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LifePath","page_number":18,"box":{"x":264,"y":168,"width":297,"height":10}},{"id":"6d3d3a81-1702-495a-ba64-ff514ecd1b7d","block_type":"box","text":"®","page_number":18,"box":{"x":562,"y":168,"width":9,"height":7}},{"id":"6f5e7e90-32a7-425d-a204-82c0db2bafca","block_type":"box","text":"Index 2070 Fund (each, a “Fund” and","page_number":18,"box":{"x":571,"y":168,"width":276,"height":12}},{"id":"f59e6820-6200-4921-a991-d6fb6ed994c1","block_type":"box","text":"collectively, the “Funds”), each a series of BlackRock","page_number":18,"box":{"x":116,"y":183,"width":374,"height":13}},{"id":"ac4b1806-ca2d-431f-9df4-21b8bf27c2a4","block_type":"box","text":"Funds III (the “Trust”). It includes information about","page_number":18,"box":{"x":490,"y":183,"width":376,"height":13}},{"id":"53f96fbf-c211-4ae1-8d33-97ab4a138ec4","block_type":"box","text":"the Trust’s Board of Trustees (the “Board” or the “Board of Trustees”), the advisory and management","page_number":18,"box":{"x":116,"y":199,"width":717,"height":13}},{"id":"fbd28586-5e89-41fd-bd07-0b3aaa9de137","block_type":"box","text":"services provided to and the management fees paid by t","page_number":18,"box":{"x":116,"y":214,"width":378,"height":13}},{"id":"bc25f29b-98f8-46dc-8647-2e59d52cc5f9","block_type":"box","text":"the Funds, and information about other fees applicable","page_number":18,"box":{"x":494,"y":214,"width":386,"height":13}},{"id":"7f08bfc6-6e04-4f7a-915b-f4dcd4316272","block_type":"box","text":"to and services provided to the Funds. This Part I of this SAI should be read in conjunction with the Funds’","page_number":18,"box":{"x":116,"y":230,"width":747,"height":13}},{"id":"1aea1cac-14d0-487d-a50f-6b06c8d0b297","block_type":"box","text":"Prospectuses and those portions of Part II of this SAI that pertain to the Funds.","page_number":18,"box":{"x":116,"y":245,"width":551,"height":13}},{"id":"113dd650-6503-4883-955a-c7901485f26e","block_type":"box","text":"I. Investment Objectives and Policies","page_number":18,"box":{"x":116,"y":274,"width":323,"height":13}},{"id":"dc0845c8-b3e1-4da5-96c0-35e6e3282820","block_type":"box","text":"Please see the Funds’ Prospectuses for more information about each Fund’s investment objective and policies. Each","page_number":18,"box":{"x":116,"y":300,"width":771,"height":13}},{"id":"3b45da84-b13b-4775-a731-1ae9259ea53d","block_type":"box","text":"Fund invests in a combination of equity and bond index funds and money market funds (the “Underlying Funds”)","page_number":18,"box":{"x":116,"y":315,"width":770,"height":13}},{"id":"ee21301d-1c40-4d58-914b-b1b28f870383","block_type":"box","text":"and may also invest in U.S. Government securities and short-term paper. BlackRock Fund Advisors (“BFA” or the","page_number":18,"box":{"x":116,"y":331,"width":770,"height":13}},{"id":"39c70a76-2407-4270-90e9-237f370bf5c6","block_type":"box","text":"“Manager”) serves as the investment adviser to the Funds. BlackRock Institutional Trust Company, N.A.","page_number":18,"box":{"x":117,"y":346,"width":710,"height":13}},{"id":"4e22879e-c39b-4e47-8e20-0ea825de36b3","block_type":"box","text":"(“BTC”) has granted the Trust a non-exclusive license to use the name “LifePath.” If the license agreement is","page_number":18,"box":{"x":117,"y":362,"width":732,"height":13}},{"id":"d62f1cb1-80a1-412f-8c16-9474dc7f649f","block_type":"box","text":"terminated, the Trust, at BTC’s request, will cease using the “LifePath” name.","page_number":18,"box":{"x":116,"y":377,"width":525,"height":13}},{"id":"e114cc42-9b70-4877-96b7-9e23de4dfc6c","block_type":"box","text":"The investment objective and policies of a Fund determin","page_number":18,"box":{"x":116,"y":400,"width":397,"height":13}},{"id":"e615f22d-7b86-4521-ae82-af1e2cf100cf","block_type":"box","text":"e the allocation of assets to the Underlying Funds,","page_number":18,"box":{"x":513,"y":400,"width":350,"height":13}},{"id":"911e051a-4bbe-4fff-a9fa-12bd753dd279","block_type":"box","text":"the degree of risk to which the Fund is subject and,","page_number":18,"box":{"x":116,"y":416,"width":358,"height":13}},{"id":"90591180-4ce0-40a9-9946-aa4d7bf516f1","block_type":"box","text":"ultimately, its performance. As with all investment","page_number":18,"box":{"x":474,"y":416,"width":355,"height":13}},{"id":"e6cbaa3e-274f-471d-9549-36a68f8caad0","block_type":"box","text":"companies, there can be no assurance that the in","page_number":18,"box":{"x":116,"y":431,"width":336,"height":13}},{"id":"43416270-1761-40de-8f58-7e9040526e49","block_type":"box","text":"vestment objective of any Fund will be achieved.","page_number":18,"box":{"x":452,"y":431,"width":340,"height":13}},{"id":"35f6afc2-3ec2-4869-94d1-4ed11580f99e","block_type":"box","text":"In implementing each Fund’s investment strategy, from t","page_number":18,"box":{"x":116,"y":455,"width":386,"height":13}},{"id":"93ac0e32-28a4-4976-ae5e-e9a501885302","block_type":"box","text":"time to time, BFA, each Fund’s investment manager,","page_number":18,"box":{"x":502,"y":455,"width":368,"height":13}},{"id":"d5cb214f-ce3c-420f-82c2-fbe39aefff06","block_type":"box","text":"may consider and employ techniques and strategies design","page_number":18,"box":{"x":116,"y":470,"width":403,"height":13}},{"id":"98163c34-030a-4def-ad51-f782a3dff915","block_type":"box","text":"ed to minimize and defer the U.S. federal income","page_number":18,"box":{"x":520,"y":470,"width":342,"height":10}},{"id":"e6e54aba-d909-4bbd-bda8-1e9b3e7f2cd4","block_type":"box","text":"taxes which may be incurred by shareholders in c","page_number":18,"box":{"x":116,"y":486,"width":336,"height":13}},{"id":"ee3e8a40-4531-49e1-a3e2-ed7914c87adc","block_type":"box","text":"connection with their investment in such Fund.","page_number":18,"box":{"x":452,"y":486,"width":330,"height":10}},{"id":"0bb1b9d3-7a77-4dda-9715-142b944741cc","block_type":"box","text":"Set forth below is a listing of some of the types of in","page_number":18,"box":{"x":116,"y":509,"width":360,"height":13}},{"id":"581349c6-6e1e-4e02-a372-a2ec6fd9c1fe","block_type":"box","text":"vestments and investment strategies that a Fund and its","page_number":18,"box":{"x":476,"y":509,"width":387,"height":13}},{"id":"05a2748f-80aa-4603-b95b-d586a285ba33","block_type":"box","text":"Underlying Funds may use, and the risks and considerati","page_number":18,"box":{"x":116,"y":525,"width":392,"height":12}},{"id":"392a1557-1751-47fd-ab85-f30b1251fd8c","block_type":"box","text":"ons associated with those investments and investment","page_number":18,"box":{"x":509,"y":525,"width":376,"height":10}},{"id":"7e76d97f-8e47-43ba-a8f8-675743c9476e","block_type":"box","text":"strategies. Please see Part II of this SAI for further in","page_number":18,"box":{"x":116,"y":540,"width":360,"height":13}},{"id":"d75eb5e2-5a0d-4315-926e-41b4f6e5a393","block_type":"box","text":"formation on these investments and investment strategies.","page_number":18,"box":{"x":477,"y":540,"width":404,"height":13}},{"id":"51d29c5b-72ae-46bf-b75b-d774ebbf15d0","block_type":"box","text":"Information contained in Part II about the risks a","page_number":18,"box":{"x":116,"y":556,"width":341,"height":10}},{"id":"d3ee96d5-807a-4f7d-98cb-4af7f82f794a","block_type":"box","text":"nd considerations associated with investments and/or","page_number":18,"box":{"x":458,"y":556,"width":373,"height":10}},{"id":"a3648d85-44f9-4de2-8043-9f9610f628e1","block_type":"box","text":"investment strategies applies only to the extent a Fund ma","page_number":18,"box":{"x":116,"y":571,"width":401,"height":13}},{"id":"dd01eb7f-7b5d-4978-b9d2-265def2a44ce","block_type":"box","text":"kes each type of investment or uses each investment","page_number":18,"box":{"x":518,"y":571,"width":363,"height":13}},{"id":"0c2aad3b-8dd6-400e-869b-7715335cd8d5","block_type":"box","text":"strategy. 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The Board has appointed a Chief","page_number":29,"box":{"x":509,"y":838,"width":341,"height":13}},{"id":"a0776420-4892-4fcd-af1a-45f7f797cd2e","block_type":"box","text":"Compliance Officer, who oversees the implementation and t","page_number":29,"box":{"x":117,"y":854,"width":403,"height":13}},{"id":"615c54e0-45a2-4549-961a-12928a818f9c","block_type":"box","text":"testing of the Trust’s compliance program and","page_number":29,"box":{"x":519,"y":854,"width":318,"height":13}},{"id":"38e21c15-b36d-4ad3-88b4-a679ffdac6c3","block_type":"box","text":"I-13","page_number":29,"box":{"x":485,"y":917,"width":28,"height":9}},{"id":"505f730d-aaa8-44e5-9b1d-08bf450b95a5","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":29,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"370062f5-d020-489e-a24d-dd7c95f0ec84","block_type":"box","text":"reports to the Board regarding compliance matters for t","page_number":30,"box":{"x":116,"y":79,"width":371,"height":13}},{"id":"c547699b-79c3-4bdd-b18c-d8b9fae53b3a","block_type":"box","text":"the Funds and their service providers. 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Carter,","page_number":31,"box":{"x":540,"y":162,"width":348,"height":13}},{"id":"758d8cab-f2b8-419f-a59c-22bd330003d2","block_type":"box","text":"Collette Chilton and Neil A. Cotty, all of whom are Independent Trustees. 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The Performance Oversight Committee’s responsibilities","page_number":31,"box":{"x":455,"y":225,"width":403,"height":12}},{"id":"7174630a-cbff-4225-ac9e-fec50a25db98","block_type":"box","text":"include, without limitation, to (1) review information","page_number":31,"box":{"x":116,"y":240,"width":375,"height":12}},{"id":"dc483619-cb0b-4792-b1b9-5fc8443a5f52","block_type":"box","text":"on, and make recommendations to the full Board in","page_number":31,"box":{"x":492,"y":240,"width":364,"height":12}},{"id":"1dfa84dd-a8ad-41ec-92f6-17b4bb036816","block_type":"box","text":"respect of, each Fund’s investment objective, policies","page_number":31,"box":{"x":116,"y":256,"width":369,"height":12}},{"id":"ce5a4b32-e673-4218-91aa-a4c418409c4a","block_type":"box","text":"and practices; (2) review information on each Fund’s","page_number":31,"box":{"x":485,"y":256,"width":371,"height":12}},{"id":"2cf14725-6f47-4e4a-85b6-f205cea0d49e","block_type":"box","text":"investment performance; (3) review information on appropriate benchmarks and competitive universes and","page_number":31,"box":{"x":116,"y":271,"width":749,"height":13}},{"id":"4984c2da-1000-4229-b9df-bf88912692c3","block_type":"box","text":"unusual or exceptional investment matters; (4) review personnel and other resources devoted to management","page_number":31,"box":{"x":116,"y":287,"width":761,"height":12}},{"id":"a5764444-9803-4ad4-95f3-9a1ee25b29b4","block_type":"box","text":"of each Fund and evaluate the nature and quality of","page_number":31,"box":{"x":116,"y":302,"width":364,"height":13}},{"id":"121eee6b-773b-4359-9320-d96c1732dd82","block_type":"box","text":"information furnished to the Performance Oversight","page_number":31,"box":{"x":480,"y":302,"width":367,"height":13}},{"id":"7264070b-2661-49fb-b347-f76df23644b0","block_type":"box","text":"Committee; (5) recommend any required action regarding","page_number":31,"box":{"x":117,"y":318,"width":401,"height":12}},{"id":"f939a92d-898e-4462-b01f-6549938da570","block_type":"box","text":"g changes in fundamental and non-fundamental","page_number":31,"box":{"x":518,"y":318,"width":329,"height":12}},{"id":"27e36f1e-025c-49e4-95d8-e625b48a29dd","block_type":"box","text":"investment policies and restrictions, fund mergers or li","page_number":31,"box":{"x":116,"y":333,"width":375,"height":13}},{"id":"b1f4f060-e576-4ed8-b49b-b5c11dc0d48d","block_type":"box","text":"quidations; (6) request and review information on the","page_number":31,"box":{"x":492,"y":333,"width":377,"height":13}},{"id":"c0e1aad2-1b1a-471d-84f4-fc35726019a9","block_type":"box","text":"nature, extent and quality of services provided to th","page_number":31,"box":{"x":116,"y":349,"width":358,"height":12}},{"id":"870468e3-50bb-4edb-b99e-8d87ea06c858","block_type":"box","text":"e shareholders; (7) make recommendations to the Board","page_number":31,"box":{"x":475,"y":349,"width":394,"height":12}},{"id":"2536adb0-66e2-48fb-afd1-2cf90f462c8b","block_type":"box","text":"concerning the approval or renewal of investment ad","page_number":31,"box":{"x":116,"y":364,"width":366,"height":13}},{"id":"73ff8bf5-678b-4938-a44e-8e8005c7deb1","block_type":"box","text":"visory agreements; and (8) undertake such other duties","page_number":31,"box":{"x":483,"y":364,"width":384,"height":13}},{"id":"96f4b9af-1085-4f78-8540-2104ded8c11e","block_type":"box","text":"and responsibilities as may from time to time be dele","page_number":31,"box":{"x":116,"y":380,"width":365,"height":12}},{"id":"a300ac21-88b8-49e7-9154-5bfdd59d734f","block_type":"box","text":"gated by the Board to the Performance Oversight","page_number":31,"box":{"x":481,"y":380,"width":346,"height":12}},{"id":"a1c2f097-4503-4850-a8f6-254909e4adc9","block_type":"box","text":"Committee. The Board has adopted a written charter fo","page_number":31,"box":{"x":117,"y":395,"width":386,"height":13}},{"id":"dd0215f5-fe46-4250-9c1f-7572d9db2d87","block_type":"box","text":"r the Performance Oversight Committee. During the","page_number":31,"box":{"x":504,"y":395,"width":367,"height":13}},{"id":"a8db5918-e677-4f1b-828a-5f57f2510490","block_type":"box","text":"fiscal year ended December 31, 2025, the Performance Oversight Committee met five times.","page_number":31,"box":{"x":116,"y":411,"width":644,"height":12}},{"id":"cf4601cc-5e6a-423c-ba36-0a46326dccc7","block_type":"box","text":"Ad Hoc Topics Committee.","page_number":31,"box":{"x":116,"y":432,"width":191,"height":13}},{"id":"444144d5-2ce7-49c8-aa3d-05f4f0de6d78","block_type":"box","text":"The members of the Ad Hoc Topics Committee (the “Ad Hoc Topics","page_number":31,"box":{"x":308,"y":432,"width":491,"height":13}},{"id":"d3b0940a-8bb6-47d1-a458-1835946c2ea5","block_type":"box","text":"Committee”) are Mark Stalnecker (Chair) and Claire A. W","page_number":31,"box":{"x":117,"y":448,"width":393,"height":12}},{"id":"32e8c9b1-e9b0-4fc0-9d3c-0102d8c8787a","block_type":"box","text":"Walton, both of whom are Independent Trustees,","page_number":31,"box":{"x":510,"y":448,"width":348,"height":13}},{"id":"982e86c1-750b-44bc-9c26-8a89817f6bdb","block_type":"box","text":"and John M. Perlowski, who serves as an interested Trustee. The principal responsibilities of the Ad Hoc","page_number":31,"box":{"x":116,"y":463,"width":731,"height":13}},{"id":"85134c0f-d1b0-4593-899d-4fdefbabbd0a","block_type":"box","text":"Topics Committee are to (1) act on routine matters between m","page_number":31,"box":{"x":116,"y":479,"width":421,"height":13}},{"id":"a5bd2e81-f557-42f4-88e5-b3cb382459f0","block_type":"box","text":"meetings of the Board; (2) act on such matters as","page_number":31,"box":{"x":537,"y":479,"width":343,"height":13}},{"id":"f79449ff-955e-4933-afd1-7d5edefa55e2","block_type":"box","text":"may require urgent action between meetings of the Board","page_number":31,"box":{"x":116,"y":494,"width":398,"height":13}},{"id":"5aabc98e-0777-4dd6-99b8-d168145e7030","block_type":"box","text":"; and (3) exercise such other authority as may from","page_number":31,"box":{"x":515,"y":494,"width":358,"height":13}},{"id":"28c9f446-e4f9-4fe8-86b5-b8793c93679d","block_type":"box","text":"time to time be delegated to the Ad Hoc Topics Comm","page_number":31,"box":{"x":116,"y":510,"width":381,"height":13}},{"id":"2e4ab518-3baa-4049-b803-ca95c90d46ad","block_type":"box","text":"ittee by the Board. The Board has adopted a written","page_number":31,"box":{"x":498,"y":510,"width":365,"height":13}},{"id":"acf07e3b-f88c-4431-aa9b-f9af65570079","block_type":"box","text":"charter for the Ad Hoc Topics Committee. During th","page_number":31,"box":{"x":116,"y":525,"width":369,"height":13}},{"id":"45003ec9-adc9-4308-bb1e-72e42802f0ed","block_type":"box","text":"e fiscal year ended December 31, 2025, the Ad Hoc","page_number":31,"box":{"x":485,"y":525,"width":363,"height":13}},{"id":"8fcc71aa-8586-4244-88f0-15e245515d3e","block_type":"box","text":"Topics Committee did not meet.","page_number":31,"box":{"x":116,"y":541,"width":229,"height":13}},{"id":"74e98ef6-a90e-4054-a542-229da195efe8","block_type":"box","text":"The Governance Committee has adopted a statement of policy that describes the experience, qualifications, skills","page_number":31,"box":{"x":116,"y":562,"width":768,"height":13}},{"id":"98a4ceaa-4a6c-4231-866f-75766006c9de","block_type":"box","text":"and attributes that are necessary and desirable for poten","page_number":31,"box":{"x":116,"y":578,"width":379,"height":13}},{"id":"78aad2db-cd83-436d-b8d9-afeb47185cd0","block_type":"box","text":"tial Independent Trustee candidates (the “Statement of","page_number":31,"box":{"x":496,"y":578,"width":374,"height":13}},{"id":"0253e210-f0ba-4da1-a916-a5a7587cc630","block_type":"box","text":"Policy”). The Board believes that each Independent Trustee sa","page_number":31,"box":{"x":116,"y":594,"width":419,"height":12}},{"id":"8def5737-0c0a-48f5-b16e-ca6b2952a91a","block_type":"box","text":"tisfied, at the time he or she was initially elected or","page_number":31,"box":{"x":536,"y":594,"width":345,"height":12}},{"id":"2901b528-7e65-4836-8eaf-8b8cd3fdba75","block_type":"box","text":"appointed a Trustee, and continues to satisfy, the","page_number":31,"box":{"x":116,"y":609,"width":337,"height":13}},{"id":"83dffacc-5225-4b32-96ca-f477b2fa0104","block_type":"box","text":"standards contemplated by the Statement of Policy.","page_number":31,"box":{"x":453,"y":609,"width":351,"height":13}},{"id":"0748c816-a54f-444b-ae10-70b9d1b6b70d","block_type":"box","text":"Furthermore, in determining that a particular Independent Trustee was and continues to be qualified to serve as","page_number":31,"box":{"x":116,"y":625,"width":760,"height":12}},{"id":"f6b8c947-696e-4383-81f1-25784a84bc1e","block_type":"box","text":"a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board","page_number":31,"box":{"x":116,"y":640,"width":762,"height":13}},{"id":"87a19390-82fa-40d4-bff6-03d86ab61c78","block_type":"box","text":"believes that, collectively, the Independent Trustees have balanced and diverse experience, skills, attributes and","page_number":31,"box":{"x":116,"y":656,"width":752,"height":12}},{"id":"748d5b3a-4b29-4304-802d-784f9cc2eb43","block_type":"box","text":"qualifications, which allow the Board to operate effectively in governing the Trust and protecting the interests of","page_number":31,"box":{"x":116,"y":671,"width":760,"height":13}},{"id":"0c334686-fa52-44b3-9902-99ef158778de","block_type":"box","text":"shareholders. Among the attributes common to all Independent Trustees are their ability to review critically,","page_number":31,"box":{"x":116,"y":687,"width":730,"height":12}},{"id":"b558b867-57ef-42ed-afa5-0d8a3dd42acb","block_type":"box","text":"evaluate, question and discuss information provided to th","page_number":31,"box":{"x":116,"y":702,"width":389,"height":13}},{"id":"5e1e70fb-dfb6-4b4f-a207-296f645b73f1","block_type":"box","text":"em, to interact effectively with each Fund’s investment","page_number":31,"box":{"x":506,"y":702,"width":367,"height":13}},{"id":"cbfdaf29-d10e-408f-b134-9ce30e0cce20","block_type":"box","text":"adviser, sub-advisers, other service providers, counsel","page_number":31,"box":{"x":116,"y":718,"width":360,"height":12}},{"id":"402b9aec-41fe-43f4-a43f-b1408fa51487","block_type":"box","text":"and the Independent Registered Public Accounting Firm,","page_number":31,"box":{"x":481,"y":718,"width":382,"height":12}},{"id":"4e1016f4-8a42-41b4-b775-a8b35fad7c8e","block_type":"box","text":"and to exercise effective business judgment in the performance of their duties as Trustees.","page_number":31,"box":{"x":116,"y":733,"width":602,"height":13}},{"id":"cb5501de-48a2-4565-b627-a367a97774c1","block_type":"box","text":"Each Trustee’s ability to perform his or her duties e","page_number":31,"box":{"x":116,"y":755,"width":356,"height":13}},{"id":"0dad7f84-08bb-40f8-a7e3-ba911d5174fd","block_type":"box","text":"ffectively is evidenced by his or her educational","page_number":31,"box":{"x":472,"y":755,"width":326,"height":13}},{"id":"7eae1db0-119b-4871-b3d4-b17fc8a1bfa8","block_type":"box","text":"background or professional training; business, consulting, public service or academic positions; experience","page_number":31,"box":{"x":116,"y":770,"width":737,"height":13}},{"id":"18f52007-209b-46db-9e9e-7cd7962a6b86","block_type":"box","text":"from service as a board member of the Trust and the","page_number":31,"box":{"x":116,"y":786,"width":365,"height":10}},{"id":"a4e98a0e-cabe-4c83-8ed3-2bd916b7c9be","block_type":"box","text":"other funds in the BlackRock Fund Complexes (and any","page_number":31,"box":{"x":487,"y":786,"width":390,"height":13}},{"id":"2cdfc7d2-6867-41a0-839f-fee249ce4a3c","block_type":"box","text":"predecessor funds), other investment funds, public comp","page_number":31,"box":{"x":116,"y":801,"width":391,"height":13}},{"id":"0a8d0048-a8a6-4063-bb24-0a9e9ca779cc","block_type":"box","text":"anies, non-profit entities or other organizations;","page_number":31,"box":{"x":508,"y":801,"width":331,"height":13}},{"id":"6f5fea42-85b2-40ca-bf80-ed68707b19a5","block_type":"box","text":"ongoing commitment to and participation in Board and","page_number":31,"box":{"x":116,"y":817,"width":387,"height":13}},{"id":"9ff12b02-fb27-45c1-818b-9d99900a257c","block_type":"box","text":"Committee meetings, as well as his or her leadership","page_number":31,"box":{"x":508,"y":817,"width":362,"height":13}},{"id":"44a63cca-a67d-4ec1-9f19-c2379a84d805","block_type":"box","text":"of standing and ad hoc committees throughout the years; or other relevant life experiences.","page_number":31,"box":{"x":116,"y":832,"width":635,"height":13}},{"id":"27293cd0-9eab-4603-ae9a-3ed1fa355305","block_type":"box","text":"Trustees Elect.","page_number":31,"box":{"x":117,"y":854,"width":99,"height":10}},{"id":"ad86d222-0b7c-41d5-ba0f-8caf515d837d","block_type":"box","text":"Jeffrey Jarczyk and Marc D. Stern have been appointed as Trustees of the Trust effective","page_number":31,"box":{"x":217,"y":854,"width":623,"height":13}},{"id":"d7c0ab34-155c-42c3-9a70-c144fca4f8fb","block_type":"box","text":"July 1, 2026 (each, a “Trustee Elect”). Each Trustee Elect","page_number":31,"box":{"x":115,"y":869,"width":405,"height":13}},{"id":"d255cd9f-ee3b-4992-bf57-96d7730ca20a","block_type":"box","text":"is expected to qualify as an Independent Trustee at","page_number":31,"box":{"x":520,"y":869,"width":356,"height":13}},{"id":"8aec05f9-3f8f-4cc6-a3e8-78d6736615b6","block_type":"box","text":"I-15","page_number":31,"box":{"x":485,"y":917,"width":28,"height":9}},{"id":"6f38ddfb-bb4a-414c-a0ec-2a3fe978eab5","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":31,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"55447af9-4a8a-49ba-aa11-28c9c52d5b56","block_type":"box","text":"the time of his service. Each Trustee Elect has been ret","page_number":32,"box":{"x":116,"y":79,"width":375,"height":10}},{"id":"095bb82e-0b67-4253-8878-15d41272d3fb","block_type":"box","text":"ained as a consultant to the Independent Trustees to","page_number":32,"box":{"x":491,"y":79,"width":366,"height":13}},{"id":"1f1189ec-c16e-4aec-8087-793c83e4ecf6","block_type":"box","text":"assist the Independent Trustees in the performance of thei","page_number":32,"box":{"x":116,"y":94,"width":400,"height":13}},{"id":"6cf6d481-dcfd-461d-81a8-f56d770a9eca","block_type":"box","text":"r duties to the Trust and is expected to serve in that","page_number":32,"box":{"x":516,"y":94,"width":361,"height":13}},{"id":"b0151c6c-43bd-4c48-b811-41e78689fe3d","block_type":"box","text":"capacity until July 1, 2026.","page_number":32,"box":{"x":116,"y":110,"width":193,"height":13}},{"id":"8d1e5536-b1c7-4685-91d3-3a497e44ce4f","block_type":"box","text":"The table below discusses some of the experiences, qualific","page_number":32,"box":{"x":116,"y":133,"width":407,"height":13}},{"id":"f9162ae7-966e-423f-8dc2-12252391ea52","block_type":"box","text":"ations and skills of each of the Trustees that","page_number":32,"box":{"x":524,"y":133,"width":309,"height":10}},{"id":"b69d1146-d720-4b7d-8b7e-a49068b9965c","block_type":"box","text":"support the conclusion that each Trustee should serve on the Board.","page_number":32,"box":{"x":116,"y":149,"width":476,"height":12}},{"id":"3f9076a9-e520-4254-8434-0c256ca9df34","block_type":"box","text":"Trustees","page_number":32,"box":{"x":116,"y":177,"width":48,"height":7}},{"id":"2fe61461-d47a-4556-b1dc-bb75f66285fd","block_type":"box","text":"Experience, Qualifications and Skills","page_number":32,"box":{"x":266,"y":176,"width":212,"height":11}},{"id":"50c0dc0c-f6be-40ba-8e10-84ac50f6cf4d","block_type":"box","text":"Independent Trustees","page_number":32,"box":{"x":116,"y":198,"width":124,"height":11}},{"id":"4f228d16-26c6-4db4-8a66-78934e6526fe","block_type":"box","text":"Christopher J. Ailman Christopher Ailman has more than 30 years of experience in the financial services industry, including","page_number":32,"box":{"x":116,"y":214,"width":735,"height":10}},{"id":"e9d99498-018b-40c8-9a46-2765eeff975f","block_type":"box","text":"most recently serving as Chief Investment Officer of the California State Teachers Retirement System","page_number":32,"box":{"x":266,"y":224,"width":584,"height":10}},{"id":"a24f1249-4d53-416c-8959-5c9fbbb3c86d","block_type":"box","text":"(CalSTRS) from 2000 to June 2024 where he led its investment program. Mr. Ailman currently is a","page_number":32,"box":{"x":267,"y":234,"width":574,"height":11}},{"id":"a86da61a-1ec2-4d10-8635-96ceb896544e","block_type":"box","text":"principal at Ailman Advisers. In addition, he has held various roles in the industry, including as member","page_number":32,"box":{"x":266,"y":245,"width":602,"height":10}},{"id":"928f301f-1ed5-43a4-958e-e063b6d339c7","block_type":"box","text":"and chair of the asset owner committee of the Kroner Center for Financial Research, chairman of the","page_number":32,"box":{"x":266,"y":255,"width":584,"height":10}},{"id":"1a3b6015-3a7b-4ad2-9003-3b7320d842c3","block_type":"box","text":"North American Chapter of the 300 Club of Global CIOs, and co-chair of the Milken Global Capital","page_number":32,"box":{"x":266,"y":266,"width":587,"height":10}},{"id":"4c55e6b7-2cdf-479b-b510-a1cd3dfe9d47","block_type":"box","text":"Markets Advisory Council. These positions have provided Mr. Ailman with considerable investment","page_number":32,"box":{"x":266,"y":276,"width":581,"height":10}},{"id":"516ffd78-8069-404c-9618-f856904f77ef","block_type":"box","text":"expertise across asset classes and strategies, and insight and perspective on the markets and the economy.","page_number":32,"box":{"x":266,"y":286,"width":608,"height":10}},{"id":"35b7587b-3b07-4d78-b4db-c912fb9d9fda","block_type":"box","text":"In addition, Mr. Ailman serves as a member of the Governance Committee and the Performance","page_number":32,"box":{"x":266,"y":297,"width":557,"height":9}},{"id":"875f1e91-320f-4933-ae0e-2b94479c7f6f","block_type":"box","text":"Oversight Committee.","page_number":32,"box":{"x":266,"y":307,"width":127,"height":10}},{"id":"c7d537f3-3a8d-4a24-a27c-c80cd20c5c28","block_type":"box","text":"Susan J. Carter Susan J. Carter has over 35 years of experience in investment management. She has served as President &","page_number":32,"box":{"x":116,"y":322,"width":760,"height":11}},{"id":"0f044533-01c6-4012-8872-b14d1396a437","block_type":"box","text":"Chief Executive Officer of Commonfund Capital, Inc. (“CCI”), a registered investment adviser focused on","page_number":32,"box":{"x":266,"y":333,"width":614,"height":10}},{"id":"3572c069-7c72-43a9-9ee4-9674ebcf1c62","block_type":"box","text":"non-profit investors, from 1997 to 2013, Chief Executive Officer of CCI from 2013 to 2014 and Senior","page_number":32,"box":{"x":266,"y":343,"width":600,"height":10}},{"id":"14a92e5f-583f-43fe-ba73-d49cfafa01b0","block_type":"box","text":"Advisor to CCI in 2015. Ms. Carter also served as director of the Pacific Pension Institute from 2014 to","page_number":32,"box":{"x":266,"y":353,"width":600,"height":8}},{"id":"ac461b1d-b01a-47fd-955f-d27ad4131937","block_type":"box","text":"2018, trustee to the Financial Accounting Foundation from 2017 to 2021, Advisory Board Member for","page_number":32,"box":{"x":266,"y":364,"width":598,"height":10}},{"id":"4558d1c1-4dd3-4f88-bce3-7f1a3fdf9317","block_type":"box","text":"the Center for Private Equity and Entrepreneurship at Tuck School of Business from 1997 to 2021,","page_number":32,"box":{"x":266,"y":374,"width":573,"height":10}},{"id":"2b2fbb46-c939-48dc-83d4-60e784b24195","block_type":"box","text":"Advisory Board Member for Bridges Fund Management from 2016 to 2018, Advisory Board Member for","page_number":32,"box":{"x":266,"y":384,"width":612,"height":11}},{"id":"72bcf26d-0dd5-491c-99b2-0f1652bc757c","block_type":"box","text":"Girls Who Invest from 2015 to 2018 and Board Member thereof from 2018 to 2022, and Practitioner","page_number":32,"box":{"x":266,"y":395,"width":591,"height":10}},{"id":"2045c7df-ec95-4523-88aa-90e742aa9fe4","block_type":"box","text":"Advisory Board Member for Private Capital Research Institute (“PCRI”) from 2017 to 2024. She","page_number":32,"box":{"x":266,"y":405,"width":564,"height":10}},{"id":"495e173c-7ef7-4490-a4dc-555e89968ac6","block_type":"box","text":"currently serves as Member of the President’s Counsel for Commonfund. These positions have provided","page_number":32,"box":{"x":266,"y":415,"width":601,"height":11}},{"id":"3ff02c8a-e68f-424e-bd50-b43451e2323e","block_type":"box","text":"her with insight and perspective on the markets and the economy.","page_number":32,"box":{"x":266,"y":426,"width":380,"height":10}},{"id":"7d924f7d-ec98-4a4c-a2aa-c727c50e6a45","block_type":"box","text":"Collette Chilton Collette Chilton has over 20 years of experience in investment management. She held the position of Chief","page_number":32,"box":{"x":116,"y":441,"width":767,"height":10}},{"id":"357e3a92-9d2f-44c7-ae42-ca16e80b6229","block_type":"box","text":"Investment Officer of Williams College from October 2006 to June 2023. Prior to that she was President","page_number":32,"box":{"x":266,"y":452,"width":606,"height":10}},{"id":"208d1195-c440-41a7-bd51-72116763dff6","block_type":"box","text":"and Chief Investment Officer of Lucent Asset Management Corporation, where she oversaw \r\n$","page_number":32,"box":{"x":266,"y":462,"width":534,"height":10}},{"id":"e42dc44c-b173-4ec6-9de7-f7e3c9bfdaa1","block_type":"box","text":"gp\r\napproximately $40 billion in pension and retirement savings assets for the company. These positions have","page_number":32,"box":{"x":266,"y":472,"width":612,"height":10}},{"id":"9f6d3175-06e2-4551-bf79-96edac555231","block_type":"box","text":"provided her with insight and perspective on the markets and the economy.","page_number":32,"box":{"x":266,"y":483,"width":435,"height":10}},{"id":"d186ba14-4f33-4bdc-9ae9-f6047711e106","block_type":"box","text":"Neil A. Cotty Neil A. Cotty has more than 30 years of experience in the financial services industry, including 19 years at","page_number":32,"box":{"x":116,"y":498,"width":765,"height":10}},{"id":"6bc5def7-7719-49ef-b2ba-4a2f404d94bf","block_type":"box","text":"Bank of America Corporation and its affiliates, where he served, at different times, as the Chief Financial","page_number":32,"box":{"x":266,"y":508,"width":607,"height":11}},{"id":"fa14c55f-7b38-4dcd-86d1-f8999dbf241c","block_type":"box","text":"Officer of various businesses including Investment Banking, Global Markets, Wealth Management and","page_number":32,"box":{"x":266,"y":519,"width":595,"height":10}},{"id":"9e982167-b191-4d8e-b167-83cdc133711d","block_type":"box","text":"Consumer and also served ten years as the Chief Accounting Officer for Bank of America Corporation.","page_number":32,"box":{"x":266,"y":529,"width":596,"height":10}},{"id":"0909d0de-cc23-4d77-b184-453a988d931e","block_type":"box","text":"Mr. Cotty has been determined by the Audit Committee to be an audit committee financial expert, as such","page_number":32,"box":{"x":266,"y":539,"width":616,"height":11}},{"id":"3e887f58-0194-49a1-8f4a-2e62486bf527","block_type":"box","text":"term is defined in the applicable Commission rules.","page_number":32,"box":{"x":266,"y":550,"width":295,"height":10}},{"id":"868b6196-a870-46bb-91f9-8dc16a293b3a","block_type":"box","text":"Henry R. Keizer Henry R. Keizer brings over 40 years of executive, financial, operational, strategic and global expertise","page_number":32,"box":{"x":116,"y":565,"width":745,"height":10}},{"id":"65e1047c-1f3e-45bc-b851-212a88f144b9","block_type":"box","text":"gained through his 35 year career at KPMG, a global professional services organization and by his service","page_number":32,"box":{"x":266,"y":576,"width":611,"height":10}},{"id":"0b7bd5ff-b3b6-40df-9718-f9791b968494","block_type":"box","text":"as a director to both publicly and privately held organizations. He has extensive experience with issues","page_number":32,"box":{"x":266,"y":586,"width":593,"height":10}},{"id":"768edafd-ef57-4ea4-9b9d-3152e6c0d3e5","block_type":"box","text":"facing complex, global companies and expertise in financial reporting, accounting, auditing, risk","page_number":32,"box":{"x":266,"y":596,"width":558,"height":10}},{"id":"db4614b4-f151-484f-97c6-434c0451d667","block_type":"box","text":"management, and regulatory affairs for such companies. Mr. Keizer’s experience also includes service as","page_number":32,"box":{"x":266,"y":607,"width":601,"height":10}},{"id":"97e4244b-faa7-4535-8268-e4a8973223d6","block_type":"box","text":"an audit committee chair to both publicly and privately held organizations across numerous industries","page_number":32,"box":{"x":266,"y":617,"width":591,"height":10}},{"id":"c2cecff5-5e1e-4dd5-b7c9-206dbe297094","block_type":"box","text":"including professional services, property and casualty reinsurance, insurance, diversified financial services,","page_number":32,"box":{"x":266,"y":627,"width":613,"height":11}},{"id":"9a0993b7-ac4f-402f-b6ca-51c77df0398c","block_type":"box","text":"banking, direct to consumer, business to business and technology. Mr. Keizer is a certified public","page_number":32,"box":{"x":266,"y":638,"width":561,"height":10}},{"id":"4578b781-a852-4702-a826-b124eafa8cd9","block_type":"box","text":"accountant and also served on the board of the American Institute of Certified Public Accountants.","page_number":32,"box":{"x":266,"y":648,"width":572,"height":8}},{"id":"1d4ca0f6-9c19-4e12-ae93-7534b5bfaa8c","block_type":"box","text":"Mr. Keizer has been determined by the Audit Committee to be an audit committee financial expert, as","page_number":32,"box":{"x":266,"y":658,"width":590,"height":11}},{"id":"d5c932e6-2c6f-489d-af4d-b36f4fde9ffc","block_type":"box","text":"such term is defined in the applicable Commission rules.","page_number":32,"box":{"x":266,"y":669,"width":325,"height":10}},{"id":"b37f63fb-3197-45ae-927b-acdc3adfad20","block_type":"box","text":"Cynthia A. Montgomery Cynthia A. Montgomery has served for over 20 years on the boards of registered investment companies,","page_number":32,"box":{"x":116,"y":684,"width":752,"height":10}},{"id":"dbc905ae-bed1-41c9-8f08-e8997926f606","block_type":"box","text":"most recently as a member of the boards of certain BlackRock-advised Funds and predecessor funds,","page_number":32,"box":{"x":266,"y":694,"width":582,"height":11}},{"id":"a4e9e97f-709f-4b9c-8208-33a6ccbac7c2","block_type":"box","text":"including the legacy Merrill Lynch Investment Managers, L.P. (“MLIM”) funds. The Board benefits from","page_number":32,"box":{"x":266,"y":705,"width":610,"height":10}},{"id":"b76fd622-7898-4279-911c-e2746d4f3d1a","block_type":"box","text":"Ms. Montgomery’s more than 20 years of academic experience as a professor at Harvard Business School","page_number":32,"box":{"x":266,"y":715,"width":611,"height":10}},{"id":"fa7b1258-2a90-4aa4-a8f9-ca09be3d6c93","block_type":"box","text":"where she taught courses on corporate strategy and corporate governance. Ms. Montgomery also has","page_number":32,"box":{"x":266,"y":725,"width":586,"height":11}},{"id":"0fb6f04e-e01d-460a-b769-8f3c8161e84f","block_type":"box","text":"business management and corporate governance experience through her service on the corporate boards","page_number":32,"box":{"x":266,"y":736,"width":603,"height":10}},{"id":"a817f9da-59fe-48c7-a46e-ed5ee1598f60","block_type":"box","text":"of a variety of public companies. She has also authored numerous articles and books on these topics.","page_number":32,"box":{"x":266,"y":746,"width":582,"height":10}},{"id":"5b4c7299-253f-4ef1-89e0-87aa9718cd73","block_type":"box","text":"Donald C. Opatrny Donald C. Opatrny has more than 40 years of business, oversight and executive experience, including","page_number":32,"box":{"x":116,"y":762,"width":738,"height":10}},{"id":"c1c5bafe-fe26-4e54-9ef1-cfc2d5413469","block_type":"box","text":"through his service as president, director and investment committee chair for academic and not-for-profit","page_number":32,"box":{"x":266,"y":772,"width":608,"height":10}},{"id":"37c3c054-cc42-485b-b3fd-485ffb45c6a6","block_type":"box","text":"organizations, and his experience as a partner, managing director and advisory director at Goldman Sachs","page_number":32,"box":{"x":266,"y":782,"width":614,"height":11}},{"id":"0e7f312a-8de6-4fae-9b96-60f414ea5ec2","block_type":"box","text":"for 32 years. He also has investment management experience as a board member of Athena Capital","page_number":32,"box":{"x":266,"y":793,"width":575,"height":10}},{"id":"e06d6cb6-b182-4b8f-8ede-2495f2167a9e","block_type":"box","text":"Advisors LLC.","page_number":32,"box":{"x":266,"y":803,"width":83,"height":8}},{"id":"3698d4fd-4054-43e2-84f1-6dd106d44002","block_type":"box","text":"Lori Richards Lori Richards has more than 30 years of experience in the financial services industry, most notably as the","page_number":32,"box":{"x":116,"y":818,"width":759,"height":11}},{"id":"080efb61-778a-4b0f-9b8b-47a941701c81","block_type":"box","text":"first Director of the Office of Compliance Inspections and Examinations (“OCIE”) of the Securities and","page_number":32,"box":{"x":266,"y":829,"width":600,"height":10}},{"id":"82ffea5c-c09c-4888-a1d7-e4e7341defaf","block_type":"box","text":"Exchange Commission (“SEC”) from 1995 to 2009. During 14 years as the Director of OCIE, she led the","page_number":32,"box":{"x":266,"y":839,"width":611,"height":10}},{"id":"ebc40c0a-041d-42ec-bf67-60f0d7bb5832","block_type":"box","text":"SEC’s nationwide examination oversight program for advisers, mutual funds, hedge funds, broker-dealers,","page_number":32,"box":{"x":266,"y":849,"width":615,"height":11}},{"id":"728f73e6-e143-4f60-9dec-4802f2e20ac9","block_type":"box","text":"stock exchanges, and other industry firms. Prior to that, from 1985 to 1995, she held various roles at the","page_number":32,"box":{"x":266,"y":860,"width":607,"height":10}},{"id":"d4fdd5ca-66f0-4023-a1d8-992ed0b1f37c","block_type":"box","text":"SEC, including Associate Director for Enforcement for the SEC’s Pacific Regional Office and executive","page_number":32,"box":{"x":266,"y":870,"width":593,"height":10}},{"id":"cbe8cef7-223d-4bb8-b220-14eecf1e4d53","block_type":"box","text":"I-16","page_number":32,"box":{"x":485,"y":917,"width":29,"height":9}},{"id":"e24f5e2e-7854-4fd1-92ec-51f1b661de72","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":32,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"7f0c4360-fadf-4b65-9811-2f6c4d79cecb","block_type":"box","text":"Trustees","page_number":33,"box":{"x":116,"y":76,"width":48,"height":8}},{"id":"d2f07c66-ba3b-4365-bb22-5d022fe1489a","block_type":"box","text":"Experience, Qualifications and Skills","page_number":33,"box":{"x":266,"y":76,"width":212,"height":10}},{"id":"1fbceb72-2a64-4ef2-a92d-a3e7e97534ed","block_type":"box","text":"assistant and senior advisor to then SEC Chairman Arthur Levitt. More recently, Ms. Richards served as","page_number":33,"box":{"x":266,"y":90,"width":604,"height":10}},{"id":"4231ee65-ac78-4726-a0ac-d9aad73f4fcb","block_type":"box","text":"Chief Compliance Officer of the Asset and Wealth Management global lines of business at JPMorgan","page_number":33,"box":{"x":266,"y":100,"width":586,"height":10}},{"id":"a7c0cbc7-6bdc-4add-8865-6162a9778637","block_type":"box","text":"Chase & Co. from 2013 to 2018 where she led its global compliance program, advised business leaders","page_number":33,"box":{"x":266,"y":110,"width":599,"height":11}},{"id":"94a52aa2-f41a-4794-b8a3-50af8d04f0c7","block_type":"box","text":"on compliance issues, oversaw risk assessment, monitoring, testing and training, and maintained","page_number":33,"box":{"x":266,"y":121,"width":557,"height":10}},{"id":"81370ef3-cce0-4956-9378-263d65283fa8","block_type":"box","text":"relationships with regulators. In addition, Ms. Richards served as a member of the National Adjudicatory","page_number":33,"box":{"x":266,"y":131,"width":611,"height":10}},{"id":"202db7f4-272d-4bee-9915-4d68e2d54944","block_type":"box","text":"Council of the Financial Industry Regulatory Authority (FINRA) from 2019 to 2022 and held the chair","page_number":33,"box":{"x":266,"y":141,"width":598,"height":11}},{"id":"18402c82-5f26-4fd9-89ad-cc750247b5a4","block_type":"box","text":"and vice chair posts during her tenure. Prior thereto, from 2010 to 2013, she was a Principal at","page_number":33,"box":{"x":266,"y":152,"width":551,"height":10}},{"id":"f17f368e-eb3c-437e-8d17-837b3a5851ae","block_type":"box","text":"PricewaterhouseCoopers LLP (“PwC”) and co-leader of its Asset Management Regulatory group. At","page_number":33,"box":{"x":266,"y":162,"width":583,"height":10}},{"id":"269ce96f-f1c2-494f-970d-cb85e25d23a3","block_type":"box","text":"PwC, she assisted a broad range of financial services clients in designing and implementing risk","page_number":33,"box":{"x":266,"y":172,"width":549,"height":11}},{"id":"4271e8e4-7498-4157-8719-65672a38a827","block_type":"box","text":"management and compliance programs, and preparing for new regulatory expectations. These positions","page_number":33,"box":{"x":266,"y":183,"width":601,"height":10}},{"id":"84a94905-f2e4-4760-9416-2b83451267c3","block_type":"box","text":"have provided her with insight and perspective on the markets and the economy, as well as asset","page_number":33,"box":{"x":266,"y":193,"width":557,"height":10}},{"id":"087ff422-320b-407d-b3a0-cbdfda3bdff1","block_type":"box","text":"management regulation and compliance. In addition, Ms. Richards serves as a member of the Audit","page_number":33,"box":{"x":266,"y":203,"width":576,"height":11}},{"id":"49e14ad9-cc87-4eb8-92f5-2a4e906576c4","block_type":"box","text":"Committee and the Compliance Committee.","page_number":33,"box":{"x":266,"y":214,"width":255,"height":10}},{"id":"037ae1d2-39ef-4515-8457-7280e87c1184","block_type":"box","text":"Mark Stalnecker Mark Stalnecker has gained a wealth of experience in investing and asset management from his over","page_number":33,"box":{"x":116,"y":229,"width":730,"height":11}},{"id":"5e189d15-95c0-46b1-a67d-6c4fb9b7c723","block_type":"box","text":"13 years of service as the Chief Investment Officer of the University of Delaware as well as from his","page_number":33,"box":{"x":267,"y":240,"width":575,"height":10}},{"id":"a4862670-5bb3-4e81-b6e0-4d4af042c0e5","block_type":"box","text":"various positions with First Union Corporation, including Senior Vice President and State Investment","page_number":33,"box":{"x":266,"y":250,"width":585,"height":10}},{"id":"77248e5a-10bd-43f9-a5f2-a3d858c743a4","block_type":"box","text":"Director of First Investment Advisors. The Board benefits from his experience and perspective as the Chief","page_number":33,"box":{"x":266,"y":260,"width":616,"height":11}},{"id":"913184c2-a386-4227-adc0-ef0b840a603c","block_type":"box","text":"Investment Officer of a university endowment and from the oversight experience he gained from service","page_number":33,"box":{"x":266,"y":271,"width":600,"height":10}},{"id":"802f1680-c52c-4abc-b36d-cee15dc78a8a","block_type":"box","text":"on various private and non-profit boards.","page_number":33,"box":{"x":266,"y":281,"width":240,"height":10}},{"id":"573a0807-74df-4708-8513-865e8701c825","block_type":"box","text":"Kenneth L. Urish Kenneth L. Urish has served for over 15 years on the boards of registered investment companies, most","page_number":33,"box":{"x":116,"y":297,"width":741,"height":10}},{"id":"9a1c253c-2913-4d16-9a28-ebb8f4380cf0","block_type":"box","text":"recently as a member of the boards of certain BlackRock-advised Funds and predecessor funds, including","page_number":33,"box":{"x":266,"y":307,"width":608,"height":10}},{"id":"017cb8a8-e98b-40b7-8d85-ac9181921f97","block_type":"box","text":"the legacy BlackRock funds. He has over 30 years of experience in public accounting. Mr. Urish has","page_number":33,"box":{"x":266,"y":317,"width":578,"height":10}},{"id":"e4b4bc53-bf59-4ca2-b1e2-3fca474df22d","block_type":"box","text":"served as a managing member of an accounting and consulting firm. Mr. Urish has been determined by","page_number":33,"box":{"x":266,"y":328,"width":597,"height":10}},{"id":"abbcdc21-4685-4195-a636-69c642126dd7","block_type":"box","text":"the Audit Committee to be an audit committee financial expert, as such term is defined in the applicable","page_number":33,"box":{"x":266,"y":338,"width":602,"height":10}},{"id":"b2299b93-9dcc-47c8-b702-1d39211c0378","block_type":"box","text":"Commission rules.","page_number":33,"box":{"x":266,"y":348,"width":106,"height":8}},{"id":"29d7751c-732d-4547-a783-89c1ead24243","block_type":"box","text":"Claire A. Walton Claire A. Walton has over 25 years of experience in investment management. She has served as the Chief","page_number":33,"box":{"x":116,"y":364,"width":757,"height":10}},{"id":"061fee6d-2e13-4dbc-b2a8-cfb809030a16","block_type":"box","text":"Operating Officer and Chief Financial Officer of Liberty Square Asset Management, LP from 1998 to","page_number":33,"box":{"x":266,"y":374,"width":588,"height":10}},{"id":"3979dce8-1d4e-4acd-bfba-09dde141a22e","block_type":"box","text":"2015, an investment manager that specialized in long/short non-U.S. equity investments, and was an","page_number":33,"box":{"x":266,"y":384,"width":580,"height":11}},{"id":"c80edd0f-ba51-4032-ab58-ab3f4cdf0700","block_type":"box","text":"owner and General Partner of Neon Liberty Capital Management, LLC from 2003 to 2023, a firm","page_number":33,"box":{"x":266,"y":395,"width":571,"height":10}},{"id":"f6443812-1f97-4cd0-8ab0-525393b1a3ee","block_type":"box","text":"focusing on long/short equities in global emerging and frontier markets. These positions have provided her","page_number":33,"box":{"x":266,"y":405,"width":617,"height":10}},{"id":"3ac73988-c811-4190-8f00-e422445cadfe","block_type":"box","text":"with insight and perspective on the markets and the economy. 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The Chairs of the Audit Committee, Compliance","page_number":38,"box":{"x":485,"y":400,"width":386,"height":13}},{"id":"ed0b0ef4-2459-4f30-99a1-3dc9c9332464","block_type":"box","text":"Committee, Governance Committee and Performance Ov","page_number":38,"box":{"x":117,"y":416,"width":399,"height":12}},{"id":"dc15fabd-ac10-434d-ad28-384231557388","block_type":"box","text":"ersight Committee are paid as compensation an","page_number":38,"box":{"x":517,"y":416,"width":334,"height":13}},{"id":"e5a66c2b-311e-4a78-b73c-b39f9e83b570","block_type":"box","text":"additional annual retainer of $45,000, respectively. The Chair of the Board is paid an additional annual","page_number":38,"box":{"x":116,"y":431,"width":725,"height":13}},{"id":"31064f61-1a67-4d86-a8bb-a9ce09869148","block_type":"box","text":"retainer of $150,000.","page_number":38,"box":{"x":116,"y":447,"width":153,"height":12}},{"id":"59ea7189-d863-41eb-8fea-01284f398d0b","block_type":"box","text":"Each Trustee Elect currently serves as a consultant to t","page_number":38,"box":{"x":116,"y":470,"width":372,"height":13}},{"id":"f1639915-b421-432c-bc5c-d91a2b2a26c8","block_type":"box","text":"the Independent Trustees in the performance of the","page_number":38,"box":{"x":488,"y":470,"width":360,"height":13}},{"id":"abfffc57-0211-4be7-9710-b90acc820cca","block_type":"box","text":"Independent Trustees’ duties to the Trust and is paid co","page_number":38,"box":{"x":116,"y":486,"width":385,"height":13}},{"id":"ab373c36-6df1-48bd-ad26-89c629170da4","block_type":"box","text":"mpensation at the same rate as the compensation paid","page_number":38,"box":{"x":502,"y":486,"width":380,"height":13}},{"id":"34b594e0-b76b-4e42-96ba-b4fd10dbdeeb","block_type":"box","text":"to any Independent Trustees who are not the Chai","page_number":38,"box":{"x":116,"y":501,"width":348,"height":13}},{"id":"70bea965-b1a3-499e-8fff-fc1f6a9ac8ea","block_type":"box","text":"r of the Board or a Chair of a Committee. 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Without limiting any of the foregoi","page_number":65,"box":{"x":116,"y":466,"width":399,"height":13}},{"id":"789825b3-a96c-4c42-afee-cfdb23c7b3b4","block_type":"box","text":"ng, in no event shall BFA or its affiliates have any","page_number":65,"box":{"x":515,"y":466,"width":348,"height":13}},{"id":"b4ca3f84-230e-40fa-bfae-180debc40a45","block_type":"box","text":"liability for any special, punitive, direct, indirect, conseque","page_number":65,"box":{"x":116,"y":482,"width":404,"height":13}},{"id":"b75800c6-5333-4909-995f-e50f06a93a24","block_type":"box","text":"ntial or any other damages (including lost profits),","page_number":65,"box":{"x":521,"y":482,"width":353,"height":13}},{"id":"69e06a7a-3e9f-4aec-b489-a3c8864e7824","block_type":"box","text":"even if notified of the possibility of such damages.","page_number":65,"box":{"x":116,"y":497,"width":351,"height":13}},{"id":"d9cd5eb3-ce28-4125-8f22-61d167067d74","block_type":"box","text":"I-49","page_number":65,"box":{"x":485,"y":917,"width":28,"height":9}},{"id":"dec4da15-4108-4bac-9adb-a9ec5ee25676","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":65,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"b68fa0f8-636a-4ca0-b993-827d2ddcb70a","block_type":"box","text":"PART II","page_number":66,"box":{"x":432,"y":92,"width":149,"height":22}},{"id":"321eb12a-7f36-47f2-b5bb-f473bf630e81","block_type":"box","text":"Throughout this Statement of Additional Information (“SAI”), each BlackRock-advised fund may be","page_number":66,"box":{"x":116,"y":136,"width":734,"height":12}},{"id":"b5345792-1edf-480e-b39e-8cdc62973d52","block_type":"box","text":"referred to as a “Fund” or collectively with others as the “Funds.” Certain Funds may also be referred to","page_number":66,"box":{"x":117,"y":152,"width":770,"height":12}},{"id":"12c21842-a11b-4d30-bd97-9c584d5b1cf6","block_type":"box","text":"as “Municipal Funds” if they invest certain of their assets in municipal investments described below.","page_number":66,"box":{"x":116,"y":167,"width":743,"height":12}},{"id":"67c726e6-e584-4190-a219-e79a20879a68","block_type":"box","text":"Each Fund is organized either as a Maryland corporati","page_number":66,"box":{"x":117,"y":193,"width":393,"height":12}},{"id":"ff3d884c-ac81-4e43-993f-60cc1a01a609","block_type":"box","text":"on, a Massachusetts business trust or a Delaware","page_number":66,"box":{"x":511,"y":193,"width":369,"height":11}},{"id":"52b98335-db88-4b4b-9d81-bbc8a8e02d4a","block_type":"box","text":"statutory trust. In each jurisdiction, nomenclature vari","page_number":66,"box":{"x":116,"y":208,"width":384,"height":12}},{"id":"ed0cfe4d-9702-4f7c-a4c5-492607feb4da","block_type":"box","text":"es. For ease and clarity of presentation, shares of","page_number":66,"box":{"x":501,"y":208,"width":365,"height":12}},{"id":"8d981822-f531-4d61-acbd-0d7d74365ab8","block_type":"box","text":"common stock and shares of beneficial interest are re","page_number":66,"box":{"x":116,"y":224,"width":390,"height":9}},{"id":"36ec3bee-4092-420e-9952-668be2915642","block_type":"box","text":"ferred to herein as “shares” or “Common Stock,”","page_number":66,"box":{"x":507,"y":224,"width":355,"height":11}},{"id":"f8310ca6-97a7-4657-8194-8bcfe1c25d24","block_type":"box","text":"holders of shares of Common Stock are referred to","page_number":66,"box":{"x":117,"y":239,"width":374,"height":10}},{"id":"a81d94af-2a50-4597-8d20-659a9c075be2","block_type":"box","text":"as “shareholders,” the trustees or directors of each","page_number":66,"box":{"x":492,"y":239,"width":372,"height":12}},{"id":"582cefc7-8ded-40b2-8c00-a98fa194a94d","block_type":"box","text":"Fund are referred to as “Directors,” the boards of tru","page_number":66,"box":{"x":117,"y":255,"width":376,"height":11}},{"id":"467230be-eda6-48b2-b4b3-234f09e3c37a","block_type":"box","text":"stees/directors of each Fund are referred to as the","page_number":66,"box":{"x":495,"y":255,"width":370,"height":10}},{"id":"d5a5e418-6629-47a7-a867-904d57eb95ae","block_type":"box","text":"“Board of Directors” or the “Board,” BlackRock A","page_number":66,"box":{"x":116,"y":270,"width":341,"height":12}},{"id":"0cf1f473-f8a8-4733-a002-406781191d48","block_type":"box","text":"Advisors, LLC, BlackRock Fund Advisors or their","page_number":66,"box":{"x":457,"y":270,"width":360,"height":12}},{"id":"3db95c37-1f88-443a-9803-0b86c4f821d4","block_type":"box","text":"respective affiliates is the investment adviser or","page_number":66,"box":{"x":117,"y":286,"width":343,"height":12}},{"id":"75bbe77e-fd93-45d3-a29d-6117dab15773","block_type":"box","text":"r manager of each Fund and is referred to herein as the","page_number":66,"box":{"x":460,"y":286,"width":404,"height":12}},{"id":"e3e1200d-7a9b-4742-bd47-9604946f7df8","block_type":"box","text":"“Manager” or “BlackRock,” and the investment","page_number":66,"box":{"x":116,"y":301,"width":337,"height":12}},{"id":"7edb90b9-ec73-4ac1-bcc6-0ed6cc8568ef","block_type":"box","text":"advisory agreement or","page_number":66,"box":{"x":453,"y":301,"width":169,"height":12}},{"id":"92df5445-d2d4-4a54-be33-1de9e2588854","block_type":"box","text":"r management agreement","page_number":66,"box":{"x":621,"y":302,"width":190,"height":11}},{"id":"ee23abcd-2914-4e3e-a187-13be426c3045","block_type":"box","text":"applicable to each Fund is referred to as the “Management Agreement.” Each Fund’s Articles of","page_number":66,"box":{"x":116,"y":317,"width":700,"height":12}},{"id":"4f432f13-2a4b-4569-a860-f1b4c3662a9c","block_type":"box","text":"Incorporation or Declaration of Tr","page_number":66,"box":{"x":117,"y":332,"width":240,"height":12}},{"id":"4eb09845-9b45-41ba-a6f9-013925ce2c4a","block_type":"box","text":"ust, together with all amendments thereto,","page_number":66,"box":{"x":358,"y":332,"width":304,"height":12}},{"id":"0b67f894-5cad-467a-a3bc-d83951d30680","block_type":"box","text":"is referred to as its “charter.”","page_number":66,"box":{"x":664,"y":332,"width":215,"height":10}},{"id":"47333151-84f9-4a63-9e96-4ea6df1805c3","block_type":"box","text":"The Investment Company Act of 1940, as amended, is","page_number":66,"box":{"x":116,"y":348,"width":402,"height":12}},{"id":"9a86878c-6c83-440e-b71f-738573e29a7c","block_type":"box","text":"referred to herein as the “Investment Company","page_number":66,"box":{"x":519,"y":348,"width":345,"height":12}},{"id":"50866667-21be-40cd-b3d9-4b208f64c521","block_type":"box","text":"Act.” The Securities Act of 1933, as amended, is referred to herein as the “Securities Act.” The Securities","page_number":66,"box":{"x":116,"y":363,"width":767,"height":12}},{"id":"97f8054b-40f7-4d78-9c6b-a72b0023ccd8","block_type":"box","text":"and Exchange Commission is referred to herein as the “Commission” or the “SEC.”","page_number":66,"box":{"x":116,"y":379,"width":609,"height":12}},{"id":"2f4a21c5-08b1-4521-80c3-81e1cc42e0d6","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":66,"box":{"x":117,"y":405,"width":765,"height":12}},{"id":"6fb24020-8a06-422c-a3a1-1d87091f4913","block_type":"box","text":"corresponding “master” portfolio (each, a “Master Portfolio”) of a master limited liability company (each,","page_number":66,"box":{"x":116,"y":420,"width":770,"height":12}},{"id":"33689e2d-f6d7-4f60-bf56-da1df9a95d6c","block_type":"box","text":"a “Master LLC”), a mutual fund that has the same objective and strategies as the Feeder Fund. All","page_number":66,"box":{"x":116,"y":436,"width":734,"height":12}},{"id":"aeccb022-d314-467e-ac5e-86ac8d518121","block_type":"box","text":"investments are generally made at the level of the Master Portfolio. This structure is sometimes called","page_number":66,"box":{"x":117,"y":451,"width":761,"height":12}},{"id":"31e805f3-9b4e-40e0-bcb6-ede5b992d634","block_type":"box","text":"a “master/feeder” structure. A Feeder Fund’s investment results will correspond directly to the","page_number":66,"box":{"x":116,"y":467,"width":700,"height":12}},{"id":"4f9a775e-0b6e-4594-be7c-8befdd7fec5a","block_type":"box","text":"investment results of the underlying Master Portfolio in which it invests. For simplicity, this SAI uses the","page_number":66,"box":{"x":117,"y":482,"width":770,"height":12}},{"id":"2eff0d7a-ec89-4aa9-81bd-dd24b48e59f7","block_type":"box","text":"term “Fund” to include both a Feeder Fund and its Master Portfolio.","page_number":66,"box":{"x":116,"y":498,"width":503,"height":9}},{"id":"62bf9669-fb47-49a6-b2f3-34af128d3005","block_type":"box","text":"In addition to containing information about the Funds, Part II of this SAI contains general information","page_number":66,"box":{"x":117,"y":523,"width":747,"height":13}},{"id":"7cc07744-c646-4815-8877-bf8955718be0","block_type":"box","text":"about all funds in the BlackRock-advised fund complex. Certain information contained herein may not","page_number":66,"box":{"x":116,"y":539,"width":757,"height":12}},{"id":"fad85fde-9262-4f4d-be23-63df7b5d6b23","block_type":"box","text":"be relevant to a particular Fund.","page_number":66,"box":{"x":117,"y":555,"width":241,"height":11}},{"id":"8c80aae8-0946-4ad6-8641-2dcffd8901a8","block_type":"box","text":"Investment Risks and Considerations","page_number":66,"box":{"x":119,"y":595,"width":675,"height":23}},{"id":"fcfd3b78-b8ca-43dd-bf06-a76e638476bb","block_type":"box","text":"Set forth below are descriptions of some of the types of investments and investment strategies that one","page_number":66,"box":{"x":116,"y":634,"width":772,"height":13}},{"id":"a449038b-7a64-4079-9b62-f137507a52ab","block_type":"box","text":"or more of the Funds may use, and the risks and considerations associated with those investments","page_number":66,"box":{"x":116,"y":650,"width":740,"height":12}},{"id":"4f8571fc-d674-4cdf-86bd-dfd5cbc7d64d","block_type":"box","text":"and investment strategies. Please see each Fund’s prospectuses (the “Prospectus”) and the","page_number":66,"box":{"x":116,"y":665,"width":685,"height":13}},{"id":"e7a3b28b-517c-4dce-bb77-402afc39dae1","block_type":"box","text":"“Investment Objective and Policies,” “Investment Objectives and Policies” or “Investment Strategies","page_number":66,"box":{"x":116,"y":681,"width":737,"height":12}},{"id":"cf5842ac-fc92-4bb1-9fec-3f48bbdcc32a","block_type":"box","text":"and Risks of the Fund” section, as applicable, of Part I of this SAI for further information on each","page_number":66,"box":{"x":116,"y":696,"width":714,"height":12}},{"id":"88d76155-1f64-47ad-8e21-55031a39b321","block_type":"box","text":"Fund’s investment policies and risks. Information contained in this section about the risks and","page_number":66,"box":{"x":117,"y":712,"width":692,"height":12}},{"id":"220ccbbf-73fa-4164-8c37-9cf80a182dbe","block_type":"box","text":"considerations associated with a Fund’s investments and/or investment strategies applies only to those","page_number":66,"box":{"x":116,"y":728,"width":765,"height":12}},{"id":"24e371ab-6975-40d1-acf3-36f0d20e4824","block_type":"box","text":"Funds specifically identified in Part I of this SAI as making each type of investment or using each","page_number":66,"box":{"x":117,"y":743,"width":716,"height":12}},{"id":"1a59a552-ba86-41fb-94d5-a95bdbe5bcfe","block_type":"box","text":"investment strategy (each, a “Covered Fund”). Information that does not apply to a Covered Fund does","page_number":66,"box":{"x":117,"y":758,"width":764,"height":13}},{"id":"7af0c7fa-83dd-4da7-86b3-c87a4789c1b0","block_type":"box","text":"not form a part of that Covered Fund’s SAI and should not be relied on by investors in that Covered","page_number":66,"box":{"x":117,"y":774,"width":735,"height":12}},{"id":"1e02e4f5-48a4-4342-8183-1f432bd5be4e","block_type":"box","text":"Fund. Only information that is clearly identified as applicable to a Covered Fund is considered to form a","page_number":66,"box":{"x":117,"y":789,"width":765,"height":13}},{"id":"086266bd-d41f-4a4b-a58a-924021bf5427","block_type":"box","text":"part of that Covered Fund’s SAI.","page_number":66,"box":{"x":117,"y":805,"width":238,"height":12}},{"id":"e02d0092-190e-44c8-812f-46f4b8127d58","block_type":"box","text":"Asset-Backed Securities.","page_number":66,"box":{"x":116,"y":831,"width":200,"height":9}},{"id":"87770f86-7e80-4f84-9c76-d5f4c09391a4","block_type":"box","text":"Asset-backed securities are securities backed by home equity loans,","page_number":66,"box":{"x":317,"y":831,"width":519,"height":12}},{"id":"81407874-cf10-45b8-a38c-ee8af8a3618e","block_type":"box","text":"installment sale contracts, credit card receivables or other assets. Asset-backed securities are “pass","page_number":66,"box":{"x":117,"y":846,"width":749,"height":12}},{"id":"d6ec8ce9-331a-4959-a9c5-9d132d107c6d","block_type":"box","text":"through” securities, meaning that principal and interest payments — net of expenses — made by the","page_number":66,"box":{"x":116,"y":862,"width":751,"height":12}},{"id":"8816d010-bdc6-4798-ac29-8faf41b81e84","block_type":"box","text":"borrower on the underlying assets (such as credit card receivables) are passed through to a Fund. The","page_number":66,"box":{"x":117,"y":877,"width":768,"height":12}},{"id":"e589b326-fe25-4ed8-a48b-d3c95a79d0f7","block_type":"box","text":"II-1","page_number":66,"box":{"x":489,"y":909,"width":20,"height":9}},{"id":"26efee72-8ae9-4165-9931-d9a9a7b4b2be","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":66,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"4008307f-ab37-4756-8e61-430a485b4256","block_type":"box","text":"value of asset-backed securities, like that of traditional fixed-income securities, typically increases","page_number":67,"box":{"x":116,"y":87,"width":729,"height":12}},{"id":"3d531c31-4f59-4759-bf27-e516a2a60c71","block_type":"box","text":"when interest rates fall and decreases when interest rates rise. However, asset-backed securities differ","page_number":67,"box":{"x":116,"y":102,"width":770,"height":12}},{"id":"5db45068-b7e1-4e22-a4c6-d9dd67d1b381","block_type":"box","text":"from traditional fixed-income securities because of their potential for prepayment. The price paid by a","page_number":67,"box":{"x":116,"y":118,"width":755,"height":12}},{"id":"c570b941-fbcf-48f2-ab3c-55709ea6e4d2","block_type":"box","text":"Fund for its asset-backed securities, the yield the Fund expects to receive from such securities and the","page_number":67,"box":{"x":117,"y":134,"width":767,"height":12}},{"id":"e2cf4cab-e369-4e64-b5a0-2a1162d9eaee","block_type":"box","text":"average life of the securities are based on a number of factors, including the anticipated rate of","page_number":67,"box":{"x":116,"y":149,"width":709,"height":12}},{"id":"8f9da294-e439-41c9-9c77-826f55c9714e","block_type":"box","text":"prepayment of the underlying assets. In a period of declining interest rates, borrowers may prepay the","page_number":67,"box":{"x":117,"y":165,"width":761,"height":12}},{"id":"33b83a87-deca-4f4b-a90a-4f3355b63e40","block_type":"box","text":"underlying assets more quickly than anticipated, thereby reducing the yield to maturity and the average","page_number":67,"box":{"x":117,"y":180,"width":769,"height":12}},{"id":"9c58c8e0-70d6-4089-ad52-58566ba6685d","block_type":"box","text":"life of the asset-backed securities. Moreover, when a Fund reinvests the proceeds of a prepayment in","page_number":67,"box":{"x":117,"y":196,"width":758,"height":12}},{"id":"93e7aa2f-33c1-482c-9d8d-6359dc2afca5","block_type":"box","text":"these circumstances, it will likely receive a rate of interest that is lower than the rate on the security that","page_number":67,"box":{"x":116,"y":211,"width":772,"height":12}},{"id":"ee42a782-0ed8-4b92-a410-3450120789b2","block_type":"box","text":"was prepaid. To the extent that a Fund purchases asset-backed securities at a premium, prepayments","page_number":67,"box":{"x":116,"y":227,"width":765,"height":12}},{"id":"a51f1b02-6f4d-49d1-a2c3-1aa798bbb0d7","block_type":"box","text":"may result in a loss to the extent of the premium paid. If a Fund buys such securities at a discount,","page_number":67,"box":{"x":117,"y":242,"width":736,"height":12}},{"id":"9d25a37c-53dc-4845-bfdd-45eb062d55d1","block_type":"box","text":"both scheduled payments and unscheduled prepayments will increase current and total returns and","page_number":67,"box":{"x":117,"y":258,"width":742,"height":12}},{"id":"0f3bab3b-6f80-4e76-9d09-2d6713b9eb63","block_type":"box","text":"unscheduled prepayments will also accelerate the recognition of income which, when distributed to","page_number":67,"box":{"x":117,"y":273,"width":738,"height":12}},{"id":"e23ba9dd-3d1b-448b-afdf-61cb8ea1aab9","block_type":"box","text":"shareholders, will be taxable as ordinary income. In a period of rising interest rates, prepayments of the","page_number":67,"box":{"x":116,"y":289,"width":772,"height":12}},{"id":"c6b06647-a524-4b7b-be75-adc6aaaa5298","block_type":"box","text":"underlying assets may occur at a slower than expected rate, creating maturity extension risk. This","page_number":67,"box":{"x":117,"y":304,"width":730,"height":12}},{"id":"79a1a5ea-1ebd-49fa-ba32-0fd114aaebb9","block_type":"box","text":"particular risk may effectively change a security that was considered short- or intermediate-term at the","page_number":67,"box":{"x":117,"y":320,"width":762,"height":12}},{"id":"2e37b266-1f30-4a14-84e9-bd089e1713aa","block_type":"box","text":"time of purchase into a longer term security. Since the value of longer-term securities generally","page_number":67,"box":{"x":116,"y":335,"width":710,"height":12}},{"id":"32a1dda5-e945-4555-a069-886038d1b589","block_type":"box","text":"fluctuates more widely in response to changes in interest rates than does the value of shorter-term","page_number":67,"box":{"x":116,"y":351,"width":736,"height":12}},{"id":"3192bf17-4955-4044-bfb3-0a3b8b9ad1ef","block_type":"box","text":"securities, maturity extension risk could increase the volatility of the Fund. When interest rates decline,","page_number":67,"box":{"x":116,"y":366,"width":766,"height":12}},{"id":"a6e91f64-a54f-4573-9f0a-f60c00e2932b","block_type":"box","text":"the value of an asset-backed security with prepayment features may not increase as much as that of","page_number":67,"box":{"x":116,"y":382,"width":751,"height":12}},{"id":"803ee77d-f70f-481f-aa8b-f29eecf7e5b0","block_type":"box","text":"other fixed-income securities, and, as noted above, changes in market rates of interest may accelerate","page_number":67,"box":{"x":116,"y":397,"width":767,"height":12}},{"id":"6a6802cf-e4f7-49f4-9cd8-12b5ecdd025c","block_type":"box","text":"or retard prepayments and thus affect maturities.","page_number":67,"box":{"x":116,"y":413,"width":368,"height":12}},{"id":"2b0c8d0c-5e6f-4868-9471-51da12029b7f","block_type":"box","text":"Asset-Based Securities.","page_number":67,"box":{"x":116,"y":444,"width":190,"height":9}},{"id":"aced6be0-3a20-410b-854a-5609c6eb5769","block_type":"box","text":"Certain Funds may invest in debt, preferred or convertible securities, the","page_number":67,"box":{"x":307,"y":444,"width":548,"height":12}},{"id":"5acc14b5-c2db-4d3a-8e82-3ad0b482d2d0","block_type":"box","text":"principal amount, redemption terms or conversion terms of which are related to the market price of","page_number":67,"box":{"x":117,"y":459,"width":734,"height":12}},{"id":"15b02315-6fa8-48b1-8998-3acd880011f3","block_type":"box","text":"some natural resource asset such as gold bullion. These securities are referred to as “asset-based","page_number":67,"box":{"x":116,"y":475,"width":737,"height":12}},{"id":"b4af88d9-7f9c-4b7f-920f-b735f3599fb4","block_type":"box","text":"securities.” A Fund will purchase only asset-based securities that are rated, or are issued by issuers","page_number":67,"box":{"x":116,"y":490,"width":746,"height":12}},{"id":"09f80bb3-651c-4163-8257-f9c283af9e52","block_type":"box","text":"that have outstanding debt obligations rated, investment grade (for example, AAA, AA, A or BBB by","page_number":67,"box":{"x":116,"y":506,"width":744,"height":12}},{"id":"877d767f-baa0-4153-ae08-a665410fa9d3","block_type":"box","text":"S&P Global Ratings (“S&P”) or Fitch Ratings (“Fitch”), or Baa by Moody’s Investors Service, Inc.","page_number":67,"box":{"x":116,"y":521,"width":719,"height":12}},{"id":"6c218b81-2af2-4b59-9b57-b0bfdedb18f8","block_type":"box","text":"(“Moody’s”) or commercial paper rated A-1 by S&P or Prime-1 by Moody’s) or by issuers that the","page_number":67,"box":{"x":117,"y":537,"width":721,"height":12}},{"id":"17603efc-0a1f-435b-a126-b2636c4fdc0b","block_type":"box","text":"Manager has determined to be of similar creditworthiness. Obligations ranked in the fourth highest","page_number":67,"box":{"x":117,"y":552,"width":733,"height":12}},{"id":"6498f9cc-3b0a-4942-85f7-4bd5c722aea5","block_type":"box","text":"rating category, while considered “investment grade,” may have certain speculative characteristics and","page_number":67,"box":{"x":117,"y":568,"width":766,"height":12}},{"id":"3feb9e0d-5a51-4557-945c-270b3f501438","block_type":"box","text":"may be more likely to be downgraded than securities rated in the three highest rating categories. If an","page_number":67,"box":{"x":117,"y":583,"width":759,"height":12}},{"id":"38328b7a-575a-4efb-8cbd-ef11173d9e45","block_type":"box","text":"asset-based security is backed by a bank letter of credit or other similar facility, the Manager may take","page_number":67,"box":{"x":116,"y":599,"width":764,"height":12}},{"id":"a4d447c0-b276-405a-a7b9-fd5fc563d1be","block_type":"box","text":"such backing into account in determining the creditworthiness of the issuer. While the market prices for","page_number":67,"box":{"x":116,"y":614,"width":769,"height":12}},{"id":"c5b0697f-41b9-42c5-8980-fff6a36a0a6b","block_type":"box","text":"an asset-based security and the related natural resource asset generally are expected to move in the","page_number":67,"box":{"x":116,"y":630,"width":756,"height":12}},{"id":"b9cd28fa-e99a-46f5-bc9a-8111affdd977","block_type":"box","text":"same direction, there may not be perfect correlation in the two price movements. Asset-based","page_number":67,"box":{"x":116,"y":645,"width":702,"height":12}},{"id":"64767272-ab96-4b2f-ac14-52baf1e62c25","block_type":"box","text":"securities may not be secured by a security interest in or claim on the underlying natural resource","page_number":67,"box":{"x":116,"y":661,"width":723,"height":12}},{"id":"67ab5803-eca4-420b-aed1-ced7d93251fc","block_type":"box","text":"asset. The asset-based securities in which a Fund may invest may bear interest or pay preferred","page_number":67,"box":{"x":116,"y":676,"width":716,"height":12}},{"id":"b28470da-ed1a-4013-8b90-2c9b2144798d","block_type":"box","text":"dividends at below market (or even relatively nominal) rates. Certain asset-based securities may be","page_number":67,"box":{"x":116,"y":692,"width":738,"height":12}},{"id":"64a80777-026d-40e5-9a1b-ca850f2ee3c5","block_type":"box","text":"payable at maturity in cash at the stated principal amount or, at the option of the holder, directly in a","page_number":67,"box":{"x":117,"y":707,"width":738,"height":12}},{"id":"38c90272-ecfa-42a8-8163-7513d8754c94","block_type":"box","text":"stated amount of the asset to which it is related. In such instance, because no Fund presently intends","page_number":67,"box":{"x":116,"y":723,"width":753,"height":12}},{"id":"1278d201-b5a4-4218-9a96-81d132c1bbcf","block_type":"box","text":"to invest directly in natural resource assets, a Fund would sell the asset-based security in the","page_number":67,"box":{"x":116,"y":738,"width":691,"height":12}},{"id":"7a9dd214-1d5a-4845-a09d-d62c478f1fdc","block_type":"box","text":"secondary market, to the extent one exists, prior to maturity if the value of the stated amount of the","page_number":67,"box":{"x":116,"y":754,"width":733,"height":12}},{"id":"6e5ab79f-10a6-4bc0-9eb9-361dc0328d6d","block_type":"box","text":"asset exceeds the stated principal amount and thereby realize the appreciation in the underlying asset.","page_number":67,"box":{"x":116,"y":769,"width":763,"height":12}},{"id":"ff5063ec-f76d-476d-b48a-48dcdc2b5595","block_type":"box","text":"Precious Metal-Related Securities.","page_number":67,"box":{"x":116,"y":800,"width":256,"height":10}},{"id":"11dd1102-3f90-4a51-8670-dddbba6cbad6","block_type":"box","text":"A Fund may invest in the equity and other securities of companies","page_number":67,"box":{"x":378,"y":800,"width":491,"height":12}},{"id":"8ee70c82-26f7-445b-8a9d-daab4f9d1dce","block_type":"box","text":"that explore for, extract, process or deal in precious metals (","page_number":67,"box":{"x":116,"y":816,"width":447,"height":12}},{"id":"3f9c01ec-670a-413f-bd1d-c56114ef164b","block_type":"box","text":"e.g.","page_number":67,"box":{"x":564,"y":818,"width":26,"height":10}},{"id":"64513699-d557-4daf-97ff-992700517657","block_type":"box","text":", gold, silver and platinum), and in","page_number":67,"box":{"x":593,"y":816,"width":249,"height":12}},{"id":"ddd40aaa-33d5-4854-811c-034c54b11964","block_type":"box","text":"asset-based securities indexed to the value of such metals. Such securities may be purchased when","page_number":67,"box":{"x":116,"y":831,"width":752,"height":12}},{"id":"5f1dcad7-9083-45ec-9de0-be0549766d61","block_type":"box","text":"they are believed to be attractively priced in relation to the value of a company’s precious metal-related","page_number":67,"box":{"x":116,"y":847,"width":769,"height":12}},{"id":"0da73607-f959-4228-8ae5-90f590cd199c","block_type":"box","text":"assets or when the values of precious metals are expected to benefit from inflationary pressure or","page_number":67,"box":{"x":116,"y":862,"width":731,"height":12}},{"id":"64306213-bd0d-41fb-9fb7-77f53deca048","block_type":"box","text":"other economic, political or financial uncertainty or instability. Based on historical experience, during","page_number":67,"box":{"x":116,"y":878,"width":746,"height":12}},{"id":"fc380cd2-de66-415c-ab11-4095f9b31461","block_type":"box","text":"II-2","page_number":67,"box":{"x":489,"y":909,"width":22,"height":9}},{"id":"4653774b-7700-4a41-bcb0-db9ab69c05b7","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":67,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"793b0be9-9c1c-4314-b3f7-4d703b0300d5","block_type":"box","text":"periods of economic or financial instability the securities of companies involved in precious metals may","page_number":68,"box":{"x":117,"y":87,"width":766,"height":12}},{"id":"63109b80-06fc-4be4-b88c-d958c3850316","block_type":"box","text":"be subject to extreme price fluctuations, reflecting the high volatility of precious metal prices during","page_number":68,"box":{"x":117,"y":102,"width":736,"height":13}},{"id":"7fc90de7-c3a0-4232-ae81-181442d2dfbf","block_type":"box","text":"such periods. In addition, the instability of precious metal prices may result in volatile earnings of","page_number":68,"box":{"x":116,"y":118,"width":721,"height":12}},{"id":"3e2c6f86-648a-4f5e-87e8-46bce43e87b2","block_type":"box","text":"precious metal-related companies, which may, in turn, adversely affect the financial condition of such","page_number":68,"box":{"x":117,"y":134,"width":754,"height":12}},{"id":"ebb561d2-c429-4852-8b45-1e131d4374a0","block_type":"box","text":"companies. The major producers of gold include the Republic of South Africa, Russia, Canada, the","page_number":68,"box":{"x":116,"y":149,"width":739,"height":12}},{"id":"5ed39ac1-6cf6-4bec-b615-13f9614f6a59","block_type":"box","text":"United States, Brazil and Australia. Sales of gold by Russia are largely unpredictable and often relate","page_number":68,"box":{"x":117,"y":165,"width":754,"height":12}},{"id":"72bb7734-c180-411b-98a3-4cdee2cf1c93","block_type":"box","text":"to political and economic considerations rather than to market forces. Economic, financial, social and","page_number":68,"box":{"x":116,"y":180,"width":753,"height":12}},{"id":"96d8ce5e-cc5d-4aee-84c6-a71c65e89e33","block_type":"box","text":"political factors within South Africa may significantly affect South African gold production.","page_number":68,"box":{"x":117,"y":196,"width":663,"height":12}},{"id":"e2c68e10-5ba5-4f1c-8e5b-8dbff1ade738","block_type":"box","text":"Borrowing and Leverage.","page_number":68,"box":{"x":116,"y":227,"width":201,"height":12}},{"id":"85e93418-edeb-49f7-815c-e3a82781a041","block_type":"box","text":"Each Fund may borrow as a temporary measure for extraordinary or","page_number":68,"box":{"x":318,"y":227,"width":517,"height":12}},{"id":"69a44e99-fe71-4314-9995-a205fffa6fa3","block_type":"box","text":"emergency purposes, including to meet redemptions or to settle securities transactions. Certain Funds","page_number":68,"box":{"x":116,"y":242,"width":765,"height":12}},{"id":"5d59311c-8370-4b65-a966-58b62e50cc96","block_type":"box","text":"will not purchase securities at any time when borrowings exceed 5% of their total assets, except (a) to","page_number":68,"box":{"x":116,"y":258,"width":761,"height":12}},{"id":"ebae115d-e806-40d8-9dc9-7247df7a873e","block_type":"box","text":"honor prior commitments or (b) to exercise subscription rights when outstanding borrowings have been","page_number":68,"box":{"x":117,"y":273,"width":768,"height":12}},{"id":"a5a32a56-0fd6-4f5d-8831-757a1acca4a2","block_type":"box","text":"obtained exclusively for settlements of other securities transactions.","page_number":68,"box":{"x":116,"y":289,"width":508,"height":12}},{"id":"c667cddb-818e-459e-bb21-0b5dacfc7921","block_type":"box","text":"Certain Funds may also borrow in order to make investments, to the extent disclosed in such Fund’s","page_number":68,"box":{"x":117,"y":320,"width":740,"height":12}},{"id":"6628ffa5-7763-4012-992d-5664e83baf14","block_type":"box","text":"Prospectus. The purchase of securities while borrowings are outstanding will have the effect of","page_number":68,"box":{"x":117,"y":335,"width":700,"height":12}},{"id":"1896456e-eae3-4ecb-b9c1-36ee77dcd39a","block_type":"box","text":"leveraging the Fund. Such leveraging increases the Fund’s exposure to capital risk, and borrowed funds","page_number":68,"box":{"x":117,"y":351,"width":769,"height":12}},{"id":"9a4644f4-d4d1-4066-828c-7c4f55359d63","block_type":"box","text":"are subject to interest costs that will reduce net income. The use of leverage by a Fund creates an","page_number":68,"box":{"x":116,"y":366,"width":727,"height":12}},{"id":"c83e58bf-8d8a-429d-88a0-92767ae58ee0","block_type":"box","text":"opportunity for greater total return, but, at the same time, creates special risks. For example, leveraging","page_number":68,"box":{"x":116,"y":382,"width":765,"height":12}},{"id":"5670ecce-a6bb-4167-bbd5-75496721c4e8","block_type":"box","text":"may exaggerate changes in the net asset value (“NAV”) of Fund shares and in the yield on the Fund’s","page_number":68,"box":{"x":117,"y":397,"width":751,"height":12}},{"id":"74564b10-ae22-4fe6-b0b3-0285d9741440","block_type":"box","text":"portfolio. Although the principal of such borrowings will be fixed, the Fund’s assets may change in value","page_number":68,"box":{"x":117,"y":413,"width":764,"height":12}},{"id":"ac34698f-5fb5-4453-b52b-f44a1205223a","block_type":"box","text":"during the time the borrowings are outstanding. Borrowings will create interest expenses for the Fund","page_number":68,"box":{"x":116,"y":428,"width":749,"height":12}},{"id":"ab4600e0-969e-437c-a895-4495d04ebc6b","block_type":"box","text":"that can exceed the income from the assets purchased with the borrowings. To the extent the income or","page_number":68,"box":{"x":116,"y":444,"width":769,"height":12}},{"id":"a07566c1-a907-452a-9a74-0339303dd50f","block_type":"box","text":"capital appreciation derived from securities purchased with borrowed funds exceeds the interest the","page_number":68,"box":{"x":116,"y":459,"width":738,"height":12}},{"id":"23b17e50-5f3e-4d3e-9b44-47508047e366","block_type":"box","text":"Fund will have to pay on the borrowings, the Fund’s return will be greater than if leverage had not been","page_number":68,"box":{"x":117,"y":475,"width":761,"height":12}},{"id":"9d12c9b1-c1bb-4e5a-bddb-b7f28a44e25f","block_type":"box","text":"used. Conversely, if the income or capital appreciation from the securities purchased with such","page_number":68,"box":{"x":117,"y":490,"width":701,"height":12}},{"id":"5885a920-c2ff-40dc-b3e7-93a71feb07f2","block_type":"box","text":"borrowed funds is not sufficient to cover the cost of borrowing, the return to the Fund will be less than if","page_number":68,"box":{"x":117,"y":506,"width":761,"height":12}},{"id":"a5c37e0e-1a90-4672-97e1-25fe9066a854","block_type":"box","text":"leverage had not been used and, therefore, the amount available for distribution to shareholders as","page_number":68,"box":{"x":117,"y":521,"width":732,"height":12}},{"id":"5054cb5f-e144-4a86-94f5-776201d163a3","block_type":"box","text":"dividends will be reduced. In the latter case, the Manager in its best judgment nevertheless may","page_number":68,"box":{"x":116,"y":537,"width":709,"height":12}},{"id":"ac354405-e2b6-4ae4-a538-877a44c656e8","block_type":"box","text":"determine to maintain the Fund’s leveraged position if it expects that the benefits to the Fund’s","page_number":68,"box":{"x":116,"y":552,"width":699,"height":12}},{"id":"ecf4b546-887f-4797-8ca6-9bef95a08c66","block_type":"box","text":"shareholders of maintaining the leveraged position will outweigh the current reduced return.","page_number":68,"box":{"x":116,"y":568,"width":677,"height":12}},{"id":"9f3ebc28-bf76-4286-9e07-d0edbdbb5294","block_type":"box","text":"Certain types of borrowings by a Fund may result in the Fund being subject to covenants in credit","page_number":68,"box":{"x":117,"y":599,"width":727,"height":12}},{"id":"d13e3998-9fb3-4aa2-bf08-95e3df8ee235","block_type":"box","text":"agreements relating to asset coverage, portfolio composition requirements and other matters. It is not","page_number":68,"box":{"x":116,"y":614,"width":758,"height":12}},{"id":"828f1c71-db93-416b-bc4a-6190db12e061","block_type":"box","text":"anticipated that observance of such covenants would impede the Manager from managing a Fund’s","page_number":68,"box":{"x":116,"y":630,"width":745,"height":12}},{"id":"28226f32-b982-4388-aa52-d3265db23014","block_type":"box","text":"portfolio in accordance with the Fund’s investment objectives and policies. However, a breach of any","page_number":68,"box":{"x":117,"y":645,"width":751,"height":12}},{"id":"ab8258c1-267c-46d7-9c22-e0305a2c45a2","block_type":"box","text":"such covenants not cured within the specified cure period may result in acceleration of outstanding","page_number":68,"box":{"x":116,"y":661,"width":732,"height":12}},{"id":"6ea4288a-9560-4d1e-9f22-823404d9bf2e","block_type":"box","text":"indebtedness and require the Fund to dispose of portfolio investments at a time when it may be","page_number":68,"box":{"x":117,"y":676,"width":706,"height":12}},{"id":"b46462de-9283-4ae2-9340-ed6d74e680e2","block_type":"box","text":"disadvantageous to do so.","page_number":68,"box":{"x":116,"y":692,"width":195,"height":12}},{"id":"dc5594af-7059-4453-b03c-aa81e3b7b0bc","block_type":"box","text":"Each Fund may at times borrow from affiliates of the Manager, provided that the terms of such","page_number":68,"box":{"x":117,"y":723,"width":699,"height":12}},{"id":"5f478df9-4a8c-4a57-aa1d-de1ea7ca1c27","block_type":"box","text":"borrowings are no less favorable than those available from comparable sources of funds in the","page_number":68,"box":{"x":117,"y":738,"width":701,"height":12}},{"id":"f6680582-289b-4a6a-bf23-bf73fd3bbbfa","block_type":"box","text":"marketplace.","page_number":68,"box":{"x":117,"y":754,"width":94,"height":12}},{"id":"031c12c7-1130-49fb-aabe-8d8a939781ed","block_type":"box","text":"Cash Management.","page_number":68,"box":{"x":117,"y":785,"width":151,"height":12}},{"id":"acc8ec7b-13fd-4260-91b3-d98dd270f51b","block_type":"box","text":"Generally, the Manager will employ futures and options on futures to provide","page_number":68,"box":{"x":275,"y":785,"width":567,"height":12}},{"id":"95aa6c68-3689-4c87-8545-5ec73def29b8","block_type":"box","text":"liquidity necessary to meet anticipated redemptions or for day-to-day operating purposes. However, if","page_number":68,"box":{"x":117,"y":800,"width":752,"height":12}},{"id":"6f0b8657-5ed6-41ec-8af8-e20e643428f0","block_type":"box","text":"considered appropriate in the opinion of the Manager, a portion of a Fund’s assets may be invested in","page_number":68,"box":{"x":116,"y":816,"width":755,"height":12}},{"id":"728cc4fa-175b-47b2-85d0-45d628d06cc4","block_type":"box","text":"certain types of instruments with remaining maturities of 397 days or less for liquidity purposes. Such","page_number":68,"box":{"x":116,"y":831,"width":754,"height":12}},{"id":"d458dd13-0f24-41cb-b714-327fb15cd4de","block_type":"box","text":"instruments would consist of: (i) obligations of the U.S. Government, its agencies, instrumentalities,","page_number":68,"box":{"x":117,"y":847,"width":740,"height":12}},{"id":"bf862c90-af21-4b83-bc3f-e55d1063b6e9","block_type":"box","text":"authorities or political subdivisions (“U.S. Government Securities”); (ii) other fixed-income securities","page_number":68,"box":{"x":116,"y":862,"width":742,"height":12}},{"id":"3d6d21c3-a3ff-4271-90c2-ff0e87ce6e11","block_type":"box","text":"rated Aa or higher by Moody’s or AA or higher by S&P or, if unrated, of comparable quality in the","page_number":68,"box":{"x":117,"y":878,"width":721,"height":12}},{"id":"272f4eef-4a2c-4b1c-b906-c1696da52586","block_type":"box","text":"II-3","page_number":68,"box":{"x":489,"y":909,"width":22,"height":9}},{"id":"3f200eef-1cb8-46cf-8b5d-cb36f4b287d4","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":68,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"98e0bf7f-e617-4c16-a80d-077d14a625f1","block_type":"box","text":"opinion of the Manager; (iii) commercial paper; (iv) bank obligations, including negotiable certificates of","page_number":69,"box":{"x":116,"y":87,"width":768,"height":12}},{"id":"d4232dd5-dc38-42f7-9dc0-ea031d22ee82","block_type":"box","text":"deposit, time deposits and bankers’ acceptances; and (v) repurchase agreements. At the time the","page_number":69,"box":{"x":116,"y":102,"width":730,"height":13}},{"id":"f65dd394-6ba7-4817-9a8b-9741a57aa531","block_type":"box","text":"Fund invests in commercial paper, bank obligations or repurchase agreements, the issuer or the","page_number":69,"box":{"x":117,"y":118,"width":718,"height":12}},{"id":"6a45130e-7799-46a1-bdce-35409bd2cee5","block_type":"box","text":"issuer’s parent must have outstanding debt rated Aa or higher by Moody’s or AA or higher by S&P or","page_number":69,"box":{"x":117,"y":134,"width":752,"height":12}},{"id":"5931b5ae-c875-440c-9e11-81624e498a54","block_type":"box","text":"outstanding commercial paper, bank obligations or other short-term obligations rated Prime-1 by","page_number":69,"box":{"x":116,"y":149,"width":719,"height":12}},{"id":"da0b9bf6-8bda-4913-85b4-c74cfd3c394f","block_type":"box","text":"Moody’s or A-1 by S&P; or, if no such ratings are available, the instrument must be of comparable","page_number":69,"box":{"x":117,"y":165,"width":731,"height":12}},{"id":"f0b858d0-8ac6-4861-b4a3-42856d033b8d","block_type":"box","text":"quality in the opinion of the Manager. For more information on money market instruments, see “Money","page_number":69,"box":{"x":116,"y":180,"width":765,"height":12}},{"id":"9be35898-95e4-4f96-876d-b8a01727cf57","block_type":"box","text":"Market Securities” below.","page_number":69,"box":{"x":117,"y":196,"width":192,"height":9}},{"id":"97923637-cf76-46c8-9dbc-5369b02b510c","block_type":"box","text":"Collateralized Debt Obligations.","page_number":69,"box":{"x":117,"y":227,"width":251,"height":12}},{"id":"5936251a-bc5d-4aa7-8859-29023eaca377","block_type":"box","text":"Certain Funds may invest in collateralized debt obligations","page_number":69,"box":{"x":369,"y":227,"width":444,"height":12}},{"id":"acf348bc-0d0d-4d3d-9f2f-da982b1ea739","block_type":"box","text":"(“CDOs”), which include collateralized bond obligations (“CBOs”), collateralized loan obligations","page_number":69,"box":{"x":117,"y":242,"width":713,"height":12}},{"id":"6f66c5af-c8c3-44e1-aaf4-e0db5b6422ac","block_type":"box","text":"(“CLOs”) and other similarly structured securities. CDOs are types of asset-backed securities. A CBO","page_number":69,"box":{"x":117,"y":258,"width":756,"height":12}},{"id":"5524083c-1d0c-4096-ac36-c2ed684874b7","block_type":"box","text":"is ordinarily issued by a trust or other special purpose entity (“SPE”) and is typically backed by a","page_number":69,"box":{"x":117,"y":273,"width":716,"height":12}},{"id":"6e275490-9f05-473b-9379-5ab002d63ddf","block_type":"box","text":"diversified pool of fixed-income securities (which may include high risk, below investment grade","page_number":69,"box":{"x":116,"y":289,"width":713,"height":12}},{"id":"0a07bc3d-e276-4ed7-be07-1b7fcb7adf66","block_type":"box","text":"securities) held by such issuer. A CLO is ordinarily issued by a trust or other SPE and is typically","page_number":69,"box":{"x":116,"y":304,"width":722,"height":12}},{"id":"defd52f6-8d56-4428-abe0-9e5a351b13bc","block_type":"box","text":"collateralized by a pool of loans, which may include, among others, domestic and non-U.S. senior","page_number":69,"box":{"x":116,"y":320,"width":729,"height":12}},{"id":"c8a4f99f-a74b-41ed-876b-67755d0d03cd","block_type":"box","text":"secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be","page_number":69,"box":{"x":116,"y":335,"width":756,"height":12}},{"id":"a9334445-5444-404b-a0cf-e2b23b6b6bcf","block_type":"box","text":"rated below investment grade or equivalent unrated loans, held by such issuer. Investments in a CLO","page_number":69,"box":{"x":117,"y":351,"width":757,"height":12}},{"id":"e61ee619-a324-4134-98e5-c4ce936730e7","block_type":"box","text":"organized outside of the United States may not be deemed to be foreign securities if the CLO is","page_number":69,"box":{"x":116,"y":366,"width":715,"height":12}},{"id":"25b0b671-8752-4a88-90ad-f09720736cd8","block_type":"box","text":"collateralized by a pool of loans, a substantial portion of which are U.S. loans. Although certain CDOs","page_number":69,"box":{"x":116,"y":382,"width":758,"height":12}},{"id":"9fd8603d-7a21-435c-b5d7-cd5cad9df9f9","block_type":"box","text":"may benefit from credit enhancement in the form of a senior-subordinate structure, over","page_number":69,"box":{"x":117,"y":397,"width":655,"height":12}},{"id":"0db7071d-596b-4ead-9101-10e631dec8c9","block_type":"box","text":"collateralization or bond insurance, such enhancement may not always be present, and may fail to","page_number":69,"box":{"x":116,"y":413,"width":735,"height":12}},{"id":"54c80a51-8b16-40a3-a949-b86cfa70ae50","block_type":"box","text":"protect a Fund against the risk of loss on default of the collateral. Certain CDO issuers may use","page_number":69,"box":{"x":117,"y":428,"width":713,"height":12}},{"id":"8007cd2e-53de-45fe-a7e5-180cbe7a97e4","block_type":"box","text":"derivatives contracts to create “synthetic” exposure to assets rather than holding such assets directly,","page_number":69,"box":{"x":116,"y":444,"width":758,"height":12}},{"id":"22d469d3-5a8d-4a25-89e0-c8d1b08a7378","block_type":"box","text":"which entails the risks of derivative instruments described elsewhere in this SAI. CDOs may charge","page_number":69,"box":{"x":116,"y":459,"width":742,"height":12}},{"id":"e1c349b8-19db-4a09-ad03-5c8f625267bb","block_type":"box","text":"management fees and administrative expenses, which are in addition to those of a Fund.","page_number":69,"box":{"x":117,"y":475,"width":664,"height":12}},{"id":"2a493616-c643-466a-956a-05c61bb3435e","block_type":"box","text":"For both CBOs and CLOs, the cash flows from the SPE are split into two or more portions, called","page_number":69,"box":{"x":117,"y":506,"width":724,"height":12}},{"id":"28cc66b4-022e-4a97-9e7f-f579f1521943","block_type":"box","text":"tranches, varying in risk and yield. The riskiest portion is the “equity” tranche, which bears the first loss","page_number":69,"box":{"x":116,"y":521,"width":765,"height":12}},{"id":"4ad3aa89-8897-4ad3-ae03-fc31bf57bba3","block_type":"box","text":"from defaults from the bonds or loans in the SPE and serves to protect the other, more senior tranches","page_number":69,"box":{"x":116,"y":537,"width":768,"height":12}},{"id":"40b8bec6-0b77-432f-9e38-f63a62e340c9","block_type":"box","text":"from default (though such protection is not complete). Since it is partially protected from defaults, a","page_number":69,"box":{"x":116,"y":552,"width":737,"height":12}},{"id":"8a5238e7-ce34-443c-b632-c41654af2871","block_type":"box","text":"senior tranche from a CBO or CLO typically has higher ratings and lower yields than its underlying","page_number":69,"box":{"x":116,"y":568,"width":733,"height":12}},{"id":"2af69547-2382-4fe7-81ad-74f157bdfc27","block_type":"box","text":"securities, and may be rated investment grade. Despite the protection from the equity tranche, CBO or","page_number":69,"box":{"x":116,"y":583,"width":765,"height":12}},{"id":"dc5c50cf-0cba-4e9b-b546-8f3c2ac57a56","block_type":"box","text":"CLO tranches can experience substantial losses due to actual defaults, downgrades of the underlying","page_number":69,"box":{"x":117,"y":599,"width":758,"height":12}},{"id":"8bd6a109-efaf-45d8-bca2-25ac2a0584cd","block_type":"box","text":"collateral by rating agencies, forced liquidation of the collateral pool due to a failure of coverage tests,","page_number":69,"box":{"x":116,"y":614,"width":758,"height":12}},{"id":"768b3380-69f7-4d61-864f-41e4136a641b","block_type":"box","text":"increased sensitivity to defaults due to collateral default and disappearance of protecting tranches,","page_number":69,"box":{"x":117,"y":630,"width":734,"height":12}},{"id":"5c8d66be-face-409e-9a26-75ed61ed55dd","block_type":"box","text":"market anticipation of defaults as well as investor aversion to CBO or CLO securities as a class.","page_number":69,"box":{"x":117,"y":645,"width":716,"height":12}},{"id":"69e98a26-a664-4c38-8823-2d4ac0fb7a6a","block_type":"box","text":"Interest on certain tranches of a CDO may be paid in kind or deferred and capitalized (paid in the form","page_number":69,"box":{"x":117,"y":661,"width":757,"height":12}},{"id":"d7bfdc81-dff9-467d-b928-f136055fbaa7","block_type":"box","text":"of obligations of the same type rather than cash), which involves continued exposure to default risk","page_number":69,"box":{"x":116,"y":676,"width":734,"height":12}},{"id":"40624e67-bc9a-4906-b994-25ca01d00bca","block_type":"box","text":"with respect to such payments.","page_number":69,"box":{"x":116,"y":692,"width":229,"height":12}},{"id":"b2d29ea3-fda4-4498-8de1-0f9a094e4afa","block_type":"box","text":"The risks of an investment in a CDO depend largely on the type of the collateral securities and the","page_number":69,"box":{"x":116,"y":723,"width":728,"height":12}},{"id":"5b78ab48-4425-45e8-a715-e3fedb0d94b2","block_type":"box","text":"class of the CDO in which a Fund invests. Normally, CBOs, CLOs and other CDOs are privately","page_number":69,"box":{"x":116,"y":738,"width":712,"height":12}},{"id":"f3d216b9-4b30-49dd-9138-5726f8a3f6f1","block_type":"box","text":"offered and sold, and thus are not registered under the securities laws. However, an active dealer","page_number":69,"box":{"x":116,"y":754,"width":725,"height":12}},{"id":"15243113-fad6-40e3-a22f-30baf0643094","block_type":"box","text":"market may exist for CDOs, allowing a CDO to qualify for Rule 144A transactions. In addition to the","page_number":69,"box":{"x":117,"y":769,"width":736,"height":12}},{"id":"d975294b-254b-4d82-9adc-a3b86e8379c9","block_type":"box","text":"normal risks associated with fixed-income securities and asset-backed securities generally discussed","page_number":69,"box":{"x":117,"y":785,"width":750,"height":12}},{"id":"73984b69-1885-4776-9d20-197e14a6ff52","block_type":"box","text":"elsewhere in this SAI, CDOs carry additional risks including, but not limited to: (i) the possibility that","page_number":69,"box":{"x":116,"y":800,"width":737,"height":12}},{"id":"f4351f02-8c09-474c-9c73-676660a0343c","block_type":"box","text":"distributions from collateral securities will not be adequate to make interest or other payments; (ii) the","page_number":69,"box":{"x":116,"y":816,"width":751,"height":12}},{"id":"a4c3f9a9-9b46-4b9f-841b-e1728ba46b0f","block_type":"box","text":"risk that the collateral may default or decline in value or be downgraded, if rated by a nationally","page_number":69,"box":{"x":117,"y":831,"width":708,"height":12}},{"id":"cb9bdedb-cac6-4a54-aa8a-ecf5ea045d14","block_type":"box","text":"recognized statistical rating organization (“NRSRO”); (iii) a Fund may invest in tranches of CDOs that","page_number":69,"box":{"x":117,"y":847,"width":754,"height":12}},{"id":"e7efd145-1a3c-4dd7-9933-fe92cb1fca49","block_type":"box","text":"are subordinate to other tranches; (iv) the structure and complexity of the transaction and the legal","page_number":69,"box":{"x":116,"y":862,"width":736,"height":12}},{"id":"375f6fdf-fb09-4b19-b559-7af64d190a5b","block_type":"box","text":"documents could lead to disputes among investors regarding the characterization of proceeds; (v) the","page_number":69,"box":{"x":116,"y":878,"width":760,"height":12}},{"id":"f35670f8-3483-4672-9cfb-f22ffa64fcfb","block_type":"box","text":"II-4","page_number":69,"box":{"x":489,"y":909,"width":22,"height":9}},{"id":"c409b72f-c20c-48d5-b881-97a2381925fd","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":69,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"d2e83775-27f9-475c-99fa-47030d6ed52b","block_type":"box","text":"investment return achieved by the Fund could be significantly different than those predicted by financial","page_number":70,"box":{"x":117,"y":87,"width":771,"height":12}},{"id":"192ef83f-4a5c-48de-a2f9-c9b13d0a071d","block_type":"box","text":"models; (vi) the lack of a readily available secondary market for CDOs; (vii) the risk of forced “fire sale”","page_number":70,"box":{"x":117,"y":102,"width":765,"height":13}},{"id":"2cb164d0-d9b1-47ff-8626-ddbdeeb77f23","block_type":"box","text":"liquidation due to technical defaults such as coverage test failures; and (viii) the CDO’s manager may","page_number":70,"box":{"x":117,"y":118,"width":756,"height":12}},{"id":"4edf36a1-527b-45ce-a9a1-4a45d400f390","block_type":"box","text":"perform poorly.","page_number":70,"box":{"x":117,"y":134,"width":117,"height":12}},{"id":"1df5c551-c453-438d-88fe-79bc3e605cf2","block_type":"box","text":"Commercial Paper.","page_number":70,"box":{"x":117,"y":165,"width":150,"height":11}},{"id":"11920877-c18a-432b-aaa0-21b65ecb9997","block_type":"box","text":"Certain Funds may purchase commercial paper. Commercial paper purchasable","page_number":70,"box":{"x":268,"y":165,"width":607,"height":12}},{"id":"b741502c-dc10-467c-9c7d-bcc757c0b512","block_type":"box","text":"by each Fund includes “Section 4(a)(2) paper,” a term that includes debt obligations issued in reliance","page_number":70,"box":{"x":117,"y":180,"width":760,"height":12}},{"id":"2525678c-09f6-4005-9fbf-5c4cf3b3183b","block_type":"box","text":"on the “private placement” exemption from registration afforded by Section 4(a)(2) of the Securities","page_number":70,"box":{"x":116,"y":196,"width":739,"height":12}},{"id":"59ec7101-a20a-4163-a644-91181db0948d","block_type":"box","text":"Act. Section 4(a)(2) paper is restricted as to disposition under the Federal securities laws, and is","page_number":70,"box":{"x":116,"y":211,"width":719,"height":12}},{"id":"973897d2-67ff-4437-9b38-a6abce30fc57","block_type":"box","text":"frequently sold (and resold) to institutional investors such as the Fund through or with the assistance of","page_number":70,"box":{"x":116,"y":227,"width":769,"height":12}},{"id":"289ef78c-438a-4d09-9c9a-f9551456f4f3","block_type":"box","text":"investment dealers who make a market in the Section 4(a)(2) paper, thereby providing liquidity. Certain","page_number":70,"box":{"x":117,"y":242,"width":769,"height":12}},{"id":"be7a2542-da10-48f7-bbdf-5cfc702f66e4","block_type":"box","text":"transactions in Section 4(a)(2) paper may qualify for the registration exemption provided in Rule 144A","page_number":70,"box":{"x":116,"y":258,"width":759,"height":12}},{"id":"9b73e1db-84a3-48ce-bfc2-4190321068c1","block_type":"box","text":"under the Securities Act. Most Funds can purchase commercial paper rated (at the time of purchase)","page_number":70,"box":{"x":117,"y":273,"width":754,"height":12}},{"id":"f479e7de-2219-4904-b117-0495161e6f44","block_type":"box","text":"“A-1” by S&P or “Prime-1” by Moody’s or when deemed advisable by a Fund’s Manager or sub-adviser,","page_number":70,"box":{"x":116,"y":289,"width":772,"height":12}},{"id":"d2f8fb66-f2a4-4e8a-9e55-404711d03399","block_type":"box","text":"“high quality” issues rated “A-2”, “Prime-2” or “F-2” by S&P, Moody’s or Fitch, respectively.","page_number":70,"box":{"x":116,"y":304,"width":675,"height":12}},{"id":"6ad478a0-a6fe-46d0-ad7d-0606ba63eef4","block_type":"box","text":"Commercial paper is generally considered to be short-term unsecured debt of corporations. Like all","page_number":70,"box":{"x":117,"y":335,"width":740,"height":12}},{"id":"d7daccbb-64a0-40e6-91b4-0246fd6e65c5","block_type":"box","text":"fixed income securities, commercial paper prices are susceptible to fluctuations in interest rates. If","page_number":70,"box":{"x":116,"y":351,"width":732,"height":12}},{"id":"87843218-25ba-4d7d-bfc3-c79bd1e286e5","block_type":"box","text":"interest rates rise, commercial paper prices will decline and vice versa. However, the short-term nature","page_number":70,"box":{"x":117,"y":366,"width":767,"height":12}},{"id":"b5c70d28-2a98-4f11-8a05-eabb7600aff7","block_type":"box","text":"of a commercial paper investment generally makes it less susceptible to volatility than many other fixed","page_number":70,"box":{"x":116,"y":382,"width":771,"height":12}},{"id":"222c1dd4-b5f4-4281-bf7e-47bcb1c08cfd","block_type":"box","text":"income securities because interest rate risk typically increases as maturity lengths increase.","page_number":70,"box":{"x":117,"y":397,"width":686,"height":12}},{"id":"821b9772-fdca-42e3-9114-4aa2f000be2d","block_type":"box","text":"Commercial paper tends to yield smaller returns than longer-term corporate debt because securities","page_number":70,"box":{"x":117,"y":413,"width":746,"height":12}},{"id":"bbd23edd-d966-410e-9139-527a28355158","block_type":"box","text":"with shorter maturities typically have lower effective yields than those with longer maturities.","page_number":70,"box":{"x":116,"y":428,"width":686,"height":12}},{"id":"2e33e9aa-71d3-401c-9c95-2e6b7ff0c518","block_type":"box","text":"Commodity-Linked Derivative Instruments and Hybrid Instruments.","page_number":70,"box":{"x":117,"y":459,"width":535,"height":12}},{"id":"c64a8fe6-18b0-492b-ab49-b9346716ebb7","block_type":"box","text":"Certain Funds seek to gain","page_number":70,"box":{"x":653,"y":459,"width":210,"height":12}},{"id":"3a9b804d-702c-48c9-a6f2-8f691cbd30d9","block_type":"box","text":"exposure to the commodities markets primarily through investments in hybrid instruments. Hybrid","page_number":70,"box":{"x":116,"y":475,"width":727,"height":12}},{"id":"922e37ef-d376-4bb1-84d6-444bbaa10b8e","block_type":"box","text":"instruments are either equity or debt derivative securities with one or more commodity-dependent","page_number":70,"box":{"x":117,"y":490,"width":727,"height":12}},{"id":"8297fb49-fcd5-4456-98b3-cb0112d0ffda","block_type":"box","text":"components that have payment features similar to a commodity futures contract, a commodity option","page_number":70,"box":{"x":116,"y":506,"width":753,"height":12}},{"id":"e964f56a-043d-4704-af98-6432e4eca89f","block_type":"box","text":"contract, or a combination of both. Therefore, these instruments are “commodity-linked.” They are","page_number":70,"box":{"x":116,"y":521,"width":731,"height":12}},{"id":"c1bf6fa0-afe2-4f01-8184-cfb03cf7e5c2","block_type":"box","text":"considered “hybrid” instruments because they have both commodity-like and security-like","page_number":70,"box":{"x":116,"y":537,"width":667,"height":12}},{"id":"45a76d3e-a770-4b97-93d4-04ed0585cfe1","block_type":"box","text":"characteristics. Hybrid instruments are derivative instruments because at least part of their value is","page_number":70,"box":{"x":116,"y":552,"width":738,"height":12}},{"id":"028d25ef-54e6-4d10-9069-5312824d02af","block_type":"box","text":"derived from the value of an underlying commodity, futures contract, index or other readily measurable","page_number":70,"box":{"x":116,"y":568,"width":766,"height":12}},{"id":"01eaf8e0-df6c-45e5-9175-6fcc7185ea56","block_type":"box","text":"economic variable.","page_number":70,"box":{"x":116,"y":583,"width":145,"height":10}},{"id":"358bc3bc-1adc-4e34-b4e0-525de3d1ac70","block_type":"box","text":"The prices of commodity-linked derivative instruments may move in different directions than","page_number":70,"box":{"x":116,"y":614,"width":686,"height":12}},{"id":"97c85707-b747-4726-9814-221e710b52a3","block_type":"box","text":"investments in traditional equity and debt securities when the value of those traditional securities is","page_number":70,"box":{"x":117,"y":630,"width":737,"height":12}},{"id":"50adb2c5-7759-4d50-9c82-0ef1f9d7eea7","block_type":"box","text":"declining due to adverse economic conditions. As an example, during periods of rising inflation, debt","page_number":70,"box":{"x":116,"y":645,"width":749,"height":12}},{"id":"d70028db-5366-4c0c-b5cf-635447bf84fc","block_type":"box","text":"securities have historically tended to decline in value due to the general increase in prevailing interest","page_number":70,"box":{"x":116,"y":661,"width":753,"height":12}},{"id":"34aa8238-126e-4213-8a21-39c0be3f219e","block_type":"box","text":"rates. Conversely, during those same periods of rising inflation, the prices of certain commodities, such","page_number":70,"box":{"x":117,"y":676,"width":763,"height":12}},{"id":"828df596-a8d0-4d86-9dbe-ea012640b8de","block_type":"box","text":"as oil and metals, have historically tended to increase. Of course, there cannot be any guarantee that","page_number":70,"box":{"x":116,"y":692,"width":752,"height":12}},{"id":"8ebeaa08-556d-4b8f-ab1c-b05e0573e7b3","block_type":"box","text":"these investments will perform in that manner in the future, and at certain times the price movements","page_number":70,"box":{"x":116,"y":707,"width":749,"height":12}},{"id":"91cb14a1-374f-4dbf-b9b7-495029607b78","block_type":"box","text":"of commodity-linked instruments have been parallel to those of debt and equity securities.","page_number":70,"box":{"x":116,"y":723,"width":665,"height":12}},{"id":"c4598a38-3322-4d7d-ba29-b106d123d714","block_type":"box","text":"Commodities have historically tended to increase and decrease in value during different parts of the","page_number":70,"box":{"x":117,"y":738,"width":739,"height":12}},{"id":"a541c1dd-f600-4ba1-934d-55a8862c58c8","block_type":"box","text":"business cycle than financial assets. Nevertheless, at various times, commodities prices may move in","page_number":70,"box":{"x":117,"y":754,"width":753,"height":12}},{"id":"47db8960-bf8c-4057-9136-c25569b1f174","block_type":"box","text":"tandem with the prices of financial assets and thus may not provide overall portfolio diversification","page_number":70,"box":{"x":116,"y":769,"width":725,"height":12}},{"id":"85db51cd-ca82-4d97-ac61-ab4fd8a9fc57","block_type":"box","text":"benefits. Under favorable economic conditions, the Fund’s investments may be expected to under","page_number":70,"box":{"x":117,"y":785,"width":731,"height":12}},{"id":"7c77e36e-451e-43b1-93de-15886bee7c0d","block_type":"box","text":"perform an investment in traditional securities. Over the long term, the returns on the Fund’s","page_number":70,"box":{"x":117,"y":800,"width":682,"height":12}},{"id":"8605c556-3373-499c-9baa-f25e2c7d5c72","block_type":"box","text":"investments are expected to exhibit low or negative correlation with stocks and bonds.","page_number":70,"box":{"x":117,"y":816,"width":637,"height":12}},{"id":"495645ae-680c-4040-88d7-83187199beec","block_type":"box","text":"Qualifying Hybrid Instruments.","page_number":70,"box":{"x":117,"y":847,"width":222,"height":12}},{"id":"06585da0-b8a0-4b38-bb08-5b6dff1ca229","block_type":"box","text":"Certain Funds may invest in hybrid instruments that qualify for exclusion","page_number":70,"box":{"x":341,"y":847,"width":546,"height":12}},{"id":"1af30b22-69e6-49cd-9659-d39435c03288","block_type":"box","text":"from regulation under the Commodity Exchange Act and the regulations adopted thereunder. A hybrid","page_number":70,"box":{"x":116,"y":862,"width":761,"height":12}},{"id":"e5a310ab-ca05-4859-9476-24fefd69fc4e","block_type":"box","text":"instrument that qualifies for this exclusion from regulation must be “predominantly a security.” A hybrid","page_number":70,"box":{"x":117,"y":878,"width":762,"height":12}},{"id":"fce1faac-09b6-406e-a3ec-19a7d0262213","block_type":"box","text":"II-5","page_number":70,"box":{"x":489,"y":909,"width":22,"height":9}},{"id":"764322c8-e12f-4cb7-a8cd-d7e0fb440b64","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":70,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"fdb5b1cc-1068-4d38-b59a-6a241d75683b","block_type":"box","text":"instrument is considered to be predominantly a security if (a) the issuer of the hybrid instrument","page_number":71,"box":{"x":117,"y":87,"width":712,"height":12}},{"id":"7cea4177-aee1-4ee1-a2c9-5f6fc33a9dd5","block_type":"box","text":"receives payment in full of the purchase price of the hybrid instrument, substantially","page_number":71,"box":{"x":117,"y":102,"width":624,"height":13}},{"id":"64129416-d3b0-44e2-9f9e-4b9e2085eac1","block_type":"box","text":"contemporaneously with delivery of the hybrid instrument; (b) the purchaser or holder of the hybrid","page_number":71,"box":{"x":116,"y":118,"width":735,"height":12}},{"id":"5a25ce9f-05eb-4c34-8dd0-8777678ec430","block_type":"box","text":"instrument is not required to make any payment to the issuer in addition to the purchase price paid","page_number":71,"box":{"x":117,"y":134,"width":735,"height":12}},{"id":"e6841f2e-2ac4-49ff-afde-ced660c1ce9e","block_type":"box","text":"under subparagraph (a), whether as margin, settlement payment, or otherwise, during the life of the","page_number":71,"box":{"x":117,"y":149,"width":743,"height":12}},{"id":"157db407-0179-40c0-9807-fb8c27c6f9c7","block_type":"box","text":"hybrid instrument or at maturity; (c) the issuer of the hybrid instrument is not subject by the terms of the","page_number":71,"box":{"x":117,"y":165,"width":770,"height":12}},{"id":"e4b0cefc-3036-445e-afc4-d5644c504f9c","block_type":"box","text":"instrument to mark-to-market margining requirements; and (d) the hybrid instrument is not marketed as","page_number":71,"box":{"x":117,"y":180,"width":768,"height":12}},{"id":"bade60e2-5b82-474c-b39f-ea5b68ed47e1","block_type":"box","text":"a contract of sale of a commodity for future delivery (or option on such a contract) subject to applicable","page_number":71,"box":{"x":116,"y":196,"width":768,"height":12}},{"id":"d9160e23-265b-4718-88fa-afe6a0c793b7","block_type":"box","text":"provisions of the Commodity Exchange Act. Hybrid instruments may be principal protected, partially","page_number":71,"box":{"x":117,"y":211,"width":743,"height":12}},{"id":"b328cc6f-235d-4515-bbbd-8ad64fecd260","block_type":"box","text":"protected, or offer no principal protection. A principal protected hybrid instrument means that the issuer","page_number":71,"box":{"x":117,"y":227,"width":768,"height":12}},{"id":"3b933217-375c-46e7-9d74-202a88d84878","block_type":"box","text":"will pay, at a minimum, the par value of the note at maturity. Therefore, if the commodity value to which","page_number":71,"box":{"x":116,"y":242,"width":770,"height":12}},{"id":"c4c6239a-063f-4b3d-bbb0-a83ab1edb2b0","block_type":"box","text":"the hybrid instrument is linked declines over the life of the note, the Fund will receive at maturity the","page_number":71,"box":{"x":116,"y":258,"width":744,"height":12}},{"id":"a56ee685-ac69-496d-8a2c-11e0764333ac","block_type":"box","text":"face or stated value of the note. With a principal protected hybrid instrument, the Fund will receive at","page_number":71,"box":{"x":116,"y":273,"width":750,"height":12}},{"id":"81e1491a-1561-4a4a-9be3-83ea02d8d437","block_type":"box","text":"maturity the greater of the par value of the note or the increase in its value based on the underlying","page_number":71,"box":{"x":117,"y":289,"width":739,"height":12}},{"id":"051008e9-0093-4847-ab4e-1e7591cbde36","block_type":"box","text":"commodity or index. This protection is, in effect, an option whose value is subject to the volatility and","page_number":71,"box":{"x":116,"y":304,"width":751,"height":12}},{"id":"4d6a3710-b5b5-4644-9675-2c7c2560f4d8","block_type":"box","text":"price level of the underlying commodity. The Manager’s decision whether to use principal protection","page_number":71,"box":{"x":117,"y":320,"width":743,"height":12}},{"id":"dcb08b8e-8473-492e-b8b1-2223efd3906c","block_type":"box","text":"depends in part on the cost of the protection. In addition, the protection feature depends upon the","page_number":71,"box":{"x":116,"y":335,"width":728,"height":12}},{"id":"fa8851d4-b985-4c98-82d8-50b4e5f9bb7d","block_type":"box","text":"ability of the issuer to meet its obligation to buy back the security, and, therefore, depends on the","page_number":71,"box":{"x":116,"y":351,"width":724,"height":12}},{"id":"ee4e713e-d2c8-4bc0-963a-96b585530066","block_type":"box","text":"creditworthiness of the issuer. With full principal protection, the Fund will receive at maturity of the","page_number":71,"box":{"x":116,"y":366,"width":731,"height":12}},{"id":"10e7b67b-af68-4c15-a694-4c9d9f71d31c","block_type":"box","text":"hybrid instrument either the stated par value of the hybrid instrument, or potentially, an amount greater","page_number":71,"box":{"x":117,"y":382,"width":764,"height":12}},{"id":"f52f0e54-629a-4db1-bc0b-7e3dd37203fb","block_type":"box","text":"than the stated par value if the underlying commodity, index, futures contract or economic variable to","page_number":71,"box":{"x":116,"y":397,"width":753,"height":12}},{"id":"ebdf45c9-402b-4abc-b31a-8fe9665d6b3c","block_type":"box","text":"which the hybrid instrument is linked has increased in value. Partially protected hybrid instruments may","page_number":71,"box":{"x":116,"y":413,"width":770,"height":12}},{"id":"565a075a-60bc-4dea-bebf-c7a74e654c0b","block_type":"box","text":"suffer some loss of principal if the underlying commodity, index, futures contract or economic variable","page_number":71,"box":{"x":116,"y":428,"width":758,"height":12}},{"id":"be7438ec-1813-4670-96bc-ba3d632f76f5","block_type":"box","text":"to which the hybrid instrument is linked declines in value during the term of the hybrid instrument.","page_number":71,"box":{"x":116,"y":444,"width":726,"height":12}},{"id":"591a6eec-6d1b-4605-abf0-329e46d39f0e","block_type":"box","text":"However, partially protected hybrid instruments have a specified limit as to the amount of principal that","page_number":71,"box":{"x":117,"y":459,"width":764,"height":12}},{"id":"7bd2f7c7-14cf-419f-a4da-a71f7732d16d","block_type":"box","text":"they may lose.","page_number":71,"box":{"x":116,"y":475,"width":113,"height":12}},{"id":"913fe0f8-e64f-49f1-853e-119f17ad09b6","block_type":"box","text":"Hybrid Instruments Without Principal Protection.","page_number":71,"box":{"x":116,"y":506,"width":355,"height":12}},{"id":"fe528a13-9d61-4f54-add3-cf6d4798bbf0","block_type":"box","text":"Certain Funds may invest in hybrid instruments that","page_number":71,"box":{"x":473,"y":506,"width":393,"height":12}},{"id":"71cc97cd-d70b-49e3-8f4b-577d7360d562","block_type":"box","text":"offer no principal protection. At maturity, there is a risk that the underlying commodity price, futures","page_number":71,"box":{"x":116,"y":521,"width":738,"height":12}},{"id":"f8cc545d-f756-42dd-9224-7072dfe40d66","block_type":"box","text":"contract, index or other economic variable may have declined sufficiently in value such that some or all","page_number":71,"box":{"x":116,"y":537,"width":768,"height":12}},{"id":"322b3033-dca6-4f7e-b1c6-82d7a4d25054","block_type":"box","text":"of the face value of the hybrid instrument might not be returned. The Manager, at its discretion, may","page_number":71,"box":{"x":116,"y":552,"width":746,"height":12}},{"id":"b1c8488e-7ee7-4416-9e1e-eea66bcf11d4","block_type":"box","text":"invest in a partially protected principal structured note or a note without principal protection. In deciding","page_number":71,"box":{"x":117,"y":568,"width":767,"height":12}},{"id":"3e779eff-7992-4022-9758-0e2aec9798cf","block_type":"box","text":"to purchase a note without principal protection, the Manager may consider, among other things, the","page_number":71,"box":{"x":116,"y":583,"width":743,"height":12}},{"id":"5b760cc2-26ed-471f-ba76-89d108879675","block_type":"box","text":"expected performance of the underlying commodity futures contract, index or other economic variable","page_number":71,"box":{"x":116,"y":599,"width":761,"height":12}},{"id":"bd50e39a-e066-43bc-9471-59d0250fc46b","block_type":"box","text":"over the term of the note, the cost of the note, and any other economic factors that the Manager","page_number":71,"box":{"x":116,"y":614,"width":717,"height":12}},{"id":"04db5202-2cc0-48a4-ba77-bc9f9ac889a9","block_type":"box","text":"believes are relevant.","page_number":71,"box":{"x":117,"y":630,"width":163,"height":9}},{"id":"f97eedfa-5c5b-48f4-afcb-4e166c5130c1","block_type":"box","text":"Limitations on Leverage.","page_number":71,"box":{"x":116,"y":661,"width":181,"height":12}},{"id":"13b07c49-1809-40f6-a35e-70745be3bcbc","block_type":"box","text":"Some of the hybrid instruments in which a Fund may invest may involve","page_number":71,"box":{"x":304,"y":661,"width":534,"height":12}},{"id":"b4158081-8cb7-49ee-a1ed-35c60dd3079a","block_type":"box","text":"leverage. To avoid being subject to undue leverage risk, a Fund will seek to limit the amount of","page_number":71,"box":{"x":117,"y":676,"width":703,"height":12}},{"id":"9a78d2c2-b310-459f-a197-9d9488a9d527","block_type":"box","text":"economic leverage it has under any one hybrid instrument that it buys and the leverage of the Fund’s","page_number":71,"box":{"x":116,"y":692,"width":750,"height":12}},{"id":"0c726aa7-1e19-434e-8d52-e9afa565dfdf","block_type":"box","text":"overall portfolio. A Fund will not invest in a hybrid instrument if, at the time of purchase: (i) that","page_number":71,"box":{"x":116,"y":707,"width":699,"height":12}},{"id":"032ce15d-adc9-4c2b-8c48-20fdc22fa208","block_type":"box","text":"instrument’s “leverage ratio” exceeds 300% of the price increase in the underlying commodity, futures","page_number":71,"box":{"x":117,"y":723,"width":753,"height":12}},{"id":"3d6b7734-e336-406a-b541-5f2c198d10df","block_type":"box","text":"contract, index or other economic variable or (ii) the Fund’s “portfolio leverage ratio” exceeds 150%,","page_number":71,"box":{"x":116,"y":738,"width":739,"height":12}},{"id":"ee322b87-db55-423d-92af-f82f9cf26dc2","block_type":"box","text":"measured at the time of purchase. “Leverage ratio” is the expected increase in the value of a hybrid","page_number":71,"box":{"x":117,"y":754,"width":737,"height":12}},{"id":"bb53b17a-04c8-4ec0-8ea8-378f29b73565","block_type":"box","text":"instrument, assuming a one percent price increase in the underlying commodity, futures contract, index","page_number":71,"box":{"x":117,"y":769,"width":765,"height":12}},{"id":"accdfbf6-dcaf-4dfa-a1b1-597ec288bf53","block_type":"box","text":"or other economic factor. In other words, for a hybrid instrument with a leverage factor of 150%, a 1%","page_number":71,"box":{"x":116,"y":785,"width":752,"height":12}},{"id":"1f3d7771-8525-46bc-a884-dc4eb72390be","block_type":"box","text":"gain in the underlying economic variable would be expected to result in a 1.5% gain in value for the","page_number":71,"box":{"x":116,"y":800,"width":735,"height":12}},{"id":"2cdef58b-1ab4-4a52-9664-57792b181857","block_type":"box","text":"hybrid instrument. Conversely, a hybrid instrument with a leverage factor of 150% would suffer a 1.5%","page_number":71,"box":{"x":117,"y":816,"width":757,"height":12}},{"id":"12eb4197-1658-43de-861a-7db30066f728","block_type":"box","text":"loss if the underlying economic variable lost 1% of its value. “Portfolio leverage ratio” is defined as the","page_number":71,"box":{"x":117,"y":831,"width":758,"height":12}},{"id":"2110f629-edff-4fa2-b591-6d985b7e85f5","block_type":"box","text":"average (mean) leverage ratio of all instruments in a Fund’s portfolio, weighted by the market values of","page_number":71,"box":{"x":116,"y":847,"width":769,"height":12}},{"id":"856172d6-dd5f-4566-a877-339accbd3247","block_type":"box","text":"such instruments or, in the case of futures contracts, their notional values. A Fund may at times or from","page_number":71,"box":{"x":116,"y":862,"width":771,"height":12}},{"id":"d5c12b72-8d00-40b6-af53-bca411d70ad2","block_type":"box","text":"II-6","page_number":71,"box":{"x":489,"y":909,"width":22,"height":9}},{"id":"238d2ff1-24f6-4e34-8b8d-d63701488daa","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":71,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"67bc3a8f-bfbc-4cfd-8146-8555ec3a5cb2","block_type":"box","text":"time to time decide not to use leverage in its investments or use less leverage than may otherwise be","page_number":72,"box":{"x":116,"y":87,"width":757,"height":12}},{"id":"6a66c83e-d7de-48e0-aa8d-42f6a0ad8f70","block_type":"box","text":"allowable.","page_number":72,"box":{"x":116,"y":103,"width":79,"height":9}},{"id":"44235b62-d022-453f-b10b-ee71e18ed39c","block_type":"box","text":"Counterparty Risk.","page_number":72,"box":{"x":117,"y":134,"width":136,"height":12}},{"id":"8ec5e895-824f-4397-b2b0-0ee0d265f6cc","block_type":"box","text":"A significant risk of hybrid instruments is counterparty risk. Unlike exchange-traded","page_number":72,"box":{"x":255,"y":134,"width":625,"height":12}},{"id":"b3e2d30f-8872-4c3d-890d-7bc237624e42","block_type":"box","text":"futures and options, which are standard contracts, hybrid instruments are customized securities, tailor","page_number":72,"box":{"x":116,"y":149,"width":760,"height":12}},{"id":"067f10d8-5c50-4b8f-9f30-ea109fdd1edb","block_type":"box","text":"made by a specific issuer. With a listed futures or options contract, an investor’s counterparty is the","page_number":72,"box":{"x":117,"y":165,"width":740,"height":12}},{"id":"2249afb7-d8cc-482e-a18a-fc8e1b4c6c23","block_type":"box","text":"exchange clearinghouse. Exchange clearinghouses are capitalized by the exchange members and","page_number":72,"box":{"x":116,"y":180,"width":738,"height":12}},{"id":"eb937797-7057-427f-819a-b30c76b1e6df","block_type":"box","text":"typically have high investment grade ratings (","page_number":72,"box":{"x":116,"y":196,"width":336,"height":12}},{"id":"18b96077-8d6a-42df-8436-0adc81c1228b","block_type":"box","text":"e.g.","page_number":72,"box":{"x":453,"y":198,"width":26,"height":10}},{"id":"e2fa3db8-77ab-41ce-b8fc-dc365bc1011c","block_type":"box","text":", ratings of AAA or AA by S&P). Therefore, the risk is","page_number":72,"box":{"x":482,"y":196,"width":396,"height":12}},{"id":"9726daea-50aa-46c3-b74c-e412a8b44f3e","block_type":"box","text":"small that an exchange clearinghouse might be unable to meet its obligations at maturity. However,","page_number":72,"box":{"x":116,"y":211,"width":743,"height":12}},{"id":"a66418e8-f694-421e-850b-9df042cae8c6","block_type":"box","text":"with a hybrid instrument, a Fund will take on the counterparty credit risk of the issuer. That is, at","page_number":72,"box":{"x":116,"y":227,"width":715,"height":12}},{"id":"2538742e-993a-43a8-b653-842dfff698b7","block_type":"box","text":"maturity of the hybrid instrument, there is a risk that the issuer may be unable to perform its obligations","page_number":72,"box":{"x":117,"y":242,"width":767,"height":12}},{"id":"fc9096a7-c0bc-441b-acf3-4cfcb41f03fa","block_type":"box","text":"under the structured note.","page_number":72,"box":{"x":117,"y":258,"width":196,"height":9}},{"id":"5b8911a7-70f0-4c0e-8a8b-09d13ff38525","block_type":"box","text":"Convertible Securities.","page_number":72,"box":{"x":117,"y":289,"width":180,"height":9}},{"id":"f5f8b47b-cfb5-4a19-8977-ad71d6f38b79","block_type":"box","text":"A convertible security is a bond, debenture, note, preferred stock or other","page_number":72,"box":{"x":298,"y":289,"width":554,"height":12}},{"id":"b5ba8c86-6953-40ef-a8fa-d261c1438624","block_type":"box","text":"security that may be converted into or exchanged for a prescribed amount of common stock or other","page_number":72,"box":{"x":116,"y":304,"width":750,"height":12}},{"id":"df6f6071-55fa-4861-a153-dc45ff17792c","block_type":"box","text":"equity security of the same or a different issuer within a particular period of time at a specified price or","page_number":72,"box":{"x":116,"y":320,"width":761,"height":12}},{"id":"8b63eac3-76d0-4603-a628-32644a212abe","block_type":"box","text":"formula. A convertible security entitles the holder to receive interest paid or accrued on debt or the","page_number":72,"box":{"x":116,"y":335,"width":734,"height":12}},{"id":"7b283e12-7fdc-4977-9d09-39ccddbfc8ea","block_type":"box","text":"dividend paid on preferred stock until the convertible security matures or is redeemed, converted or","page_number":72,"box":{"x":116,"y":351,"width":742,"height":12}},{"id":"d169238a-215e-452a-8979-34d6b9626650","block_type":"box","text":"exchanged. Before conversion, convertible securities have characteristics similar to nonconvertible","page_number":72,"box":{"x":116,"y":366,"width":738,"height":12}},{"id":"44b9c082-3ed1-4dbe-a0f5-c932f3467b4b","block_type":"box","text":"income securities in that they ordinarily provide a stable stream of income with generally higher yields","page_number":72,"box":{"x":117,"y":382,"width":757,"height":12}},{"id":"51bb4676-284f-4d57-ac85-c6cbfaa21136","block_type":"box","text":"than those of common stocks of the same or similar issuers, but lower yields than comparable","page_number":72,"box":{"x":116,"y":397,"width":703,"height":12}},{"id":"6c9d28ff-5dd3-4488-9949-a6ce79ce78e2","block_type":"box","text":"nonconvertible securities. The value of a convertible security is influenced by changes in interest rates,","page_number":72,"box":{"x":117,"y":413,"width":767,"height":12}},{"id":"225b03bb-5598-433f-bb7c-571d5d254cda","block_type":"box","text":"with investment value declining as interest rates increase and increasing as interest rates decline. The","page_number":72,"box":{"x":116,"y":428,"width":764,"height":12}},{"id":"87bfc2e1-851e-45ee-943c-74a394dec990","block_type":"box","text":"credit standing of the issuer and other factors also may have an effect on the convertible security’s","page_number":72,"box":{"x":116,"y":444,"width":736,"height":12}},{"id":"ce8c056f-d40f-4809-ab52-08046b14bf57","block_type":"box","text":"investment value. Convertible securities rank senior to common stock in a corporation’s capital","page_number":72,"box":{"x":117,"y":459,"width":706,"height":12}},{"id":"56e6f131-13f4-4f1e-9cf5-5e72c09c9a0d","block_type":"box","text":"structure but are usually subordinated to comparable nonconvertible securities. Convertible securities","page_number":72,"box":{"x":116,"y":475,"width":757,"height":12}},{"id":"3ce3466f-08bf-44f3-b778-1957f0e95878","block_type":"box","text":"may be subject to redemption at the option of the issuer at a price established in the convertible","page_number":72,"box":{"x":117,"y":490,"width":714,"height":12}},{"id":"8ee0dcae-8861-4993-89a3-236ff846cf4b","block_type":"box","text":"security’s governing instrument.","page_number":72,"box":{"x":116,"y":506,"width":241,"height":12}},{"id":"0f7572cb-822d-409b-8bf0-808807e44ef1","block_type":"box","text":"The characteristics of convertible securities make them potentially attractive investments for an","page_number":72,"box":{"x":116,"y":537,"width":710,"height":12}},{"id":"64ab77e7-4f02-46f6-99f1-fd4e513c1e32","block_type":"box","text":"investment company seeking a high total return from capital appreciation and investment income.","page_number":72,"box":{"x":117,"y":552,"width":727,"height":12}},{"id":"1f25887f-d007-429b-8606-f6176231d8af","block_type":"box","text":"These characteristics include the potential for capital appreciation as the value of the underlying","page_number":72,"box":{"x":116,"y":568,"width":716,"height":12}},{"id":"b2fa9214-8c13-487c-a7ee-f97f923d9172","block_type":"box","text":"common stock increases, the relatively high yield received from dividend or interest payments as","page_number":72,"box":{"x":116,"y":583,"width":723,"height":12}},{"id":"7a450067-2f22-47df-af3e-05abd0692428","block_type":"box","text":"compared to common stock dividends and decreased risks of decline in value relative to the underlying","page_number":72,"box":{"x":116,"y":599,"width":770,"height":12}},{"id":"ef455369-a208-4857-b032-bc5a8bb5d1da","block_type":"box","text":"common stock due to their fixed-income nature. As a result of the conversion feature, however, the","page_number":72,"box":{"x":116,"y":614,"width":739,"height":11}},{"id":"abd119c8-10ba-4daf-9a56-28b7cbd61e68","block_type":"box","text":"interest rate or dividend preference on a convertible security is generally less than would be the case if","page_number":72,"box":{"x":117,"y":630,"width":766,"height":12}},{"id":"4a8c8846-ea87-41a3-9150-7d3065b135ac","block_type":"box","text":"the securities were issued in nonconvertible form.","page_number":72,"box":{"x":116,"y":645,"width":373,"height":10}},{"id":"95308a65-5036-4e3f-92d0-a61934bb52ef","block_type":"box","text":"In analyzing convertible securities, the Manager will consider both the yield on the convertible security","page_number":72,"box":{"x":117,"y":676,"width":755,"height":12}},{"id":"48d5865b-7e1d-4fde-8a64-8277d3729bfa","block_type":"box","text":"relative to its credit quality and the potential capital appreciation that is offered by the underlying","page_number":72,"box":{"x":117,"y":692,"width":710,"height":12}},{"id":"f57a8a92-fc02-4ce9-ae0b-5875dbd4db14","block_type":"box","text":"common stock, among other things.","page_number":72,"box":{"x":116,"y":707,"width":265,"height":12}},{"id":"5bab55db-178a-497b-99c1-b7bc5b47acac","block_type":"box","text":"Convertible securities are issued and traded in a number of securities markets. Even in cases where a","page_number":72,"box":{"x":117,"y":738,"width":758,"height":10}},{"id":"687e77bb-f32f-40f6-8507-8ccdd248b609","block_type":"box","text":"substantial portion of the convertible securities held by a Fund are denominated in U.S. dollars, the","page_number":72,"box":{"x":116,"y":754,"width":734,"height":12}},{"id":"b2fc995e-6492-4b9e-8412-1e2cae1381fe","block_type":"box","text":"underlying equity securities may be quoted in the currency of the country where the issuer is domiciled.","page_number":72,"box":{"x":117,"y":769,"width":764,"height":12}},{"id":"d8069bcc-2030-4de3-8c58-72121549ff2f","block_type":"box","text":"As a result, fluctuations in the exchange rate between the currency in which the debt security is","page_number":72,"box":{"x":116,"y":785,"width":707,"height":12}},{"id":"40322f4e-ec0f-4a23-bd81-f6eff561c6fb","block_type":"box","text":"denominated and the currency in which the share price is quoted will affect the value of the convertible","page_number":72,"box":{"x":116,"y":800,"width":761,"height":12}},{"id":"c1adbfb8-19b6-43fa-9e45-c0825caa5a90","block_type":"box","text":"security. With respect to convertible securities denominated in a currency different from that of the","page_number":72,"box":{"x":116,"y":816,"width":728,"height":12}},{"id":"011ecc4a-3064-4818-a1bd-43046d085345","block_type":"box","text":"underlying equity securities, the conversion price may be based on a fixed exchange rate established","page_number":72,"box":{"x":117,"y":831,"width":756,"height":12}},{"id":"fe6ef118-cd3b-4f28-8ab5-3354aa95dea8","block_type":"box","text":"at the time the security is issued, which may increase the effects of currency risk. As described below,","page_number":72,"box":{"x":116,"y":847,"width":763,"height":12}},{"id":"5df6ab81-b28c-4374-b136-b4d25f8d0210","block_type":"box","text":"a Fund is authorized to enter into foreign currency hedging transactions in which it may seek to reduce","page_number":72,"box":{"x":116,"y":862,"width":766,"height":12}},{"id":"215cb498-927f-410d-accf-068dcf877643","block_type":"box","text":"the effect of exchange rate fluctuations.","page_number":72,"box":{"x":116,"y":878,"width":298,"height":12}},{"id":"4c6e490d-7fb1-437a-a7d5-c07922140243","block_type":"box","text":"II-7","page_number":72,"box":{"x":489,"y":909,"width":22,"height":9}},{"id":"1163d9b5-0728-4b56-aff5-d2ca5cef10d6","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":72,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"622c92db-dd93-4bb8-93d9-aa3f05816e7c","block_type":"box","text":"Apart from currency considerations, the value of convertible securities is influenced by both the yield","page_number":73,"box":{"x":116,"y":87,"width":749,"height":12}},{"id":"307a85b5-57a3-4ff6-8a4f-f79c7373ee71","block_type":"box","text":"on nonconvertible securities of comparable issuers and by the value of the underlying common stock.","page_number":73,"box":{"x":116,"y":102,"width":757,"height":13}},{"id":"0fa2f6e2-614a-4312-8efc-753f1b046511","block_type":"box","text":"The value of a convertible security viewed without regard to its conversion feature (","page_number":73,"box":{"x":116,"y":118,"width":617,"height":12}},{"id":"9eda3b3e-6a2d-4ae4-85a9-e69a41f865d4","block_type":"box","text":"i.e.","page_number":73,"box":{"x":734,"y":118,"width":20,"height":10}},{"id":"bc52cf2f-aa01-4efe-bff4-8e5ed47cf539","block_type":"box","text":", strictly on the","page_number":73,"box":{"x":757,"y":118,"width":112,"height":12}},{"id":"445ea092-588f-410e-8788-423db3b42348","block_type":"box","text":"basis of its yield) is sometimes referred to as its “investment value.” To the extent interest rates","page_number":73,"box":{"x":117,"y":134,"width":709,"height":12}},{"id":"13a91cd9-71b3-41fe-a0cd-306e3a675248","block_type":"box","text":"change, the investment value of the convertible security typically will fluctuate. At the same time,","page_number":73,"box":{"x":116,"y":149,"width":720,"height":12}},{"id":"f7fcf92d-cb4d-4c39-bf84-a0590082df29","block_type":"box","text":"however, the value of the convertible security will be influenced by its “conversion value,” which is the","page_number":73,"box":{"x":117,"y":165,"width":756,"height":12}},{"id":"8702aee2-d7f9-405b-9718-b4757bd5a713","block_type":"box","text":"market value of the underlying common stock that would be obtained if the convertible security were","page_number":73,"box":{"x":117,"y":180,"width":747,"height":12}},{"id":"79072b18-c7fc-45c8-af43-17544a000e20","block_type":"box","text":"converted. Conversion value fluctuates directly with the price of the underlying common stock. If the","page_number":73,"box":{"x":116,"y":196,"width":746,"height":12}},{"id":"0be11f4f-edd3-4372-9a78-ad7a2224fe34","block_type":"box","text":"conversion value of a convertible security is substantially below its investment value, the price of the","page_number":73,"box":{"x":116,"y":211,"width":748,"height":12}},{"id":"5efc9ac9-a6c1-4a05-b5d0-49a141a1e870","block_type":"box","text":"convertible security is governed principally by its investment value. To the extent the conversion value","page_number":73,"box":{"x":116,"y":227,"width":761,"height":12}},{"id":"4be2b0ad-d54f-46f3-9028-5d210517aa75","block_type":"box","text":"of a convertible security increases to a point that approximates or exceeds its investment value, the","page_number":73,"box":{"x":116,"y":242,"width":743,"height":12}},{"id":"6568d08d-dcda-4fe1-a295-eb22735cd714","block_type":"box","text":"price of the convertible security will be influenced principally by its conversion value. A convertible","page_number":73,"box":{"x":117,"y":258,"width":729,"height":12}},{"id":"b691af10-453e-4e35-b182-35fca30e868b","block_type":"box","text":"security will sell at a premium over the conversion value to the extent investors place value on the right","page_number":73,"box":{"x":116,"y":273,"width":768,"height":12}},{"id":"ecc91155-c9c7-442f-ab41-4e85a5bfc606","block_type":"box","text":"to acquire the underlying common stock while holding a fixed-income security. The yield and","page_number":73,"box":{"x":116,"y":289,"width":691,"height":12}},{"id":"d1d670d4-b534-4926-9a6e-6ea0b6de80b6","block_type":"box","text":"conversion premium of convertible securities issued in Japan and the Euromarket are frequently","page_number":73,"box":{"x":116,"y":304,"width":718,"height":12}},{"id":"6d194602-3a21-40e2-b700-51d20804d3ea","block_type":"box","text":"determined at levels that cause the conversion value to affect their market value more than the","page_number":73,"box":{"x":116,"y":320,"width":708,"height":9}},{"id":"7c9a8f32-9128-46df-8e7b-d71b8acc5aaf","block_type":"box","text":"securities’ investment value.","page_number":73,"box":{"x":116,"y":335,"width":215,"height":10}},{"id":"c3171ab9-1610-4508-a74d-35b509be4408","block_type":"box","text":"Holders of convertible securities generally have a claim on the assets of the issuer prior to the common","page_number":73,"box":{"x":117,"y":362,"width":770,"height":12}},{"id":"e69f5096-8bf9-4fe9-a649-f284a003c509","block_type":"box","text":"stockholders but may be subordinated to other debt securities of the same issuer. A convertible","page_number":73,"box":{"x":116,"y":378,"width":713,"height":12}},{"id":"4b0acb61-1911-4456-899b-bbc3ca16fda0","block_type":"box","text":"security may be subject to redemption at the option of the issuer at a price established in a charter","page_number":73,"box":{"x":116,"y":393,"width":734,"height":12}},{"id":"e50cb053-3115-4cdb-9ff4-2a363eb18849","block_type":"box","text":"provision, indenture or other governing instrument pursuant to which the convertible security was","page_number":73,"box":{"x":117,"y":409,"width":723,"height":12}},{"id":"267876c1-8056-4959-9979-91096b380774","block_type":"box","text":"issued. If a convertible security held by a Fund is called for redemption, the Fund will be required to","page_number":73,"box":{"x":117,"y":424,"width":741,"height":12}},{"id":"587ec2c5-e4d7-47c0-9866-64fa2d4a409c","block_type":"box","text":"redeem the security, convert it into the underlying common stock or sell it to a third party. Certain","page_number":73,"box":{"x":117,"y":440,"width":723,"height":12}},{"id":"a1508d36-46e4-4dff-b093-ee4bf3615e43","block_type":"box","text":"convertible debt securities may provide a put option to the holder, which entitles the holder to cause","page_number":73,"box":{"x":116,"y":455,"width":745,"height":12}},{"id":"a5527b5b-1570-4cdc-9f9e-f7606349d8a7","block_type":"box","text":"the security to be redeemed by the issuer at a premium over the stated principal amount of the debt","page_number":73,"box":{"x":116,"y":471,"width":745,"height":12}},{"id":"6d39a84a-5909-4d0c-9572-e377445e9af0","block_type":"box","text":"security under certain circumstances.","page_number":73,"box":{"x":116,"y":486,"width":282,"height":12}},{"id":"9fd5d77f-851e-482a-84af-bd9bfee713f3","block_type":"box","text":"A Fund may also invest in synthetic convertible securities. Synthetic convertible securities may include","page_number":73,"box":{"x":116,"y":513,"width":765,"height":12}},{"id":"c99929c5-dc8a-43ff-812e-fd3e9c4e2ebb","block_type":"box","text":"either Cash-Settled Convertibles or Manufactured Convertibles. “Cash-Settled Convertibles” are","page_number":73,"box":{"x":116,"y":529,"width":717,"height":9}},{"id":"c57ffca0-eb3e-406a-b2d7-28001b173c8c","block_type":"box","text":"instruments that are created by the issuer and have the economic characteristics of traditional","page_number":73,"box":{"x":117,"y":544,"width":701,"height":12}},{"id":"8089d1d9-b0a3-4b05-8686-122d2b2305cc","block_type":"box","text":"convertible securities but may not actually permit conversion into the underlying equity securities in all","page_number":73,"box":{"x":116,"y":560,"width":760,"height":12}},{"id":"c6040d3c-94c1-4991-92f2-313f3a0c86e1","block_type":"box","text":"circumstances. As an example, a private company may issue a Cash-Settled Convertible that is","page_number":73,"box":{"x":116,"y":575,"width":715,"height":12}},{"id":"a7ea27e2-0084-492c-8e55-a4e8ca7f6470","block_type":"box","text":"convertible into common stock only if the company successfully completes a public offering of its","page_number":73,"box":{"x":116,"y":591,"width":721,"height":12}},{"id":"35607fb8-b041-415b-85f8-3e17b0f0ed7b","block_type":"box","text":"common stock prior to maturity and otherwise pays a cash amount to reflect any equity appreciation.","page_number":73,"box":{"x":116,"y":606,"width":751,"height":12}},{"id":"b918eb9e-4850-46fa-8400-e0e8f4d4937e","block_type":"box","text":"“Manufactured Convertibles” are created by the Manager or another party by combining separate","page_number":73,"box":{"x":116,"y":622,"width":726,"height":12}},{"id":"e4a2f9bf-b88f-4495-b006-012a0f8a1395","block_type":"box","text":"securities that possess one of the two principal characteristics of a convertible security,","page_number":73,"box":{"x":116,"y":637,"width":651,"height":12}},{"id":"2a0b0bed-3cf8-4d09-ab06-fac871a97056","block_type":"box","text":"i.e.","page_number":73,"box":{"x":767,"y":638,"width":21,"height":9}},{"id":"6d2358b8-4d20-4ad7-9fac-8b7e7e391f6b","block_type":"box","text":", fixed","page_number":73,"box":{"x":791,"y":637,"width":49,"height":12}},{"id":"f9e63f16-8abb-4385-85b2-b1d62859d1cc","block_type":"box","text":"income (“fixed-income component”) or a right to acquire equity securities (“convertibility component”).","page_number":73,"box":{"x":117,"y":653,"width":756,"height":12}},{"id":"0d49b690-18c7-41d8-a427-4d9037f463b4","block_type":"box","text":"The fixed-income component is achieved by investing in nonconvertible fixed-income securities, such","page_number":73,"box":{"x":116,"y":668,"width":751,"height":12}},{"id":"2539d903-e9b0-4fe8-ab81-1a630891db48","block_type":"box","text":"as nonconvertible bonds, preferred stocks and money market instruments. The convertibility","page_number":73,"box":{"x":116,"y":684,"width":684,"height":12}},{"id":"5d714e5d-b1ce-4bde-b6a9-a0bd7a4f239d","block_type":"box","text":"component is achieved by investing in call options, warrants, or other securities with equity conversion","page_number":73,"box":{"x":116,"y":700,"width":758,"height":12}},{"id":"31221eb6-a70d-4f73-96a8-bff1144011fc","block_type":"box","text":"features (“equity features”) granting the holder the right to purchase a specified quantity of the","page_number":73,"box":{"x":116,"y":715,"width":697,"height":12}},{"id":"f79c641b-5afc-4bf6-8fc2-4f9033926d80","block_type":"box","text":"underlying stocks within a specified period of time at a specified price or, in the case of a stock index","page_number":73,"box":{"x":117,"y":730,"width":745,"height":13}},{"id":"b513e43f-84eb-4b52-ac64-db23c32b85fc","block_type":"box","text":"option, the right to receive a cash payment based on the value of the underlying stock index.","page_number":73,"box":{"x":116,"y":746,"width":685,"height":12}},{"id":"a0dfa002-caba-48e9-b1c1-f8be1e6168ce","block_type":"box","text":"A Manufactured Convertible differs from traditional convertible securities in several respects. Unlike a","page_number":73,"box":{"x":116,"y":773,"width":751,"height":12}},{"id":"a57a7eab-9f9a-4923-8390-1dbbda79af10","block_type":"box","text":"traditional convertible security, which is a single security that has a unitary market value, a","page_number":73,"box":{"x":116,"y":789,"width":669,"height":12}},{"id":"234ecbc0-97cc-4da1-b4c7-1a70586faea3","block_type":"box","text":"Manufactured Convertible is comprised of two or more separate securities, each with its own market","page_number":73,"box":{"x":117,"y":804,"width":742,"height":12}},{"id":"60f671fe-2ecd-4cf5-9450-7fe9f83ddf96","block_type":"box","text":"value. Therefore, the total “market value” of such a Manufactured Convertible is the sum of the values","page_number":73,"box":{"x":116,"y":820,"width":755,"height":11}},{"id":"ac469a48-3be8-4138-abd7-cc445373c2f4","block_type":"box","text":"of its fixed-income component and its convertibility component.","page_number":73,"box":{"x":116,"y":835,"width":472,"height":12}},{"id":"d9396c47-eb69-40d8-be58-0c14278e9131","block_type":"box","text":"More flexibility is possible in the creation of a Manufactured Convertible than in the purchase of a","page_number":73,"box":{"x":117,"y":862,"width":724,"height":12}},{"id":"c4b1f284-d8c5-4537-a336-2fe5f666c037","block_type":"box","text":"traditional convertible security. Because many corporations have not issued convertible securities, the","page_number":73,"box":{"x":116,"y":878,"width":761,"height":12}},{"id":"b7244206-9b54-4954-8041-d84a15e2ae41","block_type":"box","text":"II-8","page_number":73,"box":{"x":489,"y":909,"width":22,"height":9}},{"id":"dea4a07b-cc1d-400d-856f-3e3fb379dffa","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":73,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"ef570e9c-2ad2-481b-85a1-ecbc3c4e6224","block_type":"box","text":"Manager may combine a fixed-income instrument and an equity feature with respect to the stock of the","page_number":74,"box":{"x":117,"y":87,"width":767,"height":12}},{"id":"b6c12f45-8594-44bc-ba7a-716ec9a06e75","block_type":"box","text":"issuer of the fixed-income instrument to create a synthetic convertible security otherwise unavailable in","page_number":74,"box":{"x":117,"y":102,"width":767,"height":13}},{"id":"ba9e8105-e94c-437f-8bdf-f66a08c76379","block_type":"box","text":"the market. The Manager may also combine a fixed-income instrument of an issuer with an equity","page_number":74,"box":{"x":116,"y":118,"width":731,"height":12}},{"id":"a45d00be-39ee-4aca-9199-ca06e5517c6f","block_type":"box","text":"feature with respect to the stock of a different issuer when the Manager believes such a Manufactured","page_number":74,"box":{"x":116,"y":134,"width":763,"height":12}},{"id":"f78ecff6-fc67-4510-8afe-e977cecdda63","block_type":"box","text":"Convertible would better promote a Fund’s objective than alternative investments. For example, the","page_number":74,"box":{"x":117,"y":149,"width":742,"height":12}},{"id":"7d85a624-256e-447f-89ef-359e4d4cbcea","block_type":"box","text":"Manager may combine an equity feature with respect to an issuer’s stock with a fixed-income security","page_number":74,"box":{"x":117,"y":165,"width":759,"height":12}},{"id":"8c4c75eb-9947-4403-bd5f-d6b9b60c689b","block_type":"box","text":"of a different issuer in the same industry to diversify the Fund’s credit exposure, or with a U.S.","page_number":74,"box":{"x":116,"y":180,"width":702,"height":12}},{"id":"dff178a6-0cdb-462c-ad15-7559c540911d","block_type":"box","text":"Treasury instrument to create a Manufactured Convertible with a higher credit profile than a traditional","page_number":74,"box":{"x":116,"y":196,"width":762,"height":12}},{"id":"a3c76fb4-57b4-4d9b-b062-8c70c533019f","block_type":"box","text":"convertible security issued by that issuer. A Manufactured Convertible also is a more flexible","page_number":74,"box":{"x":116,"y":211,"width":691,"height":12}},{"id":"37ec25af-34fe-45de-8715-c4cc263adf0c","block_type":"box","text":"investment in that its two components may be purchased separately and, upon purchasing the","page_number":74,"box":{"x":117,"y":227,"width":704,"height":12}},{"id":"b7ca7256-94e3-4ae5-8455-5f0c75c9b37b","block_type":"box","text":"separate securities, “combined” to create a Manufactured Convertible. For example, the Fund may","page_number":74,"box":{"x":116,"y":242,"width":736,"height":12}},{"id":"d5a93aa1-6be2-4bb5-a1f5-8ab4d3b0e9ed","block_type":"box","text":"purchase a warrant for eventual inclusion in a Manufactured Convertible while postponing the","page_number":74,"box":{"x":117,"y":258,"width":697,"height":12}},{"id":"5d53a015-3843-45b3-8431-7092dbbb537e","block_type":"box","text":"purchase of a suitable bond to pair with the warrant pending development of more favorable market","page_number":74,"box":{"x":117,"y":273,"width":743,"height":12}},{"id":"925a325f-0fa9-484f-8535-68dc1703883d","block_type":"box","text":"conditions.","page_number":74,"box":{"x":116,"y":289,"width":85,"height":9}},{"id":"f1e83c2f-e47d-4fae-bd0d-a6f98c52f368","block_type":"box","text":"The value of a Manufactured Convertible may respond to certain market fluctuations differently from a","page_number":74,"box":{"x":116,"y":320,"width":761,"height":12}},{"id":"6ed278f0-1284-4dc6-bb9a-f0f94c852ff5","block_type":"box","text":"traditional convertible security with similar characteristics. For example, in the event a Fund created a","page_number":74,"box":{"x":116,"y":335,"width":758,"height":12}},{"id":"4e9957d1-915e-4700-b087-00540d3edbb5","block_type":"box","text":"Manufactured Convertible by combining a short-term U.S. Treasury instrument and a call option on a","page_number":74,"box":{"x":117,"y":351,"width":752,"height":12}},{"id":"bdd1fd30-b594-4565-af14-6478c9fd9831","block_type":"box","text":"stock, the Manufactured Convertible would be expected to outperform a traditional convertible of","page_number":74,"box":{"x":116,"y":366,"width":720,"height":12}},{"id":"2d66f403-54a3-47f3-a65e-f2228b7cc0f2","block_type":"box","text":"similar maturity that is convertible into that stock during periods when Treasury instruments outperform","page_number":74,"box":{"x":116,"y":382,"width":767,"height":12}},{"id":"51325c89-343e-433f-a695-3c02bfead232","block_type":"box","text":"corporate fixed-income securities and underperform during periods when corporate fixed-income","page_number":74,"box":{"x":116,"y":397,"width":722,"height":12}},{"id":"a058cb54-7c2c-4923-b621-b43da4224ae8","block_type":"box","text":"securities outperform Treasury instruments.","page_number":74,"box":{"x":116,"y":413,"width":329,"height":12}},{"id":"2f6f23d6-6f5a-4e5d-82a4-e50e85935e10","block_type":"box","text":"Corporate Loans.","page_number":74,"box":{"x":117,"y":444,"width":134,"height":12}},{"id":"e598d1a0-20f6-4f46-ae97-b99fdd7c18db","block_type":"box","text":"Certain Funds may invest in corporat","page_number":74,"box":{"x":252,"y":444,"width":274,"height":12}},{"id":"d7fcf257-6ae3-49c5-97b4-0f9d695d0fd0","block_type":"box","text":"e loans. Corporate loans are generally","page_number":74,"box":{"x":527,"y":444,"width":282,"height":12}},{"id":"617df348-b77f-4a9f-892c-0e855337aa64","block_type":"box","text":"non-investment grade floating rate instruments. Usually","page_number":74,"box":{"x":117,"y":459,"width":401,"height":12}},{"id":"637a7034-2a07-4299-b568-7c399089e7ac","block_type":"box","text":", they are freely callable at the issuer’s option.","page_number":74,"box":{"x":520,"y":459,"width":336,"height":12}},{"id":"73e2e672-f82f-45a1-89f0-16b3f88c2c8d","block_type":"box","text":"Certain Funds may invest in fixed and floating rate loans (“Loans”) arranged through private negotiations","page_number":74,"box":{"x":117,"y":475,"width":762,"height":12}},{"id":"91f6886a-5d7a-44b6-aae9-813a4c4473ee","block_type":"box","text":"between a corporate borrower or a foreign soverei","page_number":74,"box":{"x":117,"y":490,"width":363,"height":12}},{"id":"3581a19b-cb51-4ddb-9d84-34c744b3877c","block_type":"box","text":"gn entity and one or more financial institutions or","page_number":74,"box":{"x":481,"y":490,"width":358,"height":12}},{"id":"c9383d00-ba0f-4cd4-989d-68d617542338","block_type":"box","text":"institutional investors (“Lenders”). A Fund may invest in","page_number":74,"box":{"x":117,"y":506,"width":399,"height":12}},{"id":"1d9d56fb-e995-4349-8245-c2bce6bc2369","block_type":"box","text":"such Loans in the form of participations in Loans","page_number":74,"box":{"x":517,"y":506,"width":362,"height":12}},{"id":"bbe7b659-2c7b-481f-9238-757bcdf00dbc","block_type":"box","text":"(“Participations”) and assignments of all or a porti","page_number":74,"box":{"x":117,"y":521,"width":356,"height":12}},{"id":"4371a442-57c8-48d6-be85-c3ffb8b271bf","block_type":"box","text":"on of Loans from third parties (“Assignments”). A Fund","page_number":74,"box":{"x":474,"y":521,"width":402,"height":12}},{"id":"fa948a4c-becf-4c67-a104-1676df91667e","block_type":"box","text":"considers these investments to be investments in debt","page_number":74,"box":{"x":116,"y":537,"width":400,"height":9}},{"id":"32c635c5-00f5-478c-a353-d49b5230613c","block_type":"box","text":"securities for purposes of its investment policies.","page_number":74,"box":{"x":516,"y":537,"width":357,"height":12}},{"id":"f83fd1d7-3ba1-4ebf-bdbe-69e1dfa34fee","block_type":"box","text":"Participations typically will result in the Fund havi","page_number":74,"box":{"x":117,"y":552,"width":353,"height":12}},{"id":"6e1e74f7-36a2-4d34-bfe6-a9967b33bedc","block_type":"box","text":"ng a contractual relationship only with the Lender, not","page_number":74,"box":{"x":472,"y":552,"width":392,"height":12}},{"id":"63d81019-0dd5-4c72-9a7d-c193c92a5e5e","block_type":"box","text":"with the borrower. The Fund will have the right to receive","page_number":74,"box":{"x":116,"y":568,"width":417,"height":12}},{"id":"a75e2064-a96e-447c-bb25-9649d9226d6f","block_type":"box","text":"payments of principal, interest and any fees to","page_number":74,"box":{"x":534,"y":568,"width":340,"height":12}},{"id":"b5a7c742-e334-4e7f-82cf-2097b7fb6f53","block_type":"box","text":"which it is entitled only from the Lender selling t","page_number":74,"box":{"x":116,"y":583,"width":344,"height":12}},{"id":"50118525-471e-4a94-9e26-1ffc504c3113","block_type":"box","text":"he Participation and only upon receipt by the Lender of","page_number":74,"box":{"x":461,"y":583,"width":402,"height":12}},{"id":"691d40a9-ac42-4a68-9912-84cf4be83fb0","block_type":"box","text":"the payments from the borrower. In connection wit","page_number":74,"box":{"x":116,"y":599,"width":365,"height":12}},{"id":"cf6ca199-3ee6-424c-a5a6-f4a3d39b94d9","block_type":"box","text":"h purchasing Participations, the Fund generally will","page_number":74,"box":{"x":482,"y":599,"width":374,"height":12}},{"id":"a10f5628-8454-4357-a6dd-032dc2236697","block_type":"box","text":"have no right to enforce compliance by the borrower w","page_number":74,"box":{"x":117,"y":614,"width":383,"height":12}},{"id":"3b3b14f9-f181-4d99-88bc-16f0b8967ec7","block_type":"box","text":"with the terms of the loan agreement relating to the","page_number":74,"box":{"x":500,"y":614,"width":376,"height":12}},{"id":"f52b2d40-b70f-4927-9be5-27b6dc047b96","block_type":"box","text":"Loans, nor any rights of set-off against the borrower, and the Fund may not benefit directly from any","page_number":74,"box":{"x":117,"y":630,"width":729,"height":12}},{"id":"0b0931b9-7ac4-40c1-9de8-78250f709cd0","block_type":"box","text":"collateral supporting the Loan in which it has purc","page_number":74,"box":{"x":116,"y":645,"width":360,"height":12}},{"id":"b9556f66-2604-42df-9e6c-d56bdf14e6db","block_type":"box","text":"hased the Participation. As a result, the Fund will","page_number":74,"box":{"x":477,"y":645,"width":359,"height":12}},{"id":"837b22cf-6665-459e-9f8b-e491173aff00","block_type":"box","text":"assume the credit risk of both the borrower and","page_number":74,"box":{"x":116,"y":661,"width":343,"height":9}},{"id":"d89a558d-1f86-4ee9-a90e-0b2a9cbdf5ff","block_type":"box","text":"the Lender that is selling the Participation.","page_number":74,"box":{"x":465,"y":661,"width":303,"height":12}},{"id":"8b61458e-8a6c-499e-8905-5f03c6326829","block_type":"box","text":"In the event of the insolvency of the Lender selling the Participation, the Fund may be treated as a","page_number":74,"box":{"x":117,"y":692,"width":727,"height":12}},{"id":"d9758964-5137-40ba-890d-b4f725788b2d","block_type":"box","text":"general creditor of the Lender and may not benefit from any set-off between the Lender and the","page_number":74,"box":{"x":116,"y":707,"width":709,"height":12}},{"id":"8f1508d5-5976-4839-bb16-3cb35f125936","block_type":"box","text":"borrower. The Fund will acquire Participations only if the Lender interpositioned between the Fund and","page_number":74,"box":{"x":117,"y":723,"width":759,"height":12}},{"id":"73154aa8-97c2-4a03-a1e2-c50674fe3711","block_type":"box","text":"the borrower is determined by the Fund’s manager to be creditworthy. When the Fund purchases","page_number":74,"box":{"x":116,"y":738,"width":721,"height":12}},{"id":"301917db-c91e-41b7-95bf-c59606d16b55","block_type":"box","text":"Assignments from Lenders, the Fund will acquire direct rights against the borrower on the Loan, and","page_number":74,"box":{"x":116,"y":754,"width":743,"height":12}},{"id":"631d9e1e-ceaf-440e-bb8a-2d7d023f94b4","block_type":"box","text":"will not have exposure to a counterparty’s credit risk. The Funds may enter into Participations and","page_number":74,"box":{"x":116,"y":769,"width":725,"height":12}},{"id":"163fc437-ed19-44cb-8c92-68ecc5f179da","block_type":"box","text":"Assignments on a forward commitment or “when-issued” basis, whereby a Fund would agree to","page_number":74,"box":{"x":116,"y":785,"width":709,"height":12}},{"id":"abe6e1f6-1457-4144-883e-af4b7e09ae40","block_type":"box","text":"purchase a Participation or Assignment at set terms in the future. For more information on forward","page_number":74,"box":{"x":117,"y":800,"width":727,"height":12}},{"id":"e4a59470-ea59-443d-add8-0f3a6c781c28","block_type":"box","text":"commitments and when-issued securities, see “When-Issued Securities, Delayed Delivery Securities","page_number":74,"box":{"x":116,"y":816,"width":746,"height":12}},{"id":"0ec4341b-3954-47ab-abdc-15a11a484b56","block_type":"box","text":"and Forward Commitments” below. A Fund may have difficulty disposing of Assignments and","page_number":74,"box":{"x":116,"y":831,"width":697,"height":12}},{"id":"012743c2-79be-4b91-af81-13dd422fa2eb","block_type":"box","text":"Participations. In certain cases, the market for such instruments may lack sufficient liquidity, and","page_number":74,"box":{"x":117,"y":847,"width":718,"height":12}},{"id":"2c36abb5-d6c5-47eb-b1b6-83a15378135e","block_type":"box","text":"therefore the Fund anticipates that in such cases such instruments could be sold only to a limited","page_number":74,"box":{"x":116,"y":862,"width":725,"height":12}},{"id":"7989ecf3-2384-4035-a683-83b63fd653f5","block_type":"box","text":"number of institutional investors. The lack of a sufficiently liquid secondary market may have an","page_number":74,"box":{"x":117,"y":878,"width":713,"height":12}},{"id":"ed9f1e5a-aba2-4531-8ce0-6ae3828a7ff6","block_type":"box","text":"II-9","page_number":74,"box":{"x":489,"y":909,"width":22,"height":9}},{"id":"224ab668-d60f-4269-8b1c-c3a66477ac30","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":74,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"d7a50976-5d77-4b05-be7e-99d44f46c76b","block_type":"box","text":"adverse impact on the value of such instruments and on the Fund’s ability to dispose of particular","page_number":75,"box":{"x":116,"y":87,"width":727,"height":12}},{"id":"fea4af69-788f-438b-9313-052b31c56d07","block_type":"box","text":"Assignments or Participations in response to a specific economic event, such as deterioration in the","page_number":75,"box":{"x":116,"y":102,"width":745,"height":13}},{"id":"86eeb434-8ad0-4052-bf10-ea7b0c05e3ef","block_type":"box","text":"creditworthiness of the borrower. Leading financial institutions often act as agent for a broader group of","page_number":75,"box":{"x":116,"y":118,"width":770,"height":12}},{"id":"e83e085c-87b7-4721-b4fa-88c9b9149be3","block_type":"box","text":"Lenders, generally referred to as a syndicate. The syndicate’s agent arranges the loans, holds","page_number":75,"box":{"x":117,"y":134,"width":703,"height":12}},{"id":"4bacc8f4-b80b-4a46-9a04-a19a11faa5e5","block_type":"box","text":"collateral and accepts payments of principal and interest. Failure by the syndicate agent to fulfill its","page_number":75,"box":{"x":116,"y":149,"width":736,"height":12}},{"id":"cb04aaeb-d5e7-4678-918f-f4262911d776","block_type":"box","text":"obligations may delay or adversely affect receipt of payment by the Fund.","page_number":75,"box":{"x":116,"y":165,"width":550,"height":12}},{"id":"9655ef97-5986-4063-a3f4-ed2823daa8f5","block_type":"box","text":"The Loans in which the Fund may invest are subject to the risk of loss of principal and income.","page_number":75,"box":{"x":116,"y":193,"width":706,"height":12}},{"id":"4b41efe4-f925-4792-ba69-bda50a71f92e","block_type":"box","text":"Although borrowers frequently provide collateral to secure repayment of these obligations they do not","page_number":75,"box":{"x":116,"y":209,"width":757,"height":12}},{"id":"ea5ffcf7-2b2c-47ff-9177-509615d3e50a","block_type":"box","text":"always do so. If they do provide collateral, the value of the collateral may not completely cover the","page_number":75,"box":{"x":116,"y":224,"width":732,"height":12}},{"id":"b2455477-0ed6-4c15-869a-d0662ecf27d1","block_type":"box","text":"borrower’s obligations at the time of a default. If a borrower files for protection from its creditors under","page_number":75,"box":{"x":117,"y":240,"width":757,"height":12}},{"id":"93e1a79b-efce-4162-9ad3-c61fb56a2da3","block_type":"box","text":"the U.S. bankruptcy laws, these laws may limit a Fund’s rights to its collateral. In addition, the value of","page_number":75,"box":{"x":116,"y":255,"width":761,"height":12}},{"id":"90bc7bd3-3e22-495b-8f61-2759913624bf","block_type":"box","text":"collateral may erode during a bankruptcy case. In the event of a bankruptcy, the holder of a Loan may","page_number":75,"box":{"x":116,"y":271,"width":762,"height":12}},{"id":"c21a299b-2e3b-4224-bb59-9b7461c26da5","block_type":"box","text":"not recover its principal, may experience a long delay in recovering its investment and may not receive","page_number":75,"box":{"x":117,"y":286,"width":765,"height":12}},{"id":"73dc921d-2b8a-42c8-a770-18d322956df2","block_type":"box","text":"interest during the delay.","page_number":75,"box":{"x":117,"y":302,"width":188,"height":12}},{"id":"ffebd6d4-4937-47a5-9cef-1868ce9efc37","block_type":"box","text":"Transactions in corporate loans may settle on a delayed basis. As a result, the proceeds from the sale","page_number":75,"box":{"x":116,"y":331,"width":763,"height":12}},{"id":"edc32f40-b999-4a1d-a4bd-c437c8cce27e","block_type":"box","text":"of corporate loans may not be readily available to make additional investments or to meet a Fund’s","page_number":75,"box":{"x":116,"y":346,"width":738,"height":12}},{"id":"07a3718f-5da7-4da9-a441-8099a5e64a44","block_type":"box","text":"redemption obligations. To the extent the extended settlement process gives rise to short-term liquidity","page_number":75,"box":{"x":117,"y":362,"width":765,"height":12}},{"id":"2c61991e-b8ee-447f-8a0b-e237b9a71085","block_type":"box","text":"needs, a Fund may hold additional cash, sell investments or temporarily borrow from banks and other","page_number":75,"box":{"x":117,"y":377,"width":758,"height":12}},{"id":"51ab9fc3-92e8-4c9f-8b8b-f77abfaff81c","block_type":"box","text":"lenders.","page_number":75,"box":{"x":117,"y":393,"width":63,"height":9}},{"id":"7d7b9517-a167-45b7-8d73-7db81ed130cb","block_type":"box","text":"In certain circumstances, Loans may not be deemed to be securities under certain federal securities","page_number":75,"box":{"x":117,"y":421,"width":746,"height":12}},{"id":"3b93f1d4-c905-4f8e-b4a0-2fa07f4561f4","block_type":"box","text":"laws. Therefore, in the event of fraud or misrepresentation by a borrower or an arranger, Lenders and","page_number":75,"box":{"x":117,"y":437,"width":758,"height":12}},{"id":"a955bc0e-e43b-4155-916b-0c7b01ab23f4","block_type":"box","text":"purchasers of interests in Loans, such as the Funds, may not have the protection of the anti-fraud","page_number":75,"box":{"x":117,"y":452,"width":729,"height":12}},{"id":"0f7a5f2a-fc8e-4e20-ab8b-fd7fdcfa4d26","block_type":"box","text":"provisions of the federal securities laws as would otherwise be available for bonds or stocks. Instead,","page_number":75,"box":{"x":117,"y":468,"width":755,"height":12}},{"id":"9610580d-4d7f-42cd-9b73-e23ecc0e9eb4","block_type":"box","text":"in such cases, parties generally would rely on the contractual provisions in the Loan agreement itself","page_number":75,"box":{"x":117,"y":483,"width":750,"height":12}},{"id":"3922e84b-67c2-47a1-8e57-7c6e7e2d656e","block_type":"box","text":"and common-law fraud protections under applicable state law.","page_number":75,"box":{"x":116,"y":499,"width":467,"height":12}},{"id":"83d6ee3b-09c9-4aab-ac66-95d8eb9299f0","block_type":"box","text":"Direct Lending","page_number":75,"box":{"x":116,"y":528,"width":108,"height":12}},{"id":"6a0c8289-b835-42df-8dcd-3553356412c7","block_type":"box","text":". The Fund may act as the originator for direct loans and engage in direct lending. Direct","page_number":75,"box":{"x":226,"y":528,"width":658,"height":12}},{"id":"f5e9a451-9108-42ee-a954-fe34aa4a1f44","block_type":"box","text":"loans between the Fund and a borrower may not be administered by an underwriter or agent bank. The","page_number":75,"box":{"x":117,"y":543,"width":771,"height":12}},{"id":"dcdf8c2b-9252-421f-ad9a-239966229f50","block_type":"box","text":"Fund may provide financing to commercial borrowers directly or through companies acquired (or","page_number":75,"box":{"x":117,"y":559,"width":719,"height":12}},{"id":"d8201cd4-2527-4455-825a-9276faca394f","block_type":"box","text":"created) and owned by or otherwise affiliated with the Fund. The terms of the direct loans are","page_number":75,"box":{"x":116,"y":574,"width":697,"height":12}},{"id":"eb6790bc-8110-434c-933a-21693a3bd71f","block_type":"box","text":"negotiated with borrowers in private transactions. Furthermore, a direct loan may be secured or","page_number":75,"box":{"x":117,"y":590,"width":712,"height":12}},{"id":"093b040b-1cc3-4bfc-be59-419a01b55d41","block_type":"box","text":"unsecured.","page_number":75,"box":{"x":117,"y":605,"width":87,"height":10}},{"id":"2d4b1477-fa8d-4a50-b33b-299653829c8b","block_type":"box","text":"In determining whether to make a direct loan, the Fund will rely primarily upon the creditworthiness of","page_number":75,"box":{"x":117,"y":634,"width":755,"height":12}},{"id":"a5452196-a350-48c2-b2f5-4dfdcc845d95","block_type":"box","text":"the borrower and/or any collateral for payment of interest and repayment of principal. The risks","page_number":75,"box":{"x":116,"y":649,"width":708,"height":12}},{"id":"90060ad3-e334-4e32-9e9e-8743f1e9c81d","block_type":"box","text":"associated with direct loans are substantially similar to those associated with investing in corporate","page_number":75,"box":{"x":116,"y":665,"width":733,"height":12}},{"id":"151943b3-2d37-44a0-8305-127b09bd83ea","block_type":"box","text":"loans. In making a direct loan, the Fund is exposed to the risk that the borrower may default or become","page_number":75,"box":{"x":117,"y":680,"width":764,"height":12}},{"id":"62065258-dfd0-4272-8885-65b35398174d","block_type":"box","text":"insolvent and, consequently, that the Fund will lose money on the loan. Furthermore, direct loans may","page_number":75,"box":{"x":117,"y":696,"width":755,"height":12}},{"id":"8ae01d77-c01a-4afa-9d0d-b5be49f031c2","block_type":"box","text":"subject the Fund to liquidity and interest rate risk and certain direct loans may be deemed illiquid.","page_number":75,"box":{"x":116,"y":712,"width":720,"height":11}},{"id":"b33fe96a-2fe8-4be2-a44a-08a13fc106ac","block_type":"box","text":"Direct loans are not publicly traded and may not have a secondary market. The lack of a secondary","page_number":75,"box":{"x":117,"y":727,"width":737,"height":12}},{"id":"fe6c324c-cabc-49fd-8b4d-7afb46a29125","block_type":"box","text":"market for direct loans may have an adverse impact on the ability of the Fund to dispose of a direct","page_number":75,"box":{"x":117,"y":742,"width":734,"height":12}},{"id":"80523e68-ac25-47ac-98bf-462bc965249e","block_type":"box","text":"loan and/or to value the direct loan.","page_number":75,"box":{"x":117,"y":758,"width":260,"height":10}},{"id":"f714c2e0-e075-47df-aa98-0cb1edaf67da","block_type":"box","text":"When engaging in direct lending, the Fund’s performance may depend, in part, on the ability of the","page_number":75,"box":{"x":116,"y":787,"width":731,"height":12}},{"id":"36e09f4e-658c-4e6c-b74e-199a22ef3cf3","block_type":"box","text":"Fund to originate loans on advantageous terms. In originating loans, the Fund will compete with a","page_number":75,"box":{"x":117,"y":802,"width":722,"height":12}},{"id":"c5da36d4-33c0-46cf-95b0-a42b384d87fd","block_type":"box","text":"broad spectrum of lenders. Increased competition for, or a diminishment in the available supply of,","page_number":75,"box":{"x":117,"y":818,"width":727,"height":12}},{"id":"16ed83e4-99d8-4123-a3b3-572f5f593469","block_type":"box","text":"qualifying loans could result in lower yields on such loans, which could reduce Fund performance.","page_number":75,"box":{"x":116,"y":833,"width":730,"height":12}},{"id":"1301f965-0c01-42d3-b6ed-3fe454ef6e06","block_type":"box","text":"As part of its lending activities, the Fund may originate loans to companies that are experiencing","page_number":75,"box":{"x":116,"y":862,"width":719,"height":12}},{"id":"0c11869b-5292-40ff-b6f3-5c9b4e225cd8","block_type":"box","text":"significant financial or business difficulties, including companies involved in bankruptcy or other","page_number":75,"box":{"x":116,"y":877,"width":710,"height":12}},{"id":"8fcfb948-ec4b-4bd0-b9b6-3c87edd294bf","block_type":"box","text":"II-10","page_number":75,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"f0c4c47f-ee2e-4fe7-88b6-19b6b6000c67","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":75,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"57b515d7-b138-4ec0-bc60-196d07a12652","block_type":"box","text":"reorganization and liquidation proceedings. Although the terms of such financing may result in","page_number":76,"box":{"x":117,"y":87,"width":701,"height":12}},{"id":"25f599c1-c5cd-420a-8251-7c87ad1a5567","block_type":"box","text":"significant financial returns to the Fund, they involve a substantial degree of risk. The level of analytical","page_number":76,"box":{"x":116,"y":102,"width":768,"height":13}},{"id":"90037ae8-e64b-43b2-b2b1-d7eae254e6cf","block_type":"box","text":"sophistication, both financial and legal, necessary for successful financing to companies experiencing","page_number":76,"box":{"x":116,"y":118,"width":758,"height":12}},{"id":"6dbcd7da-88b4-47b5-a6e2-97a3664c6ffa","block_type":"box","text":"significant business and financial difficulties is unusually high.","page_number":76,"box":{"x":116,"y":134,"width":461,"height":12}},{"id":"2dd6f1e7-7eb3-4984-950c-ba8c5dc62486","block_type":"box","text":"Credit Linked Securities.","page_number":76,"box":{"x":117,"y":162,"width":195,"height":10}},{"id":"fd421bbb-690d-4105-86c8-c15b0df42b33","block_type":"box","text":"Among the income producing securities in which a Fund may invest are","page_number":76,"box":{"x":313,"y":162,"width":541,"height":12}},{"id":"b35d30f9-df04-40d0-a375-5c390e1f9a46","block_type":"box","text":"credit linked securities, which are issued by a limited purpose trust or other vehicle that, in turn, invests","page_number":76,"box":{"x":116,"y":178,"width":768,"height":12}},{"id":"9fe22c77-53f7-414b-b724-9a02510dd5dc","block_type":"box","text":"in a derivative instrument or basket of derivative instruments, such as credit default swaps, interest rate","page_number":76,"box":{"x":117,"y":193,"width":771,"height":12}},{"id":"eb442a10-20ab-42b8-be68-156d0858aa0c","block_type":"box","text":"swaps and other securities, in order to provide exposure to certain fixed-income markets. For instance,","page_number":76,"box":{"x":116,"y":209,"width":768,"height":12}},{"id":"ebcde56c-3582-4c07-9ed4-5b1b2e1d6c95","block_type":"box","text":"a Fund may invest in credit linked securities as a cash management tool in order to gain exposure to a","page_number":76,"box":{"x":116,"y":224,"width":765,"height":12}},{"id":"e67acf5c-e656-4520-b11a-159b20c52eb2","block_type":"box","text":"certain market and/or to remain fully invested when more traditional income producing securities are","page_number":76,"box":{"x":116,"y":240,"width":748,"height":12}},{"id":"8c272ed4-1192-4853-a4ee-8cc7313f0e56","block_type":"box","text":"not available.","page_number":76,"box":{"x":117,"y":255,"width":103,"height":10}},{"id":"48f602f1-e764-480a-942f-cc17d7c312f9","block_type":"box","text":"Like an investment in a bond, investments in these credit linked securities represent the right to receive","page_number":76,"box":{"x":117,"y":284,"width":770,"height":12}},{"id":"526b9d27-70ab-4316-9b35-ea5578c9d36f","block_type":"box","text":"periodic income payments (in the form of distributions) and payment of principal at the end of the term","page_number":76,"box":{"x":117,"y":300,"width":761,"height":12}},{"id":"56464da7-95fb-4eaf-80a6-38e3458e47d2","block_type":"box","text":"of the security.","page_number":76,"box":{"x":116,"y":315,"width":114,"height":12}},{"id":"60a42d39-a65d-4044-b122-aef55bbfa347","block_type":"box","text":"However, these payments are conditioned on the issuer’s receipt of payments from, and the issuer’s","page_number":76,"box":{"x":117,"y":344,"width":748,"height":12}},{"id":"24e60acd-20e3-48e1-b00d-51aa58ccc365","block_type":"box","text":"potential obligations to, the counterparties to the derivative instruments and other securities in which","page_number":76,"box":{"x":117,"y":359,"width":747,"height":12}},{"id":"a626e065-bfe6-4d7e-a5b6-6a4ceabc9677","block_type":"box","text":"the issuer invests. For instance, the issuer may sell one or more credit default swaps, under which the","page_number":76,"box":{"x":116,"y":375,"width":762,"height":12}},{"id":"7f77c206-5e6a-459f-9ac8-38290a48bb79","block_type":"box","text":"issuer would receive a stream of payments over the term of the swap agreements provided that no","page_number":76,"box":{"x":117,"y":390,"width":736,"height":12}},{"id":"0568d02e-cbf1-4d0e-9fb3-0f2a9d242b56","block_type":"box","text":"event of default has occurred with respect to the referenced debt obligation upon which the swap is","page_number":76,"box":{"x":116,"y":406,"width":741,"height":12}},{"id":"4fb63e8e-296c-46a9-98af-9709f05fd6af","block_type":"box","text":"based. If a default occurs, the stream of payments may stop and the issuer would be obligated to pay","page_number":76,"box":{"x":117,"y":421,"width":756,"height":12}},{"id":"2a88db0a-78a7-4358-b4e7-c8648447412b","block_type":"box","text":"the counterparty the par (or other agreed upon value) of the referenced debt obligation. This, in turn,","page_number":76,"box":{"x":116,"y":437,"width":749,"height":12}},{"id":"008371e2-59d0-4e14-afbb-99489cf53161","block_type":"box","text":"would reduce the amount of income and principal that","page_number":76,"box":{"x":116,"y":452,"width":404,"height":12}},{"id":"f5f3f042-4e5f-45d5-97c6-3f46663aaca4","block_type":"box","text":"a Fund would receive. A Fund’s investments in","page_number":76,"box":{"x":521,"y":452,"width":351,"height":10}},{"id":"9b7a1d05-d6cf-4bef-8e4b-798356c23791","block_type":"box","text":"these instruments are indirectly subject to the risks associated with derivative instruments, including,","page_number":76,"box":{"x":116,"y":468,"width":750,"height":12}},{"id":"8d662e00-2283-46b7-80d4-fdfaf2166e29","block_type":"box","text":"among others, credit risk, default or similar event risk, counterparty risk, interest rate risk, leverage risk","page_number":76,"box":{"x":116,"y":483,"width":766,"height":12}},{"id":"42f5ca0d-d7ee-4ecf-b16f-1c5d91ed62a3","block_type":"box","text":"and management risk. It is also expected that the securities will be exempt from registration under the","page_number":76,"box":{"x":116,"y":499,"width":761,"height":12}},{"id":"a23cbd09-139f-4263-b099-e65771ad1bac","block_type":"box","text":"Securities Act. Accordingly, there may be no established trading market for the securities and they may","page_number":76,"box":{"x":116,"y":514,"width":771,"height":12}},{"id":"f0264267-96aa-408b-bc4d-7891149c844a","block_type":"box","text":"constitute illiquid investments.","page_number":76,"box":{"x":116,"y":530,"width":227,"height":12}},{"id":"c863c541-5713-4526-935b-b570fb6371f4","block_type":"box","text":"Debt Securities.","page_number":76,"box":{"x":116,"y":559,"width":126,"height":9}},{"id":"6b5a2bd0-7b29-4ff2-a48d-2e26a5ca9716","block_type":"box","text":"Debt securities, such as bonds, involve credit risk. This is the risk that the issuer will","page_number":76,"box":{"x":243,"y":559,"width":633,"height":11}},{"id":"425a5069-3a1a-4097-901d-fa7216f2cd44","block_type":"box","text":"not make timely payments of principal and interest. The degree of credit risk depends on the issuer’s","page_number":76,"box":{"x":117,"y":574,"width":751,"height":12}},{"id":"8ba8a334-5f9a-416d-a9cf-f16f21053284","block_type":"box","text":"financial condition and on the terms of the debt securities. Changes in an issuer’s credit rating or the","page_number":76,"box":{"x":116,"y":590,"width":749,"height":12}},{"id":"751416e6-4231-42be-9cef-41da6cad1e35","block_type":"box","text":"market’s perception of an issuer’s creditworthiness may also affect the value of a Fund’s investment in","page_number":76,"box":{"x":117,"y":605,"width":763,"height":12}},{"id":"80813618-0f4d-4ff1-940e-b18d6a03856f","block_type":"box","text":"that issuer. Credit risk is reduced to the extent a Fund limits its debt investments to U.S. Government","page_number":76,"box":{"x":116,"y":621,"width":754,"height":9}},{"id":"247b6925-cc8e-4f5c-af9a-2c1d4143e250","block_type":"box","text":"Securities.","page_number":76,"box":{"x":116,"y":636,"width":83,"height":10}},{"id":"d47e1b77-25a0-40cd-a131-266e189e9e1a","block_type":"box","text":"All debt securities, however, are subject to interest rate risk. This is the risk that the value of the","page_number":76,"box":{"x":116,"y":665,"width":709,"height":12}},{"id":"a4ebf6ab-9cd0-4864-9841-a9c0745e2b39","block_type":"box","text":"security may fall when interest rates rise. If interest rates move sharply in a manner not anticipated by","page_number":76,"box":{"x":116,"y":680,"width":755,"height":12}},{"id":"0f3c6243-e0a5-4aa0-823e-b23a58fc0e5f","block_type":"box","text":"Fund management, a Fund’s investments in debt securities could be adversely affected and the Fund","page_number":76,"box":{"x":117,"y":696,"width":752,"height":12}},{"id":"57ca2098-51eb-435c-93d1-a509cb3f9160","block_type":"box","text":"could lose money. In general, the market price of debt securities with longer maturities will go up or","page_number":76,"box":{"x":116,"y":711,"width":735,"height":12}},{"id":"3cd56066-8fe9-4533-b502-2928385d4282","block_type":"box","text":"down more in response to changes in interest rates than will the market price of shorter-term debt","page_number":76,"box":{"x":116,"y":727,"width":725,"height":12}},{"id":"d27e39cb-0db9-4306-87c5-d0a41eecfca5","block_type":"box","text":"securities.","page_number":76,"box":{"x":116,"y":743,"width":74,"height":9}},{"id":"0d8a41a6-a5fa-43a2-bf03-815eab84a13c","block_type":"box","text":"During periods of rising interest rates, the average life of certain fixed-income securities is extended","page_number":76,"box":{"x":117,"y":771,"width":738,"height":12}},{"id":"cebaf63e-c396-44c7-b453-bde11400b90a","block_type":"box","text":"because of slower than expected principal payments. This may lock in a below-market interest rate and","page_number":76,"box":{"x":117,"y":787,"width":765,"height":12}},{"id":"306204af-64b3-4ec8-957f-d1d9b998fb56","block_type":"box","text":"extend the duration of these fixed-income securities, especially mortgage-related securities, making","page_number":76,"box":{"x":116,"y":802,"width":739,"height":12}},{"id":"4376c103-6649-4c41-891d-0139f47b9a57","block_type":"box","text":"them more sensitive to changes in interest rates. As a result, in a period of rising interest rates, these","page_number":76,"box":{"x":116,"y":818,"width":750,"height":12}},{"id":"f37d03f0-e564-4ea3-9d28-4885d54047b0","block_type":"box","text":"securities may exhibit additional volatility and lose value. This is known as extension risk.","page_number":76,"box":{"x":116,"y":833,"width":665,"height":12}},{"id":"35674243-9633-479b-a34a-af4cb346c76f","block_type":"box","text":"The value of fixed-income securities in the Funds can be expected to vary inversely with changes in","page_number":76,"box":{"x":116,"y":862,"width":745,"height":12}},{"id":"a6532598-01be-48d2-b833-3f8da16b0861","block_type":"box","text":"prevailing interest rates. Fixed-income securities with longer maturities, which tend to produce higher","page_number":76,"box":{"x":117,"y":878,"width":753,"height":11}},{"id":"6355d8ba-6fd8-44af-97a2-d04aa29be3fd","block_type":"box","text":"II-11","page_number":76,"box":{"x":484,"y":909,"width":29,"height":9}},{"id":"059d638f-4d3f-4209-aa3d-3c719d800b86","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":76,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"54968c2e-0573-4e03-98da-252fb81611f9","block_type":"box","text":"yields, are subject to potentially greater capital appreciation and depreciation than securities with","page_number":77,"box":{"x":116,"y":87,"width":723,"height":12}},{"id":"3f80efd9-fa77-4a9f-9f06-d71541ac3622","block_type":"box","text":"shorter maturities. The Funds are not restricted to any maximum or minimum time to maturity in","page_number":77,"box":{"x":116,"y":103,"width":714,"height":12}},{"id":"7c531211-e1b3-42a8-91c8-84caedbdecde","block_type":"box","text":"purchasing individual portfolio securities, and the average maturity of a Fund’s assets will vary.","page_number":77,"box":{"x":117,"y":118,"width":707,"height":12}},{"id":"c5f299f0-5308-49a3-97c0-782b5d71cd8b","block_type":"box","text":"Floating and Variable Rate Securities.","page_number":77,"box":{"x":116,"y":149,"width":280,"height":12}},{"id":"0c9be8ec-ebfa-46c9-8d01-02f8847a7572","block_type":"box","text":"Certain Funds may invest in debt instruments that pay a variable","page_number":77,"box":{"x":398,"y":149,"width":490,"height":12}},{"id":"fe3f7ab0-25f2-4004-928f-bf7b7381a433","block_type":"box","text":"coupon rate. Securities with floating or variable interest rates can be less sensitive to interest rate","page_number":77,"box":{"x":116,"y":165,"width":728,"height":12}},{"id":"43b417f4-bb8a-4b3e-a254-8e215ac804f6","block_type":"box","text":"changes than securities with fixed interest rates, but may decline in value if their interest rates do not","page_number":77,"box":{"x":116,"y":180,"width":752,"height":12}},{"id":"9b450f53-08a2-4e3c-8110-359eb95927ca","block_type":"box","text":"rise as much, or as quickly, as interest rates in general. Conversely, floating rate securities will not","page_number":77,"box":{"x":117,"y":196,"width":732,"height":12}},{"id":"9c743b68-a9de-4f17-857c-4edf89484562","block_type":"box","text":"generally increase in value if interest rates decline. The","page_number":77,"box":{"x":116,"y":211,"width":415,"height":12}},{"id":"d6702438-3ee2-4c09-ac08-e26632dc60fe","block_type":"box","text":"impact of interest rate changes on floating rate","page_number":77,"box":{"x":532,"y":211,"width":350,"height":12}},{"id":"dfe36ec2-2224-4295-ba31-d0c260cc698a","block_type":"box","text":"investments is typically mitigated by the periodic interest rate reset of the investments. Benchmark","page_number":77,"box":{"x":117,"y":227,"width":733,"height":12}},{"id":"957bf625-fbd4-4863-83a1-e0cf077c7163","block_type":"box","text":"interest rates used for floating and variable rate securities may not accurately track market interest","page_number":77,"box":{"x":117,"y":242,"width":734,"height":12}},{"id":"fd4c155e-6c16-4cc0-b5d6-d99c3ea97cd0","block_type":"box","text":"rates.","page_number":77,"box":{"x":117,"y":258,"width":45,"height":9}},{"id":"b1d2d8a0-9c54-471e-b82b-5911d58bee18","block_type":"box","text":"Inflation-Indexed Bonds.","page_number":77,"box":{"x":117,"y":289,"width":179,"height":9}},{"id":"869d3458-5e54-43d7-8240-316afa78aa1d","block_type":"box","text":"Certain Funds may invest in inflation-indexed bonds, which are fixed-income","page_number":77,"box":{"x":297,"y":289,"width":577,"height":12}},{"id":"c0b015c6-5230-47f8-9ba9-c601384b202b","block_type":"box","text":"securities or other instruments whose principal value is periodically adjusted according to the rate of","page_number":77,"box":{"x":116,"y":304,"width":746,"height":12}},{"id":"8ba37483-96bb-4627-acb7-cad0a6f3b4e6","block_type":"box","text":"inflation. Two structures are common. The U.S. Treasury and some other issuers use a structure that","page_number":77,"box":{"x":117,"y":320,"width":755,"height":12}},{"id":"991fb0c7-ef99-4df9-a7b4-a27a56647f3e","block_type":"box","text":"accrues inflation into the principal value of the bond. Most other issuers pay out the Consumer Price","page_number":77,"box":{"x":116,"y":335,"width":747,"height":12}},{"id":"b64290ab-c799-44dc-88f6-8cc585ba9c2e","block_type":"box","text":"Index (“CPI”) accruals as part of a semi-annual coupon.","page_number":77,"box":{"x":117,"y":351,"width":417,"height":12}},{"id":"c24712bb-9fd8-4aa2-b3ad-dc9287880c65","block_type":"box","text":"Inflation-indexed securities issued by the U.S. Treasury have maturities of five, ten or thirty years,","page_number":77,"box":{"x":117,"y":382,"width":728,"height":12}},{"id":"ecd9aa20-52cc-4272-840a-a0c580c852bb","block_type":"box","text":"although it is possible that securities with other maturities will be issued in the future. The U.S.","page_number":77,"box":{"x":116,"y":397,"width":703,"height":12}},{"id":"5277cc68-cd76-417c-8971-baeda0caf069","block_type":"box","text":"Treasury securities pay interest on a semi-annual basis, equal to a fixed percentage of the inflation","page_number":77,"box":{"x":116,"y":413,"width":738,"height":12}},{"id":"2d5c957d-d02d-4d3f-8224-0d03af36ab3f","block_type":"box","text":"adjusted principal amount. For example, if a Fund purchased an inflation-indexed bond with a par","page_number":77,"box":{"x":116,"y":428,"width":727,"height":12}},{"id":"5514b32b-2f3a-4d4b-a46f-655f6f6df5dd","block_type":"box","text":"value of $1,000 and a 3% real rate of return coupon (payable 1.5% semi-annually), and inflation over","page_number":77,"box":{"x":116,"y":443,"width":753,"height":13}},{"id":"e4a2a3e4-df4e-4b7f-8bb0-89fdc218990a","block_type":"box","text":"the first six months was 1%, the mid-year par value of the bond would be $1,010 and the first semi","page_number":77,"box":{"x":116,"y":458,"width":736,"height":13}},{"id":"2fbfae4f-872f-4a85-beb7-ef42f381653c","block_type":"box","text":"annual interest payment would be $15.15 ($1,010 times 1.5%). If inflation during the second half of the","page_number":77,"box":{"x":116,"y":474,"width":766,"height":13}},{"id":"ce332956-b802-47d5-904a-44a66075b8d8","block_type":"box","text":"year resulted in the whole year’s inflation equaling 3%, the end-of-year par value of the bond would be","page_number":77,"box":{"x":116,"y":490,"width":764,"height":12}},{"id":"82e5a402-e687-4f68-8ef5-073985a58283","block_type":"box","text":"$1,030 and the second semi-annual interest payment would be $15.45 ($1,030 times 1.5%).","page_number":77,"box":{"x":116,"y":505,"width":689,"height":13}},{"id":"63dadddd-56d3-4bc2-b762-2a50affde413","block_type":"box","text":"If the periodic adjustment rate measuring inflation falls, the principal value of inflation-indexed bonds","page_number":77,"box":{"x":117,"y":537,"width":747,"height":12}},{"id":"fb2c4c9b-57ef-4a0b-88ab-c2cdc16284b5","block_type":"box","text":"will be adjusted downward, and, consequently, the interest payable on these securities (calculated with","page_number":77,"box":{"x":116,"y":552,"width":769,"height":12}},{"id":"2653fef2-6812-4caf-9bce-4442b7804b0f","block_type":"box","text":"respect to a smaller principal amount) will be reduced. Repayment of the original bond principal upon","page_number":77,"box":{"x":117,"y":568,"width":754,"height":12}},{"id":"269c945a-35ef-47a6-a04b-eb599b3dbe4d","block_type":"box","text":"maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-indexed bonds,","page_number":77,"box":{"x":117,"y":583,"width":755,"height":12}},{"id":"b79018ec-d5c5-427c-8216-3774b4b87f7e","block_type":"box","text":"even during a period of deflation. However, the current market value of the bonds is not guaranteed,","page_number":77,"box":{"x":116,"y":599,"width":748,"height":12}},{"id":"d81d4f3e-a091-46f5-897b-808980e97c29","block_type":"box","text":"and will fluctuate. Certain Funds may also invest in other inflation related bonds which may or may not","page_number":77,"box":{"x":116,"y":614,"width":763,"height":12}},{"id":"bd07e4be-7a53-4de1-986e-cc3ea866c6a2","block_type":"box","text":"provide a similar guarantee. If a guarantee of principal is not provided, the adjusted principal value of","page_number":77,"box":{"x":117,"y":630,"width":752,"height":12}},{"id":"6a830ac3-22d2-43a9-9f46-20ad02fa290d","block_type":"box","text":"the bond repaid at maturity may be less than the original principal. In addition, if the Fund purchases","page_number":77,"box":{"x":116,"y":645,"width":749,"height":12}},{"id":"80122340-7d3b-4309-829b-70512b5e9e9d","block_type":"box","text":"inflation-indexed bonds offered by foreign issuers, the rate of inflation measured by the foreign inflation","page_number":77,"box":{"x":117,"y":661,"width":761,"height":12}},{"id":"33303c43-6eed-4045-bf60-4bb1989095cf","block_type":"box","text":"index may not be correlated to the rate of inflation in the United States.","page_number":77,"box":{"x":117,"y":676,"width":523,"height":12}},{"id":"e559f821-9173-469e-8dfa-6dfe7d646e0f","block_type":"box","text":"The value of inflation-indexed bonds is expected to change in response to changes in real interest","page_number":77,"box":{"x":116,"y":707,"width":727,"height":12}},{"id":"7552ed4c-0507-48e6-9f37-4bba710c2ff9","block_type":"box","text":"rates. Real interest rates, in turn, are tied to the relationship between nominal interest rates and the","page_number":77,"box":{"x":117,"y":723,"width":736,"height":12}},{"id":"793317cb-ea9e-4f8a-8eef-be9ef70a0d03","block_type":"box","text":"rate of inflation. Therefore, if inflation were to rise at a faster rate than nominal interest rates, real","page_number":77,"box":{"x":117,"y":738,"width":717,"height":11}},{"id":"a3b69e86-eb9a-474a-a37e-8f2c3b3f7bc5","block_type":"box","text":"interest rates might decline, leading to an increase in value of inflation-indexed bonds. In contrast, if","page_number":77,"box":{"x":117,"y":754,"width":739,"height":12}},{"id":"18d24f1e-d48b-4e96-b743-95f73cc7fe3e","block_type":"box","text":"nominal interest rates increased at a faster rate than inflation, real interest rates might rise, leading to a","page_number":77,"box":{"x":117,"y":769,"width":764,"height":12}},{"id":"a3f560c0-ce52-452e-bd17-c7b4fa125a62","block_type":"box","text":"decrease in value of inflation-indexed bonds. There can be no assurance, however, that the value of","page_number":77,"box":{"x":116,"y":785,"width":745,"height":11}},{"id":"ae378a43-be48-4bdd-a40a-3454460d12b9","block_type":"box","text":"inflation-indexed bonds will be directly correlated to changes in interest rates.","page_number":77,"box":{"x":117,"y":800,"width":570,"height":12}},{"id":"d110bb3c-adc2-4693-99de-c55501620a8a","block_type":"box","text":"While these securities are expected to be protected from long-term inflationary trends, short-term","page_number":77,"box":{"x":116,"y":831,"width":725,"height":12}},{"id":"e8a4cb09-5932-4c63-9765-8bb0d4ad6a8c","block_type":"box","text":"increases in inflation may lead to a decline in value. If interest rates rise due to reasons other than","page_number":77,"box":{"x":117,"y":847,"width":731,"height":12}},{"id":"07f92cc4-619b-4549-9777-b21838440c49","block_type":"box","text":"inflation (for example, due to changes in currency exchange rates), investors in these securities may","page_number":77,"box":{"x":117,"y":862,"width":749,"height":12}},{"id":"03e2b86c-74ed-44bf-a0ce-3973161981f0","block_type":"box","text":"not be protected to the extent that the increase is not reflected in the bond’s inflation measure.","page_number":77,"box":{"x":117,"y":878,"width":704,"height":12}},{"id":"74f42cb2-95e7-4b44-ba3f-09f816837285","block_type":"box","text":"II-12","page_number":77,"box":{"x":484,"y":909,"width":31,"height":9}},{"id":"c07ddd26-f440-47d2-8ab8-08ca46ea4447","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":77,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"142cf43e-ac73-40d8-8c77-0264c53aa793","block_type":"box","text":"In general, the measure used to determine the periodic adjustment of U.S. inflation-indexed bonds is","page_number":78,"box":{"x":117,"y":87,"width":750,"height":12}},{"id":"78faffa8-02fd-4b17-b2d0-38d6826d02dd","block_type":"box","text":"the Consumer Price Index for Urban Consumers (“CPI-U”), which is calculated monthly by the U.S.","page_number":78,"box":{"x":116,"y":102,"width":739,"height":13}},{"id":"6d18a033-13ea-4f0e-9980-40b8fee4a5b0","block_type":"box","text":"Bureau of Labor Statistics. The CPI-U is a measurement of changes in the cost of living, made up of","page_number":78,"box":{"x":117,"y":118,"width":747,"height":12}},{"id":"997b8d14-839a-4e73-acc4-34527b83561a","block_type":"box","text":"components such as housing, food, transportation and energy. Inflation-indexed bonds issued by a","page_number":78,"box":{"x":116,"y":134,"width":739,"height":12}},{"id":"a8aaea4c-aa7a-4316-9190-de12f6d7518e","block_type":"box","text":"foreign government are generally adjusted to reflect a comparable inflation index, calculated by that","page_number":78,"box":{"x":116,"y":149,"width":743,"height":12}},{"id":"2541f04e-0845-4040-bde8-d127f07b475d","block_type":"box","text":"government. There can be no assurance that the CPI-U or any foreign inflation index will accurately","page_number":78,"box":{"x":116,"y":165,"width":744,"height":12}},{"id":"6365ae81-c6a9-4b83-84ec-9684c649958d","block_type":"box","text":"measure the real rate of inflation in the prices of goods and services. Moreover, there can be no","page_number":78,"box":{"x":117,"y":180,"width":716,"height":12}},{"id":"f6a3f243-0e20-48f0-b785-e31badb7e4cd","block_type":"box","text":"assurance that the rate of inflation in a foreign country will be correlated to the rate of inflation in the","page_number":78,"box":{"x":116,"y":196,"width":745,"height":12}},{"id":"8be4de75-d12e-475c-a62a-894492410e8b","block_type":"box","text":"United States.","page_number":78,"box":{"x":117,"y":211,"width":109,"height":10}},{"id":"7b9d90bb-af43-429c-9d47-c3a5064cb58f","block_type":"box","text":"Any increase in the principal amount of an inflation-indexed bond will be considered taxable ordinary","page_number":78,"box":{"x":116,"y":241,"width":750,"height":12}},{"id":"35db2c9f-e063-4354-9e4d-97a4b07d5b22","block_type":"box","text":"income, even though investors do not receive their principal until maturity.","page_number":78,"box":{"x":117,"y":257,"width":552,"height":12}},{"id":"1d68b3e2-f833-43df-977f-1279ba252703","block_type":"box","text":"Investment Grade Debt Obligations.","page_number":78,"box":{"x":117,"y":286,"width":265,"height":12}},{"id":"f64a244d-5c02-4bec-be1a-395d30b0e1d5","block_type":"box","text":"Certain Funds may invest in “investment grade securities,” which","page_number":78,"box":{"x":383,"y":286,"width":492,"height":12}},{"id":"3f94f6f0-aab5-4e70-a327-4d4376c96ded","block_type":"box","text":"are securities rated in the four highest rating categories of an NRSRO or deemed to be of equivalent","page_number":78,"box":{"x":116,"y":302,"width":750,"height":12}},{"id":"2759f875-3f2d-457e-8fae-e5eb486b760f","block_type":"box","text":"quality by a Fund’s Manager. Certain Funds may invest in debt securities rated Aaa by Moody’s or","page_number":78,"box":{"x":116,"y":317,"width":734,"height":12}},{"id":"4cf7674a-0459-4694-af6f-9f4fb572495c","block_type":"box","text":"AAA by S&P. It should be noted that debt obligations rated in the lowest of the top four ratings (","page_number":78,"box":{"x":116,"y":333,"width":708,"height":12}},{"id":"9fae2be5-2627-435c-9169-718c47168f21","block_type":"box","text":"i.e.","page_number":78,"box":{"x":825,"y":333,"width":20,"height":9}},{"id":"31cadfd6-5659-410b-bd52-5a685c9d10a6","block_type":"box","text":",","page_number":78,"box":{"x":848,"y":341,"width":8,"height":3}},{"id":"73c3c02c-4bf8-4533-a35f-b0bc908b6119","block_type":"box","text":"“Baa” by Moody’s or “BBB” by S&P) are considered to have some speculative characteristics and are","page_number":78,"box":{"x":116,"y":348,"width":756,"height":12}},{"id":"f685b714-a753-4694-9e3e-0d211af73527","block_type":"box","text":"more sensitive to economic change than higher rated securities. If an investment grade security of a","page_number":78,"box":{"x":117,"y":364,"width":747,"height":12}},{"id":"afcd1d2a-ad33-4b5c-82b9-9c1f73130b25","block_type":"box","text":"Fund is subsequently downgraded below investment grade, the Fund’s Manager will consider such an","page_number":78,"box":{"x":117,"y":380,"width":761,"height":11}},{"id":"11c7e907-3b4e-4867-93a4-d7f9df153a78","block_type":"box","text":"event in determining whether the Fund should continue to hold the security. Subject to its investment","page_number":78,"box":{"x":116,"y":395,"width":752,"height":12}},{"id":"ad9bf764-155a-4f82-b08b-ff18823c7fde","block_type":"box","text":"strategies, there is no limit on the amount of such downgraded securities a Fund may hold.","page_number":78,"box":{"x":116,"y":410,"width":679,"height":12}},{"id":"f76d63a5-dd09-4bcc-8e70-e63b6b93fb20","block_type":"box","text":"See Appendix A to this SAI for a description of applicable securities ratings.","page_number":78,"box":{"x":116,"y":440,"width":566,"height":12}},{"id":"b4bfeb59-e5d5-4951-a03a-449d00793025","block_type":"box","text":"High Yield Investments (“Junk Bonds”).","page_number":78,"box":{"x":116,"y":477,"width":296,"height":13}},{"id":"621feacf-6261-41da-be70-613f3c3f50dd","block_type":"box","text":"Non-investment grade or “high yield” fixed-income or convertible securities commonly known to","page_number":78,"box":{"x":117,"y":507,"width":711,"height":12}},{"id":"088c23eb-8eb7-4bbf-a003-1d15e27758c3","block_type":"box","text":"investors as “junk bonds” are debt securities that are rated below investment grade by the major rating","page_number":78,"box":{"x":117,"y":523,"width":764,"height":12}},{"id":"09fee9ed-74ea-4c8a-84ad-2e9e70360704","block_type":"box","text":"agencies or are securities that Fund management believes are of comparable quality. While generally","page_number":78,"box":{"x":116,"y":538,"width":759,"height":12}},{"id":"70358d08-6de6-4146-a490-f39163bce78f","block_type":"box","text":"providing greater income and opportunity for gain, non-investment grade debt securities may be","page_number":78,"box":{"x":117,"y":554,"width":715,"height":12}},{"id":"3a1cecae-ea9b-4607-8e75-b469c666c453","block_type":"box","text":"subject to greater risks than securities which have higher credit ratings, including a high risk of default,","page_number":78,"box":{"x":116,"y":569,"width":764,"height":12}},{"id":"eef0b175-dfca-48fa-ba90-2be4de92e419","block_type":"box","text":"and their yields will fluctuate over time. High yield securities will generally be in the lower rating","page_number":78,"box":{"x":116,"y":585,"width":709,"height":12}},{"id":"a27861e5-b622-4025-9829-4d9d039fa745","block_type":"box","text":"categories of recognized rating agencies (rated “Ba” or lower by Moody’s or “BB” or lower by S&P) or","page_number":78,"box":{"x":116,"y":600,"width":755,"height":12}},{"id":"16fd1c13-8e97-4fda-8aab-1ceba6357c1c","block_type":"box","text":"will be non-rated. The credit rating of a high yield security does not necessarily address its market","page_number":78,"box":{"x":116,"y":616,"width":730,"height":12}},{"id":"ce457dde-9c2a-43f9-9174-dc2c56858924","block_type":"box","text":"value risk, and ratings may from time to time change, positively or negatively, to reflect developments","page_number":78,"box":{"x":116,"y":631,"width":757,"height":12}},{"id":"738e02e4-a1e3-44db-8db9-166f00ef443b","block_type":"box","text":"regarding the issuer’s financial condition. High yield securities are considered to be speculative with","page_number":78,"box":{"x":117,"y":647,"width":743,"height":12}},{"id":"be6a578f-e519-4679-905c-3391ac2c79b1","block_type":"box","text":"respect to the capacity of the issuer to timely repay principal and pay interest or dividends in","page_number":78,"box":{"x":117,"y":662,"width":682,"height":12}},{"id":"9b2d821d-92a7-44c2-b3eb-3c7d9ccf43a8","block_type":"box","text":"accordance with the terms of the obligation and may have more credit risk than higher rated securities.","page_number":78,"box":{"x":116,"y":678,"width":761,"height":12}},{"id":"b1f4b97b-c51c-4731-8a48-0cacb64afe0b","block_type":"box","text":"The major risks in junk bond investments include the following:","page_number":78,"box":{"x":116,"y":708,"width":464,"height":12}},{"id":"514b8417-7107-4c3a-b157-bc18145bd5f6","block_type":"box","text":"• Junk bonds may be issued by less creditworthy companies. These securities are vulnerable to","page_number":78,"box":{"x":117,"y":731,"width":731,"height":12}},{"id":"4da6dc83-6edb-4cc0-aaf4-5cfcc668bbfb","block_type":"box","text":"adverse changes in the issuer’s industry and to general economic conditions. Issuers of junk","page_number":78,"box":{"x":150,"y":746,"width":686,"height":12}},{"id":"ecf57c7b-7766-44ba-9f54-bb0fe53bcc2c","block_type":"box","text":"bonds may be unable to meet their interest or principal payment obligations because of an","page_number":78,"box":{"x":150,"y":761,"width":669,"height":13}},{"id":"266a781a-3f47-4e2c-8588-d283187917a4","block_type":"box","text":"economic downturn, specific issuer developments or the unavailability of additional financing.","page_number":78,"box":{"x":150,"y":777,"width":689,"height":12}},{"id":"2682ec56-6aaf-4fc3-a83b-431826c1b163","block_type":"box","text":"• The issuers of junk bonds may have a larger amount of outstanding debt relative to their assets","page_number":78,"box":{"x":117,"y":800,"width":740,"height":12}},{"id":"a536c580-6580-4797-a963-62f61246e998","block_type":"box","text":"than issuers of investment grade bonds. If the issuer experiences financial stress, it may be","page_number":78,"box":{"x":150,"y":815,"width":678,"height":12}},{"id":"25707fcf-8e6d-402b-aeef-2b045c6ecf56","block_type":"box","text":"unable to meet its debt obligations. The issuer’s ability to pay its debt obligations also may be","page_number":78,"box":{"x":150,"y":831,"width":697,"height":12}},{"id":"014a1bd9-c316-4c5d-ab7b-839ca272e6f9","block_type":"box","text":"lessened by specific issuer developments, or the unavailability of additional financing. Issuers of","page_number":78,"box":{"x":150,"y":846,"width":717,"height":12}},{"id":"4ce30a94-5ed2-4d85-8bac-f30c085f4d11","block_type":"box","text":"high yield securities are often in the growth stage of their development and/or involved in a","page_number":78,"box":{"x":150,"y":862,"width":677,"height":12}},{"id":"9a8b78ab-968c-4320-a83d-20d44710fd51","block_type":"box","text":"reorganization or takeover.","page_number":78,"box":{"x":150,"y":877,"width":204,"height":12}},{"id":"c07dc938-22e4-4fb9-ab52-65e557abb1b1","block_type":"box","text":"II-13","page_number":78,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"b0618b31-3851-4582-b7d3-d8526ce861f0","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":78,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"15586ff7-fcb4-4b92-9fae-29843898640e","block_type":"box","text":"• Junk bonds are frequently ranked junior to claims by other creditors. If the issuer cannot meet its","page_number":79,"box":{"x":117,"y":87,"width":754,"height":12}},{"id":"7fd15f36-6ff8-43f4-afd5-a077d5225b93","block_type":"box","text":"obligations, the senior obligations are generally paid off before the junior obligations, which will","page_number":79,"box":{"x":150,"y":102,"width":706,"height":13}},{"id":"0ae69104-a263-4f21-8e07-e233d0e9a6e5","block_type":"box","text":"potentially limit a Fund’s ability to fully recover principal or to receive interest payments when","page_number":79,"box":{"x":150,"y":118,"width":693,"height":12}},{"id":"73b2b374-97d2-4d90-a165-89634bc94cb9","block_type":"box","text":"senior securities are in default. Thus, investors in high yield securities have a lower degree of","page_number":79,"box":{"x":150,"y":134,"width":696,"height":12}},{"id":"4e37f1c5-8db6-488f-9e0c-43ada3706221","block_type":"box","text":"protection with respect to principal and interest payments than do investors in higher rated","page_number":79,"box":{"x":150,"y":149,"width":674,"height":12}},{"id":"9998daf1-0376-4a74-81a2-9e1df6b89ece","block_type":"box","text":"securities.","page_number":79,"box":{"x":150,"y":165,"width":80,"height":9}},{"id":"3e145199-3697-406b-b5ec-4fe132fc9d3e","block_type":"box","text":"• Junk bonds frequently have redemption features that permit an issuer to repurchase the security","page_number":79,"box":{"x":117,"y":188,"width":753,"height":12}},{"id":"b00c3ca1-96d0-48f7-a8c4-853a375521e6","block_type":"box","text":"from a Fund before it matures. If an issuer redeems the junk bonds, a Fund may have to invest the","page_number":79,"box":{"x":149,"y":203,"width":738,"height":12}},{"id":"6523070a-baa5-4772-9ef8-c24d3b133fd8","block_type":"box","text":"proceeds in bonds with lower yields and may lose income.","page_number":79,"box":{"x":150,"y":219,"width":437,"height":12}},{"id":"1143f975-c5d3-4ea8-932d-8580093d3e0b","block_type":"box","text":"• Prices of junk bonds are subject to extreme price fluctuations. Negative economic developments","page_number":79,"box":{"x":117,"y":242,"width":753,"height":12}},{"id":"93869c3f-e0e4-44ec-8a80-43eb288bc98a","block_type":"box","text":"may have a greater impact on the prices of junk bonds than on those of other higher rated fixed","page_number":79,"box":{"x":150,"y":258,"width":713,"height":12}},{"id":"4b8d5986-fb3c-4206-aab8-4284bdb41176","block_type":"box","text":"income securities.","page_number":79,"box":{"x":150,"y":273,"width":139,"height":10}},{"id":"a1f7a6d1-1a1b-4101-ba4f-58d047f68b5d","block_type":"box","text":"• Junk bonds may be less liquid than higher rated fixed-income securities even under normal","page_number":79,"box":{"x":117,"y":296,"width":714,"height":12}},{"id":"fec86b6c-aa1c-4680-8b86-52373e7a2787","block_type":"box","text":"economic conditions. Under certain economic and/or market conditions, a Fund may have difficulty","page_number":79,"box":{"x":150,"y":312,"width":738,"height":12}},{"id":"9cbc3d81-a59f-4f00-b8e7-f33ea7918a78","block_type":"box","text":"disposing of certain high yield securities due to the limited number of investors in that sector of the","page_number":79,"box":{"x":150,"y":327,"width":734,"height":12}},{"id":"5854972e-8e05-465a-a7c2-e49fc068d680","block_type":"box","text":"market. There are fewer dealers in the junk bond market, and there may be significant differences","page_number":79,"box":{"x":150,"y":343,"width":730,"height":12}},{"id":"a8c4acbe-6b43-4abc-bbb3-098866e88ca9","block_type":"box","text":"in the prices quoted for junk bonds by the dealers, and such quotations may not be the actual","page_number":79,"box":{"x":150,"y":358,"width":698,"height":12}},{"id":"ae920fa2-20ff-464f-bbb8-a52236ba7e99","block_type":"box","text":"prices available for a purchase or sale. Because junk bonds are less liquid than higher rated","page_number":79,"box":{"x":150,"y":374,"width":688,"height":12}},{"id":"0fd6eac0-c2fe-4519-bf0d-b56fe7f99379","block_type":"box","text":"bonds, judgment may play a greater role in valuing certain of a Fund’s portfolio securities than in","page_number":79,"box":{"x":150,"y":389,"width":720,"height":12}},{"id":"c3b20601-5e13-41d9-ac6d-d1ba0477a6a2","block_type":"box","text":"the case of securities trading in a more liquid market.","page_number":79,"box":{"x":150,"y":405,"width":398,"height":12}},{"id":"0dbfb7f2-eff8-47fd-90f1-de98e61dca53","block_type":"box","text":"• The secondary markets for high yield securities are not as liquid as the secondary markets for","page_number":79,"box":{"x":117,"y":428,"width":734,"height":12}},{"id":"3be57154-3a37-433d-9853-8e3386f10c7e","block_type":"box","text":"higher rated securities. The secondary markets for high yield securities are concentrated in","page_number":79,"box":{"x":150,"y":444,"width":680,"height":12}},{"id":"259a3591-5fe1-40fb-990e-b770d0a5541e","block_type":"box","text":"relatively few market makers and participants in the markets are mostly institutional investors,","page_number":79,"box":{"x":150,"y":459,"width":699,"height":12}},{"id":"2c40aab8-151a-4cb5-8b41-c5ab315fc224","block_type":"box","text":"including insurance companies, banks, other financial institutions and mutual funds. In addition,","page_number":79,"box":{"x":150,"y":475,"width":712,"height":12}},{"id":"535a4870-da11-4fa1-af75-acfc538d2dd1","block_type":"box","text":"the trading volume for high yield securities is generally lower than that for higher rated securities","page_number":79,"box":{"x":150,"y":490,"width":718,"height":12}},{"id":"33bcbf83-b0ab-415b-82fb-3cf5453fcaed","block_type":"box","text":"and the secondary markets could contract under adverse market or economic conditions","page_number":79,"box":{"x":150,"y":506,"width":662,"height":12}},{"id":"ba88303c-c6d1-46f9-925f-658d66b04479","block_type":"box","text":"independent of any specific adverse changes in the condition of a particular issuer. Under certain","page_number":79,"box":{"x":150,"y":521,"width":725,"height":12}},{"id":"96a76e00-b946-496e-ac80-3ff68fc1071a","block_type":"box","text":"economic and/or market conditions, a Fund may have difficulty disposing of certain high yield","page_number":79,"box":{"x":150,"y":537,"width":695,"height":12}},{"id":"3b8a982d-59c3-4b15-a36a-fd896714be9d","block_type":"box","text":"securities due to the limited number of investors in that sector of the market. An illiquid secondary","page_number":79,"box":{"x":150,"y":552,"width":728,"height":12}},{"id":"7e06ff7c-bf11-40b2-a0cf-70daaade45b0","block_type":"box","text":"market may adversely affect the market price of the high yield security, which may result in","page_number":79,"box":{"x":150,"y":568,"width":678,"height":12}},{"id":"2a0f4da6-9684-46e1-8afa-4143e9399c2e","block_type":"box","text":"increased difficulty selling the particular issue and obtaining accurate market quotations on the","page_number":79,"box":{"x":150,"y":583,"width":706,"height":12}},{"id":"e5096a9f-07dd-4369-9f23-82ef90b955c2","block_type":"box","text":"issue when valuing a Fund’s assets. Market quotations on high yield securities are available only","page_number":79,"box":{"x":150,"y":599,"width":722,"height":12}},{"id":"f611b9c8-34d0-4387-a45d-bc05589a32c2","block_type":"box","text":"from a limited number of dealers, and such quotations may not be the actual prices available for a","page_number":79,"box":{"x":149,"y":614,"width":731,"height":12}},{"id":"a43782a9-6ae9-4a25-8020-15917a17e2c6","block_type":"box","text":"purchase or sale. When the secondary market for high yield securities becomes more illiquid, or in","page_number":79,"box":{"x":150,"y":630,"width":734,"height":12}},{"id":"6f6189ab-82d8-4e5a-bc1a-2fac3cda6852","block_type":"box","text":"the absence of readily available market quotations for such securities, the relative lack of reliable","page_number":79,"box":{"x":150,"y":645,"width":723,"height":12}},{"id":"edf7777b-aafe-4c7b-95fa-316aef647cab","block_type":"box","text":"objective data makes it more difficult to value a Fund’s securities, and judgment plays a more","page_number":79,"box":{"x":150,"y":661,"width":691,"height":12}},{"id":"b2f67d50-13d6-43fb-af69-2c0aed9d11a8","block_type":"box","text":"important role in determining such valuations.","page_number":79,"box":{"x":150,"y":676,"width":337,"height":12}},{"id":"ab7ba87e-c484-4dae-9f30-4e062e4f9c94","block_type":"box","text":"• A Fund may incur expenses to the extent necessary to seek recovery upon default or to negotiate","page_number":79,"box":{"x":117,"y":699,"width":757,"height":13}},{"id":"1b0e91f2-8ed5-4676-8dc1-395df0084579","block_type":"box","text":"new terms with a defaulting issuer.","page_number":79,"box":{"x":150,"y":715,"width":256,"height":12}},{"id":"3bce15b3-081a-4f23-a7ee-b9a861d5e373","block_type":"box","text":"• The junk bond markets may react strongly to adverse news about an issuer or the economy, or to","page_number":79,"box":{"x":117,"y":738,"width":756,"height":12}},{"id":"b5468428-30c2-44da-a406-a254a57f8596","block_type":"box","text":"the perception or expectation of adverse news, whether or not it is based on fundamental analysis.","page_number":79,"box":{"x":150,"y":754,"width":731,"height":12}},{"id":"8fbfb71d-2f22-43c1-9d1f-081587704adf","block_type":"box","text":"Additionally, prices for high yield securities may be affected by legislative and regulatory","page_number":79,"box":{"x":149,"y":769,"width":654,"height":12}},{"id":"1e3841d6-4b80-4bf9-acd4-adf8d76e0aa4","block_type":"box","text":"developments. These developments could adversely affect a Fund’s NAV and investment","page_number":79,"box":{"x":150,"y":785,"width":664,"height":12}},{"id":"8286df5e-5346-40b3-ae76-80e42ac8bf9c","block_type":"box","text":"practices, the secondary market for high yield securities, the financial condition of issuers of these","page_number":79,"box":{"x":150,"y":800,"width":726,"height":12}},{"id":"3beac22d-ea59-41b3-9990-eb7d81c2c710","block_type":"box","text":"securities and the value and liquidity of outstanding high yield securities, especially in a thinly","page_number":79,"box":{"x":150,"y":816,"width":690,"height":12}},{"id":"231007df-6907-4133-a602-effdec80b023","block_type":"box","text":"traded market. For example, federal legislation requiring the divestiture by federally insured","page_number":79,"box":{"x":150,"y":831,"width":681,"height":12}},{"id":"905cfe4c-68c6-4142-a3f0-526b4f9bc55c","block_type":"box","text":"savings and loan associations of their investments in high yield bonds and limiting the deductibility","page_number":79,"box":{"x":150,"y":847,"width":733,"height":12}},{"id":"612fdae3-83b1-443e-97a4-cf83c8bd2e73","block_type":"box","text":"of interest by certain corporate issuers of high yield bonds adversely affected the market in the","page_number":79,"box":{"x":150,"y":862,"width":706,"height":12}},{"id":"74be1be8-f3bd-4261-a6bb-4eea91da1af9","block_type":"box","text":"past.","page_number":79,"box":{"x":150,"y":878,"width":41,"height":12}},{"id":"ec1a02b5-83c9-4261-8733-940dde2709da","block_type":"box","text":"II-14","page_number":79,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"c508f418-d0fd-413c-b031-5f5a53e7b090","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":79,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"7f00e144-7879-49e2-9e7c-44e285d02983","block_type":"box","text":"• The rating assigned by a rating agency evaluates the issuing agency’s assessment of the safety of","page_number":80,"box":{"x":117,"y":87,"width":770,"height":12}},{"id":"81ced286-29c2-46b0-859b-416b7d88f863","block_type":"box","text":"a non-investment grade security’s principal and interest payments, but does not address market","page_number":80,"box":{"x":150,"y":103,"width":716,"height":12}},{"id":"6edc637a-b85b-42ac-90ca-9693a42b65d3","block_type":"box","text":"value risk. Because such ratings of the ratings agencies may not always reflect current conditions","page_number":80,"box":{"x":150,"y":118,"width":728,"height":12}},{"id":"756873db-586a-432a-8d0a-c3973a2046d0","block_type":"box","text":"and events, in addition to using recognized rating agencies and other sources, the Manager or","page_number":80,"box":{"x":150,"y":134,"width":705,"height":12}},{"id":"aa5259f2-29b0-4c0a-8cca-d5f14344f5b4","block_type":"box","text":"sub-adviser performs its own analysis of the issuers whose non-investment grade securities a","page_number":80,"box":{"x":150,"y":149,"width":700,"height":12}},{"id":"2aa91d6e-5344-483e-9366-d7ace2c88b3c","block_type":"box","text":"Fund holds. Because of this, the Fund’s performance may depend more on the Manager’s or","page_number":80,"box":{"x":151,"y":165,"width":693,"height":12}},{"id":"31384fae-7fb9-48a0-84b0-a76b7ee4e492","block_type":"box","text":"sub-adviser’s own credit analysis than in the case of mutual funds investing in higher-rated","page_number":80,"box":{"x":150,"y":180,"width":678,"height":12}},{"id":"fe345b02-b0c7-4f4d-9345-517330f4c8ae","block_type":"box","text":"securities.","page_number":80,"box":{"x":150,"y":196,"width":80,"height":9}},{"id":"a6350361-3b7a-4420-beca-644d47c4f3d3","block_type":"box","text":"In selecting non-investment grade securities, the Manager or sub-adviser considers factors such as","page_number":80,"box":{"x":117,"y":227,"width":742,"height":12}},{"id":"43d003a1-6fa2-4f6c-9d81-7619020ea71b","block_type":"box","text":"those relating to the creditworthiness of issuers, the ratings and performance of the securities, the","page_number":80,"box":{"x":116,"y":242,"width":731,"height":12}},{"id":"fe6d3b0c-3a9a-41ad-86bb-63de89adac19","block_type":"box","text":"protections afforded the securities and the diversity of the Fund. The Manager or sub-adviser","page_number":80,"box":{"x":117,"y":258,"width":694,"height":12}},{"id":"b96551b0-21fa-4835-a6f3-d1f62ca1fa04","block_type":"box","text":"continuously monitors the issuers of non-investment grade securities held by the Fund for their ability","page_number":80,"box":{"x":116,"y":273,"width":755,"height":12}},{"id":"7d364b3f-7e0d-412d-acf7-76121c02cff1","block_type":"box","text":"to make required principal and interest payments, as well as in an effort to control the liquidity of the","page_number":80,"box":{"x":116,"y":289,"width":746,"height":12}},{"id":"c6d79fa6-f4d2-4c31-a782-2531506b6272","block_type":"box","text":"Fund so that it can meet redemption requests. If a security’s rating is reduced below the minimum","page_number":80,"box":{"x":117,"y":304,"width":729,"height":12}},{"id":"9e1848b7-ac55-4a01-a426-2bc614d8073d","block_type":"box","text":"credit rating that is permitted for a Fund, the Fund’s adviser or sub-adviser will consider whether the","page_number":80,"box":{"x":116,"y":320,"width":745,"height":12}},{"id":"cf4af3f6-aba5-48d9-ad35-7d47349babe5","block_type":"box","text":"Fund should continue to hold the security.","page_number":80,"box":{"x":117,"y":335,"width":315,"height":12}},{"id":"833a1d12-cd29-4329-bf48-5bc994fcd5ef","block_type":"box","text":"In the event that a Fund investing in high yield securities experiences an unexpected level of net","page_number":80,"box":{"x":117,"y":366,"width":718,"height":12}},{"id":"7cda8688-e453-4f68-be9b-e2713bfccbd9","block_type":"box","text":"redemptions, the Fund could be forced to sell its holdings without regard to the investment merits,","page_number":80,"box":{"x":117,"y":382,"width":729,"height":12}},{"id":"54214f3b-469a-438b-a849-ac864b8b82d0","block_type":"box","text":"thereby decreasing the assets upon which the Fund’s rate of return is based.","page_number":80,"box":{"x":116,"y":397,"width":575,"height":12}},{"id":"835036cf-6e4d-41ab-bf48-fc2a87b3aefd","block_type":"box","text":"The costs attributable to investing in the junk bond markets are usually higher for several reasons,","page_number":80,"box":{"x":116,"y":428,"width":733,"height":12}},{"id":"4ca0d73b-6c1d-4f52-ba18-9e355cae5b3c","block_type":"box","text":"such as higher investment research costs and higher commission costs.","page_number":80,"box":{"x":116,"y":444,"width":540,"height":12}},{"id":"e38bc19f-debc-402b-9a6f-3a86be511559","block_type":"box","text":"Mezzanine Investments.","page_number":80,"box":{"x":116,"y":475,"width":179,"height":9}},{"id":"d74455ab-efeb-4cfb-a01e-2425c641cd3a","block_type":"box","text":"Certain Funds, consistent with their restrictions on investing in securities of a","page_number":80,"box":{"x":297,"y":475,"width":579,"height":12}},{"id":"7ad1ec54-47fb-4c0f-9889-90fcb398b0fc","block_type":"box","text":"specific credit quality, may invest in certain high yield securities known as mezzanine investments,","page_number":80,"box":{"x":116,"y":490,"width":735,"height":12}},{"id":"d579459b-b598-4dce-aac4-4e418b5f2259","block_type":"box","text":"which are subordinated debt securities which are generally issued in private placements in connection","page_number":80,"box":{"x":116,"y":506,"width":762,"height":12}},{"id":"2de40ad3-5595-4d45-bb79-3034e65a7811","block_type":"box","text":"with an equity security (","page_number":80,"box":{"x":116,"y":521,"width":175,"height":12}},{"id":"51452f48-163d-46c2-a4eb-3d62fc5d62cb","block_type":"box","text":"e.g.","page_number":80,"box":{"x":292,"y":524,"width":26,"height":9}},{"id":"80da2c33-a9ee-4f1c-8577-01bf7f197a42","block_type":"box","text":", with attached warrants). Such mezzanine investments may be issued with","page_number":80,"box":{"x":321,"y":521,"width":563,"height":12}},{"id":"6bef38c6-695f-4355-8b93-f60c4fdcd03f","block_type":"box","text":"or without registration rights. Similar to other high yield securities, maturities of mezzanine investments","page_number":80,"box":{"x":116,"y":537,"width":767,"height":12}},{"id":"3e363ca9-9227-4452-9866-0f56a763efab","block_type":"box","text":"are typically seven to ten years, but the expected average life is significantly shorter at three to five","page_number":80,"box":{"x":116,"y":552,"width":738,"height":12}},{"id":"c26de441-e9ac-4632-ad2b-94f6fec55cf3","block_type":"box","text":"years. Mezzanine investments are usually unsecured and subordinate to other obligations of the","page_number":80,"box":{"x":116,"y":568,"width":719,"height":12}},{"id":"7bf7a934-f1f9-43ef-9fdb-ae1b7b8a6e8b","block_type":"box","text":"issuer.","page_number":80,"box":{"x":117,"y":583,"width":53,"height":10}},{"id":"aa68126f-5966-49f6-8b88-96391d8cf848","block_type":"box","text":"Pay-in-kind Bonds.","page_number":80,"box":{"x":116,"y":614,"width":139,"height":12}},{"id":"46aaf92f-1f47-4fe1-8b49-1aea252828e1","block_type":"box","text":"Certain Funds may invest in pay-in-kind, or PIK, bonds. PIK bonds are bonds which","page_number":80,"box":{"x":257,"y":614,"width":631,"height":12}},{"id":"ec78dae8-08f0-4433-adf6-ec68ee47cb8b","block_type":"box","text":"pay interest through the issuance of additional debt or equity securities. Similar to zero coupon","page_number":80,"box":{"x":117,"y":630,"width":706,"height":12}},{"id":"1cc34ba6-8e81-4449-bba6-1156a1154848","block_type":"box","text":"obligations, pay-in-kind bonds also carry additional risk as holders of these types of securities realize","page_number":80,"box":{"x":116,"y":645,"width":753,"height":12}},{"id":"67b84c11-e0b8-4b85-8cf6-c5472f7ceb54","block_type":"box","text":"no cash until the cash payment date unless a portion of such securities is sold and, if the issuer","page_number":80,"box":{"x":117,"y":661,"width":707,"height":12}},{"id":"ce9c6483-5fe7-49fa-85fa-610436ce71b5","block_type":"box","text":"defaults, a Fund may obtain no return at all on its investment. The market price of pay-in-kind bonds is","page_number":80,"box":{"x":116,"y":676,"width":759,"height":12}},{"id":"f34f1548-534a-49d5-b7ac-b88ea0a9f832","block_type":"box","text":"affected by interest rate changes to a greater extent, and therefore tends to be more volatile, than that","page_number":80,"box":{"x":116,"y":692,"width":758,"height":12}},{"id":"096473f5-dd70-42e4-a96c-05686c4f1ad9","block_type":"box","text":"of securities which pay interest in cash. Additionally, current U.S. federal tax law requires the holder of","page_number":80,"box":{"x":116,"y":707,"width":759,"height":12}},{"id":"40d603a7-dc72-416b-b45c-f1ab92fa3354","block_type":"box","text":"pay-in-kind bonds to accrue income with respect to these securities prior to the receipt of cash","page_number":80,"box":{"x":117,"y":723,"width":698,"height":12}},{"id":"7fa87158-b415-42d5-be17-3bd53e379ffc","block_type":"box","text":"payments. To maintain its qualification as a regulated investment company and avoid liability for U.S.","page_number":80,"box":{"x":117,"y":738,"width":747,"height":12}},{"id":"926ffa2a-eb62-43da-b2f0-296d2027f397","block_type":"box","text":"federal income and excise taxes, each Fund may be required to distribute income accrued with respect","page_number":80,"box":{"x":116,"y":754,"width":765,"height":12}},{"id":"1c060ce5-22c5-4dd0-b1d4-5de00d640833","block_type":"box","text":"to these securities and may have to dispose of portfolio securities under disadvantageous","page_number":80,"box":{"x":116,"y":769,"width":665,"height":12}},{"id":"407e717f-3564-40b3-86ed-030e241baa41","block_type":"box","text":"circumstances in order to generate cash to satisfy these distribution requirements.","page_number":80,"box":{"x":116,"y":785,"width":608,"height":12}},{"id":"01b083e4-f15f-406c-bb7b-672fe66c3556","block_type":"box","text":"Supranational Entities.","page_number":80,"box":{"x":117,"y":816,"width":165,"height":12}},{"id":"696cff67-9b18-417b-9bbe-83ceb8c7a062","block_type":"box","text":"A Fund may invest in debt securities of supranational entities. Examples of","page_number":80,"box":{"x":289,"y":816,"width":555,"height":12}},{"id":"4cbf6960-886e-4587-91ce-36253262af56","block_type":"box","text":"such entities include the International Bank for Reconstruction and Development (the World Bank), the","page_number":80,"box":{"x":116,"y":831,"width":766,"height":12}},{"id":"13abfc28-9061-47e8-913f-2cff42a694a6","block_type":"box","text":"European Steel and Coal Community, the Asian Development Bank and the Inter-American","page_number":80,"box":{"x":117,"y":847,"width":683,"height":12}},{"id":"13d8574a-cc2d-4f0a-a753-36f9c74cbb93","block_type":"box","text":"Development Bank. The government members, or “stockholders,” usually make initial capital","page_number":80,"box":{"x":117,"y":862,"width":691,"height":12}},{"id":"dbd15d63-508e-4abf-bbb2-eb72dee6e6f9","block_type":"box","text":"contributions to the supranational entity and in many cases are committed to make additional capital","page_number":80,"box":{"x":116,"y":878,"width":748,"height":12}},{"id":"5ff603d5-d853-40be-b7c8-183dd435255c","block_type":"box","text":"II-15","page_number":80,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"864f3526-bd30-42cb-8d95-33664cae76c1","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":80,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"ec7ec78b-0829-4699-abe0-51270dd41bb4","block_type":"box","text":"contributions if the supranational entity is unable to repay its borrowings. There is no guarantee that","page_number":81,"box":{"x":116,"y":87,"width":744,"height":12}},{"id":"505c6321-e822-4f77-918a-b9740b2de4bb","block_type":"box","text":"one or more stockholders of a supranational entity will continue to make any necessary additional","page_number":81,"box":{"x":116,"y":102,"width":729,"height":13}},{"id":"85ee7c18-9e1f-47b5-8743-6b6cdc197b07","block_type":"box","text":"capital contributions. If such contributions are not made, the entity may be unable to pay interest or","page_number":81,"box":{"x":116,"y":118,"width":739,"height":12}},{"id":"34515b10-6428-46ac-9d0d-2a27dcfb1e94","block_type":"box","text":"repay principal on its debt securities, and a Fund may lose money on such investments.","page_number":81,"box":{"x":117,"y":134,"width":655,"height":12}},{"id":"1f831305-0f0f-4094-adb6-75599b1bbbea","block_type":"box","text":"Depositary Receipts (ADRs, EDRs and GDRs).","page_number":81,"box":{"x":116,"y":165,"width":367,"height":12}},{"id":"85a76ec3-b971-4d19-9a1f-d91776883b29","block_type":"box","text":"Certain Funds may invest in the securities of foreign","page_number":81,"box":{"x":484,"y":165,"width":397,"height":12}},{"id":"b1c25d9c-3b67-46cc-a8f1-61df93da67c0","block_type":"box","text":"issuers in the form of Depositary Receipts or other securities convertible into securities of foreign","page_number":81,"box":{"x":117,"y":180,"width":722,"height":12}},{"id":"b56fa740-83c0-4f18-9b4b-a02556bdb5af","block_type":"box","text":"issuers. Depositary Receipts may not necessarily be denominated in the same currency as the","page_number":81,"box":{"x":117,"y":196,"width":707,"height":12}},{"id":"d6af59c2-cc93-4575-be9f-3a9bfbd5e6fb","block_type":"box","text":"underlying securities into which they may be converted. The Fund may invest in both sponsored and","page_number":81,"box":{"x":117,"y":211,"width":749,"height":12}},{"id":"06e96d79-57d8-40b5-a834-27e906901a91","block_type":"box","text":"unsponsored American Depositary Receipts (“ADRs”), European Depositary Receipts (“EDRs”), Global","page_number":81,"box":{"x":117,"y":227,"width":769,"height":12}},{"id":"df1523c1-d15d-4bc9-abbc-7bd2cad8d206","block_type":"box","text":"Depositary Receipts (“GDRs”) and other similar global instruments. ADRs typically are issued by an","page_number":81,"box":{"x":117,"y":242,"width":743,"height":12}},{"id":"c61e8441-2b5d-4f12-b642-a94fda41284d","block_type":"box","text":"American bank or trust company and evidence ownership of underlying securities issued by a foreign","page_number":81,"box":{"x":116,"y":258,"width":756,"height":12}},{"id":"86274a0c-b64a-4d07-9cac-8e2132b7d663","block_type":"box","text":"corporation. EDRs, which are sometimes referred to as Continental Depositary Receipts, are receipts","page_number":81,"box":{"x":116,"y":273,"width":757,"height":12}},{"id":"7a814458-f665-4f05-9e8f-1b173c7b86c3","block_type":"box","text":"issued in Europe, typically by foreign banks and trust companies, that evidence ownership of either","page_number":81,"box":{"x":117,"y":289,"width":739,"height":12}},{"id":"df64a09a-26ab-4eea-aa43-e91f9118b239","block_type":"box","text":"foreign or domestic underlying securities. GDRs are depositary receipts structured like global debt","page_number":81,"box":{"x":116,"y":304,"width":732,"height":12}},{"id":"7c38267a-e902-4f08-ba63-2a5b6800f345","block_type":"box","text":"issues to facilitate trading on an international basis. In addition to investment risks associated with the","page_number":81,"box":{"x":117,"y":320,"width":758,"height":12}},{"id":"53eebf3b-159b-45ce-9ef7-1ba7188690af","block_type":"box","text":"underlying issuer, Depositary Receipts expose a Fund to additional risks associated with the","page_number":81,"box":{"x":117,"y":335,"width":689,"height":12}},{"id":"cf6eeba1-250f-42ab-a470-0c22ba43010b","block_type":"box","text":"non-uniform terms that apply to Depositary Receipt programs, credit exposure to the depository bank","page_number":81,"box":{"x":117,"y":351,"width":754,"height":12}},{"id":"8c4661ce-5a7b-48de-86d7-69caa3218b99","block_type":"box","text":"and to the sponsors and other parties with whom the depository bank establishes the programs,","page_number":81,"box":{"x":116,"y":366,"width":716,"height":12}},{"id":"31ed2d9d-9f11-449c-8a16-cc930d3a637a","block_type":"box","text":"currency risk and the risk of an illiquid market for Depositary Receipts. Unsponsored ADR, EDR and","page_number":81,"box":{"x":116,"y":382,"width":748,"height":12}},{"id":"bf1f7807-bc28-4720-b85b-87e1bff7a396","block_type":"box","text":"GDR programs are organized independently and without the cooperation of the issuer of the underlying","page_number":81,"box":{"x":117,"y":397,"width":771,"height":12}},{"id":"f2fb773e-c3da-4785-aacb-06d4a5f29848","block_type":"box","text":"securities. Unsponsored programs generally expose investors to greater risks than sponsored","page_number":81,"box":{"x":116,"y":413,"width":701,"height":12}},{"id":"70b921ed-e1cf-4a7a-b50c-dcf69006ad9a","block_type":"box","text":"programs and do not provide holders with many of the shareholder benefits that come from investing in","page_number":81,"box":{"x":117,"y":428,"width":769,"height":12}},{"id":"952d305c-8182-4c1d-916d-e827165f08eb","block_type":"box","text":"a sponsored Depositary Receipt. Available information concerning the issuer may not be as current as","page_number":81,"box":{"x":116,"y":444,"width":764,"height":12}},{"id":"7b0e401a-8e97-488f-a0ba-b3f63cdaaf30","block_type":"box","text":"for sponsored ADRs, EDRs and GDRs, and the prices of unsponsored ADRs, EDRs and GDRs may","page_number":81,"box":{"x":116,"y":459,"width":750,"height":12}},{"id":"3cb28958-96ed-4772-a60b-e7c794c6f530","block_type":"box","text":"be more volatile than if such instruments were sponsored by the issuer. Depositary Receipts are","page_number":81,"box":{"x":117,"y":475,"width":718,"height":12}},{"id":"847c86bb-0ce8-4d78-8c0f-f99e61eb462c","block_type":"box","text":"generally subject to the same risks as the foreign securities that they evidence or into which they may","page_number":81,"box":{"x":116,"y":490,"width":759,"height":12}},{"id":"1b8746db-66bc-49a2-a798-27585b88a5c0","block_type":"box","text":"be converted. Investments in ADRs, EDRs and GDRs present additional investment considerations as","page_number":81,"box":{"x":117,"y":506,"width":763,"height":12}},{"id":"1534b1e1-34a2-46a3-8e1e-cdde35ec8dcd","block_type":"box","text":"described under “Foreign Investment Risks.”","page_number":81,"box":{"x":116,"y":521,"width":336,"height":12}},{"id":"c97a9afe-8962-474c-8608-9ec1e4c5c60b","block_type":"box","text":"Derivatives.","page_number":81,"box":{"x":116,"y":560,"width":99,"height":9}},{"id":"1db7bf8b-684e-437e-bfc1-f1b0d56c442c","block_type":"box","text":"General.","page_number":81,"box":{"x":117,"y":583,"width":68,"height":10}},{"id":"21f648d9-1d35-424d-9364-d44fe02dc2bb","block_type":"box","text":"Each Fund may use instruments referred to as derivatives, which are financial instruments","page_number":81,"box":{"x":186,"y":583,"width":675,"height":12}},{"id":"0ddf49c2-110e-4747-813a-8978516456f5","block_type":"box","text":"that derive their value from one or more securities, commodities (such as gold or oil), currencies,","page_number":81,"box":{"x":116,"y":599,"width":722,"height":12}},{"id":"661656e5-df2a-4491-99c7-cd916a7276cf","block_type":"box","text":"interest rates, credit events or indices (a measure of value or rates, such as the S&P 500 Index or the","page_number":81,"box":{"x":117,"y":614,"width":758,"height":12}},{"id":"93583481-6d0d-4451-98b1-694b828d71f4","block_type":"box","text":"prime lending rate) or other reference asset. Derivatives may allow a Fund to increase or decrease the","page_number":81,"box":{"x":117,"y":630,"width":765,"height":12}},{"id":"07fc4bc1-b537-4569-a413-a3351c4f1aeb","block_type":"box","text":"level of risk to which the Fund is exposed more quickly and efficiently than with other transactions.","page_number":81,"box":{"x":117,"y":645,"width":732,"height":12}},{"id":"d3ee109b-eb1b-4882-8221-e672caaaa699","block_type":"box","text":"Certain Funds may use derivatives to maintain a portion of their long and short positions. Unless","page_number":81,"box":{"x":117,"y":661,"width":714,"height":12}},{"id":"a186998f-a02c-4e69-b2ee-0bd70417c567","block_type":"box","text":"otherwise permitted, no Fund may use derivatives to gain exposure to an asset or asset class it is","page_number":81,"box":{"x":116,"y":676,"width":724,"height":12}},{"id":"8b5357ad-1173-44d9-abf5-8209a5cec5ff","block_type":"box","text":"prohibited by its investment restrictions from purchasing directly. As described below, derivatives can","page_number":81,"box":{"x":117,"y":692,"width":748,"height":12}},{"id":"0d222b17-1ed2-4702-9344-a064d2c5dd32","block_type":"box","text":"be used for hedging or speculative purposes. Funds will engage in transaction-level payment netting,","page_number":81,"box":{"x":117,"y":707,"width":747,"height":12}},{"id":"ab6eee33-ef33-4f35-9f83-6c384391a829","block_type":"box","text":"i.e.","page_number":81,"box":{"x":116,"y":723,"width":20,"height":9}},{"id":"8250df36-0055-4f2b-b944-ff5ecbe0bc2b","block_type":"box","text":", the payment obligations of derivatives contracts are netted against one another with the Fund","page_number":81,"box":{"x":140,"y":723,"width":701,"height":12}},{"id":"34b9067b-b5ff-444c-918c-80526e2bb4e3","block_type":"box","text":"receiving or paying, as the case may be, only the net amount of the two payment streams.","page_number":81,"box":{"x":117,"y":738,"width":667,"height":12}},{"id":"e74e6d9a-05c8-4f78-ac48-0ca6262e863e","block_type":"box","text":"Hedging.","page_number":81,"box":{"x":116,"y":769,"width":65,"height":12}},{"id":"9f7119e6-c57f-42dc-8d19-45dd89cb5bca","block_type":"box","text":"Each Fund may use derivatives for hedging purposes, in which a derivative is used to offset","page_number":81,"box":{"x":189,"y":769,"width":680,"height":12}},{"id":"83668bf1-bc5d-48de-8200-d81485e8de9b","block_type":"box","text":"the risks associated with other Fund holdings. Losses on other investments may be substantially","page_number":81,"box":{"x":116,"y":785,"width":716,"height":12}},{"id":"092249be-c9fd-4037-9fd5-2e601a6acb99","block_type":"box","text":"reduced by gains on a derivative that reacts in an opposite manner to market movements. Although","page_number":81,"box":{"x":117,"y":800,"width":737,"height":12}},{"id":"434a2655-f58e-4d13-bde3-581db5cbe295","block_type":"box","text":"hedging may reduce losses, it may also reduce or eliminate gains. In addition, hedging may cause","page_number":81,"box":{"x":117,"y":816,"width":728,"height":12}},{"id":"0f7c4e90-09e5-4be6-9c49-edd30eba885e","block_type":"box","text":"losses if the market moves in an unanticipated manner, or if the cost of the derivative outweighs the","page_number":81,"box":{"x":117,"y":831,"width":744,"height":12}},{"id":"4c94769a-0e34-49be-9d31-07a4bd82592e","block_type":"box","text":"benefit of the hedge. The effectiveness of hedging may be reduced by correlation risk,","page_number":81,"box":{"x":117,"y":847,"width":643,"height":12}},{"id":"6b61d39b-40d4-49e6-8e2e-0f09d1a11bc8","block_type":"box","text":"i.e.","page_number":81,"box":{"x":761,"y":847,"width":20,"height":9}},{"id":"b7c649d9-8a60-4c47-96c7-7b8bba1ced43","block_type":"box","text":",","page_number":81,"box":{"x":784,"y":855,"width":2,"height":3}},{"id":"3a8fc348-f854-438b-806e-6e1d3586f325","block_type":"box","text":"the risk that","page_number":81,"box":{"x":793,"y":847,"width":91,"height":9}},{"id":"37e6eaa4-6430-4319-b643-a3149c724225","block_type":"box","text":"changes in the value of the derivative will not match those of the holdings being hedged as expected","page_number":81,"box":{"x":116,"y":862,"width":751,"height":12}},{"id":"073c6877-b16e-4900-bbbd-aba19fb3df4c","block_type":"box","text":"by a Fund, which may result in additional losses to the Fund. The inability to close or offset derivatives","page_number":81,"box":{"x":117,"y":878,"width":762,"height":12}},{"id":"93996a83-9394-46e5-9c17-4dd8800923ce","block_type":"box","text":"II-16","page_number":81,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"935f9e20-706c-4629-a08b-859492de9598","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":81,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"7b6f4113-55d4-4445-87cd-545ddc240711","block_type":"box","text":"could also reduce the effectiveness of a Fund’s hedging. There is no assurance that a Fund’s hedging","page_number":82,"box":{"x":116,"y":87,"width":762,"height":12}},{"id":"a333bec4-0ee3-4dcb-8259-7218317b382a","block_type":"box","text":"will be effective. No Fund is required to use derivatives to hedge.","page_number":82,"box":{"x":116,"y":102,"width":486,"height":13}},{"id":"1c64d2bc-63e1-47a0-986e-e105870cf147","block_type":"box","text":"Speculation.","page_number":82,"box":{"x":117,"y":131,"width":90,"height":12}},{"id":"c2081239-c89f-4f12-8259-3c7f4de3600c","block_type":"box","text":"Certain Funds may also use derivatives for speculative purposes to seek to enhance","page_number":82,"box":{"x":208,"y":131,"width":638,"height":12}},{"id":"4c055f97-533f-47d5-9814-71584109f8b4","block_type":"box","text":"returns. The use of a derivative is speculative if the Fund is primarily seeking to achieve gains, rather","page_number":82,"box":{"x":117,"y":146,"width":753,"height":12}},{"id":"c7675d7c-aaa1-4691-a6c7-e98268170d4f","block_type":"box","text":"than offset the risk of other positions. To the extent a Fund invests in a derivative for speculative","page_number":82,"box":{"x":116,"y":162,"width":719,"height":12}},{"id":"564e4a81-0db7-4888-a790-b4f0c4bc657a","block_type":"box","text":"purposes, the Fund will be fully exposed to the risks of loss of that derivative, which may sometimes be","page_number":82,"box":{"x":117,"y":177,"width":769,"height":12}},{"id":"385b36a3-57ec-4c35-85cf-8dd0c4c1452c","block_type":"box","text":"greater than the derivative’s cost, and the potential for loss in certain cases may be unlimited.","page_number":82,"box":{"x":116,"y":193,"width":699,"height":12}},{"id":"17ff8757-3488-43ec-b217-ab63f85c4d8f","block_type":"box","text":"Regulation of Derivatives.","page_number":82,"box":{"x":116,"y":227,"width":196,"height":12}},{"id":"f9815c9e-b17e-402b-aab0-0c67c76688c6","block_type":"box","text":"Rule 18f-4 Under the Investment Company Act.","page_number":82,"box":{"x":116,"y":249,"width":352,"height":12}},{"id":"e6d33d47-5eee-4f12-b418-be5631fb9ea8","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits","page_number":82,"box":{"x":469,"y":249,"width":416,"height":12}},{"id":"49a100d4-67a0-42a5-a8e1-b3af2c4489b3","block_type":"box","text":"a Fund to enter into Derivatives Transactions (as defined below) and certain other transactions","page_number":82,"box":{"x":116,"y":265,"width":708,"height":12}},{"id":"28a9408a-a170-4ff2-8237-c72d8ab6d593","block_type":"box","text":"notwithstanding the restrictions on the issuance of “senior securities” under Section 18 of the","page_number":82,"box":{"x":117,"y":280,"width":692,"height":12}},{"id":"bf3aa99b-8474-45a3-a106-e7f8c2c41a86","block_type":"box","text":"Investment Company Act. Section 18 of the Investment Company Act, among other things, prohibits","page_number":82,"box":{"x":117,"y":296,"width":747,"height":12}},{"id":"88bcebfe-36a6-41e6-b755-f2e041d71ea3","block_type":"box","text":"open-end funds, including the Funds, from issuing or selling any “senior security,” other than borrowing","page_number":82,"box":{"x":116,"y":311,"width":769,"height":12}},{"id":"80bf89da-1fa0-4c68-8bae-7212c7385245","block_type":"box","text":"from a bank (subject to a requirement to maintain 300% “asset coverage”).","page_number":82,"box":{"x":116,"y":327,"width":560,"height":12}},{"id":"2b4d2b2a-d59f-4899-babd-30beb1435b8f","block_type":"box","text":"Under Rule 18f-4, “Derivatives Transactions” include the following: (1) any swap, security-based swap","page_number":82,"box":{"x":117,"y":355,"width":761,"height":12}},{"id":"66155c46-9166-408c-adc5-3db631771315","block_type":"box","text":"(including a contract for differences), futures contract, forward contract, option (excluding purchased","page_number":82,"box":{"x":117,"y":370,"width":747,"height":13}},{"id":"edbd0e4a-53cb-42e1-83ea-7d679fd03286","block_type":"box","text":"options), any combination of the foregoing, or any similar instrument, under which a Fund is or may be","page_number":82,"box":{"x":116,"y":386,"width":764,"height":12}},{"id":"83b3ecf9-9d82-49cc-a3d7-1fccd2d66b74","block_type":"box","text":"required to make any payment or delivery of cash or other assets during the life of the instrument or at","page_number":82,"box":{"x":117,"y":401,"width":763,"height":13}},{"id":"d7cc5560-73b2-401f-8773-06dec9902861","block_type":"box","text":"maturity or early termination, whether as margin or settlement payment or otherwise; (2) any short sale","page_number":82,"box":{"x":117,"y":417,"width":767,"height":12}},{"id":"d36d7312-7c0b-4911-9911-ebb81a0b7909","block_type":"box","text":"borrowing; (3) reverse repurchase agreements and similar financing transactions (e.g., recourse and","page_number":82,"box":{"x":117,"y":432,"width":750,"height":13}},{"id":"1d3303d8-9d65-40bd-92c7-fbc74ad88d37","block_type":"box","text":"non-recourse tender option bonds, and borrowed bonds), if a Fund elects to treat all of these","page_number":82,"box":{"x":117,"y":448,"width":691,"height":12}},{"id":"b42b0ab1-c065-4851-b8d3-0fffb5ef6944","block_type":"box","text":"transactions as Derivatives Transactions under Rule 18f-4; and (4) when-issued or forward-settling","page_number":82,"box":{"x":116,"y":463,"width":738,"height":13}},{"id":"430315ee-5d83-436b-aba1-c0ea259f343e","block_type":"box","text":"securities (e.g., firm and standby commitments, including to-be-announced (“TBA”) commitments, and","page_number":82,"box":{"x":116,"y":479,"width":763,"height":12}},{"id":"bf634fb2-1050-4458-93de-1df50654848a","block_type":"box","text":"dollar rolls) and non-standard settlement cycle securities, unless such transactions meet the Delayed","page_number":82,"box":{"x":116,"y":494,"width":755,"height":13}},{"id":"eedaf93c-215c-4b7f-b357-95a062194ac1","block_type":"box","text":"Settlement Securities Provision (as defined below under “—When-Issued Securities, Delayed Delivery","page_number":82,"box":{"x":116,"y":510,"width":763,"height":12}},{"id":"3378c3d4-eee0-456b-8065-ce9888ab1777","block_type":"box","text":"Securities and Forward Commitments”).","page_number":82,"box":{"x":116,"y":525,"width":302,"height":13}},{"id":"07a150ac-3f52-4ac6-87de-8273423618e1","block_type":"box","text":"Unless a Fund is relying on the Limited Derivatives User Exception (as defined below), the Fund must","page_number":82,"box":{"x":117,"y":554,"width":759,"height":12}},{"id":"de5f6a94-f5e8-4b49-a409-0aeacc0fc9f4","block_type":"box","text":"comply with Rule 18f-4 with respect to its Derivatives Transactions. Rule 18f-4, among other things,","page_number":82,"box":{"x":116,"y":569,"width":744,"height":12}},{"id":"c3a5b461-5f29-4914-9d39-0219a107bc85","block_type":"box","text":"requires a Fund to adopt and implement a comprehensive written derivatives risk management","page_number":82,"box":{"x":117,"y":585,"width":708,"height":12}},{"id":"74b459f3-d90a-47d7-ba2b-b7c30b24fef1","block_type":"box","text":"program (“DRMP”) and comply with a relative or absolute limit on Fund leverage risk calculated based","page_number":82,"box":{"x":117,"y":600,"width":761,"height":12}},{"id":"9059c71f-dd1b-434b-957a-6e5f5c329b7c","block_type":"box","text":"on value-at-risk (“VaR”). The DRMP is administered by a “derivatives risk manager,” who is appointed","page_number":82,"box":{"x":116,"y":616,"width":760,"height":12}},{"id":"3a20db5e-2d12-499b-b82b-a8da53fbc2e2","block_type":"box","text":"by the Fund’s Board, including a majority of the independent Directors, and periodically reviews the","page_number":82,"box":{"x":117,"y":631,"width":739,"height":12}},{"id":"81859dd5-a46a-4edc-851c-aa31e4e03b0e","block_type":"box","text":"DRMP and reports to the Fund’s Board.","page_number":82,"box":{"x":117,"y":647,"width":299,"height":12}},{"id":"503f418e-a7a1-42aa-800e-4b43605b4704","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":82,"box":{"x":117,"y":675,"width":758,"height":12}},{"id":"44d8dc95-8c2f-4073-9df2-a4177da1fca5","block_type":"box","text":"“derivatives exposure” is limited to 10% of its net assets (as calculated in accordance with Rule 18f-4)","page_number":82,"box":{"x":116,"y":690,"width":754,"height":13}},{"id":"44db27c0-97f0-4f20-bcd8-08fa2493dc51","block_type":"box","text":"and the Fund adopts and implements written policies and procedures reasonably designed to manage","page_number":82,"box":{"x":116,"y":706,"width":758,"height":12}},{"id":"e119e722-447c-4066-9a60-1118d19a11d6","block_type":"box","text":"its derivatives risks (the “Limited Derivatives User Exception”).","page_number":82,"box":{"x":117,"y":721,"width":459,"height":13}},{"id":"da7172c2-6152-4410-8f37-6ae5d8f3c74e","block_type":"box","text":"Dodd-Frank Regulations","page_number":82,"box":{"x":116,"y":756,"width":182,"height":12}},{"id":"f2bcd3c8-700a-46f1-8a5c-3b79ec90f568","block_type":"box","text":". The Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd","page_number":82,"box":{"x":299,"y":756,"width":564,"height":12}},{"id":"8738c43d-b894-44e4-a2b1-3d5085da0bf0","block_type":"box","text":"Frank”), enacted in July 2010, includes provisions that comprehensively regulate the over-the-counter","page_number":82,"box":{"x":117,"y":772,"width":754,"height":12}},{"id":"b6eb0bb3-c22a-4880-93ea-99da9b793c8d","block_type":"box","text":"(“OTC”) derivatives markets for the first time. While the Commodity Futures Trading Commission","page_number":82,"box":{"x":117,"y":787,"width":716,"height":12}},{"id":"5d0ae981-bd01-4ef8-b34b-82f9fcecea72","block_type":"box","text":"(“CFTC”) and other U.S. regulators have adopted many of the required Dodd-Frank regulations, certain","page_number":82,"box":{"x":117,"y":803,"width":764,"height":12}},{"id":"36e4fdc8-bab2-4134-b361-e053b9faa8ed","block_type":"box","text":"regulations have only recently become effective and other regulations remain to be adopted. The full","page_number":82,"box":{"x":117,"y":818,"width":743,"height":12}},{"id":"45165af9-51d9-4c4e-afe1-9bfb2259fe0f","block_type":"box","text":"impact of Dodd-Frank on the Funds remains uncertain.","page_number":82,"box":{"x":117,"y":834,"width":411,"height":12}},{"id":"e0770e09-c101-42f8-8ce9-1d5eccde85f7","block_type":"box","text":"Many OTC derivatives dealers are required to register with the CFTC as “swap dealers” and/or with the","page_number":82,"box":{"x":117,"y":862,"width":770,"height":12}},{"id":"8c26474d-fc82-4248-a193-6b3ff4d5049f","block_type":"box","text":"SEC as “security-based swap dealers”. Registered swap dealers and security-based swap dealers are","page_number":82,"box":{"x":116,"y":877,"width":765,"height":12}},{"id":"7e8f99a1-880d-4b39-abe8-a73a4c10a945","block_type":"box","text":"II-17","page_number":82,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"9c45ab7a-257a-49ca-9533-c7df31a67a9f","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":82,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"1bedaa64-c058-4835-9875-f14e78cefb02","block_type":"box","text":"subject to various regulatory requirements, including, but not limited to, margin, recordkeeping,","page_number":83,"box":{"x":116,"y":87,"width":708,"height":12}},{"id":"35889a4f-bfda-430a-9d8b-4d8b43be112c","block_type":"box","text":"reporting, transparency, position limits, limitations on conflicts of interest, business conduct standards,","page_number":83,"box":{"x":117,"y":102,"width":761,"height":13}},{"id":"fed7eb72-2af6-4bcc-bd20-5cb572ec331c","block_type":"box","text":"minimum capital requirements and other regulatory requirements, which indirectly impact the Funds","page_number":83,"box":{"x":117,"y":118,"width":743,"height":12}},{"id":"ba943919-3a3b-4282-889a-3c9e4f9703d8","block_type":"box","text":"that enter into transactions with them.","page_number":83,"box":{"x":116,"y":134,"width":284,"height":9}},{"id":"d72bfd17-584c-4934-8405-414f70154084","block_type":"box","text":"The CFTC requires that certain interest rate swaps and certain credit default swaps must be executed","page_number":83,"box":{"x":116,"y":165,"width":761,"height":11}},{"id":"dc2d4e4d-3a2d-4935-a23e-3c1cdd928ff9","block_type":"box","text":"in regulated markets and be submitted for clearing to regulated clearinghouses. The SEC is also","page_number":83,"box":{"x":117,"y":180,"width":719,"height":12}},{"id":"fb2fdcd1-7baf-4cf1-9ba1-6217644361e9","block_type":"box","text":"expected to impose similar requirements on certain security-based derivatives in the future. OTC","page_number":83,"box":{"x":116,"y":196,"width":723,"height":12}},{"id":"09899a19-d6ae-4ff1-bc76-920796a03cb4","block_type":"box","text":"derivatives trades submitted for clearing are subject to minimum initial and variation margin","page_number":83,"box":{"x":116,"y":211,"width":681,"height":12}},{"id":"e123f35e-d35f-4177-9b48-a58702ebd52c","block_type":"box","text":"requirements set by the relevant clearinghouse, as well as margin requirements mandated by the","page_number":83,"box":{"x":117,"y":227,"width":726,"height":12}},{"id":"e837dc19-3e6d-4a7c-83f3-f9a768c803f5","block_type":"box","text":"CFTC, SEC and/or federal prudential regulators. In addition, futures commission merchants (“FCMs”),","page_number":83,"box":{"x":117,"y":242,"width":760,"height":12}},{"id":"985d2d78-a87a-4c72-adce-d99b75225310","block_type":"box","text":"who act as clearing members on behalf of customers for cleared OTC derivatives and futures","page_number":83,"box":{"x":116,"y":258,"width":697,"height":12}},{"id":"db73cf9d-eb7c-4d7d-8347-c7dc40eb07c4","block_type":"box","text":"contracts, also have discretion to increase a Fund’s margin requirements for these transactions beyond","page_number":83,"box":{"x":116,"y":273,"width":772,"height":12}},{"id":"a91e7480-a1f3-4a5e-8281-91a086ef544f","block_type":"box","text":"any regulatory and clearinghouse minimums subject to any restrictions on such discretion in the","page_number":83,"box":{"x":116,"y":289,"width":715,"height":12}},{"id":"6c542787-f4d7-497e-a402-76079abf91f0","block_type":"box","text":"documentation between the FCM and the customer. These regulatory requirements may make it more","page_number":83,"box":{"x":116,"y":304,"width":764,"height":12}},{"id":"a4e806aa-52a3-426a-a69a-46ce206b19e3","block_type":"box","text":"difficult and costly for the Funds to enter into highly tailored or customized transactions, potentially","page_number":83,"box":{"x":116,"y":320,"width":733,"height":12}},{"id":"a77ba28a-32e1-4778-abfa-b8a0f5d76231","block_type":"box","text":"rendering certain investment strategies impossible or not economically feasible. If a Fund decides to","page_number":83,"box":{"x":117,"y":335,"width":747,"height":12}},{"id":"b5461b5b-3fbf-4638-a161-d66c6e7e8520","block_type":"box","text":"execute and clear cleared OTC derivatives and/or futures contracts through execution facilities,","page_number":83,"box":{"x":116,"y":351,"width":712,"height":12}},{"id":"94d33d25-d8d4-4f40-97d2-3e26e5515edb","block_type":"box","text":"exchanges or clearinghouses, either indirectly through an executing broker, clearing member FCM or","page_number":83,"box":{"x":116,"y":366,"width":756,"height":12}},{"id":"62026881-2e7b-4569-8822-3d6756f0ff1f","block_type":"box","text":"as a direct member, a Fund would be required to comply with the rules of the execution facility,","page_number":83,"box":{"x":116,"y":382,"width":709,"height":12}},{"id":"a7b91213-6e6d-476c-bb5d-d4936a2290c6","block_type":"box","text":"exchange or clearinghouse and other applicable law.","page_number":83,"box":{"x":116,"y":397,"width":397,"height":12}},{"id":"d460b6d8-eb48-4900-9322-98c8c65303c6","block_type":"box","text":"With respect to cleared OTC derivatives and futures contracts and options on futures, a Fund will not","page_number":83,"box":{"x":116,"y":428,"width":753,"height":12}},{"id":"b171b88c-f1a9-4a97-943d-4a14f64beb4d","block_type":"box","text":"face a clearinghouse directly but rather will do so through a FCM that is registered with the CFTC and/","page_number":83,"box":{"x":116,"y":444,"width":759,"height":12}},{"id":"da9ddbfa-1894-448c-8cfd-e082a6b60719","block_type":"box","text":"or SEC and that acts as a clearing member. A Fund may face the indirect risk of the failure of another","page_number":83,"box":{"x":116,"y":459,"width":759,"height":12}},{"id":"a5df80d8-188c-4648-826e-1444c5a5fd93","block_type":"box","text":"clearing member customer to meet its obligations to its clearing member. Such scenario could arise","page_number":83,"box":{"x":116,"y":475,"width":744,"height":12}},{"id":"7f22c4e6-69f8-4609-b3c7-335c15e8a495","block_type":"box","text":"due to a default by the clearing member on its obligations to the clearinghouse simultaneously with a","page_number":83,"box":{"x":116,"y":490,"width":752,"height":12}},{"id":"6aa6337e-1741-4eab-b92d-652297846c4a","block_type":"box","text":"customer’s failure to meet its obligations to the clearing member.","page_number":83,"box":{"x":116,"y":506,"width":485,"height":12}},{"id":"ada9855f-e04d-47a4-9e0b-53f2452b738b","block_type":"box","text":"Clearing member FCMs are required to post initial margin to the clearinghouses through which they","page_number":83,"box":{"x":117,"y":537,"width":742,"height":12}},{"id":"38067d5e-4a76-44dc-9a07-535c51a7d874","block_type":"box","text":"clear their customers’ cleared OTC derivatives and futures contracts, instead of using such initial","page_number":83,"box":{"x":116,"y":552,"width":722,"height":12}},{"id":"9fdf9f17-7a6c-43ca-ab45-00a7d163ff73","block_type":"box","text":"margin in their businesses, as was widely permitted for OTC derivatives before Dodd-Frank. While an","page_number":83,"box":{"x":117,"y":568,"width":757,"height":12}},{"id":"9e613faa-5982-4993-968d-460956fa8c55","block_type":"box","text":"FCM may require its customer to post initial margin in excess of clearinghouse requirements, and","page_number":83,"box":{"x":117,"y":583,"width":727,"height":12}},{"id":"c37e52c0-9b54-4a53-9415-a3d3ede5d04c","block_type":"box","text":"certain clearinghouses may share a portion of their earnings on initial margin with their clearing","page_number":83,"box":{"x":116,"y":599,"width":710,"height":12}},{"id":"ac2a4dc1-95a6-42ce-96a1-021157deaf59","block_type":"box","text":"members, some portion of the initial margin that is passed through to the clearinghouse does not","page_number":83,"box":{"x":117,"y":614,"width":722,"height":12}},{"id":"bdfa7804-8e4f-4608-9084-fa544a1b410d","block_type":"box","text":"generate earnings for the FCM. The inability of FCMs to earn the same levels of returns on initial","page_number":83,"box":{"x":116,"y":630,"width":722,"height":12}},{"id":"90668c01-9df5-46ef-9f6e-bae3d37915ee","block_type":"box","text":"margin for cleared OTC derivatives as they could earn with respect to non-cleared OTC derivatives","page_number":83,"box":{"x":117,"y":645,"width":739,"height":12}},{"id":"8594b726-92bc-4131-ad58-504e5b417ca5","block_type":"box","text":"may cause FCMs to charge higher fees, or provide less favorable pricing on cleared OTC derivatives","page_number":83,"box":{"x":117,"y":661,"width":747,"height":12}},{"id":"f5bd183d-599f-4f0e-957b-7bc22054e127","block_type":"box","text":"than swap dealers will provide for non-cleared OTC derivatives. Furthermore, customers, including the","page_number":83,"box":{"x":116,"y":676,"width":760,"height":12}},{"id":"f7c66357-9088-4b25-9320-e19b33444f2b","block_type":"box","text":"Funds, are subject to additional fees payable to FCMs with respect to cleared OTC derivatives, which","page_number":83,"box":{"x":117,"y":692,"width":751,"height":12}},{"id":"73c01b15-16a1-462f-98ce-68734bd2e74a","block_type":"box","text":"may raise the cost to Funds of clearing as compared to trading non-cleared OTC derivatives bilaterally.","page_number":83,"box":{"x":117,"y":707,"width":763,"height":12}},{"id":"bb691cfe-6f0f-481e-8900-20bfed3cc0e2","block_type":"box","text":"With respect to uncleared swaps, registered swap dealers and security-based swap dealers are","page_number":83,"box":{"x":116,"y":738,"width":710,"height":12}},{"id":"5cb8cd8f-6672-4caa-a31f-4832565f9482","block_type":"box","text":"required to exchange variation margin with a Fund and may be required by applicable regulations to","page_number":83,"box":{"x":117,"y":754,"width":740,"height":12}},{"id":"2d44f69b-066f-469c-acd3-e709f507220f","block_type":"box","text":"collect (and in some cases exchange) initial margin with a Fund. Both initial and variation margin may","page_number":83,"box":{"x":116,"y":769,"width":752,"height":12}},{"id":"1165b415-6c58-4525-9297-0e5e397001de","block_type":"box","text":"be comprised of cash and/or securities, subject to applicable regulatory haircuts and other restrictions.","page_number":83,"box":{"x":117,"y":785,"width":757,"height":12}},{"id":"2f479d02-1a2d-4b1d-8e00-78e173f6d043","block_type":"box","text":"Shares of investment companies (other than certain money market funds) may not be posted as","page_number":83,"box":{"x":116,"y":800,"width":713,"height":12}},{"id":"06591437-907c-4853-a84a-51ff8de957e4","block_type":"box","text":"collateral under applicable regulations.","page_number":83,"box":{"x":116,"y":816,"width":285,"height":12}},{"id":"15633c89-8cbd-4306-9a57-1fa704356eea","block_type":"box","text":"The CFTC, certain foreign regulators, and many futures exchanges have established (and continue to","page_number":83,"box":{"x":116,"y":847,"width":760,"height":12}},{"id":"9341691e-2f79-4267-9a9c-3398424bd0b6","block_type":"box","text":"evaluate and monitor) speculative position limits (“position limits”) on the maximum speculative position","page_number":83,"box":{"x":116,"y":862,"width":771,"height":12}},{"id":"e9301624-843e-4fbd-95b5-57df478b9857","block_type":"box","text":"which any person, or group of persons acting in concert, may hold or control in particular contracts. In","page_number":83,"box":{"x":116,"y":878,"width":759,"height":12}},{"id":"eaed0b27-e099-4adf-a5fe-c7372ebfcf2c","block_type":"box","text":"II-18","page_number":83,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"c25b8798-15d6-4781-9aea-0ae2607c6f29","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":83,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"db3cd134-2f23-4911-8bee-52100205122c","block_type":"box","text":"addition, U.S. federal position limits apply to swaps that are economically equivalent to futures","page_number":84,"box":{"x":116,"y":87,"width":703,"height":12}},{"id":"c3b1f37b-f5b9-49e5-afbf-59114281154b","block_type":"box","text":"contracts on certain agricultural, metals and energy commodities. All positions owned or controlled by","page_number":84,"box":{"x":116,"y":103,"width":758,"height":12}},{"id":"572b7ff1-beb6-42f6-bcb6-dfcb7bebb752","block_type":"box","text":"the same person or entity, even if in different accounts, must be aggregated for purposes of complying","page_number":84,"box":{"x":116,"y":118,"width":766,"height":12}},{"id":"1bc570e9-44e7-4868-8252-4e839e559390","block_type":"box","text":"with the speculative limits. Thus, even if a Fund does not intend to exceed applicable position limits, it","page_number":84,"box":{"x":116,"y":134,"width":758,"height":11}},{"id":"cfab5696-3f5b-487c-a017-265d05c52233","block_type":"box","text":"is possible that different clients managed by the Manager and its affiliates may be aggregated for this","page_number":84,"box":{"x":117,"y":149,"width":755,"height":12}},{"id":"a0bb30ce-80af-4988-8454-6ceaf3aed7d5","block_type":"box","text":"purpose. Therefore, the trading decisions of the Manager may have to be modified and positions held","page_number":84,"box":{"x":117,"y":165,"width":757,"height":12}},{"id":"1541cfdb-bc44-4833-b5ee-235b6d9cc047","block_type":"box","text":"by a Fund liquidated in order to avoid exceeding such limits. The modification of investment decisions","page_number":84,"box":{"x":117,"y":180,"width":757,"height":12}},{"id":"3070e899-c62e-4983-9f03-e5f91a4cbe12","block_type":"box","text":"or the elimination of open positions, if it occurs, may adversely affect the profitability of a Fund. A","page_number":84,"box":{"x":116,"y":196,"width":723,"height":12}},{"id":"dffc8da1-ca5a-47bb-985d-c3807bd6861e","block_type":"box","text":"violation of position limits could also lead to regulatory action materially adverse to a Fund’s investment","page_number":84,"box":{"x":116,"y":211,"width":770,"height":12}},{"id":"81875a38-aeeb-4794-94f5-4adce69eee20","block_type":"box","text":"strategy. A Fund may also be affected by other regimes, including those of the European Union and","page_number":84,"box":{"x":116,"y":227,"width":746,"height":12}},{"id":"c681a36b-df93-4400-99f1-07429aa1b150","block_type":"box","text":"United Kingdom, and trading venues that impose position limits on commodity derivative contracts.","page_number":84,"box":{"x":117,"y":242,"width":737,"height":12}},{"id":"ce2507b8-6489-4a1d-a25a-8d4326006b09","block_type":"box","text":"Additional Regulation of Derivatives.","page_number":84,"box":{"x":115,"y":273,"width":269,"height":12}},{"id":"b6f26fc2-47a7-4ca8-9e19-8df3dfbdd030","block_type":"box","text":"Regulatory bodies outside the U.S. have also passed, proposed,","page_number":84,"box":{"x":386,"y":273,"width":489,"height":12}},{"id":"163bf3e9-3f83-4446-99ca-8a9f0df0db8e","block_type":"box","text":"or may propose in the future, legislation similar to Dodd-Frank or other legislation that could increase","page_number":84,"box":{"x":116,"y":289,"width":753,"height":12}},{"id":"732a77d6-44c2-434a-9856-024ab2336ba0","block_type":"box","text":"the costs of participating in, or otherwise adversely impact the liquidity of, participating in the","page_number":84,"box":{"x":116,"y":304,"width":689,"height":12}},{"id":"488ab8da-8297-47cb-9d5e-cd252fc3f49e","block_type":"box","text":"commodities markets. For example, the European Market Infrastructure Regulation (Regulation (EU)","page_number":84,"box":{"x":116,"y":320,"width":752,"height":12}},{"id":"6a89a42e-19da-4c5d-b1b5-386f986908ab","block_type":"box","text":"No 648/2012) (“EMIR”) introduced certain requirements in respect of OTC derivatives including:(i) the","page_number":84,"box":{"x":117,"y":335,"width":757,"height":12}},{"id":"73a0a892-b966-4b83-b77b-c08c7688471e","block_type":"box","text":"mandatory clearing of OTC derivative contracts declared subject to the clearing obligation; (ii) risk","page_number":84,"box":{"x":117,"y":351,"width":728,"height":12}},{"id":"6d0f40d4-b018-4b93-b4ca-554813a0a8fd","block_type":"box","text":"mitigation techniques in respect of uncleared OTC derivative contracts, including the mandatory","page_number":84,"box":{"x":117,"y":366,"width":714,"height":12}},{"id":"f56cd71b-fd43-495b-9c4d-a2f0abba13d9","block_type":"box","text":"margining of uncleared OTC derivative contracts; and (iii) reporting and recordkeeping requirements in","page_number":84,"box":{"x":117,"y":382,"width":765,"height":12}},{"id":"b0039b4d-b65d-4d03-8d7b-8b7cef17ea4b","block_type":"box","text":"respect of all derivatives contracts. By way of further example, the European Union Markets in","page_number":84,"box":{"x":117,"y":397,"width":703,"height":12}},{"id":"1bc8ed9e-86a0-414a-85d0-055a5738d5ee","block_type":"box","text":"Financial Instruments Directive (Directive 2014/65/EU) and Markets in Financial Instruments","page_number":84,"box":{"x":117,"y":413,"width":688,"height":12}},{"id":"f0dec1f8-fab1-43df-adca-9ae48b285408","block_type":"box","text":"Regulation (Regulation (EU) No 600/2014) (together “MiFID II”), which have applied since January 3,","page_number":84,"box":{"x":117,"y":428,"width":753,"height":12}},{"id":"45577ec1-d9c5-4c64-b253-8ecffec8fdd3","block_type":"box","text":"2018, govern the provision of investment services and activities in relation to, as well as the organized","page_number":84,"box":{"x":116,"y":444,"width":762,"height":12}},{"id":"bd39566b-b0cd-4640-95eb-d03c097e14a5","block_type":"box","text":"trading of, financial instruments such as shares, bonds, units in collective investment schemes and","page_number":84,"box":{"x":116,"y":459,"width":738,"height":12}},{"id":"ac251ba8-80e3-44ee-8db7-6860f5539b42","block_type":"box","text":"derivatives. In particular, MiFID II requires European Union Member States to apply position limits to","page_number":84,"box":{"x":116,"y":475,"width":749,"height":12}},{"id":"8aecd8cd-4d42-46f1-9537-493cdd87005c","block_type":"box","text":"the size of a net position a person can hold at any time in commodity derivatives traded on European","page_number":84,"box":{"x":116,"y":490,"width":754,"height":12}},{"id":"1e1fa883-e6fb-4219-8d4f-6cd1388f023a","block_type":"box","text":"Union trading venues and in “economically equivalent” OTC contracts. If the requirements of EMIR and","page_number":84,"box":{"x":117,"y":506,"width":769,"height":12}},{"id":"c62781e2-cc32-4f2f-8e73-43fb8fdf778a","block_type":"box","text":"MiFID II apply, the cost of derivatives transactions is expected to increase.","page_number":84,"box":{"x":117,"y":521,"width":557,"height":12}},{"id":"85d7f6d4-fd94-4a24-9052-4c6adce481e5","block_type":"box","text":"In addition, regulations adopted by global prudential regulators that are now in effect require certain","page_number":84,"box":{"x":117,"y":552,"width":742,"height":12}},{"id":"d86e3714-a8f6-43ca-b569-d6d97c566d47","block_type":"box","text":"prudentially regulated entities and certain of their affiliates and subsidiaries (including swap dealers) to","page_number":84,"box":{"x":117,"y":568,"width":764,"height":12}},{"id":"6d5483e1-2c20-415e-b66b-2d505f80c9f3","block_type":"box","text":"include in their derivatives contracts and certain other financial contracts, terms that delay or restrict","page_number":84,"box":{"x":117,"y":583,"width":745,"height":12}},{"id":"165d7c0d-244c-4b4e-8208-0bff7c910c3e","block_type":"box","text":"the rights of counterparties (such as the Funds) to terminate such contracts, foreclose upon collateral,","page_number":84,"box":{"x":116,"y":599,"width":761,"height":12}},{"id":"1f045a56-6019-4637-82d7-55d7a1bfc629","block_type":"box","text":"exercise other default rights or restrict transfers of credit support in the event that the prudentially","page_number":84,"box":{"x":116,"y":614,"width":725,"height":12}},{"id":"ecfbd1a6-50e2-42cf-b091-f51ec981a41d","block_type":"box","text":"regulated entity and/or its affiliates are subject to certain types of resolution or insolvency proceedings.","page_number":84,"box":{"x":117,"y":630,"width":765,"height":12}},{"id":"d68aefb3-78f5-4636-9761-e5cea11f73cd","block_type":"box","text":"Similar regulations and laws have been adopted in non-U.S. jurisdictions that may apply to a Fund’s","page_number":84,"box":{"x":116,"y":645,"width":746,"height":12}},{"id":"5c25b725-a0be-4585-90e0-0c8bd5e98387","block_type":"box","text":"counterparties located in those jurisdictions. In particular, in the United Kingdom and the European","page_number":84,"box":{"x":116,"y":661,"width":731,"height":12}},{"id":"5d60d5f5-77cf-4cd1-bd7a-4ef6c3dd6c63","block_type":"box","text":"Union, governmental authorities could reduce, eliminate or convert to equity the liabilities to a Fund of","page_number":84,"box":{"x":117,"y":676,"width":753,"height":12}},{"id":"19e387ff-ef5f-4e39-9565-de5f4e5e6d00","block_type":"box","text":"a counterparty experiencing financial difficulties (sometimes referred to as a “bail in”). It is possible that","page_number":84,"box":{"x":116,"y":692,"width":763,"height":12}},{"id":"eba55d21-a9f4-4a1b-8d06-6a91ba47516c","block_type":"box","text":"these requirements, as well as potential additional related government regulation, could adversely","page_number":84,"box":{"x":116,"y":707,"width":726,"height":12}},{"id":"f83cd714-b811-4df2-af49-82627c72e310","block_type":"box","text":"affect a Fund’s ability to terminate existing derivatives contracts, exercise default rights or satisfy","page_number":84,"box":{"x":116,"y":723,"width":716,"height":12}},{"id":"04181a9e-50dc-4788-96fb-50822eca8e60","block_type":"box","text":"obligations owed to it with collateral received under such contracts.","page_number":84,"box":{"x":116,"y":738,"width":496,"height":12}},{"id":"1a8afcbe-e9eb-4d93-b76c-e1d6a7121b7c","block_type":"box","text":"Risk Factors in Derivatives.","page_number":84,"box":{"x":116,"y":777,"width":202,"height":9}},{"id":"90b2c7f2-f6b5-454d-ac95-6749ab3a790c","block_type":"box","text":"There are significant risks that apply generally to derivatives transactions, including:","page_number":84,"box":{"x":116,"y":808,"width":620,"height":12}},{"id":"9c2a9e6b-53cb-435b-a3cc-ea82430bbd03","block_type":"box","text":"Correlation Risk —","page_number":84,"box":{"x":117,"y":831,"width":123,"height":10}},{"id":"375a7268-e570-4343-88a4-c20908e64677","block_type":"box","text":"— the risk that changes in the value of a derivative will not match the changes in the","page_number":84,"box":{"x":240,"y":831,"width":631,"height":12}},{"id":"6302841c-0e4b-473e-b410-546e7526244f","block_type":"box","text":"value of the portfolio holdings that are being hedged or of the particular market or security to which the","page_number":84,"box":{"x":116,"y":847,"width":765,"height":12}},{"id":"298e9091-d2a2-4488-8f74-bbcaa5461fbc","block_type":"box","text":"Fund seeks exposure. There are a number of factors which may prevent a derivative instrument from","page_number":84,"box":{"x":117,"y":862,"width":754,"height":12}},{"id":"17b151f6-934d-4445-bd43-b55cb0d2109c","block_type":"box","text":"achieving the desired correlation (or inverse correlation) with an underlying asset, rate or index, such","page_number":84,"box":{"x":116,"y":878,"width":753,"height":12}},{"id":"2b21fa2a-e8b3-47cd-ae3b-b369c89bfb50","block_type":"box","text":"II-19","page_number":84,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"d11ff1c4-ea73-4122-aa87-3ef01986a73d","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":84,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"7cc4b403-8625-4500-b01d-beba03a86d3d","block_type":"box","text":"as the impact of fees, expenses and transaction costs, the timing of pricing, and disruptions or illiquidity","page_number":85,"box":{"x":116,"y":87,"width":772,"height":12}},{"id":"883195d8-4649-4ed8-8b38-f1f9e4f11db7","block_type":"box","text":"in the markets for such derivative instrument.","page_number":85,"box":{"x":117,"y":102,"width":338,"height":10}},{"id":"e9ebd8cf-1745-429e-860d-0fe0a3965c87","block_type":"box","text":"Counterparty Risk —","page_number":85,"box":{"x":117,"y":134,"width":138,"height":12}},{"id":"dfaf425a-9c03-4c71-8dee-59da254be65a","block_type":"box","text":"—","page_number":85,"box":{"x":255,"y":139,"width":22,"height":4}},{"id":"c56c9c57-7df4-431b-a7bd-53951b3e656f","block_type":"box","text":"the risk that a derivatives transaction counterparty will be unable or unwilling to","page_number":85,"box":{"x":277,"y":134,"width":590,"height":12}},{"id":"a681da42-decd-40d6-aaa9-538b63a6093f","block_type":"box","text":"make payments or otherwise honor its obligations to a Fund and the related risks of having","page_number":85,"box":{"x":117,"y":149,"width":678,"height":12}},{"id":"12162c70-8392-47bb-9ca9-98d04bea2149","block_type":"box","text":"concentrated exposure to such a counterparty. In particular, derivatives traded in OTC markets often","page_number":85,"box":{"x":116,"y":165,"width":751,"height":12}},{"id":"aa6df7f1-732b-4350-9a1d-497c16c2681d","block_type":"box","text":"are not guaranteed by an exchange or clearing corporation and often do not require payment of","page_number":85,"box":{"x":116,"y":180,"width":714,"height":12}},{"id":"f1c48352-37e5-4b7b-9053-486e591cb098","block_type":"box","text":"margin, and to the extent that the Fund has unrealized gains in such instruments or has deposited","page_number":85,"box":{"x":117,"y":196,"width":732,"height":12}},{"id":"b2941fee-ff3c-4f69-80bd-f4f3f08d4128","block_type":"box","text":"collateral with its counterparties the Fund is at risk that its counterparties will become bankrupt or","page_number":85,"box":{"x":116,"y":211,"width":725,"height":12}},{"id":"e8aea260-d6cd-4d84-9757-fb87cabba82a","block_type":"box","text":"otherwise fail to honor their obligations. A Fund will typically attempt to minimize counterparty risk by","page_number":85,"box":{"x":116,"y":227,"width":750,"height":12}},{"id":"1e54f794-33e6-4cbb-b6b8-549699c7cd37","block_type":"box","text":"engaging in OTC derivatives transactions only with creditworthy entities that have substantial capital or","page_number":85,"box":{"x":116,"y":242,"width":768,"height":12}},{"id":"de0fa8d4-eb9d-45f7-92b8-4f6bfc438487","block_type":"box","text":"that have provided the Fund with a third-party guaranty or other credit support. When a Fund enters","page_number":85,"box":{"x":116,"y":258,"width":745,"height":12}},{"id":"9e56ce39-4558-4963-a6cc-9c3131cf24d4","block_type":"box","text":"into a derivatives transaction that is centrally cleared (whether mandatorily or voluntarily), the Fund is","page_number":85,"box":{"x":117,"y":273,"width":754,"height":12}},{"id":"e07ac429-e0cf-46d3-95fd-b071fec2c5e2","block_type":"box","text":"subject to the credit risk of the clearing house and the clearing member through which it holds its","page_number":85,"box":{"x":116,"y":289,"width":722,"height":12}},{"id":"4e2c09f0-ba02-4554-9e3b-cfd1584f09d4","block_type":"box","text":"cleared position. Credit risk of market participants with respect to derivatives that are centrally cleared","page_number":85,"box":{"x":116,"y":304,"width":761,"height":12}},{"id":"a19e4c37-3f2f-4d80-b9f6-6342b4f16ab2","block_type":"box","text":"is concentrated in a few clearing houses and increasingly fewer clearing members. It is not clear how","page_number":85,"box":{"x":117,"y":320,"width":754,"height":12}},{"id":"4bf38755-f663-4e81-b1da-c810a5e4021c","block_type":"box","text":"an insolvency proceeding of a clearing house would be conducted and what impact an insolvency of a","page_number":85,"box":{"x":116,"y":335,"width":762,"height":12}},{"id":"8eb48b70-fd7f-4b84-8e11-4499532a0891","block_type":"box","text":"clearing house would have on the financial system. Also, a Fund will not be fully protected in the event","page_number":85,"box":{"x":116,"y":351,"width":764,"height":12}},{"id":"b1fb1046-76d7-4741-a48f-646b35efc317","block_type":"box","text":"of the bankruptcy of a Fund’s clearing member because the Fund would be limited to recovering only a","page_number":85,"box":{"x":116,"y":366,"width":768,"height":12}},{"id":"f3c83d06-8d70-42d7-a1b6-49f54f47841f","block_type":"box","text":"pro rata share of the funds held by the clearing member on behalf of customers by account class for","page_number":85,"box":{"x":117,"y":382,"width":747,"height":12}},{"id":"698bb147-fb48-41ef-9b0f-1345ad2797b9","block_type":"box","text":"cleared derivatives. Although a clearing member is required to segregate assets from customers with","page_number":85,"box":{"x":116,"y":397,"width":755,"height":12}},{"id":"52a1f412-ef40-403a-a70a-510e4c123ac9","block_type":"box","text":"respect to cleared derivatives positions from the clearing member’s proprietary assets, if a clearing","page_number":85,"box":{"x":117,"y":413,"width":736,"height":12}},{"id":"6485b034-8da8-4e68-ad06-0acac6686968","block_type":"box","text":"member does not comply with the applicable regulations, or in the event of fraud or misappropriation of","page_number":85,"box":{"x":117,"y":428,"width":768,"height":12}},{"id":"27d2d3d4-d418-47a5-9847-f9cf29fbca76","block_type":"box","text":"customer assets by a clearing member, a Fund could have only an unsecured creditor claim in an","page_number":85,"box":{"x":116,"y":444,"width":730,"height":12}},{"id":"1f954a95-1a8a-49dd-956f-d0944323989d","block_type":"box","text":"insolvency of the clearing member with respect to the assets held by the clearing member.","page_number":85,"box":{"x":117,"y":459,"width":675,"height":12}},{"id":"89c97dd8-da68-435d-a1a2-46abef793f4a","block_type":"box","text":"Credit Risk —","page_number":85,"box":{"x":117,"y":490,"width":86,"height":10}},{"id":"19565fda-b892-4d87-8b87-8abc94b7d431","block_type":"box","text":"— the risk that the reference entity in a credit default swap or similar derivative will not be","page_number":85,"box":{"x":203,"y":490,"width":668,"height":12}},{"id":"66f3ed1b-ebcd-4012-b90e-ce4f102d2edf","block_type":"box","text":"able to honor its financial obligations.","page_number":85,"box":{"x":116,"y":506,"width":280,"height":12}},{"id":"472d90aa-b43d-47cd-b162-cafdac7b5cdc","block_type":"box","text":"Currency Risk —","page_number":85,"box":{"x":117,"y":537,"width":109,"height":12}},{"id":"19860021-bedb-4d38-b86a-f885696ff60b","block_type":"box","text":"— the risk that changes in the exchange rate between two currencies will adversely","page_number":85,"box":{"x":226,"y":537,"width":625,"height":12}},{"id":"94cb0181-515b-4537-9c0e-fc3ef771ad89","block_type":"box","text":"affect the value (in U.S. dollar terms) of a derivative.","page_number":85,"box":{"x":116,"y":552,"width":392,"height":12}},{"id":"bf8c7465-b922-465b-a8c1-c79cd21c4b4e","block_type":"box","text":"Illiquidity Risk —","page_number":85,"box":{"x":117,"y":583,"width":105,"height":12}},{"id":"760ab414-8be6-4d96-a563-c4712d2a2321","block_type":"box","text":"— the risk that certain securities or instruments may be difficult or impossible to sell at","page_number":85,"box":{"x":222,"y":583,"width":644,"height":12}},{"id":"a025f380-ca37-4259-8e73-4cf35d04a8d9","block_type":"box","text":"the time or at the price desired by a Fund in connection with payments of margin, collateral, or","page_number":85,"box":{"x":116,"y":599,"width":703,"height":12}},{"id":"747ede16-1d7e-4fda-ac62-75c1567e483f","block_type":"box","text":"settlement payments. There can be no assurance that a Fund will be able to unwind or offset a","page_number":85,"box":{"x":116,"y":614,"width":708,"height":12}},{"id":"92ec6225-8abc-4369-9bec-cc07bbc272d2","block_type":"box","text":"derivative at its desired price, in a secondary market or otherwise. It may, therefore, not be possible for","page_number":85,"box":{"x":116,"y":630,"width":768,"height":12}},{"id":"3aed99f9-a326-4790-a567-61a9da12e01f","block_type":"box","text":"the Fund to unwind its position in a derivative without incurring substantial losses (if at all). Certain","page_number":85,"box":{"x":116,"y":645,"width":733,"height":12}},{"id":"fc2b5d53-bfc4-40da-946e-42d5e957be99","block_type":"box","text":"OTC derivatives, including swaps and OTC options, involve substantial illiquidity risk. Illiquidity may","page_number":85,"box":{"x":116,"y":661,"width":736,"height":12}},{"id":"bc0905aa-721c-46d4-98b2-f4d7b69d5d8d","block_type":"box","text":"also make it more difficult for a Fund to ascertain a market value for such derivatives. A Fund will,","page_number":85,"box":{"x":116,"y":676,"width":723,"height":11}},{"id":"e541ad80-0dfa-4d94-8ce8-dbd317350f76","block_type":"box","text":"therefore, acquire illiquid OTC derivatives (i) if the agreement pursuant to which the instrument is","page_number":85,"box":{"x":116,"y":692,"width":719,"height":12}},{"id":"0812f53b-ad0b-4f2f-b36a-2628648570bf","block_type":"box","text":"purchased contains a formula price at which the instrument may be terminated or sold, or (ii) for which","page_number":85,"box":{"x":117,"y":707,"width":757,"height":12}},{"id":"ad28196f-0679-45b8-8bf7-934d600d40a3","block_type":"box","text":"the Manager anticipates the Fund can receive on each business day at least two independent bids or","page_number":85,"box":{"x":116,"y":723,"width":751,"height":12}},{"id":"4fea1700-0592-467d-a0d5-e7816ffc9365","block_type":"box","text":"offers, unless a quotation from only one dealer is available, in which case that dealer’s quotation may","page_number":85,"box":{"x":116,"y":738,"width":751,"height":12}},{"id":"07d5e6c8-1e95-4f87-bff0-0d39ce82460f","block_type":"box","text":"be used. The illiquidity of the derivatives markets may be due to various factors, including congestion,","page_number":85,"box":{"x":117,"y":754,"width":752,"height":12}},{"id":"3ca636c8-e2f5-4335-ad42-921d32e666cc","block_type":"box","text":"disorderly markets, limitations on deliverable supplies, the participation of speculators, government","page_number":85,"box":{"x":116,"y":769,"width":733,"height":12}},{"id":"95fdf996-e896-447c-ad1b-8f0392d31c22","block_type":"box","text":"regulation and intervention, and technical and operational or system failures. In addition, the liquidity of","page_number":85,"box":{"x":117,"y":785,"width":763,"height":12}},{"id":"dcf2d051-dde1-4719-9664-c1971d9c5557","block_type":"box","text":"a market in an exchange-traded derivative contract may be adversely affected by “daily price","page_number":85,"box":{"x":116,"y":800,"width":688,"height":12}},{"id":"af1959e7-567b-4783-83d4-2e9f59826b5f","block_type":"box","text":"fluctuation limits” established by the exchanges which limit the amount of fluctuation in an exchange","page_number":85,"box":{"x":116,"y":816,"width":747,"height":12}},{"id":"db507bac-8728-4961-adc0-94ac5abfb76c","block_type":"box","text":"traded contract price during a single trading day. Once the daily limit has been reached in the contract,","page_number":85,"box":{"x":116,"y":831,"width":766,"height":12}},{"id":"8ea257fa-a07b-431b-8a1b-5d232d66f72d","block_type":"box","text":"no trades may be entered into at a price beyond the limit, thus preventing the liquidation of open","page_number":85,"box":{"x":117,"y":847,"width":717,"height":12}},{"id":"6ef5e7b3-a55e-4fa8-a42e-d0b608d796f7","block_type":"box","text":"positions. Prices have in the past moved to the daily limit on a number of consecutive trading days with","page_number":85,"box":{"x":117,"y":862,"width":768,"height":12}},{"id":"2be3ba04-8697-4f03-8db8-5a9d5daa10d2","block_type":"box","text":"little to no trading. If it is not possible to close an open derivative position entered into by the Fund, the","page_number":85,"box":{"x":117,"y":878,"width":762,"height":12}},{"id":"ab6c3efc-7fc2-437e-b516-8cd8411180d6","block_type":"box","text":"II-20","page_number":85,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"ff793300-5170-4e20-b6ec-619fd861053b","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":85,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"cfe74264-9920-4408-89ce-a519041049cf","block_type":"box","text":"Fund would continue to be required to make daily cash payments of variation margin in the event of","page_number":86,"box":{"x":117,"y":87,"width":743,"height":12}},{"id":"83979f50-b934-45e7-958c-cc9d8dfa7416","block_type":"box","text":"adverse price movements. In such a situation, if the Fund has insufficient cash, it may have to sell","page_number":86,"box":{"x":116,"y":102,"width":732,"height":13}},{"id":"a54fcfe7-88aa-4621-bd1f-67c40dc62375","block_type":"box","text":"portfolio securities to meet daily variation margin requirements at a time when it may be","page_number":86,"box":{"x":117,"y":118,"width":654,"height":12}},{"id":"55d70d2e-54bf-4ef9-8bf4-6bdd375508f6","block_type":"box","text":"disadvantageous to do so.","page_number":86,"box":{"x":116,"y":134,"width":201,"height":12}},{"id":"be8713cd-fb2a-4ab4-8968-7798132599ca","block_type":"box","text":"Index Risk —","page_number":86,"box":{"x":117,"y":163,"width":82,"height":10}},{"id":"9555f8af-ae34-40a9-81e2-46f77f1305f3","block_type":"box","text":"— if