"x":68,"y":407,"width":770,"height":12}},{"id":"0f3649e5-f436-4035-a098-a8cc9e02a82f","block_type":"box","text":"company’s stated low-carbon transition strategy and targets. Under the Guidelines, the team may support","page_number":238,"box":{"x":69,"y":423,"width":754,"height":11}},{"id":"799f1986-2e61-4568-908a-3c576794e38d","block_type":"box","text":"shareholder proposals that, for example, ask a company to:","page_number":238,"box":{"x":69,"y":438,"width":425,"height":11}},{"id":"da1586f1-5fab-4451-894f-f24590797107","block_type":"box","text":"•","page_number":238,"box":{"x":69,"y":461,"width":6,"height":4}},{"id":"189f6be1-84f5-4197-a47e-ac3cebe8122f","block_type":"box","text":"Publish a business plan, and related disclosures, consistent with the ambition to limit average global","page_number":238,"box":{"x":102,"y":458,"width":719,"height":11}},{"id":"ff33a275-f9b9-4744-b9ef-bdd8a4b795ef","block_type":"box","text":"temperature rise to no more than 1.5°C above pre-industrial levels","page_number":238,"box":{"x":101,"y":473,"width":474,"height":11}},{"id":"3fbcf4a3-a913-4492-bcfc-50b86740dece","block_type":"box","text":"•","page_number":238,"box":{"x":69,"y":496,"width":6,"height":5}},{"id":"8f507095-a78d-4dbc-9493-bcd7fd0edcc7","block_type":"box","text":"Align scope 1 and 2 GHG emissions reduction targets to, and/or discuss how their targets align with, a long-term","page_number":238,"box":{"x":101,"y":493,"width":807,"height":11}},{"id":"8316fab3-d86a-4346-a4ce-6456b719bd9f","block_type":"box","text":"goal of the company achieving net zero GHG emissions by 2050","page_number":238,"box":{"x":101,"y":508,"width":457,"height":12}},{"id":"857fef01-5731-45fc-b1c5-645d69594d68","block_type":"box","text":"•","page_number":238,"box":{"x":69,"y":531,"width":6,"height":5}},{"id":"a0938065-e3b8-4f17-bbc0-23a382510618","block_type":"box","text":"Disclose the categories of scope 3 GHG emissions most significant to a company’s business model","page_number":238,"box":{"x":102,"y":528,"width":712,"height":12}},{"id":"9bb54113-4029-47ac-a8ff-63c4a7fb752f","block_type":"box","text":"•","page_number":238,"box":{"x":69,"y":551,"width":6,"height":5}},{"id":"3922ee0f-4c23-4803-8fd8-161647e19140","block_type":"box","text":"Improve voluntary disclosures on the alignment of a company’s climate-related corporate political activities with","page_number":238,"box":{"x":102,"y":549,"width":794,"height":11}},{"id":"62fcd388-f67d-4353-80e7-ca158bd171e8","block_type":"box","text":"its strategic policy positions, where existing disclosure is insufficient","page_number":238,"box":{"x":102,"y":564,"width":489,"height":11}},{"id":"f0e3d6ab-bc9b-44bf-82c1-3cc746e73467","block_type":"box","text":"25","page_number":238,"box":{"x":592,"y":564,"width":9,"height":5}},{"id":"0084af59-2b81-4cf4-94b6-cad16cd71958","block_type":"box","text":"The dedicated team does not support shareholder proposals that seek to constrain board or management","page_number":238,"box":{"x":101,"y":587,"width":758,"height":11}},{"id":"7515d03b-f9de-4802-b39a-926770ea02a4","block_type":"box","text":"decision-making or direct specific business or strategic decisions.","page_number":238,"box":{"x":69,"y":601,"width":468,"height":12}},{"id":"d676d7f2-4c13-4e27-be2f-1d915a38a08c","block_type":"box","text":"RELATED MATTERS","page_number":238,"box":{"x":419,"y":632,"width":140,"height":9}},{"id":"5fd3bbda-9afe-4601-99bd-8ada92163bde","block_type":"box","text":"There are other business items not covered above that may be put to a shareholder vote that could address","page_number":238,"box":{"x":101,"y":655,"width":771,"height":11}},{"id":"417fb525-83cb-4c24-8440-b27bffb87057","block_type":"box","text":"matters relevant to the transition to a low-carbon economy. 