{"annotation_id":"3176ffac-88d7-4e0d-8013-bc23f5370bf7","file_hash":"d6bc3e8255f8c47490709e324bdc3fdb271f2833e6479c537547937934ac3762","schema_id":"open/document-extraction","schema_version":"0.5.0","record":{"extraction_type":"boxes","producer":"pdf-extractor-v0.5.0","blocks":[{"id":"814efe8c-389b-47d8-87ee-cd9aa53381ef","block_type":"box","text":"OCTOBER 14, 2026","page_number":1,"box":{"x":762,"y":99,"width":161,"height":11}},{"id":"7d03e4cf-43f1-4684-af2f-e81dc4ca8456","block_type":"box","text":"2026 Prospectus","page_number":1,"box":{"x":115,"y":268,"width":387,"height":33}},{"id":"4ce8f3b2-92f3-4f6d-87de-6854901407b7","block_type":"box","text":"BlackRock ETF Trust","page_number":1,"box":{"x":82,"y":388,"width":181,"height":10}},{"id":"8775b9cf-5e8b-4c15-bc87-8404befe7569","block_type":"box","text":"Š","page_number":1,"box":{"x":81,"y":421,"width":8,"height":7}},{"id":"b6c93f46-a1ea-454f-ac1f-9131fee8a1fa","block_type":"box","text":"iShares Macro AlphaBeta Active ETF | GMIX | NYSE ARCA","page_number":1,"box":{"x":99,"y":420,"width":488,"height":12}},{"id":"39275e77-33dc-4236-97ee-0b7d0168f103","block_type":"box","text":"The Securities and Exchange Commission (“SEC”) and the Commodity Futures Trading Commission (“CFTC”) have not approved or","page_number":1,"box":{"x":82,"y":874,"width":788,"height":9}},{"id":"6dfeb402-0f43-4d3d-9423-a7a4da9a1a46","block_type":"box","text":"disapproved these securities or passed upon the adequacy of this prospectus. Any representation to the contrary is a criminal o","page_number":1,"box":{"x":81,"y":886,"width":756,"height":10}},{"id":"2d4226ee-7cdc-4bde-ba6b-dbc7d7fc3720","block_type":"box","text":"ffense.","page_number":1,"box":{"x":838,"y":886,"width":38,"height":8}},{"id":"bbec8fcb-a722-48af-a6c8-6ded9e42c1ab","block_type":"box","text":"Not FDIC Insured • May Lose Value • No Bank Guarantee","page_number":1,"box":{"x":123,"y":921,"width":359,"height":10}},{"id":"8696c6b6-607e-424a-b68b-43f770141b92","block_type":"box","text":"NM1026U-6049080-1/56","page_number":1,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"cae28fbb-eb27-4ee0-8f3a-8675d51c8a1c","block_type":"box","text":"Table of Contents","page_number":2,"box":{"x":61,"y":42,"width":316,"height":22}},{"id":"eb8576b1-4c75-438d-8b71-35e53d0e9fe6","block_type":"box","text":"Fund Overview","page_number":2,"box":{"x":153,"y":123,"width":163,"height":14}},{"id":"f47e6476-22e1-47ec-b02a-1acefd86754c","block_type":"box","text":"...............................................","page_number":2,"box":{"x":318,"y":135,"width":576,"height":1}},{"id":"877f2f7f-4f83-4e65-b714-921f0ef011ca","block_type":"box","text":"S-1","page_number":2,"box":{"x":913,"y":127,"width":31,"height":10}},{"id":"e7485462-065d-40ed-8f7b-37e482ffdb7d","block_type":"box","text":"More Information About the Fund","page_number":2,"box":{"x":153,"y":149,"width":351,"height":13}},{"id":"0e93d217-04b9-4359-bb27-c1bbc75d430e","block_type":"box","text":"...............................","page_number":2,"box":{"x":518,"y":160,"width":376,"height":2}},{"id":"9f3045e6-c083-4329-8ee4-0996dbfc11c4","block_type":"box","text":"1","page_number":2,"box":{"x":931,"y":153,"width":13,"height":9}},{"id":"6ec25dee-f5ed-4096-8e5d-07033bbe380f","block_type":"box","text":"A Further Discussion of Principal Risks","page_number":2,"box":{"x":151,"y":175,"width":413,"height":17}},{"id":"4e3fd787-0745-4f6f-8d22-2107d22359ef","block_type":"box","text":"...........................","page_number":2,"box":{"x":568,"y":186,"width":326,"height":2}},{"id":"d9bbecb5-c01c-4922-a728-5c92db715f04","block_type":"box","text":"3","page_number":2,"box":{"x":930,"y":179,"width":14,"height":9}},{"id":"2f37fe57-3e12-4ca0-b7d0-a21e55796acb","block_type":"box","text":"A Further Discussion of Other Risks","page_number":2,"box":{"x":151,"y":201,"width":381,"height":13}},{"id":"a68af26a-b5f8-4dfc-bf2b-53d5450fae65","block_type":"box","text":".............................","page_number":2,"box":{"x":543,"y":212,"width":351,"height":2}},{"id":"e8c0a55e-5b4f-47f3-a8ff-c067f48a27e3","block_type":"box","text":"24","page_number":2,"box":{"x":921,"y":205,"width":23,"height":9}},{"id":"622e57a9-19dd-4bc0-8b73-adc6edb9362e","block_type":"box","text":"Portfolio Holdings Information","page_number":2,"box":{"x":153,"y":227,"width":314,"height":17}},{"id":"16e42d24-83e6-4080-ac95-9f08facf174f","block_type":"box","text":"..................................","page_number":2,"box":{"x":480,"y":238,"width":414,"height":2}},{"id":"5358f3ae-4aea-4e60-93bf-a0bc787f7f03","block_type":"box","text":"27","page_number":2,"box":{"x":921,"y":231,"width":23,"height":9}},{"id":"8e78bd1e-53fc-4de0-ae59-9394637fbcdc","block_type":"box","text":"Management","page_number":2,"box":{"x":153,"y":253,"width":142,"height":16}},{"id":"4f913fc2-ba44-40c1-9caa-d51c60dacbdc","block_type":"box","text":"................................................","page_number":2,"box":{"x":306,"y":264,"width":588,"height":2}},{"id":"80996911-52c0-4d2f-bc17-dcf871760e87","block_type":"box","text":"27","page_number":2,"box":{"x":921,"y":256,"width":23,"height":10}},{"id":"acfe4124-d59e-4de3-a2b9-32c2998b1ade","block_type":"box","text":"Shareholder Information","page_number":2,"box":{"x":152,"y":278,"width":259,"height":14}},{"id":"eb7b49b4-427c-4491-bb64-f33c54ac3493","block_type":"box","text":".......................................","page_number":2,"box":{"x":418,"y":290,"width":476,"height":1}},{"id":"fbafe2ec-c22d-42ec-be30-e0fee84ad51a","block_type":"box","text":"29","page_number":2,"box":{"x":921,"y":282,"width":23,"height":10}},{"id":"3a1fd5d0-dc80-4021-bceb-ba2a58ddcebc","block_type":"box","text":"Distribution","page_number":2,"box":{"x":153,"y":304,"width":122,"height":14}},{"id":"c10ec376-9968-4bee-b089-fd88348e1d11","block_type":"box","text":"..................................................","page_number":2,"box":{"x":281,"y":316,"width":613,"height":1}},{"id":"38fa4dd4-6d73-4c50-af5e-ce96b3b8651a","block_type":"box","text":"35","page_number":2,"box":{"x":921,"y":308,"width":23,"height":9}},{"id":"5c525ccd-5e0c-4116-87f8-413fbd49fed9","block_type":"box","text":"Financial Highlights","page_number":2,"box":{"x":153,"y":330,"width":209,"height":17}},{"id":"acf30afb-7663-44a5-979b-d3c01df13dee","block_type":"box","text":"...........................................","page_number":2,"box":{"x":368,"y":341,"width":526,"height":2}},{"id":"ea166595-545e-4a92-90b6-42573a078c3c","block_type":"box","text":"35","page_number":2,"box":{"x":921,"y":334,"width":23,"height":9}},{"id":"e98f2cb5-815a-4747-b76e-b2bbee7fe64c","block_type":"box","text":"Disclaimers","page_number":2,"box":{"x":153,"y":356,"width":126,"height":13}},{"id":"5a77b0aa-c87e-4ca3-9f85-eeb98f7ac336","block_type":"box","text":"..................................................","page_number":2,"box":{"x":281,"y":367,"width":613,"height":2}},{"id":"6c71348d-907b-4200-9919-c6b2e4ef3826","block_type":"box","text":"36","page_number":2,"box":{"x":921,"y":360,"width":23,"height":9}},{"id":"005aece9-0ca8-43ab-9951-729127c6acaa","block_type":"box","text":"BlackRock","page_number":2,"box":{"x":61,"y":924,"width":63,"height":7}},{"id":"76d16568-634d-42c4-82e1-b61a9cddca75","block_type":"box","text":"®","page_number":2,"box":{"x":124,"y":922,"width":10,"height":8}},{"id":"8383414a-9f8b-47f3-ba9e-c912b4de8679","block_type":"box","text":"is a registered trademark of BlackRock Fund Advisors and its affiliates.","page_number":2,"box":{"x":138,"y":923,"width":419,"height":10}},{"id":"6901ff27-3182-4dd6-8232-dbc4f3921218","block_type":"box","text":"i","page_number":2,"box":{"x":499,"y":955,"width":7,"height":10}},{"id":"49dbfe74-c8bf-4714-8404-eb581debe7af","block_type":"box","text":"NM1026U-6049080-2/56","page_number":2,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"4e4042c5-508e-40ff-9215-2aacc07e2ca2","block_type":"box","text":"iSHARES MACRO ALPHABETA ACTIVE ETF","page_number":3,"box":{"x":225,"y":58,"width":559,"height":15}},{"id":"5bcdae34-0f05-4c57-82fc-3b50f198e4a9","block_type":"box","text":"Ticker: GMIX Stock Exchange: NYSE ARCA","page_number":3,"box":{"x":284,"y":96,"width":432,"height":12}},{"id":"3057e198-4f7a-4e44-8622-ba5658167c57","block_type":"box","text":"Investment Objective","page_number":3,"box":{"x":81,"y":129,"width":182,"height":12}},{"id":"d0b67cea-17dc-4f0c-8729-d27c147dbaf8","block_type":"box","text":"The investment objective of iShares Macro AlphaBeta Active ETF (the “Fund”) is to seek total return.","page_number":3,"box":{"x":81,"y":150,"width":751,"height":12}},{"id":"56a517c8-a8b3-474a-8e2f-66928a4025c9","block_type":"box","text":"Fees and Expenses","page_number":3,"box":{"x":82,"y":189,"width":167,"height":12}},{"id":"1424752d-eaf2-4e12-b76e-160630f2d678","block_type":"box","text":"The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the","page_number":3,"box":{"x":81,"y":210,"width":811,"height":12}},{"id":"5abded9b-0624-4a69-8d4d-d176080d4fc3","block_type":"box","text":"Fund. Amounts in the table are rounded to the nearest basis point, which in some cases may be “0.00.” The","page_number":3,"box":{"x":82,"y":225,"width":804,"height":13}},{"id":"1ce2b803-a56d-43dd-9c08-c946ed6978c0","block_type":"box","text":"investment advisory agreement between BlackRock ETF Trust (the “Trust”) and BlackRock Fund Advisors","page_number":3,"box":{"x":81,"y":241,"width":793,"height":12}},{"id":"fdb91c4c-90b0-4094-a799-40b9de2661ea","block_type":"box","text":"(“BFA”) (the “Investment Advisory Agreement”) provides that BFA will pay all operating expenses of the Fund,","page_number":3,"box":{"x":81,"y":257,"width":819,"height":12}},{"id":"9ef6079a-a03e-4fba-940a-494e5b4758fe","block_type":"box","text":"except: (i) the management fees, (ii) interest expenses, (iii) taxes, (iv) expenses incurred with respect to the","page_number":3,"box":{"x":81,"y":272,"width":803,"height":12}},{"id":"8b8b2bf0-5673-49bb-b9d5-a381d9a7fa06","block_type":"box","text":"acquisition and disposition of portfolio securities and the execution of portfolio transactions, including brokerage","page_number":3,"box":{"x":81,"y":288,"width":832,"height":12}},{"id":"d056b955-27fb-47cd-ad98-d3aa77b44c00","block_type":"box","text":"commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any extraordinary expenses. The","page_number":3,"box":{"x":81,"y":303,"width":841,"height":12}},{"id":"c57c6ab9-5b10-40cf-8f40-3780d87cf555","block_type":"box","text":"Fund may incur “Acquired Fund Fees and Expenses.” Acquired Fund Fees and Expenses reflect the Fund’s pro","page_number":3,"box":{"x":82,"y":319,"width":833,"height":12}},{"id":"1fefdc15-fe67-4f3f-948c-54a13229e63a","block_type":"box","text":"rata share of the fees and expenses incurred indirectly by the Fund as a result of investing in other investment","page_number":3,"box":{"x":81,"y":334,"width":822,"height":12}},{"id":"27403151-9a78-4639-a2a3-103ea174a989","block_type":"box","text":"companies. The impact of Acquired Fund Fees and Expenses is included in the total returns of the Fund.","page_number":3,"box":{"x":81,"y":350,"width":782,"height":11}},{"id":"fd6a0d96-0eb9-43c7-a812-6be2e1cd9dd1","block_type":"box","text":"You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are","page_number":3,"box":{"x":80,"y":382,"width":822,"height":12}},{"id":"f910d293-b544-4a6f-b87d-88f45efefe8a","block_type":"box","text":"not reflected in the table and Example below.","page_number":3,"box":{"x":81,"y":397,"width":340,"height":12}},{"id":"75222f54-b48c-480e-a22e-d58ac29d8781","block_type":"box","text":"Annual Fund Operating Expenses","page_number":3,"box":{"x":391,"y":426,"width":216,"height":10}},{"id":"6197dc68-2451-4018-a4d9-c62099972d1b","block_type":"box","text":"(ongoing expenses that you pay each year as a","page_number":3,"box":{"x":349,"y":437,"width":301,"height":9}},{"id":"2bf2c09b-291c-4e9a-af2c-73c5ec731545","block_type":"box","text":"percentage of the value of your investments)","page_number":3,"box":{"x":357,"y":447,"width":285,"height":10}},{"id":"6dac5799-7edf-47ca-afbc-7b5c594fcb7c","block_type":"box","text":"Management","page_number":3,"box":{"x":110,"y":494,"width":82,"height":9}},{"id":"ba7a0e62-4e53-48f0-b3d9-1509c9d28e1c","block_type":"box","text":"Fees","page_number":3,"box":{"x":134,"y":504,"width":29,"height":8}},{"id":"126443b4-01f7-4581-8024-a6385d72365b","block_type":"box","text":"1","page_number":3,"box":{"x":164,"y":504,"width":3,"height":5}},{"id":"aca4e48e-6007-4589-bf06-974cbef814d9","block_type":"box","text":"Distribution","page_number":3,"box":{"x":261,"y":473,"width":74,"height":8}},{"id":"1400ca7d-1139-47f7-a2a1-b42f9a0369e6","block_type":"box","text":"and","page_number":3,"box":{"x":287,"y":483,"width":22,"height":8}},{"id":"f8000d00-6166-45da-9949-2e6926f32aa7","block_type":"box","text":"Service (12b-1)","page_number":3,"box":{"x":251,"y":494,"width":94,"height":9}},{"id":"38ae58ae-6d50-424e-9c35-8b14439d3451","block_type":"box","text":"Fees","page_number":3,"box":{"x":284,"y":504,"width":29,"height":8}},{"id":"12b0d03b-7b97-4b45-bff3-e4552b806ae1","block_type":"box","text":"Other","page_number":3,"box":{"x":421,"y":494,"width":35,"height":7}},{"id":"78422f47-1bc4-4763-8948-d3a888f1d634","block_type":"box","text":"Expenses","page_number":3,"box":{"x":405,"y":504,"width":62,"height":10}},{"id":"43344755-3495-44a2-bb17-0261d2a2bb23","block_type":"box","text":"2","page_number":3,"box":{"x":468,"y":504,"width":4,"height":5}},{"id":"2497f642-30f4-45f7-926b-929bc7a21fe7","block_type":"box","text":"Total Annual","page_number":3,"box":{"x":531,"y":473,"width":80,"height":8}},{"id":"e92b64e3-01df-4c2d-864b-bc5979f75965","block_type":"box","text":"Fund","page_number":3,"box":{"x":556,"y":483,"width":31,"height":8}},{"id":"48dd481b-fcd0-440e-afe4-cc32900c6e34","block_type":"box","text":"Operating","page_number":3,"box":{"x":540,"y":494,"width":62,"height":9}},{"id":"5ca60a8f-ed15-47ac-9ac8-e129c0415370","block_type":"box","text":"Expenses","page_number":3,"box":{"x":541,"y":504,"width":61,"height":10}},{"id":"6bbe4695-8542-45b1-b68f-4fc21300a238","block_type":"box","text":"Fee","page_number":3,"box":{"x":685,"y":494,"width":21,"height":7}},{"id":"3fa5ceca-fad4-46a3-a5a3-0c4805dd0f08","block_type":"box","text":"Waiver","page_number":3,"box":{"x":671,"y":504,"width":44,"height":8}},{"id":"8946a4a2-e615-4565-9eb0-1fb96ab17dea","block_type":"box","text":"1","page_number":3,"box":{"x":715,"y":504,"width":3,"height":5}},{"id":"9e5a1013-13c8-4dd8-8174-d7aedb30271d","block_type":"box","text":"Total Annual","page_number":3,"box":{"x":793,"y":463,"width":80,"height":7}},{"id":"9345711f-fdfe-492b-87b8-a78a087829e9","block_type":"box","text":"Fund","page_number":3,"box":{"x":818,"y":473,"width":31,"height":8}},{"id":"83303f69-d7f8-4840-b61f-d2846d4f3d5a","block_type":"box","text":"Operating","page_number":3,"box":{"x":802,"y":483,"width":62,"height":10}},{"id":"952c49d5-0ffc-4d46-aa21-da3fd09e844b","block_type":"box","text":"Expenses","page_number":3,"box":{"x":803,"y":494,"width":61,"height":9}},{"id":"04781960-5d51-42a5-83eb-184610becba1","block_type":"box","text":"After Fee Waiver","page_number":3,"box":{"x":778,"y":504,"width":106,"height":8}},{"id":"3bd1dd22-a72e-49fe-9482-d311bed526dd","block_type":"box","text":"1","page_number":3,"box":{"x":885,"y":504,"width":3,"height":5}},{"id":"ac2be20c-edc9-4e6f-bf31-47e22b0683f6","block_type":"box","text":"0.85% None 0.00% 0.85% 0.00% 0.85%","page_number":3,"box":{"x":132,"y":522,"width":728,"height":8}},{"id":"62f8ecec-fbb1-43e2-9074-a7dfb4b5a7e8","block_type":"box","text":"1","page_number":3,"box":{"x":108,"y":552,"width":3,"height":5}},{"id":"c6d409d4-8e27-47ed-a02d-a4855142cc0e","block_type":"box","text":"As described in the “","page_number":3,"box":{"x":134,"y":552,"width":122,"height":7}},{"id":"056f9ba8-49cb-4cb8-b432-8015b4d76aa5","block_type":"box","text":"Management”","page_number":3,"box":{"x":257,"y":552,"width":79,"height":10}},{"id":"5fa09b7e-d5c4-4055-98d8-98e92347a75e","block_type":"box","text":"t” section of the Fund’s prospectus beginning on page 27, BFA has contractually agreed to waive","page_number":3,"box":{"x":336,"y":552,"width":571,"height":10}},{"id":"7a06f402-6204-4c78-b86e-c75cc2901259","block_type":"box","text":"a portion of its management fees in an amount equal to the aggregate Acquired Fund Fees and Expenses, if any, attributable to","page_number":3,"box":{"x":135,"y":565,"width":757,"height":9}},{"id":"b4ba48bf-b68e-4bc0-bbd2-de5b74c72c6e","block_type":"box","text":"investments by the Fund in other equity and fixed-income mutual","page_number":3,"box":{"x":135,"y":578,"width":383,"height":9}},{"id":"be862375-17ff-4381-9bbc-ebf45fb032df","block_type":"box","text":"funds and exchange-traded funds (“ETFs”) advised by BFA or its","page_number":3,"box":{"x":523,"y":578,"width":385,"height":9}},{"id":"9342ad6b-7c31-49ca-9472-6fb380f0effd","block_type":"box","text":"affiliates through June 30, 2028. As described in the","page_number":3,"box":{"x":135,"y":591,"width":308,"height":9}},{"id":"b2116a92-8097-4385-8f6e-d4cd6972d8df","block_type":"box","text":"“Management”","page_number":3,"box":{"x":449,"y":591,"width":82,"height":9}},{"id":"cfa977ed-f232-4d43-b88b-c556047640d8","block_type":"box","text":"t” section of the Fund’s prospectus beginning on page 27, BFA","page_number":3,"box":{"x":531,"y":591,"width":368,"height":9}},{"id":"08131b41-2b7d-4ba8-9f64-92bc58fe2bab","block_type":"box","text":"has contractually agreed to waive a portion of its management fees in an amount equal to the aggregate Acquired Fund Fees and","page_number":3,"box":{"x":135,"y":604,"width":768,"height":9}},{"id":"093ed93e-0877-41fc-bc95-2951d4ff0dd4","block_type":"box","text":"Expenses, if any, attributable to investments by the Fund in money market funds managed by BFA or its affiliates through June 3","page_number":3,"box":{"x":135,"y":616,"width":763,"height":10}},{"id":"a797dfa2-428a-49fc-8d10-e6c2d3693956","block_type":"box","text":"0,","page_number":3,"box":{"x":900,"y":617,"width":9,"height":8}},{"id":"525d04b5-f90d-4844-8c30-31dfa1de9c81","block_type":"box","text":"2028. The agreement (with respect to either waiver) may be terminated upon 90 days’ notice by a majority of the non-interested","page_number":3,"box":{"x":135,"y":629,"width":756,"height":10}},{"id":"ec8c6fb8-7675-4deb-a28d-edee75b50087","block_type":"box","text":"trustees of the Trust or by a vote of a majority of the outstanding voting securities of the Fund.","page_number":3,"box":{"x":134,"y":642,"width":556,"height":10}},{"id":"29b4bb47-a275-432e-82e3-fa42ce65b5ef","block_type":"box","text":"2","page_number":3,"box":{"x":107,"y":655,"width":5,"height":5}},{"id":"cd139302-a609-473d-a851-0730c11e0d67","block_type":"box","text":"Other Expenses are based on estimated amounts for the Fund’s current fiscal year.","page_number":3,"box":{"x":135,"y":655,"width":494,"height":10}},{"id":"b2883336-11f6-4df3-b095-7ddc9963f0ac","block_type":"box","text":"Example.","page_number":3,"box":{"x":82,"y":686,"width":71,"height":12}},{"id":"0914db83-43b6-4d1c-944c-b199842b4516","block_type":"box","text":"This Example is intended to help you compare the cost of owning shares of the Fund with the cost of","page_number":3,"box":{"x":159,"y":686,"width":748,"height":12}},{"id":"7d799e7d-bdda-4909-b6d1-f1c8d6a5f7d4","block_type":"box","text":"investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods","page_number":3,"box":{"x":81,"y":701,"width":769,"height":12}},{"id":"462024fb-a01c-45a9-a904-bf11f798ef52","block_type":"box","text":"indicated and then sell all of your shares at the end of those periods. The Example also assumes that your","page_number":3,"box":{"x":81,"y":717,"width":790,"height":12}},{"id":"8486600d-5426-4070-868c-bdd0061df99b","block_type":"box","text":"investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your","page_number":3,"box":{"x":81,"y":732,"width":827,"height":12}},{"id":"898b8c5f-92bf-4530-9e08-d84ee33fe987","block_type":"box","text":"actual costs may be higher or lower, based on these assumptions, your costs would be:","page_number":3,"box":{"x":81,"y":748,"width":649,"height":12}},{"id":"de1f7d2e-910a-475f-9414-90aef6d5158a","block_type":"box","text":"1 Year","page_number":3,"box":{"x":390,"y":777,"width":40,"height":7}},{"id":"a1fc70c1-92f4-47a0-bbd9-d2978a386e07","block_type":"box","text":"3 Years","page_number":3,"box":{"x":562,"y":777,"width":47,"height":7}},{"id":"3fbaaaf3-1408-451a-9598-8c51c0acd258","block_type":"box","text":"$87 $271","page_number":3,"box":{"x":398,"y":794,"width":200,"height":9}},{"id":"967927a0-35db-45ab-81e0-31bea15ea0fd","block_type":"box","text":"Portfolio Turnover","page_number":3,"box":{"x":82,"y":826,"width":157,"height":10}},{"id":"3ce0abc3-cfaa-4590-83ff-f32a8e3a31d8","block_type":"box","text":"The Fund may pay transaction costs, such as","page_number":3,"box":{"x":81,"y":847,"width":343,"height":12}},{"id":"33e933b5-9c33-4b68-a4fb-ce8e0f1c5acb","block_type":"box","text":"commissions, when it buys and sells securities (or","page_number":3,"box":{"x":81,"y":862,"width":376,"height":12}},{"id":"c15e38dd-e1f9-4ad1-9fcd-7a5fbd7b1a28","block_type":"box","text":"“turns over” its portfolio). A higher portfolio turnover","page_number":3,"box":{"x":81,"y":878,"width":385,"height":12}},{"id":"77d52207-4ee4-408e-81d8-aa27150b8688","block_type":"box","text":"rate may indicate higher transaction costs and may","page_number":3,"box":{"x":81,"y":893,"width":384,"height":12}},{"id":"8d6dda23-4f24-49d2-8055-e28902a97452","block_type":"box","text":"result in higher taxes when Fund shares are held in a","page_number":3,"box":{"x":81,"y":909,"width":394,"height":12}},{"id":"112f3409-f34f-4053-b5dc-d8db8e6a5a88","block_type":"box","text":"taxable account. These costs, which are not reflected","page_number":3,"box":{"x":515,"y":825,"width":401,"height":12}},{"id":"8beb6f76-86ef-43bf-9dc7-90d94747e8c7","block_type":"box","text":"in the Annual Fund Operating Expenses or in the","page_number":3,"box":{"x":516,"y":841,"width":367,"height":12}},{"id":"73e39987-8486-4562-aad4-60f9fc43d3bc","block_type":"box","text":"Example, affect the Fund’s performance. There has","page_number":3,"box":{"x":516,"y":856,"width":387,"height":12}},{"id":"57410f77-62bf-41e3-bd29-286793596319","block_type":"box","text":"been no portfolio turnover because the Fund has not","page_number":3,"box":{"x":516,"y":872,"width":394,"height":12}},{"id":"f01bda0e-4aeb-47d9-903f-3634cc6749d8","block_type":"box","text":"commenced operations as of the date of this","page_number":3,"box":{"x":515,"y":887,"width":336,"height":12}},{"id":"9f52d5eb-7723-4709-a278-bf1178c51fee","block_type":"box","text":"prospectus (the “Prospectus”).","page_number":3,"box":{"x":516,"y":903,"width":230,"height":12}},{"id":"4bd9349a-2584-403a-8c40-04519116e58e","block_type":"box","text":"S-1","page_number":3,"box":{"x":487,"y":955,"width":30,"height":10}},{"id":"be24a025-b453-444c-ac56-2130563e1eca","block_type":"box","text":"NM1026U-6049080-3/56","page_number":3,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"83bee4b7-13c1-4981-bec6-a9758a2da977","block_type":"box","text":"Principal Investment Strategies","page_number":4,"box":{"x":82,"y":56,"width":266,"height":13}},{"id":"8d07165c-5b6f-47c1-9dc3-416fb9078b1e","block_type":"box","text":"The Fund seeks to achieve its investment objective of","page_number":4,"box":{"x":81,"y":77,"width":403,"height":12}},{"id":"855e16fe-8920-4644-9db7-d679e6cc3c02","block_type":"box","text":"seeking total return by combining two sources of","page_number":4,"box":{"x":81,"y":93,"width":364,"height":12}},{"id":"883f2525-3129-4bda-9b27-f80196acc40c","block_type":"box","text":"returns: (i) a “beta” component that seeks to provide","page_number":4,"box":{"x":81,"y":108,"width":392,"height":12}},{"id":"6149c93c-acec-4f22-bd04-97f6b7709189","block_type":"box","text":"exposure to the U.S. large cap equity market (the","page_number":4,"box":{"x":81,"y":124,"width":371,"height":12}},{"id":"5d7c0d75-29c4-4371-9ac8-48f8fcc24007","block_type":"box","text":"“U.S. Large Cap Equity Strategy”), and (ii) an “alpha”","page_number":4,"box":{"x":81,"y":139,"width":397,"height":12}},{"id":"51c001cc-fdaa-42d8-98cb-3a4b61b74366","block_type":"box","text":"component that consists of a macro, tactical asset","page_number":4,"box":{"x":81,"y":155,"width":377,"height":12}},{"id":"fec817b7-df28-4e48-a455-ad55f116cd5c","block_type":"box","text":"allocation strategy (the “Macro Asset Allocation","page_number":4,"box":{"x":81,"y":170,"width":355,"height":12}},{"id":"e0061d6e-5bff-4da1-93c7-56ca01881557","block_type":"box","text":"Strategy”). The Fund will allocate its assets to each","page_number":4,"box":{"x":81,"y":186,"width":385,"height":12}},{"id":"e25eec09-6963-4183-ae12-67e067325792","block_type":"box","text":"strategy and has discretion to vary the amount of its","page_number":4,"box":{"x":81,"y":201,"width":390,"height":12}},{"id":"bed36312-1723-4d6a-81e9-e60b9205a23e","block_type":"box","text":"assets allocated between the two strategies.","page_number":4,"box":{"x":81,"y":217,"width":334,"height":12}},{"id":"df9b540f-111b-444b-8515-fc046b780ce4","block_type":"box","text":"The U.S. Large Cap Equity Strategy targets exposure","page_number":4,"box":{"x":81,"y":248,"width":403,"height":12}},{"id":"6479dcc8-d650-4d4a-b71b-0730de74021e","block_type":"box","text":"to the returns of the U.S. large cap equity market over","page_number":4,"box":{"x":81,"y":263,"width":405,"height":12}},{"id":"1aaa5f58-8c2b-495c-b07e-21c293a6dc1b","block_type":"box","text":"a normal business cycle. The Fund seeks to obtain","page_number":4,"box":{"x":81,"y":279,"width":383,"height":12}},{"id":"04008600-220a-4d8a-aba2-fcf9e12485dd","block_type":"box","text":"this exposure through investments in equity securities","page_number":4,"box":{"x":81,"y":295,"width":404,"height":11}},{"id":"9e58cb8f-0dcf-4285-b98c-2082302b4973","block_type":"box","text":"and equity-related instruments as well as derivatives,","page_number":4,"box":{"x":81,"y":310,"width":399,"height":12}},{"id":"9aa0b94a-a8b2-4b84-8007-762fac668fe2","block_type":"box","text":"including futures and futures-related instruments.","page_number":4,"box":{"x":81,"y":325,"width":369,"height":12}},{"id":"a1594c76-d332-4154-b9db-6bab3a52c3f3","block_type":"box","text":"The Macro Asset Allocation Strategy will invest","page_number":4,"box":{"x":81,"y":356,"width":353,"height":12}},{"id":"0a16c4ce-b63b-431f-9b32-8d7078056d79","block_type":"box","text":"varying percentages of the portfolio in global stocks,","page_number":4,"box":{"x":81,"y":372,"width":391,"height":12}},{"id":"a21cf8ca-a1a1-479e-891d-fec37b7278e1","block_type":"box","text":"fixed-income investments, currencies and","page_number":4,"box":{"x":80,"y":387,"width":315,"height":12}},{"id":"f6aadc4c-b3da-426b-84a5-06f6320dedec","block_type":"box","text":"commodities. The Fund expects to obtain exposure to","page_number":4,"box":{"x":81,"y":403,"width":404,"height":12}},{"id":"e62eec2b-d810-45f2-b19e-84ef33841693","block_type":"box","text":"such asset classes primarily through the use of","page_number":4,"box":{"x":81,"y":418,"width":354,"height":12}},{"id":"be679309-4e66-4447-a823-d9a2af1d92ab","block_type":"box","text":"derivatives. The Fund will also hold money market","page_number":4,"box":{"x":81,"y":434,"width":377,"height":12}},{"id":"6a023c37-529e-49cb-b7c5-974568e4e712","block_type":"box","text":"instruments and cash as part of the Macro Asset","page_number":4,"box":{"x":81,"y":449,"width":365,"height":12}},{"id":"a3839525-1375-48a5-a898-ecd82862927e","block_type":"box","text":"Allocation Strategy. The Fund has wide flexibility in","page_number":4,"box":{"x":80,"y":465,"width":384,"height":12}},{"id":"7f7a3b54-bae9-496c-9e0b-51174731c038","block_type":"box","text":"the relative weightings given to each asset class in","page_number":4,"box":{"x":81,"y":481,"width":381,"height":12}},{"id":"0c984546-9f26-44f9-86f0-5a0bd1b23260","block_type":"box","text":"the Macro Asset Allocation Strategy. The Fund may","page_number":4,"box":{"x":81,"y":496,"width":389,"height":12}},{"id":"694b7271-710e-4446-b354-49fc0d41c689","block_type":"box","text":"take both long and short positions within and across","page_number":4,"box":{"x":81,"y":512,"width":390,"height":12}},{"id":"f1bd2e81-b08b-48e4-ab36-e73976d7fdf0","block_type":"box","text":"each asset class, whereby the Fund expects the","page_number":4,"box":{"x":81,"y":527,"width":363,"height":12}},{"id":"dc0a0f56-6dcf-4953-b5c7-11ed2974774d","block_type":"box","text":"Macro Asset Allocation Strategy to achieve returns","page_number":4,"box":{"x":82,"y":542,"width":380,"height":13}},{"id":"d3edcc11-7f19-45be-af16-2387d0666f7c","block_type":"box","text":"not closely correlated to the U.S. Large Cap Equity","page_number":4,"box":{"x":81,"y":558,"width":382,"height":12}},{"id":"d6ff1185-53ee-446d-b6a5-d4fd36040191","block_type":"box","text":"Strategy over a normal business cycle.","page_number":4,"box":{"x":81,"y":573,"width":293,"height":13}},{"id":"052fb233-f006-42f6-81c3-a65451e34f10","block_type":"box","text":"With respect to its equity investments, the Fund may","page_number":4,"box":{"x":81,"y":605,"width":394,"height":12}},{"id":"eb4591ca-d54e-4701-b987-548fbe2c7c74","block_type":"box","text":"invest in common stock, preferred stock,","page_number":4,"box":{"x":81,"y":620,"width":305,"height":12}},{"id":"b2a0b122-28ac-4a53-95b0-0b2b05df4b61","block_type":"box","text":"non-convertible preferred stock and depositary","page_number":4,"box":{"x":81,"y":635,"width":351,"height":13}},{"id":"a93116fd-dc61-4316-b727-a6a7794391ce","block_type":"box","text":"receipts. The Fund may invest in securities of both","page_number":4,"box":{"x":81,"y":651,"width":379,"height":12}},{"id":"d01a5aaf-df86-49da-95fe-40a0a110b06e","block_type":"box","text":"U.S. and non-U.S. issuers, which can be U.S. dollar","page_number":4,"box":{"x":82,"y":666,"width":389,"height":12}},{"id":"828a7e07-6410-428f-80bc-33634cef0ac6","block_type":"box","text":"based or non-U.S. dollar-based and may be currency","page_number":4,"box":{"x":81,"y":682,"width":395,"height":12}},{"id":"1cd406a0-3e66-4391-9a36-9fdbc6dab1d3","block_type":"box","text":"hedged or unhedged. The Fund may invest in","page_number":4,"box":{"x":81,"y":698,"width":338,"height":12}},{"id":"7452ba42-6ddb-421c-b1b7-6588501ae546","block_type":"box","text":"securities of companies of any market capitalization.","page_number":4,"box":{"x":81,"y":713,"width":387,"height":12}},{"id":"699a60fc-b1ed-4b02-af33-5b1a767b65f0","block_type":"box","text":"The Fund may also invest in securities convertible into","page_number":4,"box":{"x":81,"y":729,"width":403,"height":12}},{"id":"80e8d2c8-218c-4956-97f6-7cb3d9379ce3","block_type":"box","text":"common stock.","page_number":4,"box":{"x":81,"y":744,"width":111,"height":10}},{"id":"9a6b1ad6-bf03-43ec-82ac-025b14851b2d","block_type":"box","text":"With respect to its fixed-income investments, the","page_number":4,"box":{"x":81,"y":775,"width":360,"height":12}},{"id":"97872cf9-5232-42eb-ab3d-5d8b09bbbaaa","block_type":"box","text":"Fund may invest in fixed-income securities such as","page_number":4,"box":{"x":82,"y":790,"width":377,"height":13}},{"id":"9a3f7d71-a212-47f1-b05f-832847f067f2","block_type":"box","text":"corporate bonds and notes, commercial and","page_number":4,"box":{"x":81,"y":806,"width":327,"height":12}},{"id":"2b89d1da-130d-4251-bbb5-0be158ff73a9","block_type":"box","text":"residential mortgage-backed securities (bonds that","page_number":4,"box":{"x":81,"y":821,"width":376,"height":13}},{"id":"7b22801c-08a0-40d1-8b2a-644f1d370cb9","block_type":"box","text":"are backed by a mortgage loan or pools of loans","page_number":4,"box":{"x":81,"y":837,"width":364,"height":12}},{"id":"e802c296-e15c-4a1c-9a70-cfddd7e3c6f6","block_type":"box","text":"secured either by commercial property or residential","page_number":4,"box":{"x":81,"y":853,"width":391,"height":12}},{"id":"8f2020d2-ebfb-4d03-a04f-bd748f6625bb","block_type":"box","text":"mortgages, as applicable), collateralized mortgage","page_number":4,"box":{"x":81,"y":868,"width":380,"height":12}},{"id":"6ac7a749-90a1-4058-817c-091a84a5f122","block_type":"box","text":"obligations (bonds that are backed by cash flows from","page_number":4,"box":{"x":81,"y":884,"width":405,"height":12}},{"id":"3094c6f4-30f1-49e0-833f-97ee80430cca","block_type":"box","text":"pools of mortgages and may have multiple classes","page_number":4,"box":{"x":81,"y":899,"width":381,"height":12}},{"id":"beb7c742-19de-4f88-a7b6-e8b389220df8","block_type":"box","text":"with different payment rights and protections),","page_number":4,"box":{"x":515,"y":56,"width":345,"height":12}},{"id":"a3ad7494-e91a-4f91-8b36-8f9e96fab076","block_type":"box","text":"collateralized debt obligations (“CDOs”), asset-backed","page_number":4,"box":{"x":515,"y":71,"width":407,"height":12}},{"id":"676ac043-768d-48e6-9760-5a8186cf823e","block_type":"box","text":"securities, convertible securities, debt obligations of","page_number":4,"box":{"x":515,"y":86,"width":388,"height":12}},{"id":"42fe1a4d-e651-4f10-8dc1-4a8a29f4d253","block_type":"box","text":"governments and their sub-divisions (including those","page_number":4,"box":{"x":515,"y":101,"width":396,"height":12}},{"id":"cb6afe4d-ec91-4eae-80ee-93438c7b5e08","block_type":"box","text":"of non-U.S. governments), other floating or variable","page_number":4,"box":{"x":515,"y":116,"width":387,"height":12}},{"id":"8dad03ad-0605-4c74-8d12-2a9970ae36bc","block_type":"box","text":"rate obligations, municipal obligations, inflation-linked","page_number":4,"box":{"x":516,"y":131,"width":400,"height":12}},{"id":"59d684b0-bf4d-4304-a5e4-f5b9bbe1fc35","block_type":"box","text":"securities, and zero coupon debt securities. The Fund","page_number":4,"box":{"x":515,"y":146,"width":405,"height":12}},{"id":"625f1cd2-6110-41a6-9cb0-ff4f0cb523c7","block_type":"box","text":"may invest in non-investment grade bonds (“junk”","page_number":4,"box":{"x":516,"y":161,"width":372,"height":13}},{"id":"0faae015-5463-4ad2-9852-94364f075f15","block_type":"box","text":"bonds or distressed securities), non-investment grade","page_number":4,"box":{"x":516,"y":177,"width":404,"height":12}},{"id":"54a2b36d-5b97-484a-8225-c31d5752d7b5","block_type":"box","text":"bank loans, foreign bonds (both U.S. dollar- and","page_number":4,"box":{"x":516,"y":192,"width":361,"height":12}},{"id":"81f4b62b-4266-440e-bc84-ac91b613a133","block_type":"box","text":"non-U.S. dollar-denominated) and bonds of emerging","page_number":4,"box":{"x":516,"y":207,"width":401,"height":12}},{"id":"41eaddcf-47ea-4155-9d18-dd0b5ae0a7ca","block_type":"box","text":"market issuers. The Fund may invest in non-U.S.","page_number":4,"box":{"x":516,"y":222,"width":368,"height":12}},{"id":"68756145-f0a2-4f41-a9d8-673a2a7bea87","block_type":"box","text":"dollar-denominated bonds on a currency hedged or","page_number":4,"box":{"x":515,"y":237,"width":386,"height":12}},{"id":"372b565f-e91e-4420-a5bb-25517f8047cb","block_type":"box","text":"unhedged basis.","page_number":4,"box":{"x":516,"y":252,"width":127,"height":12}},{"id":"0c514779-b281-4944-b43c-9c6f3bded7b7","block_type":"box","text":"With respect to its money market and cash","page_number":4,"box":{"x":515,"y":283,"width":323,"height":12}},{"id":"11333f44-e942-4b0f-b6a6-4ecba9e515f9","block_type":"box","text":"investments, the Fund may hold high quality money","page_number":4,"box":{"x":516,"y":299,"width":387,"height":12}},{"id":"09600cbc-591e-4ba5-98f3-5533da5178a4","block_type":"box","text":"market securities, including short term U.S.","page_number":4,"box":{"x":516,"y":314,"width":324,"height":12}},{"id":"47c6a271-2e56-4fdb-ab79-7719de929167","block_type":"box","text":"Government securities, U.S. Government agency","page_number":4,"box":{"x":516,"y":330,"width":370,"height":12}},{"id":"6c77c4db-4f09-4e39-abc8-95b2908d5995","block_type":"box","text":"securities, securities issued by U.S. Government","page_number":4,"box":{"x":515,"y":345,"width":367,"height":12}},{"id":"bbcd035d-86b9-4d2c-8e8c-75d3298c338b","block_type":"box","text":"sponsored enterprises and U.S. Government","page_number":4,"box":{"x":515,"y":361,"width":338,"height":12}},{"id":"462dd770-1d94-4cee-a303-d5e394a1eaf7","block_type":"box","text":"instrumentalities, bank obligations, commercial paper,","page_number":4,"box":{"x":516,"y":376,"width":404,"height":12}},{"id":"3c3deab6-fb34-46fa-a8dd-f53292b36a33","block_type":"box","text":"including asset-backed commercial paper, corporate","page_number":4,"box":{"x":516,"y":392,"width":393,"height":12}},{"id":"6ac5ef4a-af7f-46aa-b147-99d345c8ba5c","block_type":"box","text":"notes and repurchase agreements. The Fund may","page_number":4,"box":{"x":516,"y":407,"width":378,"height":12}},{"id":"d65aed51-4216-4c0a-ba4b-27ed71cc9197","block_type":"box","text":"invest a significant portion of its assets in money","page_number":4,"box":{"x":516,"y":423,"width":364,"height":12}},{"id":"1fb6f76d-ff33-41c9-b69e-89126ace2814","block_type":"box","text":"market funds, including those advised by BFA or its","page_number":4,"box":{"x":516,"y":438,"width":386,"height":12}},{"id":"0fcf3804-7352-468e-9df3-95a4669c62fc","block_type":"box","text":"affiliates.","page_number":4,"box":{"x":515,"y":454,"width":71,"height":9}},{"id":"8bf97d83-0e95-4808-8307-a66a996ad62c","block_type":"box","text":"The Fund may invest in derivatives, including, but not","page_number":4,"box":{"x":515,"y":484,"width":401,"height":12}},{"id":"da7a3b71-73d0-470a-93f1-f2ac7abafda0","block_type":"box","text":"limited to, swaps, including interest rate, total return,","page_number":4,"box":{"x":516,"y":500,"width":392,"height":12}},{"id":"5f817093-7c6f-458b-82a1-607851863c98","block_type":"box","text":"index and credit default swaps; options; futures;","page_number":4,"box":{"x":516,"y":515,"width":359,"height":11}},{"id":"384c7053-cf1f-4d7f-8c26-d2dfdb500499","block_type":"box","text":"options on futures and swaps; and foreign currency","page_number":4,"box":{"x":515,"y":530,"width":386,"height":12}},{"id":"60f58d91-fc8c-4b9d-bf8e-1723ce7cd915","block_type":"box","text":"transactions (including swaps), for hedging purposes,","page_number":4,"box":{"x":515,"y":545,"width":402,"height":12}},{"id":"ee41f036-a7c8-4d7d-a6dd-8b831411074b","block_type":"box","text":"as well as to seek to increase the return on its","page_number":4,"box":{"x":515,"y":560,"width":346,"height":9}},{"id":"140f3689-d3ba-41c8-a8d4-cdde5f3f7acd","block_type":"box","text":"portfolio investments. The Fund may utilize","page_number":4,"box":{"x":516,"y":575,"width":323,"height":12}},{"id":"f6cfb3a0-2dbb-4e33-bd8a-61a38cc2dcb7","block_type":"box","text":"derivatives to a significant extent. The Fund may seek","page_number":4,"box":{"x":515,"y":590,"width":406,"height":12}},{"id":"af02f21e-bc2b-4465-8d72-bcdc6e87142b","block_type":"box","text":"to obtain market exposure to the securities in which it","page_number":4,"box":{"x":515,"y":605,"width":400,"height":12}},{"id":"502548a7-0a6d-4eef-b16c-9cff9459fa64","block_type":"box","text":"primarily invests by entering into a series of purchase","page_number":4,"box":{"x":516,"y":620,"width":400,"height":12}},{"id":"0d76257e-9fcb-41de-a761-1dea50b936f9","block_type":"box","text":"and sale contracts or by using other investment","page_number":4,"box":{"x":515,"y":636,"width":357,"height":12}},{"id":"dbd1967f-c730-4a21-89c7-2a1b7ed01f97","block_type":"box","text":"techniques (such as reverse repurchase agreements","page_number":4,"box":{"x":515,"y":651,"width":397,"height":12}},{"id":"3881b52b-782d-4efa-b702-7e2e1d145e09","block_type":"box","text":"or dollar rolls). The Fund may utilize derivative","page_number":4,"box":{"x":515,"y":666,"width":343,"height":12}},{"id":"2830e0e4-df39-4f95-9dd7-baaec14159e2","block_type":"box","text":"instruments to maintain a portion of its portfolio long","page_number":4,"box":{"x":516,"y":681,"width":383,"height":12}},{"id":"2d99a72a-5505-4fd9-8841-826f0d2bd8b4","block_type":"box","text":"and short positions. The Fund may also use forward","page_number":4,"box":{"x":515,"y":696,"width":386,"height":12}},{"id":"9334ddf7-812a-40b1-9f24-57aba9d53ae6","block_type":"box","text":"foreign currency exchange contracts (obligations to","page_number":4,"box":{"x":515,"y":711,"width":380,"height":12}},{"id":"4060d7c3-8622-444b-9748-61bf64cbab39","block_type":"box","text":"buy or sell a currency at a set rate in the future) to","page_number":4,"box":{"x":516,"y":726,"width":370,"height":12}},{"id":"675e834b-8d2e-4033-aa5a-cd0486404452","block_type":"box","text":"hedge against movement in the value of a currency.","page_number":4,"box":{"x":516,"y":741,"width":384,"height":12}},{"id":"f08be169-2ac5-4e7e-ac52-a7b78dfc4b55","block_type":"box","text":"The Fund may also invest in indexed and inverse","page_number":4,"box":{"x":515,"y":757,"width":365,"height":11}},{"id":"d9089348-f72a-4f89-a554-578ba8393132","block_type":"box","text":"floating rate securities.","page_number":4,"box":{"x":515,"y":771,"width":167,"height":13}},{"id":"2f346d29-ff71-45f6-b436-d103093b8d31","block_type":"box","text":"The Fund may invest in U.S. and non-U.S. real estate","page_number":4,"box":{"x":515,"y":802,"width":399,"height":12}},{"id":"4d4a6db6-3464-44c4-9f74-b9119530d27d","block_type":"box","text":"investment trusts (“REITs”), structured products","page_number":4,"box":{"x":516,"y":817,"width":353,"height":12}},{"id":"f056a82d-9585-4713-b0f2-d4f920125947","block_type":"box","text":"(including, but not limited to, structured notes, credit","page_number":4,"box":{"x":516,"y":832,"width":389,"height":12}},{"id":"10b72128-146e-49e9-ac01-3ff10384091d","block_type":"box","text":"linked notes and participation notes, or other","page_number":4,"box":{"x":516,"y":848,"width":335,"height":11}},{"id":"62316844-1fac-43b2-b42c-f64d0385a43d","block_type":"box","text":"instruments evidencing interests in special purpose","page_number":4,"box":{"x":516,"y":863,"width":384,"height":12}},{"id":"1e89f435-c2c0-4968-96ab-e37c68ef22bd","block_type":"box","text":"vehicles, trusts, or other entities that hold or represent","page_number":4,"box":{"x":515,"y":878,"width":406,"height":12}},{"id":"5a582ea3-6732-4356-a85b-fd386fc90c3c","block_type":"box","text":"interests in fixed-income securities) and floating rate","page_number":4,"box":{"x":516,"y":893,"width":392,"height":12}},{"id":"3cc8cc0e-019e-4d17-b183-84cba5ba635f","block_type":"box","text":"securities (such as bank loans).","page_number":4,"box":{"x":515,"y":908,"width":234,"height":12}},{"id":"d78d66f5-38da-47da-85c0-14912fbbc1a5","block_type":"box","text":"S-2","page_number":4,"box":{"x":487,"y":955,"width":30,"height":10}},{"id":"f8c22a1a-1a75-4c67-b1f9-3a3f2df4015b","block_type":"box","text":"NM1026U-6049080-4/56","page_number":4,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"dcd67202-6db8-44f6-b382-e52eff7e4029","block_type":"box","text":"The Fund may seek to provide exposure to the","page_number":5,"box":{"x":81,"y":56,"width":352,"height":12}},{"id":"8519e7a4-e8c7-44f5-b739-6d4f562cc905","block_type":"box","text":"investment returns of real assets that trade in the","page_number":5,"box":{"x":81,"y":71,"width":369,"height":10}},{"id":"1e574d43-5770-4493-9782-7279047afe44","block_type":"box","text":"commodity markets through investment in commodity","page_number":5,"box":{"x":81,"y":87,"width":402,"height":12}},{"id":"0a12b72a-abe4-4d12-9c18-ab3bb449d9ac","block_type":"box","text":"linked derivative instruments and investment vehicles,","page_number":5,"box":{"x":81,"y":103,"width":405,"height":11}},{"id":"5bf2b548-3d1c-46be-aa70-0ad3cc7b0147","block_type":"box","text":"such as exchange-traded funds, that invest in","page_number":5,"box":{"x":81,"y":118,"width":343,"height":12}},{"id":"af83c842-7f13-46d6-a070-d4dd9aaab25e","block_type":"box","text":"commodities and are designed to provide investment","page_number":5,"box":{"x":81,"y":134,"width":398,"height":12}},{"id":"c5c2fa37-5a20-402c-984f-fcb5eb008d84","block_type":"box","text":"exposure to physical commodities. The Fund expects","page_number":5,"box":{"x":81,"y":149,"width":401,"height":12}},{"id":"c30f6e86-0d3d-493a-912d-a141313c6078","block_type":"box","text":"to gain exposure to commodity markets by investing","page_number":5,"box":{"x":81,"y":165,"width":392,"height":12}},{"id":"a5778dd3-0c47-4724-a8df-b560c0eb95b3","block_type":"box","text":"up to 25% of its total assets, inclusive of leverage, in","page_number":5,"box":{"x":81,"y":180,"width":394,"height":12}},{"id":"fafd0b4f-2ea9-465c-b072-f70dd1fb1dd4","block_type":"box","text":"iShares Cayman Macro AlphaBeta Active ETF, Ltd.","page_number":5,"box":{"x":81,"y":196,"width":387,"height":12}},{"id":"692824af-9158-453b-8692-6e3a738305b7","block_type":"box","text":"(the “Subsidiary”), a wholly owned subsidiary of the","page_number":5,"box":{"x":81,"y":211,"width":385,"height":12}},{"id":"b7745cee-f883-4bbb-9a21-27ca0dbe0efe","block_type":"box","text":"Fund formed in the Cayman Islands, which invests","page_number":5,"box":{"x":82,"y":227,"width":379,"height":12}},{"id":"7471b437-e034-4978-8956-9bdca1b96c9c","block_type":"box","text":"primarily in commodity-related instruments. The","page_number":5,"box":{"x":81,"y":242,"width":359,"height":12}},{"id":"dec2d56f-6123-4033-8e8c-a56886278d83","block_type":"box","text":"Subsidiary may also hold cash and invest in other","page_number":5,"box":{"x":81,"y":258,"width":373,"height":12}},{"id":"7dee10e3-7752-4426-bb87-cc12b392f6c9","block_type":"box","text":"instruments, including fixed income securities, either","page_number":5,"box":{"x":81,"y":273,"width":393,"height":12}},{"id":"c10f7f5d-aaba-4bcd-819c-fda9eeed2809","block_type":"box","text":"as investments or to serve as margin or collateral for","page_number":5,"box":{"x":81,"y":289,"width":395,"height":12}},{"id":"a07233dc-28dd-47b8-b69d-9511949e6877","block_type":"box","text":"the Subsidiary’s derivative positions. The Subsidiary","page_number":5,"box":{"x":81,"y":304,"width":392,"height":12}},{"id":"3ef36e7a-1abe-4712-a66c-f6f4d4d767e1","block_type":"box","text":"(unlike the Fund) may invest without limitation in","page_number":5,"box":{"x":81,"y":320,"width":362,"height":12}},{"id":"6f34dc4b-11ea-4ca0-b821-2ce6258f88bb","block_type":"box","text":"commodity-related instruments. However, the","page_number":5,"box":{"x":81,"y":335,"width":343,"height":12}},{"id":"49105d11-8fdf-4eb4-9ea6-e784caae40eb","block_type":"box","text":"Subsidiary is otherwise subject to the same","page_number":5,"box":{"x":81,"y":351,"width":327,"height":12}},{"id":"5f8ef13d-096e-463d-8817-2b4919b057c6","block_type":"box","text":"fundamental, non-fundamental and certain other","page_number":5,"box":{"x":80,"y":366,"width":364,"height":11}},{"id":"77a18800-6d3f-453f-9f14-84dbfce2a50d","block_type":"box","text":"investment restrictions as the Fund.","page_number":5,"box":{"x":81,"y":382,"width":270,"height":9}},{"id":"f7981d4e-156e-4a8f-9ceb-a63bb9a6b68e","block_type":"box","text":"The Fund is classified as non-diversified under the","page_number":5,"box":{"x":81,"y":413,"width":379,"height":9}},{"id":"d9630c3b-6d4e-49fe-b5e8-1779ce92e99f","block_type":"box","text":"Investment Company Act of 1940, as amended.","page_number":5,"box":{"x":82,"y":428,"width":359,"height":12}},{"id":"42f2e14e-209e-4306-87b0-9a430509fdbe","block_type":"box","text":"Summary of Principal Risks","page_number":5,"box":{"x":81,"y":464,"width":238,"height":13}},{"id":"80fd8262-bf67-452d-9940-b8261f1e2ff8","block_type":"box","text":"As with any investment, you could lose all or part of","page_number":5,"box":{"x":80,"y":486,"width":388,"height":12}},{"id":"6051603c-1837-4916-87f0-1ec2ff78ee6a","block_type":"box","text":"your investment in the Fund, and the Fund’s","page_number":5,"box":{"x":81,"y":501,"width":333,"height":12}},{"id":"3c3f88ed-c816-40f4-b77a-9bb6afda8f8e","block_type":"box","text":"performance could trail that of other investments. The","page_number":5,"box":{"x":81,"y":517,"width":403,"height":12}},{"id":"70304877-6d94-46b5-b06d-39afef1edea8","block_type":"box","text":"Fund is subject to certain risks, including the principal","page_number":5,"box":{"x":82,"y":532,"width":401,"height":12}},{"id":"886621fc-09a1-4645-a5bf-a376cf4d5757","block_type":"box","text":"risks noted below, any of which may adversely affect","page_number":5,"box":{"x":81,"y":548,"width":396,"height":12}},{"id":"85791af0-2796-4626-a47d-58be7ed1c03f","block_type":"box","text":"the Fund’s net asset value per share (“NAV”), trading","page_number":5,"box":{"x":81,"y":563,"width":399,"height":12}},{"id":"212e3fd6-740d-4c96-99fd-08903eb5ba58","block_type":"box","text":"price, yield, total return and ability to meet its","page_number":5,"box":{"x":81,"y":579,"width":337,"height":12}},{"id":"1f1788da-65e5-49ef-9517-31b662c393f5","block_type":"box","text":"investment objective. Unlike many exchange-traded","page_number":5,"box":{"x":81,"y":594,"width":389,"height":12}},{"id":"aa61484f-dc9a-40fc-b419-cd86647f41ac","block_type":"box","text":"funds (“ETFs”), the Fund is not an index-based ETF.","page_number":5,"box":{"x":80,"y":610,"width":395,"height":12}},{"id":"8c407f3f-a9bf-4f17-84a2-29ef0e4dd32b","block_type":"box","text":"Certain key risks are prioritized below (with others","page_number":5,"box":{"x":81,"y":625,"width":375,"height":12}},{"id":"dee78ea1-6fbf-44fc-a285-e2b041eaee06","block_type":"box","text":"following in alphabetical order), but the relative","page_number":5,"box":{"x":80,"y":641,"width":352,"height":12}},{"id":"33046ba2-a809-4167-8abe-b6111a00260c","block_type":"box","text":"significance of any risk is difficult to predict and may","page_number":5,"box":{"x":81,"y":656,"width":390,"height":12}},{"id":"aa2864f0-b729-4e1d-896d-095d857eb598","block_type":"box","text":"change over time. You should review each risk factor","page_number":5,"box":{"x":81,"y":672,"width":394,"height":12}},{"id":"ec24e0da-ae68-45f7-a2d3-86035079cfd4","block_type":"box","text":"carefully.","page_number":5,"box":{"x":81,"y":687,"width":65,"height":12}},{"id":"9911acd4-31b3-46ce-86fd-20853eb7435b","block_type":"box","text":"Derivatives Risk.","page_number":5,"box":{"x":81,"y":718,"width":133,"height":10}},{"id":"c12d4684-620d-4173-9c72-e6f5c802bbc5","block_type":"box","text":"The Fund’s use of derivatives may","page_number":5,"box":{"x":220,"y":718,"width":256,"height":12}},{"id":"811239a3-45d8-4b3a-a8b4-2051fe468663","block_type":"box","text":"increase its costs, reduce the Fund’s returns and/or","page_number":5,"box":{"x":81,"y":734,"width":382,"height":11}},{"id":"9f768412-43f7-43f6-9785-9904579d5b6c","block_type":"box","text":"increase volatility. Derivatives involve significant risks,","page_number":5,"box":{"x":81,"y":749,"width":399,"height":12}},{"id":"28540a73-f3c0-4cfb-9361-18b52625500d","block_type":"box","text":"including:","page_number":5,"box":{"x":81,"y":765,"width":69,"height":12}},{"id":"528f7bd9-4777-4162-af94-5203b32b8f9c","block_type":"box","text":"Leverage Risk.","page_number":5,"box":{"x":81,"y":796,"width":110,"height":12}},{"id":"68d2c526-0b25-4916-8e87-3d6448c96cf3","block_type":"box","text":"The Fund’s use of derivatives can","page_number":5,"box":{"x":198,"y":796,"width":250,"height":9}},{"id":"4b1a9dda-89e3-4864-96dc-9f6108105da7","block_type":"box","text":"magnify the Fund’s gains and losses. Relatively small","page_number":5,"box":{"x":81,"y":811,"width":397,"height":12}},{"id":"081bb210-6669-4c5c-8e1b-1cc3ad18bbb4","block_type":"box","text":"market movements may result in large changes in the","page_number":5,"box":{"x":81,"y":827,"width":404,"height":12}},{"id":"f2e9cf90-abe9-4050-9c7e-29a49f40b854","block_type":"box","text":"value of a derivatives position and can result in losses","page_number":5,"box":{"x":81,"y":842,"width":405,"height":12}},{"id":"7fe244a7-3f1c-43aa-ada8-e89c15c2a6a9","block_type":"box","text":"that greatly exceed the amount originally invested.","page_number":5,"box":{"x":81,"y":858,"width":378,"height":12}},{"id":"7006df2d-2743-459d-9711-db9ad556b629","block_type":"box","text":"Market Risk","page_number":5,"box":{"x":81,"y":889,"width":89,"height":9}},{"id":"3917e6ae-2f6a-4e38-ae83-c25e6a615464","block_type":"box","text":". Some derivatives are more sensitive to","page_number":5,"box":{"x":171,"y":889,"width":302,"height":9}},{"id":"f00c1dc4-1292-43fa-a4d3-5cf752678f99","block_type":"box","text":"interest rate changes and market price fluctuations","page_number":5,"box":{"x":81,"y":904,"width":381,"height":12}},{"id":"e65eb3e8-89ca-4067-a697-67f51a562f8f","block_type":"box","text":"than other securities. The Fund could also suffer","page_number":5,"box":{"x":515,"y":56,"width":365,"height":10}},{"id":"8ccfdc31-8cf3-47a7-b0f8-870b33ed00ec","block_type":"box","text":"losses related to its derivatives positions as a result of","page_number":5,"box":{"x":516,"y":71,"width":405,"height":12}},{"id":"da745862-9d2a-4d41-8d51-b9eb3db0a295","block_type":"box","text":"unanticipated market movements, which losses are","page_number":5,"box":{"x":516,"y":87,"width":385,"height":12}},{"id":"3bb78d48-9f86-4c85-854a-b39dfbe0fb3e","block_type":"box","text":"potentially unlimited. Finally, BFA may not be able to","page_number":5,"box":{"x":516,"y":103,"width":394,"height":12}},{"id":"23bcedb2-c4e9-4860-86e6-44b09b4b2aa2","block_type":"box","text":"predict correctly the direction of securities prices,","page_number":5,"box":{"x":516,"y":118,"width":367,"height":12}},{"id":"e8dfb9c5-490e-4de7-b361-521c67aa955a","block_type":"box","text":"interest rates and other economic factors, which could","page_number":5,"box":{"x":516,"y":134,"width":406,"height":11}},{"id":"ab541db3-16de-4fa3-9b96-d1e7911bece7","block_type":"box","text":"cause the Fund’s derivatives positions to lose value.","page_number":5,"box":{"x":515,"y":149,"width":393,"height":12}},{"id":"70917a77-83d3-4f6b-9f89-6f14b6b764fd","block_type":"box","text":"Counterparty Risk","page_number":5,"box":{"x":516,"y":180,"width":134,"height":12}},{"id":"eafa6716-fd7a-498c-8688-da4bb825a444","block_type":"box","text":". Derivatives are also subject to","page_number":5,"box":{"x":651,"y":180,"width":237,"height":12}},{"id":"0cceb67a-511d-4f3a-8e87-77c9ca469254","block_type":"box","text":"counterparty risk, which is the risk that the other party","page_number":5,"box":{"x":515,"y":196,"width":403,"height":12}},{"id":"d097e41f-a156-475f-a6c0-cadbe31e9a20","block_type":"box","text":"in the transaction will be unable or unwilling to fulfill its","page_number":5,"box":{"x":516,"y":211,"width":405,"height":12}},{"id":"e1a947b2-de98-4075-b7fa-f581280bcd84","block_type":"box","text":"contractual obligation, and the related risks of having","page_number":5,"box":{"x":515,"y":227,"width":397,"height":12}},{"id":"e80a4e85-34c0-4e75-91d5-e570ca88eafb","block_type":"box","text":"concentrated exposure to such a counterparty.","page_number":5,"box":{"x":515,"y":242,"width":352,"height":12}},{"id":"318c5252-0610-419f-87ee-479ff778814e","block_type":"box","text":"Illiquidity Risk","page_number":5,"box":{"x":516,"y":273,"width":101,"height":12}},{"id":"19241ca1-772b-4539-bc25-0b5a7e9f9ac2","block_type":"box","text":". The possible lack of a liquid secondary","page_number":5,"box":{"x":618,"y":273,"width":301,"height":12}},{"id":"58d5efaf-6488-4592-a768-56c6dcdde055","block_type":"box","text":"market for derivatives and the resulting inability of the","page_number":5,"box":{"x":516,"y":289,"width":401,"height":12}},{"id":"cc0b5655-9146-4843-8a81-24995e248471","block_type":"box","text":"Fund to sell or otherwise close a derivatives position","page_number":5,"box":{"x":516,"y":304,"width":392,"height":12}},{"id":"ee43a6ff-68aa-453f-92cb-8f845d665eb2","block_type":"box","text":"could expose the Fund to losses and could make","page_number":5,"box":{"x":515,"y":320,"width":369,"height":12}},{"id":"4b0ee9c2-64b9-40cc-ab60-e861321a58fb","block_type":"box","text":"derivatives more difficult for the Fund to value","page_number":5,"box":{"x":515,"y":335,"width":344,"height":10}},{"id":"c60ae73c-b126-46f1-814a-37bfb9f16211","block_type":"box","text":"accurately.","page_number":5,"box":{"x":515,"y":351,"width":86,"height":12}},{"id":"b24bf4a4-3d1e-4c48-9c1d-dd8bb2929930","block_type":"box","text":"Operational Risk","page_number":5,"box":{"x":516,"y":382,"width":124,"height":12}},{"id":"ff09eb4c-454f-4e7d-92e1-323614f9de3c","block_type":"box","text":". The use of derivatives includes the","page_number":5,"box":{"x":640,"y":382,"width":272,"height":9}},{"id":"bfe36822-655a-41ff-9f19-a1fc180c61c8","block_type":"box","text":"risk of potential operational issues, including","page_number":5,"box":{"x":516,"y":397,"width":333,"height":12}},{"id":"7cfaacd6-8742-4bf9-92fa-c40db00061ed","block_type":"box","text":"documentation issues, settlement issues, systems","page_number":5,"box":{"x":515,"y":413,"width":378,"height":12}},{"id":"742c2ced-1c98-481a-8100-4c075d4fb299","block_type":"box","text":"failures, inadequate controls and human error.","page_number":5,"box":{"x":515,"y":428,"width":349,"height":12}},{"id":"55d5d70f-c9cc-41dc-a99a-066bbb25ce90","block_type":"box","text":"Legal Risk","page_number":5,"box":{"x":515,"y":459,"width":79,"height":12}},{"id":"f9552187-c81d-4423-b512-240d7b2a1e15","block_type":"box","text":". The risk of insufficient documentation,","page_number":5,"box":{"x":595,"y":459,"width":295,"height":11}},{"id":"e21465b6-1472-4af8-b676-6c17570ae7b2","block_type":"box","text":"insufficient capacity or authority of counterparty, or","page_number":5,"box":{"x":516,"y":475,"width":380,"height":12}},{"id":"43a727d5-c3fe-497f-96ad-1b90f9029f5c","block_type":"box","text":"legality or enforceability of a contract.","page_number":5,"box":{"x":516,"y":490,"width":281,"height":12}},{"id":"b1e9940f-c502-4997-b6bc-923a3867f853","block_type":"box","text":"Volatility and Correlation Risk","page_number":5,"box":{"x":517,"y":521,"width":218,"height":12}},{"id":"1c3b7e74-96b1-42af-b892-2cfaaf167cb4","block_type":"box","text":". Volatility is defined as","page_number":5,"box":{"x":736,"y":521,"width":174,"height":12}},{"id":"4195e2c6-2c53-4e72-86b8-5aab36da1cfe","block_type":"box","text":"the characteristic of a security, an index or a market","page_number":5,"box":{"x":515,"y":537,"width":390,"height":12}},{"id":"0b09cec6-2f5e-4e43-8166-7798ddcb8066","block_type":"box","text":"to fluctuate significantly in price within a short time","page_number":5,"box":{"x":515,"y":552,"width":378,"height":12}},{"id":"8d958f2a-12c0-480d-9165-33bcfe86fdfc","block_type":"box","text":"period. A risk of the Fund’s use of derivatives is that","page_number":5,"box":{"x":516,"y":568,"width":389,"height":12}},{"id":"6c0e2ac6-5c94-491a-a9ac-14b30fc21e42","block_type":"box","text":"the fluctuations in their values may not correlate with","page_number":5,"box":{"x":515,"y":583,"width":396,"height":12}},{"id":"ae0a1657-822e-440c-b859-b7c309a5bdf3","block_type":"box","text":"the overall securities markets.","page_number":5,"box":{"x":515,"y":599,"width":227,"height":9}},{"id":"501ae2c8-c94d-4206-a824-c5dcc04b47f8","block_type":"box","text":"Valuation Risk.","page_number":5,"box":{"x":517,"y":630,"width":108,"height":9}},{"id":"8e86d8c0-c6c7-4eb5-8eb6-927d4ac77438","block_type":"box","text":"Valuation for derivatives may not be","page_number":5,"box":{"x":627,"y":630,"width":277,"height":12}},{"id":"4a53081f-397b-4392-a7a1-d2fca2aa8964","block_type":"box","text":"readily available in the market. Valuation may be","page_number":5,"box":{"x":516,"y":645,"width":365,"height":12}},{"id":"590d2318-e75e-4c5f-a68b-75ef7d1d930a","block_type":"box","text":"more difficult in times of market turmoil since many","page_number":5,"box":{"x":516,"y":661,"width":377,"height":12}},{"id":"9ad8266a-0667-46bd-ac50-dafe4c6718a3","block_type":"box","text":"investors and market makers may be reluctant to","page_number":5,"box":{"x":516,"y":676,"width":362,"height":12}},{"id":"3a7bc779-69d7-4c20-bd27-fbe3d546158b","block_type":"box","text":"purchase complex instruments or quote prices for","page_number":5,"box":{"x":516,"y":692,"width":368,"height":12}},{"id":"88beae12-b723-433d-b023-9d373ce1a1fd","block_type":"box","text":"them.","page_number":5,"box":{"x":515,"y":707,"width":40,"height":10}},{"id":"403fa9d8-7f94-4bf3-8d87-22fefeebfaa5","block_type":"box","text":"Hedging Risk","page_number":5,"box":{"x":515,"y":738,"width":101,"height":12}},{"id":"cd0831a8-1ff0-48e6-af48-1ad1c6b10397","block_type":"box","text":". Hedges are sometimes subject to","page_number":5,"box":{"x":616,"y":738,"width":257,"height":12}},{"id":"4e41d22b-df1c-49e7-a18c-293a4f07f690","block_type":"box","text":"imperfect matching between the derivative and the","page_number":5,"box":{"x":516,"y":754,"width":374,"height":12}},{"id":"479a6d9d-5b36-4d7d-a4ee-61c1c3962e1f","block_type":"box","text":"underlying security, and there can be no assurance","page_number":5,"box":{"x":516,"y":769,"width":380,"height":12}},{"id":"e410b79a-14a7-498c-9bb0-5866345fea93","block_type":"box","text":"that the Fund’s hedging transactions will be effective.","page_number":5,"box":{"x":515,"y":785,"width":393,"height":12}},{"id":"fabb524a-4888-475c-80f7-7ee268d8bf1a","block_type":"box","text":"The use of hedging may result in certain adverse tax","page_number":5,"box":{"x":515,"y":800,"width":391,"height":12}},{"id":"2e78203c-cca7-4a57-8938-1b6fde7ead14","block_type":"box","text":"consequences.","page_number":5,"box":{"x":515,"y":818,"width":111,"height":10}},{"id":"94999ac8-73e0-4b80-8d78-cbb7e38f2624","block_type":"box","text":"Tax Risk.","page_number":5,"box":{"x":517,"y":847,"width":66,"height":9}},{"id":"f336121c-0bdb-416a-b88d-d17e6a9cddde","block_type":"box","text":"Certain aspects of the tax treatment of","page_number":5,"box":{"x":585,"y":847,"width":295,"height":12}},{"id":"ed78de61-a002-4cc2-ad6a-978d0de7ea71","block_type":"box","text":"derivative instruments, including swap agreements","page_number":5,"box":{"x":515,"y":862,"width":381,"height":12}},{"id":"501d332f-5dde-4c15-b69c-4dbacf1a43fb","block_type":"box","text":"and commodity-linked derivative instruments, are","page_number":5,"box":{"x":515,"y":878,"width":370,"height":12}},{"id":"2b49233a-9db0-4616-bede-9ff50ce0a3da","block_type":"box","text":"currently unclear and may be affected by changes in","page_number":5,"box":{"x":515,"y":893,"width":395,"height":12}},{"id":"580e951a-6c9f-4aac-83bd-3aa4eb7566d0","block_type":"box","text":"legislation, regulations or other legally binding","page_number":5,"box":{"x":516,"y":909,"width":338,"height":12}},{"id":"34ae03a9-f457-4507-8bbd-40b2c77eeedf","block_type":"box","text":"S-3","page_number":5,"box":{"x":487,"y":955,"width":30,"height":10}},{"id":"ebca79a2-6c37-4401-a10d-ef7e17dc30fd","block_type":"box","text":"NM1026U-6049080-5/56","page_number":5,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"7dfcdf6b-aa89-424e-9a32-543e403dd556","block_type":"box","text":"authority. Such treatment may be less favorable than","page_number":6,"box":{"x":81,"y":56,"width":398,"height":12}},{"id":"170e57a3-ced3-4732-a645-7778fe942337","block_type":"box","text":"that given to a direct investment in an underlying","page_number":6,"box":{"x":81,"y":72,"width":365,"height":12}},{"id":"3e9147fa-f172-4c82-9755-f15c69de7513","block_type":"box","text":"asset and may adversely affect the timing, character","page_number":6,"box":{"x":81,"y":87,"width":393,"height":12}},{"id":"5382f295-cc3b-41b7-912d-ca248243c170","block_type":"box","text":"and amount of income the Fund realizes from its","page_number":6,"box":{"x":81,"y":102,"width":364,"height":10}},{"id":"4b65c38f-7cb2-4671-bd67-1d433623c589","block_type":"box","text":"investments.","page_number":6,"box":{"x":81,"y":118,"width":98,"height":10}},{"id":"89e1299f-17fd-45c2-8366-f7fe76b699fa","block_type":"box","text":"Equity Securities Risk.","page_number":6,"box":{"x":81,"y":149,"width":186,"height":12}},{"id":"3dda3941-f1b5-4fc8-93d0-b322fd6447ba","block_type":"box","text":"Stock markets are volatile.","page_number":6,"box":{"x":267,"y":149,"width":202,"height":10}},{"id":"d4044aa6-00f2-4949-8d32-f2f4c927bdf5","block_type":"box","text":"The price of equity securities fluctuates based on","page_number":6,"box":{"x":81,"y":165,"width":369,"height":12}},{"id":"6957a698-1185-4335-bf1f-839a7b638ac4","block_type":"box","text":"changes in a company’s financial condition and","page_number":6,"box":{"x":81,"y":180,"width":356,"height":12}},{"id":"3e3805de-e5b5-42d4-baa7-07d7bd44ed8f","block_type":"box","text":"overall market and economic conditions.","page_number":6,"box":{"x":81,"y":196,"width":304,"height":9}},{"id":"c7152553-8236-4d7b-823e-a4ffb8541f21","block_type":"box","text":"Debt Securities Risk.","page_number":6,"box":{"x":81,"y":227,"width":171,"height":9}},{"id":"b72281fb-a5ff-44fc-8a12-3bd8638be095","block_type":"box","text":"Debt securities, such as","page_number":6,"box":{"x":254,"y":227,"width":182,"height":11}},{"id":"b4196a22-9f5e-42be-b000-0fce31aaf4d2","block_type":"box","text":"bonds, involve risks, such as credit risk, interest rate","page_number":6,"box":{"x":81,"y":242,"width":393,"height":11}},{"id":"98945e2d-3746-4e60-8aa7-a722cb51f631","block_type":"box","text":"risk, extension risk, and prepayment risk, each of","page_number":6,"box":{"x":81,"y":258,"width":369,"height":12}},{"id":"43c373b4-c65f-4b2c-9ee1-eae404a35ca7","block_type":"box","text":"which is described in further detail below:","page_number":6,"box":{"x":80,"y":273,"width":312,"height":10}},{"id":"fcbd00a3-5593-4387-b66d-63b1f94d1d8c","block_type":"box","text":"Credit Risk","page_number":6,"box":{"x":82,"y":304,"width":82,"height":10}},{"id":"14052991-639b-45fd-b928-bd6db4d5eeb0","block_type":"box","text":". Credit risk refers to the possibility that the","page_number":6,"box":{"x":164,"y":304,"width":322,"height":12}},{"id":"c224d323-d5c5-462f-8a72-84895850273c","block_type":"box","text":"issuer of a debt security (i.e., the borrower) will not be","page_number":6,"box":{"x":81,"y":320,"width":404,"height":12}},{"id":"9541fb49-8621-44b1-b18d-1bcb3a996fd5","block_type":"box","text":"able to make payments of interest and principal when","page_number":6,"box":{"x":81,"y":335,"width":402,"height":12}},{"id":"68517627-04c9-47f0-91e0-78ed4cfefdeb","block_type":"box","text":"due. Changes in an issuer’s credit rating or the","page_number":6,"box":{"x":81,"y":351,"width":352,"height":12}},{"id":"78d3b864-d66d-4cb9-86f9-525d3a4960d2","block_type":"box","text":"market’s perception of an issuer’s creditworthiness","page_number":6,"box":{"x":81,"y":366,"width":381,"height":12}},{"id":"a8849216-fd43-4f92-b6b4-bcf88ac80811","block_type":"box","text":"may also affect the value of the Fund’s investment in","page_number":6,"box":{"x":81,"y":382,"width":396,"height":12}},{"id":"8fe78374-2713-433f-be0e-fdfb806fb1cd","block_type":"box","text":"that issuer. The degree of credit risk depends on both","page_number":6,"box":{"x":81,"y":397,"width":403,"height":12}},{"id":"619aba95-0a01-40d5-a7d8-0cd045b769ba","block_type":"box","text":"the financial condition of the issuer and the terms of","page_number":6,"box":{"x":81,"y":413,"width":389,"height":9}},{"id":"4e65df07-55e2-48f8-bfa4-d424782419ec","block_type":"box","text":"the obligation.","page_number":6,"box":{"x":81,"y":428,"width":109,"height":12}},{"id":"720cd928-9bb2-400c-a97e-ee31a8b52214","block_type":"box","text":"Interest Rate Risk","page_number":6,"box":{"x":81,"y":459,"width":134,"height":10}},{"id":"5b6838f2-40cd-4798-9345-008e1958b958","block_type":"box","text":". The market value of bonds and","page_number":6,"box":{"x":216,"y":459,"width":244,"height":10}},{"id":"d5c14d66-e64b-491a-add3-f1d21902692b","block_type":"box","text":"other fixed-income securities changes in response to","page_number":6,"box":{"x":81,"y":475,"width":397,"height":12}},{"id":"0120b793-9fd6-44f9-a430-55669b11082d","block_type":"box","text":"interest rate changes and other factors. Interest rate","page_number":6,"box":{"x":81,"y":490,"width":392,"height":12}},{"id":"4859273d-67fe-4a85-93ff-d196b38b4fe6","block_type":"box","text":"risk is the risk that prices of bonds and other fixed","page_number":6,"box":{"x":81,"y":506,"width":374,"height":12}},{"id":"baf43591-9b18-48f1-81d9-c5797683ae2b","block_type":"box","text":"income securities will increase as interest rates fall","page_number":6,"box":{"x":81,"y":521,"width":381,"height":10}},{"id":"bb1ec58e-40d2-42a2-84e5-dbf8da86ecf4","block_type":"box","text":"and decrease as interest rates rise. The Fund may be","page_number":6,"box":{"x":81,"y":537,"width":404,"height":12}},{"id":"2f91f8e5-ad14-40db-ad04-c7d325ca967f","block_type":"box","text":"subject to a greater risk of rising interest rates during","page_number":6,"box":{"x":81,"y":552,"width":396,"height":12}},{"id":"56147812-8316-4ce2-8421-c43cac1689f0","block_type":"box","text":"a period of low interest rates. For example, if interest","page_number":6,"box":{"x":81,"y":568,"width":396,"height":12}},{"id":"4afcf31e-2076-40ac-aa6a-2599953f2635","block_type":"box","text":"rates increase by 1%, assuming a current portfolio","page_number":6,"box":{"x":81,"y":583,"width":378,"height":12}},{"id":"d9c44392-25a5-431a-9658-35d9383380d7","block_type":"box","text":"duration of ten years, and all other factors being","page_number":6,"box":{"x":81,"y":599,"width":361,"height":12}},{"id":"c2a88668-27ee-4271-a224-abb0745b0e4b","block_type":"box","text":"equal, the value of the Fund’s investments would be","page_number":6,"box":{"x":81,"y":614,"width":391,"height":12}},{"id":"2d912cc3-9c7f-4635-bf3d-ccf42d4cd628","block_type":"box","text":"expected to decrease by 10%. (Duration is a measure","page_number":6,"box":{"x":81,"y":630,"width":405,"height":12}},{"id":"4a369113-95fa-45b2-8d1f-3e4b0edf216a","block_type":"box","text":"of the price sensitivity of a debt security or portfolio of","page_number":6,"box":{"x":81,"y":645,"width":401,"height":12}},{"id":"1391a713-2883-469e-a506-de4a006bc426","block_type":"box","text":"debt securities to relative changes in interest rates.)","page_number":6,"box":{"x":81,"y":661,"width":383,"height":12}},{"id":"153bc52e-5ef4-4a57-bca5-5f27aaae2354","block_type":"box","text":"The magnitude of these fluctuations in the market","page_number":6,"box":{"x":81,"y":676,"width":368,"height":12}},{"id":"bc5442cf-5d8d-40eb-9a30-bceb1b3297a2","block_type":"box","text":"price of bonds and other fixed-income securities is","page_number":6,"box":{"x":81,"y":692,"width":373,"height":12}},{"id":"3ee56b9f-ba86-4682-8503-37fc07951b52","block_type":"box","text":"generally greater for those securities with longer","page_number":6,"box":{"x":81,"y":707,"width":358,"height":12}},{"id":"c55b479a-454c-4293-a7b5-0809d8eee9bc","block_type":"box","text":"maturities. Fluctuations in the market price of the","page_number":6,"box":{"x":81,"y":723,"width":362,"height":12}},{"id":"43059585-bae7-4684-90a5-50ed32f1f75a","block_type":"box","text":"Fund’s investments will not affect interest income","page_number":6,"box":{"x":82,"y":738,"width":364,"height":10}},{"id":"c492ae06-db6b-400f-84ad-14fe15ab258f","block_type":"box","text":"derived from instruments already owned by the Fund,","page_number":6,"box":{"x":81,"y":754,"width":396,"height":12}},{"id":"2abb8dcf-3e86-4915-9d6f-f6f3f1f5e5d2","block_type":"box","text":"but will be reflected in the Fund’s net asset value. The","page_number":6,"box":{"x":81,"y":769,"width":400,"height":10}},{"id":"87db6971-15ff-4eaf-bf82-a0e6bab9a21c","block_type":"box","text":"Fund may lose money if short-term or long-term","page_number":6,"box":{"x":82,"y":785,"width":353,"height":12}},{"id":"af7c82e1-ee7b-43e3-b36d-39cfecebd0c7","block_type":"box","text":"interest rates rise sharply in a manner not anticipated","page_number":6,"box":{"x":81,"y":800,"width":394,"height":12}},{"id":"be80d906-d135-4357-bf41-a7c4cc7a6e12","block_type":"box","text":"by Fund management.","page_number":6,"box":{"x":81,"y":816,"width":166,"height":12}},{"id":"462de6e5-edee-4cab-80e1-3a3988786bb5","block_type":"box","text":"To the extent the Fund invests in debt securities that","page_number":6,"box":{"x":81,"y":847,"width":394,"height":9}},{"id":"9369298f-9282-43b5-9fab-dd677ba50ea5","block_type":"box","text":"may be prepaid at the option of the obligor (such as","page_number":6,"box":{"x":81,"y":862,"width":388,"height":12}},{"id":"23c0c23c-1298-43aa-ad03-d320ac16c00e","block_type":"box","text":"mortgage-backed securities), the sensitivity of such","page_number":6,"box":{"x":81,"y":878,"width":386,"height":12}},{"id":"02124cfc-d680-47f8-a9a4-7d81791d312c","block_type":"box","text":"securities to changes in interest rates may increase","page_number":6,"box":{"x":81,"y":893,"width":387,"height":12}},{"id":"9b4874b5-29d4-40dc-befd-cd8dc3411c27","block_type":"box","text":"(to the detriment of the Fund) when interest rates rise.","page_number":6,"box":{"x":81,"y":909,"width":400,"height":12}},{"id":"bac3554c-3dd3-4aef-88f8-e113a6503e1c","block_type":"box","text":"Moreover, because rates on certain floating rate debt","page_number":6,"box":{"x":516,"y":56,"width":398,"height":12}},{"id":"e8f845da-7d5f-40b8-aa15-5c39967e57d1","block_type":"box","text":"securities typically reset only periodically, changes in","page_number":6,"box":{"x":515,"y":72,"width":397,"height":12}},{"id":"1a94579e-da77-4ac3-8d8f-1df6b1b1984f","block_type":"box","text":"prevailing interest rates (and particularly sudden and","page_number":6,"box":{"x":516,"y":87,"width":394,"height":12}},{"id":"0a33b29e-f449-4319-9872-4fc1da6e98ce","block_type":"box","text":"significant changes) can be expected to cause some","page_number":6,"box":{"x":515,"y":102,"width":395,"height":13}},{"id":"f866ab90-3249-4fcc-97ac-70864d9800c5","block_type":"box","text":"fluctuations in the net asset value of the Fund to the","page_number":6,"box":{"x":515,"y":118,"width":390,"height":10}},{"id":"cf05c230-9bf7-4c2e-b8b2-fcb1720aea93","block_type":"box","text":"extent that it invests in floating rate debt securities.","page_number":6,"box":{"x":515,"y":134,"width":382,"height":12}},{"id":"0e3df809-b5c3-47e1-bc65-7a246b741254","block_type":"box","text":"These basic principles of bond prices also apply to","page_number":6,"box":{"x":515,"y":165,"width":380,"height":12}},{"id":"42134a64-1064-4839-8de2-f4e931a14d05","block_type":"box","text":"U.S. Government securities. A security backed by the","page_number":6,"box":{"x":516,"y":180,"width":402,"height":12}},{"id":"83e339ad-52f2-471e-aabf-c10737e90b90","block_type":"box","text":"“full faith and credit” of the U.S. Government is","page_number":6,"box":{"x":515,"y":196,"width":351,"height":9}},{"id":"ab3e2741-f8e8-4b78-9c03-15805a15259d","block_type":"box","text":"guaranteed only as to its stated interest rate and face","page_number":6,"box":{"x":515,"y":211,"width":401,"height":12}},{"id":"843bbf0e-a924-488a-b817-98df23b5ace1","block_type":"box","text":"value at maturity, not its current market price. Just like","page_number":6,"box":{"x":515,"y":227,"width":407,"height":12}},{"id":"a23ddd56-13c7-4564-b535-d5b3aeedb4c6","block_type":"box","text":"other fixed-income securities, government-guaranteed","page_number":6,"box":{"x":515,"y":242,"width":408,"height":12}},{"id":"663c4cf0-1ea1-43b8-93ca-b518709e1a26","block_type":"box","text":"securities will fluctuate in value when interest rates","page_number":6,"box":{"x":515,"y":258,"width":381,"height":9}},{"id":"3f441f7d-9afa-4232-abbc-3b4fec2b45d0","block_type":"box","text":"change.","page_number":6,"box":{"x":515,"y":273,"width":64,"height":12}},{"id":"ffa9067d-e267-431b-9624-cb5b90333f56","block_type":"box","text":"A general rise in interest rates has the potential to","page_number":6,"box":{"x":515,"y":304,"width":375,"height":12}},{"id":"b0cd1c1e-173f-436d-a242-1e57fbb94627","block_type":"box","text":"cause investors to move out of fixed-income","page_number":6,"box":{"x":515,"y":320,"width":333,"height":9}},{"id":"6c59c044-7ae0-4925-b5ec-cc9c639ba9e8","block_type":"box","text":"securities on a large scale, which may increase","page_number":6,"box":{"x":515,"y":335,"width":356,"height":12}},{"id":"2300db1c-4b48-4b1f-8815-78b228115b71","block_type":"box","text":"redemptions from funds that hold large amounts of","page_number":6,"box":{"x":516,"y":351,"width":380,"height":12}},{"id":"14849248-9e86-4032-8c2e-cfef2c416fa1","block_type":"box","text":"fixed-income securities. Heavy redemptions could","page_number":6,"box":{"x":515,"y":366,"width":375,"height":12}},{"id":"33994b1e-0c40-44a2-8823-3f0f74203379","block_type":"box","text":"cause the Fund to sell assets at inopportune times or","page_number":6,"box":{"x":515,"y":382,"width":399,"height":12}},{"id":"11cb3478-a70c-4f46-a916-0dcf8517ac85","block_type":"box","text":"at a loss or depressed value and could hurt the","page_number":6,"box":{"x":515,"y":397,"width":354,"height":12}},{"id":"b928dd43-680e-4904-a967-f1ecab204ad0","block_type":"box","text":"Fund’s performance.","page_number":6,"box":{"x":516,"y":413,"width":158,"height":12}},{"id":"ba3c5c0f-97e2-4e96-8ecf-3a019bd678c0","block_type":"box","text":"Extension Risk.","page_number":6,"box":{"x":515,"y":444,"width":120,"height":9}},{"id":"470d6507-1d95-47a4-ae3c-afaabea9afbf","block_type":"box","text":"When interest rates rise, certain","page_number":6,"box":{"x":635,"y":444,"width":243,"height":11}},{"id":"35705ee5-7d85-4060-b3fb-c9bebb280a73","block_type":"box","text":"obligations will be paid off by the obligor more slowly","page_number":6,"box":{"x":515,"y":459,"width":395,"height":12}},{"id":"7c8bc81b-0c45-4b8b-820f-d0c840213684","block_type":"box","text":"than anticipated, causing the value of these","page_number":6,"box":{"x":515,"y":475,"width":328,"height":12}},{"id":"3d867fc0-fe5a-4ddb-99ab-35342a5020a5","block_type":"box","text":"obligations to fall.","page_number":6,"box":{"x":515,"y":490,"width":134,"height":12}},{"id":"94efb2b3-4779-4849-a899-ecd723c1b14f","block_type":"box","text":"Prepayment Risk.","page_number":6,"box":{"x":515,"y":521,"width":137,"height":12}},{"id":"508e9552-645b-46a3-86fe-c74325b7725e","block_type":"box","text":"When interest rates fall, certain","page_number":6,"box":{"x":652,"y":521,"width":237,"height":11}},{"id":"54331d52-a861-41cf-bd26-eb737598805e","block_type":"box","text":"obligations will be paid off by the obligor more quickly","page_number":6,"box":{"x":515,"y":537,"width":401,"height":12}},{"id":"7899cd9f-0132-48a3-b2f5-7a1917c9f240","block_type":"box","text":"than originally anticipated, and the Fund may have to","page_number":6,"box":{"x":515,"y":552,"width":399,"height":12}},{"id":"b36e11a6-004c-4168-a21a-35a22e4d5eb3","block_type":"box","text":"invest the proceeds in securities with lower yields.","page_number":6,"box":{"x":516,"y":568,"width":375,"height":12}},{"id":"79d7bdf0-84d8-4d80-8263-b3d576a2e710","block_type":"box","text":"Leverage Risk.","page_number":6,"box":{"x":515,"y":599,"width":117,"height":12}},{"id":"bc03a1a1-3171-4f98-8594-beb62655ff30","block_type":"box","text":"Some transactions may give rise to a","page_number":6,"box":{"x":633,"y":599,"width":286,"height":12}},{"id":"c45c22e7-0b71-435c-bf4c-200145d0c8c3","block_type":"box","text":"form of economic leverage. These transactions may","page_number":6,"box":{"x":515,"y":614,"width":391,"height":12}},{"id":"a97a508d-cb8b-4a63-b5c3-077c483cffe8","block_type":"box","text":"include, among others, derivatives, and may expose","page_number":6,"box":{"x":516,"y":630,"width":392,"height":12}},{"id":"63a12362-ec95-4e68-995b-944d8ff3d3f1","block_type":"box","text":"the Fund to greater risk and increase its costs. The","page_number":6,"box":{"x":515,"y":645,"width":383,"height":12}},{"id":"ac3b7aef-40dc-4550-8d09-1893e6e606d6","block_type":"box","text":"use of leverage may cause the Fund to liquidate","page_number":6,"box":{"x":516,"y":661,"width":357,"height":12}},{"id":"996862a4-2a22-4975-8e7c-305f0a05a4f8","block_type":"box","text":"portfolio positions when it may not be advantageous","page_number":6,"box":{"x":516,"y":676,"width":385,"height":12}},{"id":"21ee5e63-f26f-46e2-9295-f87fb7359255","block_type":"box","text":"to do so to satisfy its obligations or to meet the","page_number":6,"box":{"x":515,"y":692,"width":346,"height":12}},{"id":"afe2fdb0-c315-4436-91f1-079f4e916e47","block_type":"box","text":"applicable requirements of the Investment Company","page_number":6,"box":{"x":515,"y":707,"width":389,"height":12}},{"id":"ac1a907a-c228-4a0b-9986-7b9600c9fa6a","block_type":"box","text":"Act of 1940, as amended (the “Investment Company","page_number":6,"box":{"x":515,"y":723,"width":390,"height":12}},{"id":"fe8acabe-9b3b-49a6-9e45-5557e5cd24c0","block_type":"box","text":"Act”) and the rules thereunder. Increases and","page_number":6,"box":{"x":515,"y":738,"width":337,"height":12}},{"id":"60056f76-8c4f-45ba-88c5-cdcaf5568fcf","block_type":"box","text":"decreases in the value of the Fund’s portfolio will","page_number":6,"box":{"x":515,"y":754,"width":362,"height":12}},{"id":"6444cfc4-6b10-498e-a788-d661126451ec","block_type":"box","text":"be magnified when the Fund uses leverage.","page_number":6,"box":{"x":516,"y":769,"width":324,"height":12}},{"id":"c7c8709a-01cd-4b38-bd47-8f9531d171a5","block_type":"box","text":"Allocation Risk.","page_number":6,"box":{"x":515,"y":800,"width":125,"height":10}},{"id":"ff642270-525c-4a88-b9b8-3e7ee157710e","block_type":"box","text":"The Fund’s ability to achieve its","page_number":6,"box":{"x":646,"y":800,"width":234,"height":12}},{"id":"36eb44cd-8ab5-4514-8d1c-2f7cb39d6c0c","block_type":"box","text":"investment objective depends upon BFA’s skill in","page_number":6,"box":{"x":516,"y":816,"width":361,"height":12}},{"id":"6c96ea99-6374-4107-a49d-d6465dd5d59e","block_type":"box","text":"determining the Fund’s strategic asset class allocation","page_number":6,"box":{"x":515,"y":831,"width":408,"height":12}},{"id":"8eef3409-e297-424f-9ed4-74921d9ea9bb","block_type":"box","text":"and in selecting the best mix of underlying funds and","page_number":6,"box":{"x":515,"y":847,"width":396,"height":12}},{"id":"eb9b0c31-22c2-4b6a-a660-2e5c360f2379","block_type":"box","text":"direct investments. There is a risk that BFA’s","page_number":6,"box":{"x":515,"y":862,"width":338,"height":10}},{"id":"0cef5b1d-3499-4526-b3fb-a90dfc0b2b7c","block_type":"box","text":"evaluations and assumptions regarding asset classes","page_number":6,"box":{"x":515,"y":878,"width":403,"height":12}},{"id":"3a02fee7-686a-4454-aa0c-1f8af1da60b3","block_type":"box","text":"or underlying funds may be incorrect in view of actual","page_number":6,"box":{"x":515,"y":893,"width":401,"height":12}},{"id":"627d6fe7-e05d-4401-a395-7d3b634a6b44","block_type":"box","text":"market conditions.","page_number":6,"box":{"x":516,"y":909,"width":134,"height":9}},{"id":"edb48ba6-dd03-4f3e-8d43-d262ff58278c","block_type":"box","text":"S-4","page_number":6,"box":{"x":487,"y":955,"width":30,"height":10}},{"id":"91ef238d-e2da-4394-b8f2-37968296e24a","block_type":"box","text":"NM1026U-6049080-6/56","page_number":6,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"692e6888-42a0-446f-806d-2d7f1c85a29e","block_type":"box","text":"Assets Under Management (AUM) Risk.","page_number":7,"box":{"x":80,"y":56,"width":314,"height":12}},{"id":"c6a25bea-8153-451d-bedd-b00b8f02c082","block_type":"box","text":"From time","page_number":7,"box":{"x":396,"y":56,"width":85,"height":10}},{"id":"4642cfd8-60de-49ae-87f0-b36c334a3c7f","block_type":"box","text":"to time, an Authorized Participant (as defined in the","page_number":7,"box":{"x":81,"y":71,"width":386,"height":13}},{"id":"acc4b912-7576-4b89-bb25-f9f684cf2d8e","block_type":"box","text":"Creations and Redemptions section of the","page_number":7,"box":{"x":81,"y":87,"width":317,"height":12}},{"id":"054d93c1-dab6-4102-8aa3-cfed3cb321c9","block_type":"box","text":"Prospectus), a third-party investor, the Fund’s","page_number":7,"box":{"x":82,"y":102,"width":344,"height":13}},{"id":"0260e11a-775d-4792-b299-c82fe4aab209","block_type":"box","text":"adviser, an affiliate of the Fund’s adviser, or another","page_number":7,"box":{"x":81,"y":118,"width":391,"height":11}},{"id":"6904d8fe-9059-482d-a47f-de7461905fc1","block_type":"box","text":"fund may invest in the Fund and hold its investment","page_number":7,"box":{"x":80,"y":134,"width":389,"height":12}},{"id":"fa3bd667-31cd-4d78-97f8-644dd4c431e5","block_type":"box","text":"for a specific period of time to allow the Fund to","page_number":7,"box":{"x":80,"y":149,"width":358,"height":12}},{"id":"60488970-04cf-4f8b-bf36-86fe8061e7fc","block_type":"box","text":"achieve size or scale. There can be no assurance that","page_number":7,"box":{"x":81,"y":165,"width":407,"height":9}},{"id":"ca50c32b-3285-4b7d-bdbb-438588dfb463","block_type":"box","text":"any such entity would not redeem its investment or","page_number":7,"box":{"x":81,"y":180,"width":382,"height":12}},{"id":"7abaa41e-c4e4-4653-975c-58bcde76f3ae","block_type":"box","text":"that the size of the Fund would be maintained at such","page_number":7,"box":{"x":81,"y":196,"width":403,"height":9}},{"id":"250bce73-745a-492d-a1fc-2cec75c8a438","block_type":"box","text":"levels, which could negatively impact the Fund.","page_number":7,"box":{"x":81,"y":211,"width":355,"height":12}},{"id":"3ce3f9c7-d440-4a1a-afb9-3e47c79490e9","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":7,"box":{"x":80,"y":242,"width":329,"height":12}},{"id":"e64d09db-b432-421d-b4c6-ca2d56ddcc70","block_type":"box","text":"Only an","page_number":7,"box":{"x":410,"y":242,"width":64,"height":12}},{"id":"0290d6d8-3c0f-4abf-ae70-ab1a58867402","block_type":"box","text":"Authorized Participant may engage in creation or","page_number":7,"box":{"x":80,"y":258,"width":353,"height":12}},{"id":"08708d15-2aed-449b-a5b0-11f3aaf76a8b","block_type":"box","text":"redemption transactions di","page_number":7,"box":{"x":81,"y":273,"width":187,"height":12}},{"id":"367c236f-4d28-4ba1-a179-785b80399428","block_type":"box","text":"rectly with the Fund. There","page_number":7,"box":{"x":270,"y":273,"width":194,"height":12}},{"id":"8ffa9a21-7761-4ffb-ab1b-9a2f05211721","block_type":"box","text":"are a limited number of instit","page_number":7,"box":{"x":81,"y":289,"width":201,"height":9}},{"id":"460d96c2-32f2-4893-860c-88f6dbd11fda","block_type":"box","text":"utions that may act as","page_number":7,"box":{"x":283,"y":289,"width":160,"height":12}},{"id":"90ff9401-7fed-4a95-9d18-d79441f30f77","block_type":"box","text":"Authorized Participants for the Fund, including on an","page_number":7,"box":{"x":80,"y":304,"width":378,"height":12}},{"id":"6d7efaef-b50a-44ca-a4f6-000358659420","block_type":"box","text":"agency basis on behalf of other market participants. No","page_number":7,"box":{"x":81,"y":320,"width":397,"height":12}},{"id":"f1332376-79d3-46c9-8c97-73b1fc6c78e9","block_type":"box","text":"Authorized Participant is obligated to engage in creation","page_number":7,"box":{"x":80,"y":335,"width":402,"height":12}},{"id":"819364cf-e1bf-468a-8ae2-bd4350be69d2","block_type":"box","text":"or redemption transactions. To the extent that","page_number":7,"box":{"x":81,"y":351,"width":328,"height":12}},{"id":"c0037ff6-2cf5-48a1-af9e-00ee9887e905","block_type":"box","text":"Authorized Participants exit the business or do not place","page_number":7,"box":{"x":80,"y":366,"width":405,"height":12}},{"id":"7b029269-3912-4d0e-8206-a75d8538203b","block_type":"box","text":"creation or redemption or","page_number":7,"box":{"x":81,"y":382,"width":180,"height":12}},{"id":"c41a6aaf-78ec-46ec-a4f9-6843db6b6b76","block_type":"box","text":"ders for the Fund and no other","page_number":7,"box":{"x":261,"y":382,"width":221,"height":9}},{"id":"ac0253fe-20c7-49fc-86c8-3f0680e82921","block_type":"box","text":"Authorized Participant places orders, Fund shares are","page_number":7,"box":{"x":80,"y":397,"width":390,"height":12}},{"id":"e6acd31b-3c45-47e8-b43e-480c13722837","block_type":"box","text":"more likely to trade at a premium or discount to NAV","page_number":7,"box":{"x":81,"y":413,"width":377,"height":12}},{"id":"196f5ed8-aec9-43c7-8e19-12d141b1c9af","block_type":"box","text":"and possibly face trading halts or delisting.","page_number":7,"box":{"x":81,"y":428,"width":306,"height":12}},{"id":"2d425401-9dd9-4f24-9607-ce599f6d4ae9","block_type":"box","text":"Cash Transactions Risk.","page_number":7,"box":{"x":82,"y":459,"width":198,"height":10}},{"id":"0da5bbd0-2ea5-453e-a356-03840d463063","block_type":"box","text":"The Fund may effect some","page_number":7,"box":{"x":281,"y":459,"width":204,"height":12}},{"id":"ef7dd95b-de25-442c-a9c6-77ef8cfd144a","block_type":"box","text":"or all of its creations and redemptions for cash, rather","page_number":7,"box":{"x":81,"y":475,"width":402,"height":12}},{"id":"def02752-7ca5-4236-a627-bcf3abb532f4","block_type":"box","text":"than in-kind securities. As a result, the Fund may","page_number":7,"box":{"x":81,"y":490,"width":368,"height":12}},{"id":"094fd3f3-82e8-4a6e-9dcb-de71c9afbf47","block_type":"box","text":"have to sell portfolio securities at inopportune times in","page_number":7,"box":{"x":81,"y":506,"width":404,"height":12}},{"id":"edef06bf-1585-4e40-9812-333ac5131254","block_type":"box","text":"order to obtain the cash needed to meet redemption","page_number":7,"box":{"x":81,"y":521,"width":392,"height":12}},{"id":"22d308ac-c97e-4615-955b-7b30aa613b62","block_type":"box","text":"orders. This may cause the Fund to sell a security","page_number":7,"box":{"x":81,"y":537,"width":376,"height":12}},{"id":"7ebaddc1-7fe2-479b-9cf5-3d7cb6fbe83a","block_type":"box","text":"and recognize a capital gain or loss that might not","page_number":7,"box":{"x":81,"y":552,"width":375,"height":12}},{"id":"62cde76a-643c-4b9a-86fd-12a2f5e1555d","block_type":"box","text":"have been incurred if it had made a redemption","page_number":7,"box":{"x":81,"y":568,"width":357,"height":12}},{"id":"5c8d3686-cf44-432f-854d-a325921f4970","block_type":"box","text":"in-kind. The use of cash creations and redemptions","page_number":7,"box":{"x":81,"y":583,"width":386,"height":12}},{"id":"8db95acb-c4b5-4921-8070-a16b38bdc2cb","block_type":"box","text":"may also cause the Fund’s shares to trade in the","page_number":7,"box":{"x":81,"y":599,"width":367,"height":12}},{"id":"e4486d5d-6296-4656-a452-fead0b521799","block_type":"box","text":"market at wider bid-ask spreads or greater premiums","page_number":7,"box":{"x":81,"y":614,"width":399,"height":12}},{"id":"82a7101b-be61-4139-9a89-01abd6d5a9fd","block_type":"box","text":"or discounts to the Fund’s NAV.","page_number":7,"box":{"x":81,"y":630,"width":241,"height":9}},{"id":"c6935d26-bd8c-4f42-8aea-8dfad05a6db6","block_type":"box","text":"Collateralized Debt Obligations Risk.","page_number":7,"box":{"x":82,"y":661,"width":291,"height":12}},{"id":"1f75c948-dd7a-4b1a-aada-a0893f0e6dc8","block_type":"box","text":"In addition to","page_number":7,"box":{"x":381,"y":661,"width":94,"height":9}},{"id":"9c40c805-be13-47b1-9eec-ababdfe0d137","block_type":"box","text":"the typical risks associated with fixed-income","page_number":7,"box":{"x":81,"y":676,"width":334,"height":12}},{"id":"37942520-4da1-49f6-a3e1-af79b973edaf","block_type":"box","text":"securities and asset-backed securities, CDOs,","page_number":7,"box":{"x":81,"y":692,"width":342,"height":11}},{"id":"376cd9f5-8e56-4da1-a81b-6c3ffb54a12b","block_type":"box","text":"including collateralized loan obligations, carry","page_number":7,"box":{"x":81,"y":707,"width":337,"height":12}},{"id":"221f1509-cfc9-4df3-9b97-a23c0b380599","block_type":"box","text":"additional risks including, but not limited to: (i) the","page_number":7,"box":{"x":81,"y":723,"width":366,"height":12}},{"id":"a56262a7-faca-48ec-9087-30c1d259d268","block_type":"box","text":"possibility that distributions from collateral securities","page_number":7,"box":{"x":81,"y":738,"width":385,"height":12}},{"id":"68dec33f-42e9-4fa9-943d-14ad22c41aab","block_type":"box","text":"will not be adequate to make interest or other","page_number":7,"box":{"x":80,"y":754,"width":337,"height":12}},{"id":"f2486760-a8b6-466d-a26a-91b03f6869f6","block_type":"box","text":"payments; (ii) the risk that the collateral may default","page_number":7,"box":{"x":81,"y":769,"width":384,"height":12}},{"id":"6bf4f646-628f-44cf-9fae-0562a4bed71f","block_type":"box","text":"or decline in value or be downgraded, if rated by a","page_number":7,"box":{"x":81,"y":785,"width":372,"height":12}},{"id":"7d483b2e-560d-4414-9643-f29194a427ca","block_type":"box","text":"nationally recognized statistical rating organization;","page_number":7,"box":{"x":81,"y":800,"width":378,"height":12}},{"id":"a1890f0f-5e55-4c16-a85b-43fa7cffa900","block_type":"box","text":"(iii) the Fund may invest in tranches of CDOs that are","page_number":7,"box":{"x":81,"y":816,"width":396,"height":12}},{"id":"b5fc66a6-c465-4e08-bf0b-3b6723e1b6c4","block_type":"box","text":"subordinate to other tranches; (iv) the structure and","page_number":7,"box":{"x":81,"y":831,"width":387,"height":12}},{"id":"d247b935-7121-42ff-8747-3b68f0c970c2","block_type":"box","text":"complexity of the transaction and the legal documents","page_number":7,"box":{"x":81,"y":847,"width":405,"height":12}},{"id":"0391b780-bae3-4707-bf87-49f5776b0d52","block_type":"box","text":"could lead to disputes among investors regarding the","page_number":7,"box":{"x":81,"y":862,"width":399,"height":12}},{"id":"a628a086-ed2e-49b0-8636-6d2cfede230c","block_type":"box","text":"characterization of proceeds; (v) the investment return","page_number":7,"box":{"x":81,"y":878,"width":407,"height":12}},{"id":"aaa08870-acf6-4f4e-b866-5f0a86739526","block_type":"box","text":"achieved by the Fund could be significantly different","page_number":7,"box":{"x":81,"y":893,"width":390,"height":12}},{"id":"09facc6a-0dd0-475f-9515-41f84c19e895","block_type":"box","text":"than those predicted by financial models; (vi) the lack","page_number":7,"box":{"x":81,"y":909,"width":395,"height":12}},{"id":"3eede427-f86b-4a0f-9f58-ccfcf6a75d53","block_type":"box","text":"of a readily available secondary market for CDOs;","page_number":7,"box":{"x":515,"y":56,"width":376,"height":12}},{"id":"0acc4954-59ed-4cbd-b0f9-175c08739e1a","block_type":"box","text":"(vii) the risk of forced “fire sale” liquidation due to","page_number":7,"box":{"x":516,"y":71,"width":366,"height":13}},{"id":"6f0a4655-3b00-45cd-8480-f8b02bebb86e","block_type":"box","text":"technical defaults such as coverage test failures; and","page_number":7,"box":{"x":515,"y":87,"width":399,"height":12}},{"id":"02df08d7-9c74-4568-9333-e3c1b6d252a5","block_type":"box","text":"(viii) the CDO’s manager may perform poorly.","page_number":7,"box":{"x":516,"y":102,"width":342,"height":13}},{"id":"0b8935e3-5c89-4e3b-a40f-587ef6a3f4f1","block_type":"box","text":"Commodities Related Investment Risk.","page_number":7,"box":{"x":516,"y":134,"width":308,"height":9}},{"id":"43ca570b-81d9-46d6-bcd4-8d84518a84e4","block_type":"box","text":"Exposure","page_number":7,"box":{"x":825,"y":134,"width":81,"height":11}},{"id":"89ccf92b-5ebd-4d00-a181-aa936ed44f7a","block_type":"box","text":"to the commodities markets may subject the Fund to","page_number":7,"box":{"x":515,"y":149,"width":395,"height":12}},{"id":"b0513aeb-0bb4-45cf-b15c-e6e863054ef3","block_type":"box","text":"greater volatility than investments in traditional","page_number":7,"box":{"x":515,"y":165,"width":350,"height":12}},{"id":"0d71f656-29ec-42b9-b664-3d8ce4d82085","block_type":"box","text":"securities. The value of commodity-linked derivative","page_number":7,"box":{"x":515,"y":180,"width":390,"height":12}},{"id":"bf7d43fc-61f6-4cc1-9a20-63dedaba64f7","block_type":"box","text":"investments may be affected by changes in overall","page_number":7,"box":{"x":516,"y":196,"width":381,"height":12}},{"id":"336ae0ec-5bbf-4966-bea7-35011a1c2859","block_type":"box","text":"market movements, commodity index volatility,","page_number":7,"box":{"x":516,"y":211,"width":352,"height":12}},{"id":"5a9c0ec1-972e-43de-8616-0adb15b55216","block_type":"box","text":"changes in inflation, interest rates, or factors affecting","page_number":7,"box":{"x":515,"y":227,"width":403,"height":12}},{"id":"6d998b74-d66a-45ea-8335-795c82971de2","block_type":"box","text":"a particular industry or commodity, such as drought,","page_number":7,"box":{"x":515,"y":242,"width":391,"height":12}},{"id":"936cb19c-e8cf-40e3-b5bc-1bdc6e2ba27c","block_type":"box","text":"floods, weather, insufficient storage capacity,","page_number":7,"box":{"x":515,"y":258,"width":339,"height":12}},{"id":"847fef52-7b44-447f-bdd7-ce9af7197ea7","block_type":"box","text":"embargoes, tariffs, war and international