the derivative is linked to the performance of an index, it will be subject to the risks","page_number":86,"box":{"x":199,"y":163,"width":651,"height":12}},{"id":"dd914fd8-9846-4e8d-bbc1-db6314732171","block_type":"box","text":"associated with changes in that index. If the index changes, the Fund could receive lower interest","page_number":86,"box":{"x":116,"y":179,"width":728,"height":12}},{"id":"625105e8-cd30-4793-be7f-494619e3a707","block_type":"box","text":"payments or experience a reduction in the value of the derivative to below the price that the Fund paid","page_number":86,"box":{"x":117,"y":194,"width":762,"height":12}},{"id":"1e8ddb5d-e732-4fc5-9422-d9b61c6900d7","block_type":"box","text":"for such derivative.","page_number":86,"box":{"x":116,"y":210,"width":146,"height":9}},{"id":"6cd794f2-de02-40d0-a49d-e0166bc6ab50","block_type":"box","text":"Legal Risk","page_number":86,"box":{"x":116,"y":240,"width":79,"height":12}},{"id":"b7771673-88e4-469c-a40e-a59ca12db2e6","block_type":"box","text":"k — the risk of insufficient documentation, insufficient capacity or authority of counterparty, or","page_number":86,"box":{"x":194,"y":240,"width":689,"height":12}},{"id":"0d576817-2894-4bb1-8612-d2a15dfde294","block_type":"box","text":"legality or enforceability of a contract.","page_number":86,"box":{"x":117,"y":255,"width":281,"height":12}},{"id":"96fdb553-ff7c-491b-a7a3-b9e06073f677","block_type":"box","text":"Leverage Risk —","page_number":86,"box":{"x":116,"y":285,"width":112,"height":12}},{"id":"ff0ddefb-ed4e-4c17-a7ba-9385932bf76e","block_type":"box","text":"— the risk that a Fund’s derivatives transactions can magnify the Fund’s gains and","page_number":86,"box":{"x":228,"y":285,"width":619,"height":12}},{"id":"708bedd6-0b0a-4468-90f4-2b2acd8463ac","block_type":"box","text":"losses. Relatively small market movements may result in large changes in the value of a derivatives","page_number":86,"box":{"x":117,"y":300,"width":744,"height":12}},{"id":"c8919e0e-8ad0-4755-b205-57e96c4d97fa","block_type":"box","text":"position and can result in losses that greatly exceed the amount originally invested.","page_number":86,"box":{"x":117,"y":316,"width":621,"height":12}},{"id":"bf09dee1-f838-4124-8a12-f75f205bf03e","block_type":"box","text":"Market Risk —","page_number":86,"box":{"x":116,"y":346,"width":93,"height":9}},{"id":"8354392f-4999-4776-9b27-20035853c8cc","block_type":"box","text":"— the risk that changes in the value of one or more markets or changes with respect to","page_number":86,"box":{"x":209,"y":346,"width":653,"height":12}},{"id":"7f722da8-47ef-4a3a-8056-f572895a3378","block_type":"box","text":"the value of the underlying asset will adversely affect the value of a derivative. In the event of an","page_number":86,"box":{"x":116,"y":361,"width":719,"height":12}},{"id":"8e105ede-7b28-4479-bcb7-fd537b30970e","block_type":"box","text":"adverse movement, a Fund may be required to pay substantial additional margin to maintain its","page_number":86,"box":{"x":116,"y":377,"width":713,"height":12}},{"id":"61096883-a922-4aca-83b2-f720b26478bb","block_type":"box","text":"position or the Fund’s returns may be adversely affected.","page_number":86,"box":{"x":117,"y":392,"width":427,"height":12}},{"id":"4ae42fe9-cb4b-4537-af15-34507b07da56","block_type":"box","text":"Operational Risk","page_number":86,"box":{"x":117,"y":422,"width":124,"height":12}},{"id":"279cb6e2-d4ff-4058-a375-8b37f61d4ecb","block_type":"box","text":"k — the risk related to potential operational issues, including documentation issues,","page_number":86,"box":{"x":240,"y":422,"width":616,"height":12}},{"id":"331ed86e-23f8-4d7b-8c8d-cbec1d80cb62","block_type":"box","text":"settlement issues, systems failures, inadequate controls and human error.","page_number":86,"box":{"x":116,"y":437,"width":555,"height":13}},{"id":"cc0d5d47-e93a-4925-9d5a-850742c521ab","block_type":"box","text":"Valuation Risk —","page_number":86,"box":{"x":118,"y":467,"width":110,"height":10}},{"id":"5d3b6869-ba39-420e-8612-ad97ae882b08","block_type":"box","text":"— the risk that valuation sources for a derivative will not be readily available in the","page_number":86,"box":{"x":228,"y":467,"width":614,"height":12}},{"id":"b078ab36-30a1-4a1d-af0c-498f1743225a","block_type":"box","text":"market. This is possible especially in times of market distress, since many market participants may be","page_number":86,"box":{"x":117,"y":483,"width":760,"height":12}},{"id":"4ee8f028-b975-4989-b2c8-f21ddb823e4a","block_type":"box","text":"reluctant to purchase complex instruments or quote prices for them.","page_number":86,"box":{"x":117,"y":498,"width":507,"height":12}},{"id":"c878b0f4-da67-4254-8b0f-54fe9d986a54","block_type":"box","text":"Volatility Risk —","page_number":86,"box":{"x":118,"y":528,"width":102,"height":12}},{"id":"ef527226-abc7-4d36-8dbe-c7299a2025a6","block_type":"box","text":"— the risk that the value of derivatives will fluctuate significantly within a short time","page_number":86,"box":{"x":220,"y":528,"width":619,"height":12}},{"id":"f4f6fb74-bc65-4ae2-9410-37515d6a1ef4","block_type":"box","text":"period.","page_number":86,"box":{"x":117,"y":544,"width":55,"height":11}},{"id":"5a03a8db-b3bc-4e88-a545-98f1c1c8adcf","block_type":"box","text":"Types of Derivatives Transactions.","page_number":86,"box":{"x":118,"y":580,"width":261,"height":13}},{"id":"30fbeb01-bcfe-42b7-b376-8fddf4068ae4","block_type":"box","text":"A Fund may enter into derivatives transactions in accordance with its investment guidelines and","page_number":86,"box":{"x":116,"y":610,"width":715,"height":12}},{"id":"1adf32bf-23a1-4fdc-be89-e5707fca227a","block_type":"box","text":"restrictions, including the following:","page_number":86,"box":{"x":117,"y":626,"width":263,"height":12}},{"id":"fa7b1d47-46ee-44de-aea5-ad603bffb1a9","block_type":"box","text":"Futures.","page_number":86,"box":{"x":116,"y":663,"width":60,"height":9}},{"id":"e1169784-4bea-40c6-8e35-fcee366e0586","block_type":"box","text":"A Fund may enter into futures contracts (“futures”) and options on futures contracts. Futures are","page_number":86,"box":{"x":116,"y":692,"width":713,"height":13}},{"id":"15b1f35a-ba16-4843-8c2a-e71dc79f34c0","block_type":"box","text":"standardized, exchange-traded contracts that require a purchaser to take delivery, and a seller to make","page_number":86,"box":{"x":116,"y":708,"width":767,"height":12}},{"id":"28d6e4a3-290e-43dc-9ace-80708878bdb4","block_type":"box","text":"delivery, of a specified amount of an asset at a specified future date and price. Upon purchasing or","page_number":86,"box":{"x":116,"y":723,"width":734,"height":13}},{"id":"95c09ac4-18ce-4780-93d6-4f196383c79e","block_type":"box","text":"selling a futures contract, a Fund is required to deposit initial margin equal to a percentage of the","page_number":86,"box":{"x":116,"y":739,"width":718,"height":12}},{"id":"fbd804a6-e9ad-4ef4-aec6-b877f4ca8f9b","block_type":"box","text":"contract value. Futures contracts are marked to market daily for the duration of the contract, and the","page_number":86,"box":{"x":116,"y":754,"width":743,"height":13}},{"id":"8d79d8e3-6462-48a4-9a78-a214687f1366","block_type":"box","text":"Fund will either post additional margin or be entitled to a payment, as applicable, based on the","page_number":86,"box":{"x":117,"y":770,"width":699,"height":12}},{"id":"5fcf973e-2166-4d74-a99c-8cf645c5bb01","block_type":"box","text":"mark-to-market movement of the contract.","page_number":86,"box":{"x":117,"y":786,"width":311,"height":9}},{"id":"55b94467-38ee-4bd7-875a-f234a2abfdd4","block_type":"box","text":"A Fund may sell a futures contract prior to the completion","page_number":86,"box":{"x":116,"y":815,"width":425,"height":12}},{"id":"09fb394d-f16a-4a23-8861-0eda0aa4dfb4","block_type":"box","text":"of its term to limit its risk of loss from a","page_number":86,"box":{"x":548,"y":815,"width":284,"height":10}},{"id":"dec41178-0db9-48ad-8782-7f506d9eb3aa","block_type":"box","text":"decline in the market value of portfolio holdings correlated with the futures contract. However, in the","page_number":86,"box":{"x":116,"y":831,"width":745,"height":12}},{"id":"1746aa0a-99a7-48d2-a8e6-165e6dc94123","block_type":"box","text":"event the market value of the portfolio holdings correlated with the futures contract increases rather","page_number":86,"box":{"x":116,"y":846,"width":742,"height":12}},{"id":"293ee471-b10a-4886-b013-48bf25f8638f","block_type":"box","text":"than decreases, a Fund will realize a loss on the futures position and a lower return on the portfolio","page_number":86,"box":{"x":116,"y":862,"width":739,"height":12}},{"id":"37ab8d59-9634-45a3-adb2-fc8153b2d9d7","block_type":"box","text":"holdings than would have been realized without the purchase of the futures contract.","page_number":86,"box":{"x":117,"y":877,"width":631,"height":12}},{"id":"f3f1a2a6-3f37-44c5-82bb-08892ae859f5","block_type":"box","text":"II-21","page_number":86,"box":{"x":484,"y":909,"width":29,"height":9}},{"id":"143fc26b-3c9c-499a-986a-183fa1886ce4","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":86,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"abce0814-bd11-4e31-9543-5c4ceecf3f13","block_type":"box","text":"The purchase of a futures contract may provide a Fund a lower cost alternative to purchasing","page_number":87,"box":{"x":116,"y":87,"width":697,"height":12}},{"id":"2444edb0-9285-4bf1-ab61-54d6a5095cec","block_type":"box","text":"securities or commodities directly. In the event that such securities or commodities decline in value or a","page_number":87,"box":{"x":116,"y":103,"width":772,"height":12}},{"id":"22aa8218-01f8-43ab-9d67-bc81985aceae","block_type":"box","text":"Fund determines not to complete an anticipatory hedge transaction relating to a futures contract,","page_number":87,"box":{"x":117,"y":118,"width":720,"height":12}},{"id":"6701486d-2541-4d08-8837-c3c7e9a111ac","block_type":"box","text":"however, the Fund may realize a loss relating to the futures position.","page_number":87,"box":{"x":117,"y":134,"width":512,"height":12}},{"id":"01254f3e-6dbb-4b98-8b47-6464e47bc618","block_type":"box","text":"Futures contracts are also subject to position limits. In order to comply with position limits, a Fund may","page_number":87,"box":{"x":117,"y":165,"width":763,"height":12}},{"id":"3b190bcf-6eeb-4be6-ba21-01cd4a467dbe","block_type":"box","text":"be required to liquidate positions or may not be able to fully implement trading instructions. Any such","page_number":87,"box":{"x":117,"y":180,"width":750,"height":12}},{"id":"f76e81f0-2f1a-4e87-9853-abb406f7d4fb","block_type":"box","text":"liquidation or limited implementation could result in substantial costs to a Fund. See “—Regulation of","page_number":87,"box":{"x":117,"y":196,"width":750,"height":12}},{"id":"1a632c5d-94e0-44df-a824-e3bacfbf6e81","block_type":"box","text":"Derivatives—Dodd-Frank Regulations” above.","page_number":87,"box":{"x":117,"y":211,"width":346,"height":12}},{"id":"afe502f3-1cb5-42a6-8eb8-f3c856991e05","block_type":"box","text":"A Fund is also permitted to purchase or sell call and put options on futures contracts, including","page_number":87,"box":{"x":116,"y":242,"width":706,"height":12}},{"id":"25bdf84c-54b3-484f-8276-75b632f5f742","block_type":"box","text":"financial futures and stock indices. Generally, these strategies would be used under the same market","page_number":87,"box":{"x":116,"y":258,"width":757,"height":12}},{"id":"5830fb8a-9d62-42c5-b40e-c219b8df5b24","block_type":"box","text":"and market sector conditions (","page_number":87,"box":{"x":116,"y":273,"width":225,"height":12}},{"id":"56f12826-a3ff-4925-b3d6-11e2ab48c315","block_type":"box","text":"i.e.","page_number":87,"box":{"x":342,"y":273,"width":20,"height":10}},{"id":"3273705a-2d46-4a37-aa94-7902706e20ac","block_type":"box","text":", conditions relating to specific types of investments) in which the","page_number":87,"box":{"x":365,"y":273,"width":485,"height":12}},{"id":"bb6f2c69-8ad8-4e01-b0d5-f53407029929","block_type":"box","text":"Fund entered into futures transactions. A Fund may purchase put options or write call options on","page_number":87,"box":{"x":117,"y":289,"width":720,"height":12}},{"id":"b32fea8b-42b9-4957-97e3-65056d37ac13","block_type":"box","text":"futures contracts and stock indices in lieu of selling the underlying futures contract in anticipation of a","page_number":87,"box":{"x":116,"y":304,"width":754,"height":12}},{"id":"bf00b23f-3d83-45ce-b04c-fac6867f5ae7","block_type":"box","text":"decrease in the market value of its securities. Similarly, a Fund can purchase call options, or write put","page_number":87,"box":{"x":116,"y":320,"width":759,"height":12}},{"id":"60b38153-6f2d-47b0-9299-d786c309d174","block_type":"box","text":"options on futures contracts and stock indices, as a substitute for the purchase of such futures","page_number":87,"box":{"x":116,"y":335,"width":705,"height":12}},{"id":"a295d583-cb9d-4b27-ab47-2a625b7f2f6b","block_type":"box","text":"contracts to hedge against the increased cost resulting from an increase in the market value of","page_number":87,"box":{"x":116,"y":351,"width":707,"height":12}},{"id":"474ddeff-f4c8-4640-a6bd-1aec157a3632","block_type":"box","text":"securities which the Fund intends to purchase.","page_number":87,"box":{"x":116,"y":366,"width":350,"height":12}},{"id":"9e0debb5-d193-483d-a2db-0860e22e25e8","block_type":"box","text":"To maintain greater flexibility, a Fund may invest in instruments which have characteristics similar to","page_number":87,"box":{"x":116,"y":397,"width":748,"height":12}},{"id":"a3fb656b-8496-45db-98d8-ba5ef14e0747","block_type":"box","text":"futures contracts. These instruments may take a variety of forms, such as debt securities with interest","page_number":87,"box":{"x":116,"y":413,"width":759,"height":12}},{"id":"660589c9-5243-4250-aa49-1460ca70d6a5","block_type":"box","text":"or principal payments determined by reference to the value of a security, an index of securities or a","page_number":87,"box":{"x":116,"y":428,"width":740,"height":12}},{"id":"fd381f1c-c84a-4b7f-aee6-d556c5fcb618","block_type":"box","text":"commodity at a future point in time. The risks of such investments could reflect the risks of investing in","page_number":87,"box":{"x":116,"y":444,"width":764,"height":12}},{"id":"1eeb8222-ec20-4f2a-95cb-4d57adc4031f","block_type":"box","text":"futures and securities, including volatility and illiquidity.","page_number":87,"box":{"x":116,"y":459,"width":410,"height":12}},{"id":"991a5b6f-3793-47ff-ae17-fb25266abc08","block_type":"box","text":"Futures contracts and options on futures contracts are subject to significant correlation risk, leverage","page_number":87,"box":{"x":117,"y":490,"width":751,"height":12}},{"id":"45d72fb3-5b20-4a4a-9b4e-4756a136ddb4","block_type":"box","text":"risk, illiquidity risk, market risk and counterparty risk with respect to a Fund’s futures broker or the","page_number":87,"box":{"x":117,"y":506,"width":726,"height":12}},{"id":"7b242893-7092-457c-8dd6-b6c8a6893c78","block_type":"box","text":"clearinghouse. See “—Risk Factors in Derivatives” above.","page_number":87,"box":{"x":116,"y":521,"width":436,"height":12}},{"id":"29a17fb0-7b5d-4df0-a803-287880e28c0e","block_type":"box","text":"Certain Funds may invest in futures based on carbon “allowances.” Under certain regulatory regimes, a","page_number":87,"box":{"x":117,"y":552,"width":771,"height":12}},{"id":"e9b95a86-e9d0-4062-a8ed-9ae8485a1e2a","block_type":"box","text":"limit is set by a regulator, such as a government entity, on the total amount of specific greenhouse","page_number":87,"box":{"x":117,"y":568,"width":732,"height":12}},{"id":"9e6aa2c5-2daf-4463-9e07-f8ff2fc3b6e5","block_type":"box","text":"gases, such as CO2, that can be emitted by regulated entities, such as manufacturers or energy","page_number":87,"box":{"x":116,"y":583,"width":720,"height":12}},{"id":"d58a3bb5-d0fa-4d72-8421-c4b0f5a25f1c","block_type":"box","text":"producers. The regulator then may issue or sell individual “emission allowances” to regulated entities,","page_number":87,"box":{"x":117,"y":599,"width":756,"height":12}},{"id":"53327081-3717-4839-9c4b-21cafc923fe7","block_type":"box","text":"which can then be traded on the open market. Commodity futures contracts linked to the value of","page_number":87,"box":{"x":116,"y":614,"width":725,"height":12}},{"id":"232fd2aa-9640-4769-b002-e8c775bd7589","block_type":"box","text":"emission allowances are known as “carbon futures.”","page_number":87,"box":{"x":116,"y":630,"width":392,"height":9}},{"id":"8005fbe8-681b-4cb0-b5fd-66bdbc65b618","block_type":"box","text":"The price for carbon futures contracts is based on a number of factors, including the supply of and the","page_number":87,"box":{"x":116,"y":661,"width":756,"height":12}},{"id":"06e64603-d452-4611-83ea-62f217fa174d","block_type":"box","text":"demand for carbon futures contracts. Changes in law, market conditions and expectations, position","page_number":87,"box":{"x":116,"y":676,"width":734,"height":12}},{"id":"d1a38ad4-8268-4832-a297-6b07d7fa9637","block_type":"box","text":"limits, collateral requirements, and other factors each can impact the supply of and demand for carbon","page_number":87,"box":{"x":117,"y":692,"width":758,"height":12}},{"id":"206275bf-821b-461e-b7b1-6fe26e926d6c","block_type":"box","text":"futures contracts. The market for carbon futures contracts is still developing and may be subject to","page_number":87,"box":{"x":116,"y":707,"width":729,"height":12}},{"id":"2bfa79f1-55eb-4eea-9594-a95398c83f81","block_type":"box","text":"periods of illiquidity. During such times it may be difficult or impossible to buy or sell a position at the","page_number":87,"box":{"x":117,"y":723,"width":742,"height":12}},{"id":"bc1926c9-8267-4012-83f7-4e1d09a97fcc","block_type":"box","text":"desired price. Market disruptions or volatility can also make it difficult to find a counterparty willing to","page_number":87,"box":{"x":116,"y":738,"width":742,"height":12}},{"id":"4b2a73cd-3889-46ac-aa24-c78ede91569f","block_type":"box","text":"transact at a reasonable price and sufficient size.","page_number":87,"box":{"x":116,"y":754,"width":363,"height":12}},{"id":"f876f686-af1e-4494-9273-167c08f905a3","block_type":"box","text":"Swap Agreements.","page_number":87,"box":{"x":117,"y":792,"width":139,"height":12}},{"id":"67b029bd-9f77-47c8-b08a-d433a0603d45","block_type":"box","text":"A Fund may enter into swap agreements for hedging purposes or speculative purposes. Swap","page_number":87,"box":{"x":116,"y":823,"width":699,"height":13}},{"id":"eef81e12-520a-43d0-a723-eb46f0aca3ac","block_type":"box","text":"agreements are OTC contracts entered into primarily by financial institutions and institutional investors","page_number":87,"box":{"x":116,"y":839,"width":764,"height":12}},{"id":"03b7f565-760c-45ea-8ce0-fcf4925ad1b6","block_type":"box","text":"which may or may not be cleared by a central clearinghouse. In a standard “swap” transaction, two","page_number":87,"box":{"x":116,"y":854,"width":738,"height":13}},{"id":"d8b98603-e8a4-4595-bdd5-969a955201aa","block_type":"box","text":"parties agree to exchange the returns earned or realized from one or more underlying assets or rates","page_number":87,"box":{"x":117,"y":870,"width":755,"height":12}},{"id":"8220430b-a803-45b1-985f-e5513acee9ec","block_type":"box","text":"II-22","page_number":87,"box":{"x":484,"y":909,"width":31,"height":9}},{"id":"eaed0d58-6b6d-49d7-871b-a41f70322173","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":87,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"7f6f9f13-2d4e-455e-87a7-b1ff60e35f08","block_type":"box","text":"of return, which may be adjusted for an interest factor. The gross returns to be exchanged or","page_number":88,"box":{"x":116,"y":87,"width":693,"height":12}},{"id":"239ef0ad-c683-4024-b398-fae58dd2b863","block_type":"box","text":"“swapped” between the parties are generally calculated with respect to a “notional amount,”","page_number":88,"box":{"x":116,"y":102,"width":684,"height":13}},{"id":"5250bdff-6090-4255-bb9f-3ba1068c5eb8","block_type":"box","text":"e.g.","page_number":88,"box":{"x":801,"y":105,"width":26,"height":10}},{"id":"fc713775-6577-44a6-946f-ec0809ce66f7","block_type":"box","text":", the","page_number":88,"box":{"x":830,"y":103,"width":36,"height":11}},{"id":"c3fbb98f-52ad-465a-9577-d912f13a4cd7","block_type":"box","text":"return or increase in value of a particular dollar amount invested at a particular interest rate, in a","page_number":88,"box":{"x":117,"y":118,"width":716,"height":12}},{"id":"ad1aa395-f57e-446d-961b-f2945628d902","block_type":"box","text":"particular foreign currency, or in a “basket” of securities representing a particular index. The notional","page_number":88,"box":{"x":117,"y":134,"width":747,"height":12}},{"id":"6a04aaa1-bfd8-45f3-9004-d9d648574d14","block_type":"box","text":"amount of the swap agreement is only used to calculate the obligations that the parties to a swap","page_number":88,"box":{"x":116,"y":149,"width":726,"height":12}},{"id":"d82dd840-ba91-4eaf-a26e-35d5a23b8843","block_type":"box","text":"agreement have agreed to exchange. A Fund’s obligations (or rights) under a swap agreement will","page_number":88,"box":{"x":116,"y":165,"width":736,"height":12}},{"id":"b0d3ae5f-eea7-4323-ab61-6c80fbf2474d","block_type":"box","text":"generally be equal only to the net amount to be paid or received under the agreement based on the","page_number":88,"box":{"x":116,"y":180,"width":743,"height":12}},{"id":"1f5dc5e4-67dc-49f6-aec5-145f3e16400c","block_type":"box","text":"relative values of the positions held by each party to the agreement. Swaps that are not cleared involve","page_number":88,"box":{"x":117,"y":196,"width":770,"height":12}},{"id":"4b43b5dc-9b10-4480-b2a0-f4aef2c0f176","block_type":"box","text":"substantial counterparty risk. A Fund will typically attempt to mitigate this counterparty risk by entering","page_number":88,"box":{"x":116,"y":211,"width":761,"height":12}},{"id":"c5ca610e-485d-4cf7-9785-fe440f36b1f6","block_type":"box","text":"into swap agreements only with creditworthy entities that have substantial capital or that have provided","page_number":88,"box":{"x":117,"y":227,"width":767,"height":12}},{"id":"ed1524fb-b9f4-499a-a69c-bdd1f904cbf9","block_type":"box","text":"the Fund with a third-party guaranty or other credit support. A Fund’s ability to use swap agreements","page_number":88,"box":{"x":116,"y":242,"width":751,"height":12}},{"id":"b48ae42c-55f7-41f9-ae81-984357ac399d","block_type":"box","text":"may be restricted by the tax rules applicable to registered investment companies.","page_number":88,"box":{"x":117,"y":258,"width":607,"height":12}},{"id":"cd45a8a5-4dac-4d91-a1df-64a493555862","block_type":"box","text":"Credit Default Swaps and Similar Instruments.","page_number":88,"box":{"x":117,"y":289,"width":348,"height":12}},{"id":"e9c64b8a-647b-4e8b-8886-30afeaa0c9db","block_type":"box","text":"Certain Funds may enter into credit default swaps and","page_number":88,"box":{"x":466,"y":289,"width":407,"height":12}},{"id":"e76e6049-b9aa-4a23-a47f-7999aaed44fd","block_type":"box","text":"similar instruments. Credit default swaps are standardized agreements in which the protection “buyer”","page_number":88,"box":{"x":116,"y":304,"width":760,"height":12}},{"id":"d791531b-6654-4e12-957c-2b0a9b284880","block_type":"box","text":"pays the protection “seller” an up-front payment, or a periodic stream of payments, over the term of the","page_number":88,"box":{"x":117,"y":320,"width":768,"height":12}},{"id":"a10845d9-66a0-45ca-a242-cff3cb8f9faf","block_type":"box","text":"contract, provided generally that no credit event on a reference obligation has occurred. If a credit","page_number":88,"box":{"x":116,"y":335,"width":730,"height":12}},{"id":"435f0400-a657-43f1-bc9a-eb31df803e0f","block_type":"box","text":"event occurs, the seller generally must pay the buyer the difference between the notional amount of","page_number":88,"box":{"x":116,"y":351,"width":745,"height":12}},{"id":"805e7028-ed3f-46e2-845d-511c2d9e1d6a","block_type":"box","text":"the contract and the value of a portfolio of securities issued by the reference entity. A Fund may be","page_number":88,"box":{"x":116,"y":366,"width":738,"height":12}},{"id":"e88fed0b-a213-47ca-b618-b3750d5463b5","block_type":"box","text":"either the buyer or seller in the transaction. The Funds may enter into credit default swaps that","page_number":88,"box":{"x":116,"y":382,"width":706,"height":12}},{"id":"8f614e3d-0800-454f-b7a2-c1516def4b87","block_type":"box","text":"reference the obligations of a single entity (“single-name CDS”) or the obligations of entities that make","page_number":88,"box":{"x":117,"y":397,"width":761,"height":12}},{"id":"74ad1011-da73-42d6-a37e-731488c0a0c9","block_type":"box","text":"up an index (“index CDS”). References to “credit default swaps” shall collectively refer to single-name","page_number":88,"box":{"x":117,"y":413,"width":757,"height":12}},{"id":"1a385a5d-a170-432e-9513-b92202921c74","block_type":"box","text":"CDS and index CDS.","page_number":88,"box":{"x":117,"y":428,"width":161,"height":10}},{"id":"57582d2e-77df-447d-9647-ba34ea39ab63","block_type":"box","text":"Credit default swaps have as reference obligations one or more securities or loans that are not","page_number":88,"box":{"x":117,"y":459,"width":706,"height":12}},{"id":"5ebdcfd0-711e-4aea-974d-553ce9f5feff","block_type":"box","text":"currently held by a Fund. In circumstances in which a Fund does not own the securities or loans that","page_number":88,"box":{"x":116,"y":475,"width":749,"height":12}},{"id":"ae9b06b4-00f1-4220-87ca-1fe8c8a64a7b","block_type":"box","text":"are deliverable under a credit default swap, the Fund is exposed to the risk that deliverable securities","page_number":88,"box":{"x":116,"y":490,"width":755,"height":12}},{"id":"dffc8cb2-5945-4162-b67d-256e9caaa721","block_type":"box","text":"will not be available in the market, or will be available only at unfavorable prices, as would be the case","page_number":88,"box":{"x":116,"y":506,"width":763,"height":12}},{"id":"2069bc7b-b4bc-482b-8db9-8ed7bd581180","block_type":"box","text":"in a so-called “short squeeze.” In certain instances of issuer defaults or restructurings, it has been","page_number":88,"box":{"x":117,"y":521,"width":729,"height":12}},{"id":"3f684193-47bb-4bc1-8bdf-4d1a37531ab6","block_type":"box","text":"unclear under the standard industry documentation for credit default swaps whether or not a “credit","page_number":88,"box":{"x":117,"y":537,"width":739,"height":12}},{"id":"b907e616-7be6-448d-9da0-46cacac24d91","block_type":"box","text":"event” triggering the seller’s payment obligation had occurred. Certain initiatives adopted by derivatives","page_number":88,"box":{"x":116,"y":552,"width":771,"height":12}},{"id":"d0c3bcb9-d580-4b2c-bb64-a80e3c3c6202","block_type":"box","text":"market participants, including the International Swaps and Derivatives Association (“ISDA”), are","page_number":88,"box":{"x":117,"y":568,"width":713,"height":12}},{"id":"6b032ec8-4b8d-453a-9d9a-17099e4e72b3","block_type":"box","text":"designed to implement uniform settlement terms into standard credit default swap documentation, as","page_number":88,"box":{"x":116,"y":583,"width":753,"height":12}},{"id":"57975661-12e6-421c-b978-0fdbc9a14a07","block_type":"box","text":"well as refine the practices for the transparent conduct of the credit default swap market generally.","page_number":88,"box":{"x":116,"y":599,"width":735,"height":12}},{"id":"994167a1-dc22-4d11-aadd-89fbcf03af4b","block_type":"box","text":"Among these initiatives are the ISDA Credit Derivatives Determination Committee and the","page_number":88,"box":{"x":116,"y":614,"width":672,"height":12}},{"id":"68cc884c-4efc-4d41-8167-5a7d974f0534","block_type":"box","text":"implementation of market-wide cash settlement protocols applicable to all market-standard credit","page_number":88,"box":{"x":117,"y":630,"width":722,"height":12}},{"id":"4cb07bdc-ad89-4a31-8c48-13caa395aba7","block_type":"box","text":"default swaps. These initiatives are intended to reduce both the uncertainty as to the occurrence of","page_number":88,"box":{"x":116,"y":645,"width":739,"height":12}},{"id":"d45a2cfc-8c85-4ad8-8b7d-26421013b684","block_type":"box","text":"credit events and the risk of a “short squeeze” by providing that the ISDA Credit Derivatives","page_number":88,"box":{"x":116,"y":661,"width":679,"height":12}},{"id":"98b43f45-e336-48ca-9446-6b72ae84a86d","block_type":"box","text":"Determinations Committee will make determinations as to whether a credit event has occurred,","page_number":88,"box":{"x":117,"y":676,"width":704,"height":11}},{"id":"72e86be7-4c8a-4a62-9c63-1dc4625425e8","block_type":"box","text":"establish an auction to determine a settlement price and identify the deliverable securities for purposes","page_number":88,"box":{"x":116,"y":692,"width":763,"height":12}},{"id":"b61a92bb-c618-4ef2-8d75-46bc658ea3f7","block_type":"box","text":"of the auction, although the ISDA Credit Derivatives Determinations Committee may in certain limited","page_number":88,"box":{"x":116,"y":707,"width":750,"height":12}},{"id":"f179e01f-0144-4949-88a7-8147a8af8ca2","block_type":"box","text":"circumstances refrain from doing so. In the event the ISDA Credit Derivatives Determinations","page_number":88,"box":{"x":116,"y":723,"width":691,"height":12}},{"id":"a9e18d64-fa3e-4253-8579-4445b5c9c4a7","block_type":"box","text":"Committee cannot reach a timely resolution with respect to a “credit event” or otherwise does not","page_number":88,"box":{"x":117,"y":738,"width":718,"height":12}},{"id":"a1c1a33e-56ea-4c25-9dda-23635577ee01","block_type":"box","text":"establish a cash settlement auction, a Fund may not be able to realize the full value of the credit","page_number":88,"box":{"x":116,"y":754,"width":713,"height":12}},{"id":"9a68d482-1583-45d1-9ac4-a7100fb35280","block_type":"box","text":"default swap upon a default by the reference entity. Furthermore, a Fund may enter into certain credit","page_number":88,"box":{"x":116,"y":769,"width":753,"height":12}},{"id":"2953a51e-73ed-4712-9b1e-5dca7e1b60f6","block_type":"box","text":"default swaps or similar instruments that may not be covered by these initiatives.","page_number":88,"box":{"x":116,"y":785,"width":598,"height":12}},{"id":"0a71bbcb-c066-4a26-ae11-b601681e1661","block_type":"box","text":"If a Fund is a buyer, it will lose the payments made under the terms of the credit default swap and","page_number":88,"box":{"x":117,"y":816,"width":723,"height":12}},{"id":"47a1f1bd-8d6d-4dfc-9bd3-414c4fdeda19","block_type":"box","text":"recover nothing should no credit event occur. If a Fund is a seller and a credit event occurs, the value","page_number":88,"box":{"x":117,"y":831,"width":757,"height":12}},{"id":"f224c0f3-0c38-44be-bf92-9e0d06d3de27","block_type":"box","text":"of any deliverable obligation received by the Fund or the amount of cash settlement received by the","page_number":88,"box":{"x":116,"y":847,"width":744,"height":12}},{"id":"95453f9f-ee4a-4fc4-b451-d6ead360ca0f","block_type":"box","text":"Fund pursuant to the relevant cash settlement auction, together with the up-front or periodic payments","page_number":88,"box":{"x":117,"y":862,"width":763,"height":12}},{"id":"35dd4d21-1738-4099-b302-dcfc41410964","block_type":"box","text":"previously received, may be less than the amount it pays to the buyer, resulting in a loss of value to the","page_number":88,"box":{"x":117,"y":878,"width":770,"height":12}},{"id":"92e86397-7ece-4515-a887-7f62e47f5dd2","block_type":"box","text":"II-23","page_number":88,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"4c9f6417-ccbb-45b5-bfbc-31f1255b8373","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":88,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"bb15fbe1-1ebf-479f-91ea-c3a1c5d6db01","block_type":"box","text":"Fund. A Fund that sells credit default swaps incurs leveraged exposure to the credit of one or more","page_number":89,"box":{"x":117,"y":87,"width":739,"height":12}},{"id":"79f4e667-43bb-43bb-bd25-6eb003830bcb","block_type":"box","text":"reference entities and is subject to many of the same risks it would incur if it were holding debt","page_number":89,"box":{"x":117,"y":102,"width":703,"height":13}},{"id":"7104b224-6d2a-416c-bcfc-6b4ee6be65fb","block_type":"box","text":"securities issued by the relevant reference entity. However, a Fund will not have any legal recourse","page_number":89,"box":{"x":116,"y":118,"width":742,"height":12}},{"id":"5355a2d8-7c75-4c08-91b1-7f6d858b10c8","block_type":"box","text":"against any reference entity and will not benefit from any collateral securing the reference entity’s debt","page_number":89,"box":{"x":116,"y":134,"width":764,"height":12}},{"id":"5ca5dd1b-d34b-44ca-8174-a05d57ea6cb3","block_type":"box","text":"obligations. In the event the ISDA Credit Derivatives Determinations Committee does not establish a","page_number":89,"box":{"x":116,"y":149,"width":750,"height":12}},{"id":"ff783d24-cf48-4d40-a28a-c756eab1e501","block_type":"box","text":"cash settlement auction and identify the relevant deliverable securities or loans, the credit default swap","page_number":89,"box":{"x":116,"y":165,"width":769,"height":12}},{"id":"6548eb54-c103-427a-8f12-25428e9d66fd","block_type":"box","text":"buyer will have broad discretion to select which of the reference entity’s debt obligations to deliver to","page_number":89,"box":{"x":117,"y":180,"width":748,"height":12}},{"id":"c91c77cc-5981-47b4-ad95-29459e252544","block_type":"box","text":"the Fund following a credit event and will likely choose the obligations with the lowest market value in","page_number":89,"box":{"x":116,"y":196,"width":755,"height":12}},{"id":"78ca1c9e-278a-4520-9956-77ba8c04d172","block_type":"box","text":"order to maximize the payment obligations of the Fund. In addition, credit default swaps generally trade","page_number":89,"box":{"x":116,"y":211,"width":772,"height":12}},{"id":"a72bbf5a-210e-4666-947f-cf43f21ccf5c","block_type":"box","text":"on the basis of theoretical pricing and valuation models, which may not accurately value such swap","page_number":89,"box":{"x":116,"y":227,"width":742,"height":12}},{"id":"16c7bf1c-87d6-4f9a-afe9-887e277d09bf","block_type":"box","text":"positions when established or when subsequently traded or unwound under actual market conditions.","page_number":89,"box":{"x":117,"y":242,"width":756,"height":12}},{"id":"75a773fa-a491-43f9-990b-1cbadbe7413c","block_type":"box","text":"Dodd-Frank requires that certain index CDS be executed in regulated markets and submitted for","page_number":89,"box":{"x":117,"y":274,"width":719,"height":13}},{"id":"e036918f-3947-4496-908f-0f564e205a6a","block_type":"box","text":"clearing to regulated clearinghouses. See “—Derivatives—Regulation of Derivatives—Dodd-Frank","page_number":89,"box":{"x":116,"y":290,"width":734,"height":12}},{"id":"aceeb630-e6c6-4f99-a1ff-0df893ae7a63","block_type":"box","text":"Regulations” above. Other single-name CDS and index CDS are permitted, although not required, to","page_number":89,"box":{"x":117,"y":305,"width":750,"height":13}},{"id":"cbaecaea-25f3-495a-9b29-800d5b1ead94","block_type":"box","text":"be cleared through regulated clearinghouses. The Funds clear all credit default swaps that are subject","page_number":89,"box":{"x":117,"y":321,"width":762,"height":12}},{"id":"62e53b79-5988-431b-80c5-118b7950ac31","block_type":"box","text":"to mandatory clearing and may voluntarily clear some, but not all, of the other credit default swaps not","page_number":89,"box":{"x":116,"y":336,"width":762,"height":13}},{"id":"1d3abf58-afd9-4d3f-bd8b-0e0b2da0bdee","block_type":"box","text":"subject to mandatory clearing. The Funds face counterparty risk with respect to the clearinghouse","page_number":89,"box":{"x":116,"y":352,"width":731,"height":12}},{"id":"4ae50b68-7438-41bf-8c0d-5a10e2dd8c10","block_type":"box","text":"when entering into cleared single-name CDS and cleared index CDS. The Funds face significant","page_number":89,"box":{"x":116,"y":367,"width":722,"height":13}},{"id":"f58d3bc7-2ce9-474c-84f6-c7efa79249b4","block_type":"box","text":"counterparty risk with respect to their counterparties to non-cleared credit default swaps and similar","page_number":89,"box":{"x":116,"y":383,"width":743,"height":12}},{"id":"f68a1d5f-368f-4b00-9132-fee548179742","block_type":"box","text":"instruments. A Fund typically will enter into non-cleared credit default swaps and similar instruments","page_number":89,"box":{"x":117,"y":398,"width":746,"height":13}},{"id":"97988481-ce21-4fff-8763-9d307dc38105","block_type":"box","text":"with swap dealers and creditworthy entities that have substantial capital or that have provided the Fund","page_number":89,"box":{"x":116,"y":414,"width":771,"height":12}},{"id":"12f59335-2a5e-4ce3-a78c-c5715bae86a1","block_type":"box","text":"with a third-party guaranty or other credit support.","page_number":89,"box":{"x":116,"y":430,"width":373,"height":12}},{"id":"78964384-20f7-4a42-92ec-34c19ce347fd","block_type":"box","text":"In certain instances, a Fund may enter into bespoke credit default swaps or similar instruments either","page_number":89,"box":{"x":117,"y":462,"width":755,"height":12}},{"id":"c5b7e711-5046-47b1-870b-a43b7c9d36a4","block_type":"box","text":"as protection buyer or protection seller. While these contracts are similar in their operation to the","page_number":89,"box":{"x":116,"y":477,"width":720,"height":12}},{"id":"30845415-ba0e-4168-aa4b-e23ab25e2af9","block_type":"box","text":"market-standard credit default swaps described above, they are less standardized and instead have","page_number":89,"box":{"x":117,"y":493,"width":746,"height":12}},{"id":"942e4138-a3b4-4269-b9d8-30b53addeacb","block_type":"box","text":"bespoke or tailored features. For example, as compared to market-standard credit defaults, the range","page_number":89,"box":{"x":117,"y":508,"width":758,"height":12}},{"id":"4d981922-e61e-41f1-a9e0-46cb90576e63","block_type":"box","text":"of “credit events” triggering settlement of such bespoke contracts may be narrower or broader, any","page_number":89,"box":{"x":116,"y":524,"width":737,"height":12}},{"id":"e1708d95-e29f-4a27-b830-cdb4bb63b309","block_type":"box","text":"such triggered contracts are settled by physical delivery of the underlying security or loan to or by the","page_number":89,"box":{"x":116,"y":539,"width":755,"height":12}},{"id":"454c7edb-ee77-47c4-a2e6-5ac2184b438c","block_type":"box","text":"Fund rather than by way of cash settlement, and there may be a wider range of securities as the","page_number":89,"box":{"x":117,"y":555,"width":719,"height":12}},{"id":"88da6cc0-bf9a-416a-92f5-e87b086b281b","block_type":"box","text":"reference obligations and/or deliverable obligations.","page_number":89,"box":{"x":117,"y":570,"width":388,"height":12}},{"id":"fb9402ed-ba27-49bf-bdd3-8d2285d0bb5c","block_type":"box","text":"In addition, credit default swaps and similar instruments generally involve greater risks than if a Fund","page_number":89,"box":{"x":117,"y":603,"width":752,"height":12}},{"id":"8c1c31b5-bee5-43bc-96d8-02dd8fac5d23","block_type":"box","text":"had invested in the reference obligation directly and are subject to significant credit risk, correlation","page_number":89,"box":{"x":117,"y":618,"width":738,"height":12}},{"id":"2fe99376-a2f5-4994-bc99-079bbadb1f61","block_type":"box","text":"risk, leverage risk, illiquidity risk and market risk. See “—Risk Factors in Derivatives” above.","page_number":89,"box":{"x":117,"y":634,"width":684,"height":12}},{"id":"761cf612-8f2b-4a7c-af82-cc220b2f342a","block_type":"box","text":"Interest Rate Swaps, Floors and Caps.","page_number":89,"box":{"x":117,"y":658,"width":292,"height":12}},{"id":"c7edd04f-b03b-4be2-8859-a8a0ac1a9ceb","block_type":"box","text":"Certain Funds may enter into OTC derivatives in the form of","page_number":89,"box":{"x":410,"y":658,"width":450,"height":12}},{"id":"4e27a281-072d-4291-9463-4b7c44ba3e20","block_type":"box","text":"interest rate swaps and interest rate caps and floors. As described in further detail below, a Fund may","page_number":89,"box":{"x":117,"y":673,"width":755,"height":12}},{"id":"b72e7373-2743-409d-8b97-f27c3b0699e7","block_type":"box","text":"enter into these transactions primarily to preserve a return or spread on a particular investment or","page_number":89,"box":{"x":116,"y":689,"width":724,"height":12}},{"id":"31657ebb-8e92-48f6-aa8a-db8ac6bf5a8b","block_type":"box","text":"portion of its holdings, as a duration management technique, to protect against an increase in the price","page_number":89,"box":{"x":117,"y":704,"width":762,"height":12}},{"id":"488c3fec-db4c-4bce-a963-b2ae64bd84c7","block_type":"box","text":"of securities a Fund anticipates purchasing at a later date, or for speculation to increase returns.","page_number":89,"box":{"x":116,"y":720,"width":712,"height":12}},{"id":"4537e782-565d-413c-bdeb-0fd9c7c37fe4","block_type":"box","text":"Dodd-Frank requires that certain interest rate swaps be executed in regulated markets and submitted","page_number":89,"box":{"x":117,"y":752,"width":750,"height":12}},{"id":"9929a882-b3b1-4b93-bb02-99e4e80eff1a","block_type":"box","text":"for clearing to regulated clearinghouses. See “—Regulation of Derivatives—Dodd-Frank Regulations”","page_number":89,"box":{"x":116,"y":767,"width":752,"height":13}},{"id":"ebc1505f-6112-4e41-bf3d-18936eb6c36e","block_type":"box","text":"above. Other interest rate swaps are permitted, although not required, to be cleared. Most of the","page_number":89,"box":{"x":116,"y":783,"width":715,"height":12}},{"id":"fe3d6220-97a7-4159-bf9f-c8389d7b3b18","block_type":"box","text":"interest rate swaps entered into by the Funds are cleared. The Funds face counterparty risk with","page_number":89,"box":{"x":117,"y":798,"width":714,"height":13}},{"id":"4c841aff-08e2-4798-bd24-00f3d0e457cc","block_type":"box","text":"respect to the clearinghouse when entering into cleared interest rate swaps.","page_number":89,"box":{"x":117,"y":814,"width":561,"height":12}},{"id":"080d7589-1b65-4b8f-ab67-95dbe6077ad5","block_type":"box","text":"The Funds face significant counterparty risk with respect to their counterparties to non-cleared interest","page_number":89,"box":{"x":116,"y":846,"width":764,"height":12}},{"id":"f16dcd78-9a15-4038-aa28-062895958c04","block_type":"box","text":"rate swaps and interest rate caps and floors. The typical counterparties for a Fund’s non-cleared","page_number":89,"box":{"x":117,"y":862,"width":719,"height":12}},{"id":"150d92d5-11de-4b60-97bb-ab5e095f6502","block_type":"box","text":"interest rate derivatives transactions are swap dealers and other creditworthy entities that have","page_number":89,"box":{"x":117,"y":878,"width":709,"height":11}},{"id":"6333b99c-f315-4bf5-8f3b-ce6b8373ff00","block_type":"box","text":"II-24","page_number":89,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"53717952-0117-49d6-ba43-b4f8383e62b5","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":89,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"2ace7dae-5cad-418c-b1e6-509f052b0c24","block_type":"box","text":"substantial capital or that have provided the Fund with a third-party guaranty or other credit support.","page_number":90,"box":{"x":116,"y":87,"width":746,"height":12}},{"id":"18e32383-b69b-47d6-badc-8d5d90f11928","block_type":"box","text":"If the Fund’s counterparty defaults on such a transaction, a Fund will have contractual remedies with","page_number":90,"box":{"x":117,"y":102,"width":749,"height":13}},{"id":"93b6564c-c445-4c64-aa73-f48eb826096a","block_type":"box","text":"respect to the transaction, but there can be no guarantee that the Fund will be successful in enforcing","page_number":90,"box":{"x":117,"y":118,"width":758,"height":12}},{"id":"d16ff10d-60eb-498f-85d7-7d80758897ae","block_type":"box","text":"such remedies. The market for interest rate swaps is relatively liquid in comparison with other similar","page_number":90,"box":{"x":116,"y":134,"width":751,"height":12}},{"id":"34e5df63-78cb-4d3d-8bdd-bad65d45e9c2","block_type":"box","text":"instruments traded in the interbank market. A Fund may be limited in its ability to enter into certain","page_number":90,"box":{"x":117,"y":149,"width":732,"height":12}},{"id":"8afe5cc7-d296-4fcc-98d9-2536e1984a32","block_type":"box","text":"interest rate derivatives due to applicable income tax requirements.","page_number":90,"box":{"x":117,"y":165,"width":503,"height":11}},{"id":"2e340ebe-99b8-4249-a6e0-36abc8c636fd","block_type":"box","text":"Interest rate swaps are transactions in which each party makes periodic interest payments based on a","page_number":90,"box":{"x":117,"y":196,"width":762,"height":12}},{"id":"47ef6dcb-c711-4f64-82a3-97b848102053","block_type":"box","text":"fixed or variable interest rate, index or asset in return for periodic payments from its counterparty based","page_number":90,"box":{"x":116,"y":211,"width":772,"height":12}},{"id":"db22a4dd-c0b8-4b6c-832b-6fc87495bb04","block_type":"box","text":"on a different fixed or variable interest rate, index or asset.","page_number":90,"box":{"x":116,"y":227,"width":439,"height":11}},{"id":"2644834c-d112-405f-8ac6-f353563b35e4","block_type":"box","text":"The purchase of an interest rate floor entitles the purchaser, to the extent that a specified index falls","page_number":90,"box":{"x":116,"y":258,"width":746,"height":11}},{"id":"317a3e75-3a83-43ba-bc35-1acad7d1b839","block_type":"box","text":"below a predetermined interest rate, to receive payments of interest on a notional principal amount","page_number":90,"box":{"x":117,"y":273,"width":736,"height":12}},{"id":"0f9e8815-db03-49b5-a2dc-569621af4db9","block_type":"box","text":"from the party selling such interest rate floor.","page_number":90,"box":{"x":116,"y":289,"width":337,"height":12}},{"id":"b597f4f5-940e-4808-a4ff-5c899c85fe32","block_type":"box","text":"The purchase of an interest rate cap entitles the purchaser, to the extent that a specified index rises","page_number":90,"box":{"x":116,"y":320,"width":746,"height":12}},{"id":"89c648de-bce5-4528-81eb-273d9d8c8455","block_type":"box","text":"above a predetermined interest rate, to receive payments of interest on a notional principal amount","page_number":90,"box":{"x":116,"y":335,"width":739,"height":12}},{"id":"6787317f-f918-499b-a448-7e15246405bc","block_type":"box","text":"from the party selling such interest rate cap.","page_number":90,"box":{"x":116,"y":351,"width":331,"height":12}},{"id":"6048e78f-4caa-4cd5-a0b7-2aae73350bff","block_type":"box","text":"A Fund may enter into an interest rate swap to effectively exchange with another party their respective","page_number":90,"box":{"x":116,"y":382,"width":764,"height":12}},{"id":"96ca1e8a-1049-4a25-af31-e7e682172023","block_type":"box","text":"commitments to pay or receive interest,","page_number":90,"box":{"x":116,"y":397,"width":298,"height":12}},{"id":"96c4b9a9-b504-46fd-8310-4f414032c8d7","block_type":"box","text":"e.g.","page_number":90,"box":{"x":415,"y":400,"width":26,"height":9}},{"id":"60769070-367d-4ff6-8d19-7b8ec6c003f3","block_type":"box","text":", an exchange of fixed rate payments for floating rate","page_number":90,"box":{"x":444,"y":397,"width":396,"height":12}},{"id":"bccc726c-bc9e-474c-87a2-85b878431b88","block_type":"box","text":"payments. For example, if a Fund holds a mortgage-backed security with an interest rate that is reset","page_number":90,"box":{"x":117,"y":413,"width":755,"height":12}},{"id":"24a14452-391d-42b1-830b-34b7d34767e4","block_type":"box","text":"only once each year, it may swap the right to receive interest at this fixed rate for the right to receive","page_number":90,"box":{"x":116,"y":428,"width":748,"height":12}},{"id":"eec03f2a-2d1c-4186-92bb-9a5f39d17d5d","block_type":"box","text":"interest at a rate that is reset every week. This would enable a Fund to offset a decline in the value of","page_number":90,"box":{"x":117,"y":444,"width":755,"height":12}},{"id":"66278688-22b2-47bf-93b6-e3a8845a61c2","block_type":"box","text":"the mortgage-backed security due to rising interest rates but would also limit its ability to benefit from","page_number":90,"box":{"x":116,"y":459,"width":753,"height":12}},{"id":"18488fcf-b06d-45d8-bdf4-03a85b3ad079","block_type":"box","text":"falling interest rates. Conversely, if a Fund holds a mortgage-backed security with an interest rate that","page_number":90,"box":{"x":116,"y":475,"width":761,"height":12}},{"id":"6acf87f9-8d1f-4863-b8ad-86c2c47cf110","block_type":"box","text":"is reset every week and it would like to lock in what","page_number":90,"box":{"x":117,"y":490,"width":383,"height":12}},{"id":"15697ddd-530c-4e44-b198-6ffd658cbfbc","block_type":"box","text":"it believes to be a high interest rate for one year, it","page_number":90,"box":{"x":501,"y":490,"width":377,"height":12}},{"id":"e13f1638-45e4-41d8-9ca9-43b6bdbe6004","block_type":"box","text":"may swap the right to receive interest at this variable weekly rate for the right to receive interest at a","page_number":90,"box":{"x":117,"y":506,"width":746,"height":12}},{"id":"d44b5673-99ad-4fff-b645-6d73fdade6ec","block_type":"box","text":"rate that is fixed for one year. Such a swap would protect the Fund from a reduction in yield due to","page_number":90,"box":{"x":117,"y":521,"width":733,"height":12}},{"id":"58e31781-3670-4436-835e-d18ba06db9d5","block_type":"box","text":"falling interest rates and may permit the Fund to enhance its income through the positive differential","page_number":90,"box":{"x":116,"y":537,"width":745,"height":12}},{"id":"2f42baae-38cd-4ab3-bc26-120c5f688a99","block_type":"box","text":"between one week and one year interest rates, but would preclude it from taking full advantage of","page_number":90,"box":{"x":117,"y":552,"width":729,"height":12}},{"id":"e8f80b75-12b8-4fcd-a300-bb99b2e462aa","block_type":"box","text":"rising interest rates.","page_number":90,"box":{"x":117,"y":568,"width":150,"height":12}},{"id":"6193456d-08b0-4f3d-9d45-517230f06bd8","block_type":"box","text":"Gains from transactions in interest rate swaps distributed to shareholders will be taxable as ordinary","page_number":90,"box":{"x":117,"y":599,"width":746,"height":12}},{"id":"5e673a2f-d22c-4728-aecc-fb6ef9a35225","block_type":"box","text":"income or, in certain circumstances, as long term capital gains to shareholders.","page_number":90,"box":{"x":117,"y":614,"width":593,"height":12}},{"id":"45bebd1e-1860-43a0-bf26-ec1e233d85d2","block_type":"box","text":"Interest rate swaps and interest rate caps and floors may be subject to correlation risk, leverage risk,","page_number":90,"box":{"x":117,"y":645,"width":751,"height":12}},{"id":"dc25a75a-3adb-45a0-beee-8992246e7b7f","block_type":"box","text":"illiquidity risk and market risk. See “—Risk Factors in Derivatives” above.","page_number":90,"box":{"x":117,"y":661,"width":538,"height":12}},{"id":"48dba9fb-0c2e-4ac0-9e45-25d159443b8c","block_type":"box","text":"Total Return Swaps.","page_number":90,"box":{"x":118,"y":692,"width":148,"height":12}},{"id":"35d2d770-a604-4f30-8f7c-4e8727b51ead","block_type":"box","text":"Total return swaps are contracts in which one party agrees to make periodic","page_number":90,"box":{"x":273,"y":692,"width":565,"height":12}},{"id":"cc2ba5c9-bc5b-49c4-9037-8bce6994d8e9","block_type":"box","text":"payments to the other party based on the return of the assets underlying the contract in exchange for","page_number":90,"box":{"x":117,"y":707,"width":750,"height":12}},{"id":"8fc09d5e-03d4-421a-b4f6-3649659c98af","block_type":"box","text":"periodic payments based on a fixed or variable interest rate or the total return from different underlying","page_number":90,"box":{"x":117,"y":723,"width":759,"height":12}},{"id":"89dbb89e-346c-48a4-b4d2-be1e33e36df0","block_type":"box","text":"assets. The return of the assets underlying the contract includes both the income generated by the","page_number":90,"box":{"x":116,"y":738,"width":732,"height":12}},{"id":"e34c0573-a467-4b67-8b16-27dbf9ec0989","block_type":"box","text":"asset and the change in market value of the asset. The asset underlying the contract may include a","page_number":90,"box":{"x":116,"y":754,"width":737,"height":12}},{"id":"7dfb4981-f35d-49cd-a9f9-9b3984c2b02b","block_type":"box","text":"specified security, basket of securities or securities indices. Total return swaps on a specified security,","page_number":90,"box":{"x":116,"y":769,"width":757,"height":12}},{"id":"af7559ad-2903-4c10-ad73-adb720cd0acc","block_type":"box","text":"basket of securities or securities indices may sometimes be referred to as “contracts for difference.”","page_number":90,"box":{"x":117,"y":785,"width":738,"height":12}},{"id":"0f2eb974-7a61-4f3e-bdc9-50eee9877bdc","block_type":"box","text":"Total return swaps may be used to obtain exposure to a security or market without owning or taking","page_number":90,"box":{"x":116,"y":816,"width":738,"height":12}},{"id":"337d436b-d034-4193-882a-19cb364e6dad","block_type":"box","text":"physical custody of such security or investing directly in such market. Upon entering into a total return","page_number":90,"box":{"x":117,"y":831,"width":758,"height":12}},{"id":"74e0cdb2-5282-4f10-a157-0b5d1b4868dc","block_type":"box","text":"swap, a Fund is required to deposit initial margin but the parties do not exchange the notional amount.","page_number":90,"box":{"x":116,"y":847,"width":763,"height":12}},{"id":"10022277-2c21-40bc-abcd-034e6ebe531d","block_type":"box","text":"As a result, total return swaps may effectively add leverage to the Fund’s portfolio because the Fund","page_number":90,"box":{"x":116,"y":862,"width":750,"height":12}},{"id":"877cc3fb-9fb0-4d7e-a6d8-8f62e96282d2","block_type":"box","text":"would be subject to investment exposure on the notional amount of the swap.","page_number":90,"box":{"x":116,"y":878,"width":580,"height":12}},{"id":"bebd3235-e7ac-49d4-bc64-681f945309b9","block_type":"box","text":"II-25","page_number":90,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"54345e7d-7caf-4412-ab4f-ec1369bd9dca","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":90,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"6190941f-b77e-421f-b87b-6ae1f8cd2df4","block_type":"box","text":"Total return swaps are subject to significant correlation risk, leverage risk, illiquidity risk, market risk","page_number":91,"box":{"x":116,"y":87,"width":743,"height":12}},{"id":"9e66a8a7-8a36-4b9d-976e-d672e1036a0a","block_type":"box","text":"and counterparty risk. See “—Risk Factors in Derivatives” above.","page_number":91,"box":{"x":116,"y":102,"width":488,"height":13}},{"id":"60434233-6849-4d55-b67c-f89bc0dc2b8f","block_type":"box","text":"Options","page_number":91,"box":{"x":117,"y":143,"width":57,"height":12}},{"id":"8b77591d-55d4-42be-bcfc-d85e43701ad9","block_type":"box","text":".","page_number":91,"box":{"x":175,"y":151,"width":8,"height":1}},{"id":"40fb54bf-ea86-40b9-9603-76d48cc96ac8","block_type":"box","text":"Options on Securities and Securities Indices.","page_number":91,"box":{"x":117,"y":175,"width":337,"height":12}},{"id":"e8d15176-00e3-4dd9-9b8b-adebff92cf0f","block_type":"box","text":"A Fund may engage in transactions in options on","page_number":91,"box":{"x":454,"y":175,"width":370,"height":12}},{"id":"5e5076fe-8168-4b96-a40c-a0ab90ff4b52","block_type":"box","text":"individual securities, baskets of securities or securities indices, or particular measurements of value or","page_number":91,"box":{"x":117,"y":191,"width":761,"height":12}},{"id":"77c3f826-6edd-48e2-8c1c-edb885caa5ec","block_type":"box","text":"rates, such as an index of the price of treasury securities or an index representative of short-term","page_number":91,"box":{"x":117,"y":206,"width":724,"height":12}},{"id":"9ed45413-defa-42c1-9023-633d02795b98","block_type":"box","text":"interest rates. Such investments may be made on exchanges and in the OTC markets. In general,","page_number":91,"box":{"x":117,"y":222,"width":732,"height":12}},{"id":"775b1cc3-9357-4435-8315-08c90b5a32f7","block_type":"box","text":"exchange-traded options have standardized exercise prices and expiration dates and require the","page_number":91,"box":{"x":116,"y":237,"width":723,"height":12}},{"id":"47a891e0-6281-4592-895b-8956310b6539","block_type":"box","text":"parties to post margin against their obligations, and the performance of the parties’ obligations in","page_number":91,"box":{"x":117,"y":253,"width":720,"height":12}},{"id":"71c88ce2-06d8-481e-8b20-ee6affcc0732","block_type":"box","text":"connection with such options is guaranteed by the exchange or a related clearing corporation. OTC","page_number":91,"box":{"x":116,"y":268,"width":742,"height":12}},{"id":"9478f84e-41ff-4061-820e-ea0bc1224321","block_type":"box","text":"options have more flexible terms negotiated between the buyer and the seller, but are subject to","page_number":91,"box":{"x":116,"y":284,"width":717,"height":12}},{"id":"0f5867d8-7cfc-4bc0-9f39-38f8cd08c1da","block_type":"box","text":"greater credit risk. OTC options also involve greater illiquidity risk.","page_number":91,"box":{"x":116,"y":299,"width":493,"height":12}},{"id":"3685a8a4-e8e6-4084-829b-e7c955556429","block_type":"box","text":"A Fund may also engage in transactions in options which have additional features that result in","page_number":91,"box":{"x":116,"y":331,"width":709,"height":12}},{"id":"04561daa-009a-46c1-b45c-8b6c074b5c4d","block_type":"box","text":"different payment structures and/or expirations (commonly referred to as exotic options). For example,","page_number":91,"box":{"x":116,"y":347,"width":765,"height":12}},{"id":"a1f02220-0807-4ae6-9418-923a8c5962fe","block_type":"box","text":"barrier options are exotic options that can only be exercised (or automatically expire) if the price of the","page_number":91,"box":{"x":117,"y":362,"width":761,"height":12}},{"id":"9e54bc53-a037-49d2-b6ce-89922784955b","block_type":"box","text":"underlying asset reaches one or more predetermined levels on or before expiration. Binary options are","page_number":91,"box":{"x":117,"y":378,"width":765,"height":12}},{"id":"74dd6486-a04b-4496-92ad-35896a44feb5","block_type":"box","text":"another example of exotic options which have a fixed all-or-nothing payout if one or more","page_number":91,"box":{"x":116,"y":393,"width":666,"height":12}},{"id":"1c1613ec-7e55-468f-aa3c-d814ee59d732","block_type":"box","text":"predetermined conditions are met. Exotic options are typically traded in OTC markets.","page_number":91,"box":{"x":117,"y":409,"width":641,"height":12}},{"id":"9eabde4b-70cb-4b36-80ec-ccc3a4ea7ec1","block_type":"box","text":"There are several risks associated with transactions in options on securities and indexes. For example,","page_number":91,"box":{"x":116,"y":441,"width":770,"height":12}},{"id":"095f116b-2943-4ecf-a8ae-54412aac5dab","block_type":"box","text":"there are significant differences between the securities and options markets that could result in an","page_number":91,"box":{"x":116,"y":457,"width":731,"height":12}},{"id":"0817a53c-05e5-403d-b932-15ec9fe703ff","block_type":"box","text":"imperfect correlation between these markets, causing a given transaction not to achieve its objectives.","page_number":91,"box":{"x":117,"y":472,"width":763,"height":12}},{"id":"52bf0ee3-9e05-481e-a6c7-c79a435a961a","block_type":"box","text":"In addition, a liquid market for particular options, whether traded OTC or on a national securities","page_number":91,"box":{"x":117,"y":488,"width":716,"height":12}},{"id":"0f87e880-6077-4594-b249-386fa1f16c79","block_type":"box","text":"exchange (“Exchange”) may be absent for reasons which include the following: there may be","page_number":91,"box":{"x":116,"y":503,"width":695,"height":12}},{"id":"71315feb-4f27-42c0-a0f7-033e6f1f02da","block_type":"box","text":"insufficient trading interest in certain options; restrictions may be imposed by an Exchange on opening","page_number":91,"box":{"x":117,"y":519,"width":763,"height":12}},{"id":"12871e0b-5f87-466c-a8ca-946e154f717a","block_type":"box","text":"transactions or closing transactions or both; trading halts, suspensions or other restrictions may be","page_number":91,"box":{"x":116,"y":534,"width":737,"height":12}},{"id":"f53a2fc1-f3dc-41a8-9628-c02696ea78a5","block_type":"box","text":"imposed with respect to particular classes or series of options or underlying securities; unusual or","page_number":91,"box":{"x":117,"y":550,"width":727,"height":12}},{"id":"ac2c2ed9-c49f-464e-8bff-ee101a4d863a","block_type":"box","text":"unforeseen circumstances may interrupt normal operations on an Exchange; the facilities of an","page_number":91,"box":{"x":117,"y":565,"width":708,"height":12}},{"id":"a4f3a210-6986-478a-ae47-d28bdd1e781a","block_type":"box","text":"Exchange or the Options Clearing Corporation may not at all times be adequate to handle current","page_number":91,"box":{"x":117,"y":581,"width":728,"height":12}},{"id":"e615d0cc-6567-48ee-89b2-1880df3dc560","block_type":"box","text":"trading volume; or one or more Exchanges could, for economic or other reasons, decide or be","page_number":91,"box":{"x":116,"y":596,"width":703,"height":12}},{"id":"2a2fdd0b-2b74-48f8-aac4-af13244eaa9a","block_type":"box","text":"compelled at some future date to discontinue the trading of options (or a particular class or series of","page_number":91,"box":{"x":116,"y":612,"width":746,"height":12}},{"id":"fd7f275c-5f9e-4176-a941-c3d6fd8ec714","block_type":"box","text":"options), in which event the market on that Exchange (or in that class or series of options) would cease","page_number":91,"box":{"x":116,"y":627,"width":770,"height":12}},{"id":"b83fd385-f3bf-4213-bb32-96410d731d90","block_type":"box","text":"to exist, although outstanding options that had been issued by the Options Clearing Corporation as a","page_number":91,"box":{"x":116,"y":643,"width":753,"height":12}},{"id":"87941fc6-79d6-4d0e-bcc3-a12ad77d801e","block_type":"box","text":"result of trades on that Exchange would continue to be exercisable in accordance with their terms.","page_number":91,"box":{"x":117,"y":658,"width":732,"height":12}},{"id":"f886502d-a331-4495-bf5e-c38aa24c8d23","block_type":"box","text":"Each of the options exchanges has established limitations governing the maximum number of call or","page_number":91,"box":{"x":117,"y":690,"width":745,"height":12}},{"id":"c031189a-04a4-473f-b6db-04ce2237011e","block_type":"box","text":"put options on the same asset that may be bought or written by a single investor, whether acting alone","page_number":91,"box":{"x":117,"y":706,"width":759,"height":12}},{"id":"f8ba3a75-8a38-4685-ba47-141ca9f057df","block_type":"box","text":"or in concert with others (regardless of whether such options are written on the same or different","page_number":91,"box":{"x":116,"y":721,"width":716,"height":12}},{"id":"799aa68b-5791-4651-883d-8862acf4baf6","block_type":"box","text":"exchanges or are held or written on one or more accounts or through one or more brokers). Under","page_number":91,"box":{"x":116,"y":737,"width":730,"height":12}},{"id":"c9c501ef-0691-4538-a5dc-be632ec72407","block_type":"box","text":"these limitations, option positions of all investment companies advised by the Manager are combined","page_number":91,"box":{"x":116,"y":752,"width":749,"height":12}},{"id":"e02a4b83-ba80-4049-b337-f24254a360ec","block_type":"box","text":"for purposes of these limits. Pursuant to these limitations, an exchange may order the liquidation of","page_number":91,"box":{"x":116,"y":768,"width":736,"height":12}},{"id":"cd6bd5c2-854f-42cb-927f-88af796eab8a","block_type":"box","text":"positions and may impose other sanctions or restrictions. These position limits may restrict the number","page_number":91,"box":{"x":117,"y":783,"width":762,"height":12}},{"id":"bccb66b7-f9e9-4ef5-aaaf-fd3ae3670267","block_type":"box","text":"of listed options that a Fund may buy or sell.","page_number":91,"box":{"x":116,"y":799,"width":328,"height":12}},{"id":"6558b703-750b-4b98-84ef-b62919be76ea","block_type":"box","text":"Call Options.","page_number":91,"box":{"x":117,"y":831,"width":100,"height":12}},{"id":"06203af3-76b8-4da7-985c-e81c8765cedf","block_type":"box","text":"A Fund may purchase call options on any of the types of securities or instruments in","page_number":91,"box":{"x":217,"y":831,"width":629,"height":12}},{"id":"8d166ad4-356f-40b2-bce8-8c2e2102694c","block_type":"box","text":"which it may invest. A purchased call option gives a Fund the right to buy, and obligates the seller to","page_number":91,"box":{"x":116,"y":847,"width":748,"height":12}},{"id":"8d5dc9f7-772c-409c-8c9f-343640226906","block_type":"box","text":"sell, the underlying security at the exercise price at any time during the option period. A Fund also may","page_number":91,"box":{"x":116,"y":862,"width":767,"height":12}},{"id":"9c6b249e-5bbc-4f9d-9b08-24fae21024ab","block_type":"box","text":"purchase and sell call options on indices. Index options are similar to options on securities except that,","page_number":91,"box":{"x":117,"y":878,"width":765,"height":11}},{"id":"ddf2fe78-4591-4d1d-bf4e-242ac313d0e4","block_type":"box","text":"II-26","page_number":91,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"75431ac0-1d9e-4195-aa56-f742052cb76a","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":91,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"487fe405-bc91-4ea1-adfa-5aa77e445bdb","block_type":"box","text":"rather than taking or making delivery of securities underlying the option at a specified price upon","page_number":92,"box":{"x":117,"y":87,"width":718,"height":12}},{"id":"ff23973d-47a2-4469-85ad-d6c0135fefb0","block_type":"box","text":"exercise, an index option gives the holder the right to receive cash upon exercise of the option if the","page_number":92,"box":{"x":116,"y":102,"width":745,"height":13}},{"id":"2415c277-1271-476d-b3b6-42c404eeaf76","block_type":"box","text":"level of the index upon which the option is based is greater than the exercise price of the option.","page_number":92,"box":{"x":117,"y":118,"width":716,"height":12}},{"id":"9ba70588-d70f-47dc-b6e9-b8fc828fa2be","block_type":"box","text":"A written call option is covered if a Fund holds a call on the same security or index as the call written","page_number":92,"box":{"x":116,"y":146,"width":750,"height":12}},{"id":"180791e8-1239-4b93-a151-610580af1126","block_type":"box","text":"where the exercise price of the call held is (i) equal to or less than the exercise price of the call written,","page_number":92,"box":{"x":116,"y":161,"width":765,"height":13}},{"id":"3bc68ff0-e206-48a0-a911-639f94d626ac","block_type":"box","text":"or (ii) greater than the exercise price of the call written provided the difference is maintained by the","page_number":92,"box":{"x":116,"y":177,"width":736,"height":12}},{"id":"be0114d1-862b-4414-8cdb-292e3ece9c49","block_type":"box","text":"Fund in assets which are not considered illiquid investments under the Funds’ Liquidity Program (as","page_number":92,"box":{"x":117,"y":192,"width":745,"height":13}},{"id":"ca1b2c6c-a138-4d97-a586-00f6962b8eaf","block_type":"box","text":"defined below) (“liquid assets”) designated on the Manager’s or the sub-adviser’s books and records to","page_number":92,"box":{"x":116,"y":208,"width":769,"height":12}},{"id":"939516c4-5e4c-4ca8-ad20-b593f5bb9a44","block_type":"box","text":"the extent required by Commission guidelines.","page_number":92,"box":{"x":116,"y":223,"width":350,"height":13}},{"id":"8d748d43-7b69-4a93-8cc6-1c53a7f9c6f6","block_type":"box","text":"A Fund may write (","page_number":92,"box":{"x":116,"y":251,"width":140,"height":12}},{"id":"f39e8edb-ab35-4dc5-bd17-8b7725bc92c7","block_type":"box","text":"i.e.","page_number":92,"box":{"x":257,"y":251,"width":21,"height":10}},{"id":"03a62a62-23c5-473a-827c-5d6d89fa2d95","block_type":"box","text":", sell) covered call options on the securities or instruments in which it may invest","page_number":92,"box":{"x":281,"y":251,"width":599,"height":12}},{"id":"28dc2c71-68b3-45e1-ba3a-6061db84dee2","block_type":"box","text":"and to enter into closing purchase transactions with respect to certain of such options. A covered call","page_number":92,"box":{"x":116,"y":267,"width":754,"height":12}},{"id":"de54fecb-f014-411e-8e15-d8f1c579c0e5","block_type":"box","text":"option is an option in which a Fund, in return for a premium, gives another party a right to buy specified","page_number":92,"box":{"x":116,"y":282,"width":769,"height":12}},{"id":"9f8295e4-f8d0-4e9d-88bd-0311008f31fa","block_type":"box","text":"securities owned by the Fund at a specified future date and price set at the time of the contract. The","page_number":92,"box":{"x":116,"y":298,"width":747,"height":12}},{"id":"97fab911-ecf4-4be3-a96a-dfe4575b00c9","block_type":"box","text":"principal reason for writing call options is the attempt to realize, through the receipt of premiums, a","page_number":92,"box":{"x":117,"y":313,"width":733,"height":12}},{"id":"7c7901b3-b325-44b7-a82e-2cc1d8b6add7","block_type":"box","text":"greater return than would be realized on the securities alone. By writing covered call options, a Fund","page_number":92,"box":{"x":116,"y":329,"width":750,"height":12}},{"id":"be98a3b1-f87b-4359-9bc3-877ec13254c0","block_type":"box","text":"gives up the opportunity, while the option is in effect, to profit from any price increase in the underlying","page_number":92,"box":{"x":116,"y":344,"width":763,"height":12}},{"id":"6486ce76-4505-4dfe-8390-d13b167df1c0","block_type":"box","text":"security above the option exercise price. In addition, a Fund’s ability to sell the underlying security will","page_number":92,"box":{"x":116,"y":360,"width":758,"height":12}},{"id":"31e0a1e7-533f-4875-aabd-424683cb1b44","block_type":"box","text":"be limited while the option is in effect unless the Fund enters into a closing purchase transaction. A","page_number":92,"box":{"x":117,"y":375,"width":738,"height":12}},{"id":"c3c99d86-87f7-4ed7-946d-b6f1f2a2769f","block_type":"box","text":"closing purchase transaction cancels out a Fund’s position as the writer of an option by means of an","page_number":92,"box":{"x":116,"y":391,"width":748,"height":12}},{"id":"e4b738e0-ec14-45a1-937a-f856f4a4e213","block_type":"box","text":"offsetting purchase of an identical option prior to the expiration of the option it has written. Covered call","page_number":92,"box":{"x":116,"y":406,"width":768,"height":12}},{"id":"0657e5ab-5b85-45c2-88ab-1645ba5521f7","block_type":"box","text":"options also serve as a partial hedge to the extent of the premium received against the price of the","page_number":92,"box":{"x":116,"y":422,"width":736,"height":12}},{"id":"d7f1c863-a6cf-4f07-9dbd-f8868935d77f","block_type":"box","text":"underlying security declining.","page_number":92,"box":{"x":117,"y":438,"width":219,"height":11}},{"id":"e6a7adec-ecd0-4dc5-b143-e37a080c452a","block_type":"box","text":"A Fund may write (","page_number":92,"box":{"x":116,"y":465,"width":140,"height":12}},{"id":"bc12c28c-5e03-4208-9a05-079cb6fa6f98","block_type":"box","text":"i.e.","page_number":92,"box":{"x":257,"y":465,"width":21,"height":10}},{"id":"579ccb3c-6442-4cd4-bed1-fd10e2fba9e0","block_type":"box","text":", sell) uncovered call options on securities or instruments in which it may invest","page_number":92,"box":{"x":281,"y":465,"width":590,"height":12}},{"id":"11f9a234-9cc2-4da2-96c9-2113cf001950","block_type":"box","text":"but that are not currently held by the Fund. The principal reason for writing uncovered call options is to","page_number":92,"box":{"x":117,"y":481,"width":763,"height":12}},{"id":"d0317f9e-7956-4c97-aaeb-2ded8a3891a6","block_type":"box","text":"realize income without committing capital to the ownership of the underlying securities or instruments.","page_number":92,"box":{"x":117,"y":496,"width":758,"height":12}},{"id":"e4bf7e8b-66e4-4e5c-91c1-1fce9c82d118","block_type":"box","text":"When writing uncovered call options, a Fund must deposit and maintain sufficient margin with the","page_number":92,"box":{"x":116,"y":512,"width":727,"height":12}},{"id":"383fa00d-43c0-4485-a403-3fb95f1f6b06","block_type":"box","text":"broker-dealer through which it made the uncovered call option as collateral to ensure that the securities","page_number":92,"box":{"x":117,"y":527,"width":771,"height":12}},{"id":"d1938395-9cbc-4528-b7fa-850465b60ec1","block_type":"box","text":"can be purchased for delivery if and when the option is exercised. During periods of declining","page_number":92,"box":{"x":116,"y":543,"width":697,"height":12}},{"id":"e9e8f2f3-7657-44a2-9b75-f939e9050173","block_type":"box","text":"securities prices or when prices are stable, writing uncovered calls can be a profitable strategy to","page_number":92,"box":{"x":116,"y":558,"width":724,"height":12}},{"id":"d2293b63-acbf-43c1-88a9-cd12077a26ae","block_type":"box","text":"increase a Fund’s income with minimal capital risk. Uncovered calls are riskier than covered calls","page_number":92,"box":{"x":117,"y":574,"width":724,"height":12}},{"id":"abb95a9a-7456-46bc-8f12-96ee3d370591","block_type":"box","text":"because there is no underlying security held by a Fund that can act as a partial hedge. Uncovered calls","page_number":92,"box":{"x":117,"y":589,"width":771,"height":12}},{"id":"34fdd2f5-ede7-45fa-b837-a71ce8059a06","block_type":"box","text":"have speculative characteristics and the potential for loss is unlimited. When an uncovered call is","page_number":92,"box":{"x":117,"y":605,"width":725,"height":12}},{"id":"cf6c0666-979b-4b52-9c4b-1bca0585c902","block_type":"box","text":"exercised, a Fund must purchase the underlying security to meet its call obligation. There is also a risk,","page_number":92,"box":{"x":116,"y":620,"width":771,"height":12}},{"id":"fb56ad5e-a3cb-414a-93cc-a1365e3d918d","block_type":"box","text":"especially with preferred and debt securities that lack sufficient liquidity, that the securities may not be","page_number":92,"box":{"x":116,"y":636,"width":760,"height":12}},{"id":"1a17acdc-e93c-44ac-aea4-1a7de46d1844","block_type":"box","text":"available for purchase. If the purchase price exceeds the exercise price, a Fund will lose the difference.","page_number":92,"box":{"x":116,"y":651,"width":772,"height":12}},{"id":"1116ec00-87ba-452e-b1ee-ca29bb96aa06","block_type":"box","text":"Put Options.","page_number":92,"box":{"x":116,"y":679,"width":91,"height":12}},{"id":"2c0a0c7a-4136-4daf-9b53-03a7477f2730","block_type":"box","text":"A Fund may purchase put options to seek to hedge against a decline in the value of its","page_number":92,"box":{"x":213,"y":679,"width":642,"height":12}},{"id":"b411db8e-2c05-4003-9080-29268884d205","block_type":"box","text":"securities or to enhance its return. By buying a put option, a Fund acquires a right to sell the underlying","page_number":92,"box":{"x":116,"y":695,"width":764,"height":12}},{"id":"96dfc337-4062-43be-ae1a-6c465f237618","block_type":"box","text":"securities or instruments at the exercise price, thus limiting the Fund’s risk of loss through a decline in","page_number":92,"box":{"x":116,"y":710,"width":754,"height":12}},{"id":"e9ad1c0e-e98f-4d4e-b942-ecc0d37a4ebf","block_type":"box","text":"the market value of the securities or instruments until the put option expires. The amount of any","page_number":92,"box":{"x":116,"y":726,"width":709,"height":12}},{"id":"09f8dbe2-0af1-4c97-b0aa-23852c33e6fd","block_type":"box","text":"appreciation in the value of the underlying securities or instruments will be partially offset by the","page_number":92,"box":{"x":116,"y":741,"width":708,"height":12}},{"id":"400e1bb2-e2a8-4921-9b5f-d20fefa0b6d8","block_type":"box","text":"amount of the premium paid for the put option and any related transaction costs. Prior to its expiration,","page_number":92,"box":{"x":116,"y":757,"width":758,"height":12}},{"id":"118350d3-3c80-4f62-b032-e8d1d874b2b7","block_type":"box","text":"a put option may be sold in a closing sale transaction and profit or loss from the sale will depend on","page_number":92,"box":{"x":116,"y":772,"width":737,"height":12}},{"id":"fe545fab-7bc2-42cf-b42a-4e5449bf6ef1","block_type":"box","text":"whether the amount received is more or less than the premium paid for the put option plus the related","page_number":92,"box":{"x":116,"y":788,"width":753,"height":12}},{"id":"0541c7e2-a94b-421d-8b8e-628b7f711850","block_type":"box","text":"transaction costs. A closing sale transaction cancels out a Fund’s position as the purchaser of an","page_number":92,"box":{"x":116,"y":803,"width":719,"height":12}},{"id":"422abcac-df92-4b42-8af9-83e355654f7e","block_type":"box","text":"option by means of an offsetting sale of an identical option prior to the expiration of the option it has","page_number":92,"box":{"x":116,"y":819,"width":737,"height":12}},{"id":"29fdc959-3bd0-4242-b768-d96a20a73572","block_type":"box","text":"purchased. A Fund also may purchase uncovered put options.","page_number":92,"box":{"x":117,"y":834,"width":467,"height":12}},{"id":"7a46db51-58a4-455e-992a-1d919bf4ed70","block_type":"box","text":"A Fund also may write (","page_number":92,"box":{"x":116,"y":862,"width":176,"height":12}},{"id":"ab77e6be-0f63-46e1-8491-50196637a8f1","block_type":"box","text":"i.e.","page_number":92,"box":{"x":293,"y":862,"width":20,"height":10}},{"id":"ce466ec6-0e9a-473d-996a-fd4cc8273af3","block_type":"box","text":", sell) put options on the types of securities or instruments that may be held","page_number":92,"box":{"x":316,"y":862,"width":563,"height":12}},{"id":"5a398968-cf14-4c52-b1a2-684dcede1064","block_type":"box","text":"by the Fund. A Fund will receive a premium for writing a put option, which increases the Fund’s return.","page_number":92,"box":{"x":117,"y":878,"width":763,"height":12}},{"id":"27a7402d-1ffd-44ad-aebf-a8a5e84d6633","block_type":"box","text":"II-27","page_number":92,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"7a699e9a-1ae5-4522-9af7-34edc50b7adb","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":92,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"39cb799a-2557-4a4d-8d30-0458f4c5e15d","block_type":"box","text":"A Fund also may write (","page_number":93,"box":{"x":116,"y":87,"width":176,"height":12}},{"id":"a94716ad-17df-47dc-99e2-b663953002c1","block_type":"box","text":"i.e.","page_number":93,"box":{"x":293,"y":87,"width":20,"height":10}},{"id":"4eeb92d3-fb7a-42b9-9e0d-48d850d483c4","block_type":"box","text":", sell) uncovered put options on securities or instruments in which it may","page_number":93,"box":{"x":316,"y":87,"width":540,"height":12}},{"id":"5589178a-5216-471f-885b-6a9e61b095df","block_type":"box","text":"invest but with respect to which the Fund does not currently have a corresponding short position or has","page_number":93,"box":{"x":117,"y":103,"width":769,"height":12}},{"id":"2eadcc29-af7a-45ec-a60d-417cbad13f27","block_type":"box","text":"not deposited as collateral cash equal to the exercise value of the put option with the broker-dealer","page_number":93,"box":{"x":117,"y":118,"width":737,"height":12}},{"id":"38ef8727-fedc-4b95-b4e8-086cad97f4ef","block_type":"box","text":"through which it made the uncovered put option. The principal reason for writing uncovered put options","page_number":93,"box":{"x":116,"y":134,"width":769,"height":12}},{"id":"5fe7db5e-a67e-4062-b489-66febfd43ce7","block_type":"box","text":"is to receive premium income and to acquire such securities or instruments at a net cost below the","page_number":93,"box":{"x":117,"y":149,"width":734,"height":12}},{"id":"90669398-19d9-471c-837e-94948f28b0eb","block_type":"box","text":"current market value. A Fund has the obligation to buy the securities or instruments at an agreed upon","page_number":93,"box":{"x":116,"y":165,"width":765,"height":12}},{"id":"1ab90e52-c04f-45da-8932-2ddc76c75d55","block_type":"box","text":"price if the price of the securities or instruments decreases below the exercise price. If the price of the","page_number":93,"box":{"x":117,"y":180,"width":759,"height":12}},{"id":"2f3363b2-c44c-4f44-94ca-509e98b45978","block_type":"box","text":"securities or instruments increases during the option period, the option will expire worthless and a","page_number":93,"box":{"x":116,"y":196,"width":729,"height":12}},{"id":"c387299c-6472-4f74-b270-982313ed61e5","block_type":"box","text":"Fund will retain the premium and will not have to purchase the securities or instruments at the exercise","page_number":93,"box":{"x":117,"y":211,"width":767,"height":12}},{"id":"af93afc4-5635-4e46-bef8-f636a47626de","block_type":"box","text":"price.","page_number":93,"box":{"x":117,"y":227,"width":45,"height":11}},{"id":"02b466e1-de2d-4031-b382-f4b073f1d663","block_type":"box","text":"Options on Government National Mortgage Association (“GNMA”) Certificates.","page_number":93,"box":{"x":117,"y":258,"width":586,"height":12}},{"id":"b6ebb54f-f044-4f3b-a043-f2463e6c9134","block_type":"box","text":"The following","page_number":93,"box":{"x":704,"y":258,"width":103,"height":12}},{"id":"f4d7dcaa-ff96-4f5e-b855-b07d49bf2845","block_type":"box","text":"information relates to the unique characteristics of options on GNMA Certificates. Since the remaining","page_number":93,"box":{"x":117,"y":273,"width":759,"height":12}},{"id":"ac92fb4b-2701-430a-8eda-e9e0c931b5a1","block_type":"box","text":"principal balance of GNMA Certificates declines each month as a result of mortgage payments, a","page_number":93,"box":{"x":117,"y":289,"width":725,"height":12}},{"id":"7ec6968e-5a7f-4b82-9332-b9154a5197fc","block_type":"box","text":"Fund, as a writer of a GNMA call holding GNMA Certificates as “cover” to satisfy its delivery obligation","page_number":93,"box":{"x":117,"y":304,"width":761,"height":12}},{"id":"1eb0142b-8960-4d71-9abf-0ed43accbb4b","block_type":"box","text":"in the event of exercise, may find that the GNMA Certificates it holds no longer have a sufficient","page_number":93,"box":{"x":117,"y":320,"width":714,"height":12}},{"id":"0237a16e-eba7-47b4-ae19-a47f9e6a7758","block_type":"box","text":"remaining principal balance for this purpose. Should this occur, a Fund will purchase additional GNMA","page_number":93,"box":{"x":117,"y":335,"width":763,"height":12}},{"id":"5aa094a0-8aa6-4942-b8b0-739b2d4b400d","block_type":"box","text":"Certificates from the same pool (if obtainable) or other GNMA Certificates in the cash market in order","page_number":93,"box":{"x":117,"y":351,"width":754,"height":12}},{"id":"fe61dce5-ca58-4864-8ec4-fd0337f3f660","block_type":"box","text":"to maintain its “cover.”","page_number":93,"box":{"x":116,"y":366,"width":170,"height":10}},{"id":"1576f26a-2d25-4944-a572-29cfe4f88504","block_type":"box","text":"A GNMA Certificate held by a Fund to cover an option position in any but the nearest expiration month","page_number":93,"box":{"x":116,"y":397,"width":764,"height":12}},{"id":"78f6f003-65f1-4ec7-ac63-0bb08a0da983","block_type":"box","text":"may cease to represent cover for the option in the event of a decline in the GNMA coupon rate at","page_number":93,"box":{"x":117,"y":413,"width":724,"height":12}},{"id":"df808a44-8060-4795-85a3-71cffa2b4590","block_type":"box","text":"which new pools are originated under the FHA/VA loan ceiling in effect at any given time. If this should","page_number":93,"box":{"x":116,"y":428,"width":765,"height":12}},{"id":"5f11f058-a25d-44f8-821e-f7a19598f3bc","block_type":"box","text":"occur, a Fund will no longer be covered, and the Fund will either enter into a closing purchase","page_number":93,"box":{"x":116,"y":444,"width":701,"height":12}},{"id":"a676add6-62d3-4077-a487-30a103e8c862","block_type":"box","text":"transaction or replace such Certificate with a certificate that represents cover. When a Fund closes its","page_number":93,"box":{"x":116,"y":459,"width":760,"height":12}},{"id":"ab34467d-6abf-43b6-a8c1-36182f609e1f","block_type":"box","text":"position or replaces such Certificate, it may realize an unanticipated loss and incur transaction costs.","page_number":93,"box":{"x":117,"y":475,"width":751,"height":12}},{"id":"9231f9c2-6bd7-4a93-8836-1518b42f318f","block_type":"box","text":"Options on Swaps (“Swaptions”).","page_number":93,"box":{"x":117,"y":506,"width":243,"height":12}},{"id":"e4a6cf5d-d261-4700-bc3e-2b3f426b6ff7","block_type":"box","text":"A swaption gives a counterparty the option (but not the obligation) to","page_number":93,"box":{"x":362,"y":506,"width":517,"height":12}},{"id":"61e5b210-0538-4d60-8db9-73f0edad36ee","block_type":"box","text":"enter into a new swap agreement or to shorten, extend, cancel or otherwise modify an existing swap","page_number":93,"box":{"x":116,"y":521,"width":750,"height":12}},{"id":"b5de04d5-abf6-427e-b453-1c475f5a2beb","block_type":"box","text":"agreement, at a designated future time on specified terms. A Fund may write (","page_number":93,"box":{"x":116,"y":537,"width":580,"height":12}},{"id":"609454b2-9b59-4556-849d-7f6ba32b1dcd","block_type":"box","text":"i.e.","page_number":93,"box":{"x":698,"y":537,"width":20,"height":9}},{"id":"d2e679f0-7ffd-4f5f-bed4-44c253bb54fe","block_type":"box","text":", sell) and purchase","page_number":93,"box":{"x":721,"y":537,"width":150,"height":12}},{"id":"02ef8641-a290-4e8f-ba83-6d76741718db","block_type":"box","text":"put and call swaptions. Depending on the terms of the particular option agreement, a Fund will","page_number":93,"box":{"x":117,"y":552,"width":704,"height":12}},{"id":"ac94f09d-c454-4de2-beaf-c2515ee93339","block_type":"box","text":"generally incur a greater degree of risk when it writes a swaption than it will incur when it purchases a","page_number":93,"box":{"x":116,"y":568,"width":758,"height":12}},{"id":"9e3f30cd-8999-44cd-a567-da9a93638142","block_type":"box","text":"swaption. When a Fund purchases a swaption, it risks losing only the amount of the premium it has","page_number":93,"box":{"x":116,"y":583,"width":741,"height":12}},{"id":"2361b58f-7307-4745-95d2-d71c30b1ddad","block_type":"box","text":"paid should it decide to let the option expire unexercised. However, when a Fund writes a swaption,","page_number":93,"box":{"x":117,"y":599,"width":743,"height":12}},{"id":"5ea0c688-8712-4cb5-bfe8-c3ddc6be7e51","block_type":"box","text":"upon exercise of the option the Fund will become obligated according to the terms of the underlying","page_number":93,"box":{"x":117,"y":614,"width":743,"height":12}},{"id":"97cc5686-963e-4737-8d48-8f9c345abac4","block_type":"box","text":"agreement and the potential for loss may be unlimited. Certain swaptions are permitted, although not","page_number":93,"box":{"x":116,"y":630,"width":754,"height":12}},{"id":"dbe26b86-d7b3-4b12-83b6-77e02fb380bd","block_type":"box","text":"required, to be cleared.","page_number":93,"box":{"x":117,"y":645,"width":177,"height":12}},{"id":"df734eea-d96d-49c3-aa78-4b5355eca044","block_type":"box","text":"A Fund will likely enter into these transactions to preserve a return or spread on a particular investment","page_number":93,"box":{"x":116,"y":676,"width":765,"height":12}},{"id":"f51c176c-4626-4e62-bb69-85d11ca9ad3e","block_type":"box","text":"or portion of its portfolio or to protect against any increase in the price of securities the Fund anticipates","page_number":93,"box":{"x":116,"y":692,"width":767,"height":12}},{"id":"2f52d2d7-99c9-4612-8d48-4d302245abc5","block_type":"box","text":"purchasing at a later date. A Fund generally will use these transactions for hedging purposes, not for","page_number":93,"box":{"x":117,"y":707,"width":746,"height":12}},{"id":"c5425ce0-b518-4234-9247-c739e87fe69f","block_type":"box","text":"speculation.","page_number":93,"box":{"x":116,"y":723,"width":88,"height":12}},{"id":"111b93e7-fbe2-45f7-a9a9-738e7ecde6f5","block_type":"box","text":"Swaptions may be subject to correlation risk, leverage risk, illiquidity risk and market risk. See “— Risk","page_number":93,"box":{"x":116,"y":754,"width":760,"height":12}},{"id":"67baed9d-5b92-4c2f-8a83-29b9bbaf16d1","block_type":"box","text":"Factors in Derivatives” above.","page_number":93,"box":{"x":117,"y":769,"width":220,"height":10}},{"id":"0a775ec1-4a40-4ad3-ae32-07e1eedddd85","block_type":"box","text":"FLEX Options.","page_number":93,"box":{"x":116,"y":800,"width":107,"height":12}},{"id":"75627905-e0ee-40fa-8a1c-c1b3f32ccb3a","block_type":"box","text":"FLEX Options are customized option contracts available through national securities","page_number":93,"box":{"x":231,"y":800,"width":617,"height":12}},{"id":"deaf5f15-6e94-46ed-9ffa-431bb5f5e0eb","block_type":"box","text":"exchanges that are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX","page_number":93,"box":{"x":116,"y":816,"width":729,"height":12}},{"id":"d101c5d6-4843-4e59-aa91-cdc4829a8aac","block_type":"box","text":"Options are listed on a U.S. national securities exchange. FLEX Options provide investors with the","page_number":93,"box":{"x":116,"y":831,"width":736,"height":12}},{"id":"cb3ede46-62f5-4a17-a14a-8ab2d29eec10","block_type":"box","text":"ability to customize assets referenced by the options, exercise prices, exercise styles (i.e., American","page_number":93,"box":{"x":116,"y":847,"width":750,"height":12}},{"id":"4878c03f-4aaa-41fb-8590-1550883dcf00","block_type":"box","text":"style, exercisable any time prior to the expiration date, or European-style, exercisable only on the","page_number":93,"box":{"x":116,"y":862,"width":726,"height":12}},{"id":"2f39838d-7433-4505-8a87-1e0af0ea648c","block_type":"box","text":"option expiration date) and expiration dates, while achieving price discovery in competitive, transparent","page_number":93,"box":{"x":116,"y":878,"width":769,"height":12}},{"id":"2c5bc37e-ed4a-445e-b3ca-ec8c7270fe50","block_type":"box","text":"II-28","page_number":93,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"6d9ea47a-0a5e-4dcf-b928-6f203be24b14","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":93,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"6cf2a710-5cb1-4931-9147-678f5a14b8fe","block_type":"box","text":"auctions markets and avoiding the counterparty exposure of OTC options positions. Each option","page_number":94,"box":{"x":116,"y":87,"width":719,"height":12}},{"id":"e3e11bdf-acda-45b0-a1e4-b36b49e6e5e0","block_type":"box","text":"contract entitles the holder thereof to purchase (for the","page_number":94,"box":{"x":116,"y":102,"width":410,"height":13}},{"id":"565a50a4-de22-4083-aaa9-30a3b42348b5","block_type":"box","text":"call options) or sell (for the put options) shares","page_number":94,"box":{"x":527,"y":102,"width":349,"height":13}},{"id":"1c18287e-a533-4c77-bf60-7ea02c0026af","block_type":"box","text":"of the reference asset at the strike price. A Fund’s portfolio may include several types of FLEX Options,","page_number":94,"box":{"x":116,"y":118,"width":772,"height":12}},{"id":"d2f2ba58-2fa1-440c-b43a-b335e134cf81","block_type":"box","text":"including both purchased and written put and call options (as further described below). The FLEX","page_number":94,"box":{"x":117,"y":134,"width":726,"height":12}},{"id":"dedecfea-d508-489e-8500-35f72ca3bc27","block_type":"box","text":"Options are all European style options, which means that they are exercisable at a predetermined","page_number":94,"box":{"x":116,"y":149,"width":730,"height":12}},{"id":"74c2b751-64b6-4bbe-9c57-7fced9438680","block_type":"box","text":"specified price (the “strike price”) only on the FLEX Option’s expiration date.","page_number":94,"box":{"x":116,"y":165,"width":569,"height":12}},{"id":"e45d3962-21e2-40a9-9b4d-72d33dda0141","block_type":"box","text":"The OCC guarantees performance by each of the counterparties to the FLEX Options, becoming the","page_number":94,"box":{"x":116,"y":198,"width":752,"height":12}},{"id":"1dc1ee71-e64d-4d2e-b3bd-10f8c7c176e6","block_type":"box","text":"“buyer for every seller and the seller for every buyer”, reducing counterparty risk for clearing members","page_number":94,"box":{"x":116,"y":213,"width":762,"height":12}},{"id":"ba906b09-58e9-48a8-8cae-f7277be629a2","block_type":"box","text":"and options traders. Although guaranteed for settlement by the OCC, FLEX Options are still subject to","page_number":94,"box":{"x":116,"y":229,"width":762,"height":12}},{"id":"ad946dc7-51ae-4e3c-90c2-17533844176c","block_type":"box","text":"counterparty risk with the OCC and subject to the risk that the OCC may fail to perform the settlement","page_number":94,"box":{"x":116,"y":244,"width":760,"height":12}},{"id":"ea470f67-e488-4c02-b7a2-515954567919","block_type":"box","text":"of the FLEX Options due to bankruptcy or other adverse reasons. A Fund bears the risk that the OCC","page_number":94,"box":{"x":116,"y":260,"width":759,"height":12}},{"id":"145b3473-8f91-4068-abc6-52e830fd6e4f","block_type":"box","text":"will be unable or unwilling to perform its obligations under the FLEX Options contracts.","page_number":94,"box":{"x":116,"y":275,"width":646,"height":12}},{"id":"16a15c90-451e-4069-8486-122c71e4cef3","block_type":"box","text":"Subject to determination by the Securities Committee of the OCC, adjustments may be made to the","page_number":94,"box":{"x":116,"y":308,"width":744,"height":13}},{"id":"bfd3144d-8444-44fc-8456-2bb03fcf3df9","block_type":"box","text":"FLEX Options for certain events (collectively, “Corporate Actions”) specified in the OCC’s by-laws and","page_number":94,"box":{"x":117,"y":324,"width":760,"height":12}},{"id":"749039d7-4d9d-4879-9957-8ac7ccf1e720","block_type":"box","text":"rules: certain stock dividends or distributions, stock splits, reverse stock splits, rights offerings,","page_number":94,"box":{"x":117,"y":339,"width":702,"height":13}},{"id":"a1bf69cc-5255-41e7-bb5a-41595243d527","block_type":"box","text":"distributions, reorganizations, recapitalizations, or reclassifications with respect to an underlying","page_number":94,"box":{"x":116,"y":355,"width":715,"height":12}},{"id":"aba3aa46-b179-40ac-a8b7-c7c54beba2bd","block_type":"box","text":"security, or a merger, consolidation, dissolution or liquidation of the issuer of the underlying security.","page_number":94,"box":{"x":116,"y":370,"width":748,"height":13}},{"id":"f65c83f6-1299-42f1-831d-60df374d7979","block_type":"box","text":"According to the OCC’s by-laws, the nature and extent of any such adjustment is to be determined by","page_number":94,"box":{"x":116,"y":386,"width":759,"height":12}},{"id":"53e93f2a-1945-4286-a5ec-39b4501568c9","block_type":"box","text":"the OCC’s Securities Committee, in light of the circumstances known to it at the time such","page_number":94,"box":{"x":116,"y":401,"width":673,"height":13}},{"id":"5354fdcb-aa9e-4809-97db-438bfdf38b76","block_type":"box","text":"determination is made, based on its judgment as to what is appropriate for the protection of investors","page_number":94,"box":{"x":116,"y":417,"width":754,"height":12}},{"id":"d779ced2-d8df-4789-81ed-a70bdea78eac","block_type":"box","text":"and the public interest, taking into account such factors as fairness to holders and writers (or","page_number":94,"box":{"x":116,"y":432,"width":691,"height":13}},{"id":"8541dcd8-9b70-45d9-8033-8527015ad0a8","block_type":"box","text":"purchasers and sellers) of the affected options, the maintenance of a fair and orderly market in the","page_number":94,"box":{"x":117,"y":448,"width":734,"height":12}},{"id":"cf35f958-91fb-44e8-9f5d-9412deea9b90","block_type":"box","text":"affected options, consistency of interpretation and practice, efficiency of exercise settlement","page_number":94,"box":{"x":116,"y":463,"width":687,"height":13}},{"id":"820062fc-14e9-4a85-8fe7-ec1788f9a3f0","block_type":"box","text":"procedures, and the coordination with other clearing agencies of the clearance and settlement of","page_number":94,"box":{"x":117,"y":479,"width":721,"height":12}},{"id":"4c2c0b2d-12b2-4257-b870-9081e6b2709f","block_type":"box","text":"transactions in the underlying interest.","page_number":94,"box":{"x":116,"y":495,"width":288,"height":12}},{"id":"f3a8e709-5c64-4ee0-8cce-861fe256b86f","block_type":"box","text":"Certain Considerations Regarding Options","page_number":94,"box":{"x":151,"y":519,"width":314,"height":12}},{"id":"80f53385-3122-4a8a-a8d8-b1649069bae7","block_type":"box","text":". The FLEX Options in which each Fund may invest will","page_number":94,"box":{"x":467,"y":519,"width":414,"height":12}},{"id":"795d30a4-306f-43f5-a1a7-5d7b4a611a4a","block_type":"box","text":"be options on an exchange-traded fund (“ETF”) or the S&P 500 Index (together with such ETF, a","page_number":94,"box":{"x":150,"y":534,"width":723,"height":12}},{"id":"fd929120-53ca-4ba2-9fba-ca7e411557a8","block_type":"box","text":"“Reference Asset”). As such, the value of a Fund’s FLEX Options will fluctuate with changes in the","page_number":94,"box":{"x":150,"y":550,"width":735,"height":12}},{"id":"c1b6c0a4-1b04-4809-955f-be960b41bf19","block_type":"box","text":"value of the securities held by the ETF, and thus the ETF’s share price. In addition to the value of","page_number":94,"box":{"x":150,"y":565,"width":726,"height":12}},{"id":"fe9582f3-354b-4437-9328-5235ff974c0e","block_type":"box","text":"the ETF, the value of an option, in general, will reflect, among other things, the time remaining until","page_number":94,"box":{"x":150,"y":581,"width":738,"height":12}},{"id":"84cc02fc-607f-4015-b25b-5b929b42cc45","block_type":"box","text":"expiration (the end of the Outcome Period), the relationship of the exercise price to the market","page_number":94,"box":{"x":150,"y":596,"width":704,"height":12}},{"id":"01d3e5e4-3a6e-48dd-a420-3bfe3429dc4d","block_type":"box","text":"price of the Reference Asset, and general market conditions. Options that expire unexercised","page_number":94,"box":{"x":150,"y":612,"width":698,"height":12}},{"id":"b3489912-f7f0-41b7-83e9-3577f6072c67","block_type":"box","text":"have no value.","page_number":94,"box":{"x":150,"y":628,"width":113,"height":9}},{"id":"0b363d7c-27d6-48a6-a1a0-9897a7e322a5","block_type":"box","text":"The puts and calls on the Reference Asset entitle the purchaser of the option the right to purchase","page_number":94,"box":{"x":150,"y":652,"width":734,"height":12}},{"id":"e3a098c3-a6bd-4849-bb58-29178489873d","block_type":"box","text":"(for a call option) or sell (for a put option) the Reference Asset at a predetermined specified price","page_number":94,"box":{"x":150,"y":667,"width":718,"height":12}},{"id":"7c046f92-ec05-4a3c-8815-0d9a27bd85fc","block_type":"box","text":"(the “strike price”). When a Fund writes a call on the Reference Asset, it receives a premium and","page_number":94,"box":{"x":150,"y":683,"width":716,"height":12}},{"id":"5cc78011-73f4-40cd-be61-83b1b09d3bfb","block_type":"box","text":"agrees that the purchaser of the call, upon exercise of the call, will receive from the Fund the","page_number":94,"box":{"x":150,"y":698,"width":688,"height":12}},{"id":"426ff4f9-9caf-4f42-af19-0c311c4b51b3","block_type":"box","text":"delivery of a specified number of shares of the ETF in exchange for the strike price. When a Fund","page_number":94,"box":{"x":150,"y":714,"width":724,"height":12}},{"id":"4cc80d5f-b177-400c-a5ef-d4a30e95afd2","block_type":"box","text":"buys a call on the Reference Asset, it pays a premium and has the same rights to such call as","page_number":94,"box":{"x":150,"y":729,"width":697,"height":12}},{"id":"e8f5a71c-c64b-48aa-ae43-90efe1a6981c","block_type":"box","text":"indicated above. When a Fund buys a put on the Reference Asset, it pays a premium and has the","page_number":94,"box":{"x":150,"y":745,"width":725,"height":12}},{"id":"14708d8e-390a-4779-9fee-65574e7bfe21","block_type":"box","text":"right to require the seller of the put, upon the Fund’s exercise of the put, to deliver the specified","page_number":94,"box":{"x":150,"y":760,"width":704,"height":12}},{"id":"98d5c1af-dcb1-45b4-ba39-9e01d093614f","block_type":"box","text":"number of shares of the ETF in exchange for the strike price. When a Fund writes a put on the","page_number":94,"box":{"x":150,"y":776,"width":700,"height":12}},{"id":"64097896-a92a-464e-acd1-9ec4157efcbb","block_type":"box","text":"Reference Asset, it receives a premium and the purchaser of the put has the right to require the","page_number":94,"box":{"x":151,"y":791,"width":708,"height":12}},{"id":"786ca50a-b4e8-46e3-81fb-073f5fc7e0e4","block_type":"box","text":"Fund to deliver the specified number of shares of the ETF in exchange for the strike price.","page_number":94,"box":{"x":151,"y":807,"width":665,"height":12}},{"id":"07e20af4-8407-46f4-a492-969fd2bd35f1","block_type":"box","text":"Although each Fund will generally utilize FLEX Options that are physically settled, a Fund may","page_number":94,"box":{"x":149,"y":831,"width":705,"height":12}},{"id":"242282b4-8a4b-4542-874a-bba4da0274ef","block_type":"box","text":"also utilize FLEX Options that are cash-settled. Cash-settled options give the holder the right to","page_number":94,"box":{"x":150,"y":847,"width":711,"height":12}},{"id":"bec0654d-b3ee-448d-ab92-66b420b24ca9","block_type":"box","text":"receive an amount (or owe an amount) of cash upon the exercise of the option. Gain or loss","page_number":94,"box":{"x":150,"y":862,"width":686,"height":12}},{"id":"2b52b848-dbbe-4f67-b3ab-83ce20b8e54f","block_type":"box","text":"depends on changes in the value of the ETF’s share price relative to the strike price for a given","page_number":94,"box":{"x":150,"y":878,"width":710,"height":12}},{"id":"73c59ae4-f968-4919-8a2c-2470e4584b9a","block_type":"box","text":"II-29","page_number":94,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"4ded966d-7bbf-4cd0-be4a-6b247a7ec4b9","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":94,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"685a01cf-ff39-4834-a12d-f04da035d322","block_type":"box","text":"option contract. The amount of cash is equal to the difference between the closing price of the","page_number":95,"box":{"x":150,"y":87,"width":702,"height":12}},{"id":"0140c562-a6ed-44bc-9ca8-aaa233322e8a","block_type":"box","text":"ETF’s share price and the exercise price of the option contract times a specified multiple","page_number":95,"box":{"x":151,"y":102,"width":659,"height":12}},{"id":"0eb733ad-1120-4d19-83a5-3ece4cb615ad","block_type":"box","text":"(“multiplier”), which determines the total value for each point of such difference.","page_number":95,"box":{"x":150,"y":118,"width":593,"height":12}},{"id":"c475a513-05f8-4e71-89dd-d5a9b85def3b","block_type":"box","text":"Risks of Options on the Reference Assets","page_number":95,"box":{"x":150,"y":141,"width":306,"height":12}},{"id":"f19e03a7-8539-4dfc-bf78-c2b7430df35c","block_type":"box","text":". If a Fund has purchased an option and exercises it","page_number":95,"box":{"x":458,"y":141,"width":382,"height":12}},{"id":"400336de-4df3-41cb-9bf1-dbefa5f50f13","block_type":"box","text":"before the closing value for that day is available, it runs the risk that the level of the Reference Asset","page_number":95,"box":{"x":150,"y":157,"width":735,"height":12}},{"id":"ea112169-f230-4a14-8c86-af7c2e3aeb5d","block_type":"box","text":"may subsequently change. If such a change causes the exercised option to fall out of the money,","page_number":95,"box":{"x":150,"y":172,"width":714,"height":12}},{"id":"2f191d04-22cf-4d8c-823a-c5672cc43504","block_type":"box","text":"the applicable Fund will be required to pay the difference between the closing Reference Asset","page_number":95,"box":{"x":150,"y":188,"width":698,"height":12}},{"id":"3a121508-1cc0-4492-9bb7-f02a661d84a3","block_type":"box","text":"value and the exercise price of the option (times the applicable multiplier) to the assigned writer.","page_number":95,"box":{"x":150,"y":203,"width":706,"height":12}},{"id":"268f590e-afb5-4ad5-913a-c6e08bf42cdc","block_type":"box","text":"Foreign Exchange Transactions.","page_number":95,"box":{"x":116,"y":242,"width":247,"height":12}},{"id":"425435e3-4e80-42d3-8787-f3f30db754ca","block_type":"box","text":"A Fund may enter into spot foreign exchange transactions, forward foreign exchange transactions","page_number":95,"box":{"x":116,"y":273,"width":731,"height":12}},{"id":"593eab47-67f0-4d31-8bcf-ec50932ac18c","block_type":"box","text":"(“FX forwards”) and currency swaps, purchase and sell currency options, currency futures and related","page_number":95,"box":{"x":117,"y":289,"width":760,"height":12}},{"id":"b532e83e-43b8-49a1-94d9-a705cf020610","block_type":"box","text":"options thereon (collectively, “Currency Instruments”) for purposes of hedging against the decline in the","page_number":95,"box":{"x":116,"y":304,"width":772,"height":12}},{"id":"4eeccf8f-c906-4ccb-986a-975d6002467a","block_type":"box","text":"value of currencies in which its portfolio holdings are denominated against the U.S. dollar or, with","page_number":95,"box":{"x":116,"y":320,"width":725,"height":12}},{"id":"2c391dab-8719-4745-a020-4e1890419356","block_type":"box","text":"respect to certain Funds, to seek to enhance returns.","page_number":95,"box":{"x":117,"y":335,"width":397,"height":12}},{"id":"e7638f32-9791-4cb1-bb30-06306d142a58","block_type":"box","text":"Such transactions could be effected to hedge with respect to foreign dollar denominated securities","page_number":95,"box":{"x":116,"y":366,"width":734,"height":12}},{"id":"03295426-8186-4564-9e28-ac7efb8c0121","block_type":"box","text":"owned by a Fund, sold by a Fund but not","page_number":95,"box":{"x":116,"y":382,"width":309,"height":12}},{"id":"9e411a0c-7abc-4d42-beb5-4a70bb6a0af5","block_type":"box","text":"yet delivered, or committed or anticipated to be purchased by","page_number":95,"box":{"x":426,"y":382,"width":460,"height":12}},{"id":"03cbb96a-b616-4ff7-a832-eff8b29ec1b9","block_type":"box","text":"a Fund. As an illustration, a Fund may use such techniques to hedge the stated value in U.S. dollars of","page_number":95,"box":{"x":116,"y":397,"width":768,"height":12}},{"id":"30263cd0-d64b-4093-bcf9-c6352d59bc20","block_type":"box","text":"an investment in a yen-denominated security. For example, the Fund may purchase a foreign currency","page_number":95,"box":{"x":116,"y":413,"width":767,"height":12}},{"id":"3d27a39c-2595-4cf4-afdc-79036de6b194","block_type":"box","text":"put option enabling it to sell a specified amount of yen","page_number":95,"box":{"x":117,"y":428,"width":404,"height":12}},{"id":"34ad7614-4238-443a-91b6-f2197e131720","block_type":"box","text":"for dollars at a specified price by a future date.","page_number":95,"box":{"x":521,"y":428,"width":350,"height":12}},{"id":"c9a4b5e5-f8f0-451b-a504-6edeb54dead7","block_type":"box","text":"To the extent the hedge is successful, a loss in the value of the yen relative to the dollar will tend to be","page_number":95,"box":{"x":116,"y":444,"width":764,"height":12}},{"id":"ec70413c-134d-497f-8570-72f49d8fd04e","block_type":"box","text":"offset by an increase in the value of the put option. To offset, in whole or in part, the cost of acquiring","page_number":95,"box":{"x":116,"y":459,"width":753,"height":12}},{"id":"9b947ab1-2884-4a56-9a8d-7b547748694c","block_type":"box","text":"such a put option, the Fund may also sell a call option which, if exercised, requires it to sell a specified","page_number":95,"box":{"x":116,"y":475,"width":764,"height":12}},{"id":"7751b503-4581-4d3f-82f3-c3a5b5bed054","block_type":"box","text":"amount of yen for dollars at a specified price by a future date (a technique called a “straddle”). By","page_number":95,"box":{"x":116,"y":490,"width":727,"height":12}},{"id":"732990a8-953b-42cb-bd68-289ec6dc6d76","block_type":"box","text":"selling such a call option in this illustration, the Fund gives up the opportunity to profit without limit from","page_number":95,"box":{"x":116,"y":506,"width":767,"height":12}},{"id":"ffa26eb4-1dc5-4ce2-90f1-1e2fb2aaede7","block_type":"box","text":"increases in the relative value of the yen to the dollar. “Straddles” of the type that may be used by a","page_number":95,"box":{"x":117,"y":521,"width":742,"height":12}},{"id":"d6d2b600-187d-4610-ab58-8fa5087e1dd6","block_type":"box","text":"Fund are considered hedging transactions. Certain Funds have a fundamental investment restriction","page_number":95,"box":{"x":117,"y":537,"width":749,"height":12}},{"id":"b00db8e6-d651-46c8-9b50-bb6e3141f5b5","block_type":"box","text":"that restricts currency option strategies.","page_number":95,"box":{"x":116,"y":552,"width":298,"height":12}},{"id":"9e80ef02-b2b7-4ed2-8131-948fcac1c59e","block_type":"box","text":"Hedging transactions involving Currency Instruments involve substantial risks, including correlation","page_number":95,"box":{"x":117,"y":583,"width":737,"height":12}},{"id":"806516e6-8497-45f6-95e2-27535b066fe8","block_type":"box","text":"risk. A Fund’s use of Currency Instruments to effect hedging strategies is intended to reduce the","page_number":95,"box":{"x":117,"y":599,"width":718,"height":12}},{"id":"38c2d5c6-a079-4a9d-86c4-5e1aec15c4bd","block_type":"box","text":"volatility of the NAV of the Fund’s shares; however, the use of such hedging strategies will not prevent","page_number":95,"box":{"x":116,"y":614,"width":763,"height":12}},{"id":"9eec30c0-3085-4c1f-b00a-793a7698381e","block_type":"box","text":"the NAV of the Fund’s shares from fluctuating. Moreover, although Currency Instruments will be used","page_number":95,"box":{"x":116,"y":630,"width":757,"height":12}},{"id":"26d5a307-dd70-4905-a68b-d4784d804c13","block_type":"box","text":"with the intention of hedging against adverse currency movements, transactions in Currency","page_number":95,"box":{"x":116,"y":645,"width":689,"height":12}},{"id":"3f69e34b-782d-4432-9da3-604e25f21c1b","block_type":"box","text":"Instruments involve the risk that anticipated currency movements will not be accurately predicted and","page_number":95,"box":{"x":117,"y":661,"width":749,"height":12}},{"id":"c56c0c79-2967-4bd6-b67e-b807974612b1","block_type":"box","text":"that the Fund’s hedging strategies will be ineffective. To the extent that a Fund hedges against","page_number":95,"box":{"x":116,"y":676,"width":701,"height":12}},{"id":"eee29a45-d7e9-491e-b653-87ed8f943016","block_type":"box","text":"anticipated currency movements that do not occur, the Fund may realize losses and decrease its total","page_number":95,"box":{"x":116,"y":692,"width":755,"height":12}},{"id":"d92a5050-b923-4095-a683-9ccda3b407f9","block_type":"box","text":"return. Furthermore, a Fund will only engage in hedging activities from time to time and may not be","page_number":95,"box":{"x":117,"y":707,"width":733,"height":12}},{"id":"eb38dc5f-8ea2-4f34-95c1-be6776fb16e4","block_type":"box","text":"engaging in hedging activities when movements in currency exchange rates actually occur.","page_number":95,"box":{"x":116,"y":723,"width":674,"height":12}},{"id":"8930db4a-517e-4970-81dc-14bbff456c1d","block_type":"box","text":"In connection with its trading in forward foreign currency contracts, a Fund will contract with a foreign","page_number":95,"box":{"x":117,"y":754,"width":746,"height":12}},{"id":"341aa31e-5416-4ad0-8248-3a35f64b9d53","block_type":"box","text":"or domestic bank, or foreign or domestic securities dealer, to make or take future delivery of a specified","page_number":95,"box":{"x":116,"y":769,"width":766,"height":12}},{"id":"f3f4114d-cc7c-486f-8e07-f3ca97390abc","block_type":"box","text":"amount of a particular currency. There are no limitations on daily price moves in such forward","page_number":95,"box":{"x":116,"y":785,"width":693,"height":12}},{"id":"72a96e92-e836-493b-88b2-3c223e1fcaea","block_type":"box","text":"contracts, and banks and dealers are not required to continue to make markets in such contracts.","page_number":95,"box":{"x":116,"y":800,"width":722,"height":12}},{"id":"8e162c6f-6984-472c-9054-dcef07eae929","block_type":"box","text":"There have been periods during which certain banks or dealers have refused to quote prices for such","page_number":95,"box":{"x":116,"y":816,"width":751,"height":12}},{"id":"3e08e692-dcee-479d-8b09-81e61eb33b8f","block_type":"box","text":"forward contracts or have quoted prices with an unusually wide spread between the price at which the","page_number":95,"box":{"x":116,"y":831,"width":761,"height":12}},{"id":"b8596545-3e31-4559-816b-011cb97a8b4e","block_type":"box","text":"bank or dealer is prepared to buy and that at which it is prepared to sell. Governmental imposition of","page_number":95,"box":{"x":117,"y":847,"width":747,"height":12}},{"id":"14248c03-c133-4a00-892a-39148c4ba337","block_type":"box","text":"currency controls might limit any such forward contract trading. With respect to its trading of forward","page_number":95,"box":{"x":116,"y":862,"width":746,"height":12}},{"id":"4a491fd9-0273-4115-8207-599347bc796e","block_type":"box","text":"contracts, if any, a Fund will be subject to counterparty risk. Any such failure to perform by a","page_number":95,"box":{"x":116,"y":878,"width":689,"height":12}},{"id":"42a7196c-a9f4-4d43-9121-0d744e3d6282","block_type":"box","text":"II-30","page_number":95,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"3d5d59c1-7c9c-4877-a67c-7be0680205e0","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":95,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"7a4b9738-7278-450f-960c-22c090265179","block_type":"box","text":"counterparty would deprive the Fund of any profit potential or force the Fund to cover its commitments","page_number":96,"box":{"x":116,"y":87,"width":762,"height":12}},{"id":"88294df8-90be-4688-826f-ea8bfa81870b","block_type":"box","text":"for resale, if any, at the then market price and could result in a loss to the Fund.","page_number":96,"box":{"x":116,"y":102,"width":595,"height":13}},{"id":"6b0fb4db-d236-40f6-9e62-9222fbe0fee3","block_type":"box","text":"It may not be possible for a Fund to hedge against currency exchange rate movements, even if","page_number":96,"box":{"x":117,"y":134,"width":709,"height":12}},{"id":"43537a79-5440-4e75-b314-79206506303c","block_type":"box","text":"correctly anticipated, in the event that (i) the currency exchange rate movement is so generally","page_number":96,"box":{"x":116,"y":149,"width":707,"height":12}},{"id":"504d4301-a270-4198-ab36-24d24016940f","block_type":"box","text":"anticipated that the Fund is not able to enter into a hedging transaction at an effective price, or (ii) the","page_number":96,"box":{"x":116,"y":165,"width":757,"height":12}},{"id":"a71950e4-5467-4630-8504-a5bcfb03388c","block_type":"box","text":"currency exchange rate movement relates to a market with respect to which Currency Instruments are","page_number":96,"box":{"x":116,"y":180,"width":764,"height":12}},{"id":"5d11d2a3-8bea-46d4-8a07-f0daba64988d","block_type":"box","text":"not available and it is not possible to engage in effective foreign currency hedging. The cost to a Fund","page_number":96,"box":{"x":117,"y":196,"width":759,"height":12}},{"id":"1969db1a-8711-4570-8fbd-26cb6f6ddeaf","block_type":"box","text":"of engaging in foreign currency transactions varies with such factors as the currencies involved, the","page_number":96,"box":{"x":116,"y":211,"width":743,"height":12}},{"id":"f5df7c5d-aaa8-4def-b9cf-20acf9b32cfe","block_type":"box","text":"length of the contract period and the market conditions then prevailing. Since transactions in foreign","page_number":96,"box":{"x":117,"y":227,"width":744,"height":12}},{"id":"16692a1c-d3b0-4cc0-a89e-bdf57b41d6fc","block_type":"box","text":"currency exchange usually are conducted on a principal basis, no fees or commissions are involved.","page_number":96,"box":{"x":116,"y":242,"width":750,"height":12}},{"id":"ad1d851f-1ab7-4ea3-bb93-14c5f94095c9","block_type":"box","text":"A Fund will not hedge a currency in excess of the aggregate market value of the securities that it owns","page_number":96,"box":{"x":116,"y":273,"width":765,"height":12}},{"id":"096fa7fc-b521-41b0-bf2e-c415c2729971","block_type":"box","text":"(including receivables for unsettled securities sales), or has committed to purchase or anticipates","page_number":96,"box":{"x":117,"y":289,"width":724,"height":12}},{"id":"c557abec-b491-4366-9fab-464a1ccce85e","block_type":"box","text":"purchasing, which are denominated in such currency.","page_number":96,"box":{"x":117,"y":304,"width":401,"height":12}},{"id":"481c42ff-cbd0-4291-a5ae-f7437810bfae","block_type":"box","text":"Spot Transactions and FX Forwards.","page_number":96,"box":{"x":117,"y":335,"width":271,"height":12}},{"id":"14af1abb-7d84-40a5-9e87-1f6f007e9ed3","block_type":"box","text":"FX forwards are OTC contracts to purchase or sell a specified","page_number":96,"box":{"x":390,"y":335,"width":470,"height":12}},{"id":"955bbccc-6eb0-44c2-86d4-14f8bc1bf1f6","block_type":"box","text":"amount of a specified currency or multinational currency unit at a specified price and specified future","page_number":96,"box":{"x":116,"y":351,"width":750,"height":12}},{"id":"261c2f5f-3b2e-4d80-888e-6526bce5ad33","block_type":"box","text":"date. Spot foreign exchange transactions are similar but are settled in the current, or “spot”, market. A","page_number":96,"box":{"x":116,"y":366,"width":761,"height":12}},{"id":"d8384d64-1897-431c-8932-4e2756575ed4","block_type":"box","text":"Fund will enter into foreign exchange transactions for purposes of hedging either a specific transaction","page_number":96,"box":{"x":117,"y":382,"width":764,"height":12}},{"id":"8a773ccc-bb8f-4adf-a4cf-03150beffc99","block_type":"box","text":"or a portfolio position, or, with respect to certain Funds, to seek to enhance returns. FX forwards","page_number":96,"box":{"x":116,"y":397,"width":719,"height":12}},{"id":"f83a7620-844c-400e-8bbf-1cc59b792332","block_type":"box","text":"involve substantial currency risk, credit risk and liquidity risk. A Fund may enter into a foreign exchange","page_number":96,"box":{"x":117,"y":413,"width":770,"height":12}},{"id":"19114e03-29a9-4dd7-9d81-c4f466b7f686","block_type":"box","text":"transaction for purposes of hedging a specific transaction by, for example, purchasing a currency","page_number":96,"box":{"x":116,"y":428,"width":725,"height":12}},{"id":"ef38e13d-8f75-46f3-8aac-274d8af08649","block_type":"box","text":"needed to settle a security transaction or selling a currency in which the Fund has received or","page_number":96,"box":{"x":117,"y":444,"width":699,"height":12}},{"id":"576958e7-1df4-4138-8268-9c8de5b9bbc2","block_type":"box","text":"anticipates receiving a dividend or distribution. A Fund may enter into a foreign exchange transaction","page_number":96,"box":{"x":116,"y":459,"width":754,"height":12}},{"id":"9a8850ed-aaa8-4dc4-afa0-92d4f9354085","block_type":"box","text":"for purposes of hedging a portfolio position by selling forward a currency in which a portfolio position of","page_number":96,"box":{"x":116,"y":475,"width":767,"height":12}},{"id":"24b78ce0-7b37-4997-bc3c-be3872d63269","block_type":"box","text":"the Fund is denominated or by purchasing a currency in which the Fund anticipates acquiring a","page_number":96,"box":{"x":116,"y":490,"width":711,"height":12}},{"id":"cd9ad52a-0471-4fb0-8c0c-da0371ff193a","block_type":"box","text":"portfolio position in the near future. A Fund may also hedge a currency by entering into a transaction in","page_number":96,"box":{"x":117,"y":506,"width":767,"height":12}},{"id":"00091392-34dd-4d42-9c73-7d8b8db9f35e","block_type":"box","text":"a Currency Instrument denominated in a currency other than the currency being hedged (a “cross","page_number":96,"box":{"x":116,"y":521,"width":729,"height":12}},{"id":"b15ca4cc-f99a-44d4-a3ff-babb8af58e72","block_type":"box","text":"hedge”). A Fund will only enter into a cross-hedge if the Manager believes that (i) there is a","page_number":96,"box":{"x":117,"y":537,"width":680,"height":12}},{"id":"339441a4-a37f-4817-a46d-444be262881e","block_type":"box","text":"demonstrably high correlation between the currency in which the cross-hedge is denominated and the","page_number":96,"box":{"x":116,"y":552,"width":761,"height":12}},{"id":"0175430b-6e44-45f7-9327-5d0c5a830174","block_type":"box","text":"currency being hedged, and (ii) executing a cross-hedge through the currency in which the cross","page_number":96,"box":{"x":116,"y":568,"width":722,"height":12}},{"id":"4f8fa688-eb69-4768-b860-c4f600e171b2","block_type":"box","text":"hedge is denominated will be significantly more cost-effective or provide substantially greater liquidity","page_number":96,"box":{"x":117,"y":583,"width":755,"height":12}},{"id":"2dd1b217-fd32-4576-a46b-a469fe476758","block_type":"box","text":"than executing a similar hedging transaction by means of the currency being hedged.","page_number":96,"box":{"x":116,"y":599,"width":638,"height":12}},{"id":"2e926702-2496-4dbd-bed9-645ae2364b3d","block_type":"box","text":"A Fund may also engage in proxy hedging transactions to reduce the effect of currency fluctuations on","page_number":96,"box":{"x":116,"y":630,"width":765,"height":12}},{"id":"7b66fcec-0511-493c-8be0-f274e79c9c88","block_type":"box","text":"the value of existing or anticipated holdings of portfolio securities. Proxy hedging is often used when","page_number":96,"box":{"x":116,"y":645,"width":747,"height":12}},{"id":"92b90b50-9ec7-4a01-82eb-9b5c6cee2dd8","block_type":"box","text":"the currency to which the Fund is exposed is difficult to hedge, or to hedge against the U.S. dollar.","page_number":96,"box":{"x":116,"y":661,"width":727,"height":12}},{"id":"b3c5ccb3-f5a1-4c96-8e59-24369e92cfb2","block_type":"box","text":"Proxy hedging entails entering into a forward contract to sell a currency whose changes in value are","page_number":96,"box":{"x":117,"y":676,"width":741,"height":12}},{"id":"558b5cb9-ac61-49a7-bafa-897d5250b405","block_type":"box","text":"generally considered to be linked to a currency or currencies in which some or all of the Fund’s","page_number":96,"box":{"x":116,"y":692,"width":704,"height":12}},{"id":"fb36913d-6881-4705-b4c3-080605871a70","block_type":"box","text":"securities are, or are expected to be, denominated, and to buy U.S. dollars. Proxy hedging involves","page_number":96,"box":{"x":116,"y":707,"width":736,"height":12}},{"id":"50b3a86c-bb33-4353-90a4-40582e57d2bb","block_type":"box","text":"some of the same risks and considerations as other transactions with similar instruments. Currency","page_number":96,"box":{"x":116,"y":723,"width":737,"height":12}},{"id":"133dcfb6-2eae-4ae6-b2a1-d24ef4c5e462","block_type":"box","text":"transactions can result in losses to the Fund if the currency being hedged fluctuates in value to a","page_number":96,"box":{"x":116,"y":738,"width":717,"height":12}},{"id":"5a88c9e0-fddc-42ba-bc59-6d312408669c","block_type":"box","text":"degree or in a direction that is not anticipated. In addition, there is the risk that the perceived linkage","page_number":96,"box":{"x":116,"y":754,"width":742,"height":12}},{"id":"891bece9-b015-42da-bec5-34745ba6d69e","block_type":"box","text":"between various currencies may not be present, including during the particular time that a Fund is","page_number":96,"box":{"x":117,"y":769,"width":724,"height":12}},{"id":"e54ffabd-7f21-40b2-bcf9-9f6b9fcc25a4","block_type":"box","text":"engaging in proxy hedging.","page_number":96,"box":{"x":116,"y":785,"width":200,"height":12}},{"id":"2c7ca20a-2ed0-46bf-a961-4691444dbdbd","block_type":"box","text":"A Fund may also cross-hedge currencies by entering into forward contracts to sell one or more","page_number":96,"box":{"x":116,"y":816,"width":703,"height":12}},{"id":"df76f512-c40f-4eb8-b805-e6deb23953e2","block_type":"box","text":"currencies that are expected to decline in value relative to other currencies to which the Fund has or in","page_number":96,"box":{"x":116,"y":831,"width":766,"height":12}},{"id":"fd00635b-f30d-43e2-b1f6-e152386d5fe6","block_type":"box","text":"which the Fund expects to have portfolio exposure. For example, a Fund may hold both Canadian","page_number":96,"box":{"x":116,"y":847,"width":731,"height":12}},{"id":"38c6b69b-c53b-4dbd-8dc5-7469432de33e","block_type":"box","text":"government bonds and Japanese government bonds, and the Manager or sub-adviser may believe","page_number":96,"box":{"x":116,"y":862,"width":741,"height":12}},{"id":"eb5a1cae-7df8-4ebd-b73b-83362e88526b","block_type":"box","text":"that Canadian dollars will deteriorate against Japanese yen. The Fund would sell Canadian dollars to","page_number":96,"box":{"x":116,"y":878,"width":754,"height":12}},{"id":"822a3937-e31f-49e6-b5a6-ce6d08f9834e","block_type":"box","text":"II-31","page_number":96,"box":{"x":484,"y":909,"width":29,"height":9}},{"id":"6a7d193c-9784-425d-98bc-e12a1f7f6619","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":96,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"1449c5d9-05d1-48ce-a846-6119b666b38e","block_type":"box","text":"reduce its exposure to that currency and buy Japanese yen. This strategy would be a hedge against a","page_number":97,"box":{"x":117,"y":87,"width":761,"height":12}},{"id":"c47169cc-12cf-4c98-a981-fbbd73cf1f6c","block_type":"box","text":"decline in the value of Canadian dollars, although it would expose the Fund to declines in the value of","page_number":97,"box":{"x":116,"y":102,"width":758,"height":13}},{"id":"e3915768-2017-4f6d-9849-94e5cf59d763","block_type":"box","text":"the Japanese yen relative to the U.S. dollar.","page_number":97,"box":{"x":116,"y":118,"width":331,"height":12}},{"id":"ba19ba14-87e3-4977-83e9-3e645a5c1488","block_type":"box","text":"Some of the forward non-U.S. currency contracts entered into by the Funds are classified as","page_number":97,"box":{"x":116,"y":152,"width":690,"height":12}},{"id":"c064f912-e5d2-4f9c-8221-3986c4f82ad9","block_type":"box","text":"non-deliverable forwards (“NDFs”). NDFs are cash-settled, short-term forward contracts that may be","page_number":97,"box":{"x":117,"y":168,"width":748,"height":12}},{"id":"372b05b9-cb04-4456-9eb4-a049815c9fbe","block_type":"box","text":"thinly traded or are denominated in non-convertible foreign currency, where the profit or loss at the","page_number":97,"box":{"x":116,"y":183,"width":736,"height":12}},{"id":"d15be110-9acf-4099-b693-ff5febc1af4a","block_type":"box","text":"time at the settlement date is calculated by taking the difference between the agreed upon exchange","page_number":97,"box":{"x":116,"y":199,"width":752,"height":12}},{"id":"b8621588-42bf-454e-afd4-b151fa91675f","block_type":"box","text":"rate and the spot rate at the time of settlement, for an agreed upon notional amount of funds. All NDFs","page_number":97,"box":{"x":117,"y":214,"width":765,"height":12}},{"id":"ff0a4285-fa57-47d3-a7da-53208717b91b","block_type":"box","text":"have a fixing date and a settlement date. The fixing date is the date at which the difference between","page_number":97,"box":{"x":117,"y":230,"width":746,"height":12}},{"id":"ae932761-fad3-4ea3-8454-d54ac670a13a","block_type":"box","text":"the prevailing market exchange rate and the agreed upon exchange rate is calculated. The settlement","page_number":97,"box":{"x":116,"y":245,"width":761,"height":12}},{"id":"75b08141-fb9f-4ad2-aaab-bca17ffe4932","block_type":"box","text":"date is the date by which the payment of the difference is due to the party receiving payment. NDFs","page_number":97,"box":{"x":116,"y":261,"width":745,"height":12}},{"id":"ccc6fc88-ea27-4f63-aee8-993b98a9c805","block_type":"box","text":"are commonly quoted for time periods of one month up to two years, and are normally quoted and","page_number":97,"box":{"x":116,"y":276,"width":733,"height":12}},{"id":"1b7e723c-4b4d-4be4-b2de-3d3514748050","block_type":"box","text":"settled in U.S. dollars. They are often used to gain exposure to and/or hedge exposure to foreign","page_number":97,"box":{"x":116,"y":292,"width":723,"height":12}},{"id":"2e673998-2a21-48c4-b353-999a1d6bb7c1","block_type":"box","text":"currencies that are not internationally traded.","page_number":97,"box":{"x":116,"y":307,"width":337,"height":12}},{"id":"2e3f8bbe-5d2e-45b8-9e36-35e9a8017a4f","block_type":"box","text":"Currency Futures.","page_number":97,"box":{"x":117,"y":341,"width":132,"height":12}},{"id":"eb1984ed-25ce-4d54-8259-45b1554dfa83","block_type":"box","text":"A Fund may seek to enhance returns or hedge against the decline in the value of a","page_number":97,"box":{"x":250,"y":341,"width":626,"height":12}},{"id":"9497fd2c-527f-4616-8af2-44a71de36608","block_type":"box","text":"currency through use of currency futures or options on currency futures. Currency futures are similar to","page_number":97,"box":{"x":116,"y":357,"width":769,"height":12}},{"id":"00e40961-f93e-4951-a8f8-ef677a4ce254","block_type":"box","text":"forward foreign exchange transactions except that futures are standardized, exchange-traded contracts","page_number":97,"box":{"x":116,"y":372,"width":772,"height":12}},{"id":"79213263-0b6c-4c7a-83b2-6c0b1595f977","block_type":"box","text":"while forward foreign exchange transactions are traded in the OTC market. Currency futures involve","page_number":97,"box":{"x":116,"y":388,"width":747,"height":12}},{"id":"2facf55c-4719-4c31-991d-0fa8b400e7ad","block_type":"box","text":"substantial currency risk as well as the risks discussed above in “—Futures.”","page_number":97,"box":{"x":116,"y":403,"width":573,"height":12}},{"id":"a4fbacf9-a1a0-42d0-9506-ba4a7a1b920c","block_type":"box","text":"Currency Options.","page_number":97,"box":{"x":117,"y":437,"width":133,"height":12}},{"id":"b0ae7926-70e5-41ab-9e06-35a83d9c7035","block_type":"box","text":"A Fund may seek to enhance returns or hedge against the decline in the value of a","page_number":97,"box":{"x":251,"y":437,"width":626,"height":12}},{"id":"ff233483-05d2-4e8c-99f3-64dd4e0ee75f","block_type":"box","text":"currency through the use of currency options. Certain Funds have fundamental investment restrictions","page_number":97,"box":{"x":116,"y":453,"width":763,"height":12}},{"id":"eac7e216-1e00-4223-bac0-29f088bde302","block_type":"box","text":"that permit the purchase of currency options, but prohibit the writing of currency options. Currency","page_number":97,"box":{"x":116,"y":468,"width":732,"height":12}},{"id":"c1abf425-fd31-4284-8751-39c051b7b2e8","block_type":"box","text":"options are similar to options on securities. For example, in consideration for an option premium the","page_number":97,"box":{"x":116,"y":484,"width":745,"height":12}},{"id":"576fe13b-eb49-4084-a91e-686117b46101","block_type":"box","text":"writer of a currency option is obligated to sell (in the case of a call option) or purchase (in the case of a","page_number":97,"box":{"x":116,"y":499,"width":765,"height":13}},{"id":"7aa36ec8-1e27-4905-9c62-e273d605cf26","block_type":"box","text":"put option) a specified amount of a specified currency on or before the expiration date for a specified","page_number":97,"box":{"x":117,"y":515,"width":750,"height":12}},{"id":"6d3d49c8-7cda-4f39-a15f-30c59e2444c9","block_type":"box","text":"amount of another currency. A Fund may engage in transactions in options on currencies either on","page_number":97,"box":{"x":116,"y":530,"width":737,"height":13}},{"id":"61862c0e-f75b-49f8-ab21-218d7d041b18","block_type":"box","text":"exchanges or OTC markets. Such transactions in options may include exotic options on currencies,","page_number":97,"box":{"x":116,"y":546,"width":743,"height":12}},{"id":"89c5c3db-dfbd-430d-ba52-3687d059e5b9","block_type":"box","text":"which are typically traded in OTC markets and have additional features that result in different payment","page_number":97,"box":{"x":116,"y":561,"width":763,"height":13}},{"id":"d5303025-abb4-4464-9f90-ccc076aaf58f","block_type":"box","text":"structures and/or expirations. Where a Fund is permitted to write currency options, it may write covered","page_number":97,"box":{"x":116,"y":577,"width":771,"height":12}},{"id":"9b0ef521-6adc-4e45-81f2-b950af7135a5","block_type":"box","text":"call options on up to 100% of the currencies in its portfolio. See “—Options” above. Currency options","page_number":97,"box":{"x":116,"y":592,"width":752,"height":13}},{"id":"260d5707-4d72-4171-ba8a-471ba34bb5e2","block_type":"box","text":"involve substantial currency risk, and may also involve credit, leverage or illiquidity risk.","page_number":97,"box":{"x":117,"y":608,"width":651,"height":12}},{"id":"a22f2562-e26e-4be5-9fbf-4fecb7d4ad38","block_type":"box","text":"Currency Swaps.","page_number":97,"box":{"x":117,"y":642,"width":131,"height":12}},{"id":"9d702824-876e-4ab1-a862-e953ac15bb1b","block_type":"box","text":"A Fund may enter into currency swaps in order to protect against currency","page_number":97,"box":{"x":248,"y":642,"width":557,"height":12}},{"id":"0df85c9a-b869-47b6-8835-a66fe9612d99","block_type":"box","text":"fluctuations or to hedge portfolio positions. Currency swaps are transactions in which one currency is","page_number":97,"box":{"x":116,"y":658,"width":754,"height":12}},{"id":"c3a4d9ae-46ee-4d29-a7bf-4f095bfec3d0","block_type":"box","text":"simultaneously bought for a second currency on a spot basis and sold for the second currency on a","page_number":97,"box":{"x":116,"y":673,"width":737,"height":12}},{"id":"d1a00ec4-371f-4415-9f06-a939503ba472","block_type":"box","text":"forward basis. Currency swaps involve the exchange of the rights of a Fund and another party to make","page_number":97,"box":{"x":116,"y":689,"width":762,"height":12}},{"id":"5e14046a-4ec9-441d-9785-03bc5b3c27ed","block_type":"box","text":"or receive payments in specified currencies, and typically require the delivery of the entire principal","page_number":97,"box":{"x":116,"y":704,"width":732,"height":12}},{"id":"908f7ce1-d0cf-4d98-8fdb-ac05dfe4acdd","block_type":"box","text":"value of one designated currency in exchange for the other designated currency. As a result, the entire","page_number":97,"box":{"x":116,"y":720,"width":763,"height":12}},{"id":"1dee48bc-e9b9-4ba9-baae-19dffb20677c","block_type":"box","text":"principal value of a currency swap is subject to the risk that the other party to the swap will default on","page_number":97,"box":{"x":117,"y":735,"width":747,"height":12}},{"id":"831f4a15-0599-4fde-b433-cf4057b0b298","block_type":"box","text":"its contractual delivery obligations.","page_number":97,"box":{"x":117,"y":751,"width":254,"height":12}},{"id":"469185a2-6651-4e9f-a089-5d3840cbb24a","block_type":"box","text":"Distressed Securities.","page_number":97,"box":{"x":116,"y":785,"width":174,"height":9}},{"id":"6bf54fe9-3f32-47a4-83e7-be9f7976baae","block_type":"box","text":"A Fund may invest in securities, including loans purchased in the secondary","page_number":97,"box":{"x":296,"y":785,"width":565,"height":12}},{"id":"24c824c2-e3f9-42f7-a107-2889beda515b","block_type":"box","text":"market, that are the subject of bankruptcy proceedings or otherwise in default or in risk of being in","page_number":97,"box":{"x":117,"y":800,"width":724,"height":12}},{"id":"a077c82b-d6d8-4df0-ab18-bebc0ccb90a7","block_type":"box","text":"default as to the repayment of principal and/or interest at the time of acquisition by the Fund or that are","page_number":97,"box":{"x":116,"y":816,"width":763,"height":12}},{"id":"9b05a7b8-218b-4c8f-8c84-5c9df3f0bf6f","block_type":"box","text":"rated in the lower rating categories by one or more nationally recognized statistical rating organizations","page_number":97,"box":{"x":117,"y":831,"width":768,"height":12}},{"id":"1ea2b7f6-f950-4949-afd0-8a96a39e1ee8","block_type":"box","text":"(for example, Ca or lower by Moody’s and CC or lower by S&P or Fitch) or, if unrated, are in the","page_number":97,"box":{"x":117,"y":847,"width":715,"height":12}},{"id":"d40922b2-3458-4c39-b75c-d5837a1e3e14","block_type":"box","text":"judgment of the Manager of equivalent quality (“Distressed Securities”). Investment in Distressed","page_number":97,"box":{"x":115,"y":862,"width":725,"height":12}},{"id":"65d3b8c9-50a1-48e7-a1ef-9992a75df8da","block_type":"box","text":"Securities is speculative and involves significant risks.","page_number":97,"box":{"x":116,"y":878,"width":405,"height":12}},{"id":"db3b234d-4977-435e-8346-0c1e06608eb3","block_type":"box","text":"II-32","page_number":97,"box":{"x":484,"y":909,"width":31,"height":9}},{"id":"142d2256-1f58-4273-8e61-8a84786524c5","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":97,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"2daf6309-b063-47c4-8b47-778b0531f4e0","block_type":"box","text":"A Fund will generally make such investments only when the Manager believes it is reasonably likely","page_number":98,"box":{"x":116,"y":87,"width":745,"height":12}},{"id":"6add7da0-790b-421a-9030-835b8db9fafa","block_type":"box","text":"that the issuer of the Distressed Securities will make an exchange offer or will be the subject of a plan","page_number":98,"box":{"x":116,"y":102,"width":760,"height":13}},{"id":"1092a412-eae5-4d24-ac1c-9bf27b1d7579","block_type":"box","text":"of reorganization pursuant to which the Fund will receive new securities in return for the Distressed","page_number":98,"box":{"x":116,"y":118,"width":739,"height":12}},{"id":"10f017e7-d4d8-4320-90c7-72ae887c6a09","block_type":"box","text":"Securities. However, there can be no assurance that such an exchange offer will be made or that such","page_number":98,"box":{"x":116,"y":134,"width":766,"height":12}},{"id":"8990d5f1-1bb2-4aab-a954-11d3a15b3435","block_type":"box","text":"a plan of reorganization will be adopted. In addition, a significant period of time may pass between the","page_number":98,"box":{"x":116,"y":149,"width":762,"height":12}},{"id":"280c9c85-a745-4e6f-ab0a-c013ce62d226","block_type":"box","text":"time at which a Fund makes its investment in Distressed Securities and the time that any such","page_number":98,"box":{"x":116,"y":165,"width":704,"height":12}},{"id":"fe6676d2-49e0-4753-a4c7-e5515dcea0e8","block_type":"box","text":"exchange offer or plan of reorganization is completed. During this period, it is unlikely that a Fund will","page_number":98,"box":{"x":116,"y":180,"width":756,"height":12}},{"id":"73ee4c7b-ea9d-4413-8a23-b0c76e59c9b4","block_type":"box","text":"receive any interest payments on the Distressed Securities, the Fund will be subject to significant","page_number":98,"box":{"x":117,"y":196,"width":725,"height":12}},{"id":"eadf1e17-2fe8-4f73-b595-b0ceedf8e5be","block_type":"box","text":"uncertainty as to whether or not the exchange offer or plan of reorganization will be completed and the","page_number":98,"box":{"x":117,"y":211,"width":764,"height":12}},{"id":"76f6cb7c-3864-45e0-8995-71ce295ec8bf","block_type":"box","text":"Fund may be required to bear certain extraordinary expenses to protect and recover its investment.","page_number":98,"box":{"x":117,"y":227,"width":741,"height":12}},{"id":"a415c77c-a311-4362-85d5-d74efceeaeff","block_type":"box","text":"Therefore, to the extent the Fund seeks capital appreciation through investment in distressed","page_number":98,"box":{"x":116,"y":242,"width":696,"height":12}},{"id":"92c0dd68-6db6-4591-bda8-028e3e9e8c75","block_type":"box","text":"securities, the Fund’s ability to achieve current income for its shareholders may be diminished. The","page_number":98,"box":{"x":116,"y":258,"width":740,"height":12}},{"id":"97b434f0-2378-46af-8e10-6337836cd3c2","block_type":"box","text":"Fund also will be subject to significant uncertainty as to when and in what manner and for what value","page_number":98,"box":{"x":117,"y":273,"width":753,"height":12}},{"id":"adae23e6-0503-4531-b8b3-be7922a8fab7","block_type":"box","text":"the obligations evidenced by the distressed securities will eventually be satisfied (","page_number":98,"box":{"x":116,"y":289,"width":605,"height":12}},{"id":"133fae7d-6c22-430c-a131-bb55337a74ae","block_type":"box","text":"e.g.","page_number":98,"box":{"x":723,"y":291,"width":25,"height":10}},{"id":"52901e4f-df16-4d52-b728-faacb765fac2","block_type":"box","text":", through a","page_number":98,"box":{"x":751,"y":289,"width":84,"height":12}},{"id":"18c978f8-7c74-4155-8fcd-e78c9d6bb1d1","block_type":"box","text":"liquidation of the obligor’s assets, an exchange offer or plan of reorganization involving the distressed","page_number":98,"box":{"x":117,"y":304,"width":756,"height":12}},{"id":"44d956b6-3359-4cfd-a626-0312a8d4491c","block_type":"box","text":"securities or a payment of some amount in satisfaction of the obligation). Even if an exchange offer is","page_number":98,"box":{"x":116,"y":320,"width":757,"height":12}},{"id":"c9507395-9d5b-4977-818b-f1ff916a663d","block_type":"box","text":"made or plan of reorganization is adopted with respect to Distressed Securities held by a Fund, there","page_number":98,"box":{"x":117,"y":335,"width":754,"height":12}},{"id":"8039b7fb-a24c-433c-bb52-456524aa23d1","block_type":"box","text":"can be no assurance that the securities or other assets received by a Fund in connection with such","page_number":98,"box":{"x":116,"y":351,"width":740,"height":12}},{"id":"c9e341a0-08fc-49e6-8355-5ad1dbae5bce","block_type":"box","text":"exchange offer or plan of reorganization will not have a lower value or income potential than may have","page_number":98,"box":{"x":116,"y":366,"width":765,"height":12}},{"id":"b0c74d3f-cea2-4f89-abb1-394107752274","block_type":"box","text":"been anticipated when the investment was made or no value. Moreover, any securities received by a","page_number":98,"box":{"x":117,"y":382,"width":753,"height":12}},{"id":"c5e5ce3a-46fa-4353-8d9e-86e87c419ae2","block_type":"box","text":"Fund upon completion of an exchange offer or plan of reorganization may be restricted as to resale.","page_number":98,"box":{"x":117,"y":397,"width":745,"height":12}},{"id":"00c74257-eae9-4566-b0e4-25f15ebf158c","block_type":"box","text":"Similarly, if a Fund participates in negotiations with respect to any exchange offer or plan of","page_number":98,"box":{"x":116,"y":413,"width":683,"height":12}},{"id":"c9623a67-88d0-4a9f-9d2f-672efeaab33c","block_type":"box","text":"reorganization with respect to an issuer of Distressed Securities, the Fund may be restricted from","page_number":98,"box":{"x":117,"y":428,"width":726,"height":12}},{"id":"dd272da3-4d1a-448a-a670-0a6405719ca7","block_type":"box","text":"disposing of such securities. To the extent that a Fund becomes involved in such proceedings, the","page_number":98,"box":{"x":116,"y":444,"width":734,"height":12}},{"id":"88b1208a-e5e3-44e8-95f4-c09ceb38c6fc","block_type":"box","text":"Fund may have a more active participation in the affairs of the issuer than that assumed generally by","page_number":98,"box":{"x":117,"y":459,"width":752,"height":12}},{"id":"8689885f-f0c9-4764-b984-e7721d41aaa7","block_type":"box","text":"an investor. The Fund, however, will not make investments for the purpose of exercising day-to-day","page_number":98,"box":{"x":116,"y":475,"width":744,"height":12}},{"id":"8529f246-185d-4086-8b6a-0be81da84a8f","block_type":"box","text":"management of any issuer’s affairs.","page_number":98,"box":{"x":117,"y":490,"width":269,"height":12}},{"id":"d432c100-397d-4b2d-bb2a-86f33368b4a1","block_type":"box","text":"Environmental, Social and Governance (“ESG”) Integration","page_number":98,"box":{"x":116,"y":521,"width":472,"height":12}},{"id":"377be327-cbdb-4c8c-9f7c-f70e99b907ff","block_type":"box","text":". Although a Fund does not seek to","page_number":98,"box":{"x":590,"y":521,"width":264,"height":12}},{"id":"86a62fb0-e3c7-44f2-b3f3-3f1ed6c2ad32","block_type":"box","text":"implement a specific sustainability objective, strategy or process unless disclosed in its Prospectus,","page_number":98,"box":{"x":117,"y":537,"width":741,"height":12}},{"id":"b4e84bfc-1118-4b7a-98c4-064477565528","block_type":"box","text":"Fund management will consider ESG factors as part of the investment process for the Fund. Fund","page_number":98,"box":{"x":117,"y":552,"width":733,"height":12}},{"id":"bd03a721-0afc-4ef3-9aaf-abb3bcd3ec0e","block_type":"box","text":"management views ESG integration as the practice of incorporating financially material ESG data or","page_number":98,"box":{"x":117,"y":568,"width":747,"height":12}},{"id":"cd079f98-ada9-4559-b7dd-b68c4ae6cd1b","block_type":"box","text":"information into investment processes with the objective of enhancing risk-adjusted returns. These","page_number":98,"box":{"x":117,"y":583,"width":734,"height":12}},{"id":"0117f57c-f99b-4120-aad6-06ef40ee799d","block_type":"box","text":"ESG considerations will vary depending on a Fund’s particular investment strategies and may include","page_number":98,"box":{"x":117,"y":599,"width":757,"height":12}},{"id":"f4a48701-1438-4919-801c-e5279b2e8c7a","block_type":"box","text":"consideration of third-party research as well as consideration of proprietary BlackRock research across","page_number":98,"box":{"x":116,"y":614,"width":770,"height":12}},{"id":"abcdd6e8-dc42-4352-8263-9f8cdc8347d5","block_type":"box","text":"the ESG risks and opportunities regarding an issuer. The ESG characteristics utilized in a Fund’s","page_number":98,"box":{"x":116,"y":630,"width":725,"height":12}},{"id":"c44d99ab-f4ae-4ed5-828a-c8aa40f89295","block_type":"box","text":"investment process are anticipated to evolve over time and one or more characteristics may not be","page_number":98,"box":{"x":117,"y":645,"width":738,"height":12}},{"id":"c155dc1f-c0a7-4108-bd2f-96e652123afc","block_type":"box","text":"relevant with respect to all issuers that are eligible for investment.","page_number":98,"box":{"x":117,"y":661,"width":484,"height":12}},{"id":"8ddcacbd-abe4-4910-8eee-2231bed105cd","block_type":"box","text":"Certain of these considerations may affect a Fund’s exposure to certain companies or industries. While","page_number":98,"box":{"x":117,"y":692,"width":764,"height":12}},{"id":"89b680cf-3f5d-44cd-8789-750c44a820d1","block_type":"box","text":"Fund management views ESG considerations as having the potential to contribute to a Fund’s long","page_number":98,"box":{"x":117,"y":707,"width":740,"height":12}},{"id":"dbf625b7-35ca-4b83-b266-9e6b8f5bfa4d","block_type":"box","text":"term performance, there is no guarantee that such results will be achieved.","page_number":98,"box":{"x":116,"y":723,"width":555,"height":12}},{"id":"7550d605-db89-4900-910d-8e1fec442847","block_type":"box","text":"Equity Securities.","page_number":98,"box":{"x":116,"y":754,"width":140,"height":12}},{"id":"fcfffb35-b345-4e96-afdb-ff0e01954ece","block_type":"box","text":"Certain Funds may invest in equity securities, which include common stock and, for","page_number":98,"box":{"x":263,"y":754,"width":618,"height":12}},{"id":"1aa19bbf-4ed2-454d-847f-4a550cff0391","block_type":"box","text":"certain Funds, preferred stock (including convertible preferred stock); bonds, stock purchase warrants","page_number":98,"box":{"x":116,"y":769,"width":755,"height":12}},{"id":"a0b925da-5c10-430e-93cc-90bec0d0b39a","block_type":"box","text":"and rights; equity interests in trusts; general and limited partnerships and limited liability companies;","page_number":98,"box":{"x":116,"y":785,"width":739,"height":12}},{"id":"8d998a83-65e4-446b-8cf0-dcf35f0a2c5b","block_type":"box","text":"and depositary receipts. Stock markets are volatile. The price of equity securities will fluctuate and can","page_number":98,"box":{"x":116,"y":800,"width":759,"height":12}},{"id":"15e46b41-475c-45c0-98bb-7b897fe2ac73","block_type":"box","text":"decline and reduce the value of a portfolio investing in equities. The price of equity securities fluctuates","page_number":98,"box":{"x":116,"y":816,"width":763,"height":12}},{"id":"dfde9f20-f019-469a-acc3-b9b52e421178","block_type":"box","text":"based on changes in a company’s financial condition and overall market and economic conditions. The","page_number":98,"box":{"x":117,"y":831,"width":767,"height":12}},{"id":"707c3036-5065-4e2b-ad8d-fa8204dea290","block_type":"box","text":"value of equity securities purchased by the Fund could decline if the financial condition of the","page_number":98,"box":{"x":116,"y":847,"width":695,"height":12}},{"id":"52e4c50f-e2bf-4dd9-baae-8790927bc4d9","block_type":"box","text":"companies the Fund invests in decline or if overall market and economic conditions deteriorate. They","page_number":98,"box":{"x":116,"y":862,"width":755,"height":12}},{"id":"747604af-f30f-423a-a877-f9ffd7c28a49","block_type":"box","text":"may also decline due to factors that affect a particular industry or industries, such as labor shortages or","page_number":98,"box":{"x":117,"y":878,"width":770,"height":12}},{"id":"16c6c5ba-3bd9-4958-9ba9-673d4ac980f8","block_type":"box","text":"II-33","page_number":98,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"e44c76e3-7da1-4e82-9241-2d5dac5c191c","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":98,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"635dd5ec-7cdd-4c9f-a989-d49d48b51187","block_type":"box","text":"increase in production costs and competitive conditions within an industry. In addition, they may","page_number":99,"box":{"x":117,"y":87,"width":714,"height":12}},{"id":"22b0a570-0b9e-487f-9cf1-0a4321b92542","block_type":"box","text":"decline due to general market conditions that are not specifically related to a company or industry,","page_number":99,"box":{"x":116,"y":102,"width":732,"height":13}},{"id":"b9071779-a4be-412b-9085-13678a97c106","block_type":"box","text":"such as real or perceived adverse economic conditions, changes in the general outlook for corporate","page_number":99,"box":{"x":116,"y":118,"width":753,"height":12}},{"id":"6da37284-0c9e-4cfd-9cfb-780652ae3ce5","block_type":"box","text":"earnings, changes in interest or currency rates or generally adverse investor sentiment.","page_number":99,"box":{"x":116,"y":134,"width":654,"height":12}},{"id":"ae8b4c50-d6e8-4117-ba5c-41ff5711bdaa","block_type":"box","text":"From time to time certain of the Funds may invest in shares of companies through initial public","page_number":99,"box":{"x":117,"y":165,"width":704,"height":12}},{"id":"75bca247-4fd4-4f80-9d65-b160ceaef7aa","block_type":"box","text":"offerings (“IPOs”). IPOs have the potential to produce, and have in fact produced, substantial gains for","page_number":99,"box":{"x":116,"y":180,"width":764,"height":12}},{"id":"9c329a0d-9e19-4279-845a-32f6a8ad787b","block_type":"box","text":"certain Funds. There is no assurance that any Fund will have continued access to profitable IPOs and","page_number":99,"box":{"x":116,"y":196,"width":761,"height":12}},{"id":"51ff45ed-ac9a-475c-aec7-792449f41581","block_type":"box","text":"therefore investors should not rely on these past gains as an indication of future performance. The","page_number":99,"box":{"x":116,"y":211,"width":734,"height":12}},{"id":"50425d19-5ede-46f6-8965-abb6fce26163","block_type":"box","text":"investment performance of a Fund during periods when it is unable to invest significantly or at all in","page_number":99,"box":{"x":117,"y":227,"width":738,"height":12}},{"id":"ea22c437-281b-4c59-be54-369a8af0876a","block_type":"box","text":"IPOs may be lower than during periods when it is able to do so. In addition, as a Fund increases in","page_number":99,"box":{"x":117,"y":242,"width":736,"height":12}},{"id":"40944ad7-821c-432b-af09-300f7b2de82b","block_type":"box","text":"size, the impact of IPOs on its performance will generally decrease. Securities issued in IPOs are","page_number":99,"box":{"x":116,"y":258,"width":727,"height":12}},{"id":"bea4ded2-c0de-4fe7-8403-863515a3f185","block_type":"box","text":"subject to many of the same risks as investing in companies with smaller market capitalizations.","page_number":99,"box":{"x":116,"y":273,"width":717,"height":12}},{"id":"60516a82-c63d-4ff8-97ac-e9d0589181c3","block_type":"box","text":"Securities issued in IPOs have no trading history, and information about the companies may be","page_number":99,"box":{"x":116,"y":289,"width":713,"height":12}},{"id":"c33cad61-c1d7-42ab-920e-c0c3d691f191","block_type":"box","text":"available for very limited periods. In addition, the prices of securities sold in IPOs may be highly volatile","page_number":99,"box":{"x":116,"y":304,"width":770,"height":12}},{"id":"23dfd6d0-7abb-49fb-9aac-e63a26c829e7","block_type":"box","text":"or may decline shortly after the initial public offering.","page_number":99,"box":{"x":116,"y":320,"width":392,"height":12}},{"id":"88a69475-b088-433a-86e4-90ed1da11bc5","block_type":"box","text":"The Funds may invest in companies that have relatively small market capitalizations. These","page_number":99,"box":{"x":116,"y":351,"width":685,"height":12}},{"id":"a606bd3d-e035-4d4c-85aa-a5d30695d187","block_type":"box","text":"organizations will normally have more limited product lines, markets and financial resources and will be","page_number":99,"box":{"x":116,"y":366,"width":769,"height":12}},{"id":"0babbfca-9df7-4f29-8448-97524167f9a8","block_type":"box","text":"dependent upon a more limited management group than larger capitalized companies. In addition, it is","page_number":99,"box":{"x":116,"y":382,"width":764,"height":12}},{"id":"a4ccce59-4b54-4105-9ecd-e5baef36b40c","block_type":"box","text":"more difficult to get information on smaller companies, which tend to be less well known, have shorter","page_number":99,"box":{"x":117,"y":397,"width":758,"height":12}},{"id":"856e3515-5296-4cfa-b968-8c6f923c8bb9","block_type":"box","text":"operating histories, do not have significant ownership by large investors and are followed by relatively","page_number":99,"box":{"x":116,"y":413,"width":758,"height":12}},{"id":"ab7957cf-3008-462f-a1ed-9e9a189c2da3","block_type":"box","text":"few securities analysts. The securities of smaller capitalized companies are often traded in the OTC","page_number":99,"box":{"x":116,"y":428,"width":744,"height":12}},{"id":"aa6b0ad3-5734-4aa3-ab17-f4264e9c0fcb","block_type":"box","text":"markets and may have fewer market makers and wider price spreads. This may result in greater price","page_number":99,"box":{"x":117,"y":444,"width":760,"height":12}},{"id":"50f493e7-2e66-4145-b763-9561aeddc0c8","block_type":"box","text":"movements and less ability to sell a Fund’s investment than if the Fund held the securities of larger,","page_number":99,"box":{"x":117,"y":459,"width":743,"height":12}},{"id":"b5b8eec9-4e27-41ea-bd90-8622f515bbb6","block_type":"box","text":"more established companies.","page_number":99,"box":{"x":117,"y":475,"width":222,"height":12}},{"id":"faae796b-a436-479d-be4d-1c0bd823372a","block_type":"box","text":"For a discussion of the types of equity securities in which your Fund may invest and the risks","page_number":99,"box":{"x":117,"y":506,"width":693,"height":12}},{"id":"9b3ff063-da49-409c-8cc9-991525f852e8","block_type":"box","text":"associated with investing in such equity securities, see your Fund’s Prospectus. 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The securities of smaller or emerging growth companies may be subject to more abrupt or","page_number":100,"box":{"x":116,"y":182,"width":765,"height":12}},{"id":"f65ee299-8210-4924-a975-0f37d2dbf2ba","block_type":"box","text":"erratic market movements than larger, more established companies or the market average in general.","page_number":100,"box":{"x":116,"y":198,"width":761,"height":12}},{"id":"4ac2be37-2ed4-4f5d-a7e8-b9c360a3a989","block_type":"box","text":"These companies may have limited product lines, markets or financial resources, or they may be","page_number":100,"box":{"x":116,"y":213,"width":723,"height":12}},{"id":"bf3ed613-92d6-400a-b527-ebea40ac6ba5","block_type":"box","text":"dependent on a limited management group.","page_number":100,"box":{"x":116,"y":229,"width":330,"height":12}},{"id":"219ac9ec-57ad-4c8e-a1dc-f2a6c10feaf7","block_type":"box","text":"Investments in smaller or emerging growth companies may involve greater risks and thus may be","page_number":100,"box":{"x":117,"y":262,"width":727,"height":12}},{"id":"f2a650bd-8d83-462b-addb-240edf18e378","block_type":"box","text":"considered speculative. 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As a result, the disposition by a Fund of portfolio securities to meet redemptions","page_number":100,"box":{"x":116,"y":341,"width":756,"height":12}},{"id":"caa2c660-ecf7-48ad-9fb4-0412d25603e4","block_type":"box","text":"or otherwise may require the Fund to make many small sales over a lengthy period of time, or to sell","page_number":100,"box":{"x":116,"y":356,"width":749,"height":12}},{"id":"f9ff11e0-eb01-48dc-b198-25b93a4bb225","block_type":"box","text":"these securities at a discount from market prices or during periods when, in Fund management’s","page_number":100,"box":{"x":116,"y":372,"width":722,"height":12}},{"id":"fbc38e1f-4412-4926-a73a-2fc5dea24185","block_type":"box","text":"judgment, such disposition is not desirable.","page_number":100,"box":{"x":115,"y":388,"width":326,"height":11}},{"id":"dfc222c1-8343-4624-a099-85bf08cc8792","block_type":"box","text":"The process of selection and continuous supervision by Fund management does not guarantee","page_number":100,"box":{"x":116,"y":420,"width":714,"height":12}},{"id":"dfbce769-aaf5-4582-94a7-6ed659de700c","block_type":"box","text":"successful investment results. Careful initial selection is particularly important in this area as many new","page_number":100,"box":{"x":116,"y":436,"width":770,"height":12}},{"id":"91319e09-7f9d-4ec7-8b17-1392f297c86f","block_type":"box","text":"enterprises have promise but lack certain of the fundamental factors necessary to prosper. Investing in","page_number":100,"box":{"x":116,"y":451,"width":767,"height":12}},{"id":"5a3b7b53-f4d5-4f03-a4dc-c5cc8330cfbb","block_type":"box","text":"small cap and emerging growth companies requires specialized research and analysis.","page_number":100,"box":{"x":116,"y":467,"width":651,"height":12}},{"id":"beb6d4a7-9234-4bb4-9d6c-845f3934a962","block_type":"box","text":"Fund management believes that relatively small companies may have the opportunity to develop into","page_number":100,"box":{"x":117,"y":500,"width":753,"height":12}},{"id":"5dff81e4-98ac-43a9-a148-05b31c1d4594","block_type":"box","text":"significant business enterprises. A Fund may invest in securities of small issuers in the relatively early","page_number":100,"box":{"x":116,"y":515,"width":759,"height":12}},{"id":"2ed8c9ed-2077-4636-9792-c59e3c5f3c36","block_type":"box","text":"stages of business development that have a new technology, a unique or proprietary product or","page_number":100,"box":{"x":116,"y":531,"width":714,"height":12}},{"id":"374c4239-f79c-4d8d-821b-bfc640978678","block_type":"box","text":"service, or a favorable market position.","page_number":100,"box":{"x":116,"y":546,"width":294,"height":12}},{"id":"3ff84405-3156-426d-a2bb-f8a667eb7767","block_type":"box","text":"Equity securities of specific small cap issuers may present different opportunities for long-term capital","page_number":100,"box":{"x":117,"y":579,"width":757,"height":12}},{"id":"6d459f46-5ef3-4ccb-8f53-515d8ab1fc0e","block_type":"box","text":"appreciation during varying portions of economic or securities market cycles, as well as during varying","page_number":100,"box":{"x":116,"y":595,"width":763,"height":12}},{"id":"328485ce-28a2-4a75-b23d-e88db2bc6a2c","block_type":"box","text":"stages of their business development. The market valuation of small cap issuers tends to fluctuate","page_number":100,"box":{"x":116,"y":610,"width":734,"height":12}},{"id":"4a6d66fd-ade1-4480-9a9a-564321719709","block_type":"box","text":"during economic or market cycles.","page_number":100,"box":{"x":116,"y":626,"width":260,"height":12}},{"id":"d41b45fe-1b5b-4c1c-8db0-ad675e901a84","block_type":"box","text":"Tracking Stocks.","page_number":100,"box":{"x":118,"y":659,"width":120,"height":12}},{"id":"d2f0da5b-43c5-472c-be1a-3ee5b29be579","block_type":"box","text":"A tracking stock is a separate class of common stock whose value is linked to a","page_number":100,"box":{"x":240,"y":659,"width":601,"height":12}},{"id":"213bfb1d-59c3-4035-9f6e-ea57bfcedac6","block_type":"box","text":"specific business unit or operating division within a larger company and is designed to “track” the","page_number":100,"box":{"x":116,"y":674,"width":718,"height":12}},{"id":"8ab73e39-c5e9-455b-9065-ed230f0b4016","block_type":"box","text":"performance of such business unit or division. The tracking stock may pay dividends to shareholders","page_number":100,"box":{"x":117,"y":690,"width":746,"height":12}},{"id":"87149ea0-5c19-422e-9f38-218da7a9327e","block_type":"box","text":"independent of the parent company. The parent company, rather than the business unit or division,","page_number":100,"box":{"x":117,"y":705,"width":733,"height":12}},{"id":"aaf40407-bc95-4624-ba14-5e41ba445227","block_type":"box","text":"generally is the issuer of tracking stock. However, holders of the tracking stock may not have the same","page_number":100,"box":{"x":116,"y":721,"width":763,"height":12}},{"id":"7caf0e8f-5343-4fec-91d0-17257c8f16f9","block_type":"box","text":"rights as holders of the company’s common stock.","page_number":100,"box":{"x":117,"y":736,"width":371,"height":12}},{"id":"d0355261-8cc6-4d87-93eb-76cbdd8b516b","block_type":"box","text":"Exchange-Traded Notes (“ETNs”).","page_number":100,"box":{"x":116,"y":769,"width":271,"height":12}},{"id":"91b266e7-8766-46b3-acb0-6a011060fbfe","block_type":"box","text":"Certain Funds may invest in ETNs. ETNs are generally notes","page_number":100,"box":{"x":394,"y":769,"width":453,"height":12}},{"id":"7eae25cc-529b-4f14-bf5f-37727380ebd2","block_type":"box","text":"representing debt of the issuer, usually a financial institution. ETNs combine aspects of both bonds and","page_number":100,"box":{"x":117,"y":785,"width":765,"height":12}},{"id":"6273d3a7-fdef-46ce-88f2-67ee176f20dc","block_type":"box","text":"ETFs. An ETN’s returns are based on the performance of one or more underlying assets, reference","page_number":100,"box":{"x":117,"y":800,"width":737,"height":12}},{"id":"73c07c0e-54bf-4ea5-891f-0e48d7d2a8ea","block_type":"box","text":"rates or indexes, minus fees and expenses. Similar to ETFs, ETNs are listed on an exchange and","page_number":100,"box":{"x":117,"y":816,"width":724,"height":12}},{"id":"9343a16f-b8ee-484a-80fd-07af1efdc7b6","block_type":"box","text":"traded in the secondary market. However, unlike an ETF, an ETN can be held until the ETN’s maturity,","page_number":100,"box":{"x":116,"y":831,"width":767,"height":12}},{"id":"eb2b147c-f912-4670-9e7d-117e695b3d6d","block_type":"box","text":"at which time the issuer will pay a return linked to the performance of the specific asset, index or rate","page_number":100,"box":{"x":116,"y":847,"width":753,"height":12}},{"id":"c33913a4-ac94-4df3-9a9d-c80d93e0ff85","block_type":"box","text":"(“reference instrument”) to which the ETN is linked minus certain fees. Unlike regular bonds, ETNs do","page_number":100,"box":{"x":117,"y":862,"width":758,"height":12}},{"id":"b77c3fed-70d2-4446-b0f5-e8af11e950a5","block_type":"box","text":"not make periodic interest payments, and principal is not protected.","page_number":100,"box":{"x":117,"y":878,"width":503,"height":12}},{"id":"23df9575-6507-476a-8304-2b482208cb3f","block_type":"box","text":"II-35","page_number":100,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"2b677b8d-ee18-4107-916b-2e0142472847","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":100,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"f4d1b324-48da-4a74-ab47-388438977a44","block_type":"box","text":"The value of an ETN may be influenced by, among other things, time to maturity, level of supply and","page_number":101,"box":{"x":116,"y":87,"width":749,"height":12}},{"id":"4f2c6150-c115-454a-8c89-60f2897307f3","block_type":"box","text":"demand for the ETN, volatility and lack of liquidity in underlying markets, changes in the applicable","page_number":101,"box":{"x":116,"y":102,"width":736,"height":13}},{"id":"ea07a87a-9d24-493f-aeea-9ec5f6e6941c","block_type":"box","text":"interest rates, the performance of the reference instrument, changes in the issuer’s credit rating and","page_number":101,"box":{"x":117,"y":118,"width":745,"height":12}},{"id":"c6fd5903-73d7-4600-937e-9bf366f08fb9","block_type":"box","text":"economic, legal, political or geographic events that affect the reference instrument. ETNs are subject to","page_number":101,"box":{"x":116,"y":134,"width":772,"height":12}},{"id":"1ecc53b8-075e-49f0-8f92-0842f864fece","block_type":"box","text":"credit risk and the value of the ETN may drop due to a downgrade in an issuer’s credit rating, despite","page_number":101,"box":{"x":116,"y":149,"width":755,"height":12}},{"id":"377a8992-a824-41f1-bf1c-171b8538a649","block_type":"box","text":"the underlying reference instrument remaining unchanged. When a Fund invests in ETNs, it will bear","page_number":101,"box":{"x":116,"y":165,"width":752,"height":12}},{"id":"cb62f22b-a08e-4ae1-b482-f6e388d63013","block_type":"box","text":"its proportionate share of any fees and expenses borne by the ETN.","page_number":101,"box":{"x":117,"y":180,"width":509,"height":12}},{"id":"f7414505-d0cf-4ddd-b4e4-8bf87840d713","block_type":"box","text":"An ETN that is tied to a reference instrument may not replicate the performance of the reference","page_number":101,"box":{"x":116,"y":212,"width":720,"height":12}},{"id":"5d7b4175-4b84-47a1-b703-457c230e719a","block_type":"box","text":"instrument. ETNs also incur certain expenses not incurred by their applicable reference instrument.","page_number":101,"box":{"x":117,"y":227,"width":740,"height":13}},{"id":"3538cd96-ca96-4ebb-8966-c003badd4ca2","block_type":"box","text":"Some ETNs that use leverage may, at times, be illiquid and","page_number":101,"box":{"x":116,"y":243,"width":446,"height":12}},{"id":"c8204d00-8120-466b-8922-ad074553ece4","block_type":"box","text":"may be difficult to purchase or sell at a fair","page_number":101,"box":{"x":563,"y":243,"width":319,"height":12}},{"id":"f78ffedf-5668-43f8-8080-8a8dad1d67fe","block_type":"box","text":"price. Levered ETNs are subject to the same risk as other instruments that use leverage in any form.","page_number":101,"box":{"x":117,"y":259,"width":751,"height":12}},{"id":"e431893d-4844-4f36-aa3f-973671b2965d","block_type":"box","text":"While leverage allows for greater potential return, the potential for loss is also greater. Finally,","page_number":101,"box":{"x":116,"y":274,"width":700,"height":12}},{"id":"858d889d-855a-481a-8c8e-63b206d3b4b3","block_type":"box","text":"additional losses may be incurred if the investment loses value because, in addition to the money lost","page_number":101,"box":{"x":116,"y":290,"width":757,"height":12}},{"id":"6268a738-6523-4970-a2fc-7e3544d30172","block_type":"box","text":"on the investment, the loan still needs to be repaid.","page_number":101,"box":{"x":116,"y":305,"width":384,"height":12}},{"id":"d3000733-5457-4e00-a77b-cbe98fef7b6d","block_type":"box","text":"Because the return on the ETN is dependent on the issuer’s ability or willingness to meet its","page_number":101,"box":{"x":117,"y":337,"width":685,"height":12}},{"id":"0597dd5b-3f0f-403f-bfaf-1d1fa13020e1","block_type":"box","text":"obligations, the value of the ETN may change due to a change in the issuer’s credit rating, despite no","page_number":101,"box":{"x":116,"y":352,"width":757,"height":13}},{"id":"f90985ce-589d-4996-8141-3b1592257679","block_type":"box","text":"change in the underlying reference instrument. The market value of ETN shares may differ from the","page_number":101,"box":{"x":116,"y":368,"width":744,"height":12}},{"id":"3766d365-e4e5-4a1d-8d81-cb93204c9b12","block_type":"box","text":"value of the reference instrument. This difference in price may be due to the fact that the supply and","page_number":101,"box":{"x":116,"y":384,"width":748,"height":12}},{"id":"8fafe09c-dd74-4e76-b601-cda377640f27","block_type":"box","text":"demand in the market for ETN shares at any point in time is not always identical to the supply and","page_number":101,"box":{"x":116,"y":399,"width":732,"height":12}},{"id":"6df763ab-d192-427c-9cbf-92d54592e046","block_type":"box","text":"demand in the market for the assets underlying the reference instrument that the ETN seeks to track.","page_number":101,"box":{"x":116,"y":415,"width":755,"height":12}},{"id":"ba967133-ac93-492f-b538-fb9a221e5627","block_type":"box","text":"There may be restrictions on the Fund’s right to redeem its investment in an ETN, which are generally","page_number":101,"box":{"x":116,"y":447,"width":761,"height":12}},{"id":"43ea4667-67d2-4038-9e3f-76abda014185","block_type":"box","text":"meant to be held until maturity. The Fund’s decision to sell its ETN holdings may be limited by the","page_number":101,"box":{"x":117,"y":462,"width":728,"height":12}},{"id":"96852f99-7356-4b38-9e5e-d1665af89926","block_type":"box","text":"availability of a secondary market. An investor in an ETN could lose some or all of the amount","page_number":101,"box":{"x":116,"y":477,"width":701,"height":13}},{"id":"6659a8af-9673-43ba-ac16-391f99d5b525","block_type":"box","text":"invested.","page_number":101,"box":{"x":117,"y":493,"width":71,"height":10}},{"id":"4ffd24da-b2fa-4ddc-82b7-c54e38bf80b0","block_type":"box","text":"ETNs are also subject to tax risks. The Internal Revenue Service (the “IRS”) may not accept, and a","page_number":101,"box":{"x":117,"y":525,"width":739,"height":12}},{"id":"16548280-2ee1-4e04-8466-f1bf116f594b","block_type":"box","text":"court may not uphold, how the Funds characterize and treat ETNs for tax purposes. The timing and","page_number":101,"box":{"x":116,"y":540,"width":742,"height":13}},{"id":"05b13b0b-e1c2-4901-a16d-151a4087f520","block_type":"box","text":"character of income and gains derived by a Fund from investments in ETNs may be affected by future","page_number":101,"box":{"x":116,"y":556,"width":762,"height":12}},{"id":"97f024e2-cf9a-458d-b9b8-5c0651218184","block_type":"box","text":"legislation.","page_number":101,"box":{"x":117,"y":572,"width":83,"height":12}},{"id":"e3e7ffb9-1516-42f9-827a-baffde530a9b","block_type":"box","text":"Foreign Investments.","page_number":101,"box":{"x":116,"y":604,"width":174,"height":12}},{"id":"cbe92514-c838-40f3-a812-99ce554a1db2","block_type":"box","text":"Foreign Investment Risks.","page_number":101,"box":{"x":116,"y":627,"width":193,"height":12}},{"id":"363133de-2bdb-40b4-9e39-145d0c4f7d90","block_type":"box","text":"Certain Funds may invest in foreign securities, including securities from","page_number":101,"box":{"x":310,"y":627,"width":540,"height":12}},{"id":"d0049d41-6603-4507-add1-5e999f4ca663","block_type":"box","text":"issuers located in emerging market countries. These securities may be denominated in U.S. dollars or","page_number":101,"box":{"x":117,"y":643,"width":760,"height":12}},{"id":"a9b0b724-5118-4631-a5cb-181150e7e365","block_type":"box","text":"in a foreign currency. Investing in foreign securities involves risks not typically associated with investing","page_number":101,"box":{"x":117,"y":658,"width":770,"height":12}},{"id":"44c3148e-b8e9-47c7-9aaf-aa10efed1e78","block_type":"box","text":"in securities of companies organized and operated in the United States that can increase the chances","page_number":101,"box":{"x":117,"y":674,"width":754,"height":12}},{"id":"d285dd48-7104-4d1c-ae9f-c2d0369e9cf7","block_type":"box","text":"that a Fund will lose money.","page_number":101,"box":{"x":116,"y":689,"width":207,"height":12}},{"id":"ff6dc3c3-de45-4941-afbd-59845b200ca2","block_type":"box","text":"Securities issued by certain companies organized outside the United States may not be deemed to be","page_number":101,"box":{"x":116,"y":721,"width":757,"height":12}},{"id":"635e592f-d138-4411-bb42-7db91b9d8d00","block_type":"box","text":"foreign securities (but rather deemed to be U.S. securities) if (i) the company’s principal operations are","page_number":101,"box":{"x":116,"y":737,"width":761,"height":12}},{"id":"0b2778ef-e936-43ce-b667-fdd9d4594139","block_type":"box","text":"conducted from the U.S., (ii) the company’s equity securities trade principally on a U.S. stock","page_number":101,"box":{"x":116,"y":752,"width":689,"height":12}},{"id":"f5750668-efbb-447c-aae9-99f643c3fcf4","block_type":"box","text":"exchange, (iii) the company does a substantial amount of business in the U.S. or (iv) the issuer of","page_number":101,"box":{"x":116,"y":768,"width":725,"height":12}},{"id":"39623ec3-f483-4316-9236-deae900b8b53","block_type":"box","text":"securities is included in the Fund’s primary U.S. benchmark index.","page_number":101,"box":{"x":116,"y":783,"width":490,"height":12}},{"id":"48727b9a-efd8-48e4-bbda-0332444b8dd8","block_type":"box","text":"In addition to equity securities, foreign investments of the Funds may include: (a) debt obligations","page_number":101,"box":{"x":117,"y":815,"width":721,"height":12}},{"id":"f6d9aa96-8806-4ed4-a89b-73fa88b4a3af","block_type":"box","text":"issued or guaranteed by foreign sovereign governments or their agencies, authorities, instrumentalities","page_number":101,"box":{"x":117,"y":831,"width":767,"height":12}},{"id":"6f2f7992-2d2d-4c10-a168-4dffe537f6ef","block_type":"box","text":"or political subdivisions, including a foreign state, province or municipality; (b) debt obligations of","page_number":101,"box":{"x":116,"y":846,"width":720,"height":12}},{"id":"beeba80f-992b-475b-9b96-111f6c784b7c","block_type":"box","text":"supranational organizations; (c) debt obligations of foreign banks and bank holding companies;","page_number":101,"box":{"x":116,"y":862,"width":710,"height":12}},{"id":"ceba8982-44f7-44f7-b201-1ad9b3c55b17","block_type":"box","text":"(d) debt obligations of domestic banks and corporations issued in foreign currencies; (e) debt","page_number":101,"box":{"x":117,"y":877,"width":694,"height":12}},{"id":"f81efde2-2c7c-4301-8005-f786b8769ba7","block_type":"box","text":"II-36","page_number":101,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"4922ba60-bf2e-41e9-a0be-1ceb04cd5a05","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":101,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"011353b3-68ad-4a8f-9de4-97e2a88a01aa","block_type":"box","text":"obligations denominated in the Euro; and (f) foreign corporate debt securities and commercial paper.","page_number":102,"box":{"x":116,"y":87,"width":752,"height":12}},{"id":"380b8d20-74d9-4ced-b920-4bb3d0e91306","block_type":"box","text":"Such securities may include loan participations and assignments, convertible securities and","page_number":102,"box":{"x":116,"y":102,"width":684,"height":13}},{"id":"54f00b19-5881-4c39-b499-6ee837f3f1f8","block_type":"box","text":"zero-coupon securities.","page_number":102,"box":{"x":116,"y":118,"width":178,"height":12}},{"id":"60494c5b-76f2-4c47-86f6-f536d8835127","block_type":"box","text":"Dividends or interest on, or proceeds from the sale of, foreign securities may be subject to foreign","page_number":102,"box":{"x":117,"y":149,"width":729,"height":12}},{"id":"b1a33523-0cc9-4aff-a984-054a1ee568fd","block_type":"box","text":"withholding taxes.","page_number":102,"box":{"x":116,"y":165,"width":138,"height":12}},{"id":"48fc781e-1456-4ebb-88fc-f6e97926892a","block_type":"box","text":"To the extent that the underlying securities or other instruments held by a Fund trade on foreign","page_number":102,"box":{"x":116,"y":196,"width":715,"height":12}},{"id":"de418fec-229b-45f4-9b18-ca5465b185fc","block_type":"box","text":"exchanges or in foreign markets that are closed when the securities exchange on which the Fund’s","page_number":102,"box":{"x":116,"y":211,"width":740,"height":12}},{"id":"f9ce2251-c13a-4b14-8ad1-802a832dcb46","block_type":"box","text":"shares trade is open, there are likely to be deviations between the current price of such an underlying","page_number":102,"box":{"x":116,"y":227,"width":758,"height":12}},{"id":"144d9a89-fe49-4423-8751-3b475eb20b2e","block_type":"box","text":"security and the last quoted price for the underlying security (i.e., the Fund’s quote from the closed","page_number":102,"box":{"x":116,"y":242,"width":736,"height":12}},{"id":"0a71576a-dbe5-471c-aa2b-0d5386c7fa44","block_type":"box","text":"foreign market). The impact of a closed foreign market on a Fund is likely to be greater where a large","page_number":102,"box":{"x":116,"y":258,"width":755,"height":12}},{"id":"e36cde2d-eb11-4b2a-b411-67fa147cbfd6","block_type":"box","text":"portion of the Fund’s underlying securities or other instruments trade on that closed foreign market or","page_number":102,"box":{"x":117,"y":273,"width":754,"height":12}},{"id":"4e08b070-36fc-489e-a07e-464a862807e0","block_type":"box","text":"when the foreign market is closed for unscheduled reasons. These deviations may result in premiums","page_number":102,"box":{"x":116,"y":289,"width":759,"height":12}},{"id":"b72b9092-a738-46c4-bc97-a41ba5087220","block_type":"box","text":"or discounts to certain Funds’ NAVs that may be greater than those experienced by other ETFs.","page_number":102,"box":{"x":116,"y":304,"width":718,"height":12}},{"id":"d7773a89-c267-446c-bb49-7fb3b4c8c727","block_type":"box","text":"Foreign Market Risk.","page_number":102,"box":{"x":116,"y":335,"width":152,"height":12}},{"id":"4a15b642-72ad-4c22-b1f8-dae1bad153ba","block_type":"box","text":"Funds that may invest in foreign securities offer the potential for more","page_number":102,"box":{"x":269,"y":335,"width":521,"height":12}},{"id":"b8600f65-0a86-4040-9181-f4cc8d03340b","block_type":"box","text":"diversification than a Fund that invests only in the United States because securities traded on foreign","page_number":102,"box":{"x":116,"y":351,"width":746,"height":12}},{"id":"5d9fcb75-ecf4-460f-a12d-1c20681f90a2","block_type":"box","text":"markets have often (though not always) performed differently from securities traded in the United","page_number":102,"box":{"x":117,"y":366,"width":715,"height":12}},{"id":"db98e6a5-1c94-48c0-bfca-50eaff322552","block_type":"box","text":"States. However, such investments often involve risks not present in U.S. investments that can increase","page_number":102,"box":{"x":116,"y":382,"width":769,"height":12}},{"id":"f75bdfc4-a13c-476d-a7ad-2c70c2642fb0","block_type":"box","text":"the chances that a Fund will lose money. In particular, a Fund is subject to the risk that, because there","page_number":102,"box":{"x":116,"y":397,"width":756,"height":12}},{"id":"67e373ee-5416-4e4e-bfdf-5ca3be4ddfd0","block_type":"box","text":"are generally fewer investors on foreign exchanges and a smaller number of shares traded each day, it","page_number":102,"box":{"x":116,"y":413,"width":762,"height":12}},{"id":"f0f42891-f775-4781-8f86-86320d6ed9f8","block_type":"box","text":"may be difficult for the Fund to buy and sell securities on those exchanges. In addition, prices of foreign","page_number":102,"box":{"x":117,"y":428,"width":763,"height":12}},{"id":"7e7a1d72-be7b-4eb1-8a4d-1d8822285c2b","block_type":"box","text":"securities may fluctuate more than prices of securities traded in the United States. Investments in","page_number":102,"box":{"x":116,"y":444,"width":719,"height":12}},{"id":"f170f82b-cb84-4696-8220-6e1d6379b3be","block_type":"box","text":"foreign markets may also be adversely affected by governmental actions such as the imposition of","page_number":102,"box":{"x":116,"y":459,"width":727,"height":12}},{"id":"12aab4cb-e6ad-4300-a5f8-0f416296aac3","block_type":"box","text":"punitive taxes or tariffs. In addition, economic conditions, such as volatile currency exchange rates and","page_number":102,"box":{"x":117,"y":475,"width":759,"height":12}},{"id":"e6f151d5-7804-4ea9-8b1a-d85944e595dc","block_type":"box","text":"interest rates, political events, military action and other conditions may, without prior warning, lead to the","page_number":102,"box":{"x":117,"y":490,"width":770,"height":12}},{"id":"12ee7744-0022-4fb5-b9f2-7e650f9ce2af","block_type":"box","text":"governments of certain countries, or the U.S. Government with respect to certain countries, prohibiting","page_number":102,"box":{"x":116,"y":506,"width":756,"height":12}},{"id":"413c7394-ee4c-4135-a0bd-839be4c7699c","block_type":"box","text":"or imposing substantial restrictions through capital controls and/or sanctions on foreign investing in the","page_number":102,"box":{"x":116,"y":521,"width":758,"height":12}},{"id":"1d52ef54-18c1-4428-950f-f563f91ef36a","block_type":"box","text":"capital markets or certain industries in those countries. Capital controls and/or sanctions may include","page_number":102,"box":{"x":116,"y":537,"width":746,"height":12}},{"id":"c246fc19-0af1-446f-9d72-682d5a185f17","block_type":"box","text":"the prohibition of, or restrictions on, the ability to own or transfer currency, securities, derivatives or","page_number":102,"box":{"x":116,"y":552,"width":730,"height":12}},{"id":"48f16d48-5e48-41c7-9600-aad115b3137a","block_type":"box","text":"other assets and may also include retaliatory actions of one government against another government,","page_number":102,"box":{"x":116,"y":568,"width":752,"height":12}},{"id":"7731fe9c-1810-4209-aa89-459d309757c8","block_type":"box","text":"such as seizure of assets. Any of these actions could severely impair a Fund’s ability to purchase, sell,","page_number":102,"box":{"x":116,"y":583,"width":758,"height":12}},{"id":"4df737b7-3c8c-4629-93c8-29daf4cca71f","block_type":"box","text":"transfer, receive, deliver or otherwise obtain exposure to foreign securities and assets, including the","page_number":102,"box":{"x":116,"y":599,"width":738,"height":12}},{"id":"d4e70cd5-50dd-4307-9f7d-1db11f12e798","block_type":"box","text":"ability to transfer the Fund’s assets or income back into the United States, and could negatively impact","page_number":102,"box":{"x":116,"y":614,"width":758,"height":12}},{"id":"d576954a-3119-4ed0-a979-4cb898d3aa48","block_type":"box","text":"the value and/or liquidity of such assets or otherwise adversely affect a Fund’s operations, causing the","page_number":102,"box":{"x":116,"y":630,"width":757,"height":12}},{"id":"2ea0e026-51e6-4e56-aac8-e96fa22a667f","block_type":"box","text":"Fund to decline in value. Other potential foreign market risks include exchange controls, difficulties in","page_number":102,"box":{"x":117,"y":645,"width":745,"height":12}},{"id":"9cd39276-da77-4a67-9c9b-9ed2811676ed","block_type":"box","text":"pricing securities, defaults on foreign government securities, difficulties in enforcing favorable legal","page_number":102,"box":{"x":117,"y":661,"width":722,"height":12}},{"id":"a2aeac24-611a-4298-ad4e-64c7b695b095","block_type":"box","text":"judgments in foreign courts, and political and social conditions, such as diplomatic relations,","page_number":102,"box":{"x":115,"y":676,"width":674,"height":12}},{"id":"f8261a40-020b-4eef-bc2d-fcbb6413689b","block_type":"box","text":"confiscatory taxation, expropriation, limitation on the removal of funds or assets, or imposition of (or","page_number":102,"box":{"x":116,"y":692,"width":730,"height":12}},{"id":"b474d565-e01e-40b3-a3c5-e68f2c820017","block_type":"box","text":"change in) exchange control regulations. Legal remedies available to investors in certain foreign","page_number":102,"box":{"x":116,"y":707,"width":705,"height":12}},{"id":"ab49646a-b551-431c-ad5c-96e8f8486089","block_type":"box","text":"countries may be less extensive than those available to investors in the United States or other foreign","page_number":102,"box":{"x":116,"y":723,"width":745,"height":12}},{"id":"1f5c2605-75eb-480f-8173-d597de31d718","block_type":"box","text":"countries. In addition, changes in government administrations or economic or monetary policies in the","page_number":102,"box":{"x":116,"y":738,"width":746,"height":12}},{"id":"86a5d6cf-66cc-4c39-9c5e-174c8570b1b7","block_type":"box","text":"United States or abroad could result in appreciation or depreciation of portfolio securities and could","page_number":102,"box":{"x":117,"y":754,"width":725,"height":12}},{"id":"4156fbd8-42d0-4a7a-b13d-674006320d59","block_type":"box","text":"favorably or adversely affect a Fund’s operations.","page_number":102,"box":{"x":116,"y":769,"width":362,"height":12}},{"id":"06d4bad4-318e-4454-b76d-5e72c863a7f5","block_type":"box","text":"Foreign Economy Risk.","page_number":102,"box":{"x":116,"y":800,"width":172,"height":12}},{"id":"b7045d78-59aa-4564-b330-dada0fd011dd","block_type":"box","text":"The economies of certain foreign markets often do not compare favorably with","page_number":102,"box":{"x":295,"y":800,"width":579,"height":12}},{"id":"87cde65f-27ce-4573-805e-1438806448c7","block_type":"box","text":"that of the United States with respect to such issues as growth of gross national product, reinvestment","page_number":102,"box":{"x":116,"y":816,"width":759,"height":12}},{"id":"53b6ce50-deb5-40cf-87c6-e65a1be89f03","block_type":"box","text":"of capital, resources, and balance of payments position. Certain such economies may rely heavily on","page_number":102,"box":{"x":116,"y":831,"width":754,"height":12}},{"id":"9247eb18-8c3d-4c01-b732-635ebe3d41ed","block_type":"box","text":"particular industries or foreign capital and are more vulnerable to diplomatic developments, the","page_number":102,"box":{"x":117,"y":847,"width":707,"height":12}},{"id":"84b4deaf-7c6c-44e5-894d-6ccd4f381e93","block_type":"box","text":"imposition of economic sanctions against a particular country or countries, changes in international","page_number":102,"box":{"x":117,"y":862,"width":737,"height":12}},{"id":"d2faee92-30ab-4c84-b2fe-e9c0575a6770","block_type":"box","text":"trading patterns, trade barriers, and other protectionist or retaliatory measures.","page_number":102,"box":{"x":116,"y":878,"width":589,"height":12}},{"id":"a44afb19-1fb0-4ce8-b9d0-aab47b7358bd","block_type":"box","text":"II-37","page_number":102,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"b7ee8c56-c6dd-495f-95ce-8e4437e5f359","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":102,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"1b05353d-f7c8-4632-9aa6-dfa9d0109b7f","block_type":"box","text":"Currency Risk and Exchange Risk.","page_number":103,"box":{"x":117,"y":87,"width":257,"height":12}},{"id":"f45d746e-7b88-409c-b00d-60c55d728df8","block_type":"box","text":"Because foreign securities generally are denominated and pay","page_number":103,"box":{"x":376,"y":87,"width":475,"height":12}},{"id":"6863a33d-c0a0-4f6d-9092-3dd1b2a944fc","block_type":"box","text":"dividends or interest in foreign currencies, the value of a Fund that invests in foreign securities as","page_number":103,"box":{"x":116,"y":102,"width":727,"height":13}},{"id":"627808da-40c6-44bc-92f7-2008e63b75e9","block_type":"box","text":"measured in U.S. dollars will be affected favorably or unfavorably by changes in exchange rates.","page_number":103,"box":{"x":117,"y":118,"width":721,"height":12}},{"id":"1cfdccd3-5730-4f12-a299-4abf55bedc3f","block_type":"box","text":"Generally, when the U.S. dollar rises in value against a foreign currency, a security denominated in","page_number":103,"box":{"x":117,"y":134,"width":739,"height":12}},{"id":"856e75de-2791-4a39-a5d7-ee72eb7db26d","block_type":"box","text":"that currency loses value because the currency is worth fewer U.S. dollars. Conversely, when the U.S.","page_number":103,"box":{"x":116,"y":149,"width":765,"height":12}},{"id":"199ddb09-d45c-439b-9846-411c418a6223","block_type":"box","text":"dollar decreases in value against a foreign currency, a security denominated in that currency gains","page_number":103,"box":{"x":116,"y":165,"width":737,"height":12}},{"id":"01acf185-c396-44ab-918e-da8158232fdf","block_type":"box","text":"value because the currency is worth more U.S. dollars. This risk, generally known as “currency risk,”","page_number":103,"box":{"x":116,"y":180,"width":749,"height":12}},{"id":"9152ed67-348d-427b-acbc-debc0add5f45","block_type":"box","text":"means that a stronger U.S. dollar will reduce returns for U.S. investors while a weak U.S. dollar will","page_number":103,"box":{"x":117,"y":196,"width":738,"height":12}},{"id":"36da16f2-0861-4a96-ba71-367496988f37","block_type":"box","text":"increase those returns. Currency exchange rates can also be affected unpredictably by intervention by","page_number":103,"box":{"x":117,"y":211,"width":764,"height":12}},{"id":"ec333cd2-db32-4523-a147-b50d3b8393c8","block_type":"box","text":"U.S. or foreign governments or central banks, or the failure to intervene, or buy currency controls or","page_number":103,"box":{"x":117,"y":227,"width":743,"height":12}},{"id":"1bed2568-35b2-43cd-8483-efe226e0220a","block_type":"box","text":"political developments in the United States or abroad.","page_number":103,"box":{"x":117,"y":242,"width":402,"height":12}},{"id":"634801ac-c45b-4d9e-a543-86d598342840","block_type":"box","text":"Governmental Supervision and Regulation/Accounting Standards.","page_number":103,"box":{"x":117,"y":269,"width":487,"height":12}},{"id":"e8fc91e6-7f0e-4e71-b4d5-21ef0f37dd95","block_type":"box","text":"Many foreign governments","page_number":103,"box":{"x":606,"y":269,"width":208,"height":12}},{"id":"32a37703-db7d-404d-9d30-f50ea90bb798","block_type":"box","text":"supervise and regulate stock exchanges, brokers and the sale of securities less than does the United","page_number":103,"box":{"x":116,"y":285,"width":756,"height":12}},{"id":"bd360e6a-d3c1-4297-a71d-b84b741371bc","block_type":"box","text":"States. Some countries may not have laws to protect investors comparable to the U.S. securities laws.","page_number":103,"box":{"x":116,"y":300,"width":765,"height":12}},{"id":"7e860d32-e932-43ea-9d3f-8f7ac6f9bbaa","block_type":"box","text":"For example, some foreign countries may have no laws or rules against insider trading. Insider trading","page_number":103,"box":{"x":117,"y":316,"width":762,"height":12}},{"id":"9e707142-1363-4e01-8f91-9e846d47dfc2","block_type":"box","text":"occurs when a person buys or sells a company’s securities based on nonpublic information about that","page_number":103,"box":{"x":116,"y":331,"width":760,"height":12}},{"id":"e08004fa-b58c-412c-b42c-f540d7e76dd9","block_type":"box","text":"company. Accounting standards in other countries are not necessarily the same as in the United","page_number":103,"box":{"x":116,"y":347,"width":719,"height":12}},{"id":"819b0e9e-5d04-4e1d-aab3-dd7d1fdf3e18","block_type":"box","text":"States. If the accounting standards in another country do not require as much detail as U.S. accounting","page_number":103,"box":{"x":116,"y":362,"width":771,"height":12}},{"id":"713ef749-62be-48fd-89d2-48c212db9890","block_type":"box","text":"standards, it may be harder for Fund management to completely and accurately determine a","page_number":103,"box":{"x":116,"y":378,"width":691,"height":12}},{"id":"a53fdf11-fda4-4cef-b00a-81794b291286","block_type":"box","text":"company’s financial condition. In addition, the U.S. Government has from time to time in the past","page_number":103,"box":{"x":116,"y":393,"width":722,"height":12}},{"id":"1af40683-4e56-4e01-bfff-507acb7ff034","block_type":"box","text":"imposed restrictions, through penalties and otherwise, on foreign investments by U.S. investors such","page_number":103,"box":{"x":117,"y":409,"width":752,"height":12}},{"id":"65585295-6bcd-4aee-95ee-315769715252","block_type":"box","text":"as the Fund. If such restrictions should be reinstituted, it might become necessary for the Fund to","page_number":103,"box":{"x":116,"y":424,"width":727,"height":12}},{"id":"96862996-a0ae-417c-bce6-b2a7b256ccef","block_type":"box","text":"invest all or substantially all of its assets in U.S. securities. Also, brokerage commissions and other","page_number":103,"box":{"x":117,"y":440,"width":737,"height":12}},{"id":"b046344c-f4f2-4422-ab96-42703c0f2420","block_type":"box","text":"costs of buying or selling securities often are higher in foreign countries than they are in the United","page_number":103,"box":{"x":116,"y":455,"width":736,"height":12}},{"id":"1ad1a2fa-c201-4092-8162-26b097551cf8","block_type":"box","text":"States. This reduces the amount the Fund can earn on its investments.","page_number":103,"box":{"x":116,"y":471,"width":532,"height":9}},{"id":"b7a811e9-10e0-4481-a046-3706cb4076c8","block_type":"box","text":"Certain Risks of Holding Fund Assets Outside the United States.","page_number":103,"box":{"x":117,"y":498,"width":477,"height":12}},{"id":"8c5c9d69-2bf4-48b5-aa60-66e0452fd40b","block_type":"box","text":"A Fund generally holds its foreign","page_number":103,"box":{"x":596,"y":498,"width":259,"height":12}},{"id":"2f3ae92b-48dd-4c86-ba60-70a77efc4375","block_type":"box","text":"securities and cash in foreign banks and securities depositories. Some foreign banks and securities","page_number":103,"box":{"x":116,"y":513,"width":743,"height":12}},{"id":"8741b0f3-6db0-4b27-baba-e93ca8e42794","block_type":"box","text":"depositories may be recently organized or new to the foreign custody business. In addition, there may","page_number":103,"box":{"x":116,"y":529,"width":760,"height":12}},{"id":"0d499d83-30a0-40bb-84c7-e72b11ba14e2","block_type":"box","text":"be limited or no regulatory oversight over their operations. Also, the laws of certain countries may put","page_number":103,"box":{"x":117,"y":544,"width":754,"height":12}},{"id":"05403521-d276-4bf5-bfe5-075238e2b983","block_type":"box","text":"limits on a Fund’s ability to recover its assets if a foreign bank or depository or issuer of a security or","page_number":103,"box":{"x":117,"y":560,"width":747,"height":12}},{"id":"41d57354-0448-47f8-84a5-66f6647263b5","block_type":"box","text":"any of their agents goes bankrupt. In addition, it is often more expensive for a Fund to buy, sell and","page_number":103,"box":{"x":116,"y":575,"width":741,"height":12}},{"id":"f3755d43-ea06-410a-9ef3-6137ca1998a3","block_type":"box","text":"hold securities in certain foreign markets than in the United States. The increased expense of investing","page_number":103,"box":{"x":117,"y":591,"width":768,"height":12}},{"id":"d5629e57-0222-4d77-839a-2a7b88cbbee1","block_type":"box","text":"in foreign markets reduces the amount a Fund can earn on its investments and typically results in a","page_number":103,"box":{"x":117,"y":606,"width":741,"height":12}},{"id":"c5b50674-bec7-46db-8705-63783dd55a4f","block_type":"box","text":"higher operating expense ratio for the Fund as compared to investment companies that invest only in","page_number":103,"box":{"x":117,"y":622,"width":754,"height":12}},{"id":"1fd0478a-49ff-4436-beb9-0a5f2ef30d1f","block_type":"box","text":"the United States.","page_number":103,"box":{"x":116,"y":637,"width":138,"height":10}},{"id":"abbbedff-e82b-4343-8628-cb3279d4d49b","block_type":"box","text":"Publicly Available Information.","page_number":103,"box":{"x":116,"y":665,"width":222,"height":12}},{"id":"45b34f31-bad7-41b6-9019-68283ae16949","block_type":"box","text":"In general, less information is publicly available with respect to foreign","page_number":103,"box":{"x":346,"y":665,"width":518,"height":12}},{"id":"f293a878-144d-4d0e-a1b2-5cc3381ad7f7","block_type":"box","text":"issuers than is available with respect to U.S. companies. Most foreign companies are also not subject","page_number":103,"box":{"x":117,"y":680,"width":753,"height":12}},{"id":"111d0b5a-1040-4b89-b9ed-0f3df917580b","block_type":"box","text":"to the uniform accounting and financial reporting requirements applicable to issuers in the United","page_number":103,"box":{"x":116,"y":696,"width":717,"height":12}},{"id":"519149ac-01e6-465d-8449-b37fc2665e73","block_type":"box","text":"States. While the volume of transactions effected on foreign stock exchanges has increased in recent","page_number":103,"box":{"x":116,"y":711,"width":753,"height":12}},{"id":"a2de1e56-66b9-4f19-b9ad-7fcafebf1db2","block_type":"box","text":"years, it remains appreciably below that of the New York Stock Exchange. Accordingly, a Fund’s","page_number":103,"box":{"x":116,"y":727,"width":716,"height":12}},{"id":"a3dbb0fa-0b2b-4c2a-a91e-f97c96e10277","block_type":"box","text":"foreign investments may be less liquid than, and their prices may be more volatile than, comparable","page_number":103,"box":{"x":116,"y":742,"width":740,"height":12}},{"id":"f06d4a66-da4e-4648-8fe3-f211c88ee2b2","block_type":"box","text":"investments in securities in U.S. companies. In addition, there is generally less government supervision","page_number":103,"box":{"x":117,"y":758,"width":765,"height":12}},{"id":"e4295670-c351-4eb7-92b2-fbb5a4aa76b3","block_type":"box","text":"and regulation of securities exchanges, brokers and issuers in foreign countries than in the United","page_number":103,"box":{"x":116,"y":773,"width":726,"height":12}},{"id":"ee230ee0-9aec-48ca-b538-4f9581220ba7","block_type":"box","text":"States.","page_number":103,"box":{"x":116,"y":789,"width":51,"height":9}},{"id":"46f90813-454d-4261-86b1-df282b8adf20","block_type":"box","text":"Settlement Risk.","page_number":103,"box":{"x":117,"y":816,"width":120,"height":9}},{"id":"7dabe1fe-6c23-495b-bb27-50c60cce3cf7","block_type":"box","text":"Settlement and clearance procedures in certain foreign markets differ significantly","page_number":103,"box":{"x":244,"y":816,"width":606,"height":12}},{"id":"e740a519-73cf-418e-9b9c-4c8a4f081c45","block_type":"box","text":"from those in the United States. Supervisory authorities may also be unable to apply standards which","page_number":103,"box":{"x":116,"y":831,"width":757,"height":12}},{"id":"ed2d2c8f-08a0-4da7-aaa9-55675afcf37a","block_type":"box","text":"are comparable with those in the United States. Foreign settlement procedures and trade regulations","page_number":103,"box":{"x":116,"y":847,"width":754,"height":12}},{"id":"b49995d8-93e0-496e-a6b1-3327431ffd7a","block_type":"box","text":"also may involve certain risks (such as delays in payment for or delivery of securities) not typically","page_number":103,"box":{"x":116,"y":862,"width":731,"height":12}},{"id":"002914cb-9d57-43e6-acd4-eb75c2c96685","block_type":"box","text":"generated by the settlement of U.S. investments.","page_number":103,"box":{"x":116,"y":878,"width":369,"height":12}},{"id":"4176d4d2-85a7-4d71-bc5e-839fa8317bd9","block_type":"box","text":"II-38","page_number":103,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"2e978612-65ed-4b62-8dc7-30e9617c4453","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":103,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"8c77b4be-08a1-469d-9437-f4a2091bc1b1","block_type":"box","text":"Communications between the United States and emerging market countries may be unreliable,","page_number":104,"box":{"x":117,"y":87,"width":710,"height":12}},{"id":"b62fffdc-ddce-468c-b68c-83899204bf3e","block_type":"box","text":"increasing the risk of delayed settlements or losses of security certificates in markets that still rely on","page_number":104,"box":{"x":117,"y":102,"width":750,"height":13}},{"id":"632690c7-4ade-4922-a8e6-ec66c748f841","block_type":"box","text":"physical settlement. Settlements in certain foreign countries at times have not kept pace with the","page_number":104,"box":{"x":117,"y":118,"width":720,"height":12}},{"id":"2e9de780-bcda-4d43-8341-d3e459959960","block_type":"box","text":"number of securities transactions; these problems may make it difficult for a Fund to carry out","page_number":104,"box":{"x":117,"y":134,"width":698,"height":12}},{"id":"ec3667d5-0256-410b-a3de-b119539f4179","block_type":"box","text":"transactions. If a Fund cannot settle or is delayed in settling a purchase of securities, it may miss","page_number":104,"box":{"x":116,"y":149,"width":723,"height":12}},{"id":"8923cc48-8eab-468a-987b-be600cb87a63","block_type":"box","text":"attractive investment opportunities and certain of its assets may be uninvested with no return earned","page_number":104,"box":{"x":116,"y":165,"width":751,"height":12}},{"id":"3ec7044a-c0e6-4015-9332-ab9d0e0e2e42","block_type":"box","text":"thereon for some period. If a Fund cannot settle or is delayed in settling a sale of securities, it may lose","page_number":104,"box":{"x":116,"y":180,"width":769,"height":12}},{"id":"78314bbd-1bb2-41c7-a7c9-b0d689b09965","block_type":"box","text":"money if the value of the security then declines or, if it has contracted to sell the security to another","page_number":104,"box":{"x":117,"y":196,"width":739,"height":12}},{"id":"dbf42727-a972-4189-93d8-b00fec189b41","block_type":"box","text":"party, the Fund could be liable to that party for any losses incurred.","page_number":104,"box":{"x":117,"y":211,"width":501,"height":12}},{"id":"23b24f29-59e2-4095-af17-248de846c02c","block_type":"box","text":"Because of uncertainties in the operation of settlement systems in individual markets, competing","page_number":104,"box":{"x":117,"y":242,"width":720,"height":12}},{"id":"96dbd692-d6b8-47ff-bfc2-6028e855a5ee","block_type":"box","text":"claims may arise in respect of securities held by or to be transferred to a Fund. Compensation","page_number":104,"box":{"x":116,"y":258,"width":703,"height":12}},{"id":"05b6e4e1-3b02-48e7-bc49-5ee5a70ba88b","block_type":"box","text":"schemes may not exist or may otherwise be limited or inadequate to meet the Fund’s claims in case of","page_number":104,"box":{"x":116,"y":273,"width":766,"height":12}},{"id":"17a66e32-74f2-4b4a-86fa-8f0069c9a0a4","block_type":"box","text":"such event.","page_number":104,"box":{"x":116,"y":289,"width":90,"height":9}},{"id":"25bd70bf-2a6f-4143-a8dc-55fa65142206","block_type":"box","text":"Sovereign Debt.","page_number":104,"box":{"x":117,"y":320,"width":118,"height":12}},{"id":"9f50ce59-27c1-4c3e-837a-9c052adbd476","block_type":"box","text":"Investment in sovereign debt can involve a high degree of risk. The governmental","page_number":104,"box":{"x":236,"y":320,"width":616,"height":12}},{"id":"5d5ae341-6a65-4183-98cc-af2ea97ec6d1","block_type":"box","text":"entity that controls the repayment of sovereign debt may not be able or willing to repay the principal","page_number":104,"box":{"x":116,"y":335,"width":743,"height":12}},{"id":"ed18c7f9-2b4c-4dbf-95a3-b8e3a8226ba7","block_type":"box","text":"and/or interest when due in accordance with the terms of such debt. A governmental entity’s","page_number":104,"box":{"x":116,"y":351,"width":689,"height":12}},{"id":"f8b4682b-624b-4d61-a0c0-5b6350983b6b","block_type":"box","text":"willingness or ability to repay principal and interest due in a timely manner may be affected by, among","page_number":104,"box":{"x":116,"y":366,"width":761,"height":12}},{"id":"87ea3239-8fe4-4df8-bf76-e1200f6916cc","block_type":"box","text":"other factors, its cash flow situation, the extent of its foreign reserves, the availability of sufficient","page_number":104,"box":{"x":116,"y":382,"width":721,"height":12}},{"id":"55850d7f-9b42-4651-acaf-7ef2ac52ff61","block_type":"box","text":"foreign exchange on the date a payment is due, the relative size of the debt service burden to the","page_number":104,"box":{"x":116,"y":397,"width":728,"height":12}},{"id":"c9ae41f9-43ec-466b-be22-7ded33edd0ad","block_type":"box","text":"economy as a whole, the governmental entity’s policy towards the International Monetary Fund and the","page_number":104,"box":{"x":116,"y":413,"width":770,"height":12}},{"id":"b7e74e36-afa4-4204-b559-e7e0577b7f03","block_type":"box","text":"political constraints to which a governmental entity may be subject. Governmental entities may also be","page_number":104,"box":{"x":117,"y":428,"width":764,"height":12}},{"id":"576f74df-4454-4b34-b8ce-95e5ea30aec2","block_type":"box","text":"dependent on expected disbursements from foreign governments, multilateral agencies and others","page_number":104,"box":{"x":116,"y":444,"width":738,"height":12}},{"id":"b47b6392-f105-413b-8010-05ff206072b1","block_type":"box","text":"abroad to reduce principal and interest arrearages on their debt. The commitment on the part of these","page_number":104,"box":{"x":116,"y":459,"width":761,"height":12}},{"id":"c23d0fb4-6896-4fbd-8109-330e0aaf4f19","block_type":"box","text":"governments, agencies and others to make such disbursements may be conditioned on the","page_number":104,"box":{"x":116,"y":475,"width":684,"height":12}},{"id":"53a5de66-50c3-4633-a522-2bfad6edb95e","block_type":"box","text":"implementation of economic reforms and/or economic performance and the timely service of such","page_number":104,"box":{"x":117,"y":490,"width":730,"height":12}},{"id":"a7c287ad-a2f1-4597-9294-979deec2c145","block_type":"box","text":"debtor’s obligations. Failure to implement such reforms, achieve such levels of economic performance","page_number":104,"box":{"x":116,"y":506,"width":763,"height":12}},{"id":"3aec41f5-c8cb-4503-a2fb-626b63854f9c","block_type":"box","text":"or repay principal or interest when due may result in the cancellation of such third parties’","page_number":104,"box":{"x":116,"y":521,"width":668,"height":12}},{"id":"5558b94b-9a6b-4da0-9ece-0810e345047c","block_type":"box","text":"commitments to lend funds to the governmental entity, which may further impair such debtor’s ability or","page_number":104,"box":{"x":116,"y":537,"width":769,"height":12}},{"id":"50e7c62b-9c37-43aa-a26b-f50e53e2d3f6","block_type":"box","text":"willingness to timely service its debts. Consequently, governmental entities may default on their","page_number":104,"box":{"x":116,"y":552,"width":713,"height":12}},{"id":"e0d0dd16-9cb3-4e02-b076-495e6dd86dfd","block_type":"box","text":"sovereign debt.","page_number":104,"box":{"x":116,"y":568,"width":119,"height":12}},{"id":"7c03de59-f994-461c-a7d3-71dc1dd287fa","block_type":"box","text":"Holders of sovereign debt may be requested to participate in the rescheduling of such debt and to","page_number":104,"box":{"x":117,"y":599,"width":730,"height":12}},{"id":"4ccb09cb-577e-4564-9639-68786bbd2faa","block_type":"box","text":"extend further loans to governmental entities. In the event of a default by a governmental entity, there","page_number":104,"box":{"x":116,"y":614,"width":758,"height":12}},{"id":"5086f329-19db-4e21-85a4-0d6e79bc5152","block_type":"box","text":"may be few or no effective legal remedies for collecting on such debt.","page_number":104,"box":{"x":117,"y":630,"width":519,"height":12}},{"id":"6f5957b0-c0a3-4ecb-b504-64d9e835b7fe","block_type":"box","text":"Withholding Tax Reclaims Risk","page_number":104,"box":{"x":118,"y":661,"width":230,"height":12}},{"id":"7d1ec546-baf7-4ca7-9646-d7151cbb0bc8","block_type":"box","text":". A Fund may file claims to recover foreign withholding taxes on","page_number":104,"box":{"x":349,"y":661,"width":469,"height":12}},{"id":"bc6de4ca-c224-42a1-a08e-421e8c848794","block_type":"box","text":"dividend and interest income (if any) received from issuers in certain countries and capital gains on the","page_number":104,"box":{"x":116,"y":676,"width":763,"height":12}},{"id":"5f49ce9e-3a51-4e35-8b18-cf492fce4ca8","block_type":"box","text":"disposition of stocks or securities where such withholding tax reclaim is possible. Whether or when a","page_number":104,"box":{"x":116,"y":692,"width":745,"height":12}},{"id":"291418b9-64e5-426f-8256-39e0a6184abb","block_type":"box","text":"Fund will receive a withholding tax refund is within the control of the tax authorities in such countries.","page_number":104,"box":{"x":117,"y":707,"width":745,"height":12}},{"id":"9199f6ee-3672-4ea3-b3c9-139e804a54e2","block_type":"box","text":"Where a Fund expects to recover withholding taxes, the net asset value of the Fund generally includes","page_number":104,"box":{"x":116,"y":723,"width":762,"height":12}},{"id":"6442532b-b057-49dd-9ab9-635675b8b09b","block_type":"box","text":"accruals for such tax refunds. Each Fund regularly evaluates the probability of recovery. If the","page_number":104,"box":{"x":116,"y":738,"width":696,"height":12}},{"id":"5563fa5c-8d66-433a-99ed-922f6defab21","block_type":"box","text":"likelihood of recovery materially decreases, due to, for example, a change in tax regulation or approach","page_number":104,"box":{"x":117,"y":754,"width":765,"height":12}},{"id":"ab915c25-2bb8-46e5-8ae3-9bd5df33b2a9","block_type":"box","text":"in the foreign country, accruals in a Fund’s net asset value for such refunds may be written down","page_number":104,"box":{"x":117,"y":769,"width":716,"height":12}},{"id":"22d91242-a481-4f20-9e89-37e1c7e3da60","block_type":"box","text":"partially or in full, which will adversely affect the Fund’s net asset value. Shareholders in a Fund at the","page_number":104,"box":{"x":117,"y":785,"width":755,"height":12}},{"id":"4b1f9571-3a9b-4525-8546-b4112643e211","block_type":"box","text":"time an accrual is written down will bear the impact of the resulting reduction in net asset value","page_number":104,"box":{"x":116,"y":800,"width":703,"height":12}},{"id":"1abf191b-da65-4585-8428-9cd47ec1441e","block_type":"box","text":"regardless of whether they were shareholders during the accrual period. Conversely, if a Fund receives","page_number":104,"box":{"x":117,"y":816,"width":765,"height":12}},{"id":"ef0e433c-fb69-4545-8f0d-f6041e96d513","block_type":"box","text":"a tax refund that has not been previously accrued, shareholders in the Fund at the time of the","page_number":104,"box":{"x":116,"y":831,"width":699,"height":12}},{"id":"b10c20cc-e8a9-461c-8b78-5933339f4192","block_type":"box","text":"successful recovery will benefit from the resulting increase in the Fund’s net asset value. Shareholders","page_number":104,"box":{"x":116,"y":847,"width":767,"height":12}},{"id":"fc61a9b3-9819-48b1-bd78-58c1ff55584c","block_type":"box","text":"who sold their shares prior to such time will not benefit from such increase in the Fund’s net asset","page_number":104,"box":{"x":116,"y":862,"width":730,"height":12}},{"id":"8393aa93-2f37-4f32-87d6-8dcd785bd61b","block_type":"box","text":"value.","page_number":104,"box":{"x":116,"y":878,"width":49,"height":9}},{"id":"6a3992d1-b197-4be5-859e-51d0813a667c","block_type":"box","text":"II-39","page_number":104,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"17441fc1-fc5c-40d8-8b59-02fd275f799a","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":104,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"1921114a-628b-456b-9f9c-177929d7c929","block_type":"box","text":"U.S. Economic Trading Partners Risk.","page_number":105,"box":{"x":117,"y":87,"width":287,"height":12}},{"id":"df8a8c03-535f-41aa-9471-b5ae0de47d7d","block_type":"box","text":"The United States is a significant, and in some cases the most","page_number":105,"box":{"x":404,"y":87,"width":469,"height":12}},{"id":"88461e9e-8102-4f12-9ea8-ee86317f4895","block_type":"box","text":"significant, trading partner of, or foreign investor in, certain countries in which a Fund may invest. As a","page_number":105,"box":{"x":116,"y":102,"width":762,"height":13}},{"id":"6d3864c5-d305-409b-994c-09a748abb398","block_type":"box","text":"result, economic conditions of such countries may be particularly affected by changes in the U.S.","page_number":105,"box":{"x":117,"y":118,"width":723,"height":12}},{"id":"6d9c6d17-5be4-411f-a416-89e775b33cbd","block_type":"box","text":"economy. A decrease in U.S. imports or exports, new trade and financial regulations or tariffs, changes","page_number":105,"box":{"x":116,"y":134,"width":770,"height":12}},{"id":"f0324fea-a9c7-43c1-9254-4333ff5488f9","block_type":"box","text":"in the U.S. dollar exchange rate or an economic slowdown in the United States may have a material","page_number":105,"box":{"x":117,"y":149,"width":745,"height":12}},{"id":"8767fa28-82fd-4574-8982-e06d46e07c52","block_type":"box","text":"adverse effect on a country’s economic conditions and, as a result, securities to which the Fund has","page_number":105,"box":{"x":116,"y":165,"width":746,"height":12}},{"id":"c8f6cb76-8737-44d8-8a44-f3366928da4c","block_type":"box","text":"exposure. Circumstances could arise that could prevent the timely payment of interest or principal on","page_number":105,"box":{"x":116,"y":180,"width":754,"height":12}},{"id":"6ba1cfd6-cdc6-4e38-8c08-7309a33ce7b2","block_type":"box","text":"U.S. Government debt, such as reaching the legislative “debt ceiling.” Such non-payment would result","page_number":105,"box":{"x":117,"y":196,"width":760,"height":12}},{"id":"af879a2c-db4b-4ef2-bdee-7e66f4a07d41","block_type":"box","text":"in substantial negative consequences for the U.S. economy and the global financial system.","page_number":105,"box":{"x":117,"y":211,"width":685,"height":12}},{"id":"411419bf-5ca9-4899-a837-b063069ce06e","block_type":"box","text":"There are strained relations between the United States and a number of foreign countries, including","page_number":105,"box":{"x":116,"y":238,"width":745,"height":12}},{"id":"3f123e09-bac5-48d3-a542-0741583bda64","block_type":"box","text":"traditional allies, such as certain European countries, and historical adversaries, such as North Korea,","page_number":105,"box":{"x":116,"y":254,"width":761,"height":12}},{"id":"546f9fac-9f27-44c0-bb99-a24982dbc9d0","block_type":"box","text":"Iran, China and Russia. If these relations were to worsen, it could adversely affect U.S. issuers as well","page_number":105,"box":{"x":117,"y":269,"width":763,"height":12}},{"id":"515709e1-419e-4e08-af2c-9bdb6db08d51","block_type":"box","text":"as non-U.S. issuers that rely on the United States for trade. The United States has also experienced","page_number":105,"box":{"x":116,"y":285,"width":748,"height":12}},{"id":"9a920880-8e44-486e-ab0c-f86dabda33a7","block_type":"box","text":"increased internal unrest and discord. If these trends were to continue, it may have an adverse impact","page_number":105,"box":{"x":117,"y":300,"width":761,"height":12}},{"id":"c41edbd7-fbf8-4d8d-8bd5-650db3cd8127","block_type":"box","text":"on the U.S. economy and many of the issuers in which a Fund may invest.","page_number":105,"box":{"x":116,"y":316,"width":557,"height":12}},{"id":"6e47b315-f904-45a9-a22b-a6b9be56a4e3","block_type":"box","text":"Funding Agreements.","page_number":105,"box":{"x":116,"y":343,"width":171,"height":12}},{"id":"4174c946-c65f-4417-ae51-f9ff66a89488","block_type":"box","text":"Certain Funds may invest in Guaranteed Investment Contracts and similar","page_number":105,"box":{"x":289,"y":343,"width":561,"height":12}},{"id":"5ad2b613-7a07-40aa-b7f5-5502777b527f","block_type":"box","text":"funding agreements. In connection with these investments, a Fund makes cash contributions to a","page_number":105,"box":{"x":116,"y":358,"width":727,"height":12}},{"id":"19a5fae1-f196-482c-babe-cc3be2b54c42","block_type":"box","text":"deposit fund of an insurance company’s general account. The insurance company then credits to the","page_number":105,"box":{"x":116,"y":374,"width":753,"height":12}},{"id":"c629cbaa-719e-4f4a-8418-d578b5acc1ff","block_type":"box","text":"Fund on a monthly basis guaranteed interest, which is based on an index. The funding agreements","page_number":105,"box":{"x":117,"y":389,"width":740,"height":12}},{"id":"decdb373-6c77-43b5-8641-9c08cee368f5","block_type":"box","text":"provide that this guaranteed interest will not be less than a certain minimum rate. The purchase price","page_number":105,"box":{"x":117,"y":405,"width":753,"height":12}},{"id":"d6b22b4e-d3e1-4e0b-9fae-51f19c750c59","block_type":"box","text":"paid for a funding agreement becomes part of the general assets of the insurance company, and the","page_number":105,"box":{"x":117,"y":420,"width":749,"height":12}},{"id":"a82f2aa1-afdc-482d-bfef-8c351043c93f","block_type":"box","text":"contract is paid from the general assets of the insurance company. Generally, funding agreements are","page_number":105,"box":{"x":116,"y":436,"width":764,"height":12}},{"id":"5ab246ee-243a-4cb7-87c6-da348d8d56ad","block_type":"box","text":"not assignable or transferable without the permission of the issuing insurance companies, and an","page_number":105,"box":{"x":117,"y":451,"width":726,"height":12}},{"id":"3295b3dd-bb22-4706-a9e9-b470841a46b3","block_type":"box","text":"active secondary market in some funding agreements does not currently exist.","page_number":105,"box":{"x":116,"y":467,"width":586,"height":12}},{"id":"bff251e6-73cf-4db6-b7f9-cd7f758d48b3","block_type":"box","text":"Guarantees","page_number":105,"box":{"x":117,"y":494,"width":91,"height":10}},{"id":"0b78dc1b-4bf9-4360-aba0-e633d77c6207","block_type":"box","text":".","page_number":105,"box":{"x":209,"y":502,"width":3,"height":1}},{"id":"4a9ffb81-f0bd-4390-bb71-2a2abc0f2114","block_type":"box","text":"A Fund may purchase securities which contain guarantees issued by an entity separate","page_number":105,"box":{"x":213,"y":494,"width":660,"height":12}},{"id":"22668086-22c8-46f5-961d-f2376010f4ac","block_type":"box","text":"from the issuer of the security. Generally, the guarantor of a security (often an affiliate of the issuer) will","page_number":105,"box":{"x":116,"y":509,"width":771,"height":13}},{"id":"366655c4-1eb6-41a3-a0e5-0a26b9bde505","block_type":"box","text":"fulfill an issuer’s payment obligations under a security if the issuer is unable to do so.","page_number":105,"box":{"x":116,"y":525,"width":634,"height":12}},{"id":"d3e97cf2-9878-4b4a-80d4-70e33142ab1d","block_type":"box","text":"Illiquid Investments.","page_number":105,"box":{"x":116,"y":552,"width":166,"height":12}},{"id":"fb1ad8a7-f2e0-4789-8039-ca4bbffd8fb5","block_type":"box","text":"Each Fund may not acquire any illiquid investment if, immediately after the","page_number":105,"box":{"x":284,"y":552,"width":557,"height":12}},{"id":"c09c69f6-b4bd-45db-823b-9cd14760b036","block_type":"box","text":"acquisition, a Fund would have invested more than 15% of its net assets in illiquid investments. An","page_number":105,"box":{"x":116,"y":568,"width":737,"height":12}},{"id":"64e7b2a5-dc0c-4d19-aa8c-13b91e3a985c","block_type":"box","text":"illiquid investment is any investment that a Fund reasonably expects cannot be sold or disposed of in","page_number":105,"box":{"x":117,"y":583,"width":753,"height":12}},{"id":"548adc48-cde8-4e7b-b295-344d97cc7803","block_type":"box","text":"current market conditions in seven calendar days or less without the sale or disposition significantly","page_number":105,"box":{"x":116,"y":599,"width":742,"height":12}},{"id":"1073616a-5c15-49ec-97ec-5896657b199d","block_type":"box","text":"changing the market value of the investment. Liquid investments may become illiquid after purchase by","page_number":105,"box":{"x":116,"y":614,"width":771,"height":12}},{"id":"c27f989e-21bf-4677-8b88-d18383936caa","block_type":"box","text":"a Fund, particularly during periods of market turmoil. There can be no assurance that a security or","page_number":105,"box":{"x":116,"y":630,"width":733,"height":12}},{"id":"bcc17d6a-3f83-44a3-924a-a802e1c5fcee","block_type":"box","text":"instrument that is deemed to be liquid when purchased will continue to be liquid for as long as it is held","page_number":105,"box":{"x":117,"y":645,"width":766,"height":12}},{"id":"42eedc8a-75d4-4949-8c59-e45595a53d57","block_type":"box","text":"by a Fund, and any security or instrument held by the Fund may be deemed an illiquid investment","page_number":105,"box":{"x":117,"y":661,"width":725,"height":12}},{"id":"fa1fa472-d540-428c-ab25-f5dda63a37e1","block_type":"box","text":"pursuant to the Fund’s liquidity risk management program. A Fund’s illiquid investments may reduce","page_number":105,"box":{"x":117,"y":676,"width":742,"height":12}},{"id":"f5621bf9-ea7c-475c-be4d-062ed750afbd","block_type":"box","text":"the returns of the Fund because it may be difficult to sell the illiquid investments at an advantageous","page_number":105,"box":{"x":116,"y":692,"width":743,"height":12}},{"id":"3aff97a4-2732-4015-aae9-09074bfca673","block_type":"box","text":"time or price. In addition, if a Fund is limited in its ability to dispose of illiquid investments during","page_number":105,"box":{"x":116,"y":707,"width":708,"height":12}},{"id":"bf985352-fa78-4bcf-9f36-509b01a7bcd1","block_type":"box","text":"periods when shareholders are redeeming or selling their shares or the Fund’s net assets otherwise","page_number":105,"box":{"x":117,"y":723,"width":739,"height":12}},{"id":"acb1adde-43ba-4a85-b346-856341e6000b","block_type":"box","text":"shrink, the Fund will need to dispose of liquid securities to meet redemption requests and illiquid","page_number":105,"box":{"x":116,"y":738,"width":712,"height":12}},{"id":"09a63a64-4d57-41d1-aacf-aee348dc6b68","block_type":"box","text":"securities will become a larger portion of the Fund’s holdings. If illiquid investments exceed 15% of a","page_number":105,"box":{"x":116,"y":754,"width":745,"height":12}},{"id":"c5a41536-6d88-4c2a-a1c9-965cca6acef4","block_type":"box","text":"Fund’s net assets, the Liquidity Rule (as defined below) and the Liquidity Program (as defined below)","page_number":105,"box":{"x":117,"y":769,"width":749,"height":12}},{"id":"401ff55f-66e2-4b13-b077-0e9e428b1b39","block_type":"box","text":"will require that certain remedial actions be taken.","page_number":105,"box":{"x":116,"y":785,"width":368,"height":12}},{"id":"37723c92-7d2f-44fa-bb8e-21bce92325b3","block_type":"box","text":"Illiquid investments may trade at a discount from","page_number":105,"box":{"x":491,"y":785,"width":358,"height":12}},{"id":"ef8d4719-0a4c-443b-ad70-bd326021bf1b","block_type":"box","text":"comparable liquid investments. Investment of a Fund’s assets in illiquid investments may restrict the","page_number":105,"box":{"x":116,"y":800,"width":742,"height":12}},{"id":"111257ee-7882-445e-bcf0-e3a377eeabe8","block_type":"box","text":"ability of the Fund to dispose of its investments in a timely fashion and for a fair price as well as its","page_number":105,"box":{"x":116,"y":816,"width":728,"height":12}},{"id":"8a89fa0d-ca7f-43a9-bc61-0fcb264a5239","block_type":"box","text":"ability to take advantage of market opportunities. The risks associated with illiquidity will be particularly","page_number":105,"box":{"x":116,"y":831,"width":765,"height":12}},{"id":"0784b350-f72a-4d50-94c6-78efa200113a","block_type":"box","text":"acute where a Fund’s operations require cash, such as when the Fund redeems shares or pays","page_number":105,"box":{"x":116,"y":847,"width":715,"height":12}},{"id":"c5c3beba-07d2-40da-be7c-6361e75bbb73","block_type":"box","text":"dividends, and could result in the Fund borrowing to meet short-term cash requirements or incurring","page_number":105,"box":{"x":116,"y":862,"width":746,"height":12}},{"id":"ea878e3b-1756-4f48-b76e-e13abab146f5","block_type":"box","text":"capital losses on the sale of illiquid investments.","page_number":105,"box":{"x":116,"y":878,"width":362,"height":12}},{"id":"a0f3a6bd-8e0e-45b9-8467-e845bb622cdf","block_type":"box","text":"II-40","page_number":105,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"ea9e6e84-5676-4cde-867b-f846199f94b6","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":105,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"199b8ebf-bcae-4c0c-a197-ea9d93316276","block_type":"box","text":"Index Funds","page_number":106,"box":{"x":116,"y":87,"width":99,"height":10}},{"id":"e5d7bb32-d174-45a1-898e-c24d0ae7928e","block_type":"box","text":".","page_number":106,"box":{"x":216,"y":95,"width":2,"height":1}},{"id":"1a8abd66-bf98-4e8c-a009-061badcfdc76","block_type":"box","text":"Cash Flows; Expenses.","page_number":106,"box":{"x":117,"y":111,"width":173,"height":12}},{"id":"a9e6e752-9f26-4d5a-b1ee-c739ee9c4fc6","block_type":"box","text":"The ability of each Fund to satisfy its investment objective depends to some","page_number":106,"box":{"x":291,"y":111,"width":573,"height":12}},{"id":"be07e319-caa3-4d36-be93-9709b0dae282","block_type":"box","text":"extent on the Manager’s ability to manage cash flow (primarily from purchases and redemptions and","page_number":106,"box":{"x":116,"y":127,"width":749,"height":12}},{"id":"fdba021f-bf3b-4c92-bff8-223d4f1d84e1","block_type":"box","text":"distributions from the Fund’s investments). The Manager will make investment changes to a Fund’s","page_number":106,"box":{"x":116,"y":142,"width":742,"height":12}},{"id":"f4aaa7e2-e2d2-4809-a317-9483d66152fe","block_type":"box","text":"portfolio to accommodate cash flow while continuing to seek to replicate the total return of the Fund’s","page_number":106,"box":{"x":117,"y":158,"width":753,"height":12}},{"id":"7234837f-9f09-4f97-8688-6a8b1c3b52cb","block_type":"box","text":"target index. Investors should also be aware that the investment performance of each index is a","page_number":106,"box":{"x":116,"y":173,"width":716,"height":12}},{"id":"f33ceca8-abeb-4355-8163-f4b8310de395","block_type":"box","text":"hypothetical number which does not take into account brokerage commissions and other transaction","page_number":106,"box":{"x":117,"y":189,"width":749,"height":12}},{"id":"09ba1427-2706-42c3-b42f-ecb41f8e8e52","block_type":"box","text":"costs, custody and other costs of investing, and any incremental operating costs (","page_number":106,"box":{"x":116,"y":204,"width":606,"height":12}},{"id":"0eaba7eb-b5e9-4aeb-84ef-18f85ff796b6","block_type":"box","text":"e.g.","page_number":106,"box":{"x":723,"y":207,"width":26,"height":9}},{"id":"5dd82bed-2695-4615-89ca-f7643482f036","block_type":"box","text":", transfer agency","page_number":106,"box":{"x":752,"y":204,"width":129,"height":12}},{"id":"cb144616-24d9-4cec-bc1e-81fc53e1ea3d","block_type":"box","text":"and accounting costs) that will be borne by the Funds. Finally, since each Fund seeks to replicate the","page_number":106,"box":{"x":116,"y":220,"width":757,"height":12}},{"id":"9e061f79-2199-45dd-9cdd-c42db7b68abe","block_type":"box","text":"total return of its target index, the Manager generally will not attempt to judge the merits of any","page_number":106,"box":{"x":116,"y":235,"width":706,"height":12}},{"id":"5ef3cccb-3f82-426c-a58c-4ea7a187e07d","block_type":"box","text":"particular security as an investment.","page_number":106,"box":{"x":117,"y":251,"width":272,"height":12}},{"id":"6211d623-97f5-41bd-a7be-08221907c905","block_type":"box","text":"Tracking Error Risk","page_number":106,"box":{"x":118,"y":284,"width":142,"height":12}},{"id":"eae9f378-e6ad-4d72-9e63-0f19484db8a5","block_type":"box","text":". A Fund may be subject to tracking error, which is the divergence of the Fund’s","page_number":106,"box":{"x":260,"y":284,"width":586,"height":12}},{"id":"eef07ff9-3616-467b-b3ea-851a1d13ce38","block_type":"box","text":"performance from that of the Underlying Index. Tracking error may occur because of differences","page_number":106,"box":{"x":117,"y":300,"width":711,"height":12}},{"id":"ba7b7f80-2da3-4cb6-a01e-1ba8d98bc7e5","block_type":"box","text":"between the securities and other instruments held in the Fund’s portfolio and those included in the","page_number":106,"box":{"x":117,"y":315,"width":725,"height":12}},{"id":"95a79287-3033-4866-931b-7e4e1c77d2a3","block_type":"box","text":"Underlying Index, pricing differences (including, as applicable, differences between a security’s price at","page_number":106,"box":{"x":117,"y":331,"width":762,"height":12}},{"id":"80a5ba9e-666f-4799-838b-25137410652d","block_type":"box","text":"the local market close and the Fund’s valuation of a security at the time of calculation of the Fund’s net","page_number":106,"box":{"x":116,"y":346,"width":757,"height":12}},{"id":"f4f276d4-31d9-4eed-b3e6-bba402a479bf","block_type":"box","text":"asset value), differences in transaction costs incurred by the Fund, the Fund’s holding of uninvested","page_number":106,"box":{"x":116,"y":362,"width":739,"height":12}},{"id":"f4344f60-fb76-437d-b082-56c592ff0113","block_type":"box","text":"cash, differences in timing of the accrual of or the valuation of dividends or other distributions, interest,","page_number":106,"box":{"x":116,"y":377,"width":756,"height":12}},{"id":"16bbd4df-9b25-4934-9cd3-27240840d638","block_type":"box","text":"the requirements to maintain pass-through tax treatment, portfolio transactions carried out to minimize","page_number":106,"box":{"x":116,"y":393,"width":757,"height":12}},{"id":"25c4a343-70e5-4b05-bc27-2c62b4738204","block_type":"box","text":"the distribution of capital gains to shareholders, changes to the Underlying Index or the costs to the","page_number":106,"box":{"x":116,"y":408,"width":733,"height":12}},{"id":"9c5e2e75-c7e1-4c2a-9e00-4640b327a090","block_type":"box","text":"Fund of complying with various new or existing regulatory requirements. These risks may be heightened","page_number":106,"box":{"x":117,"y":424,"width":770,"height":12}},{"id":"849c0f7d-c0d7-442b-96b4-8a8280226ae2","block_type":"box","text":"during times of increased market volatility or other unusual market conditions. In addition, tracking error","page_number":106,"box":{"x":116,"y":439,"width":765,"height":12}},{"id":"289229de-c3cc-468b-8024-c550cc23744b","block_type":"box","text":"may result because the Fund incurs fees and expenses, while the Underlying Index does not.","page_number":106,"box":{"x":117,"y":455,"width":690,"height":12}},{"id":"66252392-79e5-4611-b2a1-e0035ed98908","block_type":"box","text":"When an issuer is introduced by an index provider into an index tracked by a Fund, the Manager may","page_number":106,"box":{"x":116,"y":488,"width":758,"height":12}},{"id":"4f825d99-2dc0-4877-af03-7c12372efcd1","block_type":"box","text":"conduct an analysis on such issuer’s securities to identify and screen for outlier high risk behavior","page_number":106,"box":{"x":116,"y":503,"width":729,"height":12}},{"id":"26558b9c-b12d-4e59-9a3e-1731f4af7cc8","block_type":"box","text":"(such as rapid or unusual price growth that does not appear to be supported by publicly available","page_number":106,"box":{"x":117,"y":519,"width":724,"height":12}},{"id":"12c9bbe7-da34-44ff-adff-c7c2357819c2","block_type":"box","text":"information on the business and assets of the issuer, unusual or significant short interest or lending","page_number":106,"box":{"x":117,"y":534,"width":740,"height":12}},{"id":"ec6bf76b-e413-4a40-9a58-ccc2c679aca2","block_type":"box","text":"activity, negative sentiment, suspended trading or incorrect free-float calculations, which could be","page_number":106,"box":{"x":116,"y":550,"width":728,"height":12}},{"id":"919391a4-65df-4825-b8b6-b9811bc21589","block_type":"box","text":"indicators of possible irregularities, miscalculations or even fraud). 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FTSE has no obligation to take the needs of any particular Fund or its","page_number":108,"box":{"x":116,"y":428,"width":694,"height":12}},{"id":"9b290658-7931-4555-80db-832c21c4ec2c","block_type":"box","text":"participants or any other product or person into consideration in determining, composing or calculating","page_number":108,"box":{"x":117,"y":444,"width":762,"height":12}},{"id":"e1560b31-13d0-42b6-8232-c6a96bab6545","block_type":"box","text":"the FTSE Index.","page_number":108,"box":{"x":116,"y":459,"width":126,"height":10}},{"id":"b4a81f5a-6ce5-4159-8789-6c2c6f331979","block_type":"box","text":"Bloomberg Indexes.","page_number":108,"box":{"x":116,"y":490,"width":148,"height":12}},{"id":"54f75095-8bfb-4b59-8b9d-a69fe4caffe8","block_type":"box","text":"No Fund is promoted, sponsored or endorsed by, nor in any way affiliated with","page_number":108,"box":{"x":265,"y":490,"width":592,"height":12}},{"id":"478014f7-f313-446c-a6e2-59e63fe0d733","block_type":"box","text":"Bloomberg Finance L.P. and its affiliates (collectively, “Bloomberg”). Bloomberg is not responsible for","page_number":108,"box":{"x":117,"y":506,"width":754,"height":12}},{"id":"24b18797-fcb9-453b-95da-ac8f6f69ff54","block_type":"box","text":"nor has it reviewed any Fund nor any associated literature or publications, and Bloomberg makes no","page_number":108,"box":{"x":117,"y":521,"width":750,"height":12}},{"id":"8eea50d0-3c39-4af6-889f-40bcdc274413","block_type":"box","text":"representation or warranty, express or implied, as to their accuracy, or completeness, or otherwise.","page_number":108,"box":{"x":117,"y":537,"width":740,"height":12}},{"id":"84dfe267-bfbf-42a3-a05f-41bb888c8b01","block_type":"box","text":"Bloomberg reserves the right, at any time and without notice, to alter, amend, terminate or in any way","page_number":108,"box":{"x":117,"y":568,"width":757,"height":12}},{"id":"3caed5f4-144a-404d-850f-94d11b548e54","block_type":"box","text":"change a Bloomberg Index. 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ICE has no obligation to take the needs of any particular Fund or its participants or","page_number":108,"box":{"x":116,"y":769,"width":761,"height":12}},{"id":"d38ed417-5dfb-4beb-9d3b-8a0d56887943","block_type":"box","text":"any other product or person into consideration in determining, composing or calculating an ICE BofA","page_number":108,"box":{"x":116,"y":785,"width":745,"height":12}},{"id":"88caf157-2cc1-4118-b219-d7a57da56605","block_type":"box","text":"Index.","page_number":108,"box":{"x":117,"y":800,"width":43,"height":10}},{"id":"f6a965de-4475-4d68-893c-b5d97b507ea9","block_type":"box","text":"Indexed and Inverse Securities.","page_number":108,"box":{"x":116,"y":831,"width":250,"height":10}},{"id":"bc2bc6e1-4322-4557-ba9f-af5de269ed06","block_type":"box","text":"A Fund may invest in securities that provide a potential return based","page_number":108,"box":{"x":367,"y":831,"width":517,"height":12}},{"id":"21a994f4-6818-4f15-b4de-50273321f2f1","block_type":"box","text":"on a particular index of value or interest rates. 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To the extent a Fund invests in these types of","page_number":108,"box":{"x":116,"y":878,"width":759,"height":12}},{"id":"514cf8a2-95f0-4f37-8d31-5d24c519eb02","block_type":"box","text":"II-43","page_number":108,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"f8e9a3e5-4a92-4216-88e3-7ee54d3c3bab","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":108,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"d95c7260-32e0-46fb-bb1b-c3cb54579cf8","block_type":"box","text":"securities, the Fund’s return on such securities will be subject to risk with respect to the value of the","page_number":109,"box":{"x":116,"y":87,"width":744,"height":12}},{"id":"8fc55a8f-c093-4f89-af59-59a3bf07cf03","block_type":"box","text":"particular index: that is, if the value of the index falls, the value of the indexed securities owned by the","page_number":109,"box":{"x":117,"y":102,"width":758,"height":13}},{"id":"655cb3f7-08c5-401e-b052-55abc64bfdab","block_type":"box","text":"Fund will fall. 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Such securities have the effect","page_number":109,"box":{"x":117,"y":211,"width":762,"height":11}},{"id":"e76befac-715d-45ae-a3d4-f501bd5950d0","block_type":"box","text":"of providing a degree of investment leverage, since they may increase or decrease in value in","page_number":109,"box":{"x":116,"y":227,"width":701,"height":12}},{"id":"d9c33323-3ae0-45b4-97d8-ddaac97c08f2","block_type":"box","text":"response to changes, as an illustration, in market interest rates at a rate that is a multiple of the rate at","page_number":109,"box":{"x":117,"y":242,"width":764,"height":12}},{"id":"5d63c80c-2b79-4a03-a197-aa85f7ba34e4","block_type":"box","text":"which fixed-rate securities increase or decrease in response to such changes. As a result, the market","page_number":109,"box":{"x":116,"y":258,"width":757,"height":12}},{"id":"36a21464-1192-407d-88c7-3829a227e91a","block_type":"box","text":"values of such securities will generally be more volatile than the market values of fixed-rate securities.","page_number":109,"box":{"x":116,"y":273,"width":761,"height":12}},{"id":"1f0341c5-08a1-4e09-8f48-cb9c2ccfcf15","block_type":"box","text":"To seek to limit the volatility of these securities, a Fund may purchase inverse floating obligations that","page_number":109,"box":{"x":116,"y":289,"width":758,"height":12}},{"id":"ee0be09b-21c7-41a5-8b24-43d31d47b809","block_type":"box","text":"have shorter-term maturities or that contain limitations on the extent to which the interest rate may","page_number":109,"box":{"x":117,"y":304,"width":732,"height":12}},{"id":"ccf84059-bc43-4434-a8b3-c60ccc130579","block_type":"box","text":"vary. Certain investments in such obligations may be illiquid. The Manager believes that indexed and","page_number":109,"box":{"x":116,"y":320,"width":754,"height":12}},{"id":"524da1f1-f650-4422-8c24-5daa8d95d37c","block_type":"box","text":"inverse floating obligations represent flexible portfolio management instruments for a Fund that allow","page_number":109,"box":{"x":117,"y":335,"width":751,"height":12}},{"id":"e7d60fc5-cfe1-4d0b-95bd-9c1e2cadd778","block_type":"box","text":"the Fund to seek potential investment rewards, hedge other portfolio positions or vary the degree of","page_number":109,"box":{"x":116,"y":351,"width":744,"height":12}},{"id":"6ba3fc3e-6b03-4826-a88d-deafdb3a4d08","block_type":"box","text":"investment leverage relatively efficiently under different market conditions. A Fund may invest in","page_number":109,"box":{"x":117,"y":366,"width":716,"height":12}},{"id":"07e50b5c-242f-4568-bc68-ddbc27f40540","block_type":"box","text":"indexed and inverse securities for hedging purposes or to seek to increase returns. 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Municipal tender option bonds,","page_number":109,"box":{"x":117,"y":506,"width":751,"height":12}},{"id":"0de08a18-f476-429f-bd75-99c627883a05","block_type":"box","text":"both taxable and tax-exempt, which may include inverse floating rate debt instruments, (including","page_number":109,"box":{"x":117,"y":521,"width":725,"height":12}},{"id":"d2b1c98f-888d-4976-b467-1e516037a0b5","block_type":"box","text":"residual interests thereon) are excluded from this 10% limitation.","page_number":109,"box":{"x":117,"y":537,"width":483,"height":12}},{"id":"1f106a99-1acd-4c02-8483-64c2e3a4107a","block_type":"box","text":"Inflation Risk.","page_number":109,"box":{"x":116,"y":568,"width":109,"height":9}},{"id":"47b21188-5dfb-4e04-886b-4f2139e0b674","block_type":"box","text":"Like all funds, the Funds are subject to inflation risk. Inflation risk is the risk that the","page_number":109,"box":{"x":226,"y":568,"width":627,"height":12}},{"id":"6e6dc41a-7bc6-4bf1-ab98-92d0658f04c3","block_type":"box","text":"present value of assets or income from investments will be less in the future as inflation decreases the","page_number":109,"box":{"x":117,"y":583,"width":763,"height":12}},{"id":"45ce7532-49b3-4d9e-bda9-fc9a292c541a","block_type":"box","text":"value of money. As inflation increases, the present value of a Fund’s assets can decline as can the","page_number":109,"box":{"x":116,"y":599,"width":739,"height":12}},{"id":"9955651d-fe65-4411-b701-e0c634735f4a","block_type":"box","text":"value of a Fund’s distributions. Inflation rates may change frequently and significantly due to a number","page_number":109,"box":{"x":116,"y":614,"width":764,"height":12}},{"id":"38a48e31-1c87-4397-abbc-9ca977254126","block_type":"box","text":"of potential factors, including, among others, unexpected economic shifts or changes in fiscal or","page_number":109,"box":{"x":116,"y":630,"width":716,"height":12}},{"id":"f6305d95-6707-46ba-87e7-550b61951a80","block_type":"box","text":"monetary policies.","page_number":109,"box":{"x":117,"y":645,"width":139,"height":12}},{"id":"011a0cee-6ccd-44fd-b9cd-f0d16668304b","block_type":"box","text":"Initial Public Offering (“IPO”) Risk.","page_number":109,"box":{"x":116,"y":676,"width":275,"height":12}},{"id":"cc8e2b15-e49d-45d8-975e-791071e2bb8e","block_type":"box","text":"The volume of IPOs and the levels at which the newly issued","page_number":109,"box":{"x":397,"y":676,"width":451,"height":12}},{"id":"9c6fd421-6f2a-48f0-bd96-490100aca99e","block_type":"box","text":"stocks trade in the secondary market are affected by the performance of the stock market overall. If","page_number":109,"box":{"x":116,"y":692,"width":739,"height":12}},{"id":"adea81fc-1797-4a27-b610-2a5cec0b3591","block_type":"box","text":"IPOs are brought to the market, availability may be limited and a Fund may not be able to buy any","page_number":109,"box":{"x":117,"y":707,"width":727,"height":12}},{"id":"95656a15-aff5-4959-bb77-3eba02b049dc","block_type":"box","text":"shares at the offering price, or if it is able to buy shares, it may not be able to buy as many shares at","page_number":109,"box":{"x":116,"y":723,"width":744,"height":12}},{"id":"4884cf76-c754-4f10-95cc-5549ab59c96c","block_type":"box","text":"the offering price as it would like. In addition, the prices of securities involved in IPOs are often subject","page_number":109,"box":{"x":116,"y":738,"width":758,"height":12}},{"id":"f141fff3-4db0-46ae-8c84-ea51eae65b14","block_type":"box","text":"to greater and more unpredictable price changes than more established stocks. IPOs have the","page_number":109,"box":{"x":116,"y":754,"width":701,"height":12}},{"id":"0f8c93ae-f60b-4b9b-94ae-35e88fb484c8","block_type":"box","text":"potential to produce substantial gains. A Fund may hold shares from an IPO for only a short period of","page_number":109,"box":{"x":117,"y":769,"width":751,"height":12}},{"id":"80d71a65-1647-4a8f-be50-9be77cae7d6a","block_type":"box","text":"time given possible price volatility. This may result in increased portfolio turnover and expenses, such","page_number":109,"box":{"x":116,"y":785,"width":752,"height":12}},{"id":"403d9671-7db0-4277-b783-84493e5b8aea","block_type":"box","text":"as commissions and transaction costs, and potentially result in taxable gains that the Fund will","page_number":109,"box":{"x":116,"y":800,"width":699,"height":12}},{"id":"03e9c842-7446-4857-bf98-9ec00107a521","block_type":"box","text":"subsequently distribute to shareholders. There is no assurance that any Fund will have access to","page_number":109,"box":{"x":116,"y":816,"width":720,"height":12}},{"id":"1d52263d-671a-4481-acfb-5a6f6ad21912","block_type":"box","text":"profitable IPOs and therefore investors should not rely on any past gains from IPOs as an indication of","page_number":109,"box":{"x":117,"y":831,"width":763,"height":12}},{"id":"9d9f9a3b-b5bd-4ab7-89d1-83e6a2831895","block_type":"box","text":"future performance. The investment performance of a Fund during periods when it is unable to invest","page_number":109,"box":{"x":116,"y":847,"width":755,"height":12}},{"id":"04fbb0fe-948d-4032-8355-37318086d717","block_type":"box","text":"significantly or at all in IPOs may be lower than during periods when it is able to do so. In addition, as a","page_number":109,"box":{"x":116,"y":862,"width":769,"height":12}},{"id":"1fd01d45-c87e-4aec-be50-3ba6e1ab04d4","block_type":"box","text":"Fund increases in size, the impact of IPOs on its performance will generally decrease. Securities","page_number":109,"box":{"x":117,"y":878,"width":721,"height":12}},{"id":"f99e6bb4-9e1c-470e-9a30-7d609c5c309e","block_type":"box","text":"II-44","page_number":109,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"8dd9d937-075c-42cb-8cdf-be641b817d1c","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":109,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"fc264ffc-632f-4218-9e06-08eb064cb540","block_type":"box","text":"issued in IPOs are subject to many of the same risks as investing in companies with smaller market","page_number":110,"box":{"x":117,"y":87,"width":743,"height":12}},{"id":"046347dc-2b78-4703-9bcf-eda1024ba4ef","block_type":"box","text":"capitalizations. Securities issued in IPOs have no trading history, and information about the companies","page_number":110,"box":{"x":116,"y":102,"width":768,"height":13}},{"id":"c3905b1b-bdf5-4c6b-97d4-b14b986a0a71","block_type":"box","text":"may be available for very limited periods.","page_number":110,"box":{"x":117,"y":118,"width":308,"height":12}},{"id":"a91f18be-98fc-48a4-86be-85de3e0d3b25","block_type":"box","text":"Investment in Emerging Markets.","page_number":110,"box":{"x":116,"y":157,"width":268,"height":12}},{"id":"f346854b-e699-4d52-81f8-ba34d0856044","block_type":"box","text":"General","page_number":110,"box":{"x":117,"y":180,"width":59,"height":10}},{"id":"519380cf-94f6-4635-94a3-df7ff4b964b0","block_type":"box","text":".","page_number":110,"box":{"x":177,"y":188,"width":8,"height":1}},{"id":"2c470bb8-662c-4240-8a5a-99f08a05c479","block_type":"box","text":"Certain Funds may invest in the securities of issuers domiciled in various countries with emerging","page_number":110,"box":{"x":117,"y":211,"width":727,"height":12}},{"id":"bdcb790a-d9fb-49d7-a027-bc6385def44f","block_type":"box","text":"capital markets. Unless otherwise provided in a Fund’s Prospectus, a country with an emerging capital","page_number":110,"box":{"x":116,"y":227,"width":765,"height":12}},{"id":"1d99dadc-2964-45ae-9aa3-24bda9bc7c80","block_type":"box","text":"market is any country that is (i) generally recognized to be an emerging market country by the","page_number":110,"box":{"x":117,"y":242,"width":700,"height":12}},{"id":"91acef18-27a9-42c8-9285-29afe96f6ecc","block_type":"box","text":"international financial community, such as the International Finance Corporation, or","page_number":110,"box":{"x":117,"y":258,"width":617,"height":12}},{"id":"8855f5dc-4b6a-46b6-b6d2-0d2db7844ba0","block_type":"box","text":"determined by the","page_number":110,"box":{"x":739,"y":258,"width":139,"height":12}},{"id":"05824943-06fc-4c3a-bb69-5d91ca8d42e7","block_type":"box","text":"World Bank to have a low, middle or middle upper income economy; (ii) classified by the United","page_number":110,"box":{"x":116,"y":273,"width":714,"height":12}},{"id":"93de99ab-f27c-4a18-a642-bacf2550ecd3","block_type":"box","text":"Nations or its authorities to be developing; and/or (iii) included in a broad-based index that is generally","page_number":110,"box":{"x":117,"y":289,"width":762,"height":12}},{"id":"90b1427c-e3bc-4faa-9410-56a8478ef07e","block_type":"box","text":"representative of emerging markets. Countries with emerging markets can be found in regions such as","page_number":110,"box":{"x":117,"y":304,"width":766,"height":12}},{"id":"1fb6d4fd-a988-4f36-89fc-0e170322c825","block_type":"box","text":"Asia, Latin America, Eastern Europe and Africa.","page_number":110,"box":{"x":116,"y":320,"width":361,"height":12}},{"id":"efb7d48d-cae2-49dc-8a48-f807c56c4c80","block_type":"box","text":"Investments in the securities of issuers domiciled in countries with emerging capital markets involve","page_number":110,"box":{"x":117,"y":351,"width":743,"height":12}},{"id":"448d2e56-55b9-46f2-972a-322de889392f","block_type":"box","text":"certain additional risks that do not generally apply to investments in securities of issuers in more","page_number":110,"box":{"x":116,"y":366,"width":717,"height":12}},{"id":"a7a32916-dfdb-4470-a126-2ed05778a968","block_type":"box","text":"developed capital markets, such as (i) low or non-existent trading volume, resulting in market illiquidity","page_number":110,"box":{"x":116,"y":382,"width":763,"height":12}},{"id":"d4d7b67b-1bff-451a-b1ed-095e3a127804","block_type":"box","text":"and increased volatility in prices for such securities, as compared to securities of comparable issuers in","page_number":110,"box":{"x":116,"y":397,"width":771,"height":12}},{"id":"30cf455d-abce-4e58-80f3-741faf7cfd4a","block_type":"box","text":"more developed capital markets; (ii) uncertain national policies and social, political and economic","page_number":110,"box":{"x":117,"y":413,"width":723,"height":12}},{"id":"4225635e-a12a-4798-bdbc-13a3e49fc65a","block_type":"box","text":"instability, increasing the potential for expropriation of assets, confiscatory taxation, high rates of","page_number":110,"box":{"x":117,"y":428,"width":718,"height":12}},{"id":"c94515bb-7ccc-4d1b-ad48-5feee00be0da","block_type":"box","text":"inflation or unfavorable diplomatic developments; (iii) possible fluctuations in exchange rates, differing","page_number":110,"box":{"x":117,"y":444,"width":758,"height":12}},{"id":"4af6f9e0-7e53-431e-8a21-f77572e4f1cb","block_type":"box","text":"legal systems and the existence or possible imposition of exchange controls, custodial restrictions or","page_number":110,"box":{"x":117,"y":459,"width":750,"height":12}},{"id":"54acad56-36fa-43b1-9388-fdfa01a32989","block_type":"box","text":"other foreign or U.S. Governmental laws or restrictions applicable to such investments; (iv) national","page_number":110,"box":{"x":116,"y":475,"width":741,"height":12}},{"id":"7308ea07-ecf5-4279-89a5-253eae507c45","block_type":"box","text":"policies that may limit a Fund’s investment opportunities such as restrictions on investment in issuers","page_number":110,"box":{"x":117,"y":490,"width":754,"height":12}},{"id":"ccdab1b7-5d2f-401a-88b2-cc59903760a2","block_type":"box","text":"or industries deemed sensitive to national interests; and (v) the lack or relatively early development of","page_number":110,"box":{"x":116,"y":506,"width":759,"height":12}},{"id":"5f7bb8d3-66f6-4708-9e5b-d3b8a84017d8","block_type":"box","text":"legal structures governing private and foreign investments and private property. In addition to","page_number":110,"box":{"x":117,"y":521,"width":695,"height":12}},{"id":"933543e4-8742-4b4e-94fe-d17a640c1048","block_type":"box","text":"withholding taxes on investment income, some countries with emerging markets may impose","page_number":110,"box":{"x":116,"y":537,"width":695,"height":12}},{"id":"f1cfc31c-0a49-4c01-8a86-9f2472097865","block_type":"box","text":"differential capital gains taxes on foreign investors.","page_number":110,"box":{"x":116,"y":552,"width":381,"height":12}},{"id":"26917e99-6577-41cc-a981-690584bb0c4b","block_type":"box","text":"Political and economic structures in emerging market countries may be undergoing significant","page_number":110,"box":{"x":117,"y":583,"width":699,"height":12}},{"id":"835a82ec-ce91-4934-8a91-c57adc8cadee","block_type":"box","text":"evolution and rapid development, and these countries may lack the social, political and economic","page_number":110,"box":{"x":116,"y":599,"width":726,"height":12}},{"id":"58e0985a-1324-498c-b4e7-f621f19e6469","block_type":"box","text":"stability characteristic of more developed countries. In such a dynamic environment, there can be no","page_number":110,"box":{"x":116,"y":614,"width":750,"height":12}},{"id":"32e5e8d2-a81c-4765-94cc-f72f0c0c991f","block_type":"box","text":"assurance that any or all of these capital markets will continue to present viable investment","page_number":110,"box":{"x":116,"y":630,"width":681,"height":12}},{"id":"606e16e4-3652-4cc1-b317-64e42715ecab","block_type":"box","text":"opportunities for a Fund. In the past, governments of such nations have expropriated substantial","page_number":110,"box":{"x":116,"y":645,"width":719,"height":12}},{"id":"93ec9b0e-08da-41ca-b01c-13d2e1910d35","block_type":"box","text":"amounts of private property, and most claims of the property owners have never been fully settled.","page_number":110,"box":{"x":116,"y":661,"width":730,"height":12}},{"id":"8461e019-7669-4175-a0bc-371ace49e366","block_type":"box","text":"There is no assurance that such expropriations will not reoccur. In such an event, it is possible that a","page_number":110,"box":{"x":116,"y":676,"width":747,"height":12}},{"id":"4bf81c01-5e95-4fcd-a6d6-7b5641262394","block_type":"box","text":"Fund could lose the entire value of its investments in the affected market. As a result the risks","page_number":110,"box":{"x":117,"y":692,"width":694,"height":9}},{"id":"3c333e0d-b5c1-437c-90c0-5d9ce3f26553","block_type":"box","text":"described above, including the risks of nationalization or expropriation of assets, may be heightened. In","page_number":110,"box":{"x":116,"y":707,"width":766,"height":12}},{"id":"24b25e61-846b-4b28-ab98-fb40b160f590","block_type":"box","text":"addition, unanticipated political or social developments may affect the value of investments in these","page_number":110,"box":{"x":116,"y":723,"width":737,"height":12}},{"id":"838db324-135f-450a-80b9-ef2b6a3c8b4f","block_type":"box","text":"countries and the availability to a Fund of additional investments. The small size and inexperience of","page_number":110,"box":{"x":116,"y":738,"width":746,"height":12}},{"id":"38c8ef3b-f665-4027-8c02-fdd9aca02a3b","block_type":"box","text":"the securities markets in certain of these countries and the limited volume of trading in securities in","page_number":110,"box":{"x":116,"y":754,"width":732,"height":12}},{"id":"ea4693fb-194e-46b0-bf19-f46d698a4862","block_type":"box","text":"these countries may make investments in the countries illiquid and more volatile than investments in","page_number":110,"box":{"x":116,"y":769,"width":742,"height":12}},{"id":"f8deffb9-17c6-4ac4-9bc5-6f16ca9bb4c6","block_type":"box","text":"more established markets.","page_number":110,"box":{"x":117,"y":785,"width":195,"height":9}},{"id":"e23f28be-42d1-40f8-b886-36ea0ebe0e03","block_type":"box","text":"Also, there may be less publicly available information about issuers in emerging markets than would be","page_number":110,"box":{"x":116,"y":816,"width":765,"height":12}},{"id":"d12cf357-4042-4ad6-bb83-22d9057b4159","block_type":"box","text":"available about issuers in more developed capital markets, and such issuers may not be subject to","page_number":110,"box":{"x":116,"y":831,"width":737,"height":12}},{"id":"9669bda3-9027-4fc7-b589-e3907bad05ca","block_type":"box","text":"accounting, auditing and financial reporting standards and requirements comparable to those to which","page_number":110,"box":{"x":116,"y":847,"width":762,"height":12}},{"id":"74629d69-7840-44ca-910f-bb16a3212451","block_type":"box","text":"U.S. companies are subject. In certain countries with emerging capital markets, reporting standards","page_number":110,"box":{"x":117,"y":862,"width":743,"height":12}},{"id":"184ea34e-5a05-4ebe-81f5-d0a47e988efe","block_type":"box","text":"vary widely. As a result, traditional investment measurements used in the United States, such as price/","page_number":110,"box":{"x":116,"y":878,"width":762,"height":12}},{"id":"90e172e2-bbbd-4bfc-8a28-be5461b3e15a","block_type":"box","text":"II-45","page_number":110,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"06ed433d-e1b3-4441-beed-2d709935df8e","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":110,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"ab58558b-f8fa-472a-934d-34798ee29b2e","block_type":"box","text":"earnings ratios, may not be applicable. Emerging market securities may be substantially less liquid","page_number":111,"box":{"x":116,"y":87,"width":737,"height":12}},{"id":"b63b4541-e4a3-43e0-b524-2704e8620b13","block_type":"box","text":"than, and more volatile than, those of mature markets, and company shares may be held by a limited","page_number":111,"box":{"x":116,"y":102,"width":755,"height":13}},{"id":"2be902b5-acee-4259-b95f-7894099f016c","block_type":"box","text":"number of persons. This may adversely affect the timing and pricing of the Fund’s acquisition or","page_number":111,"box":{"x":117,"y":118,"width":715,"height":12}},{"id":"c7fa5f29-31ba-4fa5-a197-0246e7d001a3","block_type":"box","text":"disposal of securities.","page_number":111,"box":{"x":116,"y":134,"width":165,"height":11}},{"id":"f2fe513c-4aea-4a48-a744-05f562eee3a4","block_type":"box","text":"Practices in relation to settlement of securities transactions in emerging markets involve higher risks","page_number":111,"box":{"x":117,"y":165,"width":746,"height":12}},{"id":"bd749aaf-cf5f-4eb8-a29b-b590afd7dbd7","block_type":"box","text":"than those in developed markets, in part because a Fund will need to use brokers and counterparties","page_number":111,"box":{"x":116,"y":180,"width":755,"height":12}},{"id":"e761a01b-9ded-43a2-84d1-38d20a2b5e2f","block_type":"box","text":"that are less well capitalized, and custody and registration of assets in some countries may be","page_number":111,"box":{"x":116,"y":196,"width":703,"height":12}},{"id":"8cdea617-1422-45d1-8ba9-3a5d993f6c5a","block_type":"box","text":"unreliable. The possibility of fraud, negligence, undue influence being exerted by the issuer or refusal","page_number":111,"box":{"x":117,"y":211,"width":754,"height":12}},{"id":"615f401e-1f3a-41e5-96f3-605c3a484e98","block_type":"box","text":"to recognize ownership exists in some emerging markets, and, along with other factors, could result in","page_number":111,"box":{"x":116,"y":227,"width":762,"height":12}},{"id":"d8aedcdf-2d6e-4b16-a9ec-43869470cf99","block_type":"box","text":"ownership registration being completely lost. A Fund would absorb any loss resulting from such","page_number":111,"box":{"x":116,"y":242,"width":712,"height":12}},{"id":"483919ef-e61d-437c-9483-45e86a0e3fd3","block_type":"box","text":"registration problems and may have no successful claim for compensation.","page_number":111,"box":{"x":117,"y":258,"width":560,"height":12}},{"id":"117ca503-c5a7-482d-9e7f-646cfb7d681e","block_type":"box","text":"Investment in non-dollar denominated securities including securities from issuers located in emerging","page_number":111,"box":{"x":117,"y":289,"width":755,"height":12}},{"id":"f14321ec-8201-47f2-8279-cb2ed70137b2","block_type":"box","text":"market countries may be on either a currency hedged or unhedged basis, and the Funds may hold","page_number":111,"box":{"x":117,"y":304,"width":735,"height":12}},{"id":"bf156f69-69e9-412f-9c04-31bfc6892868","block_type":"box","text":"from time to time various foreign currencies pending investment or conversion into U.S. dollars. Some","page_number":111,"box":{"x":116,"y":320,"width":761,"height":12}},{"id":"58d8a78b-5698-4219-af2c-c3bd8a23f05f","block_type":"box","text":"of these instruments may have the characteristics of futures contracts. In addition, certain Funds may","page_number":111,"box":{"x":116,"y":335,"width":757,"height":12}},{"id":"e755046d-f01e-405d-af3e-0d1499a80be4","block_type":"box","text":"engage in foreign currency exchange transactions to seek to protect against changes in the level of","page_number":111,"box":{"x":116,"y":351,"width":742,"height":12}},{"id":"83c55a87-b3cb-4d7d-93dd-f8bda15682c6","block_type":"box","text":"future exchange rates which would adversely affect the Fund’s performance. These investments and","page_number":111,"box":{"x":116,"y":366,"width":752,"height":12}},{"id":"4b481964-5c9c-488e-a070-57d603898c5a","block_type":"box","text":"transactions involving foreign securities, currencies, options (including options that relate to foreign","page_number":111,"box":{"x":116,"y":382,"width":738,"height":12}},{"id":"096f10c3-3e6a-4b8c-bd43-bba8310df8d6","block_type":"box","text":"currencies), futures, hedging and cross-hedging are described under “Derivatives.”","page_number":111,"box":{"x":116,"y":397,"width":619,"height":12}},{"id":"fbb8f5dd-2253-44cf-8ad7-256e4894a591","block_type":"box","text":"Risks of Investing in Asia-Pacific Countries.","page_number":111,"box":{"x":116,"y":428,"width":328,"height":12}},{"id":"28d50468-0168-4171-996b-4bfb7ee20e66","block_type":"box","text":"In addition to the risks of foreign investing and the risks of","page_number":111,"box":{"x":445,"y":428,"width":432,"height":12}},{"id":"bad0c96a-5953-4c06-b569-b7907233f00c","block_type":"box","text":"investing in developing markets, the developing market Asia-Pacific countries in which a Fund may","page_number":111,"box":{"x":117,"y":444,"width":738,"height":12}},{"id":"1057a691-dac3-4036-b173-9131a4c2588e","block_type":"box","text":"invest are subject to certain additional or specific risks. Certain Funds may make substantial","page_number":111,"box":{"x":117,"y":459,"width":687,"height":12}},{"id":"d893d9d6-60da-4f6f-b04f-408e72698af7","block_type":"box","text":"investments in Asia-Pacific countries. In many of these markets, there is a high concentration of market","page_number":111,"box":{"x":117,"y":475,"width":771,"height":12}},{"id":"42796f1c-106d-40e7-838a-0f62b4810b14","block_type":"box","text":"capitalization and trading volume in a small number of issuers representing a limited number of","page_number":111,"box":{"x":116,"y":490,"width":710,"height":12}},{"id":"c4ba7dbe-f3b8-4b1c-ba0e-6e7c88bcd459","block_type":"box","text":"industries, as well as a high concentration of investors and financial intermediaries. Many of these","page_number":111,"box":{"x":117,"y":506,"width":730,"height":12}},{"id":"cffb1bf6-56d1-47bf-964b-f71a75f70423","block_type":"box","text":"markets also may be affected by developments with respect to more established markets in the region","page_number":111,"box":{"x":117,"y":521,"width":763,"height":12}},{"id":"8085a316-4627-4e0d-a84a-641310db0604","block_type":"box","text":"such as in Japan and Hong Kong. Brokers in developing market Asia-Pacific countries typically are","page_number":111,"box":{"x":116,"y":537,"width":739,"height":12}},{"id":"b16eedff-1e34-4e5c-8898-dcb0a2b15867","block_type":"box","text":"fewer in number and less well capitalized than brokers in the United States. These factors, combined","page_number":111,"box":{"x":116,"y":552,"width":754,"height":12}},{"id":"c899b537-f4f5-4e72-9bf7-3693a614ae48","block_type":"box","text":"with the U.S. regulatory requirements for open-end investment companies and the restrictions on","page_number":111,"box":{"x":116,"y":568,"width":725,"height":12}},{"id":"f1fbb89e-58a2-4e63-900f-35401f0ae427","block_type":"box","text":"foreign investment discussed below, result in potentially fewer investment opportunities for a Fund and","page_number":111,"box":{"x":116,"y":583,"width":766,"height":12}},{"id":"8912fd10-e1fe-427c-934a-ebac042da276","block_type":"box","text":"may have an adverse impact on the investment performance of the Fund.","page_number":111,"box":{"x":117,"y":599,"width":550,"height":12}},{"id":"bb7e027f-a035-44c5-9116-9b89a7724973","block_type":"box","text":"Many of the developing market Asia-Pacific countries may be subject to a greater degree of economic,","page_number":111,"box":{"x":117,"y":630,"width":765,"height":12}},{"id":"e376d2a3-b3dc-4a41-98ab-3810f46b6b05","block_type":"box","text":"political and social instability than is the case in the United States and Western European countries.","page_number":111,"box":{"x":117,"y":645,"width":743,"height":12}},{"id":"cd6903b7-4553-48ee-b5c5-77cf5278fdf0","block_type":"box","text":"Such instability may result from, among other things: (i) authoritarian governments or military","page_number":111,"box":{"x":116,"y":661,"width":688,"height":12}},{"id":"af3a2ea9-e037-444b-8b37-f4313acc51c6","block_type":"box","text":"involvement in political and economic decision-making, including changes in government through","page_number":111,"box":{"x":117,"y":676,"width":718,"height":12}},{"id":"d91e7fec-1218-4e08-8b8f-9f8e41018b35","block_type":"box","text":"extra-constitutional means; (ii) popular unrest associated with demands for improved political,","page_number":111,"box":{"x":116,"y":692,"width":692,"height":12}},{"id":"d5ffdba1-6981-44c3-a269-e226425079c6","block_type":"box","text":"economic and social conditions; (iii) internal insurgencies; (iv) hostile relations with neighboring","page_number":111,"box":{"x":116,"y":707,"width":704,"height":12}},{"id":"b3f0d0db-ed08-4825-b573-54f9f6bec87e","block_type":"box","text":"countries; and (v) ethnic, religious and racial disaffection. In addition, the governments of many of such","page_number":111,"box":{"x":116,"y":723,"width":763,"height":12}},{"id":"ce05a538-7e48-48fb-b04b-8ccab2a9e519","block_type":"box","text":"countries, such as Indonesia, have a substantial role in regulating and supervising the economy.","page_number":111,"box":{"x":116,"y":738,"width":714,"height":12}},{"id":"7eb2c756-c658-4916-b13f-64a8480dc482","block_type":"box","text":"Another risk common to most such countries is that the economy is heavily export oriented and,","page_number":111,"box":{"x":116,"y":754,"width":710,"height":12}},{"id":"5255a241-1b36-47a6-9066-64dc972d92f9","block_type":"box","text":"accordingly, is dependent upon international trade. The existence of overburdened infrastructure and","page_number":111,"box":{"x":116,"y":769,"width":748,"height":12}},{"id":"eda03901-907b-4f41-9792-d7e5c7bc2671","block_type":"box","text":"obsolete financial systems also presents risks in certain countries, as do environmental problems.","page_number":111,"box":{"x":116,"y":785,"width":724,"height":12}},{"id":"98ac7a45-a60c-43fa-a0c4-1a8ef4dbc2a4","block_type":"box","text":"Certain economies also depend to a significant degree upon exports of primary commodities and,","page_number":111,"box":{"x":117,"y":800,"width":721,"height":12}},{"id":"2ab9897e-8c23-47df-a972-e6d7e1dd6683","block_type":"box","text":"therefore, are vulnerable to changes in commodity prices that, in turn, may be affected by a variety of","page_number":111,"box":{"x":116,"y":816,"width":752,"height":12}},{"id":"a2fb108f-b0e9-4de0-ae44-2a1aba808af9","block_type":"box","text":"factors.","page_number":111,"box":{"x":116,"y":831,"width":60,"height":10}},{"id":"e3fd4251-9f84-48dc-9e4c-c073a64ef399","block_type":"box","text":"The legal systems in certain developing market Asia-Pacific countries also may have an adverse","page_number":111,"box":{"x":116,"y":862,"width":722,"height":12}},{"id":"d8197df5-e2c0-47b4-b2de-cceb8b12b447","block_type":"box","text":"impact on the Fund. For example, while the potential liability of a shareholder in a U.S. corporation with","page_number":111,"box":{"x":117,"y":878,"width":769,"height":12}},{"id":"2f6d6622-f705-41fc-b5da-16086bb705ce","block_type":"box","text":"II-46","page_number":111,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"16969f49-40e6-4398-8c1f-55388daf5f32","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":111,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"b78b47d3-8b99-4db8-9193-4cc4fd08d3e5","block_type":"box","text":"respect to acts of the corporation is generally limited to the amount of the shareholder’s investment, the","page_number":112,"box":{"x":117,"y":87,"width":771,"height":12}},{"id":"824c5412-c11f-4b1b-9c2c-6b1a3c8767cd","block_type":"box","text":"notion of limited liability is less clear in certain emerging market Asia-Pacific countries. Similarly, the","page_number":112,"box":{"x":117,"y":102,"width":744,"height":13}},{"id":"19e5e022-d368-4f35-b4b2-ef8c234e3e0a","block_type":"box","text":"rights of investors in developing market Asia-Pacific companies may be more limited than those of","page_number":112,"box":{"x":117,"y":118,"width":732,"height":12}},{"id":"82cdd19e-a9de-4a7d-9398-77854b668071","block_type":"box","text":"shareholders of U.S. corporations. It may be difficult or impossible to obtain and/or enforce a judgment","page_number":112,"box":{"x":116,"y":134,"width":765,"height":12}},{"id":"381dbeb0-c569-4354-b9ba-2729032e219e","block_type":"box","text":"in a developing market Asia-Pacific country.","page_number":112,"box":{"x":117,"y":149,"width":330,"height":12}},{"id":"aa05f90d-8160-4a2d-aa14-3fadb0b7dc8a","block_type":"box","text":"Governments of many developing market Asia-Pacific countries have exercised and continue to","page_number":112,"box":{"x":117,"y":180,"width":714,"height":12}},{"id":"7326814d-353a-4ea6-9f30-04e9a0b6985e","block_type":"box","text":"exercise substantial influence over many aspects of the private sector. In certain cases, the","page_number":112,"box":{"x":116,"y":196,"width":683,"height":12}},{"id":"15302331-fd31-42bf-b979-7b9923fa7338","block_type":"box","text":"government owns or controls many companies, including the largest in the country. Accordingly,","page_number":112,"box":{"x":116,"y":211,"width":718,"height":12}},{"id":"3440a783-497f-4390-9c7a-f30ebe62b6b2","block_type":"box","text":"government actions in the future could have a significant effect on economic conditions in developing","page_number":112,"box":{"x":116,"y":227,"width":755,"height":12}},{"id":"f4a905ed-b415-479b-8c16-58b2f5799b19","block_type":"box","text":"market Asia-Pacific countries, which could affect private sector companies and a Fund itself, as well as","page_number":112,"box":{"x":117,"y":242,"width":768,"height":12}},{"id":"5ea689e1-3746-4087-a227-85285331b88a","block_type":"box","text":"the value of securities in the Fund’s portfolio. In addition, economic statistics of developing market","page_number":112,"box":{"x":116,"y":258,"width":731,"height":12}},{"id":"64131319-0364-4407-a84f-9aba0b256109","block_type":"box","text":"Asia-Pacific countries may be less reliable than economic statistics of more developed nations.","page_number":112,"box":{"x":116,"y":273,"width":710,"height":12}},{"id":"a93e88db-1f05-43b3-b709-d7e9d55baaa1","block_type":"box","text":"In addition to the relative lack of publicly available information about developing market Asia-Pacific","page_number":112,"box":{"x":117,"y":304,"width":741,"height":12}},{"id":"a8eeab27-5be4-44c2-85fc-7d8f96a84e99","block_type":"box","text":"issuers and the possibility that such issuers may not be subject to the same accounting, auditing and","page_number":112,"box":{"x":117,"y":320,"width":752,"height":12}},{"id":"f4b891a5-b614-4e52-b942-11d73fa96d5b","block_type":"box","text":"financial reporting standards as U.S. companies, inflation accounting rules in some developing market","page_number":112,"box":{"x":116,"y":335,"width":762,"height":12}},{"id":"342a100d-9837-470c-b45a-4585869ab64b","block_type":"box","text":"Asia-Pacific countries require companies that keep accounting records in the local currency, for both","page_number":112,"box":{"x":116,"y":351,"width":750,"height":12}},{"id":"6b3a0804-57eb-49c6-b680-d527816f6dcd","block_type":"box","text":"tax and accounting purposes, to restate certain assets and liabilities on the company’s balance sheet","page_number":112,"box":{"x":116,"y":366,"width":755,"height":12}},{"id":"990b8f46-f5a3-49d0-baf0-d69a2a3ae322","block_type":"box","text":"in order to express items in terms of currency of constant purchasing power. Inflation accounting may","page_number":112,"box":{"x":117,"y":382,"width":756,"height":12}},{"id":"bf0ec8df-c9e7-4394-b6fd-971aaf2719d0","block_type":"box","text":"indirectly generate losses or profits for certain developing market Asia-Pacific companies.","page_number":112,"box":{"x":117,"y":397,"width":669,"height":12}},{"id":"f56049f0-91ab-42c3-b524-aa5b794efdb1","block_type":"box","text":"Satisfactory custodial services for investment securities may not be available in some developing Asia","page_number":112,"box":{"x":116,"y":428,"width":762,"height":12}},{"id":"80fbcf79-6c8f-4394-ae6f-972994324ae1","block_type":"box","text":"Pacific countries, which may result in the Fund incurring additional costs and delays in providing","page_number":112,"box":{"x":117,"y":444,"width":716,"height":12}},{"id":"203c4f03-76de-4bde-808a-605b4860a7b1","block_type":"box","text":"transportation and custody services for such securities outside such countries.","page_number":112,"box":{"x":116,"y":459,"width":586,"height":12}},{"id":"2ebc776d-031a-4fb2-8480-00e02c4bc4c5","block_type":"box","text":"Certain developing Asia-Pacific countries, such as the Philippines, India and Turkey, are especially","page_number":112,"box":{"x":117,"y":490,"width":738,"height":12}},{"id":"8862b717-1c13-48cc-b33e-1786e12d7456","block_type":"box","text":"large debtors to commercial banks and foreign governments.","page_number":112,"box":{"x":117,"y":506,"width":456,"height":12}},{"id":"9e971a48-4c52-4a1d-adf8-dc6d95327997","block_type":"box","text":"Natural disasters in Asia-Pacific countries, and the resulting damage, could have a severe and","page_number":112,"box":{"x":117,"y":537,"width":705,"height":12}},{"id":"737d5482-5a8f-4a1b-a15a-8c67cb21ed79","block_type":"box","text":"negative impact on a Fund’s investment portfolio and, in the longer term, could impair the ability of","page_number":112,"box":{"x":117,"y":552,"width":732,"height":12}},{"id":"a489538b-3933-48eb-badb-85b7806ae831","block_type":"box","text":"issuers in which the Fund invests to conduct their businesses in the manner normally conducted.","page_number":112,"box":{"x":117,"y":568,"width":722,"height":12}},{"id":"a21eaab2-c704-4c7e-9d5e-c2e7c4e23c34","block_type":"box","text":"Fund management may determine that, notwithstanding otherwise favorable investment criteria, it may","page_number":112,"box":{"x":117,"y":599,"width":766,"height":12}},{"id":"f10c3c2c-91fc-479a-87fa-8a97b2b75e51","block_type":"box","text":"not be practicable or appropriate to invest in a particular developing Asia-Pacific country. A Fund may","page_number":112,"box":{"x":117,"y":614,"width":757,"height":12}},{"id":"a5cc9cd9-39f7-48de-ad7a-7cdcb7cb8284","block_type":"box","text":"invest in countries in which foreign investors, including management of the Fund, have had no or","page_number":112,"box":{"x":117,"y":630,"width":722,"height":12}},{"id":"b718bd46-c8a1-4acf-8cef-02f57213d9ff","block_type":"box","text":"limited prior experience.","page_number":112,"box":{"x":117,"y":645,"width":182,"height":12}},{"id":"e9c58cfd-8ad0-44fc-a497-01a6fd63c359","block_type":"box","text":"Restrictions on Foreign Investments in Asia-Pacific Countries.","page_number":112,"box":{"x":116,"y":676,"width":458,"height":12}},{"id":"6a89b159-d4eb-4d19-856b-e5de76a4a95f","block_type":"box","text":"Some developing Asia-Pacific countries","page_number":112,"box":{"x":581,"y":676,"width":294,"height":12}},{"id":"85c4f42a-9e3b-4331-b24f-8e9cb0092597","block_type":"box","text":"prohibit or impose substantial restrictions on investments in their capital markets, particularly their","page_number":112,"box":{"x":117,"y":692,"width":723,"height":12}},{"id":"19464059-d7ef-4ae8-9072-4a6532154e2f","block_type":"box","text":"equity markets, by foreign entities such as a Fund. As illustrations, certain countries may require","page_number":112,"box":{"x":116,"y":707,"width":714,"height":12}},{"id":"877df4f3-d9c7-4247-bf15-4d68f445c296","block_type":"box","text":"governmental approval prior to investments by foreign persons or limit the amount of investment by","page_number":112,"box":{"x":116,"y":723,"width":736,"height":12}},{"id":"09c315fd-880a-4127-a122-51efca5c1f10","block_type":"box","text":"foreign persons in a particular company or limit the investment by foreign persons to only a specific","page_number":112,"box":{"x":116,"y":738,"width":735,"height":12}},{"id":"21292614-3a56-4341-91f4-c7d0e5f5a2ee","block_type":"box","text":"class of securities of a company which may have less advantageous terms (including price and","page_number":112,"box":{"x":116,"y":754,"width":705,"height":12}},{"id":"28da84ee-4b3a-49ac-b850-4f5e0ad43d3d","block_type":"box","text":"shareholder rights) than securities of the company available for purchase by nationals. There can be","page_number":112,"box":{"x":116,"y":769,"width":745,"height":12}},{"id":"7595a9d5-fdd2-4f18-a2fc-616c07aa5433","block_type":"box","text":"no assurance that a Fund will be able to obtain required governmental approvals in a timely manner. In","page_number":112,"box":{"x":117,"y":785,"width":762,"height":12}},{"id":"7f49bb6a-b976-4c42-b27d-a7fe69efe3b3","block_type":"box","text":"addition, changes to restrictions on foreign ownership of securities subsequent to a Fund’s purchase of","page_number":112,"box":{"x":116,"y":800,"width":765,"height":12}},{"id":"823024b7-a61f-4d99-952a-8f08f29baf81","block_type":"box","text":"such securities may have an adverse effect on the value of such shares. Certain countries may restrict","page_number":112,"box":{"x":116,"y":816,"width":761,"height":12}},{"id":"b2fadd9a-127b-4fa6-a230-5cf1e7e4336c","block_type":"box","text":"investment opportunities in issuers or industries deemed important to national interests.","page_number":112,"box":{"x":117,"y":831,"width":654,"height":12}},{"id":"384dadea-3a58-4548-a22a-b61ceaa826c4","block_type":"box","text":"The manner in which foreign investors may invest in companies in certain developing Asia-Pacific","page_number":112,"box":{"x":116,"y":862,"width":729,"height":12}},{"id":"9c135799-f630-40a2-a736-e6f2dfb6bdc9","block_type":"box","text":"countries, as well as limitations on such investments, also may have an adverse impact on the","page_number":112,"box":{"x":116,"y":878,"width":705,"height":12}},{"id":"8e397e2f-7d55-4de2-82f2-f390860e3671","block_type":"box","text":"II-47","page_number":112,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"f29d560a-e43f-4f7e-983f-63035c5de960","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":112,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"b3b4b2d7-c4c8-46e7-b22d-4c408292ef15","block_type":"box","text":"operations of a Fund. For example, a Fund may be required in certain of such countries to invest","page_number":113,"box":{"x":116,"y":87,"width":722,"height":12}},{"id":"8acaffca-ceea-48b3-bb5c-b7fe22b6d34a","block_type":"box","text":"initially through a local broker or other entity and then have the shares purchased re-registered in the","page_number":113,"box":{"x":117,"y":103,"width":753,"height":12}},{"id":"a139ddf2-7d56-48b3-b4a8-9a36e3aadffd","block_type":"box","text":"name of the Fund. Re-registration may in some instances not be able to occur on a timely basis,","page_number":113,"box":{"x":117,"y":118,"width":718,"height":12}},{"id":"965f73c3-7103-4a3b-91b2-e824e36f3bad","block_type":"box","text":"resulting in a delay during which a Fund may be denied certain of its rights as an investor, including","page_number":113,"box":{"x":117,"y":134,"width":742,"height":12}},{"id":"72880ac3-b40a-4428-b2a0-54c8fe9016cc","block_type":"box","text":"rights as to dividends or to be made aware of certain corporate actions. There also may be instances","page_number":113,"box":{"x":117,"y":149,"width":753,"height":12}},{"id":"0e17f19c-7a5b-4311-927e-584d9645f258","block_type":"box","text":"where a Fund places a purchase order but is subsequently informed, at the time of re-registration, that","page_number":113,"box":{"x":116,"y":165,"width":764,"height":12}},{"id":"42bcc876-de30-4f2f-9ac0-ef637ae13354","block_type":"box","text":"the permissible allocation of the investment to foreign investors has been filled, depriving the Fund of","page_number":113,"box":{"x":116,"y":180,"width":754,"height":12}},{"id":"55e5d428-8b8f-44ae-ae84-6d5743db6fdd","block_type":"box","text":"the ability to make its desired investment at that time.","page_number":113,"box":{"x":116,"y":196,"width":400,"height":12}},{"id":"30385abf-585c-476c-801a-aa0675ad3840","block_type":"box","text":"Substantial limitations may exist in certain countries with respect to a Fund’s ability to repatriate","page_number":113,"box":{"x":116,"y":227,"width":714,"height":12}},{"id":"94577750-f81e-4722-acee-b60fccae900e","block_type":"box","text":"investment income, capital or the proceeds of sales of securities by foreign investors. A Fund could be","page_number":113,"box":{"x":117,"y":242,"width":763,"height":12}},{"id":"543d383a-0c88-4da0-b4dd-baa509b61660","block_type":"box","text":"adversely affected by delays in, or a refusal to grant, any required governmental approval for","page_number":113,"box":{"x":116,"y":258,"width":693,"height":12}},{"id":"6fb12b65-47ad-4b9f-a600-d05c6b96a70f","block_type":"box","text":"repatriation of capital, as well as by the application to the Fund of any restrictions on investments. It is","page_number":113,"box":{"x":117,"y":273,"width":759,"height":12}},{"id":"afa1dd32-1734-41c4-9a24-99c9043b8863","block_type":"box","text":"possible that certain countries may impose currency controls or other restrictions relating to their","page_number":113,"box":{"x":117,"y":289,"width":719,"height":12}},{"id":"f8cbe44c-98e1-4aa1-b1d8-55ffebc8e321","block_type":"box","text":"currencies or to securities of issuers in those countries. To the extent that such restrictions have the","page_number":113,"box":{"x":116,"y":304,"width":746,"height":10}},{"id":"93f39ed1-efe1-4c09-ad98-123e76f5f958","block_type":"box","text":"effect of making certain investments illiquid, securities may not be available for sale to meet","page_number":113,"box":{"x":116,"y":320,"width":685,"height":12}},{"id":"6055f3f8-1065-438b-b09a-669f4e06cfed","block_type":"box","text":"redemptions. Depending on a variety of financial factors, the percentage of a Fund’s portfolio subject to","page_number":113,"box":{"x":117,"y":335,"width":770,"height":12}},{"id":"29399275-f92e-40a1-ada4-b520b6910ce1","block_type":"box","text":"currency controls may increase. In the event other countries impose similar controls, the portion of the","page_number":113,"box":{"x":116,"y":351,"width":763,"height":12}},{"id":"95f7589e-63f5-4645-9be6-774ba52533dd","block_type":"box","text":"Fund’s assets that may be used to meet redemptions may be further decreased. Even where there is","page_number":113,"box":{"x":117,"y":366,"width":754,"height":12}},{"id":"db4c5b57-d499-41f2-bfe4-552b7099d02f","block_type":"box","text":"no outright restriction on repatriation of capital, the mechanics of repatriation may affect certain aspects","page_number":113,"box":{"x":117,"y":382,"width":771,"height":12}},{"id":"6bb7aa07-4793-4808-85c0-e0d77d6a173a","block_type":"box","text":"of the operations of a Fund (for example, if funds may be withdrawn only in certain currencies and/or","page_number":113,"box":{"x":116,"y":397,"width":751,"height":12}},{"id":"23123645-624b-42a3-af3c-8694d81854bd","block_type":"box","text":"only at an exchange rate established by the government).","page_number":113,"box":{"x":116,"y":413,"width":433,"height":12}},{"id":"b500c729-e265-42d3-b109-8a2f90cb3ffd","block_type":"box","text":"In certain countries, banks or other financial institutions may be among the leading companies or have","page_number":113,"box":{"x":117,"y":444,"width":763,"height":12}},{"id":"272a7f75-f136-4d4f-b0d5-d0728c0ca852","block_type":"box","text":"actively traded securities available for investment. The Investment Company Act restricts a Fund’s","page_number":113,"box":{"x":116,"y":459,"width":734,"height":12}},{"id":"3ee4d811-db2f-433b-b434-2c4b9d5d65f7","block_type":"box","text":"investments in any equity securities of an issuer that, in its most recent fiscal year, derived more than","page_number":113,"box":{"x":117,"y":475,"width":755,"height":12}},{"id":"ace39e27-0c33-4548-b9ab-aac632767c9c","block_type":"box","text":"15% of its revenues from “securities related activities,” as defined by the rules thereunder. These","page_number":113,"box":{"x":118,"y":490,"width":722,"height":12}},{"id":"c5ad127e-6908-452e-9300-a921816b1bd4","block_type":"box","text":"provisions may restrict a Fund’s investments in certain foreign banks and other financial institutions.","page_number":113,"box":{"x":117,"y":506,"width":744,"height":12}},{"id":"17ee73a5-bc88-4b3d-920c-361cbd800286","block_type":"box","text":"Political and economic structures in emerging market countries may be undergoing significant","page_number":113,"box":{"x":117,"y":537,"width":699,"height":12}},{"id":"29282cdf-9872-4bae-bae3-789d532f1ce8","block_type":"box","text":"evolution and rapid development, and these countries may lack the social, political and economic","page_number":113,"box":{"x":116,"y":552,"width":726,"height":12}},{"id":"8e83e354-1f92-413a-88d4-7e34b1fa0c12","block_type":"box","text":"stability characteristic of more developed countries. Some of these countries may have in the past","page_number":113,"box":{"x":116,"y":568,"width":732,"height":12}},{"id":"8fc7ac32-86ac-4670-9850-54ee569c28a7","block_type":"box","text":"failed to recognize private property rights and have at times nationalized or expropriated the assets of","page_number":113,"box":{"x":116,"y":583,"width":759,"height":12}},{"id":"04676248-071b-45d5-9474-1671440c1cc2","block_type":"box","text":"private companies. As a result the risks described above, including the risks of nationalization or","page_number":113,"box":{"x":117,"y":599,"width":718,"height":12}},{"id":"59155219-6ebf-455e-8cce-460e01fbb234","block_type":"box","text":"expropriation of assets, may be heightened. In addition, unanticipated political or social developments","page_number":113,"box":{"x":116,"y":614,"width":760,"height":12}},{"id":"17e73b02-8143-4947-9313-1962dd5ff3e4","block_type":"box","text":"may affect the value of investments in these countries and the availability to a Fund of additional","page_number":113,"box":{"x":117,"y":630,"width":718,"height":12}},{"id":"5e6e344d-8a02-4699-8aa1-54bdb71197b4","block_type":"box","text":"investments in emerging market countries. The small size and inexperience of the securities markets in","page_number":113,"box":{"x":117,"y":645,"width":770,"height":12}},{"id":"06f06a58-f3f5-4667-b5d6-6049346047f2","block_type":"box","text":"certain of these countries and the limited volume of trading in securities in these countries may make","page_number":113,"box":{"x":116,"y":661,"width":748,"height":12}},{"id":"ec60daca-184a-46db-ba28-13a4739e7bcf","block_type":"box","text":"investments in the countries illiquid and more volatile than investments in Japan or most Western","page_number":113,"box":{"x":117,"y":676,"width":719,"height":12}},{"id":"19f5720d-b7ed-4f43-b8ab-5c31ded9cd38","block_type":"box","text":"European countries. There may be little financial or accounting information available with respect to","page_number":113,"box":{"x":117,"y":692,"width":736,"height":12}},{"id":"a7e2c356-4287-4b37-ade1-478faa7e684d","block_type":"box","text":"issuers located in certain emerging market countries, and it may be difficult to assess the value or","page_number":113,"box":{"x":117,"y":707,"width":724,"height":12}},{"id":"88cc8668-1c96-4ba7-8eee-a8107ade09d4","block_type":"box","text":"prospects of an investment in such issuers.","page_number":113,"box":{"x":117,"y":723,"width":319,"height":12}},{"id":"5b38c2b8-8475-4a8f-adc0-86ff9201ce0d","block_type":"box","text":"The expense ratios of the Funds investing significantly in foreign securities can be expected to be","page_number":113,"box":{"x":116,"y":754,"width":723,"height":12}},{"id":"ac997b7f-17c6-4b2f-8651-bee92b85e61b","block_type":"box","text":"higher than those of Funds investing primarily in domestic securities. The costs attributable to investing","page_number":113,"box":{"x":117,"y":769,"width":763,"height":12}},{"id":"ca29e05d-6cc5-4e2e-afa2-860a9feeb791","block_type":"box","text":"abroad are usually higher for several reasons, such as the higher cost of custody of foreign securities,","page_number":113,"box":{"x":116,"y":785,"width":755,"height":12}},{"id":"067c75c9-253e-4e98-85ba-991cec3061d8","block_type":"box","text":"higher commissions paid on comparable transactions on foreign markets and additional costs arising","page_number":113,"box":{"x":117,"y":800,"width":746,"height":12}},{"id":"afe83d28-e297-4c56-b693-b9cdfcb65f07","block_type":"box","text":"from delays in settlements of transactions involving foreign securities.","page_number":113,"box":{"x":116,"y":816,"width":515,"height":12}},{"id":"27d494ec-4edb-4746-a836-800314e7c528","block_type":"box","text":"Risks of Investments in Russia.","page_number":113,"box":{"x":116,"y":847,"width":232,"height":9}},{"id":"da6ab557-f8c8-4953-8843-9ed826abcd96","block_type":"box","text":"A Fund may invest a portion of its assets in securities issued by","page_number":113,"box":{"x":350,"y":847,"width":482,"height":12}},{"id":"9ac9f921-9460-4749-9bbb-9f81b6570ee7","block_type":"box","text":"companies located in Russia. The Russian securities market suffers from a variety of problems","page_number":113,"box":{"x":116,"y":862,"width":709,"height":12}},{"id":"d760cd86-52ab-4962-96fb-6ddc03c6d12b","block_type":"box","text":"described above in “Investment in Emerging Markets” not encountered in more developed markets.","page_number":113,"box":{"x":116,"y":878,"width":742,"height":12}},{"id":"e193db83-5f76-469f-9313-c1edd16eca20","block_type":"box","text":"II-48","page_number":113,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"bcb5ebd8-2227-426e-9fd8-fc6e5b5a12cb","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":113,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"9fe1f139-7ec5-4332-a5e8-9ac968521c32","block_type":"box","text":"The Russian securities