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Some companies, in light of their long-term strategy, may decide to include relevant","page_number":238,"box":{"x":69,"y":768,"width":837,"height":11}},{"id":"2563f73c-1276-461e-8899-0d3148632e59","block_type":"box","text":"GHG emissions reduction targets or low-carbon transition-related metrics in their incentive plans. In such cases, the","page_number":238,"box":{"x":69,"y":783,"width":826,"height":11}},{"id":"c6003dcb-06fb-4011-b7c7-677ec11070e6","block_type":"box","text":"dedicated team would engage to understand the alignment between those metrics and the company’s stated climate","page_number":238,"box":{"x":69,"y":798,"width":834,"height":11}},{"id":"76500359-6c29-4f04-87c1-a616afe46af8","block_type":"box","text":"24","page_number":238,"box":{"x":69,"y":828,"width":9,"height":4}},{"id":"c7aebdbe-e377-4c19-a185-f9d84155307c","block_type":"box","text":"While the dedicated team may escalate voting by not supporting additional management proposals, principally","page_number":238,"box":{"x":83,"y":827,"width":787,"height":12}},{"id":"b05a1b1d-de98-4588-ab92-c7832ef42a07","block_type":"box","text":"director elections, the team does not consider filing shareholder proposals, preannouncing voting intentions or using","page_number":238,"box":{"x":69,"y":842,"width":832,"height":12}},{"id":"9d9574a0-c53e-4d67-8d9f-f01992d5fac2","block_type":"box","text":"the media to amplify concerns as appropriate courses of action. 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Clear disclosure also helps investors assess whether pay structures are consistent with long-term climate","page_number":239,"box":{"x":69,"y":45,"width":821,"height":11}},{"id":"180b7fc2-cd02-448b-81c2-b81dc8af130f","block_type":"box","text":"strategy and risk management.","page_number":239,"box":{"x":69,"y":60,"width":219,"height":11}},{"id":"725c3272-5ac5-428b-ae89-e8f182744954","block_type":"box","text":"Auditors and audit-related issues","page_number":239,"box":{"x":68,"y":90,"width":240,"height":9}},{"id":"962f72b7-f859-490c-af6b-575eb0616a32","block_type":"box","text":"For companies with material climate or transition risks or opportunities in their business models, the dedicated","page_number":239,"box":{"x":102,"y":113,"width":793,"height":11}},{"id":"59d96fe3-2b0a-4f50-9205-f631e004ffe0","block_type":"box","text":"team is interested in understanding whether the company considers and, if relevant, quantifies, and accounts for","page_number":239,"box":{"x":68,"y":128,"width":807,"height":11}},{"id":"5542c847-4aae-4270-bafe-674de03115a3","block_type":"box","text":"material climate-related risks in its financial statements, including if the company explains such risks within the","page_number":239,"box":{"x":69,"y":143,"width":794,"height":11}},{"id":"f42c4cce-5755-4de9-8df3-6c4c693bb69b","block_type":"box","text":"context of its audit report. The team notes that assurance of corporate disclosures related to climate risk and the","page_number":239,"box":{"x":69,"y":158,"width":812,"height":11}},{"id":"5e02c819-887c-4f1a-9caf-f4f371780342","block_type":"box","text":"transition to a low-carbon economy is still nascent.","page_number":239,"box":{"x":68,"y":173,"width":361,"height":11}},{"id":"59fdb5e2-6046-4c5d-b86c-1734e0c2b85f","block_type":"box","text":"Mergers, acquisitions, asset sales, and other special situations","page_number":239,"box":{"x":69,"y":203,"width":463,"height":11}},{"id":"2a4c6f60-7cf9-47e7-9937-42a186021795","block_type":"box","text":"Special situations will be considered on their financial merits, but the dedicated team may engage on climate","page_number":239,"box":{"x":102,"y":226,"width":783,"height":11}},{"id":"02231709-11f2-4101-a90c-2f93a0edd6cc","block_type":"box","text":"related factors under these Guidelines where a transaction may significantly alter a company’s climate strategy or a","page_number":239,"box":{"x":69,"y":241,"width":824,"height":11}},{"id":"d8cb4e84-ce50-4d1e-859e-423a5a034d0e","block_type":"box","text":"shareholder activist has proposed governance, strategic or operational changes that may impact its climate strategy.","page_number":239,"box":{"x":69,"y":257,"width":831,"height":11}},{"id":"a5d97b8f-90e2-4de8-a761-cc7679559435","block_type":"box","text":"The dedicated team does not promote changes in corporate control or engage in shareholder