economic,","page_number":7,"box":{"x":515,"y":273,"width":386,"height":12}},{"id":"82cf1d73-eb35-4b1a-b562-a8e09a9a228d","block_type":"box","text":"political and regulatory developments.","page_number":7,"box":{"x":516,"y":289,"width":286,"height":12}},{"id":"1b743775-bcac-48d2-891c-b77736cb0d44","block_type":"box","text":"The Fund’s investments in commodity-related","page_number":7,"box":{"x":515,"y":320,"width":344,"height":12}},{"id":"bec56013-cc1f-4190-827b-ef93884f5de7","block_type":"box","text":"instruments can be limited by the Fund’s intention to","page_number":7,"box":{"x":516,"y":335,"width":392,"height":12}},{"id":"3a3bd32e-22a5-4308-9066-ae0b214bd8e7","block_type":"box","text":"qualify as a regulated investment company, and can","page_number":7,"box":{"x":515,"y":351,"width":393,"height":12}},{"id":"a1801408-cf61-4960-b291-660dfcb85058","block_type":"box","text":"bear on the Fund’s ability to so qualify. Income and","page_number":7,"box":{"x":516,"y":366,"width":383,"height":12}},{"id":"d0d9b949-228f-4d3f-b8e8-43c6f661dcab","block_type":"box","text":"gains from certain commodity-related instruments do","page_number":7,"box":{"x":515,"y":382,"width":397,"height":12}},{"id":"69fe4b91-35fe-4ad1-9abc-9c5243018ba1","block_type":"box","text":"not constitute qualifying income to a regulated","page_number":7,"box":{"x":516,"y":397,"width":346,"height":12}},{"id":"e8b0184b-144b-490a-ba32-15d519405cb5","block_type":"box","text":"investment company, for purposes of the 90% gross","page_number":7,"box":{"x":516,"y":413,"width":392,"height":12}},{"id":"4f4db42e-93f4-4a9d-b122-12ef90f14f54","block_type":"box","text":"income test described above. The tax treatment of","page_number":7,"box":{"x":516,"y":428,"width":378,"height":10}},{"id":"b2418207-1ca6-44ba-ba2f-bdd7ec3afd43","block_type":"box","text":"some other commodity-related instruments in which","page_number":7,"box":{"x":515,"y":444,"width":389,"height":12}},{"id":"8fef3316-8c51-49b6-b813-f22c39b29284","block_type":"box","text":"the Fund might invest is not certain, in particular with","page_number":7,"box":{"x":515,"y":459,"width":396,"height":12}},{"id":"18c12db8-505a-4a7f-abb1-617c9ea5fc9e","block_type":"box","text":"respect to whether income or gains from such","page_number":7,"box":{"x":516,"y":475,"width":344,"height":12}},{"id":"343a08b6-b359-415e-821f-7285f733587e","block_type":"box","text":"instruments constitute qualifying income to a","page_number":7,"box":{"x":516,"y":490,"width":335,"height":12}},{"id":"f03c8e52-08c5-4f10-a5be-16753b9b500e","block_type":"box","text":"regulated investment company. If the Fund were to","page_number":7,"box":{"x":516,"y":506,"width":382,"height":12}},{"id":"9a8aebd9-e1c4-40ad-8e80-f5e45f36607a","block_type":"box","text":"treat income or gain from a particular instrument as","page_number":7,"box":{"x":515,"y":521,"width":385,"height":12}},{"id":"c1f2a3c3-5c4e-45dc-bb81-5af1accad2b1","block_type":"box","text":"qualifying income and the income or gain were later","page_number":7,"box":{"x":515,"y":537,"width":389,"height":12}},{"id":"70ee9166-4c8c-4432-91d2-cb8b700f0c3e","block_type":"box","text":"determined not to constitute qualifying income and,","page_number":7,"box":{"x":515,"y":552,"width":384,"height":12}},{"id":"0271d90a-a679-4c42-83fb-ca29d18ce995","block_type":"box","text":"together with any other nonqualifying income, caused","page_number":7,"box":{"x":515,"y":568,"width":402,"height":12}},{"id":"af951ae4-01f9-4760-a8eb-a0fdf6f6393f","block_type":"box","text":"the Fund’s nonqualifying income to exceed 10% of its","page_number":7,"box":{"x":515,"y":583,"width":402,"height":12}},{"id":"fb231f12-8d27-41d5-9826-fc36bee6b72c","block_type":"box","text":"gross income in any taxable year, the Fund would fail","page_number":7,"box":{"x":515,"y":599,"width":401,"height":12}},{"id":"965f2f3c-3c96-44e7-8847-77833c381905","block_type":"box","text":"to qualify as a regulated investment company unless","page_number":7,"box":{"x":515,"y":614,"width":395,"height":12}},{"id":"adfa6680-80a7-49f3-b259-ac56f2210ddb","block_type":"box","text":"it is eligible to and does pay a tax at the Fund level.","page_number":7,"box":{"x":516,"y":630,"width":385,"height":12}},{"id":"b0c1f0dd-d40f-46c1-bb2e-b0faa302d7be","block_type":"box","text":"Convertible Securities Risk","page_number":7,"box":{"x":516,"y":661,"width":218,"height":9}},{"id":"c31d1698-069a-4790-8cd4-253a6f80ad21","block_type":"box","text":". The market value of a","page_number":7,"box":{"x":734,"y":661,"width":170,"height":9}},{"id":"ba775d47-c621-4c3f-afaa-8e7e1f649461","block_type":"box","text":"convertible security performs like that of a regular","page_number":7,"box":{"x":515,"y":676,"width":368,"height":12}},{"id":"4288ad58-99c7-4103-8e0c-ea35aa324a02","block_type":"box","text":"debt security; that is, if market interest rates rise, the","page_number":7,"box":{"x":515,"y":692,"width":390,"height":12}},{"id":"61a8fed4-93bc-4cbf-9216-191840162213","block_type":"box","text":"value of a convertible security usually falls. In","page_number":7,"box":{"x":515,"y":707,"width":335,"height":12}},{"id":"f201be63-7e81-4e98-a3e6-7f0d05f5a12a","block_type":"box","text":"addition, convertible securities are subject to the risk","page_number":7,"box":{"x":515,"y":723,"width":390,"height":12}},{"id":"5c148f04-0f10-4d93-be24-89e66081981b","block_type":"box","text":"that the issuer will not be able to pay interest,","page_number":7,"box":{"x":515,"y":738,"width":335,"height":12}},{"id":"e940a464-1852-4843-8c29-c310e761f629","block_type":"box","text":"principal or dividends when due, and their market","page_number":7,"box":{"x":516,"y":754,"width":365,"height":12}},{"id":"2d99f56e-8887-4b5e-9c30-a50cffdc0459","block_type":"box","text":"value may change based on changes in the issuer’s","page_number":7,"box":{"x":515,"y":769,"width":385,"height":12}},{"id":"a53db610-cbe0-41fb-8e99-6cd1e7f3cc72","block_type":"box","text":"credit rating or the market’s perception of the issuer’s","page_number":7,"box":{"x":515,"y":785,"width":395,"height":12}},{"id":"a73c6fbf-bcf9-4166-8f9e-49e5a58671f7","block_type":"box","text":"creditworthiness. Since it derives a portion of its value","page_number":7,"box":{"x":515,"y":800,"width":400,"height":12}},{"id":"cf8bcf54-ea4d-4a60-bacf-b2cca91d1f45","block_type":"box","text":"from the common stock into which it may be","page_number":7,"box":{"x":515,"y":816,"width":327,"height":12}},{"id":"7d5584c9-37d3-46d9-89a3-53a793774f50","block_type":"box","text":"converted, a convertible security is also subject to the","page_number":7,"box":{"x":515,"y":831,"width":403,"height":12}},{"id":"a73a911c-1040-4400-9b9f-611d4bcace53","block_type":"box","text":"same types of market and issuer risks that apply to","page_number":7,"box":{"x":515,"y":847,"width":384,"height":12}},{"id":"59cb503e-ec55-4ca2-ba5e-029ab29c123d","block_type":"box","text":"the underlying common stock, including the potential","page_number":7,"box":{"x":515,"y":862,"width":395,"height":12}},{"id":"1d7e563f-c67d-40c0-bbaa-985edc274fc7","block_type":"box","text":"for increased volatility in the price of the convertible","page_number":7,"box":{"x":515,"y":878,"width":386,"height":12}},{"id":"e4b617e3-994d-4366-b092-3e06d575afb1","block_type":"box","text":"security.","page_number":7,"box":{"x":515,"y":893,"width":67,"height":12}},{"id":"5a204847-22e7-419c-b64b-fda8832c186b","block_type":"box","text":"S-5","page_number":7,"box":{"x":487,"y":955,"width":30,"height":10}},{"id":"015cad0e-2bf4-4cd4-8230-76f7cf19fbeb","block_type":"box","text":"NM1026U-6049080-7/56","page_number":7,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"4064b5a1-1ec3-484f-91dd-705d014ebdff","block_type":"box","text":"Corporate Loans Risk.","page_number":8,"box":{"x":82,"y":56,"width":173,"height":12}},{"id":"99eee319-779a-450c-b032-67c87f48016e","block_type":"box","text":"Commercial banks and other","page_number":8,"box":{"x":256,"y":56,"width":220,"height":10}},{"id":"bc37dcbf-8860-411e-9bd8-6434fd050720","block_type":"box","text":"financial institutions or in","page_number":8,"box":{"x":80,"y":71,"width":178,"height":10}},{"id":"8f71b294-694e-4ed2-8fcc-6c76e9ccfabd","block_type":"box","text":"stitutional investors make","page_number":8,"box":{"x":259,"y":72,"width":189,"height":9}},{"id":"b254a5b2-d42b-4cf9-a6b4-11497f8f60b0","block_type":"box","text":"corporate loans to companies that need capital to grow","page_number":8,"box":{"x":81,"y":87,"width":404,"height":12}},{"id":"994f8723-817b-4de5-b202-e181ff991a0a","block_type":"box","text":"or restructure. Borrowers generally pay interest on","page_number":8,"box":{"x":81,"y":103,"width":370,"height":12}},{"id":"83b14297-bd0e-459d-935e-d4142800a4c6","block_type":"box","text":"corporate loans at rates that change in response to","page_number":8,"box":{"x":81,"y":118,"width":376,"height":12}},{"id":"accb3b13-a564-404c-88ec-b0e22b68532f","block_type":"box","text":"changes in market interest rates such as the Secured","page_number":8,"box":{"x":81,"y":134,"width":393,"height":12}},{"id":"2c4f991e-40b6-47b5-a1e9-766e380eb66c","block_type":"box","text":"Overnight Financing Rate (“SOFR”) or the prime rates","page_number":8,"box":{"x":81,"y":149,"width":397,"height":12}},{"id":"e405ba0b-fd40-4ccc-8aa2-1344c53d6530","block_type":"box","text":"of U.S. banks. As a result, the value of corporate loan","page_number":8,"box":{"x":81,"y":165,"width":394,"height":11}},{"id":"38d5b1ef-0937-4be7-b7c4-d422cdaf3d18","block_type":"box","text":"investments is generally less exposed to the adverse","page_number":8,"box":{"x":81,"y":180,"width":389,"height":12}},{"id":"75ed3aa2-fcc6-4be3-867d-abe6fb7d0767","block_type":"box","text":"effects of shifts in market interest rates than","page_number":8,"box":{"x":81,"y":196,"width":322,"height":9}},{"id":"ec7a93b1-f58c-4432-a97c-c06d30407a44","block_type":"box","text":"investments that pay a fixed rate of interest. The","page_number":8,"box":{"x":81,"y":211,"width":355,"height":12}},{"id":"b3abd9e4-e5ce-4c80-90f7-83cc69091445","block_type":"box","text":"market for corporate loans may be subject to irregular","page_number":8,"box":{"x":81,"y":227,"width":395,"height":12}},{"id":"9abc909d-f8d3-4568-97c1-d82422087a46","block_type":"box","text":"trading activity and wide bid/ask spreads. In addition,","page_number":8,"box":{"x":81,"y":242,"width":389,"height":12}},{"id":"2ad6e2bf-896e-4e47-905e-2fec6863ebf1","block_type":"box","text":"transactions in corporate loans may settle on a delayed","page_number":8,"box":{"x":81,"y":258,"width":406,"height":12}},{"id":"bdce1475-af41-4bd9-999b-3f5afe778f76","block_type":"box","text":"basis. As a result, the proceeds from the sale of","page_number":8,"box":{"x":81,"y":273,"width":352,"height":12}},{"id":"a0e79a24-dc5b-4eca-a6be-59accc7a490f","block_type":"box","text":"corporate loans may not be readily available to make","page_number":8,"box":{"x":81,"y":289,"width":389,"height":12}},{"id":"0c131222-df59-4006-a388-88cc033c8fcd","block_type":"box","text":"additional investments or to meet the Fund’s","page_number":8,"box":{"x":81,"y":304,"width":327,"height":10}},{"id":"f9ad4f05-6f25-4a70-9a57-b35154faeb8b","block_type":"box","text":"redemption obligations. To","page_number":8,"box":{"x":81,"y":320,"width":198,"height":12}},{"id":"9bd4eb18-c355-41d0-8e58-0a4701130e6c","block_type":"box","text":"the extent the extended","page_number":8,"box":{"x":279,"y":320,"width":177,"height":9}},{"id":"65c84c06-6ec7-4e5c-b42e-2afc554039ba","block_type":"box","text":"settlement process gives ri","page_number":8,"box":{"x":81,"y":335,"width":193,"height":12}},{"id":"8ecbe616-2b46-424e-8eba-dc249ef74923","block_type":"box","text":"se to short-term liquidity","page_number":8,"box":{"x":276,"y":335,"width":178,"height":12}},{"id":"a24ea0cc-f16b-4978-8c95-15c79fbd47e4","block_type":"box","text":"needs, the Fund may hold additional cash, sell","page_number":8,"box":{"x":81,"y":351,"width":342,"height":12}},{"id":"058b2494-53ae-43b5-8543-e199de0df973","block_type":"box","text":"investments or temporarily borrow from banks and","page_number":8,"box":{"x":81,"y":366,"width":370,"height":12}},{"id":"b8b0a03c-2ea7-4bdc-938b-415e5a46f2ec","block_type":"box","text":"other lenders. The corporate loans in which the Fund","page_number":8,"box":{"x":81,"y":382,"width":389,"height":12}},{"id":"aae74aaa-463f-49ed-91ac-dc0f1f6233eb","block_type":"box","text":"invests are usually rated below investment grade.","page_number":8,"box":{"x":81,"y":397,"width":364,"height":12}},{"id":"b2d9bba5-6e5e-4607-93de-59d76d72eaf0","block_type":"box","text":"Counterparty Risk.","page_number":8,"box":{"x":82,"y":428,"width":154,"height":12}},{"id":"e64d6483-3703-4744-aabf-c36c45baf5a5","block_type":"box","text":"The counterparty to an","page_number":8,"box":{"x":236,"y":428,"width":174,"height":12}},{"id":"1275315d-ece3-4232-b5f3-a0e8099672fd","block_type":"box","text":"over-the-counter derivatives contract or a borrower of","page_number":8,"box":{"x":81,"y":444,"width":401,"height":9}},{"id":"7931104f-8a57-4b81-ba8c-ea58408681d1","block_type":"box","text":"the Fund’s securities may be unable or unwilling to","page_number":8,"box":{"x":81,"y":459,"width":381,"height":12}},{"id":"81765f35-fb8f-49f9-be14-0e3b0992ea1d","block_type":"box","text":"make timely principal, interest or settlement","page_number":8,"box":{"x":81,"y":475,"width":328,"height":12}},{"id":"09977c10-f6d9-46d8-9d5b-bdc144388383","block_type":"box","text":"payments, or otherwise to honor its obligations. Any","page_number":8,"box":{"x":81,"y":490,"width":390,"height":12}},{"id":"2c999308-6b89-46f7-9bf8-5b9c58a18480","block_type":"box","text":"such failure to honor its obligations may cause","page_number":8,"box":{"x":81,"y":506,"width":349,"height":12}},{"id":"4dc67735-6205-46dd-814f-27915d3f4465","block_type":"box","text":"significant losses to the Fund.","page_number":8,"box":{"x":81,"y":521,"width":226,"height":12}},{"id":"26566291-0a9c-4593-88f8-894e92393bb8","block_type":"box","text":"Depositary Receipts Risk","page_number":8,"box":{"x":81,"y":552,"width":202,"height":12}},{"id":"a766e546-8033-47c2-a672-2f8f20a4d92f","block_type":"box","text":". Depositary receipts are","page_number":8,"box":{"x":284,"y":552,"width":186,"height":12}},{"id":"d6b0a2b6-bcfd-41bc-ab59-a360ade22ca1","block_type":"box","text":"generally subject to the same risks as the foreign","page_number":8,"box":{"x":81,"y":568,"width":369,"height":12}},{"id":"9ec6c7d7-a536-4f41-b16f-5a64d1d8fbd9","block_type":"box","text":"securities that they evidence or into which they may","page_number":8,"box":{"x":81,"y":583,"width":389,"height":12}},{"id":"98ffbd30-b761-443e-8ea7-cfb842136201","block_type":"box","text":"be converted. In addition to investment risks","page_number":8,"box":{"x":81,"y":599,"width":333,"height":9}},{"id":"819bea2b-4d13-41d3-bdf3-db647d19cd0a","block_type":"box","text":"associated with the underlying issuer, depositary","page_number":8,"box":{"x":81,"y":614,"width":366,"height":12}},{"id":"652fd46e-9497-4d9a-8dcd-e09e31a33aec","block_type":"box","text":"receipts expose the Fund to additional risks","page_number":8,"box":{"x":81,"y":630,"width":328,"height":12}},{"id":"45357c0e-ad92-45b4-9d36-cb49928b71d3","block_type":"box","text":"associated with the non-uniform terms that apply to","page_number":8,"box":{"x":81,"y":645,"width":385,"height":12}},{"id":"3dee982b-98bd-4c21-b8b9-57d71224961f","block_type":"box","text":"depositary receipt programs, credit exposure to the","page_number":8,"box":{"x":81,"y":661,"width":379,"height":12}},{"id":"0a8ff4ab-e92a-4b89-b4f6-6b33c8dfc413","block_type":"box","text":"depository bank and to the sponsors and other parties","page_number":8,"box":{"x":81,"y":676,"width":401,"height":12}},{"id":"0fdf728a-867a-416a-a45b-211482257648","block_type":"box","text":"with whom the depository bank establishes the","page_number":8,"box":{"x":80,"y":692,"width":348,"height":12}},{"id":"449ea963-215e-40cb-acf9-0cfabff527aa","block_type":"box","text":"programs, currency risk and the risk of an illiquid","page_number":8,"box":{"x":81,"y":707,"width":360,"height":12}},{"id":"c3afa0bc-63cd-4511-a03a-b0de5f90c0b9","block_type":"box","text":"market for depositary receipts. The issuers of","page_number":8,"box":{"x":81,"y":723,"width":337,"height":12}},{"id":"0ac4b223-273a-48ab-88ae-95ebaaebd6a0","block_type":"box","text":"unsponsored depositary receipts are not obligated to","page_number":8,"box":{"x":81,"y":738,"width":391,"height":12}},{"id":"0350fc83-4cb4-4a75-b534-344faa85f803","block_type":"box","text":"disclose information that is, in the United States,","page_number":8,"box":{"x":81,"y":754,"width":357,"height":11}},{"id":"7304500e-16bb-4c5d-8665-032083267178","block_type":"box","text":"considered material. Therefore, there may be less","page_number":8,"box":{"x":81,"y":769,"width":370,"height":12}},{"id":"da587ce6-47d8-4811-b35b-a0f43912e567","block_type":"box","text":"information available regarding these issuers and","page_number":8,"box":{"x":81,"y":785,"width":365,"height":12}},{"id":"b1535333-21e6-498c-aa95-eaea63806e85","block_type":"box","text":"there may not be a correlation between such","page_number":8,"box":{"x":81,"y":800,"width":330,"height":12}},{"id":"17222e3c-798a-449b-8fb0-38eb7a61692a","block_type":"box","text":"information and the market value of the depositary","page_number":8,"box":{"x":81,"y":816,"width":374,"height":12}},{"id":"7462adca-5815-4068-8f0f-c19432142fe8","block_type":"box","text":"receipts. While depositary receipts provide an","page_number":8,"box":{"x":81,"y":831,"width":344,"height":12}},{"id":"f6d7db1b-7e78-4217-bdb2-452bc8d86077","block_type":"box","text":"alternative to directly purchasing underlying foreign","page_number":8,"box":{"x":81,"y":847,"width":384,"height":12}},{"id":"7c3739c3-6ae9-4149-acd4-824f473a7ab7","block_type":"box","text":"securities in their respective markets and currencies,","page_number":8,"box":{"x":81,"y":862,"width":396,"height":12}},{"id":"2ad06437-cb88-42d3-a268-e1df56c9855c","block_type":"box","text":"they continue to be subject to many of the risks","page_number":8,"box":{"x":81,"y":878,"width":355,"height":12}},{"id":"4b616dff-9ec9-4017-a137-6a84cc4b9333","block_type":"box","text":"associated with investing directly in foreign securities,","page_number":8,"box":{"x":81,"y":893,"width":402,"height":12}},{"id":"665b901a-53e9-4008-bb22-38a7df1d383d","block_type":"box","text":"including political, economic, and currency risk.","page_number":8,"box":{"x":81,"y":909,"width":348,"height":12}},{"id":"5f313f2a-2aa7-4639-8bd7-bbfbf677b7d5","block_type":"box","text":"Distressed Securities Risk.","page_number":8,"box":{"x":515,"y":56,"width":210,"height":10}},{"id":"b816d29a-9e4b-4c9a-ba86-9bd714a2a3b1","block_type":"box","text":"Distressed securities are","page_number":8,"box":{"x":726,"y":56,"width":190,"height":10}},{"id":"f357e244-00d3-432e-a1a2-8242cf5ea9a0","block_type":"box","text":"speculative and involve substantial risks in addition to","page_number":8,"box":{"x":515,"y":72,"width":393,"height":11}},{"id":"6c258519-52be-41cb-9d9f-5feba090677f","block_type":"box","text":"the risks of investing in junk bonds. The Fund will","page_number":8,"box":{"x":515,"y":87,"width":361,"height":12}},{"id":"e2d162c4-0017-434c-9bd7-d7dbbfe14cc8","block_type":"box","text":"generally not receive interest payments on the","page_number":8,"box":{"x":515,"y":103,"width":341,"height":12}},{"id":"99ca2b08-8a23-4fb6-b2bc-21a0bb9f5c2e","block_type":"box","text":"distressed securities and may incur costs to protect its","page_number":8,"box":{"x":515,"y":118,"width":398,"height":12}},{"id":"add3eff7-faf8-4f8d-8252-b72c6c7690d3","block_type":"box","text":"investment. In addition, distressed securities involve","page_number":8,"box":{"x":516,"y":134,"width":382,"height":11}},{"id":"c60ee02a-7b73-4dea-9cf0-cf4793d06d19","block_type":"box","text":"the substantial risk that","page_number":8,"box":{"x":515,"y":149,"width":172,"height":10}},{"id":"70a65959-540c-494a-a1ff-2777439012a6","block_type":"box","text":"principal will not be repaid.","page_number":8,"box":{"x":688,"y":149,"width":197,"height":12}},{"id":"71d1ade8-2e63-413d-b681-2dc8f78e7259","block_type":"box","text":"These securities may present a substantial risk of","page_number":8,"box":{"x":515,"y":165,"width":365,"height":12}},{"id":"2c5a64c0-6f96-4165-8b7e-5ab6541555cc","block_type":"box","text":"default or may be in default at the time of investment.","page_number":8,"box":{"x":515,"y":180,"width":391,"height":12}},{"id":"fa7d7f6d-f988-4717-bf72-44473d2e2082","block_type":"box","text":"The Fund may incur additional expenses to the extent","page_number":8,"box":{"x":515,"y":196,"width":396,"height":12}},{"id":"a3c37470-4cde-4c27-a841-31d505953062","block_type":"box","text":"it is required to seek recovery upon a default in the","page_number":8,"box":{"x":516,"y":211,"width":372,"height":12}},{"id":"fc65e17d-063e-47e5-8ceb-aea79784cbf4","block_type":"box","text":"payment of principal of or interest on its portfolio","page_number":8,"box":{"x":516,"y":227,"width":353,"height":12}},{"id":"267810d4-94b5-40c5-8ec4-8a7f5dccbdbb","block_type":"box","text":"holdings. In any reorganization or liquidation","page_number":8,"box":{"x":516,"y":242,"width":325,"height":12}},{"id":"03b95914-02e2-4707-9778-ee8154770a0e","block_type":"box","text":"proceeding relating to a portfolio company, the Fund","page_number":8,"box":{"x":516,"y":258,"width":384,"height":12}},{"id":"cde68fa1-b771-4d13-9516-98329f5c4d09","block_type":"box","text":"may lose its entire investment or may be required to","page_number":8,"box":{"x":516,"y":273,"width":381,"height":12}},{"id":"975ac26f-1cde-405b-8d13-eb39f0b1122d","block_type":"box","text":"accept cash or securities with a value less than its","page_number":8,"box":{"x":515,"y":289,"width":368,"height":12}},{"id":"b2454b93-a54d-4af7-a93f-9bb992760731","block_type":"box","text":"original investment. Distressed securities and any","page_number":8,"box":{"x":515,"y":304,"width":365,"height":12}},{"id":"c69cdd8a-9127-4a91-bf72-35a2e907e693","block_type":"box","text":"securities received in an exchange for such securities","page_number":8,"box":{"x":515,"y":320,"width":394,"height":12}},{"id":"80b54a65-f351-4cec-86ce-ec9627789eaa","block_type":"box","text":"may be subject to restrictions on resale.","page_number":8,"box":{"x":516,"y":335,"width":293,"height":12}},{"id":"f23c5f19-ad61-4607-8503-94cb46484acf","block_type":"box","text":"Dollar Rolls Risk.","page_number":8,"box":{"x":515,"y":366,"width":143,"height":10}},{"id":"b337c7cf-41dc-4267-a919-070e4f89c584","block_type":"box","text":"Dollar rolls involve the risk that the","page_number":8,"box":{"x":659,"y":366,"width":260,"height":10}},{"id":"d999e18e-50f1-4457-afef-4f778ebc94fe","block_type":"box","text":"market value of the securities that the Fund is","page_number":8,"box":{"x":516,"y":382,"width":343,"height":9}},{"id":"d32b479c-4880-4d2e-84fe-db2114f7523b","block_type":"box","text":"committed to buy may decline below the price of the","page_number":8,"box":{"x":515,"y":397,"width":392,"height":12}},{"id":"a6380ea0-ff9d-42dc-a010-b0a10a9cde2f","block_type":"box","text":"securities the Fund has sold. These transactions may","page_number":8,"box":{"x":515,"y":413,"width":402,"height":12}},{"id":"3c37623e-b4b6-46ca-9de8-a29be5a5e063","block_type":"box","text":"involve leverage.","page_number":8,"box":{"x":516,"y":428,"width":130,"height":12}},{"id":"080e3af4-3492-477d-8174-5593e0758bae","block_type":"box","text":"Emerging Markets Risk.","page_number":8,"box":{"x":515,"y":459,"width":189,"height":12}},{"id":"50b00916-5ab0-4311-8a75-1671006758e0","block_type":"box","text":"Emerging markets are","page_number":8,"box":{"x":706,"y":459,"width":175,"height":12}},{"id":"075aeed6-150d-4f38-b3b0-d21bc796d7ae","block_type":"box","text":"riskier than more developed markets because they","page_number":8,"box":{"x":516,"y":475,"width":380,"height":12}},{"id":"424175c5-7346-413a-9040-ea58f495a0e3","block_type":"box","text":"tend to develop unevenly and may never fully","page_number":8,"box":{"x":515,"y":490,"width":342,"height":12}},{"id":"576d94f0-31c5-4e2e-8868-ce85e3a5e71c","block_type":"box","text":"develop. Investments in emerging markets may be","page_number":8,"box":{"x":515,"y":506,"width":381,"height":12}},{"id":"e4e40f6a-d2c5-45a0-9b0a-4bc328017a1f","block_type":"box","text":"considered speculative. Emerging markets are more","page_number":8,"box":{"x":515,"y":521,"width":394,"height":12}},{"id":"c9a7decb-5fc8-4e1a-ab6f-a59be1fae85e","block_type":"box","text":"likely to experience hyperinflation and currency","page_number":8,"box":{"x":516,"y":537,"width":353,"height":12}},{"id":"ca8018e0-356e-4076-943e-c8593dbce560","block_type":"box","text":"devaluations, which adversely affect returns to U.S.","page_number":8,"box":{"x":515,"y":552,"width":387,"height":12}},{"id":"08041a59-be09-4c99-9b60-c99d57d3b530","block_type":"box","text":"investors. In addition, many emerging financial","page_number":8,"box":{"x":516,"y":568,"width":350,"height":12}},{"id":"a8579c71-dcc7-474c-9c2c-ecd33683a016","block_type":"box","text":"markets have far lower trading volumes and less","page_number":8,"box":{"x":516,"y":583,"width":365,"height":12}},{"id":"62dbf0c4-1bb7-40b0-8fee-e27606a5015a","block_type":"box","text":"liquidity than developed markets.","page_number":8,"box":{"x":516,"y":599,"width":248,"height":12}},{"id":"158eefcd-fbca-48b1-a146-dff572122b62","block_type":"box","text":"Foreign Securities Risk.","page_number":8,"box":{"x":515,"y":630,"width":190,"height":12}},{"id":"cf399b46-344b-424c-b097-ca406bdd7f9b","block_type":"box","text":"Foreign investments often","page_number":8,"box":{"x":706,"y":630,"width":204,"height":12}},{"id":"bbf0143c-04ae-4232-bcd5-59e91b2dfb39","block_type":"box","text":"involve special risks not present in U.S. investments","page_number":8,"box":{"x":516,"y":645,"width":391,"height":12}},{"id":"e2288d84-7706-4dea-a394-68b6a93c14de","block_type":"box","text":"that can increase the chances that the Fund will lose","page_number":8,"box":{"x":515,"y":661,"width":390,"height":9}},{"id":"47e28155-ccd9-43b3-ba06-cf5f54fa7e87","block_type":"box","text":"money. These risks include:","page_number":8,"box":{"x":516,"y":676,"width":206,"height":12}},{"id":"61c217a1-f95c-4bcd-86e7-eafc7202c30e","block_type":"box","text":"• The Fund generally holds its foreign","page_number":8,"box":{"x":549,"y":699,"width":299,"height":13}},{"id":"6c82efc2-693f-4524-b851-d24ada0032eb","block_type":"box","text":"securities and cash in foreign banks and","page_number":8,"box":{"x":583,"y":715,"width":298,"height":12}},{"id":"f85ef6a2-87c2-4e5f-98d2-3af778d8ce09","block_type":"box","text":"securities depositories, which may be","page_number":8,"box":{"x":583,"y":731,"width":277,"height":12}},{"id":"6f3c041a-e51d-436c-ac46-0366287afca9","block_type":"box","text":"recently organized or new to the foreign","page_number":8,"box":{"x":583,"y":746,"width":294,"height":12}},{"id":"3073933a-6820-426d-a03b-6b1e15ba4031","block_type":"box","text":"custody business and may be subject to only","page_number":8,"box":{"x":583,"y":762,"width":333,"height":12}},{"id":"9c441c72-ebc5-419b-b815-44ed6f8dc128","block_type":"box","text":"limited or no regulatory oversight.","page_number":8,"box":{"x":583,"y":777,"width":246,"height":12}},{"id":"dad921f8-f471-420a-ae32-6b462d4e49ff","block_type":"box","text":"• Changes in foreign currency exchange rates","page_number":8,"box":{"x":549,"y":795,"width":363,"height":12}},{"id":"8750d510-0ee3-48c1-a73d-7bcddfe7aa70","block_type":"box","text":"can affect the value of the Fund’s portfolio.","page_number":8,"box":{"x":583,"y":811,"width":315,"height":11}},{"id":"95389cb9-90ea-4250-bbc1-88a638cf3144","block_type":"box","text":"• The economies of certain foreign markets","page_number":8,"box":{"x":549,"y":829,"width":347,"height":12}},{"id":"d2939d1d-4228-4bd1-b67f-bf75f3938fec","block_type":"box","text":"may not compare favorably with the","page_number":8,"box":{"x":583,"y":844,"width":269,"height":12}},{"id":"0c9e00bd-c72d-425e-9e11-9064741cdc0c","block_type":"box","text":"economy of the United States with respect to","page_number":8,"box":{"x":583,"y":860,"width":338,"height":12}},{"id":"3ad490e5-4979-4f17-b6d0-f02902151b04","block_type":"box","text":"such issues as growth of gross national","page_number":8,"box":{"x":583,"y":875,"width":298,"height":12}},{"id":"3baafc70-43c1-44bd-9f4e-f6fe72254c2e","block_type":"box","text":"product, reinvestment of capital, resources","page_number":8,"box":{"x":583,"y":891,"width":321,"height":12}},{"id":"f52a97b2-9ca6-4180-8096-2e11122cd884","block_type":"box","text":"and balance of payments position.","page_number":8,"box":{"x":583,"y":906,"width":259,"height":12}},{"id":"ebf586e4-86e8-48aa-b8bb-924559177fff","block_type":"box","text":"S-6","page_number":8,"box":{"x":487,"y":955,"width":30,"height":10}},{"id":"eee01993-0949-445e-aea9-0b71be339803","block_type":"box","text":"NM1026U-6049080-8/56","page_number":8,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"c39e34f7-1b17-4eaa-a04d-19feb8940fb9","block_type":"box","text":"• The governments of certain countries, or the","page_number":9,"box":{"x":115,"y":56,"width":368,"height":12}},{"id":"e44e1ca0-185f-4e76-9a2e-081677f81383","block_type":"box","text":"U.S. Government with respect to certain","page_number":9,"box":{"x":149,"y":71,"width":302,"height":12}},{"id":"d5ecc108-c8ee-471c-bef3-9638553168b5","block_type":"box","text":"countries, may prohibit or impose substantial","page_number":9,"box":{"x":148,"y":87,"width":337,"height":12}},{"id":"672ab5b4-7ba7-42cd-8f02-dbbe87bcf8ca","block_type":"box","text":"restrictions through capital controls and/or","page_number":9,"box":{"x":149,"y":103,"width":316,"height":12}},{"id":"520b571a-df86-4ed0-acd6-c1d86c8f012c","block_type":"box","text":"sanctions on foreign investments in the","page_number":9,"box":{"x":148,"y":118,"width":295,"height":12}},{"id":"768c77bf-cbd5-4a17-a219-5d5ec7489fe4","block_type":"box","text":"capital markets or certain industries in those","page_number":9,"box":{"x":148,"y":134,"width":333,"height":11}},{"id":"c54c74c7-f845-40e3-a7cc-e0738d1962f1","block_type":"box","text":"countries, which may prohibit or restrict the","page_number":9,"box":{"x":148,"y":149,"width":324,"height":12}},{"id":"c01811f3-0a62-43d0-b5b2-28d38de0ba70","block_type":"box","text":"ability to own or transfer currency, securities,","page_number":9,"box":{"x":148,"y":165,"width":338,"height":12}},{"id":"7c626f4c-bd96-4148-84f1-d1d87e0e5cbd","block_type":"box","text":"derivatives or other assets.","page_number":9,"box":{"x":148,"y":180,"width":206,"height":10}},{"id":"9f33df5e-640c-4e82-90b1-a000ea4d2509","block_type":"box","text":"• Many foreign governments do not supervise","page_number":9,"box":{"x":115,"y":198,"width":365,"height":12}},{"id":"3ab82fe6-2dfc-41eb-80c8-815dd2347c54","block_type":"box","text":"and regulate stock exchanges, brokers and","page_number":9,"box":{"x":148,"y":214,"width":326,"height":12}},{"id":"8bbf14af-65ea-49c8-883c-3f5b52fcfa60","block_type":"box","text":"the sale of securities to the same extent as","page_number":9,"box":{"x":148,"y":229,"width":324,"height":10}},{"id":"087fdd74-a2ff-4808-b7f1-963a867faafe","block_type":"box","text":"does the United States and may not have","page_number":9,"box":{"x":148,"y":245,"width":313,"height":12}},{"id":"71c734d7-d38f-4fbb-9036-59ca71779d07","block_type":"box","text":"laws to protect investors that are comparable","page_number":9,"box":{"x":149,"y":260,"width":338,"height":12}},{"id":"bb992500-6936-45a3-8517-dde9a0837a32","block_type":"box","text":"to U.S. securities laws.","page_number":9,"box":{"x":148,"y":276,"width":175,"height":9}},{"id":"66554638-7e77-49e9-a18f-9998c5559dec","block_type":"box","text":"• Settlement and clearance procedures in","page_number":9,"box":{"x":115,"y":294,"width":335,"height":12}},{"id":"ce28b58e-5e2e-4122-98b2-7da17396d2a7","block_type":"box","text":"certain foreign markets may result in delays","page_number":9,"box":{"x":148,"y":309,"width":329,"height":12}},{"id":"2ef28e71-b5ac-4562-b651-5f261df4d212","block_type":"box","text":"in payment for or delivery of securities not","page_number":9,"box":{"x":149,"y":325,"width":315,"height":12}},{"id":"1d445135-4c55-4783-8b1b-2199ec0746f5","block_type":"box","text":"typically associated with settlement and","page_number":9,"box":{"x":148,"y":340,"width":299,"height":12}},{"id":"4259fd58-5dcc-40b6-a3dd-089b678460e0","block_type":"box","text":"clearance of U.S. investments.","page_number":9,"box":{"x":148,"y":356,"width":233,"height":9}},{"id":"5666faf9-5710-4507-9139-c0ef07127d9a","block_type":"box","text":"• The Fund’s claims to recover foreign","page_number":9,"box":{"x":115,"y":374,"width":310,"height":12}},{"id":"9d9feb4e-9d01-4402-b3a4-7ed60c3816fb","block_type":"box","text":"withholding taxes may not be successful,","page_number":9,"box":{"x":148,"y":389,"width":309,"height":12}},{"id":"4e0fef36-58d6-4551-8537-6f48603b9ba2","block_type":"box","text":"and if the likelihood of recovery of foreign","page_number":9,"box":{"x":148,"y":405,"width":311,"height":12}},{"id":"404b8445-4b65-4209-ad33-7bb74e385d39","block_type":"box","text":"withholding taxes materially decreases, due","page_number":9,"box":{"x":148,"y":420,"width":330,"height":12}},{"id":"11350324-25d9-4334-a72b-b841ac47eae4","block_type":"box","text":"to, for example, a change in tax regulation or","page_number":9,"box":{"x":148,"y":436,"width":338,"height":12}},{"id":"ad48142c-cdfc-4322-94ec-00ac1ab0caae","block_type":"box","text":"approach in the foreign country, accruals in","page_number":9,"box":{"x":148,"y":451,"width":326,"height":12}},{"id":"eab05853-59f3-4bfc-a698-dad95507ec28","block_type":"box","text":"the Fund’s net asset value for such refunds","page_number":9,"box":{"x":148,"y":467,"width":326,"height":9}},{"id":"d9b7ab2a-a535-42a6-8fd5-d9f5c9359d0c","block_type":"box","text":"may be written down partially or in full, which","page_number":9,"box":{"x":149,"y":482,"width":336,"height":12}},{"id":"04b897e7-4a57-48dd-abe1-f2294f0b9a1b","block_type":"box","text":"will adversely affect the Fund’s net asset","page_number":9,"box":{"x":148,"y":498,"width":307,"height":12}},{"id":"8e7a69c5-bb32-456c-af51-47bed8b48488","block_type":"box","text":"value.","page_number":9,"box":{"x":148,"y":514,"width":49,"height":9}},{"id":"d2f149d7-321a-46b8-9dc6-26211f57c1a0","block_type":"box","text":"High Portfolio Turnover Risk.","page_number":9,"box":{"x":81,"y":544,"width":238,"height":12}},{"id":"7f7deb8f-7b4f-4dc3-9010-627940d09016","block_type":"box","text":"The Fund may","page_number":9,"box":{"x":319,"y":545,"width":113,"height":11}},{"id":"75d72cd4-0d2c-4262-84ec-50052ac982f8","block_type":"box","text":"engage in active and frequent trading of its portfolio","page_number":9,"box":{"x":81,"y":560,"width":387,"height":12}},{"id":"26b9d1da-7bd4-465d-8a44-a150ca56484c","block_type":"box","text":"securities. High portfolio turnover (more than 100%)","page_number":9,"box":{"x":81,"y":575,"width":390,"height":12}},{"id":"489e60e3-ab1b-4a2b-a10d-235cde347aed","block_type":"box","text":"may result in increased transaction costs to the Fund,","page_number":9,"box":{"x":81,"y":591,"width":403,"height":12}},{"id":"25094389-29e1-472b-bd67-5ef31108e2e2","block_type":"box","text":"including brokerage commissions, dealer mark-ups","page_number":9,"box":{"x":81,"y":607,"width":384,"height":11}},{"id":"fb02e028-1b44-4434-a450-a356ffd8512a","block_type":"box","text":"and other transaction costs on the sale of the","page_number":9,"box":{"x":81,"y":622,"width":340,"height":9}},{"id":"3957c535-5427-4231-aa22-80f7b36dd786","block_type":"box","text":"securities and on reinvestment in other securities. The","page_number":9,"box":{"x":81,"y":638,"width":407,"height":9}},{"id":"f3789c75-965b-4d4e-b5b8-d515ca38bf32","block_type":"box","text":"sale of Fund portfolio securities may result in the","page_number":9,"box":{"x":81,"y":653,"width":365,"height":12}},{"id":"110c3e22-16d8-4526-a50c-ea0d164bef4c","block_type":"box","text":"realization and/or distribution to shareholders of","page_number":9,"box":{"x":81,"y":668,"width":354,"height":10}},{"id":"dadb6d93-dc65-4034-969c-30928d9325cf","block_type":"box","text":"higher capital gains or losses as compared to a fund","page_number":9,"box":{"x":81,"y":684,"width":387,"height":12}},{"id":"58177e26-80f4-458f-9f06-179b45b88259","block_type":"box","text":"with less active trading policies, such as index ETFs.","page_number":9,"box":{"x":80,"y":700,"width":391,"height":12}},{"id":"8cc627ed-5381-4f9b-982f-6267863fc6de","block_type":"box","text":"These effects of higher than normal portfolio turnover","page_number":9,"box":{"x":81,"y":715,"width":395,"height":12}},{"id":"8c5f1634-5439-4a4e-8043-d4b9ea0b4445","block_type":"box","text":"may adversely affect Fund performance.","page_number":9,"box":{"x":81,"y":730,"width":299,"height":13}},{"id":"ff32e4b5-fc7b-4835-b6ab-5c8afa68b6fe","block_type":"box","text":"High Yield Bonds Risk.","page_number":9,"box":{"x":81,"y":762,"width":182,"height":12}},{"id":"276a4a0e-1795-4ed7-8d32-aad73ab408af","block_type":"box","text":"Although junk bonds","page_number":9,"box":{"x":269,"y":762,"width":152,"height":12}},{"id":"17fc48ba-0f2f-4fc5-9999-95c3240b2ff3","block_type":"box","text":"generally pay higher rates of interest than investment","page_number":9,"box":{"x":81,"y":777,"width":395,"height":12}},{"id":"8de91f10-7a2c-46e4-a06a-93b75ff188a8","block_type":"box","text":"grade bonds, junk bonds are high risk investments","page_number":9,"box":{"x":81,"y":793,"width":374,"height":12}},{"id":"2a326f7e-c61f-4b89-ba89-ddd3e7f7926d","block_type":"box","text":"that are considered speculative and may cause","page_number":9,"box":{"x":81,"y":808,"width":351,"height":12}},{"id":"6aedefd7-8ee2-4e9c-816a-42608a4ce3b7","block_type":"box","text":"income and principal losses for the Fund.","page_number":9,"box":{"x":81,"y":823,"width":305,"height":12}},{"id":"f4397235-eb37-4a37-867f-72841ab037d8","block_type":"box","text":"Illiquid Investments Risk.","page_number":9,"box":{"x":81,"y":855,"width":200,"height":11}},{"id":"d84f4d91-611e-449f-8773-003c9d37e61e","block_type":"box","text":"The Fund may not acquire","page_number":9,"box":{"x":283,"y":855,"width":206,"height":12}},{"id":"ff239781-4428-43a2-be22-f0464126c2bb","block_type":"box","text":"any illiquid investment if, immediately after the","page_number":9,"box":{"x":81,"y":870,"width":347,"height":12}},{"id":"12d9505d-a5f3-4466-bf0e-b9c860e48195","block_type":"box","text":"acquisition, the Fund would have invested more than","page_number":9,"box":{"x":81,"y":886,"width":397,"height":11}},{"id":"3c53bdda-8225-4d76-95bc-c4c253b51bd4","block_type":"box","text":"15% of its net assets in illiquid investments. An illiquid","page_number":9,"box":{"x":82,"y":901,"width":403,"height":12}},{"id":"5d13ecc7-9735-4acd-8737-a279a2529ebb","block_type":"box","text":"investment is any investment that the Fund","page_number":9,"box":{"x":516,"y":56,"width":324,"height":12}},{"id":"0aad1a3a-bb49-40a8-b696-7729d83a80f7","block_type":"box","text":"reasonably expects cannot be sold or disposed of in","page_number":9,"box":{"x":516,"y":71,"width":391,"height":13}},{"id":"b67d5800-784c-4330-b43f-437522da0cce","block_type":"box","text":"current market conditions in seven calendar days or","page_number":9,"box":{"x":515,"y":87,"width":390,"height":12}},{"id":"a50a16a0-c6c4-4a38-811e-cecc9a162359","block_type":"box","text":"less without the sale or disposition significantly","page_number":9,"box":{"x":516,"y":102,"width":350,"height":13}},{"id":"8b36d56d-c3f9-4d7e-b0a0-bf07e76fb235","block_type":"box","text":"changing the market value of the investment. The","page_number":9,"box":{"x":515,"y":118,"width":373,"height":12}},{"id":"95b65108-6b2a-4f85-88a8-3757a6a1d444","block_type":"box","text":"Subsidiary will also limit its investment in illiquid","page_number":9,"box":{"x":515,"y":134,"width":358,"height":12}},{"id":"effb3d53-aa2d-44cb-9fdd-2b48698eb004","block_type":"box","text":"investments to 15% of its net assets. In applying the","page_number":9,"box":{"x":516,"y":149,"width":391,"height":12}},{"id":"f1cc721a-2258-4040-8d2d-8118c9f3cfc4","block_type":"box","text":"illiquid investments restriction to the Fund, the Fund’s","page_number":9,"box":{"x":516,"y":165,"width":400,"height":11}},{"id":"f94dc15f-c4d0-40fb-a27f-77a5f2730b7d","block_type":"box","text":"investment in the Subsidiary is considered to be","page_number":9,"box":{"x":516,"y":180,"width":360,"height":12}},{"id":"f4cf6ba3-8877-4afc-92c8-974d582475eb","block_type":"box","text":"liquid. Liquid investments may become illiquid after","page_number":9,"box":{"x":516,"y":196,"width":382,"height":12}},{"id":"296c16d9-1594-488c-be95-7e4670c48c6d","block_type":"box","text":"purchase by the Fund, particularly during periods of","page_number":9,"box":{"x":516,"y":211,"width":387,"height":12}},{"id":"30ac4779-23cf-42d0-b0b3-c194478272f2","block_type":"box","text":"market turmoil. There can be no assurance that a","page_number":9,"box":{"x":516,"y":227,"width":371,"height":9}},{"id":"038869fc-69cf-41af-aad8-51ed1fd7f7ed","block_type":"box","text":"security or instrument that is deemed to be liquid","page_number":9,"box":{"x":515,"y":242,"width":367,"height":12}},{"id":"5fe21aba-f683-4ce2-9ea3-d8c3ed003661","block_type":"box","text":"when purchased will continue to be liquid for as long","page_number":9,"box":{"x":515,"y":258,"width":393,"height":12}},{"id":"3c52a3f2-3beb-4aee-9c7b-b6722e638fb0","block_type":"box","text":"as it is held by the Fund, and any security or","page_number":9,"box":{"x":515,"y":273,"width":334,"height":12}},{"id":"134d2bec-6df0-4c39-958b-11e9bc9bc595","block_type":"box","text":"instrument held by the Fund may be deemed an","page_number":9,"box":{"x":516,"y":289,"width":361,"height":12}},{"id":"3e178eac-56fa-48ac-93e1-cd4148834020","block_type":"box","text":"illiquid investment pursuant to the Fund’s liquidity risk","page_number":9,"box":{"x":516,"y":304,"width":400,"height":12}},{"id":"17f2be8f-5133-476a-a9e0-fc39b0b080c0","block_type":"box","text":"management program. The Fund’s illiquid","page_number":9,"box":{"x":516,"y":320,"width":314,"height":12}},{"id":"4d2db601-40b8-4973-8999-168e752ff642","block_type":"box","text":"investments may reduce the returns of the Fund","page_number":9,"box":{"x":516,"y":335,"width":361,"height":12}},{"id":"4e201308-9335-4404-af3a-2b85e50e9c4c","block_type":"box","text":"because it may be difficult to sell the illiquid","page_number":9,"box":{"x":516,"y":351,"width":325,"height":12}},{"id":"420fb86d-a62c-4aa9-84bb-e07089ada59b","block_type":"box","text":"investments at an advantageous time or price. In","page_number":9,"box":{"x":516,"y":366,"width":367,"height":12}},{"id":"3394f204-47a0-4e65-92fe-089d99f6a986","block_type":"box","text":"addition, if the Fund is limited in its ability to dispose","page_number":9,"box":{"x":515,"y":382,"width":391,"height":12}},{"id":"878979c3-2ddc-4e62-944f-dd562c4e4a01","block_type":"box","text":"of illiquid investments during periods when","page_number":9,"box":{"x":515,"y":397,"width":320,"height":12}},{"id":"abe358e5-80e8-447b-9731-5f1792c4670a","block_type":"box","text":"shareholders are redeeming or selling their shares or","page_number":9,"box":{"x":515,"y":413,"width":399,"height":12}},{"id":"07f4219d-7293-4878-862a-e43aeb45efcd","block_type":"box","text":"the Fund’s net assets otherwise shrink, the Fund will","page_number":9,"box":{"x":515,"y":428,"width":395,"height":11}},{"id":"a9ca4ef2-6eb7-4e72-8a2e-81c2ba570b3b","block_type":"box","text":"need to dispose of liquid securities to meet","page_number":9,"box":{"x":516,"y":444,"width":321,"height":12}},{"id":"89d7a06c-c887-4316-99fe-98991381a72a","block_type":"box","text":"redemption requests and illiquid securities will","page_number":9,"box":{"x":516,"y":459,"width":345,"height":12}},{"id":"378815c2-440c-4427-8876-e58094680031","block_type":"box","text":"become a larger portion of the Fund’s holdings. An","page_number":9,"box":{"x":516,"y":475,"width":380,"height":12}},{"id":"35899c01-9c3d-4545-9b9b-d9dc7b4e1a2b","block_type":"box","text":"investment may be illiquid due to, among other things,","page_number":9,"box":{"x":516,"y":490,"width":406,"height":12}},{"id":"142796e5-ad2e-47eb-bc28-289e6cc404a7","block_type":"box","text":"the reduced number and capacity of traditional market","page_number":9,"box":{"x":515,"y":506,"width":407,"height":12}},{"id":"df341e58-ffaf-4392-9df9-06cd8d8f4bc6","block_type":"box","text":"participants to make a market in fixed-income","page_number":9,"box":{"x":516,"y":521,"width":342,"height":12}},{"id":"fb62da8f-9747-4246-ae44-5e42812505c4","block_type":"box","text":"securities or the lack of an active trading market. To","page_number":9,"box":{"x":515,"y":537,"width":390,"height":12}},{"id":"294b87c3-da98-490b-ab05-a39945c062f8","block_type":"box","text":"the extent that the Fund’s principal investment","page_number":9,"box":{"x":515,"y":552,"width":348,"height":12}},{"id":"67896bce-a2f5-4b01-b723-e5c24a5e1795","block_type":"box","text":"strategies involve derivatives or securities with","page_number":9,"box":{"x":515,"y":568,"width":349,"height":12}},{"id":"5320caf1-6c8b-44b8-8235-41ccbcc29b84","block_type":"box","text":"substantial market and/or credit risk, the Fund will","page_number":9,"box":{"x":515,"y":583,"width":374,"height":11}},{"id":"e5b0e84d-f63c-4e52-9327-dbcf7d13fe5c","block_type":"box","text":"tend to have greater exposure to the risks associated","page_number":9,"box":{"x":515,"y":599,"width":400,"height":12}},{"id":"e0851f57-e740-4c30-81ac-c3090569a7e3","block_type":"box","text":"with illiquid investments. Illiquid investments may be","page_number":9,"box":{"x":515,"y":614,"width":391,"height":12}},{"id":"c7ad6a2e-b1b6-46fd-b4b8-9a1d2e970812","block_type":"box","text":"harder to value, especially in changing markets, and if","page_number":9,"box":{"x":516,"y":630,"width":405,"height":12}},{"id":"a5aec305-2029-4740-8363-83a60f7bb48f","block_type":"box","text":"the Fund is forced to sell these investments to meet","page_number":9,"box":{"x":515,"y":645,"width":389,"height":10}},{"id":"0445cd6e-3683-4242-a769-5dd68573f18c","block_type":"box","text":"redemption requests or for other cash needs, the","page_number":9,"box":{"x":516,"y":661,"width":362,"height":12}},{"id":"be6e441d-ccdd-4986-9c87-584b1d4a0302","block_type":"box","text":"Fund may suffer a loss. This may be magnified in a","page_number":9,"box":{"x":516,"y":676,"width":379,"height":12}},{"id":"89110c7e-4ef4-4747-ab62-dc17adca1cdc","block_type":"box","text":"rising interest rate environment or other","page_number":9,"box":{"x":516,"y":692,"width":293,"height":12}},{"id":"faa98d57-a794-4a4f-9e8f-98fd397e0562","block_type":"box","text":"circumstances where investor redemptions or sales of","page_number":9,"box":{"x":515,"y":707,"width":402,"height":12}},{"id":"366171b8-a0c3-44ff-aca1-f5090c11add3","block_type":"box","text":"Fund shares may be higher than normal. In addition,","page_number":9,"box":{"x":516,"y":723,"width":387,"height":12}},{"id":"7405afee-664e-4c3c-933e-7785fd2b1576","block_type":"box","text":"when there is illiquidity in the market for certain","page_number":9,"box":{"x":515,"y":738,"width":348,"height":12}},{"id":"25110489-8d1d-4562-b584-4cc7ad5144fb","block_type":"box","text":"securities, the Fund, due to limitations on illiquid","page_number":9,"box":{"x":515,"y":754,"width":356,"height":12}},{"id":"628cbaa6-8e66-4702-ad54-520fda4fe608","block_type":"box","text":"investments, may be subject to purchase and sale","page_number":9,"box":{"x":516,"y":769,"width":372,"height":12}},{"id":"c2a33f16-4e39-4373-a463-2e49877af530","block_type":"box","text":"restrictions. During periods of market volatility,","page_number":9,"box":{"x":516,"y":785,"width":342,"height":12}},{"id":"ce278476-0a10-4628-8f18-daaa441fd4f8","block_type":"box","text":"liquidity in the market for the Fund’s shares may be","page_number":9,"box":{"x":516,"y":800,"width":379,"height":12}},{"id":"7798b673-3908-434d-9f41-085d8c7d1f1f","block_type":"box","text":"impacted by the liquidity in the market for the","page_number":9,"box":{"x":516,"y":816,"width":332,"height":12}},{"id":"4190431b-35e0-421a-985a-67776516918f","block_type":"box","text":"underlying securities or instruments held by the Fund,","page_number":9,"box":{"x":516,"y":831,"width":403,"height":12}},{"id":"60653568-7167-46ff-9e87-6c1024d7a044","block_type":"box","text":"which could lead to the Fund’s shares trading at a","page_number":9,"box":{"x":515,"y":847,"width":375,"height":12}},{"id":"ba9ad295-4612-41da-abd6-68253f6d8275","block_type":"box","text":"premium or discount to the Fund’s NAV.","page_number":9,"box":{"x":516,"y":862,"width":302,"height":12}},{"id":"fc58a34c-71a1-4856-9653-e0e32e61d531","block_type":"box","text":"Indexed and Inverse Securities Risk.","page_number":9,"box":{"x":515,"y":893,"width":296,"height":10}},{"id":"69d2d290-360f-4f1e-986f-dd0e56df1954","block_type":"box","text":"Indexed and","page_number":9,"box":{"x":813,"y":893,"width":96,"height":10}},{"id":"583cd8d8-efc1-4073-9d19-44ca9b879f9d","block_type":"box","text":"inverse securities provide a potential return based on","page_number":9,"box":{"x":516,"y":909,"width":392,"height":12}},{"id":"31ceb26d-539f-4f77-a570-ed2e57774478","block_type":"box","text":"S-7","page_number":9,"box":{"x":487,"y":955,"width":30,"height":10}},{"id":"c3dee235-7f67-4606-8686-71a104ff4a99","block_type":"box","text":"NM1026U-6049080-9/56","page_number":9,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"41adbb78-01ad-4859-9c91-30ed170b5441","block_type":"box","text":"a particular index of value or interest rates. The","page_number":10,"box":{"x":81,"y":56,"width":356,"height":12}},{"id":"3260983c-b54b-4d1f-86bf-00a3dec6a01c","block_type":"box","text":"Fund’s return on these securities will be subject to risk","page_number":10,"box":{"x":82,"y":72,"width":406,"height":12}},{"id":"da571fb0-fe34-442e-9f2b-f41cb1f42c88","block_type":"box","text":"with respect to the value of the particular index. These","page_number":10,"box":{"x":80,"y":87,"width":408,"height":12}},{"id":"8ea04764-202b-4418-ba90-e11176b22d59","block_type":"box","text":"securities are subject to leverage risk and correlation","page_number":10,"box":{"x":81,"y":103,"width":397,"height":12}},{"id":"e3739e4e-dbc0-4a2d-9e07-0b8008502518","block_type":"box","text":"risk. Certain indexed and inverse securities have","page_number":10,"box":{"x":81,"y":118,"width":366,"height":10}},{"id":"96b98b02-1d7d-49fa-b707-e61417791ef4","block_type":"box","text":"greater sensitivity to changes in interest rates or index","page_number":10,"box":{"x":81,"y":134,"width":407,"height":12}},{"id":"2d4c368c-49d3-4b61-98a8-ef4b3082732e","block_type":"box","text":"levels than other securities, and the Fund’s","page_number":10,"box":{"x":81,"y":149,"width":324,"height":11}},{"id":"c13f26f6-bb9c-433c-ace2-83660440fb59","block_type":"box","text":"investment in such instruments may decline","page_number":10,"box":{"x":81,"y":165,"width":330,"height":12}},{"id":"04c2e3e5-ad75-4a39-b052-5055aca54c2b","block_type":"box","text":"significantly in value if interest rates or index levels","page_number":10,"box":{"x":81,"y":180,"width":381,"height":12}},{"id":"34f2943d-d805-4168-bb00-03200615be3f","block_type":"box","text":"move in a way Fund management does not","page_number":10,"box":{"x":81,"y":196,"width":327,"height":12}},{"id":"70978ff7-122a-4646-8f49-040036c245d3","block_type":"box","text":"anticipate.","page_number":10,"box":{"x":81,"y":211,"width":81,"height":12}},{"id":"d9db1d2d-28f0-41bc-8e07-daf513c29a4c","block_type":"box","text":"Inflation-Indexed Bonds Risk.","page_number":10,"box":{"x":81,"y":242,"width":241,"height":10}},{"id":"24868ec7-2c60-488c-806f-3d02153f6230","block_type":"box","text":"The principal value of","page_number":10,"box":{"x":322,"y":242,"width":164,"height":12}},{"id":"ef560c11-32d4-4126-adaf-978c74d4eb7a","block_type":"box","text":"an investment in the Fund is not protected or","page_number":10,"box":{"x":81,"y":258,"width":337,"height":11}},{"id":"4a7b8998-8047-42dc-b743-7c30f41ed9ea","block_type":"box","text":"otherwise guaranteed by virtue of any investments by","page_number":10,"box":{"x":81,"y":273,"width":402,"height":12}},{"id":"cb483b5c-6fb6-438c-b2bc-2d04dc9d2546","block_type":"box","text":"the Fund in inflation-indexed bonds. The value of","page_number":10,"box":{"x":81,"y":289,"width":368,"height":9}},{"id":"843faf43-3d53-4a7b-b8f8-a3fa32bd4bdf","block_type":"box","text":"inflation-indexed securities generally fluctuates with","page_number":10,"box":{"x":81,"y":304,"width":386,"height":12}},{"id":"0a834460-3b73-46e1-9a94-a877eaeac413","block_type":"box","text":"changes in real interest rates, decreasing when real","page_number":10,"box":{"x":81,"y":320,"width":389,"height":12}},{"id":"82d4a89b-a99a-44c0-b4a0-6c152a8b62f2","block_type":"box","text":"interest rates rise and increasing when real interest","page_number":10,"box":{"x":81,"y":335,"width":385,"height":12}},{"id":"ba72c625-e26e-4d0f-a913-1d3f62c2ec64","block_type":"box","text":"rates fall. Real interest rates represent nominal (or","page_number":10,"box":{"x":81,"y":351,"width":378,"height":12}},{"id":"7c995d31-3c19-4388-879b-9694fc274fd6","block_type":"box","text":"stated) interest rates minus the inflation rates. If the","page_number":10,"box":{"x":81,"y":366,"width":387,"height":12}},{"id":"bc8ce3c9-8ac1-402c-b99a-b45f5dbe5db7","block_type":"box","text":"Fund purchases TIPS in the secondary market and","page_number":10,"box":{"x":82,"y":382,"width":383,"height":12}},{"id":"95daadb4-18c6-4e42-a949-e133c3958d4e","block_type":"box","text":"the bonds’ principal values previously were adjusted","page_number":10,"box":{"x":81,"y":397,"width":392,"height":12}},{"id":"a234f709-9da3-4738-a8b4-4474af5923a3","block_type":"box","text":"upward, but then there is a period of declining inflation","page_number":10,"box":{"x":81,"y":413,"width":407,"height":12}},{"id":"5bb8ff65-1781-461a-afbd-5a6f05502081","block_type":"box","text":"rates, the Fund may receive at maturity less than it","page_number":10,"box":{"x":81,"y":428,"width":381,"height":12}},{"id":"4f085a3f-b4cc-4d1f-9b37-19307954fbc4","block_type":"box","text":"invested.","page_number":10,"box":{"x":81,"y":444,"width":71,"height":9}},{"id":"27543000-417d-4f78-95c1-dbd9bf5e1deb","block_type":"box","text":"In addition, interest payments on inflation-indexed","page_number":10,"box":{"x":82,"y":475,"width":374,"height":12}},{"id":"d22a283f-385a-46f0-ad4e-8b6bdc5a34c2","block_type":"box","text":"securities generally vary up or down along with the","page_number":10,"box":{"x":81,"y":490,"width":381,"height":12}},{"id":"5a6171f5-0bab-4206-87ca-4db4f0e744ee","block_type":"box","text":"rate of inflation, and inflation-indexed bonds typically","page_number":10,"box":{"x":81,"y":506,"width":394,"height":12}},{"id":"7eb9778b-8a42-45fc-afcb-c16baf98fda9","block_type":"box","text":"have lower nominal yields than conventional fixed-rate","page_number":10,"box":{"x":81,"y":521,"width":408,"height":12}},{"id":"4f26eacc-800a-4d6c-a5be-1d5a43d3e34a","block_type":"box","text":"bonds. If the index measuring inflation falls, the","page_number":10,"box":{"x":81,"y":537,"width":355,"height":12}},{"id":"3e825be6-ebaf-4f9e-b139-5684f89047dc","block_type":"box","text":"principal value of inflation-indexed bonds will be","page_number":10,"box":{"x":81,"y":552,"width":359,"height":12}},{"id":"11df61d6-4fdf-4641-8e3b-504e6eba3a16","block_type":"box","text":"adjusted downward, and consequently the interest","page_number":10,"box":{"x":81,"y":568,"width":378,"height":12}},{"id":"a15490b0-b1f0-484f-a95c-55a3eef1090b","block_type":"box","text":"payable on these securities (calculated with respect to","page_number":10,"box":{"x":81,"y":583,"width":407,"height":12}},{"id":"963916e3-0095-49d5-a313-a141191ecc87","block_type":"box","text":"a smaller principal amount) will be reduced.","page_number":10,"box":{"x":81,"y":599,"width":328,"height":12}},{"id":"179c4f53-7707-4dc5-ae39-cd60dc1ea63f","block_type":"box","text":"Any increase in the principal amount of an inflation","page_number":10,"box":{"x":80,"y":630,"width":381,"height":12}},{"id":"4545d372-30b4-402a-a465-83996c2da85e","block_type":"box","text":"indexed bond will be considered taxable ordinary","page_number":10,"box":{"x":81,"y":645,"width":368,"height":12}},{"id":"f49144ad-8133-4945-b731-083262dac66e","block_type":"box","text":"income, even though investors do not receive their","page_number":10,"box":{"x":81,"y":661,"width":376,"height":12}},{"id":"7b12d921-4662-4bbb-a7d2-a9cab2ecd1c3","block_type":"box","text":"principal until maturity. Periodic adjustments for","page_number":10,"box":{"x":81,"y":676,"width":352,"height":12}},{"id":"a71d7733-a200-4ada-9dbc-0da07d17ca0d","block_type":"box","text":"inflation to the principal amount of an inflation-indexed","page_number":10,"box":{"x":81,"y":692,"width":401,"height":12}},{"id":"8cf078ab-fb7c-4210-8cd4-0c99a8207fd7","block_type":"box","text":"bond may give rise to original issue discount, which","page_number":10,"box":{"x":81,"y":707,"width":381,"height":12}},{"id":"488c4abd-1e87-40ae-be7e-9e315ccc1dfa","block_type":"box","text":"will be includable in the Fund’s gross income. Due to","page_number":10,"box":{"x":80,"y":723,"width":391,"height":12}},{"id":"c24a8064-df61-4640-85c8-d40ffd5196b2","block_type":"box","text":"original issue discount, the Fund may be required to","page_number":10,"box":{"x":81,"y":738,"width":385,"height":12}},{"id":"c7784954-151a-42e6-b98e-5a2647601a1e","block_type":"box","text":"make annual distributions to shareholders that exceed","page_number":10,"box":{"x":81,"y":754,"width":401,"height":9}},{"id":"18302700-a483-4bde-8604-36dba7637194","block_type":"box","text":"the cash received, which may cause the Fund to","page_number":10,"box":{"x":81,"y":769,"width":359,"height":12}},{"id":"a9b2c895-ba3e-43bd-8612-a67958c6e7eb","block_type":"box","text":"liquidate certain investments when it is not","page_number":10,"box":{"x":81,"y":785,"width":314,"height":12}},{"id":"10702788-c69d-4ddb-9120-61d377869073","block_type":"box","text":"advantageous to do so. Also, if the principal value of","page_number":10,"box":{"x":81,"y":800,"width":389,"height":12}},{"id":"9aa9b545-732b-476f-8701-0d6acb4e5333","block_type":"box","text":"an inflation-indexed bond is adjusted downward due","page_number":10,"box":{"x":81,"y":816,"width":386,"height":12}},{"id":"2c66ea1c-2f7a-4f99-a219-6be2cf10d0ce","block_type":"box","text":"to deflation, amounts previously distributed in the","page_number":10,"box":{"x":81,"y":831,"width":369,"height":12}},{"id":"2ad16c6b-3fc8-4cde-b4ae-640dfd46ce07","block_type":"box","text":"taxable year may be characterized in some","page_number":10,"box":{"x":81,"y":847,"width":325,"height":12}},{"id":"99bf8951-e35b-4a9c-8b53-f22d641f28d1","block_type":"box","text":"circumstances as a return of capital.","page_number":10,"box":{"x":81,"y":862,"width":274,"height":12}},{"id":"ce2d19b4-42ff-4661-8cf5-d72161cd8504","block_type":"box","text":"Investment Style Risk.","page_number":10,"box":{"x":81,"y":893,"width":183,"height":12}},{"id":"61a3dc4b-a2ac-4dd5-a773-ebb956a2adb5","block_type":"box","text":"Under certain market","page_number":10,"box":{"x":265,"y":893,"width":161,"height":10}},{"id":"28e4072a-f05f-4d51-88bb-28ecb819216d","block_type":"box","text":"conditions, growth investments have performed better","page_number":10,"box":{"x":81,"y":909,"width":400,"height":12}},{"id":"acb1aa53-486a-4098-bfbc-7144caa994dc","block_type":"box","text":"during the later stages of economic expansion and","page_number":10,"box":{"x":515,"y":56,"width":380,"height":12}},{"id":"916e92f1-f869-44e3-909e-c1bed82441de","block_type":"box","text":"value investments have performed better during","page_number":10,"box":{"x":515,"y":71,"width":361,"height":13}},{"id":"cca9d1cb-6302-4399-a384-5dd5ecc9ca0b","block_type":"box","text":"periods of economic recovery. Therefore, these","page_number":10,"box":{"x":516,"y":87,"width":356,"height":12}},{"id":"7a5fe1a4-7d9c-43ca-ac04-48f123e9b00c","block_type":"box","text":"investment styles may over time go in and out of","page_number":10,"box":{"x":516,"y":102,"width":364,"height":13}},{"id":"48877375-0c4e-4688-81ed-1a747f6a5755","block_type":"box","text":"favor. At times when the investment style used by the","page_number":10,"box":{"x":515,"y":118,"width":402,"height":12}},{"id":"b5c04c46-4393-4715-a0f9-078f45a780dc","block_type":"box","text":"Fund is out of favor, the Fund may underperform","page_number":10,"box":{"x":516,"y":134,"width":366,"height":12}},{"id":"b32e9e08-d5b7-40c2-b412-ff948a8ce47b","block_type":"box","text":"other equity funds that use different investment styles.","page_number":10,"box":{"x":515,"y":149,"width":407,"height":12}},{"id":"e88f5c1f-23e4-40bd-973e-06bf10d0abb1","block_type":"box","text":"Large-Capitalization Companies Risk.","page_number":10,"box":{"x":515,"y":180,"width":306,"height":12}},{"id":"f1364d43-5db0-444c-a375-83ecaecaa090","block_type":"box","text":"Large","page_number":10,"box":{"x":822,"y":180,"width":47,"height":12}},{"id":"c39f346e-2585-4694-b547-1c1d0d5af115","block_type":"box","text":"capitalization companies may be less able than","page_number":10,"box":{"x":515,"y":196,"width":356,"height":12}},{"id":"4414c2aa-deb3-42ac-a209-62c796895542","block_type":"box","text":"smaller-capitalization companies to adapt to changing","page_number":10,"box":{"x":515,"y":211,"width":405,"height":12}},{"id":"563dc2b7-7ea3-42f0-9be7-981a57cedefe","block_type":"box","text":"market conditions and competitive challenges. Large","page_number":10,"box":{"x":516,"y":227,"width":396,"height":12}},{"id":"46885db6-6886-4222-9a31-5b89bc27a89c","block_type":"box","text":"capitalization companies may be more mature and","page_number":10,"box":{"x":515,"y":242,"width":380,"height":12}},{"id":"5615da58-04bb-41b0-b167-8b6e60dbce17","block_type":"box","text":"subject to more limited growth potential compared","page_number":10,"box":{"x":515,"y":258,"width":376,"height":12}},{"id":"efe2dac0-8f18-4f45-b9ea-4bb374c70e4e","block_type":"box","text":"with smaller-capitalization companies. The","page_number":10,"box":{"x":515,"y":273,"width":320,"height":12}},{"id":"11fc82a2-9416-47ec-ae0b-be6548922131","block_type":"box","text":"performance of large-capitalization companies could","page_number":10,"box":{"x":516,"y":289,"width":392,"height":12}},{"id":"703b56f9-01af-4a2e-ba91-3428c48907ae","block_type":"box","text":"trail the overall performance of the broader securities","page_number":10,"box":{"x":515,"y":304,"width":398,"height":12}},{"id":"aa4e7074-1270-40da-a3a5-83ca3a71e6c9","block_type":"box","text":"markets.","page_number":10,"box":{"x":516,"y":320,"width":68,"height":9}},{"id":"1468c588-f176-440e-a5dc-53cf0a40bd4a","block_type":"box","text":"Large Shareholder and Large-Scale Redemption","page_number":10,"box":{"x":515,"y":351,"width":390,"height":12}},{"id":"2f804662-8539-4a45-b062-a0f9c865852c","block_type":"box","text":"Risk.","page_number":10,"box":{"x":515,"y":366,"width":45,"height":10}},{"id":"e91cf40e-d558-4f10-8061-ae7c69f62cc6","block_type":"box","text":"Certain shareholders, including an Authorized","page_number":10,"box":{"x":560,"y":366,"width":345,"height":12}},{"id":"2dfa9663-043d-49c3-af94-bb8579cdbd62","block_type":"box","text":"Participant, a third-party investor, the Fund’s adviser","page_number":10,"box":{"x":516,"y":382,"width":393,"height":12}},{"id":"d80e30e8-e90f-4c42-8a3d-45923447a556","block_type":"box","text":"or an affiliate of the Fund’s adviser, a market maker,","page_number":10,"box":{"x":515,"y":397,"width":393,"height":11}},{"id":"1e40caa7-04ef-4e81-9978-9cdadedb57f7","block_type":"box","text":"or another entity, may from time to time own or","page_number":10,"box":{"x":515,"y":413,"width":353,"height":12}},{"id":"22436fb3-889e-4e43-98ca-b976accf269d","block_type":"box","text":"manage a substantial amount of Fund shares, or may","page_number":10,"box":{"x":516,"y":428,"width":402,"height":12}},{"id":"c1e300d5-9f40-4858-a4b6-d15b58725b6a","block_type":"box","text":"invest in the Fund and hold their investment for a","page_number":10,"box":{"x":516,"y":444,"width":367,"height":9}},{"id":"e65e0f80-9cc8-4a19-b469-9a2b97ec053d","block_type":"box","text":"limited period of time. There can be no assurance that","page_number":10,"box":{"x":516,"y":459,"width":406,"height":12}},{"id":"b994110c-9db9-46eb-86da-88489e9425fc","block_type":"box","text":"any large shareholder or large group of shareholders","page_number":10,"box":{"x":515,"y":475,"width":397,"height":12}},{"id":"55b65f7d-2b83-4eb1-8291-21cd06ec1313","block_type":"box","text":"would not redeem their investment.","page_number":10,"box":{"x":515,"y":490,"width":266,"height":10}},{"id":"31cab502-509a-4114-9bb5-4b932d928e40","block_type":"box","text":"Redemptions of a large number of Fund shares could","page_number":10,"box":{"x":516,"y":521,"width":401,"height":12}},{"id":"64905928-4876-451c-98c8-e2935a49ae7c","block_type":"box","text":"require the Fund to dispose of assets to meet the","page_number":10,"box":{"x":516,"y":537,"width":369,"height":12}},{"id":"3472e9e8-a9f0-489d-9db8-b4b6f1c00141","block_type":"box","text":"redemption requests, which can accelerate the","page_number":10,"box":{"x":516,"y":552,"width":351,"height":12}},{"id":"459cdb6f-f844-4190-8920-9f00c752e9b1","block_type":"box","text":"realization of taxable income and/or capital gains and","page_number":10,"box":{"x":516,"y":568,"width":400,"height":12}},{"id":"0f348607-ffd6-4859-a264-94c11e59b297","block_type":"box","text":"cause the Fund to make taxable distributions to its","page_number":10,"box":{"x":515,"y":583,"width":379,"height":10}},{"id":"67d979e8-9709-44e6-b6d8-ee02de240f1a","block_type":"box","text":"shareholders earlier than the Fund otherwise would","page_number":10,"box":{"x":515,"y":599,"width":387,"height":9}},{"id":"c5598be3-df1e-4481-9f54-cc7fac746ac8","block_type":"box","text":"have. In addition, under certain circumstances, non","page_number":10,"box":{"x":516,"y":614,"width":384,"height":11}},{"id":"7128b1d3-6c56-491e-95af-8ce2cfc79b9b","block_type":"box","text":"redeeming shareholders may be treated as receiving","page_number":10,"box":{"x":516,"y":630,"width":396,"height":12}},{"id":"0a56d9c5-7bff-4d49-9ad5-f369bd8fd3ba","block_type":"box","text":"a disproportionately large taxable distribution during","page_number":10,"box":{"x":515,"y":645,"width":390,"height":12}},{"id":"a810ef2d-982a-48f6-a528-b08b8d3615f5","block_type":"box","text":"or with respect to such tax year. In some","page_number":10,"box":{"x":515,"y":661,"width":302,"height":12}},{"id":"b7f41e16-0aab-4fd3-aee5-c7dd636a216f","block_type":"box","text":"circumstances, the Fund may hold a relatively large","page_number":10,"box":{"x":515,"y":676,"width":383,"height":12}},{"id":"d04a276f-a680-45c9-94db-da80e2fd3e4e","block_type":"box","text":"proportion of its assets in cash in anticipation of large","page_number":10,"box":{"x":516,"y":692,"width":394,"height":12}},{"id":"c93becfd-fd4d-49cd-8221-d3a4837fcc29","block_type":"box","text":"redemptions, diluting its investment returns. To the","page_number":10,"box":{"x":516,"y":707,"width":375,"height":12}},{"id":"dd30634c-7300-44a2-b359-12c7a39d6ab3","block_type":"box","text":"extent the Fund permits redemptions in cash, these","page_number":10,"box":{"x":515,"y":723,"width":382,"height":12}},{"id":"027de68f-7305-48e4-87c1-a2984ca5cb16","block_type":"box","text":"large redemptions may also force the Fund to sell","page_number":10,"box":{"x":516,"y":738,"width":366,"height":12}},{"id":"7e141382-65ea-4250-b594-b4e256a1f899","block_type":"box","text":"portfolio securities when it might not otherwise do so,","page_number":10,"box":{"x":516,"y":754,"width":392,"height":12}},{"id":"89a8b181-d7dc-4909-a328-f7fd599103c0","block_type":"box","text":"which may negatively impact the Fund’s NAV,","page_number":10,"box":{"x":515,"y":769,"width":340,"height":12}},{"id":"06665c0e-b21b-47d9-927c-fd1e65a73985","block_type":"box","text":"increase the Fund’s brokerage costs and/or have a","page_number":10,"box":{"x":516,"y":785,"width":377,"height":12}},{"id":"4318fa33-dfd4-4804-8603-e18c1e851f77","block_type":"box","text":"material effect on the market price of the Fund","page_number":10,"box":{"x":516,"y":800,"width":342,"height":12}},{"id":"be98e524-b067-466e-8ef1-f382c7e9b0e6","block_type":"box","text":"shares.","page_number":10,"box":{"x":515,"y":816,"width":53,"height":9}},{"id":"9dd745da-0d7b-488f-bd4a-ed7a6f57d3ca","block_type":"box","text":"Market Risk and Selection Risk.","page_number":10,"box":{"x":515,"y":847,"width":252,"height":9}},{"id":"0749211a-5314-4e44-9201-2cc08901833e","block_type":"box","text":"Market risk is the","page_number":10,"box":{"x":768,"y":847,"width":137,"height":9}},{"id":"d3c47231-ffc2-4a35-8222-1eed8621f2ab","block_type":"box","text":"risk that one or more markets in which the Fund","page_number":10,"box":{"x":516,"y":862,"width":359,"height":10}},{"id":"413732cb-b4dc-441d-9d10-36dfc5d42e90","block_type":"box","text":"invests will go down in value, including the possibility","page_number":10,"box":{"x":516,"y":878,"width":396,"height":12}},{"id":"d413eb16-bd12-4212-b786-6a5b830a567b","block_type":"box","text":"that the markets will go down sharply and","page_number":10,"box":{"x":515,"y":893,"width":313,"height":12}},{"id":"cc3f0edc-43a9-4921-9bcf-9c7ebf5c9501","block_type":"box","text":"unpredictably. An investor could lose money over","page_number":10,"box":{"x":516,"y":909,"width":366,"height":12}},{"id":"714c8a70-6614-4076-8cd8-1c2d60b10ad6","block_type":"box","text":"S-8","page_number":10,"box":{"x":487,"y":955,"width":30,"height":10}},{"id":"cf26a828-753b-4e72-8ce9-59b3041c67e8","block_type":"box","text":"NM1026U-6049080-10/56","page_number":10,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"d521bc00-9f1f-4288-b98c-5284508394f2","block_type":"box","text":"short periods due to fluctuation in the Fund’s net","page_number":11,"box":{"x":81,"y":56,"width":363,"height":12}},{"id":"61c1fb6e-69eb-4497-9967-aabae1a6bee9","block_type":"box","text":"asset value in response to short-term market","page_number":11,"box":{"x":81,"y":72,"width":337,"height":11}},{"id":"ec567ce8-cf4e-45a6-a47f-24bcca67ca09","block_type":"box","text":"movements and over longer periods during market","page_number":11,"box":{"x":81,"y":87,"width":380,"height":12}},{"id":"cfc777b5-c67e-4b27-b8af-da6a5185ee10","block_type":"box","text":"downturns. Securities or other investments held by","page_number":11,"box":{"x":81,"y":102,"width":381,"height":13}},{"id":"b558bf4a-b5fa-4e4a-8845-ef7cf0f53d25","block_type":"box","text":"the Fund may underperform the markets, the relevant","page_number":11,"box":{"x":81,"y":118,"width":403,"height":12}},{"id":"4dea332d-98c4-466a-9bec-bafe63dec207","block_type":"box","text":"indices or benchmarks, or the securities selected by","page_number":11,"box":{"x":81,"y":134,"width":390,"height":12}},{"id":"7e6e4178-15bf-4213-97f8-bddc50a84ae5","block_type":"box","text":"other funds with similar investment objectives and","page_number":11,"box":{"x":81,"y":149,"width":374,"height":12}},{"id":"a31da180-5437-4ca7-987f-2ddfa3757c38","block_type":"box","text":"investment strategies, or may otherwise fail to","page_number":11,"box":{"x":81,"y":165,"width":346,"height":12}},{"id":"0e41ebd7-3700-4b24-a742-872df2974b6d","block_type":"box","text":"perform as intended. The value of a security or other","page_number":11,"box":{"x":81,"y":180,"width":395,"height":12}},{"id":"a95f27dc-8968-445d-b019-fa2841612f75","block_type":"box","text":"asset may decline due to changes in general market","page_number":11,"box":{"x":81,"y":196,"width":393,"height":12}},{"id":"0147dae1-defa-48b1-9989-766c71f50538","block_type":"box","text":"conditions, economic trends or events that are not","page_number":11,"box":{"x":81,"y":211,"width":377,"height":11}},{"id":"b8c1fe55-8514-4edd-8829-1aa351b5563b","block_type":"box","text":"specifically related to the issuer of the security or","page_number":11,"box":{"x":81,"y":227,"width":367,"height":12}},{"id":"610d1324-47a2-438a-93a5-1766ac71010f","block_type":"box","text":"other asset, or factors that affect a particular issuer or","page_number":11,"box":{"x":81,"y":242,"width":403,"height":12}},{"id":"a08bd048-e420-490a-8a94-e2bf0b6b5b1d","block_type":"box","text":"issuers, exchange, country, group of countries,","page_number":11,"box":{"x":81,"y":258,"width":353,"height":12}},{"id":"526b89f3-2453-46fc-82ef-67efb492669b","block_type":"box","text":"region, market, industry, group of industries, sector or","page_number":11,"box":{"x":81,"y":273,"width":403,"height":12}},{"id":"db76f4d3-f995-4dec-bea0-d375d7a81fc1","block_type":"box","text":"asset class. The success of the Fund’s activities could","page_number":11,"box":{"x":81,"y":289,"width":407,"height":9}},{"id":"1ee069be-6ab5-4ef9-9c83-0c14fae4c9aa","block_type":"box","text":"be affected by interest rates, availability of credit,","page_number":11,"box":{"x":81,"y":304,"width":368,"height":12}},{"id":"2cbbb4b5-50c9-4a29-9735-f0776488853d","block_type":"box","text":"inflation rates, economic uncertainty, changes in laws,","page_number":11,"box":{"x":81,"y":320,"width":406,"height":12}},{"id":"e100d11f-2705-4fc5-8137-a83416fc7919","block_type":"box","text":"tariffs and trade barriers, supply chain disruptions,","page_number":11,"box":{"x":81,"y":335,"width":377,"height":12}},{"id":"f1c288a7-39df-47ad-8fa3-57b58923ef7d","block_type":"box","text":"economic sanctions, currency exchange controls, and","page_number":11,"box":{"x":81,"y":351,"width":404,"height":12}},{"id":"302cc20a-513f-4de6-8530-6947f98fbde5","block_type":"box","text":"local, regional or global events such as war, acts of","page_number":11,"box":{"x":81,"y":366,"width":385,"height":12}},{"id":"2075b637-2152-42bb-82a1-b3f402c6615d","block_type":"box","text":"terrorism, natural and environmental disasters, the","page_number":11,"box":{"x":81,"y":382,"width":379,"height":11}},{"id":"e533e1eb-8619-40bc-b720-dc56302cdeec","block_type":"box","text":"spread of infectious illness or other public health","page_number":11,"box":{"x":81,"y":397,"width":363,"height":12}},{"id":"d92e34e8-a79a-4447-b26f-94fa8c7dbd93","block_type":"box","text":"issues, recessions, or other events.","page_number":11,"box":{"x":81,"y":413,"width":268,"height":11}},{"id":"2b1b4f3d-1377-44e1-a656-b548fa099d7d","block_type":"box","text":"Recent policy initiatives undertaken by the U.S.","page_number":11,"box":{"x":82,"y":444,"width":355,"height":12}},{"id":"aed7e997-3ba4-4a44-8028-c336dae65708","block_type":"box","text":"government have the potential to impact international","page_number":11,"box":{"x":81,"y":459,"width":400,"height":12}},{"id":"2fe5a7be-3060-4119-836f-c32860204f33","block_type":"box","text":"relations, trade agreements and the overall regulatory","page_number":11,"box":{"x":81,"y":475,"width":404,"height":12}},{"id":"6cde00b7-829f-4000-8e1a-cb7be495700f","block_type":"box","text":"environment in ways that could create uncertainty and","page_number":11,"box":{"x":81,"y":490,"width":406,"height":12}},{"id":"cf0390da-fe04-4b05-9dce-bcb5bf4d4be8","block_type":"box","text":"instability in domestic and global markets, and could","page_number":11,"box":{"x":81,"y":506,"width":392,"height":12}},{"id":"6f981a1b-c459-4514-b403-49c2ede92859","block_type":"box","text":"adversely affect the investment performance of the","page_number":11,"box":{"x":81,"y":521,"width":382,"height":12}},{"id":"2f89cae7-e7d0-44ca-9391-e15db0a90072","block_type":"box","text":"Fund. In particular, actions taken by the U.S.","page_number":11,"box":{"x":82,"y":537,"width":335,"height":12}},{"id":"190bb957-43b1-4c36-9584-6984fd5e4875","block_type":"box","text":"government in respect of international trade relations","page_number":11,"box":{"x":81,"y":552,"width":397,"height":12}},{"id":"d95a1ce4-2035-44a8-8cf0-594ba58733c2","block_type":"box","text":"could lead to trade wars, increased costs for imported","page_number":11,"box":{"x":81,"y":568,"width":404,"height":12}},{"id":"4c997e30-1a9d-4c56-85bc-898c8a074047","block_type":"box","text":"goods, disruptions in supply chains, reduced foreign","page_number":11,"box":{"x":81,"y":583,"width":391,"height":12}},{"id":"82bebc3e-b627-49f7-b250-4c65cb0876cc","block_type":"box","text":"investment, and instability in regions where the Fund","page_number":11,"box":{"x":81,"y":599,"width":396,"height":12}},{"id":"2557657c-c74c-4042-b47c-d42f79795516","block_type":"box","text":"invests.","page_number":11,"box":{"x":81,"y":614,"width":61,"height":10}},{"id":"71c833d2-e3a6-4b9c-a96d-199a5b8266b6","block_type":"box","text":"Market Trading Risk","page_number":11,"box":{"x":81,"y":645,"width":161,"height":12}},{"id":"7c5da900-a810-4417-863e-62279e96249b","block_type":"box","text":". The Fund faces numerous","page_number":11,"box":{"x":243,"y":645,"width":209,"height":10}},{"id":"7ea8e813-2678-4aa8-ad74-2f346bfabc82","block_type":"box","text":"market trading risks, including the potential lack of an","page_number":11,"box":{"x":81,"y":661,"width":394,"height":12}},{"id":"5e23c6c8-f942-420a-ba16-d9f009340bd7","block_type":"box","text":"active market for Fund shares (including through a","page_number":11,"box":{"x":81,"y":676,"width":374,"height":12}},{"id":"a668570d-7bef-4bfb-8bf8-93247252fcc1","block_type":"box","text":"trading halt), losses from trading in secondary","page_number":11,"box":{"x":81,"y":692,"width":340,"height":12}},{"id":"b1f36949-e648-43f1-b432-0293d45de23d","block_type":"box","text":"markets, periods of high volatility, and disruptions in","page_number":11,"box":{"x":81,"y":707,"width":384,"height":12}},{"id":"bced3dca-dff4-4613-b422-6f6b03097496","block_type":"box","text":"the process of creating and redeeming Fund shares.","page_number":11,"box":{"x":81,"y":723,"width":388,"height":12}},{"id":"1d3d7460-27d0-4391-9b26-8dd0d9b44300","block_type":"box","text":"Any of these factors, among others, may lead to the","page_number":11,"box":{"x":80,"y":738,"width":386,"height":12}},{"id":"9818a4c9-a55c-42e2-85d4-be52c3e34464","block_type":"box","text":"Fund’s shares trading in the secondary market at a","page_number":11,"box":{"x":82,"y":754,"width":377,"height":12}},{"id":"adc7973a-b416-4b52-890c-e25cd61e2653","block_type":"box","text":"premium or discount to NAV or to the intraday value","page_number":11,"box":{"x":81,"y":769,"width":385,"height":12}},{"id":"88420119-917a-4137-bb94-ba3223408f00","block_type":"box","text":"of the Fund’s portfolio holdings. If you buy Fund","page_number":11,"box":{"x":81,"y":785,"width":353,"height":12}},{"id":"e1b003f4-bbb6-4a87-9b0b-3a3fceb9f729","block_type":"box","text":"shares at a time when the market price is at a","page_number":11,"box":{"x":81,"y":800,"width":339,"height":12}},{"id":"01af8ddc-06b0-4987-bbea-9ab24f9a0ec0","block_type":"box","text":"premium to NAV or sell Fund shares at a time when","page_number":11,"box":{"x":81,"y":816,"width":384,"height":12}},{"id":"00f321da-3122-40e8-8ceb-a025580dab18","block_type":"box","text":"the market price is at a discount to NAV, you may pay","page_number":11,"box":{"x":81,"y":831,"width":405,"height":12}},{"id":"6ff42e5e-7450-47c1-ab12-3e511731b20f","block_type":"box","text":"significantly more or receive significantly less than the","page_number":11,"box":{"x":81,"y":847,"width":404,"height":12}},{"id":"71e3657c-dd0f-4054-918f-0687e504305d","block_type":"box","text":"underlying value of the Fund shares.","page_number":11,"box":{"x":81,"y":862,"width":276,"height":12}},{"id":"ecf9ae77-6248-4f47-b88d-7a2d5938a3d4","block_type":"box","text":"Mid Cap Securities Risk.","page_number":11,"box":{"x":81,"y":893,"width":194,"height":12}},{"id":"bd8b1d1f-de13-4a4d-94a3-c82d52004f53","block_type":"box","text":"The securities of mid cap","page_number":11,"box":{"x":276,"y":893,"width":197,"height":12}},{"id":"30157b77-4d7a-4622-aebf-092b9cb7fc77","block_type":"box","text":"companies generally trade in lower volumes and are","page_number":11,"box":{"x":81,"y":909,"width":388,"height":12}},{"id":"95c966e7-af12-468d-8295-d66d987f892c","block_type":"box","text":"generally subject to greater and less predictable price","page_number":11,"box":{"x":515,"y":56,"width":403,"height":12}},{"id":"0dd3c503-4efd-4eb6-86e7-c8c1049c668a","block_type":"box","text":"changes than the securities of larger capitalization","page_number":11,"box":{"x":515,"y":71,"width":378,"height":13}},{"id":"bd6c4061-4bb1-46ed-9c19-823c444efdc9","block_type":"box","text":"companies.","page_number":11,"box":{"x":515,"y":87,"width":90,"height":12}},{"id":"aec9b6d7-18da-4c56-b53e-ccca07f4a1d6","block_type":"box","text":"Money Market Securities Risk.","page_number":11,"box":{"x":515,"y":118,"width":241,"height":12}},{"id":"4c56b1fd-58e7-4bed-ab4b-01a124d8cde2","block_type":"box","text":"If market conditions","page_number":11,"box":{"x":757,"y":118,"width":156,"height":10}},{"id":"2f3d70d7-2d80-4756-b267-eb7137e5a881","block_type":"box","text":"improve while the Fund has invested some or all of","page_number":11,"box":{"x":516,"y":134,"width":382,"height":11}},{"id":"e47579d1-9bd9-4c74-8788-11ce7750bb3f","block_type":"box","text":"its assets in high quality money market securities, this","page_number":11,"box":{"x":516,"y":149,"width":404,"height":12}},{"id":"a44b6568-a4ec-425f-add4-3d1106dd0001","block_type":"box","text":"strategy could result in reducing the potential gain","page_number":11,"box":{"x":515,"y":165,"width":375,"height":12}},{"id":"afd4a7c6-0622-4472-a9f5-749d6040d76b","block_type":"box","text":"from the market upswing, thus reducing the Fund’s","page_number":11,"box":{"x":515,"y":180,"width":383,"height":12}},{"id":"ed8a9b6a-cb98-46bf-8f5a-6e0e6ad7a880","block_type":"box","text":"opportunity to achieve its investment objective.","page_number":11,"box":{"x":515,"y":196,"width":352,"height":12}},{"id":"e6e9ee0a-70b3-4802-822c-a81641cabf9e","block_type":"box","text":"Mortgage- and Asset-Backed Securities Risks.","page_number":11,"box":{"x":515,"y":227,"width":376,"height":12}},{"id":"c74ef428-8ca0-4ce9-afb4-80c0ca87df11","block_type":"box","text":"Mortgage- and asset-backed securities represent","page_number":11,"box":{"x":516,"y":242,"width":369,"height":12}},{"id":"c507b3a5-f00d-4ad4-9e55-2fe882445f4c","block_type":"box","text":"interests in “pools” of mortgages or other assets,","page_number":11,"box":{"x":516,"y":258,"width":365,"height":12}},{"id":"6f844bd7-441d-45a2-8cd6-124a41451e0f","block_type":"box","text":"including consumer loans or receivables held in trust.","page_number":11,"box":{"x":516,"y":273,"width":399,"height":12}},{"id":"6092f480-f452-4636-84a9-33efaac88457","block_type":"box","text":"Mortgage- and asset-backed securities are subject to","page_number":11,"box":{"x":516,"y":289,"width":399,"height":12}},{"id":"db5b142e-7ae4-488f-a23d-662381828fa7","block_type":"box","text":"credit, interest rate, prepayment and extension risks.","page_number":11,"box":{"x":515,"y":304,"width":396,"height":12}},{"id":"2587eac8-6702-4072-8130-fb5dc7aa281e","block_type":"box","text":"These securities also are subject to risk of default on","page_number":11,"box":{"x":515,"y":320,"width":396,"height":12}},{"id":"9276a92f-13e0-49e9-87a4-92e684fd6129","block_type":"box","text":"the underlying mortgage or asset, particularly during","page_number":11,"box":{"x":515,"y":335,"width":393,"height":12}},{"id":"af923643-4f3c-470e-81f0-6ee2b7b559cd","block_type":"box","text":"periods of economic downturn. Small movements in","page_number":11,"box":{"x":516,"y":351,"width":389,"height":12}},{"id":"147af4f8-bd1b-41bd-a027-55810d119a70","block_type":"box","text":"interest rates (both increases and decreases) may","page_number":11,"box":{"x":516,"y":366,"width":378,"height":12}},{"id":"1294d6d8-00f8-4dce-90a7-937612a1830d","block_type":"box","text":"quickly and significantly reduce the value of certain","page_number":11,"box":{"x":515,"y":382,"width":383,"height":12}},{"id":"8d977ba5-1c77-44bc-b17b-cf8c296df6f1","block_type":"box","text":"mortgage-backed securities.","page_number":11,"box":{"x":516,"y":397,"width":215,"height":12}},{"id":"2e69df55-31cf-4919-9445-0cbd90a59d83","block_type":"box","text":"Municipal Securities Risks.","page_number":11,"box":{"x":515,"y":428,"width":216,"height":12}},{"id":"944a566a-a9b4-45b0-a7c3-ef589fb6ddb2","block_type":"box","text":"Municipal securities","page_number":11,"box":{"x":732,"y":428,"width":156,"height":12}},{"id":"b2e0f3d2-bba8-43d0-bce7-a2a4a2af5e05","block_type":"box","text":"risks include the ability of the issuer to repay the","page_number":11,"box":{"x":516,"y":444,"width":362,"height":12}},{"id":"20a2ebfb-2bf5-4132-add9-c3a5d87d8591","block_type":"box","text":"obligation, the relative lack of information about","page_number":11,"box":{"x":515,"y":459,"width":356,"height":12}},{"id":"c21daff1-b7c4-4530-8c65-dc909e87bca7","block_type":"box","text":"certain issuers of municipal securities, and the","page_number":11,"box":{"x":515,"y":475,"width":349,"height":12}},{"id":"c81bf60e-1ff1-44bf-890e-95265a6b86c3","block_type":"box","text":"possibility of future legislative changes which could","page_number":11,"box":{"x":516,"y":490,"width":382,"height":12}},{"id":"9281dcb6-8c19-4f0a-8f3a-21506a6f129b","block_type":"box","text":"affect the market for and value of municipal securities.","page_number":11,"box":{"x":515,"y":506,"width":407,"height":12}},{"id":"7959dfc3-8b56-4e27-b96f-58fdce80e4da","block_type":"box","text":"Budgetary constraints of local, state, and federal","page_number":11,"box":{"x":516,"y":521,"width":364,"height":12}},{"id":"76b952c4-4134-4323-9835-e6bcdacbf0cc","block_type":"box","text":"governments upon which the issuers may be relying","page_number":11,"box":{"x":515,"y":537,"width":392,"height":12}},{"id":"c49f73f8-171c-4d9b-9de8-7d9275b502d9","block_type":"box","text":"for funding may also impact municipal securities.","page_number":11,"box":{"x":515,"y":552,"width":366,"height":12}},{"id":"35319311-72ef-4218-8fab-fcba761a6d5b","block_type":"box","text":"These risks include:","page_number":11,"box":{"x":515,"y":568,"width":153,"height":9}},{"id":"8dc652d6-e52c-4328-bae4-783d6cdfce4a","block_type":"box","text":"General Obligation Bonds Risks.","page_number":11,"box":{"x":516,"y":599,"width":246,"height":12}},{"id":"0b6aa0a7-25cd-453a-8611-2ff964c89600","block_type":"box","text":"Timely payments","page_number":11,"box":{"x":763,"y":599,"width":131,"height":12}},{"id":"4e6584a8-3925-4152-9268-56bda4a81977","block_type":"box","text":"depend on the issuer’s credit quality, ability to raise","page_number":11,"box":{"x":515,"y":614,"width":385,"height":12}},{"id":"f49f4b91-0a82-4e91-99fb-c9a591105563","block_type":"box","text":"tax revenues and ability to maintain an adequate tax","page_number":11,"box":{"x":515,"y":630,"width":394,"height":12}},{"id":"7c71535b-dbc7-4be8-bfff-eb7f863121fd","block_type":"box","text":"base.","page_number":11,"box":{"x":516,"y":645,"width":45,"height":10}},{"id":"1f20d0f0-cdd5-4ff6-b73e-b54adefc23e6","block_type":"box","text":"Revenue Bonds Risks.","page_number":11,"box":{"x":515,"y":676,"width":168,"height":10}},{"id":"a24dc764-4b80-4242-ad23-58950b0f9f76","block_type":"box","text":"These payments depend on","page_number":11,"box":{"x":690,"y":676,"width":207,"height":12}},{"id":"d8050066-cf5e-4200-b779-f2c3a77d0a67","block_type":"box","text":"the money earned by the particular facility or class","page_number":11,"box":{"x":515,"y":692,"width":373,"height":12}},{"id":"c7efe551-2e4f-4bf1-9bb1-ed58b54a5c18","block_type":"box","text":"of facilities, or the amount of revenues derived from","page_number":11,"box":{"x":515,"y":707,"width":381,"height":11}},{"id":"ea12813b-bc09-44ba-810f-f7ffce84c5c3","block_type":"box","text":"another source.","page_number":11,"box":{"x":515,"y":723,"width":115,"height":9}},{"id":"9f67eadd-404c-42e7-b781-a1711192f2e0","block_type":"box","text":"Private Activity Bonds Risks.","page_number":11,"box":{"x":515,"y":754,"width":211,"height":12}},{"id":"ea6fb5c1-54ee-4919-8674-99f433c3a449","block_type":"box","text":"Municipalities and other","page_number":11,"box":{"x":734,"y":754,"width":175,"height":12}},{"id":"5e0df392-1b0c-486d-8f18-ac96514747fa","block_type":"box","text":"public authorities issue private activity bonds to","page_number":11,"box":{"x":516,"y":769,"width":349,"height":12}},{"id":"8d215cfa-64e7-487d-be44-b6f8da653dbb","block_type":"box","text":"finance development of industrial facilities for use by a","page_number":11,"box":{"x":515,"y":785,"width":402,"height":12}},{"id":"8288fed5-3e6e-4f73-86bb-d949a492a379","block_type":"box","text":"private enterprise. The private enterprise pays the","page_number":11,"box":{"x":516,"y":800,"width":370,"height":12}},{"id":"0fde07a2-0f63-48db-bc8d-c952943a8de0","block_type":"box","text":"principal and interest on the bond, and the issuer","page_number":11,"box":{"x":516,"y":816,"width":363,"height":12}},{"id":"e88381bd-4962-4ec7-951f-91d9d71a4a09","block_type":"box","text":"does not pledge its full faith, credit and taxing power","page_number":11,"box":{"x":515,"y":831,"width":392,"height":12}},{"id":"2b96015d-ae4d-4c2c-aeb7-479fb656668d","block_type":"box","text":"for repayment.","page_number":11,"box":{"x":515,"y":847,"width":113,"height":12}},{"id":"5bf755b0-18b9-4271-966a-3f5a6eb40c81","block_type":"box","text":"Moral Obligation Bonds Risks.","page_number":11,"box":{"x":515,"y":878,"width":230,"height":12}},{"id":"966b7485-dfd5-49d6-8800-246e7366f1de","block_type":"box","text":"Moral obligation bonds","page_number":11,"box":{"x":746,"y":878,"width":173,"height":12}},{"id":"85e0f73c-ee69-4b0f-b998-1e37aa0946a0","block_type":"box","text":"are generally issued by special purpose public","page_number":11,"box":{"x":515,"y":893,"width":348,"height":12}},{"id":"ccff2384-7d64-406d-9636-3da1be719144","block_type":"box","text":"authorities of a state or municipality. If the issuer is","page_number":11,"box":{"x":515,"y":909,"width":376,"height":12}},{"id":"69f19e0b-8f11-45c3-98c1-46f540a81fe9","block_type":"box","text":"S-9","page_number":11,"box":{"x":487,"y":955,"width":30,"height":10}},{"id":"3e8714fa-b511-47e7-9795-169229ef78a6","block_type":"box","text":"NM1026U-6049080-11/56","page_number":11,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"4075a9a9-cdd5-4130-a78b-d9647bfba461","block_type":"box","text":"unable to meet its obligations, repayment of these","page_number":12,"box":{"x":81,"y":56,"width":376,"height":12}},{"id":"280c08d0-8dc4-40b3-8b7e-b774debd8366","block_type":"box","text":"bonds becomes a moral commitment, but not a legal","page_number":12,"box":{"x":81,"y":72,"width":395,"height":12}},{"id":"4247c02d-bc14-424a-ae6c-7a855fb82ca3","block_type":"box","text":"obligation, of the state or municipality.","page_number":12,"box":{"x":81,"y":87,"width":286,"height":12}},{"id":"145d9323-7e10-4e79-bad3-d4012283c2ba","block_type":"box","text":"Municipal Notes Risks.","page_number":12,"box":{"x":81,"y":118,"width":174,"height":12}},{"id":"14da19b8-8fb2-4c1a-a62d-747bccde9a2b","block_type":"box","text":"Municipal notes are shorter","page_number":12,"box":{"x":256,"y":118,"width":207,"height":12}},{"id":"d145b3eb-e13c-48b4-9c21-a1ef97dad3f4","block_type":"box","text":"term municipal debt obligations. If there is a shortfall","page_number":12,"box":{"x":81,"y":134,"width":392,"height":12}},{"id":"be018428-1667-43da-b742-aae445495bae","block_type":"box","text":"in the anticipated proceeds, the notes may not be fully","page_number":12,"box":{"x":81,"y":149,"width":406,"height":12}},{"id":"df12cdac-e843-4194-865c-c7da5684ef90","block_type":"box","text":"repaid and the Fund may lose money.","page_number":12,"box":{"x":81,"y":165,"width":287,"height":12}},{"id":"9a6899ae-bb88-49a6-83f2-01d9fb2078d4","block_type":"box","text":"Municipal Lease Obligations Risks.","page_number":12,"box":{"x":81,"y":196,"width":265,"height":12}},{"id":"9187cb49-4719-4574-b6af-28410c23163a","block_type":"box","text":"In a municipal","page_number":12,"box":{"x":347,"y":196,"width":107,"height":11}},{"id":"f681d7d8-aa30-486c-955b-7fb5228f6645","block_type":"box","text":"lease obligation, the issuer agrees to make payments","page_number":12,"box":{"x":81,"y":211,"width":402,"height":12}},{"id":"23a1545e-af56-4096-ae66-9e5781337035","block_type":"box","text":"when due on the lease obligation. Although the issuer","page_number":12,"box":{"x":80,"y":227,"width":404,"height":12}},{"id":"c7a72498-f801-40fd-83c8-613ef44a29fe","block_type":"box","text":"does not pledge its unlimited taxing power for","page_number":12,"box":{"x":81,"y":242,"width":342,"height":12}},{"id":"ef210633-24f9-483d-8330-9214937a865f","block_type":"box","text":"payment of the lease obligation, the lease obligation is","page_number":12,"box":{"x":81,"y":258,"width":408,"height":12}},{"id":"619495ff-e33d-498e-900f-e3b4767d47c1","block_type":"box","text":"secured by the leased property.","page_number":12,"box":{"x":81,"y":273,"width":240,"height":12}},{"id":"6c779af6-778d-4d9f-acb8-b159ae81d207","block_type":"box","text":"Tax-Exempt Status Risk","page_number":12,"box":{"x":82,"y":304,"width":180,"height":12}},{"id":"1d6c54ba-286c-42cf-a155-e5e94927c253","block_type":"box","text":". The Fund and its investment","page_number":12,"box":{"x":262,"y":304,"width":225,"height":10}},{"id":"5a96dfaf-564c-46bb-91e7-7f49e04b087a","block_type":"box","text":"manager will rely on the opinion of issuers’ bond","page_number":12,"box":{"x":81,"y":320,"width":363,"height":12}},{"id":"3055058a-1f69-4f60-9267-7f6daf0e3016","block_type":"box","text":"counsel and, in the case of derivative securities,","page_number":12,"box":{"x":81,"y":335,"width":361,"height":11}},{"id":"954c75f9-a58a-4a87-b003-fea509614a0a","block_type":"box","text":"sponsors’ counsel, on the tax-exempt status of","page_number":12,"box":{"x":81,"y":351,"width":351,"height":12}},{"id":"ba6f6e74-a069-44c9-8b79-96fadd60f91d","block_type":"box","text":"interest on municipal bonds and payments under","page_number":12,"box":{"x":81,"y":366,"width":367,"height":12}},{"id":"89f23c4d-25d5-408e-b2ca-93349c41f539","block_type":"box","text":"derivative securities. Neither the Fund nor its","page_number":12,"box":{"x":81,"y":382,"width":337,"height":9}},{"id":"bcef5a12-be94-4ccc-9236-5ac00056db21","block_type":"box","text":"investment manager will independently review the","page_number":12,"box":{"x":81,"y":397,"width":375,"height":12}},{"id":"765e0178-c66b-4205-95b2-f45bc86f8597","block_type":"box","text":"bases for those tax opinions, which may ultimately be","page_number":12,"box":{"x":81,"y":413,"width":402,"height":12}},{"id":"e0cc86af-6907-427e-b662-147c51a5a6b1","block_type":"box","text":"determined to be incorrect and subject the Fund and","page_number":12,"box":{"x":81,"y":428,"width":394,"height":12}},{"id":"9457638f-0a3d-4a62-9543-7ce6e342916b","block_type":"box","text":"its shareholders to substantial tax liabilities.","page_number":12,"box":{"x":81,"y":444,"width":327,"height":9}},{"id":"e1615c87-d8f7-4c05-8b29-c0708476fbda","block_type":"box","text":"New Fund Risk.","page_number":12,"box":{"x":81,"y":475,"width":129,"height":9}},{"id":"af2215c2-b721-4910-84f8-99586b55c11e","block_type":"box","text":"The","page_number":12,"box":{"x":211,"y":475,"width":28,"height":9}},{"id":"500f705a-a5ae-4e79-988e-99954455b216","block_type":"box","text":"Fund is new and has limited or","page_number":12,"box":{"x":245,"y":475,"width":232,"height":9}},{"id":"8feee653-13fa-4b5f-b7f2-8d89808c689f","block_type":"box","text":"no performance history as of the date of this","page_number":12,"box":{"x":81,"y":490,"width":333,"height":12}},{"id":"5a751a4b-4228-49b0-b36f-c49988101347","block_type":"box","text":"Prospectus. Like other new funds, large inflows and","page_number":12,"box":{"x":82,"y":506,"width":388,"height":12}},{"id":"2228bafd-32d6-4297-b7a2-706e947306b2","block_type":"box","text":"outflows may impact the Fund’s market exposure, and","page_number":12,"box":{"x":81,"y":521,"width":407,"height":12}},{"id":"6ebbf78e-9dd5-49d7-9cc3-3ac430de1eb5","block_type":"box","text":"in turn, the Fund’s returns for limited periods of time.","page_number":12,"box":{"x":81,"y":537,"width":393,"height":12}},{"id":"ffde0155-5b13-4bb2-a17a-6c266a4f8ea5","block_type":"box","text":"While the Fund is new, it may temporarily not be