market is relatively new, and a substantial portion of securities transactions in","page_number":114,"box":{"x":116,"y":87,"width":755,"height":12}},{"id":"ab090950-f7e3-4742-8b1a-b0aef379cd03","block_type":"box","text":"Russia are privately negotiated outside of stock exchanges. The inexperience of the Russian securities","page_number":114,"box":{"x":117,"y":102,"width":769,"height":13}},{"id":"19e780bf-8ab6-47fb-972e-58838436933c","block_type":"box","text":"market and the limited volume of trading in securities in the market may make obtaining accurate","page_number":114,"box":{"x":117,"y":118,"width":723,"height":12}},{"id":"3e4b4fb8-8881-4058-9dfd-7dd84fb31db6","block_type":"box","text":"prices on portfolio securities from independent sources more difficult than in more developed markets.","page_number":114,"box":{"x":117,"y":134,"width":761,"height":11}},{"id":"9badc35b-a041-4914-a37b-815ed8d32eef","block_type":"box","text":"Because of the underdeveloped state of Russia’s securities markets and banking and","page_number":114,"box":{"x":117,"y":165,"width":639,"height":12}},{"id":"2faac383-30af-4b84-8b77-79e1b5a5f10c","block_type":"box","text":"telecommunication systems, settlement, clearing and registration of securities transactions are subject","page_number":114,"box":{"x":116,"y":180,"width":764,"height":12}},{"id":"fe48b13b-fee7-45c7-b169-19f672bc9a95","block_type":"box","text":"to additional risks. Prior to 2013, there was no central registration system for equity share registration","page_number":114,"box":{"x":116,"y":196,"width":756,"height":12}},{"id":"798f9c80-78ff-4a00-b077-34ddb6c670a1","block_type":"box","text":"in Russia and registration was carried out either by the issuers themselves or by registrars located","page_number":114,"box":{"x":117,"y":211,"width":733,"height":12}},{"id":"f24abc2f-e4a0-4b7a-895d-8ea9deeba3bc","block_type":"box","text":"throughout Russia. These registrars may not have been subject to effective state supervision or","page_number":114,"box":{"x":116,"y":227,"width":715,"height":12}},{"id":"45a6f08e-d0cf-4273-8768-ac199c531322","block_type":"box","text":"licensed with any governmental entity. In 2013, Russia established the National Settlement Depository","page_number":114,"box":{"x":117,"y":242,"width":764,"height":12}},{"id":"7f7f9db1-148a-42d9-9e0a-1376e6f08bff","block_type":"box","text":"(“NSD”) as a recognized central securities depository, and title to Russian equities held through the","page_number":114,"box":{"x":117,"y":258,"width":740,"height":12}},{"id":"2a453496-e24a-412b-88b9-bd1c95b7a4e5","block_type":"box","text":"NSD is now based on the records of the NSD and not on the records of the local registrars. Although","page_number":114,"box":{"x":117,"y":273,"width":751,"height":12}},{"id":"3d8776ce-fe00-46a7-a5ee-c88fcc24492b","block_type":"box","text":"the implementation of the NSD has enhanced the efficiency and transparency of the Russian securities","page_number":114,"box":{"x":116,"y":289,"width":770,"height":12}},{"id":"376ebfed-6906-4db9-a6de-c02c02311a3c","block_type":"box","text":"market, loss still can occur. Additionally, issuers and registrars remain prominent in the validation and","page_number":114,"box":{"x":117,"y":304,"width":757,"height":12}},{"id":"a1776e11-0a5b-47c7-b11f-567b17a933b3","block_type":"box","text":"approval of documentation requirements for corporate action processing in Russia, and, because the","page_number":114,"box":{"x":116,"y":320,"width":754,"height":12}},{"id":"703cc265-4509-438f-b586-499cb75bdd96","block_type":"box","text":"documentation requirements and approval criteria vary between registrars and issuers, there remain","page_number":114,"box":{"x":116,"y":335,"width":749,"height":12}},{"id":"c15daa61-4f28-47a7-b458-9da882fe332d","block_type":"box","text":"inconsistent market standards in the Russian market with respect to the completion and submission of","page_number":114,"box":{"x":117,"y":351,"width":762,"height":12}},{"id":"87b189f8-88f9-413c-9a95-7bfe2273a503","block_type":"box","text":"corporate action elections. To the extent that a Fund suffers a loss relating to title or corporate actions","page_number":114,"box":{"x":116,"y":366,"width":761,"height":12}},{"id":"030a15a2-5fd7-43de-b424-7311035c2984","block_type":"box","text":"relating to its portfolio securities, it may be difficult for the Fund to enforce its rights or otherwise","page_number":114,"box":{"x":117,"y":382,"width":713,"height":12}},{"id":"31ee6a4b-2e9f-485c-908b-0676acf9f393","block_type":"box","text":"remedy the loss. Russian securities laws may not recognize foreign nominee accounts held with a","page_number":114,"box":{"x":117,"y":397,"width":731,"height":12}},{"id":"b64aa4ad-9458-4f04-878e-84bf2a2722fb","block_type":"box","text":"custodian bank, and as a result the custodian may be considered the ultimate owner of securities held","page_number":114,"box":{"x":116,"y":413,"width":762,"height":12}},{"id":"bb10ae45-980b-450c-a111-d4664e0b58f8","block_type":"box","text":"on behalf of their clients. A Fund also may experience difficulty in obtaining and/or enforcing judgments","page_number":114,"box":{"x":116,"y":428,"width":770,"height":12}},{"id":"1118e8f3-0ccc-40b9-bffe-093c4e870f19","block_type":"box","text":"in Russia.","page_number":114,"box":{"x":117,"y":444,"width":77,"height":9}},{"id":"70ff1424-55fb-4d85-9360-c228dd9768e1","block_type":"box","text":"In addition, Russia continues to assert its influence in the region through economic and military","page_number":114,"box":{"x":117,"y":475,"width":708,"height":12}},{"id":"2d71663a-d16c-4be8-8fff-3c87bb339e79","block_type":"box","text":"measures, as it did with Georgia in the summer of 2008 and the Ukraine in 2014 and 2022. Russia","page_number":114,"box":{"x":117,"y":490,"width":735,"height":12}},{"id":"347bcab7-894c-4170-84ae-8482afa3831e","block_type":"box","text":"launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the","page_number":114,"box":{"x":117,"y":506,"width":720,"height":12}},{"id":"7c8cb8fc-8819-4521-b3e3-6e3e22cbcb5c","block_type":"box","text":"military action, resulting sanctions and resulting future market disruptions, including declines in its","page_number":114,"box":{"x":117,"y":521,"width":727,"height":12}},{"id":"71d18ecc-0327-4c49-865a-8d1f41c661b0","block_type":"box","text":"stock markets and the value of the ruble against the U.S. dollar, are impossible to predict. Any such","page_number":114,"box":{"x":116,"y":537,"width":744,"height":12}},{"id":"9938d0db-3515-44c9-bc66-a1dddf844605","block_type":"box","text":"disruptions caused by Russian military action or other actions (including cyberattacks and espionage)","page_number":114,"box":{"x":116,"y":552,"width":757,"height":12}},{"id":"512d562b-3587-4bf7-b1e5-21440ebc4d4c","block_type":"box","text":"or resulting actual and threatened responses to such activity, including purchasing and financing","page_number":114,"box":{"x":116,"y":568,"width":720,"height":12}},{"id":"698293cd-1d41-4394-afd7-84df1f30d87f","block_type":"box","text":"restrictions, boycotts or changes in consumer or purchaser preferences, sanctions, tariffs or","page_number":114,"box":{"x":117,"y":583,"width":685,"height":12}},{"id":"ffd44b0a-83d2-4688-9142-b11ef523d5e3","block_type":"box","text":"cyberattacks on the Russian government, Russian companies or Russian individuals, including","page_number":114,"box":{"x":116,"y":599,"width":710,"height":12}},{"id":"b1b9bc04-36b3-46ab-b8ae-3f22b60d27bc","block_type":"box","text":"politicians, may impact Russia’s economy and Russian issuers of securities in which the Fund invests.","page_number":114,"box":{"x":117,"y":614,"width":763,"height":12}},{"id":"ffcc8aab-8184-4158-9964-ac5e08a18373","block_type":"box","text":"Actual and threatened responses to such activity, including purchasing restrictions, sanctions, tariffs or","page_number":114,"box":{"x":116,"y":630,"width":766,"height":12}},{"id":"651fc240-2b7e-40c4-b19f-d89fa8b66799","block_type":"box","text":"cyberattacks on the Russian government or Russian companies, may impact Russia’s economy and","page_number":114,"box":{"x":116,"y":645,"width":750,"height":12}},{"id":"44c3db29-4b33-4bfc-81f0-a1bf5a5c5127","block_type":"box","text":"Russian issuers of securities in which the Fund invests. Actual and threatened responses to such","page_number":114,"box":{"x":117,"y":661,"width":720,"height":12}},{"id":"236bad5e-89d6-4329-85d5-3ad38d2baf5e","block_type":"box","text":"military action may also impact the markets for certain Russian commodities, such as oil and natural","page_number":114,"box":{"x":117,"y":676,"width":741,"height":12}},{"id":"a0e808dd-9393-4fe6-beaa-d5d64124faa9","block_type":"box","text":"gas, as well as other sectors of the Russian economy, and may likely have collateral impacts on such","page_number":114,"box":{"x":116,"y":692,"width":752,"height":12}},{"id":"27549201-fea9-486e-b7c0-11ff57b19258","block_type":"box","text":"sectors globally.","page_number":114,"box":{"x":116,"y":707,"width":119,"height":12}},{"id":"1158246f-9502-49b7-a871-2452a2d79a53","block_type":"box","text":"Governments in the United States and many other countries (collectively, the “Sanctioning Bodies”)","page_number":114,"box":{"x":117,"y":738,"width":735,"height":12}},{"id":"59dbc150-36c2-4417-8003-a87e59496965","block_type":"box","text":"have imposed economic sanctions, which can consist of prohibiting certain securities trades, certain","page_number":114,"box":{"x":117,"y":754,"width":739,"height":12}},{"id":"aca065a5-070c-4684-b5a2-0d3807d3a90a","block_type":"box","text":"private transactions in the energy sector, asset freezes and prohibition of all business, against certain","page_number":114,"box":{"x":117,"y":769,"width":751,"height":12}},{"id":"d176f6e0-1e8a-40eb-bd2b-f0c8f8db5de6","block_type":"box","text":"Russian individuals, including politicians, and Russian corporate and banking entities. The Sanctioning","page_number":114,"box":{"x":117,"y":785,"width":760,"height":12}},{"id":"c486e533-941f-41ab-a18e-2658d0b2aece","block_type":"box","text":"Bodies, or others, could also institute broader sanctions on Russia, including banning Russia from","page_number":114,"box":{"x":117,"y":800,"width":725,"height":12}},{"id":"7f0c4740-b039-4633-8e02-5ebd4e2b6916","block_type":"box","text":"global payments systems that facilitate cross-border payments. These sanctions, or even the threat of","page_number":114,"box":{"x":116,"y":816,"width":758,"height":12}},{"id":"c5d58ab8-41d5-44e3-9c9c-8f860c79e466","block_type":"box","text":"further sanctions, may result in the decline of the value and liquidity of Russian securities, a weakening","page_number":114,"box":{"x":116,"y":831,"width":769,"height":12}},{"id":"c3275137-b06e-47d0-bb3e-64ecc6a7412b","block_type":"box","text":"of the ruble or other adverse consequences to the Russian economy. These sanctions have resulted","page_number":114,"box":{"x":116,"y":847,"width":752,"height":12}},{"id":"c9e4b262-fe6e-4c09-af4c-875df87118b7","block_type":"box","text":"and may continue to result in the immediate freeze of Russian securities and/or funds invested in","page_number":114,"box":{"x":116,"y":862,"width":725,"height":12}},{"id":"f435099d-140f-46e4-969e-7ff9dadccb63","block_type":"box","text":"prohibited assets, impairing the ability of a Fund to buy, sell, receive or deliver those securities and/or","page_number":114,"box":{"x":117,"y":878,"width":757,"height":12}},{"id":"497eb188-5bf6-4c44-ae7e-ee9b71aafd6b","block_type":"box","text":"II-49","page_number":114,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"260fe9c9-d2b8-413f-9371-daf2fb7f96dc","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":114,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"c712a655-ed4a-484a-93f9-aedcf38e41e9","block_type":"box","text":"assets. Sanctions could also result in Russia taking counter measures or retaliatory actions which may","page_number":115,"box":{"x":116,"y":87,"width":766,"height":12}},{"id":"bb17c37c-5a19-444a-bfff-5895c40a3ea8","block_type":"box","text":"further impair the value and liquidity of Russian securities.","page_number":115,"box":{"x":116,"y":102,"width":435,"height":13}},{"id":"84ad5786-3104-4a0f-8b2f-4d92d60c6dad","block_type":"box","text":"Risks of Investing in Saudi Arabia.","page_number":115,"box":{"x":116,"y":134,"width":253,"height":12}},{"id":"57dbc946-b085-4bc4-9a25-b50381a6364b","block_type":"box","text":"The ability of foreign investors (such as a Fund) to invest in Saudi","page_number":115,"box":{"x":371,"y":134,"width":497,"height":12}},{"id":"4afbfc60-aab4-48cf-97c8-27b67d76bdb5","block_type":"box","text":"Arabian issuers is new and untested. Such ability could be restricted or revoked by the Saudi Arabian","page_number":115,"box":{"x":116,"y":149,"width":757,"height":12}},{"id":"f30dc277-ef91-4ec2-8d0e-7d6a99abd5d1","block_type":"box","text":"government at any time, and unforeseen risks could materialize due to foreign ownership in such","page_number":115,"box":{"x":116,"y":165,"width":724,"height":12}},{"id":"f82d51b1-38e8-46a0-9df8-1182cd88381d","block_type":"box","text":"securities. In addition, the Capital Market Authority (“CMA”) places investment limitations on the","page_number":115,"box":{"x":116,"y":180,"width":715,"height":12}},{"id":"b6b115a8-1692-446e-8f49-f14b846a6627","block_type":"box","text":"ownership of Saudi Arabian issuers by foreign investors, including a limitation on a Fund’s ownership","page_number":115,"box":{"x":116,"y":196,"width":753,"height":12}},{"id":"214de644-3dd1-4377-9368-51b593a22be8","block_type":"box","text":"of any single issuer listed on the Saudi Arabian Stock Exchange, which may prevent a Fund from","page_number":115,"box":{"x":116,"y":211,"width":726,"height":12}},{"id":"7c6df6c4-f3cd-4f7c-866d-3a8b9e10381d","block_type":"box","text":"investing in accordance with its strategy and contribute to tracking error against the Underlying Index.","page_number":115,"box":{"x":117,"y":227,"width":757,"height":12}},{"id":"e966aeb7-a74d-4b7b-bcc3-ab222223d8b7","block_type":"box","text":"These restrictions may be changed or new restrictions, such as licensing requirements, special","page_number":115,"box":{"x":116,"y":242,"width":710,"height":12}},{"id":"eb086abe-09c1-4ea2-9eb5-d4246a7fd099","block_type":"box","text":"approvals or additional foreign taxes, may be instituted at any time. A Fund may not be able to obtain","page_number":115,"box":{"x":116,"y":258,"width":756,"height":12}},{"id":"8d20ebc2-5505-4eb6-80cc-b25906c4b4a5","block_type":"box","text":"or maintain any such licenses or approvals and may not be able to buy and sell securities at full value.","page_number":115,"box":{"x":116,"y":273,"width":763,"height":12}},{"id":"66dbdae4-a939-429e-9d30-2054abdcf67a","block_type":"box","text":"Major disruptions or regulatory changes could occur in the Saudi Arabian market, any of which could","page_number":115,"box":{"x":117,"y":289,"width":750,"height":12}},{"id":"902a7179-7ced-404b-b7a6-024c860d7868","block_type":"box","text":"negatively impact a Fund. These risks may be exacerbated, compared to more developed markets,","page_number":115,"box":{"x":117,"y":304,"width":741,"height":12}},{"id":"e47dd09d-6e02-4ad7-91f3-47075fb3fe63","block_type":"box","text":"given the limited history of foreign investment in the Saudi Arabian market. Investments in","page_number":115,"box":{"x":116,"y":320,"width":672,"height":12}},{"id":"8294a3d3-ea91-4694-9103-f9268f96ea33","block_type":"box","text":"Saudi Arabia may also be subject to loss due to expropriation or nationalization of assets and property","page_number":115,"box":{"x":116,"y":335,"width":764,"height":12}},{"id":"6ed4a81f-3165-4940-b506-492f1abb71e8","block_type":"box","text":"or the imposition of restrictions on additional foreign investments and repatriation of capital. Such","page_number":115,"box":{"x":116,"y":351,"width":725,"height":12}},{"id":"51636ffb-558d-4088-976a-ba8dfe76b5f4","block_type":"box","text":"heightened risks may include, among others, restrictions on and government intervention in","page_number":115,"box":{"x":117,"y":366,"width":683,"height":12}},{"id":"de770858-0d45-4be8-9e2a-143226e718bd","block_type":"box","text":"international trade, confiscatory taxation, political instability, including authoritarian and/or military","page_number":115,"box":{"x":117,"y":382,"width":724,"height":12}},{"id":"571017c5-de12-4eb0-b59f-ca67f5d995c7","block_type":"box","text":"involvement in governmental decision making, armed conflict, crime and instability as a result of","page_number":115,"box":{"x":117,"y":397,"width":715,"height":12}},{"id":"409ed006-52a3-4c20-abe3-111351156b36","block_type":"box","text":"religious, ethnic and/or socioeconomic unrest. Saudi Arabia has privatized, or has begun the process","page_number":115,"box":{"x":117,"y":413,"width":754,"height":12}},{"id":"2851ffca-c412-4640-bab6-328dfb6e8eb0","block_type":"box","text":"of privatizing, certain entities and industries. Newly privatized companies may face strong competition","page_number":115,"box":{"x":116,"y":428,"width":759,"height":12}},{"id":"c143cc0f-d9f5-4504-94ea-c4a5f1037091","block_type":"box","text":"from government-sponsored competitors that have not been privatized. In some instances, investors in","page_number":115,"box":{"x":116,"y":444,"width":768,"height":12}},{"id":"ab2d1b70-5bad-41d1-9d73-128a1bdfe6ff","block_type":"box","text":"newly privatized entities have suffered losses due to the inability of the newly privatized entities to","page_number":115,"box":{"x":117,"y":459,"width":728,"height":12}},{"id":"e43736f1-9749-4299-8f17-fdfd4966819d","block_type":"box","text":"adjust quickly to a competitive environment or changing regulatory and legal standards or, in some","page_number":115,"box":{"x":116,"y":475,"width":737,"height":12}},{"id":"f00d5189-ed28-485d-a750-75e73ceac007","block_type":"box","text":"cases, due to re-nationalization of such privatized entities. There is no assurance that similar losses","page_number":115,"box":{"x":116,"y":490,"width":745,"height":12}},{"id":"5c13926e-fb8f-4428-8bc1-c98c33e70bc0","block_type":"box","text":"will not recur. Further, under income tax laws imposed by the Department of Zakat and Income Tax,","page_number":115,"box":{"x":116,"y":506,"width":747,"height":12}},{"id":"f4ab81ca-dd0e-4765-b25a-1ce7cbc25867","block_type":"box","text":"dividends paid by a Saudi Arabian company to foreign stockholders are generally subject to a 5%","page_number":115,"box":{"x":116,"y":521,"width":727,"height":12}},{"id":"111a64e7-b18e-4162-a8ef-3b7cb09ca371","block_type":"box","text":"withholding tax (different tax rates may apply pursuant to an applicable treaty). Saudi Arabia is highly","page_number":115,"box":{"x":116,"y":537,"width":754,"height":12}},{"id":"f960c821-9d1e-4182-be48-7947671e0ae6","block_type":"box","text":"reliant on income from the sale of petroleum and trade with other countries involved in the sale of","page_number":115,"box":{"x":117,"y":552,"width":725,"height":12}},{"id":"b1e10236-a838-4344-8758-7d714acef459","block_type":"box","text":"petroleum, and its economy is therefore vulnerable to changes in foreign currency values and the","page_number":115,"box":{"x":117,"y":568,"width":726,"height":12}},{"id":"4c809e68-bbf7-4deb-80ad-64da7ce583d8","block_type":"box","text":"market for petroleum. As global demand for petroleum fluctuates, Saudi Arabia may be significantly","page_number":115,"box":{"x":117,"y":583,"width":741,"height":12}},{"id":"77dc8197-cb86-4b34-9697-48f115b86408","block_type":"box","text":"impacted.","page_number":115,"box":{"x":117,"y":599,"width":76,"height":12}},{"id":"ac418479-32b3-4a16-84f8-422c48f56be0","block_type":"box","text":"Like most Middle Eastern governments, the government of Saudi Arabia exercises substantial","page_number":115,"box":{"x":117,"y":630,"width":701,"height":12}},{"id":"0089d2dd-8df5-4521-b6e9-348903a3e134","block_type":"box","text":"influence over many aspects of the private sector. Although liberalization in the wider economy is","page_number":115,"box":{"x":117,"y":645,"width":724,"height":12}},{"id":"c25be10d-4df9-47af-8b73-b14dd4879521","block_type":"box","text":"underway, in many areas it has lagged significantly: restrictions on foreign ownership persist, and the","page_number":115,"box":{"x":117,"y":661,"width":749,"height":12}},{"id":"b9ca49a6-f7cd-4e1d-9a45-375e833d2814","block_type":"box","text":"government has an ownership stake in many key industries. The situation is exacerbated by the fact","page_number":115,"box":{"x":116,"y":676,"width":743,"height":12}},{"id":"2239d15e-1823-4536-953f-9eef216aadb2","block_type":"box","text":"that Saudi Arabia is governed by an absolute monarchy. Saudi Arabia has historically experienced","page_number":115,"box":{"x":116,"y":692,"width":729,"height":12}},{"id":"2beaed54-ba9c-413b-8e29-155b1ff37ead","block_type":"box","text":"strained relations with economic partners worldwide, including other countries in the Middle East due to","page_number":115,"box":{"x":116,"y":707,"width":766,"height":12}},{"id":"bc358e5e-ffb1-4f97-ba41-db84af16cead","block_type":"box","text":"geopolitical events. Incidents involving a Middle Eastern country’s or the region’s security, including","page_number":115,"box":{"x":116,"y":723,"width":737,"height":12}},{"id":"f60d22f1-bb27-441b-805f-75b9ae50f94e","block_type":"box","text":"terrorism, may cause uncertainty in their markets and may adversely affect its economy and a Fund’s","page_number":115,"box":{"x":116,"y":738,"width":752,"height":12}},{"id":"f7da2180-13a2-43bf-b289-61a8d6b5999c","block_type":"box","text":"investments. Governmental actions in the future could have a significant effect on economic conditions","page_number":115,"box":{"x":117,"y":754,"width":761,"height":12}},{"id":"210e84ca-4fe0-45ee-a00f-e926a7de3140","block_type":"box","text":"in Saudi Arabia, which could affect private sector companies and a Fund, as well as the value of","page_number":115,"box":{"x":117,"y":769,"width":713,"height":12}},{"id":"b1f66f58-aaa6-40cf-b180-899e83733c3c","block_type":"box","text":"securities in a Fund’s portfolio. Any economic sanctions on Saudi Arabian individuals or Saudi Arabian","page_number":115,"box":{"x":116,"y":785,"width":759,"height":12}},{"id":"d4ff0d2b-d069-43e0-89d9-975e2dc15b5a","block_type":"box","text":"corporate entities, or even the threat of sanctions, may result in the decline of the value and liquidity of","page_number":115,"box":{"x":116,"y":800,"width":760,"height":12}},{"id":"30d38f0e-1d26-461a-864a-306220baac82","block_type":"box","text":"Saudi Arabian securities, a weakening of the Saudi riyal or other adverse consequences to the Saudi","page_number":115,"box":{"x":116,"y":816,"width":749,"height":12}},{"id":"8660723b-1583-42de-89e8-22c85f642a1e","block_type":"box","text":"Arabian economy. In addition, Saudi Arabia’s economy relies heavily on cheap, foreign labor, and","page_number":115,"box":{"x":116,"y":831,"width":729,"height":12}},{"id":"042ce242-92b0-449a-a247-f221ec61ec25","block_type":"box","text":"changes in the availability of this labor supply could have an adverse effect on the economy.","page_number":115,"box":{"x":116,"y":847,"width":690,"height":12}},{"id":"836a1e90-8874-4fc4-bd04-d2821ac675bb","block_type":"box","text":"II-50","page_number":115,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"0a1de907-7996-4f03-987e-7d0ba940b54b","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":115,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"105a828e-e3b2-4b3b-aa70-6a0880dcde10","block_type":"box","text":"The securities markets in Saudi Arabia may not be as developed as those in other countries. As a","page_number":116,"box":{"x":116,"y":87,"width":730,"height":12}},{"id":"60cde196-653c-4f8e-96b1-18c4315ca0b3","block_type":"box","text":"result, securities markets in Saudi Arabia are subject to greater risks associated with market volatility,","page_number":116,"box":{"x":117,"y":102,"width":757,"height":13}},{"id":"ca1ad32b-efcf-49ec-bda0-d29c4e94e0b2","block_type":"box","text":"lower market capitalization, lower trading volume, illiquidity, inflation, greater price fluctuations,","page_number":116,"box":{"x":117,"y":118,"width":705,"height":12}},{"id":"aa32602c-dfb5-4364-9fa8-4a286279469b","block_type":"box","text":"uncertainty regarding the existence of trading markets, governmental control and heavy regulation of","page_number":116,"box":{"x":117,"y":134,"width":751,"height":12}},{"id":"338e2efd-735e-4041-8f20-2c1b14160829","block_type":"box","text":"labor and industry. Shares of certain Saudi Arabian companies tend to trade less frequently than those","page_number":116,"box":{"x":117,"y":149,"width":766,"height":12}},{"id":"bfcebeb3-f7ee-4c40-8f36-36bf286cf5f2","block_type":"box","text":"of companies on exchanges in more developed markets. Such infrequent trading may adversely affect","page_number":116,"box":{"x":116,"y":165,"width":764,"height":12}},{"id":"03f02167-dcda-433e-bb7c-2f28306de447","block_type":"box","text":"the pricing of these securities and a Fund’s ability to sell these securities in the future. Current","page_number":116,"box":{"x":116,"y":180,"width":701,"height":12}},{"id":"8e860b98-1721-45d9-98be-d77a20e99c2b","block_type":"box","text":"regulations in Saudi Arabian markets may require a Fund to execute trades of securities through a","page_number":116,"box":{"x":117,"y":196,"width":733,"height":12}},{"id":"251a587f-6094-46d7-bb2d-9e05ec7072cd","block_type":"box","text":"single broker. As a result, the Manager will have less flexibility to choose among brokers on behalf of a","page_number":116,"box":{"x":116,"y":211,"width":767,"height":12}},{"id":"e486b2da-7c4f-4f8c-bdaf-7d85879ed39a","block_type":"box","text":"Fund than is typically the case for investment managers.","page_number":116,"box":{"x":117,"y":227,"width":424,"height":12}},{"id":"6b65518e-ced7-481e-af6d-69d356f4df8c","block_type":"box","text":"Although the political situation in Saudi Arabia is largely stable, Saudi Arabia has historically","page_number":116,"box":{"x":116,"y":258,"width":687,"height":12}},{"id":"7bc0e9be-c680-4344-8982-14d33fa8cec7","block_type":"box","text":"experienced political instability, and there remains the possibility that the stability will not hold in the","page_number":116,"box":{"x":116,"y":273,"width":741,"height":12}},{"id":"6a45aa5e-7993-4799-a963-aea91c8e9275","block_type":"box","text":"future or that instability in the larger Middle East region could adversely impact the economy of Saudi","page_number":116,"box":{"x":116,"y":289,"width":755,"height":12}},{"id":"f4002fbd-6964-4021-8f44-2e1205b674a1","block_type":"box","text":"Arabia. Instability may be caused by military developments, government interventions in the","page_number":116,"box":{"x":116,"y":304,"width":686,"height":12}},{"id":"9210c2ab-f0c3-49ac-86c0-8ff0a2eeadfe","block_type":"box","text":"marketplace, terrorism, extremist attitudes, attempted social or political reforms, religious differences,","page_number":116,"box":{"x":117,"y":320,"width":755,"height":12}},{"id":"d0efcc35-72c1-4dec-8c52-a4099c025753","block_type":"box","text":"or other factors. Additionally, anti-Western views held by certain groups in the Middle East may","page_number":116,"box":{"x":116,"y":335,"width":710,"height":12}},{"id":"277e5dc5-f968-4064-84cf-848503a1710f","block_type":"box","text":"influence government policies regarding foreign investment. Further developments in U.S. relations","page_number":116,"box":{"x":117,"y":351,"width":740,"height":12}},{"id":"e2ef73ba-b843-45d8-b367-455d17d3c75d","block_type":"box","text":"with Saudi Arabia and other Middle-Eastern countries may affect these attitudes and policies. The U.S.","page_number":116,"box":{"x":116,"y":366,"width":768,"height":12}},{"id":"71275d4f-7a63-4c61-8436-f91db48aa655","block_type":"box","text":"is a significant, and in some cases the most significant, trading partner of, or foreign investor in, Saudi","page_number":116,"box":{"x":117,"y":382,"width":760,"height":12}},{"id":"7e30ee41-842e-45d2-99be-194fd3cb085b","block_type":"box","text":"Arabia. As a result, economic conditions of Saudi Arabia may be particularly affected by changes in the","page_number":116,"box":{"x":116,"y":397,"width":771,"height":12}},{"id":"011452b8-1f1e-4392-a169-66cef0ef81b2","block_type":"box","text":"U.S. economy. A decrease in U.S. imports or exports, new trade and financial regulations or tariffs,","page_number":116,"box":{"x":117,"y":413,"width":738,"height":12}},{"id":"77df0ded-07ba-4b47-a8aa-4ad4563a5193","block_type":"box","text":"changes in the U.S. dollar exchange rate or an economic slowdown in the U.S. may have a material","page_number":116,"box":{"x":116,"y":428,"width":746,"height":12}},{"id":"f0c66db3-799f-418f-b8c3-4d32c115b3f8","block_type":"box","text":"adverse effect on the economic conditions of Saudi Arabia and, as a result, securities to which the","page_number":116,"box":{"x":116,"y":444,"width":733,"height":11}},{"id":"088957a9-1657-49c1-a46b-444480b2fd0b","block_type":"box","text":"Fund has exposure. Political instability in North Africa and the larger Middle East region has caused","page_number":116,"box":{"x":117,"y":459,"width":743,"height":12}},{"id":"ebe1142e-2dde-447e-9835-3553f840500b","block_type":"box","text":"significant disruptions to many industries. Continued political and social unrest in these areas may","page_number":116,"box":{"x":116,"y":475,"width":732,"height":12}},{"id":"2082c1f1-7962-4898-8463-745e7a9fb231","block_type":"box","text":"negatively affect the value of securities in a Fund’s portfolio.","page_number":116,"box":{"x":117,"y":490,"width":449,"height":12}},{"id":"cb7188aa-56ee-47ce-8fea-24fafd985104","block_type":"box","text":"Certain issuers located in Saudi Arabia may operate in, or have dealings with, countries subject to","page_number":116,"box":{"x":117,"y":521,"width":731,"height":12}},{"id":"099b75eb-2f27-4526-a365-172f41a4a459","block_type":"box","text":"sanctions and/or embargoes imposed by the U.S. Government and the United Nations and/or countries","page_number":116,"box":{"x":116,"y":537,"width":772,"height":12}},{"id":"eab103dd-3597-49bf-bd3c-eae176ba0c16","block_type":"box","text":"identified by the U.S. Government as state sponsors of terrorism. As a result, an issuer may sustain","page_number":116,"box":{"x":117,"y":552,"width":744,"height":12}},{"id":"8f507a78-11a1-43d8-acbb-aedc832d040a","block_type":"box","text":"damage to its reputation if it is identified as an issuer which operates in, or has dealings with, such","page_number":116,"box":{"x":116,"y":568,"width":734,"height":12}},{"id":"f24c9a06-5d6c-46c3-92ea-2f9da48e3399","block_type":"box","text":"countries. A Fund, as an investor in such issuers will be indirectly subject to those risks.","page_number":116,"box":{"x":116,"y":583,"width":655,"height":12}},{"id":"c40e895f-74d3-4b84-96fb-5794ed407989","block_type":"box","text":"Risks of Investing in Venezuela.","page_number":116,"box":{"x":116,"y":614,"width":237,"height":12}},{"id":"bd8e97bd-ad8e-4839-891a-7c17eb2c40c8","block_type":"box","text":"Investment in Venezuela may subject a Fund to legal, regulatory,","page_number":116,"box":{"x":354,"y":614,"width":493,"height":12}},{"id":"96a175c2-b50f-48bb-a272-bf0d9ee207e1","block_type":"box","text":"political, currency, security, expropriation and/or nationalization of assets and economic risk specific to","page_number":116,"box":{"x":117,"y":630,"width":764,"height":12}},{"id":"e08af7b7-82f5-4809-9e3f-c81c895a3cd2","block_type":"box","text":"Venezuela. Venezuela is extremely well endowed with natural resources, including oil and natural gas,","page_number":116,"box":{"x":116,"y":645,"width":765,"height":12}},{"id":"d622cc6b-ffb9-4e16-a398-90f10caf1450","block_type":"box","text":"and its economy is heavily dependent on export of natural resources to key trading partners. Any act of","page_number":116,"box":{"x":116,"y":661,"width":766,"height":12}},{"id":"8884bade-5360-439f-8c52-c261035c9ddd","block_type":"box","text":"terrorism, an armed conflict or a breakdown of a key trading relationship that disrupts the production or","page_number":116,"box":{"x":116,"y":676,"width":763,"height":12}},{"id":"1e9456e0-c76a-4814-974d-9c47d7a71394","block_type":"box","text":"export of natural resources will likely negatively affect the Venezuelan economy. The government","page_number":116,"box":{"x":116,"y":692,"width":723,"height":12}},{"id":"e06aa6d7-a9cd-40dc-bad8-6d02323b67f0","block_type":"box","text":"continues to control key sectors of the economy, including upstream oil and gas production, and has","page_number":116,"box":{"x":116,"y":707,"width":744,"height":12}},{"id":"3770f6eb-d8bc-455b-bcdc-3185d1ad99a9","block_type":"box","text":"sought to increase its role in key sectors, such as telecommunications and steel. Meanwhile,","page_number":116,"box":{"x":116,"y":723,"width":686,"height":12}},{"id":"5dd44b3e-2574-4b70-af63-2eaf83d4a8ae","block_type":"box","text":"ambiguities in the investment environment remain, such as continued high levels of bureaucracy and","page_number":116,"box":{"x":116,"y":738,"width":747,"height":12}},{"id":"8a410633-1d1c-48b4-9931-d2aba99814fe","block_type":"box","text":"corruption, large macroeconomic imbalances, and political and policy uncertainty. Friction continues","page_number":116,"box":{"x":116,"y":754,"width":741,"height":12}},{"id":"e685d969-0642-4ea8-8d56-17f19ad6a633","block_type":"box","text":"between the governments of the U.S. and Venezuela. The U.S. has imposed economic sanctions,","page_number":116,"box":{"x":117,"y":769,"width":725,"height":12}},{"id":"c9c55f86-3953-4145-b253-2c3e01c8fdd1","block_type":"box","text":"which consist of asset freezes and sectoral sanctions, on certain Venezuelan individuals and","page_number":116,"box":{"x":116,"y":785,"width":687,"height":11}},{"id":"20b5529f-6b80-43dd-b9c8-e080dddf9f41","block_type":"box","text":"Venezuelan corporate entities, and on the Venezuelan government. The U.S. could also institute","page_number":116,"box":{"x":116,"y":800,"width":717,"height":12}},{"id":"2757a8cf-4851-4ffe-938d-09da21123d7c","block_type":"box","text":"broader sanctions on Venezuela. The U.S. has also taken military action against Venezuela in an effort","page_number":116,"box":{"x":117,"y":816,"width":764,"height":12}},{"id":"06ad888f-8b1d-428c-808c-c3f09bcc96f8","block_type":"box","text":"to effect regime change. Military action, sanctions, or even the threat of further military action and","page_number":116,"box":{"x":116,"y":831,"width":727,"height":12}},{"id":"206b32c2-e857-435c-9900-f27996611307","block_type":"box","text":"sanctions, may result in the decline of the value and liquidity of Venezuelan securities, a weakening of","page_number":116,"box":{"x":116,"y":847,"width":762,"height":12}},{"id":"4fbc744d-b115-4475-8782-2761c2d30bae","block_type":"box","text":"the bolivar or other adverse consequences to the Venezuelan economy. These sanctions impair the","page_number":116,"box":{"x":116,"y":862,"width":746,"height":12}},{"id":"e253b088-ec2c-4661-8fbc-c609606561e7","block_type":"box","text":"ability of a Fund to buy, sell, receive or deliver those securities and/or assets. Additional sanctions","page_number":116,"box":{"x":116,"y":878,"width":732,"height":12}},{"id":"cfef6e55-a5cf-46ce-b7b1-1a13970cbcb1","block_type":"box","text":"II-51","page_number":116,"box":{"x":484,"y":909,"width":29,"height":9}},{"id":"0f7c7e53-0c19-4bb7-974e-f8e97dbcbc39","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":116,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"c2c67b17-0787-4d94-8efb-e398e585e830","block_type":"box","text":"against Venezuela may in the future be imposed by the U.S. or other countries. These factors, among","page_number":117,"box":{"x":116,"y":87,"width":761,"height":12}},{"id":"0babfbba-9c7b-46cf-a996-62f8e3497aa9","block_type":"box","text":"others, can have a negative impact on a Fund’s investments.","page_number":117,"box":{"x":116,"y":103,"width":457,"height":12}},{"id":"0ac54e2f-da3b-4060-83ee-02b1e1e94e82","block_type":"box","text":"Brady Bonds.","page_number":117,"box":{"x":116,"y":135,"width":97,"height":12}},{"id":"bae97635-3376-4abe-82d7-3282663baf9e","block_type":"box","text":"Certain Funds may invest in Brady Bonds. A Fund’s emerging market debt securities may","page_number":117,"box":{"x":215,"y":135,"width":661,"height":12}},{"id":"36d23b56-7a12-4113-9bac-0d13617d5dfc","block_type":"box","text":"include emerging market governmental debt obligati","page_number":117,"box":{"x":117,"y":151,"width":376,"height":11}},{"id":"e63b6572-c237-4e24-b4ab-f42c729eab9b","block_type":"box","text":"ons commonly referred to as Brady Bonds. Brady","page_number":117,"box":{"x":494,"y":150,"width":364,"height":12}},{"id":"8bd3c6d8-31f3-40e4-a6e8-98c86d097b9e","block_type":"box","text":"Bonds are securities created through the exchange of existing commercial bank loans to sovereign","page_number":117,"box":{"x":117,"y":166,"width":722,"height":12}},{"id":"3a605acc-54b4-4df1-9359-0248f285e405","block_type":"box","text":"entities for new obligations in connection with debt","page_number":117,"box":{"x":116,"y":181,"width":365,"height":12}},{"id":"72f0e57d-2cf4-44d3-a1c4-e14da1ee3566","block_type":"box","text":"t restructurings under a debt restructuring plan","page_number":117,"box":{"x":481,"y":182,"width":338,"height":11}},{"id":"922e974a-71fe-4a1f-8176-73c17e9d3b4c","block_type":"box","text":"introduced by former U.S. Secretary of the Treasury,","page_number":117,"box":{"x":117,"y":197,"width":380,"height":12}},{"id":"95bf0c1e-e5b3-4bf7-a0d7-5356280a4e84","block_type":"box","text":"Nicholas F. Brady (the “Brady Plan”). Brady Plan","page_number":117,"box":{"x":498,"y":197,"width":364,"height":12}},{"id":"236fdd3d-686a-4887-92f6-60efcb195f2b","block_type":"box","text":"debt restructurings have been implemented in a number of","page_number":117,"box":{"x":116,"y":212,"width":427,"height":12}},{"id":"278299ef-3009-4cd2-a885-db238409d545","block_type":"box","text":"f countries, including: Argentina, Bolivia, Brazil,","page_number":117,"box":{"x":542,"y":213,"width":342,"height":11}},{"id":"6e35741e-0cc7-4226-82d5-b1316de4b493","block_type":"box","text":"Bulgaria, Costa Rica, the Dominican Republic, Ecuado","page_number":117,"box":{"x":117,"y":228,"width":396,"height":12}},{"id":"bd49ac0d-c7b8-4ae2-8d1b-102b3bfdac08","block_type":"box","text":"r, Jordan, Mexico, Niger, Nigeria, Panama, Peru,","page_number":117,"box":{"x":515,"y":228,"width":359,"height":12}},{"id":"e7e563d8-d9f8-4659-ac09-a33dbacad851","block_type":"box","text":"the Philippines, Poland, Uruguay, Venezuela, and Vietnam. Beginning in the early 2000s, certain","page_number":117,"box":{"x":116,"y":244,"width":707,"height":11}},{"id":"4abf0792-8045-4700-bf42-bcec8855701d","block_type":"box","text":"countries began retiring their Brady Bonds, includi","page_number":117,"box":{"x":116,"y":259,"width":361,"height":12}},{"id":"b1e52d7e-4ef2-435e-9053-271dddb8f051","block_type":"box","text":"ng Brazil, Colombia, Mexico, the Philippines, and","page_number":117,"box":{"x":480,"y":259,"width":360,"height":12}},{"id":"735a6812-c3a8-4f7b-8c01-fbedb75e40ba","block_type":"box","text":"Venezuela.","page_number":117,"box":{"x":116,"y":275,"width":87,"height":9}},{"id":"af17d91c-472c-4eb4-a45e-c448b8f04d94","block_type":"box","text":"Brady Bonds may be collateralized or uncollateralized, are issued in various currencies (primarily the","page_number":117,"box":{"x":117,"y":307,"width":758,"height":12}},{"id":"b8f17712-574f-4bc1-b9f0-27de33174820","block_type":"box","text":"U.S. dollar) and are actively traded in the OTC secondary market. Brady Bonds are not considered to","page_number":117,"box":{"x":117,"y":322,"width":762,"height":12}},{"id":"9d017633-bcfe-4497-9238-28eb11cbcae7","block_type":"box","text":"be U.S. Government Securities. U.S. dollar-denominated, collateralized Brady Bonds, which may be","page_number":117,"box":{"x":117,"y":338,"width":754,"height":12}},{"id":"eff82584-4884-460c-9e5d-ad5db4b2e0c6","block_type":"box","text":"fixed rate par bonds or floating rate discount bonds, are generally collateralized in full as to principal","page_number":117,"box":{"x":116,"y":353,"width":751,"height":12}},{"id":"a57cd1fb-b3b6-4674-8c1e-1f431ff45a05","block_type":"box","text":"by U.S. Treasury zero-coupon bonds having the same maturity as the Brady Bonds. Interest","page_number":117,"box":{"x":117,"y":369,"width":694,"height":12}},{"id":"4428945d-d660-4987-9647-bd04b543983e","block_type":"box","text":"payments on these Brady Bonds generally are collateralized on a one-year or longer rolling-forward","page_number":117,"box":{"x":117,"y":384,"width":749,"height":12}},{"id":"ee7cc66a-6386-434a-824c-0bf66dc3c81b","block_type":"box","text":"basis by cash or securities in an amount that, in the case of fixed rate bonds, is equal to at least one","page_number":117,"box":{"x":117,"y":400,"width":753,"height":12}},{"id":"55c4032e-ccc8-4cc1-921d-c3878710d63d","block_type":"box","text":"year of interest payments or, in the case of floating rate bonds, initially is equal to at least one year’s","page_number":117,"box":{"x":116,"y":415,"width":754,"height":12}},{"id":"f17f37bc-ab5d-4b44-ac61-37e1686a832e","block_type":"box","text":"interest payments based on the applicable interest rate at that time and is adjusted at regular intervals","page_number":117,"box":{"x":117,"y":431,"width":767,"height":12}},{"id":"55d66b2a-3b67-4823-acca-4ed97347021b","block_type":"box","text":"thereafter. Certain Brady Bonds are entitled to “value recovery payments” in certain circumstances,","page_number":117,"box":{"x":116,"y":446,"width":747,"height":12}},{"id":"f706fba6-4187-446b-a4bd-1bdae0bc58a6","block_type":"box","text":"which in effect constitute supplemental interest payments but generally are not collateralized. Brady","page_number":117,"box":{"x":116,"y":462,"width":751,"height":12}},{"id":"3bb5a25c-6391-44e8-92ac-04a159165da0","block_type":"box","text":"Bonds are often viewed as having three or four valuation components: (i) the collateralized repayment","page_number":117,"box":{"x":117,"y":477,"width":767,"height":12}},{"id":"c4b27c8a-ec62-489d-847c-6a2ce475f58b","block_type":"box","text":"of principal at final maturity; (ii) the collateralized interest payments; (iii) the uncollateralized interest","page_number":117,"box":{"x":116,"y":493,"width":749,"height":12}},{"id":"5e2e8311-8368-4950-a285-cbdaa719007d","block_type":"box","text":"payments; and (iv) any uncollateralized repayment of principal at maturity (the uncollateralized","page_number":117,"box":{"x":117,"y":508,"width":710,"height":12}},{"id":"3520d4a1-cf42-4d69-93e9-a3279c4656bc","block_type":"box","text":"amounts constitute the “residual risk”).","page_number":117,"box":{"x":116,"y":524,"width":292,"height":12}},{"id":"59670393-6a36-46ed-b9ec-667210cad2a7","block_type":"box","text":"Brady Bonds involve various risk factors described above associated with investing in foreign","page_number":117,"box":{"x":117,"y":556,"width":695,"height":12}},{"id":"213a652a-9e9e-4e6c-ac21-91a4b54fc824","block_type":"box","text":"securities, including the history of defaults with respect to commercial bank loans by public and private","page_number":117,"box":{"x":116,"y":572,"width":765,"height":12}},{"id":"1106fcd7-3cfa-41f1-a989-c15d386da4de","block_type":"box","text":"entities of countries issuing Brady Bonds. In light of the residual risk of Brady Bonds and, among other","page_number":117,"box":{"x":116,"y":587,"width":764,"height":12}},{"id":"0fd8ca82-e3f8-4269-ab42-b92c66732755","block_type":"box","text":"factors, the history of defaults, investments in Brady Bonds are considered speculative. There can be","page_number":117,"box":{"x":116,"y":603,"width":756,"height":12}},{"id":"a747a62c-4306-4b09-b9ee-8bba8ff8dfa0","block_type":"box","text":"no assurance that Brady Bonds in which the Funds may invest will not be subject to restructuring","page_number":117,"box":{"x":117,"y":618,"width":723,"height":12}},{"id":"18fea615-e95a-49cc-9331-8cce229bc0cf","block_type":"box","text":"arrangements or to requests for new credit, which may cause the Funds to suffer a loss of interest or","page_number":117,"box":{"x":116,"y":634,"width":752,"height":12}},{"id":"8830e162-26b3-4a20-aaa3-c4efb4f985a0","block_type":"box","text":"principal on any of its holdings.","page_number":117,"box":{"x":117,"y":649,"width":234,"height":12}},{"id":"07b85b20-070e-4724-94a7-36e46730e8bf","block_type":"box","text":"China Investments Risk.","page_number":117,"box":{"x":117,"y":682,"width":178,"height":9}},{"id":"7fd6a096-e0cf-4836-accb-7fc7d97ea867","block_type":"box","text":"Investments in securities of companies domiciled in the People’s Republic of China (“China” or the","page_number":117,"box":{"x":117,"y":705,"width":729,"height":13}},{"id":"bc71e741-e4a9-4ee8-b623-983e4c264aa5","block_type":"box","text":"“PRC”), including certain Hong Kong-listed and U.S.-listed securities, involve a high degree of risk and","page_number":117,"box":{"x":116,"y":721,"width":758,"height":12}},{"id":"8e247b09-f003-48be-b5f3-e4f14563aa91","block_type":"box","text":"special considerations not typically associated with investing in the U.S. securities markets. Such","page_number":117,"box":{"x":116,"y":736,"width":719,"height":13}},{"id":"f4239928-08c1-4ac5-b95d-18bdbcbc80ba","block_type":"box","text":"heightened risks include, among others, an authoritarian government, popular unrest associated with","page_number":117,"box":{"x":117,"y":752,"width":747,"height":12}},{"id":"3c654a1a-9938-45aa-bc3b-c7c47748c6e9","block_type":"box","text":"demands for improved political, economic and social conditions, the impact of regional conflict on the","page_number":117,"box":{"x":116,"y":767,"width":748,"height":13}},{"id":"57fa4997-5df3-48ab-bb1b-dd47437b065b","block_type":"box","text":"economy and hostile relations with other countries.","page_number":117,"box":{"x":116,"y":783,"width":376,"height":12}},{"id":"5fd26471-71bd-4d9e-86e8-88b388a06654","block_type":"box","text":"Military conflicts, either in response to internal social unrest or conflicts with other countries, could","page_number":117,"box":{"x":117,"y":815,"width":723,"height":12}},{"id":"789c80a6-bbe1-4264-a505-0205c0f280a4","block_type":"box","text":"disrupt economic development. The Chinese economy is vulnerable to the long-running disagreements","page_number":117,"box":{"x":116,"y":831,"width":769,"height":12}},{"id":"f0d30fcf-659d-469a-8b30-e02934566030","block_type":"box","text":"and religious and nationalist disputes with Tibet and the Xinjiang region. Since 1997, there have been","page_number":117,"box":{"x":116,"y":846,"width":758,"height":12}},{"id":"a29bfbf9-c707-414a-ab1c-7c8d3bf871ab","block_type":"box","text":"tensions between the Chinese government and many people in Hong Kong who perceive China as","page_number":117,"box":{"x":116,"y":862,"width":738,"height":12}},{"id":"eb2dcb8c-cc61-48fa-8d91-238e4f94e598","block_type":"box","text":"tightening control over Hong Kong’s semi-autonomous liberal political, economic, legal, and social","page_number":117,"box":{"x":116,"y":878,"width":731,"height":11}},{"id":"2b68827f-7601-4b15-96e3-2378797267e6","block_type":"box","text":"II-52","page_number":117,"box":{"x":484,"y":909,"width":31,"height":9}},{"id":"3dc74e5a-9b4c-4a69-bcd4-376d66704381","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":117,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"38ffdcc7-74e4-428e-b9c9-92d05a8c3c7b","block_type":"box","text":"framework. Protests and unrest have increased tensions even further. Due to the interconnected","page_number":118,"box":{"x":116,"y":87,"width":721,"height":10}},{"id":"b52480da-58a4-4716-8a7a-3e35a6f445b6","block_type":"box","text":"nature of the Hong Kong and Chinese economies, this instability in Hong Kong may cause uncertainty","page_number":118,"box":{"x":117,"y":102,"width":761,"height":13}},{"id":"12b14955-b66f-4d36-8f9b-0833e4bea8ea","block_type":"box","text":"in the Hong Kong and Chinese markets. China has a complex territorial dispute regarding the","page_number":118,"box":{"x":117,"y":118,"width":697,"height":12}},{"id":"f3a0f4ab-6122-45dc-809e-3ab68429c9b5","block_type":"box","text":"sovereignty of Taiwan and has made threats of invasion. Taiwan-based companies and individuals are","page_number":118,"box":{"x":116,"y":134,"width":767,"height":12}},{"id":"25818ddb-6037-413b-ac60-2ff683f21080","block_type":"box","text":"significant investors in China. The continuing hostility between China and Taiwan may have an adverse","page_number":118,"box":{"x":116,"y":149,"width":772,"height":12}},{"id":"866fe138-aee3-4c87-b4a7-e9480e606df9","block_type":"box","text":"impact on the value of the Fund’s investments in China or Taiwan, may cause a suspension in a","page_number":118,"box":{"x":117,"y":165,"width":717,"height":12}},{"id":"aa227143-8b5d-419e-a0a5-21d47f9e31cb","block_type":"box","text":"Fund’s ability to trade in certain securities or other assets or may otherwise make such investments","page_number":118,"box":{"x":117,"y":180,"width":742,"height":12}},{"id":"a542d642-1af0-42a4-b39e-c5a5d6dceb64","block_type":"box","text":"impracticable or impossible. Any escalation of hostility between China and Taiwan would likely have a","page_number":118,"box":{"x":117,"y":196,"width":759,"height":12}},{"id":"6f065d95-3def-45c1-b6ba-383934dcfb75","block_type":"box","text":"significant adverse impact on the value of the Fund’s investments in both countries and the region. In","page_number":118,"box":{"x":116,"y":211,"width":755,"height":12}},{"id":"f275d7b8-ca7d-4b1a-a634-d14cd2074c76","block_type":"box","text":"addition, China has strained international relations with Japan, India, the Philippines and other","page_number":118,"box":{"x":116,"y":227,"width":703,"height":11}},{"id":"8408252c-cade-4f0d-bccb-cd5963e6110a","block_type":"box","text":"neighbors due to territorial disputes, historical animosities and other defense concerns. Frictions","page_number":118,"box":{"x":117,"y":242,"width":717,"height":12}},{"id":"c3d93cfe-1c8d-46a4-a000-a779c269e496","block_type":"box","text":"between China and the Philippines in the South China Sea pose a risk of escalation potentially leading","page_number":118,"box":{"x":117,"y":258,"width":765,"height":12}},{"id":"c73f1132-b6c7-4c40-996b-72bf44248248","block_type":"box","text":"to military conflict. Additionally, China is alleged to have participated in state-sponsored cyberattacks","page_number":118,"box":{"x":116,"y":273,"width":752,"height":12}},{"id":"fb134f0b-7387-4fcb-9e7a-9face2356a77","block_type":"box","text":"against foreign companies and foreign governments. Actual and threatened responses to such activity","page_number":118,"box":{"x":116,"y":289,"width":763,"height":12}},{"id":"c6d60a11-9869-40e1-80ac-51c047fe2cb1","block_type":"box","text":"and strained international relations, including purchasing restrictions, sanctions, tariffs or cyberattacks","page_number":118,"box":{"x":116,"y":304,"width":760,"height":12}},{"id":"3b5d9a7f-37ca-4b6e-88bc-f7c73218a6ad","block_type":"box","text":"on the Chinese government or Chinese companies, may impact China’s economy and Chinese issuers","page_number":118,"box":{"x":116,"y":320,"width":769,"height":12}},{"id":"a92c3f37-d327-4e01-9f04-120f6cd2be2d","block_type":"box","text":"of securities in which a Fund invests. China could be affected by military events on the Korean","page_number":118,"box":{"x":116,"y":335,"width":705,"height":12}},{"id":"c1f1a78a-5947-40e4-bab2-2a50b6c70b1c","block_type":"box","text":"peninsula or internal instability within North Korea. These situations may cause uncertainty in the","page_number":118,"box":{"x":117,"y":351,"width":723,"height":12}},{"id":"10eb07b6-7540-4ecf-a10c-072af1ad134d","block_type":"box","text":"Chinese market and may adversely affect the performance of the Chinese economy.","page_number":118,"box":{"x":117,"y":366,"width":631,"height":12}},{"id":"0bf7e7af-c451-4e0a-8f70-02c6fa30263a","block_type":"box","text":"The Chinese government has implemented economic reforms in order to liberalize trade policy,","page_number":118,"box":{"x":116,"y":393,"width":712,"height":12}},{"id":"90bc3299-88dc-4a89-b95e-3b37a19a738f","block_type":"box","text":"promote foreign investment in the economy, reduce government control of the economy and develop","page_number":118,"box":{"x":117,"y":409,"width":752,"height":12}},{"id":"c45c31e1-c23b-4823-a691-b7db371a2ef4","block_type":"box","text":"market mechanisms. However, the Chinese government still exercises substantial influence over many","page_number":118,"box":{"x":117,"y":424,"width":768,"height":12}},{"id":"1946d0fd-c1e5-409f-85be-ceeff2e82e6c","block_type":"box","text":"aspects of the private sector and may own or control many companies. Chinese companies, such as","page_number":118,"box":{"x":116,"y":440,"width":751,"height":12}},{"id":"8ce7c371-a2db-4a3b-afb1-7e0b59a2187d","block_type":"box","text":"those in the financial services or technology sectors, and potentially other sectors in the future, are","page_number":118,"box":{"x":116,"y":455,"width":736,"height":12}},{"id":"344dba65-a4c9-410a-b853-671080a21da0","block_type":"box","text":"subject to the risk that Chinese authorities can intervene in their operations and structure. The Chinese","page_number":118,"box":{"x":116,"y":471,"width":769,"height":12}},{"id":"8988c774-8570-4488-9cbc-1c8c5500c30a","block_type":"box","text":"government continues to maintain a major role in economic policymaking and investing in China","page_number":118,"box":{"x":116,"y":486,"width":717,"height":12}},{"id":"0343eaae-a6e7-4b39-a878-a356b200b986","block_type":"box","text":"involves risk of loss due to expropriation, nationalization, confiscation of assets and property or the","page_number":118,"box":{"x":117,"y":502,"width":736,"height":12}},{"id":"3ab55ffd-3889-42e9-bd9c-46c55c95b00c","block_type":"box","text":"imposition of restrictions on foreign investments and on repatriation of capital invested.","page_number":118,"box":{"x":117,"y":517,"width":647,"height":12}},{"id":"ac367117-c2b7-47d6-88e4-8026cb9f2651","block_type":"box","text":"The Chinese government may intervene in the Chinese financial markets, such as by the imposition of","page_number":118,"box":{"x":116,"y":544,"width":764,"height":12}},{"id":"8f420684-f81b-4277-93e8-82c46d64573c","block_type":"box","text":"trading restrictions, a ban on “naked” short selling or the suspension of short selling for certain stocks.","page_number":118,"box":{"x":116,"y":560,"width":761,"height":12}},{"id":"9425a250-cc8c-4a0d-a239-c76c344c4aae","block_type":"box","text":"This may affect market price and liquidity of these stocks, and may have an unpredictable impact on","page_number":118,"box":{"x":116,"y":575,"width":748,"height":12}},{"id":"3a977f70-03a2-40bf-a6e4-36b290d6ba31","block_type":"box","text":"the investment activities of the Funds. Furthermore, such market interventions may have a negative","page_number":118,"box":{"x":116,"y":591,"width":745,"height":12}},{"id":"cdfdb740-b5c4-4bbe-9502-e3851d0cb17d","block_type":"box","text":"impact on market sentiment which may in turn affect the performance of the securities markets and as","page_number":118,"box":{"x":117,"y":606,"width":762,"height":12}},{"id":"b88451d9-7c48-4b2d-a3f4-217f21b4da91","block_type":"box","text":"a result the performance of the Funds.","page_number":118,"box":{"x":116,"y":622,"width":290,"height":12}},{"id":"ec52f5e8-023e-460a-a0dd-486fe11641d1","block_type":"box","text":"In addition, there is less regulation and monitoring of Chinese securities markets and the activities of","page_number":118,"box":{"x":117,"y":649,"width":749,"height":12}},{"id":"9a716788-0418-4afe-85e2-0ec5407e8f23","block_type":"box","text":"investors, brokers and other participants than in the United States. Accordingly, issuers of securities in","page_number":118,"box":{"x":117,"y":665,"width":757,"height":12}},{"id":"b72c859a-5476-4534-85bf-10c0e87c61d4","block_type":"box","text":"China, including Chinese companies that are listed on U.S. exchanges, are not subject to the same","page_number":118,"box":{"x":117,"y":680,"width":735,"height":12}},{"id":"140c0c71-710b-4212-a43a-ea066c6a96b7","block_type":"box","text":"degree of regulation as are U.S. issuers with respect to such matters as insider trading rules, tender","page_number":118,"box":{"x":116,"y":696,"width":742,"height":12}},{"id":"a924187c-aaf9-47fb-becb-c0484d1b54f8","block_type":"box","text":"offer regulation, accounting standards or auditor oversight, stockholder proxy requirements and the","page_number":118,"box":{"x":116,"y":711,"width":735,"height":12}},{"id":"ff6a83e7-4a01-48a0-ade6-6541d3e09794","block_type":"box","text":"requirements mandating timely and accurate disclosure of information. Securities markets in China are","page_number":118,"box":{"x":117,"y":727,"width":761,"height":12}},{"id":"f58e377e-de02-4bbb-a820-a6e2e3c53443","block_type":"box","text":"in the process of change and further development. This may lead to trading volatility, difficulty in the","page_number":118,"box":{"x":117,"y":742,"width":738,"height":12}},{"id":"11d9fce8-c0a8-45a8-85e7-78851561ddc6","block_type":"box","text":"settlement and recording of transactions and difficulty in interpreting and applying the relevant","page_number":118,"box":{"x":116,"y":758,"width":697,"height":12}},{"id":"4984ccb4-92ec-420e-84a2-0dab6cd5fb7b","block_type":"box","text":"regulation. Custodians may not be able to offer the level of service and safe-keeping in relation to the","page_number":118,"box":{"x":117,"y":773,"width":750,"height":12}},{"id":"9ac79bc8-ed03-42af-952f-8389989935b4","block_type":"box","text":"settlement and administration of securities in China that is customary in more developed markets. In","page_number":118,"box":{"x":116,"y":789,"width":743,"height":12}},{"id":"e220cbc3-92c6-4061-abf9-cf4b5cc68f3f","block_type":"box","text":"particular, there is a risk that a Fund may not be recognized as the owner of securities that are held on","page_number":118,"box":{"x":117,"y":804,"width":759,"height":12}},{"id":"2b9a15e7-c767-473f-9567-227e5db9e76f","block_type":"box","text":"behalf of the Fund by a sub-custodian.","page_number":118,"box":{"x":117,"y":820,"width":284,"height":12}},{"id":"ed86a769-fbac-4bc0-a0cc-55096205143a","block_type":"box","text":"There may be significant obstacles to obtaining information necessary for investigations into or","page_number":118,"box":{"x":116,"y":847,"width":707,"height":12}},{"id":"00db9a22-f516-4df0-af68-ff5f937a9e25","block_type":"box","text":"litigation against Chinese companies, and shareholders may have limited legal remedies. The Funds","page_number":118,"box":{"x":117,"y":862,"width":751,"height":12}},{"id":"951ea426-ef72-454d-ad0f-baf14fa8d216","block_type":"box","text":"do not select investments based on investor protection considerations.","page_number":118,"box":{"x":116,"y":878,"width":528,"height":12}},{"id":"1e7ff097-8623-4934-8275-4c8bbf59f2b7","block_type":"box","text":"II-53","page_number":118,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"43599474-3fe4-433f-a9d5-410a76125665","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":118,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"04150a1c-40aa-4f0f-9602-f8c4b147612e","block_type":"box","text":"The Chinese government historically took positions that prevented the U.S. Public Company","page_number":119,"box":{"x":116,"y":87,"width":689,"height":12}},{"id":"bf0a74a3-b602-486c-a579-c742e83fdba7","block_type":"box","text":"Accounting Oversight Board (“PCAOB”) from inspecting the audit work and practices of accounting","page_number":119,"box":{"x":116,"y":102,"width":738,"height":13}},{"id":"715ecc58-3b1b-4e3e-9a47-67f507b40ab6","block_type":"box","text":"firms in mainland China and Hong Kong for compliance with U.S. law and professional standards. On","page_number":119,"box":{"x":116,"y":118,"width":756,"height":12}},{"id":"2c3c09f9-d849-4a99-bc72-47195a716315","block_type":"box","text":"August 26, 2022, the PCAOB signed a Statement of Protocol with the China Securities Regulatory","page_number":119,"box":{"x":116,"y":134,"width":734,"height":12}},{"id":"a6ac0a0e-ce4b-48a3-b05f-05ca1aed2155","block_type":"box","text":"Commission and the Ministry of Finance of the PRC, which marked the first step toward opening","page_number":119,"box":{"x":117,"y":149,"width":719,"height":12}},{"id":"b47f4070-bab3-4022-94a8-b49b3ee824f1","block_type":"box","text":"access for the PCAOB to inspect and investigate registered public accounting firms headquartered in","page_number":119,"box":{"x":116,"y":165,"width":755,"height":12}},{"id":"dc212aa8-76e4-402d-9d53-bf75755fe786","block_type":"box","text":"mainland China and Hong Kong completely in accordance with U.S. law. However, as this","page_number":119,"box":{"x":117,"y":180,"width":672,"height":12}},{"id":"edbe075a-0b3b-4fe2-bf59-db32c8259d9d","block_type":"box","text":"development is relatively recent, the implementation of the Statement of Protocol remains to be tested.","page_number":119,"box":{"x":116,"y":196,"width":767,"height":12}},{"id":"62ec71f0-bc9a-43de-bf86-39e7f70cd887","block_type":"box","text":"Audits performed by PCAOB-registered accounting firms in mainland China and Hong Kong may be","page_number":119,"box":{"x":116,"y":211,"width":747,"height":12}},{"id":"3cf74ba6-96e4-4b3b-8d32-7debd2a0a462","block_type":"box","text":"less reliable than those performed by firms subject to PCAOB inspection. Accordingly, information","page_number":119,"box":{"x":117,"y":227,"width":730,"height":12}},{"id":"1585ccce-3bb0-40ab-82d2-c55d87204252","block_type":"box","text":"about the Chinese securities in which the Funds invest may be less reliable or complete. Under","page_number":119,"box":{"x":116,"y":242,"width":712,"height":12}},{"id":"177a6d47-1aa7-4ba6-83f1-020dd42d089a","block_type":"box","text":"amendments to the Sarbanes-Oxley Act enacted in December 2020, which requires that the PCAOB","page_number":119,"box":{"x":116,"y":258,"width":752,"height":12}},{"id":"23822fa6-e24a-41fd-908e-2bc4d3fe89da","block_type":"box","text":"be permitted to inspect the accounting firm of a U.S.-listed Chinese issuer, Chinese companies with","page_number":119,"box":{"x":117,"y":273,"width":743,"height":12}},{"id":"3867c713-d9cb-4570-8aec-3a125ad8e08c","block_type":"box","text":"securities listed on U.S. exchanges may be delisted if the PCAOB is unable to inspect the accounting","page_number":119,"box":{"x":116,"y":289,"width":757,"height":12}},{"id":"4f09d552-117c-4420-93aa-b45152bdd792","block_type":"box","text":"firm.","page_number":119,"box":{"x":116,"y":304,"width":37,"height":9}},{"id":"fb9e9326-2eff-4dd4-af87-c0a8181545a3","block_type":"box","text":"The Renminbi (“RMB”) is currently not a freely convertible currency and is subject to foreign exchange","page_number":119,"box":{"x":116,"y":335,"width":763,"height":12}},{"id":"de079353-483e-43c3-b076-bbf3c9aa30ee","block_type":"box","text":"control policies and repatriation restrictions imposed by the Chinese government. The imposition of","page_number":119,"box":{"x":116,"y":351,"width":740,"height":12}},{"id":"c8089ec8-f29d-4abf-96be-9c8c1bee9104","block_type":"box","text":"currency controls may negatively impact performance and liquidity of the Funds as capital may become","page_number":119,"box":{"x":116,"y":366,"width":772,"height":12}},{"id":"a6a5e612-c945-4f81-ac58-855f7b44b726","block_type":"box","text":"trapped in the PRC. The Funds could be adversely affected by delays in, or a refusal to grant, any","page_number":119,"box":{"x":116,"y":382,"width":732,"height":12}},{"id":"a5314ddf-620f-44e1-93ee-889eb3c6e247","block_type":"box","text":"required governmental approval for repatriation of capital, as well as by the application to the Funds of","page_number":119,"box":{"x":117,"y":397,"width":762,"height":12}},{"id":"b6e3854c-83d3-4f68-a5bd-cedad73887e9","block_type":"box","text":"any restrictions on investments. 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These contracts provide the U.S.-","page_number":119,"box":{"x":116,"y":599,"width":749,"height":12}},{"id":"d50eebff-33c0-4209-b65e-d5d01e7d749e","block_type":"box","text":"listed shell company with only economic exposure to the Chinese company and do not represent","page_number":119,"box":{"x":117,"y":614,"width":722,"height":12}},{"id":"ebbd41ba-afb3-4202-aa61-3454d5069b04","block_type":"box","text":"equity ownership in the operating company.","page_number":119,"box":{"x":116,"y":630,"width":329,"height":12}},{"id":"dce13e1e-d0b2-40c7-acb5-2a26aa7e3817","block_type":"box","text":"While VIEs are a longstanding practice that is well known to Chinese officials and regulators, they have","page_number":119,"box":{"x":116,"y":661,"width":765,"height":12}},{"id":"f4daa901-c0ce-4f78-a688-5c9660b63c2d","block_type":"box","text":"not been formally recognized under Chinese law. The Chinese government has provided guidance to","page_number":119,"box":{"x":117,"y":676,"width":749,"height":12}},{"id":"26ffa4e5-6e60-4463-810b-a1fe01041aa0","block_type":"box","text":"and placed restrictions on Chinese-based companies raising capital offshore, including through VIEs.","page_number":119,"box":{"x":116,"y":692,"width":749,"height":12}},{"id":"5fdeadf5-f2a8-405c-a9be-1a5729899968","block_type":"box","text":"In 2023, the China Securities Regulatory Commission (“CSRC”) released new rules that permit the use","page_number":119,"box":{"x":117,"y":707,"width":762,"height":12}},{"id":"e4426b5d-7446-4186-a684-addf6f66aeca","block_type":"box","text":"of VIE structures, provided they abide by Chinese laws and register with the CSRC. The rules,","page_number":119,"box":{"x":116,"y":723,"width":699,"height":12}},{"id":"d457a9e5-f8ec-440f-afaa-3624de6e2a8a","block_type":"box","text":"however, may cause Chinese companies to undergo greater scrutiny and add costs to VIE structures.","page_number":119,"box":{"x":117,"y":738,"width":753,"height":12}},{"id":"19acbd07-7ae7-4c8c-bb18-db714ff76f7f","block_type":"box","text":"Intervention, rulemaking or guidance by the Chinese government with respect to VIE structures or the","page_number":119,"box":{"x":117,"y":754,"width":753,"height":12}},{"id":"edafe373-02fb-41e3-a469-2d5472915b82","block_type":"box","text":"non-enforcement of VIE-related contractual rights could significantly affect the operating company’s","page_number":119,"box":{"x":117,"y":769,"width":736,"height":12}},{"id":"e1839467-808e-400a-be6f-f536755b5a40","block_type":"box","text":"business in China, the enforceability of the U.S.-listed shell company’s contractual arrangements with","page_number":119,"box":{"x":117,"y":785,"width":751,"height":12}},{"id":"eb8b3732-fbad-4993-be7b-e4fe68e2142c","block_type":"box","text":"the Chinese company and the value of the U.S.-listed stock. 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In addition to the risk of government intervention,","page_number":119,"box":{"x":116,"y":831,"width":731,"height":12}},{"id":"62bfcfe5-f4e4-4cb7-b4d9-2449b5c0002b","block_type":"box","text":"investments through a VIE structure are subject to the risk that the China-based company (or its","page_number":119,"box":{"x":117,"y":847,"width":717,"height":12}},{"id":"7f0d147a-c053-4e96-a1be-8560157e0110","block_type":"box","text":"officers, directors, or Chinese equity owners) may breach those contractual arrangements, or Chinese","page_number":119,"box":{"x":116,"y":862,"width":763,"height":12}},{"id":"d2531308-e40b-4015-818b-2965acb14dcb","block_type":"box","text":"law changes in a way that adversely affects the enforceability of these arrangements, or those","page_number":119,"box":{"x":117,"y":878,"width":703,"height":12}},{"id":"fb3b9664-0f08-4a41-831c-0e2aefd234ea","block_type":"box","text":"II-54","page_number":119,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"658ec71e-3d89-42e1-a27f-0e7c867937cf","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":119,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"9158e5ea-0900-439f-923c-b3b2b57dea3c","block_type":"box","text":"contracts are otherwise not enforceable under Chinese law, in which case the Fund may suffer","page_number":120,"box":{"x":116,"y":87,"width":708,"height":12}},{"id":"cead2b1e-a9bb-4a15-b648-c809030e474c","block_type":"box","text":"significant losses on its investments through a VIE structure with little or no recourse available. 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Other economic challenges for China include indebtedness, weak","page_number":120,"box":{"x":116,"y":194,"width":706,"height":12}},{"id":"2fec48e4-29c4-46a6-861c-534774d16833","block_type":"box","text":"consumer demand, trade tensions, and an aging population. China continues to face pressure from its","page_number":120,"box":{"x":116,"y":209,"width":763,"height":12}},{"id":"97f0fb94-42fd-4fc0-940b-24cd5b0597f7","block_type":"box","text":"trading partners over its exporting of its excess industrial capacity and overall approach to economic","page_number":120,"box":{"x":116,"y":225,"width":748,"height":12}},{"id":"49f36fbf-3569-4b03-84a3-fd0d4d9f81c9","block_type":"box","text":"management. China’s economy is heavily dependent on export growth. 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The U.S. also bans imports of goods produced in certain","page_number":120,"box":{"x":116,"y":380,"width":755,"height":12}},{"id":"5ae7650a-8391-43b1-9ffd-a52ce8b1afeb","block_type":"box","text":"regions of China or by certain Chinese companies due to concerns about forced labor. Such","page_number":120,"box":{"x":117,"y":395,"width":688,"height":12}},{"id":"d8407c5b-a106-4d27-8170-06886568f07e","block_type":"box","text":"restrictions may have unanticipated and adverse effects on the Chinese economy and companies. Any","page_number":120,"box":{"x":117,"y":411,"width":767,"height":12}},{"id":"48cd8801-2f9c-4539-9fb9-19919177a7b8","block_type":"box","text":"action that targets Chinese financial markets or securities exchanges could interfere with orderly","page_number":120,"box":{"x":116,"y":426,"width":719,"height":12}},{"id":"7a05aec8-68e7-449c-83be-dc1cf7c6031b","block_type":"box","text":"trading, delay settlement or cause market disruptions. Certain companies may be subject to economic","page_number":120,"box":{"x":116,"y":442,"width":762,"height":12}},{"id":"155263d7-a790-49a6-8b2c-d54da710e1ca","block_type":"box","text":"or trade restrictions (but not investment restrictions) imposed by the U.S. or other governments due to","page_number":120,"box":{"x":116,"y":457,"width":761,"height":12}},{"id":"e9bacf7e-5a70-4ed1-9f36-2a02310f8cc5","block_type":"box","text":"national security, human rights or other concerns of such government. So long as these restrictions do","page_number":120,"box":{"x":117,"y":473,"width":764,"height":12}},{"id":"f98fa6af-d56c-4091-8bc1-3c789f3df88f","block_type":"box","text":"not include restrictions on investments, the Fund may invest in such companies.","page_number":120,"box":{"x":117,"y":489,"width":599,"height":11}},{"id":"b52be1c9-7c5c-47fd-9624-5d94163b54e6","block_type":"box","text":"The tax laws and regulations in the PRC are subject t","page_number":120,"box":{"x":116,"y":518,"width":374,"height":12}},{"id":"ef78b1ad-1e34-4596-8563-d0a0152db8be","block_type":"box","text":"to change, including the issuance of authoritative","page_number":120,"box":{"x":490,"y":518,"width":352,"height":12}},{"id":"fbe631c4-f7df-4122-9c26-e0b11187959a","block_type":"box","text":"guidance or enforcement, possibly with retroactive e","page_number":120,"box":{"x":116,"y":533,"width":370,"height":12}},{"id":"cdaaed21-f4fc-40c5-876d-df761d19fe2e","block_type":"box","text":"ffect. The interpretation, applicability and enforcement","page_number":120,"box":{"x":487,"y":533,"width":386,"height":12}},{"id":"182b7d2e-2c73-4318-835c-86abbaf3cece","block_type":"box","text":"of such laws by PRC tax authorities are not as c","page_number":120,"box":{"x":116,"y":549,"width":341,"height":12}},{"id":"213b4d00-db94-4748-83d5-6bc4fddbd98a","block_type":"box","text":"onsistent and transparent as those of more developed","page_number":120,"box":{"x":458,"y":549,"width":389,"height":12}},{"id":"848a674b-e57d-4624-93df-d879db29881e","block_type":"box","text":"nations, and may vary over time and from region to","page_number":120,"box":{"x":117,"y":564,"width":362,"height":12}},{"id":"7694ce51-7ab3-4e7c-9714-2c5905155fe4","block_type":"box","text":"region. The application and enforcement of PRC tax","page_number":120,"box":{"x":479,"y":564,"width":380,"height":12}},{"id":"8e83ae8c-2c54-4665-98f4-7970a2f95e7d","block_type":"box","text":"rules could have a significant adverse effect on a Fund and","page_number":120,"box":{"x":117,"y":580,"width":423,"height":12}},{"id":"cb2c1930-564c-48f8-8add-f0747f3d0c09","block_type":"box","text":"its investors, particularly in relation to capital","page_number":120,"box":{"x":541,"y":580,"width":316,"height":12}},{"id":"92a92093-022d-467a-aedd-9238625e5440","block_type":"box","text":"gains withholding tax imposed upon non-residents. In","page_number":120,"box":{"x":116,"y":595,"width":383,"height":12}},{"id":"59d697ee-0564-4a56-b857-75845a0c58a3","block_type":"box","text":"addition, the accounting, auditing and financial","page_number":120,"box":{"x":500,"y":595,"width":333,"height":12}},{"id":"bb165606-c312-470d-bb63-3e75dc437735","block_type":"box","text":"reporting standards and practices applicable to Chinese companies may be less rigorous, and may result in","page_number":120,"box":{"x":117,"y":611,"width":767,"height":12}},{"id":"445613f1-4ab2-4040-b636-9734d9409d06","block_type":"box","text":"significant differences between financial stat","page_number":120,"box":{"x":116,"y":626,"width":313,"height":12}},{"id":"ab03a4df-d760-4c0c-aef3-b2db6c5d8e61","block_type":"box","text":"ements prepared in accordance with PRC accounting","page_number":120,"box":{"x":429,"y":626,"width":385,"height":12}},{"id":"87440528-d0e8-48a2-ad6f-addf7aab94b1","block_type":"box","text":"standards and practice and those prepared in acco","page_number":120,"box":{"x":116,"y":642,"width":362,"height":12}},{"id":"fe5fc9f2-2601-4cfa-b31c-ff0e3d39dacc","block_type":"box","text":"rdance with international accounting standards.","page_number":120,"box":{"x":479,"y":642,"width":340,"height":12}},{"id":"29ba6e16-b09b-4dfa-8808-34053885a751","block_type":"box","text":"From time to time and in recent years, China has experienced outbreaks of infectious illnesses and the","page_number":120,"box":{"x":117,"y":671,"width":762,"height":12}},{"id":"ef7c6f36-2fa5-47bb-a72f-1700a48f7a86","block_type":"box","text":"country may be subject to other public health threats, infectious illnesses, diseases or similar issues in","page_number":120,"box":{"x":116,"y":686,"width":757,"height":13}},{"id":"7ee3ea8f-bc43-48f9-a70a-4c970d24b6c2","block_type":"box","text":"the future. Any spread of an infectious illness, public health threat or similar issue could reduce","page_number":120,"box":{"x":116,"y":702,"width":704,"height":12}},{"id":"8f321f73-4b1f-447c-9044-9017a239b0f0","block_type":"box","text":"consumer demand or economic output, result in market closures, travel restrictions or quarantines, and","page_number":120,"box":{"x":116,"y":718,"width":764,"height":11}},{"id":"cfafec65-e501-45c2-8851-df40f14b0193","block_type":"box","text":"generally have a significant impact on the Chinese economy, which in turn could adversely affect a","page_number":120,"box":{"x":116,"y":733,"width":732,"height":12}},{"id":"d9ce25d1-3961-431c-b231-7ac06a50de3a","block_type":"box","text":"Fund’s investments.","page_number":120,"box":{"x":117,"y":749,"width":147,"height":9}},{"id":"248c1711-801f-4c7e-a56e-989b62de9741","block_type":"box","text":"Risk of Investing through Stock Connect","page_number":120,"box":{"x":116,"y":778,"width":300,"height":12}},{"id":"011b89d8-a86d-45bc-9cc7-250dccb83eae","block_type":"box","text":".","page_number":120,"box":{"x":417,"y":786,"width":1,"height":1}},{"id":"f340d785-c5b4-43d3-b8dd-01c9b8ee4162","block_type":"box","text":"General.","page_number":120,"box":{"x":117,"y":800,"width":62,"height":10}},{"id":"59072d9a-42e6-4936-b757-87e85eb01f33","block_type":"box","text":"China A-shares are equity securities of companies domiciled in China that trade on Chinese","page_number":120,"box":{"x":186,"y":800,"width":681,"height":12}},{"id":"7f53e2ae-3a4e-4db7-b20e-f6b83f3944c3","block_type":"box","text":"stock exchanges such as the Shanghai Stock Exchange (“SSE”), the Shenzhen Stock Exchange","page_number":120,"box":{"x":116,"y":816,"width":718,"height":12}},{"id":"19feb0d8-c98d-4726-a475-7555244fe825","block_type":"box","text":"(“SZSE”) and the Beijing Stock Exchange (“BSE”) (“A-shares”). Foreign investment in A-shares on the","page_number":120,"box":{"x":117,"y":831,"width":761,"height":12}},{"id":"94b12451-8615-46e6-a985-b414a34b628d","block_type":"box","text":"SSE and SZSE is not permitted, other than pursuant to available exceptions, such as through a","page_number":120,"box":{"x":116,"y":847,"width":713,"height":12}},{"id":"6fba5cbf-7a81-4160-a289-0f2ab63b652a","block_type":"box","text":"qualified foreign investor approved pursuant to the relevant mainland China laws and regulations as","page_number":120,"box":{"x":116,"y":862,"width":745,"height":12}},{"id":"03843702-9f15-4a90-9627-c2c8130fe6c4","block_type":"box","text":"may be promulgated and/or amended from time to time (“QFI”).","page_number":120,"box":{"x":117,"y":878,"width":474,"height":12}},{"id":"05584ed0-b1aa-40cb-b6e1-2963603dfd8a","block_type":"box","text":"II-55","page_number":120,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"f2ec52a9-6cb2-4179-a37b-117dd9b7adb8","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":120,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"87f9d1f5-2f6b-4abf-acec-24e44b25b013","block_type":"box","text":"Investment in eligible exchange traded funds and A-shares listed and traded on the SSE or SZSE","page_number":121,"box":{"x":117,"y":87,"width":728,"height":12}},{"id":"864c49b7-259b-44f3-91f7-cd5d51620e89","block_type":"box","text":"(“Stock Connect Securities”) is also permitted through the Shanghai-Hong Kong Stock Connect","page_number":121,"box":{"x":117,"y":102,"width":711,"height":13}},{"id":"6adb2cb2-cb73-4ccf-9ece-c6bcc10e2d73","block_type":"box","text":"program or the Shenzhen-Hong Kong Stock Connect program, as applicable (each, a “Stock Connect”","page_number":121,"box":{"x":117,"y":118,"width":764,"height":12}},{"id":"87fe4dc6-342b-4147-8073-31bbefd0dd14","block_type":"box","text":"and collectively, “Stock Connects”). Each Stock Connect is a securities trading and clearing links","page_number":121,"box":{"x":116,"y":134,"width":722,"height":12}},{"id":"2fb63b6c-bcfe-4557-b0e2-9fcb83141c5e","block_type":"box","text":"program established by The Stock Exchange of Hong Kong Limited (“SEHK”), the Hong Kong","page_number":121,"box":{"x":117,"y":149,"width":699,"height":12}},{"id":"a334c71f-38f8-4f36-a0bd-4a26d5b96699","block_type":"box","text":"Securities Clearing Company Limited (“HKSCC”), the SSE or SZSE, as applicable, and China","page_number":121,"box":{"x":116,"y":165,"width":700,"height":12}},{"id":"865e86e8-480b-40cb-a4bf-8f0904fa8b28","block_type":"box","text":"Securities Depository and Clearing Corporation Limited (“CSDCC”) that aims to provide mutual stock","page_number":121,"box":{"x":116,"y":180,"width":753,"height":12}},{"id":"cd5a01e3-5707-4973-bf5a-2cea3992f513","block_type":"box","text":"market access between the PRC and Hong Kong by permitting investors to trade and settle shares on","page_number":121,"box":{"x":117,"y":196,"width":761,"height":12}},{"id":"3ab2f9bb-0d9c-4d74-b3a4-2d412fec6a59","block_type":"box","text":"each market through their local securities brokers. Under Stock Connects, a Fund’s trading of Stock","page_number":121,"box":{"x":116,"y":211,"width":746,"height":12}},{"id":"4c6e50c4-5d23-484c-bca4-077f832a26c0","block_type":"box","text":"Connect Securities listed on the SSE or SZSE, as applicable, would be effectuated through its Hong","page_number":121,"box":{"x":117,"y":227,"width":747,"height":12}},{"id":"4f47a138-4a12-4378-bb37-c6fa4e8fd07c","block_type":"box","text":"Kong broker and a securities trading service company established by SEHK.","page_number":121,"box":{"x":117,"y":242,"width":572,"height":12}},{"id":"6e830074-677a-424d-ba64-677a4e7094bb","block_type":"box","text":"Although no individual investment quotas or licensing requirements apply to investors in Stock","page_number":121,"box":{"x":116,"y":273,"width":703,"height":12}},{"id":"cbd900c2-9be7-4d49-91f7-f914897b9e05","block_type":"box","text":"Connect, trading through a Stock Connect’s Northbound Trading Link is subject to daily investment","page_number":121,"box":{"x":117,"y":289,"width":738,"height":12}},{"id":"ad6fbf9f-c6b3-4634-b6d0-55084bc46c1d","block_type":"box","text":"quota limitations which require that buy orders for Stock Connect Securities be rejected once the daily","page_number":121,"box":{"x":116,"y":304,"width":761,"height":12}},{"id":"c1e443ce-d9aa-4865-a94a-665cd1170987","block_type":"box","text":"quota is exceeded (although a Fund will be permitted to sell their Stock Connect Securities regardless","page_number":121,"box":{"x":116,"y":320,"width":761,"height":12}},{"id":"8479cd67-b52e-4719-8c48-39e1f725b34c","block_type":"box","text":"of the quota). These limitations may restrict a Fund from investing in Stock Connect Securities on a","page_number":121,"box":{"x":116,"y":335,"width":741,"height":12}},{"id":"8c5dbda5-20f9-45b4-8960-4b4b11915d11","block_type":"box","text":"timely basis, which could affect the Fund’s ability to effectively pursue its investment strategy.","page_number":121,"box":{"x":116,"y":351,"width":698,"height":12}},{"id":"c90769bf-545a-4d31-a16b-18206167fec6","block_type":"box","text":"Investment quotas are also subject to change. Investment in Stock Connect Securities through a Stock","page_number":121,"box":{"x":117,"y":366,"width":767,"height":12}},{"id":"15c1d8d1-aeb8-403d-a668-8b6036960d7d","block_type":"box","text":"Connect is subject to trading, clearance and settlement procedures that could pose risks to a Fund.","page_number":121,"box":{"x":117,"y":382,"width":741,"height":12}},{"id":"e6e472a4-d3a6-453a-bd44-be2fac689062","block_type":"box","text":"Stock Connect Securities purchased through Stock Connects generally may not be sold or otherwise","page_number":121,"box":{"x":116,"y":397,"width":753,"height":12}},{"id":"d3e2da9c-acf2-4037-af39-8be120f0d275","block_type":"box","text":"transferred other than through Stock Connects in accordance with applicable rules. For example, the","page_number":121,"box":{"x":116,"y":413,"width":752,"height":12}},{"id":"15ea55d7-3951-48bf-8818-aeb38c7aef06","block_type":"box","text":"PRC regulations require that in order for an investor to sell any Stock Connect Securities on a certain","page_number":121,"box":{"x":117,"y":428,"width":755,"height":12}},{"id":"951657af-a771-405a-a846-a855f67fe83c","block_type":"box","text":"trading day, there must be sufficient Stock Connect Securities in the investor’s account before the","page_number":121,"box":{"x":116,"y":444,"width":730,"height":12}},{"id":"56b5407a-4b73-470d-8cb5-011d231b77c8","block_type":"box","text":"market opens on that day. If there are insufficient Stock Connect Securities in the investor’s account,","page_number":121,"box":{"x":117,"y":459,"width":751,"height":12}},{"id":"33a1f62e-480d-4171-ab1b-c6b8b20cf223","block_type":"box","text":"the sell order will be rejected by the SSE or SZSE, as applicable. SEHK carries out pre-trade checking","page_number":121,"box":{"x":116,"y":475,"width":765,"height":12}},{"id":"442cd8be-e0a4-4642-844d-9c12e69077e3","block_type":"box","text":"on sell orders of certain stocks listed on the SSE market (“SSE Securities”) or SZSE market (“SZSE","page_number":121,"box":{"x":116,"y":490,"width":746,"height":12}},{"id":"ecb6933a-26f7-45f1-8b53-902bcd0bc2cb","block_type":"box","text":"Securities”) of its participants (i.e., stock brokers) to ensure that this requirement is satisfied. While","page_number":121,"box":{"x":116,"y":506,"width":736,"height":12}},{"id":"775b3b77-a841-4bac-99aa-3ed8c11c88f8","block_type":"box","text":"shares must be designated as eligible to be traded under a Stock Connect, those shares may also lose","page_number":121,"box":{"x":116,"y":521,"width":770,"height":12}},{"id":"30546b44-caa3-4aeb-8529-7f33060687b4","block_type":"box","text":"such designation, and if this occurs, such shares may be sold but cannot be purchased through a","page_number":121,"box":{"x":116,"y":537,"width":728,"height":12}},{"id":"c68eb5bb-075f-4611-b425-c718f53a632e","block_type":"box","text":"Stock Connect. In addition, Stock Connects will only operate on days when both the Chinese and Hong","page_number":121,"box":{"x":116,"y":552,"width":771,"height":12}},{"id":"5e021c7e-44b6-4ca3-b003-7bf640ef49d0","block_type":"box","text":"Kong markets are open for trading, and banking services are available in both markets on the","page_number":121,"box":{"x":117,"y":568,"width":698,"height":12}},{"id":"38537924-8aa2-4a30-bac3-1f263a5c4038","block_type":"box","text":"corresponding settlement days. Therefore, an investment in Stock Connect Securities through a Stock","page_number":121,"box":{"x":116,"y":583,"width":763,"height":12}},{"id":"5374a87f-02f3-4e6d-bc4b-38b2837d889d","block_type":"box","text":"Connect may subject a Fund to a risk of price fluctuations on days when the Chinese market is open,","page_number":121,"box":{"x":117,"y":599,"width":754,"height":12}},{"id":"2d7d6d99-d0f8-4b73-9a6d-9a31cb3f091a","block_type":"box","text":"but a Stock Connect is not trading. Moreover, day (turnaround) trading is not permitted on the Stock","page_number":121,"box":{"x":117,"y":614,"width":745,"height":12}},{"id":"7badcaa3-3036-4755-bafb-b20f5be6dea6","block_type":"box","text":"Connect Securities market. If an investor buys Stock Connect Securities on day “T,” the investor will","page_number":121,"box":{"x":117,"y":630,"width":746,"height":12}},{"id":"94b67217-13a7-49cf-9764-17ce2e54e631","block_type":"box","text":"only be able to sell the Stock Connect Securities on or after day T+1. Further, since all trades of Stock","page_number":121,"box":{"x":116,"y":645,"width":763,"height":12}},{"id":"ddaa39dc-2042-4b63-b733-ac40ba5b17fa","block_type":"box","text":"Connect Securities must be settled in RMB, investors must have timely access to a reliable supply of","page_number":121,"box":{"x":117,"y":661,"width":748,"height":12}},{"id":"ed890e41-941e-4917-b4ab-2ec48a31b58d","block_type":"box","text":"offshore RMB, which cannot be guaranteed. There is also no assurance that RMB will not be subject to","page_number":121,"box":{"x":116,"y":676,"width":765,"height":12}},{"id":"322f7c12-9115-4286-bd23-c4b687424c7e","block_type":"box","text":"devaluation. Any devaluation of RMB could adversely affect a Fund’s investments. If a Fund holds a","page_number":121,"box":{"x":116,"y":692,"width":741,"height":12}},{"id":"bb7096ab-8d22-462d-9035-688bf258a652","block_type":"box","text":"class of shares denominated in a local currency other than RMB, the Fund will be exposed to currency","page_number":121,"box":{"x":116,"y":707,"width":760,"height":12}},{"id":"aa394233-4970-44f8-86b2-0695a53f18ae","block_type":"box","text":"exchange risk if the Fund converts the local currency into RMB for investments in Stock Connect","page_number":121,"box":{"x":116,"y":723,"width":717,"height":12}},{"id":"0b0e148a-cfb1-480a-8e5f-9583f360b653","block_type":"box","text":"Securities. A Fund may also incur conversion costs.","page_number":121,"box":{"x":116,"y":738,"width":384,"height":12}},{"id":"a485ba53-f450-472b-a432-6aa09a045876","block_type":"box","text":"Stock Connect Securities held through the nominee structure under a Stock Connect will be held","page_number":121,"box":{"x":116,"y":769,"width":716,"height":12}},{"id":"7ceab733-80d1-4ee4-b8d1-2390392d204b","block_type":"box","text":"through HKSCC as nominee on behalf of investors. The precise nature and rights of a Fund as the","page_number":121,"box":{"x":116,"y":785,"width":731,"height":12}},{"id":"53de4063-947e-44e8-807f-34dcdfa2a464","block_type":"box","text":"beneficial owner of the SSE Securities or SZSE Securities through HKSCC as nominee is not well","page_number":121,"box":{"x":117,"y":800,"width":725,"height":12}},{"id":"7fbbb07c-d9d3-4de4-89fa-f8fdaa78a8de","block_type":"box","text":"defined under the PRC laws. There is a lack of a clear definition of, and distinction between, legal","page_number":121,"box":{"x":116,"y":816,"width":722,"height":12}},{"id":"dbcf320e-53f7-4b3c-97f8-740f5412b59c","block_type":"box","text":"ownership and beneficial ownership under the PRC laws and there have been few cases involving a","page_number":121,"box":{"x":116,"y":831,"width":748,"height":12}},{"id":"c2930192-809a-4dc8-9830-ccb12700d767","block_type":"box","text":"nominee account structure in the PRC courts. The exact nature and methods of enforcement of the","page_number":121,"box":{"x":117,"y":847,"width":740,"height":9}},{"id":"784eeb42-66ce-4a65-9ef8-e4c27ff56eaa","block_type":"box","text":"rights and interests of a Fund under the PRC laws is also uncertain. In the unlikely event that HKSCC","page_number":121,"box":{"x":117,"y":862,"width":757,"height":12}},{"id":"58e82273-a2c7-452f-935b-ba52934921cd","block_type":"box","text":"becomes subject to winding up proceedings in Hong Kong, there is a risk that the SSE Securities or","page_number":121,"box":{"x":117,"y":878,"width":743,"height":12}},{"id":"5ddecd49-2bc1-4a1d-b2c2-75d02470aa90","block_type":"box","text":"II-56","page_number":121,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"d062470f-18db-43c0-a2e6-9fdbd637bbc4","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":121,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"c2cfb79c-1a1c-4330-a71e-1c462a12c28e","block_type":"box","text":"SZSE Securities may not be regarded as held for the beneficial ownership of a Fund or as part of the","page_number":122,"box":{"x":116,"y":87,"width":754,"height":12}},{"id":"1e037a5a-a7fa-47fd-b350-4b5af5d75af6","block_type":"box","text":"general assets of HKSCC available for general distribution to its creditors. Notwithstanding the fact that","page_number":122,"box":{"x":116,"y":102,"width":770,"height":13}},{"id":"b921ee28-4eb9-4d13-b22c-9c34c836d01f","block_type":"box","text":"HKSCC does not claim proprietary interests in the SSE Securities or SZSE Securities held in its","page_number":122,"box":{"x":117,"y":118,"width":714,"height":12}},{"id":"a9313116-51d5-4778-a191-7de5b35506f6","block_type":"box","text":"omnibus stock account in the CSDCC, the CSDCC as the share registrar for SSE- or SZSE-listed","page_number":122,"box":{"x":116,"y":134,"width":729,"height":12}},{"id":"d6c17cc3-fff4-4233-99a9-7f44033deca7","block_type":"box","text":"companies will still treat HKSCC as one of the shareholders when it handles corporate actions in","page_number":122,"box":{"x":116,"y":149,"width":722,"height":12}},{"id":"77d34a8d-b50d-4524-94c3-948986b0ef77","block_type":"box","text":"respect of such SSE Securities or SZSE Securities. HKSCC monitors the corporate actions affecting","page_number":122,"box":{"x":117,"y":165,"width":749,"height":12}},{"id":"030ebad7-528d-40cf-b5cc-9012365a9082","block_type":"box","text":"SSE Securities and SZSE Securities and keeps participants of Central Clearing and Settlement","page_number":122,"box":{"x":116,"y":180,"width":712,"height":12}},{"id":"ff679c6b-6345-4d09-9a75-6989c6142988","block_type":"box","text":"System (“CCASS”) informed of all such corporate actions that require CCASS participants to take","page_number":122,"box":{"x":116,"y":196,"width":729,"height":12}},{"id":"f5b65b2b-0fee-419e-a83f-2ddc4f7ed51c","block_type":"box","text":"steps in order to participate in them. Investors may only exercise their voting rights by providing their","page_number":122,"box":{"x":116,"y":211,"width":750,"height":12}},{"id":"76754598-5438-433b-a7e1-8fed917dd9f5","block_type":"box","text":"voting instructions to HKSCC through participants of CCASS. All voting instructions from CCASS","page_number":122,"box":{"x":116,"y":227,"width":724,"height":12}},{"id":"3ef8b1c7-08f9-4fd1-b0f7-8a1a90348032","block_type":"box","text":"participants will be consolidated by HKSCC, who will then submit a combined single voting instruction","page_number":122,"box":{"x":117,"y":242,"width":757,"height":12}},{"id":"b3b08b34-0a0b-4f0a-b922-6146093aa628","block_type":"box","text":"to the relevant SSE- or SZSE-listed company. As a result, a Fund may suffer difficulties or delays in","page_number":122,"box":{"x":116,"y":258,"width":745,"height":12}},{"id":"c5e39bbc-660d-4253-8137-3ac8afd9a665","block_type":"box","text":"enforcing its rights in SSE Securities or SZSE Securities.","page_number":122,"box":{"x":116,"y":273,"width":427,"height":12}},{"id":"6f790a1f-b086-4e26-bd39-5b138af5c7ba","block_type":"box","text":"Hong Kong’s Investor Compensation Fund is established to pay compensation to investors of any","page_number":122,"box":{"x":117,"y":304,"width":728,"height":12}},{"id":"422d497f-8f49-4c41-9531-24948c8f9ea1","block_type":"box","text":"nationality who suffer pecuniary losses as a result of default of a licensed intermediary or authorized","page_number":122,"box":{"x":117,"y":320,"width":747,"height":12}},{"id":"e824e28b-79c3-4f1a-9553-5ac143d93b60","block_type":"box","text":"financial institution in relation to exchange-traded products in Hong Kong. For defaults occurring on or","page_number":122,"box":{"x":116,"y":335,"width":760,"height":12}},{"id":"7a1aaec7-6551-4784-8543-a9f0de09a467","block_type":"box","text":"after January 1, 2020, Hong Kong’s Investor Compensation Fund covers investors’ losses in relation to","page_number":122,"box":{"x":116,"y":351,"width":769,"height":12}},{"id":"50560de1-4427-415b-ba40-6ecd22dfecbc","block_type":"box","text":"securities (i) that are traded on the SSE or the SZSE and (ii) in respect of which an order for sale or","page_number":122,"box":{"x":116,"y":366,"width":743,"height":12}},{"id":"644b1c3e-2781-473c-bbcf-4b43829d3954","block_type":"box","text":"purchase is permitted to be routed through the Northbound Trading Link of a Stock Connect. On the","page_number":122,"box":{"x":117,"y":382,"width":746,"height":12}},{"id":"0dceec11-5c5f-43aa-b10e-958c58d13b3c","block_type":"box","text":"other hand, since a Fund carries out Northbound trading through securities brokers in Hong Kong but","page_number":122,"box":{"x":116,"y":397,"width":756,"height":12}},{"id":"814bf352-c752-4727-be5c-9bd906963f87","block_type":"box","text":"not PRC brokers, it is not protected by the China Securities Investor Protection Fund in the PRC.","page_number":122,"box":{"x":117,"y":413,"width":722,"height":12}},{"id":"bc4d93c4-ad7a-44e9-bef8-9b6cc1843590","block_type":"box","text":"Market participants are able to participate in Stock Connects subject to meeting certain information","page_number":122,"box":{"x":117,"y":444,"width":737,"height":12}},{"id":"0d31e3a2-33f6-488a-8cd6-a77bb2e24fa3","block_type":"box","text":"technology capability, risk management and other requirements as may be specified by the relevant","page_number":122,"box":{"x":116,"y":459,"width":746,"height":12}},{"id":"0a5f4d43-bb35-42eb-aa0a-f72d27dcd97e","block_type":"box","text":"exchange and/or clearing house. Further, the “connectivity” in Stock Connects requires routing of","page_number":122,"box":{"x":116,"y":475,"width":725,"height":12}},{"id":"af820ca1-8120-4f69-b6c7-2cabee9c6286","block_type":"box","text":"orders across the border of Hong Kong and the PRC. This requires the development of new","page_number":122,"box":{"x":116,"y":490,"width":687,"height":12}},{"id":"e03a624a-7d9b-4636-9b1d-dc3a94fd8dd5","block_type":"box","text":"information technology systems on the part of SEHK and exchange participants. There is no assurance","page_number":122,"box":{"x":117,"y":506,"width":771,"height":12}},{"id":"089e5ffc-6035-4917-9a11-02f9b741e013","block_type":"box","text":"that the systems of SEHK and market participants will function properly or will continue to be adapted","page_number":122,"box":{"x":116,"y":521,"width":757,"height":12}},{"id":"b7db3d28-cfa4-4874-9d53-cdff2e2cb682","block_type":"box","text":"to changes and developments in both markets. In the event that the relevant systems fail to function","page_number":122,"box":{"x":116,"y":537,"width":747,"height":12}},{"id":"c99dc96e-1fac-4576-a360-50f2b0d1acb0","block_type":"box","text":"properly, trading in Stock Connect Securities through Stock Connects could be disrupted.","page_number":122,"box":{"x":117,"y":552,"width":667,"height":12}},{"id":"db26b343-1bb6-4e80-87d1-cd2a123986ae","block_type":"box","text":"The Shanghai-Hong Kong Stock Connect program launched in November 2014 and the","page_number":122,"box":{"x":116,"y":583,"width":656,"height":12}},{"id":"91860884-8aac-444e-bfd4-df73fc2a816b","block_type":"box","text":"Shenzhen-Hong Kong Stock Connect program launched in December 2016. Each program does not","page_number":122,"box":{"x":116,"y":599,"width":751,"height":12}},{"id":"b88cc252-9cb3-46c3-a0a9-f1f0d5aa3dc4","block_type":"box","text":"have an extensive operating history. New or revised regulations may be issued from time to time by the","page_number":122,"box":{"x":117,"y":614,"width":771,"height":12}},{"id":"5947f0d1-2061-42b8-9275-4ee1f33041fa","block_type":"box","text":"regulators and stock exchanges in China and Hong Kong in connection with operations, legal","page_number":122,"box":{"x":117,"y":630,"width":695,"height":12}},{"id":"81244d27-039c-4c33-8964-acdc20a66325","block_type":"box","text":"enforcement and cross-border trades under Stock Connects. In addition, there can be no assurance","page_number":122,"box":{"x":116,"y":645,"width":748,"height":11}},{"id":"1ca1fe1f-7db4-4b0e-9203-1724776c7fb5","block_type":"box","text":"that Stock Connect will not be discontinued. A Fund may be adversely affected as a result of such","page_number":122,"box":{"x":116,"y":661,"width":726,"height":12}},{"id":"db8725e2-65b0-483a-9412-df8cdffddf2e","block_type":"box","text":"changes. Furthermore, the securities regimes and legal systems of China and Hong Kong differ","page_number":122,"box":{"x":116,"y":676,"width":709,"height":12}},{"id":"1c1c66c5-9601-4975-8361-01ce1ffe2f81","block_type":"box","text":"significantly and issues may arise from the differences on an on-going basis. In the event that the","page_number":122,"box":{"x":116,"y":692,"width":722,"height":12}},{"id":"cec30cf5-2ee6-4eb9-a234-a1e43e1e2aa6","block_type":"box","text":"relevant systems fail to function properly, trading in both markets through Stock Connects could be","page_number":122,"box":{"x":117,"y":707,"width":732,"height":12}},{"id":"968ba915-67a2-43b5-9ca6-3bc6647f25e6","block_type":"box","text":"disrupted and a Fund’s ability to achieve its investment objective may be adversely affected. In","page_number":122,"box":{"x":116,"y":723,"width":702,"height":12}},{"id":"07629356-ec5a-4cf7-810d-271ca8df5700","block_type":"box","text":"addition, a Fund’s investments in Stock Connect Securities through Stock Connects are generally","page_number":122,"box":{"x":116,"y":738,"width":724,"height":12}},{"id":"879a14fe-77df-45c9-a150-2047871fba09","block_type":"box","text":"subject to Chinese securities regulations and listing rules, among other restrictions. Further, different","page_number":122,"box":{"x":116,"y":754,"width":746,"height":12}},{"id":"c2e82016-b005-4e80-9eae-cc620a461267","block_type":"box","text":"fees, costs and taxes are imposed on foreign investors acquiring Stock Connect Securities through","page_number":122,"box":{"x":116,"y":769,"width":733,"height":12}},{"id":"eaa7bdf6-da74-432d-b2fc-2224b8c5ce37","block_type":"box","text":"Stock Connects, and these fees, costs and taxes may be higher than comparable fees, costs and","page_number":122,"box":{"x":116,"y":785,"width":722,"height":12}},{"id":"f5a8ff83-3025-4d6a-8013-ede8e6b8dde8","block_type":"box","text":"taxes imposed on owners of other securities providing similar investment exposure.","page_number":122,"box":{"x":116,"y":800,"width":618,"height":12}},{"id":"e2d56903-05bb-4683-82d8-6ccb989d561e","block_type":"box","text":"Suspension Risk","page_number":122,"box":{"x":117,"y":831,"width":125,"height":12}},{"id":"6cebba69-19c0-4366-b321-023502e5fac2","block_type":"box","text":". SSE Securities and SZSE Securities may only be bought from, or sold to, a Fund at","page_number":122,"box":{"x":242,"y":831,"width":634,"height":12}},{"id":"309d40c2-995c-4984-9499-fe2db5252ef9","block_type":"box","text":"times when the relevant SSE Securities and SZSE Securities may be sold or purchased on the","page_number":122,"box":{"x":116,"y":847,"width":709,"height":12}},{"id":"741629d4-14b1-4643-965a-01d7107bad31","block_type":"box","text":"relevant Chinese stock exchange. The SSE Securities and SZSE Securities markets have a higher","page_number":122,"box":{"x":117,"y":862,"width":738,"height":12}},{"id":"f017054f-dc3c-4a18-985c-db7c7865ebfe","block_type":"box","text":"propensity for trading suspensions than many other global equity markets. Each of the SEHK, SSE and","page_number":122,"box":{"x":117,"y":878,"width":771,"height":12}},{"id":"169aa7ee-4358-4c82-9c32-4fa0b6741329","block_type":"box","text":"II-57","page_number":122,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"d3ae256c-b207-4152-b272-52c6a422a690","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":122,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"c329e6c8-9492-464d-aa55-e0c234add530","block_type":"box","text":"SZSE reserves the right to suspend trading of SSE Securities and SZSE Securities purchased on the","page_number":123,"box":{"x":116,"y":87,"width":756,"height":12}},{"id":"95a94475-1482-4116-92ed-0c521c25d2c1","block_type":"box","text":"Stock Connects if necessary for ensuring an orderly and fair market and ensuring that risks are","page_number":123,"box":{"x":116,"y":102,"width":710,"height":13}},{"id":"22aa2813-f295-4354-baaf-4af263e39b59","block_type":"box","text":"managed prudently. Consent from the relevant regulator would be sought before a suspension of","page_number":123,"box":{"x":117,"y":118,"width":724,"height":12}},{"id":"fc578e2e-85a0-480f-97b8-0040a1872dfd","block_type":"box","text":"Northbound trading is triggered. The relevant PRC government authority may also impose “circuit","page_number":123,"box":{"x":117,"y":134,"width":727,"height":12}},{"id":"a4bdc477-14a4-4f18-a15a-59346b0f7a41","block_type":"box","text":"breakers” and other measures to halt or suspend Northbound trading. Where a suspension in the","page_number":123,"box":{"x":117,"y":149,"width":725,"height":12}},{"id":"3d413b65-5d90-427a-8dcc-6833e06f3fe0","block_type":"box","text":"Northbound trading through Stock Connect is effected, the Fund’s ability to access the PRC market will","page_number":123,"box":{"x":117,"y":165,"width":769,"height":12}},{"id":"cd7679b9-c191-441a-8614-61fc41c4ce08","block_type":"box","text":"be adversely affected. Trading suspensions in certain stocks could lead to greater market execution","page_number":123,"box":{"x":117,"y":180,"width":745,"height":12}},{"id":"21dad119-febd-4ab2-9ab8-97fd4804fa9b","block_type":"box","text":"risk and costs for a Fund. The SSE and SZSE currently","page_number":123,"box":{"x":117,"y":196,"width":415,"height":12}},{"id":"806426a3-7a17-4b6c-817b-5fac8f25d77e","block_type":"box","text":"apply a daily price limit, generally set at 10%,","page_number":123,"box":{"x":533,"y":196,"width":340,"height":12}},{"id":"c1fc4a51-3206-43ef-9d61-b53e75b972cf","block_type":"box","text":"of the amount of fluctuation permitted in the prices of the relevant SSE Securities and SZSE Securities","page_number":123,"box":{"x":116,"y":211,"width":766,"height":12}},{"id":"fc480998-cb4a-4fb3-83fb-605b490b7c61","block_type":"box","text":"during a single trading day. The daily price limit refers to price movements only and does not restrict","page_number":123,"box":{"x":116,"y":227,"width":747,"height":12}},{"id":"5f9a9f8d-03bd-4831-bbf8-288db63c9459","block_type":"box","text":"trading within the relevant limit. There can be no assurance that a liquid market on an exchange will","page_number":123,"box":{"x":116,"y":242,"width":744,"height":12}},{"id":"56a9bb52-de24-4129-aa6c-f1ae87010675","block_type":"box","text":"exist for any particular SSE Security or SZSE Security or for any particular time.","page_number":123,"box":{"x":116,"y":258,"width":598,"height":12}},{"id":"ecc07b49-3232-49f0-99a8-ecb9c5923eb5","block_type":"box","text":"Risk of Investing in the China Interbank Bond Market through Bond Connect","page_number":123,"box":{"x":116,"y":289,"width":567,"height":12}},{"id":"80096473-e023-4f96-a731-2331f238b3a5","block_type":"box","text":". A Fund may invest","page_number":123,"box":{"x":683,"y":289,"width":152,"height":12}},{"id":"7f6ace5f-db8d-4b43-8106-6656055751f3","block_type":"box","text":"directly in the domestic bond market in the PRC (the “China Interbank Bond Market”) through the","page_number":123,"box":{"x":116,"y":304,"width":724,"height":12}},{"id":"02faf574-825f-4048-bd80-91fec0321f98","block_type":"box","text":"northbound trading of Bond Connect (“Bond Connect”). Bond Connect is an initiative launched in July","page_number":123,"box":{"x":117,"y":320,"width":755,"height":12}},{"id":"d71a3a96-4f28-402e-8dc4-83fdbc104dd7","block_type":"box","text":"2017 for mutual bond market access between the PRC and Hong Kong, established by the China","page_number":123,"box":{"x":116,"y":335,"width":729,"height":12}},{"id":"7f498895-b0a5-4338-8f2a-5e984b4a8786","block_type":"box","text":"Foreign Exchange Trade System & National Interbank Funding Centre (“CFETS”), China Central","page_number":123,"box":{"x":117,"y":351,"width":722,"height":12}},{"id":"7f409245-dcd3-42ca-8eb1-aae257446d14","block_type":"box","text":"Depository & Clearing Co., Ltd (“CDCC”), Shanghai Clearing House (“SCH”), Hong Kong Exchanges","page_number":123,"box":{"x":117,"y":366,"width":752,"height":12}},{"id":"c039916a-1279-4d60-920d-92d5188cf542","block_type":"box","text":"and Clearing Limited (“HKEX”) and Central Moneymarkets Unit (“CMU”). Under the prevailing","page_number":123,"box":{"x":116,"y":382,"width":699,"height":12}},{"id":"57a6985f-7b6a-4384-9bc7-ff2a003993f8","block_type":"box","text":"regulations in the PRC, eligible foreign investors are allowed to invest in the bonds circulated in the","page_number":123,"box":{"x":117,"y":397,"width":738,"height":12}},{"id":"3fe9e713-d6ca-408f-8814-fa740ae92919","block_type":"box","text":"China Interbank Bond Market through Bond Connect. Eligible foreign investors may submit trade","page_number":123,"box":{"x":117,"y":413,"width":721,"height":12}},{"id":"b2f654c0-fc48-4469-b5ba-473537457542","block_type":"box","text":"requests for bonds circulated in the China Interbank Bond Market through offshore electronic bond","page_number":123,"box":{"x":117,"y":428,"width":735,"height":12}},{"id":"1ec013ba-c5e9-4315-926e-7b5eeb4412ad","block_type":"box","text":"trading platforms (such as Tradeweb), which will in turn transmit their requests for quotation to CFETS.","page_number":123,"box":{"x":116,"y":444,"width":768,"height":12}},{"id":"6a781a63-cfca-44ae-9501-18b6ab862f60","block_type":"box","text":"CFETS will send the requests for quotation to a number of approved onshore dealers (including market","page_number":123,"box":{"x":117,"y":459,"width":770,"height":12}},{"id":"0a6c3948-5c70-4aa5-985a-f47e8b4813f4","block_type":"box","text":"makers and others engaged in the market making business) in the PRC. The approved onshore","page_number":123,"box":{"x":117,"y":475,"width":715,"height":12}},{"id":"757e0699-edcc-40b2-ae94-fc32e09ffd9f","block_type":"box","text":"dealer(s) will respond to the requests for quotation via CFETS and CFETS will send their responses to","page_number":123,"box":{"x":116,"y":490,"width":765,"height":12}},{"id":"fa5c353c-a455-4184-99a1-29f6894d345c","block_type":"box","text":"those eligible foreign investors through the same offshore electronic bond trading platforms. Once the","page_number":123,"box":{"x":116,"y":506,"width":759,"height":12}},{"id":"9a30a0e9-9290-4486-b4e8-16bd944211c2","block_type":"box","text":"eligible foreign investor accepts the quotation, the trade is concluded on CFETS.","page_number":123,"box":{"x":116,"y":521,"width":603,"height":12}},{"id":"33367f40-ede4-4839-8a33-9386db7c8784","block_type":"box","text":"The settlement and custody of bonds traded in the China Interbank Bond Market under Bond Connect","page_number":123,"box":{"x":116,"y":552,"width":761,"height":12}},{"id":"d22e81b9-84c3-458e-9cc3-c92bea14da72","block_type":"box","text":"will be effected through the settlement and custody link between CMU, as an offshore custody agent,","page_number":123,"box":{"x":116,"y":568,"width":755,"height":12}},{"id":"fa3eef35-1188-4bb1-afb7-fbb1f4897963","block_type":"box","text":"and CDCC and SCH, as onshore custodians and clearing institutions in the PRC. Under the settlement","page_number":123,"box":{"x":116,"y":583,"width":768,"height":12}},{"id":"5852ba6c-6e07-426b-ac34-6d9befbb1919","block_type":"box","text":"link, CDCC or SCH will effect gross settlement of confirmed trades onshore and CMU will process","page_number":123,"box":{"x":117,"y":599,"width":730,"height":12}},{"id":"2509f8a1-4110-43ba-91a3-51bc9ecf8b15","block_type":"box","text":"bond settlement instructions from CMU members on behalf of eligible foreign investors in accordance","page_number":123,"box":{"x":117,"y":614,"width":757,"height":12}},{"id":"5bb856f6-87c4-4c12-9e5c-3971e1fb1d68","block_type":"box","text":"with its relevant rules. Since the introduction in August 2018 of delivery versus payment (DVP)","page_number":123,"box":{"x":116,"y":630,"width":705,"height":12}},{"id":"3c6bbd5f-9178-42c8-a295-88a802c95dca","block_type":"box","text":"settlement in respect of Bond Connect, the movement of cash and securities is carried out","page_number":123,"box":{"x":116,"y":645,"width":675,"height":12}},{"id":"747ab046-a390-4704-b6d8-a15ac1c925c3","block_type":"box","text":"simultaneously on a real-time basis. Pursuant to the prevailing regulations in the PRC, CMU, as the","page_number":123,"box":{"x":116,"y":661,"width":738,"height":12}},{"id":"c4026c38-ff05-4cdc-b4db-d07d8c924fd7","block_type":"box","text":"offshore custody agent recognized by the Hong Kong Monetary Authority, will open omnibus nominee","page_number":123,"box":{"x":116,"y":676,"width":754,"height":12}},{"id":"67a0d9bc-7d62-4d4f-9870-98af32dac5cc","block_type":"box","text":"accounts with the onshore custody agent recognized by the People’s Bank of China (i.e., CDCC and","page_number":123,"box":{"x":116,"y":692,"width":744,"height":12}},{"id":"81df3715-3556-4019-98e6-85f3539f4d5e","block_type":"box","text":"SCH). All bonds traded by eligible foreign investors through Bond Connect will be registered in the","page_number":123,"box":{"x":116,"y":707,"width":729,"height":12}},{"id":"deb3c6bc-34ec-411c-8b91-76bdfc6e5412","block_type":"box","text":"name of CMU, which will hold such bonds as a nominee owner. Therefore, a Fund will be exposed to","page_number":123,"box":{"x":117,"y":723,"width":748,"height":12}},{"id":"e3992fa1-a38f-4279-a0a3-74c0c4588467","block_type":"box","text":"custody risks with respect to CMU. In the remote event of a CDCC or SCH default, CMU’s liabilities in","page_number":123,"box":{"x":116,"y":738,"width":754,"height":12}},{"id":"b6bbc219-1b89-48e7-bdd2-36e698f1ff0e","block_type":"box","text":"Bond Connect bonds under its market contracts with clearing participants will be limited to assisting","page_number":123,"box":{"x":117,"y":754,"width":736,"height":12}},{"id":"b3b06bfd-9af8-4a65-a1dd-70f13eec87a4","block_type":"box","text":"clearing participants in pursuing their claims against CDCC or SCH. The Fund may suffer delay in the","page_number":123,"box":{"x":116,"y":769,"width":753,"height":12}},{"id":"e9655411-63d5-4333-9a67-145c76e23c53","block_type":"box","text":"recovery process or may not fully recover its losses from CDCC or SCH. In addition, as the relevant","page_number":123,"box":{"x":117,"y":785,"width":739,"height":12}},{"id":"022449ac-90e9-4afc-8aec-7199883c8dbb","block_type":"box","text":"filings, registration with the People’s Bank of China, and account opening have to be carried out by","page_number":123,"box":{"x":116,"y":800,"width":733,"height":12}},{"id":"93488c58-a4ab-4903-9292-d56d0b526763","block_type":"box","text":"third parties, including CMU, CDCC, SCH, and CFETS, a Fund is subject to the risks of default or","page_number":123,"box":{"x":116,"y":816,"width":723,"height":12}},{"id":"c945a39f-0300-4982-8352-bd5eb7741a29","block_type":"box","text":"errors on the part of such third parties.","page_number":123,"box":{"x":116,"y":831,"width":290,"height":12}},{"id":"51b05658-62d8-4b09-9203-c7758ca0e40b","block_type":"box","text":"The precise nature and rights of a Fund as the beneficial owner of the bonds traded in the China","page_number":123,"box":{"x":116,"y":862,"width":720,"height":12}},{"id":"fac70567-b402-434e-9286-34b74a6134e8","block_type":"box","text":"Interbank Bond Market through CMU as nominee is not well-defined under PRC law. There is a lack of","page_number":123,"box":{"x":117,"y":878,"width":765,"height":12}},{"id":"c899e3e1-fb42-408a-85bd-7a92e20a8da0","block_type":"box","text":"II-58","page_number":123,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"25673f0e-214a-4efa-b4bd-bfd566d586ee","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":123,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"ca68dce9-c2f1-4484-be47-6b500428f934","block_type":"box","text":"a clear definition of, and distinction between, legal ownership and beneficial ownership under PRC law","page_number":124,"box":{"x":116,"y":87,"width":765,"height":12}},{"id":"d196dfee-5fc8-4c62-bada-349fa13aef01","block_type":"box","text":"and there have been few cases involving a nominee account structure in the PRC courts. The exact","page_number":124,"box":{"x":116,"y":102,"width":745,"height":13}},{"id":"da2a9770-6a07-44fb-8818-a37d031d33cd","block_type":"box","text":"nature and methods of enforcement of the rights and interests of a Fund under PRC law are also","page_number":124,"box":{"x":117,"y":118,"width":722,"height":12}},{"id":"fc745f6e-4027-4c61-8405-23d5e924fd4b","block_type":"box","text":"uncertain.","page_number":124,"box":{"x":117,"y":134,"width":77,"height":9}},{"id":"c2532ebd-eaee-4f4d-8be2-f78853a0a9a4","block_type":"box","text":"Market volatility and potential lack of liquidity due to low trading volume of certain bonds in the China","page_number":124,"box":{"x":117,"y":164,"width":750,"height":12}},{"id":"9c88b46c-9c48-47a0-81ff-2fb439e42a47","block_type":"box","text":"Interbank Bond Market may result in prices of certain bonds traded on such market fluctuating","page_number":124,"box":{"x":117,"y":179,"width":702,"height":12}},{"id":"37fce701-0067-45af-897d-11dd0bc431b3","block_type":"box","text":"significantly. A Fund investing in such market is therefore subject to liquidity and volatility risks. The","page_number":124,"box":{"x":116,"y":194,"width":742,"height":12}},{"id":"fa57d06f-f9d8-4b12-ae4e-05b68e9d795e","block_type":"box","text":"bid-ask spreads of the prices of such securities may be large, and a Fund may therefore incur","page_number":124,"box":{"x":117,"y":209,"width":700,"height":12}},{"id":"4e105816-7bb9-4d95-a487-cccf5e59ba99","block_type":"box","text":"significant costs and may suffer losses when selling such investments. The bonds traded in the China","page_number":124,"box":{"x":116,"y":224,"width":759,"height":12}},{"id":"173150c3-3606-4ae4-afc6-cb50436aa5f6","block_type":"box","text":"Interbank Bond Market may be difficult or impossible to sell, which may impact a Fund’s ability to","page_number":124,"box":{"x":117,"y":239,"width":722,"height":12}},{"id":"d511700f-3548-4bff-b437-56b63ab149ad","block_type":"box","text":"acquire or dispose of such securities at their expected prices.","page_number":124,"box":{"x":116,"y":254,"width":460,"height":12}},{"id":"679d0532-ab05-41e9-a28f-e2cf864b6f03","block_type":"box","text":"Investing in the China Interbank Bond Market through Bond Connect is also subject to regulatory risks.","page_number":124,"box":{"x":117,"y":284,"width":766,"height":12}},{"id":"3a1af715-ba44-4713-b94b-3bba9feac923","block_type":"box","text":"The relevant rules and regulations are subject to change, which may have potential retrospective","page_number":124,"box":{"x":116,"y":299,"width":724,"height":12}},{"id":"ddd5130d-8c72-4516-85d4-e41f9bbee1e9","block_type":"box","text":"effect, and there can be no assurance that Bond Connect will not be discontinued or abolished.","page_number":124,"box":{"x":116,"y":314,"width":711,"height":11}},{"id":"bda0e37c-3c1e-47fe-baf1-17405a032c8d","block_type":"box","text":"Furthermore, the securities regimes and legal systems of China and Hong Kong differ significantly and","page_number":124,"box":{"x":117,"y":329,"width":764,"height":12}},{"id":"33483dca-fa3f-45cd-bf6f-ec2836a1bb8c","block_type":"box","text":"issues may arise based on these differences. In the event that the relevant authorities suspend","page_number":124,"box":{"x":117,"y":344,"width":709,"height":12}},{"id":"76cdb221-512f-4ce5-868a-1c2425fe0478","block_type":"box","text":"account opening or trading on the China Interbank Bond Market, a Fund’s ability to invest in the China","page_number":124,"box":{"x":116,"y":359,"width":762,"height":12}},{"id":"3ca1044a-b59c-4aa9-a769-959328394b9e","block_type":"box","text":"Interbank Bond Market will be adversely affected and limited. In such event, the Fund’s ability to","page_number":124,"box":{"x":117,"y":374,"width":716,"height":12}},{"id":"99e25aa4-e9b2-4767-9818-c1fe24128a33","block_type":"box","text":"achieve its investment objective will be negatively affected and, after exhausting other trading","page_number":124,"box":{"x":116,"y":389,"width":699,"height":12}},{"id":"7f220b97-d9e3-4ffc-9643-1f1bcb8d7459","block_type":"box","text":"alternatives, the Fund may suffer substantial losses as a result. Further, if Bond Connect is not","page_number":124,"box":{"x":116,"y":404,"width":707,"height":12}},{"id":"232f4bbd-aee8-46d9-993e-16767151352b","block_type":"box","text":"operating, a Fund may not be able to acquire or dispose of bonds through Bond Connect in a timely","page_number":124,"box":{"x":116,"y":419,"width":745,"height":12}},{"id":"3a58003f-e1af-4cc1-8108-0e673a53488a","block_type":"box","text":"manner, which could adversely affect the Fund’s performance.","page_number":124,"box":{"x":117,"y":434,"width":467,"height":12}},{"id":"02c23d3e-7565-4653-829f-302154091145","block_type":"box","text":"Trading through Bond Connect is performed through newly developed trading platforms and","page_number":124,"box":{"x":116,"y":464,"width":687,"height":12}},{"id":"d5cc8069-6ea5-4c4b-a68f-d49a46accdc4","block_type":"box","text":"operational systems. There is no assurance that such systems will function properly or will continue to","page_number":124,"box":{"x":116,"y":479,"width":761,"height":12}},{"id":"523909e0-84e9-4d41-a54d-42f4ef587c4e","block_type":"box","text":"be adapted to changes and developments in the market. In the event that the relevant systems fail to","page_number":124,"box":{"x":117,"y":494,"width":753,"height":12}},{"id":"ebeac3d2-b93f-43e2-b9b4-ccfc2aa982bd","block_type":"box","text":"function properly, trading through Bond Connect may be disrupted. A Fund’s ability to trade through","page_number":124,"box":{"x":116,"y":509,"width":744,"height":12}},{"id":"f15855e4-020f-42d8-9cc8-b2cc39a00f44","block_type":"box","text":"Bond Connect (and hence to pursue its investment strategy) may therefore be adversely affected. In","page_number":124,"box":{"x":117,"y":524,"width":749,"height":12}},{"id":"016da45f-0b79-45ee-9084-4ed548fdb1b1","block_type":"box","text":"addition, where a Fund invests in the China Interbank Bond Market through Bond Connect, it may be","page_number":124,"box":{"x":116,"y":539,"width":753,"height":12}},{"id":"4e525b09-936c-455e-bfa5-25e994f2f211","block_type":"box","text":"subject to risks of delays inherent in the order placing and/or settlement systems.","page_number":124,"box":{"x":116,"y":554,"width":607,"height":12}},{"id":"6f67fd6d-05dd-4a99-b3b7-8bd0308c5096","block_type":"box","text":"Bond Connect trades are settled in Chinese currency, the RMB, which is currently restricted and not","page_number":124,"box":{"x":117,"y":584,"width":746,"height":12}},{"id":"51d7a950-7d14-496a-8724-f20a899374d4","block_type":"box","text":"freely convertible. As a result, a Fund will be exposed to currency risk, and it cannot be guaranteed","page_number":124,"box":{"x":116,"y":599,"width":740,"height":12}},{"id":"66281b7c-593d-492c-b4a8-9472e398bb13","block_type":"box","text":"that investors will have timely access to a reliable supply of RMB.","page_number":124,"box":{"x":116,"y":614,"width":490,"height":12}},{"id":"6be3d10a-b21b-4a3d-9f96-ca23e2dfc133","block_type":"box","text":"Tax Risk – Withholding Income Tax Risk.","page_number":124,"box":{"x":118,"y":645,"width":309,"height":12}},{"id":"581878cb-5e2a-454e-ac28-d988248257bd","block_type":"box","text":"According to PRC tax regulations, a 10% withholding income tax is imposed on PRC sourced dividends","page_number":124,"box":{"x":116,"y":667,"width":760,"height":12}},{"id":"89f7e4a7-3971-49a1-9a1e-afa1b219ab6c","block_type":"box","text":"and interests from non-government bonds paid to a non-PRC tax resident enterprise, unless the rate is","page_number":124,"box":{"x":116,"y":682,"width":755,"height":12}},{"id":"5e89a4bc-4c18-432b-af6d-0e24436c4d4b","block_type":"box","text":"reduced under an applicable tax treaty. From a technical perspective, withholding income tax is also","page_number":124,"box":{"x":117,"y":697,"width":733,"height":12}},{"id":"833f8be9-4912-4724-b2cd-1287d9896134","block_type":"box","text":"applicable to capital gains realized by foreign investors on the disposal of PRC equity interests.","page_number":124,"box":{"x":116,"y":712,"width":697,"height":12}},{"id":"a1f32fe5-bf6f-4c1c-bd26-fe275706cfed","block_type":"box","text":"There are however certain tax exemptions available, some temporary in nature, highlighted below.","page_number":124,"box":{"x":116,"y":742,"width":729,"height":12}},{"id":"b2aeac1a-5c75-4d3d-9daa-7de174cc9236","block_type":"box","text":"On November 14, 2014, the Ministry of Finance (“Mo","page_number":124,"box":{"x":116,"y":772,"width":375,"height":12}},{"id":"40994884-4ee5-4f02-b3e6-7c63e76238e9","block_type":"box","text":"F”), China Securities Regulatory Commission and the","page_number":124,"box":{"x":493,"y":772,"width":379,"height":12}},{"id":"e190d956-4e44-440b-8651-f0cb212e93f1","block_type":"box","text":"State Taxation Administration (“STA”), acting with St","page_number":124,"box":{"x":116,"y":787,"width":372,"height":12}},{"id":"98a40b6e-a322-4917-a845-f307770a7570","block_type":"box","text":"ate Council’s approval, jointly released Circular 79,","page_number":124,"box":{"x":489,"y":787,"width":359,"height":12}},{"id":"378323bc-4d37-4ff0-8c17-5ce68b1492fc","block_type":"box","text":"which temporarily exempts Qualified Foreign Instit","page_number":124,"box":{"x":116,"y":802,"width":356,"height":12}},{"id":"71f67a1e-e15c-4588-b41a-aea5dffe8c9e","block_type":"box","text":"utional Investors (“QFIIs”) and Renminbi Qualified","page_number":124,"box":{"x":473,"y":802,"width":352,"height":12}},{"id":"907d81d6-0d70-49f6-987a-b4991db4cc2e","block_type":"box","text":"Foreign Institutional Investors (“RQFIIs”) from tax on","page_number":124,"box":{"x":117,"y":817,"width":369,"height":12}},{"id":"04afcf6e-226b-4e2e-9f07-7cad21f04a4a","block_type":"box","text":"capital gains derived from the trading of shares and","page_number":124,"box":{"x":492,"y":817,"width":365,"height":12}},{"id":"9d090309-0fca-4baa-bb86-63accc6d320f","block_type":"box","text":"other equity interest investments on or after No","page_number":124,"box":{"x":116,"y":832,"width":334,"height":12}},{"id":"0bf8b193-2885-4a93-9b70-36e1facb1c36","block_type":"box","text":"vember 17, 2014. Subsequently, Circulars 81 and 127 were","page_number":124,"box":{"x":450,"y":832,"width":429,"height":12}},{"id":"0f7588c5-fdc1-4477-8792-d3db4c2d13c2","block_type":"box","text":"issued to temporarily exempt tax on capital gains der","page_number":124,"box":{"x":117,"y":847,"width":375,"height":12}},{"id":"f3851fe9-026f-4040-a13d-979c16d1fec1","block_type":"box","text":"ived from trading of equity securities of companies","page_number":124,"box":{"x":493,"y":847,"width":361,"height":12}},{"id":"aeb3ae07-8e69-4af9-99c2-dcec615d46aa","block_type":"box","text":"domiciled in the PRC that trade on Chinese stock exchanges (“A-Shares”) through the Shanghai-Hong","page_number":124,"box":{"x":116,"y":862,"width":734,"height":12}},{"id":"b1942047-aa3d-4c3b-86a0-02335994dd24","block_type":"box","text":"Kong Stock Connect program or the Shenzhen-Hong Kong Stock Connect program, as applicable (each, a","page_number":124,"box":{"x":117,"y":877,"width":764,"height":12}},{"id":"2dd378a6-af17-49d1-b240-87e3784f935b","block_type":"box","text":"II-59","page_number":124,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"fc7af281-28d9-4765-a0f6-4c76a20624c4","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":124,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"c5aa531c-0d46-471d-9b3e-67588f814d56","block_type":"box","text":"“Stock Connect” and collectively, “Stock Connects”). The dur","page_number":125,"box":{"x":116,"y":86,"width":431,"height":13}},{"id":"38a74b08-328f-4481-ad18-792fbd01ccae","block_type":"box","text":"ation of the temporary exemptions is not stated","page_number":125,"box":{"x":548,"y":86,"width":338,"height":13}},{"id":"56c64192-2dc2-4588-be6f-68a8a75c781e","block_type":"box","text":"in the circulars and is subject to termination by","page_number":125,"box":{"x":117,"y":102,"width":328,"height":12}},{"id":"7735e2e9-a8dd-4f34-84ac-2430c41ff349","block_type":"box","text":"the PRC tax authorities w","page_number":125,"box":{"x":445,"y":101,"width":175,"height":10}},{"id":"1044618d-70a7-4635-9007-6cbafa9b3520","block_type":"box","text":"with or without notice.","page_number":125,"box":{"x":620,"y":102,"width":159,"height":9}},{"id":"17447815-3ea6-4185-b94f-b6cfb55f8deb","block_type":"box","text":"On November 22, 2018, the MoF and STA jointly issued Circular 108 which states that foreign institutional","page_number":125,"box":{"x":116,"y":133,"width":766,"height":12}},{"id":"7d76aa47-8083-4578-ac46-baa31136a9d5","block_type":"box","text":"investors are temporarily exempt from withholding income tax with respect to interest income on bonds","page_number":125,"box":{"x":117,"y":148,"width":742,"height":12}},{"id":"1d2e39cb-1108-4865-b6d5-9755d8fbc7f5","block_type":"box","text":"derived from the PRC bond market from November 7, 2018 to November 6, 2021. On November 22,","page_number":125,"box":{"x":116,"y":163,"width":727,"height":11}},{"id":"57779917-df99-4902-b547-b06ef455548f","block_type":"box","text":"2021, the MoF and STA issued Public Notice 34 to extend the temporary exemption from November 7,","page_number":125,"box":{"x":116,"y":178,"width":743,"height":12}},{"id":"9c14d7ea-7d6d-4144-8ec2-71f7f7f3d04f","block_type":"box","text":"2021 to December 31, 2025. On January 15, 2026, it was announced via Public Notice No. 5 of 2026 that","page_number":125,"box":{"x":116,"y":193,"width":762,"height":12}},{"id":"f4e628aa-3be3-4863-a80b-59829d65439e","block_type":"box","text":"the exemption was extended through December 31, 2027.","page_number":125,"box":{"x":116,"y":208,"width":424,"height":12}},{"id":"e14d9a87-cf2c-4f63-a7f2-9938f8aa4a5a","block_type":"box","text":"Value Added Tax (“VAT”) Risk","page_number":125,"box":{"x":118,"y":239,"width":225,"height":13}},{"id":"1272b809-4026-491f-94d7-e4df77fa694a","block_type":"box","text":"k — From May 1, 2016, VAT applies to certain income derived by the","page_number":125,"box":{"x":342,"y":240,"width":511,"height":12}},{"id":"4eb1c390-e84b-4ea3-87e4-a162c47c7eea","block_type":"box","text":"Fund, including PRC sourced interest income on non-government bonds and trading gains.","page_number":125,"box":{"x":117,"y":255,"width":681,"height":12}},{"id":"754a4cf9-5216-4cb1-9638-2b7c8dd2dc00","block_type":"box","text":"There are however certain tax exemptions available, some temporary in nature, highlighted below.","page_number":125,"box":{"x":116,"y":286,"width":735,"height":12}},{"id":"fbc97aef-1051-4ac7-93d6-1487a4b060bc","block_type":"box","text":"VAT exemptions currently apply to capital gains from trading of QFII and RQFII products, A-Shares","page_number":125,"box":{"x":116,"y":317,"width":741,"height":13}},{"id":"3ec8e8d0-adab-437f-9adf-bac8fa7684aa","block_type":"box","text":"traded on the Stock Connects and debt securities traded in the China Interbank Bond Market.","page_number":125,"box":{"x":116,"y":332,"width":699,"height":10}},{"id":"6010121c-d5ef-4249-9815-c5eb592cfc6e","block_type":"box","text":"On November 7, 2018, the MoF and STA jointly issued Circular 108 which states that foreign","page_number":125,"box":{"x":116,"y":364,"width":694,"height":12}},{"id":"d9ddd7fa-aaac-481b-b034-47c1cda8a421","block_type":"box","text":"institutional investors are temporarily exempt from VAT with respect to interest income on bonds","page_number":125,"box":{"x":117,"y":379,"width":718,"height":12}},{"id":"bfc379e3-a0e3-44ef-806e-8c6c9b8a6962","block_type":"box","text":"derived from the PRC bond market from November 7, 2018 to November 6, 2021. On November 22,","page_number":125,"box":{"x":116,"y":394,"width":750,"height":11}},{"id":"6e74fe7d-e99d-43b1-8dc2-6feb6c01a042","block_type":"box","text":"2021, the MoF and STA jointly issued Public Notice 34 to extend the temporary exemption from","page_number":125,"box":{"x":116,"y":409,"width":714,"height":12}},{"id":"ef636b09-0acc-4660-9c42-68ad34970b74","block_type":"box","text":"November 7, 2021 to December 31, 2025. However, on July 31, 2025, the MoF and STA jointly issued","page_number":125,"box":{"x":117,"y":424,"width":764,"height":12}},{"id":"8d928b8c-7919-4b86-83b9-56e6b4cf6ada","block_type":"box","text":"Public Notice No 4 of 2025, stating that VAT will apply with respect to interest income derived from","page_number":125,"box":{"x":117,"y":439,"width":735,"height":12}},{"id":"7ea4b91b-bc4e-490e-9651-141fb9306e61","block_type":"box","text":"treasury bonds, local government bonds and financial bonds issued on or after August 8, 2025. It is","page_number":125,"box":{"x":116,"y":454,"width":742,"height":12}},{"id":"d9fa3fd4-1bbc-42a1-95c1-126fbadba8db","block_type":"box","text":"understood that Public Notice No 4 of 2025 does not supersede the afore-mentioned exemption for","page_number":125,"box":{"x":117,"y":469,"width":739,"height":12}},{"id":"6561f041-167d-46cb-83e0-42a97849b22a","block_type":"box","text":"foreign institutional investors. This exemption was extended through December 31, 2027.","page_number":125,"box":{"x":116,"y":484,"width":668,"height":12}},{"id":"f091b11d-e786-4e0d-8896-38437dd99f8e","block_type":"box","text":"Any changes in PRC tax law, future clarifications thereof, and/or subsequent retroactive enforcement","page_number":125,"box":{"x":116,"y":515,"width":754,"height":12}},{"id":"502e4797-f584-40c9-a69a-0f85bf640257","block_type":"box","text":"by the PRC tax authorities may result in a loss which could be material to the Fund. There is a risk the","page_number":125,"box":{"x":117,"y":530,"width":761,"height":12}},{"id":"08f3f449-3318-450f-b988-ea600605081a","block_type":"box","text":"PRC tax authorities may withdraw the temporary tax exemptions in the future and seek to collect taxes","page_number":125,"box":{"x":117,"y":545,"width":765,"height":12}},{"id":"fd11a20e-46ca-4cb9-8fe2-92229051cdf0","block_type":"box","text":"realized on the sale of A-Shares or PRC sourced interest income on non-government bonds received","page_number":125,"box":{"x":117,"y":560,"width":756,"height":12}},{"id":"d55390aa-6bd1-4674-9a5f-cf3029e4baf1","block_type":"box","text":"by the Fund without giving any prior notice. If the temporary tax exemptions are withdrawn, any taxes","page_number":125,"box":{"x":117,"y":575,"width":755,"height":12}},{"id":"5fa5d97e-a77f-4e9d-9549-907c6449f257","block_type":"box","text":"may be directly borne by or indirectly passed on to the Fund and may result in a substantial impact to","page_number":125,"box":{"x":117,"y":590,"width":755,"height":12}},{"id":"6abb81e8-37b4-484e-b0d7-3ed717369f92","block_type":"box","text":"its net asset value. As with any net asset value adjustment, investors may be advantaged or","page_number":125,"box":{"x":117,"y":605,"width":687,"height":12}},{"id":"b94d1b82-798f-438f-bffb-02373c27b677","block_type":"box","text":"disadvantaged depending on when the investors purchased and/or sold the shares of the Fund. There","page_number":125,"box":{"x":116,"y":620,"width":763,"height":12}},{"id":"5048b4bd-6d0d-41c5-83d6-6e6edeb8d202","block_type":"box","text":"will be no retrospective restatement of the Fund’s net asset value.","page_number":125,"box":{"x":116,"y":635,"width":494,"height":12}},{"id":"cb82b74d-1ddb-4266-ad0b-7510170df228","block_type":"box","text":"BlackRock will keep the provisioning policy for tax liability under review and may, in its discretion from","page_number":125,"box":{"x":117,"y":666,"width":752,"height":12}},{"id":"fca0e93c-75e2-4fe5-937d-4f05323229a7","block_type":"box","text":"time to time, make a provision for potential tax liabilities if in its opinion such provision is warranted or","page_number":125,"box":{"x":116,"y":681,"width":751,"height":12}},{"id":"6ca38161-f3f3-4b56-8b9e-fcfe8795ae39","block_type":"box","text":"as further clarified by the PRC in notifications.","page_number":125,"box":{"x":116,"y":696,"width":339,"height":12}},{"id":"dbafd087-f400-45ef-8402-5dc19440dccd","block_type":"box","text":"Investment in Other Investment Companies.","page_number":125,"box":{"x":116,"y":727,"width":350,"height":12}},{"id":"76fd19c3-024a-4699-874c-e23098c9f685","block_type":"box","text":"Each Fund may, subject to applicable law, invest in","page_number":125,"box":{"x":474,"y":727,"width":378,"height":12}},{"id":"5c6de0de-98cd-4b04-9805-241d6aa934ff","block_type":"box","text":"other investment companies (including investment companies managed by BlackRock and its","page_number":125,"box":{"x":116,"y":742,"width":694,"height":12}},{"id":"4ed411fe-33f1-4348-beb8-4c6d4959c976","block_type":"box","text":"affiliates), including money market funds and ETFs, which are typically open-end funds or unit","page_number":125,"box":{"x":116,"y":757,"width":697,"height":12}},{"id":"e63e14ec-76af-4927-8772-cea6938989ed","block_type":"box","text":"investment trusts listed on a stock exchange. Under Section 12(d)(1)(A) of the Investment Company","page_number":125,"box":{"x":117,"y":772,"width":743,"height":12}},{"id":"2b34afe5-8b7e-4397-8fe5-c782eca3fdd4","block_type":"box","text":"Act, however, a Fund may invest up to 10% of its total assets in securities of other investment","page_number":125,"box":{"x":116,"y":787,"width":696,"height":12}},{"id":"56457e98-950a-453f-bd56-3634ddcd1518","block_type":"box","text":"companies (measured at the time of such investment). In addition, under Section 12(d)(1)(A) of the","page_number":125,"box":{"x":116,"y":802,"width":734,"height":12}},{"id":"bb3ceb6f-f9ca-4004-9fcf-3a91de21b1bf","block_type":"box","text":"Investment Company Act a Fund may not acquire securities of an investment company if such","page_number":125,"box":{"x":117,"y":817,"width":698,"height":12}},{"id":"f028386b-7729-47a7-a0bc-c172439fa320","block_type":"box","text":"acquisition would cause the Fund to own more than 3% of the total outstanding voting stock of such","page_number":125,"box":{"x":116,"y":832,"width":745,"height":12}},{"id":"e315bd94-012d-41f8-beb2-8dc8941d78b4","block_type":"box","text":"investment company and a Fund may not invest in another investment company if such investment","page_number":125,"box":{"x":117,"y":847,"width":739,"height":12}},{"id":"1c701378-8a7a-4d1e-8625-6c27b4b1c942","block_type":"box","text":"would cause more than 5% of the value of the Fund’s total assets to be invested in securities of such","page_number":125,"box":{"x":116,"y":862,"width":753,"height":10}},{"id":"131fe369-a279-4ff5-88e3-3781a74fcf1c","block_type":"box","text":"investment company. (These limits do not restrict a Feeder Fund from investing all of its assets in","page_number":125,"box":{"x":117,"y":877,"width":727,"height":12}},{"id":"91aaa119-e671-4eec-b6b6-79df6c90c026","block_type":"box","text":"II-60","page_number":125,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"7398a243-89d5-47c8-bf48-0e55734775b7","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":125,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"450f4746-4f08-48a2-ae53-ae7aa7bfe298","block_type":"box","text":"shares of its Master Portfolio.) In addition to the restrictions on investing in other investment companies","page_number":126,"box":{"x":116,"y":86,"width":771,"height":13}},{"id":"8cdb7097-b0a7-4740-8424-c44d42f0617d","block_type":"box","text":"discussed above, under Section 12(d)(1)(C) of the Investment Company Act a Fund may not invest in","page_number":126,"box":{"x":116,"y":101,"width":759,"height":13}},{"id":"14165433-efc2-4218-acba-4ef3f68a92ec","block_type":"box","text":"a registered closed-end investment company if such investment would cause the Fund and other","page_number":126,"box":{"x":116,"y":116,"width":724,"height":13}},{"id":"9edfa83f-0faa-46de-9d57-1c031eed69b2","block_type":"box","text":"BlackRock-advised investment companies to own more than 10% of the total outstanding voting stock","page_number":126,"box":{"x":117,"y":131,"width":760,"height":13}},{"id":"672cf4ac-37de-4566-a491-96525a9e4379","block_type":"box","text":"of such closed-end investment company. Pursuant to Section 12(d)(1)(G) of the Investment Company","page_number":126,"box":{"x":116,"y":146,"width":761,"height":13}},{"id":"eacd4fab-e7d6-4e75-954a-3893d6b9b110","block_type":"box","text":"Act, these percentage limitations do not apply to investments in affiliated investment companies,","page_number":126,"box":{"x":116,"y":161,"width":719,"height":13}},{"id":"28a9a01c-53b9-42ad-b719-dc4fb5439982","block_type":"box","text":"including ETFs, subject to certain conditions. In addition, a Fund may be able to rely on certain rules","page_number":126,"box":{"x":117,"y":177,"width":747,"height":12}},{"id":"20099f59-4798-4c07-8473-3a91c21d6214","block_type":"box","text":"under the Investment Company Act to invest in shares of money market funds or other investment","page_number":126,"box":{"x":117,"y":191,"width":733,"height":12}},{"id":"d4157a66-386e-4a2d-8348-b5b3f0200b19","block_type":"box","text":"companies beyond the statutory limits noted above, but subject to certain conditions.","page_number":126,"box":{"x":116,"y":207,"width":633,"height":11}},{"id":"0adf274e-544f-466e-94a9-b7bf83acdfc8","block_type":"box","text":"As with other investments, investments in other investment companies are subject to market and","page_number":126,"box":{"x":116,"y":238,"width":723,"height":11}},{"id":"a4ca575d-5be5-437e-b5bb-d5af9f064af2","block_type":"box","text":"selection risk.","page_number":126,"box":{"x":116,"y":253,"width":106,"height":9}},{"id":"b427f25f-c5b9-42d5-b6e3-06ca71a4a398","block_type":"box","text":"Shares of investment companies, such as closed-end fund investment companies, that trade on an","page_number":126,"box":{"x":116,"y":284,"width":740,"height":12}},{"id":"381e2b18-7d08-49ff-85a3-b572faaa5c99","block_type":"box","text":"exchange may at times be acquired at market prices representing premiums to their NAVs. In addition,","page_number":126,"box":{"x":116,"y":300,"width":767,"height":12}},{"id":"2ae7b79b-26ea-4c29-aa2c-ea77910537c0","block_type":"box","text":"investment companies held by a Fund that trade on an exchange could trade at a discount from NAV,","page_number":126,"box":{"x":117,"y":315,"width":758,"height":12}},{"id":"c68a4e8f-5b8d-407e-b76b-0effc683361e","block_type":"box","text":"and such discount could increase while the Fund holds the shares. If the market price of shares of an","page_number":126,"box":{"x":116,"y":330,"width":756,"height":12}},{"id":"c8f1dec9-8f25-4968-8000-98ef75adc066","block_type":"box","text":"exchange-traded investment company decreases below the price that the Fund paid for the shares and","page_number":126,"box":{"x":116,"y":346,"width":771,"height":12}},{"id":"917baeb0-584e-408d-b20e-5a0d648ee794","block_type":"box","text":"the Fund were to sell its shares of such investment company at a time when the market price is lower","page_number":126,"box":{"x":116,"y":361,"width":757,"height":13}},{"id":"0fd4df66-79aa-4360-ac02-6e1556424b3b","block_type":"box","text":"than the price at which it purchased the shares, the Fund would experience a loss.","page_number":126,"box":{"x":116,"y":377,"width":617,"height":12}},{"id":"f203bdc0-45ce-4c4d-99b3-3af695bab3fc","block_type":"box","text":"In addition, if a Fund acquires shares in investment companies, including affiliated investment","page_number":126,"box":{"x":117,"y":408,"width":698,"height":12}},{"id":"3286b2a9-df98-486d-8717-b7daf0a234a7","block_type":"box","text":"companies, shareholders would bear both their proportionate share of expenses in the Fund and,","page_number":126,"box":{"x":116,"y":423,"width":727,"height":12}},{"id":"524c54e7-be51-4de1-9d0b-ac6bbd58af9c","block_type":"box","text":"indirectly, the expenses of such investment companies. Such expenses, both at the Fund level and","page_number":126,"box":{"x":117,"y":439,"width":739,"height":12}},{"id":"656ec2c2-751f-4531-b0b1-64cef4fd9baa","block_type":"box","text":"acquired investment company level, would include management and advisory fees, unless such fees","page_number":126,"box":{"x":116,"y":454,"width":753,"height":13}},{"id":"1df3dcc0-046f-47ce-b71a-d666564476d4","block_type":"box","text":"have been waived by BlackRock. Please see the relevant Fund’s Prospectus to determine whether any","page_number":126,"box":{"x":117,"y":470,"width":769,"height":12}},{"id":"43ef51cd-976c-486d-81ad-80fa8d833569","block_type":"box","text":"such management and advisory fees have been waived by BlackRock. Investments by a Fund in","page_number":126,"box":{"x":116,"y":485,"width":724,"height":13}},{"id":"31a4c4b1-42ab-4a6e-ac91-e52f0dfdca43","block_type":"box","text":"wholly owned investment entities created under the laws of certain countries will not be deemed an","page_number":126,"box":{"x":116,"y":501,"width":740,"height":12}},{"id":"cdc9d84b-e3e2-4fd3-8f1d-7314eb6b97de","block_type":"box","text":"investment in other investment companies. Pursuant to guidance issued by the staff of the","page_number":126,"box":{"x":117,"y":516,"width":674,"height":13}},{"id":"06f2b09e-a709-41c5-b047-68f8eb2374cb","block_type":"box","text":"Commission, fees and expenses of money market funds used for the investment of cash collateral","page_number":126,"box":{"x":117,"y":532,"width":733,"height":12}},{"id":"206bf9d8-cd47-4416-a25f-f6d2eab26e7c","block_type":"box","text":"received in connection with loans of Fund securities are not treated as “acquired fund fees and","page_number":126,"box":{"x":117,"y":547,"width":706,"height":12}},{"id":"d36950f2-de4e-4195-8761-42e31d5cf935","block_type":"box","text":"expenses,” which are fees and expenses charged by other investment companies and pooled","page_number":126,"box":{"x":116,"y":563,"width":701,"height":12}},{"id":"6e2d0cbe-c3fb-4c13-8a2f-3023440cc240","block_type":"box","text":"investment vehicles in which a Fund invests a portion of its assets.","page_number":126,"box":{"x":117,"y":578,"width":498,"height":12}},{"id":"03eea98f-9fe5-42ea-b58f-6374cf3575a0","block_type":"box","text":"To the extent shares of a Fund are held by another f","page_number":126,"box":{"x":116,"y":609,"width":380,"height":13}},{"id":"3a009f26-2653-4f7c-adc0-818d6eae421d","block_type":"box","text":"und, the ability of the Fund it","page_number":126,"box":{"x":497,"y":609,"width":205,"height":13}},{"id":"f9da70bc-364f-474a-a919-41c3a5025247","block_type":"box","text":"self to purchase other","page_number":126,"box":{"x":702,"y":609,"width":163,"height":12}},{"id":"5f380673-ab93-4ee5-bcab-e021e1ade4d0","block_type":"box","text":"funds may be limited. In addition, a fund-of-funds (","page_number":126,"box":{"x":116,"y":625,"width":365,"height":12}},{"id":"29f43c53-41b4-45f5-ba31-806d2f4f687d","block_type":"box","text":"e.g.","page_number":126,"box":{"x":482,"y":628,"width":25,"height":9}},{"id":"912c573c-bed4-4632-9401-599c2b7d93aa","block_type":"box","text":", an investment company that seeks to meet its","page_number":126,"box":{"x":510,"y":625,"width":347,"height":12}},{"id":"c4752b6e-0dfc-43b3-b95f-7c6b853e9192","block_type":"box","text":"investment objective by investing significantly in","page_number":126,"box":{"x":117,"y":640,"width":350,"height":13}},{"id":"f0a2dee5-8282-4bbd-bf2d-4791fc30b2e4","block_type":"box","text":"other investment companies)","page_number":126,"box":{"x":468,"y":640,"width":215,"height":13}},{"id":"2f66b9e3-ae34-47cf-8068-adc39cfbaa65","block_type":"box","text":"may be limited in its ability","page_number":126,"box":{"x":684,"y":641,"width":195,"height":12}},{"id":"3b6830e1-3732-44d2-9c2a-3a063e27cac6","block_type":"box","text":"to purchase underlying funds if such underlying f","page_number":126,"box":{"x":116,"y":656,"width":353,"height":12}},{"id":"e8b47853-89d5-4d14-843f-3d99ca12155a","block_type":"box","text":"unds themselves own shares of underlying funds.","page_number":126,"box":{"x":470,"y":656,"width":364,"height":12}},{"id":"ef2f6fe4-2ceb-4105-9c11-ec1d8baa09d3","block_type":"box","text":"A number of publicly traded closed-end investment companies have been organized to facilitate","page_number":126,"box":{"x":116,"y":687,"width":710,"height":12}},{"id":"2c98fd0a-6f05-4e36-9377-8d3592afea5d","block_type":"box","text":"indirect foreign investment in developing countries, and certain of such countries, such as Thailand,","page_number":126,"box":{"x":117,"y":702,"width":736,"height":13}},{"id":"722db704-f99b-43cb-bfc3-30732cd3d517","block_type":"box","text":"South Korea, Chile and Brazil, have specifically authorized such funds. There also are investment","page_number":126,"box":{"x":116,"y":718,"width":725,"height":12}},{"id":"7f953ccc-3f66-4b7e-bd53-d44b1c0d5a85","block_type":"box","text":"opportunities in certain of such countries in pooled vehicles that resemble open-end investment","page_number":126,"box":{"x":116,"y":734,"width":708,"height":11}},{"id":"a8cc8e7d-b209-4b68-8308-e76a2d220dc5","block_type":"box","text":"companies. The restrictions on investments in securities of investment companies set forth above may","page_number":126,"box":{"x":116,"y":749,"width":760,"height":12}},{"id":"16da5ff5-3e2d-4f2e-ae83-a8a3e41f4614","block_type":"box","text":"limit opportunities for a Fund to invest indirectly in certain developing countries.","page_number":126,"box":{"x":117,"y":765,"width":585,"height":12}},{"id":"465469f0-a78a-4284-a59f-c15dec37b7fa","block_type":"box","text":"Issuer Insolvency Risk.","page_number":126,"box":{"x":116,"y":796,"width":185,"height":12}},{"id":"bc11d705-8a84-4bbc-bae8-a9e60182ec98","block_type":"box","text":"Certain Funds’ potential exposure to financially or operationally troubled","page_number":126,"box":{"x":307,"y":796,"width":532,"height":12}},{"id":"d054365f-31ff-43a5-8ea6-3280f6338b12","block_type":"box","text":"issuers involves a high degree of credit and market risk, which may be heightened during an economic","page_number":126,"box":{"x":117,"y":811,"width":761,"height":12}},{"id":"f67afec0-b96f-42ef-8ef3-eb3c620fd727","block_type":"box","text":"downturn or recession. Should an issuer of securities held by a Fund become involved in a bankruptcy","page_number":126,"box":{"x":116,"y":827,"width":765,"height":12}},{"id":"50d19063-3a56-44a2-a562-5f4c797dc586","block_type":"box","text":"proceeding, reorganization or financial restructuring, a wide variety of considerations make an","page_number":126,"box":{"x":117,"y":842,"width":700,"height":12}},{"id":"21dc34b3-612e-4554-84cc-a9cafc354a2a","block_type":"box","text":"evaluation of the outcome of the Fund’s exposure to the issuer uncertain.","page_number":126,"box":{"x":116,"y":858,"width":548,"height":12}},{"id":"27a6fb45-3135-4733-bd15-7d24828e5fad","block_type":"box","text":"II-61","page_number":126,"box":{"x":484,"y":909,"width":29,"height":9}},{"id":"f7fe7049-4cae-4983-85fa-64423bae4aa8","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":126,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"2d6af29f-3d38-46db-afbe-7c9f62528cc6","block_type":"box","text":"During the period of a bankruptcy proceeding, reorganization or financial restructuring, it is unlikely that","page_number":127,"box":{"x":117,"y":87,"width":769,"height":12}},{"id":"0526abf6-3d67-422c-9972-df9925e47d99","block_type":"box","text":"a Fund will receive any interest payments on the securities of the issuer. A Fund will be subject to","page_number":127,"box":{"x":116,"y":102,"width":728,"height":13}},{"id":"e83d99a5-7a5f-4f49-9ae2-5b50053a213e","block_type":"box","text":"significant uncertainty as to whether the reorganization or restructuring will be completed, and the Fund","page_number":127,"box":{"x":116,"y":118,"width":772,"height":12}},{"id":"e85106ad-f53b-4d6a-92f1-745262e41e00","block_type":"box","text":"may bear certain extraordinary expenses to protect and recover its investment. A Fund will also be","page_number":127,"box":{"x":117,"y":134,"width":735,"height":12}},{"id":"5daa21fa-56c9-4bbf-8aa8-492c622238db","block_type":"box","text":"subject to significant uncertainty as to when and in what manner and for what value the obligations","page_number":127,"box":{"x":116,"y":149,"width":737,"height":12}},{"id":"c9b39303-08a3-46c6-b2c2-524aef9d6f9c","block_type":"box","text":"evidenced by the securities of the issuer held by the Fund will eventually be satisfied.","page_number":127,"box":{"x":116,"y":165,"width":637,"height":12}},{"id":"d916f178-b81d-426d-928b-4365d0b376b4","block_type":"box","text":"Even if a plan of reorganization or restructuring is adopted with respect to the securities of the issuer","page_number":127,"box":{"x":117,"y":196,"width":741,"height":12}},{"id":"240a2f08-3699-4b6f-b592-49f26998beb0","block_type":"box","text":"held by the Fund, there can be no assurance that the securities or other assets received by a Fund in","page_number":127,"box":{"x":117,"y":211,"width":748,"height":12}},{"id":"11e28d94-0ccb-44b4-845f-b8ba33a2e53b","block_type":"box","text":"connection with such plan of reorganization or restructuring will not have a lower value or income","page_number":127,"box":{"x":116,"y":227,"width":717,"height":12}},{"id":"b76cf777-dd46-45bf-a0b7-dd3593eca250","block_type":"box","text":"potential than may have been anticipated or no value. A Fund may be unable to enforce its claims or","page_number":127,"box":{"x":117,"y":242,"width":742,"height":12}},{"id":"d3204551-f56e-4af5-afc8-a8103447faef","block_type":"box","text":"rights in any collateral or may have its claims or security interest in any collateral challenged, disallowed","page_number":127,"box":{"x":117,"y":258,"width":767,"height":12}},{"id":"efc25efd-ee92-41dd-bdbd-fd1ba15ef82b","block_type":"box","text":"or subordinated to the claims or security interests of other creditors. In addition, amendments to the U.S.","page_number":127,"box":{"x":116,"y":273,"width":772,"height":12}},{"id":"1cfe0d5c-7095-43a8-ba5c-76452c0815fc","block_type":"box","text":"Bankruptcy Code or other relevant laws could alter the expected outcome or introduce greater","page_number":127,"box":{"x":117,"y":289,"width":695,"height":12}},{"id":"6174ab51-0b48-452a-b34b-db322ca8bb87","block_type":"box","text":"uncertainty regarding the outcome of the Fund’s securities holdings in the issuer. In a bankruptcy","page_number":127,"box":{"x":117,"y":304,"width":716,"height":12}},{"id":"5ef67364-6270-4d11-bdb6-1f55adae69c5","block_type":"box","text":"proceeding, a reorganization or restructuring, the securities of the issuer held by a Fund could be","page_number":127,"box":{"x":117,"y":320,"width":716,"height":12}},{"id":"47cc2a02-2ab9-468a-8754-11941007b26c","block_type":"box","text":"re-characterized or a Fund may receive different securities or other assets, including equity securities.","page_number":127,"box":{"x":117,"y":335,"width":752,"height":12}},{"id":"db16937b-d26b-44e2-a316-72f63a730e01","block_type":"box","text":"These types of equity securities include, but are not limited to: common stock; preferred stock (including","page_number":127,"box":{"x":116,"y":351,"width":768,"height":12}},{"id":"dbc9de6b-61aa-41c1-a59b-b2d64c803616","block_type":"box","text":"convertible preferred stock); bonds, notes and debentures convertible into common or preferred stock;","page_number":127,"box":{"x":116,"y":366,"width":756,"height":12}},{"id":"8ce6a748-3896-42a0-a825-8c378f6929fb","block_type":"box","text":"stock purchase warrants and rights; equity interests in trusts; and depositary receipts. Equity securities","page_number":127,"box":{"x":116,"y":382,"width":759,"height":12}},{"id":"692b7403-f493-4928-916d-5cf660e7ca01","block_type":"box","text":"are subject to changes in value, and their value may be more volatile than those of other asset classes.","page_number":127,"box":{"x":116,"y":397,"width":764,"height":12}},{"id":"53987ad8-e097-4018-8653-db1b0e7b7b3d","block_type":"box","text":"Holders of equity securities are subject to more risk than holders of debt securities because the status of","page_number":127,"box":{"x":117,"y":413,"width":771,"height":12}},{"id":"48222aed-4046-4e57-9c55-37d797c3b375","block_type":"box","text":"equity holders is subordinate to debtholders in an issuer’s capital structure. The value of equity","page_number":127,"box":{"x":116,"y":428,"width":701,"height":12}},{"id":"c78f1ef8-ceac-4540-8b11-51e7d3858154","block_type":"box","text":"securities received by a Fund could decline if the financial condition of the issuer deteriorates or if","page_number":127,"box":{"x":116,"y":444,"width":721,"height":12}},{"id":"46879903-25ab-4c50-80dc-bfb2dd42b846","block_type":"box","text":"overall market and economic conditions, or conditions within the issuer’s region or industry, deteriorate.","page_number":127,"box":{"x":116,"y":459,"width":764,"height":12}},{"id":"d3b3d821-decf-4ada-b850-f2859c5125fb","block_type":"box","text":"To the extent that a Fund receives other assets in connection with a bankruptcy proceeding,","page_number":127,"box":{"x":116,"y":490,"width":681,"height":12}},{"id":"6d3106c0-c044-497d-9881-2b8f3fde2919","block_type":"box","text":"reorganization or financial restructuring, the Fund may also be subject to additional risks associated with","page_number":127,"box":{"x":117,"y":506,"width":770,"height":12}},{"id":"bee52240-80fb-4e01-97c8-290a5fceffb0","block_type":"box","text":"the assets received. One example of assets that a Fund could receive is an interest in one or more","page_number":127,"box":{"x":116,"y":521,"width":730,"height":12}},{"id":"2f5cc8cb-2900-4adf-ab8a-13811ab89357","block_type":"box","text":"loans made to the issuer as part of a workout agreed to by a consortium of lienholders and creditors of","page_number":127,"box":{"x":117,"y":537,"width":756,"height":12}},{"id":"16a7fd3f-5d2b-4790-a39e-37d286fac9a8","block_type":"box","text":"the issuer. A Fund may receive such interests in loans to the extent permitted by the Investment","page_number":127,"box":{"x":116,"y":552,"width":710,"height":12}},{"id":"6cf5051b-b8cb-4a66-83f4-bca4e598bd6c","block_type":"box","text":"Company Act.","page_number":127,"box":{"x":117,"y":568,"width":108,"height":12}},{"id":"b1acd516-74dd-4915-986c-404cfdb19ff1","block_type":"box","text":"Securities or other assets received in a reorganization","page_number":127,"box":{"x":116,"y":599,"width":387,"height":12}},{"id":"f1ee6395-d708-4de2-bd42-82b3a39a042e","block_type":"box","text":"or restructuring typically entail a higher degree of risk","page_number":127,"box":{"x":503,"y":599,"width":380,"height":12}},{"id":"0d6496a7-8754-4f7b-bb32-b93a94167078","block_type":"box","text":"than investments in securities of issuers that","page_number":127,"box":{"x":116,"y":614,"width":319,"height":10}},{"id":"5a746784-2217-4815-b932-4f2686c432fd","block_type":"box","text":"have not undergone a reorganization or restructuring and may","page_number":127,"box":{"x":436,"y":614,"width":446,"height":12}},{"id":"64859898-0b34-40bb-a054-193bac0e9f12","block_type":"box","text":"be subject to heavy selling or downward pricing pre","page_number":127,"box":{"x":117,"y":630,"width":363,"height":12}},{"id":"eee18c4d-d493-4cce-b4be-02817900e64d","block_type":"box","text":"ssure after completion of the reorganization or","page_number":127,"box":{"x":481,"y":630,"width":332,"height":12}},{"id":"32ef34a2-3c81-4bfb-8602-d78538359e28","block_type":"box","text":"restructuring. The post-reorganization/restructuring assets","page_number":127,"box":{"x":117,"y":645,"width":411,"height":12}},{"id":"fb391f2c-02d9-40d2-89fa-09cdc9e23951","block_type":"box","text":"and securities may also be illiquid and difficult to","page_number":127,"box":{"x":528,"y":645,"width":351,"height":12}},{"id":"5e921f52-015a-4542-8666-82f51203e3a5","block_type":"box","text":"sell or value. If a Fund participates in negotiations with","page_number":127,"box":{"x":116,"y":661,"width":384,"height":12}},{"id":"cc762caf-a37e-4800-ae9b-fd249c9de365","block_type":"box","text":"respect to a plan of reorganization or restructuring","page_number":127,"box":{"x":506,"y":661,"width":353,"height":12}},{"id":"1aa7a296-d991-473e-b231-2ae49e30c396","block_type":"box","text":"with respect to securities of the issuer held by a","page_number":127,"box":{"x":116,"y":676,"width":336,"height":12}},{"id":"67692da7-762a-40f3-b515-61c0cd930a86","block_type":"box","text":"Fund, the Fund also may be restricted from disposing such","page_number":127,"box":{"x":458,"y":676,"width":417,"height":12}},{"id":"07255ae1-95b6-42cd-aa39-1a5351e11300","block_type":"box","text":"securities for a period of time. If a Fund becomes involved in such proceedings, the Fund may have more","page_number":127,"box":{"x":116,"y":692,"width":747,"height":12}},{"id":"0d7a734b-f721-430c-950b-6633b1e4fcd7","block_type":"box","text":"active participation in the affairs of the iss","page_number":127,"box":{"x":116,"y":707,"width":292,"height":12}},{"id":"5221802a-0897-48ad-ac9f-edcb91c8316b","block_type":"box","text":"uer than that assumed generally by an investor.","page_number":127,"box":{"x":409,"y":707,"width":337,"height":12}},{"id":"430e7fcf-4fb5-4cc4-aabd-d178defbf8f9","block_type":"box","text":"Lease Obligations.","page_number":127,"box":{"x":116,"y":738,"width":148,"height":12}},{"id":"46e7e727-ad86-47fa-8b21-43f422580084","block_type":"box","text":"A Fund may hold participation certificates in a lease, an installment purchase","page_number":127,"box":{"x":270,"y":738,"width":571,"height":12}},{"id":"ff83e128-51d5-4218-9a53-e6eb71c0b5ae","block_type":"box","text":"contract, or a conditional sales contract (“lease obligations”). The Manager will monitor the credit","page_number":127,"box":{"x":116,"y":754,"width":716,"height":12}},{"id":"17a7ec2c-3d4f-4a1a-8b5b-505496d88baf","block_type":"box","text":"standing of each borrower and each entity providing credit support and/or a put option relating to lease","page_number":127,"box":{"x":116,"y":769,"width":761,"height":12}},{"id":"2dbb739b-1e1c-425b-a50b-68b54982aa62","block_type":"box","text":"obligations.","page_number":127,"box":{"x":116,"y":785,"width":83,"height":12}},{"id":"e903c9b1-21f3-46c4-9a18-956885846924","block_type":"box","text":"Life Settlement Investments.","page_number":127,"box":{"x":116,"y":816,"width":227,"height":9}},{"id":"973c75ee-e857-4e52-90f5-3bb506d690ed","block_type":"box","text":"A Fund may invest in life settlements, which are sales to third parties,","page_number":127,"box":{"x":349,"y":816,"width":514,"height":12}},{"id":"760f6477-cd20-4ce0-b1a7-a96305a61195","block_type":"box","text":"such as the Fund, of existing life insurance contracts for more than their cash surrender value but less","page_number":127,"box":{"x":116,"y":831,"width":763,"height":12}},{"id":"58876939-f989-49c5-80b6-9305a6f58e2d","block_type":"box","text":"than the net benefits to be paid under the policies. When a Fund acquires such a contract, it pays the","page_number":127,"box":{"x":116,"y":847,"width":756,"height":12}},{"id":"53e1ad43-e72a-4915-aa3d-75ad4aac6427","block_type":"box","text":"policy premiums in return for the expected receipt of the net benefit as the beneficiary under the policy.","page_number":127,"box":{"x":117,"y":862,"width":767,"height":12}},{"id":"852a5a35-9f78-498f-a32b-7ce97b8734fa","block_type":"box","text":"Investments in these contracts involve certain risks, including liquidity risk, credit risk of the insurance","page_number":127,"box":{"x":117,"y":878,"width":756,"height":12}},{"id":"f47ce363-e902-4b06-a99e-274d840b381a","block_type":"box","text":"II-62","page_number":127,"box":{"x":484,"y":909,"width":31,"height":9}},{"id":"792b52bb-78b4-459c-915a-641c5cfffae7","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":127,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"1d7f3d2e-4018-462c-a7fb-962536c1108b","block_type":"box","text":"company, and inaccurate estimations of life expectancy of the insured individuals (viators). These","page_number":128,"box":{"x":116,"y":87,"width":729,"height":12}},{"id":"99da1e3c-c847-4d04-82f6-88cdbd2fdb4f","block_type":"box","text":"policies may be considered illiquid because they are bought and sold in a secondary market through","page_number":128,"box":{"x":117,"y":103,"width":748,"height":12}},{"id":"0f5a0a53-8027-464d-8ba8-7b03de602d07","block_type":"box","text":"life settlement agents. Also, in the event of a bankruptcy of the insurance carrier for a policy, the Fund","page_number":128,"box":{"x":117,"y":118,"width":760,"height":12}},{"id":"2fd7bd2a-4b3d-403b-986e-8d4b8bd0bbfc","block_type":"box","text":"may receive reduced or no benefits under the contract. A Fund seeks to minimize credit risk by","page_number":128,"box":{"x":117,"y":134,"width":708,"height":12}},{"id":"a7a9d2ee-0500-45c6-b2bf-4354a73bbcb5","block_type":"box","text":"investing in policies issued by a diverse range of highly-rated insurance carriers. Furthermore, a Fund","page_number":128,"box":{"x":117,"y":149,"width":758,"height":12}},{"id":"40b3979c-19f2-468d-9417-4304d4f8ddb9","block_type":"box","text":"may encounter losses on its investments if there is an inaccurate estimation of the life expectancies of","page_number":128,"box":{"x":117,"y":165,"width":761,"height":12}},{"id":"d80fca02-d437-454c-8708-5c9bc9d2cf09","block_type":"box","text":"viators. A Fund intends to reduce this life expectancy risk by investing only in contracts where the life","page_number":128,"box":{"x":116,"y":180,"width":754,"height":12}},{"id":"1b602b20-9d31-4208-b654-3e2b285299cf","block_type":"box","text":"expectancy was reviewed by an experienced actuary, as well as by diversifying its investments across","page_number":128,"box":{"x":116,"y":196,"width":763,"height":12}},{"id":"b5109eec-55fe-477c-acf5-77fa8b4354a6","block_type":"box","text":"viators of varying ages and medical profiles. In addition, it is unclear whether the income from life","page_number":128,"box":{"x":116,"y":211,"width":725,"height":12}},{"id":"0e30539c-fb2b-4598-97dc-fb0997e4c827","block_type":"box","text":"settlements is qualifying income for purposes of the IRS 90% gross income test a Fund must satisfy","page_number":128,"box":{"x":116,"y":227,"width":746,"height":12}},{"id":"8ad98594-0789-4e12-8fba-fd6958dc0f44","block_type":"box","text":"each year to qualify as a regulated investment company. A Fund intends to monitor its investments to","page_number":128,"box":{"x":116,"y":242,"width":758,"height":12}},{"id":"ddacdf53-90a0-438c-bac9-725532ee09fe","block_type":"box","text":"ensure that the Fund remains qualified as a regulated investment company.","page_number":128,"box":{"x":116,"y":258,"width":567,"height":12}},{"id":"35f0cc57-abd5-4325-aabd-090135fd0bff","block_type":"box","text":"Liquidity Risk Management.","page_number":128,"box":{"x":116,"y":289,"width":221,"height":12}},{"id":"7ad59b08-8816-42ea-ad9a-f5d83875b5cf","block_type":"box","text":"Rule 22e-4 under the Investment Company Act (the “Liquidity Rule”)","page_number":128,"box":{"x":338,"y":289,"width":517,"height":12}},{"id":"48d6179b-e242-407c-b2b6-7628d2de8803","block_type":"box","text":"requires open-end funds, such as the Funds, to adopt a liquidity risk management program and","page_number":128,"box":{"x":117,"y":304,"width":712,"height":12}},{"id":"95b55e44-2503-4e48-b8f5-ac71ca275bed","block_type":"box","text":"enhance disclosures regarding fund liquidity. As required by the Liquidity Rule, the Funds have","page_number":128,"box":{"x":116,"y":320,"width":709,"height":12}},{"id":"434bb135-6be7-47e2-8235-8fecbf251ebf","block_type":"box","text":"implemented a liquidity risk management program (the “Liquidity Program”), and the Boards of","page_number":128,"box":{"x":117,"y":335,"width":704,"height":12}},{"id":"4a971115-243e-488f-aaf6-ad445fef0546","block_type":"box","text":"Directors of the Funds, including a majority of the independent Directors, have appointed the Manager","page_number":128,"box":{"x":117,"y":351,"width":762,"height":12}},{"id":"d2658508-b7b9-4241-b9fa-1d3668c354a3","block_type":"box","text":"as the liquidity risk program administrator of the Liquidity Program. Under the Liquidity Program, the","page_number":128,"box":{"x":116,"y":366,"width":745,"height":12}},{"id":"1ead63af-3878-4ea5-960b-86d35f2b1988","block_type":"box","text":"Manager assesses, manages, and periodically reviews each Fund’s liquidity risk and classifies each","page_number":128,"box":{"x":117,"y":382,"width":746,"height":12}},{"id":"46d5ca6c-b61b-4939-b922-870df9177d72","block_type":"box","text":"investment held by a Fund as a “highly liquid investment,” “moderately liquid investment,” “less liquid","page_number":128,"box":{"x":117,"y":397,"width":750,"height":12}},{"id":"8e76091c-6eac-4420-b915-91c2cf607f8e","block_type":"box","text":"investment” or “illiquid investment.” The Liquidity Rule defines “liquidity risk” as the risk that a Fund","page_number":128,"box":{"x":117,"y":413,"width":736,"height":12}},{"id":"d98023ae-2eda-4afb-97c3-27a178adff44","block_type":"box","text":"could not meet requests to redeem shares issued by the Fund without significant dilution of the","page_number":128,"box":{"x":116,"y":428,"width":709,"height":12}},{"id":"8fd765c1-761b-41f6-a290-4e2f16db3d7f","block_type":"box","text":"remaining investors’ interests in the Fund. The liquidity of a Fund’s portfolio investments is determined","page_number":128,"box":{"x":117,"y":444,"width":762,"height":12}},{"id":"6c778e11-eb6f-4994-95f6-8d9be422f936","block_type":"box","text":"based on relevant market, trading and investment-specific considerations under the Liquidity Program.","page_number":128,"box":{"x":117,"y":459,"width":764,"height":12}},{"id":"ec8072f3-8633-423b-af38-ee41bcdf4c17","block_type":"box","text":"To the extent that an investment is deemed to be an illiquid investment or a less liquid investment, a","page_number":128,"box":{"x":116,"y":475,"width":747,"height":12}},{"id":"fedb818e-3cae-4130-99c0-8945821e0235","block_type":"box","text":"Fund can expect to be exposed to greater liquidity risk.","page_number":128,"box":{"x":117,"y":490,"width":411,"height":12}},{"id":"0bd3aff6-27a3-406d-9746-16a192a3fbc6","block_type":"box","text":"Master Limited Partnerships.","page_number":128,"box":{"x":116,"y":521,"width":230,"height":12}},{"id":"00d5c8d4-3b04-4be0-ab9b-5ff3475cdd71","block_type":"box","text":"Certain Funds may invest in publicly traded master limited partnerships","page_number":128,"box":{"x":347,"y":521,"width":538,"height":12}},{"id":"63a071a0-13f8-4ef2-b68f-1d5036d2f106","block_type":"box","text":"(“MLPs”) which are limited partnerships or limited liability companies taxable as partnerships. MLPs","page_number":128,"box":{"x":117,"y":537,"width":741,"height":12}},{"id":"3ff825b9-16fc-460e-973f-68eacabe4c1e","block_type":"box","text":"may derive income and gains from the exploration, development, mining or production, processing,","page_number":128,"box":{"x":117,"y":552,"width":739,"height":12}},{"id":"a44b28aa-9e0b-4326-955d-72beb97dddbf","block_type":"box","text":"refining, transportation (including pipelines transporting gas, oil, or products thereof), or the marketing","page_number":128,"box":{"x":117,"y":568,"width":758,"height":12}},{"id":"c261d0a8-a305-4e41-9942-d5091f8e53aa","block_type":"box","text":"of any mineral or natural resources. MLPs generally have two classes of owners, the general partner","page_number":128,"box":{"x":116,"y":583,"width":752,"height":12}},{"id":"c96f3180-6f8d-4e88-849d-4728c44ce11a","block_type":"box","text":"and limited partners. When investing in an MLP, a Fund intends to purchase publicly traded common","page_number":128,"box":{"x":116,"y":599,"width":753,"height":12}},{"id":"c2c55f65-c0fd-473d-b58f-193a4ddc49dd","block_type":"box","text":"units issued to limited partners of the MLP. The general partner is typically owned by a major energy","page_number":128,"box":{"x":117,"y":614,"width":749,"height":12}},{"id":"7800a251-b782-46e7-ab8a-179d6fda952a","block_type":"box","text":"company, an investment fund, the direct management of the MLP or is an entity owned by one or more","page_number":128,"box":{"x":116,"y":630,"width":769,"height":12}},{"id":"cba2c90d-59ac-42a2-a99f-3f6b8552a806","block_type":"box","text":"of such parties. The general partner may be structured as a private or publicly traded corporation or","page_number":128,"box":{"x":116,"y":645,"width":744,"height":12}},{"id":"d1527050-c484-4ed6-b0bf-f86d99338068","block_type":"box","text":"other entity. The general partner typically controls the operations and management of the MLP through","page_number":128,"box":{"x":116,"y":661,"width":762,"height":12}},{"id":"c509681f-8f88-4a82-9bcb-060a2c3eae59","block_type":"box","text":"an up to 2% equity interest in the MLP plus, in many cases, ownership of common units and","page_number":128,"box":{"x":116,"y":676,"width":683,"height":12}},{"id":"37993fbd-6fe6-4ca1-9cb3-5c1cb7ca14fa","block_type":"box","text":"subordinated units. Limited partners own the remainder of the partnership, through ownership of","page_number":128,"box":{"x":116,"y":692,"width":714,"height":12}},{"id":"2df1d71d-a131-46c1-97d6-fb05b0018038","block_type":"box","text":"common units, and have a limited role in the partnership’s operations and management.","page_number":128,"box":{"x":116,"y":707,"width":652,"height":12}},{"id":"e705f374-4792-4415-a477-a622da4c5e65","block_type":"box","text":"MLPs are typically structured such that common units and general partner interests have first priority to","page_number":128,"box":{"x":117,"y":738,"width":764,"height":12}},{"id":"0e62c666-08d0-478d-ba7f-600ab9e75e2b","block_type":"box","text":"receive quarterly cash distributions up to an established minimum amount (“minimum quarterly","page_number":128,"box":{"x":117,"y":754,"width":701,"height":12}},{"id":"c143f2f0-e98c-42e8-914c-c87fbec6045e","block_type":"box","text":"distributions” or “MQD”). Common and general partner interests also accrue arrearages in distributions","page_number":128,"box":{"x":116,"y":769,"width":762,"height":12}},{"id":"d94d6f53-ea0e-49e1-be84-ce55dc26a19a","block_type":"box","text":"to the extent the MQD is not paid. Once common and general partner interests have been paid,","page_number":128,"box":{"x":116,"y":785,"width":708,"height":12}},{"id":"c9af6275-b08d-4a97-8d9f-447b445b5b7e","block_type":"box","text":"subordinated units receive distributions of up to the MQD; however, subordinated units do not accrue","page_number":128,"box":{"x":116,"y":800,"width":750,"height":12}},{"id":"39208bf6-23d3-4e4b-a479-dcc2d2dcc7f0","block_type":"box","text":"arrearages. Distributable cash in excess of the MQD paid to both common and subordinated units is","page_number":128,"box":{"x":116,"y":816,"width":743,"height":12}},{"id":"49569d0b-5e97-4378-b556-a1bb6a6895a5","block_type":"box","text":"distributed to both common and subordinated units generally on a pro rata basis. The general partner","page_number":128,"box":{"x":116,"y":831,"width":757,"height":12}},{"id":"601af1df-8fa6-48b5-9f4c-a620594543fd","block_type":"box","text":"is also eligible to receive incentive distributions if the general partner operates the business in a","page_number":128,"box":{"x":117,"y":847,"width":712,"height":12}},{"id":"d3d0df5f-7e7e-44f3-be52-066955469388","block_type":"box","text":"manner which results in distributions paid per common unit surpassing specified target levels. As the","page_number":128,"box":{"x":117,"y":862,"width":751,"height":12}},{"id":"6fb55fe8-3c2a-4864-9747-f7ae99b9ac09","block_type":"box","text":"general partner increases cash distributions to the limited partners, the general partner receives an","page_number":128,"box":{"x":116,"y":878,"width":739,"height":12}},{"id":"693402df-66e7-4c8d-982b-709a1324260f","block_type":"box","text":"II-63","page_number":128,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"37a3c9d6-660a-4023-8194-25b39509c378","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":128,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"9348b44c-479f-454b-9368-ac3266610e17","block_type":"box","text":"increasingly higher percentage of the incremental cash distributions. A common arrangement provides","page_number":129,"box":{"x":117,"y":87,"width":764,"height":12}},{"id":"d7bdd63e-c1dc-4f78-af64-7a5ea291335a","block_type":"box","text":"that the general partner can reach a tier where it receives 50% of every incremental dollar paid to","page_number":129,"box":{"x":116,"y":102,"width":727,"height":13}},{"id":"d317961e-bdea-4d00-bb0a-127b4036e0c2","block_type":"box","text":"common and subordinated unit holders. These incentive distributions encourage the general partner to","page_number":129,"box":{"x":116,"y":118,"width":767,"height":12}},{"id":"7d4604ab-4e8a-493b-9f0e-5acbe77e130a","block_type":"box","text":"streamline costs, increase capital expenditures and acquire assets in order to increase the","page_number":129,"box":{"x":116,"y":134,"width":676,"height":11}},{"id":"d71f845d-fa04-4401-98f7-0a124f134ffe","block_type":"box","text":"partnership’s cash flow and raise the quarterly cash distribution in order to reach higher tiers. Such","page_number":129,"box":{"x":117,"y":149,"width":736,"height":12}},{"id":"92b655d1-5953-4d55-b964-b7f61fc50407","block_type":"box","text":"results benefit all security holders of the MLP.","page_number":129,"box":{"x":117,"y":165,"width":343,"height":12}},{"id":"41869028-ef2e-426d-89cd-8417ed294958","block_type":"box","text":"MLP common units represent a limited partnership interest in the MLP. Common units are listed and","page_number":129,"box":{"x":117,"y":196,"width":748,"height":11}},{"id":"e2697813-cb9b-45c8-a9f8-6fa6fdcc5fa9","block_type":"box","text":"traded on U.S. securities exchanges, with their value fluctuating predominantly based on prevailing","page_number":129,"box":{"x":116,"y":211,"width":739,"height":12}},{"id":"4bfed4e4-16cd-44c4-9043-f58e465b5ea4","block_type":"box","text":"market conditions and the success of the MLP. Certain Funds intend to purchase common units in","page_number":129,"box":{"x":117,"y":227,"width":733,"height":11}},{"id":"d8412bfb-af24-40fe-b396-69180cf93de0","block_type":"box","text":"market transactions. Unlike owners of common stock of a corporation, owners of common units have","page_number":129,"box":{"x":117,"y":242,"width":752,"height":12}},{"id":"cd5491ed-103b-4b30-9dcb-e78fbc4aa8c4","block_type":"box","text":"limited voting rights and have no ability to annually elect directors. In the event of liquidation, common","page_number":129,"box":{"x":117,"y":258,"width":758,"height":12}},{"id":"4ebf9c37-bf4e-4061-a16d-2696174a6112","block_type":"box","text":"units have preference over subordinated units, but not over debt or preferred units, to the remaining","page_number":129,"box":{"x":117,"y":273,"width":744,"height":12}},{"id":"8d108469-bf99-4bec-b886-4277cea99581","block_type":"box","text":"assets of the MLP.","page_number":129,"box":{"x":116,"y":289,"width":144,"height":9}},{"id":"0fcdccb4-3b66-4dcc-97e0-98cde0c7a609","block_type":"box","text":"Merger Transaction Risk.","page_number":129,"box":{"x":116,"y":320,"width":200,"height":12}},{"id":"08d648f7-29b9-4c8d-a1bf-ae9cc3790442","block_type":"box","text":"A Fund may buy stock of the target company in an announced merger","page_number":129,"box":{"x":317,"y":320,"width":531,"height":12}},{"id":"f187734a-2476-4b36-a8f3-910a4281723c","block_type":"box","text":"transaction prior to the consummation of such transaction. In that circumstance, a Fund would expect","page_number":129,"box":{"x":116,"y":335,"width":757,"height":12}},{"id":"20806365-97e7-422d-8955-baee89c0903e","block_type":"box","text":"to receive an amount (whether in cash, stock of the acquiring company or a combination of both) in","page_number":129,"box":{"x":116,"y":351,"width":740,"height":12}},{"id":"56ca7fb0-3836-4587-ba9c-ffa1961598a7","block_type":"box","text":"excess of the purchase price paid by the Fund for the target company’s stock. However, a Fund is","page_number":129,"box":{"x":116,"y":366,"width":733,"height":12}},{"id":"7d7c2171-d420-4d16-b2c8-c8b065305bfd","block_type":"box","text":"subject to the risk that the merger transaction may be canceled, delayed or restructured, in which case","page_number":129,"box":{"x":116,"y":382,"width":766,"height":12}},{"id":"594100d0-7efa-4837-9ada-6609c0b0caee","block_type":"box","text":"a Fund’s holding of the target company’s stock may not result in any profit for the Fund and may lose","page_number":129,"box":{"x":116,"y":397,"width":754,"height":12}},{"id":"93505403-69fb-4153-890d-bfcd84ab6c86","block_type":"box","text":"significant value.","page_number":129,"box":{"x":116,"y":413,"width":129,"height":12}},{"id":"a399cd1d-8767-490b-b772-7ce6bfca292a","block_type":"box","text":"Money Market Obligations of Domestic Banks,","page_number":129,"box":{"x":116,"y":444,"width":355,"height":12}},{"id":"f6b3107d-7160-431f-af8f-43c0637360ca","block_type":"box","text":"Foreign Banks and Foreign Branches of U.S. Banks.","page_number":129,"box":{"x":472,"y":444,"width":404,"height":12}},{"id":"31f4fe85-61a0-4805-8ac3-0dc618ccb372","block_type":"box","text":"Certain Funds may purchase bank obligations, such as","page_number":129,"box":{"x":117,"y":459,"width":396,"height":12}},{"id":"0cb7f873-e40e-4ccd-be39-256c9101c174","block_type":"box","text":"certificates of deposit, notes, bankers’ acceptances","page_number":129,"box":{"x":513,"y":459,"width":367,"height":12}},{"id":"d72e938b-f620-43cc-b4fa-96d6280cd868","block_type":"box","text":"and time deposits, including instruments issued or suppo","page_number":129,"box":{"x":116,"y":475,"width":403,"height":12}},{"id":"37691e0f-4d34-481b-af78-5ca709d8677e","block_type":"box","text":"rted by the credit of U.S. or foreign banks or","page_number":129,"box":{"x":521,"y":475,"width":315,"height":12}},{"id":"0838f535-f87a-483a-955e-0e52cf37eec6","block_type":"box","text":"savings institutions having total assets at the time","page_number":129,"box":{"x":116,"y":490,"width":356,"height":12}},{"id":"9e7f2a9c-536a-4363-af0a-00ea2de373a9","block_type":"box","text":"of purchase in excess of $1 billion. These obligations may","page_number":129,"box":{"x":472,"y":489,"width":415,"height":13}},{"id":"72c1663a-07c3-4f99-942b-dfd0dd2c5a4b","block_type":"box","text":"be general obligations of the parent bank","page_number":129,"box":{"x":117,"y":506,"width":290,"height":12}},{"id":"ac3ab3a6-db31-41b8-a53c-a16dec7319ea","block_type":"box","text":"k or may be limited to the issuing branch or subsidiary by the terms","page_number":129,"box":{"x":407,"y":506,"width":473,"height":12}},{"id":"bb56cf16-bf69-432f-8e90-2dc22e835b3d","block_type":"box","text":"of a specific obligation or by gov","page_number":129,"box":{"x":116,"y":521,"width":228,"height":12}},{"id":"e5791c94-bb27-4ebd-93c0-039d9cb4cdb0","block_type":"box","text":"ernment regulation. The assets of","page_number":129,"box":{"x":344,"y":521,"width":244,"height":12}},{"id":"c1718df9-5a11-4aa4-806c-e79d49f3e26c","block_type":"box","text":"a bank or savings institution will be","page_number":129,"box":{"x":588,"y":521,"width":251,"height":12}},{"id":"689fde60-41a6-4b48-93a6-6a7ec4aea137","block_type":"box","text":"deemed to include the assets of its domestic and fore","page_number":129,"box":{"x":116,"y":537,"width":380,"height":9}},{"id":"c9b9be16-f9b1-43e7-ae3e-f28252111c6b","block_type":"box","text":"ign branches for purposes of a Fund’s investment","page_number":129,"box":{"x":497,"y":537,"width":356,"height":12}},{"id":"66b2d9d6-fd2f-4820-b265-cf7cad08db9a","block_type":"box","text":"policies. Investments in short-term bank obligations","page_number":129,"box":{"x":117,"y":552,"width":368,"height":12}},{"id":"9b832fcf-c920-430f-b95d-3d01a74c3e3f","block_type":"box","text":"may include obligations of foreign banks and domestic","page_number":129,"box":{"x":485,"y":552,"width":390,"height":12}},{"id":"6524d5b3-3816-42a5-8fca-c9d87d18be11","block_type":"box","text":"branches of foreign banks, and also foreign branches of domestic banks.","page_number":129,"box":{"x":117,"y":568,"width":521,"height":12}},{"id":"e523150b-e91f-448a-8e80-18ce4c1c109d","block_type":"box","text":"To the extent consistent with their investment objectives, a Fund may invest in debt obligations of","page_number":129,"box":{"x":116,"y":599,"width":727,"height":12}},{"id":"9d1d8bda-9b65-4671-a871-c9c91885f1a3","block_type":"box","text":"domestic or foreign corporations and banks, and may acquire commercial obligations issued by","page_number":129,"box":{"x":116,"y":614,"width":713,"height":12}},{"id":"1303c724-632d-42d8-9936-3506f68a0282","block_type":"box","text":"Canadian corporations and Canadian counterparts of U.S. corporations, as well as Europaper, which is","page_number":129,"box":{"x":117,"y":630,"width":769,"height":12}},{"id":"7eddc9bb-0446-40d6-8766-491ee518b4b3","block_type":"box","text":"U.S. dollar-denominated commercial paper of a foreign issuer.","page_number":129,"box":{"x":117,"y":645,"width":466,"height":12}},{"id":"14551559-63ec-4506-95d3-5cff6db30f58","block_type":"box","text":"Money Market Securities.","page_number":129,"box":{"x":116,"y":676,"width":201,"height":12}},{"id":"82a6c3ea-52b6-4fb3-92d8-00ef71c16579","block_type":"box","text":"Certain Funds may invest in a broad range of short-term, high quality, U.S.","page_number":129,"box":{"x":323,"y":676,"width":553,"height":12}},{"id":"d5a00647-c805-462f-81a8-d1f90fb79762","block_type":"box","text":"dollar-denominated instruments, such as government, bank, commercial and other obligations that are","page_number":129,"box":{"x":116,"y":692,"width":760,"height":12}},{"id":"e01833a1-33ab-48ec-b128-83029f1d305d","block_type":"box","text":"available in the money markets. In particular, the Funds may invest in:","page_number":129,"box":{"x":116,"y":707,"width":519,"height":12}},{"id":"6332ee1c-9a84-4d04-87ae-522237090228","block_type":"box","text":"(a) U.S. dollar-denominated obligations issued or supported by the credit of U.S. or foreign banks","page_number":129,"box":{"x":150,"y":738,"width":729,"height":12}},{"id":"0580af99-771b-4050-8ac9-d27bdeac3945","block_type":"box","text":"or savings institutions with total assets in excess of $1 billion (including obligations of foreign","page_number":129,"box":{"x":184,"y":753,"width":684,"height":13}},{"id":"822b497f-ccbe-449d-b514-a3d69b23bb19","block_type":"box","text":"branches of such banks);","page_number":129,"box":{"x":184,"y":769,"width":186,"height":12}},{"id":"e8811974-0221-4d47-9726-181d082d2f94","block_type":"box","text":"(b) high quality commercial paper and other obligations issued or guaranteed by U.S. and foreign","page_number":129,"box":{"x":150,"y":792,"width":728,"height":13}},{"id":"249d1936-62be-41f6-974c-d3309b32ffcc","block_type":"box","text":"corporations and other issuers rated (at the time of purchase) A-2 or higher by S&P, Prime-2","page_number":129,"box":{"x":184,"y":808,"width":686,"height":12}},{"id":"1cb1711e-7ebf-4781-b8fb-078388f240c7","block_type":"box","text":"or higher by Moody’s or F-2 or higher by Fitch, as well as high quality corporate bonds rated","page_number":129,"box":{"x":184,"y":824,"width":681,"height":12}},{"id":"b028c34f-aebf-4765-8684-a2cd316ae0e6","block_type":"box","text":"(at the time of purchase) A or higher by those rating agencies;","page_number":129,"box":{"x":184,"y":839,"width":465,"height":12}},{"id":"fa4deb67-dfb1-4594-b181-209b2891bfe0","block_type":"box","text":"(c) unrated notes, paper and other instruments that are of comparable quality to the instruments","page_number":129,"box":{"x":150,"y":862,"width":726,"height":12}},{"id":"3c84e541-48de-46e0-899b-07dd11748c92","block_type":"box","text":"described in (b) above as determined by the Fund’s Manager;","page_number":129,"box":{"x":184,"y":878,"width":463,"height":12}},{"id":"ab8205d8-7185-4163-8a05-536c884669c8","block_type":"box","text":"II-64","page_number":129,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"38124968-85c1-405f-bc85-c528f276ef93","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":129,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"fed0662a-e79d-4587-90ce-37c592afbd26","block_type":"box","text":"(d) asset-backed securities (including interests in pools of assets such as mortgages, installment","page_number":130,"box":{"x":150,"y":87,"width":730,"height":12}},{"id":"b4dc06a6-723a-46a7-b87a-d30f342f10db","block_type":"box","text":"purchase obligations and credit card receivables);","page_number":130,"box":{"x":184,"y":102,"width":374,"height":13}},{"id":"0510e155-b633-4cc7-8253-719b018fd10f","block_type":"box","text":"(e) securities issued or guaranteed as to principal and interest by the U.S. Government or by its","page_number":130,"box":{"x":150,"y":126,"width":722,"height":12}},{"id":"c9bf833a-295f-482f-a8e2-688bc0dd7b44","block_type":"box","text":"agencies or authorities and related custodial receipts;","page_number":130,"box":{"x":184,"y":141,"width":401,"height":12}},{"id":"bb71fd61-a33f-4864-92a1-d5948f4786b1","block_type":"box","text":"(f) dollar-denominated securities issued or guaranteed by foreign governments or their political","page_number":130,"box":{"x":150,"y":165,"width":719,"height":12}},{"id":"1a3935c8-d35b-49e2-a0db-ee4622aebb2d","block_type":"box","text":"subdivisions, agencies or authorities;","page_number":130,"box":{"x":184,"y":180,"width":279,"height":12}},{"id":"8ed917ef-66ed-4a19-9b54-dc34d13566a0","block_type":"box","text":"(g) funding agreements issued by highly-rated U.S. insurance companies;","page_number":130,"box":{"x":150,"y":203,"width":561,"height":12}},{"id":"51f81b65-df3d-4aa3-a2ed-3c5ab4f81b76","block_type":"box","text":"(h) securities issued or guaranteed by state or local governmental bodies;","page_number":130,"box":{"x":150,"y":227,"width":560,"height":12}},{"id":"41ce6de6-2d50-44d6-a75f-ca97499ae23a","block_type":"box","text":"(i) repurchase agreements relating to the above instruments;","page_number":130,"box":{"x":150,"y":250,"width":469,"height":12}},{"id":"68695e2b-ef1e-4247-93a0-48cacfab0551","block_type":"box","text":"(j) municipal bonds and notes whose principal and interest payments are guaranteed by the U.S.","page_number":130,"box":{"x":150,"y":273,"width":736,"height":12}},{"id":"d1e5f784-eb90-4cb1-9c5f-522e5f16e13a","block_type":"box","text":"Government or one of its agencies or authorities or which otherwise depend directly or","page_number":130,"box":{"x":184,"y":289,"width":646,"height":12}},{"id":"cff1bde8-e401-4ff1-8c92-5a830780ee32","block_type":"box","text":"indirectly on the credit of the United States;","page_number":130,"box":{"x":184,"y":304,"width":325,"height":12}},{"id":"2939599a-059a-4730-a3f5-b61a1767d452","block_type":"box","text":"(k) fixed and variable rate notes and similar debt instruments rated MIG-2, VMIG-2 or Prime-2 or","page_number":130,"box":{"x":150,"y":327,"width":730,"height":12}},{"id":"8c7f3f98-01d3-406d-b460-46b6e47b50bf","block_type":"box","text":"higher by Moody’s, SP-2 or A-2 or higher by S&P, or F-2 or higher by Fitch;","page_number":130,"box":{"x":184,"y":343,"width":563,"height":12}},{"id":"d30c9409-1f8d-432e-92c8-d520d33fdf9c","block_type":"box","text":"(l) tax-exempt commercial paper and similar debt instruments rated Prime-2 or higher by","page_number":130,"box":{"x":150,"y":366,"width":675,"height":12}},{"id":"433ce9a2-2229-448d-b62a-0bc0a09d22e5","block_type":"box","text":"Moody’s, A-2 or higher by S&P, or F-2 or higher by Fitch;","page_number":130,"box":{"x":184,"y":382,"width":428,"height":12}},{"id":"cac757f6-1f3b-4044-9ffc-77f9556e0c63","block_type":"box","text":"(m) municipal bonds rated A or higher by Moody’s, S&P or Fitch;","page_number":130,"box":{"x":150,"y":405,"width":488,"height":12}},{"id":"30186308-d3ae-4a39-aa0d-c67451d15260","block_type":"box","text":"(n) unrated notes, paper or other instruments that are of comparable quality to the instruments","page_number":130,"box":{"x":150,"y":428,"width":713,"height":12}},{"id":"efbbad6e-594f-43a0-9c03-73a3d45f78ee","block_type":"box","text":"described above, as determined by the Fund’s Manager under guidelines established by the","page_number":130,"box":{"x":184,"y":444,"width":688,"height":12}},{"id":"c2a30409-3470-4441-af29-164098a5a1c1","block_type":"box","text":"Board; and","page_number":130,"box":{"x":184,"y":459,"width":86,"height":11}},{"id":"820c27e1-bd60-4f88-952c-93c92502d1c4","block_type":"box","text":"(o) municipal bonds and notes which are guaranteed as to principal and interest by the U.S.","page_number":130,"box":{"x":150,"y":482,"width":693,"height":12}},{"id":"85afbfb4-4dde-4292-8b70-865f74870dc6","block_type":"box","text":"Government or an agency or instrumentality thereof or which otherwise depend directly or","page_number":130,"box":{"x":184,"y":498,"width":671,"height":12}},{"id":"96d4a7b3-3c48-48cc-b6c7-02980e7c171c","block_type":"box","text":"indirectly on the credit of the United States.","page_number":130,"box":{"x":184,"y":513,"width":325,"height":12}},{"id":"2e2ce716-bc11-4bad-af27-44f1516e939c","block_type":"box","text":"Mortgage-Related Securities.","page_number":130,"box":{"x":116,"y":544,"width":236,"height":12}},{"id":"bc3132e9-9565-45f0-92be-fa1aa63ec249","block_type":"box","text":"Mortgage-Backed Securities.","page_number":130,"box":{"x":116,"y":568,"width":214,"height":12}},{"id":"dbdac5f9-07b6-4b22-9aae-072f951ea4fc","block_type":"box","text":"Mortgage-backed securities represent interests in pools of mortgages in","page_number":130,"box":{"x":332,"y":568,"width":544,"height":12}},{"id":"18dc13ef-afdc-4051-8cba-f46bb340f1b4","block_type":"box","text":"which payments of both principal and interest on the securities are generally made monthly, in effect","page_number":130,"box":{"x":116,"y":583,"width":749,"height":12}},{"id":"6dd5a8c7-6d9b-4518-bad9-ddc2d4d71cc5","block_type":"box","text":"“passing through” monthly payments made by borrowers on the residential or commercial mortgage","page_number":130,"box":{"x":116,"y":599,"width":745,"height":12}},{"id":"a08ebc73-106d-47dc-bdf7-af787d1ff445","block_type":"box","text":"loans that underlie the securities (net of any fees paid to the issuer or guarantor of the securities).","page_number":130,"box":{"x":117,"y":614,"width":728,"height":12}},{"id":"e1e6f6b4-7cd9-4662-9c8a-d0453bef33b4","block_type":"box","text":"Mortgage-backed securities differ from other forms of debt securities, which normally provide for","page_number":130,"box":{"x":117,"y":630,"width":718,"height":12}},{"id":"d75bdd22-1e12-4c53-86ae-75ce8b35a4a9","block_type":"box","text":"periodic payment of interest in fixed amounts with principal payments at maturity or specified call","page_number":130,"box":{"x":117,"y":645,"width":721,"height":12}},{"id":"7da88e0b-a438-4091-be4d-8e62025fd0c1","block_type":"box","text":"dates.","page_number":130,"box":{"x":116,"y":661,"width":44,"height":9}},{"id":"2be684ad-3b92-4694-9aaf-dcf5fbd3f9a7","block_type":"box","text":"Mortgage-backed securities are subject to the general risks associated with investing in real estate","page_number":130,"box":{"x":117,"y":692,"width":731,"height":12}},{"id":"3eee4152-fce6-436b-a6c8-bea09e53d7d2","block_type":"box","text":"securities; that is, they may lose value if the value of the underlying real estate to which a pool of","page_number":130,"box":{"x":116,"y":707,"width":718,"height":12}},{"id":"e128d4ed-726a-465a-b289-1b043a49a9a7","block_type":"box","text":"mortgages relates declines. In addition, investments in mortgage-backed securities involve certain","page_number":130,"box":{"x":117,"y":723,"width":726,"height":12}},{"id":"0124c9b3-d3b1-4c1d-b377-a31e93655dbd","block_type":"box","text":"specific risks. These risks include the failure of a party to meet its commitments under the related","page_number":130,"box":{"x":116,"y":738,"width":720,"height":12}},{"id":"494bc5c9-6e9f-4e92-8278-d7a9422e576c","block_type":"box","text":"operative documents, adverse interest rate changes and the effects of prepayments on mortgage cash","page_number":130,"box":{"x":116,"y":754,"width":762,"height":12}},{"id":"90ccddc0-c0a5-4e1f-ad49-d2998841bf8e","block_type":"box","text":"flows. Mortgage-backed securities are “pass-through” securities, meaning that principal and interest","page_number":130,"box":{"x":116,"y":769,"width":740,"height":12}},{"id":"51326656-0bf2-43e9-a31c-a27757933115","block_type":"box","text":"payments made by the borrower on the underlying mortgages are passed through to a Fund.","page_number":130,"box":{"x":117,"y":785,"width":687,"height":12}},{"id":"954a8e27-8738-4734-94a7-c2a5e5e7e8b3","block_type":"box","text":"Accordingly, the value of mortgage-backed securities in which a Fund invests may be particularly","page_number":130,"box":{"x":116,"y":800,"width":720,"height":12}},{"id":"19581f80-56a2-4507-95c2-d79ae72eb738","block_type":"box","text":"sensitive to changes in prevailing interest rates, and, like other fixed income investments, the ability of","page_number":130,"box":{"x":116,"y":816,"width":757,"height":12}},{"id":"1e678352-c883-46bf-ad6d-c11de570519b","block_type":"box","text":"a Fund to utilize these instruments successfully may depend in part upon the ability of the Manager to","page_number":130,"box":{"x":116,"y":831,"width":760,"height":12}},{"id":"a1ca23c4-3dd2-4dac-b61c-857728c134de","block_type":"box","text":"forecast interest rates and other economic factors correctly. The value of mortgage-backed securities,","page_number":130,"box":{"x":116,"y":847,"width":761,"height":12}},{"id":"ed5c5b02-7350-4164-8647-f7e13b6bd991","block_type":"box","text":"like that of traditional fixed-income securities, typically increases when interest rates fall and decreases","page_number":130,"box":{"x":117,"y":862,"width":768,"height":12}},{"id":"53d82cd7-9d9f-4838-a5a2-fa7e40ba740f","block_type":"box","text":"when interest rates rise. However, mortgage-backed securities differ from traditional fixed-income","page_number":130,"box":{"x":116,"y":878,"width":729,"height":12}},{"id":"f4d7a6e4-4e3a-4b06-b0bb-40c9ed549d9c","block_type":"box","text":"II-65","page_number":130,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"f94b387b-6901-4d5b-b5aa-1514c74c5b9c","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":130,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"6925dfd9-9dda-45ed-afca-2baaa9c0668e","block_type":"box","text":"securities because of their potential for prepayment without penalty. The price paid by a Fund for its","page_number":131,"box":{"x":116,"y":87,"width":745,"height":12}},{"id":"01759491-7993-4571-8af8-f621c4775af8","block_type":"box","text":"mortgage-backed securities, the yield the Fund expects to receive from such securities and the","page_number":131,"box":{"x":117,"y":102,"width":709,"height":13}},{"id":"baefe3f4-6d19-4d26-b8aa-54a66ac96bb1","block_type":"box","text":"weighted average life of the securities are based on a number of factors, including the anticipated rate","page_number":131,"box":{"x":116,"y":118,"width":762,"height":12}},{"id":"1fc00573-7535-4e52-ad95-de2e9cbd9537","block_type":"box","text":"of prepayment of the underlying mortgages. In a period of declining interest rates, borrowers may","page_number":131,"box":{"x":116,"y":134,"width":727,"height":12}},{"id":"b0978ff7-3950-4ef0-99db-2b33cbcc6acd","block_type":"box","text":"prepay the underlying mortgages more quickly than anticipated, thereby reducing the yield to maturity","page_number":131,"box":{"x":117,"y":149,"width":757,"height":12}},{"id":"b6ea8f85-b0da-4681-a621-2f2c744f2f3a","block_type":"box","text":"and the average life of the mortgage-backed securities. Moreover, when a Fund reinvests the proceeds","page_number":131,"box":{"x":116,"y":165,"width":772,"height":12}},{"id":"a25602f5-c3c0-487b-81ab-dfa3eeeb3fa2","block_type":"box","text":"of a prepayment in these circumstances, it will likely receive a rate of interest that is lower than the rate","page_number":131,"box":{"x":116,"y":180,"width":769,"height":12}},{"id":"ef7f8107-81ec-44ae-9701-b36492f4c5e9","block_type":"box","text":"on the security that was prepaid.","page_number":131,"box":{"x":116,"y":196,"width":247,"height":12}},{"id":"77cc48f3-a78c-4ecc-8ef9-4accf0e39c25","block_type":"box","text":"To the extent that a Fund purchases mortgage-backed securities at a premium, mortgage foreclosures","page_number":131,"box":{"x":116,"y":227,"width":766,"height":12}},{"id":"991458d8-bfea-49b5-99a7-8cfbab90a7a8","block_type":"box","text":"and principal prepayments may result in a loss to the extent of the premium paid. If a Fund buys such","page_number":131,"box":{"x":116,"y":242,"width":758,"height":12}},{"id":"d4cee9a8-4eef-46ef-b028-b416cecc3237","block_type":"box","text":"securities at a discount, both scheduled payments of principal and unscheduled prepayments will","page_number":131,"box":{"x":116,"y":258,"width":726,"height":12}},{"id":"206d7fa9-7023-4d97-a302-2b1ca44e3b9f","block_type":"box","text":"increase current and total returns and will accelerate the recognition of income, which, when distributed","page_number":131,"box":{"x":117,"y":273,"width":771,"height":12}},{"id":"5a646cba-f833-4e05-bae8-41e8135dad0b","block_type":"box","text":"to shareholders, will be taxable as ordinary income. In a period of rising interest rates, prepayments of","page_number":131,"box":{"x":116,"y":289,"width":762,"height":12}},{"id":"904b9874-0ad9-43f1-a34a-f014c85d8894","block_type":"box","text":"the underlying mortgages may occur at a slower than expected rate, creating maturity extension risk.","page_number":131,"box":{"x":116,"y":304,"width":753,"height":12}},{"id":"369a0dd0-0186-465d-a369-d119fe1779cf","block_type":"box","text":"This particular risk may effectively change a security that was considered short- or intermediate-term at","page_number":131,"box":{"x":116,"y":320,"width":771,"height":12}},{"id":"4b38f7c6-aaa0-4121-8368-fef0da6c479b","block_type":"box","text":"the time of purchase into a long-term security. Since the value of long-term securities generally","page_number":131,"box":{"x":116,"y":335,"width":709,"height":12}},{"id":"03542f7b-34ab-4886-b734-98d20debaf1b","block_type":"box","text":"fluctuates more widely in response to changes in interest rates than that of shorter-term securities,","page_number":131,"box":{"x":116,"y":351,"width":736,"height":12}},{"id":"11f7ab63-c93c-4c9e-88c6-9aeaa5dcae53","block_type":"box","text":"maturity extension risk could increase the inherent volatility of the Fund. Under certain interest rate and","page_number":131,"box":{"x":117,"y":366,"width":769,"height":12}},{"id":"528ed8a0-f1b6-4313-8568-eb417f15d630","block_type":"box","text":"prepayment scenarios, a Fund may fail to recoup fully its investment in mortgage-backed securities","page_number":131,"box":{"x":117,"y":382,"width":740,"height":12}},{"id":"047eb0c6-5476-4ea4-a60c-1e048cccab2d","block_type":"box","text":"notwithstanding any direct or indirect governmental or agency guarantee.","page_number":131,"box":{"x":117,"y":397,"width":547,"height":12}},{"id":"47c409f0-11bc-4e12-82f9-ba39059c5249","block_type":"box","text":"There are currently three types of mortgage pass-through securities: (1) those issued by the U.S.","page_number":131,"box":{"x":116,"y":428,"width":725,"height":12}},{"id":"075e7e7e-426a-43d7-b7be-50719240be92","block_type":"box","text":"Government or one of its agencies or instrumentalities, such as the Government National Mortgage","page_number":131,"box":{"x":117,"y":444,"width":742,"height":12}},{"id":"f2a5b8eb-e421-41cc-af1e-cd721091155f","block_type":"box","text":"Association (“Ginnie Mae”), the Federal National Mortgage Association (“Fannie Mae”) and the Federal","page_number":131,"box":{"x":116,"y":459,"width":770,"height":12}},{"id":"3199e77d-5199-4b9c-950f-0b4c3e245a44","block_type":"box","text":"Home Loan Mortgage Corporation (“Freddie Mac”); (2) those issued by private issuers that represent","page_number":131,"box":{"x":117,"y":475,"width":753,"height":12}},{"id":"cc9a2e18-33bc-47b8-8b5d-fbfaff616a97","block_type":"box","text":"an interest in or are collateralized by pass-through securities issued or guaranteed by the U.S.","page_number":131,"box":{"x":116,"y":490,"width":704,"height":12}},{"id":"1fc0f1df-9696-4024-9271-bde7634bc704","block_type":"box","text":"Government or one of its agencies or instrumentalities; and (3) those issued by private issuers that","page_number":131,"box":{"x":117,"y":506,"width":737,"height":12}},{"id":"0930cd54-3d4d-474e-ba7e-5b311f13b1e6","block_type":"box","text":"represent an interest in or are collateralized by whole mortgage loans or pass-through securities","page_number":131,"box":{"x":117,"y":521,"width":717,"height":12}},{"id":"abd5f96c-9fe4-40b3-9205-841b6d9aaf16","block_type":"box","text":"without a government guarantee but that usually have some form of private credit enhancement.","page_number":131,"box":{"x":116,"y":537,"width":720,"height":12}},{"id":"c1d78830-2d30-4d7a-8ec6-1c9273662c1d","block_type":"box","text":"Ginnie Mae is a wholly owned U.S. Government corporation within the Department of Housing and","page_number":131,"box":{"x":117,"y":568,"width":736,"height":12}},{"id":"54bdfb06-a3dd-40ba-b9ff-afefc4446393","block_type":"box","text":"Urban Development. Ginnie Mae is authorized to guarantee, with the full faith and credit of the U.S.","page_number":131,"box":{"x":117,"y":583,"width":741,"height":12}},{"id":"a1a28522-2b84-48db-b24d-1941ff5da3fe","block_type":"box","text":"Government, the timely payment of principal and interest on securities issued by the institutions","page_number":131,"box":{"x":117,"y":599,"width":713,"height":12}},{"id":"b0f0ca8a-e9c9-4848-9b30-0596f26cf6ac","block_type":"box","text":"approved by Ginnie Mae (such as savings and loan institutions, commercial banks and mortgage","page_number":131,"box":{"x":116,"y":614,"width":725,"height":12}},{"id":"ebbb1da0-3f25-4721-b8b9-09b436ebe719","block_type":"box","text":"banks), and backed by pools of Federal Housing Administration (“FHA”)-insured or Veterans’","page_number":131,"box":{"x":117,"y":630,"width":693,"height":12}},{"id":"b0e25b7a-e210-466b-a139-4085df591d34","block_type":"box","text":"Administration (“VA”)-guaranteed mortgages. Pass-through certificates guaranteed by Ginnie Mae","page_number":131,"box":{"x":116,"y":645,"width":733,"height":12}},{"id":"a2752672-dfc1-42af-a4ec-cdf252baef7c","block_type":"box","text":"(such certificates are also known as “Ginnie Maes”) are guaranteed as to the timely payment of","page_number":131,"box":{"x":117,"y":661,"width":707,"height":12}},{"id":"50088bcd-5886-4eeb-a206-eefd3545d908","block_type":"box","text":"principal and interest by Ginnie Mae, whose guarantee is backed by the full faith and credit of the","page_number":131,"box":{"x":117,"y":676,"width":720,"height":12}},{"id":"b1308c1e-7547-4989-b772-92a16697badf","block_type":"box","text":"United States. Ginnie Mae certificates also are supported by the authority of Ginnie Mae to borrow","page_number":131,"box":{"x":117,"y":692,"width":729,"height":12}},{"id":"5943734a-ac96-4703-be3f-c6a7f0ecc167","block_type":"box","text":"funds from the U.S. Treasury Department to make payments under its guarantee. Mortgage-related","page_number":131,"box":{"x":116,"y":707,"width":737,"height":12}},{"id":"3141f358-d03e-4d14-b194-ea0cd5207623","block_type":"box","text":"securities issued by Fannie Mae include Fannie Mae guaranteed Mortgage Pass-Through Certificates","page_number":131,"box":{"x":116,"y":723,"width":756,"height":12}},{"id":"dc9af952-4637-4604-a3dc-16764f09cada","block_type":"box","text":"(also known as “Fannie Maes”), which are guaranteed as to timely payment of principal and interest by","page_number":131,"box":{"x":117,"y":738,"width":761,"height":12}},{"id":"1924b5d2-6af4-4f81-94dd-e526ff7d35c4","block_type":"box","text":"Fannie Mae. They are not backed by or entitled to the full faith and credit of the United States, but are","page_number":131,"box":{"x":117,"y":754,"width":754,"height":12}},{"id":"4ed64503-212a-4f82-99c3-14f82203d274","block_type":"box","text":"supported by the right of Fannie Mae to borrow from the U.S. Treasury Department. Fannie Mae was","page_number":131,"box":{"x":116,"y":769,"width":750,"height":12}},{"id":"9a9514e1-316a-4243-98d7-5d322bdf9de2","block_type":"box","text":"established as a federal agency in 1938 and in 1968 was chartered by Congress as a private","page_number":131,"box":{"x":116,"y":785,"width":690,"height":12}},{"id":"6ea0a6ac-078d-4c29-824a-f20b527d64a6","block_type":"box","text":"shareholder-owned company. Mortgage-related securities issued by Freddie Mac include Freddie Mac","page_number":131,"box":{"x":116,"y":800,"width":760,"height":12}},{"id":"486122f3-5284-45de-b7d4-28945682997f","block_type":"box","text":"Mortgage Participation Certificates (also known as “Freddie Macs” or “PCs”). Freddie Mac is a","page_number":131,"box":{"x":117,"y":816,"width":697,"height":12}},{"id":"e5f0bb51-0207-45c8-af4a-383fa36879b1","block_type":"box","text":"stockholder-owned corporation chartered by Congress in 1970. Freddie Macs are not guaranteed by","page_number":131,"box":{"x":116,"y":831,"width":750,"height":12}},{"id":"ff6a3332-ba91-4ad0-a848-3f28e7e7587a","block_type":"box","text":"the United States or by any Federal Home Loan Banks and do not constitute a debt or obligation of the","page_number":131,"box":{"x":116,"y":847,"width":768,"height":12}},{"id":"e1bfff1d-016a-4428-9cb1-41969a24f644","block_type":"box","text":"United States or of any Federal Home Loan Bank. Freddie Macs entitle the holder to timely payment of","page_number":131,"box":{"x":117,"y":862,"width":767,"height":12}},{"id":"339376fb-5fd8-4545-8bc5-fe4d3f5adadd","block_type":"box","text":"interest, which is guaranteed by Freddie Mac. Freddie Mac guarantees either ultimate collection or","page_number":131,"box":{"x":117,"y":878,"width":735,"height":12}},{"id":"faf9dba3-e857-4ab8-baba-459d357207a2","block_type":"box","text":"II-66","page_number":131,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"42bce280-e742-4fc0-a06c-3af54b3bf4bb","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":131,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"69b8967d-e534-44c8-bb4a-c67f74cbe1ac","block_type":"box","text":"timely payment of all principal payments on the underlying mortgage loans. While Freddie Mac","page_number":132,"box":{"x":116,"y":87,"width":707,"height":12}},{"id":"b2267ca7-26ee-4e75-8456-4ed513ae88e6","block_type":"box","text":"generally does not guarantee timely payment of principal, Freddie Mac may remit the amount due on","page_number":132,"box":{"x":116,"y":102,"width":753,"height":13}},{"id":"3d343fc0-2674-4b9a-869f-a666f9ce9d05","block_type":"box","text":"account of its guarantee of ultimate payment of principal at any time after default on an underlying","page_number":132,"box":{"x":116,"y":118,"width":732,"height":12}},{"id":"3bceeae3-44e7-4e78-a0e9-2599a7a95201","block_type":"box","text":"mortgage, but in no event later than one year after it becomes payable.","page_number":132,"box":{"x":117,"y":134,"width":532,"height":12}},{"id":"5af4055d-92f9-416b-96c0-c475bcf33865","block_type":"box","text":"Private mortgage pass-through securities are structured similarly to Ginnie Mae, Fannie Mae, and","page_number":132,"box":{"x":117,"y":168,"width":730,"height":12}},{"id":"423b5fcd-44a5-4c79-be06-8a49fd9e6bcd","block_type":"box","text":"Freddie Mac mortgage pass-through securities and are issued by originators of and investors in","page_number":132,"box":{"x":117,"y":183,"width":714,"height":12}},{"id":"84dd910e-deab-4e2d-ae14-336b12e0c197","block_type":"box","text":"mortgage loans, including depository institutions, mortgage banks, investment banks and special","page_number":132,"box":{"x":117,"y":199,"width":722,"height":12}},{"id":"f828c877-5572-4669-b95e-b8f9016f3489","block_type":"box","text":"purpose subsidiaries of the foregoing.","page_number":132,"box":{"x":117,"y":214,"width":284,"height":12}},{"id":"262c18ec-3bef-4a52-810f-6965a452556f","block_type":"box","text":"Pools created by private mortgage pass-through issuers generally offer a higher rate of interest than","page_number":132,"box":{"x":117,"y":248,"width":747,"height":12}},{"id":"6b789015-16b5-4bea-ae0e-d14bacf304b4","block_type":"box","text":"government and government-related pools because there are no direct or indirect government or","page_number":132,"box":{"x":116,"y":264,"width":723,"height":12}},{"id":"3c5c4dbf-4c09-4689-861d-19a964b3b559","block_type":"box","text":"agency guarantees of payments in the private pools. However, timely payment of interest and principal","page_number":132,"box":{"x":116,"y":279,"width":767,"height":12}},{"id":"94eae918-06b2-41d9-9132-5d4486873464","block_type":"box","text":"of these pools may be supported by various forms of insurance or guarantees, including individual","page_number":132,"box":{"x":116,"y":295,"width":732,"height":12}},{"id":"ebc877b9-c460-41e1-9a90-196e9d85e889","block_type":"box","text":"loan, title, pool and hazard insurance and letters of credit. The insurance and guarantees are issued by","page_number":132,"box":{"x":117,"y":310,"width":769,"height":12}},{"id":"2ca0aa66-3301-414e-8952-cad5411ebe04","block_type":"box","text":"governmental entities, private insurers and the mortgage poolers. The insurance and guarantees and","page_number":132,"box":{"x":116,"y":326,"width":756,"height":12}},{"id":"756d6355-a066-42b5-8e4e-e21c5ffa2f3c","block_type":"box","text":"the creditworthiness of the issuers thereof will be considered in determining whether a mortgage","page_number":132,"box":{"x":116,"y":341,"width":720,"height":12}},{"id":"0e451264-afe1-4e02-8767-f5be6b26ba59","block_type":"box","text":"related security meets a Fund’s investment quality standards. There can be no assurance that the","page_number":132,"box":{"x":117,"y":357,"width":731,"height":12}},{"id":"45c32a12-5ad6-48b0-a292-7a70d3ff00b6","block_type":"box","text":"private insurers or guarantors can meet their obligations under the insurance policies or guarantee","page_number":132,"box":{"x":117,"y":372,"width":734,"height":12}},{"id":"e9836057-388e-4515-a506-ad0f3afcbf23","block_type":"box","text":"arrangements. Private mortgage pass-through securities may be bought without insurance or","page_number":132,"box":{"x":116,"y":388,"width":696,"height":12}},{"id":"97585fc8-cc62-45af-8aff-d23c2a5ace7a","block_type":"box","text":"guarantees if, through an examination of the loan experience and practices of the originator/servicers","page_number":132,"box":{"x":116,"y":403,"width":756,"height":12}},{"id":"b049b629-4234-49a6-942d-2fc9cf68fce6","block_type":"box","text":"and poolers, the Manager determines that the securities meet a Fund’s quality standards. Any","page_number":132,"box":{"x":116,"y":419,"width":703,"height":12}},{"id":"f361789c-9dc2-4e58-8643-7da46f2b84f6","block_type":"box","text":"mortgage-related securities that are issued by private issuers have some exposure to subprime loans","page_number":132,"box":{"x":117,"y":434,"width":757,"height":12}},{"id":"9cf731b0-87c6-4b6f-bfd3-cf6234e0b942","block_type":"box","text":"as well as to the mortgage and credit markets generally.","page_number":132,"box":{"x":116,"y":450,"width":422,"height":12}},{"id":"d7c28b99-22fc-4a7a-bcfb-8f61bef6a0d8","block_type":"box","text":"In addition, mortgage-related securities that are issued by private issuers are not subject to the","page_number":132,"box":{"x":117,"y":484,"width":707,"height":12}},{"id":"db876506-6ea6-4e6c-bd2e-e8f11c0a7614","block_type":"box","text":"underwriting requirements for the underlying mortgages that are applicable to those mortgage-related","page_number":132,"box":{"x":117,"y":499,"width":757,"height":13}},{"id":"9cd35f62-0180-4f79-b20d-8dee8dc260b3","block_type":"box","text":"securities that have a government or government-sponsored entity guarantee. As a result, the","page_number":132,"box":{"x":116,"y":515,"width":702,"height":12}},{"id":"edd40d23-1fd8-4301-85b8-dca3c59c8e84","block_type":"box","text":"mortgage loans underlying private mortgage-related securities may, and frequently do, have less","page_number":132,"box":{"x":117,"y":530,"width":722,"height":13}},{"id":"ef61a705-0cd1-445d-ac4c-243c51331ff5","block_type":"box","text":"favorable collateral, credit risk or other underwriting characteristics than government or government","page_number":132,"box":{"x":116,"y":546,"width":743,"height":12}},{"id":"937ba699-98f5-4648-8f12-9531091aa8fb","block_type":"box","text":"sponsored mortgage-related securities and have wider variances in a number of terms including","page_number":132,"box":{"x":116,"y":561,"width":717,"height":13}},{"id":"ba556c83-e975-442c-8781-4f7c79348976","block_type":"box","text":"interest rate, term, size, purpose and borrower characteristics. Privately issued pools more frequently","page_number":132,"box":{"x":117,"y":577,"width":755,"height":12}},{"id":"22ecec51-414e-4fa1-932c-dafd94359241","block_type":"box","text":"include second mortgages, high loan-to-value mortgages and manufactured housing loans. The","page_number":132,"box":{"x":117,"y":592,"width":714,"height":13}},{"id":"3c96366e-af74-4032-9132-bdfe4a748432","block_type":"box","text":"coupon rates and maturities of the underlying mortgage loans in a private-label mortgage-related","page_number":132,"box":{"x":116,"y":608,"width":723,"height":12}},{"id":"bff2548f-f5f8-4538-a7b5-6729acfa638e","block_type":"box","text":"securities pool may vary to a greater extent than those included in a government guaranteed pool, and","page_number":132,"box":{"x":116,"y":624,"width":766,"height":12}},{"id":"eac87516-6c6f-4e83-bf6e-43ff3fca184e","block_type":"box","text":"the pool may include subprime mortgage loans. Subprime loans refer to loans made to borrowers with","page_number":132,"box":{"x":116,"y":639,"width":762,"height":12}},{"id":"5b77aa1f-2cea-4dc7-9fa4-bf65cd7ed79f","block_type":"box","text":"weakened credit histories or with a lower capacity to make timely payments on their loans. For these","page_number":132,"box":{"x":116,"y":655,"width":751,"height":12}},{"id":"9e093c46-6a26-48fa-98c0-0dad8a9117e7","block_type":"box","text":"reasons, the loans underlying these securities have had in many cases higher default rates than those","page_number":132,"box":{"x":117,"y":670,"width":758,"height":12}},{"id":"426043eb-8b30-448c-9205-b6a229ecfdeb","block_type":"box","text":"loans that meet government underwriting requirements.","page_number":132,"box":{"x":117,"y":686,"width":410,"height":12}},{"id":"b663f467-464a-4212-9bea-de34d394cab4","block_type":"box","text":"The risk of non-payment is greater for mortgage-related securities that are backed by mortgage pools","page_number":132,"box":{"x":116,"y":720,"width":753,"height":12}},{"id":"583e50af-35c8-4fae-9969-cf8740c128af","block_type":"box","text":"that contain subprime loans, but a level of risk exists for all loans. Market factors adversely affecting","page_number":132,"box":{"x":116,"y":735,"width":740,"height":12}},{"id":"e0be5c7a-9310-41fb-8209-abe69bdc224c","block_type":"box","text":"mortgage loan repayments may include a general economic turndown, high unemployment, a general","page_number":132,"box":{"x":117,"y":751,"width":754,"height":12}},{"id":"68323a37-9751-4e42-bceb-37543d08e83e","block_type":"box","text":"slowdown in the real estate market, a drop in the market prices of real estate, or an increase in interest","page_number":132,"box":{"x":116,"y":766,"width":763,"height":12}},{"id":"13192939-c3e2-4fdc-9020-89307473eb68","block_type":"box","text":"rates resulting in higher mortgage payments by holders of adjustable rate mortgages.","page_number":132,"box":{"x":117,"y":782,"width":631,"height":12}},{"id":"9f5a58af-80b6-419a-9a9a-b2ec1ba965be","block_type":"box","text":"Privately issued mortgage-related securities are not traded on an exchange and there may be a limited","page_number":132,"box":{"x":117,"y":816,"width":761,"height":12}},{"id":"0d930750-159b-4b07-9462-1e9206081c12","block_type":"box","text":"market for the securities, especially when there is a perceived weakness in the mortgage and real","page_number":132,"box":{"x":117,"y":831,"width":729,"height":12}},{"id":"137104b3-e12f-425e-9588-facaec1884ba","block_type":"box","text":"estate market sectors. Without an active trading market, mortgage-related securities held in a Fund’s","page_number":132,"box":{"x":116,"y":847,"width":753,"height":12}},{"id":"a9e81818-fa1d-4ccc-a133-ba4fd60a9bf9","block_type":"box","text":"portfolio may be particularly difficult to value because of the complexities involved in assessing the","page_number":132,"box":{"x":117,"y":862,"width":734,"height":12}},{"id":"da64d899-9402-40a9-a483-aba164ad4237","block_type":"box","text":"value of the underlying mortgage loans.","page_number":132,"box":{"x":116,"y":878,"width":299,"height":12}},{"id":"c58141e7-ace9-4877-95d0-70328de8aaa5","block_type":"box","text":"II-67","page_number":132,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"b8330088-3b5a-4474-9ebe-3234664c9faf","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":132,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"580c9778-6454-46eb-a9e2-f7a1319debdd","block_type":"box","text":"Collateralized Mortgage Obligations (“CMOs”).","page_number":133,"box":{"x":117,"y":87,"width":343,"height":12}},{"id":"aff98751-0e0d-44de-8a33-d48f2a7eaddf","block_type":"box","text":"CMOs are debt obligations collateralized by residential","page_number":133,"box":{"x":462,"y":87,"width":415,"height":12}},{"id":"f9ad4816-3cc4-48c3-a2b6-c0b34bfced7e","block_type":"box","text":"or commercial mortgage loans or residential or commercial mortgage pass-through securities. Interest","page_number":133,"box":{"x":116,"y":103,"width":762,"height":12}},{"id":"005bc494-9813-4017-acde-38afb914dfaa","block_type":"box","text":"and prepaid principal are generally paid monthly. CMOs may be collateralized by whole mortgage","page_number":133,"box":{"x":116,"y":118,"width":729,"height":12}},{"id":"e2f237e0-799c-40bc-8f9c-046cb4835da8","block_type":"box","text":"loans or private mortgage pass-through securities but are more typically collateralized by portfolios of","page_number":133,"box":{"x":117,"y":134,"width":755,"height":12}},{"id":"dadaaae6-75fe-44c3-a3aa-67703b8f48c7","block_type":"box","text":"mortgage pass-through securities guaranteed by Ginnie Mae, Freddie Mac, or Fannie Mae. The issuer","page_number":133,"box":{"x":117,"y":149,"width":765,"height":12}},{"id":"c8bdf654-ca9b-4d3d-a578-ea4d46895314","block_type":"box","text":"of a series of CMOs may elect to be treated as a Real Estate Mortgage Investment Conduit (“REMIC”).","page_number":133,"box":{"x":116,"y":165,"width":769,"height":12}},{"id":"65bdece8-e5a2-4925-8c52-3088a73d8541","block_type":"box","text":"All future references to CMOs also include REMICs.","page_number":133,"box":{"x":116,"y":180,"width":392,"height":10}},{"id":"b4c73d01-c3ed-4eb4-8879-4eedb1aeb4d4","block_type":"box","text":"CMOs are structured into multiple classes, often referred to as a “tranche,” each issued at a specific","page_number":133,"box":{"x":117,"y":211,"width":746,"height":12}},{"id":"4efbdc47-0a1a-4b7f-b3c1-01b357e64cf4","block_type":"box","text":"adjustable or fixed interest rate, and bearing a different stated maturity date and each must be fully","page_number":133,"box":{"x":116,"y":227,"width":738,"height":12}},{"id":"fb4ffd17-cb1c-4473-aadd-3a276bdad8f3","block_type":"box","text":"retired no later than its final distribution date. Actual maturity and average life will depend upon the","page_number":133,"box":{"x":117,"y":242,"width":734,"height":12}},{"id":"5f0ef150-3489-4f6b-a790-a9c062d51ae2","block_type":"box","text":"prepayment experience of the collateral, which is ordinarily unrelated to the stated maturity date.","page_number":133,"box":{"x":117,"y":258,"width":719,"height":12}},{"id":"563c3518-22fc-4e30-9fd0-58e49a2d818f","block_type":"box","text":"CMOs often provide for a modified form of call protection through a de facto breakdown of the","page_number":133,"box":{"x":117,"y":273,"width":700,"height":12}},{"id":"fc2ecaf1-0d16-46c1-8659-7db3cbd9ea1c","block_type":"box","text":"underlying pool of mortgages according to how quickly the loans are repaid. Monthly payment of","page_number":133,"box":{"x":117,"y":289,"width":718,"height":12}},{"id":"17137bfb-a119-4a44-96ad-17b0923994fc","block_type":"box","text":"principal received from the pool of underlying mortgages, including prepayments, is first returned to","page_number":133,"box":{"x":117,"y":304,"width":740,"height":12}},{"id":"1a519186-56f9-4990-a1cc-8a81375f2c76","block_type":"box","text":"investors holding the shortest maturity class. Investors holding the longer maturity classes usually","page_number":133,"box":{"x":117,"y":320,"width":729,"height":12}},{"id":"2a67f8c5-3c23-4174-a5bc-1939820fda34","block_type":"box","text":"receive principal only after the first class has been retired. An investor may be partially protected","page_number":133,"box":{"x":117,"y":335,"width":719,"height":12}},{"id":"eecf9aed-4eca-40a4-a712-cea2a8d894c5","block_type":"box","text":"against a sooner than desired return of principal because of the sequential payments.","page_number":133,"box":{"x":116,"y":351,"width":640,"height":12}},{"id":"f839ec50-9a24-4ac3-b7b8-cf8ee32cb437","block_type":"box","text":"Certain issuers of CMOs are not considered investment companies pursuant to a rule adopted by the","page_number":133,"box":{"x":117,"y":382,"width":755,"height":12}},{"id":"3a4191cf-1a39-4212-829d-6479c1494e2f","block_type":"box","text":"Commission, and a Fund may invest in the securities of such issuers without the limitations imposed by","page_number":133,"box":{"x":117,"y":397,"width":771,"height":12}},{"id":"819b97a1-737e-4b9c-8ce4-ba436df203ba","block_type":"box","text":"the Investment Company Act on investments by a Fund in other investment companies. In addition, in","page_number":133,"box":{"x":116,"y":413,"width":761,"height":12}},{"id":"4a6a627a-cc96-4611-b1d8-e664640ef464","block_type":"box","text":"reliance on an earlier Commission interpretation, a Fund’s investments in certain other qualifying","page_number":133,"box":{"x":117,"y":428,"width":721,"height":12}},{"id":"676d01a6-8752-4cfb-86fd-7f4a09b450b1","block_type":"box","text":"CMOs, which cannot or do not rely on the rule, are also not subject to the limitation of the Investment","page_number":133,"box":{"x":117,"y":444,"width":753,"height":12}},{"id":"331fa2c0-1975-4b22-805f-029a11344e41","block_type":"box","text":"Company Act on acquiring interests in other investment companies. In order to be able to rely on the","page_number":133,"box":{"x":117,"y":459,"width":750,"height":12}},{"id":"1be16130-a4db-4ce9-98f7-c792d4c29e18","block_type":"box","text":"Commission’s interpretation, these CMOs must be unmanaged, fixed asset issuers, that: (1) invest","page_number":133,"box":{"x":117,"y":475,"width":736,"height":12}},{"id":"1ef40fc3-6b31-4cb1-a453-2f716a9a7c39","block_type":"box","text":"primarily in mortgage-backed securities; (2) do not issue redeemable securities; (3) operate under","page_number":133,"box":{"x":117,"y":490,"width":730,"height":12}},{"id":"87e1f969-58fa-4546-ada9-0465dfbbdde4","block_type":"box","text":"general exemptive orders exempting them from all provisions of the Investment Company Act; and","page_number":133,"box":{"x":116,"y":506,"width":736,"height":12}},{"id":"e83b994d-9847-4d5d-8352-45064ac52182","block_type":"box","text":"(4) are not registered or regulated under the Investment Company Act as investment companies. To","page_number":133,"box":{"x":117,"y":521,"width":748,"height":12}},{"id":"20f4ebb4-d348-407e-a97b-8fc03e8c156f","block_type":"box","text":"the extent that a Fund selects CMOs that cannot rely on the rule or do not meet the above","page_number":133,"box":{"x":116,"y":537,"width":674,"height":12}},{"id":"67d9819e-6e04-48b1-beef-7713632d1f70","block_type":"box","text":"requirements, the Fund may not invest more than 10% of its assets in all such entities and may not","page_number":133,"box":{"x":117,"y":552,"width":738,"height":12}},{"id":"bfeb1075-96ef-4ef5-8d41-e5589c7be119","block_type":"box","text":"acquire more than 3% of the voting securities of any single such entity.","page_number":133,"box":{"x":116,"y":568,"width":530,"height":12}},{"id":"98f975ad-d0f8-4a05-9875-c3b1d075c6eb","block_type":"box","text":"A Fund may also invest in, among other things, parallel pay CMOs, sequential pay CMOs, and floating","page_number":133,"box":{"x":116,"y":599,"width":765,"height":12}},{"id":"ee67e9fc-e1a4-4b5c-a853-84bd7e2a3d32","block_type":"box","text":"rate CMOs. Parallel pay CMOs are structured to provide payments of principal on each payment date","page_number":133,"box":{"x":117,"y":614,"width":757,"height":12}},{"id":"92b235c7-11e6-40b6-bb6b-23019b69a355","block_type":"box","text":"to more than one class, concurrently on a proportionate or disproportionate basis. These simultaneous","page_number":133,"box":{"x":116,"y":630,"width":766,"height":12}},{"id":"3607018d-021c-4bb3-b5ce-0b75c9e9bdf2","block_type":"box","text":"payments are taken into account in calculating the final distribution date of each class. Sequential pay","page_number":133,"box":{"x":117,"y":645,"width":759,"height":12}},{"id":"65cf546d-364e-41b5-a4dd-a22a5d47cdd1","block_type":"box","text":"CMOs generally pay principal to only one class at a time while paying interest to several classes. A","page_number":133,"box":{"x":117,"y":661,"width":734,"height":12}},{"id":"3684c53a-f36a-4722-9e39-c22de938517c","block_type":"box","text":"wide variety of REMIC Certificates may be issued in the parallel pay or sequential pay structures.","page_number":133,"box":{"x":116,"y":676,"width":719,"height":12}},{"id":"a6104b7a-c206-4430-81dc-30e68e5dca34","block_type":"box","text":"These securities include accrual certificates (also known as “Z-Bonds”), which only accrue interest at a","page_number":133,"box":{"x":116,"y":692,"width":761,"height":12}},{"id":"b4fe2f02-2141-467c-8979-e459bd5d3bca","block_type":"box","text":"specified rate until all other certificates having an earlier final distribution date have been retired and","page_number":133,"box":{"x":116,"y":707,"width":740,"height":12}},{"id":"64e1d125-eb25-42c9-8f53-0dc1206d29cb","block_type":"box","text":"are converted thereafter to an interest-paying security. Floating rate CMOs are securities whose","page_number":133,"box":{"x":116,"y":723,"width":712,"height":12}},{"id":"5aa34303-54cc-4643-9fcb-1dd803ee5671","block_type":"box","text":"coupon rate fluctuates according to some formula related to an existing market index or rate. Typical","page_number":133,"box":{"x":116,"y":738,"width":745,"height":12}},{"id":"11b0cde0-abe8-492d-8465-7cdaa0680f01","block_type":"box","text":"indices would include the eleventh district cost-of-funds index (“COFI”), one-year Treasury yields, and","page_number":133,"box":{"x":117,"y":754,"width":753,"height":12}},{"id":"4e438722-e9f7-4d81-8dfb-e3b28616f18a","block_type":"box","text":"ten-year Treasury yields.","page_number":133,"box":{"x":116,"y":769,"width":184,"height":12}},{"id":"4ad2e99c-b7a0-41bf-a604-1b1e871eca29","block_type":"box","text":"Classes of CMOs also include planned amortization","page_number":133,"box":{"x":117,"y":800,"width":375,"height":12}},{"id":"e640a01b-f7c9-4da6-bfa2-5ae81d63581d","block_type":"box","text":"classes (“PACs”) and targeted amortization classes","page_number":133,"box":{"x":498,"y":800,"width":373,"height":12}},{"id":"4d80399e-5cdb-4d28-919f-ba55e9b8e9d6","block_type":"box","text":"(“TACs”). PAC bonds generally require payments of a s","page_number":133,"box":{"x":117,"y":816,"width":402,"height":12}},{"id":"b134bc66-d872-4f52-bd03-c852e7bb1f0a","block_type":"box","text":"pecified amount of principal on each payment","page_number":133,"box":{"x":521,"y":816,"width":330,"height":12}},{"id":"065c62f2-d558-4aa8-9b7a-b8a640a0b274","block_type":"box","text":"date. The scheduled principal payments for PAC Certifi","page_number":133,"box":{"x":116,"y":831,"width":399,"height":12}},{"id":"72fcec89-034d-43ab-a310-457654ab492a","block_type":"box","text":"cates generally have the highest priority on each","page_number":133,"box":{"x":517,"y":831,"width":357,"height":12}},{"id":"998b2495-8be7-4701-a851-c8259a6331d5","block_type":"box","text":"payment date after interest due has been paid to all","page_number":133,"box":{"x":117,"y":847,"width":378,"height":12}},{"id":"32e6a53f-5d77-47bc-8b60-de95b8c718fb","block_type":"box","text":"classes entitled to receive interest currently.","page_number":133,"box":{"x":496,"y":847,"width":323,"height":12}},{"id":"5ccdbed8-b040-443f-abf6-4862bc2f3a27","block_type":"box","text":"Shortfalls, if any, are added to the amount payabl","page_number":133,"box":{"x":116,"y":862,"width":357,"height":12}},{"id":"f1595598-54bc-4cf3-8806-c9ddbbceb762","block_type":"box","text":"e on the next payment date. The PAC Certificate","page_number":133,"box":{"x":475,"y":862,"width":358,"height":12}},{"id":"f54e01b9-5107-4089-964a-8e7a1353eb7d","block_type":"box","text":"payment schedule is taken into account in calculating t","page_number":133,"box":{"x":117,"y":878,"width":391,"height":12}},{"id":"7d7b16ac-795f-4809-a28a-e2ef410ec7e5","block_type":"box","text":"the final distribution date of each class of PAC. In","page_number":133,"box":{"x":508,"y":878,"width":363,"height":9}},{"id":"990e8501-ae6b-4d2e-ba73-82eadfb69381","block_type":"box","text":"II-68","page_number":133,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"52b033b9-4a90-4044-9bc2-b027b3cb0002","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":133,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"30827278-30de-4743-949d-632fc8997db8","block_type":"box","text":"order to create PAC tranches, one or more tranches gener","page_number":134,"box":{"x":116,"y":87,"width":426,"height":12}},{"id":"9c057b88-d9ba-40b3-92d7-b5dc9ca2d0ce","block_type":"box","text":"ally must be created that absorb most of the","page_number":134,"box":{"x":542,"y":87,"width":325,"height":12}},{"id":"74c9adfb-9232-4234-a6a7-a38d9a6e16c9","block_type":"box","text":"volatility in the underlying mortgage assets. These","page_number":134,"box":{"x":116,"y":103,"width":369,"height":12}},{"id":"c90f19d7-f1a1-44d2-856b-eee8530971b5","block_type":"box","text":"tranches (often called “supports” or “companion”","page_number":134,"box":{"x":485,"y":102,"width":356,"height":13}},{"id":"59abc586-36df-434d-b63a-c8ef3dbc1279","block_type":"box","text":"tranches) tend to have market prices and yields t","page_number":134,"box":{"x":116,"y":118,"width":350,"height":12}},{"id":"2f899476-ba4a-49b9-aaa2-b7fbbcbaba23","block_type":"box","text":"that are more volatile than the PAC classes.","page_number":134,"box":{"x":466,"y":118,"width":325,"height":10}},{"id":"5299304c-25a2-48b3-87c9-efe7fd6473e6","block_type":"box","text":"TACs are similar to PACs in that they require that specified amounts of principal be applied on each","page_number":134,"box":{"x":116,"y":149,"width":745,"height":12}},{"id":"82e8a020-5843-4cac-8aac-bd47f9db6093","block_type":"box","text":"payment date to one or more classes of REMIC Certificates. A PAC’s payment schedule, however,","page_number":134,"box":{"x":117,"y":165,"width":738,"height":12}},{"id":"1a58d50f-4f00-48db-9ddb-2ae1497cccba","block_type":"box","text":"remains in effect as long as prepayment rates on the underlying mortgages do not exceed certain","page_number":134,"box":{"x":117,"y":180,"width":728,"height":12}},{"id":"07bb33e3-8c1c-44b8-88e8-81b16722c4a0","block_type":"box","text":"ranges. In contrast, a TAC provides investors with protection, to a certain level, against either faster","page_number":134,"box":{"x":117,"y":196,"width":743,"height":12}},{"id":"636b5e34-e337-4f7d-9889-ac92f2c1bf2a","block_type":"box","text":"than expected or slower than expected prepayment rates, but not both. TACs thus provide more cash","page_number":134,"box":{"x":116,"y":211,"width":759,"height":12}},{"id":"5651a5e1-bf44-408e-bab3-2844de0ef68e","block_type":"box","text":"flow stability than a regular sequential paying class, but less than a PAC. TACs also tend to have","page_number":134,"box":{"x":116,"y":227,"width":725,"height":12}},{"id":"dfcc3ac1-a2ec-4d65-ac19-e3257be87d4f","block_type":"box","text":"market prices and yields that are more volatile than PACs.","page_number":134,"box":{"x":117,"y":242,"width":437,"height":12}},{"id":"b6a388a1-47a8-49bb-9a86-f6c2b500ad1b","block_type":"box","text":"Adjustable Rate Mortgage Securities.","page_number":134,"box":{"x":115,"y":273,"width":277,"height":12}},{"id":"de827898-f008-4686-81ab-57e736460c66","block_type":"box","text":"Adjustable rate mortgage securities (“ARMs”) are pass-through","page_number":134,"box":{"x":393,"y":273,"width":479,"height":12}},{"id":"421c97a1-f2a6-4d6d-8ae0-758400a49b85","block_type":"box","text":"securities collateralized by mortgages with adjustable rather than fixed rates. ARMs eligible for","page_number":134,"box":{"x":116,"y":289,"width":706,"height":12}},{"id":"c7d06acf-4ede-4e67-808b-3692b2181c1e","block_type":"box","text":"inclusion in a mortgage pool generally provide for a fixed initial mortgage interest rate for a set number","page_number":134,"box":{"x":117,"y":304,"width":764,"height":12}},{"id":"f458796b-a52a-472e-b93f-23240ea4576f","block_type":"box","text":"of scheduled monthly payments. After that schedule of payments has been completed, the interest","page_number":134,"box":{"x":116,"y":320,"width":736,"height":12}},{"id":"a56c99fc-6ad3-4aee-90b5-a94f3bba932f","block_type":"box","text":"rates are subject to periodic adjustment based on changes to a designated benchmark index.","page_number":134,"box":{"x":117,"y":335,"width":697,"height":12}},{"id":"0c438cf4-1a02-414a-a776-66dd83efa53f","block_type":"box","text":"ARMs contain maximum and minimum rates beyond which the mortgage interest rate may not vary","page_number":134,"box":{"x":116,"y":366,"width":741,"height":12}},{"id":"e85ac9b3-f4fa-4fae-946d-46d9194247e3","block_type":"box","text":"over the lifetime of the security. In addition, certain ARMs provide for additional limitations on the","page_number":134,"box":{"x":116,"y":382,"width":722,"height":12}},{"id":"2151a90b-161f-4c77-b781-d9c9be9c3dd5","block_type":"box","text":"maximum amount by which the mortgage interest rate may adjust for any single adjustment period. In","page_number":134,"box":{"x":117,"y":397,"width":758,"height":12}},{"id":"b725819c-4933-4094-b90d-9be46f545179","block_type":"box","text":"the event that market rates of interest rise more rapidly to levels above that of the ARM’s maximum","page_number":134,"box":{"x":116,"y":413,"width":741,"height":12}},{"id":"0580150b-d0e5-47f9-a37a-a31e47fbe62e","block_type":"box","text":"rate, the ARM’s coupon may represent a below market rate of interest. In these circumstances, the","page_number":134,"box":{"x":117,"y":428,"width":737,"height":12}},{"id":"04673579-7906-4b4d-be30-1a8de740a7bc","block_type":"box","text":"market value of the ARM security will likely have fallen.","page_number":134,"box":{"x":117,"y":444,"width":412,"height":12}},{"id":"898da9f8-ff15-45dd-8c09-a78a1f067867","block_type":"box","text":"Certain ARMs contain limitations on changes in the required monthly payment. In the event that a","page_number":134,"box":{"x":117,"y":475,"width":728,"height":12}},{"id":"aff2f3bd-20a8-4d08-85dc-e547a137675b","block_type":"box","text":"monthly payment is not sufficient to pay the interest accruing on an ARM, any such excess interest is","page_number":134,"box":{"x":117,"y":490,"width":754,"height":12}},{"id":"d9c1f610-e6d2-4844-a320-911e699cd6a2","block_type":"box","text":"added to the principal balance of the mortgage loan, which is repaid through future monthly payments.","page_number":134,"box":{"x":116,"y":506,"width":764,"height":12}},{"id":"2c13224b-a8f9-45f8-933d-acbec5862ab7","block_type":"box","text":"If the monthly payment for such an instrument exceeds the sum of the interest accrued at the","page_number":134,"box":{"x":117,"y":521,"width":695,"height":12}},{"id":"9518f92a-1c09-444d-9c01-9e48bfbd3877","block_type":"box","text":"applicable mortgage interest rate and the principal payment required at such point to amortize the","page_number":134,"box":{"x":116,"y":537,"width":730,"height":12}},{"id":"6ade809a-1852-408a-baa1-ed8774b0a222","block_type":"box","text":"outstanding principal balance over the remaining term of the loan, the excess is then used to reduce","page_number":134,"box":{"x":116,"y":552,"width":748,"height":12}},{"id":"179150f7-f450-4e6d-998f-a64f2942baac","block_type":"box","text":"the outstanding principal balance of the ARM.","page_number":134,"box":{"x":116,"y":568,"width":344,"height":12}},{"id":"b1cb80c5-cddd-4c2e-abd3-43ca023ee186","block_type":"box","text":"CMO Residuals.","page_number":134,"box":{"x":117,"y":599,"width":120,"height":9}},{"id":"eebd18cd-7eb0-47c2-a599-d38ab49de192","block_type":"box","text":"CMO residuals are derivative mortgage securities issued by agencies or","page_number":134,"box":{"x":238,"y":599,"width":546,"height":12}},{"id":"be936bd0-58f4-40ea-8934-1d77cc7176b7","block_type":"box","text":"instrumentalities of the U.S. Government or by private originators of, or investors in, mortgage loans,","page_number":134,"box":{"x":117,"y":614,"width":750,"height":12}},{"id":"e3876edd-0b22-49ba-aaa6-3db44fcff19a","block_type":"box","text":"including savings and loan associations, homebuilders, mortgage banks, commercial banks,","page_number":134,"box":{"x":117,"y":630,"width":688,"height":12}},{"id":"7a1c2039-db86-401f-84ed-137390b63945","block_type":"box","text":"investment banks, and special purpose entities of the foregoing. The cash flow generated by the","page_number":134,"box":{"x":117,"y":645,"width":718,"height":12}},{"id":"068b5e06-db20-484d-900d-47ffd1f0e593","block_type":"box","text":"mortgage assets underlying a series of CMOs is applied first to make required payments of principal","page_number":134,"box":{"x":117,"y":661,"width":742,"height":12}},{"id":"eb745358-8bc4-4290-aea0-a734fc8bc246","block_type":"box","text":"and interest on the CMOs and second to pay the related administrative expenses and any","page_number":134,"box":{"x":116,"y":676,"width":668,"height":12}},{"id":"1e3d5abe-e8fb-4be5-955f-b0cf30ece4d7","block_type":"box","text":"management fees of the issuer. The residual in a CMO structure generally represents the interest in","page_number":134,"box":{"x":117,"y":692,"width":740,"height":12}},{"id":"abd76339-2bd6-4dfe-a6b1-951b6df0d511","block_type":"box","text":"any excess cash flow remaining after making the foregoing payments. Each payment of such excess","page_number":134,"box":{"x":116,"y":707,"width":748,"height":12}},{"id":"64ed5d8f-4045-4e11-b0e0-d6f21b415549","block_type":"box","text":"cash flow to a holder of the related CMO residual represents income and/or a return of capital. The","page_number":134,"box":{"x":116,"y":723,"width":733,"height":12}},{"id":"39820932-6282-47a2-91f9-6a6969f07ea2","block_type":"box","text":"amount of residual cash flow resulting from a CMO will depend on, among other things, the","page_number":134,"box":{"x":116,"y":738,"width":676,"height":12}},{"id":"7defade0-24e1-4be3-ac1d-747806043fd3","block_type":"box","text":"characteristics of the mortgage assets, the coupon rate of each class of CMO, prevailing interest rates,","page_number":134,"box":{"x":116,"y":754,"width":762,"height":12}},{"id":"b9ae2af3-994b-43e4-a3bd-7e0602451414","block_type":"box","text":"the amount of administrative expenses and the prepayment experience on the mortgage assets. In","page_number":134,"box":{"x":116,"y":769,"width":732,"height":12}},{"id":"46bee1d8-9e7e-4e61-be71-9fe62136b462","block_type":"box","text":"part, the yield to maturity on the CMO residuals is extremely sensitive to prepayments on the related","page_number":134,"box":{"x":117,"y":785,"width":743,"height":12}},{"id":"2b095bd7-b0e8-478a-94fc-0934a0003e29","block_type":"box","text":"underlying mortgage assets, in the same manner as an interest-only class of stripped mortgage-related","page_number":134,"box":{"x":117,"y":800,"width":764,"height":12}},{"id":"09da2b5d-0af0-4c5a-a96b-6db87faf2f35","block_type":"box","text":"securities. In addition, if a series of a CMO includes a class that bears interest at an adjustable rate,","page_number":134,"box":{"x":116,"y":816,"width":739,"height":12}},{"id":"79ef449d-28bd-4d3b-9383-b9dbb2497073","block_type":"box","text":"the yield to maturity on the related CMO residual will also be extremely sensitive to changes in the","page_number":134,"box":{"x":116,"y":831,"width":733,"height":12}},{"id":"aa68c1da-543a-4314-9eeb-7494d0f5cbb2","block_type":"box","text":"level of the index upon which interest rate adjustments are based. In certain circumstances, a Fund","page_number":134,"box":{"x":117,"y":847,"width":741,"height":12}},{"id":"80ce35bd-c73a-4dda-a31a-94f5560121b8","block_type":"box","text":"may fail to recoup fully its initial investment in a CMO residual.","page_number":134,"box":{"x":117,"y":862,"width":466,"height":12}},{"id":"bbbfe8a5-58a1-4e2b-a5cb-1509c7aaf1a7","block_type":"box","text":"II-69","page_number":134,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"78b417f2-441b-4a08-925d-79b408540d6a","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":134,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"f4d26e8d-bd28-42e8-9b1d-76546e039c18","block_type":"box","text":"CMO residuals are generally purchased and sold by institutional investors through one or more","page_number":135,"box":{"x":117,"y":87,"width":709,"height":12}},{"id":"c47f4795-6e5f-4eab-a676-30a8f39a4981","block_type":"box","text":"investment banking firms acting as brokers or dealers. Transactions in CMO residuals are generally","page_number":135,"box":{"x":117,"y":102,"width":744,"height":13}},{"id":"950a8e7e-d12d-4f18-bb3a-e182a113e3d8","block_type":"box","text":"completed only after careful review of the characteristics of the securities in question. In addition, CMO","page_number":135,"box":{"x":116,"y":118,"width":768,"height":12}},{"id":"547d4ee1-58eb-4a78-89a6-d0c424ddfbbb","block_type":"box","text":"residuals may or, pursuant to an exemption therefrom, may not have been registered under the","page_number":135,"box":{"x":117,"y":134,"width":711,"height":12}},{"id":"bf5df0d9-bf1c-491b-b145-373ac0067fb2","block_type":"box","text":"Securities Act. Residual interests generally are junior to, and may be significantly more volatile than,","page_number":135,"box":{"x":116,"y":149,"width":748,"height":12}},{"id":"1b0206f8-bbb9-4a37-92d6-c6e0fea43dab","block_type":"box","text":"“regular” CMO and REMIC interests. CMO residuals, whether or not registered under the Securities","page_number":135,"box":{"x":116,"y":165,"width":744,"height":12}},{"id":"4d637c02-1071-411d-b2de-3cafcddf4dc6","block_type":"box","text":"Act, may be subject to certain restrictions on transferability.","page_number":135,"box":{"x":116,"y":180,"width":444,"height":12}},{"id":"50b27ad5-d09b-44b1-bf03-3078d2b67589","block_type":"box","text":"Stripped Mortgage-Backed Securities.","page_number":135,"box":{"x":117,"y":207,"width":280,"height":12}},{"id":"8f9735f0-73d0-438d-ad00-8322fa0ca757","block_type":"box","text":"A Fund may invest in stripped mortgage-backed securities","page_number":135,"box":{"x":399,"y":207,"width":443,"height":12}},{"id":"44815137-b990-4da9-9c20-992fc26db86b","block_type":"box","text":"(“SMBSs”) issued by agencies or instrumentalities of the United States. SMBSs are derivative multi","page_number":135,"box":{"x":117,"y":223,"width":740,"height":12}},{"id":"97125449-be9b-4a5c-8f9b-b4329c59c77b","block_type":"box","text":"class mortgage-backed securities. SMBS arrangements commonly involve two classes of securities","page_number":135,"box":{"x":116,"y":238,"width":744,"height":12}},{"id":"12ec236c-fe0a-4c24-94c6-727cdec4503e","block_type":"box","text":"that receive different proportions of the interest and principal distributions on a pool of mortgage","page_number":135,"box":{"x":116,"y":254,"width":716,"height":12}},{"id":"b5316deb-c38e-4cce-b3f2-22f025daa7b3","block_type":"box","text":"assets. A common variety of SMBS is where one class (the principal only or PO class) receives some","page_number":135,"box":{"x":116,"y":269,"width":759,"height":12}},{"id":"1ab059d2-cf89-4d1f-b22f-99ed964096bc","block_type":"box","text":"of the interest and most of the principal from the underlying assets, while the other class (the interest","page_number":135,"box":{"x":116,"y":285,"width":752,"height":12}},{"id":"078bbb20-b226-49ae-8bda-c9398a52b9d1","block_type":"box","text":"only or IO class) receives most of the interest and the remainder of the principal. In the most extreme","page_number":135,"box":{"x":116,"y":300,"width":755,"height":12}},{"id":"bd010f1d-7564-4808-bc4d-6c21dbed0711","block_type":"box","text":"case, the IO class receives all of the interest, while","page_number":135,"box":{"x":116,"y":316,"width":382,"height":11}},{"id":"ebff7416-d0be-4410-9948-bdecc67e0203","block_type":"box","text":"the PO class receives all of the principal. While a","page_number":135,"box":{"x":498,"y":316,"width":368,"height":12}},{"id":"5108368d-cd0a-4ee9-9d06-8e04e17edf8f","block_type":"box","text":"Fund may purchase securities of a PO class, a Fund is more likely to purchase the securities of an IO","page_number":135,"box":{"x":117,"y":331,"width":758,"height":12}},{"id":"2d0d5bff-121c-45c3-a129-25ec2d7f2f1a","block_type":"box","text":"class. The yield to maturity of an IO class is extremely sensitive to the rate of principal payments","page_number":135,"box":{"x":116,"y":347,"width":720,"height":12}},{"id":"b583cb19-ae94-4740-8a4d-ef3da4111101","block_type":"box","text":"(including prepayments) on the related underlying assets, and a rapid rate of principal prepayments in","page_number":135,"box":{"x":117,"y":362,"width":759,"height":12}},{"id":"13939401-0f34-437b-af96-59944a949efa","block_type":"box","text":"excess of that considered in pricing the securities will have a material adverse effect on an IO","page_number":135,"box":{"x":116,"y":378,"width":699,"height":12}},{"id":"eb6dc175-2fb5-4369-9f64-10f696dc610b","block_type":"box","text":"security’s yield to maturity. If the underlying mortgage assets experience greater than anticipated","page_number":135,"box":{"x":116,"y":393,"width":724,"height":12}},{"id":"868759cb-5807-43d3-85db-9d285cd8dc1e","block_type":"box","text":"payments of principal, a Fund may fail to recoup fully its initial investment in IOs. In addition, there are","page_number":135,"box":{"x":117,"y":409,"width":760,"height":12}},{"id":"613ea63b-e42f-40a0-bcb7-db36f1fca733","block_type":"box","text":"certain types of IOs that represent the interest portion of a particular class as opposed to the interest","page_number":135,"box":{"x":116,"y":424,"width":751,"height":12}},{"id":"d3d275fd-36b1-4116-a3b8-ef42ab2a0e24","block_type":"box","text":"portion of the entire pool. The sensitivity of this type of IO to interest rate fluctuations may be increased","page_number":135,"box":{"x":117,"y":440,"width":768,"height":12}},{"id":"4668c064-3b3f-40c7-92e4-1a269912ff63","block_type":"box","text":"because of the characteristics of the principal portion to which they relate. As a result of the above","page_number":135,"box":{"x":117,"y":455,"width":733,"height":12}},{"id":"5e71cc4a-e1bc-43fa-91ff-78dfd61cea86","block_type":"box","text":"factors, a Fund generally will purchase IOs only as a component of so called “synthetic” securities. This","page_number":135,"box":{"x":116,"y":471,"width":772,"height":12}},{"id":"253f66d3-13aa-471b-a89e-47a2247b6bf7","block_type":"box","text":"means that purchases of IOs will be matched with certain purchases of other securities, such as POs,","page_number":135,"box":{"x":117,"y":486,"width":759,"height":12}},{"id":"1b141c3f-0813-494d-b90e-1c645763769b","block_type":"box","text":"inverse floating rate CMOs or fixed rate securities; as interest rates fall, presenting a greater risk of","page_number":135,"box":{"x":117,"y":502,"width":737,"height":12}},{"id":"6b708640-768e-475e-899e-6bcfa7cfb1c1","block_type":"box","text":"unanticipated prepayments of principal, the negative effect on a Fund because of its holdings of IOs","page_number":135,"box":{"x":117,"y":517,"width":744,"height":12}},{"id":"82080d8b-5e0d-4fe3-84d1-9d17610ffe5b","block_type":"box","text":"should be diminished somewhat because of the increased yield on the inverse floating rate CMOs or","page_number":135,"box":{"x":116,"y":533,"width":751,"height":12}},{"id":"d55b2ab9-7972-4962-9c27-b1fc427b51b3","block_type":"box","text":"the increased appreciation on the POs or fixed rate securities.","page_number":135,"box":{"x":116,"y":548,"width":465,"height":12}},{"id":"8efb0ab7-34cd-49c7-b88d-4a1e46012a57","block_type":"box","text":"Tiered Index Bonds.","page_number":135,"box":{"x":118,"y":576,"width":147,"height":9}},{"id":"9e55da81-b3e8-4cb6-a6fd-da86c1d093ec","block_type":"box","text":"Tiered index bonds are forms of mortgage-related securities. The interest rate on","page_number":135,"box":{"x":266,"y":575,"width":612,"height":12}},{"id":"3fe4f45c-9cae-4dfb-99d7-68dea31565c4","block_type":"box","text":"a tiered index bond is tied to a specified index or","page_number":135,"box":{"x":116,"y":591,"width":365,"height":12}},{"id":"85d09658-4323-490f-965a-bc7bf3692026","block_type":"box","text":"market rate. So long as this index or market rate is","page_number":135,"box":{"x":482,"y":591,"width":380,"height":12}},{"id":"b846e1ad-ab2f-43b6-a669-01b4c1d11b6e","block_type":"box","text":"below a predetermined “strike” rate, the interest rate on the tiered index bond remains fixed. If,","page_number":135,"box":{"x":117,"y":606,"width":704,"height":12}},{"id":"ded4cf1b-acfa-476e-8704-25d476a67138","block_type":"box","text":"however, the specified index or market rate rises above the “strike” rate, the interest rate of the tiered","page_number":135,"box":{"x":117,"y":622,"width":754,"height":12}},{"id":"f50f7158-b8d0-49e0-889a-200da330d8d8","block_type":"box","text":"index bond will decrease. Thus, under these circumstances, the interest rate on a tiered index bond,","page_number":135,"box":{"x":117,"y":638,"width":747,"height":11}},{"id":"ec024c05-06c9-4570-97a4-ad449bef0fb0","block_type":"box","text":"like an inverse floater, will move in the opposite direction of prevailing interest rates, with the result that","page_number":135,"box":{"x":117,"y":653,"width":767,"height":12}},{"id":"cce3a4a1-028f-4be2-b8dc-9094cd6bcc5d","block_type":"box","text":"the price of the tiered index bond may be considerably more volatile than that of a fixed-rate bond.","page_number":135,"box":{"x":116,"y":668,"width":727,"height":12}},{"id":"6ccf8800-4249-49ce-8b2d-7399f25e7fcb","block_type":"box","text":"TBA Commitments.","page_number":135,"box":{"x":118,"y":696,"width":142,"height":9}},{"id":"5ed3cba6-c57a-4086-8f5b-a45aa78ba982","block_type":"box","text":"Certain Funds may enter into “to be announced” or “TBA” commitments. TBA","page_number":135,"box":{"x":267,"y":696,"width":573,"height":12}},{"id":"7cffc655-1269-4e79-be77-402d0ccd53c9","block_type":"box","text":"commitments are forward agreements for the purchase or sale of securities, including mortgage","page_number":135,"box":{"x":116,"y":711,"width":716,"height":12}},{"id":"9970c007-758b-4b6f-989b-37321d5f3c45","block_type":"box","text":"backed securities for a fixed price, with payment and delivery on an agreed upon future settlement","page_number":135,"box":{"x":117,"y":727,"width":728,"height":12}},{"id":"a4c57f6e-695a-4fc7-be58-7b92d6b54803","block_type":"box","text":"date. The specific securities to be delivered are not identified at the trade date. However, delivered","page_number":135,"box":{"x":116,"y":742,"width":731,"height":12}},{"id":"a4f7c1d0-ff26-4a03-89f5-0949a9880e88","block_type":"box","text":"securities must meet specified terms, including issuer, rate and mortgage terms. When the Fund enters","page_number":135,"box":{"x":116,"y":758,"width":767,"height":12}},{"id":"80cee994-6b1e-4c76-a1b8-e9d05b3efe61","block_type":"box","text":"into a TBA commitment for the sale of mortgage-backed securities for a fixed price, with payment and","page_number":135,"box":{"x":117,"y":773,"width":752,"height":12}},{"id":"9fc33539-35ec-4b63-82f0-08a2bacb9b51","block_type":"box","text":"delivery on an agreed upon future settlement date (which may be referred to as having a short position","page_number":135,"box":{"x":116,"y":789,"width":761,"height":12}},{"id":"ca38db73-ecee-48b8-a975-544681a177bd","block_type":"box","text":"in such TBA securities), the Fund may or may not hold the types of mortgage-backed securities","page_number":135,"box":{"x":117,"y":804,"width":707,"height":12}},{"id":"9e43751c-11c1-4a89-94fa-603b59c202c5","block_type":"box","text":"required to be delivered. See “—When-Issued Securities, Delayed Delivery Securities and Forward","page_number":135,"box":{"x":117,"y":820,"width":733,"height":12}},{"id":"6fb8f11a-b455-4e67-82ef-8ab31fc9995f","block_type":"box","text":"Commitments” below.","page_number":135,"box":{"x":117,"y":835,"width":166,"height":10}},{"id":"9ea196dc-283c-4cb6-8a26-a822395ba8a0","block_type":"box","text":"Mortgage Dollar Rolls.","page_number":135,"box":{"x":116,"y":862,"width":164,"height":12}},{"id":"74eb58b2-b3fd-482a-a0ef-1886d42f5caa","block_type":"box","text":"Certain Funds may invest in mortgage dollar rolls. In a mortgage dollar roll","page_number":135,"box":{"x":282,"y":862,"width":562,"height":12}},{"id":"4c533bf5-6a11-43b1-8f5a-e4db1daa5690","block_type":"box","text":"transaction, a Fund sells mortgage-backed securities for delivery in the current month and","page_number":135,"box":{"x":116,"y":878,"width":673,"height":12}},{"id":"49a92112-75a2-4c11-b845-e98aa7a2384e","block_type":"box","text":"II-70","page_number":135,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"4191bdb1-95a9-46a7-a488-28a4796e1231","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":135,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"c1ab45cd-3500-4f8c-a349-339131b272fc","block_type":"box","text":"simultaneously contracts to repurchase substantially similar securities on a specified future date. The","page_number":136,"box":{"x":116,"y":87,"width":755,"height":12}},{"id":"ea463a4f-3292-4c40-867e-9274514d50d4","block_type":"box","text":"securities that are repurchased will bear the same interest rate and a similar maturity as those sold, but","page_number":136,"box":{"x":116,"y":103,"width":771,"height":12}},{"id":"17e7acc1-9aeb-487e-8185-43c1ef7c2852","block_type":"box","text":"pools of mortgages collateralizing those securities may have different prepayment histories than those","page_number":136,"box":{"x":117,"y":118,"width":762,"height":12}},{"id":"8cc12e18-eae7-4ccb-b3ee-1686bc0ce4b4","block_type":"box","text":"sold. During the period between the sale and repurchase, a Fund will not be entitled to receive interest","page_number":136,"box":{"x":116,"y":134,"width":765,"height":12}},{"id":"650dbbfc-ed7c-4878-a92b-458230da1dbc","block_type":"box","text":"and principal payments on the securities sold. Proceeds of the sale will be invested in additional","page_number":136,"box":{"x":116,"y":149,"width":716,"height":12}},{"id":"5e9f26cd-906e-4b88-9b51-8edad052d3f8","block_type":"box","text":"instruments for the Fund, and the income from these investments will generate income for the Fund. If","page_number":136,"box":{"x":117,"y":165,"width":762,"height":12}},{"id":"5756f2d9-0220-4592-ad17-75f2f8eb6e23","block_type":"box","text":"such income does not exceed the income, capital appreciation and gain or loss that would have been","page_number":136,"box":{"x":116,"y":180,"width":757,"height":12}},{"id":"17d7fb85-9a84-42cc-a99d-b7a246c55a04","block_type":"box","text":"realized on the securities sold as part of the dollar roll, the use of this technique will diminish the","page_number":136,"box":{"x":117,"y":196,"width":715,"height":11}},{"id":"8e931322-3b72-4351-a742-435899576539","block_type":"box","text":"investment performance of a Fund compared with what the performance would have been without the","page_number":136,"box":{"x":117,"y":211,"width":759,"height":12}},{"id":"c89336ad-8a27-413b-b7e4-38fad66db5b5","block_type":"box","text":"use of dollar rolls.","page_number":136,"box":{"x":117,"y":227,"width":135,"height":9}},{"id":"9571e959-750a-46f8-ada0-07a21a13fe67","block_type":"box","text":"Each mortgage dollar roll transaction is accounted for as a sale or purchase of a portfolio security and","page_number":136,"box":{"x":117,"y":255,"width":760,"height":12}},{"id":"af5e9b4e-a945-4ec2-9463-639a9b48cbb0","block_type":"box","text":"a subsequent purchase or sale of a substantially similar security in the forward market. Transactions in","page_number":136,"box":{"x":116,"y":270,"width":767,"height":12}},{"id":"204ce202-241d-4b9b-8808-b978e482f71d","block_type":"box","text":"mortgage dollar rolls may increase trading costs and portfolio turnover.","page_number":136,"box":{"x":117,"y":286,"width":529,"height":12}},{"id":"8d4d9908-f44c-4246-af68-07674a2ba75b","block_type":"box","text":"In the event the buyer of the securities under a mortgage dollar roll files for bankruptcy or becomes","page_number":136,"box":{"x":117,"y":314,"width":738,"height":12}},{"id":"c6c90a22-0d70-43d1-81f5-440088a6f47b","block_type":"box","text":"insolvent, a Fund’s use of the proceeds of the current sale portion of the transaction may be restricted","page_number":136,"box":{"x":117,"y":330,"width":760,"height":12}},{"id":"a42dc7d2-ba33-494d-be1b-58e122f837df","block_type":"box","text":"pending a determination by the other party, or its trustee or receiver, whether to enforce the Fund’s","page_number":136,"box":{"x":117,"y":345,"width":738,"height":12}},{"id":"f0c3e28a-2d30-4cf0-ac2b-94ca0126c191","block_type":"box","text":"obligation to purchase the similar securities in the forward transaction.","page_number":136,"box":{"x":116,"y":361,"width":525,"height":12}},{"id":"fc2f774f-70db-41d6-8fc3-9a3f81f42981","block_type":"box","text":"A Fund may engage in dollar roll transactions to enhance returns. Successful use of mortgage dollar","page_number":136,"box":{"x":116,"y":389,"width":750,"height":12}},{"id":"c80904c2-3602-4360-ac67-5133bb54ac55","block_type":"box","text":"rolls may depend upon the Manager’s ability to correctly predict interest rates and prepayments. Dollar","page_number":136,"box":{"x":117,"y":405,"width":765,"height":12}},{"id":"4d5e1ea1-5427-4642-9eed-713c70547cf4","block_type":"box","text":"rolls involve the risk that the market value of the securities subject to a Fund’s forward purchase","page_number":136,"box":{"x":117,"y":420,"width":716,"height":12}},{"id":"17ef5692-a323-4e2f-8d46-b789f3f92c1a","block_type":"box","text":"commitment may decline below, or the market value of the securities subject to a Fund’s forward sale","page_number":136,"box":{"x":116,"y":436,"width":758,"height":12}},{"id":"38b6ed1b-c405-4d77-ba45-0b544761eeb6","block_type":"box","text":"commitment may increase above, the exercise price of the forward commitment. Dollar rolls are","page_number":136,"box":{"x":116,"y":451,"width":715,"height":12}},{"id":"5f627b95-8200-4501-acb5-c27a0be300be","block_type":"box","text":"speculative techniques that can be deemed to involve leverage. There is no assurance that dollar rolls","page_number":136,"box":{"x":116,"y":467,"width":763,"height":12}},{"id":"c98b06c4-89e0-4172-a213-8a65c62b620e","block_type":"box","text":"can be successfully employed.","page_number":136,"box":{"x":116,"y":482,"width":233,"height":12}},{"id":"f7233413-9529-4eeb-beef-a12ab6b80549","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to enter into when-issued or forward","page_number":136,"box":{"x":117,"y":511,"width":740,"height":12}},{"id":"e1f1f21e-8aee-44a2-bc3c-cb33f1846265","block_type":"box","text":"settling securities (e.g., dollar rolls and firm and standby commitments, including TBA commitments)","page_number":136,"box":{"x":116,"y":526,"width":748,"height":12}},{"id":"2e020faf-1c80-4fcc-a49a-540b223ead41","block_type":"box","text":"and non-standard settlement cycle securities notwithstanding the limitation on the issuance of senior","page_number":136,"box":{"x":116,"y":542,"width":750,"height":12}},{"id":"49b38929-d04c-4ecf-a720-3710baf28a15","block_type":"box","text":"securities in Section 18 of the Investment Company Act, provided that the transaction meets the","page_number":136,"box":{"x":116,"y":557,"width":718,"height":12}},{"id":"6f789223-4a16-4ffb-9905-231b70a59904","block_type":"box","text":"Delayed-Settlement Securities Provision (as defined below under “—When-Issued Securities, Delayed","page_number":136,"box":{"x":117,"y":573,"width":764,"height":12}},{"id":"47953622-82f8-41ef-8725-23338f513637","block_type":"box","text":"Delivery Securities and Forward Commitments”). If a when-issued, forward-settling or non-standard","page_number":136,"box":{"x":117,"y":588,"width":742,"height":12}},{"id":"ab3dbe8f-e35f-4ca1-8fc1-af10f6c6bca8","block_type":"box","text":"settlement cycle security does not satisfy the Delayed-Settlement Securities Provision, then it is","page_number":136,"box":{"x":116,"y":604,"width":715,"height":12}},{"id":"8786f2c9-7ee5-4dd4-8ee9-eac458276384","block_type":"box","text":"treated as a Derivatives Transaction under Rule 18f-4. See “—Derivatives—Regulation of","page_number":136,"box":{"x":116,"y":619,"width":669,"height":12}},{"id":"00a42aad-2d0f-4765-84be-eb850a615fa6","block_type":"box","text":"Derivatives—Rule 18f-4 under the Investment Company Act” above.","page_number":136,"box":{"x":117,"y":635,"width":511,"height":12}},{"id":"81db31ea-52dc-469e-bfd5-9785a2c13b49","block_type":"box","text":"Net Interest Margin (NIM) Securities.","page_number":136,"box":{"x":117,"y":663,"width":270,"height":12}},{"id":"375e4662-e1b8-4418-b94c-00cc6aa0a5a8","block_type":"box","text":"A Fund may invest in net interest margin (“NIM”) securities.","page_number":136,"box":{"x":394,"y":663,"width":438,"height":12}},{"id":"f203f2cd-ed0f-49ce-8ad0-61374395e7d5","block_type":"box","text":"These securities are derivative interest-only mortgage securities structured off home equity loan","page_number":136,"box":{"x":116,"y":678,"width":711,"height":13}},{"id":"96ffc5b6-d0a5-4f57-a062-e415e2ddb84b","block_type":"box","text":"transactions. NIM securities receive any “excess” interest computed after paying coupon costs,","page_number":136,"box":{"x":116,"y":694,"width":704,"height":12}},{"id":"2e049d55-3815-410c-9852-db4929c216d6","block_type":"box","text":"servicing costs and fees and any credit losses associated with the underlying pool of home equity","page_number":136,"box":{"x":116,"y":709,"width":724,"height":13}},{"id":"fd75e5d0-8f91-4316-acec-aeaea5202fb8","block_type":"box","text":"loans. Like traditional stripped mortgage-backed securities, the yield to maturity on a NIM security is","page_number":136,"box":{"x":117,"y":725,"width":740,"height":12}},{"id":"8d651794-939f-43fe-b08d-2392b584258b","block_type":"box","text":"sensitive not only to changes in prevailing interest rates but also to the rate of principal payments","page_number":136,"box":{"x":116,"y":740,"width":720,"height":13}},{"id":"9b973641-123d-42cc-b240-f8b3c02b4d7a","block_type":"box","text":"(including prepayments) on the underlying home equity loans. NIM securities are highly sensitive to","page_number":136,"box":{"x":117,"y":756,"width":735,"height":12}},{"id":"170731d5-fb54-4454-8f54-1cbeedc27c82","block_type":"box","text":"credit losses on the underlying collateral and the timing in which those losses are taken.","page_number":136,"box":{"x":116,"y":772,"width":651,"height":12}},{"id":"e2ecbc26-5ce1-456d-8b29-d84fd91962c4","block_type":"box","text":"Municipal Investments.","page_number":136,"box":{"x":116,"y":800,"width":184,"height":12}},{"id":"8e31504d-47b7-48bf-8050-cf4113e89d5c","block_type":"box","text":"Certain Funds may invest in obligations issued by or on behalf of states,","page_number":136,"box":{"x":307,"y":800,"width":533,"height":12}},{"id":"e00e094b-4d33-4df6-b70c-730057627f28","block_type":"box","text":"territories and possessions of the United States and the District of Columbia and their political","page_number":136,"box":{"x":116,"y":815,"width":694,"height":12}},{"id":"de59b1c0-071d-44a4-a7da-7dab4fd9c9c9","block_type":"box","text":"subdivisions, agencies and instrumentalities, the payments from which, in the opinion of bond counsel","page_number":136,"box":{"x":116,"y":831,"width":761,"height":12}},{"id":"281179f6-3248-44f3-9a99-0743969f962b","block_type":"box","text":"to the issuer, are excludable from gross income for U.S. federal income tax purposes (“Municipal","page_number":136,"box":{"x":116,"y":846,"width":723,"height":12}},{"id":"b3d628f3-fa24-48a9-b841-d767d78d6330","block_type":"box","text":"Bonds”). Certain of the Municipal Funds may also invest in Municipal Bonds that pay interest","page_number":136,"box":{"x":117,"y":862,"width":691,"height":12}},{"id":"a4827995-16e7-4838-821e-f669abe0c5b8","block_type":"box","text":"excludable from gross income for purposes of state and local income taxes of the designated state","page_number":136,"box":{"x":116,"y":877,"width":737,"height":12}},{"id":"44643d4b-ffe4-468b-88f0-4feb7fc891b1","block_type":"box","text":"II-71","page_number":136,"box":{"x":484,"y":909,"width":29,"height":9}},{"id":"05cdeeee-3e2f-4b42-938f-5cf2e90a1443","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":136,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"9d0ec201-7072-43de-94f2-902787d38cfb","block_type":"box","text":"and/or allow the value of a Fund’s shares to be exempt from state and local taxes of the designated","page_number":137,"box":{"x":116,"y":87,"width":744,"height":12}},{"id":"c8efc578-4cc7-4993-b31b-85ad41390717","block_type":"box","text":"state (“State Municipal Bonds”). The Municipal Funds may also invest in securities not issued by or on","page_number":137,"box":{"x":116,"y":102,"width":762,"height":13}},{"id":"dba58ef5-ff24-4767-b57f-1d2faa4a8132","block_type":"box","text":"behalf of a state or territory or by an agency or instrumentality thereof, if the Manager believes such","page_number":137,"box":{"x":117,"y":118,"width":743,"height":12}},{"id":"d8f84f09-e99e-447d-ac21-b5abc2155ec9","block_type":"box","text":"securities to pay interest excludable from gross income for purposes of U.S. federal income tax and","page_number":137,"box":{"x":116,"y":134,"width":744,"height":12}},{"id":"3f77804b-0370-44d9-a79e-aa3b08075524","block_type":"box","text":"state and local income taxes of the designated state and/or state and local personal property taxes of","page_number":137,"box":{"x":116,"y":149,"width":757,"height":12}},{"id":"5750237c-895e-45c6-8bec-f484f407c5d2","block_type":"box","text":"the designated state (“Non-Municipal Tax-Exempt Securities”). Non-Municipal Tax-Exempt Securities","page_number":137,"box":{"x":116,"y":165,"width":756,"height":12}},{"id":"149e4962-5f8c-40fb-a368-f5dae6db15d8","block_type":"box","text":"could include trust certificates or other instruments evidencing interest in one or more long-term","page_number":137,"box":{"x":116,"y":180,"width":714,"height":12}},{"id":"8f6c19c1-6dcd-48a3-8953-da84d84caa31","block_type":"box","text":"municipal securities. Non-Municipal Tax-Exempt Securities also may include securities issued by other","page_number":137,"box":{"x":117,"y":196,"width":765,"height":12}},{"id":"b97984c5-49e3-4a42-b1e9-a9cd4f96e22e","block_type":"box","text":"investment companies that invest in municipal bonds, to the extent such investments are permitted by","page_number":137,"box":{"x":117,"y":211,"width":760,"height":12}},{"id":"2e4b3090-6215-4585-931d-11e35600c770","block_type":"box","text":"applicable law. Non-Municipal Tax-Exempt Securities that pay interest excludable from gross income","page_number":137,"box":{"x":116,"y":227,"width":754,"height":12}},{"id":"3c42a491-ca2b-4248-b2d1-5891d8510fb2","block_type":"box","text":"for U.S. federal income tax purposes will be considered “Municipal Bonds” for purposes of a Municipal","page_number":137,"box":{"x":116,"y":242,"width":762,"height":12}},{"id":"d1bb44af-45af-4e4a-9784-a6f522c395ad","block_type":"box","text":"Fund’s investment objective and policies. Non-Municipal Tax-Exempt Securities that pay interest","page_number":137,"box":{"x":117,"y":258,"width":720,"height":12}},{"id":"90b281fb-1859-455b-9f86-8e4d77b897d7","block_type":"box","text":"excludable from gross income for purposes of U.S. federal income tax and state and local income","page_number":137,"box":{"x":116,"y":273,"width":730,"height":12}},{"id":"1dc0e2d5-8647-49d3-aab3-1a23c7856705","block_type":"box","text":"taxes of a designated state and/or allow the value of a Fund’s shares to be exempt from state and local","page_number":137,"box":{"x":116,"y":289,"width":771,"height":12}},{"id":"d18ba501-db69-4918-99ca-c1361c7a9791","block_type":"box","text":"personal property taxes of that state will be considered “State Municipal Bonds” for purposes of the","page_number":137,"box":{"x":117,"y":304,"width":739,"height":12}},{"id":"bd6802ce-4391-41a9-a6f8-79a17c947b90","block_type":"box","text":"investment objective and policies of each of California Municipal Opportunities Fund, New Jersey","page_number":137,"box":{"x":117,"y":320,"width":724,"height":12}},{"id":"63e28266-33f0-4e4a-b7ff-0595ced62ddc","block_type":"box","text":"Municipal Bond Fund, New York Municipal Opportunities Fund and Pennsylvania Municipal Bond","page_number":137,"box":{"x":117,"y":335,"width":724,"height":12}},{"id":"37c7bcff-0707-42a9-9c64-1fc01c921b41","block_type":"box","text":"Fund.","page_number":137,"box":{"x":117,"y":351,"width":46,"height":9}},{"id":"169cbfe7-69a4-4f5a-a49b-acda5105ad15","block_type":"box","text":"Risk Factors and Special Considerations Relating to Municipal Bonds.","page_number":137,"box":{"x":116,"y":380,"width":519,"height":12}},{"id":"20a5446b-ff01-4815-bf08-7f6cdd91bb21","block_type":"box","text":"The risks and special","page_number":137,"box":{"x":636,"y":380,"width":168,"height":12}},{"id":"ca0e3d2e-b422-417e-9885-89090fdf16cb","block_type":"box","text":"considerations involved in investment in Municipal Bonds vary with the types of instruments being","page_number":137,"box":{"x":116,"y":395,"width":729,"height":12}},{"id":"4f7fd2eb-54d8-40b1-84d5-247c9e11f74c","block_type":"box","text":"acquired. Investments in Non-Municipal Tax-Exempt Securities may present similar risks, depending","page_number":137,"box":{"x":116,"y":411,"width":751,"height":12}},{"id":"7b4416df-712c-4f46-9954-fdd0989f8693","block_type":"box","text":"on the particular product. Certain municipal instruments in which a Fund may invest may be","page_number":137,"box":{"x":116,"y":426,"width":685,"height":12}},{"id":"64ed940a-3ffd-4ff0-8290-8f322299fe4e","block_type":"box","text":"characterized as derivatives.","page_number":137,"box":{"x":116,"y":442,"width":218,"height":9}},{"id":"de03c0ef-3e80-4aa7-89e1-74a90cf3d867","block_type":"box","text":"The value of Municipal Bonds generally may be affected by uncertainties in the municipal markets as a","page_number":137,"box":{"x":116,"y":471,"width":768,"height":12}},{"id":"709d605c-57a1-41ad-9db4-01ee373abac4","block_type":"box","text":"result of legislation or litigation, including legislation or litigation that changes the taxation of Municipal","page_number":137,"box":{"x":117,"y":487,"width":757,"height":12}},{"id":"9ccf62ab-a02c-4184-8e81-20f4594ff701","block_type":"box","text":"Bonds or the rights of Municipal Bond holders in the event of a bankruptcy. Municipal bankruptcies are","page_number":137,"box":{"x":117,"y":502,"width":764,"height":12}},{"id":"cef1af77-11f0-4aef-8f49-d477f3955914","block_type":"box","text":"rare and certain provisions of the U.S. Bankruptcy Code governing such bankruptcies are unclear.","page_number":137,"box":{"x":117,"y":518,"width":732,"height":12}},{"id":"729429f1-060a-472d-942e-23058ff75575","block_type":"box","text":"Further, the application of state law to Municipal Bond issuers could produce varying results among the","page_number":137,"box":{"x":117,"y":533,"width":770,"height":12}},{"id":"41ee8ad1-9110-495c-9ad7-67453de633af","block_type":"box","text":"states or among Municipal Bond issuers within a state. These uncertainties could have a significant","page_number":137,"box":{"x":116,"y":549,"width":742,"height":12}},{"id":"f7a0803d-359f-4aea-8b10-8a5b00258ab2","block_type":"box","text":"impact on the prices of the Municipal Bonds in which a Fund invests.","page_number":137,"box":{"x":117,"y":564,"width":513,"height":12}},{"id":"37a93b5d-bc54-4684-a70d-c24a9981b10b","block_type":"box","text":"Description of Municipal Bonds.","page_number":137,"box":{"x":116,"y":593,"width":240,"height":12}},{"id":"36e0fafd-06c3-49da-941f-00d849d0d5ee","block_type":"box","text":"Municipal Bonds include debt obligations issued to obtain funds for various public purposes, including","page_number":137,"box":{"x":117,"y":616,"width":757,"height":12}},{"id":"41ad4619-b513-43e6-9f2d-f86e39146d8b","block_type":"box","text":"the construction of a wide range of public facilities, refunding of outstanding obligations and obtaining","page_number":137,"box":{"x":116,"y":631,"width":756,"height":12}},{"id":"a32d5e2d-8f20-445a-b151-155cbff9104d","block_type":"box","text":"funds for general operating expenses and loans to other public institutions and facilities. In addition,","page_number":137,"box":{"x":116,"y":647,"width":744,"height":12}},{"id":"cd149028-a1be-4a50-aef2-cc0d5a430d02","block_type":"box","text":"certain types of bonds are issued by or on behalf of public authorities to finance various privately","page_number":137,"box":{"x":116,"y":662,"width":716,"height":12}},{"id":"3fac5f87-9856-4ce0-9be8-274a8ca783fd","block_type":"box","text":"owned or operated facilities, including certain facilities for the local furnishing of electric energy or gas,","page_number":137,"box":{"x":116,"y":678,"width":757,"height":12}},{"id":"c913fe0e-e876-4290-b722-b19f3579764a","block_type":"box","text":"sewage facilities, solid waste disposal facilities and other specialized facilities. Such obligations are","page_number":137,"box":{"x":116,"y":693,"width":735,"height":12}},{"id":"0264bf10-7b4a-416c-ae8e-bd956b8ccc95","block_type":"box","text":"included within the term Municipal Bonds if the interest paid thereon is excluded from gross income for","page_number":137,"box":{"x":117,"y":709,"width":760,"height":12}},{"id":"375f0893-d8d3-4f23-b17c-86884bd264e6","block_type":"box","text":"U.S. federal income tax purposes and any applicable state and local taxes. Other types of private","page_number":137,"box":{"x":117,"y":724,"width":721,"height":12}},{"id":"9426522c-2bb2-43f4-a46e-29399fa38b92","block_type":"box","text":"activity bonds, the proceeds of which are used for the construction, equipment or improvement of","page_number":137,"box":{"x":116,"y":740,"width":722,"height":12}},{"id":"4c113d3a-bbc6-4a6f-a5b0-ed4ee3e67200","block_type":"box","text":"privately operated industrial or commercial facilities, may constitute Municipal Bonds, although the","page_number":137,"box":{"x":117,"y":755,"width":727,"height":12}},{"id":"f7555aa5-57d9-4f15-b743-94701f0a9152","block_type":"box","text":"current U.S. federal tax laws place substantial limitations on the size of such issues. The interest on","page_number":137,"box":{"x":116,"y":771,"width":739,"height":12}},{"id":"14878af3-6b43-4ac0-8bb2-36fb9c7615b6","block_type":"box","text":"Municipal Bonds may bear a fixed rate or be payable at a variable or floating rate. The two principal","page_number":137,"box":{"x":117,"y":786,"width":736,"height":12}},{"id":"d37924bf-4dde-4375-8d32-5be64f9ee0aa","block_type":"box","text":"classifications of Municipal Bonds are “general obligation” and “revenue” or “special obligation” bonds,","page_number":137,"box":{"x":116,"y":802,"width":756,"height":12}},{"id":"11e69f78-9a63-4d93-8134-bc605d19cc44","block_type":"box","text":"which latter category includes private activity bonds (“PABs”) (or “industrial development bonds” under","page_number":137,"box":{"x":116,"y":817,"width":760,"height":12}},{"id":"8924b7ed-4099-40d4-961d-a43d7711f5c9","block_type":"box","text":"pre-1986 law).","page_number":137,"box":{"x":117,"y":833,"width":111,"height":12}},{"id":"9fc1fe07-12b8-44f3-99ba-25236f1983a7","block_type":"box","text":"General Obligation Bonds.","page_number":137,"box":{"x":117,"y":862,"width":194,"height":12}},{"id":"d8d96303-aaca-4e81-bd80-22edb78ceee2","block_type":"box","text":"General obligation bonds are secured by the issuer’s pledge of its full faith,","page_number":137,"box":{"x":313,"y":862,"width":565,"height":12}},{"id":"a4fc5d0e-3c8c-44ee-a05f-12945ad4fcb5","block_type":"box","text":"credit and taxing power for the payment of principal and interest. The taxing power of any","page_number":137,"box":{"x":116,"y":878,"width":668,"height":12}},{"id":"8441182b-05a9-4249-b24b-09abd023dc0c","block_type":"box","text":"II-72","page_number":137,"box":{"x":484,"y":909,"width":31,"height":9}},{"id":"b88ea3a5-6206-4820-847d-0dc583bfc222","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":137,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"76ff32b6-124d-454e-9cf1-05010268ea73","block_type":"box","text":"governmental entity may be limited, however, by provisions of its state constitution or laws, and an","page_number":138,"box":{"x":116,"y":87,"width":735,"height":12}},{"id":"aef66b92-cef4-43a0-855f-bd13e50eaf9a","block_type":"box","text":"entity’s creditworthiness will depend on many factors, including potential erosion of its tax base due to","page_number":138,"box":{"x":116,"y":102,"width":760,"height":13}},{"id":"fdbb73ff-f0c5-425d-9450-884066768e02","block_type":"box","text":"population declines, natural disasters, declines in the state’s industrial base or inability to attract new","page_number":138,"box":{"x":117,"y":118,"width":750,"height":12}},{"id":"3dc9ac7f-c8d1-4d24-8b0e-a599c4b6d4d4","block_type":"box","text":"industries, economic limits on the ability to tax without eroding the tax base, state legislative proposals","page_number":138,"box":{"x":117,"y":134,"width":762,"height":12}},{"id":"65035f8b-21f1-4041-ae9f-3aaa18e4322d","block_type":"box","text":"or voter initiatives to limit ad valorem real property taxes and the extent to which the entity relies on","page_number":138,"box":{"x":116,"y":149,"width":740,"height":12}},{"id":"13ab3a5a-5315-48ee-8583-45391326756e","block_type":"box","text":"federal or state aid, access to capital markets or other factors beyond the state’s or entity’s control.","page_number":138,"box":{"x":116,"y":165,"width":738,"height":12}},{"id":"a329861b-2799-42ef-aa0d-88b9c44bb840","block_type":"box","text":"Accordingly, the capacity of the issuer of a general obligation bond as to the timely payment of interest","page_number":138,"box":{"x":116,"y":180,"width":765,"height":12}},{"id":"2384c014-5b5e-4789-917c-b248196f5dfa","block_type":"box","text":"and the repayment of principal when due is affected by the issuer’s maintenance of its tax base.","page_number":138,"box":{"x":116,"y":196,"width":717,"height":12}},{"id":"6b481a89-a107-4ab1-8da1-0f9d15a364a9","block_type":"box","text":"Revenue Bonds.","page_number":138,"box":{"x":116,"y":227,"width":122,"height":9}},{"id":"0b9e4a6a-0d40-4446-bf13-0f0a5a844fc9","block_type":"box","text":"Revenue bonds are payable only from the revenues derived from a particular facility","page_number":138,"box":{"x":240,"y":227,"width":634,"height":12}},{"id":"b71ced92-eed7-4edb-8e49-0f31a2c41484","block_type":"box","text":"or class of facilities or, in some cases, from the proceeds of a special excise tax or other specific","page_number":138,"box":{"x":116,"y":242,"width":720,"height":12}},{"id":"9172b399-f921-4e77-8884-b96817cf4a0d","block_type":"box","text":"revenue source such as payments from the user of the facility being financed; accordingly, the timely","page_number":138,"box":{"x":117,"y":258,"width":752,"height":12}},{"id":"d19eef03-f341-4890-b087-394f4cb20950","block_type":"box","text":"payment of interest and the repayment of principal in accordance with the terms of the revenue or","page_number":138,"box":{"x":117,"y":273,"width":729,"height":12}},{"id":"503fdb39-e6a4-4a5e-8473-d0ef7af5ecf4","block_type":"box","text":"special obligation bond is a function of the economic viability of such facility or such revenue source.","page_number":138,"box":{"x":116,"y":289,"width":749,"height":12}},{"id":"346535c5-9403-4d4a-bd8d-0deb86f4c5f5","block_type":"box","text":"Revenue bonds issued by state or local agencies to finance the development of low-income, multi","page_number":138,"box":{"x":117,"y":320,"width":730,"height":12}},{"id":"8f9239f2-72cb-4ae4-9674-58c89b279f04","block_type":"box","text":"family housing involve special risks in addition to those associated with municipal bonds generally,","page_number":138,"box":{"x":116,"y":335,"width":735,"height":12}},{"id":"8a85c9be-34de-4005-836b-8d91231bfd74","block_type":"box","text":"including that the underlying properties may not generate sufficient income to pay expenses and","page_number":138,"box":{"x":117,"y":351,"width":718,"height":12}},{"id":"efd795f3-a1f3-4843-bc8c-b560a4b0e2dc","block_type":"box","text":"interest costs. Such bonds are generally non-recourse against the property owner, may be junior to the","page_number":138,"box":{"x":117,"y":366,"width":768,"height":12}},{"id":"ab9d96cf-6555-4ba6-9129-9c359d5ab5ee","block_type":"box","text":"rights of others with an interest in the properties, may pay interest that changes based in part on the","page_number":138,"box":{"x":117,"y":382,"width":746,"height":12}},{"id":"33855bcc-4865-4b01-a4c1-0379619ae7bf","block_type":"box","text":"financial performance of the property, may be prepayable without penalty and may be used to finance","page_number":138,"box":{"x":116,"y":397,"width":760,"height":12}},{"id":"56cb338f-18db-48b2-9999-2067081d09e9","block_type":"box","text":"the construction of housing developments which, until completed and rented, do not generate income","page_number":138,"box":{"x":116,"y":413,"width":757,"height":12}},{"id":"84ddfcc0-bb73-4350-9812-d977b5ac9b85","block_type":"box","text":"to pay interest. Increases in interest rates payable on senior obligations may make it more difficult for","page_number":138,"box":{"x":116,"y":428,"width":755,"height":12}},{"id":"ee41b5a3-01b5-4576-868e-72e0eb0957dd","block_type":"box","text":"issuers to meet payment obligations on subordinated bonds.","page_number":138,"box":{"x":117,"y":444,"width":452,"height":12}},{"id":"42d0a54e-fda1-4ea1-8294-7cf56e437e37","block_type":"box","text":"PABs.","page_number":138,"box":{"x":116,"y":475,"width":45,"height":9}},{"id":"56ea1c8e-a140-4823-9b8f-979de0f6292a","block_type":"box","text":"PABs are, in most cases, tax-exempt securities issued by states, municipalities or public","page_number":138,"box":{"x":162,"y":475,"width":666,"height":12}},{"id":"74f60597-f123-45ed-aa13-968392b4b895","block_type":"box","text":"authorities to provide funds, usually through a loan or lease arrangement, to a private entity for the","page_number":138,"box":{"x":116,"y":490,"width":735,"height":12}},{"id":"490b3ee4-6920-41fd-a99c-9f002286787b","block_type":"box","text":"purpose of financing construction or improvement of a facility to be used by the entity. Such bonds are","page_number":138,"box":{"x":117,"y":506,"width":762,"height":12}},{"id":"6e1b91c5-cfca-47ee-bc28-ada2bd8a3ff9","block_type":"box","text":"secured primarily by revenues derived from loan repayments or lease payments due from the entity,","page_number":138,"box":{"x":116,"y":521,"width":747,"height":12}},{"id":"07732057-9c26-454e-b4b3-cbf5ff01e266","block_type":"box","text":"which may or may not be guaranteed by a parent company or otherwise secured. PABs generally are","page_number":138,"box":{"x":116,"y":537,"width":758,"height":12}},{"id":"2bffb4c6-3e01-449b-bac0-e273c653d500","block_type":"box","text":"not secured by a pledge of the taxing power of the issuer of such bonds. Therefore, an investor should","page_number":138,"box":{"x":117,"y":552,"width":764,"height":12}},{"id":"dc71f27c-8f6c-4de8-922e-c1c464ebc213","block_type":"box","text":"understand that repayment of such bonds generally depends on the revenues of a private entity and be","page_number":138,"box":{"x":117,"y":568,"width":771,"height":12}},{"id":"1e32a7d1-8433-4818-b3db-c0f6f37f1f90","block_type":"box","text":"aware of the risks that such an investment may entail. The continued ability of an entity to generate","page_number":138,"box":{"x":116,"y":583,"width":741,"height":12}},{"id":"f8bf5915-3d45-46d8-b8ec-de1b5db12bf5","block_type":"box","text":"sufficient revenues for the payment of principal and interest on such bonds will be affected by many","page_number":138,"box":{"x":116,"y":599,"width":744,"height":12}},{"id":"33cbccec-751d-40bb-a25c-5279f52cbc66","block_type":"box","text":"factors including the size of the entity, its capital structure, demand for its products or services,","page_number":138,"box":{"x":116,"y":614,"width":707,"height":12}},{"id":"69c68e8f-b7d0-4f35-8d11-74b956b118b6","block_type":"box","text":"competition, general economic conditions, government regulation and the entity’s dependence on","page_number":138,"box":{"x":116,"y":630,"width":728,"height":12}},{"id":"efca08ab-bc48-4352-a8d6-f48ba2b3dcf8","block_type":"box","text":"revenues for the operation of the particular facility being financed.","page_number":138,"box":{"x":117,"y":645,"width":491,"height":12}},{"id":"28fdbfb6-f3f1-47c7-9741-019754ccb18b","block_type":"box","text":"Moral Obligation Bonds.","page_number":138,"box":{"x":116,"y":676,"width":178,"height":12}},{"id":"2da5f33c-e055-47eb-a886-b6a189e2c640","block_type":"box","text":"“Moral