activism.","page_number":239,"box":{"x":68,"y":272,"width":731,"height":11}},{"id":"92d7e8a4-db9e-4da0-a1fc-dfdf9b61384b","block_type":"box","text":"Other business relevant sustainability-related risks and opportunities","page_number":239,"box":{"x":69,"y":302,"width":503,"height":11}},{"id":"79826fad-9fbf-42e1-b7f7-9be9db5c0148","block_type":"box","text":"Climate risk and the transition to a low-carbon economy are interconnected with a number of other material","page_number":239,"box":{"x":102,"y":324,"width":762,"height":11}},{"id":"38a0ffff-2751-49f9-aa3a-5cdf9c7be212","block_type":"box","text":"sustainability-related risks and opportunities that may be relevant to a company’s business model and long-term","page_number":239,"box":{"x":69,"y":340,"width":802,"height":11}},{"id":"5e29aa64-eff9-4c9e-8841-7b93a71a293a","block_type":"box","text":"financial performance. These include a company’s impacts or dependencies on natural capital and key","page_number":239,"box":{"x":68,"y":355,"width":734,"height":11}},{"id":"f2973687-93af-40ad-9e66-1e2afbc5cfb3","block_type":"box","text":"stakeholders.","page_number":239,"box":{"x":69,"y":370,"width":95,"height":9}},{"id":"153e405b-fd25-4478-abd7-930ea3c49d34","block_type":"box","text":"26","page_number":239,"box":{"x":166,"y":370,"width":9,"height":5}},{"id":"e48da034-0312-44f5-9469-eb9747b6ffa4","block_type":"box","text":"In the context of these Guidelines, the dedicated team may engage companies to better understand","page_number":239,"box":{"x":182,"y":370,"width":710,"height":11}},{"id":"5ff42d02-f2db-493d-8b25-e26714da7409","block_type":"box","text":"how they are managing the impact on people (e.g., employees, suppliers, customers and communities) of any","page_number":239,"box":{"x":69,"y":385,"width":783,"height":11}},{"id":"df7e3ee2-aaeb-4f02-ac13-4c0a68814512","block_type":"box","text":"strategic or operational changes they are making in relation to their transition to a low-carbon economy. 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The economic transformation is being driven by changes in","page_number":240,"box":{"x":69,"y":188,"width":811,"height":12}},{"id":"62339a23-f2cf-4036-8d8e-9382c614503d","block_type":"box","text":"government policy, technology, and consumer and investor preferences, as well as the physical effects of climate","page_number":240,"box":{"x":68,"y":203,"width":807,"height":12}},{"id":"b364fda3-daef-4275-b855-61a84e5aa106","block_type":"box","text":"change (e.g., extreme weather), and can potentially have a material impact on clients’ investments and portfolios.","page_number":240,"box":{"x":69,"y":218,"width":812,"height":12}},{"id":"38194ad7-6e30-4852-8f27-ef26db49ef4a","block_type":"box","text":"Decarbonization:","page_number":240,"box":{"x":102,"y":241,"width":120,"height":9}},{"id":"12b151d1-4a67-465a-833e-43ed89932464","block_type":"box","text":"the process of reducing or eliminating emissions of carbon dioxide (CO2) from human activity","page_number":240,"box":{"x":228,"y":241,"width":664,"height":11}},{"id":"752ca7ac-acd7-4220-b64b-69502f594e9e","block_type":"box","text":"and removing carbon currently in the atmosphere. This can be carried out by countries, companies and even","page_number":240,"box":{"x":69,"y":257,"width":771,"height":11}},{"id":"2f768c6e-ce3b-4360-9f27-1bec0600bfd6","block_type":"box","text":"individual consumers. Sometimes the concept is understood to include the reduction and elimination of other GHG,","page_number":240,"box":{"x":70,"y":271,"width":820,"height":11}},{"id":"a9dfbd65-dd06-4edb-a8de-cefd33991189","block_type":"box","text":"e.g., methane.","page_number":240,"box":{"x":69,"y":287,"width":102,"height":11}},{"id":"75caf181-c696-43d8-8013-bb91d56db635","block_type":"box","text":"Climate-related risks and opportunities:","page_number":240,"box":{"x":101,"y":309,"width":289,"height":11}},{"id":"6f3b4c27-6039-4e4f-92c0-0209160b8ee9","block_type":"box","text":"The investment opportunities and risks associated with the transition","page_number":240,"box":{"x":396,"y":309,"width":495,"height":11}},{"id":"58e6334e-197a-486b-8fb0-5d7f27dbc0d6","block_type":"box","text":"to