fully","page_number":12,"box":{"x":81,"y":552,"width":398,"height":12}},{"id":"27423c1e-d4a8-4343-a19e-a56574181ca2","block_type":"box","text":"invested consistent with the principal investment","page_number":12,"box":{"x":81,"y":568,"width":363,"height":12}},{"id":"9af874f5-4d22-438b-8c3f-773e31d73cc0","block_type":"box","text":"strategies disclosed in its prospectus.","page_number":12,"box":{"x":81,"y":583,"width":283,"height":12}},{"id":"db908eb9-e08e-4fa4-b16f-6081e4a1c420","block_type":"box","text":"Non-Diversification Risk.","page_number":12,"box":{"x":81,"y":614,"width":197,"height":10}},{"id":"bb9798f3-c236-4cf9-9e1a-53a3b48e8d89","block_type":"box","text":"The Fund is a","page_number":12,"box":{"x":280,"y":614,"width":112,"height":10}},{"id":"aac1e1ec-53b8-41e7-a203-8159cd7abcc8","block_type":"box","text":"non-diversified fund. Because the Fund may invest in","page_number":12,"box":{"x":81,"y":630,"width":400,"height":12}},{"id":"84017fdc-89df-4e75-9d58-e0a44269f840","block_type":"box","text":"securities of a smaller number of issuers, it may be","page_number":12,"box":{"x":81,"y":645,"width":383,"height":12}},{"id":"fb35bf26-9aea-43b6-8688-ee86da3eda11","block_type":"box","text":"more exposed to the risks associated with and","page_number":12,"box":{"x":81,"y":661,"width":343,"height":12}},{"id":"4b618381-f57b-4342-b4cd-7935cdf5c443","block_type":"box","text":"developments affecting an individual issuer than a","page_number":12,"box":{"x":81,"y":676,"width":371,"height":12}},{"id":"c31251ec-e398-48fd-a3b1-a7b4df0a9b3f","block_type":"box","text":"fund that invests more widely.","page_number":12,"box":{"x":80,"y":692,"width":221,"height":12}},{"id":"1188b2b0-dbd2-4a3c-8091-9fb90e5fde55","block_type":"box","text":"Operational and Technology Risks.","page_number":12,"box":{"x":82,"y":723,"width":279,"height":12}},{"id":"9a19fa3a-ffb6-4d69-9e04-e466ab046a39","block_type":"box","text":"The Fund is","page_number":12,"box":{"x":367,"y":723,"width":88,"height":9}},{"id":"869a3a53-9991-49d2-97a9-10b89dedbffa","block_type":"box","text":"directly and indirectly susceptible to operational and","page_number":12,"box":{"x":81,"y":738,"width":383,"height":12}},{"id":"11c1d180-c19e-4635-a550-4574e49032c5","block_type":"box","text":"technology risks, including those related to human","page_number":12,"box":{"x":81,"y":754,"width":371,"height":12}},{"id":"0a9be62a-3889-43d7-b475-dee3d3426666","block_type":"box","text":"errors, processing errors, communication errors,","page_number":12,"box":{"x":81,"y":769,"width":357,"height":12}},{"id":"2cfafa56-4b86-4f01-9d56-6a51f10132a0","block_type":"box","text":"systems failures, cybersecurity incidents, and the use","page_number":12,"box":{"x":81,"y":785,"width":397,"height":12}},{"id":"4608cb90-0495-443b-b859-606430b26b6c","block_type":"box","text":"of artificial intelligence and machine learning (“AI”),","page_number":12,"box":{"x":81,"y":800,"width":376,"height":12}},{"id":"f5fa0c4e-faef-43d8-83d1-e6a83f5d8595","block_type":"box","text":"which may result in losses for the Fund and its","page_number":12,"box":{"x":80,"y":816,"width":345,"height":12}},{"id":"5bfecedf-f52e-4b88-b4b6-ed12507afdaa","block_type":"box","text":"shareholders or may impair the Fund’s operations.","page_number":12,"box":{"x":81,"y":831,"width":379,"height":12}},{"id":"7874a2ff-7db2-4cd8-b92a-95b2dc72954a","block_type":"box","text":"While the Fund’s service providers are required to","page_number":12,"box":{"x":81,"y":847,"width":375,"height":12}},{"id":"b5811d5f-0961-41f0-ab5f-4b98f41e14bb","block_type":"box","text":"have appropriate operational, information security and","page_number":12,"box":{"x":81,"y":862,"width":406,"height":12}},{"id":"2e48ed86-f6d6-4ab7-b4bc-832a8abe18de","block_type":"box","text":"cybersecurity risk management policies and","page_number":12,"box":{"x":81,"y":878,"width":330,"height":12}},{"id":"1ecff6b9-e6bf-4404-97db-b3bc2275d7eb","block_type":"box","text":"procedures, their methods of risk management may","page_number":12,"box":{"x":81,"y":893,"width":389,"height":12}},{"id":"b01482a7-c6b5-4f81-a349-b64f4c86620e","block_type":"box","text":"differ from those of the Fund. Operational and","page_number":12,"box":{"x":81,"y":909,"width":339,"height":12}},{"id":"552f52a8-046f-4e36-b592-3c6bd51e3529","block_type":"box","text":"technology risks for the issuers in which the Fund","page_number":12,"box":{"x":515,"y":56,"width":372,"height":12}},{"id":"7f06769c-edae-4254-b53a-7b7d4829205a","block_type":"box","text":"invests could also result in material adverse","page_number":12,"box":{"x":516,"y":72,"width":329,"height":9}},{"id":"e2bcad04-da3b-44dc-8948-fccbdeeb7a62","block_type":"box","text":"consequences for such issuers and may cause the","page_number":12,"box":{"x":515,"y":87,"width":382,"height":12}},{"id":"0cf5799f-89d8-4350-aab7-b65089750dbb","block_type":"box","text":"Fund’s investments in such issuers to lose value.","page_number":12,"box":{"x":516,"y":103,"width":368,"height":9}},{"id":"b9b1eafe-abb5-4e11-b969-90e43ac86f69","block_type":"box","text":"Preferred Securities Risk.","page_number":12,"box":{"x":515,"y":134,"width":203,"height":9}},{"id":"dc415f19-96e8-457d-9cea-0697e65b3627","block_type":"box","text":"Preferred securities may","page_number":12,"box":{"x":720,"y":134,"width":192,"height":12}},{"id":"ffad2859-45da-44aa-8e3a-3d91ce5d20fa","block_type":"box","text":"pay fixed or adjustable rates of return. Preferred","page_number":12,"box":{"x":516,"y":149,"width":361,"height":12}},{"id":"ac7940d2-4f1c-4a8a-a99a-0dd20db0be56","block_type":"box","text":"securities are subject to issuer-specific and market","page_number":12,"box":{"x":515,"y":165,"width":381,"height":12}},{"id":"727dd658-ee13-4155-ac7e-a7afba806d76","block_type":"box","text":"risks applicable generally to equity securities. In","page_number":12,"box":{"x":516,"y":180,"width":359,"height":12}},{"id":"4baf4f76-5cad-44c9-902a-fb90546e7121","block_type":"box","text":"addition, a company’s preferred securities generally","page_number":12,"box":{"x":515,"y":196,"width":389,"height":12}},{"id":"895367d0-3197-4ffc-80d8-5ae65f233bc8","block_type":"box","text":"pay dividends only after the company makes required","page_number":12,"box":{"x":516,"y":211,"width":402,"height":12}},{"id":"acd05def-2757-4276-a20e-5a650d80b7ee","block_type":"box","text":"payments to holders of its bonds and other debt. For","page_number":12,"box":{"x":516,"y":227,"width":394,"height":12}},{"id":"8690717f-79db-413b-9454-9997b561a132","block_type":"box","text":"this reason, the value of preferred securities will","page_number":12,"box":{"x":515,"y":242,"width":360,"height":12}},{"id":"640515ac-ea66-4fb8-b60b-2db2e060a39a","block_type":"box","text":"usually react more strongly than bonds and other debt","page_number":12,"box":{"x":516,"y":258,"width":406,"height":12}},{"id":"ad25d6cc-8b7e-4db7-b68a-be0710bbbe23","block_type":"box","text":"to actual or perceived changes in the company’s","page_number":12,"box":{"x":515,"y":273,"width":365,"height":12}},{"id":"1c45fed5-c0a2-4c6a-a798-229d175feece","block_type":"box","text":"financial condition or prospects. Preferred securities","page_number":12,"box":{"x":515,"y":289,"width":391,"height":12}},{"id":"383ecfab-8736-4f79-9c3b-0b2072d4c406","block_type":"box","text":"of smaller companies may be more vulnerable to","page_number":12,"box":{"x":515,"y":304,"width":367,"height":12}},{"id":"edc57451-7610-4073-9780-aeb38368b2b6","block_type":"box","text":"adverse developments than preferred securities of","page_number":12,"box":{"x":515,"y":320,"width":379,"height":12}},{"id":"f4c40ace-6acc-4a82-90bb-2ff596fe9ad3","block_type":"box","text":"larger companies.","page_number":12,"box":{"x":516,"y":335,"width":137,"height":12}},{"id":"4f4efbb3-5453-433e-b592-426bce9a0ff0","block_type":"box","text":"Real Estate-Related Securities Risk.","page_number":12,"box":{"x":515,"y":366,"width":292,"height":10}},{"id":"41d32751-6c69-4026-b44f-2bb902806926","block_type":"box","text":"The main risk","page_number":12,"box":{"x":807,"y":366,"width":105,"height":10}},{"id":"ee13c7dd-da13-4184-8557-939cdb07c1b5","block_type":"box","text":"of real estate-related securities is that the value of the","page_number":12,"box":{"x":515,"y":382,"width":404,"height":9}},{"id":"6cff939c-5861-469d-b8d8-19ad59422b04","block_type":"box","text":"underlying real estate may go down. Many factors","page_number":12,"box":{"x":516,"y":397,"width":375,"height":12}},{"id":"7bcfaf08-048b-4eac-8d4d-635e147c1e2d","block_type":"box","text":"may affect real estate values. These factors include","page_number":12,"box":{"x":516,"y":413,"width":387,"height":12}},{"id":"e9b57b70-87d8-4920-b50a-eb617b476d8b","block_type":"box","text":"both the general and local economies, vacancy rates,","page_number":12,"box":{"x":516,"y":428,"width":401,"height":12}},{"id":"06a37b93-2634-4b1b-86f0-7ae46ff7edc2","block_type":"box","text":"changes in rent schedules, tenant bankruptcies, the","page_number":12,"box":{"x":515,"y":444,"width":389,"height":12}},{"id":"573d4744-4151-4773-b78c-2ef0b68db8b5","block_type":"box","text":"ability to re-lease space under expiring leases on","page_number":12,"box":{"x":515,"y":459,"width":369,"height":12}},{"id":"c3d78a66-9eb4-46ac-af04-d1b63e24b841","block_type":"box","text":"attractive terms, the amount of new construction in a","page_number":12,"box":{"x":515,"y":475,"width":395,"height":11}},{"id":"76933a6e-c7bc-4422-b087-312bf8618be3","block_type":"box","text":"particular area, the laws and regulations (including","page_number":12,"box":{"x":516,"y":490,"width":378,"height":12}},{"id":"eed64257-cd5f-498a-ac19-6fbe44831796","block_type":"box","text":"zoning, environmental and tax laws) affecting real","page_number":12,"box":{"x":515,"y":506,"width":374,"height":12}},{"id":"ede51a15-05e1-45b6-b3d9-3e2d49ed0afe","block_type":"box","text":"estate and the costs of owning, maintaining and","page_number":12,"box":{"x":515,"y":521,"width":360,"height":12}},{"id":"09efcedc-70a0-4458-bd1c-0c1154944280","block_type":"box","text":"improving real estate. The availability of mortgage","page_number":12,"box":{"x":516,"y":537,"width":375,"height":12}},{"id":"d4938809-322c-4ae0-b978-92c83e7d736c","block_type":"box","text":"financing and changes in interest rates may also","page_number":12,"box":{"x":515,"y":552,"width":365,"height":12}},{"id":"4feb0034-b154-4260-a4f9-89f9c70ffeca","block_type":"box","text":"affect real estate values. If the Fund’s real estate","page_number":12,"box":{"x":515,"y":568,"width":368,"height":9}},{"id":"094f21ff-c38a-4339-9584-d523058854b3","block_type":"box","text":"related investments are concentrated in one","page_number":12,"box":{"x":516,"y":583,"width":331,"height":10}},{"id":"01527515-af66-4ca9-94b6-625ce64139b3","block_type":"box","text":"geographic area or in one property type, the Fund will","page_number":12,"box":{"x":515,"y":599,"width":403,"height":12}},{"id":"13765d63-647b-4005-a15f-e4ab027c2bfa","block_type":"box","text":"be particularly subject to the risks associated with that","page_number":12,"box":{"x":516,"y":614,"width":405,"height":12}},{"id":"0a9cabcf-aa5d-40b4-a57a-4d51aa519d3d","block_type":"box","text":"area or property type. Many issuers of real estate","page_number":12,"box":{"x":515,"y":630,"width":372,"height":12}},{"id":"949e9d77-5a66-48ca-8888-1022fff993ea","block_type":"box","text":"related securities are highly leveraged, which","page_number":12,"box":{"x":516,"y":645,"width":339,"height":12}},{"id":"824ac42f-8f56-4f0b-a935-a660970093f2","block_type":"box","text":"increases the risk to holders of such securities. The","page_number":12,"box":{"x":516,"y":661,"width":381,"height":9}},{"id":"c87bca90-dfbd-49eb-8419-cd80d96c7720","block_type":"box","text":"value of the securities the Fund buys will not","page_number":12,"box":{"x":515,"y":676,"width":330,"height":12}},{"id":"0f578b3e-e041-43d5-b921-83c89cc7dc44","block_type":"box","text":"necessarily track the value of the underlying","page_number":12,"box":{"x":516,"y":692,"width":325,"height":12}},{"id":"58535bf7-0e22-4cf0-b1b5-c39b829bcdcc","block_type":"box","text":"investments of the issuers of such securities. In","page_number":12,"box":{"x":516,"y":707,"width":350,"height":10}},{"id":"444003c3-2688-41c9-a73a-601029d64251","block_type":"box","text":"addition, certain issuers of real estate-related","page_number":12,"box":{"x":515,"y":723,"width":334,"height":11}},{"id":"40a56ab2-c595-4916-8cd1-45e5a9d9b40a","block_type":"box","text":"securities may have developed or commenced","page_number":12,"box":{"x":515,"y":738,"width":346,"height":12}},{"id":"7df7eb11-8f0b-4821-a76a-6030fa976cfb","block_type":"box","text":"development on properties and may develop","page_number":12,"box":{"x":515,"y":754,"width":331,"height":12}},{"id":"ae1421f7-c24e-4b06-ae27-338dd2065cbb","block_type":"box","text":"additional properties in the future. Real estate","page_number":12,"box":{"x":515,"y":769,"width":339,"height":12}},{"id":"48cc5fca-476b-4f9f-9161-2b1e6856301f","block_type":"box","text":"development involves significant risks in addition to","page_number":12,"box":{"x":515,"y":785,"width":380,"height":12}},{"id":"46109145-7731-48b8-964b-17d0528f48a8","block_type":"box","text":"those involved in the ownership and operation of","page_number":12,"box":{"x":515,"y":800,"width":361,"height":12}},{"id":"df242706-05b4-49ad-a136-ca1d6474a607","block_type":"box","text":"established properties. Real estate securities may","page_number":12,"box":{"x":515,"y":816,"width":371,"height":12}},{"id":"12afd2be-0ad9-4acb-8251-bbbaa4ad561e","block_type":"box","text":"have limited diversification and are, therefore, subject","page_number":12,"box":{"x":516,"y":831,"width":401,"height":12}},{"id":"1b7f4ab1-89ad-402c-b494-4e5d2ad8d612","block_type":"box","text":"to risks inherent in operating and financing a limited","page_number":12,"box":{"x":515,"y":847,"width":388,"height":12}},{"id":"74de9609-0e31-4f26-98f7-91c5f18317d0","block_type":"box","text":"number of projects. Real estate securities are also","page_number":12,"box":{"x":516,"y":862,"width":378,"height":12}},{"id":"7dd17b57-bd8e-4a2e-80cd-3b3a5e8ba22f","block_type":"box","text":"subject to heavy cash flow dependency and defaults","page_number":12,"box":{"x":515,"y":878,"width":394,"height":12}},{"id":"a158899e-4866-4f5d-bb44-8a36329e431f","block_type":"box","text":"by borrowers or tenants.","page_number":12,"box":{"x":516,"y":893,"width":185,"height":12}},{"id":"fd96cba6-e4ea-47ef-abae-e9c8687d17c0","block_type":"box","text":"S-10","page_number":12,"box":{"x":482,"y":955,"width":40,"height":10}},{"id":"d3eb9099-b960-4ae6-afee-f8fb46a7943c","block_type":"box","text":"NM1026U-6049080-12/56","page_number":12,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"98e9000f-6a3e-403c-991a-ec20ca2af206","block_type":"box","text":"REIT Investment Risk.","page_number":13,"box":{"x":81,"y":56,"width":175,"height":10}},{"id":"6cf7e920-c4e1-47b2-b381-6aa110456bd6","block_type":"box","text":"Investments in REITs involve","page_number":13,"box":{"x":257,"y":56,"width":227,"height":10}},{"id":"919de7f9-3df5-41f3-84d5-1f4f01a9f801","block_type":"box","text":"unique risks. REITs may have limited financial","page_number":13,"box":{"x":81,"y":71,"width":347,"height":13}},{"id":"431fe085-6af3-4a67-bb83-d87b13e203de","block_type":"box","text":"resources, may trade less frequently and in limited","page_number":13,"box":{"x":81,"y":87,"width":379,"height":12}},{"id":"e83c7b15-293c-4df4-a613-d840beeaa9e2","block_type":"box","text":"volume, may engage in dilutive offerings of securities","page_number":13,"box":{"x":81,"y":102,"width":399,"height":13}},{"id":"95204850-dae5-470a-a610-45e98e16f35e","block_type":"box","text":"and may be more volatile than other securities. REIT","page_number":13,"box":{"x":81,"y":118,"width":396,"height":12}},{"id":"2f9b81bd-84db-4496-bf6b-b1cd2bc54385","block_type":"box","text":"issuers may also fail to maintain their exemptions","page_number":13,"box":{"x":81,"y":134,"width":371,"height":12}},{"id":"23f1c671-ffda-4a11-b46e-87c4ea54d679","block_type":"box","text":"from investment company registration or fail to qualify","page_number":13,"box":{"x":80,"y":149,"width":404,"height":12}},{"id":"342b78c2-60fa-4207-9321-bfd64a7c7b7e","block_type":"box","text":"for the “dividends paid deduction” under the Internal","page_number":13,"box":{"x":80,"y":165,"width":391,"height":11}},{"id":"ff3b8400-ac18-4e44-9f39-a928affbd761","block_type":"box","text":"Revenue Code of 1986, as amended (the “Internal","page_number":13,"box":{"x":82,"y":180,"width":378,"height":12}},{"id":"4cef4456-24a5-419a-b38a-40ad397a00b9","block_type":"box","text":"Revenue Code”), which allows REITs to reduce their","page_number":13,"box":{"x":82,"y":196,"width":394,"height":12}},{"id":"b45abc5a-4c21-4369-a85f-352718719cb9","block_type":"box","text":"corporate taxable income for dividends paid to their","page_number":13,"box":{"x":81,"y":211,"width":386,"height":12}},{"id":"107e4ead-ace8-41f4-9aef-0fdc3a5009cc","block_type":"box","text":"shareholders.","page_number":13,"box":{"x":81,"y":227,"width":106,"height":9}},{"id":"aafea074-a683-4a67-81ca-a2eea532b00e","block_type":"box","text":"Repurchase Agreements and Purchase and Sale","page_number":13,"box":{"x":81,"y":258,"width":391,"height":12}},{"id":"53af5e2b-1de8-4241-afd4-38ba79530fac","block_type":"box","text":"Contracts Risk.","page_number":13,"box":{"x":82,"y":273,"width":121,"height":10}},{"id":"66099a92-4743-473c-b252-63243e20c8c1","block_type":"box","text":"If the other party to a repurchase","page_number":13,"box":{"x":204,"y":273,"width":254,"height":12}},{"id":"2a0742ea-7383-4ee5-9295-117bc4a5b200","block_type":"box","text":"agreement or purchase and sale contract defaults on","page_number":13,"box":{"x":81,"y":289,"width":398,"height":12}},{"id":"e63e2d5b-7970-41bd-84ec-3ed2276bc1ce","block_type":"box","text":"its obligation under the agreement, the Fund may","page_number":13,"box":{"x":81,"y":304,"width":371,"height":12}},{"id":"274a535f-aef8-47a4-b646-fdfbf55a4c5e","block_type":"box","text":"suffer delays and incur costs or lose money in","page_number":13,"box":{"x":81,"y":320,"width":346,"height":12}},{"id":"595449c2-dd83-42f1-afae-8bc4e4e97170","block_type":"box","text":"exercising its rights under the agreement. If the seller","page_number":13,"box":{"x":81,"y":335,"width":400,"height":12}},{"id":"a2c383d1-c513-4af3-ae41-565911417c41","block_type":"box","text":"fails to repurchase the security in either situation and","page_number":13,"box":{"x":80,"y":351,"width":398,"height":12}},{"id":"d559a297-eeec-472f-bf00-dc71956bc438","block_type":"box","text":"the market value of the security declines, the Fund","page_number":13,"box":{"x":81,"y":366,"width":380,"height":12}},{"id":"5b00adf5-1470-4fd7-8ed1-cc3dc387e285","block_type":"box","text":"may lose money.","page_number":13,"box":{"x":81,"y":382,"width":131,"height":12}},{"id":"3cc553e5-622d-46ee-af96-ce32497d107a","block_type":"box","text":"Reverse Repurchase Agreements Risk.","page_number":13,"box":{"x":81,"y":413,"width":311,"height":12}},{"id":"dc4ca1ae-b6bd-401d-b2f1-1b9916f954eb","block_type":"box","text":"Reverse","page_number":13,"box":{"x":394,"y":413,"width":72,"height":9}},{"id":"a46a7371-b7e7-4948-863c-33dacb0bca51","block_type":"box","text":"repurchase agreements involve the sale of securities","page_number":13,"box":{"x":81,"y":428,"width":397,"height":12}},{"id":"d0d5a0ed-3072-4aa4-a7df-d217a16770be","block_type":"box","text":"held by the Fund with an agreement to repurchase","page_number":13,"box":{"x":81,"y":444,"width":380,"height":12}},{"id":"d382039b-77b9-4b50-961f-fc56cc991b44","block_type":"box","text":"the securities at an agreed-upon price, date and","page_number":13,"box":{"x":81,"y":459,"width":362,"height":12}},{"id":"fe45e524-69f1-4f3d-99bb-59d353b9f160","block_type":"box","text":"interest payment. Reverse repurchase agreements","page_number":13,"box":{"x":81,"y":475,"width":383,"height":12}},{"id":"29766bfc-e51d-4b96-800f-a71c1e1b72d4","block_type":"box","text":"involve the risk that the other party may fail to return","page_number":13,"box":{"x":81,"y":490,"width":392,"height":12}},{"id":"27af44b1-d5ab-4659-8eac-597331f872d7","block_type":"box","text":"the securities in a timely manner or at all. The Fund","page_number":13,"box":{"x":81,"y":506,"width":387,"height":12}},{"id":"e673bb55-80af-408a-8a3e-8a27f2f92c23","block_type":"box","text":"could lose money if it is unable to recover the","page_number":13,"box":{"x":81,"y":521,"width":341,"height":12}},{"id":"69cad7db-d098-4295-8830-9316bf461529","block_type":"box","text":"securities and the value of the collateral held by the","page_number":13,"box":{"x":81,"y":537,"width":387,"height":12}},{"id":"f847ae50-f548-4e3c-a867-71a367e1642a","block_type":"box","text":"Fund, including the value of the investments made","page_number":13,"box":{"x":82,"y":552,"width":378,"height":12}},{"id":"ef8f0627-4301-4952-a4ee-0e834a6ccdb5","block_type":"box","text":"with cash collateral, is less than the value of the","page_number":13,"box":{"x":80,"y":568,"width":361,"height":11}},{"id":"be5c0fcc-2e99-4545-935c-0e297baa0dff","block_type":"box","text":"securities. These events could also trigger adverse","page_number":13,"box":{"x":81,"y":583,"width":383,"height":12}},{"id":"572cab26-6052-411c-adcf-36085ce6a917","block_type":"box","text":"tax consequences for the Fund. In addition, reverse","page_number":13,"box":{"x":81,"y":599,"width":388,"height":12}},{"id":"df6c5ef8-fcee-4f88-86f0-33545c4cae78","block_type":"box","text":"repurchase agreements involve the risk that the","page_number":13,"box":{"x":81,"y":614,"width":359,"height":12}},{"id":"f68fc943-6735-4cb6-8173-47247e56d972","block_type":"box","text":"interest income earned in the investment of the","page_number":13,"box":{"x":81,"y":630,"width":354,"height":9}},{"id":"641e3b62-84fb-4104-b5a0-bcfed3af45ff","block_type":"box","text":"proceeds will be less than the interest expense.","page_number":13,"box":{"x":81,"y":645,"width":358,"height":12}},{"id":"7693ead8-f411-4ddb-97e4-cd0e897b0126","block_type":"box","text":"Risk of Investing in the United States.","page_number":13,"box":{"x":81,"y":676,"width":300,"height":12}},{"id":"16505684-fa8f-45c5-a73d-81fca698eb8d","block_type":"box","text":"Certain","page_number":13,"box":{"x":387,"y":676,"width":53,"height":10}},{"id":"cfbe1e33-6e26-4abe-a754-70705cf11e6c","block_type":"box","text":"changes in the U.S. economy, such as when the U.S.","page_number":13,"box":{"x":81,"y":692,"width":396,"height":12}},{"id":"e85e698a-2b69-4199-a83d-e1432c0d173a","block_type":"box","text":"economy weakens or when its financial markets","page_number":13,"box":{"x":81,"y":707,"width":355,"height":12}},{"id":"811fe549-a31b-4214-8334-6e0c8d130ad6","block_type":"box","text":"decline, may have an adverse effect on the securities","page_number":13,"box":{"x":81,"y":723,"width":396,"height":12}},{"id":"1885e92d-4ca5-41e2-a477-e5d3181d2ff5","block_type":"box","text":"to which the Fund has exposure.","page_number":13,"box":{"x":81,"y":738,"width":241,"height":12}},{"id":"fc31c245-0310-4363-9a98-791acd0a1132","block_type":"box","text":"Risks of Loan Assignments and Participations.","page_number":13,"box":{"x":81,"y":769,"width":374,"height":12}},{"id":"5405fd51-f3a8-4011-a07a-2208b3d9cdb4","block_type":"box","text":"As","page_number":13,"box":{"x":461,"y":769,"width":19,"height":10}},{"id":"d61427b4-199e-4948-9479-0e448136b5c0","block_type":"box","text":"the purchaser of an assignment, the Fund typically","page_number":13,"box":{"x":81,"y":785,"width":375,"height":12}},{"id":"371c56e3-1814-4fcf-8575-079869213e37","block_type":"box","text":"succeeds to all the rights and obligations of the","page_number":13,"box":{"x":81,"y":800,"width":349,"height":12}},{"id":"c5791688-86dd-4616-baec-8078321d45f1","block_type":"box","text":"assigning institution and becomes a lender under the","page_number":13,"box":{"x":81,"y":816,"width":393,"height":12}},{"id":"8f7d2de6-bbf2-4eaa-844e-dabce97a26e7","block_type":"box","text":"credit agreement with respect to the debt obligation;","page_number":13,"box":{"x":81,"y":831,"width":391,"height":12}},{"id":"99c4aa53-2821-483c-a648-a682e8431e64","block_type":"box","text":"however, the Fund may not be able unilaterally to","page_number":13,"box":{"x":81,"y":847,"width":372,"height":12}},{"id":"634e2479-249c-4001-82d3-43b38d8dc284","block_type":"box","text":"enforce all rights and remedies under the loan and","page_number":13,"box":{"x":81,"y":862,"width":379,"height":12}},{"id":"8b9b81ca-4569-49d8-adfb-1bb2a1ede73a","block_type":"box","text":"with regard to any associated collateral. Because","page_number":13,"box":{"x":80,"y":878,"width":371,"height":12}},{"id":"5401d9e5-de9a-4f96-954b-d840e046e7a9","block_type":"box","text":"assignments may be arranged through private","page_number":13,"box":{"x":81,"y":893,"width":347,"height":12}},{"id":"666bb7de-6051-4754-8a9a-c9dc72c268c1","block_type":"box","text":"negotiations between potential assignees and","page_number":13,"box":{"x":81,"y":909,"width":339,"height":12}},{"id":"139988b6-99ef-4bbe-a7a5-57062f03e8c5","block_type":"box","text":"potential assignors, the rights and obligations","page_number":13,"box":{"x":516,"y":56,"width":340,"height":12}},{"id":"7fd0939f-2a3a-4763-9bcf-c4cdad632afb","block_type":"box","text":"acquired by the Fund as the purchaser of an","page_number":13,"box":{"x":515,"y":71,"width":335,"height":13}},{"id":"70db1d39-477a-47d3-8bc9-c4dded2ee80a","block_type":"box","text":"assignment may differ from, and be more limited than,","page_number":13,"box":{"x":515,"y":87,"width":407,"height":12}},{"id":"eefea0e7-74af-4842-b7fe-61594d8748c6","block_type":"box","text":"those held by the assigning lender. In addition, if the","page_number":13,"box":{"x":515,"y":102,"width":393,"height":13}},{"id":"269e1ffb-5cce-41fa-b864-7f5bb20ee0e0","block_type":"box","text":"loan is foreclosed, the Fund could become part owner","page_number":13,"box":{"x":516,"y":118,"width":404,"height":12}},{"id":"e85bd8cd-c805-4ccf-9594-69acd92c8140","block_type":"box","text":"of any collateral and could bear the costs and","page_number":13,"box":{"x":515,"y":134,"width":343,"height":12}},{"id":"fb1f6c28-f326-469b-b7f6-33210e4d4c37","block_type":"box","text":"liabilities of owning and disposing of the collateral.","page_number":13,"box":{"x":516,"y":149,"width":375,"height":12}},{"id":"bf17b59f-1217-4e24-baec-2401dbecf5cb","block_type":"box","text":"The Fund may be required to pass along to a","page_number":13,"box":{"x":515,"y":165,"width":340,"height":12}},{"id":"8abf550b-b809-4c17-8e2f-c7096521d10d","block_type":"box","text":"purchaser that buys a loan from the Fund by way of","page_number":13,"box":{"x":516,"y":180,"width":387,"height":12}},{"id":"57a8049a-00b9-4b18-b9e0-a46f259cdf26","block_type":"box","text":"assignment a portion of any fees to which the Fund is","page_number":13,"box":{"x":515,"y":196,"width":402,"height":12}},{"id":"f7e1dbd9-7504-485d-a89d-4f4c7a8912df","block_type":"box","text":"entitled under the loan. In connection with purchasing","page_number":13,"box":{"x":515,"y":211,"width":402,"height":12}},{"id":"59548bce-498f-4615-bae0-93911b5c7ad9","block_type":"box","text":"participations, the Fund generally will have no right to","page_number":13,"box":{"x":516,"y":227,"width":400,"height":12}},{"id":"18ec822c-5675-4ae1-baf5-e4d7fe1c1de8","block_type":"box","text":"enforce compliance by the borrower with the terms of","page_number":13,"box":{"x":515,"y":242,"width":400,"height":12}},{"id":"5a4514d3-1a36-498a-add9-12a7554cbb38","block_type":"box","text":"the loan agreement relating to the loan, nor any rights","page_number":13,"box":{"x":515,"y":258,"width":404,"height":12}},{"id":"74297dc0-b90b-453e-9fbe-d449d160affd","block_type":"box","text":"of set-off against the borrower, and the Fund may not","page_number":13,"box":{"x":515,"y":273,"width":401,"height":12}},{"id":"dfdad027-7d20-493c-bfe0-f54f5fb66bee","block_type":"box","text":"directly benefit from any collateral supporting the loan","page_number":13,"box":{"x":515,"y":289,"width":403,"height":12}},{"id":"b23a2469-8ebc-4400-8b19-84dcbe6e3d10","block_type":"box","text":"in which it has purchased the participation. As a","page_number":13,"box":{"x":516,"y":304,"width":359,"height":12}},{"id":"8eb64fd9-d577-46dc-a6de-1fba65aac9b3","block_type":"box","text":"result, the Fund will be subject to the credit risk of","page_number":13,"box":{"x":516,"y":320,"width":372,"height":12}},{"id":"dbec33b3-1891-4b11-be52-2881b465af73","block_type":"box","text":"both the borrower and the lender that is selling the","page_number":13,"box":{"x":516,"y":335,"width":378,"height":12}},{"id":"96f87003-4ba6-43a9-af90-2938a17cd50c","block_type":"box","text":"participation. In the event of the insolvency of the","page_number":13,"box":{"x":516,"y":351,"width":368,"height":12}},{"id":"d51743f6-8aa3-4ee3-92c6-6775d95ee20a","block_type":"box","text":"lender selling a participation, the Fund may be treated","page_number":13,"box":{"x":516,"y":366,"width":405,"height":12}},{"id":"acb1e72e-361e-4ab4-a472-7a7d4c2a3723","block_type":"box","text":"as a general creditor of the lender and may not","page_number":13,"box":{"x":515,"y":382,"width":353,"height":12}},{"id":"415b97f3-2fd6-4ea1-a6ec-4213cc9c9ff2","block_type":"box","text":"benefit from any set-off between the lender and the","page_number":13,"box":{"x":516,"y":397,"width":384,"height":12}},{"id":"6007bc58-e852-49b5-8931-7a921f4b0ed6","block_type":"box","text":"borrower.","page_number":13,"box":{"x":516,"y":413,"width":74,"height":9}},{"id":"969f31ca-c1d8-4a89-851e-f57e7bc8ba73","block_type":"box","text":"Second Lien Loans Risk.","page_number":13,"box":{"x":516,"y":444,"width":202,"height":9}},{"id":"aa4df172-2ee4-4328-a693-1f9ec1f5f8cf","block_type":"box","text":"Second lien loans","page_number":13,"box":{"x":719,"y":444,"width":137,"height":9}},{"id":"e1d66a36-ef2d-451f-a806-734235d81894","block_type":"box","text":"generally are subject to similar risks as those","page_number":13,"box":{"x":515,"y":459,"width":339,"height":12}},{"id":"fc5026cf-c231-4be4-84e7-587699bfed26","block_type":"box","text":"associated with investments in senior loans. Because","page_number":13,"box":{"x":515,"y":475,"width":402,"height":9}},{"id":"e799b2ca-cf5f-4557-8087-b0d2f39a5b9d","block_type":"box","text":"second lien loans are subordinated or unsecured and","page_number":13,"box":{"x":515,"y":490,"width":401,"height":10}},{"id":"bcf53083-04d6-4bb3-bdaa-eeb9a1f5ea18","block_type":"box","text":"thus lower in priority of payment to senior loans, they","page_number":13,"box":{"x":515,"y":506,"width":397,"height":12}},{"id":"ea820150-7572-418c-b327-0a2eca604455","block_type":"box","text":"are subject to the additional risk that the cash flow of","page_number":13,"box":{"x":515,"y":521,"width":396,"height":12}},{"id":"b3613161-934c-4019-af45-40f249d9e2f4","block_type":"box","text":"the borrower and property securing the loan or debt, if","page_number":13,"box":{"x":515,"y":537,"width":406,"height":12}},{"id":"d43784e2-0428-4d75-93d5-ecd9f9932318","block_type":"box","text":"any, may be insufficient to meet scheduled payments","page_number":13,"box":{"x":515,"y":552,"width":400,"height":12}},{"id":"7ff5fe22-b1f2-46b2-b2d1-ec48d280c256","block_type":"box","text":"after giving effect to the senior secured obligations of","page_number":13,"box":{"x":515,"y":568,"width":398,"height":12}},{"id":"83768917-44b5-4e67-9801-85f0b480cf7e","block_type":"box","text":"the borrower.","page_number":13,"box":{"x":515,"y":583,"width":104,"height":10}},{"id":"2e0d2fd6-7499-49fa-a6e3-ba8851a34ccd","block_type":"box","text":"Senior Loans Risk.","page_number":13,"box":{"x":516,"y":614,"width":149,"height":10}},{"id":"e107d6e7-6da7-4f01-914a-b35c4cc39890","block_type":"box","text":"There is less readily available,","page_number":13,"box":{"x":666,"y":614,"width":235,"height":12}},{"id":"679326c7-e5da-4f6f-ab83-6db562edfbfc","block_type":"box","text":"reliable information about most senior loans than is","page_number":13,"box":{"x":516,"y":630,"width":383,"height":9}},{"id":"50ec4a01-19ec-4ebf-bf2a-570a643e5347","block_type":"box","text":"the case for many other types of securities. An","page_number":13,"box":{"x":515,"y":645,"width":351,"height":12}},{"id":"15d28079-e2fa-4d01-93e0-01eb9001bd8c","block_type":"box","text":"economic downturn generally leads to a higher non","page_number":13,"box":{"x":515,"y":661,"width":385,"height":12}},{"id":"4762f886-f938-495d-9170-fc729dc04f72","block_type":"box","text":"payment rate, and a senior loan may lose significant","page_number":13,"box":{"x":516,"y":676,"width":387,"height":12}},{"id":"5035f35d-cf33-4ea7-b3b7-d810d1d0dd84","block_type":"box","text":"value before a default occurs. Moreover, any specific","page_number":13,"box":{"x":515,"y":692,"width":394,"height":12}},{"id":"5915bb0b-698f-4c2e-baff-92e418d00bb9","block_type":"box","text":"collateral used to secure a senior loan may decline in","page_number":13,"box":{"x":515,"y":707,"width":394,"height":12}},{"id":"482382af-184b-4c02-aaf2-b15a1685ade9","block_type":"box","text":"value or become illiquid, which would adversely affect","page_number":13,"box":{"x":515,"y":723,"width":399,"height":12}},{"id":"756187c8-81c4-4deb-9da5-b59e87ba47c5","block_type":"box","text":"the senior loan’s value. No active trading market may","page_number":13,"box":{"x":515,"y":738,"width":395,"height":12}},{"id":"b01a7412-cee4-45b4-ba60-341d7ecc0ac2","block_type":"box","text":"exist for certain senior loans, which may impair the","page_number":13,"box":{"x":515,"y":754,"width":376,"height":12}},{"id":"f55556b7-d512-403e-a0ea-e030a15afaff","block_type":"box","text":"ability of the Fund to realize full value in the event of","page_number":13,"box":{"x":515,"y":769,"width":388,"height":12}},{"id":"2393d254-578d-4a70-a4f4-1fc743a72e48","block_type":"box","text":"the need to sell a senior loan and which may make it","page_number":13,"box":{"x":515,"y":785,"width":391,"height":12}},{"id":"190b2a35-e58d-408d-8472-a8b26021144c","block_type":"box","text":"difficult to value senior loans. Although senior loans in","page_number":13,"box":{"x":515,"y":800,"width":399,"height":12}},{"id":"cd31dd1f-5c98-4b4e-b9bb-3c8fc7001e84","block_type":"box","text":"which the Fund will invest generally will be secured by","page_number":13,"box":{"x":515,"y":816,"width":401,"height":12}},{"id":"c7b1bf90-1655-4074-9d6c-276f5a9ff54b","block_type":"box","text":"specific collateral, there can be no assurance that","page_number":13,"box":{"x":515,"y":831,"width":374,"height":12}},{"id":"9e7b8aaf-5645-41ae-9ae3-e1c6caf0723e","block_type":"box","text":"liquidation of such collateral would satisfy the","page_number":13,"box":{"x":516,"y":847,"width":339,"height":12}},{"id":"fc6b1936-41b8-404b-8c59-c3e9690116ee","block_type":"box","text":"borrower’s obligation in the event of non-payment of","page_number":13,"box":{"x":516,"y":862,"width":391,"height":12}},{"id":"2a0987b7-d0fb-4d43-ba23-1c1b3ab77196","block_type":"box","text":"scheduled interest or principal or that such collateral","page_number":13,"box":{"x":515,"y":878,"width":393,"height":12}},{"id":"b7b8b01d-010d-476a-a5a6-d2e78dd5538e","block_type":"box","text":"could be readily liquidated. To the extent that a senior","page_number":13,"box":{"x":515,"y":893,"width":404,"height":12}},{"id":"01bc74a7-338d-4025-bc8f-e0f5e89c59d5","block_type":"box","text":"loan is collateralized by stock in the borrower or its","page_number":13,"box":{"x":516,"y":909,"width":374,"height":12}},{"id":"06a8546f-fa36-4a13-b008-af12374b96ec","block_type":"box","text":"S-11","page_number":13,"box":{"x":482,"y":955,"width":40,"height":10}},{"id":"e8d2d336-c3f8-46e8-b215-1dd95e2f17f0","block_type":"box","text":"NM1026U-6049080-13/56","page_number":13,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"c97c8440-b5d6-4f51-a46b-71c1821525a2","block_type":"box","text":"subsidiaries, such stock may lose all of its value in the","page_number":14,"box":{"x":81,"y":56,"width":406,"height":12}},{"id":"8459c578-8a4c-416b-ac56-e48ea2d73719","block_type":"box","text":"event of the bankruptcy of the borrower.","page_number":14,"box":{"x":81,"y":71,"width":302,"height":13}},{"id":"04351df8-2103-47f8-a947-024fe0df03d1","block_type":"box","text":"Uncollateralized senior loans involve a greater risk of","page_number":14,"box":{"x":82,"y":87,"width":397,"height":12}},{"id":"164670c4-97c3-487d-848a-ba7617ea1343","block_type":"box","text":"loss. The senior loans in which the Fund invests are","page_number":14,"box":{"x":81,"y":103,"width":390,"height":9}},{"id":"b9c989a8-f48a-4e0c-8696-d7f288a3ab73","block_type":"box","text":"usually rated below investment grade. Senior loans","page_number":14,"box":{"x":81,"y":118,"width":385,"height":12}},{"id":"de513765-44fa-4fcf-81fc-448e3bfa1b44","block_type":"box","text":"made in connection with highly leveraged transactions","page_number":14,"box":{"x":81,"y":134,"width":407,"height":12}},{"id":"6a01a8b5-8cc8-4b46-9c07-46c36af658be","block_type":"box","text":"are subject to greater risks than other senior loans.","page_number":14,"box":{"x":81,"y":149,"width":383,"height":12}},{"id":"9795634c-0e98-42e8-918f-b2a0597e2c58","block_type":"box","text":"For example, the risks of default or bankruptcy of the","page_number":14,"box":{"x":82,"y":165,"width":396,"height":12}},{"id":"8304f9a0-a26e-4900-a1f8-9c48c857c22f","block_type":"box","text":"borrower or the risks that other creditors of the","page_number":14,"box":{"x":81,"y":180,"width":350,"height":10}},{"id":"443032a7-2704-4dd8-83f3-3f137983bc08","block_type":"box","text":"borrower may seek to nullify or subordinate the","page_number":14,"box":{"x":81,"y":196,"width":354,"height":12}},{"id":"99621831-3f1a-4289-a527-3201cc102b39","block_type":"box","text":"Fund’s claims on any collateral securing the loan are","page_number":14,"box":{"x":82,"y":211,"width":395,"height":12}},{"id":"3b2128eb-4d2e-4d4c-a6b9-32428b805c62","block_type":"box","text":"greater in highly leveraged transactions.","page_number":14,"box":{"x":81,"y":227,"width":302,"height":12}},{"id":"3bcb3688-e9c4-4570-89e2-d6185d426f1b","block_type":"box","text":"Short Sales and Short Position Risk","page_number":14,"box":{"x":81,"y":258,"width":288,"height":9}},{"id":"8750771d-db70-412c-980b-a706987c3b66","block_type":"box","text":". Because","page_number":14,"box":{"x":369,"y":258,"width":78,"height":9}},{"id":"22d5c16a-f868-4d09-aa1b-1c03a698eb3c","block_type":"box","text":"making short sales or taking short positions in","page_number":14,"box":{"x":81,"y":273,"width":345,"height":12}},{"id":"719165ba-7cf2-4ce2-bedd-96b86e8e6dda","block_type":"box","text":"securities that it does not own would expose the Fund","page_number":14,"box":{"x":81,"y":289,"width":404,"height":12}},{"id":"485099f4-7201-4959-b7ce-3e7767a651f2","block_type":"box","text":"to the risks associated with those securities, such","page_number":14,"box":{"x":81,"y":304,"width":372,"height":11}},{"id":"155a0a6d-a92e-42ad-a7f1-34ba104161f1","block_type":"box","text":"short sales or positions involve speculative exposure","page_number":14,"box":{"x":81,"y":320,"width":396,"height":12}},{"id":"9f5f6836-8640-4e5b-875e-727db176b627","block_type":"box","text":"risk. In such situations, the Fund will incur a loss as a","page_number":14,"box":{"x":81,"y":335,"width":400,"height":11}},{"id":"75f2ee1e-7986-406a-a2a1-035dd62e4bd5","block_type":"box","text":"result of a short sale or position if the price of the","page_number":14,"box":{"x":81,"y":351,"width":367,"height":12}},{"id":"4d9e01fe-ac54-4c28-bfc2-97b88c182caa","block_type":"box","text":"reference instrument increases after the Fund entered","page_number":14,"box":{"x":81,"y":366,"width":407,"height":10}},{"id":"c10c21f1-1fa7-415b-9c45-3ce9f648ed26","block_type":"box","text":"into the short sale or position. The Fund may engage","page_number":14,"box":{"x":81,"y":382,"width":398,"height":12}},{"id":"30bf868f-023e-4903-9fa1-b3492e8034e6","block_type":"box","text":"in short sales and gain short exposure through certain","page_number":14,"box":{"x":81,"y":397,"width":405,"height":12}},{"id":"71f6908c-6d45-418d-88f5-189ab20cda40","block_type":"box","text":"derivative instruments, such as futures, options or","page_number":14,"box":{"x":81,"y":413,"width":375,"height":12}},{"id":"f089831c-9dbd-4cde-bd90-28a1de49a918","block_type":"box","text":"swaps. The Fund may lose more money than the","page_number":14,"box":{"x":81,"y":428,"width":369,"height":12}},{"id":"27b0c003-1406-4869-a70f-4a976534d08d","block_type":"box","text":"actual cost of a short sale or position and the potential","page_number":14,"box":{"x":81,"y":444,"width":407,"height":12}},{"id":"cc75ecd2-4b6d-45f1-918f-bee0d1ef0bcc","block_type":"box","text":"losses are theoretically unlimited on a short sale or","page_number":14,"box":{"x":81,"y":459,"width":382,"height":12}},{"id":"99d3c7f5-91a3-4c87-a6a4-2be71ec158c9","block_type":"box","text":"position.","page_number":14,"box":{"x":81,"y":475,"width":67,"height":12}},{"id":"ad268e8c-ad38-4754-855b-39e45120ab22","block_type":"box","text":"Small Cap and Emerging Growth Securities","page_number":14,"box":{"x":81,"y":506,"width":345,"height":12}},{"id":"1156234a-2473-4f57-bcb2-6ff9b65ddb5d","block_type":"box","text":"Risk.","page_number":14,"box":{"x":81,"y":521,"width":38,"height":10}},{"id":"94b55dd9-0319-4255-9e2f-1e8bceaa9cc6","block_type":"box","text":"Small cap or emerging growth companies may","page_number":14,"box":{"x":120,"y":521,"width":348,"height":12}},{"id":"7350e3aa-11f7-463d-ab32-fb17ac17906e","block_type":"box","text":"have limited product lines or markets. They may be","page_number":14,"box":{"x":81,"y":537,"width":377,"height":12}},{"id":"6ea62f72-e571-496c-a7f5-03c3a40cc8cf","block_type":"box","text":"less financially secure than larger, more established","page_number":14,"box":{"x":81,"y":552,"width":381,"height":12}},{"id":"9ba6ac66-feed-4947-8251-afd6c2db038b","block_type":"box","text":"companies. They may depend on a more limited","page_number":14,"box":{"x":81,"y":568,"width":356,"height":12}},{"id":"c6726f34-9736-45f1-9146-3da579b6ef4d","block_type":"box","text":"management group than larger","page_number":14,"box":{"x":81,"y":583,"width":226,"height":12}},{"id":"9ec59680-c7b7-47cf-938b-fe55c86013b8","block_type":"box","text":"r capitalized companies.","page_number":14,"box":{"x":307,"y":583,"width":169,"height":12}},{"id":"21f47382-f8ee-44f8-9615-5c5b09f3790f","block_type":"box","text":"Small Fund Risk","page_number":14,"box":{"x":81,"y":614,"width":131,"height":10}},{"id":"5cef2238-5fe3-4139-ad81-8920c3946400","block_type":"box","text":". When the Fund’s size is small, the","page_number":14,"box":{"x":213,"y":614,"width":268,"height":11}},{"id":"1f331f54-a6f1-41a4-bafd-a2dba2794e43","block_type":"box","text":"Fund may experience low trading volume and wide","page_number":14,"box":{"x":82,"y":630,"width":382,"height":12}},{"id":"45c66be4-0e77-4719-bb33-533b8ffd235e","block_type":"box","text":"bid/ask spreads. The Fund’s performance near its","page_number":14,"box":{"x":81,"y":645,"width":375,"height":12}},{"id":"1f264abd-3f41-41d6-9fa5-e495156bde4a","block_type":"box","text":"inception date may not represent how the Fund will","page_number":14,"box":{"x":81,"y":661,"width":378,"height":12}},{"id":"f98ad4ff-7cae-4bd4-acc1-87374be9a4a2","block_type":"box","text":"perform in the future or with a larger asset base. The","page_number":14,"box":{"x":81,"y":676,"width":391,"height":12}},{"id":"bb053e79-b77b-4515-bcdf-8d25c7579d2d","block_type":"box","text":"Fund may buy smaller-sized bonds known as “odd","page_number":14,"box":{"x":82,"y":692,"width":372,"height":12}},{"id":"f060d787-e376-4fd6-8985-141ebdc56ec4","block_type":"box","text":"lots,” which may be purchased or sold at a discount to","page_number":14,"box":{"x":81,"y":707,"width":400,"height":12}},{"id":"00e53937-8c1f-44a9-9620-0d86913fca65","block_type":"box","text":"similar “round lot” bonds. The prices used by the Fund","page_number":14,"box":{"x":81,"y":723,"width":401,"height":12}},{"id":"80421fe4-8dc5-41f1-afd3-b38a8a6ce50f","block_type":"box","text":"may differ from the value that would be realized if","page_number":14,"box":{"x":81,"y":738,"width":367,"height":12}},{"id":"20005fc0-965e-4828-91ea-28bb72a6c2fe","block_type":"box","text":"these securities were sold, and the impact of such","page_number":14,"box":{"x":81,"y":754,"width":371,"height":12}},{"id":"c59a96b1-d08f-4773-94f2-e218e7e524ef","block_type":"box","text":"pricing differences on the Fund’s performance may be","page_number":14,"box":{"x":81,"y":769,"width":401,"height":12}},{"id":"39da053c-1ae8-485b-9f1f-8124fe90af88","block_type":"box","text":"heightened when the Fund’s size is small. In addition,","page_number":14,"box":{"x":81,"y":785,"width":396,"height":12}},{"id":"02892278-fd48-4337-ae02-af4ff475074e","block_type":"box","text":"the Fund may face the risk of being delisted if it does","page_number":14,"box":{"x":81,"y":800,"width":392,"height":12}},{"id":"a3b1d133-3e10-491c-8825-35bbbe14fab5","block_type":"box","text":"not meet certain requirements set by the listing","page_number":14,"box":{"x":81,"y":816,"width":347,"height":12}},{"id":"921b2cef-870a-41b5-a1ea-1e4920622361","block_type":"box","text":"exchange. Any resulting liquidation of the Fund could","page_number":14,"box":{"x":81,"y":831,"width":399,"height":12}},{"id":"dd833835-b4b2-43fa-ba6a-3e96de1567b1","block_type":"box","text":"lead to elevated transaction costs for the Fund and","page_number":14,"box":{"x":81,"y":847,"width":382,"height":9}},{"id":"5f6981f0-af55-47b1-b02f-94c94ec93245","block_type":"box","text":"negative tax consequences for its shareholders.","page_number":14,"box":{"x":81,"y":862,"width":361,"height":12}},{"id":"6111fb67-a2fc-419d-8621-44013c87963c","block_type":"box","text":"Sovereign Debt Risk.","page_number":14,"box":{"x":81,"y":893,"width":166,"height":12}},{"id":"1b78fbf0-59b2-4959-9293-7e4054d7a15d","block_type":"box","text":"Sovereign debt instruments","page_number":14,"box":{"x":249,"y":893,"width":214,"height":12}},{"id":"dade2936-6952-41f3-9e77-652f03cecfb0","block_type":"box","text":"are subject to the risk that a governmental entity may","page_number":14,"box":{"x":81,"y":909,"width":394,"height":12}},{"id":"bf8abdbe-12f4-4dab-91ed-b4a745e93153","block_type":"box","text":"delay or refuse to pay interest or repay principal on its","page_number":14,"box":{"x":515,"y":56,"width":405,"height":12}},{"id":"f661ab69-0b68-4ecb-b95c-dda528750bb2","block_type":"box","text":"sovereign debt, due, for example, to cash flow","page_number":14,"box":{"x":515,"y":71,"width":348,"height":13}},{"id":"e6b3a570-3a1d-41da-9e16-0da15ff8aa71","block_type":"box","text":"problems, insufficient foreign currency reserves,","page_number":14,"box":{"x":516,"y":87,"width":361,"height":12}},{"id":"dcb1fc7a-c951-437a-9fb6-d9bd7611f7b7","block_type":"box","text":"political considerations, the relative size of the","page_number":14,"box":{"x":516,"y":102,"width":346,"height":12}},{"id":"be454383-b3ca-44a8-b0c8-ced9efd6f50f","block_type":"box","text":"governmental entity’s debt position in relation to the","page_number":14,"box":{"x":515,"y":118,"width":388,"height":12}},{"id":"22304357-3cec-4bc6-bb07-efe50b9078c0","block_type":"box","text":"economy or the failure to put in place economic","page_number":14,"box":{"x":515,"y":134,"width":357,"height":12}},{"id":"5925965b-71bd-431d-a8be-791a7bdbbb8b","block_type":"box","text":"reforms required by the International Monetary","page_number":14,"box":{"x":516,"y":149,"width":350,"height":12}},{"id":"c66522f5-23e0-425d-b4b5-50d25ea90c74","block_type":"box","text":"Fund or other multilateral agencies.","page_number":14,"box":{"x":516,"y":165,"width":267,"height":12}},{"id":"81fb1a32-ba32-4604-81ba-38dc9fc04de4","block_type":"box","text":"Structured Notes Risk.","page_number":14,"box":{"x":516,"y":196,"width":179,"height":9}},{"id":"a2551e63-98fc-4d72-a362-3f678bde418f","block_type":"box","text":"Structured notes and other","page_number":14,"box":{"x":696,"y":196,"width":209,"height":9}},{"id":"504c993a-258b-4845-b37a-8f0bb87463e8","block_type":"box","text":"related instruments purchased by the Fund are","page_number":14,"box":{"x":516,"y":211,"width":352,"height":12}},{"id":"b14eb384-57b0-4a9c-9cda-ab2d07649560","block_type":"box","text":"generally privately negotiated debt obligations where","page_number":14,"box":{"x":515,"y":227,"width":396,"height":12}},{"id":"94daa446-b282-4f81-b98e-b0cd25ddc103","block_type":"box","text":"the principal and/or interest is determined by","page_number":14,"box":{"x":515,"y":242,"width":336,"height":12}},{"id":"8d5bd5fa-f71e-4757-a5f9-de1e4e649cca","block_type":"box","text":"reference to the performance of a specific asset,","page_number":14,"box":{"x":516,"y":258,"width":364,"height":12}},{"id":"a70be688-e4da-453d-ac58-84abdf3a17e5","block_type":"box","text":"benchmark asset, market or interest rate (“reference","page_number":14,"box":{"x":516,"y":273,"width":393,"height":12}},{"id":"f2ea7686-0aa6-4351-bea4-495716d761f7","block_type":"box","text":"measure”). The purchase of structured notes exposes","page_number":14,"box":{"x":516,"y":289,"width":404,"height":12}},{"id":"ac417be2-0165-451e-81ce-eb424577e7b0","block_type":"box","text":"the Fund to the credit risk of the issuer of the","page_number":14,"box":{"x":515,"y":304,"width":338,"height":10}},{"id":"277e091c-b85d-4ce0-8004-0e65d3f4e4a7","block_type":"box","text":"structured product. Structured notes may be","page_number":14,"box":{"x":515,"y":320,"width":333,"height":12}},{"id":"1b047b95-9fb7-4b2a-bd7e-1f4d357813c9","block_type":"box","text":"leveraged, increasing the volatility of each structured","page_number":14,"box":{"x":516,"y":335,"width":395,"height":12}},{"id":"ce3667a1-6e3c-4717-99c1-4fa7af6ef365","block_type":"box","text":"note’s value relative to the change in the","page_number":14,"box":{"x":516,"y":351,"width":305,"height":12}},{"id":"0a4f290f-5973-4da5-a3a1-f68ea3f10e18","block_type":"box","text":"reference measure. Structured notes may also be","page_number":14,"box":{"x":516,"y":366,"width":373,"height":12}},{"id":"b54c7b42-8399-4c11-9038-2c19b744cf06","block_type":"box","text":"less liquid and more difficult to price accurately than","page_number":14,"box":{"x":516,"y":382,"width":389,"height":12}},{"id":"06cac377-d975-4a0b-be45-2ba879342530","block_type":"box","text":"less complex securities and instruments or more","page_number":14,"box":{"x":516,"y":397,"width":364,"height":12}},{"id":"3f3381ff-78fc-4ebb-a456-cf9c780c8f58","block_type":"box","text":"traditional debt securities.","page_number":14,"box":{"x":515,"y":413,"width":195,"height":9}},{"id":"59876d42-e59f-4e41-ad86-3e4aebcb5e62","block_type":"box","text":"Structured Securities Risk.","page_number":14,"box":{"x":516,"y":444,"width":213,"height":9}},{"id":"402e2570-ff87-408c-b002-af0f5d800c1e","block_type":"box","text":"Because structured","page_number":14,"box":{"x":730,"y":444,"width":154,"height":9}},{"id":"4f9cf82b-ce28-407c-81bd-ccf4e59885ea","block_type":"box","text":"securities of the type in which the Fund may invest","page_number":14,"box":{"x":515,"y":459,"width":381,"height":12}},{"id":"15044433-c1a1-4023-9d94-75a031f73744","block_type":"box","text":"typically involve no credit enhancement, their credit","page_number":14,"box":{"x":515,"y":475,"width":385,"height":12}},{"id":"47087eed-2f6a-49a9-baa4-e40fbb32ec3e","block_type":"box","text":"risk generally will be equivalent to that of the","page_number":14,"box":{"x":516,"y":490,"width":334,"height":12}},{"id":"47a8566b-a9bb-4179-aaac-ea8996cbd8b9","block_type":"box","text":"underlying instruments, index or reference obligation","page_number":14,"box":{"x":516,"y":506,"width":394,"height":12}},{"id":"3cc92447-9b69-4223-b518-e15bbd92f269","block_type":"box","text":"and will also be subject to counterparty risk. The Fund","page_number":14,"box":{"x":515,"y":521,"width":407,"height":12}},{"id":"507d268d-b909-46f6-98e5-9f4f63643221","block_type":"box","text":"may have the right to receive payments only from the","page_number":14,"box":{"x":516,"y":537,"width":399,"height":12}},{"id":"aabe8dbd-47e4-4c70-a89b-b441b63ee540","block_type":"box","text":"structured security, and generally does not have","page_number":14,"box":{"x":515,"y":552,"width":363,"height":12}},{"id":"77dfb714-b371-4878-8a22-1e7f0aecf5e4","block_type":"box","text":"direct rights against the issuer or the entity that sold","page_number":14,"box":{"x":515,"y":568,"width":389,"height":12}},{"id":"644164eb-a91d-4b26-b80e-90c5678607eb","block_type":"box","text":"the assets to be securitized. In addition to the general","page_number":14,"box":{"x":515,"y":583,"width":403,"height":12}},{"id":"cb5e0de7-c967-44cc-bd27-7b2760e933b6","block_type":"box","text":"risks associated with debt securities discussed herein,","page_number":14,"box":{"x":516,"y":599,"width":406,"height":11}},{"id":"28da438a-51c5-4821-9e4a-97b86806e1e6","block_type":"box","text":"structured securities carry additional risks, including,","page_number":14,"box":{"x":515,"y":614,"width":394,"height":12}},{"id":"605367d5-25c9-458f-a31f-c43d6b058de9","block_type":"box","text":"but not limited to: the possibility that distributions from","page_number":14,"box":{"x":516,"y":630,"width":403,"height":12}},{"id":"394fd0b0-496e-4f08-a2e7-7cd084a47fc8","block_type":"box","text":"collateral securities will not be adequate to make","page_number":14,"box":{"x":515,"y":645,"width":366,"height":12}},{"id":"fa8c5cf7-71a6-40eb-9c5f-a75e8209f4b5","block_type":"box","text":"interest or other payments; the quality of the collateral","page_number":14,"box":{"x":516,"y":661,"width":398,"height":12}},{"id":"2502e9ab-8375-4110-a900-c637c2bc9bf7","block_type":"box","text":"may decline in value or default; and the possibility that","page_number":14,"box":{"x":516,"y":676,"width":402,"height":12}},{"id":"525b87c9-8ffa-4981-b1ed-54b1b8137477","block_type":"box","text":"the structured securities are subordinate to other","page_number":14,"box":{"x":515,"y":692,"width":362,"height":9}},{"id":"a4031d77-2256-4db2-a6c0-d65691d0a706","block_type":"box","text":"classes. The Fund is permitted to invest in a class of","page_number":14,"box":{"x":515,"y":707,"width":390,"height":12}},{"id":"3728f355-478d-429d-a00c-09ec8e23bdd5","block_type":"box","text":"structured securities that is either subordinated or","page_number":14,"box":{"x":515,"y":723,"width":369,"height":9}},{"id":"009d11b9-d42e-4708-9487-d2a3407af2a2","block_type":"box","text":"unsubordinated to the right of payment of another","page_number":14,"box":{"x":516,"y":738,"width":368,"height":12}},{"id":"120dc65b-d226-4403-a6c1-f34a3ebd9d73","block_type":"box","text":"class. Subordinated structured securities typically","page_number":14,"box":{"x":515,"y":754,"width":367,"height":12}},{"id":"9a708b05-3614-49bd-86d1-e56814b5000b","block_type":"box","text":"have higher yields and present greater risks than","page_number":14,"box":{"x":516,"y":769,"width":362,"height":12}},{"id":"ef7bc4a1-6a80-4fcd-b818-ec3b122c53f6","block_type":"box","text":"unsubordinated structured securities. Structured","page_number":14,"box":{"x":516,"y":785,"width":356,"height":9}},{"id":"6f87f156-86ce-488f-b2e7-ca3f9d5d130f","block_type":"box","text":"securities are typically sold in private","page_number":14,"box":{"x":515,"y":800,"width":272,"height":12}},{"id":"a064e4d1-fc84-496d-aea1-3d146454a4a6","block_type":"box","text":"placement transactions, and there currently is no","page_number":14,"box":{"x":516,"y":816,"width":361,"height":12}},{"id":"056b9ee2-b7dc-4fc8-bf3f-e76fe5ee6ad1","block_type":"box","text":"active trading market for structured securities.","page_number":14,"box":{"x":515,"y":831,"width":345,"height":12}},{"id":"31ef73c1-7627-49ad-b56e-85fb0f6ab4f5","block_type":"box","text":"Structured securities are based upon the movement","page_number":14,"box":{"x":515,"y":847,"width":391,"height":12}},{"id":"5c46976f-cc75-4001-9c97-b23382b8cf09","block_type":"box","text":"of one or more factors, including currency exchange","page_number":14,"box":{"x":515,"y":862,"width":392,"height":12}},{"id":"8f30058c-dc7f-4d82-98e1-18fdc5134e77","block_type":"box","text":"rates, interest rates, reference bonds and stock","page_number":14,"box":{"x":516,"y":878,"width":355,"height":11}},{"id":"23c4a86f-69d7-49a2-8f20-e34704d043b3","block_type":"box","text":"indices, and changes in interest rates and impact of","page_number":14,"box":{"x":516,"y":893,"width":387,"height":12}},{"id":"a57d8218-e394-4bbf-99af-36b971a477ea","block_type":"box","text":"these factors may cause significant price fluctuations.","page_number":14,"box":{"x":515,"y":909,"width":396,"height":12}},{"id":"a42b1404-4d0e-4136-ba56-884c9648cecb","block_type":"box","text":"S-12","page_number":14,"box":{"x":482,"y":955,"width":40,"height":10}},{"id":"f4da4d7f-07ef-4663-93c7-3951bec0f6fc","block_type":"box","text":"NM1026U-6049080-14/56","page_number":14,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"94d5fa82-18c4-42e2-8450-dad3c4e35e69","block_type":"box","text":"Additionally, changes in the reference instrument or","page_number":15,"box":{"x":80,"y":56,"width":389,"height":12}},{"id":"5d0e5963-5750-4eb6-b9e9-b9195460b134","block_type":"box","text":"security may cause the interest rate on the structured","page_number":15,"box":{"x":81,"y":72,"width":401,"height":12}},{"id":"0bef36c8-57f8-4b08-90a6-1aff7dc26d88","block_type":"box","text":"security to be reduced to zero. Certain issuers of such","page_number":15,"box":{"x":81,"y":87,"width":407,"height":12}},{"id":"3042f971-47fa-41c3-ab37-a4cc6c232e83","block_type":"box","text":"structured securities may be deemed to be","page_number":15,"box":{"x":81,"y":103,"width":322,"height":12}},{"id":"ebd28c5b-9fbf-4ea7-8f9e-ea567ffccf8f","block_type":"box","text":"“investment companies” as defined in the Investment","page_number":15,"box":{"x":81,"y":118,"width":398,"height":12}},{"id":"9c8325d6-dedb-49d1-a340-1d1630e7d794","block_type":"box","text":"Company Act. As a result, the Fund’s investment in","page_number":15,"box":{"x":81,"y":134,"width":386,"height":12}},{"id":"eb63cb4e-366e-4e47-88df-1fa4a8c1588b","block_type":"box","text":"such securities may be limited by certain investment","page_number":15,"box":{"x":81,"y":149,"width":392,"height":12}},{"id":"2da913a5-028e-4b25-a6e2-da121c3cdc49","block_type":"box","text":"restrictions contained in the Investment Company Act.","page_number":15,"box":{"x":81,"y":165,"width":406,"height":12}},{"id":"12ab622e-5992-4d3b-b4c4-38df3d2653b5","block_type":"box","text":"Subsidiary Risk.","page_number":15,"box":{"x":81,"y":196,"width":135,"height":12}},{"id":"150f0f9d-97e7-4471-8cb5-fc55d87a09ae","block_type":"box","text":"By investing in the Subsidiary, the","page_number":15,"box":{"x":217,"y":196,"width":256,"height":12}},{"id":"9b6b84d8-49b3-41e7-95d7-7b4b09bd6bba","block_type":"box","text":"Fund is indirectly exposed to the risks associated with","page_number":15,"box":{"x":82,"y":211,"width":403,"height":12}},{"id":"409498c8-5337-4c8f-9ff2-cd629acd2260","block_type":"box","text":"the Subsidiary’s investments. The commodity-related","page_number":15,"box":{"x":81,"y":227,"width":399,"height":12}},{"id":"991f5ec6-fa7c-4f1c-9cc0-6c5dba2dba91","block_type":"box","text":"instruments held by the Subsidiary are generally","page_number":15,"box":{"x":81,"y":242,"width":363,"height":12}},{"id":"44c28c0f-6790-49a0-8707-7bba565fefd9","block_type":"box","text":"similar to those that are permitted to be held by the","page_number":15,"box":{"x":81,"y":258,"width":383,"height":12}},{"id":"df89a52d-394d-4c91-be79-df16cd040b73","block_type":"box","text":"Fund and are subject to the same risks that apply to","page_number":15,"box":{"x":82,"y":273,"width":390,"height":12}},{"id":"500fb2b5-b77f-469e-986e-569cd31cd217","block_type":"box","text":"similar investments if held directly by the Fund (see","page_number":15,"box":{"x":81,"y":289,"width":386,"height":12}},{"id":"2a4b3ed3-dad5-4696-8212-9536c36aecdf","block_type":"box","text":"“Commodities Related Investment Risk” above).","page_number":15,"box":{"x":81,"y":304,"width":361,"height":12}},{"id":"a52177a4-4630-4708-9cae-6da4d5447940","block_type":"box","text":"There can be no assurance that the investment","page_number":15,"box":{"x":81,"y":320,"width":356,"height":9}},{"id":"79d7b86c-18f8-463f-b984-880bc5a9bf32","block_type":"box","text":"objective of the Subsidiary will be achieved. The","page_number":15,"box":{"x":81,"y":335,"width":362,"height":12}},{"id":"5a79297a-ffa7-4424-9457-60e752838e7b","block_type":"box","text":"Subsidiary is not registered under the Investment","page_number":15,"box":{"x":81,"y":351,"width":370,"height":12}},{"id":"6540db19-1394-426e-9654-4e2ceaedbb63","block_type":"box","text":"Company Act, and, unless otherwise noted in this","page_number":15,"box":{"x":81,"y":366,"width":373,"height":12}},{"id":"07866c87-e175-459c-a843-560fe98ad483","block_type":"box","text":"Prospectus, is not subject to all the investor","page_number":15,"box":{"x":82,"y":382,"width":327,"height":12}},{"id":"542b31f6-61af-442e-ad6a-657e671fbf76","block_type":"box","text":"protections of the Investment Company Act. However,","page_number":15,"box":{"x":81,"y":397,"width":407,"height":12}},{"id":"1451897d-6ae6-4235-8c54-267d4c9eaa84","block_type":"box","text":"the Fund wholly owns and controls the Subsidiary,","page_number":15,"box":{"x":81,"y":413,"width":378,"height":12}},{"id":"28ba3402-5765-4c4d-960f-2714e2f21c58","block_type":"box","text":"and the Fund and the Subsidiary are both managed","page_number":15,"box":{"x":81,"y":428,"width":389,"height":12}},{"id":"1bfb6644-02aa-449a-9193-896197a07d85","block_type":"box","text":"by BFA, making it unlikely that the Subsidiary will take","page_number":15,"box":{"x":81,"y":444,"width":405,"height":12}},{"id":"7e164873-ba3b-47d1-a7f8-baf17b9666df","block_type":"box","text":"action contrary to the interests of the Fund and its","page_number":15,"box":{"x":81,"y":459,"width":374,"height":12}},{"id":"d00e154e-ff6c-4f5b-a452-437273502d8e","block_type":"box","text":"shareholders. The Board has oversight responsibility","page_number":15,"box":{"x":81,"y":475,"width":396,"height":12}},{"id":"a8dc9cb0-81e9-4948-85f0-dd23f7e2013c","block_type":"box","text":"for the investment activities of the Fund, including its","page_number":15,"box":{"x":80,"y":490,"width":395,"height":12}},{"id":"0fac69b4-f3ec-4538-84dc-36a559a5ff86","block_type":"box","text":"investment in the Subsidiary, and the Fund’s role as","page_number":15,"box":{"x":81,"y":506,"width":390,"height":12}},{"id":"fdd3a529-1a00-4663-9fe9-88c53a717126","block_type":"box","text":"sole shareholder of the Subsidiary. The Subsidiary is","page_number":15,"box":{"x":81,"y":521,"width":397,"height":12}},{"id":"143e156a-700f-45b4-b74d-04246d6ad89c","block_type":"box","text":"subject to the same investment restrictions and","page_number":15,"box":{"x":81,"y":537,"width":355,"height":12}},{"id":"f2a90e5d-41c5-496d-8797-4ea87102b906","block_type":"box","text":"limitations, and follows the same compliance policies","page_number":15,"box":{"x":81,"y":552,"width":397,"height":12}},{"id":"cfe75713-c3f3-4a87-95cb-bb51c66998f5","block_type":"box","text":"and procedures, as the Fund, except that the","page_number":15,"box":{"x":81,"y":568,"width":339,"height":12}},{"id":"41d39b70-4947-4210-adc1-50c0e8391b04","block_type":"box","text":"Subsidiary may invest without limitation in commodity","page_number":15,"box":{"x":81,"y":583,"width":401,"height":12}},{"id":"a9d44b17-bc5e-4d0a-9a2b-d07fa6a4b215","block_type":"box","text":"related instruments. Changes in the laws of the","page_number":15,"box":{"x":81,"y":599,"width":355,"height":12}},{"id":"2f2367f6-6c8d-48ad-bc97-9c6cb5d5816a","block_type":"box","text":"United States and/or the Cayman Islands could result","page_number":15,"box":{"x":82,"y":614,"width":401,"height":12}},{"id":"3727b22d-11b3-4376-b3a6-21618fa80016","block_type":"box","text":"in the inability of the Fund and/or the Subsidiary to","page_number":15,"box":{"x":81,"y":630,"width":378,"height":12}},{"id":"ca4e2790-648f-40a1-89a5-1a7899fa426b","block_type":"box","text":"operate as described in this Prospectus and the","page_number":15,"box":{"x":81,"y":645,"width":360,"height":12}},{"id":"9cd29de8-689a-4117-886b-4825d7e1a99d","block_type":"box","text":"Statement of Additional Information and could","page_number":15,"box":{"x":81,"y":661,"width":339,"height":9}},{"id":"e83003e4-f212-4a82-b354-2f641edd254f","block_type":"box","text":"adversely affect the Fund.","page_number":15,"box":{"x":81,"y":676,"width":192,"height":12}},{"id":"1ebc692c-c915-4f70-a764-a3d725f8c675","block_type":"box","text":"Supranational Entities Risk.","page_number":15,"box":{"x":81,"y":707,"width":221,"height":12}},{"id":"af74e35d-19f4-4e4e-9c35-610cf8ed072c","block_type":"box","text":"The Fund may invest in","page_number":15,"box":{"x":308,"y":707,"width":174,"height":12}},{"id":"49cb6c3c-6b08-4e45-8c1c-ea77dea55b95","block_type":"box","text":"obligations issued or guaranteed by the World Bank.","page_number":15,"box":{"x":81,"y":723,"width":388,"height":12}},{"id":"cde9d3ff-413c-4ecb-ad4e-cf9649d1e5d7","block_type":"box","text":"The government members, or “stockholders,” usually","page_number":15,"box":{"x":81,"y":738,"width":393,"height":12}},{"id":"b7d1eb97-a2aa-4e6a-bab2-decb7aa21c1e","block_type":"box","text":"make initial capital contributions to the World Bank","page_number":15,"box":{"x":81,"y":754,"width":375,"height":12}},{"id":"7c034df3-d875-490a-8d3d-f84647e04f90","block_type":"box","text":"and in many cases are committed to make additional","page_number":15,"box":{"x":81,"y":769,"width":391,"height":12}},{"id":"be6e8367-d8ce-4770-9dea-7f4e1ae4763f","block_type":"box","text":"capital contributions if the World Bank is unable to","page_number":15,"box":{"x":81,"y":785,"width":371,"height":12}},{"id":"89930eba-4e88-48d7-bfaa-442bdeaee6c7","block_type":"box","text":"repay its borrowings. There is no guarantee that one","page_number":15,"box":{"x":81,"y":800,"width":389,"height":12}},{"id":"67741283-9e47-4406-a24e-0feeacffc6b8","block_type":"box","text":"or more stockholders of the World Bank will continue","page_number":15,"box":{"x":81,"y":816,"width":391,"height":9}},{"id":"de03775c-d9d7-4d0f-97a1-69a23ac7782f","block_type":"box","text":"to make any necessary additional capital","page_number":15,"box":{"x":81,"y":831,"width":307,"height":12}},{"id":"5c3f04d3-d761-409d-bf82-d2010f51f154","block_type":"box","text":"contributions. If such contributions are not made, the","page_number":15,"box":{"x":81,"y":847,"width":395,"height":11}},{"id":"f851909d-49cc-484c-a060-3d43c51c0609","block_type":"box","text":"entity may be unable to pay interest or repay principal","page_number":15,"box":{"x":81,"y":862,"width":404,"height":12}},{"id":"6662c34b-707e-4293-9ebe-d40b2b2f066e","block_type":"box","text":"on its debt securities, and the Fund may lose money","page_number":15,"box":{"x":81,"y":878,"width":393,"height":12}},{"id":"f73306b1-2bd3-4556-9f76-e825eb8baee6","block_type":"box","text":"on such investments.","page_number":15,"box":{"x":81,"y":893,"width":162,"height":10}},{"id":"b2696e0f-afe5-4daa-9124-cb2164784ab1","block_type":"box","text":"Tax Risk.","page_number":15,"box":{"x":517,"y":56,"width":70,"height":10}},{"id":"62de7498-6e1f-42a1-8d5f-1b65332e4566","block_type":"box","text":"The Fund invests in commodity-related","page_number":15,"box":{"x":589,"y":56,"width":299,"height":12}},{"id":"fb2d14f5-fcf4-4a3d-8166-3b0aadd0e930","block_type":"box","text":"instruments indirectly through the Subsidiary because","page_number":15,"box":{"x":516,"y":71,"width":403,"height":13}},{"id":"bbd5a6a9-6b5d-4f7f-a435-ab19a9227f1b","block_type":"box","text":"income from these investments, if made directly,","page_number":15,"box":{"x":516,"y":87,"width":364,"height":12}},{"id":"0c2841fa-c63b-40f0-b22a-ac322b73aaff","block_type":"box","text":"might not be treated as “qualifying income” for","page_number":15,"box":{"x":516,"y":102,"width":346,"height":13}},{"id":"0c2d819c-ab1e-4c2c-9539-dcf5ee623599","block_type":"box","text":"purposes of the Fund qualifying as a regulated","page_number":15,"box":{"x":516,"y":118,"width":350,"height":12}},{"id":"cc4bbaf4-6f87-4b68-b838-eafafad54ff8","block_type":"box","text":"investment company for U.S. federal income tax","page_number":15,"box":{"x":516,"y":134,"width":362,"height":12}},{"id":"0d9fbd5c-b119-4c7a-b67c-a7b3ae490ab7","block_type":"box","text":"purposes. Based on final regulations issued by the","page_number":15,"box":{"x":516,"y":149,"width":379,"height":12}},{"id":"9558179a-9afe-43fc-8978-5ac94e86f2d8","block_type":"box","text":"IRS on which taxpayers may rely for taxable years","page_number":15,"box":{"x":516,"y":165,"width":378,"height":12}},{"id":"7bf693d6-aa54-455c-9c3b-bbd31be5df32","block_type":"box","text":"beginning after September 28, 2016, the Fund","page_number":15,"box":{"x":516,"y":180,"width":348,"height":12}},{"id":"81d6d0c4-dd20-4c7a-8182-833e4f70ab4a","block_type":"box","text":"expects its income with respect to the Subsidiary to","page_number":15,"box":{"x":515,"y":196,"width":386,"height":12}},{"id":"b72c838a-7711-4a2f-ba89-80ec926e55e6","block_type":"box","text":"be qualifying income. In the future, if the IRS issues","page_number":15,"box":{"x":516,"y":211,"width":387,"height":12}},{"id":"7d73c443-d046-47b2-90b6-fc1395590d01","block_type":"box","text":"new regulations or other guidance, or Congress","page_number":15,"box":{"x":516,"y":227,"width":358,"height":12}},{"id":"129268b7-cc79-47ef-849f-4c97d9b6f63f","block_type":"box","text":"enacts legislation, limiting the circumstances in which","page_number":15,"box":{"x":515,"y":242,"width":401,"height":12}},{"id":"4904b973-75ce-47ab-8727-c8d4996c3744","block_type":"box","text":"the Fund’s income with respect to the Subsidiary will","page_number":15,"box":{"x":515,"y":258,"width":394,"height":12}},{"id":"0e55536a-edf7-4621-be0f-92bc27a81559","block_type":"box","text":"be considered “qualifying income,” the Fund might be","page_number":15,"box":{"x":516,"y":273,"width":400,"height":12}},{"id":"2ac285fd-82e7-4720-a441-afac0b973b2b","block_type":"box","text":"required to make changes to its operations, which","page_number":15,"box":{"x":516,"y":289,"width":374,"height":12}},{"id":"6169f1d3-450c-42bb-b70b-a5e806762556","block_type":"box","text":"could reduce the Fund’s ability to gain investment","page_number":15,"box":{"x":515,"y":304,"width":373,"height":12}},{"id":"208672db-aa41-4499-bfef-2b9aa86f849a","block_type":"box","text":"exposure to commodities. Fund shareholders could","page_number":15,"box":{"x":515,"y":320,"width":386,"height":12}},{"id":"592c7cf9-93bd-4bb9-82f4-a93e6b760fca","block_type":"box","text":"also experience adverse tax consequences in such","page_number":15,"box":{"x":515,"y":335,"width":385,"height":12}},{"id":"e2b1a743-6069-45cb-bb8b-3f75a0afb14d","block_type":"box","text":"circumstances.","page_number":15,"box":{"x":515,"y":351,"width":117,"height":9}},{"id":"266e0c4b-9a67-424a-9c21-1edb56d084b5","block_type":"box","text":"Tender Option Bonds and Related Securities Risk.","page_number":15,"box":{"x":517,"y":382,"width":399,"height":12}},{"id":"6a055cfd-44a6-4540-849f-a749e32f5e10","block_type":"box","text":"The Fund’s participation in tender option bond","page_number":15,"box":{"x":515,"y":397,"width":347,"height":12}},{"id":"618902ec-e21c-4d6f-9c74-a6c54a87c7dd","block_type":"box","text":"transactions may reduce the Fund’s returns and/or","page_number":15,"box":{"x":515,"y":413,"width":381,"height":12}},{"id":"c9f1223c-10f0-47d8-a31a-0df07a035709","block_type":"box","text":"increase volatility. Investments in tender option bond","page_number":15,"box":{"x":516,"y":428,"width":394,"height":12}},{"id":"47ae1c59-1811-4ed9-965c-f0440b471085","block_type":"box","text":"transactions expose the Fund to counterparty risk and","page_number":15,"box":{"x":515,"y":444,"width":406,"height":12}},{"id":"905d6b97-1d75-4019-b689-a7f110ff8849","block_type":"box","text":"leverage risk. An investment in a tender option bond","page_number":15,"box":{"x":516,"y":459,"width":392,"height":12}},{"id":"8ae4e05b-e18e-4c26-b3ec-951ea235ae51","block_type":"box","text":"transaction typically will involve greater risk than an","page_number":15,"box":{"x":515,"y":475,"width":386,"height":12}},{"id":"b9a9baa0-672b-4823-a8ca-045c4a43d3ab","block_type":"box","text":"investment in a municipal fixed rate security, including","page_number":15,"box":{"x":516,"y":490,"width":405,"height":12}},{"id":"9635746f-da04-4266-8653-668aa2f5a384","block_type":"box","text":"the risk of loss of principal. Distributions on residual","page_number":15,"box":{"x":515,"y":506,"width":387,"height":12}},{"id":"de3694cd-1728-4453-bb53-0db9624399be","block_type":"box","text":"inverse floating rate interests (“TOB Residuals”) will","page_number":15,"box":{"x":516,"y":521,"width":387,"height":12}},{"id":"875f6d75-48e0-4e1b-ba73-7ad099899b0c","block_type":"box","text":"bear an inverse relationship to short-term municipal","page_number":15,"box":{"x":516,"y":537,"width":386,"height":12}},{"id":"d49f6a31-7316-416d-8dc9-5f2c87cd64de","block_type":"box","text":"security interest rates. Distributions on TOB Residuals","page_number":15,"box":{"x":515,"y":552,"width":408,"height":12}},{"id":"42fe1727-37f6-478a-8eb6-55d2d7d48d56","block_type":"box","text":"paid to the Fund will be reduced or, in the extreme,","page_number":15,"box":{"x":516,"y":568,"width":382,"height":12}},{"id":"aa31c1ce-c808-40c1-a809-f3bf81c2a71c","block_type":"box","text":"eliminated as short-term municipal interest rates rise","page_number":15,"box":{"x":515,"y":583,"width":395,"height":12}},{"id":"1c5deebe-cf11-4149-8a91-583e4630788d","block_type":"box","text":"and will increase when short-term municipal interest","page_number":15,"box":{"x":515,"y":599,"width":391,"height":12}},{"id":"b36aed11-e5c1-43d4-96b3-4483f6a90878","block_type":"box","text":"rates fall. TOB Residuals generally will underperform","page_number":15,"box":{"x":516,"y":614,"width":396,"height":12}},{"id":"d08dc43c-a1d2-4c79-9ac5-071ff8e21ecb","block_type":"box","text":"the market for fixed rate municipal securities in a","page_number":15,"box":{"x":515,"y":630,"width":366,"height":12}},{"id":"920926d2-b486-4b4d-acf1-69fbe13b622a","block_type":"box","text":"rising interest rate environment. The Fund may invest","page_number":15,"box":{"x":516,"y":645,"width":401,"height":12}},{"id":"ee36c1b1-2bc9-42b7-9457-d17a06c1e511","block_type":"box","text":"in special purpose entities (“TOB Trusts”) on either a","page_number":15,"box":{"x":516,"y":661,"width":389,"height":12}},{"id":"51f75818-2aa1-4aa4-b5b0-b48a79844071","block_type":"box","text":"non-recourse or recourse basis. If the Fund invests in","page_number":15,"box":{"x":516,"y":676,"width":395,"height":10}},{"id":"bb879382-66ff-4a2b-a7ef-82b4d73dd493","block_type":"box","text":"a TOB Trust on a recourse basis, it could suffer","page_number":15,"box":{"x":515,"y":692,"width":353,"height":11}},{"id":"b29334cf-010e-4e27-9375-9d52d0c04110","block_type":"box","text":"losses in excess of the value of its TOB Residuals.","page_number":15,"box":{"x":516,"y":707,"width":374,"height":10}},{"id":"7fe4e408-4576-49bf-b38f-9eb6113ab3d9","block_type":"box","text":"U.S. Government Mortgage-Related Securities","page_number":15,"box":{"x":516,"y":738,"width":367,"height":12}},{"id":"0569f810-ef42-4f9f-bfc6-65456dcef307","block_type":"box","text":"Risk.","page_number":15,"box":{"x":515,"y":754,"width":39,"height":9}},{"id":"c634047a-ba37-48ef-89bf-aa5d81f9c7b4","block_type":"box","text":"There are a number of important differences","page_number":15,"box":{"x":560,"y":754,"width":329,"height":12}},{"id":"b24a1090-2c78-43bf-9183-d72759c27e56","block_type":"box","text":"among the agencies and instrumentalities of the U.S.","page_number":15,"box":{"x":515,"y":769,"width":393,"height":12}},{"id":"34ff1c12-7360-47e0-8e88-f0bc242d9b94","block_type":"box","text":"Government that issue mortgage-related securities","page_number":15,"box":{"x":516,"y":785,"width":376,"height":12}},{"id":"c4acb542-6634-477c-9564-eb713be169bf","block_type":"box","text":"and among the securities that they issue. Mortgage","page_number":15,"box":{"x":515,"y":800,"width":387,"height":12}},{"id":"df5240b6-570e-4980-ab10-faaadf7e2fe3","block_type":"box","text":"related securities guaranteed by the Government","page_number":15,"box":{"x":516,"y":816,"width":363,"height":12}},{"id":"1f90a334-d1ed-469c-ac04-6c6d0dfb8012","block_type":"box","text":"National Mortgage Association (“GNMA” or “Ginnie","page_number":15,"box":{"x":516,"y":831,"width":382,"height":12}},{"id":"5c8cd3df-2d6e-4f55-b5d3-1c62101cdd13","block_type":"box","text":"Mae”) are guaranteed as to the timely payment of","page_number":15,"box":{"x":516,"y":847,"width":372,"height":12}},{"id":"9af17a19-6a0e-4a48-8dd0-4c69843a8d49","block_type":"box","text":"principal and interest by GNMA and such guarantee is","page_number":15,"box":{"x":516,"y":862,"width":407,"height":12}},{"id":"3d53fa97-5276-433e-8d4d-219657e8da96","block_type":"box","text":"backed by the full faith and credit of the United States.","page_number":15,"box":{"x":516,"y":878,"width":407,"height":12}},{"id":"a4f93b69-9f0a-4f82-9ea9-cdfed00d52eb","block_type":"box","text":"GNMA securities also are supported by the right of","page_number":15,"box":{"x":516,"y":893,"width":380,"height":12}},{"id":"40340499-4116-4502-8522-9bed9d81328c","block_type":"box","text":"GNMA to borrow funds from the U.S. Treasury to","page_number":15,"box":{"x":516,"y":909,"width":363,"height":12}},{"id":"bb6a03ba-95ec-4563-b2be-5738b1efd1d1","block_type":"box","text":"S-13","page_number":15,"box":{"x":482,"y":955,"width":40,"height":10}},{"id":"6061ae27-89cf-425b-9ad9-dffcf96a3256","block_type":"box","text":"NM1026U-6049080-15/56","page_number":15,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"a535fa9a-2a84-45cb-b808-6df4bba15c45","block_type":"box","text":"make payments under its guarantee. Mortgage","page_number":16,"box":{"x":81,"y":56,"width":354,"height":12}},{"id":"087f635b-2325-47e1-a4bc-ca22a8c42c1a","block_type":"box","text":"related securities issued by Fannie Mae or Freddie","page_number":16,"box":{"x":81,"y":72,"width":382,"height":12}},{"id":"5ba9a759-23d2-4578-8865-5dc1fbe0b7c4","block_type":"box","text":"Mac are solely the obligations of Fannie Mae or","page_number":16,"box":{"x":82,"y":87,"width":357,"height":12}},{"id":"b03db111-90d2-4442-a583-7d17a763e0a7","block_type":"box","text":"Freddie Mac, as the case may be, and are not backed","page_number":16,"box":{"x":82,"y":103,"width":406,"height":12}},{"id":"f8fdd76c-9822-4c9e-8e4a-84a378468b94","block_type":"box","text":"by or entitled to the full faith and credit of the United","page_number":16,"box":{"x":81,"y":118,"width":389,"height":12}},{"id":"baea3678-a5cd-4785-9162-88661b81e49e","block_type":"box","text":"States but are supported by the right of the issuer to","page_number":16,"box":{"x":81,"y":134,"width":392,"height":12}},{"id":"c02315e2-4618-436e-bd4c-9632aee19baf","block_type":"box","text":"borrow from the Treasury.","page_number":16,"box":{"x":81,"y":149,"width":198,"height":12}},{"id":"1526a0da-5465-429b-a667-aaf0e9a118df","block_type":"box","text":"U.S. Government Obligations Risk.","page_number":16,"box":{"x":82,"y":180,"width":276,"height":12}},{"id":"c3bed7e9-c754-422e-b0aa-19655e8f0bf4","block_type":"box","text":"Certain","page_number":16,"box":{"x":359,"y":180,"width":64,"height":10}},{"id":"5a1d7649-9cc6-49bb-bf74-32ce4b0d7ff1","block_type":"box","text":"securities in which the Fund may invest, including","page_number":16,"box":{"x":81,"y":196,"width":373,"height":12}},{"id":"4242d11f-d8a5-46f3-aa8e-1fc75a429494","block_type":"box","text":"securities issued by certain U.S. Government","page_number":16,"box":{"x":81,"y":211,"width":341,"height":12}},{"id":"c1ce69f2-3376-4423-99f7-a663aac28e55","block_type":"box","text":"agencies and U.S. Government sponsored","page_number":16,"box":{"x":81,"y":227,"width":322,"height":12}},{"id":"895bff39-4779-42e9-815c-e8fbada5af52","block_type":"box","text":"enterprises, are not guaranteed by the U.S.","page_number":16,"box":{"x":81,"y":242,"width":327,"height":12}},{"id":"8217e97f-d7d1-4d0d-8b05-af67493358da","block_type":"box","text":"Government or supported by the full faith and credit of","page_number":16,"box":{"x":81,"y":258,"width":407,"height":12}},{"id":"09a4fab9-fd5b-47c9-85bc-463015d4ae57","block_type":"box","text":"the United States. In addition, circumstances could","page_number":16,"box":{"x":81,"y":273,"width":382,"height":11}},{"id":"a5ac7495-79f5-4ea7-9b71-e30bbcb4aef6","block_type":"box","text":"arise that could prevent the timely payment of interest","page_number":16,"box":{"x":81,"y":289,"width":404,"height":12}},{"id":"754435fe-0b24-4c94-9bc0-b4c37ee89606","block_type":"box","text":"or principal on U.S. Government obligations, such as","page_number":16,"box":{"x":81,"y":304,"width":397,"height":12}},{"id":"352116d4-3815-4704-b4d5-cb9a62723fc6","block_type":"box","text":"reaching the legislative “debt ceiling.” Such","page_number":16,"box":{"x":81,"y":320,"width":324,"height":12}},{"id":"976e4868-9daa-425e-802d-00d2add9f409","block_type":"box","text":"non-payment could result in losses to the Fund and","page_number":16,"box":{"x":81,"y":335,"width":386,"height":12}},{"id":"32f47ad1-5bda-48ea-833b-cc57568dadab","block_type":"box","text":"substantial negative consequences for the U.S.","page_number":16,"box":{"x":81,"y":351,"width":356,"height":12}},{"id":"b9e831aa-e420-4402-9ed5-fd059945e080","block_type":"box","text":"economy and the global financial system.","page_number":16,"box":{"x":81,"y":366,"width":312,"height":12}},{"id":"fe8c2251-7617-46fb-84c5-02521f5599b5","block_type":"box","text":"Variable and Floating Rate Instrument Risk.","page_number":16,"box":{"x":82,"y":397,"width":345,"height":12}},{"id":"135e77c4-0da0-435d-a535-035962c31251","block_type":"box","text":"Variable and floating rate securities provide for","page_number":16,"box":{"x":80,"y":413,"width":352,"height":12}},{"id":"a3bbe781-57e4-478a-8f41-2ac897a05fc1","block_type":"box","text":"periodic adjustment in the interest rate paid on the","page_number":16,"box":{"x":81,"y":428,"width":377,"height":12}},{"id":"8a3e48d2-5d13-4cc3-ad79-a046ea4821b0","block_type":"box","text":"securities. Securities with floating or variable interest","page_number":16,"box":{"x":81,"y":444,"width":395,"height":12}},{"id":"5a06847d-6234-4124-887b-8c3469e8365c","block_type":"box","text":"rates can be less sensitive to interest rate changes","page_number":16,"box":{"x":81,"y":459,"width":382,"height":12}},{"id":"2025e035-0fc9-480a-be72-abbc401e738a","block_type":"box","text":"than securities with fixed interest rates, but may","page_number":16,"box":{"x":81,"y":475,"width":359,"height":12}},{"id":"eec28dfd-9422-453a-8687-154094bc7a76","block_type":"box","text":"decline in value if their coupon rates do not reset as","page_number":16,"box":{"x":81,"y":490,"width":389,"height":12}},{"id":"efea23b7-8ec3-4e01-b63a-1e4e4cb096a2","block_type":"box","text":"high, or as quickly, as comparable market interest","page_number":16,"box":{"x":81,"y":506,"width":375,"height":12}},{"id":"7184cabc-f414-4c6e-bf54-1cd00f07fd20","block_type":"box","text":"rates, and generally carry lower yields than fixed","page_number":16,"box":{"x":81,"y":521,"width":364,"height":12}},{"id":"fb4d2445-1fdf-4801-8d00-a276ae782b10","block_type":"box","text":"securities of the same maturity. These securities will","page_number":16,"box":{"x":81,"y":537,"width":392,"height":12}},{"id":"e148e6df-1a3b-4e3d-9c14-04a32696c2df","block_type":"box","text":"not generally increase in value if interest rates","page_number":16,"box":{"x":81,"y":552,"width":346,"height":12}},{"id":"2a17bf38-833d-407e-8a36-65d0a1283c31","block_type":"box","text":"decline. A decline in interest rates may result in a","page_number":16,"box":{"x":81,"y":568,"width":370,"height":12}},{"id":"40b9769a-52f3-4830-ba40-eb00e30d0f8d","block_type":"box","text":"reduction in income received from variable and","page_number":16,"box":{"x":81,"y":583,"width":353,"height":10}},{"id":"de36f65b-2e36-4679-922e-75a2fd159231","block_type":"box","text":"floating rate securities held by the Fund and may","page_number":16,"box":{"x":80,"y":599,"width":368,"height":12}},{"id":"c7e56e23-6559-49b4-a4a5-f61fe57171bd","block_type":"box","text":"adversely affect the value of the Fund’s shares.","page_number":16,"box":{"x":81,"y":614,"width":357,"height":12}},{"id":"127e512b-c489-495a-961a-e43aaafe4201","block_type":"box","text":"These securities may be subject to greater illiquidity","page_number":16,"box":{"x":81,"y":630,"width":390,"height":12}},{"id":"28b86c74-d184-4967-9902-bb3d7298cfbe","block_type":"box","text":"risk than other fixed income securities, meaning the","page_number":16,"box":{"x":81,"y":645,"width":388,"height":12}},{"id":"291258ca-dc14-427e-ae93-9b1cba677dd2","block_type":"box","text":"absence of an active market for these securities could","page_number":16,"box":{"x":81,"y":661,"width":400,"height":9}},{"id":"cfb85438-f605-49d5-89f0-2b1f6d627c97","block_type":"box","text":"make it difficult for the Fund to dispose of them at any","page_number":16,"box":{"x":81,"y":676,"width":399,"height":12}},{"id":"827438ae-b279-4970-b3c5-7846ff7e6351","block_type":"box","text":"given time. Floating rate securities generally are","page_number":16,"box":{"x":81,"y":692,"width":356,"height":12}},{"id":"451d001e-d538-4434-8025-9a05e3b88cba","block_type":"box","text":"subject to legal or contractual restrictions on resale,","page_number":16,"box":{"x":81,"y":707,"width":382,"height":12}},{"id":"eec254ec-1cd2-46e8-a52b-434feff0c455","block_type":"box","text":"may trade infrequently, and their value may be","page_number":16,"box":{"x":81,"y":723,"width":345,"height":12}},{"id":"c2cf1f0c-733b-4cf8-9443-948e883cdccd","block_type":"box","text":"impaired when the Fund needs to liquidate such","page_number":16,"box":{"x":81,"y":738,"width":355,"height":12}},{"id":"f34aa1c2-bb8c-462f-a211-d620b02c0189","block_type":"box","text":"loans. Benchmark interest rates may not accurately","page_number":16,"box":{"x":81,"y":754,"width":382,"height":12}},{"id":"fe0656a7-4dfb-45f5-8d34-8a4b7f34e11c","block_type":"box","text":"track market interest rates. Although floating rate","page_number":16,"box":{"x":81,"y":769,"width":362,"height":12}},{"id":"1cb7148a-2de6-4068-99a5-392a84578ebd","block_type":"box","text":"securities are less sensitive to interest rate risk than","page_number":16,"box":{"x":81,"y":785,"width":384,"height":9}},{"id":"e856903f-a80d-428b-a1f3-6b25f86e2447","block_type":"box","text":"fixed-rate securities, they are subject to credit risk and","page_number":16,"box":{"x":80,"y":800,"width":402,"height":12}},{"id":"65aa72e2-74a6-4e72-986f-6ddb7335816a","block_type":"box","text":"default risk, which could impair their value.","page_number":16,"box":{"x":81,"y":816,"width":314,"height":12}},{"id":"7f665fb2-aa4e-4a28-b9e9-93b87def3d53","block_type":"box","text":"Warrants Risk.","page_number":16,"box":{"x":82,"y":847,"width":115,"height":9}},{"id":"bb3cf14b-838a-4ed8-8754-875c0215fffa","block_type":"box","text":"If the price of the underlying stock","page_number":16,"box":{"x":198,"y":847,"width":262,"height":12}},{"id":"6c60947f-0d37-44b5-a780-1b3d33e9e34e","block_type":"box","text":"does not rise above the exercise price before the","page_number":16,"box":{"x":81,"y":862,"width":368,"height":12}},{"id":"9631f510-1bf9-4542-a3eb-fa8830566911","block_type":"box","text":"warrant expires, the warrant generally expires without","page_number":16,"box":{"x":80,"y":878,"width":404,"height":12}},{"id":"a1f0b23d-51b7-41fb-aaf6-5357ae56a3bf","block_type":"box","text":"any value and the Fund will lose any amount it paid","page_number":16,"box":{"x":81,"y":893,"width":386,"height":12}},{"id":"236a5d96-9258-4eab-96cc-21b051933404","block_type":"box","text":"for the warrant. Thus, investments in warrants may","page_number":16,"box":{"x":515,"y":56,"width":383,"height":12}},{"id":"f5245422-3564-4069-989d-f3453ab0226e","block_type":"box","text":"involve substantially more risk than investments in","page_number":16,"box":{"x":516,"y":72,"width":377,"height":12}},{"id":"f96a8eea-14b5-42e0-bd4f-2db9036e0213","block_type":"box","text":"common stock. Warrants may trade in the same","page_number":16,"box":{"x":515,"y":87,"width":362,"height":12}},{"id":"3fadfc23-8ba0-4b3b-90c4-5bded8dc7779","block_type":"box","text":"markets as their underlying stock; however, the price","page_number":16,"box":{"x":516,"y":103,"width":396,"height":12}},{"id":"6f7d2500-003d-4498-a5ca-13202282c450","block_type":"box","text":"of the warrant does not necessarily move with the","page_number":16,"box":{"x":515,"y":118,"width":374,"height":12}},{"id":"12526271-3a89-4bfc-8fc5-8e0e62c628f4","block_type":"box","text":"price of the underlying stock.","page_number":16,"box":{"x":516,"y":134,"width":218,"height":12}},{"id":"cc1c9077-ea3c-459c-9e66-7854217de990","block_type":"box","text":"Zero Coupon Securities Risk.","page_number":16,"box":{"x":515,"y":165,"width":233,"height":11}},{"id":"704f43a4-cc76-4a40-a680-4665d6582c22","block_type":"box","text":"While interest","page_number":16,"box":{"x":749,"y":165,"width":112,"height":9}},{"id":"39680fc8-fe5a-4af5-a7ef-c0bebb45d8a8","block_type":"box","text":"payments are not made on such securities, holders of","page_number":16,"box":{"x":516,"y":180,"width":403,"height":12}},{"id":"44f61cc1-e080-4f84-a18e-b4717569b733","block_type":"box","text":"such securities are deemed to have received income","page_number":16,"box":{"x":515,"y":196,"width":397,"height":9}},{"id":"a315fa96-6c45-4151-95a4-865df5f28185","block_type":"box","text":"(“phantom income”) annually, notwithstanding that","page_number":16,"box":{"x":516,"y":211,"width":377,"height":12}},{"id":"1f2345ef-932f-40d4-876e-24c5e77f82e0","block_type":"box","text":"cash may not be received currently. The effect of","page_number":16,"box":{"x":515,"y":227,"width":369,"height":12}},{"id":"c8fd14fb-2fb9-4a6a-a61f-cdb2e42633a7","block_type":"box","text":"owning instruments that do not make current interest","page_number":16,"box":{"x":515,"y":242,"width":397,"height":12}},{"id":"f0818d5f-0152-42f3-8e6e-09313944cb04","block_type":"box","text":"payments is that a fixed yield is earned not only on","page_number":16,"box":{"x":516,"y":258,"width":380,"height":12}},{"id":"0326ec0b-f9f2-4f27-b0dd-306389566a22","block_type":"box","text":"the original investment but also, in effect, on all","page_number":16,"box":{"x":515,"y":273,"width":354,"height":12}},{"id":"7a5f07fb-4fcd-4740-a1f5-b5212830a6ac","block_type":"box","text":"discount accretion during the life of the obligations.","page_number":16,"box":{"x":515,"y":289,"width":382,"height":12}},{"id":"76310322-94c9-4404-bc75-cffbfe9445df","block_type":"box","text":"This implicit reinvestment of earnings at a fixed rate","page_number":16,"box":{"x":515,"y":304,"width":388,"height":12}},{"id":"2aed185d-e30d-49f0-90ec-9dedc64349f7","block_type":"box","text":"eliminates the risk of being unable to invest","page_number":16,"box":{"x":515,"y":320,"width":326,"height":12}},{"id":"21cb5ab9-e35f-4458-a9e0-461f8e9a1583","block_type":"box","text":"distributions at a rate as high as the implicit yield on","page_number":16,"box":{"x":515,"y":335,"width":389,"height":12}},{"id":"2e6a6efb-5661-4d64-a2ad-dd751810aebf","block_type":"box","text":"the zero coupon bond, but at the same time","page_number":16,"box":{"x":515,"y":351,"width":329,"height":12}},{"id":"04af8031-4f5f-4f44-8093-1ab56978cbff","block_type":"box","text":"eliminates the holder’s ability to reinvest at higher","page_number":16,"box":{"x":515,"y":366,"width":372,"height":12}},{"id":"06cc0048-4b07-441e-829e-25128f661bdb","block_type":"box","text":"rates in the future. For this reason, some of these","page_number":16,"box":{"x":516,"y":382,"width":371,"height":11}},{"id":"51318ef2-91c5-4d27-a53b-174d40c826cf","block_type":"box","text":"securities may be subject to substantially greater","page_number":16,"box":{"x":515,"y":397,"width":367,"height":12}},{"id":"7aa73b9e-811f-4231-9873-58ed9f812639","block_type":"box","text":"price fluctuations during periods of changing market","page_number":16,"box":{"x":516,"y":413,"width":389,"height":12}},{"id":"7b8beea7-b474-4b3a-95cb-14206b5a063e","block_type":"box","text":"interest rates than are comparable securities that pay","page_number":16,"box":{"x":516,"y":428,"width":400,"height":12}},{"id":"1fea3b37-0a61-45da-8ddb-ea13f059dfec","block_type":"box","text":"interest currently. Longer term zero coupon bonds are","page_number":16,"box":{"x":516,"y":444,"width":405,"height":12}},{"id":"4868eab5-b4ae-4ac2-b49d-bbb000dd4c36","block_type":"box","text":"more exposed to interest rate risk than shorter term","page_number":16,"box":{"x":516,"y":459,"width":386,"height":12}},{"id":"3ad73eba-00ba-45d0-9083-60847ded153e","block_type":"box","text":"zero coupon bonds. These investments benefit the","page_number":16,"box":{"x":515,"y":475,"width":381,"height":12}},{"id":"220eb205-de2c-4f66-85dd-c79b3c1521db","block_type":"box","text":"issuer by mitigating its need for cash to meet debt","page_number":16,"box":{"x":516,"y":490,"width":374,"height":12}},{"id":"27a119dc-50a8-4859-a6e5-59184cbf2fc6","block_type":"box","text":"service, but also require a higher rate of return to","page_number":16,"box":{"x":515,"y":506,"width":369,"height":12}},{"id":"51591538-dd03-45b1-ba72-e1ca810175fb","block_type":"box","text":"attract investors who are willing to defer receipt of","page_number":16,"box":{"x":515,"y":521,"width":374,"height":12}},{"id":"575f13ac-aecc-4ca4-a834-ccecfec615ed","block_type":"box","text":"cash.","page_number":16,"box":{"x":515,"y":537,"width":45,"height":9}},{"id":"2f03911a-f38e-402d-b27d-9e71d6651787","block_type":"box","text":"Performance Information","page_number":16,"box":{"x":516,"y":576,"width":214,"height":10}},{"id":"a5704edf-c5d3-4aca-bda7-789167e1be79","block_type":"box","text":"Because the Fund has not commenced operations as","page_number":16,"box":{"x":516,"y":597,"width":402,"height":12}},{"id":"e8f65b22-42c3-4b5a-b952-c35418c97734","block_type":"box","text":"of the date of this Prospectus, it does not have","page_number":16,"box":{"x":515,"y":612,"width":351,"height":12}},{"id":"617f2150-46df-48d6-bb2f-6d1861ca116a","block_type":"box","text":"performance information an investor would find useful","page_number":16,"box":{"x":516,"y":628,"width":403,"height":12}},{"id":"cf0be249-1fc8-4267-a692-70d104122bf1","block_type":"box","text":"in evaluating the risks of investing in the Fund.","page_number":16,"box":{"x":516,"y":643,"width":349,"height":12}},{"id":"b8867e35-9a78-4747-9c38-ce64ced179d7","block_type":"box","text":"Updated performance information, including the","page_number":16,"box":{"x":516,"y":674,"width":353,"height":12}},{"id":"8fa0750c-ddd0-49c1-abd5-2d183c4951e9","block_type":"box","text":"Fund’s current NAV, may be obtained by visiting our","page_number":16,"box":{"x":516,"y":690,"width":387,"height":12}},{"id":"bd05f1d0-1508-4097-bcd7-3a9191df128d","block_type":"box","text":"website at www.blackrock.com or by calling","page_number":16,"box":{"x":515,"y":705,"width":322,"height":12}},{"id":"2ccef4c6-8a39-421b-aca2-225f204f8202","block_type":"box","text":"1-800-474-2737 (toll free).","page_number":16,"box":{"x":517,"y":721,"width":192,"height":12}},{"id":"2be271d4-1aa5-4e5f-bb98-6c8774fd5645","block_type":"box","text":"Management","page_number":16,"box":{"x":516,"y":757,"width":112,"height":13}},{"id":"fc6e467a-a237-4e3c-9942-f72cd8358e75","block_type":"box","text":"Investment Adviser and Sub-Advisers.","page_number":16,"box":{"x":516,"y":778,"width":305,"height":10}},{"id":"8be495df-abe5-48b1-968e-80c9773fd26d","block_type":"box","text":"The Fund’s","page_number":16,"box":{"x":827,"y":778,"width":84,"height":10}},{"id":"a4670fc3-3512-4d29-946c-77099688f4a3","block_type":"box","text":"investment adviser is BFA. The Fund’s sub-advisers","page_number":16,"box":{"x":516,"y":794,"width":386,"height":9}},{"id":"b55a37fb-fa31-43ed-b56b-c08c250f2c00","block_type":"box","text":"are BlackRock Asset Management North Asia Limited","page_number":16,"box":{"x":515,"y":809,"width":399,"height":12}},{"id":"8c33f8f0-4b8b-4d46-98c8-fc6fe7573118","block_type":"box","text":"and BlackRock (Singapore) Limited (the","page_number":16,"box":{"x":515,"y":825,"width":296,"height":12}},{"id":"61ea6ba4-d6ef-4ee6-ae7b-eb2cef4aecf4","block_type":"box","text":"“Sub-Advisers”).","page_number":16,"box":{"x":515,"y":840,"width":126,"height":12}},{"id":"032273c8-8d1b-4d78-877a-2f75259791c4","block_type":"box","text":"Portfolio Managers.","page_number":16,"box":{"x":516,"y":871,"width":155,"height":12}},{"id":"89d4eaa3-f473-4662-9b25-670429581ae6","block_type":"box","text":"Philip Green, Thomas Becker,","page_number":16,"box":{"x":672,"y":871,"width":234,"height":12}},{"id":"bf0fc301-0a47-4e3d-a6e9-e8b1678bfec1","block_type":"box","text":"Michael Pensky, CFA, and Richard Murrall, CFA (the","page_number":16,"box":{"x":516,"y":887,"width":397,"height":12}},{"id":"377067dc-6ba7-4258-83cc-079f10e79e46","block_type":"box","text":"“Portfolio Managers”) are jointly and primarily","page_number":16,"box":{"x":515,"y":902,"width":340,"height":12}},{"id":"76dee6e0-0fd8-4b46-9628-cb793fbeb044","block_type":"box","text":"S-14","page_number":16,"box":{"x":482,"y":955,"width":40,"height":10}},{"id":"465de004-cba1-4bed-a9f4-b0bcc7f7fe3b","block_type":"box","text":"NM1026U-6049080-16/56","page_number":16,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"b898489e-b92c-4aeb-b2f5-a6abee13e399","block_type":"box","text":"responsible for the day-to-day management of the","page_number":17,"box":{"x":81,"y":56,"width":377,"height":12}},{"id":"58f48346-c163-4c55-a4bf-3de6ea68a754","block_type":"box","text":"Fund. Messrs. Green, Becker, Pensky and Murrall","page_number":17,"box":{"x":82,"y":71,"width":376,"height":13}},{"id":"ce6e151a-87ad-4231-81b8-3cbeb3f9ee47","block_type":"box","text":"have been Portfolio Managers of the Fund since","page_number":17,"box":{"x":81,"y":87,"width":362,"height":12}},{"id":"342a91f1-9c47-4816-a394-5afebac38aa9","block_type":"box","text":"October 2026.","page_number":17,"box":{"x":81,"y":102,"width":111,"height":10}},{"id":"bd79e195-cc84-499e-a225-d533d3a0636a","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":17,"box":{"x":82,"y":139,"width":294,"height":10}},{"id":"9f4cfe6e-c6c2-47b7-bc11-859437b85c66","block_type":"box","text":"The Fund is an ETF. Individual shares of the Fund","page_number":17,"box":{"x":81,"y":160,"width":378,"height":10}},{"id":"bc1be494-58fb-4002-9eed-a1f4ce1b5e74","block_type":"box","text":"may only be bought and sold in the secondary","page_number":17,"box":{"x":81,"y":176,"width":347,"height":12}},{"id":"fa720139-49d6-42e7-9a66-a78fb3ba73be","block_type":"box","text":"market through a broker-dealer. Because ETF shares","page_number":17,"box":{"x":81,"y":191,"width":403,"height":12}},{"id":"9afc9f5f-3744-40d9-bc81-24c4a4c2595b","block_type":"box","text":"trade at market prices rather than at NAV, shares","page_number":17,"box":{"x":81,"y":207,"width":371,"height":11}},{"id":"e709a139-3273-4987-9906-a4dc7d47ed0b","block_type":"box","text":"may trade at a price greater than NAV (a premium) or","page_number":17,"box":{"x":81,"y":222,"width":403,"height":12}},{"id":"aa09b0d7-846b-4534-a125-a3efc039807c","block_type":"box","text":"less than NAV (a discount). An investor may incur","page_number":17,"box":{"x":81,"y":238,"width":375,"height":12}},{"id":"568f1234-c662-4f02-9683-da2f1434e87c","block_type":"box","text":"costs attributable to the difference between the","page_number":17,"box":{"x":81,"y":253,"width":353,"height":10}},{"id":"87c6d5cb-a724-47bc-9fa5-036600082980","block_type":"box","text":"highest price a buyer is willing to pay to purchase","page_number":17,"box":{"x":81,"y":269,"width":371,"height":12}},{"id":"f4ad6371-40ce-468b-9c56-a70179d00e68","block_type":"box","text":"shares of the Fund (bid) and the lowest price a seller","page_number":17,"box":{"x":81,"y":284,"width":396,"height":12}},{"id":"3a3979dd-49ae-44e0-8bda-09bc15148129","block_type":"box","text":"is willing to accept for shares of the Fund (ask) when","page_number":17,"box":{"x":81,"y":300,"width":396,"height":12}},{"id":"874c568d-e395-48c9-887f-ce9c5b8062cd","block_type":"box","text":"buying or selling shares in the secondary market (the","page_number":17,"box":{"x":81,"y":315,"width":399,"height":12}},{"id":"883f2d8d-90b4-4208-891f-aa4f74b8e08d","block_type":"box","text":"“bid-ask spread”).","page_number":17,"box":{"x":81,"y":331,"width":136,"height":12}},{"id":"9a3129f0-f4bb-41c6-8a14-7242e5ac8a72","block_type":"box","text":"Tax Information","page_number":17,"box":{"x":81,"y":367,"width":137,"height":10}},{"id":"8705b9bc-896d-46ae-976f-fda7841d2c65","block_type":"box","text":"The Fund intends to make distributions that may be","page_number":17,"box":{"x":81,"y":388,"width":387,"height":12}},{"id":"9eae752a-2008-4b83-8031-97227d1a6fd8","block_type":"box","text":"taxable to you as ordinary income or capital gains,","page_number":17,"box":{"x":81,"y":404,"width":378,"height":12}},{"id":"9b1b9c5a-06b3-4d27-969a-3de8a248a125","block_type":"box","text":"unless you are investing through a tax-deferred","page_number":17,"box":{"x":81,"y":419,"width":356,"height":12}},{"id":"e05f9477-d5ac-4cd0-b157-73e1ea6aada6","block_type":"box","text":"arrangement such as a 401(k) plan or an individual","page_number":17,"box":{"x":81,"y":435,"width":383,"height":12}},{"id":"b10af0b8-aadb-454b-8e2c-c8871a16e3c4","block_type":"box","text":"retirement account (“IRA”), in which case, your","page_number":17,"box":{"x":81,"y":450,"width":351,"height":12}},{"id":"bfbee124-c25c-4e03-89cd-3c19317128a7","block_type":"box","text":"distributions generally will be taxed when withdrawn.","page_number":17,"box":{"x":81,"y":466,"width":394,"height":12}},{"id":"e373dd16-9d23-4f3a-b79d-1e790904656a","block_type":"box","text":"Payments to Broker-Dealers and Other","page_number":17,"box":{"x":521,"y":56,"width":329,"height":13}},{"id":"0663b753-e3d9-4f26-9bda-3b50f7fd1caf","block_type":"box","text":"Financial Intermediaries","page_number":17,"box":{"x":521,"y":72,"width":206,"height":10}},{"id":"64de1da6-c5ab-496e-871c-78d796697498","block_type":"box","text":"If you purchase shares of the Fund through a broker","page_number":17,"box":{"x":521,"y":93,"width":392,"height":13}},{"id":"490d7cfe-514d-4aa6-8310-cd4a89e5e4ec","block_type":"box","text":"dealer or other financial intermediary (such as a","page_number":17,"box":{"x":520,"y":109,"width":360,"height":12}},{"id":"59bfc9f2-b920-414f-be99-601bf5a491bd","block_type":"box","text":"bank), BFA or other related companies may pay the","page_number":17,"box":{"x":521,"y":124,"width":389,"height":13}},{"id":"e97babc8-d421-4565-909b-10f431a44c26","block_type":"box","text":"intermediary for marketing activities and","page_number":17,"box":{"x":521,"y":140,"width":301,"height":12}},{"id":"fe41ff63-00c6-490a-bbce-7e56655914cb","block_type":"box","text":"presentations, educational training programs,","page_number":17,"box":{"x":521,"y":156,"width":340,"height":12}},{"id":"474f03a9-530c-4988-978a-20589efff1a9","block_type":"box","text":"conferences, the development of technology","page_number":17,"box":{"x":520,"y":171,"width":335,"height":12}},{"id":"b77813c8-30be-4c09-84fe-3b34c088d5d2","block_type":"box","text":"platforms and reporting systems or other services","page_number":17,"box":{"x":521,"y":186,"width":372,"height":13}},{"id":"d3e8c14f-f247-419c-832a-f4c52539fc6e","block_type":"box","text":"related to the sale or promotion of the Fund. These","page_number":17,"box":{"x":521,"y":202,"width":383,"height":12}},{"id":"51ffafce-a0b0-4867-b886-1c1d182b0a06","block_type":"box","text":"payments may create a conflict of interest by","page_number":17,"box":{"x":521,"y":217,"width":337,"height":13}},{"id":"acead79c-46ab-4fcc-9dd3-ae96e5efe394","block_type":"box","text":"influencing the broker-dealer or other intermediary","page_number":17,"box":{"x":521,"y":233,"width":377,"height":12}},{"id":"53080fc5-593b-4e2c-a3d1-d09873f0b02a","block_type":"box","text":"and your salesperson to recommend the Fund over","page_number":17,"box":{"x":520,"y":249,"width":386,"height":12}},{"id":"67311ed7-7052-4daf-a555-7a49141444ff","block_type":"box","text":"another investment. Ask your salesperson or visit","page_number":17,"box":{"x":520,"y":264,"width":371,"height":12}},{"id":"0fb8322c-ade7-4b9f-841f-6b38de45b713","block_type":"box","text":"your financial intermediary’s website for more","page_number":17,"box":{"x":520,"y":279,"width":342,"height":13}},{"id":"4fbe2a90-1339-44b5-8779-140e12522f06","block_type":"box","text":"information.","page_number":17,"box":{"x":521,"y":295,"width":91,"height":10}},{"id":"e05a3158-d746-4365-93e9-deb9ca89ffd6","block_type":"box","text":"S-15","page_number":17,"box":{"x":482,"y":955,"width":40,"height":10}},{"id":"638bd620-761f-4b43-b1a4-a0fc37426ac4","block_type":"box","text":"NM1026U-6049080-17/56","page_number":17,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"fbccbb4a-a186-43a4-a456-fa963fefb853","block_type":"box","text":"More Information About the Fund","page_number":18,"box":{"x":62,"y":42,"width":326,"height":12}},{"id":"22519cf9-fc2e-48c6-93ff-450252e8bf4c","block_type":"box","text":"This Prospectus contains important information about investing in iShares Macro AlphaBeta Active ETF (the “Fund”).","page_number":18,"box":{"x":60,"y":65,"width":872,"height":12}},{"id":"b1e09d08-77c4-45ed-be79-ef4783e30503","block_type":"box","text":"Please read this Prospectus carefully before you make any investment decisions. Additional information regarding the","page_number":18,"box":{"x":61,"y":81,"width":878,"height":12}},{"id":"a1b7019e-4f31-4273-8dbe-e9c2fef1e42d","block_type":"box","text":"Fund is available at www.blackrock.com.","page_number":18,"box":{"x":61,"y":96,"width":307,"height":10}},{"id":"fa2bfa45-f031-4198-9c08-3f2a05ee585e","block_type":"box","text":"BlackRock Fund Advisors (“BFA”) is the investment adviser to the Fund and BlackRock Asset Management North","page_number":18,"box":{"x":61,"y":127,"width":848,"height":12}},{"id":"65d204ef-b3c2-472c-af1a-907d5fc5625e","block_type":"box","text":"Asia Limited and BlackRock (Singapore) Limited (the “Sub-Advisers”) are the sub-advisers to the Fund. Shares of the","page_number":18,"box":{"x":60,"y":143,"width":877,"height":12}},{"id":"7cef3f79-644f-4c79-b810-635164c05c1d","block_type":"box","text":"Fund are listed for trading on NYSE Arca, Inc. (“NYSE Arca”). The market price for a share of the Fund may be","page_number":18,"box":{"x":61,"y":158,"width":829,"height":12}},{"id":"3b062655-0eef-4eb6-afdc-82597b85385b","block_type":"box","text":"different from the Fund’s most recent net asset value (“NAV”).","page_number":18,"box":{"x":61,"y":174,"width":463,"height":12}},{"id":"ba3e7fb8-393d-42b2-ab25-c6c86d3c4da4","block_type":"box","text":"Investment Objective.","page_number":18,"box":{"x":61,"y":205,"width":178,"height":12}},{"id":"849cfb00-6d2d-45b9-b739-874046ac2954","block_type":"box","text":"The investment objective of the Fund is to seek total return. The Fund’s investment objective","page_number":18,"box":{"x":239,"y":205,"width":693,"height":12}},{"id":"8f6db010-dc75-45c6-adea-5ddab1afd61f","block_type":"box","text":"is a non-fundamental policy and may be changed without shareholder approval.","page_number":18,"box":{"x":61,"y":220,"width":596,"height":12}},{"id":"ff8b0a6c-f7cf-48e4-af6c-9b34751fa6bf","block_type":"box","text":"Additional Information on Principal Investment Strategies.","page_number":18,"box":{"x":60,"y":251,"width":470,"height":12}},{"id":"3510b41c-5b47-49d0-ad9f-0ba6baf721fd","block_type":"box","text":"The Fund seeks to achieve its investment objective of","page_number":18,"box":{"x":530,"y":251,"width":404,"height":12}},{"id":"12e9a0dd-f98f-4fc2-a071-7541aa1de2fe","block_type":"box","text":"seeking total return by combining two sources of returns: (i) a “beta” component that seeks to provide exposure to the","page_number":18,"box":{"x":61,"y":267,"width":877,"height":12}},{"id":"170dc671-38cd-4757-ae86-f1e6b25281ff","block_type":"box","text":"U.S. large cap equity market (the “U.S. Large Cap Equity Strategy”), and (ii) an “alpha” component that consists of a","page_number":18,"box":{"x":61,"y":282,"width":867,"height":12}},{"id":"d69d73e4-4c97-44c3-8bd2-12289ab71e99","block_type":"box","text":"macro, tactical asset allocation strategy (the “Macro Asset Allocation Strategy”). The Fund will allocate its assets to","page_number":18,"box":{"x":61,"y":298,"width":857,"height":12}},{"id":"7ba3eadd-0f3b-49d9-9955-283fe245c764","block_type":"box","text":"each strategy and has discretion to vary the amount of its assets allocated between the two strategies.","page_number":18,"box":{"x":61,"y":313,"width":766,"height":12}},{"id":"b25ac179-5309-4e08-a144-356e6ef0e582","block_type":"box","text":"The U.S. Large Cap Equity Strategy targets exposure to the returns of the U.S. large cap equity market over a normal","page_number":18,"box":{"x":60,"y":344,"width":879,"height":12}},{"id":"f9f6a40f-950d-498f-8780-0acc66007e56","block_type":"box","text":"business cycle. The Fund seeks to obtain this exposure through investments in equity securities and equity-related","page_number":18,"box":{"x":61,"y":360,"width":856,"height":12}},{"id":"ce988381-fb8f-4ae9-a6a3-beddb4eb7e58","block_type":"box","text":"instruments as well as derivatives, including futures and futures-related instruments.","page_number":18,"box":{"x":61,"y":375,"width":629,"height":12}},{"id":"9c6f4e4a-6f7e-4c49-abb6-af413a9f9aa2","block_type":"box","text":"The Macro Asset Allocation Strategy will invest varying percentages of the portfolio in global stocks, fixed-income","page_number":18,"box":{"x":60,"y":406,"width":846,"height":12}},{"id":"f1ff9150-3275-442e-aa93-f6149c89c3f6","block_type":"box","text":"investments, currencies and commodities. The Fund expects to obtain exposure to such asset classes primarily","page_number":18,"box":{"x":61,"y":422,"width":833,"height":12}},{"id":"ace14fb5-2ee9-4141-b274-ad999bfba01b","block_type":"box","text":"through the use of derivatives. The Fund will also hold money market instruments and cash as part of the Macro","page_number":18,"box":{"x":60,"y":437,"width":838,"height":12}},{"id":"3e84a179-5fbe-47c1-89dc-dbd7c3b18c70","block_type":"box","text":"Asset Allocation Strategy. The Fund has wide flexibility in the relative weightings given to each asset class in the","page_number":18,"box":{"x":60,"y":453,"width":840,"height":12}},{"id":"babfd0c7-0922-48ae-9043-5c1a5a31fb6b","block_type":"box","text":"Macro Asset Allocation Strategy. The Fund may take both long and short positions within and across each asset","page_number":18,"box":{"x":61,"y":468,"width":837,"height":12}},{"id":"10d46c88-afaf-4ecf-91bb-5ce3f9c686cc","block_type":"box","text":"class, whereby the Fund expects the Macro Asset Allocation Strategy to achieve returns not closely correlated to the","page_number":18,"box":{"x":61,"y":484,"width":869,"height":12}},{"id":"3faa07b7-5d49-4951-bb9c-6f704c844265","block_type":"box","text":"U.S. Large Cap Equity Strategy over a normal business cycle.","page_number":18,"box":{"x":61,"y":499,"width":465,"height":12}},{"id":"154441fe-7474-4953-b182-82832e1ded68","block_type":"box","text":"With respect to its equity investments, the Fund may invest in common stock, preferred stock, non-convertible","page_number":18,"box":{"x":60,"y":530,"width":821,"height":12}},{"id":"4f3f88dc-9761-47ae-b37e-405514f338c1","block_type":"box","text":"preferred stock and depositary receipts. The Fund may invest in securities of both U.S. and non-U.S. issuers, which","page_number":18,"box":{"x":61,"y":546,"width":863,"height":12}},{"id":"4b6e578d-3ad2-4418-948c-48ef9f703b3b","block_type":"box","text":"can be U.S. dollar-based or non-U.S. dollar-based and may be currency hedged or unhedged. The Fund may invest","page_number":18,"box":{"x":61,"y":561,"width":866,"height":12}},{"id":"d2a94fd2-99be-4db4-a3c8-e43cdb83df80","block_type":"box","text":"in securities of companies of any market capitalization. The Fund may also invest in securities convertible into","page_number":18,"box":{"x":61,"y":577,"width":820,"height":12}},{"id":"1f7e71d3-6c8e-447b-8e21-4bc730ae1230","block_type":"box","text":"common stock.","page_number":18,"box":{"x":61,"y":592,"width":117,"height":10}},{"id":"19bc0c9f-bde8-4cac-97fa-c8a2388c96c9","block_type":"box","text":"With respect to its fixed-income investments, the Fund may invest in fixed-income securities such as corporate bonds","page_number":18,"box":{"x":60,"y":623,"width":877,"height":12}},{"id":"fdaac820-6fbd-40d3-9e95-9bb8e9d2fbd3","block_type":"box","text":"and notes, commercial and residential mortgage-backed securities (bonds that are backed by a mortgage loan or","page_number":18,"box":{"x":61,"y":639,"width":844,"height":12}},{"id":"b200f137-e6e9-4887-84ed-9f436fd8efe5","block_type":"box","text":"pools of loans secured either by commercial property or residential mortgages, as applicable), collateralized mortgage","page_number":18,"box":{"x":61,"y":654,"width":880,"height":12}},{"id":"783fcaa3-512f-45b8-b6dd-76c1396bd244","block_type":"box","text":"obligations (bonds that are backed by cash flows from pools of mortgages and may have multiple classes with","page_number":18,"box":{"x":61,"y":670,"width":816,"height":12}},{"id":"fbe9477d-63ac-403e-8cfa-b1142e46bfcb","block_type":"box","text":"different payment rights and protections), collateralized debt obligations (“CDOs”), asset-backed securities,","page_number":18,"box":{"x":61,"y":685,"width":792,"height":12}},{"id":"6e53d7fb-6509-4d1b-a4b2-9824f5544907","block_type":"box","text":"convertible securities, debt obligations of governments and their sub-divisions (including those of non-U.S.","page_number":18,"box":{"x":61,"y":701,"width":787,"height":12}},{"id":"67f08758-ef67-477f-ba3a-57b7dcc7171c","block_type":"box","text":"governments), other floating or variable rate obligations, municipal obligations, inflation-linked securities, and zero","page_number":18,"box":{"x":61,"y":716,"width":843,"height":12}},{"id":"5a337943-a64e-481d-8db4-7fd9da1c167a","block_type":"box","text":"coupon debt securities. The Fund may invest in non-investment grade bonds (“junk” bonds or distressed securities),","page_number":18,"box":{"x":61,"y":732,"width":858,"height":12}},{"id":"d737b609-86ae-4f65-afe5-578aad10233a","block_type":"box","text":"non-investment grade bank loans, foreign bonds (both U.S. dollar- and non-U.S. dollar-denominated) and bonds of","page_number":18,"box":{"x":61,"y":747,"width":852,"height":12}},{"id":"dcb756d4-fe08-4933-9265-0a35f8821fec","block_type":"box","text":"emerging market issuers. The Fund may invest in non-U.S. dollar-denominated bonds on a currency hedged or","page_number":18,"box":{"x":61,"y":763,"width":826,"height":12}},{"id":"3092604d-6d26-4f78-9051-7f0f757dccf6","block_type":"box","text":"unhedged basis.","page_number":18,"box":{"x":61,"y":778,"width":121,"height":12}},{"id":"280b2b86-c9e2-4f92-94c3-5d5e5fe9a47c","block_type":"box","text":"With respect to its money market and cash investments,","page_number":18,"box":{"x":60,"y":809,"width":416,"height":12}},{"id":"2e55a7a2-1b21-4eba-9a86-e803338b99f9","block_type":"box","text":"the Fund may hold high quality money market securities,","page_number":18,"box":{"x":483,"y":809,"width":419,"height":12}},{"id":"77cee86a-9496-409b-8aef-5cb2076408c5","block_type":"box","text":"including short term U.S. Government securities, U.S. Government agency securities, securities issued by U.S.","page_number":18,"box":{"x":61,"y":825,"width":823,"height":12}},{"id":"d484113d-28ee-4b06-a3ca-3bbcf780e07e","block_type":"box","text":"Government-sponsored enterprises and U.S. Government instrumentalities, bank obligations, commercial paper,","page_number":18,"box":{"x":61,"y":840,"width":841,"height":12}},{"id":"39ed6619-83cd-42c9-bc50-5e4129e1bb63","block_type":"box","text":"including asset-backed commercial paper, corporate notes and repurchase agreements. The Fund may invest a","page_number":18,"box":{"x":61,"y":856,"width":836,"height":12}},{"id":"a1c1a679-2006-414c-a537-0694d03a4bf8","block_type":"box","text":"significant portion of its assets in money market funds, including those advised by BFA or its affiliates.","page_number":18,"box":{"x":61,"y":871,"width":760,"height":12}},{"id":"79daef7b-a639-44b7-a57a-c14981d7319b","block_type":"box","text":"The Fund may invest in derivatives, including, but not limited to, swaps, including interest rate, total return, index and","page_number":18,"box":{"x":60,"y":902,"width":872,"height":12}},{"id":"52d66275-2770-4e9a-acda-06c5f3f2b5ad","block_type":"box","text":"credit default swaps; options; futures; options on futures and swaps; and foreign currency transactions (including","page_number":18,"box":{"x":61,"y":918,"width":835,"height":12}},{"id":"f669c02f-67b7-4ae4-804c-3a648751c3aa","block_type":"box","text":"1","page_number":18,"box":{"x":497,"y":955,"width":12,"height":10}},{"id":"87a83eec-aa35-4bed-acac-775f30cc77e2","block_type":"box","text":"NM1026U-6049080-18/56","page_number":18,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"b16d2cca-8cb9-4f3a-af8a-e79ee46cba88","block_type":"box","text":"swaps), for hedging purposes, as well as to seek to increase the return on its portfolio investments. The Fund may","page_number":19,"box":{"x":61,"y":40,"width":853,"height":13}},{"id":"a3765c49-edbf-4547-b029-b9b93d027fd6","block_type":"box","text":"utilize derivatives to a significant extent. The Fund may seek to obtain market exposure to the securities in which it","page_number":19,"box":{"x":61,"y":56,"width":853,"height":12}},{"id":"76357008-c729-42fa-9811-b89244c3cef6","block_type":"box","text":"primarily invests by entering into a series of purchase and sale contracts or by using other investment techniques","page_number":19,"box":{"x":61,"y":71,"width":844,"height":13}},{"id":"c0776ece-aee7-48d5-b96b-2822f5035b4d","block_type":"box","text":"(such as reverse repurchase agreements or dollar rolls). The Fund may utilize derivative instruments to maintain a","page_number":19,"box":{"x":61,"y":87,"width":853,"height":12}},{"id":"14b6dd23-4361-446e-8b4d-873ea59d3e34","block_type":"box","text":"portion of its portfolio long and short positions. The Fund may also use forward foreign currency exchange contracts","page_number":19,"box":{"x":61,"y":102,"width":865,"height":13}},{"id":"faf094f8-059d-4a7b-8062-72e99c05ca3b","block_type":"box","text":"(obligations to buy or sell a currency at a set rate in the future) to hedge against movement in the value of a currency.","page_number":19,"box":{"x":61,"y":118,"width":876,"height":12}},{"id":"fb32bb81-c3fa-458e-8a5b-15fd4d558beb","block_type":"box","text":"The Fund may also invest in indexed and inverse floating rate securities.","page_number":19,"box":{"x":60,"y":134,"width":544,"height":12}},{"id":"d73fcc2d-746e-4a7d-9b8b-ee51a728a0e3","block_type":"box","text":"The Fund may invest in U.S. and non-U.S. real estate investment trusts (“REITs”), structured products (including, but","page_number":19,"box":{"x":60,"y":165,"width":873,"height":12}},{"id":"32ab82dd-e0c5-4905-9a52-e971524b61d8","block_type":"box","text":"not limited to, structured notes, credit linked notes and participation notes, or other instruments evidencing interests in","page_number":19,"box":{"x":61,"y":180,"width":879,"height":12}},{"id":"d50e95ad-82a7-4f25-949f-7cbe2830527f","block_type":"box","text":"special purpose vehicles, trusts, or other entities that hold or represent interests in fixed-income securities) and","page_number":19,"box":{"x":61,"y":196,"width":828,"height":12}},{"id":"e7645493-4467-4596-bc92-121c30beda71","block_type":"box","text":"floating rate securities (such as bank loans).","page_number":19,"box":{"x":60,"y":211,"width":333,"height":12}},{"id":"0da0fb95-ffda-4d0f-8dbd-34c1db891d40","block_type":"box","text":"The Fund may seek to provide exposure to the investment returns of real assets that trade in the commodity markets","page_number":19,"box":{"x":60,"y":242,"width":874,"height":12}},{"id":"0a2a9d37-a883-45fd-b388-39d18437065e","block_type":"box","text":"through investment in commodity-linked derivative instruments and investment vehicles, such as exchange-traded","page_number":19,"box":{"x":60,"y":258,"width":853,"height":12}},{"id":"717522f8-263a-40e4-9912-f5fe379762e8","block_type":"box","text":"funds, that invest in commodities and are designed to provide investment exposure to physical commodities. The","page_number":19,"box":{"x":60,"y":273,"width":844,"height":12}},{"id":"26febf27-7b5e-42c6-83a4-77d91cef1b24","block_type":"box","text":"Fund expects to gain exposure to commodity markets by investing up to 25% of its total assets, inclusive of leverage,","page_number":19,"box":{"x":61,"y":289,"width":874,"height":12}},{"id":"8301e070-3cf5-49eb-a349-ab9eae9fb5dc","block_type":"box","text":"in iShares Cayman Macro AlphaBeta Active ETF, Ltd. (the “Subsidiary”), a wholly owned subsidiary of the Fund","page_number":19,"box":{"x":61,"y":304,"width":833,"height":12}},{"id":"cbedd80f-be5c-4565-be22-00d0819783b5","block_type":"box","text":"formed in the Cayman Islands, which invests primarily in commodity-related instruments. The Subsidiary may also","page_number":19,"box":{"x":60,"y":320,"width":853,"height":12}},{"id":"e077f761-5a83-452c-a07c-e59fc6e1d7c9","block_type":"box","text":"hold cash and invest in other instruments, including fixed income securities, either as investments or to serve as","page_number":19,"box":{"x":61,"y":335,"width":836,"height":12}},{"id":"c9a45d88-d254-4274-9cc0-79e34c9936e8","block_type":"box","text":"margin or collateral for the Subsidiary’s derivative positions. The Subsidiary (unlike the Fund) may invest without","page_number":19,"box":{"x":61,"y":351,"width":838,"height":12}},{"id":"057a44c0-dd5f-43e3-9ebc-da7e83364b51","block_type":"box","text":"limitation in commodity-related instruments. However, the Subsidiary is otherwise subject to the same fundamental,","page_number":19,"box":{"x":61,"y":366,"width":861,"height":12}},{"id":"d8fb04c5-95b3-4ee0-a728-2b8c4c3619aa","block_type":"box","text":"non-fundamental and certain other investment restrictions as the Fund.","page_number":19,"box":{"x":61,"y":382,"width":532,"height":9}},{"id":"8d709837-6277-4023-8785-6b5e5b75ad96","block_type":"box","text":"The Fund is classified as non-diversified under the Investment Company Act of 1940, as amended (the “Investment","page_number":19,"box":{"x":60,"y":413,"width":862,"height":12}},{"id":"0352a015-c7db-473c-be20-fe54bee0da48","block_type":"box","text":"Company Act” or the “1940 Act”).","page_number":19,"box":{"x":61,"y":428,"width":251,"height":12}},{"id":"7a64ecc7-8cc1-4ac6-80d7-a8ef11e0014e","block_type":"box","text":"Investment Process.","page_number":19,"box":{"x":61,"y":459,"width":162,"height":10}},{"id":"ae069f7d-325c-49e9-bf7e-f660c48a2220","block_type":"box","text":"In selecting investments for the U.S. Large Cap Equity Strategy, the Fund management team","page_number":19,"box":{"x":224,"y":459,"width":702,"height":12}},{"id":"0a2008f7-e90c-4918-8531-3015b3d3d2b1","block_type":"box","text":"will seek to identify equity securities that will provide exposure to the returns of the U.S. large cap equity market and","page_number":19,"box":{"x":60,"y":475,"width":866,"height":12}},{"id":"58216fed-00ab-434b-b04b-0d9e26da0498","block_type":"box","text":"position the Fund using a combination of individual equity securities and derivatives.","page_number":19,"box":{"x":61,"y":490,"width":628,"height":12}},{"id":"51b2e44f-766c-49cf-9e74-aee48f411f42","block_type":"box","text":"In selecting investments for the Macro Asset Allocation Strategy, the Fund management team will identify global","page_number":19,"box":{"x":62,"y":521,"width":835,"height":12}},{"id":"c5776c73-c152-4894-b72a-0f43a15f3847","block_type":"box","text":"macro-opportunities and position the Fund using a combination of individual securities and derivatives. The Fund uses","page_number":19,"box":{"x":61,"y":537,"width":882,"height":12}},{"id":"5755c089-90dd-4f46-adcb-522c60b622f3","block_type":"box","text":"a combination of a systematic (i.e., rule-based) investment process and a discretionary investment process to allocate","page_number":19,"box":{"x":61,"y":552,"width":881,"height":12}},{"id":"c38bda2e-251c-4e8c-bffe-1590b972c344","block_type":"box","text":"assets for the Macro Asset Allocation Strategy. The systematic process compares data across similar assets to rank","page_number":19,"box":{"x":61,"y":568,"width":868,"height":12}},{"id":"29643511-cf21-449c-abbc-05faf68c6264","block_type":"box","text":"expected return opportunities and to appropriately scale the Fund’s exposure. The discretionary process derives","page_number":19,"box":{"x":61,"y":583,"width":837,"height":12}},{"id":"d3c476d6-1818-4524-ab4d-f2f6596b92f5","block_type":"box","text":"investment themes based on research and analysis of macro-economic data and seeks exposure to these themes.","page_number":19,"box":{"x":61,"y":599,"width":857,"height":12}},{"id":"cbcc86f4-df39-420f-8761-fb4c4a59809c","block_type":"box","text":"Securities are selected to achieve asset allocations tactically determined by the Fund management team. In selecting","page_number":19,"box":{"x":61,"y":630,"width":876,"height":12}},{"id":"9f1d6be7-0b87-482c-a9b8-9d58ed44a49d","block_type":"box","text":"fixed-income investments for the Macro Asset Allocation Strategy, the Fund management team evaluates the global","page_number":19,"box":{"x":60,"y":645,"width":866,"height":12}},{"id":"e4003c9d-cc96-4870-a179-0d7c115ddeb7","block_type":"box","text":"bond market including, but not limited to, U.S. Treasuries and agency securities, sovereign bonds, commercial and","page_number":19,"box":{"x":61,"y":661,"width":850,"height":12}},{"id":"6583b984-26a6-43f7-82e0-eaf7f5d14f08","block_type":"box","text":"residential mortgage-backed securities and corporate bonds. The Fund management team may shift the Fund’s","page_number":19,"box":{"x":61,"y":676,"width":828,"height":12}},{"id":"1321dec1-f998-42de-a1d1-627a2e99b369","block_type":"box","text":"assets among these various sectors based upon changing market conditions. Investments are made when the Fund","page_number":19,"box":{"x":61,"y":692,"width":861,"height":12}},{"id":"9d2ed6c2-d327-4593-b91e-594fe9b19c9f","block_type":"box","text":"management team believes that they have the potential for above-average total return.","page_number":19,"box":{"x":61,"y":707,"width":642,"height":12}},{"id":"f5c984f6-ffe1-413e-9015-b84b7fa86940","block_type":"box","text":"In selecting equity investments for the Macro Asset Allocation Strategy, the Fund management team evaluates the","page_number":19,"box":{"x":62,"y":738,"width":848,"height":12}},{"id":"66435ca3-ac23-456b-a76d-38f72f49fc67","block_type":"box","text":"attractiveness of countries and sectors as well as average market capitalization, and will assess each investment’s","page_number":19,"box":{"x":61,"y":754,"width":850,"height":12}},{"id":"cf95872b-db5f-4025-ade2-9009ef83687a","block_type":"box","text":"changing characteristics relative to its contribution to portfolio risk within that discipline and will sell the investment","page_number":19,"box":{"x":61,"y":769,"width":844,"height":12}},{"id":"4a982ea9-20bb-41f2-9568-648de9258ff3","block_type":"box","text":"when it no longer offers an appropriate return-to-risk trade-off. The Fund will make investments that the Fund","page_number":19,"box":{"x":60,"y":785,"width":809,"height":12}},{"id":"a6b04bf2-9643-492c-825b-305629bf18ae","block_type":"box","text":"management team believes offer attractive returns through long-term capital appreciation and income.","page_number":19,"box":{"x":61,"y":800,"width":757,"height":12}},{"id":"755e57be-a34e-4c5b-b53b-0ebe0e023bca","block_type":"box","text":"The Fund may engage in active and frequent trading of portfolio securities and may make significant investments in","page_number":19,"box":{"x":60,"y":831,"width":862,"height":12}},{"id":"e26839cc-181d-4d7a-9a6d-accf2d9385d1","block_type":"box","text":"index futures or other derivative instruments to achieve its primary investment strategies.","page_number":19,"box":{"x":61,"y":847,"width":664,"height":12}},{"id":"9965a1bf-ae2b-470f-9c09-ce1a42b36c41","block_type":"box","text":"An investment in the Fund is not a bank deposit and it is not insured or guaranteed by the Federal Deposit Insurance","page_number":19,"box":{"x":60,"y":878,"width":872,"height":12}},{"id":"e29372c5-e005-4831-875f-2c3535e80707","block_type":"box","text":"Corporation or any other government agency, BFA or any of its affiliates.","page_number":19,"box":{"x":61,"y":893,"width":544,"height":12}},{"id":"d2b6ce56-9f63-421a-86ac-2869941d449f","block_type":"box","text":"2","page_number":19,"box":{"x":495,"y":955,"width":14,"height":10}},{"id":"4de6a305-79ea-4056-b2a9-de5fd7f0b298","block_type":"box","text":"NM1026U-6049080-19/56","page_number":19,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"cf1b3f3d-ddf2-43a8-bb83-1f58c29dbaa9","block_type":"box","text":"Other Strategies Applicable to the Fund.","page_number":20,"box":{"x":61,"y":40,"width":320,"height":13}},{"id":"ed1a9392-2aab-49fa-8b64-8263b659c3ee","block_type":"box","text":"In addition to the principal strategies discussed above, the Fund may also","page_number":20,"box":{"x":382,"y":41,"width":557,"height":12}},{"id":"afa8037c-37e1-4901-aff2-c4642ff24d42","block_type":"box","text":"invest or engage in the following investments/strategies:","page_number":20,"box":{"x":61,"y":56,"width":421,"height":12}},{"id":"e4221440-5ca3-4ae0-88e7-f8e61813d9e3","block_type":"box","text":"•","page_number":20,"box":{"x":95,"y":83,"width":4,"height":3}},{"id":"129700e0-de46-4744-a18d-207552483c2f","block_type":"box","text":"Borrowing.","page_number":20,"box":{"x":128,"y":80,"width":87,"height":12}},{"id":"1b41eb73-9674-4c39-84e3-6fd2df28b082","block_type":"box","text":"The Fund may borrow up to the limits set forth under the Investment Company Act, the rules","page_number":20,"box":{"x":216,"y":80,"width":696,"height":12}},{"id":"543dca5e-d700-45e4-9f7f-89cc2ba7af1d","block_type":"box","text":"and regulations thereunder and any applicable exemptive relief.","page_number":20,"box":{"x":128,"y":95,"width":477,"height":12}},{"id":"b348cf8d-35e0-4528-8dcd-ddada7f1eaeb","block_type":"box","text":"•","page_number":20,"box":{"x":95,"y":117,"width":4,"height":3}},{"id":"4a692fa7-fa26-4a0b-9e29-36f51b1ef358","block_type":"box","text":"Illiquid Investments.","page_number":20,"box":{"x":128,"y":114,"width":160,"height":11}},{"id":"ad00a8bb-4dbb-42b3-8abf-c0cd85cb6bb9","block_type":"box","text":"The Fund may not acquire any illiquid investment if, immediately after the acquisition,","page_number":20,"box":{"x":289,"y":113,"width":643,"height":13}},{"id":"0ab75318-0a6b-4915-89f6-1ee927debfaf","block_type":"box","text":"the Fund would have invested more than 15% of its net assets in illiquid investments. An illiquid investment","page_number":20,"box":{"x":128,"y":129,"width":799,"height":12}},{"id":"7797fc71-d447-4bac-a822-8d087f8a4c3d","block_type":"box","text":"is any investment that the Fund reasonably expects cannot be sold or disposed of in current market","page_number":20,"box":{"x":129,"y":144,"width":742,"height":13}},{"id":"ae111406-56a9-4845-a44c-9ad84b3aea9f","block_type":"box","text":"conditions in seven calendar days or less without the sale or disposition significantly changing the market","page_number":20,"box":{"x":128,"y":160,"width":785,"height":12}},{"id":"8a517b43-09ec-421b-9794-4d87360ef877","block_type":"box","text":"value of the investment. The Subsidiary will also limit its investment in illiquid investments to 15% of its net","page_number":20,"box":{"x":128,"y":175,"width":794,"height":13}},{"id":"97fdc32d-6fc2-4d2a-9e8c-feebde422cb9","block_type":"box","text":"assets. In applying the illiquid investments restriction to the Fund, the Fund’s investment in the Subsidiary is","page_number":20,"box":{"x":128,"y":191,"width":805,"height":12}},{"id":"207e9715-9db0-4832-8f3b-3c6496502ece","block_type":"box","text":"considered to be liquid.","page_number":20,"box":{"x":128,"y":207,"width":177,"height":11}},{"id":"2ad6012c-a7c5-4286-b69b-3f85d153d330","block_type":"box","text":"•","page_number":20,"box":{"x":95,"y":228,"width":4,"height":3}},{"id":"e4b1c60b-5d3b-45cf-bca0-b9206a4b8a1a","block_type":"box","text":"Investment Companies.","page_number":20,"box":{"x":128,"y":225,"width":187,"height":12}},{"id":"9340e3e1-2300-485a-ae3a-e6c5d26f5aa0","block_type":"box","text":"The Fund has the ability to invest in other investment companies, such as","page_number":20,"box":{"x":316,"y":225,"width":557,"height":12}},{"id":"a4b3c8c2-cca0-4e0a-b134-4bf9d5e54000","block_type":"box","text":"exchange-traded funds, unit investment trusts, and open-end and closed-end funds, subject to the applicable","page_number":20,"box":{"x":128,"y":240,"width":814,"height":12}},{"id":"56928e2e-f4be-4b3e-a44e-a33086e91559","block_type":"box","text":"limits under the Investment Company Act and the rules thereunder. The Fund may invest in affiliated","page_number":20,"box":{"x":129,"y":256,"width":750,"height":12}},{"id":"f88eab70-d03a-48cc-a9e5-b741b66af92c","block_type":"box","text":"investment companies, including affiliated money market funds and affiliated exchange-traded funds.","page_number":20,"box":{"x":129,"y":271,"width":753,"height":12}},{"id":"1ea1ce9f-cca9-4489-8d3e-e435a025c0e5","block_type":"box","text":"•","page_number":20,"box":{"x":95,"y":293,"width":4,"height":3}},{"id":"77d99c2e-8a9c-4e0a-aa11-b7c90be3e699","block_type":"box","text":"Master Limited Partnerships","page_number":20,"box":{"x":128,"y":290,"width":226,"height":11}},{"id":"3ee45f14-f3de-4004-afd4-db37876eef5b","block_type":"box","text":". The Fund may invest in master limited partnerships (“MLPs”) that are","page_number":20,"box":{"x":355,"y":289,"width":527,"height":13}},{"id":"ccee61d6-e33d-4e6f-87f6-e8362ddf7c59","block_type":"box","text":"generally in energy-related industries. MLPs are limited partnerships or limited liability companies taxable as","page_number":20,"box":{"x":128,"y":305,"width":808,"height":12}},{"id":"60edde7e-0541-4ba1-a810-c0880362fd2f","block_type":"box","text":"partnerships. MLPs may derive income and gains from the exploration, development, mining, production,","page_number":20,"box":{"x":129,"y":320,"width":783,"height":13}},{"id":"5fef92d3-a196-446c-8a14-a483aea8c4ce","block_type":"box","text":"processing, refining, transportation (including pipelines transporting gas, oil or products thereof) or the","page_number":20,"box":{"x":129,"y":336,"width":760,"height":12}},{"id":"6633c91b-8e6a-44f9-9fe3-046d40598be2","block_type":"box","text":"marketing of any mineral or natural resources. MLPs generally have two classes of owners, the general","page_number":20,"box":{"x":129,"y":351,"width":771,"height":13}},{"id":"ed23ece2-6149-496e-899b-189fdc2ba2da","block_type":"box","text":"partner and limited partners. When investing in an MLP, the Fund intends to purchase publicly traded","page_number":20,"box":{"x":129,"y":367,"width":754,"height":12}},{"id":"82842502-66d6-4ab5-83fa-e745c3507cec","block_type":"box","text":"common units issued to limited partners of the MLP. The general partner is typically owned by a major","page_number":20,"box":{"x":128,"y":382,"width":763,"height":13}},{"id":"12aac9a0-87e1-444c-9297-700a868fa143","block_type":"box","text":"energy company, an investment fund or the direct management of the MLP or is an entity owned by one or","page_number":20,"box":{"x":128,"y":398,"width":797,"height":12}},{"id":"a50e3b88-99cf-4030-9ece-41183ee788d7","block_type":"box","text":"more of such parties. The general partner may be structured as a private or publicly traded corporation or","page_number":20,"box":{"x":129,"y":413,"width":786,"height":13}},{"id":"34ba07e0-a939-482e-88a2-052d5184db95","block_type":"box","text":"other entity.","page_number":20,"box":{"x":128,"y":429,"width":92,"height":12}},{"id":"d03e9b24-b108-451b-8e5e-db14c1ec60e3","block_type":"box","text":"•","page_number":20,"box":{"x":95,"y":450,"width":4,"height":4}},{"id":"fe83873e-7b39-428e-9cda-ceabeedf4439","block_type":"box","text":"”New Issues”","page_number":20,"box":{"x":130,"y":447,"width":107,"height":10}},{"id":"dcfdb980-c1f0-4950-af47-196206c2b0c0","block_type":"box","text":".","page_number":20,"box":{"x":237,"y":455,"width":2,"height":2}},{"id":"47d36537-1753-413f-b345-61df63dff2e5","block_type":"box","text":"From time to time, the Fund may invest in shares of companies through initial public offerings","page_number":20,"box":{"x":241,"y":447,"width":702,"height":12}},{"id":"88328748-ce0b-4120-b0b8-3a93d6874968","block_type":"box","text":"(“IPOs”).","page_number":20,"box":{"x":128,"y":463,"width":69,"height":12}},{"id":"066a5793-df9c-4c85-abcb-1f215c2fee96","block_type":"box","text":"•","page_number":20,"box":{"x":95,"y":484,"width":4,"height":3}},{"id":"d70913de-e0b3-4d95-8292-4ab1c07315ce","block_type":"box","text":"Restricted Securities.","page_number":20,"box":{"x":128,"y":481,"width":170,"height":9}},{"id":"f7e803fa-5035-4aab-9ea3-c8fa2ff9d219","block_type":"box","text":"Restricted securities are securities that cannot be offered for public resale unless","page_number":20,"box":{"x":300,"y":481,"width":611,"height":12}},{"id":"a8ddef56-ff4a-4085-8a82-caa76e078a3f","block_type":"box","text":"registered under the applicable securities laws or that have a contractual restriction that prohibits or limits","page_number":20,"box":{"x":129,"y":497,"width":784,"height":12}},{"id":"be8331dd-bd02-40ae-879d-acd87a0ac0af","block_type":"box","text":"their resale. They may include Rule 144A securities, which are privately placed securities that can be resold","page_number":20,"box":{"x":128,"y":512,"width":805,"height":12}},{"id":"78fabbcb-011b-4412-a687-44f7db31dea3","block_type":"box","text":"to qualified institutional buyers but not to the general public, securities of U.S. and non-U.S. issuers that are","page_number":20,"box":{"x":128,"y":527,"width":802,"height":13}},{"id":"7bad220f-30d9-4afa-b067-3a780b9ed6fd","block_type":"box","text":"offered pursuant to Regulation S under the Securities Act of 1933, as amended, and securities of private","page_number":20,"box":{"x":128,"y":543,"width":780,"height":12}},{"id":"653e11b7-b7d6-4785-b940-5869f2cca2f3","block_type":"box","text":"companies.","page_number":20,"box":{"x":128,"y":559,"width":90,"height":11}},{"id":"9cf6608b-494b-4f33-a4a1-e8c76364a780","block_type":"box","text":"•","page_number":20,"box":{"x":95,"y":580,"width":4,"height":3}},{"id":"f6a465fa-9938-4ba9-ac73-71e834afb9f5","block_type":"box","text":"Securities Lending.","page_number":20,"box":{"x":128,"y":577,"width":154,"height":12}},{"id":"27583df2-1b8b-406b-926a-6b47622f2600","block_type":"box","text":"The Fund may lend securities with a value up to 33 1 /3 % of its total assets to financial","page_number":20,"box":{"x":283,"y":577,"width":657,"height":12}},{"id":"7daae99e-6a63-4a1a-bece-234b50c4400c","block_type":"box","text":"institutions that provide cash or securities issued or guaranteed by the U.S. Government as collateral.","page_number":20,"box":{"x":129,"y":592,"width":758,"height":12}},{"id":"17500e18-85c1-406a-b981-e4f0c5b15cf0","block_type":"box","text":"•","page_number":20,"box":{"x":95,"y":614,"width":4,"height":3}},{"id":"e16708f2-de24-4a11-9b05-736a49216734","block_type":"box","text":"Temporary Defensive Strategies.","page_number":20,"box":{"x":129,"y":610,"width":265,"height":12}},{"id":"c1eede7a-47c3-4b51-aff3-3057f5a2884f","block_type":"box","text":"For temporary defensive purposes, for example, to respond to adverse","page_number":20,"box":{"x":395,"y":610,"width":530,"height":12}},{"id":"650f6c5d-6bfa-4ef2-ab00-65749895d13c","block_type":"box","text":"market, economic, political or other conditions, the Fund may depart from its principal investment strategies","page_number":20,"box":{"x":129,"y":626,"width":801,"height":12}},{"id":"0b049642-b772-4a1b-85d0-e02f54258f18","block_type":"box","text":"and may restrict the markets in which it invests and may invest without limitation in cash, cash equivalents,","page_number":20,"box":{"x":128,"y":642,"width":797,"height":11}},{"id":"258cdd66-f333-487a-a5b5-84d82c6fb1b1","block_type":"box","text":"money market securities, such as U.S. Treasury and agency obligations, other U.S. Government securities,","page_number":20,"box":{"x":129,"y":657,"width":801,"height":12}},{"id":"6788402b-689e-46ad-b385-d3acf104bb2e","block_type":"box","text":"short-term debt obligations of corporate issuers, certificates of deposit, bankers acceptances, commercial","page_number":20,"box":{"x":128,"y":672,"width":782,"height":13}},{"id":"1c7fda28-1384-41f0-9c2a-743a97981b79","block_type":"box","text":"paper (short-term, unsecured, negotiable promissory notes of a domestic or foreign issuer) or other high","page_number":20,"box":{"x":129,"y":688,"width":771,"height":12}},{"id":"5c6a8691-544c-486a-93d0-463a3bf3d61a","block_type":"box","text":"quality fixed income securities. Temporary defensive positions may affect the Fund’s ability to achieve its","page_number":20,"box":{"x":128,"y":703,"width":777,"height":13}},{"id":"b7df723e-f6d5-4f06-af52-06a105539ec8","block_type":"box","text":"investment objective.","page_number":20,"box":{"x":129,"y":719,"width":154,"height":12}},{"id":"beed8b36-ef64-4edb-b82c-bf52b23c2f59","block_type":"box","text":"•","page_number":20,"box":{"x":95,"y":740,"width":4,"height":4}},{"id":"da7653b6-7ac8-421d-be92-e2e5873a5c06","block_type":"box","text":"When-Issued and Delayed Delivery Securities and Forward Commitments.","page_number":20,"box":{"x":129,"y":737,"width":589,"height":12}},{"id":"bb5cb519-2fbb-4ff5-8784-b0fea9685655","block_type":"box","text":"The purchase or sale of","page_number":20,"box":{"x":724,"y":737,"width":177,"height":12}},{"id":"3b9a3409-e7ed-4621-9645-dc9a3086f5a0","block_type":"box","text":"securities on a when-issued basis or on a delayed delivery basis or through a forward commitment involves","page_number":20,"box":{"x":128,"y":753,"width":796,"height":12}},{"id":"760d5e59-bb5a-4f3b-afc2-e8b7b7f79f8d","block_type":"box","text":"the purchase or sale of securities by the Fund at an established price with payment and delivery taking place","page_number":20,"box":{"x":128,"y":768,"width":806,"height":12}},{"id":"033b893a-9ef3-4ad7-a961-04aa2b5d9d27","block_type":"box","text":"in the future. The Fund enters into these transactions to obtain what is considered an advantageous price to","page_number":20,"box":{"x":129,"y":784,"width":800,"height":12}},{"id":"92c6de7b-bf77-4b9e-8acc-76ba17a61e46","block_type":"box","text":"the Fund at the time of entering into the transaction.","page_number":20,"box":{"x":128,"y":799,"width":384,"height":12}},{"id":"df924ff0-8404-4461-8fbb-e954c45e64e9","block_type":"box","text":"A Further Discussion of Principal Risks","page_number":20,"box":{"x":60,"y":838,"width":384,"height":15}},{"id":"bdc44780-0162-4965-8e4f-078edc25909c","block_type":"box","text":"The Fund is subject to various risks, including the principal risks noted below, any of which may adversely affect the","page_number":20,"box":{"x":60,"y":862,"width":865,"height":12}},{"id":"47b716a7-0eb5-4c1e-8e08-c2a0c5e92c96","block_type":"box","text":"Fund’s NAV, trading price, yield, total return and ability to meet its investment objective. You could lose all or part of","page_number":20,"box":{"x":61,"y":877,"width":863,"height":12}},{"id":"c892e394-c3c6-4f58-b236-afb6f58c32f1","block_type":"box","text":"your investment in the Fund, and the Fund could underperform other investments. The order of the below risk factors","page_number":20,"box":{"x":60,"y":893,"width":873,"height":12}},{"id":"ef2c45b6-a6e8-4cdf-bb80-86f3bd87a2b4","block_type":"box","text":"does not indicate the significance of any particular risk factor. The Fund discloses its portfolio holdings daily at","page_number":20,"box":{"x":61,"y":908,"width":816,"height":12}},{"id":"4b5a6951-fe09-454d-b0f3-b645f5eed1eb","block_type":"box","text":"www.blackrock.com","page_number":20,"box":{"x":60,"y":924,"width":148,"height":9}},{"id":"90e82f23-224f-4402-a495-485ddf2b7a8c","block_type":"box","text":".","page_number":20,"box":{"x":210,"y":932,"width":2,"height":1}},{"id":"b7c302b0-9f07-449e-9a5b-858df9196ab0","block_type":"box","text":"3","page_number":20,"box":{"x":496,"y":955,"width":13,"height":10}},{"id":"8fbac6b4-8dbb-4965-8b7e-adef6da0c6eb","block_type":"box","text":"NM1026U-6049080-20/56","page_number":20,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"b80ba218-6c9b-4131-a38f-b04c6b0d7ce1","block_type":"box","text":"Allocation Risk.","page_number":21,"box":{"x":60,"y":41,"width":125,"height":9}},{"id":"d7ae3f01-2c54-40c2-813b-14d7954f0b78","block_type":"box","text":"The Fund’s ability to achieve its investment objective depends upon BFA’s skill in determining the","page_number":21,"box":{"x":186,"y":41,"width":734,"height":12}},{"id":"108976f1-4b5d-47c5-ab15-500e35f15bb0","block_type":"box","text":"Fund’s strategic asset class allocation and in selecting the best mix of underlying funds and direct investments. There","page_number":21,"box":{"x":61,"y":56,"width":877,"height":12}},{"id":"f18702a0-ba1a-4d3c-8846-04b4cf11e67d","block_type":"box","text":"is a risk that BFA’s evaluations and assumptions regarding asset classes or underlying funds may be incorrect in view","page_number":21,"box":{"x":61,"y":71,"width":880,"height":13}},{"id":"8c6b8f0e-eb43-4080-a5e8-a68bf05cb1dc","block_type":"box","text":"of actual market conditions. In addition, there is no guarantee that the underlying funds will achieve their investment","page_number":21,"box":{"x":61,"y":87,"width":863,"height":12}},{"id":"b8da4b43-a5ea-4982-b080-28bc69bca5a0","block_type":"box","text":"objectives, and the underlying funds’ performance may be lower than the performance of the asset class which they","page_number":21,"box":{"x":61,"y":102,"width":864,"height":13}},{"id":"e84de099-772a-4e22-bc3d-2942dab212d7","block_type":"box","text":"were selected to represent. The underlying funds may change their investment objectives or policies without the","page_number":21,"box":{"x":60,"y":118,"width":836,"height":12}},{"id":"39936ec1-25ba-4e24-b21b-efec051f6b18","block_type":"box","text":"approval of the Fund. If an underlying fund were to change its investment objective or policies, the Fund might be","page_number":21,"box":{"x":61,"y":134,"width":844,"height":12}},{"id":"9a1a4fea-5fce-4af3-bb4f-43b1625636e8","block_type":"box","text":"forced to withdraw its investment from the underlying fund at a disadvantageous time and price.","page_number":21,"box":{"x":60,"y":149,"width":715,"height":12}},{"id":"8ed2fc01-757a-46c8-a721-65e6b0e2409e","block_type":"box","text":"Assets Under Management (AUM) Risk","page_number":21,"box":{"x":60,"y":180,"width":312,"height":12}},{"id":"bdd33e3d-2287-4289-a9ec-3fa271457377","block_type":"box","text":". From time to time, an Authorized Participant (as defined in the Creations","page_number":21,"box":{"x":372,"y":180,"width":552,"height":12}},{"id":"60e591ec-9e66-4bfb-b126-79c4e544b2b7","block_type":"box","text":"and Redemptions section of the Prospectus), a third-party investor, the Fund’s adviser, an affiliate of the Fund’s","page_number":21,"box":{"x":61,"y":196,"width":833,"height":12}},{"id":"9e5b8e78-9933-4d27-a4b6-a71dc9c35dfc","block_type":"box","text":"adviser, or another fund may invest in the Fund and hold its investment for a specific period of time to allow the Fund","page_number":21,"box":{"x":61,"y":211,"width":871,"height":12}},{"id":"12a43936-7298-4f55-a154-440648d1232b","block_type":"box","text":"to achieve size or scale. There can be no assurance that","page_number":21,"box":{"x":60,"y":227,"width":427,"height":9}},{"id":"a31c844b-5242-4c79-a687-96f9a6fd1b2b","block_type":"box","text":"any such entity would not redeem its investment or that the","page_number":21,"box":{"x":488,"y":227,"width":443,"height":12}},{"id":"1fd707b8-3909-4c0d-b696-e60159814fee","block_type":"box","text":"size of the Fund would be maintained at such levels, which could negatively impact the Fund.","page_number":21,"box":{"x":61,"y":242,"width":697,"height":12}},{"id":"76cc5c92-762a-4545-b0c8-f5b6bee5c016","block_type":"box","text":"Authorized Participant Concentration Risk","page_number":21,"box":{"x":60,"y":273,"width":340,"height":12}},{"id":"c9222e33-84d7-4aed-953a-0f8b8091998f","block_type":"box","text":". Only an Authorized Participant may engage in creation or redemption","page_number":21,"box":{"x":400,"y":273,"width":528,"height":12}},{"id":"b11d4a26-9a7f-4363-bc57-890e0dedfd8b","block_type":"box","text":"transactions directly with the Fund. There are a limited number of institutions that may act as Authorized Participants","page_number":21,"box":{"x":60,"y":289,"width":871,"height":12}},{"id":"5965b2e2-c6d0-4bc0-b1f1-b7a663cd8bce","block_type":"box","text":"for the Fund, including on an agency basis on behalf of other market participants. No Authorized Participant is","page_number":21,"box":{"x":60,"y":304,"width":821,"height":12}},{"id":"215df89d-2ef7-4824-84cc-004b7aca2859","block_type":"box","text":"obligated to engage in creation or redemption transactions. To the extent that Authorized Participants exit the","page_number":21,"box":{"x":61,"y":320,"width":815,"height":12}},{"id":"87300487-a1e5-4154-956c-31585efe8e0f","block_type":"box","text":"business or do not place creation or redemption orders for the Fund and no other Authorized Participant places","page_number":21,"box":{"x":61,"y":335,"width":829,"height":12}},{"id":"f7343e22-3e82-4205-b324-e7093e0de7e6","block_type":"box","text":"orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading halts or","page_number":21,"box":{"x":61,"y":351,"width":829,"height":12}},{"id":"e2c23929-3f5e-411b-a76a-1ee2e1286026","block_type":"box","text":"delisting. Authorized Participant concentration risk may be heightened for the Fund because it may invest in securities","page_number":21,"box":{"x":61,"y":366,"width":879,"height":12}},{"id":"315da8b1-365c-41b1-921c-5d1699733776","block_type":"box","text":"issued by non-U.S. issuers or instruments with lower trading volume. Such assets often entail greater settlement and","page_number":21,"box":{"x":61,"y":382,"width":871,"height":12}},{"id":"0dc0d867-0cfb-4c12-8202-b8a09bde744b","block_type":"box","text":"operational complexity and higher capital costs for Authorized Participants, which may limit the number of Authorized","page_number":21,"box":{"x":61,"y":397,"width":872,"height":12}},{"id":"77534885-55cb-4744-b3fa-b90c34d17031","block_type":"box","text":"Participants that engage with the Fund.","page_number":21,"box":{"x":61,"y":413,"width":296,"height":12}},{"id":"c4429c3d-ee49-417e-82aa-7e08f557a9b1","block_type":"box","text":"Cash Transactions Risk.","page_number":21,"box":{"x":62,"y":444,"width":198,"height":9}},{"id":"480fb018-f675-4f20-8b51-2eac764a118f","block_type":"box","text":"The Fund may effect part or all of its creations and redemptions for cash, rather than","page_number":21,"box":{"x":261,"y":444,"width":632,"height":12}},{"id":"ece90c1c-2b11-4f26-8a4d-c75380b60dd7","block_type":"box","text":"in-kind securities. Paying redemption proceeds in cash rather than through in-kind delivery of portfolio securities may","page_number":21,"box":{"x":61,"y":459,"width":871,"height":12}},{"id":"6bb976ac-d2e9-4144-b0a9-9f22aa0a2b94","block_type":"box","text":"require the Fund to dispose of or sell portfolio securities or other assets at an inopportune time to obtain the cash","page_number":21,"box":{"x":61,"y":475,"width":843,"height":12}},{"id":"440d2e6a-b4f6-48e3-a266-8309fbd8b0ae","block_type":"box","text":"needed to meet redemption orders. This may cause the Fund to sell a security and recognize a capital gain or loss","page_number":21,"box":{"x":61,"y":490,"width":854,"height":12}},{"id":"f0ea2c77-e3f7-42f6-84ba-ddbb68fc8b17","block_type":"box","text":"that might not have been incurred if it had made a redemption in-kind. As a result, the Fund may pay out higher or","page_number":21,"box":{"x":60,"y":506,"width":851,"height":12}},{"id":"e8ff55cf-9c84-4c2c-84fe-382d45a182f0","block_type":"box","text":"lower annual capital gains distributions than ETFs that redeem in-kind. The use of cash creations and redemptions","page_number":21,"box":{"x":61,"y":521,"width":855,"height":12}},{"id":"442114c8-b0f0-4a6a-8625-cbafe19f4169","block_type":"box","text":"may also cause the Fund’s shares to trade in the market at greater bid-ask spreads or greater premiums or discounts","page_number":21,"box":{"x":61,"y":537,"width":875,"height":12}},{"id":"8731637c-6344-42a9-9242-0a8c21b683fd","block_type":"box","text":"to the Fund’s NAV. Furthermore, the Fund may not be able to execute cash transactions for creation and redemption","page_number":21,"box":{"x":60,"y":552,"width":872,"height":12}},{"id":"422dc21e-0cb1-437f-8f30-9d5bf2be69f5","block_type":"box","text":"purposes at the same price used to determine the Fund’s NAV. To the extent that the maximum additional charge for","page_number":21,"box":{"x":61,"y":568,"width":872,"height":12}},{"id":"78aecd89-e644-4ddf-b0e1-832bd33f28ca","block_type":"box","text":"creation or redemption transactions is insufficient to cover the execution shortfall, the Fund’s performance could be","page_number":21,"box":{"x":61,"y":583,"width":857,"height":12}},{"id":"5141b94d-5b39-4b58-b5c0-0192785c209a","block_type":"box","text":"negatively impacted.","page_number":21,"box":{"x":61,"y":599,"width":157,"height":12}},{"id":"c04a5a76-f17b-485a-9846-83ac8db2e644","block_type":"box","text":"Collateralized Debt Obligations Risk.","page_number":21,"box":{"x":62,"y":630,"width":291,"height":12}},{"id":"75974528-c29c-4053-b395-938be0d597ae","block_type":"box","text":"In addition to the typical risks associated with fixed-income securities","page_number":21,"box":{"x":354,"y":630,"width":521,"height":12}},{"id":"edf644de-a24c-4922-9aeb-13f9a803de58","block_type":"box","text":"and asset-backed securities, CDOs, including collateralized loan obligations, carry additional risks including, but","page_number":21,"box":{"x":61,"y":645,"width":834,"height":12}},{"id":"3fcf94df-7290-4cf5-8b27-1a389415d8f3","block_type":"box","text":"not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest","page_number":21,"box":{"x":61,"y":661,"width":817,"height":12}},{"id":"77d43e49-5b68-4322-b7ce-1e45ebfeceb9","block_type":"box","text":"or other payments; (ii) the risk that the collateral may default or decline in value or be downgraded, if rated by","page_number":21,"box":{"x":61,"y":676,"width":811,"height":12}},{"id":"112cdcfc-d170-4607-a5c7-cc014eeed803","block_type":"box","text":"a nationally recognized statistical rating organization; (iii) the Fund may invest in tranches of CDOs that","page_number":21,"box":{"x":61,"y":692,"width":765,"height":12}},{"id":"ad0a3289-0c68-42da-9fda-3a4389eab580","block_type":"box","text":"are subordinate to other tranches; (iv) the structure and complexity of the transaction and the legal documents","page_number":21,"box":{"x":61,"y":707,"width":817,"height":12}},{"id":"14365f08-3bed-420e-8869-2d9c9303233b","block_type":"box","text":"could lead to disputes among investors regarding the characterization of proceeds; (v) the investment return achieved","page_number":21,"box":{"x":61,"y":723,"width":873,"height":12}},{"id":"cd324373-d53a-47ff-9e07-573cde961373","block_type":"box","text":"by the Fund could be significantly different than those predicted by financial models; (vi) the lack of a readily","page_number":21,"box":{"x":61,"y":738,"width":801,"height":12}},{"id":"58680495-a755-47ea-a710-934e75644440","block_type":"box","text":"available secondary market for CDOs; (vii) the risk of forced “fire sale” liquidation due to technical defaults such as","page_number":21,"box":{"x":61,"y":754,"width":848,"height":12}},{"id":"4460c472-6e9f-41de-af38-f192b77358ff","block_type":"box","text":"coverage test failures; and (viii) the CDO’s manager may perform poorly.","page_number":21,"box":{"x":61,"y":769,"width":539,"height":12}},{"id":"cdc3112b-d827-4dae-86a5-b52f264f0f83","block_type":"box","text":"Commodities Related Investment Risk.","page_number":21,"box":{"x":62,"y":800,"width":308,"height":10}},{"id":"52749f7a-1a20-4df9-a57d-b629ce23af70","block_type":"box","text":"Exposure to the commodities markets may subject the Fund to greater","page_number":21,"box":{"x":377,"y":800,"width":523,"height":12}},{"id":"5dc68147-dd97-449d-b2aa-262e10ac2565","block_type":"box","text":"volatility than investments in traditional securities. The value of commodity-linked derivative investments may be","page_number":21,"box":{"x":60,"y":816,"width":831,"height":12}},{"id":"80c06217-d116-4efd-a142-a837071843c5","block_type":"box","text":"affected by changes in overall market movements, commodity index volatility, changes in inflation, interest rates, or","page_number":21,"box":{"x":61,"y":831,"width":859,"height":12}},{"id":"718a8f5f-d429-438f-b3c7-c0f6d8279fba","block_type":"box","text":"factors affecting a particular industry or commodity, such as drought, floods, weather, insufficient storage capacity,","page_number":21,"box":{"x":60,"y":847,"width":855,"height":12}},{"id":"f214072d-ba00-44e0-9fed-555895e1ef89","block_type":"box","text":"embargoes, tariffs, war and international economic, political and regulatory developments.","page_number":21,"box":{"x":61,"y":862,"width":673,"height":12}},{"id":"9775ea9b-126c-43fb-a416-0a9274d3af99","block_type":"box","text":"The Fund’s investments in commodity-related instruments can be limited by the Fund’s intention to qualify as a","page_number":21,"box":{"x":60,"y":893,"width":827,"height":12}},{"id":"a0020689-7274-4f6b-83dc-007bd4b9f1fe","block_type":"box","text":"regulated investment company, and can bear on the Fund’s ability to so qualify. Income and gains from certain","page_number":21,"box":{"x":61,"y":909,"width":820,"height":12}},{"id":"0a99ab35-19f1-4a6b-94d4-2ed700d4ad0f","block_type":"box","text":"commodity-related instruments do not constitute qualifying income to a regulated investment company, for purposes","page_number":21,"box":{"x":61,"y":924,"width":861,"height":12}},{"id":"a7b1a3c6-0b03-4f6f-973b-094905ef6615","block_type":"box","text":"4","page_number":21,"box":{"x":495,"y":955,"width":14,"height":10}},{"id":"720c15b9-ee0a-4d4a-b495-4ce62bda5c1d","block_type":"box","text":"NM1026U-6049080-21/56","page_number":21,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"a0e8fc53-3706-4954-8ab8-26e5860526a3","block_type":"box","text":"of the 90% gross income test described above. The tax treatment of some other commodity-related instruments in","page_number":22,"box":{"x":61,"y":40,"width":851,"height":13}},{"id":"0829c65a-c674-45e1-9d2d-6ea1b0a44d80","block_type":"box","text":"which the Fund might invest is not certain, in particular with respect to whether income or gains from such instruments","page_number":22,"box":{"x":60,"y":56,"width":882,"height":12}},{"id":"1c1878de-7478-467c-b578-617808b449f7","block_type":"box","text":"constitute qualifying income to a regulated investment company. If the Fund were to treat income or gain from a","page_number":22,"box":{"x":61,"y":71,"width":833,"height":13}},{"id":"b2367c99-5ae9-486e-94ca-b625b7a63d60","block_type":"box","text":"particular instrument as qualifying income and the income or gain were later determined not to constitute qualifying","page_number":22,"box":{"x":61,"y":87,"width":856,"height":12}},{"id":"998610bd-1791-45ac-90ec-874c03f24f12","block_type":"box","text":"income and, together with any other nonqualifying income, caused the Fund’s nonqualifying income to exceed 10% of","page_number":22,"box":{"x":61,"y":102,"width":878,"height":13}},{"id":"f18b51ec-c619-49d3-8a12-3282f33d3021","block_type":"box","text":"its gross income in any taxable year, the Fund would fail to qualify as a regulated investment company unless it is","page_number":22,"box":{"x":61,"y":118,"width":848,"height":12}},{"id":"7a0cb76a-7b39-4b6b-8260-f3fc2db106a8","block_type":"box","text":"eligible to and does pay a tax at the Fund level.","page_number":22,"box":{"x":61,"y":134,"width":356,"height":12}},{"id":"2a2f44bc-cdbc-40ad-8a9c-0ee9d52df130","block_type":"box","text":"Convertible Securities Risk.","page_number":22,"box":{"x":62,"y":166,"width":220,"height":10}},{"id":"b9ee7b5e-93f5-4544-87f0-a472f8a51f01","block_type":"box","text":"The market value of a convertible security performs like that of a regular debt security;","page_number":22,"box":{"x":283,"y":166,"width":650,"height":13}},{"id":"527ec042-1e52-4eba-8e8e-53fa4587bd06","block_type":"box","text":"that is, if market interest rates rise, the value of a convertible security usually falls. In addition, convertible securities","page_number":22,"box":{"x":60,"y":182,"width":862,"height":12}},{"id":"df2b09f9-3d01-4efe-b62d-a692cffffa52","block_type":"box","text":"are subject to the risk that the issuer will not be able to pay interest, principal or dividends when due, and their market","page_number":22,"box":{"x":61,"y":198,"width":877,"height":12}},{"id":"7c380e36-d015-4424-8257-afedfd4da4fb","block_type":"box","text":"value may change based on changes in the issuer’s credit rating or the market’s perception of the issuer’s","page_number":22,"box":{"x":60,"y":213,"width":792,"height":12}},{"id":"c961e5d4-b996-4713-b474-34b38738c8a6","block_type":"box","text":"creditworthiness. Since it derives a portion of its value from the common stock into which it may be converted, a","page_number":22,"box":{"x":61,"y":228,"width":834,"height":13}},{"id":"1ffb40eb-b933-4be3-9055-275a3b864d87","block_type":"box","text":"convertible security is also subject to the same types of market and issuer risks that apply to the underlying common","page_number":22,"box":{"x":61,"y":244,"width":869,"height":12}},{"id":"750cc215-3ff9-42c4-a7cc-6b4c6540d4b2","block_type":"box","text":"stock, including the potential for increased volatility in the price of the convertible security.","page_number":22,"box":{"x":61,"y":259,"width":669,"height":13}},{"id":"d3683b42-4a7a-45ee-be1f-05be1a62e829","block_type":"box","text":"Corporate Loans Risk.","page_number":22,"box":{"x":62,"y":292,"width":176,"height":12}},{"id":"5b14debf-cf6a-41a4-a818-931898b93430","block_type":"box","text":"Commercial banks and other financial institutions or institutional investors make","page_number":22,"box":{"x":240,"y":292,"width":601,"height":10}},{"id":"b29f0e8e-285d-479b-9b86-b5913a5013ed","block_type":"box","text":"corporate loans to companies that need capital to grow or restructure. Borrowers generally pay interest on corporate","page_number":22,"box":{"x":61,"y":308,"width":868,"height":12}},{"id":"f80e24cb-5f32-4bf9-baec-9f18d670f56b","block_type":"box","text":"loans at rates that change in response to changes in market interest rates such as the Secured Overnight Financing","page_number":22,"box":{"x":61,"y":323,"width":866,"height":13}},{"id":"2c967a00-293f-4f9e-bd78-59af19f2e3f6","block_type":"box","text":"Rate (“SOFR”) or the prime rates of U.S. banks. As a result, the value of corporate loan investments is generally","page_number":22,"box":{"x":61,"y":339,"width":838,"height":12}},{"id":"41635f54-e5bb-496b-ba50-d632a29b4589","block_type":"box","text":"less exposed to the adverse effects of shifts in market interest rates than investments that pay a fixed rate of","page_number":22,"box":{"x":61,"y":354,"width":810,"height":13}},{"id":"6b54c1ac-bd5c-4d7c-af4f-2e54cdc3ae05","block_type":"box","text":"interest. However, because the trading market for certain corporate loans may be less developed than the secondary","page_number":22,"box":{"x":61,"y":370,"width":873,"height":12}},{"id":"b86cb387-e77e-4f75-b75d-e628c9d8519d","block_type":"box","text":"market for bonds and notes, the Fund may experience difficulties in selling its corporate loans. Transactions in","page_number":22,"box":{"x":61,"y":385,"width":823,"height":13}},{"id":"c50294c2-053f-44f5-8ffa-0b14bd3ce510","block_type":"box","text":"corporate loans may settle on a delayed basis. As a result, the proceeds from the sale of corporate loans may not be","page_number":22,"box":{"x":61,"y":401,"width":872,"height":12}},{"id":"a2f5c71e-a2e7-4ea2-a054-59f8320c6cd5","block_type":"box","text":"readily available to make additional investments or to meet the Fund’s redemption obligations. To the extent the","page_number":22,"box":{"x":61,"y":417,"width":834,"height":12}},{"id":"9655e50a-5e30-440a-b831-935c5a7264c9","block_type":"box","text":"extended settlement process gives rise to short-term liquidity needs, the Fund may hold additional cash, sell","page_number":22,"box":{"x":61,"y":432,"width":807,"height":12}},{"id":"eea51811-0eb4-4c94-bbfa-94baa450bf0d","block_type":"box","text":"investments or temporarily borrow from banks and other lenders. Leading financial institutions often act as agent for a","page_number":22,"box":{"x":61,"y":447,"width":878,"height":13}},{"id":"a67f63b9-a5f2-4fbb-9a22-f76da444325b","block_type":"box","text":"broader group of lenders, generally referred to as a syndicate. The syndicate’s agent arranges the corporate loans,","page_number":22,"box":{"x":61,"y":463,"width":858,"height":12}},{"id":"3bb64243-e5f7-4f51-bfb0-880bb7bdfc95","block_type":"box","text":"holds collateral and accepts payments of principal and interest. If the agent develops financial problems, the Fund","page_number":22,"box":{"x":61,"y":478,"width":850,"height":13}},{"id":"ce0619f4-5367-4a9c-a693-1aa843b8d152","block_type":"box","text":"may not recover its investment or recovery may be delayed. By investing in a corporate loan, the Fund may become","page_number":22,"box":{"x":61,"y":494,"width":866,"height":12}},{"id":"86db0ba2-0685-4af6-a2c0-d5944389c0ea","block_type":"box","text":"a member of the syndicate.","page_number":22,"box":{"x":61,"y":509,"width":207,"height":13}},{"id":"7371a216-93b2-4166-8bee-f461b04330ea","block_type":"box","text":"The market for corporate loans may be subject to irregular trading activity and wide bid/ask spreads.","page_number":22,"box":{"x":60,"y":542,"width":750,"height":13}},{"id":"30ee8a70-53db-40b2-af67-d98a83e29388","block_type":"box","text":"The corporate loans in which the Fund invests are subject","page_number":22,"box":{"x":60,"y":576,"width":435,"height":11}},{"id":"1222ae14-7794-4818-913d-bc6a8012d39a","block_type":"box","text":"to the risk of loss of principal and income.","page_number":22,"box":{"x":495,"y":575,"width":314,"height":12}},{"id":"7b6889c1-e886-43bc-91cb-ef19da2eb21b","block_type":"box","text":"Although borrowers frequently provide collateral to secure repayment of these obligations they do not always do so. If","page_number":22,"box":{"x":60,"y":591,"width":878,"height":12}},{"id":"9e1899a3-30a1-4c87-97f6-70778e3992cc","block_type":"box","text":"they do provide collateral, the value of the collateral may not completely cover the borrower’s obligations at the time of","page_number":22,"box":{"x":60,"y":606,"width":883,"height":12}},{"id":"203a53cc-fa08-4db7-b12d-c5d7ca7c7a28","block_type":"box","text":"a default. If a borrower files for protection from its creditors under the U.S. bankruptcy laws, these laws may limit","page_number":22,"box":{"x":61,"y":622,"width":838,"height":12}},{"id":"d38b2145-6b0f-4802-bd97-bece08f7f910","block_type":"box","text":"the Fund’s rights to its collateral. In addition, the value of collateral may erode during a bankruptcy case. In the event","page_number":22,"box":{"x":60,"y":637,"width":871,"height":12}},{"id":"41deafc9-fd93-4dba-bcce-d55a13fb3397","block_type":"box","text":"of a bankruptcy, the holder of a corporate loan may not recover its principal, may experience a long delay in","page_number":22,"box":{"x":61,"y":653,"width":804,"height":12}},{"id":"37500f9e-94ad-4e01-aa08-309aac8a8b5f","block_type":"box","text":"recovering its investment and may not receive interest during the delay.","page_number":22,"box":{"x":61,"y":669,"width":529,"height":11}},{"id":"17a92d62-d485-4413-b4a2-48477f560954","block_type":"box","text":"Counterparty Risk.","page_number":22,"box":{"x":62,"y":701,"width":148,"height":12}},{"id":"315d5716-d6ed-4f40-b235-694db99785c7","block_type":"box","text":"The counterparty to an over-the-counter derivatives contract or a borrower of the","page_number":22,"box":{"x":216,"y":701,"width":598,"height":12}},{"id":"2f0579d7-4666-4dff-8af5-7d050b4c831a","block_type":"box","text":"Fund’s securities may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise","page_number":22,"box":{"x":61,"y":717,"width":855,"height":12}},{"id":"1628906e-ad83-4411-ac1e-8b7544fc364a","block_type":"box","text":"to honor its obligations. Any such failure to honor its obligations may cause significant losses to the Fund.","page_number":22,"box":{"x":60,"y":732,"width":782,"height":12}},{"id":"68cc0ac2-61db-455f-957f-1005644da774","block_type":"box","text":"Debt Securities Risk.","page_number":22,"box":{"x":61,"y":765,"width":165,"height":10}},{"id":"cb0fa47d-9acd-4df7-af00-1de8f0260888","block_type":"box","text":"Debt securities, such as bonds, involve risks, such as credit risk, interest rate risk, extension","page_number":22,"box":{"x":234,"y":765,"width":682,"height":12}},{"id":"fabc7a0f-0d20-4342-a1f3-fdf41530c1b2","block_type":"box","text":"risk, and prepayment risk, each of which is described in further detail below:","page_number":22,"box":{"x":61,"y":781,"width":562,"height":12}},{"id":"d647f090-d585-4232-a0f8-dec9d2f10877","block_type":"box","text":"Credit Risk","page_number":22,"box":{"x":62,"y":814,"width":81,"height":9}},{"id":"f1dc7a42-8b91-49c3-8994-5fe310a1d08e","block_type":"box","text":". Credit risk refers to the possibility that the issuer of a debt security (i.e., the borrower) will not be able to","page_number":22,"box":{"x":144,"y":814,"width":776,"height":12}},{"id":"cf0fecce-b711-42ff-81b5-aa0893d33e3c","block_type":"box","text":"make payments of interest and principal when due. Changes in an issuer’s credit rating or the market’s perception of","page_number":22,"box":{"x":61,"y":829,"width":869,"height":12}},{"id":"9b61fd0d-75e0-49f1-83a9-191af88055dd","block_type":"box","text":"an issuer’s creditworthiness may also affect the value of the","page_number":22,"box":{"x":61,"y":845,"width":448,"height":12}},{"id":"2f89546f-74fa-4cc6-a6a9-a6294b4cafcd","block_type":"box","text":"Fund’s investment in that issuer. The degree of credit risk","page_number":22,"box":{"x":511,"y":845,"width":431,"height":12}},{"id":"951a989f-a0ab-44d9-a87c-c0bec2605808","block_type":"box","text":"depends on both the financial condition of the issuer and the terms of the obligation.","page_number":22,"box":{"x":61,"y":860,"width":628,"height":12}},{"id":"edc872f1-c52e-4889-8baa-e66050fc0b90","block_type":"box","text":"Interest Rate Risk","page_number":22,"box":{"x":61,"y":893,"width":134,"height":10}},{"id":"1ec44b76-a235-4691-bd3f-b61949fe7065","block_type":"box","text":". The market value of bonds and other fixed-income securities changes in response to interest rate","page_number":22,"box":{"x":195,"y":893,"width":736,"height":12}},{"id":"ac4455b7-e166-462e-bfe4-ae97a041cf44","block_type":"box","text":"changes and other factors. Interest rate risk is the risk that prices of bonds and other fixed-income securities will","page_number":22,"box":{"x":61,"y":909,"width":830,"height":12}},{"id":"b96a546f-327d-468f-ad35-32a5c43615c2","block_type":"box","text":"increase as interest rates fall and decrease as interest rates rise.","page_number":22,"box":{"x":61,"y":924,"width":480,"height":10}},{"id":"58b13c2b-8d27-4e68-bd44-c572ef85e154","block_type":"box","text":"5","page_number":22,"box":{"x":495,"y":955,"width":14,"height":10}},{"id":"049fa162-7f63-4698-87bb-9505ca9a9d5e","block_type":"box","text":"NM1026U-6049080-22/56","page_number":22,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"8f5c7d16-e870-456f-b8a2-c0102873f766","block_type":"box","text":"The Fund may be subject to a greater risk of rising interest","page_number":23,"box":{"x":60,"y":40,"width":440,"height":13}},{"id":"4604c6e5-f43d-4c9a-8d9b-e3b2c35b95da","block_type":"box","text":"rates during a period of low interest rates. For example, if","page_number":23,"box":{"x":501,"y":40,"width":430,"height":13}},{"id":"4e9eed12-45f7-40fb-95c7-75637cc18a21","block_type":"box","text":"interest rates increase by 1%, assuming a current portfolio duration of ten years, and all other factors being equal, the","page_number":23,"box":{"x":61,"y":56,"width":878,"height":12}},{"id":"4a6ef37b-b976-4445-9b40-b0f571ea11b3","block_type":"box","text":"value of the Fund’s investments would be expected to decrease by 10%. (Duration is a measure of the price","page_number":23,"box":{"x":60,"y":71,"width":808,"height":13}},{"id":"6b231798-3da6-404a-8b33-3e7d85072a14","block_type":"box","text":"sensitivity of a debt security or portfolio of debt securities to relative changes in interest rates.) The magnitude of","page_number":23,"box":{"x":61,"y":87,"width":838,"height":12}},{"id":"2ebe57ee-9084-4b78-af48-683d9ae11b87","block_type":"box","text":"these fluctuations in the market price of bonds and other fixed-income securities is generally greater for those","page_number":23,"box":{"x":60,"y":102,"width":818,"height":13}},{"id":"dbbf2d87-3576-44b2-a9b2-c31cf178ce1d","block_type":"box","text":"securities with longer maturities. Fluctuations in the market price of the Fund’s investments will not affect interest","page_number":23,"box":{"x":61,"y":118,"width":840,"height":12}},{"id":"c6b19430-1769-4026-aee8-42c679b7a73f","block_type":"box","text":"income derived from instruments already owned by the Fund, but will be reflected in the Fund’s net asset value. The","page_number":23,"box":{"x":61,"y":134,"width":867,"height":12}},{"id":"6a638905-210e-4fe5-8849-0b7c35581ff8","block_type":"box","text":"Fund may lose money if short-term or long-term interest rates rise sharply in a manner not anticipated by Fund","page_number":23,"box":{"x":61,"y":149,"width":826,"height":12}},{"id":"4ecc321c-7fa3-45ae-8f06-706d48c686fc","block_type":"box","text":"management.","page_number":23,"box":{"x":61,"y":165,"width":107,"height":12}},{"id":"b0dd9c29-0452-4726-ba12-64234562becc","block_type":"box","text":"To the extent the Fund invests in debt securities that may be prepaid at the option of the obligor (such as mortgage","page_number":23,"box":{"x":60,"y":198,"width":860,"height":12}},{"id":"96691438-a372-4dbf-a001-ccc0f5f52ed5","block_type":"box","text":"backed securities), the sensitivity of such securities to changes in interest rates may increase (to the detriment of the","page_number":23,"box":{"x":61,"y":213,"width":871,"height":12}},{"id":"e8e8325a-0a22-4936-985b-69f2f7733faa","block_type":"box","text":"Fund) when interest rates rise. Moreover, because rates on certain floating rate debt securities typically reset only","page_number":23,"box":{"x":61,"y":229,"width":849,"height":12}},{"id":"71ff9b5e-0fca-4b1f-a0a0-ce152085a181","block_type":"box","text":"periodically, changes in prevailing interest rates (and particularly sudden and significant changes) can be expected to","page_number":23,"box":{"x":61,"y":244,"width":875,"height":12}},{"id":"2b6f3dd3-1abe-456e-aa93-b48a4f73d564","block_type":"box","text":"cause some fluctuations in the net asset value of the Fund to the extent that it invests in floating rate debt securities.","page_number":23,"box":{"x":61,"y":260,"width":867,"height":12}},{"id":"8d49ae85-d876-43e9-be8b-f23b21fbb27c","block_type":"box","text":"These basic principles of bond prices also apply to U.S. Government securities. A security backed by the “full","page_number":23,"box":{"x":60,"y":293,"width":816,"height":12}},{"id":"53cf2cd6-9c12-48c4-b5f9-7d55abc9eeda","block_type":"box","text":"faith and credit” of the U.S. Government is guaranteed only as to its stated interest rate and face value at maturity,","page_number":23,"box":{"x":60,"y":308,"width":854,"height":13}},{"id":"ba8b9e1d-be70-4619-aeae-1abd49291272","block_type":"box","text":"not its current market price. Just like other fixed-income securities, government-guaranteed securities will fluctuate","page_number":23,"box":{"x":61,"y":324,"width":854,"height":12}},{"id":"c888b484-67c0-445c-9640-0ac93ff9ac12","block_type":"box","text":"in value when interest rates change.","page_number":23,"box":{"x":61,"y":340,"width":273,"height":12}},{"id":"bcb2849d-6e60-4ef6-a88a-dd40d9ec13fe","block_type":"box","text":"Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility, and","page_number":23,"box":{"x":61,"y":373,"width":855,"height":12}},{"id":"05b52e7e-0c0f-4314-9bf0-4fd5e4130b45","block_type":"box","text":"could negatively impact the Fund’s performance. A general rise in interest rates has the potential to cause investors to","page_number":23,"box":{"x":61,"y":388,"width":882,"height":12}},{"id":"1e9dcc2e-6f2f-4072-aa84-dbd06dbe14ca","block_type":"box","text":"move out of fixed-income securities on a large scale, which may increase redemptions from mutual funds that hold","page_number":23,"box":{"x":61,"y":404,"width":855,"height":12}},{"id":"f66a347f-804e-4bd5-b8d4-f4e8bd9352a2","block_type":"box","text":"large amounts of fixed-income securities. Heavy redemptions could cause the Fund to sell assets at inopportune","page_number":23,"box":{"x":61,"y":419,"width":839,"height":12}},{"id":"d5f1fba0-e477-41cc-a139-337cf82f4827","block_type":"box","text":"times or at a loss or depressed value and could hurt the Fund’s performance.","page_number":23,"box":{"x":60,"y":435,"width":578,"height":12}},{"id":"e58d49c3-cc0f-42e5-b207-0df5e3a4d699","block_type":"box","text":"During periods of very low or negative interest rates, the Fund may be unable to maintain positive returns. Certain","page_number":23,"box":{"x":61,"y":468,"width":849,"height":12}},{"id":"1b50d7f7-b222-4308-9cc7-541cd26c40e5","block_type":"box","text":"countries have recently experienced negative interest rates on certain fixed-income instruments. Very low or negative","page_number":23,"box":{"x":61,"y":483,"width":876,"height":12}},{"id":"0c23416e-bc4c-452b-9ccb-1b8dc8d41e55","block_type":"box","text":"interest rates may magnify interest rate risk. Changing interest rates, including rates that fall below zero, may have","page_number":23,"box":{"x":61,"y":499,"width":855,"height":12}},{"id":"1c92d43f-1bb4-47a2-b85a-e5933590b4b4","block_type":"box","text":"unpredictable effects on markets, may result in heightened market volatility and may detract from Fund performance","page_number":23,"box":{"x":61,"y":514,"width":867,"height":12}},{"id":"61bed60f-1592-4a84-b9d0-d1108f008ac3","block_type":"box","text":"to the extent the Fund is exposed to such interest rates.","page_number":23,"box":{"x":60,"y":530,"width":413,"height":12}},{"id":"8326b25d-c200-42d3-94c7-2af265965344","block_type":"box","text":"Extension Risk","page_number":23,"box":{"x":61,"y":563,"width":111,"height":10}},{"id":"502a0b9a-8b56-48d6-9e20-a5d39b6a22e3","block_type":"box","text":". When interest rates rise, certain obligations will be paid off by the obligor more slowly than","page_number":23,"box":{"x":173,"y":563,"width":683,"height":12}},{"id":"dc942d9c-bba4-48c0-8747-00642f9cb4f4","block_type":"box","text":"anticipated, causing the value of these obligations to fall. Rising interest rates tend to extend the duration of securities,","page_number":23,"box":{"x":61,"y":579,"width":882,"height":12}},{"id":"abf27e79-93df-468a-af4b-d6b29ef55497","block_type":"box","text":"making them more sensitive to changes in interest rates. The value of longer-term securities generally changes more","page_number":23,"box":{"x":61,"y":594,"width":873,"height":12}},{"id":"e25fb2ef-d9f4-4f50-8ed2-d5779fc562b8","block_type":"box","text":"in response to changes in interest rates than shorter-term securities. As a result, in a period of rising interest rates,","page_number":23,"box":{"x":61,"y":610,"width":855,"height":12}},{"id":"ee81c9a6-fc8c-4d45-8407-df08b70266fa","block_type":"box","text":"securities may exhibit additional volatility and may lose value.","page_number":23,"box":{"x":61,"y":625,"width":460,"height":12}},{"id":"8da5a8e9-56bb-4257-8f24-0b2955199e34","block_type":"box","text":"Prepayment Risk","page_number":23,"box":{"x":61,"y":658,"width":128,"height":12}},{"id":"cc51cfa3-30c5-4bc9-bb90-b810a84274fc","block_type":"box","text":". When interest rates fall, certain obligations will be paid off by the obligor more quickly","page_number":23,"box":{"x":190,"y":658,"width":646,"height":12}},{"id":"0f8271ec-32a5-4745-9f0a-0ae211f21d06","block_type":"box","text":"than originally anticipated, and the Fund may have to invest the proceeds in securities with lower yields. In periods of","page_number":23,"box":{"x":60,"y":674,"width":869,"height":12}},{"id":"30c42f05-9c22-47b0-8b72-9f96ab9e054f","block_type":"box","text":"falling interest rates, the rate of prepayments tends to increase (as does price fluctuation) as borrowers are motivated","page_number":23,"box":{"x":60,"y":689,"width":871,"height":12}},{"id":"73b7a77a-ce45-4ac7-b8a8-cb5eb49c9969","block_type":"box","text":"to pay off debt and refinance at new lower rates. During such periods, reinvestment of the prepayment proceeds by","page_number":23,"box":{"x":60,"y":705,"width":856,"height":12}},{"id":"b2c91408-bee8-485c-b000-5c0100a29c52","block_type":"box","text":"the management team will generally be at lower rates of return than the return on the assets that were prepaid.","page_number":23,"box":{"x":60,"y":720,"width":823,"height":12}},{"id":"3f86747c-624e-48b5-bbef-b75bb2fa4168","block_type":"box","text":"Prepayment reduces the yield to maturity and the average life of the security.","page_number":23,"box":{"x":61,"y":736,"width":570,"height":12}},{"id":"c16e0cd2-6170-465e-bc14-1447f381722e","block_type":"box","text":"Depositary Receipts Risk","page_number":23,"box":{"x":61,"y":769,"width":202,"height":12}},{"id":"7f8c9d69-bb03-459d-bf8f-a283c5688706","block_type":"box","text":". Depositary receipts are generally subject to the same risks as the foreign securities that","page_number":23,"box":{"x":264,"y":769,"width":659,"height":12}},{"id":"bf56e193-f3d1-4607-a53d-541bcab617fa","block_type":"box","text":"they evidence or into which they may be converted. In addition to investment risks associated with the underlying","page_number":23,"box":{"x":60,"y":785,"width":838,"height":12}},{"id":"3bbf79a9-f370-479f-a53b-24103484a795","block_type":"box","text":"issuer, depositary receipts expose the Fund to additional risks associated with the non-uniform terms that apply to","page_number":23,"box":{"x":61,"y":800,"width":844,"height":12}},{"id":"dc781c26-3d3f-4e94-b2b0-9d642538af1f","block_type":"box","text":"depositary receipt programs, credit exposure to the depository bank and to the sponsors and other parties with whom","page_number":23,"box":{"x":61,"y":816,"width":869,"height":12}},{"id":"52f3ddc1-e581-4ebc-930b-aafeff3524c6","block_type":"box","text":"the depository bank establishes the programs, currency risk and the risk of an illiquid market for depositary receipts.","page_number":23,"box":{"x":60,"y":831,"width":866,"height":12}},{"id":"b892f41f-748e-4bc3-987e-95249dcfc269","block_type":"box","text":"The issuers of unsponsored depositary receipts are not obligated to disclose information that is, in the United States,","page_number":23,"box":{"x":60,"y":847,"width":871,"height":12}},{"id":"258412f9-6cf6-4f60-948e-b41272205ddc","block_type":"box","text":"considered material. Therefore, there may be less information available regarding these issuers and there may not be","page_number":23,"box":{"x":61,"y":862,"width":878,"height":12}},{"id":"26021511-2f29-4a35-b757-9bfccf646776","block_type":"box","text":"a correlation between such information and the market value of the depositary receipts. While depositary receipts","page_number":23,"box":{"x":61,"y":878,"width":845,"height":12}},{"id":"4dd2a0ec-6d76-4326-ba1a-a74356332ea2","block_type":"box","text":"provide an alternative to directly purchasing underlying foreign securities in their respective markets and currencies,","page_number":23,"box":{"x":61,"y":893,"width":864,"height":12}},{"id":"5701667d-2a0a-4827-96b9-b26f9516e0ed","block_type":"box","text":"they continue to be subject to many of the risks associated with investing directly in foreign securities, including","page_number":23,"box":{"x":60,"y":909,"width":824,"height":12}},{"id":"55f4b4f0-c801-4daf-b080-d55db1131219","block_type":"box","text":"political, economic, and currency risk.","page_number":23,"box":{"x":61,"y":924,"width":277,"height":12}},{"id":"d49d447f-a8f2-45a4-8114-d43350d1fbbd","block_type":"box","text":"6","page_number":23,"box":{"x":495,"y":955,"width":14,"height":10}},{"id":"22d10a0d-22ec-4044-a93f-b370300935c6","block_type":"box","text":"NM1026U-6049080-23/56","page_number":23,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"7262b4d0-03a5-45ce-a27a-1899c2c0b665","block_type":"box","text":"Derivatives Risk.","page_number":24,"box":{"x":61,"y":41,"width":139,"height":9}},{"id":"cb483265-34e5-4abb-b4a8-ec13d073d184","block_type":"box","text":"The Fund’s use of derivatives may increase its costs, reduce the Fund’s returns and/or increase","page_number":24,"box":{"x":200,"y":40,"width":716,"height":13}},{"id":"a062fcfe-2423-4d09-bfa4-9bd758662d1a","block_type":"box","text":"volatility. Derivatives involve significant risks, including:","page_number":24,"box":{"x":60,"y":56,"width":413,"height":12}},{"id":"40686f31-56da-4af2-9e8d-9f1cf6bc95b3","block_type":"box","text":"Leverage Risk.","page_number":24,"box":{"x":61,"y":87,"width":116,"height":12}},{"id":"33c49c41-bf5c-4805-aaff-a656f99452b9","block_type":"box","text":"The Fund’s use of derivatives can magnify the Fund’s gains and losses. Relatively small market","page_number":24,"box":{"x":177,"y":87,"width":716,"height":12}},{"id":"feacafa1-34a7-43ea-b808-850027b50470","block_type":"box","text":"movements may result in large changes in the value of a derivatives position and can result in losses that greatly","page_number":24,"box":{"x":61,"y":102,"width":841,"height":13}},{"id":"8a401dff-0c00-4ec6-9666-501dadaf0549","block_type":"box","text":"exceed the amount originally invested.","page_number":24,"box":{"x":61,"y":118,"width":290,"height":12}},{"id":"27e34bb0-a49d-4c34-8b8f-6015f5b9bd85","block_type":"box","text":"Market Risk","page_number":24,"box":{"x":61,"y":149,"width":89,"height":10}},{"id":"e10d397b-dd7e-4dcf-98de-e97586cb4a23","block_type":"box","text":". Some derivatives are more sensitive to interest rate changes and market price fluctuations than other","page_number":24,"box":{"x":150,"y":149,"width":766,"height":12}},{"id":"1407a0fb-e34d-4c10-b6fe-0d5a7729ef0d","block_type":"box","text":"securities. The Fund could also suffer losses related to its derivatives positions as a result of unanticipated market","page_number":24,"box":{"x":61,"y":165,"width":851,"height":11}},{"id":"cf2fa929-5c46-43ab-96a9-15a4d02b1a2e","block_type":"box","text":"movements, which losses are potentially unlimited. Finally, BFA may not be able to predict correctly the direction of","page_number":24,"box":{"x":61,"y":180,"width":859,"height":12}},{"id":"815bd2bf-2d44-449f-91a5-9bf0ff0b584c","block_type":"box","text":"securities prices, interest rates and other economic factors, which could cause the Fund’s derivatives positions to lose","page_number":24,"box":{"x":61,"y":196,"width":880,"height":11}},{"id":"5e0c2a6f-248c-4b92-aa48-b8fee504eed0","block_type":"box","text":"value.","page_number":24,"box":{"x":60,"y":211,"width":50,"height":10}},{"id":"596d6851-8d21-4224-a6c4-5522a90fbcd7","block_type":"box","text":"Counterparty Risk","page_number":24,"box":{"x":62,"y":242,"width":134,"height":12}},{"id":"00ad9436-b97f-473a-9fa2-b9eef045774b","block_type":"box","text":". Derivatives are also subject to counterparty risk, which is the risk that the other party in the","page_number":24,"box":{"x":196,"y":242,"width":687,"height":12}},{"id":"7a69d13c-fd0a-4228-9060-e61ebbed175e","block_type":"box","text":"transaction will be unable or unwilling to fulfill its contractual obligation, and the related risks of having concentrated","page_number":24,"box":{"x":60,"y":258,"width":861,"height":12}},{"id":"8974a63c-e56e-44c4-8b06-55837e559b6d","block_type":"box","text":"exposure to such a counterparty.","page_number":24,"box":{"x":61,"y":273,"width":249,"height":12}},{"id":"144f873c-09ca-4756-a6b7-558bd54a8ce5","block_type":"box","text":"Illiquidity Risk.","page_number":24,"box":{"x":61,"y":304,"width":110,"height":12}},{"id":"81eae066-1a78-4efa-adfb-c82cb6a18446","block_type":"box","text":"The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund to","page_number":24,"box":{"x":172,"y":304,"width":757,"height":12}},{"id":"82d60440-a75f-4a21-9e31-9b1bc3145bc3","block_type":"box","text":"sell or otherwise close a derivatives position could expose the Fund to losses and could make derivatives","page_number":24,"box":{"x":61,"y":320,"width":786,"height":12}},{"id":"659b7489-8c6e-4187-bfa2-51ae3a07f5f6","block_type":"box","text":"more difficult for the Fund to value accurately.","page_number":24,"box":{"x":61,"y":335,"width":345,"height":12}},{"id":"208cbac1-4ae4-4348-a83b-5b2a04f0fb0a","block_type":"box","text":"Operational Risk.","page_number":24,"box":{"x":62,"y":366,"width":132,"height":12}},{"id":"215974f7-85e5-4134-b485-d5b7e90f9d08","block_type":"box","text":"The use of derivatives includes the risk of potential operational issues, including documentation","page_number":24,"box":{"x":194,"y":366,"width":713,"height":12}},{"id":"5c3f3f22-66a2-4570-9d22-9e460c7d7045","block_type":"box","text":"issues, settlement issues, systems failures, inadequate controls and human error.","page_number":24,"box":{"x":61,"y":382,"width":611,"height":12}},{"id":"3b81f3f9-ff4a-4a5d-ae2c-cfca6eec6e4e","block_type":"box","text":"Legal Risk","page_number":24,"box":{"x":61,"y":413,"width":79,"height":12}},{"id":"12b4816a-8dae-4271-9b20-71e03014f4ce","block_type":"box","text":". The risk of insufficient documentation, insufficient capacity or authority of counterparty, or legality","page_number":24,"box":{"x":140,"y":413,"width":733,"height":12}},{"id":"732cf743-9f6f-4e73-b61f-4b819b62d191","block_type":"box","text":"or enforceability of a contract.","page_number":24,"box":{"x":61,"y":428,"width":225,"height":12}},{"id":"189ed08c-5f95-48da-83ee-e90a3d3c1f5c","block_type":"box","text":"Volatility and Correlation Risk","page_number":24,"box":{"x":62,"y":459,"width":219,"height":12}},{"id":"303b0228-0a55-4e42-89ef-534f170264d1","block_type":"box","text":". The Fund’s use of derivatives may reduce the Fund’s returns and/or increase volatility.","page_number":24,"box":{"x":281,"y":459,"width":656,"height":12}},{"id":"80829b15-68c0-4694-a6d0-9c1885d260cd","block_type":"box","text":"Volatility is defined as the characteristic of a security, an index or a market to fluctuate significantly in price within a","page_number":24,"box":{"x":60,"y":475,"width":856,"height":12}},{"id":"63873547-43c3-47ce-91b3-750095ac7286","block_type":"box","text":"short time period. A risk of the Fund’s use of derivatives is that the fluctuations in their values may not correlate with","page_number":24,"box":{"x":61,"y":490,"width":864,"height":12}},{"id":"e0cbe13f-8da0-4503-a089-4b77475c7793","block_type":"box","text":"the overall securities markets.","page_number":24,"box":{"x":60,"y":506,"width":227,"height":9}},{"id":"9c8bec4f-5c4a-4593-971a-50ac1c8e1ba9","block_type":"box","text":"Valuation Risk","page_number":24,"box":{"x":62,"y":537,"width":106,"height":9}},{"id":"f6839558-b252-4c2f-bce4-a101a9539133","block_type":"box","text":". Valuation for derivatives may not be readily available in the market. Valuation may be more difficult in","page_number":24,"box":{"x":169,"y":537,"width":765,"height":12}},{"id":"7b265681-d5fb-4185-859c-9145f820c402","block_type":"box","text":"times of market turmoil since many investors and market makers may be reluctant to purchase complex instruments","page_number":24,"box":{"x":60,"y":552,"width":867,"height":12}},{"id":"d9d76761-aaca-4e4c-ba4d-d197af9b741a","block_type":"box","text":"or quote prices for them. Derivatives may also expose the Fund to greater risk and increase its costs. Certain","page_number":24,"box":{"x":61,"y":568,"width":814,"height":12}},{"id":"ecb9a9c1-4bfe-4c54-bb63-869ae2ba6216","block_type":"box","text":"transactions in derivatives involve substantial leverage risk and may expose the Fund to potential losses that