obligation” bonds are normally issued by special purpose public","page_number":138,"box":{"x":301,"y":676,"width":523,"height":12}},{"id":"0cb1d369-73f4-4eaa-bbd9-3e30d8be7b17","block_type":"box","text":"authorities. If an issuer of moral obligation bonds is unable to meet its obligations, the repayment of","page_number":138,"box":{"x":116,"y":692,"width":738,"height":12}},{"id":"022c7aaf-db3b-427d-af1d-ac8ed4fed674","block_type":"box","text":"such bonds becomes a moral commitment but not a legal obligation of the state or municipality that","page_number":138,"box":{"x":116,"y":707,"width":736,"height":12}},{"id":"90e61411-bed6-4910-b661-e59137956091","block_type":"box","text":"created the special purpose public authority that issued the bonds.","page_number":138,"box":{"x":116,"y":723,"width":492,"height":12}},{"id":"d8ba289e-bf20-45d8-b3de-243ef56284a9","block_type":"box","text":"Municipal Notes.","page_number":138,"box":{"x":116,"y":754,"width":122,"height":12}},{"id":"080120c0-f8e4-4747-a442-b0c5a3b29593","block_type":"box","text":"Municipal notes are shorter term municipal debt obligations. They may provide interim","page_number":138,"box":{"x":246,"y":754,"width":636,"height":12}},{"id":"5004e2a0-15d3-4a34-8935-aa8a81e577bd","block_type":"box","text":"financing in anticipation of tax collection, bond sales or revenue receipts. If there is a shortfall in the","page_number":138,"box":{"x":116,"y":769,"width":737,"height":12}},{"id":"50394984-4909-47a4-858c-23bc2969bae9","block_type":"box","text":"anticipated proceeds, repayment on the note may be delayed or the note may not be fully repaid, and a","page_number":138,"box":{"x":116,"y":785,"width":766,"height":12}},{"id":"72a62f84-5dec-4366-85da-0477f2c04576","block_type":"box","text":"Fund may lose money.","page_number":138,"box":{"x":117,"y":800,"width":167,"height":12}},{"id":"971ef41c-b4e8-43fc-b349-5b5408ccba7e","block_type":"box","text":"Municipal Commercial Paper.","page_number":138,"box":{"x":116,"y":831,"width":218,"height":12}},{"id":"34fad97d-17e1-4aa0-b6df-f462f7ec340d","block_type":"box","text":"Municipal commercial paper is generally unsecured and issued to meet","page_number":138,"box":{"x":335,"y":831,"width":539,"height":12}},{"id":"57409f76-c9d8-449b-8180-78f670c7ac62","block_type":"box","text":"short-term financing needs. The lack of security presents some risk of loss to a Fund since, in the","page_number":138,"box":{"x":116,"y":847,"width":728,"height":12}},{"id":"6b30d86f-ea60-4c86-b578-50e78e51219e","block_type":"box","text":"event of an issuer’s bankruptcy, unsecured creditors are repaid only after the secured creditors out of","page_number":138,"box":{"x":116,"y":862,"width":757,"height":12}},{"id":"9a70dfc4-fbbf-483c-b509-c102f507342b","block_type":"box","text":"the assets, if any, that remain.","page_number":138,"box":{"x":116,"y":878,"width":229,"height":12}},{"id":"e2ebcb26-f304-4bd5-bba5-88ba834a3658","block_type":"box","text":"II-73","page_number":138,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"255fb10a-03ac-4c10-be98-67ef05fa1125","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":138,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"90a8a698-f963-4880-9579-4c9de32b42d6","block_type":"box","text":"Municipal Lease Obligations.","page_number":139,"box":{"x":116,"y":87,"width":213,"height":12}},{"id":"785cabdb-7d09-46bf-aaeb-df418361d1ed","block_type":"box","text":"Also included within the general category of Municipal Bonds are","page_number":139,"box":{"x":331,"y":87,"width":491,"height":12}},{"id":"1dca08f1-8a2f-4e82-8810-1b975a090007","block_type":"box","text":"certificates of participation (“COPs”) issued by government authorities or entities to finance the","page_number":139,"box":{"x":116,"y":102,"width":706,"height":13}},{"id":"9064e23f-43e4-44c9-89f6-eea4f421e4f9","block_type":"box","text":"acquisition or construction of equipment, land and/or facilities. The COPs represent participations in a","page_number":139,"box":{"x":116,"y":118,"width":758,"height":12}},{"id":"37e9d301-4700-415e-a0b5-ea9cf2e62792","block_type":"box","text":"lease, an installment purchase contract or a conditional sales contract (hereinafter collectively called","page_number":139,"box":{"x":117,"y":134,"width":748,"height":12}},{"id":"61041203-9610-459c-aa7c-7ccc5514dde4","block_type":"box","text":"“lease obligations”) relating to such equipment, land or facilities. Municipal leases, like other municipal","page_number":139,"box":{"x":116,"y":149,"width":761,"height":12}},{"id":"3116b7f0-2d1a-4ba4-bbbd-02639baf0c50","block_type":"box","text":"debt obligations, are subject to the risk of non-payment. Although lease obligations do not constitute","page_number":139,"box":{"x":116,"y":165,"width":747,"height":12}},{"id":"9473acda-22b3-47aa-b791-182d068d94fc","block_type":"box","text":"general obligations of the issuer for which the issuer’s unlimited taxing power is pledged, a lease","page_number":139,"box":{"x":116,"y":180,"width":721,"height":12}},{"id":"cde6e9eb-5e6f-45bb-884e-b8a2746a1715","block_type":"box","text":"obligation is frequently backed by the issuer’s covenant to budget for, appropriate and make the","page_number":139,"box":{"x":116,"y":196,"width":716,"height":12}},{"id":"6519882e-9b67-4797-ba5e-a50317863519","block_type":"box","text":"payments due under the lease obligation. However, certain lease obligations contain","page_number":139,"box":{"x":117,"y":211,"width":631,"height":12}},{"id":"5297d904-13b3-4d4a-873d-87dcbac6791d","block_type":"box","text":"“non-appropriation” clauses, which provide that the issuer has no obligation to make lease or","page_number":139,"box":{"x":116,"y":227,"width":693,"height":12}},{"id":"05ed8270-8608-49ff-b864-7b4ea42138bd","block_type":"box","text":"installment purchase payments in future years unless money is appropriated for such purpose on a","page_number":139,"box":{"x":117,"y":242,"width":739,"height":12}},{"id":"fb672df5-9a02-4bb7-ae50-8ece54edd6f3","block_type":"box","text":"yearly basis. Although “non-appropriation” lease obligations are secured by the leased property,","page_number":139,"box":{"x":116,"y":258,"width":716,"height":12}},{"id":"2c981a48-346a-4939-b7c9-753e1027fd11","block_type":"box","text":"disposition of the property in the event of foreclosure might prove difficult. These securities represent a","page_number":139,"box":{"x":116,"y":273,"width":767,"height":12}},{"id":"bd7191c0-af42-4bcd-9310-1fd461e5f531","block_type":"box","text":"type of financing that has not yet developed the depth of marketability associated with more","page_number":139,"box":{"x":116,"y":289,"width":685,"height":12}},{"id":"7b2ed109-992a-428e-9057-20c5f1372a32","block_type":"box","text":"conventional securities. Certain investments in lease obligations may be illiquid.","page_number":139,"box":{"x":116,"y":304,"width":596,"height":12}},{"id":"b5fd2304-38ac-4c75-b591-9e81fb49ff59","block_type":"box","text":"The ability of issuers of municipal leases to make timely lease payments may be adversely impacted in","page_number":139,"box":{"x":116,"y":335,"width":769,"height":12}},{"id":"e15d3d06-ecb8-4e71-8014-cd98ebb9df1f","block_type":"box","text":"general economic downturns and as relative governmental cost burdens are allocated and reallocated","page_number":139,"box":{"x":116,"y":351,"width":762,"height":12}},{"id":"176359d9-99e2-4b44-8e36-72b3e7bff037","block_type":"box","text":"among federal, state and local governmental units. Such non-payment would result in a reduction of","page_number":139,"box":{"x":116,"y":366,"width":746,"height":12}},{"id":"a5880780-1992-4437-9b91-b547ede876a4","block_type":"box","text":"income to a Fund and could result in a","page_number":139,"box":{"x":117,"y":382,"width":289,"height":9}},{"id":"7f1fd911-d782-423d-b768-285e0ce2d4d5","block_type":"box","text":"reduction in the value of the municipal lease experiencing","page_number":139,"box":{"x":407,"y":382,"width":431,"height":12}},{"id":"c53bef0f-1a93-4f56-9f75-fb34f78fb5ae","block_type":"box","text":"non-payment and a potential decrease in the NAV of a Fund. Issuers of municipal securities might","page_number":139,"box":{"x":117,"y":397,"width":731,"height":12}},{"id":"409538e9-f2c3-4a1c-aa29-db5a0281a9f4","block_type":"box","text":"seek protection under the bankruptcy laws. In the event of bankruptcy of such an issuer, a Fund could","page_number":139,"box":{"x":116,"y":413,"width":762,"height":12}},{"id":"27985962-b02f-42aa-963f-705e70d94265","block_type":"box","text":"experience delays and limitations with respect to the collection of principal and interest on such","page_number":139,"box":{"x":116,"y":428,"width":711,"height":12}},{"id":"587c90e1-aadb-403a-81f7-f72a703e29d0","block_type":"box","text":"municipal leases and a Fund may not, in all circumstances, be able to collect all principal and interest","page_number":139,"box":{"x":117,"y":444,"width":755,"height":12}},{"id":"ef70f446-eaf0-4b17-84b3-74fc03e37019","block_type":"box","text":"to which it is entitled. To enforce its rights in the event of a default in lease payments, a Fund might","page_number":139,"box":{"x":116,"y":459,"width":740,"height":12}},{"id":"2cb120af-8e64-4b5d-aa49-9c2afa1ca893","block_type":"box","text":"take possession of and manage the assets securing the issuer’s obligations on such securities, which","page_number":139,"box":{"x":116,"y":475,"width":758,"height":12}},{"id":"09afd514-7b06-4612-8c8b-c37790ea4cd0","block_type":"box","text":"may increase a Fund’s operating expenses and adversely affect the NAV of a Fund. When the lease","page_number":139,"box":{"x":117,"y":490,"width":749,"height":12}},{"id":"e19ccfce-a4f6-493a-a004-a3498f424edf","block_type":"box","text":"contains a non-appropriation clause, however, the failure to pay would not be a default and a Fund","page_number":139,"box":{"x":116,"y":506,"width":737,"height":12}},{"id":"e685c1e3-b980-4d91-a8fb-efcae7d68e8d","block_type":"box","text":"would not have the right to take possession of the assets. Any income derived from a Fund’s","page_number":139,"box":{"x":116,"y":521,"width":692,"height":12}},{"id":"bfa1e230-f7d8-4e01-b53d-b96b7dbb0a9a","block_type":"box","text":"ownership or operation of such assets may not be tax-exempt. In addition, a Fund’s intention to qualify","page_number":139,"box":{"x":116,"y":537,"width":765,"height":12}},{"id":"f85a0055-578a-42dd-83ab-341b489c7979","block_type":"box","text":"as a “regulated investment company” under the Code, may limit the extent to which a Fund may","page_number":139,"box":{"x":116,"y":552,"width":717,"height":12}},{"id":"19e5d349-f3f7-41a3-8729-de1b87da04a3","block_type":"box","text":"exercise its rights by taking possession of such assets, because as a regulated investment company a","page_number":139,"box":{"x":116,"y":568,"width":765,"height":12}},{"id":"59c6a102-2f00-4f2b-a832-3bbc2f585c92","block_type":"box","text":"Fund is subject to certain limitations on its investments and on the nature of its income.","page_number":139,"box":{"x":117,"y":583,"width":650,"height":12}},{"id":"2632176f-cfe9-470c-9c44-b6f615285759","block_type":"box","text":"Tender Option Bonds.","page_number":139,"box":{"x":118,"y":614,"width":161,"height":12}},{"id":"f6a77203-5a8f-42fc-8d4f-0822f622e2f6","block_type":"box","text":"Certain Funds may invest in residual inverse floating rate interest tender option","page_number":139,"box":{"x":280,"y":614,"width":596,"height":12}},{"id":"5e8d8cc8-1e11-4959-ba56-e9272c8344b1","block_type":"box","text":"bonds (“TOB Residuals”), which are derivative interests in Municipal Bonds. The TOB Residuals in","page_number":139,"box":{"x":117,"y":630,"width":736,"height":12}},{"id":"1b36e7b9-3c18-4614-baa8-dc9c73a89aba","block_type":"box","text":"which the Funds will invest pay interest or income that, in the opinion of counsel to the issuer, is","page_number":139,"box":{"x":116,"y":645,"width":715,"height":12}},{"id":"2bd18887-da9f-4ced-bf74-df2521d0d42e","block_type":"box","text":"exempt from regular U.S. federal income tax. BlackRock will not conduct its own analysis of the tax","page_number":139,"box":{"x":116,"y":661,"width":735,"height":12}},{"id":"55ced081-17ef-4c62-8e45-21f2449dd789","block_type":"box","text":"status of the interest or income paid by TOB Residuals held by the Funds, but will rely on the opinion of","page_number":139,"box":{"x":116,"y":676,"width":767,"height":12}},{"id":"5650fd13-301e-4c6f-823d-17f6fd0257ba","block_type":"box","text":"counsel to the issuer. Although volatile, TOB Residuals typically offer the potential for yields exceeding","page_number":139,"box":{"x":116,"y":692,"width":761,"height":12}},{"id":"602025f7-9421-4458-80fc-057afc1fda27","block_type":"box","text":"the yields available on fixed rate Municipal Bonds with comparable credit quality. The Funds may","page_number":139,"box":{"x":116,"y":707,"width":720,"height":12}},{"id":"86ad7532-08b8-42f0-ae7b-6a1ea252acd0","block_type":"box","text":"invest in TOB Residuals for the purpose of using economic leverage.","page_number":139,"box":{"x":117,"y":723,"width":509,"height":12}},{"id":"58f811b5-de3c-45a3-b89f-9d284e6790cc","block_type":"box","text":"TOB Residuals represent beneficial interests in a special purpose trust formed for the purpose of","page_number":139,"box":{"x":116,"y":754,"width":719,"height":12}},{"id":"763d07d6-8690-4a0b-b927-81d1b1c9dd43","block_type":"box","text":"holding Municipal Bonds contributed by one or more funds (a “TOB Trust”). A TOB Trust typically","page_number":139,"box":{"x":117,"y":769,"width":719,"height":12}},{"id":"2d2aeb6a-7bcc-48da-94f6-b5cb685c7766","block_type":"box","text":"issues two classes of beneficial interests: short-term floating rate interests (“TOB Floaters”), which are","page_number":139,"box":{"x":117,"y":785,"width":756,"height":12}},{"id":"9e311825-601a-4b2d-80e0-92a933a284a2","block_type":"box","text":"sold to third-party investors, and TOB Residuals, which are generally issued to the fund(s) that","page_number":139,"box":{"x":116,"y":800,"width":701,"height":12}},{"id":"d0a707ec-2cf4-44e7-a652-391069391804","block_type":"box","text":"transferred Municipal Bonds to the TOB Trust. The Funds may invest in both TOB Floaters and TOB","page_number":139,"box":{"x":116,"y":816,"width":745,"height":12}},{"id":"05396144-80c9-437d-8037-989222dd34e2","block_type":"box","text":"Residuals. TOB Floaters may have first priority on the cash flow from the Municipal Bonds held by the","page_number":139,"box":{"x":117,"y":831,"width":759,"height":12}},{"id":"1576e390-f72b-4ed0-b985-186b5ff8f385","block_type":"box","text":"TOB Trust and are enhanced with a liquidity support arrangement from a third-party Liquidity Provider","page_number":139,"box":{"x":116,"y":847,"width":760,"height":12}},{"id":"f8b84605-4551-41d6-9bb6-ae2fce91d918","block_type":"box","text":"(defined below) which allows holders to tender their position at par (plus accrued interest). A Fund, as","page_number":139,"box":{"x":117,"y":862,"width":758,"height":12}},{"id":"f33097ec-0b65-4391-bf75-7d3fa91edb68","block_type":"box","text":"a holder of TOB Residuals, is paid the residual cash flow from the TOB Trust. A Fund that contributes","page_number":139,"box":{"x":116,"y":878,"width":759,"height":12}},{"id":"3aee0a85-fb99-4b27-a998-2223efa61127","block_type":"box","text":"II-74","page_number":139,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"2b8865a4-c04e-4ee4-82c0-25c242ef6135","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":139,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"58003071-5b7d-48a8-b898-2561600ed19d","block_type":"box","text":"the Municipal Bonds to the TOB Trust is paid the cash received by the TOB Trust from the sale of the","page_number":140,"box":{"x":116,"y":87,"width":757,"height":12}},{"id":"f23517ed-006b-429a-899a-3bdc31717ef9","block_type":"box","text":"TOB Floaters, less certain transaction costs, and typically will invest the cash to purchase additional","page_number":140,"box":{"x":116,"y":102,"width":746,"height":13}},{"id":"87e1c35f-d89d-488a-ae5b-a3ff678eb93c","block_type":"box","text":"Municipal Bonds or other investments permitted by its investment policies. If a Fund ever purchases all","page_number":140,"box":{"x":117,"y":118,"width":767,"height":12}},{"id":"42a03012-a075-43c5-a6cf-55f2f43e4885","block_type":"box","text":"or a portion of the TOB Floaters sold by the TOB Trust, it may surrender those TOB Floaters together","page_number":140,"box":{"x":116,"y":134,"width":758,"height":12}},{"id":"b665a40d-f8b0-4a0d-a422-8812118cfba6","block_type":"box","text":"with a proportionate amount of TOB Residuals to the TOB Trust in exchange for a proportionate","page_number":140,"box":{"x":116,"y":149,"width":717,"height":12}},{"id":"aca0bc4f-a71b-4731-9a0c-ae7ed6d0578d","block_type":"box","text":"amount of the Municipal Bonds owned by the TOB Trust.","page_number":140,"box":{"x":116,"y":165,"width":427,"height":12}},{"id":"0ca58e08-01b5-4526-b840-988de1ff8749","block_type":"box","text":"Other BlackRock-advised funds may contribute Municipal Bonds to a TOB Trust into which a Fund has","page_number":140,"box":{"x":116,"y":196,"width":767,"height":12}},{"id":"02e59a57-5f84-462c-a01e-ad04a38ae17a","block_type":"box","text":"contributed Municipal Bonds. If multiple BlackRock-advised funds participate in the same TOB Trust,","page_number":140,"box":{"x":116,"y":211,"width":752,"height":12}},{"id":"83632a34-ecca-4585-8ddb-e9fe163e747c","block_type":"box","text":"the economic rights and obligations under the TOB Residual will generally be shared among the funds","page_number":140,"box":{"x":116,"y":227,"width":764,"height":12}},{"id":"66dd1c8a-a9dd-4066-9686-bcbf97648bf5","block_type":"box","text":"ratably in proportion to their participation in the TOB Trust.","page_number":140,"box":{"x":117,"y":242,"width":437,"height":12}},{"id":"0bf15315-fb67-447c-a668-801cf8b74a51","block_type":"box","text":"The Municipal Bonds transferred to a TOB Trust typi","page_number":140,"box":{"x":116,"y":273,"width":380,"height":12}},{"id":"685f0aa5-3d20-445c-9658-671a00830e80","block_type":"box","text":"cally are high grade Municipal Bonds. In certain","page_number":140,"box":{"x":497,"y":273,"width":350,"height":12}},{"id":"6e7ef572-40db-44bd-8763-887736551c61","block_type":"box","text":"cases, when Municipal Bonds transferred are lowe","page_number":140,"box":{"x":116,"y":289,"width":367,"height":12}},{"id":"b7e3b0f3-e380-4a77-9cf2-019f2e891609","block_type":"box","text":"r grade Municipal Bonds, the TOB Trust transaction","page_number":140,"box":{"x":485,"y":289,"width":379,"height":12}},{"id":"b0883061-7545-4703-8984-7c34e7c5cdb5","block_type":"box","text":"includes a credit enhancement feature that provides fo","page_number":140,"box":{"x":117,"y":304,"width":395,"height":12}},{"id":"907de047-2066-49e9-8456-9afa7eb8605c","block_type":"box","text":"r the timely payment of principal and interest on","page_number":140,"box":{"x":513,"y":304,"width":349,"height":12}},{"id":"8a550b56-b743-4a2f-a84f-ef3131e3393f","block_type":"box","text":"the bonds to the TOB Trust by a credit enhancement","page_number":140,"box":{"x":116,"y":320,"width":388,"height":12}},{"id":"bbfc7cde-0547-4feb-a19b-add2724f8468","block_type":"box","text":"provider. The TOB Trust would be responsible for","page_number":140,"box":{"x":505,"y":320,"width":364,"height":12}},{"id":"2770a7de-4c36-41da-a430-72b86f7668dc","block_type":"box","text":"the payment of the credit enhancem","page_number":140,"box":{"x":116,"y":335,"width":262,"height":12}},{"id":"e0847407-25e9-489f-a078-f6ebafd8a181","block_type":"box","text":"ent fee and a Fund, as a TOB Residual holder, would be responsible","page_number":140,"box":{"x":379,"y":335,"width":504,"height":12}},{"id":"4951c35b-7951-4575-afb0-7fcc2c361078","block_type":"box","text":"for reimbursement of any payments of principal","page_number":140,"box":{"x":116,"y":351,"width":348,"height":12}},{"id":"f83a2c94-437e-4f1f-a5f1-f0869151f886","block_type":"box","text":"and interest made by the credit enhancement provider.","page_number":140,"box":{"x":464,"y":351,"width":403,"height":12}},{"id":"9f80ce2c-f4b9-41ca-b1f3-a3f6ad56e2aa","block_type":"box","text":"The TOB Residuals held by a Fund generally provide t","page_number":140,"box":{"x":116,"y":382,"width":396,"height":12}},{"id":"b9614795-d17f-4706-aae1-f690fa08520a","block_type":"box","text":"he Fund with the right to cause the holders of a","page_number":140,"box":{"x":513,"y":382,"width":346,"height":12}},{"id":"b95a12a5-79c0-4a59-8bfb-b31f56d05487","block_type":"box","text":"proportional share of the TOB Floaters","page_number":140,"box":{"x":117,"y":397,"width":284,"height":12}},{"id":"5c51e245-1b5d-421e-8360-6a82bc838295","block_type":"box","text":"to tender their notes to the TOB Trust at par plus accrued interest.","page_number":140,"box":{"x":401,"y":397,"width":485,"height":12}},{"id":"2dae73db-5e7f-44e2-9630-c5e4e4d51f4c","block_type":"box","text":"Thereafter, the Fund may withdraw a corresponding share","page_number":140,"box":{"x":116,"y":413,"width":428,"height":12}},{"id":"b36680c8-95c8-4ae1-b615-26e99045d794","block_type":"box","text":"of the Municipal Bonds from the TOB Trust.","page_number":140,"box":{"x":545,"y":413,"width":321,"height":12}},{"id":"b146c9e5-6111-4ea3-bf9e-f539908d9ac7","block_type":"box","text":"This transaction, in effect, creates exposure for the Fund","page_number":140,"box":{"x":116,"y":428,"width":416,"height":12}},{"id":"d6338454-30dd-4353-b5b0-06856a0cc5f0","block_type":"box","text":"to the entire return of the Municipal Bonds in the","page_number":140,"box":{"x":532,"y":428,"width":355,"height":12}},{"id":"6bea25cd-2083-489f-9287-60ff3b36b1b5","block_type":"box","text":"TOB Trust, with a net cash investment by the Fund that","page_number":140,"box":{"x":116,"y":444,"width":403,"height":12}},{"id":"c5b82015-cf97-405d-b10c-ceada13df6cc","block_type":"box","text":"t is less than the value of the Municipal Bonds in","page_number":140,"box":{"x":519,"y":444,"width":351,"height":12}},{"id":"053845cf-d33d-4665-949d-a3b0de169c4b","block_type":"box","text":"the TOB Trust. This multiplies the positive or negative","page_number":140,"box":{"x":116,"y":459,"width":395,"height":12}},{"id":"df4a1546-b2b2-4e0b-8845-a2f9b7ff64fe","block_type":"box","text":"impact of the Municipal Bonds’ return within the","page_number":140,"box":{"x":512,"y":459,"width":348,"height":12}},{"id":"1f2db6b7-705d-4715-8455-99b73e81fde0","block_type":"box","text":"Fund (thereby creating leverage). The leverage within a","page_number":140,"box":{"x":117,"y":475,"width":408,"height":12}},{"id":"11176b57-6d6a-4685-a67f-67d62f59a785","block_type":"box","text":"TOB Trust depends on the value of the Municipal","page_number":140,"box":{"x":525,"y":475,"width":362,"height":12}},{"id":"3fdc9fd0-0492-4481-bcd5-bd8a1cb95394","block_type":"box","text":"Bonds deposited in the TOB Trust relative to","page_number":140,"box":{"x":117,"y":490,"width":327,"height":12}},{"id":"4179ba72-e91c-439a-86a7-71424eec4748","block_type":"box","text":"the value of the TOB Floaters it issues.","page_number":140,"box":{"x":444,"y":490,"width":288,"height":10}},{"id":"d069aa19-ae18-4296-95ef-b5aeb12dac01","block_type":"box","text":"A Fund may invest in highly leveraged TOB Residuals. A TOB Residual generally is considered highly","page_number":140,"box":{"x":116,"y":521,"width":762,"height":12}},{"id":"0343fe57-7649-4651-a132-109e7a39ff2a","block_type":"box","text":"leveraged if the principal amount of the TOB Floaters issued by the related TOB Trust exceeds 75% of","page_number":140,"box":{"x":117,"y":537,"width":765,"height":12}},{"id":"22ad964c-f027-4632-8090-52a492f15ed2","block_type":"box","text":"the principal amount of the Municipal Bonds owned by the TOB Trust.","page_number":140,"box":{"x":116,"y":552,"width":523,"height":12}},{"id":"61a6a209-82e0-4b6e-965d-abccb33b32a5","block_type":"box","text":"The TOB Trust may be collapsed without the consent of a Fund upon the occurrence of tender option","page_number":140,"box":{"x":116,"y":583,"width":757,"height":12}},{"id":"b5cacf1d-3efb-42d7-9969-ad34dd1c2e17","block_type":"box","text":"termination events (“TOTEs”) and mandatory termination events (“MTEs”), as defined in the TOB Trust","page_number":140,"box":{"x":116,"y":599,"width":768,"height":12}},{"id":"c7728341-e2cb-4b27-ad5e-a0d2d62cfbe1","block_type":"box","text":"agreements. TOTEs include the bankruptcy or default of the issuer of the Municipal Bonds held in the","page_number":140,"box":{"x":116,"y":614,"width":758,"height":12}},{"id":"977ff8da-8069-4a93-a1a0-65273dde7f11","block_type":"box","text":"TOB Trust, a substantial downgrade in the credit quality of the issuer of the Municipal Bonds held in","page_number":140,"box":{"x":116,"y":630,"width":744,"height":12}},{"id":"e90c5f43-02e5-4ec8-b1e0-0a4338b86ef3","block_type":"box","text":"the TOB Trust, failure of any scheduled payment of principal or interest on the Municipal Bonds, and a","page_number":140,"box":{"x":116,"y":645,"width":763,"height":12}},{"id":"e7e454a3-7185-4115-9989-65e037120fa5","block_type":"box","text":"judgment or ruling that interest on the Municipal Bonds is subject to U.S. federal income taxation.","page_number":140,"box":{"x":115,"y":661,"width":721,"height":12}},{"id":"45af9ed2-df3f-49db-bdaf-3b14fbc9e8d4","block_type":"box","text":"MTEs may include, among other things, a failed remarketing of the TOB Floaters, the inability of the","page_number":140,"box":{"x":117,"y":676,"width":739,"height":12}},{"id":"8889a4b0-6948-4a3a-ab7c-c25a7518a543","block_type":"box","text":"TOB Trust to obtain renewal of the liquidity support agreement, and a substantial decline in the market","page_number":140,"box":{"x":116,"y":692,"width":760,"height":12}},{"id":"f386705a-15e4-496b-b5d2-1da10e7e3bd2","block_type":"box","text":"value of the Municipal Bonds held in the TOB Trust. Upon the occurrence of a TOTE or an MTE, a","page_number":140,"box":{"x":116,"y":707,"width":729,"height":12}},{"id":"2a94b583-f203-4029-bd63-8904098090e8","block_type":"box","text":"TOB Trust would be liquidated with the proceeds applied first to any accrued fees owed to the trustee","page_number":140,"box":{"x":116,"y":723,"width":752,"height":12}},{"id":"25b0c1ef-8b58-4fe8-940e-7a6456a22243","block_type":"box","text":"of the TOB Trust, the remarketing agent of the TOB Floaters and the Liquidity Provider (defined","page_number":140,"box":{"x":116,"y":738,"width":708,"height":12}},{"id":"afa86bf3-97fe-4fd5-a740-2fa20cb61179","block_type":"box","text":"below). In the case of an MTE, after the payment of fees, the holders of the TOB Floaters would be","page_number":140,"box":{"x":117,"y":754,"width":734,"height":12}},{"id":"c1b2d192-b81d-42a4-ad4a-9cb031021c98","block_type":"box","text":"paid senior to the TOB Residual holders (","page_number":140,"box":{"x":117,"y":769,"width":307,"height":12}},{"id":"1ee9789e-baab-47aa-bead-87ca7eb8e9a2","block_type":"box","text":"i.e.","page_number":140,"box":{"x":425,"y":769,"width":20,"height":10}},{"id":"033ea7c4-e12d-4b38-b5c7-2b227e631400","block_type":"box","text":", the Fund). In contrast, in the case of a TOTE, after","page_number":140,"box":{"x":448,"y":769,"width":385,"height":12}},{"id":"ed880add-9b4e-45d6-8994-e233015b8f79","block_type":"box","text":"payment of fees, the holders of TOB Floaters and the TOB Residual holders would be paid pro rata in","page_number":140,"box":{"x":117,"y":785,"width":753,"height":12}},{"id":"7f208e5a-de6d-48e6-839e-771394eb1ab5","block_type":"box","text":"proportion to the respective face values of their certificates.","page_number":140,"box":{"x":117,"y":800,"width":437,"height":12}},{"id":"e6b9e90d-5804-4c55-813a-091e35fbf6ba","block_type":"box","text":"A Fund may invest in a TOB Trust on either a non-recourse or recourse basis. TOB Trusts are typically","page_number":140,"box":{"x":116,"y":831,"width":769,"height":12}},{"id":"31af47b1-a57a-4767-b57e-5f6e4a0515aa","block_type":"box","text":"supported by a liquidity facility provided by a third-party bank or other financial institution (the “Liquidity","page_number":140,"box":{"x":116,"y":847,"width":766,"height":12}},{"id":"65655fa7-505a-4f7c-a39c-9835d6d95764","block_type":"box","text":"Provider”) that allows the holders of the TOB Floaters to tender their TOB Floaters in exchange for","page_number":140,"box":{"x":117,"y":862,"width":734,"height":12}},{"id":"fe1c38ad-d4fe-48be-ada2-37d9f8d5fd22","block_type":"box","text":"payment of par plus accrued interest on any business day (subject to the non-occurrence of a TOTE","page_number":140,"box":{"x":117,"y":878,"width":748,"height":12}},{"id":"d4cf7edf-74cc-4e67-b577-3b80a84782b2","block_type":"box","text":"II-75","page_number":140,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"2e830279-a89d-4042-bd81-94957bf602e4","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":140,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"0a226e1b-e449-4659-892d-186686f99690","block_type":"box","text":"described above). Depending on the structure of the TOB Trust, the Liquidity Provider may purchase","page_number":141,"box":{"x":116,"y":87,"width":752,"height":12}},{"id":"d3d96713-1e05-4d0f-bd9e-15095fc65ac4","block_type":"box","text":"the tendered TOB Floaters, or the TOB Trust may draw upon a loan from the Liquidity Provider to","page_number":141,"box":{"x":116,"y":102,"width":728,"height":13}},{"id":"ea2eea21-b9f1-46c9-9890-c6d779b28d2b","block_type":"box","text":"purchase the tendered TOB Floaters.","page_number":141,"box":{"x":117,"y":118,"width":281,"height":12}},{"id":"8119e568-3c2c-4282-aeb4-3b460a6beffc","block_type":"box","text":"When a Fund invests in TOB Trusts on a non-recourse basis, and the Liquidity Provider is required to","page_number":141,"box":{"x":116,"y":149,"width":758,"height":12}},{"id":"ed8c421d-9a58-4bc7-8741-53142f862eab","block_type":"box","text":"make a payment under the liquidity facility, the Liquidity Provider will typically liquidate all or a portion","page_number":141,"box":{"x":117,"y":165,"width":753,"height":12}},{"id":"9061397e-7910-4db8-a562-d3479040c5e2","block_type":"box","text":"of the Municipal Bonds held in the TOB Trust and then fund the balance, if any, of the amount owed","page_number":141,"box":{"x":116,"y":180,"width":746,"height":12}},{"id":"cb8064d2-8ad0-43b1-a5c4-9e82f2052f6c","block_type":"box","text":"under the liquidity facility over the liquidation proceeds (the “Liquidation Shortfall”). If a Fund invests in","page_number":141,"box":{"x":117,"y":196,"width":760,"height":12}},{"id":"a13e0402-5d91-467c-9cc9-cab0a7388237","block_type":"box","text":"a TOB Trust on a recourse basis, it will typically enter into a reimbursement agreement with the","page_number":141,"box":{"x":116,"y":211,"width":712,"height":12}},{"id":"47a3eedd-f74e-40fe-8367-0faded23b58c","block_type":"box","text":"Liquidity Provider pursuant to which the Fund is required to reimburse the Liquidity Provider the","page_number":141,"box":{"x":117,"y":227,"width":712,"height":12}},{"id":"39e06446-1a6d-4466-99ac-0c5a253fd076","block_type":"box","text":"amount of any Liquidation Shortfall. As a result, if the Fund invests in a recourse TOB Trust, the Fund","page_number":141,"box":{"x":116,"y":242,"width":759,"height":12}},{"id":"29e03e31-f390-41df-bb53-7eb3de1c8312","block_type":"box","text":"will bear the risk of loss with respect to any Liquidation Shortfall. If multiple BlackRock-advised funds","page_number":141,"box":{"x":116,"y":258,"width":751,"height":12}},{"id":"c769e619-194e-475c-9e67-20e18c67edff","block_type":"box","text":"participate in any such TOB Trust, these losses will be shared ratably, in proportion to their","page_number":141,"box":{"x":117,"y":273,"width":678,"height":12}},{"id":"9f78afda-a368-46b2-bd63-c81a49d662e6","block_type":"box","text":"participation in the TOB Trust.","page_number":141,"box":{"x":117,"y":289,"width":227,"height":12}},{"id":"a3878747-39cc-48fe-8e31-505c8f7e9a52","block_type":"box","text":"Under accounting rules, Municipal Bonds of a Fund that are deposited into a TOB Trust are","page_number":141,"box":{"x":117,"y":320,"width":682,"height":12}},{"id":"621e2040-4331-4113-8fbb-f79d8ff77cbe","block_type":"box","text":"investments of the Fund and are presented on the Fund’s Schedule of Investments and outstanding","page_number":141,"box":{"x":117,"y":335,"width":745,"height":12}},{"id":"f2882dd2-7d9d-4597-843f-25e871ddbb4a","block_type":"box","text":"TOB Floaters issued by a TOB Trust are presented as liabilities in the Fund’s Statement of Assets and","page_number":141,"box":{"x":116,"y":351,"width":765,"height":12}},{"id":"50ef93b0-454d-4544-a964-b3deede09856","block_type":"box","text":"Liabilities. Interest income from the underlying Municipal Bonds is recorded by a Fund on an accrual","page_number":141,"box":{"x":117,"y":366,"width":747,"height":12}},{"id":"7e3a3a35-8f36-4b1f-8eb8-230892442ff3","block_type":"box","text":"basis. Interest expense incurred on the","page_number":141,"box":{"x":117,"y":382,"width":288,"height":12}},{"id":"53abea4c-bf62-48c9-a185-e74b5327f282","block_type":"box","text":"TOB Floaters and other expenses related to remarketing,","page_number":141,"box":{"x":409,"y":382,"width":430,"height":12}},{"id":"603f8fc6-eb6b-47c1-a845-b0171754c40c","block_type":"box","text":"administration, trustee and other services to a TOB Trust are reported as expenses of a Fund. In","page_number":141,"box":{"x":116,"y":397,"width":722,"height":12}},{"id":"43c78f3c-7eee-47df-b6e6-39ec9a3b12bb","block_type":"box","text":"addition, under accounting rules, loans made to a TOB Trust sponsored by a Fund may be presented","page_number":141,"box":{"x":116,"y":413,"width":757,"height":12}},{"id":"b72d661d-c3b8-4f8b-ac89-031f99d4aa28","block_type":"box","text":"as loans of the Fund in the Fund’s financial statements even if there is no recourse to the Fund’s","page_number":141,"box":{"x":116,"y":428,"width":721,"height":10}},{"id":"765c228c-474e-443e-9680-e6648374b67b","block_type":"box","text":"assets.","page_number":141,"box":{"x":116,"y":444,"width":58,"height":9}},{"id":"e040bf6f-df82-4bd1-bdac-ba145275653e","block_type":"box","text":"For TOB Floaters, generally, the interest rate earned will be based upon the market rates for Municipal","page_number":141,"box":{"x":117,"y":475,"width":765,"height":12}},{"id":"efb1d088-982b-4a55-898f-9b9dd3da5e1d","block_type":"box","text":"Bonds with maturities or remarketing provisions that are comparable in duration to the periodic interval","page_number":141,"box":{"x":117,"y":490,"width":764,"height":12}},{"id":"7de47ec1-23b7-41a9-b361-3e726359ac21","block_type":"box","text":"of the tender option. Since the tender option feature has a shorter term than the final maturity or first","page_number":141,"box":{"x":116,"y":506,"width":748,"height":12}},{"id":"8c190d9f-1f79-4e64-a888-48a6f9a77f6b","block_type":"box","text":"call date of the underlying Municipal Bonds deposited in the TOB Trust, the holder of the TOB Floaters","page_number":141,"box":{"x":116,"y":521,"width":766,"height":12}},{"id":"76b61e18-9b60-49b4-abad-f4eb095ad4a8","block_type":"box","text":"relies upon the terms of the agreement with the financial institution furnishing the liquidity facility as","page_number":141,"box":{"x":117,"y":537,"width":738,"height":12}},{"id":"cda786a0-712a-4893-a1c3-36092f099dbd","block_type":"box","text":"well as the credit strength of that institution. The risk associated with TOB Floaters, however, may be","page_number":141,"box":{"x":116,"y":552,"width":754,"height":12}},{"id":"5250f4e3-7e86-4111-9c9b-ac9f5c9b619a","block_type":"box","text":"increased in the current market environment as a result of recent downgrades to the credit ratings, and","page_number":141,"box":{"x":117,"y":568,"width":767,"height":12}},{"id":"1069c0f8-413e-40ff-a3c2-018f537e733e","block_type":"box","text":"thus the perceived reliability and creditworthiness, of many major financial institutions, some of which","page_number":141,"box":{"x":116,"y":583,"width":755,"height":12}},{"id":"b6da1ea5-a69d-44a5-9c77-4918e1822ab5","block_type":"box","text":"sponsor and/or provide liquidity support to TOB Trusts. This in turn may reduce the desirability of TOB","page_number":141,"box":{"x":116,"y":599,"width":763,"height":12}},{"id":"77183298-b73f-4865-8829-7b7ab8d03797","block_type":"box","text":"Floaters as investments, which could impair the viability or availability of TOB Trusts.","page_number":141,"box":{"x":117,"y":614,"width":633,"height":12}},{"id":"7c042372-9420-41e3-9616-281d370b333d","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to enter into TOB Trust transactions,","page_number":141,"box":{"x":117,"y":645,"width":727,"height":12}},{"id":"71f37249-4284-4f11-a9a0-c5ac2d192d59","block_type":"box","text":"reverse repurchase agreements and similar financing transactions (e.g., borrowed bonds)","page_number":141,"box":{"x":117,"y":661,"width":650,"height":12}},{"id":"7a978668-37ee-47fc-85c5-ef09946e1dc6","block_type":"box","text":"notwithstanding the limitation","page_number":141,"box":{"x":117,"y":676,"width":209,"height":12}},{"id":"d7bb6c29-3eab-4d8f-8711-92e3b28c4c93","block_type":"box","text":"on the issuance of senior securities in Section 18 of the Investment","page_number":141,"box":{"x":332,"y":676,"width":487,"height":10}},{"id":"1e10af7e-9a8a-4f94-baf1-e99b675d3430","block_type":"box","text":"Company Act, provided that the Fund either (i) comp","page_number":141,"box":{"x":117,"y":692,"width":381,"height":12}},{"id":"457123e3-7b6a-4a2b-a9ed-39e459a914c1","block_type":"box","text":"lies with the 300% asset coverage ratio with respect","page_number":141,"box":{"x":499,"y":692,"width":377,"height":12}},{"id":"3f48ac47-1123-4234-9017-c2a4578afcee","block_type":"box","text":"to such transactions and any other borrowings in t","page_number":141,"box":{"x":116,"y":707,"width":363,"height":12}},{"id":"51e76f7a-283d-4c98-93cd-eb8fdf94cd76","block_type":"box","text":"he aggregate, or (ii) treats such transactions as","page_number":141,"box":{"x":480,"y":707,"width":342,"height":12}},{"id":"f215a546-9a3b-4012-af03-cad76479e6d1","block_type":"box","text":"Derivatives Transactions under Rule 18f-4. See “—","page_number":141,"box":{"x":117,"y":723,"width":372,"height":9}},{"id":"25326029-5d2b-4075-9dc8-6726e23e1468","block_type":"box","text":"Derivatives—Regulation of Derivatives—Rule 18f-4","page_number":141,"box":{"x":489,"y":723,"width":372,"height":12}},{"id":"877504bb-97f2-46b1-b149-08d80c4a21c4","block_type":"box","text":"under the Investment Company Act” above.","page_number":141,"box":{"x":117,"y":738,"width":316,"height":12}},{"id":"aaa19d10-5a3e-4812-bb03-c1040d35bfa2","block_type":"box","text":"Developments in the TOB Trust Market","page_number":141,"box":{"x":116,"y":769,"width":292,"height":12}},{"id":"bca56fd5-72ca-4de3-9890-210d4ca5721e","block_type":"box","text":". In response to the restrictions imposed by section 619 of the","page_number":141,"box":{"x":409,"y":769,"width":457,"height":12}},{"id":"05d87a87-6fa2-4ae6-b4db-20bac09ba79c","block_type":"box","text":"Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Volcker Rule”), market participants","page_number":141,"box":{"x":117,"y":785,"width":761,"height":12}},{"id":"7753880f-dd62-4ea4-9820-18c6b497224f","block_type":"box","text":"have developed a structure for TOB Trusts designed to ensure that no banking entity is sponsoring the","page_number":141,"box":{"x":117,"y":800,"width":761,"height":12}},{"id":"719f14ee-5abc-4136-b102-9fd7f8755e2a","block_type":"box","text":"TOB Trust for purposes of the Volcker Rule. Specifically, a Fund will establish, structure and “sponsor”","page_number":141,"box":{"x":116,"y":816,"width":760,"height":12}},{"id":"af9e7b2c-a0d8-4619-8e3e-2abc5cbbe6cb","block_type":"box","text":"the TOB Trusts in which it holds TOB Residuals. In such a structure, certain responsibilities that","page_number":141,"box":{"x":116,"y":831,"width":715,"height":12}},{"id":"e3acc543-0151-4a9a-8298-0f6cdb2c3787","block_type":"box","text":"previously belonged to the sponsor bank will be performed by, or on behalf of, a Fund. A Fund may","page_number":141,"box":{"x":117,"y":847,"width":740,"height":12}},{"id":"2ca6c17c-7b3f-46a7-966b-a96973c9bf57","block_type":"box","text":"utilize service providers in meeting these responsibilities. It is possible that regulators could take","page_number":141,"box":{"x":117,"y":862,"width":717,"height":12}},{"id":"7256fa24-9ec9-4ee4-814e-93b95bb013f7","block_type":"box","text":"positions that could limit the market for such structured TOB Trust transactions or a Fund’s ability to","page_number":141,"box":{"x":117,"y":878,"width":744,"height":12}},{"id":"2e3961ed-14ea-4ecc-be21-6bba3d02b191","block_type":"box","text":"II-76","page_number":141,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"05af785d-cc4e-4771-9dff-f7216c1789bd","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":141,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"301b16b3-24b0-45e1-911d-e2ab9bc19d40","block_type":"box","text":"hold TOB Residuals. Under this TOB Trust structure, a Fund has certain additional duties and","page_number":142,"box":{"x":117,"y":87,"width":699,"height":11}},{"id":"37a11042-08f8-4691-961c-fc6975761478","block_type":"box","text":"responsibilities, which may give rise to certain additional risks including","page_number":142,"box":{"x":117,"y":103,"width":525,"height":12}},{"id":"0d08cecd-4e72-4dbc-a92d-d7690a0f3c85","block_type":"box","text":",","page_number":142,"box":{"x":643,"y":111,"width":3,"height":3}},{"id":"52f42f5a-9bdc-4d67-8e92-47814178c6b7","block_type":"box","text":"but not limited to, compliance,","page_number":142,"box":{"x":648,"y":103,"width":232,"height":11}},{"id":"72644d89-1876-4fd9-bc4b-118738ec6379","block_type":"box","text":"securities law and operational risks.","page_number":142,"box":{"x":116,"y":118,"width":270,"height":12}},{"id":"d5c63448-7d96-4e3c-9a87-894bd92bb13c","block_type":"box","text":"Under this structure, service providers to a TOB Trust, such as administrators, liquidity providers,","page_number":142,"box":{"x":117,"y":149,"width":724,"height":12}},{"id":"5b0883d1-6276-42f5-8788-ae3e651f74fc","block_type":"box","text":"trustees, and remarketing agents, act at the direction of, and as agent of, a Fund as the TOB Residual","page_number":142,"box":{"x":116,"y":165,"width":764,"height":12}},{"id":"99696b3d-dc61-4b84-acde-1d39a6d6a8da","block_type":"box","text":"holder. Similar to the traditional tender option bond structure, a Fund deposits Municipal Bonds into the","page_number":142,"box":{"x":117,"y":180,"width":768,"height":12}},{"id":"260099eb-3377-42a5-914f-765a99bb10da","block_type":"box","text":"TOB Trust in exchange for TOB Residuals, the TOB Trust then issues and sells TOB Floaters to third","page_number":142,"box":{"x":116,"y":196,"width":757,"height":12}},{"id":"e210c2ff-bf39-4c20-b83a-93d04fbd98be","block_type":"box","text":"party investors, and the proceeds of the sale of the TOB Floaters is distributed to such TOB Residual","page_number":142,"box":{"x":117,"y":211,"width":754,"height":12}},{"id":"14e3ae55-5897-4153-b5ae-7d99b57dd56e","block_type":"box","text":"holders (","page_number":142,"box":{"x":117,"y":227,"width":64,"height":12}},{"id":"4d8d1d6e-d617-4987-a7fa-a619b073606b","block_type":"box","text":"i.e.","page_number":142,"box":{"x":182,"y":227,"width":20,"height":9}},{"id":"8045e939-3945-42e0-9916-abf8522bd174","block_type":"box","text":", the Fund). Tendered TOB Floaters continue to be supported by a remarketing agent and","page_number":142,"box":{"x":205,"y":227,"width":671,"height":12}},{"id":"ba3cf96a-1299-4e7a-9f1d-42ba21e3a8c8","block_type":"box","text":"a liquidity facility. However, the remarketing agent does not purchase tendered TOB Floaters for its","page_number":142,"box":{"x":116,"y":242,"width":740,"height":12}},{"id":"fcfc9d7e-05e0-4929-930c-b94966a41c2d","block_type":"box","text":"own account in the event of a failed remarketing, which may increase the likelihood that a TOB Trust","page_number":142,"box":{"x":116,"y":258,"width":751,"height":12}},{"id":"eadf9edb-b3e6-4b69-9d40-8eab680932b7","block_type":"box","text":"will need to be collapsed and liquidated in order to purchase the tendered TOB Floaters. In the event of","page_number":142,"box":{"x":116,"y":273,"width":772,"height":12}},{"id":"d2a70ae6-e2ab-4d38-99bd-91cc654fcc3c","block_type":"box","text":"a failed remarketing of TOB Floaters, the Liquidity Provider, at its option, may advance a loan to the","page_number":142,"box":{"x":116,"y":289,"width":745,"height":12}},{"id":"235f17f7-d036-42a2-9cd8-31c98bb07d53","block_type":"box","text":"TOB Trust the proceeds of which would be used by the TOB Trust to purchase the tendered TOB","page_number":142,"box":{"x":116,"y":304,"width":728,"height":12}},{"id":"568dbb63-3471-48c8-bdca-4cb89665ad0e","block_type":"box","text":"Floaters. The Liquidity Provider is not obligated to advance such a loan. The TOB Trust would be the","page_number":142,"box":{"x":117,"y":320,"width":753,"height":12}},{"id":"7f791c27-a97e-442f-beb0-d346ae22d4e6","block_type":"box","text":"borrower with respect to any such loan. Any loans made by a Liquidity Provider will be secured by the","page_number":142,"box":{"x":117,"y":335,"width":758,"height":12}},{"id":"687d471f-953b-4ea1-9022-47ae7b0cd4e3","block_type":"box","text":"purchased TOB Floaters held by the TOB Trust.","page_number":142,"box":{"x":117,"y":351,"width":361,"height":12}},{"id":"b4977e9f-e67c-4a1f-8743-7a2f8200d30b","block_type":"box","text":"Similar to the traditional structure for TOB Trusts, a Fund may hold either non-recourse TOB Residuals","page_number":142,"box":{"x":116,"y":382,"width":769,"height":12}},{"id":"b44cb3d4-6721-4235-b1ed-5ecf59632578","block_type":"box","text":"or recourse TOB Residuals under this structure. In the event of a Liquidation Shortfall, there would","page_number":142,"box":{"x":116,"y":397,"width":735,"height":12}},{"id":"ccec3503-ceca-40a0-9fbe-36387e244244","block_type":"box","text":"generally be no contractual recourse to the Fund’s assets if the Fund holds a non-recourse TOB","page_number":142,"box":{"x":116,"y":413,"width":718,"height":12}},{"id":"5108fefd-2970-45d6-9086-fb8438e956bf","block_type":"box","text":"Residual. However, as described above, a Fund would bear the risk of loss with respect to any","page_number":142,"box":{"x":117,"y":428,"width":706,"height":12}},{"id":"09c57462-2582-415b-b01b-d75050e5b677","block_type":"box","text":"Liquidation Shortfall if it holds a recourse TOB Residual.","page_number":142,"box":{"x":117,"y":444,"width":421,"height":12}},{"id":"ad451d1f-d21d-47fe-92c8-1e5228a3ba86","block_type":"box","text":"The SEC and various federal banking and housing agencies adopted credit risk retention rules for","page_number":142,"box":{"x":116,"y":475,"width":730,"height":12}},{"id":"19ee4c76-4743-426b-9efb-8329700b5b61","block_type":"box","text":"securitizations (the “Risk Retention Rules”), which took effect in December 2016. The Risk Retention","page_number":142,"box":{"x":116,"y":490,"width":753,"height":12}},{"id":"c87d5c43-f7f9-4c76-b34b-67e0328d5884","block_type":"box","text":"Rules require the sponsor of a TOB Trust to retain at least 5% of the credit risk of the underlying assets","page_number":142,"box":{"x":117,"y":506,"width":771,"height":12}},{"id":"87e9c22b-3d2a-4e28-8d24-ce117facae6b","block_type":"box","text":"supporting the TOB Trust’s Municipal Bonds. The Risk Retention Rules may adversely affect the","page_number":142,"box":{"x":116,"y":521,"width":721,"height":12}},{"id":"85c8ef60-c23f-4fbb-bfda-90dcf06bf07d","block_type":"box","text":"Fund’s ability to engage in TOB Trust transactions or increase the costs of such transactions in certain","page_number":142,"box":{"x":117,"y":537,"width":764,"height":12}},{"id":"e35417f2-b029-4ac0-a7e8-0e6e11771bcb","block_type":"box","text":"circumstances.","page_number":142,"box":{"x":116,"y":552,"width":117,"height":10}},{"id":"73bdf14f-74f6-4a95-9144-d620837db02f","block_type":"box","text":"TOB Trust transactions constitute an important component of the municipal bond market. Accordingly,","page_number":142,"box":{"x":116,"y":583,"width":763,"height":12}},{"id":"45a3f618-f7c8-4aba-98f4-3f1ab8d04b5a","block_type":"box","text":"implementation of the Volcker Rule may adversely impact the municipal market, including through","page_number":142,"box":{"x":117,"y":599,"width":729,"height":12}},{"id":"a1ad519b-70c0-4236-bc0e-6390bee4ca7d","block_type":"box","text":"reduced demand for and liquidity of municipal bonds and increased financing costs for municipal","page_number":142,"box":{"x":117,"y":614,"width":719,"height":12}},{"id":"2a756ee5-bf54-466a-ad82-059915c82372","block_type":"box","text":"issuers. Any such developments could adversely affect the Funds. The ultimate impact of these rules","page_number":142,"box":{"x":117,"y":630,"width":754,"height":12}},{"id":"48a8668b-7c2e-4d1a-a02a-9ed1203649b2","block_type":"box","text":"on the TOB market and the overall municipal market is not yet certain.","page_number":142,"box":{"x":116,"y":645,"width":520,"height":12}},{"id":"3f8bfa90-7e06-4373-926a-feab8e6f3d9a","block_type":"box","text":"Yields.","page_number":142,"box":{"x":118,"y":676,"width":47,"height":10}},{"id":"59c4452d-267a-4cb0-bb91-5abfe9b413df","block_type":"box","text":"Yields on Municipal Bonds are dependent on a variety of factors, including the general","page_number":142,"box":{"x":171,"y":676,"width":639,"height":12}},{"id":"0dacdc45-14b8-43d7-8ab0-6d93f958ecf8","block_type":"box","text":"condition of the money market and of the municipal bond market, the size of a particular offering, the","page_number":142,"box":{"x":116,"y":692,"width":746,"height":12}},{"id":"e9e8004e-d581-4ca1-8525-d7d1b0d922bb","block_type":"box","text":"financial condition of the issuer, the maturity of the obligation and the rating of the issue. The ability of","page_number":142,"box":{"x":116,"y":707,"width":754,"height":12}},{"id":"12ad4a04-9c15-491f-b475-5736d618433f","block_type":"box","text":"a Fund to achieve its investment objective is also dependent on the continuing ability of the issuers of","page_number":142,"box":{"x":116,"y":723,"width":753,"height":12}},{"id":"77e64692-7150-48c6-9430-6aeb4f9b968f","block_type":"box","text":"the securities in which the Fund invests to meet their obligations for the payment of interest and","page_number":142,"box":{"x":116,"y":738,"width":708,"height":12}},{"id":"26c48cec-2bf9-488a-82e3-b4eb3cd3aada","block_type":"box","text":"principal when due. There are variations in the risks involved in holding Municipal Bonds, both within a","page_number":142,"box":{"x":117,"y":754,"width":757,"height":12}},{"id":"f2cd3d6e-d35e-4083-a9b0-644cf971b1be","block_type":"box","text":"particular classification and between classifications, depending on numerous factors. Furthermore, the","page_number":142,"box":{"x":117,"y":769,"width":758,"height":12}},{"id":"9a6c6f7b-86bf-434b-80ed-5e50d167856b","block_type":"box","text":"rights of owners of Municipal Bonds and the obligations of the issuer of such Municipal Bonds may be","page_number":142,"box":{"x":117,"y":785,"width":753,"height":12}},{"id":"a4e56dc4-5bba-4ca4-8bc0-468ccf553257","block_type":"box","text":"subject to applicable bankruptcy, insolvency and similar laws and court decisions affecting the rights of","page_number":142,"box":{"x":116,"y":800,"width":763,"height":12}},{"id":"6944eb4e-80bd-4140-9ba2-e89b2fe42021","block_type":"box","text":"creditors generally and to general equitable principles, which may limit the enforcement of certain","page_number":142,"box":{"x":116,"y":816,"width":721,"height":12}},{"id":"1dd9c7a5-3567-4654-89a4-8ed62205e5eb","block_type":"box","text":"remedies.","page_number":142,"box":{"x":117,"y":831,"width":77,"height":10}},{"id":"271714c3-6f6a-43d4-a403-aabebe8b5062","block_type":"box","text":"Variable Rate Demand Obligations (“VRDOs”).","page_number":142,"box":{"x":118,"y":862,"width":344,"height":12}},{"id":"f853787e-d7d5-4cb8-a7a9-52d6f301db92","block_type":"box","text":"VRDOs are tax-exempt obligations that contain a","page_number":142,"box":{"x":464,"y":862,"width":374,"height":12}},{"id":"b8b61c3f-de6c-498c-b542-bfd4918d18c0","block_type":"box","text":"floating or variable interest rate adjustment formula and a right of demand on the part of the holder","page_number":142,"box":{"x":116,"y":878,"width":736,"height":12}},{"id":"b5fdb5c8-cfc8-41f6-a3fa-ac69b52ebc42","block_type":"box","text":"II-77","page_number":142,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"ac123212-99f7-47df-a8c8-24af978357d8","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":142,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"3833a0c7-3757-42b7-a4fb-722aba27a202","block_type":"box","text":"thereof to receive payment of the unpaid principal balance plus accrued interest upon a short notice","page_number":143,"box":{"x":116,"y":87,"width":745,"height":12}},{"id":"c86e6ff3-800b-46d6-827e-cde179b8483e","block_type":"box","text":"period not to exceed seven days.","page_number":143,"box":{"x":117,"y":103,"width":250,"height":12}},{"id":"53e95ed3-7cfb-4cfb-a1cf-e6ceaf46e9a3","block_type":"box","text":"There is the possibility that because of default or insolvency the demand feature of VRDOs may not be","page_number":143,"box":{"x":116,"y":134,"width":768,"height":12}},{"id":"5dcf6082-992c-4db9-9d46-119b9f3863ba","block_type":"box","text":"honored. The interest rates are adjustable at periodic intervals to some prevailing market rate for","page_number":143,"box":{"x":117,"y":149,"width":721,"height":12}},{"id":"b2535e7a-f4b7-4bef-af14-9f3c234491ee","block_type":"box","text":"similar investments, such adjustment formula being calculated to maintain the market rate of the","page_number":143,"box":{"x":116,"y":165,"width":718,"height":12}},{"id":"53c6bd6e-ea35-41d0-9a66-982a51ad6d6e","block_type":"box","text":"VRDOs at approximately the par value of the VRDOs on the adjustment date. The adjustments","page_number":143,"box":{"x":116,"y":180,"width":710,"height":12}},{"id":"122557d0-8034-44f9-a03a-7a283a5d2c33","block_type":"box","text":"typically are based upon the Securities Industry and Financial Markets Association (“SIFMA”) Index.","page_number":143,"box":{"x":116,"y":196,"width":746,"height":12}},{"id":"7d45862f-1ea7-498e-8eaf-8e99caeb013a","block_type":"box","text":"Because of the interest rate adjustment formula on VRDOs, VRDOs are not comparable to fixed rate","page_number":143,"box":{"x":117,"y":227,"width":751,"height":12}},{"id":"82b3111b-cac7-4610-97d9-1b4dfa77175f","block_type":"box","text":"securities. During periods of declining interest rates, a Fund’s yield on a VRDO will decrease and its","page_number":143,"box":{"x":116,"y":242,"width":746,"height":12}},{"id":"f9d9d725-60c8-41d2-84f1-75fcde509e5f","block_type":"box","text":"shareholders will forego the opportunity for capital appreciation. During periods of rising interest rates,","page_number":143,"box":{"x":116,"y":258,"width":761,"height":12}},{"id":"eb091ef8-d219-470e-b3ea-dd1f258ed169","block_type":"box","text":"however, a Fund’s yield on a VRDO will increase and the Fund’s shareholders will have a reduced risk","page_number":143,"box":{"x":117,"y":273,"width":764,"height":12}},{"id":"b35d3977-52a2-44e9-96b0-6468b5aaeacf","block_type":"box","text":"of capital depreciation.","page_number":143,"box":{"x":116,"y":289,"width":173,"height":12}},{"id":"e75c03f0-4c1c-45c8-8279-6d0d6360d837","block_type":"box","text":"Transactions in Financial Futures Contracts on Municipal Indexes.","page_number":143,"box":{"x":118,"y":320,"width":488,"height":12}},{"id":"f37e0a76-bd1b-4fef-a22e-8de37b0af218","block_type":"box","text":"The Municipal Funds and certain","page_number":143,"box":{"x":608,"y":320,"width":253,"height":12}},{"id":"669f5e66-ff99-40d3-b2a5-f0200f08f69c","block_type":"box","text":"other funds deal in financial futures contracts based on a long-term municipal bond index developed by","page_number":143,"box":{"x":116,"y":335,"width":770,"height":12}},{"id":"ea76b280-17f4-4d97-bdb4-e7be7e062979","block_type":"box","text":"the Chicago Board of Trade (“CBT”) and The Bond Buyer (the “Municipal Bond Index”). The Municipal","page_number":143,"box":{"x":116,"y":351,"width":761,"height":12}},{"id":"3ac3d71b-3c58-44cd-b168-24768c6ae851","block_type":"box","text":"Bond Index is comprised of 40 long-term, actively traded tax-exempt municipal revenue and general","page_number":143,"box":{"x":117,"y":366,"width":746,"height":12}},{"id":"3ce75100-2023-4846-b6c6-c1dcf34d5ef2","block_type":"box","text":"obligation bonds. Each bond included in the Municipal Bond Index must be rated A or higher by","page_number":143,"box":{"x":116,"y":382,"width":712,"height":12}},{"id":"956449bb-ca4a-43d7-b98e-b3b09a84673c","block_type":"box","text":"Moody’s or S&P and must have a remaining maturity of 19 years or more. Twice a month new issues","page_number":143,"box":{"x":117,"y":397,"width":754,"height":12}},{"id":"ac1ae43c-9ee1-4da4-b9df-2777ddcc6fe8","block_type":"box","text":"satisfying the eligibility requirements are added to, and an equal number of old issues are deleted from,","page_number":143,"box":{"x":116,"y":413,"width":771,"height":12}},{"id":"e3820a32-ff8c-470b-9b75-4bdad69bdda9","block_type":"box","text":"the Municipal Bond Index. The value of the Municipal Bond Index is computed daily according to a","page_number":143,"box":{"x":116,"y":428,"width":734,"height":12}},{"id":"a21f97b2-5c5b-4588-92ff-6d384cb98315","block_type":"box","text":"formula based on the price of each bond in the Municipal Bond Index, as evaluated by six","page_number":143,"box":{"x":116,"y":444,"width":670,"height":12}},{"id":"2892ef24-5709-4412-b1d2-e9b748ad49d7","block_type":"box","text":"dealer-to-dealer brokers.","page_number":143,"box":{"x":116,"y":459,"width":189,"height":10}},{"id":"b664570e-bbdb-4612-a1fb-809553dee85e","block_type":"box","text":"The Municipal Bond Index futures contract is traded only on the CBT. Like other contract markets, the","page_number":143,"box":{"x":116,"y":490,"width":760,"height":12}},{"id":"37f8bb22-8c72-48a7-b3a8-d9edd0de5e63","block_type":"box","text":"CBT assures performance under futures contracts through a clearing corporation, a nonprofit","page_number":143,"box":{"x":117,"y":506,"width":694,"height":12}},{"id":"ed994c36-aa42-4190-8db8-dcf2e4edb64d","block_type":"box","text":"organization managed by the exchange membership that is also responsible for handling daily","page_number":143,"box":{"x":116,"y":521,"width":704,"height":12}},{"id":"05194ea5-e3de-4828-937f-0807569a40c6","block_type":"box","text":"accounting of deposits or withdrawals of margin.","page_number":143,"box":{"x":116,"y":537,"width":364,"height":12}},{"id":"dce7ebde-3a92-4d63-9a9e-39ce318c63b4","block_type":"box","text":"The particular municipal bonds comprising the index underlying the Municipal Bond Index financial","page_number":143,"box":{"x":116,"y":568,"width":735,"height":12}},{"id":"920409fd-fde7-41d3-a678-91ff64638dfc","block_type":"box","text":"futures contract may vary from the bonds held by a Municipal Fund. As a result, a Municipal Fund’s","page_number":143,"box":{"x":116,"y":583,"width":741,"height":12}},{"id":"ec29fa1c-15db-4130-a722-db895d0acea2","block_type":"box","text":"ability to hedge effectively all or a portion of the value of its Municipal Bonds through the use of such","page_number":143,"box":{"x":116,"y":599,"width":749,"height":12}},{"id":"05df4a39-a646-432c-b416-e4fae24f131b","block_type":"box","text":"financial futures contracts will depend in part on the degree to which price movements in the index","page_number":143,"box":{"x":116,"y":614,"width":734,"height":12}},{"id":"a09defba-c848-4ad9-855e-05719ca4f77d","block_type":"box","text":"underlying the financial futures contract correlate with the price movements of the Municipal Bonds","page_number":143,"box":{"x":117,"y":630,"width":737,"height":12}},{"id":"09e22c1c-00dd-4910-8fc6-8e1c3bf5b659","block_type":"box","text":"held by the Fund. The correlation may be affected by disparities in the average maturity, ratings,","page_number":143,"box":{"x":117,"y":645,"width":718,"height":12}},{"id":"4b88e976-8d4a-4352-ad26-2c8c4573456d","block_type":"box","text":"geographical mix or structure of a Municipal Fund’s investments as compared to those comprising the","page_number":143,"box":{"x":116,"y":661,"width":755,"height":12}},{"id":"f0fd6bed-c9f5-49f4-8d05-c51696ebaddb","block_type":"box","text":"Municipal Bond Index and general economic or political factors. In addition, the correlation between","page_number":143,"box":{"x":117,"y":676,"width":736,"height":12}},{"id":"13377f6c-3115-436d-ae7d-eb7b43d6968b","block_type":"box","text":"movements in the value of the Municipal Bond Index may be subject to change over time as additions","page_number":143,"box":{"x":117,"y":692,"width":753,"height":12}},{"id":"be4387a9-5f14-4954-948c-8006713cf98d","block_type":"box","text":"to and deletions from the Municipal Bond Index alter its structure. The correlation between futures","page_number":143,"box":{"x":116,"y":707,"width":725,"height":12}},{"id":"a5d1ca28-efc1-4445-baa7-9f502d9fb511","block_type":"box","text":"contracts on U.S. Government Securities and the Municipal Bonds held by a Municipal Fund may be","page_number":143,"box":{"x":116,"y":723,"width":745,"height":12}},{"id":"f49a9c27-6102-46ba-8658-bb76d02aa02b","block_type":"box","text":"adversely affected by similar factors and the risk of imperfect correlation between movements in the","page_number":143,"box":{"x":116,"y":738,"width":740,"height":12}},{"id":"84bcec64-b611-491a-89d4-35df09d8a88d","block_type":"box","text":"prices of such futures contracts and the prices of Municipal Bonds held by a Municipal Fund may be","page_number":143,"box":{"x":117,"y":754,"width":740,"height":12}},{"id":"543d6366-36ef-4f59-9e55-ecf07bac36b4","block_type":"box","text":"greater. Municipal Bond Index futures contracts were approved for trading in 1985. Trading in such","page_number":143,"box":{"x":116,"y":769,"width":732,"height":12}},{"id":"7cbbbda0-0e14-45ae-aad6-41562ddd16b9","block_type":"box","text":"futures contracts may tend to be less liquid than trading in other futures contracts. The trading of","page_number":143,"box":{"x":116,"y":785,"width":716,"height":12}},{"id":"51fdd390-82fa-4d48-b684-a55c79aa34df","block_type":"box","text":"futures contracts also is subject to certain market risks, such as inadequate trading activity, which","page_number":143,"box":{"x":116,"y":800,"width":723,"height":12}},{"id":"cfa5d239-74fb-4d5a-a0ba-d37136028106","block_type":"box","text":"could at times make it difficult or impossible to liquidate existing positions.","page_number":143,"box":{"x":116,"y":816,"width":545,"height":12}},{"id":"5553c704-dd7c-46b2-b93e-41bc7685fd69","block_type":"box","text":"Call Rights.","page_number":143,"box":{"x":117,"y":847,"width":83,"height":12}},{"id":"a35ff79e-68cf-4393-8994-b90466d1b31c","block_type":"box","text":"A Fund may purchase a Municipal Bond issuer’s right to call all or a portion of such","page_number":143,"box":{"x":202,"y":847,"width":626,"height":12}},{"id":"396c081d-56bd-42a0-afd6-426fabe57193","block_type":"box","text":"Municipal Bond for mandatory tender for purchase (a “Call Right”). A holder of a Call Right may","page_number":143,"box":{"x":117,"y":862,"width":711,"height":12}},{"id":"eaae9456-d5dc-4305-b2d1-9e4ff993b56d","block_type":"box","text":"exercise such right to require a mandatory tender for the purchase of related Municipal Bonds, subject","page_number":143,"box":{"x":116,"y":878,"width":763,"height":12}},{"id":"250da2a8-3c21-4f47-93cd-9da07d52bbfc","block_type":"box","text":"II-78","page_number":143,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"04d6c023-c179-4ac8-bebe-c3c87264b73c","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":143,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"3ba2d559-eaf0-4813-b009-613086b0bf2a","block_type":"box","text":"to certain conditions. A Call Right that is not exercised prior to maturity of the related Municipal Bond","page_number":144,"box":{"x":116,"y":87,"width":751,"height":12}},{"id":"adef4fda-946a-4bfe-affb-9fc5f260691c","block_type":"box","text":"will expire without value. The economic effect of holding both the Call Right and the related Municipal","page_number":144,"box":{"x":116,"y":102,"width":756,"height":13}},{"id":"519bde31-173d-4807-a9bf-120dee409bd0","block_type":"box","text":"Bond is identical to holding a Municipal Bond as a non-callable security. Certain investments in such","page_number":144,"box":{"x":117,"y":118,"width":748,"height":12}},{"id":"6259ae22-0554-49d6-8996-351a5bcfcb3f","block_type":"box","text":"obligations may be illiquid.","page_number":144,"box":{"x":116,"y":134,"width":201,"height":12}},{"id":"c92b5181-1b30-4428-bded-78e8b6b362c8","block_type":"box","text":"Municipal Interest Rate Swap Transactions.","page_number":144,"box":{"x":116,"y":165,"width":323,"height":11}},{"id":"5a543485-5c51-454f-a2b1-fb0956561e1a","block_type":"box","text":"In order to hedge the value of a Fund against interest rate","page_number":144,"box":{"x":440,"y":165,"width":439,"height":12}},{"id":"2823c9d6-2a90-43e2-8948-37e5927a6818","block_type":"box","text":"fluctuations or to enhance a Fund’s income, a Fund may enter into interest rate swap transactions such","page_number":144,"box":{"x":116,"y":180,"width":772,"height":12}},{"id":"5e3b82b0-f9a4-4443-b170-4e9924dfe81a","block_type":"box","text":"as Municipal Market Data AAA Cash Curve swaps (“MMD Swaps”) or Securities Industry and Financial","page_number":144,"box":{"x":116,"y":196,"width":769,"height":12}},{"id":"08909c63-a262-4fd1-8ceb-b0400f30044c","block_type":"box","text":"Markets Association Municipal Swap Index swaps (“SIFMA Swaps”). To the extent that a Fund enters","page_number":144,"box":{"x":117,"y":211,"width":758,"height":12}},{"id":"475686b6-70b0-4f9b-94d8-d75ca6c45544","block_type":"box","text":"into these transactions, the Fund expects to do so primarily to preserve a return or spread on a","page_number":144,"box":{"x":117,"y":227,"width":708,"height":12}},{"id":"766970e4-3805-43a0-b6e1-5de44e4c7913","block_type":"box","text":"particular investment or portion of its portfolio or to protect against any increase in the price of","page_number":144,"box":{"x":117,"y":242,"width":699,"height":12}},{"id":"91c8fb4b-7b13-4b32-ab9a-dc7fdaee1837","block_type":"box","text":"securities the Fund anticipates purchasing at a later date. A Fund intends to use these transactions","page_number":144,"box":{"x":116,"y":258,"width":741,"height":12}},{"id":"45330e01-7d26-49fb-92fa-219e3a6f3c7e","block_type":"box","text":"primarily as a hedge rather than as a speculative investment. However, a Fund also may invest in","page_number":144,"box":{"x":117,"y":273,"width":729,"height":12}},{"id":"51023727-060c-402a-9adf-f7c09d6d7378","block_type":"box","text":"MMD Swaps and SIFMA Swaps to enhance income or gain or to increase the Fund’s yield, for","page_number":144,"box":{"x":117,"y":289,"width":704,"height":12}},{"id":"8f90c950-3222-4047-a57a-318d44f93190","block_type":"box","text":"example, during periods of steep interest rate yield curves (","page_number":144,"box":{"x":116,"y":304,"width":441,"height":12}},{"id":"3d3e4a32-1fa7-46d7-bc06-6d27a14628a8","block_type":"box","text":"i.e.","page_number":144,"box":{"x":558,"y":304,"width":20,"height":10}},{"id":"7ed53750-e531-48fe-b1fe-636127caf414","block_type":"box","text":", wide differences between short-term","page_number":144,"box":{"x":581,"y":304,"width":284,"height":11}},{"id":"ef764a12-9a3b-4659-9a7f-b2438363a35e","block_type":"box","text":"and long-term interest rates).","page_number":144,"box":{"x":116,"y":320,"width":221,"height":12}},{"id":"8967ad05-a408-4431-86be-b79e72704019","block_type":"box","text":"A Fund may purchase and sell SIFMA Swaps in the SIFMA swap market. In a SIFMA Swap, a Fund","page_number":144,"box":{"x":116,"y":351,"width":747,"height":12}},{"id":"81d93373-a5b8-4d62-a7a9-57135931669c","block_type":"box","text":"exchanges with another party their respective commitments to pay or receive interest (","page_number":144,"box":{"x":116,"y":366,"width":642,"height":12}},{"id":"5ad5c6a9-67b2-44cd-9ee0-2b306535ac98","block_type":"box","text":"e.g.","page_number":144,"box":{"x":760,"y":369,"width":25,"height":9}},{"id":"a197fc0f-c631-444b-9dde-4124070c9e42","block_type":"box","text":", an","page_number":144,"box":{"x":788,"y":369,"width":32,"height":8}},{"id":"4ea05f18-8c7d-4d1f-9bd1-7fa83c0e112e","block_type":"box","text":"exchange of fixed rate payments for floating rate payments linked to the SIFMA Municipal Swap","page_number":144,"box":{"x":116,"y":382,"width":717,"height":12}},{"id":"b7ebc635-d08f-42f1-afbe-8d7093963b4f","block_type":"box","text":"Index). Because the underlying index is a tax-exempt index, SIFMA Swaps may reduce cross-market","page_number":144,"box":{"x":117,"y":397,"width":755,"height":12}},{"id":"5b8d8240-94fe-4936-9cde-765c9e626350","block_type":"box","text":"risks incurred by a Fund and increase a Fund’s ability to hedge effectively. SIFMA Swaps are typically","page_number":144,"box":{"x":117,"y":413,"width":760,"height":12}},{"id":"c939376f-38dd-4c88-812c-21a689130d3d","block_type":"box","text":"quoted for the entire yield curve, beginning with a seven day floating rate index out to 30 years. The","page_number":144,"box":{"x":116,"y":428,"width":745,"height":12}},{"id":"511b2660-053f-4d47-a8ca-d2bb0d99f533","block_type":"box","text":"duration of a SIFMA Swap is approximately equal to the duration of a fixed-rate Municipal Bond with","page_number":144,"box":{"x":116,"y":444,"width":747,"height":12}},{"id":"e5b49433-385a-4937-9c30-8575fcebfbf0","block_type":"box","text":"the same attributes as the swap (","page_number":144,"box":{"x":116,"y":459,"width":247,"height":12}},{"id":"31c6ed91-338b-4b7f-8447-ff7f780dc506","block_type":"box","text":"e.g.","page_number":144,"box":{"x":365,"y":462,"width":25,"height":9}},{"id":"3c647bd7-55c7-4919-808c-1edf064e7b6b","block_type":"box","text":", coupon, maturity, call feature).","page_number":144,"box":{"x":393,"y":459,"width":240,"height":12}},{"id":"813c94db-f53f-4b6b-9147-c95e68c8a154","block_type":"box","text":"A Fund may also purchase and sell MMD Swaps, also known as MMD rate locks. An MMD Swap","page_number":144,"box":{"x":116,"y":490,"width":727,"height":12}},{"id":"b528d468-9464-451d-ad68-2bad5fe39c53","block_type":"box","text":"permits a Fund to lock in a specified municipal interest rate for a portion of its portfolio to preserve a","page_number":144,"box":{"x":117,"y":506,"width":744,"height":12}},{"id":"f0268984-2cb6-459c-a3f8-7d2510502784","block_type":"box","text":"return on a particular investment or a portion of its portfolio as a duration management technique or to","page_number":144,"box":{"x":117,"y":521,"width":761,"height":12}},{"id":"f3569980-5329-4cb7-a2d0-43928f8e33fe","block_type":"box","text":"protect against any increase in the price of securities to be purchased at a later date. By using an MMD","page_number":144,"box":{"x":117,"y":537,"width":771,"height":12}},{"id":"bd38d7a8-8ebb-41ce-a5d6-e8a39a6bc5a8","block_type":"box","text":"Swap, a Fund can create a synthetic long or short position, allowing the Fund to select the most","page_number":144,"box":{"x":116,"y":552,"width":715,"height":12}},{"id":"26f4ed0b-57d8-477a-9a35-bb5d6044638b","block_type":"box","text":"attractive part of the yield curve. An MMD Swap is a contract between a Fund and an MMD Swap","page_number":144,"box":{"x":116,"y":568,"width":729,"height":12}},{"id":"f2bb8c23-841c-4f85-817d-2e1ecfdc6c51","block_type":"box","text":"provider pursuant to which the parties agree to make payments to each other on a notional amount,","page_number":144,"box":{"x":117,"y":583,"width":744,"height":12}},{"id":"021b51b5-b8fc-411e-921b-7a9d0d7f36c4","block_type":"box","text":"contingent upon whether the Municipal Market Data AAA General Obligation Scale is above or below a","page_number":144,"box":{"x":116,"y":599,"width":769,"height":12}},{"id":"9d4cba1f-a06d-4780-984e-87174dd4ba32","block_type":"box","text":"specified level on the expiration date of the contract. For example, if a Fund buys an MMD Swap and","page_number":144,"box":{"x":116,"y":614,"width":754,"height":12}},{"id":"781b0f67-3e63-4d67-a33b-0c3aea7c554b","block_type":"box","text":"the Municipal Market Data AAA General Obligation Scale is below the specified level on the expiration","page_number":144,"box":{"x":116,"y":630,"width":763,"height":12}},{"id":"58d167e7-56a3-4142-88c1-eecfd8fd5dc2","block_type":"box","text":"date, the counterparty to the contract will make a payment to the Fund equal to the specified level","page_number":144,"box":{"x":116,"y":645,"width":730,"height":12}},{"id":"aff583ca-e59b-4145-9d88-55ded6df7b99","block_type":"box","text":"minus the actual level, multiplied by the notional amount of the contract. If the Municipal Market Data","page_number":144,"box":{"x":117,"y":661,"width":746,"height":12}},{"id":"7747e536-1842-4880-bbb5-d2d5ed92530c","block_type":"box","text":"AAA General Obligation Scale is above the specified level on the expiration date, a Fund will make a","page_number":144,"box":{"x":116,"y":676,"width":746,"height":12}},{"id":"9a7f2bef-2afd-4419-bf4a-b4ba3a903eee","block_type":"box","text":"payment to the counterparty equal to the actual level minus the specified level, multiplied by the","page_number":144,"box":{"x":117,"y":692,"width":708,"height":12}},{"id":"0832fce0-fecf-47a3-8055-b0faedc59745","block_type":"box","text":"notional amount of the contract.","page_number":144,"box":{"x":117,"y":707,"width":233,"height":10}},{"id":"a4dd60cc-699f-404a-8baf-d9d178578cfe","block_type":"box","text":"In connection with investments in SIFMA and MMD Swaps,","page_number":144,"box":{"x":117,"y":738,"width":438,"height":12}},{"id":"434051db-fdba-4216-8f46-1fbb977a8857","block_type":"box","text":"there is a risk that municipal yields will","page_number":144,"box":{"x":561,"y":738,"width":283,"height":12}},{"id":"4408c6b9-50ac-4f3e-856b-3299316a32e2","block_type":"box","text":"move in the opposite direction than anticipated by a Fund, which would cause the Fund to make","page_number":144,"box":{"x":117,"y":754,"width":711,"height":12}},{"id":"ecb3d394-4a7f-4822-9542-4b8f55072e41","block_type":"box","text":"payments to its counterparty in the transaction that could adversely affect the Fund’s performance.","page_number":144,"box":{"x":117,"y":769,"width":729,"height":12}},{"id":"f7e51c88-2e27-47c2-b122-7674cc85af9d","block_type":"box","text":"Insured Municipal Bonds.","page_number":144,"box":{"x":117,"y":800,"width":186,"height":12}},{"id":"ce186b88-728e-47e9-b348-cf0c59500758","block_type":"box","text":"Bonds purchased by a Fund may be covered by insurance that guarantees","page_number":144,"box":{"x":310,"y":800,"width":555,"height":12}},{"id":"2856f5a8-f7df-40da-9741-677d776998fe","block_type":"box","text":"that interest payments on the bond will be made on time and the principal will be repaid when the bond","page_number":144,"box":{"x":116,"y":816,"width":762,"height":12}},{"id":"26415b8b-9303-445e-812a-d1c00492fb27","block_type":"box","text":"matures. Either the issuer of the bond or the Fund purchases the insurance. Insurance is expected to","page_number":144,"box":{"x":117,"y":831,"width":755,"height":12}},{"id":"bcb71844-23f0-4ba6-8f52-54aee716dd20","block_type":"box","text":"protect the Fund against losses caused by a bond issuer’s failure to make interest or principal","page_number":144,"box":{"x":117,"y":847,"width":699,"height":12}},{"id":"386fcb3f-b5ea-46ab-946c-0f874f7cd325","block_type":"box","text":"payments. However, insurance does not protect the Fund or its shareholders against losses caused by","page_number":144,"box":{"x":117,"y":862,"width":767,"height":12}},{"id":"cbd1accc-256e-4ed7-8fc8-17d545acf279","block_type":"box","text":"declines in a bond’s market value. Also, the Fund cannot be certain that any insurance company does","page_number":144,"box":{"x":116,"y":878,"width":761,"height":12}},{"id":"a3b6e06c-cf96-4c6a-801c-eabb22384389","block_type":"box","text":"II-79","page_number":144,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"364ead90-d900-47b4-8540-35e62e146dc2","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":144,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"d68e1294-41f2-4949-9be0-fd6a876e7147","block_type":"box","text":"not make these payments. In addition, if the Fund purchases the insurance, it may pay the premiums,","page_number":145,"box":{"x":117,"y":87,"width":758,"height":12}},{"id":"80c139f2-e683-450f-9c97-76fd0456dbbb","block_type":"box","text":"which will reduce the Fund’s yield. The Fund seeks to use only insurance companies with claims","page_number":145,"box":{"x":116,"y":103,"width":721,"height":12}},{"id":"5be4eddf-0ea9-47f8-9478-3370b22cd36c","block_type":"box","text":"paying ability, financial strength, or equivalent ratings of at least investment grade. However, if","page_number":145,"box":{"x":117,"y":118,"width":703,"height":12}},{"id":"b1edaed6-9e94-4040-ab8e-c4ef9a5b8a5e","block_type":"box","text":"insurance from insurers with these ratings is not available, the Fund may use insurance companies","page_number":145,"box":{"x":117,"y":134,"width":739,"height":12}},{"id":"0c0bb9e9-eac6-4869-9247-65132df1085e","block_type":"box","text":"with lower ratings or stop purchasing insurance or insured bonds. If a bond’s insurer fails to fulfill its","page_number":145,"box":{"x":116,"y":149,"width":742,"height":12}},{"id":"b6246808-1778-408b-8bc2-77a7cb3b7ccc","block_type":"box","text":"obligations or loses its credit rating, the value of the bond could drop.","page_number":145,"box":{"x":116,"y":165,"width":517,"height":12}},{"id":"316f5324-a849-4b0e-bb6a-f10c3843abdb","block_type":"box","text":"Build America Bonds.","page_number":145,"box":{"x":116,"y":196,"width":159,"height":9}},{"id":"ff19219c-8000-4be0-8c69-0d8be4074fa1","block_type":"box","text":"If a Fund holds Build America Bonds, the Fund may be eligible to receive a U.S.","page_number":145,"box":{"x":276,"y":196,"width":604,"height":12}},{"id":"ba9ba778-380e-4941-8c0b-945beb608189","block_type":"box","text":"federal income tax credit; however, the issuer of a Build America Bond may instead elect to receive a","page_number":145,"box":{"x":116,"y":211,"width":756,"height":12}},{"id":"65647790-daab-4af3-9efd-71144edeab6a","block_type":"box","text":"cash payment directly from the federal government in lieu of holders such as the fund receiving a tax","page_number":145,"box":{"x":116,"y":227,"width":752,"height":12}},{"id":"c5fd7aa8-0c2f-401e-93f5-a5fe00591a84","block_type":"box","text":"credit. The interest on Build America Bonds is taxable for U.S. federal income tax purposes. If the Fund","page_number":145,"box":{"x":116,"y":242,"width":772,"height":12}},{"id":"fffb68f7-d6f7-4d8c-a716-c73937c7c298","block_type":"box","text":"does receive tax credits from Build America Bonds or other tax credit bonds on one or more specified","page_number":145,"box":{"x":116,"y":258,"width":757,"height":11}},{"id":"f832d390-dbec-41e2-897a-a02f2aece19a","block_type":"box","text":"dates during the fund’s taxable year, and the Fund satisfies the minimum distribution requirement, the","page_number":145,"box":{"x":116,"y":273,"width":760,"height":12}},{"id":"13d69294-3f7e-41ab-801e-6c6e792f20ad","block_type":"box","text":"Fund may elect for U.S. federal income tax purposes to pass through to shareholders tax credits","page_number":145,"box":{"x":117,"y":289,"width":719,"height":12}},{"id":"9ae2b2d6-ce76-4434-9eed-ce50cf2ce9e9","block_type":"box","text":"otherwise allowable to the Fund for that year with respect to such bonds. A tax credit bond is defined in","page_number":145,"box":{"x":116,"y":304,"width":770,"height":12}},{"id":"31a12912-47c6-4ee5-9ea3-c7e750bf6eee","block_type":"box","text":"the Code as a “qualified tax credit bond” (which includes a qualified forestry conservation bond, a new","page_number":145,"box":{"x":116,"y":320,"width":761,"height":12}},{"id":"f59ede75-fb73-4b9f-9fcc-958602d6d5b4","block_type":"box","text":"clean renewable energy bond, a qualified energy conservation bond, or a qualified zone academy","page_number":145,"box":{"x":116,"y":335,"width":729,"height":12}},{"id":"9e407204-189e-4aad-b1d8-8d472c1aac89","block_type":"box","text":"bond, each of which must meet certain requirements specified in the Code), a “Build America Bond”","page_number":145,"box":{"x":117,"y":351,"width":744,"height":12}},{"id":"712e675a-42f6-4980-89dc-a6ffb4eee292","block_type":"box","text":"(which includes certain qualified bonds issued before January 1, 2011) or certain other specified","page_number":145,"box":{"x":117,"y":366,"width":717,"height":12}},{"id":"2ea72465-d182-408b-b768-91e473b87609","block_type":"box","text":"bonds. If the Fund were to so elect, a shareholder would be required to include in income and would be","page_number":145,"box":{"x":117,"y":382,"width":771,"height":12}},{"id":"39ffb77a-9001-4c2b-9aa8-965f3318d049","block_type":"box","text":"entitled to claim as a tax credit an amount equal to a proportionate share of such credits, and such","page_number":145,"box":{"x":116,"y":397,"width":735,"height":12}},{"id":"d3596976-6d0a-4dfc-a15e-30977d95540a","block_type":"box","text":"amount would be subject to withholding provisions of the Code. Certain limitations may apply on the","page_number":145,"box":{"x":116,"y":413,"width":746,"height":12}},{"id":"e0c7fd27-58a8-4529-bc15-f09b180655d1","block_type":"box","text":"extent to which the credit may be claimed.","page_number":145,"box":{"x":116,"y":428,"width":318,"height":12}},{"id":"a36df0a8-8d12-4b6c-b917-856acac99ec5","block_type":"box","text":"Tax-Exempt Municipal Investments.","page_number":145,"box":{"x":118,"y":459,"width":263,"height":12}},{"id":"70f156cf-06a9-442a-9454-bb48ffc6b6e8","block_type":"box","text":"Certain Funds may hold tax-exempt municipal investments which","page_number":145,"box":{"x":382,"y":459,"width":494,"height":12}},{"id":"e55d276a-6722-4227-93b0-0c14fec563be","block_type":"box","text":"may be in the form of tender option bonds, variable rate demand obligations, participations, beneficial","page_number":145,"box":{"x":117,"y":475,"width":757,"height":12}},{"id":"afeefedc-c3e9-4407-9c39-42b81eb72fc4","block_type":"box","text":"interests in a trust, partnership interests or other forms. These investments are described in greater","page_number":145,"box":{"x":117,"y":490,"width":741,"height":12}},{"id":"96e3b973-a6d8-46f9-93ae-21262478869c","block_type":"box","text":"detail above in this section. Some of the structures used by certain Funds include interests in long-term","page_number":145,"box":{"x":116,"y":506,"width":771,"height":12}},{"id":"df6c4b56-2409-4637-a579-80b74924c3af","block_type":"box","text":"fixed-rate municipal debt obligations, held by a trustee or custodian, that are coupled with tender","page_number":145,"box":{"x":116,"y":521,"width":720,"height":12}},{"id":"1517922e-a1dd-4062-9102-94c3d1d82827","block_type":"box","text":"option, demand and other features when the tax-exempt municipal investments are created. Together,","page_number":145,"box":{"x":116,"y":537,"width":764,"height":12}},{"id":"797c4632-e1aa-4cf6-a2ea-9453a2aee8ab","block_type":"box","text":"these features entitle the holder of the interest to tender (or put) the underlying municipal debt","page_number":145,"box":{"x":116,"y":552,"width":701,"height":12}},{"id":"ec153437-aaed-4ee7-9462-1078ca9e3c68","block_type":"box","text":"obligation to a third party at periodic intervals and to receive the principal amount thereof.","page_number":145,"box":{"x":116,"y":568,"width":667,"height":12}},{"id":"559d18b4-1dff-4aef-9fb7-588c80d4881a","block_type":"box","text":"In some cases, municipal debt obligations are represented by custodial receipts evidencing rights to","page_number":145,"box":{"x":117,"y":599,"width":745,"height":12}},{"id":"cea341d7-cf65-4ae7-bb07-7efd308197c0","block_type":"box","text":"receive specific future interest payments, principal payments, or both, on the underlying securities held","page_number":145,"box":{"x":117,"y":614,"width":766,"height":12}},{"id":"53f749db-5791-428a-a81d-d1419df20f8f","block_type":"box","text":"by the custodian. Under such arrangements, the holder of the custodial receipt has the option to tender","page_number":145,"box":{"x":117,"y":630,"width":769,"height":12}},{"id":"5ed9db2c-14d0-4ce0-8e75-dd8f50a0544d","block_type":"box","text":"the underlying securities at their face value to the sponsor (","page_number":145,"box":{"x":116,"y":645,"width":440,"height":12}},{"id":"b7325dcc-5b7a-4d2f-82a8-c388b1d33db5","block_type":"box","text":"e.g.","page_number":145,"box":{"x":557,"y":648,"width":26,"height":9}},{"id":"d87a4d5e-32d5-4ac7-a53d-3c5b0588a373","block_type":"box","text":", a Fund, or a bank or broker-dealer or","page_number":145,"box":{"x":586,"y":645,"width":289,"height":11}},{"id":"3328f8c6-8c6e-493c-9425-8807b8f66798","block_type":"box","text":"other financial institution), which is paid periodic fees equal to the difference between the securities’","page_number":145,"box":{"x":116,"y":661,"width":738,"height":12}},{"id":"1198da30-a796-40d2-b16d-86c0cdbc0f34","block_type":"box","text":"fixed coupon rate and the rate that would cause the securities, coupled with the tender option, to trade","page_number":145,"box":{"x":116,"y":676,"width":758,"height":12}},{"id":"e0213c86-c845-4881-a407-acdcf573bb5b","block_type":"box","text":"at par on the date of a rate adjustment.","page_number":145,"box":{"x":116,"y":692,"width":289,"height":12}},{"id":"e518ca22-2d1e-45cc-809e-cb98e2e8fed5","block_type":"box","text":"A participation interest gives the Fund an undivided interest in a Municipal Bond in the proportion the","page_number":145,"box":{"x":116,"y":723,"width":747,"height":12}},{"id":"ba386691-3ed9-4ea1-b264-feeb2ee13bfa","block_type":"box","text":"Fund’s participation bears to the total principal amount of the Municipal Bond, and typically provides for","page_number":145,"box":{"x":117,"y":738,"width":764,"height":12}},{"id":"999dde00-69d8-40ad-abd6-a38d469c19d0","block_type":"box","text":"a repurchase feature for all or any part of the full principal amount of the participation interest, plus","page_number":145,"box":{"x":116,"y":754,"width":729,"height":12}},{"id":"c66141d2-11ea-4897-bc76-ec6f6577f0ae","block_type":"box","text":"accrued interest. Trusts and partnerships are typically used to convert long-term fixed rate high quality","page_number":145,"box":{"x":116,"y":769,"width":759,"height":12}},{"id":"fae55c69-fcd3-490a-a195-d830769ac4c2","block_type":"box","text":"bonds of a single state or municipal issuer into variable or floating rate demand instruments.","page_number":145,"box":{"x":117,"y":785,"width":680,"height":12}},{"id":"b85fc211-11c4-4d09-9e0d-7fbcfe145048","block_type":"box","text":"The Municipal Bond Funds may hold participation interests and custodial receipts for municipal debt","page_number":145,"box":{"x":116,"y":816,"width":741,"height":12}},{"id":"180775ef-7438-46c2-8a5e-ca51f4c1b7b9","block_type":"box","text":"obligations which give the holder the right to receive payment of principal subject to the conditions","page_number":145,"box":{"x":116,"y":831,"width":731,"height":12}},{"id":"dd982dd9-8f0d-49ea-9da1-51a29fb749c4","block_type":"box","text":"described above. The IRS has not ruled on whether the interest received on tax-exempt municipal","page_number":145,"box":{"x":116,"y":847,"width":732,"height":12}},{"id":"df0eb69b-53b6-4037-9fc2-70ace29773c8","block_type":"box","text":"investments in the form of participation interests or custodial receipts is tax-exempt, and accordingly,","page_number":145,"box":{"x":117,"y":862,"width":751,"height":12}},{"id":"2355bb67-f98c-43f2-b653-f45fca3881ae","block_type":"box","text":"purchases of any such interests or receipts are based on the opinions of counsel to the sponsors of","page_number":145,"box":{"x":117,"y":878,"width":742,"height":12}},{"id":"c742e61a-edb8-4c2b-8a92-7281ce533db2","block_type":"box","text":"II-80","page_number":145,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"985588d2-38ab-4d19-bcd4-18ce1a09c89b","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":145,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"b888d097-9e0b-4c5b-bb31-3ad79fd13011","block_type":"box","text":"such derivative securities. Neither a Fund nor its investment adviser or sub-advisers will review the","page_number":146,"box":{"x":116,"y":87,"width":738,"height":10}},{"id":"e8f5ef49-247e-45fb-8df4-4f4b1dce2473","block_type":"box","text":"proceedings related to the creation of any tax-exempt municipal investments or the basis for such","page_number":146,"box":{"x":117,"y":102,"width":728,"height":13}},{"id":"945ad3f3-7f2d-47b6-ae44-d981042302a0","block_type":"box","text":"opinions.","page_number":146,"box":{"x":116,"y":118,"width":72,"height":12}},{"id":"a56be508-ed17-45ba-9054-7b30b7ce08ca","block_type":"box","text":"Operational and Technology Risks.","page_number":146,"box":{"x":117,"y":146,"width":279,"height":12}},{"id":"b9b5a516-117f-4762-8951-80371e4109d2","block_type":"box","text":"The Fund and the entities with which it interacts directly or","page_number":146,"box":{"x":397,"y":146,"width":442,"height":12}},{"id":"07d39e9c-589f-4d07-a53d-7acaebec72ce","block_type":"box","text":"indirectly are susceptible to operational and technology risks, including those related to human errors,","page_number":146,"box":{"x":117,"y":162,"width":758,"height":12}},{"id":"ceb73cd6-f441-49aa-81e1-3e28d871f826","block_type":"box","text":"processing errors, communication errors, systems failures, cybersecurity incidents, and the use of","page_number":146,"box":{"x":117,"y":177,"width":731,"height":12}},{"id":"4d21bc92-6f11-484e-8ecb-b8bfb0536442","block_type":"box","text":"artificial intelligence and machine learning (“AI”), which may result in losses for the Fund and its","page_number":146,"box":{"x":116,"y":192,"width":713,"height":13}},{"id":"ff997688-d8cf-414a-975b-9642473cd4c8","block_type":"box","text":"shareholders or impair the Fund’s operations. These entities include, but are not limited to, the Fund’s","page_number":146,"box":{"x":116,"y":208,"width":760,"height":12}},{"id":"55bcfbf6-c712-4e04-b72f-6a4d2ed2b599","block_type":"box","text":"adviser, administrator, distributor, other service providers (e.g., index and benchmark providers,","page_number":146,"box":{"x":116,"y":223,"width":716,"height":13}},{"id":"17dc975c-b6c3-4516-8b77-7d5214da0ebc","block_type":"box","text":"accountants, custodians, and transfer agents), financial intermediaries, counterparties, market makers,","page_number":146,"box":{"x":116,"y":239,"width":768,"height":12}},{"id":"ad966386-460c-4996-8854-a40b4ba5502f","block_type":"box","text":"Authorized Participants, listing exchanges, other financial market operators, and governmental","page_number":146,"box":{"x":116,"y":254,"width":706,"height":13}},{"id":"e87aa0c9-df97-4a5d-93d8-7065bd313643","block_type":"box","text":"authorities, as applicable. Operational and technology risks for the issuers in which the Fund invests","page_number":146,"box":{"x":116,"y":270,"width":748,"height":12}},{"id":"7792ac8d-0a1d-4d63-9676-1a760ab6af5f","block_type":"box","text":"could also result in material adverse consequences for such issuers and may cause the Fund’s","page_number":146,"box":{"x":116,"y":285,"width":711,"height":13}},{"id":"a21f7411-435e-48d3-8b19-d2952e482da7","block_type":"box","text":"investments in such issuers to lose value. The Fund may incur substantial costs in order to mitigate","page_number":146,"box":{"x":117,"y":301,"width":741,"height":12}},{"id":"f4f66308-4805-4541-8f61-9b7b082f5eee","block_type":"box","text":"operational and technology risks.","page_number":146,"box":{"x":116,"y":317,"width":250,"height":12}},{"id":"8370a8db-b6a0-4c6d-9b8c-cf39de8d9c8b","block_type":"box","text":"Cybersecurity incidents can result from deliberate attacks or unintentional events against an issuer in","page_number":146,"box":{"x":117,"y":344,"width":754,"height":12}},{"id":"1233192d-6e02-4fe8-9078-00d63948697c","block_type":"box","text":"which the Fund invests, the Fund or any of its service providers. They include, but are not limited to,","page_number":146,"box":{"x":116,"y":360,"width":746,"height":12}},{"id":"5ae0b4dc-505c-4571-a193-87afae18d53a","block_type":"box","text":"gaining unauthorized access to systems, misappropriating assets or sensitive information, corrupting or","page_number":146,"box":{"x":116,"y":375,"width":772,"height":12}},{"id":"34f26413-6f34-42df-9a50-83fc22daa3cc","block_type":"box","text":"destroying data, and causing operational disruption. Geopolitical tension may increase the scale and","page_number":146,"box":{"x":116,"y":391,"width":751,"height":12}},{"id":"c18dd36f-4e60-48ad-988e-ace35173ddf5","block_type":"box","text":"sophistication of deliberate attacks, particularly those from nation states or from entities with nation","page_number":146,"box":{"x":116,"y":406,"width":738,"height":12}},{"id":"76e9e7cf-981f-4d6a-82d1-f547045e52d2","block_type":"box","text":"state backing. Cybersecurity incidents may result in any of the following: financial losses; interference","page_number":146,"box":{"x":116,"y":422,"width":757,"height":12}},{"id":"c8128212-440e-4657-9792-1b80f33e652b","block_type":"box","text":"with the Fund’s ability to calculate its NAV; disclosure of confidential information; impediments to","page_number":146,"box":{"x":116,"y":437,"width":721,"height":12}},{"id":"0e7bf77f-6533-494d-82f9-5ffab75f11e8","block_type":"box","text":"trading; submission of erroneous trades by the Fund or erroneous subscription or redemption orders;","page_number":146,"box":{"x":116,"y":453,"width":754,"height":12}},{"id":"9274227a-9b49-40ab-bfc3-541e1ccee474","block_type":"box","text":"the inability of the Fund or its service providers to transact business; violations of applicable privacy","page_number":146,"box":{"x":116,"y":468,"width":743,"height":12}},{"id":"58918948-89c5-4bdf-b959-2e8d1b71735c","block_type":"box","text":"and other laws; regulatory fines; penalties; reputational damage; reimbursement or other compensation","page_number":146,"box":{"x":116,"y":484,"width":772,"height":12}},{"id":"95f11b48-bd77-4b6e-998b-a7c2d6dddc03","block_type":"box","text":"costs; and other legal and compliance expenses. Furthermore, cybersecurity incidents may render","page_number":146,"box":{"x":116,"y":500,"width":735,"height":12}},{"id":"336f00b6-91fb-4065-a020-00542212e5b7","block_type":"box","text":"records of the Fund, including records relating to its assets and transactions, shareholder ownership of","page_number":146,"box":{"x":117,"y":515,"width":766,"height":12}},{"id":"d2c02773-994d-4a9d-942c-c0f1bc1081a1","block_type":"box","text":"Fund shares, and other data integral to the Fund’s functioning, inaccessible, inaccurate or incomplete.","page_number":146,"box":{"x":117,"y":530,"width":761,"height":13}},{"id":"1794cde4-2cfc-4940-b065-987bd2e099b6","block_type":"box","text":"Power outages, natural disasters, equipment malfunctions and processing errors that threaten","page_number":146,"box":{"x":117,"y":546,"width":702,"height":12}},{"id":"bbf8e798-3258-42c5-9f56-7b360ce6199f","block_type":"box","text":"information and technology systems relied upon by the Fund or its service providers, as well as market","page_number":146,"box":{"x":117,"y":561,"width":766,"height":13}},{"id":"b26463eb-8ef9-4250-a71b-c41ffa7e0303","block_type":"box","text":"events that occur at a pace that overloads these systems, may also disrupt business operations or","page_number":146,"box":{"x":116,"y":577,"width":735,"height":12}},{"id":"0bf7675d-f7f9-4981-a162-f0abfdd0f001","block_type":"box","text":"impact critical data. Recent advances in AI technology pose risks to the Fund and its portfolio","page_number":146,"box":{"x":117,"y":592,"width":696,"height":13}},{"id":"6801f63b-06ea-40f7-aab8-9c0c22b5ae00","block_type":"box","text":"investments. These advancements could harm the Fund and its portfolio investments by reducing the","page_number":146,"box":{"x":117,"y":608,"width":756,"height":12}},{"id":"ca7a0a17-542e-4f05-a729-54274a86426c","block_type":"box","text":"demand for both the technology and software offerings of the Fund’s portfolio investments.","page_number":146,"box":{"x":116,"y":623,"width":677,"height":13}},{"id":"fd34a4c9-8462-4b6d-b3f5-6c1c93ca0fd4","block_type":"box","text":"Additionally, these advancements could significantly disrupt the Fund’s portfolio investments and","page_number":146,"box":{"x":116,"y":639,"width":722,"height":12}},{"id":"8fcb6e75-7100-4bc2-9932-5fd0792fd8cc","block_type":"box","text":"subject them to increased competition, which could have a material adverse effect on business,","page_number":146,"box":{"x":116,"y":654,"width":714,"height":13}},{"id":"3490e356-21dc-48b6-8ab7-cb4a3a33fa23","block_type":"box","text":"financial condition, and results of operations. AI technology advancements, including efficiency","page_number":146,"box":{"x":116,"y":670,"width":703,"height":12}},{"id":"28bef7b7-9e7d-43ae-9980-969e07840dec","block_type":"box","text":"improvements, without related increases in the adoption and development of such technologies, could","page_number":146,"box":{"x":117,"y":685,"width":755,"height":13}},{"id":"baa36bcf-8977-44ae-a584-723d86a3b5b3","block_type":"box","text":"also negatively impact demand for, and the valuation of, digital infrastructure assets.","page_number":146,"box":{"x":116,"y":701,"width":624,"height":12}},{"id":"c775bedc-e59b-4b1f-9fa9-06caf82b00ed","block_type":"box","text":"The Fund and its portfolio investments could be exposed to the risks of AI technology if third-party","page_number":146,"box":{"x":116,"y":729,"width":727,"height":12}},{"id":"053d72e5-c409-4180-912a-79dcd161ee0e","block_type":"box","text":"service providers or any counterparties, whether or not known to the Fund, also use AI technology in","page_number":146,"box":{"x":116,"y":745,"width":745,"height":11}},{"id":"c5cb8c39-01a5-4c1c-9d5e-151f3b9a2262","block_type":"box","text":"their business activities. The Fund and its service providers may not be in a position to control the use","page_number":146,"box":{"x":116,"y":760,"width":756,"height":12}},{"id":"b5516f5e-8923-4cfc-99bc-fb70dc640c71","block_type":"box","text":"of AI technology in third-party products or services.","page_number":146,"box":{"x":116,"y":775,"width":377,"height":12}},{"id":"1c2bd740-e333-48b6-a243-04afeffa69c1","block_type":"box","text":"Use of AI technology could include the input of confidential information in contravention of applicable","page_number":146,"box":{"x":117,"y":803,"width":745,"height":12}},{"id":"88e50d03-53e4-4cff-8ad7-c35b215508c5","block_type":"box","text":"policies, contractual or other obligations or restrictions, resulting in such confidential information","page_number":146,"box":{"x":117,"y":819,"width":708,"height":12}},{"id":"319653c7-8306-4c9f-8e7c-c45f5d09239b","block_type":"box","text":"becoming accessible by other third-party AI technology applications and users.","page_number":146,"box":{"x":117,"y":834,"width":589,"height":12}},{"id":"5281f334-8c02-458f-a6ec-693fe5616e25","block_type":"box","text":"Independent of its context of use, AI technology is generally highly reliant on the collection and","page_number":146,"box":{"x":117,"y":862,"width":706,"height":12}},{"id":"26be3d78-c2b9-4c54-8336-f062fe85311e","block_type":"box","text":"analysis of large amounts of data, may incorporate biased or inaccurate data, and it is not possible or","page_number":146,"box":{"x":116,"y":878,"width":757,"height":12}},{"id":"e8f1edb7-8188-46e7-81a4-80f601cf68a9","block_type":"box","text":"II-81","page_number":146,"box":{"x":484,"y":909,"width":29,"height":9}},{"id":"47633da7-ac32-45b1-84ab-4b1e3826c471","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":146,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"f8085e6c-f0bc-43a7-8160-9ff933cd88de","block_type":"box","text":"practicable to incorporate all relevant data into the models that AI technology utilizes to operate.","page_number":147,"box":{"x":117,"y":87,"width":715,"height":12}},{"id":"f061146a-106e-4540-bd17-d9f980eb0ce1","block_type":"box","text":"Certain data in such models will inevitably contain a degree of inaccuracy and error, or could otherwise","page_number":147,"box":{"x":117,"y":102,"width":768,"height":13}},{"id":"0a641e7e-e89b-4773-ac83-57522fe4709c","block_type":"box","text":"be inadequate or flawed, which would be likely to degrade the effectiveness of AI technology. The","page_number":147,"box":{"x":117,"y":118,"width":729,"height":12}},{"id":"15909ec8-457f-407b-a0d1-2b7f72888760","block_type":"box","text":"output or results of any such AI technologies may therefore be incomplete, erroneous, distorted or","page_number":147,"box":{"x":116,"y":134,"width":733,"height":12}},{"id":"f37f0c3a-aa2b-4ebd-8831-f6271eab5a08","block_type":"box","text":"misleading. Further, AI tools may lack transparency as to how data is utilized and how outputs are","page_number":147,"box":{"x":117,"y":149,"width":731,"height":12}},{"id":"9e68cd5a-f873-413a-8d73-468fa1da33e6","block_type":"box","text":"generated. AI technologies may also allow the unintended introduction of vulnerabilities into","page_number":147,"box":{"x":116,"y":165,"width":684,"height":12}},{"id":"c4eff965-ba8a-476d-ba5e-6434f53821a8","block_type":"box","text":"infrastructures and applications. To the extent that the Fund or its portfolio investments are exposed to","page_number":147,"box":{"x":117,"y":180,"width":764,"height":12}},{"id":"ef2c747d-44c4-4751-8c94-d92120ced462","block_type":"box","text":"the risks of AI technology use, any such inaccuracies or errors could have adverse impacts on the","page_number":147,"box":{"x":116,"y":196,"width":732,"height":12}},{"id":"c2ec7536-1636-4940-96ae-858c374b4976","block_type":"box","text":"Fund or its investments.","page_number":147,"box":{"x":117,"y":211,"width":182,"height":10}},{"id":"a90fb09d-6b47-46c0-8a58-2bcb707f6a64","block_type":"box","text":"Regulations related to AI technology could also impose certain obligations and costs related to","page_number":147,"box":{"x":117,"y":242,"width":705,"height":12}},{"id":"4025e5f2-6462-453a-b843-b753aa807d0b","block_type":"box","text":"monitoring and compliance. For example, in April 2023, the Federal Trade Commission, U.S.","page_number":147,"box":{"x":117,"y":258,"width":693,"height":12}},{"id":"5972bc56-efd4-4fdf-9aa5-8799c0b6715e","block_type":"box","text":"Department of Justice, Consumer Financial Protection Bureau, and U.S. Equal Employment","page_number":147,"box":{"x":117,"y":273,"width":686,"height":12}},{"id":"ea3554f0-6543-4515-b87d-5c413b8de3ae","block_type":"box","text":"Opportunity Commission released a joint statement on artificial intelligence demonstrating interest in","page_number":147,"box":{"x":116,"y":289,"width":749,"height":12}},{"id":"0e9210e3-eafc-4ec6-9da3-1d68b3119b00","block_type":"box","text":"monitoring the development and use of automated systems and enforcement of their respective laws","page_number":147,"box":{"x":117,"y":304,"width":752,"height":12}},{"id":"2f2a7ba0-5f59-4275-a86f-321c8ea31021","block_type":"box","text":"and regulations. In October 2023, an executive order established new standards for AI safety and","page_number":147,"box":{"x":116,"y":320,"width":729,"height":12}},{"id":"a0b177b6-851c-4235-a8a6-9f70c82ffa23","block_type":"box","text":"security. In addition to the U.S. regulatory framework, in 2024, the EU adopted the Artificial Intelligence","page_number":147,"box":{"x":116,"y":335,"width":769,"height":12}},{"id":"af983673-2e94-45bf-8c7a-b94f415b0f4b","block_type":"box","text":"Act, which applies to certain AI technology and the","page_number":147,"box":{"x":116,"y":351,"width":380,"height":12}},{"id":"231bfd6a-6b29-4111-9840-549f230f161c","block_type":"box","text":"data used to train, test, and deploy them, which","page_number":147,"box":{"x":497,"y":351,"width":357,"height":12}},{"id":"70aef247-ea36-4627-873d-c7a3fc1e79a6","block_type":"box","text":"may create additional compliance burdens, higher administrative costs, and significant penalties should","page_number":147,"box":{"x":117,"y":366,"width":770,"height":12}},{"id":"19ef4dde-33e4-4068-9f71-dd3ab0e519e3","block_type":"box","text":"the Fund, the adviser, or the Fund’s portfolio investments fail to comply.","page_number":147,"box":{"x":116,"y":382,"width":537,"height":12}},{"id":"53c70409-5a36-4235-b1ba-b80a23f8b91e","block_type":"box","text":"AI technology and its applications, including in the investment and financial sectors, continue to","page_number":147,"box":{"x":116,"y":413,"width":711,"height":12}},{"id":"ea36a07a-e08c-45c0-b773-e5cc05b47d77","block_type":"box","text":"develop rapidly, and it is impossible to predict the future risks that may arise from such developments.","page_number":147,"box":{"x":116,"y":428,"width":762,"height":12}},{"id":"52c5f145-c0d1-488d-8274-99b52e6b88bd","block_type":"box","text":"The full extent of current or future risks related thereto is not possible to predict, and the Fund may not","page_number":147,"box":{"x":116,"y":444,"width":765,"height":12}},{"id":"73c8c3b5-6e93-49f1-b1e4-b7b9c9b32c3b","block_type":"box","text":"be able to anticipate, prevent, mitigate, or remediate all of the potential risks, challenges, or impacts of","page_number":147,"box":{"x":117,"y":459,"width":763,"height":12}},{"id":"487d085e-7d7b-42e1-8b99-0c749db20a9e","block_type":"box","text":"such changes.","page_number":147,"box":{"x":116,"y":475,"width":113,"height":12}},{"id":"1d998c17-dbc9-450d-b40b-4fa8f7515c00","block_type":"box","text":"While the Fund’s service providers are required to have appropriate operational, information security","page_number":147,"box":{"x":116,"y":506,"width":750,"height":12}},{"id":"35eb385a-9110-4e40-a07e-31e7b78bce4d","block_type":"box","text":"and cybersecurity risk management policies and procedures, their methods of risk management may","page_number":147,"box":{"x":116,"y":521,"width":753,"height":12}},{"id":"20a7cb60-f8a9-414b-aaaf-930b8eb5c965","block_type":"box","text":"differ from those of the Fund in the setting of priorities, the personnel and resources available or the","page_number":147,"box":{"x":116,"y":537,"width":745,"height":12}},{"id":"e06c1e7b-65c4-421c-8946-361c9497beae","block_type":"box","text":"effectiveness of relevant controls. The Fund and its adviser seek to reduce these risks through","page_number":147,"box":{"x":116,"y":552,"width":706,"height":12}},{"id":"79441c40-ea0a-478f-bdd6-1e63cdc725d5","block_type":"box","text":"controls, procedures and oversight, including establishing business continuity plans and risk","page_number":147,"box":{"x":116,"y":568,"width":687,"height":12}},{"id":"789bbd5e-ce0d-442e-b64e-bf31b1289ac5","block_type":"box","text":"management systems. However, there are inherent limitations in such plans and systems, including","page_number":147,"box":{"x":117,"y":583,"width":744,"height":12}},{"id":"f99cc2ed-223c-4524-aea6-5d01da9ddd51","block_type":"box","text":"the possibility that certain risks that may affect the Fund have not been identified or may emerge in the","page_number":147,"box":{"x":116,"y":599,"width":766,"height":12}},{"id":"65d23f3d-288c-4f0e-a6b8-1208cc2275c9","block_type":"box","text":"future; that such plans and systems may not completely eliminate the occurrence or mitigate the","page_number":147,"box":{"x":116,"y":614,"width":719,"height":12}},{"id":"0de6fce1-3d2a-416f-a0e2-59d38124e5b2","block_type":"box","text":"effects of operational or information security disruptions or failures or of cybersecurity incidents; or that","page_number":147,"box":{"x":116,"y":630,"width":766,"height":12}},{"id":"bd5e0380-d0a4-4d6c-92e2-e87791e8c372","block_type":"box","text":"prevention and remediation efforts will not be successful or that incidents will go undetected. The Fund","page_number":147,"box":{"x":117,"y":645,"width":766,"height":12}},{"id":"7a97cb59-a8c9-421e-b0e6-ead53c0e4a08","block_type":"box","text":"cannot control the systems, information security or other cybersecurity of the issuers in which it invests","page_number":147,"box":{"x":116,"y":661,"width":762,"height":12}},{"id":"318a218d-a281-4756-8596-11c3352b7623","block_type":"box","text":"or its service providers, counterparties, and other third parties whose activities affect the Fund.","page_number":147,"box":{"x":116,"y":676,"width":700,"height":12}},{"id":"1ab5bea4-9680-4359-8a95-64e8ac0c20b6","block_type":"box","text":"Lastly, the regulatory climate governing cybersecurity and data protection is developing quickly and","page_number":147,"box":{"x":117,"y":707,"width":735,"height":12}},{"id":"da6d0cd5-f3bc-4eaa-af80-63dff0e65891","block_type":"box","text":"may vary considerably across jurisdictions. Regulators continue to develop new rules and standards","page_number":147,"box":{"x":117,"y":723,"width":742,"height":12}},{"id":"82ceed3f-2c68-43a3-94d4-127b06473cb3","block_type":"box","text":"related to cybersecurity and data protection. Compliance with evolving regulations can be demanding","page_number":147,"box":{"x":117,"y":738,"width":750,"height":12}},{"id":"4dd1aa1f-e111-4807-bba1-07eaf12d3b25","block_type":"box","text":"and costly, requiring substantial resources to monitor and implement required changes.","page_number":147,"box":{"x":116,"y":754,"width":647,"height":12}},{"id":"7b514bab-cda1-4fc7-a43a-cfb48ab8105d","block_type":"box","text":"Participation Notes.","page_number":147,"box":{"x":116,"y":785,"width":157,"height":12}},{"id":"15d83b29-948b-4587-ad9b-da3c120f3cff","block_type":"box","text":"A Fund may buy participation notes from a bank or broker-dealer (“issuer”) that","page_number":147,"box":{"x":279,"y":785,"width":586,"height":12}},{"id":"1f9d0381-e0ae-4f0d-9b5b-ac44a565abf6","block_type":"box","text":"entitle the Fund to a return measured by the change in value of an identified underlying security or","page_number":147,"box":{"x":116,"y":800,"width":729,"height":12}},{"id":"76b014ea-8bb0-4fe7-a18c-fd789ebe8265","block_type":"box","text":"basket of securities (collectively, the “underlying security”). Participation notes are typically used when","page_number":147,"box":{"x":117,"y":816,"width":755,"height":12}},{"id":"42dba048-ad74-478a-86d6-8321ab300487","block_type":"box","text":"a direct investment in the underlying security is restricted due to country-specific regulations.","page_number":147,"box":{"x":116,"y":831,"width":692,"height":12}},{"id":"d2b3ced4-aa2f-4cc7-bdcc-9cb4b1b82d3a","block_type":"box","text":"The Fund is subject to counterparty risk associated with each issuer. Investment in a participation note","page_number":147,"box":{"x":116,"y":862,"width":766,"height":12}},{"id":"96fd9089-1297-443a-a282-7f7323a1a18f","block_type":"box","text":"is not the same as investment in the constituent shares of the company. A participation note represents","page_number":147,"box":{"x":117,"y":878,"width":771,"height":12}},{"id":"d44e4b7e-5e5b-42d5-8c6b-43a6ddee7460","block_type":"box","text":"II-82","page_number":147,"box":{"x":484,"y":909,"width":31,"height":9}},{"id":"85fd2c82-8452-4f48-bb5d-73f0648a51dd","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":147,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"4602c43e-434f-4ba3-a533-b822cb6a9272","block_type":"box","text":"only an obligation of the issuer to provide the Fund the economic performance equivalent to holding","page_number":148,"box":{"x":116,"y":87,"width":744,"height":12}},{"id":"e40334b2-b2f7-4ded-b45d-fb52d951a954","block_type":"box","text":"shares of an underlying security. A participation note does not provide any beneficial or equitable","page_number":148,"box":{"x":116,"y":102,"width":725,"height":13}},{"id":"d9146af5-d492-41ca-8fea-8c272bd38da0","block_type":"box","text":"entitlement or interest in the relevant underlying security. In other words, shares of the underlying","page_number":148,"box":{"x":116,"y":118,"width":727,"height":12}},{"id":"1dbfa66e-a93e-490c-8d57-8458d87157fe","block_type":"box","text":"security are not in any way owned by the Fund. However, each participation note synthetically","page_number":148,"box":{"x":116,"y":134,"width":702,"height":12}},{"id":"fc532278-4d40-4611-9f81-a7d484605ab1","block_type":"box","text":"replicates the economic benefit of holding shares in the underlying security. Because a participation","page_number":148,"box":{"x":117,"y":149,"width":743,"height":12}},{"id":"3d407562-f56a-4782-9784-76c70715dbff","block_type":"box","text":"note is an obligation of the issuer, rather than a direct investment in shares of the underlying security, a","page_number":148,"box":{"x":117,"y":165,"width":770,"height":12}},{"id":"0200285c-87e6-4643-a577-4c8de07cdd09","block_type":"box","text":"Fund may suffer losses potentially equal to the full value of the participation note if the issuer fails to","page_number":148,"box":{"x":117,"y":180,"width":745,"height":12}},{"id":"a6fe1ff7-90ff-4e5f-aa8e-50d8f80f5902","block_type":"box","text":"perform its obligations. A Fund attempts to mitigate that risk by purchasing only from issuers","page_number":148,"box":{"x":117,"y":196,"width":689,"height":12}},{"id":"a0e7f213-8149-489b-b608-e072c279648b","block_type":"box","text":"determined to be creditworthy.","page_number":148,"box":{"x":116,"y":211,"width":231,"height":12}},{"id":"cc8a8b85-8106-4081-859b-ef9a8902a0a5","block_type":"box","text":"The counterparty may, but is not required to, purchase the shares of the underlying security to hedge","page_number":148,"box":{"x":116,"y":242,"width":755,"height":12}},{"id":"956b31a8-f533-4a8d-bdd1-2612dc4e5352","block_type":"box","text":"its obligation. A Fund may, but is not required to, purchase credit protection against the default of the","page_number":148,"box":{"x":117,"y":258,"width":752,"height":12}},{"id":"dad3300c-4a22-44f7-9401-156efe7deac6","block_type":"box","text":"issuer. When the participation note expires or a Fund exercises the participation note and closes its","page_number":148,"box":{"x":117,"y":273,"width":742,"height":12}},{"id":"54beaa74-b9ab-4ab2-b53e-8263bbf8f86b","block_type":"box","text":"position, the Fund receives a payment that is based upon the then-current value of the underlying","page_number":148,"box":{"x":117,"y":289,"width":728,"height":12}},{"id":"d7556079-924b-43df-8052-0c8172ac58a9","block_type":"box","text":"security converted into U.S. dollars (less transaction costs). The price, performance and liquidity of a","page_number":148,"box":{"x":116,"y":304,"width":751,"height":12}},{"id":"5a68ec41-e1b6-491b-8e54-ba60c3bdad36","block_type":"box","text":"participation note are all linked directly to the underlying security. A Fund’s ability to redeem or","page_number":148,"box":{"x":117,"y":320,"width":704,"height":12}},{"id":"04a91c18-5489-49f6-a0c9-2852f628a9aa","block_type":"box","text":"exercise a participation note generally is dependent on the liquidity in the local trading market for the","page_number":148,"box":{"x":116,"y":335,"width":750,"height":12}},{"id":"1bbd7e48-f6a1-4945-8f02-109d79c141c8","block_type":"box","text":"security underlying the participation note.","page_number":148,"box":{"x":116,"y":351,"width":310,"height":12}},{"id":"51b04538-4c97-4130-a94d-95a1716d864d","block_type":"box","text":"Portfolio Turnover Rates.","page_number":148,"box":{"x":116,"y":382,"width":201,"height":9}},{"id":"18564f0e-a317-4f73-b6db-c233caa6ec20","block_type":"box","text":"A Fund’s annual portfolio turnover rate will not be a factor preventing a sale","page_number":148,"box":{"x":318,"y":382,"width":569,"height":12}},{"id":"f10baf89-f530-4697-a3be-c8adb4ac08d5","block_type":"box","text":"or purchase when the Manager believes investment considerations warrant such sale or purchase.","page_number":148,"box":{"x":116,"y":397,"width":738,"height":12}},{"id":"1ef41521-8ca9-47d2-9b85-9486ae81e686","block_type":"box","text":"Although certain Funds will use an approach to investing that is largely a passive, indexing approach,","page_number":148,"box":{"x":116,"y":413,"width":756,"height":12}},{"id":"f7491aec-0255-4de0-b44f-e9f56df5fe0f","block_type":"box","text":"such Funds may engage in a substantial number of portfolio transactions. With respect to these Funds,","page_number":148,"box":{"x":116,"y":428,"width":770,"height":12}},{"id":"6e5d7d2c-40d4-4286-ac1b-423752be4b77","block_type":"box","text":"the rate of portfolio turnover will be a limiting factor when the Manager considers whether to purchase","page_number":148,"box":{"x":116,"y":444,"width":759,"height":12}},{"id":"15581a7c-c47b-48b5-812e-13fbbee6dbb4","block_type":"box","text":"or sell securities for a Fund only to the extent that the Manager will consider the impact of transaction","page_number":148,"box":{"x":116,"y":459,"width":756,"height":12}},{"id":"8cf99ee2-b0bb-4791-b95d-1fd0548f2ecf","block_type":"box","text":"costs on a Fund’s tracking error. Portfolio turnover may vary greatly from year to year as well as within","page_number":148,"box":{"x":116,"y":475,"width":765,"height":12}},{"id":"31c646e6-5048-4cf9-9455-31cdde2f4100","block_type":"box","text":"a particular year. High portfolio turnover (","page_number":148,"box":{"x":116,"y":490,"width":305,"height":12}},{"id":"0f6ccb21-0ad5-4a6d-a5d7-1123acfa6ed6","block_type":"box","text":"i.e.","page_number":148,"box":{"x":422,"y":490,"width":21,"height":10}},{"id":"f921fc01-0bab-47de-8e4d-447eee76ba50","block_type":"box","text":", 100% or more) may result in increased transaction costs","page_number":148,"box":{"x":446,"y":490,"width":433,"height":12}},{"id":"0f558ee5-1ec4-4dc4-8836-a177909aa3aa","block_type":"box","text":"to a Fund, including brokerage commissions, dealer mark-ups and other transaction costs on the sale","page_number":148,"box":{"x":116,"y":506,"width":759,"height":12}},{"id":"944781d9-60b1-4fda-921e-b9f4e1d36e2e","block_type":"box","text":"of the securities and reinvestment in other securities. The sale of a Fund’s securities may result in the","page_number":148,"box":{"x":116,"y":521,"width":759,"height":12}},{"id":"b61a6a76-cbee-4165-bf58-ac52a4a8f0fa","block_type":"box","text":"recognition of capital gain or loss. Given the frequency of sales, such gain or loss will likely be short","page_number":148,"box":{"x":117,"y":537,"width":743,"height":12}},{"id":"473fe961-16ff-4044-8ed1-b43b59db208d","block_type":"box","text":"term capital gain or loss. These effects of higher than normal portfolio turnover may adversely affect a","page_number":148,"box":{"x":116,"y":552,"width":761,"height":12}},{"id":"9f3b9476-5d59-4b02-a3ff-f375b0ccddf7","block_type":"box","text":"Fund’s performance.","page_number":148,"box":{"x":117,"y":568,"width":158,"height":12}},{"id":"c2c1e324-3ad1-4180-8df7-baba4c6b0050","block_type":"box","text":"Preferred Stock.","page_number":148,"box":{"x":116,"y":599,"width":126,"height":9}},{"id":"2fb5a61f-9766-42cb-9ae7-1c399c660575","block_type":"box","text":"Certain Funds may invest in preferred sto","page_number":148,"box":{"x":243,"y":599,"width":306,"height":12}},{"id":"5f02813f-3480-44d2-8d2c-2d64f890e3b7","block_type":"box","text":"cks. Preferred stock has a preference over","page_number":148,"box":{"x":550,"y":599,"width":314,"height":12}},{"id":"90a7bf90-416d-494d-977a-e89dc93a9c66","block_type":"box","text":"common stock in liquidation (and generally dividends","page_number":148,"box":{"x":116,"y":614,"width":384,"height":12}},{"id":"16d81c85-f76e-4a77-9f0e-4b95c0f805d5","block_type":"box","text":"as well) but is subordinated to bond holders and","page_number":148,"box":{"x":501,"y":614,"width":358,"height":12}},{"id":"408b8ec6-0bd3-42bf-b154-e4d7ad5a2167","block_type":"box","text":"other creditors in all respects. As a general rule, t","page_number":148,"box":{"x":116,"y":630,"width":357,"height":12}},{"id":"c4453536-fb0e-4d00-a22b-e8ecd80a833b","block_type":"box","text":"he market value of preferred stock with a fixed dividend","page_number":148,"box":{"x":474,"y":630,"width":406,"height":12}},{"id":"a8a57f11-ff03-4aff-9354-4639fe631dc0","block_type":"box","text":"rate and no conversion element varies inversely with","page_number":148,"box":{"x":117,"y":645,"width":386,"height":12}},{"id":"8ff6e6a3-1cd3-4ed9-8c25-f31e932ec5f5","block_type":"box","text":"interest rates and perceived credit risk, while the","page_number":148,"box":{"x":504,"y":645,"width":355,"height":12}},{"id":"472ef170-efbf-4aa8-a279-fe8494a52a29","block_type":"box","text":"market price of convertible preferred stock generally","page_number":148,"box":{"x":117,"y":661,"width":377,"height":12}},{"id":"00a77719-9b15-48e2-a609-2f7d5d86ab2a","block_type":"box","text":"also reflects some element of conversion value.","page_number":148,"box":{"x":499,"y":661,"width":345,"height":9}},{"id":"0c14963f-b12f-4639-b79c-32f3133503e2","block_type":"box","text":"Because preferred stock is junior to debt securities","page_number":148,"box":{"x":117,"y":676,"width":367,"height":12}},{"id":"d2fae118-d179-4578-94d1-09bb15ad4bdc","block_type":"box","text":"and other obligations of the issuer, deterioration in the","page_number":148,"box":{"x":489,"y":676,"width":391,"height":12}},{"id":"d8b78502-068e-44fe-b4ef-36e636e708a8","block_type":"box","text":"credit quality of the issuer will cause greater changes in","page_number":148,"box":{"x":116,"y":692,"width":402,"height":12}},{"id":"d99ccf33-cc06-448a-9150-de26d62f4edf","block_type":"box","text":"the value of a preferred stock than in a more","page_number":148,"box":{"x":523,"y":692,"width":323,"height":12}},{"id":"1f4d906b-72ab-43ee-8996-5d9812638abc","block_type":"box","text":"senior debt security with similar stated yield characte","page_number":148,"box":{"x":116,"y":707,"width":383,"height":12}},{"id":"20778fa8-45b4-464f-80e7-546e4fdff686","block_type":"box","text":"ristics. Unlike interest payments on debt securities,","page_number":148,"box":{"x":500,"y":707,"width":367,"height":12}},{"id":"3bc16c45-1a79-442a-9805-5959b10182b4","block_type":"box","text":"preferred stock dividends are payable only if declared by","page_number":148,"box":{"x":117,"y":723,"width":410,"height":12}},{"id":"ee112bb2-15d3-4a29-b1e4-f1a44a78fa61","block_type":"box","text":"the issuer’s board of di","page_number":148,"box":{"x":532,"y":723,"width":164,"height":9}},{"id":"000bac86-7998-4883-856d-371d90a947e2","block_type":"box","text":"rectors. Preferred stock","page_number":148,"box":{"x":698,"y":723,"width":170,"height":9}},{"id":"f954af67-b102-4592-b960-cb55e6dfc74a","block_type":"box","text":"also may be subject to optional or mandatory redemption provisions.","page_number":148,"box":{"x":116,"y":738,"width":496,"height":12}},{"id":"d64aad86-3296-4d2b-a1f3-89e7bd25b8cf","block_type":"box","text":"Tax-Exempt Preferred Shares.","page_number":148,"box":{"x":118,"y":769,"width":224,"height":12}},{"id":"b98b5e3a-991c-49ce-877f-b0e36e82d016","block_type":"box","text":"Certain Funds may invest in preferred interests of other investment","page_number":148,"box":{"x":350,"y":769,"width":497,"height":12}},{"id":"a422f895-0729-4a8b-ad2b-8b5e56949b3b","block_type":"box","text":"funds that pay dividends that are exempt from regular U.S. federal income tax. Such funds in turn","page_number":148,"box":{"x":116,"y":785,"width":722,"height":12}},{"id":"345be737-d75f-4cc6-85d3-7afb2f6eef8b","block_type":"box","text":"invest in municipal bonds and other assets that pay interest or make distributions that are exempt from","page_number":148,"box":{"x":117,"y":800,"width":759,"height":12}},{"id":"737ffcc5-f84c-42ec-ab81-b25944d3f2aa","block_type":"box","text":"regular U.S. federal income tax, such as revenue bonds issued by state or local agencies to fund the","page_number":148,"box":{"x":117,"y":816,"width":746,"height":12}},{"id":"86bff185-36ef-4245-8310-719d9163465d","block_type":"box","text":"development of low-income, multi-family housing. Investment in such tax-exempt preferred shares","page_number":148,"box":{"x":116,"y":831,"width":733,"height":12}},{"id":"3ae5e4ef-47d3-4da3-b62f-7610194e6f8a","block_type":"box","text":"involves many of the same issues as investing in other investment companies. These investments also","page_number":148,"box":{"x":117,"y":847,"width":768,"height":12}},{"id":"71c9dbbf-5ded-4fde-9a36-4fdb64ba5950","block_type":"box","text":"have additional risks, including illiquid investments risk, the absence of regulation governing","page_number":148,"box":{"x":117,"y":862,"width":685,"height":12}},{"id":"089770f4-5abc-4154-8bc0-37fdd98328a2","block_type":"box","text":"investment practices, capital structure and leverage, affiliated transactions and other matters, and","page_number":148,"box":{"x":117,"y":878,"width":729,"height":12}},{"id":"51b3a15f-0cb9-4b1d-8862-a37a9ed95f73","block_type":"box","text":"II-83","page_number":148,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"75182d1c-8e16-4276-b6ac-47f9f07b7687","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":148,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"9604466a-17d7-4dbd-884e-39fada8d5c2c","block_type":"box","text":"concentration of investments in particular issuers or industries. The Municipal Bond Funds will treat","page_number":149,"box":{"x":116,"y":87,"width":740,"height":12}},{"id":"d8aa08dd-d6ad-49b4-959f-f51708bc9a5a","block_type":"box","text":"investments in tax-exempt preferred shares as investments in municipal bonds.","page_number":149,"box":{"x":117,"y":102,"width":593,"height":12}},{"id":"4111bb6a-0fd9-4926-a5e3-99aae82eda58","block_type":"box","text":"Trust Preferred Securities.","page_number":149,"box":{"x":118,"y":134,"width":193,"height":9}},{"id":"df6aed1c-5256-4db9-a154-68c15c74d406","block_type":"box","text":"Certain Funds may invest in trust preferred securities. Trust preferred","page_number":149,"box":{"x":312,"y":134,"width":525,"height":12}},{"id":"b17667a0-4131-438a-8aa2-bc31cf623745","block_type":"box","text":"securities are typically issued by corporations, generally in the form of interest bearing notes with","page_number":149,"box":{"x":116,"y":149,"width":724,"height":12}},{"id":"faff2989-9be5-499b-ac3e-916d3513a2cb","block_type":"box","text":"preferred securities characteristics, or by an affiliated business trust of a corporation, generally in the","page_number":149,"box":{"x":117,"y":165,"width":751,"height":12}},{"id":"f0d49950-1050-4e0f-9eb2-a89463c76e58","block_type":"box","text":"form of beneficial interests in subordinated debentures or similarly structured securities. The trust","page_number":149,"box":{"x":116,"y":180,"width":726,"height":12}},{"id":"861ace40-3d6c-4fbe-b923-6d9dbab36ae8","block_type":"box","text":"preferred securities market consists of both fixed and adjustable coupon rate securities that are either","page_number":149,"box":{"x":117,"y":196,"width":758,"height":12}},{"id":"96eda567-fa57-4156-9b94-d88150849261","block_type":"box","text":"perpetual in nature or have stated maturity dates.","page_number":149,"box":{"x":117,"y":211,"width":370,"height":12}},{"id":"814bb9c4-aa90-40b3-9ae4-0fd411a92b47","block_type":"box","text":"Trust preferred securities are typically junior and fully subordinated liabilities of an issuer and benefit","page_number":149,"box":{"x":116,"y":242,"width":748,"height":12}},{"id":"0b053cec-4aee-4275-9b86-56162c2952a8","block_type":"box","text":"from a guarantee that is junior and fully subordinated to the other liabilities of the guarantor. In addition,","page_number":149,"box":{"x":116,"y":258,"width":771,"height":12}},{"id":"9711d18e-e816-4fd1-a9b7-7acd089a0ec7","block_type":"box","text":"trust preferred securities typically permit an issuer to defer the payment of income for five years or","page_number":149,"box":{"x":116,"y":273,"width":733,"height":12}},{"id":"40231cf3-b088-4966-9b37-8fe1aedc5052","block_type":"box","text":"more without triggering an event of default. Because of their subordinated position in the capital","page_number":149,"box":{"x":117,"y":289,"width":713,"height":12}},{"id":"869f61f4-4c3c-435b-bf1e-070ee2d123a2","block_type":"box","text":"structure of an issuer, the ability to defer payments for extended periods of time without default","page_number":149,"box":{"x":116,"y":304,"width":708,"height":12}},{"id":"1fcf468e-2b60-4050-a003-88fda41fcb8a","block_type":"box","text":"consequences to the issuer, and certain other features (such as restrictions on common dividend","page_number":149,"box":{"x":116,"y":320,"width":725,"height":12}},{"id":"07fac254-3dfc-4bda-a55c-5ae47da5bdcd","block_type":"box","text":"payments by the issuer or ultimate guarantor when full cumulative payments on the trust preferred","page_number":149,"box":{"x":117,"y":335,"width":733,"height":12}},{"id":"5e223823-9b85-4b1a-bbb8-38dd2e98eef5","block_type":"box","text":"securities have not been made), these trust preferred securities are often treated as close substitutes","page_number":149,"box":{"x":116,"y":351,"width":756,"height":12}},{"id":"9b439baf-9662-42c9-ac43-8e7da4198986","block_type":"box","text":"for traditional preferred securities, both by issuers and investors.","page_number":149,"box":{"x":116,"y":366,"width":483,"height":12}},{"id":"3b534627-16e3-4242-9180-ea39397ae0c2","block_type":"box","text":"Trust preferred securities include but are not limited to trust originated preferred securities (“TOPRS","page_number":149,"box":{"x":116,"y":397,"width":740,"height":12}},{"id":"20286581-73c8-4fbe-9c77-7e0c0404edc2","block_type":"box","text":"®","page_number":149,"box":{"x":857,"y":396,"width":9,"height":7}},{"id":"ea3dbf03-1256-4cc9-ad7a-0d8cd705ab0d","block_type":"box","text":"”);","page_number":149,"box":{"x":867,"y":397,"width":20,"height":12}},{"id":"8e9676dd-7a16-46a5-83a0-8162ecf523f9","block_type":"box","text":"monthly income preferred securities (“MIPS","page_number":149,"box":{"x":117,"y":413,"width":322,"height":12}},{"id":"4cd023cd-e23e-4d77-8a0c-8a2f09780bfc","block_type":"box","text":"®","page_number":149,"box":{"x":439,"y":412,"width":10,"height":7}},{"id":"d88b98f3-6367-43e4-8f4e-51b7eab5d3ea","block_type":"box","text":"”); quarterly income bond securities (“QUIBS","page_number":149,"box":{"x":449,"y":413,"width":330,"height":12}},{"id":"5ba5c513-5f9a-4749-a460-6ce3cb658814","block_type":"box","text":"®","page_number":149,"box":{"x":780,"y":412,"width":9,"height":7}},{"id":"d1b07b6c-4bb1-436f-9404-cf12151d6b2d","block_type":"box","text":"” ); quarterly","page_number":149,"box":{"x":790,"y":413,"width":95,"height":12}},{"id":"88e2f7d9-bb5f-4212-9b3b-68c0bbbc810e","block_type":"box","text":"income debt securities (“QUIDS","page_number":149,"box":{"x":117,"y":428,"width":234,"height":12}},{"id":"05e58700-901b-4ca9-bf38-c6c545185992","block_type":"box","text":"®","page_number":149,"box":{"x":352,"y":427,"width":10,"height":7}},{"id":"1db076b0-d914-4e23-acba-cd5e06dd28f7","block_type":"box","text":"”); quarterly income preferred securities (“QUIPS","page_number":149,"box":{"x":362,"y":428,"width":361,"height":12}},{"id":"af11fd02-61d2-418a-a7e3-17eb52f8393b","block_type":"box","text":"SM","page_number":149,"box":{"x":724,"y":428,"width":16,"height":6}},{"id":"9a723601-35c5-43c7-9a48-cd01abaf751a","block_type":"box","text":"”); corporate trust","page_number":149,"box":{"x":741,"y":428,"width":133,"height":12}},{"id":"9dcd1094-f3f6-4d43-9956-78807eea606d","block_type":"box","text":"securities (“CORTS","page_number":149,"box":{"x":116,"y":444,"width":145,"height":12}},{"id":"faa9e230-92c9-4154-9769-e23442000d8f","block_type":"box","text":"®","page_number":149,"box":{"x":262,"y":443,"width":9,"height":7}},{"id":"1b5ce776-f76d-423b-a9b4-24240c33a89c","block_type":"box","text":"”); public income notes (“PINES","page_number":149,"box":{"x":271,"y":444,"width":235,"height":12}},{"id":"d065333b-75e2-411a-947d-25bb8f4ca676","block_type":"box","text":"®","page_number":149,"box":{"x":507,"y":443,"width":9,"height":7}},{"id":"1cca5d0a-fb0c-41d9-a382-b55e02fce78d","block_type":"box","text":"”); and other trust preferred securities.","page_number":149,"box":{"x":517,"y":444,"width":287,"height":12}},{"id":"eb0491d1-aa24-4ff9-a90b-1c7ba5b7488c","block_type":"box","text":"Trust preferred securities are typically issued with a final maturity date, although some are perpetual in","page_number":149,"box":{"x":116,"y":475,"width":766,"height":12}},{"id":"8aa90163-9c43-4368-98e4-c68d812a929a","block_type":"box","text":"nature. In certain instances, a final maturity date may be extended and/or the final payment of principal","page_number":149,"box":{"x":117,"y":490,"width":767,"height":12}},{"id":"130662e3-88f4-4d16-8e92-33b9d10e0b0e","block_type":"box","text":"may be deferred at the issuer’s option for a specified time without default. No redemption can typically","page_number":149,"box":{"x":117,"y":506,"width":760,"height":12}},{"id":"d1495b66-3047-4751-902e-f370e6ba4e2c","block_type":"box","text":"take place unless all cumulative payment obligations have been met, although issuers may be able to","page_number":149,"box":{"x":116,"y":521,"width":758,"height":12}},{"id":"4237cb18-76c9-4d69-b2e3-f4631ac2dbc6","block_type":"box","text":"engage in open-market repurchases without regard to whether all payments have been paid.","page_number":149,"box":{"x":116,"y":537,"width":693,"height":12}},{"id":"e119afd9-ead6-47a6-8d6c-79d5d86f7310","block_type":"box","text":"Many trust preferred securities are issued by trusts or other special purpose entities established by","page_number":149,"box":{"x":117,"y":568,"width":737,"height":12}},{"id":"aab3598d-3145-4322-b248-d0e47f28d726","block_type":"box","text":"operating companies and are not a direct obligation of an operating company. At the time the trust or","page_number":149,"box":{"x":116,"y":583,"width":752,"height":12}},{"id":"19698c63-c55d-4525-952e-7b8a65486eb9","block_type":"box","text":"special purpose entity sells such preferred securities to investors, it purchases debt of the operating","page_number":149,"box":{"x":116,"y":599,"width":745,"height":12}},{"id":"97c8084f-b841-4693-87a1-d0bf9f386f8c","block_type":"box","text":"company (with terms comparable to those of the trust or special purpose entity securities), which","page_number":149,"box":{"x":116,"y":614,"width":722,"height":12}},{"id":"9d133e5b-a787-4561-81f1-cc523271bf50","block_type":"box","text":"enables the operating company to deduct for tax purposes the interest paid on the debt held by the","page_number":149,"box":{"x":116,"y":630,"width":739,"height":12}},{"id":"939aee79-5bfe-4517-84aa-c1444929429b","block_type":"box","text":"trust or special purpose entity. The trust or special purpose entity is generally required to be treated as","page_number":149,"box":{"x":116,"y":645,"width":765,"height":12}},{"id":"c4121ee7-dff2-4460-8f7e-703fc06ce569","block_type":"box","text":"transparent for U.S. federal income tax purposes such that the holders of the trust preferred securities","page_number":149,"box":{"x":116,"y":661,"width":757,"height":12}},{"id":"6e29ec28-143a-4be3-81d4-2658ae35e69c","block_type":"box","text":"are treated as owning beneficial interests in the underlying debt of the operating company. Accordingly,","page_number":149,"box":{"x":116,"y":676,"width":765,"height":12}},{"id":"44784ec9-8aa2-49f7-b9ba-62719eb8b307","block_type":"box","text":"payments on the trust preferred securities are treated as interest rather than dividends for U.S. federal","page_number":149,"box":{"x":117,"y":692,"width":757,"height":12}},{"id":"9d40c87a-0096-428c-8aff-b14f3deed30e","block_type":"box","text":"income tax purposes. The trust or special purpose entity in turn would be a holder of the operating","page_number":149,"box":{"x":117,"y":707,"width":727,"height":12}},{"id":"285105fe-080d-4695-b899-49b9dc023fcf","block_type":"box","text":"company’s debt and would have priority with respect to the operating company’s earnings and profits","page_number":149,"box":{"x":116,"y":723,"width":748,"height":12}},{"id":"2504a120-83e7-4b55-90f0-19d3c2ad4b4b","block_type":"box","text":"over the operating company’s common shareholders but would typically be subordinated to other","page_number":149,"box":{"x":116,"y":738,"width":720,"height":12}},{"id":"e39cdb2f-fd24-4781-ab13-cb46ad1b1b2f","block_type":"box","text":"classes of the operating company’s debt. Typically, a preferred share has a rating that is slightly below","page_number":149,"box":{"x":116,"y":754,"width":760,"height":12}},{"id":"babf7420-3ff5-4222-a79f-535c51667ebc","block_type":"box","text":"that of its corresponding operating company’s senior debt securities.","page_number":149,"box":{"x":116,"y":769,"width":506,"height":12}},{"id":"d31cd34f-3e20-4752-9da7-4ce9db0bb13e","block_type":"box","text":"Real Estate Investment Trusts (“REITs”).","page_number":149,"box":{"x":116,"y":800,"width":324,"height":12}},{"id":"1b7b3295-ca87-4ec4-90ef-aadc3e5ded02","block_type":"box","text":"In pursuing its investment strategy, a Fund may invest in","page_number":149,"box":{"x":448,"y":800,"width":417,"height":12}},{"id":"2a5afc76-5e29-4790-9570-339d8bea867a","block_type":"box","text":"shares of REITs. REITs possess certain risks which differ from an investment in common stocks.","page_number":149,"box":{"x":116,"y":816,"width":718,"height":12}},{"id":"e631d9c0-5208-4ad3-aba2-b81fd1729569","block_type":"box","text":"REITs are financial vehicles that pool investor’s capital to purchase or finance real estate. REITs may","page_number":149,"box":{"x":117,"y":831,"width":756,"height":12}},{"id":"5985db52-32d8-4e7b-90a9-1014f1dbaa94","block_type":"box","text":"concentrate their investments in specific geographic areas or in specific property types,","page_number":149,"box":{"x":116,"y":847,"width":652,"height":12}},{"id":"cf8c2e6c-53f4-4a89-9ac3-9904f69c8f06","block_type":"box","text":"i.e.","page_number":149,"box":{"x":768,"y":847,"width":21,"height":9}},{"id":"0a34d038-03e8-4794-b4a7-9d1f96836836","block_type":"box","text":", hotels,","page_number":149,"box":{"x":792,"y":847,"width":62,"height":11}},{"id":"160a1718-e112-4440-a0d6-c62d416be03b","block_type":"box","text":"shopping malls, residential complexes and office buildings.","page_number":149,"box":{"x":116,"y":862,"width":441,"height":12}},{"id":"f707df30-7247-4b9d-bb41-80fdde35e95c","block_type":"box","text":"II-84","page_number":149,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"003e7ee8-d4a5-49ea-b858-0001cdfbd777","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":149,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"a0f4d2bf-0092-4959-8a24-ed4f1ab55f30","block_type":"box","text":"REITs are subject to management fees and other expenses, and so a Fund that invests in REITs will","page_number":150,"box":{"x":117,"y":87,"width":752,"height":12}},{"id":"69c7959e-0de9-47f7-ae00-5e6845f9c227","block_type":"box","text":"bear its proportionate share of the costs of the REITs’ operations. There are three general categories","page_number":150,"box":{"x":117,"y":102,"width":754,"height":13}},{"id":"529895ee-2e78-4c1f-acb9-383d26962f48","block_type":"box","text":"of REITs: Equity REITs, Mortgage REITs and Hybrid REITs. Equity REITs invest primarily in direct fee","page_number":150,"box":{"x":116,"y":118,"width":763,"height":12}},{"id":"efad1af6-e915-4531-9643-c771a0263100","block_type":"box","text":"ownership or leasehold ownership of real property, which derive most of their income from rents.","page_number":150,"box":{"x":116,"y":134,"width":721,"height":12}},{"id":"cbaefb3c-29fc-49f5-b19e-17bdc7abd820","block_type":"box","text":"Mortgage REITs invest mostly in mortgages on real estate, which may secure construction,","page_number":150,"box":{"x":117,"y":149,"width":681,"height":12}},{"id":"4c8b7911-f384-4d97-98b4-93912fef99a7","block_type":"box","text":"development or long-term loans; the main source of their income is mortgage interest payments.","page_number":150,"box":{"x":116,"y":165,"width":720,"height":12}},{"id":"ef29791d-58e6-4a76-8f34-c6084516fef7","block_type":"box","text":"Hybrid REITs hold both ownership and mortgage interests in real estate.","page_number":150,"box":{"x":117,"y":180,"width":541,"height":12}},{"id":"45ede168-902a-445e-956f-9d48708bdf58","block_type":"box","text":"Investing in REITs involves certain unique risks in addition to those risks associated with investing in","page_number":150,"box":{"x":117,"y":211,"width":749,"height":12}},{"id":"61faf63c-8a26-4d3a-8bb5-d36550690b00","block_type":"box","text":"the real estate industry in general. The market value of REIT shares and the ability of the REITs to","page_number":150,"box":{"x":116,"y":227,"width":735,"height":12}},{"id":"75792605-317c-46a7-8493-f9669f5ad7da","block_type":"box","text":"distribute income may be adversely affected by several factors, including rising interest rates, changes","page_number":150,"box":{"x":116,"y":242,"width":765,"height":12}},{"id":"4e39d298-0db6-4277-94d1-3c6b6bd49356","block_type":"box","text":"in the national, state and local economic climate and real estate conditions, occupancy and rental","page_number":150,"box":{"x":117,"y":258,"width":727,"height":12}},{"id":"012f94a5-5932-4f2c-8789-3cec455a5f76","block_type":"box","text":"rates, perceptions of prospective tenants of the safety, convenience and attractiveness of the","page_number":150,"box":{"x":117,"y":273,"width":695,"height":12}},{"id":"32278a44-d9eb-4020-a784-e66212bdb0d7","block_type":"box","text":"properties, the ability of the owners to provide adequate management, maintenance and insurance, the","page_number":150,"box":{"x":117,"y":289,"width":770,"height":12}},{"id":"793c9479-645d-4172-84ae-b0305d512e68","block_type":"box","text":"cost of complying with the Americans with Disabilities Act, increased competition from new properties,","page_number":150,"box":{"x":116,"y":304,"width":761,"height":12}},{"id":"c5fac37f-fb19-47c2-bab1-2701ec635d06","block_type":"box","text":"the impact of present or future environmental legislation and compliance with environmental laws,","page_number":150,"box":{"x":116,"y":320,"width":729,"height":12}},{"id":"ef6c754b-ddb4-4698-8494-325a14275dc6","block_type":"box","text":"failing to maintain their exemptions from registration under the Investment Company Act, changes in","page_number":150,"box":{"x":116,"y":335,"width":749,"height":12}},{"id":"00160b77-3750-4b2c-a10c-58a6f825173b","block_type":"box","text":"real estate taxes and other operating expenses, adverse changes in governmental rules and fiscal","page_number":150,"box":{"x":117,"y":351,"width":733,"height":12}},{"id":"2a1f7429-b665-4ac9-9d6c-c701d1a212d6","block_type":"box","text":"policies, adverse changes in zoning laws and other factors beyond the control of the issuers of the","page_number":150,"box":{"x":117,"y":366,"width":733,"height":12}},{"id":"6142a783-be75-499b-be37-44b9f210b3ef","block_type":"box","text":"REITs. To the extent that assets underlying a REIT are concentrated geographically, by property type,","page_number":150,"box":{"x":117,"y":382,"width":762,"height":12}},{"id":"b3692fbb-3bda-4a7a-9a6c-a9283bcc7b5e","block_type":"box","text":"or in certain other respects, these risks may be heightened.","page_number":150,"box":{"x":116,"y":397,"width":446,"height":12}},{"id":"da40d695-9da9-480c-addb-dfc258ef6700","block_type":"box","text":"In addition, distributions received by a Fund from REITs may consist of dividends, capital gains and/or","page_number":150,"box":{"x":117,"y":428,"width":761,"height":12}},{"id":"9dfc4be7-dc60-412b-a768-4aa8b4273077","block_type":"box","text":"return of capital. As REITs generally pay a higher rate of dividends (on a pre-tax basis) than operating","page_number":150,"box":{"x":117,"y":444,"width":760,"height":12}},{"id":"5dc41df1-8363-4f62-b827-dc3cc03c4298","block_type":"box","text":"companies, to the extent application of the Fund’s investment strategy results in the Fund investing in","page_number":150,"box":{"x":116,"y":459,"width":758,"height":12}},{"id":"f43914ae-e5f7-47b2-bcf1-e4924ea5fb4f","block_type":"box","text":"REIT shares, the percentage of the Fund’s dividend income received from REIT shares will likely","page_number":150,"box":{"x":117,"y":475,"width":722,"height":12}},{"id":"ad96d598-eb5c-4046-82c0-7f46967a71cc","block_type":"box","text":"exceed the percentage of the Fund’s portfolio which is comprised of REIT shares. Ordinary REIT","page_number":150,"box":{"x":116,"y":490,"width":723,"height":12}},{"id":"c96717d9-b9b1-4827-9ded-27856058b68a","block_type":"box","text":"dividends received by the Fund and distributed to the Fund’s shareholders will generally be taxable as","page_number":150,"box":{"x":116,"y":506,"width":762,"height":12}},{"id":"91093e12-7909-4074-b888-70539581d841","block_type":"box","text":"ordinary income and will not constitute “qualified dividend income.” However, a non-corporate taxpayer","page_number":150,"box":{"x":116,"y":521,"width":768,"height":12}},{"id":"2c222c69-a98d-42ec-a621-99459939ab1c","block_type":"box","text":"who is a direct REIT shareholder may claim a 20% “qualified business income” deduction for ordinary","page_number":150,"box":{"x":116,"y":537,"width":757,"height":12}},{"id":"501eca56-d5d9-4cac-98de-e22adba09c6b","block_type":"box","text":"REIT dividends, and a regulated investment company may report dividends as eligible for this","page_number":150,"box":{"x":117,"y":552,"width":698,"height":12}},{"id":"18680975-3438-400a-a352-dbc7f16a7776","block_type":"box","text":"deduction to the extent the regulated investment company’s income is derived from ordinary REIT","page_number":150,"box":{"x":116,"y":568,"width":731,"height":12}},{"id":"fd20971c-9e93-445d-8a0c-6983fa0c1c9d","block_type":"box","text":"dividends (reduced by allocable regulated investment company expenses). A shareholder may treat","page_number":150,"box":{"x":116,"y":583,"width":745,"height":12}},{"id":"0da781ef-b34a-40cd-b157-e44e16e51164","block_type":"box","text":"the dividends as such provided the regulated investment company and the shareholder satisfy","page_number":150,"box":{"x":116,"y":599,"width":704,"height":12}},{"id":"55d7ee2b-15cd-4323-8079-58a15cfa9b16","block_type":"box","text":"applicable holding period requirements.","page_number":150,"box":{"x":116,"y":614,"width":298,"height":12}},{"id":"5d697369-d9d0-4acc-8124-2ffbdb4a64bb","block_type":"box","text":"REITs (especially mortgage REITs) are also subject to interest rate risk. Rising interest rates may","page_number":150,"box":{"x":117,"y":645,"width":728,"height":12}},{"id":"149d14b0-5942-45fb-9de8-e14d35a64bc0","block_type":"box","text":"cause REIT investors to demand a higher annual yield, which may, in turn, cause a decline in the","page_number":150,"box":{"x":116,"y":661,"width":720,"height":12}},{"id":"6c8c258f-f125-4a10-8ac4-07afa820fe33","block_type":"box","text":"market price of the equity securities issued by a REIT. Rising interest rates also generally increase the","page_number":150,"box":{"x":117,"y":676,"width":759,"height":12}},{"id":"8c6bb23e-caf5-4694-ad19-66919d800ea1","block_type":"box","text":"costs of obtaining financing, which could cause the value of a Fund’s REIT investments to decline.","page_number":150,"box":{"x":116,"y":692,"width":728,"height":12}},{"id":"606939c5-cedc-473a-af44-70fa7e2389cb","block_type":"box","text":"During periods when interest rates are declining, mortgages are often refinanced. Refinancing may","page_number":150,"box":{"x":117,"y":707,"width":733,"height":12}},{"id":"60ea8399-3968-441f-b25c-3cf4b9f70c09","block_type":"box","text":"reduce the yield on investments in mortgage REITs. In addition, since REITs depend on payment","page_number":150,"box":{"x":117,"y":723,"width":721,"height":12}},{"id":"62565cea-d52c-4272-b730-70517185c5e7","block_type":"box","text":"under their mortgage loans and leases to generate cash to make distributions to their shareholders,","page_number":150,"box":{"x":117,"y":738,"width":737,"height":12}},{"id":"16d49ac7-7392-48f7-a7a0-2db560d07b49","block_type":"box","text":"investments in REITs may be adversely affected by defaults on such mortgage loans or leases.","page_number":150,"box":{"x":117,"y":754,"width":706,"height":12}},{"id":"7e6c77d2-f805-452e-9012-c90e70bbfe1e","block_type":"box","text":"Investing in certain REITs, which often have small mark","page_number":150,"box":{"x":117,"y":785,"width":403,"height":12}},{"id":"953a8fe8-42c8-471e-8639-c38470c6a7f0","block_type":"box","text":"et capitalizations, may also involve the same risks","page_number":150,"box":{"x":521,"y":785,"width":361,"height":12}},{"id":"6c4cc04a-b650-4b3b-b036-c6ed9c264243","block_type":"box","text":"as investing in other small capitalization compani","page_number":150,"box":{"x":116,"y":800,"width":354,"height":12}},{"id":"7162e80b-69ad-4164-a906-f2ae6457fec6","block_type":"box","text":"es. REITs may have limited financial resources and their","page_number":150,"box":{"x":472,"y":800,"width":410,"height":12}},{"id":"14a8deca-792c-4ff7-a42d-3e41e869f943","block_type":"box","text":"securities may trade less frequently and in limited volu","page_number":150,"box":{"x":116,"y":816,"width":393,"height":12}},{"id":"42fc0477-9197-46ee-ad61-feaa32bf05e4","block_type":"box","text":"me and may be subject to more abrupt or erratic","page_number":150,"box":{"x":511,"y":816,"width":350,"height":12}},{"id":"752b2901-34e7-4e03-a781-accf04a4cea8","block_type":"box","text":"price movements than larger company securities. Histo","page_number":150,"box":{"x":117,"y":831,"width":399,"height":12}},{"id":"7a29bf45-5721-4b98-b208-bff3136463f3","block_type":"box","text":"rically, small capitalization stocks, such as REITs,","page_number":150,"box":{"x":518,"y":831,"width":364,"height":12}},{"id":"f41cf588-325b-4680-8655-ded07a0d78ce","block_type":"box","text":"have been more volatile in price than the larger c","page_number":150,"box":{"x":117,"y":847,"width":354,"height":12}},{"id":"b20dc161-58d4-4d5a-8fd5-eb735b1500f9","block_type":"box","text":"apitalization stocks such as those included in the S&P","page_number":150,"box":{"x":472,"y":847,"width":396,"height":12}},{"id":"34563880-ec4b-4ba9-af51-34ba53baf5c4","block_type":"box","text":"500 Index. The management of a REIT may be subject to","page_number":150,"box":{"x":116,"y":862,"width":423,"height":12}},{"id":"e18b124e-9b8e-447e-8568-1bd006b6132a","block_type":"box","text":"conflicts of interest with respect to the","page_number":150,"box":{"x":540,"y":862,"width":278,"height":12}},{"id":"1108ba7b-e0f9-4c6e-8830-b0309fe01f6f","block_type":"box","text":"operation of the business of the REIT and may be involved","page_number":150,"box":{"x":116,"y":878,"width":432,"height":12}},{"id":"2e2bb453-27e3-408a-85b2-f2226a7efe57","block_type":"box","text":"in real estate activities competitive with the","page_number":150,"box":{"x":549,"y":878,"width":314,"height":12}},{"id":"0b182319-f872-4a7a-a104-5d8d94b86f92","block_type":"box","text":"II-85","page_number":150,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"e1ac3b74-47a4-41b1-a203-cedd8a322f65","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":150,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"a313947b-732d-4e6d-92af-ab1285d2a11e","block_type":"box","text":"REIT. REITs may own properties through joint ventures","page_number":151,"box":{"x":117,"y":87,"width":407,"height":12}},{"id":"3c2d8918-285d-4ec7-a268-75e1bc3e71df","block_type":"box","text":"or in other circumstances in which the REIT may","page_number":151,"box":{"x":525,"y":87,"width":357,"height":12}},{"id":"67ddbde5-bf1c-4734-be02-29aee19645f6","block_type":"box","text":"not have control over its investments. REITs","page_number":151,"box":{"x":117,"y":103,"width":320,"height":9}},{"id":"08a94a0f-0ce4-4116-98a6-dc8539063284","block_type":"box","text":"may incur significant amounts of leverage.","page_number":151,"box":{"x":438,"y":102,"width":316,"height":13}},{"id":"bb3c5587-ef98-46a7-8e0c-5f29f901858b","block_type":"box","text":"Market Risks/Recent Market Events","page_number":151,"box":{"x":116,"y":134,"width":283,"height":9}},{"id":"9f03c4f9-8362-452a-841f-b3cbf7eb3c87","block_type":"box","text":". Securities may decline in value due to factors affecting","page_number":151,"box":{"x":401,"y":134,"width":418,"height":12}},{"id":"ecf9cf7c-702f-4fc4-a88c-1c6daebb8253","block_type":"box","text":"securities markets generally or particular industries represented in the markets. The value of a security","page_number":151,"box":{"x":116,"y":149,"width":767,"height":12}},{"id":"09e7b443-c9b5-4b1c-95ca-fe4b7ddb020c","block_type":"box","text":"may decline due to general market conditions, economic trends or events that are not specifically","page_number":151,"box":{"x":117,"y":165,"width":725,"height":12}},{"id":"bdfa57b8-949d-4a5e-94fd-009d23aa6fbe","block_type":"box","text":"related to a company or to factors that affect a particular industry or industries, or factors that affect a","page_number":151,"box":{"x":117,"y":180,"width":754,"height":12}},{"id":"fd2a1467-fe84-4e1f-a204-69e920a7b01c","block_type":"box","text":"particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of","page_number":151,"box":{"x":117,"y":196,"width":748,"height":12}},{"id":"dc94d2a4-244d-4c48-82f9-61db65617121","block_type":"box","text":"industries, sector or asset class. The success of a Fund’s activities could be affected by interest rates,","page_number":151,"box":{"x":117,"y":211,"width":761,"height":12}},{"id":"4c1b7ec2-46dd-471d-bf4b-9bf8d211ae72","block_type":"box","text":"availability of credit, inflation rates, economic uncertainty, changes in laws, trade barriers, economic","page_number":151,"box":{"x":116,"y":227,"width":744,"height":12}},{"id":"47ca2307-d8ea-4be6-a8b4-6caa7d2bcd44","block_type":"box","text":"sanctions, currency exchange controls, and local, regional or global events such as war, acts of","page_number":151,"box":{"x":116,"y":242,"width":714,"height":12}},{"id":"87ed6b3b-aebe-47d6-92bb-e35567e61ebe","block_type":"box","text":"terrorism, natural and environmental disasters, the spread of infectious illness or other public health","page_number":151,"box":{"x":116,"y":258,"width":744,"height":11}},{"id":"fb16a5a2-a85d-498d-a777-f88b3b47d13e","block_type":"box","text":"issues, recessions, or other events could have a significant impact on a Fund and its investments.","page_number":151,"box":{"x":117,"y":273,"width":730,"height":12}},{"id":"73b3814d-d999-435b-80d8-5eb1fe0f97c9","block_type":"box","text":"During a general economic downturn in the securities markets, multiple asset classes may be","page_number":151,"box":{"x":117,"y":289,"width":698,"height":12}},{"id":"dc6e014f-2bfa-402a-989c-9815d6ec410c","block_type":"box","text":"negatively affected. These factors may affect the level and volatility of securities prices and the liquidity","page_number":151,"box":{"x":117,"y":304,"width":768,"height":12}},{"id":"bde37d0a-d7d9-4cb9-8b54-92b5a9ac0b04","block_type":"box","text":"of a Fund’s investments, which could impair the Fund’s profitability or result in losses. A Fund may","page_number":151,"box":{"x":116,"y":320,"width":734,"height":12}},{"id":"16c85b61-8d51-42a7-94a0-7822e18203cf","block_type":"box","text":"maintain substantial trading positions that can be adversely affected by the level of volatility in the","page_number":151,"box":{"x":117,"y":335,"width":728,"height":12}},{"id":"e42e47b1-de9a-4bc6-a88a-c758b10ca758","block_type":"box","text":"financial markets; the larger the positions, the greater the potential for loss. Unpredictable or unstable","page_number":151,"box":{"x":116,"y":351,"width":758,"height":12}},{"id":"3e955427-e3cb-4c87-9679-85ca781b718a","block_type":"box","text":"market conditions may result in reduced opportunities to find suitable investments to deploy capital or","page_number":151,"box":{"x":117,"y":366,"width":756,"height":12}},{"id":"93f21228-bae3-4ee6-a4d4-187e59625a7e","block_type":"box","text":"make it more difficult to exit and realize value","page_number":151,"box":{"x":117,"y":382,"width":339,"height":9}},{"id":"252d2ba7-817f-4b33-8bfc-76060c587f3d","block_type":"box","text":"from a Fund’s existing investments. It is important to","page_number":151,"box":{"x":456,"y":382,"width":394,"height":12}},{"id":"6946ede5-2aa1-4333-b94c-8b2b6a0be97a","block_type":"box","text":"understand that a Fund can incur material losses even if it reacts quickly to difficult market conditions","page_number":151,"box":{"x":117,"y":397,"width":754,"height":12}},{"id":"1dc41d1e-6fff-47ca-9259-ce625d8e5cef","block_type":"box","text":"and there can be no assurance that a Fund will not suffer material adverse effects from broad and","page_number":151,"box":{"x":116,"y":413,"width":732,"height":9}},{"id":"211ae780-4c37-4639-98e7-7e8016e6b4b4","block_type":"box","text":"rapid changes in market conditions.","page_number":151,"box":{"x":117,"y":428,"width":268,"height":12}},{"id":"14c647f2-59b6-47cf-bf12-bf06fb52c998","block_type":"box","text":"Periods of unusually high volatility in the financial","page_number":151,"box":{"x":117,"y":459,"width":359,"height":12}},{"id":"2eb59ec2-171c-48fd-98d3-d74a654e1685","block_type":"box","text":"markets and restrictive credit conditions, sometimes","page_number":151,"box":{"x":477,"y":459,"width":381,"height":11}},{"id":"c4522fc1-54ce-4aeb-bbff-036da5015a28","block_type":"box","text":"limited to a particular sector or a geography, can o","page_number":151,"box":{"x":117,"y":475,"width":364,"height":12}},{"id":"0177ddc9-327d-44f6-bb65-829172b4f55c","block_type":"box","text":"ccur. Some countries, including the United States,","page_number":151,"box":{"x":482,"y":475,"width":368,"height":12}},{"id":"ec090e33-34c4-49d4-9f5f-12494418e4f8","block_type":"box","text":"have adopted and/or are considering the adoption of more","page_number":151,"box":{"x":117,"y":490,"width":422,"height":12}},{"id":"8fa99058-d45a-4225-b552-bcac746c20cf","block_type":"box","text":"protectionist trade policies, a move away from","page_number":151,"box":{"x":539,"y":490,"width":344,"height":12}},{"id":"eea378ec-343d-4508-9638-1ddb775292ef","block_type":"box","text":"the tighter financial industry regulations that follow","page_number":151,"box":{"x":116,"y":506,"width":363,"height":12}},{"id":"ce86c04f-7094-45d7-9fcd-4ef88b9b7f5d","block_type":"box","text":"ed the financial crisis of","page_number":151,"box":{"x":480,"y":506,"width":174,"height":9}},{"id":"d2b721a9-ace6-41e2-8d3f-4d7bfd1a5f2a","block_type":"box","text":"2008, and/or substantially","page_number":151,"box":{"x":654,"y":506,"width":192,"height":12}},{"id":"1d0c7420-15db-49d3-8aa0-1612165d487d","block_type":"box","text":"reducing corporate taxes. The exact shape of these","page_number":151,"box":{"x":117,"y":521,"width":379,"height":12}},{"id":"e7980713-4582-43f5-ad6a-ee9feda39e97","block_type":"box","text":"policies is still being considered, but the equity and","page_number":151,"box":{"x":497,"y":521,"width":372,"height":12}},{"id":"b9d77ef1-8127-4d48-b2bf-20a1a53b8914","block_type":"box","text":"debt markets may react strongly to expectations of c","page_number":151,"box":{"x":116,"y":537,"width":381,"height":12}},{"id":"eacb25c4-a1c7-4a1b-a95c-ed8437427412","block_type":"box","text":"hange, which could increase volatility, especially if","page_number":151,"box":{"x":498,"y":537,"width":367,"height":12}},{"id":"eadfc4ce-7d0e-482c-9a2b-685b864d02f3","block_type":"box","text":"the market’s expectations are not borne out. A rise in","page_number":151,"box":{"x":116,"y":552,"width":384,"height":12}},{"id":"cc8b32fb-5f70-40df-8c0b-3b6f7b9034eb","block_type":"box","text":"protectionist trade policies, and the possibility of","page_number":151,"box":{"x":501,"y":552,"width":357,"height":12}},{"id":"efb00b62-3e94-4b6e-a5f7-4c722a993293","block_type":"box","text":"changes to some international trade agreements, coul","page_number":151,"box":{"x":116,"y":568,"width":392,"height":12}},{"id":"b62b8602-2f34-4146-bcc7-d093b698075a","block_type":"box","text":"d affect the economies of many nations in ways","page_number":151,"box":{"x":509,"y":568,"width":350,"height":12}},{"id":"b360a17e-6e5f-4e70-8157-ae47a8f744b0","block_type":"box","text":"that cannot necessarily be foreseen at the present","page_number":151,"box":{"x":116,"y":583,"width":370,"height":12}},{"id":"e9503c5a-4619-404d-a88a-8727c5012839","block_type":"box","text":"time. In addition, geopolitical and other risks, including","page_number":151,"box":{"x":486,"y":583,"width":398,"height":12}},{"id":"52773da6-4d43-4e48-ae4f-9ea450333b44","block_type":"box","text":"environmental and public health, may add to instability in world economies and markets generally.","page_number":151,"box":{"x":116,"y":599,"width":716,"height":12}},{"id":"722c85de-e002-456e-a34b-bf5907be56fe","block_type":"box","text":"Economies and financial markets throughout the world","page_number":151,"box":{"x":117,"y":614,"width":400,"height":12}},{"id":"f192387a-fc52-4379-a444-49af066e3a46","block_type":"box","text":"are increasingly interconnected. As a result,","page_number":151,"box":{"x":517,"y":614,"width":323,"height":12}},{"id":"43511490-4c31-41a5-ac6b-7765cee1ecd1","block_type":"box","text":"whether or not a Fund invests in securities of issuers","page_number":151,"box":{"x":116,"y":630,"width":388,"height":9}},{"id":"1c7d4770-5e3f-4507-9094-41373bd5277d","block_type":"box","text":"located in or with significant exposure to countries","page_number":151,"box":{"x":504,"y":630,"width":367,"height":12}},{"id":"40c50162-9414-42e0-8a95-037d144ca54d","block_type":"box","text":"experiencing economic, political and/or financial di","page_number":151,"box":{"x":116,"y":645,"width":364,"height":12}},{"id":"00f2768d-6557-476e-8f4c-f88232915233","block_type":"box","text":"fficulties, the value and liquidity of the Fund’s","page_number":151,"box":{"x":481,"y":645,"width":330,"height":12}},{"id":"b7a3e51c-2340-4986-8331-27828b62fdc5","block_type":"box","text":"investments may be negatively affected by such events.","page_number":151,"box":{"x":117,"y":661,"width":405,"height":12}},{"id":"fe4dd18f-4392-46d5-912c-3834189ba356","block_type":"box","text":"Governments and regulators may take actions that affect the regulation of the Fund or the instruments","page_number":151,"box":{"x":117,"y":692,"width":757,"height":12}},{"id":"7a67ceee-fa32-4fbc-8ba6-9f21f15a1450","block_type":"box","text":"in which the Fund invests, or the issuers of such instruments, in ways that are unforeseeable. Future","page_number":151,"box":{"x":117,"y":707,"width":745,"height":12}},{"id":"8abdf3b8-39d8-4fd8-9b46-a7aa0a6e3e9a","block_type":"box","text":"legislation or regulation or other governmental actions could limit or preclude the Fund’s abilities to","page_number":151,"box":{"x":117,"y":723,"width":729,"height":12}},{"id":"870bc915-c9d2-422d-958a-83b1e64895ca","block_type":"box","text":"achieve its investment objectives or otherwise adversely impact an investment in the Fund. Recent","page_number":151,"box":{"x":116,"y":738,"width":733,"height":12}},{"id":"53a454d1-c3e2-422c-a620-22597fd37ce4","block_type":"box","text":"policy initiatives undertaken by the U.S. government have the potential to impact international relations,","page_number":151,"box":{"x":117,"y":754,"width":764,"height":12}},{"id":"7502c873-985d-46ad-9d7d-6dbfb015e694","block_type":"box","text":"trade agreements and the overall regulatory environment in ways that could create uncertainty and","page_number":151,"box":{"x":116,"y":769,"width":732,"height":12}},{"id":"40acbe73-cd9b-4f5f-9b3e-0674ed4846b3","block_type":"box","text":"instability in domestic and global markets, and could adversely affect the investment performance of","page_number":151,"box":{"x":117,"y":785,"width":742,"height":12}},{"id":"68a91086-4697-420d-aefe-b9ddf8b1fecb","block_type":"box","text":"the Fund. In particular, actions taken by the U.S. government in respect of international trade relations","page_number":151,"box":{"x":116,"y":800,"width":757,"height":12}},{"id":"a0ebb429-1a48-4d9b-8176-937f5dbfb19e","block_type":"box","text":"could lead to trade wars, increased costs for imported goods, disruptions in supply chains, reduced","page_number":151,"box":{"x":116,"y":816,"width":734,"height":12}},{"id":"3e58c7e7-605a-4693-86ec-98ae306d66c7","block_type":"box","text":"foreign investment, and instability in regions where the Fund invests. Political and diplomatic events","page_number":151,"box":{"x":116,"y":831,"width":744,"height":12}},{"id":"751ece23-ebab-4400-b43a-9212f495b110","block_type":"box","text":"within the United States, including a contentious domestic political environment, changes in political","page_number":151,"box":{"x":116,"y":847,"width":743,"height":12}},{"id":"dee99736-f233-4316-8bd3-c0c4d05d2b3f","block_type":"box","text":"party control of one or more branches of the U.S. Government, the U.S. Government’s inability at times","page_number":151,"box":{"x":117,"y":862,"width":770,"height":12}},{"id":"568179f1-4b36-4899-8d45-abe7eb746361","block_type":"box","text":"to agree on a long-term budget and deficit reduction plan, the threat of a U.S. Government shutdown,","page_number":151,"box":{"x":116,"y":878,"width":757,"height":12}},{"id":"636c156b-fc9d-41c2-883a-304370791aa5","block_type":"box","text":"II-86","page_number":151,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"2a73b354-fb76-4de0-8bac-62f926373d54","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":151,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"c4ec9d98-ebd3-4ce0-b98a-ead408ecaaa3","block_type":"box","text":"and disagreements over, or threats not to increase, the U.S. Government’s borrowing limit (or “debt","page_number":152,"box":{"x":116,"y":87,"width":742,"height":12}},{"id":"edbb906c-9dbe-409d-ac30-1020ba694465","block_type":"box","text":"ceiling”), as well as political and diplomatic events abroad, may affect investor and consumer","page_number":152,"box":{"x":116,"y":102,"width":694,"height":13}},{"id":"7ff053af-1ad4-4258-b441-66d7f93de22d","block_type":"box","text":"confidence and may adversely impact financial markets and the broader economy, perhaps suddenly","page_number":152,"box":{"x":116,"y":118,"width":756,"height":12}},{"id":"b0023229-9446-4947-9359-f5577fb88b4b","block_type":"box","text":"and to a significant degree. A downgrade of the ratings of U.S. Government debt obligations, or","page_number":152,"box":{"x":116,"y":134,"width":713,"height":12}},{"id":"48eaaa93-cff8-4559-814c-be234541e1f9","block_type":"box","text":"concerns about the U.S. Government’s credit quality in general, could have a substantial negative","page_number":152,"box":{"x":116,"y":149,"width":730,"height":12}},{"id":"e8264d79-2e43-4170-8864-439cd58b1f0a","block_type":"box","text":"effect on the U.S. and global economies. For example, concerns about the U.S. Government’s credit","page_number":152,"box":{"x":116,"y":165,"width":751,"height":12}},{"id":"a67a8ed8-760f-4e81-b5c3-ba1f2a9d2c74","block_type":"box","text":"quality may cause increased volatility in the stock and bond markets, higher interest rates, reduced","page_number":152,"box":{"x":116,"y":180,"width":739,"height":12}},{"id":"ea9b023d-427d-4581-86c9-508f262251c3","block_type":"box","text":"prices and liquidity of U.S. Treasury securities, and/or increased costs of various kinds of debt.","page_number":152,"box":{"x":117,"y":196,"width":706,"height":12}},{"id":"32292442-a5cb-4f9b-816e-ccf6c832139f","block_type":"box","text":"Moreover, although the U.S. Government has honored its credit obligations, there remains a possibility","page_number":152,"box":{"x":117,"y":211,"width":766,"height":12}},{"id":"4d047624-eb3f-4c3d-a4fe-72090834ac62","block_type":"box","text":"that the United States could default on its obligations. The consequences of such an unprecedented","page_number":152,"box":{"x":116,"y":227,"width":747,"height":12}},{"id":"63544bdc-6347-406c-9dde-a9e4bc9fa44f","block_type":"box","text":"event are impossible to predict, but it is likely that a default by the United States would be highly","page_number":152,"box":{"x":116,"y":242,"width":716,"height":12}},{"id":"92828337-0af4-40aa-8a9c-5946bcfe5629","block_type":"box","text":"disruptive to the U.S. and global securities markets and could significantly impair the value of the","page_number":152,"box":{"x":116,"y":258,"width":723,"height":12}},{"id":"fffb8a0f-f9b4-4e5b-9642-c2c42cf4855d","block_type":"box","text":"Fund’s investments.","page_number":152,"box":{"x":117,"y":273,"width":153,"height":10}},{"id":"e57a8c33-28d4-4224-abc8-519525282c54","block_type":"box","text":"The COVID-19 pandemic resulted in significant market volatility, exchange suspensions and closures,","page_number":152,"box":{"x":116,"y":300,"width":761,"height":12}},{"id":"df998595-813c-4eb8-9846-a0741cc5cf14","block_type":"box","text":"declines in global financial markets, higher default rates, supply chain disruptions, and a substantial","page_number":152,"box":{"x":116,"y":316,"width":743,"height":12}},{"id":"b111e1e4-ee68-485b-98cc-a9730453af5e","block_type":"box","text":"economic downturn in economies throughout the world. The impact of this coronavirus, and other","page_number":152,"box":{"x":116,"y":331,"width":727,"height":12}},{"id":"f19858f9-1595-4185-bf5a-17bc0280663b","block_type":"box","text":"epidemics and pandemics that may arise in the future, could affect the economies of many nations,","page_number":152,"box":{"x":116,"y":347,"width":741,"height":12}},{"id":"12edb6a2-e377-48ab-b33c-fa6a2b71fe52","block_type":"box","text":"individual companies and the market in general in ways that cannot necessarily be foreseen at the","page_number":152,"box":{"x":117,"y":362,"width":733,"height":12}},{"id":"f43e90ff-17d1-432a-81a9-5043dbe71b1b","block_type":"box","text":"present time. These health crises may be short term or long term, and may exacerbate other pre","page_number":152,"box":{"x":117,"y":378,"width":721,"height":12}},{"id":"7731a733-2235-4888-9042-e970272112be","block_type":"box","text":"existing political, social and economic risks, disrupt normal market conditions and operations, and","page_number":152,"box":{"x":116,"y":393,"width":729,"height":12}},{"id":"cf6ba514-248f-4a38-a981-79c49defa35e","block_type":"box","text":"negatively impact performance. In addition, the impact of infectious diseases in emerging developing or","page_number":152,"box":{"x":117,"y":409,"width":771,"height":12}},{"id":"cfc0c760-ca18-4e81-84b0-6a3ac0db7eb4","block_type":"box","text":"emerging market countries may be greater due to less established health care systems.","page_number":152,"box":{"x":116,"y":424,"width":657,"height":12}},{"id":"306f2d02-bc29-4331-bab1-87e99600d642","block_type":"box","text":"Legal and Regulatory Risks","page_number":152,"box":{"x":116,"y":451,"width":205,"height":12}},{"id":"f2aa3334-394d-47a2-9552-f899f0a8bf87","block_type":"box","text":". The Manager is part of a larger firm with multiple business lines active in","page_number":152,"box":{"x":323,"y":451,"width":550,"height":12}},{"id":"236f2ae9-788b-491b-be12-2fd125f69270","block_type":"box","text":"multiple jurisdictions that are governed by a multitude of legal systems and regulatory regimes, some","page_number":152,"box":{"x":117,"y":467,"width":753,"height":12}},{"id":"89b386a4-6d80-4262-81ce-36242128c091","block_type":"box","text":"of which are new and evolving. As a result, the Funds and the Manager and its affiliates are subject to","page_number":152,"box":{"x":116,"y":482,"width":761,"height":12}},{"id":"3a941378-5e53-4180-9c33-c48863c16dd4","block_type":"box","text":"extensive and sophisticated legal, tax and regulatory risks, including changing laws and regulations,","page_number":152,"box":{"x":116,"y":498,"width":746,"height":12}},{"id":"8d2ea32d-98ca-4872-86dc-12bb589ad6ef","block_type":"box","text":"developing interpretations of such laws and regulations, as well as existing laws, and increased","page_number":152,"box":{"x":116,"y":513,"width":712,"height":12}},{"id":"cbabde77-3e17-48cb-aca0-a2a5173fd8bd","block_type":"box","text":"scrutiny by regulators and law enforcement authorities. Unexpected economic, political, regulatory and","page_number":152,"box":{"x":116,"y":529,"width":766,"height":12}},{"id":"67804284-3727-4b53-b719-9448eeb9ed15","block_type":"box","text":"diplomatic events within the United States and abroad can trigger new and complex regulations that","page_number":152,"box":{"x":116,"y":544,"width":745,"height":12}},{"id":"f0e37dae-e4e7-4f36-b5e4-1d59194f52f6","block_type":"box","text":"the Manager and/or the Funds may need to comply with. The implementation of changes to comply","page_number":152,"box":{"x":116,"y":560,"width":742,"height":12}},{"id":"55edf9b8-a1fd-4d60-a57d-f6a8c97cd7ea","block_type":"box","text":"with current and/or new regulations applicable to the Funds and/or the Manager could have a material","page_number":152,"box":{"x":116,"y":576,"width":761,"height":11}},{"id":"1e598168-e89b-4786-a926-e30030515647","block_type":"box","text":"adverse effect on the Funds (including by imposing material costs on the Funds, reducing profit","page_number":152,"box":{"x":116,"y":591,"width":712,"height":12}},{"id":"3dc653a8-90b2-4b99-99ae-40dc6e6a838d","block_type":"box","text":"margins, reducing investment opportunities or by otherwise restricting the Funds and/or the Manager).","page_number":152,"box":{"x":117,"y":606,"width":762,"height":12}},{"id":"570f8f7b-1072-4c23-b1fe-1c3ee2754a3c","block_type":"box","text":"Tariff and Trade Policy Risks","page_number":152,"box":{"x":118,"y":634,"width":213,"height":12}},{"id":"5d02955c-6b62-40cf-84ea-8cccc8a94e9b","block_type":"box","text":". Some countries, including the U.S., have adopted more protectionist","page_number":152,"box":{"x":332,"y":634,"width":521,"height":12}},{"id":"73c53d98-5371-41bc-ae4a-b418beecb473","block_type":"box","text":"trade policies. The U.S. government recently altered its approach to international trade policy, resulting","page_number":152,"box":{"x":116,"y":649,"width":768,"height":12}},{"id":"a361fbe2-e74c-42ce-9a40-cfdd535fd5c2","block_type":"box","text":"in significant impacts on international trade relations, certain tax and immigration policies, and other","page_number":152,"box":{"x":117,"y":665,"width":738,"height":12}},{"id":"50fa253b-716b-4c5d-b783-bedf5c372a26","block_type":"box","text":"aspects of the national and international political and financial landscape. The rise in protectionist trade","page_number":152,"box":{"x":116,"y":680,"width":764,"height":12}},{"id":"4127aaf3-be54-4755-abf3-49e1288c38f0","block_type":"box","text":"policies, slowing economic growth, changes to some major international trade agreements, risks","page_number":152,"box":{"x":117,"y":696,"width":713,"height":12}},{"id":"cc07decc-c2e3-4ee3-866e-b5672bf0de9b","block_type":"box","text":"associated with trade agreements between the U.S. and the European Union, and the risks associated","page_number":152,"box":{"x":116,"y":711,"width":761,"height":12}},{"id":"5d5324de-c234-4721-9fc3-268d7ea9b28e","block_type":"box","text":"with trade negotiations between the U.S. and China, could affect the economies of many nations in","page_number":152,"box":{"x":116,"y":727,"width":733,"height":12}},{"id":"df9a79a8-aea7-4c21-8cee-4b1ef0f33c82","block_type":"box","text":"ways that cannot necessarily be foreseen at the present time.","page_number":152,"box":{"x":116,"y":742,"width":456,"height":12}},{"id":"a8b28ee7-f466-44bc-8d8f-fecec07b0c82","block_type":"box","text":"Global trade disruption, significant introductions of trade barriers, and bilateral trade frictions, together","page_number":152,"box":{"x":117,"y":769,"width":754,"height":12}},{"id":"e7d61f54-6718-41b7-9a82-ccf259511fb3","block_type":"box","text":"with any future downturns in the global economy resulting therefrom, could adversely affect the","page_number":152,"box":{"x":116,"y":785,"width":705,"height":12}},{"id":"51d9eda7-44d3-4102-b267-81fba2f83448","block_type":"box","text":"financial performance of a Fund and its investments. Trade policy may be an ongoing source of","page_number":152,"box":{"x":116,"y":800,"width":709,"height":12}},{"id":"cd88acbc-93d8-4a38-8884-5f6495fc9d5c","block_type":"box","text":"instability, potentially resulting in significant currency fluctuations and/or having other adverse effects","page_number":152,"box":{"x":117,"y":816,"width":745,"height":12}},{"id":"662e5ff7-faec-401f-a98f-1c0bf19555f8","block_type":"box","text":"on international markets, international trade agreements, and/or other existing cross-border","page_number":152,"box":{"x":116,"y":831,"width":683,"height":12}},{"id":"1bd9be5b-f51f-4d84-98dc-554759a6b5e5","block_type":"box","text":"cooperation arrangements (whether economic, tax, fiscal, legal, regulatory, or otherwise). To the extent","page_number":152,"box":{"x":116,"y":847,"width":771,"height":12}},{"id":"79f9ae34-1be2-4aa8-bbca-9141688a38a7","block_type":"box","text":"trade disputes escalate globally, there could be additional significant impacts on the sectors or","page_number":152,"box":{"x":116,"y":862,"width":704,"height":12}},{"id":"cc54b5da-9f2c-4e35-a4ef-967a98b57e23","block_type":"box","text":"industries in which a Fund invests and other adverse impacts on a Fund’s overall performance.","page_number":152,"box":{"x":117,"y":878,"width":709,"height":12}},{"id":"c274ee47-604b-4903-a167-16e7529c2c45","block_type":"box","text":"II-87","page_number":152,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"f6799ed1-c22e-4afb-a629-7fa3d0d4b38e","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":152,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"4b33ea35-3066-470f-8050-89ac05acaead","block_type":"box","text":"Geographic Risks","page_number":153,"box":{"x":117,"y":87,"width":131,"height":12}},{"id":"952c3073-5bee-435a-a150-229742380fc9","block_type":"box","text":". Some of the companies in which the Fund invests may be located in, or otherwise","page_number":153,"box":{"x":250,"y":87,"width":621,"height":12}},{"id":"933a9670-c529-4ea1-baf2-cbb6edf53972","block_type":"box","text":"connected to, parts of the world affected by natural disasters such as severe heat, earthquakes,","page_number":153,"box":{"x":116,"y":102,"width":717,"height":13}},{"id":"eec4cd68-dd21-4a25-af4e-fb4a39aabe18","block_type":"box","text":"tornadoes, volcanic eruptions, wildfires, droughts, floods, hurricanes or tsunamis, and are economically","page_number":153,"box":{"x":116,"y":118,"width":771,"height":12}},{"id":"23855d4e-e1cd-468a-8cbb-5aeacd2a8b1f","block_type":"box","text":"sensitive to environmental events. In addition, issuers may be impacted by security concerns with","page_number":153,"box":{"x":116,"y":134,"width":729,"height":12}},{"id":"6b512382-03d2-4e55-bcd2-3405022ac67f","block_type":"box","text":"respect to a country or region, such as war and other types of conflict, terrorism, strained international","page_number":153,"box":{"x":117,"y":149,"width":760,"height":12}},{"id":"8eec75f4-0f58-4b7a-b075-2a11615bbd65","block_type":"box","text":"relations and territorial disputes. Any of these events may adversely affect the issuers, markets and","page_number":153,"box":{"x":117,"y":165,"width":742,"height":12}},{"id":"b8f1f499-9f1a-4ebc-bca1-90bf6f1d6671","block_type":"box","text":"economies to which a Fund is exposed, which may adversely affect the value of the Fund.","page_number":153,"box":{"x":116,"y":180,"width":673,"height":12}},{"id":"23cd3aed-6bbe-440e-ad40-9bb54e7f24f5","block_type":"box","text":"Reference Rate Replacement Risk.","page_number":153,"box":{"x":116,"y":211,"width":275,"height":12}},{"id":"f51d1ff6-71cc-4961-8c13-1fc27efe78b0","block_type":"box","text":"The London Interbank Offered Rate (“LIBOR”) had historically","page_number":153,"box":{"x":393,"y":211,"width":469,"height":12}},{"id":"155816a7-68c7-4797-b355-d7aab6396be7","block_type":"box","text":"been used extensively in the U.S. and globally as a “benchmark” or “reference rate” for various","page_number":153,"box":{"x":117,"y":227,"width":707,"height":12}},{"id":"a677a593-2879-4e02-9753-9fdb913502c6","block_type":"box","text":"commercial and financial contracts, including corporate and municipal bonds, bank loans, asset","page_number":153,"box":{"x":116,"y":242,"width":714,"height":12}},{"id":"8e060c48-ecb2-4f24-a40a-f9ead04176ed","block_type":"box","text":"backed and mortgage-related securities, interest rate swaps and other derivatives. Instruments in","page_number":153,"box":{"x":117,"y":258,"width":726,"height":12}},{"id":"54e47f72-ce6d-40aa-81ad-a619f116da65","block_type":"box","text":"which a Fund may have historically paid interest at floating rates based on LIBOR or may have been","page_number":153,"box":{"x":116,"y":273,"width":750,"height":12}},{"id":"87be4a3a-9fbf-4c57-9c68-fb6c168a89fc","block_type":"box","text":"subject to interest caps or floors based on LIBOR. The Funds and issuers of instruments in which a","page_number":153,"box":{"x":116,"y":289,"width":742,"height":12}},{"id":"53a3e758-0832-4880-9f1c-7bf4aee54b3a","block_type":"box","text":"Fund invests may have also historically obtained financing at floating rates based on LIBOR. In","page_number":153,"box":{"x":117,"y":304,"width":709,"height":12}},{"id":"b0d6525f-30a5-4f12-abcd-279e0906422b","block_type":"box","text":"connection with the global transition away from LIBOR led by regulators and market participants as a","page_number":153,"box":{"x":116,"y":320,"width":754,"height":12}},{"id":"fa0fa51a-69ef-4a88-ac4c-e9f91e4f8994","block_type":"box","text":"result of benchmark reforms, LIBOR was last published on a representative basis at the end of June","page_number":153,"box":{"x":117,"y":335,"width":748,"height":12}},{"id":"ab587219-aabd-44d9-a275-09d0a6a0fee9","block_type":"box","text":"2023. Alternative reference rates to LIBOR have been established in most major currencies and","page_number":153,"box":{"x":116,"y":351,"width":717,"height":12}},{"id":"702b20c2-89ba-4186-bfe8-c278cf777557","block_type":"box","text":"markets in these alternative rates are continuing to develop (","page_number":153,"box":{"x":117,"y":366,"width":449,"height":12}},{"id":"c43811bc-0c29-4f20-8a8c-35d1aa055a12","block_type":"box","text":"e.g.","page_number":153,"box":{"x":568,"y":369,"width":25,"height":9}},{"id":"51d92d23-019e-48f9-a80f-1a24347d806d","block_type":"box","text":", the Secured Overnight Financing","page_number":153,"box":{"x":596,"y":366,"width":259,"height":12}},{"id":"48fda808-11fa-42a0-bb0a-e6e3af48d17c","block_type":"box","text":"Rate (“SOFR”) for USD-LIBOR). While the transition from LIBOR has gone relatively smoothly, residual","page_number":153,"box":{"x":117,"y":382,"width":771,"height":12}},{"id":"e4b6e806-6980-4ab6-9ab3-d11969dfba7a","block_type":"box","text":"risks associated with the transition may remain that may impact markets or particular investments and,","page_number":153,"box":{"x":117,"y":397,"width":765,"height":12}},{"id":"0331f662-96ca-47f0-af21-c4c970cee103","block_type":"box","text":"as such, the full impact of the transition on the Funds or the financial instruments in which the Funds","page_number":153,"box":{"x":116,"y":413,"width":749,"height":12}},{"id":"0dc3cdd1-eaf4-4d5d-8b50-380f22c4d956","block_type":"box","text":"invest cannot yet be fully determined.","page_number":153,"box":{"x":117,"y":428,"width":281,"height":12}},{"id":"25469b46-35aa-4e88-8519-464d0af00984","block_type":"box","text":"SOFR is intended to be a broad measure of the cost of","page_number":153,"box":{"x":116,"y":459,"width":400,"height":10}},{"id":"8b1204fc-4a97-4fab-9753-435850ae3cce","block_type":"box","text":"f borrowing funds overnight in transactions that are","page_number":153,"box":{"x":515,"y":459,"width":370,"height":12}},{"id":"cf148ad3-f787-46f5-a363-7d7280212aad","block_type":"box","text":"collateralized by U.S. Treasury securities . SOFR","page_number":153,"box":{"x":116,"y":475,"width":357,"height":12}},{"id":"24d1300f-8418-4f54-ae74-ed54e6d10037","block_type":"box","text":"R is calculated based on transaction-level repo data","page_number":153,"box":{"x":473,"y":475,"width":370,"height":12}},{"id":"2b889ecd-de0a-44be-adda-1ba2dd33f66d","block_type":"box","text":"collected from various sources. For each trading day,","page_number":153,"box":{"x":116,"y":490,"width":391,"height":12}},{"id":"e3649fcf-cdf2-4f4b-aa20-16c44a7fc071","block_type":"box","text":"SOFR is calculated as a volume-weighted median","page_number":153,"box":{"x":508,"y":490,"width":368,"height":12}},{"id":"ac7218af-6691-4475-966d-dab7fa754f57","block_type":"box","text":"rate derived from such data. Because SOFR is a financing rate based on overnight secured funding","page_number":153,"box":{"x":117,"y":506,"width":728,"height":12}},{"id":"269400ab-aca4-4641-90d4-ce5e413281fe","block_type":"box","text":"transactions, it differs fundamentally from LIBOR.","page_number":153,"box":{"x":116,"y":521,"width":357,"height":12}},{"id":"71df7a51-6657-4c85-b7ba-4dec3c8f1047","block_type":"box","text":"LIBOR is intended to be an unsecured rate that","page_number":153,"box":{"x":474,"y":521,"width":354,"height":10}},{"id":"90331a3f-8020-4dc0-9d9e-fea6f5d4377c","block_type":"box","text":"represents interbank funding costs for different short-term","page_number":153,"box":{"x":117,"y":537,"width":422,"height":12}},{"id":"cecdd656-aaaf-4156-96c7-f73c2ea40e9b","block_type":"box","text":"maturities or tenors. It is a forward-looking rate","page_number":153,"box":{"x":540,"y":537,"width":343,"height":12}},{"id":"6a8425d2-6d7e-4ef0-abc1-69f2e75adcbb","block_type":"box","text":"reflecting expectations regarding interest rates for the applicable tenor. Thus, LIBOR is intended to be","page_number":153,"box":{"x":117,"y":552,"width":742,"height":12}},{"id":"5a131e38-6caa-413f-9286-0ab2d0b63c32","block_type":"box","text":"sensitive, in certain respects, to bank credit risk and to","page_number":153,"box":{"x":116,"y":568,"width":394,"height":12}},{"id":"2990a24e-e337-46b0-b13d-008d687c32ee","block_type":"box","text":"term interest rate risk.","page_number":153,"box":{"x":510,"y":568,"width":169,"height":9}},{"id":"763ce907-ac98-404f-948d-609d65e45949","block_type":"box","text":"In contrast, SOFR is a","page_number":153,"box":{"x":680,"y":568,"width":165,"height":11}},{"id":"8490f166-f645-4455-a916-cd44bb3060d7","block_type":"box","text":"secured overnight rate reflecting the credit of U.S. Tr","page_number":153,"box":{"x":116,"y":583,"width":382,"height":12}},{"id":"b3abac3b-935f-444a-8865-bf9f6ef200c6","block_type":"box","text":"easury securities as collateral. Thus, it is largely","page_number":153,"box":{"x":498,"y":583,"width":352,"height":12}},{"id":"a67592a0-473b-4c18-85dc-6fd1c540b7d9","block_type":"box","text":"insensitive to credit-risk considerations and to short-te","page_number":153,"box":{"x":117,"y":599,"width":390,"height":9}},{"id":"c774374b-b3fc-4f4c-b6de-c3932a42ef63","block_type":"box","text":"rm interest rate risks. SOFR is a transaction-based","page_number":153,"box":{"x":509,"y":599,"width":373,"height":9}},{"id":"ef491687-3b3a-4559-a055-d9e7547687ce","block_type":"box","text":"rate, and it has been more volatile than other benchmark","page_number":153,"box":{"x":117,"y":614,"width":416,"height":11}},{"id":"6177b4e8-8609-478d-bc62-d3d031c60f01","block_type":"box","text":"or market rates, such as three-month LIBOR,","page_number":153,"box":{"x":534,"y":614,"width":333,"height":11}},{"id":"bc435ff1-6c17-45cb-904f-80a50820fed9","block_type":"box","text":"during certain periods. For these reasons, among other","page_number":153,"box":{"x":116,"y":630,"width":402,"height":12}},{"id":"870a1a25-49b9-475d-bd84-4ef7289f5cbe","block_type":"box","text":"s, there is no assurance that SOFR, or rates","page_number":153,"box":{"x":518,"y":630,"width":326,"height":11}},{"id":"bbf9d004-aef0-471d-abea-b26cb583a4d1","block_type":"box","text":"derived from SOFR, will perform in the same or simila","page_number":153,"box":{"x":116,"y":645,"width":390,"height":12}},{"id":"f484eb74-fe54-4530-b462-666062bc645b","block_type":"box","text":"r way as LIBOR would have performed at any time,","page_number":153,"box":{"x":507,"y":645,"width":377,"height":12}},{"id":"357df219-3b8f-4720-af26-85b7b9c45e6b","block_type":"box","text":"and there is no assurance that SOFR-based rates will","page_number":153,"box":{"x":116,"y":661,"width":389,"height":9}},{"id":"f1059ad9-dc26-4b13-96ab-05870a6d1b5e","block_type":"box","text":"be a suitable substitute for LIBOR. SOFR has a","page_number":153,"box":{"x":512,"y":661,"width":345,"height":9}},{"id":"5b9ed5a1-ae76-4e26-94fc-3c28d9bc020d","block_type":"box","text":"relatively limited history, having been first published","page_number":153,"box":{"x":117,"y":676,"width":372,"height":12}},{"id":"8048d52b-30a2-4f4e-b19f-d836c56a6eff","block_type":"box","text":"in April 2018. The future performance of SOFR, and","page_number":153,"box":{"x":495,"y":676,"width":377,"height":12}},{"id":"50804c4c-710f-4170-ad4a-c8787bbdfea6","block_type":"box","text":"SOFR-based reference rates, cannot be predicted bas","page_number":153,"box":{"x":116,"y":692,"width":396,"height":12}},{"id":"df2b7810-21d0-46a4-9116-b519afa78657","block_type":"box","text":"ed on SOFR’s history or otherwise. Levels of","page_number":153,"box":{"x":513,"y":692,"width":326,"height":12}},{"id":"0663a84e-1662-4309-bb3d-8f52622d8c13","block_type":"box","text":"SOFR in the future may bear little or no relation to hi","page_number":153,"box":{"x":116,"y":707,"width":379,"height":12}},{"id":"db564f00-11f0-47b9-b31f-6266f6f103c0","block_type":"box","text":"storical levels of SOFR,","page_number":153,"box":{"x":496,"y":707,"width":170,"height":11}},{"id":"ae3b1dc6-fa75-40ad-9a03-2aeadb846732","block_type":"box","text":"LIBOR or other rates. There","page_number":153,"box":{"x":673,"y":707,"width":203,"height":10}},{"id":"f50cea74-68e0-4bfc-abe6-91f988212a90","block_type":"box","text":"can also be no assurance that SOFR will not be discont","page_number":153,"box":{"x":116,"y":723,"width":404,"height":9}},{"id":"d8ca3a0e-b8ad-4126-b04a-894b6f236ff6","block_type":"box","text":"inued or fundamentally alter","page_number":153,"box":{"x":521,"y":723,"width":202,"height":12}},{"id":"b3145fc9-8e1d-4960-8390-d2001f5ac34a","block_type":"box","text":"ed in a manner that is","page_number":153,"box":{"x":724,"y":723,"width":157,"height":9}},{"id":"1cb2ea6e-b1ff-44eb-bbae-2ef7d07f1a16","block_type":"box","text":"materially adverse to the interests of the Fund.","page_number":153,"box":{"x":117,"y":738,"width":336,"height":12}},{"id":"b6b03ec1-288f-4276-8552-128cfd360e6e","block_type":"box","text":"In addition, interest rates or other types of rates and indices which are classified as “benchmarks” have","page_number":153,"box":{"x":117,"y":769,"width":763,"height":12}},{"id":"97bdce14-9f16-4216-9b32-0c81ba789ab0","block_type":"box","text":"been the subject of ongoing national and international regulatory reform, including under the European","page_number":153,"box":{"x":117,"y":785,"width":759,"height":12}},{"id":"43465f9a-7ea7-43cb-8152-454e18c73da2","block_type":"box","text":"Union (“EU”) regulation on indices used as benchmarks in financial instruments and financial contracts","page_number":153,"box":{"x":117,"y":800,"width":759,"height":12}},{"id":"004e1d4b-fdec-42a1-ad87-4392466780d4","block_type":"box","text":"(known as the “Benchmarks Regulation”). The Benchmarks Regulation has been enacted into United","page_number":153,"box":{"x":117,"y":816,"width":748,"height":12}},{"id":"f1e3fc95-2445-48ba-97f4-a83fcf3fea4d","block_type":"box","text":"Kingdom (“UK”) law by virtue of the EU (Withdrawal) Act 2018 (as amended), subject to amendments","page_number":153,"box":{"x":117,"y":831,"width":756,"height":12}},{"id":"2de8ffd5-dfc2-4716-afb7-1c24299ee980","block_type":"box","text":"made by the Benchmarks (Amendment and Transitional Provision) (EU Exit) Regulations 2019 (SI","page_number":153,"box":{"x":117,"y":847,"width":733,"height":12}},{"id":"809c5193-b47b-490e-9a75-f184688ea70c","block_type":"box","text":"2019/657) and other statutory instruments. Following the implementation of these reforms, the manner","page_number":153,"box":{"x":116,"y":862,"width":765,"height":12}},{"id":"8a652c6e-163b-47d3-a24b-59db9aab51f8","block_type":"box","text":"of administration of benchmarks has changed and may further change in the future, with the result that","page_number":153,"box":{"x":116,"y":878,"width":766,"height":12}},{"id":"1f365049-d1be-44db-9dbf-b16f002c5543","block_type":"box","text":"II-88","page_number":153,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"8ec364ec-ac34-4edc-b206-991de31e9bd0","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":153,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"c68d169a-1458-496b-835f-730916020552","block_type":"box","text":"relevant benchmarks may perform differently than in the past, the use of benchmarks that are not","page_number":154,"box":{"x":117,"y":87,"width":726,"height":12}},{"id":"557869ca-f6b9-4b5b-b6d6-9bc985fb97ae","block_type":"box","text":"compliant with the new standards by certain supervised entities may be restricted, and certain","page_number":154,"box":{"x":116,"y":103,"width":702,"height":12}},{"id":"2544d6e0-0170-47b3-8752-44b735a7a737","block_type":"box","text":"benchmarks may be eliminated entirely. Such changes could cause increased market volatility and","page_number":154,"box":{"x":117,"y":118,"width":737,"height":12}},{"id":"093b567e-d284-4b0b-9d05-a090765874d7","block_type":"box","text":"disruptions in liquidity for instruments that rely on or are impacted by such benchmarks. Additionally,","page_number":154,"box":{"x":116,"y":134,"width":749,"height":12}},{"id":"b2256fca-1553-4a12-a358-f3e41d56c32f","block_type":"box","text":"there could be other consequences which cannot be predicted.","page_number":154,"box":{"x":116,"y":149,"width":472,"height":12}},{"id":"ccd55e56-7871-43e2-ae30-8974ca6ca2b1","block_type":"box","text":"Repurchase Agreements and Purchase and Sale Contracts.","page_number":154,"box":{"x":116,"y":179,"width":479,"height":12}},{"id":"4fc4b507-6e8b-45ad-abd4-72ea0ec3eaa4","block_type":"box","text":"Under repurchase agreements and","page_number":154,"box":{"x":597,"y":180,"width":264,"height":11}},{"id":"92676b8c-d9a9-4df9-a00a-7a30c0a61e40","block_type":"box","text":"purchase and sale contracts, the other party agrees, upon entering into the contract with a Fund, to","page_number":154,"box":{"x":117,"y":194,"width":740,"height":12}},{"id":"61b16bb5-a06f-43f9-9cea-6715fe73f0a4","block_type":"box","text":"repurchase a security sold to the Fund at a mutually agreed-upon time and price in a specified","page_number":154,"box":{"x":117,"y":209,"width":703,"height":12}},{"id":"e5d923db-9ac6-4cee-9241-1987e27aff89","block_type":"box","text":"currency, thereby determining the yield during the term of the agreement.","page_number":154,"box":{"x":116,"y":224,"width":549,"height":12}},{"id":"2f656e7f-e4eb-4e87-bd59-f572724af076","block_type":"box","text":"A purchase and sale contract differs from a repurchase agreement in that the contract arrangements","page_number":154,"box":{"x":116,"y":254,"width":751,"height":12}},{"id":"4460921d-d007-4d60-85fc-21107746ec6a","block_type":"box","text":"stipulate that securities are owned by the Fund and the purchaser receives any interest on the security","page_number":154,"box":{"x":116,"y":269,"width":766,"height":12}},{"id":"0fae7bb7-186e-49d0-9713-c09f77ce6b75","block_type":"box","text":"paid during the period. In the case of repurchase agreements, the prices at which the trades are","page_number":154,"box":{"x":117,"y":284,"width":717,"height":12}},{"id":"244d7f5a-ec3d-4b1b-ae1e-0184f7651d81","block_type":"box","text":"conducted do not reflect accrued interest on the underlying obligation; whereas, in the case of","page_number":154,"box":{"x":116,"y":299,"width":701,"height":12}},{"id":"524f23c4-1ca2-4d86-9ab4-310ca87505dd","block_type":"box","text":"purchase and sale contracts, the prices take into account accrued interest. A Fund may enter into","page_number":154,"box":{"x":117,"y":314,"width":728,"height":12}},{"id":"bf39fd8f-5466-4fdd-88fb-9beeca511960","block_type":"box","text":"“tri-party” repurchase agreements. In “tri-party” repurchase agreements, an unaffiliated third-party","page_number":154,"box":{"x":116,"y":329,"width":729,"height":12}},{"id":"1b580c0a-dab9-4ebf-be5e-0a40937b81d6","block_type":"box","text":"custodian maintains accounts to hold collateral for the Fund and its counterparties and, therefore, the","page_number":154,"box":{"x":116,"y":343,"width":756,"height":12}},{"id":"cd466b21-f0ff-4e1b-9f78-62b96e20c976","block_type":"box","text":"Fund may be subject to the credit risk of those custodians.","page_number":154,"box":{"x":117,"y":358,"width":438,"height":12}},{"id":"38cf7b44-a90c-4fda-8c3a-5c714cc5ef37","block_type":"box","text":"Some repurchase agreements and purchase and sale contracts are structured to result in a fixed rate","page_number":154,"box":{"x":116,"y":389,"width":758,"height":12}},{"id":"626f53ec-3ca5-4fed-a3ec-fa121edde223","block_type":"box","text":"of return insulated from market fluctuations during the term of the agreement, although such return","page_number":154,"box":{"x":116,"y":405,"width":737,"height":12}},{"id":"26e04d1e-2bdf-4f1d-a221-26f17f12ef7e","block_type":"box","text":"may be affected by currency fluctuations. However, in the event of a default under a repurchase","page_number":154,"box":{"x":117,"y":420,"width":716,"height":12}},{"id":"d6df572f-66f2-4f4f-93de-f31c416789af","block_type":"box","text":"agreement or under a purchase and sale contract, instead of the contractual fixed rate, the rate of","page_number":154,"box":{"x":116,"y":436,"width":730,"height":12}},{"id":"6f422eb6-cbba-4449-83f1-83a327d04560","block_type":"box","text":"return to the Fund would be dependent upon intervening fluctuations of the market values of the","page_number":154,"box":{"x":117,"y":451,"width":716,"height":12}},{"id":"26d2a645-7577-41f8-b438-253c598cb11a","block_type":"box","text":"securities underlying the contract and the accrued interest on those securities. In such event, the Fund","page_number":154,"box":{"x":116,"y":467,"width":766,"height":12}},{"id":"ba9bbb2a-b14a-43b6-af5c-7a9e1c340cb0","block_type":"box","text":"would have rights against the seller for breach of contract with respect to any losses arising from","page_number":154,"box":{"x":116,"y":482,"width":721,"height":12}},{"id":"7f869a4e-d5ac-42ec-9fb2-f9302ed9f622","block_type":"box","text":"market fluctuations following the default.","page_number":154,"box":{"x":117,"y":498,"width":303,"height":12}},{"id":"438686cc-639c-482c-98df-8b0109a6ae57","block_type":"box","text":"Both types of agreement usually cover short periods, such as less than one week, although they may","page_number":154,"box":{"x":117,"y":529,"width":755,"height":12}},{"id":"95502d0a-5b1c-4f10-a80e-44988e0337d5","block_type":"box","text":"have longer terms, and may be construed to be collateralized loans by the purchaser to the seller","page_number":154,"box":{"x":117,"y":545,"width":726,"height":11}},{"id":"16711d88-1236-4e35-8caf-1c748064930e","block_type":"box","text":"secured by the securities transferred to the purchaser. In the case of a repurchase agreement, as a","page_number":154,"box":{"x":116,"y":560,"width":743,"height":12}},{"id":"4e589fdd-bf4f-4ad1-a124-0917f88febc1","block_type":"box","text":"purchaser, a Fund’s Manager or sub-adviser will monitor the creditworthiness of the seller, and a Fund","page_number":154,"box":{"x":117,"y":575,"width":764,"height":12}},{"id":"9ff0c0e9-c68a-4f45-8161-fce19c5bc61e","block_type":"box","text":"will require the seller to provide additional collateral if the market value of the securities falls below the","page_number":154,"box":{"x":116,"y":591,"width":761,"height":12}},{"id":"881badca-7143-48b0-8f01-0160d81934f4","block_type":"box","text":"repurchase price at any time during the term of the repurchase agreement. The Fund does not have","page_number":154,"box":{"x":117,"y":606,"width":747,"height":12}},{"id":"cd83e17e-b875-4124-93b2-488b7e06c34a","block_type":"box","text":"this right to seek additional collateral as a purchaser in the case of purchase and sale contracts. The","page_number":154,"box":{"x":116,"y":622,"width":750,"height":12}},{"id":"a0377a00-959a-4344-bb3e-c73e3c1a9646","block_type":"box","text":"Fund’s Manager or sub-adviser will mark-to-market daily the value of the securities. Securities subject","page_number":154,"box":{"x":117,"y":637,"width":759,"height":12}},{"id":"19750651-057b-4eb3-bd02-dec16c062b8c","block_type":"box","text":"to repurchase agreements (other than tri-party repurchase agreements) and purchase and sale","page_number":154,"box":{"x":116,"y":653,"width":712,"height":12}},{"id":"0ac4448a-e0a2-4f30-85c5-5d0a9c6f8ac5","block_type":"box","text":"contracts will be held by the Fund’s custodian (or sub-custodian) in the Federal Reserve/Treasury","page_number":154,"box":{"x":116,"y":668,"width":725,"height":12}},{"id":"1b5b17f9-2692-468d-8269-25934c19ef72","block_type":"box","text":"book-entry system or by another authorized securities depository.","page_number":154,"box":{"x":117,"y":684,"width":485,"height":12}},{"id":"20be3cfc-e6a3-4cc7-960c-2badabb71325","block_type":"box","text":"In the event of default by the seller under a repurchase agreement construed to be a collateralized","page_number":154,"box":{"x":117,"y":715,"width":729,"height":12}},{"id":"85f47965-7eb2-4d81-9d27-3371a0b17a29","block_type":"box","text":"loan, the underlying securities are not owned by the Fund but only constitute collateral for the seller’s","page_number":154,"box":{"x":117,"y":730,"width":748,"height":13}},{"id":"b08886ca-c5ff-483c-8438-f69099160a9e","block_type":"box","text":"obligation to pay the repurchase price. Therefore, the Fund may suffer time delays and incur costs or","page_number":154,"box":{"x":116,"y":746,"width":750,"height":12}},{"id":"b0d18ba6-085c-43d4-a675-bea1c367bc06","block_type":"box","text":"possible losses in connection with disposition of the collateral. If the seller becomes insolvent and","page_number":154,"box":{"x":117,"y":761,"width":721,"height":12}},{"id":"05283f6e-bd8b-4910-a418-39afd74db796","block_type":"box","text":"subject to liquidation or reorganization under applicable bankruptcy or other laws, a Fund’s ability to","page_number":154,"box":{"x":116,"y":777,"width":739,"height":12}},{"id":"8513f02a-12c7-4a64-9855-306ef03f1b99","block_type":"box","text":"dispose of the underlying securities may be restricted. Finally, it is possible that a Fund may not be","page_number":154,"box":{"x":116,"y":792,"width":733,"height":13}},{"id":"ee3a069b-af3c-46ad-b3d3-f27d2287d359","block_type":"box","text":"able to substantiate its interest in the underlying securities. To minimize this risk, the securities","page_number":154,"box":{"x":116,"y":808,"width":701,"height":12}},{"id":"e3c5de74-0a23-4636-992c-05eb5d63c3f3","block_type":"box","text":"underlying the repurchase agreement will be held by the applicable custodian at all times in an amount","page_number":154,"box":{"x":117,"y":824,"width":761,"height":12}},{"id":"4c320d2a-a73d-48f2-960b-b9243ddc01ee","block_type":"box","text":"at least equal to the repurchase price, including accrued interest. If the seller fails to repurchase the","page_number":154,"box":{"x":116,"y":839,"width":744,"height":12}},{"id":"ac5fe2a9-1cfe-458b-b454-650fb43da061","block_type":"box","text":"securities, a Fund may suffer a loss to the extent proceeds from the sale of the underlying securities","page_number":154,"box":{"x":116,"y":854,"width":748,"height":13}},{"id":"242f0c16-7cae-4ab8-93cb-80768ed99546","block_type":"box","text":"are less than the repurchase price.","page_number":154,"box":{"x":116,"y":870,"width":264,"height":12}},{"id":"4f999c93-5725-4caa-b611-c8acd4c3491a","block_type":"box","text":"II-89","page_number":154,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"fe25690b-e974-4e24-86ba-be0020319df2","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":154,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"65e1a095-ad2d-49fe-88c3-c26f345297fb","block_type":"box","text":"In any repurchase transaction to which a Fund is a party, collateral for a repurchase agreement may","page_number":155,"box":{"x":117,"y":87,"width":747,"height":12}},{"id":"34e925f0-5a86-479e-8648-cadbcf6fa29e","block_type":"box","text":"include cash items and obligations issued by the U.S. Government or its agencies or instrumentalities.","page_number":155,"box":{"x":117,"y":102,"width":762,"height":13}},{"id":"57fdc343-40db-47ea-8d56-476f859dfd66","block_type":"box","text":"For certain Funds, however, collateral may include instruments other than cash items and obligations","page_number":155,"box":{"x":117,"y":118,"width":755,"height":12}},{"id":"9a52ad0a-82a9-4f20-9eb1-8fcc7cadca3e","block_type":"box","text":"issued by the U.S. Government or its agencies or instrumentalities, including securities that the Fund","page_number":155,"box":{"x":117,"y":134,"width":752,"height":12}},{"id":"664a3317-9653-48f0-880e-c16e0596c7f4","block_type":"box","text":"could not hold directly under its investment strategies without the repurchase obligation.","page_number":155,"box":{"x":116,"y":149,"width":657,"height":12}},{"id":"2fcff04d-19ad-4769-9cc0-d56f29b553c9","block_type":"box","text":"The type of collateral underlying repurchase agreements may also pose certain risks for a Fund. Lower","page_number":155,"box":{"x":116,"y":180,"width":770,"height":12}},{"id":"2789fd58-e2d6-45d6-9ddb-3e951390cdc5","block_type":"box","text":"quality collateral and collateral with longer maturities may be subject to greater price fluctuations than","page_number":155,"box":{"x":116,"y":196,"width":757,"height":12}},{"id":"6125d79a-8a03-47e6-873a-806a91dba5c2","block_type":"box","text":"higher quality collateral and collateral with shorter maturities. If the repurchase agreement counterparty","page_number":155,"box":{"x":117,"y":211,"width":769,"height":12}},{"id":"4d9e931a-7594-4af7-8321-298f2cbe7d38","block_type":"box","text":"were to default, lower quality collateral may be more difficult to liquidate than higher quality collateral.","page_number":155,"box":{"x":116,"y":227,"width":755,"height":12}},{"id":"333161d7-eb57-4033-bb85-326935b381ca","block_type":"box","text":"Should the counterparty default and the amount of collateral not be sufficient to cover the","page_number":155,"box":{"x":116,"y":242,"width":666,"height":12}},{"id":"81480984-03f6-4835-ad76-115107bfb234","block_type":"box","text":"counterparty’s repurchase obligation, a Fund would retain the status of an unsecured creditor of the","page_number":155,"box":{"x":116,"y":258,"width":744,"height":12}},{"id":"5aee61fc-c016-4a53-9ea1-0e34fc363a54","block_type":"box","text":"counterparty (","page_number":155,"box":{"x":116,"y":273,"width":103,"height":12}},{"id":"a2b1f0b1-931a-4ca0-8914-b70585796085","block_type":"box","text":"i.e.","page_number":155,"box":{"x":220,"y":273,"width":20,"height":10}},{"id":"23f96575-af21-4b9a-8f27-142592fb3a25","block_type":"box","text":", the position the Fund would normally be in if it were to hold, pursuant to its","page_number":155,"box":{"x":244,"y":273,"width":565,"height":12}},{"id":"9ff524b3-a681-48b2-9442-1769123430d8","block_type":"box","text":"investment policies, other unsecured debt securities of the defaulting counterparty) with respect to the","page_number":155,"box":{"x":117,"y":289,"width":760,"height":12}},{"id":"0dca1ed2-28cf-4e25-92c8-08dc71fab90a","block_type":"box","text":"amount of the shortfall. As an unsecured creditor, a Fund would be at risk of losing some or all of the","page_number":155,"box":{"x":116,"y":304,"width":752,"height":12}},{"id":"8462ca8b-3475-491b-94fd-a9defc691b00","block_type":"box","text":"principal and income involved in the transaction.","page_number":155,"box":{"x":117,"y":320,"width":361,"height":12}},{"id":"c21f0982-3865-4748-8ce7-d821c920a0e8","block_type":"box","text":"Regulations adopted by global prudential regulators require certain bank-regulated counterparties and","page_number":155,"box":{"x":117,"y":351,"width":761,"height":12}},{"id":"a82ae87a-854f-496a-a315-56f196958818","block_type":"box","text":"certain of their affiliates to include in certain financial contracts, including many repurchase agreements","page_number":155,"box":{"x":116,"y":366,"width":771,"height":12}},{"id":"9012bf13-066f-4471-99a0-bc9813bd9fbb","block_type":"box","text":"and purchase and sale contracts, terms that delay or restrict the rights of counterparties, such as a","page_number":155,"box":{"x":116,"y":382,"width":738,"height":12}},{"id":"06e3c137-dbfe-435a-8510-de2fba0b6f79","block_type":"box","text":"Fund, to terminate such agreements, take foreclosure action, exercise other default rights or restrict","page_number":155,"box":{"x":117,"y":397,"width":744,"height":12}},{"id":"cbc2e88e-f76c-44d5-bb4a-273cd0b8fed1","block_type":"box","text":"transfers of credit support in the event that the counterparty and/or its affiliates are subject to certain","page_number":155,"box":{"x":116,"y":413,"width":748,"height":12}},{"id":"1c76df16-a666-4d09-b015-4c935cdae2e4","block_type":"box","text":"types of resolution or insolvency proceedings. It is possible that these new requirements, as well as","page_number":155,"box":{"x":116,"y":428,"width":743,"height":12}},{"id":"1b87f54e-dbf6-462c-88bd-70d1b396c992","block_type":"box","text":"potential additional government regulation and other developments in the market, could adversely","page_number":155,"box":{"x":117,"y":444,"width":729,"height":12}},{"id":"c6e45955-8f91-412b-a199-ff418b35e674","block_type":"box","text":"affect a Fund’s ability to terminate existing repurchase agreements and purchase and sale contracts or","page_number":155,"box":{"x":116,"y":459,"width":768,"height":12}},{"id":"b4094640-9d72-4580-876d-bb546ff623f1","block_type":"box","text":"to realize amounts to be received under such agreements. The SEC has also finalized rules that will","page_number":155,"box":{"x":116,"y":475,"width":747,"height":12}},{"id":"287e8797-af5d-401f-bb2b-55fc43b4b21a","block_type":"box","text":"require certain transactions involving U.S. Treasuries, including repurchase agreements, to be centrally","page_number":155,"box":{"x":117,"y":490,"width":770,"height":12}},{"id":"0674f25b-17b0-4155-b241-fde6b7677dd5","block_type":"box","text":"cleared. Compliance with these rules is expected to be required by the middle of 2027. Although the","page_number":155,"box":{"x":116,"y":506,"width":747,"height":12}},{"id":"f537ec56-da0b-46ab-8465-be7fa0881b04","block_type":"box","text":"impact of these rules on the Funds is difficult to predict, they may reduce the availability or increase the","page_number":155,"box":{"x":117,"y":521,"width":770,"height":12}},{"id":"c6a8c76f-b464-4c7c-9cf1-97321563c5d2","block_type":"box","text":"costs of such transactions and may adversely affect a Fund’s performance.","page_number":155,"box":{"x":116,"y":537,"width":563,"height":12}},{"id":"bcd7cb24-915d-4775-9205-5e50138c73e5","block_type":"box","text":"Restricted Securities.","page_number":155,"box":{"x":116,"y":568,"width":177,"height":9}},{"id":"d81b71fc-3d03-433a-853b-9a2a11a64104","block_type":"box","text":"A Fund may invest in or hold securities that are not registered under the","page_number":155,"box":{"x":293,"y":568,"width":539,"height":12}},{"id":"60fcd0f3-9944-42d5-b65b-748f78d2a747","block_type":"box","text":"Securities Act (“restricted securities”), which may include securities in private companies and","page_number":155,"box":{"x":116,"y":583,"width":694,"height":12}},{"id":"a5254867-8aa0-40a8-aee9-abded03c70f4","block_type":"box","text":"Rule 144A Securities. Restricted securities may be sold in private placement transactions between","page_number":155,"box":{"x":117,"y":599,"width":736,"height":12}},{"id":"78293de1-eab1-45e6-bb92-0e2bf2dea2be","block_type":"box","text":"issuers and their purchasers, including through private negotiated transactions between the issuer and","page_number":155,"box":{"x":117,"y":614,"width":765,"height":12}},{"id":"0accc660-4608-4dc0-b23f-c7331b6fe167","block_type":"box","text":"their purchasers, such as the Funds, and may be neither listed on an exchange nor traded in other","page_number":155,"box":{"x":116,"y":630,"width":736,"height":12}},{"id":"cba89ea1-3505-457d-b87b-850912a7681a","block_type":"box","text":"established markets. In many cases, privately placed securities may not be freely transferable under","page_number":155,"box":{"x":116,"y":645,"width":749,"height":12}},{"id":"7c20b747-daa0-4770-bf1a-ca34b1271eb6","block_type":"box","text":"the laws of the applicable jurisdiction or due to contractual restrictions on resale. Some of these","page_number":155,"box":{"x":116,"y":661,"width":708,"height":12}},{"id":"d5280cbd-a05f-47c6-b023-f94d6e1ae5fd","block_type":"box","text":"securities are new and complex, and trade only among institutions; the markets for these securities are","page_number":155,"box":{"x":116,"y":676,"width":764,"height":12}},{"id":"60b14740-bd9c-4678-9830-530984442075","block_type":"box","text":"still developing and may not function as efficiently as established markets. Typically, investments in","page_number":155,"box":{"x":116,"y":692,"width":736,"height":12}},{"id":"ca86241d-1a29-4efc-8c05-0a2fcda685f8","block_type":"box","text":"private companies are in restricted securities that are not traded in public markets and subject to","page_number":155,"box":{"x":117,"y":707,"width":714,"height":12}},{"id":"0477c2b6-17a3-4a9f-b43c-a215ebb84cdf","block_type":"box","text":"substantial holding periods, so that a Fund may not be able to resell some of its holdings for extended","page_number":155,"box":{"x":116,"y":723,"width":755,"height":12}},{"id":"6e5e806f-a75d-4a80-885f-d1143f44d417","block_type":"box","text":"periods, which may be several years. There can be no assurance that a Fund will be able to realize the","page_number":155,"box":{"x":117,"y":738,"width":763,"height":12}},{"id":"9146533c-2f40-452f-a172-6b6095254ffb","block_type":"box","text":"value of such restricted securities in a timely manner or at all. As a result of the absence of a public","page_number":155,"box":{"x":116,"y":754,"width":736,"height":12}},{"id":"01f3a888-4086-4ade-a1ab-02725309fb2e","block_type":"box","text":"trading market and the potential bespoke nature on certain transactions, restricted securities may be","page_number":155,"box":{"x":116,"y":769,"width":745,"height":12}},{"id":"f399feaa-1de6-4ad4-ab0e-5e2fb8aced7b","block_type":"box","text":"deemed to be illiquid investments or less liquid investments and may be more difficult to value than","page_number":155,"box":{"x":116,"y":785,"width":734,"height":12}},{"id":"de036122-864a-48bc-810b-423a447e1320","block_type":"box","text":"publicly traded securities. To the extent that restricted securities may be resold in privately negotiated","page_number":155,"box":{"x":117,"y":800,"width":751,"height":12}},{"id":"3c962027-57c1-4a00-861f-64e9a486a8ea","block_type":"box","text":"transactions, the prices realized from the sales, due to lack of liquidity, could be less than those","page_number":155,"box":{"x":116,"y":816,"width":708,"height":12}},{"id":"f192e764-c99f-438f-83c0-25db5bef0b1c","block_type":"box","text":"originally paid by the Fund or less than their fair market value. The amount of any discount may vary","page_number":155,"box":{"x":116,"y":831,"width":749,"height":12}},{"id":"d4ab1020-5f9d-467b-b544-80fc70b24012","block_type":"box","text":"depending on the security type, the character of the issuer, which party (if any) will bear the expenses","page_number":155,"box":{"x":116,"y":847,"width":760,"height":12}},{"id":"fff26e92-3d3d-4905-a3ed-e9b73845bfaf","block_type":"box","text":"of registering the restricted security, and prevailing market conditions. In addition, issuers whose","page_number":155,"box":{"x":116,"y":862,"width":720,"height":12}},{"id":"b1de0af8-de31-4704-8022-54252c9161c4","block_type":"box","text":"securities are not publicly traded or who are not otherwise publicly listed may not be subject to the","page_number":155,"box":{"x":116,"y":878,"width":732,"height":12}},{"id":"1e1c0fc8-2027-4482-90cc-e061f28799f1","block_type":"box","text":"II-90","page_number":155,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"6770bd77-bdd8-4471-9abe-69fea0472b0b","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":155,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"5a7d2182-fc6a-4222-9f22-3c9bc3a57454","block_type":"box","text":"disclosure and other investor protection requirements that may be applicable if their securities were","page_number":156,"box":{"x":116,"y":87,"width":742,"height":12}},{"id":"fd816e46-e28c-492d-ae5c-d55e7e84f5a1","block_type":"box","text":"publicly traded. If any privately placed securities held by a Fund are required to be registered under the","page_number":156,"box":{"x":117,"y":102,"width":769,"height":13}},{"id":"c47c2037-d57b-4c8c-b5d1-ad6b88f22a3b","block_type":"box","text":"securities laws of one or more jurisdictions before being resold, the Fund may be required to bear the","page_number":156,"box":{"x":116,"y":118,"width":757,"height":12}},{"id":"1feeae07-c729-4728-a809-c325b414743e","block_type":"box","text":"expenses of registration. Where registration is required for restricted securities, a considerable time","page_number":156,"box":{"x":116,"y":134,"width":743,"height":12}},{"id":"2ab4acc4-742e-430d-892f-25a4524cf62c","block_type":"box","text":"period may elapse between the time the Fund decides to sell the security and the time it is actually","page_number":156,"box":{"x":117,"y":149,"width":736,"height":12}},{"id":"fc16c202-cc62-46ef-8c6a-413eee1e396e","block_type":"box","text":"permitted to sell the security under an effective registration statement. If during such period, adverse","page_number":156,"box":{"x":117,"y":165,"width":749,"height":12}},{"id":"3fce796f-2d54-49b6-857a-4e7896393ce2","block_type":"box","text":"market conditions were to develop, the Fund might obtain less favorable pricing terms than when it","page_number":156,"box":{"x":117,"y":180,"width":736,"height":12}},{"id":"34229c46-373a-4925-a3f5-a354e846de67","block_type":"box","text":"decided to sell the security. In addition, the Fund may be deemed to be an “underwriter” for purposes","page_number":156,"box":{"x":116,"y":196,"width":755,"height":12}},{"id":"8ef6deda-737a-492a-b087-dcd54a1f539e","block_type":"box","text":"of the Securities Act when selling restricted securities. If so, the Fund may be liable to purchasers of","page_number":156,"box":{"x":116,"y":211,"width":747,"height":12}},{"id":"11e27475-cbc0-4499-a934-b63720d84094","block_type":"box","text":"the restricted securities if the registration statement prepared by the issuer, or the corresponding","page_number":156,"box":{"x":116,"y":227,"width":722,"height":12}},{"id":"f4ab8798-70be-4631-825a-c65dbaa284ff","block_type":"box","text":"prospectus, is materially inaccurate or misleading. Transactions in restricted securities may entail other","page_number":156,"box":{"x":117,"y":242,"width":769,"height":12}},{"id":"a785c93d-cc6d-4fae-a8bf-3e03730fc558","block_type":"box","text":"transaction costs that are higher than those for transactions in unrestricted securities. Certain of the","page_number":156,"box":{"x":116,"y":258,"width":744,"height":12}},{"id":"b7e8cecc-3a88-4bcd-bcfc-c112684e39a0","block_type":"box","text":"Fund’s investments in private placements may consist of direct investments and may include","page_number":156,"box":{"x":117,"y":273,"width":692,"height":12}},{"id":"170f7b44-2499-4e70-be00-d7f4e82b894c","block_type":"box","text":"investments in smaller, less seasoned issuers, which may involve greater risks. Issuers of restricted","page_number":156,"box":{"x":117,"y":289,"width":744,"height":12}},{"id":"1a746069-88ee-48e8-b0d4-c4f300016c15","block_type":"box","text":"securities may not be subject to SEC reporting requirements, may not be required to maintain their","page_number":156,"box":{"x":116,"y":304,"width":737,"height":12}},{"id":"9cab2d01-6b6c-44a2-bb96-f268602f07d7","block_type":"box","text":"accounting records in accordance with generally accepted accounting principles, and may not be","page_number":156,"box":{"x":116,"y":320,"width":724,"height":12}},{"id":"d92b5f89-d8b2-4b35-870d-e6a6df312760","block_type":"box","text":"required to maintain effective internal controls over financial reporting. As a result, BlackRock may not","page_number":156,"box":{"x":117,"y":335,"width":760,"height":12}},{"id":"7c5e6ad6-403a-41f6-961b-11a72f460c06","block_type":"box","text":"have timely or accurate information about the business, financial condition and results of operations of","page_number":156,"box":{"x":117,"y":351,"width":762,"height":12}},{"id":"90834f25-8fdf-498f-9bfc-3df4c7756c71","block_type":"box","text":"such issuers, and investments in securities of such issuers may involve a high degree of business and","page_number":156,"box":{"x":116,"y":366,"width":764,"height":12}},{"id":"5247f38b-32cf-4f31-8a39-e0f2330330ff","block_type":"box","text":"financial risk and may result in substantial losses to the Fund. Such issuers may also have limited","page_number":156,"box":{"x":116,"y":382,"width":729,"height":12}},{"id":"52ed63d0-da1f-4100-8188-87d7f5ff506c","block_type":"box","text":"product lines, markets or financial resources, or they may be dependent on a limited management","page_number":156,"box":{"x":117,"y":397,"width":731,"height":12}},{"id":"159915f8-612f-4ec6-af4b-af0b6656afb2","block_type":"box","text":"group.","page_number":156,"box":{"x":116,"y":415,"width":52,"height":10}},{"id":"26de5cad-a3a9-462b-9b88-c162da985586","block_type":"box","text":"Certain restricted securities may represent limited investment opportunities and each shareholder’s","page_number":156,"box":{"x":117,"y":444,"width":740,"height":12}},{"id":"4c7b16bb-2481-4212-bdd2-9f6ab12cc150","block_type":"box","text":"proportionate investment exposure to such limited investment opportunities may be reduced","page_number":156,"box":{"x":117,"y":459,"width":687,"height":12}},{"id":"837a43dd-0d69-4831-b509-8abcbab5ec9d","block_type":"box","text":"proportionately as the Fund’s net assets grow from new or additional investments made in the Fund by","page_number":156,"box":{"x":117,"y":475,"width":766,"height":12}},{"id":"105d133f-1a2e-4e15-884d-763e79a48640","block_type":"box","text":"other shareholders. The issuer of a private placement may later register those shares for public sale in","page_number":156,"box":{"x":116,"y":490,"width":765,"height":12}},{"id":"e571841e-5e21-4858-ad13-199e7d890d43","block_type":"box","text":"an IPO, but there is no guarantee that an IPO will ever be completed. Even after an IPO, there may be","page_number":156,"box":{"x":116,"y":506,"width":766,"height":12}},{"id":"015076f7-06bd-49c2-9cc7-f81f8bf8bb15","block_type":"box","text":"a limited trading market for securities of that issuer, including any direct investment by a Fund, or the","page_number":156,"box":{"x":116,"y":521,"width":752,"height":12}},{"id":"6106d84c-395f-4382-b06b-107faedc2bc2","block_type":"box","text":"Fund may be subject to contractual limitations on its ability to resell its existing securities following an","page_number":156,"box":{"x":117,"y":537,"width":754,"height":12}},{"id":"9c1531a6-ba8f-43c3-9d90-8917f41ec117","block_type":"box","text":"IPO. The inability of an applicable issuer of a restricted security to complete an IPO or offer other","page_number":156,"box":{"x":117,"y":552,"width":723,"height":12}},{"id":"60e53b40-20e0-40c7-8d0a-86f5b4d35570","block_type":"box","text":"liquidity opportunities to the Fund and other investors will extend the holding period of a Fund’s","page_number":156,"box":{"x":117,"y":568,"width":708,"height":12}},{"id":"db2c32d9-fb6a-473f-89c3-489ea7078809","block_type":"box","text":"investments, potentially indefinitely, and may adversely affect the value of the investments. In making","page_number":156,"box":{"x":117,"y":583,"width":756,"height":12}},{"id":"a4f60fb2-d93b-442c-b28b-0735a532042a","block_type":"box","text":"investments in such securities, a Fund may obtain access to material nonpublic information, which may","page_number":156,"box":{"x":117,"y":599,"width":770,"height":12}},{"id":"902be27c-84c4-4a81-aa4d-347758992ad6","block_type":"box","text":"restrict the Fund’s ability to conduct portfolio transactions in such securities. The activity of identifying,","page_number":156,"box":{"x":117,"y":614,"width":759,"height":12}},{"id":"1d0621ae-e3bf-45a4-93a6-8c11fd4440bb","block_type":"box","text":"completing, and realizing upon attractive investments in restricted securities is highly competitive and","page_number":156,"box":{"x":116,"y":630,"width":756,"height":12}},{"id":"0ded7109-dbcc-4a65-9569-67ac2698cfe5","block_type":"box","text":"involves a high degree of uncertainty. A Fund will be competing for investments against other similarly","page_number":156,"box":{"x":117,"y":645,"width":761,"height":12}},{"id":"5f19d459-0a3e-4037-89fa-fb88fc44758a","block_type":"box","text":"situated investors. It is possible that competition for appropriate investment opportunities may increase,","page_number":156,"box":{"x":116,"y":661,"width":766,"height":12}},{"id":"c9c3ec1c-03a7-4386-b0c5-1144c28ed7ff","block_type":"box","text":"thus potentially reducing the number of investment opportunities available to a Fund and adversely","page_number":156,"box":{"x":116,"y":676,"width":733,"height":12}},{"id":"435c41b8-0e31-42b2-8f84-fede4463fcef","block_type":"box","text":"affecting the terms upon which investments can be made. There is no assurance that investment","page_number":156,"box":{"x":116,"y":692,"width":719,"height":12}},{"id":"4b1f6482-ffec-4377-8e4a-b561b889bc26","block_type":"box","text":"opportunities for restricted securities will be available at any given time or at a level desired by a Fund,","page_number":156,"box":{"x":116,"y":707,"width":759,"height":12}},{"id":"35a497c1-2d27-4ed7-b3ab-ae3850a92c71","block_type":"box","text":"especially as that Fund grows in size.","page_number":156,"box":{"x":116,"y":723,"width":277,"height":12}},{"id":"befdc12f-d592-419c-810b-5f4420e1dcef","block_type":"box","text":"There may not be a readily available market value for a Fund’s restricted securities (in particular,","page_number":156,"box":{"x":116,"y":754,"width":716,"height":12}},{"id":"46403b9e-2bf6-430d-93ce-18e4413edfa3","block_type":"box","text":"restricted securities issued by private companies) and thus they may be considered “illiquid”. Each","page_number":156,"box":{"x":117,"y":769,"width":728,"height":12}},{"id":"42594552-7caa-48b7-bdc8-3e36622a2580","block_type":"box","text":"Fund values restricted securities in accordance with BlackRock’s valuation policies and procedures,","page_number":156,"box":{"x":117,"y":785,"width":738,"height":12}},{"id":"963285bb-fc90-4940-9360-b7d1ffb3a185","block_type":"box","text":"which are designed to value investments such that they accurately reflect fair value. Due to the","page_number":156,"box":{"x":116,"y":800,"width":704,"height":12}},{"id":"9784cd95-257a-4d56-b955-1fbc658ef968","block_type":"box","text":"inherent uncertainty and subjectivity of determining the fair value of investments that do not have a","page_number":156,"box":{"x":117,"y":816,"width":731,"height":12}},{"id":"64fd8d4c-5586-42e0-8e3a-98e364f33788","block_type":"box","text":"readily available market value, the fair value of a Fund’s private investments may differ significantly","page_number":156,"box":{"x":117,"y":831,"width":739,"height":12}},{"id":"b9b042ea-0171-4a3a-949a-a9764094caa1","block_type":"box","text":"from the values that would have been used had a readily available market value existed for such","page_number":156,"box":{"x":116,"y":847,"width":721,"height":12}},{"id":"dcd2f370-0b74-4d2f-868f-88934f5dabe5","block_type":"box","text":"investments and may differ materially from the amounts the Fund may realize on any dispositions of","page_number":156,"box":{"x":117,"y":862,"width":745,"height":12}},{"id":"717ebe1e-c907-4120-90f3-91164097fafc","block_type":"box","text":"such investments. Differences in the value of the Fund’s private investments could result in the Fund’s","page_number":156,"box":{"x":116,"y":878,"width":763,"height":12}},{"id":"c7d58532-0887-4de8-b398-22a3d2d614ab","block_type":"box","text":"II-91","page_number":156,"box":{"x":484,"y":909,"width":29,"height":9}},{"id":"5cf0e885-6994-4e42-80aa-6bb8f1cdad06","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":156,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"2a07023e-17df-4bf4-8fe8-134dfd3b6ef7","block_type":"box","text":"shareholder transactions being effected at a NAV that does not accurately reflect the underlying value","page_number":157,"box":{"x":116,"y":87,"width":761,"height":12}},{"id":"9aa59704-bd21-49e0-9ba5-d9dbfd81cd77","block_type":"box","text":"of the Fund’s portfolio, potentially resulting in the dilution of shareholder interests and increasing","page_number":157,"box":{"x":116,"y":102,"width":718,"height":13}},{"id":"ee5ef4f5-d809-4c6e-9a4c-e6f5ea5ce8b7","block_type":"box","text":"opportunities for shareholder arbitrage. The values used by the Fund to price its restricted securities","page_number":157,"box":{"x":116,"y":118,"width":747,"height":12}},{"id":"305582f3-aaa6-439e-8858-a694ded994f2","block_type":"box","text":"may also differ from those used by other investment companies and investors to price the same","page_number":157,"box":{"x":117,"y":134,"width":715,"height":12}},{"id":"21410ce2-4e89-4a77-8ebf-ef4e412155ee","block_type":"box","text":"restricted securities. In addition, the impact of changes in the market environment and other events on","page_number":157,"box":{"x":117,"y":149,"width":763,"height":12}},{"id":"3faa3345-6933-4adb-882c-655ff8a758c5","block_type":"box","text":"the fair values of a Fund’s investments that have no readily available market values may differ from the","page_number":157,"box":{"x":116,"y":165,"width":769,"height":12}},{"id":"786625b2-4a59-42db-b9f9-062ad2038466","block_type":"box","text":"impact of such changes on the readily available market values for the Fund’s other investments. A","page_number":157,"box":{"x":117,"y":180,"width":732,"height":12}},{"id":"7b4b3405-6a39-46e6-9f2a-0262abb3e12d","block_type":"box","text":"Fund’s NAV could be adversely affected if the Fund’s determinations regarding the fair value of the","page_number":157,"box":{"x":117,"y":196,"width":738,"height":12}},{"id":"f7d5d929-b0e0-44ba-94a3-10984927996c","block_type":"box","text":"Fund’s investments were materially higher than the investment’s actual market or fair value or the","page_number":157,"box":{"x":117,"y":211,"width":728,"height":12}},{"id":"040b19c2-cfdb-4dff-9ab5-148cc1b634c7","block_type":"box","text":"values that the Fund ultimately realizes upon the disposal of such investments.","page_number":157,"box":{"x":116,"y":227,"width":590,"height":12}},{"id":"2c4b5241-d921-47ce-ab98-869c427d03d7","block_type":"box","text":"See also risks discussed under “Illiquid Investments.”","page_number":157,"box":{"x":116,"y":258,"width":400,"height":11}},{"id":"5b3024cd-f21b-4ccb-afdf-51064771ff0d","block_type":"box","text":"Reverse Repurchase Agreements.","page_number":157,"box":{"x":116,"y":289,"width":271,"height":12}},{"id":"c95bd375-0497-4f1f-baf0-757baaaf1d73","block_type":"box","text":"A Fund may enter into reverse repurchase agreements with the","page_number":157,"box":{"x":389,"y":289,"width":481,"height":12}},{"id":"dd8afbc1-92ba-445e-afa9-8f8ed39277b9","block_type":"box","text":"same parties with whom it may enter into repurchase agreements. Under a reverse repurchase","page_number":157,"box":{"x":116,"y":304,"width":711,"height":12}},{"id":"24776156-95fc-4088-9b8a-73ed53e6d11b","block_type":"box","text":"agreement, a Fund sells securities to another party and agrees to repurchase them at a particular date","page_number":157,"box":{"x":116,"y":320,"width":766,"height":12}},{"id":"caa67561-954b-48dc-a962-a5d91e7d5f0d","block_type":"box","text":"and price. A Fund may enter into a reverse repurchase agreement when it is anticipated that the","page_number":157,"box":{"x":116,"y":335,"width":719,"height":12}},{"id":"79016e69-7c3e-45db-aec7-652dd21ae070","block_type":"box","text":"interest income to be earned from the investment of the proceeds of the transaction is greater than the","page_number":157,"box":{"x":117,"y":351,"width":765,"height":12}},{"id":"364e5834-0af9-4fc4-9d39-657e6f219f66","block_type":"box","text":"interest expense of the transaction.","page_number":157,"box":{"x":117,"y":366,"width":265,"height":12}},{"id":"20c590ad-9bd5-4b3e-8451-5b8c0fe0a14d","block_type":"box","text":"The use of reverse repurchase agreements may be regarded as leveraging and, therefore, speculative.","page_number":157,"box":{"x":116,"y":397,"width":772,"height":12}},{"id":"dc05e42c-b5f6-42fa-b8d1-b41130e08dca","block_type":"box","text":"Furthermore, reverse repurchase agreements involve the risks that (i) the interest income earned in the","page_number":157,"box":{"x":117,"y":413,"width":771,"height":12}},{"id":"cbf9e158-38eb-4de0-b72d-6a4e8ecdf407","block_type":"box","text":"investment of the proceeds will be less than the interest expense, (ii) the market value of the securities","page_number":157,"box":{"x":117,"y":428,"width":765,"height":12}},{"id":"ec8a1bd9-8e1c-4e3c-bba5-95804ca8afe1","block_type":"box","text":"retained in lieu of sale by a Fund may decline below","page_number":157,"box":{"x":117,"y":444,"width":390,"height":12}},{"id":"2b6420fb-447b-492f-9b7c-b150522a8846","block_type":"box","text":"the price of the securities the Fund has sold but is","page_number":157,"box":{"x":507,"y":444,"width":375,"height":12}},{"id":"e444d2eb-8636-41ac-9bc3-81d875965662","block_type":"box","text":"obligated to repurchase, (iii) the market value of the securities sold will decline below the price at which","page_number":157,"box":{"x":116,"y":459,"width":770,"height":12}},{"id":"0d61e877-0cf6-4d2f-bb75-fc27dd1e51ee","block_type":"box","text":"the Fund is required to repurchase them and (iv) the securities will not be returned to the Fund.","page_number":157,"box":{"x":116,"y":475,"width":710,"height":12}},{"id":"e49c638f-bde5-4538-940c-7f429b29e0bd","block_type":"box","text":"In addition, if the buyer of securities under a reverse repurchase agreement files for bankruptcy or","page_number":157,"box":{"x":117,"y":506,"width":731,"height":12}},{"id":"5762f7f9-e89a-4793-b0fa-67639a536854","block_type":"box","text":"becomes insolvent, such buyer or its trustee or receiver may receive an extension of time to determine","page_number":157,"box":{"x":117,"y":521,"width":765,"height":12}},{"id":"3e894990-c7e6-4ac8-91bc-b1354538ca31","block_type":"box","text":"whether to enforce a Fund’s obligations to repurchase the securities and the Fund’s use of the","page_number":157,"box":{"x":116,"y":537,"width":704,"height":12}},{"id":"726924ae-d62a-484a-8189-5dbfc481beaa","block_type":"box","text":"proceeds of the reverse repurchase agreement may effectively be restricted pending such decision.","page_number":157,"box":{"x":117,"y":552,"width":744,"height":12}},{"id":"b259b9b4-607c-43f5-8103-90cb1174cec2","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to enter into reverse repurchase","page_number":157,"box":{"x":117,"y":583,"width":710,"height":12}},{"id":"dfbe9d0c-7f16-443f-9c14-909a1889dbe5","block_type":"box","text":"agreements and similar financing transactions (e.g., recourse and non-recourse tender option bonds,","page_number":157,"box":{"x":116,"y":599,"width":755,"height":12}},{"id":"0051022c-0160-4c07-8787-03a0c1913141","block_type":"box","text":"borrowed bonds) notwithstanding the limitation on the issuance of senior securities in Section 18 of the","page_number":157,"box":{"x":117,"y":614,"width":767,"height":12}},{"id":"959a6a6f-574f-488b-b2c5-517aa5b14d5d","block_type":"box","text":"Investment Company Act, provided that the Fund either (i) complies with the 300% asset coverage","page_number":157,"box":{"x":117,"y":630,"width":736,"height":12}},{"id":"a79a8b0e-7645-402d-bf3b-45ed24f7b23c","block_type":"box","text":"ratio with respect to all such transactions and any other borrowings in the aggregate, or (ii) treats all","page_number":157,"box":{"x":117,"y":645,"width":744,"height":12}},{"id":"071b512a-3686-42fd-af08-92fcfe095f67","block_type":"box","text":"such transactions as Derivatives Transactions under Rule 18f-4. See “—Derivatives—Regulation of","page_number":157,"box":{"x":116,"y":661,"width":738,"height":12}},{"id":"4a87c05c-1208-4a54-aea3-7d0b327a256e","block_type":"box","text":"Derivatives—Rule 18f-4 under the Investment Company Act” above. The SEC has also finalized rules","page_number":157,"box":{"x":117,"y":676,"width":753,"height":12}},{"id":"658cf453-0676-40a7-972d-cb2a3a01145e","block_type":"box","text":"that will require certain transactions involving U.S. Treasuries, including reverse repurchase","page_number":157,"box":{"x":116,"y":692,"width":680,"height":12}},{"id":"0ca4d14b-fcc8-4fa4-954a-7b7605aaa067","block_type":"box","text":"agreements, to be centrally cleared. Compliance with these rules is expected to be required by the","page_number":157,"box":{"x":116,"y":707,"width":731,"height":12}},{"id":"79831494-77d6-45d0-b4d4-aa4ecffa747e","block_type":"box","text":"middle of 2027. Although the impact of these rules on the Funds is difficult to predict, they may reduce","page_number":157,"box":{"x":117,"y":723,"width":757,"height":12}},{"id":"5bddd524-ba8a-4a0e-9777-fd532f09a1b5","block_type":"box","text":"the availability or increase the costs of such transactions and may adversely affect a Fund’s","page_number":157,"box":{"x":116,"y":738,"width":680,"height":12}},{"id":"d4721c3b-d8af-40f0-85c7-cbf365614b81","block_type":"box","text":"performance.","page_number":157,"box":{"x":117,"y":754,"width":96,"height":12}},{"id":"0d6fcaa9-7fc0-4fe2-a337-90ee8c34aa89","block_type":"box","text":"Additionally, regulations adopted by global prudential regulators require certain bank-regulated","page_number":157,"box":{"x":116,"y":785,"width":701,"height":12}},{"id":"e4ffaa7e-4277-4adb-8957-1c7425540b47","block_type":"box","text":"counterparties and certain of their affiliates to include in certain financial contracts, including many","page_number":157,"box":{"x":116,"y":800,"width":727,"height":12}},{"id":"ae0562a5-d206-4a4e-bf9f-a9d3aa914d01","block_type":"box","text":"reverse repurchase agreements, terms that delay or restrict the rights of counterparties, such as a","page_number":157,"box":{"x":117,"y":816,"width":727,"height":12}},{"id":"1d9e0f35-bacf-4de2-a86e-00a4a873e124","block_type":"box","text":"Fund, to terminate such agreements, take foreclosure action, exercise other default rights or restrict","page_number":157,"box":{"x":117,"y":831,"width":744,"height":12}},{"id":"b7b1bb5d-576c-4b57-b8dd-cc3791d43203","block_type":"box","text":"transfers of credit support in the event that the counterparty and/or its affiliates are subject to certain","page_number":157,"box":{"x":116,"y":847,"width":748,"height":12}},{"id":"9fe4963a-0f1d-42e8-b27e-677dc26af515","block_type":"box","text":"types of resolution or insolvency proceedings. It is possible that these requirements, as well as","page_number":157,"box":{"x":116,"y":862,"width":707,"height":12}},{"id":"3f177811-06aa-4636-9695-edd013518e39","block_type":"box","text":"potential additional government regulation and other developments in the market, could adversely","page_number":157,"box":{"x":117,"y":878,"width":729,"height":12}},{"id":"802bce8e-bd66-4345-8568-0cbf3ae83e72","block_type":"box","text":"II-92","page_number":157,"box":{"x":484,"y":909,"width":31,"height":9}},{"id":"211279c5-d81a-4659-b482-9bef005a6fe1","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":157,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"79e67167-e39d-44a6-8fe7-b61f39d74c5a","block_type":"box","text":"affect a Fund’s ability to terminate existing reverse repurchase agreements or to realize amounts to be","page_number":158,"box":{"x":116,"y":87,"width":765,"height":12}},{"id":"1fe4b685-8455-4990-a128-576a96aa197a","block_type":"box","text":"received under such agreements.","page_number":158,"box":{"x":117,"y":103,"width":253,"height":12}},{"id":"fd615067-cbf0-4f4f-bd97-26efade2a0ed","block_type":"box","text":"Rights Offerings and Warrants to Purchase.","page_number":158,"box":{"x":116,"y":134,"width":349,"height":12}},{"id":"5dde9146-9dec-4bc7-812a-64f0801e6bcf","block_type":"box","text":"Certain Funds may participate in rights offerings and","page_number":158,"box":{"x":466,"y":134,"width":399,"height":12}},{"id":"bc61bb39-f417-402d-bad6-e13d71c65e7e","block_type":"box","text":"may purchase warrants, which are privileges issued by corporations enabling the owners to subscribe","page_number":158,"box":{"x":117,"y":149,"width":759,"height":12}},{"id":"e340c7ae-ace3-4b79-8e78-113245585ed8","block_type":"box","text":"to and purchase a specified number of shares of the corporation at a specified price during a specified","page_number":158,"box":{"x":116,"y":165,"width":763,"height":12}},{"id":"51cf3528-e1b3-4310-ad41-500b32bc81a3","block_type":"box","text":"period of time. Subscription rights normally have a short life span to expiration. The purchase of rights","page_number":158,"box":{"x":117,"y":180,"width":759,"height":12}},{"id":"79e6487c-8d30-48ee-aac8-eb1d0a7d3f83","block_type":"box","text":"or warrants involves the risk that a Fund could lose the purchase value of a right or warrant if the right","page_number":158,"box":{"x":116,"y":196,"width":760,"height":12}},{"id":"86ea8566-6020-49f3-9807-40b93894c716","block_type":"box","text":"to subscribe to additional shares is not exercised prior to the rights’ and warrants’ expiration. Also, the","page_number":158,"box":{"x":116,"y":211,"width":760,"height":12}},{"id":"5fbf114e-083f-4207-be7a-2103eef974c7","block_type":"box","text":"purchase of rights and/or warrants involves the risk that the effective price paid for the right and/or","page_number":158,"box":{"x":117,"y":227,"width":732,"height":12}},{"id":"df1643a7-a825-4242-a576-a7d7304b3a81","block_type":"box","text":"warrant added to the subscription price of the related security may exceed the value of the subscribed","page_number":158,"box":{"x":116,"y":242,"width":762,"height":12}},{"id":"ef4bdd40-1591-4a47-bfa3-e1581e08c614","block_type":"box","text":"security’s market price such as when there is no movement in the level of the underlying security.","page_number":158,"box":{"x":116,"y":258,"width":728,"height":12}},{"id":"d200f09e-1c93-49dd-8c87-8635800c511b","block_type":"box","text":"Buying a warrant does not make the Fund a shareholder of the underlying stock. The warrant holder","page_number":158,"box":{"x":117,"y":273,"width":747,"height":12}},{"id":"abaa375c-0052-4e2b-866a-a052c9179e1d","block_type":"box","text":"has no voting or dividend rights with respect to the underlying stock. A warrant does not carry any right","page_number":158,"box":{"x":117,"y":289,"width":766,"height":12}},{"id":"bc0cf358-8ee7-4157-b649-e06d9041a014","block_type":"box","text":"to assets of the issuer, and for this reason investments in warrants may be more speculative than other","page_number":158,"box":{"x":116,"y":304,"width":771,"height":12}},{"id":"aa027d5b-8f32-46aa-a846-c5e597b05210","block_type":"box","text":"equity-based investments.","page_number":158,"box":{"x":116,"y":320,"width":200,"height":12}},{"id":"732419bc-780e-4a43-9832-98ab8a8d5dc4","block_type":"box","text":"Rule 144A Securities.","page_number":158,"box":{"x":116,"y":351,"width":170,"height":9}},{"id":"e73bbd53-9236-4778-a9a8-20e9d18d2f90","block_type":"box","text":"A Fund may purchase securities that can be offered and sold only to “qualified","page_number":158,"box":{"x":287,"y":351,"width":590,"height":12}},{"id":"577fd31b-27c6-4a57-852c-261c759a33ce","block_type":"box","text":"institutional buyers” pursuant to Rule 144A under the Securities Act. See “Restricted Securities” above.","page_number":158,"box":{"x":117,"y":366,"width":769,"height":12}},{"id":"26433fff-d5a4-47b2-a8f2-701812628030","block_type":"box","text":"Securities Lending.","page_number":158,"box":{"x":117,"y":397,"width":153,"height":12}},{"id":"54508869-9104-4745-b58a-6c3fc436484e","block_type":"box","text":"Each Fund may lend portfolio securities to certain borrowers that BlackRock","page_number":158,"box":{"x":271,"y":397,"width":575,"height":12}},{"id":"36ef1b92-32c0-4347-83b2-cd38427497bb","block_type":"box","text":"determines to be creditworthy, including borrowers affiliated with BlackRock. The borrowers provide","page_number":158,"box":{"x":116,"y":413,"width":744,"height":12}},{"id":"3912c898-9ddb-4225-85ed-a763090189e5","block_type":"box","text":"collateral that is maintained in an amount at least","page_number":158,"box":{"x":116,"y":428,"width":369,"height":10}},{"id":"09b0396b-8774-4db6-b938-2419464e348a","block_type":"box","text":"equal to the current market value of the securities","page_number":158,"box":{"x":486,"y":428,"width":373,"height":12}},{"id":"d79d4634-ba16-4d59-a2d4-03e468436e61","block_type":"box","text":"loaned. No securities loan shall be made on behalf of a Fund if, as a result, the aggregate value of all","page_number":158,"box":{"x":117,"y":444,"width":755,"height":12}},{"id":"3aa56ef3-f585-4cc5-84cb-8c008cbf55a5","block_type":"box","text":"securities loans of the particular Fund exceeds one-third of the value of such Fund’s total assets","page_number":158,"box":{"x":116,"y":459,"width":718,"height":12}},{"id":"57cb3ae1-82d2-4b39-b554-907441880242","block_type":"box","text":"(including the value of the collateral received). A Fund may terminate a loan at any time and obtain the","page_number":158,"box":{"x":117,"y":475,"width":765,"height":12}},{"id":"c8cbf6a9-c9fa-41f5-9aa0-64b93e3dd208","block_type":"box","text":"return of the securities loaned. Each Fund receives, by way of substitute payment, the value of any","page_number":158,"box":{"x":117,"y":490,"width":738,"height":12}},{"id":"a8e5dd48-5b28-4f90-824b-9322e9852084","block_type":"box","text":"interest or cash or non-cash distributions paid on the loaned securities that it would have otherwise","page_number":158,"box":{"x":117,"y":506,"width":738,"height":12}},{"id":"25543010-6c43-4d33-9806-d223e62ba9cb","block_type":"box","text":"received if the securities were not on loan.","page_number":158,"box":{"x":117,"y":521,"width":318,"height":10}},{"id":"d21de59b-0056-47d3-a1b1-78feaff1247f","block_type":"box","text":"With respect to loans that are collateralized by cash, the borrower may be entitled to receive a fee","page_number":158,"box":{"x":116,"y":552,"width":732,"height":12}},{"id":"86be55c9-38e6-467d-8848-50722537612b","block_type":"box","text":"based on the amount of cash collateral. The Funds are compensated by any positive difference","page_number":158,"box":{"x":117,"y":568,"width":712,"height":12}},{"id":"71d39153-5149-494f-8aa1-24fd0dc416b3","block_type":"box","text":"between the amount earned on the reinvestment of cash collateral and the fee paid to the borrower. In","page_number":158,"box":{"x":117,"y":583,"width":763,"height":12}},{"id":"b1ece2ca-ed1c-4521-ab5c-0676a7a795c5","block_type":"box","text":"the case of collateral other than cash, a Fund is compensated by a fee paid by the borrower equal to a","page_number":158,"box":{"x":116,"y":599,"width":765,"height":12}},{"id":"a9538f48-d12f-45a0-bf90-a63f2bbfee38","block_type":"box","text":"percentage of the market value of the loaned securities. Any cash collateral received by the Fund for","page_number":158,"box":{"x":117,"y":614,"width":750,"height":12}},{"id":"36923066-096e-4e74-954b-2ad57a57e9aa","block_type":"box","text":"such loans, and uninvested cash, may be reinvested in certain short-term instruments either directly on","page_number":158,"box":{"x":116,"y":630,"width":770,"height":12}},{"id":"d438d181-8703-4f43-b014-428c780b9957","block_type":"box","text":"behalf of the Fund or through one or more joint accounts or money market funds, including those","page_number":158,"box":{"x":117,"y":645,"width":722,"height":12}},{"id":"3283c4d2-9e3b-449b-a23d-73bb6c8a13fb","block_type":"box","text":"affiliated with BlackRock; such investments are subject to investment risk.","page_number":158,"box":{"x":116,"y":661,"width":546,"height":12}},{"id":"3051ac8f-d650-4080-82ee-68eb69898ef4","block_type":"box","text":"Securities lending involves exposure to","page_number":158,"box":{"x":116,"y":692,"width":284,"height":12}},{"id":"d6ce75a5-91a3-45cc-b51f-54d0e80c4510","block_type":"box","text":"certain risks, including operational risk (","page_number":158,"box":{"x":405,"y":692,"width":286,"height":12}},{"id":"6ad303d8-7c6e-4420-8f9b-0301e3063df2","block_type":"box","text":"i.e.","page_number":158,"box":{"x":692,"y":692,"width":20,"height":9}},{"id":"e162d03f-3923-4b90-a09c-44547831d253","block_type":"box","text":", the risk of losses","page_number":158,"box":{"x":715,"y":692,"width":130,"height":11}},{"id":"460980dd-5613-499a-b37b-3bb90b155a53","block_type":"box","text":"resulting from problems in the settlement and accounting process), “gap” risk (","page_number":158,"box":{"x":117,"y":707,"width":567,"height":12}},{"id":"0af1b13f-315c-4ed3-8817-7f9992422044","block_type":"box","text":"i.e.","page_number":158,"box":{"x":685,"y":707,"width":20,"height":10}},{"id":"18e2cebe-19c1-49d1-835d-e85d552a7b79","block_type":"box","text":", the risk of a mismatch","page_number":158,"box":{"x":708,"y":707,"width":167,"height":11}},{"id":"83c0b55d-d54d-4605-bd73-b2df44ec68d6","block_type":"box","text":"between the return on cash collateral reinvestments and the fees each Fund has agreed to pay a","page_number":158,"box":{"x":117,"y":723,"width":703,"height":12}},{"id":"0dbbe660-bd64-42f9-b848-b92d82e6e81b","block_type":"box","text":"borrower), foreign exchange risk (","page_number":158,"box":{"x":117,"y":738,"width":244,"height":12}},{"id":"95ad56d2-5019-4da8-96e8-fbc04fb736d9","block_type":"box","text":"i.e.","page_number":158,"box":{"x":362,"y":738,"width":20,"height":10}},{"id":"657a9a98-a460-492e-89a6-55e34f229ceb","block_type":"box","text":", the risk of a shortfall at default when a cash collateral investment is","page_number":158,"box":{"x":385,"y":738,"width":494,"height":11}},{"id":"3b8006b0-64eb-46b1-bba8-a48215384049","block_type":"box","text":"denominated in a currency other than the currency","page_number":158,"box":{"x":116,"y":754,"width":368,"height":12}},{"id":"1d2fbc9f-849c-4c5a-86f0-3424692fe734","block_type":"box","text":"of the assets being loaned due to movements in","page_number":158,"box":{"x":489,"y":754,"width":348,"height":12}},{"id":"1057c0c5-1c7f-42ef-af53-960ee2f431a2","block_type":"box","text":"foreign exchange rates), and credit, legal, counterparty","page_number":158,"box":{"x":116,"y":769,"width":398,"height":12}},{"id":"148a1c6a-5fb8-4ab7-a0cb-5d6e6b661841","block_type":"box","text":"and market risks (including the risk that market","page_number":158,"box":{"x":519,"y":769,"width":340,"height":12}},{"id":"daa43e3b-389e-4d47-a0ee-d803e62777b8","block_type":"box","text":"events, including but not limited to corporate actions,","page_number":158,"box":{"x":116,"y":785,"width":381,"height":12}},{"id":"2e592254-aa10-4700-835d-9fdfd283d5c3","block_type":"box","text":"could lead a Fund to lend securities that are trading","page_number":158,"box":{"x":504,"y":785,"width":372,"height":12}},{"id":"3a4a17c0-0e82-46d1-8cf3-beeab88a9771","block_type":"box","text":"at a premium due to increased demand, or to recall loaned","page_number":158,"box":{"x":116,"y":800,"width":425,"height":12}},{"id":"9ff04225-f73c-40de-b609-8252afc2aad6","block_type":"box","text":"securities or to lend less or not at all, which","page_number":158,"box":{"x":547,"y":800,"width":312,"height":11}},{"id":"627ee6c8-32bd-423e-b9be-65255170afb7","block_type":"box","text":"could lead to reduced securities lending revenue). If a Fund","page_number":158,"box":{"x":116,"y":816,"width":431,"height":12}},{"id":"1773abfe-1334-4049-a88f-6080e60db8b4","block_type":"box","text":"were to lend out securities that are subject to","page_number":158,"box":{"x":553,"y":816,"width":326,"height":12}},{"id":"9adb45d9-f0e5-47b5-bbe0-ed0edca9322b","block_type":"box","text":"a corporate action and commit to the borrower a","page_number":158,"box":{"x":116,"y":831,"width":355,"height":12}},{"id":"c9a731e6-4184-4de3-8120-358737e7ac14","block_type":"box","text":"particular election as determined by the Fund’s","page_number":158,"box":{"x":472,"y":831,"width":345,"height":12}},{"id":"42b72927-4915-4a47-9cc5-b1326b5c04cf","block_type":"box","text":"investment adviser, the benefit the Fund would receive","page_number":158,"box":{"x":117,"y":847,"width":401,"height":11}},{"id":"65e02154-cc27-425d-afe4-41dc1f1bdd28","block_type":"box","text":"in respect of committing to such election may or","page_number":158,"box":{"x":519,"y":847,"width":352,"height":12}},{"id":"0a5f6d7a-e2d3-472c-8527-c85704d4f867","block_type":"box","text":"may not be less than the benefit the Fund would have received from making a different election in such","page_number":158,"box":{"x":117,"y":862,"width":752,"height":12}},{"id":"65f180bc-92c6-474b-a2d4-99a48cd181c7","block_type":"box","text":"corporate action. If a securities lending counterparty","page_number":158,"box":{"x":116,"y":878,"width":377,"height":12}},{"id":"8e110b5e-79a7-44e8-9437-80c9464722ff","block_type":"box","text":"y were to default, a Fund would be subject to the risk","page_number":158,"box":{"x":493,"y":878,"width":381,"height":12}},{"id":"4427168c-c542-49b3-a6d2-63030afabd21","block_type":"box","text":"II-93","page_number":158,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"8063276f-a21f-4abf-9a7a-86bbf23e0d1e","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":158,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"6d14e3fe-e84a-4856-9d8d-c023a4e0cf5e","block_type":"box","text":"of a possible delay in receiving collateral or in re","page_number":159,"box":{"x":116,"y":87,"width":349,"height":12}},{"id":"2f68b604-7494-4042-81ee-7c4ba542bc79","block_type":"box","text":"covering the loaned securities, or to a possible loss of","page_number":159,"box":{"x":466,"y":87,"width":394,"height":12}},{"id":"3d68a5fd-488d-4580-8ffc-56bf79b33850","block_type":"box","text":"rights in the collateral. In the event a borrower does","page_number":159,"box":{"x":117,"y":103,"width":372,"height":12}},{"id":"5d652529-f751-43dd-8cbf-1a7247decad5","block_type":"box","text":"not return a Fund’s securities as agreed, the Fund’s","page_number":159,"box":{"x":489,"y":103,"width":386,"height":12}},{"id":"5e0a8f93-b784-49df-8796-a6ae40636721","block_type":"box","text":"ability to participate in a corporate action event ma","page_number":159,"box":{"x":116,"y":118,"width":366,"height":12}},{"id":"fe4d7a79-c483-440e-a80f-31d2a5a25bbb","block_type":"box","text":"y be impacted, or the Fund may experience losses if","page_number":159,"box":{"x":482,"y":118,"width":386,"height":12}},{"id":"26feb1c8-bdec-48d2-90c4-131a915859ba","block_type":"box","text":"the proceeds received from liquidating the collateral do","page_number":159,"box":{"x":116,"y":134,"width":403,"height":12}},{"id":"21320260-3591-4933-87b3-3c839e720e95","block_type":"box","text":"not at least equal the value of the loaned security","page_number":159,"box":{"x":520,"y":134,"width":361,"height":12}},{"id":"e1281f9c-dd05-4ab9-ac8e-d7a1bd3459bf","block_type":"box","text":"at the time the collateral is liquidated, plus the t","page_number":159,"box":{"x":116,"y":149,"width":337,"height":12}},{"id":"8b044173-3da3-4351-b393-bb3cd0eb2e49","block_type":"box","text":"transaction costs incurred in purchasing replacement","page_number":159,"box":{"x":453,"y":149,"width":389,"height":12}},{"id":"bbb01691-d63b-4968-b2a9-7214eb193ae3","block_type":"box","text":"securities. This latter event could trigger adverse tax consequences for a Fund. A Fund could lose money","page_number":159,"box":{"x":116,"y":165,"width":770,"height":12}},{"id":"1185f5dc-5051-4f18-9120-91a5760803f2","block_type":"box","text":"if its short-term investment of the collateral declines","page_number":159,"box":{"x":117,"y":180,"width":377,"height":10}},{"id":"ca3ac507-98f2-468e-820d-f456904792ec","block_type":"box","text":"in value over the period of the loan. Substitute","page_number":159,"box":{"x":495,"y":180,"width":338,"height":12}},{"id":"f876d3f4-32ed-4c29-ab92-254b58cf1ff0","block_type":"box","text":"payments received by a Fund representing dividends","page_number":159,"box":{"x":117,"y":196,"width":390,"height":12}},{"id":"c99d293c-9f07-49fe-a8f7-c904b1c6508a","block_type":"box","text":"paid on securities loaned out by the Fund will not","page_number":159,"box":{"x":508,"y":196,"width":359,"height":12}},{"id":"9f11819d-df73-4997-977a-cd7d345eb055","block_type":"box","text":"be considered qualified dividend income, and distributions by the Fund of such substitute payments will","page_number":159,"box":{"x":117,"y":211,"width":752,"height":12}},{"id":"09ed9f25-372c-40b9-a7f8-a7be2d0043ad","block_type":"box","text":"not constitute qualified dividend income. Additi","page_number":159,"box":{"x":117,"y":227,"width":335,"height":11}},{"id":"437607d3-0984-4397-be5f-755bcbae0df9","block_type":"box","text":"onally, substitute payments received by a Fund","page_number":159,"box":{"x":453,"y":227,"width":347,"height":12}},{"id":"1f47b94f-c49d-4d17-8c8c-c34204975e82","block_type":"box","text":"representing qualified REIT dividends paid on REI","page_number":159,"box":{"x":117,"y":242,"width":361,"height":12}},{"id":"b27aa0e8-6472-4843-bcfa-c26c4398be46","block_type":"box","text":"T securities loaned out by the Fund will not be","page_number":159,"box":{"x":480,"y":242,"width":339,"height":12}},{"id":"2521efba-18bc-45bb-b08e-80e0ff72d24b","block_type":"box","text":"considered qualified REIT dividends, and distributions","page_number":159,"box":{"x":116,"y":258,"width":395,"height":11}},{"id":"9f536a88-30de-4519-87a7-f79139bef623","block_type":"box","text":"by the Fund of such substitute payments will not","page_number":159,"box":{"x":512,"y":258,"width":354,"height":12}},{"id":"ad626939-b25a-4131-a1fd-ad7fc2bb72b4","block_type":"box","text":"be eligible for a 20% deduction currently availabl","page_number":159,"box":{"x":117,"y":273,"width":350,"height":12}},{"id":"0e24efbb-4ca5-453f-ac11-d0cda51698f0","block_type":"box","text":"e for ordinary REIT dividends paid to non-corporate","page_number":159,"box":{"x":469,"y":273,"width":378,"height":12}},{"id":"a10946d6-d091-4b8c-9334-e50f118942e3","block_type":"box","text":"shareholders provided certain other requirements are sa","page_number":159,"box":{"x":116,"y":289,"width":409,"height":12}},{"id":"b90de204-fc8a-4df0-8ca0-783adbb8d3df","block_type":"box","text":"tisfied. The securities lending agent will take into","page_number":159,"box":{"x":526,"y":289,"width":356,"height":12}},{"id":"ad3f32ad-fafb-4c97-b789-d07113a26bfa","block_type":"box","text":"account the tax effects on shareholders caused by","page_number":159,"box":{"x":116,"y":304,"width":367,"height":12}},{"id":"ee2302ba-ba67-4454-af99-cef185de6516","block_type":"box","text":"y these differences in connection with a Fund’s","page_number":159,"box":{"x":483,"y":304,"width":337,"height":10}},{"id":"eb71ee64-932b-484a-a417-7d59fe6e31cc","block_type":"box","text":"securities lending program. Substitute payments re","page_number":159,"box":{"x":116,"y":320,"width":370,"height":12}},{"id":"153ea0f8-0a3b-4650-9f37-a57a7e2dcd1a","block_type":"box","text":"ceived on tax-exempt securities loaned out will not be","page_number":159,"box":{"x":487,"y":320,"width":393,"height":12}},{"id":"6fde322c-873a-4d8f-95ce-979575aaba73","block_type":"box","text":"tax-exempt income. There could also be changes in","page_number":159,"box":{"x":116,"y":335,"width":376,"height":12}},{"id":"ea476e0b-8a9b-45b6-926d-d98501bc621a","block_type":"box","text":"the status of issuers under applicable laws and","page_number":159,"box":{"x":493,"y":335,"width":350,"height":12}},{"id":"827bb216-41e2-4c06-a4f5-ae54407cfa94","block_type":"box","text":"regulations, including tax regulations, that may impact t","page_number":159,"box":{"x":117,"y":351,"width":395,"height":12}},{"id":"2ebaa4bf-2b7b-483a-904b-e0c22eb649fe","block_type":"box","text":"the regulatory or tax treatment of loaned securities","page_number":159,"box":{"x":512,"y":351,"width":371,"height":12}},{"id":"a2b06895-0ce4-490b-a971-566bd9f5fbd8","block_type":"box","text":"and could, for example, result in a delay in t","page_number":159,"box":{"x":116,"y":366,"width":317,"height":12}},{"id":"01c47c24-f7ed-48be-b38b-e228297bc77b","block_type":"box","text":"he payment of dividend equivalent payments owed to a Fund","page_number":159,"box":{"x":434,"y":366,"width":448,"height":12}},{"id":"ca0e1c7c-f325-4387-9ac7-2d653853a25f","block_type":"box","text":"(as permitted by applicable law).","page_number":159,"box":{"x":117,"y":382,"width":239,"height":12}},{"id":"10f2c847-6444-4a80-bac9-eeb3944733ac","block_type":"box","text":"Regulations adopted by global prudential regulators require certain bank-regulated counterparties and","page_number":159,"box":{"x":117,"y":413,"width":761,"height":12}},{"id":"8029c806-251a-41bc-a76b-55533e7a2d73","block_type":"box","text":"certain of their affiliates to include in certain financial contracts, including many securities lending","page_number":159,"box":{"x":116,"y":428,"width":723,"height":12}},{"id":"7a5abd94-816a-425e-924a-4b05ded44821","block_type":"box","text":"agreements, terms that delay or restrict the rights of counterparties, such as the Fund, to terminate","page_number":159,"box":{"x":116,"y":444,"width":739,"height":12}},{"id":"f6f5aedf-2461-49a0-a208-d21e8c1e1d0f","block_type":"box","text":"such agreements, foreclose upon collateral, exercise other default rights or restrict transfers of credit","page_number":159,"box":{"x":116,"y":459,"width":751,"height":12}},{"id":"d6420783-a776-48d8-a45d-e32470a5bb49","block_type":"box","text":"support in the event that the counterparty and/or its affiliates are subject to certain types of resolution","page_number":159,"box":{"x":116,"y":475,"width":754,"height":12}},{"id":"9f74c86b-5698-4c13-96c5-13945383e907","block_type":"box","text":"or insolvency proceedings. It is possible that these requirements, as well as potential additional","page_number":159,"box":{"x":116,"y":490,"width":711,"height":12}},{"id":"b23592b0-1adb-4b3d-b21c-f8b4803e1ec4","block_type":"box","text":"government regulation and other developments in the market, could adversely affect the Fund’s ability","page_number":159,"box":{"x":116,"y":506,"width":762,"height":12}},{"id":"fa2087fa-8cdf-473d-94b7-46cfbb9e4f81","block_type":"box","text":"to terminate existing securities lending agreements or to realize amounts to be received under such","page_number":159,"box":{"x":116,"y":521,"width":744,"height":12}},{"id":"d38ed61c-1419-4bd5-8e6a-df97f07fc58e","block_type":"box","text":"agreements. Prudential regulation may also favor lenders that can provide additional protections, such","page_number":159,"box":{"x":116,"y":537,"width":764,"height":12}},{"id":"9715ced2-98bb-427f-8429-0dfc95eb2362","block_type":"box","text":"as liens that are exercisable in connection with a lender default, to borrowers. Certain Funds expect to","page_number":159,"box":{"x":116,"y":552,"width":763,"height":12}},{"id":"03f5d333-77a1-4946-b8ce-8e07c6bfe134","block_type":"box","text":"provide additional protections to borrowers, where permitted pursuant to a Fund’s investment policies","page_number":159,"box":{"x":117,"y":568,"width":756,"height":12}},{"id":"f5b9d0c8-2275-4814-8d12-493ba629d03e","block_type":"box","text":"and if BlackRock believes doing so is in the best interest of the Fund.","page_number":159,"box":{"x":116,"y":583,"width":518,"height":12}},{"id":"5c8d29f4-e54f-4546-85e0-bfe13ba2e56f","block_type":"box","text":"The SEC has adopted a rule that will require reporting and public disclosure of securities loan","page_number":159,"box":{"x":116,"y":614,"width":698,"height":12}},{"id":"fa512c30-0b47-493a-ad42-400cc79b0317","block_type":"box","text":"transaction information (not including party names); this may include, but is not limited to, information","page_number":159,"box":{"x":116,"y":630,"width":755,"height":12}},{"id":"4f826c2e-bd84-40e7-ba42-a5f761d58dd0","block_type":"box","text":"about securities loans entered into in connection with short sales. Compliance with this rule is expected","page_number":159,"box":{"x":116,"y":645,"width":771,"height":12}},{"id":"a80cfcc0-0d35-4102-a554-eeab4953e01d","block_type":"box","text":"to be required in late 2028, although in response to the outcome of a legal challenge against the rule,","page_number":159,"box":{"x":116,"y":661,"width":750,"height":12}},{"id":"968ded74-8e7f-4e26-a1d7-fcaf5b21a2e6","block_type":"box","text":"the SEC may amend the rule and/or delay the current expected compliance date.","page_number":159,"box":{"x":116,"y":676,"width":602,"height":12}},{"id":"7172640c-64f5-42b5-a3b7-161bd2b96081","block_type":"box","text":"Short Sales.","page_number":159,"box":{"x":117,"y":707,"width":95,"height":10}},{"id":"6c4f08e1-b438-457e-8033-e7bf0e36acc2","block_type":"box","text":"Certain Funds may make short sales of securities, either as a hedge against potential","page_number":159,"box":{"x":219,"y":707,"width":633,"height":12}},{"id":"d4ed0f3e-0a54-404d-b12c-2ec4e90cc27b","block_type":"box","text":"declines in value of a portfolio security or to realize appreciation when a security that the Fund does","page_number":159,"box":{"x":116,"y":723,"width":739,"height":12}},{"id":"f5d1061e-6bd5-409a-adb5-f718077e8819","block_type":"box","text":"not own declines in value. Certain Funds have a fundamental investment restriction prohibiting short","page_number":159,"box":{"x":117,"y":738,"width":742,"height":12}},{"id":"c5f9677c-0724-4b2f-989f-e07710eba38e","block_type":"box","text":"sales of securities unless they are “against-the-box.” In a short sale “against-the-box,” at the time of the","page_number":159,"box":{"x":116,"y":754,"width":766,"height":12}},{"id":"86c93656-d83e-4db9-ab33-2fea2572319f","block_type":"box","text":"sale, the Fund owns or has the immediate and unconditional right to acquire the identical security at no","page_number":159,"box":{"x":116,"y":769,"width":764,"height":12}},{"id":"47fe518e-648f-4bf6-a5f7-9b35aa6e4faf","block_type":"box","text":"additional cost. When a Fund makes a short sale, it borrows the security sold short and delivers it to","page_number":159,"box":{"x":116,"y":785,"width":741,"height":12}},{"id":"931809fb-92a1-48f2-b321-817b801d6d5d","block_type":"box","text":"the broker-dealer through which it made the short sale. A Fund may have to pay a fee to borrow","page_number":159,"box":{"x":116,"y":800,"width":712,"height":12}},{"id":"b49a8776-418a-4ef6-97ce-d3e92e1e9042","block_type":"box","text":"particular securities and is often obligated to turn over any payments received on such borrowed","page_number":159,"box":{"x":117,"y":816,"width":713,"height":12}},{"id":"0a68e6c4-3c5a-4067-880e-d540fd9ba339","block_type":"box","text":"securities to the lender of the securities.","page_number":159,"box":{"x":116,"y":831,"width":301,"height":10}},{"id":"ae09151a-d957-4124-85b3-4f52952f9367","block_type":"box","text":"A Fund secures its obligation to replace the borrowed security by depositing collateral with the broker","page_number":159,"box":{"x":116,"y":862,"width":756,"height":12}},{"id":"fa27b8ce-325a-4b4e-8241-dae53a46831c","block_type":"box","text":"dealer, usually in cash, U.S. Government Securities or other liquid securities similar to those borrowed.","page_number":159,"box":{"x":116,"y":878,"width":769,"height":12}},{"id":"c4008df0-9159-4039-a9a8-dba893779488","block_type":"box","text":"II-94","page_number":159,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"887768e1-b776-421e-8468-97acc1a93473","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":159,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"f8e76414-c969-4b53-ae6a-c9306425ad08","block_type":"box","text":"With respect to uncovered short positions, a Fund is required to deposit similar collateral with its","page_number":160,"box":{"x":116,"y":87,"width":717,"height":12}},{"id":"bac989e8-57d6-4cd3-bed8-a4d3e749a916","block_type":"box","text":"custodian, if necessary, to the extent that the value of both collateral deposits in the aggregate is at all","page_number":160,"box":{"x":116,"y":102,"width":763,"height":13}},{"id":"2be0b0c2-9718-4bf2-b944-1b8baedb828d","block_type":"box","text":"times equal to at least 100% of the current market value of the security sold short. Depending on","page_number":160,"box":{"x":116,"y":118,"width":722,"height":12}},{"id":"18a617ce-b408-4304-995a-36c9b65784fd","block_type":"box","text":"arrangements made with the broker-dealer from which the Fund borrowed the security, regarding","page_number":160,"box":{"x":116,"y":134,"width":726,"height":12}},{"id":"03c87bb1-e2be-4b37-a6cd-c8c86c0bf8e8","block_type":"box","text":"payment received by the Fund on such security, a Fund may not receive any payments (including","page_number":160,"box":{"x":117,"y":149,"width":728,"height":12}},{"id":"c406ce4b-8a2f-4c86-a879-b0d7b4abf18b","block_type":"box","text":"interest) on its collateral deposited with such broker-dealer.","page_number":160,"box":{"x":117,"y":165,"width":443,"height":12}},{"id":"499e08e8-1072-475b-9344-50044a4cd434","block_type":"box","text":"Because making short sales in securities that it does not own exposes a Fund to the risks associated","page_number":160,"box":{"x":117,"y":196,"width":754,"height":12}},{"id":"b666c236-522e-43dc-b175-86a166cb8208","block_type":"box","text":"with those securities, such short sales involve speculative exposure risk. A Fund will incur a loss as a","page_number":160,"box":{"x":116,"y":211,"width":755,"height":12}},{"id":"ce7ca467-c8ad-48d0-ac1f-3197857dfab2","block_type":"box","text":"result of a short sale if the price of the security increases between the date of the short sale and the","page_number":160,"box":{"x":117,"y":227,"width":743,"height":12}},{"id":"5f5c13db-784e-420f-9f0d-96416b449f69","block_type":"box","text":"date on which the Fund replaces the borrowed security. As a result, if a Fund makes short sales in","page_number":160,"box":{"x":116,"y":242,"width":735,"height":12}},{"id":"59aa0d2c-d0fb-4b96-b0ad-81c6ba68e794","block_type":"box","text":"securities that increase in value, it will likely underperform similar mutual funds that do not make short","page_number":160,"box":{"x":116,"y":258,"width":759,"height":12}},{"id":"24dd4218-f39d-4f41-a6b9-88cd33c266fb","block_type":"box","text":"sales in securities. A Fund will realize a gain on a short sale if the security declines in price between","page_number":160,"box":{"x":116,"y":273,"width":746,"height":12}},{"id":"d47e206a-de97-401c-a0cd-6fa2d1e84290","block_type":"box","text":"those dates. There can be no assurance that a Fund will be able to close out a short sale position at","page_number":160,"box":{"x":116,"y":289,"width":747,"height":12}},{"id":"d3b5f6e6-fcfe-47b5-a17d-6eb79299602f","block_type":"box","text":"any particular time or at an acceptable price. Although a Fund’s gain is limited to the price at which it","page_number":160,"box":{"x":116,"y":304,"width":750,"height":12}},{"id":"d8b7aadd-2a85-45e6-98fa-56079f25b330","block_type":"box","text":"sold the security short, its potential loss is limited only by the maximum attainable price of the security,","page_number":160,"box":{"x":116,"y":320,"width":764,"height":12}},{"id":"4f4ed850-00b6-4f6c-ab95-1e403d9cacb0","block_type":"box","text":"less the price at which the security was sold and may, theoretically, be unlimited.","page_number":160,"box":{"x":117,"y":335,"width":603,"height":12}},{"id":"b463719e-d5df-4b14-b97a-7156c6da32ec","block_type":"box","text":"A Fund may also make short sales “against the box” without being subject to such limitations.","page_number":160,"box":{"x":116,"y":366,"width":698,"height":12}},{"id":"329b13f2-4567-4c90-a8b7-1413aefb201d","block_type":"box","text":"A Fund must comply with Rule 18f-4 under the Investment Company Act with respect to its short","page_number":160,"box":{"x":116,"y":397,"width":720,"height":12}},{"id":"0e191aba-689e-4540-a1e5-0481988b21c9","block_type":"box","text":"sale borrowings, which are considered Derivatives Transactions under the Rule. See","page_number":160,"box":{"x":116,"y":413,"width":634,"height":12}},{"id":"4fe0843e-a067-459a-ab4e-f3c70c60276e","block_type":"box","text":"“—Derivatives—Regulation of Derivatives—Rule 18f-4 under the Investment Company Act” above.","page_number":160,"box":{"x":116,"y":428,"width":738,"height":12}},{"id":"52b02f03-fbc4-40ed-9016-0bacc6b12998","block_type":"box","text":"Short sales are also subject to certain SEC regulations and certain European Union and United","page_number":160,"box":{"x":116,"y":459,"width":712,"height":12}},{"id":"dc0b5108-a14d-42bd-865a-f055313754be","block_type":"box","text":"Kingdom regulations (under which there are restrictions on net short sales in certain securities). If the","page_number":160,"box":{"x":117,"y":475,"width":755,"height":12}},{"id":"fdc1d18e-69b6-4a7f-ac87-be2d4f4b62af","block_type":"box","text":"SEC or regulatory authorities in other jurisdictions were to adopt additional restrictions regarding short","page_number":160,"box":{"x":116,"y":490,"width":761,"height":12}},{"id":"59a04be4-3a59-4731-bd11-49dd731af424","block_type":"box","text":"sales, they could restrict a Fund’s ability to engage in short sales in certain circumstances, and the","page_number":160,"box":{"x":116,"y":506,"width":736,"height":12}},{"id":"3aa6d254-05ba-4d48-b078-f3889a6c6239","block_type":"box","text":"Fund may be unable to execute its investment strategy as a result. In response to market events, the","page_number":160,"box":{"x":117,"y":521,"width":753,"height":12}},{"id":"0e336d11-0316-4fe1-aca0-8cf0a1619111","block_type":"box","text":"SEC and regulatory authorities in other jurisdictions may adopt (and in certain cases, have adopted)","page_number":160,"box":{"x":116,"y":537,"width":747,"height":12}},{"id":"34fd6e88-2200-411a-b6b0-200a5e3af751","block_type":"box","text":"bans or other restrictions on short sales of certain securities or on derivatives and other hedging","page_number":160,"box":{"x":117,"y":552,"width":717,"height":12}},{"id":"84f4c7b4-40d1-47a6-a6a9-92d291b3cfb9","block_type":"box","text":"instruments used to achieve a similar economic effect. Such bans or other restrictions may make it","page_number":160,"box":{"x":117,"y":568,"width":736,"height":12}},{"id":"14841cda-5303-42d6-beb3-0c198e10c373","block_type":"box","text":"impossible for a Fund to execute certain investment strategies and may have a material adverse effect","page_number":160,"box":{"x":117,"y":583,"width":765,"height":12}},{"id":"ce4b311f-7fa7-4e5c-97fd-03eaf6894d29","block_type":"box","text":"on the Fund’s ability to generate returns.","page_number":160,"box":{"x":116,"y":599,"width":306,"height":12}},{"id":"72d41374-981a-4a1c-a27e-5c56aeeaeeb2","block_type":"box","text":"Special Purpose Acquisition Companies.","page_number":160,"box":{"x":117,"y":630,"width":325,"height":12}},{"id":"82e5eaf8-7d45-4ecc-85cd-ba2317ce3bd9","block_type":"box","text":"A Fund may invest in stock, warrants, rights and other","page_number":160,"box":{"x":443,"y":630,"width":411,"height":12}},{"id":"d7dc3a19-4114-401c-8284-c2d640c1812c","block_type":"box","text":"interests issued by special purpose acquisition companies (“SPACs”) or similar special purpose entities","page_number":160,"box":{"x":117,"y":645,"width":770,"height":12}},{"id":"4fb08a91-ba47-46dc-856f-a5373939a384","block_type":"box","text":"that pool funds to seek potential acquisition opportunities, including the “founder’s” shares and","page_number":160,"box":{"x":116,"y":661,"width":698,"height":12}},{"id":"d9d67843-f592-4387-b81e-6a1bc34c3faf","block_type":"box","text":"warrants described below. A SPAC is a publicly traded company that raises investment capital via an","page_number":160,"box":{"x":116,"y":676,"width":749,"height":12}},{"id":"c3e9585c-22bd-4d22-8734-c1a9cc6be87a","block_type":"box","text":"IPO for the purpose of identifying and acquiring one or more operating businesses or assets. In","page_number":160,"box":{"x":117,"y":692,"width":705,"height":12}},{"id":"317dbb7c-d618-465d-a908-331e321837a2","block_type":"box","text":"connection with forming a SPAC, the SPAC’s sponsors acquire “founder’s” shares, generally for","page_number":160,"box":{"x":116,"y":707,"width":712,"height":12}},{"id":"6956b7a1-f32a-4502-b0c7-f7daf2432ebc","block_type":"box","text":"nominal consideration, and warrants that will result in the sponsors owning a specified percentage","page_number":160,"box":{"x":117,"y":723,"width":726,"height":12}},{"id":"94321f75-d977-408d-85ff-05d565fc0239","block_type":"box","text":"(typically 20%) of the SPAC’s outstanding common stock upon completion of the IPO. At the time a","page_number":160,"box":{"x":117,"y":738,"width":735,"height":12}},{"id":"d35b31e7-b8a5-4b03-92e0-822fa7aa60da","block_type":"box","text":"SPAC conducts an IPO, it has selected a management team but has not yet identified a specific","page_number":160,"box":{"x":116,"y":754,"width":713,"height":12}},{"id":"3c10f247-e427-4af8-a0b8-2b45c024808d","block_type":"box","text":"acquisition opportunity. Unless and until an acquisition is completed, a SPAC generally invests its","page_number":160,"box":{"x":116,"y":769,"width":723,"height":12}},{"id":"1549afa8-13c9-4843-93fc-423756b2e017","block_type":"box","text":"assets in U.S. Government securities, money market securities and cash. If an acquisition that meets","page_number":160,"box":{"x":116,"y":785,"width":751,"height":12}},{"id":"c01ec130-dfce-4491-9ace-9d89cc60be31","block_type":"box","text":"the requirements for the SPAC is not completed within a pre-established period of time, the invested","page_number":160,"box":{"x":116,"y":800,"width":743,"height":12}},{"id":"dc605376-ef8d-4944-9672-1cd59b29ada7","block_type":"box","text":"funds are returned to the SPAC’s public shareholders, the warrants expire, and the “founder’s” shares","page_number":160,"box":{"x":116,"y":816,"width":755,"height":12}},{"id":"4f5673c1-624a-4e59-978d-07e73abf3a9b","block_type":"box","text":"and such warrants become worthless. Because SPACs and similar entities are in essence “blank","page_number":160,"box":{"x":116,"y":831,"width":725,"height":10}},{"id":"709448db-fab2-4567-a256-6c9e747c86d2","block_type":"box","text":"check” companies without operating histories or ongoing business operations (other than identifying","page_number":160,"box":{"x":116,"y":847,"width":745,"height":12}},{"id":"a8fe5099-37d0-4848-aa1f-dc75bf947df5","block_type":"box","text":"and pursuing acquisitions), the potential for the long-term capital appreciation of their securities is","page_number":160,"box":{"x":116,"y":862,"width":728,"height":12}},{"id":"cb578d36-363f-4326-8af7-be2c3da6c003","block_type":"box","text":"particularly dependent on the ability of the SPAC’s management to identify and complete a profitable","page_number":160,"box":{"x":117,"y":878,"width":751,"height":12}},{"id":"f5cfd9b6-0600-49a1-bb14-96971b6a16a4","block_type":"box","text":"II-95","page_number":160,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"a7edefe9-a4c8-49a8-b44a-74182101ace1","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":160,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"59ef7317-94d7-4ee2-8853-50f7ea0e32a1","block_type":"box","text":"acquisition. There is no guarantee that the SPACs in which a Fund invests will complete an acquisition","page_number":161,"box":{"x":116,"y":87,"width":766,"height":12}},{"id":"de82ff4c-2aae-46c5-94d2-a043bf1fec49","block_type":"box","text":"or that any acquisitions completed by the SPACs in which the Fund invests will be profitable. Some","page_number":161,"box":{"x":116,"y":102,"width":740,"height":13}},{"id":"59ca6cd3-58da-4614-a339-7a8f7941d570","block_type":"box","text":"SPACs may pursue acquisitions only within certain industries or regions, which may ultimately lead to","page_number":161,"box":{"x":116,"y":118,"width":758,"height":12}},{"id":"1ea3070d-e60d-4bca-953e-cd9d2d291404","block_type":"box","text":"an increase in the volatility of their prices following the acquisition. In addition, some of these securities","page_number":161,"box":{"x":116,"y":134,"width":768,"height":12}},{"id":"ce8abcd2-fd1f-4f09-b7b8-640ff578a9eb","block_type":"box","text":"may be considered illiquid and/or subject to restrictions on resale.","page_number":161,"box":{"x":117,"y":149,"width":491,"height":12}},{"id":"0ed2806e-b1b0-4152-9ecc-70c861c9597f","block_type":"box","text":"Standby Commitment Agreements.","page_number":161,"box":{"x":117,"y":180,"width":278,"height":12}},{"id":"9413899a-914a-47df-a466-76352f94785a","block_type":"box","text":"Standby commitment agreements commit a Fund, for a stated","page_number":161,"box":{"x":396,"y":180,"width":471,"height":12}},{"id":"b39d6553-6b55-4109-b52d-81dcbc07a219","block_type":"box","text":"period of time, to purchase a stated amount of securities that may be issued and sold to that Fund at","page_number":161,"box":{"x":117,"y":196,"width":750,"height":12}},{"id":"0e47a348-fda3-48fe-a4ff-2637bcf0034d","block_type":"box","text":"the option of the issuer. The price of the security is fixed at the time of the commitment. At the time of","page_number":161,"box":{"x":116,"y":211,"width":756,"height":12}},{"id":"43721c96-0abc-4609-afb5-f5140ecf6484","block_type":"box","text":"entering into the agreement, a Fund is paid a commitment fee, regardless of whether or not the","page_number":161,"box":{"x":116,"y":227,"width":711,"height":12}},{"id":"ac1bf68c-21df-48ea-9e8e-43927bc2833e","block_type":"box","text":"security is ultimately issued. A Fund will enter into such agreements for the purpose of investing in the","page_number":161,"box":{"x":116,"y":242,"width":762,"height":12}},{"id":"d8f8833f-bee8-4277-a61a-690be735bd12","block_type":"box","text":"security underlying the commitment at a price that is considered advantageous to the Fund.","page_number":161,"box":{"x":116,"y":258,"width":685,"height":12}},{"id":"25e9cb98-a00f-474d-94c7-474c3e04ebab","block_type":"box","text":"There can be no assurance that the securities subject to a standby commitment will be issued, and the","page_number":161,"box":{"x":116,"y":289,"width":767,"height":12}},{"id":"5083dd1b-e417-4b9e-836f-68d598337c6e","block_type":"box","text":"value of the security, if issued, on the delivery date may be more or less than its purchase price. Since","page_number":161,"box":{"x":116,"y":304,"width":764,"height":12}},{"id":"6d8ef83c-8822-4692-a013-645d263bac71","block_type":"box","text":"the issuance of the security underlying the commitment is at the option of the issuer, the Fund may","page_number":161,"box":{"x":116,"y":320,"width":738,"height":12}},{"id":"9eae6d4a-ca12-4678-9db6-d5b9de39c26d","block_type":"box","text":"bear the risk of a decline in the value of such security and may not benefit from an appreciation in the","page_number":161,"box":{"x":117,"y":335,"width":756,"height":12}},{"id":"be7a970b-2a4c-4c86-9853-ee40f4f7662e","block_type":"box","text":"value of the security during the commitment period.","page_number":161,"box":{"x":116,"y":351,"width":386,"height":12}},{"id":"848fc6ec-ab67-49fb-b85a-a820699edfbe","block_type":"box","text":"The purchase of a security pursuant to a standby commitment agreement and the related commitment","page_number":161,"box":{"x":116,"y":382,"width":764,"height":12}},{"id":"2b173fe6-6a79-4ad7-8d75-4cc72a46cac7","block_type":"box","text":"fee will be recorded on the date on which the security can reasonably be expected to be issued, and","page_number":161,"box":{"x":116,"y":397,"width":749,"height":12}},{"id":"23affe0a-027f-45c2-8ab7-e22781b57898","block_type":"box","text":"the value of the security thereafter will be reflected in the calculation of a Fund’s NAV. The cost basis","page_number":161,"box":{"x":116,"y":413,"width":755,"height":12}},{"id":"21b43e60-810f-4e99-8ad9-1011317415b3","block_type":"box","text":"of the security will be adjusted by the amount of the commitment fee. In the event the security is not","page_number":161,"box":{"x":116,"y":428,"width":745,"height":12}},{"id":"854f4143-6137-4f2d-9703-6231513e801e","block_type":"box","text":"issued, the commitment fee will be recorded as income on the expiration date of the standby","page_number":161,"box":{"x":117,"y":444,"width":690,"height":12}},{"id":"d3a5b31c-7690-4659-93cf-cedec1e1eece","block_type":"box","text":"commitment.","page_number":161,"box":{"x":116,"y":459,"width":101,"height":10}},{"id":"f13fdb57-57b1-494f-aeb4-53b005ce0b4c","block_type":"box","text":"Standby commitments will only be entered into with dealers, banks and broker-dealers which, in the","page_number":161,"box":{"x":116,"y":490,"width":744,"height":12}},{"id":"f756eea2-edcc-4ba4-b209-5d26d4ddfa29","block_type":"box","text":"Manager’s or sub-adviser’s opinion, present minimal credit risks. A Fund will acquire standby","page_number":161,"box":{"x":117,"y":506,"width":693,"height":12}},{"id":"93ca29a1-4ccd-477d-9e42-c0848d6e11c3","block_type":"box","text":"commitments solely to facilitate portfolio liquidity and not to exercise its rights thereunder for trading","page_number":161,"box":{"x":116,"y":521,"width":744,"height":12}},{"id":"71aa66d9-0e0c-4cd8-b734-76eee122588b","block_type":"box","text":"purposes. Standby commitments will be valued at zero in determining NAV. Accordingly, where a Fund","page_number":161,"box":{"x":117,"y":537,"width":769,"height":12}},{"id":"4e3283e3-7da1-48b4-a121-6597f8fe6d97","block_type":"box","text":"pays directly or indirectly for a standby commitment, its cost will be reflected as an unrealized loss for","page_number":161,"box":{"x":117,"y":552,"width":756,"height":12}},{"id":"a56ab153-3b33-4ef3-96c4-d0fa3774af50","block_type":"box","text":"the period during which the commitment is held by such Fund and will be reflected as a realized gain or","page_number":161,"box":{"x":116,"y":568,"width":771,"height":12}},{"id":"7542a281-5bf5-4b67-871a-550ad745e07d","block_type":"box","text":"loss when the commitment is exercised or expires.","page_number":161,"box":{"x":117,"y":583,"width":380,"height":12}},{"id":"f36ff340-47fc-4f4d-af8f-32970124afdd","block_type":"box","text":"Stripped Securities.","page_number":161,"box":{"x":117,"y":614,"width":156,"height":12}},{"id":"454505ce-3dcf-45db-a4f7-9fc85a9b8e51","block_type":"box","text":"Stripped securities are created when the issuer separates the interest and","page_number":161,"box":{"x":274,"y":614,"width":560,"height":12}},{"id":"8f0a1276-870d-4037-aba9-fd15e9b5a037","block_type":"box","text":"principal components of an instrument and sells them as separate securities. In general, one security is","page_number":161,"box":{"x":117,"y":630,"width":771,"height":12}},{"id":"b9cb6453-8686-42ea-9002-f194545b6f3d","block_type":"box","text":"entitled to receive the interest payments on the underlying assets (the interest only or “IO” security)","page_number":161,"box":{"x":116,"y":645,"width":740,"height":12}},{"id":"4f0937fa-700a-46ed-974f-4a348521df9c","block_type":"box","text":"and the other to receive the principal payments (the principal only or “PO” security). Some stripped","page_number":161,"box":{"x":116,"y":661,"width":731,"height":12}},{"id":"21da058f-4d82-41cc-bd37-e91b944c9fa3","block_type":"box","text":"securities may receive a combination of interest and principal payments. The yields to maturity on IOs","page_number":161,"box":{"x":116,"y":676,"width":755,"height":12}},{"id":"41b4d6d0-57ac-4cf0-9f2d-7ce50b6d97c7","block_type":"box","text":"and POs are sensitive to the expected or anticipated rate of principal payments (including","page_number":161,"box":{"x":116,"y":692,"width":663,"height":12}},{"id":"2e0e47a9-aa29-41c3-a800-ef221f2200ad","block_type":"box","text":"prepayments) on the related underlying assets, and principal payments may have a material effect on","page_number":161,"box":{"x":117,"y":707,"width":752,"height":12}},{"id":"3877dd37-edb4-429b-8310-918469e5092d","block_type":"box","text":"yield to maturity. If the underlying assets experience greater than anticipated prepayments of principal,","page_number":161,"box":{"x":116,"y":723,"width":760,"height":12}},{"id":"9cd5b2dd-8cbc-40e3-8082-3ade43748e4a","block_type":"box","text":"a Fund may not fully recoup its initial investment in IOs. Conversely, if the underlying assets","page_number":161,"box":{"x":116,"y":738,"width":681,"height":12}},{"id":"c994c246-dd08-4cc1-8899-b34ececc0ac7","block_type":"box","text":"experience less than anticipated prepayments of principal, the yield on POs could be adversely","page_number":161,"box":{"x":116,"y":754,"width":706,"height":12}},{"id":"27b3f6c0-e4ca-4617-9c6a-60a33c0a2ca9","block_type":"box","text":"affected. Stripped securities may be highly sensitive to changes in interest rates and rates of","page_number":161,"box":{"x":116,"y":769,"width":687,"height":12}},{"id":"aa70f97e-77bb-4f37-9ec6-a23403326118","block_type":"box","text":"prepayment.","page_number":161,"box":{"x":117,"y":785,"width":91,"height":12}},{"id":"0c83d44a-1752-4ba6-8399-14fba99cd6ca","block_type":"box","text":"Structured Notes.","page_number":161,"box":{"x":117,"y":816,"width":139,"height":9}},{"id":"95157e37-1269-43eb-9c07-2d07566269e0","block_type":"box","text":"Structured notes and other related instruments purchased by a Fund are generally","page_number":161,"box":{"x":262,"y":816,"width":612,"height":12}},{"id":"dc2bfaba-ecee-42bf-b66f-ca64d7ac3f79","block_type":"box","text":"privately negotiated debt obligations where the principal and/or interest is determined by reference to","page_number":161,"box":{"x":117,"y":831,"width":753,"height":12}},{"id":"243cab1b-8d49-4f5b-837f-4aa0bac8c628","block_type":"box","text":"the performance of a specific asset, benchmark asset, market or interest rate (“reference measure”).","page_number":161,"box":{"x":116,"y":847,"width":751,"height":12}},{"id":"0b8c953b-89df-4487-9d86-15db17521812","block_type":"box","text":"Issuers of structured notes generally include corporations and banks. The interest rate or the principal","page_number":161,"box":{"x":117,"y":862,"width":760,"height":12}},{"id":"9b469185-0ec9-4ff6-8906-0c095b6f0cd8","block_type":"box","text":"amount payable upon maturity or redemption may increase or decrease, depending upon changes in","page_number":161,"box":{"x":116,"y":878,"width":754,"height":12}},{"id":"aa47001d-b8f1-4818-88b1-52694a14d0a6","block_type":"box","text":"II-96","page_number":161,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"4a1a6f3d-568d-4167-96b2-eed046306d09","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":161,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"9060b8d5-92fe-4399-922c-cc3e81c8f187","block_type":"box","text":"the value of the reference measure. The terms of a structured note may provide that, in certain","page_number":162,"box":{"x":116,"y":87,"width":708,"height":12}},{"id":"f00a201f-b6de-4970-8f49-7a7dbcb4f6f8","block_type":"box","text":"circumstances, no principal is due at maturity and, therefore, may result in a loss of invested capital by","page_number":162,"box":{"x":116,"y":102,"width":765,"height":13}},{"id":"84f077e8-9067-4352-a028-73f064ecd55e","block_type":"box","text":"a Fund. The interest and/or principal payments that may be made on a structured product may vary","page_number":162,"box":{"x":116,"y":118,"width":743,"height":12}},{"id":"6ff9721f-e694-45a5-8fcf-9b51aa8a4bd5","block_type":"box","text":"widely, depending on a variety of factors, including the volatility of the reference measure.","page_number":162,"box":{"x":116,"y":134,"width":671,"height":12}},{"id":"1e2248d1-9308-420d-b910-8b3accfbda22","block_type":"box","text":"Structured notes may be positively or negatively indexed, so the appreciation of the reference measure","page_number":162,"box":{"x":116,"y":165,"width":770,"height":12}},{"id":"c306fc75-0099-49e5-80e2-6a0ba7219450","block_type":"box","text":"may produce an increase or a decrease in the interest rate or the value of the principal at maturity. The","page_number":162,"box":{"x":117,"y":180,"width":768,"height":12}},{"id":"a1450d0b-9205-48c4-be66-e442625fd2d2","block_type":"box","text":"rate of return on structured notes may be determined by applying a multiplier to the performance or","page_number":162,"box":{"x":117,"y":196,"width":739,"height":12}},{"id":"a23c6951-d39a-4b78-a15f-f6e9730a41c0","block_type":"box","text":"differential performance of reference measures. Application of a multiplier involves leverage that will","page_number":162,"box":{"x":116,"y":211,"width":746,"height":12}},{"id":"8ddeae56-27b1-4881-b556-d0bf43c432bf","block_type":"box","text":"serve to magnify the potential for gain and the risk of loss.","page_number":162,"box":{"x":116,"y":227,"width":435,"height":12}},{"id":"f5b7bd2a-356c-4dcb-a545-0dc242361373","block_type":"box","text":"The purchase of structured notes exposes a Fund to the credit risk of the issuer of the structured","page_number":162,"box":{"x":116,"y":258,"width":722,"height":11}},{"id":"d18be862-f5c3-4891-a4d0-32a7a29b2769","block_type":"box","text":"product. Structured notes may also be more volatile, less liquid, and more difficult to price accurately","page_number":162,"box":{"x":117,"y":273,"width":750,"height":12}},{"id":"5cc06776-c2cc-4dc3-a799-2386654295dd","block_type":"box","text":"than less complex securities and instruments or more traditional debt securities. The secondary market","page_number":162,"box":{"x":116,"y":289,"width":770,"height":12}},{"id":"a8ef350c-2da8-4a15-b86e-d996dc00842f","block_type":"box","text":"for structured notes could be illiquid making them difficult to sell when the Fund determines to sell","page_number":162,"box":{"x":116,"y":304,"width":729,"height":12}},{"id":"127f3983-a3cd-4d81-8a83-b6059bf575a9","block_type":"box","text":"them. The possible lack of a liquid secondary market for structured notes and the resulting inability of","page_number":162,"box":{"x":116,"y":320,"width":755,"height":12}},{"id":"c43250bf-fada-4d72-8af4-ce16bf0a222d","block_type":"box","text":"the Fund to sell a structured note could expose the Fund to losses and could make structured notes","page_number":162,"box":{"x":116,"y":335,"width":746,"height":12}},{"id":"b9d11190-ff57-4058-8dd5-c5443d91c969","block_type":"box","text":"more difficult for the Fund to value accurately.","page_number":162,"box":{"x":117,"y":351,"width":344,"height":12}},{"id":"2886cecc-6e0a-4323-ad0a-5399b483dafa","block_type":"box","text":"Taxability Risk.","page_number":162,"box":{"x":118,"y":382,"width":119,"height":12}},{"id":"e38a475d-1faf-490e-b8e1-a83b16fc0136","block_type":"box","text":"Certain of the Funds intend to minimize the payment of taxable income to","page_number":162,"box":{"x":238,"y":382,"width":555,"height":12}},{"id":"0d356c33-efe5-4a66-b800-4bc7d05bf30d","block_type":"box","text":"shareholders by investing in tax-exempt or municipal securities in reliance at the time of purchase on","page_number":162,"box":{"x":116,"y":397,"width":753,"height":12}},{"id":"0b4ecc8f-c060-4425-9d87-a43ac36a7199","block_type":"box","text":"an opinion of bond counsel to the issuer and, in the case of derivative securities, sponsors’ counsel,","page_number":162,"box":{"x":116,"y":413,"width":745,"height":12}},{"id":"aaf2440a-c4df-40e4-ab82-8af4deaa9593","block_type":"box","text":"that the interest paid on those securities will be excludable from gross income for U.S. federal income","page_number":162,"box":{"x":116,"y":428,"width":759,"height":12}},{"id":"e3c215a1-9c86-414a-ab8e-a731212ce1b2","block_type":"box","text":"tax purposes. Such securities, however, may be determined to pay, or have paid, taxable income","page_number":162,"box":{"x":116,"y":444,"width":726,"height":12}},{"id":"0134895b-f527-4597-b6fc-28ad8f04f52d","block_type":"box","text":"subsequent to the Fund’s acquisition of the securities. In that event, the IRS may demand that the","page_number":162,"box":{"x":116,"y":459,"width":731,"height":12}},{"id":"a9e70fe0-d743-4f4c-9215-464c83dcc2e1","block_type":"box","text":"Fund pay U.S. federal income taxes on the affected interest income, and, if the Fund agrees to do so,","page_number":162,"box":{"x":117,"y":475,"width":758,"height":12}},{"id":"bc60a344-4686-400f-91af-3dfd5f51a002","block_type":"box","text":"the Fund’s yield could be adversely affected. In addition, the treatment of dividends previously paid or","page_number":162,"box":{"x":116,"y":490,"width":758,"height":12}},{"id":"2dbf6590-8a30-4712-ba1b-bf3d4e9ed471","block_type":"box","text":"to be paid by the Fund as “exempt interest dividends” could be adversely affected, subjecting the","page_number":162,"box":{"x":116,"y":506,"width":724,"height":12}},{"id":"535515df-2084-474f-a6b7-a41974dde9de","block_type":"box","text":"Fund’s shareholders to increased U.S. federal income tax liabilities. If the interest paid on any","page_number":162,"box":{"x":117,"y":521,"width":699,"height":12}},{"id":"3f53afa0-bb71-43b2-9f3e-d62974f8199c","block_type":"box","text":"tax-exempt or municipal security held by the Fund is subsequently determined to be taxable, the Fund","page_number":162,"box":{"x":116,"y":537,"width":762,"height":12}},{"id":"3ee118ef-c5ad-469f-bd3d-101d5bafea4d","block_type":"box","text":"will dispose of that security as soon as reasonably practicable. In addition, future laws, regulations,","page_number":162,"box":{"x":116,"y":552,"width":738,"height":12}},{"id":"2b43a59a-a2e1-48ad-b0d1-a89d601b7d7a","block_type":"box","text":"rulings or court decisions may cause interest on municipal securities to be subject, directly or indirectly,","page_number":162,"box":{"x":117,"y":568,"width":769,"height":12}},{"id":"b368e846-2292-4cd5-b49d-aa99f2f18ec9","block_type":"box","text":"to U.S. federal income taxation or interest on state municipal securities to be subject to state or local","page_number":162,"box":{"x":116,"y":583,"width":749,"height":12}},{"id":"5a5c3ce2-682f-4dc6-9b94-4539c2f47313","block_type":"box","text":"income taxation, or the value of state municipal securities to be subject to state or local intangible","page_number":162,"box":{"x":117,"y":599,"width":726,"height":12}},{"id":"b65806f8-06f3-4a4b-a58d-e7a752763b4c","block_type":"box","text":"personal property tax, or may otherwise prevent the Fund from realizing the full current benefit of the","page_number":162,"box":{"x":117,"y":614,"width":750,"height":12}},{"id":"562ab36a-d483-4b92-8e42-3c83892d33a3","block_type":"box","text":"tax-exempt status of such securities. Any such change could also affect the market price of such","page_number":162,"box":{"x":116,"y":630,"width":721,"height":12}},{"id":"6f07d4c7-6a66-4182-a8c6-ae7f6d2505a9","block_type":"box","text":"securities, and thus the value of an investment in the Fund.","page_number":162,"box":{"x":116,"y":645,"width":444,"height":11}},{"id":"0b40a414-a906-478f-a0b3-2ec0a8c073b8","block_type":"box","text":"Temporary Defensive Measures.","page_number":162,"box":{"x":118,"y":676,"width":252,"height":12}},{"id":"b098e049-355e-41be-a322-5e543983fb3c","block_type":"box","text":"As a temporary defensive measure, including to respond to adverse","page_number":162,"box":{"x":376,"y":676,"width":498,"height":12}},{"id":"9072ce4a-fe32-4fc4-bc0e-699c4e0ec9ec","block_type":"box","text":"market, economic, political or other conditions, a Fund may depart from its principal investment","page_number":162,"box":{"x":117,"y":692,"width":697,"height":12}},{"id":"84d01777-b57f-47fa-9827-e009ed5972a3","block_type":"box","text":"strategies and may invest without limitation in cash, high quality money market instruments, or other","page_number":162,"box":{"x":116,"y":707,"width":735,"height":12}},{"id":"7eccc08d-a641-43de-a4d3-b7c271c00a0f","block_type":"box","text":"short term investments. Certain Funds may also invest in cash and other such instruments pending","page_number":162,"box":{"x":116,"y":723,"width":727,"height":12}},{"id":"d32e5fd7-9c5f-447c-ae55-5e0769ff049c","block_type":"box","text":"investment or to meet anticipated redemption requests. High quality money market instruments include","page_number":162,"box":{"x":117,"y":738,"width":755,"height":12}},{"id":"73a39a87-fe10-4781-8e17-a0b811b26e0b","block_type":"box","text":"U.S. Government obligations, U.S. Government agency obligations, dollar denominated obligations of","page_number":162,"box":{"x":117,"y":754,"width":746,"height":12}},{"id":"d1a8f390-779a-420e-b502-3b76d5d1a75e","block_type":"box","text":"foreign issuers, bank obligations, including U.S. subsidiaries and branches of foreign banks, corporate","page_number":162,"box":{"x":116,"y":769,"width":750,"height":12}},{"id":"29d7a4d4-fbb6-4b0c-849d-69b41fb92923","block_type":"box","text":"obligations, commercial paper, repurchase agreements and obligations of supranational organizations.","page_number":162,"box":{"x":116,"y":785,"width":753,"height":12}},{"id":"4f393f8e-bfee-45ba-ad08-50484c1a838b","block_type":"box","text":"Generally, such obligations will mature within one year from the date of settlement, but may mature","page_number":162,"box":{"x":117,"y":800,"width":727,"height":12}},{"id":"820a04d9-3f62-4868-a512-b0f99759a9c4","block_type":"box","text":"within two years from the date of settlement. Temporary defensive measures may affect a Fund’s ability","page_number":162,"box":{"x":116,"y":816,"width":762,"height":12}},{"id":"d1563198-d498-4c1f-8df2-a1135e4f2ec7","block_type":"box","text":"to achieve its investment objective.","page_number":162,"box":{"x":116,"y":831,"width":262,"height":12}},{"id":"713c7400-0504-495a-a210-6c038adfe45c","block_type":"box","text":"U.S. Government Obligations.","page_number":162,"box":{"x":117,"y":862,"width":236,"height":12}},{"id":"30c4d2cd-25cf-4411-92eb-2254235e69c2","block_type":"box","text":"A Fund may purchase obligations issued or guaranteed by the U.S.","page_number":162,"box":{"x":354,"y":862,"width":510,"height":12}},{"id":"24c69fe2-1cf5-4a00-bab2-6d3b9752d3b6","block_type":"box","text":"Government and U.S. Government agencies and instrumentalities. Obligations of certain agencies and","page_number":162,"box":{"x":117,"y":878,"width":767,"height":12}},{"id":"61d0fe75-3379-469f-97fb-cf43c3f3977d","block_type":"box","text":"II-97","page_number":162,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"4873e72a-9652-492b-be23-78f233d2a491","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":162,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"1abd5b70-ba91-4cb5-a377-ef4626ff842e","block_type":"box","text":"instrumentalities of the U.S. Government are supported by the full faith and credit of the U.S. Treasury.","page_number":163,"box":{"x":117,"y":87,"width":767,"height":12}},{"id":"6bbfe0cc-9956-4a06-9492-e5f0c2c23da4","block_type":"box","text":"Others are supported by the right of the issuer to borrow from the U.S. Treasury; and still others are","page_number":163,"box":{"x":116,"y":102,"width":745,"height":13}},{"id":"de98cf76-e2a3-4c54-b822-fe1084d7d9cb","block_type":"box","text":"supported only by the credit of the agency or instrumentality issuing the obligation. No assurance can","page_number":163,"box":{"x":116,"y":118,"width":757,"height":12}},{"id":"8028e400-8324-4725-b46a-6287dc914c0f","block_type":"box","text":"be given that the U.S. Government will provide financial support to U.S. Government-sponsored","page_number":163,"box":{"x":117,"y":134,"width":715,"height":12}},{"id":"df7b0ddd-a49a-4e74-a7e9-27d80a0c528b","block_type":"box","text":"instrumentalities if it is not obligated to do so by law. Certain U.S. Treasury and agency securities may","page_number":163,"box":{"x":117,"y":149,"width":762,"height":12}},{"id":"f7634731-f0ab-4211-bfd3-3d551f57bc22","block_type":"box","text":"be held by trusts that issue participation certificates (such as Treasury income growth receipts and","page_number":163,"box":{"x":117,"y":165,"width":734,"height":12}},{"id":"582ec314-843b-43e6-ac3f-26f57b034463","block_type":"box","text":"certificates of accrual on Treasury certificates). These certificates, as well as Treasury receipts and","page_number":163,"box":{"x":116,"y":180,"width":740,"height":12}},{"id":"ff560951-c8ea-41d9-9985-bd0fcea71361","block_type":"box","text":"other stripped securities, represent beneficial ownership interests in either future interest payments or","page_number":163,"box":{"x":116,"y":196,"width":759,"height":12}},{"id":"1254c0c1-b462-49ca-b7d4-fda44a3ae74a","block_type":"box","text":"the future principal payments on U.S. Government obligations. These instruments are issued at a","page_number":163,"box":{"x":116,"y":211,"width":727,"height":12}},{"id":"ce5fd38b-80ea-4dae-80b7-e6c2542c11cb","block_type":"box","text":"discount to their “face value” and may (particularly in the case of stripped mortgage-backed securities)","page_number":163,"box":{"x":116,"y":227,"width":763,"height":12}},{"id":"aa089fec-d6fc-42e1-a391-9edd0b70a724","block_type":"box","text":"exhibit greater price volatility than ordinary debt securities because of the manner in which their","page_number":163,"box":{"x":116,"y":242,"width":713,"height":12}},{"id":"507f6d4a-5884-48e1-a2ab-422c48356f41","block_type":"box","text":"principal and interest are returned to investors.","page_number":163,"box":{"x":117,"y":258,"width":351,"height":11}},{"id":"cd617961-7721-43c4-8801-fe3c2b3de525","block_type":"box","text":"Examples of the types of U.S. Government obligations that may be held by the Funds include U.S.","page_number":163,"box":{"x":117,"y":289,"width":734,"height":12}},{"id":"09d300d8-a587-43d9-8027-5cb9daea9106","block_type":"box","text":"Treasury Bills, Treasury Notes and Treasury Bonds and the obligations of the Federal Housing","page_number":163,"box":{"x":116,"y":304,"width":708,"height":12}},{"id":"1f490a7a-6415-49c7-b203-f50fdc3669b7","block_type":"box","text":"Administration, Farmers Home Administration, Export-Import Bank of the United States, Small","page_number":163,"box":{"x":116,"y":320,"width":703,"height":12}},{"id":"7bc95780-8973-433d-a52c-73eaf70123d3","block_type":"box","text":"Business Administration, Ginnie Mae, Fannie Mae, Federal Financing Bank, General Services","page_number":163,"box":{"x":117,"y":335,"width":702,"height":12}},{"id":"a9457f82-cdc1-4d45-85ee-e94958048d3c","block_type":"box","text":"Administration, Student Loan Marketing Association, Central Bank for Cooperatives, Federal Home","page_number":163,"box":{"x":116,"y":351,"width":741,"height":12}},{"id":"ca57a90a-62a2-4535-b1c6-e468fd7a2722","block_type":"box","text":"Loan Banks, Freddie Mac, Federal Intermediate Credit Banks, Federal Land Banks, Farm Credit Banks","page_number":163,"box":{"x":117,"y":366,"width":771,"height":11}},{"id":"08e8175b-f382-4043-9811-db604715bdea","block_type":"box","text":"System, Maritime Administration, Tennessee Valley Authority and Washington D.C. Armory Board. The","page_number":163,"box":{"x":116,"y":382,"width":772,"height":12}},{"id":"feafb226-c58c-43e2-b872-c8e689c525a5","block_type":"box","text":"Funds may also invest in mortgage-related securities issued or guaranteed by U.S. Government","page_number":163,"box":{"x":117,"y":397,"width":717,"height":12}},{"id":"399ca075-0a13-4abf-9760-9cf52f51a388","block_type":"box","text":"agencies and instrumentalities, including such instruments as obligations of Ginnie Mae, Fannie Mae","page_number":163,"box":{"x":116,"y":413,"width":754,"height":12}},{"id":"354654b9-911f-42b7-aa8a-4ea49855ca58","block_type":"box","text":"and Freddie Mac.","page_number":163,"box":{"x":116,"y":428,"width":135,"height":10}},{"id":"6f965f28-101b-4529-81f9-5b3a60f8ff58","block_type":"box","text":"U.S. Treasury Obligations.","page_number":163,"box":{"x":117,"y":459,"width":194,"height":12}},{"id":"027aab15-09d9-4b93-960e-02e57f6dbba1","block_type":"box","text":"Treasury obligations may differ in their interest rates, maturities, times of","page_number":163,"box":{"x":313,"y":459,"width":548,"height":12}},{"id":"e9127fd2-eb9d-45d8-a762-6c545905fae1","block_type":"box","text":"issuance and other characteristics. Obligations of U.S. Government agencies and authorities are","page_number":163,"box":{"x":117,"y":475,"width":721,"height":12}},{"id":"a0cff39e-5872-4b4c-aaa1-1b245d611826","block_type":"box","text":"supported by varying degrees of credit but generally are not backed by the full faith and credit of the","page_number":163,"box":{"x":116,"y":490,"width":747,"height":12}},{"id":"6b2e81f5-7d08-4104-975b-3f3094c08726","block_type":"box","text":"U.S. Government. No assurance can be given that the U.S. Government will provide financial support","page_number":163,"box":{"x":117,"y":506,"width":758,"height":12}},{"id":"e2ef7320-ce0e-4252-ac27-0aa1de9127af","block_type":"box","text":"to its agencies and authorities if it is not obligated by law to do so.","page_number":163,"box":{"x":116,"y":521,"width":493,"height":12}},{"id":"da6eb437-a5b9-4ecc-b185-5e1bd1d56b13","block_type":"box","text":"U.S. Treasury Rolls.","page_number":163,"box":{"x":117,"y":552,"width":153,"height":12}},{"id":"59e0f0f3-5ab3-4cb2-9c1d-76cd898932b3","block_type":"box","text":"Certain Funds may invest in U.S. Treasury","page_number":163,"box":{"x":271,"y":552,"width":320,"height":12}},{"id":"7d7703a4-316b-4c7f-8455-7534ace60c8d","block_type":"box","text":"rolls. In a U.S. Treasury roll transaction,","page_number":163,"box":{"x":592,"y":552,"width":292,"height":12}},{"id":"9299ebf9-527f-47e2-ad1c-768e65b36677","block_type":"box","text":"the Fund sells a treasury security to a counterpa","page_number":163,"box":{"x":116,"y":568,"width":350,"height":12}},{"id":"feac6439-5b8c-4868-8565-db8a1b55a1d1","block_type":"box","text":"rty with a simultaneous agreement to repurchase the","page_number":163,"box":{"x":468,"y":568,"width":387,"height":12}},{"id":"8521f0ba-4565-43fb-8b2a-e16d384b925f","block_type":"box","text":"same security at an agreed upon price and future settl","page_number":163,"box":{"x":116,"y":583,"width":392,"height":12}},{"id":"30e0dc4a-fcca-40b4-808c-4830cf51d655","block_type":"box","text":"ement date. U.S. Treasury roll transactions may","page_number":163,"box":{"x":510,"y":583,"width":353,"height":12}},{"id":"ab028900-2dbc-4d2b-9397-9bf2ab4493fb","block_type":"box","text":"incrementally adjust the average maturity of a Fund’","page_number":163,"box":{"x":117,"y":599,"width":376,"height":12}},{"id":"e68b8404-c7a0-4702-b208-5a6584a30b14","block_type":"box","text":"s portfolio and increase the interest yield on the","page_number":163,"box":{"x":494,"y":599,"width":348,"height":12}},{"id":"a2633c44-3b06-47cf-9948-a481f7e5fc7d","block_type":"box","text":"Fund’s portfolio by extending the average maturity of the portfolio in a normal yield curve environment.","page_number":163,"box":{"x":117,"y":614,"width":746,"height":12}},{"id":"f4eae9b2-1e4d-4448-83aa-91c2696dab7d","block_type":"box","text":"During the period before the settlement","page_number":163,"box":{"x":117,"y":630,"width":284,"height":12}},{"id":"cfab1fdc-1d15-4ede-8f7b-70415a232118","block_type":"box","text":"date of a U.S. Treasury roll, a","page_number":163,"box":{"x":401,"y":630,"width":224,"height":12}},{"id":"a6614f34-d152-462c-9ad5-f56713701379","block_type":"box","text":"Fund continues to earn interest on","page_number":163,"box":{"x":626,"y":630,"width":254,"height":9}},{"id":"7a2eaed1-bf9c-4a3d-be46-50df75ffd7a0","block_type":"box","text":"the securities it is selling; however, it does not earn in","page_number":163,"box":{"x":116,"y":645,"width":387,"height":12}},{"id":"fcc75710-b7ed-41ab-a336-090fc0580e3e","block_type":"box","text":"terest on the securities it is purchasing until after the","page_number":163,"box":{"x":504,"y":645,"width":383,"height":12}},{"id":"603051e0-dc24-4e7f-a4cc-ff7d59d66761","block_type":"box","text":"settlement date. A Fund could suffer an opportunity loss","page_number":163,"box":{"x":116,"y":661,"width":406,"height":12}},{"id":"9270e288-79d9-426e-a3c1-91a16b5a6fde","block_type":"box","text":"if the counterparty to the U.S. Treasury roll","page_number":163,"box":{"x":528,"y":661,"width":308,"height":12}},{"id":"386e388f-69af-4034-8d13-55aff73e7048","block_type":"box","text":"transaction failed to perform its obligations on the settlement date.","page_number":163,"box":{"x":116,"y":676,"width":478,"height":12}},{"id":"ed95174a-8d42-4267-a87a-335681e61097","block_type":"box","text":"The market value of the securities that a Fund is required to purchase may decline below the agreed","page_number":163,"box":{"x":116,"y":707,"width":745,"height":12}},{"id":"da007391-8eba-40bd-ba95-ac0fcfeb9ae6","block_type":"box","text":"upon purchase price of those securities. U.S. Treasury rolls are speculative techniques that can be","page_number":163,"box":{"x":117,"y":723,"width":732,"height":12}},{"id":"88d01ee6-83de-4132-9e18-e6f89b9044a6","block_type":"box","text":"deemed to involve leverage. There is no assurance that U.S. Treasury rolls can be successfully","page_number":163,"box":{"x":116,"y":738,"width":709,"height":12}},{"id":"85784e03-758c-4e34-bc0b-0a3dd16e5535","block_type":"box","text":"employed.","page_number":163,"box":{"x":116,"y":754,"width":76,"height":12}},{"id":"95e49545-87dd-488d-a14e-bb008eed5a6e","block_type":"box","text":"Utility Industries.","page_number":163,"box":{"x":117,"y":785,"width":134,"height":12}},{"id":"ded340b0-60db-4a43-a458-be71e675c7bd","block_type":"box","text":"Risks that are intrinsic to the utility industries include difficulty in obtaining an","page_number":163,"box":{"x":259,"y":785,"width":566,"height":12}},{"id":"fbed9514-d049-40de-beb8-c0a8202f538b","block_type":"box","text":"adequate return on invested capital, difficulty in financing large construction programs during an","page_number":163,"box":{"x":116,"y":800,"width":710,"height":12}},{"id":"7cf6bbc3-725a-49e5-92cb-faa76fc5d39c","block_type":"box","text":"inflationary period, restrictions on operations and increased cost and delays attributable to","page_number":163,"box":{"x":117,"y":816,"width":667,"height":12}},{"id":"2e071cf7-f141-48f1-b45a-22667d510897","block_type":"box","text":"environmental considerations and regulation, difficulty in raising capital in adequate amounts on","page_number":163,"box":{"x":116,"y":831,"width":715,"height":12}},{"id":"94e31e0f-ab2c-42f5-bbd2-77a2e6575cb7","block_type":"box","text":"reasonable terms in periods of high inflation and unsettled capital markets, technological innovations","page_number":163,"box":{"x":117,"y":847,"width":750,"height":12}},{"id":"669f0545-cfb8-46f7-abd2-cc60b29f55f5","block_type":"box","text":"that may render existing plants, equipment or products obsolete, the potential impact of natural or","page_number":163,"box":{"x":116,"y":862,"width":729,"height":12}},{"id":"8f634980-6929-417e-a821-eb00d48b85bd","block_type":"box","text":"man-made disasters, increased costs and reduced availability of certain types of fuel, occasional","page_number":163,"box":{"x":117,"y":878,"width":721,"height":12}},{"id":"e1164af5-7aba-40fb-a689-e4a73f070593","block_type":"box","text":"II-98","page_number":163,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"eb2d1a0a-8ab9-4e92-b9e0-6a36a9bec6c5","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":163,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"85509b0e-1ae1-4e9b-9c4a-74eb51c4c7bd","block_type":"box","text":"reduced availability and high costs of natural gas for resale, the effects of energy conservation, the","page_number":164,"box":{"x":117,"y":87,"width":736,"height":12}},{"id":"6f4721ea-8f21-4266-9a83-fc2d4bcee476","block_type":"box","text":"effects of a national energy policy and lengthy delays and greatly increased costs and other problems","page_number":164,"box":{"x":116,"y":102,"width":759,"height":13}},{"id":"9081186d-f06c-4d44-839e-2946d5ff3201","block_type":"box","text":"associated with the design, construction, licensing, regulation and operation of nuclear facilities for","page_number":164,"box":{"x":116,"y":118,"width":735,"height":12}},{"id":"5f8031bd-d921-4054-b33f-ca3ff31cba42","block_type":"box","text":"electric generation, including, among other considerations, the problems associated with the use of","page_number":164,"box":{"x":116,"y":134,"width":740,"height":12}},{"id":"5687b08e-b406-4ff2-944f-1e77b68512cd","block_type":"box","text":"radioactive materials and the disposal of radioactive wastes. There are substantial differences among","page_number":164,"box":{"x":117,"y":149,"width":757,"height":12}},{"id":"1e60faad-c3f4-43ec-adfc-1da31b5adcd0","block_type":"box","text":"the regulatory practices and policies of various jurisdictions, and any given regulatory agency may","page_number":164,"box":{"x":116,"y":165,"width":732,"height":12}},{"id":"5996cbb7-2701-4d02-8e62-98e07563d581","block_type":"box","text":"make major shifts in policy from time to time. There is no assurance that regulatory authorities will, in","page_number":164,"box":{"x":117,"y":180,"width":752,"height":12}},{"id":"22f45c36-939f-44a9-800f-3ab276c1ccf8","block_type":"box","text":"the future, grant rate increases or that such increases will be adequate to permit the payment of","page_number":164,"box":{"x":116,"y":196,"width":716,"height":12}},{"id":"318f33ab-8b96-470f-a5b7-c35699077584","block_type":"box","text":"dividends on common stocks issued by a utility company. Additionally, existing and possible future","page_number":164,"box":{"x":116,"y":211,"width":735,"height":12}},{"id":"3621ac26-417b-4114-8d79-49d43cd95b11","block_type":"box","text":"regulatory legislation may make it even more difficult for utilities to obtain adequate relief. Certain of the","page_number":164,"box":{"x":117,"y":227,"width":771,"height":12}},{"id":"1a39a442-9031-4613-8c0f-fbf9e02e200d","block_type":"box","text":"issuers of securities held in the Fund’s portfolio may own or operate nuclear generating facilities.","page_number":164,"box":{"x":117,"y":242,"width":720,"height":12}},{"id":"78b978cf-06e0-4454-b6c5-a1fd80551644","block_type":"box","text":"Governmental authorities may from time to time review existing policies and impose additional","page_number":164,"box":{"x":117,"y":258,"width":702,"height":12}},{"id":"6114d4ff-39e7-40e3-bcb5-2e264828a195","block_type":"box","text":"requirements governing the licensing, construction and operation of nuclear power plants. Prolonged","page_number":164,"box":{"x":117,"y":273,"width":751,"height":12}},{"id":"509fc1bc-9044-4340-9ae9-ba1bebf9eccc","block_type":"box","text":"changes in climatic conditions can also have a significant impact on both the revenues of an electric","page_number":164,"box":{"x":116,"y":289,"width":746,"height":12}},{"id":"0ae650a8-0475-4144-aa2b-1976cd8b4870","block_type":"box","text":"and gas utility as well as the expenses of a utility, particularly a hydro-based electric utility.","page_number":164,"box":{"x":116,"y":304,"width":675,"height":12}},{"id":"9eb9c7d8-feb3-48e7-899e-8c5090d211a9","block_type":"box","text":"Companies in the utilities sector may be adversely affected by changes in exchange rates, domestic","page_number":164,"box":{"x":117,"y":335,"width":747,"height":12}},{"id":"7374c4cf-4151-4216-a2b4-0e369187cdce","block_type":"box","text":"and international competition, and governmental limitations on rates charged to customers. The value","page_number":164,"box":{"x":116,"y":351,"width":759,"height":12}},{"id":"076b8348-7940-4aef-a963-b4551d63743d","block_type":"box","text":"of regulated utility debt securities and, to a lesser extent, equity securities, tends to have an inverse","page_number":164,"box":{"x":116,"y":366,"width":743,"height":12}},{"id":"59ef4f87-ba54-40a8-8d7a-b98205f6d662","block_type":"box","text":"relationship to the movement of interest rates and therefore may lead to volatility in performance.","page_number":164,"box":{"x":117,"y":382,"width":723,"height":12}},{"id":"76868289-f79a-458e-af81-d2d0bcc5a806","block_type":"box","text":"Utility companies in the United States and in foreign countries are generally subject to regulation. In the","page_number":164,"box":{"x":117,"y":413,"width":771,"height":12}},{"id":"0b826175-c106-417f-91ba-8387730c0749","block_type":"box","text":"United States, most utility companies are regulated by state and/or federal authorities. Such regulation","page_number":164,"box":{"x":117,"y":428,"width":764,"height":12}},{"id":"10756401-1eb6-4cd0-9998-99265c7597d5","block_type":"box","text":"is intended to ensure appropriate standards of service and adequate capacity to meet public demand.","page_number":164,"box":{"x":117,"y":444,"width":759,"height":12}},{"id":"1f9aacf6-fe7e-40ae-8577-799420e96647","block_type":"box","text":"Generally, prices are also regulated in the United States and in foreign countries with the intention of","page_number":164,"box":{"x":117,"y":459,"width":750,"height":12}},{"id":"8eab3a97-5631-4f4a-a9d5-2efd0d8cc745","block_type":"box","text":"protecting the public while ensuring that the rate of return earned by utility companies is sufficient to","page_number":164,"box":{"x":117,"y":475,"width":744,"height":12}},{"id":"8049a46e-ac51-4215-b7eb-0dfdb793743c","block_type":"box","text":"allow them to attract capital in order to grow and continue to provide appropriate services. There can","page_number":164,"box":{"x":116,"y":490,"width":751,"height":12}},{"id":"3f5e76d5-7cf1-4851-843f-cae43af0621e","block_type":"box","text":"be no assurance that such pricing policies or rates of return will continue in the future.","page_number":164,"box":{"x":117,"y":506,"width":640,"height":12}},{"id":"5252910e-defa-4d26-879e-1a0de3b73839","block_type":"box","text":"The nature of regulation of the utility industries continues to evolve both in the United States and in","page_number":164,"box":{"x":116,"y":537,"width":738,"height":12}},{"id":"c0bcd76c-5ad8-40de-afbe-768a260d18e7","block_type":"box","text":"foreign countries. In recent years, changes in regulation in the United States increasingly have allowed","page_number":164,"box":{"x":116,"y":552,"width":767,"height":12}},{"id":"1e7dab2d-f906-4666-a4da-02b5d5546bf8","block_type":"box","text":"utility companies to provide services and products outside their traditional geographic areas and lines","page_number":164,"box":{"x":117,"y":568,"width":755,"height":12}},{"id":"db91f18c-b615-40d7-ad8b-6e7c153bcf99","block_type":"box","text":"of business, creating new areas of competition within the industries. In some instances, utility","page_number":164,"box":{"x":116,"y":583,"width":696,"height":12}},{"id":"7544bae1-63b9-4e1c-a051-11638e99373e","block_type":"box","text":"companies are operating on an unregulated basis. Because of trends toward deregulation and the","page_number":164,"box":{"x":116,"y":599,"width":732,"height":12}},{"id":"d0042411-07f4-42aa-a8cb-f20de1a928f4","block_type":"box","text":"evolution of independent power producers as well as new entrants to the field of telecommunications,","page_number":164,"box":{"x":116,"y":614,"width":757,"height":12}},{"id":"449cc0a3-3987-4b46-a086-434fcf0cbcca","block_type":"box","text":"non-regulated providers of utility services have become a significant part of their respective industries.","page_number":164,"box":{"x":117,"y":630,"width":761,"height":12}},{"id":"d128b89d-8964-45f6-9148-46d1a0c0b5e1","block_type":"box","text":"The Manager believes that the emergence of competition and deregulation will result in certain utility","page_number":164,"box":{"x":116,"y":645,"width":750,"height":12}},{"id":"0697b07f-919a-4b4d-a457-ba6848040dfd","block_type":"box","text":"companies being able to earn more than their traditional regulated rates of return, while others may be","page_number":164,"box":{"x":116,"y":661,"width":759,"height":12}},{"id":"a0a7d1fe-277a-4466-8529-8fe76ff848ea","block_type":"box","text":"forced to defend their core business from increased competition and may be less profitable. Reduced","page_number":164,"box":{"x":116,"y":676,"width":751,"height":12}},{"id":"5983a7b2-d468-4a58-9a55-fcb88c57e5f0","block_type":"box","text":"profitability, as well as new uses of funds (such as for expansion, operations or stock buybacks) could","page_number":164,"box":{"x":117,"y":692,"width":754,"height":12}},{"id":"e54abaa4-8e0a-4a80-b2fc-0561716f8ce0","block_type":"box","text":"result in cuts in dividend payout rates. As deregulation allows utility companies to diversify outside of","page_number":164,"box":{"x":117,"y":707,"width":746,"height":12}},{"id":"1f423720-55c0-48a6-b2e2-b9d3a048345f","block_type":"box","text":"their original geographic regions and their traditional lines of business, utility companies may engage in","page_number":164,"box":{"x":116,"y":723,"width":764,"height":12}},{"id":"d36ffdc9-35f5-4cdd-a4c7-0a562de0ce8a","block_type":"box","text":"riskier ventures. Therefore, deregulation may eliminate restrictions on the maximum level of profits of","page_number":164,"box":{"x":117,"y":738,"width":749,"height":12}},{"id":"0a5a6e33-efc3-4a17-be60-08deeb2e6ca8","block_type":"box","text":"certain utility companies, but may also subject these companies to greater risk of loss. The Manager","page_number":164,"box":{"x":116,"y":754,"width":745,"height":12}},{"id":"e0aa56ee-e571-4750-b447-f30036457515","block_type":"box","text":"seeks to take advantage of favorable investment opportunities that may arise from these structural","page_number":164,"box":{"x":116,"y":769,"width":730,"height":12}},{"id":"ed126f99-ab68-4540-a57c-1c5d81528c3e","block_type":"box","text":"changes. Of course, there can be no assurance that favorable developments will occur in the future.","page_number":164,"box":{"x":116,"y":785,"width":741,"height":12}},{"id":"c43fa17c-d734-4c95-bbfa-a3fe568a5639","block_type":"box","text":"Foreign utility companies are also subject to regulation, although such regulations may or may not be","page_number":164,"box":{"x":117,"y":816,"width":749,"height":12}},{"id":"e216050f-e897-4f4d-8637-53f40e6940ad","block_type":"box","text":"comparable to those in the United States. Foreign utility companies may be more heavily regulated by","page_number":164,"box":{"x":116,"y":831,"width":761,"height":12}},{"id":"4d97fe1f-1edf-4340-8cba-1f0403f338ff","block_type":"box","text":"their respective governments than utilities in the United States and, as in the United States, generally","page_number":164,"box":{"x":116,"y":847,"width":755,"height":12}},{"id":"2d57d071-d1a3-40ef-8662-10a6bd494451","block_type":"box","text":"are required to seek government approval for rate increases. In addition, many foreign utilities use","page_number":164,"box":{"x":116,"y":862,"width":733,"height":12}},{"id":"d95deb13-2fe5-4cd7-acff-df18076569ce","block_type":"box","text":"fuels that may cause more pollution than those used in the United States, which may require such","page_number":164,"box":{"x":116,"y":878,"width":731,"height":12}},{"id":"3a023eb4-f346-4de2-9200-0387c17ff00e","block_type":"box","text":"II-99","page_number":164,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"8ab6cafb-0758-4c55-92ec-5c2cc4c1f273","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":164,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"ec451d47-e483-41e2-8896-e2805572dd97","block_type":"box","text":"utilities to invest in pollution control equipment to meet any proposed pollution restrictions. Foreign","page_number":165,"box":{"x":117,"y":87,"width":733,"height":12}},{"id":"fb1a928b-99e2-490e-98f9-09d2ba93800a","block_type":"box","text":"regulatory systems vary from country to country and may evolve in ways different from regulation in the","page_number":165,"box":{"x":117,"y":102,"width":770,"height":13}},{"id":"480ff944-8f29-4552-96c3-9b38ba9c65a6","block_type":"box","text":"United States.","page_number":165,"box":{"x":117,"y":118,"width":109,"height":10}},{"id":"57692e6e-68b9-4b4b-b189-7f377c4ca404","block_type":"box","text":"A Fund’s investment policies are designed to enable it to capitalize on evolving investment","page_number":165,"box":{"x":116,"y":149,"width":676,"height":12}},{"id":"3a8b6b8e-e586-42e3-ac28-4d01f17f4300","block_type":"box","text":"opportunities throughout the world. For example, the rapid growth of certain foreign economies will","page_number":165,"box":{"x":116,"y":165,"width":736,"height":12}},{"id":"595280f5-b4e6-4721-9009-3e002fb0c0d8","block_type":"box","text":"necessitate expansion of capacity in the utility industries in those countries. Although many foreign","page_number":165,"box":{"x":117,"y":180,"width":735,"height":12}},{"id":"e9eb91eb-3e3b-4d4a-8ccd-c7f8ec99b6e9","block_type":"box","text":"utility companies currently are government-owned, thereby limiting current investment opportunities for","page_number":165,"box":{"x":117,"y":196,"width":766,"height":12}},{"id":"94f63f0b-3342-4ca0-8dd9-1afbc693db19","block_type":"box","text":"a Fund, the Manager believes that, in order to attract significant capital for growth, foreign governments","page_number":165,"box":{"x":116,"y":211,"width":772,"height":12}},{"id":"371180f4-8033-4960-b00c-79928c6e6f2e","block_type":"box","text":"are likely to seek global investors through the privatization of their utility industries. Privatization, which","page_number":165,"box":{"x":116,"y":227,"width":765,"height":12}},{"id":"29516f91-eeeb-40a1-9198-746d032b3819","block_type":"box","text":"refers to the trend toward investor ownership of assets rather than government ownership, is expected","page_number":165,"box":{"x":117,"y":242,"width":764,"height":12}},{"id":"6f713992-b96b-4f3c-801f-7a1e5dcd3102","block_type":"box","text":"to occur in newer, faster-growing economies and in mature economies. Of course, there is no","page_number":165,"box":{"x":116,"y":258,"width":699,"height":12}},{"id":"a7388237-6bad-498e-9382-2c9ea1796892","block_type":"box","text":"assurance that such favorable developments will occur or that investment opportunities in foreign","page_number":165,"box":{"x":116,"y":273,"width":726,"height":12}},{"id":"e3197661-8d10-4378-87dd-3c1f3bfa3839","block_type":"box","text":"markets will increase.","page_number":165,"box":{"x":117,"y":289,"width":164,"height":9}},{"id":"5b62b8b5-3c08-4aa4-aac3-dbba365ef3a3","block_type":"box","text":"The revenues of domestic and foreign utility companies generally reflect the economic growth and","page_number":165,"box":{"x":116,"y":320,"width":732,"height":12}},{"id":"fd63e1be-c522-44a9-a20f-deb4bec13f06","block_type":"box","text":"development in the geographic areas in which they do business. The Manager will take into account","page_number":165,"box":{"x":116,"y":335,"width":747,"height":12}},{"id":"00ca2be6-f7ef-4e55-a712-fe790eddf334","block_type":"box","text":"anticipated economic growth rates and other economic developments when selecting securities of","page_number":165,"box":{"x":116,"y":351,"width":732,"height":12}},{"id":"2974636d-da73-4df2-922a-1979249db8b8","block_type":"box","text":"utility companies.","page_number":165,"box":{"x":117,"y":366,"width":132,"height":12}},{"id":"fc8d75df-8b16-4b6c-b1be-761e4f5d380c","block_type":"box","text":"Electric.","page_number":165,"box":{"x":116,"y":397,"width":58,"height":10}},{"id":"c3c13d16-6a36-44c7-a100-6e0251e11e2f","block_type":"box","text":"The electric utility industry consists of companies that are engaged principally in the","page_number":165,"box":{"x":176,"y":397,"width":630,"height":12}},{"id":"8cd50106-7d46-497b-b425-a99a07d4ed46","block_type":"box","text":"generation, transmission and sale of electric energy, although many also provide other energy-related","page_number":165,"box":{"x":116,"y":413,"width":760,"height":12}},{"id":"996c47ba-3dbe-4cc6-a37f-c2c3c8c1eb55","block_type":"box","text":"services. In the past, electric utility companies, in general, have been favorably affected by lower fuel","page_number":165,"box":{"x":116,"y":428,"width":754,"height":12}},{"id":"ddec5f53-dce7-412c-b15b-05232db50a0e","block_type":"box","text":"and financing costs and the full or near completion of major construction programs. In addition, many","page_number":165,"box":{"x":116,"y":444,"width":754,"height":12}},{"id":"70b91275-f6ee-4766-a7d7-a7f62749fc90","block_type":"box","text":"of these companies have generated cash flows in excess of current operating expenses and","page_number":165,"box":{"x":116,"y":459,"width":690,"height":12}},{"id":"982ceee1-c46a-4984-bd8f-625b49b3309a","block_type":"box","text":"construction expenditures, permitting some degree of diversification into unregulated businesses.","page_number":165,"box":{"x":116,"y":475,"width":727,"height":12}},{"id":"7282b671-9c0c-4062-a9df-01f415136e24","block_type":"box","text":"Some electric utilities have also taken advantage of the right to sell power outside of their traditional","page_number":165,"box":{"x":116,"y":490,"width":744,"height":12}},{"id":"5770423c-2ec0-498a-b278-c55f580c5436","block_type":"box","text":"geographic areas. Electric utility companies have historically been subject to the risks associated with","page_number":165,"box":{"x":116,"y":506,"width":758,"height":12}},{"id":"ca8ed3cd-e142-46a4-9f1f-097fa3a489f5","block_type":"box","text":"increases in fuel and other operating costs, high interest costs on borrowings needed for capital","page_number":165,"box":{"x":117,"y":521,"width":714,"height":12}},{"id":"8817a9eb-3b95-4687-bab5-8c5ec10a510b","block_type":"box","text":"construction programs, costs associated with compliance with environmental and safety regulations","page_number":165,"box":{"x":116,"y":537,"width":744,"height":12}},{"id":"2cc4e536-cfd1-4a43-88fa-f597a112a052","block_type":"box","text":"and changes in the regulatory climate. As interest rates declined, many utilities refinanced high cost","page_number":165,"box":{"x":116,"y":552,"width":744,"height":12}},{"id":"d7ab79dc-f058-4bd7-96ce-3931bcad93b9","block_type":"box","text":"debt and in doing so improved their fixed charges coverage. Regulators, however, lowered allowed","page_number":165,"box":{"x":116,"y":568,"width":740,"height":12}},{"id":"c58e8a0d-92d0-465b-8cc9-5f59fd9089f3","block_type":"box","text":"rates of return as interest rates declined and thereby caused the benefits of the rate declines to be","page_number":165,"box":{"x":117,"y":583,"width":734,"height":12}},{"id":"6af627e1-dd73-4234-9517-76ec0748a624","block_type":"box","text":"shared wholly or in part with customers. In a period of rising interest rates, the allowed rates of return","page_number":165,"box":{"x":116,"y":599,"width":754,"height":12}},{"id":"48909c86-6fdb-4062-a566-811c651a6bb5","block_type":"box","text":"may not keep pace with the utilities’ increased costs. The construction and operation of nuclear power","page_number":165,"box":{"x":117,"y":614,"width":760,"height":12}},{"id":"2954f68d-5e4c-4fe5-a803-949a5d50eaad","block_type":"box","text":"facilities are subject to strict scrutiny by, and evolving regulations of, the Nuclear Regulatory","page_number":165,"box":{"x":116,"y":630,"width":686,"height":12}},{"id":"b0cfe5a9-9a87-4af3-b576-196486329091","block_type":"box","text":"Commission and state agencies which have comparable jurisdiction. Strict scrutiny might result in","page_number":165,"box":{"x":117,"y":645,"width":727,"height":12}},{"id":"ea1e8e45-0c05-435e-bfca-16e856797d49","block_type":"box","text":"higher operating costs and higher capital expenditures, with the risk that the regulators may disallow","page_number":165,"box":{"x":117,"y":661,"width":743,"height":12}},{"id":"d7f22fda-07d5-4a91-808c-2aa2ac0abb87","block_type":"box","text":"inclusion of these costs in rate authorizations or the risk that a company may not be permitted to","page_number":165,"box":{"x":117,"y":676,"width":713,"height":12}},{"id":"2c941338-0a74-4cce-ab90-80ff4ff866a5","block_type":"box","text":"operate or complete construction of a facility. In addition, operators of nuclear power plants may be","page_number":165,"box":{"x":116,"y":692,"width":735,"height":12}},{"id":"7a2abf8b-9703-458b-9f04-b39a70c80da1","block_type":"box","text":"subject to significant costs for disposal of nuclear fuel and for decommissioning such plants.","page_number":165,"box":{"x":116,"y":707,"width":681,"height":12}},{"id":"db6ba319-bf4e-4e42-85c6-b846ac809c09","block_type":"box","text":"The rating agencies look closely at the business profile of utilities. Ratings for companies are expected","page_number":165,"box":{"x":116,"y":738,"width":760,"height":12}},{"id":"8a7cf912-1002-4423-a4cc-f1c9a097ffbb","block_type":"box","text":"to be impacted to a greater extent in the future by the division of their asset base. Electric utility","page_number":165,"box":{"x":116,"y":754,"width":706,"height":12}},{"id":"b217686d-3528-453b-8a7c-0acb3da040b5","block_type":"box","text":"companies that focus more on the generation of electricity may be assigned less favorable ratings as","page_number":165,"box":{"x":116,"y":769,"width":749,"height":12}},{"id":"4f870101-d065-46e7-a8b8-50a9a2ad0e20","block_type":"box","text":"this business is expected to be competitive and the least regulated. On the other hand, companies that","page_number":165,"box":{"x":116,"y":785,"width":763,"height":12}},{"id":"3aa7e313-7f70-4c89-9605-7de69cb9c1bc","block_type":"box","text":"focus on transmission and distribution, which is expected to be the least competitive and the more","page_number":165,"box":{"x":116,"y":800,"width":727,"height":12}},{"id":"a1b14709-30d7-482a-8bfe-a31e339ba8bb","block_type":"box","text":"regulated part of the business, may see higher ratings given the greater predictability of cash flow.","page_number":165,"box":{"x":117,"y":816,"width":726,"height":12}},{"id":"31db63dd-ac5a-48c7-a525-c99dba3abedc","block_type":"box","text":"A number of states are considering or have","page_number":165,"box":{"x":116,"y":847,"width":319,"height":12}},{"id":"360b1360-19b6-4739-a2b4-67d1c8331b2c","block_type":"box","text":"enacted deregulation proposals. The introduction of","page_number":165,"box":{"x":436,"y":847,"width":379,"height":12}},{"id":"d387a81c-1477-4195-a32f-8529437f4afc","block_type":"box","text":"competition into the industry as a result of such","page_number":165,"box":{"x":116,"y":862,"width":342,"height":12}},{"id":"9e5d25cc-9346-4601-afe5-d6dd96f79bc6","block_type":"box","text":"deregulation has at times resulted in lower revenue,","page_number":165,"box":{"x":458,"y":862,"width":386,"height":12}},{"id":"3bfce863-b009-4e5b-aab2-752fea59c608","block_type":"box","text":"lower credit ratings, increased default risk, and lower","page_number":165,"box":{"x":117,"y":878,"width":386,"height":12}},{"id":"9137122b-5f63-4b54-a112-9d4b5ddacbd2","block_type":"box","text":"electric utility security prices. Such increased","page_number":165,"box":{"x":504,"y":878,"width":330,"height":12}},{"id":"98869c1f-7f7d-45cf-a023-4c66a9f27faa","block_type":"box","text":"II-100","page_number":165,"box":{"x":479,"y":909,"width":41,"height":9}},{"id":"f3e5050e-7da1-415c-a231-a00c3b81ac70","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":165,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"09cf50ce-2558-446a-97dd-97cbd7c59b0c","block_type":"box","text":"competition may also cause long-term contracts, whic","page_number":166,"box":{"x":116,"y":87,"width":391,"height":12}},{"id":"c58757a6-5f62-40e8-9dea-66247d5a73d0","block_type":"box","text":"h electric utilities previously entered into to buy","page_number":166,"box":{"x":508,"y":87,"width":343,"height":12}},{"id":"3d185437-78e4-4f02-a42c-98f96a4c7332","block_type":"box","text":"power, to become “stranded assets” which have no economic value. Any loss associated with such","page_number":166,"box":{"x":117,"y":102,"width":723,"height":13}},{"id":"498ca07e-6c57-478b-94bb-0ca4e8bff089","block_type":"box","text":"contracts must be absorbed by ratepayers and investors.","page_number":166,"box":{"x":116,"y":118,"width":413,"height":12}},{"id":"bd7b35c2-8c78-43a9-8bbb-1752ae32d4f7","block_type":"box","text":"In addition, some electric utilities have acquired","page_number":166,"box":{"x":530,"y":118,"width":354,"height":12}},{"id":"010504d0-c4d8-4b2a-8f88-6e36f7f9c9e4","block_type":"box","text":"electric utilities overseas to diversify, enhance ear","page_number":166,"box":{"x":116,"y":134,"width":362,"height":12}},{"id":"469e421c-0c89-4d4e-a8db-8f00f171aae5","block_type":"box","text":"nings and gain experience in operating in a deregulated","page_number":166,"box":{"x":478,"y":134,"width":409,"height":12}},{"id":"6af16472-c595-4c78-a1bb-af8569f59273","block_type":"box","text":"environment. In some instances, such acquisitions","page_number":166,"box":{"x":116,"y":149,"width":366,"height":12}},{"id":"451335cd-ec38-4437-88c1-83548d5aa592","block_type":"box","text":"have involved significant borrowings, which have","page_number":166,"box":{"x":483,"y":149,"width":364,"height":12}},{"id":"6d4fad38-076e-4fb8-936d-25e73c671e1f","block_type":"box","text":"burdened the acquirer’s balance sheet. There is no assu","page_number":166,"box":{"x":117,"y":165,"width":408,"height":11}},{"id":"f8f3c30e-5b8b-4cc8-8c1a-98fd02d28599","block_type":"box","text":"rance that current deregulation proposals will be","page_number":166,"box":{"x":528,"y":165,"width":353,"height":12}},{"id":"607c1082-2b57-4361-ac30-9eb2b8cbffb5","block_type":"box","text":"adopted. However, deregulation in any form could signi","page_number":166,"box":{"x":116,"y":180,"width":400,"height":12}},{"id":"f4f2e8e7-ddbf-45f6-a62c-28074f4b7d9a","block_type":"box","text":"ficantly impact the electric utilities industry.","page_number":166,"box":{"x":517,"y":180,"width":314,"height":12}},{"id":"f76de70a-17ad-4a8e-8ccb-b26bebca3259","block_type":"box","text":"Telecommunications.","page_number":166,"box":{"x":118,"y":211,"width":155,"height":10}},{"id":"e06a8b34-bf59-4ae5-bfad-4133f12bfdcc","block_type":"box","text":"The telecommunications industry today includes both traditional telephone","page_number":166,"box":{"x":275,"y":211,"width":561,"height":12}},{"id":"cfbbee6a-9ae8-4e61-89b2-7352dc2f414c","block_type":"box","text":"companies, with a history of broad market coverage and highly regulated businesses, and cable","page_number":166,"box":{"x":116,"y":227,"width":717,"height":12}},{"id":"7e434c41-b5d4-472a-8e0e-a2ba97b9eb86","block_type":"box","text":"companies, which began as small, lightly regulated businesses focused on limited markets. Today","page_number":166,"box":{"x":116,"y":242,"width":733,"height":12}},{"id":"42d47384-61f5-49ce-b043-f2cb55aa7fc9","block_type":"box","text":"these two historically different businesses are converging in an industry that is trending toward larger,","page_number":166,"box":{"x":116,"y":258,"width":758,"height":12}},{"id":"d6bdeae0-9943-4604-93ba-bf2c6d3c103c","block_type":"box","text":"competitive national and international markets with an emphasis on deregulation. Companies that","page_number":166,"box":{"x":116,"y":273,"width":729,"height":12}},{"id":"b8f38f41-99aa-40c0-b606-922f08b733e3","block_type":"box","text":"distribute telephone services and provide access to the telephone networks still comprise the greatest","page_number":166,"box":{"x":116,"y":289,"width":760,"height":12}},{"id":"bfd692ba-d1f6-49d6-ab74-1b1028840715","block_type":"box","text":"portion of this segment, but non-regulated activities such as wireless telephone services, paging, data","page_number":166,"box":{"x":117,"y":304,"width":759,"height":12}},{"id":"a8c6e9af-8b76-4b1a-90d9-73c6867c781b","block_type":"box","text":"transmission and processing, equipment retailing, computer software and hardware and internet","page_number":166,"box":{"x":116,"y":320,"width":718,"height":12}},{"id":"80cf46fa-cc16-4c8b-bca5-94de21b52658","block_type":"box","text":"services are becoming increasingly significant components as well. In particular, wireless and internet","page_number":166,"box":{"x":116,"y":335,"width":759,"height":12}},{"id":"a89eb588-7b4a-4446-b07f-e1200efc6cfb","block_type":"box","text":"telephone services continue to gain market share at the expense of traditional telephone companies.","page_number":166,"box":{"x":116,"y":351,"width":752,"height":12}},{"id":"08556ff0-2c23-43ea-9778-070641d7c4d4","block_type":"box","text":"The presence of unregulated companies in this industry and the entry of traditional telephone","page_number":166,"box":{"x":116,"y":366,"width":696,"height":12}},{"id":"89ac16dd-8521-4fa0-9e06-764577581311","block_type":"box","text":"companies into unregulated or less regulated businesses provide significant investment opportunities","page_number":166,"box":{"x":116,"y":382,"width":755,"height":12}},{"id":"4ac9ab75-4550-4dc6-8769-c58a978c1f09","block_type":"box","text":"with companies that may increase their earnings at faster rates than had been allowed in traditional","page_number":166,"box":{"x":116,"y":397,"width":742,"height":12}},{"id":"d6518895-6a10-4983-9a64-2ab1b2f49a67","block_type":"box","text":"regulated businesses. Still, increasing competition, technological innovations and other structural","page_number":166,"box":{"x":117,"y":413,"width":722,"height":12}},{"id":"7264a709-f4a6-4b01-8efd-18d89a40abc9","block_type":"box","text":"changes could adversely affect the profitability of such utilities and the growth rate of their dividends.","page_number":166,"box":{"x":116,"y":428,"width":750,"height":12}},{"id":"8956048e-0bbb-4cd4-9c6a-975922e9a957","block_type":"box","text":"Given mergers and proposed legislation and enforcement changes, it is likely that both traditional","page_number":166,"box":{"x":117,"y":444,"width":725,"height":12}},{"id":"33bf9b78-5f1a-4d9b-bf5b-a3b489ceaa3a","block_type":"box","text":"telephone companies and cable companies will continue to provide an expanding range of utility","page_number":166,"box":{"x":116,"y":459,"width":718,"height":12}},{"id":"f2f01d8d-1000-40e0-843c-102dd6b10c10","block_type":"box","text":"services to both residential, corporate and governmental customers.","page_number":166,"box":{"x":116,"y":475,"width":511,"height":12}},{"id":"e6543046-9713-4f0f-a99a-d32abdedf1df","block_type":"box","text":"Gas.","page_number":166,"box":{"x":117,"y":506,"width":33,"height":9}},{"id":"f33ddaf0-2709-4223-8b22-0f4ddabb033a","block_type":"box","text":"Gas transmission companies and gas distribution companies are undergoing significant changes.","page_number":166,"box":{"x":151,"y":506,"width":733,"height":12}},{"id":"898a88dd-41db-4688-9909-93ab6c9f042e","block_type":"box","text":"In the United States, interstate transmission companies are regulated by the Federal Energy","page_number":166,"box":{"x":117,"y":521,"width":689,"height":12}},{"id":"be1646a3-1ee1-4830-84a5-1a5cfd513e66","block_type":"box","text":"Regulatory Commission, which is reducing its regulation of the industry. Many companies have","page_number":166,"box":{"x":117,"y":537,"width":709,"height":12}},{"id":"6acbf220-2730-4dac-b913-97d09c6664d7","block_type":"box","text":"diversified into oil and gas exploration and development, making returns more sensitive to energy","page_number":166,"box":{"x":116,"y":552,"width":728,"height":12}},{"id":"211274e6-c3e9-4a08-bf7f-f720c4c16ebf","block_type":"box","text":"prices. In the recent decade, gas utility companies have been adversely affected by disruptions in the","page_number":166,"box":{"x":117,"y":568,"width":756,"height":12}},{"id":"96fc4a90-950f-44bd-b707-229231a145c7","block_type":"box","text":"oil industry and have also been affected by increased concentration and competition. In the opinion of","page_number":166,"box":{"x":116,"y":583,"width":759,"height":12}},{"id":"fdab0520-808d-4fb7-82ef-1aaf4f41e075","block_type":"box","text":"the Manager, however, environmental considerations could improve the gas industry outlook in the","page_number":166,"box":{"x":116,"y":599,"width":738,"height":12}},{"id":"68ec6ad7-e56e-483b-98fc-2e4ac766092c","block_type":"box","text":"future. For example, natural gas is the cleanest of the hydrocarbon fuels, and this may result in","page_number":166,"box":{"x":116,"y":614,"width":709,"height":12}},{"id":"bf9e889b-04a0-4367-a126-7da6f1a59c51","block_type":"box","text":"incremental shifts in fuel consumption toward natural gas and away from oil and coal, even for","page_number":166,"box":{"x":117,"y":630,"width":702,"height":12}},{"id":"517134df-f616-491a-b406-e93a6ae494d8","block_type":"box","text":"electricity generation. However, technological or regulatory changes within the industry may delay or","page_number":166,"box":{"x":116,"y":645,"width":750,"height":12}},{"id":"7edbf198-99b4-4d85-ad15-d34549edb99e","block_type":"box","text":"prevent this result.","page_number":166,"box":{"x":117,"y":661,"width":135,"height":12}},{"id":"6196b839-535b-459d-9161-68bab8c0e2eb","block_type":"box","text":"Water.","page_number":166,"box":{"x":118,"y":692,"width":46,"height":9}},{"id":"203c7249-3a33-4b21-a4fe-ae7fb283dd4e","block_type":"box","text":"Water supply utilities are companies that collect, purify, distribute and sell water. In the United","page_number":166,"box":{"x":170,"y":692,"width":695,"height":12}},{"id":"6ba1c767-c712-42d5-b699-9d86ef187d1e","block_type":"box","text":"States and around the world the industry is highly fragmented because most of the supplies are owned","page_number":166,"box":{"x":116,"y":707,"width":762,"height":12}},{"id":"e4e5684a-224d-4671-88db-d7bfaf8494e9","block_type":"box","text":"by local authorities. Companies in this industry are generally mature and are experiencing little or no","page_number":166,"box":{"x":117,"y":723,"width":743,"height":12}},{"id":"11eb1251-21ac-405a-bb69-be4858a7b5ad","block_type":"box","text":"per capita volume growth. In the opinion of the Manager, there may be opportunities for certain","page_number":166,"box":{"x":117,"y":738,"width":702,"height":12}},{"id":"ed99dc8e-38d1-4bf9-b4d7-77209c033ff8","block_type":"box","text":"companies to acquire other water utility companies and for foreign acquisition of domestic companies.","page_number":166,"box":{"x":116,"y":754,"width":755,"height":12}},{"id":"dc08c857-e155-4223-a1e8-920b7a7b222a","block_type":"box","text":"The Manager believes that favorable investment opportunities may result from consolidation of this","page_number":166,"box":{"x":116,"y":769,"width":733,"height":12}},{"id":"e7cdaf79-484e-4d5d-90d2-06e12475b864","block_type":"box","text":"segment. As with other utilities, however, increased regulation, increased costs and potential","page_number":166,"box":{"x":116,"y":785,"width":687,"height":12}},{"id":"5596c836-215c-48a0-b5ca-559f013a7269","block_type":"box","text":"disruptions in supply may adversely affect investments in water supply utilities.","page_number":166,"box":{"x":116,"y":800,"width":582,"height":12}},{"id":"33af5b8b-c3ad-4cca-9c13-4181112b9e50","block_type":"box","text":"Utility Industries Generally.","page_number":166,"box":{"x":117,"y":831,"width":197,"height":12}},{"id":"d8dedaaa-010f-45c7-8c76-aa20e2b32183","block_type":"box","text":"There can be no assurance that the positive developments noted above,","page_number":166,"box":{"x":316,"y":831,"width":548,"height":12}},{"id":"cd85e26b-db18-4345-b3a8-be48f10d6626","block_type":"box","text":"including those relating to privatization and changing regulation, will occur or that risk factors other than","page_number":166,"box":{"x":117,"y":847,"width":771,"height":12}},{"id":"5639fa4e-e672-4dde-ab93-dd96eea55b60","block_type":"box","text":"those noted above will not develop in the future.","page_number":166,"box":{"x":116,"y":862,"width":361,"height":12}},{"id":"a2ffcd9d-1667-46ef-877e-7dfdabd3e054","block_type":"box","text":"II-101","page_number":166,"box":{"x":480,"y":909,"width":38,"height":9}},{"id":"5c5a187a-55b3-4142-9691-c745bdc3bb2c","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":166,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"8a0ede7b-fb41-456f-a8d0-b046179d9b21","block_type":"box","text":"When-Issued Securities, Delayed Delivery Securities and Forward Commitments.","page_number":167,"box":{"x":118,"y":87,"width":643,"height":12}},{"id":"0ac369d6-4687-45eb-8a20-66d82fa3849a","block_type":"box","text":"A Fund may","page_number":167,"box":{"x":762,"y":87,"width":100,"height":12}},{"id":"98ff6469-ac8a-4015-8a2c-19bbd836f25f","block_type":"box","text":"purchase or sell securities that it is entitled to receive on a when-issued basis. A Fund may also","page_number":167,"box":{"x":117,"y":103,"width":713,"height":12}},{"id":"d1b84d2e-45fc-41b5-b6cc-f20729a80543","block_type":"box","text":"purchase or sell securities on a delayed delivery basis or through a forward commitment (including on","page_number":167,"box":{"x":117,"y":118,"width":758,"height":12}},{"id":"b7f0ad69-e8fd-4b2d-815a-a53f103d37fa","block_type":"box","text":"a TBA (to be announced) basis). These transactions involve the purchase or sale of securities by a","page_number":167,"box":{"x":116,"y":134,"width":739,"height":12}},{"id":"a4ffd8a5-f51a-4161-a3cc-ddb68c2d5566","block_type":"box","text":"Fund at an established price with payment and delivery taking place in the future. The Fund enters into","page_number":167,"box":{"x":117,"y":149,"width":767,"height":12}},{"id":"e547038f-017a-4de6-bc40-dc0412c542e3","block_type":"box","text":"these transactions to obtain what is considered an advantageous price to the Fund at the time of","page_number":167,"box":{"x":116,"y":165,"width":721,"height":12}},{"id":"1ccb2ae9-94bf-465e-ab7f-5e1212ab0414","block_type":"box","text":"entering into the transaction.","page_number":167,"box":{"x":116,"y":180,"width":217,"height":12}},{"id":"3dcc1149-1be0-48aa-87e4-60696670db69","block_type":"box","text":"Pursuant to recommendations of the Treasury Market Practices Group, which is sponsored by the","page_number":167,"box":{"x":117,"y":211,"width":731,"height":12}},{"id":"aee6a5ab-6625-4778-8a33-e0ed83db9c2a","block_type":"box","text":"Federal Reserve Bank of New York, a Fund or its counterparty generally will be required to post","page_number":167,"box":{"x":117,"y":227,"width":714,"height":12}},{"id":"e1f5c3c0-ffb3-4122-9dc7-621ab7b8a0fe","block_type":"box","text":"collateral when entering into certain forward-settling transactions, including without limitation TBA","page_number":167,"box":{"x":116,"y":242,"width":726,"height":12}},{"id":"09b175ac-8d42-4ecc-b8b2-8b9bdfdab34c","block_type":"box","text":"transactions. FINRA rules have also been implemented that include mandatory margin requirements","page_number":167,"box":{"x":116,"y":258,"width":750,"height":12}},{"id":"f2ab2db0-79f1-4974-b440-b2dbfec8acf4","block_type":"box","text":"for the TBA market with limited exceptions. The collateralization of TBA trades is intended to mitigate","page_number":167,"box":{"x":116,"y":273,"width":754,"height":12}},{"id":"b194c0de-6abf-4058-bb43-2c2cd874e5c8","block_type":"box","text":"counterparty credit risk between trade and settlement, but could increase the cost of TBA transactions","page_number":167,"box":{"x":116,"y":289,"width":763,"height":12}},{"id":"d83fcd93-907c-4927-aa4e-d4a42cafb422","block_type":"box","text":"and impose added operational complexity.","page_number":167,"box":{"x":116,"y":304,"width":320,"height":12}},{"id":"24df7f76-5e45-48fe-a583-65f4aa134ef1","block_type":"box","text":"There can be no assurance that a security purchased on a when-issued basis will be issued or that a","page_number":167,"box":{"x":116,"y":335,"width":754,"height":12}},{"id":"8c80d2bf-a137-44b7-8b79-10dad74afa44","block_type":"box","text":"security purchased or sold on a delayed delivery basis or through a forward commitment will be","page_number":167,"box":{"x":116,"y":351,"width":713,"height":12}},{"id":"26137e76-7bd0-4869-ad0a-248ec19cd75d","block_type":"box","text":"delivered. Also, the value of securities in these transactions on the delivery date may be more or less","page_number":167,"box":{"x":116,"y":366,"width":755,"height":12}},{"id":"965d0ffc-92c8-4934-b8b9-d7d88e2ff151","block_type":"box","text":"than the price paid by the Fund to purchase the securities. The Fund will lose money if the value of the","page_number":167,"box":{"x":116,"y":382,"width":766,"height":12}},{"id":"5c00a890-57e9-4bb6-8681-bbc12ec8cd62","block_type":"box","text":"security in such a transaction declines below the purchase price and will not benefit if the value of the","page_number":167,"box":{"x":116,"y":397,"width":757,"height":12}},{"id":"f1af2bc1-0067-49d0-ac48-e4c1faced9f1","block_type":"box","text":"security appreciates above the sale price during the commitment period.","page_number":167,"box":{"x":116,"y":413,"width":542,"height":12}},{"id":"83aab2a9-0688-4f0f-846c-a98e11886cb7","block_type":"box","text":"If deemed advisable as a matter of investment strategy, a Fund may dispose of or renegotiate a","page_number":167,"box":{"x":117,"y":444,"width":715,"height":12}},{"id":"c01a4729-3ce2-42bc-8c43-6a0816395cb1","block_type":"box","text":"commitment after it has been entered into, and may sell securities it has committed to purchase before","page_number":167,"box":{"x":116,"y":459,"width":767,"height":12}},{"id":"c38b8f04-9476-4f1b-8837-3b8d74297298","block_type":"box","text":"those securities are delivered to the Fund on the settlement date. In these cases the Fund may realize","page_number":167,"box":{"x":116,"y":475,"width":764,"height":12}},{"id":"4fdadb55-f2fb-4d71-8673-76b912640535","block_type":"box","text":"a taxable capital gain or loss.","page_number":167,"box":{"x":116,"y":490,"width":221,"height":12}},{"id":"1a2c9932-8ae1-4425-9cf6-866c95bc8a82","block_type":"box","text":"When a Fund engages in when-issued, TBA or forward commitment transactions, it relies on the other","page_number":167,"box":{"x":116,"y":521,"width":763,"height":12}},{"id":"00fa85ac-9ac5-4c1a-bb47-f9802c531c8f","block_type":"box","text":"party to consummate the trade. Failure of such party to do so may result in the Fund’s incurring a loss","page_number":167,"box":{"x":117,"y":537,"width":760,"height":12}},{"id":"f7b92278-3ee7-49a0-bc87-b714aadac503","block_type":"box","text":"or missing an opportunity to obtain a price considered to be advantageous.","page_number":167,"box":{"x":116,"y":552,"width":561,"height":12}},{"id":"25d0938a-2034-4860-8601-fae94a8d5d77","block_type":"box","text":"The market value of the securities underlying a commitment to purchase securities, and any","page_number":167,"box":{"x":116,"y":583,"width":688,"height":12}},{"id":"1613862f-9ec3-4072-a21a-18642aa8fbf9","block_type":"box","text":"subsequent fluctuations in their market value, is taken into account when determining the market value","page_number":167,"box":{"x":116,"y":599,"width":767,"height":12}},{"id":"a30e36d7-1372-454a-bb44-198675950fca","block_type":"box","text":"of a Fund starting on the day the Fund agrees to purchase the securities. The Fund does not earn","page_number":167,"box":{"x":116,"y":614,"width":732,"height":12}},{"id":"3586193d-e289-4d2c-b0ea-c6cc7e87e23c","block_type":"box","text":"interest on the securities it has committed to purchase until they are paid for and delivered on the","page_number":167,"box":{"x":117,"y":630,"width":725,"height":12}},{"id":"3f511419-f6d0-44f0-97e7-cfe5a98c0315","block_type":"box","text":"settlement date.","page_number":167,"box":{"x":116,"y":645,"width":124,"height":10}},{"id":"2c681259-55a4-4de0-acb7-904c95e0c385","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to enter into when-issued or forward","page_number":167,"box":{"x":117,"y":676,"width":740,"height":12}},{"id":"2fdc9118-7fa4-442e-b07a-1dfc4d1fa720","block_type":"box","text":"settling securities (e.g., firm and standby commitments, including TBA commitments, and dollar rolls)","page_number":167,"box":{"x":116,"y":692,"width":747,"height":12}},{"id":"faaf888a-e1d0-41b0-b9b4-f917f2661e4b","block_type":"box","text":"and non-standard settlement cycle securities notwithstanding the limitation on the issuance of senior","page_number":167,"box":{"x":116,"y":707,"width":746,"height":12}},{"id":"57f71dc0-98ff-490a-a65f-f4833a6c5f9f","block_type":"box","text":"securities in Section 18 of the Investment Company Act, provided that the Fund intends to physically","page_number":167,"box":{"x":116,"y":723,"width":745,"height":12}},{"id":"29b7abd0-9d0d-4d22-a367-bb79cec57fee","block_type":"box","text":"settle the transaction and the transaction will settle within 35 days of its trade date (the “Delayed","page_number":167,"box":{"x":116,"y":738,"width":719,"height":12}},{"id":"adaad4b6-675e-4767-aeba-6e9915e6bfee","block_type":"box","text":"Settlement Securities Provision”). If a when-issued, forward-settling or non-standard settlement cycle","page_number":167,"box":{"x":116,"y":754,"width":749,"height":12}},{"id":"07f1a9cb-8230-4110-8372-736746b15325","block_type":"box","text":"security does not satisfy the Delayed-Settlement Securities Provision, then it is treated as a Derivatives","page_number":167,"box":{"x":116,"y":769,"width":765,"height":12}},{"id":"094ae1ab-5948-47fa-a43b-64357d239e9b","block_type":"box","text":"Transaction under Rule 18f-4. See “—Derivatives—Regulation of Derivatives—Rule 18f-4 under the","page_number":167,"box":{"x":116,"y":785,"width":741,"height":12}},{"id":"9ac34804-a6dc-49be-9338-684afb315b4c","block_type":"box","text":"Investment Company Act” above.","page_number":167,"box":{"x":117,"y":800,"width":246,"height":12}},{"id":"1d86d264-cf47-41d5-b1f4-d39891708297","block_type":"box","text":"Regulations adopted by global prudential regulators require certain bank-regulated counterparties and","page_number":167,"box":{"x":117,"y":831,"width":761,"height":12}},{"id":"19418780-1ae9-4eed-a050-dea6db47b0df","block_type":"box","text":"certain of their affiliates to include in certain financial contracts, including many agreements with","page_number":167,"box":{"x":116,"y":847,"width":716,"height":12}},{"id":"7fb3c11f-06bd-4557-acf6-26d2dca36fae","block_type":"box","text":"respect to when-issued, TBA and forward commitment transactions, terms that delay or restrict the","page_number":167,"box":{"x":117,"y":862,"width":736,"height":12}},{"id":"bb7c7758-51f1-4989-a714-3554f8af254f","block_type":"box","text":"rights of counterparties, such as a Fund, to terminate such agreements, foreclose upon collateral,","page_number":167,"box":{"x":117,"y":878,"width":728,"height":12}},{"id":"e75dc9ab-c500-4104-8254-df4e8bcdf7a8","block_type":"box","text":"II-102","page_number":167,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"252150c8-b0e8-4e29-9323-aedc907c31d0","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":167,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"9d4e0698-a14a-4573-aeb4-f956753a893b","block_type":"box","text":"exercise other default rights or restrict transfers of credit support in the event that the counterparty and/","page_number":168,"box":{"x":116,"y":87,"width":766,"height":12}},{"id":"9cf32c6a-5700-4e5f-9856-d2c54d4f9061","block_type":"box","text":"or its affiliates are subject to certain types of resolution or insolvency proceedings. It is possible that","page_number":168,"box":{"x":116,"y":102,"width":744,"height":13}},{"id":"2c5dca08-f514-471f-9c54-c744102ccd8e","block_type":"box","text":"these requirements, as well as potential additional government regulation and other developments in","page_number":168,"box":{"x":116,"y":118,"width":752,"height":12}},{"id":"f46f8c0d-56e3-4a9c-ada5-55bda1d02a2c","block_type":"box","text":"the market, could adversely affect a Fund’s ability to terminate existing agreements with respect to","page_number":168,"box":{"x":116,"y":134,"width":735,"height":12}},{"id":"09825a41-6455-462d-bf02-aaa23b4614eb","block_type":"box","text":"these transactions or to realize amounts to be received under such agreements.","page_number":168,"box":{"x":116,"y":149,"width":600,"height":12}},{"id":"31887cc5-4be6-4d82-8c15-94c7120f9cf5","block_type":"box","text":"Yields and Ratings.","page_number":168,"box":{"x":118,"y":180,"width":152,"height":12}},{"id":"e1020cbf-a266-42c9-bba0-c9e9d0f3e9ce","block_type":"box","text":"The yields on certain obligations are dependent on a variety of factors, including","page_number":168,"box":{"x":271,"y":180,"width":604,"height":12}},{"id":"7ee92472-4c32-402d-b9d9-734725631ebd","block_type":"box","text":"general market conditions, conditions in the particular market for the obligation, the financial condition","page_number":168,"box":{"x":116,"y":196,"width":759,"height":12}},{"id":"c36d851d-f1b4-4f02-b213-4c631e14493c","block_type":"box","text":"of the issuer, the size of the offering, the maturity of the obligation and the ratings of the issue. The","page_number":168,"box":{"x":116,"y":211,"width":738,"height":12}},{"id":"3644f487-a920-4831-9a6c-86f7396559b0","block_type":"box","text":"ratings of Moody’s, Fitch and S&P represent their respective opinions as to the quality of the","page_number":168,"box":{"x":117,"y":227,"width":688,"height":12}},{"id":"968a5c70-edd1-4c09-a4f6-32c764f20451","block_type":"box","text":"obligations they undertake to rate. Ratings, however, are general and are not absolute standards of","page_number":168,"box":{"x":116,"y":242,"width":743,"height":12}},{"id":"8415d6ca-d979-4863-93e7-ec5a05e10982","block_type":"box","text":"quality. Consequently, obligations with the same rating, maturity and interest rate may have different","page_number":168,"box":{"x":116,"y":258,"width":749,"height":12}},{"id":"7435811e-e07b-4188-b405-68b12a5d8969","block_type":"box","text":"market prices. Subsequent to its purchase by a Fund, a rated security may cease to be rated. A Fund’s","page_number":168,"box":{"x":117,"y":273,"width":769,"height":12}},{"id":"68dc5e52-121b-4c7b-9172-8e9ec8525703","block_type":"box","text":"Manager or sub-adviser will consider such an event in determining whether the Fund should continue","page_number":168,"box":{"x":117,"y":289,"width":755,"height":12}},{"id":"2b033f4b-8031-4769-826f-3b87f55b4ded","block_type":"box","text":"to hold the security.","page_number":168,"box":{"x":116,"y":304,"width":150,"height":12}},{"id":"b4a6e54c-f3c3-41d8-ac0c-94ca8318141d","block_type":"box","text":"Zero Coupon Securities.","page_number":168,"box":{"x":116,"y":335,"width":193,"height":12}},{"id":"f357a80f-0184-4c60-9e64-9b7ef17be44c","block_type":"box","text":"Zero coupon securities are securities that are sold at a discount to par value","page_number":168,"box":{"x":310,"y":335,"width":575,"height":12}},{"id":"f95a5947-0e21-45d7-ba7c-6717f1393011","block_type":"box","text":"and do not pay interest during the life of the security. The discount approximates the total amount of","page_number":168,"box":{"x":116,"y":351,"width":747,"height":12}},{"id":"af564f42-4031-4975-ac26-68cfd94afd24","block_type":"box","text":"interest the security will accrue and compound over the period until maturity at a rate of interest","page_number":168,"box":{"x":117,"y":366,"width":711,"height":12}},{"id":"c90e0eda-c5c5-42ef-b782-732cc0633e85","block_type":"box","text":"reflecting the market rate of the security at the time of issuance. Upon maturity, the holder of a zero","page_number":168,"box":{"x":117,"y":382,"width":741,"height":12}},{"id":"f092d24c-a44d-4eeb-ac43-9c11856ae93a","block_type":"box","text":"coupon security is entitled to receive the par value of the security.","page_number":168,"box":{"x":116,"y":397,"width":492,"height":12}},{"id":"64a52ce6-108d-4904-ae92-604aa6620cfb","block_type":"box","text":"While interest payments are not made on such securities, holders of such securities are deemed to","page_number":168,"box":{"x":116,"y":428,"width":740,"height":12}},{"id":"3affd3b6-f561-45e9-b597-261f13e3f8ea","block_type":"box","text":"have received income (“phantom income”) annually, notwithstanding that cash may not be received","page_number":168,"box":{"x":117,"y":444,"width":742,"height":12}},{"id":"97eeb275-b678-40df-8de0-55788f606120","block_type":"box","text":"currently. The effect of owning instruments that do not make current interest payments is that a fixed","page_number":168,"box":{"x":116,"y":459,"width":751,"height":12}},{"id":"fe8d9f61-0896-49d9-8f4f-64ed451863c3","block_type":"box","text":"yield is earned not only on the original investment but also, in effect, on all discount accretion during","page_number":168,"box":{"x":116,"y":475,"width":746,"height":12}},{"id":"f6635f71-5678-4810-979a-34d0ed92372a","block_type":"box","text":"the life of the obligations. This implicit reinvestment of earnings at a fixed rate eliminates the risk of","page_number":168,"box":{"x":116,"y":490,"width":737,"height":12}},{"id":"b6f7f7c5-5419-4c58-a104-8a3062b5e9ac","block_type":"box","text":"being unable to invest distributions at a rate as high as the implicit yield on the zero coupon bond, but","page_number":168,"box":{"x":117,"y":506,"width":757,"height":12}},{"id":"077799e5-9f75-4031-8187-2fa1dc9322ce","block_type":"box","text":"at the same time eliminates the holder’s ability to reinvest at higher rates in the future. For this reason,","page_number":168,"box":{"x":116,"y":521,"width":764,"height":12}},{"id":"a1e11d7e-6c14-48f4-83d0-83b6777eda72","block_type":"box","text":"some of these securities may be subject to substantially greater price fluctuations during periods of","page_number":168,"box":{"x":116,"y":537,"width":739,"height":12}},{"id":"0cd9e1a2-5d00-44e7-9353-eecadd0a6289","block_type":"box","text":"changing market interest rates than are comparable securities that pay interest currently. Longer term","page_number":168,"box":{"x":116,"y":552,"width":760,"height":12}},{"id":"4ed192dc-f5f2-4aa9-bd8b-9d859ae2f28e","block_type":"box","text":"zero coupon bonds are more exposed to interest rate risk than shorter term zero coupon bonds. These","page_number":168,"box":{"x":116,"y":568,"width":768,"height":12}},{"id":"248dd603-9ae4-49ef-8900-0e4df566a3da","block_type":"box","text":"investments benefit the issuer by mitigating its need for cash to meet debt service, but also require a","page_number":168,"box":{"x":117,"y":583,"width":749,"height":12}},{"id":"a0d7bfff-f7e9-447e-9b5b-89a8ea1ae408","block_type":"box","text":"higher rate of return to attract investors who are willing to defer receipt of cash.","page_number":168,"box":{"x":117,"y":599,"width":589,"height":12}},{"id":"16b7579f-cbf1-471e-a2f7-4161e17b70de","block_type":"box","text":"A Fund accrues income with respect to these securities for U.S. federal income tax and accounting","page_number":168,"box":{"x":116,"y":630,"width":739,"height":12}},{"id":"2502944a-8328-4950-a730-1e2ab4019648","block_type":"box","text":"purposes prior to the receipt of cash payments. Zero coupon securities may be subject to greater","page_number":168,"box":{"x":117,"y":645,"width":724,"height":12}},{"id":"d8283a33-7bbc-4cc6-91cf-5010832de7ba","block_type":"box","text":"fluctuation in value and less liquidity in the event of adverse market conditions than comparably rated","page_number":168,"box":{"x":116,"y":661,"width":750,"height":12}},{"id":"325de1e3-eed6-400f-a762-24b8826d0374","block_type":"box","text":"securities that pay cash interest at regular intervals.","page_number":168,"box":{"x":116,"y":676,"width":382,"height":12}},{"id":"23c0b6e6-fa69-4604-8e0b-c50d2f79ef03","block_type":"box","text":"Further, to maintain its qualification for pass-through treatment under the U.S. federal tax laws, a Fund","page_number":168,"box":{"x":117,"y":707,"width":759,"height":12}},{"id":"ab5c58cd-81af-41a9-ab9f-f75ad75d120e","block_type":"box","text":"is required to distribute income to its shareholders and, consequently, may have to dispose of other,","page_number":168,"box":{"x":117,"y":723,"width":740,"height":12}},{"id":"946bc050-3eb5-4385-b841-f937f8489dc9","block_type":"box","text":"more liquid portfolio securities under disadvantageous circumstances or may have to leverage itself by","page_number":168,"box":{"x":117,"y":738,"width":760,"height":12}},{"id":"af5f016c-cc71-4ce0-9134-8ab64415f54d","block_type":"box","text":"borrowing in order to generate the cash to satisfy these distributions. The required distributions may","page_number":168,"box":{"x":117,"y":754,"width":740,"height":12}},{"id":"30653d00-ef9b-4e90-9684-5b58431a0ff1","block_type":"box","text":"result in an increase in a Fund’s exposure to zero coupon securities.","page_number":168,"box":{"x":117,"y":769,"width":505,"height":12}},{"id":"ffb52194-5841-4efb-a4a8-dca75c3e090f","block_type":"box","text":"In addition to the above-described risks, there are certain other risks related to investing in zero","page_number":168,"box":{"x":117,"y":800,"width":707,"height":12}},{"id":"7f0b43e1-fe50-4c26-85ae-02697fe09f17","block_type":"box","text":"coupon securities. During a period of severe market conditions, the market for such securities may","page_number":168,"box":{"x":116,"y":816,"width":731,"height":12}},{"id":"7d18684e-a276-4597-b74d-e054f4ec5135","block_type":"box","text":"become even less liquid. In addition, as these securities do not pay cash interest, a Fund’s investment","page_number":168,"box":{"x":117,"y":831,"width":762,"height":12}},{"id":"61d8e1f0-09b6-402a-895a-8bd6e8221465","block_type":"box","text":"exposure to these securities and their risks, including credit risk, will increase during the time these","page_number":168,"box":{"x":116,"y":847,"width":739,"height":12}},{"id":"731c6a64-86d8-4a67-890a-af719619c268","block_type":"box","text":"securities are held in the Fund’s portfolio.","page_number":168,"box":{"x":116,"y":862,"width":311,"height":12}},{"id":"c3639f7b-fba8-48cd-bd38-98f01e05c9e6","block_type":"box","text":"II-103","page_number":168,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"5d61f2c1-c9ae-4c9a-8cc9-9dc9539004d6","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":168,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"f73c60ff-5941-44bd-9868-2a4c62bf2c48","block_type":"box","text":"Suitability. (All Funds)","page_number":169,"box":{"x":117,"y":87,"width":181,"height":12}},{"id":"ac0c4df9-9dbf-4445-8c69-1a2815e0b0b4","block_type":"box","text":"The economic benefit of an investment in any Fund depends upon many factors beyond the control of","page_number":169,"box":{"x":116,"y":111,"width":760,"height":12}},{"id":"4f416aa7-81c2-409c-8ab1-5f96f2052aff","block_type":"box","text":"the Fund, the Manager and its affiliates. Each Fund should be considered a vehicle for diversification","page_number":169,"box":{"x":116,"y":126,"width":753,"height":12}},{"id":"70b855d8-2aad-4d45-9732-ebef6ca3687c","block_type":"box","text":"and not as a balanced investment program. The suitability for any particular investor of a purchase of","page_number":169,"box":{"x":116,"y":142,"width":755,"height":12}},{"id":"6360863f-b6a7-49ba-8a91-49092e5dafdf","block_type":"box","text":"shares in a Fund will depend upon, among other things, such investor’s investment objectives and","page_number":169,"box":{"x":116,"y":157,"width":733,"height":12}},{"id":"1b7b6736-e81a-4b7f-b9b4-4e6c1c45cf7c","block_type":"box","text":"such investor’s ability to accept the risks associated with investing in securities, including the risk of","page_number":169,"box":{"x":116,"y":173,"width":741,"height":12}},{"id":"7bf27dab-4aea-41fc-97a5-f25d7ec88859","block_type":"box","text":"loss of principal.","page_number":169,"box":{"x":117,"y":188,"width":124,"height":12}},{"id":"e478e319-1bf2-4d50-bc00-261a817ad8a9","block_type":"box","text":"Investment Restrictions. (All Funds)","page_number":169,"box":{"x":116,"y":220,"width":293,"height":12}},{"id":"68661544-de2b-43d7-84ca-176765b0cf15","block_type":"box","text":"See “Investment Restrictions” or “Investment Policies,” as applicable in each Fund’s SAI for the","page_number":169,"box":{"x":116,"y":244,"width":712,"height":12}},{"id":"4b6bce78-1a65-46c6-831d-4a9d69b8cd35","block_type":"box","text":"specific fundamental and non-fundamental investment restrictions adopted by each Fund. In addition to","page_number":169,"box":{"x":116,"y":259,"width":772,"height":13}},{"id":"6f408026-ec69-4032-b529-f9161b84d0ff","block_type":"box","text":"those investment restrictions, each Fund is also subject to the restrictions discussed below.","page_number":169,"box":{"x":116,"y":275,"width":683,"height":12}},{"id":"2c5f3b9b-770c-48f9-9792-41de95b4affd","block_type":"box","text":"Each Fund’s investments will be limited in order to","page_number":169,"box":{"x":117,"y":307,"width":376,"height":9}},{"id":"1cf867b5-8a29-4ce4-8777-eb60e98d9fcd","block_type":"box","text":"allow the Fund to qualify as a “regulated investment","page_number":169,"box":{"x":494,"y":307,"width":389,"height":12}},{"id":"158c30ea-9338-4eaa-be73-5c821596a618","block_type":"box","text":"company” for purposes of the Code. See “Dividends and Taxes — Taxes” or “Taxes.” To qualify,","page_number":169,"box":{"x":116,"y":322,"width":721,"height":13}},{"id":"7cb876ad-cf05-415d-a000-2e37fd0543b7","block_type":"box","text":"among other requirements, each Fund will limit its investments so that, at the close of each quarter of","page_number":169,"box":{"x":116,"y":338,"width":757,"height":12}},{"id":"5301d536-2207-423c-9ac8-095eb299ca98","block_type":"box","text":"the taxable year, (i) at least 50% of the market value of each Fund’s assets is represented by cash,","page_number":169,"box":{"x":116,"y":353,"width":741,"height":13}},{"id":"d0b07044-b72d-4cd3-a3f1-9ecf6b5fc556","block_type":"box","text":"securities of other regulated investment companies, U.S. Government Securities and other securities,","page_number":169,"box":{"x":116,"y":369,"width":759,"height":12}},{"id":"ea68e8bd-6cf2-4764-83f1-f9c418c9e49c","block_type":"box","text":"with such other securities limited, in respect of any one issuer, to an amount not greater in value than","page_number":169,"box":{"x":116,"y":384,"width":756,"height":13}},{"id":"a0376476-6221-4cc5-9ebb-c3fe66bf93fa","block_type":"box","text":"5% of the Fund’s assets and not greater than 10% of the outstanding voting securities of such issuer","page_number":169,"box":{"x":116,"y":400,"width":751,"height":12}},{"id":"67ebdb5c-0b26-4ea8-84e7-0e0c8b4211bb","block_type":"box","text":"and (ii) not more than 25% of the value of its assets is invested in the securities (other than U.S.","page_number":169,"box":{"x":116,"y":415,"width":718,"height":13}},{"id":"55a010aa-ba11-47ca-bf92-d576ca61802d","block_type":"box","text":"Government Securities or securities of other regulated investment companies) of any one issuer, any","page_number":169,"box":{"x":117,"y":431,"width":754,"height":12}},{"id":"3e7f04cd-1b42-4b42-8ab6-ed759206a794","block_type":"box","text":"two or more issuers that the Fund controls and that are determined to be engaged in the same or","page_number":169,"box":{"x":116,"y":447,"width":726,"height":12}},{"id":"1c241c7f-e02d-47fa-ba6e-2af581fcef77","block_type":"box","text":"similar trades or businesses or related trades or businesses or in the securities of one or more qualified","page_number":169,"box":{"x":116,"y":462,"width":772,"height":12}},{"id":"85234d3c-178b-46a5-93ea-828c73461de0","block_type":"box","text":"publicly traded partnerships (","page_number":169,"box":{"x":117,"y":477,"width":214,"height":13}},{"id":"5c342c36-8f48-4b3c-91d4-9d356128d2ca","block_type":"box","text":"i.e.","page_number":169,"box":{"x":332,"y":478,"width":21,"height":9}},{"id":"3373bdfb-e216-477a-aa39-a572dc33a9b6","block_type":"box","text":", partnerships that are traded on an established securities market or","page_number":169,"box":{"x":356,"y":478,"width":507,"height":11}},{"id":"684aafa5-af62-4507-a699-ce90730a19b7","block_type":"box","text":"tradable on a secondary market, other than partnerships that derive 90% of their income from interest,","page_number":169,"box":{"x":116,"y":493,"width":764,"height":12}},{"id":"d1bb1fe5-be8b-48f4-8104-35dadb64b001","block_type":"box","text":"dividends, capital gains and other traditionally permitted mutual fund income). For purposes of this","page_number":169,"box":{"x":116,"y":508,"width":734,"height":13}},{"id":"2599b4af-0e8d-41fe-85d9-e06df18c2b9e","block_type":"box","text":"restriction, the Municipal Funds generally will regard each state and each of its political subdivisions,","page_number":169,"box":{"x":117,"y":524,"width":749,"height":12}},{"id":"51045f9d-4f7e-460c-861e-d6b3a6e28e28","block_type":"box","text":"agencies or instrumentalities and each multi-state agency of which the state is a member as a","page_number":169,"box":{"x":116,"y":539,"width":703,"height":13}},{"id":"8878022e-a921-48d6-a810-6a1ed36b5440","block_type":"box","text":"separate issuer. Each public authority that issues securities on behalf of a private entity generally will","page_number":169,"box":{"x":116,"y":555,"width":754,"height":12}},{"id":"525f88cf-6dee-4a73-b3d1-075cf52f69d8","block_type":"box","text":"also be regarded as a separate issuer, except that if the security is backed only by the assets and","page_number":169,"box":{"x":116,"y":570,"width":731,"height":13}},{"id":"d5719f61-6bad-4295-a362-4a548362a491","block_type":"box","text":"revenues of a non-government entity, then the entity with the ultimate responsibility for the payment of","page_number":169,"box":{"x":117,"y":586,"width":762,"height":12}},{"id":"18ec5aa8-6cb6-4d58-b2c3-adf1f63c23ec","block_type":"box","text":"interest and principal may be regarded as the sole issuer.","page_number":169,"box":{"x":117,"y":602,"width":431,"height":12}},{"id":"85229f43-b9e6-422d-bb57-cd4b77c3c19b","block_type":"box","text":"Foreign government securities (unlike U.S. Government Securities) are not exempt from the 5%, 10%","page_number":169,"box":{"x":117,"y":633,"width":759,"height":13}},{"id":"f307da4c-6f83-48ea-afed-2d0293c23bc1","block_type":"box","text":"and 25% diversification requirements of the Code discussed above and the securities of each foreign","page_number":169,"box":{"x":116,"y":649,"width":755,"height":12}},{"id":"1c4411e5-8df3-4f19-9904-98ee141b3ee0","block_type":"box","text":"government issuer are considered to be obligations of a single issuer. These tax-related limitations","page_number":169,"box":{"x":116,"y":664,"width":732,"height":13}},{"id":"13d301ae-7d71-4864-bfa2-62868145a136","block_type":"box","text":"may be changed by the Directors of a Fund to the extent necessary to comply with changes to the U.S.","page_number":169,"box":{"x":117,"y":680,"width":763,"height":12}},{"id":"f6bec749-34b4-459b-be99-19f402da3e1e","block_type":"box","text":"federal tax requirements. A Fund that is “diversified” under the Investment Company Act must satisfy","page_number":169,"box":{"x":116,"y":695,"width":748,"height":13}},{"id":"8ced5481-0ee9-48aa-bc70-5d0af6f36f8a","block_type":"box","text":"the foregoing 5% and 10% requirements with respect to 75% of its total assets.","page_number":169,"box":{"x":116,"y":711,"width":586,"height":12}},{"id":"d59b1e22-951a-439b-bb8e-406fe90e33c7","block_type":"box","text":"M","page_number":169,"box":{"x":310,"y":760,"width":12,"height":9}},{"id":"39e9865d-a94b-4c51-b020-b6c43870b1cb","block_type":"box","text":"ANAGEMENT","page_number":169,"box":{"x":323,"y":762,"width":87,"height":7}},{"id":"1ce47d17-0651-4c94-af53-0c360655957a","block_type":"box","text":"AND","page_number":169,"box":{"x":415,"y":762,"width":29,"height":7}},{"id":"30e2a60d-eeac-4847-bfc2-f1c83640785d","block_type":"box","text":"O","page_number":169,"box":{"x":450,"y":759,"width":12,"height":10}},{"id":"af990941-e8d3-4816-89b7-86187725bd1b","block_type":"box","text":"THER","page_number":169,"box":{"x":463,"y":762,"width":37,"height":7}},{"id":"5bcd4fe1-3e06-4cd6-a328-810a20245fff","block_type":"box","text":"S","page_number":169,"box":{"x":505,"y":759,"width":10,"height":10}},{"id":"f70df0e0-6651-446d-bbf5-09124e18bf47","block_type":"box","text":"ERVICE","page_number":169,"box":{"x":517,"y":762,"width":49,"height":7}},{"id":"a01ec189-4712-4a32-ab24-2fd90ab3f332","block_type":"box","text":"A","page_number":169,"box":{"x":571,"y":760,"width":12,"height":9}},{"id":"32b54115-e46a-445f-a807-e4425b5df162","block_type":"box","text":"RRANGEMENTS","page_number":169,"box":{"x":584,"y":762,"width":106,"height":7}},{"id":"aa1b8fc2-0f43-4c8d-8de1-413e8fcff7f8","block_type":"box","text":"Directors and Officers","page_number":169,"box":{"x":117,"y":791,"width":175,"height":10}},{"id":"41ee8ccf-4f79-4926-b0dd-1a42b6311db0","block_type":"box","text":"See “Information on Directors and Officers, ‘—Biographical Information,’ ‘— Share Ownership’ and","page_number":169,"box":{"x":116,"y":815,"width":730,"height":12}},{"id":"55d70107-bc26-4199-94b1-0460382d0cff","block_type":"box","text":"‘— Compensation of Directors’” or “Information on Trustees and Officers, ‘—Biographical Information,’","page_number":169,"box":{"x":117,"y":831,"width":760,"height":12}},{"id":"d85f9f89-dd51-4f99-a697-7130c8d16890","block_type":"box","text":"‘— Share Ownership’ and ‘— Compensation of Trustees’,” as applicable, in Part I of each Fund’s SAI","page_number":169,"box":{"x":117,"y":846,"width":754,"height":12}},{"id":"e88bf05a-020a-4070-851a-5e978245fcc9","block_type":"box","text":"for biographical and certain other information relating to the Directors and officers of your Fund,","page_number":169,"box":{"x":116,"y":862,"width":713,"height":12}},{"id":"92915f2c-e79a-4497-9aec-ac8019d8f406","block_type":"box","text":"including Directors’ compensation.","page_number":169,"box":{"x":117,"y":877,"width":260,"height":12}},{"id":"187028c7-b834-4026-a4a0-36b320255b35","block_type":"box","text":"II-104","page_number":169,"box":{"x":479,"y":909,"width":41,"height":9}},{"id":"8b25380c-8ffc-4031-b256-914993856297","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":169,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"16ca9a4b-eb38-4ca3-8cce-a9efb9f6eaf2","block_type":"box","text":"Management Arrangements","page_number":170,"box":{"x":117,"y":87,"width":225,"height":12}},{"id":"70e6e2e8-eb10-41d0-9a4b-6e2b2fe4d27d","block_type":"box","text":"Management Services.","page_number":170,"box":{"x":116,"y":110,"width":170,"height":12}},{"id":"e4589eeb-852e-424e-9626-76cdcc509ab9","block_type":"box","text":"The Manager provides each Fund with investment advisory and management","page_number":170,"box":{"x":288,"y":110,"width":585,"height":12}},{"id":"7bc9d09b-9d1a-4a77-91d5-3f565e55f690","block_type":"box","text":"services. Subject to the oversight of the Board of Directors, the Manager is responsible for the actual","page_number":170,"box":{"x":116,"y":126,"width":752,"height":12}},{"id":"d7e5c4d0-a928-4a64-acf6-3d6a04cf44d5","block_type":"box","text":"management of a Fund’s portfolio and reviews the Fund’s holdings in light of its own research analysis","page_number":170,"box":{"x":117,"y":141,"width":764,"height":12}},{"id":"725c4472-ee71-48ae-8a0f-422285c414ac","block_type":"box","text":"and that from other relevant sources. The responsibility for making decisions to buy, sell or hold a","page_number":170,"box":{"x":116,"y":157,"width":729,"height":12}},{"id":"4c370d25-f668-4ffd-89b2-7416af9d0371","block_type":"box","text":"particular security rests with the Manager. The Manager performs certain of the other administrative","page_number":170,"box":{"x":117,"y":172,"width":745,"height":12}},{"id":"5fdb7365-807d-4e77-91a4-7a61d5cec474","block_type":"box","text":"services and provides all the office space, facilities, equipment and necessary personnel for","page_number":170,"box":{"x":116,"y":188,"width":685,"height":12}},{"id":"39548ef2-02d6-484b-a651-b833f1df98ef","block_type":"box","text":"management of each Fund.","page_number":170,"box":{"x":117,"y":203,"width":209,"height":12}},{"id":"e892e53f-3071-4214-9650-44a7f67385ca","block_type":"box","text":"Each Feeder Fund invests all or a portion of its assets in shares of a Master Portfolio. To the extent a","page_number":170,"box":{"x":117,"y":234,"width":755,"height":12}},{"id":"e4701f51-13b3-4a5f-9363-58ca53ca7c71","block_type":"box","text":"Feeder Fund invests all of its assets in a Master Portfolio, it does not invest directly in portfolio","page_number":170,"box":{"x":117,"y":250,"width":702,"height":12}},{"id":"e8017984-3a0c-4320-bb12-25b826bcede7","block_type":"box","text":"securities and does not require management services. For such Feeder Funds, portfolio management","page_number":170,"box":{"x":116,"y":265,"width":760,"height":12}},{"id":"10c16524-3b0e-49e8-875f-8be6834ca1e7","block_type":"box","text":"occurs at the Master Portfolio level.","page_number":170,"box":{"x":116,"y":281,"width":267,"height":9}},{"id":"6aca6b36-b6f2-47bb-8b3a-54ca3627f3a2","block_type":"box","text":"Management Fee.","page_number":170,"box":{"x":116,"y":312,"width":132,"height":12}},{"id":"6ce255d8-fb5f-4542-a23c-89088bf7ce5b","block_type":"box","text":"Each Fund has entered into a Management A","page_number":170,"box":{"x":250,"y":312,"width":326,"height":12}},{"id":"baf437aa-a818-467a-9d90-1e6eeb2dc526","block_type":"box","text":"Agreement with the Manager pursuant to","page_number":170,"box":{"x":576,"y":312,"width":304,"height":12}},{"id":"b028d016-f335-4379-8de7-dfcb037c1a4e","block_type":"box","text":"which the Manager receives for its services to","page_number":170,"box":{"x":116,"y":327,"width":337,"height":12}},{"id":"74ad8d04-96be-424f-a104-995c22379588","block_type":"box","text":"the Fund monthly compensation at an annual rate based","page_number":170,"box":{"x":453,"y":327,"width":417,"height":12}},{"id":"b0c0b988-7d5c-4c48-a9cb-d63052593373","block_type":"box","text":"on the average daily net assets of the Fund. For info","page_number":170,"box":{"x":116,"y":343,"width":380,"height":12}},{"id":"0d7a4da1-2dd6-4d84-971a-3be00d703e97","block_type":"box","text":"rmation regarding the fees paid by your Fund to the","page_number":170,"box":{"x":497,"y":343,"width":378,"height":12}},{"id":"ac7f6f4d-281f-4b83-acc4-d5d9147e7a2f","block_type":"box","text":"Manager for the Fund’s last three fiscal years or","page_number":170,"box":{"x":117,"y":358,"width":352,"height":12}},{"id":"b33f28ec-1641-407f-b818-9b14db332d3a","block_type":"box","text":"other applicable periods, see “Management, Advisory","page_number":170,"box":{"x":469,"y":358,"width":393,"height":12}},{"id":"1a42196f-d4c1-4341-a65a-95abb9dc53f1","block_type":"box","text":"and Other Service Arrangements — Management A","page_number":170,"box":{"x":116,"y":374,"width":368,"height":12}},{"id":"9795cb91-0e62-4614-b657-696de8497065","block_type":"box","text":"Agreement” or “Management and Advisory","page_number":170,"box":{"x":484,"y":374,"width":316,"height":12}},{"id":"07931941-4193-4194-b2ad-332491a6d339","block_type":"box","text":"Arrangements,” as applicable, in Part I of each Fund’s SAI.","page_number":170,"box":{"x":116,"y":389,"width":433,"height":12}},{"id":"dda355d5-d013-4298-a98f-ab283cd21b49","block_type":"box","text":"For Funds that do not have an administrator, each Management Agreement obligates the Manager to","page_number":170,"box":{"x":117,"y":420,"width":757,"height":12}},{"id":"b1adc233-8fc7-47e5-8df6-9410d7aa0006","block_type":"box","text":"provide management services and to pay all compensation of and furnish office space for officers and","page_number":170,"box":{"x":117,"y":436,"width":760,"height":12}},{"id":"ef2726d2-bb24-4ca2-acd4-75ebf583524d","block_type":"box","text":"employees of a Fund in connection with investment and economic research, trading and investment","page_number":170,"box":{"x":116,"y":451,"width":745,"height":12}},{"id":"e6eeed17-9db4-40aa-bf16-4aac5cce8efa","block_type":"box","text":"management of the Fund, as well as the fees of all Directors of the Fund who are interested persons of","page_number":170,"box":{"x":117,"y":467,"width":768,"height":12}},{"id":"db47e8a8-6fc3-42e0-8af3-3798ac740891","block_type":"box","text":"the Fund. Each Fund pays all other expenses incurred in the operation of that Fund, including among","page_number":170,"box":{"x":116,"y":482,"width":756,"height":12}},{"id":"dd37328c-3efb-44c3-863b-50c60f7e6e69","block_type":"box","text":"other things: taxes; expenses for legal and auditing services; costs of preparing, printing and mailing","page_number":170,"box":{"x":116,"y":498,"width":749,"height":12}},{"id":"2423cc1a-e4d5-494d-ae9a-e94a743875d9","block_type":"box","text":"proxies, shareholder reports, prospectuses and statements of additional information, except to the","page_number":170,"box":{"x":117,"y":513,"width":732,"height":12}},{"id":"42346d66-c4b1-4390-9c83-4b9538c63b1f","block_type":"box","text":"extent paid by BlackRock Investments, LLC (“BRIL” or the “Distributor”); charges of the custodian and","page_number":170,"box":{"x":116,"y":529,"width":760,"height":12}},{"id":"7d320719-5e65-40c2-8eb5-cb24358d50c1","block_type":"box","text":"sub-custodian, and the transfer agent; expenses of redemption of shares; Commission fees; expenses","page_number":170,"box":{"x":116,"y":544,"width":766,"height":12}},{"id":"6137e642-8e21-44bd-b673-30063f22c9d0","block_type":"box","text":"of registering the shares under Federal, state or foreign laws; fees and expenses of Directors who are","page_number":170,"box":{"x":116,"y":560,"width":761,"height":12}},{"id":"898583ce-3279-44fa-a396-f4d0f650a4b9","block_type":"box","text":"not interested persons of a Fund as defined in the Investment Company Act; accounting and pricing","page_number":170,"box":{"x":117,"y":575,"width":745,"height":12}},{"id":"2b286867-7714-4b68-b4c7-7909d1d1e30c","block_type":"box","text":"costs (including the daily calculations of NAV); insurance; interest; brokerage costs; litigation and other","page_number":170,"box":{"x":116,"y":591,"width":767,"height":12}},{"id":"08a9070d-e4bd-403f-a661-7c63f5842fa4","block_type":"box","text":"extraordinary or non-recurring expenses; and other expenses properly payable by the Fund. Certain","page_number":170,"box":{"x":116,"y":606,"width":747,"height":12}},{"id":"8e8a19f8-138d-4eb0-8f62-efeb851a5cd8","block_type":"box","text":"accounting services are provided to each Fund by State Street Bank and Trust Company (“State","page_number":170,"box":{"x":116,"y":622,"width":720,"height":12}},{"id":"13a0f1ce-2205-4fe7-a255-8642fb7aca88","block_type":"box","text":"Street”), BNY Mellon Investment Servicing (US) Inc. (“BNY Mellon”) or JPMorgan Chase Bank, N.A.","page_number":170,"box":{"x":116,"y":637,"width":746,"height":12}},{"id":"ecd9330b-b432-4723-963a-8024a6595d36","block_type":"box","text":"(“JPM”) pursuant to an agreement between State Street, BNY Mellon or JPM, as applicable, and each","page_number":170,"box":{"x":117,"y":653,"width":761,"height":12}},{"id":"00d35772-05d9-4cb9-bbd2-227ae46b9cd8","block_type":"box","text":"Fund. Each Fund pays a fee for these services. In addition, the Manager provides certain accounting","page_number":170,"box":{"x":117,"y":668,"width":746,"height":12}},{"id":"f3bd41ca-c1eb-4b59-8875-e3d75fc1f2b0","block_type":"box","text":"services to each Fund and the Fund pays the Manager a fee for such services. The Distributor pays","page_number":170,"box":{"x":116,"y":684,"width":740,"height":12}},{"id":"b20b0600-a9da-4330-88e6-9982a3ad4486","block_type":"box","text":"certain promotional expenses of the Funds incurred in connection with the offering of shares of the","page_number":170,"box":{"x":116,"y":699,"width":731,"height":13}},{"id":"0620499f-5fb2-4e0b-b07d-ce23963bab9a","block_type":"box","text":"Funds. Certain expenses are financed by each Fund pursuant to distribution plans in compliance with","page_number":170,"box":{"x":117,"y":715,"width":751,"height":12}},{"id":"5014f4be-8a9d-48cc-a3a4-257dbe4c81ba","block_type":"box","text":"Rule 12b-1 under the Investment Company Act. See “Purchase of Shares — Distribution and/or","page_number":170,"box":{"x":117,"y":730,"width":710,"height":13}},{"id":"94f10fe6-f916-4e04-b7ea-98e56c636385","block_type":"box","text":"Shareholder Servicing Plans.”","page_number":170,"box":{"x":116,"y":746,"width":221,"height":12}},{"id":"30cdb204-f691-49b3-8154-bd8bb2e06d4d","block_type":"box","text":"Sub-Advisory Fee.","page_number":170,"box":{"x":117,"y":777,"width":135,"height":12}},{"id":"6e0f545c-3b39-4ce9-a06b-a1486619d579","block_type":"box","text":"The Manager of certain Funds has entered into one or more sub-advisory","page_number":170,"box":{"x":259,"y":777,"width":546,"height":12}},{"id":"f107fa9c-3906-489d-8582-838f3c9d2540","block_type":"box","text":"agreements (the “Sub-Advisory Agreements”) with the sub-adviser or sub-advisers identified in each","page_number":170,"box":{"x":116,"y":792,"width":743,"height":13}},{"id":"9b5ea45d-8a4c-4a27-a508-8f92e0ff10d8","block_type":"box","text":"such Fund’s Prospectus (the “Sub-Adviser”) pursuant to which the Sub-Adviser provides sub-advisory","page_number":170,"box":{"x":116,"y":808,"width":755,"height":12}},{"id":"b6b467f5-1ba3-4547-a3e0-38e97f930b80","block_type":"box","text":"services to the Manager with respect to the Fund.","page_number":170,"box":{"x":116,"y":824,"width":367,"height":12}},{"id":"92988e56-d96d-43db-809c-99a6a4a67688","block_type":"box","text":"Organization of the Manager.","page_number":170,"box":{"x":117,"y":854,"width":215,"height":13}},{"id":"573b3c67-e8a7-4cf4-b885-75e5ee9f9a51","block_type":"box","text":"BlackRock Advisors, LLC is a Delaware limited liability company and","page_number":170,"box":{"x":334,"y":854,"width":519,"height":13}},{"id":"6e708493-d9c1-4f62-98db-a5b7e6c870d5","block_type":"box","text":"BlackRock Fund Advisors is a California corporation. Each Manager is an indirect, majority-owned","page_number":170,"box":{"x":117,"y":870,"width":732,"height":12}},{"id":"c0f56ca4-3e54-4b75-bc31-b2a7523c2a01","block_type":"box","text":"II-105","page_number":170,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"c2b1b9e4-ffa8-487d-af3e-e67e213de0f8","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":170,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"6b165958-e2e9-46e2-a5e5-bbe8d6d5cf26","block_type":"box","text":"subsidiary of BlackRock, Inc. BlackRock, Inc., through its subsidiaries and divisions, provides","page_number":171,"box":{"x":116,"y":87,"width":697,"height":12}},{"id":"afd675f0-b652-495a-95a1-c656e0a28da9","block_type":"box","text":"(i) investment management services to individuals and institutional investors through separate account","page_number":171,"box":{"x":117,"y":102,"width":765,"height":13}},{"id":"932a1354-bb86-4713-a008-ce53e4adf931","block_type":"box","text":"management, non-discretionary advisory programs and commingled investment vehicles; (ii) risk","page_number":171,"box":{"x":117,"y":118,"width":722,"height":12}},{"id":"08f06c04-55f2-44e7-b0b1-16db17a51732","block_type":"box","text":"management services, investment accounting and trade processing tools; (iii) transition management","page_number":171,"box":{"x":117,"y":134,"width":755,"height":12}},{"id":"28cff624-a323-475f-b52a-28d5bb663f48","block_type":"box","text":"services, and (iv) securities lending services.","page_number":171,"box":{"x":116,"y":149,"width":337,"height":12}},{"id":"3b2292d9-2f4a-4b59-952c-94041a2ab679","block_type":"box","text":"Duration and Termination.","page_number":171,"box":{"x":116,"y":180,"width":193,"height":10}},{"id":"dbdc0869-e285-49cc-b106-886a8a32be33","block_type":"box","text":"Unless earlier terminated as described below, each Management","page_number":171,"box":{"x":310,"y":180,"width":494,"height":12}},{"id":"6a6a89e0-2572-4037-9410-2c69d532e58f","block_type":"box","text":"Agreement and each Sub-Advisory Agreement will remain in effect for an initial two year period and","page_number":171,"box":{"x":116,"y":196,"width":743,"height":12}},{"id":"d054f04a-e398-4a69-8a60-19642bf80d39","block_type":"box","text":"from year to year thereafter if approved annually (a) by the Board of Directors or by a vote of a majority","page_number":171,"box":{"x":116,"y":211,"width":769,"height":12}},{"id":"a9f2b1df-c9dc-4424-8ac4-b395b9a31782","block_type":"box","text":"of the outstanding voting securities of a Fund and (b) by a majority of the Directors of the Fund who are","page_number":171,"box":{"x":116,"y":227,"width":771,"height":12}},{"id":"57c73fea-56f8-41c1-a71b-50508793dbf0","block_type":"box","text":"not parties to such agreement or interested persons (as defined in the Investment Company Act) of","page_number":171,"box":{"x":117,"y":242,"width":740,"height":12}},{"id":"e0982676-fe91-43c3-904d-c6e0af9a6109","block_type":"box","text":"any such party. Each Management Agreement automatically terminates on assignment and may be","page_number":171,"box":{"x":116,"y":258,"width":745,"height":12}},{"id":"84267911-fe67-411e-b477-237570baaa4e","block_type":"box","text":"terminated without penalty on 60 days’ written notice at the option of either party thereto or by the vote","page_number":171,"box":{"x":116,"y":273,"width":765,"height":12}},{"id":"5b6067df-6e5d-43ee-aec0-833522680f7e","block_type":"box","text":"of the shareholders of the applicable Fund.","page_number":171,"box":{"x":116,"y":289,"width":323,"height":12}},{"id":"8fe582b8-f1d6-4a8b-a918-938030866e02","block_type":"box","text":"Other Service Arrangements","page_number":171,"box":{"x":116,"y":320,"width":233,"height":12}},{"id":"ffec90c9-4f8f-4eb9-9b63-fac5d2529a4b","block_type":"box","text":"Administrative Services and Administrative Fee.","page_number":171,"box":{"x":115,"y":343,"width":355,"height":9}},{"id":"bc8326e7-32df-48a2-b54b-02dcf29f6d4a","block_type":"box","text":"Certain Funds have entered into an administration","page_number":171,"box":{"x":472,"y":343,"width":383,"height":9}},{"id":"90c7d915-14cb-41d6-b512-ec37a2b6246d","block_type":"box","text":"agreement (the “Administration Agreement”) with an administrator identified in the Fund’s Prospectus","page_number":171,"box":{"x":116,"y":358,"width":756,"height":12}},{"id":"a97afefd-2b46-4560-95a8-4a6e83a4cd44","block_type":"box","text":"and Part I of the Fund’s SAI (each an “Administrator”). For its services to a Fund, the Administrator","page_number":171,"box":{"x":116,"y":374,"width":737,"height":12}},{"id":"36b28973-a92e-43b8-bacd-048d4f71a68f","block_type":"box","text":"receives monthly compensation at the annual rate set forth in each applicable Fund’s Prospectus. For","page_number":171,"box":{"x":117,"y":389,"width":758,"height":12}},{"id":"0a299b19-fab1-4faf-bab9-4dd2d2fb9f5f","block_type":"box","text":"information regarding any administrative fees paid by your Fund to the Administrator for the periods","page_number":171,"box":{"x":117,"y":405,"width":742,"height":12}},{"id":"c89fd29f-7ce5-4055-b401-554f9742a66b","block_type":"box","text":"indicated, see “Management, Advisory and Other Service Arrangements — Administration Agreement”","page_number":171,"box":{"x":117,"y":420,"width":766,"height":12}},{"id":"2b6fa35b-3196-4cbb-b62f-150020012d2a","block_type":"box","text":"or “Management and Advisory Arrangements,” as applicable, in Part I of that Fund’s SAI.","page_number":171,"box":{"x":116,"y":436,"width":664,"height":12}},{"id":"926ca588-b277-4675-a190-26e0e36264e5","block_type":"box","text":"For Funds that have an Administrator, the Administration Agreement obligates the Administrator to","page_number":171,"box":{"x":117,"y":467,"width":735,"height":12}},{"id":"777b070b-255d-4d3c-a554-306aa930cad0","block_type":"box","text":"provide certain administrative services to the Fund and to pay, or cause its affiliates to pay, for","page_number":171,"box":{"x":117,"y":482,"width":703,"height":12}},{"id":"acca55b5-2ac0-446f-b617-82d47612b70a","block_type":"box","text":"maintaining its staff and personnel and to provide office space, facilities and necessary personnel for","page_number":171,"box":{"x":117,"y":498,"width":751,"height":12}},{"id":"101cbecf-2dac-43fb-b908-835793ad9586","block_type":"box","text":"the Fund. Each Administrator is also obligated to pay, or cause its affiliates to pay, the fees of those","page_number":171,"box":{"x":116,"y":513,"width":745,"height":12}},{"id":"05f894a2-a727-43af-9905-ac48f6c2a1c9","block_type":"box","text":"officers and Directors of the Fund who are affiliated persons of the Administrator or any of its affiliates.","page_number":171,"box":{"x":116,"y":529,"width":764,"height":12}},{"id":"809e289f-9f6d-4de6-b6ef-dd41f5855eef","block_type":"box","text":"Duration and Termination of Administration Agreement.","page_number":171,"box":{"x":116,"y":560,"width":410,"height":12}},{"id":"9dca4893-f9e0-499d-a7a6-ff2874345fba","block_type":"box","text":"Unless earlier terminated as described below,","page_number":171,"box":{"x":527,"y":560,"width":350,"height":11}},{"id":"443fb3c5-ab74-4011-912b-70334804d106","block_type":"box","text":"each Administration Agreement with BlackRock will continue for an initial two year period and from","page_number":171,"box":{"x":116,"y":575,"width":736,"height":12}},{"id":"44eda676-6133-4327-af4d-c2331f546db2","block_type":"box","text":"year to year if approved annually (a) by the Board of Directors of each applicable Fund or by a vote of","page_number":171,"box":{"x":116,"y":591,"width":760,"height":12}},{"id":"bc977877-6dce-4483-92c8-b22238acba8c","block_type":"box","text":"a majority of the outstanding voting securities of such Fund and (b) by a majority of the Directors of the","page_number":171,"box":{"x":116,"y":606,"width":767,"height":12}},{"id":"29846ee9-6cb1-45cb-b7bf-ba4a21d5fc27","block_type":"box","text":"Fund who are not parties to such contract or interested persons (as defined in the Investment","page_number":171,"box":{"x":117,"y":622,"width":697,"height":12}},{"id":"555ce302-736e-4422-a9e7-644b063b868e","block_type":"box","text":"Company Act) of any such party. Such contract is not assignable and may be terminated without","page_number":171,"box":{"x":117,"y":637,"width":720,"height":12}},{"id":"78e3d692-4781-408c-a62b-f9296bfd3aab","block_type":"box","text":"penalty on written notice at the option of either party thereto or by the vote of the shareholders of the","page_number":171,"box":{"x":117,"y":653,"width":750,"height":12}},{"id":"b7c973ac-21b8-4b8d-aa68-c9607664867a","block_type":"box","text":"Fund.","page_number":171,"box":{"x":117,"y":669,"width":40,"height":9}},{"id":"f05b9c74-5657-4571-907d-ecca3a885879","block_type":"box","text":"Transfer Agency Services.","page_number":171,"box":{"x":118,"y":699,"width":193,"height":13}},{"id":"81d084e2-2393-4a84-8c84-23f5b305c9d3","block_type":"box","text":"BNY Mellon Investment Servicing (US) Inc. (in this capacity, the “Transfer","page_number":171,"box":{"x":319,"y":699,"width":546,"height":13}},{"id":"57f3938c-dae6-4a6f-b244-c2ebc8c71c96","block_type":"box","text":"Agent”), a subsidiary of The Bank of New York Mellon Corporation, acts as each Fund’s Transfer","page_number":171,"box":{"x":116,"y":715,"width":719,"height":12}},{"id":"79058308-7db5-435b-baec-52f39b9945b3","block_type":"box","text":"Agent pursuant to a Transfer Agency, Dividend Disbursing Agency and Shareholder Servicing Agency","page_number":171,"box":{"x":116,"y":730,"width":758,"height":13}},{"id":"2b661a0a-cfd8-4209-b273-ccd69f68dbdd","block_type":"box","text":"Agreement (the “Transfer Agency Agreement”) with the Funds. Pursuant to the Transfer Agency","page_number":171,"box":{"x":116,"y":746,"width":714,"height":12}},{"id":"01aefc5d-ad62-4163-9448-75c14be4ad69","block_type":"box","text":"Agreement, the Transfer Agent is responsible for the issuance, transfer and redemption of shares and","page_number":171,"box":{"x":116,"y":761,"width":756,"height":13}},{"id":"50a0e7b0-a5c9-4d21-ac82-1c982a78cdcf","block_type":"box","text":"the opening and maintenance of shareholder accounts. Each Fund pays the Transfer Agent a fee for","page_number":171,"box":{"x":116,"y":777,"width":748,"height":12}},{"id":"8bb63019-12aa-453d-87d4-822d82c665bd","block_type":"box","text":"the services it receives based on the type of account and the level of services required. 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(collectively referred to in this section as “BlackRock”) and their","page_number":180,"box":{"x":116,"y":314,"width":707,"height":12}},{"id":"087aaa67-38ab-425b-b7ba-7599c8ce2524","block_type":"box","text":"respective directors, officers or employees, with respect to the Funds and/or other accounts managed","page_number":180,"box":{"x":116,"y":329,"width":760,"height":12}},{"id":"5d499e99-7668-4149-bbf4-c5a62bdad9da","block_type":"box","text":"by BlackRock, may give rise to actual or perceived conflicts of interest such as those described below.","page_number":180,"box":{"x":116,"y":345,"width":764,"height":12}},{"id":"c6aead63-c0b7-4773-9b80-5ce4e18e6964","block_type":"box","text":"BlackRock is one of the world’s largest asset management firms. BlackRock, its subsidiaries and their","page_number":180,"box":{"x":117,"y":377,"width":759,"height":12}},{"id":"47df623f-90fb-4761-aa2f-0d73378c3267","block_type":"box","text":"respective directors, officers and employees, including the business units or entities and personnel","page_number":180,"box":{"x":117,"y":392,"width":736,"height":12}},{"id":"548ba228-8515-4f86-a636-7c32c263854d","block_type":"box","text":"who may be involved in the investment activities and business operations of a Fund, are engaged","page_number":180,"box":{"x":116,"y":408,"width":729,"height":12}},{"id":"e6da99ae-1216-4118-b50b-d3a06bd7da70","block_type":"box","text":"worldwide in businesses, including managing equities, fixed income securities, cash and alternative","page_number":180,"box":{"x":116,"y":423,"width":742,"height":12}},{"id":"bb02815f-a5b2-45fb-9bdd-c11b9a161c3d","block_type":"box","text":"investments, and other financial services, and have interests other than that of managing the Funds.","page_number":180,"box":{"x":117,"y":439,"width":748,"height":12}},{"id":"b2009507-f06a-4f02-8a4b-b8d38188b9ec","block_type":"box","text":"These are considerations of which investors in a Fund should be aware, and which may cause conflicts","page_number":180,"box":{"x":116,"y":454,"width":771,"height":12}},{"id":"d7a7bd38-42fc-4505-aae6-48463bd8cbdf","block_type":"box","text":"of interest that could disadvantage a Fund and its shareholders.","page_number":180,"box":{"x":116,"y":470,"width":479,"height":12}},{"id":"bb106d2d-6a7f-4e38-ab9b-78832ac0816c","block_type":"box","text":"These businesses and interests include potential multiple advisory, transactional, financial and other","page_number":180,"box":{"x":116,"y":502,"width":749,"height":12}},{"id":"f828edb7-a4fb-40ae-8805-be917f92a05e","block_type":"box","text":"relationships with, or interests in companies and interests in securities or other instruments that may be","page_number":180,"box":{"x":117,"y":518,"width":771,"height":12}},{"id":"882785d2-3f67-41ff-a5c7-802ff605ba5e","block_type":"box","text":"purchased or sold by a Fund.","page_number":180,"box":{"x":117,"y":533,"width":221,"height":12}},{"id":"8e9d0c13-ea72-4dff-bc68-499dd3bca851","block_type":"box","text":"BlackRock may have proprietary interests in, and may manage or advise with respect to, accounts or","page_number":180,"box":{"x":117,"y":565,"width":754,"height":12}},{"id":"4630bcc8-ebf3-49c2-9c34-65bd684d0236","block_type":"box","text":"funds (including separate accounts and other funds and collective investment vehicles) that have","page_number":180,"box":{"x":116,"y":581,"width":724,"height":12}},{"id":"9f147075-1f5c-4e22-80ae-9da610d9dc4d","block_type":"box","text":"investment objectives identical or similar to those of a Fund and/or that engage in transactions in the","page_number":180,"box":{"x":117,"y":596,"width":749,"height":12}},{"id":"a5a6922a-d45a-4d54-a8be-f0380c8b4ad1","block_type":"box","text":"same types of securities, currencies and instruments as the Fund. Such other funds or accounts may","page_number":180,"box":{"x":116,"y":612,"width":755,"height":12}},{"id":"b159506c-ef58-446a-8802-14047213af3e","block_type":"box","text":"offer exposure to strategies that are identical or substantially similar to those of a Fund but with","page_number":180,"box":{"x":116,"y":627,"width":710,"height":12}},{"id":"b373d657-5f06-49de-8022-9ee486577b7f","block_type":"box","text":"different fees and expenses, governance and structures, and/or services provided by BlackRock.","page_number":180,"box":{"x":116,"y":643,"width":724,"height":12}},{"id":"0f1b57a9-512a-4134-a66a-41220bb8cb1f","block_type":"box","text":"BlackRock is also a major participant in the global currency, equities, swap and fixed income markets,","page_number":180,"box":{"x":117,"y":658,"width":760,"height":12}},{"id":"cc416668-e70b-484d-9590-70d842bddf2f","block_type":"box","text":"in each case, for the accounts of clients and, in some cases, on a proprietary basis. As such,","page_number":180,"box":{"x":117,"y":674,"width":687,"height":12}},{"id":"6a0d16d0-01be-4db3-ae56-4b70edd15bbb","block_type":"box","text":"BlackRock is or may be actively engaged in transactions in the same securities, currencies, and","page_number":180,"box":{"x":117,"y":689,"width":709,"height":12}},{"id":"4b9f4884-e650-4d63-b67c-80537e760e85","block_type":"box","text":"instruments in which a Fund invests.","page_number":180,"box":{"x":117,"y":705,"width":268,"height":9}},{"id":"6ead5ccf-223c-4151-b213-55ab907d7b91","block_type":"box","text":"Such activities could affect the prices and availability of the securities, currencies, and instruments in","page_number":180,"box":{"x":116,"y":737,"width":746,"height":12}},{"id":"bc00ab55-651d-4efe-8c9e-a0b18e812f52","block_type":"box","text":"which a Fund invests, which could have an adverse impact on a Fund’s performance. Such","page_number":180,"box":{"x":116,"y":752,"width":676,"height":12}},{"id":"bb472ae7-de7e-4b63-a24a-9b0f7bad40c0","block_type":"box","text":"transactions, particularly in respect of most proprietary accounts or client accounts, will be executed","page_number":180,"box":{"x":116,"y":768,"width":740,"height":12}},{"id":"00c43d17-b820-4321-8e7b-e0b61dca009d","block_type":"box","text":"independently of a Fund’s transactions and thus at prices or rates that may be more or less favorable","page_number":180,"box":{"x":117,"y":783,"width":750,"height":12}},{"id":"dfb1ea43-967a-4b07-b59b-cffa89809378","block_type":"box","text":"than those obtained by the Fund.","page_number":180,"box":{"x":116,"y":799,"width":244,"height":12}},{"id":"e3ecbf21-3c45-4e82-9fad-e79875b2ce9a","block_type":"box","text":"In addition, the portfolio holdings of certain BlackRock-advised investment vehicles managed in an","page_number":180,"box":{"x":117,"y":831,"width":735,"height":12}},{"id":"70a7a819-d1d0-4890-9a91-3e8f201c648b","block_type":"box","text":"identical or substantially similar manner as certain Funds are made publicly available on a more timely","page_number":180,"box":{"x":117,"y":847,"width":763,"height":12}},{"id":"f7026d98-6b33-433a-8a11-502c22bcb783","block_type":"box","text":"basis than the applicable Fund. In some cases, such portfolio holdings are made publicly available on","page_number":180,"box":{"x":117,"y":862,"width":757,"height":12}},{"id":"bb137bab-4f3d-4b85-be72-331157a70791","block_type":"box","text":"a daily basis. While not expected, it is possible that a recipient of portfolio holdings information for such","page_number":180,"box":{"x":116,"y":877,"width":769,"height":13}},{"id":"7351e266-6002-4bfd-b4fa-4445ed769b8b","block_type":"box","text":"II-115","page_number":180,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"c29e448d-6345-495f-81e3-83a935f95064","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":180,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"0a1e8245-ae60-4624-afe7-3764e11b4714","block_type":"box","text":"an investment vehicle could cause harm to a Fund that is managed in an identical or substantially","page_number":181,"box":{"x":116,"y":87,"width":729,"height":12}},{"id":"cc9035e3-5df5-423c-8b56-7cc85947fc7c","block_type":"box","text":"similar manner, including by trading ahead of or against such Fund based on the information received.","page_number":181,"box":{"x":116,"y":102,"width":764,"height":13}},{"id":"b5b48d14-3876-449b-8e7c-e78f7d89903f","block_type":"box","text":"When BlackRock seeks to purchase or sell the same assets for client accounts, including a Fund, the","page_number":181,"box":{"x":116,"y":134,"width":757,"height":12}},{"id":"839b69e0-44ab-4fbe-a463-3bd6c26f7fb4","block_type":"box","text":"assets actually purchased or sold may be allocated among the accounts on a basis determined in its","page_number":181,"box":{"x":116,"y":149,"width":751,"height":12}},{"id":"228e5e61-fe10-4a66-97c3-d96ef84a5a14","block_type":"box","text":"good faith discretion to be equitable. In some cases, this system may adversely affect the size or price","page_number":181,"box":{"x":116,"y":165,"width":764,"height":12}},{"id":"30c3c3f7-b7a4-44c7-b2fd-22f065242a71","block_type":"box","text":"of the assets purchased or sold for a Fund. In addition, transactions in investments by one or more","page_number":181,"box":{"x":116,"y":180,"width":737,"height":12}},{"id":"70150e03-9418-4a70-907c-73d5750bb635","block_type":"box","text":"other accounts managed by BlackRock may have the effect of diluting or otherwise disadvantaging the","page_number":181,"box":{"x":116,"y":196,"width":767,"height":12}},{"id":"de18e61e-fb88-413c-92b3-2c864850ab0d","block_type":"box","text":"values, prices or investment strategies of a Fund, particularly, but not limited to, with respect to small","page_number":181,"box":{"x":116,"y":211,"width":752,"height":12}},{"id":"6c87b57d-a202-4230-8440-855f42d15bf4","block_type":"box","text":"capitalization, emerging market or less liquid strategies. This may occur with respect to BlackRock","page_number":181,"box":{"x":116,"y":227,"width":735,"height":12}},{"id":"e65f87aa-6b6a-42e1-a683-8711a1c3c7e7","block_type":"box","text":"advised accounts when investment decisions regarding a Fund are based on research or other","page_number":181,"box":{"x":116,"y":242,"width":709,"height":12}},{"id":"c734ad4e-dfcd-4c66-8c66-0f056e6106f1","block_type":"box","text":"information that is also used to support decisions for other accounts. When BlackRock implements a","page_number":181,"box":{"x":117,"y":258,"width":749,"height":11}},{"id":"ededda6e-da26-4c27-a7fb-0e693f1cdc8b","block_type":"box","text":"portfolio decision or strategy on behalf of another account ahead of, or contemporaneously with, similar","page_number":181,"box":{"x":117,"y":273,"width":771,"height":12}},{"id":"0eb2ee71-575b-451b-a9be-e431e2193480","block_type":"box","text":"decisions or strategies for a Fund, market impact, liquidity constraints, or other factors could result in","page_number":181,"box":{"x":116,"y":289,"width":751,"height":12}},{"id":"46b9544d-fdb9-4220-b1c7-575c2163137c","block_type":"box","text":"the Fund receiving less favorable trading results and the costs of implementing such decisions or","page_number":181,"box":{"x":116,"y":304,"width":725,"height":12}},{"id":"131d18b7-d4dd-44e7-a4c7-308ae5cf01b4","block_type":"box","text":"strategies could be increased or the Fund could otherwise be disadvantaged. BlackRock may, in","page_number":181,"box":{"x":116,"y":320,"width":721,"height":12}},{"id":"4b0d8770-8369-4089-9baa-b8190c7488d4","block_type":"box","text":"certain cases, elect to implement internal policies and procedures designed to limit such","page_number":181,"box":{"x":116,"y":335,"width":658,"height":12}},{"id":"f94c9b50-15ae-45e0-a834-06f260424b42","block_type":"box","text":"consequences, which may cause a Fund to be unable to engage in certain activities, including","page_number":181,"box":{"x":116,"y":351,"width":703,"height":12}},{"id":"ec1b9198-ad3b-4f03-9778-05e2a77a3307","block_type":"box","text":"purchasing or disposing of securities, when it might otherwise be desirable for it to do so. Conflicts may","page_number":181,"box":{"x":117,"y":366,"width":770,"height":12}},{"id":"54d09de2-a506-428b-9f0e-2e2d368beb8f","block_type":"box","text":"also arise because portfolio decisions regarding a Fund may benefit other accounts managed by","page_number":181,"box":{"x":116,"y":382,"width":721,"height":12}},{"id":"c26002da-b7ff-4e4d-8c17-1af7a0a7f3a9","block_type":"box","text":"BlackRock. For example, the sale of a long position or","page_number":181,"box":{"x":117,"y":397,"width":406,"height":12}},{"id":"eabd91ef-3082-4862-b429-f697294b0743","block_type":"box","text":"establishment of a short position by a Fund may","page_number":181,"box":{"x":523,"y":397,"width":362,"height":12}},{"id":"da9cd830-d46a-4ba0-b4ef-8e652d9b0b82","block_type":"box","text":"impair the price of the same security sold short by (and therefore benefit) BlackRock or its other","page_number":181,"box":{"x":117,"y":413,"width":714,"height":12}},{"id":"21902ca7-9f55-487e-8ec0-413270769c79","block_type":"box","text":"accounts or funds, and the purchase of a security or covering of a short position in a security by a Fund","page_number":181,"box":{"x":116,"y":428,"width":772,"height":12}},{"id":"52f4b108-55e6-499a-9bab-f048b4db593a","block_type":"box","text":"may increase the price of the same security held by (and therefore benefit) BlackRock or its other","page_number":181,"box":{"x":117,"y":444,"width":727,"height":12}},{"id":"759c1f67-3369-4a36-8957-3b4c4744651b","block_type":"box","text":"accounts or funds.","page_number":181,"box":{"x":116,"y":459,"width":142,"height":10}},{"id":"f6766d6d-be96-4107-9b36-4d537ec85d5c","block_type":"box","text":"BlackRock, on behalf of other client accounts, on the one hand, and a Fund, on the other hand, may","page_number":181,"box":{"x":117,"y":490,"width":747,"height":12}},{"id":"aa2891d4-880e-40a4-a9a9-c2f070f81513","block_type":"box","text":"invest in or extend credit to different parts of the capital structure of a single issuer. BlackRock may","page_number":181,"box":{"x":117,"y":506,"width":739,"height":12}},{"id":"1b72b721-8d09-4969-9bc9-bf5c7e9d7c64","block_type":"box","text":"pursue rights, provide advice or engage in other activities, or refrain from pursuing rights, providing","page_number":181,"box":{"x":117,"y":521,"width":737,"height":12}},{"id":"b29fefbb-3dfa-4330-af23-aedf59656eee","block_type":"box","text":"advice or engaging in other activities, on behalf of other clients with respect to an issuer in which a","page_number":181,"box":{"x":116,"y":537,"width":735,"height":12}},{"id":"1cceb1f6-13e1-433e-b9ea-2c1e05d9e49b","block_type":"box","text":"Fund has invested, and such actions (or refraining from action) may have a material adverse effect on","page_number":181,"box":{"x":117,"y":552,"width":761,"height":12}},{"id":"8deda22c-10e5-4b31-baeb-714f9aa91858","block_type":"box","text":"the Fund. In situations in which clients of BlackRock (including the Funds) hold positions in multiple","page_number":181,"box":{"x":116,"y":568,"width":740,"height":12}},{"id":"a81950ff-cd60-441c-a4cc-e33dd3189a4d","block_type":"box","text":"parts of the capital structure of an issuer, BlackRock may not pursue certain actions or remedies that","page_number":181,"box":{"x":117,"y":583,"width":752,"height":12}},{"id":"65c24b81-62c5-445a-a071-500b8a136005","block_type":"box","text":"may be available to a Fund, as a result of legal and regulatory requirements or otherwise. BlackRock","page_number":181,"box":{"x":117,"y":599,"width":752,"height":12}},{"id":"d9e7ea8b-ceac-4058-85ca-fa7e32804031","block_type":"box","text":"addresses these and other potential conflicts of interest based on the facts and circumstances of","page_number":181,"box":{"x":116,"y":614,"width":722,"height":12}},{"id":"4ccb1cc7-8550-4c59-ac61-1754e24a7b45","block_type":"box","text":"particular situations. For example, BlackRock may determine to rely on information barriers between","page_number":181,"box":{"x":117,"y":630,"width":748,"height":12}},{"id":"e70d4627-4e4a-41fb-ba87-9111fa9f9fd4","block_type":"box","text":"different business units or portfolio management teams. BlackRock may also determine to rely on the","page_number":181,"box":{"x":116,"y":645,"width":757,"height":12}},{"id":"7b256f68-d84d-449f-b079-856424e34e6b","block_type":"box","text":"actions of similarly situated holders of loans or securities rather than, or in connection with, taking such","page_number":181,"box":{"x":116,"y":661,"width":762,"height":12}},{"id":"e0376d70-e8a7-48e5-bd32-787976b753ee","block_type":"box","text":"actions itself on behalf of the Funds.","page_number":181,"box":{"x":116,"y":676,"width":268,"height":10}},{"id":"2e9521e5-c9af-4de5-8fbf-8316c4152b4a","block_type":"box","text":"In addition, to the extent permitted by applicable law, certain Funds may invest their assets in other","page_number":181,"box":{"x":117,"y":707,"width":734,"height":12}},{"id":"c7d7a6b6-ced4-40f5-a196-f88ed6e97002","block_type":"box","text":"funds advised by BlackRock, including funds that are managed by one or more of the same portfolio","page_number":181,"box":{"x":116,"y":723,"width":743,"height":12}},{"id":"2d6c7c7b-d2f4-4350-b5fb-1ed9695b9afa","block_type":"box","text":"managers, which could result in conflicts of interest relating to asset allocation, timing of Fund","page_number":181,"box":{"x":117,"y":738,"width":693,"height":12}},{"id":"2f3d1410-6223-4b58-8744-0dd63657b0dc","block_type":"box","text":"purchases and redemptions, and increased remuneration and profitability for BlackRock and/or its","page_number":181,"box":{"x":117,"y":754,"width":725,"height":12}},{"id":"aa5043f0-1e2e-4200-b3d7-54b0174c1397","block_type":"box","text":"personnel, including portfolio managers.","page_number":181,"box":{"x":117,"y":769,"width":295,"height":12}},{"id":"7bfa5ab1-85b3-49a7-99b3-a598f10f0b0e","block_type":"box","text":"Third parties, including service providers to BlackRock or the Fund, may sponsor events (including, but","page_number":181,"box":{"x":116,"y":800,"width":764,"height":12}},{"id":"fddb6f70-f13b-4943-a24d-1cbacc93c18a","block_type":"box","text":"not limited to, marketing and promotional activities and presentations, educational training programs","page_number":181,"box":{"x":117,"y":816,"width":741,"height":12}},{"id":"fd74e8f1-08fe-4c2b-b106-d407bd63cfb5","block_type":"box","text":"and conferences) for registered representatives, other professionals and individual investors. There is","page_number":181,"box":{"x":116,"y":831,"width":759,"height":12}},{"id":"cc44faf3-26ba-4402-be10-f761f36a2ff6","block_type":"box","text":"a potential conflict of interest as such sponsorships may defray the costs of such activities to","page_number":181,"box":{"x":116,"y":847,"width":691,"height":12}},{"id":"e4a98df8-7ee9-44a0-a14b-e4f2b63b5010","block_type":"box","text":"BlackRock, and may provide an incentive to BlackRock to retain such third parties to provide services","page_number":181,"box":{"x":117,"y":862,"width":757,"height":12}},{"id":"f649c36e-a6a6-453c-8e37-396310ee4016","block_type":"box","text":"to the Fund.","page_number":181,"box":{"x":116,"y":878,"width":94,"height":9}},{"id":"074908a8-4e8b-45c4-a18d-9f80b33c7c04","block_type":"box","text":"II-116","page_number":181,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"2de726ff-a006-48b4-be0f-9c7c57d26d00","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":181,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"45b7c32d-2e46-47f7-b474-44834ea98eb0","block_type":"box","text":"In certain circumstances, BlackRock, on behalf of the Funds, may seek to buy from or sell securities to","page_number":182,"box":{"x":117,"y":87,"width":765,"height":12}},{"id":"fbb9566a-c9d9-4a3b-8543-a61164626177","block_type":"box","text":"another fund or account advised by BlackRock. BlackRock may (but is not required to) effect","page_number":182,"box":{"x":116,"y":102,"width":692,"height":13}},{"id":"d082d70f-afb5-4ec7-afed-17ce2cc45e58","block_type":"box","text":"purchases and sales between BlackRock clients (“cross trades”), including the Funds, if BlackRock","page_number":182,"box":{"x":117,"y":118,"width":739,"height":12}},{"id":"907ff9d9-e0de-4ea0-b2e5-ba7ed0638520","block_type":"box","text":"believes such transactions are appropriate based on each party’s investment objectives and","page_number":182,"box":{"x":117,"y":134,"width":687,"height":12}},{"id":"c5db8a67-5bbe-40aa-934d-3b699df9d52c","block_type":"box","text":"guidelines, subject to applicable law and regulation. There may be potential conflicts of interest or","page_number":182,"box":{"x":116,"y":149,"width":728,"height":12}},{"id":"ca87a629-4d45-42ae-b73f-372c5ac7ab66","block_type":"box","text":"regulatory issues relating to these transactions which could limit BlackRock’s decision to engage in","page_number":182,"box":{"x":117,"y":165,"width":738,"height":12}},{"id":"707e8253-fe42-45a7-9b18-d628a5548b37","block_type":"box","text":"these transactions for the Funds. BlackRock may have a potentially conflicting division of loyalties and","page_number":182,"box":{"x":116,"y":180,"width":763,"height":12}},{"id":"fe917c07-027b-428f-b99f-ca350ef4a2f7","block_type":"box","text":"responsibilities to the parties in such transactions.","page_number":182,"box":{"x":117,"y":196,"width":374,"height":11}},{"id":"aa14e4f0-681b-4a04-90ff-9be815874b05","block_type":"box","text":"BlackRock and its clients may pursue or enforce rights with respect to an issuer in which a Fund has","page_number":182,"box":{"x":117,"y":227,"width":749,"height":12}},{"id":"109a6a4d-2de6-4428-9647-c838e2608481","block_type":"box","text":"invested, and those activities may have an adverse effect on the Fund. As a result, prices, availability,","page_number":182,"box":{"x":117,"y":242,"width":760,"height":12}},{"id":"37ad5090-28d7-47a3-a412-28147407586d","block_type":"box","text":"liquidity and terms of the Fund’s investments may be negatively impacted by the activities of","page_number":182,"box":{"x":117,"y":258,"width":687,"height":12}},{"id":"36cc5a74-d8a3-45ab-96f1-2aab4851d89f","block_type":"box","text":"BlackRock or its clients, and transactions for the Fund may be impaired or effected at prices or terms","page_number":182,"box":{"x":117,"y":273,"width":753,"height":12}},{"id":"f410f770-8728-4669-8beb-71fcb26b7fc6","block_type":"box","text":"that may be less favorable than would otherwise have been the case.","page_number":182,"box":{"x":116,"y":289,"width":520,"height":12}},{"id":"51751c57-f58e-4b5b-a0b8-cefd7e56273b","block_type":"box","text":"The results of a Fund’s investment activities may differ significantly from the results achieved by","page_number":182,"box":{"x":116,"y":320,"width":716,"height":12}},{"id":"78386627-26d8-4e46-98ac-493790162f85","block_type":"box","text":"BlackRock for its proprietary accounts or other accounts (including investment companies or collective","page_number":182,"box":{"x":117,"y":335,"width":763,"height":12}},{"id":"27afbc2b-5669-426f-8443-37585096b3f3","block_type":"box","text":"investment vehicles) that it manages or advises. It is possible that one or more accounts managed or","page_number":182,"box":{"x":117,"y":351,"width":754,"height":12}},{"id":"503f65ae-4b21-48bf-88be-32d2476bc426","block_type":"box","text":"advised by BlackRock and such other accounts will achieve investment results that are substantially","page_number":182,"box":{"x":116,"y":366,"width":747,"height":12}},{"id":"8beceee5-d8a7-4f17-bb8a-788cbe54fa59","block_type":"box","text":"more or less favorable than the results achieved by a Fund. Moreover, it is possible that a Fund will","page_number":182,"box":{"x":117,"y":382,"width":741,"height":12}},{"id":"ad7f161f-84aa-4051-be47-e470f26e38ba","block_type":"box","text":"sustain losses during periods in which one or more proprietary or other accounts managed or advised","page_number":182,"box":{"x":116,"y":397,"width":759,"height":12}},{"id":"bae94f18-ac85-4af4-bef0-f62755bf692f","block_type":"box","text":"by BlackRock achieve significant profits. The opposite result is also possible.","page_number":182,"box":{"x":117,"y":413,"width":574,"height":12}},{"id":"1ec1dc9a-9580-41fc-a3f8-52a60866280f","block_type":"box","text":"From time to time, a Fund may be restricted from purchasing or selling securities, or from engaging in","page_number":182,"box":{"x":117,"y":444,"width":758,"height":12}},{"id":"c97b4976-b145-4243-9e2d-59b828acb064","block_type":"box","text":"other investment activities because of regulatory, legal or contractual requirements applicable to","page_number":182,"box":{"x":116,"y":459,"width":718,"height":12}},{"id":"15ec4126-69d9-49f0-a346-b480a3ace26b","block_type":"box","text":"BlackRock or other accounts managed or advised by BlackRock, and/or the internal policies of","page_number":182,"box":{"x":117,"y":475,"width":706,"height":12}},{"id":"45a524d7-c597-438a-bea9-3241281bafc0","block_type":"box","text":"BlackRock designed to comply with such requirements. As a result, there may be periods, for example,","page_number":182,"box":{"x":117,"y":490,"width":769,"height":12}},{"id":"05948932-5a8b-4d4d-9c50-bb3ed4311e29","block_type":"box","text":"when BlackRock will not initiate or recommend certain types of transactions regarding certain","page_number":182,"box":{"x":116,"y":506,"width":697,"height":12}},{"id":"bd52fd0e-a9bb-4066-b5f1-a42aca362030","block_type":"box","text":"securities or instruments with respect to which BlackRock is performing services or when position limits","page_number":182,"box":{"x":116,"y":521,"width":771,"height":12}},{"id":"598b5a1a-5652-4422-b9c4-e66a1ba6e0fe","block_type":"box","text":"have been reached. For example, the investment activities of BlackRock for its proprietary accounts","page_number":182,"box":{"x":117,"y":537,"width":745,"height":12}},{"id":"cfe6722d-d076-4c91-87cd-4a453505efc7","block_type":"box","text":"and accounts under its management may limit the investment opportunities for a Fund in certain","page_number":182,"box":{"x":116,"y":552,"width":717,"height":12}},{"id":"ed43c83f-4873-4072-8c6a-651930cd905d","block_type":"box","text":"emerging and other markets in which limitations are imposed upon the amount of investment, in the","page_number":182,"box":{"x":116,"y":568,"width":744,"height":12}},{"id":"6cdc3c51-6c95-41ec-b1ce-106cb71e064d","block_type":"box","text":"aggregate or in individual issuers, by affiliated foreign investors.","page_number":182,"box":{"x":116,"y":583,"width":478,"height":12}},{"id":"9a67cb25-0cff-485a-b743-59c38251b3c7","block_type":"box","text":"In connection with its management of a Fund, BlackRock may have access to certain fundamental","page_number":182,"box":{"x":117,"y":614,"width":733,"height":12}},{"id":"98ff2ce6-3bf4-42ce-9be0-8750c03b070c","block_type":"box","text":"analysis and proprietary technical models developed by BlackRock. BlackRock will not be under any","page_number":182,"box":{"x":116,"y":630,"width":750,"height":12}},{"id":"590d4eae-d0f0-4cf5-ab6d-63f0492aedc0","block_type":"box","text":"obligation, however, to effect transactions on behalf of a Fund in accordance with such analysis and","page_number":182,"box":{"x":116,"y":645,"width":746,"height":12}},{"id":"def85a99-1872-4eac-a6d3-32f8aa7f44fd","block_type":"box","text":"models. In addition, BlackRock will not have any obligation to make available any information regarding","page_number":182,"box":{"x":117,"y":661,"width":764,"height":12}},{"id":"8cceb8fb-fc72-4e0d-bbb4-edb2bc98e6e9","block_type":"box","text":"its proprietary activities or strategies, or the activities or strategies used for other accounts managed by","page_number":182,"box":{"x":117,"y":676,"width":764,"height":12}},{"id":"e284f698-e35d-431a-a293-22b0ebef38e3","block_type":"box","text":"them, for the benefit of the management of a Fund and it is not anticipated that BlackRock will have","page_number":182,"box":{"x":116,"y":692,"width":738,"height":12}},{"id":"0c1a2423-46e1-4984-9a30-c7d48bf84957","block_type":"box","text":"access to such information for the purpose of managing the Fund. The proprietary activities or portfolio","page_number":182,"box":{"x":116,"y":707,"width":762,"height":12}},{"id":"0777ce28-9cfe-4571-9f06-8d943c9cc8dd","block_type":"box","text":"strategies of BlackRock, or the activities or strategies used for accounts managed by BlackRock or","page_number":182,"box":{"x":116,"y":723,"width":734,"height":12}},{"id":"e0f9c2c1-fab3-4688-9208-7e7410a10aaa","block_type":"box","text":"other client accounts could conflict with the transactions and strategies employed by BlackRock in","page_number":182,"box":{"x":116,"y":738,"width":725,"height":12}},{"id":"d79b55f8-61cf-4388-b7e4-743b29436708","block_type":"box","text":"managing a Fund.","page_number":182,"box":{"x":117,"y":754,"width":133,"height":12}},{"id":"8943c983-5f42-4a75-9d36-d046396feae6","block_type":"box","text":"The Funds may be included in investment models developed by BlackRock for use by clients and","page_number":182,"box":{"x":116,"y":785,"width":722,"height":12}},{"id":"850e206a-0f39-4af3-b6ea-6e929a9d2a2e","block_type":"box","text":"financial advisors. To the extent clients invest in these investment models and increase the assets","page_number":182,"box":{"x":116,"y":800,"width":728,"height":10}},{"id":"fc94c12b-4206-4979-9d3c-46aad9ec7f2a","block_type":"box","text":"under management of the Funds, the investment management fee amounts paid by the Funds to","page_number":182,"box":{"x":117,"y":816,"width":719,"height":12}},{"id":"aea1bb5d-59be-4fb5-8d91-5cb723de7068","block_type":"box","text":"BlackRock may also increase. The net asset value and liquidity of a Fund may be impacted by","page_number":182,"box":{"x":117,"y":831,"width":704,"height":12}},{"id":"89b0779f-0721-4981-9db7-cdc48216b95b","block_type":"box","text":"purchases and sales of the Fund by model-driven investment portfolios, as well as by BlackRock itself","page_number":182,"box":{"x":117,"y":847,"width":760,"height":12}},{"id":"d296ddb8-4766-479f-a7d4-4256970c4231","block_type":"box","text":"and by its advisory clients.","page_number":182,"box":{"x":116,"y":862,"width":201,"height":12}},{"id":"36a4029d-c001-4b2d-9c00-22c591bceccc","block_type":"box","text":"II-117","page_number":182,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"340efb5a-12a3-41d1-b664-a0e902ac3180","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":182,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"9c3b4cfe-26f7-47a3-aa2c-25c5db663394","block_type":"box","text":"In addition, certain principals and certain employees of a Fund’s investment adviser are also principals","page_number":183,"box":{"x":117,"y":87,"width":764,"height":12}},{"id":"da667d0a-4d91-455e-b647-3df7212f868e","block_type":"box","text":"or employees of other business units or entities within BlackRock. As a result, these principals and","page_number":183,"box":{"x":116,"y":102,"width":736,"height":13}},{"id":"2760e860-edc0-4ee3-8a2a-b48c59a78a81","block_type":"box","text":"employees may have obligations to such other business units or entities or their clients and such","page_number":183,"box":{"x":116,"y":118,"width":722,"height":12}},{"id":"68644546-b390-4169-8792-66eb8a345363","block_type":"box","text":"obligations to other business units or entities or their clients may be a consideration of which investors","page_number":183,"box":{"x":116,"y":134,"width":762,"height":12}},{"id":"40cbf7a1-1cd5-4363-a781-3cc931ab3244","block_type":"box","text":"in a Fund should be aware.","page_number":183,"box":{"x":117,"y":149,"width":206,"height":10}},{"id":"0957b41d-f4e6-4b72-9d43-d7b42333add3","block_type":"box","text":"BlackRock may enter into transactions and invest in securities, instruments and currencies on behalf of","page_number":183,"box":{"x":117,"y":180,"width":769,"height":12}},{"id":"ab0def68-0d82-4534-b6b2-c1ad311bd465","block_type":"box","text":"a Fund in which clients of BlackRock, or, to the extent permitted by the Commission and applicable","page_number":183,"box":{"x":116,"y":196,"width":740,"height":12}},{"id":"72797476-d04f-415d-8c9f-3b257b22aaf9","block_type":"box","text":"law, BlackRock, serves as the counterparty, principal or issuer. In such cases, such party’s interests in","page_number":183,"box":{"x":117,"y":211,"width":764,"height":12}},{"id":"e648e9df-6724-445a-b560-194e0b68234b","block_type":"box","text":"the transaction will be adverse to the interests of the Fund, and such party may have no incentive to","page_number":183,"box":{"x":116,"y":227,"width":747,"height":12}},{"id":"02e51fde-e33d-48f0-8150-dfef1a3a5a38","block_type":"box","text":"assure that the Fund obtains the best possible prices or terms in connection with the transactions. In","page_number":183,"box":{"x":116,"y":242,"width":750,"height":12}},{"id":"629d6b71-85ad-4638-b30f-0d341eb886c3","block_type":"box","text":"addition, the purchase, holding and sale of such investments by a Fund may enhance the profitability","page_number":183,"box":{"x":116,"y":258,"width":754,"height":12}},{"id":"673d7d0d-bedb-4afc-8e20-cb7808ea1362","block_type":"box","text":"of BlackRock.","page_number":183,"box":{"x":116,"y":273,"width":107,"height":10}},{"id":"bca02416-aeef-4ce9-b2b7-bd5f6f931a9b","block_type":"box","text":"BlackRock may also create, write or issue derivatives for clients, the underlying securities, currencies","page_number":183,"box":{"x":117,"y":304,"width":755,"height":12}},{"id":"a3bdf88e-e4c0-42b2-b0a7-66ab69eca977","block_type":"box","text":"or instruments of which may be those in which a Fund invests or which may be based on the","page_number":183,"box":{"x":116,"y":320,"width":692,"height":12}},{"id":"dbdd8a5e-ad24-41f3-bc24-43c7413a6bed","block_type":"box","text":"performance of the Fund. Additionally, an affiliate of BlackRock will create, write or issue options,","page_number":183,"box":{"x":117,"y":335,"width":724,"height":12}},{"id":"a6add539-0f84-4149-a1c9-80eba7381995","block_type":"box","text":"which may be based on the performance of certain Funds. BlackRock has entered into an arrangement","page_number":183,"box":{"x":116,"y":351,"width":772,"height":12}},{"id":"644d81ff-e78a-420a-999c-3888e0880d1e","block_type":"box","text":"with Markit Indices Limited, the index provider for underlying fixed-income indexes used by certain","page_number":183,"box":{"x":116,"y":366,"width":733,"height":12}},{"id":"7b36d5a2-467b-4a94-a861-56be6f40516c","block_type":"box","text":"iShares ETFs, related to derivative fixed-income products that are based on such iShares ETFs.","page_number":183,"box":{"x":117,"y":382,"width":718,"height":12}},{"id":"45987b50-9b3b-47a0-9ed4-fdfff54a3f11","block_type":"box","text":"Trading activity in these derivative products could also potentially lead to greater liquidity for such","page_number":183,"box":{"x":116,"y":397,"width":727,"height":12}},{"id":"d31f81ab-7626-4fc9-8417-af1a84ed315c","block_type":"box","text":"products, increased purchase activity with respect to these iShares ETFs and increased assets under","page_number":183,"box":{"x":117,"y":413,"width":758,"height":12}},{"id":"30090aab-78e9-43af-bce2-098c842dbf0d","block_type":"box","text":"management for BlackRock.","page_number":183,"box":{"x":117,"y":428,"width":215,"height":12}},{"id":"71f605ed-2efc-434c-a8cb-a84643251367","block_type":"box","text":"A Fund may, subject to applicable law, purchase investments that are the subject of an underwriting or","page_number":183,"box":{"x":116,"y":459,"width":766,"height":12}},{"id":"b8b17fbc-d975-441f-8869-4074868fab89","block_type":"box","text":"other distribution by BlackRock and may also enter into transactions with other clients of BlackRock","page_number":183,"box":{"x":116,"y":475,"width":744,"height":12}},{"id":"55d53d07-d82d-4bff-8c9f-f47866809817","block_type":"box","text":"where such other clients have interests adverse to those of the Fund. At times, these activities may","page_number":183,"box":{"x":116,"y":490,"width":741,"height":12}},{"id":"0be81227-eacf-4513-a469-11856ee4a753","block_type":"box","text":"cause business units or entities within BlackRock to give advice to clients that may cause these clients","page_number":183,"box":{"x":116,"y":506,"width":766,"height":12}},{"id":"b69125a1-d957-4d34-b2ca-a931500b18ac","block_type":"box","text":"to take actions adverse to the interests of the Fund. To the extent such transactions are permitted, a","page_number":183,"box":{"x":116,"y":521,"width":749,"height":12}},{"id":"8654b12e-3e3a-409c-8a2c-2b214b643558","block_type":"box","text":"Fund will deal with BlackRock on an arms-length basis.","page_number":183,"box":{"x":117,"y":537,"width":414,"height":12}},{"id":"83e16426-42d5-45fc-a5fa-ea6bd4bb96a2","block_type":"box","text":"To the extent authorized by applicable law, BlackRock may act as broker, dealer, agent, lender or","page_number":183,"box":{"x":116,"y":568,"width":729,"height":12}},{"id":"1cf7e01c-38d0-429f-b4e2-b80b3997b148","block_type":"box","text":"adviser or in other commercial capacities for a Fund. It is anticipated that the commissions, mark-ups,","page_number":183,"box":{"x":116,"y":583,"width":760,"height":12}},{"id":"786d54e5-4462-4dc3-a15a-25a0f2bdeb9d","block_type":"box","text":"mark-downs, financial advisory fees, underwriting and placement fees, sales fees, financing and","page_number":183,"box":{"x":117,"y":599,"width":717,"height":12}},{"id":"8cfd6305-6fe6-44f0-8772-51c9722aeb8b","block_type":"box","text":"commitment fees, brokerage fees, other fees, compensation or profits, rates, terms and conditions","page_number":183,"box":{"x":116,"y":614,"width":735,"height":12}},{"id":"8f892638-9778-4f9c-96b4-1fc22b5c581f","block_type":"box","text":"charged by BlackRock will be in its view commercially reasonable, although BlackRock, including its","page_number":183,"box":{"x":116,"y":630,"width":747,"height":12}},{"id":"a7677361-9548-4767-a595-d3ff5a7a3cc0","block_type":"box","text":"sales personnel, will have an interest in obtaining fees and other amounts that are favorable to","page_number":183,"box":{"x":116,"y":645,"width":706,"height":12}},{"id":"719e80bf-0898-4a3b-8499-3883ab6815c2","block_type":"box","text":"BlackRock and such sales personnel, which may have an adverse effect on the Funds. Index based","page_number":183,"box":{"x":117,"y":661,"width":740,"height":12}},{"id":"2df658e0-d08d-437e-b7c0-b96da041fdfd","block_type":"box","text":"funds may use an index provider that is affiliated with another service provider of the Fund or","page_number":183,"box":{"x":116,"y":676,"width":690,"height":12}},{"id":"71d469aa-82b5-4765-9435-9b4ef8b05b15","block_type":"box","text":"BlackRock that acts as a broker, dealer, agent, lender or in other commercial capacities for a Fund or","page_number":183,"box":{"x":117,"y":692,"width":751,"height":12}},{"id":"2afc13c5-5793-4b9b-bd28-987e41bf5b05","block_type":"box","text":"BlackRock.","page_number":183,"box":{"x":117,"y":707,"width":81,"height":10}},{"id":"da7ea5db-9ac1-4ef4-a295-b6caad1a3cf1","block_type":"box","text":"Subject to applicable law, BlackRock (and its personnel and other distributors) will be entitled to retain","page_number":183,"box":{"x":116,"y":738,"width":755,"height":12}},{"id":"e150358d-444c-47d8-ac72-a7276d9bb055","block_type":"box","text":"fees and other amounts that they receive in connection with their service to the Funds as broker,","page_number":183,"box":{"x":116,"y":754,"width":715,"height":12}},{"id":"16cb0a10-033e-432e-ae94-779bbf8b743e","block_type":"box","text":"dealer, agent, lender, adviser or in other commercial capacities. No accounting to the Funds or their","page_number":183,"box":{"x":116,"y":769,"width":741,"height":12}},{"id":"bd7a7261-eda8-41c5-9dd5-5b1b58bf56b1","block_type":"box","text":"shareholders will be required, and no fees or other compensation payable by the Funds or their","page_number":183,"box":{"x":116,"y":785,"width":707,"height":12}},{"id":"955d1308-d12e-4e5f-888c-6bbdacb70b22","block_type":"box","text":"shareholders will be reduced by reason of receipt by BlackRock of any such fees or other amounts.","page_number":183,"box":{"x":116,"y":800,"width":735,"height":12}},{"id":"72d788d6-267b-4680-a9b1-b7578d07c7d8","block_type":"box","text":"When BlackRock acts as broker, dealer, agent, adviser or in other commercial capacities in relation to","page_number":183,"box":{"x":116,"y":831,"width":761,"height":12}},{"id":"e55bf26c-199d-402b-bdff-a05f7b2f450b","block_type":"box","text":"the Funds, BlackRock may take commercial steps in its own interests, which may have an adverse","page_number":183,"box":{"x":116,"y":847,"width":738,"height":12}},{"id":"cab881bd-133d-4057-a983-45f1bcfe262a","block_type":"box","text":"effect on the Funds.","page_number":183,"box":{"x":116,"y":862,"width":153,"height":10}},{"id":"f59c0bda-77ac-4771-92a4-2fd9478077bd","block_type":"box","text":"II-118","page_number":183,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"47e43094-b218-4003-be57-e74bba74b7ea","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":183,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"ad2152c4-c57c-43e5-b7c9-d2de186e29d6","block_type":"box","text":"A Fund will be required to establish business relationships with its counterparties based on the Fund’s","page_number":184,"box":{"x":116,"y":87,"width":761,"height":12}},{"id":"22c69af3-2a29-41a5-a51e-52ae0303d5be","block_type":"box","text":"own credit standing. BlackRock will not have any obligation to allow its credit to be used in connection","page_number":184,"box":{"x":116,"y":103,"width":760,"height":12}},{"id":"2cf1d36a-bd94-4719-9c56-395fdb942133","block_type":"box","text":"with a Fund’s establishment of its business relationships, nor is it expected that the Fund’s","page_number":184,"box":{"x":116,"y":118,"width":675,"height":12}},{"id":"452f4eb2-fe83-4722-b1d4-f84e39dbace5","block_type":"box","text":"counterparties will rely on the credit of BlackRock in evaluating the Fund’s creditworthiness.","page_number":184,"box":{"x":116,"y":134,"width":684,"height":12}},{"id":"218a3842-146d-426c-b401-7a6980dc326a","block_type":"box","text":"BlackRock Investment Management, LLC (“BIM”) or BlackRock Institutional Trust Company, N.A.","page_number":184,"box":{"x":117,"y":165,"width":726,"height":12}},{"id":"987c58a7-ef6c-47e0-8211-047b4e1d17f0","block_type":"box","text":"(“BTC”), as applicable, each an affiliate of BlackRock, pursuant to SEC exemptive relief, acts as","page_number":184,"box":{"x":117,"y":180,"width":715,"height":12}},{"id":"cf65d011-25d7-465a-81d8-a81e216684cc","block_type":"box","text":"securities lending agent to, and receives a share of securities lending revenues from, the Funds.","page_number":184,"box":{"x":116,"y":196,"width":720,"height":12}},{"id":"8d2bd2d0-7e55-4a53-883a-6c1db93f2ca2","block_type":"box","text":"BlackRock will also receive compensation for managing the reinvestment of the cash collateral from","page_number":184,"box":{"x":117,"y":211,"width":744,"height":12}},{"id":"fce4fd93-0b5a-454f-86c8-55215450541f","block_type":"box","text":"securities lending. There are potential conflicts of interests in managing a securities lending program,","page_number":184,"box":{"x":116,"y":227,"width":755,"height":12}},{"id":"0cbe2126-204f-4318-b78e-9a23847ddd11","block_type":"box","text":"including but not limited to: (i) BlackRock as securities lending agent may have an incentive to, among","page_number":184,"box":{"x":117,"y":242,"width":762,"height":12}},{"id":"47e67c37-edb6-4bc5-a232-6ce42c09467e","block_type":"box","text":"other things, increase or decrease the amount of securities on loan or to lend particular securities in","page_number":184,"box":{"x":116,"y":258,"width":745,"height":12}},{"id":"21a4f2f5-a965-4c8e-8c8e-6275fc31251b","block_type":"box","text":"order to generate additional risk-adjusted revenue for BlackRock and its affiliates; and (ii) BlackRock","page_number":184,"box":{"x":116,"y":273,"width":750,"height":12}},{"id":"e69069d3-f982-4734-9790-7cde6c8f9ad6","block_type":"box","text":"as securities lending agent may have an incentive to allocate loans to clients that would provide more","page_number":184,"box":{"x":116,"y":289,"width":757,"height":12}},{"id":"35b3aecd-07c7-4a1c-871e-d7d4af645494","block_type":"box","text":"revenue to BlackRock. As described further below, BlackRock seeks to mitigate this conflict by","page_number":184,"box":{"x":117,"y":304,"width":706,"height":12}},{"id":"962f5d52-e41b-456c-9860-ca39c531f7d9","block_type":"box","text":"providing its securities lending clients with equal lending opportunities over time in order to","page_number":184,"box":{"x":117,"y":320,"width":675,"height":12}},{"id":"3942eb62-382e-4b67-9fc1-3174039a68df","block_type":"box","text":"approximate pro rata allocation.","page_number":184,"box":{"x":116,"y":335,"width":240,"height":12}},{"id":"ee1651c2-c15c-4f84-a9b6-e044eb7b7c77","block_type":"box","text":"As part of its securities lending program, BlackRock indemnifies the Funds and certain other clients","page_number":184,"box":{"x":116,"y":366,"width":742,"height":12}},{"id":"f608f027-1e32-4471-a313-d2c25691e18a","block_type":"box","text":"and/or funds against a shortfall in collateral in the event of borrower default. On a regular basis,","page_number":184,"box":{"x":116,"y":382,"width":713,"height":12}},{"id":"44852349-14da-4781-a02f-b4f0e0f9782d","block_type":"box","text":"BlackRock calculates the potential dollar exposure of collateral shortfall resulting from a borrower","page_number":184,"box":{"x":117,"y":397,"width":725,"height":12}},{"id":"c1ee0dd8-de9c-4ee0-a818-a12e307ea1ba","block_type":"box","text":"default (“shortfall risk”) in the securities lending program. BlackRock establishes program-wide","page_number":184,"box":{"x":116,"y":413,"width":705,"height":12}},{"id":"be8566c6-ac11-45ff-8d19-849f60c97f8a","block_type":"box","text":"borrower limits (“credit limits”) to actively manage borrower-specific credit exposure. BlackRock","page_number":184,"box":{"x":117,"y":428,"width":711,"height":12}},{"id":"5563d099-9ee4-4c66-9047-ffcec17202be","block_type":"box","text":"oversees the risk model that calculates projected collateral shortfall values using loan-level factors","page_number":184,"box":{"x":116,"y":444,"width":734,"height":12}},{"id":"97e6597c-e329-4a63-a710-dbff72b0c80e","block_type":"box","text":"such as loan and collateral type and market value as well as specific borrower credit characteristics.","page_number":184,"box":{"x":116,"y":459,"width":747,"height":12}},{"id":"00cffd29-fad1-448b-97d1-b889e543dcc7","block_type":"box","text":"When necessary, BlackRock may adjust securities lending program attributes by restricting eligible","page_number":184,"box":{"x":116,"y":475,"width":738,"height":12}},{"id":"b3aa60be-bc51-47b0-9249-1cd1a6669dee","block_type":"box","text":"collateral or reducing borrower credit limits. As a result, the management of program-wide exposure as","page_number":184,"box":{"x":116,"y":490,"width":768,"height":12}},{"id":"c5dd38f4-1850-44c0-8d64-95991b6f07f0","block_type":"box","text":"well as BlackRock-specific indemnification exposure may affect the amount of securities lending","page_number":184,"box":{"x":116,"y":506,"width":717,"height":12}},{"id":"9f144cca-a3c4-4598-8eb8-b7fd5b16f372","block_type":"box","text":"activity BlackRock may conduct at any given point in time by reducing the volume of lending","page_number":184,"box":{"x":116,"y":521,"width":687,"height":12}},{"id":"70eacbef-b2a7-4f03-85fa-07fe49d75dc1","block_type":"box","text":"opportunities for certain loans (including by asset type, collateral type and/or revenue profile).","page_number":184,"box":{"x":116,"y":537,"width":698,"height":12}},{"id":"26b1d228-73dc-4e9b-9b8b-75b667857f04","block_type":"box","text":"BlackRock may decline to make a securities loan on behalf of a Fund, discontinue lending on behalf of","page_number":184,"box":{"x":117,"y":568,"width":764,"height":12}},{"id":"482bfe0b-401b-4bbc-a722-a394fa770aae","block_type":"box","text":"a Fund or terminate a securities loan on behalf of a Fund for any reason, including but not limited to","page_number":184,"box":{"x":116,"y":583,"width":744,"height":12}},{"id":"0534dee9-87bc-4142-b066-4d43f449dbe9","block_type":"box","text":"regulatory requirements and/or market rules, liquidity considerations, or credit considerations, which","page_number":184,"box":{"x":117,"y":599,"width":745,"height":12}},{"id":"7f2ff4b1-d94f-4e5c-9f4a-039d4d1eda1d","block_type":"box","text":"may impact Funds by reducing or eliminating the volume of lending opportunities for certain types of","page_number":184,"box":{"x":117,"y":614,"width":746,"height":12}},{"id":"69d052fc-849b-465a-8528-3f8d5e41cb26","block_type":"box","text":"loans, loans in particular markets, loans of particular securities or types of securities, or for loans","page_number":184,"box":{"x":117,"y":630,"width":720,"height":12}},{"id":"6be4b5cd-18e5-46fe-99ec-38e3096a7b1d","block_type":"box","text":"overall. In addition, some borrowers may prefer certain BlackRock lenders that provide additional","page_number":184,"box":{"x":116,"y":645,"width":725,"height":12}},{"id":"205bee40-51d7-487b-b3b7-83d51d22d210","block_type":"box","text":"protections against lender default that are favored by their prudential regulation.","page_number":184,"box":{"x":117,"y":661,"width":590,"height":12}},{"id":"473cdbe1-887e-4d87-8fce-c7fd6b9d1d4e","block_type":"box","text":"BlackRock uses a predetermined systematic process in order to approximate pro rata allocation over","page_number":184,"box":{"x":117,"y":692,"width":747,"height":12}},{"id":"ea09a3f2-ede3-4b77-b9d0-231229c4c927","block_type":"box","text":"time. In order to allocate a loan to a portfolio: (i) BlackRock as a whole must have sufficient lending","page_number":184,"box":{"x":116,"y":707,"width":733,"height":12}},{"id":"918d58ac-4dda-4161-895e-8f8c649f349f","block_type":"box","text":"capacity pursuant to the various program limits (i.e. indemnification exposure limit and borrower credit","page_number":184,"box":{"x":116,"y":723,"width":756,"height":12}},{"id":"29e0a453-4f6c-4d0e-ae09-cd9d0818a981","block_type":"box","text":"limits); (ii) the lending portfolio must hold the asset at the time a loan opportunity arrives; and (iii) the","page_number":184,"box":{"x":117,"y":738,"width":742,"height":12}},{"id":"281db95e-58fa-4fcb-a12e-e4e31a600160","block_type":"box","text":"lending portfolio must also have enough inventory, either on its own or when aggregated with other","page_number":184,"box":{"x":117,"y":754,"width":733,"height":12}},{"id":"d45e6172-0b7e-4378-bdcd-690bda356ae9","block_type":"box","text":"portfolios into one single market delivery, to satisfy the loan request. In doing so, BlackRock seeks to","page_number":184,"box":{"x":117,"y":769,"width":748,"height":12}},{"id":"c12bdb67-ec78-432a-8088-f980a9241554","block_type":"box","text":"provide equal lending opportunities for all portfolios, independent of whether BlackRock indemnifies the","page_number":184,"box":{"x":117,"y":785,"width":765,"height":12}},{"id":"c3051bad-d6d5-48af-8870-2deba0736c5f","block_type":"box","text":"portfolio. Equal opportunities for lending portfolios does not guarantee equal outcomes. Specifically,","page_number":184,"box":{"x":117,"y":800,"width":738,"height":12}},{"id":"376948da-0d8c-4f54-8d53-9d2a7f98fb38","block_type":"box","text":"short and long-term outcomes for individual clients may vary due to asset mix, asset/liability spreads","page_number":184,"box":{"x":116,"y":816,"width":744,"height":12}},{"id":"3fceed3b-b3ab-4574-8743-cbff27cd783b","block_type":"box","text":"on different securities, and the overall limits imposed by the firm.","page_number":184,"box":{"x":116,"y":831,"width":483,"height":12}},{"id":"a81d6f80-ab24-46ea-8581-3e9788449192","block_type":"box","text":"Purchases and sales of securities and other assets for a Fund may be aggregated with orders for other","page_number":184,"box":{"x":117,"y":862,"width":769,"height":12}},{"id":"abb5d79c-0aaa-4889-a9be-4788122bfcc6","block_type":"box","text":"BlackRock client accounts, including with accounts that pay different transaction costs solely due to the","page_number":184,"box":{"x":117,"y":878,"width":770,"height":12}},{"id":"609ae479-4518-4a7e-9b6d-16f3d0e95ced","block_type":"box","text":"II-119","page_number":184,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"895e39a8-03f9-4d5d-8fd9-8a60e888931f","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":184,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"34d944b5-a1a1-482e-8df6-4895a1fb961e","block_type":"box","text":"fact that they have different research payment arrangements. BlackRock, however, is not required to","page_number":185,"box":{"x":116,"y":87,"width":752,"height":12}},{"id":"4aa68e79-f57a-4aad-8d79-6c1f8599dabb","block_type":"box","text":"aggregate orders if portfolio management decisions for different accounts are made separately, or if","page_number":185,"box":{"x":116,"y":102,"width":746,"height":13}},{"id":"b48e9ef9-d977-47de-a876-db8ef44a1018","block_type":"box","text":"they determine that aggregating is not practicable or required, or in cases involving client direction.","page_number":185,"box":{"x":116,"y":118,"width":737,"height":12}},{"id":"e65de4d2-ef08-4b4a-98d4-5ef11cedb018","block_type":"box","text":"Prevailing trading activity frequently may make impossible the receipt of the same price or execution","page_number":185,"box":{"x":117,"y":146,"width":748,"height":12}},{"id":"32a3a223-92b6-4130-9ec9-ffacc906629b","block_type":"box","text":"on the entire volume of securities purchased or sold. When this occurs, the various prices may be","page_number":185,"box":{"x":116,"y":162,"width":730,"height":12}},{"id":"423bada1-7acb-46f7-a990-173b17e5e07b","block_type":"box","text":"averaged, and the Funds will be charged or credited with the average price. Thus, the effect of the","page_number":185,"box":{"x":116,"y":177,"width":734,"height":12}},{"id":"52eb3d57-36ae-4531-a1dc-a27223f8ffee","block_type":"box","text":"aggregation may operate on some occasions to the disadvantage of the Funds. In addition, under","page_number":185,"box":{"x":116,"y":193,"width":730,"height":12}},{"id":"0996933b-c72b-4ca1-bb99-dc3423bbb9b2","block_type":"box","text":"certain circumstances, the Funds will not be charged the same commission or commission equivalent","page_number":185,"box":{"x":116,"y":209,"width":759,"height":11}},{"id":"efbded40-4fc6-4dab-9d77-d0064e6a4720","block_type":"box","text":"rates in connection with an aggregated order.","page_number":185,"box":{"x":117,"y":224,"width":341,"height":12}},{"id":"36542aa1-d48d-435d-ab33-d54543d3fbf0","block_type":"box","text":"As discussed in the section below entitled “Portfolio Transactions and Brokerage — Transactions in","page_number":185,"box":{"x":116,"y":252,"width":743,"height":12}},{"id":"f756acde-050b-4d4f-9e11-b0bc336856c4","block_type":"box","text":"Portfolio Securities,” BlackRock, unless prohibited by applicable law, may cause a Fund or account to","page_number":185,"box":{"x":117,"y":268,"width":757,"height":12}},{"id":"7601baf8-e99c-40c9-abb9-5093c7045e1c","block_type":"box","text":"pay a broker or dealer a commission for effecting a transaction that exceeds the amount another","page_number":185,"box":{"x":117,"y":283,"width":720,"height":12}},{"id":"972c3897-bb02-4cd1-8265-a8a2619450d2","block_type":"box","text":"broker or dealer would have charged for effecting the same transaction in recognition of the value of","page_number":185,"box":{"x":117,"y":299,"width":746,"height":12}},{"id":"cf4332d7-8707-440d-ae82-d49035f73b8b","block_type":"box","text":"brokerage and research services provided by that broker or dealer. Under MiFID II, EU investment","page_number":185,"box":{"x":117,"y":314,"width":734,"height":12}},{"id":"ced5ff54-5d6e-445e-b965-d7cdae168817","block_type":"box","text":"managers, including BlackRock International Limited (“BIL”) which acts as a sub-adviser to certain","page_number":185,"box":{"x":117,"y":330,"width":732,"height":12}},{"id":"41ec5ee5-3a5a-40dc-bf1c-071c94400655","block_type":"box","text":"Funds, pay for research from brokers and dealers directly out of their own resources, rather than","page_number":185,"box":{"x":117,"y":345,"width":721,"height":12}},{"id":"2c732f8e-56eb-492e-9d0e-d406d22eb83c","block_type":"box","text":"through client commissions.","page_number":185,"box":{"x":116,"y":361,"width":212,"height":12}},{"id":"2cc4bc5e-08c0-4552-8239-13e39c5afe56","block_type":"box","text":"Subject to applicable law, BlackRock may select brokers that furnish BlackRock, the Funds, other","page_number":185,"box":{"x":116,"y":389,"width":728,"height":12}},{"id":"fd97b819-1417-48e5-92da-8df9645b5d00","block_type":"box","text":"BlackRock client accounts or personnel, directly or through correspondent relationships, with research","page_number":185,"box":{"x":117,"y":405,"width":762,"height":12}},{"id":"102e2728-a27a-4630-8ad4-a1342c1889a1","block_type":"box","text":"or other appropriate services which provide, in BlackRock’s view, appropriate assistance to BlackRock","page_number":185,"box":{"x":116,"y":420,"width":765,"height":12}},{"id":"2fde68af-5c46-486a-bc4b-8b686e162769","block_type":"box","text":"in the investment decision-making process (including with respect to futures, fixed-price offerings and","page_number":185,"box":{"x":117,"y":436,"width":756,"height":12}},{"id":"54a7f1de-ba32-4d9a-8208-9b4d40ac646f","block_type":"box","text":"OTC transactions). Such research or other services may include, to the extent permitted by law,","page_number":185,"box":{"x":116,"y":451,"width":717,"height":12}},{"id":"567a6b65-ea6d-4c5f-a8c5-d923ae1f2ad2","block_type":"box","text":"research reports on companies, industries and securities; economic and financial data; financial","page_number":185,"box":{"x":117,"y":467,"width":714,"height":12}},{"id":"318634d8-7796-4e51-9d08-eed749e99049","block_type":"box","text":"publications; proxy analysis; trade industry seminars; computer data bases; research-oriented software","page_number":185,"box":{"x":117,"y":482,"width":769,"height":12}},{"id":"a467fc91-0556-4d7c-83e2-28f94c3352b0","block_type":"box","text":"and other services and products.","page_number":185,"box":{"x":116,"y":498,"width":249,"height":12}},{"id":"052757ab-20f2-460c-88f0-088510ee2294","block_type":"box","text":"Research or other services obtained in this manner may be used in servicing any or all of the Funds","page_number":185,"box":{"x":117,"y":526,"width":745,"height":12}},{"id":"740fe868-b4f9-4856-9329-b743b44289ef","block_type":"box","text":"and other BlackRock client accounts, including in connection with BlackRock client accounts other than","page_number":185,"box":{"x":116,"y":542,"width":770,"height":12}},{"id":"bbe212ed-dd16-4760-b98c-053516d7dbbe","block_type":"box","text":"those that pay commissions to the broker relating to the research or other service arrangements. Such","page_number":185,"box":{"x":116,"y":557,"width":766,"height":12}},{"id":"7fe49cbc-a692-447e-8646-e8b4d383677e","block_type":"box","text":"products and services may disproportionately benefit other BlackRock client accounts relative to the","page_number":185,"box":{"x":117,"y":573,"width":745,"height":12}},{"id":"fa4d4e64-1b2f-4392-8914-fe0a174368f2","block_type":"box","text":"Funds based on the amount of brokerage commissions paid by the Funds and such other BlackRock","page_number":185,"box":{"x":117,"y":588,"width":753,"height":12}},{"id":"fc8cb547-bc13-4cab-8cc5-caad2115461c","block_type":"box","text":"client accounts. For example, research or other services that are paid for through one client’s","page_number":185,"box":{"x":116,"y":604,"width":696,"height":12}},{"id":"03877166-1044-42c9-a297-4bfd61d9ecfc","block_type":"box","text":"commissions may not be used in managing that client’s account. In addition, other BlackRock client","page_number":185,"box":{"x":116,"y":619,"width":743,"height":12}},{"id":"6cc35963-eabf-4a5d-b6f9-007a12031253","block_type":"box","text":"accounts may receive the benefit, including disproportionate benefits, of economies of scale or price","page_number":185,"box":{"x":116,"y":635,"width":748,"height":12}},{"id":"f05dcfdb-b53c-479e-ae0a-10d042788121","block_type":"box","text":"discounts in connection with products and services that may be provided to the Funds and to such","page_number":185,"box":{"x":116,"y":650,"width":734,"height":12}},{"id":"ad91b996-652b-49d8-bcc4-0a8da4f9ae3e","block_type":"box","text":"other BlackRock client accounts. To the extent that BlackRock uses soft dollars, it will not have to pay","page_number":185,"box":{"x":116,"y":666,"width":755,"height":12}},{"id":"3a2c0be4-59c0-4bf6-8998-2e44bdd26e72","block_type":"box","text":"for those products and services itself.","page_number":185,"box":{"x":116,"y":681,"width":276,"height":12}},{"id":"7e292c03-7f28-4b22-b4d7-e8d74c859d1a","block_type":"box","text":"BlackRock, unless prohibited by applicable law, may endeavor to execute trades through brokers who,","page_number":185,"box":{"x":117,"y":710,"width":759,"height":12}},{"id":"f6f364ad-77a9-48fa-8359-07350d7dea3e","block_type":"box","text":"pursuant to such arrangements, provide research or other services in order to ensure the continued","page_number":185,"box":{"x":117,"y":725,"width":737,"height":12}},{"id":"faa9a986-2ccc-4656-ae9a-83d5a3a37b1c","block_type":"box","text":"receipt of research or other services BlackRock believes are useful in its investment decision-making","page_number":185,"box":{"x":117,"y":740,"width":747,"height":13}},{"id":"6e3a5825-92ac-4ae2-85fc-faea89b47c98","block_type":"box","text":"process. BlackRock may from time to time choose not to engage in the above described arrangements","page_number":185,"box":{"x":117,"y":756,"width":762,"height":12}},{"id":"3f692318-75f0-4753-953d-3702f790d5e9","block_type":"box","text":"to varying degrees. BlackRock, unless prohibited by applicable law, may also enter into commission","page_number":185,"box":{"x":116,"y":772,"width":740,"height":12}},{"id":"be91480b-1826-4388-86d8-9284a5ca0ef7","block_type":"box","text":"sharing arrangements under which BlackRock may execute transactions through a broker-dealer and","page_number":185,"box":{"x":116,"y":787,"width":751,"height":12}},{"id":"df98d7d0-c01c-4b0f-b583-7c00576b0d89","block_type":"box","text":"request that the broker-dealer allocate a portion of the commissions or commission credits to another","page_number":185,"box":{"x":117,"y":802,"width":750,"height":12}},{"id":"e42867af-d3f1-42df-a224-add3ae93f100","block_type":"box","text":"firm that provides research to BlackRock. To the extent that BlackRock engages in commission sharing","page_number":185,"box":{"x":116,"y":818,"width":766,"height":12}},{"id":"d2e46f4a-69ef-4e41-9c38-cdcfd22d0241","block_type":"box","text":"arrangements, many of the same conflicts related to traditional soft dollars may exist.","page_number":185,"box":{"x":116,"y":833,"width":636,"height":13}},{"id":"94bbe99c-fdd4-4415-9b46-7020360a6864","block_type":"box","text":"BlackRock may utilize certain electronic crossing networks (“ECNs”) (including, without limitation,","page_number":185,"box":{"x":117,"y":862,"width":724,"height":12}},{"id":"63c52f12-b3d0-46cd-8b7a-003529749d4a","block_type":"box","text":"ECNs in which BlackRock has an investment or other interest, to the extent permitted by applicable","page_number":185,"box":{"x":117,"y":877,"width":741,"height":12}},{"id":"15d1b1e1-d352-4b8a-9906-934df6a6e383","block_type":"box","text":"II-120","page_number":185,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"e6cd9533-052f-4a79-a2d1-209e8ebaf183","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":185,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"8dcb5c0c-4507-432e-9636-6c1a76012ed2","block_type":"box","text":"law) in executing client securities transactions for certain types of securities. These ECNs may charge","page_number":186,"box":{"x":117,"y":87,"width":760,"height":12}},{"id":"7c4828a4-6ff0-46c7-b435-e3cfd58e18c0","block_type":"box","text":"fees for their services, including access fees and transaction fees. The transaction fees, which are","page_number":186,"box":{"x":116,"y":102,"width":733,"height":13}},{"id":"46af0a1e-0a6b-416b-914b-5f6b30895583","block_type":"box","text":"similar to commissions or markups/markdowns, will generally be charged to clients and, like","page_number":186,"box":{"x":116,"y":118,"width":686,"height":12}},{"id":"b0518a1a-00ae-4ee7-ae5e-d13519104b95","block_type":"box","text":"commissions and markups/markdowns, would generally be included in the cost of the securities","page_number":186,"box":{"x":116,"y":134,"width":715,"height":12}},{"id":"0c3b541e-201d-42fb-961b-d04ee43a9474","block_type":"box","text":"purchased. Access fees may be paid by BlackRock even though incurred in connection with executing","page_number":186,"box":{"x":117,"y":149,"width":763,"height":12}},{"id":"5653f83f-ee09-4f24-8763-98641a27bee5","block_type":"box","text":"transactions on behalf of clients, including the Funds. In certain circumstances, ECNs may offer","page_number":186,"box":{"x":116,"y":165,"width":715,"height":12}},{"id":"577f2d09-f618-4b3e-a502-1d75a4f2a7f1","block_type":"box","text":"volume discounts that will reduce the access fees typically paid by BlackRock. BlackRock will only","page_number":186,"box":{"x":116,"y":180,"width":733,"height":12}},{"id":"6ee3acc3-b254-41c1-bc8a-544428c920cc","block_type":"box","text":"utilize ECNs consistent with its obligation to seek to obtain best execution in client transactions.","page_number":186,"box":{"x":117,"y":196,"width":711,"height":12}},{"id":"737462ca-1b74-4325-ac5d-6e088dfb14d8","block_type":"box","text":"BlackRock owns a minority interest in, and is a member of, Members Exchange (“MEMX”), a newly","page_number":186,"box":{"x":117,"y":227,"width":739,"height":12}},{"id":"a619ce05-743e-4b4e-8658-8468d185f618","block_type":"box","text":"created U.S. stock exchange. Transactions for a Fund may be executed on MEMX if third party brokers","page_number":186,"box":{"x":116,"y":242,"width":772,"height":12}},{"id":"4e20a92a-7dc4-4965-a7a9-987b6d4d8532","block_type":"box","text":"select MEMX as the appropriate venue for execution of orders placed by BlackRock traders on behalf","page_number":186,"box":{"x":116,"y":258,"width":759,"height":12}},{"id":"7c6ceca6-f624-4748-8bb3-4d28dd0ba8e2","block_type":"box","text":"of client portfolios.","page_number":186,"box":{"x":116,"y":273,"width":140,"height":12}},{"id":"5c62fb62-4ffb-423a-8f92-94c3b2907594","block_type":"box","text":"BlackRock has adopted policies and procedures designed to prevent conflicts of interest from","page_number":186,"box":{"x":117,"y":304,"width":697,"height":12}},{"id":"2b4dab98-dd1b-4ce3-a849-642025bd504e","block_type":"box","text":"influencing proxy voting decisions that it makes on behalf of advisory clients, including the Funds, and","page_number":186,"box":{"x":117,"y":320,"width":759,"height":12}},{"id":"97c6bacd-fad9-4872-8751-64f484d64f12","block_type":"box","text":"to help ensure that such decisions are made in accordance with BlackRock’s fiduciary obligations to its","page_number":186,"box":{"x":116,"y":335,"width":768,"height":12}},{"id":"d6f4b37e-5a18-4242-98d1-faa827b1ecad","block_type":"box","text":"clients. Nevertheless, notwithstanding such proxy voting policies and procedures, actual proxy voting","page_number":186,"box":{"x":116,"y":351,"width":754,"height":12}},{"id":"35a9ce5c-eb52-4d6f-93bb-b43575d7f376","block_type":"box","text":"decisions of BlackRock may have the effect of favoring the interests of other clients or businesses of","page_number":186,"box":{"x":116,"y":366,"width":750,"height":12}},{"id":"02494193-3ded-4438-8b44-2fef1cf646eb","block_type":"box","text":"other divisions or units of BlackRock, provided that BlackRock believes such voting decisions to be in","page_number":186,"box":{"x":116,"y":382,"width":756,"height":12}},{"id":"337dac4c-f7a5-431a-b89e-8684792b2a91","block_type":"box","text":"accordance with its fiduciary obligations. For a more detailed discussion of these policies and","page_number":186,"box":{"x":116,"y":397,"width":696,"height":12}},{"id":"0afaf349-9fc9-4800-99c8-0ddf51f19744","block_type":"box","text":"procedures, see “Proxy Voting Policies and Procedures.”","page_number":186,"box":{"x":117,"y":413,"width":426,"height":12}},{"id":"4f7f15ac-725f-4984-baeb-7cafeca82d65","block_type":"box","text":"It is also possible that, from time to time, BlackRock and/or its advisory clients (including other funds","page_number":186,"box":{"x":117,"y":444,"width":747,"height":12}},{"id":"f1104ed9-a747-4727-898b-212e28bea872","block_type":"box","text":"and separately managed accounts) may, subject to compliance with applicable law, purchase and hold","page_number":186,"box":{"x":116,"y":459,"width":768,"height":12}},{"id":"54ddec5d-a4f7-47d6-b800-5ab61170969d","block_type":"box","text":"shares of a Fund. Increasing a Fund’s assets may enhance investment flexibility and diversification","page_number":186,"box":{"x":116,"y":475,"width":740,"height":12}},{"id":"385ad40b-2418-44b2-a6b3-a8dab458d117","block_type":"box","text":"and may contribute to economies of scale that tend to reduce the Fund’s expense ratio. BlackRock","page_number":186,"box":{"x":116,"y":490,"width":738,"height":12}},{"id":"dbfac815-b068-41d3-a160-a9060e946710","block_type":"box","text":"reserves the right, subject to compliance with applicable law, to redeem at any time some or all of the","page_number":186,"box":{"x":117,"y":506,"width":756,"height":12}},{"id":"e413ebcd-c1c4-4860-8093-ea9cfdc5c043","block_type":"box","text":"shares of a Fund acquired for its own accounts. A large redemption of shares of a Fund by BlackRock","page_number":186,"box":{"x":116,"y":521,"width":762,"height":12}},{"id":"a305a17d-7b6e-43a1-913a-40de0f24f322","block_type":"box","text":"could significantly reduce the asset size of the Fund, which might have an adverse effect on the Fund’s","page_number":186,"box":{"x":116,"y":537,"width":770,"height":12}},{"id":"24ede1b8-4183-4036-ae5e-4feeebd7df3d","block_type":"box","text":"investment flexibility, portfolio diversification and expense ratio. BlackRock seeks to consider the effect","page_number":186,"box":{"x":117,"y":552,"width":766,"height":12}},{"id":"12cdc1b5-1c2a-4380-bb8a-791f8e742b92","block_type":"box","text":"of redemptions on a Fund and other shareholders in deciding whether to redeem its shares but is not","page_number":186,"box":{"x":116,"y":568,"width":754,"height":12}},{"id":"462f4c0a-425f-4fff-97d9-11d618534081","block_type":"box","text":"obligated to do so and may elect not to do so.","page_number":186,"box":{"x":116,"y":583,"width":344,"height":12}},{"id":"785d3642-f077-42d9-ab8e-bff0a327770c","block_type":"box","text":"It is possible that a Fund may invest in securities of, or engage in transactions with, companies in","page_number":186,"box":{"x":117,"y":614,"width":725,"height":12}},{"id":"9fc66474-c4d0-42b2-b509-706d50738b46","block_type":"box","text":"which BlackRock has significant debt or equity investments or other interests. A Fund may also invest","page_number":186,"box":{"x":116,"y":630,"width":759,"height":12}},{"id":"cfc39efe-b884-433f-a004-0e22447aaeff","block_type":"box","text":"in issuances (such as structured notes) by entities for which BlackRock provides and is compensated","page_number":186,"box":{"x":117,"y":645,"width":756,"height":12}},{"id":"db98c71c-39fc-491a-8c66-6f4c7f87251d","block_type":"box","text":"for cash management services relating to the proceeds from the sale of such issuances. In making","page_number":186,"box":{"x":116,"y":661,"width":732,"height":12}},{"id":"f7ed97bf-9323-4c34-a79b-c480fd3300fb","block_type":"box","text":"investment decisions for a Fund, BlackRock is not permitted to obtain or use material non-public","page_number":186,"box":{"x":117,"y":676,"width":713,"height":12}},{"id":"a31199f0-5158-433c-9ef9-a0f909cce3b6","block_type":"box","text":"information acquired by any unit of BlackRock, in the course of these activities. In addition, from time to","page_number":186,"box":{"x":117,"y":692,"width":765,"height":12}},{"id":"dd2ebdc0-d567-4479-9785-01f42ff69a10","block_type":"box","text":"time, the activities of BlackRock may limit a Fund’s flexibility in purchases and sales of securities. As","page_number":186,"box":{"x":116,"y":707,"width":745,"height":12}},{"id":"e45097e5-af4f-4904-84a1-7affe514d2a4","block_type":"box","text":"indicated below, BlackRock may engage in transactions with companies in which BlackRock-advised","page_number":186,"box":{"x":117,"y":723,"width":747,"height":12}},{"id":"0a7401d2-2434-4953-8f3d-0e9da50eef33","block_type":"box","text":"funds or other clients of BlackRock have an investment.","page_number":186,"box":{"x":116,"y":738,"width":413,"height":10}},{"id":"91b97340-ef26-4455-a0eb-a93d5e8d5429","block_type":"box","text":"BlackRock and its personnel and other financial service providers may have interests in promoting","page_number":186,"box":{"x":117,"y":769,"width":727,"height":12}},{"id":"4b366ae6-4106-4ba9-a548-405103c98c07","block_type":"box","text":"sales of the Funds. With respect to BlackRock and its personnel, the remuneration and profitability","page_number":186,"box":{"x":116,"y":785,"width":730,"height":12}},{"id":"ad1fb580-2d86-4886-91be-35720f6e87c2","block_type":"box","text":"relating to services to and sales of the Funds or other products may be greater than remuneration and","page_number":186,"box":{"x":117,"y":800,"width":756,"height":12}},{"id":"aefb703b-b440-4f07-ac90-12d6769afd1c","block_type":"box","text":"profitability relating to services to and sales of certain funds or other products that might be provided or","page_number":186,"box":{"x":117,"y":816,"width":763,"height":12}},{"id":"6fbe3702-5d6e-4c4e-9f11-4977ae97b328","block_type":"box","text":"offered. BlackRock and its sales personnel may directly or indirectly receive a portion of the fees and","page_number":186,"box":{"x":116,"y":831,"width":753,"height":12}},{"id":"1c5cd1d3-7923-421b-80a4-88cdd9960881","block_type":"box","text":"commissions charged to the Funds or their shareholders. BlackRock and its advisory or other","page_number":186,"box":{"x":116,"y":847,"width":698,"height":12}},{"id":"a2d43260-e703-4f90-aa99-477029e502c2","block_type":"box","text":"personnel may also benefit from increased amounts of assets under management. Fees and","page_number":186,"box":{"x":117,"y":862,"width":692,"height":12}},{"id":"0f084f6e-7506-4ca5-b757-834d26d5dc35","block_type":"box","text":"commissions may also be higher than for other products or services, and the remuneration and","page_number":186,"box":{"x":116,"y":878,"width":711,"height":12}},{"id":"4885d5e9-c2f7-467a-96b4-e8264a647852","block_type":"box","text":"II-121","page_number":186,"box":{"x":480,"y":909,"width":38,"height":9}},{"id":"bf485c32-22f1-4f92-a517-8af28bd166a6","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":186,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"4a486979-d322-4007-bfb5-e631e9d42975","block_type":"box","text":"profitability to BlackRock and such personnel resulting from transactions on behalf of or management","page_number":187,"box":{"x":117,"y":87,"width":756,"height":12}},{"id":"631b8878-58b7-48c9-aa39-92c26652a9b9","block_type":"box","text":"of the Funds may be greater than the remuneration and profitability resulting from other funds or","page_number":187,"box":{"x":116,"y":102,"width":719,"height":13}},{"id":"648ce1d4-2555-4605-84a9-264cf3aca637","block_type":"box","text":"products.","page_number":187,"box":{"x":117,"y":118,"width":73,"height":12}},{"id":"7a65a883-aefb-4e03-bc98-9c5917b7c0e3","block_type":"box","text":"BlackRock may provide valuation assistance to certain clients with respect to certain securities or other","page_number":187,"box":{"x":117,"y":149,"width":769,"height":12}},{"id":"606dc369-b307-4c2a-933e-b6734ba55766","block_type":"box","text":"investments and the valuation recommendations made for such clients’ accounts may differ from the","page_number":187,"box":{"x":117,"y":165,"width":749,"height":12}},{"id":"e1a189ba-b1de-4817-afbd-61e01f4c7bf4","block_type":"box","text":"valuations for the same securities or investments assigned by a Fund’s pricing vendors, especially if","page_number":187,"box":{"x":116,"y":180,"width":747,"height":12}},{"id":"2419be7e-106e-4f09-b801-12c47fab485a","block_type":"box","text":"such valuations are based on broker-dealer quotes or other data sources unavailable to the Fund’s","page_number":187,"box":{"x":116,"y":196,"width":739,"height":11}},{"id":"9c2b4422-2685-416c-9e8f-0684c9d92ad9","block_type":"box","text":"pricing vendors. While BlackRock will generally communicate its valuation information or","page_number":187,"box":{"x":117,"y":211,"width":660,"height":12}},{"id":"7801e536-a6f2-45dd-bb35-f04f7b7ca9ae","block_type":"box","text":"determinations to a Fund’s pricing vendors and/or fund accountants, there may be instances where the","page_number":187,"box":{"x":116,"y":227,"width":769,"height":12}},{"id":"d225f3f0-b867-41f0-9d2e-4e53b2b92d50","block_type":"box","text":"Fund’s pricing vendors or fund accountants assign a different valuation to a security or other","page_number":187,"box":{"x":117,"y":242,"width":688,"height":12}},{"id":"f18d4fb2-527a-4654-9086-f71cdf7c28ee","block_type":"box","text":"investment than the valuation for such security or investment determined or recommended by","page_number":187,"box":{"x":117,"y":258,"width":699,"height":12}},{"id":"e7017e29-8be7-4297-91b6-1ccce549bf59","block_type":"box","text":"BlackRock.","page_number":187,"box":{"x":117,"y":273,"width":88,"height":10}},{"id":"be48ef47-69e7-4e58-9266-bd0e7fbc052d","block_type":"box","text":"As disclosed in more detail in “Pricing of Shares—Determination of Net Asset Value” in this SAI, when","page_number":187,"box":{"x":116,"y":304,"width":762,"height":12}},{"id":"2bcc71fb-b604-49ee-b3a4-b563afe01c4f","block_type":"box","text":"market quotations are not readily available or are believed by BlackRock to be unreliable, a Fund’s","page_number":187,"box":{"x":117,"y":320,"width":736,"height":12}},{"id":"64d3fbf6-f463-4a9b-a361-963db7a86dc5","block_type":"box","text":"investments are valued at fair value by BlackRock. BlackRock has been designated as the Fund’s","page_number":187,"box":{"x":117,"y":335,"width":730,"height":12}},{"id":"b400db26-50af-4445-8001-2c888a5c84d2","block_type":"box","text":"valuation designee pursuant to Rule 2a-5 under the Investment Company Act and acts through","page_number":187,"box":{"x":116,"y":351,"width":710,"height":12}},{"id":"bfead8e6-6291-4a9f-bbca-7015c400bc8c","block_type":"box","text":"BlackRock’s Rule 2a-5 Committee (the “2a-5 Committee”), with assistance from other BlackRock","page_number":187,"box":{"x":117,"y":366,"width":723,"height":12}},{"id":"c53fb11b-1c77-4601-af80-4470bd0ab17e","block_type":"box","text":"pricing committees and in accordance with BlackRock’s policies and procedures (the “Valuation","page_number":187,"box":{"x":117,"y":382,"width":713,"height":12}},{"id":"725fdaa2-3c46-476a-a65b-b598b9456306","block_type":"box","text":"Procedures”). When determining a “fair value price,” the 2a-5 Committee seeks to determine the price","page_number":187,"box":{"x":117,"y":397,"width":760,"height":12}},{"id":"450b965d-2098-450a-951a-f7572c1ddffe","block_type":"box","text":"that a Fund might reasonably expect to receive from the current sale of that asset or liability in an","page_number":187,"box":{"x":116,"y":413,"width":726,"height":12}},{"id":"1a6de323-d2e4-444d-8b1b-b2e19b213d56","block_type":"box","text":"arm’s-length transaction. The price generally may not be determined based on what a Fund might","page_number":187,"box":{"x":116,"y":428,"width":730,"height":12}},{"id":"29202f23-da52-459a-81ce-83fda387b7e5","block_type":"box","text":"reasonably expect to receive for selling an asset or liability at a later time or if it holds the asset or","page_number":187,"box":{"x":117,"y":444,"width":728,"height":12}},{"id":"d9d93631-f53b-4404-b420-0208e72c3a44","block_type":"box","text":"liability to maturity. While fair value determinations will be based upon all available factors that","page_number":187,"box":{"x":117,"y":459,"width":701,"height":12}},{"id":"09fc2291-0a1f-4bda-9c81-2835a621a190","block_type":"box","text":"BlackRock deems relevant at the time of the determination, and may be based on analytical values","page_number":187,"box":{"x":117,"y":475,"width":739,"height":12}},{"id":"ddc1b395-c4cd-4fef-be1c-206e35574259","block_type":"box","text":"determined by BlackRock using proprietary or third party valuation models, fair value represents only a","page_number":187,"box":{"x":116,"y":490,"width":767,"height":12}},{"id":"23c0228a-a32b-4758-a71a-d07c7a52de14","block_type":"box","text":"good faith approximation of the value of an asset or liability. 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There may be limited availability of derivatives that provide indirect exposure to","page_number":189,"box":{"x":117,"y":490,"width":769,"height":12}},{"id":"b8424fad-98d8-47e4-b02b-941cbd1b953a","block_type":"box","text":"an impacted security. BlackRock clients can be subject to more than one ownership limitation","page_number":189,"box":{"x":116,"y":506,"width":698,"height":12}},{"id":"44923fc2-b022-40a0-94b3-43d48a7e1d34","block_type":"box","text":"depending on each client’s holdings, and each ownership limitation can impact multiple securities held","page_number":189,"box":{"x":116,"y":521,"width":763,"height":12}},{"id":"75ec31b4-93bb-496a-a45f-2e9e0ea51b24","block_type":"box","text":"by the client. 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BlackRock may adopt certain controls designed to prevent","page_number":190,"box":{"x":117,"y":180,"width":767,"height":12}},{"id":"d3365882-4fbf-45a9-800d-181e59158056","block_type":"box","text":"the occurrence of a breach of any applicable ownership threshold or limits, including, for example,","page_number":190,"box":{"x":116,"y":196,"width":731,"height":12}},{"id":"1ee5772c-1878-46fe-9cba-8698120324b2","block_type":"box","text":"when ownership in certain securities nears an applicable threshold, BlackRock may limit additional","page_number":190,"box":{"x":116,"y":211,"width":736,"height":12}},{"id":"89b70640-e27d-4990-98ca-1ba1f44c947b","block_type":"box","text":"purchases in such securities or, with respect to ETFs, remove such securities from the list of Deposit","page_number":190,"box":{"x":117,"y":227,"width":751,"height":11}},{"id":"14bdbbde-d389-4a9c-bef4-1186364ca950","block_type":"box","text":"Securities to be delivered to the Fund in connection with purchases of Creation Units of such Fund. 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To t","page_number":190,"box":{"x":117,"y":481,"width":346,"height":12}},{"id":"e6adc6c4-e7c0-4d11-bc26-c1fc71d8b193","block_type":"box","text":"he extent permitted by applicable laws, the Funds may","page_number":190,"box":{"x":464,"y":481,"width":401,"height":12}},{"id":"e63df60c-f57e-47d5-83b1-2e7020307de7","block_type":"box","text":"seek to license and use such indices as part of their investment strategy. Index based funds that seek to","page_number":190,"box":{"x":116,"y":496,"width":762,"height":12}},{"id":"3f46f7af-9e74-4eef-ad35-1744d1383b5a","block_type":"box","text":"track the performance of securities indices also may us","page_number":190,"box":{"x":116,"y":512,"width":400,"height":12}},{"id":"fcee9890-5e2d-41b9-9fe3-c43172aa6c4e","block_type":"box","text":"e the name of the index or index provider in the","page_number":190,"box":{"x":517,"y":512,"width":348,"height":12}},{"id":"72cadac8-c3f3-4a83-aedf-e5af29f2c0b0","block_type":"box","text":"fund name. Index providers, including BlackRock (to","page_number":190,"box":{"x":116,"y":527,"width":384,"height":12}},{"id":"10b4836c-4b3b-4587-8394-43bc253eddd7","block_type":"box","text":"the extent permitted by applicable law), may be paid","page_number":190,"box":{"x":500,"y":527,"width":384,"height":12}},{"id":"69b89825-ea60-4561-bab3-b38de73cff83","block_type":"box","text":"licensing fees for use of their index or index nam","page_number":190,"box":{"x":117,"y":543,"width":351,"height":12}},{"id":"1288f002-c263-4a16-9bbe-05ac347c41ae","block_type":"box","text":"e. 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BlackRock ma","page_number":190,"box":{"x":116,"y":574,"width":382,"height":12}},{"id":"5f7c2241-0bcf-4853-b165-b8504a336872","block_type":"box","text":"y benefit from the Funds using BlackRock indices by","page_number":190,"box":{"x":498,"y":574,"width":386,"height":12}},{"id":"2a71d446-ccdf-4738-85c2-842b32bf1cc2","block_type":"box","text":"creating increasing acceptance in the marketplace for","page_number":190,"box":{"x":116,"y":589,"width":394,"height":12}},{"id":"b63f1dc4-51d8-48bf-a14e-7bdff174e3ed","block_type":"box","text":"such indices. BlackRock is not obligated to license","page_number":190,"box":{"x":510,"y":589,"width":371,"height":12}},{"id":"81578c2f-0ac3-4a9b-baa9-6b057534c87e","block_type":"box","text":"its indices to a Fund and the Funds are under no obli","page_number":190,"box":{"x":117,"y":605,"width":382,"height":9}},{"id":"e1d4b2bd-306b-4cc6-a7ce-c8f27ddce72f","block_type":"box","text":"gation to use BlackRock indices. Any Fund that","page_number":190,"box":{"x":500,"y":605,"width":348,"height":12}},{"id":"d77b6368-2a70-4241-97ae-c233eecf0c02","block_type":"box","text":"enters into a license for a BlackRock index cannot be assured that the terms of any index licensing","page_number":190,"box":{"x":116,"y":620,"width":722,"height":12}},{"id":"e30bc4fd-9592-42c8-8d1e-d8feaadebd40","block_type":"box","text":"agreement with BlackRock will be as favorable as","page_number":190,"box":{"x":116,"y":636,"width":360,"height":12}},{"id":"d35ecaef-fb79-4337-8a27-fff49cef24f7","block_type":"box","text":"those terms offered to other licensees.","page_number":190,"box":{"x":477,"y":636,"width":289,"height":9}},{"id":"227b436a-32a5-471e-93b5-2450e4c1aa0b","block_type":"box","text":"BlackRock may enter into contractual arrangements wit","page_number":190,"box":{"x":117,"y":664,"width":401,"height":12}},{"id":"15f278c2-d7de-4cec-83b2-5a55c4fb88a2","block_type":"box","text":"h third-party service providers to a Fund (e.g.,","page_number":190,"box":{"x":520,"y":664,"width":330,"height":12}},{"id":"4628144f-666a-45cc-9301-8c65728af701","block_type":"box","text":"custodians, administrators and index providers) purs","page_number":190,"box":{"x":116,"y":679,"width":381,"height":12}},{"id":"37a0de42-0a4b-4191-9b4a-502d1fb55924","block_type":"box","text":"uant to which BlackRock receives fee discounts or","page_number":190,"box":{"x":498,"y":679,"width":365,"height":10}},{"id":"514c0078-db2b-430a-aeaf-18a5bad19e31","block_type":"box","text":"concessions in recognition of BlackRock’s overall relationship with such service providers. BlackRock","page_number":190,"box":{"x":116,"y":695,"width":736,"height":12}},{"id":"53dbca6b-089e-46c6-9cc8-8673fa45e791","block_type":"box","text":"may also enter into contractual arrangements with su","page_number":190,"box":{"x":117,"y":710,"width":384,"height":12}},{"id":"396788c7-203c-4d96-92b0-f0cce7f11446","block_type":"box","text":"ch service providers pursuant to which BlackRock","page_number":190,"box":{"x":503,"y":710,"width":361,"height":12}},{"id":"bf5c6176-6537-4446-95f9-3f1c57fde158","block_type":"box","text":"incurs additional costs if the service provider’s","page_number":190,"box":{"x":117,"y":726,"width":332,"height":12}},{"id":"a001abb9-d6f2-4e04-a90f-1bfb7ec24684","block_type":"box","text":"services are terminated with respect to a Fund. To the","page_number":190,"box":{"x":455,"y":726,"width":392,"height":12}},{"id":"e65828ae-459d-45e2-85ed-5922f8808d02","block_type":"box","text":"extent that BlackRock is responsible for paying service","page_number":190,"box":{"x":116,"y":741,"width":397,"height":12}},{"id":"1ea0ba9a-99cb-4b60-a1f5-35b054f849c7","block_type":"box","text":"providers out of its fees that it receives from the","page_number":190,"box":{"x":519,"y":741,"width":344,"height":12}},{"id":"fc2ae2db-035d-410d-8c46-a71bc0ad68ac","block_type":"box","text":"Funds, the benefits of lower fees, including any fee di","page_number":190,"box":{"x":117,"y":757,"width":385,"height":12}},{"id":"c91b85d7-1543-4164-87d1-fdc714f80b50","block_type":"box","text":"scounts or concessions, or any additional savings,","page_number":190,"box":{"x":504,"y":757,"width":364,"height":12}},{"id":"0177fbca-c36a-4e7c-b5d1-ddb7bcc1c3e7","block_type":"box","text":"may accrue, in whole or in part, to BlackRock, which coul","page_number":190,"box":{"x":117,"y":772,"width":413,"height":12}},{"id":"f27fddab-a012-44ea-8e31-8c1d4d9855ed","block_type":"box","text":"d result in conflicts of interest relating to the use","page_number":190,"box":{"x":531,"y":772,"width":346,"height":12}},{"id":"c94c8ebb-463a-4413-9980-b463bdc15d2a","block_type":"box","text":"or termination of service providers to a Fund. In additi","page_number":190,"box":{"x":116,"y":788,"width":387,"height":12}},{"id":"31fea9c6-227b-4e54-bdbd-87c6ff1d0420","block_type":"box","text":"on, conflicts of interest may arise with respect to","page_number":190,"box":{"x":505,"y":788,"width":349,"height":12}},{"id":"63a785d2-fe35-4d9a-8229-e2299109dd21","block_type":"box","text":"contractual arrangements with third-party service provider","page_number":190,"box":{"x":116,"y":803,"width":420,"height":12}},{"id":"a76e5611-8763-4bec-9e22-636a2af43d78","block_type":"box","text":"s to a Fund, or the selection of such providers,","page_number":190,"box":{"x":536,"y":803,"width":336,"height":12}},{"id":"7dce8464-3140-4a38-beab-79760a90501e","block_type":"box","text":"particularly in circumstances where BlackRock is","page_number":190,"box":{"x":117,"y":819,"width":353,"height":12}},{"id":"5be80ba4-56fb-461e-ae79-9496f3596282","block_type":"box","text":"negotiating on behalf of both funds that have a unitary","page_number":190,"box":{"x":476,"y":819,"width":391,"height":12}},{"id":"2e51aa42-8187-40e4-b94c-895bd4588ce4","block_type":"box","text":"management fee and those that do not","page_number":190,"box":{"x":117,"y":834,"width":287,"height":12}},{"id":"dbd08ee5-fcaa-4951-9dde-f89906d8bd87","block_type":"box","text":"or different service providers have different fee structures.","page_number":190,"box":{"x":404,"y":834,"width":425,"height":12}},{"id":"cf773a1f-d386-4ee5-a748-4773a2944a8a","block_type":"box","text":"Conflicts of interest may arise as a result of simultaneous investment management of multiple client","page_number":190,"box":{"x":117,"y":862,"width":744,"height":12}},{"id":"f32e50c7-bba6-4972-b6e0-1546727b7c8c","block_type":"box","text":"accounts by BlackRock’s investment professionals. For example, differences in the advisory fee","page_number":190,"box":{"x":116,"y":878,"width":716,"height":12}},{"id":"33de1e3f-43bf-4365-a5a5-a2b39761799d","block_type":"box","text":"II-125","page_number":190,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"7ab6ec3d-b4b6-4ad5-9af9-3cd131de29d7","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":190,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"3b544dac-ce82-44b2-8e51-6a31ccb0d7c1","block_type":"box","text":"structure may create the appearance of actual or potential conflicts of interest because such","page_number":191,"box":{"x":116,"y":87,"width":689,"height":12}},{"id":"4864a8e7-de51-4184-93e4-28c7dd93971a","block_type":"box","text":"differences could create pecuniary incentives for BlackRock to favor one client account over another.","page_number":191,"box":{"x":116,"y":102,"width":754,"height":13}},{"id":"7e9d60d8-20fe-46ef-bbbf-f981e41488b3","block_type":"box","text":"BlackRock owns or has an ownership interest in certain trading, portfolio management, operations and/","page_number":191,"box":{"x":117,"y":134,"width":765,"height":12}},{"id":"e4369c53-53e8-4ea4-b5eb-e8389ed8a91b","block_type":"box","text":"or information systems used by Fund service providers. These systems are, or will be, used by a Fund","page_number":191,"box":{"x":116,"y":149,"width":765,"height":12}},{"id":"5964cfab-66ea-4139-b6b4-6712e8cb5124","block_type":"box","text":"service provider in connection with the provision of services to accounts managed by BlackRock and","page_number":191,"box":{"x":116,"y":165,"width":752,"height":12}},{"id":"40e9918a-776e-47fc-b3be-26df66cbe01e","block_type":"box","text":"funds managed and sponsored by BlackRock, including the Funds, that engage the service provider","page_number":191,"box":{"x":116,"y":180,"width":748,"height":12}},{"id":"7b3ec6f0-a568-4b74-a43b-f3681a2e0f41","block_type":"box","text":"(typically the custodian). A Fund’s service provider remunerates BlackRock for the use of the systems.","page_number":191,"box":{"x":117,"y":196,"width":764,"height":12}},{"id":"336ebc3c-b3f6-465b-b0d3-d1a13e7dae4c","block_type":"box","text":"A Fund service provider’s payments to BlackRock for the use of these systems may enhance the","page_number":191,"box":{"x":116,"y":211,"width":724,"height":12}},{"id":"4c434a24-6225-493e-89b3-18b7520110ee","block_type":"box","text":"profitability of BlackRock.","page_number":191,"box":{"x":117,"y":227,"width":191,"height":12}},{"id":"c017c70b-f399-4c01-98d7-0fb61f68fce1","block_type":"box","text":"BlackRock’s receipt of fees from a service provider in connection with the use of systems provided by","page_number":191,"box":{"x":117,"y":258,"width":757,"height":12}},{"id":"2804ac17-aa57-43ec-b082-41c1a4b2b983","block_type":"box","text":"BlackRock may create an incentive for BlackRock to recommend that a Fund enter into or renew an","page_number":191,"box":{"x":117,"y":273,"width":745,"height":12}},{"id":"f8856935-3dfe-436e-b33f-010b61390293","block_type":"box","text":"arrangement with the service provider.","page_number":191,"box":{"x":116,"y":289,"width":291,"height":12}},{"id":"cd50f6fa-f06e-4ea2-bfc4-8d0bbe76e647","block_type":"box","text":"In recognition of a BlackRock client’s overall relationship with BlackRock, BlackRock may offer special","page_number":191,"box":{"x":117,"y":320,"width":762,"height":12}},{"id":"c018ea46-acda-4ee5-87c6-d2ea15af9b66","block_type":"box","text":"pricing arrangements for certain services provided by BlackRock. Any such special pricing","page_number":191,"box":{"x":117,"y":335,"width":673,"height":12}},{"id":"b6f12068-b1f5-4478-b5d1-b53eaf568f80","block_type":"box","text":"arrangements will not affect Fund fees and expenses applicable to such client’s investment in a Fund.","page_number":191,"box":{"x":116,"y":351,"width":760,"height":12}},{"id":"6a29224a-16c1-4ef0-b4c1-f37b413f416d","block_type":"box","text":"Present and future activities of BlackRock and its directors, officers and employees, in addition to those","page_number":191,"box":{"x":117,"y":382,"width":771,"height":12}},{"id":"d4b4cc59-9d7a-4fa1-9056-899f6bcaec06","block_type":"box","text":"described in this section, may give rise to additional conflicts of interest.","page_number":191,"box":{"x":116,"y":397,"width":537,"height":12}},{"id":"4ff04fba-f732-4be7-89f9-542f2b666cc5","block_type":"box","text":"P","page_number":191,"box":{"x":418,"y":444,"width":9,"height":9}},{"id":"ff74204d-f545-4301-91f3-25781c5c1aa6","block_type":"box","text":"URCHASE","page_number":191,"box":{"x":429,"y":446,"width":65,"height":7}},{"id":"b22deacd-5e33-4745-8985-5c72088eaaea","block_type":"box","text":"OF","page_number":191,"box":{"x":500,"y":446,"width":18,"height":7}},{"id":"aaa0ac85-46d5-456f-b06c-e6e37b5408d1","block_type":"box","text":"S","page_number":191,"box":{"x":519,"y":444,"width":15,"height":9}},{"id":"c50db500-9f88-4d4b-927b-0167ae22a707","block_type":"box","text":"HARES","page_number":191,"box":{"x":536,"y":446,"width":46,"height":7}},{"id":"8099e1d5-f9fb-4d5c-bcf8-e0c9759f25b2","block_type":"box","text":"Most BlackRock-advised open-end funds offer multiple classes of shares under a plan adopted under","page_number":191,"box":{"x":117,"y":475,"width":756,"height":12}},{"id":"7556aa73-7267-45fb-bfc9-616d0fd6ace8","block_type":"box","text":"Rule 18f-3 under the Investment Company Act. Investor A Shares are sold to investors choosing the","page_number":191,"box":{"x":117,"y":490,"width":748,"height":12}},{"id":"8518f008-e454-45d1-a66f-8f42000a8df9","block_type":"box","text":"initial sales charge alternative, except that Investor A Shares of Index Funds (defined below) and","page_number":191,"box":{"x":117,"y":506,"width":723,"height":12}},{"id":"a8e3b776-3886-4cae-8922-660c83bd007c","block_type":"box","text":"BlackRock Short Obligations Fund are generally not subject to an initial sales charge, and Investor C","page_number":191,"box":{"x":117,"y":521,"width":752,"height":12}},{"id":"d14c3f79-2eca-45e0-a4bd-e58541438295","block_type":"box","text":"Shares are sold to investors choosing the deferred sales charge alternative. Investor P Shares are","page_number":191,"box":{"x":116,"y":537,"width":735,"height":12}},{"id":"741a37cc-c3c9-4261-8018-f7e96334cbc6","block_type":"box","text":"available only to certain investors purchasing shares of Funds through registered representatives of an","page_number":191,"box":{"x":116,"y":552,"width":768,"height":12}},{"id":"584a482e-3381-49dd-8a54-1c830726ae24","block_type":"box","text":"insurance company’s broker-dealer that has entered into an agreement with the Distributor to offer","page_number":191,"box":{"x":117,"y":568,"width":734,"height":12}},{"id":"c0689b82-9a5d-4cba-bb7f-65f27b9e9a3a","block_type":"box","text":"such shares. Institutional Shares are sold to certain eligible investors without a sales charge.","page_number":191,"box":{"x":116,"y":583,"width":692,"height":12}},{"id":"2e1b7a03-5072-4d8e-9b26-470eeb695289","block_type":"box","text":"Certain Funds offer Class R Shares, which are avail","page_number":191,"box":{"x":117,"y":614,"width":367,"height":11}},{"id":"b5ecd519-3754-49fc-ada2-e014cc0a9e4f","block_type":"box","text":"able only to certain employer-sponsored retirement","page_number":191,"box":{"x":485,"y":614,"width":368,"height":12}},{"id":"7411c834-a41c-4139-8899-3404e3d49137","block_type":"box","text":"plans and are sold without a sales charge. Certain Funds offer Class G Shares, which are available only to","page_number":191,"box":{"x":117,"y":630,"width":760,"height":12}},{"id":"8f6292e5-3e58-40cf-9d87-df7d7d819171","block_type":"box","text":"investors on eligible platforms, which are platforms","page_number":191,"box":{"x":117,"y":645,"width":358,"height":12}},{"id":"a7979459-bfad-41f8-afcc-8f6551dff26c","block_type":"box","text":"where clients invest in the Fund through a single","page_number":191,"box":{"x":475,"y":645,"width":353,"height":12}},{"id":"d399b79e-1132-4d3c-aaa7-5f88c1965554","block_type":"box","text":"omnibus account in the name of a financial intermedi","page_number":191,"box":{"x":116,"y":661,"width":374,"height":9}},{"id":"e18b415a-836a-4df1-b757-2f919f4a9389","block_type":"box","text":"ary that meets an initial investment minimum of","page_number":191,"box":{"x":492,"y":661,"width":335,"height":12}},{"id":"73dbc5fa-fa3c-45d8-8083-d195d23b2536","block_type":"box","text":"$2 billion. In addition, certain Funds offer Service Share","page_number":191,"box":{"x":116,"y":675,"width":385,"height":12}},{"id":"bf0545b1-de1b-4630-ab50-7895e1fd986a","block_type":"box","text":"res, BlackRock Shares and/or Class K Shares that are","page_number":191,"box":{"x":501,"y":676,"width":382,"height":11}},{"id":"4799d442-6374-4f94-8c26-79e934427380","block_type":"box","text":"available only to certain eligible investors. Pl","page_number":191,"box":{"x":116,"y":692,"width":312,"height":12}},{"id":"efcee106-6e25-424f-88aa-4800b6fb43c0","block_type":"box","text":"ease see the appropriate Prospectus for your Fund to","page_number":191,"box":{"x":429,"y":692,"width":381,"height":12}},{"id":"fbc68872-c721-4761-b827-e1490b612701","block_type":"box","text":"determine which classes are offered by your Fund and under","page_number":191,"box":{"x":116,"y":707,"width":434,"height":12}},{"id":"158fa242-5156-4ee3-b57f-57b7cec12259","block_type":"box","text":"what circumstances. Each class has different","page_number":191,"box":{"x":553,"y":707,"width":322,"height":10}},{"id":"f66aff0e-5b64-4ebe-be5e-13b8959b8e6a","block_type":"box","text":"exchange privileges. See “Shareholder Services — Exchange Privilege.”","page_number":191,"box":{"x":116,"y":723,"width":516,"height":12}},{"id":"201a969a-4788-43a0-a960-94d5f59cd69f","block_type":"box","text":"The applicable offering price for purchase orders is based on the NAV of a Fund next determined after","page_number":191,"box":{"x":116,"y":754,"width":760,"height":12}},{"id":"65a4b723-c85b-47f8-bb67-5e2f9f85b501","block_type":"box","text":"receipt of the purchase order by a dealer or other financial intermediary (“Selling Dealer”) that has","page_number":191,"box":{"x":117,"y":769,"width":724,"height":12}},{"id":"a7221a9b-ef41-4e02-89b5-b204b10c01ec","block_type":"box","text":"been authorized by the Distributor by contract to accept such orders. In addition, with respect to the","page_number":191,"box":{"x":117,"y":785,"width":737,"height":12}},{"id":"ce0a7b3f-276b-4ce7-865c-348341db8233","block_type":"box","text":"affiliated underlying funds in which target date funds advised by BlackRock or its affiliates (“BlackRock","page_number":191,"box":{"x":116,"y":800,"width":759,"height":12}},{"id":"a1a93021-4f52-4840-962e-24ffef8cd8a9","block_type":"box","text":"Target Date Funds”) invest, the applicable offering price of each affiliated underlying fund is based on","page_number":191,"box":{"x":116,"y":816,"width":752,"height":12}},{"id":"939e6931-dbd0-4f95-a360-25196ec2d8ad","block_type":"box","text":"the NAV of such affiliated underlying fund next determined after a purchase order is received, or","page_number":191,"box":{"x":116,"y":831,"width":718,"height":12}},{"id":"35d24df1-52c6-44a1-9fc3-e34e7490892c","block_type":"box","text":"deemed to be received upon receipt by a Selling Dealer, by the BlackRock Target Date Funds that","page_number":191,"box":{"x":116,"y":847,"width":736,"height":12}},{"id":"7f31d40a-659e-4a4f-bae1-c7cb5632e9d4","block_type":"box","text":"allocate a portion of such purchase order to such affiliated underlying fund. As to purchase orders","page_number":191,"box":{"x":116,"y":862,"width":730,"height":12}},{"id":"93985ed8-da43-4575-a653-24f46cc7f1b3","block_type":"box","text":"received by Selling Dealers or BlackRock Target Date Funds prior to the close of business on the New","page_number":191,"box":{"x":117,"y":878,"width":765,"height":12}},{"id":"f9c5c7f3-825b-4280-96dc-27b67f484a1e","block_type":"box","text":"II-126","page_number":191,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"416b6c56-0098-426a-88ad-d9b2524805e7","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":191,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"9091488a-1b3d-4904-9195-fe004a4718fe","block_type":"box","text":"York Stock Exchange (“NYSE”) (generally, the NYSE closes at 4:00 p.m. Eastern time), on the day the","page_number":192,"box":{"x":116,"y":87,"width":767,"height":12}},{"id":"c4352ec2-a67e-4602-b66a-e880082d6f05","block_type":"box","text":"order is placed, including orders received after the close of business on the previous day, the","page_number":192,"box":{"x":116,"y":102,"width":696,"height":13}},{"id":"49da03b2-1b9e-4d32-9204-2001bf4bc6ff","block_type":"box","text":"applicable offering price is based on the NAV determined as of the close of business on the NYSE on","page_number":192,"box":{"x":116,"y":118,"width":757,"height":12}},{"id":"813f7798-3742-44e7-852e-e0ad509930af","block_type":"box","text":"that day. If the purchase orders are not received by the Selling Dealer or a BlackRock Target Date","page_number":192,"box":{"x":116,"y":134,"width":734,"height":12}},{"id":"d3cc191d-9820-4419-bbc5-09e87e4c5873","block_type":"box","text":"Fund before the close of business on the NYSE, such orders are deemed received on the next","page_number":192,"box":{"x":117,"y":149,"width":706,"height":11}},{"id":"a2f00836-3887-43b9-b927-b5d2ecaf3dd7","block_type":"box","text":"business day. It is the responsibility of brokers to transmit purchase orders and payment on a timely","page_number":192,"box":{"x":117,"y":165,"width":745,"height":12}},{"id":"322e44c0-f376-4723-9a14-f0d3c0de0447","block_type":"box","text":"basis. Generally, if payment is not received within the period described in the Prospectuses, the order","page_number":192,"box":{"x":117,"y":180,"width":758,"height":12}},{"id":"18568445-e1e0-4b39-8de0-adf99dfc099c","block_type":"box","text":"will be canceled, notice thereof will be given, and","page_number":192,"box":{"x":116,"y":196,"width":368,"height":12}},{"id":"e83ea014-3dfd-44b3-b523-e64bf44266fb","block_type":"box","text":"the broker and its customers will be responsible for","page_number":192,"box":{"x":484,"y":196,"width":384,"height":11}},{"id":"a2c96e2f-08f2-4569-8121-007d8eb49c15","block_type":"box","text":"any loss to the Fund or its shareholders. Orders of less than $500 may be mailed by a broker to the","page_number":192,"box":{"x":116,"y":210,"width":743,"height":13}},{"id":"5b3ef8a0-5d91-4d56-b828-60e4d962fb5f","block_type":"box","text":"Transfer Agent.","page_number":192,"box":{"x":116,"y":227,"width":120,"height":12}},{"id":"c717ad5c-8660-419a-b023-b8124afb50ec","block_type":"box","text":"The minimum investment for the initial purchase of shares is set forth in the Prospectus for each Fund.","page_number":192,"box":{"x":116,"y":258,"width":766,"height":11}},{"id":"cd3df1f0-2838-4ab0-abd0-68cb121f2a8f","block_type":"box","text":"The minimum initial investment for employees of a Fund, a Fund’s Manager, Sub-Advisers or BRIL or","page_number":192,"box":{"x":116,"y":273,"width":758,"height":12}},{"id":"0bb1f371-7846-4b2f-831d-64961fa73748","block_type":"box","text":"employees of their affiliates is $100, unless payment is made through a payroll deduction program in","page_number":192,"box":{"x":116,"y":288,"width":751,"height":13}},{"id":"92856dd9-7e5d-4685-bc99-9fb7d4e5cc64","block_type":"box","text":"which case the minimum investment is $25.","page_number":192,"box":{"x":116,"y":303,"width":329,"height":12}},{"id":"fa5832ca-b682-48c4-9f26-db2219abb300","block_type":"box","text":"Each Fund has lower investment minimums for other categories of shareholders eligible to purchase","page_number":192,"box":{"x":117,"y":335,"width":749,"height":12}},{"id":"a701d207-e61a-437c-b79a-0bb4302acd23","block_type":"box","text":"Institutional Shares, including selected fee-based programs. Each Fund may permit a lower initial","page_number":192,"box":{"x":117,"y":351,"width":726,"height":12}},{"id":"23143206-888e-4318-9a4c-a4a099825fff","block_type":"box","text":"investment for certain investors if their purchase, combined with purchases by other investors received","page_number":192,"box":{"x":117,"y":366,"width":766,"height":12}},{"id":"6116039d-da61-4a87-9ee2-4c086e7b2b1d","block_type":"box","text":"together by the Fund, meets the minimum investment requirement. Each Fund may reject any","page_number":192,"box":{"x":116,"y":382,"width":702,"height":12}},{"id":"a2f08140-49f4-44c6-a0e8-a520bfa7acec","block_type":"box","text":"purchase order, modify or waive the minimum initial or subsequent investment requirements and","page_number":192,"box":{"x":117,"y":397,"width":720,"height":12}},{"id":"1d35dd33-788f-4b7a-ae18-f84af670ebb1","block_type":"box","text":"suspend and resume the sale of any share class of any Fund at any time.","page_number":192,"box":{"x":116,"y":413,"width":551,"height":12}},{"id":"244d720d-30e6-43c4-b465-ac708a2b7e3c","block_type":"box","text":"Financial intermediaries may, in connection with a change in account type or otherwise in accordance","page_number":192,"box":{"x":117,"y":444,"width":758,"height":12}},{"id":"dca2b3e5-c500-4436-a064-71642f891095","block_type":"box","text":"with a financial intermediary’s policies and procedures, exchange shares of a Fund from one class of","page_number":192,"box":{"x":116,"y":459,"width":753,"height":12}},{"id":"1ce5f652-798a-4571-aa44-257aea0f4b4c","block_type":"box","text":"shares to another class of shares of the same Fund, provided that the exchanged shares are not","page_number":192,"box":{"x":116,"y":475,"width":722,"height":12}},{"id":"371900a8-6871-4f13-8058-a0469a1281c9","block_type":"box","text":"subject to a contingent deferred sales charge (“CDSC”) and that shareholders meet eligibility","page_number":192,"box":{"x":116,"y":490,"width":693,"height":12}},{"id":"e6a04bea-e26d-4215-bcd7-1babbbf73583","block_type":"box","text":"requirements of the new share class. Please speak to your financial intermediary for information about","page_number":192,"box":{"x":117,"y":506,"width":763,"height":12}},{"id":"b3e467b7-d970-4d35-b978-7f32db0ca47d","block_type":"box","text":"specific policies and procedures applicable to your account.","page_number":192,"box":{"x":116,"y":521,"width":448,"height":12}},{"id":"f0b95553-cf65-4b19-8a15-875f5a2083ce","block_type":"box","text":"Each Fund or the Distributor may suspend the continuous offering of the Fund’s shares of any class at","page_number":192,"box":{"x":117,"y":552,"width":763,"height":12}},{"id":"39881045-6d35-4dec-866f-5160bccdc66b","block_type":"box","text":"any time in response to conditions in the securities markets or otherwise and may resume offering the","page_number":192,"box":{"x":116,"y":568,"width":761,"height":12}},{"id":"126b5558-6faf-4176-aaa6-43a728d5403a","block_type":"box","text":"shares from time to time. Any order may be rejected by a Fund or the Distributor. Neither the","page_number":192,"box":{"x":116,"y":583,"width":693,"height":12}},{"id":"b90358e9-4110-43c8-98a8-399a28ab1bbe","block_type":"box","text":"Distributor, the securities dealers nor other financial intermediaries are permitted to withhold placing","page_number":192,"box":{"x":117,"y":599,"width":744,"height":12}},{"id":"74560821-e708-4a89-9abc-b0b9cf4dea1f","block_type":"box","text":"orders to benefit themselves by a price change.","page_number":192,"box":{"x":116,"y":614,"width":358,"height":12}},{"id":"4b05717c-bb6a-4ba6-accf-ac1b2a42e78f","block_type":"box","text":"The term “purchase,” as used in the Prospectus and this SAI, refers to (i) a single purchase by an","page_number":192,"box":{"x":116,"y":645,"width":729,"height":12}},{"id":"a4f1de63-2b59-4feb-83dc-647ae4624b69","block_type":"box","text":"individual, (ii) concurrent purchases by an individual, his or her spouse and their children purchasing","page_number":192,"box":{"x":117,"y":661,"width":742,"height":12}},{"id":"b373adac-1c2d-4f31-9e03-727a58008a6a","block_type":"box","text":"shares for his, her or their own account, and (iii) single purchases by a trustee or other fiduciary","page_number":192,"box":{"x":116,"y":676,"width":709,"height":12}},{"id":"9d697e98-3b94-4cfb-ae93-fb0bcfeec78f","block_type":"box","text":"purchasing shares for a single trust estate or single fiduciary account although more than one","page_number":192,"box":{"x":117,"y":692,"width":693,"height":12}},{"id":"c5747890-46a7-48c0-81f0-4cf951f7bec9","block_type":"box","text":"beneficiary may be involved. The term “purchase” also includes purchases by any “company,” as that","page_number":192,"box":{"x":117,"y":707,"width":751,"height":12}},{"id":"34889c9f-9bdf-4a62-b4c7-f59bc1da2e30","block_type":"box","text":"term is defined in the Investment Company Act, but does not include purchases by (i) any company","page_number":192,"box":{"x":116,"y":723,"width":738,"height":12}},{"id":"e9d85a56-08ce-4709-a49e-4668ec61339a","block_type":"box","text":"that has not been in existence for at least six months, (ii) a company that has no purpose other than","page_number":192,"box":{"x":116,"y":738,"width":740,"height":12}},{"id":"530b36e6-1b6e-41fd-a003-e4d4b3ae6552","block_type":"box","text":"the purchase of shares of a Fund or shares of other registered investment companies at a discount, or","page_number":192,"box":{"x":116,"y":754,"width":760,"height":12}},{"id":"5ca15961-024a-4c9c-baf3-e1fd91fa92b3","block_type":"box","text":"(iii) any group of individuals whose sole organizational nexus is that its participants are credit","page_number":192,"box":{"x":117,"y":769,"width":687,"height":12}},{"id":"b4b6cd6e-400d-498a-969e-873abbc5d087","block_type":"box","text":"cardholders of a company, policyholders of an insurance company, customers of either a bank or","page_number":192,"box":{"x":116,"y":785,"width":721,"height":12}},{"id":"0a1e3395-105d-4030-b1c7-51936cebe85e","block_type":"box","text":"broker-dealer or clients of an investment adviser.","page_number":192,"box":{"x":117,"y":800,"width":361,"height":10}},{"id":"88bec078-b2f4-420d-8ce5-c852d0a2be68","block_type":"box","text":"With certain limited exceptions, the Funds are generally available only to investors residing in the","page_number":192,"box":{"x":116,"y":831,"width":725,"height":12}},{"id":"37c3f710-b079-461c-ac46-e24f0f8fd55a","block_type":"box","text":"United States and may not be distributed by a foreign financial intermediary. Under this policy, in order","page_number":192,"box":{"x":117,"y":847,"width":764,"height":12}},{"id":"a60786b9-00e2-4e5e-8b5c-c1e91e95a8f7","block_type":"box","text":"to accept new accounts or additional investments (including by way of exchange from another Fund)","page_number":192,"box":{"x":116,"y":862,"width":750,"height":12}},{"id":"66190a04-12fc-4b68-a9be-a0543b79cab6","block_type":"box","text":"into existing accounts, a Fund generally requires that (i) a shareholder that is a natural person be a","page_number":192,"box":{"x":117,"y":878,"width":738,"height":12}},{"id":"79f86fd5-2ebe-418c-98a2-40f9c76ff7ea","block_type":"box","text":"II-127","page_number":192,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"2223d109-ca04-47a1-b7d5-9c6a2ec6c318","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":192,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"5e98fd30-dbaf-4623-9540-5fbdfdd0b6c8","block_type":"box","text":"U.S. citizen or resident alien, in each case residing within the United States or a U.S. territory","page_number":193,"box":{"x":117,"y":87,"width":695,"height":12}},{"id":"720f34b5-fc9d-4d63-a362-4e4af2a40750","block_type":"box","text":"(including APO/FPO/DPO addresses), and have a valid U.S. taxpayer identification number, and (ii) a","page_number":193,"box":{"x":117,"y":102,"width":757,"height":13}},{"id":"0d4a860a-3e2a-4b86-9c09-43e197ed92b5","block_type":"box","text":"financial intermediary or a shareholder that is an entity be domiciled in the United States and have a","page_number":193,"box":{"x":116,"y":118,"width":747,"height":12}},{"id":"ee15d704-c84e-45e8-86b7-3b73dfedee3e","block_type":"box","text":"valid U.S. taxpayer identification number or be domiciled in a U.S. territory and have a valid U.S.","page_number":193,"box":{"x":116,"y":134,"width":720,"height":12}},{"id":"8a4d2464-2eb3-4dc5-9abe-06284efa5df0","block_type":"box","text":"taxpayer identification number or IRS Form W-8. Any existing account that is updated to reflect a","page_number":193,"box":{"x":116,"y":149,"width":723,"height":12}},{"id":"a7c52ba5-66f6-4f7b-b613-71fc8b9affa8","block_type":"box","text":"non-U.S. address will also be restricted from making additional investments.","page_number":193,"box":{"x":117,"y":165,"width":568,"height":12}},{"id":"9e272e6d-8698-46dc-8eea-90433dd9f5f3","block_type":"box","text":"In-Kind Purchases.","page_number":193,"box":{"x":117,"y":197,"width":139,"height":9}},{"id":"27da774f-d3c2-46ef-932b-e65384fef48c","block_type":"box","text":"Payment for shares of a Fund may, at the discretion of BlackRock, be made in the","page_number":193,"box":{"x":258,"y":197,"width":620,"height":12}},{"id":"8dbcc84b-bb55-429d-9042-e00508387828","block_type":"box","text":"form of securities that are permissible investments for the Fund and that meet the investment objective,","page_number":193,"box":{"x":116,"y":212,"width":772,"height":12}},{"id":"d7140507-0bda-485e-9f7b-16953230f0d4","block_type":"box","text":"policies and limitations of the Fund as described herein. In connection with an in-kind securities","page_number":193,"box":{"x":117,"y":228,"width":710,"height":12}},{"id":"9284f3e8-f66a-4fdd-9a67-fbb587aa3da9","block_type":"box","text":"payment, the Fund may require, among other things, that the securities: (i) be valued on the day of","page_number":193,"box":{"x":117,"y":243,"width":736,"height":12}},{"id":"387d5d34-7c12-435c-a852-dd07f149c22c","block_type":"box","text":"purchase in accordance with the pricing methods used by the Fund; (ii) be accompanied by","page_number":193,"box":{"x":117,"y":259,"width":682,"height":12}},{"id":"7714606c-10b4-440a-b84b-30e9c26bcebb","block_type":"box","text":"satisfactory assurance that the Fund will have good and marketable title to such securities; (iii) not be","page_number":193,"box":{"x":116,"y":274,"width":757,"height":13}},{"id":"796450d3-bbd1-4b2c-9bed-4804ae036ed4","block_type":"box","text":"subject to any restrictions upon resale by the Fund; (iv) be in proper form for transfer to the Fund; and","page_number":193,"box":{"x":116,"y":290,"width":760,"height":12}},{"id":"d236551e-cdd3-44fc-82a3-46f4eafbb5bf","block_type":"box","text":"(v) be accompanied by adequate information concerning the basis and other tax matters relating to the","page_number":193,"box":{"x":117,"y":305,"width":766,"height":13}},{"id":"a0453691-4bce-4210-9516-97fb05b3a848","block_type":"box","text":"securities. All dividends, interest, subscription or other rights pertaining to such securities shall become","page_number":193,"box":{"x":116,"y":321,"width":769,"height":12}},{"id":"c410ddb6-d92e-4d34-a4e1-924376c1d780","block_type":"box","text":"the property of the Fund engaged in the in-kind purchase transaction and must be delivered to the","page_number":193,"box":{"x":116,"y":336,"width":732,"height":13}},{"id":"d18b65c1-bb42-4274-9f4d-7049b39740cf","block_type":"box","text":"Fund by the investor upon receipt from the issuer. Shares purchased in exchange for securities","page_number":193,"box":{"x":117,"y":352,"width":711,"height":12}},{"id":"764c96ae-6b0f-4382-a0be-bd3aeaca5d84","block_type":"box","text":"generally cannot be redeemed until the transfer has settled.","page_number":193,"box":{"x":116,"y":367,"width":448,"height":13}},{"id":"88ee536f-ff9b-443c-b316-c002cca8b408","block_type":"box","text":"Institutional Shares","page_number":193,"box":{"x":117,"y":400,"width":160,"height":9}},{"id":"337d0a07-5068-429c-a0e6-b641142aa3b7","block_type":"box","text":"Institutional Shares may be purchased at NAV without a sales charge. Only certain investors are","page_number":193,"box":{"x":117,"y":424,"width":720,"height":12}},{"id":"f553b0a8-962c-4f2c-8b07-5ffae6dfb607","block_type":"box","text":"eligible to purchase Institutional Shares. Investors who are eligible to purchase Institutional Shares","page_number":193,"box":{"x":116,"y":439,"width":737,"height":12}},{"id":"ecdfb3dc-331b-4613-9be0-334f534a9f5b","block_type":"box","text":"should purchase Institutional Shares because they are not subject to any sales charge and have lower","page_number":193,"box":{"x":116,"y":455,"width":765,"height":12}},{"id":"4ca7273c-fbcb-4042-b917-2eaa750e7818","block_type":"box","text":"ongoing expenses than Investor A, Investor A1, Investor C, Investor P, Class R or Service Shares. A","page_number":193,"box":{"x":116,"y":470,"width":752,"height":12}},{"id":"6387358f-56ca-4c74-b7eb-3858e3061511","block_type":"box","text":"Fund may in its discretion waive or modify any minimum investment amount, may reject any order for","page_number":193,"box":{"x":117,"y":486,"width":755,"height":12}},{"id":"96b54c8f-cb9d-4a8c-aa8a-c119c2199486","block_type":"box","text":"any class of shares and may suspend and resume the sale of shares of any Fund at any time.","page_number":193,"box":{"x":116,"y":501,"width":703,"height":12}},{"id":"e10bf847-5383-4269-aca0-5ebd0c1dae91","block_type":"box","text":"Eligible Institutional Share Investors.","page_number":193,"box":{"x":116,"y":534,"width":269,"height":12}},{"id":"ed679eec-b90d-4c1d-bba1-28472fd8c979","block_type":"box","text":"Institutional Shares of the Funds may be purchased by customers","page_number":193,"box":{"x":387,"y":534,"width":499,"height":12}},{"id":"872f3725-89d3-45cf-a123-2fab2d0049c6","block_type":"box","text":"of broker-dealers and agents that have established a servicing relationship with the Fund on behalf of","page_number":193,"box":{"x":116,"y":549,"width":757,"height":12}},{"id":"5420bac8-6a55-41a2-9318-6d9116129e17","block_type":"box","text":"their customers. These broker-dealers and agents may impose additional or different conditions on the","page_number":193,"box":{"x":116,"y":565,"width":766,"height":12}},{"id":"65d71773-c9f3-48c9-ba5a-b137f81d6c5f","block_type":"box","text":"purchase or redemption of Fund shares by their customers and may charge their customers","page_number":193,"box":{"x":117,"y":580,"width":686,"height":12}},{"id":"2bdcdd26-2350-4904-8b41-6bd3d1eaa572","block_type":"box","text":"transaction, account or other fees on the purchase and redemption of Fund shares. Each broker-dealer","page_number":193,"box":{"x":116,"y":596,"width":771,"height":12}},{"id":"52818b85-b69a-45cb-927f-ab907f23e445","block_type":"box","text":"or agent is responsible for transmitting to its customers a schedule of any such fees and information","page_number":193,"box":{"x":116,"y":611,"width":747,"height":12}},{"id":"160d399d-abe0-4f37-b754-e7e050be91a0","block_type":"box","text":"regarding any additional or different conditions regarding purchases and redemptions. Shareholders","page_number":193,"box":{"x":117,"y":627,"width":746,"height":12}},{"id":"3cd79e0a-6f88-40bd-b078-670d372a53f2","block_type":"box","text":"who are customers of such broker-dealers or agents should consult them for information regarding","page_number":193,"box":{"x":116,"y":642,"width":736,"height":12}},{"id":"61831a1a-868b-432d-bf1e-ea06d73847e3","block_type":"box","text":"these fees and conditions.","page_number":193,"box":{"x":116,"y":658,"width":200,"height":9}},{"id":"857b156c-a023-4245-b21e-3f9f50dbfd8e","block_type":"box","text":"Payment for Institutional Shares must normally be made in Federal funds or other funds immediately","page_number":193,"box":{"x":117,"y":690,"width":745,"height":12}},{"id":"f523d55e-aed3-49b7-a49b-ba87ec543c83","block_type":"box","text":"available by 4 p.m. (Eastern time) on the first business day following receipt of the order. Payment may","page_number":193,"box":{"x":116,"y":705,"width":765,"height":13}},{"id":"196f7c11-a80b-42a0-be4e-ea610e71cad1","block_type":"box","text":"also, in the discretion of certain Funds, be made in the form of securities that are permissible","page_number":193,"box":{"x":116,"y":721,"width":688,"height":12}},{"id":"61de4868-58a2-42ca-8f0c-c0962200bd51","block_type":"box","text":"investments for such Funds. If payment for a purchase order is not received by the prescribed time, an","page_number":193,"box":{"x":117,"y":736,"width":760,"height":13}},{"id":"66b0f51d-e2e9-4606-b22a-1a71ec83338d","block_type":"box","text":"investor may be liable for any resulting losses or expenses incurred by the Fund.","page_number":193,"box":{"x":117,"y":752,"width":597,"height":12}},{"id":"b026d5f0-1487-47ba-aecb-230b68b80168","block_type":"box","text":"Certain of the Funds offer Institutional Shares","page_number":193,"box":{"x":117,"y":784,"width":345,"height":10}},{"id":"cecec3a2-db69-4a70-995b-1991d42dd2f2","block_type":"box","text":"as described in each such Fund’s Prospectus. 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trust","page_number":194,"box":{"x":521,"y":350,"width":355,"height":12}},{"id":"ffa337e7-95a8-48f4-bfcf-658a8b3f7255","block_type":"box","text":"department clients of Bank of Amer","page_number":194,"box":{"x":116,"y":366,"width":269,"height":12}},{"id":"080fe47d-b0d5-4eef-a5d3-374866d185c0","block_type":"box","text":"ica, N.A. and its affiliates for whom they (i) act in a fiduciary","page_number":194,"box":{"x":386,"y":366,"width":455,"height":12}},{"id":"76ce3ea2-b847-44d1-9991-5e34152d1325","block_type":"box","text":"capacity (excluding participant directed employee","page_number":194,"box":{"x":116,"y":382,"width":380,"height":12}},{"id":"4f3bf9a1-8874-44c1-b0b1-3556568f746c","block_type":"box","text":"benefit plans), (ii) otherwise have investment","page_number":194,"box":{"x":497,"y":382,"width":345,"height":12}},{"id":"68fa6227-b087-4348-bb4f-84c8b714f8e8","block_type":"box","text":"discretion, or (iii) act as custodian for at least","page_number":194,"box":{"x":116,"y":397,"width":346,"height":12}},{"id":"10553885-cf7f-46dd-8ddf-cd7706a3986f","block_type":"box","text":"$2 million in assets; and holders of certain BofA Corp.","page_number":194,"box":{"x":463,"y":396,"width":414,"height":13}},{"id":"a10abcec-801f-4d33-a8f6-dfd0ce6dddf2","block_type":"box","text":"sponsored unit investment trusts (UITs) who reinvest","page_number":194,"box":{"x":116,"y":413,"width":401,"height":12}},{"id":"90f1c64c-465a-49f1-bea6-bdd100db1515","block_type":"box","text":"dividends received from such UITs in shares of","page_number":194,"box":{"x":518,"y":413,"width":367,"height":9}},{"id":"432c5159-55ba-4465-8eed-2b4a8d098177","block_type":"box","text":"a Fund.","page_number":194,"box":{"x":116,"y":428,"width":63,"height":10}},{"id":"b6ef2091-0d4a-4788-a0a5-b2b0dc1cecc9","block_type":"box","text":"Purchase Privileges of Certain Persons.","page_number":194,"box":{"x":116,"y":457,"width":295,"height":12}},{"id":"6d32b962-84b8-4bd7-b6cf-759e6a0c486c","block_type":"box","text":"Employees, officers, directors/trustees of BlackRock, Inc.,","page_number":194,"box":{"x":413,"y":457,"width":439,"height":12}},{"id":"ca74ba11-05a4-4c02-90e9-ac89c7d8b48b","block_type":"box","text":"BlackRock Funds, BofA Corp. or their respective affiliates; and any trust, pension, profit-sharing or","page_number":194,"box":{"x":117,"y":472,"width":733,"height":12}},{"id":"be07a143-318f-40d0-8587-83b1fb8ed24b","block_type":"box","text":"other benefit plan for such persons may purchase Institutional Shares at lower investment minimums","page_number":194,"box":{"x":116,"y":488,"width":753,"height":12}},{"id":"da6e53a6-c2e1-49de-ab9f-3d64c67886cd","block_type":"box","text":"than stated in each Fund’s Prospectus. A Fund realizes economies of scale and reduction of sales","page_number":194,"box":{"x":116,"y":503,"width":735,"height":12}},{"id":"5e431c2a-0d92-464d-90bf-95a870d40d5c","block_type":"box","text":"related expenses by virtue of the familiarity of these persons with the Fund. Employees, directors, and","page_number":194,"box":{"x":117,"y":519,"width":761,"height":12}},{"id":"9a9b572f-1b11-4d62-ad2d-5c0bbb0c84a2","block_type":"box","text":"board members of other funds wishing to purchase shares of a Fund must satisfy the Fund’s suitability","page_number":194,"box":{"x":117,"y":534,"width":764,"height":12}},{"id":"56e00bd7-de3e-4d2d-9e97-ed59979aca8c","block_type":"box","text":"standards.","page_number":194,"box":{"x":116,"y":550,"width":83,"height":9}},{"id":"90c9ddca-e068-487c-9407-ac309b5f5b44","block_type":"box","text":"Initial Sales Charge Alternative — Investor A Shares","page_number":194,"box":{"x":117,"y":579,"width":420,"height":12}},{"id":"1a046059-0725-4f8d-9de1-3f769a174f71","block_type":"box","text":"Investors who prefer an initial sales charge alternative may elect to purchase Investor A Shares.","page_number":194,"box":{"x":117,"y":601,"width":717,"height":12}},{"id":"3012f988-ec0a-4e56-810b-d6461db4cc58","block_type":"box","text":"Investor A1 Shares are offered only (i) for purchase by certain employer-sponsored retirement plans","page_number":194,"box":{"x":117,"y":616,"width":748,"height":12}},{"id":"51d811ab-644a-4e85-89ad-f31a06688220","block_type":"box","text":"and fee-based programs that have been previously approved by certain Funds, and (ii) to certain","page_number":194,"box":{"x":116,"y":632,"width":723,"height":12}},{"id":"8d4e20c3-5273-453a-8c3a-334cc2fffc39","block_type":"box","text":"investors who currently hold Investor A1 Shares for dividend and capital gain reinvestment only. The","page_number":194,"box":{"x":117,"y":647,"width":749,"height":12}},{"id":"577690b4-6d2b-49ea-86c0-9f48e231f8cd","block_type":"box","text":"Investor A1 initial sales charge does not apply to the transactions described in (i) and (ii). For ease of","page_number":194,"box":{"x":117,"y":663,"width":750,"height":12}},{"id":"9dee6d5b-3de0-4aad-857a-848270e8953d","block_type":"box","text":"reference, Investor A, Investor A1 and Investor P (discussed below) Shares are sometimes referred to","page_number":194,"box":{"x":117,"y":678,"width":757,"height":12}},{"id":"d3ed19ac-2a44-4c56-a438-bebf07cadc62","block_type":"box","text":"herein as “front-end load shares.” Investor A Shares of Index Funds (defined below) and BlackRock","page_number":194,"box":{"x":117,"y":694,"width":739,"height":12}},{"id":"cfebbc06-46ba-4ad3-8c1f-39c2c16b710a","block_type":"box","text":"Short Obligations Fund generally are not subject to an initial sales charge or front-end load.","page_number":194,"box":{"x":116,"y":709,"width":677,"height":12}},{"id":"48ba5b05-46e3-47ab-b1ab-486f9819f8c2","block_type":"box","text":"Investors qualifying for significantly reduced initial sales charges may find the initial sales charge","page_number":194,"box":{"x":117,"y":738,"width":715,"height":12}},{"id":"1da642ae-ec26-4a58-9105-b3c864d4daaa","block_type":"box","text":"alternative particularly attractive because similar sales charge reductions are not available with respect","page_number":194,"box":{"x":116,"y":754,"width":763,"height":12}},{"id":"80402215-f060-4efb-b757-2a441190f02b","block_type":"box","text":"to the deferred sales charges imposed in connection with investments in Investor C Shares","page_number":194,"box":{"x":116,"y":769,"width":676,"height":12}},{"id":"08329bff-a88f-4973-9da8-9587cc175139","block_type":"box","text":"(sometimes referred to herein as “CDSC shares”). Investors who do not qualify for reduced initial sales","page_number":194,"box":{"x":117,"y":784,"width":761,"height":13}},{"id":"6edcedff-d547-4f73-aad3-28efce336567","block_type":"box","text":"charges and who expect to maintain their investment for an extended period of time also may elect to","page_number":194,"box":{"x":116,"y":800,"width":752,"height":12}},{"id":"35d113b6-6c1c-4e12-bf68-f8638c8d5349","block_type":"box","text":"purchase Investor A Shares, because over time the accumulated ongoing service and distribution fees","page_number":194,"box":{"x":117,"y":815,"width":759,"height":13}},{"id":"ce27080d-6c3a-4635-aecf-a6e1d5993751","block_type":"box","text":"on CDSC shares may exceed the front-end load shares’ initial sales charge and service fee. Although","page_number":194,"box":{"x":116,"y":831,"width":759,"height":12}},{"id":"8a43efe8-8a9c-40ce-b871-dc13bfdb66fe","block_type":"box","text":"some investors who previously purchased Institutional Shares may no longer be eligible to purchase","page_number":194,"box":{"x":116,"y":846,"width":749,"height":13}},{"id":"7d7aaed5-5338-4693-a80d-cf56ae961ebe","block_type":"box","text":"Institutional Shares of other Funds, those previously purchased Institutional Shares, together with all","page_number":194,"box":{"x":117,"y":862,"width":749,"height":12}},{"id":"889dda65-072d-459f-ae35-a3d8928d5ae9","block_type":"box","text":"BlackRock front-end load and CDSC share holdings, will count toward a right of accumulation that may","page_number":194,"box":{"x":117,"y":877,"width":768,"height":13}},{"id":"097318b4-bf68-4704-b14e-41c44dd76c43","block_type":"box","text":"II-129","page_number":194,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"682a349f-c851-460f-a603-16d363823023","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":194,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"574d1f75-5469-49f1-93cd-71eb02b562f4","block_type":"box","text":"qualify the investor for a reduced initial sales charge on new initial sales charge purchases. In addition,","page_number":195,"box":{"x":116,"y":87,"width":768,"height":12}},{"id":"eac9940b-c4d0-4868-ace0-255af0f8eab2","block_type":"box","text":"the ongoing CDSC shares service and distribution fees will cause CDSC shares to have higher","page_number":195,"box":{"x":116,"y":102,"width":709,"height":13}},{"id":"31bf9ff8-79a3-4685-a791-9ce3666735b8","block_type":"box","text":"expense ratios, pay lower dividends and have lower total returns than the initial sales charge shares.","page_number":195,"box":{"x":116,"y":118,"width":752,"height":12}},{"id":"34d956b6-fc3f-4afe-872f-d9b5b77ea39f","block_type":"box","text":"The ongoing front-end load shares’ service fees will cause Investor A, Investor A1, Investor P and","page_number":195,"box":{"x":116,"y":134,"width":731,"height":12}},{"id":"fb096db2-3192-447d-a9a7-2e7374170024","block_type":"box","text":"Service Shares to have a higher expense ratio, pay lower dividends and have a lower total return than","page_number":195,"box":{"x":116,"y":149,"width":762,"height":12}},{"id":"6d266ff6-fa35-4c74-9dc8-f58ed38eb7ca","block_type":"box","text":"Institutional Shares.","page_number":195,"box":{"x":117,"y":165,"width":151,"height":9}},{"id":"c0aad6fc-bb6b-4f68-81a8-027332480415","block_type":"box","text":"See “Information on Sales Charges and Distribution Related Expenses” in Part I of each Fund’s SAI for","page_number":195,"box":{"x":116,"y":196,"width":770,"height":12}},{"id":"85c638ad-d4fe-4dc8-bf70-f81d798044d0","block_type":"box","text":"information about amounts paid to the Distributor in connection with Investor A and Investor A1 Shares","page_number":195,"box":{"x":117,"y":211,"width":767,"height":12}},{"id":"f49b2745-a316-4fe4-9fef-28cc518987a7","block_type":"box","text":"for the periods indicated.","page_number":195,"box":{"x":116,"y":227,"width":189,"height":11}},{"id":"4223d0a3-df5e-4745-b9c2-ca3d844f9d48","block_type":"box","text":"The Distributor may reallow discounts to selected securities dealers and other financial intermediaries","page_number":195,"box":{"x":116,"y":258,"width":759,"height":12}},{"id":"bd0e3598-6250-40e7-a5e7-3a9d4f5bd538","block_type":"box","text":"and retain the balance over such discounts. At times the Distributor may reallow the entire sales","page_number":195,"box":{"x":116,"y":273,"width":717,"height":12}},{"id":"b52ce4ef-a767-47cb-a2de-9a6794f8980f","block_type":"box","text":"charge to such dealers. Since securities dealers and other financial intermediaries selling front-end","page_number":195,"box":{"x":116,"y":289,"width":739,"height":12}},{"id":"d818bc8f-c54a-4d2d-9364-15e582e60405","block_type":"box","text":"load shares of a Fund will receive a concession equal to most of the sales charge, they may be","page_number":195,"box":{"x":117,"y":304,"width":710,"height":12}},{"id":"5b212800-0993-4d5a-8dc3-73106bbdc1a5","block_type":"box","text":"deemed to be underwriters under the Securities Act.","page_number":195,"box":{"x":116,"y":320,"width":393,"height":9}},{"id":"523798b3-1b83-4d32-ad74-a32cc63b9a95","block_type":"box","text":"Initial Sales Charge — Investor P Shares","page_number":195,"box":{"x":117,"y":351,"width":327,"height":12}},{"id":"f724591e-212e-48b8-9dba-d3bd75f9f88e","block_type":"box","text":"Certain Funds offer Investor P Shares as described in each such Fund’s Prospectus, Investor P","page_number":195,"box":{"x":117,"y":374,"width":715,"height":12}},{"id":"ff185903-1bed-4039-ad34-9ea593a6c823","block_type":"box","text":"Shares are available for purchase only through registered representatives of an insurance company’s","page_number":195,"box":{"x":116,"y":389,"width":758,"height":12}},{"id":"503591fc-a779-48a9-8684-c6a2d0bcfc18","block_type":"box","text":"broker-dealer that has entered into an agreement with the Distributor to offer such shares and are","page_number":195,"box":{"x":117,"y":405,"width":729,"height":12}},{"id":"cd88fa2e-6957-4c19-a25c-be0a0c8ceaf0","block_type":"box","text":"subject to an initial sales charge. The ongoing front-end load shares’ service fees will cause Investor P","page_number":195,"box":{"x":116,"y":420,"width":766,"height":12}},{"id":"976085d2-dc6a-45b5-9936-ecd9870fde1c","block_type":"box","text":"Shares to have a higher expense ratio, pay lower dividends and have a lower total return than Investor","page_number":195,"box":{"x":116,"y":436,"width":766,"height":12}},{"id":"fb1aef80-1e2f-44ec-9168-73d4d6c780bc","block_type":"box","text":"A Shares of the same Fund.","page_number":195,"box":{"x":116,"y":451,"width":214,"height":10}},{"id":"6adbf6d6-c5d9-495c-ae67-8e01d679f402","block_type":"box","text":"See “Information on Sales Charges and Distribution Related Expenses” in Part I of each Fund’s SAI for","page_number":195,"box":{"x":116,"y":482,"width":770,"height":12}},{"id":"c83e3592-85c9-4345-bc01-5369938d0239","block_type":"box","text":"information about amounts paid to the Distributor in connection with Investor P Shares for the periods","page_number":195,"box":{"x":117,"y":498,"width":757,"height":12}},{"id":"b2bf8cb6-dc5e-4994-a4c7-8ee8dd80014a","block_type":"box","text":"indicated.","page_number":195,"box":{"x":117,"y":514,"width":75,"height":9}},{"id":"bd8d8514-2d03-4805-94ea-8faa14c14f60","block_type":"box","text":"The Distributor may reallow discounts to selected securities dealers and other financial intermediaries","page_number":195,"box":{"x":116,"y":544,"width":759,"height":12}},{"id":"6583ee03-4db3-4fd2-9666-3b7ed69a465c","block_type":"box","text":"and retain the balance over such discounts. At times the Distributor may reallow the entire sales","page_number":195,"box":{"x":116,"y":560,"width":717,"height":12}},{"id":"6e5cab75-a50b-4276-9f45-d3772632b618","block_type":"box","text":"charge to such dealers. Since securities dealers and other financial intermediaries selling front-end","page_number":195,"box":{"x":116,"y":575,"width":739,"height":12}},{"id":"acb01c58-458e-4927-a706-ea72a9050cff","block_type":"box","text":"load shares of a Fund will receive a concession equal to most of the sales charge, they may be","page_number":195,"box":{"x":117,"y":591,"width":710,"height":12}},{"id":"6b3b7333-e6d8-4152-96a5-c93ee3bba6b9","block_type":"box","text":"deemed to be underwriters under the Securities Act.","page_number":195,"box":{"x":116,"y":606,"width":393,"height":10}},{"id":"0507331e-262e-47fa-a88e-ea38286471c9","block_type":"box","text":"Reduced Initial Sales Charges","page_number":195,"box":{"x":117,"y":637,"width":244,"height":12}},{"id":"e2f2bad7-f1b1-4e26-83fd-add8656398ac","block_type":"box","text":"Certain investors may be eligible for a reduction in or waiver of a sales load due to the nature of the","page_number":195,"box":{"x":117,"y":661,"width":737,"height":12}},{"id":"a147ac73-f47c-443c-a7a3-516146c26872","block_type":"box","text":"investors and/or the reduced sales efforts necessary to obtain their investments. Financial","page_number":195,"box":{"x":117,"y":676,"width":666,"height":12}},{"id":"2a4144e7-e32d-4eb4-b01b-06c7a93b207a","block_type":"box","text":"intermediaries may, in connection with a change in account type or otherwise in accordance with a","page_number":195,"box":{"x":117,"y":692,"width":730,"height":12}},{"id":"94e7858e-5d9e-4c87-b687-9b810c902d64","block_type":"box","text":"financial intermediary’s policies and procedures, exchange shares of a Fund from one class of shares","page_number":195,"box":{"x":116,"y":707,"width":754,"height":12}},{"id":"e38b4133-4caf-4f8e-b7d9-bf7570250b9a","block_type":"box","text":"to another class of shares of the same Fund provided that the exchanged shares are not subject to a","page_number":195,"box":{"x":116,"y":723,"width":748,"height":12}},{"id":"96ef6d1a-644d-4789-9a4d-7f11dbae76e2","block_type":"box","text":"contingent deferred sales charge and that shareholders meet the eligibility requirements of the new","page_number":195,"box":{"x":116,"y":738,"width":736,"height":12}},{"id":"cfb1f538-291a-415f-910c-b2cd869a59a6","block_type":"box","text":"share class. Certain sales load reductions and waivers may be available to customers of certain","page_number":195,"box":{"x":116,"y":754,"width":711,"height":12}},{"id":"ef53eef6-fef1-47c6-9f59-a293e16132d2","block_type":"box","text":"financial intermediaries, as described under “Intermediary-Defined Sales Charge Waiver Policies” in","page_number":195,"box":{"x":116,"y":769,"width":740,"height":12}},{"id":"124fc702-d6f2-4c1d-84c4-218fc95da3e7","block_type":"box","text":"the Fund’s Prospectus. Please speak to your financial intermediary for more information.","page_number":195,"box":{"x":116,"y":785,"width":656,"height":12}},{"id":"94dd84dd-f196-4ae5-9e9d-1a73cc5a90c7","block_type":"box","text":"Reinvested Dividends.","page_number":195,"box":{"x":116,"y":816,"width":165,"height":9}},{"id":"bd96b883-d340-4d03-83f2-501a295b2860","block_type":"box","text":"No sales charges are imposed upon shares issued as a result of the automatic","page_number":195,"box":{"x":289,"y":816,"width":583,"height":12}},{"id":"4a29ef02-64c9-463f-9ca1-0884d6c8a966","block_type":"box","text":"reinvestment of dividends.","page_number":195,"box":{"x":117,"y":831,"width":199,"height":10}},{"id":"77da46d6-068f-406b-ab9a-01b1a7a80916","block_type":"box","text":"Right of Accumulation.","page_number":195,"box":{"x":116,"y":862,"width":166,"height":12}},{"id":"7d821db3-9632-4435-8570-78db9f6b82a7","block_type":"box","text":"Investors have a “right of accumulation” under which any of the following may","page_number":195,"box":{"x":284,"y":862,"width":585,"height":12}},{"id":"f47706ea-70db-4303-ba1f-e7a40696116c","block_type":"box","text":"be combined with the amount of the current purchase in determining whether an investor qualifies for a","page_number":195,"box":{"x":117,"y":878,"width":768,"height":12}},{"id":"599599ba-60fe-4a3c-bc6f-c33f060b73cd","block_type":"box","text":"II-130","page_number":195,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"f815509f-b36c-49ed-950e-bcab809f8068","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":195,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"9be5e356-ae00-4d33-86ee-921aaeb0c047","block_type":"box","text":"breakpoint and a reduced front-end sales charge: (i) the current value of an investor’s existing Investor","page_number":196,"box":{"x":117,"y":87,"width":765,"height":12}},{"id":"e672f5ad-f114-49e9-aae9-1abf7810e172","block_type":"box","text":"A, Investor A1, Investor C, Investor P, Institutional, Class K and Premier Shares in most BlackRock","page_number":196,"box":{"x":116,"y":102,"width":741,"height":12}},{"id":"2dab31e3-08e6-45b9-afc2-694d9c71bb6b","block_type":"box","text":"Funds, (ii) the current value of an investor’s existing shares of certain unlisted closed-end management","page_number":196,"box":{"x":117,"y":118,"width":770,"height":12}},{"id":"4ae8a4d3-438e-4810-8b84-79f81ec3c9c9","block_type":"box","text":"investment companies sponsored and advised by BlackRock or its affiliates (“Eligible Unlisted","page_number":196,"box":{"x":117,"y":134,"width":699,"height":12}},{"id":"0a59d7b5-f80a-4ad7-a74f-38d3b44f0b54","block_type":"box","text":"BlackRock Closed-End Funds”) and (iii) the investment in the BlackRock CollegeAdvantage 529","page_number":196,"box":{"x":117,"y":149,"width":717,"height":12}},{"id":"6196a928-a435-4a98-a4a3-07189821d0e6","block_type":"box","text":"Program by the investor or by or on behalf of the investor’s spouse and children. Financial","page_number":196,"box":{"x":117,"y":165,"width":673,"height":12}},{"id":"678ca0d4-5f91-42e0-a3ff-a6fb7c4ba11f","block_type":"box","text":"intermediaries may value current holdings of their customers differently for purposes of determining","page_number":196,"box":{"x":117,"y":180,"width":741,"height":12}},{"id":"d208989b-74bc-4d32-830e-5f6bd11bc9de","block_type":"box","text":"whether an investor qualifies for a breakpoint and a reduced front-end sales charge, although","page_number":196,"box":{"x":116,"y":196,"width":698,"height":12}},{"id":"91965ce6-7100-4ad3-9250-318d145e23da","block_type":"box","text":"customers of the same financial intermediary will be treated similarly. In order to use this right, the","page_number":196,"box":{"x":116,"y":211,"width":732,"height":12}},{"id":"f0440c67-21d1-4ff4-9ceb-033c7de46650","block_type":"box","text":"investor must alert BlackRock to the existence of any previously purchased shares. Certain funds","page_number":196,"box":{"x":117,"y":227,"width":727,"height":12}},{"id":"c8932b7b-ad76-4164-9539-1f4b08def420","block_type":"box","text":"employ a “passive” management approach and attempt to match the performance of a target index as","page_number":196,"box":{"x":116,"y":242,"width":762,"height":12}},{"id":"2f54c6a2-2965-41c0-84c1-480dcc571669","block_type":"box","text":"closely as possible before the deduction of Fund expenses (“Index Funds”). Although Investor A","page_number":196,"box":{"x":116,"y":258,"width":717,"height":12}},{"id":"e7e09bb1-86bd-440d-ab2c-55a22353fee3","block_type":"box","text":"Shares of Index Funds and BlackRock Short Obligations Fund generally are not subject to a sales","page_number":196,"box":{"x":116,"y":273,"width":732,"height":12}},{"id":"df7f4ced-1e68-48a3-abb1-ad3946b047be","block_type":"box","text":"charge, an investor’s existing Investor A, Investor A1, Investor C, Investor P, Institutional, Class K and","page_number":196,"box":{"x":116,"y":289,"width":763,"height":12}},{"id":"e93cf612-544f-4d8e-9321-a3b489822887","block_type":"box","text":"Premier Shares in the Index Funds and BlackRock Short Obligations Fund may be combined with the","page_number":196,"box":{"x":117,"y":304,"width":757,"height":12}},{"id":"83de56c9-89eb-4359-aa42-e4c9c2e98adc","block_type":"box","text":"amount of an investor’s current purchase in determining whether an investor qualifies for a breakpoint","page_number":196,"box":{"x":116,"y":320,"width":760,"height":12}},{"id":"c1bbc03c-be11-4002-ba67-fe496a1d956d","block_type":"box","text":"and a reduced front-end sales charge.","page_number":196,"box":{"x":116,"y":335,"width":289,"height":12}},{"id":"bd165938-1b2c-40eb-b240-14cde565855e","block_type":"box","text":"Letter of Intent.","page_number":196,"box":{"x":116,"y":361,"width":111,"height":9}},{"id":"5e326052-e28e-4086-a59e-7c3967b949f9","block_type":"box","text":"An investor may qualify for a reduced front-end sales charge immediately by signing a","page_number":196,"box":{"x":229,"y":361,"width":649,"height":12}},{"id":"53fa59c6-a7b6-4ff1-8650-72bf2eb983b3","block_type":"box","text":"“Letter of Intent” stating the investor’s intention to make one or more of the following investments within","page_number":196,"box":{"x":116,"y":376,"width":770,"height":12}},{"id":"2a80ed90-0412-4a22-a8d8-83d7a1ad41fc","block_type":"box","text":"the next 13 months which would, if bought all at once, qualify the investor for a reduced sales charge:","page_number":196,"box":{"x":116,"y":392,"width":758,"height":12}},{"id":"139a4c09-7436-4135-985d-05c8e63dcae6","block_type":"box","text":"(i) buy a specified amount of Investor A, Investor C, Investor P, Institutional, Class K and/or Premier","page_number":196,"box":{"x":117,"y":407,"width":745,"height":12}},{"id":"efac0cf0-f73b-471f-a820-e4af24992394","block_type":"box","text":"Shares, (ii) make an investment in one or more Eligible Unlisted BlackRock Closed-End Funds and/or","page_number":196,"box":{"x":116,"y":423,"width":759,"height":12}},{"id":"70b69338-d0de-4cc7-b696-1964decf4c97","block_type":"box","text":"(iii) make an investment through the BlackRock CollegeAdvantage 529 Program in one or more","page_number":196,"box":{"x":117,"y":438,"width":712,"height":12}},{"id":"0987a7d9-b0d1-4766-afb0-95b1bcb4c3b4","block_type":"box","text":"BlackRock Funds. The initial investment must meet the minimum initial purchase requirement. The","page_number":196,"box":{"x":117,"y":454,"width":736,"height":12}},{"id":"f39c086c-9480-4ef2-9c9f-2cc9d7b546b5","block_type":"box","text":"13-month Letter of Intent period commences on the day that the Letter of Intent is received by the","page_number":196,"box":{"x":118,"y":469,"width":727,"height":12}},{"id":"6c083bc0-7901-4a2b-b5ee-a228e252d61a","block_type":"box","text":"Fund. The market value of current holdings in the BlackRock Funds (including Investor A, Investor C,","page_number":196,"box":{"x":117,"y":485,"width":754,"height":12}},{"id":"19dffa2d-bdaf-4b3f-959a-9b40f56e934f","block_type":"box","text":"Investor P, Institutional, Class K and Premier Shares, Eligible Unlisted BlackRock Closed-End Funds","page_number":196,"box":{"x":117,"y":500,"width":752,"height":12}},{"id":"9f4ad11a-a6bf-43d6-86ed-b642be22e1e5","block_type":"box","text":"and the BlackRock CollegeAdvantage 529 Program Class A and Class C Units) as of the date of","page_number":196,"box":{"x":116,"y":516,"width":722,"height":12}},{"id":"145651ad-f987-4aef-a0fd-456f47f19fe3","block_type":"box","text":"commencement that are eligible under the Right of Accumulation may be counted towards the sales","page_number":196,"box":{"x":116,"y":531,"width":747,"height":12}},{"id":"6c6afef8-8fd5-439e-b8a2-9bb0e6444d0e","block_type":"box","text":"charge reduction. The investor must notify the Fund of (i) any current holdings in the BlackRock Funds,","page_number":196,"box":{"x":116,"y":547,"width":770,"height":12}},{"id":"3b23a830-1d2d-4d28-890f-5e6d954506dd","block_type":"box","text":"Eligible Unlisted BlackRock Closed-End Funds and/or the BlackRock CollegeAdvantage 529 Program","page_number":196,"box":{"x":117,"y":562,"width":759,"height":12}},{"id":"ce516e4b-4f46-47a8-9a59-b521a63b9f91","block_type":"box","text":"that should be counted towards the sales charge reduction and (ii) any subsequent purchases that","page_number":196,"box":{"x":116,"y":578,"width":735,"height":12}},{"id":"54495d16-dca2-4ca1-92bf-8385ee89cb07","block_type":"box","text":"should be counted towards the Letter of Intent. During the term of the Letter of Intent, the Fund will","page_number":196,"box":{"x":116,"y":593,"width":737,"height":12}},{"id":"82a3380e-2825-4222-9f56-d4ea4ad73471","block_type":"box","text":"hold Investor A Shares and/or Investor P Shares, as applicable, representing up to 5% of the indicated","page_number":196,"box":{"x":117,"y":609,"width":765,"height":12}},{"id":"af517ba9-03df-4d19-bea8-471d982188af","block_type":"box","text":"amount in an escrow account for payment of a higher sales load if the full amount indicated in the","page_number":196,"box":{"x":116,"y":624,"width":728,"height":13}},{"id":"27dcba2e-9d60-4b45-8be6-474ff5fc17e4","block_type":"box","text":"Letter of Intent is not purchased. If the full amount indicated is not purchased within the 13-month","page_number":196,"box":{"x":117,"y":640,"width":726,"height":12}},{"id":"90913334-ad96-42a6-b150-98446278b2b4","block_type":"box","text":"period, and the investor does not pay the higher sales load within 20 days, the Fund will redeem","page_number":196,"box":{"x":117,"y":656,"width":717,"height":12}},{"id":"3f9a1420-52de-4b72-9df5-3dfdc462e971","block_type":"box","text":"enough of the Investor A Shares and/or Investor P Shares, as applicable, held in escrow to pay the","page_number":196,"box":{"x":116,"y":671,"width":735,"height":12}},{"id":"646b5ead-18b0-47f6-bdb4-08aef45d5656","block_type":"box","text":"difference.","page_number":196,"box":{"x":116,"y":686,"width":77,"height":10}},{"id":"5694b387-f775-492a-8137-5098623ad51a","block_type":"box","text":"Placement Fees.","page_number":196,"box":{"x":116,"y":712,"width":124,"height":10}},{"id":"ba2d2de6-7f93-46ec-8059-087fc44ed6b1","block_type":"box","text":"BlackRock may pay placement fees to dealers on purchases of Investor A and Investor P Shares of all","page_number":196,"box":{"x":117,"y":733,"width":759,"height":12}},{"id":"3ef37c78-dabd-434b-ac32-d3ee92528bd7","block_type":"box","text":"Funds, which may depend on the policies, procedures and trading platforms of your financial","page_number":196,"box":{"x":117,"y":748,"width":685,"height":12}},{"id":"4624a06c-40d4-4850-96a5-915cfcd7b8f2","block_type":"box","text":"intermediary.","page_number":196,"box":{"x":117,"y":764,"width":94,"height":12}},{"id":"5130cd77-b9e3-48fa-b43b-784c7f241331","block_type":"box","text":"Except as noted below, these placement fees may be up to the following amounts for Investor A","page_number":196,"box":{"x":117,"y":790,"width":712,"height":12}},{"id":"9793364b-aebe-4c63-917f-9f3f9f00d696","block_type":"box","text":"Shares:","page_number":196,"box":{"x":116,"y":805,"width":56,"height":10}},{"id":"50aea0bf-0315-437a-b3dc-5d2d192b25d7","block_type":"box","text":"$1 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million","page_number":198,"box":{"x":150,"y":489,"width":260,"height":12}},{"id":"0ed4f3e2-de88-4adf-bad2-8c4aa6f479ab","block_type":"box","text":"........","page_number":198,"box":{"x":417,"y":498,"width":65,"height":2}},{"id":"8dbcc43b-739b-4d61-ad95-b22bd4d3244d","block_type":"box","text":"0.50%","page_number":198,"box":{"x":484,"y":490,"width":51,"height":10}},{"id":"37089eae-8ac9-4bef-a662-b76bdcb3ef54","block_type":"box","text":"$10 million and above","page_number":198,"box":{"x":150,"y":505,"width":168,"height":11}},{"id":"77be26ee-02be-41db-a5e0-7120ff44abc4","block_type":"box","text":"...................","page_number":198,"box":{"x":319,"y":514,"width":163,"height":1}},{"id":"604a88d2-2c1c-4cd6-9560-350c703b8654","block_type":"box","text":"0.25%","page_number":198,"box":{"x":484,"y":506,"width":51,"height":9}},{"id":"94f9fea7-ac65-4960-a386-a91c795245b8","block_type":"box","text":"With respect to Investor A Shares of BlackRock Dynamic High Income Portfolio (for shares 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and","page_number":198,"box":{"x":708,"y":723,"width":157,"height":9}},{"id":"3a4b189c-b915-4145-9da2-0ecd73ffa0c4","block_type":"box","text":"BlackRock LifePath","page_number":198,"box":{"x":117,"y":738,"width":143,"height":10}},{"id":"81d75485-71c6-4969-9443-6f0e1a2b6975","block_type":"box","text":"®","page_number":198,"box":{"x":261,"y":737,"width":10,"height":7}},{"id":"ef6ccfbd-1485-4618-b1dd-228d5687cc11","block_type":"box","text":"Index Retirement Fund of BlackRock Funds III, the placement fees may be up to","page_number":198,"box":{"x":277,"y":738,"width":596,"height":12}},{"id":"976f5b72-e496-483c-8993-3bba30637dc1","block_type":"box","text":"the following amounts:","page_number":198,"box":{"x":116,"y":754,"width":166,"height":12}},{"id":"9872062b-3d59-4754-b582-59908aed13f8","block_type":"box","text":"$1,000,000 and above","page_number":198,"box":{"x":150,"y":784,"width":166,"height":12}},{"id":"3a5e6283-74a7-4e08-8d31-c2ab0d1b4275","block_type":"box","text":"..................","page_number":198,"box":{"x":328,"y":793,"width":154,"height":1}},{"id":"7d3b0b2b-6739-4a9e-9b12-69e3e0fda084","block_type":"box","text":"0.10%","page_number":198,"box":{"x":484,"y":785,"width":46,"height":9}},{"id":"a17f42de-2719-4073-a813-f602edfccbc0","block_type":"box","text":"With respect to Investor P Shares of iShares Municipal Bond Index Fund of BlackRock Funds","page_number":198,"box":{"x":116,"y":816,"width":693,"height":12}},{"id":"abd54458-47cd-4bd5-80dd-9202e741c15e","block_type":"box","text":"SM","page_number":198,"box":{"x":810,"y":816,"width":15,"height":6}},{"id":"5313d3dd-48d0-4b09-ada9-b31992aca1c9","block_type":"box","text":", the","page_number":198,"box":{"x":828,"y":816,"width":31,"height":11}},{"id":"fa7f41a2-ed0a-45cc-b23a-713de52813ed","block_type":"box","text":"placement fees may be up to the following amounts:","page_number":198,"box":{"x":117,"y":831,"width":392,"height":12}},{"id":"dba52052-ba7e-4990-a6e7-b09d1b08518c","block_type":"box","text":"$1,000,000 and above","page_number":198,"box":{"x":150,"y":861,"width":172,"height":12}},{"id":"eaf4e794-be91-45cf-b286-a46c0908ce8d","block_type":"box","text":"..................","page_number":198,"box":{"x":328,"y":870,"width":154,"height":2}},{"id":"6c34aa13-ee87-4e28-a15d-583af74b8060","block_type":"box","text":"0.15%","page_number":198,"box":{"x":484,"y":862,"width":51,"height":10}},{"id":"8564bedf-7548-43c8-8460-4037de49ad9a","block_type":"box","text":"II-133","page_number":198,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"8d08e605-cca7-417c-8d4b-64b92b3d7446","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":198,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"6d12b55b-3a01-4f82-a058-a49318b14dab","block_type":"box","text":"There are no placement fees for Investor P Shares of iShares MSCI 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of","page_number":199,"box":{"x":116,"y":164,"width":716,"height":13}},{"id":"2ed4c6a3-db77-4c91-aa25-0344a0e4de0f","block_type":"box","text":"BlackRock Funds V will result in a placement fee of up to 0.50% on the first $3 million and a placement","page_number":199,"box":{"x":117,"y":179,"width":768,"height":13}},{"id":"c110813d-6413-4f53-8ad5-02ceb4435275","block_type":"box","text":"fee of 0.25% on the final $1 million).","page_number":199,"box":{"x":116,"y":195,"width":272,"height":13}},{"id":"ec8a3a08-0177-42fd-80dd-8aaac289072c","block_type":"box","text":"Other.","page_number":199,"box":{"x":117,"y":227,"width":44,"height":9}},{"id":"66a308ca-aa62-4263-aaea-1daa61ffa00b","block_type":"box","text":"The following persons may also buy Investor A or Investor P Shares without paying a sales","page_number":199,"box":{"x":163,"y":227,"width":685,"height":12}},{"id":"89633218-d009-459e-a494-da5e5de38bfe","block_type":"box","text":"charge: (a) certain employer-sponsored retirement plans (for purposes of this waiver, employer","page_number":199,"box":{"x":116,"y":242,"width":710,"height":12}},{"id":"11e87fd7-f1d1-4b33-925c-985e61dd412d","block_type":"box","text":"sponsored retirement plans do not include SEP IRAs, SIMPLE IRAs or SARSEPs); (b) rollovers of","page_number":199,"box":{"x":116,"y":258,"width":733,"height":12}},{"id":"204c5c72-bcae-4071-831c-f420f96d6f81","block_type":"box","text":"current investments through certain employer-sponsored retirement plans provided the shares are","page_number":199,"box":{"x":116,"y":273,"width":733,"height":12}},{"id":"2999d008-c92a-4447-8d09-0439ab979ae5","block_type":"box","text":"transferred to Investor A or Investor P, as applicable, shares of the same or another BlackRock Fund","page_number":199,"box":{"x":116,"y":289,"width":754,"height":12}},{"id":"e41dc903-0f3d-4384-b7a1-4e9209038b1d","block_type":"box","text":"as either a direct rollover, or subsequent to distribution, the rolled-over proceeds are contributed to a","page_number":199,"box":{"x":116,"y":304,"width":750,"height":12}},{"id":"1b0edf5d-2e60-4b7c-a577-c9107c7e1bb5","block_type":"box","text":"BlackRock IRA through an account directly with the Fund; or purchases by IRA programs that are","page_number":199,"box":{"x":117,"y":320,"width":728,"height":12}},{"id":"aaa3fabb-71c9-43fc-85cf-3da74695bfde","block_type":"box","text":"sponsored by financial intermediary firms provided the financial intermediary firm has entered into a","page_number":199,"box":{"x":116,"y":335,"width":744,"height":12}},{"id":"38885cf1-c458-438a-8f6b-071cbaf8ac51","block_type":"box","text":"Class A or Investor P NAV agreement, as applicable, with respect to such program with the Distributor;","page_number":199,"box":{"x":117,"y":351,"width":768,"height":12}},{"id":"63c48ba4-65c1-4012-ad26-2a778ad44159","block_type":"box","text":"(c) insurance company separate accounts; (d) registered investment advisers, trust companies and","page_number":199,"box":{"x":117,"y":366,"width":740,"height":12}},{"id":"936f003c-bc04-4249-bf23-d06ceef66db3","block_type":"box","text":"bank trust departments exercising discretionary investment authority with respect to amounts to be","page_number":199,"box":{"x":117,"y":382,"width":736,"height":12}},{"id":"880e123c-7430-4d98-a8e0-4384196e10e7","block_type":"box","text":"invested in a Fund; (e) persons participating in a fee-based program (such as a wrap account) under","page_number":199,"box":{"x":117,"y":397,"width":750,"height":12}},{"id":"90b20509-cd40-4892-88b6-a14ef13e80fc","block_type":"box","text":"which they pay advisory fees to a broker-dealer or other financial institution; (f) financial intermediaries","page_number":199,"box":{"x":116,"y":413,"width":764,"height":12}},{"id":"43234b87-9f0a-46f8-8187-912f1ec5fd2a","block_type":"box","text":"who have entered into an agreement with the Distributor and have been approved by the Distributor to","page_number":199,"box":{"x":116,"y":428,"width":764,"height":12}},{"id":"9e600888-e307-4750-ad92-e365a576335f","block_type":"box","text":"offer Fund shares to self-directed investment brokerage accounts that may or may not charge a","page_number":199,"box":{"x":116,"y":444,"width":714,"height":12}},{"id":"d45ed664-0057-4bcd-8fd3-3b37bee5a192","block_type":"box","text":"transaction fee; (g) state sponsored 529 college savings plans and rollovers of such 529 plans into","page_number":199,"box":{"x":116,"y":459,"width":736,"height":12}},{"id":"415f228b-e528-4633-b1de-bd79adea500b","block_type":"box","text":"Roth IRAs as permitted under the Internal Revenue Code; (h) with respect to Investor A Shares only,","page_number":199,"box":{"x":117,"y":475,"width":753,"height":12}},{"id":"7baf99fc-88d1-4d11-9596-4f43123eb41e","block_type":"box","text":"accounts opened directly with a Fund that do not have a financial intermediary associated with the","page_number":199,"box":{"x":116,"y":490,"width":733,"height":12}},{"id":"413783d1-775f-4cf0-9c10-073f774bce38","block_type":"box","text":"account; and (i) persons involuntarily liquidated from a Fund, who within 60 days of liquidation buy new","page_number":199,"box":{"x":116,"y":506,"width":769,"height":12}},{"id":"84f2d3be-d68c-4b89-92ba-ce9a1ff10519","block_type":"box","text":"shares of another BlackRock Fund (but only up to the amount that was liquidated). The following","page_number":199,"box":{"x":116,"y":521,"width":721,"height":12}},{"id":"16882379-9483-46bd-a477-de43977dd51b","block_type":"box","text":"persons associated with the Funds, the Fund’s Manager, Sub-Advisers, Transfer Agent, Distributor,","page_number":199,"box":{"x":117,"y":537,"width":743,"height":12}},{"id":"55bf326c-a488-4b42-90cd-539272dec4cd","block_type":"box","text":"fund accounting agents, Barclays PLC and their affiliates may buy Investor A or Investor P Shares of","page_number":199,"box":{"x":116,"y":552,"width":752,"height":12}},{"id":"fb2fea16-082f-43b1-b3ef-dc19d10fa2ac","block_type":"box","text":"each of the Funds without paying a sales charge to the extent permitted by these firms including:","page_number":199,"box":{"x":116,"y":568,"width":723,"height":12}},{"id":"f8f747a4-3f6e-4989-b0b8-3d315bff05be","block_type":"box","text":"(a) officers, directors and partners; (b) employees and retirees; (c) employees or registered","page_number":199,"box":{"x":117,"y":583,"width":680,"height":12}},{"id":"9ea69f85-4d31-41ea-98b7-6abbc7632199","block_type":"box","text":"representatives of firms who have entered into selling agreements to distribute shares of BlackRock","page_number":199,"box":{"x":117,"y":599,"width":745,"height":12}},{"id":"d31d5735-ee1e-4dd9-a219-fb8d101c8a1e","block_type":"box","text":"advised funds; (d) immediate family members of such persons (“immediate family members” shall be","page_number":199,"box":{"x":116,"y":614,"width":753,"height":12}},{"id":"4069be6c-05b8-4fa8-a114-26cd16293e6d","block_type":"box","text":"defined as the investor, the investor’s spouse or domestic partner, children, parents and siblings); and","page_number":199,"box":{"x":116,"y":630,"width":761,"height":12}},{"id":"18bf7380-85f1-4424-b006-a7abaa7853a1","block_type":"box","text":"(e) any trust, pension, profit-sharing or other benefit plan for any of the persons set forth in (a) through","page_number":199,"box":{"x":117,"y":645,"width":762,"height":12}},{"id":"ee641ea0-1893-4001-8261-4af962ffa4bf","block_type":"box","text":"(d). Investors who qualify for any of these exemptions from the sales charge should purchase","page_number":199,"box":{"x":117,"y":661,"width":692,"height":12}},{"id":"ad7e665f-a5c5-41e4-b03d-b6aa51c65a09","block_type":"box","text":"Investor A or Investor P Shares. In addition, a sales charge waiver may be available for investors","page_number":199,"box":{"x":117,"y":676,"width":719,"height":12}},{"id":"84e39240-7e21-4a38-8c0b-0423ba3ad91f","block_type":"box","text":"exchanging Investor A Shares of one BlackRock Fund for Investor P Shares of another BlackRock","page_number":199,"box":{"x":116,"y":692,"width":730,"height":12}},{"id":"f86b6db5-6e08-4c1f-b8e9-0b5e16179b6c","block_type":"box","text":"Fund, or exchanging Investor P Shares of one BlackRock Fund for Investor A Shares of another","page_number":199,"box":{"x":117,"y":707,"width":713,"height":12}},{"id":"0436af7a-5314-40b7-9957-1173e25e5200","block_type":"box","text":"BlackRock Fund, through an intermediary-processed exchange, provided that the investor had","page_number":199,"box":{"x":117,"y":723,"width":699,"height":12}},{"id":"e8ee5648-792a-4315-bf07-b5b92b3b9dae","block_type":"box","text":"previously paid a sales charge with respect to such shares. The availability of Investor A or Investor P","page_number":199,"box":{"x":117,"y":738,"width":753,"height":12}},{"id":"09b13b1b-4a13-442f-8ac8-02856c818265","block_type":"box","text":"Shares sales charge waivers may depend upon the policies, procedures and trading platforms of your","page_number":199,"box":{"x":116,"y":754,"width":756,"height":12}},{"id":"7acdb88d-8d92-46bb-b44a-474fd88b1729","block_type":"box","text":"financial intermediary; consult your financial adviser.","page_number":199,"box":{"x":116,"y":769,"width":387,"height":12}},{"id":"14fd3831-ab71-4b69-b046-1a5cf1a066fe","block_type":"box","text":"If you invest $1,000,000 ($250,000 for BlackRock Dynamic High Income Portfolio, BlackRock Multi","page_number":199,"box":{"x":117,"y":799,"width":736,"height":13}},{"id":"73eab05d-876a-4a0d-ad04-330281126530","block_type":"box","text":"Asset Income Portfolio and BlackRock Managed Income Fund of BlackRock Funds II, BlackRock","page_number":199,"box":{"x":116,"y":816,"width":720,"height":12}},{"id":"b72bc07d-f69d-4080-9ecb-1863c2fdb203","block_type":"box","text":"Credit Relative Value Fund of BlackRock Funds IV, BlackRock Total Return Fund of BlackRock Bond","page_number":199,"box":{"x":117,"y":831,"width":755,"height":11}},{"id":"f4fb7355-25de-4b7d-8eff-e74f4f2c79bc","block_type":"box","text":"Fund, Inc., BlackRock Global Allocation Fund, Inc., BlackRock National Municipal Fund of BlackRock","page_number":199,"box":{"x":117,"y":847,"width":754,"height":12}},{"id":"4f0ab416-974a-4046-9df3-7bb41a287455","block_type":"box","text":"Municipal Bond Fund, Inc., BlackRock Short Duration Muni Fund of BlackRock Municipal Bond Fund,","page_number":199,"box":{"x":117,"y":862,"width":754,"height":12}},{"id":"84359e67-f470-40bc-b687-886048edec24","block_type":"box","text":"Inc., BlackRock Strategic Municipal Opportunities Fund of BlackRock Municipal Series Trust,","page_number":199,"box":{"x":117,"y":878,"width":693,"height":12}},{"id":"fc18a927-62ef-4a22-80b7-ab0ba534ba02","block_type":"box","text":"II-134","page_number":199,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"2ea32e62-4e1f-4631-9510-2637df5ba0cb","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":199,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"17574424-f8f5-4c3f-a617-160b88fb952f","block_type":"box","text":"BlackRock California Municipal Opportunities Fund of BlackRock California Municipal Series Trust,","page_number":200,"box":{"x":117,"y":87,"width":736,"height":12}},{"id":"b4dc1e25-d4d1-4303-88a2-f50c874f36cc","block_type":"box","text":"BlackRock New York Municipal Opportunities Fund, BlackRock New Jersey Municipal Bond Fund and","page_number":200,"box":{"x":117,"y":102,"width":761,"height":13}},{"id":"13b799da-27c7-4113-a95d-337bb911643a","block_type":"box","text":"BlackRock Pennsylvania Municipal Bond Fund of BlackRock Multi-State Municipal Series Trust,","page_number":200,"box":{"x":117,"y":118,"width":714,"height":12}},{"id":"bda53870-2c33-4617-988c-deb5127de327","block_type":"box","text":"BlackRock Event Driven Equity Fund and BlackRock Balanced Fund, Inc., and $500,000 for BlackRock","page_number":200,"box":{"x":117,"y":133,"width":770,"height":13}},{"id":"9ccf8530-13e9-42d1-909b-b0c29126ea68","block_type":"box","text":"Low Duration Bond Portfolio, BlackRock Floating Rate Income Portfolio, BlackRock Income Fund and","page_number":200,"box":{"x":117,"y":149,"width":757,"height":12}},{"id":"70d5d17a-ca04-43b3-a98d-e23427d1a354","block_type":"box","text":"BlackRock Strategic Income Opportunities Portfolio of BlackRock Funds V) or more in Investor A or","page_number":200,"box":{"x":117,"y":165,"width":742,"height":12}},{"id":"9b010af6-6cb6-4309-aab2-e09a11914bf6","block_type":"box","text":"Investor P Shares, as applicable, you may not pay an initial sales charge. 