a low-carbon economy, including transition risks and opportunities and physical risks and opportunities in adapting","page_number":240,"box":{"x":68,"y":325,"width":838,"height":11}},{"id":"35f69502-e2c4-40d0-bde2-86dbb81d6c48","block_type":"box","text":"to physical climate change.","page_number":240,"box":{"x":68,"y":340,"width":193,"height":11}},{"id":"edfea643-6e5c-4c13-80d4-6141ca171eba","block_type":"box","text":"Climate-related transition plan:","page_number":240,"box":{"x":101,"y":362,"width":226,"height":11}},{"id":"71e06fd1-651d-4acd-8024-855279b52711","block_type":"box","text":"“An aspect of an entity’s overall strategy that lays out the entity’s targets,","page_number":240,"box":{"x":334,"y":362,"width":525,"height":11}},{"id":"481079de-5bf8-472a-a3d7-145b8e54bf04","block_type":"box","text":"actions or resources for its transition towards a lower-carbon economy, including actions such as reducing its","page_number":240,"box":{"x":69,"y":377,"width":778,"height":12}},{"id":"5e74ea57-055b-4713-9c80-f9b2d6c6af50","block_type":"box","text":"greenhouse gas emissions.”","page_number":240,"box":{"x":68,"y":393,"width":203,"height":11}},{"id":"3bbf2d35-7952-41ff-bb4e-2c7c66690d59","block_type":"box","text":"27","page_number":240,"box":{"x":273,"y":393,"width":9,"height":4}},{"id":"28fb2cce-93bb-45df-810b-b262712a2cd1","block_type":"box","text":"Science-based GHG emissions reduction targets:","page_number":240,"box":{"x":101,"y":415,"width":356,"height":11}},{"id":"badd32ae-39af-47d6-8787-073f76685161","block_type":"box","text":"Targets that “","page_number":240,"box":{"x":463,"y":415,"width":96,"height":11}},{"id":"d93471dc-d414-405a-ac22-0239c45abb0c","block_type":"box","text":"are in line with what the latest climate science","page_number":240,"box":{"x":569,"y":415,"width":331,"height":9}},{"id":"c7c198c1-8432-4eb1-a801-1b3c6b282af9","block_type":"box","text":"deems necessary to meet the goals of the Paris Agreement — limiting global warming to 1.5°C above pre-industrial","page_number":240,"box":{"x":69,"y":430,"width":822,"height":11}},{"id":"c7918660-d0b6-4bdb-9c3f-38a1937a44eb","block_type":"box","text":"levels. Science-based targets give companies a clearly defined path to reduce GHG emissions in line with limiting","page_number":240,"box":{"x":70,"y":445,"width":806,"height":12}},{"id":"9870bd32-9dce-4762-96a0-459066980180","block_type":"box","text":"global warming to 1.5°C. They define how much and how quickly a business must reduce its emissions to be in line","page_number":240,"box":{"x":68,"y":460,"width":824,"height":12}},{"id":"5f0dd23b-67c3-4081-a0b0-f73d9ca5b0df","block_type":"box","text":"with the Paris Agreement goals.”","page_number":240,"box":{"x":68,"y":476,"width":232,"height":11}},{"id":"a8c16dc3-ceb6-4f76-bc83-24918941da19","block_type":"box","text":"28","page_number":240,"box":{"x":302,"y":476,"width":9,"height":4}},{"id":"39d938fd-4ee5-4614-b698-6f0984bd12c6","block_type":"box","text":"Scope 1:","page_number":240,"box":{"x":101,"y":498,"width":63,"height":11}},{"id":"ad2a764e-4f6a-47af-8862-e0418a1a27be","block_type":"box","text":"Direct GHG emissions. Direct GHG emissions occur from sources that are owned or controlled by the","page_number":240,"box":{"x":172,"y":498,"width":718,"height":11}},{"id":"da9597cf-11a2-4b21-940a-84c71bf0c806","block_type":"box","text":"company, for example, emissions from combustion in owned or controlled boilers, furnaces, vehicles, etc.; emissions","page_number":240,"box":{"x":69,"y":513,"width":836,"height":11}},{"id":"67d2ff39-f125-4640-9085-d5f0d21bc018","block_type":"box","text":"from chemical production in owned or controlled process equipment.","page_number":240,"box":{"x":68,"y":528,"width":489,"height":11}},{"id":"7dee0ac7-48aa-4ff5-816a-884646fca2ab","block_type":"box","text":"29","page_number":240,"box":{"x":559,"y":529,"width":9,"height":4}},{"id":"3635fab2-e686-48f5-b389-f6e4edff98a3","block_type":"box","text":"Scope 2","page_number":240,"box":{"x":101,"y":551,"width":59,"height":11}},{"id":"dbf0bb8c-9018-4fa9-b9e4-91a894fef2c2","block_type":"box","text":": Electricity