exceed","page_number":24,"box":{"x":60,"y":583,"width":871,"height":12}},{"id":"d739d3ef-8d90-4ab3-b0bd-aabc81ab8a3e","block_type":"box","text":"the amount originally invested by the Fund.","page_number":24,"box":{"x":60,"y":599,"width":326,"height":12}},{"id":"a327cc5a-a5ca-4669-8a7e-4ee70e6fb24e","block_type":"box","text":"Hedging Risk","page_number":24,"box":{"x":61,"y":630,"width":100,"height":12}},{"id":"4625c025-145c-48cb-98ef-9c4e8489e84b","block_type":"box","text":". When a derivative is used as a hedge against a position that the Fund holds, any loss generated by the","page_number":24,"box":{"x":162,"y":630,"width":779,"height":12}},{"id":"abb076ac-1983-4566-8795-f06e8e73863e","block_type":"box","text":"derivative generally should be substantially offset by gains on the hedged investment, and vice versa. While hedging","page_number":24,"box":{"x":61,"y":645,"width":869,"height":12}},{"id":"20de802c-5e01-480e-9a27-099619258c1f","block_type":"box","text":"can reduce or eliminate losses, it can also reduce or eliminate gains. Hedges are sometimes subject to imperfect","page_number":24,"box":{"x":61,"y":661,"width":837,"height":12}},{"id":"38020280-63a5-418a-9e89-6c53df957129","block_type":"box","text":"matching between the derivative and the underlying security, and there can be no assurance that the Fund’s hedging","page_number":24,"box":{"x":61,"y":676,"width":867,"height":12}},{"id":"23217a68-3398-4a90-9175-ccad5b7b6724","block_type":"box","text":"transactions will be effective. The use of hedging may result in certain adverse tax consequences noted below.","page_number":24,"box":{"x":60,"y":692,"width":822,"height":12}},{"id":"5fbce03c-6cab-46f3-b5c6-343f37f57687","block_type":"box","text":"Tax Risk","page_number":24,"box":{"x":62,"y":723,"width":64,"height":9}},{"id":"e2571f5f-489d-446c-a52e-89275aecac16","block_type":"box","text":". The federal income tax treatment of a derivative may not be as favorable as a direct investment in an","page_number":24,"box":{"x":127,"y":723,"width":758,"height":12}},{"id":"1209a240-cf4d-4c45-993a-3000b0e0359c","block_type":"box","text":"underlying asset and may adversely affect the timing, character and amount of income the Fund realizes from its","page_number":24,"box":{"x":61,"y":738,"width":835,"height":12}},{"id":"65e69db5-d472-4ab3-b672-9b27df4fd28d","block_type":"box","text":"investments. As a result, a larger portion of the Fund’s distributions may be treated as ordinary income rather than","page_number":24,"box":{"x":61,"y":754,"width":846,"height":12}},{"id":"4e6715c7-f3e5-4b04-8f00-c720f0abdfcc","block_type":"box","text":"capital gains. In addition, certain transactions are subject to mark-to-market, straddle or constructive sale provisions","page_number":24,"box":{"x":61,"y":769,"width":859,"height":12}},{"id":"6bd5b111-1b53-4ab0-8d16-09aea5d2bf68","block_type":"box","text":"of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”). If such provisions are applicable,","page_number":24,"box":{"x":61,"y":785,"width":863,"height":12}},{"id":"1bc72bc4-d6b6-47bc-9801-5d8eaf0ce653","block_type":"box","text":"there could be an increase (or decrease) in the amount of taxable dividends paid by the Fund. In addition, the tax","page_number":24,"box":{"x":60,"y":800,"width":840,"height":12}},{"id":"789090a8-2c2c-4818-96cc-88bb2f9fa89a","block_type":"box","text":"treatment of certain derivatives, such as swaps and commodity-linked derivative instruments, as applicable, is","page_number":24,"box":{"x":60,"y":816,"width":815,"height":12}},{"id":"c23150cc-a7c8-4eb5-8092-11d437bd5a0e","block_type":"box","text":"unsettled and may be subject to future legislation, regulation or administrative pronouncements issued by the Internal","page_number":24,"box":{"x":61,"y":831,"width":875,"height":12}},{"id":"6450407c-e459-432b-9fba-ba718407ce27","block_type":"box","text":"Revenue Service (the “IRS”). The pursuit of certain investment strategies by the Fund may be limited by the Fund’s","page_number":24,"box":{"x":61,"y":847,"width":859,"height":12}},{"id":"bc2c77e8-fbc4-42a8-bb89-f1a58aa4b919","block_type":"box","text":"intention to qualify for treatment as a regulated investment company under Subchapter M of the Internal Revenue","page_number":24,"box":{"x":61,"y":862,"width":847,"height":12}},{"id":"b1f9814b-e9c2-42da-a5fc-a9babb6fedc9","block_type":"box","text":"Code and/or could adversely bear on the Fund’s ability to so qualify.","page_number":24,"box":{"x":61,"y":878,"width":510,"height":12}},{"id":"43999b29-b932-40e5-b09d-f9e8aa494957","block_type":"box","text":"Regulatory Risk","page_number":24,"box":{"x":61,"y":909,"width":119,"height":12}},{"id":"3cc24c5f-3de6-48e6-81a0-e78912d221a5","block_type":"box","text":". Derivative contracts are subject to regulation under the Dodd-Frank Wall Street Reform","page_number":24,"box":{"x":180,"y":909,"width":656,"height":12}},{"id":"d8954417-5db0-4cdd-8b2c-7a3d2b028ef9","block_type":"box","text":"and Consumer Protection Act (the “Dodd-Frank Act”) in the United States and under comparable regimes in Europe,","page_number":24,"box":{"x":61,"y":924,"width":861,"height":12}},{"id":"888ecfb8-fdb3-4bd1-a9b7-f6551c5bb510","block_type":"box","text":"7","page_number":24,"box":{"x":496,"y":955,"width":13,"height":10}},{"id":"7290c9d9-9631-4bc6-a565-44a900ebec2d","block_type":"box","text":"NM1026U-6049080-24/56","page_number":24,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"5cdb3f7f-0c71-4741-a5cb-853f879f66d4","block_type":"box","text":"Asia and other non-U.S. jurisdictions. Under the Dodd-Frank Act, with respect to uncleared swaps, swap dealers","page_number":25,"box":{"x":60,"y":40,"width":840,"height":13}},{"id":"40eb7e3c-0a99-439b-bb75-38df20f7631a","block_type":"box","text":"are required to exchange variation margin with the Fund and may be required by applicable regulations to collect and/","page_number":25,"box":{"x":61,"y":56,"width":874,"height":12}},{"id":"f4d3158c-860b-43dd-bdbc-d442329ad312","block_type":"box","text":"or exchange initial margin with the Fund. Both initial and variation margin may be comprised of cash and/or securities,","page_number":25,"box":{"x":61,"y":71,"width":879,"height":13}},{"id":"2d34e063-a764-440f-a53a-cb1292e79cf1","block_type":"box","text":"subject to applicable regulatory haircuts. In certain cases, shares of investment companies may not be posted as","page_number":25,"box":{"x":61,"y":87,"width":843,"height":12}},{"id":"9edbe5dc-8355-4c58-ad64-cd3af6aef8f4","block_type":"box","text":"collateral under applicable regulations. In addition, regulations adopted by global prudential regulators require certain","page_number":25,"box":{"x":61,"y":103,"width":873,"height":12}},{"id":"c9bb6dd8-a76a-43b9-8455-5008ca82cbcc","block_type":"box","text":"bank-regulated counterparties and certain of their affiliates to include in certain financial contracts, including many","page_number":25,"box":{"x":61,"y":118,"width":849,"height":12}},{"id":"6d0b14f1-6586-4737-8a18-774b9185ca97","block_type":"box","text":"derivatives contracts, terms that delay or restrict the rights of counterparties, such as the Fund, to terminate such","page_number":25,"box":{"x":61,"y":134,"width":843,"height":12}},{"id":"6030ca20-c2ce-4ebc-a042-8b84072a3ad6","block_type":"box","text":"contracts, foreclose upon collateral, exercise other default rights or restrict transfers of credit support in the event that","page_number":25,"box":{"x":61,"y":149,"width":875,"height":12}},{"id":"59ad4e82-ffee-45ea-b87a-e147f1fd60b9","block_type":"box","text":"the counterparty and/or its affiliates are subject to certain types of resolution or insolvency proceedings. The","page_number":25,"box":{"x":60,"y":165,"width":807,"height":12}},{"id":"a8b3c5ec-a595-447d-8e5a-e3e280e56ede","block_type":"box","text":"implementation of these requirements with respect to derivatives, as well as regulations under global regulations","page_number":25,"box":{"x":61,"y":180,"width":838,"height":12}},{"id":"45822a16-a7a3-4531-9321-475b777b9135","block_type":"box","text":"regarding clearing, mandatory trading and margining of other derivatives, may increase the costs and risks to the","page_number":25,"box":{"x":61,"y":196,"width":842,"height":12}},{"id":"6bfe1599-558d-436c-b0d6-70d8d1e35010","block_type":"box","text":"Fund of trading in these instruments and, as a result, may affect returns to investors in the Fund.","page_number":25,"box":{"x":61,"y":211,"width":721,"height":12}},{"id":"7fcfdb5d-1efb-4952-905b-7e08ee3ebc86","block_type":"box","text":"Future regulatory developments may impact the Fund’s ability to invest or remain invested in certain","page_number":25,"box":{"x":61,"y":242,"width":747,"height":12}},{"id":"2869bc7d-2bba-4eeb-9789-4fcd4c986e23","block_type":"box","text":"derivatives. Legislation or regulation may also change the way in which the Fund itself is regulated. BFA cannot","page_number":25,"box":{"x":61,"y":258,"width":832,"height":12}},{"id":"5a44227a-2711-45d3-916c-fa6cc23bdd0a","block_type":"box","text":"predict the effects of any new governmental regulation that may be implemented on the ability of the Fund to use","page_number":25,"box":{"x":61,"y":273,"width":842,"height":12}},{"id":"608bdf87-f5a9-418e-9728-ce2f707410f3","block_type":"box","text":"swaps or any other financial derivative product, and there can be no assurance that any new governmental regulation","page_number":25,"box":{"x":61,"y":289,"width":877,"height":12}},{"id":"9e19c08f-ebd5-480e-987e-ba30037e58bd","block_type":"box","text":"will not adversely affect the Fund’s ability to achieve its investment objective.","page_number":25,"box":{"x":60,"y":304,"width":575,"height":12}},{"id":"f5beb719-7d14-4744-9d4b-39ed42d8f3bf","block_type":"box","text":"Risks Specific to Certain Derivatives Used by the Fund","page_number":25,"box":{"x":61,"y":335,"width":412,"height":12}},{"id":"76f9f9be-234d-42a1-8e18-6e9374e09a96","block_type":"box","text":"Swaps","page_number":25,"box":{"x":61,"y":366,"width":50,"height":12}},{"id":"08f3dc06-08f1-46c0-9068-40d96ee540c5","block_type":"box","text":". Swap agreements, including total return swaps that may be referred to as contracts for difference,","page_number":25,"box":{"x":112,"y":366,"width":740,"height":12}},{"id":"4ff885d6-63b2-48ef-8525-dd2e50da2a7b","block_type":"box","text":"are two-party contracts entered into for periods ranging from a few days to more than one year. In a standard","page_number":25,"box":{"x":61,"y":382,"width":815,"height":12}},{"id":"0c4178e9-377b-415b-befb-0aafb855c2af","block_type":"box","text":"“swap” transaction, two parties agree to exchange the value(s) or cash flow(s) of one asset for another over a","page_number":25,"box":{"x":61,"y":397,"width":817,"height":12}},{"id":"c4c43044-0943-4b27-b17e-6e884c0cfcb7","block_type":"box","text":"certain period of time. Swap agreements involve the risk that the party with whom the Fund has entered into the","page_number":25,"box":{"x":61,"y":413,"width":834,"height":12}},{"id":"d516d631-f483-4cc8-a1e8-bac9a0b6b8fc","block_type":"box","text":"swap will default on its obligation to pay the Fund and the risk that the Fund will not be able to meet its obligations","page_number":25,"box":{"x":61,"y":428,"width":849,"height":12}},{"id":"226abab6-18b8-452a-808b-ff82d5336140","block_type":"box","text":"to pay the other party to the agreement. Swap agreements may also involve the risk that there is an","page_number":25,"box":{"x":60,"y":444,"width":745,"height":12}},{"id":"2bdb2083-a229-40fb-9c0d-e6fe37a7f402","block_type":"box","text":"imperfect correlation between the return on the Fund’s obligation to its counterparty and the return on the","page_number":25,"box":{"x":61,"y":459,"width":784,"height":12}},{"id":"1b43602e-55ad-4171-ba9c-49418a29ed5e","block_type":"box","text":"referenced asset. In addition, swap agreements are subject to market and illiquidity risk, leverage risk and hedging","page_number":25,"box":{"x":61,"y":475,"width":854,"height":12}},{"id":"8e4e24af-7d62-4092-a465-c02722854e1f","block_type":"box","text":"risk.","page_number":25,"box":{"x":61,"y":490,"width":35,"height":10}},{"id":"62a19a07-cada-4d0b-ad63-b9017e036e44","block_type":"box","text":"Credit Default Swaps","page_number":25,"box":{"x":62,"y":521,"width":156,"height":12}},{"id":"5f5c801a-35a6-4452-ae61-eb3891f4b164","block_type":"box","text":". Credit default swaps may have as reference obligations one or more securities that are not","page_number":25,"box":{"x":220,"y":521,"width":687,"height":12}},{"id":"7816fba8-73b5-4b42-9163-f5c722a580ea","block_type":"box","text":"currently held by the Fund, the underlying funds and/or ETFs. The protection “buyer” may be obligated to pay the","page_number":25,"box":{"x":61,"y":537,"width":843,"height":12}},{"id":"061417c7-c1d7-4ce2-90ae-25e705a1f355","block_type":"box","text":"protection “seller” an up-front payment or a periodic stream of payments over the term of the contract, provided","page_number":25,"box":{"x":61,"y":552,"width":829,"height":12}},{"id":"d5572e0a-92df-4a08-9040-22e599dde093","block_type":"box","text":"generally that no credit event on a reference obligation has occurred. Credit default swaps involve special risks in","page_number":25,"box":{"x":61,"y":568,"width":845,"height":12}},{"id":"043f9950-9031-4190-938a-38fafdaebb2c","block_type":"box","text":"addition to those mentioned above because they are difficult to value, are highly susceptible to illiquid investments risk","page_number":25,"box":{"x":61,"y":583,"width":882,"height":12}},{"id":"dc41bbfa-f572-4fa4-9eda-ea4b57cd1cb4","block_type":"box","text":"and credit risk, and generally pay a return to the party that","page_number":25,"box":{"x":61,"y":599,"width":435,"height":12}},{"id":"9f91ab97-c1b2-4ccf-a586-0a329db5bce4","block_type":"box","text":"has paid the premium only in the event of an actual default","page_number":25,"box":{"x":498,"y":599,"width":439,"height":12}},{"id":"5fb3ee82-7caf-4526-9e09-82106e31a41c","block_type":"box","text":"by the issuer of the underlying obligation (as opposed to a credit downgrade or other indication of financial difficulty).","page_number":25,"box":{"x":61,"y":614,"width":868,"height":12}},{"id":"5f91c19f-4ee6-4a14-ac15-17a8756c593f","block_type":"box","text":"Forward Foreign Currency Exchange Contracts","page_number":25,"box":{"x":61,"y":645,"width":352,"height":12}},{"id":"88240281-e7f0-4a61-9d6e-8bc18b1cfe0a","block_type":"box","text":". Forward foreign currency exchange transactions are OTC contracts","page_number":25,"box":{"x":414,"y":645,"width":515,"height":12}},{"id":"6b2f60fc-6afc-45d3-a329-49c3661bee89","block_type":"box","text":"to purchase or sell a specified amount of a specified currency or multinational currency unit at a price and future date","page_number":25,"box":{"x":60,"y":661,"width":868,"height":12}},{"id":"c4b0804d-9357-4eda-b1d2-58b749e5ed57","block_type":"box","text":"set at the time of the contract. Forward foreign currency exchange contracts do not eliminate fluctuations in the value","page_number":25,"box":{"x":61,"y":676,"width":867,"height":12}},{"id":"b4826b2b-7c7a-423d-8290-704577e6cc08","block_type":"box","text":"of non-U.S. securities but rather allow the Fund to establish a fixed rate of exchange for a future point in time. This","page_number":25,"box":{"x":61,"y":692,"width":847,"height":12}},{"id":"0e3f5e55-d57c-48fb-be24-ced078b0467c","block_type":"box","text":"strategy can have the effect of reducing returns and minimizing opportunities for gain.","page_number":25,"box":{"x":61,"y":707,"width":633,"height":12}},{"id":"3c6e5d0e-4a15-442c-bb00-5c04295788a6","block_type":"box","text":"Futures","page_number":25,"box":{"x":61,"y":738,"width":56,"height":10}},{"id":"4024f928-9c91-4bf9-a3eb-f3b94a5262cc","block_type":"box","text":". Futures are standardized, exchange-traded contracts that obligate a purchaser to take delivery, and a seller","page_number":25,"box":{"x":119,"y":738,"width":808,"height":12}},{"id":"7da72722-d4c9-4c0c-8772-e02b26dd998b","block_type":"box","text":"to make delivery, of a specific amount of an asset at a specified future date at a specified price. The primary risks","page_number":25,"box":{"x":60,"y":754,"width":841,"height":12}},{"id":"f6444064-2657-4faa-9e67-99bbfbf40d34","block_type":"box","text":"associated with the use of futures contracts and options","page_number":25,"box":{"x":61,"y":769,"width":413,"height":12}},{"id":"48fa038e-2016-4245-8dad-5752eb5aeeb5","block_type":"box","text":"are: (a) the imperfect correlations between the change in","page_number":25,"box":{"x":480,"y":769,"width":421,"height":12}},{"id":"977e4707-102e-4ee7-8ae9-e655209111f8","block_type":"box","text":"market value of the instruments held by the Fund and the","page_number":25,"box":{"x":61,"y":785,"width":425,"height":12}},{"id":"ec454dd7-08ce-41c9-b93d-467e02d6dca5","block_type":"box","text":"price of the futures contract or option; (b) the possible lack","page_number":25,"box":{"x":492,"y":785,"width":432,"height":12}},{"id":"e22ac7f7-ad8f-41e5-99a5-f9e049565fa9","block_type":"box","text":"of a liquid secondary market for a futures contract and","page_number":25,"box":{"x":61,"y":800,"width":401,"height":12}},{"id":"537213c9-e12b-47e5-88db-73b9a4eb98d2","block_type":"box","text":"the resulting inability to close a futures contract when desired;","page_number":25,"box":{"x":468,"y":800,"width":457,"height":12}},{"id":"10e8ec73-e20d-430a-b614-a51b6da775c5","block_type":"box","text":"(c) losses caused by unanticipated market movements, which are potentially unlimited; (d) the investment adviser’s","page_number":25,"box":{"x":61,"y":816,"width":854,"height":12}},{"id":"ef2ac61a-7288-4ea7-97ba-6ba08990add9","block_type":"box","text":"inability to predict correctly the direction of securities prices, interest rates, currency exchange rates and other","page_number":25,"box":{"x":61,"y":831,"width":819,"height":12}},{"id":"0abb1ecb-b768-4d44-9b69-2a10ce71befd","block_type":"box","text":"economic factors; and (e) the possibility that the counterparty will default in the performance of its obligations.","page_number":25,"box":{"x":61,"y":847,"width":817,"height":12}},{"id":"18f1747f-3595-4515-a7ad-4623ad1ddd94","block_type":"box","text":"Options","page_number":25,"box":{"x":62,"y":878,"width":56,"height":12}},{"id":"d1259229-83d6-4be6-8564-36cdb753cb1f","block_type":"box","text":". An option is an agreement that, for a premium payment or fee, gives the option holder (the purchaser) the","page_number":25,"box":{"x":120,"y":878,"width":798,"height":12}},{"id":"da1fbc3f-e096-4e21-953e-1e08faa83bd5","block_type":"box","text":"right but not the obligation to buy (a “call option”) or sell (a “put option”) the underlying asset (or settle for cash in an","page_number":25,"box":{"x":61,"y":893,"width":861,"height":12}},{"id":"9e4259c4-90c1-4cc7-8733-e9087fceb705","block_type":"box","text":"amount based on an underlying asset, rate, or index) at a specified price (the “exercise price”) during a period of time","page_number":25,"box":{"x":61,"y":909,"width":869,"height":12}},{"id":"27a381e3-9394-4543-b9ee-3c89391a2598","block_type":"box","text":"or on a specified date. Investments in options are considered speculative. When the Fund purchases an option, it may","page_number":25,"box":{"x":61,"y":924,"width":877,"height":12}},{"id":"a2fb7cee-0fd6-48d8-ac18-69847cbf9f79","block_type":"box","text":"8","page_number":25,"box":{"x":495,"y":955,"width":14,"height":10}},{"id":"f3d4ee52-e05c-4d58-a12f-ac4d93cceec9","block_type":"box","text":"NM1026U-6049080-25/56","page_number":25,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"25e3f9df-f85e-4fe6-946b-306085984ac9","block_type":"box","text":"lose the total premium paid for it if the price of the underlying security or other assets decreased, remained the same","page_number":26,"box":{"x":61,"y":40,"width":871,"height":13}},{"id":"268a8808-d992-43d7-8813-c38367db6834","block_type":"box","text":"or failed to increase to a level at or beyond the exercise price (in the case of a call option) or increased, remained the","page_number":26,"box":{"x":61,"y":56,"width":873,"height":12}},{"id":"3b888b46-27e5-4807-8d31-23fc7bd2f2fa","block_type":"box","text":"same or failed to decrease to a level at or below the exercise price (in the case of a put option). If a put or call option","page_number":26,"box":{"x":61,"y":71,"width":868,"height":13}},{"id":"39522389-3064-46fa-b3e1-e91cca3ae9dc","block_type":"box","text":"purchased by the Fund were permitted to expire without being sold or exercised, its premium would represent a loss","page_number":26,"box":{"x":61,"y":87,"width":867,"height":12}},{"id":"d676697c-7344-42dc-a500-a30ae1afe9e6","block_type":"box","text":"to the Fund. To the extent that the Fund writes or sells an option, if the decline or increase in the underlying asset is","page_number":26,"box":{"x":60,"y":102,"width":864,"height":13}},{"id":"a9c56875-c6e9-419c-8ad3-efcf9e7b3d07","block_type":"box","text":"significantly below or above the exercise price of the written option, the Fund could experience a substantial loss.","page_number":26,"box":{"x":61,"y":118,"width":844,"height":12}},{"id":"71d1799c-b7e1-4a20-be3b-1daf2824d138","block_type":"box","text":"Distressed Securities Risk.","page_number":26,"box":{"x":61,"y":149,"width":220,"height":10}},{"id":"53140935-b578-4c2f-af88-5e9fc208fab4","block_type":"box","text":"Distressed securities are speculative and involve substantial risks in addition to the risks","page_number":26,"box":{"x":282,"y":149,"width":658,"height":12}},{"id":"2db23a69-e8f3-4b65-b306-7c25a3c2bd36","block_type":"box","text":"of investing in junk bonds. The Fund will generally not receive interest payments on the distressed securities and may","page_number":26,"box":{"x":61,"y":165,"width":878,"height":12}},{"id":"2567381f-e3e9-49ad-90c6-4a70ed6dadfb","block_type":"box","text":"incur costs to protect its investment. In addition, distressed securities involve the substantial risk that principal will not","page_number":26,"box":{"x":61,"y":180,"width":873,"height":12}},{"id":"8027e707-181b-4faf-9b7d-7091f974ad4e","block_type":"box","text":"be repaid. These securities may present a substantial risk of default or may be in default at the time of investment.","page_number":26,"box":{"x":61,"y":196,"width":853,"height":12}},{"id":"6be02bf5-6104-4395-bdd2-7d88765d60a8","block_type":"box","text":"The Fund may incur additional expenses to the extent it is required to seek recovery upon a default in the payment of","page_number":26,"box":{"x":60,"y":211,"width":875,"height":12}},{"id":"744564c0-0fea-4789-a8ea-d5950958d427","block_type":"box","text":"principal of or interest on its portfolio holdings. In any reorganization or liquidation proceeding relating to a portfolio","page_number":26,"box":{"x":61,"y":227,"width":853,"height":12}},{"id":"5fe5d9b0-40a0-496e-9b37-433bce8a1955","block_type":"box","text":"company, the Fund may lose its entire investment or may be required to accept cash or securities with a value less","page_number":26,"box":{"x":61,"y":242,"width":857,"height":12}},{"id":"65ae78a1-a065-4bd7-ad0e-f235e2feb685","block_type":"box","text":"than its original investment. Distressed securities and any securities received in an exchange for such securities may","page_number":26,"box":{"x":60,"y":258,"width":873,"height":12}},{"id":"dd73cb4b-5d2e-4c24-aaa8-09ec6f5d9920","block_type":"box","text":"be subject to restrictions on resale.","page_number":26,"box":{"x":61,"y":273,"width":264,"height":12}},{"id":"6a751c2a-6113-4fa9-b38e-d66fc7a83a8d","block_type":"box","text":"Dollar Rolls Risk.","page_number":26,"box":{"x":61,"y":304,"width":136,"height":10}},{"id":"933f8c71-0270-4333-9b6a-75941bfb0868","block_type":"box","text":"A dollar roll transaction involves a sale by the Fund of a mortgage-backed, U.S. Treasury or other","page_number":26,"box":{"x":199,"y":304,"width":733,"height":12}},{"id":"0be77bdc-a366-4552-b70d-ec6499f66272","block_type":"box","text":"security (as permitted by the Fund’s investment strategies) concurrently with an agreement by the Fund to repurchase","page_number":26,"box":{"x":61,"y":320,"width":881,"height":12}},{"id":"daa5b46c-bf79-4422-86b5-6aff6c69de21","block_type":"box","text":"a similar security at a later date at an agreed-upon price. The market value of the securities the Fund is required to","page_number":26,"box":{"x":61,"y":335,"width":856,"height":12}},{"id":"d9c45a4f-3ae4-4145-ba4a-c19919b6e48c","block_type":"box","text":"purchase may decline below the agreed upon repurchase price of those securities. If the broker/dealer to whom the","page_number":26,"box":{"x":61,"y":351,"width":861,"height":12}},{"id":"cf6a88b0-e167-433f-8274-8d39be1448c1","block_type":"box","text":"Fund sells securities becomes insolvent, the Fund’s right to purchase or repurchase securities may be restricted.","page_number":26,"box":{"x":61,"y":366,"width":841,"height":12}},{"id":"050f70a2-c428-4cfc-a27c-80919ae6fa49","block_type":"box","text":"Successful use of dollar rolls may depend upon the adviser’s ability to correctly predict interest rates","page_number":26,"box":{"x":61,"y":382,"width":748,"height":12}},{"id":"3ff57112-b87b-4bd1-a7e2-ea77b2c93730","block_type":"box","text":"and prepayments, depending on the underlying security. There is no assurance that dollar rolls can be","page_number":26,"box":{"x":61,"y":397,"width":763,"height":12}},{"id":"de6d32c4-bd32-4a2e-b805-6b64a8508aae","block_type":"box","text":"successfully employed.","page_number":26,"box":{"x":61,"y":413,"width":177,"height":12}},{"id":"a479ac90-4005-46cf-a0bb-0abccbed54b4","block_type":"box","text":"Emerging Markets Risk.","page_number":26,"box":{"x":61,"y":444,"width":189,"height":12}},{"id":"bb000fab-b263-4815-b01a-9f27b7f15168","block_type":"box","text":"The risks of foreign investments are usually much greater for emerging","page_number":26,"box":{"x":251,"y":444,"width":536,"height":12}},{"id":"09175528-12ac-41af-bc51-9086c317fae0","block_type":"box","text":"markets. Investments in emerging markets may be considered speculative. Emerging markets may include those in","page_number":26,"box":{"x":61,"y":459,"width":861,"height":12}},{"id":"5a16cb3a-fd98-43f8-aa15-19763d817fc6","block_type":"box","text":"countries considered emerging or developing by the World Bank, the International Finance Corporation or the United","page_number":26,"box":{"x":61,"y":475,"width":870,"height":12}},{"id":"7fdadebd-c1aa-47dd-b791-af6600f0f0d6","block_type":"box","text":"Nations. Emerging markets are riskier than more developed markets because they tend to develop unevenly and may","page_number":26,"box":{"x":61,"y":490,"width":879,"height":12}},{"id":"ec6ea19b-f887-4759-abc2-faf34bc80807","block_type":"box","text":"never fully develop. They are more likely to experience hyperinflation and currency devaluations, which adversely","page_number":26,"box":{"x":61,"y":506,"width":846,"height":12}},{"id":"8b20a28c-6e7d-4b73-8118-17bfbff9cd3c","block_type":"box","text":"affect returns to U.S. investors. In addition, many emerging markets have far lower trading volumes and less liquidity","page_number":26,"box":{"x":61,"y":521,"width":870,"height":12}},{"id":"b901d887-545f-44e2-8349-711b88458c93","block_type":"box","text":"than developed markets. Since these markets are often small, they may be more likely to suffer sharp and frequent","page_number":26,"box":{"x":60,"y":537,"width":859,"height":12}},{"id":"c05509c0-421e-46d1-89ff-0452157ada64","block_type":"box","text":"price changes or long-term price depression because of adverse publicity, investor perceptions or the actions of a","page_number":26,"box":{"x":61,"y":552,"width":848,"height":12}},{"id":"4ceca49f-7bd6-4d81-8e7a-6db74edfccd8","block_type":"box","text":"few large investors. In addition, traditional measures of investment value used in the United States, such as price","page_number":26,"box":{"x":60,"y":568,"width":844,"height":12}},{"id":"58dc4cc9-044d-40d3-94e3-716e6aa88593","block_type":"box","text":"to earnings ratios, may not apply to certain small markets. Also, there may be less publicly available information","page_number":26,"box":{"x":60,"y":583,"width":835,"height":12}},{"id":"11a06fc3-aa16-4bb2-bf39-9113d59da66e","block_type":"box","text":"about issuers in emerging markets than would be available about issuers in more developed capital markets, and","page_number":26,"box":{"x":61,"y":599,"width":845,"height":12}},{"id":"1dfce4d7-514f-481c-903f-858d6c2b077a","block_type":"box","text":"such issuers may not be subject to accounting, auditing and financial reporting standards and requirements","page_number":26,"box":{"x":61,"y":614,"width":801,"height":12}},{"id":"042abc66-087f-4353-981e-62d464c87e79","block_type":"box","text":"comparable to those to which U.S. companies are subject.","page_number":26,"box":{"x":61,"y":630,"width":438,"height":12}},{"id":"99e43088-3864-400b-bfd7-2470faf22c8c","block_type":"box","text":"Many emerging markets have histories of political instability and abrupt changes in policies. As a result, their","page_number":26,"box":{"x":61,"y":661,"width":805,"height":12}},{"id":"dc392a34-c46b-4161-8cfa-3181424cae04","block_type":"box","text":"governments are more likely to take actions that are hostile or detrimental to private enterprise or foreign investment","page_number":26,"box":{"x":61,"y":676,"width":862,"height":12}},{"id":"84a74d6b-a11b-4083-b4e0-5c6f265c9ade","block_type":"box","text":"than those of more developed countries, including expropriation of assets, confiscatory taxation, high rates of inflation","page_number":26,"box":{"x":60,"y":692,"width":872,"height":12}},{"id":"9c3003ab-b8f1-48ca-8d5a-fceaefc20381","block_type":"box","text":"or unfavorable diplomatic developments. In the past, governments of such nations have expropriated substantial","page_number":26,"box":{"x":61,"y":707,"width":833,"height":12}},{"id":"d63ea486-4b8f-4684-9c06-7a3952f038cb","block_type":"box","text":"amounts of private property, and most claims of the property owners have never been fully settled. There is no","page_number":26,"box":{"x":61,"y":723,"width":820,"height":12}},{"id":"169bb505-4de6-4446-a36c-53d8487f98c2","block_type":"box","text":"assurance that such expropriations will not reoccur. In such an event, it is possible that the Fund could lose the entire","page_number":26,"box":{"x":61,"y":738,"width":870,"height":12}},{"id":"00d2f7e1-ad37-4d92-bff7-e3d7efac00ff","block_type":"box","text":"value of its investments in the affected market. Some countries have pervasive corruption and crime that may hinder","page_number":26,"box":{"x":60,"y":754,"width":865,"height":12}},{"id":"0d100876-af9e-4f80-9c80-0f8a545a7d1b","block_type":"box","text":"investments. Certain emerging markets may also face other significant internal or external risks, including the risk of","page_number":26,"box":{"x":61,"y":769,"width":861,"height":12}},{"id":"88980021-0977-4689-bc57-5a4475fd5224","block_type":"box","text":"war, and ethnic, religious and racial conflicts. In addition, governments in many emerging market countries participate","page_number":26,"box":{"x":60,"y":785,"width":873,"height":12}},{"id":"7c892d3d-0188-4386-89b8-1b407648955c","block_type":"box","text":"to a significant degree in their economies and securities markets, which may impair investment and economic growth.","page_number":26,"box":{"x":60,"y":800,"width":873,"height":12}},{"id":"a0638d20-c3e6-47a5-b224-9b76c3cfc8ad","block_type":"box","text":"National policies that may limit the Fund’s investment opportunities include restrictions on investment in issuers or","page_number":26,"box":{"x":61,"y":816,"width":845,"height":12}},{"id":"eac54741-f6e1-4a90-8aa9-6ec623be0f47","block_type":"box","text":"industries deemed sensitive to national interests.","page_number":26,"box":{"x":61,"y":831,"width":367,"height":10}},{"id":"7f9f33d6-4a25-411a-be7b-ab5c6e5a6f52","block_type":"box","text":"Emerging markets may also have differing legal systems and the existence or possible imposition of","page_number":26,"box":{"x":61,"y":862,"width":747,"height":12}},{"id":"983ff7f5-6341-4a97-ab6c-906dbc5d51b0","block_type":"box","text":"exchange controls, custodial restrictions or other foreign or U.S. governmental laws or restrictions applicable to","page_number":26,"box":{"x":61,"y":878,"width":828,"height":12}},{"id":"ba2daafd-c01c-4208-934f-dd6b51a4a3e9","block_type":"box","text":"such investments may adversely affect the Fund’s performance. Sometimes, they may lack or be in the relatively","page_number":26,"box":{"x":61,"y":893,"width":842,"height":12}},{"id":"cdeabb59-a3fc-4084-828b-6b8bd7a8fe93","block_type":"box","text":"early development of legal structures governing private and foreign investments and private property. Many","page_number":26,"box":{"x":61,"y":909,"width":796,"height":12}},{"id":"3d9de24a-f8e4-442e-b260-5aa6c5165cc3","block_type":"box","text":"emerging markets do not have income tax treaties with the United States, and as a result, investments by the Fund","page_number":26,"box":{"x":61,"y":924,"width":853,"height":12}},{"id":"75774f7b-5f51-4d03-af1c-d9d649846636","block_type":"box","text":"9","page_number":26,"box":{"x":496,"y":955,"width":13,"height":10}},{"id":"e7a77114-4fa1-4adf-ab01-e2e1ecbb2410","block_type":"box","text":"NM1026U-6049080-26/56","page_number":26,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"8b66f07c-f1ef-402f-9e61-959527023d63","block_type":"box","text":"may be subject to higher withholding taxes in such countries. In addition, some countries with emerging markets","page_number":27,"box":{"x":61,"y":41,"width":836,"height":12}},{"id":"c0224052-fefd-4548-89d5-b71dfdbd921d","block_type":"box","text":"may impose differential capital gains taxes on foreign investors. Foreign companies with securities listed on","page_number":27,"box":{"x":61,"y":56,"width":802,"height":12}},{"id":"c1d486f8-f436-4a30-a9c5-71806e2b5ee9","block_type":"box","text":"U.S. exchanges may be delisted if they do not meet U.S. accounting standards and auditor oversight requirements,","page_number":27,"box":{"x":61,"y":71,"width":860,"height":13}},{"id":"10c4582c-2b38-441b-a841-2221bdc76b36","block_type":"box","text":"which may significantly decrease the liquidity and value of the securities.","page_number":27,"box":{"x":60,"y":87,"width":544,"height":12}},{"id":"940b0c55-ff61-4b26-8284-e85d3a6bf0fa","block_type":"box","text":"Practices in relation to settlement of securities transactions in emerging markets involve higher risks than those","page_number":27,"box":{"x":61,"y":118,"width":830,"height":12}},{"id":"fa6b3473-2f39-4e10-90d2-00a07127c534","block_type":"box","text":"in developed markets, in part because the Fund will need to use brokers and counterparties that are less","page_number":27,"box":{"x":61,"y":134,"width":781,"height":11}},{"id":"50b3e972-d925-4efc-87a8-fddc6527d6f7","block_type":"box","text":"well capitalized, and custody and registration of assets in some countries may be unreliable. The possibility of","page_number":27,"box":{"x":60,"y":149,"width":820,"height":12}},{"id":"a7680c65-aaae-423d-9b2f-8efe5ad66e7c","block_type":"box","text":"fraud, negligence, undue influence being exerted by the issuer or refusal to recognize ownership exists in some","page_number":27,"box":{"x":60,"y":165,"width":833,"height":12}},{"id":"26e039dc-a2d2-4991-a97c-9898a4ef0182","block_type":"box","text":"emerging markets, and, along with other factors, could result in ownership registration being completely lost. The","page_number":27,"box":{"x":61,"y":180,"width":842,"height":12}},{"id":"c81db418-b839-44ef-ae09-1e4ca3cacb04","block_type":"box","text":"Fund would absorb any loss resulting from such registration problems and may have no successful claim for","page_number":27,"box":{"x":61,"y":196,"width":807,"height":12}},{"id":"fe1a8f84-9037-4dce-9746-73c90378998f","block_type":"box","text":"compensation. In addition, communications between the United States and emerging market countries may be","page_number":27,"box":{"x":61,"y":211,"width":825,"height":12}},{"id":"623974ae-6981-40e9-b6a2-81dc2fd5e45a","block_type":"box","text":"unreliable, increasing the risk of delayed settlements or losses of security certificates.","page_number":27,"box":{"x":61,"y":227,"width":638,"height":12}},{"id":"d96250e4-2100-40fb-851c-d6954dbf809d","block_type":"box","text":"Equity Securities Risk.","page_number":27,"box":{"x":61,"y":258,"width":179,"height":12}},{"id":"ac17e9e9-39a8-42cc-8a52-a95c98fc8c22","block_type":"box","text":"Common and preferred stocks represent equity ownership in a company. Stock markets are","page_number":27,"box":{"x":242,"y":258,"width":692,"height":12}},{"id":"2efc0f7a-6f24-4b32-9bcc-22ed63bf3467","block_type":"box","text":"volatile. The price of equity securities will fluctuate and can decline and reduce the value of a portfolio investing in","page_number":27,"box":{"x":60,"y":273,"width":848,"height":12}},{"id":"a2a14b32-fc84-441b-9a89-66e75fe99c42","block_type":"box","text":"equities. The value of equity securities purchased by the Fund could decline if the financial condition of the companies","page_number":27,"box":{"x":61,"y":289,"width":881,"height":12}},{"id":"41143a6a-40f3-4671-b5eb-58c76a81e0c6","block_type":"box","text":"the Fund invests in declines or if overall market and economic conditions deteriorate. The value of equity securities","page_number":27,"box":{"x":60,"y":304,"width":858,"height":12}},{"id":"56d359be-9025-4531-b312-a24d5cf7ae0b","block_type":"box","text":"may also decline due to factors that affect a particular industry or industries, such as labor shortages or an increase in","page_number":27,"box":{"x":61,"y":320,"width":880,"height":12}},{"id":"e460aa8e-4761-4a79-bc49-f8c682b71eec","block_type":"box","text":"production costs and competitive conditions within an industry. In addition, the value may decline due to general","page_number":27,"box":{"x":61,"y":335,"width":836,"height":12}},{"id":"795f3e1d-8af2-4dfa-b3ca-886dfa945d5e","block_type":"box","text":"market conditions that are not specifically related to a company or industry, such as real or perceived adverse","page_number":27,"box":{"x":61,"y":351,"width":819,"height":12}},{"id":"f274c157-63f2-4bdc-83c9-e7e13b249d94","block_type":"box","text":"economic conditions, changes in the general outlook for corporate earnings, changes in inflation, interest or currency","page_number":27,"box":{"x":61,"y":366,"width":871,"height":12}},{"id":"15e3bb5f-5567-4c3a-984d-f945e2cf8892","block_type":"box","text":"rates or generally adverse investor sentiment.","page_number":27,"box":{"x":61,"y":382,"width":344,"height":12}},{"id":"8099af7a-1ab8-4f76-bb02-d49d104c20c7","block_type":"box","text":"Foreign Securities Risk.","page_number":27,"box":{"x":61,"y":413,"width":190,"height":12}},{"id":"14dc2b44-5a95-4bdc-bb01-7efce779b5e8","block_type":"box","text":"Securities traded in foreign markets have often (though not always) performed","page_number":27,"box":{"x":252,"y":413,"width":591,"height":12}},{"id":"dbf30718-87c0-4702-9da3-9614cbb7e301","block_type":"box","text":"differently from securities traded in the United States. However, such investments often involve special risks not","page_number":27,"box":{"x":61,"y":428,"width":834,"height":12}},{"id":"5d3a0b4e-ef48-43ac-a83f-ef31c860caba","block_type":"box","text":"present in U.S. investments that can increase the chances that the Fund will lose money. In particular, the Fund is","page_number":27,"box":{"x":61,"y":444,"width":851,"height":12}},{"id":"fe9748d1-1756-42ed-96ee-6263ac0cfd47","block_type":"box","text":"subject to the risk that because there may be fewer investors on foreign exchanges and a smaller number of","page_number":27,"box":{"x":61,"y":459,"width":809,"height":12}},{"id":"50d98fd2-f164-4fd9-b35c-07176a7463b9","block_type":"box","text":"securities traded each day, it may be more difficult for the Fund to buy and sell securities on those exchanges. In","page_number":27,"box":{"x":61,"y":475,"width":841,"height":12}},{"id":"775eaeed-25a7-4d27-8d33-478d80289f8a","block_type":"box","text":"addition, prices of foreign securities may go up and down more than prices of securities traded in the United States.","page_number":27,"box":{"x":61,"y":490,"width":862,"height":12}},{"id":"3df69f90-5b53-494b-802e-4c62d0022e12","block_type":"box","text":"Certain Risks of Holding Fund Assets Outside the United States.","page_number":27,"box":{"x":62,"y":521,"width":483,"height":12}},{"id":"e463d3c5-b88b-4cfb-a3e7-fe34d485459d","block_type":"box","text":"The Fund generally holds its foreign securities and","page_number":27,"box":{"x":545,"y":521,"width":380,"height":12}},{"id":"c070b5b4-b13b-4d7c-96ac-f1e12ef42628","block_type":"box","text":"cash in foreign banks and securities depositories. Some foreign banks and securities depositories may be recently","page_number":27,"box":{"x":61,"y":537,"width":853,"height":12}},{"id":"031fe184-a3d9-4401-95f4-6f760f3b9aae","block_type":"box","text":"organized or new to the foreign custody business. In addition, there may be limited or no regulatory oversight of their","page_number":27,"box":{"x":61,"y":552,"width":870,"height":12}},{"id":"b5ef691d-8c99-4a6b-9240-2f9d576ebf61","block_type":"box","text":"operations. Also, the laws of certain countries limit the Fund’s ability to recover its assets if a foreign bank, depository","page_number":27,"box":{"x":61,"y":568,"width":874,"height":12}},{"id":"056352cc-14e6-4a51-abb2-f13a584e24f1","block_type":"box","text":"or issuer of a security, or any of their agents, goes bankrupt. In addition, it is often more expensive for the Fund to","page_number":27,"box":{"x":61,"y":583,"width":849,"height":12}},{"id":"cb7ae01b-f03e-4263-8739-ac25054b29be","block_type":"box","text":"buy, sell and hold securities in certain foreign markets than in the United States. The increased expense of investing","page_number":27,"box":{"x":61,"y":599,"width":867,"height":12}},{"id":"5bda774f-1f7a-47b8-9cc5-44354d4fae5c","block_type":"box","text":"in foreign markets reduces the amount the Fund can earn on its investments and typically results in a higher operating","page_number":27,"box":{"x":61,"y":614,"width":882,"height":12}},{"id":"f6921351-98cd-47a8-864e-32d5b2eae2a5","block_type":"box","text":"expense ratio for the Fund than for investment companies invested only in the United States.","page_number":27,"box":{"x":61,"y":630,"width":693,"height":12}},{"id":"539eabe1-9f9d-4d02-9f7a-91f6cba1b630","block_type":"box","text":"Currency Risk.","page_number":27,"box":{"x":62,"y":661,"width":107,"height":12}},{"id":"bcbe6508-7570-4aa5-8078-027583370f60","block_type":"box","text":"Securities and other instruments in which the Fund invests may be denominated or quoted","page_number":27,"box":{"x":176,"y":661,"width":671,"height":12}},{"id":"7d372da3-4733-4e0f-afab-7ccafdf49197","block_type":"box","text":"in currencies other than the U.S. dollar. For this reason, changes in foreign currency exchange rates can affect","page_number":27,"box":{"x":61,"y":676,"width":822,"height":12}},{"id":"dd5787e5-f20c-46c7-b190-7fbdb1faf92b","block_type":"box","text":"the value of the Fund’s portfolio.","page_number":27,"box":{"x":60,"y":692,"width":238,"height":12}},{"id":"5cf93e31-83c8-4099-bffe-ac9032f9e276","block_type":"box","text":"Generally, when the U.S. dollar rises in value against a foreign currency, a security denominated in that","page_number":27,"box":{"x":61,"y":723,"width":767,"height":12}},{"id":"84d1abaf-54c2-40d5-9db5-19e230e8347b","block_type":"box","text":"currency loses value because the currency is worth fewer U.S. dollars. Conversely, when the U.S. dollar decreases in","page_number":27,"box":{"x":61,"y":738,"width":872,"height":12}},{"id":"6f8c9a4a-df54-4215-b531-ac5b1ce48c68","block_type":"box","text":"value against a foreign currency, a security denominated in that currency gains value because the currency is worth","page_number":27,"box":{"x":60,"y":754,"width":859,"height":12}},{"id":"2af96a53-b78d-44a9-a2bf-1dda921850c0","block_type":"box","text":"more U.S. dollars. This risk, generally known as “currency risk,” means that a strong U.S. dollar will reduce returns","page_number":27,"box":{"x":61,"y":769,"width":848,"height":12}},{"id":"3c00f535-0ac0-4e69-ac96-ea729d1175ce","block_type":"box","text":"for U.S. investors while a weak U.S. dollar will increase those returns.","page_number":27,"box":{"x":60,"y":785,"width":516,"height":9}},{"id":"cf051b61-8460-439f-849c-f9605c6e9b6b","block_type":"box","text":"Should the Fund invest in a debt security denominated in U.S. dollars and issued by an issuer whose","page_number":27,"box":{"x":61,"y":816,"width":749,"height":12}},{"id":"a7c46730-d633-4308-9f0b-a87d323e4ca6","block_type":"box","text":"functional currency is a currency other than the U.S. dollar, and such currency decreases in value against the U.S.","page_number":27,"box":{"x":60,"y":831,"width":855,"height":12}},{"id":"a06d3674-69e3-444e-9ce3-2fb8a5c1a881","block_type":"box","text":"dollar, such issuer’s ability to repay its obligation under the U.S. dollar-denominated security may be negatively","page_number":27,"box":{"x":61,"y":847,"width":828,"height":12}},{"id":"2a836ba7-9982-4e17-898d-28847c88c2e7","block_type":"box","text":"impacted.","page_number":27,"box":{"x":61,"y":862,"width":77,"height":12}},{"id":"6ebde177-6b07-49b9-97b4-b059b0707f1c","block_type":"box","text":"Foreign Economy Risk.","page_number":27,"box":{"x":61,"y":893,"width":178,"height":12}},{"id":"cb4ecae0-4ccf-4afe-ba6e-56d017de1d2b","block_type":"box","text":"The economies of certain foreign markets may not compare favorably with the economy of the","page_number":27,"box":{"x":239,"y":893,"width":705,"height":12}},{"id":"9f5f1d36-4cf7-4190-955e-03b127083e94","block_type":"box","text":"United States with respect to such issues as growth of gross national product, reinvestment of capital, resources and","page_number":27,"box":{"x":61,"y":909,"width":866,"height":12}},{"id":"ed9cad8a-840f-4cb5-a45b-eed3c5191b48","block_type":"box","text":"balance of payments position. Certain foreign economies may rely heavily on particular industries or foreign capital","page_number":27,"box":{"x":61,"y":924,"width":850,"height":12}},{"id":"cb91fe2d-147c-49aa-a3ed-1f876710b1dc","block_type":"box","text":"10","page_number":27,"box":{"x":492,"y":955,"width":22,"height":10}},{"id":"a34269b9-36a3-433e-b453-afb707073664","block_type":"box","text":"NM1026U-6049080-27/56","page_number":27,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"a7654e98-8840-4578-beb2-1d1d45e7391c","block_type":"box","text":"and are more vulnerable to diplomatic developments, the imposition of economic sanctions against a particular","page_number":28,"box":{"x":61,"y":40,"width":826,"height":13}},{"id":"2240e442-8c03-451f-a34c-33bf9f90048f","block_type":"box","text":"country or countries, changes in international trading patterns, trade barriers and other protectionist or retaliatory","page_number":28,"box":{"x":61,"y":56,"width":840,"height":12}},{"id":"c2488481-e187-4e49-a32e-22fa5f1dc9c4","block_type":"box","text":"measures. Investments in foreign markets may also be adversely affected by governmental actions such as the","page_number":28,"box":{"x":61,"y":71,"width":831,"height":13}},{"id":"8c77e0c5-af2c-4a38-abb6-f2963075ea38","block_type":"box","text":"imposition of capital controls, nationalization of companies or industries, expropriation of assets or the imposition of","page_number":28,"box":{"x":61,"y":87,"width":859,"height":12}},{"id":"8010d98b-9e8c-4e48-a65c-207155aee1d9","block_type":"box","text":"punitive taxes. In addition, economic conditions, such as volatile currency exchange rates and interest rates, political","page_number":28,"box":{"x":61,"y":103,"width":869,"height":12}},{"id":"d67d6231-5ca0-4f25-a0cb-cc339fbe3b5f","block_type":"box","text":"events, military action and other conditions may, without prior warning, lead to the governments of certain countries,","page_number":28,"box":{"x":61,"y":118,"width":865,"height":12}},{"id":"44391662-0794-477f-b6d7-fabd0d526aad","block_type":"box","text":"or the U.S. Government with respect to certain countries, prohibiting or imposing substantial restrictions through","page_number":28,"box":{"x":61,"y":134,"width":835,"height":12}},{"id":"4eab43ee-f3c5-4812-ae55-e1835f0df3f4","block_type":"box","text":"capital controls and/or sanctions on foreign investments in the capital markets or certain industries in those countries.","page_number":28,"box":{"x":61,"y":149,"width":875,"height":12}},{"id":"ea2d869b-a233-4586-8020-196892e961e8","block_type":"box","text":"Capital controls and/or sanctions may include the prohibition of, or restrictions on, the ability to own or transfer","page_number":28,"box":{"x":61,"y":165,"width":822,"height":12}},{"id":"303a5b1c-34f5-4779-92cb-a94bc7cfbfc3","block_type":"box","text":"currency, securities, derivatives or other assets and may also include retaliatory actions of one government against","page_number":28,"box":{"x":61,"y":180,"width":858,"height":12}},{"id":"a172f227-b3ec-4956-9078-f44f34b4c563","block_type":"box","text":"another government, such as seizure of assets. Any of these actions could severely impair the Fund’s ability to","page_number":28,"box":{"x":61,"y":196,"width":826,"height":12}},{"id":"10989ebc-163b-4c2e-b0d7-9bf7aaa17e84","block_type":"box","text":"purchase, sell, transfer, receive, deliver or otherwise obtain exposure to foreign securities and assets, including the","page_number":28,"box":{"x":61,"y":211,"width":858,"height":12}},{"id":"a2ce630c-2f39-4e32-b1d6-026aa8c44216","block_type":"box","text":"ability to transfer the Fund’s assets or income back into the United States, and could negatively impact the value and/","page_number":28,"box":{"x":61,"y":227,"width":871,"height":12}},{"id":"55e02333-fc00-4af8-ad19-ee8de4b8e9b4","block_type":"box","text":"or liquidity of such assets or otherwise adversely affect the Fund’s operations, causing the Fund to decline in value.","page_number":28,"box":{"x":61,"y":242,"width":860,"height":12}},{"id":"a3824c25-0216-4f0d-b925-43812eab6386","block_type":"box","text":"Other potential foreign market risks include foreign exchange controls, difficulties in pricing securities, defaults","page_number":28,"box":{"x":61,"y":273,"width":821,"height":12}},{"id":"0143fa19-9fc8-430f-b0e3-966d99f01e35","block_type":"box","text":"on foreign government securities, difficulties in enforcing legal judgments in foreign courts and political and","page_number":28,"box":{"x":61,"y":289,"width":796,"height":12}},{"id":"38c86690-8217-4d31-9b0e-95b23636a6c9","block_type":"box","text":"social instability. Diplomatic and political developments, including rapid and adverse political changes, social","page_number":28,"box":{"x":61,"y":304,"width":808,"height":12}},{"id":"43a76031-686f-44ef-b84b-96d7033330f1","block_type":"box","text":"instability, regional conflicts, terrorism and war, could affect the economies, industries and securities and currency","page_number":28,"box":{"x":61,"y":320,"width":850,"height":12}},{"id":"6760020a-4d5a-4bcc-95e1-0a536db3e723","block_type":"box","text":"markets, and the value of the Fund’s investments, in non-U.S. countries. These factors are extremely difficult, if","page_number":28,"box":{"x":61,"y":335,"width":830,"height":12}},{"id":"ef9159c0-dd76-4c21-b1d1-ce70b7670d42","block_type":"box","text":"not impossible, to predict and take into account with respect to the Fund’s investments.","page_number":28,"box":{"x":61,"y":351,"width":650,"height":12}},{"id":"29363ea4-8b53-41dd-82b3-62d2c4eb88d0","block_type":"box","text":"Governmental Supervision and Regulation/Accounting Standards.","page_number":28,"box":{"x":62,"y":382,"width":493,"height":12}},{"id":"c15c1de7-b954-41f1-a2aa-f4eea6eb59a7","block_type":"box","text":"Many foreign governments do not supervise and","page_number":28,"box":{"x":556,"y":382,"width":364,"height":12}},{"id":"c06ba221-0c5e-4b26-97d0-a8d9d37cd3fe","block_type":"box","text":"regulate stock exchanges, brokers and the sale of securities to the same extent as such regulations exist in the United","page_number":28,"box":{"x":61,"y":397,"width":883,"height":12}},{"id":"ffbd321b-2d49-466f-bd4b-35f498b2801b","block_type":"box","text":"States. They also may not have laws to protect investors that are comparable to U.S. securities laws. For example,","page_number":28,"box":{"x":61,"y":413,"width":857,"height":12}},{"id":"4e7ce829-14ed-4854-b702-c962fff34a5a","block_type":"box","text":"some foreign countries may have no laws or rules against insider trading. Insider trading occurs when a person buys","page_number":28,"box":{"x":61,"y":428,"width":869,"height":12}},{"id":"5450a582-64f8-4af4-b560-44dbaf386570","block_type":"box","text":"or sells a company’s securities based on material non-public information about that company. In addition, some","page_number":28,"box":{"x":61,"y":444,"width":831,"height":12}},{"id":"518f8203-93e2-4d21-9d15-b10c06d2e5af","block_type":"box","text":"countries may have legal systems that may make it difficult for the Fund to vote proxies, exercise shareholder rights,","page_number":28,"box":{"x":61,"y":459,"width":868,"height":12}},{"id":"378ec886-2f83-4203-9952-ca79d1ffad00","block_type":"box","text":"and pursue legal remedies with respect to its foreign investments. Accounting standards in other countries are not","page_number":28,"box":{"x":61,"y":475,"width":850,"height":12}},{"id":"0966a3c8-c0e9-47ec-abdd-7f190755f919","block_type":"box","text":"necessarily the same as in the United States. If the accounting standards in another country do not require as much","page_number":28,"box":{"x":61,"y":490,"width":864,"height":12}},{"id":"3ba9b764-fdf1-45e1-bbec-7706dd8a7157","block_type":"box","text":"detail as U.S. accounting standards, it may be harder for Fund management to completely and accurately determine a","page_number":28,"box":{"x":61,"y":506,"width":882,"height":12}},{"id":"20ca96ad-e12f-4eeb-a4ce-6d8b2f5a0dff","block_type":"box","text":"company’s financial condition.","page_number":28,"box":{"x":61,"y":521,"width":227,"height":12}},{"id":"af9f1d0f-962a-41ae-8b7a-b9a930c47d4b","block_type":"box","text":"Settlement Risk.","page_number":28,"box":{"x":61,"y":552,"width":126,"height":10}},{"id":"b0908883-3e56-4554-bdd6-44ba54425de7","block_type":"box","text":"Settlement and clearance procedures in certain foreign markets differ significantly from those in the","page_number":28,"box":{"x":188,"y":552,"width":742,"height":12}},{"id":"16662b2e-c370-450f-8d29-2ef9c248c7b4","block_type":"box","text":"United States. Foreign settlement and clearance procedures and trade regulations also may involve certain","page_number":28,"box":{"x":61,"y":568,"width":800,"height":12}},{"id":"c5069e5a-6569-4878-9765-59750eff010e","block_type":"box","text":"risks (such as delays in payment for or delivery of securities) not typically associated with the settlement of","page_number":28,"box":{"x":61,"y":583,"width":796,"height":12}},{"id":"33085772-cc8a-4f4d-b942-45580c04cb67","block_type":"box","text":"U.S. investments.","page_number":28,"box":{"x":61,"y":599,"width":136,"height":9}},{"id":"edee2809-8ae0-4d79-a6f5-9259b8b41488","block_type":"box","text":"At times, settlements in certain foreign countries have not kept pace with the number of securities transactions. These","page_number":28,"box":{"x":60,"y":630,"width":881,"height":12}},{"id":"f9c90ed2-eab4-47b7-a2cf-562e6ded2e57","block_type":"box","text":"problems may make it difficult for the Fund to carry out transactions. If the Fund cannot settle or is delayed in settling","page_number":28,"box":{"x":61,"y":645,"width":872,"height":12}},{"id":"5e43cc97-6306-445a-b8ae-2d48c6baafb5","block_type":"box","text":"a purchase of securities, it may miss attractive investment opportunities and certain of its assets may be uninvested","page_number":28,"box":{"x":61,"y":661,"width":857,"height":12}},{"id":"5c41f5ce-3d0b-43c6-bf0b-ccf90eaacc41","block_type":"box","text":"with no return earned thereon for some period. If the Fund cannot","page_number":28,"box":{"x":60,"y":676,"width":488,"height":12}},{"id":"f7b09346-7b0f-4abe-9908-4f53f8ec2684","block_type":"box","text":"settle or is delayed in settling a sale of securities, it","page_number":28,"box":{"x":553,"y":676,"width":377,"height":12}},{"id":"59b37fd8-48b2-43fa-99bd-f9838ab46ba8","block_type":"box","text":"may lose money if the value of the security then declines or, if it has contracted to sell the security to another party,","page_number":28,"box":{"x":61,"y":692,"width":852,"height":12}},{"id":"d6fe2357-59fe-41fd-9be1-033d2873ee0b","block_type":"box","text":"the Fund could be liable for any losses incurred.","page_number":28,"box":{"x":60,"y":707,"width":356,"height":12}},{"id":"5b156a56-d6e8-403b-b87c-bfe667dbc0fa","block_type":"box","text":"Withholding Tax Reclaims Risk","page_number":28,"box":{"x":62,"y":738,"width":231,"height":12}},{"id":"cacfbe08-e6a6-49a0-9a6d-f23aaecbddc1","block_type":"box","text":". The Fund may file claims to recover foreign withholding taxes on dividend","page_number":28,"box":{"x":293,"y":738,"width":554,"height":12}},{"id":"bebd6bb5-b1a4-4c1a-b0d2-0d6cf9864309","block_type":"box","text":"and interest income (if any) received from issuers in certain countries and capital gains on the disposition of stocks","page_number":28,"box":{"x":61,"y":754,"width":850,"height":12}},{"id":"7e0ff0d4-fc21-4c92-8618-dccf4093f000","block_type":"box","text":"or securities where such withholding tax reclaim is possible. Whether or when the Fund will receive a withholding","page_number":28,"box":{"x":61,"y":769,"width":836,"height":12}},{"id":"3e56a390-f66f-4fbf-8b83-4c0c621c44f6","block_type":"box","text":"tax refund is within the control of the tax authorities in such countries. Where the Fund expects to recover","page_number":28,"box":{"x":60,"y":785,"width":783,"height":12}},{"id":"69665119-4658-4738-9042-8346298558a7","block_type":"box","text":"withholding taxes, the net asset value of the Fund generally includes accruals for such tax refunds. The Fund","page_number":28,"box":{"x":60,"y":800,"width":809,"height":12}},{"id":"34972a11-ded0-471c-8cee-aa8b7ef64de5","block_type":"box","text":"regularly evaluates the probability of recovery. If the likelihood of recovery materially decreases, due to, for example,","page_number":28,"box":{"x":61,"y":816,"width":863,"height":12}},{"id":"37b8eb84-0d47-41fd-bde1-a9eb915032fb","block_type":"box","text":"a change in tax regulation or approach in the foreign country, accruals in the Fund’s net asset value for such refunds","page_number":28,"box":{"x":61,"y":831,"width":869,"height":12}},{"id":"275ce51f-889a-4ade-b75a-a37844db9a61","block_type":"box","text":"may be written down partially or in full, which will adversely affect the Fund’s net asset value. Shareholders in the","page_number":28,"box":{"x":61,"y":847,"width":844,"height":12}},{"id":"33115eee-76e2-4766-98a7-9ff5c499a1bd","block_type":"box","text":"Fund at the time an accrual is written down will bear the impact of the resulting reduction in net asset value regardless","page_number":28,"box":{"x":61,"y":862,"width":881,"height":12}},{"id":"dbe70384-4e8d-455d-b3c3-99ea8f71f6cf","block_type":"box","text":"of whether they were shareholders during the accrual period. Conversely, if the Fund receives a tax refund that has","page_number":28,"box":{"x":61,"y":878,"width":860,"height":12}},{"id":"bc8bbb41-e2d4-49ee-acc6-0d2e440ba521","block_type":"box","text":"not been previously accrued, shareholders in the Fund at the time of the successful recovery will benefit from the","page_number":28,"box":{"x":61,"y":893,"width":842,"height":12}},{"id":"8f976632-ef83-4a37-80d8-b5ccea92639f","block_type":"box","text":"resulting increase in the Fund’s net asset value. Shareholders who sold their shares prior to such time will not benefit","page_number":28,"box":{"x":61,"y":909,"width":868,"height":12}},{"id":"b5681f95-305c-44da-ba9a-fcee23d9963f","block_type":"box","text":"from such increase in the Fund’s net asset value.","page_number":28,"box":{"x":60,"y":924,"width":365,"height":10}},{"id":"aa9a147c-ecb0-4309-a593-ee86a1cd1aa9","block_type":"box","text":"11","page_number":28,"box":{"x":492,"y":955,"width":22,"height":10}},{"id":"4c38b8cb-c59c-41b6-afb1-907d1c4e8400","block_type":"box","text":"NM1026U-6049080-28/56","page_number":28,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"7e39758e-5b69-469e-8d95-e55e2ce3e6bd","block_type":"box","text":"High Portfolio Turnover Risk.","page_number":29,"box":{"x":61,"y":40,"width":232,"height":13}},{"id":"ce8c90e7-d058-4574-bdb2-38d28238c475","block_type":"box","text":"The Fund may engage in active and frequent trading of its portfolio securities.","page_number":29,"box":{"x":294,"y":40,"width":586,"height":13}},{"id":"484ed37e-ad22-4a52-ad79-7937fde9e65e","block_type":"box","text":"High portfolio turnover (more than 100%) may result in increased transaction costs to the Fund, including","page_number":29,"box":{"x":61,"y":56,"width":784,"height":12}},{"id":"e4c61c34-f826-499f-a4f4-e93c232cf306","block_type":"box","text":"brokerage commissions, dealer mark-ups and other transaction costs on the sale of the securities and on","page_number":29,"box":{"x":61,"y":71,"width":785,"height":13}},{"id":"33d25e99-a518-43c6-8a55-44b944a1e578","block_type":"box","text":"reinvestment in other securities. The sale of Fund portfolio securities may result in the realization and/or distribution to","page_number":29,"box":{"x":61,"y":87,"width":880,"height":12}},{"id":"7488c2b7-a4ed-4236-a654-df2edd76b207","block_type":"box","text":"shareholders of higher capital gains or losses as compared to a fund with less active trading policies, such as index","page_number":29,"box":{"x":61,"y":102,"width":861,"height":13}},{"id":"f77f3090-0fad-420f-ace2-edb55b60bbfa","block_type":"box","text":"ETFs. These effects of higher than normal portfolio turnover may adversely affect Fund performance.","page_number":29,"box":{"x":61,"y":118,"width":755,"height":12}},{"id":"cc360932-309a-47f9-add1-c63e4f5abd25","block_type":"box","text":"High Yield Bonds Risk.","page_number":29,"box":{"x":61,"y":149,"width":182,"height":12}},{"id":"41a75ce3-401f-4491-b61f-c87d0994eb4b","block_type":"box","text":"Although junk bonds generally pay higher rates of interest than investment grade","page_number":29,"box":{"x":244,"y":149,"width":611,"height":12}},{"id":"ac5c0940-f916-4400-893f-c0aec41c5fd9","block_type":"box","text":"bonds, junk bonds are high risk investments that are considered speculative and may cause income and principal","page_number":29,"box":{"x":61,"y":165,"width":847,"height":12}},{"id":"e8322ccc-08db-4994-9dcd-dbad81ddf2c0","block_type":"box","text":"losses for the Fund. The major risks of junk bond investments include:","page_number":29,"box":{"x":61,"y":180,"width":525,"height":12}},{"id":"7cc98194-beb6-40c8-868b-c04dfacd7e28","block_type":"box","text":"• Junk bonds may be issued by less creditworthy issuers. Issuers of junk bonds may have a larger amount","page_number":29,"box":{"x":95,"y":203,"width":816,"height":12}},{"id":"86020364-0db9-4ebb-b8d6-76243fb5eea8","block_type":"box","text":"of outstanding debt relative to their assets than issuers of investment grade bonds. In the event of an","page_number":29,"box":{"x":128,"y":219,"width":754,"height":12}},{"id":"ab5d0b2c-b99a-4ac3-83bd-77831005dc68","block_type":"box","text":"issuer’s bankruptcy, claims of other creditors may have priority over the claims of junk bond holders, leaving","page_number":29,"box":{"x":129,"y":234,"width":805,"height":12}},{"id":"cd33d875-c519-4a34-9d3d-af39802825cd","block_type":"box","text":"few or no assets available to repay junk bond holders.","page_number":29,"box":{"x":128,"y":250,"width":406,"height":12}},{"id":"11432659-5187-4a38-90b3-37975e25d335","block_type":"box","text":"• Prices of junk bonds are subject to extreme price fluctuations. Adverse changes in an issuer’s industry","page_number":29,"box":{"x":95,"y":268,"width":797,"height":12}},{"id":"7e36c964-b220-4b8f-8835-d2c9f84a2c47","block_type":"box","text":"and general economic conditions may have a greater impact on the prices of junk bonds than on other higher","page_number":29,"box":{"x":128,"y":283,"width":815,"height":12}},{"id":"33bb0f96-cf1a-48c3-afc0-2bdaf5f7d796","block_type":"box","text":"rated fixed-income securities.","page_number":29,"box":{"x":129,"y":299,"width":222,"height":9}},{"id":"03681a92-d2a1-4666-83de-f005bcabf983","block_type":"box","text":"• Issuers of junk bonds may be unable to meet their interest or principal payment obligations because of","page_number":29,"box":{"x":95,"y":317,"width":798,"height":12}},{"id":"e9f7c7aa-b4e3-45b3-b465-0be2d35553b1","block_type":"box","text":"an economic downturn, specific issuer developments, or the unavailability of additional financing.","page_number":29,"box":{"x":128,"y":332,"width":723,"height":13}},{"id":"35621072-0bf8-4547-aa06-7cca89541b46","block_type":"box","text":"• Junk bonds frequently have redemption features that permit an issuer to repurchase the security from the","page_number":29,"box":{"x":95,"y":351,"width":820,"height":12}},{"id":"c7b26dc0-b825-4019-81fd-4c9844b20361","block_type":"box","text":"Fund before it matures. If the issuer redeems junk bonds, the Fund may have to invest the proceeds in","page_number":29,"box":{"x":129,"y":366,"width":766,"height":12}},{"id":"83aa5a2a-f518-472b-8615-6a3c1c5d469e","block_type":"box","text":"bonds with lower yields and may lose income.","page_number":29,"box":{"x":129,"y":382,"width":344,"height":12}},{"id":"4ed8f0bf-215c-4b99-bc41-debb87f1481f","block_type":"box","text":"• Junk bonds may be less liquid than higher rated fixed-income securities, even under normal economic","page_number":29,"box":{"x":95,"y":400,"width":796,"height":12}},{"id":"cfb37851-33e4-4b23-a79a-4215774bdd04","block_type":"box","text":"conditions. There are fewer dealers in the junk bond market, and there may be significant differences in the","page_number":29,"box":{"x":128,"y":415,"width":800,"height":12}},{"id":"9d718319-13a9-4cf2-9936-7df194e32ae6","block_type":"box","text":"prices quoted for junk bonds by the dealers. Because they are less liquid than higher rated fixed-income","page_number":29,"box":{"x":129,"y":431,"width":776,"height":12}},{"id":"0e00822d-e5c4-4b1a-95c3-0a05108c6c3b","block_type":"box","text":"securities, judgment may play a greater role in valuing junk bonds than is the case with securities trading in a","page_number":29,"box":{"x":128,"y":446,"width":813,"height":12}},{"id":"3aae1580-5ff0-4f81-9903-2da97fb150d7","block_type":"box","text":"more liquid market.","page_number":29,"box":{"x":129,"y":462,"width":146,"height":12}},{"id":"f1b0023d-12aa-494e-9bf4-f0fd5523bb2c","block_type":"box","text":"• The Fund may incur expenses to the extent necessary to seek recovery upon default or to negotiate new","page_number":29,"box":{"x":95,"y":480,"width":816,"height":12}},{"id":"1b3c1368-4e16-4962-b918-5037b7b6f1cf","block_type":"box","text":"terms with a defaulting issuer.","page_number":29,"box":{"x":128,"y":495,"width":227,"height":12}},{"id":"0475eee5-e328-44f8-8f8d-fa375cab47a3","block_type":"box","text":"The credit rating of a high yield security does not necessarily address its market value risk. Ratings and market value","page_number":29,"box":{"x":60,"y":526,"width":874,"height":12}},{"id":"ca9a4504-e6fc-4edb-8af9-d959d8c1022c","block_type":"box","text":"may change from time to time, positively or negatively, to reflect new developments regarding the issuer.","page_number":29,"box":{"x":61,"y":542,"width":782,"height":12}},{"id":"2c40cd0d-a940-4c7f-8147-0b3344f00f61","block_type":"box","text":"Illiquid Investments Risk.","page_number":29,"box":{"x":61,"y":573,"width":200,"height":12}},{"id":"d49fdc82-ae96-44d9-9ac8-49f02387fed3","block_type":"box","text":"The Fund may not acquire any illiquid investment if, immediately after the acquisition, the","page_number":29,"box":{"x":262,"y":573,"width":671,"height":12}},{"id":"1d38924f-fb64-4ebe-8a09-0a9d859cc3c4","block_type":"box","text":"Fund would have invested more than 15% of its net assets in illiquid investments. An illiquid investment is","page_number":29,"box":{"x":61,"y":588,"width":788,"height":12}},{"id":"8665ada4-27b4-41af-98d3-05d8b47d8266","block_type":"box","text":"any investment that the Fund reasonably expects cannot be","page_number":29,"box":{"x":61,"y":604,"width":449,"height":12}},{"id":"bb6bdbe5-64da-4d97-873a-834d0be867c3","block_type":"box","text":"sold or disposed of in current market conditions in","page_number":29,"box":{"x":511,"y":604,"width":375,"height":12}},{"id":"3c7ca26d-028e-454e-ad9f-ddd00c017085","block_type":"box","text":"seven calendar days or less without the sale or disposition significantly changing the market value of the","page_number":29,"box":{"x":61,"y":619,"width":778,"height":12}},{"id":"188dfab4-8502-41b2-94f1-4e0fa8f35d60","block_type":"box","text":"investment. The Subsidiary will also limit its investment in illiquid investments to 15% of its net assets. In applying the","page_number":29,"box":{"x":61,"y":635,"width":874,"height":12}},{"id":"ca025497-c63a-4342-8e37-ccd51e39e3fb","block_type":"box","text":"illiquid investments restriction to the Fund, the Fund’s investment in the Subsidiary is considered to be liquid.","page_number":29,"box":{"x":61,"y":650,"width":810,"height":12}},{"id":"76593db4-5bf1-47d3-8aa4-608e90ea73ff","block_type":"box","text":"Liquid investments may become illiquid after purchase by the Fund, particularly during periods of market turmoil.","page_number":29,"box":{"x":61,"y":666,"width":832,"height":12}},{"id":"7a621cc1-9582-4639-9dfa-0c0a4ba83335","block_type":"box","text":"There can be no assurance that a security or instrument that is deemed to be liquid when purchased will continue to","page_number":29,"box":{"x":60,"y":681,"width":861,"height":12}},{"id":"e74aa487-3fe6-4cb1-9d36-95d9112943b6","block_type":"box","text":"be liquid for as long as it is held by the Fund, and any security or instrument held by the Fund may be deemed an","page_number":29,"box":{"x":61,"y":697,"width":840,"height":12}},{"id":"b91c1e2d-6f93-49ee-b2e8-20b48b5ab68b","block_type":"box","text":"illiquid investment pursuant to the Fund’s liquidity risk management program. The Fund’s illiquid investments may","page_number":29,"box":{"x":61,"y":712,"width":842,"height":12}},{"id":"f9de39b4-a8ec-4484-9a5b-3ee0f9d6fcf3","block_type":"box","text":"reduce the returns of the Fund because it may be difficult to sell the illiquid investments at an advantageous time or","page_number":29,"box":{"x":61,"y":728,"width":856,"height":12}},{"id":"f63d1b5b-51a1-4a27-9718-3b093b61d33f","block_type":"box","text":"price. In addition, if the Fund is limited in its ability to dispose of illiquid investments during periods when","page_number":29,"box":{"x":61,"y":743,"width":770,"height":12}},{"id":"5e6eb4f4-b976-4d4a-80e8-2d8f1c39d413","block_type":"box","text":"shareholders are redeeming or selling their shares or the Fund’s net assets otherwise shrink, the Fund will need to","page_number":29,"box":{"x":61,"y":759,"width":849,"height":12}},{"id":"12061c71-6464-4468-b318-b8c8a5823682","block_type":"box","text":"dispose of liquid securities to meet redemption requests and illiquid securities will become a larger portion of the","page_number":29,"box":{"x":61,"y":774,"width":831,"height":12}},{"id":"bbc688dc-250a-4d9f-8011-482cde64649f","block_type":"box","text":"Fund’s holdings. An investment may be illiquid due to, among other things, the reduced number and capacity of","page_number":29,"box":{"x":61,"y":790,"width":828,"height":12}},{"id":"d83b608f-720e-4a90-915a-e7b99a083c20","block_type":"box","text":"traditional market participants to make a market in fixed-income securities or the lack of an active trading market. To","page_number":29,"box":{"x":60,"y":805,"width":863,"height":12}},{"id":"6f7d95e5-1c21-41b1-8593-5c2b0566fc6d","block_type":"box","text":"the extent that the Fund’s principal investment strategies involve derivatives or securities with substantial market and/","page_number":29,"box":{"x":60,"y":821,"width":872,"height":12}},{"id":"bb78a1a1-9c10-4f3e-9ed2-17319924acee","block_type":"box","text":"or credit risk, the Fund will tend to have greater exposure to the risks associated with illiquid investments.","page_number":29,"box":{"x":61,"y":837,"width":785,"height":11}},{"id":"aae1d4a9-04c6-4da4-96b2-21c2b3f6f064","block_type":"box","text":"Illiquid investments may be harder to value, especially in changing markets, and if the Fund is forced to sell","page_number":29,"box":{"x":62,"y":852,"width":799,"height":12}},{"id":"6fb84044-dbaf-42c2-873b-9a48949f8101","block_type":"box","text":"these investments to meet redemption requests or for other cash needs, the Fund may suffer a loss. This may","page_number":29,"box":{"x":60,"y":867,"width":823,"height":12}},{"id":"f4424a6c-8dd9-4b77-88f1-2b06597cdf4b","block_type":"box","text":"be magnified in a rising interest rate environment or other circumstances where investor redemptions or sales of Fund","page_number":29,"box":{"x":61,"y":883,"width":880,"height":12}},{"id":"51ce217b-7a8c-4cf1-a116-2842fb108fad","block_type":"box","text":"shares may be higher than normal. In addition, when there is illiquidity in the market for certain securities, the Fund,","page_number":29,"box":{"x":61,"y":898,"width":862,"height":12}},{"id":"cb803088-0fab-42a3-897c-ba99c0a3ea64","block_type":"box","text":"due to limitations on illiquid investments, may be subject to purchase and sale restrictions.","page_number":29,"box":{"x":61,"y":914,"width":667,"height":12}},{"id":"c2b303b9-31e7-4983-90ba-a65564c2819b","block_type":"box","text":"12","page_number":29,"box":{"x":492,"y":955,"width":22,"height":10}},{"id":"7ddc3758-9c15-4f57-8bd6-a0e3c7fe5130","block_type":"box","text":"NM1026U-6049080-29/56","page_number":29,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"d50acee2-80ac-4ba1-9341-c0915d3c9d1d","block_type":"box","text":"Indexed and Inverse Securities Risk.","page_number":30,"box":{"x":61,"y":40,"width":296,"height":10}},{"id":"cb97626a-da55-40ce-8d44-d3fbde4a92af","block_type":"box","text":"Indexed and inverse securities provide a potential return based on a particular","page_number":30,"box":{"x":358,"y":41,"width":584,"height":11}},{"id":"167a706c-d345-4faa-ba32-70b1a6e6599e","block_type":"box","text":"index of value or interest rates. The Fund’s return on these securities will be subject to risk with respect to the value of","page_number":30,"box":{"x":61,"y":56,"width":881,"height":12}},{"id":"50f1455d-ad2f-4277-9721-79b22d18dcf7","block_type":"box","text":"the particular index. These securities are subject to leverage risk and correlation risk. Certain indexed and inverse","page_number":30,"box":{"x":60,"y":71,"width":851,"height":13}},{"id":"956c92ac-1da6-40c0-9bcf-eb8f33ee3daa","block_type":"box","text":"securities have greater sensitivity to changes in interest rates or index levels than other securities, and the Fund’s","page_number":30,"box":{"x":61,"y":87,"width":848,"height":12}},{"id":"fc9c85fd-ed96-45ae-a856-a63fd554125f","block_type":"box","text":"investment in such instruments may decline significantly in value if","page_number":30,"box":{"x":61,"y":102,"width":497,"height":13}},{"id":"270c4495-cf1d-478d-9429-bb97443c5b1e","block_type":"box","text":"interest rates or index levels move in a way Fund","page_number":30,"box":{"x":559,"y":103,"width":368,"height":12}},{"id":"38207b53-55ee-4714-8629-eb94dbc7578a","block_type":"box","text":"management does not anticipate.","page_number":30,"box":{"x":61,"y":118,"width":253,"height":12}},{"id":"c3d29219-0664-4cce-b0b1-2067bba524ae","block_type":"box","text":"Inflation-Indexed Bonds Risk.","page_number":30,"box":{"x":61,"y":149,"width":235,"height":10}},{"id":"965be6a8-fa44-4f70-b335-05a0a33d2526","block_type":"box","text":"The principal value of an investment in the Fund is not protected or","page_number":30,"box":{"x":297,"y":149,"width":507,"height":12}},{"id":"f0806c89-f83e-41b6-b369-7c805296ef79","block_type":"box","text":"otherwise guaranteed by virtue of any investments by the Fund in inflation-indexed bonds. The value of inflation","page_number":30,"box":{"x":61,"y":165,"width":833,"height":12}},{"id":"d9cd96d5-d4f4-40a4-9e85-2fdb5289d40b","block_type":"box","text":"indexed securities generally fluctuates with changes in real interest rates, decreasing when real interest rates rise","page_number":30,"box":{"x":61,"y":180,"width":847,"height":12}},{"id":"7fd630b0-26a0-4a43-8c84-cf8d3f707978","block_type":"box","text":"and increasing when real interest rates fall. Real interest rates represent nominal (or stated) interest rates minus","page_number":30,"box":{"x":61,"y":196,"width":838,"height":12}},{"id":"f2db8c19-8454-49ff-9d16-42a3a251405d","block_type":"box","text":"the inflation rates. If the Fund purchases TIPS in the secondary market and the bonds’ principal values previously","page_number":30,"box":{"x":60,"y":211,"width":848,"height":12}},{"id":"58ce4ae9-f993-4f7b-8809-fd8c68ef4184","block_type":"box","text":"were adjusted upward, but then there is a period of declining inflation rates, the Fund may receive at maturity less","page_number":30,"box":{"x":60,"y":227,"width":849,"height":12}},{"id":"c3d0f799-ac3e-4f02-96c0-de536581a469","block_type":"box","text":"than it invested.","page_number":30,"box":{"x":60,"y":242,"width":123,"height":10}},{"id":"5669393d-b5fc-4884-b474-39db1af91e7f","block_type":"box","text":"In addition, interest payments on inflation-indexed securities generally vary up or down along with the rate of inflation,","page_number":30,"box":{"x":62,"y":273,"width":875,"height":12}},{"id":"fcc5aa99-bb0c-4c66-a249-b4d0c15bf0fc","block_type":"box","text":"and inflation-indexed bonds typically have lower nominal yields than conventional fixed-rate bonds. If the index","page_number":30,"box":{"x":61,"y":289,"width":825,"height":12}},{"id":"23c035be-d6b6-4e9d-b501-d541016599e5","block_type":"box","text":"measuring inflation falls, the principal value of inflation-indexed bonds will be adjusted downward, and consequently","page_number":30,"box":{"x":61,"y":304,"width":863,"height":12}},{"id":"9b728f28-9f05-462a-beb5-b2a00c190623","block_type":"box","text":"the interest payable on these securities (calculated with respect to a smaller principal amount) will be reduced.","page_number":30,"box":{"x":60,"y":320,"width":824,"height":12}},{"id":"0cfc2012-d59b-4c6e-9823-5993bbf38197","block_type":"box","text":"Any increase in the principal amount of an inflation-indexed bond will be considered taxable ordinary income,","page_number":30,"box":{"x":60,"y":351,"width":814,"height":12}},{"id":"f401697f-9d50-4235-970a-fb53fe4525a6","block_type":"box","text":"even though investors do not receive their principal until maturity. Periodic adjustments for inflation to the","page_number":30,"box":{"x":61,"y":366,"width":783,"height":12}},{"id":"3691c8ca-ab70-47b5-9ce1-817556856410","block_type":"box","text":"principal amount of an inflation-indexed bond may give rise to original issue discount, which will be includable in the","page_number":30,"box":{"x":61,"y":382,"width":861,"height":12}},{"id":"30ac0034-6a06-4018-be46-0209fd68f825","block_type":"box","text":"Fund’s gross income. Due to original issue discount, the Fund may be required to make annual distributions","page_number":30,"box":{"x":61,"y":397,"width":805,"height":12}},{"id":"8577eb01-7833-4316-ac3e-27b8a8f6c33c","block_type":"box","text":"to shareholders that exceed the cash received, which may cause the Fund to liquidate certain investments when it","page_number":30,"box":{"x":60,"y":413,"width":853,"height":12}},{"id":"b46108cf-9667-459a-8343-7b66968656ce","block_type":"box","text":"is not advantageous to do so. Also, if the principal value of an inflation-indexed bond is adjusted downward due","page_number":30,"box":{"x":61,"y":428,"width":830,"height":12}},{"id":"27f08037-b350-40b2-9619-2e6e0c2509b6","block_type":"box","text":"to deflation, amounts previously distributed in the taxable year may be characterized in some circumstances as","page_number":30,"box":{"x":60,"y":444,"width":830,"height":12}},{"id":"5666bd37-575f-4586-839f-9ff37936c782","block_type":"box","text":"a return of capital.","page_number":30,"box":{"x":61,"y":459,"width":139,"height":12}},{"id":"19eb80f0-39e4-4f8d-bfce-9684b6d930f7","block_type":"box","text":"Investment Style Risk.","page_number":30,"box":{"x":61,"y":490,"width":177,"height":12}},{"id":"03ad4b64-dbeb-47c1-be3f-ad97712208e2","block_type":"box","text":"Under certain market conditions, growth investments have performed better during the later","page_number":30,"box":{"x":239,"y":490,"width":689,"height":12}},{"id":"b2f8e93c-cafb-48a9-949a-13bce24d8f9b","block_type":"box","text":"stages of economic expansion and value investments have performed better during periods of economic recovery.","page_number":30,"box":{"x":61,"y":506,"width":853,"height":12}},{"id":"92897829-39a4-4cfc-8816-c670dde7f22c","block_type":"box","text":"Therefore, these investment styles may over time go in and out of favor. At times when the investment style used by","page_number":30,"box":{"x":60,"y":521,"width":868,"height":12}},{"id":"d6f55cd6-20aa-43df-9ceb-c56328afa570","block_type":"box","text":"the Fund is out of favor, the Fund may underperform other equity funds that use different investment styles.","page_number":30,"box":{"x":60,"y":537,"width":803,"height":12}},{"id":"c94a8bb0-64d0-4ed8-a335-d5e552f5b1da","block_type":"box","text":"Large-Capitalization Companies Risk.","page_number":30,"box":{"x":61,"y":568,"width":305,"height":12}},{"id":"16fcd4f2-8e0e-49c7-8a42-17feb1cc79a2","block_type":"box","text":"Large-capitalization companies may be less able than smaller-capitalization","page_number":30,"box":{"x":367,"y":568,"width":566,"height":12}},{"id":"e03f6eed-306b-476f-b28c-b60d24d1fb49","block_type":"box","text":"companies to adapt to changing market conditions and competitive challenges. Large-capitalization companies may","page_number":30,"box":{"x":61,"y":583,"width":864,"height":12}},{"id":"96538f3c-dd70-4bae-b04b-3d0d941c9f2c","block_type":"box","text":"be more mature and subject to more limited growth potential compared with smaller-capitalization companies. The","page_number":30,"box":{"x":61,"y":599,"width":852,"height":12}},{"id":"d70c2811-2827-4b8e-a335-7622a81ff400","block_type":"box","text":"performance of large-capitalization companies could trail the overall performance of the broader securities markets.","page_number":30,"box":{"x":61,"y":614,"width":861,"height":12}},{"id":"72803c84-62c7-4467-b116-71c9639f5c28","block_type":"box","text":"Large Shareholder and Large-Scale Redemption Risk.","page_number":30,"box":{"x":61,"y":645,"width":434,"height":12}},{"id":"11b3b895-1458-428f-b72a-ee510f76199d","block_type":"box","text":"Certain shareholders, including an Authorized Participant, a","page_number":30,"box":{"x":496,"y":645,"width":447,"height":12}},{"id":"1a96237b-a3e5-4b99-8f9d-3a5a52f51e49","block_type":"box","text":"third-party investor, the Fund’s adviser or an affiliate of the Fund’s adviser, a market maker, or another entity, may","page_number":30,"box":{"x":60,"y":661,"width":847,"height":12}},{"id":"17173d62-70ba-4718-8a2e-f6e922c6b3c5","block_type":"box","text":"from time to time own or manage a substantial amount of Fund shares, including funds or accounts over which the","page_number":30,"box":{"x":60,"y":676,"width":849,"height":12}},{"id":"e8c918ac-2016-455d-a805-cca95b9995be","block_type":"box","text":"Fund’s adviser has discretion, or may invest in the Fund and hold their investment for a limited period of time. These","page_number":30,"box":{"x":61,"y":692,"width":862,"height":12}},{"id":"28956b3b-1aec-48d0-ae06-0eb374e36877","block_type":"box","text":"shareholders may also pledge or loan Fund shares (to secure financing or otherwise), which may result in the shares","page_number":30,"box":{"x":61,"y":707,"width":867,"height":12}},{"id":"a649aa39-af8c-4daf-834c-e054df0908ff","block_type":"box","text":"becoming concentrated in another party. There can be no assurance that any large shareholder or large group of","page_number":30,"box":{"x":61,"y":723,"width":839,"height":12}},{"id":"67140349-38ec-423a-af8c-aecf6511cf20","block_type":"box","text":"shareholders would not redeem their investment or that the size of the Fund would be maintained. Redemptions of a","page_number":30,"box":{"x":61,"y":738,"width":863,"height":12}},{"id":"83762156-4aff-4c4d-bce0-343b4215ee25","block_type":"box","text":"large number of Fund shares by these shareholders may adversely affect the Fund’s liquidity and net assets. To the","page_number":30,"box":{"x":61,"y":754,"width":860,"height":12}},{"id":"9a257c3b-8ba0-45cb-afa9-1962a7e6e613","block_type":"box","text":"extent the Fund permits redemptions in cash, these redemptions may force the Fund to sell portfolio securities when it","page_number":30,"box":{"x":61,"y":769,"width":876,"height":12}},{"id":"292b61a6-9fe3-476f-b319-11ea3026a547","block_type":"box","text":"might not otherwise do so, which may negatively impact the Fund’s NAV, have a material effect on the market price of","page_number":30,"box":{"x":61,"y":785,"width":876,"height":12}},{"id":"9855b451-d165-45e9-a859-6a9bff80dd21","block_type":"box","text":"the Shares and increase the Fund’s brokerage costs and/or accelerate the realization of taxable income and/or gains","page_number":30,"box":{"x":60,"y":800,"width":868,"height":12}},{"id":"60ec7cae-6504-45a0-b582-ded0c898d130","block_type":"box","text":"and cause the Fund to make taxable distributions to its shareholders earlier than the Fund otherwise would have. In","page_number":30,"box":{"x":61,"y":816,"width":857,"height":9}},{"id":"e9f8dcbc-68d9-4d30-83b5-9b6fa70ccc85","block_type":"box","text":"addition, under certain circumstances, non redeeming shareholders may be treated as receiving a disproportionately","page_number":30,"box":{"x":61,"y":831,"width":869,"height":12}},{"id":"11321095-c9bd-4b0e-a8d5-59a5c51c476d","block_type":"box","text":"large taxable distribution during or with respect to such tax year. The effects of taxable income and/or gains resulting","page_number":30,"box":{"x":61,"y":847,"width":870,"height":12}},{"id":"9d14f6eb-6ec7-49fe-9248-25a2a111400b","block_type":"box","text":"from such transactions would particularly impact non-redeeming shareholders who do not hold their Fund shares in an","page_number":30,"box":{"x":60,"y":862,"width":883,"height":12}},{"id":"26046330-8784-4b56-afc1-af4759e74711","block_type":"box","text":"IRA, 401(k) plan or other tax-advantaged plan. To the extent that such transactions result in short-term capital gains,","page_number":30,"box":{"x":62,"y":878,"width":869,"height":12}},{"id":"1c5c0b1e-06d2-426d-8e1f-224bfaee5d42","block_type":"box","text":"such gains will generally be taxed at the ordinary income tax rate for shareholders who hold Fund shares in a taxable","page_number":30,"box":{"x":61,"y":893,"width":874,"height":12}},{"id":"1f5adf19-13a5-4cd8-8e67-d244363946d1","block_type":"box","text":"account. The Fund also may be required to sell its more liquid Fund investments to meet a large redemption, in which","page_number":30,"box":{"x":61,"y":909,"width":871,"height":12}},{"id":"31530d9b-6e10-47a8-abaf-ff3de7a385e1","block_type":"box","text":"case the Fund’s remaining assets may be less liquid, more","page_number":30,"box":{"x":61,"y":924,"width":435,"height":12}},{"id":"5ccd8241-1e9b-4d91-9e14-75e85aee4f88","block_type":"box","text":"volatile, and more difficult to price. To the extent these","page_number":30,"box":{"x":502,"y":924,"width":403,"height":12}},{"id":"c0734dcf-afc7-4d88-a172-a8c723113369","block_type":"box","text":"13","page_number":30,"box":{"x":492,"y":955,"width":22,"height":10}},{"id":"2df8d18c-7cef-4855-83c6-b6ca2d089277","block_type":"box","text":"NM1026U-6049080-30/56","page_number":30,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"4a90cb85-b5a9-4548-b125-6fb213ad23f4","block_type":"box","text":"large shareholders transact in shares on the secondary market, such transactions may account for a large percentage","page_number":31,"box":{"x":61,"y":40,"width":881,"height":13}},{"id":"2b093b47-ad08-4a0f-98da-8a420eecec50","block_type":"box","text":"of the trading volume for the shares of the Fund and may, therefore, have a material upward or downward effect on","page_number":31,"box":{"x":61,"y":56,"width":860,"height":12}},{"id":"5d9477b0-37c3-4475-97e3-afc3c3fb107e","block_type":"box","text":"the market price of the Fund shares. In addition, large purchases of Fund shares may adversely affect the Fund’s","page_number":31,"box":{"x":60,"y":71,"width":846,"height":13}},{"id":"a4388d02-b75e-4141-9bdc-99dbb15ae075","block_type":"box","text":"performance to the extent that the Fund is delayed in investing","page_number":31,"box":{"x":61,"y":87,"width":469,"height":12}},{"id":"a84456ca-0291-4e70-9c95-ea6231b2a851","block_type":"box","text":"new cash and is required to maintain a larger cash","page_number":31,"box":{"x":531,"y":87,"width":380,"height":12}},{"id":"25796501-9dd4-40bd-a9cd-e5ac6f5bc4cc","block_type":"box","text":"position than it ordinarily would, diluting its investment returns.","page_number":31,"box":{"x":61,"y":103,"width":466,"height":12}},{"id":"1840874d-8293-490f-b308-d42b6c5d8961","block_type":"box","text":"Leverage Risk.","page_number":31,"box":{"x":61,"y":136,"width":117,"height":12}},{"id":"cbdfa92c-a0ea-4145-970f-6c29f200b0da","block_type":"box","text":"Some transactions may give rise to a form of economic leverage. These transactions may","page_number":31,"box":{"x":179,"y":136,"width":677,"height":12}},{"id":"9deb87de-be1b-4e32-b174-d96b66c04c90","block_type":"box","text":"include, among others, derivatives, and may expose the Fund to greater risk and increase its costs. As an","page_number":31,"box":{"x":61,"y":152,"width":790,"height":12}},{"id":"e4a3b948-d64b-43a9-b315-b4e684a40061","block_type":"box","text":"open-end investment company registered with the Securities and Exchange Commission (“SEC”), the Fund is subject","page_number":31,"box":{"x":61,"y":167,"width":877,"height":12}},{"id":"11c8c1d5-3cb9-47d5-951e-18d1348cc809","block_type":"box","text":"to the federal securities laws, including the Investment Company Act and the rules thereunder. Under Rule 18f-4","page_number":31,"box":{"x":60,"y":183,"width":839,"height":12}},{"id":"63fcb06b-9df5-4676-89d6-366760dec13a","block_type":"box","text":"under the Investment Company Act, among other things, the Fund must either use derivatives in a limited manner or","page_number":31,"box":{"x":61,"y":198,"width":869,"height":12}},{"id":"ec235511-39f9-4cd7-9c25-0de5f020d724","block_type":"box","text":"comply with an outer limit on fund leverage risk based on value-at-risk. The use of leverage may cause the Fund to","page_number":31,"box":{"x":61,"y":214,"width":858,"height":12}},{"id":"f28b7fd8-18e9-498e-8b44-c799e2ee94bf","block_type":"box","text":"liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations or to meet the","page_number":31,"box":{"x":61,"y":229,"width":809,"height":12}},{"id":"72511638-4684-4563-b8e8-819c1e09f8c4","block_type":"box","text":"applicable requirements of the Investment Company Act and the rules thereunder. Increases and decreases in the","page_number":31,"box":{"x":61,"y":245,"width":854,"height":12}},{"id":"02f64ab3-64eb-4220-b434-5784ed663f2d","block_type":"box","text":"value of the Fund’s portfolio will be magnified when the Fund uses leverage.","page_number":31,"box":{"x":60,"y":260,"width":571,"height":12}},{"id":"f9c23c93-ce9d-4450-99a7-724f0d888348","block_type":"box","text":"Market Risk and Selection Risk.","page_number":31,"box":{"x":61,"y":294,"width":249,"height":9}},{"id":"249e26cd-2a0c-43c0-99e2-b3ed1e3426c3","block_type":"box","text":"Market risk is the risk that one or more markets in which the Fund invests will go","page_number":31,"box":{"x":311,"y":294,"width":599,"height":12}},{"id":"0ec8d775-7b72-4c9e-8957-d85507ad4211","block_type":"box","text":"down in value, including the possibility that the markets will go down sharply and unpredictably. An investor could lose","page_number":31,"box":{"x":61,"y":309,"width":871,"height":12}},{"id":"3dafc37b-ce48-4a46-b9e3-6956595d12a7","block_type":"box","text":"money over short periods due to fluctuation in the Fund’s net asset value in response to short-term market movements","page_number":31,"box":{"x":61,"y":325,"width":876,"height":12}},{"id":"0b35a2a5-88a9-4bcd-8f3b-331ba70c9771","block_type":"box","text":"and over longer periods during market downturns. Securities or other investments held by the Fund may underperform","page_number":31,"box":{"x":61,"y":340,"width":874,"height":12}},{"id":"53ff2ed1-9b16-4c5e-9fc9-7b0b10f24d29","block_type":"box","text":"the markets, the relevant indices or benchmarks, or the securities selected by other funds with similar investment","page_number":31,"box":{"x":60,"y":356,"width":835,"height":12}},{"id":"82d05c32-2932-46ec-ae96-68defd8dd800","block_type":"box","text":"objectives and investment strategies, or may otherwise fail to perform as intended. The value of a security or other","page_number":31,"box":{"x":61,"y":371,"width":845,"height":12}},{"id":"f08db351-81ba-4cfd-a5f6-297d2e5e6239","block_type":"box","text":"asset may decline due to changes in general market conditions, economic trends or events that are not specifically","page_number":31,"box":{"x":61,"y":387,"width":847,"height":12}},{"id":"80b10509-02f7-4fad-b91c-1e3ddf3a3d9a","block_type":"box","text":"related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers, exchange,","page_number":31,"box":{"x":61,"y":402,"width":820,"height":12}},{"id":"5d0ac1cd-1899-45ad-b2f2-1289ccccf215","block_type":"box","text":"country, group of countries, region, market, industry, group of industries, sector or asset class. The success of the","page_number":31,"box":{"x":61,"y":418,"width":841,"height":12}},{"id":"ac434da4-44ac-4ffc-b8c2-fec17cbe209a","block_type":"box","text":"Fund’s activities could be affected by interest rates, availability of credit, inflation rates, economic uncertainty, changes","page_number":31,"box":{"x":61,"y":433,"width":874,"height":12}},{"id":"1b0662cb-c94d-487f-9b1e-762e792963a7","block_type":"box","text":"in laws, tariffs and trade barriers, supply chain disruptions, economic sanctions, currency exchange controls, and local,","page_number":31,"box":{"x":61,"y":449,"width":877,"height":12}},{"id":"ece46673-11ba-479b-972b-77c59736c6fb","block_type":"box","text":"regional or global events such as war, acts of terrorism, natural and environmental disasters, the spread of infectious","page_number":31,"box":{"x":61,"y":464,"width":862,"height":12}},{"id":"c7a9c446-07c0-4e3e-b58d-6ab45da69e88","block_type":"box","text":"illness or other public health issues, recessions, or other events.","page_number":31,"box":{"x":61,"y":480,"width":476,"height":12}},{"id":"536af1f1-c937-4c2b-b189-29dce2cfeb7d","block_type":"box","text":"Recent policy initiatives undertaken by the U.S. government have the potential to impact international relations, trade","page_number":31,"box":{"x":61,"y":513,"width":872,"height":12}},{"id":"8f9b2671-8ca5-45d1-ac80-28820c1ec334","block_type":"box","text":"agreements and the overall regulatory environment in ways that could create uncertainty and instability in domestic","page_number":31,"box":{"x":61,"y":529,"width":858,"height":12}},{"id":"1c9cad85-4e74-475b-8363-2857954397ef","block_type":"box","text":"and global markets, and could adversely affect the investment performance of the Fund. In particular, actions taken","page_number":31,"box":{"x":61,"y":544,"width":860,"height":12}},{"id":"ba46e357-1561-40cb-a205-c8186395a70e","block_type":"box","text":"by the U.S. government in respect of international trade relations could lead to trade wars, increased costs for","page_number":31,"box":{"x":61,"y":560,"width":819,"height":12}},{"id":"ac42a54b-9740-4851-a7f8-3822154d1043","block_type":"box","text":"imported goods, disruptions in supply chains, reduced foreign investment, and instability in regions where the Fund","page_number":31,"box":{"x":61,"y":575,"width":858,"height":12}},{"id":"8e6e88d6-0775-4488-a53b-0e7f9ed43999","block_type":"box","text":"invests.","page_number":31,"box":{"x":61,"y":591,"width":61,"height":9}},{"id":"f72fb7e1-4fa3-4751-b397-824a42c11c09","block_type":"box","text":"Market Trading