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The Investor A Shares deferred sales charge is only charged upon","page_number":200,"box":{"x":117,"y":320,"width":722,"height":12}},{"id":"fd5612c2-7f3a-49a4-a238-e5b5b5d8580a","block_type":"box","text":"redemptions of Investor A Shares within 18 months after you originally acquired such Investor A","page_number":200,"box":{"x":117,"y":335,"width":716,"height":12}},{"id":"7311cd4b-2fc9-40aa-8475-7beb622522e3","block_type":"box","text":"Shares of the Investor A Load-Waived BlackRock Portfolio (a shorter holding period may apply","page_number":200,"box":{"x":116,"y":351,"width":708,"height":12}},{"id":"2fd90a18-af38-4ad6-864b-1b86f65303cc","block_type":"box","text":"depending on the Investor A Load-Waived BlackRock Portfolio), unless you qualify for a waiver. There","page_number":200,"box":{"x":116,"y":366,"width":763,"height":12}},{"id":"ae5dba24-41b5-457a-bc49-8a30de18ac12","block_type":"box","text":"is no deferred sales charge charged on redemptions if you have owned your Investor A Shares for","page_number":200,"box":{"x":117,"y":382,"width":733,"height":12}},{"id":"2edad0df-2f1e-47fd-a8e4-5722eda1734e","block_type":"box","text":"more than 18 months (or for a shorter holding period, as applicable) (as measured from your original","page_number":200,"box":{"x":117,"y":397,"width":749,"height":12}},{"id":"dd5c9829-9e78-44f4-8580-41ce69d0d46b","block_type":"box","text":"purchase of Investor A Shares that you exchanged into Investor A Shares of the Index Fund or","page_number":200,"box":{"x":117,"y":413,"width":707,"height":12}},{"id":"edc92480-0f28-4b3e-8ad8-bcdd97920984","block_type":"box","text":"BlackRock Short Obligations Fund).","page_number":200,"box":{"x":117,"y":428,"width":270,"height":12}},{"id":"7bec1d9a-33f1-45f7-a180-3b7d20cee9b6","block_type":"box","text":"The deferred sales charge on Investor A or Investor P Shares, as applicable, is not charged in connection","page_number":200,"box":{"x":116,"y":459,"width":764,"height":12}},{"id":"207eaf46-b070-437d-85df-72fd242ac5bd","block_type":"box","text":"with: (a) redemptions of Investor A or Investor P Shares purchased through certain employer-sponsored","page_number":200,"box":{"x":116,"y":475,"width":752,"height":12}},{"id":"024b3590-4a77-4218-9825-2869b7507b99","block_type":"box","text":"retirement plans and rollovers of current investments in a Fund through such plans; (b) exchanges","page_number":200,"box":{"x":117,"y":490,"width":709,"height":12}},{"id":"c705391d-0962-44e2-8805-a5f385d4cb7c","block_type":"box","text":"described in “Exchange Privilege” below; (c) redemptions made in connection with minimum required","page_number":200,"box":{"x":116,"y":506,"width":730,"height":12}},{"id":"df22eb1b-677c-4f4f-aa04-459bbadcd6e5","block_type":"box","text":"distributions from IRA and 403(b)(7) accounts due to the shareholder reaching the applicable age","page_number":200,"box":{"x":116,"y":521,"width":704,"height":12}},{"id":"11d448ca-98ef-4a3d-9f85-cb2f056e15e0","block_type":"box","text":"triggering such distributions; (d) redemptions made with respect to certain retirement plans sponsored by a","page_number":200,"box":{"x":116,"y":537,"width":770,"height":12}},{"id":"eb49bde5-f549-41b4-b3b9-bb888bfc219f","block_type":"box","text":"Fund, BlackRock or its affiliates; (e) redemptions (i) within one year of a shareholder’s death or, if later, the","page_number":200,"box":{"x":117,"y":552,"width":768,"height":12}},{"id":"b950f8b6-ddb5-4e64-a66c-bb39f39acb57","block_type":"box","text":"receipt of a certified probate settlement (including in connection with the distribution of account assets to a","page_number":200,"box":{"x":117,"y":568,"width":765,"height":12}},{"id":"57f351a0-524e-4bfa-8a1a-e78b48c44a1c","block_type":"box","text":"beneficiary of the decedent) or (ii) in connection with a shareholder’s disability (as defined in the Code)","page_number":200,"box":{"x":117,"y":583,"width":740,"height":12}},{"id":"3bfd5465-3024-473b-8618-547413bc2175","block_type":"box","text":"subsequent to the purchase of Investor A or Investor P Shares; (f) involuntary redemptions of Investor A or","page_number":200,"box":{"x":116,"y":599,"width":771,"height":12}},{"id":"2ad19d47-1a1a-4182-8bc3-a668ef7401f7","block_type":"box","text":"Investor P Shares in accounts with low balances; (g) certain redemptions made pursuant to the","page_number":200,"box":{"x":117,"y":614,"width":687,"height":12}},{"id":"61427ef2-b051-4294-a527-e52b2b0b7672","block_type":"box","text":"Systematic Withdrawal Plan (described below); (h) redemptions related to the payment of BNY Mellon","page_number":200,"box":{"x":116,"y":630,"width":738,"height":12}},{"id":"0c2da356-9856-4014-b7af-241e98d8a098","block_type":"box","text":"Investment Servicing Trust Company custodial IRA fees; and (i) redemptions when a shareholder can","page_number":200,"box":{"x":117,"y":645,"width":734,"height":12}},{"id":"f9b51667-5988-468b-82ea-dd92d9900a62","block_type":"box","text":"demonstrate hardship, in the absolute discretion of a Fund.","page_number":200,"box":{"x":116,"y":661,"width":423,"height":12}},{"id":"d561936c-d602-4f59-a5db-52535e75982b","block_type":"box","text":"With respect to certain employer-sponsored retirement plans, if a dealer waives its right to receive a","page_number":200,"box":{"x":116,"y":692,"width":740,"height":12}},{"id":"e65efaa9-e750-40e5-8e42-75cf1d2f8dab","block_type":"box","text":"placement fee, the Fund may, at its own discretion, waive the CDSC related to purchases of","page_number":200,"box":{"x":117,"y":707,"width":683,"height":12}},{"id":"cfddd52a-b44c-4a20-b055-2faa4ebb9bf7","block_type":"box","text":"$1,000,000 ($250,000 for BlackRock Dynamic High Income Portfolio, BlackRock Multi-Asset Income","page_number":200,"box":{"x":116,"y":722,"width":745,"height":13}},{"id":"f7d64597-d189-4c2d-8403-899f9443a68f","block_type":"box","text":"Portfolio and BlackRock Managed Income Fund of BlackRock Funds II, BlackRock Credit Relative","page_number":200,"box":{"x":117,"y":738,"width":727,"height":12}},{"id":"9a60b39f-1095-4135-822f-b78d4573a699","block_type":"box","text":"Value Fund of BlackRock Funds IV, BlackRock Total Return Fund of BlackRock Bond Fund, Inc.,","page_number":200,"box":{"x":116,"y":754,"width":719,"height":11}},{"id":"4aae2030-d1f7-4618-ac7c-f2ff57c64969","block_type":"box","text":"BlackRock Global Allocation Fund, Inc., BlackRock National Municipal Fund of BlackRock Municipal","page_number":200,"box":{"x":117,"y":769,"width":740,"height":12}},{"id":"9f0c396c-1db7-476d-9943-56b877a267eb","block_type":"box","text":"Bond Fund, Inc., BlackRock Short Duration Muni Fund of BlackRock Municipal Bond Fund, Inc.,","page_number":200,"box":{"x":117,"y":785,"width":709,"height":12}},{"id":"4d9e4b5b-4ccf-4f31-bd41-7af6ac4d3514","block_type":"box","text":"BlackRock Strategic Municipal Opportunities Fund of BlackRock Municipal Series Trust, BlackRock","page_number":200,"box":{"x":117,"y":800,"width":736,"height":12}},{"id":"118dbbc0-9863-46fd-8b0b-5bdfcc576508","block_type":"box","text":"California Municipal Opportunities Fund of BlackRock California Municipal Series Trust, BlackRock","page_number":200,"box":{"x":117,"y":816,"width":732,"height":12}},{"id":"9bb8647a-0ef7-4dd2-892b-d2abad293bab","block_type":"box","text":"New York Municipal Opportunities Fund, BlackRock New Jersey Municipal Bond Fund and BlackRock","page_number":200,"box":{"x":117,"y":831,"width":761,"height":12}},{"id":"c0206e17-86d8-4419-896e-57dded380eaa","block_type":"box","text":"Pennsylvania Municipal Bond Fund of BlackRock Multi-State Municipal Series Trust, BlackRock Event","page_number":200,"box":{"x":117,"y":847,"width":762,"height":12}},{"id":"c03813f7-c66c-42e6-bc8a-983a39fd928b","block_type":"box","text":"Driven Equity Fund and BlackRock Balanced Fund, Inc., and $500,000 for BlackRock Low Duration","page_number":200,"box":{"x":117,"y":861,"width":742,"height":13}},{"id":"4af71819-6f69-4456-b97c-96d8d000efc4","block_type":"box","text":"Bond Portfolio, BlackRock Floating Rate Income Portfolio, BlackRock Income Fund and BlackRock","page_number":200,"box":{"x":117,"y":878,"width":738,"height":12}},{"id":"2899277e-ea25-49a0-a72d-f36fe19bc5c1","block_type":"box","text":"II-135","page_number":200,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"6e83991b-eb4f-46d7-823e-aa0ce62c5dcf","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":200,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"a4643136-5a2f-483e-9f09-c4d81db43a6f","block_type":"box","text":"Strategic Income Opportunities Portfolio of BlackRock Funds V) or more of Investor A or Investor P","page_number":201,"box":{"x":116,"y":87,"width":740,"height":12}},{"id":"c96ee9fe-af16-43a5-99dd-d35363b4e807","block_type":"box","text":"Shares. This may depend upon the policies, procedures and trading platforms of your financial","page_number":201,"box":{"x":116,"y":102,"width":706,"height":13}},{"id":"c029e497-fba4-471e-83c9-2f0b760de6ab","block_type":"box","text":"intermediary; consult your financial adviser.","page_number":201,"box":{"x":117,"y":118,"width":326,"height":12}},{"id":"d6059efe-3a99-4280-b6f2-e1dd631c769c","block_type":"box","text":"Investor A and Investor P Shares are also available at NAV to investors that, for regulatory reasons,","page_number":201,"box":{"x":117,"y":149,"width":746,"height":12}},{"id":"15f79fa2-0d7a-4038-9884-dc1fe9d7e7e6","block_type":"box","text":"are required to transfer investment positions from a foreign registered investment company advised by","page_number":201,"box":{"x":116,"y":165,"width":765,"height":12}},{"id":"6d90d067-65ee-411b-a346-4632d7b4914d","block_type":"box","text":"BlackRock or its affiliates to a U.S. registered BlackRock-advised fund.","page_number":201,"box":{"x":117,"y":180,"width":530,"height":12}},{"id":"f0ef3b18-e4fd-4e61-aedf-ef8c6c9d16e3","block_type":"box","text":"Acquisition of Certain Investment Companies.","page_number":201,"box":{"x":115,"y":211,"width":340,"height":12}},{"id":"d07998a8-ca85-4414-a566-aa8aa7dcf076","block_type":"box","text":"Investor A and Investor P Shares may be offered at NAV","page_number":201,"box":{"x":456,"y":211,"width":432,"height":12}},{"id":"d916e7e6-d4a9-4af1-a8f6-4901b36ca15a","block_type":"box","text":"in connection with the acquisition of the assets of, or merger or consolidation with, a personal holding","page_number":201,"box":{"x":117,"y":227,"width":755,"height":12}},{"id":"486e7405-a337-4e78-8e1e-0a6f574946f4","block_type":"box","text":"company or a public or private investment company.","page_number":201,"box":{"x":116,"y":242,"width":394,"height":12}},{"id":"e54e011c-cea1-4f45-a60d-77823c9fff68","block_type":"box","text":"Purchases Through Certain Financial Intermediaries.","page_number":201,"box":{"x":116,"y":273,"width":392,"height":12}},{"id":"43283ed1-6c42-4d85-b410-7fc3d1cab2a7","block_type":"box","text":"Reduced sales charges may be applicable for","page_number":201,"box":{"x":509,"y":273,"width":350,"height":12}},{"id":"46cb36f8-107b-4577-b790-3250922ea7b3","block_type":"box","text":"purchases of Investor A, Investor A1 or Investor P Shares of a Fund through certain financial advisers,","page_number":201,"box":{"x":117,"y":289,"width":764,"height":12}},{"id":"077d3877-0221-4fd6-84c0-fc8df8115569","block_type":"box","text":"selected securities dealers and other financial intermediaries that meet and adhere to standards","page_number":201,"box":{"x":116,"y":304,"width":717,"height":10}},{"id":"b069f583-1040-4bce-bd25-eb449b2fc6c5","block_type":"box","text":"established by the Manager from time to time.","page_number":201,"box":{"x":116,"y":320,"width":346,"height":12}},{"id":"6303951b-bae5-4c86-8462-b402b432a85a","block_type":"box","text":"Deferred Sales Charge Alternative — Investor C Shares","page_number":201,"box":{"x":117,"y":351,"width":445,"height":12}},{"id":"97233891-2d9c-43db-b699-44bbbccba471","block_type":"box","text":"Investors choosing the deferred sales charge alternative should consider Investor C Shares if they are","page_number":201,"box":{"x":117,"y":374,"width":762,"height":12}},{"id":"eb585fb7-26b3-45ce-be9b-1916906a7cec","block_type":"box","text":"uncertain as to the length of time they intend to hold their assets in a Fund. If you select Investor C","page_number":201,"box":{"x":117,"y":389,"width":736,"height":12}},{"id":"ade0227c-14e8-44ea-b64f-4ecf6b597db4","block_type":"box","text":"Shares, you do not pay an initial sales charge at the time of purchase. A Fund will not accept a","page_number":201,"box":{"x":116,"y":405,"width":708,"height":12}},{"id":"1f24362b-0e21-4acb-828c-56697fff2c88","block_type":"box","text":"purchase order of $500,000 or more for Investor C Shares (may be lower on funds that have set a","page_number":201,"box":{"x":117,"y":420,"width":732,"height":12}},{"id":"7895752a-b772-4597-9be5-0b0886b3672e","block_type":"box","text":"lower breakpoint for NAV). Your financial intermediary may set a lower maximum for Investor C","page_number":201,"box":{"x":117,"y":436,"width":711,"height":12}},{"id":"359cff2f-f849-4ba4-aa5e-5440b79bcaaf","block_type":"box","text":"Shares.","page_number":201,"box":{"x":116,"y":451,"width":62,"height":10}},{"id":"aa475f58-2c48-40c8-abfe-60493ffac192","block_type":"box","text":"Investor C Shares are not available in accounts opened or held directly with a Fund that do not have a","page_number":201,"box":{"x":117,"y":482,"width":762,"height":12}},{"id":"9e1c6203-c177-4f7b-a836-89da93abd699","block_type":"box","text":"financial intermediary associated with the account.","page_number":201,"box":{"x":116,"y":498,"width":379,"height":12}},{"id":"ec996443-2ac4-49a2-92ce-966ac36067e1","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":201,"box":{"x":117,"y":529,"width":700,"height":12}},{"id":"0fbfcf50-cbcb-4c72-8a5b-2a6b378519ab","block_type":"box","text":"The deferred sales charge alternatives may be particularly appealing to investors who do not qualify for","page_number":201,"box":{"x":116,"y":560,"width":771,"height":12}},{"id":"a40c22e5-7430-47d5-b1d7-cc68a8dae7ae","block_type":"box","text":"the reduction in initial sales charges. CDSC shares are subject to ongoing service fees and distribution","page_number":201,"box":{"x":116,"y":575,"width":767,"height":12}},{"id":"84144b01-4384-49b8-95a3-6f460c91b980","block_type":"box","text":"fees; however, these fees potentially may be offset to the extent any return is realized on the additional","page_number":201,"box":{"x":116,"y":591,"width":769,"height":12}},{"id":"6fef74fe-0d2e-4172-85dc-fb1a17ca1918","block_type":"box","text":"funds initially invested in CDSC shares.","page_number":201,"box":{"x":116,"y":606,"width":298,"height":12}},{"id":"9c0f1e96-7e13-443c-a064-0c27197c16e4","block_type":"box","text":"BlackRock compensates financial advisers and other financial intermediaries for selling CDSC shares","page_number":201,"box":{"x":117,"y":637,"width":758,"height":12}},{"id":"35a1c470-2539-4ede-9632-9a8763c1d56b","block_type":"box","text":"at the time of purchase from its own funds. Proceeds from the CDSC and the distribution fee are paid","page_number":201,"box":{"x":116,"y":653,"width":757,"height":12}},{"id":"d2e7b4a7-342f-4ba1-80a5-fd1661bc38e7","block_type":"box","text":"to the Distributor and are used by the Distributor to defray the expenses of securities dealers or other","page_number":201,"box":{"x":116,"y":668,"width":751,"height":12}},{"id":"a35ad429-c665-4264-9c88-f24235006921","block_type":"box","text":"financial intermediaries related to providing distribution-related services to each Fund in connection","page_number":201,"box":{"x":116,"y":684,"width":735,"height":12}},{"id":"40dda496-da62-45b4-af6a-a2ba3fb7dfb9","block_type":"box","text":"with the sale of the CDSC shares. The combination of the CDSC and the ongoing distribution fee","page_number":201,"box":{"x":116,"y":699,"width":719,"height":13}},{"id":"57994301-a359-498c-a0fb-74fe999b089a","block_type":"box","text":"facilitates the ability of each Fund to sell the CDSC shares without a sales charge being deducted at","page_number":201,"box":{"x":116,"y":715,"width":743,"height":12}},{"id":"fabd9e5e-94a8-4b85-91cc-014502bb097c","block_type":"box","text":"the time of purchase. See “Distribution and/or Shareholder Servicing Plans” below. Imposition of the","page_number":201,"box":{"x":116,"y":730,"width":742,"height":13}},{"id":"950f70c8-f14d-4f5e-8710-6c1780dc6246","block_type":"box","text":"CDSC and the distribution fee on CDSC shares is limited by FINRA (as defined below) asset-based","page_number":201,"box":{"x":117,"y":746,"width":737,"height":12}},{"id":"e59a9e26-14e8-4b35-ad71-8895345cb7fb","block_type":"box","text":"sales charge rule. See “Limitations on the Payment of Deferred Sales Charges” below.","page_number":201,"box":{"x":116,"y":761,"width":642,"height":13}},{"id":"7d4cc3ec-07a6-4f5e-850d-7e6ea05f99e0","block_type":"box","text":"Dealers will generally immediately receive commissions equal to 1.00% of the Investor C Shares sold","page_number":201,"box":{"x":117,"y":792,"width":750,"height":13}},{"id":"1bce5ace-7cc7-4b31-9a61-f4d3edffb23b","block_type":"box","text":"by them plus ongoing fees under the Fund’s Distribution and Service Plan. Dealers may not receive a","page_number":201,"box":{"x":117,"y":808,"width":751,"height":12}},{"id":"4955f030-7c85-4cf4-9213-5d4dcf21c296","block_type":"box","text":"commission in connection with sales of Investor C Shares to certain employer-sponsored retirement","page_number":201,"box":{"x":116,"y":823,"width":741,"height":13}},{"id":"4dcd0840-d818-4f83-8e06-b73a6e98ecae","block_type":"box","text":"plans sponsored by the Fund, BlackRock or its affiliates, but may receive fees under the Distribution","page_number":201,"box":{"x":117,"y":839,"width":746,"height":12}},{"id":"372f6ebd-1b1e-4d01-99aa-421846c25be2","block_type":"box","text":"and Service Plan. These commissions and payments may be different than the reallowances,","page_number":201,"box":{"x":116,"y":854,"width":699,"height":13}},{"id":"30672990-1ba2-4563-9746-d0edeabdf669","block_type":"box","text":"placement fees and commissions paid to dealers in connection with sales of Investor A, Investor A1","page_number":201,"box":{"x":117,"y":870,"width":744,"height":12}},{"id":"33d0f486-00c0-4219-8840-bb088393554b","block_type":"box","text":"II-136","page_number":201,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"3d2fc8db-1f46-4fd3-a94b-f55446b7a2f6","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":201,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"cd4ea262-beba-4d35-91bf-49545c63ce94","block_type":"box","text":"and Investor P Shares. These may depend upon the policies, procedures and trading platforms of your","page_number":202,"box":{"x":116,"y":87,"width":768,"height":12}},{"id":"77140766-3746-4a72-90b7-a3aee8b58de1","block_type":"box","text":"financial intermediary; consult your financial adviser.","page_number":202,"box":{"x":116,"y":102,"width":393,"height":13}},{"id":"c2bc6a72-a374-4131-af8a-4111fd23105a","block_type":"box","text":"Each Fund has adopted an automatic conversion feature for Investor C Shares. Effective","page_number":202,"box":{"x":117,"y":131,"width":664,"height":12}},{"id":"0fb33301-eea1-49fe-b4c3-960c8fbeb38c","block_type":"box","text":"November 23, 2020, Investor C Shares held for approximately eight years will be converted into","page_number":202,"box":{"x":117,"y":146,"width":714,"height":12}},{"id":"10304de4-df73-4faa-b670-f0f88906e684","block_type":"box","text":"Investor A Shares, as set forth in each Fund’s Prospectus. In addition, accounts that do not have a","page_number":202,"box":{"x":117,"y":162,"width":736,"height":12}},{"id":"a850fa3f-6c9b-4823-aa87-c7bc0336372a","block_type":"box","text":"financial intermediary associated with them are not eligible to hold Investor C Shares, and any Investor","page_number":202,"box":{"x":116,"y":177,"width":768,"height":12}},{"id":"8a2f68c3-ae4d-40fc-9579-16cfc5e779ef","block_type":"box","text":"C Shares held in such accounts will be automatically converted to Investor A Shares.","page_number":202,"box":{"x":117,"y":193,"width":635,"height":12}},{"id":"144522f4-06f3-46f4-9646-a74aedcd3ec6","block_type":"box","text":"Conversion of Investor C Shares to Investor A Shares","page_number":202,"box":{"x":117,"y":221,"width":404,"height":10}},{"id":"f99a0074-fc72-4249-8498-9534f20f7b44","block_type":"box","text":"Effective November 23, 2020 (the “Effective Date”), approximately eight years after purchase, Investor","page_number":202,"box":{"x":117,"y":243,"width":763,"height":12}},{"id":"1436558c-225d-432c-a9c9-901d59556d49","block_type":"box","text":"C Shares of each Fund will convert automatically into Investor A Shares of that Fund (the “Investor","page_number":202,"box":{"x":117,"y":259,"width":736,"height":12}},{"id":"7d4db374-451d-4f58-9834-866de5c0b626","block_type":"box","text":"C 8-Year Conversion”). Certain funds (the “Predecessor Funds”) were reorganized into new Funds (the","page_number":202,"box":{"x":117,"y":274,"width":770,"height":12}},{"id":"1fcb23bd-f2d9-49dd-bbb0-f3b602bd3dee","block_type":"box","text":"“Successor Funds”) pursuant to reorganizations which occurred in September 2018. The holding","page_number":202,"box":{"x":116,"y":290,"width":722,"height":12}},{"id":"8ab327c6-99e1-4ccc-b7e5-c73ee8f750b5","block_type":"box","text":"period for Investor C Shares of Successor Funds includes the period such shares were held in the","page_number":202,"box":{"x":117,"y":305,"width":732,"height":12}},{"id":"f65ecc77-a28f-4a46-b007-06e261ca0e0c","block_type":"box","text":"respective Predecessor Fund. It is the financial intermediary’s responsibility to ensure that the","page_number":202,"box":{"x":117,"y":321,"width":699,"height":12}},{"id":"bac723af-3b16-4c72-a81d-033b689f6afb","block_type":"box","text":"shareholder is credited with the proper holding period. As of the Effective Date, certain financial","page_number":202,"box":{"x":116,"y":336,"width":713,"height":12}},{"id":"de6f2891-d3c4-45ed-a131-aae559f6bc58","block_type":"box","text":"intermediaries, including group retirement recordkeeping platforms, may not have been tracking such","page_number":202,"box":{"x":117,"y":352,"width":755,"height":12}},{"id":"100dc144-8870-48b7-85e7-acc8ce05fb64","block_type":"box","text":"holding periods and therefore may not be able to process such conversions. In such instances,","page_number":202,"box":{"x":117,"y":367,"width":708,"height":12}},{"id":"2e941e80-1715-4d51-95be-5902f40bcb63","block_type":"box","text":"Investor C Shares held as of the Effective Date will automatically convert to Investor A Shares","page_number":202,"box":{"x":117,"y":383,"width":702,"height":12}},{"id":"b3676573-b0b4-4f4c-81c4-11c12137eb61","block_type":"box","text":"approximately eight years after the Effective Date. If, as of November 23, 2028 (eight years after the","page_number":202,"box":{"x":116,"y":398,"width":749,"height":12}},{"id":"cf5cf94f-b965-49dd-902d-4d14c4190751","block_type":"box","text":"Effective Date), a financial intermediary has not implemented systems or procedures to track holding","page_number":202,"box":{"x":117,"y":414,"width":751,"height":12}},{"id":"24f20171-dfb4-44e6-9117-ff25dd872efc","block_type":"box","text":"periods commencing from the Effective Date, shareholders holding Investor C Shares through such","page_number":202,"box":{"x":117,"y":429,"width":742,"height":12}},{"id":"b0f1f29f-a71f-4c9c-87bd-8edd5500fc07","block_type":"box","text":"financial intermediary will no longer be eligible to hold Investor C Shares and any such shares will","page_number":202,"box":{"x":116,"y":445,"width":729,"height":12}},{"id":"c5dc9a0c-8fd8-4704-8b98-480df0b930fc","block_type":"box","text":"convert to Investor A Shares as soon as reasonably practicable after such date.","page_number":202,"box":{"x":116,"y":460,"width":597,"height":12}},{"id":"22365396-f60b-43f6-99c4-83612ee219b6","block_type":"box","text":"In addition, accounts that do not have a financial intermediary associated with them are not eligible to","page_number":202,"box":{"x":117,"y":489,"width":756,"height":12}},{"id":"97d96fc1-7089-4f6b-9764-2653cffa7514","block_type":"box","text":"hold Investor C Shares, and any Investor C Shares held in such accounts will be automatically","page_number":202,"box":{"x":117,"y":504,"width":704,"height":12}},{"id":"7f042a22-4eda-4e56-9ada-ce1c9a6c2925","block_type":"box","text":"converted into Investor A Shares (the “Investor C Direct Accounts Conversion” and together with the","page_number":202,"box":{"x":116,"y":520,"width":749,"height":12}},{"id":"529b9720-41cc-4d68-b46c-ca202a7eded4","block_type":"box","text":"Investor C 8-Year Conversion, the “Investor C Conversions”).","page_number":202,"box":{"x":117,"y":535,"width":459,"height":12}},{"id":"13f6e757-4d63-48f0-8a06-05d1b32e7efc","block_type":"box","text":"The Investor C Conversions will occur at least once each month (on the “Investor C Conversion Date”)","page_number":202,"box":{"x":116,"y":563,"width":765,"height":13}},{"id":"084f8770-cdf2-4cc2-8c4f-c929dc93e298","block_type":"box","text":"on the basis of the relative NAV of the shares of the two applicable classes on the Investor C","page_number":202,"box":{"x":116,"y":579,"width":694,"height":12}},{"id":"c764d8a8-ccab-4658-9103-2a32942b0ce2","block_type":"box","text":"Conversion Date, without the imposition of any sales load, fee or other charge. The Investor C","page_number":202,"box":{"x":117,"y":594,"width":702,"height":13}},{"id":"45ced97e-f50c-45e5-be76-41404127fe7d","block_type":"box","text":"Conversions will not be deemed a purchase or sale of the shares for U.S. federal income tax purposes.","page_number":202,"box":{"x":117,"y":610,"width":770,"height":12}},{"id":"2567d054-6fc2-4791-92d6-23cc01d13ffe","block_type":"box","text":"Shares acquired through reinvestment of dividends on Investor C Shares will also convert","page_number":202,"box":{"x":116,"y":625,"width":670,"height":13}},{"id":"873b7cd8-eeb1-4066-81c2-3a0be6820523","block_type":"box","text":"automatically to Investor A Shares, as set forth in each Fund’s Prospectus. The Investor C Conversion","page_number":202,"box":{"x":116,"y":641,"width":765,"height":12}},{"id":"6ef4644d-7e0a-4d2d-bf3b-7e92eff581f7","block_type":"box","text":"Date for dividend reinvestment shares will be calculated taking into account the length of time the","page_number":202,"box":{"x":117,"y":656,"width":726,"height":13}},{"id":"0fc89d6c-5e44-43e4-9a30-e72ad1f24eda","block_type":"box","text":"shares underlying the dividend reinvestment shares were outstanding.","page_number":202,"box":{"x":116,"y":672,"width":520,"height":12}},{"id":"2f8cb5fa-623f-4beb-af8f-bffe82037401","block_type":"box","text":"Contingent Deferred Sales Charge — Investor C Shares","page_number":202,"box":{"x":117,"y":700,"width":418,"height":12}},{"id":"fb8d048e-8ffd-4187-b214-09f779ba0881","block_type":"box","text":"Investor C Shares that are redeemed within one year of purchase may be subject to a 1.00% CDSC","page_number":202,"box":{"x":117,"y":722,"width":741,"height":12}},{"id":"f0d278c2-399f-4a8d-81a3-f52909909e6c","block_type":"box","text":"charged as a percentage of the dollar amount subject thereto. In determining whether an Investor C","page_number":202,"box":{"x":116,"y":738,"width":739,"height":12}},{"id":"16548fed-3b9b-4026-8686-e6e297aad2e0","block_type":"box","text":"Shares CDSC is applicable to a redemption, the calculation will be determined in the manner that","page_number":202,"box":{"x":116,"y":753,"width":722,"height":12}},{"id":"2b584094-13d5-43ab-9844-707b026c5c2f","block_type":"box","text":"results in the lowest possible rate being charged. The charge will be assessed on an amount equal to","page_number":202,"box":{"x":117,"y":769,"width":751,"height":12}},{"id":"48a00803-57fa-4d56-a744-8599fe015d53","block_type":"box","text":"the lesser of the proceeds of redemption or the cost of the shares being redeemed. Accordingly, no","page_number":202,"box":{"x":116,"y":784,"width":737,"height":12}},{"id":"572c52a4-78a5-428a-9b5e-83c3d8e35092","block_type":"box","text":"CDSC will be imposed on increases in NAV above the initial purchase price of Investor C Shares. In","page_number":202,"box":{"x":117,"y":800,"width":740,"height":12}},{"id":"145c58d2-8bd0-4beb-99a4-290df80a0b3e","block_type":"box","text":"addition, no CDSC will be assessed on Investor C Shares acquired through reinvestment of dividends.","page_number":202,"box":{"x":116,"y":815,"width":759,"height":12}},{"id":"a6ab126f-54a1-4456-9c7c-3785d3e266d4","block_type":"box","text":"It will be assumed that the redemption is first of shares held for over one year or shares acquired","page_number":202,"box":{"x":117,"y":831,"width":722,"height":12}},{"id":"34aa7dcb-474a-4419-972d-a938400bc4c6","block_type":"box","text":"pursuant to reinvestment of dividends and then of shares held longest during the one-year period. A","page_number":202,"box":{"x":117,"y":846,"width":745,"height":12}},{"id":"4f481d2f-d153-49d2-998e-a06ec91c2907","block_type":"box","text":"transfer of shares from a shareholder’s account to another account will be assumed to be made in the","page_number":202,"box":{"x":116,"y":862,"width":761,"height":9}},{"id":"b9cfd0e7-4c3e-4b57-a363-ac38f05dd331","block_type":"box","text":"same order as a redemption.","page_number":202,"box":{"x":116,"y":877,"width":220,"height":12}},{"id":"24286ca0-674d-451d-8313-a545abfd842c","block_type":"box","text":"II-137","page_number":202,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"a20d0c88-370c-4074-9351-7ef9255998ac","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":202,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"e0d12715-955f-4beb-b15a-b4144beaf6a4","block_type":"box","text":"See “Information on Sales Charges and Distribution Related Expenses” in Part I of each Fund’s SAI for","page_number":203,"box":{"x":116,"y":87,"width":770,"height":12}},{"id":"8b9e0e65-20fc-478e-9b90-9b53b8c8ec81","block_type":"box","text":"information about amounts paid to the Distributor in connection with CDSC shares for the periods","page_number":203,"box":{"x":117,"y":102,"width":726,"height":12}},{"id":"4b8bfdda-12e0-4f1f-826b-1315738c8026","block_type":"box","text":"indicated.","page_number":203,"box":{"x":117,"y":118,"width":75,"height":10}},{"id":"12c23b50-0e05-4553-be25-89b797abd89a","block_type":"box","text":"Investor C Shares — Contingent Deferred Sales Charge Waivers and Reductions","page_number":203,"box":{"x":117,"y":149,"width":610,"height":12}},{"id":"a7b7dc44-4fb3-4b77-806c-45807f40f94d","block_type":"box","text":"The CDSC on Investor C Shares is not charged in connection with: (1) redemptions of Investor C","page_number":203,"box":{"x":116,"y":172,"width":725,"height":12}},{"id":"59ab728d-ed3c-4e6b-bc85-4b0c3323495e","block_type":"box","text":"Shares purchased through certain employer-sponsored retirement plans and fee-based programs","page_number":203,"box":{"x":116,"y":188,"width":729,"height":12}},{"id":"db92c898-fb33-441b-8467-e5f1951d8a57","block_type":"box","text":"previously approved by certain Funds and rollovers of current investments in the Fund through such","page_number":203,"box":{"x":117,"y":203,"width":745,"height":12}},{"id":"0a9b3b69-5bca-4844-add9-9d5fffe010c9","block_type":"box","text":"plans; (2) exchanges described in “Exchange Privilege” below; (3) redemptions made in connection","page_number":203,"box":{"x":117,"y":219,"width":741,"height":12}},{"id":"9d0c2a22-6fb0-4821-aa76-a8cab130bb1f","block_type":"box","text":"with minimum required distributions due to the shareholder reaching age 72 from IRA and 403(b)(7)","page_number":203,"box":{"x":116,"y":234,"width":744,"height":12}},{"id":"386ec9dc-279a-48b0-ba8d-76974ef4383d","block_type":"box","text":"accounts; (4) redemptions made with respect to certain retirement plans sponsored by the Fund,","page_number":203,"box":{"x":116,"y":250,"width":721,"height":12}},{"id":"1033c7ec-6b20-48c9-88c7-a2281e1c745b","block_type":"box","text":"BlackRock or its affiliates; (5) redemptions in connection with a shareholder’s death as long as the","page_number":203,"box":{"x":117,"y":265,"width":732,"height":12}},{"id":"bd68c4cd-4dde-490c-876e-649aac265b8d","block_type":"box","text":"waiver request is made within one year of death or, if later, reasonably promptly following completion of","page_number":203,"box":{"x":116,"y":281,"width":772,"height":12}},{"id":"2df6f4c5-e421-4df3-ae19-abc9380d4141","block_type":"box","text":"probate (including in connection with the distribution of account assets to a beneficiary of the decedent)","page_number":203,"box":{"x":117,"y":296,"width":771,"height":12}},{"id":"21d67f94-6a64-44de-9707-4fd4b5419695","block_type":"box","text":"or disability (as defined in the Code) subsequent to the purchase of Investor C Shares; (6) withdrawals","page_number":203,"box":{"x":116,"y":312,"width":766,"height":12}},{"id":"a2f00e28-9592-4f88-a317-980eba0bccde","block_type":"box","text":"resulting from shareholder disability (as defined in the Code) as long as the disability arose subsequent","page_number":203,"box":{"x":117,"y":327,"width":770,"height":12}},{"id":"afb42c32-8b0d-4be2-ac8e-07f05a171cfc","block_type":"box","text":"to the purchase of the shares; (7) involuntary redemptions of Investor C Shares in accounts with low","page_number":203,"box":{"x":116,"y":343,"width":749,"height":12}},{"id":"46d759b6-e65d-4b9c-9bf0-0437e6104715","block_type":"box","text":"balances as described in “Redemption of Shares” below; (8) redemptions made pursuant to a","page_number":203,"box":{"x":117,"y":358,"width":698,"height":12}},{"id":"d0175791-d681-4a2d-aaaa-70b11ce2426f","block_type":"box","text":"systematic withdrawal plan, subject to the limitations set forth under “Systematic Withdrawal Plan”","page_number":203,"box":{"x":116,"y":374,"width":731,"height":12}},{"id":"2263c9d2-0c77-41ee-bb73-e02716a66449","block_type":"box","text":"below; (9) redemptions related to the payment of BNY Mellon Investment Servicing Trust Company","page_number":203,"box":{"x":117,"y":389,"width":740,"height":12}},{"id":"f2ab0a31-42c2-430a-bac1-8b7f16864068","block_type":"box","text":"custodial IRA fees; and (10) redemptions when a shareholder can demonstrate hardship, in the","page_number":203,"box":{"x":116,"y":405,"width":712,"height":12}},{"id":"983c0331-adb9-4803-968c-e90233b01dae","block_type":"box","text":"absolute discretion of the Fund. In addition, no CDSC is charged on Investor C Shares acquired","page_number":203,"box":{"x":116,"y":420,"width":716,"height":12}},{"id":"1cacfcd1-b6ae-4768-b572-9c6fc6c704e5","block_type":"box","text":"through the reinvestment of dividends or distributions.","page_number":203,"box":{"x":116,"y":436,"width":404,"height":12}},{"id":"78ef3e4b-9d5e-463d-a023-0ad82db6c499","block_type":"box","text":"Certain CDSC waivers and reductions on Investor C Shares may be available to customers of certain","page_number":203,"box":{"x":117,"y":467,"width":756,"height":12}},{"id":"49c205e5-f46f-4693-a34a-1d4125ff2593","block_type":"box","text":"financial intermediaries, as described under “Intermediary-Defined Sales Charge Waiver Policies” in","page_number":203,"box":{"x":116,"y":482,"width":746,"height":12}},{"id":"bd70680d-c1ef-4ab8-812f-262cc28d6146","block_type":"box","text":"the Fund’s Prospectus. Please speak to your financial intermediary for more information.","page_number":203,"box":{"x":116,"y":498,"width":662,"height":12}},{"id":"fc15c835-6d04-4870-99d6-033adce7a1e7","block_type":"box","text":"Class R Shares","page_number":203,"box":{"x":116,"y":529,"width":127,"height":9}},{"id":"054f0e72-67e0-4833-be72-1336f4b3d81e","block_type":"box","text":"Certain of the Funds offer Class R Shares as described in each such Fund’s Prospectus. Class R","page_number":203,"box":{"x":117,"y":552,"width":727,"height":12}},{"id":"cb39af6e-ccbf-4e3f-a8e4-6800c760e3f9","block_type":"box","text":"Shares are available only to certain employer-sponsored retirement plans. Class R Shares are not","page_number":203,"box":{"x":116,"y":568,"width":734,"height":12}},{"id":"9aec2453-8446-4153-81ac-d33c83638a0e","block_type":"box","text":"subject to an initial sales charge or a CDSC but are subject to an ongoing distribution fee of 0.25% per","page_number":203,"box":{"x":116,"y":583,"width":765,"height":12}},{"id":"3af97c77-4327-4eab-a6da-601ac70ab894","block_type":"box","text":"year and an ongoing service fee of 0.25% per year. Distribution fees are used to support the Fund’s","page_number":203,"box":{"x":116,"y":599,"width":745,"height":12}},{"id":"c8b7a51b-bd91-41af-a434-030bcc8c1aea","block_type":"box","text":"marketing and distribution efforts, such as compensating financial advisers and other financial","page_number":203,"box":{"x":117,"y":614,"width":700,"height":12}},{"id":"fe50947c-d002-4b6d-9087-c557a6bf37fb","block_type":"box","text":"intermediaries, advertising and promotion. Service fees are used to compensate securities dealers and","page_number":203,"box":{"x":117,"y":630,"width":768,"height":12}},{"id":"ede09a57-7aac-4310-8926-42954652b335","block_type":"box","text":"other financial intermediaries for service activities.","page_number":203,"box":{"x":116,"y":645,"width":376,"height":10}},{"id":"038243b3-8318-4c34-936e-89a992da8499","block_type":"box","text":"If Class R Shares are held over time, these","page_number":203,"box":{"x":117,"y":676,"width":319,"height":11}},{"id":"4d57d6f3-2856-4eed-8fea-34cd4bbdec54","block_type":"box","text":"fees may exceed the maximum sales charge that an","page_number":203,"box":{"x":442,"y":676,"width":388,"height":12}},{"id":"70e71b17-5d8c-4c12-9882-55ed42b5fbcb","block_type":"box","text":"investor would have paid as a shareholder of one of the other share classes.","page_number":203,"box":{"x":117,"y":692,"width":566,"height":12}},{"id":"6fb8359f-904e-4922-9227-d2f9508766b2","block_type":"box","text":"Class K Shares","page_number":203,"box":{"x":116,"y":723,"width":122,"height":9}},{"id":"d31426ae-d4f2-4d46-9de9-a1a46049147f","block_type":"box","text":"Certain Funds offer Class K Shares as described in each such Fund’s Prospectus. Class K Shares are","page_number":203,"box":{"x":117,"y":746,"width":761,"height":12}},{"id":"671f3fc7-c02f-4e01-b674-5edd6777cec2","block_type":"box","text":"available only to (i) certain employee benefit plans, such as health savings accounts, and certain","page_number":203,"box":{"x":116,"y":761,"width":716,"height":13}},{"id":"cb202ea0-221c-4fd5-b3fe-90ffde5c572c","block_type":"box","text":"employer-sponsored retirement plans (not including SEP IRAs, SIMPLE IRAs and SARSEPs)","page_number":203,"box":{"x":116,"y":777,"width":694,"height":12}},{"id":"0e1c525a-9e6f-464d-9475-7bd72c271555","block_type":"box","text":"(collectively, “Employer-Sponsored Retirement Plans”), (ii) collective trust funds, investment companies","page_number":203,"box":{"x":117,"y":792,"width":765,"height":13}},{"id":"5e3a98e9-a1d1-433a-8a20-86e2769c3360","block_type":"box","text":"and other pooled investment vehicles, each of which may purchase shares of the Fund through a","page_number":203,"box":{"x":116,"y":808,"width":720,"height":12}},{"id":"0a38cb09-19f3-4410-91b3-e313718f402b","block_type":"box","text":"financial intermediary that has entered into an agreement with the Distributor to purchase such shares,","page_number":203,"box":{"x":116,"y":823,"width":761,"height":13}},{"id":"b1a8dbd8-5c37-4cfc-adb3-49b2c9766e35","block_type":"box","text":"(iii) “Institutional Investors,” which include but are not limited to, endowments, foundations, family","page_number":203,"box":{"x":117,"y":839,"width":722,"height":12}},{"id":"b4ed9132-1e99-45a1-b6a7-66fcad6185e6","block_type":"box","text":"offices, banks and bank trusts, local, city, and state governmental institutions, corporations and","page_number":203,"box":{"x":116,"y":854,"width":710,"height":13}},{"id":"a19dd694-2903-4b9f-858f-f73e89346d62","block_type":"box","text":"insurance company separate accounts, each of which may purchase shares of the Fund through a","page_number":203,"box":{"x":117,"y":870,"width":735,"height":12}},{"id":"40ea9402-d6aa-4653-9bc0-a711caa2231d","block_type":"box","text":"II-138","page_number":203,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"cdcd5806-9ce2-40ab-b7fe-09d4aeb3f154","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":203,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"9e234b76-104d-435c-a841-123ad326bf2e","block_type":"box","text":"financial intermediary that has entered into an agreement with the Distributor to purchase such shares,","page_number":204,"box":{"x":116,"y":87,"width":767,"height":12}},{"id":"813bb268-f40e-481d-95db-38567f2a5b05","block_type":"box","text":"(iv) clients of private banks that purchase shares of the Fund through a financial intermediary that has","page_number":204,"box":{"x":117,"y":102,"width":759,"height":13}},{"id":"6aab8e4b-7afb-439f-bee4-588a3b8a49aa","block_type":"box","text":"entered into an agreement with the Distributor to sell such shares; (v) fee-based advisory platforms of","page_number":204,"box":{"x":116,"y":118,"width":759,"height":12}},{"id":"bf38c4ce-53c5-41f2-b144-fe8d5b5660af","block_type":"box","text":"a financial intermediary that (a) has specifically acknowledged in a written agreement with the","page_number":204,"box":{"x":116,"y":134,"width":699,"height":12}},{"id":"d2d23cb1-1ee5-477d-929f-57b4021f42d7","block_type":"box","text":"Distributor and/or its affiliate(s) that the financial intermediary shall offer such shares to fee-based","page_number":204,"box":{"x":117,"y":149,"width":728,"height":12}},{"id":"6b6d2992-14ca-4c7d-8887-e994fe3ed734","block_type":"box","text":"advisory clients through an omnibus account held at the Fund or (b) transacts in the Fund’s shares","page_number":204,"box":{"x":116,"y":165,"width":737,"height":12}},{"id":"f4e7047e-07a5-42e5-8f25-7f7dfb25f521","block_type":"box","text":"through another intermediary that has executed such an agreement and (vi) any other investors who","page_number":204,"box":{"x":116,"y":180,"width":750,"height":12}},{"id":"edd413a6-2ef2-4d21-9f64-f97cfed19e2f","block_type":"box","text":"met the eligibility criteria for BlackRock Shares or Class K Shares prior to August 15, 2016 and have","page_number":204,"box":{"x":117,"y":196,"width":748,"height":12}},{"id":"5785372e-e829-46be-80f5-653e9face3ce","block_type":"box","text":"continually held Class K Shares of the Fund or the respective Predecessor Fund in the same account","page_number":204,"box":{"x":116,"y":211,"width":757,"height":12}},{"id":"db01b963-b796-45b3-ac8d-61d678782774","block_type":"box","text":"since August 15, 2016. The agreement referenced in (iv) above shall appear in a supplemental","page_number":204,"box":{"x":116,"y":227,"width":709,"height":12}},{"id":"2bbc3800-39e5-4300-8352-e4d128c00132","block_type":"box","text":"agreement to any selling, sub-transfer agent, or distribution and marketing agreement.","page_number":204,"box":{"x":116,"y":242,"width":645,"height":12}},{"id":"d1445e3a-9a5e-446c-af56-fbb03f9bc35e","block_type":"box","text":"Class K Shares are also available to employees, officers and directors/trustees of BlackRock, Inc. and","page_number":204,"box":{"x":117,"y":271,"width":762,"height":12}},{"id":"9a21ce39-b9d1-4ff2-a37f-e480ef43e2de","block_type":"box","text":"BlackRock Funds and immediate family members of such persons, if they open an account directly","page_number":204,"box":{"x":117,"y":287,"width":738,"height":12}},{"id":"2bbbebba-e1f7-409b-a378-83a6ef44db32","block_type":"box","text":"with BlackRock. Eligible individuals who would like to convert existing holdings to Class K Shares must","page_number":204,"box":{"x":116,"y":302,"width":767,"height":12}},{"id":"4dd219e5-e0f0-4757-b3ad-1fc806ee8cd5","block_type":"box","text":"contact BlackRock.","page_number":204,"box":{"x":116,"y":318,"width":148,"height":9}},{"id":"5fa92e6d-acae-4aef-9d3a-fca1226f612b","block_type":"box","text":"Class G Shares","page_number":204,"box":{"x":116,"y":347,"width":128,"height":10}},{"id":"b4c21599-1111-4f78-b307-557aa390d948","block_type":"box","text":"Certain Funds offer Class G Shares, which are available only to investors on eligible platforms. Eligible","page_number":204,"box":{"x":117,"y":369,"width":767,"height":13}},{"id":"79f45842-0efc-4e68-9523-d8eac100279c","block_type":"box","text":"platforms are those where clients invest in the Fund through a single omnibus account in the name of a","page_number":204,"box":{"x":117,"y":385,"width":770,"height":12}},{"id":"86373ef1-f159-4aaa-addb-f88717f88c7d","block_type":"box","text":"financial intermediary that meets an initial investment minimum of $2 billion. For clients investing","page_number":204,"box":{"x":116,"y":400,"width":720,"height":13}},{"id":"ff00b50f-9021-43c7-b897-17680cbbcb87","block_type":"box","text":"through such eligible platforms, the Fund does not impose investment minimums on any individual","page_number":204,"box":{"x":116,"y":416,"width":734,"height":12}},{"id":"e170c321-6bdb-401b-8724-66699b4d92ba","block_type":"box","text":"investor. Financial intermediaries may impose separate eligibility requirements.","page_number":204,"box":{"x":117,"y":432,"width":591,"height":12}},{"id":"80844ca5-55e4-4b25-8e80-98de51bbb164","block_type":"box","text":"Service Shares","page_number":204,"box":{"x":116,"y":461,"width":125,"height":9}},{"id":"fe827f6b-7064-49cc-a5d7-928932559722","block_type":"box","text":"Certain Funds offer Service Shares, which are available only to certain investors, including: (i) certain","page_number":204,"box":{"x":117,"y":483,"width":755,"height":12}},{"id":"3f76c40b-84a7-4b60-854b-b6fc48955cc6","block_type":"box","text":"financial institutions, such as banks and brokerage firms, acting on behalf of their customers; (ii) certain","page_number":204,"box":{"x":116,"y":499,"width":772,"height":12}},{"id":"c1340302-7799-4733-88a4-9b1d44fe2de2","block_type":"box","text":"persons who were shareholders of the Compass Capital Group of Funds at the time of its combination","page_number":204,"box":{"x":117,"y":514,"width":762,"height":12}},{"id":"2255043d-7009-4ec3-9451-72e396bda72f","block_type":"box","text":"with The PNC","page_number":204,"box":{"x":116,"y":530,"width":103,"height":9}},{"id":"f5ecb92a-f5cb-4aa3-9f81-b9f78f4136bf","block_type":"box","text":"®","page_number":204,"box":{"x":219,"y":529,"width":10,"height":7}},{"id":"4eeb0360-24ed-400d-9bf9-d551df210a0b","block_type":"box","text":"Fund in 1996; and (iii) participants in the Capital Directions","page_number":204,"box":{"x":229,"y":530,"width":440,"height":12}},{"id":"617357c2-f81c-4533-8dd9-e9f88a815bc8","block_type":"box","text":"SM","page_number":204,"box":{"x":670,"y":530,"width":15,"height":6}},{"id":"d6b9a8ff-da44-4add-a2c0-eeac51eb69ce","block_type":"box","text":"asset allocation program.","page_number":204,"box":{"x":686,"y":530,"width":197,"height":12}},{"id":"c0698390-552a-475a-8d66-23d06b9ea70c","block_type":"box","text":"Service Shares are not subject to an initial sales charge or a CDSC but are subject to an ongoing","page_number":204,"box":{"x":116,"y":545,"width":727,"height":12}},{"id":"5beb2573-5a04-4d27-b044-9c8bc573c77a","block_type":"box","text":"service fee as set forth in the applicable Fund’s Prospectus.","page_number":204,"box":{"x":116,"y":561,"width":449,"height":12}},{"id":"15b37a7f-9c1e-4c43-8d58-2c410019db59","block_type":"box","text":"BlackRock Shares","page_number":204,"box":{"x":117,"y":590,"width":150,"height":9}},{"id":"c3036f77-86e2-4c64-9fc6-b9f2c2dbd0e2","block_type":"box","text":"Certain Funds offer BlackRock Shares, which are available only to certain investors. BlackRock Shares","page_number":204,"box":{"x":117,"y":612,"width":770,"height":12}},{"id":"1828184b-9f9b-4e7e-b544-6f2f604fe887","block_type":"box","text":"are offered without a sales charge to institutional and individual investors, registered investment","page_number":204,"box":{"x":116,"y":628,"width":715,"height":12}},{"id":"d9137709-773f-4a89-b50b-b169f0b4a59c","block_type":"box","text":"advisers and certain fee-based programs.","page_number":204,"box":{"x":116,"y":643,"width":315,"height":12}},{"id":"84db3d37-1d19-40ba-b4b4-f0160a6c60d8","block_type":"box","text":"Distribution and/or Shareholder Servicing Plans","page_number":204,"box":{"x":117,"y":672,"width":382,"height":13}},{"id":"5afc08ef-3459-4d3d-a1b0-d99525b29d05","block_type":"box","text":"Each Fund has adopted a plan (each, a “Plan”) pursuant to Rule 12b-1 under the Investment Company","page_number":204,"box":{"x":117,"y":695,"width":764,"height":12}},{"id":"c6a7c0c2-9386-4eea-9471-7019875ca4cd","block_type":"box","text":"Act with respect to certain share classes that allows the Fund to pay distribution fees for the sale of its","page_number":204,"box":{"x":116,"y":710,"width":756,"height":12}},{"id":"9a990071-c157-435a-b342-be28d7482db9","block_type":"box","text":"shares and shareholder servicing fees for certain services provided to its shareholders.","page_number":204,"box":{"x":116,"y":726,"width":645,"height":12}},{"id":"3f270192-c5e6-486b-9ebc-5396bcdc0090","block_type":"box","text":"Pursuant to the Plans, a Fund may pay BRIL and/or BlackRock, or any other affiliate or significant","page_number":204,"box":{"x":117,"y":755,"width":725,"height":12}},{"id":"b182f1c2-f1bf-4381-9703-1cb744f728c5","block_type":"box","text":"shareholder of BlackRock, fees for distribution and sales support services with respect to Investor A,","page_number":204,"box":{"x":116,"y":771,"width":744,"height":12}},{"id":"94ab5c1d-fd5c-4a48-a8e4-7bac5da0b7cb","block_type":"box","text":"Investor A1, Investor C, Investor P, Service and Class R Shares. Currently, as described further below,","page_number":204,"box":{"x":117,"y":786,"width":763,"height":12}},{"id":"4e6d9f00-4699-41f7-9434-d46c1e375f13","block_type":"box","text":"only Investor C and Class R Shares bear the expense of distribution fees under a Plan.","page_number":204,"box":{"x":116,"y":802,"width":646,"height":12}},{"id":"965d6d0d-4791-4537-a7d5-b8a2fba8c341","block_type":"box","text":"Each Fund has entered into a distribution agreement with BRIL under which BRIL, as agent, offers","page_number":204,"box":{"x":117,"y":831,"width":735,"height":12}},{"id":"bb94724b-ca31-4661-82ce-a47c01f1465d","block_type":"box","text":"shares of each Fund on a continuous basis. BRIL has agreed to use appropriate efforts to effect sales","page_number":204,"box":{"x":116,"y":846,"width":762,"height":12}},{"id":"1dbb5bb7-2318-436e-aa72-378967b19359","block_type":"box","text":"of the shares, but it is not obligated to sell any particular amount of shares. BRIL’s principal business","page_number":204,"box":{"x":116,"y":862,"width":752,"height":12}},{"id":"1dcf33de-c2d2-4f6b-83e0-14fe6bc58035","block_type":"box","text":"address is 50 Hudson Yards, New York, NY 10001. BRIL is an affiliate of BlackRock.","page_number":204,"box":{"x":116,"y":877,"width":635,"height":12}},{"id":"4ccd9cac-a362-4e3e-a2ed-e99d4457a835","block_type":"box","text":"II-139","page_number":204,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"d4d91433-1216-41dc-a0c9-da4e977a5a97","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":204,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"926bf801-247e-4712-a51f-5e7b735945cf","block_type":"box","text":"Pursuant to the Plans, each Fund may also pay shareholder servicing fees (also referred to as general","page_number":205,"box":{"x":117,"y":87,"width":765,"height":12}},{"id":"8517d045-bf76-4e26-ac96-0ab31498210d","block_type":"box","text":"shareholder liaison services fees) to affiliated and unaffiliated brokers, dealers, financial institutions,","page_number":205,"box":{"x":116,"y":102,"width":744,"height":13}},{"id":"e9ddb6ce-ff53-4e85-8df5-b1ebd7794e95","block_type":"box","text":"insurance companies, retirement plan record-keepers and other financial intermediaries (including","page_number":205,"box":{"x":117,"y":118,"width":731,"height":12}},{"id":"cd419e65-d5a7-4627-bb4d-fb102176deaf","block_type":"box","text":"BlackRock, BRIL and their affiliates) (collectively, “Service Organizations”) for certain support services","page_number":205,"box":{"x":117,"y":134,"width":761,"height":12}},{"id":"8205836b-da8e-4835-872b-4cf0fb1e81dc","block_type":"box","text":"rendered by Service Organizations to their customers (“Customers”) who are the beneficial owners of","page_number":205,"box":{"x":117,"y":149,"width":756,"height":12}},{"id":"53f975d7-5d73-405f-a711-7f14a909905b","block_type":"box","text":"Investor A, Investor A1, Investor C, Investor P, Service and Class R Shares of a Fund. Such services","page_number":205,"box":{"x":117,"y":165,"width":755,"height":11}},{"id":"8b7f25ca-61bf-4160-bf75-da835a5fc139","block_type":"box","text":"are intended to supplement the services provided by the Fund’s Administrators and Transfer Agent to","page_number":205,"box":{"x":116,"y":180,"width":758,"height":12}},{"id":"29f24bf9-336d-4dc6-a969-2165b27a6082","block_type":"box","text":"the Fund’s shareholders of record.","page_number":205,"box":{"x":116,"y":196,"width":261,"height":9}},{"id":"34b9b657-4e45-4541-9364-713685f144fd","block_type":"box","text":"The support services provided by Service Organizations are general shareholder liaison services,","page_number":205,"box":{"x":116,"y":227,"width":728,"height":12}},{"id":"8fb999b0-28f4-4d4d-be11-1061b8b0775b","block_type":"box","text":"which include, but are not limited to: (i) answering Customer inquiries regarding account status and","page_number":205,"box":{"x":116,"y":242,"width":740,"height":12}},{"id":"8c6107a6-b865-4cce-90b4-a4c51070771b","block_type":"box","text":"history, the manner in which purchases, exchanges and redemptions or repurchases of shares may be","page_number":205,"box":{"x":117,"y":258,"width":767,"height":12}},{"id":"599bfdde-376f-4219-b3ab-aa77e8e7c876","block_type":"box","text":"effected and certain other matters pertaining to the Customers’ investments; and (ii) assisting","page_number":205,"box":{"x":116,"y":273,"width":697,"height":12}},{"id":"525b1c31-81ee-4760-84c7-bfd5a0528fa7","block_type":"box","text":"Customers in designating and changing dividend options, account designations and addresses. The","page_number":205,"box":{"x":117,"y":289,"width":746,"height":12}},{"id":"e882a06a-84a7-4eb2-9390-001ee3040979","block_type":"box","text":"shareholder servicing fees payable pursuant to the Plans are paid to compensate Service","page_number":205,"box":{"x":116,"y":304,"width":670,"height":12}},{"id":"07429458-57fb-40d2-94b4-b4730f82683c","block_type":"box","text":"Organizations for the administration and servicing of shareholder accounts and are not costs which are","page_number":205,"box":{"x":116,"y":320,"width":769,"height":12}},{"id":"a98fccf4-7bd0-4a58-8460-037ddbeb2289","block_type":"box","text":"primarily intended to result in the sale of the Fund’s shares.","page_number":205,"box":{"x":117,"y":335,"width":444,"height":12}},{"id":"a610eed3-b2c1-4975-b806-e6225318cff2","block_type":"box","text":"Payments under the Plans are based on a percentage of average daily net assets attributable to the","page_number":205,"box":{"x":117,"y":366,"width":746,"height":12}},{"id":"5cdc4674-de88-4954-979b-0a5997dfec9e","block_type":"box","text":"shares in the applicable share class regardless of the amount of expenses incurred. As a result,","page_number":205,"box":{"x":116,"y":382,"width":716,"height":12}},{"id":"04cf076b-ec00-41d0-af68-ba5bca7543ab","block_type":"box","text":"payments under the Plans may be more or less than expenses incurred in connection with providing","page_number":205,"box":{"x":117,"y":397,"width":747,"height":12}},{"id":"f9cf487f-7e35-417d-b4bc-d6e8017b561f","block_type":"box","text":"distribution and/or shareholder services with respect to the related class. Information with respect to","page_number":205,"box":{"x":116,"y":413,"width":746,"height":12}},{"id":"a083ad41-aaec-4101-8c3c-ad7f0419f4ed","block_type":"box","text":"the payments under the Plans and expenses incurred in providing services with respect to the related","page_number":205,"box":{"x":116,"y":428,"width":758,"height":12}},{"id":"a942e397-2da0-49f3-a2d9-d804d8e85aba","block_type":"box","text":"class is presented to the Directors for their consideration quarterly. Payments under the Plans consist","page_number":205,"box":{"x":116,"y":444,"width":759,"height":12}},{"id":"0d4bba8d-c270-4ab9-94bc-a9fd709fdd8a","block_type":"box","text":"of the shareholder servicing fees and the distribution fees. Expenses with respect to providing","page_number":205,"box":{"x":116,"y":459,"width":701,"height":12}},{"id":"0d256a68-42cd-4d81-a317-73f7687f5b8f","block_type":"box","text":"distribution and/or shareholder services with respect to a class may consist of Service Organization","page_number":205,"box":{"x":116,"y":475,"width":742,"height":12}},{"id":"ed59c667-673b-4230-bb89-f65c36b1da74","block_type":"box","text":"financial adviser compensation, branch office and regional operation center selling and transaction","page_number":205,"box":{"x":116,"y":490,"width":736,"height":12}},{"id":"e018eec0-892b-4dfb-b89c-81a683ee1991","block_type":"box","text":"processing expenses, advertising, sales promotion and marketing expenses. Payments under the","page_number":205,"box":{"x":117,"y":506,"width":728,"height":12}},{"id":"533a4748-0646-4c87-975c-b81c98f55975","block_type":"box","text":"Plans with respect to one class will not be used to finance the expenditures of another class. Sales","page_number":205,"box":{"x":117,"y":521,"width":737,"height":12}},{"id":"9003a3d3-98f8-4aa8-94fe-2bd1b5941bda","block_type":"box","text":"personnel may receive different compensation for selling different classes of shares.","page_number":205,"box":{"x":117,"y":537,"width":629,"height":12}},{"id":"809c75ed-6e87-493f-bb22-9f02a6d1c4f1","block_type":"box","text":"Each Plan is subject to the provisions of Rule 12b-1 under the Investment Company Act. In their","page_number":205,"box":{"x":117,"y":568,"width":717,"height":12}},{"id":"0735e385-789e-47e9-8a80-5aa843a47d2f","block_type":"box","text":"consideration of a Plan, the Directors must consider all factors they deem relevant, including","page_number":205,"box":{"x":116,"y":583,"width":690,"height":12}},{"id":"b24d4f53-3ad2-4ae2-8caa-f956e7b604ba","block_type":"box","text":"information as to the benefits of the Plan to the Fund and the related class of shareholders. In","page_number":205,"box":{"x":117,"y":599,"width":699,"height":9}},{"id":"aefefd2d-e62c-488f-aaac-e7c4851246e8","block_type":"box","text":"approving a Plan in accordance with Rule 12b-1, the non-interested Directors concluded that there is","page_number":205,"box":{"x":116,"y":614,"width":753,"height":12}},{"id":"be282505-7ae8-4d2c-ae7b-d03892fc7997","block_type":"box","text":"reasonable likelihood that the Plan will benefit the Fund and its related class of shareholders. The Plan","page_number":205,"box":{"x":117,"y":630,"width":766,"height":9}},{"id":"48914f38-5797-4bdd-8920-ea4a881bd383","block_type":"box","text":"provides, among other things, that: (i) the Board of Directors shall receive quarterly reports regarding","page_number":205,"box":{"x":117,"y":645,"width":752,"height":12}},{"id":"706cccd8-a4b1-4ab0-af56-6f2dda213230","block_type":"box","text":"the amounts expended under the Plan and the purposes for which such expenditures were made; (ii)","page_number":205,"box":{"x":116,"y":661,"width":748,"height":12}},{"id":"9a3341f3-87d4-44ae-b8d4-d62dfdc0268d","block_type":"box","text":"the Plan will continue in effect for so long as its continuance is approved at least annually by the Board","page_number":205,"box":{"x":116,"y":676,"width":761,"height":12}},{"id":"1540bcec-e57e-4b68-9f58-5c012354f12b","block_type":"box","text":"of Directors, including the directors who are not “interested persons” of the Fund (as defined in the","page_number":205,"box":{"x":116,"y":692,"width":729,"height":12}},{"id":"8da1d761-2d45-4538-bc93-4af0b6c6f32f","block_type":"box","text":"Investment Company Act) and who have no direct or indirect financial interest in the operation of the","page_number":205,"box":{"x":117,"y":707,"width":743,"height":12}},{"id":"7405cb30-497a-4fc8-a6e4-8bcf81205655","block_type":"box","text":"Plan or any agreement entered into in connection with the Plan (the “12b-1 Directors”), acting in person","page_number":205,"box":{"x":117,"y":723,"width":765,"height":12}},{"id":"b12336c3-1f48-4dfb-bfff-8c4fdaeff965","block_type":"box","text":"at a meeting called for said purpose in accordance with Rule 12b-1 under the Investment Company","page_number":205,"box":{"x":116,"y":738,"width":737,"height":12}},{"id":"544140ac-ec8f-4b6a-a3d9-211193a0308e","block_type":"box","text":"Act; (iii) any material amendment thereto must be approved by the Board of Directors, including the","page_number":205,"box":{"x":116,"y":754,"width":737,"height":12}},{"id":"71a85e58-be3d-4f8e-a42c-c1989597a000","block_type":"box","text":"12b-1 Directors, acting in person at a meeting called for said purpose; (iv) any amendment to increase","page_number":205,"box":{"x":118,"y":769,"width":757,"height":12}},{"id":"e2e71501-a211-4062-bba8-446d4ab9c4ac","block_type":"box","text":"materially the costs which any class of shares may bear for distribution services pursuant to the Plan","page_number":205,"box":{"x":117,"y":785,"width":745,"height":12}},{"id":"5e1f1171-e31e-42f4-abd9-eb6e2231c2aa","block_type":"box","text":"shall be effective only upon approval by a vote of a majority of the outstanding shares of such class","page_number":205,"box":{"x":116,"y":800,"width":736,"height":12}},{"id":"354d3498-f1ba-4366-9d6f-e0afde632174","block_type":"box","text":"and by a majority of the Board of Directors, including the 12b-1 Directors, acting in person at a meeting","page_number":205,"box":{"x":116,"y":816,"width":763,"height":12}},{"id":"995dbcd4-79c6-4dcf-849f-8c6d3252e54b","block_type":"box","text":"called for said purpose; and (v) while the Plan remains in effect, the selection and nomination of the","page_number":205,"box":{"x":116,"y":831,"width":744,"height":12}},{"id":"03a308c1-c1e2-44ad-ba14-35ce8323fd7f","block_type":"box","text":"Fund’s Directors who are not “interested persons” of the Fund shall be committed to the discretion of","page_number":205,"box":{"x":117,"y":847,"width":750,"height":12}},{"id":"1b824dd9-6f92-4eab-a1be-d7ba4256d6cd","block_type":"box","text":"the Fund’s non-interested Directors. Rule 12b-1 further requires that each Fund preserve copies of","page_number":205,"box":{"x":116,"y":862,"width":737,"height":12}},{"id":"47264083-1098-43e7-8fa0-30b80b1e1c5c","block_type":"box","text":"II-140","page_number":205,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"654aef5b-1272-4aa6-9538-3a76877c942c","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":205,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"de5935f0-6f5a-4241-8d22-365dd23f2b0c","block_type":"box","text":"each Plan and any report made pursuant to such Plan for a period of not less than six years from the","page_number":206,"box":{"x":116,"y":87,"width":753,"height":12}},{"id":"681f6e92-3ab2-4b2d-979a-719b95144ca4","block_type":"box","text":"date of the Plan or such report, the first two years in an easily accessible place.","page_number":206,"box":{"x":116,"y":102,"width":594,"height":13}},{"id":"dbd7f5ec-18e3-48f4-a5fe-a32ae8786db0","block_type":"box","text":"Each Plan is terminable as to any class of shares without penalty at any time by a vote of a majority of","page_number":206,"box":{"x":117,"y":132,"width":762,"height":13}},{"id":"90115145-c501-4571-b7a9-c23bd0a0bec1","block_type":"box","text":"the 12b-1 Directors, or by vote of the holders of a majority of the shares of such class.","page_number":206,"box":{"x":116,"y":148,"width":643,"height":12}},{"id":"17b3bc82-8040-4f4f-98fc-93201f7eabf7","block_type":"box","text":"See “Information on Sales Charges and Distribution Related Expenses” in Part I of each Fund’s SAI for","page_number":206,"box":{"x":116,"y":178,"width":770,"height":12}},{"id":"50e34f58-ab15-4c52-8b43-a9e5677a8e51","block_type":"box","text":"information relating to the fees paid by your Fund to the Distributor under each Plan during the Fund’s","page_number":206,"box":{"x":117,"y":193,"width":759,"height":12}},{"id":"2d4882d6-008f-4832-b633-ccd0bee70b79","block_type":"box","text":"most recent fiscal year.","page_number":206,"box":{"x":117,"y":209,"width":177,"height":12}},{"id":"32cadf68-1e54-4f88-9241-2e5de0cb4a53","block_type":"box","text":"Limitations on the Payment of Deferred Sales Charges","page_number":206,"box":{"x":117,"y":239,"width":439,"height":12}},{"id":"c796ea96-2b7e-4a68-80c7-acffe190a07b","block_type":"box","text":"The maximum sales charge rule in the Conduct Rules of the Financial Industry Regulatory Authority","page_number":206,"box":{"x":116,"y":261,"width":745,"height":13}},{"id":"6f997e83-3f65-4a16-8682-ce1814fb32d3","block_type":"box","text":"(“FINRA”) imposes a limitation on certain asset-based sales charges such as the distribution fee borne","page_number":206,"box":{"x":117,"y":277,"width":765,"height":12}},{"id":"28c835bb-06ab-4483-b17e-a47993cc1e80","block_type":"box","text":"by Class R Shares, and the distribution fee and the CDSC borne by the Investor C Shares. This","page_number":206,"box":{"x":117,"y":292,"width":715,"height":13}},{"id":"9a3b50e2-3d72-4282-9662-3e37ccaff886","block_type":"box","text":"limitation does not apply to the shareholder servicing fee. The maximum sales charge rule is applied","page_number":206,"box":{"x":117,"y":308,"width":748,"height":12}},{"id":"79ca83c4-b992-44b1-b515-7cff2886f5a3","block_type":"box","text":"separately to each class and limits the aggregate of distribution fee payments and CDSCs payable by","page_number":206,"box":{"x":116,"y":323,"width":759,"height":13}},{"id":"cd7df31f-c92b-4af1-8b39-b7620b960edb","block_type":"box","text":"a Fund to (1) 6.25% of eligible gross sales of Investor C and Class R Shares, computed separately","page_number":206,"box":{"x":116,"y":339,"width":739,"height":12}},{"id":"dee0b8b2-1322-4ef0-8cff-aa8975513aa9","block_type":"box","text":"(excluding shares issued pursuant to dividend reinvestments and exchanges), plus (2) interest on the","page_number":206,"box":{"x":117,"y":354,"width":756,"height":13}},{"id":"f5a8d039-1cd1-4226-9e4c-6f39a9657b6b","block_type":"box","text":"unpaid balance for the respective class, computed separately, at the prime rate plus 1% (the unpaid","page_number":206,"box":{"x":117,"y":370,"width":746,"height":12}},{"id":"d665e2b4-71d7-42a1-8f39-e8416de70122","block_type":"box","text":"balance being the maximum amount payable minus amounts received from the payment of the","page_number":206,"box":{"x":117,"y":385,"width":708,"height":13}},{"id":"1f1c23b0-e34e-4bb9-a3d4-b8f51ac00f87","block_type":"box","text":"distribution fee and the CDSC). See “Information on Sales Charges and Distribution Related","page_number":206,"box":{"x":116,"y":401,"width":689,"height":12}},{"id":"1521048c-c1ec-430e-9675-e5e9b4b49789","block_type":"box","text":"Expenses” in Part I of each Fund’s SAI for comparative information as of your Fund’s most recent fiscal","page_number":206,"box":{"x":117,"y":416,"width":771,"height":13}},{"id":"ee19222e-3b59-4071-82ab-1d2734e69a6c","block_type":"box","text":"year end with respect to, if applicable, the Investor C and Class R Shares of your Fund.","page_number":206,"box":{"x":116,"y":432,"width":654,"height":12}},{"id":"057fe88e-330d-4cf3-ba54-41d0d328ff4a","block_type":"box","text":"Other Payments by the Fund","page_number":206,"box":{"x":116,"y":462,"width":234,"height":12}},{"id":"3a19875b-2a20-4b1f-b46d-a0e48d84e1da","block_type":"box","text":"In addition to shareholder servicing fees that a Fund may pay to a Service Organization pursuant to the","page_number":206,"box":{"x":117,"y":485,"width":770,"height":12}},{"id":"77658e66-bf22-407d-bce5-b4d4767169eb","block_type":"box","text":"Plan and fees the Fund pays to its Transfer Agent, BlackRock, on behalf of a Fund, may enter into","page_number":206,"box":{"x":117,"y":500,"width":733,"height":12}},{"id":"739e376f-f6bb-44ea-8c50-14b90727b106","block_type":"box","text":"non-Plan agreements with Service Organizations pursuant to which the Fund will pay a Service","page_number":206,"box":{"x":117,"y":516,"width":711,"height":12}},{"id":"4a4bcdf2-5201-4c13-8b67-1a230c59d1c9","block_type":"box","text":"Organization for administrative, networking, recordkeeping, sub-transfer agency, sub-accounting and/","page_number":206,"box":{"x":116,"y":531,"width":754,"height":12}},{"id":"6e0afb48-f165-45fc-93d1-d2212aaacdd8","block_type":"box","text":"or shareholder services. These non-Plan payments are generally based on either (1) a percentage of","page_number":206,"box":{"x":116,"y":547,"width":755,"height":12}},{"id":"fe7ee5b1-8c42-4e2c-b93e-00933fe2fef8","block_type":"box","text":"the average daily net assets of Fund shareholders serviced by a Service Organization or (2) a fixed","page_number":206,"box":{"x":116,"y":562,"width":742,"height":12}},{"id":"9ca6230e-5c7f-4ce7-bbca-59eae59b5006","block_type":"box","text":"dollar amount for each account serviced by a Service Organization. The aggregate amount of these","page_number":206,"box":{"x":116,"y":578,"width":745,"height":12}},{"id":"120aa05a-fbfb-41f7-a4eb-ef56cb4fdd28","block_type":"box","text":"payments may be substantial.","page_number":206,"box":{"x":117,"y":593,"width":226,"height":12}},{"id":"a8ee39a8-90c0-4fae-b488-424f76e4e371","block_type":"box","text":"Additional Payments by BlackRock","page_number":206,"box":{"x":116,"y":623,"width":286,"height":12}},{"id":"c7a6990d-6081-426e-9e50-b44f794c8a48","block_type":"box","text":"From time to time, BlackRock, BRIL and/or their affiliates (referred to in this section collectively","page_number":206,"box":{"x":117,"y":646,"width":707,"height":12}},{"id":"39dda9f2-59f0-4842-b7fb-627a6556a0ed","block_type":"box","text":"as “BlackRock”) may compensate Service Organizations for the sale and distribution of shares of a","page_number":206,"box":{"x":116,"y":661,"width":734,"height":12}},{"id":"750bd894-897a-40ea-8814-ad2595373bf1","block_type":"box","text":"Fund, for services to a Fund and its shareholders and/or for data provision or technology support. A","page_number":206,"box":{"x":117,"y":677,"width":738,"height":12}},{"id":"22031bb4-0292-4083-b791-03f9d046b4d0","block_type":"box","text":"Service Organization may perform these obligations itself or may arrange for a third party to perform","page_number":206,"box":{"x":116,"y":692,"width":743,"height":12}},{"id":"43bf8cbd-ae91-4e9d-b8d1-d353af83583f","block_type":"box","text":"them. These payments, which are not made pursuant to a Plan or otherwise paid by a Fund, are","page_number":206,"box":{"x":116,"y":708,"width":714,"height":12}},{"id":"236a3c39-be8e-4a78-ab10-b429842d40c6","block_type":"box","text":"referred to as “Additional Payments” herein.","page_number":206,"box":{"x":117,"y":723,"width":323,"height":12}},{"id":"5c83fe78-3381-4c4d-8074-09d7f8fde275","block_type":"box","text":"Additional Payments are made from BlackRock’s own assets (which may come directly or indirectly","page_number":206,"box":{"x":116,"y":753,"width":737,"height":12}},{"id":"be1075bc-5520-4ebe-a13e-7b2927f5707b","block_type":"box","text":"from fees paid by a Fund to BlackRock for various services, such as investment advisory services).","page_number":206,"box":{"x":116,"y":769,"width":735,"height":12}},{"id":"d965c21f-f75c-4c07-b239-465be3b5464f","block_type":"box","text":"These payments are not an additional charge to a Fund or its shareholders and do not change the","page_number":206,"box":{"x":116,"y":784,"width":728,"height":12}},{"id":"0631e1cd-59a4-4192-9500-1c8985bee045","block_type":"box","text":"price paid by shareholders for the purchase of a Fund’s shares or the amount a Fund receives as","page_number":206,"box":{"x":117,"y":800,"width":720,"height":12}},{"id":"16ae98a6-de4d-4d3f-a5eb-de9625fdc163","block_type":"box","text":"proceeds from such purchases. Additional Payments made to Service Organizations are in addition to","page_number":206,"box":{"x":117,"y":815,"width":755,"height":12}},{"id":"97e141c4-0017-4a39-a2d0-3d68d08328d5","block_type":"box","text":"any distribution or shareholder servicing fees paid under any Plan of any Fund, any sales charges,","page_number":206,"box":{"x":116,"y":831,"width":736,"height":12}},{"id":"78508a81-54ab-4f17-92b8-98e305ec3ff9","block_type":"box","text":"commissions or other concessions described in the Prospectuses or this SAI, and any administrative,","page_number":206,"box":{"x":116,"y":846,"width":757,"height":12}},{"id":"d6459aed-0538-4d37-b8ea-b28308dd4684","block_type":"box","text":"networking, recordkeeping, sub-transfer agency or sub-accounting fees payable by a Fund. Pursuant","page_number":206,"box":{"x":117,"y":862,"width":754,"height":12}},{"id":"a20eec4d-5790-402b-af94-19689199b016","block_type":"box","text":"to applicable FINRA regulations, the details of certain of these payments, including the Service","page_number":206,"box":{"x":116,"y":877,"width":708,"height":12}},{"id":"1a93af36-6487-4584-8bb7-b0231adddb4d","block_type":"box","text":"II-141","page_number":206,"box":{"x":480,"y":909,"width":38,"height":9}},{"id":"b57376a2-5752-4eeb-8758-b2f482d1b322","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":206,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"e24da3e0-ec01-41e7-b099-32e7be3544c1","block_type":"box","text":"Organizations receiving such payments in connection with the sale and distribution of Fund shares, are","page_number":207,"box":{"x":116,"y":87,"width":770,"height":12}},{"id":"30a0b4ca-ffaf-458e-b714-6a247fb7ed91","block_type":"box","text":"required to be disclosed. While FINRA regulations limit the sales charges that shareholders may bear,","page_number":207,"box":{"x":117,"y":103,"width":761,"height":12}},{"id":"0020cb75-a253-4ffc-83f1-95c7c438bed7","block_type":"box","text":"there are no limits with regard to the amounts that BlackRock may pay out of its own assets.","page_number":207,"box":{"x":116,"y":118,"width":690,"height":12}},{"id":"d5ffb65c-9a97-4c15-b310-113594e534a4","block_type":"box","text":"Additional Payments may be made as a fixed dollar amount, may be based on the number of","page_number":207,"box":{"x":116,"y":146,"width":695,"height":12}},{"id":"d262cfdd-d7a2-482e-8939-d8713f72e763","block_type":"box","text":"Customer accounts maintained by a Service Organization, may be based on a percentage of the value","page_number":207,"box":{"x":117,"y":162,"width":766,"height":12}},{"id":"e8ec969f-63e2-43bc-9d02-1f11067e9244","block_type":"box","text":"of shares sold to, or held by, Customers of the Service Organization involved, or may be calculated on","page_number":207,"box":{"x":116,"y":177,"width":764,"height":12}},{"id":"aaa1c44d-ba70-4f33-99d5-70c0a99ae0f6","block_type":"box","text":"another basis.","page_number":207,"box":{"x":116,"y":193,"width":110,"height":9}},{"id":"982e3795-89f5-4e33-b98f-9047ceee24ec","block_type":"box","text":"BlackRock negotiates Additional Payments with each Service Organization on an individual basis.","page_number":207,"box":{"x":117,"y":221,"width":730,"height":12}},{"id":"89947448-37d7-491e-bc55-884a2e8eae87","block_type":"box","text":"Additional Payments may be different for different Service Organizations, and some Service","page_number":207,"box":{"x":116,"y":237,"width":687,"height":12}},{"id":"76d624dd-f20c-4a33-a39b-993b0f38d117","block_type":"box","text":"Organizations may be paid pursuant to more than one of the calculations described above. Not all","page_number":207,"box":{"x":116,"y":252,"width":731,"height":12}},{"id":"c678ca34-c327-4172-941b-8187cb76fa76","block_type":"box","text":"Service Organizations receive Additional Payments. Sales-based payments primarily create incentives","page_number":207,"box":{"x":116,"y":268,"width":766,"height":12}},{"id":"e1b3ec67-2b2e-45da-be26-5a4ac9d542cb","block_type":"box","text":"to make new sales of shares of the Fund, and asset-based payments primarily create incentives to","page_number":207,"box":{"x":116,"y":283,"width":737,"height":12}},{"id":"ce5525f3-f5be-4062-98c2-fba035ae9c9b","block_type":"box","text":"retain previously sold shares of the Fund. The level of payments made to these Service Organizations","page_number":207,"box":{"x":117,"y":299,"width":761,"height":12}},{"id":"7a69dd8d-8226-4508-98de-2f4249744437","block_type":"box","text":"in any year will vary and may be limited to specific Funds or share classes. 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The same Service Organization, or one or more of its affiliates, may receive","page_number":207,"box":{"x":117,"y":389,"width":712,"height":12}},{"id":"14f1f767-3687-4426-81fb-cd1a221da2e8","block_type":"box","text":"payments under more than one category of Additional Payments. Such payments may be different for","page_number":207,"box":{"x":117,"y":405,"width":759,"height":12}},{"id":"8c8601bf-d4cd-4592-9808-86801484ca89","block_type":"box","text":"different Service Organizations and for different types of Funds.","page_number":207,"box":{"x":116,"y":420,"width":477,"height":12}},{"id":"27606574-87f3-450c-a9d0-e4abfb12e03b","block_type":"box","text":"A. 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Additional Payments may exceed amounts that would be","page_number":207,"box":{"x":116,"y":831,"width":768,"height":12}},{"id":"22c34043-0c82-4644-8ff7-16d5630e0e7c","block_type":"box","text":"earned on these assets by the Transfer Agent for the performance of these or similar services. 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Such Additional Payments are generally made as a fixed dollar","page_number":208,"box":{"x":116,"y":140,"width":728,"height":12}},{"id":"6a0cfd73-af87-4344-8722-e854e96e1d68","block_type":"box","text":"amount, and not based on assets or sales.","page_number":208,"box":{"x":116,"y":155,"width":322,"height":11}},{"id":"99428cd7-d430-44cd-912a-44d9145d72e7","block_type":"box","text":"D. Service Organizations Receiving Additional Payments","page_number":208,"box":{"x":150,"y":183,"width":427,"height":12}},{"id":"25f1d139-5484-4f28-83a6-bb2aab7be7b4","block_type":"box","text":"As of the date of this SAI, the Service Organizations listed below, and, in some cases, certain of the","page_number":208,"box":{"x":116,"y":205,"width":746,"height":12}},{"id":"b0085e3b-23b0-4f3c-9bbc-323f32ffc44f","block_type":"box","text":"Service Organization’s affiliates, may be receiving one or more types of Additional Payments. 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Service Organizations may charge their Customers additional fees in","page_number":211,"box":{"x":116,"y":630,"width":745,"height":12}},{"id":"ff56f8f1-e1eb-4ffd-b1f5-1544a18cfeb2","block_type":"box","text":"connection with the purchase or redemption of Fund shares or for account-related services which are","page_number":211,"box":{"x":116,"y":645,"width":756,"height":12}},{"id":"0c4307ec-7f9b-4cf4-ae6d-781b78842529","block_type":"box","text":"in addition to the sales and other charges described in the Fund’s Prospectus and this SAI. 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The","page_number":212,"box":{"x":117,"y":289,"width":758,"height":12}},{"id":"d043dc17-d74f-4902-90b5-182a49b19aae","block_type":"box","text":"value of shares of each Fund at the time of redemption may be more or less than your cost at the time","page_number":212,"box":{"x":116,"y":304,"width":764,"height":12}},{"id":"f6359b5d-f5a2-4344-8bfb-3b2649a825ff","block_type":"box","text":"of purchase, depending in part on the market value of the securities held by the Fund at such time.","page_number":212,"box":{"x":116,"y":320,"width":737,"height":12}},{"id":"b309c8ea-aeca-4afd-8ff5-fe99ac89a8fe","block_type":"box","text":"Except for any CDSC that may be applicable, there will be no redemption charge if your redemption","page_number":212,"box":{"x":117,"y":335,"width":743,"height":12}},{"id":"521e71d0-e7b9-4660-850d-6066a671220b","block_type":"box","text":"request is sent directly to the Transfer Agent. If you are liquidating your holdings you will receive all","page_number":212,"box":{"x":117,"y":351,"width":739,"height":12}},{"id":"da284016-ded4-48ee-bd5e-0754508ea230","block_type":"box","text":"dividends reinvested through the date of redemption.","page_number":212,"box":{"x":116,"y":366,"width":397,"height":12}},{"id":"94aa6763-da66-4562-a9be-1b458ca778fa","block_type":"box","text":"The right to redeem shares may be suspended or payment upon redemption may be delayed for more","page_number":212,"box":{"x":116,"y":397,"width":764,"height":12}},{"id":"f9805b2d-a004-4823-84a7-890ea4b5eb9b","block_type":"box","text":"than seven days only (i) for any period during which trading on the NYSE is restricted as determined by","page_number":212,"box":{"x":116,"y":413,"width":772,"height":12}},{"id":"bb677f21-ae15-46c2-9fb5-89e010545065","block_type":"box","text":"the Commission or during which the NYSE is closed (other than customary weekend and holiday","page_number":212,"box":{"x":116,"y":428,"width":724,"height":12}},{"id":"a468807b-70f0-4c50-8935-856f77081f13","block_type":"box","text":"closings), (ii) for any period during which an emergency exists, as defined by the Commission, as a","page_number":212,"box":{"x":116,"y":444,"width":741,"height":12}},{"id":"234a0472-a2c3-4777-9882-deae08dd3c5e","block_type":"box","text":"result of which disposal of portfolio securities or determination of the NAV of a Fund is not reasonably","page_number":212,"box":{"x":117,"y":459,"width":757,"height":12}},{"id":"048e113e-b553-4a36-9e90-41982a928998","block_type":"box","text":"practicable, or (iii) for such other periods as the Commission may by order permit for the protection of","page_number":212,"box":{"x":117,"y":475,"width":756,"height":12}},{"id":"4e0ab4bd-0cf0-4223-bda5-28535d3c21b6","block_type":"box","text":"shareholders of the Fund. (A Fund may also suspend or postpone the recordation of the transfer of its","page_number":212,"box":{"x":116,"y":490,"width":761,"height":12}},{"id":"1ea2940d-2473-45bf-ad31-56cfce21e4e5","block_type":"box","text":"shares upon the occurrence of any of the foregoing conditions.)","page_number":212,"box":{"x":116,"y":506,"width":476,"height":12}},{"id":"57fe7560-2985-4f90-b888-06c4dc5e0beb","block_type":"box","text":"Each Fund, with other investment companies advised by the Manager, has entered into a joint","page_number":212,"box":{"x":117,"y":537,"width":703,"height":12}},{"id":"509dff9a-0f16-42b3-9f64-6fa0fe27186e","block_type":"box","text":"committed line of credit with a syndicate of banks that is intended to provide the Fund with a temporary","page_number":212,"box":{"x":116,"y":552,"width":768,"height":12}},{"id":"f65cce55-9b8b-4a80-828f-957ad3159737","block_type":"box","text":"source of cash to be used to meet redemption requests from shareholders in extraordinary or","page_number":212,"box":{"x":116,"y":568,"width":697,"height":12}},{"id":"a932dbe4-8085-42ce-a6d3-269b2a1b971f","block_type":"box","text":"emergency circumstances.","page_number":212,"box":{"x":116,"y":583,"width":205,"height":12}},{"id":"fc102e64-49fa-46a4-ab46-c389aeb0255c","block_type":"box","text":"Each Fund may redeem shares involuntarily to reimburse the Fund for any loss sustained by reason of","page_number":212,"box":{"x":117,"y":614,"width":766,"height":12}},{"id":"d2d720ea-f507-40f7-aabe-52a68e6d216d","block_type":"box","text":"the failure of a shareholder to make full payment for shares purchased by the shareholder or to collect","page_number":212,"box":{"x":116,"y":630,"width":763,"height":12}},{"id":"ae3720a7-e111-4d2b-a0fe-74eee586a67e","block_type":"box","text":"any charge relating to a transaction effected for the benefit of a shareholder. Each Fund reserves the","page_number":212,"box":{"x":116,"y":645,"width":754,"height":12}},{"id":"b5bcbc2d-14f1-42d1-a265-123f6f5af4ba","block_type":"box","text":"express right to redeem shares of the Fund involuntarily at any time if the Fund’s Board of Directors","page_number":212,"box":{"x":116,"y":661,"width":738,"height":12}},{"id":"49cf92eb-d5da-451f-b7f8-284d5e1e9119","block_type":"box","text":"determines, in its sole discretion, that failure to do so may have adverse consequences to the holders","page_number":212,"box":{"x":116,"y":676,"width":753,"height":12}},{"id":"88de0d14-587c-49a9-8770-ca5df43f0b6e","block_type":"box","text":"of shares in the Fund. Upon such redemption the holders of shares so redeemed shall have no further","page_number":212,"box":{"x":116,"y":692,"width":759,"height":12}},{"id":"4c1cce53-b459-4ac7-9da1-3e90d0410eba","block_type":"box","text":"right with respect thereto other than to receive payment of the redemption price.","page_number":212,"box":{"x":117,"y":707,"width":591,"height":12}},{"id":"5ede5a6c-34ee-4921-b0e6-cb4d8bc471bc","block_type":"box","text":"Redemption","page_number":212,"box":{"x":117,"y":738,"width":95,"height":12}},{"id":"b936ca30-72e1-45fc-8411-f739ca9fefc1","block_type":"box","text":"Investor A, Investor A1, Investor C, Institutional and Class R Shares","page_number":212,"box":{"x":117,"y":761,"width":504,"height":12}},{"id":"7388afba-b838-4047-9caf-5fe581fc8898","block_type":"box","text":"Redeem by Telephone","page_number":212,"box":{"x":117,"y":785,"width":177,"height":12}},{"id":"864aa3c2-2064-41d1-a3f4-2f889581a366","block_type":"box","text":": You may sell Investor Shares, excluding Investor P Shares, held at","page_number":212,"box":{"x":296,"y":785,"width":505,"height":12}},{"id":"e19f69cf-821f-4451-8797-bb7861950365","block_type":"box","text":"BlackRock by telephone request if certain conditions are met and if the amount being sold is less than","page_number":212,"box":{"x":117,"y":800,"width":754,"height":12}},{"id":"84735256-057c-4c32-90e3-5290be1c2536","block_type":"box","text":"(i) $100,000 for payments by check or (ii) $250,000 for payments through the Automated Clearing","page_number":212,"box":{"x":117,"y":815,"width":724,"height":13}},{"id":"e0e98f34-501c-49ac-9b46-9cebf3f3c3cf","block_type":"box","text":"House Network (“ACH”) or wire transfer. Certain redemption requests, such as those in excess of","page_number":212,"box":{"x":117,"y":831,"width":727,"height":12}},{"id":"0ce3b790-254a-492c-bea1-80be18ac7c9d","block_type":"box","text":"these amounts, and those where (i) the Fund does not have verified banking information on file; or","page_number":212,"box":{"x":116,"y":847,"width":734,"height":12}},{"id":"e52c0ee7-9292-40ec-a1ac-f5cbd4d7f4c0","block_type":"box","text":"(ii) the proceeds are not paid to the record owner at the record address, must be in writing with a","page_number":212,"box":{"x":117,"y":862,"width":720,"height":12}},{"id":"78d18c80-f00f-481b-9721-a81184530bcf","block_type":"box","text":"medallion signature guarantee provided by any “eligible guarantor institution” as defined in","page_number":212,"box":{"x":117,"y":878,"width":674,"height":12}},{"id":"6f4f025e-597f-4e17-baff-9c8285f51f2f","block_type":"box","text":"II-147","page_number":212,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"b57143ea-ec71-4a86-8a22-e08d9f2b2c45","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":212,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"48f2d5d8-3fbd-4c25-88d9-fb3108f505bd","block_type":"box","text":"Rule 17Ad-15 under the Securities Exchange Act of 1934 (the “Exchange Act”), whose existence and","page_number":213,"box":{"x":117,"y":87,"width":756,"height":12}},{"id":"001f6cdd-9fb0-4be2-9d7f-24658287fcfb","block_type":"box","text":"validity may be verified by the Transfer Agent through the use of industry publications. For Institutional","page_number":213,"box":{"x":116,"y":102,"width":763,"height":13}},{"id":"afdbe21f-682d-4453-ad7c-9eb7bb85f8e4","block_type":"box","text":"Shares, certain redemption requests may require written instructions with a medallion signature","page_number":213,"box":{"x":116,"y":118,"width":713,"height":12}},{"id":"65943f93-d8ac-49e8-8279-f7b83db6ad61","block_type":"box","text":"guarantee. Call (800) 441-7762 for details. You can obtain a medallion signature guarantee stamp from","page_number":213,"box":{"x":116,"y":134,"width":772,"height":12}},{"id":"78e735db-7714-4df4-861e-46c51532f4be","block_type":"box","text":"a bank, securities dealer, securities broker, credit union, savings and loan association, national","page_number":213,"box":{"x":116,"y":149,"width":709,"height":12}},{"id":"feafc180-dc3a-4d32-b211-f8a07b1ad24c","block_type":"box","text":"securities exchange or registered securities association. The three recognized medallion programs are","page_number":213,"box":{"x":116,"y":165,"width":767,"height":12}},{"id":"96368396-71e4-414d-a0fb-947b5bd6d2dc","block_type":"box","text":"Securities Transfer Agent Medallion Program, Stock Exchanges Medallion Program and New York","page_number":213,"box":{"x":116,"y":180,"width":736,"height":12}},{"id":"45ebc662-1299-41b2-9ee2-436982c9006c","block_type":"box","text":"Stock Exchange, Inc. Medallion Signature Program. Signature guarantees which are not a part of","page_number":213,"box":{"x":116,"y":196,"width":727,"height":12}},{"id":"a98d5543-6ead-47fe-8d9e-17ac2e54a128","block_type":"box","text":"these programs will not be accepted. A notary public seal will not be acceptable. Generally, a properly","page_number":213,"box":{"x":116,"y":211,"width":761,"height":12}},{"id":"e716b3d4-891a-4a73-a6dd-9a81255e6b91","block_type":"box","text":"signed written request with any required signature guarantee is all that is required for a redemption. In","page_number":213,"box":{"x":116,"y":227,"width":761,"height":12}},{"id":"5a404b3b-5e6e-49bc-8797-520315c385b0","block_type":"box","text":"some cases, however, other documents may be necessary. Additional documentary evidence of","page_number":213,"box":{"x":116,"y":242,"width":719,"height":12}},{"id":"37153f04-62a5-4b9c-8fbf-3551185aecd8","block_type":"box","text":"authority is required by the Transfer Agent in the event redemption is requested by a corporation,","page_number":213,"box":{"x":116,"y":258,"width":726,"height":12}},{"id":"0bf556b5-f16c-4da7-a7d5-f6dfb677c754","block_type":"box","text":"partnership, trust, fiduciary, executor or administrator.","page_number":213,"box":{"x":117,"y":273,"width":402,"height":12}},{"id":"77fd9335-2ef3-441d-a139-fb38efed266b","block_type":"box","text":"If you make a redemption request before a Fund has collected payment for the purchase of shares, the","page_number":213,"box":{"x":117,"y":304,"width":769,"height":12}},{"id":"98117789-ea75-49a9-95f7-020c06fbbef1","block_type":"box","text":"Fund may delay mailing your proceeds. This delay will usually not exceed ten days. A Fund, its","page_number":213,"box":{"x":117,"y":320,"width":709,"height":12}},{"id":"0fe9428e-585b-432e-ba0e-51dfbc359a91","block_type":"box","text":"Administrators and the Distributor will employ reasonable procedures to confirm that instructions","page_number":213,"box":{"x":116,"y":335,"width":719,"height":12}},{"id":"a77cafa4-0c11-4684-80f5-dc59bd19cfdd","block_type":"box","text":"communicated by telephone are genuine. Telephone redemption requests will not be honored if: (i) the","page_number":213,"box":{"x":116,"y":351,"width":767,"height":12}},{"id":"2e8d20e9-7ba4-449b-a34c-88332c31279d","block_type":"box","text":"accountholder is deceased, (ii) the proceeds are to be sent to someone other than the shareholder of","page_number":213,"box":{"x":116,"y":366,"width":756,"height":12}},{"id":"36cb30bc-e45e-4e4b-aac1-18c028ad096e","block_type":"box","text":"record, (iii) a Fund does not have verified information on file, (iv) the request is by an individual other","page_number":213,"box":{"x":117,"y":382,"width":749,"height":12}},{"id":"6ef51010-cac9-4c54-937b-09ade6d200a1","block_type":"box","text":"than the accountholder of record, (v) the account is held by joint tenants who are divorced, (vi) the","page_number":213,"box":{"x":116,"y":397,"width":733,"height":12}},{"id":"cb8dfbe2-5d8a-4d31-b4d7-a4faf55dccb5","block_type":"box","text":"address on the account has changed within the last 30 days or share certificates have been issued on","page_number":213,"box":{"x":116,"y":413,"width":762,"height":12}},{"id":"84fa4e2b-995e-4aee-8887-fa81a41f27e3","block_type":"box","text":"the account, or (vii) to protect against fraud, if the caller is unable to provide the account number, the","page_number":213,"box":{"x":116,"y":428,"width":752,"height":12}},{"id":"67416700-f478-4120-8095-ba0f6560ca81","block_type":"box","text":"name and address registered on the account and the social security number registered on the account.","page_number":213,"box":{"x":117,"y":444,"width":770,"height":12}},{"id":"da979ef8-6501-445d-a121-778aadd0fe6e","block_type":"box","text":"The Fund and its service providers will not be liable for any loss, liability, cost or expense for acting","page_number":213,"box":{"x":116,"y":459,"width":739,"height":12}},{"id":"0442384b-2d29-4e60-90fa-e86eb78ce691","block_type":"box","text":"upon telephone instructions that are reasonably believed to be genuine in accordance with such","page_number":213,"box":{"x":117,"y":475,"width":716,"height":12}},{"id":"cc220c4e-0566-4017-9067-8ea42a754227","block_type":"box","text":"procedures. Before telephone requests will be honored, signature approval from all shareholders of","page_number":213,"box":{"x":117,"y":490,"width":741,"height":12}},{"id":"d7009500-77cc-481c-828b-a26c735ff3a5","block_type":"box","text":"record on the account must be obtained. The Fund may refuse a telephone redemption request if it","page_number":213,"box":{"x":117,"y":506,"width":738,"height":12}},{"id":"053f0fef-a615-4c11-9d17-b14f1d92e553","block_type":"box","text":"believes it is advisable to do so. During periods of substantial economic or market change, telephone","page_number":213,"box":{"x":117,"y":521,"width":754,"height":12}},{"id":"840500e3-4b78-4883-be5d-8c0916ea3c92","block_type":"box","text":"redemptions may be difficult to complete. Please find below alternative redemption methods.","page_number":213,"box":{"x":117,"y":537,"width":691,"height":12}},{"id":"fa7469b3-d6bb-425e-9a7e-6aaef03da107","block_type":"box","text":"Redemption orders for Institutional Shares placed prior to 4:00 p.m. (Eastern time) on a business day","page_number":213,"box":{"x":117,"y":568,"width":756,"height":12}},{"id":"71470834-89ff-4e61-907c-ece35fa130a0","block_type":"box","text":"will be priced at the NAV determined that day. If redemption orders are received by 4:00 p.m. (Eastern","page_number":213,"box":{"x":116,"y":583,"width":764,"height":12}},{"id":"ce21cbdd-f7fc-4380-95bd-081c4cd6de3f","block_type":"box","text":"time) on a business day, payment for redeemed Institutional Shares will normally be wired in Federal","page_number":213,"box":{"x":116,"y":599,"width":753,"height":12}},{"id":"17cecdef-ceb2-4445-bbed-25da9a4f7914","block_type":"box","text":"Funds on the next business day. If the Federal Reserve Bank of Philadelphia is not open on the","page_number":213,"box":{"x":117,"y":614,"width":713,"height":12}},{"id":"569db810-ee0e-49d9-8715-4e62f0f29aee","block_type":"box","text":"business day following receipt of the redemption order, the redemption order will be accepted and","page_number":213,"box":{"x":117,"y":630,"width":729,"height":12}},{"id":"616f84b0-ec43-41c2-9827-886f0da89fc0","block_type":"box","text":"processed the next succeeding business day when the Federal Reserve Bank of Philadelphia is open,","page_number":213,"box":{"x":117,"y":645,"width":762,"height":12}},{"id":"99713b51-389d-4f5a-99b6-8df5e540be46","block_type":"box","text":"provided that the Fund’s custodian is also open for business.","page_number":213,"box":{"x":117,"y":661,"width":449,"height":12}},{"id":"94b25ca0-e5d3-4203-9a5f-3b9287e40670","block_type":"box","text":"Redeem by VRU","page_number":213,"box":{"x":117,"y":692,"width":127,"height":12}},{"id":"26c42e6f-1332-4908-bbf5-0901c7deb40e","block_type":"box","text":": Investor class shares, excluding Investor P Shares, may also be redeemed by use","page_number":213,"box":{"x":247,"y":692,"width":620,"height":12}},{"id":"0efb6cbf-9c31-4b48-b515-cabbb6b78867","block_type":"box","text":"of a Fund’s automated voice response unit service (“VRU”). Payment for Investor class shares","page_number":213,"box":{"x":116,"y":707,"width":700,"height":12}},{"id":"2a5b6cb8-c4b9-4d12-9262-00b3e01d2601","block_type":"box","text":"redeemed by VRU may be made for non-retirement accounts in amounts up to $25,000, either through","page_number":213,"box":{"x":117,"y":722,"width":761,"height":13}},{"id":"3a22a0f2-52e6-47c9-8ed2-415c0417e2e2","block_type":"box","text":"check, ACH or wire.","page_number":213,"box":{"x":116,"y":738,"width":147,"height":11}},{"id":"5a496817-a1f9-404b-9ad6-c072877b744f","block_type":"box","text":"Redeem by Internet:","page_number":213,"box":{"x":117,"y":769,"width":159,"height":12}},{"id":"be312bc4-85a3-4978-bb6a-7261ad9a6fbe","block_type":"box","text":"Certain Investor and Institutional class shares may also be redeemed by logging","page_number":213,"box":{"x":283,"y":769,"width":595,"height":12}},{"id":"88472f36-0de7-498e-8b8d-50a3f1b70efa","block_type":"box","text":"onto the BlackRock website at www.blackrock.com. Proceeds from Internet redemptions may be sent","page_number":213,"box":{"x":116,"y":785,"width":753,"height":12}},{"id":"b71a7c05-a66d-42dd-a116-03188be0108c","block_type":"box","text":"via check, ACH or wire to the bank account of record. Payment for shares redeemed by Internet may","page_number":213,"box":{"x":116,"y":800,"width":749,"height":12}},{"id":"afe6032e-abb3-4c30-acd6-b8507772921f","block_type":"box","text":"be made for non-retirement accounts up to $100,000 per account per day, either through check, ACH","page_number":213,"box":{"x":117,"y":815,"width":751,"height":13}},{"id":"b71f67e6-7d82-4960-873b-d45776f41025","block_type":"box","text":"or wire. Different maximums may apply to certain institutional investors.","page_number":213,"box":{"x":116,"y":831,"width":535,"height":12}},{"id":"0b912f9f-5a6b-412b-b2f1-d57a78a9cd39","block_type":"box","text":"Redeem in Writing:","page_number":213,"box":{"x":117,"y":862,"width":157,"height":12}},{"id":"f18e2f6b-535f-4aa0-860a-4307765e0642","block_type":"box","text":"If you hold shares with the Transfer Agent you may redeem such shares without","page_number":213,"box":{"x":275,"y":862,"width":599,"height":12}},{"id":"4b6a4b43-a6c6-4c7a-8044-aa603fad7a9c","block_type":"box","text":"charge by writing to BlackRock, P.O. Box 534429, Pittsburgh, Pennsylvania 15253-4429. Redemption","page_number":213,"box":{"x":116,"y":878,"width":761,"height":12}},{"id":"0ba7295f-3eab-4a01-864c-d507278f0284","block_type":"box","text":"II-148","page_number":213,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"7c67d099-35ec-410b-bd0a-b25d588ec035","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":213,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"1867aee5-d2af-4454-a2b5-8a97db07a965","block_type":"box","text":"requests delivered other than by mail should be sent to BlackRock, Attention: 534429, 1350 Penn","page_number":214,"box":{"x":117,"y":87,"width":729,"height":12}},{"id":"fbf0f822-ec2b-4c77-b48a-3a672aa7c0d9","block_type":"box","text":"Avenue, Suite 102, Pittsburgh, Pennsylvania 15222. If you hold share certificates issued by your Fund,","page_number":214,"box":{"x":116,"y":102,"width":768,"height":13}},{"id":"a28c6dcf-b01b-4ba3-a48e-8033e1292e76","block_type":"box","text":"the letter must be accompanied by certificates for the shares. All shareholders on the account must","page_number":214,"box":{"x":116,"y":118,"width":741,"height":12}},{"id":"4f861314-992b-4e9f-846e-a238c92f7296","block_type":"box","text":"sign the letter. A medallion signature guarantee will generally be required but may be waived in certain","page_number":214,"box":{"x":116,"y":134,"width":766,"height":12}},{"id":"9b5c23dd-3eae-43be-9b15-55cfb1773dda","block_type":"box","text":"limited circumstances. You can obtain a medallion signature guarantee stamp from a bank, securities","page_number":214,"box":{"x":117,"y":149,"width":756,"height":12}},{"id":"fdd6a0fb-eb6c-4e48-bb53-bc9f0b2dec56","block_type":"box","text":"dealer, securities broker, credit union, savings and loan association, national securities exchange or","page_number":214,"box":{"x":116,"y":165,"width":746,"height":12}},{"id":"3e693aac-e92e-432a-9797-ca1e81fd0894","block_type":"box","text":"registered securities association. A notary public seal will not be acceptable. If you hold stock","page_number":214,"box":{"x":117,"y":180,"width":696,"height":12}},{"id":"007bd4c8-54e8-4e04-b2a4-db7ebbbb4a13","block_type":"box","text":"certificates, return the certificates with the letter. Proceeds from redemptions may be sent via check,","page_number":214,"box":{"x":116,"y":196,"width":749,"height":12}},{"id":"b418cce6-f350-4248-979f-57a3a988193a","block_type":"box","text":"ACH or wire to the bank account of record.","page_number":214,"box":{"x":116,"y":211,"width":323,"height":10}},{"id":"453ea7c9-724d-4443-a5a5-71b63e6e8332","block_type":"box","text":"Redemptions of Investor P Shares, Service Shares, Class G Shares, Class K Shares and BlackRock","page_number":214,"box":{"x":116,"y":239,"width":754,"height":12}},{"id":"9a881f22-7df9-46ef-b013-e01469fc6889","block_type":"box","text":"Shares may be made in the manner and amounts described in the Prospectuses.","page_number":214,"box":{"x":117,"y":254,"width":608,"height":13}},{"id":"d720ae65-0f69-4219-a020-fbcbb548eb28","block_type":"box","text":"The Funds or the Transfer Agent may temporarily suspend telephone transactions at any time.","page_number":214,"box":{"x":116,"y":282,"width":707,"height":12}},{"id":"a04629b8-351f-4715-b209-a1cf47e5e23d","block_type":"box","text":"If you redeem shares directly with the Transfer Agent, payments will generally be mailed within one","page_number":214,"box":{"x":117,"y":310,"width":740,"height":12}},{"id":"5b6ada33-88d7-4c49-b502-6afc9d88626a","block_type":"box","text":"business day of receipt of the proper notice of redemption. A Fund may delay the mailing of a","page_number":214,"box":{"x":117,"y":326,"width":697,"height":12}},{"id":"2bcec513-92a4-4acf-98ab-51d41da72003","block_type":"box","text":"redemption check until good payment (that is, cash, Federal funds or certified check drawn on a U.S.","page_number":214,"box":{"x":117,"y":341,"width":753,"height":12}},{"id":"a33f026b-7b0b-4db4-aa1f-31e40688db83","block_type":"box","text":"bank) has been collected for the purchase of Fund shares, which delay will usually not exceed 10","page_number":214,"box":{"x":117,"y":357,"width":726,"height":12}},{"id":"f0936930-182e-478d-b547-c10ddef94b86","block_type":"box","text":"days. If your account is held directly with the Transfer Agent and contains a fractional share balance","page_number":214,"box":{"x":116,"y":372,"width":747,"height":12}},{"id":"48d09037-53b3-482e-b943-2195737803f3","block_type":"box","text":"following a redemption, the fractional share balance will be automatically redeemed by the Fund.","page_number":214,"box":{"x":116,"y":388,"width":722,"height":12}},{"id":"d279b993-ef8e-4c7f-9ec0-e0d66991a1dd","block_type":"box","text":"Note on Low Balance Accounts.","page_number":214,"box":{"x":117,"y":416,"width":242,"height":9}},{"id":"ba7b4e40-fefb-47a2-984b-733644007165","block_type":"box","text":"Because of the high cost of maintaining smaller shareholder accounts,","page_number":214,"box":{"x":360,"y":416,"width":527,"height":12}},{"id":"ff385bc4-df8b-45a1-aaf9-2e52b0823fa5","block_type":"box","text":"BlackRock has set a minimum balance of $500 in each Fund position you hold within your account","page_number":214,"box":{"x":117,"y":430,"width":735,"height":13}},{"id":"2e1f2b0c-3966-4d56-9171-69f4de839b4e","block_type":"box","text":"(“Fund Minimum”), and may redeem the shares in your account if the NAV of those shares in your","page_number":214,"box":{"x":117,"y":447,"width":731,"height":12}},{"id":"857b3f5a-48ce-4362-b0ed-ac3047dab145","block_type":"box","text":"account falls below $500 for any reason, including market fluctuation.","page_number":214,"box":{"x":116,"y":461,"width":519,"height":13}},{"id":"02876b55-1ad1-4a60-8f90-2552565ddbdf","block_type":"box","text":"You will be notified that the value of your account is less than the Fund Minimum before the Fund","page_number":214,"box":{"x":116,"y":490,"width":727,"height":12}},{"id":"dbe1eaf8-12e6-4ca1-8183-5b5a5d25568e","block_type":"box","text":"makes any involuntary redemption. This notification will provide you with a 90 calendar day period to","page_number":214,"box":{"x":117,"y":506,"width":749,"height":12}},{"id":"fe140dad-b333-4667-954c-cdd59415c75f","block_type":"box","text":"make an additional investment in order to bring the value of your account to at least $500 before the","page_number":214,"box":{"x":117,"y":520,"width":747,"height":13}},{"id":"7a2d71cc-df79-40d0-b0d0-ca643f4f6a66","block_type":"box","text":"Fund makes an involuntary redemption. This involuntary redemption will not charge any deferred sales","page_number":214,"box":{"x":117,"y":537,"width":766,"height":12}},{"id":"f173d79d-b348-4723-8737-b74b14cd7388","block_type":"box","text":"charge, and may not apply to accounts of certain employer-sponsored retirement plans (not including","page_number":214,"box":{"x":116,"y":552,"width":756,"height":12}},{"id":"3b46536d-9fbc-41f4-b4d4-4c49cfdd3ce9","block_type":"box","text":"IRAs), qualified state tuition plan (529 Plan) accounts, and select fee-based programs at your financial","page_number":214,"box":{"x":117,"y":568,"width":763,"height":12}},{"id":"0fa92d37-1cb5-4a19-b026-39cc3026deab","block_type":"box","text":"intermediary.","page_number":214,"box":{"x":117,"y":583,"width":101,"height":12}},{"id":"02e5311a-ae69-428c-b5d3-9511bef02695","block_type":"box","text":"Repurchase","page_number":214,"box":{"x":117,"y":611,"width":100,"height":12}},{"id":"1a8c8f17-7e4e-4ca2-b20f-734810372e73","block_type":"box","text":"A Fund normally will accept orders to repurchase shares from Selling Dealers for their customers.","page_number":214,"box":{"x":116,"y":633,"width":729,"height":12}},{"id":"25ebfbc4-f216-4959-b2ff-b4571cc458c6","block_type":"box","text":"Shares will be priced at the NAV of the Fund next determined after receipt of the repurchase order by a","page_number":214,"box":{"x":116,"y":648,"width":771,"height":12}},{"id":"5a352e5e-f569-4ff6-9999-3ad22434f047","block_type":"box","text":"Selling Dealer that has been authorized by the Distributor by contract to accept such orders. As to","page_number":214,"box":{"x":116,"y":664,"width":726,"height":12}},{"id":"a63e1ce3-8665-4588-8285-694e965f2ce7","block_type":"box","text":"repurchase orders received by Selling Dealers prior to the close of business on the NYSE (generally,","page_number":214,"box":{"x":117,"y":679,"width":746,"height":12}},{"id":"dbdf3342-fad1-4255-a443-f983b03d8389","block_type":"box","text":"the NYSE closes at 4:00 p.m. Eastern time), on the day the order is placed, which includes orders","page_number":214,"box":{"x":116,"y":695,"width":726,"height":12}},{"id":"cd43b8ab-e52f-4977-91d4-b348f204e219","block_type":"box","text":"received after the close of business on the previous day, the repurchase price is the NAV determined","page_number":214,"box":{"x":117,"y":710,"width":749,"height":12}},{"id":"bb5f55b5-d754-43df-99a7-3e57ff88ed67","block_type":"box","text":"as of the close of business on the NYSE on that day. If the orders for repurchase are not received by","page_number":214,"box":{"x":116,"y":726,"width":749,"height":12}},{"id":"6ba0af6b-d5af-4573-9ac6-5ec67c90f6e7","block_type":"box","text":"the Selling Dealer before the close of business on the NYSE, such orders are deemed received on the","page_number":214,"box":{"x":116,"y":741,"width":760,"height":12}},{"id":"6c5be893-a606-4105-8f15-a18bc6a0810f","block_type":"box","text":"next business day.","page_number":214,"box":{"x":117,"y":757,"width":137,"height":12}},{"id":"22b198a7-34ff-4ea4-91d7-2a01ce61156e","block_type":"box","text":"These repurchase arrangements are for your convenience and do not involve a charge by the Fund","page_number":214,"box":{"x":116,"y":785,"width":738,"height":12}},{"id":"87b16b16-bf99-43e5-97e2-d9033ce5124c","block_type":"box","text":"(other than any applicable CDSC or redemption fee). However, Selling Dealers may charge a","page_number":214,"box":{"x":117,"y":800,"width":691,"height":12}},{"id":"b980a479-9173-4761-8158-39c740c6fca6","block_type":"box","text":"processing fee in connection with such transactions. In addition, securities firms that do not have","page_number":214,"box":{"x":117,"y":816,"width":716,"height":12}},{"id":"3c8f9708-aba5-4d62-95f3-bb1e8012d944","block_type":"box","text":"selected dealer agreements with the Distributor may impose a transaction charge for transmitting the","page_number":214,"box":{"x":116,"y":831,"width":753,"height":12}},{"id":"3e7a5862-08a4-4b91-afe2-ffdda2964057","block_type":"box","text":"notice of repurchase to the Fund. Each Fund reserves the right to reject any order for repurchase. A","page_number":214,"box":{"x":117,"y":847,"width":746,"height":12}},{"id":"ef3aea9a-e2b5-4623-a522-6ebe41840a52","block_type":"box","text":"shareholder whose order for repurchase is rejected by a Fund, however, may redeem shares as set","page_number":214,"box":{"x":116,"y":862,"width":746,"height":12}},{"id":"54e12bfa-44e3-4066-9ad0-43aa9c43b9e1","block_type":"box","text":"out above.","page_number":214,"box":{"x":116,"y":878,"width":83,"height":9}},{"id":"5d7c799b-23ba-4a52-987c-78e91bbd6134","block_type":"box","text":"II-149","page_number":214,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"02c26f6b-3143-41a9-a24c-9f3577ac71cd","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":214,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"15109dfe-9269-475c-ae08-02a00364acd8","block_type":"box","text":"Reinstatement Privilege — Investor A and Investor P Shares","page_number":215,"box":{"x":117,"y":87,"width":484,"height":12}},{"id":"f8b75970-1383-4a3d-806b-2f019cae30a4","block_type":"box","text":"Upon redemption of Investor A, Investor A1, Investor P or Institutional Shares, as applicable,","page_number":215,"box":{"x":117,"y":110,"width":691,"height":12}},{"id":"9e100f81-454d-4782-ac0a-30f8cddc261d","block_type":"box","text":"shareholders may reinvest all or a portion of their redemption proceeds (after paying any applicable","page_number":215,"box":{"x":116,"y":126,"width":743,"height":12}},{"id":"28adef24-ca2d-4371-ae90-e9f7b49630b9","block_type":"box","text":"CDSC) in Investor A or Investor P Shares of the same or another BlackRock fund without paying a","page_number":215,"box":{"x":117,"y":141,"width":735,"height":12}},{"id":"e826ada8-90ad-400f-8ab7-84b5b2f105e8","block_type":"box","text":"front-end sales charge. This right may be exercised within 90 days of the redemption, provided that the","page_number":215,"box":{"x":116,"y":157,"width":769,"height":12}},{"id":"6dacd71e-316f-4494-b710-525bccf0ef24","block_type":"box","text":"Investor A or Investor P Shares, as applicable, of that fund is currently open to new investors or the","page_number":215,"box":{"x":117,"y":172,"width":741,"height":12}},{"id":"10d3d93d-bb2a-4824-a7e2-e16bbb5f0379","block_type":"box","text":"shareholder has a current account in that closed fund. Shares will be purchased at the NAV calculated","page_number":215,"box":{"x":116,"y":188,"width":765,"height":12}},{"id":"742e0cc9-884d-447e-9d71-707abd527492","block_type":"box","text":"at the close of trading on the day the request is received in good order. To exercise this privilege, the","page_number":215,"box":{"x":116,"y":203,"width":754,"height":12}},{"id":"bfec0a52-49de-4792-8419-346c0aac09d6","block_type":"box","text":"Transfer Agent must receive written notification from the shareholder of record or the registered","page_number":215,"box":{"x":116,"y":219,"width":714,"height":12}},{"id":"2341f438-f73a-414d-a80d-c8f0b17ab6db","block_type":"box","text":"representative of record, at the time of purchase. Investors should consult a tax advisor concerning the","page_number":215,"box":{"x":117,"y":234,"width":767,"height":12}},{"id":"d90632bc-4146-4064-99a8-4530e435b179","block_type":"box","text":"tax consequences of exercising this reinstatement privilege.","page_number":215,"box":{"x":116,"y":250,"width":449,"height":12}},{"id":"38da1fe7-d4c9-4d50-a767-8f9ccf2231a7","block_type":"box","text":"S","page_number":215,"box":{"x":409,"y":296,"width":9,"height":10}},{"id":"bf6c3155-14de-4ad2-b8de-5984f30abd20","block_type":"box","text":"HAREHOLDER","page_number":215,"box":{"x":420,"y":299,"width":95,"height":7}},{"id":"550c92fa-f811-49c4-856c-43cf48eab88a","block_type":"box","text":"S","page_number":215,"box":{"x":515,"y":296,"width":16,"height":10}},{"id":"663992e2-ac7f-4418-9582-24ce9b673ca7","block_type":"box","text":"ERVICES","page_number":215,"box":{"x":532,"y":299,"width":59,"height":7}},{"id":"2faeaec2-1761-43b1-8b54-364b13a479f6","block_type":"box","text":"Each Fund offers one or more of the shareholder services described below that are designed to","page_number":215,"box":{"x":117,"y":327,"width":714,"height":12}},{"id":"04506062-fe0f-4ca0-be35-6df982f295d5","block_type":"box","text":"facilitate investment in its shares. You can obtain more information about these services from each","page_number":215,"box":{"x":116,"y":343,"width":738,"height":9}},{"id":"f31ca088-b128-4793-8460-06f396c47a61","block_type":"box","text":"Fund by calling the telephone number on the cover page, or from the Distributor, your financial adviser,","page_number":215,"box":{"x":117,"y":358,"width":769,"height":12}},{"id":"9d432bf6-f0e6-4222-8e06-b64e49fb4367","block_type":"box","text":"your selected securities dealer or other financial intermediary. Certain of these services are available","page_number":215,"box":{"x":116,"y":374,"width":753,"height":12}},{"id":"5b989009-9ab3-4412-a278-543c0ca3da65","block_type":"box","text":"only to U.S. investors.","page_number":215,"box":{"x":116,"y":389,"width":168,"height":12}},{"id":"a1d4dfea-c38b-490b-94da-ceeed97b2b30","block_type":"box","text":"Investment Account","page_number":215,"box":{"x":117,"y":420,"width":164,"height":10}},{"id":"29985772-cc97-405c-aca4-27670c551d4f","block_type":"box","text":"If your account is maintained at the Transfer Agent (an “Investment Account”) you will receive","page_number":215,"box":{"x":117,"y":444,"width":698,"height":12}},{"id":"d604fb68-3f12-4a91-80ce-2cc48b4fbec4","block_type":"box","text":"statements, at least quarterly, from the Transfer Agent. These statements will serve as confirmations","page_number":215,"box":{"x":116,"y":459,"width":752,"height":12}},{"id":"9840e1c2-68bf-44e1-bd06-839429be90f9","block_type":"box","text":"for automatic investment purchases and the reinvestment of dividends. The statements also will show","page_number":215,"box":{"x":116,"y":475,"width":760,"height":12}},{"id":"1859f3a3-f0b1-4672-a17e-181e76cde6ec","block_type":"box","text":"any other activity in your Investment Account since the last statement. You also will receive separate","page_number":215,"box":{"x":116,"y":490,"width":752,"height":12}},{"id":"f3b67b6f-14ba-425a-afb5-c06eb309bc25","block_type":"box","text":"confirmations for each purchase or sale transaction other than automatic investment purchases and","page_number":215,"box":{"x":116,"y":506,"width":746,"height":12}},{"id":"bbba0a1c-5a4b-4f04-b99a-c027bd2219a1","block_type":"box","text":"the reinvestment of dividends. If your Investment Account is held at the Transfer Agent you may make","page_number":215,"box":{"x":116,"y":521,"width":763,"height":12}},{"id":"8b8ce4e9-8eda-4fb7-9062-9eb5fb4ee8af","block_type":"box","text":"additions to it at any time by mailing a check directly to the Transfer Agent. Each Fund limits purchases","page_number":215,"box":{"x":116,"y":537,"width":771,"height":12}},{"id":"1d024b27-fd4b-4ef0-9bea-d5d442615646","block_type":"box","text":"by personal check to $500,000 per trade. You may also maintain an account through a selected","page_number":215,"box":{"x":117,"y":551,"width":715,"height":13}},{"id":"04707a06-20d9-42ac-864e-e8a9ff050354","block_type":"box","text":"securities dealer or other financial intermediary. If you transfer shares out of an account maintained","page_number":215,"box":{"x":116,"y":568,"width":742,"height":12}},{"id":"5d78dcf1-dc68-4662-b026-d4f56787ff89","block_type":"box","text":"with a selected securities dealer or other financial intermediary, an Investment Account in your name","page_number":215,"box":{"x":116,"y":583,"width":752,"height":12}},{"id":"5ab98628-0ac6-49f7-bc90-2e3040ab17d3","block_type":"box","text":"may be opened automatically at the Transfer Agent.","page_number":215,"box":{"x":117,"y":599,"width":390,"height":12}},{"id":"ef15b90f-b271-42b5-ba81-786b29d8096c","block_type":"box","text":"You may transfer Fund shares from a selected securities dealer or other financial intermediary to","page_number":215,"box":{"x":116,"y":630,"width":723,"height":12}},{"id":"f99289dc-ef4f-4949-a21e-8a485690a846","block_type":"box","text":"another securities dealer or other financial intermediary that has entered into an agreement with the","page_number":215,"box":{"x":116,"y":645,"width":745,"height":12}},{"id":"af0b90ce-85c0-4eb7-899c-34a13aec16d2","block_type":"box","text":"Distributor. Certain shareholder services may not be available for the transferred shares. All future","page_number":215,"box":{"x":117,"y":661,"width":727,"height":12}},{"id":"f90f92eb-dc22-4e0c-bbaf-5a8cb28fd944","block_type":"box","text":"trading of these assets must be coordinated by the new firm. If you wish to transfer your shares to a","page_number":215,"box":{"x":116,"y":676,"width":740,"height":12}},{"id":"aeab3731-eb24-476e-b5d4-eeb153edcb93","block_type":"box","text":"securities dealer or other financial intermediary that has not entered into an agreement with the","page_number":215,"box":{"x":116,"y":692,"width":706,"height":12}},{"id":"15571844-ac5a-4caa-aa64-c84e28b699f1","block_type":"box","text":"Distributor, you must either (i) redeem your shares, paying any applicable CDSC or (ii) continue to","page_number":215,"box":{"x":117,"y":707,"width":727,"height":12}},{"id":"46a77c29-8fcd-4ecb-adc0-b5da7c61295d","block_type":"box","text":"maintain an Investment Account at the Transfer Agent for those shares. You also may request that the","page_number":215,"box":{"x":117,"y":723,"width":759,"height":12}},{"id":"8260b8a5-ec0e-4c53-a7f2-ec7ccb034812","block_type":"box","text":"new securities dealer or other financial intermediary maintain the shares in an account at the Transfer","page_number":215,"box":{"x":117,"y":738,"width":754,"height":12}},{"id":"6e5c3beb-992e-443b-9b85-08ffa4893921","block_type":"box","text":"Agent registered in the name of the securities dealer or other financial intermediary for your benefit","page_number":215,"box":{"x":116,"y":754,"width":733,"height":12}},{"id":"c374dda0-582d-4937-a8b7-cfc05a11abb2","block_type":"box","text":"whether the securities dealer or other financial intermediary has entered into a selected dealer","page_number":215,"box":{"x":116,"y":769,"width":700,"height":12}},{"id":"77bd19aa-13f1-42d1-9ba0-73984bf22310","block_type":"box","text":"agreement or not. In the interest of economy and convenience and because of the operating","page_number":215,"box":{"x":116,"y":785,"width":685,"height":12}},{"id":"15b8f9d3-77ae-4d4a-8f12-4d3104b1ed85","block_type":"box","text":"procedures of each Fund, share certificates will not be issued physically. Shares are maintained by","page_number":215,"box":{"x":117,"y":800,"width":734,"height":12}},{"id":"848d3882-4f6b-4fc4-bf93-ec97034f7203","block_type":"box","text":"each Fund on its register maintained by the Transfer Agent and the holders thereof will have the same","page_number":215,"box":{"x":116,"y":816,"width":759,"height":12}},{"id":"1ae7b8c9-af7f-44b6-a09f-4d0c74c1639a","block_type":"box","text":"rights and ownership with respect to such shares as if certificates had been issued.","page_number":215,"box":{"x":117,"y":831,"width":621,"height":12}},{"id":"0d97e584-c4c4-4ea3-bdcb-b600c0f500cf","block_type":"box","text":"If you are considering transferring a tax-deferred retirement account, such as an individual retirement","page_number":215,"box":{"x":117,"y":862,"width":754,"height":12}},{"id":"88823a93-c7d2-49e0-84c6-42d8035776f6","block_type":"box","text":"account, from one selected securities dealer to another securities dealer or other financial","page_number":215,"box":{"x":116,"y":878,"width":671,"height":11}},{"id":"dce9e46c-6a1c-425a-8327-cb339d85ae24","block_type":"box","text":"II-150","page_number":215,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"232c1b71-897d-4975-b115-603c2f831ee1","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":215,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"2aa35e4f-9ec7-4487-9e76-48ff38b0c294","block_type":"box","text":"intermediary, you should be aware that if the new firm will not take delivery of shares of the Fund, you","page_number":216,"box":{"x":117,"y":87,"width":759,"height":12}},{"id":"6232a24d-d020-43f9-8fdb-ae1a0147391d","block_type":"box","text":"must either redeem the shares (paying any applicable CDSC) so that the cash proceeds can be","page_number":216,"box":{"x":117,"y":102,"width":714,"height":13}},{"id":"9cfae05f-ce6b-49f5-b9bc-d0a927011586","block_type":"box","text":"transferred to the account at the new firm, or you must continue to maintain a retirement account at the","page_number":216,"box":{"x":116,"y":118,"width":770,"height":12}},{"id":"da533f1b-4551-444c-a6b1-6c697fdaf81c","block_type":"box","text":"original selected securities dealer for those shares.","page_number":216,"box":{"x":116,"y":134,"width":383,"height":12}},{"id":"de2c4dbb-b960-425a-a507-9897d30929cb","block_type":"box","text":"Exchange Privilege","page_number":216,"box":{"x":117,"y":165,"width":158,"height":12}},{"id":"b2fc025c-bc5a-4064-b9dd-37e10575caf0","block_type":"box","text":"U.S. shareholders of Investor A, Investor A1, Investor C, Investor P, Class K, Institutional and Class G","page_number":216,"box":{"x":117,"y":192,"width":763,"height":11}},{"id":"7a5a996f-d81e-4fb3-9708-f57537bb2ec0","block_type":"box","text":"Shares of each Fund have an exchange privilege with certain other Funds. However, Investor A1","page_number":216,"box":{"x":116,"y":207,"width":725,"height":12}},{"id":"58c1c71f-97d4-4f2c-90b0-86e3ce0ef6e3","block_type":"box","text":"Shares may only exchange out. The minimum amount for exchanges of Investor class shares is","page_number":216,"box":{"x":116,"y":223,"width":717,"height":12}},{"id":"027926a0-7abd-41eb-a828-472bd6f7373e","block_type":"box","text":"$1,000, although you may exchange less than $1,000 if you already have an account in the Fund into","page_number":216,"box":{"x":116,"y":237,"width":758,"height":13}},{"id":"24ca79e4-febf-4491-8a05-ca06f4cbb760","block_type":"box","text":"which you are exchanging. You may only exchange into a share class and a Fund that are open to new","page_number":216,"box":{"x":116,"y":254,"width":772,"height":12}},{"id":"5221d5a4-eda1-4a82-853c-e5c0422a710e","block_type":"box","text":"investors or in which you have a current account if the class or fund is closed to new investors. Before","page_number":216,"box":{"x":117,"y":269,"width":761,"height":12}},{"id":"13e18c10-6144-4e61-8444-09e6d79c8230","block_type":"box","text":"effecting an exchange, you should obtain a currently effective prospectus of the fund into which you","page_number":216,"box":{"x":116,"y":285,"width":744,"height":12}},{"id":"572ab004-4fb6-467c-91b2-ee9d388bdd9e","block_type":"box","text":"wish to make the exchange. Exercise of the exchange privilege is treated as a sale of the exchanged","page_number":216,"box":{"x":116,"y":300,"width":754,"height":12}},{"id":"b6d435e9-87a3-4f0e-bfd3-adf6b04018aa","block_type":"box","text":"shares and a purchase of the acquired shares for U.S. federal income tax purposes.","page_number":216,"box":{"x":116,"y":316,"width":630,"height":12}},{"id":"a084a3db-9cc6-460a-b985-254fba5e170f","block_type":"box","text":"Exchanges of Investor A, Investor A1, Investor P, Class K, Institutional and Class G Shares.","page_number":216,"box":{"x":116,"y":347,"width":689,"height":13}},{"id":"15b7d0f6-f705-4e29-a43a-e26f9a9049c6","block_type":"box","text":"Institutional Shares are exchangeable with Institutional Shares of other Funds. Investor A and Investor","page_number":216,"box":{"x":117,"y":363,"width":763,"height":12}},{"id":"da043ee9-eb45-43ba-b957-889423dfee8b","block_type":"box","text":"A1 Shares are exchangeable for Investor A Shares of other Funds to the extent such shares are","page_number":216,"box":{"x":116,"y":378,"width":719,"height":13}},{"id":"d0d7d581-6754-4ad9-a59a-269173f7100d","block_type":"box","text":"offered by your financial intermediary. Investor P Shares are exchangeable for Investor P Shares of","page_number":216,"box":{"x":116,"y":394,"width":744,"height":12}},{"id":"f83c41d6-ff2a-4d6f-a833-180d2f04a672","block_type":"box","text":"other Funds, to the extent such shares are offered by your financial intermediary. Class K Shares are","page_number":216,"box":{"x":116,"y":409,"width":756,"height":13}},{"id":"c40c6900-89db-484e-88fc-45b83dee73a6","block_type":"box","text":"exchangeable for Class K Shares of other Funds. Class G Shares are exchangeable for Class G","page_number":216,"box":{"x":116,"y":425,"width":722,"height":12}},{"id":"08949b47-6091-4912-bd18-080c1e0cc9bb","block_type":"box","text":"Shares of other Funds.","page_number":216,"box":{"x":116,"y":440,"width":176,"height":10}},{"id":"4b2e8198-565e-4417-9895-3531ca6d3cb1","block_type":"box","text":"Exchanges of Institutional Shares outstanding for Institutional Shares of a second fund or for shares of","page_number":216,"box":{"x":117,"y":472,"width":764,"height":12}},{"id":"d1ce0aff-9664-47fc-857b-c0dddb25a4e6","block_type":"box","text":"a money market fund are effected on the basis of relative NAV per Institutional Share. Exchanges of","page_number":216,"box":{"x":116,"y":488,"width":748,"height":12}},{"id":"3f96d716-cc13-44fb-aec2-acbc9a0aa273","block_type":"box","text":"Investor A or Investor A1 Shares outstanding (“outstanding Investor A Shares”) for Investor A Shares","page_number":216,"box":{"x":117,"y":503,"width":754,"height":12}},{"id":"7ed71650-23d6-40cd-a0ce-cd4e39a2856d","block_type":"box","text":"of a second fund, or for shares of a money market fund (“new Investor A Shares”) are effected on the","page_number":216,"box":{"x":116,"y":519,"width":756,"height":12}},{"id":"239c2d9d-428f-470a-bbba-8402f72c4398","block_type":"box","text":"basis of relative NAV per share. Exchanges of Investor P Shares outstanding for Investor P Shares of","page_number":216,"box":{"x":117,"y":534,"width":759,"height":12}},{"id":"18ddb5c6-ae73-4c39-a56e-c352d9fd818e","block_type":"box","text":"a second fund are effected on the basis of relative NAV per share. Exchanges of Class K Shares","page_number":216,"box":{"x":116,"y":550,"width":724,"height":12}},{"id":"85692950-9a0c-4527-b378-85fdd8792078","block_type":"box","text":"outstanding for Class K Shares of a second fund, or","page_number":216,"box":{"x":116,"y":565,"width":390,"height":12}},{"id":"a431bf01-8ec4-4813-a160-9f88d7a13f9d","block_type":"box","text":"for shares of a money market fund are effected on","page_number":216,"box":{"x":506,"y":565,"width":378,"height":12}},{"id":"3e27295f-a0a5-4597-909e-f41b361bbbdf","block_type":"box","text":"the basis of relative NAV per share. Exchanges of Class G Shares outstanding for Class G Shares of a","page_number":216,"box":{"x":116,"y":581,"width":770,"height":12}},{"id":"7d4124c3-74ca-4c35-a252-3ec04f5d4d9a","block_type":"box","text":"second fund are effected on the basis of relative NAV per share.","page_number":216,"box":{"x":116,"y":596,"width":483,"height":12}},{"id":"922dc8a3-15a3-4c08-b5f7-69609dbe30a1","block_type":"box","text":"Exchanges of Investor C Shares.","page_number":216,"box":{"x":116,"y":628,"width":250,"height":12}},{"id":"af1cee74-6998-462c-81b6-52a2e39a888c","block_type":"box","text":"Shareholders of certain Funds with Investor C Shares outstanding","page_number":216,"box":{"x":367,"y":628,"width":495,"height":12}},{"id":"54a5546e-9a82-43db-8ca5-779d521319e5","block_type":"box","text":"(“outstanding Investor C Shares”) may exchange their shares for Investor C Shares of a second Fund","page_number":216,"box":{"x":117,"y":644,"width":758,"height":12}},{"id":"341f874a-5669-4ff4-81c7-c315f5dc83da","block_type":"box","text":"(“new Investor C Shares”) or for shares of a money market fund (“new money market fund Shares”) on","page_number":216,"box":{"x":117,"y":659,"width":766,"height":12}},{"id":"998abc98-0ef8-4d47-96bd-7266437ddfe5","block_type":"box","text":"the basis of relative NAV per share, without the payment of any CDSC. Certain Funds impose different","page_number":216,"box":{"x":116,"y":675,"width":762,"height":12}},{"id":"4b703fbd-6874-4575-bbbd-624e753072f7","block_type":"box","text":"CDSC schedules. For purposes of computing the CDSC upon redemption of new Investor C Shares or","page_number":216,"box":{"x":117,"y":690,"width":761,"height":12}},{"id":"afd714ce-5c9e-4ca6-9573-89988fd3bc62","block_type":"box","text":"new money market fund Shares, as applicable, the time you held both the exchanged Investor C","page_number":216,"box":{"x":117,"y":706,"width":715,"height":12}},{"id":"64dd6680-1c93-4348-9da6-479ba8ea294c","block_type":"box","text":"Shares and the new Investor C Shares or new money market fund Shares will count towards the","page_number":216,"box":{"x":116,"y":721,"width":716,"height":12}},{"id":"6e3ffe7c-be2c-4652-a2d8-085a7a9494d3","block_type":"box","text":"holding period of the new Investor C Shares or new money market fund Shares.","page_number":216,"box":{"x":117,"y":737,"width":591,"height":12}},{"id":"3974fd51-202e-4a06-9af1-104c3c6d3265","block_type":"box","text":"Exchanges of Service Shares.","page_number":216,"box":{"x":116,"y":768,"width":223,"height":12}},{"id":"548c1dff-e93b-4ce3-bd90-194110a22912","block_type":"box","text":"Service Shares can be exchanged for Service Shares of Funds that are","page_number":216,"box":{"x":347,"y":768,"width":530,"height":12}},{"id":"58399eef-d150-4e81-9dc3-97ec7ae9672b","block_type":"box","text":"covered by selected dealer agreements with the Distributor.","page_number":216,"box":{"x":116,"y":784,"width":442,"height":12}},{"id":"2272ee4d-b190-4cf6-8644-1788370b6251","block_type":"box","text":"Exchanges for Shares of a Money Market Fund.","page_number":216,"box":{"x":116,"y":816,"width":356,"height":12}},{"id":"5dbd1a8a-f7c4-4e61-8001-492f3d5f6e4e","block_type":"box","text":"You may exchange any class of Investor class shares,","page_number":216,"box":{"x":478,"y":816,"width":404,"height":12}},{"id":"4176068f-303b-4924-ac98-29be35b2e0f8","block_type":"box","text":"excluding Investor P Shares, for shares of an affiliated money market fund. If you exchange into","page_number":216,"box":{"x":116,"y":831,"width":717,"height":12}},{"id":"6710728c-97e1-46b1-a7fb-01d3d614e65a","block_type":"box","text":"BlackRock Summit Cash Reserves Fund (“Summit”), a series of BlackRock Financial Institutions","page_number":216,"box":{"x":117,"y":847,"width":720,"height":12}},{"id":"a2fd7935-b918-41e8-b8cf-8a6070da117f","block_type":"box","text":"Series Trust, you will receive one of two classes of shares: exchanges of Investor A, Investor A1 and","page_number":216,"box":{"x":116,"y":862,"width":753,"height":12}},{"id":"50102092-8d13-47ba-bf96-585f87540094","block_type":"box","text":"Institutional Shares of a Fund will receive Investor A Shares of Summit and exchanges of Investor C","page_number":216,"box":{"x":117,"y":878,"width":747,"height":12}},{"id":"22c2b02e-2fed-4259-a9ba-84cb1c8eb462","block_type":"box","text":"II-151","page_number":216,"box":{"x":480,"y":909,"width":38,"height":9}},{"id":"5879a8bf-f581-491e-8633-90f01db37e85","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":216,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"e1c06dd6-719a-46b2-8e8b-1c007a7ab53c","block_type":"box","text":"Shares of a Fund will receive Investor C Shares of Summit. You may exchange Investor A Shares of","page_number":217,"box":{"x":116,"y":87,"width":751,"height":12}},{"id":"c8f0a4e7-21b9-4bd3-9360-5f6a2cee7789","block_type":"box","text":"Summit back into Investor A or Institutional Shares of a Fund, if you are eligible to hold such shares.","page_number":217,"box":{"x":116,"y":102,"width":748,"height":13}},{"id":"35c3e44a-568f-4bea-89ae-a6918ebc1c1d","block_type":"box","text":"You may exchange Investor C Shares of Summit back into Investor C Shares of a Fund and, in the","page_number":217,"box":{"x":116,"y":118,"width":739,"height":12}},{"id":"6ca30d7d-4da7-4db4-b4f8-14a82f280444","block_type":"box","text":"event of such an exchange, the period of time that you held Investor C Shares of Summit will count","page_number":217,"box":{"x":116,"y":134,"width":740,"height":12}},{"id":"c2d1c347-7e5d-4096-af69-8e6882528271","block_type":"box","text":"toward satisfaction of the holding period requirement for purposes of reducing any CDSC. Investor C","page_number":217,"box":{"x":116,"y":149,"width":752,"height":12}},{"id":"97abeebb-3389-49ba-b4e3-9b7d58875def","block_type":"box","text":"Shares of Summit are subject to a distribution fee at an annual rate of 0.75% of average daily net","page_number":217,"box":{"x":116,"y":165,"width":726,"height":12}},{"id":"5c64691a-387e-40d9-b262-f7e6fb98c128","block_type":"box","text":"assets of such Investor C Shares. Exchanges of Investor C Shares of a money market fund other than","page_number":217,"box":{"x":116,"y":180,"width":765,"height":12}},{"id":"969d81aa-fe4a-4c5c-8b7b-83c1cb511eb1","block_type":"box","text":"Summit for Investor C Shares of a Fund will be exercised at NAV. However, a CDSC may be charged","page_number":217,"box":{"x":116,"y":196,"width":759,"height":12}},{"id":"32019705-d229-4d51-ac12-2a0f46c6a8ca","block_type":"box","text":"in connection with any subsequent redemption of the Investor C Shares of the Fund received in the","page_number":217,"box":{"x":117,"y":211,"width":740,"height":12}},{"id":"e42dffc6-979d-4d35-a2c9-09228b4b53e3","block_type":"box","text":"exchange. In determining the holding period for calculating the CDSC payable on redemption of","page_number":217,"box":{"x":116,"y":227,"width":715,"height":12}},{"id":"272ba5e8-050b-46f6-afbd-2a17403a3fda","block_type":"box","text":"Investor C Shares of the Fund received in the exchange, the holding period of the money market fund","page_number":217,"box":{"x":117,"y":242,"width":759,"height":12}},{"id":"db293e18-7e8d-42f1-a1d7-32e5a6e2c388","block_type":"box","text":"Investor C Shares originally held will be added to the holding period of the Investor C Shares acquired","page_number":217,"box":{"x":117,"y":258,"width":761,"height":12}},{"id":"72795a8f-d633-4808-a0d3-f221e6d2de7d","block_type":"box","text":"through exchange.","page_number":217,"box":{"x":116,"y":273,"width":144,"height":12}},{"id":"ce2613d6-d02d-45c8-96bc-dac992dc5d82","block_type":"box","text":"Exchanges by Participants in Certain Programs.","page_number":217,"box":{"x":116,"y":304,"width":362,"height":12}},{"id":"3308efd6-29a7-45bf-89ff-05fcb0151138","block_type":"box","text":"The exchange privilege may be modified with respect","page_number":217,"box":{"x":478,"y":304,"width":401,"height":12}},{"id":"4707dfac-9805-474f-9073-586e7b903a5d","block_type":"box","text":"to certain participants in mutual fund advisory programs and other fee-based programs sponsored by","page_number":217,"box":{"x":116,"y":320,"width":755,"height":12}},{"id":"f242152a-bb5a-4760-90f0-72fe17b8e526","block_type":"box","text":"the Manager, an affiliate of the Manager, or selected securities dealers or other financial intermediaries","page_number":217,"box":{"x":116,"y":335,"width":770,"height":12}},{"id":"c7844c04-58cc-4935-9b3a-a81e26307e5a","block_type":"box","text":"that have an agreement with the Distributor. See “Fee-Based Programs” below.","page_number":217,"box":{"x":116,"y":351,"width":595,"height":12}},{"id":"105713ba-116b-45d9-8877-f27e053bcbbb","block_type":"box","text":"Exercise of the Exchange Privilege.","page_number":217,"box":{"x":116,"y":382,"width":269,"height":12}},{"id":"e93a794a-ae83-470a-b59e-5cca18d1e6d8","block_type":"box","text":"To exercise the exchange privilege, you should contact your","page_number":217,"box":{"x":385,"y":382,"width":452,"height":12}},{"id":"c1e9eb44-488c-4003-b8eb-2ec4d865eb27","block_type":"box","text":"financial adviser or the Transfer Agent, who will advise each Fund of the exchange. If you do not hold","page_number":217,"box":{"x":116,"y":397,"width":758,"height":12}},{"id":"b65d4906-e552-46ad-aa07-a5a978b7aa76","block_type":"box","text":"share certificates, you may exercise the exchange privilege by wire through your securities dealer or","page_number":217,"box":{"x":116,"y":413,"width":749,"height":12}},{"id":"644d4878-2f9e-40fc-bb56-e158261b7b2a","block_type":"box","text":"other financial intermediary. Each Fund reserves the right to require a properly completed exchange","page_number":217,"box":{"x":116,"y":428,"width":747,"height":12}},{"id":"2faf2e22-b4fd-4d9a-99f7-cecbfa6fde87","block_type":"box","text":"application.","page_number":217,"box":{"x":116,"y":444,"width":89,"height":12}},{"id":"b28e84fd-465d-4459-85d4-5917a8969dda","block_type":"box","text":"A shareholder who wishes to make an exchange may do so by sending a written request to the Fund c/","page_number":217,"box":{"x":116,"y":475,"width":767,"height":12}},{"id":"5fdd3448-ee19-491d-9d5a-c02140f57ab1","block_type":"box","text":"o the Transfer Agent at the following address: P.O. Box 534429, Pittsburgh, Pennsylvania 15253-4429.","page_number":217,"box":{"x":116,"y":490,"width":771,"height":12}},{"id":"eef253fa-3bca-4139-8b79-c187ccf9e176","block_type":"box","text":"Shareholders are automatically provided with telephone exchange privileges when opening an","page_number":217,"box":{"x":116,"y":506,"width":705,"height":12}},{"id":"497a1354-3f0d-4d8a-8ad5-c9a28343f332","block_type":"box","text":"account, unless they indicate on the Application that they do not wish to use this privilege. To add this","page_number":217,"box":{"x":116,"y":521,"width":759,"height":12}},{"id":"7cd9848f-183f-44e8-ac80-0c56ce2177e1","block_type":"box","text":"feature to an existing account that previously did not provide this option, a Telephone Exchange","page_number":217,"box":{"x":116,"y":537,"width":716,"height":12}},{"id":"e7b394fa-78af-4ccc-bbd1-bb4b9d95ae95","block_type":"box","text":"Authorization Form must be filed with the Transfer Agent. This form is available from the Transfer","page_number":217,"box":{"x":116,"y":552,"width":727,"height":12}},{"id":"630f3f4d-acf2-44a0-bd55-b2f4a06a4347","block_type":"box","text":"Agent. Once this election has been made, the shareholder may simply contact the Fund by telephone","page_number":217,"box":{"x":116,"y":568,"width":759,"height":12}},{"id":"5654c6a3-34f1-4bff-b47d-783c47629618","block_type":"box","text":"at (800) 441-7762 to request the exchange. During periods of substantial economic or market change,","page_number":217,"box":{"x":116,"y":583,"width":763,"height":12}},{"id":"b13e4edd-1979-4e50-8a10-c5df4799030f","block_type":"box","text":"telephone exchanges may be difficult to complete and shareholders may have to submit exchange","page_number":217,"box":{"x":116,"y":599,"width":736,"height":12}},{"id":"422c25cc-de05-4096-8b9e-952f9b6ea0c1","block_type":"box","text":"requests to the Transfer Agent in writing.","page_number":217,"box":{"x":117,"y":614,"width":307,"height":12}},{"id":"537189d9-299d-4d8e-bf00-cc311eb99dd2","block_type":"box","text":"If the exchanging shareholder does not currently own shares of the investment portfolio whose shares","page_number":217,"box":{"x":117,"y":645,"width":760,"height":12}},{"id":"fef47711-b642-4380-8efb-f480a70cdf91","block_type":"box","text":"are being acquired, a new account will be established with the same registration, dividend and capital","page_number":217,"box":{"x":116,"y":661,"width":751,"height":12}},{"id":"e433c8af-3d0f-4716-a0e2-9838e83d9bc0","block_type":"box","text":"gain options and broker of record as the account from which shares are exchanged, unless otherwise","page_number":217,"box":{"x":116,"y":676,"width":752,"height":12}},{"id":"aefc471a-6277-48ee-abde-fdb90cff0702","block_type":"box","text":"specified in writing by the shareholder with all signatures guaranteed by an eligible guarantor institution","page_number":217,"box":{"x":116,"y":692,"width":764,"height":12}},{"id":"c78c2443-24f6-421a-8ea0-a03b71e880d3","block_type":"box","text":"as defined below. In order to participate in the Automatic Investment Program or establish a","page_number":217,"box":{"x":116,"y":707,"width":680,"height":12}},{"id":"77d72e87-f7c4-4586-bdd4-66f9f95ac01c","block_type":"box","text":"Systematic Withdrawal Plan for the new account, however, an exchanging shareholder must file a","page_number":217,"box":{"x":116,"y":723,"width":726,"height":12}},{"id":"fb507fb0-22b7-4925-bcd7-4035c14eb294","block_type":"box","text":"specific written request.","page_number":217,"box":{"x":116,"y":738,"width":174,"height":12}},{"id":"d66c208f-c2a0-48da-8f92-504723122c0d","block_type":"box","text":"Any share exchange must satisfy the requirements relating to the minimum initial investment","page_number":217,"box":{"x":116,"y":769,"width":686,"height":12}},{"id":"d736ff72-f0d4-40d1-9d70-b4e1987a7c5e","block_type":"box","text":"requirement, and must be legally available for sale in the state of the investor’s residence. For U.S.","page_number":217,"box":{"x":117,"y":785,"width":732,"height":12}},{"id":"0fbaa0b9-e21e-4ad8-86e9-42163e6e2de1","block_type":"box","text":"federal income tax purposes, a share exchange is a taxable event and, accordingly, a capital gain or","page_number":217,"box":{"x":116,"y":800,"width":746,"height":12}},{"id":"f15f2112-9940-4e7c-94d8-9ee16e4bb52d","block_type":"box","text":"loss may be realized. Before making an exchange request, shareholders should consult a tax or other","page_number":217,"box":{"x":117,"y":816,"width":755,"height":12}},{"id":"e0ae34a2-ebb6-4c4c-ba8e-60ef00a08cf7","block_type":"box","text":"financial adviser and should consider the investment objective, policies and restrictions of the","page_number":217,"box":{"x":116,"y":831,"width":697,"height":12}},{"id":"7d66d2af-80c0-4e41-94bb-92dcbc50ad75","block_type":"box","text":"investment portfolio into which the shareholder is making an exchange. Brokers may charge a fee for","page_number":217,"box":{"x":117,"y":847,"width":754,"height":12}},{"id":"a222b70d-cb24-4a05-9a57-3a4e53aeb6c2","block_type":"box","text":"handling exchanges.","page_number":217,"box":{"x":117,"y":862,"width":158,"height":12}},{"id":"6eba836f-738b-4465-be3b-a50771afe78b","block_type":"box","text":"II-152","page_number":217,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"a6c1ac02-38b2-41a0-bba9-d2af35920dc3","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":217,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"ab636dc4-ee23-4013-a86e-b289f77f4e10","block_type":"box","text":"The Funds reserve the right to suspend, modify or terminate the exchange privilege at any time. Notice","page_number":218,"box":{"x":116,"y":87,"width":769,"height":12}},{"id":"83e1400e-95d7-41f3-80b5-a90a1bd40fd1","block_type":"box","text":"will be given to shareholders of any material modification or termination except where notice is not","page_number":218,"box":{"x":116,"y":102,"width":733,"height":13}},{"id":"2f4b0719-5b1a-44f3-82f0-c7cd98ffcf6c","block_type":"box","text":"required. The Funds reserve the right to reject any telephone exchange request. Telephone exchanges","page_number":218,"box":{"x":117,"y":118,"width":770,"height":12}},{"id":"dba21ea1-aada-4b62-b44a-104970faa693","block_type":"box","text":"may be subject to limitations as to amount or frequency, and to other restrictions that may be","page_number":218,"box":{"x":117,"y":134,"width":693,"height":12}},{"id":"f45b5604-e5a7-4bcf-927f-a9b980563b8f","block_type":"box","text":"established from time to time to ensure that exchanges do not operate to the disadvantage of any","page_number":218,"box":{"x":116,"y":149,"width":729,"height":12}},{"id":"d97b50d5-9b73-4a6a-a7c3-a87e77f15aea","block_type":"box","text":"portfolio or its shareholders.","page_number":218,"box":{"x":117,"y":165,"width":211,"height":11}},{"id":"8d221af4-4a55-4db5-91d3-d1bfd1f1a5ba","block_type":"box","text":"The Funds, the Administrators and BRIL will employ reasonable procedures to confirm that instructions","page_number":218,"box":{"x":116,"y":194,"width":770,"height":12}},{"id":"21fd46aa-dc27-43c9-84fe-6a18f603e09b","block_type":"box","text":"communicated by telephone are genuine. The Funds, the Administrators and BRIL will not be liable for","page_number":218,"box":{"x":116,"y":210,"width":766,"height":12}},{"id":"9a35005b-8fa3-4a2a-a62d-9438b5f28f72","block_type":"box","text":"any loss, liability, cost or expense for acting upon telephone instructions reasonably believed to be","page_number":218,"box":{"x":116,"y":225,"width":735,"height":12}},{"id":"70fbbfac-1d0c-4c6f-aafc-cd39b3fb45c6","block_type":"box","text":"genuine in accordance with such procedures. By use of the exchange privilege, the investor authorizes","page_number":218,"box":{"x":116,"y":241,"width":769,"height":12}},{"id":"0ef4f4fd-ab17-4c25-a6ed-b027750078e6","block_type":"box","text":"the Fund’s Transfer Agent to act on telephonic or written exchange instructions from any person","page_number":218,"box":{"x":116,"y":256,"width":718,"height":12}},{"id":"fb1e1dd5-1f1d-475e-aa32-747a3382dc92","block_type":"box","text":"representing himself to be the investor and believed by the Fund’s Transfer Agent to be genuine. The","page_number":218,"box":{"x":117,"y":272,"width":756,"height":12}},{"id":"a48a29f1-7aa5-4396-af08-0980ea17cd6e","block_type":"box","text":"records of the Fund’s Transfer Agent pertaining to such instructions are binding. The exchange","page_number":218,"box":{"x":117,"y":287,"width":709,"height":12}},{"id":"2fc887ae-fbbe-4679-bd46-79e3f97413ac","block_type":"box","text":"privilege may be modified or terminated at any time upon 60 days’ notice to affected shareholders. The","page_number":218,"box":{"x":117,"y":303,"width":768,"height":12}},{"id":"a49497b0-9d2e-47dc-8825-10f8d78dea28","block_type":"box","text":"exchange privilege is only available in states where the exchange may legally be made.","page_number":218,"box":{"x":116,"y":318,"width":655,"height":12}},{"id":"df47141b-ac52-4101-a227-bbc769c7fac1","block_type":"box","text":"Each Fund reserves the right to limit the number of times an investor may exercise the exchange","page_number":218,"box":{"x":117,"y":348,"width":723,"height":12}},{"id":"d9661195-3f22-4e61-be22-6968c1ca1079","block_type":"box","text":"privilege. Certain Funds may suspend the continuous offering of their shares to the general public at","page_number":218,"box":{"x":117,"y":363,"width":747,"height":12}},{"id":"4ee5b689-290a-4633-b6ea-ec4a85e3882f","block_type":"box","text":"any time and may resume such offering from time to time. The exchange privilege is available only to","page_number":218,"box":{"x":116,"y":379,"width":755,"height":12}},{"id":"d4bdcf35-85ac-4c99-9fc1-3cf22233a9aa","block_type":"box","text":"U.S. shareholders in states where the exchange legally may be made. The exchange privilege may be","page_number":218,"box":{"x":117,"y":394,"width":764,"height":12}},{"id":"134f3d58-6442-4762-a8df-f1d26cfc56e7","block_type":"box","text":"applicable to other new mutual funds whose shares may be distributed by the Distributor.","page_number":218,"box":{"x":116,"y":410,"width":666,"height":12}},{"id":"c321ed6b-7829-4d9f-bd20-ccececbe1fbc","block_type":"box","text":"Participation in Fee-Based Programs","page_number":218,"box":{"x":117,"y":439,"width":298,"height":12}},{"id":"6b3a717a-0e00-4d1e-a2ea-0c6803888eb1","block_type":"box","text":"If you participate in certain fee-based programs offered by BlackRock or an affiliate of BlackRock, or","page_number":218,"box":{"x":117,"y":462,"width":747,"height":12}},{"id":"18259b5e-6553-4321-9aa7-b8703a7ac6e9","block_type":"box","text":"selected securities dealers or other financial intermediaries that have agreements with the Distributor","page_number":218,"box":{"x":116,"y":477,"width":754,"height":12}},{"id":"23dddab7-23b6-4134-baff-f3e6a496d764","block_type":"box","text":"or in certain fee-based programs in which BlackRock participates, you may be able to buy Institutional","page_number":218,"box":{"x":116,"y":493,"width":761,"height":12}},{"id":"5a4e45b8-b207-4ed0-9e41-746354dcfa90","block_type":"box","text":"Shares, including by exchanges from other share classes. Sales charges on the shares being","page_number":218,"box":{"x":116,"y":508,"width":700,"height":12}},{"id":"d2b64065-3df1-40ec-8063-d2b258a5a117","block_type":"box","text":"exchanged may be reduced or waived under certain circumstances. You generally cannot transfer","page_number":218,"box":{"x":116,"y":524,"width":733,"height":12}},{"id":"aaa9ddc1-15d5-4596-b29a-06757b151fdc","block_type":"box","text":"shares held through a fee-based program into another account. Instead, if you choose to leave the","page_number":218,"box":{"x":116,"y":539,"width":736,"height":12}},{"id":"f25e387d-7c12-4422-b852-f915899c785e","block_type":"box","text":"fee-based program, you may have to redeem your shares held through the program and purchase","page_number":218,"box":{"x":116,"y":555,"width":735,"height":12}},{"id":"b4d82e47-6c5c-4615-8420-496d577a6c04","block_type":"box","text":"shares of another class, which may be subject to distribution and service fees. This may be a taxable","page_number":218,"box":{"x":116,"y":570,"width":755,"height":12}},{"id":"91b385f5-cc9e-43dd-833f-d8d1c02dbcf7","block_type":"box","text":"event and you may pay any applicable sales charges or redemption fee. Please speak to your financial","page_number":218,"box":{"x":116,"y":586,"width":769,"height":12}},{"id":"feea36f4-eea9-4b12-b652-1ba8713b63ad","block_type":"box","text":"intermediary for information about specific policies and procedures applicable to your account.","page_number":218,"box":{"x":117,"y":601,"width":703,"height":13}},{"id":"eab312b3-ec41-40e2-a580-794598223e3c","block_type":"box","text":"Generally, upon termination of a fee-based program, the shares may be liquidated or the shares can","page_number":218,"box":{"x":117,"y":631,"width":749,"height":12}},{"id":"d399b558-efad-48e0-b8be-57f9e963149a","block_type":"box","text":"be held in an account. In certain circumstances, when a shareholder chooses to continue to hold the","page_number":218,"box":{"x":117,"y":647,"width":749,"height":11}},{"id":"3804997b-00ee-4cd6-8663-e562668c46cf","block_type":"box","text":"shares, whatever share class was held in the program can be held after termination. Shares that have","page_number":218,"box":{"x":116,"y":662,"width":756,"height":12}},{"id":"5d99c13a-d23e-447b-a5e7-2ebe36212d7a","block_type":"box","text":"been held for less than specified periods within the program may be subject to a fee upon redemption.","page_number":218,"box":{"x":117,"y":677,"width":756,"height":13}},{"id":"918a1d13-59b6-473a-80c2-6f4a9305fa72","block_type":"box","text":"Shareholders that held Investor A or Institutional Shares in the program may be eligible to purchase","page_number":218,"box":{"x":116,"y":693,"width":739,"height":12}},{"id":"3cae9869-cb5c-4e5b-9958-6a3ba5d6a576","block_type":"box","text":"additional shares of the respective share class of a Fund, but may be subject to upfront sales charges","page_number":218,"box":{"x":116,"y":709,"width":755,"height":12}},{"id":"05a55223-30cd-4565-b8a5-28a9734568dd","block_type":"box","text":"with respect to Investor A Shares. Additional purchases of Institutional Shares are permitted only if you","page_number":218,"box":{"x":116,"y":724,"width":762,"height":12}},{"id":"03242b06-3d58-423a-8b4c-50e68325c316","block_type":"box","text":"have an existing position at the time of purchase or are otherwise eligible to purchase Institutional","page_number":218,"box":{"x":117,"y":740,"width":723,"height":12}},{"id":"9b159a14-ec59-4f5a-a8a8-7aeac934eb82","block_type":"box","text":"Shares. Please speak to your financial intermediary for more information.","page_number":218,"box":{"x":116,"y":755,"width":542,"height":12}},{"id":"f5395266-8b99-4505-8398-418d552c99a0","block_type":"box","text":"Certain financial intermediaries may, in connection with a change in account type (for example, due to","page_number":218,"box":{"x":117,"y":785,"width":755,"height":12}},{"id":"53340d91-9757-4575-a144-6014de4c17fb","block_type":"box","text":"leaving a fee-based program or upon termination of the fee-based program) or otherwise in","page_number":218,"box":{"x":117,"y":800,"width":675,"height":12}},{"id":"1479b188-3bbf-4201-acb3-f40472177d1f","block_type":"box","text":"accordance with the financial intermediary’s policies and procedures, exchange the share class held in","page_number":218,"box":{"x":116,"y":816,"width":761,"height":12}},{"id":"b1eb8611-cecc-49c3-a2ae-8d02f7d9b5eb","block_type":"box","text":"the program for another share class of the same fund, provided that the exchanged shares are not","page_number":218,"box":{"x":116,"y":831,"width":736,"height":12}},{"id":"c963f966-2d86-4da5-9a50-0448198d3b4e","block_type":"box","text":"subject to a sales charge and the shareholder meets the eligibility requirements of the new share class.","page_number":218,"box":{"x":116,"y":847,"width":772,"height":12}},{"id":"082b2b39-7a65-4caf-9859-9d9adef45bbe","block_type":"box","text":"Please speak to your financial intermediary for information about specific policies and procedures","page_number":218,"box":{"x":117,"y":862,"width":726,"height":12}},{"id":"62f958e8-bc21-43ce-bc9e-b0d78b4cd606","block_type":"box","text":"applicable to your account.","page_number":218,"box":{"x":116,"y":878,"width":205,"height":12}},{"id":"78a05ec9-1260-46f9-b73b-d53e9b39257b","block_type":"box","text":"II-153","page_number":218,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"a1a09421-2117-49df-a47b-77d42c22bebb","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":218,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"43c1c4f0-a92a-4baa-a903-daa9ac0ca11c","block_type":"box","text":"Details about the features of each fee-based program and the relevant charges, terms and conditions","page_number":219,"box":{"x":117,"y":87,"width":757,"height":12}},{"id":"3d10efb6-f491-4412-ab27-f2f053fc2b0f","block_type":"box","text":"are included in the client agreement for each fee-based program and are available from your financial","page_number":219,"box":{"x":116,"y":102,"width":759,"height":13}},{"id":"58625854-b5cd-470d-953d-0cb670a506bb","block_type":"box","text":"professional, selected securities dealer or other financial intermediary. Please speak to your financial","page_number":219,"box":{"x":117,"y":118,"width":753,"height":12}},{"id":"ef99b1dd-60e7-4de4-8b3d-cb5059638c4e","block_type":"box","text":"intermediary for more information.","page_number":219,"box":{"x":117,"y":134,"width":256,"height":12}},{"id":"2e0d0ddb-8709-484c-9d06-763e5f65c252","block_type":"box","text":"Retirement and Education Savings Plans","page_number":219,"box":{"x":117,"y":165,"width":331,"height":12}},{"id":"e683b769-df1a-4a50-bd97-38f1b5b539a6","block_type":"box","text":"Individual retirement accounts and other retirement and education savings plans are available from","page_number":219,"box":{"x":117,"y":188,"width":739,"height":12}},{"id":"6f13d15d-84bb-44c9-9590-8f870a02f1da","block_type":"box","text":"your financial intermediary. Under these plans, investments may be made in a Fund (other than a","page_number":219,"box":{"x":116,"y":203,"width":728,"height":12}},{"id":"40d8def3-34f4-4e2b-b871-44016936e902","block_type":"box","text":"Municipal Fund) and certain of the other mutual funds sponsored by the Manager or its affiliates as well","page_number":219,"box":{"x":117,"y":219,"width":771,"height":12}},{"id":"99b7f42e-fbcb-49f7-81a6-13a62c6cc61d","block_type":"box","text":"as in other securities. There may be fees associated with investing through these plans. Information","page_number":219,"box":{"x":116,"y":234,"width":745,"height":12}},{"id":"cf2c3665-9bb4-416a-ad43-b98b0011d6fa","block_type":"box","text":"with respect to these plans is available on request from your financial intermediary.","page_number":219,"box":{"x":116,"y":250,"width":620,"height":12}},{"id":"ddd2e8df-2628-4d6b-935b-3656353abfbb","block_type":"box","text":"Dividends received in each of the plans referred to above are exempt from U.S. federal taxation until","page_number":219,"box":{"x":117,"y":281,"width":749,"height":12}},{"id":"7a03c8bf-48b4-4dae-bc61-55d95c27d71c","block_type":"box","text":"distributed from the plans and, in the case of Roth IRAs and education savings plans, may be exempt","page_number":219,"box":{"x":116,"y":296,"width":759,"height":12}},{"id":"cedd9c8a-b6c8-453e-a834-1e54af1bebc0","block_type":"box","text":"from taxation when distributed as well. Investors considering participation in any retirement or","page_number":219,"box":{"x":116,"y":312,"width":699,"height":12}},{"id":"54af9db5-0337-42cc-bbf1-968ec01dce93","block_type":"box","text":"education savings plan should review specific tax laws relating to the plan and should consult their","page_number":219,"box":{"x":116,"y":327,"width":735,"height":12}},{"id":"26c6b742-66fe-46cf-98df-3e643f042dd7","block_type":"box","text":"attorneys or tax advisors with respect to the establishment and maintenance of any such plan.","page_number":219,"box":{"x":116,"y":343,"width":704,"height":12}},{"id":"b5ef853c-0871-40a5-ae98-da889d1b5388","block_type":"box","text":"Automatic Investment Plans","page_number":219,"box":{"x":116,"y":374,"width":230,"height":9}},{"id":"97b96cea-2d1a-415d-ae8f-eaa34e9c7850","block_type":"box","text":"Investor class shareholders and certain Service Share shareholders who were shareholders of the","page_number":219,"box":{"x":117,"y":397,"width":734,"height":10}},{"id":"bf170dd3-5ef2-4118-868e-987dae284971","block_type":"box","text":"Compass Capital Group of Funds at the time of its combination with The PNC","page_number":219,"box":{"x":117,"y":413,"width":575,"height":12}},{"id":"abc2c84b-0fbd-41f6-9bf6-794d94bd59aa","block_type":"box","text":"®","page_number":219,"box":{"x":693,"y":412,"width":9,"height":7}},{"id":"38fb30e7-9352-4a13-9fbd-2d4436eb4037","block_type":"box","text":"Fund in 1996 may","page_number":219,"box":{"x":702,"y":413,"width":144,"height":12}},{"id":"ee2ee14d-fb12-4029-853e-455d324f93b0","block_type":"box","text":"arrange for periodic investments in that Fund through automatic deductions from a checking or savings","page_number":219,"box":{"x":116,"y":428,"width":769,"height":12}},{"id":"e5e9c9bd-dcf4-42f0-8bdc-2071f1eafb10","block_type":"box","text":"account. The minimum pre-authorized investment amount is $50. If you buy shares of a Fund through","page_number":219,"box":{"x":116,"y":443,"width":760,"height":13}},{"id":"08249b12-dcc9-49cb-8d90-b1579517d412","block_type":"box","text":"certain accounts, no minimum charge to your bank account is required. Contact your financial adviser","page_number":219,"box":{"x":116,"y":459,"width":759,"height":12}},{"id":"25605d69-f980-48bd-ae67-cf60387489f1","block_type":"box","text":"or other financial intermediary for more information.","page_number":219,"box":{"x":116,"y":475,"width":386,"height":12}},{"id":"40126f6b-28b3-446f-aad5-a0524e20b856","block_type":"box","text":"Automatic Dividend Reinvestment Plan","page_number":219,"box":{"x":116,"y":506,"width":318,"height":9}},{"id":"3aa1b6a2-ed1a-4dbd-8a34-ff352c14ee78","block_type":"box","text":"Each Fund will distribute substantially all of its net investment income and net realized capital gains, if","page_number":219,"box":{"x":117,"y":529,"width":758,"height":12}},{"id":"38c5f6bc-089f-42ed-b2d7-074520c61151","block_type":"box","text":"any, to shareholders. All distributions are automatically reinvested at NAV in the form of additional full","page_number":219,"box":{"x":116,"y":544,"width":758,"height":12}},{"id":"84349abd-e30f-4c2f-aa6a-eb808752ee41","block_type":"box","text":"and fractional shares of the same class of shares of the relevant Fund unless a shareholder elects","page_number":219,"box":{"x":116,"y":560,"width":734,"height":9}},{"id":"64a2557a-2f2e-4a9c-9fbe-0944ac02a803","block_type":"box","text":"otherwise or as otherwise set forth in a Fund’s prospectus. Such election, or any revocation thereof,","page_number":219,"box":{"x":116,"y":575,"width":746,"height":12}},{"id":"0dd87e99-e6ef-4245-b43c-ee66269abd51","block_type":"box","text":"must be made in writing to the Transfer Agent, and will become effective with respect to dividends paid","page_number":219,"box":{"x":117,"y":591,"width":767,"height":12}},{"id":"470b99a0-ab50-4dee-890e-d18bf9f6c2fb","block_type":"box","text":"after its receipt by the Transfer Agent.","page_number":219,"box":{"x":116,"y":606,"width":286,"height":12}},{"id":"2f1431a6-e6cb-4cc7-b6b8-383b3fe2e0c8","block_type":"box","text":"Systematic Withdrawal Plans","page_number":219,"box":{"x":116,"y":637,"width":237,"height":12}},{"id":"8f8e1125-1605-4143-b9be-68f98f75bead","block_type":"box","text":"Shareholders may receive regular distributions from their accounts via a Systematic Withdrawal Plan","page_number":219,"box":{"x":116,"y":661,"width":747,"height":12}},{"id":"00120869-0c6c-4212-8379-81c85355e2c6","block_type":"box","text":"(“SWP”). Upon commencement of the SWP, the account must have a current value of $10,000 or more","page_number":219,"box":{"x":117,"y":675,"width":765,"height":13}},{"id":"dbccdb32-a140-4fb9-91cf-9187a3fc7759","block_type":"box","text":"in a Fund. Shareholders may elect to receive automatic cash payments of $50 or more at any interval.","page_number":219,"box":{"x":117,"y":691,"width":755,"height":13}},{"id":"abc96909-6af4-4b8d-9690-e4309f29ba06","block_type":"box","text":"You may choose any day for the withdrawal. If no day is specified, the withdrawals will be processed","page_number":219,"box":{"x":116,"y":707,"width":745,"height":12}},{"id":"91028ea5-66ea-4f5f-9b72-a4b507b18e57","block_type":"box","text":"on the 25th day of the month or, if such day is not a business day, on the prior business day and are","page_number":219,"box":{"x":116,"y":723,"width":744,"height":12}},{"id":"3423a66e-8e91-483e-96ff-4cd10aec227a","block_type":"box","text":"paid promptly thereafter. An investor may utilize the SWP by completing the Systematic Withdrawal","page_number":219,"box":{"x":117,"y":738,"width":736,"height":12}},{"id":"ed34b041-e46d-4cdd-bdea-35aa16b1fb40","block_type":"box","text":"Plan Application Form which may be obtained by visiting our website at www.blackrock.com.","page_number":219,"box":{"x":117,"y":754,"width":685,"height":12}},{"id":"2dcdd183-fc5f-45af-a902-88957e034825","block_type":"box","text":"Shareholders should realize that if withdrawals exceed income dividends their invested principal in the","page_number":219,"box":{"x":116,"y":785,"width":757,"height":12}},{"id":"3303c741-9c76-45bb-a1e7-872a5d3649a0","block_type":"box","text":"account will be depleted. To participate in the SWP, shareholders must have their dividends","page_number":219,"box":{"x":116,"y":800,"width":681,"height":12}},{"id":"f645316e-ddc3-4f76-887c-14f5dba18285","block_type":"box","text":"automatically reinvested. Shareholders may change or cancel the SWP at any time, upon written","page_number":219,"box":{"x":116,"y":816,"width":717,"height":12}},{"id":"f4357b06-a3ff-47cd-a602-a18b72c1f14a","block_type":"box","text":"notice to the Fund, or by calling the Fund at (800) 441-7762. Purchases of additional Investor A or","page_number":219,"box":{"x":117,"y":831,"width":731,"height":12}},{"id":"738fe0fb-854a-4290-9528-df3873fe874b","block_type":"box","text":"Investor P Shares of the Fund concurrently with withdrawals may be disadvantageous to investors","page_number":219,"box":{"x":117,"y":847,"width":733,"height":12}},{"id":"25510f03-9afd-4184-9ea4-5de50b19ead4","block_type":"box","text":"because of the sales charges involved and, therefore, are discouraged. No CDSC will be assessed on","page_number":219,"box":{"x":117,"y":862,"width":762,"height":12}},{"id":"61c2d07b-ebd5-403d-ba76-33d573a3eb49","block_type":"box","text":"redemptions of Investor C Shares made through the SWP that do not exceed 12% of the original","page_number":219,"box":{"x":117,"y":878,"width":721,"height":12}},{"id":"8a059e58-7c44-4b23-8823-75051aa40d04","block_type":"box","text":"II-154","page_number":219,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"a5faf402-fc37-4d44-9573-b28c7ea49121","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":219,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"1d29c86d-9d35-471b-b1a6-f97923085b34","block_type":"box","text":"investment on an annualized basis. For example, monthly, quarterly and semi-annual SWP","page_number":220,"box":{"x":117,"y":87,"width":680,"height":12}},{"id":"e8d880c2-1d87-4d5d-88fe-3397d329f57e","block_type":"box","text":"redemptions of Investor C Shares will not be subject to the CDSC if they do not exceed 1% (monthly),","page_number":220,"box":{"x":117,"y":102,"width":759,"height":13}},{"id":"6ab4ac8b-5bf1-4d7a-ab19-836cf8147fe2","block_type":"box","text":"3% (quarterly) and 6% (semi-annually), respectively, of an account’s NAV on the redemption date.","page_number":220,"box":{"x":116,"y":118,"width":734,"height":12}},{"id":"9b6d5a74-bfe3-410a-a0c6-b8ef543d681d","block_type":"box","text":"SWP redemptions of Investor C Shares in excess of this limit are still subject to the applicable CDSC.","page_number":220,"box":{"x":116,"y":134,"width":758,"height":12}},{"id":"387f569e-08f5-4f51-af26-4a6869267f7e","block_type":"box","text":"For this reason, a shareholder may not participate in the Automatic Investment Plan described above","page_number":220,"box":{"x":117,"y":164,"width":754,"height":12}},{"id":"a56f5afb-00f1-4b6b-bb66-7f0140869163","block_type":"box","text":"(see “How to Buy, Sell, Exchange and Transfer Shares” or “How to Buy, Sell and Exchange Shares,”","page_number":220,"box":{"x":117,"y":180,"width":752,"height":12}},{"id":"557d1595-c38e-47b7-b3d7-a86f07847451","block_type":"box","text":"as applicable, in the Fund’s Prospectus) and the SWP at the same time.","page_number":220,"box":{"x":116,"y":195,"width":540,"height":12}},{"id":"3ba047de-daee-4e85-adb7-4755e608aa8d","block_type":"box","text":"Dividend Allocation Plan","page_number":220,"box":{"x":117,"y":226,"width":201,"height":9}},{"id":"2a652d4b-7d8a-42ba-a92b-1a7db33b3785","block_type":"box","text":"The Dividend Allocation Plan, as applicable, allows shareholders to elect to have all their dividends and","page_number":220,"box":{"x":116,"y":252,"width":771,"height":11}},{"id":"d80aa615-c8a6-4f12-9dbe-6c4a4af63b48","block_type":"box","text":"any other distributions from any Eligible Fund (which means funds so designated by the Distributor","page_number":220,"box":{"x":116,"y":267,"width":737,"height":12}},{"id":"a98ec742-100b-4f08-ab6b-50042e6e209a","block_type":"box","text":"from time to time) automatically invested at NAV in one other such Eligible Fund designated by the","page_number":220,"box":{"x":116,"y":282,"width":737,"height":13}},{"id":"101388f0-e3eb-47d9-8db2-2b891888a759","block_type":"box","text":"shareholder, provided the account into which the dividends and distributions are directed is initially","page_number":220,"box":{"x":116,"y":298,"width":735,"height":12}},{"id":"7638d593-c9d1-43e8-8c03-236cb82b9521","block_type":"box","text":"funded with the requisite minimum amount.","page_number":220,"box":{"x":116,"y":313,"width":325,"height":12}},{"id":"469d8ab2-a136-44ba-9d1a-64c045ec4d1f","block_type":"box","text":"P","page_number":220,"box":{"x":428,"y":359,"width":9,"height":10}},{"id":"913be3f1-aa62-4ca0-8b33-765e6430948f","block_type":"box","text":"RICING","page_number":220,"box":{"x":439,"y":362,"width":45,"height":7}},{"id":"24ea62e9-986b-48e0-8483-85e3cb493e91","block_type":"box","text":"OF","page_number":220,"box":{"x":491,"y":362,"width":17,"height":7}},{"id":"56c251a3-1405-4b7e-a1c5-b19382cd1032","block_type":"box","text":"S","page_number":220,"box":{"x":509,"y":359,"width":15,"height":10}},{"id":"54d66e89-a18e-45e2-a6c9-7a3cae914849","block_type":"box","text":"HARES","page_number":220,"box":{"x":526,"y":362,"width":46,"height":7}},{"id":"3dd40b82-831f-4654-be59-99cd0a562823","block_type":"box","text":"Determination of Net Asset Value","page_number":220,"box":{"x":117,"y":390,"width":269,"height":10}},{"id":"6d3f982c-9024-4d6d-b69b-ff464eb1f414","block_type":"box","text":"Valuation of Shares.","page_number":220,"box":{"x":116,"y":413,"width":160,"height":10}},{"id":"ac02a98d-aa67-4e7b-88c8-0364803621fc","block_type":"box","text":"The NAV for each class of shares of each Fund is generally calculated as of the","page_number":220,"box":{"x":278,"y":413,"width":602,"height":12}},{"id":"4e1d0947-27cf-4d14-b170-b1010f647037","block_type":"box","text":"close of regular trading hours on the NYSE (currently 4:00 p.m. Eastern Time) on each business day","page_number":220,"box":{"x":116,"y":429,"width":752,"height":12}},{"id":"8becb037-03db-4985-9e5d-8010e46e7d52","block_type":"box","text":"the NYSE is open. Valuation of assets held by a Fund is as follows:","page_number":220,"box":{"x":116,"y":444,"width":505,"height":12}},{"id":"06e7beae-9029-4ed4-afa2-6117704623fe","block_type":"box","text":"Equity Investments.","page_number":220,"box":{"x":117,"y":475,"width":157,"height":12}},{"id":"24266e65-19e8-42c1-9ca9-a9a7a97e91d9","block_type":"box","text":"Equity securities traded on a recognized securities exchange (e.g., NYSE), on","page_number":220,"box":{"x":275,"y":475,"width":589,"height":12}},{"id":"d879b30f-81be-4a56-93ef-19703341a7e8","block_type":"box","text":"separate trading boards of a securities exchange or through a market system that provides","page_number":220,"box":{"x":116,"y":490,"width":679,"height":12}},{"id":"2e4a2a81-a4b7-493b-8bb7-7eb0c2c0e933","block_type":"box","text":"contemporaneous transaction pricing information (each, an “Exchange”) are valued using information","page_number":220,"box":{"x":116,"y":506,"width":756,"height":12}},{"id":"8276bccc-973b-4524-b5bd-97e704851d39","block_type":"box","text":"obtained via independent pricing services, generally at the Exchange closing price or if an Exchange","page_number":220,"box":{"x":116,"y":521,"width":751,"height":12}},{"id":"f949ea1a-ae92-48c1-987a-c5cfa0c9f921","block_type":"box","text":"closing price is not available, the last traded price on that Exchange prior to the time as of which the","page_number":220,"box":{"x":116,"y":537,"width":745,"height":12}},{"id":"ac31af77-2645-4690-8f35-3d65ce60a3df","block_type":"box","text":"assets or liabilities are valued. However, under certain circumstances, other means of determining","page_number":220,"box":{"x":116,"y":552,"width":734,"height":12}},{"id":"d81f5d6e-ca3a-46f7-955b-2e12ebdf3807","block_type":"box","text":"current market value may be used. If an equity security is traded on more than one Exchange, the","page_number":220,"box":{"x":116,"y":568,"width":732,"height":12}},{"id":"effbfba2-fa74-437f-a3b5-b7993db1bd87","block_type":"box","text":"current market value of the security where it is primarily traded generally will be used. In the event that","page_number":220,"box":{"x":116,"y":583,"width":764,"height":12}},{"id":"f85e754d-b3e0-4537-a9b1-fc454f47860a","block_type":"box","text":"there are no sales involving an equity security held by a Fund on a day on which the Fund values such","page_number":220,"box":{"x":116,"y":599,"width":766,"height":12}},{"id":"fe6495f0-3763-47f9-a86d-2044aaf16328","block_type":"box","text":"security, the last bid (long positions) or ask (short positions) price, if available, will be used as the value","page_number":220,"box":{"x":116,"y":614,"width":770,"height":12}},{"id":"8f10488a-fb06-4023-9f0b-5eef101c9558","block_type":"box","text":"of such security. If a Fund holds both long and short positions in the same security, the last bid price","page_number":220,"box":{"x":116,"y":630,"width":748,"height":12}},{"id":"495c2ac3-8fa3-4288-b9aa-cad7894310fb","block_type":"box","text":"will be applied to securities held long and the last ask price will be applied to securities sold short. If no","page_number":220,"box":{"x":116,"y":645,"width":766,"height":12}},{"id":"2036dfbb-3a36-443c-931e-77d4107931d9","block_type":"box","text":"bid or ask price is available on a day on which a Fund values such security, the prior day’s price will be","page_number":220,"box":{"x":117,"y":661,"width":761,"height":12}},{"id":"0097d9b9-2642-4972-91fe-fc25fa96ec80","block_type":"box","text":"used, unless BlackRock determines that such prior day’s price no longer reflects the fair value of the","page_number":220,"box":{"x":117,"y":676,"width":743,"height":12}},{"id":"6380a44b-1343-4d8c-9944-d07a8a762ecf","block_type":"box","text":"security, in which case such asset would be treated as a Fair Value Asset (as defined below).","page_number":220,"box":{"x":116,"y":692,"width":692,"height":12}},{"id":"290186f8-8417-4480-a82f-c3a4083d07c7","block_type":"box","text":"Fixed-Income Investments.","page_number":220,"box":{"x":117,"y":723,"width":214,"height":9}},{"id":"43361153-91c5-4b0d-bd40-b10fda51dff5","block_type":"box","text":"Fixed-income securities are generally valued using bid prices provided by","page_number":220,"box":{"x":338,"y":723,"width":544,"height":12}},{"id":"99ef67ed-3483-4c3c-a0fd-94b13864d081","block_type":"box","text":"dealers or prices (including evaluated prices) supplied by the Fund’s approved independent third-party","page_number":220,"box":{"x":116,"y":738,"width":759,"height":12}},{"id":"1131c3df-0ca9-4174-a891-28e40ced3140","block_type":"box","text":"pricing services, each in accordance with the Valuation Procedures. The pricing services may use","page_number":220,"box":{"x":117,"y":754,"width":725,"height":12}},{"id":"66dbef61-25bb-4cb9-a165-92be25a3afdb","block_type":"box","text":"valuation models that utilize certain inputs and assumptions to derive values, including transaction data","page_number":220,"box":{"x":116,"y":769,"width":765,"height":12}},{"id":"b79e1784-dfc5-404b-be09-b396e56ce6c6","block_type":"box","text":"(e.g., recent representative bids and offers), credit quality information, perceived market movements,","page_number":220,"box":{"x":117,"y":785,"width":746,"height":12}},{"id":"12581a27-7c1f-4a3c-84b6-34e60708df5a","block_type":"box","text":"news, and other relevant information and by other methods, which may include consideration of: yields","page_number":220,"box":{"x":117,"y":800,"width":761,"height":12}},{"id":"1bda5542-f188-4a4c-a5ca-06ccf50f57be","block_type":"box","text":"or prices of securities of comparable quality, coupon, maturity and type; indications as to values from","page_number":220,"box":{"x":116,"y":816,"width":747,"height":12}},{"id":"5c14c405-ad4b-40a6-b6e9-30565624d9e3","block_type":"box","text":"dealers; general market conditions; and/or other factors and assumptions. Pricing services generally","page_number":220,"box":{"x":116,"y":831,"width":749,"height":12}},{"id":"f569b7af-d118-426c-a038-2fe5b8857221","block_type":"box","text":"value fixed-income securities assuming orderly transactions of an institutional round lot size, but the","page_number":220,"box":{"x":116,"y":847,"width":745,"height":12}},{"id":"8beea77d-e107-4620-9972-1cfa9d76e842","block_type":"box","text":"Fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots of securities in certain","page_number":220,"box":{"x":117,"y":862,"width":752,"height":12}},{"id":"486582a6-f7cf-4eee-a98f-10e755346e65","block_type":"box","text":"asset classes may trade at lower prices than institutional round lots, and the value ultimately realized","page_number":220,"box":{"x":116,"y":878,"width":753,"height":12}},{"id":"7fe3607c-7a29-4ceb-a3a0-66d9b1299636","block_type":"box","text":"II-155","page_number":220,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"be2aae86-2f55-4cbb-85ea-678fb777b8df","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":220,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"51e5a4a8-a563-4b03-a97b-c893980913bf","block_type":"box","text":"when the securities are sold could differ from the prices used by a Fund. The amortized cost method of","page_number":221,"box":{"x":116,"y":87,"width":769,"height":12}},{"id":"5f46f7b4-84bc-459e-8e15-e4c42acd929c","block_type":"box","text":"valuation may be used with respect to debt obligations with 60 days or less remaining to maturity","page_number":221,"box":{"x":116,"y":103,"width":723,"height":12}},{"id":"c1645cbd-60f0-493a-88a0-b7d2ec8885dc","block_type":"box","text":"unless such method does not represent fair value. Certain fixed-income investments, including asset","page_number":221,"box":{"x":117,"y":118,"width":750,"height":12}},{"id":"0dedd49f-f1b8-455a-8515-9bef346fa45e","block_type":"box","text":"backed and mortgage related securities, may be valued based on valuation models that consider the","page_number":221,"box":{"x":117,"y":134,"width":751,"height":12}},{"id":"f820e889-efb1-4b93-9965-7dac94c7bd31","block_type":"box","text":"estimated cash flows of each tranche of the issuer, establish a benchmark yield and develop an","page_number":221,"box":{"x":116,"y":149,"width":715,"height":12}},{"id":"7d3d411f-a85e-4c5e-8790-b28e16aa653f","block_type":"box","text":"estimated tranche specific spread to the benchmark yield based on the unique attributes of the","page_number":221,"box":{"x":116,"y":165,"width":707,"height":12}},{"id":"f8e62ce3-bcc2-402e-8db5-5b1b331f22a5","block_type":"box","text":"tranche.","page_number":221,"box":{"x":116,"y":180,"width":65,"height":10}},{"id":"8f2e972b-bd77-4c95-9f0b-78f4e41043d1","block_type":"box","text":"Options, Futures, Swaps and Other Derivatives.","page_number":221,"box":{"x":116,"y":211,"width":379,"height":12}},{"id":"e0e74521-2e74-45d4-a688-0cd69afc51e3","block_type":"box","text":"Exchange-traded equity options (except ETF","page_number":221,"box":{"x":497,"y":211,"width":342,"height":12}},{"id":"f9185f4e-f577-4fd0-84c8-643c3257c047","block_type":"box","text":"options, equity index options or those that are customized) for which market quotations are readily","page_number":221,"box":{"x":116,"y":227,"width":733,"height":12}},{"id":"a5a1b213-a653-4839-961c-a59441f4e882","block_type":"box","text":"available are valued at the mean of the last bid and ask prices as quoted on the Exchange or the board","page_number":221,"box":{"x":116,"y":242,"width":771,"height":12}},{"id":"b179e002-7675-43ba-9927-d034caa6e3e7","block_type":"box","text":"of trade on which such options are traded. In the event that there is no mean price available for an","page_number":221,"box":{"x":116,"y":258,"width":734,"height":11}},{"id":"38c79c93-8641-4deb-9437-d72dd43f5919","block_type":"box","text":"exchange-traded equity option held by a Fund on a day on which the Fund values such option, the last","page_number":221,"box":{"x":116,"y":273,"width":766,"height":12}},{"id":"12bf5ed4-534b-4c6d-b691-85f96a9061fc","block_type":"box","text":"bid (long positions) or ask (short positions) price, if available, will be used as the value of such option. If","page_number":221,"box":{"x":117,"y":289,"width":771,"height":12}},{"id":"91f3b0ba-1e91-4fb4-8d65-89960042ca05","block_type":"box","text":"no bid or ask price is available on a day on which a Fund values such option, the prior day’s price will","page_number":221,"box":{"x":117,"y":304,"width":755,"height":12}},{"id":"c3541e22-6a8f-46fb-b9ca-753dafa10109","block_type":"box","text":"be used, unless BlackRock determines that such prior day’s price no longer reflects the fair value of","page_number":221,"box":{"x":117,"y":320,"width":743,"height":12}},{"id":"ea4efe29-5a64-4ba1-a358-e0de96639a5e","block_type":"box","text":"the option, in which case such option will be treated as a Fair Value Asset. Customized exchange","page_number":221,"box":{"x":116,"y":335,"width":729,"height":12}},{"id":"e8699b78-b8bc-44d3-8d75-85cb43463a4c","block_type":"box","text":"traded equity options, ETF options, equity index options and OTC derivatives, may be valued using a","page_number":221,"box":{"x":116,"y":351,"width":755,"height":12}},{"id":"4486bcb7-ace9-427d-bbdf-d4fee0f79aec","block_type":"box","text":"mathematical model which may incorporate a number of market data factors. Financial futures","page_number":221,"box":{"x":117,"y":366,"width":703,"height":12}},{"id":"15a4c09d-30c0-4110-9397-52b69ae79566","block_type":"box","text":"contracts and options thereon, which are traded on exchanges, are valued at their last sale price or","page_number":221,"box":{"x":116,"y":382,"width":741,"height":12}},{"id":"9ba0a4f4-fe9a-4eb3-a9f6-e4682161abae","block_type":"box","text":"settle price as of the close of such exchanges. Swap agreements and other derivatives are generally","page_number":221,"box":{"x":116,"y":397,"width":752,"height":12}},{"id":"bb8c93f4-a4a0-4545-98ba-444c1703992d","block_type":"box","text":"valued daily based upon quotations from market makers or by a pricing service in accordance with the","page_number":221,"box":{"x":116,"y":413,"width":763,"height":12}},{"id":"2872f2cf-fe7a-493e-8b48-7ef252e6224b","block_type":"box","text":"Valuation Procedures.","page_number":221,"box":{"x":116,"y":428,"width":170,"height":10}},{"id":"f4e4f98a-03d6-448c-ba59-068e8f221372","block_type":"box","text":"Underlying Funds.","page_number":221,"box":{"x":117,"y":459,"width":145,"height":12}},{"id":"9eaa6774-23c5-4baa-9aa7-296102b472b8","block_type":"box","text":"Shares of underlying open-end funds (including money market funds) are valued","page_number":221,"box":{"x":263,"y":459,"width":609,"height":12}},{"id":"c602e472-da3e-46d8-b06a-101ed7e45523","block_type":"box","text":"at NAV. Shares of underlying exchange-traded closed-end funds or other ETFs will be valued at their","page_number":221,"box":{"x":116,"y":475,"width":755,"height":12}},{"id":"d3b15982-9bbf-4d7f-b34f-b59894fdf01c","block_type":"box","text":"most recent closing price.","page_number":221,"box":{"x":117,"y":490,"width":194,"height":12}},{"id":"e5217d61-3ac2-4e5f-b50b-c2a0cec2f120","block_type":"box","text":"General Valuation Information.","page_number":221,"box":{"x":116,"y":521,"width":244,"height":10}},{"id":"134ec305-a1b7-4beb-a42b-787f94ed22f5","block_type":"box","text":"Prices obtained from independent third-party pricing services, broker","page_number":221,"box":{"x":361,"y":521,"width":520,"height":12}},{"id":"9852973a-ccef-41e8-8e26-0ac500ec03a7","block_type":"box","text":"dealers or market makers to value each Fund’s securities and other assets and liabilities are based on","page_number":221,"box":{"x":116,"y":537,"width":764,"height":9}},{"id":"412f08cb-3e74-4aca-b0e5-30e77a301fe6","block_type":"box","text":"information available at the time the Fund values its assets and liabilities. In the event that a pricing","page_number":221,"box":{"x":117,"y":552,"width":740,"height":12}},{"id":"21c49380-f53d-412a-b375-0f726b0f3bc0","block_type":"box","text":"service quotation is revised or updated subsequent to the day on which the Fund valued such security,","page_number":221,"box":{"x":116,"y":568,"width":767,"height":12}},{"id":"1b9e33b1-090b-4cd0-be1f-afbcc47e578a","block_type":"box","text":"the revised pricing service quotation generally will be applied prospectively. Such determination will be","page_number":221,"box":{"x":116,"y":583,"width":764,"height":12}},{"id":"30709486-827e-49e7-9f2a-239ec4d1728e","block_type":"box","text":"made considering pertinent facts and circumstances surrounding the revision.","page_number":221,"box":{"x":117,"y":599,"width":581,"height":12}},{"id":"131e7507-6d3e-4218-b88e-0fab6b99a236","block_type":"box","text":"In determining the market value of portfolio investments, the Fund may employ independent third","page_number":221,"box":{"x":117,"y":622,"width":723,"height":12}},{"id":"08589549-dc36-4469-9272-a53068a1a5c6","block_type":"box","text":"party pricing services, which may use, without limitation, evaluated pricing methods that take into","page_number":221,"box":{"x":117,"y":638,"width":723,"height":11}},{"id":"93f9463b-db30-4b78-a848-23857279e8bb","block_type":"box","text":"consideration market indexes, matrices, yield curves and other specified inputs and assumptions. This","page_number":221,"box":{"x":116,"y":653,"width":764,"height":12}},{"id":"d0210fb5-55ce-4463-87d1-01b47ea69473","block_type":"box","text":"may result in the assets being valued at a price different from the price that would have been","page_number":221,"box":{"x":117,"y":668,"width":687,"height":12}},{"id":"608308e9-e7c3-4d7c-8b86-0b98528f8953","block_type":"box","text":"determined had the evaluated pricing method not been used. The price the Fund could receive upon","page_number":221,"box":{"x":116,"y":684,"width":744,"height":12}},{"id":"e0c77f6f-6116-438a-84ae-f032e02b4ac8","block_type":"box","text":"the sale of any particular portfolio investment may differ from the Fund’s valuation of the investment,","page_number":221,"box":{"x":116,"y":699,"width":742,"height":13}},{"id":"189d1e7a-b570-4d95-8ac3-9f2a488e1003","block_type":"box","text":"particularly for assets that trade in thin or volatile markets or that are valued using a fair valuation","page_number":221,"box":{"x":117,"y":715,"width":718,"height":12}},{"id":"9e00d422-ec72-477a-a866-cf3222c79ce8","block_type":"box","text":"methodology or a price provided by an independent pricing service. As a result, the price received","page_number":221,"box":{"x":117,"y":731,"width":724,"height":12}},{"id":"715b805b-3ffb-45c6-993c-bfcde8ed4733","block_type":"box","text":"upon the sale of an investment may be less than the value ascribed by the Fund, and the Fund could","page_number":221,"box":{"x":117,"y":746,"width":747,"height":12}},{"id":"f5f5e6d0-188a-45e6-b684-6d8404265958","block_type":"box","text":"realize a greater than expected loss or lesser than expected gain upon the sale of the investment. The","page_number":221,"box":{"x":117,"y":761,"width":758,"height":13}},{"id":"65b38256-4646-450e-99e1-2ff81a5eb938","block_type":"box","text":"Fund’s ability to value its investment may also be impacted by technological issues and/or errors by","page_number":221,"box":{"x":117,"y":777,"width":738,"height":12}},{"id":"9299579b-1422-46ad-ac2e-09be18fe501b","block_type":"box","text":"pricing services or other third-party service providers.","page_number":221,"box":{"x":117,"y":793,"width":393,"height":12}},{"id":"17ff2551-5e08-473c-873c-7d4f0101757e","block_type":"box","text":"In the event that application of the methods of valuation discussed above result in a price for a security","page_number":221,"box":{"x":117,"y":823,"width":761,"height":13}},{"id":"9423e1ae-c307-49ef-a871-ab5e98b30946","block_type":"box","text":"which is deemed not to be representative of the fair market value of such security, the security will be","page_number":221,"box":{"x":116,"y":839,"width":756,"height":12}},{"id":"eace3231-3d9e-4892-9bc0-05d474f7374c","block_type":"box","text":"valued by, under the direction of or in accordance with a method approved by BlackRock, the Fund’s","page_number":221,"box":{"x":116,"y":854,"width":752,"height":13}},{"id":"ee719ffd-746f-4800-a2d4-b94613b5319e","block_type":"box","text":"valuation designee, as reflecting fair value. All other assets and liabilities (including securities for which","page_number":221,"box":{"x":116,"y":870,"width":767,"height":12}},{"id":"8c1bab64-052b-41a7-af4d-072f33e56a6b","block_type":"box","text":"II-156","page_number":221,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"0d5b8e67-0446-417c-8850-ba7a406a1f96","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":221,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"4e015d1e-18d7-465a-b76b-17afbed40916","block_type":"box","text":"market quotations are not readily available) held by a Fund (including restricted securities and private","page_number":222,"box":{"x":117,"y":87,"width":756,"height":12}},{"id":"fcd3fdb9-e3dd-40d0-86ed-2cc659b1c6a4","block_type":"box","text":"market investments, as applicable) are valued at fair value as determined in good faith by BlackRock","page_number":222,"box":{"x":117,"y":102,"width":752,"height":13}},{"id":"ea12555a-f505-4c03-8f52-094873d11b2b","block_type":"box","text":"pursuant to the Valuation Procedures. 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In","page_number":222,"box":{"x":116,"y":180,"width":392,"height":12}},{"id":"2c58e83b-1388-40a6-9c3f-28f4cdfee776","block_type":"box","text":"such cases, the NAV of a Fund’s shares may be","page_number":222,"box":{"x":508,"y":180,"width":364,"height":12}},{"id":"0be5b895-e08e-4f88-89f4-524882afcc3a","block_type":"box","text":"significantly affected on days when investors can neither purchase nor redeem shares of the Fund.","page_number":222,"box":{"x":116,"y":196,"width":739,"height":12}},{"id":"ae480682-4220-4bea-ae28-ecd3d98e6e50","block_type":"box","text":"Fair Value.","page_number":222,"box":{"x":117,"y":227,"width":83,"height":9}},{"id":"f6321753-82e1-4c39-be36-e2d09ba63fda","block_type":"box","text":"When market quotations are not readily available or are believed by BlackRock to be","page_number":222,"box":{"x":201,"y":227,"width":639,"height":12}},{"id":"c20f753a-afec-47d9-9e56-b36e1f49bf2b","block_type":"box","text":"unreliable, a Fund’s investments are valued at fair value (“Fair Value Assets”). 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BlackRock may reasonably","page_number":222,"box":{"x":116,"y":289,"width":704,"height":12}},{"id":"f2c59789-969b-4ca9-b950-b658acbe7b4a","block_type":"box","text":"conclude that a market quotation is not readily available or is unreliable if, among other things, a","page_number":222,"box":{"x":116,"y":304,"width":718,"height":12}},{"id":"5dc09e30-4beb-476c-9abf-40df96106494","block_type":"box","text":"security or other asset or liability does not have a price source due to its complete lack of trading, if","page_number":222,"box":{"x":116,"y":320,"width":739,"height":12}},{"id":"b166bea6-ba0d-4b51-abd4-0c28adfceac0","block_type":"box","text":"BlackRock believes a market quotation from a broker-dealer or other source is unreliable (e.g., where it","page_number":222,"box":{"x":117,"y":335,"width":770,"height":12}},{"id":"7bbb9e98-f733-40bb-b0a9-0bd8203157aa","block_type":"box","text":"varies significantly from a recent trade, or no longer reflects the fair value of the security or other asset","page_number":222,"box":{"x":116,"y":351,"width":765,"height":12}},{"id":"456ba131-3ae8-4953-ae10-a6437ae472aa","block_type":"box","text":"or liability subsequent to the most recent market quotation), or where the security or other asset or","page_number":222,"box":{"x":116,"y":366,"width":735,"height":12}},{"id":"644e7112-ece0-4d30-858d-ec2068782604","block_type":"box","text":"liability is only thinly traded or due to the occurrence of a significant event subsequent to the most","page_number":222,"box":{"x":117,"y":382,"width":728,"height":12}},{"id":"5705385b-21c8-4bab-8690-f76b07ef5db4","block_type":"box","text":"recent market quotation. 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For certain foreign assets, a","page_number":222,"box":{"x":116,"y":521,"width":759,"height":12}},{"id":"8bd333e0-5dfb-4a8b-9aec-8cdf3b55ecd0","block_type":"box","text":"third-party vendor supplies evaluated, systematic fair value pricing based upon the movement of a","page_number":222,"box":{"x":116,"y":537,"width":733,"height":12}},{"id":"cc82c287-6048-4f22-89ac-89588f1955a6","block_type":"box","text":"proprietary multi-factor model after the relevant foreign markets have closed. 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In addition,","page_number":222,"box":{"x":117,"y":645,"width":765,"height":12}},{"id":"aeac1561-2c4f-4acb-ac4d-df8412c28f31","block_type":"box","text":"the Funds’ accounting agent assists BlackRock by periodically endeavoring to confirm the prices it","page_number":222,"box":{"x":116,"y":661,"width":729,"height":12}},{"id":"7e4eaab3-5f86-460f-ad34-147c1c5babe5","block_type":"box","text":"receives from all third-party pricing services, index providers and broker-dealers. BlackRock regularly","page_number":222,"box":{"x":117,"y":676,"width":750,"height":12}},{"id":"e17929e6-837f-43fb-8f94-a5230228778d","block_type":"box","text":"evaluates the values assigned to the securities and other assets and liabilities of the Funds.","page_number":222,"box":{"x":116,"y":692,"width":679,"height":12}},{"id":"4bdc918d-d47e-43cb-a4ba-3ec982ba5c34","block_type":"box","text":"When determining the price for a Fair Value Asset, BlackRock will seek to determine the price that a","page_number":222,"box":{"x":116,"y":723,"width":743,"height":12}},{"id":"7dfbd785-7167-4747-afb6-db7d9089e89f","block_type":"box","text":"Fund might reasonably expect to receive from the current sale of that asset or liability in an","page_number":222,"box":{"x":117,"y":738,"width":672,"height":12}},{"id":"d9f77d53-9f85-4cf9-8747-58fb0ff88087","block_type":"box","text":"arm’s-length transaction on the date on which the asset or liability is being valued, and does not seek","page_number":222,"box":{"x":116,"y":754,"width":751,"height":12}},{"id":"e8cedc83-9c6c-4ffc-8eb3-18f074abb534","block_type":"box","text":"to determine the price a Fund might reasonably expect to receive for selling an asset or liability at a","page_number":222,"box":{"x":116,"y":769,"width":736,"height":12}},{"id":"74e4c387-2d8d-457b-b8d6-4eae82f2b7c4","block_type":"box","text":"later time or if it holds the asset or liability to maturity. Fair value determinations will be based upon all","page_number":222,"box":{"x":117,"y":785,"width":753,"height":12}},{"id":"50ed7f55-cb0e-48f0-affb-6909f6e9ea49","block_type":"box","text":"available factors that BlackRock deems relevant at the time of the determination, and may be based on","page_number":222,"box":{"x":116,"y":800,"width":765,"height":12}},{"id":"8b9a1de3-8cbd-4de6-bf2e-ca3e7bc43b50","block_type":"box","text":"analytical values determined by BlackRock using proprietary or third-party valuation models.","page_number":222,"box":{"x":116,"y":816,"width":683,"height":12}},{"id":"97bbddca-081f-4f64-8a6f-d2f189a6d646","block_type":"box","text":"Fair value represents a good faith approximation of the value of an asset or liability. 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Prices of actual, executed or historical transactions in the","page_number":223,"box":{"x":117,"y":102,"width":726,"height":12}},{"id":"4b551ee8-9d43-42e5-9d30-f3b68b12d034","block_type":"box","text":"relevant investment (or comparable instruments) or, where appropriate, an appraisal by a third-party","page_number":223,"box":{"x":117,"y":118,"width":747,"height":12}},{"id":"0720eeaf-1a77-420e-95fc-b3e82e781528","block_type":"box","text":"experienced in the valuation of similar instruments, may also be used as a basis for establishing the","page_number":223,"box":{"x":116,"y":134,"width":745,"height":12}},{"id":"7b1c6a0b-f1c4-4636-8d7f-5500ce035a2b","block_type":"box","text":"fair value of an investment.","page_number":223,"box":{"x":116,"y":149,"width":206,"height":10}},{"id":"3fccbfb0-4982-44e7-b0fb-ef8dcea35c1b","block_type":"box","text":"The fair value of one or more assets or liabilities may not, in retrospect, be the price at which those","page_number":223,"box":{"x":116,"y":178,"width":738,"height":13}},{"id":"fd6cce99-9e54-45f0-b58b-350ca7a09614","block_type":"box","text":"assets or liabilities could have been sold during the period in which the particular fair values were used","page_number":223,"box":{"x":116,"y":194,"width":767,"height":12}},{"id":"5e800814-9e7f-4059-9b8b-ef8b3af62d22","block_type":"box","text":"in determining a Fund’s NAV. As a result, a Fund’s sale or redemption of its shares at NAV, at a time","page_number":223,"box":{"x":117,"y":209,"width":752,"height":13}},{"id":"f259b4c4-cac9-4051-b6ff-58d8d2571ed9","block_type":"box","text":"when a holding or holdings are valued at fair value, may have the effect of diluting or increasing the","page_number":223,"box":{"x":116,"y":225,"width":742,"height":12}},{"id":"1bb05085-cd88-4475-b902-b23dc68d0ea2","block_type":"box","text":"economic interest of existing shareholders.","page_number":223,"box":{"x":116,"y":240,"width":323,"height":13}},{"id":"b08271e5-afe1-4562-9306-2a7eaff6cbe1","block_type":"box","text":"Each Fund’s annual audited financial statements, which are prepared in accordance with accounting","page_number":223,"box":{"x":117,"y":270,"width":749,"height":12}},{"id":"950e0d77-afc2-43ad-bfb2-01b19bbb2205","block_type":"box","text":"principles generally accepted in the United States of America (“US GAAP”), follow the requirements for","page_number":223,"box":{"x":117,"y":285,"width":767,"height":13}},{"id":"a321c1ee-f1cc-41fa-8bf8-4f7a05efa94e","block_type":"box","text":"valuation set forth in Financial Accounting Standards Board Accounting Standards Codification Topic","page_number":223,"box":{"x":116,"y":301,"width":753,"height":12}},{"id":"b94b54e1-1b8c-4311-bc3e-3a3d2bec1699","block_type":"box","text":"820, “Fair Value Measurements and Disclosures” (“ASC 820”), which defines and establishes a","page_number":223,"box":{"x":116,"y":316,"width":712,"height":13}},{"id":"1767e353-f52c-4a86-bfc9-ae6de492d787","block_type":"box","text":"framework for measuring fair value under US GAAP and expands financial statement disclosure","page_number":223,"box":{"x":116,"y":332,"width":717,"height":12}},{"id":"85fdb046-cf1a-4581-85aa-738c1df52e3b","block_type":"box","text":"requirements relating to fair value measurements.","page_number":223,"box":{"x":117,"y":347,"width":374,"height":13}},{"id":"04834ae3-5328-4a45-a92a-20933d9eb07e","block_type":"box","text":"Generally, ASC 820 and other accounting rules applicable to funds and various assets in which they","page_number":223,"box":{"x":117,"y":377,"width":747,"height":12}},{"id":"507f73fd-992a-47fc-a174-2fffa2085a78","block_type":"box","text":"invest are evolving. 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BlackRock does not","page_number":223,"box":{"x":116,"y":633,"width":718,"height":12}},{"id":"38d9f63e-805d-4cb7-9a9a-a81c4bbf8180","block_type":"box","text":"execute transactions through any particular broker or dealer, but seeks to obtain the best net results for","page_number":223,"box":{"x":116,"y":648,"width":772,"height":12}},{"id":"fe96fb69-c380-4b1c-ac5c-73191ce82cc6","block_type":"box","text":"the Fund, taking into account certain factors set out below. While BlackRock generally seeks","page_number":223,"box":{"x":116,"y":664,"width":687,"height":12}},{"id":"496ee18e-c3ce-43d1-8297-610c281de682","block_type":"box","text":"reasonable trade execution costs, a Fund does not necessarily pay the lowest spread or commission","page_number":223,"box":{"x":117,"y":679,"width":746,"height":12}},{"id":"e1c06cee-9da8-495c-92ac-c0d2be8b1dd5","block_type":"box","text":"available, and payment of the lowest commission or spread is not necessarily consistent with obtaining","page_number":223,"box":{"x":116,"y":695,"width":762,"height":12}},{"id":"4c8e252f-c3b0-4271-b517-1ad7405c2a7f","block_type":"box","text":"the best price and execution in particular transactions. Subject to applicable legal requirements,","page_number":223,"box":{"x":116,"y":710,"width":708,"height":12}},{"id":"e74bfa8b-77da-459c-bfe3-f21f2bc16a36","block_type":"box","text":"BlackRock may select a broker based partly upon brokerage or research services provided to","page_number":223,"box":{"x":117,"y":726,"width":692,"height":12}},{"id":"1b34a38c-9052-4358-bc48-ab509d395427","block_type":"box","text":"BlackRock and its clients, including a Fund. In return for such services, BlackRock may cause a Fund","page_number":223,"box":{"x":117,"y":741,"width":752,"height":12}},{"id":"31a34ca1-5854-41be-9d23-b7cebaad1bee","block_type":"box","text":"to pay a higher commission than other brokers would charge if BlackRock determines in good faith that","page_number":223,"box":{"x":116,"y":757,"width":765,"height":12}},{"id":"4e5622be-900e-4c29-a66a-f85c2b61c794","block_type":"box","text":"the commission is reasonable in relation to the services provided.","page_number":223,"box":{"x":116,"y":772,"width":485,"height":12}},{"id":"0e6c126b-50ab-491e-957d-9385ca1334c7","block_type":"box","text":"In the case of Feeder Funds, because each Feeder Fund generally invests exclusively in beneficial","page_number":223,"box":{"x":117,"y":802,"width":733,"height":12}},{"id":"5f3ac375-1644-4724-b861-66c236b30e02","block_type":"box","text":"interests of a Master Portfolio, it is expected that all transactions in portfolio securities will be entered","page_number":223,"box":{"x":117,"y":817,"width":745,"height":12}},{"id":"f6651fda-f4e8-4b79-84b5-e9a42e39d51c","block_type":"box","text":"into by the Master Portfolio.","page_number":223,"box":{"x":117,"y":833,"width":208,"height":12}},{"id":"d1487940-1ea5-4f4f-84d9-e39c1b393eed","block_type":"box","text":"In selecting brokers or dealers to execute portfolio transactions, the Manager and sub-advisers seek to","page_number":223,"box":{"x":117,"y":862,"width":767,"height":12}},{"id":"953fedfa-76f0-4bb6-beab-9a23931813ce","block_type":"box","text":"obtain the best price and most favorable execution for a Fund, taking into account a variety of factors","page_number":223,"box":{"x":116,"y":878,"width":754,"height":12}},{"id":"0619e4dd-ec46-4eb1-a278-edcc915c3fe7","block_type":"box","text":"II-158","page_number":223,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"77d3688b-4cb8-4731-81e3-eaf9d56dbe95","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":223,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"beb994ca-bbea-424e-8293-bcf59a08fd21","block_type":"box","text":"including: (i) the size, nature and character of the security or instrument being traded and the markets","page_number":224,"box":{"x":117,"y":87,"width":758,"height":12}},{"id":"706708f0-512a-4484-8257-ca62254f73d9","block_type":"box","text":"in which it is purchased or sold; (ii) the desired timing of the transaction; (iii) BlackRock’s knowledge of","page_number":224,"box":{"x":117,"y":102,"width":764,"height":13}},{"id":"c7370680-a399-4a2a-b4be-ae47bdac78f7","block_type":"box","text":"the expected commission rates and spreads currently available; (iv) the activity existing and expected","page_number":224,"box":{"x":116,"y":118,"width":759,"height":12}},{"id":"1064f93a-97ad-417b-8ca3-1f1f418202fa","block_type":"box","text":"in the market for the particular security or instrument, including any anticipated execution difficulties;","page_number":224,"box":{"x":117,"y":134,"width":746,"height":12}},{"id":"1467ce35-bb3c-4e8f-b66e-3e08e1397389","block_type":"box","text":"(v) the full range of brokerage services provided; (vi) the broker’s or dealer’s capital; (vii) the quality of","page_number":224,"box":{"x":117,"y":149,"width":759,"height":12}},{"id":"dd9675ef-0ced-4c02-99d4-2fa0bce29bc2","block_type":"box","text":"research and research services provided; (viii) the reasonableness of the commission, dealer spread","page_number":224,"box":{"x":117,"y":165,"width":752,"height":12}},{"id":"bfff011a-4f66-45fc-8e7b-d3dc29b8e26d","block_type":"box","text":"or its equivalent for the specific transaction; and (ix) BlackRock’s knowledge of any actual or apparent","page_number":224,"box":{"x":116,"y":180,"width":760,"height":12}},{"id":"c0c9ac70-1f8b-4d73-8e0c-b2c34206d657","block_type":"box","text":"operational problems of a broker or dealer.","page_number":224,"box":{"x":116,"y":196,"width":323,"height":11}},{"id":"a63d26df-6fa2-4f44-8e46-0ae213a7c667","block_type":"box","text":"Section 28(e) of the Exchange Act (“Section 28(e)”) permits an investment adviser, under certain","page_number":224,"box":{"x":116,"y":227,"width":723,"height":12}},{"id":"a91e1596-f9ab-477b-9010-2dc82c543d95","block_type":"box","text":"circumstances to cause an account to pay a broker or dealer a commission for effecting a transaction","page_number":224,"box":{"x":116,"y":242,"width":757,"height":12}},{"id":"7d6caf5e-dd93-45b8-9905-e0a0b1328e2c","block_type":"box","text":"that exceeds the amount another broker or dealer would have charged for effecting the same","page_number":224,"box":{"x":116,"y":258,"width":696,"height":12}},{"id":"faf2cd86-a454-4d51-b0ac-4ed13f4a33f4","block_type":"box","text":"transaction in recognition of the value of brokerage and research services provided by that broker or","page_number":224,"box":{"x":116,"y":273,"width":748,"height":12}},{"id":"368661a4-f62f-4cc4-8b00-782755c34a43","block_type":"box","text":"dealer. This includes commissions paid on riskless principal transactions under certain conditions.","page_number":224,"box":{"x":116,"y":289,"width":732,"height":12}},{"id":"db8d8f3a-d697-4b8f-ba6c-9e57c6f1e8e6","block_type":"box","text":"Brokerage and research services include: (1) furnishing advice as to the value of securities, including","page_number":224,"box":{"x":117,"y":304,"width":754,"height":12}},{"id":"bc3b1f51-e27e-4962-908e-1cd76b275a4a","block_type":"box","text":"pricing and appraisal advice, credit analysis, risk measurement analysis, performance and other","page_number":224,"box":{"x":117,"y":320,"width":716,"height":12}},{"id":"32c68406-2f5d-4f47-b139-234d3bee7230","block_type":"box","text":"analysis, as well as the advisability of investing in, purchasing or selling securities, and the availability","page_number":224,"box":{"x":116,"y":335,"width":758,"height":12}},{"id":"fc983274-b7c6-4434-a85c-942773d3384f","block_type":"box","text":"of securities or purchasers or sellers of securities; (2) furnishing analyses and reports concerning","page_number":224,"box":{"x":116,"y":351,"width":725,"height":12}},{"id":"688b4e43-059e-4376-9b53-502041afea52","block_type":"box","text":"issuers, industries, securities, economic factors and trends, portfolio strategy, and the performance of","page_number":224,"box":{"x":117,"y":366,"width":757,"height":12}},{"id":"a6f744cf-5dde-49a6-b8f0-e64ada5e16f7","block_type":"box","text":"accounts; and (3) effecting securities transactions and performing functions incidental to securities","page_number":224,"box":{"x":116,"y":382,"width":734,"height":12}},{"id":"dbb5e31b-c60a-4b38-9abe-a72513f62261","block_type":"box","text":"transactions (such as clearance, settlement, and custody). BlackRock believes that access to","page_number":224,"box":{"x":116,"y":397,"width":698,"height":12}},{"id":"a67b5bd9-bdbc-4a8f-bb0f-8531dd4b4e2b","block_type":"box","text":"independent investment research is beneficial to its investment decision-making processes and,","page_number":224,"box":{"x":117,"y":413,"width":716,"height":12}},{"id":"5e4b1b7c-b4d2-4139-8fbf-9f13fb06c745","block_type":"box","text":"therefore, to the Funds.","page_number":224,"box":{"x":116,"y":428,"width":180,"height":11}},{"id":"1ffeced1-c220-472d-8f4c-b66ad785be4e","block_type":"box","text":"BlackRock, unless prohibited by applicable law, may participate in client commission arrangements","page_number":224,"box":{"x":117,"y":459,"width":739,"height":12}},{"id":"f1871555-47b0-4635-a7bf-bb6f6fd4d949","block_type":"box","text":"under which BlackRock may execute transactions through a broker-dealer and request that the broker","page_number":224,"box":{"x":117,"y":475,"width":762,"height":12}},{"id":"492c4b61-c817-462d-8ede-08c902fe219e","block_type":"box","text":"dealer allocate a portion of the commissions or commission credits to another firm that provides","page_number":224,"box":{"x":116,"y":490,"width":715,"height":12}},{"id":"c7cb5065-152a-4183-9db9-ded8b80b889e","block_type":"box","text":"research to BlackRock. BlackRock believes that research services obtained through soft dollar or","page_number":224,"box":{"x":117,"y":506,"width":725,"height":12}},{"id":"3263694e-b1a5-4a22-b457-c67c7e7efe54","block_type":"box","text":"commission sharing arrangements enhance its investment decision-making capabilities, thereby","page_number":224,"box":{"x":116,"y":521,"width":718,"height":12}},{"id":"db10ce7d-3d77-4db4-9e69-a8496d26531a","block_type":"box","text":"increasing the prospects for higher investment returns. BlackRock will engage only in soft dollar or","page_number":224,"box":{"x":117,"y":537,"width":733,"height":12}},{"id":"5961fb54-85b2-429a-94dd-069b4336d513","block_type":"box","text":"commission sharing transactions that comply with the requirements of Section 28(e). Certain Funds","page_number":224,"box":{"x":116,"y":552,"width":744,"height":12}},{"id":"d3daab64-6eff-42ec-a4d7-81651e93ebf3","block_type":"box","text":"may be subject to additional regulations, including MiFID II. Under MiFID II, EU investment managers,","page_number":224,"box":{"x":117,"y":568,"width":760,"height":12}},{"id":"dce98bb4-6273-4927-85ab-3a3960052822","block_type":"box","text":"including BIL, pay for any research out of their own resources and not through soft dollars or","page_number":224,"box":{"x":117,"y":583,"width":689,"height":12}},{"id":"d3245682-dadf-4ffb-b5e9-5cc41baea7e7","block_type":"box","text":"commission sharing arrangements. BlackRock regularly evaluates the soft dollar products and services","page_number":224,"box":{"x":116,"y":599,"width":771,"height":12}},{"id":"f57101f2-3df3-45ef-9951-efe2c91a0e20","block_type":"box","text":"utilized, as well as the overall soft dollar and commission sharing arrangements to ensure that trades","page_number":224,"box":{"x":117,"y":614,"width":753,"height":12}},{"id":"707a6749-3311-4b0b-8331-296be578b2fc","block_type":"box","text":"are executed by firms that are regarded as best able to execute trades for client accounts, while at the","page_number":224,"box":{"x":116,"y":630,"width":764,"height":12}},{"id":"8301afb3-2927-4dc5-a5da-c5cb6514f2ac","block_type":"box","text":"same time providing access to the research and other services BlackRock views as impactful to its","page_number":224,"box":{"x":116,"y":645,"width":737,"height":12}},{"id":"c86155ae-3507-48e1-b73e-9c23a8753d55","block_type":"box","text":"trading results.","page_number":224,"box":{"x":116,"y":661,"width":109,"height":12}},{"id":"76426244-ac16-4290-a2ba-f9dceec11712","block_type":"box","text":"BlackRock, unless prohibited by applicable law, may utilize soft dollars and related services, including","page_number":224,"box":{"x":117,"y":692,"width":752,"height":12}},{"id":"e125bc0b-617a-4d2a-98c0-f3088f0d48c3","block_type":"box","text":"research (whether prepared by the broker-dealer or prepared by a third-party and provided to","page_number":224,"box":{"x":117,"y":707,"width":691,"height":12}},{"id":"50ed946f-e049-4fc8-818b-8e20bc8ac8a0","block_type":"box","text":"BlackRock by the broker-dealer) and execution or brokerage services within applicable rules and","page_number":224,"box":{"x":117,"y":723,"width":716,"height":12}},{"id":"e42f3d08-b2b5-4b3d-a1c0-4e12ef01159c","block_type":"box","text":"BlackRock’s policies to the extent that such permitted services do not compromise BlackRock’s ability","page_number":224,"box":{"x":117,"y":738,"width":754,"height":12}},{"id":"61fdf100-3c3d-4ffe-bb8e-2cf21659b50e","block_type":"box","text":"to seek to obtain best execution. In this regard, the portfolio management investment and/or trading","page_number":224,"box":{"x":116,"y":754,"width":738,"height":12}},{"id":"2d1401e6-1186-4860-a808-603bf7ae33f9","block_type":"box","text":"teams may consider a variety of factors, including the degree to which the broker-dealer: (a) provides","page_number":224,"box":{"x":116,"y":769,"width":751,"height":12}},{"id":"d66d6965-f4f3-4d24-80df-6baf23aadca2","block_type":"box","text":"access to company management; (b) provides access to their analysts; (c) provides meaningful/","page_number":224,"box":{"x":116,"y":785,"width":714,"height":12}},{"id":"4a02466a-5f5d-42b2-9722-ec52e9fd1cf9","block_type":"box","text":"insightful research notes on companies or other potential investments; (d) facilitates calls on which","page_number":224,"box":{"x":117,"y":800,"width":729,"height":12}},{"id":"ebe7b708-6c02-413b-b539-572937bd44e7","block_type":"box","text":"meaningful or insightful ideas about companies or potential investments are discussed; (e) facilitates","page_number":224,"box":{"x":117,"y":816,"width":745,"height":12}},{"id":"e7d683be-1c8b-428d-b514-14b2c275cd44","block_type":"box","text":"conferences at which meaningful or insightful ideas about companies or potential investments are","page_number":224,"box":{"x":116,"y":831,"width":729,"height":12}},{"id":"c76979af-6494-45ed-8b8c-7881ac6d2dd5","block_type":"box","text":"discussed; or (f) provides research tools such as market data, financial analysis, and other third-party","page_number":224,"box":{"x":116,"y":847,"width":757,"height":12}},{"id":"bab31881-43fc-4df0-9d36-e91797040fac","block_type":"box","text":"related research and brokerage tools that aid in the investment process.","page_number":224,"box":{"x":117,"y":862,"width":539,"height":12}},{"id":"765b43cc-a053-4a71-b40e-9c1b1fa3cc3c","block_type":"box","text":"II-159","page_number":224,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"0f133ad9-4cf9-44e4-be13-162f526a2bfd","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":224,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"4d739e91-80b0-40c9-aa18-8df389ef93a3","block_type":"box","text":"Research-oriented services for which BlackRock, unless prohibited by applicable law, might pay with","page_number":225,"box":{"x":117,"y":87,"width":751,"height":12}},{"id":"0d1b56c6-d454-4495-a267-c8f847022779","block_type":"box","text":"Fund commissions may be in written form or through direct contact with individuals and may include","page_number":225,"box":{"x":117,"y":102,"width":745,"height":13}},{"id":"421c77f2-ff9b-4626-a3eb-7ea428018a02","block_type":"box","text":"information as to particular companies or industries and securities or groups of securities, as well as","page_number":225,"box":{"x":117,"y":118,"width":746,"height":12}},{"id":"a1ac69b7-1033-4e12-893f-1c8ee80875e3","block_type":"box","text":"market, economic, or institutional advice and statistical information, political developments and","page_number":225,"box":{"x":117,"y":134,"width":705,"height":11}},{"id":"117ab2d4-fc85-4863-9e63-4c99a8675494","block_type":"box","text":"technical market information that assists in the valuation of investments. Except as noted immediately","page_number":225,"box":{"x":116,"y":149,"width":760,"height":12}},{"id":"b3b74ad8-80d9-4c61-b136-e231a34d1765","block_type":"box","text":"below, research services furnished by brokers may be used in servicing some or all client accounts","page_number":225,"box":{"x":117,"y":165,"width":739,"height":12}},{"id":"2e5e36d6-f891-436c-9af9-2070232bea7f","block_type":"box","text":"and not all services may be used in connection with the Fund or account that paid commissions to the","page_number":225,"box":{"x":116,"y":180,"width":760,"height":12}},{"id":"9a1d7650-b35d-464d-a09e-f4db1edea0d1","block_type":"box","text":"broker providing such services. In some cases, research information received from brokers by mutual","page_number":225,"box":{"x":117,"y":196,"width":757,"height":12}},{"id":"f00d8c33-6c48-4e92-a8d1-627b49c71faa","block_type":"box","text":"fund management personnel, or personnel principally responsible for BlackRock’s individually","page_number":225,"box":{"x":116,"y":211,"width":699,"height":12}},{"id":"869357ce-2769-4d34-b6e0-1db134d66bdb","block_type":"box","text":"managed portfolios, is not necessarily shared by and between such personnel. Any investment","page_number":225,"box":{"x":117,"y":227,"width":708,"height":12}},{"id":"abef6d01-6947-4d4d-9373-e5ec966ba223","block_type":"box","text":"advisory or other fees paid by a Fund to BlackRock are not reduced as a result of BlackRock’s receipt","page_number":225,"box":{"x":116,"y":242,"width":760,"height":12}},{"id":"73aff4ba-51a5-48ac-a97c-4a373d122f60","block_type":"box","text":"of research services. In some cases, BlackRock may receive a service from a broker that has both a","page_number":225,"box":{"x":116,"y":258,"width":750,"height":12}},{"id":"6efa91a7-51d9-45f2-a43d-8ef6da14fc5b","block_type":"box","text":"“research” and a “non-research” use. When this occurs BlackRock makes a good faith allocation,","page_number":225,"box":{"x":116,"y":273,"width":725,"height":12}},{"id":"4bf5e4fb-5da7-4d40-b306-46edf1e34c82","block_type":"box","text":"under all the circumstances, between the research and non-research uses of the service. The","page_number":225,"box":{"x":117,"y":289,"width":700,"height":11}},{"id":"5cbf1ab5-a2fe-4f42-ad6c-11df28f7647d","block_type":"box","text":"percentage of the service that is used for research purposes may be paid for with client commissions,","page_number":225,"box":{"x":117,"y":304,"width":758,"height":12}},{"id":"998a2970-0ce1-4dda-9e36-9a39122bdc12","block_type":"box","text":"while BlackRock will use its own funds to pay for the percentage of the service that is used for","page_number":225,"box":{"x":116,"y":320,"width":701,"height":12}},{"id":"47b388aa-4bcd-4a27-aabb-e2430949121a","block_type":"box","text":"non-research purposes. In making this good faith allocation, BlackRock faces a potential conflict of","page_number":225,"box":{"x":117,"y":335,"width":736,"height":12}},{"id":"6f642111-d9a6-44d1-a8c8-f5d7b989d7f2","block_type":"box","text":"interest, but BlackRock believes that its allocation procedures are reasonably designed to ensure that it","page_number":225,"box":{"x":117,"y":351,"width":771,"height":12}},{"id":"d5553ec5-915b-4723-aff4-1df4d312dc88","block_type":"box","text":"appropriately allocates the anticipated use of such services to their research and non-research uses.","page_number":225,"box":{"x":116,"y":366,"width":752,"height":12}},{"id":"0aa2c263-393f-4876-92ce-ccf6193166f2","block_type":"box","text":"Under MiFID II, investment managers in the EU, including BIL, are not able to use soft dollars to pay","page_number":225,"box":{"x":117,"y":397,"width":748,"height":12}},{"id":"1359b067-e2cc-463d-a48c-464664973e2f","block_type":"box","text":"for research from brokers. Investment managers in the EU are required to either pay for research out","page_number":225,"box":{"x":116,"y":413,"width":754,"height":12}},{"id":"9f1b9882-4c0a-431a-aadb-cf5379883741","block_type":"box","text":"of their own profit and loss or agree with clients to have research costs paid by clients through","page_number":225,"box":{"x":116,"y":428,"width":702,"height":12}},{"id":"6093be8f-bd1e-450e-9c25-9aab1542f854","block_type":"box","text":"research payment accounts that are directly funded or funded by a specific client research charge","page_number":225,"box":{"x":117,"y":444,"width":730,"height":12}},{"id":"230d8cf5-c51a-4d93-a23b-4e1ee9e35a1a","block_type":"box","text":"collected alongside execution commissions, provided that the payments for research are unbundled","page_number":225,"box":{"x":116,"y":459,"width":745,"height":12}},{"id":"b7558908-592b-42ff-aad4-980586d2b541","block_type":"box","text":"from the payments for execution. BIL will pay for any research out of its own resources and not through","page_number":225,"box":{"x":116,"y":475,"width":771,"height":12}},{"id":"fb348a7d-03f4-42a7-856e-c7877dd8f2b1","block_type":"box","text":"soft dollars or commission sharing arrangements.","page_number":225,"box":{"x":116,"y":490,"width":372,"height":12}},{"id":"615f66e9-0d1d-4502-b4bc-96710f0e8953","block_type":"box","text":"Payments of commissions to brokers who are affiliated persons of the Fund, or the Master Portfolio","page_number":225,"box":{"x":117,"y":521,"width":740,"height":12}},{"id":"ce8ad5a0-2077-4224-a83e-20c422c5dc3b","block_type":"box","text":"with respect to the Feeder Fund (or affiliated persons of such persons), will be made in accordance","page_number":225,"box":{"x":116,"y":537,"width":741,"height":12}},{"id":"b721b77f-4f00-477e-9f11-b5cd515b9c67","block_type":"box","text":"with Rule 17e-1 under the Investment Company Act. Subject to policies established by the Board of","page_number":225,"box":{"x":116,"y":552,"width":743,"height":12}},{"id":"0501b868-3421-4969-972c-48af72925ec2","block_type":"box","text":"Directors of the Master Portfolio, BlackRock is primarily responsible for the execution of the Master","page_number":225,"box":{"x":117,"y":568,"width":737,"height":12}},{"id":"a97c5efc-ce69-4208-9251-fdf75166bea2","block_type":"box","text":"Portfolio’s portfolio transactions and the allocation of brokerage.","page_number":225,"box":{"x":117,"y":583,"width":478,"height":12}},{"id":"129e16fd-5da3-400a-aa1e-bc14b5ee0700","block_type":"box","text":"From time to time, a Fund may purchase new issues of securities in a fixed price offering. In these","page_number":225,"box":{"x":117,"y":614,"width":733,"height":12}},{"id":"1a1d5ecd-dc9a-4cae-b994-9f29d904c217","block_type":"box","text":"situations, the broker may be a member of the selling group that will, in addition to selling securities,","page_number":225,"box":{"x":116,"y":630,"width":746,"height":12}},{"id":"3391b19d-97e3-40ba-9988-1fb0745e3ef8","block_type":"box","text":"provide BlackRock with research services. FINRA has adopted rules expressly permitting these types","page_number":225,"box":{"x":117,"y":645,"width":757,"height":12}},{"id":"1d680f5e-6c71-46aa-a161-8f62530af3ed","block_type":"box","text":"of arrangements under certain circumstances. Generally, the broker will provide research “credits” in","page_number":225,"box":{"x":116,"y":661,"width":744,"height":12}},{"id":"45b8feac-a04a-4292-858c-956a9e78d98a","block_type":"box","text":"these situations at a rate that is higher than that available for typical secondary market transactions.","page_number":225,"box":{"x":116,"y":676,"width":739,"height":12}},{"id":"387557b9-3b66-495b-bc2c-739da64b0630","block_type":"box","text":"These arrangements may not fall within the safe harbor of Section 28(e).","page_number":225,"box":{"x":116,"y":692,"width":538,"height":12}},{"id":"83399dc5-634d-4817-a6b5-6adf9cb058b6","block_type":"box","text":"BlackRock does not consider sales of shares of the mutual funds it advises as a factor in the selection","page_number":225,"box":{"x":117,"y":723,"width":756,"height":9}},{"id":"cd73432c-ccb6-47d2-a6df-014f4011f0e2","block_type":"box","text":"of brokers or dealers to execute portfolio transactions for a Fund; however, whether or not a particular","page_number":225,"box":{"x":116,"y":738,"width":756,"height":12}},{"id":"14a18ff3-831b-471e-90db-68088cf61056","block_type":"box","text":"broker or dealer sells shares of the mutual funds advised by BlackRock neither qualifies nor","page_number":225,"box":{"x":117,"y":754,"width":680,"height":12}},{"id":"94dd16bb-4358-41b3-b0dc-2a8760207ee9","block_type":"box","text":"disqualifies such broker or dealer to execute transactions for those mutual funds.","page_number":225,"box":{"x":116,"y":769,"width":599,"height":12}},{"id":"0793d640-90d7-497d-ae02-44541742651a","block_type":"box","text":"Each Fund anticipates that its brokerage transactions involving foreign securities generally will be","page_number":225,"box":{"x":117,"y":800,"width":721,"height":12}},{"id":"ee164f6b-dfc8-4d4f-8f97-d6875b2d5afa","block_type":"box","text":"conducted primarily on the principal stock exchanges of the applicable country. Foreign equity","page_number":225,"box":{"x":116,"y":816,"width":697,"height":12}},{"id":"f921072e-ba0a-4c48-b21d-7a4395c40f6f","block_type":"box","text":"securities may be held by a Fund in the form of depositary receipts, or other securities convertible into","page_number":225,"box":{"x":116,"y":831,"width":762,"height":12}},{"id":"71d03756-76af-4d98-8f2a-95a7fe2f5b46","block_type":"box","text":"foreign equity securities. Depositary receipts may be listed on stock exchanges, or traded in OTC","page_number":225,"box":{"x":116,"y":847,"width":727,"height":12}},{"id":"04557aff-b747-4897-99f8-3cb54cd36d7f","block_type":"box","text":"markets in the United States or Europe, as the case may be. American Depositary Receipts, like other","page_number":225,"box":{"x":117,"y":862,"width":762,"height":12}},{"id":"b44a1877-a5b4-4f1c-8f7e-90331fe832e7","block_type":"box","text":"securities traded in the United States, will be subject to negotiated commission rates. Because the","page_number":225,"box":{"x":116,"y":878,"width":734,"height":12}},{"id":"80f95280-a8c2-4b5b-adc1-bf56121ef516","block_type":"box","text":"II-160","page_number":225,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"bdbb494a-49cb-4000-9353-1f06067acfa7","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":225,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"63fbf46e-d61e-4d76-b45c-c3d9de3bb38c","block_type":"box","text":"shares of each Fund are redeemable on a daily basis in U.S. dollars, each Fund intends to manage its","page_number":226,"box":{"x":116,"y":87,"width":764,"height":12}},{"id":"d97b9bae-b5a4-43c8-8cf4-63de3ba0d2fe","block_type":"box","text":"portfolio so as to give reasonable assurance that it will be able to obtain U.S. dollars to the extent","page_number":226,"box":{"x":117,"y":102,"width":725,"height":13}},{"id":"1dc7c3dd-da71-4371-8948-692e0288c250","block_type":"box","text":"necessary to meet anticipated redemptions. Under present conditions, it is not believed that these","page_number":226,"box":{"x":117,"y":118,"width":730,"height":12}},{"id":"92ab1098-07bc-46a3-b620-c08faffc4bea","block_type":"box","text":"considerations will have a significant effect on a Fund’s portfolio strategies.","page_number":226,"box":{"x":116,"y":134,"width":561,"height":12}},{"id":"c73ec503-1bc2-4d7c-b212-b590badf6dcb","block_type":"box","text":"See “Portfolio Transactions and Brokerage” in the","page_number":226,"box":{"x":116,"y":165,"width":366,"height":12}},{"id":"905fd722-a0ba-4105-a010-cc710a1cf737","block_type":"box","text":"SAI for information about the brokerage commissions","page_number":226,"box":{"x":482,"y":165,"width":392,"height":12}},{"id":"00275139-6baf-4d65-a75a-475786b949c0","block_type":"box","text":"paid by your Fund, including commissions paid to a","page_number":226,"box":{"x":117,"y":180,"width":371,"height":12}},{"id":"e7f3a731-5218-4ba9-9ad4-f8b706e45f9c","block_type":"box","text":"ffiliates, if any, for the periods indicated.","page_number":226,"box":{"x":489,"y":180,"width":293,"height":12}},{"id":"17e25a4b-1895-4cf2-82a5-ac1b9c643217","block_type":"box","text":"Each Fund may invest in certain securities traded in the OTC market and intends to deal directly with","page_number":226,"box":{"x":117,"y":211,"width":753,"height":12}},{"id":"665818de-6dc6-41e6-a637-1ab7f48007cc","block_type":"box","text":"the dealers who make a market in the particular securities, except in those circumstances in which","page_number":226,"box":{"x":116,"y":227,"width":735,"height":11}},{"id":"e3cd3f3b-d0fd-4554-aae2-ecd5dd0f14d6","block_type":"box","text":"better prices and execution are available elsewhere. Under the Investment Company Act, persons","page_number":226,"box":{"x":117,"y":242,"width":732,"height":12}},{"id":"4d5ce1e6-716d-46ad-9a1f-551e2d112040","block_type":"box","text":"affiliated with a Fund and persons who are affiliated with such affiliated persons are prohibited from","page_number":226,"box":{"x":116,"y":258,"width":741,"height":11}},{"id":"9a4f193b-5529-49d6-b999-6cb2477bf2d5","block_type":"box","text":"dealing with the Fund as principal in the purchase and sale of securities unless a permissive order","page_number":226,"box":{"x":116,"y":273,"width":733,"height":12}},{"id":"7ff8b026-b4ed-436c-9f24-ef4c0221e301","block_type":"box","text":"allowing such transactions is obtained from the Commission. Since transactions in the OTC market","page_number":226,"box":{"x":116,"y":289,"width":740,"height":12}},{"id":"33b156c1-f5e1-42cf-9533-092bacec4cc2","block_type":"box","text":"usually involve transactions with the dealers acting as principal for their own accounts, the Funds will","page_number":226,"box":{"x":117,"y":304,"width":752,"height":12}},{"id":"fdf79ca3-444e-4854-927b-dfea5dfd1bfd","block_type":"box","text":"not deal with affiliated persons in connection with such transactions. However, an affiliated person of a","page_number":226,"box":{"x":117,"y":320,"width":764,"height":12}},{"id":"b84cb40e-d618-4962-bd05-d26364c37421","block_type":"box","text":"Fund may serve as its broker in OTC transactions conducted on an agency basis provided that, among","page_number":226,"box":{"x":117,"y":335,"width":769,"height":12}},{"id":"b2e09f0c-19a8-48ec-a669-580c6af95f47","block_type":"box","text":"other things, the fee or commission received by such affiliated broker is reasonable and fair compared","page_number":226,"box":{"x":116,"y":351,"width":762,"height":12}},{"id":"88e4c654-8aa6-4cef-aee4-ad191e770471","block_type":"box","text":"to the fee or commission received by non-affiliated brokers in connection with comparable transactions.","page_number":226,"box":{"x":116,"y":366,"width":772,"height":12}},{"id":"f3a24144-91f8-4a96-9cbf-d29b2a2c7a4c","block_type":"box","text":"OTC issues, including most fixed-income securities such as corporate debt and U.S. Government","page_number":226,"box":{"x":116,"y":397,"width":729,"height":12}},{"id":"40d0d714-2f4a-4899-9f66-cbda94697a2f","block_type":"box","text":"Securities, are normally traded on a “net” basis without a stated commission, through dealers acting for","page_number":226,"box":{"x":116,"y":413,"width":770,"height":12}},{"id":"35ddd312-7103-42d5-ba1c-e656a3cdcbd3","block_type":"box","text":"their own account and not as brokers. The Funds will primarily engage in transactions with these","page_number":226,"box":{"x":116,"y":428,"width":721,"height":12}},{"id":"8aa1ae6a-2b79-4cf8-a1b9-d7a950130e96","block_type":"box","text":"dealers or deal directly with the issuer unless a better price or execution could be obtained by using a","page_number":226,"box":{"x":116,"y":444,"width":757,"height":12}},{"id":"be452094-9eb5-4dff-acfb-92a59fe8d3bd","block_type":"box","text":"broker. Prices paid to a dealer with respect to both foreign and domestic securities will generally","page_number":226,"box":{"x":117,"y":459,"width":716,"height":12}},{"id":"be8d3dec-4e39-4198-83ec-e99ae5204847","block_type":"box","text":"include a “spread,” which is the difference between the prices at which the dealer is willing to purchase","page_number":226,"box":{"x":117,"y":475,"width":766,"height":12}},{"id":"03a87137-ed2d-462c-a499-913882270f49","block_type":"box","text":"and sell the specific security at the time, and includes the dealer’s normal profit.","page_number":226,"box":{"x":116,"y":490,"width":596,"height":12}},{"id":"42707dec-1681-48db-b682-1084c40e234f","block_type":"box","text":"Purchases of money market instruments by a Fund are made from dealers, underwriters and issuers.","page_number":226,"box":{"x":117,"y":521,"width":756,"height":12}},{"id":"6bf3b7da-93e1-4eeb-a9be-990fb1d48a97","block_type":"box","text":"The Funds do not currently expect to incur any brokerage commission expense on such transactions","page_number":226,"box":{"x":116,"y":537,"width":753,"height":12}},{"id":"4845b3db-a694-4891-96ec-1d47cf82f74b","block_type":"box","text":"because money market instruments are generally traded on a “net” basis with dealers acting as","page_number":226,"box":{"x":117,"y":552,"width":712,"height":12}},{"id":"e24a73aa-630c-4786-bd19-f3973ffad9ab","block_type":"box","text":"principal for their own accounts without a stated commission. The price of the security, however,","page_number":226,"box":{"x":117,"y":568,"width":718,"height":12}},{"id":"0a4a14c9-d0df-49fb-90f3-c33db6909d26","block_type":"box","text":"usually includes a profit to the dealer. Each money market fund intends to purchase only securities with","page_number":226,"box":{"x":117,"y":583,"width":771,"height":12}},{"id":"d8bfb0dc-b68f-4870-8ca6-093ecf0185f9","block_type":"box","text":"remaining maturities of 397 days or less as determined in accordance with the rules of the","page_number":226,"box":{"x":117,"y":599,"width":672,"height":12}},{"id":"ee80cd63-e686-4f3e-8caf-a5fb0ee1483e","block_type":"box","text":"Commission. As a result, the portfolio turnover rates of a money market fund will be relatively high.","page_number":226,"box":{"x":117,"y":614,"width":736,"height":12}},{"id":"6b0ffb03-ecb6-47ba-b7d8-97542a9dc1b3","block_type":"box","text":"However, because brokerage commissions will not normally be paid with respect to investments made","page_number":226,"box":{"x":117,"y":630,"width":764,"height":12}},{"id":"1e0ad9f2-0f6f-4e0a-804b-facc0fc29a76","block_type":"box","text":"by a money market fund, the turnover rates should","page_number":226,"box":{"x":117,"y":645,"width":380,"height":12}},{"id":"6df85a57-540b-422a-81e3-a2cffd9ab881","block_type":"box","text":"not adversely affect the Fund’s NAVs or net","page_number":226,"box":{"x":498,"y":645,"width":328,"height":12}},{"id":"da379eec-0f52-49c3-939f-30837e9054e1","block_type":"box","text":"income.","page_number":226,"box":{"x":117,"y":661,"width":56,"height":9}},{"id":"676f8f56-0c23-4de9-8f50-9033f6855c3b","block_type":"box","text":"Securities purchased in underwritten offerings include a fixed amount of compensation to the","page_number":226,"box":{"x":116,"y":692,"width":689,"height":12}},{"id":"00a462a7-b626-4734-8e84-8240284e23ff","block_type":"box","text":"underwriter, generally referred to as the underwriter’s concession or discount. When offered securities","page_number":226,"box":{"x":117,"y":707,"width":756,"height":12}},{"id":"d8ed080e-9f26-4806-a158-a32c7029c589","block_type":"box","text":"are purchased or sold directly from or to an issuer, no commissions or discounts are paid except where","page_number":226,"box":{"x":116,"y":723,"width":766,"height":12}},{"id":"7430a7d1-991a-4d0b-a95a-f35383bcc7aa","block_type":"box","text":"required by local markets.","page_number":226,"box":{"x":117,"y":738,"width":190,"height":12}},{"id":"ae0efa13-01f7-4f80-b9d0-a95771e878cb","block_type":"box","text":"The Manager or sub-advisers may seek to obtain an undertaking from issuers of commercial paper or","page_number":226,"box":{"x":116,"y":769,"width":755,"height":12}},{"id":"20a5774c-42b8-4795-9729-76bbeb88c7fd","block_type":"box","text":"dealers selling commercial paper to consider the repurchase of such securities from a Fund prior to","page_number":226,"box":{"x":116,"y":785,"width":736,"height":12}},{"id":"0695073d-f173-493b-8cbf-68af5152c5f5","block_type":"box","text":"maturity at their original cost plus interest (sometimes adjusted to reflect the actual maturity of the","page_number":226,"box":{"x":117,"y":800,"width":723,"height":12}},{"id":"6f30d47d-a62f-4017-a339-cea1d628fd75","block_type":"box","text":"securities), if it believes that a Fund’s anticipated need for liquidity makes such action desirable. Any","page_number":226,"box":{"x":116,"y":816,"width":744,"height":12}},{"id":"f0bb75b7-eb55-47da-ac64-a709a9977d19","block_type":"box","text":"such repurchase prior to maturity reduces the possibility that a Fund would incur a capital loss in","page_number":226,"box":{"x":116,"y":831,"width":720,"height":12}},{"id":"2acaf644-f49c-4df8-aa48-43f8d35965ce","block_type":"box","text":"liquidating commercial paper, especially if interest rates have risen since acquisition of such","page_number":226,"box":{"x":117,"y":847,"width":685,"height":12}},{"id":"0d788028-1dd7-4d08-aeb7-9ae335d4224a","block_type":"box","text":"commercial paper.","page_number":226,"box":{"x":116,"y":862,"width":143,"height":12}},{"id":"8f169678-93d3-46ab-bf4b-1495a1891fe5","block_type":"box","text":"II-161","page_number":226,"box":{"x":480,"y":909,"width":38,"height":9}},{"id":"51f143c9-d644-40c0-a993-75340cf50e1e","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":226,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"c0ed67a7-9129-42e7-b357-cc519e407f58","block_type":"box","text":"Investment decisions for each Fund and for other investment accounts managed by the Manager or","page_number":227,"box":{"x":117,"y":87,"width":744,"height":12}},{"id":"b7cca33a-0ba0-4810-ab21-ee35aa03632c","block_type":"box","text":"sub-advisers are made independently of each other in light of differing conditions. BlackRock allocates","page_number":227,"box":{"x":116,"y":102,"width":765,"height":13}},{"id":"8e00fccd-35f2-41f3-b6b9-469730d34ab8","block_type":"box","text":"investments among client accounts in a fair and equitable manner over time. A variety of factors will be","page_number":227,"box":{"x":117,"y":118,"width":767,"height":12}},{"id":"47571aff-8e81-47a5-a366-29b55af6530b","block_type":"box","text":"considered in making such allocations. These factors include: (i) investment objectives or strategies for","page_number":227,"box":{"x":116,"y":134,"width":769,"height":12}},{"id":"025a47bf-e63c-48a9-823b-c5755f52cedd","block_type":"box","text":"particular accounts, including sector, industry, country or region and capitalization weightings, (ii) tax","page_number":227,"box":{"x":117,"y":149,"width":749,"height":12}},{"id":"2e5b8b2d-981d-493a-88f8-676c1664c1c4","block_type":"box","text":"considerations of an account, (iii) risk or investment concentration parameters for an account,","page_number":227,"box":{"x":116,"y":165,"width":699,"height":12}},{"id":"26df0852-4673-4c64-a2bf-34af3f270909","block_type":"box","text":"(iv) supply or demand for a security at a given price level, (v) size of available investment, (vi) cash","page_number":227,"box":{"x":117,"y":180,"width":737,"height":12}},{"id":"55cbfb2c-a6f9-4033-8f19-e5b1fde35315","block_type":"box","text":"availability and liquidity requirements for accounts, (vii) regulatory restrictions, (viii) minimum","page_number":227,"box":{"x":116,"y":196,"width":690,"height":12}},{"id":"9fff8560-01ed-4fc4-8b14-5321a83355cc","block_type":"box","text":"investment size of an account, (ix) relative size of account, and (x) such other factors as may be","page_number":227,"box":{"x":117,"y":211,"width":717,"height":12}},{"id":"55740e57-9e22-4eee-a323-e43a1582e731","block_type":"box","text":"approved by BlackRock’s general counsel. Moreover, investments may not be allocated to one client","page_number":227,"box":{"x":116,"y":227,"width":752,"height":12}},{"id":"9a6e3c27-d970-46a6-9089-6a21e680e23c","block_type":"box","text":"account over another based on any of the following considerations: (i) to favor one client account at the","page_number":227,"box":{"x":116,"y":242,"width":771,"height":12}},{"id":"d49a7f7a-c8f2-4dc5-bb16-f2b045ecc531","block_type":"box","text":"expense of another, (ii) to generate higher fees paid by one client account over another or to produce","page_number":227,"box":{"x":116,"y":258,"width":757,"height":12}},{"id":"cae8e532-5380-4fd3-bc9f-f727b77f773a","block_type":"box","text":"greater performance compensation to BlackRock, (iii) to develop or enhance a relationship with a client","page_number":227,"box":{"x":116,"y":273,"width":770,"height":12}},{"id":"4142dc8a-6b28-48e5-92fc-decbc399bf96","block_type":"box","text":"or prospective client, (iv) to compensate a client for past services or benefits rendered to BlackRock or","page_number":227,"box":{"x":116,"y":289,"width":765,"height":12}},{"id":"40a803e4-9a58-4151-86ae-612e09aec30c","block_type":"box","text":"to induce future services or benefits to be rendered to BlackRock, or (v) to manage or equalize","page_number":227,"box":{"x":116,"y":304,"width":707,"height":12}},{"id":"d5ea91d2-e3d9-4641-83ee-182234a1e31d","block_type":"box","text":"investment performance among different client accounts.","page_number":227,"box":{"x":117,"y":320,"width":426,"height":12}},{"id":"42184d3c-50fb-403a-9531-e5ae4663b376","block_type":"box","text":"Equity securities will generally be allocated among client accounts within the same investment","page_number":227,"box":{"x":117,"y":351,"width":702,"height":12}},{"id":"1ac915fb-a7a5-4499-a822-3ce24f7a166c","block_type":"box","text":"mandate on a pro rata basis. All allocations of equity securities will be subject, where relevant, to share","page_number":227,"box":{"x":117,"y":366,"width":769,"height":12}},{"id":"6c3f3608-bc9c-4738-9c27-bc5583a852ba","block_type":"box","text":"minimums established for accounts and compliance constraints.","page_number":227,"box":{"x":117,"y":382,"width":479,"height":12}},{"id":"21ed177f-52fc-430c-9f45-4283129577e2","block_type":"box","text":"Initial public offerings of securities may be over-subscribed and subsequently trade at a premium in the","page_number":227,"box":{"x":117,"y":413,"width":768,"height":12}},{"id":"3ecebd30-eecb-41c2-9ae3-83c6a5b4551d","block_type":"box","text":"secondary market. In these situations, the supply of securities available for client accounts is often less","page_number":227,"box":{"x":116,"y":428,"width":769,"height":12}},{"id":"e602a4b3-657f-4578-84f6-a66bd97b8356","block_type":"box","text":"than the amount of securities the accounts would otherwise take. In order to allocate these investments","page_number":227,"box":{"x":116,"y":444,"width":772,"height":9}},{"id":"31e732c1-8c91-4732-866f-9bc6fba523c5","block_type":"box","text":"fairly and equitably among client accounts over time, each portfolio manager or a member of his or her","page_number":227,"box":{"x":116,"y":459,"width":766,"height":12}},{"id":"4320985f-c4c5-4d78-9c36-16313f59de21","block_type":"box","text":"respective investment team will indicate to BlackRock’s trading desk their level of interest in a","page_number":227,"box":{"x":117,"y":475,"width":697,"height":12}},{"id":"f0a0ba0e-7d1e-4d81-8d51-7cfdb87a4079","block_type":"box","text":"particular offering with respect to eligible client accounts for which that team is responsible. Initial","page_number":227,"box":{"x":117,"y":490,"width":723,"height":12}},{"id":"05bfef7e-3d31-4f1b-af31-6e181df2c74b","block_type":"box","text":"public offerings of U.S. equity securities will be identified as eligible for particular client accounts that","page_number":227,"box":{"x":117,"y":506,"width":748,"height":12}},{"id":"2e56ff50-6950-406d-a72f-a76baf523aef","block_type":"box","text":"are managed by portfolio teams who have indicated interest in the offering based on market","page_number":227,"box":{"x":116,"y":521,"width":687,"height":12}},{"id":"07460d5d-9fab-47d5-a26e-835dc3794f07","block_type":"box","text":"capitalization of the issuer of the security and the investment mandate of the client account and in the","page_number":227,"box":{"x":116,"y":537,"width":758,"height":12}},{"id":"b2e04d12-ddfe-4a0b-b3f5-b4da96314241","block_type":"box","text":"case of international equity securities, the country where the offering is taking place and the investment","page_number":227,"box":{"x":116,"y":552,"width":771,"height":12}},{"id":"823ca57c-6d11-4197-9c95-07d1f1879611","block_type":"box","text":"mandate of the client account. Generally, shares received during the initial public offering will be","page_number":227,"box":{"x":117,"y":568,"width":716,"height":12}},{"id":"e7896ef2-b5d0-4e65-b911-6112dd6512a4","block_type":"box","text":"allocated among participating client accounts within each investment mandate on a pro rata basis. In","page_number":227,"box":{"x":116,"y":583,"width":752,"height":12}},{"id":"572b12e4-3cfd-41a0-bf8a-c4310743cf55","block_type":"box","text":"situations where supply is too limited to be allocated among all accounts for which the investment is","page_number":227,"box":{"x":116,"y":599,"width":744,"height":12}},{"id":"94d08d51-7d4f-42d7-bd20-f64cf02dda27","block_type":"box","text":"eligible, portfolio managers may rotate such investment opportunities among one or more accounts so","page_number":227,"box":{"x":116,"y":614,"width":763,"height":12}},{"id":"3615dddd-8e02-46e7-8227-55af3740380b","block_type":"box","text":"long as the rotation system provides for fair access for all client accounts over time. Other allocation","page_number":227,"box":{"x":117,"y":630,"width":746,"height":12}},{"id":"0de21533-cdb6-407b-b8e8-5da10b1a3abd","block_type":"box","text":"methodologies that are considered by BlackRock to be fair and equitable to clients may be used as","page_number":227,"box":{"x":117,"y":645,"width":739,"height":12}},{"id":"a9603839-028c-46f1-a272-4ebce13c4898","block_type":"box","text":"well.","page_number":227,"box":{"x":116,"y":661,"width":32,"height":9}},{"id":"a88fa648-73c6-4b84-a1ff-e4e1a5eb1e79","block_type":"box","text":"Because different accounts may have differing investment objectives and policies, BlackRock may buy","page_number":227,"box":{"x":117,"y":692,"width":760,"height":12}},{"id":"ee0b1d1e-d760-49bd-ba15-c39a8d59b04d","block_type":"box","text":"and sell the same securities at the same time for different clients based on the particular investment","page_number":227,"box":{"x":116,"y":707,"width":741,"height":12}},{"id":"cbfd6636-24b9-47e2-a82a-c23c95a37e1f","block_type":"box","text":"objective, guidelines and strategies of those accounts. For example, BlackRock may decide that it may","page_number":227,"box":{"x":116,"y":723,"width":763,"height":12}},{"id":"bae77d7a-e7b9-43f2-a252-0cb223f019a1","block_type":"box","text":"be entirely appropriate for a growth fund to sell a security at the same time a value fund is buying that","page_number":227,"box":{"x":117,"y":738,"width":752,"height":12}},{"id":"b884ef45-b548-46b8-a9b2-109413fe4ddc","block_type":"box","text":"security. To the extent that transactions on behalf of more than one client of BlackRock or its affiliates","page_number":227,"box":{"x":116,"y":754,"width":754,"height":12}},{"id":"96a1c959-2455-4654-ada3-d52ee9b39568","block_type":"box","text":"during the same period may increase the demand for securities being purchased or the supply of","page_number":227,"box":{"x":116,"y":769,"width":720,"height":12}},{"id":"8e8331c1-786f-425d-8805-3b48520fc1e7","block_type":"box","text":"securities being sold, there may be an adverse effect on price. For example, sales of a security by","page_number":227,"box":{"x":116,"y":785,"width":728,"height":12}},{"id":"1779c45c-bf84-4fe5-bb7e-98f29a620d85","block_type":"box","text":"BlackRock on behalf of one or more of its clients may decrease the market price of such security,","page_number":227,"box":{"x":117,"y":800,"width":720,"height":12}},{"id":"f7826c30-7503-4ffe-ab9f-238ada705e06","block_type":"box","text":"adversely impacting other BlackRock clients that still hold the security. If purchases or sales of","page_number":227,"box":{"x":116,"y":816,"width":701,"height":12}},{"id":"9858d930-8043-424e-9b83-79635649ac4c","block_type":"box","text":"securities arise for consideration at or about the same time that would involve a Fund or other clients or","page_number":227,"box":{"x":116,"y":831,"width":772,"height":10}},{"id":"509e79a4-c808-46ed-885b-a3c740d17584","block_type":"box","text":"funds for which BlackRock or an affiliate act as investment manager, transactions in such securities will","page_number":227,"box":{"x":116,"y":847,"width":772,"height":12}},{"id":"b0ad2fc8-1b70-4b1a-9f30-892c7b8d5b4e","block_type":"box","text":"be made, insofar as feasible, for the respective funds and clients in a manner deemed equitable to all.","page_number":227,"box":{"x":117,"y":862,"width":760,"height":12}},{"id":"31929f98-11da-4fe5-9e49-76253158a39e","block_type":"box","text":"II-162","page_number":227,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"ab64aedd-ffd5-40a8-b5c3-f0ac3470901f","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":227,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"21c7bd5f-b080-42dd-a618-98c8ee5c42e0","block_type":"box","text":"In certain instances, BlackRock may find it efficient for purposes of seeking to obtain best execution, to","page_number":228,"box":{"x":117,"y":87,"width":767,"height":12}},{"id":"3f9256b6-b9dd-4586-bd5e-ddf3f065bcb7","block_type":"box","text":"aggregate certain contemporaneous purchases or sale orders of its advisory accounts. In general, all","page_number":228,"box":{"x":116,"y":102,"width":755,"height":13}},{"id":"1eadf9a7-cd09-4098-90bc-5ddaae089d3a","block_type":"box","text":"contemporaneous trades for client accounts under management by the same portfolio manager or","page_number":228,"box":{"x":116,"y":118,"width":733,"height":12}},{"id":"005c9745-0b60-4498-9026-51f65a2ca74e","block_type":"box","text":"investment team will be aggregated in a single order if the trader believes the aggregated trade would","page_number":228,"box":{"x":117,"y":134,"width":758,"height":12}},{"id":"97915412-856d-4367-9bfe-168ae66388ca","block_type":"box","text":"provide each client with an opportunity to achieve a more favorable execution at a potentially lower","page_number":228,"box":{"x":117,"y":149,"width":737,"height":12}},{"id":"45bb1919-c27e-4eca-949c-f4948fd222f7","block_type":"box","text":"execution cost. The costs associated with an aggregated order will be shared pro rata among the","page_number":228,"box":{"x":116,"y":165,"width":726,"height":12}},{"id":"54a19a60-4578-47d1-9378-a8cf439ea62d","block_type":"box","text":"clients in the aggregated order. Generally, if an order for a particular portfolio manager or management","page_number":228,"box":{"x":116,"y":180,"width":769,"height":12}},{"id":"bb81a616-8ba2-4f05-8d9d-4c7f44802ec8","block_type":"box","text":"team is filled at several different prices through multiple trades, all accounts participating in the order","page_number":228,"box":{"x":116,"y":196,"width":750,"height":12}},{"id":"52bfe60d-3713-4c80-a37a-b02988f199f3","block_type":"box","text":"will receive the average price except in the case of certain international markets where average pricing","page_number":228,"box":{"x":116,"y":211,"width":767,"height":12}},{"id":"1a4a338c-b423-4148-b570-5597d28a2acb","block_type":"box","text":"is not permitted. While in some cases this practice could have a detrimental effect upon the price or","page_number":228,"box":{"x":117,"y":227,"width":742,"height":11}},{"id":"215114f4-cd79-49e4-b37b-c2b55fc7a8c9","block_type":"box","text":"value of the security as far as a Fund is concerned, in other cases it could be beneficial to the Fund.","page_number":228,"box":{"x":116,"y":242,"width":747,"height":12}},{"id":"621b7b24-3c30-4641-8d83-84704124349b","block_type":"box","text":"Transactions effected by BlackRock on behalf of more than one of its clients during the same period","page_number":228,"box":{"x":116,"y":258,"width":747,"height":12}},{"id":"a7eae13e-1ab6-4379-9938-e8edd0164ec1","block_type":"box","text":"may increase the demand for securities being purchased or the supply of securities being sold, causing","page_number":228,"box":{"x":117,"y":273,"width":771,"height":12}},{"id":"93d86850-81ce-4906-9ac3-8b1f3e7bb30b","block_type":"box","text":"an adverse effect on price. The trader will give the aggregated order to the broker-dealer that the trader","page_number":228,"box":{"x":116,"y":289,"width":772,"height":12}},{"id":"7510ac0b-7399-4d15-86cb-7bc6eb5bc40c","block_type":"box","text":"has identified as being able to provide the best execution of the order. Orders for purchase or sale of","page_number":228,"box":{"x":117,"y":304,"width":751,"height":12}},{"id":"f9ae3a78-ead3-4851-9e04-00adc6ef3404","block_type":"box","text":"securities will be placed within a reasonable amount of time of the order receipt and aggregated orders","page_number":228,"box":{"x":116,"y":320,"width":768,"height":12}},{"id":"3f1acc0e-a94c-4629-8c42-ca569343c0dd","block_type":"box","text":"will be kept aggregated only long enough to execute the order.","page_number":228,"box":{"x":116,"y":335,"width":469,"height":12}},{"id":"38723194-aa7f-4a39-b3ee-6ee50a22913a","block_type":"box","text":"A Fund will not purchase securities during the existence of any underwriting or selling group relating to","page_number":228,"box":{"x":116,"y":366,"width":765,"height":12}},{"id":"ddde5b88-d777-4006-9ccb-82ed906ddf05","block_type":"box","text":"such securities of which BlackRock, BRIL or any affiliated person (as defined in the Investment","page_number":228,"box":{"x":116,"y":382,"width":709,"height":12}},{"id":"1130bd51-1d50-4ea1-a48b-b001e0957504","block_type":"box","text":"Company Act) thereof is a member except pursuant to procedures adopted by the Board of Directors in","page_number":228,"box":{"x":117,"y":397,"width":771,"height":12}},{"id":"abf81b94-2fbc-4fa5-9c22-0313475f140e","block_type":"box","text":"accordance with Rule 10f-3 under the Investment Company Act. 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If purchases or sales of portfolio","page_number":228,"box":{"x":116,"y":490,"width":755,"height":12}},{"id":"957a0f8d-f04d-4e4e-be02-01cf4525daad","block_type":"box","text":"securities of a Fund and one or more other accounts managed or advised by BlackRock are","page_number":228,"box":{"x":116,"y":506,"width":687,"height":12}},{"id":"b3160ebf-2c9e-438b-9fde-d8a5f96174b7","block_type":"box","text":"considered at or about the same time, transactions in such securities are allocated among the Fund","page_number":228,"box":{"x":116,"y":521,"width":745,"height":12}},{"id":"32fbd42d-3c51-4cf9-9ef3-3a0310bbdf0e","block_type":"box","text":"and the other accounts in a manner deemed equitable to all by BlackRock. 