indirect GHG emissions Scope 2 accounts for GHG emissions from the generation of","page_number":240,"box":{"x":162,"y":551,"width":685,"height":11}},{"id":"c14c282e-6791-48ef-8ff2-aeee00e09222","block_type":"box","text":"purchased electricity [steam, and heating/cooling] consumed by the company. [It] is defined as electricity [steam,","page_number":240,"box":{"x":70,"y":566,"width":807,"height":11}},{"id":"0be1c819-5a93-459b-b5e6-4ec349fb758f","block_type":"box","text":"and heating/cooling] that is purchased or otherwise brought into the organizational boundary of the company.","page_number":240,"box":{"x":69,"y":581,"width":781,"height":12}},{"id":"40802413-4806-4114-a8db-7f689ed5e97a","block_type":"box","text":"30","page_number":240,"box":{"x":852,"y":582,"width":9,"height":4}},{"id":"70900ba0-d57b-46d5-9138-5e0ee45bcb8b","block_type":"box","text":"Scope 3:","page_number":240,"box":{"x":101,"y":604,"width":63,"height":11}},{"id":"c54336c8-4378-4d6f-85e0-654adc07421b","block_type":"box","text":"Other indirect GHG emissions. Scope 3 is an optional reporting category that allows for the treatment","page_number":240,"box":{"x":171,"y":604,"width":725,"height":11}},{"id":"fc534561-36ec-4c0e-8124-d0d324307c07","block_type":"box","text":"of all other indirect emissions. Scope 3 emissions are a consequence of the activities of the company, but occur","page_number":240,"box":{"x":69,"y":619,"width":803,"height":11}},{"id":"f3187116-a1c3-4b67-a60e-9390f4aa498f","block_type":"box","text":"from sources not owned or controlled by the company.","page_number":240,"box":{"x":68,"y":634,"width":386,"height":11}},{"id":"dc83c23c-3cee-44e7-b301-b03e2a518bfe","block_type":"box","text":"31","page_number":240,"box":{"x":456,"y":635,"width":9,"height":4}},{"id":"e733c551-6586-4acb-ac69-80ec61816cf8","block_type":"box","text":"27","page_number":240,"box":{"x":69,"y":679,"width":8,"height":4}},{"id":"21260fc2-e0ef-4d91-86de-150bac38bfd4","block_type":"box","text":"As defined by the International Financial Reporting Standards, “IFRS S2: Climate-related Disclosures,” June 2023..","page_number":240,"box":{"x":83,"y":679,"width":821,"height":11}},{"id":"99f0e3db-90d9-4531-aa60-4112591a9e70","block_type":"box","text":"Several jurisdictions are basing their own transition plan disclosure frameworks on the IFRS S2 definition. We","page_number":240,"box":{"x":69,"y":694,"width":779,"height":11}},{"id":"76918fc8-c3a9-455a-8722-d215b8443b89","block_type":"box","text":"anticipate transition plan disclosure becoming mandatory in an increasing number of jurisdictions over the near term.","page_number":240,"box":{"x":69,"y":709,"width":836,"height":11}},{"id":"deb90412-1513-4158-811c-af62b3e924a5","block_type":"box","text":"28","page_number":240,"box":{"x":69,"y":727,"width":9,"height":4}},{"id":"abf561cf-545d-4647-9868-ee6146318d49","block_type":"box","text":"As defined by the Science Based Targets initiative (SBTi). SBTi “is a corporate climate action organization that","page_number":240,"box":{"x":83,"y":726,"width":785,"height":12}},{"id":"f038e12d-99d5-41ee-afc4-5942d96d4cde","block_type":"box","text":"enables companies and financial institutions worldwide to play their part in combating the climate crisis. We develop","page_number":240,"box":{"x":69,"y":742,"width":831,"height":11}},{"id":"bfb6ac65-737e-4c88-a785-20ec70e6f2dc","block_type":"box","text":"standards, tools and guidance which allow companies to set greenhouse gas (GHG) emissions reductions targets in","page_number":240,"box":{"x":69,"y":757,"width":826,"height":11}},{"id":"9631ef10-6198-482b-9403-5e4181e1826f","block_type":"box","text":"line with what is needed to keep global heating below catastrophic levels and reach net-zero by 2050 at latest.”","page_number":240,"box":{"x":70,"y":772,"width":795,"height":11}},{"id":"4ec256ca-12d6-43d8-bf4d-1854d7417300","block_type":"box","text":"Source: Science Based Targets initiative, “About Us.” Websites accessed in December 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