Risk","page_number":31,"box":{"x":61,"y":624,"width":161,"height":12}},{"id":"bb98177e-d9e6-4c30-af26-c16c48cfe14e","block_type":"box","text":". The Fund faces numerous market trading risks, any of which may lead to its shares trading in","page_number":31,"box":{"x":223,"y":624,"width":706,"height":12}},{"id":"f8a96e7d-245e-4ba6-8c3b-c10b3b1f5965","block_type":"box","text":"the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio holdings. If you","page_number":31,"box":{"x":60,"y":640,"width":875,"height":12}},{"id":"326a9dc9-b606-4bbd-8a69-c4672308660a","block_type":"box","text":"buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when the","page_number":31,"box":{"x":61,"y":655,"width":837,"height":12}},{"id":"479aa741-743d-410e-9e72-207328f709e9","block_type":"box","text":"market price is at a discount to the NAV, you may pay significantly more or receive significantly less than the","page_number":31,"box":{"x":61,"y":671,"width":804,"height":12}},{"id":"1c7a41b5-6e0c-4cbe-b896-0f251e340ad3","block_type":"box","text":"underlying value of the Fund shares.","page_number":31,"box":{"x":61,"y":686,"width":270,"height":12}},{"id":"0ab60466-443d-4fc6-b16b-ca8cc86f20c9","block_type":"box","text":"Absence of an Active Primary Market","page_number":31,"box":{"x":60,"y":720,"width":278,"height":12}},{"id":"47b6376d-281d-4678-ad5a-0ab9eb339079","block_type":"box","text":". Although Fund shares are listed for trading on one or more stock exchanges,","page_number":31,"box":{"x":339,"y":720,"width":578,"height":12}},{"id":"17b2adc0-f1e7-4e42-a2fd-af946a2b9d4c","block_type":"box","text":"there can be no assurance that an active primary trading market for Fund shares will develop or be maintained by","page_number":31,"box":{"x":60,"y":735,"width":844,"height":12}},{"id":"1ec64039-9d8c-41ef-9868-10cb033889b6","block_type":"box","text":"market makers or Authorized Participants.","page_number":31,"box":{"x":61,"y":751,"width":311,"height":12}},{"id":"76954cdd-7424-4e0a-80b7-1988e0b7cc5b","block_type":"box","text":"Secondary Listing Risks","page_number":31,"box":{"x":61,"y":784,"width":179,"height":12}},{"id":"3c30d572-9808-4f5f-ade8-c024b480805e","block_type":"box","text":". The Fund’s shares may be listed or traded on U.S. and non-U.S. stock exchanges other","page_number":31,"box":{"x":241,"y":784,"width":661,"height":12}},{"id":"5214e9fe-c75b-4ecf-b5ac-415dec392318","block_type":"box","text":"than the U.S. stock exchange where the Fund’s primary listing is maintained. Fund shares also may be available to","page_number":31,"box":{"x":60,"y":800,"width":854,"height":12}},{"id":"e72ceec9-2f6a-4bda-a03f-16b06c914e20","block_type":"box","text":"non-U.S. investors through funds or structured investment vehicles similar to depositary receipts. There can be no","page_number":31,"box":{"x":61,"y":815,"width":846,"height":12}},{"id":"65a252f6-6611-4df3-a660-9323d80f4a81","block_type":"box","text":"assurance that the Fund’s shares will continue to trade on any such stock exchange or in any market or that the","page_number":31,"box":{"x":61,"y":831,"width":834,"height":12}},{"id":"b970cfd7-94e4-4112-98fe-2793d49a7611","block_type":"box","text":"Fund’s shares will continue to meet the requirements for exchange listing or market trading. The Fund’s shares may","page_number":31,"box":{"x":61,"y":846,"width":865,"height":12}},{"id":"8ff3d62d-6be5-41b6-83ab-0ccd9691ec34","block_type":"box","text":"be less actively traded in certain markets than in others, and investors are subject to the execution and settlement","page_number":31,"box":{"x":61,"y":862,"width":850,"height":12}},{"id":"b02ea156-6e4f-46e6-b9ff-91cd1d8a2e68","block_type":"box","text":"risks and market standards of the market where they or their broker direct their trades for execution. Certain","page_number":31,"box":{"x":61,"y":877,"width":805,"height":12}},{"id":"50b25c28-3ceb-4007-aeaf-3e23ffb5f8db","block_type":"box","text":"information that is available to investors who trade Fund shares on a U.S. stock exchange during regular U.S. market","page_number":31,"box":{"x":61,"y":893,"width":874,"height":12}},{"id":"71fabb0b-0aef-43a5-94ca-a5cd0846766d","block_type":"box","text":"hours may not be available to investors who trade in other markets, which may result in secondary market prices in","page_number":31,"box":{"x":61,"y":908,"width":852,"height":12}},{"id":"4ed2dda9-9c66-43a5-ac27-ada3ef0bd7b7","block_type":"box","text":"such markets being less efficient.","page_number":31,"box":{"x":61,"y":924,"width":246,"height":12}},{"id":"32e31289-4edb-47ae-a134-81ee3b570a3d","block_type":"box","text":"14","page_number":31,"box":{"x":492,"y":955,"width":22,"height":10}},{"id":"74473264-67ed-4f36-b02f-5c9891f76735","block_type":"box","text":"NM1026U-6049080-31/56","page_number":31,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"8b499ce7-7a11-42a5-a6f7-a3661d57863e","block_type":"box","text":"Secondary Market Trading Risk","page_number":32,"box":{"x":61,"y":40,"width":236,"height":13}},{"id":"e98eac21-868c-4444-98ab-4a4814c80dda","block_type":"box","text":". Shares of the Fund may trade in the secondary market at times when the Fund does","page_number":32,"box":{"x":297,"y":40,"width":641,"height":13}},{"id":"7367425c-4cb3-41c7-bdbf-e972ce5b8cce","block_type":"box","text":"not accept orders to create or redeem shares. At such times, shares may trade in the secondary market with more","page_number":32,"box":{"x":61,"y":56,"width":853,"height":12}},{"id":"6df756d6-c628-4840-9232-e9469652b321","block_type":"box","text":"significant premiums or discounts to NAV than might be experienced at times when the Fund accepts creation and","page_number":32,"box":{"x":61,"y":71,"width":853,"height":13}},{"id":"80be3135-5220-4cc4-a915-0d12fc4d7087","block_type":"box","text":"redemption orders. Securities held by the Fund may be traded in markets that close at a different time than an","page_number":32,"box":{"x":61,"y":87,"width":821,"height":12}},{"id":"59538ff5-9d85-4858-ae94-0dc477186e4b","block_type":"box","text":"exchange on which Fund shares are traded. Liquidity in those securities may be reduced after the applicable closing","page_number":32,"box":{"x":61,"y":102,"width":867,"height":13}},{"id":"1238ee90-0cc0-4c1f-85b0-eaca92bb616d","block_type":"box","text":"time. As a result, during the time when the exchange","page_number":32,"box":{"x":60,"y":118,"width":397,"height":12}},{"id":"ea986397-733e-4dd5-b435-cf574826484c","block_type":"box","text":"is open but after the applicable market closing, fixing or","page_number":32,"box":{"x":458,"y":118,"width":414,"height":12}},{"id":"2df163f8-4670-4bc2-8be6-4578353f064f","block_type":"box","text":"settlement time, there may be wider bid/ask spreads on the exchange and a greater premium or discount to NAV.","page_number":32,"box":{"x":61,"y":134,"width":847,"height":12}},{"id":"ece72df8-a478-4f5e-a26e-666abdc4651d","block_type":"box","text":"In stressed market conditions, the market for the Fund’s shares may become less liquid in response to deteriorating","page_number":32,"box":{"x":62,"y":165,"width":862,"height":12}},{"id":"dd5e65df-4a04-4be8-bdeb-e8397c1148b2","block_type":"box","text":"liquidity in the markets for the Fund’s portfolio holdings, and an investor may be unable to sell their Fund shares.","page_number":32,"box":{"x":61,"y":180,"width":838,"height":12}},{"id":"f40e97c0-ba9e-4212-8db1-6fb990eb9934","block_type":"box","text":"Secondary market trading in Fund shares may be halted by a stock exchange because of market conditions or for","page_number":32,"box":{"x":61,"y":211,"width":849,"height":12}},{"id":"5ca9acc2-fddb-42a5-8231-1a75d4699803","block_type":"box","text":"other reasons. In times of extraordinary market volatility, Fund shares may be subject to trading halts pursuant to","page_number":32,"box":{"x":61,"y":227,"width":843,"height":12}},{"id":"395da13f-1cfb-49c3-b2fb-f043bc3a7eec","block_type":"box","text":"“circuit breaker” rules of a stock exchange or market. If there is a trading halt or unanticipated closure of an exchange","page_number":32,"box":{"x":61,"y":242,"width":876,"height":12}},{"id":"a2a18596-1643-4a38-a495-ce78d9657dc5","block_type":"box","text":"or market, an investor may be unable to purchase or sell Fund shares. In addition, if trading in certain securities or","page_number":32,"box":{"x":61,"y":258,"width":852,"height":12}},{"id":"51ce2952-25f6-4309-a69a-9ffe5d4c3e51","block_type":"box","text":"financial instruments is restricted, this may disrupt the Fund’s creation/redemption process, affect the price at which","page_number":32,"box":{"x":60,"y":273,"width":863,"height":12}},{"id":"28cee807-814e-4955-8f62-837e1ef26a7a","block_type":"box","text":"Fund shares trade in the secondary market, and result in the Fund being unable to trade certain securities or financial","page_number":32,"box":{"x":61,"y":289,"width":877,"height":12}},{"id":"815473a7-ebe1-45fd-86b3-ee57eaa54b77","block_type":"box","text":"instruments. In such circumstances, the Fund may be unable to rebalance its portfolio or accurately price its portfolio","page_number":32,"box":{"x":61,"y":304,"width":870,"height":12}},{"id":"f0d8ecf7-a6a2-4bbb-9a77-1e0a2b5858ee","block_type":"box","text":"holdings and may incur substantial trading losses.","page_number":32,"box":{"x":61,"y":320,"width":375,"height":12}},{"id":"e6bcf51c-4a01-45ef-8b80-da5cfe9fe1ef","block_type":"box","text":"Shares of the Fund, similar to shares of other issuers listed on a stock exchange, may be sold short and are therefore","page_number":32,"box":{"x":61,"y":351,"width":878,"height":12}},{"id":"110a10b6-b35c-4459-9b51-ced49185b77f","block_type":"box","text":"subject to the risk of increased volatility and price decreases associated with being sold short. In addition, trading","page_number":32,"box":{"x":61,"y":366,"width":843,"height":12}},{"id":"55037304-bbde-42a8-ae79-e2746d58c8e8","block_type":"box","text":"activity in derivative products based on the Fund may lead to increased trading volume and volatility in the secondary","page_number":32,"box":{"x":61,"y":382,"width":874,"height":12}},{"id":"3c040f5b-5f9c-4fe1-8c4a-6fd0fe526484","block_type":"box","text":"market for the shares of the Fund.","page_number":32,"box":{"x":61,"y":397,"width":258,"height":10}},{"id":"40d5c7c6-82d4-4226-8034-3466b760d784","block_type":"box","text":"Fund Shares May Trade at Prices Other Than NAV.","page_number":32,"box":{"x":61,"y":428,"width":382,"height":12}},{"id":"333d0e18-58f4-4a27-b54c-78df6d976544","block_type":"box","text":"V. Shares of the Fund trade on stock exchanges at prices at, above","page_number":32,"box":{"x":442,"y":428,"width":495,"height":12}},{"id":"4cd0485b-263c-492b-885f-eb7110931f2e","block_type":"box","text":"or below the Fund’s most recent NAV. The Fund’s NAV is calculated at the end of each business day and fluctuates","page_number":32,"box":{"x":61,"y":444,"width":864,"height":12}},{"id":"ad59612d-a4cd-4eac-8c01-1a28ff931205","block_type":"box","text":"with changes in the market value of the Fund’s portfolio holdings. The trading price of the Fund’s shares fluctuates","page_number":32,"box":{"x":60,"y":459,"width":853,"height":12}},{"id":"36c0bd5f-234d-471e-b871-9eeaecf32838","block_type":"box","text":"throughout trading hours based on both market supply of and demand for Fund shares and the underlying value of the","page_number":32,"box":{"x":60,"y":475,"width":884,"height":12}},{"id":"d4d7ec35-917b-489f-8687-dd8fa25a9f38","block_type":"box","text":"Fund’s portfolio holdings or NAV. As a result, the trading prices of the Fund’s shares may deviate significantly from","page_number":32,"box":{"x":61,"y":490,"width":855,"height":12}},{"id":"dae98c36-74e4-4841-af84-3558eea7ffe7","block_type":"box","text":"NAV during times of market volatility, significant redemption requests, or other unusual market conditions.","page_number":32,"box":{"x":61,"y":506,"width":789,"height":12}},{"id":"da05c616-0b38-4b60-8716-ff3a840b2e3a","block_type":"box","text":"However, because Fund shares can be created and redeemed in Creation Units at NAV, BFA believes that large","page_number":32,"box":{"x":61,"y":537,"width":841,"height":12}},{"id":"77285396-5f07-4845-84cd-e6d1e588aa07","block_type":"box","text":"discounts or premiums to the Fund’s NAV are not likely to be sustained over the long term (unlike shares of many","page_number":32,"box":{"x":61,"y":552,"width":847,"height":12}},{"id":"7be557e0-c0d9-4aba-8ae0-21c09ac0c223","block_type":"box","text":"closed-end funds, which frequently trade at appreciable discounts from, and sometimes at premiums to, their NAVs).","page_number":32,"box":{"x":61,"y":568,"width":870,"height":12}},{"id":"71a3d208-2a36-4153-8a21-867e131db146","block_type":"box","text":"While the creation/redemption feature is designed to make it more likely that a Fund’s shares normally will trade on","page_number":32,"box":{"x":60,"y":583,"width":858,"height":12}},{"id":"da5c8c58-ec37-4dae-b139-a10ab5b91a76","block_type":"box","text":"stock exchanges at prices close to the Fund’s next calculated NAV, exchange prices are not expected to correlate","page_number":32,"box":{"x":61,"y":599,"width":851,"height":12}},{"id":"474dcced-2181-48cd-9e29-951b99577f72","block_type":"box","text":"exactly with the Fund’s NAV due to timing reasons, supply and demand imbalances and other factors. In addition,","page_number":32,"box":{"x":61,"y":614,"width":848,"height":12}},{"id":"96a1fcb0-c9b2-4c26-b4ac-6d884004d07b","block_type":"box","text":"disruptions to creations and redemptions, including disruptions at market makers, Authorized Participants, or other","page_number":32,"box":{"x":61,"y":630,"width":853,"height":12}},{"id":"9998d3bd-0c41-4417-b5bd-557de6b24a12","block_type":"box","text":"market participants, and during periods of significant market volatility, may result in trading prices for shares of a Fund","page_number":32,"box":{"x":61,"y":645,"width":880,"height":12}},{"id":"192afdcf-2d8d-44f6-be97-f982edae27e9","block_type":"box","text":"that differ significantly from its NAV. Authorized Participants may be less willing to create or redeem a Fund’s shares if","page_number":32,"box":{"x":60,"y":661,"width":878,"height":12}},{"id":"7d9df8dd-27fe-4520-bd74-c13a949147a6","block_type":"box","text":"there is a lack of an active market for such shares or the Fund’s underlying investments, which may contribute to the","page_number":32,"box":{"x":60,"y":676,"width":864,"height":12}},{"id":"d8227c78-df07-420a-bf23-726ad7bab706","block_type":"box","text":"Fund’s shares trading at a premium or discount to NAV.","page_number":32,"box":{"x":61,"y":692,"width":412,"height":12}},{"id":"35be009e-64df-4ad4-9838-5953754da191","block_type":"box","text":"Costs of Buying or Selling Fund Shares","page_number":32,"box":{"x":62,"y":723,"width":292,"height":12}},{"id":"02d407c1-ecca-4658-b5f8-35586dd649e5","block_type":"box","text":". Buying or selling Fund shares on an exchange involves two types of costs","page_number":32,"box":{"x":355,"y":723,"width":557,"height":12}},{"id":"d3e3e26b-12e7-4ee4-9636-a365a85d8561","block_type":"box","text":"that apply to all securities transactions. When buying or selling Fund shares through a broker, you will likely incur a","page_number":32,"box":{"x":60,"y":738,"width":852,"height":12}},{"id":"1f3cb82c-3854-4c33-8a4f-749f8af85aa1","block_type":"box","text":"brokerage commission and other charges. In addition, you may incur the cost of the “spread,” which is the difference","page_number":32,"box":{"x":61,"y":754,"width":864,"height":12}},{"id":"24afc613-5582-4eb2-adad-07af05a31727","block_type":"box","text":"between what investors are willing to pay for Fund shares (the “bid” price) and the price at which they are willing to","page_number":32,"box":{"x":61,"y":769,"width":849,"height":12}},{"id":"9760c36f-6dc7-4771-9518-af232130116c","block_type":"box","text":"sell Fund shares (the “ask” price). The spread varies over","page_number":32,"box":{"x":61,"y":785,"width":427,"height":12}},{"id":"ce1b4912-3823-4455-af95-4f33374cc7e9","block_type":"box","text":"time for Fund shares based on trading volume and market","page_number":32,"box":{"x":493,"y":785,"width":432,"height":12}},{"id":"ea15d283-692f-47c4-8c3c-4b006a51f5e5","block_type":"box","text":"liquidity. It is generally narrower if the Fund has more trading volume and market liquidity and wider if the Fund has","page_number":32,"box":{"x":61,"y":800,"width":852,"height":12}},{"id":"75bb74f6-731f-40b5-b267-01fce8b60969","block_type":"box","text":"less trading volume and market liquidity. Increased market volatility also may cause wider spreads. In addition, there","page_number":32,"box":{"x":61,"y":816,"width":863,"height":12}},{"id":"ea0f0407-9d1c-4875-83b3-328bebc169c1","block_type":"box","text":"may be regulatory and other charges that are incurred as a result of trading activity. Because of the costs inherent in","page_number":32,"box":{"x":61,"y":831,"width":869,"height":12}},{"id":"1eb8f12a-2d07-4577-be6f-c6d3fc8b044b","block_type":"box","text":"buying or selling Fund shares, frequent trading may detract significantly from investment results, and an investment in","page_number":32,"box":{"x":61,"y":847,"width":879,"height":12}},{"id":"dbc119c4-ce64-416e-a1e7-f642fbcef835","block_type":"box","text":"Fund shares may not be advisable for investors who anticipate regularly making small investments through a","page_number":32,"box":{"x":61,"y":862,"width":812,"height":12}},{"id":"fc649632-41b0-4dcb-895a-3c5472f13648","block_type":"box","text":"brokerage account.","page_number":32,"box":{"x":61,"y":878,"width":148,"height":12}},{"id":"c229fd9c-1ca7-4b8d-973c-c80863ba196f","block_type":"box","text":"Mid Cap Securities Risk.","page_number":32,"box":{"x":61,"y":909,"width":194,"height":12}},{"id":"797d2ddb-c904-42c1-a23a-5d930a0a1c1f","block_type":"box","text":"The securities of mid cap companies generally trade in lower volumes and are","page_number":32,"box":{"x":261,"y":909,"width":580,"height":12}},{"id":"0a2deaab-4874-4c46-a5e0-d3835c7115db","block_type":"box","text":"generally subject to greater and less predictable price changes than the securities of larger capitalization companies.","page_number":32,"box":{"x":61,"y":924,"width":865,"height":12}},{"id":"bf61e0dc-716f-4823-b2ea-bd27269282a4","block_type":"box","text":"15","page_number":32,"box":{"x":492,"y":955,"width":22,"height":10}},{"id":"73613efe-1982-492e-a567-830b58d330f4","block_type":"box","text":"NM1026U-6049080-32/56","page_number":32,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"7e30be1c-634a-4883-9857-a2bd4aa4d89b","block_type":"box","text":"Money Market Securities Risk.","page_number":33,"box":{"x":61,"y":40,"width":240,"height":13}},{"id":"3bfd2e9c-1f12-4da4-bbaf-de8949e039c2","block_type":"box","text":"If market conditions improve while the Fund has invested some or all of its assets in","page_number":33,"box":{"x":303,"y":40,"width":631,"height":12}},{"id":"45da0aca-101d-4fe5-af66-a736954884fa","block_type":"box","text":"high quality money market securities, this strategy could result in reducing the potential gain from the market upswing,","page_number":33,"box":{"x":61,"y":56,"width":881,"height":12}},{"id":"969f6179-571e-4ff0-b8ff-36406cc50133","block_type":"box","text":"thus reducing the Fund’s opportunity to achieve its investment objective.","page_number":33,"box":{"x":60,"y":72,"width":542,"height":12}},{"id":"6d3b169f-d065-4099-9ebc-af1d9ba39a8d","block_type":"box","text":"Mortgage- and Asset-Backed Securities Risks.","page_number":33,"box":{"x":61,"y":100,"width":362,"height":12}},{"id":"31bc4e8a-97f7-4ba5-aae0-7dddf6e798c2","block_type":"box","text":"Mortgage-backed securities (residential and commercial) and asset","page_number":33,"box":{"x":424,"y":100,"width":499,"height":12}},{"id":"68a34cbc-3140-4e85-b2b9-3499a730b0cc","block_type":"box","text":"backed securities represent interests in “pools” of mortgages","page_number":33,"box":{"x":61,"y":116,"width":440,"height":12}},{"id":"7f125224-e7ba-44e5-bada-3f7b5c5747bd","block_type":"box","text":"or other assets, including consumer loans or receivables","page_number":33,"box":{"x":501,"y":116,"width":420,"height":12}},{"id":"0d76498d-b5b6-4d78-b099-00c346a90f69","block_type":"box","text":"held in trust. Although asset-backed and commercial mortgage-","page_number":33,"box":{"x":61,"y":131,"width":461,"height":12}},{"id":"a5db51d9-c1ea-4760-be97-5928751cc64d","block_type":"box","text":"backed securities (“CMBS”) generally experience less","page_number":33,"box":{"x":524,"y":131,"width":395,"height":12}},{"id":"f5fefd88-75cf-4872-8925-9a66ad4029ea","block_type":"box","text":"prepayment than residential mortgage-backed securities, mo","page_number":33,"box":{"x":61,"y":147,"width":441,"height":12}},{"id":"342fe637-6757-4edf-ac30-d9880deaf253","block_type":"box","text":"rtgage-backed and asset-backed securities, like traditional","page_number":33,"box":{"x":503,"y":147,"width":427,"height":12}},{"id":"c28a398d-45b1-4564-aab3-f1a0d96320f2","block_type":"box","text":"fixed-income securities, are subject to credi","page_number":33,"box":{"x":60,"y":162,"width":315,"height":12}},{"id":"a4620e20-bbd4-4434-b413-6534dd045bed","block_type":"box","text":"t, interest rate, prepayment and extension risks.","page_number":33,"box":{"x":376,"y":162,"width":351,"height":12}},{"id":"b5bf6fe3-591a-46f0-a5e7-b92e68cf25e4","block_type":"box","text":"Small movements in interest rates (both increases and","page_number":33,"box":{"x":61,"y":191,"width":401,"height":12}},{"id":"3457bebc-9342-48d7-84ba-5513262a30c4","block_type":"box","text":"decreases) may quickly and significantly reduce the value","page_number":33,"box":{"x":462,"y":191,"width":424,"height":12}},{"id":"3cc2f806-7058-4f6e-8ff2-f3724efc5fe8","block_type":"box","text":"of certain mortgage-backed securities. The Fund’s investments in","page_number":33,"box":{"x":61,"y":207,"width":480,"height":12}},{"id":"722e3f21-e902-46b2-b4f0-33815abb4e60","block_type":"box","text":"asset-backed securities are subject to risks similar to","page_number":33,"box":{"x":541,"y":207,"width":388,"height":12}},{"id":"c3d16327-9fa1-4fb1-bdbf-89f848372302","block_type":"box","text":"those associated with mortgage-related securities, as well as","page_number":33,"box":{"x":60,"y":222,"width":442,"height":12}},{"id":"e2ded423-38d3-48da-8789-5d3c8b51684a","block_type":"box","text":"additional risks associated with the nature of the assets","page_number":33,"box":{"x":503,"y":222,"width":411,"height":10}},{"id":"fbb79c44-097d-446e-bc06-f2ba61bd431c","block_type":"box","text":"and the servicing of those assets. These securities also ar","page_number":33,"box":{"x":61,"y":238,"width":422,"height":12}},{"id":"66f18b4a-e841-469d-b0e4-27ca2b8954e1","block_type":"box","text":"e subject to the risk of default on the underlying mortgages or","page_number":33,"box":{"x":483,"y":238,"width":451,"height":12}},{"id":"5623bea6-e598-4790-b02f-4503d671b2bc","block_type":"box","text":"assets, particularly during periods of economic downturn.","page_number":33,"box":{"x":61,"y":253,"width":419,"height":12}},{"id":"d85813ec-55fc-449d-ae47-3397c55be8ba","block_type":"box","text":"Certain CMBS are issued in several classes with different","page_number":33,"box":{"x":481,"y":253,"width":421,"height":10}},{"id":"0e73db7a-9392-4757-9b92-0b966ea09023","block_type":"box","text":"levels of yield and credit protection. The Fund’s investments","page_number":33,"box":{"x":61,"y":269,"width":440,"height":12}},{"id":"0661ad29-0544-4c1e-959b-1ad20b2c5005","block_type":"box","text":"in CMBS with several classes may be in the lower classes","page_number":33,"box":{"x":502,"y":269,"width":426,"height":12}},{"id":"65f601b0-b2f1-4637-89ef-515211dfa920","block_type":"box","text":"that have greater risks than the higher classes, includi","page_number":33,"box":{"x":60,"y":284,"width":391,"height":12}},{"id":"9fbe4166-0d79-4cdb-a5d4-eeeb69b017d2","block_type":"box","text":"ng greater interest rate, credit and prepayment risks.","page_number":33,"box":{"x":453,"y":284,"width":386,"height":12}},{"id":"d8a44327-5789-4a8f-a34a-b50bdf997daa","block_type":"box","text":"Mortgage-backed securities may be either pass-through securities or collateralized mortgage obligations","page_number":33,"box":{"x":61,"y":313,"width":779,"height":12}},{"id":"670d6846-f295-48bd-bf2e-c6f33b6cdb84","block_type":"box","text":"(“CMOs”). Pass-through securities represent a right to receive principal and interest payments collected on a pool","page_number":33,"box":{"x":61,"y":328,"width":847,"height":12}},{"id":"e442fc91-73f3-47a0-bbf1-fcc2ec53193d","block_type":"box","text":"of mortgages, which are passed through to security holders. CMOs are created by dividing the principal and","page_number":33,"box":{"x":61,"y":344,"width":805,"height":12}},{"id":"b54a79d5-1082-4377-9a0a-4b06173174d9","block_type":"box","text":"interest payments collected on a pool of mortgages into several revenue streams (“tranches”) with different priority","page_number":33,"box":{"x":61,"y":359,"width":853,"height":12}},{"id":"1c03c07b-2606-425c-978c-3284d5a74f94","block_type":"box","text":"rights to portions of the underlying mortgage payments. Certain CMO tranches may represent a right to receive","page_number":33,"box":{"x":61,"y":375,"width":830,"height":12}},{"id":"5de0dfcb-87bb-46fa-bc21-d3b8e0b0e435","block_type":"box","text":"interest only (“IOs”), principal only (“POs”) or an amount that remains after floating-rate tranches are paid (an “inverse","page_number":33,"box":{"x":61,"y":390,"width":877,"height":12}},{"id":"e2beaa6e-283f-438f-abcc-0064586510cd","block_type":"box","text":"floater”). These securities are frequently referred to as “mortgage derivatives” and may be extremely sensitive to","page_number":33,"box":{"x":60,"y":406,"width":839,"height":12}},{"id":"63180cce-43fc-429d-9655-f1ff64f2f707","block_type":"box","text":"changes in interest rates. Interest rates on inverse floaters, for example, vary inversely with a short-term floating rate","page_number":33,"box":{"x":61,"y":421,"width":870,"height":12}},{"id":"76f4f3f4-10df-4572-b99e-d1f629526e20","block_type":"box","text":"(which may be reset periodically). Interest rates on inverse floaters will decrease when short-term rates increase, and","page_number":33,"box":{"x":61,"y":437,"width":875,"height":12}},{"id":"84fe0acf-0d7d-418c-be9f-2af0b269aa25","block_type":"box","text":"will increase when short-term rates decrease. These securities have the effect of providing a degree of","page_number":33,"box":{"x":60,"y":452,"width":768,"height":12}},{"id":"6b7db63a-e336-422a-870a-28cbd156d094","block_type":"box","text":"investment leverage. In response to changes in market interest rates or other market conditions, the value of an","page_number":33,"box":{"x":61,"y":468,"width":834,"height":12}},{"id":"438345d2-ce16-4b71-8eb2-749e68911735","block_type":"box","text":"inverse floater may increase or decrease at a multiple of the increase or decrease in the value of the underlying","page_number":33,"box":{"x":61,"y":483,"width":832,"height":12}},{"id":"b7d6bef1-30e7-4fc9-959c-fae2ddcfa566","block_type":"box","text":"securities. If the Fund invests in CMO tranches (including CMO tranches issued by government agencies) and interest","page_number":33,"box":{"x":61,"y":499,"width":882,"height":12}},{"id":"3b341548-d8cf-4801-8d69-004b082eb8cc","block_type":"box","text":"rates move in a manner not anticipated by Fund management, it is possible that the Fund could lose all or","page_number":33,"box":{"x":61,"y":514,"width":790,"height":12}},{"id":"b7e95966-1d99-4926-ac67-af62dca48919","block_type":"box","text":"substantially all of its investment. Certain mortgage-backed securities in which the Fund may invest may also provide","page_number":33,"box":{"x":61,"y":530,"width":873,"height":12}},{"id":"e6413fd9-4169-4573-8fd9-751b34e5f5ba","block_type":"box","text":"a degree of investment leverage, which could cause the Fund to lose all or substantially all of its investment.","page_number":33,"box":{"x":61,"y":545,"width":807,"height":12}},{"id":"f341c258-1585-4f30-a659-82073f20e9f8","block_type":"box","text":"The mortgage market in the United States has experienced difficulties that may adversely affect the performance and","page_number":33,"box":{"x":60,"y":574,"width":876,"height":12}},{"id":"fe696ac9-d361-4d0f-929f-c66b88cd6f54","block_type":"box","text":"market value of certain of the Fund’s mortgage-related investments. Delinquencies and losses on mortgage loans","page_number":33,"box":{"x":61,"y":590,"width":848,"height":12}},{"id":"4b3502fb-5c6f-4414-b60b-f76605f6865d","block_type":"box","text":"(including subprime and second-lien mortgage loans) and a decline in or flattening of real estate values (in each case","page_number":33,"box":{"x":61,"y":605,"width":875,"height":12}},{"id":"efee98d5-d6d6-4e81-bbfd-227ddb7c667a","block_type":"box","text":"as has been experienced and may continue to be experienced in many housing markets) may exacerbate such","page_number":33,"box":{"x":61,"y":621,"width":830,"height":12}},{"id":"beac1ef4-4123-49ad-93a6-3276373ff5af","block_type":"box","text":"delinquencies and losses. Also, a number of mortgage loan originators have experienced serious financial difficulties","page_number":33,"box":{"x":61,"y":636,"width":870,"height":12}},{"id":"c15ba785-e8df-4fa7-b798-6f1f427076db","block_type":"box","text":"or bankruptcy. Reduced investor demand for mortgage loans and mortgage-related securities and increased investor","page_number":33,"box":{"x":61,"y":652,"width":872,"height":12}},{"id":"58e21c5d-3c1f-4927-ae38-a624a9548d3a","block_type":"box","text":"yield requirements have caused limited liquidity in the secondary market for mortgage-related securities, which can","page_number":33,"box":{"x":60,"y":667,"width":852,"height":12}},{"id":"6bfbcdb9-c9f1-4399-ad3c-bd900fe38d75","block_type":"box","text":"adversely affect the market value of mortgage-related securities. It is possible that such limited liquidity in such","page_number":33,"box":{"x":61,"y":683,"width":820,"height":12}},{"id":"89dde967-0ef8-4ba7-9292-84511ba501d3","block_type":"box","text":"secondary markets could continue or worsen.","page_number":33,"box":{"x":61,"y":698,"width":336,"height":12}},{"id":"1adad519-62f5-4a0f-b965-01521e6dbf29","block_type":"box","text":"Asset-backed securities entail certain risks not presented by mortgage-backed securities, including the risk that","page_number":33,"box":{"x":60,"y":727,"width":826,"height":12}},{"id":"fd009126-cc7c-426a-af52-14c573e56b88","block_type":"box","text":"in certain states it may be difficult to perfect the liens securing the collateral backing certain asset-backed","page_number":33,"box":{"x":61,"y":742,"width":779,"height":12}},{"id":"6abdd678-ac7f-40f6-93e3-997fcff5e6d3","block_type":"box","text":"securities. In addition, certain asset-backed securities are based on loans that are unsecured, which means that there","page_number":33,"box":{"x":61,"y":758,"width":874,"height":11}},{"id":"a68c3924-7bc9-4ae3-9f59-f65d328195b1","block_type":"box","text":"is no collateral to seize if the underlying borrower defaults.","page_number":33,"box":{"x":61,"y":773,"width":431,"height":12}},{"id":"54dbe048-ca9f-4c5a-80c4-d4388ca79a51","block_type":"box","text":"Municipal Securities Risks.","page_number":33,"box":{"x":61,"y":802,"width":215,"height":12}},{"id":"7922cfe3-f82d-4dfb-b381-612ace75ecea","block_type":"box","text":"Municipal securities risks include the ability of the issuer to repay the obligation,","page_number":33,"box":{"x":283,"y":802,"width":589,"height":12}},{"id":"af5f6cdc-8120-4db8-92e4-6c697b994570","block_type":"box","text":"the relative lack of information about certain issuers of municipal securities, and the possibility of future","page_number":33,"box":{"x":60,"y":818,"width":763,"height":12}},{"id":"5fbfc597-78e3-46b3-92bc-4507fe0cfd58","block_type":"box","text":"legislative changes which could affect the market for and value of municipal securities. Budgetary constraints of local,","page_number":33,"box":{"x":61,"y":833,"width":876,"height":12}},{"id":"1f490272-d38c-464f-90de-0f03b57e68b7","block_type":"box","text":"state, and federal governments upon which the issuers may be relying for funding may also impact municipal","page_number":33,"box":{"x":61,"y":849,"width":812,"height":12}},{"id":"aa64cad7-744a-411c-b0c4-2d9402cb16b2","block_type":"box","text":"securities. These risks include:","page_number":33,"box":{"x":61,"y":864,"width":233,"height":10}},{"id":"4da8bf3e-82d8-44bc-bbdd-8d0f1a2510b7","block_type":"box","text":"General Obligation Bonds Risks.","page_number":33,"box":{"x":62,"y":893,"width":240,"height":12}},{"id":"477cd355-1329-4a3f-9b8a-e9582c21b8df","block_type":"box","text":"The full faith, credit and taxing power of the municipality that issues a","page_number":33,"box":{"x":303,"y":893,"width":523,"height":12}},{"id":"f930b25a-4fc1-4fef-b2ba-d28de36d0619","block_type":"box","text":"general obligation bond secures payment of interest and repayment of principal. Timely payments depend on the","page_number":33,"box":{"x":61,"y":908,"width":837,"height":12}},{"id":"d9b431f1-280b-4b41-a8e7-ab94d7a56963","block_type":"box","text":"issuer’s credit quality, ability to raise tax revenues and ability to maintain an adequate tax base.","page_number":33,"box":{"x":61,"y":924,"width":706,"height":12}},{"id":"9ad7d53b-09c5-4e91-8d04-ba292fa13078","block_type":"box","text":"16","page_number":33,"box":{"x":492,"y":955,"width":22,"height":10}},{"id":"89bde925-6679-45d9-9fbe-0e3a052984af","block_type":"box","text":"NM1026U-6049080-33/56","page_number":33,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"a75bd641-e25c-49a9-b024-d2c262465a08","block_type":"box","text":"Revenue Bonds Risks.","page_number":34,"box":{"x":61,"y":41,"width":168,"height":9}},{"id":"8b46b561-505d-49cb-8774-ddaea8d33636","block_type":"box","text":"Payments of interest and principal on revenue bonds are made only from the","page_number":34,"box":{"x":230,"y":40,"width":580,"height":13}},{"id":"6c9cde51-91ff-450e-8260-2e9107ebdcd1","block_type":"box","text":"revenues generated by a particular facility, class of facilities or the proceeds of a special tax or other revenue source.","page_number":34,"box":{"x":61,"y":56,"width":873,"height":12}},{"id":"2045331c-1b6e-4b12-8472-c7d8fb628601","block_type":"box","text":"These payments depend on the money earned by the particular facility or class of facilities, or the amount of","page_number":34,"box":{"x":60,"y":71,"width":808,"height":13}},{"id":"2739f6ab-2876-4338-b45d-dba4d7eb5bd2","block_type":"box","text":"revenues derived from another source.","page_number":34,"box":{"x":61,"y":87,"width":293,"height":10}},{"id":"529f866f-c280-4f4f-b92a-bf47bc40c646","block_type":"box","text":"Private Activity Bonds Risks.","page_number":34,"box":{"x":61,"y":118,"width":206,"height":12}},{"id":"69f171f9-bf4e-4c15-aa2b-b6dd6581a430","block_type":"box","text":"Municipalities and other public authorit","page_number":34,"box":{"x":268,"y":118,"width":284,"height":12}},{"id":"4c28fb91-3acc-460d-972e-3fea6933d552","block_type":"box","text":"ies issue private activity bonds to","page_number":34,"box":{"x":553,"y":118,"width":244,"height":12}},{"id":"62c856e1-b567-4450-b3fb-ad606cc9657a","block_type":"box","text":"finance development of industrial facilities for use by a pr","page_number":34,"box":{"x":60,"y":134,"width":413,"height":12}},{"id":"e31bfe11-6f56-4c6f-a530-afb5ee09a853","block_type":"box","text":"ivate enterprise. The private","page_number":34,"box":{"x":474,"y":134,"width":207,"height":11}},{"id":"23ad028c-a389-4b06-8688-14c69e1a2819","block_type":"box","text":"enterprise pays the principal","page_number":34,"box":{"x":682,"y":134,"width":210,"height":12}},{"id":"3e12d68b-af15-4e62-8eb3-41883c5f8c58","block_type":"box","text":"and interest on the bond, and the issuer does not pledge its full f","page_number":34,"box":{"x":61,"y":149,"width":462,"height":12}},{"id":"df2f9a71-be69-400d-b016-d69029dfc7e4","block_type":"box","text":"faith, credit and taxing power for repayment. If the private","page_number":34,"box":{"x":523,"y":149,"width":420,"height":12}},{"id":"27241868-01f8-4cd3-9f69-0c638371aaee","block_type":"box","text":"enterprise defaults on its payments, the","page_number":34,"box":{"x":61,"y":165,"width":291,"height":12}},{"id":"efa4fe8e-b2a2-4e33-a32a-2e53c45786c0","block_type":"box","text":"Fund may not receive any income or get its money back from the investment.","page_number":34,"box":{"x":353,"y":165,"width":566,"height":12}},{"id":"0754bf3d-9f8d-4966-bc35-5cd80b9b2355","block_type":"box","text":"Moral Obligation Bonds Risks.","page_number":34,"box":{"x":61,"y":196,"width":223,"height":12}},{"id":"c95c689b-180a-4704-b60d-56983b9ff6b0","block_type":"box","text":"Moral obligation bonds are generally issued by special purpose public authorities of a","page_number":34,"box":{"x":285,"y":196,"width":643,"height":12}},{"id":"5604836c-2227-458d-bb0e-2bbba3368c6e","block_type":"box","text":"state or municipality. If the issuer is unable to meet its obligations, repayment of these bonds becomes a","page_number":34,"box":{"x":61,"y":211,"width":780,"height":12}},{"id":"9ec9986b-3f0c-4828-be6a-3593515a4750","block_type":"box","text":"moral commitment, but not a legal obligation, of the state or municipality.","page_number":34,"box":{"x":61,"y":227,"width":544,"height":12}},{"id":"df5c9794-870f-4a5b-9186-e67475771d98","block_type":"box","text":"Municipal Notes Risks.","page_number":34,"box":{"x":61,"y":258,"width":168,"height":11}},{"id":"35ce9508-53f1-47c7-9e2f-62313c0a8ab4","block_type":"box","text":"Municipal notes are shorter term municipal debt obligations. They may provide","page_number":34,"box":{"x":230,"y":258,"width":593,"height":12}},{"id":"45fba5a6-db6f-48ce-8063-b357bbce9e2a","block_type":"box","text":"interim financing in anticipation of, and are secured by, tax collection, bond sales or revenue receipts. If there is a","page_number":34,"box":{"x":61,"y":273,"width":845,"height":12}},{"id":"dc61278e-55f7-4756-9a0e-2931ee0a9957","block_type":"box","text":"shortfall in the anticipated proceeds, the notes may not be fully repaid and the Fund may lose money.","page_number":34,"box":{"x":61,"y":289,"width":757,"height":12}},{"id":"0cbb55d4-2a1f-4eff-bb64-8be3fb44e532","block_type":"box","text":"Municipal Lease Obligations Risks.","page_number":34,"box":{"x":61,"y":320,"width":258,"height":12}},{"id":"6165a162-d9d6-424d-80de-8ee359fbc215","block_type":"box","text":"In a municipal lease obligation, the issuer agrees to make payments when due on","page_number":34,"box":{"x":321,"y":320,"width":616,"height":12}},{"id":"64cf1a03-897c-4850-9a1c-cbaf56e276de","block_type":"box","text":"the lease obligation. The issuer will generally appropriate municipal funds for that purpose, but is not obligated to do","page_number":34,"box":{"x":60,"y":335,"width":865,"height":12}},{"id":"0535d062-f9a6-4c04-8fea-e894c54fff8e","block_type":"box","text":"so. Although the issuer does not pledge its unlimited taxing power for payment of the lease obligation, the lease","page_number":34,"box":{"x":61,"y":351,"width":833,"height":12}},{"id":"c641a66f-1728-4705-82c0-31216d9ad07b","block_type":"box","text":"obligation is secured by the leased property. However, if the issuer does not fulfill its payment obligation it may be","page_number":34,"box":{"x":61,"y":366,"width":848,"height":12}},{"id":"c8af5854-5982-4ab3-af7f-d2f7f0bdc250","block_type":"box","text":"difficult to sell the property and the proceeds of a sale may not cover the Fund’s loss.","page_number":34,"box":{"x":61,"y":382,"width":636,"height":12}},{"id":"51d9e99d-d459-4442-b1d6-43d8fbdecb6d","block_type":"box","text":"Tax-Exempt Status Risk.","page_number":34,"box":{"x":62,"y":413,"width":182,"height":12}},{"id":"ad1b9df3-3085-4b83-8cf5-5aae884869f3","block_type":"box","text":"In making investments, the Fund and its investment manager will rely on the opinion","page_number":34,"box":{"x":245,"y":413,"width":635,"height":12}},{"id":"6772f0d0-5d1c-4d14-b8a5-f9a5bbb8a124","block_type":"box","text":"of issuers’ bond counsel and, in the case of derivative securities, sponsors’ counsel, on the tax-exempt status","page_number":34,"box":{"x":61,"y":428,"width":817,"height":12}},{"id":"79f7a798-5d2f-4257-b2e4-c203b5e709f7","block_type":"box","text":"of interest on municipal obligations and payments under tax-exempt derivative securities. Neither the Fund nor","page_number":34,"box":{"x":61,"y":444,"width":824,"height":12}},{"id":"44d98650-3470-4fc2-8d8c-2d04cbacd09c","block_type":"box","text":"its investment manager will independently review the bases for those tax opinions. If any of those tax opinions","page_number":34,"box":{"x":61,"y":459,"width":821,"height":12}},{"id":"3408f3c3-f320-4f2a-bae3-b4bece7aa189","block_type":"box","text":"are ultimately determined to be incorrect or if events occur after the security is acquired that impact the security’s","page_number":34,"box":{"x":61,"y":475,"width":843,"height":12}},{"id":"6515103a-bf27-4689-9c2d-9019a29f0ef7","block_type":"box","text":"tax-exempt status, the Fund and its shareholders could be subject to substantial tax liabilities. The IRS has","page_number":34,"box":{"x":60,"y":490,"width":798,"height":12}},{"id":"a58c7d41-8ef3-4dec-ae2c-9092d6d3b88e","block_type":"box","text":"generally not ruled on the taxability of the securities. An assertion by the IRS that a portfolio security is not exempt","page_number":34,"box":{"x":61,"y":506,"width":852,"height":12}},{"id":"10320d68-e05a-4345-aff4-e9087d4b0bb9","block_type":"box","text":"from U.S. federal income tax (contrary to indications from the issuer) could affect the Fund’s and its shareholders’","page_number":34,"box":{"x":60,"y":521,"width":848,"height":12}},{"id":"b22a3f48-620a-4203-b784-e1d5bde034d7","block_type":"box","text":"income tax liability for the current or past years and could create liability for information reporting penalties. In","page_number":34,"box":{"x":61,"y":537,"width":815,"height":12}},{"id":"f1bc34d4-fdb1-49e8-94d4-116f538a72a7","block_type":"box","text":"addition, an IRS assertion of taxability may impair the liquidity and the fair market value of the securities.","page_number":34,"box":{"x":61,"y":552,"width":779,"height":12}},{"id":"ddc38e55-2644-4122-9243-f2275e2ed8fb","block_type":"box","text":"New Fund Risk.","page_number":34,"box":{"x":61,"y":583,"width":129,"height":10}},{"id":"3411257c-8903-4f4d-8232-7c143ab148fd","block_type":"box","text":"The","page_number":34,"box":{"x":191,"y":583,"width":28,"height":10}},{"id":"60c509c3-7477-4c69-adcc-9ba783e3a4a6","block_type":"box","text":"Fund is new and has limited or no performance history as of the date of this Prospectus. Like","page_number":34,"box":{"x":225,"y":583,"width":694,"height":12}},{"id":"bd94c1d9-95da-470a-a1e0-e3ba55218058","block_type":"box","text":"other new funds, large inflows and outflows may impact the Fund’s market exposure, and in turn, the Fund’s returns","page_number":34,"box":{"x":61,"y":599,"width":864,"height":12}},{"id":"7b260797-b2dd-4737-b24e-d5061d6f55cc","block_type":"box","text":"for limited periods of time. While the Fund is new, it","page_number":34,"box":{"x":60,"y":614,"width":386,"height":12}},{"id":"e6e18760-f95c-440a-99c0-a31132acdecf","block_type":"box","text":"may temporarily not be fully invested consistent with the principal","page_number":34,"box":{"x":447,"y":614,"width":487,"height":12}},{"id":"00336ace-d4dc-4ec6-8c16-0b6342cbf559","block_type":"box","text":"investment strategies disclosed in its prospectus.","page_number":34,"box":{"x":61,"y":630,"width":369,"height":12}},{"id":"55fdc72e-e7d6-43cc-a1b3-5412e8ebf4ec","block_type":"box","text":"Non-Diversification Risk.","page_number":34,"box":{"x":61,"y":661,"width":197,"height":9}},{"id":"9702419e-372e-439a-8a10-dba1930ffcb7","block_type":"box","text":"The Fund is a non-diversified fund. Because the Fund may invest in securities of a smaller","page_number":34,"box":{"x":265,"y":661,"width":670,"height":12}},{"id":"3831fe31-e4df-431e-8460-e1a3c64afc91","block_type":"box","text":"number of issuers, it may be more exposed to the risks associated with and developments affecting an individual","page_number":34,"box":{"x":61,"y":676,"width":836,"height":12}},{"id":"05628d55-2d7b-4b54-a436-6b073d5beee9","block_type":"box","text":"issuer than a fund that invests more widely.","page_number":34,"box":{"x":61,"y":692,"width":321,"height":12}},{"id":"62708da6-5884-4eb7-9fbf-62ea051a1315","block_type":"box","text":"Operational and Technology Risks.","page_number":34,"box":{"x":62,"y":723,"width":279,"height":12}},{"id":"a56efdd4-933a-4eb9-9764-846d0b9d8c5f","block_type":"box","text":"The Fund and the entities with which it interacts directly or indirectly","page_number":34,"box":{"x":347,"y":723,"width":503,"height":12}},{"id":"ab68d7bd-0cad-4828-9b6c-d0f5f3c469f6","block_type":"box","text":"are susceptible to operational and technology risks, including those related to human errors, processing","page_number":34,"box":{"x":61,"y":738,"width":768,"height":12}},{"id":"a0da5dde-75a7-4edf-ad37-ad35d72ebfd7","block_type":"box","text":"errors, communication errors, systems failures, cybersecurity incidents, and the use of artificial intelligence and","page_number":34,"box":{"x":61,"y":754,"width":822,"height":12}},{"id":"1342d9bc-7973-426a-9113-4d29660909fa","block_type":"box","text":"machine learning (“AI”), which may result in losses for the Fund and its shareholders or impair the Fund’s operations.","page_number":34,"box":{"x":61,"y":769,"width":867,"height":12}},{"id":"8a055fba-9602-4c9b-98a5-d5b61a45bfa2","block_type":"box","text":"These entities include, but are not limited to, the Fund’s adviser, administrator, distributor, other service providers","page_number":34,"box":{"x":60,"y":785,"width":841,"height":12}},{"id":"66a2910d-7eea-4854-b4cf-5b50d28ef30a","block_type":"box","text":"(e.g., index and benchmark providers, accountants, custodians, and transfer agents), financial","page_number":34,"box":{"x":61,"y":800,"width":697,"height":12}},{"id":"addc9b40-e347-4625-9be7-de75033cdb76","block_type":"box","text":"intermediaries, counterparties, market makers, Authorized Participants, listing exchanges, other financial market","page_number":34,"box":{"x":61,"y":816,"width":833,"height":12}},{"id":"2d433c0d-de47-48a5-8413-7ad3b226d66f","block_type":"box","text":"operators, and governmental authorities, as applicable. Operational and technology risks for the issuers in which the","page_number":34,"box":{"x":61,"y":831,"width":867,"height":12}},{"id":"8700db91-f83e-4e37-9214-f959c465210a","block_type":"box","text":"Fund invests could also result in material adverse consequences for such issuers and may cause the Fund’s","page_number":34,"box":{"x":61,"y":847,"width":810,"height":12}},{"id":"0c64930c-b339-4739-a6a2-bd1073ecc2c7","block_type":"box","text":"investments in such issuers to lose value. The Fund may incur substantial costs in order to mitigate operational and","page_number":34,"box":{"x":61,"y":862,"width":862,"height":12}},{"id":"2e401adb-6f1e-4ea9-95be-fd6d9fd26e19","block_type":"box","text":"technology risks.","page_number":34,"box":{"x":60,"y":878,"width":130,"height":12}},{"id":"c2771031-4bab-4b00-ae52-c36b15b47680","block_type":"box","text":"Cybersecurity incidents can result from deliberate attacks or unintentional events against an issuer in which the Fund","page_number":34,"box":{"x":61,"y":909,"width":867,"height":12}},{"id":"1ecf92e2-e4fc-488e-a2f6-a4e7060dbfe0","block_type":"box","text":"invests, the Fund or any of its service providers. They include, but are not limited to, gaining unauthorized access to","page_number":34,"box":{"x":61,"y":924,"width":859,"height":12}},{"id":"6ed6b8fd-2f0a-4efe-9354-7501d05f8c14","block_type":"box","text":"17","page_number":34,"box":{"x":492,"y":955,"width":22,"height":10}},{"id":"28e5f201-40a1-40b8-9853-eccb7f49751b","block_type":"box","text":"NM1026U-6049080-34/56","page_number":34,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"2cc02537-8577-4919-83b3-56a4a5d0ac79","block_type":"box","text":"systems, misappropriating assets or sensitive information, corrupting or destroying data, and causing operational","page_number":35,"box":{"x":61,"y":40,"width":842,"height":13}},{"id":"3ca55998-5751-468e-bf4e-a1feb070965b","block_type":"box","text":"disruption. Geopolitical tension may increase the scale and sophistication of deliberate attacks, particularly those from","page_number":35,"box":{"x":61,"y":56,"width":879,"height":12}},{"id":"69c7f12c-cc9b-496c-a7e4-3efece54e21a","block_type":"box","text":"nation states or from entities with nation state backing. Cybersecurity incidents may result in any of the following:","page_number":35,"box":{"x":61,"y":71,"width":841,"height":13}},{"id":"34cedb72-9543-4d97-80b8-b51ec0fcac71","block_type":"box","text":"financial losses; interference with the Fund’s ability to calculate its NAV; disclosure of confidential information;","page_number":35,"box":{"x":60,"y":87,"width":819,"height":12}},{"id":"89fddcdc-c9b6-44fa-8208-37e3e9b74b79","block_type":"box","text":"impediments to trading; submission of erroneous trades by the Fund or erroneous subscription or redemption orders;","page_number":35,"box":{"x":61,"y":102,"width":872,"height":13}},{"id":"96c5d3f2-47dc-4cc0-9664-bdb33d88c432","block_type":"box","text":"the inability of the Fund or its service providers to transact business; violations of applicable privacy and other laws;","page_number":35,"box":{"x":60,"y":118,"width":862,"height":12}},{"id":"b0bd1618-dbe5-4388-9f19-f0b93a97ac50","block_type":"box","text":"regulatory fines; penalties; reputational damage; reimbursement or other compensation costs; and other legal and","page_number":35,"box":{"x":61,"y":134,"width":850,"height":12}},{"id":"68392062-ce22-4038-bb83-d085d8949827","block_type":"box","text":"compliance expenses. Furthermore, cybersecurity incidents may render records of the Fund, including records","page_number":35,"box":{"x":61,"y":149,"width":824,"height":12}},{"id":"7807b6a0-08e4-40b5-80b9-c32c2c5abe77","block_type":"box","text":"relating to its assets and transactions, shareholder ownership of Fund shares, and other data integral to the Fund’s","page_number":35,"box":{"x":61,"y":165,"width":857,"height":12}},{"id":"7d62249f-50e7-4360-a3cc-49abe0cfe40f","block_type":"box","text":"functioning, inaccessible, inaccurate or incomplete. Power outages, natural disasters, equipment malfunctions and","page_number":35,"box":{"x":60,"y":180,"width":854,"height":12}},{"id":"ef38e1e8-f6b7-49ee-af0b-af08713e1a0d","block_type":"box","text":"processing errors that threaten information and technology systems relied upon by the Fund or its service providers,","page_number":35,"box":{"x":61,"y":196,"width":866,"height":12}},{"id":"091edad9-0d75-4730-8c8b-49c64d1d6fdf","block_type":"box","text":"as well as market events that occur at a pace that overloads these systems, may also disrupt business operations or","page_number":35,"box":{"x":61,"y":211,"width":870,"height":12}},{"id":"83650e58-f0c4-46ba-9d39-ad7775dbb1c7","block_type":"box","text":"impact critical data. In addition, the risks of increased use of AI technologies, such as machine learning, include data","page_number":35,"box":{"x":61,"y":227,"width":869,"height":12}},{"id":"51024b1f-b5e8-46d6-b685-bce0c07210ba","block_type":"box","text":"risk, transparency risk, and operational risk. The AI technologies, which are generally highly reliant on the collection","page_number":35,"box":{"x":61,"y":242,"width":862,"height":12}},{"id":"fb6a7d8d-5320-4489-824e-cb1c2a45f402","block_type":"box","text":"and analysis of large amounts of data, may incorporate biased or inaccurate data, and it is not possible or practicable","page_number":35,"box":{"x":61,"y":258,"width":875,"height":12}},{"id":"fa23d36f-2bb8-456a-b1d3-42f5ee41956d","block_type":"box","text":"to incorporate all relevant data into such technologies. The output or results of any such AI technologies may","page_number":35,"box":{"x":60,"y":273,"width":813,"height":12}},{"id":"5e786299-055f-4145-9b29-031308129124","block_type":"box","text":"therefore be incomplete, erroneous, distorted or misleading. Further, AI tools may lack transparency as to how data is","page_number":35,"box":{"x":60,"y":289,"width":879,"height":12}},{"id":"1f112989-97a9-4968-adb8-00d86cea9d72","block_type":"box","text":"utilized and how outputs are generated. AI technologies may also allow the unintended introduction of vulnerabilities","page_number":35,"box":{"x":61,"y":304,"width":866,"height":12}},{"id":"e22d5c38-b5ac-4447-9777-60707e1ba682","block_type":"box","text":"into infrastructures and applications. The Fund and its shareholders could be negatively impacted as a result of these","page_number":35,"box":{"x":61,"y":320,"width":875,"height":12}},{"id":"256c3181-cff6-471f-9904-959fb032a850","block_type":"box","text":"risks associated with AI technologies. AI technologies and their current and potential future applications, and the","page_number":35,"box":{"x":61,"y":335,"width":837,"height":12}},{"id":"6802e3c8-c289-451f-8feb-b0d081c56393","block_type":"box","text":"regulatory frameworks within which they operate, continue to quickly evolve, and it is impossible to anticipate the full","page_number":35,"box":{"x":61,"y":351,"width":866,"height":12}},{"id":"dd28392a-5481-478c-a537-effc279ac4b5","block_type":"box","text":"scope of future AI capabilities or rules and the associated risks to the Fund.","page_number":35,"box":{"x":61,"y":366,"width":564,"height":12}},{"id":"4f8884d1-116f-4b2b-98ab-7dc2a1c176b9","block_type":"box","text":"While the Fund’s service providers are required to have appropriate operational, information security","page_number":35,"box":{"x":60,"y":397,"width":750,"height":12}},{"id":"28ab5de9-462c-4c26-ab09-e203a3cd2720","block_type":"box","text":"and cybersecurity risk management policies and procedures, their methods of risk management may differ from those","page_number":35,"box":{"x":61,"y":413,"width":879,"height":12}},{"id":"11f51ff8-15cc-4d27-bd64-0a89c47313d1","block_type":"box","text":"of the Fund in the setting of priorities, the personnel and resources available or the effectiveness of relevant","page_number":35,"box":{"x":61,"y":428,"width":804,"height":12}},{"id":"2da6000a-d968-4021-83f7-59d883a594a6","block_type":"box","text":"controls. The Fund and its adviser seek to reduce these risks through controls, procedures and oversight,","page_number":35,"box":{"x":61,"y":444,"width":787,"height":12}},{"id":"e7f368e1-ff25-408f-8857-1ba003febbe5","block_type":"box","text":"including establishing business continuity plans and risk management systems. However, there are inherent","page_number":35,"box":{"x":61,"y":459,"width":806,"height":12}},{"id":"88ddce4e-05a2-4157-b9aa-0dd8f2674e97","block_type":"box","text":"limitations in such plans and systems, including the possibility that certain risks that may affect the Fund have not","page_number":35,"box":{"x":61,"y":475,"width":845,"height":12}},{"id":"3acaea4b-85f6-4972-a58b-a6b2c667e397","block_type":"box","text":"been identified or may emerge in the future; that such plans and systems may not completely eliminate the","page_number":35,"box":{"x":61,"y":490,"width":797,"height":12}},{"id":"e8b9bf1e-7ac5-442e-bf9f-32efc48efd93","block_type":"box","text":"occurrence or mitigate the effects of operational or information security disruptions or failures or of cybersecurity","page_number":35,"box":{"x":61,"y":506,"width":837,"height":12}},{"id":"d66cf15c-bba0-49d3-baf3-31047b4666f0","block_type":"box","text":"incidents; or that prevention and remediation efforts will not be successful or that incidents will go undetected. The","page_number":35,"box":{"x":61,"y":521,"width":852,"height":12}},{"id":"03e47915-d765-455a-97b1-b94e3a69da46","block_type":"box","text":"Fund cannot control the systems, information security or other cybersecurity of the issuers in which it invests or its","page_number":35,"box":{"x":61,"y":537,"width":851,"height":12}},{"id":"99ba40bb-a8ac-4210-8389-84eef7559e47","block_type":"box","text":"service providers, counterparties, and other third parties whose activities affect the Fund.","page_number":35,"box":{"x":61,"y":552,"width":665,"height":12}},{"id":"5c738c29-7ce8-4b74-88e1-f796faf73f0a","block_type":"box","text":"Lastly, the regulatory climate governing cybersecurity and data protection is developing quickly and may","page_number":35,"box":{"x":61,"y":583,"width":777,"height":12}},{"id":"03618d92-d0d2-40b3-b2d2-9cf5b2a0b411","block_type":"box","text":"vary considerably across jurisdictions. Regulators continue to develop new rules and standards related to","page_number":35,"box":{"x":60,"y":599,"width":787,"height":12}},{"id":"8a7f1ef8-69f9-4f5f-9153-241f0c912667","block_type":"box","text":"cybersecurity and data protection. Compliance with evolving regulations can be demanding and costly, requiring","page_number":35,"box":{"x":61,"y":614,"width":836,"height":12}},{"id":"761bf390-7b56-407e-9000-ce3cc77a3a26","block_type":"box","text":"substantial resources to monitor and implement required changes.","page_number":35,"box":{"x":61,"y":630,"width":497,"height":12}},{"id":"24d7fac9-f4e0-499d-8aa6-e6d4c5edea5b","block_type":"box","text":"Preferred Securities Risk.","page_number":35,"box":{"x":61,"y":661,"width":203,"height":9}},{"id":"cedcca9c-fd68-4133-a09a-2e9d5167da3a","block_type":"box","text":"Preferred securities may pay fixed or adjustable rates of return. Preferred securities are","page_number":35,"box":{"x":271,"y":661,"width":648,"height":12}},{"id":"91cdb06b-4304-4ab2-b31b-33679276d8ed","block_type":"box","text":"subject to issuer-specific and market risks applicable generally to equity securities. In addition, a company’s preferred","page_number":35,"box":{"x":61,"y":676,"width":871,"height":12}},{"id":"615883af-a9b4-491b-994f-a921b24c6615","block_type":"box","text":"securities generally pay dividends only after the company makes required payments to holders of its bonds and other","page_number":35,"box":{"x":61,"y":692,"width":870,"height":12}},{"id":"f44eed05-d5ba-4df4-b868-e88d57a9a3bf","block_type":"box","text":"debt. For this reason, the value of preferred securities will usually react more strongly than bonds and other debt to","page_number":35,"box":{"x":61,"y":707,"width":852,"height":12}},{"id":"1c09f4c4-b1f9-4cdd-af73-1ff62223f7d9","block_type":"box","text":"actual or perceived changes in the company’s financial condition or prospects. Preferred securities of smaller","page_number":35,"box":{"x":61,"y":723,"width":810,"height":12}},{"id":"0357954b-0975-476b-8d4f-26244e726f58","block_type":"box","text":"companies may be more vulnerable to adverse developments than preferred securities of larger companies.","page_number":35,"box":{"x":61,"y":738,"width":801,"height":12}},{"id":"f0fb6138-d058-4ca4-8cc6-47071cc32c48","block_type":"box","text":"Real Estate-Related Securities Risk.","page_number":35,"box":{"x":61,"y":769,"width":285,"height":10}},{"id":"99433b77-663b-4d56-88fb-a483708f9c11","block_type":"box","text":"The main risk of real estate-related securities is that the value of","page_number":35,"box":{"x":352,"y":769,"width":478,"height":10}},{"id":"bd6e16e0-ed98-4ff2-9df1-b3f811e15ed9","block_type":"box","text":"the underlying real estate may go down. Many factors may affect real estate values. These factors include both","page_number":35,"box":{"x":60,"y":785,"width":825,"height":12}},{"id":"abc2c476-4a83-4fdc-966f-590198b5e2ca","block_type":"box","text":"the general and local economies, vacancy rates, changes in rent schedules, tenant bankruptcies, the ability to","page_number":35,"box":{"x":60,"y":800,"width":815,"height":12}},{"id":"a99a8edb-f69b-477f-a584-70f71c809bd6","block_type":"box","text":"re-lease space under expiring leases on attractive terms, the amount of new construction in a particular area, the laws","page_number":35,"box":{"x":61,"y":816,"width":875,"height":12}},{"id":"d2391fdb-41e8-42b3-ab78-1fc5bb3f1fa5","block_type":"box","text":"and regulations (including zoning, environmental and tax laws) affecting real estate and the costs of owning,","page_number":35,"box":{"x":61,"y":831,"width":807,"height":12}},{"id":"8ce7b845-a6ba-4ca2-8d8d-c5fa0a288ef5","block_type":"box","text":"maintaining and improving real estate. The availability of mortgage financing and changes in interest rates may also","page_number":35,"box":{"x":61,"y":847,"width":864,"height":12}},{"id":"8b99fccd-3781-445e-867d-d97dbf12ba31","block_type":"box","text":"affect real estate values. If the Fund’s real estate-related investments are concentrated in one geographic area or in","page_number":35,"box":{"x":61,"y":862,"width":864,"height":12}},{"id":"b0a957c9-9bc1-4408-b4fe-260239ae1540","block_type":"box","text":"one property type, the Fund will be particularly subject to the risks associated with that area or property type.","page_number":35,"box":{"x":61,"y":878,"width":811,"height":12}},{"id":"551dbf02-1e6d-46d7-acec-9edae1a26a34","block_type":"box","text":"Many issuers of real estate-related securities are highly leveraged, which increases the risk to holders of such","page_number":35,"box":{"x":61,"y":893,"width":820,"height":12}},{"id":"df01b4a0-6bfe-4083-835e-9d49d65987a1","block_type":"box","text":"securities. The value of the securities the Fund buys will not necessarily track the value of the underlying investments","page_number":35,"box":{"x":61,"y":909,"width":869,"height":12}},{"id":"4df71a8f-23e6-4da4-b074-4288b7d98c3a","block_type":"box","text":"of the issuers of such securities. In addition, certain issuers of real estate-related securities may have developed","page_number":35,"box":{"x":61,"y":924,"width":833,"height":12}},{"id":"0873303c-6c9a-4129-93df-73b92b2435de","block_type":"box","text":"18","page_number":35,"box":{"x":492,"y":955,"width":22,"height":10}},{"id":"2f44dbbc-457c-4a20-bea7-b780f6db18b4","block_type":"box","text":"NM1026U-6049080-35/56","page_number":35,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"87d7bb52-4401-4df9-8e95-f3df94479322","block_type":"box","text":"or commenced development on properties and may develop additional properties in the future. Real","page_number":36,"box":{"x":61,"y":40,"width":746,"height":13}},{"id":"4d705e84-f531-4794-bed9-6c64145d4bed","block_type":"box","text":"estate development involves significant risks in addition to those involved in the ownership and operation of","page_number":36,"box":{"x":61,"y":56,"width":801,"height":12}},{"id":"2a3f51d9-abc7-438a-a61b-3dc624bedb5a","block_type":"box","text":"established properties. Real estate securities may have limited diversification and are, therefore, subject to risks","page_number":36,"box":{"x":61,"y":71,"width":836,"height":13}},{"id":"7a635caf-6fc2-411a-96a7-e251fc63baf7","block_type":"box","text":"inherent in operating and financing a limited number of projects. Real estate securities are also subject to heavy cash","page_number":36,"box":{"x":61,"y":87,"width":875,"height":12}},{"id":"5f14f0f0-70ff-4e67-a448-8d9e99292469","block_type":"box","text":"flow dependency and defaults by borrowers or tenants.","page_number":36,"box":{"x":60,"y":102,"width":414,"height":13}},{"id":"9b6945b2-d7ee-4fb7-a14c-6e093878c3e1","block_type":"box","text":"REIT Investment Risk.","page_number":36,"box":{"x":61,"y":136,"width":181,"height":10}},{"id":"525d1afa-65aa-4130-b5d3-ffba0a72804a","block_type":"box","text":"In addition to the risks facing real estate-related securities, such as a decline in","page_number":36,"box":{"x":243,"y":136,"width":590,"height":12}},{"id":"1e638e51-4ffe-4205-a229-eea312ce08b2","block_type":"box","text":"property values due to increasing vacancies, a decline in rents resulting from unanticipated economic, legal or","page_number":36,"box":{"x":61,"y":152,"width":820,"height":12}},{"id":"3454505e-8bbd-4145-bf53-95346942a05e","block_type":"box","text":"technological developments or a decline in the price of securities of real estate companies due to a failure of","page_number":36,"box":{"x":60,"y":167,"width":808,"height":12}},{"id":"4c6afcf8-4209-40c8-803b-e7542c65f255","block_type":"box","text":"borrowers to pay their loans or poor management, investments","page_number":36,"box":{"x":61,"y":183,"width":472,"height":12}},{"id":"13763a4d-2bae-423f-9ead-3ba167fcaf2e","block_type":"box","text":"in REITs involve unique risks. REITs may have limited","page_number":36,"box":{"x":534,"y":183,"width":407,"height":12}},{"id":"537e7fe5-5afe-468b-af0b-41a893553793","block_type":"box","text":"financial resources, may trade less frequently and in limited volume, may engage in dilutive offerings of securities and","page_number":36,"box":{"x":60,"y":198,"width":879,"height":12}},{"id":"d706007b-60e0-4a63-8bf6-dc9ae7f5eee3","block_type":"box","text":"may be more volatile than other securities. REIT issuers may also fail to maintain their exemptions from","page_number":36,"box":{"x":61,"y":214,"width":773,"height":12}},{"id":"c5983f6b-7e40-452a-a0ed-6fe08d81ebe2","block_type":"box","text":"investment company registration or fail to qualify for the “dividends paid deduction” under the Internal Revenue Code,","page_number":36,"box":{"x":61,"y":229,"width":876,"height":12}},{"id":"126dcb1f-cea5-4f4c-af8c-0d8ae6e85152","block_type":"box","text":"which allows REITs to reduce their corporate taxable income for dividends paid to their shareholders. Ordinary","page_number":36,"box":{"x":60,"y":245,"width":825,"height":12}},{"id":"39bcee3a-5e98-48fd-b8e0-677c3dfb6a23","block_type":"box","text":"REIT dividends received by the Fund and distributed to the Fund’s shareholders will generally be taxable as","page_number":36,"box":{"x":61,"y":260,"width":804,"height":12}},{"id":"e60d1376-b0dd-4921-8da5-7a0b01a85100","block_type":"box","text":"ordinary income and will not constitute “qualified dividend income.” However, a non-corporate taxpayer who is a direct","page_number":36,"box":{"x":61,"y":276,"width":879,"height":12}},{"id":"17f9b19b-b82e-497e-8f0d-e4655833e20c","block_type":"box","text":"REIT shareholder may claim a 20% “qualified business income” deduction for ordinary REIT dividends, and a","page_number":36,"box":{"x":61,"y":291,"width":815,"height":12}},{"id":"090b1f42-c365-469d-b0e7-dba7ca4300a2","block_type":"box","text":"regulated investment company may report dividends as eligible for this deduction to the extent the regulated","page_number":36,"box":{"x":61,"y":307,"width":807,"height":12}},{"id":"17275f77-340d-46ae-9f81-cb05564352c7","block_type":"box","text":"investment company’s income is derived from ordinary REIT dividends (reduced by allocable regulated investment","page_number":36,"box":{"x":61,"y":322,"width":854,"height":12}},{"id":"2bce3ecb-1cf4-430f-aae2-8651f5a6c36a","block_type":"box","text":"company expenses). A shareholder may treat the dividends as such provided the regulated investment company and","page_number":36,"box":{"x":61,"y":338,"width":874,"height":12}},{"id":"45967470-0785-44a2-9a5a-2333f7f6229f","block_type":"box","text":"the shareholder satisfy applicable holding period requirements.","page_number":36,"box":{"x":60,"y":353,"width":472,"height":12}},{"id":"55893653-dd98-4df9-b269-ea12639bf836","block_type":"box","text":"Repurchase Agreements and Purchase and Sale Contracts Risk.","page_number":36,"box":{"x":61,"y":387,"width":513,"height":12}},{"id":"efeb14f6-20dc-40f6-8904-af0b8cb04d9c","block_type":"box","text":"If the other party to a repurchase agreement","page_number":36,"box":{"x":575,"y":387,"width":339,"height":12}},{"id":"7c12c59b-d25e-4aef-9fa4-099133f7e2b1","block_type":"box","text":"or purchase and sale contract defaults on its obligation under the agreement, the Fund may suffer delays and","page_number":36,"box":{"x":61,"y":402,"width":817,"height":12}},{"id":"9639e39e-2076-4e49-bec4-d6200a8139b5","block_type":"box","text":"incur costs or lose money in exercising its rights under the agreement. If the seller fails to repurchase the security","page_number":36,"box":{"x":61,"y":418,"width":846,"height":12}},{"id":"d3df8870-741c-4fad-9549-26ed5c8ac8fc","block_type":"box","text":"in either situation and the market value of the security declines, the Fund may lose money.","page_number":36,"box":{"x":61,"y":433,"width":677,"height":12}},{"id":"876c6eb8-48ca-43be-9ab7-b0572d99d96a","block_type":"box","text":"Reverse Repurchase Agreements Risk.","page_number":36,"box":{"x":61,"y":467,"width":311,"height":12}},{"id":"d6b64d16-34ba-41a2-9807-83a38f105911","block_type":"box","text":"Reverse repurchase agreements involve the sale of securities held by the","page_number":36,"box":{"x":373,"y":467,"width":557,"height":12}},{"id":"21f9eb5a-5af8-45df-8928-760a3172ad4e","block_type":"box","text":"Fund with an agreement to repurchase the securities at an agreed-upon price, date and interest payment. Reverse","page_number":36,"box":{"x":61,"y":482,"width":856,"height":12}},{"id":"6e015134-4c0e-4042-9359-d8f70ff02688","block_type":"box","text":"repurchase agreements involve the risk that the other party may fail to return the securities in a timely manner or at","page_number":36,"box":{"x":61,"y":498,"width":859,"height":12}},{"id":"dad04f9b-e4cc-484b-8d3a-e57d0750f32b","block_type":"box","text":"all. The Fund could lose money if it is unable to recover","page_number":36,"box":{"x":61,"y":513,"width":415,"height":12}},{"id":"5acfeca3-258f-4abf-85b7-2ea225ec9a66","block_type":"box","text":"the securities and the value of the collateral held by the Fund,","page_number":36,"box":{"x":477,"y":513,"width":463,"height":12}},{"id":"b776d5a3-dc4c-4118-8b69-9c46a741e923","block_type":"box","text":"including the value of the investments made with cash collateral, is less than the value of the securities. These events","page_number":36,"box":{"x":61,"y":529,"width":878,"height":12}},{"id":"ff399469-8e93-48f2-adc7-1eff5bc0c987","block_type":"box","text":"could also trigger adverse tax consequences for the Fund. In addition, reverse repurchase agreements involve the","page_number":36,"box":{"x":61,"y":544,"width":853,"height":12}},{"id":"4dd72e6d-e295-41e1-b5ee-984b8397c1ff","block_type":"box","text":"risk that the interest income earned in the investment of the proceeds will be less than the interest expense.","page_number":36,"box":{"x":61,"y":560,"width":804,"height":12}},{"id":"dca2b29e-4fdb-4fac-ba10-f414587b5da1","block_type":"box","text":"Risk of Investing in the United States.","page_number":36,"box":{"x":61,"y":593,"width":299,"height":12}},{"id":"ad99d63c-5d4a-462f-a6d4-ebdef910e1a5","block_type":"box","text":"A decrease in imports or exports, changes in trade regulations, tariffs,","page_number":36,"box":{"x":362,"y":593,"width":528,"height":12}},{"id":"a832f78f-0215-4436-adf1-b43f264c1a52","block_type":"box","text":"inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy","page_number":36,"box":{"x":61,"y":609,"width":871,"height":12}},{"id":"b744cd0a-822c-4e2e-aebf-8f0ccfe38902","block_type":"box","text":"and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the United","page_number":36,"box":{"x":61,"y":624,"width":833,"height":12}},{"id":"9d2c7b06-bad9-4d29-a94e-156441305fcf","block_type":"box","text":"States are changing many aspects of financial, commercial, public health, environmental, and other regulation and","page_number":36,"box":{"x":61,"y":640,"width":853,"height":12}},{"id":"0c8d1f0b-5b68-4466-b136-d0c5b0a85413","block_type":"box","text":"may have a significant effect on U.S. markets generally, as well as on the value of certain securities.","page_number":36,"box":{"x":61,"y":655,"width":749,"height":12}},{"id":"c63ba747-03be-4ce2-84d5-760664e422fb","block_type":"box","text":"Governmental agencies project that the United States will continue to maintain elevated public debt levels for the","page_number":36,"box":{"x":61,"y":671,"width":836,"height":12}},{"id":"4e46976b-201e-4306-b3ff-4ebe504d8841","block_type":"box","text":"foreseeable future. Although elevated debt levels do not necessarily indicate or cause economic problems, elevated","page_number":36,"box":{"x":60,"y":686,"width":860,"height":12}},{"id":"a03bfa91-4530-422b-9d35-4674ef5321c2","block_type":"box","text":"public debt service costs may constrain future economic growth.","page_number":36,"box":{"x":61,"y":702,"width":475,"height":12}},{"id":"35f3104e-6247-45fc-80c8-a191ca6c9108","block_type":"box","text":"The United States has developed increasingly strained relations with a number of foreign countries. If relations","page_number":36,"box":{"x":60,"y":735,"width":820,"height":12}},{"id":"52dafd80-9806-4435-b592-cfeccc159719","block_type":"box","text":"with certain countries deteriorate, it could adversely affect U.S. issuers as well as non-U.S. issuers that rely on","page_number":36,"box":{"x":60,"y":751,"width":819,"height":12}},{"id":"3be84560-2487-43cb-b9ac-4332039d195d","block_type":"box","text":"the United States for trade. The United States has also","page_number":36,"box":{"x":60,"y":766,"width":408,"height":10}},{"id":"cf16bd9a-3178-4826-aa2e-0e3c0a14ef5e","block_type":"box","text":"experienced increased internal unrest and political discord. If","page_number":36,"box":{"x":474,"y":766,"width":451,"height":12}},{"id":"2c07d7c9-1233-466f-bee7-2db651400271","block_type":"box","text":"these trends were to continue, it may have an adverse impact on the U.S. economy and the issuers in which the Fund","page_number":36,"box":{"x":60,"y":782,"width":875,"height":12}},{"id":"693b3e66-87b3-4c8d-974c-5f1d49d01df4","block_type":"box","text":"invests.","page_number":36,"box":{"x":61,"y":797,"width":55,"height":10}},{"id":"15fd4595-f35b-4107-bf96-e7453238ce40","block_type":"box","text":"Risks of Loan Assignments and Participations.","page_number":36,"box":{"x":61,"y":831,"width":374,"height":12}},{"id":"fcff609a-4e21-455f-8170-c80b25a68b0e","block_type":"box","text":"As the purchaser of an assignment, the Fund typically succeeds to","page_number":36,"box":{"x":436,"y":831,"width":505,"height":12}},{"id":"2becbdb3-be46-41f2-ae05-945eb480c759","block_type":"box","text":"all the rights and obligations of the assigning institution and becomes a lender under the credit agreement","page_number":36,"box":{"x":61,"y":846,"width":789,"height":12}},{"id":"2e3777b4-dad3-4990-919e-106353f2883a","block_type":"box","text":"with respect to the debt obligation; however, the Fund may not be able unilaterally to enforce all rights and","page_number":36,"box":{"x":60,"y":862,"width":794,"height":12}},{"id":"1f20bf80-d049-4970-9c95-42b7c504d472","block_type":"box","text":"remedies under the loan and with regard to any associated collateral. Because assignments may be arranged through","page_number":36,"box":{"x":61,"y":877,"width":881,"height":12}},{"id":"ce7e1b1a-5855-48c1-9577-fc13b25d156d","block_type":"box","text":"private negotiations between potential assignees and potential assignors, the rights and obligations acquired by the","page_number":36,"box":{"x":61,"y":893,"width":861,"height":12}},{"id":"049b956d-fcee-4319-9610-72289244ff91","block_type":"box","text":"Fund as the purchaser of an assignment may differ from, and be more limited than, those held by the assigning","page_number":36,"box":{"x":61,"y":908,"width":825,"height":12}},{"id":"012449ca-1d9b-48c2-bff2-78edf3dfb4d3","block_type":"box","text":"lender. In addition, if the loan is foreclosed, the Fund could become part owner of any collateral and could bear the","page_number":36,"box":{"x":61,"y":924,"width":850,"height":12}},{"id":"56646bec-14f1-406d-80fa-b066103a85bf","block_type":"box","text":"19","page_number":36,"box":{"x":492,"y":955,"width":22,"height":10}},{"id":"dd0777a9-0f74-4112-b925-3820743ae187","block_type":"box","text":"NM1026U-6049080-36/56","page_number":36,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"690a048d-8d7f-4d7d-b2ef-300ee4c9861a","block_type":"box","text":"costs and liabilities of owning and disposing of the collateral. The Fund may be required to pass along to a purchaser","page_number":37,"box":{"x":61,"y":40,"width":873,"height":13}},{"id":"73f25d67-9ce5-4d6c-a63e-ae7c9d0ebeef","block_type":"box","text":"that buys a loan from the Fund by way of assignment a portion of any fees to which the Fund is entitled under the","page_number":37,"box":{"x":60,"y":56,"width":846,"height":12}},{"id":"7cd8bad8-3391-46e6-930c-dbb4bd6d0a6f","block_type":"box","text":"loan. In connection with purchasing participations, the Fund generally will have no right to enforce compliance by","page_number":37,"box":{"x":61,"y":71,"width":841,"height":13}},{"id":"7392ef77-9652-42f2-895e-631de4cb43b4","block_type":"box","text":"the borrower with the terms of the loan agreement relating to the loan, nor any rights of set-off against the","page_number":37,"box":{"x":60,"y":87,"width":789,"height":12}},{"id":"1df942d1-cbca-4286-80d0-e89ab7f206f5","block_type":"box","text":"borrower, and the Fund may not directly benefit from any collateral supporting the loan in which it has purchased","page_number":37,"box":{"x":61,"y":102,"width":840,"height":13}},{"id":"00fd07d8-9d32-48ce-9950-9cc969ead4cb","block_type":"box","text":"the participation. As a result, the Fund will be subject to the credit risk of both the borrower and the lender that","page_number":37,"box":{"x":60,"y":118,"width":822,"height":12}},{"id":"b0eacc31-dc92-4715-a7c2-ed34b6726098","block_type":"box","text":"is selling the participation. In the event of the insolvency of the lender selling a participation, the Fund may be","page_number":37,"box":{"x":61,"y":134,"width":815,"height":12}},{"id":"4c22f8b2-dfd7-4843-8cb9-b4dd2af4cc7a","block_type":"box","text":"treated as a general creditor of the lender and may not","page_number":37,"box":{"x":60,"y":149,"width":411,"height":12}},{"id":"5ea280e3-8a3f-4ab2-9c90-b0947ccbdaa6","block_type":"box","text":"benefit from any set-off between the lender and the borrower.","page_number":37,"box":{"x":472,"y":149,"width":461,"height":12}},{"id":"4659667a-f6d0-46b2-a8da-25a2f77faf57","block_type":"box","text":"Second Lien Loans Risk.","page_number":37,"box":{"x":61,"y":180,"width":203,"height":10}},{"id":"ac4ca059-7527-4eef-93b8-e39a9a0bd89d","block_type":"box","text":"Second lien loans generally are subject to similar risks as those associated","page_number":37,"box":{"x":265,"y":180,"width":561,"height":12}},{"id":"86b7cf3a-4978-44f3-ad9d-6837b26a3770","block_type":"box","text":"with investments in senior loans. Because second lien loans are subordinated or unsecured and thus lower in priority","page_number":37,"box":{"x":60,"y":196,"width":873,"height":12}},{"id":"63534dc6-10f0-4153-97cf-d772d5fee980","block_type":"box","text":"of payment to senior loans, they are subject to the additional risk that the cash flow of the borrower and","page_number":37,"box":{"x":61,"y":211,"width":770,"height":12}},{"id":"352a5f5c-c779-4086-8452-60d3ea955ee5","block_type":"box","text":"property securing the loan or debt, if any, may be insufficient to meet scheduled payments after giving effect to the","page_number":37,"box":{"x":61,"y":227,"width":854,"height":12}},{"id":"59ebdbad-67cb-440c-b6e7-70a9e7566dd1","block_type":"box","text":"senior secured obligations of the borrower. This risk is generally higher for subordinated unsecured loans or debt,","page_number":37,"box":{"x":61,"y":242,"width":847,"height":12}},{"id":"082fc533-beac-45b0-9632-149c355596eb","block_type":"box","text":"which are not backed by a security interest in any specific collateral. Second lien loans generally have greater","page_number":37,"box":{"x":60,"y":258,"width":819,"height":12}},{"id":"a57b0e4f-55bc-4df3-83b9-8054b1f92b8c","block_type":"box","text":"price volatility and may be less liquid than senior loans.","page_number":37,"box":{"x":61,"y":273,"width":413,"height":12}},{"id":"ba36fbc2-2569-4606-a39f-5420a2645303","block_type":"box","text":"There is also a possibility that originators will not be able to sell participations in second lien loans, which would create","page_number":37,"box":{"x":60,"y":304,"width":882,"height":12}},{"id":"e1c4ce9c-eb1c-4fc0-8771-acd326e60c4d","block_type":"box","text":"greater credit risk exposure for the holders of such loans. Second lien loans share the same risks as other below","page_number":37,"box":{"x":61,"y":320,"width":841,"height":12}},{"id":"92dda6f3-fc2c-48c2-a265-223f57c7c97a","block_type":"box","text":"investment grade securities.","page_number":37,"box":{"x":61,"y":335,"width":213,"height":12}},{"id":"f7f2ea99-7561-438f-9467-a7ae6d9e169c","block_type":"box","text":"Senior Loans Risk.","page_number":37,"box":{"x":61,"y":366,"width":155,"height":10}},{"id":"aac2b401-b260-4315-b2bc-80386ad577d6","block_type":"box","text":"There is less readily available, reliable information about most senior loans than is the case for","page_number":37,"box":{"x":217,"y":366,"width":706,"height":12}},{"id":"d865d817-c52d-43b7-b4dc-0abbd381d004","block_type":"box","text":"many other types of securities. In addition, there is no minimum rating or other independent evaluation of a borrower","page_number":37,"box":{"x":61,"y":382,"width":868,"height":12}},{"id":"7e1fce1d-2075-4754-9423-4a809f5a0546","block_type":"box","text":"or its securities limiting the Fund’s investments, and BFA relies primarily on its own evaluation of a borrower’s credit","page_number":37,"box":{"x":61,"y":397,"width":863,"height":12}},{"id":"96d6e9a1-c672-4911-acbf-e59c0c2400ae","block_type":"box","text":"quality rather than on any available independent sources. As a result, the Fund is particularly dependent on the","page_number":37,"box":{"x":61,"y":413,"width":829,"height":12}},{"id":"67e0a0e5-9e45-48fc-a45c-0feda40171d2","block_type":"box","text":"analytical abilities of BFA.","page_number":37,"box":{"x":61,"y":428,"width":195,"height":12}},{"id":"24939ad4-464e-408d-b153-35298d22474c","block_type":"box","text":"An economic downturn generally leads to a higher non-payment rate, and a senior loan may lose significant","page_number":37,"box":{"x":60,"y":459,"width":805,"height":12}},{"id":"4f60d73c-87d3-4983-a1c3-9cee9c1ed625","block_type":"box","text":"value before a default occurs. Moreover, any specific collateral used to secure a senior loan may decline in value","page_number":37,"box":{"x":60,"y":475,"width":844,"height":12}},{"id":"ac03dd17-8f6f-476e-afd3-89eb186edc0c","block_type":"box","text":"or become illiquid, which would adversely affect the senior loan’s value.","page_number":37,"box":{"x":61,"y":490,"width":535,"height":12}},{"id":"3e638c83-18ce-4efd-aff5-d70798c416b5","block_type":"box","text":"No active trading market may exist for certain senior loans, which may impair the ability of the Fund to realize","page_number":37,"box":{"x":61,"y":521,"width":815,"height":12}},{"id":"4f85670c-42de-4b5d-8f3f-061c8c707f56","block_type":"box","text":"full value in the event of the need to sell a senior","page_number":37,"box":{"x":60,"y":537,"width":365,"height":9}},{"id":"e709cc24-490a-42ec-a381-ddbecdd9ed30","block_type":"box","text":"loan and which may make it difficult to value senior loans.","page_number":37,"box":{"x":426,"y":537,"width":432,"height":12}},{"id":"32565a22-07b7-42eb-a2f9-22b0bb19076a","block_type":"box","text":"Adverse market conditions may impair the liquidity of some actively traded senior loans. To the extent that a","page_number":37,"box":{"x":60,"y":552,"width":807,"height":12}},{"id":"98a68643-91a2-4286-b16a-0e849224a00b","block_type":"box","text":"secondary market does exist for certain senior loans, the market may be subject to irregular trading activity, wide bid/","page_number":37,"box":{"x":61,"y":568,"width":869,"height":12}},{"id":"9f84e07f-fcae-4f7e-bce6-6af0b7b1bca8","block_type":"box","text":"ask spreads and extended trade settlement periods. See “Illiquid Investments Risk.”","page_number":37,"box":{"x":61,"y":583,"width":627,"height":12}},{"id":"420b2a4e-076b-4005-a683-11b604a9db5e","block_type":"box","text":"Although senior loans in which the Fund will invest generally will be secured by specific collateral, there can be","page_number":37,"box":{"x":60,"y":614,"width":827,"height":12}},{"id":"72b43959-5b10-48cd-902f-a4f48f235301","block_type":"box","text":"no assurance that liquidation of such collateral would satisfy the borrower’s obligation in the event of non-payment","page_number":37,"box":{"x":61,"y":630,"width":851,"height":12}},{"id":"c6324120-2a07-48b1-9ceb-944d39ab88e2","block_type":"box","text":"of scheduled interest or principal or that such collateral could be readily liquidated. In the event of the bankruptcy of","page_number":37,"box":{"x":61,"y":645,"width":860,"height":12}},{"id":"6af95dae-a723-40ae-99d9-5f60a7854ca3","block_type":"box","text":"a borrower, the Fund could experience delays or limitations with respect to its ability to realize the benefits of","page_number":37,"box":{"x":61,"y":661,"width":806,"height":12}},{"id":"57a4d37d-214d-45cf-b8e8-368c2dafcc75","block_type":"box","text":"the collateral securing a senior loan. If the terms of a senior loan do not require the borrower to pledge","page_number":37,"box":{"x":60,"y":676,"width":760,"height":12}},{"id":"074e81e9-4c42-4df4-9d1b-15db81c5a032","block_type":"box","text":"additional collateral in the event of a decline in the value of the already pledged collateral, the Fund will be exposed to","page_number":37,"box":{"x":61,"y":692,"width":873,"height":12}},{"id":"3dd85c7a-3be8-4ebc-84d2-7bd8e145a2ee","block_type":"box","text":"the risk that the value of the collateral will not at all times equal or exceed the amount of the borrower’s obligations","page_number":37,"box":{"x":60,"y":707,"width":848,"height":12}},{"id":"1b6583bb-6ad9-4b9e-8e90-97f616981452","block_type":"box","text":"under the senior loans. To the extent that a senior loan is collateralized by stock in the borrower or its subsidiaries,","page_number":37,"box":{"x":61,"y":723,"width":848,"height":12}},{"id":"faa9684e-65b3-47db-a5a2-84eec66c2432","block_type":"box","text":"such stock may lose all of its value in the event of the bankruptcy of the borrower. Uncollateralized senior loans","page_number":37,"box":{"x":61,"y":738,"width":825,"height":12}},{"id":"0b9bdbd1-bd86-4fc1-8ec4-795fef7147d7","block_type":"box","text":"involve a greater risk of loss. Some senior loans are subject to the risk that a court, pursuant to fraudulent","page_number":37,"box":{"x":61,"y":754,"width":783,"height":12}},{"id":"86658806-19e3-48b0-b7b1-7a4a4eb4d7ad","block_type":"box","text":"conveyance or other similar laws, could subordinate the senior loans to presently existing or future indebtedness of","page_number":37,"box":{"x":61,"y":769,"width":854,"height":12}},{"id":"60fbae00-b8b9-456b-8fec-82c9ceadbaf4","block_type":"box","text":"the borrower or take other action detrimental to lenders, including the Fund. Such court action could under certain","page_number":37,"box":{"x":60,"y":785,"width":843,"height":12}},{"id":"725bb7fe-6df9-4317-acef-a4dff8443c91","block_type":"box","text":"circumstances include invalidation of senior loans.","page_number":37,"box":{"x":61,"y":800,"width":371,"height":10}},{"id":"56bc4380-80c4-4b60-8956-10eb51f582be","block_type":"box","text":"If a senior loan is acquired through an assignment, the Fund may not be able to unilaterally enforce all rights","page_number":37,"box":{"x":62,"y":831,"width":808,"height":12}},{"id":"628073e0-f0d7-4376-a320-8b9c480441ae","block_type":"box","text":"and remedies under the loan and with regard to any associated collateral. If a senior loan is acquired through","page_number":37,"box":{"x":61,"y":847,"width":814,"height":12}},{"id":"3d893931-2879-41df-a2cc-08e82b790687","block_type":"box","text":"a participation, the Fund generally will have no right to enforce compliance by the borrower with the terms of the","page_number":37,"box":{"x":61,"y":862,"width":835,"height":12}},{"id":"6db3cab2-20b2-495d-b14f-887a0de53270","block_type":"box","text":"loan agreement against the borrower, and the Fund may not directly benefit from the collateral supporting the","page_number":37,"box":{"x":61,"y":878,"width":815,"height":12}},{"id":"ac950205-2e70-4dbf-bd81-b6323c97d0f5","block_type":"box","text":"debt obligation in which it has purchased the participation. As a result, the Fund will be exposed to the credit risk of","page_number":37,"box":{"x":61,"y":893,"width":857,"height":12}},{"id":"c942d863-6872-4a96-b41c-2361f67ab192","block_type":"box","text":"both the borrower and the institution selling the participation.","page_number":37,"box":{"x":61,"y":909,"width":447,"height":12}},{"id":"0ad75731-be8d-4b51-9013-e7cd6692638c","block_type":"box","text":"20","page_number":37,"box":{"x":491,"y":955,"width":23,"height":10}},{"id":"ff2030cc-c003-430c-9355-7e0735ccceaa","block_type":"box","text":"NM1026U-6049080-37/56","page_number":37,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"81488885-d999-4a1d-a55c-7cfaffdf2515","block_type":"box","text":"The senior loans in which the Fund invests are usually rated below investment grade. As a result, the risks associated","page_number":38,"box":{"x":60,"y":41,"width":881,"height":12}},{"id":"255494cd-1011-43e0-9c1c-953afcaa2e54","block_type":"box","text":"with senior loans are similar to the risks of below investment grade securities, although senior loans are typically","page_number":38,"box":{"x":60,"y":56,"width":838,"height":12}},{"id":"5c199477-ddfe-43dc-b585-e2e277f98d1e","block_type":"box","text":"senior and secured in contrast to other below investment grade securities, which are often subordinated and","page_number":38,"box":{"x":61,"y":71,"width":808,"height":13}},{"id":"9171a897-cc92-4fcb-ba01-40e550cadefa","block_type":"box","text":"unsecured. See “High Yield Bonds Risk.” The higher standing of senior loans has historically resulted in generally","page_number":38,"box":{"x":61,"y":87,"width":846,"height":12}},{"id":"d58225aa-8d97-46f3-8a28-3c03a015b1b1","block_type":"box","text":"higher recoveries in the event of a corporate reorganization. In addition, because their interest rates are typically","page_number":38,"box":{"x":61,"y":102,"width":838,"height":13}},{"id":"59216e1c-5b45-42f5-931a-dbbf632c29a5","block_type":"box","text":"adjusted for changes in short-term interest rates, senior loans generally are subject to less interest rate risk than other","page_number":38,"box":{"x":61,"y":118,"width":880,"height":12}},{"id":"cae4481e-a9f0-419c-a193-b81f7ccd0349","block_type":"box","text":"below investment grade securities, which are typically fixed rate.","page_number":38,"box":{"x":61,"y":134,"width":482,"height":12}},{"id":"0e919899-fe7e-4971-93d4-f9ce75580757","block_type":"box","text":"Senior loans made in connection with highly leveraged transactions are subject to greater risks than other senior","page_number":38,"box":{"x":61,"y":165,"width":839,"height":12}},{"id":"1e77d30d-3d5e-4d3d-81fa-898a6c33131f","block_type":"box","text":"loans. For example, the risks of default or bankruptcy of the borrower or the risks that other creditors of the borrower","page_number":38,"box":{"x":61,"y":180,"width":868,"height":12}},{"id":"703db072-7b91-44fb-b9da-c3b6edee2211","block_type":"box","text":"may seek to nullify or subordinate the Fund’s claims on any collateral securing the loan are greater in highly leveraged","page_number":38,"box":{"x":61,"y":196,"width":882,"height":12}},{"id":"65af6f8d-e30d-4a83-b106-ada33c8a2fcc","block_type":"box","text":"transactions.","page_number":38,"box":{"x":60,"y":211,"width":100,"height":10}},{"id":"fe0976c0-aed2-484a-afd6-bd456575a8ff","block_type":"box","text":"Short Sales and Short Position Risk","page_number":38,"box":{"x":61,"y":242,"width":287,"height":10}},{"id":"8475b714-68c2-464f-9ba2-6cacd5a2055b","block_type":"box","text":". Because making short sales or taking short positions in securities that it does","page_number":38,"box":{"x":349,"y":242,"width":586,"height":12}},{"id":"0e5beb31-e342-4770-b557-a8f5ce23e6db","block_type":"box","text":"not own would expose the Fund to the risks associated with those securities, such short sales or positions involve","page_number":38,"box":{"x":61,"y":258,"width":848,"height":11}},{"id":"84c21f65-4065-4a92-b009-5380ce43fa60","block_type":"box","text":"speculative exposure risk. In such situations, the Fund will incur a loss as a result of a short sale or position if the","page_number":38,"box":{"x":61,"y":273,"width":842,"height":12}},{"id":"c6447ff2-f92d-4e5a-bd9b-9c7692203bed","block_type":"box","text":"price of the reference instrument increases after the Fund entered into the short sale or position. As a result, if the","page_number":38,"box":{"x":61,"y":289,"width":849,"height":12}},{"id":"7662f4b1-473a-450a-b6f5-2f1fd5363354","block_type":"box","text":"Fund makes short sales or takes a short position in a reference instrument that increases in value, it will likely","page_number":38,"box":{"x":61,"y":304,"width":817,"height":12}},{"id":"1284497d-baf6-45d5-a26e-f56f19561bb4","block_type":"box","text":"underperform similar funds that do not make short sales or take short positions in such reference instrument. The","page_number":38,"box":{"x":61,"y":320,"width":845,"height":12}},{"id":"b60e28b3-dfec-4fd1-ad0b-e860c21eb997","block_type":"box","text":"Fund may engage in short sales and gain short exposure through certain derivative instruments, such as futures,","page_number":38,"box":{"x":61,"y":335,"width":842,"height":12}},{"id":"b67583ca-9e11-4697-b7a9-224b539688b1","block_type":"box","text":"options or swaps. There can be no assurance that the Fund will","page_number":38,"box":{"x":61,"y":351,"width":476,"height":12}},{"id":"355b917f-ca3c-4021-bb6d-8b1d2d4d862f","block_type":"box","text":"be able to close out a short sale or position at any","page_number":38,"box":{"x":538,"y":351,"width":375,"height":12}},{"id":"aa778b1b-372a-4509-ab75-d0bc32cdb48c","block_type":"box","text":"particular time or at an acceptable price. Although the Fund’s gain is limited to the amount at which it sold a security","page_number":38,"box":{"x":61,"y":366,"width":864,"height":12}},{"id":"ec5d35b5-32df-4e6e-8129-692d792a03b0","block_type":"box","text":"short or the amount paid in connection with a short","page_number":38,"box":{"x":61,"y":382,"width":381,"height":12}},{"id":"8d8980f3-04fe-4877-bbf8-78c11019c627","block_type":"box","text":"position, its potential loss is limited only by the maximum","page_number":38,"box":{"x":443,"y":382,"width":425,"height":12}},{"id":"75c8c370-4fd7-493b-aa15-a05cb973cdb2","block_type":"box","text":"attainable price of the position, less the price at which the position was sold. Therefore, the Fund may lose more","page_number":38,"box":{"x":61,"y":397,"width":837,"height":12}},{"id":"2626cfd9-e240-463b-a03d-2ef16c95e03f","block_type":"box","text":"money than the actual cost of a short sale or position","page_number":38,"box":{"x":61,"y":413,"width":398,"height":12}},{"id":"38dc25e9-4ac6-49b3-b22a-ef8ec143e355","block_type":"box","text":"and the potential losses are theoretically unlimited on a short","page_number":38,"box":{"x":460,"y":413,"width":455,"height":12}},{"id":"e3294dd9-1314-4aa4-9dd4-aff663bf0f1f","block_type":"box","text":"sale or position. Short sales and positions generally involve a form of leverage because they can provide investment","page_number":38,"box":{"x":61,"y":428,"width":867,"height":12}},{"id":"4448d668-4e3c-47b1-8f98-10492d9e9067","block_type":"box","text":"exposure in an amount exceeding the initial investment, which can exaggerate the Fund’s losses. The Fund may also","page_number":38,"box":{"x":61,"y":444,"width":876,"height":12}},{"id":"1ebf1d7a-cd50-44fd-86a0-a58a747741cd","block_type":"box","text":"pay transaction costs and borrowing fees in connection with short sales or positions. There is the risk that the","page_number":38,"box":{"x":61,"y":459,"width":815,"height":12}},{"id":"1e1ef140-4c31-4601-9779-68ad88f6caaa","block_type":"box","text":"counterparty to a short sale or position may fail to honor its contractual terms, causing a loss to the Fund.","page_number":38,"box":{"x":61,"y":475,"width":786,"height":12}},{"id":"2ba27a20-fede-4355-a2bc-952d9ad8dfb1","block_type":"box","text":"Small Cap and Emerging Growth Securities Risk.","page_number":38,"box":{"x":61,"y":506,"width":390,"height":12}},{"id":"4bd76d9b-024f-4899-b2c6-d21dd549cf93","block_type":"box","text":"Small cap or emerging growth companies may have","page_number":38,"box":{"x":452,"y":506,"width":397,"height":12}},{"id":"a1a0ab0a-ca25-4f97-8b1f-b65c454d83eb","block_type":"box","text":"limited product lines or markets. They may be less financially