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BlackRock may, from","page_number":228,"box":{"x":117,"y":599,"width":754,"height":12}},{"id":"4c587d4a-5408-4fb2-a656-0df15a7e88d4","block_type":"box","text":"time to time, effect trades on behalf of and for the","page_number":228,"box":{"x":116,"y":614,"width":372,"height":11}},{"id":"e19b1494-a555-474a-89ec-69bceab0baf5","block_type":"box","text":"account of a Fund with brokers or dealers that are","page_number":228,"box":{"x":488,"y":614,"width":376,"height":10}},{"id":"94bef034-1217-4a29-8b62-ececabfd5916","block_type":"box","text":"affiliated with BFA, in conformity with the Investment Company Act and Commission rules and","page_number":228,"box":{"x":116,"y":630,"width":703,"height":12}},{"id":"f1d0fa48-9ff5-424c-9953-5da22187412d","block_type":"box","text":"regulations. Under these provisions, any commissions paid to affiliated brokers or dealers must be","page_number":228,"box":{"x":117,"y":645,"width":733,"height":12}},{"id":"ba1330c9-3d07-477f-8abb-4541bc8ba1c7","block_type":"box","text":"reasonable and fair compared to the commissions charged by other brokers or dealers in comparable","page_number":228,"box":{"x":117,"y":661,"width":752,"height":12}},{"id":"d430168c-d113-46e4-98ea-a1d62f9af15c","block_type":"box","text":"transactions. A Fund will not deal with affiliates in principal transactions unless permitted by applicable","page_number":228,"box":{"x":116,"y":676,"width":759,"height":12}},{"id":"f5daff06-db1d-4a9d-8e55-07cc73c88ab9","block_type":"box","text":"Commission rules or regulations, or by Commission exemptive order.","page_number":228,"box":{"x":117,"y":692,"width":512,"height":12}},{"id":"b872822a-4c6f-4aa5-8d1f-4aa3ff605eb5","block_type":"box","text":"Portfolio Turnover","page_number":228,"box":{"x":117,"y":723,"width":146,"height":9}},{"id":"2ebb5848-604c-4523-8a93-cbb672eabc7f","block_type":"box","text":"The portfolio turnover rate is calculated by dividing the lesser of a Fund’s annual sales or purchases of","page_number":228,"box":{"x":116,"y":746,"width":761,"height":12}},{"id":"dd6b1ecf-75e7-4c04-8959-2bada707ca1e","block_type":"box","text":"portfolio securities (exclusive of purchases or sales of U.S. Government Securities and all other","page_number":228,"box":{"x":117,"y":761,"width":708,"height":13}},{"id":"cfc4620c-e1c7-4a55-ae30-1893454477f4","block_type":"box","text":"securities whose maturities at the time of acquisition were one year or less) by the monthly average","page_number":228,"box":{"x":116,"y":777,"width":738,"height":12}},{"id":"05e9afb1-6670-4aed-9ff5-74ccd6912c60","block_type":"box","text":"value of the securities in the portfolio during the year. A high rate of portfolio turnover results in certain","page_number":228,"box":{"x":116,"y":792,"width":757,"height":13}},{"id":"2b2544b4-6a31-43c3-b0c9-03804ddccaa8","block_type":"box","text":"tax consequences, such as increased capital gain dividends and/or ordinary income dividends, and in","page_number":228,"box":{"x":116,"y":808,"width":752,"height":12}},{"id":"90bc2255-2c2e-4035-a595-85b73388ad16","block_type":"box","text":"correspondingly greater transaction costs in the form of dealer spreads and brokerage commissions,","page_number":228,"box":{"x":116,"y":823,"width":745,"height":13}},{"id":"3d82db76-555f-4f0d-85bd-d2aa7dfc67d1","block_type":"box","text":"which are borne directly by a Fund.","page_number":228,"box":{"x":116,"y":839,"width":266,"height":12}},{"id":"4f5f7b95-7581-4b5e-9fbf-4e3ad4aefc3b","block_type":"box","text":"II-163","page_number":228,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"d8376fe7-8efe-48ed-ad8d-f1041d61a750","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":228,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"b6c22a39-9f2e-45f5-9075-cb732cbb8c44","block_type":"box","text":"D","page_number":229,"box":{"x":419,"y":87,"width":10,"height":9}},{"id":"9656a038-90b4-483f-9812-e04d695c40fa","block_type":"box","text":"IVIDENDS","page_number":229,"box":{"x":431,"y":89,"width":63,"height":8}},{"id":"464bce9b-4729-437b-bb05-4ea9a2c596ab","block_type":"box","text":"AND","page_number":229,"box":{"x":499,"y":89,"width":29,"height":7}},{"id":"060867c2-3899-425a-826c-6d4a8e68c973","block_type":"box","text":"T","page_number":229,"box":{"x":529,"y":87,"width":14,"height":9}},{"id":"b1d38fee-4a32-496f-917f-db38e07e0b36","block_type":"box","text":"AXES","page_number":229,"box":{"x":544,"y":89,"width":36,"height":8}},{"id":"cbe93eb7-03bf-4ab4-b072-3f81aee1712a","block_type":"box","text":"Dividends","page_number":229,"box":{"x":117,"y":118,"width":84,"height":10}},{"id":"cb021ade-05fb-4fbf-9e27-9139dd7ec837","block_type":"box","text":"Each Fund intends to distribute substantially all of its net investment income, if any. Dividends from","page_number":229,"box":{"x":117,"y":141,"width":739,"height":12}},{"id":"299c0ede-d1ac-400a-a27d-94512d4ed2bf","block_type":"box","text":"such net investment income are paid as set forth in each Fund’s Prospectus. Each Fund also intends","page_number":229,"box":{"x":116,"y":157,"width":755,"height":12}},{"id":"0609bc1d-bbe8-4768-99f3-156efacf1894","block_type":"box","text":"to distribute all net realized capital gains, if any, as set forth in such Fund’s Prospectus. From time to","page_number":229,"box":{"x":116,"y":172,"width":751,"height":12}},{"id":"30a39887-d896-49fc-ae5d-0b28f2bfc378","block_type":"box","text":"time, a Fund may declare a special distribution at or about the end of the calendar year in order to","page_number":229,"box":{"x":116,"y":188,"width":732,"height":12}},{"id":"36d9c0ea-4604-4d7c-a9cf-b4276471a915","block_type":"box","text":"comply with U.S. federal tax requirements that certain percentages of its ordinary income and capital","page_number":229,"box":{"x":116,"y":203,"width":752,"height":12}},{"id":"86161388-cef5-49a3-87f8-249aee3c2e94","block_type":"box","text":"gains be distributed during the year. If, in any fiscal year, a Fund has net income from certain foreign","page_number":229,"box":{"x":116,"y":219,"width":751,"height":12}},{"id":"7be23082-97c0-425d-b496-c11c17c40315","block_type":"box","text":"currency transactions, such income will be distributed at least annually.","page_number":229,"box":{"x":116,"y":234,"width":533,"height":12}},{"id":"157cfe71-8a07-4e2a-8c42-6ebe309239a1","block_type":"box","text":"For information concerning the manner in which dividends may be reinvested automatically in shares","page_number":229,"box":{"x":117,"y":265,"width":753,"height":12}},{"id":"ac77daaa-1b0f-4adf-be4d-7bc7c22c127d","block_type":"box","text":"of each Fund, as applicable, see “Shareholder Services — Automatic Dividend Reinvestment Plan.”","page_number":229,"box":{"x":116,"y":281,"width":745,"height":12}},{"id":"30876854-facc-407c-9ebe-cb0bbbc8970f","block_type":"box","text":"Shareholders may also elect in writing to receive any such dividends in cash. Dividends are taxable to","page_number":229,"box":{"x":116,"y":296,"width":761,"height":12}},{"id":"075e0bd9-ea60-4289-812c-f4aee2dc6f78","block_type":"box","text":"shareholders, as discussed below, whether they are reinvested in shares of the Fund or received in","page_number":229,"box":{"x":116,"y":312,"width":743,"height":12}},{"id":"e3955e79-1972-4b23-a6eb-7ca0dd158d50","block_type":"box","text":"cash. The per share dividends on front-end load shares, CDSC shares and Service Shares will be","page_number":229,"box":{"x":116,"y":327,"width":732,"height":12}},{"id":"6a11f91e-412b-4034-aa54-2624bd50c0e6","block_type":"box","text":"lower than the per share dividends on Institutional Shares as a result of the service, distribution and","page_number":229,"box":{"x":117,"y":343,"width":743,"height":12}},{"id":"5a4c554c-6578-4d0d-997e-32fef1317f24","block_type":"box","text":"higher transfer agency fees applicable to CDSC shares, the service fees applicable to front-end load","page_number":229,"box":{"x":117,"y":358,"width":749,"height":12}},{"id":"c3d8a22a-61f2-4623-957c-86e0754396e8","block_type":"box","text":"shares and Service Shares, and the service and distribution fees applicable to Class R Shares.","page_number":229,"box":{"x":116,"y":374,"width":711,"height":12}},{"id":"3c6049fb-6aad-4dbb-bae6-d7ea30357281","block_type":"box","text":"Similarly, the per share dividends on CDSC shares and Class R Shares will be lower than the per","page_number":229,"box":{"x":116,"y":389,"width":728,"height":12}},{"id":"fe8130bd-26c6-4f07-b7a3-185febe65093","block_type":"box","text":"share dividends on front-end load shares and Service Shares as a result of the distribution fees and","page_number":229,"box":{"x":116,"y":405,"width":745,"height":9}},{"id":"d8fa4316-61d1-46d4-ae2f-c545743f42de","block_type":"box","text":"higher transfer agency fees applicable to CDSC shares and the distribution fees applicable to Class R","page_number":229,"box":{"x":117,"y":420,"width":760,"height":12}},{"id":"ee48f2f2-c3ca-4978-becf-9709983bc620","block_type":"box","text":"Shares, and the per share dividends on CDSC shares will be lower than the per share dividends on","page_number":229,"box":{"x":116,"y":436,"width":742,"height":12}},{"id":"9274cfe8-00c1-49b1-a6d3-a2d4ed1857b1","block_type":"box","text":"Class R Shares as a result of the higher distribution fees and higher transfer agency fees applicable to","page_number":229,"box":{"x":117,"y":451,"width":764,"height":12}},{"id":"ba7b9939-7a78-42a6-9cc6-3e06e4172a64","block_type":"box","text":"CDSC shares.","page_number":229,"box":{"x":117,"y":467,"width":111,"height":9}},{"id":"46db3a1e-f8d1-4090-8dda-4c5d8117eaed","block_type":"box","text":"Taxes","page_number":229,"box":{"x":116,"y":498,"width":52,"height":9}},{"id":"9adb342b-883e-4140-84f3-5deff02b12ef","block_type":"box","text":"Each Fund intends to continue to qualify for the special tax treatment afforded to regulated investment","page_number":229,"box":{"x":117,"y":521,"width":761,"height":12}},{"id":"7b19fcde-4181-47e9-8ada-db3c477c1a02","block_type":"box","text":"companies under the Code. As long as a Fund so qualifies, the Fund (but not its shareholders) will not","page_number":229,"box":{"x":116,"y":537,"width":763,"height":12}},{"id":"078fe077-58ae-4952-90b0-f544a766d6ce","block_type":"box","text":"be subject to U.S. federal income tax on the part of its investment company taxable income and net","page_number":229,"box":{"x":117,"y":552,"width":742,"height":12}},{"id":"07735077-3d5e-45c6-8113-194df875fca1","block_type":"box","text":"realized capital gains that it distributes to its shareholders in years in which it distributes at least 90% of","page_number":229,"box":{"x":117,"y":568,"width":770,"height":12}},{"id":"649f8da3-27e6-4936-bc5a-4d7d15fe7837","block_type":"box","text":"its investment company taxable income and at least 90% of its net tax-exempt interest income, if any,","page_number":229,"box":{"x":117,"y":583,"width":757,"height":12}},{"id":"6764777d-dd70-42fa-9888-932e7dab803e","block_type":"box","text":"for the year. To qualify as a regulated investment company, a Fund must meet certain requirements","page_number":229,"box":{"x":116,"y":599,"width":746,"height":12}},{"id":"c61d55f2-6837-4545-b5f8-791dccc9ee02","block_type":"box","text":"regarding the source of its income and the composition and diversification of its assets. See Part II,","page_number":229,"box":{"x":117,"y":614,"width":739,"height":12}},{"id":"43177df7-a748-46c8-8296-500682ce44d0","block_type":"box","text":"“Investment Risks and Considerations — Investment Restrictions (All Funds)” for a discussion of the","page_number":229,"box":{"x":116,"y":630,"width":749,"height":12}},{"id":"305b6b0a-167e-4b92-a8f3-d991e8d08421","block_type":"box","text":"asset diversification requirements. In the case of a Feeder Fund, such Fund may look to the underlying","page_number":229,"box":{"x":116,"y":645,"width":769,"height":12}},{"id":"54bcd614-2249-4a26-8bc4-b99b91090374","block_type":"box","text":"assets of the Master Portfolio in which it has invested for purposes of satisfying the asset diversification","page_number":229,"box":{"x":116,"y":661,"width":766,"height":12}},{"id":"a3fb62e1-03af-49ac-9f91-6329bd17a6e5","block_type":"box","text":"requirement and various other requirements of the Code applicable to regulated investment","page_number":229,"box":{"x":117,"y":676,"width":678,"height":12}},{"id":"8c095926-0c14-4de5-99ac-74b17ad2a096","block_type":"box","text":"companies.","page_number":229,"box":{"x":116,"y":692,"width":84,"height":12}},{"id":"4d379455-5ad1-4de3-899c-c2426b02bd4e","block_type":"box","text":"A Fund may be able to cure a failure to derive at least 90% of its income from the sources specified","page_number":229,"box":{"x":116,"y":723,"width":737,"height":12}},{"id":"6863fbd1-c971-4c8a-b0a0-717cdc58127c","block_type":"box","text":"above or a failure to diversify its holdings in the manner described above by paying a tax, by disposing","page_number":229,"box":{"x":116,"y":738,"width":759,"height":12}},{"id":"6cb7a2bc-9604-4039-89b1-07e304d0e927","block_type":"box","text":"of certain assets, or by paying a tax and disposing of","page_number":229,"box":{"x":116,"y":754,"width":392,"height":12}},{"id":"178319e3-cc21-4458-9dff-2824b7eb3f46","block_type":"box","text":"assets. If, in any taxable year, a Fund fails one of","page_number":229,"box":{"x":513,"y":754,"width":366,"height":12}},{"id":"3175f676-5263-4392-9002-bf0ca809ca0c","block_type":"box","text":"these tests and does not timely cure the failure, the Fund will be taxed in the same manner as an","page_number":229,"box":{"x":116,"y":769,"width":719,"height":12}},{"id":"dd1d1c4e-7b8e-4034-89fc-439eb3e6927e","block_type":"box","text":"ordinary corporation and distributions to its shareholders will not be deductible by the Fund in","page_number":229,"box":{"x":116,"y":785,"width":690,"height":12}},{"id":"b394d972-c296-4b9f-bbcb-f6c3b5c0d3e6","block_type":"box","text":"computing its taxable income. Although in general the passive loss rules of the Code do not apply to","page_number":229,"box":{"x":116,"y":800,"width":743,"height":12}},{"id":"fa48fd8c-2ed2-41ca-9ce9-3db2ad1987d4","block_type":"box","text":"regulated investment companies, such rules do apply to a regulated investment company with respect","page_number":229,"box":{"x":117,"y":816,"width":756,"height":12}},{"id":"08f57bfb-0839-454d-bfcd-13f2317235ea","block_type":"box","text":"to items attributable to an interest in a qualified publicly-traded partnership. A Fund’s investments in","page_number":229,"box":{"x":116,"y":831,"width":744,"height":12}},{"id":"9098beed-f41e-4755-bd58-f2c12089b3b6","block_type":"box","text":"partnerships, including in qualified publicly-traded partnerships, may result in the Fund being subject to","page_number":229,"box":{"x":117,"y":847,"width":767,"height":12}},{"id":"3c8f7011-d6e3-4973-939b-0084633620a1","block_type":"box","text":"state, local, or non-U.S. income, franchise or withholding tax liabilities.","page_number":229,"box":{"x":116,"y":862,"width":526,"height":12}},{"id":"3c6dddd6-2577-479b-a314-f73776473f1f","block_type":"box","text":"II-164","page_number":229,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"64268bc7-cf33-4a8f-893b-b9ca53424ade","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":229,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"8d7f9c95-3289-4e86-bc4f-58457095773c","block_type":"box","text":"Each Fund intends to distribute substantially all of such income and gains. If, in any taxable year, a","page_number":230,"box":{"x":117,"y":87,"width":738,"height":12}},{"id":"7882e462-4149-4f7a-afeb-19d05a99d0dd","block_type":"box","text":"Fund fails to qualify as a regulated investment company under the Code, notwithstanding the","page_number":230,"box":{"x":117,"y":102,"width":694,"height":13}},{"id":"03dde2e2-5aa1-45b3-a0d6-ff9b531ffd23","block_type":"box","text":"availability of certain relief provisions, such Fund would be taxed in the same manner as an ordinary","page_number":230,"box":{"x":116,"y":118,"width":748,"height":12}},{"id":"67d7f8c1-1f3b-4d6c-96c9-4a8b9bf12981","block_type":"box","text":"corporation and all distributions from earnings and profits (as determined under U.S. federal income","page_number":230,"box":{"x":116,"y":134,"width":745,"height":12}},{"id":"f12cdf93-cddf-4120-8c79-cbc110f092ae","block_type":"box","text":"tax principles) to its shareholders would be taxable as ordinary dividend income eligible for taxation at","page_number":230,"box":{"x":116,"y":149,"width":759,"height":12}},{"id":"24a33bcb-50e9-4ca4-80f4-4b7433752a08","block_type":"box","text":"a reduced tax rate for non-corporate shareholders and the dividends-received deduction for corporate","page_number":230,"box":{"x":116,"y":165,"width":760,"height":11}},{"id":"6f0620ab-819f-41f9-8af1-0bb8d4c8fd58","block_type":"box","text":"shareholders. However, a Municipal Fund’s distributions derived from income on tax-exempt","page_number":230,"box":{"x":116,"y":180,"width":690,"height":12}},{"id":"4ac4887e-4f32-47ea-9989-d885f08014c9","block_type":"box","text":"obligations, as defined herein, would no longer qualify for treatment as exempt interest. Each Fund that","page_number":230,"box":{"x":116,"y":196,"width":771,"height":12}},{"id":"d9e4ee14-1f88-4eea-8a36-7e338125afda","block_type":"box","text":"is a series of a regulated investment company that consists of multiple series is treated as a separate","page_number":230,"box":{"x":117,"y":211,"width":756,"height":12}},{"id":"ebc80bdb-b62e-4a6b-a6ce-c46e34f77ee8","block_type":"box","text":"corporation for U.S. federal income tax purposes, and therefore is considered to be a separate entity in","page_number":230,"box":{"x":116,"y":227,"width":769,"height":12}},{"id":"acc35df1-f970-45c7-8c92-d637d2e31801","block_type":"box","text":"determining its treatment under the rules for regulated investment companies. Losses in one series of","page_number":230,"box":{"x":116,"y":242,"width":760,"height":12}},{"id":"fdea49f3-492e-4c05-867a-09b51b87a2e3","block_type":"box","text":"a regulated investment company do not offset gains in another, and the requirements (other than","page_number":230,"box":{"x":116,"y":258,"width":724,"height":12}},{"id":"b3279425-33ac-4181-998c-1045bd5d7ace","block_type":"box","text":"certain organizational requirements) for qualifying for regulated investment company status will be","page_number":230,"box":{"x":116,"y":273,"width":732,"height":12}},{"id":"2211a0c1-591c-498c-8436-48fa595c92dd","block_type":"box","text":"determined at the level of the individual series. In the following discussion, the term “Fund” means","page_number":230,"box":{"x":116,"y":289,"width":731,"height":12}},{"id":"3a439411-df53-4691-904d-c7fdf669d1bc","block_type":"box","text":"each individual series, if applicable.","page_number":230,"box":{"x":116,"y":304,"width":268,"height":12}},{"id":"2ab10133-92c5-4710-80ec-e541d1dcec6c","block_type":"box","text":"The Code requires a regulated investment company to pay a nondeductible 4% excise tax to the extent","page_number":230,"box":{"x":116,"y":335,"width":772,"height":12}},{"id":"b1e18da9-f1b0-420e-a640-104dd783a084","block_type":"box","text":"the regulated investment company does not distribute, during each calendar year, at least 98% of its","page_number":230,"box":{"x":116,"y":351,"width":750,"height":12}},{"id":"de5c47c7-4f15-4162-ba47-c412305cc011","block_type":"box","text":"ordinary income, determined on a calendar year basis, and at least 98.2% of its capital gain net","page_number":230,"box":{"x":116,"y":366,"width":713,"height":12}},{"id":"2d963bef-3877-4ba4-978b-49232e4b331f","block_type":"box","text":"income, determined, in general, as if the regulated investment company’s taxable year ended on","page_number":230,"box":{"x":117,"y":382,"width":720,"height":12}},{"id":"77f947b2-d68d-45d5-ab54-4753e532eed9","block_type":"box","text":"October 31, plus certain undistributed amounts from the previous years. While each Fund intends to","page_number":230,"box":{"x":116,"y":397,"width":747,"height":12}},{"id":"2b7df240-7fef-4e5a-a3bf-ac48ee382e34","block_type":"box","text":"distribute its income and capital gains in the manner necessary to avoid imposition of the 4% excise","page_number":230,"box":{"x":116,"y":413,"width":745,"height":12}},{"id":"5a2a62f8-e27d-4b93-860f-c61fb5027cfe","block_type":"box","text":"tax, there can be no assurance that a sufficient amount of the Fund’s taxable income and capital gains","page_number":230,"box":{"x":116,"y":428,"width":765,"height":12}},{"id":"dc114675-bebd-4e25-bad5-31f6e2ad9053","block_type":"box","text":"will be distributed to avoid entirely the imposition of the tax. In such event, a Fund will be liable for the","page_number":230,"box":{"x":116,"y":444,"width":758,"height":12}},{"id":"d3700af9-adf7-439b-b296-b3c20eec2f04","block_type":"box","text":"tax only on the amount by which it does not meet the foregoing distribution requirements.","page_number":230,"box":{"x":116,"y":459,"width":666,"height":12}},{"id":"ff2cba10-54af-4ba4-851f-e762eb0695de","block_type":"box","text":"Net capital loss carryforwards may be applied against realized capital gains in each succeeding year,","page_number":230,"box":{"x":117,"y":490,"width":754,"height":12}},{"id":"e9b97df5-e706-4fa0-9cf4-526a23427ec2","block_type":"box","text":"until they have been reduced to zero. In the event that the Fund were to experience an ownership","page_number":230,"box":{"x":117,"y":506,"width":729,"height":12}},{"id":"de74b2d1-fcfd-4ee5-8732-01b49fde2ec9","block_type":"box","text":"change as defined under the Code, the Fund’s loss carryforwards and other favorable tax attributes of","page_number":230,"box":{"x":116,"y":521,"width":761,"height":12}},{"id":"6c482e56-e60a-4b46-b156-6badaf0bdee5","block_type":"box","text":"the Fund, if any, may be subject to limitation.","page_number":230,"box":{"x":116,"y":537,"width":338,"height":12}},{"id":"88fd94cc-411c-4555-8c4a-b000ea6377a2","block_type":"box","text":"Dividends paid by a Fund from its ordinary income or from an excess of net short-term capital gain","page_number":230,"box":{"x":117,"y":568,"width":734,"height":12}},{"id":"14a7432f-62b6-48e2-b3f5-16c231eabfb5","block_type":"box","text":"over net long-term capital loss (together referred to as “ordinary income dividends”) are taxable to","page_number":230,"box":{"x":116,"y":583,"width":730,"height":12}},{"id":"0cfdc9a6-980c-4db5-9dd6-4a912eeaf135","block_type":"box","text":"shareholders as ordinary income. Distributions made from an excess of net long-term capital gain over","page_number":230,"box":{"x":116,"y":599,"width":766,"height":12}},{"id":"bb0b1086-661d-40c1-b32e-4d9947856d4e","block_type":"box","text":"net short-term capital loss (including gains or losses from certain transactions in futures and options)","page_number":230,"box":{"x":117,"y":614,"width":750,"height":12}},{"id":"0a6511dd-41f6-4a6b-991c-2661c14d7485","block_type":"box","text":"(“capital gain dividends”) are taxable to shareholders as long-term capital gains, regardless of the","page_number":230,"box":{"x":117,"y":630,"width":727,"height":12}},{"id":"5ae915d4-b012-42ff-bef0-20f7dbe6a4a3","block_type":"box","text":"length of time the shareholder has owned Fund shares. Distributions paid by a Fund that are reported","page_number":230,"box":{"x":117,"y":645,"width":758,"height":12}},{"id":"9c92bee9-800e-4683-b9be-df393c32b681","block_type":"box","text":"as exempt-interest dividends will not be subject to regular U.S. federal income tax. Certain dividend","page_number":230,"box":{"x":116,"y":661,"width":737,"height":12}},{"id":"af7fce7e-aeaf-4813-95e8-7630db453156","block_type":"box","text":"income and long-term capital gains are eligible for taxation at a reduced rate that applies to","page_number":230,"box":{"x":117,"y":676,"width":675,"height":12}},{"id":"e2796be5-d84f-4a33-be60-445bab912226","block_type":"box","text":"non-corporate shareholders. Under these rules, the portion of ordinary income dividends constituting","page_number":230,"box":{"x":117,"y":692,"width":744,"height":12}},{"id":"446cfc26-1d19-4478-95a8-f9e1f2477fc8","block_type":"box","text":"“qualified dividend income” when paid by a regulated investment company to a non-corporate","page_number":230,"box":{"x":116,"y":707,"width":693,"height":12}},{"id":"7315a771-8632-4df7-a62c-aaf81984ac57","block_type":"box","text":"shareholder may be taxable to such shareholder at long-term capital gain rates provided the","page_number":230,"box":{"x":116,"y":723,"width":683,"height":12}},{"id":"ad1a2807-afd2-4263-b9d5-3cd59b8a8c24","block_type":"box","text":"shareholder has held the shares on which the dividend was paid for at least 61 days during the","page_number":230,"box":{"x":116,"y":738,"width":704,"height":12}},{"id":"2377cd36-6b0a-4443-8c38-b1cfcaa0b5d6","block_type":"box","text":"121-day period that begins on the date that is 60 days before the date on which the shares become","page_number":230,"box":{"x":118,"y":754,"width":736,"height":12}},{"id":"4ec6e3fb-e609-4d8e-8d77-e43523fa3b67","block_type":"box","text":"ex-dividend with respect to such dividend (or, in the case of certain accumulated dividends with respect","page_number":230,"box":{"x":116,"y":769,"width":767,"height":12}},{"id":"830493fd-5ed7-44ba-b163-4d8e07ec58a4","block_type":"box","text":"to preferred stocks, the shareholder has held the shares on which the dividend was paid for at least","page_number":230,"box":{"x":116,"y":785,"width":738,"height":12}},{"id":"28e32ca1-5378-4c7d-9fa9-4bd6dd5bd320","block_type":"box","text":"91 days during the 181-day period that begins on the date that is 90 days before the date on which the","page_number":230,"box":{"x":116,"y":800,"width":761,"height":12}},{"id":"9312e1cc-3878-4e69-8dcd-97e9a6005809","block_type":"box","text":"shares become ex-dividend with respect to such dividend). However, to the extent a Fund’s","page_number":230,"box":{"x":116,"y":816,"width":678,"height":12}},{"id":"bd8fef81-535d-4eb7-93bb-4103e4ae65eb","block_type":"box","text":"distributions are derived from income on debt securities, certain types of preferred stock treated as","page_number":230,"box":{"x":116,"y":831,"width":737,"height":12}},{"id":"4827a803-00b8-4c0f-8bbe-0526ee0413fa","block_type":"box","text":"debt for U.S. federal income tax purposes and short-term capital gains, such distributions will not","page_number":230,"box":{"x":116,"y":847,"width":723,"height":12}},{"id":"572f2dd1-de63-43cd-931f-b64d94fac51d","block_type":"box","text":"constitute “qualified dividend income.” In addition, distributions that are derived from securities lending","page_number":230,"box":{"x":116,"y":862,"width":762,"height":12}},{"id":"7d1e9c21-d606-45c8-92e8-f614dd9aa763","block_type":"box","text":"income, such as substitute dividend payments, will not constitute “qualified dividend income.”","page_number":230,"box":{"x":117,"y":878,"width":694,"height":12}},{"id":"427ecb58-b284-424c-868e-cee37beb5f7d","block_type":"box","text":"II-165","page_number":230,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"2d80acc1-a88a-49a5-9dcd-cd8e967b5f0b","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":230,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"13bcd117-8795-4fce-80c7-b0b6d531254b","block_type":"box","text":"A 3.8% Medicare tax is imposed on the net investment income (which includes taxable dividends and","page_number":231,"box":{"x":116,"y":87,"width":757,"height":12}},{"id":"78a6d9ab-7865-4578-9f3f-c1356fa0ce2e","block_type":"box","text":"redemption proceeds) of certain individuals, trusts and estates.","page_number":231,"box":{"x":117,"y":102,"width":471,"height":13}},{"id":"ca92d1d2-fc27-4c4b-b9d0-da37f54a0b2a","block_type":"box","text":"A Fund’s net capital gain (the excess of net long-term capital gains over net short-term capital losses)","page_number":231,"box":{"x":116,"y":134,"width":759,"height":12}},{"id":"7feefa42-28b8-473d-b795-870b0ac115d7","block_type":"box","text":"is not subject to the 90% distribution requirement for taxation as a regulated investment company,","page_number":231,"box":{"x":117,"y":149,"width":731,"height":12}},{"id":"fde434f7-eb4f-4972-9d9e-2aaf417c11d3","block_type":"box","text":"described above. If a Fund retains net capital gain, it is subject to tax on that gain, and may designate","page_number":231,"box":{"x":116,"y":165,"width":760,"height":12}},{"id":"8b353878-d663-4065-aca7-77e6d6a7b93b","block_type":"box","text":"the retained amount as undistributed capital gain in a written statement furnished to its shareholders,","page_number":231,"box":{"x":116,"y":180,"width":753,"height":12}},{"id":"9c3f6343-9dc1-4d8d-961e-1050ea0af36a","block_type":"box","text":"who will be required to include in income, as long-term capital gain, their proportionate shares of such","page_number":231,"box":{"x":116,"y":196,"width":759,"height":12}},{"id":"79eea029-c371-45db-b818-9cd8d7b5d039","block_type":"box","text":"undistributed net capital gain, will be deemed to have paid and may claim as a credit against their U.S.","page_number":231,"box":{"x":117,"y":211,"width":765,"height":12}},{"id":"95e0d7cb-3e84-4106-bbc2-1894fefd1e60","block_type":"box","text":"federal income tax liability (and as a refund to the extent it exceeds that liability) their proportionate","page_number":231,"box":{"x":116,"y":227,"width":737,"height":12}},{"id":"12d00d31-f3fa-42d9-98f5-83985c06ed57","block_type":"box","text":"shares of the tax paid by the Fund on that gain, and shall increase the tax basis of their shares in the","page_number":231,"box":{"x":116,"y":242,"width":753,"height":12}},{"id":"a54d778d-0f70-4dc4-8c42-358f29cd7c0a","block_type":"box","text":"Fund by the excess of the amount included in income over the amount allowed as a credit against their","page_number":231,"box":{"x":117,"y":258,"width":768,"height":12}},{"id":"df6a15b0-9d62-48ba-957a-ec27e40b7550","block_type":"box","text":"taxes.","page_number":231,"box":{"x":116,"y":273,"width":49,"height":10}},{"id":"cef44fbf-ae65-4990-b7db-8ab817f80e43","block_type":"box","text":"Distributions in excess of a Fund’s current and accumulated earnings and profits will first reduce the","page_number":231,"box":{"x":117,"y":304,"width":745,"height":12}},{"id":"c1199575-cb4c-4923-84f1-80aa14120515","block_type":"box","text":"adjusted tax basis of a holder’s shares and after such adjusted tax basis is reduced to zero, will","page_number":231,"box":{"x":116,"y":320,"width":713,"height":12}},{"id":"b5e338c7-cd2c-4d82-95f9-d5fed435d4b1","block_type":"box","text":"constitute capital gains to such holder (assuming the shares are held as a capital asset). Distributions","page_number":231,"box":{"x":116,"y":335,"width":759,"height":12}},{"id":"85e622b1-8848-4bc2-b9a2-ec7178d79f96","block_type":"box","text":"in excess of a Fund’s minimum distribution requirements (or taxable income) but not in excess of a","page_number":231,"box":{"x":117,"y":351,"width":736,"height":12}},{"id":"db35f9cf-43f8-47b3-bca5-fa4d717aaf33","block_type":"box","text":"Fund’s earnings and profits will be taxable to shareholders and will not constitute nontaxable returns of","page_number":231,"box":{"x":117,"y":366,"width":766,"height":12}},{"id":"8c3f6dbb-926e-40cc-bcc5-96437c50e777","block_type":"box","text":"capital. In the case of a Fund with a non-calendar taxable year, a Fund’s earnings and profits are","page_number":231,"box":{"x":116,"y":382,"width":724,"height":12}},{"id":"2037ed23-b1d8-450a-b14a-516f6f509c20","block_type":"box","text":"allocated first to distributions made on or before December 31 of the taxable year, and then to","page_number":231,"box":{"x":116,"y":397,"width":702,"height":12}},{"id":"1ce53f35-6723-44b1-851f-378b071ca636","block_type":"box","text":"distributions made after December 31 of the taxable year. Any loss upon the sale or exchange of Fund","page_number":231,"box":{"x":116,"y":413,"width":766,"height":12}},{"id":"e0e1fa5c-30de-4aae-ad00-f6f9ded6f7aa","block_type":"box","text":"shares held for six months or less will be treated as long-term capital loss to the extent of any capital","page_number":231,"box":{"x":116,"y":428,"width":751,"height":12}},{"id":"bd30edc0-b4ea-4a87-a545-be564f348c49","block_type":"box","text":"gain dividends received by the shareholder.","page_number":231,"box":{"x":116,"y":444,"width":329,"height":12}},{"id":"fdee6742-ebee-45c4-851e-4c4b71257cfc","block_type":"box","text":"Ordinary income and capital gain dividends are taxable to shareholders even if they are reinvested in","page_number":231,"box":{"x":116,"y":475,"width":755,"height":12}},{"id":"f34f1d16-9f2f-4414-878c-112c68a374dc","block_type":"box","text":"additional shares of a Fund. Distributions by a Fund, whether from ordinary income or capital gains,","page_number":231,"box":{"x":116,"y":490,"width":744,"height":12}},{"id":"b77390b6-2841-4610-832e-00d025633abe","block_type":"box","text":"generally will not be eligible for the dividends received deduction allowed to corporations under the","page_number":231,"box":{"x":116,"y":506,"width":736,"height":12}},{"id":"8ee30157-88a8-4fb5-bba6-c336a34cb3d5","block_type":"box","text":"Code. If a Fund pays a dividend in January that was declared in the previous October, November or","page_number":231,"box":{"x":117,"y":521,"width":745,"height":12}},{"id":"7e94cdee-e32c-437d-a29b-100b6cf4c2e8","block_type":"box","text":"December to shareholders of record on a specified date in one of such months, then such dividend","page_number":231,"box":{"x":117,"y":537,"width":738,"height":12}},{"id":"61742669-fb48-4877-9a87-67018c14227d","block_type":"box","text":"will be treated for tax purposes as being paid by the Fund and received by its shareholders on","page_number":231,"box":{"x":116,"y":552,"width":702,"height":12}},{"id":"cd8ab3c3-a4ef-4de3-bb1c-4f323ff762ec","block_type":"box","text":"December 31 of the year in which the dividend was declared. In the case of a Fund with a","page_number":231,"box":{"x":117,"y":568,"width":670,"height":12}},{"id":"dfaf425c-d737-497f-99e2-f7f92be73ee8","block_type":"box","text":"non-calendar taxable year, if the Fund reports more capital gain dividends than it earns in such taxable","page_number":231,"box":{"x":117,"y":583,"width":767,"height":12}},{"id":"4289cdb9-5257-44d8-828c-c7ea0683381a","block_type":"box","text":"year, then the Fund will reduce the amounts reported as capital gains. Where possible, such reduction","page_number":231,"box":{"x":116,"y":599,"width":764,"height":12}},{"id":"98fc22c1-61a2-4d7f-bead-16e4c5960885","block_type":"box","text":"will first be allocated to dividends made after December 31 of such taxable year. A Fund may elect to","page_number":231,"box":{"x":116,"y":614,"width":755,"height":12}},{"id":"838a74ee-0e39-4f4d-bdcc-4babc2657ec0","block_type":"box","text":"defer recognizing, until the following taxable year, certain net capital losses arising after October 31 of","page_number":231,"box":{"x":116,"y":630,"width":761,"height":12}},{"id":"9cce7e59-618a-4019-9884-c7369cb899b7","block_type":"box","text":"the current taxable year, and certain net ordinary losses arising after October 31 and/or December 31","page_number":231,"box":{"x":116,"y":645,"width":759,"height":12}},{"id":"efef74fd-617d-4068-92e5-7aa2d2e28f3a","block_type":"box","text":"of the current taxable year. This may have the effect of increasing the amount of dividends otherwise","page_number":231,"box":{"x":116,"y":661,"width":748,"height":12}},{"id":"1477c3e1-755e-4a87-94d0-e3df836ca5b2","block_type":"box","text":"includible in the shareholder’s income with respect to the current taxable year.","page_number":231,"box":{"x":117,"y":676,"width":577,"height":12}},{"id":"111c5e17-6e47-409e-afdd-32e81b30fdd0","block_type":"box","text":"No gain or loss will be recognized by Investor C shareholders on the conversion to Investor A Shares.","page_number":231,"box":{"x":117,"y":707,"width":753,"height":12}},{"id":"6f46849e-3c5e-44ed-bfa5-68f18b6cc19f","block_type":"box","text":"A shareholder’s tax basis in the Investor A Shares acquired upon conversion will be the same as the","page_number":231,"box":{"x":116,"y":723,"width":745,"height":12}},{"id":"65cac7b7-c2c7-4f10-9c2e-6ecefc34ebef","block_type":"box","text":"shareholder’s tax basis in the converted Investor C Shares and the holding period of the acquired","page_number":231,"box":{"x":116,"y":738,"width":722,"height":12}},{"id":"38a7ea48-af1e-4eff-9240-e6b3f268fba7","block_type":"box","text":"Investor A Shares will include the holding period for the converted Investor C Shares.","page_number":231,"box":{"x":117,"y":754,"width":631,"height":12}},{"id":"5ff69951-bb1f-4f1a-bdef-5af2421e8799","block_type":"box","text":"If a shareholder of a Fund exercises an exchange privilege within 90 days of acquiring the shares of a","page_number":231,"box":{"x":117,"y":785,"width":754,"height":12}},{"id":"ff466f6d-f1f3-4bbf-8901-521f8ba84205","block_type":"box","text":"Fund, but on or before January 31 of the following year, then the loss that the shareholder recognizes","page_number":231,"box":{"x":117,"y":800,"width":752,"height":12}},{"id":"07e3afc4-da69-473f-9167-dc99575a04c2","block_type":"box","text":"on the exchange will be reduced (or the gain increased) to the extent any sales charge paid on the","page_number":231,"box":{"x":116,"y":816,"width":731,"height":12}},{"id":"3e71bfdd-8c3d-44f2-b71c-29578b7447d1","block_type":"box","text":"exchanged shares reduces any sales charge the shareholder would have owed upon the purchase of","page_number":231,"box":{"x":116,"y":831,"width":757,"height":12}},{"id":"ca2f23c7-41e0-414d-8287-3b6b76e500c2","block_type":"box","text":"the new shares in the absence of the exchange privilege. Instead, such sales charge will be treated as","page_number":231,"box":{"x":116,"y":847,"width":765,"height":12}},{"id":"6268bf47-24b1-48c3-930b-7191abc01e94","block_type":"box","text":"an amount paid for the new shares.","page_number":231,"box":{"x":116,"y":862,"width":268,"height":12}},{"id":"49f44e19-d1b9-473e-80c1-899b5b1091d0","block_type":"box","text":"II-166","page_number":231,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"6e8e4796-6b2e-497e-b7f2-1e09911256f2","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":231,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"a3804bce-c56b-43cd-9669-2e781e3d5e83","block_type":"box","text":"A loss realized on a sale or exchange of shares of a Fund will be disallowed if other substantially","page_number":232,"box":{"x":116,"y":87,"width":722,"height":12}},{"id":"f61c375f-8028-4905-b553-12a059592d92","block_type":"box","text":"identical shares are acquired (whether through the automatic reinvestment of dividends or otherwise)","page_number":232,"box":{"x":117,"y":102,"width":754,"height":13}},{"id":"a9094a85-d360-41f7-89a7-76f9e491e4e3","block_type":"box","text":"within a 61-day period beginning 30 days before and ending 30 days after the date on which the","page_number":232,"box":{"x":116,"y":118,"width":717,"height":12}},{"id":"41021da4-5524-4d6a-a006-393494d662b5","block_type":"box","text":"shares are sold or exchanged. In such case, the basis of the shares acquired will be adjusted to reflect","page_number":232,"box":{"x":116,"y":134,"width":767,"height":12}},{"id":"28b994cf-bb26-44a1-b73f-bdb095581cb4","block_type":"box","text":"the disallowed loss.","page_number":232,"box":{"x":116,"y":149,"width":150,"height":10}},{"id":"8b63efc7-379d-466b-83d3-440acd5d13bf","block_type":"box","text":"A Fund is also generally required by law to report to each shareholder and to the IRS cost basis","page_number":232,"box":{"x":116,"y":176,"width":716,"height":12}},{"id":"144f7d1d-6be8-45a2-9f43-4fcb9506e478","block_type":"box","text":"information for shares of the Fund acquired on or after January 1, 2012, and sold or redeemed after","page_number":232,"box":{"x":117,"y":192,"width":744,"height":12}},{"id":"db551728-b569-4cf6-98a9-9a99bae5513a","block_type":"box","text":"that date. This information includes the adjusted cost basis of the shares, the gross proceeds from","page_number":232,"box":{"x":116,"y":207,"width":734,"height":12}},{"id":"51114c51-e1d5-4ede-bf99-efb732c78b34","block_type":"box","text":"disposition, and whether the gain or loss is long-term or short-term. The adjusted cost basis of shares","page_number":232,"box":{"x":116,"y":223,"width":759,"height":12}},{"id":"d259ba03-9929-44aa-9335-a1f6259ac212","block_type":"box","text":"will be based on the default cost basis reporting method selected by the Fund, unless a shareholder,","page_number":232,"box":{"x":116,"y":238,"width":751,"height":12}},{"id":"53bc8bfc-0d20-402e-ba0b-2674c804e810","block_type":"box","text":"before the sale or redemption, informs the Fund that it has selected a different IRS-accepted method","page_number":232,"box":{"x":117,"y":254,"width":751,"height":12}},{"id":"7c55fe9e-9848-4640-9dcd-0b867baed26d","block_type":"box","text":"offered by the Fund. These requirements, however, will not apply for investments through an IRA or","page_number":232,"box":{"x":116,"y":269,"width":745,"height":12}},{"id":"318a42d6-6306-4838-9017-27abfb476b0d","block_type":"box","text":"other tax-advantaged account. Shareholders should consult their tax advisors to determine the best","page_number":232,"box":{"x":116,"y":285,"width":744,"height":12}},{"id":"d392e3a3-a78f-494d-b194-f6e9c78bca3d","block_type":"box","text":"cost basis method for their tax situation, and to obtain more information about how these new cost","page_number":232,"box":{"x":116,"y":300,"width":734,"height":11}},{"id":"a4a634ce-a6e4-4eca-b2dc-c9aa1f057e16","block_type":"box","text":"basis reporting requirements apply to them. For shares of a Fund acquired before January 1, 2012,","page_number":232,"box":{"x":117,"y":316,"width":740,"height":12}},{"id":"1d70fb29-af37-40a7-82fb-09c6102bd089","block_type":"box","text":"these new requirements will not apply, but the Fund will continue to report to the IRS the gross","page_number":232,"box":{"x":116,"y":331,"width":706,"height":12}},{"id":"d33a4bb3-22ce-495a-8462-e0ad63b790f1","block_type":"box","text":"proceeds received by a shareholder from the sale or redemption of such shares.","page_number":232,"box":{"x":117,"y":347,"width":600,"height":12}},{"id":"8400b673-76b9-411d-afd3-48ea884e2869","block_type":"box","text":"Certain Funds may invest in derivative contracts such as options, futures contracts, forward contracts","page_number":232,"box":{"x":117,"y":374,"width":756,"height":12}},{"id":"edefa012-0143-42ca-be7c-99cbd69f8431","block_type":"box","text":"and swap agreements. The U.S. federal income tax treatment of a derivative contract may not be as","page_number":232,"box":{"x":116,"y":389,"width":749,"height":12}},{"id":"fe82af32-af2b-400f-99b4-cdf31fe2e23a","block_type":"box","text":"favorable as a direct investment in the underlying security and may adversely affect the timing,","page_number":232,"box":{"x":116,"y":405,"width":707,"height":12}},{"id":"0ca15953-ae7f-4b4e-9f43-8ee10673bbba","block_type":"box","text":"character and amount of income the Fund realizes from its investments. As a result, a larger portion of","page_number":232,"box":{"x":116,"y":420,"width":764,"height":12}},{"id":"85730c3e-e2f6-4a3e-beda-743033b3c7b7","block_type":"box","text":"the Fund’s distributions may be treated as ordinary income rather than capital gains. In addition,","page_number":232,"box":{"x":116,"y":436,"width":717,"height":12}},{"id":"5a355e04-a360-4a53-a779-9a343f4ae52c","block_type":"box","text":"section 1256 contracts held by a Fund at the end of each taxable year (and, for purposes of the 4%","page_number":232,"box":{"x":116,"y":451,"width":742,"height":12}},{"id":"1a044992-b0fd-41ff-ae71-b0446389fc4b","block_type":"box","text":"excise tax, certain other dates as prescribed under the Code) are generally “marked-to-market,” such","page_number":232,"box":{"x":116,"y":467,"width":756,"height":12}},{"id":"c70217e2-2b38-49c4-8e87-c4241d322273","block_type":"box","text":"that unrealized gains or losses are treated as though they were realized (with such gain or loss being","page_number":232,"box":{"x":116,"y":482,"width":755,"height":12}},{"id":"2acf222b-5c04-42d0-8c2b-2b4c86c5b4ec","block_type":"box","text":"considered 60% long-term and 40% short-term capital gain or loss), which may increase the amount","page_number":232,"box":{"x":116,"y":498,"width":749,"height":12}},{"id":"3b8704a6-fba8-4cf5-848e-11154643bc0b","block_type":"box","text":"that must be distributed to meet distribution requirements and avoid the excise tax. In addition, the tax","page_number":232,"box":{"x":116,"y":514,"width":762,"height":11}},{"id":"5487a81b-ee92-4615-8222-a473131e1a9b","block_type":"box","text":"treatment of certain derivative contracts, such as swap agreements, is unsettled and may be subject to","page_number":232,"box":{"x":116,"y":529,"width":768,"height":12}},{"id":"12d460bd-db94-4282-9af7-d24de133096a","block_type":"box","text":"future legislation, regulation or administrative pronouncements issued by the IRS. If such future","page_number":232,"box":{"x":116,"y":544,"width":712,"height":12}},{"id":"094b4b54-6878-416f-abcf-fbc0dd4c5281","block_type":"box","text":"guidance limits the Fund’s ability to use derivatives, the Fund may have to find other ways of achieving","page_number":232,"box":{"x":116,"y":560,"width":767,"height":12}},{"id":"254c1dab-f6db-4a1b-897b-a2741d38635a","block_type":"box","text":"its investment objectives.","page_number":232,"box":{"x":117,"y":576,"width":191,"height":11}},{"id":"72ba3340-bb3f-4aa6-aa18-c9f5775cb2c3","block_type":"box","text":"Certain swap agreements, including exchange-traded swap agreements, are treated as notional","page_number":232,"box":{"x":117,"y":602,"width":716,"height":13}},{"id":"3ae299a7-95d8-4dc9-abbd-e77046b770ec","block_type":"box","text":"principal contracts rather than as section 1256 contracts. This can affect the type of income earned by","page_number":232,"box":{"x":117,"y":618,"width":762,"height":12}},{"id":"55086255-8504-4a0c-a69b-e21ea250a1c2","block_type":"box","text":"such swap agreements since all the income on a notional principal contract may be ordinary income,","page_number":232,"box":{"x":116,"y":634,"width":752,"height":12}},{"id":"27d919e9-895a-4a2f-a8aa-64aef9f33ea7","block_type":"box","text":"whereas 40% of the gain on a section 1256 contract is treated as short-term capital gain taxed at","page_number":232,"box":{"x":116,"y":649,"width":724,"height":12}},{"id":"7fbd6325-2fe2-482a-a78e-197ebf9cd18a","block_type":"box","text":"ordinary rates and 60% is treated as long-term capital gain taxed at more favorable rates when","page_number":232,"box":{"x":116,"y":665,"width":703,"height":12}},{"id":"0034d652-cb41-48ee-a95d-0d83c978b0d3","block_type":"box","text":"distributed to shareholders. The rest is long-term capital gain, which may be taxable at more favorable","page_number":232,"box":{"x":116,"y":680,"width":758,"height":12}},{"id":"7a60732e-4f2b-4570-939f-e2b824681b5f","block_type":"box","text":"rates than ordinary income. Proposed regulations interpret what types of swap agreements are to be","page_number":232,"box":{"x":117,"y":696,"width":745,"height":12}},{"id":"f691a7b7-a1bb-4ab2-a508-b6ec32270f44","block_type":"box","text":"treated as notional principal contracts rather than as section 1256 contracts. When finalized, these","page_number":232,"box":{"x":116,"y":711,"width":730,"height":12}},{"id":"f88da0a5-e030-4f21-acb9-b1b9f957e78f","block_type":"box","text":"regulations could result in the Fund having to treat more of its income on swap agreements and more","page_number":232,"box":{"x":117,"y":727,"width":751,"height":12}},{"id":"0a1e8072-28a3-4806-98b5-ee6caa96269c","block_type":"box","text":"of the distributions made to shareholders as ordinary income and less as long-term capital gains.","page_number":232,"box":{"x":116,"y":742,"width":718,"height":12}},{"id":"f823de96-b322-4280-8221-4337df3c68f6","block_type":"box","text":"Certain Funds may invest in zero coupon U.S. Treasury bonds and other debt securities that are","page_number":232,"box":{"x":117,"y":769,"width":714,"height":12}},{"id":"83dc886b-8ce0-48bd-9eb5-cf67f56cadae","block_type":"box","text":"issued at a discount or provide for deferred interest. Even though a Fund receives no actual interest","page_number":232,"box":{"x":117,"y":785,"width":740,"height":12}},{"id":"1db9e262-4181-4cd1-86b1-8828b30e8e33","block_type":"box","text":"payments on these securities, it will be deemed to receive income equal, generally, to a portion of the","page_number":232,"box":{"x":117,"y":800,"width":751,"height":12}},{"id":"f3edc63d-2d32-41cf-b300-4d162b4700cc","block_type":"box","text":"excess of the stated redemption price of the securities over their issue price (“original issue discount”)","page_number":232,"box":{"x":116,"y":816,"width":754,"height":12}},{"id":"6aed50a8-7b56-4efb-a1b2-a940163c0890","block_type":"box","text":"each year that the securities are held. Since the original issue discount income earned by a Fund in a","page_number":232,"box":{"x":116,"y":831,"width":757,"height":12}},{"id":"42813694-b6d6-4d89-a93f-dc2b280bbe70","block_type":"box","text":"taxable year may not be represented by cash income, the Fund may have to dispose of securities,","page_number":232,"box":{"x":116,"y":847,"width":734,"height":12}},{"id":"1cd6280e-13fa-47c8-ab8e-69f6bd8888be","block_type":"box","text":"which it might otherwise have continued to hold, or borrow to generate cash in order to satisfy its","page_number":232,"box":{"x":116,"y":862,"width":722,"height":12}},{"id":"7c32975f-e0a2-44c4-b5d4-527bf513ecbb","block_type":"box","text":"distribution requirements. In addition, a Fund’s investment in foreign currencies or foreign currency","page_number":232,"box":{"x":116,"y":878,"width":737,"height":12}},{"id":"95a44313-fc4a-4bd6-b378-3d42f2537cef","block_type":"box","text":"II-167","page_number":232,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"b7e095f9-0bdf-49eb-9087-e254ea4eb0ba","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":232,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"b71ce250-402a-4283-8544-d5b1bc781b71","block_type":"box","text":"denominated or referenced debt securities, certain asset-backed securities and contingent payment","page_number":233,"box":{"x":116,"y":87,"width":744,"height":12}},{"id":"0751accb-3e77-4051-96a6-8b97aad5b360","block_type":"box","text":"and inflation-indexed debt instruments also may increase or accelerate the Fund’s recognition of","page_number":233,"box":{"x":116,"y":102,"width":720,"height":13}},{"id":"055c5505-9331-4682-b27a-f03f7078ad5f","block_type":"box","text":"income, including the recognition of taxable income in excess of cash generated by such investments.","page_number":233,"box":{"x":117,"y":118,"width":761,"height":12}},{"id":"cb1dcc52-5713-4504-b309-e107b89c6a85","block_type":"box","text":"Any transaction by the Fund in foreign currencies, foreign currency-denominated debt obligations or","page_number":233,"box":{"x":116,"y":134,"width":745,"height":12}},{"id":"77768bb7-4c44-4808-9297-1263bb3002e7","block_type":"box","text":"certain foreign currency options, futures contracts or forward contracts (or similar instruments) may","page_number":233,"box":{"x":116,"y":149,"width":739,"height":12}},{"id":"3b6ca715-d2fe-491d-8b49-8e5d2b54ac2e","block_type":"box","text":"give rise to ordinary income or loss to the extent such income or loss results from fluctuations in the","page_number":233,"box":{"x":116,"y":165,"width":744,"height":12}},{"id":"fb563d79-c48b-46f7-a155-49bbb7da2b14","block_type":"box","text":"value of the foreign currency concerned. Any such net gains could require a larger dividend toward the","page_number":233,"box":{"x":116,"y":180,"width":766,"height":12}},{"id":"7f8a1fe8-b869-49c5-99a4-989e146e16c8","block_type":"box","text":"end of the calendar year. Any such net losses will generally reduce and potentially require the","page_number":233,"box":{"x":116,"y":196,"width":700,"height":12}},{"id":"9db52290-7393-41f7-bfea-9abd7d549082","block_type":"box","text":"recharacterization of prior ordinary income distributions. Such ordinary income treatment may","page_number":233,"box":{"x":117,"y":211,"width":698,"height":12}},{"id":"90ef72b8-d4e0-4313-b5f4-515bc5b7b8bc","block_type":"box","text":"accelerate Fund distributions to shareholders and increase the distributions taxed to shareholders as","page_number":233,"box":{"x":116,"y":227,"width":753,"height":9}},{"id":"6b7b7c8d-187d-40c1-8e2f-3a11adaa5194","block_type":"box","text":"ordinary income. Any net ordinary losses so created cannot be carried forward by the Fund to offset","page_number":233,"box":{"x":116,"y":242,"width":746,"height":12}},{"id":"5da91b6f-03c7-4dba-8c84-9552cadf958b","block_type":"box","text":"income or gains earned in subsequent taxable years.","page_number":233,"box":{"x":117,"y":258,"width":398,"height":12}},{"id":"7591ceee-6bde-41fc-b431-d010823a4847","block_type":"box","text":"Ordinary income dividends paid to shareholders who are nonresident aliens or foreign entities (other","page_number":233,"box":{"x":116,"y":289,"width":749,"height":12}},{"id":"8d06d697-f956-4c2d-a219-03aa062e02d6","block_type":"box","text":"than pass-through entities to the extent owned by U.S. persons) generally will be subject to a 30% U.S.","page_number":233,"box":{"x":116,"y":304,"width":771,"height":12}},{"id":"f0561b8f-6464-40c9-b78e-41883ed4b381","block_type":"box","text":"withholding tax under existing provisions of the Code applicable to foreign individuals and entities","page_number":233,"box":{"x":116,"y":320,"width":726,"height":12}},{"id":"b6006d49-ad49-4ab1-b31c-5fa853be98a7","block_type":"box","text":"unless a reduced rate of withholding or a withholding exemption is provided under applicable treaty","page_number":233,"box":{"x":117,"y":335,"width":738,"height":12}},{"id":"80ead266-0348-4832-aff2-1c3abad8c807","block_type":"box","text":"law. Capital gain dividends paid to shareholders that are nonresident aliens or foreign entities, if and to","page_number":233,"box":{"x":117,"y":351,"width":766,"height":12}},{"id":"d7fc2d09-130b-445f-800d-7e64439cd3d6","block_type":"box","text":"the extent properly reported as capital gain dividends, generally will not be subject to a 30%","page_number":233,"box":{"x":116,"y":366,"width":685,"height":12}},{"id":"0cda3564-340a-444e-9db5-a688e3c31504","block_type":"box","text":"withholding tax, unless certain exceptions apply. Dividends derived by a regulated investment","page_number":233,"box":{"x":116,"y":382,"width":699,"height":12}},{"id":"6c8e864c-d4e7-48ba-86dc-a63be51605dc","block_type":"box","text":"company from short-term capital gains and qualified net interest income (including income from original","page_number":233,"box":{"x":116,"y":397,"width":771,"height":12}},{"id":"5e6bbada-1e43-47bc-86aa-e366306e4528","block_type":"box","text":"issue discount and market discount) and paid to shareholders who are nonresident aliens or foreign","page_number":233,"box":{"x":117,"y":413,"width":743,"height":12}},{"id":"727b5613-a94e-4321-a875-60e92f909115","block_type":"box","text":"entities, if and to the extent properly reported as “short-term capital gain dividends” or “interest-related","page_number":233,"box":{"x":116,"y":428,"width":762,"height":12}},{"id":"dc432047-54d4-4cb8-a151-c3236ca2f7b8","block_type":"box","text":"dividends”, respectively, generally will not be subject to U.S. withholding tax. Where possible, the","page_number":233,"box":{"x":116,"y":444,"width":725,"height":12}},{"id":"a5d07ac2-4394-4ac1-bbb9-8dcfadf5d01e","block_type":"box","text":"Funds intend to report such dividends as interest-related dividends or short-term capital gain dividends.","page_number":233,"box":{"x":117,"y":459,"width":771,"height":12}},{"id":"04d517c1-6455-458c-8c51-b18000ae3ee6","block_type":"box","text":"However, depending on its circumstances, a Fund may report all, some or none of its potentially","page_number":233,"box":{"x":117,"y":475,"width":716,"height":12}},{"id":"a555adad-3904-477c-ba56-ed86c48db388","block_type":"box","text":"eligible dividends as interest-related or as short-term capital gain dividends, and/or treat such","page_number":233,"box":{"x":116,"y":490,"width":697,"height":12}},{"id":"f9e22265-96cc-4d65-a1b6-5ba12fbd6511","block_type":"box","text":"dividends, in whole or in part, as ineligible for this exemption from withholding. In order to qualify for","page_number":233,"box":{"x":116,"y":506,"width":743,"height":12}},{"id":"fe06e67c-61e2-4d60-bd29-dc55c6b2b502","block_type":"box","text":"this exemption from withholding, a foreign shareholder must comply with applicable certification","page_number":233,"box":{"x":116,"y":521,"width":712,"height":12}},{"id":"6df6c265-461e-459e-850b-4b250d7ec486","block_type":"box","text":"requirements relating to its foreign status (including, in general, furnishing an IRS Form W-8BEN, IRS","page_number":233,"box":{"x":117,"y":537,"width":757,"height":12}},{"id":"22dd21be-eaa8-4f91-a5f3-1a36f058b024","block_type":"box","text":"Form W-8BEN-E or substitute Form). In the case of shares held through an intermediary, the","page_number":233,"box":{"x":117,"y":552,"width":693,"height":12}},{"id":"8c3061eb-8b2c-41fd-b253-3ac1274bf5bf","block_type":"box","text":"intermediary may withhold even if the Fund reports the payment as an interest-related or short-term","page_number":233,"box":{"x":117,"y":568,"width":743,"height":12}},{"id":"77c4f1b2-b0c7-42eb-b934-d434cb04e88d","block_type":"box","text":"capital gain dividend. Foreign shareholders should contact their intermediaries with respect to the","page_number":233,"box":{"x":116,"y":583,"width":727,"height":12}},{"id":"b1a684f1-c54e-4aed-9e00-c23d2ff9a1e9","block_type":"box","text":"application of these rules to their accounts. It is not possible to predict what portion, if any, of a Fund’s","page_number":233,"box":{"x":116,"y":599,"width":762,"height":12}},{"id":"2dbbf3c7-2c1a-4282-a52e-606a085cb4b5","block_type":"box","text":"distributions will be reported as interest-related dividends or short-term capital gain dividends under","page_number":233,"box":{"x":116,"y":614,"width":742,"height":12}},{"id":"68315b4b-3a0a-4e19-9bdb-7056bd0cdd9e","block_type":"box","text":"these rules.","page_number":233,"box":{"x":116,"y":630,"width":91,"height":9}},{"id":"1fcf193a-fe5b-4b92-8bf0-61354b28175e","block_type":"box","text":"Distributions to certain foreign shareholders by a Fund at least 50% of the assets of which are “U.S.","page_number":233,"box":{"x":117,"y":661,"width":737,"height":12}},{"id":"b90c2429-ae10-46c5-a276-071379d23d1b","block_type":"box","text":"real property interests” (as defined in the Code and Treasury regulations) at any time during the five","page_number":233,"box":{"x":117,"y":676,"width":745,"height":12}},{"id":"229d081a-a495-4e23-9c11-4adb4f98bb24","block_type":"box","text":"year period ending on the date of the distributions, to the extent the distributions are attributable to","page_number":233,"box":{"x":116,"y":692,"width":729,"height":12}},{"id":"a66d60af-6565-4e55-8e8f-0e4445f0987a","block_type":"box","text":"gains from sales or exchanges of U.S. real property interests (including shares in certain “U.S. real","page_number":233,"box":{"x":116,"y":707,"width":731,"height":12}},{"id":"39ad2bab-145f-4c8e-a83b-83bc527244d7","block_type":"box","text":"property holding corporations” such as certain REITs, although exceptions may apply if any class of","page_number":233,"box":{"x":117,"y":723,"width":739,"height":12}},{"id":"357b17fa-7097-4dbe-be6e-9205084ceb17","block_type":"box","text":"stock of such a corporation is regularly traded on an established securities market and the Fund has","page_number":233,"box":{"x":116,"y":738,"width":743,"height":12}},{"id":"94f60bfd-dcf8-491d-bc1d-8a085ad24fdc","block_type":"box","text":"held no more than 5% of such class of stock at all times during the five-year period ending on the date","page_number":233,"box":{"x":117,"y":754,"width":757,"height":12}},{"id":"0ec974c8-d8a1-4828-bfd0-b0c2d8c0bb77","block_type":"box","text":"of the distributions), generally must be treated by such foreign shareholders as income effectively","page_number":233,"box":{"x":116,"y":769,"width":723,"height":12}},{"id":"b2e47137-31cf-447e-a953-52c1fdc53962","block_type":"box","text":"connected to a trade or business within the United States, which is generally subject to tax at the","page_number":233,"box":{"x":116,"y":785,"width":718,"height":12}},{"id":"5a9058f6-2ebc-4918-bc9f-22020a655ac5","block_type":"box","text":"graduated rates applicable to U.S. shareholders, except for distributions to foreign shareholders that","page_number":233,"box":{"x":116,"y":800,"width":743,"height":12}},{"id":"b028613b-7e25-4e02-aba8-60229dbf95ca","block_type":"box","text":"held no more than 5% of any class of stock of the Fund at all times during the previous one-year period","page_number":233,"box":{"x":117,"y":816,"width":764,"height":12}},{"id":"90c5663e-7c90-4979-8483-3b556362e9f6","block_type":"box","text":"ending on the date of the distributions. Such distributions will be subject to U.S. income and","page_number":233,"box":{"x":116,"y":831,"width":685,"height":12}},{"id":"b8f097ac-a20a-4975-95eb-eb502e6a7257","block_type":"box","text":"withholding tax and generally will require a foreign shareholder to file a U.S. federal income tax return.","page_number":233,"box":{"x":116,"y":847,"width":762,"height":12}},{"id":"c3bf2226-2f77-4cc6-a892-3cd47db39d2a","block_type":"box","text":"If the foreign shareholder held no more than 5% of any class of stock of the Fund at all times during the","page_number":233,"box":{"x":117,"y":862,"width":771,"height":12}},{"id":"af8575b6-f686-4058-a9c4-c9cc142f0fca","block_type":"box","text":"previous one-year period ending on the date of the distributions, the distributions will be taxable as","page_number":233,"box":{"x":117,"y":878,"width":735,"height":12}},{"id":"4f76916b-6fb0-439a-8cff-00552d1fd302","block_type":"box","text":"II-168","page_number":233,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"ec2dd705-57ff-4c4e-9b56-76ebf95b59ca","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":233,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"abd67433-cea8-443b-9e7e-65a23d64b684","block_type":"box","text":"ordinary dividends and subject to withholding at a 30% or lower treaty rate. In addition, sales or","page_number":234,"box":{"x":116,"y":87,"width":711,"height":12}},{"id":"38998038-6008-4a1a-b61f-af7cd4a848cc","block_type":"box","text":"redemptions of shares held by certain foreign shareholders in such a Fund generally will be subject to","page_number":234,"box":{"x":117,"y":102,"width":758,"height":13}},{"id":"60407fc6-643a-4f73-a417-5216e1d4bc75","block_type":"box","text":"U.S. income and withholding tax and generally will require the foreign shareholder to file a U.S. federal","page_number":234,"box":{"x":117,"y":118,"width":765,"height":12}},{"id":"0b7a2f0b-ae66-491b-a989-db8eccb8a49a","block_type":"box","text":"income tax return, although exceptions may apply if more than 50% of the value of the Fund’s shares","page_number":234,"box":{"x":117,"y":134,"width":755,"height":12}},{"id":"53e9cc08-ae4c-4880-b92b-8d65e91827d8","block_type":"box","text":"are held by U.S. shareholders or the foreign shareholder selling or redeeming the shares has held no","page_number":234,"box":{"x":116,"y":149,"width":756,"height":12}},{"id":"f055064a-414f-46e0-b921-0196012c3f36","block_type":"box","text":"more than 5% of any class of stock of the Fund at all times during the five-year period ending on the","page_number":234,"box":{"x":117,"y":165,"width":747,"height":12}},{"id":"cfb6cf43-86d5-4866-880b-97810aba9130","block_type":"box","text":"date of the sale or redemption.","page_number":234,"box":{"x":116,"y":180,"width":233,"height":12}},{"id":"5faeea6d-4a8e-4b4f-a34e-96cc51f8e51b","block_type":"box","text":"Provided that more than 50% of the value of a Fund’s stock is held by U.S. shareholders, redemptions","page_number":234,"box":{"x":117,"y":211,"width":762,"height":12}},{"id":"3bf9253d-926f-4ed0-af41-0244887271af","block_type":"box","text":"and other distributions made in the form of U.S. real property interests (including shares in certain","page_number":234,"box":{"x":116,"y":227,"width":730,"height":12}},{"id":"75a5f098-3f59-4b89-b96d-9146159d8e72","block_type":"box","text":"“U.S. real property holding corporations”, although exceptions may apply if any class of stock of such a","page_number":234,"box":{"x":116,"y":242,"width":768,"height":12}},{"id":"548895d6-7575-48b4-8b53-8d4254b7b74d","block_type":"box","text":"corporation is regularly traded on an established securities market and the Fund has held no more than","page_number":234,"box":{"x":116,"y":258,"width":772,"height":12}},{"id":"953752b1-87fc-4da4-9b90-4e7a2a989777","block_type":"box","text":"5% of such class of stock at all times during the five-year period ending on the date of the distribution)","page_number":234,"box":{"x":116,"y":273,"width":762,"height":12}},{"id":"0ba634e7-496b-4f2d-ba6b-83272437acdd","block_type":"box","text":"generally will cause the Fund to recognize a portion of any unrecognized gain in the U.S. real property","page_number":234,"box":{"x":116,"y":289,"width":763,"height":12}},{"id":"36834c0e-72e4-4b5d-8e67-11cd46c084c8","block_type":"box","text":"interests equal to the product of (i) the excess of fair market value of such U.S. real property interests","page_number":234,"box":{"x":117,"y":304,"width":756,"height":12}},{"id":"c649c777-55b4-420d-8dcc-8e72953eb316","block_type":"box","text":"over the Fund’s adjusted bases in such interests and (ii) the greatest foreign ownership percentage of","page_number":234,"box":{"x":116,"y":320,"width":759,"height":12}},{"id":"fc37466b-d3ec-4fc1-a441-b434b45e25b8","block_type":"box","text":"the Fund during the five-year period ending on the date of distribution.","page_number":234,"box":{"x":116,"y":335,"width":525,"height":12}},{"id":"055916de-cf3e-4815-95cf-b9590ea8b97b","block_type":"box","text":"A foreign shareholder may also be subject to certain “wash sale” rules to prevent the avoidance of the","page_number":234,"box":{"x":116,"y":366,"width":760,"height":12}},{"id":"35864edb-296a-4edf-b834-ba4cbf551215","block_type":"box","text":"tax filing and payment obligations discussed above through the sale and repurchase of Fund shares.","page_number":234,"box":{"x":116,"y":382,"width":752,"height":12}},{"id":"3bf3abdc-d4ae-4484-b128-5c6b5e4c6372","block_type":"box","text":"Shareholders that are nonresident aliens or foreign entities are urged to consult their own tax advisors","page_number":234,"box":{"x":116,"y":413,"width":762,"height":12}},{"id":"c5803c1b-27b1-4a10-a000-176c2450fc88","block_type":"box","text":"concerning the particular tax consequences to them of an investment in a Fund.","page_number":234,"box":{"x":116,"y":428,"width":598,"height":12}},{"id":"bfe77d25-3c8e-4c22-8b24-7307b0c541fe","block_type":"box","text":"Separately, a 30% withholding tax is currently imposed on U.S.-source dividends, interest and other","page_number":234,"box":{"x":116,"y":459,"width":745,"height":12}},{"id":"106792ee-78bd-4263-86f4-56b05fb68001","block_type":"box","text":"income items paid to (i) certain foreign financial institutions and investment funds, and (ii) certain other","page_number":234,"box":{"x":117,"y":475,"width":763,"height":12}},{"id":"2732efac-cba6-4b6e-811d-01917b208c7f","block_type":"box","text":"foreign entities. To avoid withholding, foreign financial institutions and investment funds will generally","page_number":234,"box":{"x":116,"y":490,"width":753,"height":12}},{"id":"5deed9d0-ffd9-449c-84e4-3b9f90f6371e","block_type":"box","text":"either need to (a) collect and report to the IRS detailed information identifying their U.S. accounts and","page_number":234,"box":{"x":116,"y":506,"width":758,"height":12}},{"id":"1c0cf598-1764-4d36-a357-cdb5014cbcd4","block_type":"box","text":"U.S. account holders, comply with due diligence procedures for identifying U.S. accounts and withhold","page_number":234,"box":{"x":117,"y":521,"width":763,"height":12}},{"id":"e838c2d5-049a-4d71-bfa2-e871ea209e93","block_type":"box","text":"tax on certain payments made to noncomplying foreign entities and account holders or (b) if an","page_number":234,"box":{"x":116,"y":537,"width":709,"height":12}},{"id":"81d47e7e-91f8-4ebd-9791-df064cd1ae61","block_type":"box","text":"intergovernmental agreement is entered into and implementing legislation is adopted, comply with the","page_number":234,"box":{"x":117,"y":552,"width":758,"height":12}},{"id":"e395f24a-8518-43b2-8fcb-ad9b5cc26b04","block_type":"box","text":"agreement and legislation. Other foreign entities will generally either need to provide detailed","page_number":234,"box":{"x":116,"y":568,"width":695,"height":12}},{"id":"cdc2fc1a-43d3-4cbd-92ed-f9d7e5056269","block_type":"box","text":"information identifying each substantial U.S. owner or certify there are no such owners.","page_number":234,"box":{"x":117,"y":583,"width":650,"height":12}},{"id":"122d951a-6cd7-4a99-8a08-c7d95f35473c","block_type":"box","text":"Under certain provisions of the Code, some shareholders may be subject to a 24% withholding tax on","page_number":234,"box":{"x":117,"y":614,"width":757,"height":12}},{"id":"74b54246-8819-486d-af64-56f08b80112f","block_type":"box","text":"ordinary income dividends, capital gain dividends and redemption payments (“backup withholding”).","page_number":234,"box":{"x":116,"y":630,"width":744,"height":12}},{"id":"888ffb10-0948-493a-97af-c44eed8ff8be","block_type":"box","text":"Generally, shareholders subject to backup withholding will be non-corporate shareholders for whom no","page_number":234,"box":{"x":117,"y":645,"width":767,"height":12}},{"id":"90a21dc9-aba1-4f5c-84b1-b3e8b337e9a3","block_type":"box","text":"certified taxpayer identification number is on file with the Fund or who, to the Fund’s knowledge, have","page_number":234,"box":{"x":116,"y":661,"width":752,"height":12}},{"id":"348302db-219b-405e-833b-1460e3cca6ce","block_type":"box","text":"furnished an incorrect number. When establishing an account, an investor must certify under penalty of","page_number":234,"box":{"x":116,"y":676,"width":766,"height":12}},{"id":"5779b4fe-e270-4669-81c1-75d049bcdf87","block_type":"box","text":"perjury that such number is correct and that such investor is not otherwise subject to backup","page_number":234,"box":{"x":117,"y":692,"width":684,"height":12}},{"id":"b623ab67-7194-43e5-ae8e-e6c123a93d60","block_type":"box","text":"withholding. Backup withholding is not an additional tax. Any amount withheld generally may be","page_number":234,"box":{"x":116,"y":707,"width":708,"height":12}},{"id":"4bf713b4-46fe-4cf2-8600-92542d4706fd","block_type":"box","text":"allowed as a refund or a credit against a shareholder’s U.S. federal income tax liability, provided that","page_number":234,"box":{"x":116,"y":723,"width":745,"height":12}},{"id":"bc727d33-b826-4c75-8f08-44003fc9d4ca","block_type":"box","text":"the required information is timely forwarded to the IRS.","page_number":234,"box":{"x":116,"y":738,"width":405,"height":12}},{"id":"989e6256-f127-448f-ba6c-5b608d039e7d","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","page_number":234,"box":{"x":117,"y":768,"width":739,"height":13}},{"id":"7c171f89-6951-4c61-b80a-1e008b194e3d","block_type":"box","text":"taxable year or $4 million in any combination of taxable years for an individual shareholder or","page_number":234,"box":{"x":116,"y":784,"width":691,"height":13}},{"id":"69ace38a-f4c0-4670-b219-eab9ea0c3a62","block_type":"box","text":"$10 million in any single taxable year or $20 million in any combination of taxable years for a corporate","page_number":234,"box":{"x":116,"y":799,"width":762,"height":13}},{"id":"0920c791-d375-496d-9df2-dfecaf8ca6cc","block_type":"box","text":"shareholder in any single taxable year, the shareholder must file a disclosure statement on IRS Form","page_number":234,"box":{"x":116,"y":816,"width":749,"height":12}},{"id":"7c1f81f2-806a-40e1-ad01-c80b956a6ce5","block_type":"box","text":"8886 with the IRS. Direct shareholders of portfolio securities are in many cases exempted. That a loss","page_number":234,"box":{"x":116,"y":831,"width":763,"height":12}},{"id":"ace873cb-0021-40c4-b6d7-1b57f21f0b47","block_type":"box","text":"is reportable under these regulations does not affect the legal determination of whether the taxpayer’s","page_number":234,"box":{"x":117,"y":847,"width":760,"height":12}},{"id":"31d5a42c-1cec-48e0-8eca-44c9656e4c89","block_type":"box","text":"treatment of the loss is proper. Shareholders should consult their tax advisors to determine the","page_number":234,"box":{"x":116,"y":862,"width":707,"height":12}},{"id":"86c8590f-8125-4af7-a4f3-cc6f33082b3a","block_type":"box","text":"applicability of these regulations in light of their individual circumstances.","page_number":234,"box":{"x":116,"y":878,"width":544,"height":12}},{"id":"4c4bd280-2114-446a-b1ce-31c044cae24e","block_type":"box","text":"II-169","page_number":234,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"57bb00b2-e235-44b3-a952-6d02512dcb18","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":234,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"d5d876ab-d1df-4287-8fe4-8b14a4d0f209","block_type":"box","text":"Certain types of income received by a Fund from REITs, real estate mortgage investment conduits,","page_number":235,"box":{"x":117,"y":87,"width":740,"height":12}},{"id":"048bc57f-6789-4f9f-876f-adc8ebfe67e6","block_type":"box","text":"taxable mortgage pools or other investments may cause the Fund to report some or all of its","page_number":235,"box":{"x":116,"y":102,"width":689,"height":13}},{"id":"8fa8bc01-602c-4102-bc4d-bddb8959d013","block_type":"box","text":"distributions as “excess inclusion income.” To Fund shareholders, such excess inclusion income may:","page_number":235,"box":{"x":116,"y":118,"width":760,"height":12}},{"id":"a4791172-abef-4c81-8479-c93093423f19","block_type":"box","text":"(i) constitute taxable income, as unrelated business taxable income (“UBTI”) for those shareholders","page_number":235,"box":{"x":117,"y":134,"width":742,"height":12}},{"id":"57cd50ef-7624-4310-ac18-c4632445a453","block_type":"box","text":"who would otherwise be tax-exempt such as individual retirement accounts, 401(k) accounts, Keogh","page_number":235,"box":{"x":116,"y":149,"width":749,"height":12}},{"id":"5b149e5f-9e88-4518-bfea-5e81d30cc9ca","block_type":"box","text":"plans, pension plans and certain charitable entities; (ii) not be offset by otherwise allowable deductions","page_number":235,"box":{"x":117,"y":165,"width":766,"height":12}},{"id":"547b53f2-f554-4852-a6df-0d10a3d86cc1","block_type":"box","text":"for tax purposes; (iii) not be eligible for reduced U.S. withholding for non-U.S. shareholders even from","page_number":235,"box":{"x":116,"y":180,"width":758,"height":12}},{"id":"d9d3450d-fd52-4566-beef-379aea7ad2be","block_type":"box","text":"tax treaty countries; and (iv) cause the Fund to be subject to tax if certain “disqualified organizations,”","page_number":235,"box":{"x":116,"y":196,"width":757,"height":12}},{"id":"e4dc967a-4a44-4139-abc1-5c85a1511d30","block_type":"box","text":"as defined by the Code, are Fund shareholders. The Fund tries to avoid investing in REITs that are","page_number":235,"box":{"x":116,"y":211,"width":740,"height":12}},{"id":"b5f3fb98-b4b5-4991-ab9f-a2029fb7103a","block_type":"box","text":"expected to generate excess inclusion income, but the Fund may not always be successful in doing so.","page_number":235,"box":{"x":116,"y":227,"width":771,"height":12}},{"id":"ce6df9cc-75d4-4831-850b-5b2d1de246a1","block_type":"box","text":"Because information about a REIT’s investments may be inadequate or inaccurate, or because a REIT","page_number":235,"box":{"x":117,"y":242,"width":767,"height":12}},{"id":"126ecb0d-28f2-4d52-94bd-737495e4001a","block_type":"box","text":"may change its investment program, the Fund may not be successful in avoiding the consequences","page_number":235,"box":{"x":117,"y":258,"width":744,"height":12}},{"id":"af2356be-5856-4195-9669-8beea24efaf2","block_type":"box","text":"described above. Avoidance of investments in REITs that generate excess inclusion income may","page_number":235,"box":{"x":116,"y":273,"width":725,"height":12}},{"id":"cfc6c7da-df20-4dd3-93fd-587883227f90","block_type":"box","text":"require the Fund to forego otherwise attractive investment opportunities.","page_number":235,"box":{"x":117,"y":289,"width":540,"height":12}},{"id":"6b396da7-54b7-4d55-9b3a-424b33c56ce2","block_type":"box","text":"Dividends and interest received and capital gains realized by a Fund may give rise to withholding and","page_number":235,"box":{"x":117,"y":320,"width":756,"height":12}},{"id":"a0b1b659-d8b0-4b56-b3b4-63cc2aca1fdd","block_type":"box","text":"other taxes imposed by foreign countries. Tax conventions between certain foreign countries and the","page_number":235,"box":{"x":116,"y":335,"width":753,"height":12}},{"id":"ed8cb866-25a7-4421-821e-7dc0df065bd4","block_type":"box","text":"United States may reduce or eliminate such taxes. Shareholders of a Fund more than 50% by value of","page_number":235,"box":{"x":117,"y":351,"width":764,"height":12}},{"id":"3baea9ed-61a7-4439-8be0-e663208b77f3","block_type":"box","text":"the assets of which at the close of a taxable year are foreign securities may be able to claim U.S.","page_number":235,"box":{"x":116,"y":366,"width":725,"height":12}},{"id":"7b3bbdd2-9892-4ee1-a6fc-39b630da93b8","block_type":"box","text":"foreign tax credits with respect to such foreign taxes paid by the Fund, subject to certain requirements","page_number":235,"box":{"x":116,"y":382,"width":762,"height":12}},{"id":"87b165e9-c42b-4ee1-be60-8e07791d94b7","block_type":"box","text":"and limitations contained in the Code. For example, certain retirement accounts and certain tax-exempt","page_number":235,"box":{"x":116,"y":397,"width":772,"height":12}},{"id":"a35e8276-c7dd-4cc9-b32c-beffda65e6e1","block_type":"box","text":"organizations cannot claim foreign tax credits on investments in foreign securities held in a Fund. In","page_number":235,"box":{"x":116,"y":413,"width":743,"height":12}},{"id":"a3ad196b-7252-4cdf-99a1-92ad00ec861a","block_type":"box","text":"addition, a foreign tax credit may be claimed with respect to withholding tax on payments with respect","page_number":235,"box":{"x":116,"y":428,"width":759,"height":12}},{"id":"28418d02-1029-4784-9539-1d4ce8749ddb","block_type":"box","text":"to a security only if the holder of the security meets certain holding period requirements. Both the","page_number":235,"box":{"x":116,"y":444,"width":724,"height":12}},{"id":"86e48994-2ec3-4e8e-a800-28199ff5b82a","block_type":"box","text":"shareholder and the Fund must meet these holding period requirements, and if a Fund fails to do so, it","page_number":235,"box":{"x":116,"y":459,"width":764,"height":12}},{"id":"d17a0db6-6f44-4e20-8c43-9052d6d1d2e6","block_type":"box","text":"will not be able to “pass through” to shareholders the ability to claim a credit or a deduction for the","page_number":235,"box":{"x":116,"y":475,"width":731,"height":12}},{"id":"2aa2d297-cea9-4552-a00f-b5b9cc1bfa13","block_type":"box","text":"related foreign taxes paid by the Fund. Further, to the extent that a Fund engages in securities lending","page_number":235,"box":{"x":117,"y":490,"width":763,"height":12}},{"id":"b52e0669-78c2-43d2-a348-89f1dbfea8b0","block_type":"box","text":"with respect to a security paying income subject to foreign taxes, it may not be able to pass through to","page_number":235,"box":{"x":116,"y":506,"width":763,"height":12}},{"id":"ed0c14e5-3ede-499d-a0da-2e4a98073c74","block_type":"box","text":"its shareholders the ability to take a foreign tax credit for those taxes. If a Fund satisfies the applicable","page_number":235,"box":{"x":117,"y":521,"width":762,"height":12}},{"id":"ce678bb6-3916-4c45-a731-cdc350ebc63d","block_type":"box","text":"requirements, such Fund will be eligible to file an election with the IRS pursuant to which shareholders","page_number":235,"box":{"x":117,"y":537,"width":763,"height":12}},{"id":"1df11072-42e9-4fb2-a748-e9abf39571cc","block_type":"box","text":"of the Fund will be required to include their proportionate shares of such foreign taxes in their U.S.","page_number":235,"box":{"x":116,"y":552,"width":733,"height":12}},{"id":"bd485ec4-7544-4096-aa3f-a4bcdd65aaaf","block_type":"box","text":"income tax returns as gross income, treat such proportionate shares as taxes paid by them, and","page_number":235,"box":{"x":117,"y":568,"width":718,"height":12}},{"id":"ccd5a019-327f-4276-955d-5479be6da97b","block_type":"box","text":"deduct such proportionate shares in computing their taxable incomes or, alternatively, use them as","page_number":235,"box":{"x":116,"y":583,"width":738,"height":12}},{"id":"003a1a06-639e-4b19-91b8-610df6b244cf","block_type":"box","text":"foreign tax credits against their U.S. income taxes. No deductions for foreign taxes, however, may be","page_number":235,"box":{"x":116,"y":599,"width":755,"height":12}},{"id":"dabc6ea0-fc2a-4372-bf2e-73bb711936f4","block_type":"box","text":"claimed by noncorporate shareholders who do not itemize deductions. A shareholder that is a","page_number":235,"box":{"x":116,"y":614,"width":699,"height":12}},{"id":"4ce1a6bf-68d7-458b-b464-8c2d6bbcd53b","block_type":"box","text":"nonresident alien individual or a foreign corporation may be subject to U.S. withholding tax on the","page_number":235,"box":{"x":117,"y":630,"width":726,"height":12}},{"id":"780a57fb-8322-404c-8659-482125b936a3","block_type":"box","text":"income resulting from a Fund’s election described in this paragraph but may not be able to claim a","page_number":235,"box":{"x":117,"y":645,"width":733,"height":12}},{"id":"7c166334-97f5-44a6-9a28-dc9b3b25e80c","block_type":"box","text":"credit or deduction against such U.S. tax for the foreign taxes treated as having been paid by such","page_number":235,"box":{"x":116,"y":661,"width":730,"height":12}},{"id":"6d1dd3e5-92b2-45f9-97bf-6e4da62da858","block_type":"box","text":"shareholder. A Fund will report annually to its shareholders the amount per share of such foreign taxes","page_number":235,"box":{"x":116,"y":676,"width":763,"height":12}},{"id":"71a70a22-d226-4b64-9d6f-78ce93069269","block_type":"box","text":"and other information needed to claim the foreign tax credit.","page_number":235,"box":{"x":116,"y":692,"width":443,"height":12}},{"id":"cdd8a42d-1e3e-4789-a6be-6c67c02f8cc5","block_type":"box","text":"Certain transactions entered into by the Funds are subject to special tax rules of the Code that may,","page_number":235,"box":{"x":117,"y":723,"width":739,"height":12}},{"id":"cfb608c2-2eb1-407d-9581-f5b6a5854239","block_type":"box","text":"among other things, (a) affect the character of gains and losses realized, (b) disallow, suspend or","page_number":235,"box":{"x":116,"y":738,"width":722,"height":12}},{"id":"3ce3b825-2db0-4f7a-88bf-b0e61834250f","block_type":"box","text":"otherwise limit the allowance of certain losses or deductions, and (c) accelerate the recognition of","page_number":235,"box":{"x":116,"y":754,"width":724,"height":12}},{"id":"3b36b063-916e-4aef-a835-1db21085f6f4","block_type":"box","text":"income without a corresponding receipt of cash (with which to make the necessary distributions to","page_number":235,"box":{"x":117,"y":769,"width":725,"height":12}},{"id":"03b86340-c0e4-48ab-837f-983189efea74","block_type":"box","text":"satisfy distribution requirements applicable to regulated investment companies). Operation of these","page_number":235,"box":{"x":116,"y":785,"width":736,"height":12}},{"id":"c3ebbc0d-df27-4e7f-aff0-f688a0df55eb","block_type":"box","text":"rules could, therefore, affect the character, amount and timing of distributions to shareholders. Special","page_number":235,"box":{"x":117,"y":800,"width":756,"height":12}},{"id":"34816c60-3b3b-433b-b5a8-0ab02bd45616","block_type":"box","text":"tax rules also may require a Fund to mark-to-market certain types of positions in its portfolio (","page_number":235,"box":{"x":116,"y":816,"width":691,"height":12}},{"id":"daee1bd1-8477-4b19-b4f6-db9b70292bd0","block_type":"box","text":"i.e.","page_number":235,"box":{"x":808,"y":816,"width":20,"height":9}},{"id":"bb51708d-1ed3-4918-b95f-59949c6806d8","block_type":"box","text":", treat","page_number":235,"box":{"x":831,"y":816,"width":42,"height":11}},{"id":"dc60e802-bed7-4148-ab42-b36c9f2a62b7","block_type":"box","text":"them as sold on the last day of the taxable year), and may result in the recognition of income without a","page_number":235,"box":{"x":116,"y":831,"width":765,"height":12}},{"id":"45e89ce1-5190-4ab6-8324-537a10b0def1","block_type":"box","text":"corresponding receipt of cash. Funds engaging in transactions affected by these provisions intend to","page_number":235,"box":{"x":116,"y":847,"width":751,"height":12}},{"id":"bac0666e-af52-45ca-b37a-ae7d38d833d6","block_type":"box","text":"monitor their transactions, make appropriate tax elections and make appropriate entries in their books","page_number":235,"box":{"x":117,"y":862,"width":760,"height":12}},{"id":"be0da85c-ad9d-4d3d-be7d-3f299e1623c5","block_type":"box","text":"II-170","page_number":235,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"558a98e1-6c67-4371-aee8-c3e59a28ef92","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":235,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"a4c547f4-019a-48ab-b33c-f2b598a4680b","block_type":"box","text":"and records to lessen the effect of these tax rules and avoid any possible disqualification from the","page_number":236,"box":{"x":116,"y":87,"width":730,"height":12}},{"id":"3348f0d2-8782-4775-b1b6-fcb6eb3e1875","block_type":"box","text":"special treatment afforded regulated investment companies under the Code.","page_number":236,"box":{"x":116,"y":102,"width":571,"height":13}},{"id":"c572dd82-cd8e-4bd6-b5b1-000c0df0c278","block_type":"box","text":"Certain of a Fund’s investments in derivative instruments and foreign currency-denominated","page_number":236,"box":{"x":117,"y":130,"width":687,"height":13}},{"id":"429fb683-d454-4b90-8600-adf8380753b3","block_type":"box","text":"instruments, and any of the Fund’s transactions in foreign currencies and hedging activities, are likely","page_number":236,"box":{"x":117,"y":146,"width":756,"height":12}},{"id":"100f351e-ef06-4373-9c6d-cad19f36cb7f","block_type":"box","text":"to produce a difference between its book income and the sum of its taxable income and net tax-exempt","page_number":236,"box":{"x":116,"y":161,"width":771,"height":12}},{"id":"f52ecde0-c6ae-4b8f-b283-8b3833492319","block_type":"box","text":"income (if any). If such a difference arises, and the Fund’s book income is less than the sum of its","page_number":236,"box":{"x":117,"y":177,"width":730,"height":12}},{"id":"88335768-2aa2-4dcc-9cda-1a608ac4ca38","block_type":"box","text":"taxable income and net tax-exempt income, the Fund could be required to make distributions","page_number":236,"box":{"x":116,"y":193,"width":695,"height":11}},{"id":"75fdfc02-7a6b-40d9-bb31-3ef8625a9c91","block_type":"box","text":"exceeding book income to qualify as a RIC that is accorded special tax treatment and to avoid an","page_number":236,"box":{"x":116,"y":208,"width":727,"height":12}},{"id":"e5e52902-00b4-4527-a240-594c9c56ecd2","block_type":"box","text":"entity-level tax. In the alternative, if the Fund makes any distribution based on book income and such","page_number":236,"box":{"x":116,"y":223,"width":754,"height":13}},{"id":"8c7a18c6-9371-4bd5-af84-ba9cd7cece6f","block_type":"box","text":"book income exceeds the sum of its taxable income (including realized capital gains) and net tax","page_number":236,"box":{"x":117,"y":239,"width":721,"height":12}},{"id":"a0f83d6d-db69-4812-bd39-cbc21300d435","block_type":"box","text":"exempt income, the distribution (if any) of such excess generally will be treated as (i) a dividend to the","page_number":236,"box":{"x":116,"y":254,"width":761,"height":13}},{"id":"2275791c-107a-4695-b33c-5349b8230aad","block_type":"box","text":"extent of the Fund’s remaining earnings and profits (including earnings and profits arising from tax","page_number":236,"box":{"x":116,"y":270,"width":733,"height":12}},{"id":"a40b8218-f0a0-435b-8954-94ca52c2f89b","block_type":"box","text":"exempt income), (ii) thereafter, as a return of capital to the extent of the recipient’s basis in its shares,","page_number":236,"box":{"x":116,"y":285,"width":759,"height":13}},{"id":"5adddad3-f4e1-4d28-a421-373dcd1714c2","block_type":"box","text":"and (iii) thereafter as gain from the sale or exchange of a capital asset.","page_number":236,"box":{"x":116,"y":301,"width":530,"height":12}},{"id":"432e40c8-add0-45ed-9359-27fea7ad07f3","block_type":"box","text":"If a Fund invests in underlying funds, the Fund’s","page_number":236,"box":{"x":117,"y":329,"width":361,"height":12}},{"id":"ad03ce06-91cc-42a7-80c5-412951574976","block_type":"box","text":"realized losses on sales of shares of underlying funds","page_number":236,"box":{"x":479,"y":329,"width":403,"height":12}},{"id":"a6c8aeb3-002e-4e32-adc8-a76a150017c0","block_type":"box","text":"may be indefinitely or permanently deferred as “wash sales.” Distributions of short-term capital gains","page_number":236,"box":{"x":117,"y":344,"width":749,"height":12}},{"id":"56214e43-4af7-458d-ad77-f182c19fc336","block_type":"box","text":"by underlying funds will be recognized as ordinary income by the Fund and would not be offset by the","page_number":236,"box":{"x":117,"y":360,"width":757,"height":12}},{"id":"d907de69-a921-4be8-a724-95ed1d2c065f","block_type":"box","text":"Fund’s capital loss carryforwards, if any. Capital loss carryforwards of underlying funds, if any, would","page_number":236,"box":{"x":117,"y":375,"width":751,"height":12}},{"id":"b98c9558-5765-43c6-801c-1b54c95f72d8","block_type":"box","text":"not offset net capital gains of the Fund. Each of these effects is caused by the Fund’s expected","page_number":236,"box":{"x":117,"y":391,"width":710,"height":12}},{"id":"98aa1e56-69c7-41be-b815-670705042307","block_type":"box","text":"investment in the underlying funds and may result in distributions to Fund shareholders being of higher","page_number":236,"box":{"x":117,"y":406,"width":766,"height":12}},{"id":"e4c24b91-b375-4d56-a89a-ad40163eb843","block_type":"box","text":"magnitudes and less likely to qualify for lower capital gain tax rates than if the Fund were to invest","page_number":236,"box":{"x":117,"y":422,"width":730,"height":12}},{"id":"35c42ce1-c605-4335-85b1-14b74843eefa","block_type":"box","text":"otherwise.","page_number":236,"box":{"x":116,"y":438,"width":81,"height":9}},{"id":"b31ddb53-53a5-48b1-8dcf-d79705abf00a","block_type":"box","text":"A Fund may take certain positions through a wholly-owned (or majority-owned), foreign subsidiary (the","page_number":236,"box":{"x":116,"y":465,"width":765,"height":12}},{"id":"0db032da-4da9-491e-be0c-f48a449a1630","block_type":"box","text":"“Subsidiary”). It is expected that the Subsidiary will be a “controlled foreign corporation” and that all of","page_number":236,"box":{"x":116,"y":481,"width":758,"height":12}},{"id":"389a874d-1867-43a4-a7b6-5c0532ab01c5","block_type":"box","text":"its net income will be “subpart F income” for U.S. federal income tax purposes. If that is the case, the","page_number":236,"box":{"x":117,"y":496,"width":752,"height":12}},{"id":"70198ca0-3f5d-4854-9956-fbb951f334fc","block_type":"box","text":"Fund will be required to report all of the Subsidiary’s net income as ordinary income regardless of","page_number":236,"box":{"x":117,"y":512,"width":726,"height":12}},{"id":"bd436356-c4ba-467e-96c8-02b2823f86d4","block_type":"box","text":"whether that income would be treated differently (for example, as capital gain) at the Subsidiary level","page_number":236,"box":{"x":116,"y":527,"width":753,"height":12}},{"id":"05dd8981-df17-4718-9849-a9b41bc207e0","block_type":"box","text":"and regardless of whether that income is distributed to the Fund. (Previously taxed income will not,","page_number":236,"box":{"x":116,"y":543,"width":738,"height":12}},{"id":"a78e63f2-74a9-46c7-ab85-3f5a2caa583a","block_type":"box","text":"however, be taxable again when distributed.) If a net loss is realized by the Subsidiary in any taxable","page_number":236,"box":{"x":117,"y":558,"width":751,"height":12}},{"id":"e12e0142-6028-42fa-aaec-4b904ae18773","block_type":"box","text":"year, the loss will generally not be available to offset the Fund’s other income. It is not expected that","page_number":236,"box":{"x":116,"y":574,"width":747,"height":12}},{"id":"8d116d94-55fe-4f5f-912e-6a624fdf88f8","block_type":"box","text":"the Subsidiary will be subject to an entity-level federal tax.","page_number":236,"box":{"x":116,"y":589,"width":436,"height":12}},{"id":"1c9bc32b-6216-47b3-baf8-0804a30e5512","block_type":"box","text":"If a Fund purchases shares of an investment company (or similar investment entity) organized under","page_number":236,"box":{"x":117,"y":617,"width":750,"height":12}},{"id":"dc228bc3-d89e-46e8-8ce4-11c80040f24b","block_type":"box","text":"foreign law, the Fund will generally be treated as owning shares in a passive foreign investment","page_number":236,"box":{"x":116,"y":633,"width":714,"height":12}},{"id":"9b970692-2f97-4dcf-8353-2dfbd1e30621","block_type":"box","text":"company (“PFIC”) for U.S. federal income tax purposes. A Fund may be subject to U.S. federal income","page_number":236,"box":{"x":116,"y":648,"width":769,"height":12}},{"id":"daddf2b1-a96f-46d3-a82d-734a56e59eed","block_type":"box","text":"tax, and interest charges (at the rate applicable to tax underpayments) on tax liability treated as having","page_number":236,"box":{"x":116,"y":664,"width":761,"height":12}},{"id":"5d05260e-8167-4946-a617-354d7262038b","block_type":"box","text":"been deferred with respect to certain distributions from such a company and on gain from the","page_number":236,"box":{"x":117,"y":679,"width":691,"height":12}},{"id":"2a58343c-1d1a-4429-b67a-e5fe1129a7a6","block_type":"box","text":"disposition of the shares of such a company (collectively referred to as “excess distributions”), even if","page_number":236,"box":{"x":116,"y":695,"width":752,"height":12}},{"id":"eb7c8e78-d340-4307-8c86-e5ec8aaf41d0","block_type":"box","text":"such excess distributions are paid by the Fund as a dividend to its shareholders. However, a Fund may","page_number":236,"box":{"x":116,"y":710,"width":766,"height":12}},{"id":"34ca1e8f-cc1d-4c43-9cdf-10a66e3a7b58","block_type":"box","text":"elect to “mark-to-market” at the end of each taxable year shares that it holds in PFICs. The election is","page_number":236,"box":{"x":116,"y":726,"width":753,"height":12}},{"id":"bdd7f755-01df-4f37-9f4f-50d4e7334f1c","block_type":"box","text":"made separately for each PFIC held and, once made, would be effective for all subsequent taxable","page_number":236,"box":{"x":117,"y":741,"width":734,"height":12}},{"id":"e596089b-6a0c-4889-87ff-efa5f2c7ec5b","block_type":"box","text":"years, unless revoked with consent from the IRS. Under this election, a Fund would recognize as","page_number":236,"box":{"x":116,"y":757,"width":719,"height":12}},{"id":"ded4edf7-f868-4320-a26c-fbfd2232887a","block_type":"box","text":"ordinary income any increase in the value of its shares as of the close of the taxable year over their","page_number":236,"box":{"x":116,"y":772,"width":737,"height":12}},{"id":"cf15caf8-f62a-48c5-b324-e4745ea138ef","block_type":"box","text":"adjusted tax basis and as ordinary loss any decrease in such value, but only to the extent of previously","page_number":236,"box":{"x":116,"y":788,"width":763,"height":12}},{"id":"31719ad3-9d7f-4ce5-9f72-a7ecf108642e","block_type":"box","text":"recognized “mark-to-market” gains. By making the mark-to-market election, a Fund could avoid","page_number":236,"box":{"x":117,"y":803,"width":704,"height":12}},{"id":"87f9ce0b-155b-4e92-a4b8-82fa8d73a5d1","block_type":"box","text":"imposition of the interest charge with respect to excess distributions from PFICs, but in any particular","page_number":236,"box":{"x":117,"y":819,"width":749,"height":12}},{"id":"dd861305-dc0a-4801-bb34-85a14958993d","block_type":"box","text":"year might be required to recognize income in excess of the distributions it received from PFICs.","page_number":236,"box":{"x":116,"y":834,"width":720,"height":12}},{"id":"aa6ff9a7-38be-407e-b8a1-094549424a65","block_type":"box","text":"If a Fund were to invest in a PFIC and elect to treat the PFIC as a “qualified electing fund” under the","page_number":236,"box":{"x":117,"y":862,"width":746,"height":12}},{"id":"a98b2ebf-8e92-4c2b-afe6-fe705d3d09ed","block_type":"box","text":"Code, in lieu of the foregoing requirements, the Fund would be required to include in income each year","page_number":236,"box":{"x":117,"y":878,"width":768,"height":12}},{"id":"b09fc503-575f-4065-adae-4afb1594f141","block_type":"box","text":"II-171","page_number":236,"box":{"x":480,"y":909,"width":38,"height":9}},{"id":"6aad0d8b-30dd-4bcf-9430-ada7c64c125b","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":236,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"2dfc09e1-7c85-451b-a026-846200730076","block_type":"box","text":"a portion of the ordinary earnings and net capital gains of the qualified electing fund, even if not","page_number":237,"box":{"x":116,"y":87,"width":712,"height":12}},{"id":"0eca8911-2271-4126-a0c3-fb03afd729fd","block_type":"box","text":"distributed to the Fund, and such amounts would be subject to the 90% and excise tax distribution","page_number":237,"box":{"x":116,"y":102,"width":732,"height":13}},{"id":"948ecbad-7304-4886-bbe0-7bd877311eb4","block_type":"box","text":"requirements described above. In order to make this election, the Fund would be required to obtain","page_number":237,"box":{"x":117,"y":118,"width":739,"height":12}},{"id":"80260f5d-50c3-4b99-9cd8-9d65308209cb","block_type":"box","text":"certain annual information from the PFICs in which it invests, which may be difficult or impossible to","page_number":237,"box":{"x":116,"y":134,"width":743,"height":12}},{"id":"c1533675-be5e-4d7e-b040-b2c69ba0fd33","block_type":"box","text":"obtain.","page_number":237,"box":{"x":116,"y":149,"width":55,"height":10}},{"id":"b8c95276-335e-4f06-871e-6bb0f4ebd5ba","block_type":"box","text":"In certain situations, a Fund may, for a taxable year, defer","page_number":237,"box":{"x":117,"y":179,"width":434,"height":12}},{"id":"b669ba4f-af2b-4e94-8e26-ec8ae92e6fca","block_type":"box","text":"all or a portion of its net capital loss (or if","page_number":237,"box":{"x":552,"y":179,"width":305,"height":12}},{"id":"3036aa30-85bf-4aeb-bbb5-b6416b07bcfc","block_type":"box","text":"there is no net capital loss, any net long-term or short-term capital loss) realized after October and its","page_number":237,"box":{"x":116,"y":194,"width":755,"height":12}},{"id":"66a1190f-20e3-4577-a573-7644884ba584","block_type":"box","text":"late-year ordinary loss (defined as the sum of the excess of post-October foreign currency and PFIC","page_number":237,"box":{"x":117,"y":210,"width":748,"height":12}},{"id":"136e7402-c71d-432f-aca3-578c9e9d690f","block_type":"box","text":"losses over post-October foreign currency and PFIC gains plus the excess of post-December ordinary","page_number":237,"box":{"x":117,"y":225,"width":761,"height":12}},{"id":"43897b59-ca75-4947-9c3f-db3a476cda4a","block_type":"box","text":"losses over post-December ordinary income) until the next taxable year in computing its investment","page_number":237,"box":{"x":117,"y":241,"width":743,"height":12}},{"id":"b945496d-64b1-49ee-a006-9d212bbe14f2","block_type":"box","text":"company taxable income and net capital gain, which will defer the recognition of such realized losses.","page_number":237,"box":{"x":116,"y":256,"width":759,"height":12}},{"id":"940358ec-3837-4b8e-bcf4-46881703a0c2","block_type":"box","text":"Such deferrals and other rules regarding gains and losses realized after October (or December) may","page_number":237,"box":{"x":116,"y":272,"width":752,"height":12}},{"id":"664fedfa-5959-4253-b56e-7d049ea10106","block_type":"box","text":"affect the tax character of shareholder distributions.","page_number":237,"box":{"x":116,"y":287,"width":387,"height":10}},{"id":"50ef4abe-a9f8-4dd8-a74c-f1da416f8306","block_type":"box","text":"Municipal Funds","page_number":237,"box":{"x":116,"y":317,"width":127,"height":12}},{"id":"b965e0a5-4498-4255-b653-d7c3912daee3","block_type":"box","text":"Each Municipal Fund intends to qualify to pay “exempt-interest dividends” as defined in","page_number":237,"box":{"x":117,"y":339,"width":650,"height":12}},{"id":"86466801-d545-4d9c-ba67-edb7d60c75cc","block_type":"box","text":"Section 852(b)(5) of the Code. Under such section if, at the close of each quarter of a Fund’s taxable","page_number":237,"box":{"x":116,"y":355,"width":753,"height":12}},{"id":"fbee2cb9-6908-4040-ab5e-0f92e2be7c70","block_type":"box","text":"year, at least 50% of the value of the Fund’s total assets consists of obligations exempt from U.S.","page_number":237,"box":{"x":116,"y":370,"width":728,"height":12}},{"id":"256b51e1-9175-4dd3-8bfb-21039e326d04","block_type":"box","text":"federal income tax (“tax-exempt obligations”) under Section 103(a) of the Code (relating generally to","page_number":237,"box":{"x":116,"y":386,"width":748,"height":12}},{"id":"750619fb-726d-4676-8585-6c9e9185b390","block_type":"box","text":"obligations of a state or local governmental unit), the Fund shall be qualified to pay exempt-interest","page_number":237,"box":{"x":116,"y":401,"width":739,"height":12}},{"id":"61b20142-c1a3-4e43-8605-c7f6f11976ed","block_type":"box","text":"dividends to holders of all outstanding classes of its shares (together the “shareholders”). Exempt","page_number":237,"box":{"x":116,"y":417,"width":728,"height":12}},{"id":"b8397386-856d-4f04-9c66-5600b6e06e8e","block_type":"box","text":"interest dividends are dividends or any part thereof paid by a Fund that are attributable to interest on","page_number":237,"box":{"x":117,"y":432,"width":749,"height":12}},{"id":"cbea215c-4638-4364-a8dc-2eb0eda77842","block_type":"box","text":"tax-exempt obligations and reported by the Fund as exempt-interest dividends. A Fund will allocate","page_number":237,"box":{"x":116,"y":448,"width":740,"height":12}},{"id":"00ba3d36-4412-427a-81e1-0cdcbef4cc64","block_type":"box","text":"interest from tax-exempt obligations (as well as ordinary income, capital gains and tax preference","page_number":237,"box":{"x":117,"y":463,"width":727,"height":12}},{"id":"03296c28-99aa-458e-b7dd-cade02a8686c","block_type":"box","text":"items discussed below) among the Fund’s shareholders according to a method (that it believes is","page_number":237,"box":{"x":117,"y":479,"width":725,"height":12}},{"id":"447e9089-e19b-497a-a30b-d4a8a9ba5a6c","block_type":"box","text":"consistent with the Commission rule permitting the issuance and sale of multiple classes of shares)","page_number":237,"box":{"x":116,"y":494,"width":741,"height":12}},{"id":"54f95284-5dd0-423b-8edc-10e51c5141f0","block_type":"box","text":"that is based upon the gross income that is allocable to each class of shareholders during the taxable","page_number":237,"box":{"x":116,"y":510,"width":758,"height":12}},{"id":"58be9988-24fc-415c-9036-136e47a141aa","block_type":"box","text":"year, or such other method as the IRS may prescribe.","page_number":237,"box":{"x":116,"y":525,"width":404,"height":12}},{"id":"ede913a4-7c07-4c6c-a22e-c04653131137","block_type":"box","text":"Exempt-interest dividends will be excludable from a shareholder’s gross income for U.S. federal","page_number":237,"box":{"x":117,"y":555,"width":714,"height":12}},{"id":"e4e5f015-383b-402b-91ce-0e306a7a04d2","block_type":"box","text":"income tax purposes. Exempt-interest dividends are included, however, in determining the portion, if","page_number":237,"box":{"x":117,"y":570,"width":748,"height":12}},{"id":"70958402-4974-4cd6-8717-1cb5f16e5a65","block_type":"box","text":"any, of a person’s social security and railroad retirement benefits subject to U.S. federal income taxes.","page_number":237,"box":{"x":116,"y":586,"width":764,"height":12}},{"id":"d0887857-b0c7-4ce0-b72a-16ca5daaac64","block_type":"box","text":"Interest on indebtedness incurred or continued to purchase or carry shares of a regulated investment","page_number":237,"box":{"x":117,"y":601,"width":754,"height":13}},{"id":"0a8fc125-db47-425b-bc4c-7ec611ec1111","block_type":"box","text":"company paying exempt-interest dividends, such as the Fund, will not be deductible by the investor for","page_number":237,"box":{"x":116,"y":617,"width":766,"height":12}},{"id":"d6cbf452-1f2b-478d-8a2c-5b2f4e3d70b7","block_type":"box","text":"U.S. federal income tax purposes to the extent attributable to exempt-interest dividends. Shareholders","page_number":237,"box":{"x":117,"y":632,"width":762,"height":12}},{"id":"7cbfd016-c4cb-4f51-aeda-1b62d8bc3748","block_type":"box","text":"are advised to consult their tax advisors with respect to whether exempt-interest dividends retain the","page_number":237,"box":{"x":116,"y":648,"width":749,"height":12}},{"id":"9820bbce-0060-47b3-b808-2a0a026243cf","block_type":"box","text":"exclusion under Code Section 103(a) if a shareholder would be treated as a “substantial user” or","page_number":237,"box":{"x":116,"y":663,"width":717,"height":13}},{"id":"ff6df91a-92d1-48a0-a3d0-ce0825dc27bd","block_type":"box","text":"“related person” under Code Section 147(a) with respect to property financed with the proceeds of an","page_number":237,"box":{"x":116,"y":679,"width":751,"height":12}},{"id":"b3e5c5a7-6b34-4fc5-8bc9-4bebf3c51478","block_type":"box","text":"issue of PABs, if any, held by a Fund.","page_number":237,"box":{"x":117,"y":694,"width":277,"height":13}},{"id":"e3a54a16-74a0-498f-8b04-e29b990e6588","block_type":"box","text":"Substitute payments received by a Fund representing interest paid on tax-exempt obligations loaned","page_number":237,"box":{"x":116,"y":724,"width":745,"height":12}},{"id":"5ab0e310-634f-4e65-8401-d42451b6a17e","block_type":"box","text":"out by the Fund will not be considered exempt interest, and distributions by the Fund of such substitute","page_number":237,"box":{"x":116,"y":740,"width":764,"height":12}},{"id":"b9a34f10-c53f-4117-97ee-687d81d96ee9","block_type":"box","text":"payments will not constitute exempt-interest dividends.","page_number":237,"box":{"x":117,"y":755,"width":404,"height":12}},{"id":"5bf8b532-4606-4d58-87e7-e0294412bad0","block_type":"box","text":"Distributions in excess of a Fund’s earnings and profits will first reduce the adjusted tax basis of a","page_number":237,"box":{"x":117,"y":785,"width":722,"height":12}},{"id":"866ff156-ea9d-481f-8976-00018d8f8084","block_type":"box","text":"holder’s shares and, after such adjusted tax basis is reduced to zero, will constitute capital gains to","page_number":237,"box":{"x":117,"y":800,"width":733,"height":12}},{"id":"aa1f25b2-f1f0-478a-8b0c-172070159b12","block_type":"box","text":"such holder (assuming the shares are held as a capital asset). Any loss upon the sale or exchange of","page_number":237,"box":{"x":116,"y":816,"width":753,"height":12}},{"id":"10e65554-7da7-4372-b958-8313de3fe73a","block_type":"box","text":"Fund shares held for six months or less will be disallowed to the extent of any exempt-interest","page_number":237,"box":{"x":117,"y":831,"width":700,"height":12}},{"id":"406ee662-f70f-48cb-98fe-18360f30874b","block_type":"box","text":"dividends received by the shareholder. In addition, any such loss that is not disallowed under the rule","page_number":237,"box":{"x":116,"y":847,"width":756,"height":12}},{"id":"35594893-c8e4-4a72-8899-016084d43863","block_type":"box","text":"stated above will be treated as long-term capital loss to the extent of any capital gain dividends","page_number":237,"box":{"x":116,"y":862,"width":709,"height":12}},{"id":"46d57add-7956-4298-9d18-c89453c11657","block_type":"box","text":"received by the shareholder.","page_number":237,"box":{"x":117,"y":878,"width":216,"height":12}},{"id":"a4e06621-a648-44df-a08a-5f62463d8577","block_type":"box","text":"II-172","page_number":237,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"1faf1327-4b33-4be8-ad78-04acb7171e12","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":237,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"a46fe9b7-8f38-4eaf-ae2b-1b558e59acd0","block_type":"box","text":"All or a portion of a Fund’s gains from the sale or redemption of tax-exempt obligations purchased at a","page_number":238,"box":{"x":116,"y":87,"width":764,"height":12}},{"id":"e5b5425f-a2a3-4317-8fbf-133895c1b2ad","block_type":"box","text":"market discount will be treated as ordinary income rather than capital gain. This rule may increase the","page_number":238,"box":{"x":117,"y":103,"width":760,"height":12}},{"id":"d36cb058-a6ee-4766-95f4-13de0c003915","block_type":"box","text":"amount of ordinary income dividends received by shareholders.","page_number":238,"box":{"x":116,"y":118,"width":477,"height":12}},{"id":"630275aa-a5ee-4c61-8e5e-ee2236d2b0f8","block_type":"box","text":"Any market discount recognized on a bond is taxable as ordinary income. A market discount bond is a","page_number":238,"box":{"x":116,"y":149,"width":763,"height":12}},{"id":"8f11a94e-21d5-47c6-962d-4b91565b07cd","block_type":"box","text":"bond acquired in the secondary market at a price below redemption value or adjusted issue price if","page_number":238,"box":{"x":117,"y":165,"width":737,"height":12}},{"id":"f96c5ee7-aec6-4f8e-a870-baddf44ff90d","block_type":"box","text":"issued with original issue discount. Absent an election by the Fund to include the market discount in","page_number":238,"box":{"x":117,"y":180,"width":744,"height":12}},{"id":"023c8e84-27bc-422b-9294-01d0e3eb14ad","block_type":"box","text":"income as it accrues, gain on the Fund’s disposition of such an obligation will be treated as ordinary","page_number":238,"box":{"x":117,"y":196,"width":744,"height":12}},{"id":"c40fbb50-c525-497b-8c60-8aedceb3fea7","block_type":"box","text":"income rather than capital gain to the extent of the accrued market discount.","page_number":238,"box":{"x":117,"y":211,"width":571,"height":12}},{"id":"0f38f6fb-375f-43ed-8d1e-7c48c1c85451","block_type":"box","text":"The Code subjects interest received on certain otherwise tax-exempt securities to a federal alternative","page_number":238,"box":{"x":116,"y":242,"width":763,"height":12}},{"id":"4f645e5a-8482-487b-9fab-6740e529a331","block_type":"box","text":"minimum tax. The alternative minimum tax applies to interest received on certain “PABs” issued after","page_number":238,"box":{"x":117,"y":258,"width":753,"height":11}},{"id":"3097c948-1a0c-4fc8-8a88-4e571de4bedd","block_type":"box","text":"August 7, 1986. PABs are bonds that, although tax-exempt, are used for purposes other than those","page_number":238,"box":{"x":116,"y":273,"width":743,"height":12}},{"id":"4bde515f-caad-414c-bb72-48c1ee956375","block_type":"box","text":"generally performed by governmental units and that benefit non-governmental entities (","page_number":238,"box":{"x":116,"y":289,"width":648,"height":12}},{"id":"63cce5fe-f5a9-4ec5-970d-478ae0c773dd","block_type":"box","text":"e.g.","page_number":238,"box":{"x":765,"y":291,"width":26,"height":10}},{"id":"ceb1c3fe-d2b1-47b7-b673-cfab22f272a0","block_type":"box","text":", bonds","page_number":238,"box":{"x":794,"y":289,"width":58,"height":11}},{"id":"ec53eaec-b8eb-43e6-b43c-de8ae7f95878","block_type":"box","text":"used for industrial development or housing purposes). Income received on such bonds is classified as","page_number":238,"box":{"x":117,"y":304,"width":760,"height":12}},{"id":"e5999690-e95b-4dc4-9324-1d32a74e9d58","block_type":"box","text":"an item of “tax preference,” which could subject certain investors in such bonds, including shareholders","page_number":238,"box":{"x":116,"y":320,"width":771,"height":12}},{"id":"2158489d-e75b-4240-8aa7-10a0f4f3c127","block_type":"box","text":"of a Fund, to a federal alternative minimum tax. A Fund will purchase such “PABs” and will report to","page_number":238,"box":{"x":116,"y":335,"width":744,"height":12}},{"id":"cce2b455-b350-4749-9b3b-3227903018ee","block_type":"box","text":"shareholders after the close of the calendar year the portion of the Fund’s dividends declared during","page_number":238,"box":{"x":116,"y":351,"width":748,"height":12}},{"id":"bff2e318-725b-4efc-adc0-eed2d876692a","block_type":"box","text":"the year that constitute an item of tax preference for alternative minimum tax purposes.","page_number":238,"box":{"x":116,"y":366,"width":651,"height":12}},{"id":"60330993-9a2b-4a76-a019-d98ed43e1dcc","block_type":"box","text":"Each Municipal Fund may engage in interest rate swap transactions. The U.S. federal income tax rules","page_number":238,"box":{"x":117,"y":397,"width":768,"height":12}},{"id":"131b3a12-c86d-436f-a64f-9f0b20392dd6","block_type":"box","text":"governing the taxation of interest rate swaps are not entirely clear and may require a Fund to treat","page_number":238,"box":{"x":116,"y":413,"width":733,"height":12}},{"id":"0a32401d-c8ed-492f-a6aa-ca7a56ae0e77","block_type":"box","text":"payments received under such arrangements as ordinary income and to amortize payments made","page_number":238,"box":{"x":117,"y":428,"width":733,"height":12}},{"id":"6f991074-95e7-4ae0-b364-9e826fb525ab","block_type":"box","text":"under certain circumstances. Because payments received by a Fund in connection with swap","page_number":238,"box":{"x":117,"y":444,"width":697,"height":12}},{"id":"59248f60-264b-4c51-8565-100682653b2f","block_type":"box","text":"transactions will be taxable rather than tax-exempt and because swap payments made by a Fund will","page_number":238,"box":{"x":116,"y":459,"width":757,"height":12}},{"id":"4de71730-ff90-495e-9805-3b32517a2efe","block_type":"box","text":"offset both taxable and tax-exempt gross income proportionately, they may result in increased taxable","page_number":238,"box":{"x":116,"y":475,"width":762,"height":12}},{"id":"669294a0-97db-4aa6-930e-85213b59139a","block_type":"box","text":"distributions to shareholders.","page_number":238,"box":{"x":116,"y":490,"width":220,"height":10}},{"id":"ea476807-18f2-4a7a-a83c-bc078d5322ae","block_type":"box","text":"Please see Part I of your Fund’s SAI for certain state tax information relevant to an investment in","page_number":238,"box":{"x":117,"y":521,"width":721,"height":12}},{"id":"9e4ff86a-1348-49bb-9dbf-6724cbbe5269","block_type":"box","text":"BlackRock California Municipal Opportunities Fund, BlackRock New Jersey Municipal Bond Fund,","page_number":238,"box":{"x":117,"y":537,"width":731,"height":12}},{"id":"aff4a659-d9d6-4e16-aefb-ca0fa9d20403","block_type":"box","text":"BlackRock New York Municipal Opportunities Fund and BlackRock Pennsylvania Municipal Bond","page_number":238,"box":{"x":117,"y":552,"width":725,"height":12}},{"id":"6a84f971-dccc-48ca-b6fc-607fd4038203","block_type":"box","text":"Fund, as well as information on economic conditions within each applicable state.","page_number":238,"box":{"x":117,"y":568,"width":608,"height":12}},{"id":"93cc88fc-f13f-4b1c-9466-cc38b792b430","block_type":"box","text":"In the case of a Feeder Fund, such Fund is entitled to look to the underlying assets of the Master","page_number":238,"box":{"x":117,"y":599,"width":723,"height":12}},{"id":"1889bf70-6b52-4b98-a4b8-0475aeeff18d","block_type":"box","text":"Portfolio in which it has invested for purposes of satisfying various qualification requirements of the","page_number":238,"box":{"x":117,"y":614,"width":737,"height":12}},{"id":"a35b08e4-7080-4a69-b92b-6eb79ad6c2ec","block_type":"box","text":"Code applicable to regulated investment companies. Each Master Portfolio is classified either as a","page_number":238,"box":{"x":117,"y":630,"width":734,"height":12}},{"id":"111f2e99-cf4e-429d-b633-b1b395537a1e","block_type":"box","text":"partnership or a separate disregarded entity (depending on the particular Master Portfolio) for U.S.","page_number":238,"box":{"x":117,"y":645,"width":734,"height":12}},{"id":"5bbba9b5-c6a6-4a2c-a98d-66dbe0d7ad1f","block_type":"box","text":"federal income tax purposes. If applicable tax provisions were to change the classification of a Master","page_number":238,"box":{"x":116,"y":661,"width":755,"height":12}},{"id":"cabdab7c-ba94-4a75-ae4d-5e899b2acf8c","block_type":"box","text":"Portfolio, then the Board of Directors of a Feeder Fund would determine, in its discretion, the","page_number":238,"box":{"x":117,"y":676,"width":686,"height":11}},{"id":"d2c114e7-8125-4418-8497-c4640e61931f","block_type":"box","text":"appropriate course of action for the Feeder Fund. One possible course of action would be to withdraw","page_number":238,"box":{"x":116,"y":692,"width":755,"height":12}},{"id":"71bdda45-0579-4736-be90-f957c3731aa9","block_type":"box","text":"the Feeder Fund’s investments from the Master Portfolio and to retain an investment manager to","page_number":238,"box":{"x":116,"y":707,"width":717,"height":12}},{"id":"979759d4-6527-4366-90a7-6a52ac65ba54","block_type":"box","text":"manage the Feeder Fund’s assets in accordance with the investment policies applicable to the Feeder","page_number":238,"box":{"x":117,"y":723,"width":758,"height":12}},{"id":"3f0af2b5-e9d8-435b-9d72-cd1d9a045d5a","block_type":"box","text":"Fund.","page_number":238,"box":{"x":117,"y":738,"width":40,"height":10}},{"id":"52648926-fe93-4242-9f7c-a9ec359b1f93","block_type":"box","text":"Ordinary income and capital gain dividends may also be subject to state and local taxes. Certain states","page_number":238,"box":{"x":116,"y":769,"width":764,"height":12}},{"id":"be76c0a7-ff40-4a98-adc5-ebac9d6f63ef","block_type":"box","text":"exempt from state income taxation dividends paid by regulated investment companies that are derived","page_number":238,"box":{"x":116,"y":785,"width":759,"height":12}},{"id":"431bdb55-8772-4021-9755-a4462041fa49","block_type":"box","text":"from interest on U.S. government obligations. State law varies as to whether dividend income","page_number":238,"box":{"x":116,"y":800,"width":693,"height":12}},{"id":"076cd4c7-f78f-4391-a924-cf27141df560","block_type":"box","text":"attributable to U.S. government obligations is exempt from state income tax.","page_number":238,"box":{"x":116,"y":816,"width":563,"height":12}},{"id":"cd648ace-1058-4fad-be40-5aeec9688627","block_type":"box","text":"Shareholders of each Fund are urged to consult their tax advisers regarding specific questions as to","page_number":238,"box":{"x":116,"y":847,"width":747,"height":12}},{"id":"ea46f488-7325-4205-bda5-80e89fd1e423","block_type":"box","text":"federal, foreign, state or local taxes with respect to their Fund. Foreign investors should consider","page_number":238,"box":{"x":116,"y":862,"width":721,"height":12}},{"id":"d94a8d20-d275-4220-ba8d-dd98517cdec8","block_type":"box","text":"applicable foreign taxes in their evaluation of an investment in a Fund.","page_number":238,"box":{"x":116,"y":878,"width":525,"height":12}},{"id":"645ca6d5-3aa2-49a9-a763-d11d48837cb2","block_type":"box","text":"II-173","page_number":238,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"7c47c1cf-f928-42ea-bd31-881bc004826f","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":238,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"d904a29c-d758-45e6-b1ea-75396e625536","block_type":"box","text":"The foregoing general discussion of U.S. federal income tax consequences is based on the Code and","page_number":239,"box":{"x":116,"y":87,"width":760,"height":12}},{"id":"8d96ee09-7306-4c56-8208-11dc61c83942","block_type":"box","text":"the regulations issued thereunder as in effect on the date of this SAI. Future legislative or","page_number":239,"box":{"x":116,"y":102,"width":667,"height":13}},{"id":"b73c848b-8b4a-463b-99fc-cfae717450b9","block_type":"box","text":"administrative changes or court decisions may significantly change the conclusions expressed in this","page_number":239,"box":{"x":116,"y":118,"width":753,"height":12}},{"id":"5608a132-b47a-4780-9987-f3fc06c0366d","block_type":"box","text":"discussion, and any such changes or decisions may have a retroactive effect.","page_number":239,"box":{"x":116,"y":134,"width":581,"height":12}},{"id":"6591d98c-c35e-4964-a348-164136d3f51b","block_type":"box","text":"P","page_number":239,"box":{"x":424,"y":180,"width":9,"height":9}},{"id":"ae227398-5db8-4ba7-8bbe-c17ed6470ab6","block_type":"box","text":"ERFORMANCE","page_number":239,"box":{"x":435,"y":182,"width":96,"height":8}},{"id":"9b44acb0-9886-4a66-973d-12bb446eafc9","block_type":"box","text":"D","page_number":239,"box":{"x":531,"y":180,"width":17,"height":9}},{"id":"2b129fa9-dc02-42ec-8100-ee383f326e6b","block_type":"box","text":"ATA","page_number":239,"box":{"x":548,"y":182,"width":28,"height":7}},{"id":"2098dfd6-7b44-4302-91fc-086d5dcef442","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":239,"box":{"x":117,"y":211,"width":767,"height":12}},{"id":"8485a636-3033-4995-9d4a-3a00dfa01239","block_type":"box","text":"applicable, yield and tax-equivalent yield in advertisements or information furnished to present or","page_number":239,"box":{"x":116,"y":227,"width":723,"height":12}},{"id":"79f81d10-68af-4c25-b5ef-dd2c52ca53c8","block_type":"box","text":"prospective shareholders. Total return, yield and tax-equivalent yield each is based on a Fund’s","page_number":239,"box":{"x":117,"y":242,"width":713,"height":12}},{"id":"16ad53d5-9b18-499c-a19c-f739c396ff04","block_type":"box","text":"historical performance and is not intended to indicate future performance. Average annual total return","page_number":239,"box":{"x":117,"y":258,"width":757,"height":12}},{"id":"96bb552b-b135-4c8f-9762-d563d4ffd36a","block_type":"box","text":"is determined separately for each class of shares in accordance with a formula specified by the","page_number":239,"box":{"x":117,"y":273,"width":710,"height":12}},{"id":"ad0fd020-bbbc-4999-880b-40a4b9e88d55","block_type":"box","text":"Commission.","page_number":239,"box":{"x":117,"y":289,"width":101,"height":9}},{"id":"81b5797f-b51a-420c-a01b-6e23445bd76a","block_type":"box","text":"Quotations of average annual total return, before tax, for the specified periods are computed by finding","page_number":239,"box":{"x":116,"y":320,"width":767,"height":12}},{"id":"106fc607-4476-4294-9d7e-d503ad9ccefb","block_type":"box","text":"the average annual compounded rates of return (based on net investment income and any realized","page_number":239,"box":{"x":116,"y":335,"width":741,"height":12}},{"id":"e07e9a45-0999-42e9-bb2d-7c92ba06239b","block_type":"box","text":"and unrealized capital gains or losses on portfolio investments over such periods) that would equate","page_number":239,"box":{"x":116,"y":351,"width":748,"height":12}},{"id":"891f8e8e-7cbb-4741-9206-e0f9a5ccaef4","block_type":"box","text":"the initial amount invested to the redeemable value of such investment at the end of each period.","page_number":239,"box":{"x":116,"y":366,"width":725,"height":12}},{"id":"6f4a4b1f-2537-43a4-904c-b4c64a996d4f","block_type":"box","text":"Average annual total return before taxes is computed assuming all dividends are reinvested and taking","page_number":239,"box":{"x":116,"y":382,"width":768,"height":12}},{"id":"84f5bba2-187c-46aa-bca1-5368505fd86e","block_type":"box","text":"into account all applicable recurring and nonrecurring expenses, including the maximum sales charge,","page_number":239,"box":{"x":117,"y":397,"width":762,"height":12}},{"id":"15220d54-8505-4862-a421-7ded01c0239e","block_type":"box","text":"in the case of front-end load shares, and the CDSC that would be applicable to a complete redemption","page_number":239,"box":{"x":117,"y":413,"width":765,"height":12}},{"id":"092df815-fead-448d-b764-9112fe8d4879","block_type":"box","text":"of the investment at the end of the specified period in the case of CDSC shares, but does not take into","page_number":239,"box":{"x":116,"y":428,"width":764,"height":12}},{"id":"4c9ea6c0-c5ee-4aa0-96d2-df571e9fcdbb","block_type":"box","text":"account taxes payable on dividends or on redemption.","page_number":239,"box":{"x":116,"y":444,"width":408,"height":12}},{"id":"cd90d504-f568-413c-9ad7-f9d46486c19e","block_type":"box","text":"Quotations of average annual total return, after taxes, on dividends for the specified periods are","page_number":239,"box":{"x":116,"y":475,"width":715,"height":12}},{"id":"3fa76a9c-b1c3-4a7c-bcd6-090907d00d8d","block_type":"box","text":"computed by finding the average annual compounded rates of return that would equate the initial","page_number":239,"box":{"x":116,"y":490,"width":724,"height":12}},{"id":"e292857c-95fb-449b-90b6-11188ba1df18","block_type":"box","text":"amount invested to the ending value of such investment at the end of each period assuming payment","page_number":239,"box":{"x":116,"y":506,"width":757,"height":12}},{"id":"4db181d6-9fdf-49a8-9549-c8c71bbf4b63","block_type":"box","text":"of taxes on dividends received during such period. Average annual total return after taxes on dividends","page_number":239,"box":{"x":116,"y":521,"width":769,"height":12}},{"id":"1a7ddea6-ad6d-4766-b478-338a9b9b586f","block_type":"box","text":"is computed assuming all dividends, less the taxes due on such dividends, are reinvested and taking","page_number":239,"box":{"x":117,"y":537,"width":751,"height":12}},{"id":"61afdc1c-c4e9-4662-8b5b-661b126927c8","block_type":"box","text":"into account all applicable recurring and nonrecurring expenses, including the maximum sales charge,","page_number":239,"box":{"x":117,"y":552,"width":762,"height":12}},{"id":"22be6af0-7211-48d0-8dc1-58a1105df9e7","block_type":"box","text":"in the case of front-end load shares and the CDSC that would be applicable to a complete redemption","page_number":239,"box":{"x":117,"y":568,"width":760,"height":12}},{"id":"77e80eee-73ab-4985-b95c-2231da5e3e25","block_type":"box","text":"of the investment at the end of the specified period in the case of CDSC shares. The taxes due on","page_number":239,"box":{"x":116,"y":583,"width":733,"height":12}},{"id":"f2a92f8c-8b05-4e52-a95d-af2ceedb7a7b","block_type":"box","text":"dividends are calculated by applying to each dividend the highest applicable marginal U.S. federal","page_number":239,"box":{"x":116,"y":599,"width":732,"height":12}},{"id":"78f53117-ccde-4d0e-80d0-aae53ecfca0b","block_type":"box","text":"individual income tax rates in effect on the reinvestment date for that dividend. The rates used","page_number":239,"box":{"x":117,"y":614,"width":702,"height":10}},{"id":"c698141f-649d-4913-aae1-031b0f46636a","block_type":"box","text":"correspond to the tax character (including eligibility for the maximum 20% tax rate applicable to","page_number":239,"box":{"x":116,"y":630,"width":711,"height":12}},{"id":"c88d4560-7c0c-4eeb-aaaf-63c2fa415cf9","block_type":"box","text":"qualified dividend income) of each dividend. The taxable amount and tax character of each dividend","page_number":239,"box":{"x":116,"y":645,"width":746,"height":12}},{"id":"dfe599bc-ef47-4d9d-95c8-47016d4a1393","block_type":"box","text":"are specified by each Fund on the dividend declaration date, but may be adjusted to reflect subsequent","page_number":239,"box":{"x":116,"y":661,"width":767,"height":12}},{"id":"e1cbda15-d271-4659-9a97-baf77655bba9","block_type":"box","text":"recharacterizations of distributions. The applicable tax rates may vary over the measurement period.","page_number":239,"box":{"x":117,"y":676,"width":743,"height":12}},{"id":"0e94e353-60eb-4470-b814-436288f90bf6","block_type":"box","text":"The effects of state and local taxes are not reflected. Applicable tax credits, such as foreign credits, are","page_number":239,"box":{"x":116,"y":692,"width":766,"height":12}},{"id":"81232a0a-66de-4aa5-89ff-3421b404d08f","block_type":"box","text":"taken into account according to U.S. federal tax law. The ending value is determined assuming","page_number":239,"box":{"x":116,"y":707,"width":703,"height":12}},{"id":"1765b777-860c-4a49-8592-c14da0872d1f","block_type":"box","text":"complete redemption at the end of the applicable periods with no tax consequences associated with","page_number":239,"box":{"x":116,"y":723,"width":740,"height":12}},{"id":"28d389d0-3a52-4faf-9751-9babd4ad397f","block_type":"box","text":"such redemption.","page_number":239,"box":{"x":116,"y":738,"width":127,"height":12}},{"id":"84aef605-3e33-4309-b77b-a4d58d780be1","block_type":"box","text":"Quotations of average annual total return, after taxes, on both dividends and redemption for the","page_number":239,"box":{"x":116,"y":769,"width":709,"height":12}},{"id":"a866952b-9aad-4373-960b-7eec302542f2","block_type":"box","text":"specified periods are computed by finding the average annual compounded rates of return that would","page_number":239,"box":{"x":116,"y":785,"width":751,"height":12}},{"id":"3dbae2b0-7a1b-4888-a3e3-c6c7b8a20d23","block_type":"box","text":"equate the initial amount invested to the ending value of such investment at the end of each period","page_number":239,"box":{"x":116,"y":800,"width":732,"height":12}},{"id":"88114354-7b2a-4b70-80c1-f3a12a320e15","block_type":"box","text":"assuming payment of taxes on dividends received during such period as well as on complete","page_number":239,"box":{"x":116,"y":816,"width":690,"height":12}},{"id":"73785fd3-be19-490e-9f72-b0885547723f","block_type":"box","text":"redemption. Average annual total return after taxes on distributions and redemption is computed","page_number":239,"box":{"x":117,"y":831,"width":718,"height":12}},{"id":"501dea57-d67d-4324-9547-1a697a6d7e2a","block_type":"box","text":"assuming all dividends, less the taxes due on such dividends, are reinvested and taking into account","page_number":239,"box":{"x":116,"y":847,"width":752,"height":12}},{"id":"3922133d-3e50-492b-89eb-2e9a11b9782e","block_type":"box","text":"all applicable recurring and nonrecurring expenses, including the maximum sales charge in the case of","page_number":239,"box":{"x":116,"y":862,"width":768,"height":12}},{"id":"d329a028-d645-4d7a-966f-b1ff310f74fd","block_type":"box","text":"front-end load shares and the CDSC that would be applicable to a complete redemption of the","page_number":239,"box":{"x":116,"y":878,"width":703,"height":12}},{"id":"4b33c385-fa24-408c-bb11-a87f8a4568f9","block_type":"box","text":"II-174","page_number":239,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"40df4eef-3b01-4ee5-b3e3-62472dca4c42","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":239,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"b145f43e-da29-4ca6-a021-db40733f33ac","block_type":"box","text":"investment at the end of the specified period in the case of CDSC shares and assuming, for all classes","page_number":240,"box":{"x":117,"y":87,"width":767,"height":12}},{"id":"9bcca09b-ea65-4ed7-955c-86e47b80e4e8","block_type":"box","text":"of shares, complete redemption and payment of taxes due on such redemption. The ending value is","page_number":240,"box":{"x":116,"y":102,"width":746,"height":13}},{"id":"de622895-d86c-4b44-a6e7-e7d555db003e","block_type":"box","text":"determined assuming complete redemption at the end of the applicable periods, subtracting capital","page_number":240,"box":{"x":116,"y":118,"width":739,"height":12}},{"id":"84b6f1aa-7d88-4154-a684-c70914995e14","block_type":"box","text":"gains taxes resulting from the redemption and adding the presumed tax benefit from capital losses","page_number":240,"box":{"x":116,"y":134,"width":735,"height":12}},{"id":"2493b94d-fa8e-4b63-8a88-265d8de8b47f","block_type":"box","text":"resulting from redemption. The taxes due on dividends and on the deemed redemption are calculated","page_number":240,"box":{"x":117,"y":149,"width":758,"height":12}},{"id":"31b8a8e9-0709-415b-9666-175dcdf04ab7","block_type":"box","text":"by applying the highest applicable marginal U.S. federal individual income tax rates in effect on the","page_number":240,"box":{"x":117,"y":165,"width":737,"height":12}},{"id":"af4c5e3a-3fd6-42cf-ad2a-102dc130112c","block_type":"box","text":"reinvestment and/or the redemption date. The rates used correspond to the tax character (including","page_number":240,"box":{"x":117,"y":180,"width":743,"height":12}},{"id":"24e15b46-5ebf-4dc3-bf0a-e9e782274642","block_type":"box","text":"eligibility for the maximum 20% tax rate applicable to qualified dividend income) of each component of","page_number":240,"box":{"x":116,"y":196,"width":762,"height":12}},{"id":"4eb23738-b422-4490-8395-4f2e285171a6","block_type":"box","text":"each dividend and/or the redemption payment. The applicable tax rates may vary over the","page_number":240,"box":{"x":116,"y":211,"width":673,"height":12}},{"id":"3b494e2d-7f4e-478c-bd02-e95ad232706d","block_type":"box","text":"measurement period. The effects of state and local taxes are not reflected. Applicable tax credits, such","page_number":240,"box":{"x":117,"y":227,"width":767,"height":11}},{"id":"694f40b3-7e77-441c-ae90-55e08743e68f","block_type":"box","text":"as foreign tax credits, are taken into account according to federal law.","page_number":240,"box":{"x":116,"y":242,"width":522,"height":12}},{"id":"8f79c4e6-5a30-4e64-b1b6-42163ad94afc","block_type":"box","text":"A Fund also may quote annual, average annual and annualized total return and aggregate total return","page_number":240,"box":{"x":116,"y":273,"width":760,"height":12}},{"id":"7e63b8c1-2e00-4639-a5b6-ec5609d0934c","block_type":"box","text":"performance data, both as a percentage and as a dollar amount based on a hypothetical investment of","page_number":240,"box":{"x":117,"y":289,"width":766,"height":12}},{"id":"aafb90d0-e89d-45fd-b556-973fce71b092","block_type":"box","text":"$1,000 or some other amount, for various periods other than those noted in Part I of each Fund’s SAI.","page_number":240,"box":{"x":116,"y":303,"width":761,"height":13}},{"id":"bdb76387-67d8-4087-8d93-f28a6336fab5","block_type":"box","text":"Such data will be computed as described above, except that (1) as required by the periods of the","page_number":240,"box":{"x":116,"y":320,"width":724,"height":12}},{"id":"7aaddbc0-4fe7-414b-9fa0-a16f90b9984b","block_type":"box","text":"quotations, actual annual, annualized or aggregate data, rather than average annual data, may be","page_number":240,"box":{"x":116,"y":335,"width":733,"height":12}},{"id":"94958e95-a5b8-4ec8-85cf-9b885bc3df70","block_type":"box","text":"quoted and (2) the maximum applicable sales charges will not be included with respect to annual or","page_number":240,"box":{"x":116,"y":351,"width":743,"height":12}},{"id":"52702a8c-9205-4393-8184-3504858fde73","block_type":"box","text":"annualized rates of return calculations. Aside from the impact on the performance data calculations of","page_number":240,"box":{"x":116,"y":366,"width":760,"height":12}},{"id":"a0769f43-9bf5-4930-9356-ed0f64849dda","block_type":"box","text":"including or excluding the maximum applicable sales charges, actual annual or annualized total return","page_number":240,"box":{"x":117,"y":382,"width":760,"height":12}},{"id":"780d8e45-9e11-4c38-997d-cc03b69e8d6d","block_type":"box","text":"data generally will be lower than average annual total return data since the average rates of return","page_number":240,"box":{"x":116,"y":397,"width":734,"height":12}},{"id":"9d987fb2-b348-4a71-8a77-41b738a31fc5","block_type":"box","text":"reflect compounding of return; aggregate total return data generally will be higher than average annual","page_number":240,"box":{"x":117,"y":413,"width":764,"height":12}},{"id":"df2d4ed8-9c2a-4494-846d-c2c886b66079","block_type":"box","text":"total return data since the aggregate rates of return reflect compounding over a longer period of time.","page_number":240,"box":{"x":116,"y":428,"width":755,"height":12}},{"id":"b4e1fb44-932b-4dda-b7dc-383f620df5ed","block_type":"box","text":"Yield quotations will be computed based on a 30-day period by dividing (a) the net income based on","page_number":240,"box":{"x":116,"y":459,"width":748,"height":12}},{"id":"5a60e210-8129-4ac1-a263-38f0ab4acb2a","block_type":"box","text":"the yield of each security earned during the period by (b) the average daily number of shares","page_number":240,"box":{"x":116,"y":475,"width":694,"height":12}},{"id":"b0d75967-edab-4f40-829f-59cdb4e62b60","block_type":"box","text":"outstanding during the period that were entitled to receive dividends multiplied by the maximum","page_number":240,"box":{"x":116,"y":490,"width":712,"height":12}},{"id":"436a8948-b239-4b4d-b47e-fbb8d7ab5868","block_type":"box","text":"offering price per share on the last day of the period. Tax equivalent yield quotations will be computed","page_number":240,"box":{"x":116,"y":506,"width":760,"height":12}},{"id":"7f134850-6a24-4e38-a9ba-2cb9bcc16438","block_type":"box","text":"by dividing (a) the part of a Fund’s yield that is tax-exempt by (b) one minus a stated tax rate and","page_number":240,"box":{"x":117,"y":521,"width":723,"height":12}},{"id":"092897da-0398-408d-811a-9170afbe7eac","block_type":"box","text":"adding the result to that part, if any, of the Fund’s yield that is not tax-exempt.","page_number":240,"box":{"x":116,"y":537,"width":580,"height":12}},{"id":"4696a762-0f6c-48d8-9a3c-1b1f83c14681","block_type":"box","text":"A Fund’s total return will vary depending on market conditions, the securities comprising a Fund’s","page_number":240,"box":{"x":116,"y":568,"width":728,"height":12}},{"id":"abba9799-05ab-4eb0-8224-97991fcf6893","block_type":"box","text":"portfolio, a Fund’s operating expenses and the amount of realized and unrealized net capital gains or","page_number":240,"box":{"x":117,"y":583,"width":754,"height":12}},{"id":"435fc0b2-e61a-4e5b-9cc2-c96e92c9ebcf","block_type":"box","text":"losses during the period. The value of an investment in a Fund will fluctuate and an investor’s shares,","page_number":240,"box":{"x":117,"y":599,"width":756,"height":12}},{"id":"21114192-98c3-41a2-bdd6-50b5c698882f","block_type":"box","text":"when redeemed, may be worth more or less than their original cost.","page_number":240,"box":{"x":116,"y":614,"width":507,"height":12}},{"id":"63139f7f-22e2-4cda-b20f-671edb909232","block_type":"box","text":"In order to reflect the reduced sales charges in the case of front-end load shares or the waiver of the","page_number":240,"box":{"x":117,"y":645,"width":750,"height":12}},{"id":"749df8b5-f32f-4699-ae99-299c33c68b9a","block_type":"box","text":"CDSC in the case of CDSC shares applicable to certain investors, as described under “Purchase of","page_number":240,"box":{"x":117,"y":661,"width":738,"height":12}},{"id":"2942d13d-1171-438b-bf66-b4065b9de139","block_type":"box","text":"Shares” and “Redemption of Shares,” respectively, the total return data quoted by a Fund in","page_number":240,"box":{"x":116,"y":676,"width":681,"height":12}},{"id":"bbaaf0a3-5e9a-41e0-88b7-02246d046352","block_type":"box","text":"advertisements directed to such investors may take into account the reduced, and not the maximum,","page_number":240,"box":{"x":116,"y":692,"width":746,"height":12}},{"id":"e29e8b00-4011-4b14-af03-79707cfce456","block_type":"box","text":"sales charge or may take into account the CDSC waiver and, therefore, may reflect greater total return","page_number":240,"box":{"x":116,"y":707,"width":761,"height":12}},{"id":"17bb5278-d98b-4a67-bfb2-fbddc572fbfa","block_type":"box","text":"since, due to the reduced sales charges or the waiver of sales charges, a lower amount of expenses is","page_number":240,"box":{"x":116,"y":723,"width":762,"height":12}},{"id":"97fd2190-f666-4fea-81a5-c780cc3c3c2e","block_type":"box","text":"deducted.","page_number":240,"box":{"x":116,"y":738,"width":72,"height":10}},{"id":"11000343-5297-4d66-b4da-d2f5793736ed","block_type":"box","text":"On occasion, a Fund may compare its performance to, among other things, the Fund’s benchmark","page_number":240,"box":{"x":116,"y":769,"width":731,"height":12}},{"id":"4a57a351-f799-40fb-8c0e-1631bbde9dd4","block_type":"box","text":"index indicated in the Prospectus, the Value Line Composite Index, the Dow Jones Industrial Average,","page_number":240,"box":{"x":117,"y":785,"width":758,"height":12}},{"id":"e91008f3-03c6-47c0-b797-339c34c3f0e8","block_type":"box","text":"or to other published indices, or to performance data published by Lipper Inc., Morningstar, Inc.","page_number":240,"box":{"x":116,"y":800,"width":706,"height":12}},{"id":"60d7afc1-ba12-430d-82c2-b79cb69afdc4","block_type":"box","text":"(“Morningstar”),","page_number":240,"box":{"x":117,"y":816,"width":113,"height":12}},{"id":"376c6c97-364e-4eca-8ff5-25a9b5e04993","block_type":"box","text":"Money Magazine, U.S. News & World Report, BusinessWeek, Forbes Magazine,","page_number":240,"box":{"x":237,"y":816,"width":600,"height":12}},{"id":"967e10f9-5e14-4bbd-a191-028e73954986","block_type":"box","text":"Fortune Magazine","page_number":240,"box":{"x":116,"y":831,"width":140,"height":12}},{"id":"5dae0b21-d5a4-4196-a9c2-8b59593a7b64","block_type":"box","text":"or other industry publications. When comparing its performance to a market index, a","page_number":240,"box":{"x":257,"y":831,"width":629,"height":12}},{"id":"c1950c5a-d6bd-4f89-90e8-bc0851265dd4","block_type":"box","text":"Fund may refer to various statistical measures derived from the historical performance of a Fund and","page_number":240,"box":{"x":117,"y":847,"width":753,"height":12}},{"id":"d51affb7-a7da-478a-aca4-7a837aee0a5d","block_type":"box","text":"the index, such as standard deviation and beta. As with other performance data, performance","page_number":240,"box":{"x":116,"y":862,"width":700,"height":12}},{"id":"86bb82a2-be76-4052-bd55-4faf29f68f3d","block_type":"box","text":"comparisons should not be considered indicative of a Fund’s relative performance for any future","page_number":240,"box":{"x":116,"y":878,"width":717,"height":12}},{"id":"bce55794-83d0-4b75-9ea2-a3b3a69dfb65","block_type":"box","text":"II-175","page_number":240,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"31de481b-4f9b-48e0-b2e8-199a493a988a","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":240,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"5778f147-68c8-4c45-9beb-764ce52599c2","block_type":"box","text":"period. In addition, from time to time a Fund may include the Fund’s Morningstar risk-adjusted","page_number":241,"box":{"x":117,"y":87,"width":701,"height":12}},{"id":"04875f4b-2b7d-4b16-b719-8391b3e9d001","block_type":"box","text":"performance ratings assigned by Morningstar in advertising or supplemental sales literature. From time","page_number":241,"box":{"x":117,"y":102,"width":769,"height":13}},{"id":"f2047b5b-16af-4306-8b6b-e5efb6293b68","block_type":"box","text":"to time a Fund may quote in advertisements or other materials other applicable measures of Fund","page_number":241,"box":{"x":116,"y":118,"width":732,"height":12}},{"id":"1ea722d3-0be0-403d-b84d-fd5c4d34c226","block_type":"box","text":"performance and may also make reference to awards that may be given to the Manager. Certain","page_number":241,"box":{"x":117,"y":134,"width":721,"height":12}},{"id":"fb85367a-3a43-4709-a941-995841219357","block_type":"box","text":"Funds may also compare their performance to composite indices developed by Fund management.","page_number":241,"box":{"x":117,"y":149,"width":742,"height":12}},{"id":"807ed0b2-4363-4fa8-a4e7-2f1e310f992e","block_type":"box","text":"A Fund may provide information designed to help investors understand how the Fund is seeking to","page_number":241,"box":{"x":116,"y":180,"width":737,"height":12}},{"id":"76aead5e-5536-4f5e-a697-56952fa58134","block_type":"box","text":"achieve its investment objectives. This may include information about past, current or possible","page_number":241,"box":{"x":116,"y":196,"width":704,"height":12}},{"id":"8fafbb89-a97f-4c2e-b611-f6518ebda240","block_type":"box","text":"economic, market, political or other conditions, descriptive information or general principles of investing","page_number":241,"box":{"x":116,"y":211,"width":770,"height":12}},{"id":"9b475619-4080-4e21-842b-1d9ed4381652","block_type":"box","text":"such as asset allocation, diversification and risk tolerance, discussion of a Fund’s portfolio composition,","page_number":241,"box":{"x":116,"y":227,"width":771,"height":11}},{"id":"92cb025c-6956-431b-b6cc-422fc73e4830","block_type":"box","text":"investment philosophy, strategy or investment techniques, comparisons of the Fund’s performance or","page_number":241,"box":{"x":117,"y":242,"width":757,"height":12}},{"id":"2a003222-5a77-4bdc-a37d-4ad9a9c5ea89","block_type":"box","text":"portfolio composition to that of other funds or types of investments, indices relevant to the comparison","page_number":241,"box":{"x":117,"y":258,"width":760,"height":12}},{"id":"7116688d-db2a-4ca8-8056-f9b69fe77d66","block_type":"box","text":"being made, or to a hypothetical or model portfolio. A Fund may also quote various measures of","page_number":241,"box":{"x":117,"y":273,"width":716,"height":12}},{"id":"2c41571f-49de-46aa-b620-bfc1f403136a","block_type":"box","text":"volatility and benchmark correlation in advertising and other materials, and may compare these","page_number":241,"box":{"x":116,"y":289,"width":711,"height":12}},{"id":"52c21d51-adc7-4e86-9586-53539159e3e6","block_type":"box","text":"measures to those of other funds or types of investments.","page_number":241,"box":{"x":117,"y":304,"width":432,"height":12}},{"id":"b3a730b2-c81d-4fe2-a4e2-5e4fabdf5c5b","block_type":"box","text":"P","page_number":241,"box":{"x":342,"y":351,"width":10,"height":9}},{"id":"7e868519-76f0-4370-9622-ffd18080f058","block_type":"box","text":"ROXY","page_number":241,"box":{"x":353,"y":353,"width":38,"height":7}},{"id":"70fb5818-0e94-4d6b-95ce-e1be0b572d7a","block_type":"box","text":"Y V","page_number":241,"box":{"x":391,"y":351,"width":16,"height":9}},{"id":"7d31a1a7-2e97-4c0b-ab28-040e71914020","block_type":"box","text":"OTING","page_number":241,"box":{"x":407,"y":353,"width":42,"height":7}},{"id":"6ee67e03-a907-43df-b6b3-cec6aa041852","block_type":"box","text":"P","page_number":241,"box":{"x":450,"y":351,"width":15,"height":9}},{"id":"c59c5368-cc7c-42ed-bb57-814e2c172c9b","block_type":"box","text":"OLICIES","page_number":241,"box":{"x":467,"y":353,"width":53,"height":7}},{"id":"69acfec6-ea56-45d2-bc22-7f19699464ab","block_type":"box","text":"AND","page_number":241,"box":{"x":525,"y":353,"width":29,"height":7}},{"id":"27843cfa-b74e-46c8-a7f0-468a883998e4","block_type":"box","text":"P","page_number":241,"box":{"x":555,"y":351,"width":15,"height":9}},{"id":"aefac3d3-24f8-45f9-9c1e-93b3d0fe6dee","block_type":"box","text":"ROCEDURES","page_number":241,"box":{"x":572,"y":353,"width":85,"height":7}},{"id":"ba4bfc6b-b9fd-44fb-8025-76dd5c370ee1","block_type":"box","text":"The Board of Directors of the Funds has delegated the voting of proxies for the Funds’ securities to the","page_number":241,"box":{"x":116,"y":382,"width":768,"height":12}},{"id":"4b0e776d-bd77-4c10-8ffb-569895a442ae","block_type":"box","text":"Manager pursuant to (i) the Open-End Active and Fixed Income Index Fund Proxy Voting Policy (the","page_number":241,"box":{"x":117,"y":397,"width":749,"height":12}},{"id":"114b197b-c34c-49ab-86cf-6fc13a019745","block_type":"box","text":"“Active Fund Proxy Voting Policy”), with respect to certain Funds, and (ii) the Index Equity Fund Proxy","page_number":241,"box":{"x":116,"y":413,"width":761,"height":12}},{"id":"36b10b61-5706-4305-89c1-60c9f60dc1f3","block_type":"box","text":"Voting Policy, with respect to certain other Funds, as applicable. Please refer to Part I of this SAI,","page_number":241,"box":{"x":116,"y":428,"width":727,"height":12}},{"id":"4fc4aa5c-2362-46fb-8f72-1a1adb94ab47","block_type":"box","text":"which discloses the policy applicable to each Fund.","page_number":241,"box":{"x":116,"y":444,"width":385,"height":12}},{"id":"64525fad-17b4-43ed-941b-8e3acf0e1f89","block_type":"box","text":"With respect to Funds covered by the Active Fund Proxy Voting Policy, the Manager has adopted the","page_number":241,"box":{"x":116,"y":475,"width":756,"height":12}},{"id":"de961fbf-987c-4466-8c86-08711df6c543","block_type":"box","text":"BlackRock Active Investment Stewardship — Global Engagement and Voting Guidelines (the “BAIS","page_number":241,"box":{"x":117,"y":490,"width":744,"height":12}},{"id":"a0b80f84-5729-471c-9254-e959d573cbf4","block_type":"box","text":"Guidelines”). Certain of such Funds, as listed within the Active Fund Proxy Voting Policy and as","page_number":241,"box":{"x":117,"y":506,"width":713,"height":12}},{"id":"4a705af1-8458-494c-8138-3c7274f2aefa","block_type":"box","text":"disclosed in Part I of this SAI, follow supplemental guidelines within the BAIS Guidelines that are","page_number":241,"box":{"x":116,"y":521,"width":721,"height":12}},{"id":"e3362645-db0f-4fd7-8d31-af9a474f88a6","block_type":"box","text":"applicable to certain climate and decarbonization issues (the “BAIS Climate and Decarbonization","page_number":241,"box":{"x":116,"y":537,"width":724,"height":12}},{"id":"508528a4-2efc-4b3c-8e44-f85f267b08cc","block_type":"box","text":"Stewardship Guidelines”).","page_number":241,"box":{"x":116,"y":552,"width":197,"height":12}},{"id":"a3854a43-4b0c-4dd9-af9e-516c84b43e98","block_type":"box","text":"With respect to Funds covered by the Index Equity Fund Proxy Voting Policy, the Manager has","page_number":241,"box":{"x":116,"y":583,"width":709,"height":12}},{"id":"375a1c7c-c348-47b9-816c-fcd1595c7f4e","block_type":"box","text":"adopted the BlackRock Investment Stewardship (“BIS”) Global Benchmark Policy, comprised of the","page_number":241,"box":{"x":116,"y":599,"width":743,"height":12}},{"id":"0d63eeb1-61e2-478c-8206-8e5699e1de3f","block_type":"box","text":"Global Principles for Benchmark Policies, regional voting guidelines, and engagement priorities, which","page_number":241,"box":{"x":117,"y":614,"width":762,"height":12}},{"id":"2b39681d-d522-488d-b9a7-31d34cfb63d6","block_type":"box","text":"are each available upon request. In addition, certain of such Funds, as listed within the Index Equity","page_number":241,"box":{"x":116,"y":630,"width":745,"height":12}},{"id":"62e50176-d2e1-448a-83d8-acfe689a587c","block_type":"box","text":"Fund Proxy Voting Policy and as disclosed in Part I of this SAI, follow supplemental guidelines that are","page_number":241,"box":{"x":117,"y":645,"width":765,"height":12}},{"id":"797c8202-65bf-4be1-88a3-36877778bc61","block_type":"box","text":"applicable to certain climate and decarbonization issues (the “BIS Climate and Decarbonization","page_number":241,"box":{"x":116,"y":661,"width":707,"height":12}},{"id":"9b660d5f-b0c3-4bcc-b2bf-649368235d13","block_type":"box","text":"Stewardship Guidelines”).","page_number":241,"box":{"x":116,"y":676,"width":191,"height":12}},{"id":"e8e746f0-61d2-4974-a4bf-020010ff6424","block_type":"box","text":"If a Fund invests in an underlying fund managed by BlackRock, the Fund will use its proxy voting policy","page_number":241,"box":{"x":117,"y":707,"width":765,"height":12}},{"id":"cc6921b2-d89e-4d65-84ca-525088d5a46a","block_type":"box","text":"when voting on proxies for the underlying fund while the underlying fund will use its proxy voting policy","page_number":241,"box":{"x":116,"y":723,"width":759,"height":12}},{"id":"265e62ec-2d9f-42ff-806b-df3be7b9b469","block_type":"box","text":"when voting proxies on investments the underlying fund holds. Therefore, the Fund may use the Active","page_number":241,"box":{"x":116,"y":738,"width":764,"height":12}},{"id":"22efdf43-d317-4455-9def-ffe2acf0c0ae","block_type":"box","text":"Fund Proxy Voting Policy while an underlying fund may use the Index Equity Fund Proxy Voting Policy,","page_number":241,"box":{"x":117,"y":754,"width":762,"height":12}},{"id":"fd27aa29-3327-4fde-b302-28a56d3b7512","block_type":"box","text":"and the opposite is also true.","page_number":241,"box":{"x":116,"y":769,"width":213,"height":12}},{"id":"c418a510-8e39-42c6-a878-2d6559155766","block_type":"box","text":"Copies of the Active Fund Proxy Voting Policy, Index Equity Fund Proxy Voting Policy, the BAIS","page_number":241,"box":{"x":117,"y":800,"width":711,"height":12}},{"id":"3d735351-d430-4d86-8ff5-ec6cf6d21925","block_type":"box","text":"Guidelines, the Global Principles for Benchmark Policies and the BIS Climate and Decarbonization","page_number":241,"box":{"x":117,"y":816,"width":731,"height":12}},{"id":"b6e2f193-7687-4223-969a-51bf64e38773","block_type":"box","text":"Stewardship Guidelines are attached as Appendix B to this SAI. Only those guidelines that are","page_number":241,"box":{"x":116,"y":831,"width":706,"height":12}},{"id":"2d24cc46-4185-4f88-9096-12b8396d5236","block_type":"box","text":"applicable to a particular Fund pursuant to the Active Fund Proxy Voting Policy or the Index Equity","page_number":241,"box":{"x":116,"y":847,"width":735,"height":12}},{"id":"340084a0-6c4c-48ab-8a3f-fdfca1f92ae0","block_type":"box","text":"Fund Proxy Voting Policy are considered to form a part of the Fund’s SAI.","page_number":241,"box":{"x":117,"y":862,"width":551,"height":12}},{"id":"305fe271-709a-4aaf-b501-769e2ca7c80f","block_type":"box","text":"II-176","page_number":241,"box":{"x":479,"y":909,"width":41,"height":9}},{"id":"9e43d6b5-2af8-40e8-bfae-fb2d09bc1dbb","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":241,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"3d66a514-6ed6-4cfe-984e-139698212b7b","block_type":"box","text":"Information on how each Fund voted proxies relating to portfolio securities during the most","page_number":242,"box":{"x":117,"y":87,"width":645,"height":12}},{"id":"95097b63-6660-4fa5-9a5e-1b70a83e3942","block_type":"box","text":"recent 12-month period ended June 30 is available without","page_number":242,"box":{"x":117,"y":103,"width":416,"height":11}},{"id":"361779c0-da57-431c-8b1a-6195c587768c","block_type":"box","text":"t charge, (i) at www.blackrock.com/proxyrecords","page_number":242,"box":{"x":532,"y":102,"width":344,"height":13}},{"id":"9a3a574b-98fa-4ee9-b0cc-f949168ae821","block_type":"box","text":"and (ii) on the Commission’s website at http://www.sec.gov.","page_number":242,"box":{"x":116,"y":118,"width":428,"height":12}},{"id":"c2ac3c4e-3cf0-4557-a5b6-a4161bdb16b5","block_type":"box","text":"G","page_number":242,"box":{"x":415,"y":165,"width":11,"height":9}},{"id":"fa7b1ab8-7155-46a6-8842-2fa3de4f64eb","block_type":"box","text":"ENERAL","page_number":242,"box":{"x":428,"y":167,"width":55,"height":7}},{"id":"225123fe-4e7e-420e-81e5-ec2d749a5932","block_type":"box","text":"I","page_number":242,"box":{"x":483,"y":165,"width":8,"height":9}},{"id":"9099015f-c203-40f6-bc53-16b3ff3e06f1","block_type":"box","text":"NFORMATION","page_number":242,"box":{"x":494,"y":167,"width":90,"height":7}},{"id":"2e635103-1204-47fa-a55b-33e16ad1ad2c","block_type":"box","text":"Description of Shares","page_number":242,"box":{"x":117,"y":196,"width":177,"height":11}},{"id":"596afca6-8783-4e8c-9e10-b66eceb075b9","block_type":"box","text":"Shareholders of a Fund are entitled to one vote for each full share held and fractional votes for","page_number":242,"box":{"x":116,"y":219,"width":706,"height":9}},{"id":"b2352b52-26ec-4382-8930-ca17fd5a45ae","block_type":"box","text":"fractional shares held in the election of Directors and generally on other matters submitted to the vote","page_number":242,"box":{"x":116,"y":234,"width":758,"height":12}},{"id":"b9216b4a-bff8-42ec-9e98-86270d4e48d2","block_type":"box","text":"of shareholders of the Fund. Shareholders of a class that bears distribution and/or service expenses","page_number":242,"box":{"x":116,"y":250,"width":748,"height":12}},{"id":"62e268b6-7c89-4777-a75b-361f705783f3","block_type":"box","text":"have exclusive voting rights with respect to matters relating to such distribution and service","page_number":242,"box":{"x":117,"y":265,"width":679,"height":12}},{"id":"66fd952d-a506-49d8-833d-096550b8b649","block_type":"box","text":"expenditures. Voting rights are not cumulative, so that the holders of more than 50% of the shares","page_number":242,"box":{"x":116,"y":281,"width":734,"height":12}},{"id":"f895617f-2f60-4618-b84e-6b850d464c31","block_type":"box","text":"voting in the election of Directors can, if they choose to do so, elect all the Directors of a Fund, in which","page_number":242,"box":{"x":116,"y":296,"width":771,"height":12}},{"id":"a8083e14-25df-45f8-a84e-3c2dc8f163c4","block_type":"box","text":"event the holders of the remaining shares would be unable to elect any person as a Director.","page_number":242,"box":{"x":116,"y":312,"width":693,"height":12}},{"id":"d04fcf0a-58a1-413a-a6eb-6de981422ded","block_type":"box","text":"No Fund intends to hold annual meetings of shareholders in any year in which the Investment","page_number":242,"box":{"x":117,"y":343,"width":698,"height":12}},{"id":"a6633dd5-edcb-4726-88c0-9ab8b1ad24cc","block_type":"box","text":"Company Act does not require shareholders to act upon any of the following matters: (i) election of","page_number":242,"box":{"x":117,"y":358,"width":736,"height":12}},{"id":"06fe4b2e-d4c6-4ee4-9068-afb6471d9ca2","block_type":"box","text":"Directors; (ii) approval of a management agreement; (iii) approval of a distribution agreement; and","page_number":242,"box":{"x":117,"y":374,"width":732,"height":12}},{"id":"ba39ac92-7e75-4db1-9864-a682a404a36b","block_type":"box","text":"(iv) ratification of selection of independent accountants. Shares issued are fully paid and","page_number":242,"box":{"x":117,"y":389,"width":658,"height":12}},{"id":"36e153a7-f0f6-471e-bf45-c429162dd31f","block_type":"box","text":"non-assessable and have no preemptive rights. Redemption and conversion rights are discussed","page_number":242,"box":{"x":117,"y":405,"width":726,"height":12}},{"id":"ab3d41cf-2437-4465-9a9a-1f2730603af4","block_type":"box","text":"elsewhere herein and in each Fund’s Prospectus. Each share of each class of Common Stock is","page_number":242,"box":{"x":116,"y":420,"width":721,"height":12}},{"id":"5bbe0e15-7739-4e78-8133-81be40ba47f1","block_type":"box","text":"entitled to participate equally in dividends and distributions declared by a Fund and in the net assets of","page_number":242,"box":{"x":116,"y":436,"width":766,"height":12}},{"id":"2c4ca01f-f164-415b-91f5-4c39dfc908fd","block_type":"box","text":"the Fund upon liquidation or dissolution after satisfaction of outstanding liabilities.","page_number":242,"box":{"x":116,"y":451,"width":608,"height":12}},{"id":"56037676-139a-4790-a7f0-8a1f4c752804","block_type":"box","text":"For Funds organized as Maryland corporations, the by-laws of the Fund require that a special meeting","page_number":242,"box":{"x":117,"y":482,"width":762,"height":12}},{"id":"5543530c-d38d-4fca-a1f4-b0579b1f72a4","block_type":"box","text":"of shareholders be held upon the written request of a minimum percentage of the outstanding shares","page_number":242,"box":{"x":116,"y":498,"width":754,"height":12}},{"id":"de783b65-fb02-47e1-9da6-a61ff3090a77","block_type":"box","text":"of the Fund entitled to vote at such meeting, if they comply with applicable Maryland law.","page_number":242,"box":{"x":116,"y":513,"width":663,"height":12}},{"id":"bdc7c33a-0462-4131-86a1-04940a528af6","block_type":"box","text":"Certain of the Funds are organized as “Massachusetts business trusts.” Under Massachusetts law,","page_number":242,"box":{"x":117,"y":544,"width":738,"height":12}},{"id":"2000bf48-3ff8-41ee-920d-6686ac0328b1","block_type":"box","text":"shareholders of such a trust may, under certain circumstances, be held personally liable as partners for","page_number":242,"box":{"x":116,"y":560,"width":772,"height":12}},{"id":"72ef745e-84d2-4a2c-9931-611073c15dcf","block_type":"box","text":"its obligations. However, the Declaration of Trust establishing a trust, a copy of which for each","page_number":242,"box":{"x":117,"y":575,"width":701,"height":12}},{"id":"ccfe0482-e4ca-487b-97b5-f177c15d6ee1","block_type":"box","text":"applicable Fund, together with all amendments thereto (the “Declaration of Trust”), is on file in the","page_number":242,"box":{"x":116,"y":591,"width":729,"height":12}},{"id":"b090f3ce-3496-457c-a70b-ffc7909e5dba","block_type":"box","text":"office of the Secretary of the Commonwealth of Massachusetts, contains an express disclaimer of","page_number":242,"box":{"x":116,"y":606,"width":731,"height":12}},{"id":"4bf2404c-c9e4-42ed-94c9-520b3b288f0d","block_type":"box","text":"shareholder liability for acts or obligations of the trust and provides for indemnification and","page_number":242,"box":{"x":116,"y":622,"width":672,"height":12}},{"id":"60090c0d-fd53-47fa-82bc-36a8a23dc9f0","block_type":"box","text":"reimbursement of expenses out of the trust property for any shareholder held personally liable for the","page_number":242,"box":{"x":117,"y":637,"width":754,"height":12}},{"id":"eddb34ed-132d-4857-bbc2-d2ca7d62c820","block_type":"box","text":"obligations of the trust. The Declaration of Trust also provides that a trust may maintain appropriate","page_number":242,"box":{"x":116,"y":653,"width":742,"height":12}},{"id":"79ed0eb2-e627-4d2d-af06-3db81ba1a64e","block_type":"box","text":"insurance (for example, fidelity bond and errors and omissions insurance) for the protection of the trust,","page_number":242,"box":{"x":117,"y":668,"width":765,"height":12}},{"id":"64dfd752-7162-4207-b550-440eadf05e51","block_type":"box","text":"its shareholders, trustees, officers, employees and agents covering possible tort and other liabilities.","page_number":242,"box":{"x":117,"y":684,"width":740,"height":12}},{"id":"acf8b9fd-e751-4439-920e-0de16d9708ee","block_type":"box","text":"Thus, the risk of a shareholder incurring financial loss on account of shareholder liability is limited to","page_number":242,"box":{"x":116,"y":699,"width":740,"height":13}},{"id":"e3c9ebc4-5ab3-4a89-a29e-b237fa95698a","block_type":"box","text":"circumstances in which both inadequate insurance existed and the trust itself was unable to meet its","page_number":242,"box":{"x":116,"y":715,"width":743,"height":12}},{"id":"00a833e0-201d-4184-8344-875e46c1ab11","block_type":"box","text":"obligations.","page_number":242,"box":{"x":116,"y":731,"width":83,"height":12}},{"id":"7e7c61ce-b291-4ebd-8b35-197c320a3969","block_type":"box","text":"Certain Funds are organized as Delaware statutory trusts.","page_number":242,"box":{"x":117,"y":761,"width":428,"height":13}},{"id":"67b2ecde-759c-4a75-bdc5-8b6f2793fa8f","block_type":"box","text":"Additional Information","page_number":242,"box":{"x":116,"y":792,"width":178,"height":10}},{"id":"126c9e0e-f691-4385-9eaf-7e74eab26d9d","block_type":"box","text":"Under a separate agreement, BlackRock has granted certain Funds the right to use the “BlackRock”","page_number":242,"box":{"x":117,"y":816,"width":742,"height":12}},{"id":"3a6438b6-5cf1-4b1a-9ce3-c4e8635ed358","block_type":"box","text":"name and has reserved the right to (i) withdraw its consent to the use of such name by a Fund if the","page_number":242,"box":{"x":117,"y":831,"width":746,"height":12}},{"id":"a119178c-6025-44df-ba5c-78632a3a4d48","block_type":"box","text":"Fund ceases to retain BlackRock Advisors, LLC or BlackRock Fund Advisors, as applicable, as","page_number":242,"box":{"x":117,"y":847,"width":709,"height":12}},{"id":"1c1482a0-c08d-470e-905b-15c2183e9379","block_type":"box","text":"investment adviser and (ii) to grant the use of such name to any other company.","page_number":242,"box":{"x":117,"y":862,"width":599,"height":12}},{"id":"8186ab86-0ff6-4340-95a8-d554b18c8ee8","block_type":"box","text":"II-177","page_number":242,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"1c347bfb-54c3-4014-8465-80aa8e932c47","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":242,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"b56cfefb-09bd-4696-8af5-205f869264c2","block_type":"box","text":"Appendix A","page_number":243,"box":{"x":453,"y":87,"width":98,"height":12}},{"id":"c95995f4-f21f-4707-b0e9-7be6864f3079","block_type":"box","text":"Description of Bond Ratings","page_number":243,"box":{"x":387,"y":118,"width":231,"height":12}},{"id":"be53eddb-235f-44fa-91cd-83fec19b82a2","block_type":"box","text":"A rating is generally assigned to a fixed-income security at the time of issuance by a credit rating","page_number":243,"box":{"x":116,"y":149,"width":722,"height":12}},{"id":"a94003fc-f901-4461-a138-216eeb2317c1","block_type":"box","text":"agency designated as a nationally recognized statistical rating organization (“NRSRO”) by the SEC.","page_number":243,"box":{"x":116,"y":165,"width":744,"height":12}},{"id":"8b63dc1f-8470-4ca9-86aa-49e0c3b7942d","block_type":"box","text":"While NRSROs may from time to time revise such ratings, they undertake no obligation to do so, and","page_number":243,"box":{"x":116,"y":180,"width":755,"height":12}},{"id":"617300e7-b9c8-4e47-8d00-f15e42067fb0","block_type":"box","text":"the ratings given to securities at issuance do not necessarily represent ratings which would be given to","page_number":243,"box":{"x":116,"y":196,"width":767,"height":12}},{"id":"6a43c15c-6821-424d-91ab-9e819f2602f2","block_type":"box","text":"these securities on a particular subsequent date.","page_number":243,"box":{"x":116,"y":211,"width":366,"height":12}},{"id":"6e1cf29b-631f-47ba-b550-8b0691946d86","block_type":"box","text":"NRSROs may rate specific investments (e.g., bonds), issuers (e.g., corporations, governments and","page_number":243,"box":{"x":117,"y":242,"width":740,"height":12}},{"id":"58ecf246-91ba-48a8-a38f-ee0d05384324","block_type":"box","text":"financial institutions) and/or programs (e.g., commercial paper programs). However, certain types of","page_number":243,"box":{"x":116,"y":258,"width":747,"height":12}},{"id":"b271c49b-c716-45d6-81bd-b6c5f6c33966","block_type":"box","text":"investments may not be rated by NRSROs, such as certain government/sovereign obligations, US","page_number":243,"box":{"x":117,"y":273,"width":732,"height":12}},{"id":"08c63a2e-db65-4af0-bab2-227b8e5c1569","block_type":"box","text":"agency securities, commercial paper, time deposits at financial institutions, and derivative instruments","page_number":243,"box":{"x":116,"y":289,"width":761,"height":12}},{"id":"b3054f0c-66e7-42a1-8aa7-fa64ff74aeb1","block_type":"box","text":"such as credit default swaps. For these types of investments, as well as US Treasury securities (some","page_number":243,"box":{"x":116,"y":304,"width":764,"height":12}},{"id":"63a6c146-c2c7-4335-9be4-0fab5f3eae4e","block_type":"box","text":"of which are not rated), where a NRSRO has not rated the specific investment but has rated the","page_number":243,"box":{"x":116,"y":320,"width":716,"height":12}},{"id":"02c81553-56d2-4d39-8345-7b58c26b3374","block_type":"box","text":"investment’s issuer, program, financial institution or underlying reference asset, BlackRock Advisors,","page_number":243,"box":{"x":117,"y":335,"width":751,"height":12}},{"id":"eec7e750-1309-4004-9813-0c6de72ab520","block_type":"box","text":"LLC, BlackRock Fund Advisors or their respective affiliates (“BlackRock”) may consider the investment","page_number":243,"box":{"x":117,"y":351,"width":766,"height":12}},{"id":"57ffdb73-a8e8-4782-8d4b-165ee7335a32","block_type":"box","text":"to have the same NRSRO rating as its issuer, program, financial institution or underlying reference","page_number":243,"box":{"x":116,"y":366,"width":736,"height":12}},{"id":"eeacff07-5070-42fb-a616-4574b751855a","block_type":"box","text":"asset, as applicable. In the case of municipal securities, where one NRSRO provides multiple ratings","page_number":243,"box":{"x":116,"y":382,"width":754,"height":12}},{"id":"10b226fb-2c99-4ffa-852c-0afe11850aa1","block_type":"box","text":"for the same security (e.g., “underlying,” “insured” and/or “enhanced” ratings), BlackRock may consider","page_number":243,"box":{"x":116,"y":397,"width":770,"height":12}},{"id":"d72cf5d3-23d3-49fe-af6d-cd91eac0b337","block_type":"box","text":"the security to have the highest of the multiple ratings.","page_number":243,"box":{"x":116,"y":413,"width":407,"height":12}},{"id":"7f1f6b6b-affd-484e-ba23-9ff776757a28","block_type":"box","text":"New issue securities (regardless of type) may not be rated by a NRSRO at the time of their initial","page_number":243,"box":{"x":117,"y":444,"width":722,"height":12}},{"id":"0f4be99d-a937-406b-a2e9-c6557ffa4443","block_type":"box","text":"offering. Preliminary prospectuses or term sheets for new issue securities may include an expected","page_number":243,"box":{"x":116,"y":459,"width":742,"height":12}},{"id":"4c4578a3-d963-4630-ba2a-a90758f738eb","block_type":"box","text":"rating for the security (as determined by the underwriter and/or issuer) or a NRSRO rating for the","page_number":243,"box":{"x":117,"y":475,"width":723,"height":12}},{"id":"23cf3384-3078-4fe6-bd7c-9d1232d4d9f3","block_type":"box","text":"issuer of the security. If applicable, when deciding whether to purchase a new issue security that has","page_number":243,"box":{"x":117,"y":490,"width":752,"height":12}},{"id":"e9abdb03-511b-4311-9efb-483b5a4c8c9f","block_type":"box","text":"not yet been rated by a NRSRO, BlackRock may attribute an expected rating to the security based on:","page_number":243,"box":{"x":117,"y":506,"width":763,"height":12}},{"id":"260bdfb6-dd25-4f23-805e-5bf27dc5a727","block_type":"box","text":"(i) the expected rating of the security set forth in the preliminary prospectus or term sheet for the","page_number":243,"box":{"x":117,"y":521,"width":718,"height":12}},{"id":"395afcb4-c572-4fa7-8b8a-47dd59838362","block_type":"box","text":"security; (ii) the NRSRO’s rating for the issuer of the security set forth in the preliminary prospectus or","page_number":243,"box":{"x":116,"y":537,"width":760,"height":12}},{"id":"78fee4d1-7c76-4f8f-8b0a-236534251dd1","block_type":"box","text":"term sheet for the security; or (iii) with respect to asset-backed securities, the rating of a prior issuance","page_number":243,"box":{"x":116,"y":552,"width":767,"height":12}},{"id":"2310c65b-ddda-447a-8dfa-f6cd1f0594b9","block_type":"box","text":"having a similar structure or the same sponsor.","page_number":243,"box":{"x":117,"y":568,"width":353,"height":12}},{"id":"f9a74a1d-c920-439e-85f0-4875cd0ec10e","block_type":"box","text":"Where the investment objective of a fund is to track the performance of an index that includes credit","page_number":243,"box":{"x":116,"y":599,"width":746,"height":12}},{"id":"a96e73e5-4316-4ab1-a9b7-b4ef44b0f531","block_type":"box","text":"ratings eligibility criteria as part of its index methodology, the fund may purchase any security within the","page_number":243,"box":{"x":117,"y":614,"width":771,"height":12}},{"id":"c9f5ccb3-5447-465f-8716-dfd94e3ac1bc","block_type":"box","text":"index, such security having been determined by the index provider as meeting its credit ratings","page_number":243,"box":{"x":117,"y":630,"width":707,"height":12}},{"id":"fa27698b-c3ae-422f-aa76-3a1d3c9b2d46","block_type":"box","text":"eligibility criteria. The credit ratings practices of an index provider may differ from BlackRock’s","page_number":243,"box":{"x":116,"y":645,"width":701,"height":12}},{"id":"425002a8-a006-4246-8dc7-37fd2bb6fa95","block_type":"box","text":"practices, as described above. Further, the fund may invest, directly or indirectly, in securities that are","page_number":243,"box":{"x":117,"y":661,"width":754,"height":12}},{"id":"48e8651f-2ab2-4741-8438-0ed530f5ef39","block_type":"box","text":"not rated by a rating agency or securities with a credit rating that differs from the credit rating specified","page_number":243,"box":{"x":117,"y":676,"width":757,"height":12}},{"id":"a24838a6-1d72-439c-9ee1-30010beb1524","block_type":"box","text":"in its index methodology in various circumstances, including where a security is downgraded but not","page_number":243,"box":{"x":117,"y":692,"width":741,"height":12}},{"id":"1f145839-2823-49e9-a32a-3f01f1faaa1e","block_type":"box","text":"yet removed from an index, following the removal of a security from an index prior to its sale by the","page_number":243,"box":{"x":116,"y":707,"width":733,"height":12}},{"id":"fdbd12ea-f94c-424b-88da-858ef70cd175","block_type":"box","text":"fund or as a result of a corporate action or restructuring affecting an issuer of a security held by the","page_number":243,"box":{"x":116,"y":723,"width":734,"height":12}},{"id":"c3b726b3-79b4-4a33-8e4a-deff7d963e59","block_type":"box","text":"fund.","page_number":243,"box":{"x":116,"y":738,"width":36,"height":10}},{"id":"73ead24b-2dba-458b-987b-1530b89fc68d","block_type":"box","text":"Fixed-income securities which are unrated may expose the investor to risks with respect to capacity to","page_number":243,"box":{"x":117,"y":769,"width":757,"height":12}},{"id":"b5cac45d-0922-4c07-88f8-13ae130ee806","block_type":"box","text":"pay interest or repay principal which are similar to the risks of lower-rated speculative bonds.","page_number":243,"box":{"x":117,"y":785,"width":686,"height":12}},{"id":"c3dfdfc3-daa2-4732-a267-6a206e39ff39","block_type":"box","text":"Evaluation of these securities is dependent on BlackRock’s judgment, analysis and experience in the","page_number":243,"box":{"x":117,"y":800,"width":747,"height":12}},{"id":"5ee5a257-c36f-45d4-b197-b21bb65cc0c5","block_type":"box","text":"evaluation of such securities.","page_number":243,"box":{"x":116,"y":816,"width":214,"height":9}},{"id":"4eb167fd-9459-43ee-b46e-56c6cbb467ae","block_type":"box","text":"Investors should note that the assignment of a rating to a security by an NRSRO may not reflect the","page_number":243,"box":{"x":117,"y":847,"width":745,"height":12}},{"id":"53b77ce0-d64a-4f35-968a-d5a1cf718571","block_type":"box","text":"effect of recent developments on the issuer’s ability to make interest and principal payments or on the","page_number":243,"box":{"x":116,"y":862,"width":760,"height":12}},{"id":"fb2fa06a-c7d4-4f73-83c0-ebcf3612bd27","block_type":"box","text":"likelihood of default.","page_number":243,"box":{"x":117,"y":878,"width":152,"height":9}},{"id":"3b865150-055b-4c4e-b653-9f32edc575c5","block_type":"box","text":"A-1","page_number":243,"box":{"x":486,"y":909,"width":24,"height":9}},{"id":"d9123f1e-8b76-429f-99e5-690dabc10f27","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":243,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"67f8925f-f0ba-4f77-ac13-fda83969d1b5","block_type":"box","text":"Securities deemed to be high yield are rated below Baa3 by Moody’s and below BBB- by S&P Global","page_number":244,"box":{"x":116,"y":87,"width":755,"height":12}},{"id":"f4f4b698-6f84-4b48-ab8f-80cb132d0d8a","block_type":"box","text":"Ratings and Fitch.","page_number":244,"box":{"x":117,"y":103,"width":139,"height":12}},{"id":"8a2d764f-1157-4445-8835-1b2a94dbce66","block_type":"box","text":"The descriptions below relate to general long-term and short-term obligations of an issuer.","page_number":244,"box":{"x":116,"y":134,"width":674,"height":12}},{"id":"740740c1-0faf-4edc-bc59-984e361ba16d","block_type":"box","text":"A Description of Moody’s Investors Service, Inc.’s (“Moody’s”) Global Rating Scales","page_number":244,"box":{"x":116,"y":165,"width":677,"height":12}},{"id":"5be0784b-22ca-477f-9721-d3cd15d9f0d9","block_type":"box","text":"Ratings assigned on Moody’s global long-term and short-term rating scales are forward-looking","page_number":244,"box":{"x":117,"y":196,"width":711,"height":12}},{"id":"631b3321-88b5-453b-9155-e5a868310807","block_type":"box","text":"opinions of the relative credit risks of financial obligations issued by non-financial corporates, financial","page_number":244,"box":{"x":116,"y":211,"width":759,"height":12}},{"id":"6d76b678-a165-4cb7-90e4-222866db5d22","block_type":"box","text":"institutions, structured finance vehicles, project finance vehicles, and public sector entities. Moody’s","page_number":244,"box":{"x":117,"y":227,"width":742,"height":12}},{"id":"44bdd8bf-aa71-418d-b181-eb4ebd2cdf43","block_type":"box","text":"defines credit risk as the risk that an entity may not meet its contractual financial obligations as they","page_number":244,"box":{"x":116,"y":242,"width":744,"height":12}},{"id":"75ebe089-8c1a-4253-b2ef-b0012aab91b4","block_type":"box","text":"come due and any estimated financial loss in the event of default or impairment. The contractual","page_number":244,"box":{"x":116,"y":258,"width":720,"height":12}},{"id":"32f515dd-6c31-4af2-9b32-a7b3a2b86ec8","block_type":"box","text":"financial obligations addressed by Moody’s ratings are those that call for, without regard to","page_number":244,"box":{"x":116,"y":273,"width":676,"height":12}},{"id":"540c4f4c-81ec-472c-9ebe-4fdacab4dc58","block_type":"box","text":"enforceability, the payment of an ascertainable amount, which may vary based upon standard sources","page_number":244,"box":{"x":116,"y":289,"width":765,"height":12}},{"id":"2014c684-f945-4932-939a-56e0918c1cca","block_type":"box","text":"of variation (e.g., floating interest rates), by an ascertainable date. Moody’s rating addresses the","page_number":244,"box":{"x":116,"y":304,"width":719,"height":12}},{"id":"1b774f9d-d03a-413c-a28a-872b707727fc","block_type":"box","text":"issuer’s ability to obtain cash sufficient to service the obligation, and its willingness to pay. Moody’s","page_number":244,"box":{"x":117,"y":320,"width":738,"height":12}},{"id":"c1d095b2-64da-446b-9fa5-7d93b2bbf84c","block_type":"box","text":"ratings do not address non-standard sources of variation in the amount of the principal obligation (e.g.,","page_number":244,"box":{"x":117,"y":335,"width":765,"height":12}},{"id":"e6baaf0f-b489-4505-9b47-ed400cc8dd7e","block_type":"box","text":"equity indexed), absent an express statement to the contrary in a press release accompanying an","page_number":244,"box":{"x":116,"y":351,"width":731,"height":12}},{"id":"42f7a99b-2ec9-402a-b3b2-8dd52b756753","block_type":"box","text":"initial rating. Long-term ratings are assigned to issuers or obligations with an original maturity of one","page_number":244,"box":{"x":117,"y":366,"width":745,"height":12}},{"id":"dbdf536b-b717-4169-a19c-b4c3692e95e5","block_type":"box","text":"year or more and reflect both on the likelihood of a default or impairment on contractual financial","page_number":244,"box":{"x":116,"y":382,"width":719,"height":12}},{"id":"07d335cb-22df-4190-8a08-2a04debbbd54","block_type":"box","text":"obligations and the expected financial loss suffered in the event of default or impairment. Short-term","page_number":244,"box":{"x":116,"y":397,"width":747,"height":12}},{"id":"30e29560-b48b-41de-8d85-b3cccbc6a35d","block_type":"box","text":"ratings are assigned for obligations with an original maturity of thirteen months or less and reflect both","page_number":244,"box":{"x":117,"y":413,"width":760,"height":12}},{"id":"6996d6fd-f127-48cf-971b-45ed4c5faf6a","block_type":"box","text":"on the likelihood of a default or impairment on contractual financial obligations and the expected","page_number":244,"box":{"x":116,"y":428,"width":717,"height":12}},{"id":"19002c08-b542-4618-9496-a6354a306bc7","block_type":"box","text":"financial loss suffered in the event of default or impairment. Moody’s issues ratings at the issuer level","page_number":244,"box":{"x":116,"y":444,"width":755,"height":12}},{"id":"e42b7077-d326-49aa-aaf7-00150471aa2c","block_type":"box","text":"and instrument level on both the long-term scale and the short-term scale. Typically, ratings are made","page_number":244,"box":{"x":116,"y":459,"width":761,"height":12}},{"id":"bc16f69d-06b3-4cca-b2b9-36740c19ba3e","block_type":"box","text":"publicly available although private and unpublished ratings may also be assigned.","page_number":244,"box":{"x":117,"y":475,"width":610,"height":12}},{"id":"7441fa61-caf7-4b8c-b2d0-420068fb56ec","block_type":"box","text":"Moody’s differentiates structured finance ratings from fundamental ratings (i.e., ratings on nonfinancial","page_number":244,"box":{"x":117,"y":506,"width":763,"height":12}},{"id":"a6f12395-62bf-4a39-b2ca-4257b259a34f","block_type":"box","text":"corporate, financial institution, and public sector entities) on the global long-term scale by adding (sf) to","page_number":244,"box":{"x":116,"y":521,"width":769,"height":12}},{"id":"c771c849-c88a-41e0-a8e2-d7e9ae953650","block_type":"box","text":"all structured finance ratings. The addition of (sf) to structured finance ratings should eliminate any","page_number":244,"box":{"x":116,"y":537,"width":735,"height":12}},{"id":"d734f9e7-b9d0-4d43-9c9b-0fafd2b7bfb5","block_type":"box","text":"presumption that such ratings and fundamental ratings at the same letter grade level will behave the","page_number":244,"box":{"x":117,"y":552,"width":747,"height":12}},{"id":"c7911710-34c1-4ce3-91be-2a00c084bf27","block_type":"box","text":"same. The (sf) indicator for structured finance security ratings indicates that otherwise similarly rated","page_number":244,"box":{"x":116,"y":568,"width":751,"height":12}},{"id":"634083b1-9614-4008-b932-643de9ace556","block_type":"box","text":"structured finance and fundamental securities may have different risk characteristics. Through its","page_number":244,"box":{"x":116,"y":583,"width":724,"height":12}},{"id":"6fede625-eee1-43e3-9850-75a21c5215eb","block_type":"box","text":"current methodologies, however, Moody’s aspires to achieve broad expected equivalence in structured","page_number":244,"box":{"x":116,"y":599,"width":769,"height":12}},{"id":"a5e5bdb5-ea08-4f8a-8704-da1a3ea22933","block_type":"box","text":"finance and fundamental rating performance when measured over a long period of time.","page_number":244,"box":{"x":116,"y":614,"width":658,"height":12}},{"id":"133730f7-2bf0-4da2-a874-32f8fa38102c","block_type":"box","text":"Description of Moody’s Global Long-Term Rating Scale","page_number":244,"box":{"x":117,"y":645,"width":445,"height":12}},{"id":"cae464e3-055c-41cd-8e2f-2022d86f0c5e","block_type":"box","text":"Aaa Obligations rated Aaa are judged to be of the highest quality, subject to the lowest level of","page_number":244,"box":{"x":116,"y":676,"width":726,"height":12}},{"id":"51c09810-d8f2-420d-951e-54853b62d169","block_type":"box","text":"credit risk.","page_number":244,"box":{"x":175,"y":692,"width":75,"height":9}},{"id":"1e0ed861-edcf-40b6-a595-ec2dec3a7064","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":244,"box":{"x":116,"y":715,"width":731,"height":12}},{"id":"9d55143d-938b-4035-9eb7-d0f501d066da","block_type":"box","text":"A Obligations rated A are judged to be upper-medium grade and are subject to low credit risk.","page_number":244,"box":{"x":116,"y":738,"width":737,"height":12}},{"id":"a5618aa5-7448-403a-be1f-f86f94dc9499","block_type":"box","text":"Baa Obligations rated Baa are judged to be medium-grade and subject to moderate credit risk and","page_number":244,"box":{"x":117,"y":761,"width":753,"height":13}},{"id":"db48ebde-0843-42a8-aea9-5e76d7d549f4","block_type":"box","text":"as such may possess certain speculative characteristics.","page_number":244,"box":{"x":175,"y":777,"width":420,"height":12}},{"id":"ddcff848-5bf6-46c0-a310-65e3d76a62ba","block_type":"box","text":"Ba Obligations rated Ba are judged to be speculative and are subject to substantial credit risk.","page_number":244,"box":{"x":117,"y":800,"width":729,"height":12}},{"id":"43335f75-7037-4ba6-8b70-8edb59ebea72","block_type":"box","text":"B Obligations rated B are considered speculative and are subject to high credit risk.","page_number":244,"box":{"x":117,"y":823,"width":660,"height":13}},{"id":"05aebd9c-a4f3-44e8-8b96-faaf236ece22","block_type":"box","text":"Caa Obligations rated Caa are judged to be speculative of poor standing and are subject to very","page_number":244,"box":{"x":117,"y":847,"width":741,"height":12}},{"id":"3fb22206-fcea-44ee-be00-d807b50dd126","block_type":"box","text":"high credit risk.","page_number":244,"box":{"x":176,"y":862,"width":116,"height":12}},{"id":"51a0c175-8e92-4a2e-be20-845f0e838d2b","block_type":"box","text":"A-2","page_number":244,"box":{"x":486,"y":909,"width":26,"height":9}},{"id":"dd402049-af37-4ef2-8bd4-0977b0795929","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":244,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"cc7e6e4c-af33-414b-a1af-5e7a10c9e7b2","block_type":"box","text":"Ca Obligations rated Ca are highly speculative and are likely in, or very near, default, with some","page_number":245,"box":{"x":117,"y":87,"width":748,"height":12}},{"id":"f002690c-9715-44f6-b4f5-4f0284e54905","block_type":"box","text":"prospect of recovery of principal and interest.","page_number":245,"box":{"x":176,"y":102,"width":339,"height":13}},{"id":"e8c6e56b-cf19-4b8f-b2c7-a08cadad2847","block_type":"box","text":"C Obligations rated C are the lowest rated and are typically in default, with little prospect for","page_number":245,"box":{"x":117,"y":126,"width":726,"height":12}},{"id":"b6c4200a-82c3-42c6-879c-6c91d479183f","block_type":"box","text":"recovery of principal or interest.","page_number":245,"box":{"x":176,"y":141,"width":238,"height":12}},{"id":"e71f2385-3ed2-4b6d-9b58-ae258e4cde73","block_type":"box","text":"Note","page_number":245,"box":{"x":117,"y":172,"width":34,"height":10}},{"id":"7a7e2894-d17b-4322-9358-3dd05ab0fc17","block_type":"box","text":": Moody’s appends numerical modifiers 1, 2, and 3 to each generic rating classification from Aa","page_number":245,"box":{"x":153,"y":172,"width":709,"height":12}},{"id":"c366e680-731b-40cf-90f5-9c9993e22ece","block_type":"box","text":"through Caa. The modifier 1 indicates that the obligation ranks in the higher end of its generic rating","page_number":245,"box":{"x":116,"y":188,"width":745,"height":12}},{"id":"5e57794e-883c-48c4-957f-53d7ed3c01e3","block_type":"box","text":"category; the modifier 2 indicates a mid-range ranking; and the modifier 3 indicates a ranking in the","page_number":245,"box":{"x":116,"y":203,"width":741,"height":12}},{"id":"f3085702-529a-4b6e-8ef2-8db14a670334","block_type":"box","text":"lower end of that generic rating category. Additionally, a “(hyb)” indicator is appended to all ratings of","page_number":245,"box":{"x":117,"y":219,"width":751,"height":12}},{"id":"8fe2ae5f-6856-42f0-a27e-1eb34c2ebf83","block_type":"box","text":"hybrid securities issued by banks, insurers, finance companies, and securities firms.","page_number":245,"box":{"x":117,"y":234,"width":628,"height":12}},{"id":"0d854676-4af9-46a1-b9da-a581bbbfd59f","block_type":"box","text":"By their terms, hybrid securities allow for the omission of scheduled dividends, interest, or principal","page_number":245,"box":{"x":117,"y":265,"width":737,"height":12}},{"id":"42ee8217-e6ea-42d2-b038-f36d297cc956","block_type":"box","text":"payments, which can potentially result in impairment if such an omission occurs. Hybrid securities may","page_number":245,"box":{"x":117,"y":281,"width":765,"height":12}},{"id":"9da80c14-ea61-4e95-afa1-b132ee051ff8","block_type":"box","text":"also be subject to contractually allowable write-downs of principal that could result in impairment.","page_number":245,"box":{"x":116,"y":296,"width":724,"height":12}},{"id":"baa4a03b-0d96-4dc5-a943-6e95a5f4e105","block_type":"box","text":"Together with the hybrid indicator, the long-term obligation rating assigned to a hybrid security is an","page_number":245,"box":{"x":116,"y":312,"width":744,"height":12}},{"id":"f96edaa3-c3e5-42f7-9246-1adc86bd388f","block_type":"box","text":"expression of the relative credit risk associated with that security.","page_number":245,"box":{"x":116,"y":327,"width":488,"height":12}},{"id":"ef6717fd-4ac3-43d1-a198-a6add84335b2","block_type":"box","text":"Description of Moody’s Global Short-Term Rating Scale","page_number":245,"box":{"x":117,"y":358,"width":448,"height":12}},{"id":"6e2eb06a-2f70-4cfa-abc9-9aab64695994","block_type":"box","text":"P-1 Ratings of Prime-1 reflect a superior ability to repay short-term obligations.","page_number":245,"box":{"x":117,"y":389,"width":616,"height":12}},{"id":"353c9e51-2aeb-4cee-983e-b6fad5c5bff9","block_type":"box","text":"P-2 Ratings of Prime-2 reflect a strong ability to repay short-term obligations.","page_number":245,"box":{"x":117,"y":413,"width":602,"height":12}},{"id":"baf7d50f-3e5c-4575-a475-a2e5d94158e6","block_type":"box","text":"P-3 Ratings of Prime-3 reflect an acceptable ability to repay short-term obligations.","page_number":245,"box":{"x":117,"y":436,"width":646,"height":12}},{"id":"a5e413da-11c6-41df-b5d6-c00cb178c49b","block_type":"box","text":"NP Issuers (or supporting institutions) rated Not Prime do not fall within any of the Prime rating","page_number":245,"box":{"x":117,"y":459,"width":737,"height":12}},{"id":"d5d16bf9-6d3d-4ab6-8b85-959c1b3e5b6b","block_type":"box","text":"categories.","page_number":245,"box":{"x":175,"y":475,"width":87,"height":12}},{"id":"bcc0ee72-ecb5-4b69-8459-7f2da7f207ed","block_type":"box","text":"Description of Moody’s U.S. Municipal Short-Term Debt and Demand Obligation Ratings","page_number":245,"box":{"x":117,"y":506,"width":707,"height":12}},{"id":"8a1d771e-0135-4f53-884b-51fc52c35595","block_type":"box","text":"Description of Moody’s Short-Term Obligation Ratings","page_number":245,"box":{"x":117,"y":537,"width":439,"height":12}},{"id":"debf036f-7021-4ce4-83af-05a6b8daf56d","block_type":"box","text":"Moody’s uses the global short-term Prime rating scale for commercial paper issued by U.S.","page_number":245,"box":{"x":117,"y":568,"width":681,"height":12}},{"id":"1ca10387-c0c4-4270-abd6-a7020ebf8bb1","block_type":"box","text":"municipalities and nonprofits. These commercial paper programs may be backed by external letters of","page_number":245,"box":{"x":117,"y":583,"width":761,"height":12}},{"id":"c36b362d-86d7-4121-9f40-c26a6ff0fe21","block_type":"box","text":"credit or liquidity facilities, or by an issuer’s self-liquidity.","page_number":245,"box":{"x":116,"y":599,"width":420,"height":12}},{"id":"f59b7013-b3f3-4a73-a5c6-437739fbf0c3","block_type":"box","text":"For other short-term municipal obligations, Moody’s uses one of two other short-term rating scales, the","page_number":245,"box":{"x":117,"y":630,"width":765,"height":12}},{"id":"14c35d5f-0624-4a1d-a5b5-2789ad8c0de6","block_type":"box","text":"Municipal Investment Grade (“MIG”) and Variable Municipal Investment Grade (“VMIG”) scales","page_number":245,"box":{"x":117,"y":645,"width":708,"height":12}},{"id":"b17c9765-ee4e-41dc-a8f3-c0c3844b017c","block_type":"box","text":"discussed below.","page_number":245,"box":{"x":116,"y":661,"width":126,"height":9}},{"id":"ac776d86-572a-49ee-bfba-2d4851033ce1","block_type":"box","text":"Moody’s uses the MIG scale for U.S. municipal cash flow notes, bond anticipation notes and certain","page_number":245,"box":{"x":117,"y":692,"width":738,"height":12}},{"id":"94ed49dd-850f-4e3f-9881-5c4d6f6ef186","block_type":"box","text":"other short-term obligations, which typically mature in three years or less. Under certain circumstances,","page_number":245,"box":{"x":116,"y":707,"width":766,"height":12}},{"id":"216ac0ea-7374-4462-a1a3-4f00581629ea","block_type":"box","text":"Moody’s uses the MIG scale for bond anticipation notes with maturities of up to five years.","page_number":245,"box":{"x":117,"y":723,"width":665,"height":12}},{"id":"a1fad121-310a-4b97-b855-1d4d169eb75b","block_type":"box","text":"MIG Scale","page_number":245,"box":{"x":117,"y":754,"width":77,"height":9}},{"id":"53e1fb36-9767-4bb2-b5dd-2405e43a1f66","block_type":"box","text":"MIG 1 This designation denotes superior credit quality. Excellent protection is afforded by established","page_number":245,"box":{"x":117,"y":785,"width":760,"height":12}},{"id":"7c1e2942-f1ee-49d5-ac06-dcb92fc5c082","block_type":"box","text":"cash flows, highly reliable liquidity support, or demonstrated broad-based access to the market","page_number":245,"box":{"x":175,"y":800,"width":703,"height":12}},{"id":"6fa4ff9b-02e3-4cef-ada1-3d8d82ce3b16","block_type":"box","text":"for refinancing.","page_number":245,"box":{"x":175,"y":816,"width":110,"height":12}},{"id":"25ddc78e-ffa0-4b2e-a5eb-db7a268f622b","block_type":"box","text":"MIG 2 This designation denotes strong credit quality. Margins of protection are ample, although not as","page_number":245,"box":{"x":117,"y":839,"width":771,"height":12}},{"id":"de79ee57-200d-48f6-b9a4-19ed903d9be4","block_type":"box","text":"large as in the preceding group.","page_number":245,"box":{"x":176,"y":855,"width":240,"height":12}},{"id":"36623870-0190-41fd-a3ca-dba9bdf10044","block_type":"box","text":"A-3","page_number":245,"box":{"x":486,"y":909,"width":26,"height":9}},{"id":"cba5ec66-9f99-43cd-b4b2-a06f11b95cd8","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":245,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"36b881c7-3e68-410d-b46f-ce6de32357d3","block_type":"box","text":"MIG 3 This designation denotes acceptable credit quality. Liquidity and cash-flow protection may be","page_number":246,"box":{"x":117,"y":87,"width":753,"height":12}},{"id":"037d81f2-5e77-4154-b2d9-e7b75a7b77e2","block_type":"box","text":"narrow, and market access for refinancing is likely to be less well-established.","page_number":246,"box":{"x":176,"y":102,"width":582,"height":13}},{"id":"785b31d7-ebbc-4f90-8052-6a8ee965ac69","block_type":"box","text":"SG This designation denotes speculative-grade credit quality. Debt instruments in this category","page_number":246,"box":{"x":116,"y":126,"width":741,"height":12}},{"id":"f259b54f-96ce-4ffe-a7b7-83890a409993","block_type":"box","text":"may lack sufficient margins of protection.","page_number":246,"box":{"x":176,"y":141,"width":307,"height":12}},{"id":"bbd0c3f3-b966-4b5a-9ae0-eef5afafe1b0","block_type":"box","text":"Description of Moody’s Demand Obligation Ratings","page_number":246,"box":{"x":117,"y":172,"width":415,"height":12}},{"id":"e885aaa1-b522-4e53-8636-2a13356b9d54","block_type":"box","text":"In the case of variable rate demand obligations (“VRDOs”), a two-component rating is assigned. The","page_number":246,"box":{"x":117,"y":203,"width":749,"height":12}},{"id":"d814e5bd-78b9-431c-8b2a-36b3678a40ee","block_type":"box","text":"components are a long-term rating and a short-term demand obligation rating. The long-term rating","page_number":246,"box":{"x":116,"y":219,"width":740,"height":12}},{"id":"4128c6ef-5928-435a-8d2c-a79dd6393d8a","block_type":"box","text":"addresses the issuer’s ability to meet scheduled principal and interest payments. The short-term","page_number":246,"box":{"x":116,"y":234,"width":719,"height":12}},{"id":"8a4fd782-b9ca-4982-89fa-310522c52367","block_type":"box","text":"demand obligation rating addresses the ability of the issuer or the liquidity provider to make payments","page_number":246,"box":{"x":116,"y":250,"width":759,"height":12}},{"id":"39849d7e-07d0-401f-9785-5bfda39d7e5f","block_type":"box","text":"associated with the purchase-price-upon-demand feature (“demand feature”) of the VRDO. The short","page_number":246,"box":{"x":116,"y":265,"width":756,"height":12}},{"id":"0dbf6785-2fea-48a7-a424-406300cfc70f","block_type":"box","text":"term demand obligation rating uses the VMIG scale. VMIG ratings with liquidity support use as an input","page_number":246,"box":{"x":116,"y":281,"width":770,"height":12}},{"id":"5ee456a9-74e6-4c73-9264-66546756da75","block_type":"box","text":"the short-term Counterparty Risk Assessment of the support provider, or the long-term rating of the","page_number":246,"box":{"x":116,"y":296,"width":740,"height":12}},{"id":"93eb79bd-805f-4730-a2ee-88c28622ebe6","block_type":"box","text":"underlying obligor in the absence of third party liquidity support. Transitions of VMIG ratings of demand","page_number":246,"box":{"x":117,"y":312,"width":768,"height":12}},{"id":"3bb7ce7e-e54f-4f1e-8d89-830783278867","block_type":"box","text":"obligations with conditional liquidity support differ from transitions on the Prime scale to reflect the risk","page_number":246,"box":{"x":116,"y":327,"width":760,"height":12}},{"id":"6d835d7d-8318-4773-9f79-bab116c62276","block_type":"box","text":"that external liquidity support will terminate if the issuer’s long-term rating drops below investment","page_number":246,"box":{"x":116,"y":343,"width":729,"height":12}},{"id":"39780b7a-41a8-45c5-925e-55105a761166","block_type":"box","text":"grade.","page_number":246,"box":{"x":116,"y":358,"width":52,"height":12}},{"id":"485d5fcd-2e42-4602-a0e5-7929fef039e2","block_type":"box","text":"Moody’s typically assigns the VMIG short-term demand obligation rating if the frequency of the demand","page_number":246,"box":{"x":117,"y":389,"width":771,"height":12}},{"id":"44fc052a-8667-4e90-8de5-e08f5b6c5094","block_type":"box","text":"feature is less than every three years. If the frequency of the demand feature is less than three years","page_number":246,"box":{"x":116,"y":405,"width":753,"height":12}},{"id":"8fc5211b-63f1-42d4-b56b-4ca3de70de3f","block_type":"box","text":"but the purchase price is payable only with remarketing proceeds, the short-term demand obligation","page_number":246,"box":{"x":117,"y":420,"width":745,"height":12}},{"id":"d462f6bd-3520-4aeb-823d-cd09bca65489","block_type":"box","text":"rating is “NR”.","page_number":246,"box":{"x":117,"y":436,"width":107,"height":12}},{"id":"74d7e358-176c-48a3-ac41-769ab97344a0","block_type":"box","text":"VMIG Scale","page_number":246,"box":{"x":116,"y":467,"width":94,"height":9}},{"id":"e841d848-6477-45a4-9375-b8ee3eaec6fd","block_type":"box","text":"VMIG 1 This designation denotes superior credit quality. Excellent protection is afforded by the","page_number":246,"box":{"x":116,"y":498,"width":713,"height":12}},{"id":"8c7bc87f-b2a8-4718-84af-9a38ddc50eb7","block_type":"box","text":"superior short-term credit strength of the liquidity provider and structural and legal protections","page_number":246,"box":{"x":184,"y":513,"width":697,"height":12}},{"id":"aac881b8-4cd2-4ad8-9339-5d7ce27e78af","block_type":"box","text":"that ensure the timely payment of purchase price upon demand.","page_number":246,"box":{"x":183,"y":529,"width":481,"height":12}},{"id":"11e7c0d3-4eb6-4686-8050-03f842fa6277","block_type":"box","text":"VMIG 2 This designation denotes strong credit quality. Good protection is afforded by the strong short","page_number":246,"box":{"x":116,"y":552,"width":766,"height":12}},{"id":"da7db0e1-681e-4a84-9141-f6049c16b22b","block_type":"box","text":"term credit strength of the liquidity provider and structural and legal protections that ensure","page_number":246,"box":{"x":183,"y":568,"width":679,"height":12}},{"id":"89d6418f-beaf-46b5-99f9-e98129e6a129","block_type":"box","text":"the timely payment of purchase price upon demand.","page_number":246,"box":{"x":183,"y":583,"width":392,"height":12}},{"id":"bd358789-04f0-470e-8491-bc9da14e01d8","block_type":"box","text":"VMIG 3 This designation denotes acceptable credit quality. Adequate protection is afforded by the","page_number":246,"box":{"x":116,"y":606,"width":738,"height":12}},{"id":"6f5e1bb5-7e97-424c-ae5e-72f934d984d9","block_type":"box","text":"satisfactory short-term credit strength of the liquidity provider and structural and legal","page_number":246,"box":{"x":184,"y":622,"width":635,"height":12}},{"id":"640ade75-fab3-48d7-b97d-d38018723abb","block_type":"box","text":"protections that ensure the timely payment of purchase price upon demand.","page_number":246,"box":{"x":184,"y":637,"width":567,"height":12}},{"id":"7eb025fc-cce9-4c17-9a1e-416464fd6221","block_type":"box","text":"SG This designation denotes speculative-grade credit quality. Demand features rated in this","page_number":246,"box":{"x":116,"y":661,"width":720,"height":12}},{"id":"b69f7671-1259-4efb-8b63-bea44b26d0a9","block_type":"box","text":"category may be supported by a liquidity provider that does not have a sufficiently strong","page_number":246,"box":{"x":184,"y":676,"width":657,"height":12}},{"id":"3df162a6-bebb-4add-a678-93278aee82c6","block_type":"box","text":"short-term rating or may lack the structural or legal protections necessary to ensure the timely","page_number":246,"box":{"x":184,"y":692,"width":695,"height":12}},{"id":"3aaf43a6-5fd2-49fe-a585-dc82568e5523","block_type":"box","text":"payment of purchase price upon demand.","page_number":246,"box":{"x":184,"y":707,"width":308,"height":12}},{"id":"043ee8fa-0274-4152-8eec-95299219c263","block_type":"box","text":"Description of S&P Global Ratings (“S&P”), a Division of S&P Global Inc., Issue Credit Ratings","page_number":246,"box":{"x":117,"y":738,"width":753,"height":12}},{"id":"eaacfce3-d824-4372-9dc4-0cdacb3df0dc","block_type":"box","text":"An S&P issue credit rating is a forward-looking opinion about the creditworthiness of an obligor with","page_number":246,"box":{"x":116,"y":769,"width":737,"height":12}},{"id":"57cd56af-9d17-45cc-8a5a-e63898aa775f","block_type":"box","text":"respect to a specific financial obligation, a specific class of financial obligations, or a specific financial","page_number":246,"box":{"x":117,"y":785,"width":748,"height":12}},{"id":"fd8965cf-2004-429a-aaa0-7a2dda3026b6","block_type":"box","text":"program (including ratings on medium-term note programs and commercial paper programs). It takes","page_number":246,"box":{"x":117,"y":800,"width":750,"height":12}},{"id":"bef73cc2-5215-4034-8b5d-eb94e0002135","block_type":"box","text":"into consideration the creditworthiness of guarantors, insurers, or other forms of credit enhancement","page_number":246,"box":{"x":117,"y":816,"width":744,"height":12}},{"id":"1f086420-062b-4a9c-bf54-2f9d318ce313","block_type":"box","text":"on the obligation and takes into account the currency in which the obligation is denominated. The","page_number":246,"box":{"x":116,"y":831,"width":726,"height":12}},{"id":"4705c279-9f68-42ec-a73d-51e9baee57f2","block_type":"box","text":"opinion reflects S&P’s view of the obligor’s capacity and willingness to meet its financial commitments","page_number":246,"box":{"x":116,"y":847,"width":759,"height":12}},{"id":"244ca093-979e-45aa-babc-a5df2461d0ca","block_type":"box","text":"as they come due, and this opinion may assess terms, such as collateral security and subordination,","page_number":246,"box":{"x":116,"y":862,"width":750,"height":12}},{"id":"db8a6d77-91f4-4321-9abb-5731cc2dccee","block_type":"box","text":"which could affect ultimate payment in the event of default.","page_number":246,"box":{"x":116,"y":878,"width":441,"height":12}},{"id":"dcbce182-844a-45cd-9e01-e428721cf76c","block_type":"box","text":"A-4","page_number":246,"box":{"x":486,"y":909,"width":26,"height":9}},{"id":"556430e8-363f-493e-beae-becb8b69fd5c","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":246,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"622a0aaa-42ba-474d-9483-e648444e9276","block_type":"box","text":"Issue credit ratings can be either long-term or short-term. Short-term issue credit ratings are generally","page_number":247,"box":{"x":117,"y":87,"width":760,"height":12}},{"id":"fc03b468-26ce-45f9-8bc9-374bd7256376","block_type":"box","text":"assigned to those obligations considered short-term in the relevant market, typically with an original","page_number":247,"box":{"x":116,"y":103,"width":743,"height":12}},{"id":"87c5c654-cfe6-4477-8595-2c2f866e968d","block_type":"box","text":"maturity of no more than 365 days. Short-term issue credit ratings are also used to indicate the","page_number":247,"box":{"x":117,"y":118,"width":708,"height":12}},{"id":"d95509cc-1ab9-4ca7-a45a-16206b797f0d","block_type":"box","text":"creditworthiness of an obligor with respect to put features on long-term obligations. S&P would typically","page_number":247,"box":{"x":116,"y":134,"width":771,"height":12}},{"id":"bec7a7b7-5f07-4864-a4e3-b82bf6db1c69","block_type":"box","text":"assign a long-term issue credit rating to an obligation with an original maturity of greater than 365 days.","page_number":247,"box":{"x":116,"y":149,"width":772,"height":12}},{"id":"54e8a81a-e938-4d47-9c95-72e47173213b","block_type":"box","text":"However, the ratings S&P assigns to certain instruments may diverge from these guidelines based on","page_number":247,"box":{"x":117,"y":165,"width":758,"height":12}},{"id":"44f9d803-85f4-41fb-8850-862d2c1fa413","block_type":"box","text":"market practices. Medium-term notes are assigned long-term ratings.","page_number":247,"box":{"x":117,"y":180,"width":518,"height":12}},{"id":"4e8516d4-a188-4ab1-abec-6444657309b4","block_type":"box","text":"Issue credit ratings are based, in varying degrees, on S&P’s analysis of the following considerations:","page_number":247,"box":{"x":117,"y":211,"width":750,"height":12}},{"id":"ae945e0e-7d09-4255-b815-ea1d0e9b7f6a","block_type":"box","text":"• The likelihood of payment—the capacity and willingness of the obligor to meet its financial","page_number":247,"box":{"x":150,"y":242,"width":706,"height":12}},{"id":"1e02a025-0e84-4ce8-93c6-91397a753caf","block_type":"box","text":"commitments on an obligation in accordance with the terms of the obligation;","page_number":247,"box":{"x":184,"y":258,"width":575,"height":12}},{"id":"01e119f8-5bd2-448f-83a0-413764807717","block_type":"box","text":"• The nature and provisions of the financial obligation, and the promise S&P imputes; and","page_number":247,"box":{"x":150,"y":281,"width":692,"height":12}},{"id":"5fef22bd-a319-4e98-9aac-732b6f27792f","block_type":"box","text":"• The protection afforded by, and relative position of, the financial obligation in the event of a","page_number":247,"box":{"x":150,"y":304,"width":712,"height":12}},{"id":"bfae583e-39d4-4c99-b8f0-05996d676f26","block_type":"box","text":"bankruptcy, reorganization, or other arrangement under the laws of bankruptcy and other laws","page_number":247,"box":{"x":184,"y":320,"width":704,"height":12}},{"id":"d9d4325d-d61e-41ec-be46-e6dafee89eef","block_type":"box","text":"affecting creditors’ rights.","page_number":247,"box":{"x":184,"y":335,"width":191,"height":12}},{"id":"fe75d06d-8a35-440d-beab-1310331580dd","block_type":"box","text":"An issue rating is an assessment of default risk but may incorporate an assessment of relative seniority","page_number":247,"box":{"x":116,"y":366,"width":772,"height":12}},{"id":"ee0332a7-158f-44aa-b389-6ba6add67ff5","block_type":"box","text":"or ultimate recovery in the event of default. Junior obligations are typically rated lower than senior","page_number":247,"box":{"x":116,"y":382,"width":728,"height":12}},{"id":"cf6c67ed-e42f-4233-aa87-ec38f74a60f3","block_type":"box","text":"obligations, to reflect lower priority in bankruptcy, as noted above. (Such differentiation may apply","page_number":247,"box":{"x":116,"y":397,"width":729,"height":12}},{"id":"ead6ab82-efae-45ee-bf1e-74df3c0dfdde","block_type":"box","text":"when an entity has both senior and subordinated obligations, secured and unsecured obligations, or","page_number":247,"box":{"x":116,"y":413,"width":747,"height":12}},{"id":"66a73906-cf6a-4ee2-a043-518e27213887","block_type":"box","text":"operating company and holding company obligations.)","page_number":247,"box":{"x":116,"y":428,"width":407,"height":12}},{"id":"ad4d6e12-b3e1-48d2-968f-4236731d7f8c","block_type":"box","text":"Long-Term Issue Credit Ratings*","page_number":247,"box":{"x":117,"y":459,"width":265,"height":12}},{"id":"51071cde-d185-4d50-8b4f-18a40accf5c9","block_type":"box","text":"AAA An obligation rated ‘AAA’ has the highest rating assigned by S&P. The obligor’s capacity to","page_number":247,"box":{"x":116,"y":490,"width":755,"height":12}},{"id":"9900b12c-4fef-43e6-b04b-f77defb7f7c1","block_type":"box","text":"meet its financial commitments on the obligation is extremely strong.","page_number":247,"box":{"x":192,"y":506,"width":513,"height":12}},{"id":"025effc9-387c-479c-acf6-1c158434c63e","block_type":"box","text":"AA An obligation rated ‘AA’ differs from the highest-rated obligations only to a small degree.","page_number":247,"box":{"x":116,"y":529,"width":734,"height":12}},{"id":"1d022c8b-e798-4892-a407-efdf97d0a7fd","block_type":"box","text":"The obligor’s capacity to meet its financial commitments on the obligation is very strong.","page_number":247,"box":{"x":191,"y":544,"width":659,"height":12}},{"id":"fc0ab54a-d20e-44d8-8510-310ca421148f","block_type":"box","text":"A An obligation rated ‘A’ is somewhat more susceptible to the adverse effects of changes in","page_number":247,"box":{"x":116,"y":568,"width":744,"height":12}},{"id":"701d8ffa-dc54-4710-b1dc-b7c0e2330902","block_type":"box","text":"circumstances and economic conditions than obligations in higher-rated categories.","page_number":247,"box":{"x":192,"y":583,"width":624,"height":12}},{"id":"6c438300-8572-4abf-b8ba-fecf06a3f11b","block_type":"box","text":"However, the obligor’s capacity to meet its financial commitments on the obligation is still","page_number":247,"box":{"x":192,"y":599,"width":664,"height":12}},{"id":"619e06b6-30cc-47c5-81c6-48d2aed3a824","block_type":"box","text":"strong.","page_number":247,"box":{"x":191,"y":614,"width":56,"height":12}},{"id":"042e20d0-54bf-4839-9a5c-ad2e8bea0a0d","block_type":"box","text":"BBB An obligation rated ‘BBB’ exhibits adequate protection parameters. However, adverse","page_number":247,"box":{"x":117,"y":637,"width":715,"height":12}},{"id":"31678866-3c66-4066-8d7e-d0a4dd050634","block_type":"box","text":"economic conditions or changing circumstances are more likely to weaken the obligor’s","page_number":247,"box":{"x":192,"y":653,"width":652,"height":12}},{"id":"8c444d94-6260-401f-9773-43c142734b16","block_type":"box","text":"capacity to meet its financial commitments on the obligation.","page_number":247,"box":{"x":192,"y":668,"width":446,"height":12}},{"id":"4a174e91-0d32-4e6d-bdc0-dde4aec91415","block_type":"box","text":"BB, B,","page_number":247,"box":{"x":117,"y":692,"width":45,"height":11}},{"id":"1ca091a9-a649-492a-9209-4ab1e65bcef7","block_type":"box","text":"CCC,","page_number":247,"box":{"x":117,"y":707,"width":38,"height":11}},{"id":"ff5bcc9a-4b6f-4cac-afb2-6698ed4add3b","block_type":"box","text":"CC,","page_number":247,"box":{"x":117,"y":723,"width":26,"height":11}},{"id":"de3bfbbf-d27a-4885-8dda-c791c9fd72e7","block_type":"box","text":"and C","page_number":247,"box":{"x":116,"y":738,"width":44,"height":10}},{"id":"3423b3db-c7cc-4f48-94bb-d7bd123042e5","block_type":"box","text":"Obligations rated ‘BB’, ‘B’, ‘CCC’, ‘CC’, and ‘C’ are regarded as having significant","page_number":247,"box":{"x":192,"y":692,"width":602,"height":12}},{"id":"922df3c8-178f-45a1-bb88-8ab406b026ed","block_type":"box","text":"speculative characteristics. ‘BB’ indicates the least degree of speculation and ‘C’ the","page_number":247,"box":{"x":191,"y":707,"width":625,"height":12}},{"id":"3c3f7f47-c882-4416-973b-9773a034bbaf","block_type":"box","text":"highest. While such obligations will likely have some quality and protective characteristics,","page_number":247,"box":{"x":192,"y":723,"width":666,"height":12}},{"id":"80dd631b-c160-4f2e-99d7-7061f5ba23e1","block_type":"box","text":"these may be outweighed by large uncertainties or major exposure to adverse conditions.","page_number":247,"box":{"x":191,"y":738,"width":664,"height":12}},{"id":"7712d49f-c92c-4017-af88-879fade01496","block_type":"box","text":"BB An obligation rated ‘BB’ is less vulnerable to nonpayment than other speculative issues.","page_number":247,"box":{"x":117,"y":761,"width":723,"height":13}},{"id":"8f3c0f12-dcbb-4919-8fa8-35ca7caab044","block_type":"box","text":"However, it faces major ongoing uncertainties or exposure to adverse business, financial,","page_number":247,"box":{"x":192,"y":777,"width":662,"height":12}},{"id":"85bf7ac2-e996-4d6f-9a0d-43e4df0d7f85","block_type":"box","text":"or economic conditions that could lead to the obligor’s inadequate capacity to meet its","page_number":247,"box":{"x":192,"y":793,"width":635,"height":12}},{"id":"97cf4e01-a084-45ef-82e3-a36f5d4502d3","block_type":"box","text":"financial commitments on the obligation.","page_number":247,"box":{"x":191,"y":808,"width":298,"height":12}},{"id":"799e5776-1519-4638-9b88-cc7b9e5cc94c","block_type":"box","text":"B An obligation rated ‘B’ is more vulnerable to nonpayment than obligations rated ‘BB’, but","page_number":247,"box":{"x":117,"y":831,"width":733,"height":12}},{"id":"e5bf9be2-8b62-471b-86fc-457abeeffc88","block_type":"box","text":"the obligor currently has the capacity to meet its financial commitments on the obligation.","page_number":247,"box":{"x":191,"y":847,"width":665,"height":12}},{"id":"4a5a44cf-0731-4b52-b8cb-1374c107e1ec","block_type":"box","text":"Adverse business, financial, or economic conditions will likely impair the obligor’s capacity","page_number":247,"box":{"x":191,"y":862,"width":672,"height":12}},{"id":"e86bc8d7-ef54-4753-a754-f52b419fa588","block_type":"box","text":"or willingness to meet its financial commitments on the obligation.","page_number":247,"box":{"x":192,"y":878,"width":491,"height":12}},{"id":"12cc6cae-abe1-4f48-a81c-a9e5e7daa5d4","block_type":"box","text":"A-5","page_number":247,"box":{"x":486,"y":909,"width":26,"height":9}},{"id":"f7a8f8ae-f010-4364-8c7d-aaca6ae73ac8","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":247,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"44c59f58-891d-4e11-9944-5ac0cfbb0bef","block_type":"box","text":"CCC An obligation rated ‘CCC’ is currently vulnerable to nonpayment and is dependent upon","page_number":248,"box":{"x":117,"y":87,"width":728,"height":12}},{"id":"dabb23c2-c221-4ec6-a317-0248beac7d9d","block_type":"box","text":"favorable business, financial, and economic conditions for the obligor to meet its financial","page_number":248,"box":{"x":191,"y":102,"width":667,"height":13}},{"id":"ce6c7709-eec9-40d5-9d8a-227637d22527","block_type":"box","text":"commitments on the obligation. In the event of adverse business, financial, or economic","page_number":248,"box":{"x":192,"y":118,"width":656,"height":12}},{"id":"87169786-c6cf-4ce3-87b0-bc39615587ff","block_type":"box","text":"conditions, the obligor is not likely to have the capacity to meet its financial commitments","page_number":248,"box":{"x":192,"y":134,"width":662,"height":12}},{"id":"817aba9f-83a1-4888-8088-0c8df7b927b8","block_type":"box","text":"on the obligation.","page_number":248,"box":{"x":192,"y":149,"width":132,"height":12}},{"id":"81edea7e-9bb4-4fce-a76f-eb3f91da7e04","block_type":"box","text":"CC An obligation rated ‘CC’ is currently highly vulnerable to nonpayment. The ‘CC’ rating is","page_number":248,"box":{"x":117,"y":172,"width":727,"height":12}},{"id":"68464c96-15cc-4a17-8f39-e49641116afb","block_type":"box","text":"used when a default has not yet occurred but S&P expects default to be a virtual certainty,","page_number":248,"box":{"x":192,"y":188,"width":675,"height":12}},{"id":"b969808f-64b4-422a-be30-c63764a18633","block_type":"box","text":"regardless of the anticipated time to default.","page_number":248,"box":{"x":192,"y":203,"width":330,"height":12}},{"id":"ab994577-640c-47bb-b2a4-92c480888dd7","block_type":"box","text":"C An obligation rated ‘C’ is currently highly vulnerable to nonpayment, and the obligation is","page_number":248,"box":{"x":117,"y":227,"width":735,"height":12}},{"id":"511045f9-2820-452c-a938-72fbc848958a","block_type":"box","text":"expected to have lower relative seniority or lower ultimate recovery compared with","page_number":248,"box":{"x":192,"y":242,"width":615,"height":12}},{"id":"8eb7d106-4eab-4e04-88c9-f65fc53fe02f","block_type":"box","text":"obligations that are rated higher.","page_number":248,"box":{"x":192,"y":258,"width":245,"height":12}},{"id":"22afa6a7-9f13-422c-b18b-be7e63c74822","block_type":"box","text":"D An obligation rated ‘D’ is in default or in breach of an imputed promise. For non-hybrid","page_number":248,"box":{"x":117,"y":281,"width":717,"height":12}},{"id":"16c67bb4-2852-4f00-825d-0b07173521a7","block_type":"box","text":"capital instruments, the ‘D’ rating category is used when payments on an obligation are not","page_number":248,"box":{"x":192,"y":296,"width":678,"height":12}},{"id":"8a98b075-5bcd-416b-99a7-a36ac127cf2f","block_type":"box","text":"made on the date due, unless S&P believes that such payments will be made within five","page_number":248,"box":{"x":192,"y":312,"width":657,"height":12}},{"id":"2465ed60-8e23-4fe1-91c0-c2556f86df69","block_type":"box","text":"business days in the absence of a stated grace period or within the earlier of the stated","page_number":248,"box":{"x":192,"y":327,"width":650,"height":12}},{"id":"539a1b50-6f64-4279-9399-f50e86dc18d3","block_type":"box","text":"grace period or 30 calendar days. The ‘D’ rating also will be used upon the filing of a","page_number":248,"box":{"x":191,"y":343,"width":630,"height":12}},{"id":"1b7af69c-e0cf-4470-8f68-6bc90dc63d5f","block_type":"box","text":"bankruptcy petition or the taking of similar action and where default on an obligation is a","page_number":248,"box":{"x":192,"y":358,"width":657,"height":12}},{"id":"fb232157-0285-45ee-80cb-147938dcf72e","block_type":"box","text":"virtual certainty, for example due to automatic stay provisions. A rating on an obligation is","page_number":248,"box":{"x":191,"y":374,"width":668,"height":12}},{"id":"887c350e-1ff7-4b76-a6d3-e099027bfeca","block_type":"box","text":"lowered to ‘D’ if it is subject to a distressed debt restructuring.","page_number":248,"box":{"x":192,"y":389,"width":461,"height":12}},{"id":"52bc85c2-8f73-4768-a751-b640538edf2c","block_type":"box","text":"* Ratings from ‘AA’ to ‘CCC’ may be modified by the addition of a plus (+) or minus (-) sign to show relative standing","page_number":248,"box":{"x":143,"y":418,"width":705,"height":9}},{"id":"23d8bf70-4fa9-42ba-b101-41ba58ebfad4","block_type":"box","text":"within the rating categories.","page_number":248,"box":{"x":170,"y":431,"width":162,"height":9}},{"id":"3a156e84-3aa5-4968-8b3e-5f3581cd19ee","block_type":"box","text":"Short-Term Issue Credit Ratings","page_number":248,"box":{"x":116,"y":458,"width":263,"height":12}},{"id":"940aa7e7-afa4-49f4-82e6-23765e0d9f40","block_type":"box","text":"A-1 A short-term obligation rated ‘A-1’ is rated in the highest category by S&P. The obligor’s","page_number":248,"box":{"x":116,"y":487,"width":715,"height":12}},{"id":"9de8fa89-6f00-47fa-8b32-058c44800aa8","block_type":"box","text":"capacity to meet its financial commitments on the obligation is strong. Within this category,","page_number":248,"box":{"x":175,"y":502,"width":677,"height":12}},{"id":"c7d11400-5dc3-49a5-967d-4e32fad6ac41","block_type":"box","text":"certain obligations are designated with a plus sign (+). This indicates that the obligor’s capacity","page_number":248,"box":{"x":175,"y":518,"width":708,"height":12}},{"id":"b7859fc6-3366-4053-becd-3c67a55a4310","block_type":"box","text":"to meet its financial commitments on these obligations is extremely strong.","page_number":248,"box":{"x":175,"y":533,"width":558,"height":12}},{"id":"24f5a6f0-2c6f-4e28-a3bf-77c9906798bb","block_type":"box","text":"A-2 A short-term obligation rated ‘A-2’ is somewhat more susceptible to the adverse effects of","page_number":248,"box":{"x":116,"y":556,"width":729,"height":12}},{"id":"f2d62645-0680-4eb8-b4f2-a37d3c3f011b","block_type":"box","text":"changes in circumstances and economic conditions than obligations in higher rating","page_number":248,"box":{"x":175,"y":571,"width":626,"height":12}},{"id":"2b5f0d07-9c35-4b5d-ab67-c51332d2c882","block_type":"box","text":"categories. However, the obligor’s capacity to meet its financial commitments on the obligation","page_number":248,"box":{"x":175,"y":587,"width":706,"height":12}},{"id":"bfa4abf1-043f-4113-ba77-239b8ef9e95b","block_type":"box","text":"is satisfactory.","page_number":248,"box":{"x":176,"y":602,"width":110,"height":12}},{"id":"ea2f6d6f-2ded-4bc3-bb68-54b11f1265fc","block_type":"box","text":"A-3 A short-term obligation rated ‘A-3’ exhibits adequate protection parameters. However, adverse","page_number":248,"box":{"x":116,"y":624,"width":764,"height":13}},{"id":"c50fbe29-fe17-479c-8a89-d4cc3dab51bb","block_type":"box","text":"economic conditions or changing circumstances are more likely to weaken an obligor’s","page_number":248,"box":{"x":175,"y":640,"width":648,"height":12}},{"id":"fc11c5a4-e69c-4f00-bef3-66b823b32bb8","block_type":"box","text":"capacity to meet its financial commitments on the obligation.","page_number":248,"box":{"x":175,"y":655,"width":453,"height":13}},{"id":"68e442eb-a400-41c9-8a0d-2cb935a21fda","block_type":"box","text":"B A short-term obligation rated ‘B’ is regarded as vulnerable and has significant speculative","page_number":248,"box":{"x":117,"y":678,"width":719,"height":12}},{"id":"456a360e-64bb-4d04-a899-40e5d5b11cae","block_type":"box","text":"characteristics. The obligor currently has the capacity to meet its financial commitments;","page_number":248,"box":{"x":175,"y":693,"width":653,"height":12}},{"id":"3320ad78-ea0e-4658-9233-ff51810b6a8e","block_type":"box","text":"however, it faces major ongoing uncertainties that could lead to the obligor’s inadequate","page_number":248,"box":{"x":176,"y":709,"width":652,"height":12}},{"id":"88456a56-4dd1-407e-be89-268a11260f5c","block_type":"box","text":"capacity to meet its financial commitments.","page_number":248,"box":{"x":175,"y":724,"width":318,"height":12}},{"id":"2c236eaf-4433-40c2-bc11-97ad0a963efc","block_type":"box","text":"C A short-term obligation rated ‘C’ is currently vulnerable to nonpayment and is dependent upon","page_number":248,"box":{"x":117,"y":747,"width":754,"height":12}},{"id":"f657103d-4bdb-4fed-bdad-1922d3e90c33","block_type":"box","text":"favorable business, financial, and economic conditions for the obligor to meet its financial","page_number":248,"box":{"x":175,"y":762,"width":661,"height":12}},{"id":"4d87112c-c767-400f-9705-8a1ff5d6199d","block_type":"box","text":"commitments on the obligation.","page_number":248,"box":{"x":175,"y":778,"width":231,"height":12}},{"id":"dd52e46b-53d3-461f-a6c0-f6ed609c2a90","block_type":"box","text":"D A short-term obligation rated ‘D’ is in default or in breach of an imputed promise. For","page_number":248,"box":{"x":117,"y":800,"width":684,"height":12}},{"id":"37e3ad26-16e9-4a43-af2d-b0d199b97a2d","block_type":"box","text":"non-hybrid capital instruments, the ‘D’ rating category is used when payments on an obligation","page_number":248,"box":{"x":176,"y":815,"width":699,"height":12}},{"id":"a73ef02f-b278-4292-a524-4bec24224f0d","block_type":"box","text":"are not made on the date due, unless S&P believes that such payments will be made within","page_number":248,"box":{"x":175,"y":831,"width":684,"height":12}},{"id":"886af630-1b08-4dca-98b2-afd5737be87b","block_type":"box","text":"any stated grace period. However, any stated grace period longer than five business days will","page_number":248,"box":{"x":175,"y":846,"width":700,"height":12}},{"id":"b376d5c8-e960-4165-bfcd-6431d3f24cce","block_type":"box","text":"be treated as five business days. The ‘D’ rating also will be used upon the filing of a bankruptcy","page_number":248,"box":{"x":176,"y":862,"width":711,"height":12}},{"id":"c3b3e1df-e9d7-437f-8790-d75e4d2b6ce2","block_type":"box","text":"petition or the taking of a similar action and where default on an obligation is a virtual certainty,","page_number":248,"box":{"x":176,"y":877,"width":706,"height":12}},{"id":"21f5a733-aea7-4ee0-a242-577a43c48765","block_type":"box","text":"A-6","page_number":248,"box":{"x":486,"y":909,"width":26,"height":9}},{"id":"f72c246d-802d-454d-bb76-364b71f6354a","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":248,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"5fc6d092-95d9-4b22-923f-35a5f7732b45","block_type":"box","text":"for example due to automatic stay provisions. A rating on an obligation is lowered to ‘D’ if it is","page_number":249,"box":{"x":175,"y":87,"width":695,"height":12}},{"id":"0e802fd3-21e6-45d7-af76-c2bdab05eccc","block_type":"box","text":"subject to a distressed debt restructuring.","page_number":249,"box":{"x":175,"y":103,"width":312,"height":12}},{"id":"121d66bf-3abe-4c11-872d-7be35ed4f888","block_type":"box","text":"Description of S&P’s Municipal Short-Term Note Ratings","page_number":249,"box":{"x":117,"y":134,"width":456,"height":12}},{"id":"2efd2283-f9d7-4235-b499-b5af7b45745a","block_type":"box","text":"An S&P U.S. municipal note rating reflects S&P’s opinion about the liquidity factors and market access","page_number":249,"box":{"x":116,"y":165,"width":766,"height":12}},{"id":"f4daeb14-2574-4566-975b-8e85660254bd","block_type":"box","text":"risks unique to the notes. Notes due in three years or less will likely receive a note rating. Notes with","page_number":249,"box":{"x":117,"y":180,"width":748,"height":12}},{"id":"ef3fdeea-e629-4c91-99b9-9e7e572716bb","block_type":"box","text":"an original maturity of more than three years will most likely receive a long-term debt rating. In","page_number":249,"box":{"x":116,"y":196,"width":703,"height":12}},{"id":"b854cfdb-c6c6-49e6-82a2-b4c38dad07ac","block_type":"box","text":"determining which type of rating, if any, to assign, S&P’s analysis will review the following","page_number":249,"box":{"x":116,"y":211,"width":668,"height":12}},{"id":"9c6b0547-a19b-4dce-9031-19b8bb6bd5ae","block_type":"box","text":"considerations:","page_number":249,"box":{"x":116,"y":227,"width":118,"height":9}},{"id":"9385f016-2e0d-4359-b5f1-84ce29a7f5c7","block_type":"box","text":"• Amortization schedule—the larger the final maturity relative to other maturities, the more likely","page_number":249,"box":{"x":150,"y":258,"width":736,"height":12}},{"id":"085120f2-df2f-4519-b5ea-b956e8bee78a","block_type":"box","text":"it will be treated as a note; and","page_number":249,"box":{"x":184,"y":273,"width":232,"height":11}},{"id":"66e91185-ac39-4700-b049-3c3e0f77dd6a","block_type":"box","text":"• Source of payment—the more dependent the issue is on the market for its refinancing, the","page_number":249,"box":{"x":150,"y":296,"width":709,"height":12}},{"id":"0991a2d4-5560-43ff-b2e2-ca88990bdefd","block_type":"box","text":"more likely it will be treated as a note.","page_number":249,"box":{"x":184,"y":312,"width":284,"height":12}},{"id":"58d52faf-6de0-41b6-9c4d-b2ddafb02430","block_type":"box","text":"S&P’s municipal short-term note rating symbols are as follows:","page_number":249,"box":{"x":116,"y":343,"width":470,"height":12}},{"id":"5071ea2c-7a1f-4f37-9d36-dff50387db90","block_type":"box","text":"SP-1 Strong capacity to pay principal and interest. An issue determined to possess a very strong","page_number":249,"box":{"x":116,"y":374,"width":740,"height":12}},{"id":"04eec8d8-7fef-4f2a-b171-ee600761581c","block_type":"box","text":"capacity to pay debt service is given a plus (+) designation.","page_number":249,"box":{"x":175,"y":389,"width":445,"height":12}},{"id":"bf6fc260-be92-4ba0-bbdd-9103e06f78c0","block_type":"box","text":"SP-2 Satisfactory capacity to pay principal and interest, with some vulnerability to adverse financial","page_number":249,"box":{"x":116,"y":413,"width":757,"height":12}},{"id":"d00fe0cd-80f1-49e6-acf6-d322669015e9","block_type":"box","text":"and economic changes over the term of the notes.","page_number":249,"box":{"x":175,"y":428,"width":379,"height":12}},{"id":"19e3857d-6d07-4805-842c-5854af089587","block_type":"box","text":"SP-3 Speculative capacity to pay principal and interest.","page_number":249,"box":{"x":116,"y":451,"width":432,"height":12}},{"id":"c24a3b16-8c68-42b7-b950-6473b52d6a9c","block_type":"box","text":"D ‘D’ is assigned upon failure to pay the note when due, completion of a distressed debt","page_number":249,"box":{"x":117,"y":475,"width":699,"height":12}},{"id":"44359eb6-0c36-4d02-877a-05011ff58ad4","block_type":"box","text":"restructuring, or the filing of a bankruptcy petition or the taking of similar action and where","page_number":249,"box":{"x":176,"y":490,"width":670,"height":12}},{"id":"aa10e151-5ffa-4b73-874d-01a966ee0d58","block_type":"box","text":"default on an obligation is a virtual certainty, for example due to automatic stay provisions.","page_number":249,"box":{"x":175,"y":506,"width":674,"height":12}},{"id":"f9c6a944-2884-4008-8758-0adfd164bb7d","block_type":"box","text":"Description of Fitch Ratings’ (“Fitch’s”) Credit Ratings Scales","page_number":249,"box":{"x":117,"y":537,"width":498,"height":12}},{"id":"7deef2b5-f6aa-4577-8fb7-a4edfb346066","block_type":"box","text":"Fitch Ratings publishes opinions on a variety of scales. The most common of these are credit ratings,","page_number":249,"box":{"x":117,"y":568,"width":756,"height":12}},{"id":"d0628c57-cebe-4c3a-887e-8fbcb478a961","block_type":"box","text":"but the agency also publishes ratings, scores and other relative opinions relating to financial or","page_number":249,"box":{"x":117,"y":583,"width":706,"height":12}},{"id":"68cb163c-4571-417a-b5fd-cbc795571536","block_type":"box","text":"operational strength. For example, Fitch also provides specialized ratings of servicers of residential","page_number":249,"box":{"x":116,"y":599,"width":740,"height":12}},{"id":"ee220cab-7a32-4965-a2c9-d2e58cd6948a","block_type":"box","text":"and commercial mortgages, asset managers and funds. In each case, users should refer to the","page_number":249,"box":{"x":116,"y":614,"width":711,"height":12}},{"id":"6aa22f0f-6d3a-4362-9591-70aa9321832a","block_type":"box","text":"definitions of each individual scale for guidance on the dimensions of risk covered in each assessment.","page_number":249,"box":{"x":116,"y":630,"width":769,"height":12}},{"id":"5cf0d4d5-1dc2-4695-992b-2d6f6a0d706e","block_type":"box","text":"Fitch’s credit ratings relating to issuers are an opinion on the relative ability of an entity to meet","page_number":249,"box":{"x":117,"y":661,"width":702,"height":12}},{"id":"072fbc67-58d2-42d1-a8e2-6ed1011565d2","block_type":"box","text":"financial commitments, such as interest, preferred dividends, repayment of principal, insurance claims","page_number":249,"box":{"x":116,"y":676,"width":756,"height":12}},{"id":"bf241678-3b85-4b3d-bb8e-ccd295d45d79","block_type":"box","text":"or counterparty obligations. Credit ratings relating to securities and obligations of an issuer can include","page_number":249,"box":{"x":116,"y":692,"width":761,"height":12}},{"id":"32470db0-66ff-49bc-9d16-3a33bfc1172d","block_type":"box","text":"a recovery expectation. Credit ratings are used by investors as indications of the likelihood of receiving","page_number":249,"box":{"x":116,"y":707,"width":761,"height":12}},{"id":"087fa6f6-8c46-40b0-92d7-eb7971c58f50","block_type":"box","text":"the money owed to them in accordance with the terms on which they invested. The agency’s credit","page_number":249,"box":{"x":116,"y":723,"width":733,"height":12}},{"id":"dacd623b-1384-4820-81b0-3726c06ed375","block_type":"box","text":"ratings cover the global spectrum of corporate, sovereign financial, bank, insurance, and public finance","page_number":249,"box":{"x":117,"y":738,"width":763,"height":12}},{"id":"2aa658c7-7176-4218-9d82-40d79d9ebbf5","block_type":"box","text":"entities (including supranational and sub-national entities) and the securities or other obligations they","page_number":249,"box":{"x":116,"y":754,"width":749,"height":12}},{"id":"13e12ad5-2853-4c31-9a1a-11996d5763bb","block_type":"box","text":"issue, as well as structured finance securities backed by receivables or other financial assets.","page_number":249,"box":{"x":117,"y":769,"width":692,"height":12}},{"id":"a840449d-3f9d-4eeb-98c3-1ead378cb9c1","block_type":"box","text":"The terms “investment grade” and “speculative grade” have established themselves over time as","page_number":249,"box":{"x":116,"y":800,"width":718,"height":12}},{"id":"c2217ec2-8d6d-4cb8-b34e-5d4d3edd2861","block_type":"box","text":"shorthand to describe the categories ‘AAA’ to ‘BBB’ (investment grade) and ‘BB’ to ‘D’ (speculative","page_number":249,"box":{"x":116,"y":816,"width":732,"height":12}},{"id":"c0da0e7a-0061-4c95-aeb7-2d5d78f849b7","block_type":"box","text":"grade). The terms investment grade and speculative grade are market conventions and do not imply","page_number":249,"box":{"x":116,"y":831,"width":749,"height":12}},{"id":"91c3f4cf-1660-429e-8bf6-173294e37a36","block_type":"box","text":"any recommendation or endorsement of a specific security for investment purposes. Investment grade","page_number":249,"box":{"x":116,"y":847,"width":764,"height":12}},{"id":"4e9b1220-9cff-4a77-847a-c5f02de2a076","block_type":"box","text":"categories indicate relatively low to moderate credit risk, while ratings in the speculative categories","page_number":249,"box":{"x":116,"y":862,"width":737,"height":12}},{"id":"c3ddff84-667d-4831-95da-674bbc15a008","block_type":"box","text":"either signal a higher level of credit risk or that a default has already occurred.","page_number":249,"box":{"x":116,"y":878,"width":584,"height":12}},{"id":"aca67334-01a9-4795-bf86-b4f80f62d0c8","block_type":"box","text":"A-7","page_number":249,"box":{"x":486,"y":909,"width":26,"height":9}},{"id":"0ed6b0bd-a13b-49b0-9a11-970a60989dc2","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":249,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"0055d386-fcf2-44ba-9659-f92d6ec7bf6b","block_type":"box","text":"For the convenience of investors, Fitch may also include issues relating to a rated issuer that are not","page_number":250,"box":{"x":117,"y":87,"width":750,"height":12}},{"id":"7d3ccecf-2b4f-4f0c-bfdc-46b82e44e323","block_type":"box","text":"and have not been rated on its web page. Such issues are also denoted as ‘NR’.","page_number":250,"box":{"x":116,"y":102,"width":603,"height":13}},{"id":"90a66f4a-6734-4a0d-b874-3a0e0358ab2e","block_type":"box","text":"Credit ratings express risk in relative rank order, which is to say they are ordinal measures of credit risk","page_number":250,"box":{"x":117,"y":132,"width":770,"height":12}},{"id":"375c7ca1-af2c-4fa5-a20c-c0953a34cfe3","block_type":"box","text":"and are not predictive of a specific frequency of default or loss. For information about the historical","page_number":250,"box":{"x":116,"y":147,"width":735,"height":12}},{"id":"07882863-3e49-4fd4-8355-fe4e1ac1f381","block_type":"box","text":"performance of ratings please refer to Fitch’s Ratings Transition and Default studies which detail the","page_number":250,"box":{"x":117,"y":163,"width":747,"height":12}},{"id":"5aec13e7-8117-4280-8d24-27a0601e5b9d","block_type":"box","text":"historical default rates and their meaning. The European Securities and Markets Authority also","page_number":250,"box":{"x":117,"y":178,"width":705,"height":12}},{"id":"23c0cf47-4415-45af-9cfe-7bfbb61a3c5b","block_type":"box","text":"maintains a central repository of historical default rates.","page_number":250,"box":{"x":117,"y":194,"width":415,"height":12}},{"id":"3aa53619-66bf-4340-9ef5-4af8b20c5a6f","block_type":"box","text":"Fitch’s credit ratings do not directly address any risk other than credit risk. In particular, ratings do not","page_number":250,"box":{"x":117,"y":223,"width":756,"height":12}},{"id":"ae70d583-1c92-44df-806e-62d99fe51530","block_type":"box","text":"deal with the risk of a market value loss on a rated security due to changes in interest rates, liquidity","page_number":250,"box":{"x":116,"y":239,"width":747,"height":12}},{"id":"1876bb79-0f19-493d-a447-34ba70c75db8","block_type":"box","text":"and other market considerations. However, in terms of payment obligation on the rated liability, market","page_number":250,"box":{"x":116,"y":254,"width":765,"height":12}},{"id":"810e3a0c-8b44-4969-a61e-9ddb4ba5eb2c","block_type":"box","text":"risk may be considered to the extent that it influences the ability of an issuer to pay upon a","page_number":250,"box":{"x":117,"y":270,"width":674,"height":12}},{"id":"4ce418c8-124f-47b1-87cc-173465b2cc01","block_type":"box","text":"commitment.","page_number":250,"box":{"x":116,"y":285,"width":101,"height":10}},{"id":"a478c1cb-cf02-4bf3-82c2-993e188dc73c","block_type":"box","text":"Ratings nonetheless do not reflect market risk to the extent that they influence the size or other","page_number":250,"box":{"x":117,"y":314,"width":709,"height":12}},{"id":"c9735c88-f450-43f7-a9fe-cd179d7ec6f3","block_type":"box","text":"conditionality of the obligation to pay upon a commitment (for example, in the case of index-linked","page_number":250,"box":{"x":116,"y":330,"width":731,"height":12}},{"id":"dbfe5e3b-d1a3-416e-9b5e-1567c61cb24b","block_type":"box","text":"bonds).","page_number":250,"box":{"x":117,"y":345,"width":59,"height":12}},{"id":"17e006ba-3490-4fe1-a865-93d39440d714","block_type":"box","text":"In the default components of ratings assigned to individual obligations or instruments, the agency","page_number":250,"box":{"x":117,"y":375,"width":725,"height":12}},{"id":"49a75e04-47d9-4adf-aec1-f31067e97a76","block_type":"box","text":"typically rates to the likelihood of non-payment or default in accordance with the terms of that","page_number":250,"box":{"x":116,"y":390,"width":695,"height":12}},{"id":"6e58774b-2fb4-4c75-b4d1-36d313eb81e3","block_type":"box","text":"instrument’s documentation. In limited cases, Fitch may include additional considerations (i.e. rate to a","page_number":250,"box":{"x":117,"y":406,"width":764,"height":12}},{"id":"1bf7a3fb-b97d-40b5-9c3d-7ef102f586a1","block_type":"box","text":"higher or lower standard than that implied in the obligation’s documentation).","page_number":250,"box":{"x":117,"y":421,"width":573,"height":12}},{"id":"0dff8ea9-ea87-471f-87b5-b034fc5b5382","block_type":"box","text":"The primary credit rating scales can be used to provide a rating of privately issued obligations or","page_number":250,"box":{"x":116,"y":450,"width":719,"height":12}},{"id":"ba7c3acc-2714-43fa-a717-5f4cc52c4170","block_type":"box","text":"certain note issuance programs or for private ratings. In this case the rating is not published, but only","page_number":250,"box":{"x":116,"y":466,"width":753,"height":12}},{"id":"ce3fc30f-2684-489f-a4a8-0be07a0b7c5e","block_type":"box","text":"provided to the issuer or its agents in the form of a rating letter.","page_number":250,"box":{"x":117,"y":481,"width":472,"height":12}},{"id":"c0cf3487-2fbc-45bd-b360-4626943ab5c8","block_type":"box","text":"The primary credit rating scales may also be used to provide ratings for a more narrow scope,","page_number":250,"box":{"x":116,"y":511,"width":702,"height":12}},{"id":"386a3226-7b26-41fb-83bb-9f074dddbfcf","block_type":"box","text":"including interest strips and return of principal or in other forms of opinions such as credit opinions or","page_number":250,"box":{"x":117,"y":526,"width":751,"height":12}},{"id":"9dd4624b-a1e8-4b72-8acb-4c6bd703d774","block_type":"box","text":"rating assessment services. Credit opinions are either a notch- or category-specific view using the","page_number":250,"box":{"x":117,"y":542,"width":731,"height":12}},{"id":"de8e0f00-3de4-4121-b235-87e0a9ea68a7","block_type":"box","text":"primary rating scale and omit one or more characteristics of a full rating or meet them to a different","page_number":250,"box":{"x":117,"y":557,"width":736,"height":12}},{"id":"c1779947-a09f-48e2-8480-989a76857621","block_type":"box","text":"standard. Credit opinions will be indicated using a lower case letter symbol combined with either an ‘*’","page_number":250,"box":{"x":116,"y":573,"width":760,"height":12}},{"id":"e746c473-bc9d-4864-a9ba-f1397a1f1868","block_type":"box","text":"(e.g. ‘bbb+*’) or (cat) suffix to denote the opinion status. Credit opinions will be point-in-time typically","page_number":250,"box":{"x":117,"y":588,"width":748,"height":12}},{"id":"101ee168-7f20-4eba-bc1f-5717cde04b9c","block_type":"box","text":"but may be monitored if the analytical group believes information will be sufficiently available. Rating","page_number":250,"box":{"x":117,"y":604,"width":748,"height":12}},{"id":"5d2c077e-2515-42c0-b2bd-c60aaa6b7783","block_type":"box","text":"assessment services are a notch-specific view using the primary rating scale of how an existing or","page_number":250,"box":{"x":116,"y":619,"width":733,"height":12}},{"id":"a5854b07-d205-4093-afc5-10bb9a554e92","block_type":"box","text":"potential rating may be changed by a given set of hypothetical circumstances. While credit opinions","page_number":250,"box":{"x":117,"y":635,"width":742,"height":12}},{"id":"dfcba909-595a-41b2-b2cf-082d7e0b9daa","block_type":"box","text":"and rating assessment services are point-in-time and are not monitored, they may have a directional","page_number":250,"box":{"x":116,"y":650,"width":750,"height":12}},{"id":"16b3a7fb-287a-45f3-9d37-6d31d81f6cc9","block_type":"box","text":"watch or outlook assigned, which can signify the trajectory of the credit profile.","page_number":250,"box":{"x":116,"y":666,"width":579,"height":12}},{"id":"ecfce536-444c-4b88-a904-d344239418ea","block_type":"box","text":"Description of Fitch’s Long-Term Corporate Finance Obligations Rating Scales","page_number":250,"box":{"x":117,"y":695,"width":629,"height":12}},{"id":"eef0765e-26fe-47b8-a05f-c2b7b1571132","block_type":"box","text":"Ratings of individual securities or financial obligations of a corporate issuer address relative","page_number":250,"box":{"x":117,"y":724,"width":677,"height":12}},{"id":"caf81adb-5b49-4d83-8a56-dcad3c68444c","block_type":"box","text":"vulnerability to default on an ordinal scale. In addition, for financial obligations in corporate finance, a","page_number":250,"box":{"x":116,"y":740,"width":746,"height":12}},{"id":"ccf70ed7-7911-4a9f-93f5-bd800b9148ab","block_type":"box","text":"measure of recovery given default on that liability is also included in the rating assessment. This","page_number":250,"box":{"x":117,"y":755,"width":711,"height":12}},{"id":"bd01dddc-3d96-4e44-9d61-f49ad23c7bad","block_type":"box","text":"notably applies to covered bonds ratings, which incorporate both an indication of the probability of","page_number":250,"box":{"x":117,"y":771,"width":725,"height":12}},{"id":"6fb4f1b1-4271-44e0-98cf-b68c6466919d","block_type":"box","text":"default and of the recovery given a default of this debt instrument. On the contrary, Ratings of","page_number":250,"box":{"x":116,"y":786,"width":695,"height":12}},{"id":"925add68-7cfb-4ed3-98e3-537bb7cd46d0","block_type":"box","text":"debtor-in-possession (“DIP”) obligations incorporate the expectation of full repayment.","page_number":250,"box":{"x":116,"y":802,"width":636,"height":12}},{"id":"02f07c65-c25d-4725-a634-9fab19f11146","block_type":"box","text":"The relationship between the issuer scale and obligation scale assumes a generic historical average","page_number":250,"box":{"x":116,"y":831,"width":750,"height":12}},{"id":"f328043b-883b-45f2-b055-ef0f305b7f3d","block_type":"box","text":"recovery. Individual obligations can be assigned ratings higher, lower, or the same as that entity’s","page_number":250,"box":{"x":117,"y":847,"width":728,"height":12}},{"id":"22b62820-5d70-49a4-8316-a7abea8a8847","block_type":"box","text":"issuer rating or issuer default rating (“IDR”), based on their relative ranking, relative vulnerability to","page_number":250,"box":{"x":117,"y":862,"width":733,"height":12}},{"id":"07558fee-7cdb-4dcd-8356-3706ac919502","block_type":"box","text":"default or based on explicit Recovery Ratings.","page_number":250,"box":{"x":116,"y":877,"width":347,"height":13}},{"id":"e27cf5d3-16f3-4c46-a3d6-7779df8595fe","block_type":"box","text":"A-8","page_number":250,"box":{"x":486,"y":909,"width":26,"height":9}},{"id":"b06acb81-0d7d-48b2-8cef-03918d4dd695","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":250,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"c13e4262-8fb0-49c4-9808-99dd1c988e18","block_type":"box","text":"As a result, individual obligations of entities, such as corporations, are assigned ratings higher, lower,","page_number":251,"box":{"x":116,"y":87,"width":756,"height":12}},{"id":"17e85d64-6f5e-4a7c-80c5-2e97016215da","block_type":"box","text":"or the same as that entity’s issuer rating or IDR, except DIP obligation ratings that are not based off an","page_number":251,"box":{"x":116,"y":102,"width":766,"height":13}},{"id":"9108bb39-730f-4124-82f9-12c7a8042449","block_type":"box","text":"IDR. At the lower end of the ratings scale, Fitch publishes explicit Recovery Ratings in many cases to","page_number":251,"box":{"x":117,"y":118,"width":756,"height":12}},{"id":"08603234-24fc-4aac-8934-7f289262ecea","block_type":"box","text":"complement issuer and obligation ratings.","page_number":251,"box":{"x":116,"y":134,"width":315,"height":12}},{"id":"66d564b8-22a4-41a6-a743-6b0cf3a560c8","block_type":"box","text":"Fitch long-term obligations rating scales are as follows:","page_number":251,"box":{"x":117,"y":165,"width":412,"height":12}},{"id":"998cc41b-5649-4e01-8897-5a00adc7b43d","block_type":"box","text":"AAA Highest Credit Quality. ‘AAA’ ratings denote the lowest expectation of credit risk. They are","page_number":251,"box":{"x":116,"y":196,"width":731,"height":12}},{"id":"8fe4c286-51e8-46d1-90d0-800e1f5619c5","block_type":"box","text":"assigned only in cases of exceptionally strong capacity for payment of financial commitments.","page_number":251,"box":{"x":175,"y":211,"width":700,"height":12}},{"id":"6e33643f-6a9b-431f-8ce6-f7b6dd64e8b4","block_type":"box","text":"This capacity is highly unlikely to be adversely affected by foreseeable events.","page_number":251,"box":{"x":175,"y":227,"width":586,"height":12}},{"id":"dcfe8851-f247-4ca7-a5f4-57a096982d85","block_type":"box","text":"AA Very High Credit Quality. ‘AA’ ratings denote expectations of very low credit risk. They indicate","page_number":251,"box":{"x":116,"y":250,"width":765,"height":12}},{"id":"7680bc3f-66c8-4768-a335-c32a28d5ddf6","block_type":"box","text":"very strong capacity for payment of financial commitments. This capacity is not significantly","page_number":251,"box":{"x":175,"y":265,"width":682,"height":12}},{"id":"453eae64-87c4-4ec1-9a6d-f89fc73a6a53","block_type":"box","text":"vulnerable to foreseeable events.","page_number":251,"box":{"x":175,"y":281,"width":252,"height":9}},{"id":"49a02fe2-60cc-4edf-8a7a-42415b725cd5","block_type":"box","text":"A High Credit Quality. ‘A’ ratings denote expectations of low credit risk. The capacity for payment","page_number":251,"box":{"x":116,"y":304,"width":767,"height":12}},{"id":"a35bb1f2-956f-488d-acf0-ba1773d0abea","block_type":"box","text":"of financial commitments is considered strong. 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The modifiers “+” or “-” may be appended to a rating","page_number":251,"box":{"x":116,"y":568,"width":765,"height":12}},{"id":"34241212-f794-43cf-bd6f-fdd57f9e402f","block_type":"box","text":"to denote relative status within major rating categories.","page_number":251,"box":{"x":116,"y":583,"width":411,"height":12}},{"id":"85c13727-9b6a-4645-b88a-6e8e06e021e5","block_type":"box","text":"For example, the rating category ‘AA’ has three notch-specific rating levels (‘AA+’; ‘AA’; ‘AA–’; each a","page_number":251,"box":{"x":117,"y":614,"width":755,"height":12}},{"id":"e501cebf-4429-4abf-b610-35fea353d9bd","block_type":"box","text":"rating level). Such suffixes are not added to ‘AAA’ ratings and ratings below the ‘CCC’ category. For","page_number":251,"box":{"x":117,"y":630,"width":745,"height":12}},{"id":"09fb80d4-47c9-45e1-bb65-02329f6f54a2","block_type":"box","text":"the short-term rating category of ‘F1’, a ‘+’ may be appended.","page_number":251,"box":{"x":116,"y":645,"width":461,"height":12}},{"id":"4a7c16eb-e99c-42ed-8362-62575cc10599","block_type":"box","text":"Description of Fitch’s Short-Term Ratings Assigned to Issuers and Obligations","page_number":251,"box":{"x":117,"y":676,"width":629,"height":12}},{"id":"170a5517-ab99-4842-989d-dab4bf76f96b","block_type":"box","text":"A short-term issuer or obligation rating is based in all cases on the short-term vulnerability to default of","page_number":251,"box":{"x":116,"y":707,"width":760,"height":12}},{"id":"e01c7bef-6677-4fe6-b2b3-09a8242ff658","block_type":"box","text":"the rated entity and relates to the capacity to meet financial obligations in accordance with the","page_number":251,"box":{"x":116,"y":723,"width":696,"height":12}},{"id":"9b6ac07b-e963-4b79-a02c-1ae30f45f4b1","block_type":"box","text":"documentation governing the relevant obligation. Short-term deposit ratings may be adjusted for loss","page_number":251,"box":{"x":116,"y":738,"width":748,"height":12}},{"id":"f3a14fcb-c5db-4f3a-be99-12d94f8bdd73","block_type":"box","text":"severity. Short-term ratings are assigned to obligations whose initial maturity is viewed as “short term”","page_number":251,"box":{"x":116,"y":754,"width":755,"height":12}},{"id":"dbc5e744-f5c3-40d6-8c6d-cb678bb15bca","block_type":"box","text":"based on market convention. Typically, this means up to 13 months for corporate, sovereign, and","page_number":251,"box":{"x":117,"y":769,"width":720,"height":12}},{"id":"9e434cd8-1685-46ec-99bd-1151a7a60484","block_type":"box","text":"structured obligations and up to 36 months for obligations in U.S. public finance markets.","page_number":251,"box":{"x":116,"y":785,"width":658,"height":12}},{"id":"e8ba1f82-f041-4c8d-9d39-2e12e19f03e3","block_type":"box","text":"Fitch short-term ratings are as follows:","page_number":251,"box":{"x":117,"y":816,"width":283,"height":12}},{"id":"de6f05bc-553d-43f8-a8a7-3de010531352","block_type":"box","text":"F1 Highest Short-Term Credit Quality. Indicates the strongest intrinsic capacity for timely payment","page_number":251,"box":{"x":117,"y":847,"width":765,"height":12}},{"id":"93def93c-74ed-4485-9b28-fa34a1aa08a8","block_type":"box","text":"of financial commitments; may have an added “+” to denote any exceptionally strong credit","page_number":251,"box":{"x":175,"y":862,"width":679,"height":12}},{"id":"2ad625df-0266-4036-92f8-06f0c9ae017c","block_type":"box","text":"feature.","page_number":251,"box":{"x":175,"y":878,"width":61,"height":9}},{"id":"949d1df5-32f3-4258-a822-d970d75f2d8c","block_type":"box","text":"A-9","page_number":251,"box":{"x":486,"y":909,"width":26,"height":9}},{"id":"1c48ebc6-37d6-43e1-9c96-c1774b5655c6","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":251,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"293c73fc-42dc-48a9-b87c-f91519798b47","block_type":"box","text":"F2 Good Short-Term Credit Quality.","page_number":252,"box":{"x":117,"y":87,"width":299,"height":12}},{"id":"1903a30f-705d-415b-b7b3-898998405a80","block_type":"box","text":"Good intrinsic capacity for timely payment of financial","page_number":252,"box":{"x":423,"y":87,"width":400,"height":12}},{"id":"2d5508e4-595e-4737-a57a-62168ec7ad97","block_type":"box","text":"commitments.","page_number":252,"box":{"x":175,"y":103,"width":109,"height":9}},{"id":"0b3f895f-035b-44fa-8c3f-ec930da9da22","block_type":"box","text":"F3 Fair Short-Term Credit Quality.","page_number":252,"box":{"x":117,"y":126,"width":286,"height":12}},{"id":"861c51c9-09a1-407b-9856-db2ec8cbb5f6","block_type":"box","text":"The intrinsic capacity for timely payment of financial","page_number":252,"box":{"x":410,"y":126,"width":389,"height":12}},{"id":"99f04b35-e5ef-4b9a-aca9-3adab397d2cf","block_type":"box","text":"commitments is adequate.","page_number":252,"box":{"x":175,"y":141,"width":201,"height":12}},{"id":"b4a55c58-0cc7-4943-ba04-c2f09cd1d0b8","block_type":"box","text":"B Speculative Short-Term Credit Quality. Minimal capacity for timely payment of financial","page_number":252,"box":{"x":117,"y":165,"width":707,"height":12}},{"id":"7dc68e54-d6ee-4002-9a40-6ce9a1cefb6f","block_type":"box","text":"commitments, plus heightened vulnerability to near term adverse changes in financial and","page_number":252,"box":{"x":175,"y":180,"width":671,"height":12}},{"id":"44dce1f0-b330-448b-bd0a-e01310c9c535","block_type":"box","text":"economic conditions.","page_number":252,"box":{"x":175,"y":196,"width":161,"height":9}},{"id":"9b972338-b646-4e44-9e0b-671b7c171974","block_type":"box","text":"C High Short-Term Default Risk.","page_number":252,"box":{"x":117,"y":219,"width":281,"height":12}},{"id":"1533f23a-7476-4a73-aa21-d39fc74d1bcc","block_type":"box","text":"Default is a real possibility.","page_number":252,"box":{"x":405,"y":219,"width":203,"height":12}},{"id":"16f9c37e-b32b-4668-a4a2-e64bd665575b","block_type":"box","text":"RD Restricted Default. Indicates an entity that has defaulted on one or more of its financial","page_number":252,"box":{"x":117,"y":242,"width":705,"height":12}},{"id":"1f69c300-303f-4f02-8ad0-1d785e8efbac","block_type":"box","text":"commitments, although it continues to meet other financial obligations. Typically applicable to","page_number":252,"box":{"x":175,"y":258,"width":697,"height":12}},{"id":"c221262a-0b68-457d-9eef-38fa8394d17c","block_type":"box","text":"entity ratings only.","page_number":252,"box":{"x":175,"y":273,"width":140,"height":12}},{"id":"efc5ffe9-a61c-48be-a73f-0884bbaa738d","block_type":"box","text":"D Default. Indicates a broad-based default event for an entity, or the default of a short-term","page_number":252,"box":{"x":117,"y":296,"width":721,"height":12}},{"id":"e980dedd-acd6-4328-9b23-ae1215c043d4","block_type":"box","text":"obligation.","page_number":252,"box":{"x":175,"y":312,"width":81,"height":12}},{"id":"54efcf1a-ce2b-4f1c-981e-1ae49b02574f","block_type":"box","text":"A-10","page_number":252,"box":{"x":482,"y":909,"width":35,"height":9}},{"id":"f16a2af7-1280-4f3e-a37d-766c255dde20","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":252,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"12945a4e-4f7c-4ef2-aa8b-004dfce60cd3","block_type":"box","text":"Open-End Active and Fixed Income Index Fund Proxy Voting Policy","page_number":253,"box":{"x":380,"y":87,"width":508,"height":12}},{"id":"9128fae3-9c7e-43a0-9f3a-557147c332d7","block_type":"box","text":"Appendix B","page_number":253,"box":{"x":453,"y":118,"width":98,"height":11}},{"id":"1e95ae03-cc50-43dd-9ca0-b2c8f3129152","block_type":"box","text":"Open-End Active and Fixed Income Index Fund Proxy Voting Policy","page_number":253,"box":{"x":230,"y":148,"width":544,"height":12}},{"id":"50fe98da-7ac2-4add-80e4-3c716cff5440","block_type":"box","text":"Procedures Governing Delegation of Proxy Voting to Fund Advisers","page_number":253,"box":{"x":229,"y":178,"width":547,"height":12}},{"id":"16fb970a-7082-48c3-9b07-a70c6d12f7fb","block_type":"box","text":"Effective Date: January 1, 2025","page_number":253,"box":{"x":383,"y":209,"width":239,"height":12}},{"id":"72d9c692-bafa-4842-bd41-0d65f5e36177","block_type":"box","text":"Applies to the following types of Funds registered under the 1940 Act:","page_number":253,"box":{"x":116,"y":247,"width":566,"height":12}},{"id":"f43766a3-4b95-4863-89e1-f53c65d341e2","block_type":"box","text":"‘","page_number":253,"box":{"x":116,"y":276,"width":16,"height":12}},{"id":"29319785-935c-4a2e-9d68-e1a9f85fe8d2","block_type":"box","text":"Index Equity Mutual Funds and Exchange-Traded Funds","page_number":253,"box":{"x":132,"y":277,"width":444,"height":12}},{"id":"0c67549e-c11a-4f24-9dcd-247d5e1ff1e8","block_type":"box","text":"È","page_number":253,"box":{"x":116,"y":292,"width":16,"height":12}},{"id":"b10086ab-5767-495f-bd9e-f951c3f17e96","block_type":"box","text":"Open-End Active and Fixed Income Index Mutual Funds and Exchange-Traded Funds","page_number":253,"box":{"x":132,"y":293,"width":663,"height":12}},{"id":"dff46ccc-1a1a-4500-ae8c-a071db92723e","block_type":"box","text":"‘","page_number":253,"box":{"x":116,"y":307,"width":16,"height":12}},{"id":"7ec753ff-3faa-41d6-9ff1-0609540ffd61","block_type":"box","text":"Money Market Funds","page_number":253,"box":{"x":132,"y":308,"width":180,"height":12}},{"id":"5b478411-4615-4c4e-9eda-4dc7cbdcbc2d","block_type":"box","text":"‘","page_number":253,"box":{"x":116,"y":323,"width":16,"height":12}},{"id":"86f97efb-3128-497e-9ee8-8566b4a45a2d","block_type":"box","text":"Closed-End Funds","page_number":253,"box":{"x":132,"y":324,"width":161,"height":9}},{"id":"0980c88f-d58d-4eb9-81d2-7a11560c12ee","block_type":"box","text":"‘","page_number":253,"box":{"x":116,"y":338,"width":16,"height":12}},{"id":"ba306c5b-d2e1-4e53-be0c-a2381fbba124","block_type":"box","text":"Other","page_number":253,"box":{"x":132,"y":339,"width":64,"height":10}},{"id":"a74ab67d-073d-4c4c-aedc-b6c77e09d209","block_type":"box","text":"Objective and Scope","page_number":253,"box":{"x":116,"y":369,"width":170,"height":13}},{"id":"f2bca6c9-5162-4fc8-b70d-bf44330dc9ce","block_type":"box","text":"Set forth below is the Open-End Active and Fixed Income Index Fund Proxy Voting Policy.","page_number":253,"box":{"x":116,"y":400,"width":675,"height":12}},{"id":"218f7302-01ec-48e8-a775-69dbe0e5e70b","block_type":"box","text":"Policy / Document Requirements and Statements","page_number":253,"box":{"x":117,"y":430,"width":396,"height":12}},{"id":"4f4cf7c3-ba59-4c29-9a7e-77331e3a3d7c","block_type":"box","text":"The Boards of Trustees/Directors (“Directors”) of certain open-end funds (the “Funds”) advised by","page_number":253,"box":{"x":116,"y":461,"width":730,"height":12}},{"id":"f60c4ebd-43cb-4c98-8793-637d7d6bd1f1","block_type":"box","text":"BlackRock Fund Advisors or BlackRock Advisors, LLC (“BlackRock”), have the responsibility for the","page_number":253,"box":{"x":117,"y":476,"width":743,"height":12}},{"id":"4e162cc7-e11c-4c66-a79f-cd53ac0ae23b","block_type":"box","text":"oversight of voting proxies relating to portfolio securities of the Funds, and have determined that it is in","page_number":253,"box":{"x":116,"y":492,"width":765,"height":12}},{"id":"37ce9733-e31e-47c6-89fd-326e69aa4931","block_type":"box","text":"the best interests of the Funds and their shareholders to delegate the responsibility to vote proxies to","page_number":253,"box":{"x":116,"y":507,"width":754,"height":12}},{"id":"0078ba62-5bf1-4d38-b702-870a77f84c5f","block_type":"box","text":"BlackRock, subject to the principles outlined in this Policy, as part of BlackRock’s authority to manage,","page_number":253,"box":{"x":117,"y":523,"width":764,"height":12}},{"id":"4cd2856e-1a88-413b-ac23-7e00b2abdbfe","block_type":"box","text":"acquire and dispose of account assets, all as contemplated by the Funds’ respective investment","page_number":253,"box":{"x":116,"y":538,"width":718,"height":12}},{"id":"fd32bccd-4567-4045-ba55-bdc8a034c88b","block_type":"box","text":"management 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The Guidelines include “climate and decarbonization”","page_number":253,"box":{"x":117,"y":615,"width":741,"height":12}},{"id":"e6260281-50fc-42ed-92f4-88dafa09ddc9","block_type":"box","text":"guidelines which apply to the Funds listed in Appendix A, if any.","page_number":253,"box":{"x":116,"y":631,"width":477,"height":12}},{"id":"4d06c959-26db-4101-85e4-972ea77b1334","block_type":"box","text":"BlackRock will cast votes on behalf of each of the Funds covered by this policy on specific proxy","page_number":253,"box":{"x":117,"y":661,"width":714,"height":12}},{"id":"92e4a392-b0ef-455a-81ce-2f0b97fb24dc","block_type":"box","text":"issues in respect of securities held by each such Fund (or may refrain from voting) in accordance with","page_number":253,"box":{"x":117,"y":677,"width":753,"height":12}},{"id":"a64327c4-b75d-4b4f-9b52-346b1012f5fe","block_type":"box","text":"the Guidelines.","page_number":253,"box":{"x":116,"y":692,"width":110,"height":10}},{"id":"96e16c44-b42d-48f6-80c4-6a29577a299c","block_type":"box","text":"Conflicts Management","page_number":253,"box":{"x":116,"y":723,"width":179,"height":12}},{"id":"4f3f7373-a438-410f-a499-069063525692","block_type":"box","text":"BlackRock Active Investment Stewardship (“BAIS”) maintains policies and procedures that seek to","page_number":253,"box":{"x":117,"y":753,"width":729,"height":12}},{"id":"1c43df70-c876-47b5-8c62-d2c7b0bb9820","block_type":"box","text":"prevent undue influence on BlackRock’s proxy voting activity and to mitigate material conflicts of","page_number":253,"box":{"x":117,"y":769,"width":714,"height":12}},{"id":"db66243e-8819-4ac9-ba6a-c3aa6bad0273","block_type":"box","text":"interest in the exercise of proxy voting responsibilities. 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There are separate, independently developed principles and","page_number":258,"box":{"x":116,"y":304,"width":748,"height":12}},{"id":"1dccb06c-6fc0-41ad-a4b3-99e076c12824","block_type":"box","text":"voting policies that are applied to BlackRock’s index equity investments by a distinct and independent","page_number":258,"box":{"x":116,"y":320,"width":758,"height":12}},{"id":"92989e7d-d46e-4880-ae99-11d29ccf6866","block_type":"box","text":"function, BlackRock Investment Stewardship.","page_number":258,"box":{"x":116,"y":335,"width":341,"height":12}},{"id":"5489e6c6-bc89-43b4-a9ac-6fdefb7f40e9","block_type":"box","text":"1","page_number":258,"box":{"x":144,"y":787,"width":2,"height":4}},{"id":"b004aab7-8fc9-4b57-97ce-245cdeaf1d6f","block_type":"box","text":"This document includes BAIS’ benchmark policy, which covers nearly all active equity holdings in BlackRock’s","page_number":258,"box":{"x":170,"y":787,"width":653,"height":9}},{"id":"98e2559c-d03f-42e7-9694-d3688b57b6db","block_type":"box","text":"fundamental equity, systematic equity and multi-asset solutions strategies. The benchmark policy also may apply to","page_number":258,"box":{"x":170,"y":799,"width":685,"height":10}},{"id":"58d9c9bb-6983-45bb-b4f1-2c760497472c","block_type":"box","text":"holdings in BlackRock’s index and active fixed income strategies, to the extent those strategies hold voting securities or","page_number":258,"box":{"x":170,"y":812,"width":709,"height":10}},{"id":"7d5a74a0-373c-4074-8679-63c4c1808f42","block_type":"box","text":"conduct issuer engagements. This document also includes BAIS’ decarbonization policy, which covers holdings in","page_number":258,"box":{"x":170,"y":825,"width":676,"height":10}},{"id":"ece5d4d8-8c69-4e7a-ae5d-e4eddde1ee73","block_type":"box","text":"BlackRock active funds that have climate and decarbonization objectives in addition to financial objectives.","page_number":258,"box":{"x":171,"y":838,"width":631,"height":10}},{"id":"727d28ac-9d68-4f46-864b-9f079b963437","block_type":"box","text":"2","page_number":258,"box":{"x":143,"y":854,"width":4,"height":5}},{"id":"0cefe7ba-96c6-4b30-9d57-c877444bc157","block_type":"box","text":"BlackRock segmented active and index equity investment functions, including stewardship, in January 2025 as part of a","page_number":258,"box":{"x":171,"y":854,"width":709,"height":9}},{"id":"7402b38e-d180-49ee-9839-fe5483713d2f","block_type":"box","text":"strategic initiative to unlock the full breadth of the firm’s active and private markets capabilities for clients. As a result,","page_number":258,"box":{"x":170,"y":867,"width":692,"height":9}},{"id":"c1c13091-f25e-49af-8e6a-474aa1135275","block_type":"box","text":"there are two stewardship teams, which operate independently of one another and have separate voting policies.","page_number":258,"box":{"x":170,"y":880,"width":669,"height":9}},{"id":"13c027ac-789f-410d-943c-0a76fd387e61","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":258,"box":{"x":117,"y":909,"width":338,"height":12}},{"id":"e124aeb4-a088-4fd7-b4ad-239b40d71d75","block_type":"box","text":"Global Engagement and Voting Guidelines |","page_number":258,"box":{"x":539,"y":909,"width":324,"height":12}},{"id":"d8430813-6a5e-4537-80f2-01a0d2f9f9ef","block_type":"box","text":"3","page_number":258,"box":{"x":875,"y":909,"width":8,"height":9}},{"id":"3b5cb6c0-3886-436b-a68d-2f8c7b4d6656","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":258,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"66f9dd3a-2936-498f-8c79-e36fcf0a3041","block_type":"box","text":"INTRODUCTION TO BLACKROCK","page_number":259,"box":{"x":366,"y":87,"width":273,"height":10}},{"id":"e363db7c-cd4a-4fb6-b5f9-316cec9966a7","block_type":"box","text":"BlackRock’s mission is to help more people invest better. The money BlackRock manages is not its","page_number":259,"box":{"x":117,"y":117,"width":741,"height":12}},{"id":"66ac1b5b-b0ea-45b1-83f1-94869f0688da","block_type":"box","text":"own – it belongs to BlackRock’s clients, many of whom make their own asset allocation and portfolio","page_number":259,"box":{"x":116,"y":133,"width":749,"height":12}},{"id":"c1950c77-f328-4ad2-9434-2e1fe39f2233","block_type":"box","text":"construction decisions. As a fiduciary, BlackRock invests on clients’ behalf to help them meet their","page_number":259,"box":{"x":116,"y":148,"width":733,"height":12}},{"id":"e3371c60-72a3-429a-adad-6be014d89430","block_type":"box","text":"investment objectives. The firm does this by understanding clients’ long-term investment objectives","page_number":259,"box":{"x":117,"y":164,"width":739,"height":12}},{"id":"30eb9424-064b-48c1-9822-138245e8806d","block_type":"box","text":"and offering choice on how and where they wish to invest their money. BlackRock then helps clients","page_number":259,"box":{"x":116,"y":179,"width":747,"height":12}},{"id":"10b5b19b-58e8-4fdb-a986-6f62fd9a489d","block_type":"box","text":"seek the best risk-adjusted returns based on those choices, underpinning this work with research, data","page_number":259,"box":{"x":116,"y":195,"width":768,"height":12}},{"id":"03b7be90-07ae-46dd-810a-c530d83d0e33","block_type":"box","text":"and analytics.","page_number":259,"box":{"x":116,"y":210,"width":107,"height":12}},{"id":"3d966d42-5688-40f9-8bf9-fd99853a491a","block_type":"box","text":"At BlackRock, investment stewardship is core to our role as an asset manager and a fiduciary to our","page_number":259,"box":{"x":116,"y":241,"width":748,"height":12}},{"id":"8e7ec83d-e1d1-4fe5-956d-002a7726d345","block_type":"box","text":"clients. As stewards of our clients’ assets, we engage with companies to discuss the corporate","page_number":259,"box":{"x":116,"y":256,"width":706,"height":12}},{"id":"89aa0040-f4c0-476a-96b2-862c137e4c59","block_type":"box","text":"governance and business practices that, in our experience, support companies in delivering durable,","page_number":259,"box":{"x":116,"y":272,"width":751,"height":12}},{"id":"e1e256a5-7a2c-46a7-916a-2d9188f35c49","block_type":"box","text":"risk-adjusted financial returns over time. We are committed to building strong relationships through","page_number":259,"box":{"x":117,"y":287,"width":736,"height":12}},{"id":"c3c54222-f22f-4052-86b8-f63ccaecd03b","block_type":"box","text":"constructive, ongoing dialogue with the boards and executive management of the companies in which","page_number":259,"box":{"x":116,"y":303,"width":760,"height":12}},{"id":"f7e44df8-6076-4731-a691-e48e083dd783","block_type":"box","text":"our clients are invested.","page_number":259,"box":{"x":116,"y":318,"width":182,"height":10}},{"id":"27772d42-dac2-4ee1-a0b9-a331345b555f","block_type":"box","text":"ABOUT BLACKROCK ACTIVE INVESTMENT STEWARDSHIP","page_number":259,"box":{"x":259,"y":356,"width":486,"height":9}},{"id":"57a6d84f-32ae-4b6d-afc7-6cc7e6aebba9","block_type":"box","text":"BlackRock Active Investment Stewardship (BAIS) is a specialist team within the Portfolio Management","page_number":259,"box":{"x":117,"y":386,"width":764,"height":12}},{"id":"291389bb-bc81-4325-ac7f-806c18b22d5a","block_type":"box","text":"Group and manages BlackRock’s stewardship engagement and voting on behalf of clients invested in","page_number":259,"box":{"x":117,"y":402,"width":758,"height":12}},{"id":"0d1f874f-9a88-4243-a47d-0bddba4e2aff","block_type":"box","text":"active strategies globally. BAIS is also responsible for engagement with issuers in index fixed income","page_number":259,"box":{"x":116,"y":417,"width":755,"height":12}},{"id":"dea64341-d366-4b0e-8bdf-abc66a8301f3","block_type":"box","text":"strategies, where appropriate. Our activities are informed by these Global Engagement and Voting","page_number":259,"box":{"x":116,"y":433,"width":735,"height":12}},{"id":"3695ad7d-d984-4557-b43a-73301de12772","block_type":"box","text":"Guidelines (the “Guidelines”) and insights from active investment analysts and portfolio managers, with","page_number":259,"box":{"x":117,"y":448,"width":768,"height":12}},{"id":"fdd79ac0-b023-4a4d-a1c4-f1f3dad247cc","block_type":"box","text":"whom we work closely in engaging companies and voting at shareholder meetings.","page_number":259,"box":{"x":116,"y":464,"width":622,"height":12}},{"id":"fcb051f5-aa96-497a-8a21-6ccfb29e12ae","block_type":"box","text":"Engagement with public companies is the foundation of our approach to stewardship within","page_number":259,"box":{"x":117,"y":494,"width":680,"height":12}},{"id":"4fa306a8-a66a-442e-83fa-857032ba191c","block_type":"box","text":"fundamental active investing.","page_number":259,"box":{"x":116,"y":509,"width":215,"height":13}},{"id":"aa0f3088-dd0e-4420-98a6-a7f5adf434f3","block_type":"box","text":"3","page_number":259,"box":{"x":333,"y":510,"width":5,"height":6}},{"id":"c4f4a2d3-2d92-4022-9e0b-9a5a64ccf39c","block_type":"box","text":"Through direct dialogue with company leadership, we seek to","page_number":259,"box":{"x":339,"y":510,"width":466,"height":12}},{"id":"ba5431e6-a125-4f6f-94fa-e70f7d9a629f","block_type":"box","text":"understand their businesses and how they manage risks and opportunities to deliver durable, risk","page_number":259,"box":{"x":117,"y":525,"width":727,"height":12}},{"id":"2417c3f0-d6e1-4754-9c81-bb820b399547","block_type":"box","text":"adjusted financial returns. Portfolio managers and stewardship specialists may engage jointly or","page_number":259,"box":{"x":116,"y":540,"width":716,"height":13}},{"id":"7a08a2db-941f-4738-bb09-09d9dc21dc8e","block_type":"box","text":"independently on material corporate governance matters. Our discussions focus on topics relevant to a","page_number":259,"box":{"x":117,"y":556,"width":769,"height":12}},{"id":"6eced45a-773d-446e-b8ed-0f0337b33f55","block_type":"box","text":"company’s success over time, including governance and leadership, corporate strategy, capital","page_number":259,"box":{"x":116,"y":572,"width":711,"height":12}},{"id":"1c714a3b-e0c1-4986-a197-fc3d6b1064eb","block_type":"box","text":"structure and financial performance, operations and material sustainability-related risks, as well as","page_number":259,"box":{"x":116,"y":587,"width":734,"height":12}},{"id":"621b47af-a8c1-4437-8cf5-c7304a73924c","block_type":"box","text":"macro-economic, geopolitical and sector dynamics. We aim to be constructive investors and are","page_number":259,"box":{"x":117,"y":603,"width":717,"height":12}},{"id":"a2d6f925-3a1a-408c-a86c-47d807896ca5","block_type":"box","text":"generally supportive of management teams that have a track record of financial value creation. We aim","page_number":259,"box":{"x":116,"y":618,"width":770,"height":12}},{"id":"69ac5532-b281-4b46-a5b1-d4565bd25864","block_type":"box","text":"to build and maintain strong relationships with company leadership based on open dialogue and","page_number":259,"box":{"x":116,"y":634,"width":717,"height":12}},{"id":"21c5cf5e-67c8-4421-94a1-616c08961747","block_type":"box","text":"mutual respect.","page_number":259,"box":{"x":117,"y":649,"width":118,"height":12}},{"id":"72c474ec-6540-4e01-a3ee-828afceb52ae","block_type":"box","text":"Different active equity strategies may implement these voting guidelines differently, as a result of the","page_number":259,"box":{"x":117,"y":679,"width":744,"height":12}},{"id":"42725570-952c-4186-ba11-e933e0bfd5ca","block_type":"box","text":"latitude each portfolio manager has to make independent voting decisions on their holdings. For","page_number":259,"box":{"x":117,"y":695,"width":711,"height":12}},{"id":"f81dd23b-75ad-4738-8cc2-0ee550fa62ec","block_type":"box","text":"example, BAIS will generally vote the holdings in Systematic Active Equity portfolios in accordance","page_number":259,"box":{"x":116,"y":710,"width":732,"height":12}},{"id":"71294b21-0a92-4b5f-9a26-ea606aeabc95","block_type":"box","text":"with these guidelines. We provide voting recommendations to fundamental equity portfolio managers,","page_number":259,"box":{"x":116,"y":726,"width":751,"height":12}},{"id":"9ded6100-be4b-4a81-b017-eba219624c9f","block_type":"box","text":"who may determine to vote differently based on each portfolio’s investment objectives and strategy.","page_number":259,"box":{"x":116,"y":741,"width":737,"height":12}},{"id":"f9bede5d-3465-4050-856f-c4ba7e2b19f0","block_type":"box","text":"These guidelines discuss BAIS’ views on corporate governance topics on which we may engage with","page_number":259,"box":{"x":116,"y":772,"width":749,"height":12}},{"id":"3cb1490e-a478-45e3-9f45-bfc3d2d4a26e","block_type":"box","text":"management teams and board directors","page_number":259,"box":{"x":117,"y":787,"width":297,"height":12}},{"id":"e8f07541-c8a5-464e-8b98-c97163602ddb","block_type":"box","text":"4","page_number":259,"box":{"x":414,"y":787,"width":6,"height":6}},{"id":"debaf324-3b96-437f-bce9-8300acfed84f","block_type":"box","text":"and on matters that routinely come to a shareholder vote. We","page_number":259,"box":{"x":424,"y":787,"width":456,"height":12}},{"id":"2e8e3e21-00ff-49fa-8480-ca72dff0865e","block_type":"box","text":"3","page_number":259,"box":{"x":143,"y":812,"width":4,"height":5}},{"id":"855fb313-59b2-4f4c-826a-495b1578cbeb","block_type":"box","text":"On February 11, 2025, the U.S. Securities and Exchange Commission (SEC) staff issued updated guidance for","page_number":259,"box":{"x":170,"y":812,"width":660,"height":10}},{"id":"dca158c7-18dd-4e6a-bb12-5e8e5ff0bdac","block_type":"box","text":"shareholders to maintain their eligibility to report their beneficial ownership under Schedule 13G of the Exchange Act.","page_number":259,"box":{"x":170,"y":825,"width":695,"height":10}},{"id":"0300afc4-a7f4-4c59-bcff-41568dd11fdb","block_type":"box","text":"We comply fully with these requirements and do not engage with portfolio companies for the purpose, or with the effect,","page_number":259,"box":{"x":170,"y":838,"width":707,"height":10}},{"id":"c08de76d-74ac-41f5-91b8-cfbcfbb4045d","block_type":"box","text":"of changing or influencing control of the company.","page_number":259,"box":{"x":170,"y":851,"width":295,"height":10}},{"id":"32413613-a945-4d1b-84ff-a5b7706a4e9e","block_type":"box","text":"4","page_number":259,"box":{"x":143,"y":867,"width":4,"height":4}},{"id":"b0d67ab1-c3a3-4991-b31b-86cbd1985ad8","block_type":"box","text":"References to the board, board directors or non-executive directors should be understood to include supervisory boards","page_number":259,"box":{"x":171,"y":866,"width":710,"height":10}},{"id":"6fe3c607-bbbe-47e0-8fbf-6a90c76c2078","block_type":"box","text":"and their members, where relevant.","page_number":259,"box":{"x":170,"y":879,"width":210,"height":9}},{"id":"9632c3db-d0be-4feb-abca-3b0e86136449","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":259,"box":{"x":117,"y":909,"width":338,"height":12}},{"id":"23663059-183d-4c38-a170-60933f211a78","block_type":"box","text":"Global Engagement and Voting Guidelines |","page_number":259,"box":{"x":539,"y":909,"width":324,"height":12}},{"id":"bd39b9b1-8268-492a-a812-0afbd2d82f58","block_type":"box","text":"4","page_number":259,"box":{"x":874,"y":909,"width":9,"height":9}},{"id":"18fd21ea-bd8d-4bf5-a7bb-49c33f0d3be7","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":259,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"8b1d467f-6262-47e6-b2f8-bbf873a9e933","block_type":"box","text":"recognize that accepted corporate governance norms can differ across markets, and believe these","page_number":260,"box":{"x":117,"y":87,"width":736,"height":12}},{"id":"6159fc94-e23f-49d9-8fe0-dec53007b81b","block_type":"box","text":"guidelines represent globally applicable elements of governance that support a company’s ability to","page_number":260,"box":{"x":116,"y":102,"width":741,"height":13}},{"id":"8762fb52-8eeb-4140-8ef5-ac6624aca6e2","block_type":"box","text":"manage material risks and opportunities and deliver financial returns to investors. Generally, we","page_number":260,"box":{"x":117,"y":118,"width":715,"height":12}},{"id":"3d859ce5-9efc-417b-86be-675579333fb3","block_type":"box","text":"believe companies should observe accepted corporate governance norms within their local markets or,","page_number":260,"box":{"x":117,"y":134,"width":768,"height":12}},{"id":"67a221d7-11fd-4f94-89f6-485e923ba0d4","block_type":"box","text":"particularly in markets without well-established norms, aspire to widely recognized international best","page_number":260,"box":{"x":117,"y":149,"width":746,"height":12}},{"id":"68a93707-d903-42ac-bd11-01106379bdc7","block_type":"box","text":"practices. As one of many minority shareholders, BlackRock cannot – and does not try to – direct a","page_number":260,"box":{"x":117,"y":165,"width":739,"height":12}},{"id":"a36c6ffc-9f90-4ded-ac3d-7ec2c2d67ac5","block_type":"box","text":"company’s strategy or its implementation. We look to companies to provide disclosures that explain","page_number":260,"box":{"x":116,"y":180,"width":743,"height":12}},{"id":"6fbdbe6b-999d-4f17-87fb-a0e23b2b158f","block_type":"box","text":"how their approach to corporate governance best aligns with the financial interests of their investors.","page_number":260,"box":{"x":117,"y":196,"width":749,"height":12}},{"id":"66c132ce-6398-4c96-91cf-2db9324e24fd","block_type":"box","text":"OUR APPROACH TO STEWARDSHIP WITHIN ACTIVE EQUITIES","page_number":260,"box":{"x":246,"y":234,"width":513,"height":11}},{"id":"5088a853-bb54-4ad4-b4bd-4a45f79c1e60","block_type":"box","text":"Voting at a company’s shareholder meeting is a right of share ownership and a core principle of","page_number":260,"box":{"x":116,"y":265,"width":713,"height":12}},{"id":"68025f91-bfc3-47e6-9eb6-497cad511fe8","block_type":"box","text":"corporate governance. The voting rights attached to clients’ holdings are an important mechanism for","page_number":260,"box":{"x":116,"y":281,"width":756,"height":12}},{"id":"02a32644-5410-459d-a741-7dec2024ac14","block_type":"box","text":"investors to express support for, or concern about, a company’s performance. As a fiduciary,","page_number":260,"box":{"x":117,"y":296,"width":692,"height":12}},{"id":"ad9349d9-ac81-4488-972f-a85998d3728f","block_type":"box","text":"BlackRock is legally required to make proxy voting determinations, on behalf of clients who have","page_number":260,"box":{"x":117,"y":312,"width":720,"height":12}},{"id":"f4110616-34ea-4e8d-9d34-97021ecab6b9","block_type":"box","text":"delegated voting authority to us, in a manner consistent with BlackRock’s contractual arrangements","page_number":260,"box":{"x":116,"y":327,"width":743,"height":12}},{"id":"eee206ea-6040-4b1d-9f76-90e05180dbcb","block_type":"box","text":"with clients and funds.","page_number":260,"box":{"x":116,"y":343,"width":170,"height":9}},{"id":"ef3c7637-82fe-40e3-ac96-31ed25d2ac6a","block_type":"box","text":"In general, we tend to support the recommendations of the board of directors and management. As","page_number":260,"box":{"x":117,"y":374,"width":740,"height":12}},{"id":"0f4cf6c4-979a-4c0a-bab8-4ee80c51bc5b","block_type":"box","text":"indicated below, we may vote against management recommendations when we have concerns about","page_number":260,"box":{"x":117,"y":389,"width":755,"height":12}},{"id":"57cab221-5f9e-4af9-8fd4-948bd9232cca","block_type":"box","text":"how companies are serving the financial interests of our clients as their shareholders. BAIS takes a","page_number":260,"box":{"x":117,"y":405,"width":740,"height":12}},{"id":"8a43d18a-f58a-4a29-b683-78bd8cbec0f1","block_type":"box","text":"globally consistent approach to voting but considers the different corporate governance regulations and","page_number":260,"box":{"x":116,"y":420,"width":772,"height":12}},{"id":"086b4cba-5f8c-4a43-a94f-4d60df4fa32e","block_type":"box","text":"norms across markets. Votes are determined on a case-by-case basis, in the context of a company’s","page_number":260,"box":{"x":117,"y":436,"width":753,"height":12}},{"id":"56345c04-eb4b-4e51-9a3a-6ecae1acad21","block_type":"box","text":"situation and the investment mandate we have from clients. Please see page 19 for more information","page_number":260,"box":{"x":116,"y":451,"width":756,"height":12}},{"id":"cb14472d-1f17-482a-be63-0b52d64f580a","block_type":"box","text":"about how we fulfill and oversee our investment stewardship responsibilities for BlackRock’s non-index","page_number":260,"box":{"x":116,"y":467,"width":768,"height":12}},{"id":"fa93215d-d64e-47c3-b3f4-25424df85560","block_type":"box","text":"equity strategies.","page_number":260,"box":{"x":116,"y":482,"width":125,"height":12}},{"id":"9b396d3a-1e35-4002-861b-0eb39072867b","block_type":"box","text":"5","page_number":260,"box":{"x":243,"y":483,"width":6,"height":6}},{"id":"1c35cf0a-6e46-456a-b91c-9af780c303e3","block_type":"box","text":"OUR APPROACH TO STEWARDSHIP WITHIN FIXED INCOME","page_number":260,"box":{"x":257,"y":521,"width":490,"height":10}},{"id":"9bf4f29d-ea35-4d16-87e4-fecd826fe544","block_type":"box","text":"Although fixed income investors do not have the right to vote at shareholder meetings, issuer","page_number":260,"box":{"x":116,"y":552,"width":695,"height":12}},{"id":"734190e2-9236-4a45-8733-474e7ca3f0d4","block_type":"box","text":"engagement is a component of fixed income investment strategies at BlackRock, particularly for those","page_number":260,"box":{"x":116,"y":568,"width":762,"height":12}},{"id":"0f3e0aea-bb71-422e-9118-9f10638c26a5","block_type":"box","text":"with sustainability objectives in addition to financial objectives. Most corporate governance-related","page_number":260,"box":{"x":116,"y":583,"width":732,"height":12}},{"id":"4001cf82-8a71-43b2-bdda-2d008b7deb82","block_type":"box","text":"fixed income engagements are undertaken in conjunction with the active investment stewardship team,","page_number":260,"box":{"x":116,"y":599,"width":770,"height":12}},{"id":"8e57a976-0c80-404b-bf86-79b4d0aa1c8b","block_type":"box","text":"and often active equity investors. In addition to the topics listed below, engagement with fixed income","page_number":260,"box":{"x":116,"y":614,"width":757,"height":12}},{"id":"0abebced-d904-4381-b522-142ff4afe71c","block_type":"box","text":"investment teams may help inform an issuer’s approach to structuring specialist issuances and the","page_number":260,"box":{"x":117,"y":630,"width":736,"height":12}},{"id":"eacef667-fcc2-4bf8-bc6d-ae894bdf9f88","block_type":"box","text":"standard terms and information in bond documentation.","page_number":260,"box":{"x":116,"y":645,"width":417,"height":10}},{"id":"84d26147-3cd8-4f87-aabe-682dd85198c6","block_type":"box","text":"BOARDS OF DIRECTORS","page_number":260,"box":{"x":398,"y":684,"width":203,"height":9}},{"id":"91e236f0-c2b9-4db4-8a64-6d09003f34ad","block_type":"box","text":"Roles and responsibilities","page_number":260,"box":{"x":117,"y":715,"width":207,"height":12}},{"id":"e5d3db95-8880-4a81-8e79-2e0432a7a04d","block_type":"box","text":"There is widespread consensus that the foundation of good corporate governance is an effective board","page_number":260,"box":{"x":116,"y":746,"width":764,"height":12}},{"id":"61e3a50b-c334-4f3a-9b5c-4afb2f82fe78","block_type":"box","text":"of directors that is able to advise and supervise management in an independent and objective","page_number":260,"box":{"x":116,"y":761,"width":695,"height":13}},{"id":"aca798c7-b820-481c-9ab4-aaf91cdea416","block_type":"box","text":"manner.","page_number":260,"box":{"x":117,"y":779,"width":59,"height":7}},{"id":"c3959123-0d52-46b5-b16d-738f5514869b","block_type":"box","text":"6","page_number":260,"box":{"x":178,"y":777,"width":5,"height":6}},{"id":"3ae2643f-b604-4620-b0cf-1d0166c2c00c","block_type":"box","text":"5","page_number":260,"box":{"x":143,"y":826,"width":4,"height":4}},{"id":"1b73a91a-7297-474e-b7cf-e28a16070363","block_type":"box","text":"Non-index equity strategies include active equity holdings in BlackRock’s fundamental equity, systematic equity and","page_number":260,"box":{"x":171,"y":825,"width":685,"height":10}},{"id":"0cb8d25b-0064-4f49-8fc4-5804dfa55edc","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":260,"box":{"x":170,"y":838,"width":678,"height":10}},{"id":"27c1572c-0520-4c27-b63d-b3c0b3afdec6","block_type":"box","text":"extent those strategies hold voting securities or conduct issuer engagements.","page_number":260,"box":{"x":170,"y":851,"width":458,"height":10}},{"id":"d7614138-8394-41f5-aea0-0ea94434e44e","block_type":"box","text":"6","page_number":260,"box":{"x":143,"y":867,"width":4,"height":5}},{"id":"c956ec1c-c69e-421b-8c5b-f13f545e0fee","block_type":"box","text":"See the Corporate Governance Codes of Germany, Japan, and the UK, as well as the corporate governance principles","page_number":260,"box":{"x":170,"y":867,"width":706,"height":9}},{"id":"c13b1bae-9a73-4ecd-953b-223d021d4491","block_type":"box","text":"of the US Business Roundtable as examples.","page_number":260,"box":{"x":170,"y":880,"width":268,"height":9}},{"id":"522e4ba6-1b5a-4673-ba3a-2b499b73bfb8","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":260,"box":{"x":117,"y":909,"width":338,"height":12}},{"id":"df050988-ba79-4376-9efb-15ca0a51a363","block_type":"box","text":"Global Engagement and Voting Guidelines |","page_number":260,"box":{"x":539,"y":909,"width":324,"height":12}},{"id":"2fd0d7a1-5736-4044-bfcc-4b24e95ce4dc","block_type":"box","text":"5","page_number":260,"box":{"x":875,"y":909,"width":8,"height":9}},{"id":"04bce3ce-fd63-4fc6-bf58-c0f6890ef833","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":260,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"ff18619d-c5e4-4fea-9c02-8d7fc90004ed","block_type":"box","text":"We look to the board of directors (hereafter the “board”) to have an oversight role in the establishment","page_number":261,"box":{"x":116,"y":87,"width":762,"height":12}},{"id":"20209e6a-0ad9-44ae-af28-4ce2a2ddf688","block_type":"box","text":"and realization of a company’s strategy, purpose and culture. These constructs are interdependent","page_number":261,"box":{"x":116,"y":102,"width":738,"height":13}},{"id":"ac8bb9fb-1e09-4842-8ae4-cf873883d320","block_type":"box","text":"and, when aligned, can better position a company to be resilient in the face of a changing business","page_number":261,"box":{"x":116,"y":118,"width":739,"height":12}},{"id":"b7baae3f-63eb-4640-bfd6-7c90e6acb974","block_type":"box","text":"environment, help reduce the risks of corporate or employee misconduct, and attract and retain the","page_number":261,"box":{"x":116,"y":134,"width":740,"height":12}},{"id":"4746a29a-4275-4ac6-a180-2347a5aef474","block_type":"box","text":"caliber of workers necessary to deliver financial performance over time.","page_number":261,"box":{"x":116,"y":149,"width":535,"height":12}},{"id":"75a3f421-33b8-473d-b9a6-70c72f980aed","block_type":"box","text":"In overseeing the management of the company, the board ensures the necessary resources, policies","page_number":261,"box":{"x":117,"y":178,"width":754,"height":12}},{"id":"91ce55c8-c13b-4b0c-af88-b99368c20482","block_type":"box","text":"and procedures are in place to help management meet its strategic objectives within an agreed risk","page_number":261,"box":{"x":116,"y":194,"width":742,"height":12}},{"id":"35aa7d0c-1ff8-4990-af65-1cf8f4b63b55","block_type":"box","text":"tolerance.","page_number":261,"box":{"x":116,"y":210,"width":78,"height":9}},{"id":"f2cbe36d-8f07-4daa-8c59-60ecc8efc904","block_type":"box","text":"One of the most important responsibilities of the board is to appoint, and remove as necessary, the","page_number":261,"box":{"x":116,"y":239,"width":739,"height":12}},{"id":"2971f228-b3f8-4580-a663-c886178214f6","block_type":"box","text":"chief executive officer (“CEO”). In addition, the board plays a meaningful role in monitoring the","page_number":261,"box":{"x":116,"y":254,"width":704,"height":12}},{"id":"a89bcac7-64ec-41f7-bf45-d42254eb0ff5","block_type":"box","text":"performance of the CEO and other key executives, determining executive compensation, ensuring a","page_number":261,"box":{"x":117,"y":270,"width":747,"height":12}},{"id":"af3538e6-fc38-4911-961b-52c443c44b97","block_type":"box","text":"rigorous audit, overseeing strategy execution and risk management and engaging with shareholders,","page_number":261,"box":{"x":117,"y":285,"width":753,"height":12}},{"id":"3cc22838-8596-46cc-8304-aa473b7afdf1","block_type":"box","text":"and other stakeholders, as necessary.","page_number":261,"box":{"x":116,"y":301,"width":289,"height":12}},{"id":"57a1bfcc-4cc5-4cd1-ba6b-cc2753a2d3d6","block_type":"box","text":"Composition and effectiveness","page_number":261,"box":{"x":116,"y":330,"width":253,"height":12}},{"id":"faf99742-7d43-492c-bc04-cf99c52970b2","block_type":"box","text":"Appointment process","page_number":261,"box":{"x":116,"y":359,"width":177,"height":12}},{"id":"00c3e4d6-c311-4675-9317-bf8d8efd331a","block_type":"box","text":"A formal and transparent process for identifying and appointing director candidates is critical to","page_number":261,"box":{"x":116,"y":389,"width":708,"height":12}},{"id":"a3c446b4-323b-4bdf-b7dc-88b28147d2f9","block_type":"box","text":"ensuring the board is composed of directors with the appropriate mix of skills and experience.","page_number":261,"box":{"x":116,"y":404,"width":700,"height":12}},{"id":"2570e6c6-7891-4991-b792-70b2387e13c6","block_type":"box","text":"Generally, the board or a sub-committee determines the general criteria given the company’s","page_number":261,"box":{"x":117,"y":420,"width":695,"height":12}},{"id":"af1635da-6800-47c0-bdc5-2fb5cbadc717","block_type":"box","text":"circumstances (e.g., sector, maturity, geographic footprint) and any additional criteria for a specific role","page_number":261,"box":{"x":116,"y":435,"width":767,"height":12}},{"id":"ea9d57a2-921c-44ff-9354-7998f11f15ad","block_type":"box","text":"being filled (e.g., financial expertise, industry track record). To inform the process, we encourage","page_number":261,"box":{"x":117,"y":451,"width":721,"height":12}},{"id":"71d72d11-13d8-4279-83f0-3607b62cee9b","block_type":"box","text":"companies to review the skills and experience of incumbent directors to identify any gaps and whether","page_number":261,"box":{"x":116,"y":466,"width":764,"height":12}},{"id":"1a5868eb-a89d-4729-b731-94080fc716e7","block_type":"box","text":"the skills and experience of a director candidate would be additive. We welcome disclosures that","page_number":261,"box":{"x":116,"y":482,"width":722,"height":12}},{"id":"e164fa7e-e4c7-426b-8dcf-5f984d250e19","block_type":"box","text":"explain how the board considered different skills and experience to ensure that the directors","page_number":261,"box":{"x":116,"y":497,"width":687,"height":12}},{"id":"39c179c5-2fe0-41ba-8ad4-99349c1bd813","block_type":"box","text":"collectively can be effective in fulfilling their responsibilities. We assess a company’s board","page_number":261,"box":{"x":116,"y":513,"width":678,"height":12}},{"id":"0db24f58-4176-4770-b8b9-7b9b3f35dd8d","block_type":"box","text":"composition against that of its peer group and local market requirements.","page_number":261,"box":{"x":116,"y":528,"width":548,"height":12}},{"id":"05fbe11e-4efa-4e67-b39e-6d6d2da5afb9","block_type":"box","text":"Shareholders periodically vote to elect directors to serve on the board. We do not prescribe any","page_number":261,"box":{"x":116,"y":558,"width":714,"height":12}},{"id":"02198b43-2845-4eac-821b-b50bb81f197d","block_type":"box","text":"particular board composition in our engagements or voting but seek to understand how well placed a","page_number":261,"box":{"x":117,"y":573,"width":751,"height":12}},{"id":"f1885db0-4555-4159-b88c-0729ceceb78a","block_type":"box","text":"board is to act in investors’ interests. We may vote against the election of the most senior independent","page_number":261,"box":{"x":117,"y":589,"width":764,"height":12}},{"id":"13e01b7f-b698-4c52-ab43-8a89f43f9690","block_type":"box","text":"director, or the chair of the relevant committee, where a company has not demonstrated it has an","page_number":261,"box":{"x":116,"y":604,"width":726,"height":12}},{"id":"24f6ad85-a3e9-4c0c-9732-740176652e55","block_type":"box","text":"appointment process that results in a high functioning board with the appropriate complement of skills","page_number":261,"box":{"x":116,"y":620,"width":759,"height":12}},{"id":"65d9dd1d-e99f-489d-acc5-21e86f37eb4b","block_type":"box","text":"and experience amongst the directors to support strong financial performance over time. We may vote","page_number":261,"box":{"x":116,"y":635,"width":764,"height":12}},{"id":"79f69d63-a0cc-4f7f-9e45-8ddb5b4439d9","block_type":"box","text":"against newly nominated directors who do not seem to have the appropriate skills or experience to","page_number":261,"box":{"x":116,"y":651,"width":736,"height":12}},{"id":"3ee6b086-4b8a-4adf-88e0-85c4e6b39975","block_type":"box","text":"contribute to the board’s effectiveness.","page_number":261,"box":{"x":116,"y":666,"width":286,"height":10}},{"id":"b2a499e2-a7ac-42c7-b5b5-f7b540fd1d97","block_type":"box","text":"Independence","page_number":261,"box":{"x":116,"y":696,"width":113,"height":11}},{"id":"97c20b88-fa7e-4498-ae46-6ea040c42042","block_type":"box","text":"Director independence from management, significant shareholders or other stakeholders (e.g.,","page_number":261,"box":{"x":117,"y":725,"width":700,"height":12}},{"id":"3970e301-2acb-43ad-961a-dac84bf11b5b","block_type":"box","text":"government or employees) is of paramount importance to the protection of the interests of minority","page_number":261,"box":{"x":116,"y":740,"width":732,"height":12}},{"id":"02e66dd7-6798-4fb7-8071-464d8c9de232","block_type":"box","text":"shareholders such as BlackRock’s clients. We consider it good practice for at least half the directors to","page_number":261,"box":{"x":116,"y":756,"width":761,"height":12}},{"id":"cf1e9fbd-1ce8-402e-b698-1a44f14a4b86","block_type":"box","text":"be independent and free from conflicts of interest or undue influence.","page_number":261,"box":{"x":117,"y":771,"width":510,"height":12}},{"id":"9b99bd8b-fc21-4352-9ce4-6bd50345d0ac","block_type":"box","text":"7","page_number":261,"box":{"x":629,"y":771,"width":5,"height":6}},{"id":"e90c101c-ba96-431b-a6ce-0993356a47cc","block_type":"box","text":"This also helps to ensure that","page_number":261,"box":{"x":640,"y":771,"width":219,"height":12}},{"id":"c6350d13-2463-4006-b1d0-719290374fd3","block_type":"box","text":"board committees are composed of a sufficient number of independent directors. Companies domiciled","page_number":261,"box":{"x":117,"y":787,"width":764,"height":12}},{"id":"9cb91673-e57d-4221-9520-17a6eecd69e5","block_type":"box","text":"in markets with a higher threshold for board independence should meet those local requirements.","page_number":261,"box":{"x":117,"y":802,"width":720,"height":12}},{"id":"66c8bfb1-662d-49e6-bf99-874813e4b56c","block_type":"box","text":"7","page_number":261,"box":{"x":143,"y":828,"width":4,"height":4}},{"id":"87a17d7b-e670-4c3d-86d2-02aa60fe980e","block_type":"box","text":"Common impediments to independence may include but are not limited to: current or recent employment at the","page_number":261,"box":{"x":170,"y":827,"width":659,"height":10}},{"id":"b6469de5-b71c-432c-b2ab-6b2877a6f552","block_type":"box","text":"company or a subsidiary; being, or representing, a shareholder with a substantial shareholding in the company;","page_number":261,"box":{"x":170,"y":840,"width":659,"height":10}},{"id":"dfbcec37-e673-4406-8f4d-d174861bc04b","block_type":"box","text":"interlocking directorships; lengthy tenure, and having any other interest, business, or other relationship which could, or","page_number":261,"box":{"x":170,"y":853,"width":702,"height":10}},{"id":"a9e73f62-d91d-4b53-9546-d4ad6fadddcd","block_type":"box","text":"could reasonably be perceived to, materially interfere with a director’s ability to act in the best interests of the company","page_number":261,"box":{"x":170,"y":866,"width":703,"height":10}},{"id":"b603c8f0-9f40-4028-91eb-45bd498c4cfa","block_type":"box","text":"and shareholders.","page_number":261,"box":{"x":170,"y":879,"width":106,"height":8}},{"id":"1a6afcc3-79ce-477b-b0f4-60eff99469d9","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":261,"box":{"x":117,"y":909,"width":338,"height":12}},{"id":"bc5e3299-9922-40fd-87a2-182eb9f25398","block_type":"box","text":"Global Engagement and Voting Guidelines |","page_number":261,"box":{"x":539,"y":909,"width":324,"height":12}},{"id":"4b76e81e-653c-4564-b7c4-b0099a038718","block_type":"box","text":"6","page_number":261,"box":{"x":875,"y":909,"width":8,"height":9}},{"id":"15eee36d-892c-4170-b7a4-3a67a1641452","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":261,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"6d8f701f-daa6-4daa-83af-1412de50d1ab","block_type":"box","text":"We may vote against the election of non-independent directors if the board does not have a sufficient","page_number":262,"box":{"x":116,"y":87,"width":756,"height":12}},{"id":"965ef5bb-5fad-4e03-82a4-1a9a201a7ec9","block_type":"box","text":"balance of independence. We may also vote against the election of the chair of the committee","page_number":262,"box":{"x":117,"y":102,"width":701,"height":13}},{"id":"2bc45304-a1e9-4e4a-b2bf-127b848fd96b","block_type":"box","text":"responsible for board composition if this is a perennial issue.","page_number":262,"box":{"x":117,"y":118,"width":453,"height":12}},{"id":"93091f28-41f9-48a8-bf8c-234cf4b498d3","block_type":"box","text":"Independent board leadership","page_number":262,"box":{"x":116,"y":149,"width":245,"height":12}},{"id":"190e144a-ac73-48d2-b7b6-b67a60eb10ae","block_type":"box","text":"Practices across markets differ, as do board structures, but we observe two main approaches to","page_number":262,"box":{"x":117,"y":180,"width":718,"height":12}},{"id":"550677a1-a857-44ff-a0cb-a72e32d539a5","block_type":"box","text":"independent board leadership. One is a non-executive, independent chair of the board who is","page_number":262,"box":{"x":117,"y":196,"width":697,"height":11}},{"id":"c2b0c8ac-0c0f-48dd-a0fa-7c6dce1ad603","block_type":"box","text":"responsible for leading the board in the effective exercise of its duties. The other is a lead or senior","page_number":262,"box":{"x":117,"y":211,"width":738,"height":12}},{"id":"6c14aaa7-1dd4-451b-8f27-66a5fe13e8a0","block_type":"box","text":"independent director, who is responsible for coordinating with the other non-executive directors and","page_number":262,"box":{"x":117,"y":227,"width":742,"height":12}},{"id":"eca1660b-f343-48e8-be03-ae4f0ebec01e","block_type":"box","text":"working closely with the executive chair on the board agenda and other board procedures. In this case,","page_number":262,"box":{"x":116,"y":242,"width":770,"height":12}},{"id":"98d321b9-4082-4d1f-8630-a1edd005664e","block_type":"box","text":"the executive chair and the lead independent director work together to ensure the board is effectively","page_number":262,"box":{"x":116,"y":258,"width":754,"height":12}},{"id":"0267a90b-de46-42ff-8e11-47db6b7d82cc","block_type":"box","text":"fulfilling its responsibilities. In our view, the independent leader of the board, and/or the chair of a","page_number":262,"box":{"x":116,"y":273,"width":723,"height":12}},{"id":"ed09cf7d-0cec-4a9a-819c-c01932335fe5","block_type":"box","text":"relevant committee, should be available to investors to discuss governance matters such as CEO","page_number":262,"box":{"x":117,"y":289,"width":727,"height":12}},{"id":"57dba541-e500-4903-b2fe-02a630d20272","block_type":"box","text":"succession, executive pay, and board performance. We look to boards to explain their board","page_number":262,"box":{"x":116,"y":304,"width":691,"height":12}},{"id":"526b1361-2547-4d11-b6d5-0e9bc28c5608","block_type":"box","text":"leadership model and how it serves the interests of shareholders.","page_number":262,"box":{"x":117,"y":320,"width":489,"height":12}},{"id":"ccf3809f-4fca-4c02-b8fa-45a7801085f4","block_type":"box","text":"We may vote against the election of the chair of the committee responsible for board composition if","page_number":262,"box":{"x":116,"y":351,"width":740,"height":12}},{"id":"b9f0a797-1064-4f29-86dd-551cc9a11f52","block_type":"box","text":"there is not an identified independent leader of the board with clear responsibilities for board","page_number":262,"box":{"x":116,"y":366,"width":689,"height":12}},{"id":"c8d9ee1a-bce0-4161-89bd-74ca49f00048","block_type":"box","text":"performance. We may vote against the most senior independent director if the board has a policy of","page_number":262,"box":{"x":117,"y":382,"width":744,"height":12}},{"id":"e3c4f6f7-33a4-49ce-8ba7-8179b1d4e2a4","block_type":"box","text":"not engaging with shareholders.","page_number":262,"box":{"x":117,"y":397,"width":242,"height":12}},{"id":"79bf738d-5a82-494c-9acf-cf1a936db3ea","block_type":"box","text":"Tenure and succession","page_number":262,"box":{"x":118,"y":428,"width":189,"height":10}},{"id":"28c1aab3-d59c-4443-bc4c-053a5ee3cacd","block_type":"box","text":"In our view, it is good practice for boards to establish the length of time a director would normally be","page_number":262,"box":{"x":117,"y":459,"width":745,"height":12}},{"id":"a2d4445d-9973-4470-979f-5e53186966de","block_type":"box","text":"expected to serve, in line with market norms where those exist. We find it helpful when companies","page_number":262,"box":{"x":116,"y":475,"width":733,"height":12}},{"id":"46e5129b-df85-4edd-b378-bb58fb325120","block_type":"box","text":"disclose their approach to director tenure particularly around the contributions of directors who have","page_number":262,"box":{"x":116,"y":490,"width":745,"height":12}},{"id":"7a0a0a8f-7eba-4bdc-8e26-312f0e061231","block_type":"box","text":"served for longer periods than typically provided for under local practice. In our experience, long","page_number":262,"box":{"x":116,"y":506,"width":718,"height":12}},{"id":"3cc4ebc2-b4b3-42f8-b2cc-62cf7c2dd4df","block_type":"box","text":"serving directors could become less independent given their long-term relationship with management","page_number":262,"box":{"x":116,"y":521,"width":755,"height":12}},{"id":"d6d3504d-2906-42d8-ae21-a94e3e6e3659","block_type":"box","text":"and involvement in past board decisions.","page_number":262,"box":{"x":116,"y":537,"width":308,"height":12}},{"id":"45d997c8-1c2d-4a23-8074-9f4cb551728b","block_type":"box","text":"Succession planning for board roles helps achieve the appropriate cadence of turnover that balances","page_number":262,"box":{"x":116,"y":568,"width":756,"height":12}},{"id":"ee540f1b-2b41-4427-8e27-0cc229967a0c","block_type":"box","text":"renewal through the regular introduction of directors with fresh perspectives and expertise with","page_number":262,"box":{"x":117,"y":583,"width":705,"height":12}},{"id":"19501b7d-5be2-4ba8-ab5a-391b5fa64122","block_type":"box","text":"continuity through the retention of directors with long-term knowledge of the board and company.","page_number":262,"box":{"x":116,"y":599,"width":724,"height":12}},{"id":"77d7d59d-6c1f-4ca1-bdfb-6df11a5f3475","block_type":"box","text":"In markets where there is not specific director tenure guidance from regulation or corporate","page_number":262,"box":{"x":117,"y":630,"width":680,"height":12}},{"id":"9c0a00f2-ab19-4399-a357-6c3ca888ef23","block_type":"box","text":"governance best practices, we may vote against the election of the chair of the committee responsible","page_number":262,"box":{"x":116,"y":645,"width":763,"height":12}},{"id":"fe142888-9c09-4557-959a-ec415551a968","block_type":"box","text":"for board composition if a company does not clearly disclose its approach to director tenure and board","page_number":262,"box":{"x":116,"y":661,"width":757,"height":12}},{"id":"7b73010a-3291-482a-83b7-3ac187433a18","block_type":"box","text":"renewal. We may vote against the election of directors who have served for more years than is typical","page_number":262,"box":{"x":117,"y":676,"width":754,"height":12}},{"id":"301abe82-946b-4c51-b4d9-948454e2d042","block_type":"box","text":"in markets with specific guidance, where the case for their continued service is not evident.","page_number":262,"box":{"x":117,"y":692,"width":673,"height":12}},{"id":"00b82c43-2699-476f-85e0-7f825121f0bb","block_type":"box","text":"Capacity","page_number":262,"box":{"x":117,"y":723,"width":70,"height":12}},{"id":"573979d2-19df-448c-8df5-c374e45d7028","block_type":"box","text":"To be effective and engaged, directors need to have the time and energy to commit to the role. In our","page_number":262,"box":{"x":116,"y":754,"width":753,"height":12}},{"id":"b94bdd33-5a5b-44eb-8b7b-76ef647d385b","block_type":"box","text":"view, an effective board will assess the ability of its members to maintain an appropriate focus on","page_number":262,"box":{"x":116,"y":769,"width":720,"height":12}},{"id":"ce83be68-b405-495a-829f-68dd4ff75439","block_type":"box","text":"board matters and the company taking into consideration competing responsibilities. We recognize that","page_number":262,"box":{"x":117,"y":785,"width":765,"height":12}},{"id":"fff0dc30-40c6-4f5e-a1f1-f5c7b8c43349","block_type":"box","text":"board leadership roles vary across markets in responsibilities and required time commitment but note","page_number":262,"box":{"x":117,"y":800,"width":750,"height":12}},{"id":"6eb4d8ee-b4be-4978-a2c8-3613017eb42c","block_type":"box","text":"that they are generally more intensive than a standard directorship. We will take local norms and","page_number":262,"box":{"x":116,"y":816,"width":715,"height":12}},{"id":"0b21bad9-5b6c-41f7-a8f0-3ec2747c0e34","block_type":"box","text":"practices into consideration when making our voting determinations across markets.","page_number":262,"box":{"x":117,"y":831,"width":628,"height":12}},{"id":"a8fdd921-652d-4fab-a199-1f443cac0490","block_type":"box","text":"We may vote against the election of directors who do not seem to have sufficient capacity to effectively","page_number":262,"box":{"x":116,"y":862,"width":769,"height":12}},{"id":"cfc6ae2b-033e-4f55-9f1f-a3d2e3ce941e","block_type":"box","text":"fulfil their duties to the board and company.","page_number":262,"box":{"x":116,"y":878,"width":326,"height":12}},{"id":"e74f1fab-994a-44ae-bec3-8d60570999ab","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":262,"box":{"x":117,"y":909,"width":338,"height":12}},{"id":"83648239-21cd-4ce9-b77d-8edb57c52150","block_type":"box","text":"Global Engagement and Voting Guidelines |","page_number":262,"box":{"x":539,"y":909,"width":324,"height":12}},{"id":"8ae9b401-18c8-4dca-9248-b23f2c7c869c","block_type":"box","text":"7","page_number":262,"box":{"x":875,"y":909,"width":8,"height":9}},{"id":"378bf36a-f3a9-46ee-bf68-a752fb40c93b","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":262,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"444b6cd7-f9fb-4e28-8b1b-c96396da58ac","block_type":"box","text":"Director elections","page_number":263,"box":{"x":116,"y":87,"width":147,"height":10}},{"id":"aaee4022-58e7-4555-9fa2-3042364ede17","block_type":"box","text":"Regular election of directors, ideally annually, supports director accountability to shareholders. A","page_number":263,"box":{"x":117,"y":116,"width":720,"height":13}},{"id":"be631b5a-f823-4621-b2eb-2ae999f7156d","block_type":"box","text":"classified board structure","page_number":263,"box":{"x":116,"y":132,"width":186,"height":10}},{"id":"e8622ef6-1074-4cff-8bd1-08e8d51d731a","block_type":"box","text":"8","page_number":263,"box":{"x":303,"y":132,"width":5,"height":6}},{"id":"0b6293eb-4c3f-4642-b4c3-7e932d950ddb","block_type":"box","text":"may be justified by a company when it needs consistency and stability","page_number":263,"box":{"x":309,"y":132,"width":530,"height":12}},{"id":"b7df3c54-36a6-4f2c-be62-22ac745556f2","block_type":"box","text":"during a time of transition, or on the basis of its business model (e.g., a non-operating company such","page_number":263,"box":{"x":116,"y":147,"width":754,"height":13}},{"id":"66cba3fe-53eb-4043-b19d-2ce95cd78681","block_type":"box","text":"as closed-end funds).","page_number":263,"box":{"x":116,"y":163,"width":165,"height":12}},{"id":"8881a3fd-a012-4027-a438-24c9094a34f2","block_type":"box","text":"Shareholders should have the opportunity to evaluate nominated directors individually rather than in","page_number":263,"box":{"x":116,"y":192,"width":746,"height":13}},{"id":"7a3a4d9a-8c95-4e8d-a6a0-79d995d7796d","block_type":"box","text":"bundled slates. We look to companies to provide sufficient information on each director standing for","page_number":263,"box":{"x":117,"y":208,"width":743,"height":12}},{"id":"252427ce-60ac-4116-9318-e77a24567ebc","block_type":"box","text":"election so that shareholders can assess their capabilities and suitability. We will generally not support","page_number":263,"box":{"x":116,"y":224,"width":765,"height":12}},{"id":"ab0b5c84-00b2-4472-88eb-d6ce2aa1da7c","block_type":"box","text":"the election of directors whose names and biographical details have not been disclosed sufficiently in","page_number":263,"box":{"x":116,"y":239,"width":755,"height":12}},{"id":"3883d06a-0f2a-46bc-ac6f-9636b3f09c1f","block_type":"box","text":"advance of the shareholder meeting.","page_number":263,"box":{"x":116,"y":254,"width":278,"height":13}},{"id":"5f324e42-4bd4-47f5-82c0-836daa9690e9","block_type":"box","text":"Each director’s appointment should be dependent on receiving a simple majority of the votes cast at","page_number":263,"box":{"x":117,"y":284,"width":746,"height":12}},{"id":"b8200019-f724-4788-988c-bc6bde9a70be","block_type":"box","text":"the shareholder meeting. Where a company’s practices differ, we look to the board to provide a","page_number":263,"box":{"x":116,"y":299,"width":712,"height":13}},{"id":"51653715-72e7-4a46-a0d8-261c795a083f","block_type":"box","text":"detailed explanation as to how its approach best serves investors’ interests.","page_number":263,"box":{"x":116,"y":315,"width":567,"height":12}},{"id":"cd0b6cb5-d880-4743-a490-5285465a6fc4","block_type":"box","text":"We may vote for shareholder or management proposals seeking to establish annual election of","page_number":263,"box":{"x":116,"y":344,"width":710,"height":12}},{"id":"1a9fb0dd-94b5-40c5-af46-f0cc3bac8b39","block_type":"box","text":"directors and/or a simple majority vote standard for director elections. We may vote against all the","page_number":263,"box":{"x":116,"y":360,"width":732,"height":12}},{"id":"d63b4485-fb68-4bd3-ace3-4ee319bda189","block_type":"box","text":"directors standing for election as part of a single slate if we have concerns about the profile or","page_number":263,"box":{"x":116,"y":375,"width":701,"height":12}},{"id":"4a84e44a-8242-44cc-85a4-9553d07d007c","block_type":"box","text":"performance of an individual director.","page_number":263,"box":{"x":117,"y":391,"width":280,"height":12}},{"id":"b8edd873-6001-4e39-a557-e8c16cbb9139","block_type":"box","text":"Committees","page_number":263,"box":{"x":117,"y":420,"width":100,"height":10}},{"id":"b4fa1bbe-65dc-459a-b925-54f1f1658713","block_type":"box","text":"Many boards establish committees to focus on specific responsibilities of the board such as audit and","page_number":263,"box":{"x":117,"y":450,"width":757,"height":12}},{"id":"07b83196-c5a6-4d44-95d2-9273eb7cb8e2","block_type":"box","text":"risk, governance and human capital, and executive compensation, amongst other matters. We do not","page_number":263,"box":{"x":117,"y":465,"width":756,"height":12}},{"id":"2feeb1b7-5ead-498b-8bcf-98dc96eeda3c","block_type":"box","text":"prescribe to companies what committees they should establish, but we seek to understand the board’s","page_number":263,"box":{"x":117,"y":481,"width":765,"height":12}},{"id":"65fe8d35-7059-4a07-9888-b8e75184af46","block_type":"box","text":"rationale for the committee structure it determines is appropriate. We note that, in some markets,","page_number":263,"box":{"x":117,"y":496,"width":723,"height":12}},{"id":"b41632c0-657c-4a3a-a90f-a58bc3eee25e","block_type":"box","text":"regulation requires such committees. The responsibilities of each committee should be clear, and the","page_number":263,"box":{"x":117,"y":512,"width":754,"height":12}},{"id":"e5c1bfc1-9d8c-446a-ba42-abb826602385","block_type":"box","text":"board should ensure that all critical matters are assigned either to the full board or to one of the","page_number":263,"box":{"x":117,"y":527,"width":711,"height":12}},{"id":"de82e03f-ff47-4752-9963-1c86fcd06ac7","block_type":"box","text":"committees. It is helpful to investor understanding when the board discloses the structure,","page_number":263,"box":{"x":116,"y":543,"width":672,"height":12}},{"id":"40d2d671-d580-4b0c-809c-d57503a4a0bb","block_type":"box","text":"membership, proportion of independent directors, and responsibilities of each committee. The","page_number":263,"box":{"x":117,"y":558,"width":700,"height":12}},{"id":"b12acb18-43cc-47d4-8e76-d417ea920773","block_type":"box","text":"responsibilities we typically see assigned to the three most common committees include:","page_number":263,"box":{"x":117,"y":574,"width":662,"height":12}},{"id":"fc717029-1ac4-4d97-9990-4d67428a9a20","block_type":"box","text":"• Audit and risk – oversight responsibilities for the integrity of financial reporting, risk management","page_number":263,"box":{"x":117,"y":596,"width":752,"height":12}},{"id":"efa5aee0-ccaf-44dd-8c2c-5bf9fc89eb67","block_type":"box","text":"and compliance with legal and regulatory requirements; may also play an oversight role in relation","page_number":263,"box":{"x":150,"y":612,"width":731,"height":12}},{"id":"9d3647ce-c810-4c3a-bd64-6483a2490413","block_type":"box","text":"to the internal audit function and whistleblowing mechanisms.","page_number":263,"box":{"x":150,"y":627,"width":460,"height":12}},{"id":"da4953df-2f07-46f5-becb-c3bb0152e38f","block_type":"box","text":"• Nominating, governance and human capital – oversight responsibilities for corporate governance","page_number":263,"box":{"x":117,"y":650,"width":756,"height":12}},{"id":"dbd79e6f-80e1-42a6-a940-701bb9b75853","block_type":"box","text":"principles and practices of the company, including the periodic review of board performance;","page_number":263,"box":{"x":150,"y":665,"width":684,"height":12}},{"id":"bc0f0658-9d7b-4215-81a3-9f55a13f9914","block_type":"box","text":"responsibility for succession planning for CEO and key board roles, as well as the director","page_number":263,"box":{"x":150,"y":681,"width":667,"height":12}},{"id":"f6f115e5-cbc6-401d-a115-ba56d7a5ebd0","block_type":"box","text":"appointment process; may also have oversight responsibilities for human capital management","page_number":263,"box":{"x":150,"y":696,"width":698,"height":12}},{"id":"f3928674-3202-4692-8d40-dec85525e31a","block_type":"box","text":"strategies, including corporate culture and purpose.","page_number":263,"box":{"x":150,"y":712,"width":381,"height":12}},{"id":"3250c43b-c566-4e5b-8bb7-b5894417fda1","block_type":"box","text":"• Executive compensation – determines the compensation policies and programs for the CEO and","page_number":263,"box":{"x":117,"y":734,"width":749,"height":12}},{"id":"33464ae1-4f62-4233-8837-4190baedd644","block_type":"box","text":"other executive officers, approves annual awards and payments under the policies; may also have","page_number":263,"box":{"x":150,"y":750,"width":730,"height":12}},{"id":"905c81e5-070c-497f-a501-2b8d6f1b9955","block_type":"box","text":"oversight responsibilities for firm-wide compensation policies.","page_number":263,"box":{"x":150,"y":765,"width":453,"height":12}},{"id":"f4024f4c-a3d3-4244-b422-26576903f220","block_type":"box","text":"We may vote against the election of the chair of the committee or other directors serving as committee","page_number":263,"box":{"x":116,"y":795,"width":760,"height":12}},{"id":"8c2a9523-4c32-4a4b-b44d-911a626ba2d8","block_type":"box","text":"members to convey concerns about how a committee has undertaken its responsibilities. We may vote","page_number":263,"box":{"x":117,"y":810,"width":762,"height":12}},{"id":"e5786867-4ef4-4f1d-8a4c-b88c30400d6a","block_type":"box","text":"against the election of the most senior non-executive director if there is not a clearly disclosed","page_number":263,"box":{"x":116,"y":826,"width":702,"height":12}},{"id":"b731ee10-f434-45ce-8ccb-46307de20e31","block_type":"box","text":"approach to board committees.","page_number":263,"box":{"x":116,"y":841,"width":236,"height":12}},{"id":"20d4ea8b-ab67-4168-a48a-e128ec1bbfd1","block_type":"box","text":"8","page_number":263,"box":{"x":143,"y":867,"width":4,"height":4}},{"id":"c8340826-0e37-4a87-b437-ddaf12838d16","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":263,"box":{"x":170,"y":866,"width":673,"height":10}},{"id":"1de1e9f7-7a61-4889-ae9c-49175a857d84","block_type":"box","text":"directors stands for election in any one year.","page_number":263,"box":{"x":170,"y":879,"width":262,"height":10}},{"id":"5a6826f3-f9b4-48f6-8d72-f926b34f9a2a","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":263,"box":{"x":117,"y":909,"width":338,"height":12}},{"id":"ad0c0fbb-7704-4e39-b2ce-f4d1f0a04ba9","block_type":"box","text":"Global Engagement and Voting Guidelines |","page_number":263,"box":{"x":539,"y":909,"width":324,"height":12}},{"id":"888b1715-f46e-45b2-8a34-0732a41aa04f","block_type":"box","text":"8","page_number":263,"box":{"x":875,"y":909,"width":8,"height":9}},{"id":"ab052b2d-c0cb-4f12-884e-f210f064cc49","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":263,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"0f326094-15d0-47e7-a447-95164f8bfb56","block_type":"box","text":"Board and director evaluation","page_number":264,"box":{"x":116,"y":87,"width":243,"height":10}},{"id":"63e50001-925e-4977-88db-cf25d624b9a6","block_type":"box","text":"We consider it best practice for companies to conduct an annual review of the performance of the","page_number":264,"box":{"x":116,"y":119,"width":729,"height":12}},{"id":"2736359d-3c1f-414e-8b52-18680dad71d4","block_type":"box","text":"board, the committees, the chair and individual directors. Periodically, this review could be undertaken","page_number":264,"box":{"x":117,"y":134,"width":762,"height":12}},{"id":"6d820bf0-224b-4441-813b-fd7be9b2c031","block_type":"box","text":"by an independent third party able to bring objective perspectives to the board on governance and","page_number":264,"box":{"x":117,"y":150,"width":732,"height":12}},{"id":"8de90b95-1ce7-4625-82d8-99926edde0b1","block_type":"box","text":"performance. We encourage companies to disclose their approach to and the objectives of","page_number":264,"box":{"x":117,"y":165,"width":677,"height":12}},{"id":"5d19548e-dc71-4f43-b9f5-bdd76187b8cd","block_type":"box","text":"evaluations, including any changes made to the board’s approach as a result.","page_number":264,"box":{"x":116,"y":181,"width":581,"height":12}},{"id":"2451e7fd-cf48-42b9-9760-da07e57fe767","block_type":"box","text":"Access to independent advice","page_number":264,"box":{"x":116,"y":213,"width":246,"height":11}},{"id":"beb6752f-8019-4e3e-952d-7c66f2dfbeb8","block_type":"box","text":"To support the directors in effectively fulfilling their duties to the company and shareholders, they","page_number":264,"box":{"x":116,"y":244,"width":723,"height":12}},{"id":"743140c3-e6da-4172-b2cb-098416317ff4","block_type":"box","text":"should have access to independent advice. In certain circumstances, it may be helpful to boards to","page_number":264,"box":{"x":116,"y":260,"width":738,"height":12}},{"id":"ca511608-e58c-49d9-b28b-25fbd662a20a","block_type":"box","text":"retain independent third parties to advise on critical matters. These might include new industry","page_number":264,"box":{"x":117,"y":275,"width":703,"height":12}},{"id":"fec84f42-ce8f-48c9-938f-e51e045bd3ef","block_type":"box","text":"developments such as emergent and disruptive technology, operating events with material","page_number":264,"box":{"x":116,"y":291,"width":676,"height":12}},{"id":"dd47fefd-c368-4299-8c2a-cb6dd7ae3ea6","block_type":"box","text":"consequences for the company’s reputation and/or performance, or significant transactions. Board","page_number":264,"box":{"x":116,"y":306,"width":735,"height":12}},{"id":"88b778f0-2c2a-47cf-9eea-167b2cb74a14","block_type":"box","text":"committees may similarly retain third parties to advise them on specialist matters such as audit,","page_number":264,"box":{"x":116,"y":322,"width":713,"height":12}},{"id":"83a0dfe6-4b9f-4fd9-a591-f21357443154","block_type":"box","text":"compensation