secure than larger, more established companies. They","page_number":38,"box":{"x":61,"y":521,"width":867,"height":12}},{"id":"bc2f6ee0-fade-4e0a-8f98-1032fe5d62b7","block_type":"box","text":"may depend on a small number of key personnel. If a product fails or there are other adverse developments, or","page_number":38,"box":{"x":61,"y":537,"width":829,"height":12}},{"id":"a99e5317-8f84-4117-b6c7-f22b900d2a4d","block_type":"box","text":"if management changes, the Fund’s investment in a small cap or emerging growth company may lose","page_number":38,"box":{"x":61,"y":552,"width":760,"height":12}},{"id":"0716bdde-d5c7-49ca-bc84-8b9017c3812e","block_type":"box","text":"substantial value. In addition, it is more difficult to get information on smaller companies, which tend to be less well","page_number":38,"box":{"x":61,"y":568,"width":854,"height":12}},{"id":"190e1a9e-a0d6-40eb-991d-cd1ff6e0f0ba","block_type":"box","text":"known, have shorter operating histories, do not have significant ownership by large investors and are followed by","page_number":38,"box":{"x":61,"y":583,"width":843,"height":12}},{"id":"d66005b3-73ed-4dd2-b00d-04fab1c8f0e0","block_type":"box","text":"relatively few securities analysts.","page_number":38,"box":{"x":61,"y":599,"width":248,"height":12}},{"id":"986517e7-c340-4d36-94d0-e5b3dee0a6e6","block_type":"box","text":"The securities of small cap and emerging growth companies generally trade in lower volumes and are subject","page_number":38,"box":{"x":60,"y":630,"width":819,"height":12}},{"id":"1473dba6-f722-48b2-99c4-1edc2ea1bf0b","block_type":"box","text":"to greater and more unpredictable price changes than larger cap securities or the market as a whole. In addition,","page_number":38,"box":{"x":60,"y":645,"width":842,"height":12}},{"id":"21d4b1ae-26b0-4ac3-9b6e-76221641ee4b","block_type":"box","text":"small cap and emerging growth securities may be particularly sensitive to changes in interest rates, borrowing costs","page_number":38,"box":{"x":61,"y":661,"width":858,"height":12}},{"id":"e9dbcaf1-0a02-4bbe-8be0-1d93b430fa30","block_type":"box","text":"and earnings. Investing in small cap and emerging growth securities requires a longer term view.","page_number":38,"box":{"x":61,"y":676,"width":716,"height":12}},{"id":"75a6b2cd-a8ca-4ae6-80b9-1a3d9315447d","block_type":"box","text":"Small Fund Risk","page_number":38,"box":{"x":61,"y":707,"width":131,"height":10}},{"id":"2287e632-7e1a-4cb3-913e-6d1209ec5d5c","block_type":"box","text":". When the Fund’s size is small, the Fund may experience low trading volume and wide bid/ask","page_number":38,"box":{"x":193,"y":707,"width":704,"height":12}},{"id":"33db79e3-993a-4fa4-be6e-ff944366ee2c","block_type":"box","text":"spreads. The Fund’s performance near its inception date may not represent how the Fund will perform in the future or","page_number":38,"box":{"x":61,"y":723,"width":873,"height":12}},{"id":"6678ebaf-c5b2-491d-9949-da20dab2434b","block_type":"box","text":"with a larger asset base. The Fund may buy smaller-sized bonds known as “odd lots,” which may be purchased or","page_number":38,"box":{"x":60,"y":738,"width":848,"height":12}},{"id":"650d2919-6cf1-461d-af41-c3ccbaacc7b6","block_type":"box","text":"sold at a discount to similar “round lot” bonds. The prices used by the Fund may differ from the value that would be","page_number":38,"box":{"x":61,"y":754,"width":851,"height":12}},{"id":"12a2d1e0-ae63-48dd-a9fa-f18b922e5bfe","block_type":"box","text":"realized if these securities were sold, and the impact of such pricing differences on the Fund’s performance may be","page_number":38,"box":{"x":61,"y":769,"width":855,"height":12}},{"id":"13efb988-56a3-4367-a8b4-77ec79071c59","block_type":"box","text":"heightened when the Fund’s size is small. In addition, the Fund may face the risk of being delisted if it does not meet","page_number":38,"box":{"x":61,"y":785,"width":865,"height":12}},{"id":"7ef50df4-d64b-4fe9-821c-1c1e6fb09ef3","block_type":"box","text":"certain requirements set by the listing exchange. If the Fund were required to delist from the listing exchange, the","page_number":38,"box":{"x":61,"y":800,"width":840,"height":12}},{"id":"4bf639a9-b8f4-42d3-bd36-7af4c6603f0f","block_type":"box","text":"Fund’s value may rapidly decline and its performance may be negatively impacted. Any resulting liquidation of the","page_number":38,"box":{"x":61,"y":816,"width":843,"height":12}},{"id":"7ca6ebad-7e17-4414-a053-58a95927c248","block_type":"box","text":"Fund could lead to elevated transaction costs for the Fund and negative tax consequences for its shareholders.","page_number":38,"box":{"x":61,"y":831,"width":831,"height":12}},{"id":"6758057a-d2e9-4eea-9cd2-61ff9af35ae3","block_type":"box","text":"Sovereign Debt Risk.","page_number":38,"box":{"x":61,"y":862,"width":172,"height":12}},{"id":"4e51fb66-9f40-4606-9bcc-23279a5dcb2c","block_type":"box","text":"Sovereign debt instruments are subject to the risk that a governmental entity may delay","page_number":38,"box":{"x":234,"y":862,"width":654,"height":12}},{"id":"8d2d951d-6527-4a06-ae92-f3431e96615b","block_type":"box","text":"or refuse to pay interest or repay principal on its sovereign debt, due, for example, to cash flow problems,","page_number":38,"box":{"x":61,"y":878,"width":786,"height":12}},{"id":"d86183b6-e5f9-4a02-9620-9cf4b00aa7e0","block_type":"box","text":"insufficient foreign currency reserves, political considerations, the relative size of the governmental entity’s debt","page_number":38,"box":{"x":61,"y":893,"width":831,"height":12}},{"id":"954566a5-e638-4fe9-835f-f518274cf2bc","block_type":"box","text":"position in relation to the economy or the failure to put in place economic reforms required by the International","page_number":38,"box":{"x":61,"y":909,"width":814,"height":12}},{"id":"fa14abeb-f2a2-4f98-985a-fe5687dc6b2e","block_type":"box","text":"Monetary Fund or other multilateral agencies. If a governmental entity defaults, it may ask for more time in which to","page_number":38,"box":{"x":61,"y":924,"width":854,"height":12}},{"id":"09d9f717-6ae4-4c4e-8d9a-423ce47a79ba","block_type":"box","text":"21","page_number":38,"box":{"x":491,"y":955,"width":23,"height":10}},{"id":"853476a2-e1ec-46eb-8d2d-c13c7978935e","block_type":"box","text":"NM1026U-6049080-38/56","page_number":38,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"a563492c-fa15-436c-8547-fc66b8833334","block_type":"box","text":"pay or for further loans. There is no legal process for collecting sovereign debt that a government does not pay nor","page_number":39,"box":{"x":61,"y":40,"width":856,"height":13}},{"id":"9d9e8919-ab81-47a0-a731-b29b3a61262f","block_type":"box","text":"are there bankruptcy proceedings through which all or part of the sovereign debt that a governmental entity has not","page_number":39,"box":{"x":61,"y":56,"width":859,"height":12}},{"id":"1118d507-f723-4a16-ae24-18e7cd9baed4","block_type":"box","text":"repaid may be collected.","page_number":39,"box":{"x":61,"y":72,"width":186,"height":12}},{"id":"8442ab62-4092-4330-a10b-a606ab4b9227","block_type":"box","text":"Structured Notes Risk.","page_number":39,"box":{"x":61,"y":102,"width":179,"height":10}},{"id":"b4f19860-4b10-4333-87e8-fe21107a326e","block_type":"box","text":"Structured notes and other related instruments purchased by the Fund are","page_number":39,"box":{"x":242,"y":102,"width":562,"height":13}},{"id":"be249132-b383-4fba-8262-c3d8ace55586","block_type":"box","text":"generally privately negotiated debt obligations where the principal and/or interest is determined by reference to","page_number":39,"box":{"x":61,"y":118,"width":826,"height":12}},{"id":"f85f2307-62e0-432d-bdca-1b2c878c23ed","block_type":"box","text":"the performance of a specific asset, benchmark asset, market or interest rate (“reference measure”). The interest","page_number":39,"box":{"x":60,"y":134,"width":845,"height":12}},{"id":"08059256-38c0-4188-9c73-d8f682781205","block_type":"box","text":"rate or the principal amount payable upon maturity or redemption may increase or decrease, depending upon","page_number":39,"box":{"x":61,"y":149,"width":816,"height":12}},{"id":"aa9da940-886a-45d6-836f-b36b146f517e","block_type":"box","text":"changes in the value of the reference measure. The terms of a structured note may provide that, in certain","page_number":39,"box":{"x":61,"y":165,"width":793,"height":12}},{"id":"853755a7-0bde-4bf2-9ed9-99c1f0f886f8","block_type":"box","text":"circumstances, no principal is due at maturity and, therefore, may result in a loss of invested capital by the Fund. The","page_number":39,"box":{"x":61,"y":180,"width":874,"height":12}},{"id":"47b09e70-4792-4f99-95f1-cc99d9f64d41","block_type":"box","text":"interest and/or principal payments that may be made on a structured product may vary widely, depending on a variety","page_number":39,"box":{"x":61,"y":196,"width":878,"height":12}},{"id":"1d35a214-95d1-49d1-a175-f97feab6360b","block_type":"box","text":"of factors, including the volatility of the reference measure.","page_number":39,"box":{"x":61,"y":211,"width":439,"height":12}},{"id":"ff07c095-55cb-4743-b3bd-d49479b069d9","block_type":"box","text":"Structured notes may be positively or negatively indexed, so the appreciation of the reference measure may","page_number":39,"box":{"x":61,"y":242,"width":806,"height":12}},{"id":"6ecc7a4b-87b3-4af9-aa66-da4c476bfae9","block_type":"box","text":"produce an increase or a decrease in the interest rate or the value of the principal at maturity. The rate of return","page_number":39,"box":{"x":61,"y":258,"width":833,"height":12}},{"id":"800cf28e-404a-49e2-bd54-ab36b40ec15a","block_type":"box","text":"on structured notes may be determined by applying a multiplier to the performance or differential performance","page_number":39,"box":{"x":61,"y":273,"width":820,"height":12}},{"id":"92e17c21-240c-47eb-85e6-5a1700a5ea18","block_type":"box","text":"of reference measures. Application of a multiplier involves leverage that will serve to magnify the potential for gain","page_number":39,"box":{"x":61,"y":289,"width":850,"height":12}},{"id":"a38ff554-1cc1-4600-8eb2-6b080e3a1d95","block_type":"box","text":"and the risk of loss.","page_number":39,"box":{"x":61,"y":304,"width":149,"height":10}},{"id":"82fbfeee-6be5-4902-9066-62f45decbcbc","block_type":"box","text":"The purchase of structured notes exposes the Fund to the credit risk of the issuer of the structured","page_number":39,"box":{"x":60,"y":335,"width":737,"height":12}},{"id":"0e54b0a7-892c-4fec-8fa5-646c87e33773","block_type":"box","text":"product. Structured notes may also be more volatile, less liquid, and more difficult to price accurately than less","page_number":39,"box":{"x":61,"y":351,"width":823,"height":12}},{"id":"5f3f3af2-8367-4d81-88b3-c62e3aaa843a","block_type":"box","text":"complex securities and instruments or more traditional debt securities.","page_number":39,"box":{"x":61,"y":366,"width":525,"height":12}},{"id":"0e54c88b-a604-4aa0-b34f-51e8dbba22f4","block_type":"box","text":"Structured Securities Risk.","page_number":39,"box":{"x":61,"y":397,"width":219,"height":10}},{"id":"6911a5ee-1b69-4251-b913-6d092143844c","block_type":"box","text":"Because structured securities of the type in which the Fund may invest typically involve","page_number":39,"box":{"x":281,"y":397,"width":651,"height":12}},{"id":"bf08a5e6-0702-405e-8d85-7b9ea500c3ea","block_type":"box","text":"no credit enhancement, their credit risk generally will be equivalent to that of the underlying instruments, index or","page_number":39,"box":{"x":61,"y":413,"width":841,"height":12}},{"id":"8a4c46c9-8416-40c5-a8a1-614c7e1e73d3","block_type":"box","text":"reference obligation and will also be subject to counterparty risk. The Fund may have the right to receive payments","page_number":39,"box":{"x":61,"y":428,"width":857,"height":12}},{"id":"e28ec4a0-6fbf-4a78-ac90-754a596ba1c8","block_type":"box","text":"only from the structured security, and generally does not have direct","page_number":39,"box":{"x":61,"y":444,"width":510,"height":12}},{"id":"0058cbca-e78e-4bec-a32d-4d56e7d5d2db","block_type":"box","text":"rights against the issuer or the entity that sold the","page_number":39,"box":{"x":572,"y":444,"width":371,"height":12}},{"id":"b5d7480d-979b-449f-b46f-f4372df651ef","block_type":"box","text":"assets to be securitized. In addition to the general risks associated with debt securities discussed herein, structured","page_number":39,"box":{"x":61,"y":459,"width":862,"height":12}},{"id":"ef531443-3ea1-4335-9ab1-b7e6232b8494","block_type":"box","text":"securities carry additional risks, including, but not limited to: the possibility that distributions from collateral securities","page_number":39,"box":{"x":61,"y":475,"width":860,"height":12}},{"id":"c0999abf-3ccc-461f-9705-597c595f9a70","block_type":"box","text":"will not be adequate to make interest or other payments; the quality of the collateral may decline in value or default;","page_number":39,"box":{"x":60,"y":490,"width":861,"height":12}},{"id":"0b448757-3602-49a4-a5bd-cdb7909d7d40","block_type":"box","text":"and the possibility that the structured securities are subordinate to other classes. The Fund is permitted to invest in a","page_number":39,"box":{"x":61,"y":506,"width":870,"height":12}},{"id":"cbd42539-f1ab-4ed7-989b-bfd6795e9255","block_type":"box","text":"class of structured securities that is either subordinated or unsubordinated to the right of payment of another class.","page_number":39,"box":{"x":61,"y":521,"width":856,"height":12}},{"id":"d1f43c4b-3c5b-411e-8155-6309dff7555b","block_type":"box","text":"Subordinated structured securities typically have higher yields and present greater risks than unsubordinated","page_number":39,"box":{"x":61,"y":537,"width":813,"height":12}},{"id":"45c34ba6-9e5f-4961-b352-971e9d349072","block_type":"box","text":"structured securities. Structured securities are typically sold in private placement transactions, and there currently is","page_number":39,"box":{"x":61,"y":552,"width":864,"height":12}},{"id":"3e8d81c0-8a62-4b95-9806-25257bdfdb9d","block_type":"box","text":"no active trading market for structured securities. Structured securities are based upon the movement of one or more","page_number":39,"box":{"x":61,"y":568,"width":874,"height":12}},{"id":"602b1214-038b-41ca-a449-f295c345f154","block_type":"box","text":"factors, including currency exchange rates, interest rates, reference bonds and stock indices, and changes in interest","page_number":39,"box":{"x":60,"y":583,"width":875,"height":12}},{"id":"ede70a18-b312-43b1-8713-572ed8211cf2","block_type":"box","text":"rates and impact of these factors may cause significant price fluctuations. Additionally, changes in the reference","page_number":39,"box":{"x":61,"y":599,"width":835,"height":12}},{"id":"d3bded0d-dfe7-49e2-9aa9-a2fa098ea6ab","block_type":"box","text":"instrument or security may cause the interest rate on the structured security to be reduced to zero. Certain issuers of","page_number":39,"box":{"x":61,"y":614,"width":871,"height":12}},{"id":"c29036c9-4fbe-49a0-ab7d-109fff13c1be","block_type":"box","text":"such structured securities may be deemed to be “investment companies” as defined in the Investment Company Act.","page_number":39,"box":{"x":61,"y":630,"width":871,"height":12}},{"id":"d659ee49-6aee-40d5-b66a-1fd282fb4753","block_type":"box","text":"As a result, the Fund’s investment in such securities may be limited by certain investment restrictions contained in the","page_number":39,"box":{"x":60,"y":645,"width":879,"height":12}},{"id":"3ac155cb-295d-433a-8ca2-b549f2f87abb","block_type":"box","text":"Investment Company Act.","page_number":39,"box":{"x":62,"y":661,"width":189,"height":12}},{"id":"07666858-8fc3-47cf-8255-cbb25272387d","block_type":"box","text":"Subsidiary Risk","page_number":39,"box":{"x":61,"y":692,"width":126,"height":12}},{"id":"6b1161d7-63ca-4ea9-93da-b8db09b5801a","block_type":"box","text":". By investing in the Subsidiary, the Fund is indirectly exposed to the risks associated with the","page_number":39,"box":{"x":188,"y":692,"width":693,"height":12}},{"id":"85b070b4-ee5e-4904-98a0-b3952ce0fa44","block_type":"box","text":"Subsidiary’s investments. The commodity-related instruments held by the Subsidiary are generally similar to those","page_number":39,"box":{"x":61,"y":707,"width":847,"height":12}},{"id":"9fb27af2-25a9-414e-be25-8643b18a1f02","block_type":"box","text":"that are permitted to be held by the Fund and are subject","page_number":39,"box":{"x":60,"y":723,"width":424,"height":12}},{"id":"02515161-9c70-444c-8a01-5105d4cf8fd7","block_type":"box","text":"to the same risks that apply to similar investments if held","page_number":39,"box":{"x":489,"y":723,"width":420,"height":12}},{"id":"f2211c61-b365-4328-9a41-8988e36f58e3","block_type":"box","text":"directly by the Fund (see “Commodities Related Investment Risk” above). There can be no assurance that the","page_number":39,"box":{"x":61,"y":738,"width":816,"height":12}},{"id":"e7e50be3-59c6-49e1-8155-b6db40a41682","block_type":"box","text":"investment objective of the Subsidiary will be achieved. The Subsidiary is not registered under the Investment","page_number":39,"box":{"x":61,"y":754,"width":814,"height":12}},{"id":"4b58da34-6da5-413c-8365-f88841d50729","block_type":"box","text":"Company Act, and, unless otherwise noted in this Prospectus, is not subject to all the investor protections of the","page_number":39,"box":{"x":61,"y":769,"width":830,"height":12}},{"id":"03d5562f-2570-4cc1-937a-49e3f2f9a1bd","block_type":"box","text":"Investment Company Act. However, the Fund wholly owns and controls the Subsidiary, and the Fund and the","page_number":39,"box":{"x":62,"y":785,"width":810,"height":12}},{"id":"219f6015-bc54-4c3b-8163-b3331356d3bc","block_type":"box","text":"Subsidiary are both managed by BlackRock, making it unlikely that the Subsidiary will take action contrary to the","page_number":39,"box":{"x":61,"y":800,"width":833,"height":12}},{"id":"dcd22760-8fca-4df7-a41a-ed2f32e35c5d","block_type":"box","text":"interests of the Fund and its shareholders. The Board has oversight responsibility for the investment activities of the","page_number":39,"box":{"x":61,"y":816,"width":858,"height":12}},{"id":"3ef876d9-cd9e-4a16-ad58-a88ff8e5c370","block_type":"box","text":"Fund, including its investment in the Subsidiary, and the Fund’s role as sole shareholder of the Subsidiary. The","page_number":39,"box":{"x":61,"y":831,"width":828,"height":12}},{"id":"5e90b714-145f-445b-be58-dc1ca4b2eeda","block_type":"box","text":"Subsidiary is subject to the same investment restrictions and limitations, and follows the same compliance policies","page_number":39,"box":{"x":61,"y":847,"width":852,"height":12}},{"id":"30797765-2fa9-48e7-8d54-92fde382e031","block_type":"box","text":"and procedures, as the Fund, except that the Subsidiary may invest without limitation in commodity-related","page_number":39,"box":{"x":61,"y":862,"width":797,"height":12}},{"id":"0bca5560-c97e-4956-afa2-f799736ff096","block_type":"box","text":"instruments. Changes in the laws of the United States and/or the Cayman Islands could result in the inability of the","page_number":39,"box":{"x":61,"y":878,"width":854,"height":12}},{"id":"2a2796c5-bb9b-48e4-9c1b-4f3e198bb592","block_type":"box","text":"Fund and/or the Subsidiary to operate as described in this Prospectus and the SAI and could adversely affect the","page_number":39,"box":{"x":61,"y":893,"width":845,"height":12}},{"id":"a2b02a0e-c5e5-4305-b72d-b193559aa271","block_type":"box","text":"Fund.","page_number":39,"box":{"x":61,"y":909,"width":41,"height":9}},{"id":"483fd23f-dd53-47bf-b1d5-fea498624c13","block_type":"box","text":"22","page_number":39,"box":{"x":491,"y":955,"width":23,"height":10}},{"id":"448d8dd6-6037-430a-aa07-33396fd1d699","block_type":"box","text":"NM1026U-6049080-39/56","page_number":39,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"056c752b-28ad-48da-a3f7-a9798ffb38d9","block_type":"box","text":"Supranational Entities Risk.","page_number":40,"box":{"x":61,"y":40,"width":221,"height":12}},{"id":"7997bc85-c7fe-4374-8a4b-81e4aacfd85e","block_type":"box","text":"The Fund may invest in obligations issued or guaranteed by the World Bank.","page_number":40,"box":{"x":283,"y":41,"width":579,"height":12}},{"id":"925f823c-4072-4b2c-b4b5-a24a27976007","block_type":"box","text":"The government members, or “stockholders,” usually make initial capital contributions to the World Bank and in many","page_number":40,"box":{"x":60,"y":56,"width":876,"height":12}},{"id":"61d1e59e-a02f-419e-b7d6-a42007fd84ec","block_type":"box","text":"cases are committed to make additional capital contributions if the World Bank is unable to repay its borrowings.","page_number":40,"box":{"x":61,"y":71,"width":837,"height":13}},{"id":"f545261a-b39c-45c1-bcba-138a3a8030c3","block_type":"box","text":"There is no guarantee that one or more stockholders of the World Bank will continue to make any necessary","page_number":40,"box":{"x":60,"y":87,"width":810,"height":12}},{"id":"7bff3a41-bceb-4a03-98a2-6c243fc274f5","block_type":"box","text":"additional capital contributions. If such contributions are not made, the entity may be unable to pay interest or repay","page_number":40,"box":{"x":61,"y":102,"width":862,"height":13}},{"id":"02cb7976-c7ce-4248-b763-7e8bf46b47b3","block_type":"box","text":"principal on its debt securities, and the Fund may lose money on such investments.","page_number":40,"box":{"x":61,"y":118,"width":623,"height":12}},{"id":"8f77a2e0-39ac-4e58-9b8c-d4cfe5e87f3a","block_type":"box","text":"Tax Risk.","page_number":40,"box":{"x":62,"y":149,"width":77,"height":10}},{"id":"4963e992-afda-4931-b281-3e915dfd95bf","block_type":"box","text":"The Fund invests in commodity-related instruments indirectly through the Subsidiary because income from","page_number":40,"box":{"x":139,"y":149,"width":796,"height":12}},{"id":"f444dc05-eacf-424b-9d9e-22b37163c0e1","block_type":"box","text":"these investments, if made directly, might not be treated as “qualifying income” for purposes of the Fund qualifying as","page_number":40,"box":{"x":60,"y":165,"width":877,"height":12}},{"id":"5d8bfd46-3138-4aee-9c83-e3a3eb26156d","block_type":"box","text":"a regulated investment company for U.S. federal income tax purposes. Based on final regulations issued by the IRS","page_number":40,"box":{"x":61,"y":180,"width":865,"height":12}},{"id":"b9400f37-5369-4beb-9739-f4c4c76d863e","block_type":"box","text":"on which taxpayers may rely for taxable years beginning after September 28, 2016, the Fund expects its income with","page_number":40,"box":{"x":61,"y":196,"width":872,"height":12}},{"id":"272e95b5-e193-4213-822b-deccafdaad21","block_type":"box","text":"respect to the Subsidiary to be qualifying income. In the future, if the IRS issues new regulations or other guidance, or","page_number":40,"box":{"x":61,"y":211,"width":879,"height":12}},{"id":"6f61102a-8541-4089-85bd-e098cda4f7f4","block_type":"box","text":"Congress enacts legislation, limiting the circumstances in which the Fund’s income with respect to the Subsidiary will","page_number":40,"box":{"x":61,"y":227,"width":872,"height":12}},{"id":"c5fe54f8-de7e-4b66-86dd-3bdda88aa6f4","block_type":"box","text":"be considered “qualifying income,” the Fund might be required to make changes to its operations, which could reduce","page_number":40,"box":{"x":61,"y":242,"width":877,"height":12}},{"id":"9326289b-3d88-4c37-9fa7-2ba1a3ab22b6","block_type":"box","text":"the Fund’s ability to gain investment exposure to commodities. Fund shareholders could also experience adverse tax","page_number":40,"box":{"x":60,"y":258,"width":873,"height":12}},{"id":"eeb78c43-50f1-4a94-be99-3ec1e2435ba0","block_type":"box","text":"consequences in such circumstances.","page_number":40,"box":{"x":61,"y":273,"width":287,"height":12}},{"id":"c152a8af-bb32-4163-a70a-7fee56b590e3","block_type":"box","text":"Tender Option Bonds and Related Securities Risk","page_number":40,"box":{"x":62,"y":304,"width":397,"height":12}},{"id":"54ce8b88-0fdf-4740-9a71-7cb4563699fc","block_type":"box","text":". The Fund’s participation in tender option bond transactions","page_number":40,"box":{"x":459,"y":304,"width":451,"height":12}},{"id":"2e2b0251-a588-4a76-af89-661c3e694826","block_type":"box","text":"may reduce the Fund’s returns and/or increase volatility. Investments in tender option bond transactions expose the","page_number":40,"box":{"x":61,"y":320,"width":863,"height":12}},{"id":"cbb1c940-da68-46bd-9b79-cef5512779e2","block_type":"box","text":"Fund to counterparty risk and leverage risk. An investment in a tender option bond transaction typically will involve","page_number":40,"box":{"x":61,"y":335,"width":852,"height":12}},{"id":"f16265ec-a900-4888-b65f-2c439f84d81e","block_type":"box","text":"greater risk than an investment in a municipal fixed rate security, including the risk of loss of principal. Distributions on","page_number":40,"box":{"x":61,"y":351,"width":879,"height":12}},{"id":"8b816ce7-c088-4bbc-a73e-c593b93e9982","block_type":"box","text":"residual inverse floating rate interests (“TOB Residuals”) will bear an inverse relationship to short-term municipal","page_number":40,"box":{"x":61,"y":366,"width":838,"height":12}},{"id":"0ebf98cd-f7f6-4128-9ce6-c94f66629877","block_type":"box","text":"security interest rates. Distributions on TOB Residuals paid to the Fund will be reduced or, in the extreme, eliminated","page_number":40,"box":{"x":61,"y":382,"width":872,"height":12}},{"id":"51fd1a8d-aec1-4265-9773-3aee7166ffe9","block_type":"box","text":"as short-term municipal interest rates rise and will increase when short-term municipal interest rates fall. TOB","page_number":40,"box":{"x":61,"y":397,"width":816,"height":12}},{"id":"ab1fe862-27e8-4ed0-8cb1-1696c322aa72","block_type":"box","text":"Residuals generally will underperform the market for fixed rate municipal securities in a rising interest","page_number":40,"box":{"x":61,"y":413,"width":755,"height":12}},{"id":"6fdfa468-9e90-4572-baa2-7f8c1ae4593a","block_type":"box","text":"rate environment.","page_number":40,"box":{"x":61,"y":428,"width":135,"height":10}},{"id":"ed898a5c-d7a3-418a-84d5-39d700639d8e","block_type":"box","text":"The Fund may invest in special purpose entities (“TOB Trusts”) on either a non-recourse or recourse basis. TOB","page_number":40,"box":{"x":60,"y":459,"width":840,"height":12}},{"id":"559d931f-a934-4f3f-8339-44a9cb5e497e","block_type":"box","text":"Trusts are typically supported by a liquidity facility provided by a third-party bank or other financial institution (the","page_number":40,"box":{"x":60,"y":475,"width":839,"height":12}},{"id":"cc7f7360-c649-4ef3-9338-da571ab38d64","block_type":"box","text":"“Liquidity Provider”) that allows the holders of the TOB Floaters to tender their certificates in exchange for payment of","page_number":40,"box":{"x":61,"y":490,"width":875,"height":12}},{"id":"d17833be-0b2f-4e75-a02a-cdc06f2e1879","block_type":"box","text":"par plus accrued interest on any business day, subject to the non-occurrence of tender option termination events.","page_number":40,"box":{"x":61,"y":506,"width":846,"height":12}},{"id":"b46d4547-793b-4d7d-b533-a214510495e6","block_type":"box","text":"When the Fund invests in a TOB Trust on a non-recourse basis, and the Liquidity Provider is required to make a","page_number":40,"box":{"x":60,"y":521,"width":838,"height":12}},{"id":"d0981b2f-00f0-4d84-9caa-382f8bb468ec","block_type":"box","text":"payment under the liquidity facility, the Liquidity Provider will typically liquidate all or a portion of the municipal","page_number":40,"box":{"x":61,"y":537,"width":817,"height":12}},{"id":"4c3c6652-7ad9-48ab-9c4b-f7c83a4380f9","block_type":"box","text":"securities held in the TOB Trust and then fund the balance, if any, of the amount owed under the liquidity facility over","page_number":40,"box":{"x":61,"y":552,"width":871,"height":12}},{"id":"76d9d992-1b16-40e3-813e-3320f612adc5","block_type":"box","text":"the liquidation proceeds (the “Liquidation Shortfall”).","page_number":40,"box":{"x":60,"y":568,"width":390,"height":12}},{"id":"e8dd9fb8-495e-472c-a805-9ffd236f77c6","block_type":"box","text":"If the Fund invests in a TOB Trust on a recourse basis, the Fund will typically enter into a reimbursement","page_number":40,"box":{"x":62,"y":599,"width":780,"height":12}},{"id":"6d1c29fc-70b2-42fa-a6f6-da1db33c363a","block_type":"box","text":"agreement with the Liquidity Provider where the Fund is required to reimburse the Liquidity Provider the amount of","page_number":40,"box":{"x":61,"y":614,"width":853,"height":12}},{"id":"5ce3401e-4edc-4bf0-b070-758fdce83058","block_type":"box","text":"any Liquidation Shortfall. As a result, if the Fund invests in a TOB Trust on a recourse basis, the Fund will bear the","page_number":40,"box":{"x":61,"y":630,"width":854,"height":12}},{"id":"c4d91df5-6605-4e9c-9a9a-e32aad736c93","block_type":"box","text":"risk of loss with respect to any Liquidation Shortfall.","page_number":40,"box":{"x":61,"y":645,"width":386,"height":12}},{"id":"44a74685-3935-4814-bfde-d9852a7be968","block_type":"box","text":"To the extent that the Fund, rather than a third-party bank or financial institution, sponsors a TOB Trust,","page_number":40,"box":{"x":60,"y":676,"width":768,"height":12}},{"id":"5f89aad2-64b5-48fc-9f63-a2d5a2b26dc7","block_type":"box","text":"certain responsibilities that previously belonged to the sponsor bank will be performed by, or on behalf of, the Fund.","page_number":40,"box":{"x":61,"y":692,"width":856,"height":12}},{"id":"bb360f64-494b-4507-8548-6a219dd73672","block_type":"box","text":"The Fund’s additional duties and responsibilities under the new TOB Trust structure may give rise to certain","page_number":40,"box":{"x":60,"y":707,"width":799,"height":12}},{"id":"cd49b11d-18fc-4533-b6d9-0379de2fcc85","block_type":"box","text":"additional risks including compliance, securities law and operational risks.","page_number":40,"box":{"x":61,"y":723,"width":544,"height":12}},{"id":"5e853cfb-6c0c-4a7b-b4ad-d89d9e1d2510","block_type":"box","text":"U.S. Government Mortgage-Related Securities Risk.","page_number":40,"box":{"x":62,"y":754,"width":411,"height":12}},{"id":"4918530c-2c4c-4165-adca-d19d4ab3976a","block_type":"box","text":"There are a number of important differences among","page_number":40,"box":{"x":479,"y":754,"width":384,"height":12}},{"id":"17dc29ad-63a7-42d1-8724-e1facae03cc3","block_type":"box","text":"the agencies and instrumentalities of the U.S. Government that issue mortgage-related securities and among","page_number":40,"box":{"x":60,"y":769,"width":809,"height":12}},{"id":"d6be2ace-1b14-461e-b6f7-de2803192c80","block_type":"box","text":"the securities that they issue. Mortgage-related securities guaranteed by the Government National","page_number":40,"box":{"x":60,"y":785,"width":729,"height":12}},{"id":"c0c73fb2-c764-4ab3-8f78-ccac9008e03b","block_type":"box","text":"Mortgage Association (“GNMA” or “Ginnie Mae”) are guaranteed as to the timely payment of principal and interest by","page_number":40,"box":{"x":61,"y":800,"width":868,"height":12}},{"id":"626f8a27-0453-440a-b318-b4eb330d27b4","block_type":"box","text":"GNMA and such guarantee is backed by the full faith and credit of the United States. GNMA securities also are","page_number":40,"box":{"x":61,"y":816,"width":823,"height":12}},{"id":"9ea93848-1e0b-4c92-bd5d-34794b6db313","block_type":"box","text":"supported by the right of GNMA to borrow funds from the U.S. Treasury to make payments under its guarantee.","page_number":40,"box":{"x":61,"y":831,"width":833,"height":12}},{"id":"4f71c1cc-6e24-482c-b4ce-075e9f50f928","block_type":"box","text":"Mortgage-related securities issued by Fannie Mae or Freddie Mac are solely the obligations of Fannie Mae or Freddie","page_number":40,"box":{"x":61,"y":847,"width":879,"height":12}},{"id":"c73b8f1d-96b0-42e1-aa5c-26c1eedf721d","block_type":"box","text":"Mac, as the case may be, and are not backed by or entitled to the full faith and credit of the United States but","page_number":40,"box":{"x":61,"y":862,"width":815,"height":12}},{"id":"47860ec7-aa1a-4b4e-88fd-3c3ae5b4298b","block_type":"box","text":"are supported by the right of the issuer to borrow from the Treasury.","page_number":40,"box":{"x":61,"y":878,"width":509,"height":12}},{"id":"38393f2a-c85e-4b54-8de9-0edcbf7d49de","block_type":"box","text":"U.S. Government Obligations Risk.","page_number":40,"box":{"x":62,"y":909,"width":276,"height":12}},{"id":"94233f1a-b4dc-4342-b4bf-683592c23f35","block_type":"box","text":"Not all U.S. Government securities are backed by the full faith and credit of the","page_number":40,"box":{"x":345,"y":909,"width":583,"height":12}},{"id":"3b4a066a-bcda-4b7a-8347-0abf434075bc","block_type":"box","text":"United States. Obligations of certain agencies, authorities, instrumentalities and sponsored enterprises of the U.S.","page_number":40,"box":{"x":61,"y":924,"width":844,"height":12}},{"id":"cb0b774f-d384-4edf-b55b-9033ac803894","block_type":"box","text":"23","page_number":40,"box":{"x":491,"y":955,"width":23,"height":10}},{"id":"48664f64-dfc0-491b-82f4-ff425353147f","block_type":"box","text":"NM1026U-6049080-40/56","page_number":40,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"0468ef30-21ca-497c-9ef3-9f7a1fdb6ec1","block_type":"box","text":"Government are backed by the full faith and credit of the United States (","page_number":41,"box":{"x":61,"y":40,"width":534,"height":13}},{"id":"700a165d-4bde-4e75-b732-148848349607","block_type":"box","text":"e.g","page_number":41,"box":{"x":597,"y":43,"width":22,"height":10}},{"id":"77edb8e1-3c4b-4f7d-8cd9-aee7911cb17a","block_type":"box","text":"., the Government National Mortgage","page_number":41,"box":{"x":621,"y":40,"width":280,"height":13}},{"id":"43579720-955d-4b3f-8765-43e0f87cb813","block_type":"box","text":"Association); other obligations are backed by the right of the issuer to borrow from the U.S. Treasury (","page_number":41,"box":{"x":60,"y":56,"width":757,"height":12}},{"id":"0471d4b4-d7b2-4667-b7ba-d6cce51f7745","block_type":"box","text":"e.g","page_number":41,"box":{"x":818,"y":59,"width":23,"height":9}},{"id":"f3012c4e-b53c-4f99-bd6d-e668ca46a2fc","block_type":"box","text":"., the","page_number":41,"box":{"x":842,"y":56,"width":41,"height":11}},{"id":"8e4c8822-d6e4-4041-9f4a-7adf3a845d75","block_type":"box","text":"Federal Home Loan Banks) and others are supported by the discretionary authority of the U.S. Government to","page_number":41,"box":{"x":61,"y":71,"width":823,"height":13}},{"id":"26e94071-4452-4506-80cf-a4b82079be03","block_type":"box","text":"purchase an agency’s obligations. Still others are backed only by the credit of the agency, authority, instrumentality or","page_number":41,"box":{"x":61,"y":87,"width":878,"height":12}},{"id":"d1021dac-f8b7-41b4-afcb-e3b012f1ac47","block_type":"box","text":"sponsored enterprise issuing the obligation. No assurance can be given that the U.S. Government would provide","page_number":41,"box":{"x":61,"y":102,"width":841,"height":13}},{"id":"f6a6e7fa-1950-417e-8eb5-066d059650d9","block_type":"box","text":"financial support to any of these entities if it is not obligated to do so by law. In addition, circumstances could arise","page_number":41,"box":{"x":60,"y":118,"width":852,"height":12}},{"id":"e6e91b64-b36c-4c35-a67c-ffcd8607fccc","block_type":"box","text":"that could prevent the timely payment of interest or principal on U.S. Government obligations, such as reaching the","page_number":41,"box":{"x":60,"y":134,"width":858,"height":12}},{"id":"83b29230-be24-4772-bebb-8ee6b2d640a2","block_type":"box","text":"legislative “debt ceiling.” Such non-payment could result in losses to the Fund and substantial negative consequences","page_number":41,"box":{"x":61,"y":149,"width":879,"height":12}},{"id":"bee9d121-37bd-42a3-879b-9404f1e2a4c0","block_type":"box","text":"for the U.S. economy and the global financial system.","page_number":41,"box":{"x":60,"y":165,"width":402,"height":12}},{"id":"47d232e0-915f-44e5-bf9b-f1e15093c1a8","block_type":"box","text":"Variable and Floating Rate Instrument Risk.","page_number":41,"box":{"x":62,"y":196,"width":351,"height":12}},{"id":"98ad7ca0-2bc9-4301-9837-a37a22720a24","block_type":"box","text":"Variable and floating rate securities provide for periodic adjustment in","page_number":41,"box":{"x":413,"y":196,"width":520,"height":12}},{"id":"5e0278c9-2c25-4fe0-876f-be001ed3f143","block_type":"box","text":"the interest rate paid on the securities. Securities with floating or variable interest rates can be less sensitive","page_number":41,"box":{"x":60,"y":211,"width":808,"height":12}},{"id":"113f0acd-13ce-45ab-9966-ceaef3c0ac53","block_type":"box","text":"to interest rate changes than securities with fixed interest rates, but may decline in value if their coupon rates do","page_number":41,"box":{"x":60,"y":227,"width":837,"height":12}},{"id":"47a67153-4926-44ca-9f25-099f6ae5f901","block_type":"box","text":"not reset as high, or as quickly, as comparable","page_number":41,"box":{"x":61,"y":242,"width":351,"height":12}},{"id":"5221615c-178d-44b1-a880-2d91222d074d","block_type":"box","text":"market interest rates, and generally carry lower yields than","page_number":41,"box":{"x":413,"y":242,"width":440,"height":12}},{"id":"3705d5ef-7e25-4a6b-a954-0b76179c34fd","block_type":"box","text":"fixed securities of the same maturity. These securities will not generally increase in value if interest rates decline.","page_number":41,"box":{"x":60,"y":258,"width":843,"height":12}},{"id":"034534d5-8186-4616-b820-3fadeb4339a7","block_type":"box","text":"A decline in interest rates may result in a reduction in income received from variable and floating rate securities","page_number":41,"box":{"x":60,"y":273,"width":830,"height":12}},{"id":"a732efad-c269-4156-8d38-1323827d5fa8","block_type":"box","text":"held by the Fund and may adversely affect the value of the Fund’s shares. These securities may be subject to","page_number":41,"box":{"x":61,"y":289,"width":820,"height":12}},{"id":"a80037e8-d971-41e6-87bd-b37188cab534","block_type":"box","text":"greater illiquidity risk than other fixed-income securities, meaning the absence of an active market for these","page_number":41,"box":{"x":61,"y":304,"width":800,"height":12}},{"id":"c919dc50-7ce9-49b2-affb-09e971ff03b9","block_type":"box","text":"securities could make it difficult for the Fund to dispose of them at any given time. Floating rate securities generally","page_number":41,"box":{"x":61,"y":320,"width":857,"height":12}},{"id":"df029521-69c8-4046-9e95-6115ff9c6b4d","block_type":"box","text":"are subject to legal or contractual restrictions on resale, may trade infrequently, and their value may be impaired","page_number":41,"box":{"x":61,"y":335,"width":837,"height":12}},{"id":"30fb66a9-aa78-4e47-a391-f27f977b27e1","block_type":"box","text":"when the Fund needs to liquidate such loans. Benchmark interest rates may not accurately track market interest","page_number":41,"box":{"x":60,"y":351,"width":838,"height":12}},{"id":"e735f7b3-efb7-4eba-bc7b-7f6bb4464aa9","block_type":"box","text":"rates. Although floating rate securities are less sensitive to interest rate risk than fixed-rate securities, they are subject","page_number":41,"box":{"x":61,"y":366,"width":879,"height":12}},{"id":"8e9336ca-55c8-4944-bcb2-a7b8e6db7d04","block_type":"box","text":"to credit risk and default risk, which could impair their value.","page_number":41,"box":{"x":60,"y":382,"width":449,"height":12}},{"id":"cdd89458-643b-4cfc-b5bd-457511b29a70","block_type":"box","text":"Warrants Risk.","page_number":41,"box":{"x":62,"y":413,"width":121,"height":9}},{"id":"5d71753b-9dab-4e1e-bd39-d04890752f9c","block_type":"box","text":"If the price of the underlying stock does not rise above the exercise price before the warrant expires,","page_number":41,"box":{"x":184,"y":413,"width":749,"height":12}},{"id":"1b3dfbae-9078-43cb-a8cd-961d2da92b0b","block_type":"box","text":"the warrant generally expires without any value and the Fund will lose any amount it paid for the warrant. Thus,","page_number":41,"box":{"x":60,"y":428,"width":830,"height":12}},{"id":"aa1d6be7-dd47-4d0d-87f8-49c4ce5b896b","block_type":"box","text":"investments in warrants may involve substantially more risk than investments in common stock. Warrants may trade","page_number":41,"box":{"x":61,"y":444,"width":866,"height":12}},{"id":"56936b74-5cae-4fb2-9b9b-8d70c7948c74","block_type":"box","text":"in the same markets as their underlying stock; however, the price of the warrant does not necessarily move with the","page_number":41,"box":{"x":61,"y":459,"width":863,"height":12}},{"id":"7caeeae9-68e3-493f-88c0-2e4c9c62fd7a","block_type":"box","text":"price of the underlying stock.","page_number":41,"box":{"x":61,"y":475,"width":218,"height":12}},{"id":"4a8d2fa4-9b90-4e31-b199-2b2ed8bf35d8","block_type":"box","text":"Zero Coupon Securities Risk.","page_number":41,"box":{"x":60,"y":506,"width":240,"height":12}},{"id":"c79707ab-3ce3-4e9b-bb80-943a449889c3","block_type":"box","text":"While interest payments are not made on such securities, holders of such securities","page_number":41,"box":{"x":300,"y":506,"width":627,"height":12}},{"id":"d49bf43e-f96c-474c-aaac-241d8b388657","block_type":"box","text":"are deemed to have received income (“phantom income”) annually, notwithstanding that cash may not be received","page_number":41,"box":{"x":61,"y":521,"width":855,"height":12}},{"id":"0c0f3e5f-6bd3-41ba-9c1f-f645bffe57ac","block_type":"box","text":"currently. The effect of owning instruments that do not make current interest payments is that a fixed yield is earned","page_number":41,"box":{"x":61,"y":537,"width":863,"height":12}},{"id":"7286559a-9574-430d-8c57-40f3fd15b0cc","block_type":"box","text":"not only on the original investment but also, in effect, on all discount accretion during the life of the obligations. This","page_number":41,"box":{"x":61,"y":552,"width":860,"height":12}},{"id":"86dc9e65-e31a-4e6b-b6bb-46b2bf79a98a","block_type":"box","text":"implicit reinvestment of earnings at a fixed rate eliminates the risk of being unable to invest distributions at a rate as","page_number":41,"box":{"x":61,"y":568,"width":861,"height":12}},{"id":"b96fae42-7966-4da3-8054-c099a428ceb0","block_type":"box","text":"high as the implicit yield on the zero coupon bond, but at the same time eliminates the holder’s ability to reinvest at","page_number":41,"box":{"x":61,"y":583,"width":855,"height":12}},{"id":"949e70bf-84d7-4bf9-aa82-7e82445bd71a","block_type":"box","text":"higher rates in the future. For this reason, some of these securities may be subject to substantially greater price","page_number":41,"box":{"x":61,"y":599,"width":832,"height":12}},{"id":"e6d3543d-f169-4b0d-83c2-98595bfeca5a","block_type":"box","text":"fluctuations during periods of changing market interest rates than are comparable securities that pay interest","page_number":41,"box":{"x":60,"y":614,"width":811,"height":12}},{"id":"60390c68-467f-4084-b999-fcdc3185862f","block_type":"box","text":"currently. Longer term zero coupon bonds are more exposed","page_number":41,"box":{"x":61,"y":630,"width":457,"height":12}},{"id":"647205cc-0720-4f1b-bb09-055e3d507615","block_type":"box","text":"to interest rate risk than shorter term zero coupon","page_number":41,"box":{"x":518,"y":630,"width":374,"height":12}},{"id":"251eb022-706c-4520-86b8-41c727d7be60","block_type":"box","text":"bonds. These investments benefit the issuer by mitigating its need for cash to meet debt service, but also require a","page_number":41,"box":{"x":61,"y":645,"width":856,"height":12}},{"id":"ff94d1b5-1c77-4328-9d23-487fd8375b0d","block_type":"box","text":"higher rate of return to attract investors who are willing to defer receipt of cash.","page_number":41,"box":{"x":61,"y":661,"width":584,"height":12}},{"id":"c225d527-a09f-4cb3-874d-9f652ab4c33d","block_type":"box","text":"A Further Discussion of Other Risks","page_number":41,"box":{"x":60,"y":698,"width":354,"height":12}},{"id":"9b92190b-460c-4303-af4d-1ee2ced1cb06","block_type":"box","text":"The Fund may also be subject to certain other non-principal risks associated with its investments and investment","page_number":41,"box":{"x":60,"y":722,"width":837,"height":11}},{"id":"d83e5fff-5e47-429b-9124-c33211eae6b9","block_type":"box","text":"strategies.","page_number":41,"box":{"x":61,"y":737,"width":75,"height":12}},{"id":"27e8783c-f6c0-457e-84bb-7b2d044d5589","block_type":"box","text":"Borrowing Risk.","page_number":41,"box":{"x":61,"y":768,"width":127,"height":12}},{"id":"e86c4959-0398-457c-95d8-f4a0fab97d10","block_type":"box","text":"Borrowing may exaggerate changes in the net asset value of Fund shares and in the return on the","page_number":41,"box":{"x":195,"y":768,"width":727,"height":12}},{"id":"9821857a-b0bd-4dfc-844a-051d787cac8a","block_type":"box","text":"Fund’s portfolio. Borrowing will cost the Fund interest expense and other fees. The costs of borrowing may reduce the","page_number":41,"box":{"x":61,"y":783,"width":874,"height":12}},{"id":"1483ff55-f059-4c88-8ebb-32de13b0fa7b","block_type":"box","text":"Fund’s return. Borrowing may cause the Fund to liquidate positions when it may not be advantageous to do so to","page_number":41,"box":{"x":61,"y":799,"width":837,"height":12}},{"id":"d9997782-23a1-48b9-aa44-199dfe6f1a65","block_type":"box","text":"satisfy its obligations.","page_number":41,"box":{"x":61,"y":814,"width":157,"height":12}},{"id":"6be09f0c-b03f-4c71-ab88-e114a9bcb45b","block_type":"box","text":"Expense Risk.","page_number":41,"box":{"x":61,"y":846,"width":112,"height":11}},{"id":"99e7ec1f-5d2a-4259-9705-39ac57cdfaa5","block_type":"box","text":"Fund expenses are subject to a variety of factors, including fluctuations in the Fund’s net assets.","page_number":41,"box":{"x":174,"y":845,"width":725,"height":12}},{"id":"f6cb2e22-cfe3-46bd-8b32-59dedeb43962","block_type":"box","text":"Accordingly, actual expenses may be greater or less than those indicated. For example, to the extent that the Fund’s","page_number":41,"box":{"x":60,"y":861,"width":872,"height":12}},{"id":"ad69cde0-11fe-47f8-89a7-79cecab8c7c7","block_type":"box","text":"net assets decrease due to market declines or redemptions, the Fund’s expenses will increase as a percentage of","page_number":41,"box":{"x":61,"y":876,"width":851,"height":13}},{"id":"c6633402-ecc6-4217-85f2-7b8741a3b517","block_type":"box","text":"Fund net assets. During periods of high market volatility, these increases in the Fund’s expense ratio could be","page_number":41,"box":{"x":61,"y":892,"width":821,"height":12}},{"id":"c8ae6d4b-5238-448d-9fd5-b7cdfa9b5774","block_type":"box","text":"significant.","page_number":41,"box":{"x":61,"y":907,"width":83,"height":13}},{"id":"2fa492ce-3ea5-42f9-b04c-4807ac6e2eec","block_type":"box","text":"24","page_number":41,"box":{"x":491,"y":955,"width":23,"height":10}},{"id":"04b9c1d4-e337-4362-8bed-5b982d59b200","block_type":"box","text":"NM1026U-6049080-41/56","page_number":41,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"1c3df032-0574-4ca7-8a68-40a953a74dda","block_type":"box","text":"Investment in Other Investment Companies Risk.","page_number":42,"box":{"x":61,"y":40,"width":390,"height":12}},{"id":"62a0f02b-5037-4539-a6c7-4176f2076780","block_type":"box","text":"As with other investments, investments in other investment","page_number":42,"box":{"x":452,"y":41,"width":448,"height":11}},{"id":"5594e345-6d29-411c-abee-027eaab2c310","block_type":"box","text":"companies, including ETFs, are subject to market and selection risk. In addition, if the Fund acquires shares of","page_number":42,"box":{"x":61,"y":56,"width":825,"height":12}},{"id":"ef46424e-7c92-4acc-95c9-54e2b9524447","block_type":"box","text":"investment companies, including ones affiliated with the Fund, shareholders bear both their proportionate share of","page_number":42,"box":{"x":61,"y":71,"width":850,"height":13}},{"id":"7634187f-0ca4-4511-b7c2-cf6f793df98e","block_type":"box","text":"expenses in the Fund (including management and advisory fees) and, indirectly, the expenses of the investment","page_number":42,"box":{"x":61,"y":87,"width":837,"height":12}},{"id":"90607d24-9a71-46a8-bdef-c40a7f398793","block_type":"box","text":"companies (to the extent not offset by BFA through waivers). To","page_number":42,"box":{"x":61,"y":102,"width":480,"height":13}},{"id":"8a21fd41-1440-4c30-96a8-6fd70e7ea1f6","block_type":"box","text":"the extent the Fund is held by an affiliated fund, the","page_number":42,"box":{"x":542,"y":102,"width":386,"height":13}},{"id":"145c0a82-7ad9-4484-aa22-38ee76b853be","block_type":"box","text":"ability of the Fund itself to hold other investment companies may be limited.","page_number":42,"box":{"x":61,"y":118,"width":564,"height":12}},{"id":"fa095ee8-db19-4e00-95a9-c581cff55f5b","block_type":"box","text":"Master Limited Partnerships Risk.","page_number":42,"box":{"x":61,"y":147,"width":275,"height":11}},{"id":"f18efcd7-afd6-48ae-932b-6725768fb477","block_type":"box","text":"The Fund may invest in master limited partnerships (“MLPs”) that are generally","page_number":42,"box":{"x":337,"y":146,"width":591,"height":12}},{"id":"2319dae6-fb59-41cf-8acd-fc3398b11b9d","block_type":"box","text":"in energy-related industries. MLPs are limited partnerships or limited liability companies taxable as partnerships.","page_number":42,"box":{"x":61,"y":162,"width":836,"height":12}},{"id":"4bd54a22-525c-4c38-bef8-e31839467842","block_type":"box","text":"MLPs may derive income and gains from the exploration, development, mining, production, processing, refining,","page_number":42,"box":{"x":61,"y":177,"width":837,"height":12}},{"id":"75ffb2b0-c08f-4aac-9d47-90f651244b61","block_type":"box","text":"transportation (including pipelines transporting gas, oil or products thereof) or the marketing of any mineral or natural","page_number":42,"box":{"x":60,"y":193,"width":871,"height":12}},{"id":"0cbfd51d-152f-4f43-8798-00e9595437ef","block_type":"box","text":"resources. MLPs generally have two classes of owners, the general partner and limited partners. When investing in","page_number":42,"box":{"x":61,"y":208,"width":860,"height":12}},{"id":"86178a63-9464-41af-8240-29d536a2775f","block_type":"box","text":"an MLP, the Fund intends to purchase publicly traded common units issued to limited partners of the MLP. The","page_number":42,"box":{"x":61,"y":224,"width":828,"height":12}},{"id":"d3a51fce-16a1-4da7-aaa5-7665df310513","block_type":"box","text":"general partner is typically owned by a major energy company, an investment fund or the direct management of the","page_number":42,"box":{"x":61,"y":239,"width":861,"height":12}},{"id":"4e362ea4-d735-4211-9c05-65dbec909429","block_type":"box","text":"MLP or is an entity owned by one or more of such parties. The general partner may be structured as a private or","page_number":42,"box":{"x":61,"y":255,"width":838,"height":12}},{"id":"5a809b65-c4a4-46ca-b43e-32ff0ebfe263","block_type":"box","text":"publicly traded corporation or other entity.","page_number":42,"box":{"x":61,"y":271,"width":314,"height":11}},{"id":"01fcaf4f-d624-4498-8ac7-c616393d5d62","block_type":"box","text":"“New Issues” Risk.","page_number":42,"box":{"x":62,"y":299,"width":156,"height":9}},{"id":"2fb88bf9-b921-4780-8950-d6bb90b57370","block_type":"box","text":"“New issues” are initial public offerings (“IPOs”) of equity securities. Investments in companies","page_number":42,"box":{"x":219,"y":299,"width":704,"height":12}},{"id":"6c0bb36a-5163-496a-82f6-8873ab677049","block_type":"box","text":"that have recently gone public have the potential to produce substantial gains for the Fund. However, there is no","page_number":42,"box":{"x":60,"y":314,"width":840,"height":12}},{"id":"4df31f7d-e908-4106-b42b-64e9b0f04d69","block_type":"box","text":"assurance that the Fund will have access to profitable IPOs and therefore investors should not rely on these past","page_number":42,"box":{"x":61,"y":330,"width":843,"height":12}},{"id":"0402c4df-8a77-4407-a14d-31f4f3abe0cc","block_type":"box","text":"gains as an indication of future performance. The investment performance of the Fund during periods when it is","page_number":42,"box":{"x":61,"y":345,"width":831,"height":12}},{"id":"ce7b5221-6956-4dd6-90d2-e2a41863e879","block_type":"box","text":"unable to invest significantly or at all in IPOs may be lower than during periods when the Fund is able to do so. In","page_number":42,"box":{"x":61,"y":361,"width":844,"height":12}},{"id":"7b4f261a-1d25-4c79-bf24-6b8f300528a7","block_type":"box","text":"addition, as the Fund increases in size, the impact of IPOs on the Fund’s performance will generally decrease.","page_number":42,"box":{"x":61,"y":376,"width":823,"height":12}},{"id":"3e63665e-c370-47a4-9a7e-2766a9318e27","block_type":"box","text":"Securities issued in IPOs are subject to many of the same risks as investing in companies with smaller market","page_number":42,"box":{"x":61,"y":392,"width":822,"height":12}},{"id":"8c253413-9435-403c-b636-c8db5f8a21cb","block_type":"box","text":"capitalizations. Securities issued in IPOs have no trading history, and information about the companies may be","page_number":42,"box":{"x":61,"y":407,"width":827,"height":12}},{"id":"de6d74a1-068c-43cf-91db-0def81a003c3","block_type":"box","text":"available for very limited periods. In addition, the prices of securities sold in IPOs may be highly volatile or may","page_number":42,"box":{"x":61,"y":423,"width":825,"height":12}},{"id":"358e607e-c3f2-421a-af1d-e20e32e4f059","block_type":"box","text":"decline shortly after the IPO. When an IPO is brought to the market, availability may be limited and the Fund may not","page_number":42,"box":{"x":61,"y":438,"width":872,"height":12}},{"id":"09fa7743-889b-4c34-92f2-04ff8c33dc8c","block_type":"box","text":"be able to buy any shares at the offering price, or, if it is","page_number":42,"box":{"x":61,"y":454,"width":418,"height":12}},{"id":"596e6aa1-f9fb-4a3c-8768-3cd2a8151da5","block_type":"box","text":"able to buy shares, it may not be able to buy as many shares","page_number":42,"box":{"x":479,"y":454,"width":458,"height":12}},{"id":"49f78e05-2980-46fe-8c50-0355dacac639","block_type":"box","text":"at the offering price as it would like.","page_number":42,"box":{"x":61,"y":469,"width":267,"height":12}},{"id":"a6e7e81e-3bd5-4c52-9176-2df4b1219981","block_type":"box","text":"Ownership Limitations Risk.","page_number":42,"box":{"x":62,"y":498,"width":222,"height":12}},{"id":"2313ae9a-c8ae-478b-8546-e4a68902c82a","block_type":"box","text":"If certain aggregate and/or fund-level ownership thresholds are reached through","page_number":42,"box":{"x":286,"y":498,"width":578,"height":12}},{"id":"c68bb7b9-3034-46e7-b67b-c8277a9374e8","block_type":"box","text":"transactions undertaken by BFA, its affiliates or the Fund, or as a result of third-party transactions or actions by an issuer","page_number":42,"box":{"x":60,"y":513,"width":872,"height":12}},{"id":"6ce1f153-8645-45e1-8171-fa1c1a8dce21","block_type":"box","text":"or regulator, the ability of BFA and its affiliates on behalf of clients (including the Fund) to purchase or dispose of","page_number":42,"box":{"x":61,"y":529,"width":811,"height":12}},{"id":"bacf124c-2baa-42c2-a16d-16f1a4d5765a","block_type":"box","text":"investments, exercise rights or undertake business transactions may be restricted by law, regulation or rule or otherwise","page_number":42,"box":{"x":61,"y":544,"width":866,"height":12}},{"id":"5aefb069-f768-4551-bed1-a5672365634c","block_type":"box","text":"impaired. The capacity of the Fund to invest in certain securities or other assets may be affected by the relevant threshold","page_number":42,"box":{"x":61,"y":560,"width":878,"height":12}},{"id":"93b1a9c8-0af2-4914-b18e-c524b7f927b0","block_type":"box","text":"limits, and such limitations may have adverse effects on the liquidity and performance of the Fund’s portfolio holdings.","page_number":42,"box":{"x":61,"y":575,"width":849,"height":12}},{"id":"3bab9c2d-0474-417d-8d52-de6c2f2ebec2","block_type":"box","text":"For example, ownership limits may apply to securities whose issuers operate in certain regulated industries or","page_number":42,"box":{"x":61,"y":604,"width":820,"height":12}},{"id":"4e699225-8aa4-4c9f-8606-d684cf6ad8b4","block_type":"box","text":"in certain international markets. Such limits also may apply where the investing entity (such as the Fund) is subject","page_number":42,"box":{"x":61,"y":619,"width":855,"height":12}},{"id":"15389778-f871-49b3-ae7c-96dab12b1862","block_type":"box","text":"to corporate or regulatory ownership restrictions or invests in certain futures or other derivative transactions. In certain","page_number":42,"box":{"x":60,"y":635,"width":881,"height":12}},{"id":"473bc3e9-96fd-4ba8-99c2-a9b98deea24c","block_type":"box","text":"circumstances, aggregate and/or fund-level amounts invested or voted by BFA and its affiliates for client funds and","page_number":42,"box":{"x":61,"y":650,"width":856,"height":12}},{"id":"d5f43493-04fe-4abb-9940-28829a2aff2f","block_type":"box","text":"accounts managed by BFA (including the Fund) may not exceed the relevant limits without the grant of a license or","page_number":42,"box":{"x":61,"y":666,"width":853,"height":12}},{"id":"82e4658d-4cf7-485e-908a-3d09d14ace73","block_type":"box","text":"other regulatory or corporate approval, order, consent, relief or non-disapproval. However, there is no guarantee that","page_number":42,"box":{"x":61,"y":681,"width":866,"height":12}},{"id":"2d059036-43b3-462b-b16a-a705740a05b6","block_type":"box","text":"permission will be granted, or that, once granted, it will not be modified or revoked at a later date with minimal or no","page_number":42,"box":{"x":61,"y":697,"width":856,"height":12}},{"id":"b9455024-913e-470b-8f42-fd814e926293","block_type":"box","text":"notice. In other cases, exceeding such thresholds may cause BFA and its affiliates, the Fund or other client accounts","page_number":42,"box":{"x":61,"y":712,"width":866,"height":12}},{"id":"d96d1d54-6a62-4bdb-94f3-5f50788d37e1","block_type":"box","text":"to suffer disadvantages or business restrictions.","page_number":42,"box":{"x":60,"y":728,"width":354,"height":12}},{"id":"d79fd36e-59bd-4f54-8e76-d5fc70713a2d","block_type":"box","text":"Ownership limitations are highly complex. It is possible that, despite BFA’s intent to either comply with or be granted","page_number":42,"box":{"x":61,"y":756,"width":860,"height":12}},{"id":"a538db88-4c5c-4bd3-9bc8-47c1f0bb8aaf","block_type":"box","text":"permission to exceed ownership limitations, it may inadvertently breach a limit or violate the corporate or regulatory","page_number":42,"box":{"x":61,"y":772,"width":854,"height":12}},{"id":"b76460c0-1ed6-4fb4-a7a0-cc5a465d1011","block_type":"box","text":"approval, order, consent, relief or non-disapproval that was obtained.","page_number":42,"box":{"x":61,"y":787,"width":510,"height":12}},{"id":"89566aef-a526-4d42-b579-22404ab23a8b","block_type":"box","text":"Reference Rate Replacement Risk.","page_number":42,"box":{"x":61,"y":815,"width":275,"height":12}},{"id":"8390b753-c307-4450-9ae5-05541770e3ed","block_type":"box","text":"The Fund’s investments, payment obligations and financing terms may be","page_number":42,"box":{"x":342,"y":815,"width":548,"height":12}},{"id":"10598e25-809d-436a-8cdc-225708bee728","block_type":"box","text":"based on floating rates, such as the Secured Overnight Financing Rate (“SOFR”), Sterling Overnight Interbank","page_number":42,"box":{"x":61,"y":831,"width":825,"height":12}},{"id":"463a2d26-11c6-478e-b55f-fd3e94d23ce3","block_type":"box","text":"Average Rate (“SONIA”), and other similar types of reference rates (“Reference Rates”). The elimination of a","page_number":42,"box":{"x":60,"y":846,"width":813,"height":12}},{"id":"b5f163be-2f45-4040-9dd3-38a1a32fe458","block_type":"box","text":"Reference Rate or any other changes or reforms to the determination or supervision of a Reference Rate could have","page_number":42,"box":{"x":61,"y":862,"width":870,"height":12}},{"id":"20d32a6d-307a-41e8-867b-a6de017402a7","block_type":"box","text":"an adverse impact on the market for, or value of, any instruments (including debt instruments and certain derivative","page_number":42,"box":{"x":61,"y":877,"width":860,"height":12}},{"id":"32112d1a-cde5-46f7-9369-ed20ae9e0c11","block_type":"box","text":"instruments) or payments linked to those Reference Rates. In addition, any substitute Reference Rate and any pricing","page_number":42,"box":{"x":61,"y":893,"width":880,"height":12}},{"id":"05a21257-0f96-4db5-a1ed-75e8cd687631","block_type":"box","text":"adjustments imposed by a regulator or by counterparties or otherwise may adversely affect the Fund’s performance","page_number":42,"box":{"x":61,"y":908,"width":857,"height":12}},{"id":"b5cab23b-0eb5-4cf4-9967-2f0051deb1e6","block_type":"box","text":"and/or net asset value.","page_number":42,"box":{"x":61,"y":924,"width":168,"height":10}},{"id":"b90c0142-da1e-4802-94b7-630f9a8a773c","block_type":"box","text":"25","page_number":42,"box":{"x":491,"y":955,"width":23,"height":10}},{"id":"c32b7353-5c92-47fa-9760-56840d16cb3c","block_type":"box","text":"NM1026U-6049080-42/56","page_number":42,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"987a5241-abe2-4f87-8d67-991e872948ed","block_type":"box","text":"In addition, interest rates or other types of rates and indices which are classified as “benchmarks” have been the","page_number":43,"box":{"x":62,"y":40,"width":838,"height":13}},{"id":"c5931e45-ebd7-4998-90c3-db8f0ddbcae5","block_type":"box","text":"subject of ongoing national and international regulatory reform, including under the European Union (“EU”) regulation","page_number":43,"box":{"x":61,"y":56,"width":873,"height":12}},{"id":"6531a6b8-199b-47fb-aa18-d417d448d347","block_type":"box","text":"on indices used as benchmarks in financial instruments and financial contracts (known as the “Benchmarks","page_number":43,"box":{"x":61,"y":71,"width":801,"height":13}},{"id":"33e421af-36b0-47b2-a757-894a3b6e54ee","block_type":"box","text":"Regulation”). The Benchmarks Regulation has been enacted into United Kingdom (“UK”) law by virtue of the EU","page_number":43,"box":{"x":61,"y":87,"width":835,"height":12}},{"id":"e3272120-ab62-4239-a7df-74d8d2ee9fd4","block_type":"box","text":"(Withdrawal) Act 2018 (as amended), subject to amendments made by the Benchmarks (Amendment and Transitional","page_number":43,"box":{"x":61,"y":102,"width":883,"height":13}},{"id":"24464a2e-db4d-4f94-94c4-523bb6822c99","block_type":"box","text":"Provision) (EU Exit) Regulations 2019 (SI 2019/657) and other statutory instruments. Following the implementation of","page_number":43,"box":{"x":61,"y":118,"width":876,"height":12}},{"id":"c6f19287-a506-4360-93f5-7d328556fb1b","block_type":"box","text":"these reforms, the manner of administration of benchmarks has changed and may further change in the future, with","page_number":43,"box":{"x":60,"y":134,"width":862,"height":12}},{"id":"ad645ca0-f0de-4b10-8151-bc3b29e310f1","block_type":"box","text":"the result that relevant benchmarks may perform differently than in the past, the use of benchmarks that are not","page_number":43,"box":{"x":60,"y":149,"width":835,"height":12}},{"id":"f37f475f-233d-49d8-9d08-bdcc2f89fa34","block_type":"box","text":"compliant with the new standards by certain supervised entities may be restricted, and certain benchmarks may be","page_number":43,"box":{"x":61,"y":165,"width":857,"height":12}},{"id":"d484cfa5-cd5a-4f61-bc69-a379b5374618","block_type":"box","text":"eliminated entirely. Such changes could cause increased market volatility and disruptions in liquidity for instruments","page_number":43,"box":{"x":61,"y":180,"width":861,"height":12}},{"id":"dc03f21f-7d2c-4a1e-a316-0e5831d599e2","block_type":"box","text":"that rely on or are impacted by such benchmarks. Additionally, there could be other consequences which cannot be","page_number":43,"box":{"x":60,"y":196,"width":863,"height":12}},{"id":"1de8aef4-1477-44ee-8542-4a17018eef0d","block_type":"box","text":"predicted.","page_number":43,"box":{"x":61,"y":211,"width":78,"height":12}},{"id":"6c9853d9-718f-432a-a282-58a7a0211da4","block_type":"box","text":"Reliance on Advisor Risk","page_number":43,"box":{"x":61,"y":240,"width":202,"height":9}},{"id":"5a396e0a-1896-47fe-8123-04512f3f4c6f","block_type":"box","text":". The Fund is dependent upon services and resources provided by BFA, and therefore","page_number":43,"box":{"x":264,"y":239,"width":644,"height":12}},{"id":"b8d13370-beae-45c9-8131-07306f69342a","block_type":"box","text":"BFA’s parent, BlackRock, Inc. BFA is not required to devote its full time to the business of the Fund and there is no","page_number":43,"box":{"x":61,"y":255,"width":857,"height":12}},{"id":"6b102261-d997-4178-92d9-6d09cb49d31c","block_type":"box","text":"guarantee or requirement that any investment professional or other employee of BFA will allocate a substantial portion","page_number":43,"box":{"x":61,"y":270,"width":882,"height":12}},{"id":"3a388ecd-179d-4a97-9258-cf58e5fb1cc6","block_type":"box","text":"of his or her time to the Fund. The loss of, or changes in, BFA’s personnel could have a negative effect on the","page_number":43,"box":{"x":61,"y":286,"width":820,"height":12}},{"id":"9f43cb78-dae8-47c2-8678-cf09d5f16cfa","block_type":"box","text":"performance or the continued operation of the Fund.","page_number":43,"box":{"x":61,"y":301,"width":393,"height":12}},{"id":"fabb8575-2ee4-4ca6-898f-87079d984c7b","block_type":"box","text":"Restricted Securities Risk","page_number":43,"box":{"x":61,"y":330,"width":208,"height":9}},{"id":"996836df-684c-4b4a-b033-9d0918c1b38f","block_type":"box","text":".","page_number":43,"box":{"x":269,"y":337,"width":2,"height":2}},{"id":"5ace29bc-c1c1-4fa0-9a60-6075ae321e09","block_type":"box","text":"Limitations on the resale, including any required lock up or holding periods, of restricted","page_number":43,"box":{"x":273,"y":330,"width":659,"height":12}},{"id":"4d903263-3c58-485d-96f0-3caa8ca4222a","block_type":"box","text":"securities may have an adverse effect on their marketability and their liquidity, and may prevent the Fund from","page_number":43,"box":{"x":61,"y":345,"width":822,"height":12}},{"id":"dce0b13a-f227-4c31-b21d-5c2ab3c0952e","block_type":"box","text":"disposing of them promptly at advantageous prices, if at all. Restricted securities may not be listed on an exchange","page_number":43,"box":{"x":61,"y":361,"width":859,"height":12}},{"id":"fd1c3752-9436-48bd-bd58-903bc295f3c2","block_type":"box","text":"and may have no active trading market. In order to sell certain restricted securities, the Fund may have to bear the","page_number":43,"box":{"x":61,"y":376,"width":854,"height":12}},{"id":"a846a309-6994-4e39-b00d-3d9d4c653963","block_type":"box","text":"expense of registering the securities for resale and the risk of substantial delays in effecting the registration. Other","page_number":43,"box":{"x":61,"y":392,"width":851,"height":12}},{"id":"d20db7d7-a904-4469-b1fe-68374980fe99","block_type":"box","text":"transaction costs may be higher for restricted securities than unrestricted securities. Restricted securities may be","page_number":43,"box":{"x":60,"y":407,"width":843,"height":12}},{"id":"c6646ce2-f0cb-41aa-bad9-9cb093fc9d64","block_type":"box","text":"difficult to value because market quotations may not be readily available, there may be limited other information","page_number":43,"box":{"x":61,"y":423,"width":832,"height":12}},{"id":"6b393a97-ba8f-486d-a3a0-3de05167ae00","block_type":"box","text":"regarding the investment’s market or fair value, and the securities’ values may have significant volatility. Also, the","page_number":43,"box":{"x":61,"y":438,"width":845,"height":12}},{"id":"91dd7ab3-17f0-4ac6-aeac-f8ad2bc27baf","block_type":"box","text":"Fund may get only limited information about the issuer of a given restricted security, and therefore may be less able to","page_number":43,"box":{"x":61,"y":454,"width":882,"height":12}},{"id":"53e43fa3-f726-4097-a964-07e9f7287a9b","block_type":"box","text":"determine the security’s market or fair value or assess the investment risks as fully as for other issuers for which more","page_number":43,"box":{"x":61,"y":469,"width":881,"height":12}},{"id":"abe20850-bd90-4806-9989-c86704661083","block_type":"box","text":"information is available. Certain restricted securities may involve a high degree of business and financial risk and may","page_number":43,"box":{"x":61,"y":485,"width":878,"height":12}},{"id":"a49aba93-4328-4936-91fe-45017883ede6","block_type":"box","text":"result in substantial losses to the Fund. Certain restricted securities may represent limited investment opportunities","page_number":43,"box":{"x":61,"y":500,"width":856,"height":12}},{"id":"4e983727-67ac-4e49-89cf-aa335d4d3d7e","block_type":"box","text":"and each shareholder’s proportionate investment exposure to such limited investment opportunities may be reduced","page_number":43,"box":{"x":61,"y":516,"width":867,"height":12}},{"id":"ee1598ab-4fa9-4578-ad98-7dd202a69408","block_type":"box","text":"proportionately as the Fund’s net assets grow from new or additional investments made in the Fund by other","page_number":43,"box":{"x":61,"y":531,"width":809,"height":12}},{"id":"b4ad9693-d02f-422c-9a9d-d97f051ea6f1","block_type":"box","text":"shareholders.","page_number":43,"box":{"x":61,"y":547,"width":106,"height":9}},{"id":"b4650dae-798c-43df-ac7f-6f498418d006","block_type":"box","text":"Securities Lending Risk.","page_number":43,"box":{"x":61,"y":575,"width":193,"height":12}},{"id":"17794c38-80fa-4267-8b3c-5474e2b72ba2","block_type":"box","text":"The Fund may engage in securities lending. Securities lending involves the risk that the","page_number":43,"box":{"x":256,"y":575,"width":658,"height":12}},{"id":"b231caff-77a0-4c42-a9c8-28b5fca7dce6","block_type":"box","text":"Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or","page_number":43,"box":{"x":61,"y":591,"width":883,"height":12}},{"id":"610fcac5-c56a-4a52-ab33-51df70ad0762","block_type":"box","text":"at all. The Fund could also lose money in the event of","page_number":43,"box":{"x":61,"y":606,"width":402,"height":12}},{"id":"34d71be0-dc2e-4521-8b07-31206d57e2af","block_type":"box","text":"a decline in the value of collateral provided for loaned securities","page_number":43,"box":{"x":464,"y":606,"width":477,"height":12}},{"id":"6f44c367-1292-4b7f-8000-2804e1be4f0c","block_type":"box","text":"or a decline in the value of any investments made with cash collateral. These events could also trigger adverse tax","page_number":43,"box":{"x":61,"y":622,"width":855,"height":12}},{"id":"b9643863-6cfa-403a-abcb-1cda98db4e35","block_type":"box","text":"consequences for the Fund.","page_number":43,"box":{"x":61,"y":637,"width":212,"height":12}},{"id":"c6dc889b-c2db-492f-965f-8ed92acbb2c2","block_type":"box","text":"Valuation Risk.","page_number":43,"box":{"x":62,"y":666,"width":118,"height":9}},{"id":"041125d4-8be6-41df-a75b-797731710349","block_type":"box","text":"The price the Fund could receive upon the sale of a security or other asset may differ from the","page_number":43,"box":{"x":186,"y":666,"width":698,"height":12}},{"id":"f5dbfcb6-ea1b-4bd6-814f-09f1c1819f77","block_type":"box","text":"Fund’s valuation of the security or other asset, particularly for securities or other assets that trade in low volume or","page_number":43,"box":{"x":61,"y":681,"width":848,"height":12}},{"id":"7e1a28c3-f3db-4865-970b-e869ba808206","block_type":"box","text":"volatile markets or that are valued using a fair value methodology as a result of trade suspensions or for other","page_number":43,"box":{"x":60,"y":697,"width":816,"height":12}},{"id":"9677d96f-f5c9-4329-b127-08a196b4df97","block_type":"box","text":"reasons. Because non-U.S. exchanges may be open on days when the Fund does not price its shares, the value of","page_number":43,"box":{"x":61,"y":712,"width":857,"height":12}},{"id":"8a25748a-5bbd-4035-be97-4fba6d82606b","block_type":"box","text":"the securities or other assets in the Fund’s portfolio may change on days or during time periods when shareholders","page_number":43,"box":{"x":60,"y":728,"width":855,"height":12}},{"id":"3ed8d74a-16e1-463a-bfa9-df283c209afb","block_type":"box","text":"will not be able to purchase or sell the Fund’s shares.","page_number":43,"box":{"x":60,"y":743,"width":395,"height":12}},{"id":"8983b769-d968-4e3b-a292-ceab7451695b","block_type":"box","text":"Authorized Participants who purchase or redeem Fund shares on days when the Fund is holding fair-valued securities","page_number":43,"box":{"x":60,"y":771,"width":876,"height":13}},{"id":"1f9d51aa-8137-428e-9471-c387c33523e6","block_type":"box","text":"may receive fewer or more shares, or lower or higher redemption proceeds, than they would have received had the","page_number":43,"box":{"x":61,"y":787,"width":854,"height":12}},{"id":"36ad8bf3-b0e3-4b82-af21-b2b9cffe0c9c","block_type":"box","text":"Fund not fair-valued securities or other instruments or used a different valuation methodology. The Fund’s ability to","page_number":43,"box":{"x":61,"y":802,"width":852,"height":13}},{"id":"1f005fbe-7037-4310-a1a0-6c2b7ae83200","block_type":"box","text":"value investments may be impacted by technological issues or errors by pricing services or other third-party service","page_number":43,"box":{"x":60,"y":818,"width":858,"height":12}},{"id":"522a028e-1434-486b-8a86-410f23cdc065","block_type":"box","text":"providers.","page_number":43,"box":{"x":61,"y":834,"width":78,"height":11}},{"id":"2bfa2b0a-35dc-487d-9efa-ad78ea9e47d6","block_type":"box","text":"When-Issued and Delayed Delivery Securities and Forward Commitments Risk.","page_number":43,"box":{"x":62,"y":862,"width":629,"height":12}},{"id":"39666ff0-d4f3-4ba1-9042-cc975498bfe9","block_type":"box","text":"When-issued and","page_number":43,"box":{"x":692,"y":862,"width":140,"height":9}},{"id":"69dd34ae-a634-4e25-9b7b-d6f0ca6f06ad","block_type":"box","text":"delayed delivery securities and forward commitments involve the risk that the security the Fund buys will lose value","page_number":43,"box":{"x":61,"y":877,"width":859,"height":12}},{"id":"04dbcb52-397b-4ce6-bf6f-e6ef1fa96557","block_type":"box","text":"prior to its delivery. There also is the risk that the security will not be issued or that the other party to the transaction","page_number":43,"box":{"x":61,"y":893,"width":861,"height":12}},{"id":"fca0ae61-c14a-4723-b3f2-79564100afda","block_type":"box","text":"will not meet its obligation. If this occurs, the Fund may lose both the investment opportunity for the assets it set","page_number":43,"box":{"x":60,"y":908,"width":829,"height":12}},{"id":"48435447-a7f4-4579-8d58-3ca2dfefda27","block_type":"box","text":"aside to pay for the security and any gain in the security’s price.","page_number":43,"box":{"x":61,"y":924,"width":471,"height":12}},{"id":"0be33109-ef0c-4201-8577-2e245a29672e","block_type":"box","text":"26","page_number":43,"box":{"x":491,"y":955,"width":23,"height":10}},{"id":"3dfe17fb-303c-48eb-a4af-7abd3d4b7fc5","block_type":"box","text":"NM1026U-6049080-43/56","page_number":43,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"0a7ac834-6c60-4110-9369-e0b30272a7ca","block_type":"box","text":"Portfolio Holdings Information","page_number":44,"box":{"x":62,"y":42,"width":292,"height":15}},{"id":"ee2fd76b-5ea3-459d-b308-665145e589c3","block_type":"box","text":"A description of the Trust’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is","page_number":44,"box":{"x":60,"y":65,"width":867,"height":12}},{"id":"05a1c5ff-8e42-4876-b431-b9cfc6a9d5e5","block_type":"box","text":"available in the Fund’s Statement of Additional Information (“SAI”). The Fund discloses its portfolio holdings daily at","page_number":44,"box":{"x":61,"y":81,"width":860,"height":12}},{"id":"95510afd-9800-465a-8755-7f17a448f5ed","block_type":"box","text":"www.blackrock.com. Fund fact sheets providing information regarding the Fund’s top holdings are posted on","page_number":44,"box":{"x":60,"y":96,"width":810,"height":12}},{"id":"6d7382a9-633b-43c7-ac8d-301159179a0f","block_type":"box","text":"www.blackrock.com when available and may be requested by calling 1-800-474-2737.","page_number":44,"box":{"x":60,"y":112,"width":645,"height":12}},{"id":"d57571f4-7d35-4ce5-89e3-6fa4851e4e68","block_type":"box","text":"Management","page_number":44,"box":{"x":62,"y":150,"width":132,"height":16}},{"id":"065625b3-6eba-4177-8a21-56baa6c28e65","block_type":"box","text":"Investment Adviser.","page_number":44,"box":{"x":61,"y":174,"width":158,"height":9}},{"id":"849de976-8eb0-49f0-a37e-d00a3686c590","block_type":"box","text":"As investment adviser, BFA has overall responsibility for the general management and","page_number":44,"box":{"x":220,"y":174,"width":653,"height":12}},{"id":"e6ee8cb5-be6b-459e-ba06-81667f67b1e1","block_type":"box","text":"administration of the Fund. BFA provides an investment program for the Fund and manages the investment of the","page_number":44,"box":{"x":61,"y":189,"width":849,"height":12}},{"id":"6404beac-e8ca-4970-a368-9968b6333a95","block_type":"box","text":"Fund’s assets. In managing the Fund, BFA may draw upon the research and expertise of its asset management","page_number":44,"box":{"x":61,"y":205,"width":835,"height":12}},{"id":"cc8cfd3f-975b-4c75-a74e-5c574bb292de","block_type":"box","text":"affiliates with respect to certain portfolio securities. In seeking to achieve the Fund’s investment objective, BFA uses","page_number":44,"box":{"x":61,"y":220,"width":865,"height":12}},{"id":"5b9a8598-aa24-4c69-9b10-46a0afd8bb23","block_type":"box","text":"teams of portfolio managers, investment strategists and other investment specialists. This team approach brings","page_number":44,"box":{"x":60,"y":236,"width":839,"height":12}},{"id":"6494c3f5-7bca-420c-bc45-1055eb745188","block_type":"box","text":"together many disciplines and leverages BFA’s extensive resources.","page_number":44,"box":{"x":60,"y":251,"width":514,"height":12}},{"id":"d20d356d-90a4-4919-ba7e-e15d6ea53156","block_type":"box","text":"Pursuant to the Investment Advisory Agreement between BFA and the Trust (entered into on behalf of the Fund), BFA","page_number":44,"box":{"x":61,"y":283,"width":882,"height":12}},{"id":"2997ab87-9225-4ef8-b9b7-04f71230b811","block_type":"box","text":"is responsible for substantially all expenses of the Fund, except the management fees, interest expenses, taxes,","page_number":44,"box":{"x":61,"y":299,"width":839,"height":12}},{"id":"6aaf0a44-85e8-4555-99dd-717a414e9ef3","block_type":"box","text":"expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio","page_number":44,"box":{"x":61,"y":314,"width":864,"height":12}},{"id":"a3af3a3c-eda4-43bf-b0d4-41c48e39409c","block_type":"box","text":"transactions, including brokerage commissions, distribution fees or expenses, litigation expenses and any","page_number":44,"box":{"x":60,"y":330,"width":790,"height":12}},{"id":"fad1886f-c899-44b3-906e-af6bff487280","block_type":"box","text":"extraordinary expenses (as determined by a majority of the Trustees who are not “interested persons” of the Trust).","page_number":44,"box":{"x":61,"y":345,"width":860,"height":12}},{"id":"f17cbc61-bce1-4ac8-9286-84d45fb9c0a6","block_type":"box","text":"For its investment advisory services to the Fund, BFA will be paid a management fee by the Fund, based on a","page_number":44,"box":{"x":61,"y":377,"width":822,"height":12}},{"id":"d6fcafc4-f2ad-4fe8-9a8d-c1c08a2b67a2","block_type":"box","text":"percentage of the Fund’s average daily net assets, at an annual rate of 0.85%.","page_number":44,"box":{"x":61,"y":392,"width":588,"height":13}},{"id":"edecae35-3d5f-456a-9dd4-e4f245a72ae5","block_type":"box","text":"BFA has entered into a sub-advisory agreement with each Sub-Adviser, each an affiliate of BFA, under which BFA","page_number":44,"box":{"x":61,"y":424,"width":854,"height":12}},{"id":"5b60ca21-8ff8-4fe3-b337-f182fbb0f637","block_type":"box","text":"pays each Sub-Adviser for services it provides for that portion of the Fund for which it acts as sub-adviser a monthly","page_number":44,"box":{"x":61,"y":440,"width":865,"height":12}},{"id":"26292ef0-a072-4804-b4ac-071d620bc3d8","block_type":"box","text":"fee at an annual rate equal to a percentage of the management fee paid to BFA under the Investment Advisory","page_number":44,"box":{"x":60,"y":455,"width":829,"height":12}},{"id":"1f0112ce-c682-4095-b7ca-2e5fdfdbe949","block_type":"box","text":"Agreement.","page_number":44,"box":{"x":60,"y":471,"width":92,"height":12}},{"id":"d2437182-121d-49fc-abf4-aaf6173e4fe3","block_type":"box","text":"BFA has contractually agreed to waive a portion of its management fees by an amount equal to the aggregate","page_number":44,"box":{"x":61,"y":502,"width":821,"height":13}},{"id":"9cf453ac-fb93-457d-a6a2-d6a69bc8cc0b","block_type":"box","text":"Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in other equity and fixed-income","page_number":44,"box":{"x":60,"y":518,"width":860,"height":12}},{"id":"b7d95f8d-d237-4de4-a55b-fec00509e3cd","block_type":"box","text":"mutual funds and ETFs advised by BFA or its affiliates through","page_number":44,"box":{"x":61,"y":534,"width":470,"height":12}},{"id":"37a068a4-7873-4064-8478-8f58892c726d","block_type":"box","text":"June 30, 2028. BFA has also contractually agreed to","page_number":44,"box":{"x":531,"y":534,"width":395,"height":12}},{"id":"a4f3f94b-8aaf-4b00-bf0a-cce635a091d1","block_type":"box","text":"waive a portion of its management fees by an amount equal to the aggregate Acquired Fund Fees and Expenses, if","page_number":44,"box":{"x":60,"y":549,"width":863,"height":12}},{"id":"87b971ec-043a-49ec-a084-463b5c8fa4a1","block_type":"box","text":"any, attributable to investments by the Fund in money market funds advised by BFA or its affiliates through June 30,","page_number":44,"box":{"x":61,"y":565,"width":867,"height":12}},{"id":"386826b1-df0d-4dce-91a9-872e62959ea3","block_type":"box","text":"2028. The agreement (with respect to either waiver) may be terminated upon 90 days’ notice by a majority of the","page_number":44,"box":{"x":61,"y":580,"width":840,"height":12}},{"id":"cfedc577-2d57-4e14-bf4f-1c0196660442","block_type":"box","text":"non-interested trustees of the Trust or by a vote of a majority of the outstanding voting securities of the Fund.","page_number":44,"box":{"x":61,"y":596,"width":814,"height":12}},{"id":"7b4fda66-85fd-4462-b910-7886564e1bb8","block_type":"box","text":"BFA may also from time to time voluntarily waive and/or reimburse other fees or expenses in order to limit total annual","page_number":44,"box":{"x":61,"y":627,"width":882,"height":12}},{"id":"fe814ff6-cf3d-47da-9120-4af36bd2d251","block_type":"box","text":"fund operating expenses (excluding acquired fund fees and expenses, if any). Any such voluntary waiver or","page_number":44,"box":{"x":60,"y":643,"width":803,"height":12}},{"id":"4a6350d0-bee3-4c11-93c6-be5a11d2e589","block_type":"box","text":"reimbursement may be eliminated by BFA at any time.","page_number":44,"box":{"x":61,"y":658,"width":409,"height":12}},{"id":"31de09ca-d8db-41f3-baba-c13a19b9b40b","block_type":"box","text":"BFA is located at 400 Howard Street, San Francisco, CA 94105. It is an indirect majority-owned subsidiary of","page_number":44,"box":{"x":61,"y":690,"width":809,"height":12}},{"id":"23f8ebcc-4b94-409f-9ae7-76ac809e05af","block_type":"box","text":"BlackRock, Inc. (“BlackRock”). As of June 30, 2026, BFA and its affiliates provided investment advisory services for","page_number":44,"box":{"x":61,"y":706,"width":857,"height":12}},{"id":"d114f9f1-f1d5-468e-82ab-65d8a7e580f2","block_type":"box","text":"assets of approximately $15.3 trillion. BlackRock Asset Management North Asia Limited (“BNA”) is an investment","page_number":44,"box":{"x":61,"y":720,"width":840,"height":13}},{"id":"523fbe4f-502a-446c-aa35-7bca29d1e83d","block_type":"box","text":"adviser located in Hong Kong at 16/F, 2 Queen’s Road Central, Cheung Kong Center, Hong Kong. BNA is a","page_number":44,"box":{"x":61,"y":737,"width":801,"height":12}},{"id":"44eeae61-2c79-41b0-ab09-bda75afebd38","block_type":"box","text":"registered investment adviser organized in 1988. BlackRock (Singapore) Limited (“BSL”) is an investment adviser","page_number":44,"box":{"x":61,"y":752,"width":842,"height":12}},{"id":"657ec5fa-6d7c-4c6d-b266-0fdfd3a36747","block_type":"box","text":"located in Singapore at 20 Anson Road #18-01, 079912 Singapore. BSL is a registered investment adviser organized","page_number":44,"box":{"x":61,"y":768,"width":870,"height":12}},{"id":"c550bf75-442d-4506-8fb3-89b011a87f92","block_type":"box","text":"in 2000. BFA, the Sub-Advisers, and their affiliates trade and invest for their own accounts in the actual securities and","page_number":44,"box":{"x":61,"y":783,"width":872,"height":11}},{"id":"29786315-9262-44cc-b6e8-c92cc0448369","block_type":"box","text":"types of securities in which the Fund may also invest, which may affect the price of such securities.","page_number":44,"box":{"x":60,"y":799,"width":734,"height":12}},{"id":"20b0066d-840d-4046-8946-6bb98f7bc7aa","block_type":"box","text":"A discussion regarding the basis for the approval by the Board of the Investment Advisory Agreement with BFA and","page_number":44,"box":{"x":60,"y":830,"width":864,"height":13}},{"id":"c905ed50-15f9-4e07-9d60-d97d0bfd5707","block_type":"box","text":"the sub-advisory agreements between BFA and the Sub-Advisers will be available in the Fund’s first report filed on","page_number":44,"box":{"x":60,"y":846,"width":856,"height":12}},{"id":"d5f1a7fe-2e4f-48db-89bf-c7a74dea6e82","block_type":"box","text":"Form N-CSR following the commencement of operations.","page_number":44,"box":{"x":61,"y":861,"width":430,"height":13}},{"id":"2200ebc5-f2b5-4e89-bf58-a44ea2c5481c","block_type":"box","text":"From time to time, a manager, analyst, or other employee of BlackRock or its affiliates may express views regarding a","page_number":44,"box":{"x":61,"y":893,"width":880,"height":12}},{"id":"7b9660b5-88be-4042-8864-9dda91a770a8","block_type":"box","text":"particular asset class, company, security, industry, or market sector. The views expressed by any such person are the","page_number":44,"box":{"x":61,"y":909,"width":876,"height":12}},{"id":"08b18b00-9e8b-4813-af7a-c12a695f9947","block_type":"box","text":"views of only that individual as of the time expressed and do not necessarily represent the views of BlackRock or any","page_number":44,"box":{"x":60,"y":924,"width":870,"height":12}},{"id":"b7e34761-b5f7-4327-a059-837c6e66e108","block_type":"box","text":"27","page_number":44,"box":{"x":491,"y":955,"width":23,"height":10}},{"id":"50feb837-f144-4718-b036-13efb4110d2e","block_type":"box","text":"NM1026U-6049080-44/56","page_number":44,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"87f6c417-b2e0-45c8-bdf7-b2db1e549d31","block_type":"box","text":"other person within the BlackRock organization. Any such views are subject to change at any time based upon market","page_number":45,"box":{"x":61,"y":41,"width":881,"height":12}},{"id":"3a9cb25f-8450-4ea7-a750-d23119f81a1a","block_type":"box","text":"or other conditions and BlackRock disclaims any responsibility to update such views. These views may not be relied","page_number":45,"box":{"x":61,"y":56,"width":865,"height":12}},{"id":"69f64a6b-3458-41e6-80e1-36e15b46958a","block_type":"box","text":"on as investment advice and, because investment decisions for the Fund are based on numerous factors, may not be","page_number":45,"box":{"x":61,"y":71,"width":877,"height":13}},{"id":"6402a495-3708-4824-9c83-31abed2dd27c","block_type":"box","text":"relied on as an indication of trading intent on behalf of the Fund.","page_number":45,"box":{"x":61,"y":87,"width":479,"height":12}},{"id":"8343f538-d6b8-4d18-a82f-668ba153459f","block_type":"box","text":"BFA has been granted relief from the SEC that permits BFA, subject to Board approval, to hire, terminate and replace","page_number":45,"box":{"x":61,"y":117,"width":878,"height":12}},{"id":"b25bd19b-2ed5-40df-9ee2-beeafa3d9f29","block_type":"box","text":"sub-advisers for the Fund, and to amend sub-advisory agreements between BFA and sub-advisers with respect to the","page_number":45,"box":{"x":61,"y":132,"width":881,"height":12}},{"id":"2373d258-9604-44ab-9a60-ff04dfd4901e","block_type":"box","text":"Fund without obtaining shareholder approval. If a new sub-adviser is retained for the Fund or a sub-advisory","page_number":45,"box":{"x":61,"y":148,"width":808,"height":12}},{"id":"9e5b66d1-036d-4ccc-af85-06cee3fd7525","block_type":"box","text":"agreement is materially amended, shareholders will receive notice of such action. The relief does not extend to any","page_number":45,"box":{"x":61,"y":163,"width":859,"height":12}},{"id":"16221553-0da7-4d93-9487-0b466ff42de2","block_type":"box","text":"increase in the advisory fee paid by the Fund to BFA; any such increase would be subject to the approval of Fund","page_number":45,"box":{"x":61,"y":179,"width":848,"height":12}},{"id":"a3ae54aa-0b2d-4ff7-ad8c-47792a4d7b6c","block_type":"box","text":"shareholders.","page_number":45,"box":{"x":61,"y":194,"width":106,"height":10}},{"id":"73f8798c-f392-4254-b53f-115771d3d513","block_type":"box","text":"Portfolio Managers.","page_number":45,"box":{"x":61,"y":224,"width":155,"height":12}},{"id":"7b53f602-9a7a-4a86-a1bd-a275f1de590f","block_type":"box","text":"Philip Green, Thomas Becker, Michael Pensky, CFA, and Richard Murrall, CFA are jointly and","page_number":45,"box":{"x":217,"y":224,"width":708,"height":12}},{"id":"676942b4-f9d3-4c5e-84d6-d93ca99f572b","block_type":"box","text":"primarily responsible for the day-to-day management of the Fund.","page_number":45,"box":{"x":61,"y":239,"width":492,"height":12}},{"id":"813e0ee0-85ab-4042-bf66-659a65663899","block_type":"box","text":"Philip Green has been with BlackRock since 1999 including his years with Merrill Lynch Investment Managers (MLIM),","page_number":45,"box":{"x":61,"y":269,"width":882,"height":12}},{"id":"7d2f3b6c-1a05-4889-95ad-11c96ab04260","block_type":"box","text":"which merged with BlackRock in 2006. Mr. Green has been employed by BFA or its affiliates as a portfolio manager","page_number":45,"box":{"x":60,"y":284,"width":865,"height":13}},{"id":"f8659d01-4632-4505-b492-06109931f2d9","block_type":"box","text":"since 2006 and has been a Portfolio Manager of the Fund since October 2026.","page_number":45,"box":{"x":61,"y":300,"width":589,"height":12}},{"id":"95d59137-2142-459e-92cd-b11394be933d","block_type":"box","text":"Thomas Becker has been with BlackRock since 2010. Thomas Becker has been employed by BFA or its affiliates as","page_number":45,"box":{"x":60,"y":330,"width":870,"height":12}},{"id":"53fe36c1-2c8f-4b94-9156-2606a569f3e3","block_type":"box","text":"a portfolio manager since 2010 and has been a Portfolio Manager of the Fund since October 2026.","page_number":45,"box":{"x":61,"y":345,"width":738,"height":12}},{"id":"63e677b7-aeae-4b1f-8f07-ae067deeb0fe","block_type":"box","text":"Michael Pensky, CFA has been with BlackRock since 2012. Michael Pensky, CFA has been employed by BFA or its","page_number":45,"box":{"x":61,"y":375,"width":866,"height":12}},{"id":"b4ae8547-ac14-40f6-b07a-dfeca6d4d126","block_type":"box","text":"affiliates as a portfolio manager since 2012 and has been a Portfolio Manager of the Fund since October 2026.","page_number":45,"box":{"x":61,"y":390,"width":827,"height":12}},{"id":"80d1bba6-182d-4482-965b-6bf7d9e0bf88","block_type":"box","text":"Richard Murrall, CFA has been with BlackRock since 2010. Richard Murrall, CFA has been employed by BFA or its","page_number":45,"box":{"x":61,"y":420,"width":859,"height":12}},{"id":"d69a9b06-529f-4555-b3b0-aa324e77bfaa","block_type":"box","text":"affiliates as a portfolio manager since 2017 and has been a Portfolio Manager of the Fund since October 2026.","page_number":45,"box":{"x":61,"y":435,"width":827,"height":13}},{"id":"28784692-28fa-40f1-9957-2c83a6b21270","block_type":"box","text":"The Fund’s SAI provides additional information about the Portfolio Managers’ compensation, other accounts managed","page_number":45,"box":{"x":60,"y":465,"width":882,"height":12}},{"id":"448ce50f-0db1-487b-babc-b045310b886a","block_type":"box","text":"by the Portfolio Managers and the Portfolio Managers’ ownership (if any) of shares in the Fund.","page_number":45,"box":{"x":61,"y":481,"width":711,"height":12}},{"id":"88a1d9c9-b327-47bc-a202-1bb224b2b0fc","block_type":"box","text":"Administrator, Custodian and Transfer Agent.","page_number":45,"box":{"x":60,"y":510,"width":365,"height":12}},{"id":"78d000ea-c8d4-4dbc-8312-7ba3b6bf3575","block_type":"box","text":"State Street Bank and Trust Company (“State Street”) is the","page_number":45,"box":{"x":426,"y":510,"width":455,"height":12}},{"id":"6f30a7f2-7dcf-42ba-910a-9dcf6d602881","block_type":"box","text":"administrator, custodian and transfer agent for the Fund.","page_number":45,"box":{"x":61,"y":526,"width":424,"height":12}},{"id":"72162403-aa1c-4faf-8bba-53e8e9b5c355","block_type":"box","text":"Conflicts of Interest.","page_number":45,"box":{"x":61,"y":555,"width":167,"height":10}},{"id":"010ea58c-589a-41e9-af30-622d4208c399","block_type":"box","text":"The investment activities of BFA and its affiliates (including BlackRock and its subsidiaries","page_number":45,"box":{"x":228,"y":555,"width":674,"height":13}},{"id":"961175ce-b48d-4606-9e83-d0df1aaec34b","block_type":"box","text":"(collectively, the “Affiliates”)), and their respective directors, officers or employees, in managing their own accounts","page_number":45,"box":{"x":61,"y":571,"width":855,"height":12}},{"id":"f476f7b3-10be-472c-8b57-98a9eb9da053","block_type":"box","text":"and other accounts, may present conflicts of interest that could disadvantage the Fund and its shareholders.","page_number":45,"box":{"x":61,"y":586,"width":808,"height":13}},{"id":"70c88ec6-3aa0-426b-b503-dde3c496293d","block_type":"box","text":"BFA and its Affiliates are involved worldwide with a broad spectrum of financial services and asset management","page_number":45,"box":{"x":61,"y":616,"width":836,"height":12}},{"id":"ff3d8af4-e2b0-43cf-a0fb-ebddb7a5c43f","block_type":"box","text":"activities and in the ordinary course of business may engage","page_number":45,"box":{"x":61,"y":632,"width":455,"height":12}},{"id":"5c759d0e-f4dc-4308-845a-faacf92bb1cc","block_type":"box","text":"in activities in which their interests or the interests of","page_number":45,"box":{"x":517,"y":632,"width":392,"height":9}},{"id":"7a03bb81-36a5-423c-848a-3c0eedc0a150","block_type":"box","text":"other clients may conflict with those of the Fund. BFA and its Affiliates act, or may act, as an investor, research","page_number":45,"box":{"x":61,"y":647,"width":828,"height":12}},{"id":"56def31d-ef59-4484-9c7d-cf7e2c8f61af","block_type":"box","text":"provider, investment manager, commodity pool operator, commodity trading advisor, financier, underwriter, adviser,","page_number":45,"box":{"x":61,"y":663,"width":856,"height":12}},{"id":"53fe15c6-4560-4f09-aaec-752a4a2999a0","block_type":"box","text":"trader, lender, index provider, agent and/or principal. BFA and its Affiliates may have other direct and indirect interests","page_number":45,"box":{"x":60,"y":678,"width":877,"height":12}},{"id":"0a27bf39-08c1-4aff-9bc3-8ed7912b8ef2","block_type":"box","text":"in securities, currencies, commodities, derivatives and other assets in which the Fund may directly or indirectly invest.","page_number":45,"box":{"x":61,"y":694,"width":871,"height":12}},{"id":"bfd97599-c266-4342-8e09-156cfc853c94","block_type":"box","text":"BFA and its Affiliates may engage in proprietary trading and advise accounts and other funds that have investment","page_number":45,"box":{"x":61,"y":723,"width":850,"height":12}},{"id":"82e066fd-06e7-430f-875c-67a6f748f311","block_type":"box","text":"objectives similar to those of the Fund and/or that engage in and compete for transactions in the same or similar types","page_number":45,"box":{"x":61,"y":739,"width":876,"height":12}},{"id":"4d78bd11-dd0c-462f-ae5b-9364186f94b1","block_type":"box","text":"of securities, currencies and other assets as are held by the Fund. This may include transactions in securities issued","page_number":45,"box":{"x":61,"y":754,"width":863,"height":12}},{"id":"b72d1a07-0991-40a6-9ebb-3507f4cda108","block_type":"box","text":"by other open-end and closed-end investment companies, including investment companies that are affiliated with the","page_number":45,"box":{"x":61,"y":770,"width":867,"height":12}},{"id":"d792db94-5ead-47b3-b50b-c1c837900045","block_type":"box","text":"Fund and BFA, to the extent permitted under the Investment Company Act. The trading activities of BFA and its","page_number":45,"box":{"x":61,"y":785,"width":827,"height":12}},{"id":"7c7a880d-a0cb-449d-bf13-4f6f025acf4e","block_type":"box","text":"Affiliates are carried out without reference to positions held directly or indirectly by the Fund. These activities may","page_number":45,"box":{"x":60,"y":801,"width":841,"height":12}},{"id":"b08f1df8-502b-46fd-a4d4-4ce15ec24ed0","block_type":"box","text":"result in BFA or an Affiliate having positions in assets that","page_number":45,"box":{"x":61,"y":816,"width":427,"height":12}},{"id":"0c6c8850-4de5-4d58-b8d9-1c6cd1f68e60","block_type":"box","text":"are senior or junior to, or that have interests different from","page_number":45,"box":{"x":494,"y":816,"width":428,"height":12}},{"id":"3435b897-df05-4c98-b3cd-67906dae837c","block_type":"box","text":"or adverse to, the assets held by the Fund.","page_number":45,"box":{"x":61,"y":832,"width":323,"height":12}},{"id":"32749dd9-3e50-473f-bca5-1d83a70e4432","block_type":"box","text":"The Fund may invest in securities issued by, or engage in other transactions with, entities with which an Affiliate has","page_number":45,"box":{"x":60,"y":861,"width":867,"height":13}},{"id":"23581789-3081-4eba-93da-1e95fab25853","block_type":"box","text":"significant debt or equity investments or other interests. The Fund may also invest in issuances (such as debt","page_number":45,"box":{"x":61,"y":877,"width":816,"height":12}},{"id":"3d46e008-0046-4333-ac1a-3641895ff72c","block_type":"box","text":"offerings or structured notes) for which an Affiliate is compensated for providing advisory, cash management or other","page_number":45,"box":{"x":61,"y":892,"width":872,"height":13}},{"id":"6aaec918-4336-4182-ad6c-a75153698978","block_type":"box","text":"services. The Fund also may invest in securities of, or engage in other transactions with, entities for which an Affiliate","page_number":45,"box":{"x":61,"y":908,"width":869,"height":12}},{"id":"9f1705c7-efbd-4938-b6b1-30aafd917ea2","block_type":"box","text":"provides or may provide research coverage or other analysis.","page_number":45,"box":{"x":61,"y":924,"width":454,"height":12}},{"id":"df323569-9e83-4d0a-8180-3a8506292475","block_type":"box","text":"28","page_number":45,"box":{"x":491,"y":955,"width":23,"height":10}},{"id":"c9126a3c-5c3b-49fe-808a-9ee3e2a85365","block_type":"box","text":"NM1026U-6049080-45/56","page_number":45,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"74fb77e7-0d34-4e67-adaf-612fd4654ce2","block_type":"box","text":"An Affiliate may have business relationships with, and receive compensation from, distributors, consultants or others","page_number":46,"box":{"x":60,"y":40,"width":869,"height":13}},{"id":"50a14ffa-9ebf-4e38-b438-d6b970f0a94c","block_type":"box","text":"who recommend the Fund or who engage in transactions with or for the Fund.","page_number":46,"box":{"x":60,"y":56,"width":584,"height":12}},{"id":"2ef36fa7-915e-4d1e-86e5-392a17aac100","block_type":"box","text":"Neither BFA nor any Affiliate is under any obligation to share any investment opportunity, idea or strategy with the","page_number":46,"box":{"x":61,"y":84,"width":849,"height":13}},{"id":"6f607067-faec-498e-bcf7-7e9dbab50f72","block_type":"box","text":"Fund. As a result, an Affiliate may compete with the Fund for appropriate investment opportunities. The results of the","page_number":46,"box":{"x":61,"y":100,"width":871,"height":12}},{"id":"733fc5c7-bf1c-419b-8121-d9595b53bb36","block_type":"box","text":"Fund’s investment activities, therefore, may differ from those of an Affiliate and of other accounts managed by an","page_number":46,"box":{"x":61,"y":115,"width":844,"height":13}},{"id":"7fa9447f-1758-4c9a-9b44-69ff75c455c8","block_type":"box","text":"Affiliate. It is possible that the Fund could sustain losses during periods in which one or more Affiliates and other","page_number":46,"box":{"x":60,"y":131,"width":837,"height":12}},{"id":"7112bd5d-0cd3-45ec-833b-0b2d434e1c77","block_type":"box","text":"accounts achieve profits on their trading for proprietary or other accounts. The opposite result is also possible.","page_number":46,"box":{"x":61,"y":146,"width":822,"height":13}},{"id":"874e3b0d-3d2e-4d5d-b204-9c7444adfcc1","block_type":"box","text":"In addition, the Fund may enter into transactions in which BFA or an Affiliate or their directors, officers, employees or","page_number":46,"box":{"x":62,"y":175,"width":869,"height":12}},{"id":"a317063f-ed77-456b-83fb-872ef80a0c07","block_type":"box","text":"clients have an adverse interest. The Fund may be adversely impacted by the effects of transactions undertaken by","page_number":46,"box":{"x":61,"y":190,"width":862,"height":12}},{"id":"349abd39-1e00-401a-b515-5883b3e98123","block_type":"box","text":"BFA or an Affiliate or their directors, officers, employees or clients.","page_number":46,"box":{"x":61,"y":206,"width":497,"height":12}},{"id":"51c32cba-e520-4ce9-a618-a672ffabeab8","block_type":"box","text":"From time to time, BFA or its advisory clients (including other funds and accounts) may, subject to compliance with","page_number":46,"box":{"x":61,"y":234,"width":856,"height":12}},{"id":"68ce27b6-f346-46cc-a5f1-c2d88d1482ea","block_type":"box","text":"applicable law, purchase and hold shares of the Fund. The price, availability, liquidity, and (in some cases) expense","page_number":46,"box":{"x":61,"y":250,"width":863,"height":12}},{"id":"05e38a35-67f0-4837-a67a-77e826539281","block_type":"box","text":"ratio of the Fund may be impacted by purchases and sales of the Fund by BFA or its advisory clients.","page_number":46,"box":{"x":61,"y":265,"width":756,"height":12}},{"id":"5b34b2be-d1a3-4cc0-9d05-e7ab6919ada3","block_type":"box","text":"The Fund’s activities may be limited because of regulatory restrictions applicable to BFA or an Affiliate or their policies","page_number":46,"box":{"x":60,"y":294,"width":881,"height":12}},{"id":"f83a4694-d7f8-4629-ac1b-f06599d7a690","block_type":"box","text":"designed to comply with such restrictions.","page_number":46,"box":{"x":61,"y":309,"width":314,"height":12}},{"id":"cc22dcac-a30c-42f9-b9e1-9c4520898a64","block_type":"box","text":"Under a securities lending program approved by the Board, the Fund has retained BlackRock Institutional Trust","page_number":46,"box":{"x":61,"y":338,"width":831,"height":12}},{"id":"00136b18-038b-492e-b58f-23aff96cd85c","block_type":"box","text":"Company, N.A., an Affiliate of BFA, to serve as its securities lending agent to the extent that it participates in the","page_number":46,"box":{"x":61,"y":353,"width":837,"height":12}},{"id":"4ffb9bed-ca3e-451d-8666-38cd15320a94","block_type":"box","text":"securities lending program. For these services, the securities lending agent will receive a fee from the participating","page_number":46,"box":{"x":61,"y":369,"width":853,"height":12}},{"id":"442cdded-5056-4989-8b85-bdf30ec70fe7","block_type":"box","text":"Fund based on the returns earned on the Fund’s lending activities, including the investment of the cash received as","page_number":46,"box":{"x":61,"y":384,"width":861,"height":12}},{"id":"ec0998ab-3b2f-4f2a-9ef0-e53b76f9458e","block_type":"box","text":"collateral for the loaned securities. In addition, one or more Affiliates may be among the entities to which the Fund","page_number":46,"box":{"x":61,"y":400,"width":850,"height":12}},{"id":"b2f59662-2550-43d8-b160-2bbf67c7d3a6","block_type":"box","text":"may lend its portfolio securities under the securities lending program.","page_number":46,"box":{"x":61,"y":415,"width":516,"height":12}},{"id":"e6f6b673-3cbc-4324-82da-a305db1418f9","block_type":"box","text":"Under an ETF Services Agreement, the Fund has retained BlackRock Investments, LLC (the “Distributor” or “BRIL”),","page_number":46,"box":{"x":61,"y":444,"width":868,"height":12}},{"id":"771ce048-a4c8-4837-89b9-b669c41ec4c9","block_type":"box","text":"an Affiliate of BFA, to perform certain order processing, Authorized Participant communications, and related services","page_number":46,"box":{"x":61,"y":459,"width":870,"height":12}},{"id":"6b0a48a6-3ced-4dde-aa42-ed2feb9a4c07","block_type":"box","text":"in connection with the issuance and redemption of Creation Units (“ETF Services”). BRIL has engaged Citibank, N.A.","page_number":46,"box":{"x":61,"y":475,"width":873,"height":12}},{"id":"b570ef96-70b7-4a0d-a0b4-04d83fd68ae8","block_type":"box","text":"(“Citibank”) as a subcontractor to provide certain ETF Services. BRIL retains a portion of the standard transaction fee","page_number":46,"box":{"x":61,"y":490,"width":874,"height":12}},{"id":"554c9723-160a-4d83-9f91-c5c64d99bff1","block_type":"box","text":"received from Authorized Participants on each creation or redemption order from the Authorized Participant for the","page_number":46,"box":{"x":61,"y":506,"width":854,"height":12}},{"id":"2e2f66fb-3414-43d5-973c-396a3ec7d803","block_type":"box","text":"ETF Services provided. BlackRock collaborated with, and received payment from, Citibank on the design and","page_number":46,"box":{"x":61,"y":521,"width":816,"height":12}},{"id":"0ed6ad43-d3a8-47a6-b496-08a3d89c02fa","block_type":"box","text":"development of the ETF Services platform. Citibank has, and may, from time to time, develop additional relationships","page_number":46,"box":{"x":61,"y":537,"width":873,"height":12}},{"id":"f01d8621-55eb-4ac5-912a-a23c3e46580d","block_type":"box","text":"with BlackRock or funds managed by BFA and its Affiliates.","page_number":46,"box":{"x":60,"y":552,"width":446,"height":12}},{"id":"87065dbc-b82f-4aaa-a81e-c2c968ff389c","block_type":"box","text":"BFA and its Affiliates may benefit from a fund using a BlackRock index by creating increasing acceptance in the","page_number":46,"box":{"x":61,"y":581,"width":834,"height":12}},{"id":"3a24bae3-b22b-474f-8af0-9e35eaba6909","block_type":"box","text":"marketplace for such indexes. BFA and its Affiliates are not obligated to license an index to a fund, and no fund is","page_number":46,"box":{"x":61,"y":596,"width":847,"height":12}},{"id":"64ddaf0e-4a12-4246-bbd9-acaaf31e53d3","block_type":"box","text":"under an obligation to use a BlackRock index. The terms of a fund’s index licensing agreement with BFA or its","page_number":46,"box":{"x":61,"y":612,"width":821,"height":12}},{"id":"75f34462-6b7a-4c4d-bd35-ee9d54aba333","block_type":"box","text":"Affiliates may not be as favorable as the terms offered to other licensees.","page_number":46,"box":{"x":60,"y":627,"width":549,"height":12}},{"id":"c8898b96-0427-4dc8-917b-501746cc7852","block_type":"box","text":"The activities of BFA and its Affiliates and their respective directors, officers or employees, may give rise to other","page_number":46,"box":{"x":60,"y":655,"width":842,"height":13}},{"id":"22aee4f5-c213-46b1-b664-8afe8e0aee8f","block_type":"box","text":"conflicts of interest that could disadvantage the Fund and its shareholders. BFA has adopted policies and procedures","page_number":46,"box":{"x":61,"y":671,"width":869,"height":12}},{"id":"4467b0f8-2c2f-4bfd-9a31-7e5209d0efa5","block_type":"box","text":"designed to address these potential conflicts of interest. Please see the SAI for further information.","page_number":46,"box":{"x":61,"y":686,"width":730,"height":13}},{"id":"a22f9a51-b945-4ebf-8aa6-50c420be051d","block_type":"box","text":"Shareholder Information","page_number":46,"box":{"x":61,"y":720,"width":240,"height":13}},{"id":"3cf33dd9-53e3-4cc6-b557-ee956f024290","block_type":"box","text":"Additional shareholder information, including how to buy and sell shares of the Fund, is available free of charge by","page_number":46,"box":{"x":60,"y":743,"width":850,"height":12}},{"id":"a3d907bf-0f1f-425f-b2d5-d70fc82fae9d","block_type":"box","text":"calling toll-free: 1-800-474-2737 or visiting our website at www.blackrock.com.","page_number":46,"box":{"x":61,"y":758,"width":578,"height":12}},{"id":"27edbb14-20e9-48ef-95dd-f6e13764e875","block_type":"box","text":"Buying and Selling Shares.","page_number":46,"box":{"x":61,"y":787,"width":215,"height":12}},{"id":"9e0d3bbc-4f20-40cc-8839-168b0dca355d","block_type":"box","text":"Shares of the Fund may be acquired or redeemed directly from the Fund only in","page_number":46,"box":{"x":283,"y":787,"width":591,"height":12}},{"id":"4ce14fb9-d5a4-4d61-be47-08135fe59a97","block_type":"box","text":"Creation Units or multiples thereof, as discussed in the","page_number":46,"box":{"x":61,"y":802,"width":406,"height":12}},{"id":"a1ff291f-c97a-447d-9da5-c4cfda88ec8b","block_type":"box","text":"Creations and Redemptions","page_number":46,"box":{"x":473,"y":802,"width":207,"height":12}},{"id":"f0ae2f4d-bf4d-448c-aa78-cfbb544b6b3e","block_type":"box","text":"section of this Prospectus. Only","page_number":46,"box":{"x":686,"y":802,"width":235,"height":12}},{"id":"af981caa-0ff6-4dea-9c7c-c1dcbb41a143","block_type":"box","text":"an Authorized Participant (as defined in the Creations and Redemptions section below) may engage in creation or","page_number":46,"box":{"x":61,"y":818,"width":846,"height":12}},{"id":"a2b3cdb7-8c2e-44cb-bf4b-c9eb78f91d76","block_type":"box","text":"redemption transactions directly with the Fund. Once created, shares of the Fund generally trade in the secondary","page_number":46,"box":{"x":61,"y":833,"width":852,"height":12}},{"id":"98e59497-a3f2-4563-b428-9010211a9a98","block_type":"box","text":"market in amounts less than a Creation Unit.","page_number":46,"box":{"x":61,"y":849,"width":336,"height":9}},{"id":"2dc969e5-80d5-4096-91ac-446d28f1d34c","block_type":"box","text":"Shares of the Fund are listed on a national securities exchange for trading during the trading day. Shares can be","page_number":46,"box":{"x":61,"y":877,"width":840,"height":12}},{"id":"0a756e21-f60e-4c34-9fe2-f5baa3534892","block_type":"box","text":"bought and sold throughout the trading day like shares of other publicly-traded companies. The Trust does not impose","page_number":46,"box":{"x":61,"y":893,"width":882,"height":12}},{"id":"c7de4a12-6e77-46d3-933f-a20668a3d2b7","block_type":"box","text":"any minimum investment for shares of the Fund purchased on an exchange or otherwise in the secondary market.","page_number":46,"box":{"x":61,"y":908,"width":846,"height":12}},{"id":"15bdabde-8162-43c3-bb77-48eeb265d5e9","block_type":"box","text":"The Fund’s shares trade under the ticker symbol “GMIX”.","page_number":46,"box":{"x":60,"y":924,"width":424,"height":12}},{"id":"2372f45f-0515-4ac1-9117-63a9f5567bd0","block_type":"box","text":"29","page_number":46,"box":{"x":491,"y":955,"width":23,"height":10}},{"id":"e4fbbfe9-e0d3-458d-ad82-59541c3a1d55","block_type":"box","text":"NM1026U-6049080-46/56","page_number":46,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"f9ef4754-1a05-4734-8b80-d3ae5e60803c","block_type":"box","text":"Buying or selling Fund shares on an exchange or other secondary market involves two types of costs that may apply","page_number":47,"box":{"x":61,"y":40,"width":869,"height":13}},{"id":"e1f167e8-dc1c-49c0-9e39-b72f6c87a04d","block_type":"box","text":"to all securities transactions. When buying or selling shares of the Fund through a broker, you may incur a brokerage","page_number":47,"box":{"x":60,"y":56,"width":873,"height":12}},{"id":"9f944f59-c2f1-472f-b948-bec81b8158b5","block_type":"box","text":"commission and other charges. The commission is frequently a fixed amount and may be a significant proportional","page_number":47,"box":{"x":61,"y":71,"width":855,"height":13}},{"id":"45656b00-7a4c-47f4-8f46-4b135ae4f268","block_type":"box","text":"cost for investors seeking to buy or sell small amounts of shares. In addition, you may incur the cost of the “spread,”","page_number":47,"box":{"x":61,"y":87,"width":865,"height":12}},{"id":"906f9ac6-3c6c-4e19-8b42-466f33d2bc1c","block_type":"box","text":"that is, any difference between the bid price and the ask price. The spread varies over time for shares of the Fund","page_number":47,"box":{"x":60,"y":102,"width":850,"height":13}},{"id":"7986d2ef-66e8-421c-a6bf-1f9376bbf9ab","block_type":"box","text":"based on the Fund’s trading volume and market liquidity, and is generally lower if the Fund has high trading volume","page_number":47,"box":{"x":61,"y":118,"width":861,"height":12}},{"id":"db662b1f-5780-4e49-8769-bc45414fe801","block_type":"box","text":"and market liquidity, and higher if the Fund has little trading volume and market liquidity (which is often the case for","page_number":47,"box":{"x":61,"y":134,"width":858,"height":12}},{"id":"c32e976d-2c6e-4c23-bbd9-1496bd6abd1d","block_type":"box","text":"funds that are newly launched or small in size). The Fund’s spread may also be impacted by the liquidity or illiquidity","page_number":47,"box":{"x":60,"y":149,"width":867,"height":12}},{"id":"6a767caa-93b4-44b1-802d-13fbad3bed2c","block_type":"box","text":"of the underlying securities held by the Fund, particularly for newly launched or smaller funds or in instances of","page_number":47,"box":{"x":61,"y":165,"width":826,"height":12}},{"id":"7e5a52ad-dec5-483a-af66-4b4fc850cbf0","block_type":"box","text":"significant volatility of the underlying securities.","page_number":47,"box":{"x":61,"y":180,"width":353,"height":12}},{"id":"ce2c0114-f031-4b7f-a727-40cfa1cc2661","block_type":"box","text":"The Fund does not impose restrictions on the frequency of purchases and redemptions of Fund shares directly with","page_number":47,"box":{"x":60,"y":209,"width":862,"height":12}},{"id":"42dc3f9a-2885-415b-bc07-c7c7bcac5602","block_type":"box","text":"the Fund. The Board determined not to adopt policies and procedures designed to prevent or monitor for frequent","page_number":47,"box":{"x":60,"y":225,"width":848,"height":12}},{"id":"8d764a61-bc5c-4eaf-9915-24db2e789631","block_type":"box","text":"purchases and redemptions of Fund shares because the Fund generally sells and redeems its shares directly through","page_number":47,"box":{"x":61,"y":240,"width":879,"height":12}},{"id":"5314f773-6429-4c9b-8748-7768deada6d6","block_type":"box","text":"transactions that are in-kind and/or for cash, with a deadline for placing cash-related transactions no later than the","page_number":47,"box":{"x":60,"y":256,"width":852,"height":12}},{"id":"d0917af3-fea6-4c30-8f90-3d3919be357c","block_type":"box","text":"close of the primary markets for the Fund’s portfolio securities. However, the Fund has taken certain measures (e.g.,","page_number":47,"box":{"x":61,"y":271,"width":870,"height":12}},{"id":"b06cbf1f-d99f-41ae-82fd-4a1227bc3a24","block_type":"box","text":"imposing transaction fees on purchases and redemptions of Creation Units and reserving the right to reject purchases","page_number":47,"box":{"x":61,"y":287,"width":880,"height":12}},{"id":"ad49a236-292d-4879-b789-568fca1edf4a","block_type":"box","text":"of Creation Units under certain circumstances) to minimize the potential consequences of frequent cash purchases","page_number":47,"box":{"x":61,"y":302,"width":857,"height":12}},{"id":"20c6abcf-2b2c-43f4-8d42-b2acb4f892c9","block_type":"box","text":"and redemptions by Authorized Participants, such as disruption of portfolio management, dilution to the Fund, and/or","page_number":47,"box":{"x":61,"y":318,"width":870,"height":12}},{"id":"58a9760b-8de7-42b4-9477-05bd5129355a","block_type":"box","text":"increased transaction costs. Further, the vast majority of trading in Fund shares occurs on the secondary market,","page_number":47,"box":{"x":61,"y":333,"width":843,"height":12}},{"id":"86c2d0d4-84f5-44aa-a806-791c956a6216","block_type":"box","text":"which does not involve the Fund directly, and such trading is unlikely to cause many of the harmful effects of frequent","page_number":47,"box":{"x":60,"y":349,"width":876,"height":12}},{"id":"d108efa0-7bc3-46c9-a28f-e885f4095be7","block_type":"box","text":"cash purchases or redemptions of Fund shares.","page_number":47,"box":{"x":61,"y":364,"width":360,"height":12}},{"id":"6e8bd990-3bfa-4a2a-9535-e6077738bed3","block_type":"box","text":"The national securities exchange on which the Fund’s shares are listed is open for trading Monday through Friday and","page_number":47,"box":{"x":60,"y":393,"width":883,"height":12}},{"id":"47ee6fdc-9d4a-4e6f-9859-ccda22c48621","block_type":"box","text":"is closed on weekends and the following holidays (or the days on which they are observed): New Year’s Day, Martin","page_number":47,"box":{"x":61,"y":409,"width":866,"height":12}},{"id":"bf242a23-f71c-43f0-b30b-f931fdc990ca","block_type":"box","text":"Luther King, Jr. Day, Presidents’ Day, Good Friday, Memorial Day, Juneteenth, Independence Day, Labor Day,","page_number":47,"box":{"x":61,"y":424,"width":830,"height":12}},{"id":"59c4fb8c-ec0a-4429-941c-d2da84a68e2b","block_type":"box","text":"Thanksgiving Day and Christmas Day. The Fund’s listing exchange is NYSE Arca.","page_number":47,"box":{"x":60,"y":440,"width":616,"height":12}},{"id":"a4a95f49-f94e-474c-b52d-fa4c224d713e","block_type":"box","text":"Book Entry.","page_number":47,"box":{"x":61,"y":469,"width":92,"height":12}},{"id":"9677d37a-4d46-4495-9b0d-7e8a8c9edf79","block_type":"box","text":"Shares of the Fund are held in book-entry form, which means that no stock certificates are issued. The","page_number":47,"box":{"x":155,"y":469,"width":772,"height":12}},{"id":"839db656-1b28-46ad-a311-eb95237ed9e1","block_type":"box","text":"Depository Trust Company (“DTC”) or its nominee is the record owner of, and holds legal title to, all outstanding","page_number":47,"box":{"x":61,"y":484,"width":833,"height":12}},{"id":"ce536202-239c-4fbf-9b67-dd415a8a1227","block_type":"box","text":"shares of the Fund.","page_number":47,"box":{"x":61,"y":500,"width":149,"height":9}},{"id":"eee6ddb0-cde1-4350-af93-292e1de0f40e","block_type":"box","text":"Investors owning shares of the Fund are beneficial owners as shown on the records of DTC or its participants. DTC","page_number":47,"box":{"x":62,"y":529,"width":860,"height":12}},{"id":"d704a40e-0b0f-408d-9b28-acc713aa9f24","block_type":"box","text":"serves as the securities depository for shares of the Fund. DTC participants include securities brokers and dealers,","page_number":47,"box":{"x":61,"y":544,"width":858,"height":12}},{"id":"e9270527-939e-42a3-a9ca-13c2931bbeac","block_type":"box","text":"banks, trust companies, clearing corporations and other institutions that directly or indirectly maintain a custodial","page_number":47,"box":{"x":61,"y":560,"width":838,"height":12}},{"id":"2a02f976-0539-4d64-a00f-39233ac93734","block_type":"box","text":"relationship with DTC. As a beneficial owner of shares, you are not entitled to receive physical delivery of stock","page_number":47,"box":{"x":61,"y":575,"width":828,"height":12}},{"id":"e5433d66-dcdd-4338-8287-68ef38143da6","block_type":"box","text":"certificates or to have shares registered in your name, and you are not considered a registered owner of shares.","page_number":47,"box":{"x":61,"y":591,"width":837,"height":12}},{"id":"1dcd98cf-0025-4da7-9ced-481d5ff6674d","block_type":"box","text":"Therefore, to exercise any right as an owner of shares, you must rely upon the procedures of DTC and its","page_number":47,"box":{"x":60,"y":606,"width":789,"height":12}},{"id":"af83c99e-a368-4f63-8ef8-bc98890954de","block_type":"box","text":"participants. These procedures are the same as those that apply to any other securities that you hold in book-entry or","page_number":47,"box":{"x":61,"y":622,"width":876,"height":12}},{"id":"c6472492-0854-4c76-bab6-edf9f4a61c51","block_type":"box","text":"“street name” form.","page_number":47,"box":{"x":61,"y":637,"width":147,"height":10}},{"id":"c2088aa5-b5cc-4eed-be11-a37a023c8892","block_type":"box","text":"Share Prices.","page_number":47,"box":{"x":61,"y":666,"width":105,"height":10}},{"id":"b16800a8-771d-4e56-b84f-75a4ea0bec7c","block_type":"box","text":"The trading prices of the Fund’s shares in the secondary market generally differ from the Fund’s daily","page_number":47,"box":{"x":172,"y":666,"width":752,"height":13}},{"id":"66eac393-4e63-4e2d-88c0-072c8cb3a6f6","block_type":"box","text":"NAV and are affected by market forces such as the supply","page_number":47,"box":{"x":61,"y":682,"width":433,"height":12}},{"id":"ba96d7ea-0e8f-4db6-be7b-42cd3f039e68","block_type":"box","text":"of and demand for ETF shares and shares of underlying","page_number":47,"box":{"x":500,"y":682,"width":416,"height":12}},{"id":"884f8227-232b-4f66-994d-eb8865de2fe2","block_type":"box","text":"securities held by the Fund, economic conditions and other factors.","page_number":47,"box":{"x":61,"y":697,"width":496,"height":13}},{"id":"c8dbd112-70de-4c27-a3ca-527dc2a76283","block_type":"box","text":"Determination of Net Asset Value.","page_number":47,"box":{"x":61,"y":727,"width":268,"height":9}},{"id":"e4d1f169-2cbd-4865-8d69-e1b6815a8dff","block_type":"box","text":"The NAV of the Fund normally is determined once daily Monday through Friday,","page_number":47,"box":{"x":336,"y":727,"width":593,"height":12}},{"id":"ab0a7a2a-c8b9-41a4-a940-2e2943881cde","block_type":"box","text":"generally as of the close of regular trading hours of the New York Stock Exchange (“NYSE”) (normally 4:00 p.m.,","page_number":47,"box":{"x":61,"y":742,"width":835,"height":12}},{"id":"c004330b-5216-44d4-a478-bc0f491aad72","block_type":"box","text":"Eastern time) on each day that the NYSE is open for trading,","page_number":47,"box":{"x":61,"y":758,"width":450,"height":12}},{"id":"695bc08a-b54a-40e3-ba96-ef1660f7842d","block_type":"box","text":"based on prices at the time of closing, provided that any","page_number":47,"box":{"x":518,"y":758,"width":415,"height":12}},{"id":"841fd850-4bcd-4fc8-9805-f938ee0c13da","block_type":"box","text":"Fund assets or liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars at the","page_number":47,"box":{"x":61,"y":773,"width":850,"height":10}},{"id":"38c1d355-862d-4964-a97b-ebfe146fa390","block_type":"box","text":"prevailing market rates on the date of valuation as quoted by one or more data service providers. The NAV of the","page_number":47,"box":{"x":61,"y":789,"width":839,"height":12}},{"id":"197cb33b-90e0-4f72-92c5-07c4f24c329d","block_type":"box","text":"Fund is calculated by dividing the value of the net assets of the Fund (","page_number":47,"box":{"x":61,"y":804,"width":520,"height":12}},{"id":"4a73efaa-3161-4b2c-ba1f-6d9fa0e48d62","block_type":"box","text":"i.e.","page_number":47,"box":{"x":582,"y":804,"width":20,"height":10}},{"id":"92c349ff-f1df-43f8-b5d4-98ef006c4a82","block_type":"box","text":", the value of its total assets less total","page_number":47,"box":{"x":605,"y":804,"width":277,"height":11}},{"id":"d7325c87-e341-4bdc-b916-0ebeee1f023c","block_type":"box","text":"liabilities) by the total number of outstanding shares of the Fund, generally rounded to the nearest cent.","page_number":47,"box":{"x":61,"y":820,"width":764,"height":12}},{"id":"ff47c2b3-6e50-4841-8b05-49d8d527758a","block_type":"box","text":"The value of the securities and other assets and liabilities held by the Fund is determined pursuant to BFA’s valuation","page_number":47,"box":{"x":60,"y":849,"width":878,"height":12}},{"id":"7f2765dc-4ad0-46b0-a5e9-585aaac619d9","block_type":"box","text":"policies and procedures. BFA has been designated by the Board as the valuation designee for the Fund pursuant to","page_number":47,"box":{"x":61,"y":864,"width":864,"height":12}},{"id":"5f7a3c3f-4195-4b10-9111-336c44efc682","block_type":"box","text":"Rule 2a-5 under the Investment Company Act.","page_number":47,"box":{"x":61,"y":880,"width":350,"height":12}},{"id":"33bc8d82-c991-4ac9-9c22-ad0208119010","block_type":"box","text":"Equity securities and other equity instruments (except ETF options, equity index options or those that are customized)","page_number":47,"box":{"x":61,"y":909,"width":874,"height":12}},{"id":"4a8287d1-38d4-4b8a-9a0c-080e7ffdb5b9","block_type":"box","text":"for which market quotations are readily available are valued at market value, which is generally determined using the","page_number":47,"box":{"x":60,"y":924,"width":867,"height":12}},{"id":"0b87be12-0465-43db-8074-1d434f33f4ea","block_type":"box","text":"30","page_number":47,"box":{"x":491,"y":955,"width":23,"height":10}},{"id":"0d8948f9-1920-4b09-a3bc-96d56ade7bd2","block_type":"box","text":"NM1026U-6049080-47/56","page_number":47,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"be2effc1-0444-4c2d-bcff-d519897952df","block_type":"box","text":"last reported official closing price or, if a reported closing price is not available, the last traded price on the exchange","page_number":48,"box":{"x":61,"y":40,"width":868,"height":13}},{"id":"466e8395-36e1-4c83-b6ed-264db8ff0564","block_type":"box","text":"or market on which the security or instrument is primarily traded at the time of valuation. Shares of underlying","page_number":48,"box":{"x":61,"y":56,"width":815,"height":12}},{"id":"951a14be-5c73-4d86-b91e-b2d46b991d05","block_type":"box","text":"open-end funds that are not traded on an exchange (including money market funds) are valued at net asset value.","page_number":48,"box":{"x":61,"y":71,"width":852,"height":13}},{"id":"dcd76c90-7a16-4287-a961-a66b8e1a233c","block_type":"box","text":"Shares of underlying exchange-traded closed-end funds or other ETFs are valued at their most recent closing price.","page_number":48,"box":{"x":61,"y":87,"width":865,"height":12}},{"id":"472582b2-96af-408b-b736-311fd810e105","block_type":"box","text":"The Fund values fixed-income portfolio securities and certain derivative instruments using prices provided by dealers","page_number":48,"box":{"x":60,"y":119,"width":873,"height":12}},{"id":"20062e8d-f341-499e-8996-99fbe3898cb8","block_type":"box","text":"or prices (including evaluated prices) supplied by the Fund’s approved independent third-party pricing services, each","page_number":48,"box":{"x":61,"y":134,"width":870,"height":12}},{"id":"24b103c9-633e-420e-a391-e443c16d51f7","block_type":"box","text":"in accordance with BFA’s valuation policies and procedures. Pricing services may use valuation models that utilize","page_number":48,"box":{"x":61,"y":150,"width":854,"height":12}},{"id":"9fe783f7-e803-4320-94c6-dddc45c0be15","block_type":"box","text":"certain inputs and assumptions to derive values. Pricing services generally value fixed-income securities assuming","page_number":48,"box":{"x":61,"y":165,"width":856,"height":12}},{"id":"d6f09581-8c4d-4872-9630-d5ec9a328ec6","block_type":"box","text":"orderly transactions of an institutional round lot size, but the Fund may hold or transact in such securities in smaller","page_number":48,"box":{"x":61,"y":181,"width":858,"height":12}},{"id":"ef7325e2-c6ce-4b18-a171-3f726e844da3","block_type":"box","text":"odd lot sizes. Odd lots of securities in certain asset classes may trade at lower prices than institutional round lots, and","page_number":48,"box":{"x":61,"y":196,"width":878,"height":12}},{"id":"fdf83391-c0c9-47ae-a61f-331ced346725","block_type":"box","text":"the value ultimately realized when the securities are sold could differ from the prices used by the Fund. The amortized","page_number":48,"box":{"x":60,"y":212,"width":881,"height":12}},{"id":"16b0c452-3d7c-4ec0-9c73-217207e8edb7","block_type":"box","text":"cost method of valuation may be used with respect to debt obligations with 60 days or less remaining to maturity","page_number":48,"box":{"x":61,"y":227,"width":838,"height":12}},{"id":"ff13e227-776c-45f5-81c7-1b54bd9c2310","block_type":"box","text":"unless BFA determines in good faith that such method does not represent fair value.","page_number":48,"box":{"x":61,"y":243,"width":631,"height":12}},{"id":"62c5a00b-3b72-4575-964d-eeda84c96872","block_type":"box","text":"Generally, trading in non-U.S. securities is substantially completed each day at various times prior to the close of","page_number":48,"box":{"x":61,"y":275,"width":841,"height":12}},{"id":"f6900b99-8217-4d68-b6c5-362d744249a2","block_type":"box","text":"regular trading hours of the NYSE. The values of such securities used in computing the NAV of the Fund are","page_number":48,"box":{"x":61,"y":290,"width":810,"height":12}},{"id":"d0b404eb-e7b4-4440-b50b-0ef89a51da32","block_type":"box","text":"determined as of such times. U.S. government securities, money market instruments and fixed-income securities are","page_number":48,"box":{"x":61,"y":306,"width":871,"height":12}},{"id":"fa6a6135-7956-4b50-8353-a5890f10b828","block_type":"box","text":"generally priced as of close of regular trading hours on the NYSE.","page_number":48,"box":{"x":61,"y":321,"width":493,"height":12}},{"id":"e3c1b639-acdf-4951-85a2-666bab793905","block_type":"box","text":"When market quotations are not readily available or are believed by BFA to be unreliable, BFA will fair value the","page_number":48,"box":{"x":60,"y":353,"width":836,"height":12}},{"id":"dc7957fc-ad76-4197-a64f-993cf75790a8","block_type":"box","text":"Fund’s investments in accordance with its policies and procedures. BFA may conclude that a market quotation is not","page_number":48,"box":{"x":61,"y":369,"width":869,"height":11}},{"id":"a6156261-3e6c-450f-a8cb-0a1eee55c6ce","block_type":"box","text":"readily available or is unreliable if a security or other asset or liability does not have a price source due to its lack of","page_number":48,"box":{"x":61,"y":384,"width":858,"height":12}},{"id":"1ba7584b-b533-4469-ac7b-189ff2573fbe","block_type":"box","text":"trading or other reasons, if a market quotation differs significantly from recent price quotations or otherwise no longer","page_number":48,"box":{"x":60,"y":399,"width":873,"height":13}},{"id":"f6cd3ffc-18bf-4bbd-b553-f127789404b0","block_type":"box","text":"appears to reflect fair value, where the security or other asset or liability is thinly traded, when there is a significant","page_number":48,"box":{"x":61,"y":415,"width":852,"height":12}},{"id":"e458ee53-680b-4697-bb8c-26383e3e1eba","block_type":"box","text":"event subsequent to the most recent market quotation, or if the trading market on which a security is listed is","page_number":48,"box":{"x":61,"y":430,"width":810,"height":13}},{"id":"e22235d4-9341-4025-bbd8-c015c855a519","block_type":"box","text":"suspended or closed and no appropriate alternative trading market is available. A “significant event” is deemed to","page_number":48,"box":{"x":61,"y":446,"width":846,"height":12}},{"id":"16b9b0a3-4eef-4db0-b588-98b30d0d892a","block_type":"box","text":"occur if BFA determines, in its reasonable business judgment prior to or at the time of pricing the Fund’s assets or","page_number":48,"box":{"x":61,"y":461,"width":850,"height":13}},{"id":"57a9ff01-ab83-4a38-9cc2-ba12eee905df","block_type":"box","text":"liabilities, that the event is likely to cause a material change to the last exchange closing price or closing market price","page_number":48,"box":{"x":61,"y":477,"width":872,"height":12}},{"id":"e703c335-1ab5-4028-af6a-f2eee79e50b1","block_type":"box","text":"of one or more assets held by, or liabilities of, the Fund.","page_number":48,"box":{"x":61,"y":492,"width":418,"height":13}},{"id":"5b6edb5f-e58b-4723-ab06-1e5ff69e0d64","block_type":"box","text":"For certain foreign assets, a third-party vendor supplies evaluated, systematic fair value pricing based upon the","page_number":48,"box":{"x":61,"y":524,"width":830,"height":12}},{"id":"53db14d2-afa1-4bf5-b1bb-7e0aa2dea77e","block_type":"box","text":"movement of a proprietary multi-factor model after the relevant foreign markets have closed. This systematic fair","page_number":48,"box":{"x":61,"y":540,"width":839,"height":12}},{"id":"f7e16951-0a60-4672-8ab5-4a0664a34c1e","block_type":"box","text":"value pricing methodology is designed to correlate the prices of foreign assets in one or more non-U.S. markets","page_number":48,"box":{"x":60,"y":555,"width":834,"height":12}},{"id":"7842852c-3954-4f86-bfa1-ba6d4d0a01d9","block_type":"box","text":"following the close of the local markets to the prices that might have prevailed as of the Fund’s pricing time.","page_number":48,"box":{"x":60,"y":571,"width":802,"height":12}},{"id":"4ac78872-e022-4ebd-8f4c-3945e5081748","block_type":"box","text":"Fair value represents a good faith approximation of the value of an asset or liability. The fair value of an asset or","page_number":48,"box":{"x":61,"y":602,"width":837,"height":13}},{"id":"e93877a2-292a-4377-be59-27442318dfda","block_type":"box","text":"liability held by the Fund is the amount the Fund might reasonably expect to receive from the current sale of that asset","page_number":48,"box":{"x":61,"y":618,"width":882,"height":12}},{"id":"cd72de68-4e97-47d5-9d55-ac077ac5035c","block_type":"box","text":"or the cost to extinguish that liability in an arm’s-length transaction. Valuing the Fund’s investments using fair value","page_number":48,"box":{"x":61,"y":634,"width":856,"height":12}},{"id":"eecbde00-b253-4446-b0e9-1d6c20ae378f","block_type":"box","text":"pricing will result in prices that may differ from current market valuations and that may not be the prices at which those","page_number":48,"box":{"x":61,"y":649,"width":882,"height":12}},{"id":"e7ddec4e-308d-4680-9e80-610e4d4c6e8d","block_type":"box","text":"investments could have been sold during the period in which the particular fair values were used.","page_number":48,"box":{"x":61,"y":665,"width":718,"height":12}},{"id":"50400935-6529-45ec-a7b3-6b9e48f68fb6","block_type":"box","text":"Dividends and Distributions","page_number":48,"box":{"x":61,"y":699,"width":239,"height":10}},{"id":"f453a222-49eb-422b-9eec-608002e672df","block_type":"box","text":"General Policies.","page_number":48,"box":{"x":62,"y":721,"width":124,"height":9}},{"id":"861b4459-72e1-4a9d-a21e-593cdded8892","block_type":"box","text":"Dividends from net investment income, if any, generally are declared and paid at least once a year","page_number":48,"box":{"x":193,"y":721,"width":731,"height":12}},{"id":"19567ac3-b944-46da-b143-02345e1bd4cf","block_type":"box","text":"by the Fund. Distributions of net realized gains, if any, generally are declared and paid once a year, but the Trust may","page_number":48,"box":{"x":61,"y":736,"width":873,"height":12}},{"id":"c02aa62e-f930-4bad-bbfd-9fcb2d086806","block_type":"box","text":"make distributions on a more frequent basis for the Fund. The Trust reserves the right to declare special distributions","page_number":48,"box":{"x":61,"y":752,"width":867,"height":12}},{"id":"e8b04861-5ee5-4385-98ef-95e8131c37a4","block_type":"box","text":"if, in its reasonable discretion, such action is necessary or advisable to preserve its status as a regulated investment","page_number":48,"box":{"x":61,"y":767,"width":862,"height":12}},{"id":"14f24c6c-37fb-4529-b7d3-99ea884b2e2a","block_type":"box","text":"company (“RIC”) or to avoid imposition of income or excise taxes on undistributed income or realized gains.","page_number":48,"box":{"x":61,"y":783,"width":797,"height":12}},{"id":"3e0c69d6-550d-4eee-942a-4ec11ad2369c","block_type":"box","text":"Dividends and other distributions on shares of the Fund are distributed on a pro rata basis to beneficial owners of","page_number":48,"box":{"x":61,"y":814,"width":840,"height":12}},{"id":"47faeb26-ad0a-42de-ad96-1e4e83d06e4e","block_type":"box","text":"such shares. Dividend payments are made through DTC participants and indirect participants to beneficial owners","page_number":48,"box":{"x":61,"y":830,"width":850,"height":12}},{"id":"39919922-3d41-4de9-84a9-d1d1e59964b3","block_type":"box","text":"then of record with proceeds received from the Fund.","page_number":48,"box":{"x":60,"y":845,"width":400,"height":12}},{"id":"948392f7-071f-45f6-9db3-9f236e864c65","block_type":"box","text":"Dividend Reinvestment Service.","page_number":48,"box":{"x":61,"y":877,"width":236,"height":10}},{"id":"4caea912-777f-4c7d-bb3b-0868d63f3af2","block_type":"box","text":"No dividend reinvestment service is provided by the Trust. Broker-dealers may make","page_number":48,"box":{"x":298,"y":877,"width":640,"height":12}},{"id":"19727855-4836-417c-ab19-49f343627f0e","block_type":"box","text":"available the DTC book-entry Dividend Reinvestment Service for use by beneficial owners of the Fund for","page_number":48,"box":{"x":61,"y":893,"width":788,"height":12}},{"id":"3906306f-0a1d-4c81-9ac5-c9ab175a1fd2","block_type":"box","text":"reinvestment of their dividend distributions. Beneficial owners should contact their broker to determine the availability","page_number":48,"box":{"x":61,"y":908,"width":866,"height":12}},{"id":"c581ef02-f864-4ae5-b6f7-89d06430c573","block_type":"box","text":"and costs of the service and the details of participation therein. Brokers may require beneficial owners to adhere to","page_number":48,"box":{"x":61,"y":924,"width":850,"height":12}},{"id":"66253371-35d2-4bff-ae7e-9ce68b738cc5","block_type":"box","text":"31","page_number":48,"box":{"x":491,"y":955,"width":23,"height":10}},{"id":"76b38c74-e809-496a-b37b-071b76f210b5","block_type":"box","text":"NM1026U-6049080-48/56","page_number":48,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"f0f57824-d383-4d90-8723-79b2d512b506","block_type":"box","text":"specific procedures and timetables. If this service is available and used, dividend distributions of both income and","page_number":49,"box":{"x":61,"y":40,"width":847,"height":12}},{"id":"8acd24f8-cb52-4e53-8a7f-112772b6cd63","block_type":"box","text":"realized gains will be automatically reinvested in additional whole shares of the Fund purchased in the secondary","page_number":49,"box":{"x":61,"y":56,"width":844,"height":12}},{"id":"4bfd6a2e-7b6a-43f5-bde2-f3e84ccedd35","block_type":"box","text":"market.","page_number":49,"box":{"x":61,"y":72,"width":60,"height":9}},{"id":"12f08644-2c12-4c7d-a8c9-5291a25b2c37","block_type":"box","text":"Note on Tax Information","page_number":49,"box":{"x":61,"y":102,"width":192,"height":10}},{"id":"c5547100-ac33-49cb-a314-958296348c5f","block_type":"box","text":". The following sections summarize some of the consequences under current U.S. federal","page_number":49,"box":{"x":255,"y":102,"width":670,"height":13}},{"id":"83b9d4db-f404-41b1-8eb6-68acd32b6389","block_type":"box","text":"tax law of an investment in the Fund. It is not a substitute for personal tax advice. You may also be subject to state","page_number":49,"box":{"x":60,"y":118,"width":856,"height":12}},{"id":"1c65a39f-d445-4485-a3ae-ac681b28f138","block_type":"box","text":"and local taxation on Fund distributions and sales of shares. Certain states and localities may exempt from tax","page_number":49,"box":{"x":61,"y":134,"width":823,"height":12}},{"id":"b0efda19-6b8b-4e64-95e6-3afbaa187613","block_type":"box","text":"distributions attributable to interest from U.S. federal government obligations. Consult your personal tax advisor about","page_number":49,"box":{"x":61,"y":149,"width":877,"height":12}},{"id":"9d74a7b4-dc3d-446a-8f3a-0ab4a6739159","block_type":"box","text":"the potential tax consequences of an investment in shares of the Fund under all applicable tax laws.","page_number":49,"box":{"x":60,"y":165,"width":748,"height":11}},{"id":"d27e081e-cc0c-4ab3-8f59-2040289279f7","block_type":"box","text":"Taxes.","page_number":49,"box":{"x":60,"y":196,"width":51,"height":9}},{"id":"5cd9df0c-724c-4889-8bba-e7ba7cbd37a7","block_type":"box","text":"As with any investment, you should consider how your investment in shares of the Fund will be taxed. The tax","page_number":49,"box":{"x":112,"y":196,"width":826,"height":12}},{"id":"4e3f44a9-7d1e-4eed-b405-279ecbbb426e","block_type":"box","text":"information in this Prospectus is provided as general information, based on current law. You should consult your own","page_number":49,"box":{"x":61,"y":211,"width":872,"height":12}},{"id":"a9c73cdd-e076-40f7-839f-fd8251c03527","block_type":"box","text":"tax professional about the tax consequences of an investment in shares of the Fund.","page_number":49,"box":{"x":60,"y":227,"width":634,"height":11}},{"id":"cb99fbd2-79f0-40c5-b655-b6579ef9aca3","block_type":"box","text":"Unless your investment in Fund shares is made through a tax-exempt entity or tax-deferred retirement account, such","page_number":49,"box":{"x":61,"y":258,"width":872,"height":12}},{"id":"4ed92a3f-cbd1-4348-8ff9-a0cce771c25a","block_type":"box","text":"as an IRA, in which case your distributions generally will be taxable when withdrawn, you need to be aware of the","page_number":49,"box":{"x":61,"y":273,"width":847,"height":12}},{"id":"dec92be5-8842-444b-a822-573f979b2963","block_type":"box","text":"possible tax consequences when the Fund makes distributions or you sell Fund shares.","page_number":49,"box":{"x":61,"y":289,"width":655,"height":12}},{"id":"dddf4f64-efe3-48e7-a69c-1fe78785f81f","block_type":"box","text":"Taxes on Distributions.","page_number":49,"box":{"x":60,"y":320,"width":185,"height":9}},{"id":"9ef686bc-d83b-40bd-b6a0-0db17a13d6cc","block_type":"box","text":"Distributions from the Fund’s investment company taxable income (other than qualified","page_number":49,"box":{"x":246,"y":320,"width":654,"height":12}},{"id":"f772b48a-de44-4b40-bb6e-becc31cc1e0a","block_type":"box","text":"dividend income), including distributions of income from securities lending and distributions out of the Fund’s net","page_number":49,"box":{"x":61,"y":335,"width":837,"height":12}},{"id":"5e477ce9-8cac-4ad8-9a66-67090f97b8c2","block_type":"box","text":"short-term capital gains, if any, are taxable to you as ordinary income. Distributions by the Fund of net long-term","page_number":49,"box":{"x":61,"y":351,"width":837,"height":12}},{"id":"46e8ecff-2a66-48f1-b7f9-a7b6533687f6","block_type":"box","text":"capital gains, if any, in excess of net short-term capital losses (capital gain dividends) are taxable to you as long-term","page_number":49,"box":{"x":61,"y":366,"width":874,"height":12}},{"id":"569e7a7c-3847-4eeb-82fd-90c3d0d1748e","block_type":"box","text":"capital gains, regardless of how long you have held the Fund’s shares. Distributions by the Fund that qualify as","page_number":49,"box":{"x":61,"y":382,"width":828,"height":12}},{"id":"97a4d1cf-c23b-4022-a1d6-056db7ff114b","block_type":"box","text":"qualified dividend income are taxable to you at long-term capital gain rates, subject to the holding period requirements","page_number":49,"box":{"x":61,"y":397,"width":880,"height":12}},{"id":"a4ef4f2d-41fa-4318-8d56-64f86fec2ea2","block_type":"box","text":"applicable to both you and the Fund, as set forth below. Long-term capital gains and qualified dividend income are","page_number":49,"box":{"x":61,"y":413,"width":852,"height":12}},{"id":"bfe34c53-ab90-4381-8c38-eb374add155b","block_type":"box","text":"generally eligible for taxation at a maximum rate of 15% or 20% for non-corporate shareholders, depending on","page_number":49,"box":{"x":61,"y":428,"width":824,"height":12}},{"id":"de529b2b-7637-4b86-93b2-8e6ff50d40e7","block_type":"box","text":"whether their income exceeds certain threshold amounts. In addition, a 3.8% U.S. federal Medicare contribution tax is","page_number":49,"box":{"x":60,"y":444,"width":879,"height":11}},{"id":"a45570c6-77cd-43da-bb36-f5d7152e23d0","block_type":"box","text":"imposed on “net investment income,” including, but not limited to, interest, dividends, and net gain, of U.S. individuals","page_number":49,"box":{"x":61,"y":459,"width":875,"height":12}},{"id":"3a9d72cd-09d1-4730-9f68-0e98420d8529","block_type":"box","text":"with income exceeding $200,000 (or $250,000 if married and filing jointly)","page_number":49,"box":{"x":60,"y":474,"width":550,"height":13}},{"id":"e7f4a493-b15d-4c69-99e9-ae2604afe1d2","block_type":"box","text":"and of estates and trusts to the extent their","page_number":49,"box":{"x":611,"y":475,"width":323,"height":9}},{"id":"6cafac89-176f-4ffe-afcd-2e71b91e9fbf","block_type":"box","text":"income exceeds certain threshold amounts.","page_number":49,"box":{"x":61,"y":490,"width":328,"height":10}},{"id":"1875fbf4-3dc2-4fbf-9fd8-8512ec9a4437","block_type":"box","text":"Dividends will be qualified dividend income to you if they are attributable to qualified dividend income received by the","page_number":49,"box":{"x":61,"y":521,"width":871,"height":12}},{"id":"32a4d3ce-9250-4278-b6e2-cdf08d9788b5","block_type":"box","text":"Fund. Generally, qualified dividend income includes dividend income from taxable U.S. corporations and qualified","page_number":49,"box":{"x":61,"y":537,"width":846,"height":12}},{"id":"420df7a5-276c-4397-a2bc-c25508c1dde8","block_type":"box","text":"non-U.S. corporations, provided that the Fund satisfies certain holding period requirements in respect of the stock of","page_number":49,"box":{"x":61,"y":552,"width":867,"height":12}},{"id":"05df9c07-db42-46b2-8919-4f241734a66b","block_type":"box","text":"such corporations and has not hedged its position in the stock in certain ways. For this purpose, a qualified non-U.S.","page_number":49,"box":{"x":61,"y":568,"width":868,"height":12}},{"id":"559a3395-6598-46b6-bffc-105b0ece25a8","block_type":"box","text":"corporation means any non-U.S. corporation that is eligible for benefits under a comprehensive income tax treaty with","page_number":49,"box":{"x":61,"y":583,"width":878,"height":12}},{"id":"1875360e-90d2-42a6-af60-4df85626d81c","block_type":"box","text":"the U.S., which includes an exchange of information program, or if the stock with respect to which the dividend was","page_number":49,"box":{"x":60,"y":599,"width":860,"height":12}},{"id":"83c5416d-5d7a-4cbc-9141-84eeac3c219c","block_type":"box","text":"paid is readily tradable on an established U.S. securities market. The term excludes a corporation that is a passive","page_number":49,"box":{"x":61,"y":614,"width":854,"height":12}},{"id":"cd88423a-6f41-40f8-ba2b-e1879c0b2a61","block_type":"box","text":"foreign investment company.","page_number":49,"box":{"x":60,"y":630,"width":220,"height":12}},{"id":"15dce865-0a8b-46c8-83c5-3e588cb2e947","block_type":"box","text":"For a dividend to be treated as qualified dividend income, the dividend must be received with respect to a share of","page_number":49,"box":{"x":61,"y":661,"width":847,"height":12}},{"id":"bde3140f-c1de-4331-8aa6-e2b93eac73b7","block_type":"box","text":"stock held without being hedged by the Fund, and with respect to a share of the Fund held without being hedged by","page_number":49,"box":{"x":61,"y":676,"width":858,"height":12}},{"id":"6153aa5f-962f-4713-923e-8489aa21adf2","block_type":"box","text":"you, for 61 days during the 121-day period beginning at the date which is 60 days before the date on which such","page_number":49,"box":{"x":60,"y":692,"width":835,"height":12}},{"id":"348e55da-4159-425a-9628-3a4aeaf24c83","block_type":"box","text":"share becomes ex-dividend with respect to such dividend or, in the case of certain preferred stock, 91 days during the","page_number":49,"box":{"x":61,"y":707,"width":875,"height":12}},{"id":"ffa32c09-6299-4c3a-99f0-6d9023ad918e","block_type":"box","text":"181-day period beginning 90 days before such date. Substitute dividends received by the Fund with respect to","page_number":49,"box":{"x":62,"y":723,"width":816,"height":12}},{"id":"47b6572e-e8fe-4d74-9684-ee686af0783b","block_type":"box","text":"dividends paid on securities lent out will not be qualified dividend income.","page_number":49,"box":{"x":61,"y":738,"width":542,"height":12}},{"id":"2a40298e-c5dc-4f5e-bd7e-66ac11b2e60c","block_type":"box","text":"It is expected that dividends received by the Fund from a real estate investment trust (“REIT”) and distributed to a","page_number":49,"box":{"x":62,"y":769,"width":840,"height":12}},{"id":"aa47f83b-f3b7-4d62-9b67-bf60d237f8fc","block_type":"box","text":"shareholder generally will be taxable to the shareholder as ordinary income. However, the Fund may report dividends","page_number":49,"box":{"x":61,"y":785,"width":870,"height":12}},{"id":"533199be-1497-4282-bcf5-9b2fa0aa05e1","block_type":"box","text":"eligible for a 20% “qualified business income” deduction for non-corporate U.S. shareholders to the extent the Fund’s","page_number":49,"box":{"x":61,"y":800,"width":868,"height":12}},{"id":"f5a78137-1856-4e69-9746-6694fe5412c8","block_type":"box","text":"income is derived from ordinary REIT dividends, reduced by allocable Fund expenses, and a shareholder may treat","page_number":49,"box":{"x":61,"y":816,"width":856,"height":12}},{"id":"431f7fe9-b396-44b5-9008-0b2abfc29f50","block_type":"box","text":"the dividends as such, provided that the Fund and such shareholder satisfy the applicable holding period","page_number":49,"box":{"x":60,"y":831,"width":782,"height":12}},{"id":"00fb52b1-5130-4b07-9aec-21c6810b0881","block_type":"box","text":"requirements.","page_number":49,"box":{"x":61,"y":847,"width":107,"height":12}},{"id":"e99835a4-3aa8-4a19-8eef-ee319293f4d1","block_type":"box","text":"Fund distributions, to the extent attributable to dividends from U.S. corporations, will be eligible for the dividends","page_number":49,"box":{"x":61,"y":878,"width":836,"height":12}},{"id":"d97d7203-eb1e-46fd-bca8-7b57dde69008","block_type":"box","text":"received deduction for Fund shareholders that are corporations, subject to certain hedging and holding period","page_number":49,"box":{"x":61,"y":893,"width":818,"height":12}},{"id":"251ea45b-8342-4fca-af09-c608b7f59dd1","block_type":"box","text":"requirements.","page_number":49,"box":{"x":61,"y":909,"width":101,"height":12}},{"id":"4a2e7383-5a58-4e26-93e1-c3f9e16ebae8","block_type":"box","text":"32","page_number":49,"box":{"x":491,"y":955,"width":23,"height":10}},{"id":"f32f5849-89cc-4ae7-89a0-da1fb239ade2","block_type":"box","text":"NM1026U-6049080-49/56","page_number":49,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"6a589306-0029-4619-84ea-2a448e3588fe","block_type":"box","text":"In general, your distributions are subject to U.S. federal income tax for the year when they are paid. Certain","page_number":50,"box":{"x":62,"y":40,"width":800,"height":13}},{"id":"ba8542e6-532a-452e-8ae9-f5f02a3046fb","block_type":"box","text":"distributions paid in January, however, may be treated as paid on December 31 of the prior year.","page_number":50,"box":{"x":61,"y":56,"width":723,"height":12}},{"id":"f57d34df-0c24-4727-888c-80af80fda3f9","block_type":"box","text":"If the Fund’s distributions exceed current and accumulated earnings and profits, all or a portion of the distributions","page_number":50,"box":{"x":62,"y":87,"width":849,"height":12}},{"id":"8c951015-1a82-42d4-8a4c-97616e529ed7","block_type":"box","text":"made in the taxable year may be recharacterized as a return of capital to shareholders. Distributions in excess of the","page_number":50,"box":{"x":61,"y":102,"width":870,"height":13}},{"id":"4da8c3ba-63bf-434b-850c-1a2cd03e128b","block_type":"box","text":"Fund’s minimum distribution requirements, but not in excess of the Fund’s current and accumulated earnings and","page_number":50,"box":{"x":61,"y":118,"width":846,"height":12}},{"id":"6c1a0df1-557a-4ea2-a83e-831da33e0ac8","block_type":"box","text":"profits, will be taxable to shareholders and will not constitute nontaxable returns of capital. A return of capital","page_number":50,"box":{"x":61,"y":134,"width":809,"height":11}},{"id":"6241b18e-1e2a-4218-a573-314328e33725","block_type":"box","text":"distribution generally will not be taxable but will reduce the shareholder’s cost basis and result in a higher capital gain","page_number":50,"box":{"x":61,"y":149,"width":874,"height":12}},{"id":"726560b9-b5c1-44e2-9f58-787d065e87f5","block_type":"box","text":"or lower capital loss when those shares on which the distribution was received are sold. Once a shareholder’s cost","page_number":50,"box":{"x":61,"y":165,"width":855,"height":11}},{"id":"a7f66f21-3694-48ea-ba87-f22a3f29206a","block_type":"box","text":"basis is reduced to zero, further distributions will be treated as capital gain, if the shareholder holds shares of the","page_number":50,"box":{"x":61,"y":180,"width":841,"height":12}},{"id":"927f6fef-b96d-4dc6-94ae-8502a6675521","block_type":"box","text":"Fund as capital assets.","page_number":50,"box":{"x":61,"y":196,"width":176,"height":11}},{"id":"f0eb131a-9ebd-4746-829b-b242abf0bc0a","block_type":"box","text":"Dividends, interest and capital gains earned by the Fund with respect to securities issued by non-U.S. issuers may","page_number":50,"box":{"x":61,"y":227,"width":854,"height":12}},{"id":"f0c3407d-cd28-455a-8aa9-ad520d30b9a4","block_type":"box","text":"give rise to withholding, capital gains and other taxes imposed by non-U.S. countries. Tax conventions between","page_number":50,"box":{"x":61,"y":242,"width":833,"height":12}},{"id":"67710f58-9d13-4cad-a9f2-8d3da8466520","block_type":"box","text":"certain countries and the U.S. may reduce or eliminate such taxes. If more than 50% of the total assets of the Fund at","page_number":50,"box":{"x":61,"y":258,"width":878,"height":12}},{"id":"cc7964b2-8a99-427e-abee-8618f1f76f06","block_type":"box","text":"the close of a year consists of non-U.S. stocks or securities (generally, for this purpose, depositary receipts, no matter","page_number":50,"box":{"x":60,"y":273,"width":881,"height":12}},{"id":"22947ba6-b903-41d8-bd14-a4493dafdede","block_type":"box","text":"where traded, of non-U.S. companies are treated as “non-U.S.”), generally the Fund may “pass through” to you","page_number":50,"box":{"x":60,"y":289,"width":830,"height":12}},{"id":"2bd74e69-5755-46b8-b28b-8de6aaf7a0fd","block_type":"box","text":"certain non-U.S. income taxes (including withholding taxes) paid by the Fund. This means that you would be","page_number":50,"box":{"x":61,"y":304,"width":808,"height":12}},{"id":"5969e844-37b3-476b-aad1-5c11389cc8b1","block_type":"box","text":"considered to have received as an additional dividend your share of such non-U.S. taxes, but you may be entitled to","page_number":50,"box":{"x":61,"y":320,"width":866,"height":12}},{"id":"cbdabbd0-0846-40bc-9438-7955079f1865","block_type":"box","text":"either a corresponding tax deduction in calculating your taxable income, or, subject to certain limitations, a credit in","page_number":50,"box":{"x":61,"y":335,"width":856,"height":12}},{"id":"d9be72e3-9ae5-4742-ba60-c34385253dd6","block_type":"box","text":"calculating your U.S. federal income tax.","page_number":50,"box":{"x":61,"y":351,"width":305,"height":12}},{"id":"c8084bc8-81f6-45a8-8adf-14f411e28273","block_type":"box","text":"For purposes of foreign tax credits for U.S. shareholders of the Fund, foreign capital gains taxes may not produce","page_number":50,"box":{"x":61,"y":382,"width":847,"height":12}},{"id":"419f2853-86ea-4168-a66a-148aa7ee9a62","block_type":"box","text":"associated foreign source income, limiting the availability of such credits for U.S. persons.","page_number":50,"box":{"x":61,"y":397,"width":671,"height":12}},{"id":"6311b384-cff6-456e-965a-59aff754fc73","block_type":"box","text":"If you are neither a resident nor a citizen of the United States or if you are a non-U.S. entity (other than a pass","page_number":50,"box":{"x":62,"y":428,"width":821,"height":12}},{"id":"a1d4c0dd-9aec-4e59-ba4d-8d0ed0f5a761","block_type":"box","text":"through entity to the extent owned by U.S. persons), the Fund’s dividends will generally be subject to a 30% U.S.","page_number":50,"box":{"x":60,"y":444,"width":843,"height":12}},{"id":"f9c03418-4f5f-4b10-9d7c-ed94889cee98","block_type":"box","text":"withholding tax, unless a lower treaty rate applies, provided that withholding tax will generally not apply to distributions","page_number":50,"box":{"x":60,"y":459,"width":881,"height":12}},{"id":"f3d3d5bb-776e-472a-b034-6020ad0837b2","block_type":"box","text":"properly reported by the Fund as capital gain dividends, interest-related dividends or short-term capital gain dividends","page_number":50,"box":{"x":61,"y":475,"width":878,"height":12}},{"id":"7a13eaa4-4331-4c18-adee-bf3a60a6c2b9","block_type":"box","text":"or upon the sale or other disposition of shares of the Fund.","page_number":50,"box":{"x":61,"y":490,"width":440,"height":12}},{"id":"718f29f1-edd8-4e69-bda8-3fe85b4b4f10","block_type":"box","text":"If you are a resident or a citizen of the U.S., by law, backup withholding at a 24% rate will apply to your distributions","page_number":50,"box":{"x":62,"y":521,"width":860,"height":12}},{"id":"1bda4c1f-81a6-4395-b19b-2943f7fc50f3","block_type":"box","text":"and proceeds if you have not provided a taxpayer identification number or social security number and made other","page_number":50,"box":{"x":61,"y":537,"width":847,"height":12}},{"id":"4c1f1b9a-f26c-4247-819d-ed332101cd2d","block_type":"box","text":"required certifications.","page_number":50,"box":{"x":61,"y":552,"width":168,"height":12}},{"id":"17c0bc4d-eea6-4e2c-a075-c0c7c73c670e","block_type":"box","text":"Taxes on Sales of Shares.","page_number":50,"box":{"x":60,"y":583,"width":207,"height":10}},{"id":"5c3ab991-ae4c-46de-8940-d45fc6f603fc","block_type":"box","text":"Currently, any capital gain or loss realized upon a sale of Fund shares is generally","page_number":50,"box":{"x":268,"y":583,"width":620,"height":12}},{"id":"a74b619f-7ca0-47fe-b2fa-2848b46872f6","block_type":"box","text":"treated as a long-term gain or loss if the shares have been","page_number":50,"box":{"x":60,"y":599,"width":440,"height":12}},{"id":"e74eff19-548f-4277-97de-10e455040da1","block_type":"box","text":"held for more than one year. Any capital gain or loss","page_number":50,"box":{"x":501,"y":599,"width":393,"height":12}},{"id":"b26ce2ba-40c9-4b23-ba22-24c87a1215d6","block_type":"box","text":"realized upon a sale of Fund shares held for one year","page_number":50,"box":{"x":61,"y":614,"width":402,"height":12}},{"id":"09e3bfd9-6ae1-4cbe-a057-e00feccac576","block_type":"box","text":"or less is generally treated as short-term gain or loss, except","page_number":50,"box":{"x":464,"y":614,"width":454,"height":12}},{"id":"a2fb0d3b-c3d0-4736-ba92-2b1968be71a0","block_type":"box","text":"that any capital loss on the sale of shares held for six","page_number":50,"box":{"x":60,"y":630,"width":400,"height":12}},{"id":"8f03fdb1-732e-4b44-a219-d4becee75ade","block_type":"box","text":"months or less is treated as long-term capital loss to the extent","page_number":50,"box":{"x":461,"y":630,"width":471,"height":12}},{"id":"39189250-c8c3-4bd5-b521-886fba5dd399","block_type":"box","text":"that capital gain dividends were paid with respect to such shares. Any such capital gains, including from sales of Fund","page_number":50,"box":{"x":60,"y":645,"width":881,"height":12}},{"id":"7262a44a-4df4-4f18-8b38-bb9a642434bd","block_type":"box","text":"shares or from capital gain dividends, are included in “net investment income” for purposes of the 3.8% U.S. federal","page_number":50,"box":{"x":61,"y":661,"width":857,"height":12}},{"id":"862b1fdf-45c9-467c-b1cd-14250016aaf0","block_type":"box","text":"Medicare contribution tax mentioned above.","page_number":50,"box":{"x":61,"y":676,"width":324,"height":10}},{"id":"446446a8-f789-48de-8812-fde92c1dd563","block_type":"box","text":"FATCA.","page_number":50,"box":{"x":61,"y":707,"width":60,"height":10}},{"id":"1aa530a4-b9d1-4ab4-86d6-92fd7f0355ea","block_type":"box","text":"Separately, a 30% withholding tax is currently imposed on U.S.-source dividends, interest and other income","page_number":50,"box":{"x":127,"y":707,"width":799,"height":12}},{"id":"31418bff-1edb-4c69-8906-8e9fac77433b","block_type":"box","text":"items paid to (i) foreign financial institutions, including non-U.S. investment funds and (ii) certain other foreign entities.","page_number":50,"box":{"x":61,"y":723,"width":872,"height":12}},{"id":"6f401bac-dcca-4ecb-b697-9f69ace0f5db","block_type":"box","text":"To avoid withholding, foreign financial institutions will need to (i) enter into agreements with the IRS that state that","page_number":50,"box":{"x":60,"y":738,"width":844,"height":12}},{"id":"d385faac-f381-4f66-9d60-59ad1d87f349","block_type":"box","text":"they will provide the IRS information, including the names, addresses and taxpayer identification numbers of direct","page_number":50,"box":{"x":60,"y":754,"width":849,"height":12}},{"id":"cd48d784-bd52-4633-aa6c-1dcfcd1bb1d3","block_type":"box","text":"and indirect U.S. account holders, comply with due diligence procedures with respect to the identification of U.S.","page_number":50,"box":{"x":61,"y":769,"width":831,"height":12}},{"id":"f26b5feb-9745-4a9c-a9a5-11760021716a","block_type":"box","text":"accounts, report to the IRS certain information with respect to U.S. accounts maintained, agree to withhold tax on","page_number":50,"box":{"x":61,"y":785,"width":840,"height":12}},{"id":"3284f7d8-a845-42ed-b88f-43dc8efc0fc0","block_type":"box","text":"certain payments made to non-compliant foreign financial institutions or to account holders who fail to provide the","page_number":50,"box":{"x":61,"y":800,"width":840,"height":12}},{"id":"d261b946-db26-4c61-8b58-6a10c7e71aba","block_type":"box","text":"required information, and determine certain other information concerning their account holders, or (ii) in the event that","page_number":50,"box":{"x":61,"y":816,"width":872,"height":12}},{"id":"00082f5b-3eae-44b1-ad1d-1d391f7c875e","block_type":"box","text":"an applicable intergovernmental agreement and implementing legislation are adopted, provide local revenue","page_number":50,"box":{"x":61,"y":831,"width":808,"height":12}},{"id":"7f7e1df5-9ce0-48e8-9463-cac50a6efd8e","block_type":"box","text":"authorities with similar account holder information. Other foreign entities may need to report the name, address, and","page_number":50,"box":{"x":61,"y":847,"width":866,"height":12}},{"id":"1b64aa0e-df2b-4a93-9b9c-bdebf29840bc","block_type":"box","text":"taxpayer identification number of each substantial U.S. owner or provide certifications of no substantial U.S.","page_number":50,"box":{"x":60,"y":862,"width":805,"height":12}},{"id":"c7e3c043-cd0d-4ad1-aa83-7661699797d6","block_type":"box","text":"ownership unless certain exceptions apply.","page_number":50,"box":{"x":61,"y":878,"width":324,"height":12}},{"id":"8e048a58-4d2a-493a-8d0c-c570a855d5ef","block_type":"box","text":"Creations and Redemptions.","page_number":50,"box":{"x":61,"y":909,"width":226,"height":12}},{"id":"8e38ea20-78b1-4ab0-a83d-43a941effbb0","block_type":"box","text":"Prior to trading in the secondary market, shares of the Fund are “created” at NAV by","page_number":50,"box":{"x":294,"y":909,"width":625,"height":12}},{"id":"0e5ff9fd-024a-408a-abf2-2667010cf5d0","block_type":"box","text":"market makers, large investors and institutions only in block-size Creation Units or multiples thereof. Each “creator” or","page_number":50,"box":{"x":61,"y":924,"width":874,"height":12}},{"id":"3fcc6e12-2767-42df-a1b7-c0427bf4c26a","block_type":"box","text":"33","page_number":50,"box":{"x":491,"y":955,"width":23,"height":10}},{"id":"75939498-519d-40e5-bed7-d580d0cef265","block_type":"box","text":"NM1026U-6049080-50/56","page_number":50,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"ce81d861-d5ba-4491-8144-6270f50fb63c","block_type":"box","text":"authorized participant (an “Authorized Participant”) has entered into an agreement with the Distributor. An Authorized","page_number":51,"box":{"x":61,"y":40,"width":873,"height":13}},{"id":"c3cd3c2f-e62f-4f01-8fe8-d1a985e381fa","block_type":"box","text":"Participant is a member or participant of a clearing agency registered with the SEC, which has a written agreement","page_number":51,"box":{"x":61,"y":56,"width":857,"height":12}},{"id":"b156727c-4d27-4323-8f3c-283ba9141c48","block_type":"box","text":"with the Fund or one of its service providers that allows such member or participant to place orders for the purchase","page_number":51,"box":{"x":60,"y":71,"width":866,"height":12}},{"id":"c55a621c-4a52-44ac-a0d6-0479e4197798","block_type":"box","text":"and redemption of Creation Units.","page_number":51,"box":{"x":61,"y":87,"width":255,"height":12}},{"id":"18014944-8eac-4928-bb91-361a5e7004f2","block_type":"box","text":"A creation transaction, which is subject to acceptance by the Distributor and the Fund, generally takes place when an","page_number":51,"box":{"x":60,"y":118,"width":876,"height":12}},{"id":"679fa68a-78ff-474b-8b96-4d977a71c29e","block_type":"box","text":"Authorized Participant deposits into the Fund a designated portfolio of securities, assets or other positions (a “creation","page_number":51,"box":{"x":60,"y":134,"width":882,"height":12}},{"id":"ec80b7d9-8109-40e4-af9c-4d81a1444cf1","block_type":"box","text":"basket”), and an amount of cash (including any cash representing the value of substituted securities, assets or other","page_number":51,"box":{"x":61,"y":149,"width":867,"height":12}},{"id":"2f986e23-ee34-4aab-94b4-b477a641f94d","block_type":"box","text":"positions), if any, which together approximate the holdings of the Fund in exchange for a specified number of Creation","page_number":51,"box":{"x":61,"y":165,"width":881,"height":12}},{"id":"e1504319-93e2-4fa0-b8d1-35964a29ff85","block_type":"box","text":"Units.","page_number":51,"box":{"x":61,"y":180,"width":47,"height":10}},{"id":"bb702426-2ce8-486a-ae83-4bdd5280fa94","block_type":"box","text":"Similarly, shares can be redeemed only in Creation Units, generally for a designated portfolio of securities, assets or","page_number":51,"box":{"x":61,"y":211,"width":867,"height":12}},{"id":"a82a1f16-33a5-4ac0-a7a8-7374182cfea9","block_type":"box","text":"other positions (a “redemption basket”) held by the Fund and an amount of cash (including any portion of such","page_number":51,"box":{"x":61,"y":227,"width":823,"height":12}},{"id":"fd08877e-c4df-4541-a646-bc35a281b77a","block_type":"box","text":"securities for which cash may be substituted).","page_number":51,"box":{"x":61,"y":242,"width":343,"height":12}},{"id":"4145fc6a-c4e4-4c91-b5de-df6af2cabebe","block_type":"box","text":"The Fund generally offers Creation Units partially for cash, but may, in certain circumstances, offer Creation Units","page_number":51,"box":{"x":60,"y":273,"width":849,"height":12}},{"id":"9149873f-da4f-436b-914a-fc7e0fc6d35f","block_type":"box","text":"solely for cash or solely in-kind. Except when aggregated in Creation Units, shares are not redeemable by the Fund.","page_number":51,"box":{"x":61,"y":289,"width":866,"height":12}},{"id":"dc23ca47-4adc-4a2c-93e9-bf0ddc1d3e68","block_type":"box","text":"Creation and redemption baskets may differ and the Fund may accept “custom baskets.” More information regarding","page_number":51,"box":{"x":61,"y":304,"width":870,"height":12}},{"id":"b10b8a53-5a61-4150-8ac9-c53d77d02d6e","block_type":"box","text":"custom baskets is contained in the Fund’s SAI.","page_number":51,"box":{"x":61,"y":320,"width":353,"height":9}},{"id":"05cc7d0f-ecbe-4913-a969-155525480ab7","block_type":"box","text":"The prices at which creations and redemptions occur are based on the next calculation of NAV after a creation or","page_number":51,"box":{"x":60,"y":351,"width":845,"height":12}},{"id":"b44f7831-c729-4283-b13a-af516a01f933","block_type":"box","text":"redemption order is received in an acceptable form under the authorized participant agreement.","page_number":51,"box":{"x":61,"y":366,"width":714,"height":12}},{"id":"6a1f7ba8-9771-474d-a6ce-f29609f43de4","block_type":"box","text":"Only an Authorized Participant may create or redeem Creation Units with the Fund. Authorized Participants may","page_number":51,"box":{"x":61,"y":397,"width":837,"height":12}},{"id":"a8d847fa-0cb6-413e-a9ba-99046febf0f2","block_type":"box","text":"create or redeem Creation Units for their own accounts or for customers, including, without limitation, affiliates of the","page_number":51,"box":{"x":61,"y":413,"width":867,"height":12}},{"id":"65d9e725-a9a9-40cd-82d7-45d67bbc5345","block_type":"box","text":"Fund.","page_number":51,"box":{"x":61,"y":428,"width":47,"height":10}},{"id":"61974612-1599-46a7-929e-7d6c4559bce8","block_type":"box","text":"In the event of a system failure or other interruption, including disruptions at market makers or Authorized","page_number":51,"box":{"x":62,"y":459,"width":785,"height":12}},{"id":"eeda3d51-6611-46f5-89ec-47e28e620bfb","block_type":"box","text":"Participants, orders to purchase or redeem Creation Units either may not be executed according to the Fund’s","page_number":51,"box":{"x":61,"y":475,"width":822,"height":12}},{"id":"437f6ada-72b2-4564-a7ca-e4043f7e01f6","block_type":"box","text":"instructions or may not be executed at all, or the Fund may not be able to place or change orders.","page_number":51,"box":{"x":61,"y":490,"width":730,"height":12}},{"id":"a03c66b7-cbea-4774-a478-312315fd49ce","block_type":"box","text":"To the extent the Fund engages in in-kind transactions, the Fund intends to comply with the U.S. federal securities","page_number":51,"box":{"x":60,"y":521,"width":854,"height":12}},{"id":"b96f8c67-1f35-41ac-bf52-7e4fb1e47faf","block_type":"box","text":"laws in accepting securities for deposit and satisfying redemptions with redemption securities by, among other means,","page_number":51,"box":{"x":61,"y":537,"width":881,"height":12}},{"id":"4712dd8c-f527-40f3-85c9-814a9f69b3de","block_type":"box","text":"assuring that any securities accepted for deposit and any securities used to satisfy redemption requests will be sold in","page_number":51,"box":{"x":61,"y":552,"width":880,"height":12}},{"id":"925954ea-64ee-4432-8732-ad7434fdad24","block_type":"box","text":"transactions that would be exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”).","page_number":51,"box":{"x":60,"y":568,"width":859,"height":12}},{"id":"28f03e5b-02eb-466e-b790-71da91025ea3","block_type":"box","text":"Further, an Authorized Participant that is not a “qualified institutional buyer,” as such term is defined in Rule 144A","page_number":51,"box":{"x":61,"y":583,"width":845,"height":12}},{"id":"b33e90ac-bb87-4a86-a7ca-492a3683be86","block_type":"box","text":"under the 1933 Act, will not be able to receive restricted securities eligible for resale under Rule 144A.","page_number":51,"box":{"x":61,"y":599,"width":762,"height":12}},{"id":"8f09218c-9c2e-4236-893a-cd595288868a","block_type":"box","text":"Creations and redemptions must be made through a firm that is either a member of the Continuous Net Settlement","page_number":51,"box":{"x":61,"y":630,"width":856,"height":12}},{"id":"eabce2c9-1ddf-40df-b4ab-3d53a407bcfe","block_type":"box","text":"System of the National Securities Clearing Corporation or a DTC participant that has executed an agreement with the","page_number":51,"box":{"x":61,"y":645,"width":876,"height":12}},{"id":"1def095d-fb82-4d93-a4df-6b731e570acb","block_type":"box","text":"Distributor with respect to creations and redemptions of Creation Units. Information about the procedures regarding","page_number":51,"box":{"x":61,"y":661,"width":854,"height":12}},{"id":"3b0594fd-c26f-49ca-be27-58c5a57e0f3d","block_type":"box","text":"creation and redemption of Creation Units (including the cut-off times for receipt of creation and redemption orders) is","page_number":51,"box":{"x":61,"y":676,"width":871,"height":12}},{"id":"3159f9b0-6247-4894-8438-e5993e405cbc","block_type":"box","text":"included in the Fund’s SAI.","page_number":51,"box":{"x":61,"y":692,"width":198,"height":9}},{"id":"dfda373c-1716-49a5-8f10-e8b54932812d","block_type":"box","text":"Because new shares may be created and issued on an ongoing basis, at any point during the life of the Fund a","page_number":51,"box":{"x":61,"y":723,"width":823,"height":12}},{"id":"0ae1903b-5d5b-4413-a552-a4c7fd325995","block_type":"box","text":"“distribution,” as such term is used in the 1933 Act, may be occurring. Broker-dealers and other persons are","page_number":51,"box":{"x":61,"y":738,"width":800,"height":12}},{"id":"8fd5aa09-da3a-4fab-adae-39727efe6bbb","block_type":"box","text":"cautioned that some activities on their part may, depending on the circumstances, result in their being deemed","page_number":51,"box":{"x":61,"y":754,"width":819,"height":12}},{"id":"e20ce6bc-614d-4702-a49f-98f3723abdb5","block_type":"box","text":"participants in a distribution in a manner that could render them statutory underwriters subject to the prospectus","page_number":51,"box":{"x":61,"y":769,"width":828,"height":12}},{"id":"e395c0ee-b49f-4b72-a03d-14bc2af0c6d4","block_type":"box","text":"delivery and liability provisions of the 1933 Act. Any determination of whether one is an underwriter must take into","page_number":51,"box":{"x":61,"y":785,"width":842,"height":12}},{"id":"044a1c64-bf9d-4776-a298-14dbcce2d756","block_type":"box","text":"account all the relevant facts and circumstances of each particular case.","page_number":51,"box":{"x":61,"y":800,"width":535,"height":12}},{"id":"edf8584c-9fd5-4618-9890-83534d0a7a24","block_type":"box","text":"Broker-dealers should also note that dealers who are not “underwriters” but are participating in a distribution (as","page_number":51,"box":{"x":61,"y":831,"width":834,"height":12}},{"id":"29eaa8e1-c2e0-48e0-ab57-b5cd7995340e","block_type":"box","text":"contrasted to ordinary secondary transactions), and thus dealing with shares that are part of an “unsold allotment”","page_number":51,"box":{"x":61,"y":847,"width":849,"height":12}},{"id":"aab9287a-0667-4b35-adb1-9d152fb8be62","block_type":"box","text":"within the meaning of Section 4(a)(3)(C) of the 1933 Act, would be unable to take advantage of the prospectus","page_number":51,"box":{"x":60,"y":862,"width":826,"height":12}},{"id":"7e93ae59-d81e-4950-a25d-4ad7fbba5ae3","block_type":"box","text":"delivery exemption provided by Section 4(a)(3) of the 1933 Act. For delivery of prospectuses to exchange members,","page_number":51,"box":{"x":61,"y":878,"width":867,"height":12}},{"id":"0ef1950a-276f-44ac-b905-a073649a9b5a","block_type":"box","text":"the prospectus delivery mechanism of Rule 153 under the 1933 Act is available only with respect to transactions on a","page_number":51,"box":{"x":60,"y":893,"width":876,"height":12}},{"id":"ef98934e-37cd-438a-ac4f-5c1b0f40d9c8","block_type":"box","text":"national securities exchange.","page_number":51,"box":{"x":61,"y":909,"width":215,"height":12}},{"id":"a158e30c-6e09-44b6-9123-3f544c4646d2","block_type":"box","text":"34","page_number":51,"box":{"x":491,"y":955,"width":23,"height":10}},{"id":"c9f4b97e-4e8e-473a-bc81-c0e60f7b0475","block_type":"box","text":"NM1026U-6049080-51/56","page_number":51,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"05004ce4-f7f0-42c3-93fb-89320d3402c6","block_type":"box","text":"Householding.","page_number":52,"box":{"x":61,"y":41,"width":115,"height":12}},{"id":"a7706e6f-68a4-4e10-bab7-0f50be823729","block_type":"box","text":"Householding is an option available to certain Fund investors. Householding is a method of delivery,","page_number":52,"box":{"x":177,"y":40,"width":753,"height":13}},{"id":"6a46a7e7-0e33-48fe-988d-ffa3b3ad7ee2","block_type":"box","text":"based on the preference of the individual investor, in which a single copy of certain shareholder documents can be","page_number":52,"box":{"x":61,"y":56,"width":854,"height":12}},{"id":"6d1ae384-d959-4c07-9786-597ec03d9ddf","block_type":"box","text":"delivered to investors who share the same address, even if their accounts are registered under different names.","page_number":52,"box":{"x":61,"y":71,"width":834,"height":13}},{"id":"9c5a1a7e-3c41-4742-86cb-20c3606c8468","block_type":"box","text":"Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of","page_number":52,"box":{"x":61,"y":87,"width":844,"height":12}},{"id":"882bc850-edfd-4d6f-939c-c8456506a036","block_type":"box","text":"prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change","page_number":52,"box":{"x":61,"y":102,"width":865,"height":13}},{"id":"62a65b63-5291-4841-9463-e8349813c0d4","block_type":"box","text":"your householding status.","page_number":52,"box":{"x":60,"y":118,"width":196,"height":12}},{"id":"99439863-7b3a-439b-9ab9-b70647287c9f","block_type":"box","text":"Distribution","page_number":52,"box":{"x":62,"y":155,"width":114,"height":13}},{"id":"77b57d8e-283e-4c10-b756-c148e7f1a5e6","block_type":"box","text":"The Distributor or its agent distributes Creation Units for the Fund on an agency basis. The Distributor does not","page_number":52,"box":{"x":60,"y":179,"width":830,"height":12}},{"id":"d32803f2-2213-43b6-a5de-3d56d35a5f31","block_type":"box","text":"maintain a secondary market in shares of the Fund. The Distributor has no role in determining the policies of the Fund","page_number":52,"box":{"x":61,"y":194,"width":880,"height":12}},{"id":"f1d215c5-0397-40f5-89c9-c3ad78f91abc","block_type":"box","text":"or the securities that are purchased or sold by the Fund. The Distributor’s principal address is 50 Hudson Yards, New","page_number":52,"box":{"x":61,"y":210,"width":875,"height":12}},{"id":"1d7a800a-b5ff-45c9-bbc0-8b872254d8a1","block_type":"box","text":"York, NY 10001.","page_number":52,"box":{"x":60,"y":225,"width":128,"height":11}},{"id":"3914e670-805e-4986-94b0-e9e7d41d1b55","block_type":"box","text":"BFA or its affiliates make payments to broker-dealers, registered investment advisers, banks or other intermediaries","page_number":52,"box":{"x":61,"y":256,"width":865,"height":12}},{"id":"d39e5698-5097-48bb-adc3-4f55bca015c4","block_type":"box","text":"(together, “intermediaries”) related to marketing activities and presentations, educational training programs,","page_number":52,"box":{"x":61,"y":272,"width":800,"height":12}},{"id":"424016d2-1f6e-4a4c-aa52-758f291b89a9","block_type":"box","text":"conferences, the development of technology platforms and reporting systems, data provision services, or their making","page_number":52,"box":{"x":61,"y":287,"width":880,"height":12}},{"id":"ec471991-f585-418a-ad65-bc79f2a3cf7c","block_type":"box","text":"shares of the Fund and certain other BFA-advised ETFs available to their customers generally and in certain","page_number":52,"box":{"x":61,"y":303,"width":809,"height":12}},{"id":"5a6525d5-e58e-4442-9137-221eedc5b1ae","block_type":"box","text":"investment programs. Such payments, which may be significant to the intermediary, are not made by the Fund.","page_number":52,"box":{"x":61,"y":318,"width":829,"height":12}},{"id":"4e02b7f4-3952-40ce-ba06-e55360fbe70f","block_type":"box","text":"Rather, such payments are made by BFA or its affiliates from their own resources, which come directly or indirectly in","page_number":52,"box":{"x":61,"y":334,"width":875,"height":12}},{"id":"06e67421-7576-4ff1-a2a5-3d692eca9c0c","block_type":"box","text":"part from fees paid by the BFA-advised ETFs. Payments of this type are sometimes referred to as revenue-sharing","page_number":52,"box":{"x":61,"y":349,"width":858,"height":12}},{"id":"e5128760-c19a-437d-b872-a2e537ad9031","block_type":"box","text":"payments. A financial intermediary may make decisions about which investment options it recommends or makes","page_number":52,"box":{"x":61,"y":365,"width":847,"height":12}},{"id":"a84bc0a8-dc00-4eba-b8d5-ebdce462ab9b","block_type":"box","text":"available, or the level of services provided, to its customers based on the payments or other financial incentives it is","page_number":52,"box":{"x":61,"y":380,"width":862,"height":12}},{"id":"038c588a-4a21-4827-b3dd-6a08ad49ba3e","block_type":"box","text":"eligible to receive. Therefore, such payments or other financial incentives offered or made to an intermediary create","page_number":52,"box":{"x":61,"y":396,"width":862,"height":12}},{"id":"f2f0a624-39c3-40c0-b543-49c9375ee9d5","block_type":"box","text":"conflicts of interest between the intermediary and its customers and may cause the intermediary to recommend the","page_number":52,"box":{"x":61,"y":411,"width":858,"height":12}},{"id":"559b5f4a-64cd-402f-82ab-4d8be017d0c3","block_type":"box","text":"Fund or other BFA-advised ETFs over another investment. More information regarding these payments is contained","page_number":52,"box":{"x":61,"y":427,"width":866,"height":12}},{"id":"9a483b4f-006a-4a24-b18f-88fa4ab59e18","block_type":"box","text":"in the Fund’s SAI.","page_number":52,"box":{"x":61,"y":442,"width":137,"height":10}},{"id":"ca9f7d64-ae42-46d9-af15-40d75f25d0f1","block_type":"box","text":"Please contact your salesperson or other investment professional for more information","page_number":52,"box":{"x":199,"y":442,"width":702,"height":12}},{"id":"bf7254b4-c26c-4243-978c-52f3a5cbc8c7","block_type":"box","text":"regarding any such payments his or her firm may receive from BFA or its affiliates.","page_number":52,"box":{"x":61,"y":458,"width":661,"height":12}},{"id":"5e673529-5db5-44ef-93d7-270e64c6e583","block_type":"box","text":"Financial Highlights","page_number":52,"box":{"x":62,"y":495,"width":194,"height":16}},{"id":"86222919-326b-453f-a4fa-ad998824b2f3","block_type":"box","text":"Financial highlights for the Fund are not available because, as of the effective date of this Prospectus, the Fund has","page_number":52,"box":{"x":61,"y":519,"width":864,"height":12}},{"id":"704a8f37-529d-4055-8642-08eead16d872","block_type":"box","text":"not commenced operations and therefore has no financial highlights to report.","page_number":52,"box":{"x":61,"y":534,"width":581,"height":12}},{"id":"a58d3df4-0d53-495a-a84e-16bb118ee10f","block_type":"box","text":"35","page_number":52,"box":{"x":491,"y":955,"width":23,"height":10}},{"id":"9bcdd665-238f-4cb6-bf77-2b32072c836f","block_type":"box","text":"NM1026U-6049080-52/56","page_number":52,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"42c9f87b-1856-4448-89c9-37021a759210","block_type":"box","text":"Disclaimers","page_number":53,"box":{"x":62,"y":42,"width":117,"height":12}},{"id":"139d0c64-8b6f-4002-8243-a19690f7b78e","block_type":"box","text":"Shares of the Fund are not sponsored, endorsed or promoted by NYSE Arca. NYSE Arca makes no","page_number":53,"box":{"x":61,"y":65,"width":793,"height":12}},{"id":"bb5bbd7f-87e8-4aa9-98f6-9f78eb483d90","block_type":"box","text":"representation or warranty, express or implied, to the owners of the shares of the Fund or any member of the","page_number":53,"box":{"x":61,"y":81,"width":876,"height":12}},{"id":"3bc58966-d440-4d8f-ab43-5a54b5e3c4e9","block_type":"box","text":"public regarding the ability of the Fund to achieve its investment objective. NYSE Arca is not responsible for,","page_number":53,"box":{"x":61,"y":96,"width":876,"height":12}},{"id":"9c3a6e4c-8ca1-48f0-9c93-25f875c8678e","block_type":"box","text":"nor has it participated in, the determination of the Fund’s investments, nor in the determination of the timing","page_number":53,"box":{"x":61,"y":112,"width":872,"height":12}},{"id":"acd034c0-ce78-4c5f-b820-e4508c2a45e9","block_type":"box","text":"of, prices of, or quantities of shares of the Fund to be issued, nor in the determination or calculation of the","page_number":53,"box":{"x":61,"y":127,"width":856,"height":12}},{"id":"182af938-6fbd-4f9a-87a5-3cba2431a6a2","block_type":"box","text":"equation by which the shares are redeemable. NYSE Arca has no obligation or liability to owners of shares of","page_number":53,"box":{"x":61,"y":143,"width":878,"height":12}},{"id":"7ef7cc34-e738-4a35-8492-df77a829483c","block_type":"box","text":"the Fund in connection with the administration, marketing or trading of shares of the Fund.","page_number":53,"box":{"x":60,"y":158,"width":733,"height":12}},{"id":"7ae4319f-c04f-4c09-8aff-2f5bdc19cc4f","block_type":"box","text":"Without limiting any of the foregoing, in no event shall NYSE Arca have any liability for any direct, indirect,","page_number":53,"box":{"x":60,"y":189,"width":859,"height":12}},{"id":"9b577acb-34e5-4139-ad72-6bbc7b29f91f","block_type":"box","text":"special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility","page_number":53,"box":{"x":61,"y":205,"width":882,"height":12}},{"id":"3cf86a20-b3ef-4457-bb96-1110a457952e","block_type":"box","text":"of such damages.","page_number":53,"box":{"x":61,"y":220,"width":146,"height":12}},{"id":"1f75cca2-76e9-40e8-a481-d6fd8409e3b6","block_type":"box","text":"36","page_number":53,"box":{"x":491,"y":955,"width":23,"height":10}},{"id":"edf8bbb1-2d7a-4e53-899e-691bc8dfbf51","block_type":"box","text":"NM1026U-6049080-53/56","page_number":53,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"504401b8-e548-4c72-8f9e-8b5dc66c0174","block_type":"box","text":"[THIS PAGE INTENTIONALLY LEFT BLANK]","page_number":54,"box":{"x":333,"y":499,"width":333,"height":11}},{"id":"eacce4d1-d7c7-4f25-8049-805e31725c75","block_type":"box","text":"NM1026U-6049080-54/56","page_number":54,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"deb2d7a8-835a-441a-9a3b-d8d6eab69198","block_type":"box","text":"[THIS PAGE INTENTIONALLY LEFT BLANK]","page_number":55,"box":{"x":333,"y":499,"width":333,"height":11}},{"id":"51a9aec5-38cb-42c1-8335-f36f4853e1c9","block_type":"box","text":"NM1026U-6049080-55/56","page_number":55,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"d638f6cf-d9a6-4243-b7ce-fda04d5822e7","block_type":"box","text":"Want to know more?","page_number":56,"box":{"x":101,"y":134,"width":190,"height":12}},{"id":"09797988-4f7f-4c5c-8d16-fe148d4b1e4b","block_type":"box","text":"www.blackrock.com 1-800-474-2737","page_number":56,"box":{"x":101,"y":167,"width":291,"height":10}},{"id":"fa276dc4-7684-4182-a3d7-32f765025a7c","block_type":"box","text":"Information on the Fund’s net asset value, market price, premiums and discounts, and bid-ask spreads can be found at","page_number":56,"box":{"x":102,"y":261,"width":794,"height":11}},{"id":"7dae70f4-3b70-4148-aea6-fef8d2bac479","block_type":"box","text":"www.blackrock.com.","page_number":56,"box":{"x":101,"y":277,"width":136,"height":8}},{"id":"6fb9222c-a680-4275-8a96-69004f0340c2","block_type":"box","text":"Copies of the Prospectus, SAI, annual and semi-annual reports, Annual and Semi-Annual Financial Statements and","page_number":56,"box":{"x":101,"y":302,"width":773,"height":11}},{"id":"1caa224b-7562-43ce-a558-2572445098ea","block_type":"box","text":"Additional Information and other information, as applicable and when available, can be found on our website at","page_number":56,"box":{"x":101,"y":318,"width":739,"height":11}},{"id":"ac8dd84d-e5dd-4d7a-a9a8-b571dd54ee0d","block_type":"box","text":"www.blackrock.com. For more information about the Fund, you may request a copy of the SAI. The SAI provides","page_number":56,"box":{"x":101,"y":333,"width":752,"height":11}},{"id":"8553da81-a1f7-4d74-b366-0d15a489fe6f","block_type":"box","text":"detailed information about the Fund and is incorporated by reference into this Prospectus. This means that the SAI, for","page_number":56,"box":{"x":101,"y":349,"width":792,"height":11}},{"id":"d4c806b6-2731-440c-a5c0-61021c15b780","block_type":"box","text":"legal purposes, is a part of this Prospectus.","page_number":56,"box":{"x":102,"y":364,"width":287,"height":11}},{"id":"7c01748a-1bf7-4be9-a9b4-5ccfaadd77f2","block_type":"box","text":"The Fund’s annual and semi-annual reports and Form N-CSR contain additional information about the Fund’s","page_number":56,"box":{"x":101,"y":390,"width":731,"height":11}},{"id":"19618433-53b4-4963-a580-493b52d15d91","block_type":"box","text":"investments. In the Fund’s annual report, you will find a discussion of the market conditions and investment strategies","page_number":56,"box":{"x":102,"y":406,"width":784,"height":11}},{"id":"f3030131-f253-44f0-b0df-fe5f9f540f87","block_type":"box","text":"that significantly affected the Fund’s performance during the last fiscal year. In Form N-CSR, you will find the Fund’s","page_number":56,"box":{"x":101,"y":421,"width":775,"height":11}},{"id":"7f0c3be5-9c88-4b7a-91a8-ae22ef1b6b87","block_type":"box","text":"financial statements.","page_number":56,"box":{"x":101,"y":437,"width":136,"height":8}},{"id":"bb042809-8581-462f-86a9-a690b5471c3e","block_type":"box","text":"If you have any questions about the Trust or shares of the Fund or you wish to obtain the SAI, annual and semi-annual","page_number":56,"box":{"x":102,"y":463,"width":790,"height":11}},{"id":"373c21d6-bfa7-4164-9185-e5ec0154003f","block_type":"box","text":"reports and other information such as Fund financial statements free of charge, please:","page_number":56,"box":{"x":101,"y":478,"width":581,"height":11}},{"id":"50567fe1-0a38-4178-9fff-184495fd1d81","block_type":"box","text":"Call: 1-800-474-2737 (toll free)","page_number":56,"box":{"x":236,"y":509,"width":237,"height":11}},{"id":"28aac06b-a09b-4331-a9a5-79db6c84bf62","block_type":"box","text":"Write: c/o BlackRock Investments, LLC","page_number":56,"box":{"x":235,"y":525,"width":285,"height":10}},{"id":"39533f6a-6e8f-4795-b001-60283daf6795","block_type":"box","text":"1 University Square Drive, Princeton, NJ 08540","page_number":56,"box":{"x":304,"y":540,"width":315,"height":11}},{"id":"42733225-d5ea-4b4b-b44e-ce8de3b456f7","block_type":"box","text":"Reports and other information about the Fund are available on the EDGAR database on the SEC’s website at","page_number":56,"box":{"x":102,"y":571,"width":731,"height":11}},{"id":"ed5507ea-d680-493e-bdde-19e307b333bb","block_type":"box","text":"www.sec.gov, and copies of this information may be obtained, after paying a duplicating fee, by electronic request at","page_number":56,"box":{"x":101,"y":587,"width":777,"height":11}},{"id":"0615679c-eeb5-45ae-aa18-37d9f4574d9c","block_type":"box","text":"the following e-mail address: publicinfo@sec.gov.","page_number":56,"box":{"x":101,"y":602,"width":330,"height":11}},{"id":"983faaf9-045f-4a65-8c24-7888d2fa9fab","block_type":"box","text":"No person is authorized to give any information or to make any representations about the Fund and its shares not","page_number":56,"box":{"x":101,"y":625,"width":759,"height":11}},{"id":"52fb44c7-381d-4530-b7ba-85559c6416b9","block_type":"box","text":"contained in this Prospectus and you should not rely on any other information. Read and keep this Prospectus for","page_number":56,"box":{"x":101,"y":641,"width":759,"height":11}},{"id":"cc56c13e-93e0-4e4a-ae57-ab05d1d72965","block_type":"box","text":"future reference.","page_number":56,"box":{"x":101,"y":656,"width":109,"height":9}},{"id":"b6ef6c0e-76c4-4480-9dd7-c38c56ec2531","block_type":"box","text":"Investment Company Act File No.: 811-23402","page_number":56,"box":{"x":102,"y":680,"width":304,"height":11}},{"id":"86bc7685-f054-4d01-a4b2-f772a1db7dd9","block_type":"box","text":"PRO-GMIX-ETF-1026","page_number":56,"box":{"x":102,"y":703,"width":147,"height":9}},{"id":"f52503e1-23e3-4066-aeec-6f1e42da01f5","block_type":"box","text":"Go paperless. . .","page_number":56,"box":{"x":81,"y":882,"width":129,"height":14}},{"id":"748c1459-d5a7-4dc3-8b58-416b0f36d328","block_type":"box","text":"It","page_number":56,"box":{"x":81,"y":899,"width":5,"height":6}},{"id":"7b536e44-2c5a-4fb4-8b7f-b4de9fe2c65b","block_type":"box","text":"’","page_number":56,"box":{"x":87,"y":899,"width":1,"height":2}},{"id":"3294f6c9-03d0-4740-88ff-57c0dd6e85e9","block_type":"box","text":"s Eas","page_number":56,"box":{"x":88,"y":899,"width":24,"height":6}},{"id":"caaf3f6c-1756-4874-b76a-df5e70489c78","block_type":"box","text":"y","page_number":56,"box":{"x":113,"y":901,"width":4,"height":5}},{"id":"50a6492b-c1a5-47ef-bc6f-469da0a18046","block_type":"box","text":", Economical an","page_number":56,"box":{"x":118,"y":899,"width":70,"height":7}},{"id":"5b9f4eea-8a73-4ec3-8f91-5b24173318df","block_type":"box","text":"d","page_number":56,"box":{"x":189,"y":899,"width":5,"height":6}},{"id":"7304a44b-4d65-4c72-8307-f3aa9647d3e5","block_type":"box","text":"Green!","page_number":56,"box":{"x":198,"y":899,"width":29,"height":6}},{"id":"795ab1df-58b0-4f30-b2a1-756b65c6b728","block_type":"box","text":"Go to","page_number":56,"box":{"x":81,"y":908,"width":23,"height":6}},{"id":"ecedba54-05c9-4037-8913-3ce45de2884f","block_type":"box","text":"www.icsdelivery.com","page_number":56,"box":{"x":107,"y":908,"width":103,"height":8}},{"id":"7c0b4d2f-1987-408f-96eb-83c9b34b79fc","block_type":"box","text":"NM1026U-6049080-56/56","page_number":56,"box":{"x":757,"y":969,"width":145,"height":7}}],"unit":"per_mille","page_width":594,"page_height":774,"attributes":{"chunk_type":"page_range","start_page":1,"end_page":56}},"source":{"type":"Model","id":"github:dorsalhub/pdf-extractor","version":"0.5.0","execution_id":"b39333f0-0156-4c33-a7ec-f4f68ae681ac"},"user_id":1000002,"date_created":"2026-10-23T22:21:41.194000Z","date_modified":"2026-10-23T22:21:41.194000Z","private":false}