and succession planning.","page_number":264,"box":{"x":116,"y":337,"width":303,"height":12}},{"id":"36b9cdf0-28e5-4e9d-88f4-6b1c567d6a17","block_type":"box","text":"EXECUTIVE COMPENSATION","page_number":264,"box":{"x":382,"y":369,"width":241,"height":9}},{"id":"4daea40f-4797-493f-80f2-f7bb6971f6f9","block_type":"box","text":"Boards play an important role in establishing compensation arrangements that enable the company to","page_number":264,"box":{"x":117,"y":401,"width":760,"height":12}},{"id":"477c1641-2454-4272-a4e1-a035f365e6e4","block_type":"box","text":"recruit, retain and reward the caliber of executive management necessary to lead and operate the","page_number":264,"box":{"x":117,"y":416,"width":730,"height":12}},{"id":"dd342d36-ad11-4c67-9ea6-c7a9caf0c212","block_type":"box","text":"company to deliver superior financial returns over time. We focus on alignment between variable pay","page_number":264,"box":{"x":116,"y":432,"width":753,"height":12}},{"id":"beb8a8a4-c816-4b34-bc3d-a211dc9ec730","block_type":"box","text":"and a company’s financial performance.","page_number":264,"box":{"x":116,"y":447,"width":302,"height":12}},{"id":"73fc735b-d4d4-4e46-bebb-028d0955e3cd","block_type":"box","text":"Generally, executive compensation arrangements have four components: base salary, annual bonus","page_number":264,"box":{"x":117,"y":479,"width":751,"height":12}},{"id":"1cc2d8c8-e715-4822-98b5-04823c8f7ce8","block_type":"box","text":"that rewards performance against short-term metrics, incentives—most often share-based- that reward","page_number":264,"box":{"x":116,"y":494,"width":768,"height":12}},{"id":"a9a37f06-bc50-4ce1-861d-b883e27145fa","block_type":"box","text":"performance against long-term metrics, and pensions and benefits. In our observation, base salary,","page_number":264,"box":{"x":117,"y":510,"width":742,"height":12}},{"id":"70cf6ff0-041a-4f73-9bd5-015ad0cad2cf","block_type":"box","text":"pensions and benefits are largely set relative to market norms and benchmarks. The annual bonus and","page_number":264,"box":{"x":117,"y":525,"width":769,"height":12}},{"id":"e0c30615-5bad-4273-90b8-76a33bafce7b","block_type":"box","text":"share-based incentive, or variable pay plans, tend to be tailored to the company, its sector and long","page_number":264,"box":{"x":116,"y":541,"width":744,"height":12}},{"id":"ff59b7d1-690f-4d64-836d-510233b1d369","block_type":"box","text":"term strategy, as well as the individuals the board is seeking to recruit and motivate.","page_number":264,"box":{"x":116,"y":557,"width":629,"height":11}},{"id":"1c8f48e5-1c95-414e-97fe-d8b1083980cc","block_type":"box","text":"Recognizing the unique circumstances of each company, we determine whether to support a","page_number":264,"box":{"x":117,"y":588,"width":693,"height":12}},{"id":"be6ee3e4-0088-4e11-825c-a58d001b1acd","block_type":"box","text":"company’s approach to executive compensation on a case-by-case basis. We rely on companies","page_number":264,"box":{"x":116,"y":604,"width":726,"height":12}},{"id":"2bd2cdc0-f9c4-4ef4-8339-5912b5085f29","block_type":"box","text":"providing sufficient quantitative and qualitative information in their disclosures to enable shareholders","page_number":264,"box":{"x":117,"y":619,"width":754,"height":12}},{"id":"6afc545a-a06e-4eb6-a672-2033a1067093","block_type":"box","text":"to understand the compensation arrangements and assess the alignment with investors’ interests.","page_number":264,"box":{"x":116,"y":635,"width":732,"height":12}},{"id":"433097eb-d450-4708-afc9-8b33583324c0","block_type":"box","text":"Features we look for in compensation arrangements include:","page_number":264,"box":{"x":117,"y":650,"width":454,"height":12}},{"id":"95169f5c-1b4c-4bb4-a2b7-8aff5508225b","block_type":"box","text":"• Fixed pay components, including base salary, benefits and prerequisites that are appropriate in","page_number":264,"box":{"x":117,"y":682,"width":739,"height":12}},{"id":"3ed74419-5041-4feb-9b73-adbc98de4c47","block_type":"box","text":"the context of the company’s size, sector and market.","page_number":264,"box":{"x":150,"y":697,"width":396,"height":12}},{"id":"b5e6a704-5972-49d2-9d73-10191f0c22ee","block_type":"box","text":"• Variable pay subject to performance metrics that are closely linked to the company’s short- and","page_number":264,"box":{"x":117,"y":721,"width":739,"height":12}},{"id":"dd4f3302-8c58-463a-a3d4-092ce487f751","block_type":"box","text":"long-term strategic objectives.","page_number":264,"box":{"x":150,"y":737,"width":222,"height":12}},{"id":"11b32c61-6bf9-4e1b-9e40-b24788ab7c31","block_type":"box","text":"• Long-term incentives that motivate sustained performance across a multi-year period.","page_number":264,"box":{"x":117,"y":760,"width":667,"height":12}},{"id":"a31b68a7-1860-49fb-a9b3-dcfda2e0157e","block_type":"box","text":"• A balance between fixed and variable pay, short- and long-term incentives, and specific","page_number":264,"box":{"x":117,"y":784,"width":682,"height":12}},{"id":"d6cca373-6bf9-4681-af01-0b4330facd7d","block_type":"box","text":"instruments (cash and equity awards) that promotes pay program durability and seldom","page_number":264,"box":{"x":150,"y":799,"width":649,"height":12}},{"id":"7969b900-8e80-4336-9cc6-7171817cbf5b","block_type":"box","text":"necessitates one-off, discretionary payments.","page_number":264,"box":{"x":150,"y":815,"width":336,"height":12}},{"id":"cb2a955a-a6a7-4c20-b5ce-3eca3e11266b","block_type":"box","text":"• Pay outcomes that are consistent with the returns to investors over the relevant time period.","page_number":264,"box":{"x":117,"y":838,"width":720,"height":12}},{"id":"8be0273e-ad52-4d9f-9fb3-6f48c9ee8a12","block_type":"box","text":"• Board discretion, if allowed within the variable pay arrangements, to be used sparingly,","page_number":264,"box":{"x":117,"y":862,"width":683,"height":12}},{"id":"6bc0375e-8bf9-4573-8970-c5f7ca003b2f","block_type":"box","text":"responsibly and transparently.","page_number":264,"box":{"x":150,"y":877,"width":228,"height":12}},{"id":"e2b366c4-7f8a-4262-9c2f-e6bc4d485536","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":264,"box":{"x":117,"y":909,"width":338,"height":12}},{"id":"367713b4-0c49-493e-aacb-1aceb2370a52","block_type":"box","text":"Global Engagement and Voting Guidelines |","page_number":264,"box":{"x":539,"y":909,"width":324,"height":12}},{"id":"e6d9136a-aade-4455-bb7f-d68b0a50c410","block_type":"box","text":"9","page_number":264,"box":{"x":875,"y":909,"width":8,"height":9}},{"id":"be66a7ea-dc0f-41c7-8da0-95c19b279811","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":264,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"cc073fb0-c7b4-4c2c-ac4f-e2242c84c634","block_type":"box","text":"• A requirement, that participants in long-term share-based incentive plans build a meaningful","page_number":265,"box":{"x":117,"y":87,"width":720,"height":12}},{"id":"53740c09-4dfe-426c-879e-7eecd6b6e558","block_type":"box","text":"shareholding in the company within a defined time period, as determined by the board or relevant","page_number":265,"box":{"x":150,"y":102,"width":727,"height":13}},{"id":"09d17c2b-70a6-40f7-86d7-c92df718b372","block_type":"box","text":"board committee.","page_number":265,"box":{"x":150,"y":118,"width":134,"height":10}},{"id":"ba4fc925-f7ce-41b5-9990-392bd3952552","block_type":"box","text":"• Change of control provisions that appropriately balance the interests of executives and","page_number":265,"box":{"x":117,"y":142,"width":681,"height":12}},{"id":"2348308c-29e2-4f8a-a9bd-d1fa34eb2463","block_type":"box","text":"shareholders.","page_number":265,"box":{"x":150,"y":157,"width":106,"height":10}},{"id":"c1cc06d5-3942-4087-a190-cd4dfc28b832","block_type":"box","text":"• Clawback or malus provisions that allow the company to recoup or hold back variable","page_number":265,"box":{"x":117,"y":181,"width":671,"height":12}},{"id":"712ce386-5848-4ef0-91c9-1b8df00acf16","block_type":"box","text":"compensation from individuals whose awards were based on fraudulent activities, misstated","page_number":265,"box":{"x":150,"y":196,"width":688,"height":12}},{"id":"54419de2-7997-415c-bbe4-97baf3b7e194","block_type":"box","text":"financial reports, or executive misconduct.","page_number":265,"box":{"x":149,"y":212,"width":318,"height":12}},{"id":"2171ed29-fc63-4405-a52e-dba1feb5a522","block_type":"box","text":"• Severance arrangements that protect the company’s interests but do not cost more than is","page_number":265,"box":{"x":117,"y":235,"width":709,"height":12}},{"id":"519e3a66-54ea-49b4-94f7-d55146acca75","block_type":"box","text":"contractual.","page_number":265,"box":{"x":150,"y":251,"width":91,"height":9}},{"id":"a1f8c3d0-ad5c-410b-9139-62a597db07e4","block_type":"box","text":"We may vote against proposals to introduce new share-based incentives, approve existing policies or","page_number":265,"box":{"x":116,"y":282,"width":757,"height":12}},{"id":"0f1e2b2c-3647-4201-8118-919fab901d8c","block_type":"box","text":"plans, or approve the compensation report where we do not see alignment between executive","page_number":265,"box":{"x":117,"y":298,"width":701,"height":12}},{"id":"10a7dcba-c639-461a-bd67-45991444f58f","block_type":"box","text":"compensation arrangements and our clients’ financial interests. When there is not an alternative, or","page_number":265,"box":{"x":116,"y":313,"width":742,"height":12}},{"id":"320169aa-7852-4513-9aeb-2ff4721d2a13","block_type":"box","text":"where there have been multi-year issues with compensation misaligned with performance, we may","page_number":265,"box":{"x":116,"y":329,"width":738,"height":12}},{"id":"4f03ea17-9719-498e-918a-d091a76963d0","block_type":"box","text":"vote against the election of the chair of the responsible committee, or the most senior independent","page_number":265,"box":{"x":116,"y":344,"width":735,"height":12}},{"id":"96e0c2bf-fbc1-4fc3-aba1-55ad59a58fa7","block_type":"box","text":"director.","page_number":265,"box":{"x":116,"y":360,"width":65,"height":9}},{"id":"2024c6c2-68b3-4572-8bf4-76ce1d55c9d2","block_type":"box","text":"NON-EXECUTIVE DIRECTOR COMPENSATION","page_number":265,"box":{"x":314,"y":399,"width":377,"height":10}},{"id":"b3d7f809-751d-4e91-bd0e-34c6725ad202","block_type":"box","text":"Companies generally pay non-executive directors an annual retainer or fee in cash, shares or a","page_number":265,"box":{"x":117,"y":431,"width":712,"height":12}},{"id":"38865187-ab72-47c2-b075-086af4dd55ef","block_type":"box","text":"combination of the two. Some companies also pay additional fees for service on board committees or","page_number":265,"box":{"x":116,"y":446,"width":757,"height":13}},{"id":"33a1d08a-b23b-44d9-883e-4a739e54f190","block_type":"box","text":"in board leadership roles. We do not support non-executive directors participating in performance","page_number":265,"box":{"x":117,"y":462,"width":726,"height":12}},{"id":"a59b2c58-680d-4c7f-9923-99a72aae0263","block_type":"box","text":"based incentive plans as doing so may create a conflict of interest and undermine their independence","page_number":265,"box":{"x":117,"y":477,"width":759,"height":13}},{"id":"5978de39-999c-4e3d-8ea6-a030c37360ca","block_type":"box","text":"from management, whom they oversee.","page_number":265,"box":{"x":116,"y":493,"width":301,"height":12}},{"id":"16219ba7-8db4-425b-ad4e-4e6cb627046d","block_type":"box","text":"CAPITAL STRUCTURE","page_number":265,"box":{"x":410,"y":533,"width":185,"height":9}},{"id":"3309aa52-d939-4da2-b98a-9582e1cc7871","block_type":"box","text":"Boards are responsible for ensuring senior executive leadership has established a capital strategy that","page_number":265,"box":{"x":117,"y":564,"width":765,"height":12}},{"id":"5b5918f2-ede7-4375-b281-1202f33075b6","block_type":"box","text":"achieves appropriate capital allocation in support of long-term financial resilience.","page_number":265,"box":{"x":116,"y":580,"width":610,"height":12}},{"id":"df576be4-9dbe-440e-9e21-c7a851c02ded","block_type":"box","text":"Where company practices diverge from those set out below, we look for companies to disclose why","page_number":265,"box":{"x":116,"y":611,"width":743,"height":12}},{"id":"a29f3da3-c7ef-4ab7-9ee5-381239f2333b","block_type":"box","text":"they view these practices to be aligned with shareholders’ interests. We may vote against management","page_number":265,"box":{"x":116,"y":627,"width":772,"height":12}},{"id":"92c13fed-d5f3-4bd5-845a-877a6e39c2fc","block_type":"box","text":"proposals seeking capital-related authorities, or the election of the most senior independent director, if","page_number":265,"box":{"x":117,"y":642,"width":761,"height":12}},{"id":"6b402ed8-e720-4fb0-ad41-985c4594fd4a","block_type":"box","text":"we have concerns about a company’s approach. We may also support a shareholder proposal seeking","page_number":265,"box":{"x":116,"y":658,"width":768,"height":12}},{"id":"abbb1ec2-3b5a-4fda-8157-560728499fa4","block_type":"box","text":"conversion of shares with differentiated voting rights to a one-share, one-vote standard.","page_number":265,"box":{"x":116,"y":673,"width":649,"height":12}},{"id":"2d8713e2-0c14-426e-a87e-0723994e657b","block_type":"box","text":"Share","page_number":265,"box":{"x":116,"y":705,"width":46,"height":9}},{"id":"fc6e4073-4069-4c57-a031-7fe01638e9de","block_type":"box","text":"issuance","page_number":265,"box":{"x":168,"y":705,"width":71,"height":9}},{"id":"13053a5e-43f7-4c20-bd31-e20a7b52a76d","block_type":"box","text":"We assess requests for share issuance for particular transactions on a case-by-case basis. We will","page_number":265,"box":{"x":116,"y":736,"width":735,"height":13}},{"id":"9c1397a1-7c3e-4486-a681-92a434eac887","block_type":"box","text":"generally support authorities to issue shares when subject to pre-emptive rights, and up to 20% absent","page_number":265,"box":{"x":116,"y":752,"width":763,"height":12}},{"id":"13d0d92e-f8b1-427a-a762-e58e8c32622e","block_type":"box","text":"pre-emptive rights. We consider it good practice for companies to seek regular approval of these","page_number":265,"box":{"x":117,"y":767,"width":715,"height":13}},{"id":"635f2293-171a-4b22-a5ab-0be1d5c0aa03","block_type":"box","text":"authorities to allow shareholders to take into consideration how prior authorities were used, as well as","page_number":265,"box":{"x":116,"y":783,"width":754,"height":12}},{"id":"b281fa7f-6ffc-4f91-bd90-a99b47aa41e0","block_type":"box","text":"the current circumstances of the company and the market environment.","page_number":265,"box":{"x":116,"y":798,"width":530,"height":13}},{"id":"e3dde7b5-ffa3-47a0-b265-ec6863e89920","block_type":"box","text":"Share buybacks","page_number":265,"box":{"x":116,"y":830,"width":133,"height":12}},{"id":"a44ae64d-6c29-4662-ac3e-17b82aceb933","block_type":"box","text":"We assess share buyback proposals in the context of the company’s disclosed capital management","page_number":265,"box":{"x":116,"y":862,"width":746,"height":12}},{"id":"e4a3558a-d629-47d2-b27e-29156593c5f7","block_type":"box","text":"strategy and management’s determination of the appropriate balance between investment that","page_number":265,"box":{"x":116,"y":877,"width":706,"height":12}},{"id":"2bd16081-d4f7-4932-9bf0-ca6082fc4ff3","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":265,"box":{"x":117,"y":909,"width":338,"height":12}},{"id":"0552be11-de15-4a09-a9e7-a869ef416c1a","block_type":"box","text":"Global Engagement and Voting Guidelines |","page_number":265,"box":{"x":530,"y":909,"width":324,"height":12}},{"id":"80865f64-d9f8-44db-bfe9-c5cb31fdecb6","block_type":"box","text":"10","page_number":265,"box":{"x":866,"y":909,"width":17,"height":9}},{"id":"d0dd890f-7f1a-4ea8-91b9-54b5639ae155","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":265,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"5ffa9b7e-90f7-488b-9753-b533e8baee7d","block_type":"box","text":"supports the long-term growth of the company and returning cash to investors. We also take into","page_number":266,"box":{"x":116,"y":87,"width":721,"height":12}},{"id":"149af256-3c4c-4b01-ab43-5af534c40332","block_type":"box","text":"consideration the effect of a buyback program on the company’s balance sheet and executive","page_number":266,"box":{"x":116,"y":102,"width":701,"height":13}},{"id":"2f1a8b2b-ad2a-4a00-a2a3-fdeaa0772244","block_type":"box","text":"compensation arrangements and the price at which shares are repurchased relative to market price.","page_number":266,"box":{"x":116,"y":118,"width":748,"height":12}},{"id":"2fe4b046-5d5e-427b-9d0b-7d83efbcb1d8","block_type":"box","text":"We consider it good practice for companies to seek regular approval of these authorities to allow","page_number":266,"box":{"x":116,"y":134,"width":721,"height":12}},{"id":"bc18a1da-2ad1-4651-b97c-cd3f30ebbf79","block_type":"box","text":"shareholders to take into consideration how prior authorities were used, as well as the current","page_number":266,"box":{"x":116,"y":149,"width":700,"height":12}},{"id":"d62fcee8-e9fc-4cff-a8f8-bcb9d3e6e512","block_type":"box","text":"circumstances of the company and the market environment.","page_number":266,"box":{"x":116,"y":165,"width":451,"height":12}},{"id":"39f423e0-68e2-40fd-ba06-73a04b905cea","block_type":"box","text":"Dividends","page_number":266,"box":{"x":117,"y":193,"width":84,"height":10}},{"id":"0f6a1b4f-b451-4394-b4ea-01950df448fc","block_type":"box","text":"We generally defer to management and the board on dividend policy but may engage to seek further","page_number":266,"box":{"x":116,"y":222,"width":752,"height":12}},{"id":"b5cd4279-0398-44a9-aa78-96b04e45bb47","block_type":"box","text":"clarification where a proposed dividend appears out of line with the company’s financial position.","page_number":266,"box":{"x":116,"y":238,"width":720,"height":12}},{"id":"782d85ed-87d2-4dbf-878d-3662bc0c56cc","block_type":"box","text":"Differentiated voting rights","page_number":266,"box":{"x":117,"y":266,"width":219,"height":12}},{"id":"4668ecd2-a965-4210-bc9f-75a28861cdf1","block_type":"box","text":"We prefer companies to adopt a one-share, one-vote structure for share classes with the same","page_number":266,"box":{"x":116,"y":295,"width":710,"height":12}},{"id":"c66cef6b-1974-4acc-a270-bbd5a1bf9478","block_type":"box","text":"economic exposure. Certain companies, particularly those new to public markets, could make the case","page_number":266,"box":{"x":116,"y":311,"width":768,"height":12}},{"id":"6fb85f44-db2b-46f8-b7af-acaa18d33ecc","block_type":"box","text":"to adopt a differentiated voting rights structure, or dual class stock. In those situations, we encourage","page_number":266,"box":{"x":116,"y":326,"width":755,"height":12}},{"id":"8c3e1c47-e324-4ad1-bf79-1547a06e4337","block_type":"box","text":"companies to evaluate and seek approval for their capital structure on a periodic basis.","page_number":266,"box":{"x":116,"y":342,"width":650,"height":11}},{"id":"24aa891d-072d-488e-bb01-81233a4124c9","block_type":"box","text":"TRANSACTIONS AND SPECIAL SITUATIONS","page_number":266,"box":{"x":320,"y":377,"width":364,"height":9}},{"id":"36346ea3-720f-40c4-92f9-895e52496797","block_type":"box","text":"We monitor developments in transactions and special situations closely and undertake our own","page_number":266,"box":{"x":116,"y":406,"width":712,"height":12}},{"id":"71807b32-a438-4cc6-9caf-24a538c3617d","block_type":"box","text":"detailed analyses of proposals.","page_number":266,"box":{"x":116,"y":421,"width":235,"height":12}},{"id":"b0f91dfe-e57d-4ddd-9f1d-0c46f07ecf67","block_type":"box","text":"Mergers and acquisitions","page_number":266,"box":{"x":117,"y":457,"width":206,"height":12}},{"id":"309084e1-46eb-4eea-bd7c-3eefed9b7cca","block_type":"box","text":"We evaluate proposed mergers or acquisitions by assessing the financial outcome for our clients as","page_number":266,"box":{"x":116,"y":485,"width":745,"height":12}},{"id":"7247b16b-86f9-46c5-81d6-25281c90b915","block_type":"box","text":"minority shareholders. Management should provide an assessment of the proposed transaction’s","page_number":266,"box":{"x":117,"y":501,"width":725,"height":12}},{"id":"bdc712e2-4e34-4bcf-8d24-4d3c4e7d02eb","block_type":"box","text":"strategic and financial rationale, along with its execution and operational risks. We review each","page_number":266,"box":{"x":116,"y":516,"width":709,"height":12}},{"id":"5e8a206e-97de-4fad-a23d-4b215eab9f19","block_type":"box","text":"transaction independently based on these factors and the degree to which the transaction enhances","page_number":266,"box":{"x":116,"y":532,"width":748,"height":12}},{"id":"0d48a2a4-fc0e-47a4-b991-759726399958","block_type":"box","text":"shareholder value. The board might consider establishing an ad hoc transaction committee to","page_number":266,"box":{"x":116,"y":547,"width":699,"height":12}},{"id":"bb31f3ab-694a-4d87-aede-2e2c26f1a22e","block_type":"box","text":"undertake an independent assessment of a significant merger or acquisition, in advance of making its","page_number":266,"box":{"x":117,"y":563,"width":757,"height":12}},{"id":"2b89579c-92da-45e4-861b-9a327a30597a","block_type":"box","text":"recommendation to shareholders.","page_number":266,"box":{"x":117,"y":578,"width":254,"height":10}},{"id":"fc774d0e-840e-421f-ad3c-06ae01600b61","block_type":"box","text":"We will vote against transactions that, in our assessment, do not advance our clients’ financial","page_number":266,"box":{"x":116,"y":607,"width":703,"height":12}},{"id":"58a2bff8-f4f6-450c-8614-37b677d47021","block_type":"box","text":"interests.","page_number":266,"box":{"x":117,"y":623,"width":72,"height":9}},{"id":"85e1980e-589c-4070-bc4a-bbe8aa65d167","block_type":"box","text":"Anti-takeover defenses","page_number":266,"box":{"x":116,"y":651,"width":190,"height":10}},{"id":"5820b40c-7d0b-4918-9383-d687e488a9fe","block_type":"box","text":"In principle, we do not support companies using anti-takeover defenses, also known as poison pills or","page_number":266,"box":{"x":117,"y":680,"width":753,"height":12}},{"id":"83a7b392-b4f5-44fe-a198-51dc30274be3","block_type":"box","text":"shareholder rights plans, as they can entrench management and boards which have not delivered","page_number":266,"box":{"x":116,"y":696,"width":726,"height":12}},{"id":"4ca4544d-ae21-4112-9c87-bf0b8961221e","block_type":"box","text":"long-term shareholder value. By exception, a poison pill may be supported if its purpose is to delay a","page_number":266,"box":{"x":117,"y":711,"width":746,"height":12}},{"id":"66937c50-d3e0-47bc-b63f-def33c94ff1d","block_type":"box","text":"takeover that is considered sub-optimal and enable management to seek an improved offer. Similarly,","page_number":266,"box":{"x":116,"y":727,"width":754,"height":12}},{"id":"0a2bc8bd-e83b-403d-9e99-43999d0ce17d","block_type":"box","text":"management could make the case to use a poison pill to block a shareholder activism campaign that","page_number":266,"box":{"x":117,"y":742,"width":746,"height":12}},{"id":"70fcbf4f-f0a0-46e1-9096-60558c29716e","block_type":"box","text":"may be counter to the interests of other investors. Defense mechanisms introduced in these","page_number":266,"box":{"x":117,"y":758,"width":681,"height":12}},{"id":"0aeb66a8-7168-478d-b1bb-ac2fb134b234","block_type":"box","text":"circumstances should be limited in term and threshold, and also be closely monitored by the","page_number":266,"box":{"x":116,"y":773,"width":683,"height":12}},{"id":"c3642b19-13ab-43b0-9307-03506193aaad","block_type":"box","text":"independent members of the board. We consider it good practice for companies to put to a shareholder","page_number":266,"box":{"x":117,"y":789,"width":766,"height":12}},{"id":"b8a72307-d5f3-4d9f-876f-581cf90286a4","block_type":"box","text":"vote any mechanisms expected to be in place for more than 12 months.","page_number":266,"box":{"x":116,"y":804,"width":532,"height":12}},{"id":"8bff37ca-6631-4c72-a3ae-db98f5161352","block_type":"box","text":"Shareholder activism","page_number":266,"box":{"x":116,"y":833,"width":175,"height":9}},{"id":"a9d6a0af-e6b2-4019-b61a-21cd203a2ec0","block_type":"box","text":"When companies are the focus of an activism campaign, we may communicate with the activist to","page_number":266,"box":{"x":116,"y":862,"width":732,"height":12}},{"id":"a455ad27-d2c9-43d3-bea2-ffda5d468ab1","block_type":"box","text":"understand their analysis and objectives, once they have publicly disclosed their campaign. We may","page_number":266,"box":{"x":117,"y":877,"width":748,"height":12}},{"id":"bf3d7f35-c19d-4bcf-8d7d-a291af138374","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":266,"box":{"x":117,"y":909,"width":338,"height":12}},{"id":"4c6b763c-6bd9-4272-94e7-eb5dcae816be","block_type":"box","text":"Global Engagement and Voting Guidelines |","page_number":266,"box":{"x":530,"y":909,"width":324,"height":12}},{"id":"5ebbd882-762a-4af9-b25b-e259735af86a","block_type":"box","text":"11","page_number":266,"box":{"x":866,"y":909,"width":15,"height":9}},{"id":"15d4b95c-d03a-4d4d-af05-5c90c48503fb","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":266,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"cb120006-087f-42a7-be66-c117c2d78685","block_type":"box","text":"also engage with company management and possibly board members, especially those the activist","page_number":267,"box":{"x":116,"y":87,"width":741,"height":12}},{"id":"c60d0610-6c5b-4dae-bb3a-f570916bdf6a","block_type":"box","text":"may be seeking to replace. In our assessment, we evaluate various factors, including the concerns","page_number":267,"box":{"x":117,"y":102,"width":737,"height":13}},{"id":"25a2ab58-04ac-46ab-809c-c24598edd4f1","block_type":"box","text":"raised by the activist and the case for change; the quality of both the activist’s and management’s","page_number":267,"box":{"x":117,"y":118,"width":728,"height":12}},{"id":"5ab04f4b-3d22-4b23-ac78-96da72811de4","block_type":"box","text":"plans; and the qualifications of each party’s candidates. We evaluate each contested situation by","page_number":267,"box":{"x":117,"y":134,"width":723,"height":12}},{"id":"b8fac16c-4abc-4706-8f21-9b460dde7689","block_type":"box","text":"assessing the potential financial outcome for our clients as minority shareholders.","page_number":267,"box":{"x":116,"y":149,"width":610,"height":12}},{"id":"38f82370-b346-47ef-bf1c-daf19e36673e","block_type":"box","text":"We may support board candidates nominated by a shareholder activist if BAIS, in its independent","page_number":267,"box":{"x":116,"y":181,"width":728,"height":12}},{"id":"97b2dba7-4601-4f4e-874b-0cb357be4298","block_type":"box","text":"judgment, or the relevant portfolio manager has determined that there is a case for change to enhance","page_number":267,"box":{"x":115,"y":196,"width":767,"height":12}},{"id":"e8be70a7-2b32-4531-b966-396cde63324c","block_type":"box","text":"shareholder value, or if the incumbent board members do not demonstrate the relevant skills and","page_number":267,"box":{"x":116,"y":212,"width":725,"height":11}},{"id":"18d30e02-99b5-4581-b7a7-a72e75674de2","block_type":"box","text":"expertise or have a poor track record of protecting shareholders’ interests.","page_number":267,"box":{"x":116,"y":227,"width":556,"height":12}},{"id":"fb70ff90-d4e2-4d6c-8ce4-f8b1d521d630","block_type":"box","text":"Significant shareholders and related party transactions","page_number":267,"box":{"x":116,"y":259,"width":446,"height":12}},{"id":"3a32e4b6-9746-471c-bef0-f2e0415ce283","block_type":"box","text":"Boards of companies with affiliated shareholders or directors should give equitable consideration to the","page_number":267,"box":{"x":117,"y":291,"width":768,"height":12}},{"id":"8c28c2c8-c7fb-4224-8cd0-514214f963f1","block_type":"box","text":"interests of all shareholders when evaluating related party transactions.","page_number":267,"box":{"x":117,"y":306,"width":534,"height":12}},{"id":"751b8b27-c479-4050-9eba-bca9ef050e6c","block_type":"box","text":"We consider it good practice for transactions with related parties, such as significant shareholders or","page_number":267,"box":{"x":116,"y":338,"width":751,"height":12}},{"id":"6457787c-e7ae-4444-9685-6b57940d1df0","block_type":"box","text":"companies affiliated with the public company, to be disclosed in detail and conducted on terms similar","page_number":267,"box":{"x":116,"y":354,"width":760,"height":12}},{"id":"cc1197a8-61f4-4a8d-b237-91201c3416df","block_type":"box","text":"to what would objectively have been agreed with a non-related party. In our view, such transactions","page_number":267,"box":{"x":116,"y":369,"width":743,"height":12}},{"id":"bf1c6919-8b72-4506-bbf9-0cb80ba2964f","block_type":"box","text":"should be reviewed and approved by the independent members of the board, and if voted on, only","page_number":267,"box":{"x":116,"y":385,"width":734,"height":12}},{"id":"6121a299-52d2-4bea-bb25-9179ee99f9e3","block_type":"box","text":"disinterested shareholders should vote.","page_number":267,"box":{"x":116,"y":400,"width":297,"height":10}},{"id":"4d2d3c2f-0cb2-42e8-bbb5-8e1539943d9a","block_type":"box","text":"CORPORATE REPORTING, RISK MANAGEMENT AND AUDIT","page_number":267,"box":{"x":257,"y":440,"width":490,"height":12}},{"id":"a5a24503-22f4-4581-93fd-d19326b1d113","block_type":"box","text":"Investors depend on corporate reporting, both regulatory and voluntary, to understand a company’s","page_number":267,"box":{"x":117,"y":472,"width":742,"height":12}},{"id":"299eb8f1-f5bb-4f9a-914c-50c300bcac61","block_type":"box","text":"strategy, its implementation and financial performance, as well as to assess the quality of management","page_number":267,"box":{"x":116,"y":487,"width":770,"height":12}},{"id":"eb744db0-db71-4808-bf48-20fde26cef8d","block_type":"box","text":"and operations and potential for the company to create shareholder value over time. We consider it","page_number":267,"box":{"x":116,"y":503,"width":741,"height":12}},{"id":"bbb7428e-c7bd-4f8d-bd01-b1df5d0e3191","block_type":"box","text":"good practice for the board to oversee corporate reporting and the policies and procedures","page_number":267,"box":{"x":116,"y":518,"width":679,"height":12}},{"id":"17e7419c-69fb-4393-af5f-ed99da63d243","block_type":"box","text":"underpinning the internal audit function and external audit.","page_number":267,"box":{"x":117,"y":534,"width":436,"height":12}},{"id":"800ec6bb-90cf-4978-8cb7-7d5d1a509626","block_type":"box","text":"A company’s financial reporting should provide decision-useful information for investors, and other","page_number":267,"box":{"x":116,"y":566,"width":734,"height":12}},{"id":"7d6c1663-8085-4d14-9594-03e4386c5cb6","block_type":"box","text":"stakeholders, on its financial performance and position. It should provide an accurate and balanced","page_number":267,"box":{"x":116,"y":581,"width":742,"height":12}},{"id":"acc48168-8715-4dd6-a12c-ab2fa90aee4c","block_type":"box","text":"assessment of the risks and opportunities the company faces in realizing its long-term strategy.","page_number":267,"box":{"x":116,"y":597,"width":712,"height":12}},{"id":"b74602c2-ab24-464c-8a3d-090689619b36","block_type":"box","text":"Accordingly, the assumptions made by management and reviewed by the auditor in preparing the","page_number":267,"box":{"x":116,"y":612,"width":729,"height":12}},{"id":"8af9a5f1-6789-4b76-93d5-fe90a8ce53b7","block_type":"box","text":"financial statements should be reasonable and justified. Financial statements should be prepared in","page_number":267,"box":{"x":116,"y":628,"width":744,"height":12}},{"id":"3cd2b154-09bd-43a4-acec-c2f22de90678","block_type":"box","text":"accordance with globally developed reporting standards and any divergence from generally accepted","page_number":267,"box":{"x":116,"y":643,"width":755,"height":12}},{"id":"518f6bfe-18fc-4d07-8162-b6cbd350d454","block_type":"box","text":"accounting principles should be explained in detail and justified. Accounting restatements should be","page_number":267,"box":{"x":116,"y":659,"width":745,"height":12}},{"id":"39210e58-281b-496f-a80e-9ce77c3842a4","block_type":"box","text":"explained in detail and any remedial actions, and the implications of these, disclosed.","page_number":267,"box":{"x":116,"y":674,"width":631,"height":12}},{"id":"24d25ffe-809b-4f96-a23f-2d1f329eff49","block_type":"box","text":"In this context, audit committees play a vital role in a company’s financial reporting system by providing","page_number":267,"box":{"x":117,"y":706,"width":763,"height":12}},{"id":"0abfee90-20f5-4cbc-b1ae-017d57926665","block_type":"box","text":"independent oversight of the accounts, material financial and, where appropriate to the jurisdiction,","page_number":267,"box":{"x":117,"y":721,"width":731,"height":13}},{"id":"96077ee3-16cb-4bab-a2e1-543e0762c977","block_type":"box","text":"non-financial information, internal control frameworks and Enterprise Risk Management systems. In","page_number":267,"box":{"x":117,"y":737,"width":737,"height":12}},{"id":"03bdb9c7-886a-422e-9c3c-5bdf32eb029b","block_type":"box","text":"our view, effective audit committee oversight strengthens the quality and reliability of a company’s","page_number":267,"box":{"x":116,"y":752,"width":725,"height":13}},{"id":"cab9709f-32ce-44b2-8358-960ce3ac0191","block_type":"box","text":"financial statements and provides an important level of reassurance to shareholders. Audit committees","page_number":267,"box":{"x":116,"y":768,"width":762,"height":12}},{"id":"8e5784fe-437e-42b5-94d3-de73ab1281f4","block_type":"box","text":"should have a procedure in place for assessing the independence of the auditor and the quality of the","page_number":267,"box":{"x":116,"y":784,"width":753,"height":12}},{"id":"a7304248-036b-4868-95fe-74cb1531a120","block_type":"box","text":"external audit process annually.","page_number":267,"box":{"x":116,"y":799,"width":235,"height":12}},{"id":"abe6cec8-ddb7-4c2e-90f9-987909ad614a","block_type":"box","text":"Similarly, we encourage companies to disclose material sustainability-related factors that are integral to","page_number":267,"box":{"x":116,"y":831,"width":771,"height":12}},{"id":"ca681375-b847-43e1-b921-7e2ccc3f77f6","block_type":"box","text":"how a company manages risks or generates revenue. BAIS finds it helpful to our understanding when","page_number":267,"box":{"x":117,"y":846,"width":758,"height":12}},{"id":"ac3a15b4-13e0-4b27-80a6-f7602efcb472","block_type":"box","text":"companies provide robust, standardized disclosures on their material sustainability-related risks and","page_number":267,"box":{"x":116,"y":862,"width":747,"height":12}},{"id":"e09e543d-25c6-408d-b608-1f8d74164f98","block_type":"box","text":"opportunities. The International Sustainability Standards Board (ISSB) is one entity working to meet","page_number":267,"box":{"x":116,"y":877,"width":743,"height":12}},{"id":"94c4d04e-9d80-41aa-bd16-21decb5cb86d","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":267,"box":{"x":117,"y":909,"width":338,"height":12}},{"id":"629a1de7-a635-45d1-872a-9e89196d0fc8","block_type":"box","text":"Global Engagement and Voting Guidelines |","page_number":267,"box":{"x":530,"y":909,"width":324,"height":12}},{"id":"af5375ee-ed20-4252-a083-ead87dad1583","block_type":"box","text":"12","page_number":267,"box":{"x":866,"y":909,"width":17,"height":9}},{"id":"426d9230-5e0e-45ec-b7bd-36ed0b7cc989","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":267,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"d9f6d1bc-862d-4370-b4d7-7973d151a696","block_type":"box","text":"these objectives through its reporting standards, which may be helpful to companies in preparing such","page_number":268,"box":{"x":116,"y":87,"width":763,"height":12}},{"id":"e219f2df-91f4-417d-8c56-88ee47361cb6","block_type":"box","text":"reports.","page_number":268,"box":{"x":117,"y":103,"width":54,"height":11}},{"id":"dbaa955c-d812-42f2-9511-3a04a3136e2b","block_type":"box","text":"9","page_number":268,"box":{"x":173,"y":103,"width":5,"height":6}},{"id":"1a9addb9-51ff-4cc6-b196-4383692f9c26","block_type":"box","text":"However, we do not mandate any specific disclosure framework, and note that companies in","page_number":268,"box":{"x":179,"y":102,"width":696,"height":13}},{"id":"1db49b6a-9350-44ed-8a2e-757947076905","block_type":"box","text":"certain jurisdictions are subject to mandatory reporting requirements under standards specified by","page_number":268,"box":{"x":116,"y":118,"width":731,"height":12}},{"id":"b457a9e7-a754-400d-8db8-18379ce96647","block_type":"box","text":"policy makers.","page_number":268,"box":{"x":117,"y":134,"width":105,"height":12}},{"id":"5eb9d277-18db-4887-b6fb-e9cc19214e5c","block_type":"box","text":"10","page_number":268,"box":{"x":224,"y":134,"width":11,"height":6}},{"id":"2f03a404-6885-4a7a-92df-79d732808d74","block_type":"box","text":"Companies should establish robust risk management and internal control processes appropriate to the","page_number":268,"box":{"x":117,"y":161,"width":765,"height":12}},{"id":"ce336465-6e93-490c-ae41-c125f49763b6","block_type":"box","text":"company’s business, risk tolerance, and regulatory environment. A credible whistleblowing system for","page_number":268,"box":{"x":116,"y":176,"width":759,"height":12}},{"id":"512bca7c-cb06-483b-9e81-a4a6c8c5fd0c","block_type":"box","text":"employees, and potentially other stakeholders, can be a useful mechanism for ensuring that senior","page_number":268,"box":{"x":116,"y":192,"width":738,"height":12}},{"id":"1380bf59-0811-4586-956d-746941fab2dc","block_type":"box","text":"management and the board are aware of potential misconduct or breaches in risk management and","page_number":268,"box":{"x":117,"y":207,"width":745,"height":12}},{"id":"1ca7396c-d53a-43ca-8295-a17692d24a8b","block_type":"box","text":"internal control processes.","page_number":268,"box":{"x":117,"y":223,"width":200,"height":12}},{"id":"082c4a54-0afc-4ce1-90ca-6bcadb7fffc5","block_type":"box","text":"A comprehensive audit conducted by an independent audit firm contributes to investor confidence in","page_number":268,"box":{"x":116,"y":250,"width":748,"height":12}},{"id":"6f6229a9-8d62-4362-a207-b7e758e5d745","block_type":"box","text":"the quality of corporate reporting. It is helpful when the audit report gives some insight into the scope","page_number":268,"box":{"x":116,"y":266,"width":752,"height":12}},{"id":"88ffb9b6-b557-485f-9c9c-13c0989fa4f9","block_type":"box","text":"and focus of the audit, as well as any critical audit matters identified and how these were resolved. A","page_number":268,"box":{"x":116,"y":281,"width":751,"height":12}},{"id":"8902cef9-cbe2-4e1d-9c9f-31a74e07dd1f","block_type":"box","text":"comprehensive and effective audit is time and resource intensive, and the audit fee should be","page_number":268,"box":{"x":116,"y":297,"width":700,"height":12}},{"id":"752f170f-61db-4258-8540-ca3dcfba1f50","block_type":"box","text":"commensurate. Fees paid to the audit firm for non-audit consulting should not exceed the audit fee to a","page_number":268,"box":{"x":116,"y":312,"width":771,"height":12}},{"id":"13f656e1-07e5-47c3-aa1f-a73fe0689960","block_type":"box","text":"degree that may prompt concerns about the independence of the audit. The audit committee should","page_number":268,"box":{"x":116,"y":328,"width":746,"height":12}},{"id":"3d79b54b-0ef9-4806-b8fd-e8e7c0319642","block_type":"box","text":"explain its position on auditor tenure and how it confirmed that the auditor remained independent.","page_number":268,"box":{"x":116,"y":343,"width":728,"height":12}},{"id":"85c5de20-1923-4e69-8979-ea1ea85a0015","block_type":"box","text":"We may vote against the election of the responsible directors if corporate reporting is insufficient or","page_number":268,"box":{"x":116,"y":370,"width":740,"height":12}},{"id":"31b6eefe-dd78-44ac-83b5-1808c5f35b35","block_type":"box","text":"there are material misstatements in financial reports. In markets where relevant, we may vote against a","page_number":268,"box":{"x":116,"y":386,"width":771,"height":12}},{"id":"308d8262-71cb-4cfd-bfb2-9924edba8f97","block_type":"box","text":"proposal to approve the financial statements or the discharge of the board when we are concerned","page_number":268,"box":{"x":117,"y":401,"width":737,"height":12}},{"id":"b370ba1e-207e-42b7-b959-038c4d70a319","block_type":"box","text":"about the quality of corporate reporting or the audit. We may vote against proposals to appoint the","page_number":268,"box":{"x":116,"y":417,"width":734,"height":12}},{"id":"35c1db3f-b07d-4039-b7f1-e156be3310b0","block_type":"box","text":"auditor, ratify the audit report, or approve the audit fee if we are concerned about the auditor’s","page_number":268,"box":{"x":116,"y":432,"width":702,"height":12}},{"id":"7d14fce8-c596-4e31-a8ef-ea9317e1a207","block_type":"box","text":"independence, the quality of the audit, or there are material misstatements in financial reports and the","page_number":268,"box":{"x":117,"y":448,"width":760,"height":12}},{"id":"1e06e19c-d51d-48cf-93b5-ce20f9217fdb","block_type":"box","text":"board has not established reasonable remediation plans.","page_number":268,"box":{"x":117,"y":464,"width":426,"height":11}},{"id":"a58abfc7-64fc-40ef-b50a-c22687293543","block_type":"box","text":"SHAREHOLDER RIGHTS AND PROTECTIONS","page_number":268,"box":{"x":318,"y":496,"width":369,"height":10}},{"id":"3e164619-a26e-472d-bf02-40d956e2ce9a","block_type":"box","text":"General shareholder meetings","page_number":268,"box":{"x":116,"y":524,"width":247,"height":12}},{"id":"b2d29abd-5a79-41a2-803d-d58ee54df226","block_type":"box","text":"Companies normally have an annual general meeting of shareholders at which routine and non-routine","page_number":268,"box":{"x":117,"y":551,"width":768,"height":12}},{"id":"c86ae121-9132-47d0-8057-c373138be2dc","block_type":"box","text":"items of business are discussed and voted on by shareholders in attendance or submitting proxy votes.","page_number":268,"box":{"x":117,"y":567,"width":771,"height":12}},{"id":"ff6782c3-07e7-41c1-86f3-df98c2b40206","block_type":"box","text":"Companies should disclose materials relevant to the shareholder meeting sufficiently in advance so","page_number":268,"box":{"x":117,"y":582,"width":742,"height":12}},{"id":"24728cdd-fd7e-41e7-a799-f25f8d0369b0","block_type":"box","text":"that shareholders can take them into consideration in their voting decisions. Many companies offer","page_number":268,"box":{"x":116,"y":598,"width":736,"height":12}},{"id":"1f900aee-3a06-44c2-95ec-804f6ff1ac0e","block_type":"box","text":"shareholders the option of participating in the meeting virtually which, whilst welcome, should not limit","page_number":268,"box":{"x":116,"y":613,"width":758,"height":12}},{"id":"c3e0e80d-870d-4a6c-94e4-b1800642a3f4","block_type":"box","text":"the rights of shareholders to participate as they would during an in-person meeting.","page_number":268,"box":{"x":116,"y":629,"width":622,"height":12}},{"id":"ce10d47e-9c4a-4c98-8bdd-566be14f131a","block_type":"box","text":"We may vote against directors when materials related to the business of the shareholder meeting are","page_number":268,"box":{"x":116,"y":656,"width":757,"height":12}},{"id":"92d68b2d-bbad-4f65-bd75-011f2a9558e1","block_type":"box","text":"not provided in a timely manner or do not provide sufficient information for us to make an informed","page_number":268,"box":{"x":117,"y":671,"width":728,"height":12}},{"id":"ca14aa5f-7359-4f76-8fe5-3c9da2d5f6ee","block_type":"box","text":"voting decision. We may vote against directors if the format of the shareholder meeting does not","page_number":268,"box":{"x":116,"y":687,"width":715,"height":12}},{"id":"68c51634-bde9-4ce3-ac36-7ada3efc55de","block_type":"box","text":"accommodate reasonable shareholder participation.","page_number":268,"box":{"x":116,"y":702,"width":385,"height":12}},{"id":"9293a682-9079-4771-88e2-1b3c168fb7fa","block_type":"box","text":"Bylaw amendments","page_number":268,"box":{"x":117,"y":730,"width":155,"height":12}},{"id":"a23f4c92-6ab5-4e6e-96fd-0930e0ef6bc0","block_type":"box","text":"We review bylaw amendments proposed by management on a case-by-case basis and will generally","page_number":268,"box":{"x":116,"y":757,"width":748,"height":12}},{"id":"7a04c52f-603e-46d5-a0c0-ca4ddd3c777f","block_type":"box","text":"support those that are aligned with the interests of minority shareholders. Any material changes to the","page_number":268,"box":{"x":116,"y":772,"width":755,"height":12}},{"id":"954fa59b-0939-41ea-bc9c-5e42fdfb466a","block_type":"box","text":"bylaws should be explained in detail and put to a shareholder vote.","page_number":268,"box":{"x":117,"y":788,"width":494,"height":12}},{"id":"0d2d0b94-e193-4cb5-a2cf-1e0b46d5cfbb","block_type":"box","text":"9","page_number":268,"box":{"x":143,"y":813,"width":4,"height":5}},{"id":"381dfc72-aca1-46f7-a1cf-dd650d08210a","block_type":"box","text":"The ISSB is an independent standard-setting body within the International Financial Reporting Standards (IFRS)","page_number":268,"box":{"x":170,"y":813,"width":666,"height":10}},{"id":"7bde3daa-0d81-489f-99ad-7ae558b4ca76","block_type":"box","text":"Foundation. Please refer to the IFRS website to learn more about the framework and standards S1 “General","page_number":268,"box":{"x":171,"y":826,"width":641,"height":8}},{"id":"b2a0c0e6-757a-40ed-ad8f-8bbebee2a01f","block_type":"box","text":"Requirements for Disclosure of Sustainability-related Financial Information” and S2 “Climate-related Disclosures.”","page_number":268,"box":{"x":171,"y":839,"width":672,"height":9}},{"id":"cadb2c8c-724b-4735-b4e3-bccdff767e1c","block_type":"box","text":"10","page_number":268,"box":{"x":144,"y":854,"width":8,"height":5}},{"id":"c35359b2-8b65-4e7c-9151-8c225e9e16a9","block_type":"box","text":"See, for examples, https://www.ifrs.org/news-and-events/news/2025/06/ifrs-foundation-publishes-jurisdictional-profiles","page_number":268,"box":{"x":170,"y":854,"width":705,"height":9}},{"id":"c1638cfc-1a46-4baf-99d2-cc00afa05567","block_type":"box","text":"issb-standards/ and https://finance.ec.europa.eu/capital-markets-union-and-financial-markets/company","page_number":268,"box":{"x":170,"y":867,"width":615,"height":9}},{"id":"01e950b0-3da2-4605-8a63-54d55c17481f","block_type":"box","text":"reporting-and-auditing/company-reporting/corporate-sustainability-reporting_en","page_number":268,"box":{"x":170,"y":880,"width":468,"height":9}},{"id":"b88588f4-4b2b-4237-88aa-44073dda9c4a","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":268,"box":{"x":117,"y":909,"width":338,"height":12}},{"id":"b51d1616-e14d-49c5-a766-406d0e040e50","block_type":"box","text":"Global Engagement and Voting Guidelines |","page_number":268,"box":{"x":530,"y":909,"width":324,"height":12}},{"id":"dc9c1198-ab5c-4a57-8718-c238b6fbe76d","block_type":"box","text":"13","page_number":268,"box":{"x":866,"y":909,"width":17,"height":9}},{"id":"9446d5c9-ec35-4d5f-8128-1eec25ba7fc7","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":268,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"3cebdf6b-56ba-44a3-87d2-31f8082b9ccc","block_type":"box","text":"We may vote against bylaw amendments that reduce shareholder rights and protections or introduce","page_number":269,"box":{"x":116,"y":87,"width":753,"height":12}},{"id":"e09660cb-abb0-4c56-b4b8-746721236779","block_type":"box","text":"additional burdens. We may vote against directors if material changes are made to the bylaws without","page_number":269,"box":{"x":116,"y":102,"width":760,"height":13}},{"id":"57b024ee-08c2-4f54-a43b-dfe5aeb0a107","block_type":"box","text":"shareholder approval.","page_number":269,"box":{"x":116,"y":118,"width":167,"height":12}},{"id":"c3b80014-67d5-454a-9e16-fb247b0b8266","block_type":"box","text":"If not provided for in the relevant corporate law, company bylaws should allow shareholders,","page_number":269,"box":{"x":117,"y":150,"width":688,"height":12}},{"id":"ed3a560a-25a6-4db0-8649-f96d5a87c239","block_type":"box","text":"individually or as a group, with a meaningful shareholding, the right to call a special meeting of","page_number":269,"box":{"x":117,"y":165,"width":704,"height":12}},{"id":"c06a5771-3250-4dda-98a2-de566c76144b","block_type":"box","text":"shareholders. The shareholding required to exercise this right should balance its utility with the cost to","page_number":269,"box":{"x":116,"y":181,"width":761,"height":12}},{"id":"46c9d108-520b-40c0-9eaf-20f62bf80900","block_type":"box","text":"the company of holding special meetings.","page_number":269,"box":{"x":116,"y":196,"width":313,"height":12}},{"id":"d0baf4c3-d128-4dcb-9cb0-905be99befba","block_type":"box","text":"If not provided for in the relevant corporate law, company bylaws should allow shareholders,","page_number":269,"box":{"x":117,"y":228,"width":688,"height":12}},{"id":"83bd7f6c-6640-4f8b-a9d8-44651ca8b466","block_type":"box","text":"individually or as a group, with a meaningful shareholding, the right to nominate directors to the","page_number":269,"box":{"x":117,"y":243,"width":710,"height":12}},{"id":"eec5499c-2d12-4246-bf91-fa24d14b3046","block_type":"box","text":"company’s board. The threshold for this right should be set so that shareholders can exercise it without","page_number":269,"box":{"x":116,"y":259,"width":770,"height":12}},{"id":"eb749e54-65b9-4477-ba29-42ae0fdf767a","block_type":"box","text":"being unduly disruptive to the board’s own nomination process.","page_number":269,"box":{"x":117,"y":274,"width":473,"height":12}},{"id":"39dc8b71-cb46-4d03-b12f-32dd9433a8dd","block_type":"box","text":"Whilst we would not use either of these rights ourselves, we see them as important accountability","page_number":269,"box":{"x":116,"y":306,"width":728,"height":12}},{"id":"5b9a23e8-ba24-4d06-bbec-913f528b24ba","block_type":"box","text":"mechanisms. We may vote for a shareholder proposal seeking the addition of either of these","page_number":269,"box":{"x":117,"y":321,"width":691,"height":12}},{"id":"31d7135f-bd5d-48fa-a670-405c4feeca24","block_type":"box","text":"provisions to a company’s bylaws.","page_number":269,"box":{"x":117,"y":337,"width":258,"height":12}},{"id":"b05714b5-c192-467a-9c7c-e90fb4a0294f","block_type":"box","text":"Change of domicile","page_number":269,"box":{"x":116,"y":368,"width":160,"height":12}},{"id":"08b2b3df-6f1a-4bf6-bd23-ba63332c746c","block_type":"box","text":"We generally defer to management on proposals to change a company’s domicile as long as the","page_number":269,"box":{"x":116,"y":400,"width":722,"height":12}},{"id":"fbcc7720-0819-4ab2-84e9-ce0c436ff13f","block_type":"box","text":"rationale for doing so is consistent with the company’s long-term strategy and business model and the","page_number":269,"box":{"x":117,"y":415,"width":761,"height":12}},{"id":"c8ec869f-62d8-4011-ad14-886701fa9ca9","block_type":"box","text":"related costs are immaterial.","page_number":269,"box":{"x":117,"y":431,"width":215,"height":9}},{"id":"3f8d9b98-00fb-4844-a31a-85c1da6be888","block_type":"box","text":"We may vote against directors or a proposal to change a company’s domicile where it does not seem","page_number":269,"box":{"x":116,"y":462,"width":757,"height":12}},{"id":"153813ce-8fac-4b05-a330-09a597cb6816","block_type":"box","text":"aligned with our clients’ financial interests.","page_number":269,"box":{"x":116,"y":478,"width":318,"height":12}},{"id":"c8d6079c-35b3-4d27-b88a-a4b5382b3f2a","block_type":"box","text":"Changes to a company’s purpose or the nature of its business","page_number":269,"box":{"x":116,"y":509,"width":504,"height":12}},{"id":"ecc389e2-bf7f-4b2e-81d3-6bd10e88ab24","block_type":"box","text":"Plans to materially change the nature of a company’s business or its purpose should be disclosed and","page_number":269,"box":{"x":117,"y":541,"width":762,"height":12}},{"id":"b287d634-e3ab-4296-8f3f-180f69515332","block_type":"box","text":"explained in the context of long-term strategy and business dynamics. Such changes may significantly","page_number":269,"box":{"x":116,"y":556,"width":764,"height":12}},{"id":"67f688d1-daf6-4ab7-939c-48ef1dcd79f9","block_type":"box","text":"alter an investor’s views on the suitability of a company for their investment strategy or portfolio.","page_number":269,"box":{"x":116,"y":572,"width":716,"height":12}},{"id":"d8819da8-e72b-44f1-afe0-ab3ab7d258f3","block_type":"box","text":"Where relevant, we may vote against proposals to change a company’s purpose or the nature of its","page_number":269,"box":{"x":116,"y":603,"width":743,"height":12}},{"id":"886a277c-2406-44fd-ba35-a0d122768a65","block_type":"box","text":"business if the board has not provided a credible argument for change.","page_number":269,"box":{"x":117,"y":619,"width":530,"height":12}},{"id":"6b8bebb9-92c6-4dd3-a196-70c44a983faf","block_type":"box","text":"SHAREHOLDER PROPOSALS","page_number":269,"box":{"x":380,"y":658,"width":244,"height":10}},{"id":"8b1568ef-4f91-4c3d-b6ba-e8d43c1c05c7","block_type":"box","text":"Shareholders in many markets, who meet certain eligibility criteria, have the right to submit proposals","page_number":269,"box":{"x":116,"y":690,"width":750,"height":12}},{"id":"26f7dc94-bba4-4af8-bf8f-c77e91cdab6e","block_type":"box","text":"to the general shareholder meeting asking a company to take a particular course of action subject to","page_number":269,"box":{"x":116,"y":705,"width":744,"height":13}},{"id":"b71e2478-2918-457b-9558-e7c7d2e30f5c","block_type":"box","text":"the proposal being supported by a majority of votes cast at the meeting. The topics raised can address","page_number":269,"box":{"x":116,"y":721,"width":762,"height":12}},{"id":"26cb9be6-1346-45d4-b11e-1d28f997eabf","block_type":"box","text":"a range of matters that may be relevant to a company’s business.","page_number":269,"box":{"x":116,"y":736,"width":486,"height":13}},{"id":"b7803f15-2f98-4940-b0ca-2b5f85386e93","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":269,"box":{"x":116,"y":768,"width":762,"height":12}},{"id":"00435351-b399-4aba-83c7-0c1cc1b69356","block_type":"box","text":"company’s business and its current approach, whether the actions sought are consistent with","page_number":269,"box":{"x":116,"y":784,"width":691,"height":12}},{"id":"ac12271b-e3c2-417d-a2f3-7c105b38a73b","block_type":"box","text":"shareholders’ interests, and what impact the proposal being acted upon might have on financial","page_number":269,"box":{"x":116,"y":799,"width":708,"height":12}},{"id":"19e30bef-df13-49f5-b361-c3151166ef66","block_type":"box","text":"performance.","page_number":269,"box":{"x":117,"y":814,"width":96,"height":12}},{"id":"79a86339-4778-4e07-9f31-db1161dccf04","block_type":"box","text":"Our general approach where we have concerns about a company’s governance, disclosures or","page_number":269,"box":{"x":116,"y":846,"width":711,"height":12}},{"id":"0370fc78-ec24-4c56-9c8f-56f39889aa22","block_type":"box","text":"performance is to engage to understand the apparent difference in perspective. If we are concerned a","page_number":269,"box":{"x":117,"y":861,"width":760,"height":13}},{"id":"29753c8a-21a2-4b4b-9c81-c08d5b4c23c5","block_type":"box","text":"company is not acting in shareholders’ financial interests, we may vote against the election of directors.","page_number":269,"box":{"x":116,"y":877,"width":772,"height":12}},{"id":"b1e0e042-1ec3-4d2b-a42a-5097c6d62c1e","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":269,"box":{"x":117,"y":909,"width":338,"height":12}},{"id":"0455b9dd-87a2-4189-8d9f-54f79ccbfd80","block_type":"box","text":"Global Engagement and Voting Guidelines |","page_number":269,"box":{"x":530,"y":909,"width":324,"height":12}},{"id":"06afe21a-4541-4dbc-ac62-ad8015440e7b","block_type":"box","text":"14","page_number":269,"box":{"x":866,"y":909,"width":17,"height":9}},{"id":"77cbfb1a-b382-45a2-b805-fd63fc34acc5","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":269,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"3710f91e-6d34-40bf-88d6-d8741651dfad","block_type":"box","text":"We may support a relevant shareholder proposal if doing so is aligned with our clients’ financial","page_number":270,"box":{"x":116,"y":87,"width":712,"height":12}},{"id":"c0f7cc1c-93ec-4dfe-ab70-1f8b5177f9ce","block_type":"box","text":"interests. We generally do not support shareholder proposals that are legally binding on the company,","page_number":270,"box":{"x":117,"y":103,"width":760,"height":12}},{"id":"6fde6751-94fa-426a-b40e-12e082482f38","block_type":"box","text":"seek to alter a company’s strategy or direct its operations, or are unrelated to how a company","page_number":270,"box":{"x":116,"y":118,"width":700,"height":12}},{"id":"64cbcc0c-bcf6-431c-8693-eded3fd68031","block_type":"box","text":"manages risk or generates financial returns.","page_number":270,"box":{"x":117,"y":134,"width":331,"height":12}},{"id":"8aefd02d-d82e-4796-823c-7a3332d398f9","block_type":"box","text":"BlackRock is subject to rules, regulations, agency guidance and contractual agreements that place","page_number":270,"box":{"x":117,"y":164,"width":737,"height":12}},{"id":"14774b32-fe1c-44a6-834d-c024bbb3ae81","block_type":"box","text":"restrictions and limitations on how we can interact with the companies in which we invest on behalf of","page_number":270,"box":{"x":117,"y":180,"width":755,"height":12}},{"id":"23aae44b-d250-41bc-9128-982505560c73","block_type":"box","text":"our clients, including our ability to submit shareholder proposals. We do not submit shareholder","page_number":270,"box":{"x":116,"y":195,"width":712,"height":12}},{"id":"482bdb92-3da5-4f66-9f3a-a9e8d85eac4f","block_type":"box","text":"proposals but can vote, on behalf of clients who authorize us to do so, on proposals put forth by others.","page_number":270,"box":{"x":117,"y":211,"width":770,"height":12}},{"id":"f6260350-3e85-4cb2-94c9-6c1c55671f8f","block_type":"box","text":"CORPORATE POLITICAL ACTIVITIES","page_number":270,"box":{"x":351,"y":249,"width":302,"height":10}},{"id":"00d1862b-bf12-449c-b9ca-d09376ac88c7","block_type":"box","text":"A corporation’s ability to engage in the policy process is subject to rules and regulations set by the","page_number":270,"box":{"x":116,"y":280,"width":733,"height":12}},{"id":"bd4ba5a6-0ada-45ae-b8ba-8e30479e5cba","block_type":"box","text":"jurisdictions in which they engage. When a corporation reports material financial risk related to policy","page_number":270,"box":{"x":115,"y":295,"width":754,"height":12}},{"id":"b2f1d2e4-ce3b-4fd8-aa68-922bb9046ef7","block_type":"box","text":"and or regulatory changes, BAIS may seek to understand how it is addressing the material risk","page_number":270,"box":{"x":116,"y":311,"width":708,"height":12}},{"id":"69c25e99-32ce-42ce-8bd3-75d6b519b6e5","block_type":"box","text":"identified. We seek to understand how companies engage in corporate political activities and ensure","page_number":270,"box":{"x":117,"y":326,"width":748,"height":12}},{"id":"0ca493ae-607e-41ba-8fd2-a8aadff13089","block_type":"box","text":"that their participation is consistent with their public statements on policy matters material to the","page_number":270,"box":{"x":116,"y":342,"width":714,"height":12}},{"id":"170232ef-28c3-4507-b2d1-719bc9eab76c","block_type":"box","text":"company’s long-term strategy. The board should be aware of the approach taken by management on","page_number":270,"box":{"x":116,"y":357,"width":756,"height":12}},{"id":"aaf844d6-7253-4de1-ab40-061e4725e719","block_type":"box","text":"corporate political activities as there can be reputational risks arising from inconsistencies between a","page_number":270,"box":{"x":116,"y":373,"width":752,"height":12}},{"id":"039c50f0-334e-4106-9e23-ad019408ff08","block_type":"box","text":"company’s policy engagement and stated policy positions. Companies should, as a minimum, meet all","page_number":270,"box":{"x":116,"y":388,"width":764,"height":12}},{"id":"5e66405f-5bf6-4689-a839-78e573e3b6f9","block_type":"box","text":"regulatory disclosure requirements on political activities. We may engage a company where we would","page_number":270,"box":{"x":117,"y":404,"width":759,"height":12}},{"id":"542b8caf-a321-4620-b954-8ed46ce20da2","block_type":"box","text":"like to better understand its approach to policy engagement, where relevant.","page_number":270,"box":{"x":117,"y":419,"width":569,"height":12}},{"id":"bed9614a-cfdc-4a34-8c41-56b1dd487036","block_type":"box","text":"To mitigate the risk of inconsistencies, companies may wish to assess the alignment between their","page_number":270,"box":{"x":116,"y":450,"width":737,"height":12}},{"id":"eb99acff-6a77-434a-a1c6-8d9055f02b0b","block_type":"box","text":"policy priorities and the policy positions of the trade associations of which they are active members and","page_number":270,"box":{"x":117,"y":465,"width":770,"height":13}},{"id":"7eb40cd7-c220-4d97-8ba7-2f74e7583924","block_type":"box","text":"any engagements undertaken by trade associations on behalf of members.","page_number":270,"box":{"x":116,"y":481,"width":562,"height":12}},{"id":"8729acc7-9e7c-4b6c-a788-22d473a67904","block_type":"box","text":"We may support a relevant shareholder proposal, or vote against directors, where a company’s","page_number":270,"box":{"x":116,"y":512,"width":712,"height":12}},{"id":"9476dc4d-e123-4541-b55b-be9b252ab3b1","block_type":"box","text":"disclosures are insufficient to address the material risk it has identified.","page_number":270,"box":{"x":116,"y":527,"width":530,"height":10}},{"id":"dfdb54ca-ee1d-4f91-9483-2fe5c12c4ace","block_type":"box","text":"MATERIAL SUSTAINABILITY-RELATED RISKS AND OPPORTUNITIES","page_number":270,"box":{"x":223,"y":565,"width":559,"height":10}},{"id":"07a8577f-b82d-4a5a-805c-c28ce4a50818","block_type":"box","text":"We seek to understand how companies manage the material risks and opportunities inherent in their","page_number":270,"box":{"x":116,"y":596,"width":751,"height":12}},{"id":"b1f83fb0-87d7-40fd-8228-7f71bc36db02","block_type":"box","text":"business operations. In our experience, sustainability-related factors","page_number":270,"box":{"x":117,"y":612,"width":505,"height":12}},{"id":"62892b92-f7d7-4389-af5a-33b23b99c09c","block_type":"box","text":"11","page_number":270,"box":{"x":624,"y":612,"width":9,"height":6}},{"id":"f6dd91ed-3886-4dd3-b876-a99a9783c559","block_type":"box","text":"that are relevant to a company’s","page_number":270,"box":{"x":635,"y":612,"width":249,"height":12}},{"id":"4bbf165b-6bf7-4f48-af11-b2c445ba55d6","block_type":"box","text":"business or material to its financial performance, are generally operational considerations embedded","page_number":270,"box":{"x":117,"y":627,"width":752,"height":12}},{"id":"bdd56787-9217-456a-a552-d739e84fc7e0","block_type":"box","text":"into day-to-day management systems. Certain sustainability issues may also inform long-term strategic","page_number":270,"box":{"x":117,"y":643,"width":769,"height":12}},{"id":"89179834-e545-425d-a818-6e5e1ddeb806","block_type":"box","text":"planning, for example, investing in product innovation in anticipation of changing consumer demand or","page_number":270,"box":{"x":117,"y":658,"width":763,"height":12}},{"id":"b0bc1c60-8e67-4734-86ed-f1de40e4651e","block_type":"box","text":"adapting supply chains in response to changing regulatory requirements.","page_number":270,"box":{"x":116,"y":674,"width":540,"height":12}},{"id":"c7215e63-8786-4464-be7c-7ed516a0907b","block_type":"box","text":"We recognize that the specific sustainability-related factors that may be financially material or business","page_number":270,"box":{"x":116,"y":704,"width":763,"height":12}},{"id":"cc28470e-1e97-43b2-a29a-6db8990cb739","block_type":"box","text":"relevant will vary by company business model, sector, key markets, and time horizon, amongst other","page_number":270,"box":{"x":117,"y":720,"width":747,"height":12}},{"id":"fc6b8f0b-f022-47ba-9470-26753dac354b","block_type":"box","text":"considerations. From company disclosures and our engagement, we aim to understand how","page_number":270,"box":{"x":116,"y":735,"width":684,"height":12}},{"id":"f2e8475e-16e4-4981-a6bd-97cc836e86df","block_type":"box","text":"management is identifying, assessing and integrating material sustainability-related risks and","page_number":270,"box":{"x":117,"y":751,"width":688,"height":12}},{"id":"4c6a1548-7c33-48ac-a3b8-764e4d607ea3","block_type":"box","text":"11","page_number":270,"box":{"x":144,"y":776,"width":7,"height":5}},{"id":"d4885a03-ced6-4109-ac97-fc7ca1ded51e","block_type":"box","text":"By material sustainability-related risks and opportunities, we mean the drivers of risk and financial value creation in a","page_number":270,"box":{"x":171,"y":776,"width":691,"height":10}},{"id":"5a3da906-f154-4b9f-8250-332d07d2fed8","block_type":"box","text":"company’s business model that have an environmental or social dependency or impact. Examples of environmental","page_number":270,"box":{"x":170,"y":789,"width":686,"height":10}},{"id":"67050c22-93fa-4db1-92df-53f751e580a3","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":270,"box":{"x":170,"y":802,"width":682,"height":9}},{"id":"17ab7462-dd20-430a-8351-8e38eb414ea5","block_type":"box","text":"issues include, but are not limited to, human capital management, impacts on the communities in which a company","page_number":270,"box":{"x":170,"y":815,"width":683,"height":9}},{"id":"27186c20-9691-4242-87d8-46eea57b8380","block_type":"box","text":"operates, customer loyalty, and relationships with regulators. It is our view that well-managed companies will effectively","page_number":270,"box":{"x":170,"y":828,"width":708,"height":9}},{"id":"59066108-a899-4519-89de-1e06a62ccaf6","block_type":"box","text":"evaluate and manage material sustainability-related risks and opportunities relevant to their businesses. Governance is","page_number":270,"box":{"x":170,"y":841,"width":707,"height":9}},{"id":"732c4503-9cd9-499d-8d02-1951ba24dff6","block_type":"box","text":"the core means by which boards can oversee the creation of durable financial value over time. Appropriate risk","page_number":270,"box":{"x":170,"y":853,"width":658,"height":10}},{"id":"3eaae2e6-1d99-4d6f-98c2-f8c016ee593b","block_type":"box","text":"oversight of business-relevant and material sustainability-related considerations is a component of a sound governance","page_number":270,"box":{"x":170,"y":866,"width":708,"height":10}},{"id":"9917c16d-5bce-4804-afa5-0640f1639392","block_type":"box","text":"framework.","page_number":270,"box":{"x":170,"y":879,"width":65,"height":8}},{"id":"678f1af0-43e2-481d-9250-5a6e02c35c16","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":270,"box":{"x":117,"y":909,"width":338,"height":12}},{"id":"d4dc4d7d-8550-43c0-a8af-a26dbd3c34d2","block_type":"box","text":"Global Engagement and Voting Guidelines |","page_number":270,"box":{"x":530,"y":909,"width":324,"height":12}},{"id":"91290020-3e4a-465e-b402-e8cf2327858b","block_type":"box","text":"15","page_number":270,"box":{"x":866,"y":909,"width":17,"height":9}},{"id":"58d61fd9-c0cb-41ac-b372-3b8e000d51d6","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":270,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"54b2ec92-e564-45c0-a0a7-cd2872cfdb22","block_type":"box","text":"opportunities into their business decision-making and practices. Doing so helps us undertake a more","page_number":271,"box":{"x":116,"y":87,"width":752,"height":12}},{"id":"fe3d192b-9d14-4b5a-b6dc-88721baa2347","block_type":"box","text":"holistic assessment of a company’s potential financial performance and the likely risk-adjusted returns","page_number":271,"box":{"x":117,"y":102,"width":761,"height":13}},{"id":"ee565ca0-8f3b-492a-bc9e-1f14b1a060b5","block_type":"box","text":"of an investment.","page_number":271,"box":{"x":116,"y":118,"width":133,"height":10}},{"id":"c4173534-7dfe-4cce-a1cb-06beb423b96d","block_type":"box","text":"We may vote against directors or support a relevant shareholder proposal if we have concerns about","page_number":271,"box":{"x":116,"y":145,"width":753,"height":12}},{"id":"189fc08c-7a67-4588-8ab9-bfeab4eaed07","block_type":"box","text":"how a company is managing or disclosing its approach to material sustainability-related risks that may","page_number":271,"box":{"x":117,"y":161,"width":761,"height":12}},{"id":"d97ad464-d7dc-4245-9ffe-de08babafdd7","block_type":"box","text":"impact financial returns.","page_number":271,"box":{"x":117,"y":176,"width":181,"height":12}},{"id":"b1868b4b-212f-4ded-bb61-bb8e3c31a63c","block_type":"box","text":"KEY STAKEHOLDERS","page_number":271,"box":{"x":412,"y":209,"width":182,"height":10}},{"id":"1dde0fe3-5e07-4459-92f4-4a6fed4689f9","block_type":"box","text":"In our view, companies should understand and take into consideration the interests of the various","page_number":271,"box":{"x":117,"y":236,"width":727,"height":12}},{"id":"bc38dbbe-c533-4b6d-85f5-6fc8f1540c48","block_type":"box","text":"parties on whom they depend for their success over time. It is for each company to determine their key","page_number":271,"box":{"x":117,"y":252,"width":766,"height":12}},{"id":"05ef8e04-e46e-488c-b4dd-03aa0e9540ef","block_type":"box","text":"stakeholders based on what is material to their business and long-term financial performance. For","page_number":271,"box":{"x":116,"y":267,"width":731,"height":12}},{"id":"d67dfb29-d90e-4972-ae75-f6790797ebb8","block_type":"box","text":"many companies, key stakeholders include employees, business partners (such as suppliers and","page_number":271,"box":{"x":117,"y":283,"width":726,"height":12}},{"id":"68ffdb1d-6885-4ca6-8b41-0b7801d9fab8","block_type":"box","text":"distributors), clients and consumers, regulators, and the communities in which they operate.","page_number":271,"box":{"x":116,"y":298,"width":687,"height":12}},{"id":"e2f2b6d5-c9a5-415b-9eea-ae755df2be89","block_type":"box","text":"Companies that appropriately balance the interests of investors and other stakeholders are, in our","page_number":271,"box":{"x":117,"y":314,"width":730,"height":12}},{"id":"4a97bc7e-65b8-42d2-a1ab-e260de5d0388","block_type":"box","text":"experience, more likely to be financially resilient over time.","page_number":271,"box":{"x":116,"y":329,"width":438,"height":12}},{"id":"98dc463f-6442-4132-be25-9317762523fd","block_type":"box","text":"CLIMATE AND DECARBONIZATION INVESTMENT OBJECTIVES","page_number":271,"box":{"x":246,"y":362,"width":513,"height":10}},{"id":"e0a0d7e6-6352-44e3-b6e6-40001ea1a964","block_type":"box","text":"Certain active BlackRock funds have climate and decarbonization objectives in addition to financial","page_number":271,"box":{"x":117,"y":389,"width":737,"height":12}},{"id":"a4748555-f2f4-4dbb-86c1-613833d33af4","block_type":"box","text":"objectives. Consistent with the objectives of those investment strategies, our stewardship activity in","page_number":271,"box":{"x":116,"y":405,"width":741,"height":12}},{"id":"16171978-2473-4856-b58e-69154d88af56","block_type":"box","text":"relation to the holdings in those funds differs in some respects from BAIS’ benchmark guidelines, which","page_number":271,"box":{"x":117,"y":420,"width":771,"height":12}},{"id":"03aaf157-d85a-4220-b1ef-8e660fa5ee3b","block_type":"box","text":"are described above. Specifically, for those funds’ holdings, we look to investee companies to","page_number":271,"box":{"x":116,"y":436,"width":699,"height":12}},{"id":"28464913-0989-4105-9d9f-5be08471ff20","block_type":"box","text":"demonstrate that they are aligned with a decarbonization pathway that means their business model","page_number":271,"box":{"x":116,"y":451,"width":742,"height":12}},{"id":"5281091c-cb3b-42a7-9a20-0fdb7da10fcd","block_type":"box","text":"would be viable in a low-carbon economy, i.e., one in which global temperature rise is limited to 1.5°C","page_number":271,"box":{"x":116,"y":467,"width":759,"height":12}},{"id":"d7bc78bc-e8ca-4049-b39a-0b5717395f60","block_type":"box","text":"above pre-industrial levels. In addition, clients in separately managed accounts may instruct BlackRock","page_number":271,"box":{"x":116,"y":482,"width":771,"height":12}},{"id":"ccd38339-4d9d-40e2-8f1d-e2c9333af7ae","block_type":"box","text":"to apply these guidelines to their holdings. Both in the case of funds and separately managed","page_number":271,"box":{"x":116,"y":498,"width":698,"height":12}},{"id":"16a7022a-b3c9-4a28-b88a-d0331be642c0","block_type":"box","text":"accounts, these guidelines are only implemented upon explicit selection and approval by the applicable","page_number":271,"box":{"x":116,"y":514,"width":770,"height":11}},{"id":"b660259b-07cf-49df-baa4-b7a18775d25f","block_type":"box","text":"fund board or client.","page_number":271,"box":{"x":116,"y":529,"width":153,"height":9}},{"id":"c16ca2cb-8d58-421d-a4d9-72852f5dea18","block_type":"box","text":"These decarbonization stewardship guidelines focus on companies which produce goods and services","page_number":271,"box":{"x":116,"y":556,"width":766,"height":12}},{"id":"f3c16b5c-04c6-434e-9e55-482d77b27f48","block_type":"box","text":"that contribute to real world decarbonization or have a carbon intensive business model and face","page_number":271,"box":{"x":116,"y":571,"width":724,"height":10}},{"id":"bfcfd324-574a-4ea9-a81c-6d9b2d95e31b","block_type":"box","text":"outsized impacts from the low carbon transition, based on reported and estimated scopes 1, 2, and 3","page_number":271,"box":{"x":116,"y":587,"width":754,"height":12}},{"id":"6c41a29a-8bc8-48b1-bbe3-f24b722f1a0e","block_type":"box","text":"greenhouse gas emissions. These companies should provide disclosures that set out their","page_number":271,"box":{"x":116,"y":603,"width":675,"height":12}},{"id":"d6d9f65e-9d63-47d2-9adb-d6337db332a0","block_type":"box","text":"governance, strategy, risk management processes and metrics and targets relevant to","page_number":271,"box":{"x":116,"y":618,"width":646,"height":12}},{"id":"d75a8872-d939-4bde-be10-edf9b5d6c0fd","block_type":"box","text":"decarbonization. It is helpful to investors’ understanding when these disclosures include an explanation","page_number":271,"box":{"x":116,"y":634,"width":770,"height":12}},{"id":"60736f8e-2497-4085-9d06-6d207a1f8bfc","block_type":"box","text":"of the decarbonization scenarios a company is using in its near- and long-term planning, as well as its","page_number":271,"box":{"x":116,"y":649,"width":760,"height":12}},{"id":"168d618d-7049-43b8-bc4d-b39c9b69769f","block_type":"box","text":"scope 1, scope 2 and material scope 3 greenhouse gas (GHG) emissions and reduction targets for","page_number":271,"box":{"x":116,"y":665,"width":735,"height":12}},{"id":"259e1928-513c-448e-80db-0275167bf4c8","block_type":"box","text":"scope 1 and 2 emissions.","page_number":271,"box":{"x":116,"y":680,"width":188,"height":12}},{"id":"c3d5bf97-fed7-4453-bdba-8e8300631f48","block_type":"box","text":"Under these climate- and decarbonization-specific guidelines, BAIS may recommend a vote against","page_number":271,"box":{"x":117,"y":707,"width":739,"height":12}},{"id":"e2b7108f-335a-40f3-a109-0fd616193017","block_type":"box","text":"directors or support for a relevant shareholder proposal if a company does not appear to be adequately","page_number":271,"box":{"x":116,"y":723,"width":766,"height":12}},{"id":"8d8e78aa-d433-449d-93e4-b8a54f9a2cd0","block_type":"box","text":"acting to address or disclosing material climate-related risks, consistent with the parameters set out in","page_number":271,"box":{"x":116,"y":738,"width":755,"height":12}},{"id":"3e782190-d54d-4cec-b959-9d90599fb502","block_type":"box","text":"these climate- and decarbonization-specific guidelines. We may recommend supporting shareholder","page_number":271,"box":{"x":116,"y":754,"width":744,"height":12}},{"id":"d822c605-e65f-4ab6-9bc0-8e925c66d8be","block_type":"box","text":"proposals seeking information relevant to a company’s stated low-carbon transition strategy or targets","page_number":271,"box":{"x":117,"y":769,"width":755,"height":12}},{"id":"e651485d-4fc0-4ab4-94ce-b22fe9f4cd5a","block_type":"box","text":"that the company does not currently provide and that would be helpful to investment decision-making.","page_number":271,"box":{"x":116,"y":785,"width":753,"height":12}},{"id":"12abb812-1795-4766-990d-c289ef3aa43b","block_type":"box","text":"We would not recommend support for shareholder proposals that seek to constrain board or","page_number":271,"box":{"x":116,"y":800,"width":684,"height":12}},{"id":"b4e0eaaa-be6e-4824-ab4c-cdfab297df44","block_type":"box","text":"management decision-making or direct specific business or strategic decisions. As under the BAIS","page_number":271,"box":{"x":117,"y":816,"width":730,"height":12}},{"id":"fd2c2537-ddba-4a09-b822-e0e8cc3d5ecd","block_type":"box","text":"benchmark approach, the active portfolio managers are ultimately responsible for voting consistent","page_number":271,"box":{"x":117,"y":831,"width":737,"height":12}},{"id":"2ea780ac-a7bd-480f-9ead-8aed22cf0154","block_type":"box","text":"with their investment mandate and fund objectives. For the funds and accounts in scope, voting on","page_number":271,"box":{"x":116,"y":847,"width":736,"height":12}},{"id":"79cd2bfb-fcaa-4bef-87d2-94446c2a2410","block_type":"box","text":"matters not related to climate risk and the energy transition is undertaken in line with BAIS’ benchmark","page_number":271,"box":{"x":117,"y":862,"width":765,"height":12}},{"id":"0d52cdbb-7d7e-4feb-b6b7-1b59e5cb80ff","block_type":"box","text":"guidelines.","page_number":271,"box":{"x":116,"y":878,"width":85,"height":12}},{"id":"fe3f6cfc-cf2e-40cf-a8fa-5e0a071e8d46","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":271,"box":{"x":117,"y":909,"width":338,"height":12}},{"id":"639aa23a-59bf-4441-aca5-304e7347a580","block_type":"box","text":"Global Engagement and Voting Guidelines |","page_number":271,"box":{"x":530,"y":909,"width":324,"height":12}},{"id":"a1a1b225-b768-4086-970a-8e7348829068","block_type":"box","text":"16","page_number":271,"box":{"x":866,"y":909,"width":17,"height":9}},{"id":"f5974327-8d48-4eba-9fc0-cfad251456f1","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":271,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"e28b9637-e1e7-4963-b992-5c7b4932d61c","block_type":"box","text":"APPENDIX 1: HOW WE FULFIL AND OVERSEE OUR INVESTMENT STEWARDSHIP","page_number":272,"box":{"x":171,"y":87,"width":662,"height":10}},{"id":"95cf70b8-4100-4596-911c-dedc5e4e0f10","block_type":"box","text":"RESPONSIBILITIES","page_number":272,"box":{"x":423,"y":102,"width":159,"height":10}},{"id":"2fd12f8b-5947-4873-a441-433483ab5045","block_type":"box","text":"Oversight","page_number":272,"box":{"x":116,"y":132,"width":83,"height":12}},{"id":"277a6129-2a77-4fc2-aa25-b20653878a46","block_type":"box","text":"The Global Head of BAIS has primary oversight of and responsibility for the team’s activities, including","page_number":272,"box":{"x":116,"y":161,"width":764,"height":12}},{"id":"55db1ef2-cbc0-44d1-9ef6-1094e2c07e7d","block_type":"box","text":"voting in accordance with the BlackRock Active Investment Stewardship Global Engagement and","page_number":272,"box":{"x":116,"y":177,"width":726,"height":12}},{"id":"480af43e-9585-48fa-8d03-dfc3ceb494ce","block_type":"box","text":"Voting Guidelines (the “Guidelines”), which require the application of professional judgment and","page_number":272,"box":{"x":116,"y":192,"width":714,"height":12}},{"id":"42cd3b77-1b2b-45a6-a8a7-2fac0a245e98","block_type":"box","text":"consideration of each company’s unique circumstances, as well as input from active investors. BAIS is","page_number":272,"box":{"x":116,"y":208,"width":765,"height":12}},{"id":"e60c179a-02dc-40de-a84d-ff79e065f686","block_type":"box","text":"independent from BlackRock Investment Stewardship in our engagement and voting activities,","page_number":272,"box":{"x":117,"y":223,"width":704,"height":12}},{"id":"f356b0cf-7d93-40a1-9643-c048fb7921c5","block_type":"box","text":"reporting lines, and oversight.","page_number":272,"box":{"x":117,"y":239,"width":224,"height":12}},{"id":"87aab061-9ca3-4c94-8af5-d163cb998db0","block_type":"box","text":"The Stewardship Leaders Group, comprised of senior active investors and other relevant stakeholders","page_number":272,"box":{"x":116,"y":268,"width":765,"height":12}},{"id":"97226b7b-0e1e-4a38-b80d-bcec9cc416df","block_type":"box","text":"in BlackRock’s legal, public policy, sustainability and communications teams, helps shape the firm’s","page_number":272,"box":{"x":117,"y":283,"width":742,"height":12}},{"id":"7b931461-4d4f-408d-8351-cfaef4f77ff3","block_type":"box","text":"approach to investment stewardship on non-index equity investment strategies. The Group may advise","page_number":272,"box":{"x":116,"y":299,"width":769,"height":12}},{"id":"fd5bb317-af20-4057-9add-2950ac44bf6c","block_type":"box","text":"on and review amendments to BAIS’ policies and practices. It does not determine voting decisions,","page_number":272,"box":{"x":116,"y":314,"width":739,"height":12}},{"id":"c28f6f1c-c9fa-4e74-9020-cadc7fb1fa38","block_type":"box","text":"which are the responsibility of BAIS and the relevant active equity investors.","page_number":272,"box":{"x":116,"y":330,"width":568,"height":12}},{"id":"e277dce4-d4ca-47d1-8d3d-e9130f17c3f1","block_type":"box","text":"BAIS carries out engagement with companies in collaboration with active investment colleagues,","page_number":272,"box":{"x":117,"y":359,"width":721,"height":12}},{"id":"6376e0c2-2522-4ff2-a436-863c322d8407","block_type":"box","text":"executes proxy votes, and conducts vote operations (including maintaining records of votes cast) in a","page_number":272,"box":{"x":116,"y":375,"width":757,"height":12}},{"id":"10616ba4-779a-4193-92af-d9adc5d31e59","block_type":"box","text":"manner consistent with the Guidelines. BAIS also conducts research on corporate governance issues","page_number":272,"box":{"x":117,"y":390,"width":757,"height":12}},{"id":"6f5bb4d7-04e6-4db5-9b2d-0c830fb33031","block_type":"box","text":"and participates in industry discussions to contribute to and keep abreast of important developments in","page_number":272,"box":{"x":116,"y":406,"width":768,"height":12}},{"id":"90547982-5750-45a8-9f62-646a4ce10087","block_type":"box","text":"the corporate governance field. BAIS may use third parties for certain of the foregoing activities and","page_number":272,"box":{"x":116,"y":421,"width":744,"height":12}},{"id":"5a461ece-025c-4410-ab6a-f9ff4b1cbc25","block_type":"box","text":"performs oversight of those third parties (see “Use and oversight of third-party vote services providers”","page_number":272,"box":{"x":117,"y":437,"width":765,"height":12}},{"id":"d0381ffb-8e28-4737-a808-a52f987ddf61","block_type":"box","text":"below).","page_number":272,"box":{"x":117,"y":452,"width":58,"height":12}},{"id":"37f345d6-92b6-4f86-9c11-a635d3bdc2d9","block_type":"box","text":"Voting guidelines and vote execution","page_number":272,"box":{"x":116,"y":482,"width":302,"height":11}},{"id":"f2a5b8e3-10e7-40cf-80c5-88990b0db770","block_type":"box","text":"BlackRock votes on proxy issues when our clients authorize us to do so. We carefully consider the","page_number":272,"box":{"x":117,"y":511,"width":735,"height":12}},{"id":"352cf107-a565-4375-b75d-1ebf4b026e81","block_type":"box","text":"voting items submitted to funds and other fiduciary account(s) (Fund or Funds) for which we have","page_number":272,"box":{"x":116,"y":526,"width":728,"height":12}},{"id":"3d7a5541-b8c6-41ae-880b-766db53182b9","block_type":"box","text":"voting authority. BlackRock votes (or refrains from voting) for each Fund for which we have voting","page_number":272,"box":{"x":116,"y":542,"width":730,"height":12}},{"id":"aadc2cca-6439-4b5f-b5a3-3a968163f457","block_type":"box","text":"authority based on our evaluation of the alignment of the voting items with the long-term economic","page_number":272,"box":{"x":116,"y":557,"width":734,"height":12}},{"id":"0cddf7c2-c552-4ebe-8893-04ce07c87100","block_type":"box","text":"interests of our clients, in the exercise of our independent business judgment, and without regard to the","page_number":272,"box":{"x":117,"y":573,"width":771,"height":12}},{"id":"25c98f3b-7b33-434c-b3fe-83b10db86162","block_type":"box","text":"relationship of the issuer (or any shareholder proponent or dissident shareholder) to the Fund, the","page_number":272,"box":{"x":117,"y":588,"width":730,"height":12}},{"id":"9abf3fe6-f7ca-4264-a01a-4b14f96f3966","block_type":"box","text":"Fund’s affiliates (if any), BlackRock or BlackRock’s affiliates, or BlackRock employees (see “Conflicts","page_number":272,"box":{"x":117,"y":604,"width":754,"height":12}},{"id":"9a75013f-df60-4866-ac50-1c734f6bd858","block_type":"box","text":"management policies and procedures,” below).","page_number":272,"box":{"x":117,"y":619,"width":353,"height":12}},{"id":"7feecc6c-0c49-4ba3-9b64-343487bc3678","block_type":"box","text":"When exercising voting rights, BAIS will normally vote on specific proxy issues in accordance with the","page_number":272,"box":{"x":116,"y":648,"width":759,"height":13}},{"id":"b340c1fb-b70f-4ba3-8869-1b545359fc05","block_type":"box","text":"Guidelines, although portfolio managers have the right to vote differently on their holdings if they","page_number":272,"box":{"x":117,"y":664,"width":713,"height":12}},{"id":"2379157c-5747-4863-99b8-83a6078f1263","block_type":"box","text":"determine doing so is more aligned with the investment objective and financial interests of clients","page_number":272,"box":{"x":116,"y":679,"width":719,"height":13}},{"id":"6952ae30-8528-4bdc-b0f8-4ee481b3b718","block_type":"box","text":"invested in the funds they manage.","page_number":272,"box":{"x":117,"y":695,"width":258,"height":12}},{"id":"f1fd8203-eb81-477e-b8de-6ed230cbc890","block_type":"box","text":"The Guidelines are not intended to be exhaustive. BAIS applies the Guidelines on a case-by-case","page_number":272,"box":{"x":116,"y":724,"width":726,"height":12}},{"id":"5d0f79d1-82c6-49f2-a7a2-849fe1ddc9ec","block_type":"box","text":"basis, in the context of the individual circumstances of each company and the specific issue under","page_number":272,"box":{"x":117,"y":740,"width":728,"height":12}},{"id":"df928d7b-6402-4108-8529-55d1fe057dee","block_type":"box","text":"review. As such, the Guidelines do not indicate how BAIS will vote in every instance. Rather, they","page_number":272,"box":{"x":117,"y":755,"width":723,"height":12}},{"id":"a675930c-bb2f-4a9c-bf18-0d0977c29c0c","block_type":"box","text":"reflect our view about corporate governance issues generally, and provide insight into how we typically","page_number":272,"box":{"x":117,"y":771,"width":761,"height":12}},{"id":"301034df-7e70-441a-bc95-7fcf7957aa49","block_type":"box","text":"approach issues that are commonly put to a shareholder vote. The Guidelines are reviewed annually","page_number":272,"box":{"x":116,"y":786,"width":747,"height":12}},{"id":"b887c712-f170-4b24-b5fa-4d55298c0173","block_type":"box","text":"and updated as necessary to reflect changes in market practices, developments in corporate","page_number":272,"box":{"x":116,"y":802,"width":688,"height":12}},{"id":"814e9b5f-dcc9-4c42-b170-6044b08758cc","block_type":"box","text":"governance and feedback from companies and clients. In this way, BAIS aims to maintain policies that","page_number":272,"box":{"x":116,"y":817,"width":760,"height":12}},{"id":"fa4f644b-7e44-48f8-90cf-67da29db6d0c","block_type":"box","text":"explain our approach to governance practices most aligned with clients’ long-term financial interests.","page_number":272,"box":{"x":116,"y":833,"width":751,"height":12}},{"id":"636104e0-9ed1-4f84-bd89-8e853634aab5","block_type":"box","text":"In certain markets, proxy voting involves logistical issues which can affect BAIS’ ability to vote such","page_number":272,"box":{"x":117,"y":862,"width":740,"height":12}},{"id":"dc060dcb-9c12-476f-bb99-500ba9eb22a7","block_type":"box","text":"proxies, as well as the desirability of voting such proxies. 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We are not supportive of impediments to the exercise of voting rights","page_number":273,"box":{"x":116,"y":165,"width":746,"height":12}},{"id":"96d1318d-a8cd-48d7-bd8d-4f2744d66043","block_type":"box","text":"such as share-blocking or overly burdensome administrative requirements.","page_number":273,"box":{"x":116,"y":180,"width":560,"height":12}},{"id":"fb448b47-ad99-46d4-83f5-82188e8cc053","block_type":"box","text":"BlackRock votes proxies in these situations on a “best-efforts” basis. 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In","page_number":273,"box":{"x":116,"y":396,"width":716,"height":12}},{"id":"23dcc2a6-4eca-4805-86a2-e614c1991162","block_type":"box","text":"addition, institutional clients in separately managed accounts (SMAs) are eligible for BlackRock Voting","page_number":273,"box":{"x":116,"y":411,"width":764,"height":12}},{"id":"c1c12bd2-9c7a-4610-a44c-a919be0be969","block_type":"box","text":"Choice regardless of their investment strategies.","page_number":273,"box":{"x":117,"y":427,"width":357,"height":12}},{"id":"b6f36578-8f80-45c5-b9c0-f9cc36972f45","block_type":"box","text":"12","page_number":273,"box":{"x":477,"y":427,"width":11,"height":6}},{"id":"b7fceae3-267b-4a85-b884-482f0371ecf4","block_type":"box","text":"As a result, the shares attributed to BlackRock in company share registers may be voted differently","page_number":273,"box":{"x":116,"y":457,"width":740,"height":13}},{"id":"fdb66910-9bc4-4ccb-abf8-613c29a3f214","block_type":"box","text":"depending on whether our clients have authorized BAIS to vote on their behalf, have authorized","page_number":273,"box":{"x":116,"y":473,"width":715,"height":12}},{"id":"effedae5-2756-45af-967a-180dd4b8f22d","block_type":"box","text":"BlackRock to vote in accordance with a third-party policy, or have elected to vote shares in accordance","page_number":273,"box":{"x":117,"y":489,"width":769,"height":12}},{"id":"9d3ac0fa-d195-498a-b69b-9885fe4f7dd9","block_type":"box","text":"with their own policy. Our clients have greater control over proxy voting because of Voting Choice.","page_number":273,"box":{"x":116,"y":504,"width":727,"height":12}},{"id":"d1d58ab8-6146-43e4-bf4b-6c613cedfd06","block_type":"box","text":"13","page_number":273,"box":{"x":846,"y":504,"width":10,"height":6}},{"id":"f6ff15ba-ea4a-4de5-b2af-e295136a1962","block_type":"box","text":"Use and oversight of third-party vote services providers","page_number":273,"box":{"x":117,"y":535,"width":452,"height":12}},{"id":"cd6fe520-2437-40b0-9f68-7dfb4919b046","block_type":"box","text":"Third-party vote services providers – or proxy research firms – provide research and recommendations","page_number":273,"box":{"x":116,"y":565,"width":769,"height":12}},{"id":"5fed72f2-26f3-4bc9-b1bf-e64c7fcb8025","block_type":"box","text":"on proxy votes, as well as voting infrastructure. BlackRock contracts primarily with the vote services","page_number":273,"box":{"x":116,"y":581,"width":746,"height":12}},{"id":"9285f11e-a329-4437-9ae3-2eae7fa8fac5","block_type":"box","text":"provider ISS and leverages its online platform to supply research and support voting, record keeping,","page_number":273,"box":{"x":117,"y":596,"width":754,"height":12}},{"id":"69193526-ee48-4cc6-91fe-afb77fffc26a","block_type":"box","text":"and reporting processes. We also use Glass Lewis’ research and analysis as an input into our voting","page_number":273,"box":{"x":116,"y":612,"width":752,"height":12}},{"id":"0c16c261-ba0d-4159-8d21-ced4539e6ad3","block_type":"box","text":"process. It is important to note that, although proxy research firms provide important data and analysis,","page_number":273,"box":{"x":117,"y":627,"width":768,"height":12}},{"id":"4dc873f2-7455-46a7-a789-14e20093b0e5","block_type":"box","text":"BAIS does not rely solely on their information or follow their voting recommendations. A company’s","page_number":273,"box":{"x":117,"y":643,"width":738,"height":12}},{"id":"5bb4801b-9e01-4c37-8760-a703bc340cc8","block_type":"box","text":"disclosures, our engagements and voting, investment colleagues’ insights and our Guidelines are","page_number":273,"box":{"x":116,"y":658,"width":727,"height":12}},{"id":"16040b92-fea2-4d3b-8451-b874a6519074","block_type":"box","text":"important inputs into our voting decisions on behalf of clients.","page_number":273,"box":{"x":117,"y":674,"width":452,"height":12}},{"id":"2b7a546a-88bf-44a4-9139-ef99c45dd618","block_type":"box","text":"Given the large universe of actively held companies, BAIS employs the proxy services provider to","page_number":273,"box":{"x":117,"y":705,"width":722,"height":12}},{"id":"3b108be8-6f99-4ff7-a0e1-5a20a5b54358","block_type":"box","text":"streamline the voting process by making voting recommendations based on BAIS’ Guidelines when the","page_number":273,"box":{"x":116,"y":720,"width":765,"height":12}},{"id":"412b348a-7d7c-4042-bff6-10974dd200e3","block_type":"box","text":"items on a shareholder meeting agenda are routine. 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In addition, BlackRock seeks to ensure that all","page_number":274,"box":{"x":150,"y":622,"width":682,"height":12}},{"id":"c8aa5605-25c5-402c-903b-3c969aa6c36a","block_type":"box","text":"engagements with corporate issuers, dissident shareholders or shareholder proponents are","page_number":274,"box":{"x":150,"y":637,"width":683,"height":12}},{"id":"5b2f263f-670d-46ac-91f1-843a2f2f6e02","block_type":"box","text":"managed consistently and without regard to BlackRock’s relationship with such parties. Clients or","page_number":274,"box":{"x":150,"y":653,"width":727,"height":12}},{"id":"272f444f-9d2f-41b4-9910-3daf285e2767","block_type":"box","text":"business partners are not given preferential treatment or differentiated access. BAIS prioritizes","page_number":274,"box":{"x":150,"y":668,"width":702,"height":12}},{"id":"0e55c3ce-227d-4087-b4c0-0c9ab24f2a19","block_type":"box","text":"engagements based on factors including, but not limited to, our need for additional information to","page_number":274,"box":{"x":150,"y":684,"width":717,"height":12}},{"id":"37695648-21bd-41d5-a43b-2b7f3c7c08b4","block_type":"box","text":"make a more informed voting decision or to better understand a company’s perspectives on","page_number":274,"box":{"x":150,"y":699,"width":680,"height":12}},{"id":"0e0c40a3-e647-4b4f-ad33-78accba682ed","block_type":"box","text":"financially material risks and opportunities. 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Reporting on our activities to inform clients","page_number":282,"box":{"x":150,"y":397,"width":382,"height":12}},{"id":"514fa91c-e4dc-41f2-92e0-92d86dcc33d6","block_type":"box","text":"about our stewardship efforts on their behalf","page_number":282,"box":{"x":532,"y":397,"width":338,"height":12}},{"id":"752347d5-6596-4d9d-bda7-f9eb7bbb3ac1","block_type":"box","text":"through a range of publications on our website and direct client communications.","page_number":282,"box":{"x":183,"y":413,"width":603,"height":12}},{"id":"2b8a8930-e986-4ddd-8944-8a5ed0ece434","block_type":"box","text":"This document provides an overarching explanation of the principles that guide our approach to","page_number":282,"box":{"x":116,"y":444,"width":713,"height":12}},{"id":"3042301e-860e-478e-a6bb-ea29de7f8657","block_type":"box","text":"engaging and voting on corporate governance matters and other material risks and opportunities under","page_number":282,"box":{"x":116,"y":459,"width":770,"height":12}},{"id":"5b4687d5-3759-486e-b9b2-5728bd7cdc48","block_type":"box","text":"BIS’ Benchmark Policies. 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We maintain","page_number":282,"box":{"x":116,"y":591,"width":741,"height":12}},{"id":"e570306e-d3a5-4a08-be31-c38728d860a6","block_type":"box","text":"global principles on corporate governance, which guide our approach to stewardship across","page_number":282,"box":{"x":116,"y":607,"width":686,"height":11}},{"id":"9252a125-ec01-4a3c-aadb-d2149add6a46","block_type":"box","text":"jurisdictions, while recognizing the unique characteristics of the different markets where companies","page_number":282,"box":{"x":115,"y":622,"width":741,"height":12}},{"id":"d2602706-a2f2-42a8-91fd-1449dead8823","block_type":"box","text":"operate.","page_number":282,"box":{"x":116,"y":638,"width":66,"height":11}},{"id":"467e14bc-247d-4469-9572-36f68f837d50","block_type":"box","text":"Setting, executing, and overseeing strategy are the responsibility of management and the board. As","page_number":282,"box":{"x":116,"y":668,"width":740,"height":12}},{"id":"a255a46b-ef28-4d84-abd1-dcddb543cd68","block_type":"box","text":"one of many minority shareholders in public companies, BlackRock does not direct a company’s","page_number":282,"box":{"x":116,"y":684,"width":713,"height":12}},{"id":"960f1409-6b64-4744-9503-b25544aea1ac","block_type":"box","text":"strategy or its implementation, nor how they should manage material business risks. Our role, on","page_number":282,"box":{"x":116,"y":699,"width":717,"height":13}},{"id":"861aae6d-8e72-48d7-abe8-7c543d23cb46","block_type":"box","text":"behalf of clients as long-term investors, is to better understand how corporate leadership is managing","page_number":282,"box":{"x":117,"y":715,"width":751,"height":12}},{"id":"7e445337-d9f4-4289-a91c-4b6f3746bfd1","block_type":"box","text":"material risks and capitalizing on opportunities to help protect and enhance the company’s ability to","page_number":282,"box":{"x":117,"y":731,"width":735,"height":12}},{"id":"bce4df21-73a1-4e4d-a816-9c0e9529378c","block_type":"box","text":"deliver long-term financial returns.","page_number":282,"box":{"x":116,"y":746,"width":252,"height":12}},{"id":"76ac4467-b253-4811-95b4-5f2d8ecc99d3","block_type":"box","text":"1","page_number":282,"box":{"x":144,"y":800,"width":2,"height":4}},{"id":"dc253b1b-a6a7-4070-82f3-da9814301ce1","block_type":"box","text":"On February 11, 2025, the U.S. Securities and Exchange Commission (SEC) staff issued updated guidance for","page_number":282,"box":{"x":170,"y":799,"width":660,"height":10}},{"id":"6278ffe0-7b88-45be-8a4b-63b09b19ccad","block_type":"box","text":"shareholders to maintain their eligibility to report their beneficial ownership under Schedule 13G of the Exchange Act.","page_number":282,"box":{"x":170,"y":812,"width":695,"height":10}},{"id":"0c7cfda2-6efa-448d-ac9f-aabfcc49857f","block_type":"box","text":"We comply fully with these requirements and do not engage with portfolio companies for the purpose, or with the effect,","page_number":282,"box":{"x":170,"y":825,"width":707,"height":10}},{"id":"84282fb0-4974-4664-a348-e354f0ce6da4","block_type":"box","text":"of changing or influencing control of any company.","page_number":282,"box":{"x":170,"y":838,"width":298,"height":10}},{"id":"c6e55199-ecb9-4bb9-9f96-f22f63173189","block_type":"box","text":"2","page_number":282,"box":{"x":143,"y":854,"width":4,"height":5}},{"id":"aa06d4af-56d8-4b9a-b3bc-62abef772ceb","block_type":"box","text":"Alongside the Global Principles and regional voting guidelines, BIS publishes Engagement Priorities which reflect the","page_number":282,"box":{"x":170,"y":854,"width":695,"height":9}},{"id":"38594327-0168-4543-8117-914d3afe397a","block_type":"box","text":"five themes on which we most frequently engage companies, where they are relevant, as these can be a source of","page_number":282,"box":{"x":170,"y":867,"width":680,"height":9}},{"id":"6d328da4-eca7-4664-8fb9-149fcf453afc","block_type":"box","text":"material business risk or opportunity.","page_number":282,"box":{"x":170,"y":880,"width":218,"height":9}},{"id":"7ffdb089-35ab-4d7d-aaed-807d8521dd97","block_type":"box","text":"BlackRock Investment Stewardship","page_number":282,"box":{"x":117,"y":909,"width":282,"height":12}},{"id":"e9938f69-c0f3-4e8c-a25e-9f7ff5012c7e","block_type":"box","text":"Global Principles |","page_number":282,"box":{"x":731,"y":909,"width":132,"height":12}},{"id":"c63eaa3f-637e-45b1-9037-16005f07a12f","block_type":"box","text":"3","page_number":282,"box":{"x":875,"y":909,"width":8,"height":9}},{"id":"d0f99830-3bde-4a78-9e60-4be587b6df25","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":282,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"53521074-6350-4903-826b-e0ec9b2bc215","block_type":"box","text":"STEWARDSHIP IN PRACTICE","page_number":283,"box":{"x":382,"y":87,"width":240,"height":10}},{"id":"4cba851a-b3f9-411d-b51d-2392fbea6082","block_type":"box","text":"The assets BlackRock manages belong to our clients, which include public and private pension plans,","page_number":283,"box":{"x":116,"y":118,"width":760,"height":12}},{"id":"c70ec851-069c-4d47-9c56-93020f3c96d0","block_type":"box","text":"insurers, official institutions, endowments, universities, charities, family offices, wealth managers, and","page_number":283,"box":{"x":117,"y":134,"width":757,"height":12}},{"id":"1f1a5bbf-0af9-4e18-99f9-9b903676005f","block_type":"box","text":"ultimately, the individual investors that they serve. Through stewardship, we assess how companies","page_number":283,"box":{"x":117,"y":149,"width":745,"height":12}},{"id":"b242d3da-10c2-40a5-a8a7-cbdb875c987d","block_type":"box","text":"are creating long-term financial value to serve our clients, many of whom are saving for long-term","page_number":283,"box":{"x":116,"y":165,"width":728,"height":12}},{"id":"0415fbf7-da79-42d9-b60e-c98d09deff4a","block_type":"box","text":"goals, such as retirement. Our stewardship program – including when engaging with companies and","page_number":283,"box":{"x":116,"y":180,"width":749,"height":12}},{"id":"2351bebc-6968-4520-92cc-755cf79c63df","block_type":"box","text":"voting at shareholder meetings on behalf of clients – is conducted from a long-term investor","page_number":283,"box":{"x":116,"y":196,"width":685,"height":12}},{"id":"0e72d2c7-199d-41ed-89e8-e87ec63132e4","block_type":"box","text":"perspective and takes a financial materiality-based approach, focused solely on advancing clients’","page_number":283,"box":{"x":117,"y":211,"width":732,"height":12}},{"id":"be424804-6a30-4db3-ab96-d80b90e29479","block_type":"box","text":"long-term financial interests.","page_number":283,"box":{"x":117,"y":227,"width":214,"height":12}},{"id":"aac2a76f-6dc1-4d23-899d-b6dd6d89c0cd","block_type":"box","text":"BIS engages with the boards and management of companies in which clients are invested to deepen","page_number":283,"box":{"x":117,"y":258,"width":753,"height":12}},{"id":"59bdb317-e91c-457c-b969-8ffc646796f7","block_type":"box","text":"our understanding of a company’s business model, including how they are overseeing material","page_number":283,"box":{"x":116,"y":273,"width":708,"height":12}},{"id":"4641f7d2-f36e-40c8-ada3-24cd919a6510","block_type":"box","text":"business risks and opportunities over time, and to help inform our voting on behalf of clients.","page_number":283,"box":{"x":117,"y":289,"width":689,"height":12}},{"id":"08ccf433-b428-418e-9b0b-f74ccd194a9c","block_type":"box","text":"Engagements provide companies with the opportunity to share their perspectives on topics that, in BIS’","page_number":283,"box":{"x":117,"y":304,"width":769,"height":12}},{"id":"b9596e0b-da1c-44f6-b2d8-703313657085","block_type":"box","text":"experience, impact the long-term financial returns BlackRock’s clients depend on to meet their financial","page_number":283,"box":{"x":116,"y":320,"width":771,"height":12}},{"id":"6d1c0380-5661-4649-a609-a5c70452c07f","block_type":"box","text":"goals.","page_number":283,"box":{"x":116,"y":335,"width":49,"height":12}},{"id":"1a7bb6ff-61a7-4cb7-8424-5caa74d5981b","block_type":"box","text":"Voting at a company’s shareholder meeting is a right of share ownership and a core principle of","page_number":283,"box":{"x":116,"y":366,"width":713,"height":12}},{"id":"46ecda26-4a98-4788-9d32-a49423ecc50d","block_type":"box","text":"corporate governance. As a fiduciary, BlackRock is legally required to make proxy voting","page_number":283,"box":{"x":116,"y":382,"width":663,"height":12}},{"id":"bdee869b-c085-4371-8649-abd33eb4756a","block_type":"box","text":"determinations in a manner that is consistent with the investment objectives of clients who have","page_number":283,"box":{"x":116,"y":397,"width":715,"height":12}},{"id":"dc68dc8c-487b-475e-9608-0efdea079b4c","block_type":"box","text":"delegated voting authority to us. BIS’ Benchmark Policies, and the vote decisions made consistent with","page_number":283,"box":{"x":116,"y":413,"width":770,"height":12}},{"id":"95a4792e-b3b4-4eb0-b8a9-28ff53b344af","block_type":"box","text":"those policies, reflect our reasonable and independent judgment of what is in the long-term financial","page_number":283,"box":{"x":116,"y":428,"width":746,"height":12}},{"id":"8a2c77ff-d0e6-401e-9a1a-288df05033f6","block_type":"box","text":"interests of clients. Our vote decisions are often informed by several factors, including in-depth","page_number":283,"box":{"x":117,"y":444,"width":706,"height":12}},{"id":"f6bb6ad6-3b4b-4af3-83fb-02b85a20e314","block_type":"box","text":"analysis of company disclosures, comparisons against industry peers, third-party research, and, where","page_number":283,"box":{"x":116,"y":459,"width":768,"height":12}},{"id":"07d0a3bd-2106-4711-80c3-eb613c191f3a","block_type":"box","text":"appropriate, engagement with companies.","page_number":283,"box":{"x":116,"y":475,"width":318,"height":12}},{"id":"bea7e836-8da1-4ec7-a107-a23bf33b8fdd","block_type":"box","text":"Generally, BIS supports the vote recommendations of the board of directors and management at","page_number":283,"box":{"x":117,"y":506,"width":721,"height":12}},{"id":"2dee25ac-f478-4bbd-8faa-46c55d7fe66f","block_type":"box","text":"companies which have sound corporate governance and deliver strong financial returns over time.","page_number":283,"box":{"x":116,"y":521,"width":734,"height":12}},{"id":"d4898a70-eac4-4223-a290-b419c9ec5e86","block_type":"box","text":"When we determine it is in our clients’ financial interests to convey concern to companies through","page_number":283,"box":{"x":116,"y":537,"width":729,"height":12}},{"id":"001d22ed-16eb-4d92-bce4-9c2902939fa2","block_type":"box","text":"voting, we may do so in two forms: we might not support the election of directors or other management","page_number":283,"box":{"x":116,"y":552,"width":768,"height":12}},{"id":"2d1d08d8-a0fc-483f-aeb1-19a05ae13279","block_type":"box","text":"proposals, or we might not support management’s voting recommendation on a shareholder proposal.","page_number":283,"box":{"x":117,"y":568,"width":761,"height":12}},{"id":"a51b540d-48eb-4157-8879-f0c9619f0e7f","block_type":"box","text":"SHAREHOLDER RIGHTS","page_number":283,"box":{"x":401,"y":606,"width":202,"height":10}},{"id":"8e4ff7c7-9365-4e13-b831-1f1352593175","block_type":"box","text":"BlackRock’s global approach as a shareholder on behalf of our clients is underpinned by certain rights","page_number":283,"box":{"x":117,"y":637,"width":762,"height":12}},{"id":"d58744e5-1381-4082-9878-df062e113431","block_type":"box","text":"attached to shareholding in most markets, as established by corporate laws, regulations, and listing","page_number":283,"box":{"x":116,"y":653,"width":743,"height":12}},{"id":"547a0305-d192-46f3-bd4b-0c3ecc4fd1a0","block_type":"box","text":"rules.","page_number":283,"box":{"x":117,"y":669,"width":38,"height":9}},{"id":"680101b5-0bd6-410c-9e16-59523f289746","block_type":"box","text":"3","page_number":283,"box":{"x":157,"y":669,"width":5,"height":6}},{"id":"018ff44a-32a2-412b-b4e5-40a11e719b5b","block_type":"box","text":"For example, in most markets, shareholders have the right to:","page_number":283,"box":{"x":169,"y":669,"width":456,"height":11}},{"id":"0a53a8e5-7129-4d98-ba3d-c6b2d78f53a9","block_type":"box","text":"• Vote to elect, remove, and nominate directors, approve the appointment of the auditor, and amend","page_number":283,"box":{"x":117,"y":699,"width":763,"height":12}},{"id":"b3e120f3-3bee-4c9c-9dcb-ce92d4aead9d","block_type":"box","text":"the corporate charter or bylaws.","page_number":283,"box":{"x":150,"y":715,"width":235,"height":12}},{"id":"8c3f0bc5-a430-40e3-9374-b686b4df4984","block_type":"box","text":"• Vote on key board decisions that are material to the protection of their investment, including but","page_number":283,"box":{"x":117,"y":738,"width":742,"height":12}},{"id":"0d78164f-3c7f-46f1-a6d0-bb3f3e8e50a2","block_type":"box","text":"not limited to, changes to the purpose of the business, dilution levels, and pre-emptive rights.","page_number":283,"box":{"x":150,"y":754,"width":688,"height":12}},{"id":"5776e907-8ea1-4af1-99f7-845babd6f8cf","block_type":"box","text":"• Access sufficient and timely information on governance, strategic, and business matters – where","page_number":283,"box":{"x":117,"y":777,"width":750,"height":12}},{"id":"94867515-7a8e-485d-a5c1-b4a60325cf4d","block_type":"box","text":"such matters are material – to make informed decisions.","page_number":283,"box":{"x":150,"y":792,"width":416,"height":10}},{"id":"c6d4f6fd-e3c8-4d78-a3e6-bdf0dbcf22f0","block_type":"box","text":"3","page_number":283,"box":{"x":143,"y":854,"width":4,"height":5}},{"id":"c76fa30c-b7f4-45e3-ab43-fb221dcbbbcc","block_type":"box","text":"Examples include: Government of Canada, “Canada Business Corporations Act,” amended 2024; European Union,","page_number":283,"box":{"x":171,"y":854,"width":682,"height":9}},{"id":"92fe305e-6207-4fc9-911c-854894dcdae0","block_type":"box","text":"“Shareholder Rights Directive II,” 2017; and the China Securities Regulatory Commission, “Code of Corporate","page_number":283,"box":{"x":170,"y":867,"width":651,"height":9}},{"id":"b531bebb-0f69-43ec-b71e-c2d5ea95a11d","block_type":"box","text":"Governance for Listed Companies in China,” 2001. Websites accessed in December 2025.","page_number":283,"box":{"x":170,"y":880,"width":538,"height":9}},{"id":"1e402967-b07c-422e-80d6-e294ab1be4e7","block_type":"box","text":"BlackRock Investment Stewardship","page_number":283,"box":{"x":117,"y":909,"width":282,"height":12}},{"id":"51d92522-b41a-4a6d-a723-a3249453344c","block_type":"box","text":"Global Principles |","page_number":283,"box":{"x":731,"y":909,"width":132,"height":12}},{"id":"b0e65ad2-a776-4948-8554-de410a18b1ef","block_type":"box","text":"4","page_number":283,"box":{"x":874,"y":909,"width":9,"height":9}},{"id":"6b60cfc0-9d7c-4d79-908f-7d3b0f16c5c4","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":283,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"4dafa7fe-7d1e-4d0f-87cc-b272f84f4d5f","block_type":"box","text":"KEY GOVERNANCE TOPICS","page_number":284,"box":{"x":387,"y":87,"width":231,"height":10}},{"id":"81a2e73a-1132-4027-b42f-76faa62d30ad","block_type":"box","text":"In our experience, there are certain globally applicable elements of corporate governance that","page_number":284,"box":{"x":117,"y":118,"width":700,"height":12}},{"id":"4678f454-5b40-485d-875e-7f6372fb600e","block_type":"box","text":"contribute to a company’s ability to create long-term financial value for shareholders. These are topics","page_number":284,"box":{"x":116,"y":134,"width":761,"height":12}},{"id":"1b078943-07c2-42c3-8efd-ec78bf91ac93","block_type":"box","text":"that shareholders may have the ability to vote on at shareholder meetings. These areas include:","page_number":284,"box":{"x":116,"y":149,"width":717,"height":12}},{"id":"09f6040f-f481-45f8-a254-c713b597d9c8","block_type":"box","text":"• Boards and directors","page_number":284,"box":{"x":117,"y":180,"width":192,"height":10}},{"id":"dca8befe-bae5-4e3b-8ccd-dd794238aa59","block_type":"box","text":"• Auditors and audit-related issues","page_number":284,"box":{"x":117,"y":203,"width":282,"height":10}},{"id":"40b6d296-809f-4db9-b4bb-c6ab071cbe05","block_type":"box","text":"• Capital structure, mergers, acquisitions, asset sales, and other special situations","page_number":284,"box":{"x":117,"y":227,"width":635,"height":12}},{"id":"a4fcc2d4-1cd8-4f38-93c1-bf3b4955999a","block_type":"box","text":"• Executive compensation","page_number":284,"box":{"x":117,"y":250,"width":219,"height":12}},{"id":"b2aebca0-ee38-41c9-bab7-97b47efb609e","block_type":"box","text":"• Shareholder protections and other significant corporate governance matters","page_number":284,"box":{"x":117,"y":273,"width":600,"height":12}},{"id":"b2afdb4d-fc48-49af-a9a8-aa7feed7c5a4","block_type":"box","text":"• Shareholder proposals","page_number":284,"box":{"x":117,"y":296,"width":206,"height":12}},{"id":"056998f2-d2a2-44d5-a5c9-cec9ecede932","block_type":"box","text":"The BIS Benchmark Policies are not prescriptive but rather are applied on a pragmatic basis, taking","page_number":284,"box":{"x":116,"y":327,"width":744,"height":12}},{"id":"f37077da-8c80-4e43-adb0-f1652924c192","block_type":"box","text":"into consideration a number of company-specific factors, including the sector, market, and business","page_number":284,"box":{"x":117,"y":343,"width":744,"height":12}},{"id":"51d4d777-f064-4e9f-86ad-68a22e8561ce","block_type":"box","text":"environment within which companies operate.","page_number":284,"box":{"x":116,"y":358,"width":345,"height":12}},{"id":"fc0bf7f8-b862-42c2-9211-1c15ff464ce6","block_type":"box","text":"At the regional level, it is our view that companies should observe the accepted corporate governance","page_number":284,"box":{"x":116,"y":389,"width":761,"height":12}},{"id":"c664bcd7-ea09-4691-96ea-f86a54c028bc","block_type":"box","text":"standards in their domestic market at a minimum, and we ask that, if they do not, they explain how","page_number":284,"box":{"x":116,"y":405,"width":736,"height":12}},{"id":"0d87ed26-6938-4738-a25b-249127229eaa","block_type":"box","text":"their approach better supports durable, long-term financial value creation. Our regional voting","page_number":284,"box":{"x":116,"y":420,"width":698,"height":12}},{"id":"0e1f4ee5-59d6-4b1c-924b-acd44819fe2e","block_type":"box","text":"guidelines explain how the BIS Global Principles inform our voting decisions in relation to common","page_number":284,"box":{"x":116,"y":436,"width":735,"height":12}},{"id":"02bbbdb2-0e3d-4f5d-91fe-732b016f4aa6","block_type":"box","text":"ballot items for shareholder meetings in those markets.","page_number":284,"box":{"x":117,"y":451,"width":406,"height":12}},{"id":"f2ea898e-a231-4e3b-a1c4-16b31241373b","block_type":"box","text":"4","page_number":284,"box":{"x":525,"y":451,"width":5,"height":7}},{"id":"05838426-e813-4395-942f-f7e59acd78a7","block_type":"box","text":"BOARDS AND DIRECTORS","page_number":284,"box":{"x":392,"y":490,"width":221,"height":10}},{"id":"d3821980-7d5e-422a-a302-25b270df252f","block_type":"box","text":"Oversight role of the board","page_number":284,"box":{"x":116,"y":521,"width":221,"height":12}},{"id":"3772093c-d20e-4a84-84d5-c73ed192efed","block_type":"box","text":"Companies whose boards are comprised of appropriately qualified, engaged directors with","page_number":284,"box":{"x":117,"y":552,"width":676,"height":12}},{"id":"9d24a424-c5f8-4d39-8b02-17564b14ec4b","block_type":"box","text":"professional characteristics relevant to a company’s business enhance the board’s ability to add long","page_number":284,"box":{"x":117,"y":568,"width":753,"height":12}},{"id":"5d5b079b-108a-4060-8493-0533366d3609","block_type":"box","text":"term financial value and serve as the voice of shareholders in board discussions. In our view, a strong","page_number":284,"box":{"x":116,"y":583,"width":761,"height":12}},{"id":"ba31e71e-9c44-4d67-9b4d-8790b8540887","block_type":"box","text":"board gives a company a competitive advantage, providing valuable oversight and contributing to the","page_number":284,"box":{"x":117,"y":599,"width":754,"height":12}},{"id":"de673d6d-98ae-4a66-8eef-af1ebf8515d0","block_type":"box","text":"most important management decisions that support long-term financial performance.","page_number":284,"box":{"x":117,"y":614,"width":632,"height":12}},{"id":"e5c8819f-18a1-4bf4-907d-d5f22f1670c9","block_type":"box","text":"For this reason, our investment stewardship efforts focus on the effectiveness of the board of directors.","page_number":284,"box":{"x":117,"y":645,"width":768,"height":12}},{"id":"48aeb336-ec42-41da-bba9-a3fe168e7698","block_type":"box","text":"We engage, as necessary, with members of the board’s nominating and/or governance committee to","page_number":284,"box":{"x":116,"y":661,"width":748,"height":12}},{"id":"383cdc28-7689-40c0-af8a-a0d992f1c01e","block_type":"box","text":"assess whether governance practices and board composition are effective given a company’s","page_number":284,"box":{"x":116,"y":676,"width":696,"height":12}},{"id":"7fe579a1-dcad-4396-ae67-f550fe3b7f6d","block_type":"box","text":"business model, sector, market, and the business environment in which a company is operating.","page_number":284,"box":{"x":117,"y":692,"width":713,"height":12}},{"id":"ed2546f5-9fbe-4657-af23-51520c3d45c9","block_type":"box","text":"We consider it good practice when the board establishes and maintains a framework of robust and","page_number":284,"box":{"x":116,"y":723,"width":730,"height":12}},{"id":"892d09ef-d8fd-4515-bb18-44202bb8c821","block_type":"box","text":"effective governance mechanisms that supports its oversight of the company’s strategy and","page_number":284,"box":{"x":116,"y":738,"width":679,"height":12}},{"id":"a766b019-0b38-4064-8be6-c6f4e6011481","block_type":"box","text":"operations, consistent with the long-term financial interests of investors. This includes having clear","page_number":284,"box":{"x":116,"y":754,"width":731,"height":12}},{"id":"84dc0ce8-9811-4567-824b-cb8ee7f73e0f","block_type":"box","text":"descriptions of the role of the board and the committees of the board and how directors engage with","page_number":284,"box":{"x":116,"y":769,"width":742,"height":12}},{"id":"5781df27-a679-46fb-892d-cbc8da77f288","block_type":"box","text":"and oversee management, as well as disclosure of material risks that may affect a company’s long","page_number":284,"box":{"x":116,"y":785,"width":738,"height":12}},{"id":"5b2f827c-3334-4971-be31-f63efaa128ee","block_type":"box","text":"term strategy and how management is effectively identifying, managing, and mitigating such risks.","page_number":284,"box":{"x":116,"y":800,"width":726,"height":12}},{"id":"90f8f7a9-4a4e-4731-b5b7-69f3a7e007c6","block_type":"box","text":"4","page_number":284,"box":{"x":143,"y":841,"width":4,"height":5}},{"id":"857397ad-a244-4dee-827d-e016d239fc68","block_type":"box","text":"Our regional voting guidelines reflect these different market standards and norms. Depending on the market, generally","page_number":284,"box":{"x":170,"y":841,"width":702,"height":9}},{"id":"9bf8421f-6d93-4dfb-a792-9b93f5c893ae","block_type":"box","text":"accepted practice is informed by corporate law, market regulation, best practices, and industry initiatives, amongst other","page_number":284,"box":{"x":170,"y":854,"width":712,"height":9}},{"id":"a1b1d8c5-6724-434b-a128-82cd8d2f6d87","block_type":"box","text":"factors. BIS carries out engagement with companies, executes proxy votes, and conducts vote operations (including","page_number":284,"box":{"x":170,"y":867,"width":688,"height":9}},{"id":"e8276b92-2381-469b-bd45-bed2afe34059","block_type":"box","text":"maintaining records of votes cast) in a manner consistent with the relevant regional voting guidelines.","page_number":284,"box":{"x":170,"y":880,"width":600,"height":9}},{"id":"ea200eae-b74b-44d6-9c3a-51d569cee55e","block_type":"box","text":"BlackRock Investment Stewardship","page_number":284,"box":{"x":117,"y":909,"width":282,"height":12}},{"id":"c3911cdd-bec1-4cfa-8d54-d91a55fa2c5c","block_type":"box","text":"Global Principles |","page_number":284,"box":{"x":731,"y":909,"width":132,"height":12}},{"id":"0eaa6bfc-3862-4541-9532-f06b26f8cfc4","block_type":"box","text":"5","page_number":284,"box":{"x":875,"y":909,"width":8,"height":9}},{"id":"7df77060-0acb-42b0-9178-137dae56c6a6","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":284,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"00aadc63-70b8-4fe7-835e-177377620501","block_type":"box","text":"Understanding management’s long-term strategy and the milestones against which investors should","page_number":285,"box":{"x":117,"y":87,"width":747,"height":12}},{"id":"fec34879-8eb1-48d9-b02e-fb80d025d279","block_type":"box","text":"assess its implementation is central to our approach. If any strategic targets are significantly missed or","page_number":285,"box":{"x":116,"y":102,"width":765,"height":13}},{"id":"dc917b81-46bf-4d49-bda4-bd6e09ad85b6","block_type":"box","text":"materially restated, we find it helpful when company disclosures provide a detailed explanation of the","page_number":285,"box":{"x":117,"y":118,"width":753,"height":12}},{"id":"bc4b1f91-037b-4de5-9c25-ba5ea16c6d4f","block_type":"box","text":"changes and an indication of the board’s role in reviewing the revised targets. We look to the board to","page_number":285,"box":{"x":116,"y":134,"width":759,"height":12}},{"id":"326157a2-6f14-4bc5-bb56-56f411ae10ae","block_type":"box","text":"articulate the effectiveness of these mechanisms in overseeing the management of business risks and","page_number":285,"box":{"x":116,"y":149,"width":765,"height":12}},{"id":"0edf4f02-dc36-4e29-beb4-237854905cc1","block_type":"box","text":"opportunities and the fulfillment of the company’s strategy.","page_number":285,"box":{"x":116,"y":165,"width":439,"height":12}},{"id":"5c1eb804-d378-46da-be08-74be1ac90370","block_type":"box","text":"Where a company has not adequately disclosed or demonstrated that its board has fulfilled these","page_number":285,"box":{"x":116,"y":196,"width":727,"height":12}},{"id":"f0fbd5bd-ac16-4886-aa81-725ef8f28fc3","block_type":"box","text":"corporate governance and risk oversight responsibilities, we may consider not supporting the election","page_number":285,"box":{"x":116,"y":211,"width":757,"height":12}},{"id":"6da7a584-9e0e-4a3c-879f-15e39e7b3412","block_type":"box","text":"of directors who, in our assessment, have particular responsibility for the issues.","page_number":285,"box":{"x":116,"y":227,"width":601,"height":12}},{"id":"f539c00c-6376-49c5-a170-2b3af235035f","block_type":"box","text":"When casting vote decisions on behalf of clients on the election of directors, some of the factors that","page_number":285,"box":{"x":116,"y":258,"width":750,"height":12}},{"id":"2654f311-427d-4762-9fed-034adf8b8743","block_type":"box","text":"speak to the board’s effectiveness as a group include the relevance of individual directors’","page_number":285,"box":{"x":116,"y":273,"width":673,"height":12}},{"id":"1f050453-22ea-4a65-9f0c-6688d9608c37","block_type":"box","text":"qualifications and skillsets, as well as directors’ capacity and other time commitments, and how these","page_number":285,"box":{"x":116,"y":289,"width":757,"height":12}},{"id":"92212cf5-7992-42f4-9f83-6c042eb3ce7c","block_type":"box","text":"factors may contribute to the company’s financial performance. We look to boards to establish formal","page_number":285,"box":{"x":116,"y":304,"width":754,"height":12}},{"id":"03827c83-3ebc-4f85-9490-3dd8a97b58ec","block_type":"box","text":"and transparent processes for nominating directors that reflect the company’s long-term strategy and","page_number":285,"box":{"x":116,"y":320,"width":754,"height":12}},{"id":"9aa4fcf2-6348-41ca-af58-9540c6e7dcca","block_type":"box","text":"business model.","page_number":285,"box":{"x":117,"y":335,"width":125,"height":10}},{"id":"bce68426-bd23-445c-9852-af97a7cd4be5","block_type":"box","text":"In the section titled “Board quality and effectiveness” below, we provide more detail about our","page_number":285,"box":{"x":117,"y":366,"width":697,"height":12}},{"id":"11b6cb83-4e1e-4150-8f92-ce29e8871f39","block_type":"box","text":"approach to board composition and how it underpins board effectiveness and long-term financial value","page_number":285,"box":{"x":116,"y":382,"width":766,"height":12}},{"id":"c2302991-42b4-4c62-a8c0-468673c6f8fd","block_type":"box","text":"creation.","page_number":285,"box":{"x":116,"y":397,"width":69,"height":10}},{"id":"8ed51aed-626d-4474-92ce-d18bc2ce7cfb","block_type":"box","text":"Regular accountability through director elections","page_number":285,"box":{"x":117,"y":428,"width":397,"height":12}},{"id":"b5400d00-279d-4f4c-b285-af54ceb1e36b","block_type":"box","text":"The election of directors to the board is a right of shareholders and an important signal of support for,","page_number":285,"box":{"x":116,"y":459,"width":756,"height":12}},{"id":"ef1babfa-de44-47a1-899f-94bc61704031","block_type":"box","text":"or concern about, the performance of the board in overseeing and advising management. To ensure","page_number":285,"box":{"x":116,"y":475,"width":749,"height":12}},{"id":"3c5c40ae-1186-405b-b112-1cb3b0909f72","block_type":"box","text":"accountability for their decisions on behalf of shareholders, directors should stand for election on a","page_number":285,"box":{"x":116,"y":490,"width":736,"height":12}},{"id":"6cf5f522-cefd-4d49-9528-f7bf9edb6f65","block_type":"box","text":"regular basis, ideally annually.","page_number":285,"box":{"x":117,"y":506,"width":223,"height":12}},{"id":"dd8a8b35-b989-42a4-93f7-d0f50cce437d","block_type":"box","text":"5","page_number":285,"box":{"x":341,"y":506,"width":6,"height":6}},{"id":"5143db48-8ef2-4062-81bc-0899bc4fb908","block_type":"box","text":"Annual director elections allow shareholders to reaffirm their support","page_number":285,"box":{"x":347,"y":506,"width":517,"height":12}},{"id":"c5608018-2dbd-4717-8043-b79e9bd8a9b2","block_type":"box","text":"for, or concerns about, board members’ decisions in a timely manner. When board members are not","page_number":285,"box":{"x":116,"y":521,"width":749,"height":12}},{"id":"0dc66917-978f-4f9e-807b-0f043a58ad43","block_type":"box","text":"elected annually, we consider it good practice for boards to have a rotation policy to ensure that,","page_number":285,"box":{"x":116,"y":537,"width":719,"height":12}},{"id":"0dd57145-a2d2-4a3a-8494-92cc7be065c3","block_type":"box","text":"through a board cycle, all directors have had their appointment re-confirmed, with a proportion of","page_number":285,"box":{"x":116,"y":552,"width":722,"height":12}},{"id":"bfc5ef4b-78a6-41a2-b86b-069e6a71d025","block_type":"box","text":"directors being put forward for election at each shareholder meeting.","page_number":285,"box":{"x":116,"y":568,"width":513,"height":12}},{"id":"794b2f19-9ab2-4b73-bec5-a7c2f0f523ea","block_type":"box","text":"Board quality and effectiveness","page_number":285,"box":{"x":117,"y":599,"width":257,"height":12}},{"id":"87bbcd9a-0852-44c1-94a3-ae8bd16662e6","block_type":"box","text":"Regular director elections also give boards the opportunity to adjust their composition in an orderly way","page_number":285,"box":{"x":117,"y":630,"width":770,"height":12}},{"id":"f4192dc3-30e2-4a00-91f2-20a524877791","block_type":"box","text":"to reflect developments in the company’s strategy and the market environment. In our view, it is","page_number":285,"box":{"x":116,"y":645,"width":714,"height":12}},{"id":"05f742fc-5dad-4b00-b0c6-efebf0c26fd0","block_type":"box","text":"beneficial for new directors to be brought onto the board periodically to refresh the group’s thinking,","page_number":285,"box":{"x":117,"y":661,"width":735,"height":12}},{"id":"a4d5aa9e-ae3e-4814-92b0-8c740c81f24f","block_type":"box","text":"while supporting both continuity and appropriate succession planning. We consider the average overall","page_number":285,"box":{"x":116,"y":676,"width":763,"height":12}},{"id":"d434be7c-84fc-4688-9a75-5d68ccf3739e","block_type":"box","text":"tenure of the board and seek a balance between the knowledge and experience of longer-serving","page_number":285,"box":{"x":116,"y":692,"width":723,"height":12}},{"id":"95e09829-8152-4c0c-8e4c-e100b7607877","block_type":"box","text":"directors and the fresh perspectives of directors who joined more recently.","page_number":285,"box":{"x":116,"y":707,"width":549,"height":12}},{"id":"5e181f30-2c1f-43a8-924d-03ede8fd49d0","block_type":"box","text":"We appreciate when companies regularly review and assess how directors nominated for election","page_number":285,"box":{"x":116,"y":738,"width":725,"height":12}},{"id":"4fbcb203-d582-475e-8431-bb9c902afae8","block_type":"box","text":"contribute to the effectiveness of the board. In our view, the company’s assessment should consider a","page_number":285,"box":{"x":116,"y":754,"width":757,"height":12}},{"id":"fbdfce1f-257d-4358-bcf3-d0b7d3a22bb4","block_type":"box","text":"number of factors, including each director’s independence and time commitments, as well as the","page_number":285,"box":{"x":117,"y":769,"width":715,"height":12}},{"id":"a3864872-eeba-4a9d-ad3a-d02f40f6db87","block_type":"box","text":"breadth and relevance of director experiences and skillsets, and how these collectively contribute to","page_number":285,"box":{"x":117,"y":785,"width":739,"height":12}},{"id":"aed263d9-24cb-4d20-9dda-da99161a2da8","block_type":"box","text":"the board’s effectiveness in advising and overseeing management in delivering long-term financial","page_number":285,"box":{"x":116,"y":800,"width":728,"height":12}},{"id":"f1aa9789-1a75-4924-9109-9403417dba14","block_type":"box","text":"returns.","page_number":285,"box":{"x":117,"y":816,"width":54,"height":9}},{"id":"68cb528f-74a4-490c-b695-b1c3d64b12de","block_type":"box","text":"5","page_number":285,"box":{"x":143,"y":867,"width":4,"height":5}},{"id":"0d86f9fa-bb5a-4b63-89f0-019ec5925b8e","block_type":"box","text":"In most markets, directors stand for re-election on an annual or triennial basis, as determined by corporate law, market","page_number":285,"box":{"x":171,"y":867,"width":703,"height":9}},{"id":"ee619291-b6de-4283-9afd-d4e00dc0c709","block_type":"box","text":"regulation or voluntary best practice.","page_number":285,"box":{"x":170,"y":880,"width":215,"height":9}},{"id":"2648feb0-0adf-456c-ad3e-58904677c07f","block_type":"box","text":"BlackRock Investment Stewardship","page_number":285,"box":{"x":117,"y":909,"width":282,"height":12}},{"id":"7e06dda0-5ccc-4a46-a80b-e62331fe0758","block_type":"box","text":"Global Principles |","page_number":285,"box":{"x":731,"y":909,"width":132,"height":12}},{"id":"8a11414d-6053-4724-aae1-58d2831d5bed","block_type":"box","text":"6","page_number":285,"box":{"x":875,"y":909,"width":8,"height":9}},{"id":"643af890-9a7c-4362-ac59-508ec2ad0df3","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":285,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"b26fcb9f-2b59-4605-ad35-235e8baf52ac","block_type":"box","text":"Director independence","page_number":286,"box":{"x":117,"y":87,"width":186,"height":12}},{"id":"51f8847a-433a-4887-8d0c-29b8d6fb7c27","block_type":"box","text":"Director independence – from management, significant shareholders, or other related parties – is a","page_number":286,"box":{"x":117,"y":117,"width":738,"height":12}},{"id":"1e1481ea-cab3-4345-be2e-1e7698480d7b","block_type":"box","text":"central tenet of sound corporate governance across markets.","page_number":286,"box":{"x":116,"y":132,"width":452,"height":12}},{"id":"924f76ed-2f3e-4e22-a6fd-825f31fb81b1","block_type":"box","text":"6","page_number":286,"box":{"x":570,"y":132,"width":5,"height":6}},{"id":"a18b6889-82a2-4a08-8084-fdc4a9684859","block_type":"box","text":"We look to boards to have a sufficient","page_number":286,"box":{"x":576,"y":132,"width":290,"height":10}},{"id":"66cf666b-19ad-454b-9148-d67b60554cb1","block_type":"box","text":"number of independent directors, free from conflicts of interest or undue influence, to ensure objectivity","page_number":286,"box":{"x":117,"y":148,"width":768,"height":12}},{"id":"3a8f77e0-5300-4c39-8020-eecef5398b46","block_type":"box","text":"in the decision-making of the board and its ability to oversee management. We generally consider it","page_number":286,"box":{"x":117,"y":163,"width":742,"height":12}},{"id":"93b5ec70-096e-4624-8937-15ce5afa21eb","block_type":"box","text":"good practice for independent directors to make a majority of the board, or in the case of controlled","page_number":286,"box":{"x":116,"y":179,"width":740,"height":12}},{"id":"642d7c06-2965-49fe-8572-2aa20968b3ab","block_type":"box","text":"companies, at least one-third.","page_number":286,"box":{"x":116,"y":194,"width":225,"height":12}},{"id":"be85c5f3-fcd5-4404-ba46-ba65f1007849","block_type":"box","text":"Common impediments to independence may include but are not limited to:","page_number":286,"box":{"x":117,"y":224,"width":557,"height":12}},{"id":"e1de1121-3f42-4dee-b7a7-33347beed59c","block_type":"box","text":"• Current or recent employment at the company or a subsidiary","page_number":286,"box":{"x":117,"y":254,"width":495,"height":12}},{"id":"16f26c65-b6ab-4abb-960d-aeb31e567e4a","block_type":"box","text":"• Being, or representing, a shareholder with a substantial shareholding in the company","page_number":286,"box":{"x":117,"y":276,"width":668,"height":12}},{"id":"0765b41a-1319-43a7-a6b9-fd5685c1465e","block_type":"box","text":"• Interlocking directorates","page_number":286,"box":{"x":117,"y":299,"width":216,"height":12}},{"id":"ed1076fd-743e-4664-8d19-167cfc308872","block_type":"box","text":"• Having any other interest, business, or other relationship which could, or could reasonably be","page_number":286,"box":{"x":117,"y":322,"width":730,"height":12}},{"id":"eae5a880-cb1d-4432-92fa-6bd0eb75f9b3","block_type":"box","text":"perceived to, materially interfere with a director’s ability to act in the best interests of the company","page_number":286,"box":{"x":150,"y":337,"width":729,"height":12}},{"id":"2ec66a16-4f65-40af-ba09-fc9ffbf72ecb","block_type":"box","text":"and shareholders","page_number":286,"box":{"x":150,"y":353,"width":134,"height":9}},{"id":"c3f60faf-bce8-4f16-bbd1-e60f077955f9","block_type":"box","text":"In our experience, boards are most effective at overseeing and advising management when there is a","page_number":286,"box":{"x":117,"y":382,"width":759,"height":12}},{"id":"c4727547-1199-43d7-ab9f-cb31d5337ca5","block_type":"box","text":"senior, independent board leader. This director may chair the board, or, where the chair is also the","page_number":286,"box":{"x":116,"y":398,"width":736,"height":12}},{"id":"8e6fe69e-ec79-4e2f-ac94-623dd4ddb61d","block_type":"box","text":"CEO (or is otherwise not independent), be designated as a lead independent director. The role of this","page_number":286,"box":{"x":117,"y":413,"width":757,"height":12}},{"id":"eaf616a6-5ed1-4cc7-b709-91974ee34d86","block_type":"box","text":"director is to support independent board members in fulfilling their oversight responsibilities effectively","page_number":286,"box":{"x":116,"y":429,"width":760,"height":12}},{"id":"cf19d88e-e02b-40a5-ba49-ca0a47224e63","block_type":"box","text":"by shaping the agenda, ensuring adequate information is provided to the board, and encouraging","page_number":286,"box":{"x":117,"y":444,"width":726,"height":12}},{"id":"0e78622c-5dcf-4d1f-9c9b-f9455144ad26","block_type":"box","text":"independent director participation in board deliberations. We appreciate when the lead independent","page_number":286,"box":{"x":117,"y":460,"width":742,"height":12}},{"id":"5989591e-d4e7-40e8-8858-5107a103d525","block_type":"box","text":"director or another appropriate director is available to meet with shareholders to explain and","page_number":286,"box":{"x":116,"y":475,"width":687,"height":12}},{"id":"6a111714-c52f-49d1-b74f-02022f4c7934","block_type":"box","text":"contextualize a company’s approach as a situation warrants.","page_number":286,"box":{"x":116,"y":491,"width":454,"height":12}},{"id":"5441a0f8-fe3e-4ec1-ad4a-d7218df5956f","block_type":"box","text":"Boards may face matters that could involve conflicts of interest for executives or affiliated directors, or","page_number":286,"box":{"x":117,"y":520,"width":759,"height":13}},{"id":"3906f2d0-0457-4c42-a916-02be93206fd0","block_type":"box","text":"that require additional focus. It is our view that objective oversight of such matters is best achieved","page_number":286,"box":{"x":116,"y":536,"width":736,"height":12}},{"id":"961eea06-6ac3-4c53-a0fa-72386348919a","block_type":"box","text":"when the board forms committees with a majority of independent directors, depending on market","page_number":286,"box":{"x":116,"y":551,"width":723,"height":13}},{"id":"de3a3947-7633-4c78-a7ef-874163d9b67d","block_type":"box","text":"norms and a company’s ownership structure. In many markets, these committees of the board","page_number":286,"box":{"x":117,"y":567,"width":704,"height":12}},{"id":"53f0d2c9-034b-4200-8e60-275315120ad5","block_type":"box","text":"specialize in audit, director nominations, and compensation matters, among others. An ad hoc","page_number":286,"box":{"x":116,"y":583,"width":703,"height":12}},{"id":"61d952d2-cc14-400e-afc0-a11a7a57a5e0","block_type":"box","text":"committee might also be formed to decide on a special transaction, particularly one involving a related","page_number":286,"box":{"x":116,"y":598,"width":762,"height":12}},{"id":"3b1bf697-07b6-4086-80ff-52a6da9b0bd7","block_type":"box","text":"party, or to investigate a significant adverse event.","page_number":286,"box":{"x":117,"y":613,"width":378,"height":13}},{"id":"51d25984-c8aa-4e66-9463-a0d3ff6fb4c1","block_type":"box","text":"Sufficient capacity","page_number":286,"box":{"x":116,"y":643,"width":153,"height":12}},{"id":"c2e43633-1402-4e77-930e-a4c3f5d0f6d0","block_type":"box","text":"As the role and expectations of a director are increasingly demanding, directors must be able to","page_number":286,"box":{"x":116,"y":673,"width":709,"height":12}},{"id":"c37c2c7f-3811-4249-ba61-b15ad06c91e8","block_type":"box","text":"commit an appropriate amount of time to board and committee matters. It is important that directors","page_number":286,"box":{"x":116,"y":688,"width":738,"height":12}},{"id":"6ff9f9aa-c2e7-4a6f-968d-54f184c3fc68","block_type":"box","text":"have the capacity to meet all of their responsibilities – including when there are unforeseen events –","page_number":286,"box":{"x":117,"y":704,"width":743,"height":12}},{"id":"8c524c86-9d9f-4d17-8103-fbd146635cd7","block_type":"box","text":"and therefore, we consider it best practice when they don’t take on an excessive number of roles that","page_number":286,"box":{"x":116,"y":719,"width":751,"height":13}},{"id":"395e6f69-f69d-4b26-92a2-d8efac930d95","block_type":"box","text":"would impair their ability to fulfill their duties.","page_number":286,"box":{"x":116,"y":735,"width":326,"height":12}},{"id":"9ace068d-f16b-44fc-8a82-f210be5e4973","block_type":"box","text":"Board composition","page_number":286,"box":{"x":117,"y":765,"width":151,"height":12}},{"id":"58c076d6-e552-43a8-a4e9-ecf73791e9cd","block_type":"box","text":"In assessing board composition, we take into account a company’s board size, business model,","page_number":286,"box":{"x":117,"y":795,"width":708,"height":11}},{"id":"f346a2c5-4076-4a58-a28a-21d6f1c7fd5e","block_type":"box","text":"strategy, market capitalization, and ownership structure, as well as the market in which the company","page_number":286,"box":{"x":116,"y":810,"width":745,"height":12}},{"id":"d5b578d5-a693-48d6-9013-a103e63b042f","block_type":"box","text":"operates. We find it helpful when companies explain how their approach to board composition supports","page_number":286,"box":{"x":116,"y":825,"width":771,"height":12}},{"id":"47e51ac0-62e1-4388-8b7d-3f84328b60f9","block_type":"box","text":"the company’s governance practices.","page_number":286,"box":{"x":116,"y":841,"width":282,"height":12}},{"id":"fa023a41-5bf8-40c3-b4ed-0100bfb9227a","block_type":"box","text":"6","page_number":286,"box":{"x":143,"y":866,"width":4,"height":5}},{"id":"a055d584-352b-4f39-b213-c73b7dd2aad1","block_type":"box","text":"For example, please see: Tokyo Stock Exchange, “Japan’s Corporate Governance Code,” June 11, 2021; Financial","page_number":286,"box":{"x":171,"y":866,"width":683,"height":10}},{"id":"aeb12da7-a4b0-4cc0-95e7-9a5fa339ee53","block_type":"box","text":"Reporting Council, “UK Corporate Governance Code,” January 2024, accessed in December 2025.","page_number":286,"box":{"x":171,"y":879,"width":587,"height":10}},{"id":"ff34b104-314f-4eaf-b364-30cbfa54e425","block_type":"box","text":"BlackRock Investment Stewardship","page_number":286,"box":{"x":117,"y":909,"width":282,"height":12}},{"id":"9dca4882-bb90-447c-bbf6-0637c5c69ff4","block_type":"box","text":"Global Principles |","page_number":286,"box":{"x":731,"y":909,"width":132,"height":12}},{"id":"d8090a5b-25e8-480b-b305-b002d4804076","block_type":"box","text":"7","page_number":286,"box":{"x":875,"y":909,"width":8,"height":9}},{"id":"50965c4d-48b9-4fc6-bca8-f49166f9fdff","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":286,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"f6e83cd7-8c9e-4429-9182-32690008cb89","block_type":"box","text":"When nominating directors to the board, we look to companies to provide sufficient information on the","page_number":287,"box":{"x":116,"y":87,"width":760,"height":12}},{"id":"20d853fe-a14c-4e18-9b3c-1c5c36ac83f4","block_type":"box","text":"individual candidates so that shareholders can assess the capabilities and suitability of each individual","page_number":287,"box":{"x":117,"y":102,"width":763,"height":13}},{"id":"1fbf97cb-249d-497b-bfc9-cca33a1fbd75","block_type":"box","text":"nominee and their fit within overall board composition. These disclosures should explain how the","page_number":287,"box":{"x":117,"y":118,"width":721,"height":12}},{"id":"78bf7f37-d334-4354-a26e-43f5cfc46672","block_type":"box","text":"collective experience and expertise of the board, as well as the particular skillsets of individual","page_number":287,"box":{"x":116,"y":134,"width":703,"height":11}},{"id":"2838db10-fd6f-407e-ac02-938ff542e8c8","block_type":"box","text":"directors, aligns with the company’s long-term strategy. Highly qualified, engaged directors with","page_number":287,"box":{"x":116,"y":149,"width":713,"height":12}},{"id":"aa939d55-fd25-4066-8682-b67b030fceff","block_type":"box","text":"professional characteristics relevant to a company’s business and strategy enhance the ability of the","page_number":287,"box":{"x":117,"y":165,"width":749,"height":12}},{"id":"4ed452b0-3349-40ef-8346-d0338cb95ded","block_type":"box","text":"board to add value and be the voice of shareholders in board discussions.","page_number":287,"box":{"x":117,"y":180,"width":554,"height":10}},{"id":"adb17637-475a-4e97-b247-bb34e7f0c5aa","block_type":"box","text":"It is in this context that we are interested in a variety of experiences, perspectives, and skillsets in the","page_number":287,"box":{"x":117,"y":208,"width":755,"height":12}},{"id":"52cee546-80e7-41a3-a10a-1d8d53b66717","block_type":"box","text":"board room. We see it as a means of avoiding “group think” in the board’s exercise of its","page_number":287,"box":{"x":117,"y":224,"width":659,"height":12}},{"id":"2526132b-04d7-4ae1-88db-295edd6b7fca","block_type":"box","text":"responsibilities to advise and oversee management. We note that in many markets, policymakers have","page_number":287,"box":{"x":117,"y":239,"width":768,"height":12}},{"id":"96b0b3ac-8629-4e3d-9cd1-c746a0e96698","block_type":"box","text":"set board gender diversity goals which we may discuss with companies, particularly if there is a risk","page_number":287,"box":{"x":116,"y":255,"width":743,"height":12}},{"id":"e1a3c427-bb8c-4150-af33-9185ba8f11bc","block_type":"box","text":"their board composition may be misaligned.","page_number":287,"box":{"x":116,"y":270,"width":329,"height":12}},{"id":"68ff53a4-cd67-4f84-9b54-558c4177f211","block_type":"box","text":"AUDITORS AND AUDIT-RELATED ISSUES","page_number":287,"box":{"x":331,"y":305,"width":341,"height":9}},{"id":"ff8c68e7-7a9c-418c-91d4-ef0b73831350","block_type":"box","text":"BIS recognizes the critical importance of financial statements to provide a complete and accurate","page_number":287,"box":{"x":117,"y":333,"width":725,"height":12}},{"id":"d6c7c959-1016-46af-b513-ea54bc8997ab","block_type":"box","text":"portrayal of a company’s financial condition. Accordingly, we look for the assumptions made by","page_number":287,"box":{"x":117,"y":349,"width":709,"height":12}},{"id":"1f8d48ff-aac3-4224-9984-e50fc498a80d","block_type":"box","text":"management, and reviewed by the auditor in preparing the financial statements, to be reasonable and","page_number":287,"box":{"x":117,"y":364,"width":760,"height":12}},{"id":"b2a32722-02ad-4932-887c-0f3da33eae31","block_type":"box","text":"justified.","page_number":287,"box":{"x":115,"y":380,"width":67,"height":12}},{"id":"cc28f9d2-7ad2-49f6-bd46-4a748eadf046","block_type":"box","text":"We view the audit committee, or its equivalent, as responsible for overseeing the management of the","page_number":287,"box":{"x":116,"y":408,"width":754,"height":12}},{"id":"7b127de9-77af-4a36-856d-d1b9d1a758d5","block_type":"box","text":"independent auditor and the internal audit function at a company. The committee plays an important","page_number":287,"box":{"x":117,"y":423,"width":746,"height":12}},{"id":"9ab254ab-78d1-4449-b541-d2cafa0875bc","block_type":"box","text":"role in a company’s financial reporting system by providing independent oversight of the accounts,","page_number":287,"box":{"x":117,"y":439,"width":733,"height":12}},{"id":"2672e0e8-b46b-4aa6-926f-f8654c711fbe","block_type":"box","text":"material financial, and, where appropriate to the jurisdiction, non-financial information and internal","page_number":287,"box":{"x":117,"y":454,"width":728,"height":12}},{"id":"2992e1b3-c7af-4b4d-8107-30f4011906c3","block_type":"box","text":"control frameworks. Moreover, in the absence of a dedicated risk committee, these committees can","page_number":287,"box":{"x":116,"y":470,"width":743,"height":11}},{"id":"fb3621f2-06b6-430e-9d19-a4f4c3c25253","block_type":"box","text":"provide oversight of Enterprise Risk Management systems.","page_number":287,"box":{"x":117,"y":485,"width":437,"height":12}},{"id":"dfe55634-ff23-475a-ba33-dd3346925fe6","block_type":"box","text":"7","page_number":287,"box":{"x":556,"y":486,"width":5,"height":5}},{"id":"3ad6ced9-006b-498c-a9b2-5148d0ad241d","block_type":"box","text":"In our view, effective audit committee","page_number":287,"box":{"x":562,"y":485,"width":286,"height":12}},{"id":"94fc706f-2dea-4168-8976-26def68f57a7","block_type":"box","text":"oversight strengthens the quality and reliability of a company’s financial statements and provides an","page_number":287,"box":{"x":116,"y":501,"width":745,"height":12}},{"id":"7fa90920-49a3-4822-a849-b896019b06f7","block_type":"box","text":"important level of reassurance to shareholders.","page_number":287,"box":{"x":117,"y":516,"width":354,"height":12}},{"id":"3999f7e3-76d6-41cb-b197-44adb849018d","block_type":"box","text":"We look to audit committees, or their equivalent, to have clearly articulated charters that set out their","page_number":287,"box":{"x":116,"y":545,"width":750,"height":12}},{"id":"cf40808e-bc67-4348-95d3-aa6f5ad5a07b","block_type":"box","text":"responsibilities. Additionally, having a rotation plan can periodically refresh the committee membership","page_number":287,"box":{"x":117,"y":560,"width":765,"height":12}},{"id":"8e5c3a19-c8d6-4931-a966-fb884a4c5d0d","block_type":"box","text":"and introduce new perspectives. We recognize that audit committees will rely on management, internal","page_number":287,"box":{"x":116,"y":576,"width":769,"height":12}},{"id":"5e819285-4257-4710-9069-c77b002e4aee","block_type":"box","text":"audit, and the independent auditor to fulfill their responsibilities. However, we look to committee","page_number":287,"box":{"x":116,"y":591,"width":712,"height":12}},{"id":"18aa2071-a4f6-4c56-bd16-7231ae40e3ca","block_type":"box","text":"members to demonstrate they have relevant expertise to monitor and oversee the audit process and","page_number":287,"box":{"x":117,"y":607,"width":749,"height":12}},{"id":"9b73d8a1-489d-4200-9dc6-5abec830f277","block_type":"box","text":"related activities.","page_number":287,"box":{"x":117,"y":622,"width":129,"height":10}},{"id":"999dbf75-821f-4fe2-b940-c7772bc075b0","block_type":"box","text":"We take particular note of unexplained changes in reporting methodology, cases involving significant","page_number":287,"box":{"x":116,"y":650,"width":753,"height":12}},{"id":"17ca2ca3-61f5-4d58-9ea7-2732be53acb2","block_type":"box","text":"financial restatements, or ad hoc notifications of material financial weakness. In this respect, we look to","page_number":287,"box":{"x":116,"y":666,"width":765,"height":12}},{"id":"6386dd7d-9563-4091-b5f6-3bc3e49f1650","block_type":"box","text":"audit committees to provide timely disclosure on the remediation of key and critical audit matters","page_number":287,"box":{"x":116,"y":681,"width":715,"height":12}},{"id":"65cc9c02-99e8-4c7d-a471-cf1a74f34ff9","block_type":"box","text":"identified either by the external auditor or internal audit function.","page_number":287,"box":{"x":117,"y":697,"width":472,"height":12}},{"id":"6c9a08ed-0f84-495b-83a8-92e1e9ee7877","block_type":"box","text":"The integrity of financial statements depends on the auditor being free of any impediments that could","page_number":287,"box":{"x":116,"y":725,"width":748,"height":12}},{"id":"307d9da8-1ddd-4bc3-87cb-9de0dff2bfd8","block_type":"box","text":"compromise its ability to serve as an effective check on management. To that end, it is important that","page_number":287,"box":{"x":116,"y":741,"width":750,"height":12}},{"id":"15403f13-0ff3-44b5-b25d-54d7fb697bb1","block_type":"box","text":"auditors are, and are seen to be, independent. Where an audit firm provides services to the company","page_number":287,"box":{"x":116,"y":756,"width":751,"height":12}},{"id":"cfd3fa44-2911-4b80-9975-311021f3a783","block_type":"box","text":"in addition to the audit, we look for the fees","page_number":287,"box":{"x":117,"y":772,"width":318,"height":11}},{"id":"b54f12d6-2de4-41be-8d22-695e09c77f5e","block_type":"box","text":"earned to be disclosed and explained. We look for audit","page_number":287,"box":{"x":441,"y":772,"width":414,"height":12}},{"id":"d1f3f4e1-d42f-4059-9cd7-413951f8a91e","block_type":"box","text":"committees to have in place a procedure for assessing the independence of the auditor and the quality","page_number":287,"box":{"x":116,"y":787,"width":762,"height":12}},{"id":"50e60039-6e02-4abd-b0ac-f1d6742eb01a","block_type":"box","text":"of the external audit process on an annual basis.","page_number":287,"box":{"x":116,"y":803,"width":360,"height":12}},{"id":"348048e1-7e8b-48e1-aeda-114c06764499","block_type":"box","text":"7","page_number":287,"box":{"x":143,"y":828,"width":4,"height":5}},{"id":"61feb690-8069-49e3-99a4-61a998abe2d4","block_type":"box","text":"Enterprise Risk Management is a process, effected by the entity’s board of directors, management, and other","page_number":287,"box":{"x":171,"y":828,"width":648,"height":9}},{"id":"2c14e08d-8cd1-4660-8035-400de55cb74d","block_type":"box","text":"personnel, applied in strategy setting and across the enterprise, designed to identify potential events that may affect the","page_number":287,"box":{"x":170,"y":841,"width":709,"height":9}},{"id":"c41f9b97-2548-4d1a-9a35-89b2be53ec93","block_type":"box","text":"entity, and manage risk to be within the risk appetite, to provide reasonable assurance regarding the achievement of","page_number":287,"box":{"x":170,"y":854,"width":690,"height":9}},{"id":"bd9c8d54-92eb-4089-b467-33a16d054ce0","block_type":"box","text":"objectives. Please see: The Committee of Sponsoring Organizations of the Treadway Commission (COSO), “Enterprise","page_number":287,"box":{"x":170,"y":866,"width":710,"height":10}},{"id":"8e1bd874-7418-4fa9-9964-23bdbe5a4ee3","block_type":"box","text":"Risk Management,” 2023, accessed in December 2025.","page_number":287,"box":{"x":171,"y":879,"width":329,"height":10}},{"id":"d640663a-24c4-4dc3-8769-537335f91704","block_type":"box","text":"BlackRock Investment Stewardship","page_number":287,"box":{"x":117,"y":909,"width":282,"height":12}},{"id":"be10e3e4-6727-4383-bc4f-db25edb6bfa4","block_type":"box","text":"Global Principles |","page_number":287,"box":{"x":731,"y":909,"width":132,"height":12}},{"id":"fd925321-2105-4746-bd68-b05b820db2e4","block_type":"box","text":"8","page_number":287,"box":{"x":875,"y":909,"width":8,"height":9}},{"id":"a393c98a-0623-41f2-b7d1-67a724ba1a68","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":287,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"776062e9-bb21-4d25-84e1-425820a4c37b","block_type":"box","text":"Comprehensive disclosure provides investors with an understanding of the company’s long-term","page_number":288,"box":{"x":117,"y":87,"width":719,"height":12}},{"id":"59c8b1d7-f61a-487f-ae3e-23f81e0812f2","block_type":"box","text":"operational risk management practices and, more broadly, the quality of the board’s oversight. We look","page_number":288,"box":{"x":116,"y":102,"width":770,"height":13}},{"id":"7e70871d-1e17-4931-8345-374e4834740b","block_type":"box","text":"to the audit or risk committee to periodically review the company’s risk assessment and risk","page_number":288,"box":{"x":116,"y":118,"width":684,"height":12}},{"id":"ea570dd1-8dd5-44aa-b0e6-921f27e5911f","block_type":"box","text":"management policies and the significant risks and exposures identified by management, the internal","page_number":288,"box":{"x":117,"y":134,"width":747,"height":12}},{"id":"c7edf8af-bbcd-4429-ad94-c813676b0e94","block_type":"box","text":"auditors or the independent auditors, and management’s steps to address them. In the absence of","page_number":288,"box":{"x":116,"y":149,"width":735,"height":12}},{"id":"ffdc42d8-5f88-41f4-8db3-e4b9b3ad04fc","block_type":"box","text":"detailed disclosures, we may conclude that companies are not adequately managing risk.","page_number":288,"box":{"x":116,"y":165,"width":668,"height":12}},{"id":"db1ba8d7-16bb-43f0-925e-e786b5978811","block_type":"box","text":"CAPITAL STRUCTURE, MERGERS, ACQUISITIONS, ASSET SALES, AND OTHER SPECIAL","page_number":288,"box":{"x":141,"y":203,"width":723,"height":12}},{"id":"42f71eb0-b340-489e-8c27-b0cda56992ed","block_type":"box","text":"SITUATIONS","page_number":288,"box":{"x":449,"y":219,"width":106,"height":9}},{"id":"d35cfe49-9ed9-4688-a757-0d48a08e9408","block_type":"box","text":"The capital structure of a company is critical to shareholders as it impacts the value of their investment","page_number":288,"box":{"x":116,"y":250,"width":766,"height":12}},{"id":"5a040e0d-a4cb-4d98-a2f5-23f7b9a626c5","block_type":"box","text":"and the priority of their interest in the company relative to that of other equity or debt investors.","page_number":288,"box":{"x":116,"y":265,"width":707,"height":12}},{"id":"f42413c6-92fa-4a35-97c5-a84c1293a9bf","block_type":"box","text":"Pre-emptive rights are a key protection for shareholders against the dilution of their interests.","page_number":288,"box":{"x":117,"y":281,"width":693,"height":12}},{"id":"98de87b4-45c1-41ac-bb28-dbc48ed8d506","block_type":"box","text":"In principle, we have concerns with the creation of a share class with equivalent economic exposure","page_number":288,"box":{"x":117,"y":312,"width":746,"height":12}},{"id":"4ea24de9-dc8f-4eaa-baa6-260850e5f6c8","block_type":"box","text":"and differentiated voting rights. As a result, BIS generally supports bylaw amendments that introduce","page_number":288,"box":{"x":116,"y":327,"width":754,"height":12}},{"id":"57bc6699-4f6e-4ac4-a0b3-9eb107929df6","block_type":"box","text":"the adoption of “one share, one vote” for registered shareholders.","page_number":288,"box":{"x":116,"y":343,"width":491,"height":12}},{"id":"db9afefe-c36f-4a4a-8cac-98d15dd152e7","block_type":"box","text":"However, we recognize that in certain markets, at least for a period of time, companies may have a","page_number":288,"box":{"x":117,"y":374,"width":740,"height":12}},{"id":"ff197380-cb32-4155-af2b-f822a0eef7f6","block_type":"box","text":"valid reason for listing dual classes of shares with differentiated voting rights. In our view, such","page_number":288,"box":{"x":116,"y":389,"width":706,"height":12}},{"id":"17aa27ce-1ae2-4c1d-a4c5-0d9cc08b1e83","block_type":"box","text":"companies should review these share class structures on a regular basis or as company","page_number":288,"box":{"x":116,"y":405,"width":661,"height":12}},{"id":"0a2cfeb4-ea85-4044-9468-8b4a16e5ef2d","block_type":"box","text":"circumstances change. Additionally, they should seek shareholder approval of their capital structure on","page_number":288,"box":{"x":116,"y":420,"width":769,"height":12}},{"id":"ee21437b-216e-41c9-8cc0-7560cd7f4ce6","block_type":"box","text":"a periodic basis via a management proposal at the company’s shareholder meeting. The proposal","page_number":288,"box":{"x":116,"y":436,"width":731,"height":12}},{"id":"2d0724ee-6733-4e1d-ad9d-2a67c7668243","block_type":"box","text":"should give unaffiliated shareholders the opportunity to affirm the current structure or establish","page_number":288,"box":{"x":116,"y":451,"width":705,"height":12}},{"id":"e0966a86-ba14-4b10-bc14-343a815ea7bd","block_type":"box","text":"mechanisms to end or phase out controlling structures at the appropriate time, while minimizing costs","page_number":288,"box":{"x":117,"y":467,"width":757,"height":12}},{"id":"8cf70c7b-40e6-4dfa-89bc-2038b501d287","block_type":"box","text":"to shareholders.","page_number":288,"box":{"x":116,"y":482,"width":125,"height":10}},{"id":"266c471e-5a9b-4743-b50f-2a1429a6e20b","block_type":"box","text":"In assessing mergers, asset sales, or other special situations, BIS’ primary consideration is the long","page_number":288,"box":{"x":117,"y":513,"width":745,"height":12}},{"id":"307b1ba9-cff5-47ad-bbb0-abf222ca1d6b","block_type":"box","text":"term financial interests of our clients as shareholders, and so we will review any proposed transaction","page_number":288,"box":{"x":116,"y":529,"width":758,"height":12}},{"id":"03f10713-27b6-4b26-ba99-ca1442717f45","block_type":"box","text":"with that objective in mind. Typically, we review factors such as whether the proposed transaction has","page_number":288,"box":{"x":116,"y":544,"width":760,"height":12}},{"id":"545efbca-4705-4aab-a67b-dd6ec26fdb34","block_type":"box","text":"the unanimous support of the board and has been negotiated at arm’s length, and whether the board","page_number":288,"box":{"x":116,"y":560,"width":753,"height":12}},{"id":"66fe4c1e-283d-4f78-b45b-84631ed6ba9d","block_type":"box","text":"or management has clearly explained its economic and strategic rationale. We may also seek","page_number":288,"box":{"x":116,"y":576,"width":699,"height":11}},{"id":"d38edaed-99f0-458b-a425-934f9a609163","block_type":"box","text":"reassurance from the board that the financial interests of executives and/or board members in a given","page_number":288,"box":{"x":117,"y":591,"width":761,"height":12}},{"id":"78d6e907-f5a3-42ed-aeb1-d359a58fb128","block_type":"box","text":"transaction have not adversely affected their ability to place shareholders’ interests before their own.","page_number":288,"box":{"x":116,"y":606,"width":750,"height":12}},{"id":"d9bebe32-8e23-4b43-9970-b310b628b691","block_type":"box","text":"Where the transaction involves related parties, the recommendation to support should come from the","page_number":288,"box":{"x":116,"y":622,"width":755,"height":12}},{"id":"060f7923-00b7-460c-ba14-95f9bb93e5a3","block_type":"box","text":"independent directors, a best practice in most markets, and ideally, the terms should have been","page_number":288,"box":{"x":117,"y":638,"width":715,"height":11}},{"id":"0aa681c5-fdf7-4f0f-a90e-5d1a3534a7ee","block_type":"box","text":"assessed through an independent appraisal process. In addition, it is good practice that it be approved","page_number":288,"box":{"x":116,"y":653,"width":766,"height":12}},{"id":"16dfb6e4-9598-4941-98ef-ca9f341fa5dc","block_type":"box","text":"by a separate vote of the non-conflicted parties.","page_number":288,"box":{"x":117,"y":668,"width":352,"height":12}},{"id":"18c239ce-b8b0-48ea-9337-2ed61380adff","block_type":"box","text":"As a matter of sound governance practice, shareholders should have a right to dispose of company","page_number":288,"box":{"x":116,"y":699,"width":738,"height":13}},{"id":"9eda2224-8369-4761-a07a-242ed8bba1bd","block_type":"box","text":"shares in the open market without unnecessary restriction. In our view, corporate mechanisms","page_number":288,"box":{"x":116,"y":715,"width":700,"height":12}},{"id":"43f3ff57-91bf-426a-b738-b2a29da08218","block_type":"box","text":"designed to limit shareholders’ ability to sell their shares are contrary to basic property rights. Such","page_number":288,"box":{"x":116,"y":730,"width":732,"height":13}},{"id":"b85b934c-2aae-4e87-8e64-b1e34bd82318","block_type":"box","text":"mechanisms can serve to protect and entrench interests other than those of the shareholders. In our","page_number":288,"box":{"x":117,"y":746,"width":745,"height":12}},{"id":"28f06487-de0e-482e-aee6-a01625119efc","block_type":"box","text":"view, shareholders are broadly capable of making decisions in their own best interests. We encourage","page_number":288,"box":{"x":116,"y":761,"width":759,"height":13}},{"id":"53b1f4a7-0222-43c1-a41f-bf6c41da8a00","block_type":"box","text":"any shareholder rights plans proposed by a board to be subject to shareholder approval upon","page_number":288,"box":{"x":116,"y":777,"width":693,"height":12}},{"id":"ff4fce01-6212-48f7-850b-c886c304642a","block_type":"box","text":"introduction and periodically thereafter.","page_number":288,"box":{"x":117,"y":792,"width":287,"height":13}},{"id":"d9040108-8440-4b02-b6c7-8c486aed2787","block_type":"box","text":"EXECUTIVE COMPENSATION AND BENEFITS","page_number":288,"box":{"x":318,"y":831,"width":369,"height":10}},{"id":"163b4724-3763-40a4-9a82-02f8f1212542","block_type":"box","text":"Executive compensation is an important tool used by companies to support long-term financial value","page_number":288,"box":{"x":117,"y":862,"width":749,"height":12}},{"id":"ac967692-d243-44e5-af69-9283b215d5f6","block_type":"box","text":"creation. A well-structured compensation policy rewards the successful delivery of strategic,","page_number":288,"box":{"x":116,"y":878,"width":686,"height":12}},{"id":"491af452-7c92-4b62-9bc0-dba82a0fe46e","block_type":"box","text":"BlackRock Investment Stewardship","page_number":288,"box":{"x":117,"y":909,"width":282,"height":12}},{"id":"bba27504-9acf-4376-994c-fdabc8bb1298","block_type":"box","text":"Global Principles |","page_number":288,"box":{"x":731,"y":909,"width":132,"height":12}},{"id":"72b0819b-db8c-475e-a8ab-9a4aa211595f","block_type":"box","text":"9","page_number":288,"box":{"x":875,"y":909,"width":8,"height":9}},{"id":"730fbdfa-1019-4b43-b4cc-7b083a1c686e","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":288,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"b9362206-07a5-479f-bbc4-57de6e6ee0cd","block_type":"box","text":"operational, and/or financial goals; encourages an appropriate risk appetite; and aligns the interests of","page_number":289,"box":{"x":116,"y":87,"width":763,"height":12}},{"id":"62f483cf-3d82-4583-992c-ea1e615fd6ef","block_type":"box","text":"shareholders and executives through equity ownership.","page_number":289,"box":{"x":116,"y":103,"width":410,"height":12}},{"id":"a9a0f5ab-e977-4813-849f-659c139d67e2","block_type":"box","text":"8","page_number":289,"box":{"x":528,"y":103,"width":5,"height":6}},{"id":"a00f4a8e-35d3-4a17-af00-7ccf6e459cca","block_type":"box","text":"We look for a clear link between variable pay and operational and financial performance that support","page_number":289,"box":{"x":116,"y":134,"width":751,"height":12}},{"id":"e475be90-335a-46d9-9803-5ba27edbce3d","block_type":"box","text":"sustained financial value creation for our clients as shareholders. We appreciate when performance","page_number":289,"box":{"x":116,"y":149,"width":744,"height":12}},{"id":"9eefc598-1c25-4833-9e88-b704e77791f3","block_type":"box","text":"targets incorporate ambitious objectives, and the corresponding metrics are aligned with the","page_number":289,"box":{"x":116,"y":165,"width":687,"height":12}},{"id":"1d35cd07-d6b6-41ff-8486-992763b9a88f","block_type":"box","text":"company’s strategy and business model. BIS does not have a position on whether companies choose","page_number":289,"box":{"x":116,"y":180,"width":760,"height":12}},{"id":"e26a2f1b-b6b3-4a24-b01c-0e4f0dc894d0","block_type":"box","text":"to use sustainability-related criteria in compensation structures, but, where they are included, we look","page_number":289,"box":{"x":116,"y":196,"width":757,"height":12}},{"id":"02934fd4-13e6-46bd-ae41-3ef5bb8d7ae9","block_type":"box","text":"to companies to be as rigorous as they would be in setting other financial or operational targets. We","page_number":289,"box":{"x":116,"y":211,"width":745,"height":12}},{"id":"f0829152-9c64-4d39-8f7d-07771dc04460","block_type":"box","text":"appreciate when long-term incentive plans encompass timeframes that: 1) are distinct from annual","page_number":289,"box":{"x":116,"y":227,"width":735,"height":12}},{"id":"6c5606b4-05d8-4c3a-a01a-61a7b0a610f8","block_type":"box","text":"executive compensation structures and metrics, and 2) encourage the delivery of strong financial","page_number":289,"box":{"x":116,"y":242,"width":724,"height":12}},{"id":"a909c732-5d00-4913-991c-3c1935a079a6","block_type":"box","text":"results over a period of years.","page_number":289,"box":{"x":117,"y":258,"width":225,"height":12}},{"id":"84c92846-f119-4ad6-bed7-b42d859d32e7","block_type":"box","text":"We consider it best practice when board members responsible for designing and approving executive","page_number":289,"box":{"x":116,"y":289,"width":757,"height":12}},{"id":"d1e8138c-c063-4965-8f89-dec4d43c1ff0","block_type":"box","text":"compensation carefully consider the company’s specific circumstances. Factors to consider may","page_number":289,"box":{"x":116,"y":304,"width":720,"height":12}},{"id":"ad7d615f-55e4-4a13-bb14-288dc31bd1c0","block_type":"box","text":"include the company’s risk profile, the environment it operates in, and the individuals the board is trying","page_number":289,"box":{"x":117,"y":320,"width":770,"height":12}},{"id":"46a61178-87ce-44bd-bf5e-fbeaa3315f6c","block_type":"box","text":"to attract and retain. We look to the compensation committees to guard against contractual","page_number":289,"box":{"x":116,"y":335,"width":679,"height":12}},{"id":"1e765d4c-b6a3-4f36-b0ae-f1fbbb3fa10b","block_type":"box","text":"arrangements that would entitle executives to material compensation for early termination of their","page_number":289,"box":{"x":116,"y":351,"width":726,"height":12}},{"id":"086b3d98-3d62-4108-84d1-eae339e4df87","block_type":"box","text":"employment. Finally, we look for pension contributions and other deferred compensation arrangements","page_number":289,"box":{"x":116,"y":366,"width":770,"height":12}},{"id":"d16e0781-1435-4cc2-82a2-46a387714ae9","block_type":"box","text":"to be reasonable in light of market practices or the company’s business and executive compensation","page_number":289,"box":{"x":116,"y":382,"width":752,"height":12}},{"id":"d59a5c4b-1a0e-4c5c-a7eb-61a2c02cb0ae","block_type":"box","text":"strategies.","page_number":289,"box":{"x":116,"y":397,"width":82,"height":12}},{"id":"5ff00cba-0825-43aa-bf22-f3c99cfa425b","block_type":"box","text":"We are not supportive of one-off or special bonuses unrelated to company or individual performance.","page_number":289,"box":{"x":116,"y":428,"width":755,"height":12}},{"id":"0e877a4a-0af6-4525-972c-464d75375c69","block_type":"box","text":"Where discretion has been used by the compensation committee, or its equivalent, we appreciate","page_number":289,"box":{"x":116,"y":444,"width":730,"height":12}},{"id":"5b1b6c7d-ef42-4729-bff7-69129570ea6c","block_type":"box","text":"disclosure relating to how and why the discretion was used, and how the adjusted outcome is aligned","page_number":289,"box":{"x":116,"y":459,"width":757,"height":12}},{"id":"c5f3f365-657b-4872-aae6-46865fc6d1e8","block_type":"box","text":"with the interests of shareholders. In addition, we acknowledge that the use of peer group evaluation","page_number":289,"box":{"x":116,"y":475,"width":751,"height":12}},{"id":"8d6018df-8716-421a-8cbb-a1926bdf1bf2","block_type":"box","text":"by compensation committees can help ensure competitive pay. However, we encourage companies to","page_number":289,"box":{"x":117,"y":490,"width":763,"height":12}},{"id":"c99311c4-fa15-4057-869f-a56786fddd10","block_type":"box","text":"clearly explain how compensation outcomes have rewarded performance rather than solely base","page_number":289,"box":{"x":116,"y":506,"width":724,"height":12}},{"id":"62ab0427-8f63-4e9e-a3c3-1997a9b026a9","block_type":"box","text":"increases in total compensation on peer benchmarking.","page_number":289,"box":{"x":117,"y":521,"width":416,"height":12}},{"id":"aedc3dc3-0fd3-4dd6-973b-3a6d5ae7f839","block_type":"box","text":"We consider the inclusion of building clawback provisions into incentive plans as good practice. Such","page_number":289,"box":{"x":116,"y":552,"width":755,"height":12}},{"id":"b39ad6bf-e9b3-4435-b7f7-f02f42fcea06","block_type":"box","text":"provisions could require executives to forgo awards when compensation was based on faulty financial","page_number":289,"box":{"x":117,"y":568,"width":760,"height":12}},{"id":"02448469-3a0c-4986-a07f-7b88bb956997","block_type":"box","text":"statements or deceptive business practices, or when their behavior caused material financial harm to","page_number":289,"box":{"x":116,"y":583,"width":754,"height":12}},{"id":"5bd88e5d-dfd7-4053-b31d-430234289e0d","block_type":"box","text":"shareholders, material reputational risk to the company, or resulted in a criminal investigation.","page_number":289,"box":{"x":116,"y":599,"width":701,"height":12}},{"id":"f09c33a9-1190-4d19-9dd9-6b72b7d590ce","block_type":"box","text":"In our view, non-executive directors should be compensated in a manner that is commensurate with","page_number":289,"box":{"x":117,"y":630,"width":745,"height":12}},{"id":"35571f45-f877-4a3d-9a2b-08f830954e90","block_type":"box","text":"the time and effort expended in fulfilling their professional responsibilities. Additionally, these","page_number":289,"box":{"x":116,"y":645,"width":691,"height":12}},{"id":"8e185a88-ee00-47ae-8db4-423e0aee5646","block_type":"box","text":"compensation arrangements should not risk compromising directors’ independence or aligning their","page_number":289,"box":{"x":116,"y":661,"width":739,"height":12}},{"id":"038542e9-345e-4e90-8fa3-a5fe5e1eb2b9","block_type":"box","text":"interests too closely with those of the management, whom they are charged with overseeing.","page_number":289,"box":{"x":117,"y":676,"width":687,"height":12}},{"id":"2c20eedd-7c97-4259-a2ee-5c8b205dda19","block_type":"box","text":"When assessing compensation proposals, BIS reviews companies’ disclosures to determine whether","page_number":289,"box":{"x":116,"y":707,"width":750,"height":12}},{"id":"558a8e51-2583-4f01-86e2-b7b1c9669f46","block_type":"box","text":"the board’s approach to executive compensation is rigorous in light of the company’s stated long-term","page_number":289,"box":{"x":116,"y":723,"width":755,"height":12}},{"id":"ab142523-3ef8-4b57-8e08-d01390a1fee1","block_type":"box","text":"corporate strategy and specific circumstances, as well as local market and policy developments.","page_number":289,"box":{"x":116,"y":738,"width":713,"height":12}},{"id":"3f4b7d40-3db8-4cf7-b250-b87215d05028","block_type":"box","text":"When our analysis indicates that executive compensation is misaligned with company performance,","page_number":289,"box":{"x":116,"y":769,"width":739,"height":12}},{"id":"80d58d7c-07f1-4bbd-abdc-096f5375cfe3","block_type":"box","text":"BIS may not support management’s proposals to approve compensation, where they are on the","page_number":289,"box":{"x":117,"y":785,"width":709,"height":12}},{"id":"974796ba-34fa-479e-ac34-fc8b54996846","block_type":"box","text":"agenda. We may also not support members of the compensation committee or equivalent board","page_number":289,"box":{"x":116,"y":800,"width":713,"height":12}},{"id":"5efc3f97-3bc9-4f2f-b69a-a6be5d409364","block_type":"box","text":"members for poor compensation practices or structures.","page_number":289,"box":{"x":117,"y":816,"width":415,"height":12}},{"id":"6f0d66b9-e1a8-4a58-b667-93bb5c6d9a72","block_type":"box","text":"8","page_number":289,"box":{"x":143,"y":867,"width":4,"height":5}},{"id":"694035c7-2272-4155-b6c6-f9eaee8a2c5f","block_type":"box","text":"The terms “compensation,” “remuneration,” and “pay” are used interchangeably to describe the same concept in","page_number":289,"box":{"x":170,"y":867,"width":664,"height":9}},{"id":"ca000d80-e843-4e1c-9dd5-ce87db800bb0","block_type":"box","text":"different markets.","page_number":289,"box":{"x":170,"y":880,"width":102,"height":7}},{"id":"478a6a11-777a-4332-bfa3-e618421f3f9a","block_type":"box","text":"BlackRock Investment Stewardship","page_number":289,"box":{"x":117,"y":909,"width":282,"height":12}},{"id":"e4c4aedf-d152-4587-964e-ba80b449813d","block_type":"box","text":"Global Principles |","page_number":289,"box":{"x":722,"y":909,"width":132,"height":12}},{"id":"230eca74-9149-43f9-bc83-4d2b0eb75b6d","block_type":"box","text":"10","page_number":289,"box":{"x":866,"y":909,"width":17,"height":9}},{"id":"6890fb6c-b290-49ae-8128-46364df71d84","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":289,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"8dca42ad-c97c-448c-aea9-66f6d753dfbb","block_type":"box","text":"SHAREHOLDER PROTECTIONS AND OTHER CORPORATE GOVERNANCE MATTERS","page_number":290,"box":{"x":158,"y":87,"width":688,"height":10}},{"id":"1787a10c-79dc-4b80-9766-79c3833ccbf4","block_type":"box","text":"Corporate form","page_number":290,"box":{"x":116,"y":116,"width":127,"height":12}},{"id":"c5886cad-55ec-4b82-9045-149c5ff7e917","block_type":"box","text":"In our view, it is the responsibility of the board to determine the corporate form that is most appropriate","page_number":290,"box":{"x":117,"y":145,"width":766,"height":12}},{"id":"bb2dcd1f-1fb9-4ca5-b7fa-05c2b7f15f9d","block_type":"box","text":"given the company’s purpose and business model.","page_number":290,"box":{"x":116,"y":161,"width":376,"height":12}},{"id":"50a5ef5e-b825-4903-a686-8d639a56c1dd","block_type":"box","text":"9","page_number":290,"box":{"x":494,"y":161,"width":5,"height":6}},{"id":"e87795ca-4a08-4b47-b0ae-5427b4a3d1eb","block_type":"box","text":"We look to companies proposing to change their","page_number":290,"box":{"x":500,"y":161,"width":369,"height":12}},{"id":"9574cda4-f663-408a-b256-3776d8099410","block_type":"box","text":"corporate form to a public benefit corporation, or similar entity, to put it to a shareholder vote if not","page_number":290,"box":{"x":116,"y":176,"width":731,"height":12}},{"id":"098fb26a-3201-4497-a4f0-7f19646a9365","block_type":"box","text":"already required to do so under applicable law. We appreciate when supporting documentation from","page_number":290,"box":{"x":116,"y":192,"width":748,"height":12}},{"id":"b708e840-9ae1-4243-9309-9e59ebbfc2d4","block_type":"box","text":"companies or shareholders proposing to alter the corporate form clearly explains how the interests of","page_number":290,"box":{"x":116,"y":207,"width":755,"height":12}},{"id":"f47ec477-30f0-4399-8fda-d27d982f7101","block_type":"box","text":"shareholders and different stakeholders would be impacted as well as the accountability and voting","page_number":290,"box":{"x":116,"y":223,"width":741,"height":12}},{"id":"ee2d782b-2f6b-4aa7-a7db-b53ebea05d9c","block_type":"box","text":"mechanisms that would be available to shareholders. We generally support management proposals if","page_number":290,"box":{"x":117,"y":238,"width":756,"height":12}},{"id":"923fd38a-8b01-4686-87bb-7c342de3fea8","block_type":"box","text":"our analysis indicates that shareholders’ financial interests are adequately protected. Corporate form","page_number":290,"box":{"x":116,"y":254,"width":752,"height":12}},{"id":"2df1a2b8-5941-436d-a7a8-852b0fd6f104","block_type":"box","text":"shareholder proposals are evaluated on a case-by-case basis.","page_number":290,"box":{"x":116,"y":269,"width":468,"height":12}},{"id":"a728a4e3-c854-4ec1-a17a-df1c7b379825","block_type":"box","text":"SHAREHOLDER PROPOSALS","page_number":290,"box":{"x":380,"y":305,"width":244,"height":10}},{"id":"5286edea-5560-4273-bb85-8e61bb73ead2","block_type":"box","text":"In most markets, shareholders can submit proposals to be voted on at a company’s shareholder","page_number":290,"box":{"x":117,"y":335,"width":717,"height":12}},{"id":"7c7e0c94-f510-4199-b22e-75bad241ba2b","block_type":"box","text":"meeting, as long as certain requirements are met. Shareholder proposals span a wide range of topics,","page_number":290,"box":{"x":117,"y":350,"width":762,"height":12}},{"id":"d98e84a1-5a42-4378-8889-48f899576102","block_type":"box","text":"including governance reforms, capital management, and changes in the management or disclosure of","page_number":290,"box":{"x":117,"y":365,"width":758,"height":13}},{"id":"b51d2b1a-aaf9-4d45-b136-67032d34b382","block_type":"box","text":"sustainability-related risks. These proposals have a varying degree of relevance for companies across","page_number":290,"box":{"x":116,"y":381,"width":763,"height":12}},{"id":"c3fb8d26-3d7a-4795-ad4c-fae168457e7f","block_type":"box","text":"sectors, locations, and business models.","page_number":290,"box":{"x":116,"y":397,"width":307,"height":11}},{"id":"2fe4c440-5bcd-4a54-b757-8c6609e7d98e","block_type":"box","text":"BIS takes a case-by-case approach to voting on shareholder proposals and maintains a singular focus","page_number":290,"box":{"x":117,"y":426,"width":764,"height":12}},{"id":"837e1b77-b3ca-48bd-a6e9-506ba2a1aa9c","block_type":"box","text":"on the proposal’s implications for long-term financial value creation for shareholders. Our analysis","page_number":290,"box":{"x":116,"y":441,"width":730,"height":12}},{"id":"d241e968-6ab2-43fd-bf30-c338342cbb99","block_type":"box","text":"considers whether a shareholder proposal addresses a material risk that may impact a company’s","page_number":290,"box":{"x":116,"y":457,"width":732,"height":12}},{"id":"bf500dd1-88ef-463d-b753-8666b2e51a02","block_type":"box","text":"long-term financial performance. BIS may support shareholder proposals that request disclosures that","page_number":290,"box":{"x":117,"y":472,"width":760,"height":12}},{"id":"f54e42d0-fd69-4942-af68-440049ebc8d2","block_type":"box","text":"help us, as long-term investors on behalf of our clients, better understand the material risks and","page_number":290,"box":{"x":117,"y":488,"width":713,"height":12}},{"id":"f2ccbfec-914a-4c14-b5bd-c78cd4b1bba9","block_type":"box","text":"opportunities companies face and how they are managing them, especially where this information is","page_number":290,"box":{"x":116,"y":503,"width":747,"height":12}},{"id":"db209b26-523d-4dc2-9565-5a524f3b46d4","block_type":"box","text":"additive given the company’s existing disclosures. We look for consistency between the specific","page_number":290,"box":{"x":116,"y":519,"width":715,"height":12}},{"id":"686f7d12-5760-41a5-b2b5-995f8d7e7cc7","block_type":"box","text":"request formally made in the proposal, the supporting documentation, and the proponents’ other","page_number":290,"box":{"x":117,"y":534,"width":717,"height":12}},{"id":"03d85fe3-58cf-479e-8deb-c34a1875ad80","block_type":"box","text":"communications on the issues. We also assess the company’s practices and disclosures and the costs","page_number":290,"box":{"x":116,"y":550,"width":769,"height":12}},{"id":"afcd9a7c-13b8-42ff-9c8e-5c1ac234ead5","block_type":"box","text":"and benefits to the company of meeting the request made in the proposal. We take into consideration a","page_number":290,"box":{"x":116,"y":565,"width":772,"height":12}},{"id":"b9448495-fb22-4f72-a8b7-92ae39566f19","block_type":"box","text":"company’s governance practices and disclosures against those of their peers.","page_number":290,"box":{"x":116,"y":581,"width":583,"height":12}},{"id":"9cb6b650-21f9-44c0-9ddd-ffb0c32ee46f","block_type":"box","text":"BIS does not support shareholder proposals that we view as inconsistent with long-term financial value","page_number":290,"box":{"x":117,"y":610,"width":767,"height":12}},{"id":"a0565b70-c910-4bf5-ad20-10f7333ebb07","block_type":"box","text":"or that seek to micromanage companies. We take into consideration the legal effect of the proposal, as","page_number":290,"box":{"x":116,"y":625,"width":769,"height":12}},{"id":"4f30ce50-4ce0-4b59-a902-692f9e91b3fd","block_type":"box","text":"shareholder proposals may be advisory or legally binding depending on the jurisdiction, while others","page_number":290,"box":{"x":116,"y":641,"width":747,"height":12}},{"id":"3194da16-a3ed-46a4-984d-92e84f00b123","block_type":"box","text":"may make requests that would be deemed illegal in a given jurisdiction.","page_number":290,"box":{"x":117,"y":656,"width":534,"height":12}},{"id":"0773955b-d273-44bf-8a17-bbcf770d1e23","block_type":"box","text":"In our experience, it is helpful when companies disclose the names of the proponent or organization","page_number":290,"box":{"x":117,"y":685,"width":740,"height":12}},{"id":"7a0fc021-7f9c-4ae0-9888-a109e7b9ea49","block_type":"box","text":"that has submitted or advised on the proposal. We recognize that some shareholder proposals bundle","page_number":290,"box":{"x":116,"y":701,"width":757,"height":12}},{"id":"46635d34-8a10-44fb-bb32-8686646e3a47","block_type":"box","text":"topics and/or specific requests. Further, the proponent’s supporting statement may refer to topics that","page_number":290,"box":{"x":116,"y":716,"width":753,"height":12}},{"id":"8228a239-f9d4-4e57-9ed6-b97478ebc7dc","block_type":"box","text":"are not directly related to the request made in the proposal. In voting on behalf of clients, we must vote","page_number":290,"box":{"x":116,"y":732,"width":762,"height":12}},{"id":"39ea4d7c-b004-40ae-bd77-ef93a64abdc9","block_type":"box","text":"yes or no on the proposal as phrased by the proponent. Therefore, when we vote in support of a","page_number":290,"box":{"x":116,"y":747,"width":714,"height":13}},{"id":"0aa1a38d-4cb0-48cc-a953-afca2db78d23","block_type":"box","text":"proposal, we are not necessarily endorsing every element of the proposal or the reasoning, objectives,","page_number":290,"box":{"x":117,"y":763,"width":759,"height":12}},{"id":"3279bad4-f1a8-44cd-92fa-02f6392bdff1","block_type":"box","text":"or supporting statement of the proponent. We may support a proposal for different reasons than those","page_number":290,"box":{"x":116,"y":778,"width":757,"height":13}},{"id":"93af6db3-6669-4032-884a-03e58dcfd9b0","block_type":"box","text":"put forth by the proponent, when we believe that overall it may advance our clients’ long-term financial","page_number":290,"box":{"x":117,"y":794,"width":757,"height":12}},{"id":"afa0cb27-947b-4822-97ac-05e1dd55db89","block_type":"box","text":"interests.","page_number":290,"box":{"x":117,"y":810,"width":65,"height":9}},{"id":"9b905f25-c05e-45ea-8479-b411b8f5d194","block_type":"box","text":"BlackRock is subject to certain rules, regulations, agency guidance, and contractual agreements that","page_number":290,"box":{"x":117,"y":839,"width":752,"height":12}},{"id":"9cff0a20-3e67-456d-91a5-f59142b161cf","block_type":"box","text":"place restrictions and limitations on how BlackRock can interact with the companies in which we invest","page_number":290,"box":{"x":117,"y":854,"width":766,"height":12}},{"id":"8e20e16f-85e9-4342-af70-c8b1584eeadd","block_type":"box","text":"9","page_number":290,"box":{"x":143,"y":879,"width":4,"height":5}},{"id":"4081d824-e16d-4814-aa04-2c66d936ccce","block_type":"box","text":"Corporate form refers to the legal structure by which a business is organized.","page_number":290,"box":{"x":170,"y":879,"width":457,"height":10}},{"id":"858a70f1-7007-4019-b734-552fd49e39de","block_type":"box","text":"BlackRock Investment Stewardship","page_number":290,"box":{"x":117,"y":909,"width":282,"height":12}},{"id":"6edf4677-4279-4fee-bf49-3c55fa3afe79","block_type":"box","text":"Global Principles |","page_number":290,"box":{"x":722,"y":909,"width":132,"height":12}},{"id":"933ce6fc-2f49-46ee-a947-d84b25ab0e5e","block_type":"box","text":"11","page_number":290,"box":{"x":866,"y":909,"width":15,"height":9}},{"id":"5d44a864-8629-498a-bc8b-ea581fb2cc62","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":290,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"3e879a4c-cd9c-4b58-8a60-f488017709b1","block_type":"box","text":"on behalf of our clients. BlackRock does not nominate directors for board elections or submit","page_number":291,"box":{"x":116,"y":87,"width":692,"height":10}},{"id":"1e9cf4ab-2221-4c6a-bf00-7103f8056805","block_type":"box","text":"shareholder proposals to companies. Non-compliance with these requirements could adversely affect","page_number":291,"box":{"x":116,"y":102,"width":757,"height":13}},{"id":"983c3810-a1f5-4da8-8647-8f5a0648a14a","block_type":"box","text":"BlackRock’s ability to serve its clients’ interests.","page_number":291,"box":{"x":117,"y":118,"width":358,"height":12}},{"id":"0fb65dd6-5c60-4fa0-9352-d058878ca142","block_type":"box","text":"MATERIAL SUSTAINABILITY-RELATED RISKS AND OPPORTUNITIES","page_number":291,"box":{"x":223,"y":155,"width":559,"height":10}},{"id":"978086ca-117e-489a-aab4-2347d343e141","block_type":"box","text":"Appropriate oversight of material risks and opportunities, including material sustainability-related risks","page_number":291,"box":{"x":116,"y":186,"width":758,"height":12}},{"id":"79022ae3-39e2-46a9-bba2-3a11a21d47ca","block_type":"box","text":"and opportunities, is an important component of having an effective governance framework that","page_number":291,"box":{"x":116,"y":201,"width":714,"height":12}},{"id":"fa59bc0a-d19f-4add-bac4-392b192d9e39","block_type":"box","text":"supports durable, long-term financial value creation.","page_number":291,"box":{"x":116,"y":217,"width":385,"height":12}},{"id":"fcb302a7-d5c8-46a2-ae07-cd08557d22b0","block_type":"box","text":"10","page_number":291,"box":{"x":503,"y":217,"width":11,"height":6}},{"id":"2d5d5ab5-d396-4914-bbe6-8df68f97d065","block_type":"box","text":"We look to companies to provide robust disclosure that allows investors to effectively evaluate","page_number":291,"box":{"x":116,"y":247,"width":703,"height":12}},{"id":"710ffcb7-d623-4df0-9835-4e50fa7861cf","block_type":"box","text":"companies’ strategy and business practices related to material sustainability-related risks and","page_number":291,"box":{"x":116,"y":262,"width":699,"height":12}},{"id":"f2a7bbc9-651f-4b42-9439-fb8d69c5d5a9","block_type":"box","text":"opportunities. We find it helpful when companies’ disclosures demonstrate that they have a resilient","page_number":291,"box":{"x":116,"y":278,"width":743,"height":12}},{"id":"c8cc6b6f-4219-4b9e-909a-4ea101a3f75d","block_type":"box","text":"business model that integrates material sustainability-related risks and opportunities into their strategy,","page_number":291,"box":{"x":117,"y":293,"width":766,"height":12}},{"id":"91c4c023-463d-4a0b-b14d-d12919b40678","block_type":"box","text":"risk management, and metrics and targets, including industry-specific metrics.","page_number":291,"box":{"x":117,"y":309,"width":583,"height":12}},{"id":"f4981942-f1e4-4859-8b51-4ae0fd3d616c","block_type":"box","text":"Standardized disclosure of sustainability-related data supports investors in making informed decisions.","page_number":291,"box":{"x":116,"y":339,"width":766,"height":12}},{"id":"8b225d88-384d-4c3b-baae-409f2f10144f","block_type":"box","text":"The International Sustainability Standards Board (ISSB) standards, IFRS S1 and S2, represent one","page_number":291,"box":{"x":116,"y":354,"width":743,"height":12}},{"id":"c6c4ad87-d8ac-4e1f-95a1-55800c37d2ba","block_type":"box","text":"such approach to standardization that we find useful in our analysis.","page_number":291,"box":{"x":116,"y":370,"width":503,"height":12}},{"id":"6b4d4e61-7255-4cc7-a3a9-3cad815e1088","block_type":"box","text":"11","page_number":291,"box":{"x":622,"y":370,"width":9,"height":6}},{"id":"36d09abc-4c12-4f96-a3a4-b676031c9826","block_type":"box","text":"However, we do not mandate","page_number":291,"box":{"x":633,"y":370,"width":228,"height":11}},{"id":"6343d31a-2628-4983-99ad-8a915a2ee300","block_type":"box","text":"any specific disclosure framework companies should use, and recognize that companies may report","page_number":291,"box":{"x":116,"y":385,"width":747,"height":12}},{"id":"12869399-4b14-4104-afd2-59e709e044db","block_type":"box","text":"using different standards, some of which may be required by regulation. In such cases, we ask that","page_number":291,"box":{"x":117,"y":401,"width":739,"height":12}},{"id":"3071b624-5ed8-49af-b91f-28821db131e5","block_type":"box","text":"companies highlight the metrics that are industry- or company-specific.","page_number":291,"box":{"x":116,"y":416,"width":530,"height":12}},{"id":"ce74d419-f008-4c4c-a2b0-2f71770b0133","block_type":"box","text":"We also recognize that companies may be phasing in reporting over several years. We do not","page_number":291,"box":{"x":116,"y":447,"width":702,"height":11}},{"id":"510bdb32-581e-4595-b0e1-2806ee9e8123","block_type":"box","text":"prescribe timelines regarding when companies should make sustainability-related disclosures but","page_number":291,"box":{"x":117,"y":462,"width":725,"height":12}},{"id":"3cc7c8f3-50d3-4fb8-9f29-7140d0265d65","block_type":"box","text":"appreciate it when companies produce them sufficiently in advance of their shareholder meeting, to the","page_number":291,"box":{"x":116,"y":477,"width":770,"height":12}},{"id":"2eb5f7ad-4e19-45b4-9dbd-74b7b06726a2","block_type":"box","text":"best of their abilities, to provide investors with time to assess the data and make informed voting","page_number":291,"box":{"x":117,"y":493,"width":718,"height":12}},{"id":"b0c54d4e-8eb4-45f0-a01b-0cb1dc097efa","block_type":"box","text":"decisions.","page_number":291,"box":{"x":116,"y":509,"width":79,"height":9}},{"id":"e1ad7f03-9f6f-40c1-9b54-7f17462ecb59","block_type":"box","text":"Industry initiatives on managing specific operational risks may also provide useful guidance to","page_number":291,"box":{"x":117,"y":538,"width":700,"height":13}},{"id":"f5ea9db7-7419-4ac9-8168-3496857f39ff","block_type":"box","text":"companies on best practices and disclosures. While not a voting item, we find it helpful to our","page_number":291,"box":{"x":116,"y":554,"width":697,"height":12}},{"id":"fab64eba-117a-4993-9edd-527deb73709a","block_type":"box","text":"understanding of investment risk when companies disclose any relevant global sustainability-related","page_number":291,"box":{"x":117,"y":569,"width":746,"height":13}},{"id":"5e30dba5-5e63-4b05-8583-1a4218883ae5","block_type":"box","text":"standards adopted, the industry initiatives in which they participate, any peer group benchmarking","page_number":291,"box":{"x":116,"y":585,"width":731,"height":12}},{"id":"f60986f9-876f-486f-807a-a746317ea506","block_type":"box","text":"undertaken, and any assurance processes to help investors understand their approach to sustainable","page_number":291,"box":{"x":117,"y":601,"width":758,"height":12}},{"id":"93ad9522-a1f3-440a-aac3-5ae5f6f0755d","block_type":"box","text":"and responsible business practices.","page_number":291,"box":{"x":116,"y":616,"width":271,"height":12}},{"id":"01eef273-5253-4d44-ad01-f3d9eb3401ad","block_type":"box","text":"Climate and nature-related risk","page_number":291,"box":{"x":116,"y":646,"width":251,"height":10}},{"id":"b6b0adae-8618-4c10-91f8-9d1dc3a02c0e","block_type":"box","text":"Many companies are assessing how to navigate the low-carbon transition while delivering long-term","page_number":291,"box":{"x":117,"y":676,"width":739,"height":12}},{"id":"8e50fa94-8f5e-4601-a5d0-0ad9cadc7a4c","block_type":"box","text":"financial value to investors. For companies facing material climate-related risks, we find it helpful when","page_number":291,"box":{"x":116,"y":692,"width":760,"height":12}},{"id":"65eb3685-73a9-4bf8-9485-a2bf24ed4df2","block_type":"box","text":"they publicly disclose, consistent with their business model and sector, how they intend to deliver long","page_number":291,"box":{"x":116,"y":707,"width":762,"height":12}},{"id":"a5fb128b-23ed-4e29-b8b1-1414598a17f3","block_type":"box","text":"term financial performance through the low-carbon transition, including where available, their transition","page_number":291,"box":{"x":116,"y":723,"width":760,"height":12}},{"id":"023bc527-7ada-4b06-ae9a-4515bcacb25b","block_type":"box","text":"10","page_number":291,"box":{"x":144,"y":748,"width":8,"height":5}},{"id":"4bddb842-dec0-492a-afbb-1525c6c504d2","block_type":"box","text":"By material sustainability-related risks and opportunities, we mean the drivers of risk and financial value creation in a","page_number":291,"box":{"x":171,"y":748,"width":691,"height":10}},{"id":"600b1718-58d5-431b-a430-f5af3e45761b","block_type":"box","text":"company’s business model that have an environmental or social dependency or impact. Examples of environmental","page_number":291,"box":{"x":170,"y":761,"width":686,"height":9}},{"id":"4265816d-61c7-482f-90dd-c465de14f3a0","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":291,"box":{"x":170,"y":774,"width":682,"height":9}},{"id":"7abbbeba-05a5-40d3-a6e3-a910e81f2547","block_type":"box","text":"issues include, but are not limited to, human capital management, impacts on the communities in which a company","page_number":291,"box":{"x":170,"y":787,"width":683,"height":9}},{"id":"e2f71bf1-5595-41a1-a84f-ec09f06e894d","block_type":"box","text":"operates, customer loyalty, and relationships with regulators.","page_number":291,"box":{"x":170,"y":800,"width":360,"height":9}},{"id":"c41731b8-d297-4b22-a9c8-b52839550bc7","block_type":"box","text":"11","page_number":291,"box":{"x":144,"y":815,"width":7,"height":5}},{"id":"f100669d-2285-4cbc-9e6d-2c2aa6832890","block_type":"box","text":"The ISSB is an independent standard-setting body within the International Financial Reporting Standards (IFRS)","page_number":291,"box":{"x":170,"y":815,"width":666,"height":10}},{"id":"f6f4f1d0-3604-4428-b85e-bb53153b7251","block_type":"box","text":"Foundation. The standards build on the Task Force on Climate-related Financial Disclosures (TCFD) framework and the","page_number":291,"box":{"x":171,"y":828,"width":712,"height":9}},{"id":"3b82b5f0-a0fb-45d6-86d0-0b1e5a1e735f","block_type":"box","text":"standards and metrics developed by the Sustainability Accounting Standards Board (SASB), which have both","page_number":291,"box":{"x":170,"y":841,"width":649,"height":9}},{"id":"4bc36d41-7b0e-40c8-a954-cbffa1165d80","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":291,"box":{"x":170,"y":854,"width":674,"height":9}},{"id":"637d51ce-a41e-4206-8575-44935f575510","block_type":"box","text":"“General Requirements for Disclosure of Sustainability-related Financial Information” and S2 “Climate-related","page_number":291,"box":{"x":170,"y":867,"width":647,"height":9}},{"id":"c20afe20-ad83-417f-ac81-da9c05671d4e","block_type":"box","text":"Disclosures.” Websites accessed in December 2025.","page_number":291,"box":{"x":171,"y":880,"width":312,"height":7}},{"id":"3a2b9e8c-3875-4f4b-88ad-6b25a6d67e71","block_type":"box","text":"BlackRock Investment Stewardship","page_number":291,"box":{"x":117,"y":909,"width":282,"height":12}},{"id":"52927ef0-eab3-4340-a8bb-72cd3f0b1523","block_type":"box","text":"Global Principles |","page_number":291,"box":{"x":722,"y":909,"width":132,"height":12}},{"id":"0bf69520-3551-4e06-bde7-a598fc305b23","block_type":"box","text":"12","page_number":291,"box":{"x":866,"y":909,"width":17,"height":9}},{"id":"c3899d65-7caa-44ad-8aab-47fe57a2f550","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":291,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"b3c195dc-e934-485e-8636-66c01474bd7f","block_type":"box","text":"plan.","page_number":292,"box":{"x":117,"y":87,"width":34,"height":12}},{"id":"b442cfd0-b3f5-4072-9307-8fcd8fa2fd7b","block_type":"box","text":"12, 13","page_number":292,"box":{"x":153,"y":87,"width":29,"height":7}},{"id":"0f80e6ef-e7f6-44b5-9a86-06799a13193b","block_type":"box","text":"From company disclosures and engagement, we seek to understand the strategies","page_number":292,"box":{"x":182,"y":87,"width":626,"height":12}},{"id":"6976abeb-7587-460c-a0ed-5874848abb5a","block_type":"box","text":"companies have in place to manage material risks to, and opportunities for, their long-term business","page_number":292,"box":{"x":116,"y":102,"width":748,"height":13}},{"id":"2711c132-5a62-4859-9bc1-8fa0ddd21fda","block_type":"box","text":"model associated with a range of climate-related scenarios.","page_number":292,"box":{"x":117,"y":118,"width":446,"height":12}},{"id":"d501b814-9c56-4d2b-b090-9cc4f7082b17","block_type":"box","text":"Recognizing the value of these disclosures, certain markets such as the European Union mandate","page_number":292,"box":{"x":117,"y":152,"width":734,"height":12}},{"id":"088e8510-96f6-47ad-9752-a7c6ee264afd","block_type":"box","text":"large companies to disclose such climate-related financial information, while in other jurisdictions these","page_number":292,"box":{"x":117,"y":168,"width":767,"height":12}},{"id":"d6e70690-87e6-4501-aea1-1b0933b90ecc","block_type":"box","text":"disclosures are viewed as best practice in the market.","page_number":292,"box":{"x":116,"y":183,"width":404,"height":12}},{"id":"93041ee5-2a78-4667-b6c8-347cd1f9fe2a","block_type":"box","text":"The ISSB standards provide one such framework that can assist investors in assessing company","page_number":292,"box":{"x":116,"y":217,"width":726,"height":12}},{"id":"9480fd60-397c-47eb-9454-6a0b6c05dc2a","block_type":"box","text":"specific climate-related risks and opportunities, and informing investment decisions. Such disclosures","page_number":292,"box":{"x":116,"y":233,"width":757,"height":12}},{"id":"63018da8-91f6-43b0-a240-a9f5a2b77146","block_type":"box","text":"also provide investors with insights into how companies are managing the risks associated with a","page_number":292,"box":{"x":116,"y":248,"width":726,"height":12}},{"id":"0406ae70-f5b8-49e8-a36a-f040a0c2add5","block_type":"box","text":"transition to a low-carbon economy by managing their own carbon emissions or emissions intensities","page_number":292,"box":{"x":116,"y":264,"width":754,"height":12}},{"id":"eff2d93c-eaea-41da-9b64-6316a187307e","block_type":"box","text":"to the extent financially practicable.","page_number":292,"box":{"x":116,"y":279,"width":266,"height":12}},{"id":"512e148a-7e8a-497f-bf99-fc0217b9b1cc","block_type":"box","text":"The ISSB standards, for example, contemplate disclosures on how companies are setting short-,","page_number":292,"box":{"x":116,"y":313,"width":723,"height":12}},{"id":"5c991780-8131-4612-9094-e3b720bd1f8a","block_type":"box","text":"medium- and long-term targets, ideally science-based where these are available for their sector, for","page_number":292,"box":{"x":117,"y":329,"width":742,"height":12}},{"id":"42f42ce7-54da-4a71-9206-a37130f89133","block_type":"box","text":"scope 1 and 2 greenhouse gas emissions (GHG) reductions and to demonstrate how their targets are","page_number":292,"box":{"x":116,"y":344,"width":760,"height":12}},{"id":"a9ec756d-ac8a-4a96-ab45-89ed2f1b8386","block_type":"box","text":"consistent with the long-term financial interests of their investors.","page_number":292,"box":{"x":116,"y":360,"width":486,"height":12}},{"id":"57a04b8b-00de-40c6-a6f1-5aece85cd04a","block_type":"box","text":"While we recognize that regulators in some markets are moving to mandate certain disclosures, at this","page_number":292,"box":{"x":116,"y":394,"width":766,"height":12}},{"id":"86be3716-a471-450f-b75d-cd896b07c669","block_type":"box","text":"stage, we view scope 3 emissions differently from scopes 1 and 2, given methodological complexity,","page_number":292,"box":{"x":116,"y":409,"width":749,"height":13}},{"id":"0d188e8c-64b0-4ac3-9190-085c47805dff","block_type":"box","text":"regulatory uncertainty, concerns about double-counting, and lack of direct control by companies. We","page_number":292,"box":{"x":117,"y":425,"width":749,"height":12}},{"id":"7554f365-5718-4e48-a53b-0d6eac4a371c","block_type":"box","text":"welcome disclosures and commitments that companies choose to make regarding material scope 3","page_number":292,"box":{"x":116,"y":441,"width":744,"height":12}},{"id":"b1d6c178-18b1-4dc6-98bc-499fd89d2754","block_type":"box","text":"emissions and recognize that these are provided on a good-faith basis as methodology develops.","page_number":292,"box":{"x":116,"y":456,"width":728,"height":12}},{"id":"3254cd7b-cb58-4d77-93c9-9780692eb735","block_type":"box","text":"In addition to climate-related risks and opportunities, for companies whose strategies, operations or","page_number":292,"box":{"x":117,"y":490,"width":742,"height":12}},{"id":"68db65c7-8938-4235-864d-ba79cfdac618","block_type":"box","text":"supply chains are materially reliant on natural capital, nature-related risks and opportunities may affect","page_number":292,"box":{"x":116,"y":506,"width":765,"height":12}},{"id":"cf45f383-3fd2-4ea9-a5a1-96add77a823c","block_type":"box","text":"their ability to generate long-term financial returns.","page_number":292,"box":{"x":116,"y":521,"width":372,"height":12}},{"id":"ded0b7a9-99cd-448d-aee5-ab856ffb3853","block_type":"box","text":"14","page_number":292,"box":{"x":491,"y":521,"width":11,"height":6}},{"id":"13bc3644-2c0b-4438-8fd2-9808d5c6fe63","block_type":"box","text":"For these companies, we rely on disclosures to","page_number":292,"box":{"x":502,"y":521,"width":360,"height":12}},{"id":"d0420af1-a75e-47e8-a182-fcc162bb1271","block_type":"box","text":"understand how their strategies consider nature-related impacts and dependencies and to assess how","page_number":292,"box":{"x":117,"y":537,"width":765,"height":12}},{"id":"c2fac04c-bfb0-4628-9e55-e824c6654683","block_type":"box","text":"the board oversees these risks.","page_number":292,"box":{"x":116,"y":552,"width":232,"height":10}},{"id":"0dcfdda2-accc-4c87-9e39-dc646f330f9e","block_type":"box","text":"15","page_number":292,"box":{"x":351,"y":552,"width":10,"height":6}},{"id":"3cbf3926-c696-4630-aef6-c759a017b918","block_type":"box","text":"Companies’ impact on their workforce, supply chains, and communities","page_number":292,"box":{"x":116,"y":586,"width":580,"height":12}},{"id":"0232dfc7-6f4a-45c8-887b-d2e29cc9af7e","block_type":"box","text":"Companies determine their key stakeholders based on what is material to their business and long-term","page_number":292,"box":{"x":117,"y":620,"width":768,"height":12}},{"id":"344f976f-f295-42a1-a491-76266b3eec56","block_type":"box","text":"financial performance. For many companies, key stakeholders include employees, business supply","page_number":292,"box":{"x":116,"y":636,"width":741,"height":12}},{"id":"217659dc-098c-4649-b02a-c8400c1772b8","block_type":"box","text":"chains, clients and consumers, regulators, and the communities in which they operate.","page_number":292,"box":{"x":116,"y":651,"width":647,"height":12}},{"id":"5df98a78-26c9-4ab5-96cd-ada7a863bb51","block_type":"box","text":"12","page_number":292,"box":{"x":144,"y":677,"width":8,"height":4}},{"id":"76be8a7b-dfee-4011-b127-9aa68d729262","block_type":"box","text":"We have observed that more companies are developing such plans, and public policymakers in certain markets are","page_number":292,"box":{"x":170,"y":677,"width":685,"height":9}},{"id":"f0751ae8-e938-4d77-a21a-556941fedba3","block_type":"box","text":"signaling their intentions to require them or already have requirements in place, such as Australia, Brazil, and the","page_number":292,"box":{"x":170,"y":690,"width":670,"height":9}},{"id":"ce99090c-15c8-4210-82e6-49c97c4ff287","block_type":"box","text":"European Union (please see the International Transition Plan Network for information). We view transition plans as a","page_number":292,"box":{"x":171,"y":702,"width":691,"height":10}},{"id":"ba838dcb-efd2-4f33-a4ee-dbcd2bab8f15","block_type":"box","text":"method for a company to both internally assess and externally communicate its long-term strategy, ambition, objectives,","page_number":292,"box":{"x":170,"y":715,"width":710,"height":10}},{"id":"60f09343-548a-4422-8bad-2406eaa0f5b6","block_type":"box","text":"and actions to create financial value through the global transition towards a low-carbon economy. Across the landscape","page_number":292,"box":{"x":170,"y":728,"width":709,"height":10}},{"id":"b50f7ad7-2d8c-4b62-8c7f-1c4a2c08ec22","block_type":"box","text":"there remains divergence on the objectives of such plans and the details they should contain. While transition plans can","page_number":292,"box":{"x":170,"y":741,"width":710,"height":10}},{"id":"51c3fc30-1359-45d3-b217-746dd1e228b8","block_type":"box","text":"be helpful disclosure, BIS does not make the preparation and production of transition plans a voting issue. BIS may","page_number":292,"box":{"x":170,"y":754,"width":684,"height":10}},{"id":"03d4e4a7-c7f2-4837-9760-a622382ad0c8","block_type":"box","text":"engage companies that have chosen to publish a transition plan to understand their planned actions and resource","page_number":292,"box":{"x":170,"y":767,"width":675,"height":10}},{"id":"eee76470-803b-4538-b09b-b465c465b1e2","block_type":"box","text":"implications. Website accessed in December 2025.","page_number":292,"box":{"x":170,"y":780,"width":303,"height":9}},{"id":"41093e2d-a3b6-4a52-afdd-beaf4f48a5aa","block_type":"box","text":"13","page_number":292,"box":{"x":144,"y":796,"width":8,"height":5}},{"id":"0b78aa3c-45a8-4c80-b3c9-1d64fad9395a","block_type":"box","text":"For more information, please see our commentary “Climate-related risks and a low-carbon transition,” December 2025.","page_number":292,"box":{"x":171,"y":796,"width":703,"height":10}},{"id":"b2b1788a-8eeb-4aea-a060-8c12e1019274","block_type":"box","text":"14","page_number":292,"box":{"x":144,"y":812,"width":8,"height":5}},{"id":"d5f2665c-7218-4841-ac5c-3403eb3a40fa","block_type":"box","text":"For more information, please see our commentary “Our approach to engagement on natural capital,” December 2025.","page_number":292,"box":{"x":171,"y":812,"width":697,"height":10}},{"id":"d56d1529-48e0-4a9e-b12f-eb4c837b7499","block_type":"box","text":"15","page_number":292,"box":{"x":144,"y":828,"width":8,"height":5}},{"id":"5614cbca-a261-4afc-adcd-9d30060aaf29","block_type":"box","text":"Given the growing awareness of the materiality of these issues for certain businesses, enhanced reporting on a","page_number":292,"box":{"x":170,"y":828,"width":660,"height":10}},{"id":"8fbb08c3-1c81-4752-8ea0-6a84ef62d4ed","block_type":"box","text":"company’s natural capital dependencies and impacts would aid investors’ understanding. The recommendations of the","page_number":292,"box":{"x":170,"y":841,"width":704,"height":9}},{"id":"060fa535-ddf0-4a66-ae46-3bae655e27ee","block_type":"box","text":"Taskforce on Nature-related Financial Disclosures (TNFD) may prove useful to some companies. We recognize that","page_number":292,"box":{"x":170,"y":854,"width":689,"height":9}},{"id":"17878fe6-1235-4d33-8331-0ff3460e2d6b","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":292,"box":{"x":170,"y":867,"width":680,"height":9}},{"id":"61f29159-667e-4aa2-9713-fdecbe97f812","block_type":"box","text":"other private sector standards. TNFD-aligned reporting is not a voting issue. Website accessed in December 2025.","page_number":292,"box":{"x":170,"y":880,"width":680,"height":9}},{"id":"44213d7b-72c2-4986-85b0-2413210dc832","block_type":"box","text":"BlackRock Investment Stewardship","page_number":292,"box":{"x":117,"y":909,"width":282,"height":12}},{"id":"79382f87-17f2-416b-ac65-5e747846dfc5","block_type":"box","text":"Global Principles |","page_number":292,"box":{"x":722,"y":909,"width":132,"height":12}},{"id":"05d3b6cc-123d-422e-9647-917526b8d672","block_type":"box","text":"13","page_number":292,"box":{"x":866,"y":909,"width":17,"height":9}},{"id":"8d5ac428-20a6-4dc4-8548-458f50b93529","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":292,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"b6b9e382-aa43-4f47-860a-d3ead3be9ed5","block_type":"box","text":"In our experience, companies that invest in the relationships that are critical to their strategic objectives","page_number":293,"box":{"x":117,"y":87,"width":769,"height":12}},{"id":"5292178c-af89-4a78-97fb-fc0477d9d1b8","block_type":"box","text":"are more likely to deliver durable, long-term financial performance. By contrast, we have found that","page_number":293,"box":{"x":116,"y":102,"width":739,"height":13}},{"id":"7a858ed3-3d84-4440-a404-c6b52af0e6f9","block_type":"box","text":"poor relationships may create adverse impacts that could expose companies to legal, regulatory,","page_number":293,"box":{"x":117,"y":118,"width":722,"height":12}},{"id":"98ad0603-fd99-486b-9fe4-7c7cb248c4bb","block_type":"box","text":"operational, and reputational risks. This is particularly relevant to a company’s workforce, which is","page_number":293,"box":{"x":116,"y":134,"width":730,"height":12}},{"id":"0bf41df2-0e40-49ed-9796-35be7964e045","block_type":"box","text":"central to long-term financial value creation.","page_number":293,"box":{"x":116,"y":149,"width":324,"height":12}},{"id":"30d5a8b7-6aab-4223-bce7-139f93d4ea2f","block_type":"box","text":"16","page_number":293,"box":{"x":442,"y":149,"width":11,"height":6}},{"id":"62b37eb1-57f5-4ed3-baee-1516832078c4","block_type":"box","text":"As a long-term shareholder on behalf of our clients, we find it helpful when companies disclose how","page_number":293,"box":{"x":116,"y":179,"width":743,"height":13}},{"id":"5c6e5bb2-7d9b-460e-a2c9-30c2bb34e9f4","block_type":"box","text":"they have identified their key stakeholders and considered their interests in business decision-making.","page_number":293,"box":{"x":116,"y":195,"width":763,"height":12}},{"id":"8a9b48c8-7ed7-47dc-9eda-66d66833aeff","block_type":"box","text":"In addition to understanding broader stakeholder relationships, BIS finds it helpful when companies","page_number":293,"box":{"x":117,"y":210,"width":740,"height":13}},{"id":"edf79967-d97f-4aa6-8b06-abe6cfa52ee9","block_type":"box","text":"discuss how they consider the needs of their workforce today, and the skills required for their future","page_number":293,"box":{"x":116,"y":226,"width":742,"height":12}},{"id":"fb2aca9a-b7d1-47a0-a4cb-62a7a4b269df","block_type":"box","text":"business strategy. We are also interested in understanding how the board monitors and engages on","page_number":293,"box":{"x":117,"y":242,"width":747,"height":12}},{"id":"333ae898-9b2d-45ed-9764-75c56f802277","block_type":"box","text":"these matters, given it is well positioned to ensure that the approach taken by management is informed","page_number":293,"box":{"x":116,"y":257,"width":770,"height":12}},{"id":"b13215b6-d11e-454e-834d-e7a69d1a1f40","block_type":"box","text":"by and aligns with the company’s strategy. BIS does not direct a company’s policies or practices, which","page_number":293,"box":{"x":117,"y":272,"width":771,"height":13}},{"id":"d769614d-7dd6-4c61-8abc-756659ca8e7d","block_type":"box","text":"are the responsibility of management and the board.","page_number":293,"box":{"x":116,"y":288,"width":394,"height":12}},{"id":"ef2c9f93-67bf-496e-8c03-e28a1125b5d4","block_type":"box","text":"In addition, we find it helpful when companies disclose their approach to addressing material adverse","page_number":293,"box":{"x":117,"y":318,"width":754,"height":12}},{"id":"8688683e-9d1a-49ec-b520-64cc2c65de1e","block_type":"box","text":"impacts that could arise from their business practices and affect critical relationships with their","page_number":293,"box":{"x":117,"y":334,"width":701,"height":12}},{"id":"19cd7efe-0f8c-46cd-80c6-40aa5b320f13","block_type":"box","text":"stakeholders. We encourage companies to implement, to the extent appropriate, monitoring processes","page_number":293,"box":{"x":116,"y":350,"width":767,"height":12}},{"id":"18171f43-1c87-4622-8ab0-10759509dd7d","block_type":"box","text":"(often referred to as due diligence) to identify and mitigate potential adverse impacts and grievance","page_number":293,"box":{"x":117,"y":365,"width":740,"height":12}},{"id":"ecd9da11-a3d8-47bf-b764-cf996daf2551","block_type":"box","text":"mechanisms to remediate any actual adverse material impacts.","page_number":293,"box":{"x":117,"y":381,"width":474,"height":12}},{"id":"37aa5722-daa7-44b7-a1d6-29ab2b4c6c4c","block_type":"box","text":"We look to boards to oversee management’s approach to addressing material risks related to key","page_number":293,"box":{"x":116,"y":411,"width":729,"height":12}},{"id":"69582dcd-59c1-4e40-bdfb-b9e70cff8a3c","block_type":"box","text":"stakeholders and may convey concerns about board oversight in our voting on director elections or","page_number":293,"box":{"x":116,"y":426,"width":739,"height":12}},{"id":"daf6a8f0-f0ea-459d-a4fe-6cf031e462da","block_type":"box","text":"supporting a business relevant shareholder proposal when, in our assessment, the board is not acting","page_number":293,"box":{"x":116,"y":442,"width":761,"height":12}},{"id":"2e1b152f-c084-4915-aca5-0f0a3d0abf34","block_type":"box","text":"in shareholders’ long-term financial interests.","page_number":293,"box":{"x":117,"y":457,"width":337,"height":12}},{"id":"3207bca4-e1ce-4188-8e6c-d4f04c69e208","block_type":"box","text":"BLACKROCK’S OVERSIGHT OF ITS INVESTMENT STEWARDSHIP ACTIVITIES","page_number":293,"box":{"x":188,"y":495,"width":629,"height":10}},{"id":"c081d47e-a34a-46a3-9ade-d67b5871f237","block_type":"box","text":"BIS’ governance structure supports oversight and accountability of stewardship-related activities on","page_number":293,"box":{"x":117,"y":526,"width":742,"height":12}},{"id":"69bd2eb5-0493-43a0-99e1-4d13371472c5","block_type":"box","text":"behalf of clients at the global and regional level.","page_number":293,"box":{"x":117,"y":541,"width":358,"height":12}},{"id":"1363b112-77c3-4a34-8eed-d35cb4e53be5","block_type":"box","text":"At the top of this governance structure, the risk-focused BIS Global Oversight Committee (the","page_number":293,"box":{"x":116,"y":572,"width":699,"height":12}},{"id":"62c245b2-4cbc-4775-afeb-f477db22687a","block_type":"box","text":"Committee) supports BIS’ regulatory responsibilities in relation to proxy voting, including adherence to","page_number":293,"box":{"x":117,"y":587,"width":760,"height":12}},{"id":"74169f7b-3310-44bf-973e-646e66c648ea","block_type":"box","text":"policies and procedures as well as market-level stewardship requirements. The Committee reviews","page_number":293,"box":{"x":117,"y":603,"width":740,"height":12}},{"id":"0e858f98-8fdc-4515-86b3-1c3c1c1c21ba","block_type":"box","text":"and approves amendments to the Global Principles and regional voting guidelines. The Committee","page_number":293,"box":{"x":116,"y":618,"width":738,"height":12}},{"id":"8680e53e-0278-4d89-b070-ecbeb54eb517","block_type":"box","text":"also reviews periodic reports regarding the votes cast by BIS on behalf of clients, as well as updates","page_number":293,"box":{"x":116,"y":634,"width":749,"height":12}},{"id":"dbc06d1c-edd3-4d39-a84c-a3789341f4f1","block_type":"box","text":"on material process issues, procedural changes, and other risk oversight considerations. The","page_number":293,"box":{"x":116,"y":649,"width":697,"height":12}},{"id":"e42ca64f-a0fe-4a8e-bd76-346891451f3b","block_type":"box","text":"Committee is chaired by the Global Heads of the Investment Stewardship function and its members","page_number":293,"box":{"x":117,"y":665,"width":737,"height":12}},{"id":"f4c47e9f-2aa8-4312-93e7-d93f6dad8d59","block_type":"box","text":"include senior BlackRock executives with legal, risk, and other experience relevant to team oversight","page_number":293,"box":{"x":117,"y":680,"width":747,"height":12}},{"id":"ddc6257a-1e6a-4ced-8495-e97b1f4a3e67","block_type":"box","text":"who are independent from the investment stewardship function.","page_number":293,"box":{"x":116,"y":696,"width":471,"height":12}},{"id":"8e89235f-53e3-40df-8ded-0aed3ea48863","block_type":"box","text":"The Global Heads have primary oversight of BIS’ activities globally, including voting in accordance with","page_number":293,"box":{"x":116,"y":726,"width":764,"height":12}},{"id":"d5492050-05f8-41e0-9ea4-37330a9f640f","block_type":"box","text":"the Global Principles and regional voting guidelines. At the regional level, three regional Heads for the","page_number":293,"box":{"x":116,"y":742,"width":756,"height":12}},{"id":"fef94f0e-c964-433e-b077-7293ed2a56e8","block_type":"box","text":"Americas, APAC, and EMEA oversee BIS’ activities for their specific markets.","page_number":293,"box":{"x":116,"y":757,"width":574,"height":12}},{"id":"d0d7b752-64f0-439e-8e67-8e7329d3fae1","block_type":"box","text":"VOTE EXECUTION","page_number":293,"box":{"x":425,"y":795,"width":148,"height":10}},{"id":"a0e84c23-5e1e-4db4-8ab5-b58e0c2e1e3f","block_type":"box","text":"BIS votes proxies on behalf of index equity funds and accounts when authorized by our clients. We","page_number":293,"box":{"x":117,"y":825,"width":739,"height":13}},{"id":"7435e229-4e0d-4d4d-abda-bb8e11047f48","block_type":"box","text":"have processes in place to consider all proxies for which we have voting authority, and submit voting","page_number":293,"box":{"x":117,"y":841,"width":751,"height":12}},{"id":"57c86cd7-c8e9-4838-98c6-d90a16686f54","block_type":"box","text":"16","page_number":293,"box":{"x":144,"y":866,"width":8,"height":5}},{"id":"d09c2583-db40-4315-b596-147195574322","block_type":"box","text":"For more information, please see our commentary “Our approach to engagement on human capital management,”","page_number":293,"box":{"x":171,"y":866,"width":677,"height":10}},{"id":"7221a67e-d25b-4c57-9437-c71f986a854a","block_type":"box","text":"December 2025.","page_number":293,"box":{"x":171,"y":879,"width":97,"height":8}},{"id":"c9575f75-fc55-49f3-b3de-ced4b678f438","block_type":"box","text":"BlackRock Investment Stewardship","page_number":293,"box":{"x":117,"y":909,"width":282,"height":12}},{"id":"206d0312-611b-40fc-86dd-a0810e495eec","block_type":"box","text":"Global Principles |","page_number":293,"box":{"x":722,"y":909,"width":132,"height":12}},{"id":"79f0d648-e1dd-4965-96e1-da720ef93a03","block_type":"box","text":"14","page_number":293,"box":{"x":866,"y":909,"width":17,"height":9}},{"id":"4b8baf89-05c6-477e-ab18-db97687d4b47","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":293,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"fa08e094-5b58-4cb9-b4cc-e07ce999c639","block_type":"box","text":"decisions, or refrain from voting when logistical issues arise (see below). The BIS Benchmark","page_number":294,"box":{"x":116,"y":87,"width":698,"height":12}},{"id":"ee7f9bc5-0065-4d01-84d6-0110bde4a3ef","block_type":"box","text":"Policies – and the vote decisions made consistent with those policies – reflect our reasonable and","page_number":294,"box":{"x":117,"y":102,"width":730,"height":12}},{"id":"64bf49b3-0b1c-46a3-a047-0c2644186a4d","block_type":"box","text":"independent judgment and are made without regard to the relationship between the issuer of the proxy","page_number":294,"box":{"x":117,"y":118,"width":766,"height":12}},{"id":"9a1ffb23-7d11-43bc-94c8-e46786802813","block_type":"box","text":"(or any shareholder proponent or dissident shareholder) and the Fund, the Fund’s affiliates (if any),","page_number":294,"box":{"x":117,"y":134,"width":739,"height":12}},{"id":"e967f95d-42c8-4bc1-90bd-86492771600c","block_type":"box","text":"BlackRock or BlackRock’s affiliates, or BlackRock employees (see “Conflicts management policies and","page_number":294,"box":{"x":117,"y":149,"width":768,"height":12}},{"id":"c958213f-e912-41f8-b693-8cf51a179fa1","block_type":"box","text":"procedures,” below).","page_number":294,"box":{"x":117,"y":165,"width":157,"height":12}},{"id":"688876bf-1112-4a7b-a14c-e69e60467c85","block_type":"box","text":"In certain markets, proxy voting involves logistical issues which can affect BIS’ ability to vote, as well","page_number":294,"box":{"x":117,"y":196,"width":749,"height":12}},{"id":"c25a134b-7689-46a1-ac1a-9f9d2de6a51d","block_type":"box","text":"as the cost of voting such proxies on behalf of our clients. These issues include, but are not limited to:","page_number":294,"box":{"x":116,"y":212,"width":761,"height":12}},{"id":"8702ab7f-5245-483c-8bf1-4c9d5c77b7b5","block_type":"box","text":"1) untimely notice of shareholder meetings; 2) restrictions on a foreigner’s ability to exercise votes; 3)","page_number":294,"box":{"x":118,"y":227,"width":754,"height":12}},{"id":"d17e4dba-2450-47a9-b48e-8cc8276f3240","block_type":"box","text":"requirements to vote proxies in person; 4) “share-blocking” (requirements that investors who exercise","page_number":294,"box":{"x":117,"y":243,"width":756,"height":12}},{"id":"388c0b34-b7ae-432e-9ba9-9f3df4490eac","block_type":"box","text":"their voting rights surrender the right to dispose of their holdings from the point at which votes are","page_number":294,"box":{"x":116,"y":258,"width":728,"height":12}},{"id":"8506bde8-7b05-4201-bbce-68e4a5831128","block_type":"box","text":"submitted until after the after the shareholder meeting has occurred); 5) potential difficulties in","page_number":294,"box":{"x":116,"y":274,"width":701,"height":12}},{"id":"35521a47-02e8-4b84-be76-48f5f349be1f","block_type":"box","text":"translating the proxy; 6) regulatory constraints; and 7) requirements to provide local agents with","page_number":294,"box":{"x":116,"y":289,"width":714,"height":12}},{"id":"371ab03c-fee7-4c39-bcf8-21bc008e912d","block_type":"box","text":"powers of attorney to facilitate voting instructions. We are not supportive of impediments to the","page_number":294,"box":{"x":117,"y":305,"width":706,"height":12}},{"id":"3f0f25c0-937a-4edc-b161-2cb6abefb967","block_type":"box","text":"exercise of voting rights such as share-blocking or overly burdensome administrative requirements.","page_number":294,"box":{"x":116,"y":320,"width":742,"height":12}},{"id":"210ea629-ce0d-4973-a6d5-1d9ca4e54952","block_type":"box","text":"BIS votes proxies in these situations on a “best-efforts” basis. In addition, BIS may determine that it is","page_number":294,"box":{"x":117,"y":352,"width":758,"height":12}},{"id":"8918e2e0-758f-44a3-a46d-6c64f3f3b18f","block_type":"box","text":"generally in the interests of BlackRock’s clients not to vote proxies (or not to vote our full allocation) if","page_number":294,"box":{"x":116,"y":368,"width":755,"height":12}},{"id":"ec2d3776-379a-48ac-b41d-3841060ae831","block_type":"box","text":"the costs (including but not limited to opportunity costs associated with share-blocking constraints)","page_number":294,"box":{"x":116,"y":383,"width":734,"height":12}},{"id":"fd319399-7127-4da7-8464-9404cd19ce9a","block_type":"box","text":"associated with exercising a vote are expected to outweigh the benefit the client would derive by voting","page_number":294,"box":{"x":116,"y":399,"width":770,"height":12}},{"id":"59b7bed6-fdd5-4166-8118-d39a4f4da92b","block_type":"box","text":"on the proposal.","page_number":294,"box":{"x":116,"y":414,"width":125,"height":12}},{"id":"c51b7fcf-5185-45e9-bd71-f7216f7dc26f","block_type":"box","text":"CONFLICTS MANAGEMENT POLICIES AND PROCEDURES","page_number":294,"box":{"x":265,"y":454,"width":475,"height":10}},{"id":"289b44e3-a0dc-40e7-b502-1b9921172bdd","block_type":"box","text":"BIS is a dedicated function whose responsibilities are separate from BlackRock’s sales, business","page_number":294,"box":{"x":117,"y":486,"width":724,"height":12}},{"id":"32426b77-e5d9-40c0-b3a1-2fcc310c6a25","block_type":"box","text":"partnership or enterprise-level vendor management activities.","page_number":294,"box":{"x":117,"y":501,"width":460,"height":12}},{"id":"a89ef60d-7a35-4d99-9aaf-4dcd188affd1","block_type":"box","text":"BlackRock maintains policies and procedures that are designed to prevent undue influence on BIS’","page_number":294,"box":{"x":117,"y":533,"width":739,"height":12}},{"id":"86ac3d72-c912-438a-ae9c-f651f78c1b24","block_type":"box","text":"proxy voting activity. Such influence might stem from any relationship between the investee company","page_number":294,"box":{"x":117,"y":549,"width":755,"height":12}},{"id":"1c27e03c-9c53-42e3-a24a-07c2c6df3957","block_type":"box","text":"(or any shareholder proponent or dissident shareholder) and BlackRock, BlackRock’s affiliates, a Fund","page_number":294,"box":{"x":117,"y":564,"width":766,"height":12}},{"id":"c2dd1fb2-a8c4-4253-8eda-36141a7af6f2","block_type":"box","text":"or a Fund’s affiliates, or BlackRock employees.","page_number":294,"box":{"x":116,"y":580,"width":354,"height":12}},{"id":"60297a07-c73d-43bf-a926-4df1bbf2b486","block_type":"box","text":"For information on how BIS manages conflicts of interest, please see our disclosure.","page_number":294,"box":{"x":117,"y":611,"width":630,"height":13}},{"id":"85c134ca-72b6-4cef-8240-5e8a385bdd77","block_type":"box","text":"SECURITIES LENDING","page_number":294,"box":{"x":410,"y":643,"width":185,"height":10}},{"id":"dcce2598-c3ea-4c36-a5c1-560ad87aea61","block_type":"box","text":"When authorized, BlackRock acts as a securities lending agent on behalf of its clients. Lending","page_number":294,"box":{"x":116,"y":675,"width":704,"height":12}},{"id":"b7d4a962-d9c4-4d30-8e16-316b56fa5fda","block_type":"box","text":"securities enables BlackRock to increase the returns in clients’ portfolios, and BlackRock’s lending","page_number":294,"box":{"x":116,"y":690,"width":729,"height":13}},{"id":"87cff27c-688b-4e25-a56e-91be0bd7dede","block_type":"box","text":"agreements allow it to recall securities out on loan at any time. BlackRock (or any other lender) does","page_number":294,"box":{"x":116,"y":706,"width":746,"height":12}},{"id":"fb0d60e6-9138-47f8-98f2-61c6971e1c59","block_type":"box","text":"not retain voting rights for securities out on loan. Entitlements associated with the lent securities","page_number":294,"box":{"x":117,"y":721,"width":709,"height":13}},{"id":"3ea0cc43-c428-44ea-86cc-99b4dfc875e2","block_type":"box","text":"(dividends, coupons, etc.), while on loan are paid back to the lender of the security as stipulated in","page_number":294,"box":{"x":117,"y":737,"width":727,"height":12}},{"id":"77cdbdd4-6f02-46bd-98ae-2a960e4350da","block_type":"box","text":"industry standard legal agreements.","page_number":294,"box":{"x":117,"y":753,"width":265,"height":12}},{"id":"9f31c8bf-ce9f-410c-9dc3-21aa2bf470d9","block_type":"box","text":"With regard to the relationship between securities lending and proxy voting, BlackRock cannot vote","page_number":294,"box":{"x":116,"y":784,"width":735,"height":12}},{"id":"de8e3958-d349-4a2b-9646-5edf5bd06a94","block_type":"box","text":"shares on loan and may determine to recall them for voting, as guided by our fiduciary duty as an asset","page_number":294,"box":{"x":116,"y":800,"width":767,"height":12}},{"id":"4a25b089-8021-423d-9859-147d7e26ad1b","block_type":"box","text":"manager to our clients in helping them achieve their investment goals. While this has occurred in a","page_number":294,"box":{"x":117,"y":815,"width":731,"height":12}},{"id":"90534b31-185e-4958-9e26-fa70a185defc","block_type":"box","text":"limited number of cases, the decision to recall securities on loan as part of BlackRock’s securities","page_number":294,"box":{"x":117,"y":831,"width":727,"height":12}},{"id":"40f3d74c-647f-4885-b89a-236cb053ac7b","block_type":"box","text":"lending program in order to vote is based on an evaluation of various factors that include, but are not","page_number":294,"box":{"x":117,"y":846,"width":751,"height":12}},{"id":"10b22e94-106b-42d2-8f99-f230ac4bd036","block_type":"box","text":"limited to, assessing potential securities lending revenue alongside the potential long-term financial","page_number":294,"box":{"x":117,"y":862,"width":739,"height":12}},{"id":"b7caf6aa-dc3c-4e4f-8191-125d4d2ea769","block_type":"box","text":"value to clients of voting those securities (based on the information available at the time of recall","page_number":294,"box":{"x":116,"y":877,"width":719,"height":12}},{"id":"5aa33b67-a313-4d03-b7a6-308ad9997f07","block_type":"box","text":"BlackRock Investment Stewardship","page_number":294,"box":{"x":117,"y":909,"width":282,"height":12}},{"id":"31a64592-2c53-4fba-853f-b0201c9e8a49","block_type":"box","text":"Global Principles |","page_number":294,"box":{"x":722,"y":909,"width":132,"height":12}},{"id":"082137e5-b9ce-4061-aaaf-e06afb6e8324","block_type":"box","text":"15","page_number":294,"box":{"x":866,"y":909,"width":17,"height":9}},{"id":"b5957530-e99e-4312-b253-0c7b70d64caa","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":294,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"15b5fc9c-c5fe-4e7a-96ab-d058c08479ab","block_type":"box","text":"consideration).","page_number":295,"box":{"x":116,"y":87,"width":109,"height":12}},{"id":"8218aa26-f194-4e49-83c7-9ff90b191cb5","block_type":"box","text":"17","page_number":295,"box":{"x":227,"y":87,"width":11,"height":6}},{"id":"c2c2d15a-2c49-4fc2-b650-22a5c5df8b6d","block_type":"box","text":"BIS works with colleagues in the Securities Lending and Risk and Quantitative","page_number":295,"box":{"x":238,"y":87,"width":591,"height":12}},{"id":"a6648fca-5155-4b0d-9c51-c31cd8b75003","block_type":"box","text":"Analysis teams to evaluate the costs and benefits to clients of recalling shares on loan.","page_number":295,"box":{"x":116,"y":102,"width":650,"height":12}},{"id":"fc0392df-b4ff-4d85-b991-ec2a6dedafc8","block_type":"box","text":"In almost all instances, BlackRock anticipates that the potential long-term financial value to clients of","page_number":295,"box":{"x":117,"y":129,"width":749,"height":12}},{"id":"4c929a95-c1a2-4231-8300-83caa5a63cc7","block_type":"box","text":"voting shares would be less than the potential revenue the loan may provide clients. 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Under the","page_number":301,"box":{"x":522,"y":622,"width":357,"height":12}},{"id":"9f5ab981-4b43-409f-993a-0b0c374eb300","block_type":"box","text":"Guidelines, the dedicated team makes decisions on how to engage companies and vote proxies","page_number":301,"box":{"x":150,"y":637,"width":688,"height":12}},{"id":"84d57789-9cc9-49cc-bc4a-c08aeedc4562","block_type":"box","text":"independently, based on its professional judgment of t","page_number":301,"box":{"x":150,"y":653,"width":379,"height":12}},{"id":"ef4aee9e-e6fc-4ae6-9b20-f9dcb557d385","block_type":"box","text":"the priorities and outcomes most aligned with","page_number":301,"box":{"x":529,"y":653,"width":326,"height":12}},{"id":"3635c32d-294d-4927-ac07-dfb37d2e9cbc","block_type":"box","text":"participating clients’ investment objectives.","page_number":301,"box":{"x":150,"y":669,"width":300,"height":11}},{"id":"afe9ce9f-4a5b-462d-a33e-7d766ca1c89e","block_type":"box","text":"VOTING APPROACH UNDER THE GUIDELINES","page_number":301,"box":{"x":306,"y":707,"width":375,"height":10}},{"id":"54eb9737-1090-4425-9cc9-ce4d3023a038","block_type":"box","text":"12","page_number":301,"box":{"x":682,"y":707,"width":11,"height":6}},{"id":"5a78f42c-63c1-45b0-a4ce-3a4211e8ac3c","block_type":"box","text":"When evaluating each voting item across management or shareholder proposals, the dedicated team","page_number":301,"box":{"x":116,"y":738,"width":752,"height":12}},{"id":"18bd7d6a-5093-48c1-8adc-403b4e840b8a","block_type":"box","text":"applies a case-by-case approach that reflects the uneven pace of the low-carbon transition across","page_number":301,"box":{"x":116,"y":754,"width":728,"height":12}},{"id":"7100ea1c-cdb9-4f0b-b616-07ae1cb82ccc","block_type":"box","text":"sectors and markets, and acknowledges the distinction between what company management can","page_number":301,"box":{"x":116,"y":769,"width":723,"height":12}},{"id":"f0c85e3d-e2d7-44de-805b-10b0b225218b","block_type":"box","text":"influence and what lies beyond its control. 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As a","page_number":302,"box":{"x":116,"y":227,"width":740,"height":12}},{"id":"0cd47d65-5fe1-4c52-bc92-111690d23a4d","block_type":"box","text":"general point, the team looks to companies that are important to the transition to a low-carbon","page_number":302,"box":{"x":116,"y":242,"width":702,"height":12}},{"id":"20e3dc59-800d-4ae1-8a12-60f1f83150e2","block_type":"box","text":"economy to explain the strategy and governance frameworks that they have determined most","page_number":302,"box":{"x":116,"y":258,"width":700,"height":12}},{"id":"0d478cd0-6b1a-47c7-9649-98f3e03963d4","block_type":"box","text":"appropriate, which may include:","page_number":302,"box":{"x":116,"y":273,"width":241,"height":12}},{"id":"4e1110d9-cfb0-4b5b-bd9d-0f86fb3fe5af","block_type":"box","text":"(1) a low-carbon transition strategy to demonstrate their alignment with the ambition to limit","page_number":302,"box":{"x":150,"y":304,"width":688,"height":12}},{"id":"7e734145-78b7-4324-9287-24b589d046c4","block_type":"box","text":"average global temperature rise to 1.5°C above pre-industrial levels. This would typically","page_number":302,"box":{"x":184,"y":320,"width":661,"height":12}},{"id":"7768de6e-788e-4da8-9583-a8974e953d19","block_type":"box","text":"include a long-term strategy to achieve net-zero GHG emissions by 2050, with appropriate","page_number":302,"box":{"x":184,"y":335,"width":676,"height":12}},{"id":"0601646a-54dd-45c7-a571-fce9c1de7e4f","block_type":"box","text":"near- and medium-term milestones to assess their progress.","page_number":302,"box":{"x":184,"y":351,"width":453,"height":12}},{"id":"8e4201f1-f1fb-4dd1-98ca-5fcd0d0738fa","block_type":"box","text":"(2) low-carbon transition-related reporting. Standardized disclosure of sustainability-related data","page_number":302,"box":{"x":150,"y":374,"width":724,"height":12}},{"id":"9da1b671-7c02-4ed3-87a6-0aa16b241de8","block_type":"box","text":"supports investors in making informed decisions. The International Sustainability Standards","page_number":302,"box":{"x":184,"y":389,"width":683,"height":12}},{"id":"fb3b7664-897b-41a4-932f-7bad85b64cdd","block_type":"box","text":"Board (ISSB) standards, IFRS S1 and S2, represent one such approach to standardization","page_number":302,"box":{"x":184,"y":405,"width":678,"height":12}},{"id":"58c829f3-6fb2-4ee5-937d-d8d00512bcdc","block_type":"box","text":"that the dedicated team finds useful in its analysis.","page_number":302,"box":{"x":183,"y":420,"width":374,"height":12}},{"id":"fbe8eac1-43ea-459e-8013-29d6a15d39f3","block_type":"box","text":"14","page_number":302,"box":{"x":559,"y":420,"width":11,"height":7}},{"id":"5b6ccc03-bb2c-4a78-8be2-d875f77dfda9","block_type":"box","text":",","page_number":302,"box":{"x":572,"y":428,"width":8,"height":4}},{"id":"9a6a63d6-808c-4150-93ba-350653f23465","block_type":"box","text":"15","page_number":302,"box":{"x":581,"y":420,"width":11,"height":7}},{"id":"bbe3d6ff-1b99-481c-9d9b-b01229d8844b","block_type":"box","text":"IFRS S1 addresses the general","page_number":302,"box":{"x":592,"y":420,"width":244,"height":12}},{"id":"c97eeb4d-30ef-44d2-bbb6-802f6620459d","block_type":"box","text":"requirements of sustainability reporting and IFRS S2 sets out the disclosures that provide","page_number":302,"box":{"x":184,"y":436,"width":667,"height":12}},{"id":"1b607542-773a-4df9-a513-30331267baad","block_type":"box","text":"investors with decision-useful information about a company’s most significant climate- and","page_number":302,"box":{"x":184,"y":451,"width":674,"height":12}},{"id":"065e83b8-aa61-4606-a17a-cc96e7048add","block_type":"box","text":"low-carbon transition-related risks and opportunities. This includes receiving independent,","page_number":302,"box":{"x":184,"y":467,"width":671,"height":12}},{"id":"97587786-17d7-4b6c-ba42-a18cc020da8b","block_type":"box","text":"third-party assurances, as audit and assurance standards are developed.","page_number":302,"box":{"x":183,"y":482,"width":549,"height":12}},{"id":"224dad33-86e8-4a06-aef9-74d4a66f513e","block_type":"box","text":"(3) scope 1 and scope 2, and most significant scope 3 GHG emissions.","page_number":302,"box":{"x":150,"y":506,"width":536,"height":12}},{"id":"3a9a9481-397c-41ec-b94c-007c36e373b0","block_type":"box","text":"16","page_number":302,"box":{"x":689,"y":506,"width":10,"height":6}},{"id":"07c253f4-e615-461b-be1a-3a209065fe31","block_type":"box","text":",","page_number":302,"box":{"x":701,"y":514,"width":8,"height":3}},{"id":"7e46187a-ce64-488a-8960-9314f0565bf1","block_type":"box","text":"17","page_number":302,"box":{"x":710,"y":506,"width":11,"height":6}},{"id":"e5caa28a-df55-4858-9132-e6abf4e56392","block_type":"box","text":"In addition, the","page_number":302,"box":{"x":721,"y":506,"width":120,"height":11}},{"id":"c85ffbda-fd31-4f92-9800-24929204e06b","block_type":"box","text":"dedicated team looks to companies to disclose their emissions reduction targets for scope 1","page_number":302,"box":{"x":184,"y":521,"width":687,"height":12}},{"id":"00b552f8-622a-402d-b355-1e7d15414758","block_type":"box","text":"and 2 emissions, science-based where possible. The team welcomes disclosure of targets or","page_number":302,"box":{"x":184,"y":537,"width":695,"height":12}},{"id":"0b174a67-9d06-44aa-b426-a4b54dbf053e","block_type":"box","text":"13","page_number":302,"box":{"x":144,"y":572,"width":8,"height":5}},{"id":"3734d3ae-cfbe-40d0-b693-d77f5e83cc32","block_type":"box","text":"Given data and measurement limitations, companies may need to provide estimated GHG emissions where reporting","page_number":302,"box":{"x":170,"y":572,"width":695,"height":10}},{"id":"6d5e22df-f723-4966-b918-dd502b00d7f5","block_type":"box","text":"methodologies are nascent. In addition, certain disclosures related to a company’s plans for adapting their business","page_number":302,"box":{"x":170,"y":585,"width":686,"height":10}},{"id":"c471dec4-40ed-4e83-b010-fe0997f419cd","block_type":"box","text":"models through the low-carbon transition may require forward-looking statements.","page_number":302,"box":{"x":170,"y":598,"width":485,"height":10}},{"id":"3a7b132c-2939-4a6c-aca5-e1ac565b0169","block_type":"box","text":"14","page_number":302,"box":{"x":144,"y":614,"width":8,"height":4}},{"id":"647a9895-8371-4281-8d4b-e637b2f87a3d","block_type":"box","text":"The ISSB is an independent standard-setting body within the International Financial Reporting Standards (IFRS)","page_number":302,"box":{"x":170,"y":613,"width":666,"height":10}},{"id":"fe23ba04-1a82-495d-bdfb-d3e27b88688a","block_type":"box","text":"Foundation. The standards build on the Task Force on Climate-related Financial Disclosures (TCFD) framework and the","page_number":302,"box":{"x":171,"y":626,"width":712,"height":10}},{"id":"ddd59204-5ef3-428e-96a9-12ef2a6b76ad","block_type":"box","text":"standards and metrics developed by the Sustainability Accounting Standards Board (SASB), which have both","page_number":302,"box":{"x":170,"y":639,"width":649,"height":10}},{"id":"aa5d709d-c6ce-4912-9b81-d812244ef81b","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":302,"box":{"x":170,"y":652,"width":674,"height":10}},{"id":"091e4ef8-a14d-4637-a0df-bcdd56618020","block_type":"box","text":"“General Requirements for Disclosure of Sustainability-related Financial Information” and S2 “Climate-related","page_number":302,"box":{"x":170,"y":665,"width":647,"height":10}},{"id":"809673f9-7b95-4c35-9e4c-058117bda29d","block_type":"box","text":"Disclosures.” Websites accessed in December 2025.","page_number":302,"box":{"x":171,"y":678,"width":312,"height":8}},{"id":"a9069d98-a656-469d-ae0d-ad94d6d95430","block_type":"box","text":"15","page_number":302,"box":{"x":144,"y":694,"width":8,"height":5}},{"id":"69fe382e-bbb9-4144-95db-4d200268e8d6","block_type":"box","text":"A number of jurisdictions are consulting on adopting the standards issued to date or have already committed to doing","page_number":302,"box":{"x":170,"y":694,"width":694,"height":9}},{"id":"8a1904ac-61cd-4ba4-8bd2-e758d4322a3c","block_type":"box","text":"so. BIS does not mandate any specific disclosure framework companies should use, and recognize that some","page_number":302,"box":{"x":170,"y":706,"width":651,"height":10}},{"id":"d0fb147e-1fcf-4ccc-9a9f-c9a66a530ede","block_type":"box","text":"companies may report using different standards, some of which may be required by regulation. In such cases, we ask","page_number":302,"box":{"x":170,"y":719,"width":698,"height":10}},{"id":"ae14a58f-f9c9-4af1-af1d-d11d99c30d5f","block_type":"box","text":"that companies highlight the metrics that are industry- or company-specific. We also recognize that companies may be","page_number":302,"box":{"x":170,"y":732,"width":703,"height":10}},{"id":"8bfeb71d-f84c-4d48-8ccc-243584ab1588","block_type":"box","text":"phasing in reporting over several years. We do not prescribe timelines regarding when companies should make","page_number":302,"box":{"x":170,"y":745,"width":661,"height":10}},{"id":"10b2098e-5424-445c-b045-3c6aca433256","block_type":"box","text":"sustainability-related disclosures but appreciate it when companies produce them sufficiently in advance of their","page_number":302,"box":{"x":170,"y":758,"width":664,"height":10}},{"id":"8499c03d-ac42-4a78-b4a5-509760ce052d","block_type":"box","text":"shareholder meeting, to the best of their abilities, to provide investors with time to assess the data and make informed","page_number":302,"box":{"x":170,"y":771,"width":698,"height":10}},{"id":"b2abecf6-4514-41e5-8213-a1e7a194a8e3","block_type":"box","text":"voting decisions.","page_number":302,"box":{"x":170,"y":784,"width":98,"height":10}},{"id":"509d6771-3fef-42cd-8488-c5fa69f4021f","block_type":"box","text":"16","page_number":302,"box":{"x":144,"y":800,"width":8,"height":4}},{"id":"87c1dd41-bb42-465a-8eec-b181fc328878","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":302,"box":{"x":171,"y":799,"width":685,"height":10}},{"id":"fb341ed2-8fb2-4cea-a023-b98b9205b2b7","block_type":"box","text":"paper: FTSE Russel, “Scope for improvement: Solving the Scope 3 conundrum,” January 2024, accessed in December","page_number":302,"box":{"x":170,"y":812,"width":708,"height":10}},{"id":"552a5acc-22d1-4b2a-b4c3-49d8aa0bfba5","block_type":"box","text":"2025.","page_number":302,"box":{"x":170,"y":825,"width":32,"height":8}},{"id":"d8469cd5-bb54-4ca9-a104-6849a1a77d38","block_type":"box","text":"17","page_number":302,"box":{"x":144,"y":841,"width":8,"height":5}},{"id":"194a0942-2c72-483b-8fb4-3ad3cf95047f","block_type":"box","text":"Under this policy, the dedicated team looks for GHG emissions disclosures to be aligned with the Greenhouse Gas","page_number":302,"box":{"x":171,"y":841,"width":680,"height":9}},{"id":"c375d1f1-d614-461a-a857-0c02bd8f7ba7","block_type":"box","text":"Protocol (GHG Protocol). The Protocol Standards and Guidance are currently being updated to ensure they continue to","page_number":302,"box":{"x":171,"y":854,"width":706,"height":9}},{"id":"53d1abd5-197c-44c6-90af-2995a6ec4872","block_type":"box","text":"provide “a rigorous and credible accounting foundation for businesses to measure, plan and track progress toward","page_number":302,"box":{"x":170,"y":867,"width":677,"height":9}},{"id":"e062576a-711d-497f-ae4f-b7c9ddc037b9","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":302,"box":{"x":170,"y":880,"width":650,"height":9}},{"id":"6327398a-2d1f-40f7-8250-de3d1307fa6e","block_type":"box","text":"BlackRock Investment Stewardship","page_number":302,"box":{"x":117,"y":909,"width":262,"height":11}},{"id":"ce673ed8-6fef-41c6-a179-59e9c4dbdcdc","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines |","page_number":302,"box":{"x":490,"y":909,"width":375,"height":11}},{"id":"e08b7464-f408-4d4f-ada9-605d87beb7ca","block_type":"box","text":"6","page_number":302,"box":{"x":875,"y":909,"width":8,"height":9}},{"id":"932d5b2d-7ce9-4a83-a8e5-9cf5a2bef864","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":302,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"9cb15974-4ce2-4d6f-8342-0750803c6c31","block_type":"box","text":"indicative goals, where companies have set them, for scope 3 emissions reductions. Scope 3","page_number":303,"box":{"x":184,"y":87,"width":696,"height":12}},{"id":"d1f31343-f746-46e5-a977-419855baf43c","block_type":"box","text":"information, including how a company is working with its value chain to accelerate reductions","page_number":303,"box":{"x":184,"y":102,"width":694,"height":13}},{"id":"f679f428-9e64-4a94-87e7-7e3d258be54c","block_type":"box","text":"in GHG intensity, provides useful insight to investors focused on investing in the low-carbon","page_number":303,"box":{"x":184,"y":118,"width":684,"height":12}},{"id":"31751d6d-12bd-45d6-8149-8363d4fd5a11","block_type":"box","text":"transition and understanding the impact of their investments on their decarbonization goals.","page_number":303,"box":{"x":183,"y":134,"width":678,"height":12}},{"id":"5611b56d-b10f-41e2-ba85-22deb76a7b5f","block_type":"box","text":"18","page_number":303,"box":{"x":864,"y":134,"width":10,"height":6}},{"id":"0b04a85e-ecd3-43ef-b41b-cb9b75bd8345","block_type":"box","text":"However, the team recognizes that companies have varying ability to influence the emissions","page_number":303,"box":{"x":184,"y":149,"width":696,"height":12}},{"id":"42fd3a08-adf8-44ed-883e-ccf3341b45b6","block_type":"box","text":"across the different parts of their value chain and, therefore, it is helpful when disclosures","page_number":303,"box":{"x":184,"y":165,"width":667,"height":11}},{"id":"f1e51d4b-04c6-4005-9a14-10d8f21d7845","block_type":"box","text":"explain the implications for the achievement of their decarbonization targets. For some","page_number":303,"box":{"x":184,"y":180,"width":647,"height":12}},{"id":"8cf3f947-802b-4ba4-8fd4-d28e388de36f","block_type":"box","text":"companies that play an important role in the low-carbon transition, scope 3 may represent","page_number":303,"box":{"x":184,"y":196,"width":671,"height":12}},{"id":"27d0240a-77d9-442b-acb9-5e33e627092e","block_type":"box","text":"their only significant source of GHG emissions in the value chain. While we do not believe","page_number":303,"box":{"x":183,"y":211,"width":672,"height":12}},{"id":"30ef0dbc-a172-42cc-a960-40749dc78578","block_type":"box","text":"companies should be required to enforce emissions reduction targets outside of their control,","page_number":303,"box":{"x":184,"y":227,"width":693,"height":12}},{"id":"bc760506-5144-44a6-8019-75d6153f2d71","block_type":"box","text":"where relevant, we look for disclosures on how the company approaches the low-carbon","page_number":303,"box":{"x":183,"y":242,"width":662,"height":12}},{"id":"59329b5e-64e5-4146-83a1-3f932a73d2dd","block_type":"box","text":"transition in these cases. This may include plans and targets to grow businesses that","page_number":303,"box":{"x":183,"y":258,"width":636,"height":12}},{"id":"ba7a1048-bd2a-45d2-afa3-9e7f75c8a114","block_type":"box","text":"contribute to real world decarbonization, forward-looking capital or procurement allocation","page_number":303,"box":{"x":184,"y":273,"width":670,"height":12}},{"id":"44f70c9f-a4f3-4e63-befb-0f1b336e8276","block_type":"box","text":"plans to net-zero aligned activities or suppliers, and strategies to mitigate material transition","page_number":303,"box":{"x":184,"y":289,"width":684,"height":12}},{"id":"a29694b0-0b88-4ec2-b471-ca2fe90db41c","block_type":"box","text":"risks.","page_number":303,"box":{"x":184,"y":304,"width":43,"height":10}},{"id":"6d038951-8d4c-4b43-ac40-1a5923166fb0","block_type":"box","text":"(4) where relevant, disclosures that describe the company’s exposure to climate-related physical","page_number":303,"box":{"x":150,"y":327,"width":729,"height":12}},{"id":"2cad50a0-a031-4b76-ae6b-8bf7449f8fd2","block_type":"box","text":"risks – such as acute risks from extreme weather events or chronic risks from long-term shifts","page_number":303,"box":{"x":184,"y":343,"width":699,"height":12}},{"id":"ee08a27c-cf78-4f8f-be00-3e2d68e7f87e","block_type":"box","text":"in climate patterns – and how these risks could reasonably be expected to affect the","page_number":303,"box":{"x":184,"y":358,"width":629,"height":12}},{"id":"81c530ce-4787-4c12-bb35-a7eba899ae86","block_type":"box","text":"company’s operations, assets, or supply chains.","page_number":303,"box":{"x":184,"y":374,"width":361,"height":12}},{"id":"f1c3a4eb-6566-4a93-a5d5-8710216c32d5","block_type":"box","text":"Transition plans","page_number":303,"box":{"x":118,"y":405,"width":132,"height":12}},{"id":"bfd84c6e-92d3-4b2b-9bed-a0dc19b91837","block_type":"box","text":"Some companies have published transition plans outlining how they intend to implement their","page_number":303,"box":{"x":116,"y":436,"width":698,"height":12}},{"id":"9b4b132a-d7fd-4ec4-ad85-c0b59443b2b8","block_type":"box","text":"low-carbon transition strategies. As defined by the ISSB, a transition plan “lays out the entity’s targets,","page_number":303,"box":{"x":117,"y":451,"width":761,"height":12}},{"id":"c9ed95f5-d34c-4ff3-a3d0-38e0154a83d2","block_type":"box","text":"actions or resources for its transition towards a lower-carbon economy, including actions such as","page_number":303,"box":{"x":116,"y":467,"width":724,"height":12}},{"id":"b7ae83df-1613-4fc5-a558-83aad56a23d3","block_type":"box","text":"reducing its greenhouse gas emissions” (see Appendix 1).","page_number":303,"box":{"x":117,"y":482,"width":430,"height":12}},{"id":"ad6a897e-9f05-49d3-a9e1-95d411daa9f3","block_type":"box","text":"19","page_number":303,"box":{"x":550,"y":482,"width":10,"height":7}},{"id":"c2171edd-3e60-4938-97c4-66062a13cf8f","block_type":"box","text":"Work is also underway in a number of jurisdictions on establishing a common approach in a market to","page_number":303,"box":{"x":116,"y":513,"width":760,"height":12}},{"id":"c9763d1e-ed8c-48d9-9aad-30329f632a2a","block_type":"box","text":"corporate transition plans.","page_number":303,"box":{"x":116,"y":529,"width":192,"height":12}},{"id":"6af7ff81-bd2c-45fc-94d7-9c0d074e9e70","block_type":"box","text":"20","page_number":303,"box":{"x":310,"y":529,"width":11,"height":6}},{"id":"de1c352f-f969-4cfb-ba37-ea82862b0176","block_type":"box","text":"Recent guidance from the ISSB on disclosures about transition plans","page_number":303,"box":{"x":321,"y":529,"width":523,"height":12}},{"id":"65644d3b-3a99-4c4b-9663-516886f6756d","block_type":"box","text":"highlights the convergence of reporting approaches.","page_number":303,"box":{"x":117,"y":544,"width":391,"height":12}},{"id":"79197a09-fbf5-4ba4-a5b6-45d99cdfff5a","block_type":"box","text":"While the preparation of a transition plan, or lack thereof, is not, in itself, a voting issue, these","page_number":303,"box":{"x":116,"y":575,"width":697,"height":12}},{"id":"487519bc-32e5-4692-aa1e-83768f89dc47","block_type":"box","text":"disclosures typically provide valuable insights that inform the dedicated team’s approach to engaging","page_number":303,"box":{"x":116,"y":591,"width":754,"height":12}},{"id":"9d9a0ecd-3433-44d9-9082-b89e1af753cf","block_type":"box","text":"and voting on matters related to climate and transition risks on behalf of in-scope funds and accounts.","page_number":303,"box":{"x":116,"y":606,"width":761,"height":12}},{"id":"a54a6292-e7a6-40c6-bd38-ef1b0f94f1f7","block_type":"box","text":"Boards and directors","page_number":303,"box":{"x":117,"y":638,"width":173,"height":9}},{"id":"36c468fe-0a41-49c4-9196-9e76aab88aa5","block_type":"box","text":"An effective and well-functioning board that has appropriate governance structures to facilitate","page_number":303,"box":{"x":116,"y":668,"width":699,"height":12}},{"id":"d8171053-5b9f-43c5-a47f-bb3594900d6f","block_type":"box","text":"oversight of a company’s management and strategic initiatives is critical to the company’s ability to","page_number":303,"box":{"x":116,"y":684,"width":731,"height":12}},{"id":"597bd97c-b0eb-4b17-898e-7ffad407f38a","block_type":"box","text":"18","page_number":303,"box":{"x":144,"y":722,"width":8,"height":5}},{"id":"b4289672-c32c-425b-a2ea-2704ad525e48","block_type":"box","text":"The dedicated team does not believe the purpose of scope 3 disclosure requirements should be to push publicly traded","page_number":303,"box":{"x":170,"y":722,"width":707,"height":10}},{"id":"e9d01ca8-e741-4696-8706-dde6b07b739c","block_type":"box","text":"companies into the role of enforcing emission reduction targets outside of their control. Given methodological","page_number":303,"box":{"x":170,"y":735,"width":645,"height":10}},{"id":"3a02fe38-45ab-4eaf-bc2a-fc049598208a","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":303,"box":{"x":170,"y":748,"width":686,"height":9}},{"id":"64b98949-d9ee-4f00-a328-f00f7c5b3d9e","block_type":"box","text":"useful when companies focus their disclosures on those of the fifteen scope 3 GHG Protocol categories that are","page_number":303,"box":{"x":170,"y":761,"width":663,"height":9}},{"id":"26cff817-0711-4e43-83c9-859d3c524ca1","block_type":"box","text":"material to their business models.","page_number":303,"box":{"x":170,"y":774,"width":199,"height":7}},{"id":"b69dcafa-33ce-44f1-acf0-faf29ed9049f","block_type":"box","text":"19","page_number":303,"box":{"x":144,"y":789,"width":8,"height":5}},{"id":"5ba05005-e9c5-4a29-bc0e-57333150b38c","block_type":"box","text":"International Financial Reporting Standards, “IFRS S2: Climate-related Disclosures,” June 2023, accessed in December","page_number":303,"box":{"x":171,"y":789,"width":712,"height":10}},{"id":"0760119f-e113-43c6-b8d7-c4f805fbad46","block_type":"box","text":"2025.","page_number":303,"box":{"x":170,"y":802,"width":32,"height":8}},{"id":"a23eb760-ded9-4497-9a5e-ef39e95866b9","block_type":"box","text":"20","page_number":303,"box":{"x":143,"y":815,"width":9,"height":5}},{"id":"29583356-676a-4e98-a6ca-a5374d9c3e1f","block_type":"box","text":"More companies are developing such plans, and public policymakers in certain markets are signaling their intentions to","page_number":303,"box":{"x":171,"y":815,"width":705,"height":10}},{"id":"9461f0fb-6452-47e7-966b-81f68db06223","block_type":"box","text":"require them or already have requirements in place, such as Australia, Brazil, and the European Union (please see the","page_number":303,"box":{"x":170,"y":828,"width":704,"height":10}},{"id":"28a06224-3d2b-40a0-b2d9-ad9984d8cf30","block_type":"box","text":"International Transition Plan Network for information). 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The Guidelines consider the whole board to","page_number":304,"box":{"x":150,"y":149,"width":719,"height":12}},{"id":"2cf6a8dd-baeb-4719-844e-7d226d780038","block_type":"box","text":"have responsibility for oversight of the company’s long-term strategy, including those aspects","page_number":304,"box":{"x":150,"y":165,"width":696,"height":12}},{"id":"5535dcbf-1feb-429c-8699-cb53455ae849","block_type":"box","text":"related to the transition to a low-carbon economy.","page_number":304,"box":{"x":150,"y":180,"width":373,"height":12}},{"id":"b7f147f9-36e4-4171-8a79-b976e79193e8","block_type":"box","text":"• Management has established a robust low-carbon transition framework and long-term strategy,","page_number":304,"box":{"x":125,"y":203,"width":735,"height":12}},{"id":"54bf5dd8-3654-48c6-baa7-5db32c49235f","block_type":"box","text":"with clear accountability for delivery by senior executives.","page_number":304,"box":{"x":149,"y":219,"width":432,"height":12}},{"id":"00c9431b-368f-44c7-ba61-b3da5f36b3f2","block_type":"box","text":"• The capital management strategy explains how the company allocates investments to (traditional","page_number":304,"box":{"x":125,"y":242,"width":749,"height":12}},{"id":"4de62e5e-995a-4a1e-bf20-5b682c7c07eb","block_type":"box","text":"and next generation) business lines and innovation, and returns cash to shareholders, consistent","page_number":304,"box":{"x":150,"y":258,"width":724,"height":12}},{"id":"5d67cfc8-3cbe-459a-a205-368397da2cb9","block_type":"box","text":"with the company’s stated low-carbon transition strategy.","page_number":304,"box":{"x":149,"y":273,"width":428,"height":12}},{"id":"c5d135dd-157c-4b10-aa9f-702336731592","block_type":"box","text":"• The climate and low-carbon transition risks most likely to significantly impact the business are","page_number":304,"box":{"x":125,"y":296,"width":724,"height":12}},{"id":"885dded2-d139-439d-baeb-d179f7405481","block_type":"box","text":"integrated into the company’s enterprise risk management processes and reporting.","page_number":304,"box":{"x":150,"y":312,"width":627,"height":12}},{"id":"c1c8d66a-6095-4505-b2e7-9bbe00f0d26a","block_type":"box","text":"• The company has set scope 1 and 2 GHG emissions reduction targets, science-based and","page_number":304,"box":{"x":125,"y":335,"width":704,"height":12}},{"id":"aeecad4b-d8ea-430d-a002-e77801689ac0","block_type":"box","text":"independently verified where possible, against a baseline, that are consistent with the ambition to","page_number":304,"box":{"x":150,"y":351,"width":726,"height":12}},{"id":"e8fb2fdc-30bc-4a96-ae0f-2b3573fe8ecb","block_type":"box","text":"limit average global temperature rise to no more than 1.5°C above pre-industrial levels.","page_number":304,"box":{"x":150,"y":366,"width":651,"height":12}},{"id":"8b84c355-0b8a-42cd-b3c2-6cf34236733a","block_type":"box","text":"• There is a clear link between the company’s scope 1 and 2 GHG emissions reduction targets over","page_number":304,"box":{"x":125,"y":389,"width":757,"height":12}},{"id":"ab1595bd-cf63-4bac-a757-62a3ba817a5d","block_type":"box","text":"time and its long-term low-carbon transition strategy.","page_number":304,"box":{"x":150,"y":405,"width":395,"height":12}},{"id":"6a30db44-5cca-4d98-811e-c932b1ffb801","block_type":"box","text":"• The company is monitoring its most significant scope 3 emissions and disclosing these where it is","page_number":304,"box":{"x":125,"y":428,"width":754,"height":12}},{"id":"af1c3fde-ea51-41cb-9227-cec85b9444b7","block_type":"box","text":"confident in the data. Given forthcoming regulatory requirements in certain jurisdictions, some","page_number":304,"box":{"x":150,"y":444,"width":700,"height":12}},{"id":"558a1a81-bf6f-469a-8eda-5817e964608a","block_type":"box","text":"companies are voluntarily disclosing scope 3 emissions reductions targets and plans, setting out","page_number":304,"box":{"x":150,"y":459,"width":720,"height":12}},{"id":"fa6f74ea-1908-49f0-8dbd-66efe8bcf9c5","block_type":"box","text":"how they are working on decarbonization with the different constituents in their value chain.","page_number":304,"box":{"x":150,"y":475,"width":682,"height":12}},{"id":"337df57e-7645-4339-b10e-37540d8297f4","block_type":"box","text":"21","page_number":304,"box":{"x":833,"y":475,"width":10,"height":6}},{"id":"46131678-b37f-4311-9bea-b663c6a1fc00","block_type":"box","text":"• The company’s governance and oversight processes for managing material risks associated with","page_number":304,"box":{"x":125,"y":498,"width":749,"height":12}},{"id":"8a7ad195-7d99-419a-89bf-0db81250bbb6","block_type":"box","text":"corporate political activities including applicable policies and procedures where relevant.","page_number":304,"box":{"x":150,"y":514,"width":652,"height":11}},{"id":"0fff4980-9f50-45c7-9fdb-9f772f805581","block_type":"box","text":"22","page_number":304,"box":{"x":804,"y":513,"width":11,"height":7}},{"id":"d78a55bb-cb76-4dba-bac7-4737ce71b75f","block_type":"box","text":"The","page_number":304,"box":{"x":816,"y":514,"width":38,"height":9}},{"id":"7fd5c066-51d6-42bb-965f-9294f9441c2c","block_type":"box","text":"dedicated team looks for public policy engagement to be consistent with a company’s stated","page_number":304,"box":{"x":150,"y":529,"width":689,"height":12}},{"id":"9c415797-2566-434e-a6ed-da79b1458e4a","block_type":"box","text":"strategic policy objectives, including those related to the low-carbon transition.","page_number":304,"box":{"x":150,"y":545,"width":584,"height":11}},{"id":"60854e37-6fec-4ae7-82d3-0f623d03428e","block_type":"box","text":"Voting against directors over concerns about climate risk","page_number":304,"box":{"x":118,"y":576,"width":463,"height":11}},{"id":"5dbdffec-a4ab-4489-bed7-b803cedfe7a5","block_type":"box","text":"In implementing these Guidelines, the dedicated team generally supports non-executive directors","page_number":304,"box":{"x":117,"y":606,"width":726,"height":12}},{"id":"7ff46765-d1cd-40db-8230-fbaaf9e6b808","block_type":"box","text":"standing for election where, in its assessment based on company disclosures and engagement, a","page_number":304,"box":{"x":116,"y":622,"width":729,"height":12}},{"id":"0ef2fc0e-56e5-49e7-b482-dfd0953da943","block_type":"box","text":"company is executing on its commitment to align with the transition to a low-carbon economy, as","page_number":304,"box":{"x":116,"y":638,"width":722,"height":11}},{"id":"a952a429-2eab-40f3-9fe5-6f1bea5621ff","block_type":"box","text":"defined above. Where the dedicated team determines this is not the case, it may vote against the","page_number":304,"box":{"x":116,"y":653,"width":727,"height":12}},{"id":"8397ef85-ee19-42dd-9c84-166870aee5e1","block_type":"box","text":"election of one or more directors who the team identifies as having the most responsibility for the issue.","page_number":304,"box":{"x":116,"y":668,"width":766,"height":12}},{"id":"0a625b89-6dfe-4e50-b209-e2e56f5cf005","block_type":"box","text":"The directors most likely to be in focus are the chair of the board committee with low-carbon transition,","page_number":304,"box":{"x":116,"y":684,"width":759,"height":12}},{"id":"2169c500-f4bd-4c95-8452-8336bd5a3bae","block_type":"box","text":"climate or sustainability risk oversight responsibilities, other members of the relevant committee, the","page_number":304,"box":{"x":116,"y":699,"width":741,"height":13}},{"id":"054abebc-0e3b-4e59-8486-2a3723a00543","block_type":"box","text":"lead independent director or the non-executive chair of the board. In certain markets, the team may","page_number":304,"box":{"x":117,"y":715,"width":736,"height":12}},{"id":"bd73bf55-49a6-4bf5-b936-e1fd2178f898","block_type":"box","text":"withhold support for the discharge of the supervisory board or equivalent and/or board reports.","page_number":304,"box":{"x":116,"y":730,"width":699,"height":13}},{"id":"a2cc5a2e-4c73-4444-beea-f82ab4d99a10","block_type":"box","text":"23","page_number":304,"box":{"x":817,"y":731,"width":11,"height":6}},{"id":"74df1fee-410f-4cdf-b3ca-4c1837e44b19","block_type":"box","text":"21","page_number":304,"box":{"x":143,"y":758,"width":8,"height":5}},{"id":"68dcfd2f-037f-4367-b98e-026508644255","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":304,"box":{"x":171,"y":758,"width":685,"height":10}},{"id":"00b2e2ad-bd35-4da2-974a-a1cc39edd7df","block_type":"box","text":"paper “Scope for improvement: Solving the Scope 3 conundrum.” Their research indicates that there are 2-3 material","page_number":304,"box":{"x":170,"y":771,"width":692,"height":10}},{"id":"d00a191e-8fb4-4bd0-8c9c-3f7bc7470b09","block_type":"box","text":"scope 3 GHG emissions categories by sector. 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The","page_number":305,"box":{"x":117,"y":211,"width":700,"height":12}},{"id":"7bf251ee-56e2-4300-8016-f7de03e74dbf","block_type":"box","text":"Guidelines consider these proposals as a valuable governance mechanism that can enhance","page_number":305,"box":{"x":117,"y":227,"width":696,"height":12}},{"id":"4627d0c4-e6cb-4a55-a7f4-5ac9c9152763","block_type":"box","text":"transparency, accountability, and investors’ understanding of a company’s climate strategy. The","page_number":305,"box":{"x":116,"y":242,"width":716,"height":12}},{"id":"6b39a29d-8f92-467a-923d-f378ec6b928c","block_type":"box","text":"dedicated team generally supports management’s climate strategy proposal if, in the team’s","page_number":305,"box":{"x":116,"y":258,"width":687,"height":12}},{"id":"95c6b066-d9d7-4796-91a9-5c9dc2c9349f","block_type":"box","text":"assessment based on these Guidelines, the strategy is aligned with the low-carbon transition. Similarly,","page_number":305,"box":{"x":116,"y":273,"width":772,"height":12}},{"id":"12d3562f-9c0c-4526-8522-5f2f4415b2e6","block_type":"box","text":"the dedicated team generally supports management’s proposal on a progress report if the company","page_number":305,"box":{"x":116,"y":289,"width":745,"height":12}},{"id":"936a2cbe-04bb-496d-b579-d4b85660067b","block_type":"box","text":"has clearly explained its progress against, and any deviations from or changes to, its stated low-carbon","page_number":305,"box":{"x":117,"y":304,"width":770,"height":12}},{"id":"e74142d6-989f-4de6-97e9-f5cea6d35cde","block_type":"box","text":"transition plan and targets.","page_number":305,"box":{"x":116,"y":320,"width":203,"height":12}},{"id":"d998f7b1-c155-4ce2-9104-c11794eee1e5","block_type":"box","text":"Shareholder proposals on climate and low-carbon transition matters","page_number":305,"box":{"x":116,"y":351,"width":552,"height":11}},{"id":"e44e55c3-8b07-4c28-91a4-7993ee110e9b","block_type":"box","text":"In most markets, shareholders can submit proposals to be voted on at a company’s shareholder","page_number":305,"box":{"x":117,"y":382,"width":717,"height":12}},{"id":"5699543f-ee9d-4a4b-983a-54f432f2e0ec","block_type":"box","text":"meeting, as long as certain requirements are met. 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When the dedicated team votes in support of a","page_number":305,"box":{"x":116,"y":459,"width":748,"height":12}},{"id":"38f9dd97-6a34-454e-b4cd-bb8074b4a56e","block_type":"box","text":"proposal, it is not necessarily endorsing every element of the proposal or the reasoning, objectives, or","page_number":305,"box":{"x":117,"y":475,"width":759,"height":12}},{"id":"6342b1f0-3942-42d7-aed7-c08cd1271d2e","block_type":"box","text":"supporting statement of the proponent.","page_number":305,"box":{"x":116,"y":490,"width":294,"height":12}},{"id":"5e4b77fa-06e3-4041-abd4-1d332a0e7e1b","block_type":"box","text":"In addition to financial materiality, the Guidelines consider the proposal’s relevance to the company’s","page_number":305,"box":{"x":117,"y":521,"width":752,"height":12}},{"id":"b9733823-d7af-48eb-b7a5-e1f9e63be737","block_type":"box","text":"low-carbon transition strategy and targets. The dedicated team assesses the implications for, and the","page_number":305,"box":{"x":117,"y":537,"width":756,"height":12}},{"id":"97d24927-bca2-49ad-981c-bcf494c81abc","block_type":"box","text":"relevance to, the company’s stated low-carbon transition strategy and targets. Under the Guidelines,","page_number":305,"box":{"x":117,"y":552,"width":749,"height":12}},{"id":"3ac8c80c-4d95-4b0c-ad7d-f774189ef2f0","block_type":"box","text":"the team may support shareholder proposals that, for example, ask a company to:","page_number":305,"box":{"x":116,"y":568,"width":615,"height":12}},{"id":"93e9299d-fb3d-4e7a-8d28-545f45e8f652","block_type":"box","text":"• Publish a business plan, and related disclosures, consistent with the ambition to limit average","page_number":305,"box":{"x":150,"y":599,"width":732,"height":12}},{"id":"d7433f81-8cc2-4ed1-b95e-8994ac7e961e","block_type":"box","text":"global temperature rise to no more than 1.5°C above pre-industrial levels","page_number":305,"box":{"x":184,"y":614,"width":546,"height":12}},{"id":"aafbef27-d893-49a9-9ba8-57a3c3a542b2","block_type":"box","text":"• Align scope 1 and 2 GHG emissions reduction targets to, and/or discuss how their targets","page_number":305,"box":{"x":150,"y":637,"width":704,"height":12}},{"id":"c20125e8-3197-42a2-b346-97a5dbfdbc0c","block_type":"box","text":"align with, a long-term goal of the company achieving net zero GHG emissions by 2050","page_number":305,"box":{"x":184,"y":653,"width":653,"height":12}},{"id":"89ff8605-d046-457b-b262-e22d1e6fb2cf","block_type":"box","text":"• Disclose the categories of scope 3 GHG emissions most significant to a company’s business","page_number":305,"box":{"x":150,"y":676,"width":721,"height":12}},{"id":"c455ed99-a15c-42ed-be02-225bad488abf","block_type":"box","text":"model","page_number":305,"box":{"x":184,"y":692,"width":44,"height":9}},{"id":"7a156b60-075f-47fd-b9bd-ee48c4992583","block_type":"box","text":"• Improve voluntary disclosures on the alignment of a company’s climate-related corporate","page_number":305,"box":{"x":150,"y":715,"width":693,"height":12}},{"id":"acf32db4-f12a-4c9f-a1ac-c03953354906","block_type":"box","text":"political activities with its strategic policy positions, where existing disclosure is insufficient","page_number":305,"box":{"x":184,"y":730,"width":666,"height":13}},{"id":"88f7bec6-7371-4b66-a55b-ee76f27065ad","block_type":"box","text":"25","page_number":305,"box":{"x":850,"y":731,"width":11,"height":6}},{"id":"465d67af-bfde-4601-a09f-2f7ee1d24f4e","block_type":"box","text":"The dedicated team does not support shareholder proposals that seek to constrain board or","page_number":305,"box":{"x":116,"y":762,"width":682,"height":11}},{"id":"c42bdb4c-46a2-4d44-94d6-ee95c746ee1e","block_type":"box","text":"management decision-making or direct specific business or strategic decisions.","page_number":305,"box":{"x":117,"y":777,"width":587,"height":12}},{"id":"0fa79739-e3d9-4019-95b0-e28901e6fb94","block_type":"box","text":"24","page_number":305,"box":{"x":143,"y":815,"width":9,"height":5}},{"id":"86fc82c3-ff1d-45dc-8dca-cbadda8b9781","block_type":"box","text":"While the dedicated team may escalate voting by not supporting additional management proposals, principally director","page_number":305,"box":{"x":170,"y":815,"width":703,"height":10}},{"id":"c79f66d3-9ad1-42a6-aff1-570f1f5b18f6","block_type":"box","text":"elections, the team does not consider filing shareholder proposals, preannouncing voting intentions or using the media","page_number":305,"box":{"x":170,"y":828,"width":702,"height":10}},{"id":"e8988bee-cbfb-4cc7-9dac-316b6e15272d","block_type":"box","text":"to amplify concerns as appropriate courses of action. The dedicated team will continue to take a constructive, long-term","page_number":305,"box":{"x":170,"y":841,"width":708,"height":9}},{"id":"4705f9d1-96be-40d0-a648-2331ad407c79","block_type":"box","text":"focused approach, to engagement and voting on behalf of clients under these Guidelines.","page_number":305,"box":{"x":170,"y":854,"width":530,"height":9}},{"id":"394368c4-2398-4abd-8b20-7f4608c45201","block_type":"box","text":"25","page_number":305,"box":{"x":143,"y":867,"width":9,"height":5}},{"id":"c0756d0e-7137-4392-a9b9-ad8298326379","block_type":"box","text":"Corporate political activities may include lobbying as defined by local regulations, policy engagement (including trade","page_number":305,"box":{"x":170,"y":867,"width":694,"height":9}},{"id":"3a90bdb2-ceb1-47fa-a066-fa96f4a7a35b","block_type":"box","text":"association memberships), and corporate political contributions.","page_number":305,"box":{"x":170,"y":880,"width":378,"height":9}},{"id":"bd8095aa-61ca-4451-811a-a6ff438aaced","block_type":"box","text":"BlackRock Investment Stewardship","page_number":305,"box":{"x":117,"y":909,"width":262,"height":11}},{"id":"839bc257-7dbe-4c28-8d48-798d5eaee3ec","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines |","page_number":305,"box":{"x":490,"y":909,"width":375,"height":11}},{"id":"da13aca4-9735-432f-b236-92ae704f9ca4","block_type":"box","text":"9","page_number":305,"box":{"x":875,"y":909,"width":8,"height":9}},{"id":"7b22127c-be1d-42c8-82a3-818335dd1a2b","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":305,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"ab09de95-c4bc-4d26-95c9-1e40b92dc665","block_type":"box","text":"RELATED MATTERS","page_number":306,"box":{"x":418,"y":87,"width":169,"height":10}},{"id":"456e42d2-c7a4-4ab5-a396-8bde6b9980d1","block_type":"box","text":"There are other business items not covered above that may be put to a shareholder vote that could","page_number":306,"box":{"x":116,"y":118,"width":741,"height":12}},{"id":"64a5e4cf-3c93-41f9-bc27-ca15322d09dd","block_type":"box","text":"address matters relevant to the transition to a low-carbon economy. 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Some companies, in light of their long-term","page_number":306,"box":{"x":117,"y":250,"width":703,"height":12}},{"id":"c495d398-d3b3-4a8c-8a68-1d1db79aa4ca","block_type":"box","text":"strategy, may decide to include relevant GHG emissions reduction targets or low-carbon transition","page_number":306,"box":{"x":116,"y":265,"width":734,"height":12}},{"id":"a0572618-15df-42e5-ad47-113b329ff328","block_type":"box","text":"related metrics in their incentive plans. In such cases, the dedicated team would engage to understand","page_number":306,"box":{"x":117,"y":281,"width":767,"height":12}},{"id":"46fc7be8-ce26-45f7-8893-6a99aa511c95","block_type":"box","text":"the alignment between those metrics and the company’s stated climate strategy. Clear disclosure also","page_number":306,"box":{"x":116,"y":296,"width":763,"height":12}},{"id":"85cc2d9d-bf20-4ce6-9099-ddc17d87c1b2","block_type":"box","text":"helps investors assess whether pay structures are consistent with long-term climate strategy and risk","page_number":306,"box":{"x":117,"y":312,"width":754,"height":12}},{"id":"faeca70d-4bd4-4acf-bfca-bcaad5f86b43","block_type":"box","text":"management.","page_number":306,"box":{"x":117,"y":328,"width":106,"height":11}},{"id":"7aae86c8-7e6f-4d4d-91f1-703a8d6eadc6","block_type":"box","text":"Auditors and audit-related issues","page_number":306,"box":{"x":116,"y":366,"width":271,"height":10}},{"id":"0f9e3e67-b354-4d63-9f08-da8c0ab5285e","block_type":"box","text":"For companies with material climate or transition risks or opportunities in their business models, the","page_number":306,"box":{"x":117,"y":397,"width":742,"height":12}},{"id":"9f6b3cd8-de7d-45f3-9aa3-4309f20e1d11","block_type":"box","text":"dedicated team is interested in understanding whether the company considers and, if relevant,","page_number":306,"box":{"x":116,"y":413,"width":706,"height":12}},{"id":"38fe561d-fe2a-488e-8cb0-e66e136a4514","block_type":"box","text":"quantifies, and accounts for material climate-related risks in its financial statements, including if the","page_number":306,"box":{"x":116,"y":428,"width":739,"height":12}},{"id":"566f4d3c-67b3-4093-bfda-1e2a89584f25","block_type":"box","text":"company explains such risks within the context of its audit report. 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The dedicated team does not promote changes in corporate","page_number":306,"box":{"x":116,"y":576,"width":723,"height":11}},{"id":"fe0f8c80-377d-4e71-b39d-593f7f8ae27b","block_type":"box","text":"control or engage in shareholder activism.","page_number":306,"box":{"x":116,"y":591,"width":317,"height":12}},{"id":"82297afd-6432-45d6-854a-987287f1b540","block_type":"box","text":"Other business relevant sustainability-related risks and opportunities","page_number":306,"box":{"x":116,"y":630,"width":560,"height":12}},{"id":"94a76d1a-10dd-4762-bf0c-3f185f685636","block_type":"box","text":"Climate risk and the transition to a low-carbon economy are interconnected with a number of other","page_number":306,"box":{"x":117,"y":661,"width":730,"height":12}},{"id":"44abf49e-da8f-4d15-8305-499d812cdff5","block_type":"box","text":"material sustainability-related risks and opportunities that may be relevant to a company’s business","page_number":306,"box":{"x":117,"y":676,"width":735,"height":12}},{"id":"9a6cd979-86c0-4054-ba59-f9a2263f7309","block_type":"box","text":"model and long-term financial performance. 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The economic transformation is being","page_number":307,"box":{"x":117,"y":248,"width":735,"height":13}},{"id":"8033f7b3-2bba-474a-b571-2efb109b2697","block_type":"box","text":"driven by changes in government policy, technology, and consumer and investor preferences, as well","page_number":307,"box":{"x":116,"y":264,"width":758,"height":12}},{"id":"b022db42-b910-457c-a8af-86eac1b450d7","block_type":"box","text":"as the physical effects of climate change (e.g., extreme weather), and can potentially have a material","page_number":307,"box":{"x":116,"y":279,"width":755,"height":13}},{"id":"3983f911-904a-4b7a-a0b4-4ed0079f19ef","block_type":"box","text":"impact on clients’ investments and portfolios.","page_number":307,"box":{"x":117,"y":295,"width":337,"height":12}},{"id":"8a17ec7f-46b9-4c9c-8bf9-4b61183f11a9","block_type":"box","text":"Decarbonization","page_number":307,"box":{"x":117,"y":324,"width":128,"height":9}},{"id":"8d23a966-6fed-4b13-9a06-57ba61c4ac6f","block_type":"box","text":": the process of reducing or eliminating emissions of carbon dioxide (CO","page_number":307,"box":{"x":248,"y":324,"width":535,"height":12}},{"id":"e0fd42b2-9eb1-496d-9025-45dc3a32a8c4","block_type":"box","text":"2","page_number":307,"box":{"x":784,"y":330,"width":5,"height":6}},{"id":"cbb406ae-7eee-427b-85e4-775b7eccae48","block_type":"box","text":") from","page_number":307,"box":{"x":790,"y":324,"width":48,"height":12}},{"id":"3948b0d0-ebb8-40f2-b8e7-bdc60f52a37e","block_type":"box","text":"human activity and removing carbon currently in the atmosphere. This can be carried out by countries,","page_number":307,"box":{"x":117,"y":339,"width":763,"height":12}},{"id":"f00548fc-a001-4b55-83ea-97f91674ca45","block_type":"box","text":"companies and even individual consumers. Sometimes the concept is understood to include the","page_number":307,"box":{"x":116,"y":355,"width":717,"height":12}},{"id":"a3ba736b-d34a-4d6f-a52e-a0e8ec9994c0","block_type":"box","text":"reduction and elimination of other GHG, e.g., methane.","page_number":307,"box":{"x":117,"y":370,"width":412,"height":12}},{"id":"35ef186c-346e-467b-805f-20a3a321970c","block_type":"box","text":"Climate-related risks and opportunities","page_number":307,"box":{"x":116,"y":399,"width":312,"height":12}},{"id":"c03e3822-99d4-4a84-aaa7-568d82808371","block_type":"box","text":": The investment opportunities and risks associated with the","page_number":307,"box":{"x":430,"y":399,"width":448,"height":12}},{"id":"100cc895-12ab-4c5e-9c4e-d92152c520bd","block_type":"box","text":"transition to a low-carbon economy, including transition risks and opportunities and physical risks and","page_number":307,"box":{"x":116,"y":415,"width":757,"height":12}},{"id":"ac876253-37ec-4ac3-909e-3873a78e39d0","block_type":"box","text":"opportunities in adapting to physical climate change.","page_number":307,"box":{"x":116,"y":430,"width":394,"height":12}},{"id":"8cd82073-4d39-46ac-ba81-2b4bb95fa69e","block_type":"box","text":"Climate-related transition plan","page_number":307,"box":{"x":116,"y":459,"width":241,"height":12}},{"id":"a2edcbfe-b357-4a46-a9b6-456770425dd7","block_type":"box","text":": “An aspect of an entity’s overall strategy that lays out the entity’s","page_number":307,"box":{"x":360,"y":459,"width":492,"height":12}},{"id":"d2c8de8e-b825-43d6-a1ba-7abf3c83ef20","block_type":"box","text":"targets, actions or resources for its transition towards a lower-carbon economy, including actions such","page_number":307,"box":{"x":116,"y":474,"width":762,"height":12}},{"id":"8a8fe1a4-6bc5-4740-89e3-cf63774c970d","block_type":"box","text":"as reducing its greenhouse gas emissions.”","page_number":307,"box":{"x":116,"y":490,"width":323,"height":12}},{"id":"395a1eb8-5460-4948-aeae-95f048d95076","block_type":"box","text":"27","page_number":307,"box":{"x":440,"y":490,"width":11,"height":6}},{"id":"b611f64b-f3a8-49ba-8ee9-078a530fc79d","block_type":"box","text":"Science-based GHG emissions reduction targets","page_number":307,"box":{"x":116,"y":519,"width":389,"height":12}},{"id":"e5cc6928-44c4-4181-8565-02fa9b6a8ea5","block_type":"box","text":": Targets that “…are in line with what the latest","page_number":307,"box":{"x":507,"y":519,"width":351,"height":12}},{"id":"0ff912c0-0d7e-467a-bb67-9c5a9b4ef169","block_type":"box","text":"climate science deems necessary to meet the goals of the Paris Agreement – limiting global warming","page_number":307,"box":{"x":116,"y":534,"width":756,"height":12}},{"id":"47644a75-77fa-41ae-a411-156d9cefdaf7","block_type":"box","text":"to 1.5°C above pre-industrial levels. Science-based targets give companies a clearly defined path to","page_number":307,"box":{"x":116,"y":550,"width":747,"height":12}},{"id":"db2c7ab5-e40e-42d3-9b8c-71d8ec2692c4","block_type":"box","text":"reduce GHG emissions in line with limiting global warming to 1.5°C. They define how much and how","page_number":307,"box":{"x":117,"y":565,"width":748,"height":12}},{"id":"62c56b68-7f35-4f94-87fd-3ca658f49a1b","block_type":"box","text":"quickly a business must reduce its emissions to be in line with the Paris Agreement goals.”","page_number":307,"box":{"x":116,"y":581,"width":673,"height":12}},{"id":"8b0f294e-63ce-4cb2-9c79-b0847b52ca00","block_type":"box","text":"28","page_number":307,"box":{"x":790,"y":581,"width":11,"height":6}},{"id":"d9b2eb7c-b5e6-4e4c-aa99-ef310a25cea0","block_type":"box","text":"Scope 1:","page_number":307,"box":{"x":116,"y":609,"width":68,"height":12}},{"id":"7500025a-a03d-4e47-a27f-e2948625a3e8","block_type":"box","text":"Direct GHG emissions.","page_number":307,"box":{"x":186,"y":609,"width":174,"height":10}},{"id":"b5a0225d-8429-4845-967c-c506c006a56b","block_type":"box","text":"Direct GHG emissions occur from sources that are owned or","page_number":307,"box":{"x":368,"y":609,"width":453,"height":10}},{"id":"770a58f9-bdf1-4454-aaf9-3c99ce3bd08a","block_type":"box","text":"controlled by the company, for example, emissions from combustion in owned or controlled boilers,","page_number":307,"box":{"x":116,"y":625,"width":740,"height":12}},{"id":"69c2622e-8d4a-4b92-aeae-771eee0c5570","block_type":"box","text":"furnaces, vehicles, etc.; emissions from chemical production in owned or controlled process","page_number":307,"box":{"x":116,"y":640,"width":686,"height":12}},{"id":"e6af5586-1722-4078-aa13-af0db5fb37a3","block_type":"box","text":"equipment.","page_number":307,"box":{"x":116,"y":656,"width":81,"height":12}},{"id":"21012d25-2771-4e90-951c-28260ff48e56","block_type":"box","text":"29","page_number":307,"box":{"x":199,"y":656,"width":12,"height":6}},{"id":"ee77ab88-1fa4-4f66-ba5e-ad8d6ee5193e","block_type":"box","text":"Scope 2:","page_number":307,"box":{"x":116,"y":685,"width":68,"height":11}},{"id":"0227c77f-93fb-4245-8192-3ded7804d341","block_type":"box","text":"Electricity indirect GHG emissions Scope 2 accounts for GHG emissions from the generation","page_number":307,"box":{"x":192,"y":685,"width":687,"height":12}},{"id":"693df751-35ea-488b-a4f1-9d87a725d679","block_type":"box","text":"of purchased electricity [steam, and heating/cooling] consumed by the company. [It] is defined as","page_number":307,"box":{"x":116,"y":700,"width":720,"height":12}},{"id":"256940dd-69c1-4414-adb1-e0b329b506c1","block_type":"box","text":"electricity [steam, and heating/cooling] that is purchased or otherwise brought into the organizational","page_number":307,"box":{"x":116,"y":716,"width":744,"height":12}},{"id":"2363a9f3-d826-486b-bf3f-2b6eb8b0a966","block_type":"box","text":"boundary of the company.","page_number":307,"box":{"x":117,"y":731,"width":192,"height":12}},{"id":"3cdceebe-d486-4097-b2c6-55a6d1cce981","block_type":"box","text":"30","page_number":307,"box":{"x":311,"y":731,"width":11,"height":6}},{"id":"061743b4-b564-4588-8595-4dd99d34993d","block_type":"box","text":"27","page_number":307,"box":{"x":143,"y":756,"width":9,"height":5}},{"id":"f259bf9b-ebea-4095-bdf6-75c1d32ea5e4","block_type":"box","text":"As defined by the International Financial Reporting Standards, “IFRS S2: Climate-related Disclosures,” June 2023..","page_number":307,"box":{"x":170,"y":756,"width":682,"height":10}},{"id":"e68a179e-3174-45c9-8e16-e70aa6186c34","block_type":"box","text":"Several jurisdictions are basing their own transition plan disclosure frameworks on the IFRS S2 definition. We anticipate","page_number":307,"box":{"x":170,"y":769,"width":711,"height":10}},{"id":"ec6c42fd-f365-4b26-9526-4435cde55c16","block_type":"box","text":"transition plan disclosure becoming mandatory in an increasing number of jurisdictions over the near term.","page_number":307,"box":{"x":170,"y":782,"width":630,"height":10}},{"id":"d2d07de8-1096-4c3d-a41d-f3aea165322c","block_type":"box","text":"28","page_number":307,"box":{"x":143,"y":797,"width":9,"height":5}},{"id":"a7ff47f9-0c54-4a05-ae32-a33744675af0","block_type":"box","text":"As defined by the Science Based Targets initiative (SBTi). SBTi “is a corporate climate action organization that enables","page_number":307,"box":{"x":170,"y":797,"width":707,"height":10}},{"id":"74ea47c0-670d-4f55-bd58-dd9ab2b514bf","block_type":"box","text":"companies and financial institutions worldwide to play their part in combating the climate crisis. We develop standards,","page_number":307,"box":{"x":170,"y":810,"width":702,"height":10}},{"id":"ef0afc62-38df-42c0-bd0b-352bfa3a2658","block_type":"box","text":"tools and guidance which allow companies to set greenhouse gas (GHG) emissions reductions targets in line with what","page_number":307,"box":{"x":170,"y":823,"width":707,"height":10}},{"id":"5a4c15c0-1acf-4b1a-91a0-ac8a4f88761a","block_type":"box","text":"is needed to keep global heating below catastrophic levels and reach net-zero by 2050 at latest.” Source: Science","page_number":307,"box":{"x":170,"y":836,"width":675,"height":10}},{"id":"29abb8ef-64ca-461c-b95d-0eb330edf00d","block_type":"box","text":"Based Targets initiative, “About Us.” Websites accessed in December 2025.","page_number":307,"box":{"x":171,"y":849,"width":450,"height":10}},{"id":"1142ac98-59d6-473b-a9aa-a72bf44cd48b","block_type":"box","text":"29","page_number":307,"box":{"x":143,"y":864,"width":9,"height":5}},{"id":"82f58ab6-2812-4e4b-a9c1-f4a73bfd43b9","block_type":"box","text":"Greenhouse Gas Protocol, “A Corporate Accounting and Reporting Standard,” Revised Edition.","page_number":307,"box":{"x":170,"y":864,"width":565,"height":10}},{"id":"c97e5ced-19c9-4347-b711-a65428ee3d2a","block_type":"box","text":"30","page_number":307,"box":{"x":143,"y":879,"width":9,"height":5}},{"id":"acb44cca-b579-4c00-8215-52aa6c646e14","block_type":"box","text":"Greenhouse Gas Protocol, “A Corporate Accounting and Reporting Standard,” Revised Edition.","page_number":307,"box":{"x":170,"y":879,"width":565,"height":10}},{"id":"ac32244f-1d14-4ed1-bc95-8ffc96673639","block_type":"box","text":"BlackRock Investment Stewardship","page_number":307,"box":{"x":117,"y":909,"width":262,"height":11}},{"id":"f8387682-88a0-4fa4-9003-ae455fb934dc","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines |","page_number":307,"box":{"x":481,"y":909,"width":375,"height":11}},{"id":"472717e9-c107-4f93-99d4-92ea84a60399","block_type":"box","text":"11","page_number":307,"box":{"x":867,"y":909,"width":14,"height":9}},{"id":"22beddf9-f133-4649-ad19-4b170d4fe8b1","block_type":"box","text":"BNM1026U-6033397-19205826","page_number":307,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"4c69a1f5-7474-4991-aa26-10e3cc57c31d","block_type":"box","text":"Scope 3:","page_number":308,"box":{"x":116,"y":87,"width":74,"height":12}},{"id":"a9091421-02c3-4bbc-bd13-991e7140f8d5","block_type":"box","text":"Other indirect GHG emissions. 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